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HomeMy WebLinkAboutReso 2014-2321 PAW Hig:OWE NU!PO itlib9 ii91311.11.1i MAO firs BiAR Wag Mill ROE sds td RECORDED o1/21/2111 HARVEY RUM4 CLERK OF COURT RESOLUTION NO. 2014- 2,3,Z 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 FORTY NINE THOUSAND EIGHTEEN (49,018) SQUARE FEET OF FLOOR AREA ("FAR") AND TEN (10) DWELLING UNITS TO SUNNY ISLES PROPERTY VENTURE, LLC. FOR THE PROPERTY LOCATED AT 15701 AND 15795 COLLINS AVENUE FROM THE CITY'S TDR BANK ACCOUNT; DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRs FROM THE CITY'S BANK ACCOUNT Ili ACCORDANCE WITH ZONING RESOLUTION NO. ._z— r 41 ; AUTHORIZING FOR THE ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR l ANK; PROVIDING THE CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. I WHEREAS, by Zoning Resolution No. €x, .,.1444 dopted on October 16, 2014 the City Commission approved the zoning application submitted by Sunny Isles Property Venture, LLC ("Applicant") for the transfer of TDRs in the amount of 132,463 square feet of floor area and 52 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 Fifty Five Million Dollars ($55,000,000) for the receiving site for the purpose of calculating the square foot value of the approved TDRs; and WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to the Applicant in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area and Twenty Six (23) dwelling units; 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 Six Million One Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($6,127,250.00) from the Applicant for the payment of TDRs in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area and Twenty Three (23) dwelling units; and WHEREAS, the receiving site for the TDRs is located at 15701 and 15795 Collins Avenue, Sunny Isles Beach and is legally described in Zoning Application No. PZ2014-11; and Sunny Isles Property Venture-City TDR Bank Page 1 of 3 WHEREAS, the City Commission wishes to approve the transfer of the TDRs contemplated herein in accordance with its TDRs ordinance. NOW y7 THEREIN ORE, BE7[IpT�RESOLVED BY THE CITY COMMISSION OF THE CITY O%' 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 Transfer of Development Rights. Pursuant to Section 265-23 of the City Code and in accordance with Zoning Resolution No.l?, -1/1(6 the City Commission hereby authorizes the transfer of the development rights in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area and Ten (10) dwelling units to Sunny Isles Property Venture, 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 Sunny Isles Property Venture, LLC. in accordance with Zoning Resolution No. le4 2°, - 4 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 Forty Nine Thousand Eighteen (49,018) square feet of floor area and Twenty Three (23) dwelling units. Section 5. Payment Agreement for the Transfer of Development Rights. The Applicant shall provide the City with a non-refundable deposit in the amount Six Hundred Twelve Thousand Seven Hundred Twenty Five Dollars ($612,725) which is 10% of the approved purchased price of Six Million One Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($6,127,250) within three (3) working days of the approval of this Resolution. The remainder of the payment is due prior to issuance of the building permit for the site plan approved in accordance with Zoning Resolution No. 11 q-7.- qtr. 