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<br />EXECUTIVE SUMMARY <br /> <br />Property Type: <br /> <br />A multi-family zoned parcel ofland <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 (TOR's). <br /> <br />Intended User: <br /> <br />Chateau Beach LLC, its general council and/or assigns. <br /> <br />Location: <br /> <br />17475 Collins Avenue, <br />Sunny Isles Beach, Florida 33160 <br /> <br />Sitc Description: <br /> <br />Site Size: <br /> <br />45,394 square feet or 1.04 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 />35-story condominium tower with 93 <br />residential units. The proposed project, to be <br />known as Chateau on the Ocean, is anticipated <br />to have 3n FAR of5.98. <br /> <br />Highest & Best Use: <br /> <br />Future multi-family development in accordance with the current <br />zoning code and LOR of Sunny Isles Beach, Florida. <br /> <br />Date of Value: <br /> <br />January 6, 2012 <br /> <br />Date of Report: <br /> <br />Januaty 10,2012 <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 /> <br />$12,500,000 <br />$60.00 <br /> <br />Final Per SF of Allowable FAR <br />