b. If a parcel of land is developed today, it would "create" land value of $750,000. However, you have the option to wait and develop at a future date. Your forecast of market conditions in three years produces the following estimates for what you believe will be the best development at that time: NOI: $775,000 R: .07 Construction Cost: $7,000,000 Discount rate: 11% What is the highest and best use of the site today? Explain your