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<br />EXECUTIVE SUMMARY <br /> <br />Property Type: <br /> <br />A multi-family zoned.parce1 of land <br /> <br />Report Type: <br /> <br />Summary <br /> <br />. ! <br /> <br />Intended Use: <br /> <br />The intended use of this appraisal is to help negotiate the purchase <br />price of Transfer Development Rights (TDR's). <br /> <br />Intended User: <br /> <br />GILCO Realty LC, its general council and/or assigns. <br /> <br />Location: <br /> <br />18555 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br /> <br />Site Description: <br /> <br />Site Size: <br /> <br />96,162 square feet or 2.208 acres <br /> <br />MU-R, a mixed use resort district by the City of <br />Sunny Isles Beach, Florida. <br /> <br />X, AE, VB (See Addenda) <br /> <br />1.15 <br /> <br />Zoning: <br /> <br />Flood Zone: <br /> <br />Census Tract: <br /> <br />Current Use: <br /> <br />The Golden Nugget Hotel, a 120 unit <br />condominium-hotel completed in 1956. <br /> <br />58-story condominium tower with 132 <br />residential units. The proposed project, to be <br />!mown as Porsche, is anticipated to have an <br />FAR of5.19. <br /> <br />Proposed Use: <br /> <br />Highest & Best Use: <br /> <br />Future multi-family development in accordance with the current <br />zoning code and LDR of Sunny Isles Beach, Florida. <br /> <br />Date of Value: <br /> <br />September 9,2011 <br /> <br />.: I <br /> <br />Date of Report: <br /> <br />September 20, 2011 <br /> <br />Marketing/Exposure Time: Within 12 months. <br /> <br />Property Rights Appraised: Fee Simple Estate <br /> <br />VALUE INDICATIONS: <br /> <br />Sales Comparison Approach: <br />Final Per SF of Allowable FAR <br /> <br />$23,750,000 <br />$65.00 <br />