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}1C p7+ 4p\ <br />J r hH.] iw <br />s� 5 <br />TO: <br />VIA: <br />FROM: <br />DATE: <br />RE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />Honorable Mayor and City Commissioners <br />Christopher J. Russo, City Manager <br />Claudia C. Hasbun, AICP, Development Services Director <br />May 20, 2021 <br />Approval of Private Transfer of Development Rights Between NDPRE <br />#14 and A3 Development <br />RECOMMENDATION: <br />Staff is recommending approval of this Resolution. <br />REASONS: <br />A3 Development is requesting an intensity increase of the overall Floor Area Ratio (FAR) from <br />1,179,384 square feet of FAR to 1,191,245 square feet of FAR through the City's Transfer <br />Development Rights (TDRs) program. Pursuant to Resolution No. 2018-2840, the TDRs will <br />be sold from the NDPRE #14, LLC ("Navarro") Private TDR account. The Applicant is <br />requesting the purchase 11,861 square feet of FAR and five (5) dwelling units. However, the <br />Applicant is seeking to solely assign 11,861 square feet of FAR and zero (0) dwellings units to <br />the project. Therefore, the five (5) unused dwelling units will be extinguished. <br />The TDRs pricing is set to $125.00 per square feet, yielding to a total of $1,482.625.00. This <br />amount shall be paid in full by the Applicant within three (3) business day from the approval. <br />The proceeds will be applied to the Navarro purchase agreement according to Resolution No. <br />2018-2840. <br />ATTACHMENTS: <br />Resolution <br />Item Number: 10.G <br />