RockSpringCluB-Hendricks Appraisal.pdf

ZONING 10. Fences and dividing walls 11. Farm produce stand for produce grown on premises 12. Private storage shed 13. Greenhouses Bulk Requirements: Minimum Lot Size .. 80,000 Square Feet Minimum Lot area per un 80,000 Square Feet Minimum Lot Width . Minimum Front Yard Minimum Side Yard . Minimum Rear Yard ... Maximum Building Coverage Maximum Lot Coverage . PNAMAwWN > Commentary & Analysis: As discussed throughout this appraisal, the subject property involves a private country club and golf course known as Rock Spring Club. The facility ceased operations in December 2018 by the current ownership - Montclair Golf Club, another private country club facility located in West Orange and Verona. Based on the analysis of highest and best use included on the following pages, | have concluded that the highest and best use of the subject property is for single family residential subdivision and development in accordance with R-1 zoning. Therefore, based on the subject's combined area of 139.9755 acres, with a deduction of 5.00 acres for Cable Lake as well as an allocation of ten (10%) for roadways, detention areas, areas, setbacks, etc., the total land area potentially available for development would be approximately 5,276,800 square feet. In view of the minimum lot size requirement of 80,000 square feet, it is my opinion that the property could be subdivided into sixty-six (66) residential building lots. The appraiser notes that in accordance with the highest and best use conclusion and determination as discussed on the following pages, single family residential subdivision and development of the property is the highest and best use. However, it has also been noted that the typical developer of a large parcel such as the subject would undoubtedly pursue a change in zoning that would permit multi-family (condominium- townhouse-rental apartment and/or mixed-use) development at a substantially greater density. This type of use is not a legally permitted use under current zoning. Furthermore, a change in zoning which would allow greater density and multi-family development of the property cannot be reasonably assumed, anticipated or projected. 54 REAL ESTATE ~ - APPRAISALS a 5 RESEARCH