Acquisition for Development question..Sales Hats needed... GO!

[Adam Sheren]

Good morning - I've recently been made aware that a local Grocery Store (owned by a decent sized Grocery Chain in the midwest) owns 16 acres of vacant land which would be a prime site for development of a multi-family property.

The property sits between two major roads and allows access to the local downtown on one side (2 miles driving distance) and the Highway on the other (again, about another two miles).

It is my opinion that this development would have a profoundly positive impact on the Grocery Store Sales by providing 80-250 units within walking distance, and according to our Target Market Analysis, our area is in desperate need of rental units.

To the question - 

How would you go about trying to leverage your development idea as being so beneficial to the grocery store, that you could get control of the site to perform your due diligence on the mentioned development with as little $$$ out of pocket as possible?

Moreover, would it be inconceivable to think that the Grocery Store may even want to contribute the property to the deal (contingent upon approved financials and financing) and stay as an equity partner?