How to best make money off of 3 acres of land in prime area?

[Dana Richardson]

Hello,

We have 3 undeveloped acres on a spring fed lake in a prime location in Clearwater.  We are looking at the most advantageous way to make money.  The area is surrounded by $700k to $2 million dollar homes.  These are the options I’ve thought of so far and are open to other ideas.  What I’m asking is What would bring the highest profit.  At least it will guide me in the direction I need to go.

1.  Selling individual plots that buyers would have to hire their own builder.  Entry points are on the existing street.

2. Build out one gated entrance and street to enter property with some common areas but selling individual plots individuals to hire their own builder. This would require an HOA due to common areas I am guessing.
3.  Partner with a builder/developer to build townhomes where my profit would be a down payment and a specific number of units given to me upon completion to either sell or rent. 

Profits, time it takes to see profits, and level of difficulty to engage will be taken into consideration.  I hope this explains what I am looking for.  Thank you in advance for your time and expertise.   Photo is of property.

Dana