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rehabilitation of the Stanford. The rehabilitation included
seismic reinforcement, all new plumbing, and mechanical and
electrical improvements, as well as historically accurate
restoration of all areas of the building, including the facade,
restrooms, auditorium, balconies, floor coverings, concession
stand, and ticket booth. The building was gutted, a new roof was
constructed, and the foundation was reinforced. The renovation
cost $6,000,000, and took 18 months to complete. The renovated
Stanford reopened in December 1989 and is operated by the Packard
Foundation for the exhibition of classic films.
Mitten/Reynolds also mentioned the sale of the Redwood City
Fox to Jacobs in May 1981. However, Mitten/Reynolds concluded
that due to the lapse of time between the acquisition date and
the appraisal date, as well as the refurbishment performed by
Jacobs, the sale of the Redwood City Fox in May 1981 neither
supported nor refuted their appraisal opinion.
The unit of comparison employed by Mitten/Reynolds was the
price paid per square foot of gross building area, including
land. Mitten/Reynolds did not believe that the price paid per
seat was a proper unit of comparison because the number of seats
in a theater is not fixed.
Mitten/Reynolds compared the theater sales on the basis of
seller financing, date of sale, size, physical condition,
physical/historical quality, and location. After adjustment,
Mitten/Reynolds concluded that the value of the theater portion
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