Reso 2015-2405 - Laserfiche WebLink

Home Browse Search

ANALYSIS OF DATA 49 All of these techniques have been considered for purposes of our analysis. However, based on the subject property type and the availability of comparable data, the Sales Comparison Approach and Land Residual Technique are most applicable and applied for purposes of this analysis. Highest and Best Use The definition of highest and best use (see glossary in the Addendum) implies recognition of the contribution of specific use to the community environment or to community development goals, in addition to wealth maximization of individual property owners. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (Market Value,) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value, an alternative term would be most profitable use. Highest and Best Use As Though Vacant Highest and best use must meet four criteria: Legal Permissibility, Physical Possibility, Financial Feasibility and Maximum Profitability. We have analyzed the criteria with regard to the subject site as follows: • Legal Permissibility The most significant legal constraint to land use is zoning which specifies the type and intensity of land use. Zoning laws are designed to allow for the orderly development of communities rather than permitting a disorganized sprawl. The goal in general terms is to provide for comparable neighboring land uses, coordinate the development of primary infrastructure and reduce the overall cost of providing the necessary services to the community. The subject site is zoned B-1, Neighborhood Business District, as implemented by the City of Sunny Isles Beach. The Neighborhood Business District is established to provide locations for convenience shopping facilities in which those retail commercial uses shall predominate that have a neighborhood-oriented market and which supply necessities that usually require frequent purchasing and with a minimum of consumer travel. Typical uses to be found in the Neighborhood Business District include a food supermarket, drugstore, personal service establishments, small specialty shops, and a limited number of small professional offices. Mixed-use developments that integrate residential over retail or office use are encouraged, especially to promote live/shop/work associations within the same site. They should be designed to be an integral, homogeneous component of the neighborhoods they serve, oriented to pedestrian traffic as well as vehicular. Because of the nature and Clobus, McLemore & Duke, Inc.