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<br />Sale 3 is located on the northeast corner of Collins A venue and 100'h 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 comer of Collins Avenue and Sunny Isles Boulevard, <br />approximately two and one-halfmiJes south of the subject property, This 57,834 square foot site <br />sold in May of2004 for $20,000,000 or $345.82 per square foot. This site is zoned MU-R, Mixed <br />Use Resort ~istrict. 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 l70'h Street and l72nd Street, <br />approximately two blocks south of the subject property. This 97,300 square foot site sold in October <br />of2004 for $32,100,000 or $329.91 per square foot. This site is zoned MU-R, Mixed Use Resort <br />~istrict. A luxury condominium apartment building is under construction on this site. <br /> <br />Sale 6 is located on the east side of Collins A venue between l70'h Street and 172nd Street, <br />approximately one block south of the subject property. This 37,165 square foot site sold in nine <br />transactions between January and April of2005 for a total of$13,783,200 or $370.86 per square <br />foot. This site is zoned MU-R, Mixed Use Resort ~istrict. 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 Avenue,just south ofBayview Drive, approximately one <br />mile south of the subject site. This 57,064 square foot site sold in June of 2005 for a total of <br />$26,000,000 or $455.63 per square foot. This site is zoned MU-R, Mixed Use Resort ~istrict. This <br />site is currently vacant. A luxury hotel/condominium apartment building is planned for this site. <br /> <br />Sale 8 is located on the northeast comer of Collins Avenue and 174'h Street, approximately two and <br />one-half blocks north of the subject site. This 45,389 square foot site sold in April of2006 for a total <br />of$23,347,000 or $514.38 per square foot. This site is zoned MU-R, Mixed Use Resort ~istrict. <br />The site was improved with a 66-unit motel condominium building at the time of sale. This building <br />is currently 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 />