Potential development opportunity?

[Imran Sabir]

Hello everyone! Been reading these forums for a while, first time posting. 

So let's get right to the point: I have a half acre lot Chicago (Rogers Park). Building was crumbling, so had it demo'd and fenced in. 

I purchased this property a few years back attempting to rezone for commercial use, but to no avail. It's currently zoned at RT-4 so I'm thinking it may be best to use for construction of a midrise apartment complex. I have pretty much all liquid tied up in here, so would be looking for institutional/private funding. 

I've never done a project of this size. Would it be wise for me to pursue this? I'm looking to get a feasibility study done. I've contacted 2 national firms, and their quotes came back in the 20-30k range, which I honestly feel is way too much. Any guidance on this topic would be appreciated. 

Thanks!