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~' ~ ~, ~'~ il !~ ~i~a <br />'~a~'s ~. ~ L r`~ ~~: <br />~ ~ ~ ~` ~v !'~_ i r, c <br />REAL FST%,i E AfwAL1'STS <br />October 4, 1999 <br />€^:- ~ .,, ._ . _ <br />~.~ _. < ~;~ '~, <br />Mr. Craig Lewis <br />Proj ect Manager <br />Melvin Mark Companies <br />111 SW Columbia, Suite 1380 . <br />Portland, Oregon 97201 <br />RE: Highest and Best Use - Planned 4-Story Building <br />Chemeketa and High Street - Salem, Oregon <br />Dear Mr. Lewis: <br />_ Thank you for requesting a proposal to prepare a I~ighest and Best Use study for the captioned <br />properly. From our meeting-with Mr. Curtis, Mr. Whittington and you on September 23, 1999, in <br />Salem, it is my understanding we would study the following development scenarios: <br />^ Scenario 1- First floor retail and up to three stores of office space <br />^ Scenario 2- First floor retail and up to three stories of apartments <br />^ Scenario 3- Up to four stories of office space <br />^ Scenario 4 - Retail only <br />The Highest and Best Use study will address the supply and demand components for each of these <br />scenarios, as well as size constraints driven by parking issues. In addition, we will present a <br />hypothetical value for each scenario recognizing a hypothetical building which would be similar to <br />the construction and quality of the Courthouse Square building. The process is to estimate a value <br />for each of the scenarios and deducting the estimated construction cost and absorption cost. This <br />process would result in a residual value for the land. The scenario that indicates the highest land <br />value would represent the highest and best use of the site. We would assume the site would be <br />improved with 56 parking spaces and a concrete floor ready for construction. The estimated cost for <br />those improvements are $1,000,000 and those costs would not be deducted to determine the site <br />value. <br />SUII~E 200 ~ 1]0 SW YAMHILL STREET • P~P~TI_AND OREGON 972G-~ ~(5133~ 226-0983 M FAX (;L'r3j 2; 3-~27°, <br />WITH OPFICES IN <br />VANCOUVER, SEATTLE, SACRAMENTO AND SALEfvt <br />DONALU R. PALhfER, ~SAI DAVID T. H1LL CHRISIOPHFR VATERLAUS tiPF'dCE I4i~';Et.l, t.l:'-.~~~ <br />DAVID lN. GROTH, MAI PHILIP L. STEFFEIJ, MA] MARIC M. LAWWILL, MAI B?.1Fv`J L. KELLII`,; .`.1 ~~.! <br />UAVID E. PIETKA, MAI CHRLTOPHER K MONGER, h1AI TL1,iOT}iY E. WRIGI-I7, A~lAI ~IODD 5. LI[B~~~V. ?.1n I <br />