Pat Smith is a real estate developer, investor, and operator. Pats portfolio consists of office, retail, residential, and industrial real estate. Pat is looking to develop a property in the state of New Jersey with a few partners. Pat identified approximately one (1) acre of property located in Fun Town, New Jersey. The property consists of an approximately 11,000 square foot medical office building that is nearly vacant. There are no wetlands on the site. The property is located within one (1) mile of a train station that is on a direct line to New York City. Existing zoning is PO Professional Office Zone which permits offices (professional, business, and medical) and apartments as an accessory use, if located on the upper floors above offices, as well as single-family homes. The property has access to county and municipal roads. To the south of the site is a 50 acre municipal park, to the east is a religious institution as well as multi-family housing, and to the north and west are single family homes, townhouses, and mid-rise residential apartments. Given what you know about the site, please put together a memo (no more than two pages) identifying and describing the legal and business issues you would consider in making this potential deal. ( Real Estate Law )