By the time you pay for soft costs such as soils engineering, architectural design services, structural engineering, title 24 and permits plus construction costs it just won't be worth the head aches and even then it is a very time consuming effort.

@Sandi Hague, do you have any suggestions on where to shop? 

I would advise strongly against doing new construction on your first venture unless you are partnering with a builder.New construction has elements of an advanced nature such as; accurate bidding, navigating the local municipality zoning and permitting, having the knowledge to work through soil suitability, detailed architectural elements and so forth.  

Here are some links showing the development plans along the riverfront as well as a new luxury apartment complex.https://www.timesherald.com/news/new-lease-on-life-for-condemned-sandy-street-building-in-norristown/article_d2f0efcd-6528-5a59-8ab6-20ad28153b03.htmlhttps://www.norristown.org/424...https://www.norristown.org/Doc...Hope this helps shed some light on the area.

@Sandy Gabin - I'm pretty sure this is actually a township-by-township thing. 

Zoning, soil, crime, schools, demographics, wetlands, and many other considerations matter as well.When I'm looking at properties I also look at value add potential.

Would focus on the following:Zoning, special/conditional use variance process, planned zoning, Engineering- building, traffic, soil compaction, water flow, Permitting, fire suppression, fire hydrants, storm pounds, storm sewers, ADA,     Governmental- soil erosion, floodplain, wetlands,Leasing, NNN, CAM,     Valuation approaches.  

Park fee's School Fees and any other fee's they can think of.. then you have your building permit fee IE plan check and the actual building permit that is usually 2 to 3k. depending on size.. so all in this can run a low of about 15k to 50 to 70k depending on jurisdictionPerk test is a Peculation of the soil  test  IE  how quick will water be absorbed.. in heavy clay soils this can be an issue along with very high ground water.

Just a note about Round Rock properties: the ground moves because of contracting soils so be sure to check the foundation.

@Dawn Young - Sorry for all the posts but I wanted to add to your list of possible expenses:Engineering Fees, survey, local entity's application fees for development, building permits, parking lot paving (some areas require pavement rather than gravel), stormwater permit fees, stormwater ponds (the design is included in the engineering fees), underlying soil corrections if your property is on peat-y soils or poorly drained land, wetland delineation, building structure engineering, worker's comp insurance if you hire someone (probably not in this scenario), legal fees for an attorney to write/review your lease, legal fees for attorney to guide you through the process of eviction (often called a 'lien sale' in SS circles), landscaping buffers (yes, I've had to install trees to buffer vehicular traffic - that reminds me, one of those trees are dead and I need to replace it.