The role of master developer, at least in other high profile
NJ redevelopment projects, is that of a choreographer/solicitor.
The MD (master developer) creates the opportunity and positions itself
in the drivers seat.... The MD doesn't get the whole pie, but seeks as
many pieces of the pie as possible... including every source of revenue
not demanded by the sub-developer.... including signage, vending,
parking, ancillary business opportunities... all the while seeking to
reduce costs and/or shift the burden to sub-developers or the community
itself.
Their at risk capital is in the form of soft costs... not necessarily
in the form of stix and bricks. The fees paid to lawyers, accountants,
economists, site engineers, architects, surveyors, appraisers,
political bribery, etc. I would guestimate the ProForma (the formal
pitch to the sub-developers) alone cost upwards of $250,000... or maybe
10 times that amount. I'd bet a lot of MD's soft costs were subsidized
by grants or low interest loans from the New Jersey Economic
Redevelopment Agency, Department of Commerce, even the DOT.
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