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<br />SlUMMARY OIF SAJLIlEN1I' IFAiC1I'S ANID iCONiCJLlUSliiOlNS <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 />17201 CoIlins Avenue <br />Sunny Isles Beach, Florida <br /> <br />Legal Description <br /> <br />The South 300 feet of the North 400 feet of <br />Lot 2, TATUM'S OCEAN PARK COMPANY'S <br />SUBDIVISION, according to the plat thereof, <br />as recorded in Plat Book 10, Page 64, of the <br />Public Records of Miami-Dade County, <br />Florida. <br /> <br />Land Size <br /> <br />Approximately 117,917 Square Feet/ <br />2,707 Acres <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 />$62,000,000 <br /> <br />Final Estimate of Value <br /> <br />$62,000,000 <br /> <br />Date of Value Estimate <br /> <br />October 20, 2006 <br /> <br />Dates of Inspection <br /> <br />October 20, 2006 <br /> <br />Date of Report <br /> <br />October 25, 2006 <br /> <br />Remarks <br /> <br />The site was improved with a condominium <br />motel building known as Desert Inn Beach <br />Club containing 156 units, The building has <br />been razed and a 41-story residential <br />condominium tower containing 28 I units is <br />currently under construction, The building is <br />known as Ocean IV, <br /> <br />!{lI[JJ[N/LlI'if/AN AJJ>>lJ>>/lUJIS/U <br /> <br />3\ <br />