Welcome to our
First Quarter 2019 Newsletter
, which shares the recent work of the firm; including a study being prepared on the Anaheim Angels parking land, fair rent estimates across California for charter schools, the relationship between pickles and affordable housing, and the community building efforts of the Counselors of Real Estate Consulting Corp.
Anytime we can provide you with market research information, consulting, or simply answering a question related to property values, just let us know. We are honored to be of help.
Steven R. Norris, MAI, CRE
Norris Realty Advisors
Landmark Study of Entitlement Rights
Associated with Angel Stadium Parking
During the coming months, Norris Realty Advisors will be involved in research, analysis, and valuation of the probable range of value of the entitled parking areas surrounding Angels Stadium in Anaheim, California. Consisting of over 150 acres, this parking area is within the
Anaheim Platinum Triangle
planning area, surrounds the stadium, and has the potential for significant future mixed use development.
Our efforts will instead focus on both highly unique comparable properties that qualify in terms of complexity and development rights, as well as a detailed land residual analysis using the latest in development cash flow analysis software.
The resulting analysis will develop a probable range of values under a variety of hypothetical development scenarios for the property. This study will be used as a part of ongoing conversations between the City of Anaheim and the Angels baseball ownership.
For further news on issues related to this matter, reference this
CA Senate Bill 740
Charter School Fair Rent Estimate
Since the Fall of 2018, Norris Realty Advisors has been engaged to complete fair market rent appraisals for charter schools across California. Charters' eligibility requirements for the Charter School Facility Grant Program has catalyzed the need for these appraisals - in order for the State to determine appropriate reimbursement for each school's annual facility lease expenditures. This is an ongoing requirement of the California School Finance Authority (CSFA).
The Charter School Facility Grant Program was enacted by Senate Bill 740 in 2001 to provide annual assistance to facilities' rent and lease expenditures to charter schools. In order to qualify for eligibility, charter schools must serve a student population with at least 55% of their pupils eligible for free or reduced price meals, or they must be physically located in the attendance area of a public elementary school with 55% or more qualified students.
Currently, charter schools are awarded $1,117 per unit of classroom-based Average Daily Attendance (ADA), up to 75% of their annual facilities rent and lease costs for the school.
For the past 15 years, our firm has specialized in the valuation of Charter Schools throughout California. As a part of this, we have compiled an extensive current and historic database of rental data, which assist us in providing these required fair rent estimates. Recently, data from our firm was provided to the Annual Conference of the California Charter School Association (CCSA), in order to assist charter operators in finding qualified experts to assist in the determination of fair rent estimates.
If we can answer any questions regarding this fair rent appraisal requirement, just give us a call.
What Do Pickles Have to Do
with Affordable Housing?
Norris Realty Advisors has been involved in the valuation of proposed Affordable Housing for more than 12 years. During 2018 we valued a wide variety of properties for proposed Affordable Housing; including the redevelopment of Jordan Downs in South Los Angeles, new affordable housing for Mariachi Plaza in East LA, and various redevelopment efforts, from the San Fernando Valley to the downtown Los Angeles core.
One of the most involved and challenging proposed developments involved the purchase of an entire block of properties near the USC Medical Center east of downtown Los Angeles. The existing improvements comprised an entire city block - with existing improvements including a retail building, auto repair facility, an office building, nine single-family residences, two apartment buildings, an auto dismantling yard, and ... of all things - a pickle factory.
Along with the pickle processing plant, there were also seven different owners along with differing improvement types. The final proposed redevelopment will include residential units for low- and very-low income households, a grocery store, a medical clinic serving the community, and a bio-tech research facility. This ambitious project will solve several problems in the neighborhood, including the provision of a "healthy grocery store" and a medical clinic.
Both the City of Los Angeles and the State of California have recently devoted several billion dollars to fund affordable housing. We look forward to seeing these developments we assisted becoming homes and business centers for many who otherwise may have been priced out of the Los Angeles housing market.
For more information on the transformation of a pickle factory into a hopeful future visit the web site for ...
CRE Consulting Corps - Houston, Texas
During the past month, Steve Norris led a team from the Consulting Corp of the Counselors of Real Estate to Houston, Texas. This effort was several months in the planning stages, and involved a volunteer team of five Counselors from Southern California, Texas, and Washington.
The Consulting Corp is a unique opportunity for participants to give of their time and professional skills a
s a public service. The CRE Consulting Corps is designed to provide access to the highest level of expertise in designing effective strategies for sound real estate solutions.
The team is comprised of CREs who are selected because their experience and skill sets meet the specific needs of the client. The CRE Consulting Corps specializes in understanding various private and public organizations' specific situations and creating a realistic, feasible, and achievable road map for solving virtually any messy, complicated real estate problem.
The team met in Houston during early April to assist a local Presbyterian church congregation in working through long range real estate planning issues. The assistance of the Counseling Corp team will help this congregation make useful decisions that will benefit both the local community and the larger area of Houston.
For more on the nationwide and worldwide efforts of the Consulting Corp, visit
this web link
at the CRE web site.
And on a related topic, go to the link below for an entirely refreshing effort of The Aspen Institute and columnist David Brooks to begin a process of mending the social fabric of our country. "Weave: The Social Fabric Project"
|Thank you for taking the time to review our Newsletter. We greatly value our relationship with clients, peers, and friends of the firm. Contact us directly with any questions.
Steven R. Norris, MAI, CRE
Norris Realty Advisors