City Center Lot Appraised at $2.9 Million

An in-demand city-owned parking lot adjacent to High Rock Park has been appraised at $2.9 million, according to a report prepared by Gar Associates, Inc., an Amherst, New York based real estate appraisal and consulting firm. The property consists of a 2.62 acre site with two separate parking lots totaling 272 spaces - 43 spaces and 229 spaces, respectively – and is located just east of City Hall on Broadway. Proposals to develop the lot have been floated for several years.

More recently, the City Center Authority has sought to construct a parking garage on a portion of the site.

Additional were submitted by the Paramount Realty Group – who seek to lease the lot for a 607-space parking garage, 166 housing units and nearly 50,000 square feet of commercial space – and the Sequence Development group, who would like to buy the property for a mixed-use project with more than 220,000 square feet of retail, office and residential development overall — as well as a parking facility with 592 spaces.

After receiving the latter two proposals, the City Council put together a technical review team to compare the bids and ordered an appraisal of the property.

The appraising company conducted an inspection on Dec. 2, examined the area’s economic profile, conducted sales comparisons that focused on larger vacant lots in the city, and assessed “the functionality, appeal, quality and condition” of the subject property and the surrounding area. It concluded the site is well suited for mixed-use development, including retail, residential units, and surface or underground parking.

The City Council is expected to discuss the appraisal at its meeting Tuesday night at City Hall.

The report may be downloaded HERE