R6 Development in East Nashville

[Tim George]

Hello there. I am a current resident in East Nashville. I own a property that is essentially right next to an old manufacturing factory that is being turned into 40,000 soft of retail/restaurants. Not mixed use (no condos attached). I have gotten really into zoning as of late and looked up the area. They bought 4 of the lots across the street and are developing some of that as well as far as I can tell. It is supposed to be finished in the fall.

The home I own like I said is right around the corner. Next to me there was a lot zoned the same as mine, r6, that was recently developed into two units. Both sold for a considerable sum, and that was before this massive retail development was known about. 

I refinanced my home with intentions of purchasing another, but, I am wondering if while the economy is still goodish (i.e. no recession yet), I should try to pull the trigger on developing my own lot. I have some money from the refi like I said but I don't think that it is enough to trigger the development. They developed the lot next to mine very quickly. I would say 9-12 months.

I'm wondering if there is anyone in the area who is familiar with the process. I would sit on the lot for eternity but I'm wondering if it would make more sense to develop it now and have significant finances on the other end to start another project. 

I have a humble day job that pays $35k. Thought that would be worth noting.

Thanks in advance for any of your time and thoughts.