Here is an example of what I consider to be a pretty well built model courtesy of the nice people who used to work for Enron.
In 1996, I spent Thanksgiving camped out in at the Guam Hilton as a team from Enron was trying to close a deal with a Japanese investor about the sale of a 50% ownership interest in a power plant that Enron was developing on the island. There are three main stages in a real estate project:
1) Development – before ground is broken. This includes design work, permitting, contracting, sourcing, etc.
2) Construction – which lasts from the time that ground is broken to the time that the plant goes live. This might be 12-24 months.
3) Commercial Operation – This time frame might be 15-30 years.