Raw land exchange for future developed unit

[Jesse Rolla]

Not sure where to go with this one.  I handle acquisitions for a developer in Denver. Have a unique situation where the property owner would like to exchange/swap their vacant lot for one of the future developed units.  

I understand that there are two major issues here: taxes & legal.  They would like to go as simplistic as possible.  From my understanding, as far as taxes are concerned, this could be considered a "future build-to-suit 1031 exchange" .  

We don't want to have to produce funds up front, hence negating the advantage of the swap.  What ideas do you have for how to contract this?  

Any help is very appreciated.