HomeMy WebLinkAboutReso 2014-2303RESOLUTION NO. 2014- 2303
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE
TRANSFER OF DEVELOPMENT RIGHTS ( "TDRS ") IN THE
AMOUNT OF FIFTEEN THOUSAND SEVEN HUNDRED NINETY
SEVEN (15,797) SQUARE FEET OF FLOOR AREA ( "FAR ") AND
SEVEN (7) DWELLING UNITS TO GSF ACQUISITION, LLC. FOR
THE PROPERTY LOCATED AT 17901 COLLINS AVENUE FROM
THE CITY'S TDR BANK ACCOUNT; DIRECTING THE ZONING
ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRS
FROM THE CITY'S BANK AC OUNT IN ACCORDANCE WITH
ZONING RESOLUTION NO. 1+Z- ; AUTHORIZING FOR
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.Itj.Z' �!4adopted September 18, 2014; the City
Commission approved the zoning application submitted by GSF Acquisition. LLC., ( "Applicant ")
for the transfer of TDRS in the amount of Fifteen Thousand Seven Hundred Ninety Seven (15,797)
square feet of floor area and Seven (7) dwelling units; and
WHEREAS; pursuant to Section 265 -23E of the Code of the City of Sunny Isles Beach,
the City Commission shall consider the acceptance of the appraised land value in the amount of
One Hundred Forty Million Dollars ($140,000,000) for the receiving site for the purpose of
calculating the square foot value of the approved TDRs; and
WHEREAS, the Applicant is required to pay a per square foot price of One Hundred
Twenty Five Dollars ($125.00) as set forth in the appraisal attached as Exhibit "A ": and
WHEREAS, the City Commission agrees to accept One Million Nine Hundred Seventy
Four Thousand Six Hundred Twenty Five Dollars (S 1974,625) from the Applicant for the payment
of Fifteen Thousand Seven Hundred Ninety Seven (15,797) square feet of floor area and Seven (7)
dwelling units of TDRs; and
WHEREAS. the property receiving the TDRS is located at 17901 Collins Avenue, Sunny
Isles Beach and is legally described in Zoning Application No. PZ2014 -09; and
WHEREAS, the City Commission wishes to approve the transfer 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:
GSF _Acquisition a /k /a Palazzo Di Acqualina - City TDR Bank Page 1 of 3
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 Transfer of Development Rights. Pursuant to Section 265 -23 of the
City Code and in accordance with Zoning Resolution No. I 2..Iy4the City Commission hereby
authorizes the transfer of the development rights in the amount of Fifteen Thousand Seven Hundred
Ninety Seven (15,797) square feet of floor area and Zero (0) dwelling units to GSF Acquisition,
LLC. from the City's TDR bank account.
Section 3. Directive to Zoning Administrator. The Zoning Administrator or designee is hereby
directed to transfer the development rights from the City's TDR Bank to Beach Acquisition, LLC.
Inc., in accordance with Zoning Resolution No. 14 -7
Section 4. Authorizing the Adjustment and Modification of TDRs. The Zoning Administrator
is hereby authorize to adjust by decreasing the City's TDR bank account by Fifteen Thousand
Seven Hundred Ninety Seven (15,797) square feet of floor area and Seven (7) dwelling units.
Section 5. Authorizing Payment Agreement of the Transfer of Development Rights. The
Applicant shall provide the City with a non - refundable deposit in the amount One Hundred Ninety
Seven Thousand Four Hundred Sixty Three Dollars (5197,463) which is 10% of the approved
purchased price of One Million Nine Hundred Seventy Four Thousand Six Hundred Twenty Five
Dollars (51,974,625) within. three (3) working days of the approval of this Resolution. The
remainder of the payment is due prior to issu ce of the building permit for the site plan approved
in accordance with Zoning Resolution No. I Z -1
Section 6. Authority of the City Manager and City Attorney. The City 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.
PASSED AND ADOPTED this IS day of September, 2014.
ATTEST:
P
Jane A. Hines „City Clerk; MMC
GSF Acquisidon a /k /a.Palazzo Di Acqualina - Gi TDR Bank Page 2 of 3
APPROVED AS TO FORM
AND LECNL SUFFICIENCY:
'A", � __
Hats O inot, City Attorney
Vote: S_o
Mayor Edelcup
Vice Mayor Aelion
Commissioner Gatto
Commissioner Levin
Commissioner Scholl
Moved by: �� r _ �CF -(bLL
Seconded by: NA 'St c.2 /y\aAApY A5--Ll"O PQ
►O(Yes)
(No)
✓(Yes)
(No)
✓(Yes)
(No)
✓ Yes) (No)
Yes) (No)
GSF Acquisition a /k /a Palazzo Di Acqualina - City TDR Bank Page 3 of 3
AN APPRAISAL REPORT OF
A MULTI - FAMILY ZONED OCEAN FRONT PARCEL
LOCATED AT
17901 COLLINS AVENUE,
SUNNY ISLES BEACH, FLORIDA 33160
Appraisal No. 07 -14 -304
FOR
GSF Acquisition, LLC
c/o Mr. Brian T. Degnan
Vice President & Associate General Counsel
17780 Collins Avenue, 2nd Floor
Sunny Isles Beach, FL 33160
-.
