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<br />Site Size/Frontal!e <br /> <br />The sale sites range in size from 37,165 square feet to 223,027 square feet. The subject site <br />containing 45,389 square feet is at the low end of the range of the sizes of the sales. Typically, <br />smaller sites sell at higher unit prices because a smaller site requires less absolute dollars to purchase <br />and there are less holding costs and reduced risks to a development on a smaller site. <br /> <br />Zoning <br /> <br />The subject site and seven of the eight sales are zoned MU-R, Mixed-Use - Resort District. Sale 3 <br />located in Bal Harbour has a similar zoning classification and highest and best use. No adjustment <br />for zoning is considered necessary. <br /> <br />Conclusion <br /> <br />Based on a careful analysis of the land sales, the subject property is estimated to have a value of <br />$500.00 per square foot ofland area and $135.00 per square foot of buildable area. <br /> <br />Land Area <br /> <br />45,389 Square Feet x $500,00 per Square Feet = <br /> <br />$22,694,500 <br /> <br />Rounded <br /> <br />$22,700,000 <br /> <br />Buildable Area <br /> <br />167,939 Square Feet x $135.00 per Square Feet = <br /> <br />$22,671,765 <br /> <br />Rounded <br /> <br />$22,675,000 <br /> <br />Land Value Conclusion <br /> <br />$22,700,000 <br /> <br />QUINLIVAN APPRAISAL <br /> <br />40 <br />