Selling Land to Developer at a Discount

[Daniel Pitner]

I own a piece of land that is worth $245,000 and is in a VERY desirable part of the city. It is the last buildable lot in the middle of 1.4 million dollar homes. 

I would LOVE to develop this land myself and sell a house, I simply don't have the capital. 

My strategy right now is to sell the land to a real estate developer to develop the home at a steep discount ($150,000) but make a claim on the stake of the overall project to get my remaining money back, plus the profit of the build. 

Is this feasible? Or are there any other "creative" strategies somebody can think of for this?