APPRAISALFIRST
Real Estate Appraisers, LLC
1444 Biscayne Boulevard, Suite 211
Miami, Florida 33132
OkiAppraisalFirst
Real Estate Appraisers LLC
1444 Biscayne Boulevard, Suite 211
Miami, Florida 33132
Phone: 305- 470 -2130
Fax: 305 -381 -8047
E -mail: residentialnaapraisalfirst.net
E -mail: co mmercial(@,appraisalfirst.net
July 30, 2014
GSF Acquisition, LLC
c/o Mr. Brian T. Degnan
Vice President & Associate General Counsel
17780 Collins Avenue, 2nd Floor
Sunny Isles Beach, FL 33160
Re: A multi - family zoned, ocean front, property located at 17901 Collins Avenue, Sunny Isles
Beach, Florida 33160.
Dear Mr. Degnan:
As requested, I have prepared the attached appraisal report of the above referenced property. The
purpose of the lKeport is to estimate a cost per unit for the purchase of Transfer Development Rights
(TDR's), as it �ertains 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) of the Uniform
Standards of Professional Appraisal Practice (2014- 2015). Under the previous USPAP for 2012-
2013 the report would have been described as a Summary Report
The value opinion reported is qualified by certain definitions, limiting conditions and certifications
which are set forth on pages 37 through 40 of this report. The extraordinary assumption as it relates
to market value is stated herein. The report is also premised upon the hypothetical condition that the
property is vacant and ready for development. The property is currently improved with a 152
residential unit time share resort known as Golden Strand Ocean Villa Resort.
This appraisal report is in compliance with the minimum standards of the Uniform Standards of
Professional Appraisal Practice ( USPAP 2014 - 2015). Because the intended use of the appraisal is
for internal purposes the report may not be in conformance with Title XI of FIRREA and Department
of the Treasury Interagency Appraisal and Evaluation Guidelines,
GSF Acquisition, LLC
c/o Mr. Brian T. Degnan
Page Two
The subject property of this appraisal is the underlying, MU -R zoned, parcel of land that is improved
with said Golden Strand Ocean Villa Resort. These improvements, which include multiple
structures, were generally completed in 1980. The subject parcel includes a total area of 243,988
square feet or 5.601 acres (Survey and Public Records). The parcel sits along the east side of Collins
Avenue, at about 180 "' Street and includes about 500 ± feet of frontage along the Atlantic Ocean.
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.
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.
GSF Acquisition, LLC
c/o Mr. Brian T. Degnan
Page Three
I have not 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
28, 2014, is:
$125.00 Per SF of Allowable FAR
Respectfully submitted,
Frank Hornstein, MAI
State - Certified General
Real Estate Appraiser, No. RZ1376
EXECUTIVE SUMMARY
Property Type: A multi- family zoned ocean front parcel of land.
Intended Use: The intended use of the appraisal report will be to assist the client in
establishing the cost of Transfer Development Rights (TDB's) as it
pertains to the subject property.
Intended User: GSF Acquisition, LLC and /or assigns.
Property Description:
Date of Value:
Date of Report:
Property Rights Appraised:
Highest & Best Use:
Marketing /Exposure Time:
VALUE INDICATIONS
Location
17901 Collins Avenue,
Sunny Isles Beach, Florida 33160
Folio Number
31- 2202 - 017 -0010 through 1800
Zoning:
MU -R, a mixed use resort district by the City of
Sunny Isles Beach, Florida.
Site Size:
5.601 acres or 243,988 square feet (Survey&
Public Records)
Census Tract:
1.26
Flood Zone:
X, AE and VE (See Addenda)
July 28, 2014
July 30, 2014
Fee Simple Estate
Future condominium development in accordance with the zoning
code and Sunny Isles Beach LDR.
Within 12 months
Sales Comparison Approach: $140,000,000
Final Per SF of Allowable FAR $125.00
TDR 2011 CH
PLANNING & ZONING DEPT.
