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SALES COMPARISON APPROACH (Continued) <br />and building heights. For example, Bal Harbour and Surfside have oceanfront building heights <br />capped at 28 and 12 stories. Miami Beach limits FAR to a maximum of 3.5. It is for these reasons <br />it is difficult to compare oceanfront sales from these other communities. <br />To accurately estimate a land value for Sunny Isles Beach the sales search was extended back over <br />a decade. These sales are detailed on the following page. A location map will follow. In addition, <br />to the land sales several. private transactions of TDR's will be discussed. <br />The land sales were all purchased with the same intent of high-rise condominium development. In <br />each instance, said bonus system and the purchase of TDR's, in accordance with the LDR, was <br />completed. The developer is planning a 62-story,145-unit, condominium project on the subject site. <br />The development program includes the following purchase of bonuses and TDR's. <br />Miami Beach Club <br />"AR Calculation <br />Site Size SF 87,660 <br />,AR Criteria: Amount FAR Gross SF <br />Base - 2.50 219,150 <br />Bonuses: <br />Beach Access <br />0.10 <br />8,766 <br />Public Oceanfront Park & Open Space Enhancement <br />0.26 <br />17,532 <br />Beach Access Trust Fund Contribution <br />0.20 <br />17,532 <br />Public Beach Recreational Enhancement <br />0.60 <br />52,596 <br />Collins Avenue Public Street-scape Enhancement <br />0.60 <br />52,596 <br />Sunny Isles Parking <br />0.20 <br />17,532 <br />Educational & Cultural Infrastructure <br />0.20 <br />17,532 <br />Total Bonus FAR <br />2.10 <br />184,086 <br />Total Base & Bonus FAR 4.60 403,236 <br />Max. TDR @ 30% 1.38 120,971 <br />Total Allowable FAR 5.98 524,207 <br />The cost to obtain a TDR is premised upon the market value per square foot of FAR, after the <br />purchase of intangible bonuses from the City. Thus, the unit cost of a TDR purchase encompasses <br />the development rights prior to the purchase, or at the maximum FAR, after bonuses. In most cases, <br />this has been at an FAR of 4.6. Therefore this will be the basis point for each of the sales. <br />33 <br />571 <br />