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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 (TDR's) as it <br />pertains to the subject property. <br />Intended User: <br />Sunny Isles Property Ventures, LLC and/or assigns. <br />Property Description: <br />Location 15701 and 15795 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br />Folio Number 31- 2214 -008 -0030 and 0040 <br />Zoning: MU -R, a mixed use resort district by the City of <br />Sunny Isles Beach, Florida. <br />Site Size: 2.2036 acres or 95,988 square feet (Survey) <br />Census Tract: 1.30 <br />Flood Zone: X, AE and VE (See Addenda) <br />Date of Value: <br />September 2, 2014 <br />Date of Report: <br />September 3, 2014 <br />Property Rights Appraised: Fee Simple Estate <br />Highest & Best Use: Future condominium development in accordance with the zoning <br />code and Sunny Isles Beach LDR. <br />Marketing/Exposure Time: Within 12 months <br />VALUE INDICATIONS <br />Sales Comparison Approach: $55,000,000 <br />Final Per SF of Allowable FAR $125.00 <br />