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HomeMy WebLinkAboutReso 2026-3963RESOLUTION NO.2026 - 6� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING THE PURCHASE AND ASSIGNMENT OF TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF 120,972.18 SQUARE FEET OF FLOOR AREA AND FORTY-EIGHT (48) DWELLING UNITS FROM THE CITY'S PUBLIC TDR BANK ACCOUNT TO MB RE INVESTMENTS, LLC.; AUTHORIZING THE PLANNING AND ZONING DIRECTOR TO WITHDRAW 120,972.18 SQUARE FEET OF FLOOR AREA AND FORTY-EIGHT (48) DWELLING UNITS FROM CITY'S PUBLIC TDR BANK ACCOUNT AND ASSIGNING THE 120,972.18 SQUARE FEET OF FLOOR AREA TO THE PROPERTY LOCATED AT 19051 COLLINS AVENUE; AUTHORIZING THE ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR BANK ACCOUNT; PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Zoning Resolution No. 26-Z-7,7_I , adopted on 19 f the City Commission of the City of Sunny Isles Beach (the "City") approved the Site Plan and TDRS application submitted by MB RE INVESTMENTS, LLC. (the "Applicant") related to the property located at 19051 Collins Avenue, Sunny Isles Beach, Florida (the "Property"), in the amount of 120,972.18 Square Feet of floor area and Forty -Eight (48) Dwelling Units from the City's public TDR bank account and assigning the 120,972.18 square feet of floor area solely to the Property; and WHEREAS, the City Commission hereby agrees to approve the sale and assignment of TDRs from the City's public TDR bank account to the Applicant in the amount of 120,972.18 square feet of floor area and Forty -Eight (48) dwelling units; and WHEREAS, the TDRS in the amount of 120,972.18 square feet of floor area are being utilized and assigned solely to the development project of the Property; and WHEREAS, the City's public TDR bank account will be adjusted to reflect the withdrawal and assignment of 120,972.18 square feet of floor area and Forty -Eight (48) dwelling units solely to the development project of the Property; and WHEREAS, the Property receiving the 120,972.18 square feet of floor area is described on Exhibit "A", attached hereto; and WHEREAS, the City Commission agrees to authorize the sale and the assignment of the TDRS contemplated herein as an incentive for development pursuant to its Charter and Home Rule Authority. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: R2026 TDRS for MB RE Investments 19501 Collins.dou 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 Sale and Assignment of TDRs from the City's public TDR account to MB RE INVESTMENTS, LLC. The City Commission hereby approves the sale and assignment of TDRs in the amount of 120,972.18 square feet of floor area and Forty -Eight (48) dwelling units from the City's public TDR account to the Applicant. The Applicant has agreed to pay the square foot value of $125.00, thus the total TDR purchase is $15,121,522.50. Section 3. Authorizing the Withdrawal and Assignment of TDRs. The City Commission hereby authorizes the Planning and Zoning Director to withdraw 120,972.18 square feet of floor area and Forty -Eight (48) dwelling units from the City's public TDR account and to assign 120,972.18 square feet of floor area solely for the development project of the Property approved under Zoning Resolution No. 26-Z- 2-Z . Section 4. Directive to Development Services Director. The Planning and Zoning Director or their designee is hereby directed to adjust the City's public TDR account to reflect the withdrawal of TDRs in the amount of 120,972.18.square feet of floor area and Forty -Eight (48) dwelling units according to Zoning Resolution No. 26-Z- 2-1-2—t - Section 5. 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 6. Repealer. All Resolutions or parts of Resolutions in conflict herewith shall be and are hereby repealed. Section 7. ATTESTn. Effective Date. This Resolution shall become effective upon adoption. PASSED AND ADOPTED this 19th day of Fe ruar 2026. Mauridio Betandur, CIVIC, City Clerk Larisa Svechin, Mayor APPROVED AS TO FORM AND LEGAL SUFFICIENCY: . .71 �& =. ain E. Boileau, for Nabors, Giblin & Nickerson, P.A., City Attorney R2026 TDRs for MB RE Investments 19501 Collins.docx Page 2 of 3 Moved by: CO L47 1 Seconded by: C,DWW:-SIy Vote: Mayor Svechin Vice Mayor Viscarra Commissioner Joseph Commissioner Lama Commissioner Stuyvesant ✓ (Yes) (No) (Yes) (No) (Yes) (No) (Yes) 177e(Yes) (No) (No) R2026 TDRs for MB RE Investments 19501 Collins.docx Page 3 of 3 TDR 2011 CH City Use Only Date Received Date Issued Resolution APPLICATION FORM TRANSFER OF DEVELOPMENT RIGHTS PROGRAM CERTIFICATE I. APPLICANT INFORMATION CITY OF y \S LES e R; Lw, RECEIVED PZ2025-08 October 3 2025 PLANNING & ZONING DEPT. Clerk of Court Use Only NAME MB RE Investments, LLC PHONE c/o 305-673-2585 E-MAILC/O tslavens@lsniaw.com FAX N/A ADDRESS 2850 Tigertail Ave Suite 800. CITY AND STATE Miami FI ZIP CODE 33133 II. RECEIVER SITE INFORMATION AS APPLICABLE OWNERS NAME MB RE INVESTMENTS LLC PHONE c/o 305-673-2585 E-MAILC/O tslavens@lsnlaw.com FAX N/A ADDRESS 2850 Tigertail Ave Suite 800 CITY AND STATE Miami Fl- ZIP CODE 33133 PROPERTY ADDRESS/LOCATION 19051 Collins Ave LEGAL DESCRIPTION See attached FOLIO NUMBER 31-2202-016-0001 . CURRENT ZONING MUR PROPERTY SIZE 2.012 acres PURCHASE DATE City of Sunny Isles Beach Planning and Zoning Department 527 TDIZ2011 CH EXISTING USE OF PROPERTY Residential EXISTING STRUCTURE ON PROPERTY Multi family units PROPOSED FLOOR AREA RATIO 5.98 DENSITY. PERCENTAGE OF RIGHTS TO BE RECEIVED 30% of FAR (1.38 FAR) SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 120,972.2 DWELLING UNITS TO BE RECEIVED 0 TOTAL FLOOR AREA RATIO INCLUDING TDR 5.98 TOTAL DWELLING UNITS INCLUDING TDR 145 units III. SENDING SITE INFORMATION OWNERS NAME From the City of Sunny Isles Beach Public TDR Bank PHONE E-MAIL FAX ADDRESS CITY AND STATE ZIP CODE PROPERTY ADDRESS/LOCATION LEGAL DESCRIPTION FOLIO NUMBER CURRENT ZONING PROPERTY SIZE PURCHASE DATE EXISTING USE OF PROPERTY EXISTING STRUCTURES ON PROPERTY BASE FLOOR AREA RATIO PERMITTED 145 units UNITS PERMITTED SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK DWELLING UNITS TRANFERED TO TDR BANK City of Sunny Isles Beach 2 Planning and Zoning Department 528 TAR 2011 CH IV. APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE APPROVED BY THE CITY] NAME Frank Hornstein, MAI - AppraisalFirst, LLC PHONE (305) 321-0318 E-MAIL - FAX ADDRESS P.O. Box 442949 CITY AND STATE Miami FL ZIP CODE 33144 DATE OF APPRAISAL September 15, 2025 APPRAISAL VALUE OF SITE $125.00 Per SF 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 ADDRES PHONE E-MAIL FAX VI. SURVEY COMPANY INFORMATION NAME OF SURVEYOR Fortin, Leavy, Skiles, Inc. ADDRESS 180 NE 168th Street, North Miami Beach, FL 33162 PHONE 305-653-4493 E-MAIL fls@flssurvey.com FAX N/A VII. PROPERTY OWNER CERTIFICATION NAME OF COMPANY MB RE Investments, LLC ADDRESS 2850 TIGERTAIL AVE 800 MIAMI, FL 33133 PHONE c/o 305-673-2585 E-MAILC/O tslavens@lsn law. com FAX N/A VIII. OUTDOOR CODE VIOLATIONS, AS APPLICABLE City of Sunny Isles Beach 3 Planning and Zoning Department 529 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 2) I AM THE OWNER 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. 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 SITE SHALL EXPIRE, TERMINATE AND BECO XTINGUISHED UNUSABLE. l g zS- SIGNATURE OF OWNER (AP ANT) ATE SIGNATURE OF CO-OWNER (CO -APPLICANT) DATE STATE OF FLORIDA �.-ity o:.��.,...ny �....s.�.y...ac-h-_.._....._ _... _......... _..-._...:.—W._s�.� . City of Sunny Isles Beach 4 Planning and Zoning Department 530 TOR 2011 CH COUNTY OF MIAMI-DADE The foregoing instrument was acknowledg d before me this _ day of 31 2 g Z ram, by Ft on behalf of 161�1, V_C2t_LjauvZ4_rr rn-I-S a Florida (corporation) (partnership) (other) H /She is >, rSonally known to me or has produced (type of identification produced) as identification and did take an oath. My Commission Expires: Notary Public State of Florida Maylenis Escudero My Commission HH 353520 Expires 1/24/2027 STATE OF FLORIDA COUNTY OF MIAMI-DADE Print Name: M QAA 141hZ bS G(MrD The foregoing instrument was acknowledged before me this day of 2 202, 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: City of sunny isles Beach Notary Public, State of Florida at Large Print Name: Planning and Zoning Department 531 CITY OF \S LES 10 RECEIVED PZ2025-08 1 /5/2026 PLANNING & ZONING DEPT. AN APPRAISAL REPORT OF THE PURCHASE OF TDR' S AS IT PERTAINS TO THE PROPOSED MIAMI BEACH CLUB PROJECT LOCATED AT 19091 COLLINS AVENUE, SUNNY ISLES BEACH, FLORIDA 33160 Appraisal No. 05-25-277 FOR Eric Fordin MB RE Investments LLC 2850 TigerTail Avenue, Miami, Florida 33133 MR APPRAISALFIRST, LLC 8101 Biscayne Boulevard, Suite R-516 Miami, Florida 33138 532 AppraisalFirst, LLC 8101 Biscayne Boulevard, Suite R-516 Miami, Florida 33138 Phone: 305-470-2130 Fax:305-381-8047 E-mail: residential@apraisalfirst.net E-mail: frank(a�appraisalfirst.net September 15, 2025 Eric Fordin MB RE Investments LLC 2850 TigerTail Avenue, Miami, Florida 33133 RE: The purchase of TDR's for the proposed Miami Beach Club condominium project to be located at 19051 Collins Avenue, Sunny Isles Beach, Florida 33160. Dear Mr. Fordin: 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, in accordance with the Sunny Isles Beach Land Development Regulations. This appraisal report complies with the minimum standards of the 2024 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP), effective January 1, 2024, as published by the Appraisal Standards Board of the Appraisal Foundation. Specifically, this report adheres to the reporting requirements set forth under Standards Rule 2-2(a) of USPAP, as it pertains to an Appraisal Report. The value opinion reported is qualified by certain definitions, limiting conditions and certifications which are set forth on pages 42 through 44 of this report. The extraordinary assumption is stated herein. The report includes no hypothetical conditions. The subject property consists of an 87,660 square foot, or 2.01 acre, re -development site located along the ocean side of Collins Avenue, between 1901h and 191th Streets, Sunny Isles Beach, Florida. The property is currently improved with the Miami Beach Club Motel Condominium building that was completed in 1951. The "U" shaped building contains 104 condominium -motel units and four commercial units. The developer is planning to raze the existing building in favor of 'a 62-story, high-rise, residential condominium tower, with 145 units. 533 Eric Fordin MB RE Investments LLC Page Two The Sunny Isles Beach Land Development Regulations (LDR) permits a base Floor Area Ratio (FAR) of 2.5 times the land area, for NU-R zoned, oceanfront, properties. A developer is permitted to purchase bonuses for providing various public beach access, open space enhancements, recreational enhancements, parking fund contributions, etc. The total bonuses can increase a project's FAR by a maximum of 2.10 or a total of 4.6. A developer can purchase TDR's from the TDR bank of Sunny Isles Beach. The intended use of this report is to help establish a purchase price for the TDR's. The intended user is the listed property owner, their representatives and officials with the City of Sunny Isles Beach. 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 previously 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. This is mainly due to the City's allowance for higher FAR's and building heights when compared to other oceanfront communities. Because of the parameters enforced by City officials the limit the scope of work and appraisal process, and the limitation of comparable sales activity, 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 should not be misconstrued as market supported value. 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. 534 Eric Fordin MB RE Investments LLC 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 September 10, 2025, is: $125.00 Per SF of Allowable FAR Respectfully submitted, //0 Frank Hornstein, MAI State -Certified General Real Estate Appraiser, No. RZ1376 535 Property Type: Property Description: Date of Value: Date of Report: EXECUTIVE SUMMARY A multi -family zoned ocean front parcel of land. Location 19051 Collins Avenue, Sunny Isles Beach, Florida 33160 Unit Folio No. 31-2202-016-0001 Zoning: MU-R, a mixed use resort district by the City of Sunny Isles Beach, Florida. Site Size: Public Records - 83,521 SF Survey - 87,660 Census Tract: 1.23 Flood Zone: X, AE and VE (See Addenda) September 10, 2024 September 15, 2025 Property Rights Appraised: Fee Simple Estate Highest &Best Use: The future development with the proposed condominium project. Marketing/Exposure Time: Not Applicable for the purchase of TDR's. However ,a typical land transaction would have an exposure time of at least twelve months. VALUE INDICATIONS Sales Comparison Approach: $125.00 Per SF Final Per SF of Allowable FAR $125.00 Per SF 536 TABLE OF CONTENTS Letter of Transmittal Executive Summary Identification of Subject Property Dates of Value & Report Purpose of the Appraisal Prior Recent Sales and History Definition of Market Value Property Rights Appraised Use of the Appraisal Intended User of the Appraisal Summary of Scope of Work Assessed Value and Tax Information National Economic Outlook and Indicators Miami -Dade County Area & Economic Overview Neighborhood Description Zoning Street Improvements/Access Site Description Highest and Best Use Marketing & Exposure Time Sales Comparison Approach Reconciliation and Final Market Value Conclusion Certification Assumptions and Limiting Conditions Exhibits Location Map Plat Map Neighborhood Map Aerial Photograph Land Sales Map 1 1 1 1 4 4 5 5 5 9 10 12 18 25 27 28 29 31 32 41 42 43 2 3 19 27 35 537 TABLE OF CONTENTS (Continued) Addenda Subject Photographs Property Tax Card Flood Zone Designation & Map Property Survey Preliminary Design and Site Plan for The Miami Beach Club Condominium Project Zoning Code Engagement Letter Qualifications of Appraiser 538 IDENTIFICATION OF SUBJECT PROPERTY LOCATION - ADDRESS 19051 Collins Avenue, Sunny Isles Beach, Florida 33160 OWNER OF RECORD MB RE Investments LLC 2850 Tigertail Avenue, STE 800 Sunny Isles Beach, Fl 33160 TAX ID # 31-2202-016-0001 LEGAL DESCRIPTION MIAMI BEACH CLUB A MOTEL CONDO DESC NO BISCAYNE BEACH PB 44-42 N20OFT OF TR E & PORT LYING EAST & ADJACENT WEST OF EROSION LINE PER PB 105-62 Source: www.miamidade.gov. DATES OF VALUE & REPORT DATE OF REPORT September 15, 2025 EFFECTIVE DATE OF VALUE September 10, 2025 INSPECTION DATE September 10, 2025 PURPOSE OF THE APPRAISAL The purpose of the report is to estimate the cost per unit for the purchase of TDR's as it pertains to the subject property. PRIOR RECENT SALES AND HISTORY The subject property consists of 104 residential and 4 commercial condominium units. Over the course of several years the aforementioned property owner negotiated with the association and individual unit owners to purchase, or buyout, the entire project. The selling price was $1,345,000 per unit or $145,260,000. The buyer/developer's intent is to raze the existing building and construct said high-rise condominium tower. The cost and timing required to assemble this many units adds to the overall cost of buying the land, or land basis. When compared to a traditional land purchase the increase in pricing due to a premium, or opportunity cost, of assembling an existing condominium project, with the intent of re- development. Due to a lack of available vacant sites along the oceanfront this has been the predominate form of land transactions throughout the coastal areas of South Florida over the past five to ten years. When compared to a traditional land purchase the assemblage purchase of a condominium project is well above market. 539 LOCATION MAP tP Wesi Park Park I _ J.� Hatlanale ° esa �r -3 r' A� �,�._._.—.'.• asa � i a i ; i �, ' Leach1 y ' LL. A'Ek ' -RI )GE FARMS " r aay � �fves Esfiaes p a rk .r Golden Estates i rt905'[ Collins A77 ve, 1=Gris( I Ivtot�t 5��ai _(�Us:. Sa�i�nylsles, FLr33 f 60 y- e n3s Sing GdtBP � � � � Sky af< 4 t`i' f7 _ soo �GreynraEdkPark Sunny, = North'; -Isles IVlmi �_? la,�'=�1 a ArGclsr�k _ - Sanftas.MQdrea!_ � BeaCh`I S�ar►Isf'r t7leta Rrwer � _! l ,_. fV)ona Center stQry State P rk � spa � 825 836 ~ AIIA �7 I j s r Golden' 90� 1�� Ih3TEf4iNA� i II -�..-� �--'--�n faexenl7ncl tlGtren :y;� 998 j IL kiarn - 7 Gr..� � ' En� harrtec! Forst .� , •9�9 I F ,�Cakna ;Garctan Park ����,:, �, I • f '+ ! I "1`1, F Kaystdii 2 540 PLAT MAP y 'a °'` 0001 u mia k�60 02Z g �C :A, mto mw S� 3 .cola � I�IP49) �y W ar•iER — AR -,- 000i t a aroAlw.OE � _ _ ._ , a0o>l+ar.-•—. _•—�.: ,—_ -.:-. — ataa � Q080 — _.._dtiU4aR -- -- —.'- -. 00 WOW 22 cola i o oe�a 33 st m ra 0120 ,Q am0 ao 9aW - 0ua Oe7u art0 :aG 6�G C7W " }psi I •arty pit -.tTSY' —. . _ — ....._wtNar. • — -"'— - ova° 00 —_.iqr01r p RAM 0001 e C •� {CLO F•!MI • K9l[I1 ! (~1 �._...t2-rr'JIC �.