Raw Land Purchase - deal or dud?

[Leslie Sakal]

Hi everyone, I've recently come across 10 acres of raw land (with road access) that is about a mile from a new development project that broke ground this week. The project is a rail park and distribution center that will bring jobs to an area that needs them, about 15 miles from the nearest metro area. The land is being sold for under market, but the owner has had it on the market since 2011 (list price has dropped 40k in that time). I'm wondering if this new development will bring in potential for more manufacturing centers/distribution centers, or if it will scare off future development of any kind (residential/commercial etc). There is a business park about 5 miles away from the land and rail park that is not yet to capacity, and the business park and rail park are owned by the same real estate investment company. I'm wondering if this could be an amazing deal to hold onto and turn around in a few years and sell at a profit, or if I'd end up just like the current owners with no one to sell to.

Does anyone have any experience with this kind of industrial development in rural(ish) communities? What have you seen happen to the land values that surround it?