Sell it now if you are smart.

I have a signed contract.

Find one that does not have a high-priced long-term monthly contract, flexible pricing, and excellent customer service.

Anything taught  in contract law?

I fund a lot of folks that do this. its just wholesaling dirt .. nothing sinister .. some try to actually buy it others try to tie it up and assign contracts.

I don't know the contract price you are paying but hope this last part resonates. 

The smart play would be to build a two story wood frame structure on top of piers or concrete block in most cases. 35 feet is a pretty typical height limit in most neighborhoods, so depending on elevation you SHOULD be able to build two stories on top of the elevated foundation.

I usually recommend that clients write one unit vacant into the contract because you can't serve a notice to quit before you own it and most landlords won't do it so it's hard to make your 60-day occupancy the way you are going to do it.

Our team has just gotten our first commercial property under contract and our time will largely be spent in these areas in the immediate future.

Lots of smart people in here talking about almost any topic you can think of.