1 / 11

Comprehensive Analysis and Recommendations for Key West's Real Estate Portfolio

This report provides an in-depth evaluation and characterization of the City of Key West's real estate portfolio as of May 2009. It includes appraisals of city-owned and tenant-occupied properties, identifies opportunities for revenue generation, expense reduction, and potential redevelopment projects. Recommendations focus on lease renewals, surplus property disposition, and aligning real estate strategies with the city's mission. The analysis aims to maximize property value while addressing occupancy costs and enhancing community utility.

thane
Télécharger la présentation

Comprehensive Analysis and Recommendations for Key West's Real Estate Portfolio

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Real Estate Portfolio Analysis City of Key West May 2009

  2. Portfolio Review • Evaluation and Characterization • Appraisals • Recommendations for: • Utilization • Revenue Production • Expense Reduction • Re-development • Disposition

  3. City of Key WestReal Estate Portfolio 1. 2. 3. City Owned Tenant Occupied City Owned Property City Occupied Leased Revenue Producing • Enterprise Funds • General Fund • Occupied • Vacant • Re-development • Renew • Re-locate • Downsize Non-Revenue Leases • Non-Profits • Government

  4. 1. City Owned/ Tenant Occupied • Renew Leases at Market Rates • Re-utilization by City • Re-development Opportunities • Disposition of Surplus Property • Income Stream vs. Sale Proceeds • Highest and Best Use • Potential New Revenue

  5. Enterprise Funds Key West Bight General Fund 819 Olivia* A-1 Boatyard Cable Hut – Island Adventures Cable Hut – HTA Casa Cayo Hueso Chamber of Commerce Comcast Tower Cultural Preservation - Mallory Golf Course GB Marina Upland* GB – Angelfish Pier GRM Enterprises – 0 Duval HTA Tropical Shell & Aquarium HTA – Conch Tour/Buggy Bus Pier House JV* Southernmost Beach Café Sunset Watersports Smather’s We’ve Got the Keys – Park-N-Ride 1. Revenue Producing Properties

  6. 1. Non-Revenue Producing Leases • Revenue Potential • Re-utilization • Disposition • Alignment with City Mission • Appropriateness of Location • Tenant Activity Offsetting City Costs

  7. Easter Seals College Rd* Historic Firehouse Hospitality House* – Mallory KW Art Center KW Botanical Garden KW Players KW Power Squadron KW Sailing Club* KW Yacht Club Monroe County Animal Shelter Mosquito Control *– College Rd Wesley House – Bayview Park* Wesley House Community Center Wildlife Rescue – Indigenous Park 1. Non-Revenue Producing Properties

  8. 2. City Owned Property Strategy • Data Gathering • Evaluation/Utilization • Supports Long-term Strategic Plan • Appraisals • Analysis • Maximum Value to the City • Reduces Occupancy Cost • Co-location Efficiencies • Functionality/Energy Efficient/Green • Recommendations • Utilization/Renovation/ Disposition • Short and Long Term Plans

  9. 3. City Leased/ Occupied • Space Needs/Utilization • Renegotiate/Renew • Re-Locate • Downsize

  10. Vacant 837 Olivia 908 Caroline Trumbo Road City Leased 623 Duval Redevelopment College Road Palm Avenue 2. City Owned Vacant/Re-Development3. City Leased/ Occupied

  11. Portfolio Review Outcomes • Initiate Evaluation/ Characterization • Determination/Prioritization • Obtain Appropriate Appraisals • Recommendations to Commission • Initiate Ballot Referendum Process for any Property Dispositions

More Related