CDC - Item 5 - Appraisal For Property 9416 E. Valley Blvd.• 0
ARA6 Rosemead Community Development Commission
RCDC 8838 East Valley Boulevard, CA 91770 Tel 626.569.2100 Fax 626.307.9218
TO: 1-IONORABLE CHAIRMAN
AND MEMBERS
ROSEMEAD COMMUNITY DEVELOPMENT COMMIS ION
FROM: ANDREW LAZZARETTO, EXECUTIVE DIRECTa-
DATE: MAY 3, 2006
SUBJECT: REQUEST FOR AUTHORITY TO OBTAIN APPRAISAL FOR PROPERTY
LOCATED WITHIN REDEVELOPMENT PROJECT AREA #2 -
9416 E. VALLEY BOULEVARD (APN: 8593-001-004)
TNT Real Estate Development, Inc. is proposing to construct a, two-story office and retail building
on three vacant parcels located at the southeast comer of Valley Boulevard and Rio Hondo Avenue.
Over the last two years the properties west and east of this project site have also developed with new,
two-stow office and retail structures with the exception of a single, narrow, 50 foot wide parcel
located at 9416 Valley Boulevard. 9416 Valley was purchased by the Orozco family in 1999 and is
currently improved with a flower shop, beauty shop and two dwelling units. The subject parcel is
50' x 100' for a total lot area of 5,000 square feet. It is unclear on the original construction dates of
the existing structures. However, building permit records indicate that the residential unit was
already present and permits were issued to convert the home to a duplex in 1947. A second permit
indicates a 640 square foot addition to an existing store building in 1958. In 1961 permits were
issued to remodel the structure into a Restaurant.
The Planning Department has received two proposals over the past three years to develop the vacant
corner parcels which were previously occupied with a dry cleaning establishment. Two separate
developers have approached the City with similar designs. In each case Planning staff has indicated
to the developers that the Orozco property between the comer properties and the new building to
the east could possibly be acquired by the developer to create a slightly larger project and obtain a
more attractive overall appearance to this block of Valley Boulevard. This comment was given to
developers for the fact that the Orozco building that fronts Valley Boulevard is improved with
exterior plywood wall finishes and other un-attractive design features. Also, once the existing
building is sandwiched between two new structures, the future feasibility of redevelopment of a 50
foot wide parcel would be limited. If the properties were developed together, the City may have the
ability to vacate the alley which abuts these parcels to the south. The subject alley has been an area
TO: HONORABLE CHAIRMAN
AND MEMBERS
ROSEMEAD COMMUNITY DEVELOPMENT COMMIS ION
FROM: ANDREW LAZZARETTO, EXECUTIVE DIRECT
DATE: MAY 3, 2006
SUBJECT: REQUEST FOR AUTHORITY TO OBTAIN APPRAISAL FOR PROPERTY
LOCATED WITHIN REDEVELOPMENT PROJECT AREA #2 -
9416 E. VALLEY BOULEVARD (APN: 8593-001-004)
TNT Real Estate Development, Inc. is proposing to construct a, two-story office and retail building
on three vacant parcels located at the southeast corner of Valley Boulevard and Rio Hondo Avenue.
Over the last two years the properties west and east of this project site have also developed with new,
two-story office and retail structures with the exception of a single, narrow, 50 foot wide parcel
located at 9416 Valley Boulevard. 9416 Valley was purchased by the Orozco family in 1999 and is
currently improved with a flower shop, beauty shop and two dwelling units. The subject parcel is
50' x 100' for a total lot area of 5,000 square feet. It is unclear on the original construction dates of
the existing structures. However, building permit records indicate that the residential unit was
already present and permits were issued to convert the home to a duplex in 1947. A second permit
indicates a 640 square foot addition to an existing store building in 1958. In 1961 permits were
issued to remodel the structure into a Restaurant.
