Real Assets, with the builder kept separate.
An educational teaser for land control, entitlement lift and sponsor or JV economics. Build Capital is intended as a capital holdco. It does not build.
Org lock. Construction execution would sit with Onyx General Construction under a separate arm's-length contract when hired. Onyx is not a subsidiary, division or arm of the holdco, and this page does not merge the two.
What the spine is intended to be
The Real Assets role would be land control, entitlement lift, and sponsor or JV economics on named deals. No deal would be underwritten to a single income path; the internal pack requires at least two independent sources, one of which would land before completion. That discipline is stated here as intention, not as a live programme.
- Control the asset below entitled value.
- Entitlement lift.
- Developer or co-development fee where a market role exists - no fee figure is published here.
- Exit by resale or refinance, plus promote when a waterfall exists - no promote figure is invented here.
- An Onyx construction fee on hard costs only when Onyx is hired at arm's length.
JV / GC-as-partner shape
Sponsor / capital desk
Build Capital - underwriting, vehicle design and capital allocation on a named deal, after gates clear.
Operating partner / GC
Onyx, on contract when hired - construction delivery, cost control and entitlement execution at arm's length.
LP / co-investor
Warm accredited capital into a named deal SPV after gates - not a blind pool on day one, and not solicited by this page.
Not an offering. This is a program teaser for public education. It does not solicit capital, name a live vehicle, publish terms, or claim that the holdco builds.
Frequently asked
What does "control" mean if nothing has been bought yet?
In real estate, "control" usually means holding a legal right to buy or use a site — an option, an exclusive negotiation period, a signed but not yet closed contract — short of outright ownership. It lets a sponsor do the work of proving a site out (zoning research, feasibility, design) before committing capital to own it outright.
What is "entitlement lift"?
Entitlement is the set of governmental approvals — zoning, permits, variances — that determine what can legally be built on a site. "Entitlement lift" describes the change in a site's value that comes from moving it further along that approval path, independent of anything physically built. A site with an approved plan is a different asset than the same site without one, even before construction starts.
What is a developer or co-development fee?
Compensation paid to the party managing a project's execution — design, permitting, contractor selection, schedule and budget — for that management work, distinct from any return on capital invested in the deal itself. It is usually earned over the course of a project rather than at a single point.
How does a JV / sponsor structure generally divide roles?
In a typical real estate joint venture, a sponsor brings the deal, the execution plan and day-to-day decision-making; capital partners contribute funding and typically have a more passive, oversight role; an operating partner (here, potentially Onyx, on a separate arm's-length contract) is responsible for physically delivering the project. None of these roles by itself determines who owns what share of a specific deal — that is negotiated case by case.
Elsewhere
Programs is the hub. Strategies / Real Assets is the thin architecture page. Named assets are not published on this public front.