The sensor networking field is evolving into the Internet of Things~(IoT), owing in large part to the increased availability of consumer sensing devices, including modern smart phones. However, application development in the IoT still remains challenging, since it involves dealing with several related issues, such as lack of proper identification of roles of various stakeholders, as well as lack of suitable (high-level) abstractions to address the large scale and heterogeneity in IoT systems. Although the software engineering community has proposed several approaches to address the above in the general case, existing approaches for IoT application development only cover limited subsets of above mentioned challenges. In this paper, we propose a multi-stage model-driven approach for IoT application development based on a precise definition of the role to be played by each stakeholder involved in the process -- domain expert, application designer, application developer, device developer, and network manager. The abstractions provided to each stakeholder are further customized using the inputs provided in the earlier stages by other stakeholders. We have also implemented code-generation and task-mapping techniques to support our approach. Our initial evaluation based on two realistic scenarios shows that the use of our techniques/framework succeeds in improving productivity in the IoT application development process.