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• <br />• <br />City of LaPorte <br />Page 2 <br />That portion of the subject which lies to the west of the <br />pipeline easement contains a total of approximately 1.7 net <br />acres. In my opinion, the two most probable best uses of this <br />site are multifamily residential and commercial. Considering <br />the exact location of the site, fronting Fairmont Parkway <br />which is high speed divided boulevard, the most probable type <br />of multifamily development is a two story walk-up garden type <br />apartment or condominum project. This type of project typic- <br />ally has a density of 28 to 32 units per acre. Considering <br />the developable portion of the subject is approximatley 1.7 <br />acres, a project would contain approximatley 48 to 54 total <br />units. In todays market, most developers consider projects of <br />this type to be extremely marginal if developed with less <br />than 100 units. Therefore, this type of development is not <br />considered to be likely for the subject. <br />Commercial development of the western portion of the subject <br />would most be in one of three forms. The tract could physi- <br />cally support two to three single tenant commercial or office <br />• facilities, a small strip center facility, or a combination <br />of a small center and a single tenant facility. In my opin- <br />ion, the strip center type development is most likely. This <br />type of facility would receive the majority of it's business <br />from the immediate neighborhood, with additional traffic from <br />exposer to Fairmont Parkway. It is therefore the opinion of <br />the appraiser that the estimated highest and best use of the <br />subject,- assuming re-zoning, is for commercial development. <br />Also considered by the appraiser was the City of LaPorte Com- <br />prehensive Plan dated April 27, 1984. It is my opinion that <br />the subject could be successfully developed if zoned either. <br />neighborhood commercial or general commercial under this plan. <br />I appreciate this opportunity to express my views and opin- <br />ions. Please call if I may be of further assistance to you <br />in this matter. <br />Sincerely, <br />U ~~ <br />John D. Welch, MAI, SRPA <br />:7 <br />`...r <br />