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 study will not concern the baseball stadium itself, which surprisingly is the fourth oldest ballpark in America, following right behind Dodger Stadium.

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 recent article.

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 ... The Brine.