Commercial RE Development - Inner loop, Houston,TX

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Hello BP! Thanks to all you guys who spend time providing valuable advice. I have done a few deals, single/multi family and have always found BP to be a good source of information.. so thank you!

Currently looking at this property situated in Houston,TX. The owner is willing to work with me to develop the asset. Any tips and pointers will be very helpful. 

Some basic questions - Whats the best strategy? How to go about it? cap rate considerations for re development inside the loop etc. 

Thanks in advance

Need to know what is the highest and best use for the site. Size of the site in use able acres makes a difference. Various tenants have different requirements.