The school board is meeting at 6:30pm tonight at the district office, 101 S. Rancho Santa Fe Rd., to discuss what to do with this site:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Artist’s colony / fair rent? Contradiction in terms. Everybody knows artists are all starving, right up until the transition to their MTV cribs. 😉
Leucadia Blog is covering the movement to save PV for public use.
Jim – If someone was to show up with a check to the school district, what do you think it would take to buy it outright, as is, no zoning contingencies???
Whenever it comes to putting a value on something, I go with the first number that comes to mind – figuring that the human computer is all-encompassing:
$5,000,000.
If they valued the “no zoning contingencies’, because it’s really a gift.
Plus it might be high enough to avoid smaller entities from bettering it.
Realistically, there would be a public furor and two or three appraisals (which would have no good comps and skew up from being conservative/paranoid).
They’d want $10,000,000. At least.
Most recent range?
Carson’s $4,000,000 to DMTC $120,000,000.
Nobody would accurately value the “no zoning contingencies”. You might be renting to artists for the next twenty years and nobody would care. But it deserves to be factored in properly – it’s a gift….for now.
I was thinking well below $10mm with a 10-15 yr hold and get some nominal income from a medicinal MJ/methadone clinic to cover costs would be a worthwhile land bank. Ultimately you will get a perfect economic/political storm to cash out nicely…
Personally I’d rather have this infill land than the del mar auction land. But I’ve been in a risk taking frame of mind with a longer term horizon lately.
do you recall what the Redsand land went for? how about the builder’s surplus/moonlight-loft site?
If all you could get for tenants is a medicinal MJ/methadone clinic, shouldn’t they be required to sponsor a happy hour on Friday?
Did you happen to hear Tim Leiweke on the radio today? He was talking about the L.A. Chargers, and how the big money of Phil Anschutz made the difference.
The gist of it was that Phil didn’t hesitate to put up $1B of his own money if needed. Then they joked how his buildings get built faster than anyone else’s.
Those who can afford to dedicate big money to long-term projects should be well-rewarded.
P.S. Phil is worth $7 billion.
We’d just move in next to the MJ clinic with Klinge Realty on the other side.
LA Chargers….ouch…Go Tebow!!!
Ear. It was his ear.
And HE did it. Not THEY, because of a woman. Which everyone knows is the ONLY reason to cut your ear off.
That will remain a maintenance yard until the city council lets them build houses there.
Jim always has me dreaming about the beautiful properties we have around here. That lot would make a FANTASTIC coastal compound! 2.8 acres is a lot and it’s mostly flat. I have no clue what that’s worth….and I know the possibility of someone buying that for themselves is quite low.
If some great God gave me that 2.8 acres, I would build a big home….maybe 7,000 sqf one story. Tennis…big pool (pool house and guest house, gotta have both)….private….long driveway….all walled off. Yet, you’re half a block to the beach!
Clearfund/JTR-
What is your take on developing the site (or a part of it) into nice sized, semi-custom homes on big (er) lots? Maybe 1/3 acre lot?
A nice 4,000 sqft home on 1/3 acre in that location should go for….what? $2,500,000? More?
I’ll never have any influence over this, but it would be cool to see a park, but then some houses as well. Preferably big bombers on nice lots….but that’s unlikely.
http://encinitas.patch.com/articles/dema-has-an-idea-for-pacific-view
Downtown Encinitas MainStreet Association proposed leasing for $100,000 first year, $200,000 the second year.
It’s a civic property. Not everything needs to be revenue generator, (I can hear the howling now). Once that property is gone it’s gone forever.
Yes, it’s a dream development site but to take a free & clear property, already built and promote arts & culture is a great opportunity and much needed in North County.
A charter school would be great, even moving the civic center to the site and selling the old shopping center that they call a city hall for redevelopment might be a good idea.
I like the idea of a “high tech high” type of charter/private school. It could be a showplace for innovation. Perhaps the Hall park proprty would be better suited for that given its size for including dual purpose outdoor activities.
If it were me, I’d develop the area into an outdoor mall for art and artifact – a nicer version of Cedros in Solana Beach. Cafes and great restaurants, a small theater for performances, and only local artists…no big chain outlets.
Turn it into a funky tourist attraction that fits the funk of Encinitas. And yes, at market rent.
By the way, Dudek is environmental and engineering firm, not an architecture or urban design group.
The Hall Property is already (over) programmed as a sports park and that’s been a huge issue in Encinitas.
The High Tech High idea or model would be great especially if combined with an emphasis on the arts.
Mozart-The school district would be doing it’s students a disservice if they did not hold out for maximum profit. The state is in a deep financial hole, and since almost all of their funding comes from the state, so are they.
Now, I’ve heard that in some, maybe all, cases, if a school district sells a former school site, half that money goes to the state of California and not the district (because the state provided the funding to purchase the land and build the school in the first place). So, sometimes schools leave former campuses as is and lease them out to other organizations (100% of that money would stay with the district). But I think the fair market value of selling the land for housing would be a lot more than twice the value of leasing it out as is.