Dorchester County Economic Development announced the completion of a fair market value (FMV) assessment for 12 building lots at the Dorchester Regional Technology Park, a critical milestone allowing the county to sell land to expanding businesses.
The market analysis was completed less than a year after the Eastern Shore Innovation Center (ESIC) opened and in conjunction with the County's announcement that the 13,250-square-foot incubator is almost 100% leased.
"The County commissioned a market assessment to determine the value and selling price for the Technology Park lots. This was both a condition of the EDA grant and a best practice to ensure we can successfully market the sites," said Jeremy Goldman, County Manager. "Based on the data- driven analysis conducted by W.R. McCain, we know the FMV is approximately $23,000 an acre and our economic development staff can begin marketing the lots to targeted end-users and developers.
The County retained Salisbury-based W.R. McCain & Associates in November 2016 to conduct a regional market analysis; Lori M. Mrohs, a senior analyst at McCain, executed the report.
"We identified the total market value of the property at $1.28 million based on land plus site improvements including utilities, sidewalks, signage, and high speed broadband fiber," said Mrohs. "Public utilities enhance the range of uses and drainage easements are already in place."
The 113-acre Technology Park consists of 56 improved acres and approximately 57 acres for storm water management, forest conservation, and a water tower site. Lots vary from 2.26 to 5.5 acres and average 4.7 acres.
There are a number of features and benefits that make the technology park valuable. All lots are turnkey and connected to public water and sewer. They contain high-speed broadband access. Zoned for light industrial use and two miles off of Route 50, the site is outside of a flood hazard area and contains no environmental issues.
The Park is located in Cambridge, just south of Route 50 – a major thoroughfare between the Eastern Shore of Maryland, Baltimore, and Washington, DC – and across from the Cambridge-Dorchester Regional Airport.
Now that the Council has approved a sale price starting at $23,000 an acre, the county will immediately implement an aggressive marketing plan to identify and reach out to prospective users.