@Mike Bellevue - Sounds like you have a cool deal going. In the current market, more and more people think we are closer to the top than the bottom, I am passing on projects that could take longer than 9 months. I am looking for the deals that can be done in as short of time as possible with as little capital out as possible. If you were to build, this could take some time, and tie up capital. I would rather sell the lots to spec builders and let them take the risk of building out.
At the same time, others might love the opportunity to build as there would be more upside.
Hopefully others will chime in with ideas.
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