With the time it would take to develop this, I can justify the extra expense it’s just hard to pull the trigger on it.

If you own the land you don't ever have to develop it if you don't want to. 

I have no idea how to find developers that would build luxurious homes in a community like this, and wonder if they'd bend over backwards to pay for Backtaxes, Closing Costs, a wholesalers' assignment fee, and close within 2 months!

My wife and I have a business plan completely reliant on the aging population here.I would look into unassisted living developments, retirement condo villages, and the areas nearby for my bread and butter.

I would love to own a house here, been here all my life, but as an investment it absolutely doesnt make any sense to me, I do not have a mil in savings and not willing to set my confidence on a million dollar purchase with 20 percent down and owing high interest in paying it off in the next 20 years, where I can likely make that million in a few short years buying and holding in these smaller developing areas out of states. 

A little bit about me: I was born and raised in LA, I'm 23 years old, and I work as a software developer.

Peter if you go new subdivision pay attention to the size and solvency of the builder.The small builders that do one off homes or small to mid size cluster subdivisions those are the ones that usually can be in big trouble if an economic shift happens.Look at new build permits coming online for the area and the price range you are looking at.The big builders tend to be more experienced and can still finish out  projects with down turn so you do not get left with a pipe farm development where some homes and some empty dirt parcels.Nothing is foolproof but this can help.

I have been speaking with the county and a local developer (they are my consultant on this project) regarding the soft costs of the land development/preparing the site. 

The idea is for you to develop your team, solid set of relationships and maintain discipline (critical, even though it's very hard to do IRL).

@Charlie Gruber this should be a good motivator for you to study the issue, develop a policy, and PUT IT IN WRITING!