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<br />Site Size/Fnmtlli~e <br /> <br />The sale sites range in size from 37,165 square feet to 223,027 square feet. The subject site <br />containing 117,917 square feet is in the middle of the range of the sizes of the sales, Typically, <br />smaller sites sell at higher unit prices because a smallersite 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 />Zoninl! <br /> <br />The subject site and seven of the eight sales are zoned MU-R, Mixed-Use - Resort District. Sale 3 <br />is located in Bal Harbor but has a similar zoning classification and highest and best use. No <br />adjustment 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 />I 17,917 Square Feet x $500,00 per Square Feet = <br /> <br />$58,958,500 <br /> <br />Rounded <br /> <br />$59,000,000 <br /> <br />Buildable Area <br /> <br />471,668 Square Feet x $135.00 per Square Feet = <br /> <br />$63,675,180 <br /> <br />Rounded <br /> <br />$63,675,00 <br /> <br />Indicated Land Value Range <br /> <br />$59,000,000 - $63,675,000 <br /> <br />Most Probable Price <br /> <br />$62,000,000 <br /> <br />QUINLIVAN APPRAISAL <br /> <br />40 <br />