I would have to drive the area to see what is the highest and best use for the land.
Soil type,nearby utilities,and topography of the land in addition to the zoning would determine possibilities.
The question really would be how much you were owed versus how much you could get for the land you were given??
Moving the dirt around on 7 acres can be extremely expensive depending on many factors.
Developers go by "net developable area" when making offers as that is what they can produce income on.
If you have 7 acres but only 3 is usable you will get very little for the other land.
The other thing you have to look at is road frontage and access points along with parcel size and shape.You might could partner or combine connecting parcels to appeal to a larger developer.
You also have to remember this fact.What the city or county wants has NOTHING to do with what a developer will want the property for.
I see it all the time in my area.We have a 25 year land use plan with current and future mapping. An area that was designated for townhomes is now foreclosed on.The new developer wants to buy the property subject to getting zoning to put in an apartment complex instead of the town houses.
Of course the county says we understand WHY the new buyer wants this but we will not deviate from our vision for the county.So the land sits and rots until the cycle will come back to where a buyer will purchase for that use or the county gives in a little to the developer.
It's a tug of war with the counties having huge budget short falls they really want the developments to increase the tax base over raw land assessments but can't deviate too much from the land use plans.
Before selling distressed investments land development was all I focused on for commercial development.
Determining highest and best use and getting it approved for that use is the hard part.Tweaking engineering and 3-d plans for approval is the easy part.
You could sell now to an opportunistic land fund for cash or a developer that wants to purchase and hold.There are also land buyers that own many businesses and like owning land as they can eventually sell off for a profit but put no time into it.
If you partner with a developer you can get more for your land but also share some of the expense,risk,and time into the deal.If I could benefit more by receiving cash today and investing it elsewhere that is what I would do.
Hope it helps...................................
Joel Owens, All World Realty
E-Mail: [email protected]