The Planning Department has received two proposals over the past three years to develop the vacant
corner parcels which were previously occupied with a dry cleaning establishment. Two separate
developers have approached the City with similar designs. In each case Planning staff has indicated
to the developers that the Orozco property between the corner properties and the new building to
the east could possibly be acquired by the developer to create a slightly larger project and obtain a
more attractive overall appearance to this block of Valley Boulevard. This comment was given to
developers for the fact that the Orozco building that fronts Valley Boulevard is improved with
exterior plywood wall finishes and other un-attractive design features. Also, once the existing
building is sandwiched between two new structures, the future feasibility of redevelopment of a 50
foot wide parcel would be limited. If the properties were developed together, the City may have the
ability to vacate the alley which abuts these parcels to the south. The subject alley has been an area
of problems for the City related to tenant storage, trash and general maintenance, over the years.
Staff has been working with the current applicant's architect to develop the three corner parcels over
the last year. Staff has most recently given recommendations on changing the exterior fagade
materials of the proposed building to incorporate a varying look to each tenant space to break up the
monotony of the large wall surface areas. In discussions with the current developer, they have
indicated interest in purchasing the Orozco property, however they have not been able to negotiate a
price that is acceptable to either party.
In conjunction with obtaining a property appraisal, staff would provide the property owner with a
notice of their opportunity to participate in the redevelopment project.
RECOMMENDATION:
Authorize staff to enter into an agreement with a professionally licensed real estate appraisal firm to
obtain a full appraisal of the Orozco property located at 9416 E. Valley Boulevard (APN: 8593-001-
004) and direct the staff to begin the Owner Participation Process.
Exhibits A. Assessor Information
B. Photos of Subject Property
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Property Detail Report
9416 VALLEY BLVD, ROSEMEAD CA 91770-1560
Owner Information:
Owner Name: OROZCO FELIPE & MARIA
Mailing Address: 5805 TEMPLE CITY BLVD, TEMPLE CITY CA 91780-2113
Phone Number. Vesting Codes:
/HW
Location Information:
Legal Description:
TRACT C 8288
County FIPS:
6037
Census TracUBlock:
4329023DOO
Legal BookMage:
8593-0011
Legal Lot:
4
Legal Block:
Last Market Sale
Information:
Recording/Sale Date:
07/23/1999 / 03116/1999
Sale Price:
$230,000
Sale Type:
F
Document Number:
000001369399
Deed Type:
G
Title Company:
SOUTHLAND TITLE CO.
Seller Name:
BUSHNELL EDWARD MIKE
TRUSTEE;NUGENT
Prior Sale Information:
Prior Rec/Sale Date: 06107/1995
Prior Sale Price: $
Prior Doc Number. 000000910328
APN:
Thomas Bros. Map
Tract tt:
Tract Name:
Township4tangeSect:
1st Mtg AmounMType:
1st Mtg TermlDue Date:
1st Mtg Deed Type:
2nd Mtg ArnounVrype:
2nd Mtg Deed Type:
Lender:
Prior Sale Type:
Prior Deed Type:
Prior 1st Mtg Amt:
8593-001-004
598-,16
6266
6266
$172,500 / CNV
TR
HANMI BK
$
Property Characteristics:
Gross Area:
0
Living Area:
0
Building Area:
980
Total Rooms:
0
Bedrooms
2
Bath(F/H):
210
Year Built/ER:
1948/
# of Stories:
0.0
Stories Type
Units 0:
2
Condition:
Site Information:
Zoning:
RMM1'
Property Indicator:
20
Flood Panel ID:
0801530000
County Use:
1210
Tax Information:
Assessed Value:
$253,804
Lard Value:
$148,855
Improvement Value:
$104,749
Garage Area:
0
Construct Type:
Garage Type:
Heat Type:
Parking Type:
Exterior wall:
Parking Spaces:
0
Building Type:
Basement Area:
0
Pool:
Bsmnt Finish Type:
Pool Type:
Foundation:
Air Conditioning:
Roof Shape:
Style Type:
Roof Cover:
Quality:
Roof Framing:
Floor:
Fireplace:
Acres:
0.1147
FuelType:
Lot Area:
Sewer Type:
Lot Wndth/Depth:
O x 0
Water Type:
Lard Use:
261
Property Tax:
$3,657
Tax Year:
Tax Area:
12830
Homestead Exemption:
http://maps. digitalmapeentral.com/production/CityGIS5/CityGIS5_5.17.2Andex.httnl
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