Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

by reason of this report is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. Neither all nor any part of the contents of this report (especially any conclusions as to market support, the identity of the market analyst or that with which the market analyst is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the market analyst. Specific Assumptions and Limiting Conditions This report has also been made subject to the following specific assumptions and limiting conditions: We assume that the project will be developed as proposed; We assume that the project will be constructed as proposed; We assume that the subject will be aggressively marketed and professionally managed; We assume that the project will be maintained in a quality condition; and We assume the subject will be operated in compliance with the HUD MAP program. Value Tech Realty Services, Inc. www.gotovalue.com Page 12 27_  Sound Side Apartments Subject Site Description Subject Site Description Value Tech Realty Services, Inc. www.gotovalue.com Page 13 28_  Sound Side Apartments Subject Site Description The first portion of this section provides information regarding the site including location, access, topography, zoning, utilities, flood plain, hazardous materials, and related. The latter portion of this section provides detailed information on the improvements. SITE DESCRIPTION Location: 20 Carson Drive, Fort Walton Beach, FL 32548 Frontage: Carson Drive /Third Street Shape Rectangular Depth: N/ A Excess Land: None Site Size 13. 5 Acres Topography Generally Level Usable Area 13. 5 Acres Zoning Code PUD; Planned Unit Development Excellent Good Average Fair Poor Access X Drainage X Function /Utility X Landscaping X Shape X Street Frontage X Traffic Pattern X Traffic Volume X Utilities X Comments: The subject site is located in an area that supports single family and multifamily development as well as residential support services. Yes No Yes No X Corner Lot X Alley Curbs and Gutters X Underground Utilities X Electric X Assume Adequate Soils X Gas X Environmental Issues X X Development Limitations X Lighting Public Sewer X Easements /Restrictions X Sidewalks X Flood Plain Information Storm /Drainage X Zone: X Paved, Public Streets X Panel Number: 1201740461H Public Water X Panel Date: December 6, 2002 Comments: Items checked " yes" above relating to development limitations, environmental issues, and /or easements /restrictions are discussed further in the text. LocationLocation andand AccessAccess TheThe subjectsubject propertyproperty isis locatedlocated atat 2020 CarsonCarson DriveDrive inin FortFort WaltonWalton Beach,Beach, Florida Florida lessless thanthan oneone - - halfhalf milemile northnorth ofof USUS HighwayHighway 98.98. USUS HighwayHighway 9898 isis anan east/east/ westwest arterialarterial roadroad thatthat travelstravels fromfrom PerryPerry toto thethe easteast alongalong thethe coast,coast, passingpassing throughthrough Apalachicola,Apalachicola, Panama Panama City,City, FortFort WaltonWalton Beach,Beach, Pensacola,Pensacola, andand Mobile,Mobile, Alabama.Alabama. USUS HighwayHighway 9898 functionsfunctions asas thethe mainmain commercialcommercial roadwayroadway inin southernsouthern OkaloosaOkaloosa CountyCounty asas wellwell asas thethe subjectsubject market.market. OtherOther roadsroads thatthat serviceservice thethe locallocal areaarea includeinclude EglinEglin ParkwayParkway ( ( SRSR- - 85)85) andand BealBeal ParkwayParkway ( ( SRSR - - 189).189). CommercialCommercial andand retailretail outlets,outlets, restaurantsrestaurants andand variousvarious residentialresidential supportsupport servicesservices cancan bebe foundfound proximateproximate thethe subjectsubject property.property. PagePage 1414 ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom 29-29-  Sound Side Apartments Subject Site Description Site Plan I r U II li M. 1' 31' b k rR 11 V V la yy r CIE E 5_ 0 p t nri ' Of I Mb r® 1 6 A" or i i'rlir spi Pill iiif i C ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom PagePage 1515 30-30-  Sound Side Apartments Subject Site Description Area and Dimensions The total site area is 13. 50 acres and all land is usable. The site is rectangular in shape and is sufficient in size to accommodate a multifamily development. Soil and Subsoil During our inspection, no soil or subsoil problems were apparent. This opinion is based solely on a visual inspection of the surface of the property. For market study purposes, we assume that hidden or unapparent conditions are beyond the area of our expertise as market analysts. Topography & Drainage The subject site is near road grade with surrounding roadways. Drainage appeared adequate. Flood Hazard Statement According to the Federal Emergency Management Agency ( FEMA), the subject site is located in Flood Zone X, an area outside both the 100 and 500 -year flood plains. This is illustrated in the following: FLOOD ZONE INFORMATION Zone: X Panel Number: 1201740461H Panel Date: December 6, 2002 Flood Insurance Required: No Utilities and Services UTILITIES AND RELATED SERVICES Water: