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<br />Sunny Isles Beach Special Assessment Report <br /> <br />Millenium Condominium <br />18671 Collins Ave, <br />Driftwood Motel <br />17121 Collins Ave, <br />OCllanla Beach (vacant parcel) <br />16151 Collins Ave, <br />R.K. Shopping Center <br />17100 Collins Ave, <br />Tony Romas Restaurant <br />18070 Collins Ave, <br />Handy Mart Neighbrhd Ctr <br />16204-28 Collins Ave, <br /> <br />land Value <br /> <br />Road <br />Footage <br /> <br />Parcel <br />Size <br /> <br />$9,898 <br />$9,898 <br />$30,919 <br />$29,694 <br />$14,406 <br />$11,368 <br /> <br />Because it is unrealistic to speculate on future property values, TA will use current land <br />value~; for this alternative. If the cost allocation were based on the value of improvements, <br />the vacant and underutilized properties along Collins Avenue would pay an unreasonably low <br />speciell assessment. A\'1:er the planned streetscape improvements are completed, the <br />vacant and underutilized properties could receive a windfall due to the anticipated increase <br />in vallie of their properly. Therefore, the value of current buildings should not be used as a <br />cost ai/ocation method. The table below indicates the cost allocation for each prototype <br />under the land value alternative. <br /> <br />Road <br />Footage <br /> <br />Current <br />Land <br />Value <br /> <br />Parcel <br />Size <br /> <br />Mlllenium Condominium <br />181371 Collins Ave. <br />Driftwood Motel <br />17:L21 Collins Ave. <br />Oceania Beach (vacant parcel) <br />16:L51 Collins Ave, <br />R ,K_ Shopping Center <br />17 :LOO Collins Ave, <br />Tony F10mas Restaurant <br />18070 Collins Ave. <br />Handy Mart Neighbrhd Ctr <br />16204-28 Collins Ave, <br /> <br />$9.898 <br />$9,898 <br />$30,919 <br />$29,694 <br />$14.406 <br />$11,368 <br /> <br />Development Potential <br /> <br />The City of Sunny Isles Beach may use the future land use designations established in the <br />Comprehensive Plan to estimate the maximum development potential of the land parcels <br />along Collins Avenue. The oceanfront properties on the east side of Collins Avenue have a <br />maxim um floor area ratio of 2.5. On the west side, all Of the properties with direct access to <br /> <br />6 <br />