Issue: How likely is it that land can be developed when only 32% of it can be developed legally, and it has possible environmental issues, an informal access easement, a shared pond, and contractual usage of equipment by an adjacent property owner? Further, the property is an isolated pocket of industrial land within a transition area, surrounded by new developments in medical, educational, retail and large-scale residential uses.
Approach: The common sense approach in this case was to consider the property as a stand-alone industrial site or as if it could be assembled with the property next door, since such a larger site would greatly extend the development options. HMG concluded that demand for such industrial land is low anyway, since the market had an oversupply of industrial sites which are not encumbered as this one was. For comparison, the challenge was to find properties with similarities in zoning, ingress/egress, topography, shape/utility, size, and frontage. It took a far-ranging search to locate properties with usage and impairment issues somewhat similar to this property.