Reso 2026-3963 - Laserfiche WebLink

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HIGHEST AND BEST USE (Continued) Legally Permissible (Continued) Criteria Base w/bonus w/TDR's FAR 2.5 or 219,150 SF 2.1 maximum or total 4.6 or 403,236 SF 1.38 maximum or total 5.98 or 524,207 SF Density 50 units or 114 units 30 max. units or total 80 units or 160 units 24 max. units or total 104 units or 209 units Building Height 744 Feet or 62 stories 744 Feet or 62 stories 744 Feet or 62 stories The developer is planning to utilize the maximum allowable FAR, but is limited the density to 145 units or 72 units per acre. Financially Feasible The use for the site must provide a yield on invested capital sufficient to warrant the investment. The most physically possible and legally permissible use of the site, as if vacant, is for the development of a high-rise residential condominium tower. The Sunny Isles Beach condominium market has continued to slow over the past few years. Pricing for existing product has declined and marketing times have increased. The approved projects have been planning for several years and have recently broke ground. There are several other projects, like the subject property, that are in the planning stages. Current selling prices are reported to be close to $2,500 to $3,000 per square foot for new construction. Although sales are limited developers continue to move forward with construction completions anticipated to be in 2027 and beyond. This will enable existing available supply to be absorbed. While profit margins have declined due to higher construction costs, interest rates and costs of obtaining capital, current pricing still pencil's out a positive residual value to the land. Also, despite lower returns the profit margins remain above developer threshold requirements. Maximally Productive That feasible use, based on financial use analysis and return to the land and/or capital, that provides the highest yield for the longest period of time. The future development of the proposed condominium tower. 30 568