Maybe you are talking about building more townhome style, which, I have a builder friend that just built a four townhomes and are selling fine, as well.  

New build maybe a bit aggressive getting into real estate unless you have a builder as a partner in a deal to see the full steps or stages that go into new builds.Why new build?

Also would need more background/history on Mike the Builder.

But there's no body of case law indicating that to be a concern.

What I did find is that as a builder in eastern tennessee, I could build STR cabins for less than 70% LTV so that I could effectively BRRR my way into growth without coming out of pocket for a down payment.Now it does take a lot more cash to do because as a builder I have to front a lot of money at times (land, permits, each stage of construction while I'm waiting on the draw). 

Investors should therefore exercise significant care when choosing their Qualified Intermediary because of the critical role the company will play in the administration of their 1031 Exchange transaction.It is extremely important to note that 1031 Exchange Qualified Intermediaries are generally not required to be licensed, regulated, audited or otherwise monitored by any regulatory body.

Have some buffer in your estimate (you will always go above your budget 90% of the time).Your builder is the real MVP here.

So, if interest rates are a buyer’s primary roadblock, then I recommend negotiating a rate buydown at a seller’s expense or looking at new construction, where builders are offering rate reductions and other substantial incentives.What if I’m a seller?

But in terms of a new home builder wanting to buy 109 acres in that location - I just don't see that being very likely (IMHO). 

I have a builder friend who tore down two houses and put up 3 townhomes on those two lots.