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<br />Sale 3 is located on the northeast corner of Collins A venue and 100th Street, approximately three <br />miles south of the subject property. This 223,118 square foot site sold in January of 2004 for <br />$50,400,000 or $225.89 per square foot. This site is zoned OF, Ocean Front. The Regent, a luxury <br />condominium apartment building, is under construction on this site <br /> <br />Sale 4 is located on the northeast corner of Collins Avenue and Sunny Isles Boulevard, <br />approximately one-quarter mile south of the subject property. This 57,834 square foot site sold in <br />May of 2004 for $20,000,000 or $345.82 per square foot. This site is zoned MU-R, Mixed Use <br />Resort District. A luxury condominium apartment building is under construction on this site. <br /> <br />Sale 5 is located on the east side of Collins Avenue between 170th Street and l720d Street, <br />approximately three blocks south of the subject property. This 97,300 square foot site sold in <br />Oct<;>ber of2004 for $32,100,000 or $329.91 per square foot. This site is zoned MU-R, Mixed Use <br />Resort District. A luxury condominium apartment building is under construction on this site. <br /> <br />Sale 6 is located on the east side of Collins Avenue between l70th Street and 1720d Street, <br />approximately three blocks south of the subject property. This 37,165 square foot site sold in nine <br />transactions between January and April of200S for a total of$13,783,200 or $370.86 per square <br />foot. This site is zoned MU-R, Mixed Use Resort District. This site is currently improved with <br />two-story, 55-unit condominium apartment building. A luxury condominium apartment building <br />is planned for this site. <br /> <br />Sale 7 is located on the east side of Collins A venue, just south ofBayview Drive, approximately one <br />mile south of the south side ofthe subject site. This 57,064 square foot site sold in June of200S for <br />a total of $26,000,000 or $455.63 per square foot. This site is zoned MU-R, Mixed Use Resort <br />District. This site is currently vacant. A luxury hotel/condominium apartment building is planned <br />for this site. <br /> <br />Sale 8 is located on the northeast corner of Collins Avenue and 174th Street and is a recent sale of <br />the subject site. This 45,389 square foot site sold in April of 2006 for a total of $23,347,000 or <br />$514.38 per square foot. This site is zoned MU-R, Mixed Use Resort District. The site was <br />improved with a 66-unit motel condominium building at the time of sale. This building is currently <br />being razed. A luxury hotel/condominium apartment building is planned for this site. <br /> <br />A detailed profile of each sale, a photograph of the sales, a sales map, a summary of the sales and <br />a value conclusion follows herein. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />29 <br />