HomeMy WebLinkAboutReso 2006-891
RESOLUTION NO. 2006- ~CJ I
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA; ACCEPTANCE OF THE
APPRAISED LAND VALUE OF FIFTEEN MILLION DOLLARS
($15,000,000) FOR THE PROPERTY GENERALLY LOCATED AT
19505 COLLINS AVENUE COMMONLY KNOWN AS THE
REGALIA CONDOMINIUM PROJECT; PROVIDING FOR
PAYMENT IN THE AMOUNT OF FOUR MILLION FIVE
HUNDRED THOUSAND TWO HUNDRED SIX DOLLARS AND
EIGHTY SIX CENTS ($4,500,206.86) BY THE APPLICANT FOR
THE TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN
THE AMOUNT OF 54,385 SQUARE FEET OF FLOOR AREA;
PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS;
PROVIDING FOR THE TRANSFER OF CERTAIN NUMBER OF
TDRS TO THE APPLICANT UPON RECEIPT OF CERTAIN
PAYMENTS; PROVIDING FOR AN ADJUSTMENT OF THE
BALANCE OF TDRS FROM THE CITY'S BANK TO REFLECT
THE SALE OF TDRS TO LA MANSION, LLC.; A FLORIDA
LIMITED LIABILITY COMPANY; PROVIDING THE CITY
MANAGER WITH THE AUTHORITY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Zoning Resolution No. 03-Z-75 adopted July 17, 2003, the City
Commission approved the zoning application submitted by La Mansion, LLC., a Florida Limited
Liability Company ("Applicant") for the transfer of TDRs in the amount of 54,385 square feet of
floor area; and
WHEREAS, the Applicant agrees to purchase TDRs in the amount of 54,385 square feet
of floor area from the City's Transfer Development Rights Bank as established pursuant to
Ordinance No. 2004-218 for a development project commonly known as Regalia; and
WHEREAS, pursuant to Section 265-23.4 (b) of the City Code, the City Commission
shall consider the acceptance of the appraised land value in the amount of fifteen million dollars
($15,000,000) for the receiving site, for the purpose of calculating the square foot value of the
approved TDRs; and
WHEREAS, the City Commission shall consider the acceptance of four million five
hundred thousand, two hundred six dollars and eighty six cents ($4,500,206.86) by the Applicant
for the transfer of 54,385 square feet of floor area; and
. R2006-891 La Mansion-Regalia Appraisal Acceptance
Page 1 of 3
WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TDRs to
the Applicant to reflect the reduction of 54,385 square feet of floor area and 3 I dwelling units;
and
WHEREAS, the property receiving the TDRs is located at Lot s 1, 2 and 3, REPLAT
OF BLOCK 1 OF VENICETT A BEACH, according to the plat thereof, as recorded in Plat
Book 44, Page 4, of the Public Records of Miami-Dade County, Florida.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section I. Incorporation of Recitals. The foregoing recitals are true and correct are
incorporated herein by reference as if they fully set forth herein.
Section 2. Approval of Appraised Land Value. The City Commission hereby approves the
appraised land value fifteen million dollars ($15,000,000) ("Appraised Value"), for the Receiving
Site as set forth in the attached appraisal summary.
Section 3. Total Payment for TDRs. Based on the Appraised Value set forth in Section 2
hereinabove, the City Commission hereby approves the payment of four million five hundred
thousand two hundred six dollars and eighty six cents ($4,500,206.86) by the Applicant for the
transfer of 54,385 square feet of floor area from the City's TDR Bank to the Receiving Site
generally located at 19505 Collins Avenue pursuant to Zoning Resolution No. 03-Z-75. If the
Applicant fails to pay the total amount for the TDRs, the City shall retain the development rights
for which payment has not been received.
Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR
application and site plan application, the Applicant shall provide the City with a non-refundable
deposit in the amount often percent (10%) of the approved purchase price of$4,500,206.86. The
total amount of deposit is $ 450,020.86. Failure to pay the required deposit within the three (3)
working days of approval of TDR application and site plan application shall result in an
automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site
plan approval.
Section 5. Adiustment to TDR Bank. The Zoning Administrator is hereby instructed to make
necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the
Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of 54,385
square feet and 31 units.
Section 7. Authority of the City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
Section 8.
Effective Date. This Resolution shall become effective upon adoption.
R2006-891 La Mansion-Regalia Appraisal Acceptance
Page 2 of3
PASSED AND ADOPTED this 161h day of February 2006.
c?) / j /Jh
h YJI/1J~Ll4 / it~" ~
orman S. Edelcup, Mayor
/
ATTEST:
"~.A'~
Jane A. Hines, CMC, City Clerk
ED AS TO FORM
AL SUFFICIENCY:
Moved by: Co~ ~t\mA1\J
Seconded by: {(;)~ IGL't..~I'I'1S'
Vote: 5-()
Mayor Edelcup
Vice Mayor Brezin
Commissioner Goodman
Commissioner Iglesias
Commissioner Thaler
1,../ (Yes)
_ l.-o-""(Yes)
I./'(Y es)
~(Yes)
V""'(y es )
(No)
(No)
_(No)
(No)
(No)
La Mansion TDR/edc
Page 3 of 3
APPRAISAL REPORT
.)..' .. ~ ~,.,. .', ,-. . \ .' '. ,
Land Parcel Containing 49,830 Square Feet
_I
LOCATED AT:
19505 COLLINS A VIENUIE
SUNNY ISLES BlEACH, IFLoamA
PREPARED FOR:
CITY OF SUNNY ISLES BlEACH
18070 COLLINS A VENUE
SUNNY ISLES BEACH, FLORIDA
As OF:
OCTOBER 18,2005
PREPARJED By:
QUINLIVAN APlPlRA.n:SAJL, IP.A.
5730 S.W. 74TH STREET - SIUHE 300
SOUTH MIAMU, FlLoamA 33143
Agenda Item _\ C) 1-
Date 7.- \ L,-Olo
QUINLJrV A.i..~ APPP,.A[SAL
., PROFESSIONAL .:..sSOCrA TIOi\'
REAL ESTATE APPRAISERS 8.: CON"SULTA...'I"TS
5730 S.'''. 74TH STREET, SCTTE 300
SOUTH i>lLu.n. FLORIDA 8314.3
J. .t-'fARK QTJINLIVA..",. lVI.Al
STATE-CERTlrIED GI!NERAL l\..PPR.USI:H'S
RZ 0000112
TELEPHONE (.305) fl60-fiGll
FAX (:30;:;) 665-4821
THo;VL~s F. J'o-L~GEYHEL"rER. [viAl
ST.\TE~CER"frI"IEn GESERA.L ~\.PPRAJscn~
HZ 00005.;:)
October 21, 2005
Jorge Vera, Zoning Administrator
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Dear Mr. Vera:
In accordance with your request and authorization, I have prepared this Appraisal Report covering
the following described property:
Multi-family zoned land parcel containing 49,830 square feet located
at 19505 Collins Avenue, Sunny Isles Beach, Florida
The purpose of this Appraisal is to estimate the Market Value of the described property as of October
18,2005, being one of the dates of personal inspection.
The narrative Appraisal Report that follows sets forth the identification of the property, the
assumptions and limiting conditions, pertinent facts about the area and the subject property,
comparable data, the results of the investigations and analyses, and the reasoning leading to the
conclusions set forth.
