HomeMy WebLinkAboutReso 2021-3239RESOLUTION NO. 2021-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH,
FLORIDA, AUTHORIZING THE PURCHASE OF TRANSFER OF DEVELOPMENT
RIGHTS ("TDRs") IN THE AMOUNT OF TWELVE THOUSAND FIVE HUNDRED SIXTY-
FOUR (12,564.58) SQUARE FEET OF FLOOR AREA ("FAR") AND TWELVE (12)
DWELLING UNITS FROM THE CITY OF SUNNY ISLES BEACH TDRs BANK ACCOUNT
BY 18401 DEVELOPERS, LLC A/K/A BENTLEY RESIDENCES, AND ASSIGNMENT OF
TWELVE THOUSAND FIVE HUNDRED SIXTY-FOUR (12,564.58) SQUARE FEET OF
FAR AND ZERO (0) DWELLING UNITS TO THE PROPERTY LOCATED AT 18401
COLLINS AVENUE; DIRECTING THE DEVELOPMENT SERVICES DIRECTOR OR
DESIGNEE TO ASSIGN THE TDRs FROM THE CITY'S BANK ACCOUNT IN
ACCORDANCE WITH ZONING RESOLUTION NO. 21' Z' M` ; AUTHORIZING THE
ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR BANK; PROVIDING THE
CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, by Zoning Resolution No.adopted September 10, 2021, the City
Commission approved the zoning application submitted by 18401 Developers, LLC. a/k/a Bentley
Residences ("Applicant") for the assignment of TDRs in the amount of Twelve Thousand Five
Hundred Sixty -Four (12,564.58) square feet of floor area and Zero (0) dwelling units; and
WHEREAS, the Applicant is required to pay a per square foot price of One Hundred Twenty
Five Dollars ($125.00); and
WHEREAS, the City Commission agrees to accept One Million Five Hundred Seventy Two
Thousand Five Hundred Seventy Two Dollars and Fifty cents ($1,570,572.50) from the Applicant
for the payment of Twelve Thousand Five Hundred Sixty -Four (12,564.58) square feet of floor
area and Twelve (12) dwelling units of TDRs; and
WHEREAS, the property receiving the TDRs is located at 18401 Collins Avenue, Sunny Isles
Beach and is legally described in Zoning Application No. PZ2021-06; and
WHEREAS, the City Commission wishes to approve the transfer and assignment of the
TDRs contemplated herein in accordance with its TDRs ordinance.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are
incorporated herein by reference as if they are fully set forth herein.
Section 2. Authorizing the Assignment of Transfer of Development Rights. Pursuant to
Section 265-23 of the City Code and in accordance with Zoning Resolution No. 7-I1'%the City
Commission hereby authorizes the assignment of transfer of the development rights in the
amount of Twelve Thousand Five Hundred Sixty -Four (12,564.58) square feet of floor area and
18401 Developers, LLC a/k/a Bentley Residences - City TDR Bank Page 1 of 2
Zero /O\ dwelling units to 18401 Developers, LLC. a/k/a Bentley Residences from the Cit«gTDR
bank account.
Section 3. Directive to Development Services Director. The Development Services Director or
designee ishereby directed 1Otransfer the development rights from the Cit/sTDRBank to184Ol
Developers, LLC. a/k/a Bentley Residences in accordance with Zoning Resolution No. T/
The Development Services
Director is h8[eh« authorized to adjust the Oh/5TDR bank account by decreasing it by Twelve
Thousand Five Hundred Sixty -Four /l2,5b4.58\square feet offloor area and Twelve (l3)dwelling
units.
Section 5. Authorizing Payment Agreement of the Transfer of Development Rights. The
Applicant shall provide the City with 8non-refundable deposit iDthe amount One Hundred Fifty -
Seven aDdHft«-Sev8nOVllars and Twenty -Five Cents ($l57,U57.25),which i31O96Ofthe approved
purchased price of One Million Five Hundred Seventy -Two Thousand Five Hundred Seventy -Two
Dollars and Fifty Cents ($1,570,572.50) within three (]) vv0[kiOg days of the approval of this
Resolution. The remainder of the payment is due according to Zoning Resolution NO.V �� >
Section 6. Authority of the City Manager and CitV Attorney. The [hv Manager and City
Attorney are hereby authorized to do all things necessary to effectuate this Resolution.
