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PLO <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Commissioners <br />VIA: Stan Morris, City Manager <br />FROM: Amy Canales, Planning and Zoning Director <br />DATE: March 19, 2026 <br />RE: Approving Transfer of Transferable Development Rights (TDRs) from La Playa <br />Beach Associates, LLC to La Playa 2, LLC for the St. Regis Development <br />Project <br />RECOMMENDATION: <br />This application is consistent with the City's Land Development Regulations. <br />REASONS: <br />In November 2015, the City Commission approved a site plan for the La Playa Varadero development <br />project located at 18801 Collins Avenue (now known as the St. Regis Residences) via resolution 15-Z- <br />156. The project is a dual tower development, which will be completed in phases. In connection with <br />site plan approval, the City Commission authorized the transfer of Transferable Development Rights <br />(TDRs) from the City's TDR bankto La Playa Beach Associates, LLC in the amount of 283,485 square feet <br />of floor area and 119 dwelling units via resolution 2015-249. <br />Due to the phased nature of the project, the property was subsequently divided into two separate folios <br />in 2025, resulting in addresses at 18801 Collins Avenue (Phase I/South Tower) and 18805 Collins Avenue <br />(Phase II/North Tower). Each phase will be owned by separate legal entities. La Playa Beach Associates, <br />LLC will retain ownership of the Phase I/South Tower portion, while La Playa 2, LLC will own the Phase <br />II/North Tower portion. Because the original TDR allocation was approved for La Playa Beach <br />Associates, LLC for the entire project site, a proportional transfer of TDRs is necessary to assign the <br />appropriate development rights to the Phase II/North Tower entity, La Playa 2, LLC and must be <br />Item Number: 9.0 <br />ff- <br />