Mr. Jorge Vera
City of Sunny Isles Beach
October 21, 2005
Page 2
Based on the inspection of the property and the investigation and analyses undertaken, I have formed
the opinion that, as of October 18,2005, the subject property, based on its highest and best use, has
a Market Value of:
FIFTEEN MILLION DOLLARS
($15,000,000)
Re~'pectfully submitted,
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Jf, ~ark Quinlivan, MAl
State Certified General Appraiser
Certification Number: RZOOOO 112
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(05-221 )
TABLE OF CONTENTS
PAGE
TRANSMITT AL LETTER
CERTIFICATION OF VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . I
SUMMARY OF SALIENT FACTS AND CONCLUSIONS................. 3
INTRODUCTION
Identification of the Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . 4
Location ........................................................... 4
Purpose and Date of Appraisal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . 4
Intended Use and User of Appraisal ...................................... 4
Legal Description .................................................... 4
Property Rights Appraised ....."............................."......... 4
Definition of Market Value ............................................. 5
Assessment and Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . 6
Owner of Record and Address. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
History of Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Estimated Exposure Time ........................................ _ . . . . . 7
Estimated Marketing Period ............................................ 7
LOCATION ANALYSIS
COW1ty Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Neighborhood Data .................................................. 18
SITE DATA
Dimensions and Shape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Area ............"........... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Topography and Drainage ........................".........".......... 20
Flood Zone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Soil and Subsoil . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Utilities. . . . . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . .20
Street Improvements ................................................. 21
ZONING ................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
HIGHEST AND BEST USE. .. . .. . . . ... . . . . . .. . ... .. .. . .. . .. .. . . . . .. .24
SCOPE OF THE APPRAISAL .......................................27
LAND VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
QUINLIVAN APPRAISAL
TABLE OF CONTENTS
PAGE
ADDENDA
Assumptions and Limiting Conditions .................................. 39
Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . 41
Client List. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
QUINLIVAN APPRAISAL
CERTIFICATION OF VALUE
The undersigners hereby certify that, to the best of our knowledge and belief:
(A) The statements of fact contained in the report are true and COlTect.
(8) The reported analyses, opinions and conclusions are limited only by the
assumptions and limiting conditions set forth, and are my personal, unbiased
professional analyses, opinions and conclusions.
(c) I have no present or prospective interest in the property that is the subject of
this report, and we have no personal interest or bias with respect to the
parties involved.
(D) I have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
(E) My engagement in this assignment was not contingent upon developing or
reporting predetermined results.
eF) The appraiser's compensation for completing this assignment is not
contingent upon the reporting ofa predetermined value or direction in value
that favors the cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a subsequent event
directly related to the intended use of this appraisal. Furthermore, the
appraisal assignment was not based on a requested minimum valuation, a
specific valuation or the approval of a loan.
(G) The appraiser's analyses, opinions and conclusions were developed, and
this report has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice, and the requirements ofthe State of Florida
for state-certified appraisers.
(H) Use of this report is subject to the requirements of the State of Florida
relating to review by the Real Estate Appraisal Subcommittee of the Florida
Real Estate Commission.
(I) J. Mark Quinlivan has made a personal inspection of the property that is the
subject of this report.
(1) Patrick Quinlivan provided professional assistance to the person signing this
report.
QUINLIVAN APPRAISAL
1
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///' (K) Th~()FteQ-a{~IYSes, opinions, and conclusions were developed, and this
--------- report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
.~'
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(L) The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
As of the date of this report, J. Mark Quinlivan has completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and analyses undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, I have formed the
opinion, as of October 18,2005, the subject property, based on its highest and best use, has a Market
Value of:
FIFTEEN MILLION DOLLARS
($15,000,000)
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J. ~Ju( QUINLlV AN, MAl
STriTE CERTIFIED GENERAL ApPRAISER
CERTIFICATION NUMBER: RZOOOOl12
QUINLIVAN APPRAISAL
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LOOKING NORTHEASTERL Y ACROSS COLLINS AVENUE AT SUBJECT
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LOOKING SOUTHERL Y ALONG COLLINS A VENUE, SUBJECT TO LEFT
LOOKING NORTHERL Y ALONG COLLINS A VENUE, SUBJECT TO RlGHT
QUINLIVAN APPRAISAL
LOOKING SOUTHEASTERL Y ACROSS SUBJECT PROPERTY
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LOOKING NORTHEASTERL Y ACROSS SUBJECT PROPERTY
QUINLIVAN APPRAISAL
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Type Report
Complete
Report Format
Self-Contained
Purpose of Appraisal
Market Val ue
Property Rights Appraised
Fee Simple
Location
19505 Collins Avenue
Sunny Isles Beach, Florida
Legal Description
Lots 1,2 and 3, REPLAT OF BLOCK 1
OF VENICETTA BEACH, according to
the plat thereof, as recorded in Plat
Book 44, Page 4, of the Public Records
of Miami-Dade County, Florida.
Land Size
49,830 Square Feetll.14 Acres
Zoning
MU-R, Mixed Use Resort by the City of
Sunny Isles Beach
Highest and Best Use
Multi-family residential usage
Estimated Land Value
$15,000,000
Final Estimate of Value
$15,000,000
Date of Value Estimate
October 18, 2005
Dates of Inspection
October 18, 2005
Date of Report
October 21, 2005
Remarks
The site is currently vacant. The owner
intends to construct a 42-story
condominium building to contain 40
units.
QUINLIVAN APPRAISAL
3
-
INTRODUCTION
.; :'.,......: \ , ,
QUINLIVAN APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
Multi-family zoned land parcel containing 49,830 square feet/1 .14 acres.
ADDRESS
19505 Collins Avenue
Sunny Isles Beach, Florida
LOCA TION
Southeast comer of Terracini A venue and Collins A venue, Sunny Isles Beach, Florida.
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value as of October 18, 2005, being one of
the dates of personal inspection.
INTENDED USE AND USER OF APPRAISAL
The intended use of this appraisal is to assist the client in determining a market value of Transfer
Development Rights (TOR). The intended user is the City of Sunny Isles Beach.
LEGAL DESCRIPTION
Lots I, 2 and 3, REPLAT OF BLOCK 1 OF VENICETTA BEACH, according to the plat thereof, as
recorded in Plat Book 44, Page 4, of the Public Records of Miami-Dade County, Florida
PROPERTY RIGHTS APPRAISED
The property is appraised in fee simple: a fee without limitations to any particular class of heirs or
restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as
well as utility easements of record.
QUINLIVAN APPRAISAL
4
DEFINITION OF MARKET VALUE
Market Value means the most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and 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:
(I) buyer and seller are typically motivated;
(2) both parties are well informed or well advised and acting in what
they consider their own best interest;
(3) a reasonable time is allowed for exposure to the open market;
(4) payment is made in terms of 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 or creative financing or sales concessions
granted by anyone associated with the sale.
QUINLIVAN APPRAISAL
5
ASSESSMENT AND TAXES - 200412005
The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach.
The assessment for the property is established each year as of January I st by the Miami-Dade County
Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value
less closing costs. While the State of Florida requires real estate to be assessed at I 00% of Just
V alue, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Number: 31-2202-005-0010
Assessed Value (2005): $12,457,500
Tax Amount (2004): $230,695.88
Millage Rate (2004): $22.5837 per $1,000
OWNER OF RECORD AND ADDRESS
Regalia LLC.
20 I Alhambra Circle, 12th Floor
Coral Gables, Florida 33134-5107
FIVE- YEAR HISTORY OF TITLE
The subject property sold in April of2004 for $8,000,000. The seller was LA Mansion, LLC, and
the buyer was Regalia, LLC. This sale transaction is recorded in Official Records Book 22218, Page
3113, in the Public Records of Miami-Dade County, Florida.
