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Project Outline
Peter K. Shorett, MAI,
CRE, CCIM was asked to provide a highest and best use analysis of an
eight-acre site immediately north of the Northgate Mall in Seattle. The
property owners had been content on collecting rent from the older,
two-story, wood frame, walkup apartment buildings, but they realized the
site had significant redevelopment potential. They hired our firm to
perform a highest and best analysis to determine the most appropriate
redevelopment of the site.
Services Provided
Highest and best use
analysis and associated value conclusions under a variety of development
scenarios.
How
GVAKM Added Value
We teamed with outside
consultants including architects and retail and multifamily specialists
to study the most likely redevelopment opportunity for the property.
Our recent presentation of findings to the client allowed them the
opportunity to understand the magnitude of the potential development of
the site along with their ability to contribute to the joint venture as
investors realizing that their expertise lies in the development of
multifamily apartment buildings, not in a massive scale mixed-use
retail/residential/hotel development. We continue to advise our client
as their project progresses.
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