Developing a lot in an existing residential community

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A few years ago I bought a property on a large lot. The property is in a nice residential area and can easily support new construction. Many of the homes in the neighborhood are 300 - 400K even in these depressed times.

The lot is large enough that theoretically it could be subdivided into 4 lots. Practically speaking though only 2 - 3 lots can be done. In order to do 3 lots a small private road would need to be created. Two lots could be done without this detail.

The property has been doing well for me with the existing home, but now I want to take advantage of the land that I have.

For any of you developers out there:

Can you share your experience with developing lots like this. Perhaps you can share your experience about the process as well.

I have been working with the city and have a good idea of what the city will want. I will also be looking for a developer and contractor to work with.