The subject property sold in July of 200 I for $9,000,000. The seller was Ocean Roc Motel, Inc.,
and the buyer was LA Mansion, LLC. This sale transaction is recorded in Official Records Book
19790, Page 2480, in the Public Records of Miami-Dade County, Florida.
An investigation of the Public Records of Miami-Dade County, Florida indicates no other sale
transfers of title to the subject property during the past five years.
QUINLIVAN APPRAISAL
6
ESTKMA TED EXPOSURE TIME
Exposure time is defined as the estimated length of time the property interest being appraised would
have been offered on the market prior to the hypothetical consummation of a salc at market value
on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events
assuming a competitive and open market.
The overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
In estimating a reasonable exposure time for the subject property, the appraisers have taken the
following steps:
Discussion with buyers, sellers, brokers and/or a rcview of multiple listings of
vacant sites in the area related to historic marketing periods.
Based on the above sources, exposure time is estimated to have been six months for the subject
property.
ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale. Implicit in this definition are the
following assumptions:
(A) The property will be actively exposed and aggressively
marketed to potential purchasers through marketing channels
commonly used by sellers and buyers of similar type properties.
(B) The property will be offered at a price reflecting the most
probable markup over market value used by sellers of similar
type properties.
(C) A sale will be consununated under the terms and conditions of
the definition of Market Value required by the regulation.
[n order to estimate the marketability of this property, the sales activity in this market area was
reviewed over the past three years, multiple listings were reviewed and real estate brokers who
operate in this area were interviewed.
Based on the above sources, the subject property could be sold within a six month time period.
QUINLIVAN APPRAISAL
7
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POPULATION KEY
~ O.er 100.000
~'1 50,000 '0 100,000
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CLEARTYPE
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COUNTY. TOWN
FLORIDA
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Scale of Miles
20 40
MAP
60
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LOCATION ANALYSIS
QUINLIVAN APPRAISAL
COUNTY DATA
Miami-Dade County - Location and Size
Miami-Dade County, which comprises the metropolitan area of Miami, is situated on the southeast
tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west by Monroe
and Collier Counties, on the north by Broward County, and on the south by Monroe County (the
Florida Keys).
Miami-Dade County, the largest county in area and population in the state of Florida, covers an area
of2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square
miles of the County.
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed. Therefore, only the eastern section
of Miami-Dade County encompasses the area which is currently developed or available for future
development.
Miami-Dade County's location, its southern latitude and proximity to the Gulf Stream provide for
mild winters and pleasant summers.
Population
The state of Florida has increased rapidly in population from 9,740,000 in 1980 to 12,937,926 in
1990 and 15,982,378 in 2000. The July 1,2002 population of Florida was estimated at 16,713, I 49.
The population of Florida is expected to grow to 17,577,100 by 2005, a 1.8% average annual
Increase.
Miami-Dade County's population increased from 1,626,000 in 1980 to 1,937,094 in 1990, reflecting
an average annual compounded growth rate of 1.77%, compared with 2.88% for the state of Florida.
By 2000, Miami-Dade County's population increased to approximately 2,253,362 and in 2003 it is
estimated at 2,342,739. The population is estimated to grow to 2,430,000 by the Year 2005.
Miami-Dade County's population growth during the last four decades has been dramatic especially
in relation to national trends. From 1950 to 1990 the United States population increased by 60%
while the population of Miami-Dade County has almost quadrupled from 495,084 to 1,937,000.
During this period, the state of Florida was elevated from the 20th most populous state to the 4th
in 1990 and continues to be the fourth most populous state.
The population growth rate in Miami-Dade County has shown greater fluctuations than the national
rates. The Miami-Dade County rate of population change was 84.9% during the period 1940 to
1950; 88.9% from 1950 to 1960; 35.6% from 1960 to 1970 and 28.2% from 1970 to 1980. In the
period from 1980 to 1990, the rate of population change was 16%. The average annual change from
1990 to 2000 was approximately 1.6%.
QUINLIVAN APPRAISAL
8
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During the 1960s, the major increase in Miami-Dade County's population was due to the large
immigration of Cubans. Today, Cuban and other Spanish speaking people comprise approximately
57% of Miami-Dade County's population. The increase in Hispanic population has had favorable
effects on the local economy and has helped to create a multi-national cultural environment in the
area.
The recent influx of political and economic refugees from Cuba, Haiti and Nicaragua has put an
abnormal strain on public services and has affected the population data in a dramatic manner.
However, a recent increase in population growth of people from Latin American, as well as from
Europe and Canada, coupled with the increases in population from those people leaving the northern
sections of the United States, indicate a positive prospect for the Miami-Dade County area in the
future.
The overall population of Miami-Dade County is well dispersed throughout the entire area, yet has
several key areas of concentration. During the 1960s, several sub-areas accounted for approximately
70% ofthe gro'Wih. These areas include Hialeah, northern Miami-Dade County, the Beach area, the
Miami River area, the area southwest of Miami International Airport, as well as the Kendall and
Cutler Ridge areas. In the first half of the 1970s, population growth continued in an uneven fashion
especially in the urban fringes.
Since 1970, approximately three-fourths of the total population gro\\rth for the County has occurred
in the unincorporated areas. The older centrally located cities such as Miami, Miami Beach and
Coral Gables have grown at modest rates from 1970 to 1990. Unincorporated Miami-Dade County
has evidenced the most rapid growth which continues to occur in areas in northeast Miami-Dade
County (A ventura), as well as the currently expanding southwest area, especially in sections of
Flagler Street, S.W. 8th Street and North Kendall Drive.
Population trends indicate that most of the population growth in Miami-Dade County during the first
half of the 2000s will occur in outlying areas such as North Miami Beach, the Golden Glades area,
the Kendall area west of the Florida Turnpike, the S.W. 8th Street and Palmetto Expressway areas,
the Hialeah-Miami Lakes area, as well as those areas both east and west of US. Highway I between
Sunset and Coral Reef Drives, and Cutler Ridge and the Goulds area.
Employment Trends
The dominant characteristic of Miami-Dade County is that it is primarily trade and service based.
Personal, business and repair services have had a substantial increase in importance in the economic
base over the last decade. The major sectors of the economy include services, wholesale and retail
trade, transportation, communications, public utilities, government and manufacturing. The most
dominant industries which form the County's economic base are construction and tourism.
QUINLIVAN APPRAISAL
9
Tourism is Miami-Dade County's biggest industry with an estimated 10.23 million visitors in 2002
contributing to more than 50 percent of the area's economy. Aviation and related industries are
responsible for another large segment of the economy. The garment industry ranks third in the
nation after New York and Los Angeles. Table I shows the distribution of the non-agricultural work
force in Miami-Dade County.
