03-27-1997 - Laserfiche WebLink

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• • • Analyzes the issues of the existing multifamily apartment complex, the accessibility of the vacant land sites and the impairments with regard to the wetland and surrounding low-lying areas. • The summary findings taken from that study follow. The complete text of the market overview is included in the appendix of this plan. • "All the existing improvements, with the exception of the insurance agency on the south side of Highway 10, should not be removed for redevelopment. Although some discussion has gone on regarding the viability of the Pleasant Wood Apartments, the issues at hand are the result of poor management and not the real estate itself. As a result, these improvements are believed to all considerable value to the underlying land. All of the other improved properties fronting Highway 10 appear to house healthy businesses, and the structures themselves are believed to be in good condition and offer significant contributory value to the property as a whole. The insurance agency, which is a former single-family home, should be demolished so the size and utility of the surrounding vacant land can be increased. • "Two separate areas are currently feasible for redevelopment in the study area. The first is located on the southwest side of Highway 10 on the southeast quadrant of Silver Lake Road and Highway 10, and the second is located on the northwest corner of Eastwood Road and H.ghway 10...It is evident the larger tract of land in the • southeast corner of Silver Lake Road and Highway 10 has a highest and best use which is oriented for some type of mixed-use development that may include one or more of the following: 1) some type of more intensive commercial development, located in the immediate southeast corner of Silver Lake Road and Highway 10, maximizing the exposure and excellent access to this site; 2) a low-rise office and/or medical/professional building that would be oriented for either a single tenant or multiple tenants; 3) some type of destination-oriented commercial service facility (or facilities) such as light auto repair, a mortuary, a bank, etc.; and 4) a higher density residential project or partially- or fully-assisted senior housing complex. Not all of these uses could be built on this property...but a combination of two or three is definitely possible...The most valuable piece of undeveloped land in the entire study area is the immediate southeast corner of Silver Lake Road and Highway 10. This part of the subject site should be oriented for commercial business that relies on impulse traffic, rather than destination-oriented traffic. • "Due to the inability to build on or around the wetland area, this part of the subject property should be some type of public park or be incorporated into a private development as an amenity feature, [with] walking trails around this area and creating a small park or picnic area which would benefit the existing senior housing facility and the surrounding residential property on the west side of the subject area. • 7