This case tells the story of a newly founded development management company, Palisades Real Estate (PRE), which takes over a challenging residential development project on behalf of its owner. The project is plagued by several onerous developer obligations and outstanding entitlements that have complicated the owner’s exit ambitions, which has led the owner to seek the expertise of a highly talented development management firm that can guide the project to a successful conclusion. After agreeing to a risky compensation structure that defers much of its compensation to the sale of the project, PRE undertakes a complex assortment of restructuring efforts in order to make the project feasible, including the renegotiation of a development agreement, the pursuit of difficult permits, and arrangements for phasing and bond financing. Led by one of its principals, Hal Orin, PRE demonstrates what development managers can do when they’re at the top of their game, and the value that they can add to even the most seemingly doomed projects. The case provides an opportunity for students to learn about what development managers do, how they add value, and how they are compensated.