Best Pro Forma for Residential Land Development

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I am studying land development and want to produce a pro forma for a large residential subdivision. I will not build any houses. My scenario details a situation in which the land owner wishes to act as a land bank and I would develop the subdivision in phases. The land owner would "release" the land in phases as the project progresses. 

I also need to develop a fair deal for the land owner as well as the investors in the development costs. I do not believe that the land owner should receive half of the profits. What would be a good split (percentage) for the land owner?

If the the land bank situation is unrealistic, what might I counter to the land owner?