How to Value a "papered lot"

[Eddie W.]

Hey everyone, 2 questions:

#1. Can someone help me with establishing the listing price of my land? My civil engineer is almost complete with all site drawings needed to submit for utility and jurisdictional approvals. We are seeking approval to have ~40 units built on 5-6 acres in the middle of a booming area outside of the City of Charleston, SC. It is not our intention to perform any construction work ourselves. We simply want to have all approvals in place and then sell the land to a builder who will then pull all permits in his/her name. FYI, I have decided yet if it will be townhomes or apartments, however, we are zoned for both.

#2. Can someone also advise on how to attribute the revenue from the sale of land with a neighboring land owner who is interested in "partnering?" The owner of the neighboring property (similar zoning as mine) asked if we could entertain a "partnership" where I coordinate all of the above work (listed in question #1) to include use of his acreage. My acreage is 5 but ~2 buildable acres. His acreage is 1.5 but ~1 is buildable. I purchased my land a significantly lower price/acre than him. I'm therefore reluctant to attribute revenue (purchase price) sharing based on our respective acreage costs. I'm also reluctant to attribute revenue sharing based on units/acre because the overall shape of both parcels combined yields higher density if and only if the retention pond is placed on my parcel.

Thank you very much!