Most people's knee-jerk reaction to something like this is "Fight them off! They can't do this to you!" but you can really work this out in your favor, in my opinion. A private developer wants the land and they typically have deep pockets. Just work out a deal where you come out ahead.
Are there other 3-plex's in the area that are ready to rent out or currently rented? Perhaps in better shape? Tell them you want one of them for your property -like for like. You get an asset that's currently more valuable & actually performing for you in lieu of one that's not. Then maybe ask for your property taxes to be paid for the first few years on it.
I don't know, it sounds like this might be a good opportunity to really upgrade to a performing asset with nothing out of pocket & very little effort. I would be very excited if I was in your position.
Are there other 3-plex's in the area that are ready to rent out or currently rented? Perhaps in better shape? Tell them you want one of them for your property -like for like. You get an asset that's currently more valuable & actually performing for you in lieu of one that's not. Then maybe ask for your property taxes to be paid for the first few years on it.
I don't know, it sounds like this might be a good opportunity to really upgrade to a performing asset with nothing out of pocket & very little effort. I would be very excited if I was in your position.