Oh wow! I had forgotten about this thread.
I remember this parcel, it was gorgeous. It did sell at auction, I was not able to find enough angel investors in the time before the auction. I found two! But I needed ten. It would have been an amazing project. I learned a lot trying to make it happen.
I do think that angel investors are looking for much higher returns, at least double their money. I only found investors who were planning to live there. That would have been fine, but the timeframe was too short.
If someone was interested in starting a project like this again someday, I wonder what strategy would be best? One strategy would be to purchase the property, see if county approvals come in (which may take a year or two) then if they do not, sell the property and try again with a different location. Another strategy would be to find a property seller who is in no hurry and doesn't mind getting these zoning etc applications during their ownership.
In the first scenario, I don't think most angel investors would want to sign up for those kind of wait times. Even if they did, you would have to have angel investors sign up for (not send money, but keep it available) the project before you had a parcel, so you could be ready to buy at the right moment. That also seems unlikely. In the second case, most sellers would likely not want to have to wait longer than necessary for a sale. In both cases it would require a partnership with people who are more interested in seeing the project successful than in the immediate monetary transaction of being an investor or a seller.
In retrospect, I think being a large land owner yourself through normal means may be the best way to start a project like this, despite the financial requirement.