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APPRAISAL REPORT <br /> EXECUTIVE SUMMARY <br /> 1 Property Type: A multi-family zoned ocean front parcel of land. <br /> Intended:Use: The intended use of the appraisal report will be to assist the client in <br /> establishing the:cost of Transfer Development Rights (TDR's) as:it <br /> pertains to the subject property: <br /> Intended User: La Playa Beach.Associates LLC and/or assigns. <br /> property Description: <br /> Location 18801 Collins Avenue, • <br /> Sunny Isles'Beach,'Florida 33160 <br /> Folio Number 31-2202-035-0010 through 3460 <br /> Zoning`: MU-R,a mixed use resort district by the City of <br /> Sunny Isles Beach, Florida. <br /> Site Size: 4.72 acres Or 205,429 square feet(Survey) <br /> Census Tract: - [.23 <br /> jJ Flood Zone: X,AE and VE(See Addenda) <br /> Date of Value: September 30, 2015 <br /> Date of Report: October 1, 2015 <br /> Property' i is A P P raised: Fee Simple Estate <br /> Highest&Best Use: Future condominium development in accordance with the zoning code <br /> and Sunny Isles Beach LDR. <br /> Marketing/Exposure Time: Within 12 months <br /> VALUE INDICATIONS <br /> Sales Comparison Approach: $118,000,000 <br /> JFinal Per SF of Allowable FAR $125:00 <br /> .] OCT - 22015 :P.) <br /> PLANNING & ZONING DEPT. <br /> 1 <br />