Assuming you qualify, take the cash out refi.The HELOC has two problems for people thinking long term: (1) the rate is variable and (2) the bank can close the LOC so you can't borrow any more at any point they choose.The only advantages (all only beneficial in the short term) I can think of is that the HELOC will be cheaper to originate, will temporarily have lower interest rate (assuming rates rise by >0.5% or so), and you don't have to deal with re-investing the loan proceeds while you're waiting to find a permanent investment.

The short answer: Are you a permanent resident or citizen of Italy?

The plan is for us to acquire the land, build the property, lease it and when the construction loan turns to a permanent loan, hold and move onto the next project.

@Kevin Stearns Any permanent life insurance product is a great part of your retirement strategy: IUL or Whole Life. 

This makes them difficult to finance because mortgage companies don't consider them a permanent residence (although many people in Hawaii do live in them).IN your particular example that you listed, the maintenance fees, lease rent, and taxes come out to just over $1000/mo, and the monthly maintenance fee does not include electricity ( Hawaii has the highest electric rates in the US).

It has been 6 months since giving our landlord notice to vacate since we are closing the store permanently.

There are still many gray areas for which the Treasury and IRS have not made clear regarding documenting and guaranteeing that the actual deferrals, cost basis reductions and permanent exclusions will be honored in any given business and property combination.This alone has tempered my interest in Opportunity Zones.

One of the interesting things about the economy here is that it is in large part driven by four schools: Cornell, Ithaca College, SUNY Cortland, and Tompkins Cortland Community College - meaning that the market here stays relatively stable and since there are lots of non-permanent people, the rental market stays reasonably strong (even if you aren't doing student rentals).

We fell in love with Washington and cannot wait to become permanent residents!

So I would advise to take all the money out of your HELOC while you can and store it somewhere safe where your bank can't access it, but also where you can get an interest rate covering at least the HELOC interest.Maximum overfunded permanent life insurance (properly set up Whole Life or Index Universal Life policies) are excellent products to put your cashflow in.