Stage of Development
Pre-development
A developer sees an opportunity in an existing building or vacant land and tests possible ideas for development to determine if they should commit.
Design
The architect, along with engineers and contractors, collaborate with the developer to create a meaningful plan for construction.
Construction
The general contractor physically brings the design of the architect and engineers to life.
Leasing
The development is promoted to potential tenants who may be interested in leasing or purchasing available units.
Management
A property-management team manages the on-going daily operations of the development and the tenants.
Refinance
The owner may choose to re-finance or sell the developed property.