Property Survey Finds Minor Encroachments onto Government-Owned Land in Red Hook Marina Site

Land Description and Analysis 38 are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required. The subject is located within a 100-year floodplain related to coastal flooding, which would require additional insurance at the expense of the owner. The subject site has 765 linear feet of frontage along Smith Bay Road. In addition, the subject has 846 linear feet of water frontage along Vessup Bay. There is no beach along the waterfront portion; with the coastline being that of existing and former mangroves. [t is assumed that dredging occurred at some point in time which enabled dockage in close proximity to the water line. Easements, Encroachments and Restrictions Based upon a review of the deed and property survey, there do not appear to be any easements, encroachments, or restrictions that would adversely affect value. According to the property survey provided, the subject parking garage encroaches the neighboring parcel to the north in two separate areas: an 82 square foot area encroaches onto Parcel 18N-1-A A, and a 105 square foot area encroaches onto Parcel 18B-2 A. These areas are small in size and the parcels being encroached upon are uneconomic remnants of land owned by the Government of the Virgin Islands. As a result, these encroachments do not have an adverse effect on the overall value of the subject. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. Conclusion of Land Analysis Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. The subject’s location along Smith Bay Road in the heart of Red Hook, along with its extensive water frontage on Vessup Bay, are major drivers of demand and value for marina and commercial use on the site. We are not aware of any other particular restrictions on development. IGY American Yacht Harbor Marina HOUSE_OVERSIGHT_018849