{"id":37867,"date":"2025-02-17T10:00:53","date_gmt":"2025-02-17T18:00:53","guid":{"rendered":"https:\/\/spacing.ca\/vancouver\/?p=37867"},"modified":"2025-08-14T10:46:17","modified_gmt":"2025-08-14T17:46:17","slug":"s101s-what-is-a-development-pro-forma-and-why-should-you-care","status":"publish","type":"post","link":"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/","title":{"rendered":"S101S: What Is a Development Pro Forma\u2014and Why Should You Care?"},"content":{"rendered":"<p><a href=\"http:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-36256 alignleft\" src=\"http:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-600x72.jpg\" alt=\"\" width=\"600\" height=\"72\" srcset=\"https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-600x72.jpg 600w, https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-300x36.jpg 300w, https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-768x92.jpg 768w, https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-1536x184.jpg 1536w, https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-2048x246.jpg 2048w, https:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2023\/01\/S101S_Spacing_logoBanner_d1_600-940x113.jpg 940w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p class=\"p1\"><span class=\"s1\">A development pro forma is one of the most important (yet often overlooked) tools in real estate and urban planning. Think of it as the financial blueprint for a development project\u2014it lays out the estimated costs, revenues, and potential profits before a single brick is laid. Developers, investors, and planners rely on pro formas to decide whether a project makes financial sense. If the numbers don\u2019t add up, the project doesn\u2019t happen.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But here\u2019s the thing: pro formas don\u2019t just determine whether a building gets built. They shape what kind of development happens\u2014who it benefits, who gets left out, and whether a project serves the broader community or maximizes profit. If you\u2019ve ever wondered why many new developments lean toward wealthier clientele instead of affordable housing, the pro forma is a big part of the answer.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Even though they\u2019re so influential, pro formas can be dense and full of jargon, making them hard to understand for anyone outside the real estate world. And because they often prioritize financial returns over social good, it\u2019s important to know how they work\u2014especially if you care about making cities more inclusive, sustainable, and livable. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">So let\u2019s break it down.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Although pro formas vary in detail from project to project and across different contexts, a strong development pro forma typically includes six main components:<\/span><\/p>\n<ol class=\"ol1\">\n<li class=\"li1\"><span class=\"s1\"><b>Land and Acquisition Costs<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">How much does the land cost? This includes the sale price as well as legal fees, taxes, and any costs tied to rezoning or environmental cleanup. Land is usually one of the biggest expenses, and high land costs often push developers toward luxury housing to make the numbers work.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol class=\"ol1\">\n<li class=\"li1\"><span class=\"s1\"><b>Hard Costs (Construction Costs)<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">This is the actual cost of building the project\u2014labor, materials, permits, contractor fees. If these costs rise (say, due to supply chain disruptions), the entire financial model can shift.<\/span><\/li>\n<\/ul>\n<\/li>\n<li class=\"li1\"><span class=\"s1\"><b>Soft Costs (The \u201cHidden\u201d Expenses)<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">These include architectural and engineering fees, marketing costs, legal expenses, and project management. Soft costs don\u2019t always get as much attention as hard costs, but they can add up fast.<\/span><\/li>\n<\/ul>\n<\/li>\n<li class=\"li1\"><span class=\"s1\"><b>Operating Income and Expenses<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">How much money will the project make once it\u2019s up and running? This section forecasts rental income, sales revenue, and ongoing expenses like maintenance, property management, and insurance. If a development isn\u2019t expected to generate enough income to cover its costs, it\u2019s a no-go.