Question regarding land owner/developer partnerships

[Roger D Jones]

Hi all,

Just a newbie question seeking some quick insights on land development.  My brother and I own a simply spectacular piece of property overlooking the Columbia River in Washington State.  Right in town... breathtaking views.  Lot would need to be subdivided for two very large homes or two duplexes.  Obviously we need to do some groundwork with the City planning department and potentially zoning.

We are approached constantly by developers seeking to purchase the property for them to develop (everything from we want to build homes to help the environment to building condos for our 98 year old grandmother to live in).  We are wondering how we could best maximize our return on the property- either by partnering with a developer to eventually share returns or hiring a developer/general contractor/house builder ourselves and managing the project ourselves.  My brother and I are pretty smart guys but this is a venture we would be new to.  

What would you do?

Thanks in advance for the advice.