Framework to approach property/area redevelopment

Hi all.

I am having an interview for an intern position in RE, and I know for sure there will be a real estate development case. I was wondering what would be a well-structured yet MECE approach/framework to start analyzing what should be done for a certain property if it was acquired by the firm?

Say, I am given basic information regarding old hospital not used anymore and a piece of land just outside the downtown, and asked what should we do to that asset and area? How would you approach solving this problem? And how should these approaches/frameworks differ across different property types?

Thanks!