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<br />These tests have been applied to the subject property. In arriving at the estimate of Highest and Best <br />Use, the subject site was analyzed as vacant and available for development. <br /> <br />Possible Use <br /> <br />The subject site has 100 feet, more or less, of frontage on Collins Avenue and 100 feet, more or less, <br />offrontage along the Atlantic Ocean. Therefore, the subject property has good access and exposure <br />on one primary street. <br /> <br />The subject site is rectangular in shape, having adequate functional utility. All necessary utility <br />services are available along existing street right-of-ways. The site is filled to street grade and does <br />not appear to have any drainage or subsoil deficiencies. <br /> <br />The subject site is approximately 45,389 square feet in size which equates to 1.04 acre. The size of <br />the subject site would not limit its use. <br /> <br />The physical characteristics of the subject site would not restrict any residential use of the site. <br /> <br />Permissible Use <br /> <br />Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There <br />are presently no known private deed restrictions of record. <br /> <br />The site is zoned for mixed use. The zoning of the site permits multifamily apartments, hotels, <br />motels, apartments-hotels, commercial services and retail goods (including spas and health clubs, <br />beauty salons, clothing, florists, gift shops, banking services, pharmacy, newsstands and restaurants), <br />conferencing facilities and meeting rooms, parking lots and garages, public parks and recreations <br />facilities and all uses permitted in RMF-2 districts. <br /> <br />Without bonuses the zoning allows a maximum floor area ratio of 2.5 times the land size. The <br />maximum number of apartment units without bonuses is 50 units per acre. The maximum height <br />of the subject site is not explicitly stated, but would be limited by setbacks and FAR requirements. <br />Approximately 52 residential units could be constructed on the subject site without bonuses. The <br />number of hotel units is not limited by this zoning classification because they are not considered <br />residential units. The portion of the subject site which extends easterly beyond the bulkhead counts <br />towards the F.A.R. of the site. <br /> <br />As proposed, the future development of this site would be eligible for FAR bonuses under the zoning <br />provisions for the Beach Access Bonus (Access easement and Beach access trust fund contribution), <br />Public beach recreational enhancement bonus, Collins Avenue public streetscape enhancements <br />bonus, and Sunny Isles public parking bonus. These bonuses would allow the site to attain a <br />maximum floor area ratio of3.7 times the land size or 167,939 square feet of building area. Per the <br />Sunny Isles Beach zoning regulations, for each floor area ratio increase of 0.02 achieved through the <br />bonus provisions, an increase of one residential dwelling unit per acre shall be granted to a maximum <br />of80 units per acre. Under these circumstances, approximately 83 units could be constructed on the <br />subject site. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />25 <br />