High Pagerank
Many themed backlinks across all engines
Is directly related to my industry
Or would it be better to just develop a new site, with unique content on the expired domain? I'm trying to figure out the pro's and cons of each..
But, I'd build a new site. That's pretty easy too.
If you had purchased this domain before expiration, I'd have a harder time deciding.
I'd want them to be completely disconnected, in every way possible. Not only does this give you a new basket to throw an egg in, but it also makes the chances zero that your exisiting domain will somehow be "contaminated" by the second one.
I don't know that you would pick up any sort of penalty by redirecting. That used to work quite nicely, for keywords and all. In today's environment, with google claiming to dislike expireds, a new site just seems safer.
If you build a new site, the most you can lose is the work on it. If you forward, you might lose them both and have to start all over with a third.
Check the backlinks. In some cases, if the website you build will have subject matter content that's similar to the original, you might want to consider keeping some of the original file naming taxonomy (if it was logical). That way, old IBLs will arrive "at the same as original location" - but only with better content.
Just an idea. Might not do if for each old IBL but I might do it form old IBLs coming from, say NASA or the NIH or CDC etc. ;)