Appraiser estimates real market value of $5.5 million or more
The value of the Civic Stadium properties in today’s market may be $5.5 million or more according to an appraisal performed for the Eugene School District.
The appraisal is one piece of information that may help the Eugene School Board in evaluating proposals for the purchase, trade or long-term lease of the Civic Stadium properties. It does not establish a price for the property.
The appraiser, Voronaeff & Company, estimated the current value of the property under three different zonings. The stadium parcel is currently zoned PL (public lands), while two small adjacent parcels are zoned R-2 (medium density residential). The appraiser stated that, based on conversations with city staff, R-2 may be the most likely zoning if the stadium property is no longer zoned PL.
Estimated values per the appraisal are:
- R-2, Medium Density Residential:
$5,455,888 ($12.50 per square foot)
- C-2, Community Commercial:
$7,638,243 ($17.50 per square foot)
- R-4, High Density Residential:
$9,820,598 ($22.50 per square foot)
As responsible stewards of school district resources, district leaders decided to seek a property appraisal as part of the district’s due diligence as a public agency. There is a high level of community interest in the future disposition of the property, now that it is no longer needed for educational purposes. The Eugene School Board is committed to being transparent in its decision-making processes, and is releasing this appraisal as public information available to everyone.
An appraisal is an informed opinion of a professional appraiser, who makes assumptions about the future zoning and use of the property, and then compares the property to recent property sales and states an opinion about the current value of the property. The appraiser considered the value of 16 other properties in estimating the market value of the Civic Stadium properties.
The full appraisal document may be viewed or purchased in hardcopy at the Eugene School District Superintendent’s Office, at 200 N. Monroe St., Eugene, during business hours.