Analyze a long-term ground lease scenario where a landowner owns a prime parcel of land and leases it to a developer who builds a high-rise tower. The ground lease is for 99 years with a fixed rent of $500,000 per year for the first 20 years, resetting every 20 years to Fair Market Value. Calculate the present value of the ground lease payments (Leased Fee Estate) assuming a discount rate of 7%. Contrast this with the value of the Fee Simple Interest (if the landowner developed it themselves) assuming a stabilized NOI of $2,000,000 and a cap rate of 5.5%. Discuss the pros and cons of the ground lease structure for both the landowner and the developer in terms of risk allocation and financing hurdles.