Creative offer help needed

[Catherine Brennan]

I'm interested in submitting an offer on a piece of land for the purpose of residential development, specifically condos. The property's list price has dropped 42% since it entered the market 1.5 years ago. For our purposes, it is still significantly overpriced. I was considering submitting 2 different offers: 1) straight purchase offer which will be considered a lowball and probably dismissed and 2) an offer where we partner with the landowner who can profit too on the condo development

I'm seeking ideas on how to creatively structure the second option understanding we would need a good Attorney to protect us if the creative offer was accepted. 

Thank you, in advance, for any ideas/help/advice you can provide.