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 16th day of October, 2014. '-/-1:°)--- /2- / / ./ / /7 i r ;1fi j l e,..'' Norman S. Edelcup; Mayor m f Sunny Isles Property Venture-City TDR Bank Page 2 of 3 li Pi:!;::,:i, Fr.il!:4'!:.;;I:::•:• • ATTEST: \, Jane A. Hines, MMC, City Clerk APPROVED i S TO FORM ANDA.:,'1 • I , 't FFICIENCY: / / Ari , 1& / ,...., . /1 y Attorney /H. 1 r4trot, ,,, I' \ - V Moved by: ( Seconded by: Vote: ;--o Mayor Edelcup V(Yes) (No) Vice Mayor Aelion ;.,*(Yes) (No) Commissioner Gatto '/(Yes) (No) Commissioner Levin . V(Yes) (No) Commissioner Scholl V (Yes) (No) Sunny Isles Property Venture-City TDR Bank Page 3 of 3 --■ TDR 2011 CH City Use Only Date Received Date Issued Resolution Tr OF SVN na APPLICATION FORM TRANSFER OF DEVELOPMENT RIGHTS PROGRAM CERTIFICATE I. APPLICANT INFORMATION p�CE w D SEP _ 5 2014 2 20►k1— 1 PLANNING & ZONING DEPT. Clerk of Court Use Only NAME- Sunny Isles Property Venture LLC PHONE 305 - 351 -1000 E -MAIL eimery(a- ).fortuneintlgroup.com FAX 305 - 371 -6213 ADDRESS 1300 Brickell Avenue CITY AND STATE Miami, FL ZIP CODE 33131 II. RECEIVER SITE INFORMATION AS APPLICABLE OWNERS NAME Sunny Isles Property Venture LLC (as to 15701 Collins) Sunny Isles OP Venture LLC (as to 15795 Collins) PHONE 305 -351 -1000 Email: eimerv(aZfortuneintlgroup.com FAX 305 - 351 -6213 ADDRESS 1300 Brickell Avenue CITY AND STATE Miami, FL ZIP CODE 33131 PROPERTY ADDRESS/LOCATION 15701 and 15795 Collins Avenue LEGAL DESCRIPTION See attached Exhibit "A" FOLIO NUMBER 31-2214-008-0030: 31- 2214 - 008 -0040 CURRENT ZONING MU -R City of Sunny Isles Beach t Planning and Zoning Department W ADOCS 9709956 1 TDR 2011 CH PROPERTY SIZE 2.2 acres (95.988 so. ft.) PURCHASE DATE 1215113 (as to 15701 Collins): 2/7114 (as to 15795 Collins) EXISTING USE OF PROPERTY Vacant: temporary sales center EXISTING STRUCTURE ON PROPERTY Partially constructed "Solis" structure and temporary sales center. PROPOSED FLOOR AREA RATIO 5.98 FAR DENSITY 211 units PERCENTAGE OF RIGHTS TO BE RECEIVED 30% SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 132.463 so. ft. (See attached Exhibit "B ") DWELLING UNITS TO BE RECEIVED 52 units (See attached Exhibit "B ") TOTAL FLOOR AREA RATIO INCLUDING TDR 574,008 so. ft. TOTAL DWELLING UNITS INCLUDING TDR 211 units III. SENDING SITE INFORMATION OWNERS NAME City of Sunny Isles Beach (as to TDRs identified on Exhibit `B ") PHONE 305 - 947 -0606 E -MAIL chasbun cDsibfl.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 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 2 Planning and Zoning Department MIADOCS 9709956 1 TDR 7011 CH SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK N/A DWELLING UNITS TRANFERED TO TDR BANK N/A IV. APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE APPROVED BY THE CITY] NAME Appraisal First Real Estate Appraisers, LLC PHONE 305 -470 -2130 E -MAIL frank g.appraisalfirst.net FAX .305 -470 -2159 ADDRESS_ 1444 Biscayne Blvd., Suite 211 CITY AND STATE_ Miami, Florida ZIP CODE 33132 DATE OF APPRAISAL September 3, 2014 APPRAISAL VALUE OF SITE $125.00 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 N/A ADDRESS PHONE E -MAIL FAX VI. SURVEY COMPANY INFORMATION NAME OF SURVEYOR PHONE E -MAIL F City of Sunny Isles Beach Z Planning and Zoning Department MIADOCS 9709956 1 TOR 2011 CH VII. PROPERTY OWNER CERTIFICATION NAME OF COMPANY ADDRESS N/A PHONE E -MAIL FAX VIII. OUTDOOR CODE VIOLATIONS, AS APPLICABLE (PROVIDE CERTIFICATION FROM CITY'S CHIEF CODE INSPECTOR) N/A 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 2) I AM THE OWNER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION H (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. 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 INTO 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 SITE SHALL EXPIRE, TERMINATE AND BECOME EXTINGUISHED AND UNUSABLE. City of Sunny Isles Beach MIADOCS 9709956 1 4 Planning and Zoning Department iDR 2011 CH 4Z;_; SIGNATURE OF OWNTER (APPLICANT) DATE STATE OF FLORIDA COUNTY OF MIAMI -DADE The foregoing instrument was acknowledged before me this y day of S" : hftk , 2014, by �-7Jctav-do::E mevv on behalf of Sunny Isles Property Venture LLC, a Delaware limited liability company. He /She is personally known to me or has producedo -L Qriuer's !..'tense (type of identification produced) as identification and did take an oath. My Commission Expires: (vi to h7 � �%, �E. CAa Notary Public State of Florida BENJAMIN E, wdsoN MY 00WAISSIO4 # FF 032M ` EXPIRES: