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<br />Fea~ibie l[J~elMaximllllIv Productive l[J~e <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 />With TORs, the site is being developed with a 4 I-story condominiumapatiment building containing <br />281-units with a maximumF.A.R. of 4.92, These two and three-bedroom units will reportedly range <br />in size from 1,301 to 3,018 square feet and range in price from $695,000 to $6,300,000, The project <br />is known as Ocean IV, <br /> <br />Surrounding sites are improved with rental and condominium apartment buildings, The building on <br />the subject site will have views across the Atlantic Ocean. <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 />