Reso 2021-3239 - Laserfiche WebLink

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AppraisalFirst 016= Real Estate Appraisers LLC 1444 Biscayne Boulevard, Suite 211 Miami, Florida 33132 Phone: 305-470-2130 Fax: 305-381-8047 E-mail: residential(@apraisalfust.net E-mail: frank(@appraisalfust.net July 13, 2021 Arthur L. Gallagher EVP, Chief Investment Officer Dezer Owners & Developers 18001 Collins Avenue, 31" Floor Sunny Isles Beach, Florida 33160 Re: A multi -family zoned, ocean front, property located at 18401 Collins Avenue, Sunny Isles Beach, Florida 33160. Dear Mr. Gallagher: As requested, I have prepared the attached appraisal report of the above referenced property. The purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights (TDR's), as it pertains to the underlying subject property. This is an Appraisal Report which is intended to comply with reporting requirements set forth under Standards Rule 2-2(a) ofthe Uniform Standards of Professional Appraisal Practice (2020-2021). The value opinion reported is qualified by certain definitions, limiting conditions and certifications which are set forth on pages 40 through 42 of this report. The extraordinary assumption is stated herein. The report includes no hypothetical conditions. The property is currently improved with a five -story, 180 room, Days Inn Hotel. The improvements were completed in 1955, and not longer contribute value to the site. The property owner/developer is obtaining site plan approvals for the development of a 60-story, luxury, condominium tower to be known as the Bentley Residences. The project will include 216 condominium residences. The project will be branded in conjunction with Bentley Motors. The subject property of this appraisal is an, ocean front, MU-R zoned, parcel of land that contains a total area of 155,077 square feet or 3.5601 acres (Public Records). The parcel sits along the east side of Collins Avenue, at about 1841h Street and includes about 300 ± feet of frontage along the Atlantic Ocean.