SJNNY lsz
Q s
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P
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APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
Clerk of Court Use Only
I. APPLICANT INFORMATION
NAME GSF Acquisition, LLC
BrianD @trumpgroup.com
PHONE 305 - 935 -3110 E -MAIL FAX 305 - 466 -3334
ADDRESS 4000 Island Boulevard, PH -2
CITY AND STATE Aventura, Florida ZIP CODE 33160
II. RECEIVER SITE INFORMATION AS APPLICABLE
OWNERS NAME Golden Strand Ocean Villa Resort Association Inc
PHONE 954- 491 -1120 E- MAVnard.lubart@gmlaw.coRX 954 - 771 -9264
ADDRESS Greenspoon Marder, P.A., 200 East Broward Boulevard, Suite 1800
CITY AND STATE
Fort Lauderdale, Florida ZIP CODE 33301
PROPERTY ADDRESS /LOCATION 17901 Collins Avenue
LEGAL DESCRIPTION See Attached.
FOLIO NUMBER 31 2202 - 017 -0001 t East Parcel CURRENT ZONING
PROPERTY SIZE +/- 5.601 acres
M
PURCHASE DATE Mav 7 901 rcontractdate)
City ofiSunny Isles Beach`v ,.,T yw+ " 16` i4f " 3 w`? Planning and Zoning Department
TDR 2011 CH
EXISTING USE OF PROPERTY Timeshare Condominium
EXISTING STRUCTURE ON PROPERTY Multi -story structure
PROPOSED FLOOR AREA RATIO 4.4 DENSITY 190
PERCENTAGE OF RIGHTS TO BE RECEIVED 4,5%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 14,639 square f ..t
DWELLING UNITS TO BE RECEIVED 27
TOTAL FLOOR AREA RATIO INCLUDING TDR
TOTAL DWELLING UNITS INCLUDING TDR 190
III. SENDING SITE INFORMATION
OWNERS NAME City of Sunny Isles Beach
PHONE 305 -947 -0606 E- MAILchasbun ansibfl net FAX 305 - 949 -3113
ADDRESS 18070 Collins Avenue
CITY AND STATE Sunny Isles Beach, Florida ZIP CODE 33160
PROPERTY ADDRESS/LOCATION N/A
LEGAL DESCRIPTION N/A
FOLIO NUMBER
N/A CURRENT ZONING N/A
PROPERTY SIZE N/A PURCHASE DA
EXISTING USE OF PROPERTY N/A
EXISTING STRUCTURES ON PROPERTY
BASE FLOOR AREA RATIO PERMITTED
N/A
Ill_1
N/A UNITS PERMITTED N/A
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK N/A
DWELLING UNITS TRANFERED TO TDR BANK N/A
.Ci—ty of �..k..b ,,.....,, ..,..,.. n, g .... �.:o, 'n-..,,,,.,- D.,e,Aa- r- «�- .e.n "t-
City of Sunny Isles Beach 2 Planning and Zoning Department
TDR 2011 CH
IV. APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE
APPROVED BY THE CITY]
NAME AppraisalFirst Real Estate Appraiser, LLC
residential @appraisalfirst.net
PHONE 305 - 470 -2130 E -MAIL FAX 305 - 381 -8147
ADDRESS 1444 Biscayne Boulevard, Suite 211
CITY AND STATE Miami, Florida ZIP CODE 33132
DATE OF APPRAISAL -TulU 50, 204
APPRAISAL VALUE OF SITE L� (�� CXOb
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 N/A
ADDRESS N/A
PHONE E -MAIL FAX N/A
VI. SURVEY COMPANY INFORMATION
NAME OF SURVEYOR
ADDRESS N/A
PHONE N/A E -MAIL N/A FAX
VII. PROPERTY OWNER CERTIFICATION
NAME OF COMPANY
ADDRESS N/A
N/A
PHONE N/A E -MAIL N/A FAX N/A
VIII. OUTDOOR CODE VIOLATIONS, AS APPLICABLE
City of Sunny Isles Beach 3 - Planning and Zoning Department
TDR 2011 CH
(PROVIDE CERTIFICATION FROM CITY'S CHIEF CODE INSPECTOR)
IX. CERTIFICATION OF RESOLUTION FOR YOUR PROPERTY AND INCLUDING
ADJACENT LOTS
X. PROPERTY OWNER CERTIFICATION AND ACKNOWLEDGEMENT
I HEREBY CERTIFY THAT
1) THE INFORMATION FURNISHED ON THIS APPLICATION AND THE ATTACHEMNTS
ARE TRUE
PURCHASER
2) I AM THE 0144NER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION ((II) (III)
(circle applicable number).
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.
.... ....
. .. -
_.
2 f4fl.IED R�4 T-W� C-IT-34 A.4ANAGER. 'PUN R-FAMOVAT PROM T14
• •
• ••! • • • •! • • AS ► \ ! SITE, e ► 2 \ \ •• �d►
Rffifffs TRANSFERRED FRE)?Vt THE SEN9ER
BEGOME FX:F4iGJc4181!E9AN9
�#Sitiefh
DATE
SIGNATURE OF CO -OWNER (CO- APPLICANT) DATE
STATE OF FLORIDA
City.of Sunny Isles Beach ........ s,.,.. .Planning and Zoning Department
TDR 2011 CH
COUNTY OF MIAMI -DADE
as
The foregoing instrument was acknowledged before me this day of
July 2014 by 1 /,10 T Of6lb #0 on behalf of GSF Acguisition, LLC
u l ,, i d (eei:Per- tion) (paFtnor -s ip) (other)
Delaware Limited Liability Company He /fie is personally known to me or has pve4u4ed
(type of identification produced) as identification
and did take an oath.
