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City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />r. L . <br />R`0���I (305) 947 -0606 City Hall <br />vto <br />of suK " o (305) 949 -3113 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission <br />VIA: Christopher J. Russo, City Manager <br />FROM: Claudia Hasbun, Planning and Zoning Administrator <br />DATE: 10/16/2014 <br />RE: Sunny Isles Property Venture, LLC ( "Applicant ") - Transfer <br />Development Rights Application <br />15701 & 15795 Collins Avenue <br />Appl. No. PZ2014 -11 <br />RECOMMENDATION: <br />Based on staff review of the submitted TDRs application, the application is <br />consistent with the City's Comprehensive Plan and the City's Land Development <br />Regulations and staff does not have any objection to the assignment and <br />transfer. <br />REASONS: <br />The Applicant is requesting approval of the assignment and purchase of Transfer <br />Development Rights ( "TDRs ") in the amount of 132,463 square feet of floor area <br />and 52 dwelling units where 83,445 square feet of floor area and 42 dwelling <br />units are from a private TDRs' bank account and 49,018 square feet and 23 <br />dwelling units are from the City's Transfer of Development Rights Bank ( "TDR <br />Bank "). The Applicant currently owns a private TDRs bank account in the amount <br />of 76,232 square feet of floor area and 39 dwelling units pursuant to Resolution <br />2014 -2181 adopted on January 16, 2014. The Applicant also entered into an <br />agreement of assignment of TDRs with PMG -S2 Sunny Isles, LLC wherein PMG- <br />S2 Sunny Isles, LLC assigned and transferred 7,213 square feet of TDRs and 3 <br />dwelling units to Sunny Isles Property Venture, LLC. <br />