Townhome development in middle tn

[Derek Bell]

I am used to posting under “commercial real estate”. I usually only do commercial/industrial developments. But I have an opportunity that I need some input. A seller and I are going to be under contract soon for a 13 acre parcel in middle TN. Very up and coming city located about 30 miles south of Nashville. Property is located at a wonderful highly traffic location. 18k cars a day and will only be increasing. 5 of the 13 acres is zoned commercial, the back 8 acres is zoned large lot residential. I want to keep the commercial zoning up front and parcel those off. The back 8 acres I want to rezone to a small lot townhome use. Just initial talks w my civil, I think we can get 40 pads or so. So, how much do residential developers pay for 40 or so townhome pads?

I am not going to do any improvements to the land, just improvements on paper etc. The topo is good. Not great, but good. All utilities are at the street.