Fort Walton Beach Council agenda — 01-07-12 retreat — reading text

Packet Pg. 61  4. 4.d Poe, Ii Zb,'' s P., k cam.. meo.: rail 1l E J$ Mammal Pa —, S\V H @ A Flle Y?I 100941) JC FOn WA, n R. acL. Fl— da }? SJA MAR6ET ANALYSIS FORT WALTON REACH, FLORIDA DEMOGRAPHIC AND ECONOMIC ANALYSIS See Adduldo UfD NT a`La6O cVarE Q Paeket Pg. 62.  4. 4. d P— u aenme Srawr caner .. Scabneaa Park 31 & I5 Memorial Pwk— SW H . 4 A File Nor 10094D lC Fart walteo Prnck Florida 32549 HIGHEST AND REST USE,- AS IF VACANT" Overview: T he highest and bes, use ' as if as. or recognises the most rasmeably pmb ab l e uses for t he su bj em pro perry s if—cont vnd unimproved ¢ 111, 3 four, lost,: physically possible, legally permissible, financially feasiblc . ma. rally Productive thot .... Itsm die Ing1wat value accruing to the find. We m. ke, mis detutminmimt i. the uppm... I of improved properties m assist the in analyzing the financial feasibility end mnsimally prmhmtive use of a subject property that Is improved or proposed, however the case may be W hen the 1 he I' and Best Use " as if vacant' differs from the Ilighest end Best Use as improved" or'as proposed improved:' clam runny must me given to the possibility that the imptnvemoms ire either, at the end , I their usdul fife for v11 improved" pmpcay, or thu improvemen Yas proposed... proved" asnot a fimnciallyfeasible ormaxim ally prodnaive use of the sire. Per.. i. ibfe: Legally Tire property is zoned R- 1 - A Single Family Residemial which permits a dntsity of541 dwelling motes P" twin Therefor{ raodentinl development is legally Permissible WNa Pss fall, . The snb] eet propcuy is level add at road @rude. Sol and subsoil conditions appear to be compatible with Ti speculative c, n], mial dcvelopmem. All milities needed for residential development use are presently at the J site The slu, and dimensions of the site are suffi< iem to allow a wide variety of legally pennlnsibk uses_ 1' hc shape of, he ire is irregular but does not limit utility. Transportation ofconstmction materials or labor o the y simiscmoiebowd m be relatively simple due to the central location oftbe sire within the overall market, Access 3 to the site is good. O U H ow ecuq all legal uses are physically possible to some extent. nm Financially m Pevs Aidea Demand far residaviel development properties is modcrvc in the Fort Nalnn Beoch m .. Rceidcmirl r developers tend m find raid develop vacant lot, and traaa located in csablished residential neighbodumds. Therefore, residential development is considered r1, be a . Im vciully feasible1. use. UC1U, NT L 6l aaimally O. Produaire. Residential development will bring the highest nor return to the fond because this typeJevelopmcnt gains n._ mdensityofusc . Thisisemphasizedbythefar" hat mcar compaing5tes which are sire ilarly xon. d 1 are located an or near major raffic arteries and command substantially higher prices per SF. cm Thcreforq speculative msidenEal dcvelo par em is estimamtl to be the maximally prodauira ux of land. CONCLUSION OF HIGHEST AND REST USE, - NS IF VACANT" LNEV i Q Speculative residca Hal development is considered t. be the highest artl best rue " as if vaunt," az this rise provides n Miller return to the underlying lard than any other use aria lyved. Packet Pg. 63  4. 4. d Pam 15 r— nol sender C. mcr - ScahvacPark J I k 35 Mcmonal PaM1may SW H k A File, Ai11009JD JC PoM1 Wu1[ on Brnoh. Firoda 34545 HIGHEST AND BEST USE " AS IMPROVED" Overview: The Highest and Best of a property is that use chat should be made of that property as it exists. Anes, linx impro entshould betenovvtell of retained as is so long as continues m accordance to the total market value of the Propmy, or until the mmm from v new improvement would more then offset chc cost o( dcmvlfshinp the ariol rag building and constmctinp u new on flue highest and best use, " on improved" is consistent with the highest and best use ofthc subject property " as if va. ol , Permissible, Legally The property is zoned R - LA Single Family Residential. Therefor., rzsidemol developmmte is legally M Possible. Physically 1' he s, ib,, c, pmpctry is level and m road grvdc. Soil and subsoil condtuons appear to be contpufible with d residentialdeveWpmevt. All utilities needed for residential development use are preeendywthesite. Thesize, and dimensions ofthe nice are sufficient' to allow a wide variety cflegally permissible uses. Thcnhnpccfthc y net et regular but does not limit utility . Transportation of constrnedon materials or Lahnr to [ he site is nsiderad to be rlaGVCly simple due to the central location ofihe sit, within the overall market. Alec, to J the site is m cod. aac Ho[ vevzr, all legal uses are physically possdill to some ascent. 0 Feasible: Financially Demand for residential development pmpcaies is moderate in the Fon Walton Beach are Rdcntial 0 developers tend m find and develop vacant lots and tracts located in established residential ncicighburhoods. euNs;. Thereforz, residential development is considered to be a financially feasible use. hluximally Productive. Residential development is considered to provide the highest net acorn to the land. This i, emphasized be lbe W U C, o that mosoeonlionegpmpenies which are comparably coned and. vltich are located ou or ncar mr, ortraffc H otter es command substantially higher prices per square foot than less intense uses. T a therefore, residemial development is estimvmd to M the maximally productive