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<br />SUMMARY OF SALIENT FACTS AND CONCLUSIONS <br /> <br />Type Report <br /> <br />Complete <br /> <br />Report Format <br /> <br />Self-Contained <br /> <br />Purpose of Appraisal <br /> <br />Market Value <br /> <br />Property Rights Appraised <br /> <br />Fee Simple <br /> <br />Location <br /> <br />15701 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />Legal Description <br /> <br />Lot 79, TATUM'S OCEAN PARK <br />SUBDIVISION, according to the plat <br />thereof, as recorded in Plat Book 5, <br />Page 35. of the Public Records of <br />Miami-Dade County, Florida. <br /> <br />Land Size <br /> <br />Approximately 38,725 Square <br />Feet/O,889 Acre <br /> <br />Zoning <br /> <br />MU-R, Mixed Use Resort by the City of <br />Sunny Isles Beach <br /> <br />Highest and Best Use <br /> <br />Multi-family residential usage <br /> <br />Estimated Land Value <br /> <br />$17,250,000 <br /> <br />Final Estimate of Value <br /> <br />$17,250,000 <br /> <br />Date of Val ue Estimate <br /> <br />June 20, 2006 <br /> <br />Dates of Inspection <br /> <br />June 12,2006 and June 20, 2006 <br /> <br />Date of Report <br /> <br />June 20, 2006 <br /> <br />Remarks <br /> <br />The site is improved with a one story <br />motel known as Ocean Palm Motel <br />containing 42 units. The building will <br />be removed and replaced with a <br />proposed (without TDRs) 38-story <br />condominium apartment building to <br />contain 32 units. A copy of the <br />development application is included in <br />the addendum, <br /> <br />QUINLIVAN APPRAISAL <br /> <br />3 <br />