The Ultimate Development Opportunity Checklist: A Step-By-Step Guide for Successful Commercial Projects

Why a Strategic Checklist Can Make or Break Your Development

Successful commercial development doesn’t happen by chance—it happens by precision, planning, and execution. Whether you're preparing for a mixed-use project, medical office development, retail build, or land repositioning, the right checklist ensures you eliminate risk, validate feasibility, and move confidently through each phase. This comprehensive guide walks you through the essential steps every developer, investor, or landowner should follow to maximize land value and streamline the development process.

1. Site Selection & Acquisition: Laying the Right Foundation

Before anything is built, you need the right site. Careful evaluation prevents costly delays and ensures long-term viability.

Checklist:

✔ Confirm zoning and permitted uses

✔ Assess traffic counts, visibility, and access

✔ Verify infrastructure: water, sewer, electric, broadband

✔ Order environmental review and soil studies

2. Market & Demand Analysis: Ensuring the Project Makes Sense

A great site means nothing without demand. Researching the market helps validate your tenant mix, project scale, and projected absorption.

Checklist:

✔ Research demographics and population growth

✔ Benchmark competing projects and nearby vacancies

✔ Identify target tenant or user profile

✔ Confirm absorption rates and projected lease-up feasibility

3. Financial Feasibility: Understanding the Numbers That Matter

A development only moves forward if the economics work. Testing your financial assumptions early ensures the deal is worth pursuing.

Checklist:

✔ Analyze land acquisition cost

✔ Estimate construction costs (hard + soft costs)

✔ Evaluate financing availability and interest rate assumptions

✔ Run return-on-cost and IRR projections

4. Entitlements & Approvals: Navigating Regulation and Community Support

Securing entitlements can be one of the most complex and time-consuming stages. Early engagement is essential to avoid delays.

Checklist:

✔ Confirm zoning and determine if variances are needed

✔ Engage planning and permitting authorities early

✔ Secure environmental, architectural, and design approvals

✔ Assess political risks and potential community challenges

5. Design, Capitalization & Leasing Strategy: Bringing the Project to Life

Once approved, the focus shifts to designing, funding, and leasing the project. This phase determines the project’s long-term success and profitability.

Design & Planning Checklist:

✔ Engage architect and civil engineer

✔ Prepare conceptual site plan and test fits

✔ Align design with tenant requirements

✔ Refine construction cost estimates

Financing & Capitalization Checklist:

✔ Secure lender term sheets and investor commitments

✔ Structure equity and debt components

✔ Run sensitivity analyses (rents, cap rates, construction costs)

✔ Confirm exit strategy: sale, refinance, or long-term hold

Marketing & Leasing Checklist:

✔ Hire a broker experienced in new development

✔ Create a targeted tenant outreach strategy

✔ Highlight site advantages (location, access, demographics)

✔ Offer competitive TI packages or concessions

✔ Establish realistic pre-leasing goals

Conclusion: A Roadmap for Smarter, More Profitable Developments

A disciplined checklist not only improves efficiency—it reduces risk, accelerates timelines, and maximizes returns. Whether you're evaluating a raw land opportunity or preparing a complex mixed-use project, following these steps ensures you move from concept to completion with clarity and confidence.

For development support or site evaluation, contact:

Ashley Walker – Partner, Millenia Partners

📧 awalker@millenia-partners.com