07-22-2020 Workshop Packet - Laserfiche WebLink

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Highest and Best Use 42 Commercial Land Site - SWC of Middle Street and Market Place Drive Highest and Best Use As Vacant The site is zoned PUD, or Planned Unit Development, by the City of Little Canada. This zoning is a mixed-use zoning that encourages the combination of varying types of residential, retail, and other commercial uses. Permitted uses include commercial, retail, industrial, and office uses. The subject site is a smaller, rectangular site, with above average access. The property is an interior site in an established commercial/retail node. The end use of the property is limited only by the smaller size of the site, which is in the lower end of the market range. Surrounding uses include retail fast food to the west, office to the east, a branch bank to the south, and a larger retail center to the north. The most likely use of the site based on its physical characteristics would be a smaller retail use. This use would also be allowed under the current zoning ordinance. All necessary utilities to support the range of legally permissible uses are available. Of the legally permissible and physically possible uses, retail uses appear most probable based on observation of surrounding properties and the visibility and access of the site. Adequate demand is currently available for these uses. Although the current retail market has been moderately impacted by the COVID pandemic, many smaller retail uses are essential and have remained operational during shutdowns, which are now ending. Retail uses are also considered to be the most maximally productive based on the land sale comparables present in the market. The associated risk is concluded typical and market conditions appear to be generally supportive. Therefore, the highest and best use of the subject as though vacant is for a smaller retail use. The most likely purchaser of the site would be a local developer or owner user.