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Ingram/Ewing concluded that the highest and best use of the
Redwood City Fox was its continued use as a performing arts
center and as retail/office space. In addition to its historical
significance, Ingram/Ewing based their highest and best use
conclusion on the apparent market demand in the surrounding
community and region for a performing arts center with a large
seating capacity, such as the Redwood City Fox. Ingram/Ewing
estimated 1,130 seats to be the appropriate seating capacity of
the Redwood City Fox, and used this number of seats in their
valuation analysis.
Ingram/Ewing determined that the highest and best use of the
commercial space would be for use as office space. Should the
East and West retail spaces be leased for retail use,
Ingram/Ewing determined that the spaces would return one-half to
two-thirds of the rent that would be probable with office use.
In appraising the value of the Redwood City Fox as of
December 31, 1986, Ingram/Ewing concluded that because the
theater portion of the Redwood City Fox was special use property,
the replacement cost method should be relied upon to estimate
value. However, because of the recent sale of the San Jose Fox
Theater (San Jose Fox), another Fox movie palace located near the
Redwood City Fox and sold close in time to the valuation date,
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