Billboard Land- Sell or Hold?

[Natalie Kraft]

I am in the process of acquiring a piece of land in Chicago (proper) and became aware that I might be able to build a billboard on it. I did some more digging and contacted several billboard companies who told me that the zoning was right and a billboard could be built there. It's off the Chicago Skyway so not bad for a shot in the dark land purchase. Here's the kicker-- I'm not really looking to get into the billboard industry and would like some upfront cash to purchase a multifamily unit instead. Does anyone have any input/is that a bad idea?

[Charles Kao]

@Natalie Kraft Michigan is a different animal but we only have a limited amount of "billboard" permits and they are all taken so I think you need to figure out what that would entail from the city or state, not the billboard company. You can sell now on potential but proof of concept always pays better than potential. If you can get preapproved plans for a billboard I would sell the land with the plans to a billboard company. Makes me wonder why they aren't all over asking you to sell.