October W. 2017 �+rr•��q�` Ba�Ad llry BUdiUN:pryMrcl:u SItTKrlJRF7i3F OWNER (APPLICANT) STATE OF FLORIDA COUNTY OF MIAMI -DADE Print Name: �� ��cum l d� �'• W 4 (< aC DATE The foregoing instrument was acknowledged before me this day of Sb� , 2014, by on behalf of Sunny Isles OP Property Venture LLC, a Delawar limited liability company. He /She is personally known to me or has produced�PL .Q-('Uey's h,Zens4 (type of identification produced) as identification and did take an oath. My Commission Expires: 10110117 µ BENJAMIN E. WILSON Notary Public State of Florida ,o ;•••.'4, * t MY COMMISSION f FF EXPIRES:Oclobe r 10,, 2017 2011 Print Name: � `L�" -��^ �• ��I'�sc�'� �yarr LndrdiMU l.dBrlN:9rylwl:u City of Sunny Isles Beach S Planning and Zoning Department M[ADOCS 9709956 1 EXHIBIT "A" Property Address: 15701 Collins Avenue, Sunny Isles Beach, FL Legal Description: The North Y2 of Lot 77, and all of Lot 78, TATUM'S OCEAN BEACH PARK, according to the plat thereof, as recorded in Plat Book 5, at Page 35, of the Public Records of Miami -Dade County, Florida, lying East of the following described line: Beginning 290.00 feet West of the Easterly monument of the South line of Lot 76 of the aforesaid subdivision, thence North 11 °11'16" East, for a distance of 611.59 feet to the North line of Lot 81, of said subdivision. Property Address: 15795 Collins Avenue, Sunny Isles Beach, FL Legal Description: Lot 79 of TATUM'S OCEAN BEACH PARK, according to the Plat thereof, as recorded in Plat Book 5, at Page 35, of the Public Records of Miami -Dade County, Florida, which lies East of the Easterly right of way line of State Road A -1 -A per State Road Right of Way Map Section 87060 -2104, Miami -Dade County, Florida. ALSO KNOWN AS: Lot 79 of TATUM'S OCEAN BEACH PARK, according to the Plat thereof, as recorded in Plat Book 5, at Page 35, of the Public Records of Miami -Dade County, Florida, which lies East of the following described line, namely: Beginning 290 feet West of the most Easterly monument on the South line of Lot 76 of TATUM'S OCEAN BEACH PARK, North 11 °11'16" East for a distance of 611.59 feet to the North line of Lot 81 of TATUM'S OCEAN BEACH PARK. EXCEPT: That portion of the aforedescribed premises hereto deeded to Miami -Dade County, Florida, for highway purposes. MIADOCS 9714195 1 EXHIBIT "B" FAR 76,232 sq. ft. 132,463 sq. ft. Private TDRs per Resolution 2014 -2181 30% TDRs *currently held by applicant 7,213 sq. ft. Private TDRs per Resolution 2012 -1989* *to be assigned concurrent with site plan approval 49,018 sq. ft. City -owned TDRs MIADOCS 9714195 1 39 units 52 units Private TDRs per Resolution 2104 -2181 30% TDRs *currently held by applicant 3 units Private TDRs per Resolution 2012 -1989* *to be assigned concurrent with site plan approval 10 units City -owned TDRs MIADOCS 9714195 1 SHUTTS BOWEN LLP Founded 1910 DAVID J. COVIELLO PARTNER (305) 415 -9437 Direct Telephone (305) 415 -9837 Direct Facsimile September 26, 2014 VIA HAND DELIVERY Ms. Claudia Hasbun, Zoning Administrator City of Sunny Isles Beach 17070 Collins Avenue, Suite 250 Sunny Isles Beach, Florida 33160 �_CE VJE11 � SEP ? 6 2014 L PLANNING & ZONING DEPT. Re: Second Amended Letter of Intent — Sunny Isles Property Venture E -MAIL ADDRESS: dcoviello@shutts.com Property: 15701 and 15795 Collins Avenue (collectively, the "Property ") Requests: Application for Site Plan Approval; Approval for Use of Private and City-owned TDRs; Approval for Use of Mural and Graphic Design on Temporary Construction Fence; and Approval for Modification to the Median (collectively, the "Application ") Dear Ms. Hasbun: This firm represents the applicant, Sunny Isles Property Venture LLC (the "Applicant'), in connection with its Application. On behalf of the Applicant, we respectfully submit this Second Amended Letter of Intent in conjunction with our site plan submission seeking approval to redevelop the Propertyl with a stunning, high -end residential