A new development: How does that work?

One of the perks of my veteran status in the commercial real estate wars is I occasionally get to share my knowledge with a new person in the business. One such conversation occurred this week and it’s quite column-worthy. “How is a development deal underwritten?”
Following are the considerations:
Land
A new project requires buildable land. Duh! However, the land doesn’t have to be undeveloped presently. Specifically, in Orange County, many of the new projects are a redev