�....._ 3 541 DEFINITION OF MARKET VALUE The following is a definition of market value typically utilized in the appraisal of real property. As per the extraordinary assumption, stated herein, the results of this appraisal may not equate to market value. Market Value is the most probable selling price in terms of money which a property should bring in a competitive and open market under all conditions requisite to be fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and each acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents a normal consideration for the property sold unaffected by special financing or creative financing or sales concessions granted by anyone associated with the sale. Source: The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010. PROPERTY RIGHTS APPRAISED Fee Simple Estate, Leased Fee Interest and Leasehold Interest are defined as follows: Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Leased Fee Interest: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Leasehold Estate: The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). To the best of my knowledge the subject property is not encumbered by any lease agreements. A cursory review of Public Records and an interview with the client was conducted. Therefore the property rights appraised is the fee simple estate. 4 542 USE OF THE APPRAISAL This appraisal is to be used by the client as an aid in establishing the cost of Transfer Development Rights (TDR's) as it pertains to the subject property. 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. "Readdressing an appraisal report to another party that was completed and delivered to a client is prohibited by USPAP. Once the assignment is completed, it is misleading to try to add a new party as client or intended user who was not the original client or identified intended user." Any requests for updating or re -certification would constitute a new assignment at an additional fee. INTENDED USER OF THE APPRAISAL The intended users of the appraisal is the listed property owner, representatives and Officials with the City of Sunny Isles Beach. SUMMARY OF SCOPE OF WORK The aforementioned client has requested an appraisal to establish the Market Value of the subject property, as of the current date of value. The property rights appraised will be the fee simple estate. Frank Hornstein, MAI made a personal inspection of the subject property on September 10, 2025. As per the LDR's the underlying project site will be valued and its unit contribution will be utilized as a basis for the purchase of TDR's. Comparable sales that have been utilized in the appraisal report were confirmed through public records and/or with knowledgeable parties to the transactions where possible with primary and secondary data utilized. Confirmation with principals is often not possible due to their inaccessibility during the time frame over which the appraisal is being prepared. In the course of the sales investigation, proprietary information is often withheld from the appraisers. Such information, which is not a matter of public record is also not available to the general market and for that reason, the market is imperfect. Real estate taxes and zoning information has been obtained via various websites such as www.Municode.com and www.Miamidade.gov. All data is verified to the best of our ability. The appraisers have no legal or technical expertise and if legal agreements and other factual data under review appear on the surface to be reasonable, the information is accepted as accurate. The extent of this verification is to confirm that the documents exist and to review them. It is assumed that they are legal and valid. The appraisers do not have the ability to audit, make legal interpretations, or to detect fraud. No in depth investigation is conducted of the individual lease documents nor is verification made with tenants regarding rent levels and terms. 543 SUMMARY OF SCOPE OF WORK (Continued) The existence of any environmental hazard such as the presence of hazardous wastes, toxic substances, radon gas, asbestos -containing materials, urea -formaldehyde insulation, etc, which may or may not be present in or on the subject property or any site within the vicinity of the property was not observed by the appraiser and the appraiser has no knowledge of any such environmental hazard. The appraiser, however, is not qualified to detect such substances. The value estimate is predicated. on the assumption that there is no such material on or in the property that would cause a loss in value. Also, no independent investigation of concurrency matters regarding the subject or any comparable sale was made. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The user of the report should therefore consult an attorney, contractor, accountant, engineer or other experts as necessary to verify technical data which could impact on the value of the property. There are three primary approaches to value which should be considered. They are: (1) the Cost Approach, (2) the Sales Comparison Approach, and (3) the Income Capitalization Approach. The Cost Approach utilizes the value of the subject land as estimated from the market together with a replacement cost estimate of the structures and site improvements. From this a deduction must be made for accrued depreciation: physical, functional, and economic, if any, to provide an additional estimate of the total property value. The Sales Comparison Approach involves an investigation and inspection of recent sales in the area and competing areas as nearly similar as possible to the subject. The sale properties (comparable sales) are then compared with the subject, and adjustments made for dissimilar characteristics. The Income Capitalization Approach, designed for application to income producing properties, utilizes a technique of capitalizing the net income into an estimate of value. The factors included in the technique are derived from a study of other similar type income properties. In all cases, except an appraisal of vacant land, it is necessary that all approaches should be considered and that those applicable approaches be utilized to form an estimate of value. When more than one approach is used, although the indication of value may not be identical, they should establish a reasonable range and act as a cross check upon one another. After arriving at the value estimates and establishing a range of value (by more than one approach), these estimates must be correlated into a single conclusion of value. In formulating this conclusion, it must be determined which approach is best supported and conforms realistically with the multitude of factors relating to the subject property. The subject is vacant land. Thus the only applicable use of value is the Sales Comparison Approach. on 544 SUMMARY OF SCOPE OF WORK (Continued) Extraordinary Assumption An assignment -specific assumption as. of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Comment: Uncertain information might include physical, legal, or economic characteristics of the subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis. Source: (USPAP, 2024 ed.) 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 previously 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. This is mainly due to the City's allowance for higher FAR's and building heights when compared to other oceanfront communities. Because of the parameters enforced by City officials the limit the scope of work and appraisal process, and the limitation of comparable sales activity, 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 should not be misconstrued as market supported value. 7 545 SUMMARY OF SCOPE OF WORK (Continued) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. Source: (USPAP, 2024 ed.) No hypothetical conditions have been presumed. 8 546 ASSESSED VALUE AND TAX INFORMATION The subject property of this appraisal is not assessed nor taxed as of the date of appraisal. The property includes 104 residential and 4 commercial condominium units that are individually assessed. Since the existing improvements, i.e. individual condominium units, is not the subject property, a real estate tax analysis will not be conducted. In addition, this appraisal does not provide an indication of market value. 547 NATIONAL ECONOMIC OUTLOOK AND INDICATORS The U.S. economy ended the summer on a down note, with several data releases showing economic activity slowing as tariffs came into effect and as businesses absorbed higher costs by easing up on hiring. The front -loading of imports before the imposition of tariffs yielded a mild contraction in the first quarter of the year, with gross domestic product falling by 0.5%. The economy rebounded by 3.3% in Q2 as imports retreated and as consumer spending remained resilient. Consumer spending, the primary driver of economic growth, has also been slowing, with a 2.1 % increase over the prior year in July in inflation -adjusted terms, the smallest annual gain since February 2024. Middle- and lower -income households have been pulling back on purchases as lower -income consumers, in particular, have become more reliant on borrowing, straining budgets as interest costs on debt have surged. Delinquency rates of credit card balances and personal loans, while no longer rising, have remained elevated. On the other hand, the balance sheets of higher -income households are solid, with asset and home price gains adding to household wealth and allowing these consumers to continue to spend. However, recent downward revisions to jobs data have left market observers more pessimistic about the economy. The Labor Department reported that employers added 73,000 jobs in July, far below expectations, and revised job gains in the previous two months by 258,000, a surprise for observers who had earlier been celebrating the labor market's resilience in the face of significant policy uncertainty in the first half of the year. Source: Bureau of Economic Analysis and CoStar. The following table illustrates the most recent unemployment rates. April May June July National 4.2% 4.2% 4.1% 4.2% Florida 3.7% 3.7% 3.7% 3.7% Miami, Miami Beach, Kendall 2.7% 2.7% 2.4% 2.8% Fort Lauderdale MSA 3.2% 3.3% 3.7% 3.8% West Palm Beach - Boca MSA 3.4% 3.4% 3.9% 4.1% Source: US Department of Labor Inflation has slowed from its cycle peak in 2022 but remains above the Federal Reserve's target. The personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation, moved higher in the past three months, reaching 2.6%, while core inflation, which excludes energy costs that have been easing this year, rose to 2.9% in July, suggesting that the added costs from higher tariffs are beginning to appear in inflation data. During second-quarter earnings calls, importers reported tolerating thinner margins and absorbing some costs rather than raising prices and potentially losing customers. Still, analysts expect consumers will likely face higher prices in future months. 10 548 NATIONAL ECONOMIC OUTLOOK AND INDICATORS (Continued) At its last meeting, the Federal Reserve policymaking committee kept the policy rate unchanged for its fifth consecutive meeting, noting a stable labor market and the potential for tariffs to raise inflation risks. Now that government data shows the labor market to be weaker than previously thought, while inflation appears to be accelerating, fears of entering a stagflationary environment are growing, where the Fed will not be able to lower rates as hoped for. The near -term outlook is for economic activity and job growth to slow further this year as tariffs raise prices and costs, weighing on consumer spending and investment activity. However, growth is expected to re -accelerate next year as expansionary provisions of the recently passed One Big Beautiful Bill Act, including extended and expanded tax cuts, come into effect. Over the longer term, restrictive immigration measures and the retirements of Baby Boomers will likely reduce the labor supply and weigh on growth in future years. The following is a list of the most recent key lending rates. .. R73 IN q '7sa� uIravrarsIM 7so� o 's.5o.% -1ao Discontinued' 3'.6696 3'67%! -1': 3:96'fo -30 'F t 42996. 4.49% 1 -20_ 5.35% 7106 3-Mordh i I 4:36% 4.31-% 5 5:46% =110 6=Mordh 4.36?% "4.28% a 5.43% -107' 1'-Year: 4':14% 4:12% 2 5.20% -106 2-Year- 3.92%_ 4.06%6, '14 493% -101` 3-Year 3.92%. 4.07%1 A51 414.% -82 S<l(ear 4;A1 4".57% -56 7-Year:. 4':22%: 4.20%' 2 4.57% -35 10-Year I 4:44%{ 141 4;55% 1 20=Year 4.95% 4i59% 36 4.76%1 19 30=Year 4:94% 4,.56% 381 4.69%1 25 tC 30>Year I '6i39%`1 3 6--76% 131 6.71%1 18 Sources: FederaiRes'erve;:'FreddieMac British '&Mk:em'Assoc atidh Source: www.realtyrates.com - Third Quarter 2025. 11 549 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW Miami -Dade is Florida's most populous county and also has the state's biggest economy. It has experienced favorable demographic and economic conditions over the past five years. Local economic, job, and demographic growth outpaced those of the U.S. across the board. Miami's population growth over the past decade had been entirely driven by international immigration. Domestic migration had been negative, with one domestic migrant leaving Miami for every two international immigrants arriving in the metro. The trend shifted after the pandemic with a heavy migration from the Northeastern United States. The current population for the state of Florida is 23,372,215 (2024). Miami -Dade County has a current population of 2,686,867 (2024) Population growth had returned to Miami -Dade County after two years of losses from 2020 through 2021. That said, the county had 24,000 fewer residents than in 2019. Lower inflation is now resulting in positive real wage gains, a welcomed sight after wages lagged inflation in the area from 2022 through 2023. Still, an elevated cost of living is impacting lower -income residents, with around 50% of households in South Florida falling below the ALICE: Asset Limited, Income Constrained, Employed threshold, according to United Way. This has resulted in net domestic out -migration from Miami -Dade over the last few years, as many lower -income residents have left in search of a lower cost of living in central and northern Florida, Georgia, Texas, and the Carolinas. The following table illustrates the most recent demographic trends. 11EM(lGftAPHIC, TRENDS Cu rrertt Level I 12 MOMh Chmge . 1WftV ChN ��Caeegary Metra us;; � Mean Ir5 uelyd Pnpufatioh I 2855,7Z541+7(ii875I 139b. 48�6. , 0846 6YeoeFWee 4 Labor Force 1 4Z0 713 j 170,597,953 1.7 1696 0. I 0:896 D 6 n (IJ% unemployment Z.A%. I 4:1% 0:M 1 0.1% DA% I -0,1% - Sum-e., Ofifdrd:Econorhks i?OputAtioN GIIOWY't! LABOR FORCE GROWTH IkOME;GftOWN tow__ 4:S% {2�1on(� 19Yo� €ptocCul C��ye: EhoOge: ' (3Yisj Source: CoStar. tSi Qh 12 Mont i0 Yq;t Forum C7tenge chuge (SYi5j A'% 1?Motes '(AYaat fa�vagYi: Clmnge Change (6Yn) Saur[e:;dfitord Er;orwmiis 12 550 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) A total of 2,747 new housing units were authorized by building permits in Miami Dade County during the first quarter 2025, 1.9% higher than the level of the fourth quarter of 2024. Multi -family housing permitted during the first quarter of 2025 was 2.3% less than in the fourth quarter of 2024, but single family units permitted was 32.6% higher. Housing starts in 2024 totaled 10,461 units, 26.9% less than the total for 2023. In 2025 starts are forecast to increase by 1.1 % to an overall total of 10,574 units. Multifamily starts totaled 8,547 units in-2024, a 32.8% declined from the level of 2023 and in 2025 they are forecast to total 8,684 units, 1.6% higher than the total for 2024. Single family starts totaled 1,914 units in 2024, up 20.6% from the level of 2023 and the 1,890 units forecast for 2025 is 1.3% less than the total for 2024. Between 2020 and 2022, Miami -Dade County experienced an unprecedented net influx of wealth, amounting to more than $9.5 billion. The primary factors fueling this migration include affluent individuals relocating from the Northeast and West. Moreover, employment growth in the region has outpaced the national average since the pandemic, largely driven by the emergence of new, high -paying office jobs. While this influx of wealth and higher -income jobs have increased consumption, with real retail sales remaining 20% higher than pre -pandemic levels, the area has also seen a significant increase in its cost of living. Despite moderating from double-digit levels in 2022, inflation in South Florida remains elevated. Significant increases in shelter costs have driven this higher inflation, as the tri-county area has seen home pricing appreciation of over 60% and double-digit apartment rental rate increases since 2020. However, with a slowdown in office -related job growth and domestic migration, the growth of housing costs has begun to decelerate. As of the first quarter of 2025, shelter costs in South Florida are rising 3% annually, a sharp decrease from the over 17% increase observed in early 2023. An increase in new apartment supply, particularly in the luxury segment, has helped curb rent growth. Additionally, a rise in available homes for sale, coupled with a slowdown in buyer activity due to high interest rates, has contributed to the stabilization of home prices. Looking ahead, the shortage of affordable housing will continue to drive cost pressures in the county. A recent University of Florida study found that approximately 116,000 affordable units are needed by 2030. While initiatives like the Live Local Act aim to tackle this housing crisis, some local governments have pushed back, citing concerns that the law overrides local zoning authority on building height and density. Currently, there are few affordable housing projects in progress, and a significant increase to meet the University of Florida's projections is yet to be seen. Since 2015, Miami has added over 63,000 units, predominantly luxury apartments, leaving a considerable gap in affordable housing. Furthermore, as job growth in the coming year is expected to be driven largely by lower -wage sectors such as construction, arts, entertainment, and education, the demand for affordable housing will likely continue to grow. The table on the following page illustrates the local employment statistics. 