Partnering with land owner who wants to avoid taxes

[Jon Klaus]

i've got an elderly friend who has had a parcel of land for many years. He is interested in having me develop it, but wants to avoid capital gains tax. His plan had been to let it stay in his estate until after he passes, so his heirs get stepped up basis. 

What approaches might we take to mitigate taxes while developing now and selling in the next couple of years?