<\/span><\/li>\n<\/ul>\n<\/li>\n<li class=\"li1\"><span class=\"s1\"><b>Financing and Loan Costs<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">Most projects are funded with a mix of loans and investor capital. This section lays out interest rates, loan terms, and repayment schedules. Developers want to secure the best financing terms to keep their costs low and profits high.<\/span><\/li>\n<li class=\"li2\">&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li class=\"li1\"><span class=\"s1\"><b>Return on Investment (ROI) and Profitability<\/b><\/span>\n<ul class=\"ul1\">\n<li class=\"li2\"><span class=\"s1\">At the end of the day, developers and investors want to know: Is this project worth it? Metrics like <b>Net Operating Income (NOI)<\/b> and <b>Internal Rate of Return (IRR)<\/b> help determine whether a project is financially viable. If the projected profits aren\u2019t high enough, developers may tweak the pro forma\u2014often by cutting affordable units, shrinking public spaces, or raising rents.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p class=\"p1\"><span class=\"s1\">On paper, a pro forma is just a financial model. But in reality, the way it\u2019s structured\u2014and what it includes and omits\u2014has huge implications for cities.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A lot of pro formas are built with a <em><b>profit-first<\/b><\/em> mindset. That\u2019s why developers often push for high-end projects\u2014luxury condos, premium office space, etc. Simply put: they are the most profitable. Meanwhile, projects that prioritize other aspects\u2014such as affordable housing, public amenities, social equity, or environmental sustainability\u2014can get sidelined because they don\u2019t deliver the same short-term financial returns.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But it doesn\u2019t have to be that way. Pro formas aren\u2019t set in stone. The numbers in them depend on many <i>assumptions<\/i>\u2014about land costs, expected profits, financing, public subsidies, and many more. Cities that take an active role in <em>shaping<\/em> pro formas (through incentives, zoning policies, or community benefits agreements) can influence what gets built and who benefits.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">So, although a development pro forma might seem like just another spreadsheet, it\u2019s actually a <em>powerful decision-making tool<\/em> that shapes neighbourhoods, housing markets, and public spaces, and so much more. Understanding how it works helps us ask smarter questions about development, such as:<\/span><\/p>\n<ul class=\"ul2\">\n<li class=\"li2\"><span class=\"s1\">Why does this project include (or exclude) specific types of housing?<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">How are financing costs influencing what gets built?<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">What <i>assumptions<\/i> are driving the decisions made and their conclusions?<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">Who benefits financially from this development\u2014and who doesn\u2019t?<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">Pro formas aren\u2019t going away, but they don\u2019t have to be used solely to maximize investor returns. With more transparency and smarter policies, they can be used to create developments that serve both financial, community, and environmental interests.<\/span><\/p>\n<p class=\"p6\"><span class=\"s1\"><b>In Summary<\/b><\/span><\/p>\n<ul class=\"ul2\">\n<li class=\"li2\"><span class=\"s1\">A <em>development pro forma<\/em> is a financial tool used to assess whether a real estate project is viable.<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">It includes six key components:<\/span>\n<ol class=\"ol1\">\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Land and acquisition costs<\/b> \u2013 The price of land and related expenses.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Hard costs<\/b> \u2013 Construction expenses like labor and materials.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Soft costs<\/b> \u2013 Fees for architects, engineers, legal work, and marketing.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Operating income and expenses<\/b> \u2013 Projected revenue and maintenance costs.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Financing and loan costs<\/b> \u2013 The debt and equity used to fund the project.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Profitability metrics<\/b> \u2013 Key financial indicators like ROI and IRR.<\/span><\/li>\n<\/ol>\n<\/li>\n<li class=\"li2\"><span class=\"s1\">Many pro formas prioritize profit maximization, which often leads to high-end developments over affordable housing or public amenities.