project that will complement and further define the iconic skyline of the City of Sunny Isles Beach (the "City "). To achieve this, the Applicant has retained the internationally acclaimed architecture firm of Arquitectonica to design the Project, which will consist of 212 residential units and resident amenities (e.g., I The Property consists of two parcels that will be joined by Unity of Title prior to the issuance of a building permit for the development of the Project. MIADOCS 9857730 1 16821.0027 1500 Miami Center • 201 South Biscayne Boulevard, Miami, Florida 33131 • ph 305.358.6300 • Fr 305.381.9982 • w' w'w.shutts.com MIAMI FORT LAUDERDALE WEST PALM BEACH ORLANDO TAMPA TALLAHASSEE AMSTERDAM Ms. Claudia Hasbun, Zoning Administrator City of Sunny Isles Beach September 26, 2014 Page 2 swimming pools, cabanas, restaurant and spa) 2 within a 50 -story, 649 foot high tower containing approximately 574,008 square feet (the "Project "). The Project is consistent with the provisions of the City's Comprehensive Plan and Land Development Regulations ( "LDRs "), and we are pleased to state that no variances are required. In accordance with LDRs, the Applicant respectfully requests the following: I. Site plan approval adopting the plans entitled "Sunny Isles Property Venture LLC, 15701 & 15795 Collins Ave., Sunny Isles Beach, Fl" as prepared by the architecture firm of Arquitectonica (collectively, the "Site Plan"); 2. Approval of an increase in floor area ratio in accordance with Sections 265 -35 of the LDRs utilizing the following bonuses: a. 0.10 - Beach Access Bonus; b. 0.60 - Public Beach Recreational Enhancement Bonus; C. 0.60 - Collins Avenue Public Streetscape Enhancements Bonus; d. 0.20 - Sunny Isles Public Parking Bonus; e. 0.20 - Public Oceanfront Park And Open Space Enhancements Bonus; f. 0.20 - Educational And Cultural Infrastructure Bonus; and g. 0.20 - Beach Access Trust Fund Contribution. Approval of the utilization of Transferred Development Rights ( "TDRs ") to increase the density and intensity of the Project by 30% in accordance with Section 265 -23 of the LDRs as follows: a. Approval of the utilization of 83,445 square feet and 42 units of private TDRs in accordance with Section 265 -23 of the LDRs3; b. Approval of the utilization of 49,018 square feet and 10 units of City - owned TDRs in accordance with Section 265 -23 of the LDRs;° and ` All amenities will be for the use of residents and their guests, and the proposed cabanas will be utilized in accordance with Section 265- 35D(16)(c) of the LDRs as defined herein. 3 On January 16, 2014, the City Commission adopted Resolution 2014 -2181 approving the assignment of transfer development rights consisting of 76,232 square feet and 39 units to the Applicant t0 be utilized on this Property. See Exhibit "A." The remaining 7,213 square feet and 3 units will be privately assigned to the Applicant pending approval of the City Commission. MiADOCS 9857730 1 16821.0027 1500 Miami Center • 201 South Biscayne Boulevard, Miami, Florida 33131 • ph 305.358.6300 • fx 305.381.9982 • wwsv.shutts.com MIAMI FORT LAUDERDALE WEST PALM REACH ORLANDO TAMPA TALLAHASSEE AMSTERDAM Ms. Claudia Hasbun, Zoning Administrator City of Sunny Isles Beach September 26, 2014 Page 3 4. Approval for the use of a mural and graphic design on a temporary construction fence in accordance with Section 265- 63.3(G) of the LDRs. 5. Approval of modifications to the existing median to accommodate a southbound left turn lane onto the Project at the intersection of Bayview Drive and Collins Avenue. As provided in the Applicant's traffic study prepared by David Plummer & Associates dated September 2014, the traffic signal will also be modified to incorporate the entry driveway. In addition to the aforementioned requests, please note the following: Optional design flexibility setback: Consistent with Section 265- 35(4)(d) of the LDRs, the Applicant exercises its option to provide