Developer fees for 4-unit infill project

[Daniel Nied]

Hello BP community - question for you all regarding an infill development project in Colorado. 

Quick background: 3 partners have come together to form an LLC for the sole purpose of buying a parcel of land, developing it into a 4-unit condo, and selling each unit via a realtor.

• Ownership: Partner A @ 60%, Partners B & C @ 20% each. 
• Total invested capital: $1.3m
• Land: $1m - already purchased by LLC, ready to go. Plans approved by City
• Construction: ~$2.5m bank loan (secured by all 3 partners) 
• Timeline: 10-12 months construction, pre-sell 2 to de-risk loan (not a bank requirement), pre-sale others if psf @ or above market rates. Note: 6 months have already gone into land acquisition, demo of old structure, temp utilities, city permits, etc. 
• Profit: to be split based on ownership %'s listed above

The question: Partner A will handle most of the day-to-day in working with the GC, the city, architect, some finishes purchasing/deal hunting, utilities, realtors, and buyers (trying to limit to customization....!). What sort of development fee is appropriate for Partner A to charge the project from their other company for the development work?

Bonus question: what other deal structures could we have considered? Too late now but interested in any feedback. 

What other info can I provide? 

Thanks!