<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">The <em>assumptions<\/em> in a pro forma determine what gets built and who benefits. They should be stated transparently for assessment and debate.&nbsp;<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">Cities and communities can influence pro formas through policies, incentives, and negotiations.<\/span><\/li>\n<\/ul>\n<p class=\"p6\"><span class=\"s1\"><b>Some Useful Resources:<\/b><\/span><\/p>\n<ul class=\"ul2\">\n<li class=\"li7\"><b><\/b><span class=\"s1\"><b>Infrastructure Institute \u2013 <\/b><a href=\"https:\/\/infrastructureinstitute.ca\/spre-resources\/\"><span class=\"s3\"><b>Social Purpose Real Estate (SPRE) Resources<\/b><\/span><\/a>: Offers a repository of resources for social purpose real estate projects, including toolkits and templates that can assist in preparing pro formas tailored to non-profit and community-focused developments. <\/span><\/li>\n<li class=\"li2\"><b><\/b><a href=\"https:\/\/learning.uli.org\/\"><span class=\"s1\"><b>Urban Land Institute Learning<\/b><\/span><\/a><span class=\"s1\">: Offers a variety of courses including some on best practices for balancing financial and social goals in development.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Richard Peiser \u2013 <\/b><a href=\"https:\/\/americas.uli.org\/professional-real-estate-development\/\"><span class=\"s4\"><b>Professional Real Estate Development<\/b><\/span><\/a>: A detailed look at the financial and managerial side of real estate development.<\/span><\/li>\n<li class=\"li2\"><b><\/b><span class=\"s1\"><b>Christopher Leinberger \u2013 <\/b><a href=\"https:\/\/islandpress.org\/books\/option-urbanism#desc\"><b>The Option of Urbanism<\/b><\/a>: Examines how financial models shape the kinds of places we build.<\/span><\/li>\n<\/ul>\n<p>***<\/p>\n<p class=\"p5\"><span class=\"s1\"><i>Other pieces in the S101S:<\/i><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\"><a href=\"http:\/\/spacing.ca\/vancouver\/2023\/01\/18\/s101-series-introduction-and-call\/\"><span class=\"s1\">S101 Series: Introduction and Call<\/span><\/a><\/li>\n<li class=\"li1\"><a href=\"https:\/\/spacing.ca\/vancouver\/2023\/02\/06\/s101s-understanding-residential-density-why-is-it-so-confusing\/\"><span class=\"s1\">S101S: Understanding Residential Density: Why is it so Confusing?<\/span><\/a><\/li>\n<li class=\"li1\"><a href=\"https:\/\/spacing.ca\/vancouver\/2023\/02\/06\/s101s-understanding-residential-density-why-is-it-so-confusing\/\"><span class=\"s1\">S101S: Understanding Residential Density: Net vs Gross Density<\/span><\/a>\u2022<\/li>\n<li class=\"li1\"><a href=\"http:\/\/spacing.ca\/vancouver\/2023\/06\/26\/s101s-understanding-residential-density-fsr-building-setbacks-and-height-regulations\/\"><span class=\"s1\">S101S: Understanding Residential Density: FSR, Building Setbacks and Height Regulations<\/span><\/a><\/li>\n<li class=\"li2\"><a href=\"https:\/\/spacing.ca\/vancouver\/2024\/04\/29\/s101s-understanding-shadow-studies-why-they-matter\/\">S101S : Understanding Shadow Studies: Why They Matter<\/a> &#8211;<\/li>\n<li class=\"li2\"><a href=\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\">S101S: What\u2019s a Development Pro Forma\u2014And Why Should you Care?<\/a><\/li>\n<li class=\"li3\"><span class=\"s4\"><a href=\"https:\/\/spacing.ca\/vancouver\/2025\/01\/06\/s101s-understanding-public-space-the-basics\/\"><span class=\"s5\">S101S: Defining Public Space: The Basics<\/span><\/a><\/span><\/li>\n<li class=\"li4\"><span class=\"s6\"><a href=\"https:\/\/spacing.ca\/vancouver\/2024\/12\/09\/s101s-clarifying-affordable-housing-the-trickle-down-theory-of-housing\/\"><span class=\"s7\">S101S: Understanding Affordable Housing: The Trickle-Down Theory of Housing \u2013 Myths and Realities<\/span><\/a><\/span><\/li>\n<li class=\"li4\"><a href=\"https:\/\/spacing.ca\/vancouver\/2023\/09\/11\/s101s-describing-building-types-why-they-matter\/\"><span class=\"s8\">S101S: Describing Building Types: Why They Matter<\/span><\/a><\/li>\n<li class=\"li4\"><span class=\"s9\"><a href=\"https:\/\/spacing.ca\/vancouver\/wp-admin\/post.php?post=36598&amp;action=edithttps:\/\/spacing.ca\/vancouver\/2023\/09\/25\/s101s-describing-building-types-formal-and-use-types\/\"><span class=\"s10\">S101S: Describing Building Types: Formal and Use-Types<\/span><\/a><\/span><\/li>\n<li class=\"li4\"><span class=\"s9\"><a href=\"https:\/\/spacing.ca\/vancouver\/2023\/07\/24\/s101s-explaining-trainsit-oriented-development-benefits-and-drawbacks\/\"><span class=\"s10\">S101S: Explaining Transit-Oriented Development: Benefits and Drawbacks<\/span><\/a><\/span><\/li>\n<\/ul>\n<p>**<\/p>\n<p><span class=\"s1\"><b><i>Erick Villagomez<\/i><\/b><i> is the Editor-in-Chief at Spacing Vancouver and teaches at UBC\u2019s School of Community and Regional Planning. He is also the author of <\/i><a href=\"https:\/\/pressbooks.bccampus.ca\/settlement\/\">The Laws of Settlements: 54 Laws Underlying Settlements Across Scale and Culture<\/a><i>.