Reclaiming Land for Golf
Brownfield and Demolition Industries Work in Tandem

The Valuation of Parkland

By Nancy S. Myers and Gary K. DeClark, MAI, CRE, FRICS

The valuation of parkland today is increasingly needed in light of the growing mandate for municipalities, forest preserve districts and conservation not-for-profits to preserve and increase open space or “green space” within their boundaries.

The appraiser’s particular problem in the market valuation of parkland is determining the property’s highest and best use, an intrinsic component of the market value definition and valuation process. Highest and best use consists of four primary concepts — such use must be:
• legally permissible,
• physically possible,
• financially feasible, and
• maximally productive.