To determine the potential impact on property values, we hired SKJ Real Estate Consulting, a commercial appraiser whose clients include VDOT and the IRS. Specifically, we wanted to know how the facility would affect the Norfolk & Western Building, the most meaningful structure in our neighborhood. It determined:
1. Buildings on the block of Campbell Court sold at significantly lower values compared to similar buildings nearby. (We believe this is tied to the unchecked loitering, drinking and related problems allowed outside of the facility and not the facility itself or its customers.)
2. Polls of local real estate professionals showed large majorities believe closing Campbell Court would help surrounding property values and a relocation to Salem Avenue would hurt surrounding property values. It would, “likely be more severe to residential uses.”
3. It would be hurt by Class V Conditions, including noise, bus exhaust pollution and increased loitering.
4. The building’s entrance, “will be facing the rear of the bus station and situated where idling buses will confront any user of the facility.”
5. It concluded the Norfolk & Western Building could expect a downward adjustment by 20%, adding the “existing special purpose museum will be significantly impacted by these conditions.”