HELP! New construction, 600k+ in East lake area of Atlanta, GA.

[Fitzgerald Hall]

Hello everyone, 

I have a pretty solid lead on a deal in a popular area of East Lake Atlanta, GA. 

This would serve best as a mew construction.

The lot size is almost 2 acres. The largest in the area. 

Highest comp on next street, which isn't as good as this street, is mid 600's (3300sf). Everything else is mid 500's (2800sf) and below. 

The questions are:

1.How much should the actual land be taken into consideration in regards to what to build? Its about 3x the size of the other lots. 

2. As an experienced builder of new construction projects, would you attempt to beat the highest recent sale price of mid 600's? If so, by how much?

3. How do you decide on what to do with so much land? Only on house can be built on it.

I have no experience with new construction, so excuse my ignorance. Please help