500 MCM copper? $15,000?
Because of the great distance, the resistance of the wires results in a significant voltage drop. The more current being drawn, the more voltage drop there is.
Since you require a 200 amp service, the supply wires must be sized for 200 amps.
Even with 500 MCM (kcmil) copper, the voltage drop at 200 amps is above 3%.
This large conductor wire will require large diameter conduit to allow pulling the wires. I wouldn't use less than 3 inch.
The other option is have a dedicated service and transformer for the building, but over time, the extra service charge will add up.
Why don't you talk to a "service planner" at your electric company and see what s/he suggests.
Have you thought of using "portable" power (a generator)? Run a smaller circuit to the building for basic lighting and small power needs, then run your large current machines with the generator as needed.
My estimate is for 240 volt (120-0-120) single phase.