Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Property topic
No spam. Unsubscribe anytime.
Board authorizes study of Monticello and Martinson parcels as options for revenue or exchange
Summary
Consultant analysis showed multiple development scenarios for the district’s Monticello and Martinson parcels, with conservative land-value ranges for Monticello exchange at roughly $55–$63 million; trustees voted 7–0 to proceed with further due diligence and site-plan work.
The board unanimously approved a staff recommendation to proceed with additional due diligence on two district parcels — Monticello (about 8.75 acres) and Martinson (about 1.2 acres) — as possible candidates for redevelopment, ground lease or exchange.
Consultant Scott Sheldon of Terra Realty Advisors outlined conceptual scenarios and conservative market-value ranges. For Monticello he presented example development options (market-rate multifamily, townhomes, detached single-family), gave an illustrative range for land-exchange value in the mid tens of millions, and noted that a mixed-use or single-family path would reduce impacts on adjacent neighborhoods.
Sheldon summarized the typical choices available to public agencies: hold for future district use, sell, do a long-term ground lease, run a development RFP, or exchange the land for income-producing property; he cautioned that each option has tradeoffs — sale/exchange delivers immediate capital, while ground leases preserve ownership but typically yield lower upfront value. Trustees approved moving forward with site-plan work, zoning conversations and additional environmental/title checks (estimated study costs $25K–$30K from facilities funds).
