1031 Exchange - New Construction Permissible?

[Matt Henshaw]

I have a friend who currently owns an empty 3 acres lot which is zoned for apartment/multi-family housing.  Can I sell a multi-family unit I currently own, 1031 exchange it and use the money to build (new construction) an apartment building?  We would be partnering on this deal.....he buys the land, my money is used to build the structure.  Permissible under the 1031 exchange rules?  Thank you!