Reso 2014-2275 - Laserfiche WebLink

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Beach Club Acquisition, LLC Page Two The subject property of this appraisal is the underlying, MU -R zoned, parcel of land that is improved with the Turnbeny Isles Ocean Club. The club house contains a total of 6,690 square feet and was completed in 1984. The subject parcel includes a total area of 99,879 square feet or 2.293 acres (Survey and Public Records). The parcel sits along the east side of Collins Avenue, at about 185' Street and includes about 200 + feet of frontage along the Atlantic Ocean. As per the LDR, at the time of approval of the TDRs, the City Commission shall consider the acceptance of the appraised land value for the receiving site as follows: the cost for a square foot of development right shall be determined by the market value of the receiving site as determined by a current real estate appraisal (updated no more than three months from the date the application is heard at a public hearing) prepared for the City by an appraiser, selected by the City Manager, but paid for by the owner of the receiving site. The appraisal amount shall then be divided by the permitted floor area ratio, including bonuses on the receiver site. Because of increasing market values and the resulting prohibitive cost of TDR's the client has requested a special extraordinary assumption in determining said costs. As per this request the current cost of the TDR's will be based on an average of sales, over a period of time, of similar type properties in Sunny Isles Beach. This may not equate to the current market value of the site, but rather a purchase price for said TDR's. The appraiser has previously provided consultation and value estimates for properties similar to the subject property throughout the South Florida region. As such, the appraiser is in compliance with the competency provision contained within USPAP. A copy of the appraiser's qualifications is inaudcd in the addenda. I txavc not provided professional services related to the subject property, as an appraisers or in any odwr ;xofessional capacity, within the prior three years, preceding this date of appraisal. B: r issue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit . da purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of May ].. 2v 14, is: $125.00 Per SF of Allowable FAR R n;w%tful ly submitted, Frank Hornstein, MAI State- Certified General Real Estate Appraiser, No. RZ1376