HomeMy WebLinkAboutThornton Oliver Keller letterULIYER
C O M M IE IA CIAL REAL ESTATE
April 6, 2015
Mr. Gary Allen
Givens Pursley LLP
601 W. Bannock St.
Boise, ID 83702
Re: Jayker Village Subdivision
Dear Gary,
After our recent e-mail exchanges, I thought it might be helpful to give you a little history and
my thoughts regarding Doug Carnahan's parcel that we are both working on.
We now have had the property on the market for approximately 1 year. When I first got the
assignment, I went to the City of Meridian with an idea to adhere to and maximize the split
zoning (C -N and R-15), enhance the growing neighborhood of SpurWing Greens while also
maximizing the Owner's value. Part of the driver in this was also the result of speaking with
numerous developers and getting their input on the best route to get the property sold. Thus, the
current mixed use concept was born and with the City staff's initial blessing we started down the
path we are on.
By taking the mixed use approach, I feel we are able to provide a number of amenities to the
surrounding neighbors and neighborhoods. The storage use is important to the neighborhood and
there is no storage facility nearby. Self -storage is especially critical for neighborhoods like
SpurWing Greens where the CC & Rs restrict driveway and street parking. Homeowners are
forced to use their garages for parking and thus the common need for off-site storage. I've
experienced this first hand with Linder Self -Storage, located within Paramount, a master planned
development by Brighton Corporation located at Linder and Chinden. I was personally involved
with the development and eventual sale of the site to Idaho Self -Storage who then built the
project. It was designed to fit in with the Paramount motif and has been very successful. The
project has become a valuable amenity for Paramount as a whole with the surrounding
neighborhoods also benefitting. In addition, the traffic to and from the storage facility is virtually
non-existent, it helps keep garages clear for parking and has become a draw to prospective home
buyers due to its convenient location. Paramount enjoys some of the highest sales rates in the
valley, is the top performing neighborhood in North Meridian and enjoys consistent home value
appreciation.
Brokerage - Property Management
250 S. 5th Street, 2nd Floor Boise, Idaho 83702 Phone: 208.378.4600 Fax: 208.947.0869 www.tokcommercial.com
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COMMERCIAL REAL ESTATE
The office portion of the site is reasonable in size and is one that can be absorbed in a timely
manner. As you are probably well aware, we still have an ample supply of suburban office space
and small lots. That being said, I am comfortable with the office portion we have ended up with.
Having office users who can support the community will also become an amenity to the overall
SpurWing Greens development. I would be concerned about the project's ability to absorb more
commercial or office space if the project zoning remained C -N.
Lastly, our higher density residential parcel will look to fill a niche not being met by the balance
of the development. This parcel will allow a developer to build smaller, low maintenance homes
that will provide another option for those looking to locate in the area.
All combined, I feel our proposed plan accomplishes all that City is looking for in quality
development and more. The proposed uses obviously are not deterring sales as evidence by the
quick, full price sales of the adjacent 6 residential lots. Once built out, our proposed plan will
only add convenience and value to the overall project while accomplishing the City's goals and
objectives.
Please feel free to give me a call with any questions or comments you may have.
Thank you.
Sincerely,
THORNTON OLIVER KELLER
COMMERCIAL REAL ESTATE
7Peter Oliver, SIOR, CCIM
Brokerage - Property Management
250 S. 5th Street, 2nd Floor Boise, Idaho 83702 Phone: 208.378.4600 Fax: 208.947.0869 www.tokccoommercial.com W
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