Chris, I wouldn't go into a deal like that without knowing exactly what the market around the property is doing. I also would not buy the property without having more definite plans for the commercial pieces. Perhaps you could option the property, get it under your control, and then spend a period of time exploring development opportunities.
Chances are that if it is in a hot market, there is a good reason it is vacant.
If you do get serious about the property, and maybe if you just want to practice, then the first step before doing anything, including an option, would be to visit the local planning and zoning office and find out how it is zoned, what can be built by-right, and what development standards must be met. That will have a great effect in determining what the potential for the property actually is. All Rights Reserved.