The subject property is a ±13.57-acre parcel of unimproved land situated in the heart of Galt. The property is currently approved for a 172-Unit residential rental project. It is anticipated that a residential developer will obtain approval for 180, ±3,000 SF single-family residential lots. The property is zoned Commercial. Galt’s Commercial Zoning Ordinance provides the flexibility for approval of a “For Sale” single family residential project. Smaller residential lots have a successful history in Galt. Immediately East of the subject Property at the northeast corner of Walnut Avenue and Carillon Blvd is a townhouse development completed in 2022. Many of the lots in that subdivision are ±3,100 SF. Directly across Walnut Avenue from the subject property is the “Parlin Oaks” residential development. The developer is beginning to market ±71 single family homes situated on ±2,600 - ±3,500 SF lots. These homes will be 2-story, 3BD/2BA from ±1,434–±1,512 SF priced from $459,990 - $469,990 to $311 - $321/SF. A second phase of the development planned as “Duet Style” homes is projected to be introduced later this year. These lots are expected to feature 2-story, 3BD/2BA homes ranging in size from ±1,377-±1,401 SF. Lennar recently purchased a 226 small lot subdivision in Galt. This development is just North of the subject property. Phase 1 of this development will be comprised of ±46 high-density single family residential lots. Lennar is marketing 2 models with expected completion in November 2024. 3bd/2.5ba, ±1,328 SF $495,990 - 4bd/2.5ba ±1,629 SF $517,990 $318/SF. Phase 2 will consist of ±180 high-density single family residential lots. According to public records Lennar purchased this property in December 2023 for $16,150,000 = $71,460/lot. (significant site improvements were completed at the time of the sale.)