Dictionary of Banking Terms: turnkey project
turnkey project
real estate development project in which the builder assumes all risk until a certain point has been reached, usually at completion of the project or where the building is ready for occupancy. Permanent financing by a take-out lender can be arranged at that point, provided certain conditions are met.
Dictionary of Real Estate Terms: turnkey project
turnkey project
a development in which a developer completes the entire project on behalf of a buyer; the developer turns over the keys to the buyer at completion.
Example: Many government-owned public housing projects are turnkey projects. A private developer undertakes all activities necessary to producing the project, including land purchases, permits, plans, and construction, and sells the project to the housing authority.
