I own along with two family members a small commercial building in downtown Nashville. Lease it to a great little insurance company, it's a very low stress little project.
Now this area has blown up recently and property values have risen quite a bit. We've got an interested buyer and selling now would effectively double the amount we invested 10 years ago. My other two investors are entering retirement age and are excited by the prospect of selling now, understandably.
I'd always toyed with the idea of finding investors to develop the property myself and building luxury condos or something on site, as the location is ideal. I'm weary to get involved with investors though, and I couldn't afford such a project on my own. Anyone more experienced have any advice? Would that be too much of a headache/risk? The other option is to continue to sit on the property, although another investor is worried that the metropolitan government will decide to build a park there and pay us according to our last appraisal, I'm not even sure how likely that is. Anyway, any advice is much appreciated.
