What would you do with 10 acres of Land surrounded by 3 lakes?

[Henri Meli]

I'm collecting ideas about a hypothetical situation here. Let's say you found yourself owning 10 acres of land near 3 small size lakes. 40% of the land is buildable. You can clearly view all 3 lakes from the land. You could build any types of residential property on it: SFs, MFs, Condos, Townhomes, ... etc. You are about 5 miles from downtown, Major road accesses are nearby. Water, Utility & Sewer are nearby. Some mature neighborhood (30+ years) on less than a mile radius and newer houses on another side surround the property as well. Timeframe is 5 years and cost is not relevant at this point. 

[Joe Splitrock]

Near a lake or on a lake? On a lake is great, near a lake adds little to the value. Developing the land with condos or town homes will get you the largest cash return, because it is highest density. The first thing I would do is go down to zoning and planning to find out what the land is zoned for. Keep in mind you can appeal to change zoning. The best way to develop the land also depends on demand in the area.