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Around Kings County – Quay Valley Update /More

Party City Coming To Hanford

Hanford will get a new Party City store at the Centennial Plaza shopping center at 12th and Lacey, the old Walmart center now anchored by Hobby Lobby. Tenant improvements are underway at the new store valued at $675,000. Party City operates approximately 900 company-owned and franchise stores throughout the United States, Canada and Puerto Rico.The publicly traded company recently announced second quarter total revenues of $519 million, an increase of 4.8%. Retail sales increased 7.3% driven by higher brand comparable sales and 33 new Party City stores added in the past twelve months. They claim to be America’s largest specialty party goods chain with Valley locations in Bakersfield,Visalia, Fresno and Clovis.

Quay Valley Plan Gets Independent Look

Is the proposed Quay Valley ‘new town’ a risky venture?

Kings County BOS have approved an agreement to hire Empire Economics to asses the market potential and risk of the planned community in southeast Kings County – Quay Valley. The consultant vows they have no financial relationship to the developer. The project was first submitted to the county back in February.

quay-valley-logo-2016-10-26-at-7-42-11-amThe developer will pay the $55,000 for the study approved by the supervisors October 4 to be completed by Empire in 7 weeks with a draft and a final report submitted by year’s end.

The presentation notes that “ the California housing market recovery has recently experienced a significant shift, compared to historical patterns, as millennials, due to their unique cultural and financial conditions, have opted to reside in apartments within urbanized areas, rather than seeking traditional single-family homes in suburban/rural areas. Consequently,the significantly higher demand for apartments in urbanized areas has effectively reduced, to a large degree, the traditional demand for single-family homes in the suburban/rural areas. Accordingly, Empire will perform a systematic analysis of how these recent shifts from prior development patterns have impacted the urbanized areas of San Francisco and Los Angeles as compared to the suburban/rural areas of the Central Valley.”

“Projects with relatively high residual land values have a cushion that protects them from economic and real estate downturns. By comparison, projects with minimal residual land values become economically infeasible when downturns occur.”

Empire says they will perform an analysis of the residual value of product types in Kings County during the 2000 to 2016 time which encompasses both a housing market bubble followed by an implosion of the real estate market. Changes in the market are likely to affect the feasibility of Quay Valley – suggests the consultant.

There are expected to be 25,906 residential units and almost 21 million sf of nonresidential products in Quay Valley and so it has a long-term development horizon and likely to be subject to the various phases of the real estate cycle says the consultant.

Local Workshops Will Focus On Cross Valley Transit

Tulare County is taking the lead on a study that focuses on the Cross Valley Corridor, an existing rail corridor between the cities of Huron and Porterville, connecting to the proposed California High-Speed Rail Station east of Hanford. The goal of the Cross Valley Corridor Plan is to identify how the Corridor can serve as a regional transit alternative providing surrounding communities with convenient transit service and hubs (transit centers and stops), and to plan how the proposed California High-Speed Rail Station will serve as a regional transportation connector to other destinations throughout the State.

cross-valley-rail-2016-10-24-at-8-35-38-am
A potential commuter train could serve Kings County connecting NAS Lemoore, Lemoore, the planned high speed station and Tulare County cities.
Workshops on the plan will be held in Hanford on Wednesday November 9 from 5:30 to 7:30 pm at the Hanford Civic Auditorium  and Wednesday December 7 from 5:30 to 7:30 pm at the Lemoore Civic Auditorium.

Two More Local Dairies Throwing In The Towel.

Hanford’s Overland Stockyard has overseen two more dairy auctions recently. Earlier this month there was a complete dispersal of the Melvin Simoes dairy near Tulare and on October 25 the Frank Pinheiro Dairy near Strathmore held an auction. Both dairies milked over 1750 cows. Local dairy leader Tom Barcellos  says while prices are up and feed costs have eased ”recovery from years of tough times takes its toll on dairy operators.” California dairymen are fewer in number as are their cows with the lowest state September milk output since 2009. It’s the same in Wisconsin where nearly 400 dairy farms quit in the last year.

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