13 551 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) MIAMI FWLOYMEW 8Y:iNt]USTAY'iN THOUSNNbS CURRENTJ©SS':' CURRENT GROWTH 10YRHISMMCAL 5YRFORECAST . lnrggstrx lobs L4, tlerket us - fderitiet u Nrar�er: UP Manufachlnng 45 D 4 =3 64% -074% i 36% D 36% i 0 25% 1 0.17% Tfade. TMnsportadaI and 01019es, 326 1 14_ 1.PK Q 7D% 1 24T& MR.%. 0 33%s 0.22% Pe6ii.Trade --146 1.1 Q Ott Q 33 6^' D QB O Q3 S 02 FlnancialAcdV&S 95. 1.2 ('•Q.24 1:05$5 205di 1.3496 I a469ff 0.3J aYemrnent 744: 0.7 03$"5- 1.26% 0.58% 0 71 is I-0.10'%: 0A8% N*21 f esaurr es;,Mlning and Construeft 65' --- 0,9 -=1---= 5,97°tfi 1 5616 4.1 % --T_..��------ 2135�. 1.17�76 0.64% ..�-- I_duci" and Neagh. Seralces 27 _ 1 D 2 3996 3 0B% 2 97k 21696 673% D M% Pr4esslanal and Business, Services, :213 24 t 1 1,0= -1.gDsk 1.23" ' 4 23"xi. 2:g9"3r 0.02% i 2.59% 13895; 0334 D 76% 0 51%` 0.65% I 0.33%. Inforrn&an Leisure'and Hospok 157 17 10245. 1 56°k ' 1 50% i 23%. 716�6;` artier Seiulees 51 � 10' � 56�16 —�Q 9996 uQ F0% 0 7D� I Q Dg96 I Q 22`36 _ T otl ..,>ynp�Ryrtl41 7348a j 7 0 i ,'.p I:1711 S=e: 0idg4Uonanks LQ =LOE�wn.. dodenr. Source: CoStar That said, since the pandemic, Miami has attracted several new firms with high -paying jobs, including Citadel, GMC Capital, Melvin Capital, and tech venture capital firm Andreessen Horowitz. So far, this trend has continued into 2025, albeit at a slower pace. Some of the most recent relocations and expansions this year include Apple, which leased 45,000 SF of office space at The Plaza in Coral Gables, and JPMorgan, which announced plans to expand its Miami office at 1450 Brickell Ave. over the next two years, pointing to the continued inflow of higher -income households in the medium -term. Although it has tried to diversify its economy, Miami's leading industry is tourism, which has not recovered with 5,500 fewer jobs than pre -pandemic, despite the popularity of Art Basel and its influential arts scene. Miami had traditionally drawn tourists from South America, but the inflow of international tourists remains below pre -pandemic levels and competition for domestic travel is on the rise as U.S. residents travel abroad or board cruises. 14 552 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) Miami's appeal as a tourist destination is underpinned by its tropical climate, pristine beaches, world -class shopping, and vibrant nightlife, which attract visitors from across the globe. PortMiami, the busiest cruise port worldwide, significantly contributes to the region's tourism industry. The port handled a record -breaking 8.2 million passengers in the fiscal year 2024, solidifying its position as the "Cruise Capital of the World." The metro area also features the unique natural wonders of the Everglades and Biscayne National Parks, adding to the diversity of the destination's appeal. Miami hosts numerous events throughout the year that generate substantial demand for its hotel industry. Art Basel, an international art fair held annually in early December, is the largest event of its kind. Other notable festivals include Art Deco Weekend, the South Beach Wine and Food Festival, and the Ultra Music Festival, which occur in the first quarter of the year. The city also hosts several annual sporting events, such as the Orange Bowl college football game, the Miami Open professional tennis tournament, and NASCAR races at the Homestead -Miami Speedway. In May 2022, Miami hosted the inaugural Miami Grand Prix, marking the first race in a ten-year contract with Formula 1 and further cementing the city's position as a premier sporting event destination. Miami is also home to major sports teams, including the Miami Heat, Miami Dolphins, Miami Marlins, and Inter Miami CF. In addition, the area's upscale shopping districts, such as the Miami Design District and Bal Harbour Shops, appeal to luxury travelers. In 2024, a total of 28.2 million visitors (20.1 million overnight visitors and an additional 8.1 million day -trip visitors) traveled to the area. With this growing influx of visitors came additional spending, which also exceeded the prior year. Tourists spent an estimated $22 billion, an increase of 4% over 2023. Furthermore, the total economic impact of tourism amounted to $31.1 billion, a 5% increase year -over -year Domestic travel made up the bulk of Miami's visitation. Although business conferences are less of a driving force in Miami than in other major urban markets, group demand is supported by the Miami Beach Convention Center. The meeting facility contains 1.4 million square feet, including four exhibition halls, a grand ballroom, four junior ballrooms, and 84 meeting rooms. Miami's international appeal remains unparalleled. It consistently attracts more overseas visitors than any other destination in Florida, and the city regularly ranks among the top three destinations in the United States for international travelers. Miami has always been considered to be a gateway market that attracted nearly an equal amount of domestic and international visitors annually. According to the Greater Miami Convention & Visitors Bureau, Miami welcomed nearly seven million international visitors annually before the pandemic's impact on international travel, representing almost 30% of total visitor volume. 15 553 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) The Miami hotel market has experienced healthy growth in recent months. The 12-month RevPAR through May 2025 increased 3.0%, driven by a 1.1 % change in occupancy and a 1.9% change in ADR. Continued recovery in business transient volume and group rebound, elevating area hotel rates, contributed to the recent positive performance. While the market is expected to witness favorable performance through the summer, supply challenges are anticipated to loom over demand growth, decelerating RevPAR gains by year-end. The market is projected to achieve a 1.8% 12-month RevPAR gain by December, consistent with the national average RevPAR forecast. Several factors could hinder Miami's market forecast. International inbound travel from other countries into the United States will likely experience declines due to a stricter customs process. This would especially be damaging for Miami, as the city is an international gateway market. Also, negative impacts from recent tariffs, ranging from lower consumer spending to weaker corporate profitability and reduced business investment, could dampen the market's outlook. The Greater Miami market area includes 576 existing hotels with 66,865 guest rooms. Miami contains eight submarkets, with Miami Beach being the largest, with over 23,000 hotel rooms. Miami Downtown and Miami Airport each contain over 11,000 rooms. The North Beach submarket typically achieves the highest RevPAR due to a high concentration of luxury hotels. Miami has 16 hotels with approximately 3,300 rooms under construction or roughly 4.9% of the existing inventory. More than half of these rooms are anticipated to open this year. Another 6,200 hotel rooms across 32 projects are in final planning. The Miami International Airport (MIA) serves as a vital gateway to the world, holding the distinction of being the second -busiest airport in the country for international passengers. As an American Airlines hub, MIA offers non-stop services to over 185 domestic and international destinations via 94 carriers. The airport provides more flights to Latin America and the Caribbean than any other U.S. airport, further solidifying Miami's position as a global hub for travel and commerce. The airport served nearly 56 million travelers in 2024, representing a 6.8% increase over 2023. In April 2025, Dominican Republic -based Arajet Airlines began service between Miami and Santo Domingo. The airline will offer weekly flights between Miami and Punta Cana in the future. Also, Icelandair will launch the first route between Reykjavik and Miami in October 2025. In addition, American Airlines will expand its service to Europe with its first service from Miami to Rome this summer and increased flights to London Heathrow. PortMiami is the world's largest cruise passenger port. Cruise ships continue to be docked and will not sail before March at the earliest. Close to 6.7 million cruise passengers went through PortMiami in 2019, with traffic peaks of over 700,000 passengers for each December and March. In 2018, Port Miami became home port for five more modern mega -liners: Mariner of the Seas, Allure of the Seas, Symphony of the Seas, Carnival Horizon, and Norwegian Bliss. Virgin Voyages recently 16 554 MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) completed their new state-of-the-art terminal, which contains about 100,000 square feet. Port activity has continued to increase since the pandemic. Through March 2025 Port activity is 10% ahead of 2024. As the "Cargo Gateway of the Americas", the port primarily handles containerized cargo with small amounts of break bulk, vehicles and industrial equipment. It is the largest container port in the state of Florida and ninth in the United States. As a world -class port, PortMiami is among an elite group of ports in the world which cater to both cruise ships and containerized cargo. All Aboard Florida (`Brightline") is Miami's Central Train Station linking it with Orlando. It is located on the 11 acres between 3rd Street and 8' Street on NW 1"Avenue. It will ultimately contain 3 million square feet in four towers including the 200,000 square feet of retail and additional 100,000 square feet of office space outside of Two Miami Central. It is also building 800 residential units and planning a 95-story super tower on the Miami Central project site. The Brightline connections have been completed and run from Miami to the Orlando International Airport. There are stations at Aventura, Fort Lauderdale, Boca Raton and West Palm Beach. Conclusion The Miami market is located on Florida's lower southeast coast. The city is the region's most populous market and has the state's largest labor force. Despite being a top travel destination, the region's economic landscape is remarkably diverse, with significant contributions from various sectors beyond tourism. The healthcare and education sectors are pivotal in South Florida's employment landscape, with major employers such as Baptist Health South Florida, the University of Miami, and Jackson Memorial Hospital. Private companies like American Airlines, Southern Glazer's Wine and Spirits, and Norwegian Cruise Lines significantly contribute to the area's robust job market. Economic headwinds, which continue to weigh on household formation, will likely dampen demand growth in the near future. In fact, after outperforming the U.S. average in terms of population growth from 2009 to 2017, growth decelerated in 2018 and actually turned negative in 2020 and 2021, as international migration slowed and lower -income residents continued to exit the market for more affordable areas in central, northern Florida, and out-of-state. Homeownership has been further impacted by higher insurance premiums, rising maintenance costs in older condo properties and a pandemic induced surge in home values, making renting more attractive. The limited construction of single family housing across South -Florida, coupled with elevated mortgage rates further impact home affordability, helping drive housing demand towards new luxury apartments and garden style rental developments. 17 555 NEIGHBORHOOD DESCRIPTION A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises. A geographic area around a property that influences that property, i.e., its environment. Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). Sunny Isles Beach, which is a barrier island in the northeast corner of Miami -Dade County, is situated between 156' and 195' Streets. The City, is bounded by: the Atlantic Ocean on the east; and the Intra-Coastal Waterway on the west. The town of Golden Beach lies to the immediate north while Bal Harbour and Haulover Park are to the immediately south. Less than two miles in total length, Sunny Isles Beach has a lot to offer for such a short stretch of land. The City, which was incorporated in 1997, has been experiencing a major redevelopment renaissance on the east side of Collins Avenue, the main thoroughfare. Zoning laws ensure that view corridors and beach access pathways will always offer residents a life with a view. To the west of Collins Avenue, the City has been building parks, improving the infrastructure and laying the groundwork for future redevelopment. The emphasis of most of the redevelopment is on residential condominium construction. Developers in accordance with the City's Land Development Regulations (LDR's) are steadily replacing outdated motels and/or motel -condos with luxury, high-rise, residential oceanfront development. The new developments typically offer floor to ceiling glass windows in every room, hi -tech integration into each unit such as "smart living", amenities that are only found in 5 star resorts and fresh designs in building structure. Over the past few decades Sunny Isles has been one of the most active locations for residential condominium pre -construction. The current, approved, development pipeline consists of: the St. Regis Residences (3 6 1 -residential units) to be located 18801 Collins Avenue; Bentley Residences (216-residential units) to be located at 18401 Collins Avenue; Monaco Hotel (113-hotel units) to be located at 17501 Collins Avenue; and the Chabad Community Center to be located at 488 Sunny Isles Boulevard. Over the past five years nearly 1,500 units in six projects have been completed. Development has slowed in recent years due to a lack of available land area, increases in construction costs and costs of obtaining capital. 18 556 0 NEIGHBORHOOD DESCRIPTION (Continued) NEIGHBORHOOD MAP t.t—'.� I 'AAA � AY@RTaJfB ,� L It ..'� ` �� � ��s ��856 866 � �.� ��� �4_ .• 85C' ^.y� �* + . .1—i_ ar t 1Urri1 C011�f15'I�1V@, I �. r�-� , - tlumfaundit �, S'trnrtylsies FLr3316 JJ iI 77 T q Ti _ L -Ax- M JJJ SUl1T!]Ir "AY ;57 s n I-t : I y lie Ancient fe yh. 'Manes Xr ' f. �k u�s'3`�+R���'' his .� a� �� � ?*• '`v'. � : a ts�es k�aulaver t+Juie Sesch Aqua. csva�lr"Park *rf w {, v 4 yes ka3 3 � t w �� Wt� a *, ,�etebrity,D MAW Cis tioRai �� r �� r " Enterta�nme t' r i�niuersety � Mar. �1�Ir �� 't Ca$tGo irV�,olesale � tA' 19 557 NEIGHBORHOOD DESCRIPTION (Continued) The following is a summary of the neighborhood demographics. E}e.m.ographiGs > 1 mile .8 miles. Population: 4V39. 148,634 Households: 19,705 66;05fi' Median Age 49.80 47.60 Median HH Gioame $57,915 $59;981 Daytime Employees 9;904 65,793 Population Grow, iit 'N4 -,'29 6.32°/0 0:G1 % Household Growth 24-29 +5.91% 3.61% Source: CoStar. The population on Sunny Isles Beach increased substantially over the past decade. The demographic data indicates a projected population growth of 6.32% over the next five years, along with a 5.91% growth in households. Both the median and average household incomes have also increased by nearly 30% over the past decade. The influx of new residents from the northeastern United States, as well as, international migration has created demand for new luxury condominium projects, similar to what is being experienced throughout the coastal regions of South Florida. The majority of the new household formations will be higher income families. The projected increase in households is 1,165, of which, 80% will fall into the luxury category. Currently only 622 condominium units are in the development pipeline. An additional 300 are in the early planning stages. Over the past few decades the retired population has been decreasing and many of the older ocean front condominiums and hotels have been replaced with said high-rise condominium projects. The ocean front condominium projects appear to be marketed towards a mix of international investors and domestic residents. The City is well located and can be accessed via two causeways, ( the William Lehman and the Sunny Isles Causeway), at the northern and southern boundaries. Both extend east from Biscayne Boulevard, a major business artery through eastern Miami -Dade County. The Lehman Causeway extends only between Collins Avenue and Biscayne Boulevard. Sunny Isles becomes NE 163 Street and continues west through the City of North Miami Beach. This road is a major business corridor and connects with I-95 to the west. Fill 558 NEIGHBORHOOD DESCRIPTION (Continued) Collins Avenue, also know as AIA, extends north and south along the beach area and travels into Broward County. This roadway includes all supporting commercial development, i.e. grocery stores, restaurants, retail, office, etc. The following table illustrates the traffic count for the major roadways in the area. Traffic Colleafion Street, Gass 5treef Traffic V61 Lest measured Disfance Collins Ave; 182nd StS 48,48 -2022 013 rnil' Collins Avenue 182nd Si S 44,000 2020. 