You may have to take the "field of dreams" approach to this. "If you build it they (the investors) will come." You might need to borrow the money, even at the high rate to build the place, then get investors on board after the property is built. I would think it would be easier to get someone to give you money if you can show them a physical property.

You could also build out part of the property, then get the investors to help you finish it.