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City will return with appraisal options for 2300 Third Street sale or lease
Summary
Real-estate staff told the commission the appraisal for 2300 Third Street is under review and they will return in four to six weeks with sale and lease scenarios and a recommendation to seek Board of Supervisors authority before marketing the property.
The Police Commission on Aug. 13 received an update on the city-owned property at 2300 Third Street and was told staff will return in four to six weeks with confirmed appraisal and lease-versus-sale scenarios.
John Updike, director of real estate, said the city contracted Carnegie Blum to appraise the former patrol-station property and that the appraisal report arrived the week before the meeting and is under review. He referenced a nearby comparably sized property — a firehouse behind the old patrol station at 909 Tennessee — that sold at auction about three years earlier for approximately $1.3 million as a possible market indicator but cautioned that condition and repairs affect value.
Updike said staff asked the appraiser to analyze both sale and lease revenue scenarios and that the next step would be to present those values and process options to the commission and, if the commission directs, seek final authority from the Board of Supervisors to market the property.
Commissioners emphasized the importance of understanding both sale and lease value and raised the possibility of preserving some public-service uses given the property's civic history. No final decision was made; staff will return with the appraisal and options in about six weeks.