0:16 mi' Collins, Aye NE 475th Ter'S. 44 850 ` 2622. 0 ;19 mi` NE 192nd St' Atlantic Blvd-W. 43,350 2022: 0.79 mi Supny;isles_8hrd ColiinsAve'SE. 11,019 2020 0.82mi Sunny;lsles Blvd' Cbliins Ave E 43,529 2=. 0 88 ini Atlantic Ave Atiantfc Isle. 8 1;3 2020 0.91 mi Sunny Isles l3ouldViird` Atlantic Isle 25,710 2022 0.93_Mi' Northeast 163rd Street Atlantic Isle :5; 17,50Q 2026 0 93 mi Coiiins Avenue Sunny islesBfvd N. 4Z550 2022-. 0.94 mF Made with TrafficMotrix@ Pmducts Source: CoStar. Sunny Isles Beach is primarily developed with: multi -family uses, along the ocean and inland areas; and commercial uses along the west side of Collins Avenue. The multi -family uses consist of both mid and high rise condominium and/or hotel projects. There are some single-family pockets located towards the western boundaries of the City. Golden Beach, to the immediate north, is primarily developed with single-family homes ranging from over $500,000 to over $20 million, along the ocean. With the inception of the City a new LDR was created which allowed for relaxed FAR and building height criteria. The result had been nearly 15,000 + new condominium units completed over the past few decades, with said 622 units in the current pipeline. As part of the LDR the City created a mandatory bonus program and a TDR bank. As such, the City purchased multiple properties thus allowing developers to purchase the development rights from said properties in order to increase the FAR of their proposed projects. The bonus program requires the developers to pay into funds that allow for the maintaining of the beach and creation of multiple access points. Also these bonuses provide for other Public projects such as parks. With the bonuses the FAR can be increased by a 21 559 NEIGHBORHOOD DESCRIPTION (Continued) maximum of 2.1 along the ocean front and 1.5 in non -ocean front locations. From there an addition 30% in FAR may be purchased via the TDR program. Thus the maximum FAR can be increased, as per the LDR, to 5.98 along the ocean about 5.0 for non -ocean front properties. The cost of the TDR's are derived from property appraisals. The increase in FAR also permits an increase in density which makes up for a lack of available land are to be utilized for future growth. The City continues to actively pursue in -land properties to increase their TDR bank. The following table illustrates the most recent condominium sale statistics for Sunny Isles Beach. Location Previous Six Month Period: No Sales Price Range Average Price Average Price Per SF Median Price Median Price Per SF Average Marketing Time Median Marketing Time Prior Six Month Period: No Sales Average Price Average Price Per SF Median Price Median Price Per SF Average Marketing Time Median Marketing Time Change in Average Price Per SF Change in Median Price Per SF Change in Average Marketing Time All of Sunny Isles Beach Oceanfront Properties 318 $80,000 to $28,461,500 $1,887,414 $740 $732,500 $520 136 98 303 $1,662,490 $771 $868,000 $602 112 81 -4.2% -15.8% 21.4% 172 $80,000 to $28,641,500 $2,899,453 $997 $1,425,000 $807 150 106 171 $2,353,710 $1,084 $1,600,000 $817 125 91 -8.7% -1.2% 20.0% 22 N 560 NEIGHBORHOOD DESCRIPTION (Continued) The condominium market has continued to slow over the past six months. While the rate of sales remained similar for both the average and median pricing, on a per square foot basis, declined. The average days on the market increased. The overall market has 1,202 units listed for sale. The listing prices ranged from $79,900 to $41,500,000. The average and median pricing was $1,818,750 and $766,000 respectively. The increase in listings and longer marketing times is mainly due to buyers reluctance to purchase units in older buildings. The continued increase in HOA fees, primarily due to rising insurance premiums, and high interest rates, are cited as the root causes for the slow down in sales. Also, there is significant available inventory. The two projects either breaking ground or under construction have very little listing activity on MLS. Also, these properties were purchased nearly ten years ago and are just breaking ground. St. Regis residences will be developed at 18801 Collins Avenue. This project will include two towers spanning 56 and 62 stories in height, with a total of 361 residential units. The single-family home uses are primarily situated in the Golden Shores section at the northwestern quadrant of the City. Sales and listing activity is minimal. The most recent closed sale was $3,800,000. The rental apartment market is. limited with most buildings indicated occupancy rates above 97%. Rental rates have continued to increase. According to the Reinhold P. Wolff 2°d Qtr. 2025 Residential Housing Survey the rental apartment for this section, which includes northern Miami Beach, included 2,212 surveyed units. The market included a vacancy rate was 2.8% and rental rates ranged from $2,465 to $4,050. The commercial uses are located along the west side of Collins Avenue, and along Sunny Isles Beach Boulevard. The office market is limited to a few office buildings. The newest construction is the Milton Office Tower on the southwest corner of Collins Avenue and Sunny Isles Beach Boulevard. The average rent for the submarket is about $50.00 per square foot, gross. The vacancy rate is about 7%. The retail market includes multiple shopping centers along Collins Avenue, and various ground floor retail uses along Sunny Isles Beach Boulevard. The shopping centers are in demand with a vacancy rate less than 5%. The average rent is currently about $55 per square foot, NNN. Not withstanding ground floor retail uses, within mixed use projects, there are no other forms of retail construction on going at this time. 23 561 NEIGHBORHOOD DESCRIPTION (Continued) The Sunny Isles Beach hotel market is part of the overall North Beach submarket. North Beach comprises 27 hotel properties, which contain around 4,700 rooms. Among the subtypes, there are 2,800 Luxury & Upper Upscale rooms, 1,600 Upscale & Upper Midscale rooms, and 240 Midscale & Economy rooms in North Beach. As of July, North Beach 12-month occupancy is 69.0%, 12-month ADR is $370, and 12-month RevPAR is $260. Year over year, 12-month occupancy in North Beach has changed by 1.5%, 12-month ADR has changed 5.6%, and 12-month RevPAR has changed by 7.2%. There is nothing under construction in North Beach and no buildings have delivered in the past 12 months. C".0nc1usi0n: The Sunny Isles Beach condominium market has continued to slow with increased listing activity, and lower selling prices. A few projects are completing construction, with several new projects breaking ground or in the early planning stages. There are very few projects occurring west of Collins Avenue, or off the ocean front. The commercial markets are in demand with only a limited amount of available space remaining. Only one new office project has been completed, and no retail construction is on -going or planned. The hotel market is also in demand, with limited inventory available on Sunny Isles Beach. The subject property is located along the ocean side of Collins Avenue, and is bounded by Ocean Tow Condominium, to the north, and Residences by Armani Casa, to the south. There were no unfavorable factors noted that could negatively affect the marketability of the subject property. 24 562 ZONING The subject property is zoned W-R, a mixed use resort district by the City of Sunny Isles Beach, Florida. The district provides for high density residential development of multi -family dwellings at a base density of 50 units per acre and a maximum density of 80 units per acre. The allowable uses include: multi -family apartments; hotels, motels and apartment -hotels; commercial service facilities; conference and meeting facilities; parking lots and garages; public park and recreation; and all uses allowed in the RMF-2 district. Based on the Land Development Regulation (LDR) adopted on December 10, 2002, a site owner can obtain bonuses and TDR's to increase both density and FAR. A recent ordinance (No. 2011-377) was adopted in November 2011 amending and increasing the maximum FAR permitted in the NU-R and Town Center Zoning Code districts. The maximum FAR permitted may be increased only in accordance with the following provisions and limitations in conformance with the allowable limits set under the adopted Sunny Isles Beach Comprehensive Master Plan: 0 , IDS ,'_ Item Maximum Bonus Public Beach Recreational Enhancement Bonus: .60 Collins Avenue Public Street-scape Enhancement Bonus: .60 Educational and Cultural Infrastructure Bones: .20 Beach Access Trust Fund: .20 Beach Easement .10 Public Parking Bonus: .20 Recreational Open Space Bonus: .20 Total Bonus 2.10 The total cost of obtaining bonuses vary from site to site and are based on the amount of participation units the developer is willing to contribute. According to a representative with the Building and Zoning Department all proposed projects are entitled to purchase bonuses up to 2.1, thereby, increasing the total FAR to 4.6, prior to the purchase of TDR's. In comparison to project costs the purchase price for bonuses are nominal. To qualify for TDR's all required bonuses must be purchased. From time to time the Beach Access Trust Fund can be waived. Please refer to a copy of the Zoning Code in the addenda for a complete description of each bonus and contribution requirement. 25 563 ZONING (Continued) According to Ordinance No. 2002-147 the City of Sunny Isles Beach will allow the transfer of development rights from lands acquired by the city, currently utilized as public open space, parks, recreational facilities, community facilities and cultural facilities, to proposed development sites within the various districts. As such, a receiver will be allowed to obtain these TDR's, thereby, increasing the density and FAR of the development site. However, in no case, shall the density or intensity be increased by more than 30% of the maximum permitted by the land use category. Summary The following table illustrates the existing and potential development rights for the subject property. Miami Beach Club AR Calculation Site Size SF 87,660 AR Criteria: Amount FAR Gross SF Base 2.50 219,150 Bonuses: Beach Access 0.10 8,766 Public Oceanfront Park & Open Space Enhancement 0.20 17,532 Beach Access Trust Fund Contribution 0.20 17,532 Public Beach Recreational Enhancement 0.60 52,596 Collins Avenue Public Street-scape Enhancement 0.60 52,596 Sunny Isles Parking 0.20 17,532 Educational & Cultural Infrastructure 0.20 17,532 Total Bonus FAR 2.10 184,086 Total Base & Bonus FAR 4.60 403,236 Max. TDR @ 30% 1.38 120,971 Total Allowable FAR 5.98 524,207 The development program calls for the construction of a 62-story, residential -condominium, tower with145 units and 483,150 square feet of saleable area. The subterranean and two above -ground level, parking garage will provide 298 parking spaces, including tandem parking. A copy of the preliminary site plan and floor plans is included in the addenda. 26 564 SITE DESCRIPTION Shape: Rectangular Size: 87,660 square feet (200' x 438') or 2.012 acres Topography: Level and at road grade Environmental Note: Soil tests were not available and the soil is assumed to be free of contaminants and pollutants. Utilities: Electrical Service Florida Power and Light Company. Telephone Bell South. Police City of Sunny Isles Beach. Fire Rescue City of Sunny Isles Beach. Water & Sewer City of North Miami Beach Easements: No adverse easements were noted. Typical utility easements are at the site boundaries. Flood Zone: X, AE, VE , Community 0635, Map Number 12086C0153L, Effective Date September 11, 2009. (See Addenda for designation). Census Tract: 1.23 Concurrency: The concurrency provisions of the Growth Management Act mandates that development can proceed only when the necessary infrastructure is already in place or will be in place concurrent with the impact of development. This concurrency rate means that developers must satisfy seven areas of level of service (LOS) including: roads, drainage, sanitary sewer, potable water, solid waste, recreation and mass transit. Since the property is plated concurrency is not a factor. Existing Improvements: The property is currently improved with the Miami Beach Club Motel Condominium building that was completed in 1951. The "U" shaped building contains 104 condominium -motel units and four commercial units. The developer is planning to raze the existing building in favor of a 62-story, high-rise, residential condominium tower, with 145 units. The existing building no longer maximize the full development potential of the site. It has reached the end of their economic life. Summary: The site appears to be well suited to support a multi family residential use in accordance with the MU-R zoning code and current LDR. 28 566 HIGHEST AND BEST USE The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). A fundamental concept of highest and best use is the idea that highest and best use is viewed from two perspectives: 1) The use of the real estate based on the presumption that the parcel of land is vacant or can be made vacant by demolishing any improvements (i.e., as vacant or as if vacant). 2) The use that should be made of the real estate as it exists (i.e., as currently improved or as if improved as proposed). There are four tests that a property must meet in order to indicate Highest and Best Use. The use must be physically and legally possible, financially feasible, and must be the most productive use among the possible alternative uses. Source: The Appraisal of Real Estate, Fifteenth Edition, Appraisal Institute, 2020. Physically Possible The site must possess the size, shape area, soil and other physical characteristics to support the improvements that will develop the site to its Highest and Best Use, as if vacant. The site elevation is at about street grade, has the necessary utilities available on the site or at the boundary lines with no subsoil problems assumed. The surrounding properties include high rise condominium projects and similar low-rise motel and/or condominiums. The subject property is well suited for a high rise, residential, condominium project in accordance with the current zoning code and LDR. Legally Permissible The use must conform to the zoning regulations, private restrictions, building codes, environmental regulations and any other legal requirements. The subject property is zoned W-R by the City of Sunny Isles Beach, Florida. The zoning code and LDR permit a base FAR and density of 2.5 times the gross lot area and 50 residential units per acre. The base density for a hotel or an apartment -hotel is 100 units per acre. The maximum building height, which must be approved by the FAA, is currently 749 feet. The Sunny Isles Beach LDR permits a property owner/developer to increase the FAR and density of a potential project utilizing the bonus system and purchasing TDR's from a bank of City owned properties. The following table illustrates the various levels of development for the subject property, as right, with bonuses and with TDR's. 29 567 HIGHEST AND BEST USE (Continued) Legally Permissible (Continued) Criteria Base w/bonus w/TDR's FAR 2.5 or 219,150 SF 2.1 maximum or total 4.6 or 403,236 SF 1.38 maximum or total 5.98 or 524,207 SF Density 50 units or 114 units 30 max. units or total 80 units or 160 units 24 max. units or total 104 units or 209 units Building Height 744 Feet or 62 stories 744 Feet or 62 stories 744 Feet or 62 stories The developer is planning to utilize the maximum allowable FAR, but is limited the density to 145 units or 72 units per acre. Financially Feasible The use for the site must provide a yield on invested capital sufficient to warrant the investment. The most physically possible and legally permissible use of the site, as if vacant, is for the development of a high-rise residential condominium tower. The Sunny Isles Beach condominium market has continued to slow over the past few years. Pricing for existing product has declined and marketing times have increased. The approved projects have been planning for several years and have recently broke ground. There are several other projects, like the subject property, that are in the planning stages. Current selling prices are reported to be close to $2,500 to $3,000 per square foot for new construction. Although sales are limited developers continue to move forward with construction completions anticipated to be in 2027 and beyond. This will enable existing available supply to be absorbed. While profit margins have declined due to higher construction costs, interest rates and costs of obtaining capital, current pricing still pencil's out a positive residual value to the land. Also, despite lower returns the profit margins remain above developer threshold requirements. Maximally Productive That feasible use, based on financial use analysis and return to the land and/or capital, that provides the highest yield for the longest period of time. The future development of the proposed condominium tower. 