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<br />In addition, a copy of a commercial land appraisal that was recently conducted by Newmark <br />Knight Frank Valuation and Advisory, LLC (NKF) on the parcel located at the southwest corner <br />of Middle Street and Market Place Drive. This site is owned by the City of Little Canada and was <br />previously marketed by Sherman Associates. Following the sale of the Lodge and Village <br />Apartments to another property management company in 2019, this parcel is no longer being <br />marketed by Sherman Associates and is available for resale. <br /> <br />This parcel is currently zoned PUD, which currently allows a wide range of retail, office, and <br />residential land uses with the exception of vehicle repair, car washes, and gas stations. All of the <br />public infrastructure is in place and utilities are stubbed to the parcel, making this a prime site for <br />development. According to the appraisal conducted by NKF on June 5, 2020 the “As Is” market <br />value for the parcel is $340,000. Based on recent interest in this property, staff is recommending <br />that we work with a commercial broker to list the parcel and is requesting further direction from <br />the City Council on how to proceed. <br /> <br /> <br /> <br />