Co-Development & GP Partnerships

Operating Partnerships for Commercial Development

Some properties should not be sold.

They should be developed.

We partner with landowners and capital providers to originate, structure, and execute commercial development projects as a General Partner or operating partner, aligning incentives around long-term value creation rather than transactional fees.

Our role is to convert underutilized or mispriced real estate into income-producing assets through disciplined underwriting, clear governance, and active execution.

The Development Partnership Framework

I. Property & Ownership Assessment

Every partnership begins with a sober evaluation of the asset and the owner.

We assess:

Current use vs. highest-and-best use
Ownership goals (liquidity, income, long-term hold)
Willingness to entitle, rezone, or reposition
Capital constraints and risk tolerance
Desired level of control and involvement

This step determines whether a property is suited for:

Ground-up development
Redevelopment or adaptive reuse
Phased development
JV or GP-led execution

Not every site should be developed. We say so plainly.

II. Feasibility, Underwriting & Use Strategy

Development succeeds or fails on the spreadsheet before it reaches the field.

Our underwriting includes:

Market demand by product type
Density, zoning, and entitlement pathways
Construction feasibility and cost modeling
Exit scenarios and long-term hold economics
Sensitivity analysis on rents, costs, and timing

We underwrite the project as if we are the capital—because often, we are.

III. Entitlement & Pre-Development Strategy

Entitlement risk is real risk.

We help navigate:

Zoning and land-use approvals
Conditional use permits and variances
Municipality coordination and sequencing
Consultant alignment (civil, architectural, legal)

Our approach is to reduce uncertainty early, preserving capital and momentum before vertical construction begins.

IV. Capital Formation & Partnership Structuring

We structure deals to align incentives and protect downside.

Partnership structures may include:

GP / LP joint ventures
Land-for-equity contributions
Preferred equity or promote structures
Phased capital deployment
Partial liquidity with retained upside

Each structure is evaluated for:

Control
Risk allocation
Capital efficiency
Long-term alignment

We do not push one structure—we select the one that fits the project.

V. Construction Oversight & Execution

Development is execution, not theory.

Where we serve as operating partner, we assist with:

Contractor selection and bid review
Budget control and draw oversight
Timeline management
Risk and change-order discipline

Our involvement is hands-on, but measured—focused on protecting the capital stack and the long-term viability of the asset.

VI. Stabilization, Exit & Ongoing Ownership

Our role does not end at certificate of occupancy.

Depending on the partnership’s objectives, we assist with:

Lease-up and stabilization strategy
Refinance or recapitalization
Partial or full exit planning
Long-term ownership governance

Some partnerships exit. Others compound. Both are planned from the beginning.

Who is this for:

Landowners with underutilized or strategically located property
Investors seeking operating-partner-led development exposure
Owners considering sale but open to retained upside
Groups seeking disciplined GP execution rather than passive brokerage

Our Position

We are not syndicators chasing deals.
We are not brokers collecting fees.

We act as partners, accountable to outcomes, aligned with capital, and focused on building durable value.

Development Opportunities

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