28 Acre Land Development in Tullahoma TN

[Michael Hooper]

I'm about to close on 28 acres in Tullahoma Tennessee (Middle Tennessee area) a little over a mile from down town. 7 Acres at the back of the property is in a floodplain, so that leaves around 20-21 usable acres. There's apartments on one side and a single family neighborhood on the other. The acreage is zoned for 10000sqft single family and duplex properties. I believe I can divide off the road front into about 8 or 9 lots and sell those to recoup my investment and leave me with about 15-18 acres of usable property. The issue is, I believe in Tullahoma, the cost to develop land (road, electrical, plumping, etc) will be more expensive than the total revenue from the lots. Also, the property has been tried to rezone for decades apparently for apartment/townhomes, but they neighbors raise a fuss and it has always gotten shot down. So the question is what is the highest and best use of the land. I won't have to pay much to got the lots ready by the road frontage, so I'll break even in that, but what do I do with the left over land? Or is selling off the frontage, not the best idea?