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8C •,FL0\ <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and, City Commissioners ' <br />VIA: Stan Morris, City Manager. <br />FROM: Amy Canales, Planning and Zoning Director <br />DATE: February 19, 2026 <br />RE: Transfer Development of Right (TDRs) Application for Miami Beach Club <br />(PZ2025-08) <br />RECOMMENDATION: <br />This application is consistent with the City's Comprehensive Plan and the City's Land Development <br />Regulations. Staff has reviewed the application requests and has no objection if all conditions are <br />accepted. <br />REASONS: <br />The Applicant is requesting approval for the purchase and assignment of TDRs in the amount of <br />120,972.18 square feet of floor area and 48 dwelling units from the City's public TDR bank account. The <br />appraisal report completed by Appraisal First Real Estate Appraisers, LLC., date stamped January 5, <br />2026, reflects the cost per unit for the purchase of TDR's is $125.00. The Applicant has agreed to pay the <br />square foot value of $125.00 and thereforethe total TDR purchase is $15,121,522.50, A nonrefundable <br />10% deposit is due to the City within three (3) working days of approval of the TDRs application, the <br />total of which is $1,512,152.25. The Applicant is proposing to enter into an installment payment plan in <br />accordance with the City Code for the remaining balance (90%) and if approved, this agreement shall be <br />executed prior to below grade or master building permit of the project. <br />ATTACHMENTS: <br />Resolution <br />TDR Application <br />Item Number: 9.A <br />522 <br />