Development Pipeline
This pipeline defines how sites progress from initial screening to execution readiness through a series of feasibility gates. Each stage exists to surface risk early and prevent premature capital commitment.
Progression is earned, not assumed.
Screening
Stage 01
Purpose
Eliminate infeasible sites at first contact.
Zoning compliance, permitted uses, bulk controls, and parking are evaluated as hard feasibility gates to determine whether a site is structurally viable at all. No volumetric or financial assumptions are introduced at this stage.
Primary focus
Zoning and use permissions
Bulk controls and contextual limits
Parking as a gating constraint
Massing
Stage 02
Purpose
Test whether zoning yield translates into physical reality.
The permissible envelope is translated into a realistic building form to confirm that theoretical FAR can become usable volume. Misalignment between zoning yield and physical constraints is treated as a feasibility risk.
Primary focus
Envelope translation
Setbacks, height, lot coverage
Adjacencies and physical constraints
Underwriting
Stage 03
Purpose
Test viability within reasonable economic ranges.
Only after structural feasibility is established does the pipeline evaluate economics. Analysis prioritizes ranges, sensitivities, and downside exposure rather than precision modeling.
Primary focus
Order-of-magnitude costs
Yield sensitivity
Downside scenarios
Due Diligence
Stage 04
Purpose
Surface hidden risks not visible earlier.
Diligence is used to invalidate assumptions where necessary by identifying title, survey, environmental, or regulatory issues that could materially affect feasibility.
Primary focus
Title and survey
Environmental conditions
Regulatory edge cases
Entitlement
Stage 05
Purpose
Evaluate whether optionality or certainty can be created.
Primary focus
As-of-right vs discretionary paths
Entitlement risk
Optionality creation
Execution Readiness
Stage 06
Commit capital once uncertainty is bounded.
Execution proceeds only after uncertainty has been materially reduced across prior stages. Capital is committed intentionally, with known and accepted residual risk.
Closing Principle
Early clarity preserves capital.
The pipeline prioritizes early constraint over late optimization. Most value is preserved by stopping before complexity compounds.