30 568 HIGHEST AND BEST USE (Continued) Conclusion - Highest and Best Use as if vacant The highest and best use of the subject property, as if vacant, is for the development of a high-rise, condominium, project, in accordance with the current zoning code and LDR. Highest and Best Use - As Improved The overall the proposed high-rise, condominium, project meets the four criteria of highest and best use. The existing improvements were completed in 1951 and no longer maximize the potential development rights of the subject property, as vacant land. The existing building has no remaining economic life. MARKETING & EXPOSURE TIME An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which precedes the effective date of an appraisal. Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). Exposure Time is: 1. The time a property remains on the market. 2. An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. (USPAP, 2024 ed). Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). A marketing or exposure time is not applicable for the cost of a TDR. However, marketing and exposure times for recent oceanfront purchases have gone well beyond several years because of the need to assemblage condominium units in older projects. A typical land purchase would require a marketing or exposure time of at least twelve months. 31 569 SALES COMPARISON APPROACH Sales comparison may be used to value land that is actually vacant or land that is being considered as though vacant for valuation purposes. Sales comparison is the most common technique for valuing land, and it is the preferred method when comparable sales are available. To apply this method, data on sales of similar parcels of land is collected, analyzed, compared, and adjusted to provide a value indication for the site being appraised. In the comparison process, the similarity or dissimilarity of the parcels is considered. Source: The Appraisal of Real Estate, Fifteenth Edition, Appraisal Institute, 2020. The subject property contains a surveyed area of 87,660 square feet or 2.0124 acresw. The client is in the process of entitling the property for future condominium development in accordance with the LDR. The plan is to acquire said bonuses and purchase TDR's to achieve the maximum allowable development rights via FAR. There are several methods in estimating the cost to purchase TDR's. The first is to purchase the TDRs from the City Bank. , This requires presenting a valuation estimating said costs by a comparable land sales method. The second would be to compare private purchases of TDRs, or purchases not involving the City Bank. The oceanfront of Suuny Isles Beach is fully developed with no available sites along the ocean. Although rare the most recent transactions have typically required the buyout of an older condominium project. This has also been the case for neighborhing municipalities such as Bal Harbour, Surfside and Miami Beach. The last land transaction on Sunny Isles Beach occurred in 2014. While condominium unit pricing has fluxuated over the years, it has generally been higher since the pandemic. However, recently due to an increase in available inventory and higher ownership costs there has been notable declines in pricing, especially on a per squaer foot basis. This coupled with higher construction costs, current interest rates and costs of obtaining the necessary capital, has delayed many of the proposed condominium projects. In addition, the timing and cost of obtaining development approvals on Sunny Isles Beach, especially when mamimizing FAR and density, has also been a factor when deciding when to begin or plan a project. It is for these reasons that construction activity has been limited with only three projects currently approved, with one under construction and the other breaking ground. The purchase of this appraisal is to establishing a purchase price, or cost, to obtain the necessary TDR's from the City's TDR bank to entitle said project. While there have been private purchases of TDR's, between two land owners, most have been from the City. Sunny Isles Beach is unique in terms of their LDR and condominium development. Unlike said neighboring oceanfront communities Sunny Isles Beach permits considerably higher FAR's, density 32 570 SALES COMPARISON APPROACH (Continued) and building heights. For example, Bal Harbour and Surfside have oceanfront building heights capped at 28 and 12 stories. Miami Beach limits FAR to a maximum of 3.5. It is for these reasons it is difficult to compare oceanfront sales from these other communities. To accurately estimate a land value for Sunny Isles Beach the sales search was extended back over a decade. These sales are detailed on the following page. A location map will follow. In addition, to the land sales several. private transactions of TDR's will be discussed. The land sales were all purchased with the same intent of high-rise condominium development. In each instance, said bonus system and the purchase of TDR's, in accordance with the LDR, was completed. The developer is planning a 62-story,145-unit, condominium project on the subject site. The development program includes the following purchase of bonuses and TDR's. Miami Beach Club "AR Calculation Site Size SF 87,660 ,AR Criteria: Amount FAR Gross SF Base - 2.50 219,150 Bonuses: Beach Access 0.10 8,766 Public Oceanfront Park & Open Space Enhancement 0.26 17,532 Beach Access Trust Fund Contribution 0.20 17,532 Public Beach Recreational Enhancement 0.60 52,596 Collins Avenue Public Street-scape Enhancement 0.60 52,596 Sunny Isles Parking 0.20 17,532 Educational & Cultural Infrastructure 0.20 17,532 Total Bonus FAR 2.10 184,086 Total Base & Bonus FAR 4.60 403,236 Max. TDR @ 30% 1.38 120,971 Total Allowable FAR 5.98 524,207 The cost to obtain a TDR is premised upon the market value per square foot of FAR, after the purchase of intangible bonuses from the City. Thus, the unit cost of a TDR purchase encompasses the development rights prior to the purchase, or at the maximum FAR, after bonuses. In most cases, this has been at an FAR of 4.6. Therefore this will be the basis point for each of the sales. 33 571 N ti LO U xi C w y U � d ycn Lam" NbD ° U � C a W rq M N V] O 6s U 0000 N C N w ° CIS 3 o Cd O U U u U O C V -a M cC tn • � � O ' C cC 0o0 --� ���rr on � /-� ai �l a 69 U N 4 p 7 N N .4 01 N cA v cd O > w N O cd —Lt M � •� •y N O a" M � N C\ � N � �/ O �, [� .fir N M � O U � d V] O c 4s M r� N N"t 'o N � w d � o la, a� o Cc,U N 00 -,d U CN O U H M d r H N O U _ in00 N � N N m � 0.� U7 ,i U .s 'n ,� Z N N V W sM9 w U x --i a o`�i Nkn p C W CD N O O C\ ,� c, CG O 00 a M lf-'-i- I\ 00 O i .--� CA O N M� 69 U M O— N 64 U N U �. o o y ° 3 ° V) C/1 °o p U U s. a 'O 16 t. O o Z o C7 o 17, M SALES COMPARISON APPROACH (Continued) LAND SALES MAP m x I Pest rsrantir, f--1� i4- $ e�.'iAYt 3SIE�t_35� 1 35 573 SALES COMPARISON APPROACH (Continued) Land Sale 1 is the September 2013 sale of a .8532 acre, ocean front, parcel located along Collins Avenue in Sunny Isles Beach, Florida. The recorded purchase price was $31,646,000 or $37,091,343 per acre. The seller purchased the property in March 2012 for $20 million or $23,441,163 per acre. This site is considerably smaller than the subject property. Typically economies of scale dictate that a larger parcels will typically sell for less, on a per acre basis, than a smaller parcel. This is typically due to higher carrying costs, site development, etc. This property sold will all entitlements in place, including TDR's. Land Sale 2 is the all cash purchase price of $40,990,100 via an auction sale for a distressed property. The property included previous development approvals as well as a completed foundation and partial structure for the project. All previous approvals had expired. To expand the scope of the proposed project Fortune approached the adjoining property owner to the north, Man -Co USA LLC (DBA Chateau Group) about buying their .8890 acre parcel. A purchase price of $40,000,000 was accepted and the sale closed in February 2014. The two sites will be adjoined to include a 57-story tower with 218 to 220 units. Fortune utilized the City's bonus and TDR pool to maximize the development rights. This transaction was not considered to be arms length. The Ritz Carlton Residences was completed in 2020. Land Sale 3 is the closed sale for the Seashore Club South Condominium located at 189th Street and Collins Avenue. The property is improved with multiple, low-rise, condominium buildings with a total of 170 units. The underlying site area contains 2.929 acres. A planned termination of the project is predicated upon a purchase and sale agreement between the Condo Association and RDR Seashore LLC for $75 + million. The Plan called for 100% of the proceeds to be allocated to the aggregate value of the units and zero percent to the common element. The Condo Association, as termination trustee, recorded a conditional plan of termination on August 29, 2013, in the Public Records of Miami -Dade County, Florida. After the plan was recorded, the Association received additional Joinder and Consent forms from Association members, documenting their assent to the Plan. This original Plan of Termination was recorded under OR Book 28797, Page 3028. The subsequent recorded Joinders were also individually recorded. The final owner consents to the plan were recorded in May 2014. The Armani Towers was recently completed, utilzing bonuses, and purchasing TDR's in accordance with the City's LDR. The simultaneous purchase and termination of the condominium project was predicated upon a land appraisal. The difference between transaction and the recent purchase of the subject property is that the negoitiating parry was the condominium association and not the individual unit owners. 36 574 SALES COMPARISON APPROACH (Continued) Land Sale 4 is the buyout, of the La Playa Beach Club. The buyer had razed the existing improvements and plans to construction two, high-rise, condominium towers. The project received site plan approval, with bonsues, and an agreed cost to purchase the TDR's. The project is fully approved as the St. Regis Sunny Isles Beach. This project also included a similar negotiation, purchase and termination of an existing condominium project. The purchase price was predicated upon an appraisal of the land. Anal The sales included a range in pricing from $23,855,468 to $37,090,952 per acre. The sales will be analyzed for approvals & improvements, property rights conveyed, conditions of sale, financing, market conditions (i.e. time), zoning, site size, and location. The comparable sales will be compared to the subject on a quantitative basis. For the purposes of the quantitative adjustments, percentage (%) estimates or $ amounts as supported by the comparables will be applied as necessary. Approvals & Improvements Land Sales 2 through 4 included no development entitlements or approvals at the time of sale. Land Sale 1 was fully entitled. When Land Sales 1 and 2 are compared about a 15% difference in pricing is measured. A downward adjustment of 15% is applied to Land Sale 1. Property Right Conveyed: The sales each included transfers of fee simple estates. Conditions of Sale: The sales were all arm's length transactions. The subject property included the assemblage or individual purchases of 108 condominium units within a low-rise project. The higher cost per acre represents an assemblage premium due to the opportunity cost of developing on of the land remaining, available, oceanfront parcels, on Sunny Isles Beach. In other municipalities the assemblage premium has been about 30% to 70% higher than a typical land purchase. The higher the unit count, or larger the assemblage, the higher the adjustment. For the purpose of this appraisal an adjustment of 65% is applied to the subject sale. 37 575 SALES COMPARISON APPROACH (Continued) Analysis (Continued) Financing: The sales each included cash or cash equivalent purchases of real estate. An adjustment for this factor will also not be applied. Market Conditions (Time): There has been limited development along the ocean front in recent years. Only three projects are in the approval pipeline and/or under construction. Despite increases in condominium unit pricing overall returns, and residual values to the land, have not varied due to corresponding increases in construction costs, interest rates, cost of obtaining capital and other pre -development costs related to obtaining said approvals, bonuses and TDR's. Thus, based on the limited market data, or sales activity on Sunny Isles Beach, an adjustment for the passage of time will not be applied. In addition, after comparing the assemblage adjusted price to the subject sale the resulting price per acre is similar to the other sales. Zoning: The sales and subject property are similarly zoned W-R. Site Size: According to market evidence a larger property will typically sell for less on a per acre basis than a smaller property. This is observed when Land Sales 1 and 2 are compared to Land Sales 3 and 4. Land Sale 3 is the most similar to the subject in site size. When these two groups of sales are compared a difference in pricing from 7% to 15% is measured. For the purpose of this appraisal a size adjustment at the midpoint or 10% will be applied to Land Sales 1 and 2. Location: The sales and the subject property include similar ocean front locations within the City of Sunny Isles Beach. An adjustment for this factor will not be applied. The table on the following page illustrates the adjustments applied to each of the sales. 38 576 SALES COMPARISON APPROACH (Continued) Analysis (Continued) 1 2 3 4 4 Price $31,646,000 $40,990,100 $75,000,000 $112,500,000 $145,260,000 Approvals ($4,746,900) $0 $0 $0 $0 Adjusted Selling Price $26,899,100 $40,990,100 $75,000,000 $112,500,000 $145,260,000 Property Rights $0 $0 $0 $0 $0 Conditions of Sale $0 $0 $0 $0 ($94,419,000) Adjusted Selling Price $26,899,100 $40,990,100 $75,000,000 $112,500,000 $50,841,000 Financing $0 $0 $0 $0 $0 Market Conditions (Time) $0 $0 $0 $0 $0 Adjusted Selling Price $26,899,100 $40,990,100 $75,000,000 $112,500,000 $50,841,000 Physical & Location Adjustments Zoning $0 $0 $0 $0 $0 Site Size ($2,689,910) ($4,099,010) $0 $0 $0 FAR/Utility/Location $0 $0 $0 $0 $0 Dther (Approvals) $0 $0 $0 $0 $0 total Physical & Location Adj. ($2,689,910) ($4,099,010) $0 $0 $0 Adjusted Selling Price $24,209,190 $36,891,090 $75,000,000 $112,500,000 $50,841,000 Size Acres 0.8532 1.315 3.116 4.7159 2.0124 Adjusted Price Per Acre $28,374,578 $28,054,061 $24,069,320 $23,855,468 $25,263,864 The sales, and the subject sale, indicated an adjusted range in prices from $23,855,468 to $28,872,987 per acre. Land Sales 3 and 4 are the most similar in site size. With greatest emphasis placed on these sales, with support from the subject sale, a value of $25,000,000 per acre is estimated as a basis of cost for TDR's. The value of the subject property, as it pertains to the extraordinary assumption stated herein, is estimated as follows: Site Size/Acre x Value Per Acre = Concluded Market Value 2.012 $25,000,000.00 $50,310,000 Round To: $50,300,000 39 577 SALES COMPARISON APPROACH (Continued) Adjustment to Per Unit Cost with Bonuses in Place As per the LDR the cost for the TDR's is premised upon the per unit with bonuses in place. For the subject property the total allowable FAR, with bonuses, is 4.6 or 403,236 square feet. The per unit cost is estimated as follows: $50,300,000 / 403,236 SF = $124.74 Per SF Rounded to: $125.00 Per SF Private TDR purchases In the event that private parties enter into a transaction where one party purchases the air rights of a second party in order to restrict the development potential of a property, and such purchase does not follow the procedures of § 265-23 herein, the transaction shall not be considered to be a part of the TDR program. The party which sells such air rights immediately shall record a notice of the sale of air rights in the property records of Miami -Dade County and provide a copy of the notice to the City Clerk. For purpose of this section, air rights means the unused development rights above an existing structure located on a lot. Purchase of air rights by one party shall not entitle the party to the further use of the air rights for development purposes under the land development regulations of the City. If an air rights agreement is terminated by either party, a notice of termination of such agreement shall be required to be filed in the property records of Miami -Dade County and provide a copy of the notice to the City Clerk. Private purchases of TDRs on Sunny Isles Beach rarely occur. Several examples, are as follows: On July 15, 2015, TRG Sunny Isles VII West, LLC transferred, 80,000 square feet of FAR and 38 dwelling units, to RDR Seashore LLC. The purchase price was disclosed at $125 per square foot of FAR or $10,000,000. The purchase was for the construction Armani Casa. Also, on July 15, 2015, Dezer Universal, LLC transferred, 38,559 square feet of FAR and 18 dwelling units, to RDR Seashore LLC. The purchase price was $125.00 per square foot or $4,819,875. The purchase was for the construction Armani Casa. An additional 68,694 square feet of FAR and 37 dwelling units, as it pertains to the Armani Casa project, was transferred from Gil Dezer to RDR Seashore LLC, for $8,586,750. The aforementioned three transactions are between un-related entities. However, they were co -developers for the Armani Casa project. According to a representative with Dezer Development the purchase included a transfer of rights from one development site to another. However, the sending site did not include similar co -ownership. ,o 578 SALES COMPARISON APPROACH (Continued) Private TDR purchases (Continued) On September 20, 2017 Regalia Beach Developers, LLC transferred 15,538 square feet of FAR and 8 corresponding dwelling units, to AS Development LLC. The developing project was the Estates of Acqualina located at 17901 Collins Avenue. The selling price was $125.00 per square foot FAR or $1,942,250. Conclusion of TDR Cost Per SF The sales and most recent private purchases indicate an estimated a cost per unit for the purchase of TDRs of $125.00 per square foot. RECONCILIATION AND FINAL MARKET VALUE CONCLUSION The Sales Comparison Approach included four of the most recent land sales within the immediate subject market. The sales were all purchased with the intent of future condominium development and shared the same highest and best use as the subject property. The sales were analyzed on a price per acre basis. 