HomeMy WebLinkAboutLennyNelson_Support_LateExhibit
June 12, 2026
Caldwell City Council/P&Z
City of Caldwell
Re: Support for Rezone Request – Soterra Subdivision
Dear Honorable Members of the Caldwell City Council,
My name is Lenny Nelson, Partner and Broker at TOK Commercial in Boise, Idaho. With over
15 years of specialized experience in commercial land brokerage, acquisition, disposition,
and development transactions throughout the Treasure Valley (including Caldwell and
Canyon County), I am writing in strong support of the proposed rezone and concept plan
modifications for the Soterra Project.
Market Context and Viability of the Proposed Rezone The current zoning contemplates
approximately 15 acres of commercial land on a mid-block site without an anchor (grocery,
large scale retailer) or high-traffic corner exposure. Our firm’s ongoing analysis of the
Caldwell commercial land market confirms that large, non-corner commercial parcels in
this size range face significant challenges to attract commercial users.
Key data points supporting this assessment include:
• Extremely limited inventory and demand for larger midblock sites: There are
currently 36 active retail/office land listings in Caldwell, with only 2 pending.
Notably, there are zero non-corner parcels available in the 10–20 acre range. Only 8
commercial land listings exceed 5 acres total.
• Prolonged absorption for larger, unanchored parcels: Median months on market
for sold commercial land over the past 2 years is 9.6 months. Larger, mid-block,
unanchored sites typically experience even longer marketing times and significantly
higher risk of remaining undeveloped. TOK Commercial would not expect the full 15
acres of commercial to absorb for at least 10+ years.
• Market preference for anchored, smaller pads: Modern retail and service users
(restaurants, daycare, medical, etc.) strongly favor smaller, strategically located
pads within anchored or high-visibility developments. Large unanchored mid-block
commercial tracts lack this appeal and struggle to attract tenants or buyers under
current and projected market conditions.
Reducing the commercial component to approximately 4.4 acres along Ustick Road
(retaining prime frontage) while rezoning the remaining 11.4 acres to small-lot single-family
residential is a market-responsive solution. This adjustment creates three viable, shovel-
ready commercial pad sites that can be sold as professional services in a reasonable
timeframe.
We respectfully urge the City Council to approve the rezone and associated applications.
This change will enable timely development that benefits the community through housing,
commercial services, and economic activity while avoiding the pitfalls of an unmarketable
large commercial tract.
Please feel free to contact me directly with any questions. I would be happy to provide
additional market data or discuss this further.
Sincerely,
Lenny Nelson
Partner, Brokerage Services
TOK Commercial
Direct: (208) 947-0806
lenny@tokcommercial.com
www.tokcommercial.com