Hiring A Fee Developer - What's Your Process?

[Bryan Hancock]

I have a residential development project that I am working to tie up.  Our civil/architectural firm did a preliminary assessment of the project and it looks like we can get lots of the following sizes built out:

Based on 130’ lot, the following lot frontages could yield:

• 80’ lots – (2.5 u/a) = 51 lots
• 70’ lots – (3.0 u/a) = 61 lots
• 60’ lots – (3.4 u/a) = 70 lots

My next step is to figure out what lot size makes the most sense for our intended exit pricing and product type and to match them to comps in recent years, which are hard to find in this area of town.  I also would like to start estimating infrastructure costs for water, wastewater, roads, detention ponds, etc.  

I'm really in a better position to raise and organize the capital for the project and to oversee a fee developer who would execute on things and hopefully would assist some with financial modeling as well.  If you were going to hire someone for this purpose what process would you put them through to ensure you're dealing with someone reputable and to structure a financial arrangement that creates maximal alignment with the GP?