Reso 2026-3963 - Laserfiche WebLink

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SALES COMPARISON APPROACH (Continued) Adjustment to Per Unit Cost with Bonuses in Place As per the LDR the cost for the TDR's is premised upon the per unit with bonuses in place. For the subject property the total allowable FAR, with bonuses, is 4.6 or 403,236 square feet. The per unit cost is estimated as follows: $50,300,000 / 403,236 SF = $124.74 Per SF Rounded to: $125.00 Per SF Private TDR purchases In the event that private parties enter into a transaction where one party purchases the air rights of a second party in order to restrict the development potential of a property, and such purchase does not follow the procedures of § 265-23 herein, the transaction shall not be considered to be a part of the TDR program. The party which sells such air rights immediately shall record a notice of the sale of air rights in the property records of Miami -Dade County and provide a copy of the notice to the City Clerk. For purpose of this section, air rights means the unused development rights above an existing structure located on a lot. Purchase of air rights by one party shall not entitle the party to the further use of the air rights for development purposes under the land development regulations of the City. If an air rights agreement is terminated by either party, a notice of termination of such agreement shall be required to be filed in the property records of Miami -Dade County and provide a copy of the notice to the City Clerk. Private purchases of TDRs on Sunny Isles Beach rarely occur. Several examples, are as follows: On July 15, 2015, TRG Sunny Isles VII West, LLC transferred, 80,000 square feet of FAR and 38 dwelling units, to RDR Seashore LLC. The purchase price was disclosed at $125 per square foot of FAR or $10,000,000. The purchase was for the construction Armani Casa. Also, on July 15, 2015, Dezer Universal, LLC transferred, 38,559 square feet of FAR and 18 dwelling units, to RDR Seashore LLC. The purchase price was $125.00 per square foot or $4,819,875. The purchase was for the construction Armani Casa. An additional 68,694 square feet of FAR and 37 dwelling units, as it pertains to the Armani Casa project, was transferred from Gil Dezer to RDR Seashore LLC, for $8,586,750. The aforementioned three transactions are between un-related entities. However, they were co -developers for the Armani Casa project. According to a representative with Dezer Development the purchase included a transfer of rights from one development site to another. However, the sending site did not include similar co -ownership. ,o 578