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<br />September 21, 2011 <br /> <br /> <br />Mr. Jorge Vera <br />Assistant City Manager <br />City of Sunny Isles Beach <br />18070 Collins Ave. <br />Sunny Isles Beach, Fla. 33160 <br /> <br />Re: Application for site plan approval and purchase of Transferable Development Rights <br /> <br />Dear Mr. Vera: <br /> <br />Please accept this application on behalf of Gilco Realty, L.C., owner of the Oolden Nugget property <br />located at 18555 Collins Avenue, Sunny Isles Beach, Florida, for site plan and purchase of city-owned <br />Transferable Development Rights (TDRs) approvals by the City of Sunny Isles Beach Commission. <br /> <br />This site plan application is for the 2.21 acre oceanfront parcel in the MUR zoning district which was <br />formerly the Oolden Nugget Motel and the Oolden Nugget Condominium and Beach Club. The <br />proposed development is currently designated "Porsche Design Residences" and will have one hundred <br />and thirty two (132) luxury units in an architecturally and technologically unique building. <br /> <br />The site plan approval request meets the City requirements for the number of units permitted (with <br />TDR approval), parking provided (126 additional spaces than required ), landscaped open space, FAR <br />(with TDR approval), and related criteria. In addition, the proposed building has received FAA <br />approval. <br /> <br />The building is designed by Porsche Design and The Sieger Suarez Architectural Oroup (Sieger <br />Suarez) and will be developed by Dezer Development or a Dezer-related entity. Oil Dezer and Michael <br />Dezer have built and Charles Sieger has designed the most successful and luxurious high rise <br />condominiums in Sunny Isles Beach including Trump Palace, Trump Royale, Trump International <br />Hotel and Trump Towers I, II and III. <br /> <br />The request for the purchase of 115,391 square feet of Transferable Development Rights from the City <br />of Sunny Isles Beach will raise the permissible FAR to 5.20 including bonus FAR and TDR FAR which <br />is within the City's guidelines. The purchase will generate approximately $8,000,000 in additional cash <br />to the City of Sunny Isles Beach. The TDR request is attached herewith to be considered concurrently <br />with the site plan approval application. <br /> <br />Porsche Design Residences signifies the merging of Porsche Design technology with current design <br />standards, the outstanding architectural plans of Sieger Suarez and the proven expertise of building and <br />