Justifying Sale Price to potential buyer

[Michael Greenberg]

I currently own a 7k sq ft building on a 12k lot in South Denver.  I am considering a sale of this property as the neighborhood is beginning to gentrify in an extremely good location.  There is a number of scraping and new build residential and commercial construction going on.  I may also be able to assemble two - three other owners with similar lot sizes, providing a total of 48k sq ft of land - all recently re-zoned as CMX5 (Urban, mixed use, special consideration - so really any building with a max of 5 stories).  Knowing that the property is only as valuable as someone is willing to pay, my question is how to justify a sale price based upon this re-zoning?  I have run traditional income/capitalization models but are there other models I should be considering based upon the value of the Lot x The square foot potential of the Lot?  Thanks!