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<br />Feasible Use/Maximallv Productive Use <br /> <br />The physical characteristics and zoning of the subject property permit a wide range of potential uses. <br />The possible and permissible uses include multi-family residential buildings, hotels, and various <br />commercial/retails uses. <br /> <br />The subject site is proposed, without TDRs, to be developed with a 38-story condominium apartrnent <br />building containing 32 units. With TDRs, the site is proposed to be developed with a 40-story <br />condominium apartment building containing 38-units. <br /> <br />Surrounding sites are improved with rental and condominium apartment buildings, A building on <br />the subject site would have views across the Atlantic Ocean to the east. <br /> <br />Conclusion (As Vacant) <br /> <br />Based on the above factors, it is the appraiser's opinion that the Highest and Best Use of the site, as <br />if vacant, is for multi-family residential usage. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />26 <br />