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HIGHEST AND BEST USE <br /> Highest and Best Use is defined as: The reasonably probable and legal use of vacant land or an <br /> improved property that is physically possible, appropriately supported, financially feasible, and that <br /> results in the highest value. The four criteria the highest and best use must meet are legal <br /> permissibility, physical possibility,financial feasibility, and maximum productivity. Alternatively,the <br /> probable use of land or improved property—specific with respect to the user and timing of the <br /> use—that is adequately supported and results in the highest present value. <br /> Source: Appraisal Institute, The Dictionary of Real Estate Appraisal,5th ed. (Chicago:Appraisal Institute), <br /> 2010. <br /> The definition immediately above applies specifically to the Highest and Best Use of land. It is to be <br /> recognized that in cases where a site has existing improvements on it, the Highest and Best Use may <br /> very well be determined to be different from the existing use. The existing use will continue, <br /> however, unless and until land value in its Highest and Best Use exceeds the total value of the <br /> property in its existing use. There are four tests that a property must meet in order to indicate Highest <br /> and Best Use. The use must be physically and legally possible, financially feasible, and must be the <br /> most productive use among the possible alternative uses. <br /> Conclusion - Highest and Best Use as if vacant <br /> The highest and best use, as if vacant, is for any of the development of a mixed use and/or hotel <br /> project, as permitted under the B-1/BD zoning code, and in accordance with the Sunny Isles Beach <br /> LDR. <br /> Conclusion - Highest and Best Use as Improved <br /> The subject property is currently improved with a one-story,commercial,building that was completed <br /> in 1962. The improvements contain 1,377 square feet and are utilized as an Alamo Car Rental <br /> Agency. <br /> The improvements do not meet the maximum development rights as per the B-1/BD zoning code and <br /> Sunny Isles Beach LDR. The highest and best use as improved is for the re-development of the <br /> property in accordance with said zoning code and LDR. <br /> 17 <br />