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AppraisalFirst <br />Real Estate Appraisers LLC <br />1444 Biscayne Boulevard, Suite 211 <br />Miami, Florida 33132 <br />Phone: 305-470-2130 <br />Fax:305-381-8047 <br />E-mail: residential@apraisalfirst.net <br />E-mail: frank(a?appraisalfirst.nct <br />June 3, 2022 <br />Sunny Isles Living LP <br />17749 Collins Avenue <br />145 Adelaide Street West, STE 500 <br />Toronto, ON MSH 4E5 Canada <br />c/o Carmen Tillit <br />East of Collins -Expediting <br />RECEIVED <br />JUN -3 202.2 <br />PZaoaa v.� <br />PLANNING & ZONING DEPT. <br />City of Sunny Isles Beach, FL <br />Re: The purchase of Transfer Development Rights (TDR's) as it pertains to the expansion of a <br />residential unit located in the Mansions of Acqualina, at 17749 Collins Avenue, Unit 602, <br />Sunny Isles Beach, Florida 33160. <br />Dear Ms. Tillit: <br />As requested, I have prepared the attached appraisal report of the above referenced property. The <br />purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights <br />(TDR's), as it pertains to the underlying subject property. This appraisal report is intended to comply <br />with reporting requirements set forth under Standards Rule 2-2 (a) of the Uniform Standards of <br />Professional Appraisal Practice USPAP (2020-2021). The Appraisal Standards Board of The <br />Appraisal Foundation voted to extend the expiration date of the 2020-2021 USPAP publication by <br />one year. Instead of expiring on December 31, 2021, the current USPAP will remain in effect until <br />December 31, 2022. <br />The value opinion reported is qualified by certain definitions, limiting conditions and certifications <br />which are set forth on pages 38 through 40 of this report. The extraordinary assumption is stated <br />herein. The report includes no hypothetical conditions. <br />The subject property consists of an approximate 313 square foot terrace area within a residential unit <br />in the Mansions of Acqualina located along the ocean side of Collins Avenue, between 177t1i and <br />178i1' Streets, Sunny Isles Beach, Florida. The Mansions of Acqualina consists of a 47 -story, luxury <br />condominium tower, with 79 residential units, consisting of seven expansive, flow through, floor <br />plans. The building was completed in 2015. <br />488 <br />