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ry.'. <br />EEXEMIVE SUMMARY <br />Property Type: A mixed use development site <br />Report Type: Summary <br />Intended Use: The intended use of this appraisal is to assist the client in determining <br />an appropriate for Transfer Development Rights (TDR's), as <br />permitted in the current LDR. <br />Intended User: The City of Sunny Isles Beach <br />Location: 250 to 330 Sunny Isles Boulevard, <br />Sunny Isles Beach, Florida 33160 <br />Site Description <br />Site Size: <br />117,014 square feet or 2.69 + acres <br />Zoning: <br />TCD, Town Center district by the City of Sunny Isles Beach, <br />Florida. <br />Flood Zone: <br />AE (See Addenda) <br />Census Tract: <br />1.07 <br />Folio Numbers: <br />31- 2214 - 007 -0250; 0260; 0261; and 0270 <br />Current Use: <br />Vacant land, old bank building and St. Tropez sales center. <br />Proposed Use: <br />A 25 and 28 -story condominium tower with 329 residential <br />units, parking garage and ground floor commercial space. <br />The proposed project, to be known as St. Tropez III, is <br />anticipated to have an FAR of 4.3 5. <br />Highest & Best Use: <br />Date of Value: <br />Date of Report: <br />Marketing/Exposure Time: <br />Property Rights Appraised: <br />VALUE INDICATIONS: <br />Multi- family development in accordance with the current zoning code <br />and LDR of Sunny Isles Beach, Florida. <br />August 6, 2012 <br />August 13, 2012 <br />Within 12 months. <br />Fee Simple Estate <br />Sales Comparison Approach: $16,350,000 <br />Final Per SF of Allowable FAR $27.95 <br />