Section 7. Effective Date. This Resolution shall become effective upon adoption.
ATT
PASSED AND ADOPTED this 14tI day of September 2021.
APPROVED AS TO FORM
AND LEGAL SU
&.- DaL Y:
MauriVio &etankur, CIVIC, City Clerk Edward A. Dion, City Attorney
Moved by: V—Seconded by:
Vmte`
. ^/
M@yUrSvechin (YieS) (No)
Dl
COOOiS5iOOerGOldDl@n �_7_-�
�S\ /NO\
./
Commissioner Lama~ �t�S\ ___-� (NO\
�
[Dnlnni35iVn8rVisCerro �_(YeS) (No)
zmmzDevelopers, uca/k/ Bentley Residences City mnBank Page awz
�~����� UU Beach
~�o�� ��n ������ .�n���
18070CoUins Avenue
Sunny Isles Beach, Florida 33160
(305) 947{6O6City Hall
TO: Honorable Mayor and City Commissioners
VIA: Christopher J. Russo, City Manager
FROM: Claudia C. Hasbun, Development Services Director
DATE: September 14, 2021
RE: Request for Purchase and Assignment of Public Transfer Development Right!
for the Bentley Residences (PZ2O21-06)
RECOMMENDATION:
Staff recommends approval of this Resolution.
REASONS:
According to She Man Approval and Transfer Development Rights applications /PZ2021-06\ , th'
Applicant is requesting to approve the purchase and assignment of Public Transfer Deve|npnnen|
Rights /TDRs\ inthe amount of12,564.58square feet ofFloor Area Ratio (FAR) and Udwelling unit
with an adjustment from the CityTDKs bank in the amount of1Z,564.58square feet ofFAR and 1�
dwelling units.
The [hv shall consider the acceptance of the appraised land value of $125.00 per square feet, for a
total mf$1,570,S73.5Ofor the Pub|icTDR's purchase. The Applicant shall provide the City with a non
refundable deposit in the amount of ten percent (10Y6) of the approved purchased price. The total
amount of the deposit is $157,057.25. The deposit is required within the three (3) working days of
approval of the Transfer Development Rights (TDRd application.
ADDITIONAL INFORMATION:
The attached TORAppraisal Report applies toitem 6Aand 1OO.
Resolution
TDRApp|icatlon
TDHAppraisal Report
Item Number: 10.M
TDR 2011 CH
c �d!ceived
nP � Y D
EDate R
Date Isd A � R 2 2021Resolu
PLANNING & ZONING DEPT.
City of Sunny Isles Beach, FL
4�yF * F L O �\
C'rY OF SUN PLO
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
Clerk of Court Use Only
I. APPLICANT INFORMATION
NAME 18401 Developers LLC, a Florida limited liability company
PHONE (305) 932-1000 E-MAIL a alla hg�er@dezer.com FAX (305) 936-9908
ADDRESS c/o Dezer Development, 18001 Collins Avenue, 31St Floor, Attn: Arthur Gallagher
CITY AND STATE Sunny Isles Beach, Florida ZIP CODE 33160
II. RECEIVER SITE INFORMATION AS APPLICABLE
OWNERS NAME 18401 Developers LLC, as contract purchaser of the Property
PHONE (305) 932-1000 E-MAIL agallagher@dezer.com FAX
ADDRESS. c/o Dezer Development, 18001 Collins Avenue, 31st Floor, Attn: Arthur Gallagher
CITY AND STATE Sunny Isles Beach, Florida ZIP CODE 33160
PROPERTY ADDRESS/LOCATION 18401 Collins Avenue, Sunny Isles Beach, Florida 33160
LEGAL DESCRIPTION See Attached Exhibit 1
City of Sunny Isles Beach 1 Planning and Zoning Department
TDR 2011 CH
FOLIO NUMBER 31-2202-003-0210 CURRENT ZONING MUR Mixed Use Resort
PROPERTY SIZE -2.366 acres (103,041 sf)* PURCHASE DATE August 1, 1996
EXISTING USE OF PROPERTY Thunderbird Hotel
EXISTING STRUCTURE ON PROPERTY 110,069 sf hotel building
PROPOSED FLOOR AREA RATIO 4.60 FAR (Base+BonusesIDENSITY 188 Units (excl. TDRs�
PERCENTAGE OF RIGHTS TO BE RECEIVED 89.3%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 127,035.58
DWELLING UNITS TO BE RECEIVED 63 units
TOTAL FLOOR AREA RATIO INCLUDING TDR 5.98 FAR
TOTAL DWELLING UNITS INCLUDING TDR 216 Units
* Note: Total site is 2.963 acres; however, 2.366 acres (103,041 sf) are being used for the
project and will be the portion of the property receiving the TDRs.
