One of the biggest risks in a development deal can be hiding in plain sight.
Entitlement is often just one line in a pitch deck.
But it can take months or even years to get the approvals needed to build a project.
A deal can look great on paper and still die before construction ever begins because the project does not get the zoning or approvals it needs.
That risk is easy to overlook because investors usually see the finished opportunity, not all the deals that never made it that far.
The projects that fail to get approved rarely make headlines.
How much attention do you pay to entitlement when evaluating a development deal?