What Does the Term Highest and Best Use Mean?

Hello, my name is Raymer Maguire, I’m a 30 year eminent domain practitioner, that limits his practice to representing property owners and businesses. And the question at hand is, what does the term highest and best use mean? An example here would be helpful. If a piece of property is being used to raise citrus, or graze cattle, but, next door is a subdivision with three homesites per acre on it, the highest or best use of that citrus or grazing land is not for either of those uses. But, it is probably for three homesites per acre on that property. So, it is termed as to what does the market and regulations and the topography call for the best use of the property.