Strategy for land owned near new Tesla factory in Austin, TX

[Andrew Graham]

My wife and I own 25 Ag exempt, debt free acres on a hard corner of SH130 a few miles up the road from where Tesla bought a new manufacturing site. The site is in the City of Austin ETJ with utilities not adjacent, but accessible. The site borders but is not in the flight path of a jet capable airport.

My wife and I are just turning 60 and have not been real estate investors having once lived on this land. However, we've literally had brokers come knocking on our door unsolicited to buy this land. It is currently listed with a broker.

We also have an adult special needs daughter in her early 30's for whom we need to provide for a permanent living situation.

My questions are:

1. Better to sell now on the anticipation of future development in the area given our age or later?

2. Sell and do a 1031 exchange for an apartment building or similar multifamily property both to provide for our daughter and generate an ongoing return? The tax basis is zero.

3. 1031 for another real estate asset class that becomes the basis for a retirement portfolio on a more accelerated basis.

I realize that there are a number of personal considerations nested in these questions, but in broad terms, we want to yield the highest value of the property to both provide for our daughter and to defray dependence on our equity investments as my retirement won't be playing golf but shifting from being a full time CEO of a mid sized growth company to becoming a more active investor in real properties and other pursuits (rebuilding motorcycles and remodeling houses).

I would appreciate the wisdom of the forum as by my lurking here it's clear that I am a rookie in this arena. With this being my first post, my apologies if my request breaches any forum etiquette or protocol.

Thanks in advance,

Andy