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June 15, 2023 <br />PZ2023-09 <br />17. Construction Staging Plan. No modification requested. <br />2. Transfer Development Rights (TDR's) <br />Pursuant to Resolution No. 11-Z-124 passed and adopted December 22, 2011, <br />and later modified through Resolution No. 12-Z-127 passed and adopted March <br />15, 2012, the overall Mansions at Acqualina project utilized 431,305 square feet of <br />Floor Area Ratio (FAR). Throughout the years, several independent unit owners <br />(No. 16-Z-159, No. 17-Z-164, No. 19-Z-170, No. 19-Z-171, No. 21-Z-181, No. 21- <br />Z-183, 21-Z-185, 22-Z-190, 22-Z-191 and 23-Z- ) have gained approval for <br />balcony enclosures, through the City's TDRs program, increasing the overall floor <br />area of the project to 435,012 square feet. <br />Under this site plan modification, the Applicant is seeking to purchase and assign <br />TDR's in the amount of 789 square feet of FAR and zero (0) dwelling units. The <br />assignment and payment for the additional TDRs shall be as per Condition No. 2 <br />stipulated in Section VII. Please note that one (1) dwelling unit in the City's TDR <br />bank is equivalent to 1,997 square feet of floor area. <br />Price of TDRs <br />The appraisal report completed by Appraisal First Real Estate Appraisers, LLC, <br />date stamped May 5, 2023, reflects the square foot market value of the subject <br />property (17749 Collins Ave) as One Hundred Twenty-five Dollars ($125.00) of <br />allowable FAR. The Applicant has agreed to pay the square foot value of One <br />Hundred and Twenty -Five Dollars ($125.00). <br />Thus, the total TDR purchase is Ninety -Eight Thousand Six Hundred Twenty -Five <br />Dollars ($98,625.00). Please refer to Condition No. 2 in Section VII. <br />The effect of the TDRs purchase and approval on the project would be an increase <br />in intensity (square footage). <br />VI. FINAL ANALYSIS <br />Based on the above review, the application is consistent with the City's Comprehensive <br />Plan and the City's Land Development Regulations. The site plan modification requests <br />an increase of 789 square feet of floor area for combined Unit 2401-2402, which increases <br />the floor area of the unit from 8,476 square feet to 9,265 square feet. The Applicant has <br />not requested any variances as part of this application. <br />Staff has compiled the relevant facts of the requested site plan modification and request <br />for TDR purchase and assignment and recommends the application be presented to City <br />Commission for consideration. <br />Page 6 of 9 <br />50 <br />