Reso 2015-2405 - Laserfiche WebLink

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NEIGHBORHOOD DESCRIPTION (Continued) With the inception of the City a new LDR was created which allowed for relaxed FAR and building height criteria. The result has been nearly 12,000 new condominium units completed over the past decade with 6,400 units completed since 2003. As part of the LDR the City created a mandatory bonus program and a TDR bank. As such, the City purchased multiple properties thus allowing developers to purchase the development rights from said properties in order to increase the FAR of their proposed projects. The bonus program requires the developers to pay into funds that allow for the maintaining of the beach and creation of multiple access points. Also these bonuses provide for other Public projects such as parks. With the bonuses the FAR can be increased by a maximum of 2.1 along the ocean front and 1.5 in non-ocean front locations. From there an addition 30%in FAR may be purchased via the TDR program. Thus the maximum FAR can be increased, as per the LDR, to 5.98 along the ocean about 5.0 for non-ocean front properties. The cost of the TDR's are derived from property appraisals. With the completion of 6,400 units,since 2003,the condominium market became saturated and prime for a collapse during the housing bubble burst. The nearly 2,000 units completed after 2008 remained vacant and unsold until 2010. As of December 2014 less than 100 of the developer units remain. Increases in pricing and renewed interest in the ocean front has spurred a new wave of condominium development on Sunny Isles Beach. Approximately 19 new towers with about 2,500 units have been proposed or are under construction at this time. Some of the more notable projects are illustrated in the following table. Project Name # Units Status Regalia 40 Completed Porsche 132 Under Construction Mansions at Acqualina 79 Under Construction Jade Signature 192 Under Construction Solis/Chateau Sites 220 Under Construction Chateau Beach 84 Nearing Completion St. Tropez Parque Towers 329 Under Construction Armani Towers 227 Planned Muse 68 Planned Turnberry Ocean Club 154 Planned Total 1,525 The newer condominium inventory is solely targeted towards the upper luxury category. These projects offer or will offer architectural designs and finishes not seen in the previous boom of condominium units. The reported contracted and asking prices are also considerably higher than what was previously experienced.The table on the following page summarizes typical listing and sale prices for condominiums, completed after 2003, within the boundaries of Sunny Isles Beach. 11