| CREOP

The subject property is zoned in the Pomona Corridor Specific Plan, City Gateway Segment (Specific Corridor).
I met with the Planning department and they explained what type of use they would like to see at this location. Mixed-use of residential and commercial. More specifically, apartments above ground level of commercial (specifically retail).
Multi-Family is the highest and best use with a little retail. A developer's concern with the retail piece is the competiting retail center across the street which currently has significant vacancy.
Therefore, a developer will most likely construct the maxium allowed for mutli-family which has a Density Cap of 40 units per acres and 3 floors maxiumn, translating to a maxium of 160 units.

It's important to be "clear eyed" in regards to the costs a developer will incur when demolishing the existing structure.
The demolish cost will be in the $1,000,000 range. The demolision cost will be around $650,000, the toxic element sampling, testing and removal cost will be around $350,000.
Some of the items included in the demo cost: Lead Based Paint Removal, Asbestos Removal, new Title 24 costs, and Numatic Demolition based on it being a concrete structure.

The high interest rates for borrowers (acquistions and contruction loans) have slowed the rate of transcations and put pressure on pricing. When interest rates rise, it becomes more expensive for investors to borrow money to build or purchase properties. This increase leads to a slowdown in the construction and development of new properties because developers may become hesitant to take on the added financial burden and project risk that higher interest rates bring.
Title 24 California code changes create the minimum energy requirements for new construction on buildings. The code contains requirements for structural, mechanical, electrical and plumbing systems, as well as requirements for energy conservation, sustainable design, construction and maintenance, fire and life safety, and accessibility. The new version of California’s Title 24, Part 6 Building Energy Code is approved and has an implementation date of January 1, 2023. All projects going for permit on or after this date are required to comply with this new version of the code.
Developers estimate the cost of Title 24 has added an additional 15-20% to their constution costs.

The property is close to Foothill Blvd. (Route 66) which is a highly trafficked thoroughfare.
Northern Pomona is a superior location compared to South Pomona.
Claremont Colleges are very close to the East of the Subject property.
Foothill Freeway (210) is convienctly located to the north of the subject property.

My Marketing Strategy has a very simple premise - “to maximize value we use our knowledge of your property and the local submarket to create a convincing story of the future development opportunity, use my marketing resources to tell the story to the widest possible range of qualified buyers and then harness competitive forces to empower these buyers to pay the highest possible price”.
I have a deep database of over 3,000 current real estate owners and buyers and would create exposure through the preparation of high-quality marketing pieces (Property Mailer Teaser/Executive Summary/Offering Memorandum) as well as an individual property sales website and then distribute through multiple channels such as direct mail, email eBlasts and over nine dedicated commercial real estate sites.
However, the most important part of my marketing campaign is the direct phone and personal contact with qualified prospects. I believe that I have the ability to provide a best in class marketing campaign and when combined with my sales skills, transaction expertise and experience, the end result will be higher net dollars to you than if done on your own or with any other source. See page 27 for more details on my marketing program.