TABLE 1
ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT
1998 - 2002
INDUSTRY 1998 1999 2000 2001 2002
TOTAL 975,900 987,000 1,016,100 1,033, I 00 1,017,800
NONAGRICULTuRAL
EMPLOYMENT
CONSTRUCTION 33,700 34,800 37,500 36,600 40,300
MANUFACTURING 72,900 70,300 68,800 64,000 57,100
TRANSPORTATION AND 86,200 89,400 92,400 95,600 99,000
PUBLIC UTILITIES
TRADE 256,200 258,800 261,000 265,800 191,100
FINANCE, INSURANCE 66,900 66,400 66,600 67,300 66,200
AND REAL ESTATE
SERVICE AND MINING 322,500 329,300 346,800 354,600 414,300
GOVERNMENT 137,500 138,000 143,000 149,200 149,800
CIVILIAN LABOR FORCE 1,042,647 1,044,261 1,053,924 1,080,432 1,120,950
UNEMPLOYMENT 66,980 60,583 55,6 I 5 74,622 86,527
UNEMPLOYMENT RATE 6.4% 5.8% 5.3% 6.9% 7.7%
Source: Florida Department of Labor & Employment Security, Bureau of Labor Market Infonnation
QUINLIVAN APPRAISAL
10
The largest employer in Miami-Dade County is the Miami-Dade County School Board, followed by
Metro-Dade County, Federal Government, State of Florida, American Airlines, University of Miami,
Jackson Memorial Hospital, Baptist Health Systems of South Florida, Bell South, and Florida Power
and Light. Assuming additional importance is the growing prominence of Miami-Dade County as
a center for intemational trade, finance and tourism. The establishment of Miami as the "Gateway
of the Americas" should provide the area with a much needed degree of economic diversification.
This should enable Miami-Dade County to weather slowdowns in the national economy by an
increase of trade through the Port of Miami, growth of international arrivals at the airport, the Free
Trade Zone, and the substantial foreign investment in the local economy, particularly in real estate.
Prior to September 11,200 I, Florida's unemployment rate was 4.3 percent, up from 3.6 percent of
the previous year, but still below the national average of 4.9 percent. In August of 200 I, the
unemployment rate for Miami-Dade County was 6.0 percent. Miami-Dade's jobless rate for
November 200 I rose to 7.8 percent while Florida's unemployment rate rose to 5.0 percent. The
September I I, 200 I event had a greater impact on tourism in Miami than the rest of the state.
Miami-Dade County's jobless rate fell slightly to 7.6 percent in December of 2001 but as of
December 2003 was 7.7%. The tourism season, now in full swing, could provide a welcome respite.
Income
Over the past few years, the average per capita personal income in Miami-Dade County has been
slightly lower than the per capita income for Florida, as well as the nation.
TABLE 2
PER CAPITA PERSONAL INCOME
SELECTED YEARS (CURRENT $)
Year 1998 1999 2000 2001
UNITED STATES 27,321 28,546 29,338 30,413
FLORIDA 26,931 27,781 28,913 29,048
MIAMI MSA 23,972 24,733 25,652 26,594
Source: U.S. Dcp!. of Commerce, Bureau of Economic Analysis and Miami-Dade County Planning Department
Tourism
Table 3 reveals a steady increase in the number of tourists visiting Miami-Dade County since 1990.
The number ofintemational visitors increased approximately 100% from 1985 to 1995. Due to the
soft domestic economy, the number of domestic visitors had declined from 1989 to 1993; however,
from 1995 to 2000 there has been a 1.5% average annual increase.
QUINLIVAN APPRAISAL
11
TABLE3
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
INTERNATIONAL DOMESTIC TOTAL
1996 5,113,200 4,462,000 9,575,200
1997 5,278,700 4,564,600 9,843,300
1998 5,268,100 4,468,700 9,736,900
1999 5,399,800 4,385,800 9,785,600
2000 5,639,400 4,461,600 10,101,000
2001 5,245,700 5,263,600 10,509,300
2002 4,915,200 5,316,200 10,231,400
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Figures for 2002 indicate 10,231,400 overnight visitors came to Miami-Dade County, a 2.6%
decrease from 200 I. The events of September 11,200 I have had a negative effect on tourism which
is expected to continue through 2003.
Table 4 shows that the bulk of international visitors to Miami-Dade County originate from Central
and South American Countries (50.1 %), followed by European Countries (23.04%) and Caribbean
Countries (13.2%). England and Germany accounted for the largest proportion of European visitors.
In 2002 there were a total of 3,642,990 passengers passing through the Port of Miami and
approximately 30,060,241 through Miami International Airport. During 2002, the number of Port
of Miami passengers increased 7.4% from 200 I, and Miami International Airport decreased 5.1 %
from 2001.
QUINLIVAN APPRAISAL
12
TABLE4
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
REGION 1998 1999 2000 2002
EUROPEAN COUNTRIES 25.8% 25.6% 25.1% 23.0%
CARIBBEAN COUNTRIES 13.9% 13.6% 12.9% 13.2%
CENTRAL AMERICAN COUNTRIES 7.5% 7.4% 7.4% 8.0%
SOUTH AMERICAN COUNTRIES 38.7% 39.4% 40.5% 42.1%
CANADA 11.0% 11.1% 11.2% 10.9%
OTHER COUNTRIES 3.1% 2.9% 2.9% 2.8%
TOTAL 100% 100% 100% 100%
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
There are approximately 60,000 motel and hotel rooms in Greater Miami and the Beaches. The
hotel-motel occupancy rate for 2002 of 62.2% was below the rate for 200 I of 64.4% and
significantly below the 1998 to 2000 rates of 70 to 71 %. The occupancy rate for the first three
quarters of2003 was up 5.3% over the previous period in 2002. The average room rate in 2002 was
$122.00.
The first in a series of new luxury properties opened in September 2000 when the 21-story, 300-room
1. W. Marriott debuted on Brickell A venue. In November of 2000, a 330-room Mandarin Oriental
opened on Brickell Key. A Four Seasons hotel and tower opened in November of2003 on Brickell
Avenue at South 14th Terrace. The 66-story tower features 220 guest rooms plus 56 extended-stay
units. The property also includes 200,000 square feet of office space. In addition to the new
properties mentioned above, a 350-room Ritz Carlton beachfront hotel opened in Key Biscayne
during 200 I and a I SO-room Ritz Carlton opened in September of 2002 in Coconut Grove.
Miami-Dade Financial Resources
Over the course of the last decade, Greater Miami has evolved into a major international financial
center. Domestic and international businesses find convenient access to a full array of services
provided by locally-based state and national commercial banks, savings and loan associations,
foreign banks, non-depository credit institutions, securities and commodities brokers and insurance
companies.
QUINLIVAN APPRAISAL
13
Greater Miami has the largest concentration of domestic and international banks south of New York
City. With more than 90 percent of the state's foreign banks operating offices in Miami, this market
dominates international banking in Florida.
There are 43 international banking agencies, 13 Edge Act corporations and 4 Edge Act corporation
branches operating in Greater Miami. Many of their banking customers are located in Latin
America.
Overall, about ISO domestic banks, savings and loans, foreign banks and Edge Act banks operate
in Greater Miami. The greatest concentration is located along Brickell Avenue in downtown Miami.
Transportation
Miami-Dade County has an extensive expressway system with access to all points in the County.
However, due to the rapidly increasing population, some of the expressways, especially 1-95, are
becoming overburdened. In 1985 Miami-Dade County completed a 20.5 mile elevated rapid transit
system. This system originally extended southward from downtown Miami to Dadeland, paralleling
U.S. Highway I and northwesterly from downtown Miami to Hialeah. Recently, the system was
extended about a mile from Hialeah to the Palmetto Expressway at NW 74th Street. In conjunction
with this system, there is a Downtown People Mover Automated Transit system which encircles the
central business district of Miami and extends south to the Brickell area and north to the Omni area.
Miami-Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak
Rail, Greyhound and Trailways Interstate bus lines for passenger service.
Miami International Airport, one of the nation's largest and busiest, had approximately 32.5 million
arrivals and departures in 2002. Moody's Investor Service, a major bond-rating company, recently
ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles
International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of
Aal. According to Moody's, a key factor in the ranking is the airport's "market value as an
international gateway with its own strong organization-and-destination base". The airport is
currently undergoing a $5.4 billion expansion. New South and North terminals and a fourth runway
are planned.
