Help closing this deal?? Commercial/Residential Piece of land

[Mike Nelson]

Ok, I get a call from a lady today wanted to get rid of a piece of land that her and four other individuals own. They bought it back in 2000 and during the boom they tired to sell it and had it under contract with someone for 2.7million. Things fell through and they ended up renting the property out on the land, after the tenant moved out they found out that he did so much damage that they couldn't afford to renovate it. Now they are left with this large piece of land 280,000 sq ft to be exact.

The taxed assessed value of the land is 700k, I can get an option on it for 350k. I planned on going to developer and try to sell them my option but I honestly don't have any expertise on this whole concept.

What would you guys recommend I do with this?