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 10, 2025, is: $125.00 Per SF of Allowable FAR Respectfully submitted, Frank Hornstein, MAI State -Certified General Real Estate Appraiser, No. RZ1376 41 579 CERTIFICATION I Certify to the best of my knowledge and belief. The statements of fact contained in this report are true and correct. - Te reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 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. I have no bias with respect o the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. - As of the date of this appraisal Frank Hornstein, MAI has completed the continuing education program of the Appraisal Institute. Frank Hornstein, MAI September 15, 2025 State -Certified General Date Real Estate Appraiser, No. RZ 1376 42 580 ASSUMPTIONS AND LIMITING CONDITIONS The value conclusion and certification within this report are made expressly subject to the following assumptions and limiting conditions as well as any further reservations or conditions stated within the text of the report. 1) No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2) All existing liens and encumbrances, (except the existing leases if any) have been disregarded, and the property is appraised as though free and clear. 3) Responsible ownership and competent property management are assumed. 4) The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5) All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 7) It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless non-compliance, is stated, defined, and considered in the appraisal report. 8) It is assumed that all applicable zoning and use regulations and restrictions have been complied with, except where non- conformity has been stated, defined, and considered in the appraisal report. 9) It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10) It is assumed that the utilization of the land and improvements is within the boundaries of property lines or the property described and that there is no encroachment or trespass unless noted in this report. 11) Subsurface rights were not considered in making this appraisal. 43 581 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) 12) The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13) Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 14) The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 15) Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or any reference to the MAI or SREA designations) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 16) The existence of potentially hazardous material used in the construction or maintenance of the building and/or the existence of toxic waste which may or may not be present on or under the site was not observed during our inspection. However, we are not qualified to detect such substances. These substances, if they exist, could have a negative effect on the estimated value of the property. The user of this report is urged to retain an expert in this field if desired. 17) Unless specifically stated to the contrary in the report, no independent evaluation of concurrency matters were made for the subject or any sales comparables. In the event concurrency is found to affect subject property or any of the sales comparables, we reserve the right to reconsider the value conclusion. 18) This appraisal was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 19) Zoning and Legal Officials with the City of Sunny Isles Beach previously 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. This is mainly due to the City's allowance for higher FAR's and building heights when compared to other oceanfront communities. Because of the parameters enforced by City officials the limit the scope of work and appraisal process, and the limitation of comparable sales activity, 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 should not be misconstrued as market supported value. 582 ADDENDA 583 -•-5 . I � .: ��` �I I'1 't "". - - ., x '`.. �._ - j/�: �r�0•/� m,am_r_. 4 Northerly view of Collins Avenue Southerly view of Collins Avenue 585 PROPERTY APPRAISER OF MIAMI-DADE PPOPEPIYAPPRRIS[A COUNTY ReportSummary Generated On: 09/10/2025 Folio 31-2202-016-0001 (Reference) Property Address 19051 COLLINS AVE SUNNY ISLES BEACH, FL 33160-0000 t :856 Owner REFERENCE ONLY Mailing Address Primary Zone 5000 HOTELS & MOTELS - GENERAL Primary Land Use 0000 REFERENCE FOLIO Beds / Baths /Half 0 / 0 / 0 j Floors 0 Living Units 0 Actual Area 0 Sq.Ft I Living Area 0 Sq.Ft Adjusted Area 0 Sq.Ft w Lot Size ' 0 Sq.Ft { Year Built 0 a WRITI i Year 2025 2024 2023! Year 2025 2024 20231 r - i COUNTY - Land Value $0 $0 $0 Exemption Value $0 $0 $0' Building Value $0 $0 $0 Taxable Value $0 $0 $0 Extra Feature Value $0 $0 $0; Value $0 $0 SCHOOL,BOAR $0 W..._ _ BOAR . _.. _ ..<_.... . 1 Exemption Value $0 $0 $0 i Assessed Value $0 $0 --- --- so Taxable Value $0 $0 $0 { --- ----- CITY Benefit Type 2025 2024 2023; Exemption Value $0 $0 $0 NOW, Not ne all befts are apphcable,to all Taxable Values (i e i County School Board City Regional) ;° E Taxable Value $0 $0 $0 i REGIONA_L MIAMI BEACH CLUB A MOTEL CONDO Exemption Value $0 $0 $0 DESC NO BISCAYNE BEACH PB 44-42 Taxable Value $0 $0 $0 N20OFT OF TR E & PORT LYING EAST &ADJACENT WEST OR Book- Qualification OF EROSION LINE PER PB 105-62 Previous Sale Price Page Description I The Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. 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Sn .§ Z§ 5If 'an a ?6A A A Ait I AI A A A I Ait t A I I it I IA IT.I i A I A 91It-IA it i14111 1 1 ? 3 g 111 IIIIJIII.IIII IIIIIIIIIIIIIIIIIII.III1_IIIII1111111111.1.111 Z I> W I J IW W I Q W I I I I I I I IIIIIIIIIIIII I11:11II11111I I11III 1:11.11I IIIIIII111111I I1 1 111 I I I'I I -I I II I I I I II I I i l l l l l l II I I -I I I I I I I I II II I I 'I I Hill 66 C 9Z8 GOC 9�GCC apijolj 'SON :1111111 llllSlIlll'Al'Nllll 09LECIA'HO�gS�ISIANNnS'3AVSNIIIOD��M� 6LL000c) vv v 'sloalm-v em H3V3S IW A W V VSONIONB - NVWGBaMzl - N3H03 11 I I I, A I -A A it it it A A. I it I I I t t it A 1 1.1111. Al IT I I I I t. I 11. 1 il I ;T. I I it. 11 .1111 It 11. 1 -4 i it it i A., 0 0 CD § 265-35. - Mixed Use - Resort District (MU-R). A. Purpose. The Mixed Use Resort (MU-R) District provides for high density residential development of multifamily dwellings at a maximum density of 80 dwelling units per acre, hotels, apartment hotels at 125 units per acre, retail goods and services, conference facilities, and entertainment activities consistent with the City's Comprehensive Plan Land Use Element and the corresponding Mixed Use - High Density/Resort land use category. The uses within this district shall be consistent with, but may be more restrictive than the Mixed Use - High Density/Resort category permitted uses. B. Uses permitted. No building or structure, or part thereof, within the district shall be occupied, erected, constructed, moved, reconstructed, structurally altered maintained or used, or land or body of water used in whole or in part for other than one or more of the following specific uses, subject to all other applicable standards and requirements contained in this chapter: , (1) Multifamily apartments. (2) Hotels, motels, and apartment -hotels. (3) Commercial services and retail goods including spas and health clubs, beauty salons, clothing, florists, gift shops, banking services, pharmacy, newsstands, and restaurants only within buildings with a minimum of 100 apartment, hotel or apartment -hotel units. (4) Conferencing facilities and meeting rooms. (5) Parking lots and garages. (6) Public parks and recreation facilities. (7) All uses permitted in RMF-2 District. (8) Uses customarily incidental and accessory to any of the above uses when located on the -same plot. C. Conditional uses. (1) Time-share apartments. (2) Eleemosynary, charitable, religious and philanthropic institutions. (3) Nightclubs, private clubs, lodges, fraternities and sororities. (4) Commercial jet skis and personal watercraft launching facilities. For the purpose of this Section, a personal watercraft is defined as a small, jet -powered craft, resembling a snowmobile in appearance and ridden like a motorcycle for individual use in water. (5) Commercial marinas or boat storage., (6) Non -motorized or motorized watercraft leasing or launching facilities. D. Site development standards. (1) 610 Minimum lot area and width. The minimum lot width as measured along the front property line shall be 200 feet and the minimum lot area shall be 20,000 square feet for lots platted after the date of adoption of these LDRs. (2) Maximum height. (a) For single-family and duplex, as in the R-1 and R-TH Districts respectively. (b) For all other structures, the maximum height shall be controlled by the minimum setbacks and the Federal Aviation Administration height restrictions. (3) Lot coverage. The combined plot area covered by all principal and accessory buildings shall not exceed 60% of the area of the lot. Structures whose rooftop level is connected by walkways directly at the rooftop level to a multifamily structure, and that have a flat roof structure that is fully improved with landscaping, usable plazas, terraces, active unenclosed recreation facilities and the like shall have a combined plot coverage of all structures, including the above described improved rooftop structures not to exceed 80% of the plot area. (4) Minimum setbacks. (a) Front setback. [1 ] The minimum front setback shall be 75 feet, provided that a porte-cochere and/or guardhouse shall be permitted to be setback not less than 50 feet. If a new structure is part of an existing development, which will remain, the front setback may be equal to the setback of the existing structure provided that the minimum setback of a porte- cochere and/or guardhouse shall be no less than 50 feet. Parking structures may encroach on the front setback area not closer than ten feet to the Collins Avenue right-of-way provided that no portion of the garage structure shall extend above a slope beginning at the elevation of the public sidewalk and rising east from the ten - foot setback line one foot vertically for each four feet horizontally. ROW. Maximum height f • � � Q .� it...................................� . Garage structure 4 hPlnw mow hr inht Collins ip, Front Setbacks — Illustrative Diagram [2] Berms and landscaping shall be provided such that no portion of a garage structure located within a front setback shall be visible from the public right-of-way with the exception that privacy walls and retaining walls for driveways may be visible. (b) Rear setback. [1] For all buildings the rear setback shall be the bulkhead line or 20 feet from the rear property line whichever is closer to Collins Avenue. 611 (c) Interior side setbacks/view corridors. [1 ] For parcels 200 feet or more in width: [a] Primary structures. The minimum side setbacks for primary use structures exceeding 20 feet in height above grade shall be 50 feet. If side setbacks of different width are provided, the larger setback shall be provided on the side adjacent to the public beach access walkway or to provide for the greatest separation from buildings on adjacent sites. Where a parcel is no more than five percent greater than 200 feet in width, the minimum side setback shall be 20 feet. [b] Pedestal structures, parking garages and accessory use structures. There shall be no required setback for structures below six feet above grade. To preserve ocean view corridors for sites west of Collins Avenue, for structures higher than six feet above grade, there shall, be a three-foot setback for each two feet of building height up to a maximum setback of 50 feet. [c] For parcels adjacent to public parks, excluding easements used exclusively for access, the minimum side setback shall be five feet. Maximum Setback - Maximum heiaht �- Propert . v I in a 2, ' 2^d Level Grade ' Gar222 structure one-half level below ......................................................••••• Side Setbacks — Illustrative Diagram [d] Optional design flexibility side setback for parcels 200 feet or more in width: At the option of the landowner, minimum setbacks may be provided as follows for primary use structures exceeding 20 feet in height above grade on existing lots for purposes of design flexibility, and where the landowner provides to the City the designated fee payment for the City's maintenance of adjacent public beach access, streetscape and park improvements. The City Commission reserves the right to revise the designated fee payment. [i] Minimum setback of 25 feet requires a fee payment of $1,000,000.00, per eligible parcel. A nonrefundable deposit payment of ten percent of the required fee, which shall be paid within three working days of the date of City Commission approval of a site plan approved under this section for optional design flexibility setback. Failure to make such deposit within the prescribed time frame shall result in zoning approval being declared null and void. 612 [ii] Minimum setback of 30 feet requires a fee payment of $500,000.00, per eligible parcel. A nonrefundable deposit payment of ten percent of the required fee, which shall be paid within three working days of the date of City Commission approval of the site plan approved under this section for optional design flexibility setback. Failure to make such deposit within the prescribed time frame shall result in zoning approval being declared null and void. [2] For parcels under 200 feet in width. [a] Primary structures. The minimum side setbacks for primary use structures shall be 20 feet. If side setbacks of different width are provided, the larger setback shall be provided on the side adjacent to the public beach access walkway or to provide for the greatest separation from buildings on adjacent sites. [b] Pedestal structures, parking garages and accessory use structures. There shall be no required setback for structures below six feet above grade. To preserve ocean view corridors for sites west of Collins Avenue, for structures higher than six feet above grade, there shall be a three-foot setback for each two feet of building height up to a maximum setback of 20 feet. [c] For parcels adjacent to public parks, excluding easements used exclusively for access, the minimum side setback shall be five feet. [3] Notwithstanding side setback restrictions of this paragraph D(4)(c), buildings on adjacent lots may be connected by an elevated pedestrian bridge in order to increase pedestrian accessibility to recreational or tourism facilities that are shared between the owners of the adjacent lots, where the City Commission has determined that ocean views are sufficiently preserved, the bridge does not interfere with a beach access walkway, the bridge functions as part of an integrated design with the