It's not a direct comparison, but we had something similar happen locally. A developer bought the local golf course. The area is zoned "permanent green space"

It's not a direct comparison, but we had something similar happen locally. A developer bought the local golf course. The area is zoned "permanent green space", so its value was well below normal market price for "mixed used" land. Of course, the developer immediately attempted to get the county to change the zoning. And having failed at the county level, they're now trying to get the state government to overrule the county zoning and allow a change. Even without building a single thing, the change in zoning would ~double the value of their investment.