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HomeMy WebLinkAboutPacket 09-19-00• • • IMPROVEMENT DESCRIPTION The subject is presently improved with two single family residential dwellings which are at the end of their economic life. The proposed development plan entails razing the existing dwellings and constructing three office buildings three story each building. The following is a detailed description of the proposed improvement: Foundation: Concrete block foundation Framing: Wood framing Exterior: Exterior brick on all facades Roof System: Fiberglass shingles over felt and wood decking aluminum gutters, downspouts and soffits Interior Walls: Painted drywall Windows: Vinyl Clad thermal windows Electric: 200 amp electrical panel in each unit (total 36) 480 amp panel in each common area (total 3) HVAC: Each building to have 12 individual zoned package heat /AC units Condition/Utility: The subject, when complete as proposed, will not suffer from any physical inadequacies or external obsolescence. The subject building is estimated to have an effective age of 0 years with an estimated remaining economic life of 50 to 55 years. 7- • HIGHEST AND BEST USE Highest and Best Use of the Subject Property as Vacant There are several potential uses available under the B -5 or B -7, Business district zoning. Considering the subject's zoning, utilities, topography, access, and development trends, a commercial or office use on the subject site which benefits from the nearby interstate access point is considered to be the highest and best use of the site as vacant. Highest and Best Use of the Subject Property as Improved The proposed development plan calls for three, three story office buildings containing twelve units each building. The three story office buildings contain 56,700square feet of office area. Considering the total office area for all three buildings of 56,700 square feet, the buildings should be appraised as a multi - tenant buildings. This is a use that was identified as the highest and best use of the subject as vacant. Therefore, the proposed development plan is considered to represent the highest and best use as improved. .s • NEIGHBORHOOD AND AREA DATA • o The term "neighborhood" is generally defined as a portion of a larger community or an entire community in which there is a homogenous grouping of inhabitants, buildings or business enterprises. Neighborhood boundaries may consist of well defined natural or man -made barriers or may be defined by distinct changes in land use. Consequently, a specific definition of a neighborhood is a grouping of complementary land uses affected by similar operation of forces that affect property value. A neighborhood may also designate an area comprised solely of commercial or industrial properties, although the term district is often used for these properties. The subject property is located on the southwest corner of North Augusta Road and West 97th Street. There is a mix of land usage in the area which includes commercial flex space, office space, multifamily residential development and single family residential development. Properties located on the south side of West 97th Street and just east of U. S. 421 are predominately commercial and properties located on the north side of West 97th Street are predominately single family residential. There is also a church located approximately one mile east of the subject. West 96th Street is the county line between Marion County and Hamilton County, approximately one fourth mile south of the subject. Properties located on the south side of west 96th Street are located in Marion County while the properties located on the north side of the street are located in Hamilton County. Interstate Highway 465. the outer beltway for Indianapolis is accessible from U. S. Highway 421 just south of 97th Street. The subject's area has undergone a transition from agricultural and residential uses to commercial uses over the past ten to twenty years. The market demand for the subject's area is enhanced by its proximity to U. S. 421 and to I -465. The area has experienced good demand and this is a trend which is anticipated to continue. ZONING The subject property is zoned B -5 & B -7, Business District. The zoning classification provides for a wide variety of commercial uses. The subject's proposed development plan is considered to be an acceptable use under the zoning requirements. • • SITE DESCIRPTION The subject property is a combination of four tracts of land that are rectangular shaped when combined and are located at the southwest corner of West 97th Street and North Augusta Road. The parcels are located approximately one half mile east of U. S. 421. The following description is based upon a review of the plat and a physical inspection. Shape and Frontage: The property is a combination of four tracts of land that have 390 feet of frontage on the south side of West 97th Street and 370 feet of frontage on the west side of North Augusta Road. Utilities: Utilities available to the site include electricity and gas. Flood Map Review: Environmental and Wetland Assessments: Flood Map as published by Federal Emergency Management Agency indicates that the subject property is not located in a designated flood zone. The subject property has not provided a Phase I Environmental Site Assessment, but upon inspection there were no noticeable environmental problems affecting the subject site. Access and Visibility: The site is accessible from North Augusta Road and West 97th Street. The property has good frontage and exposure on West 97th Street. Easements and Encroachments: Site Improvements: There are no apparent easements or encroachments which adversely affect the subject property. Proposed site improvements include approximately 94,000 square feet of asphalt driveway and parking, 6000 square feet of concrete sidewalk. Other proposed site improvements include an established lawn area and decorative landscaping.