Undervalued Appraisal: How much is the Qualcomm site worth? - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Undervalued Appraisal: How much is the Qualcomm site worth?

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SAN DIEGO (NEWS 8) - The value of the land at the Qualcomm Stadium site in Mission Valley is being disputed.

The Qualcomm Stadium property in San Diego is worth $82.8 million, while the Chargers practice facility is valued at $27.3 million, according to a pair of appraisals released by the city last week.

An appraisal by D.F. Davis Real Estate Inc. of El Cajon provided a valuation of 191-plus acres of the stadium site, plus an additional 41 acres of wetlands along the San Diego River that's expected to become parkland.

David Davis, in a cover letter to the city's Real Estate Assets Department, noted that he was asked for "the most probable price that the portion being disposed of should bring in a competitive and open market under all conditions requisite to a fair sale, the willing buyer and willing seller each acting prudently and knowledgeably, and assuming that the price is not affected by coercion or undue stimulus.''

Davis also said the property was valued as if the existing stadium is no longer operational and no stadium expenses were deducted from the appraised value. The possibility of underground soil contamination was not considered for the report, he said.

According to Davis, the main stadium property was worth $73.8 million as of March 2, with the set-aside wetlands $9 million.

A second firm, Hendrickson Appraisal Co. of San Diego, investigated the Chargers' 50-acre practice facility, which the team is preparing to vacate as part of its move to Los Angeles.

"That was a tremendous surprise for all of us. It was substantially higher than other evaluations that had been done prior that evaluation," said Nick Stone, with Soccer City.

At a news conference Monday, Soccer City officials said they are sticking with their plans despite the sticker shock.

"We stand here today and say we will accept the appraisal and move forward with the value because it's the right thing to do for San Diego," said Stone.

Opponents said not so fast. The group Public Land Public Vote said the whole plan for Soccer City has been hastily thrown together.

"The city should be conducting a bid process so we can find out what other people are willing to pay for it. You really do not know how much it's worth until people start bidding for it," said Theresa Quiroz.

If anything, opponents believe the land is under valued because, for example, the zoning allows for houses and commercial space which makes the land much more valuable.

"They are not going to pay the value of what it will be after the initiative. They are going to pay based on what it's worth now," said Quiroz.

Nick Stone said, "we stand here today and say we accept this appraisal and move forward with the value because it's the right thing to do for San Diego."

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