Miami has become a port of embarkation for airlines and ships bound for Central and South
American Countries. The Port of Miami, besides being the largest passenger port in the nation, is
also important as a cargo center with a 2002 annual tonnage of approximately 9.0 million up from
8.8 million in 2001 and 7,800,000 in 2000. The port's traditional customer base has been Latin
America and the Caribbean, accounting for 64% of the port's total volume.
Miami's comprehensive transportation system and its strategic location have enabled it to become
an important international transportation center, providing commercial access to Latin America and
the Caribbean.
QUINLIVAN APPRAISAL
14
Government
Miami-Dade County is comprised of unincorporated areas, as well as thirty-one municipalities, the
largest of which is the city of Miami.
Miami-Dade County is governed under a modified two-tier metropolitan government. The purpose
of this type government was to establish one governing body for the county, and to establish one
supply of services such as fire, police, etc. for the county. The upper tier is the County, which
provides broad "regional" or county functions, such as metropolitan planning, welfare, health and
transit services. The thirty-one municipalities represent the lower tier of government, providing a
varying array of services within their jurisdictional boundaries. The County also maintains lower tier
functions, such as the provision of municipal-type services, including police and fire, to the
unincorporated areas and certain municipalities on a negotiated basis.
The County operates under the Commission-Manager form of government. Legislative and policy-
making authority is vested in the elected thirteen-member Board of County Commissioners; the
Commission appointed County Manager is the chief administrator. Miami - Dade County has operated
under the metropolitan form of government since 1957, when the Home Rule Charter was passed
by the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the
enactment of its laws.
County government had not been able to respond to the tremendous demand for municipal services
in this rapidly urbanizing area, which is larger than the State of Rhode Island or Delaware. The need
to combine services duplicated by the County and numerous cities was also clearly evident. The
Charter permitted the limited County government to reorganize into a general purpose "municipal-
type" government capable of performing the full range of public functions into an area wide
operation.
Real Estate
As of the second quarter of2003, the Miami-Dade County Office Market contained approximately
34.55 million square feet of office space. Approximately 34.3% of this space is located in the
Miami central business district and adjacent Brickell A venue and 21.5% in the rapidly growing
Airport West area.
There was a decrease in the occupancy rate of office buildings in Miami-Dade County from 92% in
1981 to 77.6% in 1991. Since 1992, there was an increase in occupancy from 81.4% to 88.9% in
the fourth quarter of 1999. From the fourth quarter of 1999 to the fourth quarter of 200 I, the
occupancy rate remained relatively stable at around 88%. The overall County wide occupancy rate
as of the second quarter of 2003 has declined to 83.52%. Many new Class A buildings were
completed on Brickell A venue, in Coral Gables and on Miami Beach which caused an increase in
vacancy rates for 2003.
QUINLIVAN APPRAISAL
15
Office rental rates in new buildings typically range from $20.00 to $35.00 per square foot. The low
end of the range is for office space in the suburban markets. The upper end of the range is for first
class office space in Downtown Miami, Brickell Avenue, Coconut Grove and Coral Gables.
The Greater Miami Industrial Market, as of the Third Quarter of2003, consisted of approximately
189 million square feet of industrial space. The approximate percentage location of this space is as
follows:
% OF TOTAL
MARKET AREA MARKET SPACE
AIRPORT WEST 32%
HIALEAH 18%
CENTRAL DADE 12%
NORTHWESTfMEDLEY 16%
NORTH DADE 13%
SOUTH DADE 5%
BIRD/T AMIAMI 4%
TOTAL 100%
The major use of industrial space is warehousing/distribution which accounts for approximately 65%
of the occupied space. Manufacturing and technology occupy the remainder of the space accounting
for approximately 20% and 15% of the industrial space, respectively.
The county's vacancy rate for the overall Miami-Dade County industrial market for the third quarter
of 2003 was 9.3%, Medley and Airport West had the highest vacancy rates, 10.2% and 12.7%,
respectively. Industrial rental rates generally range from $4.00 to $8.00 per square foot. The
median sale price per square foot in 2001 for industrial space in Miami-Dade County was $47.19,
by the first quarter of 2003 it had increased to $53.61 per square foot.
The continued slowness of the national economy, now beginning to climb out of a recession, has
contributed to the weakness in the Miami-Dade County industrial market. Overall vacancy rates
have increased and the general level of demand has decreased. The majority of the developers have
placed all plans for speculative development on hold. It is projected that by the fourth quarter of
2003 and into 2004, the overall economy will begin its recovery and that demand levels for industrial
space will again increase.
The number of single family residential permits decreased 6.8% from 6,166 in 1999 to 5,771 in
2000. Since 2000, the number of permits has increased to 6,600 in 2002. The average sale price of
a new residence in Miami-Dade County in 2003 was $302,158 up 10.3% from $273,918 in 2002.
QUINLIVAN APPRAISAL
16
According to data from the Department of Business and Professional Regulation, Miami-Dade
County has over 290,000 licensed rental apmiment units. Reinhold P. Wolff Quarterly Housing
Report shows a vacancy rate of 4.3% in August of2002, slightly higher than the 4.0% rate of August
of2002. The vacancy rate has been declining steadily since 1991, but the decline accelerated after
August 1992; this is attributable to Hurricane Andrew. Rental apartments have average rental rates
of$865 per month for a one bedroom apartment and $ I ,077 per month for a two bedroom apartment,
as of August 2002.
The condominiwn apartment market experienced an all-time high inventory of 15,722 units in
October of 1986. The inventory has decreased to 7,552 units as of March of 2003. The high
inventory caused the average sale price of a new condominium unit to decline from $112,604 in
1982 to $87,990 in 1987. However, the average sale price increased dramatically to $162,752 in
1991, declining to $130,545 in 1994 but again dramatically increasing to $291,911 in 2003.
The Miami-Dade County retail market contains approximately 52.5 million square feet in buildings
over 20,000 square feet. The major retail markets in Miami-Dade County include Hialeah, Coral
Gables/South Miami-Dade, A ventura and Kendall. Rental rates typically range from $15.00 to
$40.00 per square foot with an average rate of $18.90 per square foot. The overall Miami-Dade
County vacancy rate for 2003 was approximately 5.3%, a 13.6% decrease from the previous year.
The vacancy level is lowest in super regional malls and highest in unanchored strip centers.
Conclusions
In the future, one of the principal growth areas for Miami-Dade County is expected to be the
international sector. Miami-Dade County, because of its geographic location and excellent
transportation facilities, is well-suited to attract both business individuals and tourists from Latin
America. It is already one of the principal shopping markets for Central and South Americans
visiting the United States and one of the principal export points for goods and services destined for
Latin America.
A major consideration to future real estate development in Florida will be compliance with the
State's concurrency law mandated by the Growth Management Act. This law requires developers
to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place
or the money to build the same be available before the construction of new development is granted
approval.
The existence of major financial institutions, retail outlets, corporations and other business entities,
coupled with its geographic location, transportation systems and planned international trade centers
give Miami-Dade County an excellent opportunity for continued growth as an international center.
QUINLIVAN APPRAISAL
17
NEIGHBORHOOD DATA
The subject property is located in the city of Sunny Isles Beach, approximately thirteen miles
northeast of the central business district of Miami.
The subject may further be described as being located on the southeast comer of Collins A venue
(State Road A I A) and Terracini A venue.
Sunny Isles Beach is located on a barrier island in the northeast comer of Miami-Dade County. The
borders of the city of Sunny Isles Beach are Haulover Beach Park to the south, the Town of Golden
Beach to the north, the Atlantic Ocean on the east, and the Intracoastal Waterway to the west. The
borders of the subject neighborhood are the borders of the city of Sunny Isles Beach.
