Ground Up Development
Development is considered a subset of Opportunistic and has many moving pieces that cause it to be high on the risk profile including pre-development risk (surveys, permitting, entitlement), vertical construction risk, arranging permanent financing, leasing, hiring property management, etc. Development deals also don't provide cash flow during the construction phase. Only when the property is fully constructed and stabilized will it generate income. On the flip side, development offers sometimes the highest, as it should compensate investors for taking on multiple facets of risk.
FYI: here is a good article from our learning center: https://www.crowdstreet.com/real-estate-development-process-understanding-risk/