That eyesore by the bridge

For several years Davis High Valley Real Estate has had the property at the bridge (above right, by the pond in the Riverfront Park) listed for the incredibly out-of-sight price of $1.1M. The lot contains the old Highland Motel, a convenience store (complete with inventory on its shelves from years ago (do you think the beer is skunked yet?)), and a gas station (gee do you think there are problems underground?). This 2.7 acre plot has been marketed as a hotel, gas station and restaurant, but in reality it is a demolition job and a substantial gas station removal and remediation project.

This multi-year listing at a stunningly unrealistic price, combined with the public health and welfare damage of an abandoned, open, building chock full of mold, water and who knows what, has been and continues to be an embarrassment and annoyance to area residents. For 5 years people have asked me to please buy this piece of junk and transform it. Sorry, I may have overpayed a bit for one or two parcels, but few people would be foolish enough to pay 8X to 12X its value just because its owner, Roger Fussell, decided to ask for that.

Well, I have learned recently that this gentleman has passed away. I haven't had the opportunity yet to discover whether the property will go through probate yet, and what the plans for its disposition may be.

Sold at a market value that reflects the risk or actual cost of Underground Storage Tank removal and related remediation, plus the demolition of the old hotel, this property is potentially worth less than 1/10 of its asking price. The comps for that section of Davis raw land are around $50k an acre (flood lines considered). I know, because I created those comps buying land on the other side of the Riverfront Park. Now the demo will cost $50K+ easily, and the UST removal will be a minimum of $25K (speaking from experience with a clean removal down the street).

Additionally, a large strip of the parcel runs behind the buildings of main street and is subject to adverse possession claims by every owner who has used that alley as a means of egress over an extended period.

This parcel is the other bookend to the Davis Riverfront Park and is important to the Town's future for that reason, as well as its prominent location. That does not make it valuable, but it makes it extremely important to the community, and to the value of real estate in Davis.

Consider this plan for that property: Where the motel is, a larger multi-story structure with retail and Inn/Hotel/Condo suites; ample parking; an alley and townhouses along the railroad bed strip facing the park. Call or write if you would like to form a team to take out that property when it becomes available.