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RESOLUTION NO. 2026 - S_2--
<br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH,
<br />FLORIDA, AUTHORIZING THE TRANSFER OF TRANSFERABLE DEVELOPMENT
<br />RIGHTS ("TDRs") FROM LA PLAYA BEACH ASSOCIATES, LLC TO LA PLAYA 2, LLC,
<br />IN THE AMOUNT OF ONE HUNDRED THIRTY-SEVEN THOUSAND NINE HUNDRED
<br />SEVENTY-SEVEN AND TWENTY-SIX HUNDREDTHS (137,977.26) SQUARE FEET OF
<br />FLOOR AREA AND FIFTY-EIGHT (58) DWELLING UNITS, REPRESENTING A TDR
<br />VALUE OF SEVENTEEN MILLION TWO HUNDRED FORTY-SEVEN THOUSAND ONE
<br />HUNDRED FIFTY-EIGHT DOLLARS AND NO CENTS ($17,247,158.00), FOR THE
<br />PHASE II/NORTH TOWER PORTION OF THE APPROVED PROJECT ON THE
<br />PROPERTY LOCATED AT 18801 AND 18805 COLLINS AVENUE; PROVIDING THE
<br />CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO
<br />EFFECTUATE THIS RESOLUTION; PROVIDING FORSEVERABILITY; PROVIDING FOR
<br />REPEALER; PROVIDING FOR AN EFFECTIVE DATE.
<br />WHEREAS, pursuant to Zoning Resolution No. 15-Z-156, adopted November 19, 2015, the
<br />City Commission approved the zoning site plan application submitted by La Playa Beach
<br />Associates, LLC, for the property located at 18801 Collins Avenue (the "Property"); and
<br />WHEREAS, pursuant to Resolution No. 2015-2497, adopted November 19, 2015, the City
<br />Commission authorized the transfer of the development rights in the amount of Two Hundred
<br />Eighty -Three Thousand Four Hundred Eighty -Five (283,485) square feet of floor area and One
<br />Hundred Nineteen (119) dwelling units to La Playa Beach Associates, LLC, from the City's TDR
<br />bank account; and
<br />WHEREAS, pursuant to Resolution No. 2016-2511, adopted January 21, 2016, the City
<br />Commission approved a donation of TDRs in the amount of Seventy -Five Thousand (75,000)
<br />square feet of floor area and Thirty -Five (35) dwelling units to Corner House LLC for assignment
<br />to the Property; and
<br />WHEREAS, in 2025, due to the phased nature of the Project, the Property was divided
<br />into two separate folios, with a Declaration of Restrictive Covenants in Lieu of Unity of Title was
<br />approved by the City and recorded in the public records, resulting in the Property being identified
<br />as located at 18801 and 18805 Collins Avenue; and
<br />WHEREAS, each of the two phases of development of the Property will be owned by
<br />separate legal entities, to wit, La Playa Beach Associates, LLC, owning the Phase 1/South Tower
<br />portion of the Property, and La Playa 2, LLC, owning the Phase II/North Tower portion of the
<br />Property; and
<br />WHEREAS, since the full allocation of TDRs was originally authorized for La Playa Beach
<br />Associates, LLC, pursuant to Resolution No. 2015-2497, and due to the phased nature of the `
<br />Project, and the Phase II/North portion of the Property to be owned by La Playa 2, LLC, a
<br />proportional transfer of TDRs to La Playa 2, LLC is necessary and proper; and
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