Fort Walton Beach Council agenda — 02-27-2007 workshop agenda — reading text

land appreciation rates have ranged from + 12% to + 30% per year for the last six to eight years with a slowing taking place in the last year or so. Even though there appears to be a slowdown in residential sales, the growing scarcity of available land within Fort Walton Beach indicates that the mid- to long- range prospects for the subject neighborhood will continue to be positive. Influenced by expected continue population increases, development trends and area demand are expected to rebound.  32 PART TWO: SUBJECT PARCEL # 1 - DESCRIPTIONS, ANALYSIS, AND VALUATIONS  33 SUBJECT PARCEL # 1 DESCRIPTION' For a better visualization of this narration, please refer to the following pages for exhibits and photographs. PARCEL AREA: 13. 51 Acres. 1:: SHAPE: Slightly irregular polygon. DIMENSIONS: We were only provided with a statement as to the total size of the subject parcel. No surveyor specific legal description of Parcel # 1 was supplied. The only legal description is of the parent parcel, identified as parcel # 26~IS- 24- 0000- 0001- 0040 by the Okaloosa County Property Appraiser' s office. INGRESSIEGRESS: Adequate access from public road with 894.4 feet fronting the north side of Lewis Turner Boulevard. TOPOGRAPHY: Generally level at road grade. DRAINAGE: Appears adequate. FLOOD DATA: Not located in a flood hazard area. Designated to be located in Zone X according to Flood Insurance Rate Map 12091C0453H, dated December 6, 2002. SOIL COMPOSITION: According to the United States Department of Agriculture Soil Survey of Okaloosa County issued in June 1995, the soil is described as Lakeland sand, 0 to 5 percent slopes. This is further described as an excessively drained soil, poor for cultivated crop use, but moderate for pasture or pine timber growth. The soil is considered well- suited for building development with the only limitation being the possibility of caving in excavated areas. UTILITIES: Connected to water, sanitary sewerage, electricity and telephone service. SITE IMPROVEMENTS: This parcel is currently improved with some asphalt drives accessing open, dirt,  34 parking areas. Building improvements include a metal-covered, concrete area of about 6, 000 square feet, as well as masonry, roadside outbuilding/ sign base of about 200 square feet. The parcel is ' surrounded by six-foot, three- strand security, chain-link fencing around the perimeter. As we were asked to appraise the land value only, our appraisal does not include any valuation of the existing improvements. EASEMENTS: No adverse easements noted upon inspection of : public documents. With this parcel being appraised separately from the rear portio,n, an easement to the rear portion is necessary for access to the rear portion. We estimate a 60- foot easement to be sufficient for this access. ZONING & LAND USE: According to zoning maps, the subject parcel is not zoned. Future Land Use is designated as County," but within the Fort Walton Beach city limits. ENCROACHMENTS: None noted. RESTRICTIONS: 50- foot building height Above Ground Level AGL), as well as a requirement that all electromagnetic radiation devices be coordinated with the Eglin Spectrum Management Office. GENERAL DESCRIPTION: This parcel is larger than typical for the neighborhood with an irregular shape not considered to restrict utility. It has approximately 894 feet fronting along the north side of Lewis Turner Boulevard, offering good ingress/ egress. Topography, drainage, and soil seem to indicate good -physical development poteritial. The parcel, is restricted through deed restriction to building improvements of not more than 50 feet in height. Additionally, because the parcel ( Parcel # 3) that is located immediately north of this one will require easement access, we assume a 60- foot easement over the easternmost 60 feet of the Parcel # 1.  36 SUBJECT PARCEL # 1 PHOTOGRAPHS View of Subject Parcel # 1 Frontage along Lewis Turner Boulevard View of Subject Parcel # 1 Frontage along Lewis Turner Boulevard  38 PHOTOGRAPHS Interior View of Parcel # 1 View of Northern Boundary of Parcel # 1 with Parcel # 3 to the Right  39 HIGHEST AND BEST USE - SUBJECT PARCEL # 1 A brief definition of the term " highest and best use" would be: The reasonably probable and legal use of vacant land or an improved property, which is physically possible,appropriately supported, financially feasible, and that results in the highest value." 5 Implied within this definition is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization. Also implied is that the determination of highest and best use results from the appraiser' s judgment and analytical skill, i. e., that the use determined represents an opinion, not a fact. The Highest and Best Use section of this report is the pivotal point in the appraisal process. All previous data is used to test in four criteria, as stated in the definition: ( 1) legally permitted, ( 2) physically possible, ( 3) economically feasible, and, ( 4) maximally productive. The property being appraised includes : i: 13. 51 acres of land, area, or approximately 588, 496 square feet. It is not zoned, but has a future land use designated as " county," and is located in an area where the prevalent uses are, commercial along the most highly trafficked roadways and residential off of these same major roadways. AS VACANT ANALYSIS - Given the appraisal problem, we consider the land as though it were vacant and available to be developed to -its highest and best use. The first criteria of legally permitted allows for a variety of uses. The property is not currently zoned, but has a future land use of "county." With this being the case, it is conceivable that any number of uses could be allowed for the land. With no specifically defined zoning guidelines, all legally permitted possibilities are considered possible. The second criteria concerns whether the legal uses are physically possible. In this we can consider all possible uses. The site is generally level, has adequate  40 access to public roads, and its shape and size are not detriments to development. While considered too large of a site for a single retail store of less than 10, 000 square feet, the parcel can physically support a large, multi-unit shopping .mall. Likewise, a residential subdivision use is not beyond possibility for the subject parcel. We conclude that the physically possible uses of the parcel are many. The third criteria of economically feasible considers whether the legally permissible and physically possible uses are financially feasible at this location and under current market conditions. In our opinion, many uses are financially feasible for the subject parcel. However, commercial development of the subject parcel as a shopping mall or office/ specialty shop complex, for example, would most probably not prove to be feasible. Large commercial centers require a large population located within a reasonable travel time to be successful. It is our opinion that the immediate subject neighborhood does not have the requisite immediate population to support such a large commercial development. While a few shops may become financially viable, we anticipate that most would struggle to maintain enough customer visits to be profitable. However, a residential use of the subject parcel, especially, given the dwindling supply of vacant home site within the subject neighborhood, could be developed in an economically feasible manner. The final criteria of " maximally productive" would tend to indicate a residential use to be the highest and best use of the property. However, as indicated above, particularly with the addition of more