Eminent Domain - Loss of Parking

[CANative]

But it seems that the OP should focus on the effect on value as a retail business instead of a bank. He might get more traction. I've been on a recent string of bank properties (for tax appeals) the parking situation is much more pronounced for a stand alone retail building than it would be for a stand alone bank building.

I have an Exchange Bank right next to my window on the left (big Sonoma County bank) and a Chase bank almost adjacent to the north. I do see some old people but mostly they're younger than me. Some of the gals are pretty hot too. lol

Mostly though, the parking lots are almost empty and most people pull to the curb or stop a few minutes to use the outside ATM. It might be different in cold weather areas like yours.

 

[cjgmbwi]

Thanks to all of you for the input. The loss of parking will is seven spaces and will be permanent and not part of just the construction easement and it was addressed as "Damage to Remainder". It is currently 36 feet from our "storefront" area that is being taken to the front door. It is over 100 feet from the remaining parking area. They have only offered us only $16,000 as damages. We built the branch in 1995. We would not have built here if we knew this was going to happen.

 

[CANative]

Where is your disabled parking going to be? In the main parking area?

16 grand. What is that... about $12/sf? Seems like a third of the value.

 

[Mark K]

To the average person, walking an additional 64' or approximately the width of 7 parked cars is not a significant inconvenience. (Yeah I know, what about the old ladies using walkers, etc...., I've heard it before.)

It looks to me like they threw you a bone in order to recognize a very slight inconvenience for a small group but in reality, I wouldn't have been surprised if they said there were no damages to the residue.

One question that would come to mind is zoning, i.e., does there remain a sufficient number of parking spaces per the development regs. Some zoning calls for 1 parking space per xx s.f. of building space, around here its 1 space per 200-300 s.f. depending on the retail use. Does your property now conform? If not, will they pay for the bank to get a variance?

 

[Eminent Domain]

I think given the situation it is much to complicated to simply seek advice on this forum. As stated earlier H&B use in the before and after will need to be thoroughly analyzed. What are the effects on the circuitousness of the driveway/parking area? What are the access changes, if any (i.e. was it directly accessible from the affected street in the before and not in the after or merely altered)? What are the use patterns currently enjoyed versus what will be existing after the widening project? Will the reduction in frontage impair any future expansion or remodeling expectations? Is this a corner or singular frontage parcel? Will this change impact what the typical developer and ultimate customer expects in this particular area or is this fairly common? The list is limitless.

Be prepared though, this is not a $300 form appraisal because the appraiser must deliver a report that will stand the opposing councel's attacks.

ED

 

[Elliott]

Its out of print, but Jim Eaton's Real Estate Valuation Litigation,
Chapter 11, "Damages in Partial Taking Cases." It might be available
from AI's Lum Library. You've most likely got significant severence damages.