Feasibility Studies

CALIFORNIA - CONNECTICUT - MAINE - MASSACHUSETTS - NEW HAMPSHIRE - NEW YORK - VERMONT - RHODE ISLAND

 

Feasibility studies have included the recent economic impact analysis of surrounding commercial and industrial properties in and around the Southern California Logistical Airport.  The airport was recently converted from the decommissioned George Air Force Base.  The master-planned 5,000 acre global logistic center has incorporated intermodal transportation services of air, rail, and truck distribution to international commerce in and Enterprise Zone with secured US Customs Warehouses.  The impact to the surrounding real estate as well as to the encompassing communities was studied with suggestions on both short and long-term development planning.  Specific consideration was given to economic demands on support services from commercial retail services. 

An air-rights feasibility project included the analysis of over 5,000 parcels of land for the Department of the Navy.  The study considered related noise decibel levels together with statistical crash probabilities.  These areas were then mapped around the El Toro Naval Air Base overlaying the core of the Orange County Region.

The focus of the study was the economic effects of any future class action law suits brought by residents and developers claiming loss of value to real estate by flight patterns and related air traffic noise.

Further, land owners and developers claimed inverse condemnation caused by the reduction in development density imposed by the Navy due to possible aircraft loss on various areas of surrounding properties.

The conclusion of the study was a definitive anticipated fair-market value of the air rights on these 5,000 parcels.  As a basis of benchmark to the value of those rights several airports as well as air bases throughout the country were cited where either settlements for air rights were negotiated or acquired prior to court action.

         

 

Douglas Guidry is a MAI designated member of the Appraisal Institute
 
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