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3. Comparable Sales Approach--Theater Component
Ingram/Ewing based their comparable sales approach on the
sale of the San Jose Fox Theater (San Jose Fox), which occurred
in September 1985. The San Jose Fox is located at 345 South
First Street in downtown San Jose, California, a city located
approximately 25 miles south of Redwood City in Silicon Valley.
The population of San Jose was in excess of 700,000 people in
1985.
The San Jose Fox opened in April 1927. It is also a movie
palace, providing both live performance and motion picture
capabilities, and was the first Fox movie palace in Northern
California. The theater has an art deco facade and Spanish
Baroque architecture, and is similar to the Redwood City Fox
theater in configuration, as well as in both grandeur and
historical appeal. The site area of the San Jose Fox is
approximately 20,200 square feet, and the building area of the
theater totals about 24,363 square feet. It was originally
designed to have a seating capacity of 2,000 seats. Similar to
the Redwood City Fox, the San Jose Fox was listed on the Historic
Resources Inventories of both the City of San Jose and the County
of Santa Clara, and was eligible for listing with the National
Register of Historic Places.
The San Jose Fox operated continuously from 1927 to 1955,
and operated intermittently until 1974, at which time it was
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