The Valuation Premise Company (VPC) acquires land in a business combination. The land is currently being developed for industrial use as a site for a manufacturing facility. Nearby sites were recently developed for residential high-rise condominiums. Based on recent zoning and other changes that will facilitate development for residential high-rise condominiums, VPC determines that the acquired land currently used as a site for a manufacturing facility could be developed as a site for residential use. The fair value of the land used in the manufacturing operation, which presumes that the land would continue to be used as currently developed for industrial use, is determined to be $8 million. The fair value of the land as a vacant site for residential use, considering the demolition and other costs necessary to convert the land to a vacant site, is determined to be $11 million. What would be the fair value of the land?