for a minimum side setback of 25 feet for purposes of design flexibility. Accordingly, the Applicant agrees to provide to the City the designated fee payment in the amount of $1,000,000.00 for the City's maintenance of adjacent public beach access, streetscape and park improvements. Art in public places: Consistent with Section 104 -4.4 of the LDRs, the Applicant will provide art in conjunction with the development of the Project at a cost of 1% of the estimated construction costs, not exceeding the sum of $500,000.00 (the "Required Contribution ") subject to future review and approval by the City, or in the alternative, pay into the Public Art Trust Fund an amount equal to the Required Contribution. In the event that the Applicant provides art that is less than the Required Contribution, the Applicant will pay an amount equal to the difference between the Required Contribution and the value of the proposed art, including acquisition and installation costs. Finally, the Applicant has had preliminary discussions with the Florida Department of Environmental Protection regarding the siting of the proposed building in relationship to the Coastal Construction Control Line. In addition, the Applicant will coordinate with multiple other reviewing agencies, including but not limited to, Miami -Dade County School Board, Miami -Dade County Fire Department, Miami -Dade County Water and Sewer Department, the Florida Department of Transportation, and the Federal Aviation Administration. The Applicant On February 20, 2014, the City Commission adopted Resolution 2014 -2207 providing a credit for payment of MRS or bonus payments in the amount of $250,000.00 upon approval of a site plan for the Property. See Exhibit "B." In the event that the City Commission approves the Project, the Applicant intends to apply the aforementioned credit to the 10% deposit due in accordance with Section 265- 23(E)(2Xb). MIADOCS 9857730 1 16821.0027 1500 Miami Center • 201 South Biscayne Boulevard, Miami, Florida 33131 • ph 305.358.6300 • fir 305.381.9982 • www.shutts.com MIAMI FORT LAUDERDALE WEST PALM BEACH ORLANDO TAMPA TALLAHASSEE AMSTERDAM Ms. Claudia Hasbun, Zoning Administrator City of Sunny Isles Beach September 26, 2014 Page 4 understands and acknowledges that all required agency approvals must be obtained prior to initiating construction. The Applicant will continue to meet and discuss the Project with these agencies throughout the site plan review process. Based on the foregoing, we respectfully request your favorable review and recommendation of the Application. In the event you have any questions or require anything further, please do not hesitate to contact me at 305- 415 -9437. Thank you in advance and we look forward to working with you on this Project. Sincerely, Shutts & Bowen LLP David J. Coviello DJC /sm Enclosures MIADOCS 9857730 1 16821.0027 1500 Miami Center • 201 South Biscayne Boulevard. Miami, Florida 33131 • ph 305.358.6300 • rz 305.381.9982 • w .shuttsxom MIAMI FORT LAUDERDALE WEST PALM BEACH ORLANDO TAMPA TALLAHASSEE AMSTERDAM 1' AppraisalFlrst Real Estate Appraisers LLC 1444 Biscayne Boulevard, Suite 211 Miami, Florida 33132 Phone: 305 -470 -2130 Fax: 305 -381 -8047 E -mail: residentialAamaisalfirst.net E- mail: commercial�7a aoomisalfirst.net September 3, 2014 Sunny Isles Property Ventures, LLC 1300 Brickell Avenue, Miami, Florida 33131 Re: A multi - family zoned, ocean front, property located at 15701 and 15795 Collins Avenue, Sunny Isles Beach, Florida 33160. Dear Gentlemen: 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) 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 36 through 38 of this report. The extraordinary assumption as it relates to market value is stated herein. The report is not premised upon a hypothetical condition. 