Real Estate Option & Equity Partners

Hello,

I'm convinced I have found a fundamentally solid real estate
development opportunity. The property is an existing series of
"antique" mill buildings located on the waterfront in a small suburban
town in Connecticut, a picture perfect New England Village. The
property has been approved by the town for restaurant, retail and
residential use. The current owner has an extensive plan for the
development, but lacks the funding, ambition or ability to go forward.
The town wants the property developed.

I would like to develop this project. I estimate the total cost will
be upwards of $25 Million, including the acquisition. Potential value
and profit with development complete is $50 Million+.

Not being able to secure "conventional" financing through normal
banking sources, i.e. not having the minimum 20%+ as a down payment or
reserves, I am considering seeking equity partners to fund this
project.

Would it be feasible to ask the current owner to be a partner, putting
in the property as his share, and me securing the funding source? How
can I approach him to "lock-up" the property for a period while I seek
the equity partners? How can I go about getting an option without
putting up cash?

There is terrific potential here. I'd appreciate any insight you may
offer.

Thank you.