Advice...Develop commercial property?
I own commercial property in a So Cal beach community. I also own the bar &amp; grill on the property. I had the business &amp; property listed for sale with a broker last year as a package deal or just the business with a 5 year lease and the option to buy at the end of the lease. The only offers I received were for the property with no consideration for the business. Basically everyone who was interested wanted to level the building and redevelop the property which I didn't want to do at the time.

Thanks to Covid my business is in the tank and I'm ready to pack it in. After talking to some people it seems like I could possibly join with a developer and be partners in whatever project makes sense for the property. It is zoned for mixed use and you can go up as high as 40' or 3 stories.

My question is where would I start if I wanted to pursue this route? Should I hire someone to do an analysis of the highest and best use or should I just approach some local developers and get some input? Thanks in advance for any advice.
[{"id": "fym4o6m", "text": "Get with a developer and broker to weigh your options. I would see how much the property is worth and go from there.", "replies": [], "depth": 1}, {"id": "fym9qn5", "text": "I would not get with a developer right off the bat.  There are a million developers each with their own abilities in terms of capital, ideas, etc.. Determining your highest and best use would be a good first step but again, this is speculative in many ways.  Talk to a few different brokers to start with about highest and best then maybe approach developers that have a track record of similar projects.", "replies": [], "depth": 1}, {"id": "fyme7xm", "text": "Depending on age, I would be tempted to just sell and cash out. Less risk but less reward potentially. \n\nClean transaction.", "replies": [{"id": "fyoeun1", "text": "I'll be 64 next week. This was my original thought but I'd like to hear what a potential partnership with a developer might yield. Looks like I'll be looking for a broker to try to get some options. Thanks.", "replies": [{"id": "fyof548", "text": "You can weight the deal to be mostly cash if you want to limit downside as well.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fymf3n3", "text": "Talk to a broker, who will bring in the appropriate developers / long term plan. Depending on location, you may even do something strange, like sell the ground lease, meaning you still own the land but not the property on the land. You get paid rent every year and still own the property at the end of the day. \n\nDepending on your financial situation, the land, what it can be zoned for, how the city is (If you are in Malibu or Santa Monica you can fuck right off) ect. \n\nThe broker would know off the bat what your options would be.", "replies": [{"id": "fyogn6s", "text": "I agree that if you are trying to be hands off, your best option could be to land lease. I had a client who did this for years in the Valley in Souther California. Once the land lease ends you can take over the property and hire a property management company and make an even larger monthly. Land leases are usually long term but also provide constant income for many years. They do not make more land, especially in SoCAL so I never recommend selling if you can help it!", "replies": [], "depth": 2}], "depth": 1}]