buildings on the adjacent lots, and the use and maintenance of the bridge is adequately provided for between the owners of the adjacent lots. (5) Minimum separation between buildings. To preserve ocean views for properties west of Collins Avenue, primary use buildings exceeding 20 feet in height above grade on the same site shall be separated by a minimum of 100 feet as measured parallel to Collins Avenue. Cantilevers and open porches may project from the building wall into the required building separation not more than six feet, and unenclosed stairways may project from the building wall into the required building separation not more than ten feet. Stairways, when located in the required open space (court), shall be supported by the necessary columns only; support by a wall is strictly prohibited unless the wall is of the primary structure is cantilevered. For the purposes of this section, separate buildings or towers located on top of the same parking structure shall be considered separate buildings and shall have the required building separations. The minimum separation may be reduced by the City Manager not more than 613 25% upon a written finding by Development Services Director that opposing building walls of the adjacent buildings are offset, angled or have minimal window openings such that residential views from within the towers are not adversely impacted by proximate and direct facing relationships of the buildings. Notwithstanding the foregoing, an elevated bridge is permitted within the building separation as set forth in Subsection D(4)(c)[3]. (6) Maximum building width. In order to preserve views of the ocean for properties west of Collins Avenue: (a) For parcels 200 feet or more in width, the maximum building width, as measured parallel to Collins Avenue, of any single structure or exceeding 20 feet in height above grade shall be 250 feet. The elevated bridge permitted under Subsection D(4)(c)[3] shall not be counted for the calculation of building width for parcels described herein. (b) For parcels under 200 feet in width, existing as of the date of the passage of this chapter, the maximum building width, as measured parallel to Collins Avenue, of any single structure or'exceeding 20 feet in height above grade shall be 60% of the lot width provided, in no event shall the balconies encroach into the setback of the side yard. The elevated bridge permitted under Subsection D(4)(c)[3] shall not be counted for the calculation of building width for parcels described herein. (c) When there are two or more buildings on the same property, two feet of building width may be added for each one foot of building separation exceeding 100 feet. (7) Maximum building height. Maximum building height shall be controlled by § 265-35.D(2) regarding maximum height, § 265-35.D(4), regarding setbacks and view corridors, and § 265- 35.1)(9), regarding floor area ratio. (8) 614 Required beach access easement. There shall be required for all properties, except as provided hereinbelow, a nonexclusive publicly accessible beach access easement linking Collins Avenue to the oceanfront beach. Such easement shall be a minimum width of not less than 20 feet and located within a required side setback area and on the side of the property closest to a signalized public crosswalk on Collins Avenue and, where applicable, on the side adjacent to an existing each access easement provided by an abutting property, and such easement shall be over, across, under and through said property. Abutting beach access easements shall be designed and improved to function as an integrated design with a single pedestrian walkway of an expanded width to fully utilize the greater effective easement width afforded by the abutting easements. However, the City Commission may waive the beach access easement requirement where it is determined by the Development Services Director in a written finding that, in the interest of protecting the public safety and welfare, provision of a beach accesswa at a midblock location' constitutes a potential safety hazard as an inducement to illegal pedestrian crossing of Collins Avenue, or it may be waived if the proposed beach access is adjacent to a public park. (9) Floor area ratio. (a) Floor area calculation. For purposes of this section, notwithstanding the definition of "floor area ratio" set forth in § 265-5floor area shall be calculated as follows: [1 ] Floor area includes but is not limited to: [a] Exterior corridor space from which access is gained to dwelling units or hotel rooms. [b] Floor space of balconies, which encroaches on a setback or building separation. [c] Floor space for accessory uses. [d] Floor space in interior balconies or mezzanines. [e] Only that portion of covered or enclosed parking structures, which exceed 20 feet above grade and exceed the required parking, unless the entire structure is contained within the primary use structure tower. [2] Floor area does not include: [a] Interior storage areas - one per residential unit - solely for the use of residents, not exceeding ten percent of the average dwelling unit interior floor area and is not appurtenant or attached to the living space of the dwelling unit. (b) Maximum floor area ratio. Except as modified in Subsection D(9)(a)[2](c) below, the maximum floor area ratio shall not exceed 2.50. (c) Floor area ratio bonuses. The maximum floor area ratio permitted may be increased only in accordance with the following provisions and limitations and in conformance with the allowable limits set under the adopted Sunny Isles Beach Comprehensive Master Plan. Ill 615 Beach access bonus. Subsection D(9)(c)[1 ][a], Access easement, set forth herein below, as specifically defined in § 265-35.D(8) hereinabove, must be attained to qualify for any additional floor area ratio bonuses as provided in this section. [a] Access easement. The floor area ratio shall be increased for developments where an easement extending from the Collins Avenue right-of-way to the oceanfront public beach and not less than 20 feet in average width is dedicated or granted and accepted by the City Commission for public access. For the purposes of this section, "improved" means landscaped, lighted and irrigated in a manner consistent with the adjoining development and including a paved access which may include pavers way and pedestrian amenities in accordance with adopted municipal design standards for public beach access walkways. For the purposes of this section, "public access" means nonexclusive unencumbered and unrestricted access to the public; except, however, that upon request of the grantor or property owner, the City Commission may accept a restriction upon the grant or dedication limiting the hours of general public access to daylight hours, provided that the City shall have unrestricted access for fire and police protection and provided that the grantor or property owner shall bear the full expense of installing a gate always accessible to police and fire protection personnel and equipment. The beach access easement may be located over parking structures provided that the highest elevation of the underlying structure supporting the beach accessway may not exceed six feet above grade. The F.A.R. may be increased by a maximum of 0.10 for the dedication, improvement and maintenance of the minimum beach access described above. As provided in § 265- 35D(8) above, where it is determined by the City Commission, that in the interests of protecting the public safety and welfare, provision of a beach accessway at a midblock location constitutes a potential safety hazard as an inducement to illegal pedestrian crossings of Collins Avenue, in lieu of the dedication and improvement of a beach accessway, the bonus increase in F.A.R. of 0.10 may be achieved in accordance with the following Subsection D(9)(c)[1 ][b]. [b] Beach access trust fund contribution. Unless waived by the City Commission per Subsection D (9)(c)[1][a] herein above and provided that the beach access easement has been proffered as set forth in Subsection D (9)(c)[1 ][a], an additional increase in F.A.R. of 0.05 shall be granted for each participation unit contributed to a beach trust fund established and administered by the City of Sunny Isles Beach up to a maximum additional 0.20 F.A.R. bonus. A system of pedestrian walkways and shuttle bus facilities to provide oceanfront open space is a public policy objective of the adopted City of Sunny Isles Comprehensive Plan. A participation 616 unit, for the purpose of beach access enhancement bonus, shall be equal to $200,000.00 and may be adjusted from time to time by the City Commission pursuant to a recommendation by the City Manager. The cost of a participation unit shall be determined by the amount of participation units purchased at the, unit price multiplied by the total number of acres contained in the subject parcel. Additionally, the City Manager and/or his designee shall review the bonus participation unit price set forth herein every two years. If City Commission waives the provision of an access easement for safety reasons as provided in Subsection D(9)(c)[1][a] above, the total beach access bonus achieved through trust fund contributions shall not exceed 0.30. [2] Public beach recreational enhancement bonus. The floor area ratio shall be increased for developments that participate in the City's Beach Recreational Enhancements Trust Fund as established and administered by the City for the purposes of implementing oceanfront capital improvements. A bonus of 0.05 increase in the F.A.R. shall be granted for each participation unit contributed to the capital improvement fund designated for beach enhancements up to a maximum additional 0.60 F.A.R. bonus. A participation unit, for the purpose of the beach recreational enhancement bonus, shall be equal to $200,000.00 and may be adjusted from time to time by the City Commission pursuant to a recommendation by the City Manager. The cost of a participation unit shall be determined by the amount of participation units purchased at the unit price multiplied by the total number of acres contained in the subject parcel. Additionally, the City Manager and/or his designee shall review the bonus participation unit price set forth herein every two years. [3] Collins Avenue public streetscape enhancements bonus. The floor area ratio shall be increased for developments that participate in the City's Collins Avenue Streetscape Enhancements Trust Fund as established and administered by the City for the purposes of implementing capital improvements. Public streetscape improvements and pedestrian system design and safety enhancements for Collins Avenue are policy objectives of the adopted City of Sunny Isles Beach Comprehensive Plan. A bonus of 0.05 increase in the F.A.R. shall be granted for each participation unit contributed to the capital improvement fund designated for beach enhancements up to a maximum additional 0.60 F.A.R. bonus. A participation unit, for the purpose of the Collins Avenue streetscape enhancement bonus, shall be equal to $200,000.00 and may be adjusted from time to time by the City Commission pursuant to a recommendation by the City Manager. The cost of a participation unit shall be determined by the amount of participation units purchased at the unit price multiplied by the total number of acres contained in the subject parcel. Additionally, the City Manager and/or his designee shall review the bonus participation unit price set forth herein every two years. 617 [4] Sunny Isles Beach public parking bonus. The floor area ratio shall be increased for developments that participate in the City's Beach Public Parking Trust Fund as established and administered by the City for the purposes of implementing capital improvements for public parking. Public parking resources, in particular, west of Collins Avenue, as a component of infrastructure improvements to facilitate public access to the oceanfront, is a policy objective of the adopted City of Sunny Isles Beach Comprehensive Plan. A bonus of 0.05 increase in the F.A.R. shall be granted for each participation unit contributed to the capital improvement fund designated for beach enhancements up to a maximum additional 0.20 F.A.R. bonus. A participation unit, for the purpose of the public parking trust fund bonus, shall be equal to $200,000.00 and may be adjusted from time to time by the City Commission pursuant to a recommendation by the City Manager. The cost of a participation unit shall be determined by the amount of participation units purchased at the unit price multiplied by the total number of acres contained in the subject parcel. Additionally, the City Manager and/or his designee shall review the bonus participation unit price set forth herein every two years. [5] Public oceanfront park and open space enhancements bonus. The floor area ratio shall be increased by 0.20 additional floor area ratio for developments that provide within the development site _receiving the F.A.R. bonus publicly accessible open space, park and recreational facilities adjacent to and directly accessible from the public beach during daylight hours and constructed and maintained by the developer. The open space shall be designed, and improved to promote passive recreation (no active sports, cooking, music, or similar activities that may create noise or odor impacts external to the site) and children's play areas within generously landscaped park -like space not less than 10,000 square feet in area with a minimum dimension in depth measured perpendicular to Collins Avenue of 75 feet. The park area provided may be utilized exclusively by the development and on -site residents and visitors after daylight hours. [6] Educational and cultural infrastructure bonus. The floor area ratio shall be increased for developments that participate in the City's Educational and Cultural Infrastructure Trust Fund as established and administered by the City for the purposes of implementing public educational and infrastructure capital improvements. A bonus of 0.05 increase in the F.A.R. shall be granted for each participation unit contributed to the capital improvement fund designated for public educational and cultural capital improvements up to a maximum additional 0.20 F.A.R. bonus. A participation unit, for the purpose of the educational and cultural infrastructure bonus, shall be equal to $200,000.00 and may be adjusted from time to time by the City Commission pursuant 618 to a recommendation by the City Manager. Additionally, the City Manager and/or his designee shall review the bonus participation unit price set forth herein every two years. (10) Maximum dwelling unit density. The maximum dwelling unit density shall be asset forth below: (a) Apartments. Except as modified in Subsection D(10)(e) below, the maximum number of residential dwelling units shall not exceed a density of 50 dwelling per acre. Residential dwelling units shall not be permitted a room or rooms, termed "lockouts," that have a separate common area keyed entry that can be segregated as to access (locked out) from the primary living unit for purposes of rental occupancy by other than the primary tenants. (b) Apartment -hotels. Except as modified in Subsection D(10)(e) below, apartment -hotels and which are intended to be subdivided as to ownership shall not exceed a maximum density of 100 dwelling units per acre. Apartment -hotels shall be permitted to have "lockout" rooms that may be rented separately from the remainder of the unit provided that each lockout shall be counted as a separate unit for parking calculations as provided in Article VIII, Off -Street Parking Loading and Driveway Standards. Lockout rooms shall not count as separate units for density calculations. Lockout units shall not be subdivided and sold separately from the main unit provided, however, that should any apartment hotel with a lockout unit be converted to a condominium building or strict residential dwelling apartment house, then, each such lockout shall become part and parcel of the original apartment hotel unit and no lockout room shall be deemed to exist independently upon such conversion. This provision shall apply from the effective date of this chapter regardless of the date of the original approval or issuance of a building permit. (c) Hotels. Hotel rooms are not deemed to be residential dwelling units and therefore are not regulated as to density limitations on number of rooms per acre. (d) Mixed uses. In computing the allowable density for a mixed -use development combining apartment and apartment -hotel uses, the number of units proposed for each use shall be divided by the number of units per acre permitted by the Code for that use. The sum of the acreage needed for the different uses being proposed shall equal the total acreage of the property. The total amount of units shall not exceed the amount allowable under the Comprehensive Master Plan. Density bonuses are not included in the calculations. (e) Density bonuses. The maximum dwelling unit density may be increased only in accordance