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EXECUTIVE SUMMARY <br />Property Type: A multi- family zoned ocean front parcel of land. <br />Intended Use: The intended use of the appraisal report will be to assist the client in <br />establishing the cost of Transfer Development Rights (TDB's) as it <br />pertains to the subject property. <br />Intended User: GSF Acquisition, LLC and /or assigns. <br />Property Description: <br />Date of Value: <br />Date of Report: <br />Property Rights Appraised: <br />Highest & Best Use: <br />Marketing /Exposure Time: <br />VALUE INDICATIONS <br />Location <br />17901 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br />Folio Number <br />31- 2202 - 017 -0010 through 1800 <br />Zoning: <br />MU -R, a mixed use resort district by the City of <br />Sunny Isles Beach, Florida. <br />Site Size: <br />5.601 acres or 243,988 square feet (Survey& <br />Public Records) <br />Census Tract: <br />1.26 <br />Flood Zone: <br />X, AE and VE (See Addenda) <br />July 28, 2014 <br />July 30, 2014 <br />Fee Simple Estate <br />Future condominium development in accordance with the zoning <br />code and Sunny Isles Beach LDR. <br />Within 12 months <br />Sales Comparison Approach: $140,000,000 <br />Final Per SF of Allowable FAR $125.00 <br />