My Commission Expires:
�� &►, yk MICHELE SMITH
a NOTARY PUBLIC
STATE OF FLORIDA
Comm# EE879185
s�NCE 19�0� Expires 2/28/2o17
STATE OF FLORIDA
COUNTY OF MIAMI -DADE
la j6wujt
Notary Public State of Florida
Print Name: (/N /,r#
The foregoing instrument was acknowledged before me this day of
20 , by on behalf of
a Florida (corporation) (partnership) (other)
He /She is personally known to me or has produced
(type of identification produced) as identification
produced and did take an oath.
My Commission Expires:
Notary Public, State of Florida at barge
Print Name:
City of Sunny Isles Beach 5 Planning and Zoning Department
LEGAL DESCRIPTION OF PROPERTY EAST OF COLLINS AVENUE
That portion of the property originally declared to be GOLDEN STRAND OCEAN VILLA RESORT,
A CONDOMINIUM, according to the Declaration of Condominium thereof, recorded on March 28,
1982, in Official Records Book 11392, at Page 336, as amended by Amendment to Declaration of
Condominium of Golden Strand Ocean Villa Resort, a Condominium, recorded May 17, 1982, in
Official Records Book 11441, Page 1296, as amended and restated by that Amended and
Restated Declaration of Golden Strand Ocean Villa Resort, a Condominium, attached to that
Amendment to Declaration recorded on January 25, 1984, in Official Records Book 12035, page
2760, as further amended by that Second Amendment to Declaration, recorded July 26, 1985, in
Official Records Book 12587, page 71, by that Third Amendment to Declaration of Condominium of
Golden Strand Ocean Villa Resort, a Condominium, recorded on December 2, 1988, in Official
Records Book 13911, page 1241, by that Fourth Amendment to the Amended and Restated
Declaration of Golden Strand Ocean Villa Resort, a Condominium, recorded on January 17, 1989,
in Official Records Book 13961, page 1828, by that Fifth Amendment to the Amended and
Restated Declaration of Golden Strand Ocean Villa Resort, a Condominium, recorded on August
27, 2004, in Official Records Book 22612, page 4950, and by that Certificate of Amendment to the
Amended and Restated Declaration of Golden Strand Ocean Villa Resort Association, Inc.,
recorded on October 30, 2006, in Official Records Book 25054, page 2195, and by that Seventh
Amendment to Declaration of Condominium recorded on May 7, 2014 in Official Records Book
29141, at page 2986, all in the Public Records of Miami -Dade County, Florida, described as:
Tract "Q" of AMENDED PLAT OF NORTH BISCAYNE BEACH, according to the plat thereof,
recorded in Plat Book 44, Page 42, of the Public Records of Miami -Dade County Florida.
Surveyor's Note:
GOLDEN STRAND OCEAN VILLA RESORT, A CONDOMINIUM, previously included the following
real property which was removed and withdrawn from the Condominium by that Certificate of
Amendment to the Amended and Restated Declaration of Golden Strand Ocean Villa Resort
Association, Inc., recorded on October 30, 2006, in Official Records Book 25054, page 2195
recorded in the Public Records of Miami -Dade County, Florida:
A portion of Tract "A" of THE PEOPLES PROPERTY according to the plat thereof, as
recorded in Plat Book 106, Page 37 of the Public Records of Miami -Dade County, Florida,
less and except the South 125.00 feet of said Tract "A" being more fully described as
follows:
Begin at the Northwest corner of said Tract "A'; thence on a bearing of East along the North
line of said Tract "A" for 200.00 feet to the Northeast corner thereof; thence continue on a
bearing of South 06 006'20" West along the Easterly line of said Tract "A" for 60.00 feet;
thence on a bearing of East along the Northerly line of said Tract "A" for 50.00 feet to the
East line of said Tract "A "; thence South 06 °06'20" West along the East line of said Tract
"A" for 74.29 feet; thence on a bearing of West along a line parallel with and 125.00 feet
North of as measured at 90 °00'00" from the South line of said Tract "A" for 250.00 feet to a
point on the West line of said Tract "A "; thence North 06 °06'20" East along said West line of
said Tract "A" for 134.28 feet to the Point of Beginning
Subject to the Easement described in that certain Warranty Deed recorded in Official
Records Book 12000, Page 92 of the Public Records of Miami -Dade County, Florida.
MIADOCS 9578199 3