Develop or leave as cash flow?

[Robert Fonner]

Hello, 

My wife and I own a property in Arlington Texas. A block away from the cowboys stadium. Property currently has a residential building that we run our business out of, is a STR for the events, and sell parking also for the events.

I am interested in redeveloping the property to be a fourplex. Have a developer working on designs at the moment to see if even possible with city codes. Current estimates are around a million. 

Curious about the wisdom of messing up a good thing with a cash flowing property to potentially own/sell a multi million dollar property.

obviously would like  a better understanding of the risks involved.

Thank you