III. SENDING SITE INFORMATION
OWNERS NAME City of Sunny Isles Beach
PHONE E-MAIL FAX
ADDRESS
CITY AND STATE ZIP CODE
PROPERTY ADDRESS/LOCATION N/A
LEGAL DESCRIPTION N/A
FOLIO NUMBER N/A CURRENT ZONING N/A
PROPERTY SIZE N/A PURCHASE DATE N/A
EXISTING USE OF PROPERTY N/A
EXISTING STRUCTURES ON PROPERTY N/A
BASE FLOOR AREA RATIO PERMITTED N/A UNITS PERMITTED N/A
City of Sunny Isles Beach 2Planning and Zoning Department
TDR 2011 CH
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK
DWELLING UNITS TRANFERED TO TDR
IV. APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE
APPROVED BY THE CITY]
NAME Frank Hornstein/AivraisalFirst Real Estate Avnraisers. LLC
PHONE (305) 470-2130 E-MAIL irank(lappraisalfirst.net FAX _(305) 381-8047
ADDRESS 1444 Biscayne Boulevard, Suite 211
CITY AND STATE Miami, Florida ZIP CODE 33132
DATE OF APPRAISAL July 13.2021
APPRAISAL VALUE OF SITE $125 per square foot of allowable FAR.
V. TITLE COMPANY INFORMATION AS APPLICABLE [TITLE COMPANY MUST
BE APPROVED BY CITY]
A COMMITMENT OF TITLE INSURANCE FOR A FORM `B" MUST BE SUPPLIED BY THE
SENDING SITE APPLICANT AS PART OF A COMPLETE APPLICATION
NAME OF TITLE COMPANY To be determined
ADDRESS
PHONE E-MAIL FAX
VI. SURVEY COMPANY INFORMATION
NAME OF SURVEYOR Fortin, Leavy, Skiles, Inc.
ADDRESS 180 NE 168th Street, North Miami Beach, Florida 33162
PHONE 305-653-4493 E-MAIL dariir:'a'.flssurve\ .com_FAX 305-651-7152
City of Sunny Isles Beach 3Planning and Zoning Department
TDR 2011 CH
VII. PROPERTY OWNER CERTIFICATION
NAME OF COMPANY Dezer Hotel Management, Ltd.
ADDRESS c/o Dezer Development, 18001 Collins Avenue 31" Floor,• Attn: Arthur Gallaiaher
PHONE (305) 932-1000 E-MAIL agallagher@dezer.com FAX..(305) 936-9908
VIII. OUTDOOR CODE VIOLATIONS, AS APPLICABLE
(PROVIDE CERTIFICATION FROM CITY'S CHIEF CODE INSPECTOR)
IX. CERTIFICATION OF RESOLUTION FOR YOUR PROPERTY AND INCLUDING
ADJACENT LOTS
City of Sunny Isles Beach 4Planning and Zoning Department
TDR 2011 CH
X. PROPERTY OWNER CERTIFICATION AND ACKNOWLEDGEMENT
I HEREBY CERTIFY THAT
1) THE INFORMATION FURNISHED ON THIS APPLICATION AND THE ATTACHEMNTS
ARE TRUE
2) I AM THE OWNER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION (II) (III)
(circle applicable number).* CONTRACT PURCHASER OF PROPERTY IN II
3) IF THE APPLICATION, AS MODIFIED OR AMENDED DURING THE REVIEW AND
APPROVAL PROCESS, IS GRANTED, I AGREE, IN CONSIDERATION THEREFORE, TO
INDEMNIFY AND HOLD HARMLESS, AND PROMISE NOT TO SUE, THE CITY OF
SUNNY ISLES BEACH, INCLUDING ITS OFFICERS AND EMPLOYEES, IN
CONNECTION WITH ANY CLAIMS OR OTHER ACTIONS ARISING OUT OF SAID
REVIEW AND APPROVAL.
