DEVELOPMENT IN PROGRESS definition
DEVELOPMENT IN PROGRESS means a Property that will or is intended to ----------------------- be income producing upon completion and that is being improved with a building which is under construction.
DEVELOPMENT IN PROGRESS means the aggregate, good faith estimated budgeted cost of construction (including land acquisition costs) for Properties on which construction has begun but has not yet been completed. Such Property shall be reclassified from Development in Progress upon the earlier of (1) achieving executed leases in place for 85% of such Property or (2) completion of construction, as represented by the issuance of a final certificate of occupancy, or its equivalent.