I'd really vet the developer, their past projects, talk to prior partners (GP & LP) to see how prior development deals worked out and how the communication was, etc.

They should also have proposed or preliminary site plans approved for the remainder of the development.

That's what separates the best real estate agents who represent investor/developer clients.

you have to learn land entitlement. we identified a site today for hotel development that was an 18000 sq ft lot.

Experienced developers, could you tell me how the process/financing works?

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

This is an investment property (buy/hold) that I'm planning to develop considering the new 2020 laws.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

PMs should have the widest network of contractors, knowing the good from the bad, better pricing, insights into rental rates/ condition of rentals to not over develop your unit.