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2. Comparable Sales--Theater
Under the comparable sales approach, Mitten/Reynolds chose
the sale of the San Jose Fox and the sale of the Stanford Theater
(the Stanford) in Palo Alto, California, as comparables. As
mentioned, the San Jose Fox is another historic movie palace that
was purchased by the City of San Jose in September 1985.
The Stanford was sold to the nonprofit David and Lucille
Packard Foundation (Packard Foundation) in December 1987 for
$1,600,000 in an all cash transaction. The Stanford is located
on University Avenue near the campus of Stanford University in
Palo Alto, an affluent community approximately 30 miles south of
Redwood City.
The Stanford was built in 1925 and is similar in size and
attractiveness to both the Redwood City Fox and the San Jose Fox,
although less ornate than the Fox theaters. Unlike the Redwood
City Fox and the San Jose Fox, the Stanford was designed for
movie projection only; there are no stage facilities to
accommodate live performances. The Stanford has 22,313 square
feet of building space with a post-renovation seating capacity of
1,175. The precise seating capacity prior to its sale is
unknown, but, due to different seating standards, was probably
greater.
At the time of its purchase, the Stanford was in extremely
poor condition and void of any decorative work. Due to its
physical condition, the Packard Foundation undertook a complete
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