<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A development pro forma is one of the most important (yet often overlooked) tools in real estate and urban planning. Think of it as the financial blueprint for a development project\u2014it lays out the estimated costs, revenues, and potential profits before a single brick is laid. Developers, investors, and planners rely on pro formas to<a href=\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\">Continue reading <span class=\"sr-only\">&#8220;S101S: What Is a Development Pro Forma\u2014and Why Should You Care?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":6004,"featured_media":37872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ngg_post_thumbnail":0,"_ef_editorial_meta_paragraph_assignment":"","_ef_editorial_meta_date_first-draft-date":"","_ef_editorial_meta_checkbox_needs-photo":"","_ef_editorial_meta_number_word-count":"","footnotes":""},"categories":[10,11230,11232,24,26,6670,11235],"tags":[],"class_list":["post-37867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-architecture","category-community","category-features","category-housing","category-neighbourhoods","category-politics","category-urban-design"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S101S: What Is a Development Pro Forma\u2014and Why Should You Care? - Spacing Vancouver<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S101S: What Is a Development Pro Forma\u2014and Why Should You Care? - Spacing Vancouver\" \/>\n<meta property=\"og:description\" content=\"A development pro forma is one of the most important (yet often overlooked) tools in real estate and urban planning. 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Developers, investors, and planners rely on pro formas toContinue reading &quot;S101S: What Is a Development Pro Forma\u2014and Why Should You Care?&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\" \/>\n<meta property=\"og:site_name\" content=\"Spacing Vancouver\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-17T18:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-14T17:46:17+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/spacing.ca\/vancouver\/wp-content\/uploads\/sites\/6\/2025\/02\/Coriolis_COV_Policy_AppendixK_pg20_croppedVIGNETTE-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erick Villagomez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Spacing\" \/>\n<meta name=\"twitter:site\" content=\"@Spacing\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erick Villagomez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\",\"url\":\"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/\",\"name\":\"S101S: What Is a Development Pro Forma\u2014and Why Should You Care? 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He is also the author of The Laws of Settlements: 54 Laws Underlying Settlements Across Scale and Culture. His private practice - Metis Design|Build (http:\/\/metisdb.com\/) - is an innovative practice dedicated to a collaborative and ecologically responsible approach to the design and construction of places.\",\"sameAs\":[\"https:\/\/spacing.ca\/vancouver\",\"https:\/\/www.instagram.com\/e_vill1\/\"],\"url\":\"https:\/\/spacing.ca\/vancouver\/author\/erick\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"S101S: What Is a Development Pro Forma\u2014and Why Should You Care? - Spacing Vancouver","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/spacing.ca\/vancouver\/2025\/02\/17\/s101s-what-is-a-development-pro-forma-and-why-should-you-care\/","og_locale":"en_US","og_type":"article","og_title":"S101S: What Is a Development Pro Forma\u2014and Why Should You Care? - Spacing Vancouver","og_description":"A development pro forma is one of the most important (yet often overlooked) tools in real estate and urban planning. Think of it as the financial blueprint for a development project\u2014it lays out the estimated costs, revenues, and potential profits before a single brick is laid. 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He is also the author of The Laws of Settlements: 54 Laws Underlying Settlements Across Scale and Culture. 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