Item 10 - Recieve and File the Washington Park Feasibility Study

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City of Santa Ana Washington Square Park Feasibility Study July 2025 3. Property Appraisal The appraisal report prepared for the City (see Appendix F) provides a detailed valuation of a t1.32-acre site comprised of four parcels (APNs 405-321-08, -09, -12, and -13) under consideration for potential acquisition is part of a proposed community park. The report concludes a total market value of $3,710,000 as of February 8, 2024. This value is based on a highest and best use analysis, which determined that the three vacant parcels are best suited for future single-family residential development, while the fourth parcel — improved with a single-family home —is most valuable as currently developed. The appraiser utilized the Sales Comparison Approach, deemed the most relevant method for this property type, and excluded the Cost and Income Approaches due to their limited applicability in this context. The report also noted a reasonable market exposure time of 6 to 12 months. These findings offer an objective and well -supported estimate of current market value and are a key input in the feasibility study, providing the City with a clear understanding of acquisition costs and land -use implications as it evaluates the viability of converting the site into a public park. Dantes Properties The Dantes properties are unique in the City, and comparable properties are not currently available for lease or sale. The Dantes properties consist of 1.32 acres, with a 4-bedroom, 4-bathroom house, with an adjacent 1.01 acres (of the 1.32 acres) that are vacant, unimproved, residential single-family land. The property is currently listed on Redfin (and other listing services) for $6,950,000 by Clarke Fairbrother of Newport Pacific Capital Company (clarkef@newportpacific.com). The difference between the listing price and the appraised value is significant ($3,240,000) because in order to develop the properties for residential single-family, there would need to be public right of way dedications (sidewalk, parkway and cul de sac of 90 feet in diameter) to provide proper circulation at the end of Lowell and Olive Streets. This right of way dedication could take away approximately 6,400 square feet at the end Lowell and Olive Streets to provide the sidewalk, parkways and cul de sacs for automobiles, large waste hauling trucks, and emergency fire vehicles that would be consistent with the rest of the neighborhood. Hayden Trust Prooerty The City has also included an analysis of the adjacent Jessup Ann Hayden Trust property (Hayden Trust) - Assessor Parcel Number 405-321-14. Similar to the Dantes properties, the Hayden Trust property is also unique consisting of 0.42 acres of vacant, unimproved, residential single-family land. This property has not been listed for sale and contact between the City and the property owner has not occurred. Similar to the Dantes properties, the Hayden Trust property would require public right of way dedications (sidewalk, parkway and cul de sac of 90 feet in diameter) for residential development to provide proper circulation at the end of Lowell Street for automobiles, large waste hauling trucks, and emergency fire vehicles. Updated Prooerty Valuation In order to provide an update of potential appraisal value based on the Feb. 2024 appraisal, a review of recent comparable sales from January 1, 2025 through May 31, 2025 was conducted for both residential single-family homes in the Washington Square neighborhood and vacant, unimproved residential single-family land in the City. Utilizing the Sales Comparison approach an estimated value for 1501 N. Lowell is $1,328,400. This is based Page 6