Collins A venue is the primary north/south traffic artery on banier islands running north from Miami
Beach to Golden Beach. The majority of the commercial properties located in Sunny Isles Beach
front on the west side of Collins Avenue. Collins Avenue is connected to the mainland from Sunny
Isles Beach by the Sunny Isles Causeway at N.E. 163rd Street and the William Lehman Causeway
at N.E. 192nd Street.
The east side of Collins A venue is primarily improved with older motel buildings constructed in the
1950s and new high-rise condominium apartment buildings. In recent years some of these motels
have been converted to condominiums and time-share resorts or the sites redeveloped with high-rise
condominium apartments. Sunny Isles Beach has historically been a tourist destination due to the
beach environment. The area is now becoming more ora residential community with permanent and
seasonal owners. The west side of Collins Avenue is improved with retail stores, restaurants, rental
car agencies, boat rentals, service stations, and convenience stores.
During the I 960s and 1970s, several rental and condominium apartment buildings were constructed
in Sunny Isles Beach. The majority of the these buildings were developed on sites fronting on the
Intracoastal Waterway.
The Arlen House East and West, located on the west side of Collins Avenue at approximately N.E.
158th Street, were constructed in 1966 and 1969. These rental apartments were converted in the
1970s to condominiums. Kings Point, another project constructed in the 1960s containing both
rental and condominium apartment buildings, is located just north of the Arlen House.
Poinciana Island, located on the west side of Collins A venue at N.E. 160th Street,just north of Kings
Point, contains one hundred townhouse units and ninety condominium apartment units. This
development, which was constructed in the later 1970s, has sale prices ranging from $475,000 to
$725,000. All of the townhouses have waterway frontage.
QUINLIVAN APPRAISAL
18
Atlantic Island, located on the west side of Collins Avenue, at N. E. 163rd Street just north of
Poinciana Island, contains single-family residences. These residences range in age from new to fifty
years old, with a median age of thirty years. Sale prices of these residences range from $500,000 to
over $1,000,000.
The area north of Sunny Isles Ocean Beach Boulevard, west of Collins A venue, was developed in
the I 970s with a large number of condominium apartment buildings. The two largest developments
are Winston Towers (seven buildings) and Plaza of the Americas (four buildings). Recent sale prices
for units in these buildings generally range from $200,000 to $500,000.
Several high-rise condominium apartment buildings were recently constructed on ocean front sites
in Sunny Isles Beach. The recently completed projects include Millennium (118 units), Ocean One
(346 units), Sands Pointe (2 12 units), Oceania Island (306 units) and Ocean Point (166 units). The
sale prices for condominium units generally range from $500,000 to over $2,000,000.
Single family neighborhoods are located in the northwest portion of Sunny Isles Beach. Golden
Shores Ocean Boulevard Estates is located west of Collins A venue between N.E. I 92nd Street and
N.E. I 85th Street. Golden Shore Ocean Boulevard Estates is comprised of detached single family
houses on 7,500 square foot lots. The houses generally range in size from 1,200 to 2,000 square feet
and were constructed primarily in the 1950s. The sale prices for the houses in Golden Shores Ocean
Boulevard Estates range from $200,000 to $495,000.
Golden Gate Estates is a luxury zero-lot-line project recently constructed in 1999 and 2000 located
on the west side of Collins A venue at the border of Golden Beach. The sale prices for the houses
in Golden Gate Estates range from $450,000 to over $1,000,000.
Golden Beach, a single-family residential community, is located just north of Sunny Isles Beach.
Many of the residences in Golden Beach front on either waterways or directly on the Atlantic Ocean.
Haulover Beach Park, a Miami-Dade County Park, encompassing approximately a mile of beach
front along the Atlantic Ocean, is located just south of the Sunny Isles Beach. Haulover Park
contains facilities for boating, picnicing, swimming and fishing.
The neighborhood has undergone a transition from a purely tourist oriented community to a
combination multifamily and tourist destination. The retail stores in the area seem to have a normal
vacancy rate. The commercial development has been oriented toward the permanent residents as
well as the tourists.
QUINLIVAN APPRAISAL
19
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SITE DATA
QUINLIVA N APPRAISAL
-
. SITE DATA
Dimensions and Shape:
The subject property is primarily rectangular in shape.
The subject property fronts for 148.66 feet, more or less, along the east side of Collins A venue (State
Road A I A) with an average easterly depth of 355 feet, more or less, to the Atlantic Ocean.
Area:
49,830 Square Feet
or I. 14 Acres
Source: Hopkins Plat and Miami-Dade County Property Appraiser's Office
Topography and Drainage:
The site is level and approximately at street grade.
Flood Zone:
Map NQ 12025C0082 J
"AE" Special Flood Hazard Areas Inundated by 100- Year Flood. Base f100d elevation
determined at eight feet.
"VE" Special Flood Hazard Areas Inundated by I 00- Year Flood. Coastal f100d with
velocity hazard (wave action); base f100d elevation determined at ten feet.
Soil and Subsoil:
The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual
conditions would be brought out by test borings.
Utilities:
Water:
Sewer:
Electricity:
Telephone:
Miami-Dade Water and Sewer Authority
Miami-Dade Water and Sewer Authority
Florida Power & Light Company
BellSouth Telephone Company
QUINLIVAN APPRAISAL
20
Street Improvements:
Collins A venue is asphalt paved with a dedicated width of 100 feet. Collins Boulevard contains
three northbound lanes and three southbound lanes. Collins Boulevard is improved with concrete
sidewalks, curbs, gutters, storm sewers, street lights and a center median.
QUINLIVAN APPRAISAL
21
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ZONING
QUINLIVAN APPRAISAL
ZO NIN G
Under Ordinance of the City of Sunny Isles Beach.
Classification: MU-R, Mixed Use - Resort District
Permitted Uses include multifamily apartments, hotels, motels, apartments-hotels, commercial
services and retail goods (including spas and health clubs, beauty salons, clothing, florists, gift shops,
banking services, pharmacy, newsstands and restaurants), conferencing facilities and meeting rooms,
parking lots and garages, public parks and recreations facilities and all uses permitted in RMF-2
districts.
Conditional Uses include time-share apartments, eleemosynary, charitable, religious and
philanthropic institutions, nightclubs, private clubs, lodges, fraternities and sororities..
Building Regulations:
Minimum Lot Width:
Minimum Lot Area:
Maximum Height
Single Family
Duplex
All other structures
Maximum Lot Coverage:
All principal and accessory buildings
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
Maximum Floor Area Ratio (without Bonuses):
Maximum Floor Area Ratio (with Bonuses):
200 feet
20,000 square feet
35 feet
45 feet
Not specified; controlled by minimum setbacks
60%
80%
Shall not exceed 2.5 times the total parcel area
Shall not exceed 4.0 times the total parcel area.
