North, Third and York

Alley Redevelopment

North, Third and York

Key Assumptions

No change in the current C-2 zoning recommended

Existing property owners to have semi-exclusive use of a minimum of 50% of municipal parking spaces within their individual taking areas

Taking will be in fee

Market Shows

FAR is virtually meaningless in suburban downtown districts with respect to existing uses

Commercial land values for the subject lie between $18 and $25 per SF

General commercial building values lie between $60 and $90 per SF with medical office slightly higher ($100 to $120)

Zoning Should Remain C-2

Parking requirements reduce developable footprint

Most subject properties (with two exceptions) are currently underparked

Zoning can be adjusted when redevelopment of block is eminent

FAR is NOT the Issue

None of the properties are built to the maximum FAR currently

None of the comparables are developed to their maximum FAR currently

More important than FAR is the available developable footprint

FARs Compared

0.0

0.5

1.0

1.5

2.0

2.5

No. 1

8

No. 1

9

No. 2

0

No. 2

1

No. 2

2

No. 2

5

No. 2

6

No. 2

7

Property

FAR Permitted FAR

Actual FAR

Comparable FARs Compared

0 1 2 3 4

FAR

110 Cottage Hill Ave.

332 N. York

401 N. York

581-91 S. York

851 N. Addison

172-76 N. Addison

122-24 S. York

120-22 N. York

108 N. York

Com

para

ble

Pro

pert

y

FAR as Built

Allowable FAR

Available Footprint Calculation

ELMHURSTRestaurant General Retail Office Use

Site Area (for ex.) 12,119 12,119 12,119 1 Prkg Sp per SF of Bldg. 100 250 250SF per Parking Space 400 400 400Space Needed: 500 650 650Building Footprint Ratio: 24.24 18.64 18.64 Building Footprint: 2,424 4,661 4,661

Available Footprints Compared

-2,0004,0006,0008,000

10,00012,00014,000

SF

No. 18

No. 19

No. 20

No. 21

No. 22

No. 25

No. 26

No. 27

Property

Available Footprint

Actual Bldg. SF

Footprint x 2

The Taking

Taking is calculated on actual/potential parking spaces as opposed to land

In current downtown suburban markets, value is approximately $25,000 per space

Typical taking is 50’ x 60’, which can accommodate 7.5 spaces (at 400 SF each)

Take equals $187,500, or $62.50/SF

After Take - Properties Benefit

Assume 50% of new parking within take area dedicated for owners’ use

With take area and existing alley, between 9.5 and 11 new spaces can be created, or 4.75 to 5.5 spaces (50%) for property owner

Total space benefit, then, is between $118,750 and $135,714

Properties Benefit (2)

In addition to availability of more parking than they current enjoy, properties will benefit by loss of operating expenses and taxes for take area

Real estate taxes and operating expenses for surface parking lots estimated at approximately $1.26/SF, combined

Standard Compensation - High

NET LOSS TO PROPERTY OWNER

Lost Spaces 187,500$ Plus Maint. Of Parking by Municipality (3,780)$ Plus Return of Use to Spaces (118,750)$

Total Loss 64,970$ or $/SF of land area 21.66$

Standard Compensation - Low

NET LOSS TO PROPERTY OWNER Lost Spaces 187,500$ Plus Maint. Of Parking by Municipality (3,780)$ Plus Return of Use to Spaces (135,714)$

Total Loss 48,006$ or $/SF of land area 16.00$

Bottom Line

Total compensation per property owner in the range of $48,000 to $65,000

Increase overall available parking in the district, which benefits all users

Virtually no negative impact on property owners relative to density

Taking in Fee

A leasehold or easement taking would be unnecessarily complex

FARs and maximum allowable density is not an issue for existing facilities

Rezoning could be implemented after parking redevelopment to draw and benefit redevelopment in the block

Integra Realty Consultants, USA

Gary K. DeClark, MAI, CRE

Nancy S. Myers, Sr. Analyst