Spec House ( Taxes: LLC vs. Individual)

We are going to be buying property and building a spec home shortly and need to understand the pros and cons of doing this deal through an LLC vs. as individuals, from a tax perspective. Is there a difference?

I already own an LLC (residential contractor) and understand the liability benefits of running this deal through the LLC.

I'm only asking about the differences from a business perspective (taxes, showing the income as business income vs. individual income, etc.). 

Pros, cons, anything I should know that I might not know to ask?  

Thanks all!