The purpose of this study is to identify the risk factors of mixed-use development (MXD) projects then suggest a criterion to evaluate their financeability. The study surveyed 54 experts in the areas of investment banking, construction, project management as well as academia and asked what kinds of risk factors are most influential to finance a MXD project then analyzed the responses by AHP (Analytic Hierarchy Process) technique to prepare a criterion. ``Financial Feasibility & Security`` group seems most important among the risk categories then ``Project Entity,`` ``Project Risk,`` ``Contract Enforcement,`` ``Market Risk`` and ``Commercial Risk`` groups follow in sequence. We find that submarket condition is the most crucial risk factor in ``Market Risk`` category. Similarly, building permission and construction in ``Project Risk,`` the marketability of presale items in ``Commercial Risk,`` the credit level of construction companies in ``Project Entity,`` the binding level of equity contribution in ``Contract Enforcement`` and the credit enforcement by construction companies in ``Financial Stability & Security`` look most significant in each category. Under the real estate project finance structure in Korea which excessively relies on presale system and hyper leveraged capital structure, the financeability appears to be decided by the credit of construction companies and their credit enhancement. We suggest that one lump sum MXD project be resized into financeable mini projects and/or phased in a series of several prescheduled stages. Also, it is worth to consider the transition of cash inflows from the current presale system to the income producing structure in a long-term basis or attract property investors and master lessees in advance to hedge the commercial risk.