Real Estate

Highest and Best Use Analysis

DRA performs state-of-the-art highest and best use analysis for purposes of determining project feasibility, land valuation, sale and/or purchase negotiation, and market positioning. DRA’s expertise applies to commercial, office, hotel, retail, rental housing, for-sale housing, sports and entertainment facilities. DRA professionals bring decades of sophisticated and wide-ranging real estate experience, market, economic and financial analysis.

Fulton Mall, Fresno, CA

DRA analyzed the financial feasibility of alternative developments schemes for transit-oriented development in downtown Fresno on sites owned by the Fresno Housing Authority. The alternative schemes envisioned relocating the Authority's central office, providing new low income rental housing and a mix of market-rate housing and retail uses.

Portland Metro/Clackamas County Master Plan

DRA assisted the Housing Authority of Clackamas County and Portland Metro in determining financial feasibility and highest and best use for a large public housing site to be master planned as part of a transit-oriented development (TOD) site owned by the Authority. DRA worked with the County, the Authority, Portland Metro, the master plan architect and other team members to replace 100 outdated public housing units with a vibrant, mixed-income community at much higher densities.

Grand Central Square Apartments, Los Angeles, CA

DRA analyzed potential repayment options for a $24 million loan issued by the Los Angeles Community Reinvestment Association (CRA/LA) to secure affordability of 61 rental housing units at Grand Central Square Apartments (GCSA). We reviewed the original Operating Agreement between CRA/LA and the owner of GCSA, as well as other legal documents on the property including a current title report and a previous memo on economic and fiscal benefits provided by the owner.

DRA calculated the value of providing additional years of affordability for the 61 existing affordable units based on projected differential between market-rate and affordable rents over the additional period of affordability. Based on our analysis, we recommended two options: a one-time payment with forgiveness for the balance of the loan, or a reduced balance with full forgiveness if the developer invests an equal amount into the rehabilitation of the affordable units in 2033.

Oakland Coliseum

Oakland A’s Fiscal Impact Peer Review

The City of Oakland retained DRA to conduct a peer review of the fiscal impact report prepared by the Let's Go A’s Committee, a civic booster organization proposing a new waterfront Oakland A’s stadium in the City of Oakland. DRA’s analysis provided comment on the appropriateness, thoroughness, and adequacy of assumptions and observations from the City of Oakland’s perspective.

Santa Rosa Redevelopment Agency: AT&T Building Adaptive Reuse

DRA analyzed a wide-range of alternative plans for adaptive reuse of an outmoded AT&T switching building on a key site in downtown Santa Rosa, California. DRA worked closely with the Agency architect and structural engineer to estimate adaptive reuse and rehabilitation costs, assess market positioning and market feasibility, and determine gap financing and highest and best use for the Agency.

Community and Economic Development Agency, Oakland, California

DRA analyzed the highest and best use for an Agency-owned site at a key retail mall location within Central City East Oakland, a neighborhood marked by historic disinvestment and depressed property values. DRA worked closely with Agency staff and project architects to determine alternative uses for the Agency-owned site. These uses included a City library, a classroom facility for Peralta Community College District, a spoken word café, and both market rate and affordable senior rental housing.