A practical overview of the players and processes involved in real estate development. This is a living document, updated over time as my own understanding of the industry deepens.

PART 1: Who Is Involved?

• Owner/Developer : The client who initiates, owns and funds the project
• General Contractor (GC) : Mandated to organize and build the project
• Professionals : Architects, engineers, designers, environmental consultants, other specialists
• Third Parties : Municipality officials, land surveyors, real estate agents
• Sub-Trades : Specialized teams who execute the work (electricians, plumbers, etc.)
• Suppliers : Provide materials, mostly managed directly by sub-trades

PART 2: The Real Estate Development Process

• Due Diligence : Investigate the site, review zoning and regulations, assess market conditions, and run financial models. The objective is to establish project feasibility: Go / No-Go decision. Key deliverables: Geotechnical & environmental studies, market study, site implantation plan, due diligence summary report, investor presentation, stakeholder list, project arborescence.
• Pre-Development : Finalize design with architects and engineers, secure permits and approvals, and line up financing. This phase requires patience and can take months or longer. Key deliverables: Project presentation deck, preliminary plans, a proforma which maps projected revenues, costs, and returns. Any other documents required by investors or city officials to allow the project to exist.
• Development : Secure permits and finalize plans, budget, and schedule. The project transitions from paper to reality by handing over to construction.
• Construction : The GC hires the teams needed, manages sub-trades, equipment & materials, and the building takes shape.
• Delivery : Complete final inspections, correct deficiencies, obtain occupancy permits, and hand over the keys.