After satisfactory performance of due diligence and needs and use analysis, the following occur:
- Acquisition of a plot of land for a property development project is subject to satisfactory due diligence and transaction documentation, satisfaction of certain other preconditions, investor approval, and confirmation of the amount and terms of the financing, often from several sources and in the form of equity and debt;
- Entitlements, which are based on the static, environmental and linkage attributes of the property, are the developer’s rights that determine the property development options and constrain the alternative development scenarios for a given site that must be obtained prior to construction, they often calling for extensive negotiation with local authorities and concessions in order to secure the necessary approvals, permits and consents to develop a property for a particular use.
- Building design, which is the architectural, engineering and technical applications used in the design of buildings, is determined in large measure by the entitlements, local land-use regulation and zoning and reflects the architecture, location and neighborhood in which a property development project is located.