looking for advice on a possible development deal in MA

[Tim Wilkinson]

I have an agreement with an owner of a SFR with 10 acres (7 acres is buildable) in Stow, MA. He has asked me to partner with him to find the most lucrative way of developing his property. About 10 ears ago, he was given a preliminary approval for subdividing into 5 2 acre parcels with a shared right of way. The subdivision didn't take place.

I have also read through the town housing reports and they have a severe need for rental housing in this market. It is my opinion that the town should approve a small apartment development that will meet their housing needs with little resistance. There is a need for over 55 housing also. 

I am looking for info from residential apartment developers on the best way to proceed with this. Is it best for us to do the survey, site testing for septic, and turn in a plan to town while my partner still retains ownership, and then sell the deal after approval? I have heard of some developers completely developing and leasing the property before selling off to another investment company. 

Which way is best? Am I barking up the wrong tree and we should be subdividing the way he originally planned? If we did that, I would have the right to build on each lot and sell the five homes under a structured agreement with the current owner. 

Please, if you have experience with these types of situations, I'd like to talk offline about it. 

Thank you in advance for your support in my company's success.