Resolution Zoning 12-Z-129 - Laserfiche WebLink

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Created by CH 032912 Revised by SR 043012 Revised by HO 050312 IV. Applicant's Request Pursuant to Section 265 -18(I) of the City of Sunny Isles Beach Land Development Regulations, the Applicant is requesting the following modifications to an approved site plan pursuant to Resolution No. 11 -Z -123, a) Pursuant to Section 265- 35(D)(9) of the City of Sunny Isles Beach Land Development Regulations, the Applicant is requesting approval to increase Floor Area Ratio from 500,039 square feet to 543,887 square feet. 2. Pursuant to Section 265 -23 of the City of Sunny Isles Beach Land Development Regulations, the Applicant is requesting to transfer 15,000 square feet of development rights and seven (7) units as part of the modified site plan. An adjustment to be made for a decrease of 15,000 square feet and seven (7) units from the City's Transfer of Development Rights Bank or TDR bank accounts designated for private owners. Plans are on file and may be examined in the City Clerk Offices for Porsche Design Tower Miami prepared by The Sieger Suarez Architectural Partnership consisting of 32 sheets stamped date received 4/19/2012. Legal: All of Tract "L" less the south 200 feet thereof and less the north 100 feet thereof, of AMENDED Plat of North Biscayne Beach, PB 44 Page 42 V. Staff Analysis The Applicant is requesting an increase in Floor Area Ratio ( "FAR ") to change the unit type distributions within the building to include more one -story unit types and fewer two -story unit types. Specifically, the Applicant is requesting to purchase 0.3 FAR bonus, equivalent to 28,848 square feet. The FAR bonus program consists of participation units, which in this case are equal to 6 participation bonus units (where each participation unit has a value of 0.05 FAR) with a total price of $954,720. In detail, the bonus formula is the lot size (acres), times the participation units, times the price tag of the participation unit, for this case is as follows: • 2.21 (acres) x 6 (participation units) x $72,000 (price tag) = $954,720 Moreover, the Applicant is requesting to purchase 15,000 square feet of TDRs on a contingency basis. If the site plan modification is approved, the FAR for the Project will increase from 5.2 FAR to 5.65 FAR if all bonus and TDRs payment are made. The modification does not change the number of units approved, therefore no other conditions are needed to be modified. Based on the above review, the request modification is consistent with the City's Comprehensive Plan and the City's Land Development Regulations. At this time, City Staff has no objection to the Applicant's requests. VI. Conditions In the event that the request is granted, the following conditions should apply: PORSCHE DESIGN TOWER —MODIFICATION Z2012 -06 CH