Reso 2026-3963 - Laserfiche WebLink

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SALES COMPARISON APPROACH (Continued) Land Sale 1 is the September 2013 sale of a .8532 acre, ocean front, parcel located along Collins Avenue in Sunny Isles Beach, Florida. The recorded purchase price was $31,646,000 or $37,091,343 per acre. The seller purchased the property in March 2012 for $20 million or $23,441,163 per acre. This site is considerably smaller than the subject property. Typically economies of scale dictate that a larger parcels will typically sell for less, on a per acre basis, than a smaller parcel. This is typically due to higher carrying costs, site development, etc. This property sold will all entitlements in place, including TDR's. Land Sale 2 is the all cash purchase price of $40,990,100 via an auction sale for a distressed property. The property included previous development approvals as well as a completed foundation and partial structure for the project. All previous approvals had expired. To expand the scope of the proposed project Fortune approached the adjoining property owner to the north, Man -Co USA LLC (DBA Chateau Group) about buying their .8890 acre parcel. A purchase price of $40,000,000 was accepted and the sale closed in February 2014. The two sites will be adjoined to include a 57-story tower with 218 to 220 units. Fortune utilized the City's bonus and TDR pool to maximize the development rights. This transaction was not considered to be arms length. The Ritz Carlton Residences was completed in 2020. Land Sale 3 is the closed sale for the Seashore Club South Condominium located at 189th Street and Collins Avenue. The property is improved with multiple, low-rise, condominium buildings with a total of 170 units. The underlying site area contains 2.929 acres. A planned termination of the project is predicated upon a purchase and sale agreement between the Condo Association and RDR Seashore LLC for $75 + million. The Plan called for 100% of the proceeds to be allocated to the aggregate value of the units and zero percent to the common element. The Condo Association, as termination trustee, recorded a conditional plan of termination on August 29, 2013, in the Public Records of Miami -Dade County, Florida. After the plan was recorded, the Association received additional Joinder and Consent forms from Association members, documenting their assent to the Plan. This original Plan of Termination was recorded under OR Book 28797, Page 3028. The subsequent recorded Joinders were also individually recorded. The final owner consents to the plan were recorded in May 2014. The Armani Towers was recently completed, utilzing bonuses, and purchasing TDR's in accordance with the City's LDR. The simultaneous purchase and termination of the condominium project was predicated upon a land appraisal. The difference between transaction and the recent purchase of the subject property is that the negoitiating parry was the condominium association and not the individual unit owners. 36 574