03-29-10 Special Called Regular Meeting of the Fiscal Affairs Committee

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SUMMARY APPRAISAL REPORT 17 character of the original Main Street area of La Port." The appraiser is not aware of any restrictions, deed or otherwise, which are of any detrimental consequence to the development or use of the site. Financially FeasiblelMaximally Productive: The financially feasible/maximally productive criteria dictates that uses must create value and generate a positive net income. The subject property is located in an older commercial area of La Porte. The property itself was once used as a service station. Across San Jacinto Street there is an older building that is currently being renovated as part of the Five Points Square development project. This building is intended for retail and offlce use with suites ranging in size from 698 square feet to 1,612 square feet. The developer of this project, Garson Silvers, reported that the plan is to acquire additionall~nd around this project and develop a mixed use project which will include a 6-story office buildiIlg on the site currently owned by the Texas Parks And Wildlife Department. In front of the subject San Jacinto Street is a one way thoroughfare which limits traffic but would allow the site to serve well as off-site parking for the overall planfied mixed Use development. The development pattern of the Main Street corridor and the city's zoning ordinance dictate that the subject be put to a cori1inercial use. The development potential of the site is somewhat hampered by the ttacts $.lender triang~lar shape. The site could be developed as ~mall single-user cOll1111ercial property, but the configuration of the site would likely dictate that a building be set-back on the tract ilear West A Street and use the northern portion of the site for limited parking. The appraiser spoke With several local real estate professionals including LouAnn Martin, Horace lceopard, and Dave Turnquist. All three of these agents have had dealings with commercial property in the subject's immediate area an4 f,l,11 reported steady demand for COnmiel'cial property in La Porte. They did state that over the past few years the focus of the demand has been upon newer commercial areas such as the Fainnont:patkway corridor to south and State Highway 146 to the west. However it was reported that efforts are being made by the city and developers to attract new commercial growth along Main Street. Over the past 18 months there have been several commercial properties sold. One suc~ property is the former b~nk building at the northwest corner of Main Street and Broadway Street. Two additional sales involved a former service station and a former cOl1venieMe store on West Main Street. Both of these buildings. are also planned for commercial use. These 3 trallsactions demonstrate commercial activity and demand. The subject property would be suited for a similar commercial; however such a use would only warrant the development of the subject if the project were for owner occupancy or was successfully pre-leased. c;onclllsion: As a result of the foregoing analysis, it is concluded that the highest and best l,lse of the subject property would be for a commercial use compatible with the Ma41 Street District. S~ch a use of the site would be limited by the subject's small land size and triangular shape. However such a use would only warrant the d.evelopment of the subjegt if the project were for owner occupancy or was successfulIy pre-leased. The Bilicek Company