Of course, if the place is dirty or not in ideal condition, I agree with the previous posters: wait until he’s out so you can get it in top condition to attract the best tenants.

Industrial property with several thousand square feet of vacant space that could be used for development. 

Find funding, buy a deeply discounted property, resell it to a rehabber.Again, wholesaling is legal in all states because you own the property. keep in mind though in Oregon if your not owner occupying it.. and you intend to resell.. you ALSO need a developers licenseyou need a bond and insurance... so again cant make these blanket statements yes it legal to buy and resell but you do have to have those licenses to do that... 

There has been so much development  in the past that it has really messed up the drainage in the Houston area, it doesn’t take a lot of rain to get the loacal bayous and water ways to break over their bank.

That doesn't mean there aren't people and situations that it is ideal for.

I own a rental property (a single family house) on a street where they're building a large "HUD 221(d)(4)" multifamily housing development across the street from the house. 

I suggest you develop a fairly detailed scope of responsibilities for that PM, including how often you expect him to be there and exactly what kind of interactions, inspections, reporting and other activities & responsibilities you expect of him. 

Best of luck and keep us posted if something develops!

I live in a suburb of Charlotte where there is a lot of re-development happening in the downtown area.

It's important to focus on being a problem solver for potential sellers, and to develop genuine relationships.