wouldnt the property have to be in the business's name?
Yes - I made that assumption based on the idea that it would be kind of ridiculous for it not to be.
It would also have to be a Qualified Small Business Corporation. The sale would also have to be of the shares and not the assets.
However, with the benefits of the capital gains exemption (assuming that it is otherwise a qualified small business and the property is used in the business) - even if the property were held personally, they could roll the assets into a Corp. in advance and still qualify. (they may want to do a Geransky Maneuver - depending on what assets the developer wanted and how bad they wanted them- and how aggressive tax wise they would like to go)
(There are many, many assumptions not expressed in what I have said- and I may not have any clue what I am talking about, just some guy who likes using terms like "Geransky Maneuver").
TLDR - get some good advice save some big $$$$$$$.