There are many different ways that the developer and the Servicability Partner can structure the development project to provide protection for all involved. They could set up a company, trust, partnership of trusts or whatever structure best fits the required outcome.
Taxation and legal implications should always be considered and advice sort from accounting and legal professionals.
It might be the case that the developer could settle on the site and gain development approval but not have the required extra equity to gain development finance to complete the project. In that case, the equity partner could enter the project when it has approval.