4) I HEREBY ACKNOWLEDGE AND AGREE THAT IF THE PROPERTY IS APPROVED AS
A SENDER SITE, IT SHALL BE CONVEYED TO THE CITY AS VACANT PROPERTY
WITHOUT ANY STRUCTURES LOCATED THEREON, UNLESS OTHERWISE
AAPROVED BY THE CITY MANAGER. THE REMOVAL OF STRUCTURES FROM THE
SITE SHALL BE AT NO COST TO THE CITY.
5) I HEREBY ACKNOWLEDGE AND AGREE THAT, AT THE EXPIRATION OF THE FIVE
YEAR PERIOD COMMENCING WITH THE DATE OF THE CITY COMMISSION
APPROVAL OF THE PROPERTY AS A SENDER SITE, ANY UNUSED DEVELOPEMNT
RIGHTS TRANSFERRED FROM THE SENDER_SJTE SHALL EXPIRE, TERMINATE AND
BECOME EXTINGIASHED AND UNUSABL
18401 D
GIL DEZER
SIGNATURE OF OWNER* (APPLICANT) DATE
CONTRACT PURCHASER
City of Sunny Isles Beach 5Planning and Zoning Department
TDR 2011 CH
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me this day of
' . Ab 20;/, by '� �C�-Z �r on behalf of , � Ll
a Florida (corporation) (partnership)
.(He/She i§.personally known to me or has produced
(type of identification produced) as identification
and did take an oath.
My Commission Expires: `";�i� 0 �.�C� Cp a
Notaiy Public State of Florida
01PAY PLgli IRMA M PACCIONE
Commission # GG 15705G Print Name: j�m.d �.
aoe Expires December 15, 2021
Bonded r1rU BUdge1 NotW gofyjW
City of Sunny Isles Beach 6Planning and Zoning Department
BENTLEY RESIDENCES
Public Hearing Application
EXHIBIT 1
LEGAL DESCRIPTION
LEGAL DESCRIPTION:
Tract "M', less the South 350 feet as mocsu-ed of 90' to the Southerly boundory, .AMENDED PLOT OF NORTH
BISCAYNE BEACH, according to the plot thereof, us recorded in Plal. Book 44 at Pace 42, of (tie Pjblic
Recores of Miami —Dade County, Flo,ida. All ;he property thereon is bcunded on the East by Vie =rosion
Cont-ol Li-ie of the Atlantic Oceo-i, said line recorded in Plot Book 134 at Poge 47, o= tic public Records
of Miarni—Dade County, Florida.
RECEIVED
PZ
PLANNING & ZONING DEPT.
City of Sunny Isles Beach, FL
AN APPRAISAL REPORT OF
A MULTI -FAMILY ZONED OCEAN FRONT PARCEL
LOCATED AT
18401 COLLINS AVENUE,
SUNNY ISLES BEACH, FLORIDA 33160
Appraisal No. 06-21-286
FOR
Arthur L. Gallagher
EVP, Chief Investment Officer
Dezer Owners & Developers
18001 Collins Avenue, 3 1 " Floor
Sunny Isles Beach, Florida 33160
BY
APPRAISALFIRST
Real Estate Appraisers, LLC
1444 Biscayne Boulevard, Suite 211
Miami, Florida 33132
AppraisalFirst
016= Real Estate Appraisers LLC
1444 Biscayne Boulevard, Suite 211
Miami, Florida 33132
Phone: 305-470-2130
Fax: 305-381-8047
E-mail: residential(@apraisalfust.net
E-mail: frank(@appraisalfust.net
July 13, 2021
Arthur L. Gallagher
EVP, Chief Investment Officer
Dezer Owners & Developers
18001 Collins Avenue, 31" Floor
Sunny Isles Beach, Florida 33160
Re: A multi -family zoned, ocean front, property located at 18401 Collins Avenue, Sunny Isles
Beach, Florida 33160.
Dear Mr. Gallagher:
As requested, I have prepared the attached appraisal report of the above referenced property. The
purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights
(TDR's), as it pertains to the underlying subject property. This is an Appraisal Report which is
intended to comply with reporting requirements set forth under Standards Rule 2-2(a) ofthe Uniform
Standards of Professional Appraisal Practice (2020-2021).
The value opinion reported is qualified by certain definitions, limiting conditions and certifications
which are set forth on pages 40 through 42 of this report. The extraordinary assumption is stated
herein. The report includes no hypothetical conditions.
