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Highest and Best Use <br /> <br />CBRE VALUATION & ADVISORY SERVICES 20 © 2025 CBRE, INC <br /> <br />In appraisal practice, the concept of highest and best use represents the premise upon which value is <br />based. The four criteria the highest and best use must meet are: <br />• legally permissible; <br />• physically possible; <br />• financially feasible; and <br />• maximally productive. <br />The highest and best use analysis of the subject is discussed below. <br /> <br /> <br />The subject property is zoned C2, General Commercial, which allows a variety of retail and service uses <br />and professional and administrative offices. <br /> <br />The subject is adequately served by utilities, and has an adequate shape and size, sufficient access, and <br />other necessary attributes for development consistent with zoning. Existing structures on similar sites <br />provides additional evidence for the physical possibility of development. <br /> <br />Potential uses of the site include retail or office uses. The determination of financial feasibility is dependent <br />primarily on the relationship of supply and demand for the legally probable land uses versus the cost to <br />create the uses. While there is a government office use on the south side of Walnut Street, there are no <br />other office uses in the area. Additionally, there is no evidence of new office development in the subject <br />area. There was evidence of new retail development along Bristol Street northeast of the subject. <br />Development of a retail use on the site is considered financially feasible. <br /> <br />The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding <br />the highest return to the land. The highest and best use of the site, as vacant, would be to develop with a <br />retail use. <br />  <br />  <br />City Council 17 – 36 2/17/2026