Buying a chunk of land that is in a protected zone

[Raec Schwarzbach]

I have an opportunity to purchase 50% of 5 acres with no down payment and a cost of about $400 a month.  I know this sounds weird, but it is unfortunately at the misfortune of someone close to me going through bankruptcy.  This isn't the point of the post, just some background.

My question is this:

Would you ever buy land you couldn't currently develop?  It is literally sitting on the edge of a small city (The Dalles, OR) and if city limits EVER expand, the property will quickly double or more in value.  The problem is, I have no idea how long that might take.  The city isn't large, but it is growing...so in theory, it's a matter of a few years or less.

Anyway, would you do it given these facts?