Bonuses of varying amounts may be allowed
for Beach access, Public beach recreational
enhancement, Collins A venue public street
scape enhancements, Sunny Isles public
parking, Public oceanfront park and open space
enhancements
QUINLIVAN APPRAISAL
22
Minimum Required Setbacks:
Front
Rear
75 feet
50 feet, for porte-cochere and/or guardhouse
20 feet or bulkhead line, whichever is closer to
Collins Avenue
Side (Interior)
Parcels 200 feet or more in width
Primary structures
Pedestal structures
Parcels adjacent to public parks
Parcels under 200 feet
Primary structures
Pedestal structures
Parcels adjacent to public parks
50 feet
3 feet for each two feet of height up to 50 feet
5 feet
20 feet
3 feet for each two feet of height up to 20 feet
5 feet
Maximum Dwelling Unit Density:
Apartment
Apartment-hotels
50 units per acre (no bonuses)
80 units per acre; for each FAR increase 0.02
achieved through bonus provisions, the
maximum density increases by I unit per acre
100 units per acre (no bonuses)
125 units per acre; for each FAR increase 0.03
achieved through bonus provisions, the
maximum density increases by I unit per acre
Not considered residential, therefore, not limited
Proportion of proposed units to maximum
allowed for each use. Sum of acreage needed
for each use shall equal the total acreage.
Hotels
Mixed uses
Minimum Apartment Floor Areas:
Residential unit:
Apartment-hotel unit
Apartment-hotel unit w/lockout room
Lockout unit:
Hotel unit:
550 square feet
550 square feet
750 square feet
350 square feet
250 square feet
Offstreet Parking:
Single-family detached
Townhouse
Multi-family dwelling
Apartment
2 spaces per uni t
2 spaces per unit
1.5 spaces per unit
I space for each efficiency or I-bedroom unit
1.5 spaces for each two bedroom unit
2.0 spaces for three or more bedroom units
QUINLIVAN APPRAISAL
23
HIGHEST AND BEST USE
..-.-
QUINLIVA N APPRAISAL
_..-... --ill
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HIGHEST AND BEST USE
Fundamental to the concept of value is the theory of highest and best use. Land is valued as ifvacant
and available for its highest and best use.
The Appraisal Institute in The Appraisal of Real Estate, Eleventh Edition, defines highest and
best use as follows:
The reasonably probable and legal use of vacant land or an improved property, which is physically
possible, appropriately supported, financially feasible, and results in the highest value.
Land has limited value unless there is a present or anticipated use for it; the amount of value depends
on the nature of the land's anticipated use, according to the concept of surplus productivity. Among
all reasonable, alternative uses, the use that yields the highest present land value, after payments are
made for labor, capital, and coordination, is generally regarded as the highest and best use of the land
as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made of
the property including all existing structures. The implication is that the existing improvement
should be renovated or retained as so long as it continues to contribute to the total market value of
the property, or until the return from a new improvement would more than offset the cost of
demolishing the existing building and constructing a new one.
In estimating the highest and best use there are essentially four stages of analysis:
I. Possible Use. What uses of the site being appraised are physically possible?
2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction,
if any?
3. Feasible Use. Which possible and permissible uses will produce a net return to the
owner of the site?
4. Maximally Productive. Among feasible uses, which use will produce the highest net
return to the owner of the site?
The highest and best use of the land (or site), ifvacant and available for use, may be different from
the highest and best use of the improved property. This is true when the improvements are not an
appropriate use, but make a contribution to the total property value in excess of the value of the site.
The following four point test must be met in estimating the Highest and Best Use. The use must be
legal. The use must be probable, not speculative or conjectural. There must be a profitable demand
for such use and it must return to the land the highest net return for the longest period of time.
QUINLIVAN APPRAISAL
24
These tests have been applied to the subject property. In arriving at the estimate of Highest and Best
Use, the subject site was analyzed as vacant and available for development.
Possible Use
The subject site has 148.66 feet, more or less, offrontage on Collins A venue and 150 feet, more or
less, of frontage along the Atlantic Ocean. Therefore, the subject property has good access and
exposure on one primary street.
The subject site is primarily rectangular in shape, having adequate functional utility. All necessary
utility services are available along existing street right-of-ways. The site is filled to street grade and
does not appear to have any drainage or subsoil deficiencies.
The subject site is 49,830 square feet in size which equates to 1.14 acres. The size of the subject site
would not limit its use.
The physical characteristics of the subject site would not restrict any residential use of the site.
Permissible Use
Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There
are presently no known private deed restrictions of record.
The site is zoned for mixed use. The zoning of the site permits multifamily apartments, hotels,
motels, apartments-hotels, commercial services and retail goods (including spas and health clubs,
beauty salons, clothing, florists, gift shops, banking services, pharmacy, newsstands and restaurants),
conferencing facilities and meeting rooms, parking lots and garages, public parks and recreations
facilities and all uses permitted in RMF-2 districts.
Without bonuses the zoning allows a maximum floor area ratio of 2.5 times the land size. The
maximum number of apartment units without bonuses is 50 units per acre. The maximum height
of the subject site is not explicitly stated, but would be limited by setbacks and FAR requirements.
Approximately 57 residential units could be constructed on the subject site without bonuses. The
number of hotel units is not limited by this zoning classification because they are not considered
residential units.
As proposed, the future development of this site would be eligible for FAR bonuses under the zoning
provisions for the Beach Access Bonus, Public Beach Recreational Enhancement Bonus, Collins
Avenue Public Streetscape Bonus, and Sunny Isles Public Parking Bonus. These bonuses would
allow the site to attain a maximum floor area ratio of 3.8 times the land size or 189,354 square feet
of building area. Additionally, as proposed, the condominium apartment building would contain 40
units which is under the maximum density for this site.
QUINLIVAN APPRAISAL
25
Feasible UselMaximallv Productive Use
The physical characteristics and zoning of the subject property permit a wide range of potential uses.
The possible and permissible uses include multi-family residential buildings, hotels, and various
commercial/retails uses.
Surrounding sites are improved with rental and condominium apartment buildings. A building on
the subject site would have views across the Atlantic Ocean to the east.
Conclusion (As Vacant)
Based on the above factors, it is the appraiser's opinion that the Highest and Best Use of the site, as
if vacant, is for multi-family residential usage.
QUINLIVAN APPRAISAL
26
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SCOPE OF THE APPRAISAL
QUINLIVA N APPRAISAL
SCOPE OF THE APPRAISAL
The value of a site can be estimated by various methods which include Direct Sales Comparison,
Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization.
However, the Direct Sales Comparison Approach is the most preferred and utilized technique when
sales of comparable sites are available. The other methodologies are indirect techniques which are
generally used when an area is primarily built-up and sales of comparable sites are scarce.
The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability
of recent land sales.
In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and
best use as the subject site are analyzed, compared and adjusted by time, property characteristics and
location to indicate the Market Value of the subject site as though unimproved. The reliability of
this approach is dependent upon the availability of comparable sales data, the verification of the sales
data, the degree of comparability and the absence of non-typical conditions affecting the sale.
A search for sales of vacant sites in the general location of the subject site was conducted. Sales of
sites with similar highest and best uses as the subject site are utilized in this analysis.
Data related to the subject property was derived from various sources including but not limited to
the Miami-Dade County Property Appraiser's Office, Miami-Dade County plats as complied by First
American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of
the City of Sunny Isles Beach, and tax roll information by ISCNET.
Comparable sales sources include First American Real Estate Solutions, Inc., on-line computer
service provided by ISCNET, Board of Realtors' Multiple Listing Service, Tri-County Clipping
Service and CoStar. Sales prices are typically confirmed with a party to the transaction, i.e. buyer,
seller, real estate agent or attorney to the transaction.
QUINLIVAN APPRAISAL
27
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LAND VAL DE ANALYSIS
-.-.
QUINLIVAN APPRAISAL
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LAND VALUE
A land value estimate is concluded by comparing the subject site to comparable land sales.
Generally, the comparable land sales are adjusted by time, property, and location to indicate the
Market Value of the subject site as though unimproved. This process is known as the Direct Sales
Comparison Method.
