Shovel ready project for developer

[Rao Mu]

I am talking to a land owner about putting a letter of intent on a land in an urban locale and get it approved for an apartment complex of around 50-60 units, with 30% affordable component to it. Obviously, I will buy based on the approval contingency. This is the only way I can get the approval done. I am reasonably confident that it's going to be approved. It's going to take me few months to get approval. However, since I am not a developer, I have few options to add value into the property after approval. 

Option 1 - Buy the land and spend time and money to get approval and add 20% markup and sell to a developer.

Option 2 - Buy the land and spend time and money to get approval and stay in joint venture with the developer and go to the bank and get construction financing and get the building up and ready. This is lucrative for the developer because he can get in the deal without much equity. 

Option 3 - Buy the land and spend time and money to get approval and stay in joint venture with the developer and get some cash out from the developer, however stay in the deal till the project completion. This reduces the risk a little bit, since I can recover some of my money. 

What fellow BP guys think feasible? What are the pros and cons of it?