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Highest and Best Use

 

We assess the highest and best use of a property (the use that will result in highest value for a specific property). These studies typically include extensive due-diligence and quantitative analyses, and examine whether a proposed development is classified as:

 

  • Legally permissibe

  • Physically possible

  • FInancially feasible

  • Maximally productive

 

Some of our recent studies include:

Highest and Best Use Study - Calgary, Alberta

Calgary, AB (2013)

The study examined the potential highest and best use given zoning restrictions, site operational constraints, and related local market conditions. The study also included:

  • Estimation of anticipated demand for residential, retail, and office space

  • Identification of financial feasibility of several development alternatives

  • The study found that maximizing density did not result in higher investment yield and recommended a lower density option

Maple Ridge Rezoning

Maple Ridge, BC (Ongoing)

  • Examined the redevelopment options available for a 5 acre site in Maple Ridge, BC

  • Recommended a comprehensive, mixed-use development of approximately 980,000 sq. ft. incorporating business park space, office, retail, live-work, residential, assisted living and public amenity spaces 

  • Due to the confined site and urban nature of the project, parking facilities and loading docks were planned to be located below grade

Highest and Best Use Study - Hornby Street

Vancouver, BC (2011)

  • Reviewed the development program involving the site alone, and explored the expansion opportunities that include, acquiring the adjacent or nearby properties, and/or forming joint ventureship in redeveloping the adjoining sites to create a more viable development program

  • The study also reviewed alternative building envelopes; undertook a land use market demand study; derived alternative development schemes; and performed a financial analysis for each of the alternatives

  • Recommended an assemblage of three adjoining properties, providing a more feasible redevelopment program

North Vancouver Lonsdale Highest and Best Use Study

North Vancouver, BC (2009)

  • Examined and identified a variety of market opportunities, bearing in mind such factors as local and regional economic environment, local population growth, recent market activities, and the subject site's locational attributes

  • Market demand findings showed support for a variety of land uses including retail, hotel, residential and office

  • Identified three development scenarios and explored ways of obtaining additional densities 

'Sears'/Block 52 Highest and Best Land Use Study and Valuation

Vancouver, BC (2008)

  • Examined from a market and financial perspective, the optimum uses that could be conceived for the subject site

  • Evaluated a hypothetical scenario based on a conception of mixed land uses which are felt to maximize the value of the prime downtown site

  • Developed a redemising concept for each level and analyzed the associated revenues and costs

  • Undertook a residual value analysis

Highest and Best Use Study - Westbank, BC Site

Westbank, BC (2007)

  • Included a thorough market based review of the subject site's potential for various revenue-generating uses, including retail/commercial, professional office, hotel/motel, and residential

  • Developed a series of potential development programs based on outputs of land use market demand forecasts

  • Recommended a best fit development program based on a residual land value analysis for each market-driven development scenario

  • Discussed principal findings and recommendations in regards to location, competitive influences and other market dynamics

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