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SALES COMPARISON APPROACH (Continued) <br />Private TDR purchases (Continued) <br />On September 20, 2017 Regalia Beach Developers, LLC transferred 15,538 square feet of FAR and 8 <br />corresponding dwelling units, to AS Development LLC. The developing project was the Estates of Acqualina <br />located at 17901 Collins Avenue. The selling price was $125.00 per square foot FAR or $1,942,250. <br />Conclusion of TDR Cost Per SF <br />The sales and most recent private purchases indicate an estimated a cost per unit for the purchase of TDRs <br />of $125.00 per square foot. <br />RECONCILIATION AND FINAL MARKET VALUE CONCLUSION <br />The Sales Comparison Approach included four of the most recent land sales within the immediate subject <br />market. The sales were all purchased with the intent of future condominium development and shared the same <br />highest and best use as the subject property. The sales were analyzed on a price per acre basis. <br />By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit for the <br />purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of September 10, 2025, <br />is: <br />$125.00 Per SF of Allowable FAR <br />Respectfully submitted, <br />Frank Hornstein, MAI <br />State -Certified General <br />Real Estate Appraiser, No. RZ1376 <br />41 <br />579 <br />