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. The subject property of this appraisal consists of two, contiguous, MU -R zoned, parcels of land located at the southern tip of Sunny Isles Beach, Florida. The combined parcels contain 2.2036 acres or 95,988 square feet (Survey). The parcels include a total of approximately 200 feet of frontage along Collins Avenue and the erosion control line of the Atlantic Ocean. Sunny Isles Property Ventures, LLC Page Two The southernmost parcel, 15701 Collins Avenue, includes a partial shell structure from a previously proposed project known as Solis. The northern parcel, 15795 Collins Avenue, is basically vacant, currently houses a mobile or manufactured sales office for a neighboring project. The parcels are currently under a single ownership and a large scale residential- condominium project is planned. All existing improvements will be removed. 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. 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. Sunny Isles Property Ventures, LLC Page Three 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 September 2, 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 (TDR's) as it pertains to the subject property. Intended User: Sunny Isles Property Ventures, LLC and/or assigns. Property Description: Location 15701 and 15795 Collins Avenue, Sunny Isles Beach, Florida 33160 Folio Number 31- 2214 -008 -0030 and 0040 Zoning: MU -R, a mixed use resort district by the City of Sunny Isles Beach, Florida. Site Size: 2.2036 acres or 95,988 square feet (Survey) Census Tract: 1.30 Flood Zone: X, AE and VE (See Addenda) Date of Value: September 2, 2014 Date of Report: September 3, 2014 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: $55,000,000 Final Per SF of Allowable FAR $125.00 City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 r o(305) 947 -0606 City Hall o: SUN 'S: 949 -3113 Fax MEMORANDUM TO: The Honorable Mayor and City Commission VIA: Christopher J. Russo, City Manager FROM: Claudia Hasbun, Planning and Zoning Administrator DATE: 10/16/2014 RE: Sunny Isles Property Venture, LLC - Transfer Development Rights Application 15701 & 15795 Collins Avenue Appl. No. PZ2014 -11 RECOMMENDATION: Based on staff review of the submitted TDRs application, the application is consistent with the City's Comprehensive Plan and the City's Land Development Regulations and staff does not have any objection to the assignment and transfer. REASONS: The Applicant is requesting approval of the assignment and purchase of Transfer Development Rights ( "TDRs ") in the amount of 132,463 square feet of floor area and 52 dwelling units where 83,445 square feet of floor area and 42 dwelling units are from a private TDRs' bank account and 49,018 square feet and 23 dwelling units are from the City's Transfer of Development Rights Bank ( "TDR Bank "). The City Commission shall consider the acceptance of the appraised land value in the amount of Fifty Five Million Dollars ($55,000,000) for the receiving site for the purpose of calculating the square foot value of the approved TDRs, where the Applicant has agreed to pay $125.00 per square feet. The total amount to be paid to the City is Six Million One Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($6,127,250.00) from the Applicant for the payment of TDRs in the amount of Forty Nine Thousand Eighteen (49,018) square feet of floor area and Twenty Three (23) dwelling units. However, the assignment to the Applicant will be Forty Nine Thousand Eighteen (49,018) square feet of floor area and Ten (10) dwelling units. The Applicant shall provide the City with a non - refundable deposit in the amount Six Hundred Twelve Thousand Seven Hundred Twenty Five Dollars ($612,725) which is 10% of the approved purchased price of Six Million One Hundred Twenty Seven Thousand Two Hundred Fifty Dollars ($6,127,250) within three (3) working days. The Zoning Administrator is hereby authorize to adjust by decreasing the City's TDR bank account by Forty Nine Thousand Eighteen (49,018) square feet of floor area and Twenty Three (23) dwelling units.