10 Acre Land Investment finally paid off, now what?

[Irma Hermida]

Hello my name is Irma and my husband and I purchased two 5 acre blocks 10 years ago as an investment. Now that they are paid off, I'd like to know what I should do with them. We are living in interesting times around here with the creation of The University of Texas - Rio Grande Valley, New Medical School, and Space X coming to the Rio Grande Valley. Yes, this area is going to boom. My 10 acres happen to be directly along the state highway that will probably be developed further since it leads and is in between all three major university campuses.  The new university (UTRGV) is set to open in September 2015 and the UTRGV new medical school in September 2016. The location of the land is in a rural area for now. It's zoned agricultural since it's farmland and we've been renting it out to the neighboring farmer. We get 25% of the profits for renting, we don't have to maintain the land, and the agricultural zone taxes are super low.

My questions are:

Do I continue to wait and see what develops around the land?

Do I subdivide to sell into residential lots?

Do I develop into commercial property for business?

Do I develop the land into apartment complex that could serve for future medical students and professors?

I only have the land as initial investment, If I decide to develop, are there special grants for this?

Your advice and guidance is much appreciated.

Thank You