To Partner or Not? (Bringing on a construction partner)

[Andy O'Bryan]

I bought an incredibly rare property in an SEC college town that is the last undeveloped General Business lot in the downtown/entertainment district. I have an approved plan from the city to build a 3 story mixed-use building, with two floors of residential.

10,373 total sqft, or 3,457 sqft per floor.  

We have been approached by a broker that represents a national tenant that's interested in half of the 1st floor.  

I have had major financial changes since the purchase of the dirt that prohibits me from moving forward with developing the site.  We reached out to several people to develop the project and one has risen to the top of the heap.  If the new partner is going to cover 100% of the construction costs, how should the partnership be structured?  I put about 25% down on $985k

Any other advice on bringing on a construction partner?  The potential partner OWNS his own construction company, so he would be doing the building himself.  I have vetted him as far as construction quality, I'm just mainly wondering how to structure the deal.  

Thanks for any advice!