It's a viable option if you want the transaction to occur.
I would suggest going through a broker that deals in land development and acquisition. They can steer you around some pitfalls you might come across such as environmental issues, disparities in values of the two properties, lien issues, etc. Also, since there are vertical improvements on the other parcel, you will want inspections. Sometimes, an attorney that deals primarily in RE can take care of this, but I find that attorneys generally know less about this stuff than they represent.
I recommend approaching a broker with a set fee to oversee the transaction. The size of the transaction will dictate the fee. Don't skimp, however. Find someone that knows what they are doing. These types of transactions are notorious for biting people in the butt.
If you have any further questions, feel free to call.
Nov 19, 2008