PATH 1 — DEVELOPER: ENTITLE, THEN BUY: Control the site for $10K/month while you entitle apartments — no land loan, no equity outlay. Sublease the existing building while entitling (with Lessor consent) — cut your net carry roughly in half. Entitlement value you create accrues to you — the price is already fixed. PATH 2 — OWNER/USER: OCCUPY, THEN OWN • Move your business in now; buy the property in 2028 at a price you already know. • Two years to prove the location before committing capital — option, not obligation. • Owner-occupant financing at exercise — SBA-style low down payments after two years in occupancy.