Selling subdivided land after 1031 Exchange

[Elisa Lowe]

I have a client who would like to do a 1031 exchange: selling a 1.6 MM piece of vacant land and replacing it with a 1.5MM apartment complex (plus another small property). The seller of the apartment complex is in the middle of subdividing the 7.5 acres that it sits on by splitting off 6 acres of land to develop a subdivision: however, the lot split is taking longer than expected and the seller has ran out of money. The seller would like to sell the apartments to my client with the additional land included in the sale and then buy back the land for one dollar after the lot split is approved no later than 12/2025.

Is buying the divided property back for $1 the way to go or should we put a higher price? It feels like this would be a problem with the buyers intent although its the only way the seller will sell.