The property is currently improved with a five -story, 180 room, Days Inn Hotel. The improvements
were completed in 1955, and not longer contribute value to the site. The property owner/developer
is obtaining site plan approvals for the development of a 60-story, luxury, condominium tower to be
known as the Bentley Residences. The project will include 216 condominium residences. The project
will be branded in conjunction with Bentley Motors.
The subject property of this appraisal is an, ocean front, MU-R zoned, parcel of land that contains
a total area of 155,077 square feet or 3.5601 acres (Public Records). The parcel sits along the east
side of Collins Avenue, at about 1841h Street and includes about 300 ± feet of frontage along the
Atlantic Ocean.
Arthur L. Gallagher
EVP, Chief Investment Officer
Dezer Owners & Developers
Page Two
The proposed project site will only encompass the north 200 feet or 103,041 square feet or 2.366
acres. The proposed project will require the full utilization of bonuses and Transfer Development
Rights (TDR's) in accordance with the zoning code and Land Development Regulations (LDR) for
the City of Sunny Isles Beach. The developer is planning to acquire the maximum amount of bonuses
at 2.10, and TDR's at 1.38, for a total project FAR of 5.98, and 216 residential units.
The intended use of this appraisal report is to establish an appropriate per unit selling price for the
proposed TDR's. This report may not be fully understood by users other than the property owner,
their representatives and the appropriate officials with the City of Sunny Isles Beach.
As per the LDR, at the time of approval of the TDR's, the City Commission shall consider the
acceptance of the appraised land value for the receiving site as follows: the cost for a square
foot of development right shall be determined by the market value of the receiving site as
determined by a current real estate appraisal (updated no more than three months from the
date the application is heard at a public hearing) prepared for the City by an appraiser,
selected by the City Manager, but paid for by the owner of the receiving site. The appraisal
amount shall then be divided by the permitted floor area ratio, including bonuses on the
receiver site.
Zoning and Legal Officials with the City of Sunny Isles Beach established parameters with
regard to the selection of comparable sales. These parameters preclude the Appraiser from
going outside the City limits to search for comparable land sales. Because of the parameters
and restrictions enforced by City officials toward the appraisal process the conclusion should
not, and has not been, considered market value as typically defined. The conclusion is the
most probable price paid by a developer for TDR's in Greater Sunny Isles Beach and not a
market supported value.
This appraisal report is in compliance with the minimum standards of the Uniform Standards of
Professional Appraisal Practice (USPAP 2020-2021). Because the intended use of the appraisal is
for internal purposes, related to establishing a purchase price for the TDR's, the report may not be
in conformance with Title XI of FIRREA and Department of the Treasury Interagency Appraisal and
Evaluation Guidelines.
The appraiser has previously provided consultation and value estimates for properties similar to the
subject property throughout the South Florida region. As such, the appraiser is in compliance with
the competency provision contained within USPAP. A copy of the appraiser's qualifications is
included in the addenda.
Arthur L. Gallagher
EVP, Chief Investment Officer
Dezer Owners & Developers
Page Three
I have not, nor has any of my associates, provided professional services related to the subject
property, as an appraisers or in any other professional capacity, within the prior three years, preceding
this date of appraisal.
By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit
for the purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of July
12, 2021, is:
$125.00 Per SF of Allowable FAR
Respectfully submitted,
Frank Hornstein, MAI
State -Certified General
Real Estate Appraiser, No. RZ 1376
Property Type:
Property Description:
Date of Value:
Date of Report
EXECUTIVE SUMMARY
A multi -family zoned ocean front parcel of land.
Location
18 401 Collins Avenue.
Sunny Isles Beach, Florida 33160
Folio Number
31-2202-003-0210
Zoning:
MU-R, a mixed use resort district by the City of
Sunny Isles Beach_ Florida.
Site Size:
3.5601 acres or 155,077 square feet - Total Parcel
2.366 acres or 103,041 square feet - Project Site
Census Tract:
1.23
Flood Zone:
X, AE and VE (See Addenda)
July 12, 2021
July 13, 2021
Property Rights Appraised: Fee Simple Estate
Highest & Best Use: Future condominium development in accordance with the zoning code
and Sunny Isles Beach LDR.
Marketing/Exposure Time: Within 12 months
VALUE INDICATIONS
Sales Comparison Approach: $59,000,000
Final Per SF of Allowable FAR $125.00