with the following provisions and limitations: [1 ] For each floor area ratio increase of 0.02 achieved through the bonus provisions of § 265-35D(9)(c). Floor area ratio bonuses, an increase of one residential dwelling unit per acre shall be granted to a maximum of 80 units per acre. 619 [2] For each floor area ratio increase of 0.03 achieved through the bonus provisions of § 265-35D(9)(c), Floor area ratio bonuses, an increase of one apartment/hotel unit per acre shall be granted to a maximum of 125 units per acre. (11) Minimum unit size. (a) For the MU-R District: [1 ] The minimum gross floor area of a residential dwelling unit shall be 550 square feet. [2] The minimum gross square footage for an apartment -hotel unit without a lockout room shall be 550 square feet and with a lockout room(s) shall be 750 square feet. Only one full kitchen facility is permitted per apartment/hotel unit, including the lockout, if any. [3] The minimum gross floor area for a lockout unit (room) shall be 350 square feet. [4] The minimum gross floor area for hotel unit shall be 250 square feet. (b) For purposes of calculating the minimum required floor area of a unit, balconies maybe calculated in the gross unit floor area, not to exceed 15% percent of the total floor area of the unit. (12) Subdivision of hotels and motels. (a) Definitions. [1 ] For the purposes of this section the term "subdivision of a hotel or motel" shall mean the sale, conveyance, or long-term lease or sublease (for more than six months) of five% or more of the units in a hotel or motel by the same seller, lessor or sublessor. This definition is not applicable to the transfer of an entire hotel or motel to the same transferee. [2] For purposes of this section the term "subdivided property" shall mean all hotel or motel units and all other components of any subdivided hotel or motel. (b) The subdivision of a hotel or motel may be permitted for only those properties constructed prior to 1984; and provided, however, should the property be converted to an apartment hotel and/or apartment (multifamily residential unit) the minimum and average unit size shall be in accordance with § 265-35D(11) and parking, density and all other zoning requirements shall be met. Any person or entity who intends to subdivide a hotel or motel shall deliver written notice of said intended subdivision to the City on or before the earlier of either offering to enter into or entering into any agreement or contract for sale, conveyance, lease, or sublease which would result in a subdivision. [1 ] If there shall be a subdivision of any hotel or, no permit, certificate of use and occupancy or any other governmental approval shall be issued or granted except in emergencies for any subdivided property, unless and until the owner shall 620 demonstrate to the City that the subdivided property shall continue to comply with all the provisions and regulations of this chapter and any resolutions adopted pursuant hereto. The procedure for demonstrating such compliance shall be established by submission of documentation pursuant to regulations to be promulgated by the City Commission. [2] It shall be presumed that the subdivision of a hotel or motel results in a change of use to nonhotel or nonmotel use. This presumption may be rebutted administratively at a public hearing. An application to rebut shall be filed for public hearing before the City Commission. The presumption shall be rebutted whenever such an applicant shall establish at public hearing that the property will continue to be utilized as a hotel or motel. In civil proceedings the presumption of change of use shall shift the burden of proof on this issue to the party against whom it operates; and in criminal proceedings the presumption shall constitute prima facie evidence of a change in use. [3] The presumption established by this subsection shall not go into effect for a hotel or motel if. prior to June 6, 1984, units in the hotel or motel have been offered to the public for sale, conveyance, lease, or sublease which would result in a subdivision; an application to rebut is filed pursuant to this subsection within 60 days after June 15, 1984; and said application is approved. For a hotel or motel which may qualify pursuant to this subsection, no presumption shall go into effect until the later of the expiration of said 60-day period without the filing of an application to rebut, or a final determination that the applicant has failed to rebut the presumption. This section will not apply to any development or application for development order issued by the City Commission after the enactment of this chapter. [4] This section shall not apply to any units or other components of a subdivided property which were sold, conveyed, leased, or sublease to the public in bona fide transactions by the subdivider prior to June 15, 1984, nor to any units or components so transferred after June 15, 1984, pursuant to a bona fide contract with the transferee entered into before June 15, 1984. The term "bona fide" shall mean for a valid business purpose other than avoiding the applicability of this section. Except as otherwise specifically provided herein all provisions of this section shall be applicable to all hotel or motel property undergoing subdivision after June 15, 1984, regardless of whether there was any prior. subdivision thereof. Nothing contained in this section shall prevent the City from taking any and all enforcement actions authorized by the City's Building and Zoning Regulations, independent of this section. [5] This section shall not apply to applications for development, public hearings or properties that have not received certificates of occupancy after the enactment of this chapter. (13) 621 Parking garage/rooftop open space. The roof of every parking garage shall be landscaped or improved for active or passive recreational and open space use in accordance with design standards of Article X, Landscaping Requirements. A maximum of five% of the total required on -site parking spaces will be permitted to be located on open rooftops provided such parking shall be screened from upper level views through the use of canopies or landscaped trellis structures. (14) Loading. (a) Size. In conformance with the provisions of § 265-46D(1), however, for the purposes of this district, one of the required loading space(s) shall have a minimum dimension of 11 feet in width and 35 feet in length. (b) Location. Loading spaces shall not be located within the front setback area except within 15 feet of a side property line, and all off-loading activity shall occur east of the front setback area. Loading facilities must be designed so that vehicles access and exit the site at Collins Avenue in a forward motion. Not more than one loading space may utilize a public beach access easement provided that such easement is not within 100 feet of a signalized crosswalk on Collins Avenue and further provided that paving materials of the space and access lane meet the City's beach access walkway design standards and criteria. At such times as a beach access easement is utilized for loading activity, signage alerting the public of a temporary closure of the walkway shall be posted at the Collins Avenue and beach access ends of the easement. (15) Open space. Landscaped open space not less than 40% of the total lot area shall be provided. Required open space may be located at grade or on flat structure rooftops. Pools and pool decks, unenclosed recreational facilities and play areas, and landscaped plazas may be counted towards the open space requirement provided that not more than 50% of the required open space shall be in hard surfaced areas and all such paved areas be landscaped with shade trees and palms consistent with the recreational use of the space. Publicly accessible open space provided in accordance with § 265-35D(9)(c)[5], Public oceanfront park and open space enhancements bonus, may be counted towards meeting the open space requirement. (16) Accessory use design standards. (a) Business or commercial establishments permitted as conditional uses in § 265-34C(3) shall be located within the principal use building, provided the exterior of any such . principal use building shall not have store fronts or give the appearance of commercial or mercantile activity as viewed from Collins Avenue. In the event the use contains windows, which may be seen from the street or highway, said windows shall be of fixed, opaque glass. Such business or commercial establishments and bars in this district shall be entered only through the lobby and no additional entrances shall be permitted, except when the same opens into a courtyard or patio (away from the street side) which is 622 enclosed and which is not visible from the street and except that a fire door or emergency exit shall be permitted. Poolside concessions not exceeding 1,500 square feet of roofed area serving nonalcoholic and alcoholic beverages and food principally as a service to users of recreational and landscaped on -site open space are excluded from this accessory use standard. Hotels, motels and apartment hotels which extend from Collins Avenue to the ocean, and which have the required number of guest rooms or apartment units may have the permitted business or commercial establishment on the beach end of the site with a direct opening to the public beachfront. (b) Hotels which contain a night club, and/or bar on the premises, shall not have exterior store fronts or give the appearance of commercial or mercantile activity as viewed from adjoining public street right-of-way. In the event the use contains windows, which may be seen from Collins Avenue, said windows should be of fixed opaque glass. Such night club shall be entered only through the lobby, and no additional entrance shall be permitted, except when the same opens into a courtyard or patio (away from street side) which is enclosed and which is not visible from the street and, except that a fire door or exit shall be permitted. (c) Cabanas built after the adoption of these LDRs provided they are strictly incidental to apartment use, apartment hotel, motel or hotel shall not be used nor rented or leased to any person other than a guest of the apartment house, apartment hotel, motel or hotel. Cabanas shall not be sold to other than an owner or owners of a unit within the same development and shall not be used as a dwelling unit. (Amended 6-19-2003 by Ord. No. 2003-171; 10-23-2003 by Ord. No. 2003-183; 1-15-2004 by Ord. No. 2004- 192; 4-11-2006 by Ord. No. 2006-257; 11-15-2007 by Ord. No. 2007-291; 12-13-2007 by Ord. No. 2007-292; Ord. No. 2011-377, § 3, 11-17-2011; Ord. No. 2012-381, § 2, 2-16-2012; Ord. No. 2012-393, § 2, 10-18-2012; Ord. No. 2014-419, 1-16-2014; Ord. No. 442, § 2, 1-15 2015; Ord. No. 2015-449, § 2, 3-19-2015; Ord. No. 2015-464, § 2, 10-15-2015; Ord. No. 2015-470, § 2, 12-17-2015; Ord. No. 2018-521, § 2, 5-17-2018; Ord. No. 2021-562, § 34, 3-18-2021) 623 N - CO AppraisalFirst LLC 8101 Biscayne Boulevard, Suite R-516 Miami, Florida 33132 Phone: 305-470-2100 Fax: 305-381-8047 E-mail: Frank@appraisalfirst.net September 5, M25 Eric Fordin MB RE Investments LLC 2850 TigerTail Avenue, Miami, Florida.33133 RE: The purchase of TDR's for the proposed MiamiBeach Club condominium project to be located at 19051 Collins Avenue, Sunny Isles Beach, Florida 33160. Dear Mr. Fordin: I propose to furnish you with an Appraisal Report ,setting forth the Current Cost of Transfer Development Rights (TDR's), as it pertains to the above referenced subject property. This appraisal report will comply with the minimum standards of the 2024 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP), effective January 1, 2024, as published by the Appraisal Standards Board of the Appraisal Foundation. Specifically, this report adheres, to the reporting requirements set forth under Standards Rule. 2-2(a) of USPAP, as it pertains to an Appraisal Report. The total fee for the appraisal services will be -00. You may indicate your acceptance by. returning a signed copy of this letter along with full payment. I will have the appraisal completed within seven to ten business days. 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. The intended user is the client stated herein and the City of Sunny Isles Beach, Florida. Once completed and delivered readdressing the appraisal reports to another party or client is prohibited by USPAP. Once an assignment is completed, it is misleading to tryy to. add a new party as client or intended user who was not the original client or identified intended user: Readdressing the appraisal will be considered a new assignment with a potential additional fee. L N tG Eric Fordin MB RE.Investments LLC Page Two Our, compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. The fee that is being paid for this appraisal is anon -refundable deposit. Further, AppraisalFirst makes no assurance, representation or warranty that the appraised values of the subject properties will benefit or assist the client in said intended use of the appraisal reports. This engagement is solely predicated upon valuation services and not court preparation, associated conference time or testimony. Additional time related to expert witness testimony and/orpreparation will be billed at an hourly rate of $300. Thank you very much for the opportunity of serving you. Respectfully submitted, 1 Frank Hornstein, MAI State -Certified General Real Estate Appraiser, No. RZ1376 I hereby authorize you to proceed with the appraisal. Eric Fordin (Sep 5, 202512:29:36 EDT) 09/08/25 Signature Date QUALIFICATIONS OF FRANK A. HORNSTEIN, MAI State -Certified General Real Estate Appraiser No. RZ 1376 frank(a,appraisalfirst.net EXPERIENCE: Owner/Appraiser - AppraisalFirst, LLC - 2023 to Present Owner/Appraiser - AppraisalFirst Real Estate Appraisers LLC - 2010 to 2023 Officer/Appraiser - AppraisalFirst, Inc. - 2005 to 2010 Commercial Appraiser- AppraisalFirst, Inc. - 1993 to 2005 Commercial Appraiser -Ames Appraisal Services - 1989 to 1993 PROFESSIONAL AFFILIATIONS: Member of the Appraisal Institute, MAI STATE OF FLORIDA LICENSES: State -Certified General Appraiser, No. RZ 1376 Real Estate Broker, No. 0534448 EDUCATION: B.S., Florida State University, Tallahassee, FL - 1989 Major: Real Estate and Finance RECENT CONTINUING EDUCATION: - USPAP Update, Appraisal Institute, 2023 - Florida Appraisal Law, Appraisal Institute, 2023 - Complex Valuation, Appraisal Institute, 2023 - Risk & Equity's Role, Appraisal Institute, 2023 - Avoiding Bias: Building a Bias Defense -An Examination of Available Guidance for Fl. Appraisers, Appraisal Institute, 2022 - The Paperless Real Estate Appraisal Office, Appraisal Institute, 2022 - Business Practice & Ethics, 2022 - How Tenants Create & Destroy Leasehold Value, Appraisal Institute, 2020 - Highest & Best Use, Appraisal Institute, 2020 APPLICATIONS OF APPRAISALS: Mortgage Loan litigation (Expert Witness) Securities Lending Purchase or Sale Foreclosure Proceedings Estate Bankruptcy TYPES OF PROPERTIES APPRAISED: Industrial Buildings Single Family Subdivisions Office Buildings Vacant Residential & Commercial Land Rental Apartments Retail/Showroom Rental Townhouses Manufacturing Buildings Shopping Centers Vacant Industrial Land Leasehold Estates Religious Facilities Hotels & Motels Gas Stations Restaurants Townhouse Subdivisions Airport Hangars & FBO's Condominium Projects Marinas Medical Facilities, Surgical Centers, Assisted Living & Rehabilitation Geographical Areas Served: Miami -Dade Broward Monroe Palm Beach 626 8C •,FL0\ City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM TO: Honorable Mayor and, City Commissioners ' VIA: Stan Morris, City Manager. FROM: Amy Canales, Planning and Zoning Director DATE: February 19, 2026 RE: Transfer Development of Right (TDRs) Application for Miami Beach Club (PZ2025-08) RECOMMENDATION: This application is consistent with the City's Comprehensive Plan and the City's Land Development Regulations. Staff has reviewed the application requests and has no objection if all conditions are accepted. REASONS: The Applicant is requesting approval for the purchase and assignment of TDRs in the amount of 120,972.18 square feet of floor area and 48 dwelling units from the City's public TDR bank account. The appraisal report completed by Appraisal First Real Estate Appraisers, LLC., date stamped January 5, 2026, reflects the cost per unit for the purchase of TDR's is $125.00. The Applicant has agreed to pay the square foot value of $125.00 and thereforethe total TDR purchase is $15,121,522.50, A nonrefundable 10% deposit is due to the City within three (3) working days of approval of the TDRs application, the total of which is $1,512,152.25. The Applicant is proposing to enter into an installment payment plan in accordance with the City Code for the remaining balance (90%) and if approved, this agreement shall be executed prior to below grade or master building permit of the project. ATTACHMENTS: Resolution TDR Application Item Number: 9.A 522 Appraisal Report Item Number: 9.A 523