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EXECUTIVE SUMMARY <br /> <br />Property Type: <br /> <br />A multi-family zoned parcel of land <br /> <br />Report Type: <br /> <br />Summary <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 />LPLA Partners, LP, its general council and/or assigns. <br /> <br />Location: <br /> <br />17749 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br /> <br />Site Description: <br /> <br />Site Size: <br /> <br />99,099 square feet or 2.275 acres <br /> <br />MU-R, a mixed use resort district by the City of <br />Sunny Isles Beach, Florida. <br /> <br />Zoning: <br /> <br />Flood Zone: <br /> <br />X, AE, VE (See Addenda) <br />1.15 <br /> <br />Census Tract: <br /> <br />Current Use: <br /> <br />Vacant land <br /> <br />Proposed Use: <br /> <br />48-story condominium tower with 83 <br />residential units, The proposed project, to be <br />known as Mansions at Acqualina, is anticipated <br />to have an FAR of 4,3, <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 />December 9,2011 <br /> <br />Date of Report: <br /> <br />December 12, 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 />$24,500,000 <br />$65.00 <br />