The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land
parcels in order to derive an indication of the most probable sales price of the site being appraised.
The reliability of this approach is dependent upon the availability of comparable sales data, the
verification of the sales data, the degree of comparability and the absence of non-typical conditions
affecting the sale.
The following page contains sales of similar land sites which have recently sold. Several other sales
were considered, but were not included because there was too wide a difference in physical factors,
location and time.
In comparing the sales to the subject, consideration is given to factors of time, location, property
characteristics, and terms and conditions of the sale. The sales are analyzed on a price paid per
square foot of land area. The appraiser considered other units of comparison to include price paid
per front foot, price per dwelling unit and price paid per buildable area. Since the number of units
per acre and the buildable areas vary, these units of comparison do not form a consistent pattern.
Since most of the sales are located in Sunny Isles Beach or Bal Harbour with ocean frontage and
have the same or similar zoning classifications, the price per square foot should be a relatively
consistent unit of comparison.
The land sales are located within a three mile distance from the subject property and similarly have
ocean frontage. Four of the six sales are located within a mile distance of the subject site. The
subject site and five of the six sale properties are zoned MU-R, Mixed-Use Resort District
Sale 1 is located on the southeast comer of Collins A venue and 170lh Street, approximately two
miles south of the subject property. This 104,544 square foot site sold in June of 2003 for
$25,000,000 or $239.13 per square foot. This site is zoned MU-R, Mixed Use Resort District. This
site is currently vacant. A 284-unit condominium apartment building is planned for this site.
Sale 2 is located on the east side of Collins A venue between lnnd Street and 174th Street,
approximately one and one-half miles south of the subject property. This 39,099 square foot site
sold in September of 2003 for $8,500,000 or $217.40 per square foot. This site is zoned MU-R,
Mixed Use Resort District. A high-rise condominium apartment building is planned on the site. The
sale price included building plans and approvals.
Sale 3 is located on the northeast comer of Collins Avenue and I OOth Street, approximately four and
one-half miles south of the subject property. This 223,118 square foot site sold in January of2004
for $50,400,000 or $225.89 per square foot. This site is zoned OF, Ocean Front. The Regent, a
luxury condominium apartment building, is under construction on this site
QUINLIVAN APPRAISAL
28
Sale 4 is located on the northeast comer of Collins A venue and Sunny Isles Boulevard,
approximately two miles south of the subject property. This 57,834 square foot site sold in May of
2004 for $20,000,000 or $345.82 per square foot. This site is zoned MU-R, Mixed Use Resort
District. A luxury condominium apartment building is under construction on this site.
Sale 5 is located on the east side of Collins A venue between 170lh Street and Innd Street,
approximately one and two-thirds miles south of the subject property. This 97,300 square foot site
sold in October of 2004 for $32, I 00,000 or $329.91 per square foot. This site is zoned MU-R,
Mixed Use Resort District. A luxury condominium apartment building is under construction on this
site.
Sale 6 is located on the east side of Collins Avenue between 170lh Street and Innd Street,
approximately one and two-thirds miles south of the subject property. This 37,165 square foot site
sold in nine transactions between January and April of2005 for a total of$13,783,200 or $370.86
per square foot. This site is zoned MU-R, Mixed Use Resort District. This site is currently
improved with two-story, 55-unit condominium apartment building. A luxury condominium
apartment building is planned for this site.
Sale 7 is located on the east side of CoIl ins A venue, just south ofBayview Drive, approximately two
and one-half miles south of the subject property. This 57,064 square foot site sold in June of2005
for a total of $26,000,000 or $455.63 per square foot. This site is zoned MU-R, Mixed Use Resort
District. This site is currently vacant. A luxury hotel/condominium apartment building is planned
for this site.
A detailed profile of each sale, a photograph of the sales, a sales map, a summary of the sales and
a value conclusion follows herein.
QUINLIVAN APPRAISAL
29
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRlCE:
FINANCING:
REMARKS:
LAND SALE 1
June 19, 2003
$25,000,000
W arran ty Deed
O. R. Book 21415, Page 4566
31-22 I 1-004-0060
Beverly Towers, Inc.
Fortune Beach, LLC
The South 300 feet of the North 400 feet of Lot I, lying
East of Collins Avenue, TATUM'S OCEAN PARK
SUBDIVISION, according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County, Florida.
17001 Collins Avenue
Sunny Isles Beach, Florida
Irregular
104,544 Square Feet
2.40 Acres
MU-R, Mixed Use Resort District
Vacant
$239.13 per square foot
First Mortgage of $17,450,000 with Colonial Bank.
A 284-unit condominium apartment building is planned for
this site.
QUINLIVAN APPRAISAL
30
SALE 1
QUINLIVAN APPRAISAL
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 2
September 10, 2003
$8,500,000
Warranty Deed
O. R. Book 21649, Page 2944
31-2211-004-0180
Blue Seas Associates
17315 Collins Avenue, LLC
Portion of the North 100 feet of the South 200
feet of Lot 3 lying East of Collins A venue,
TATUM'S OCEAN PARK SUBDIVISION,
according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County,
Florida.
17315 Collins Avenue
Sunny Isles Beach, Florida
100' x 391'
39,099 Square Feet
0.898 Acres
MU-R, Mixed Use Resort District
Vacant
$217.40 per square foot
First Mortgage of $7,200,000 with Hillcrest
Bank.
A high-rise condominium apartment building
is planned on the site. The sale price included
building plans and approvals.
QUINLIVAN APPRAISAL
31
SALE 2
QUINLIVAN APPRAISAL
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TrON:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 3
January 15, 2004
$50,400,000
Warranty Deed
O.R.Book2l982, Page4l21
12-2226-005-0030
Smith Property Holdings
wcr Communities, Inc.
Tract E & Including Abutting Land to Erosion
Control Line, BAL HARBOUR OCEAN FRONT
ADDITION, according to the Plat thereof, Plat
Book 57, Page 68 of Miami-Dade County,
Florida.
10295 Collins A venue
Bal Harbour, Florida
Irregular
223, I 18 Square Feet
5.12 Acres
OF, Ocean Front
Condominium apartment building under
construction
$225.89 per square foot
Cash to seller
The Regent, a luxury condominium apartment
building, is under construction on this site.
QUINLIVAN APPRAISAL
32
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SALE 3
QUINLIVAN APPRAISAL
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 4
May 5,2004
$20,000,000
Warranty Deed
O. R. Book 22317, Page 3049
31-2214-000-0040
Five Seas Investors, Inc.
La Peria Sunny Isles, LLC
Lengthy legal, BELLA VrSTA, according to the
Plat thereofrecorded in Plat Book 53, Page 48
of the Public Records of Miami-Dade County,
Florida.
16699 Collins Avenue
Sunny Isles Beach, Florida
Irregular
57,834 Square Feet
1.33 Acres
MU-R, Mixed-Use - Resort District
Condominium apartment building under
construction.
$345.82 per square foot
Conventional Mortgage of $96,000,000 with
Bank of America
A luxury condominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
33
SALE 4
QU INLIV AN APPRAISAL
DA TE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 5
October 4, 2004
$32, I 00,000
Warranty Deed
O. R. Book 22707, Page 1216
31-2211-004-0150
Orot City, LLC
Fortune Ocean, LLP
Lengthy legal, T A TUMS SUBDIVISION,
according to the Plat thereof recorded in Plat
Book 53, Page 48 of the Puhlic Records of
Miami-Dade County, Florida.
1710 1-17121 Collins Avenue
Sunny Isles Beach, Florida
Irregular
97,300 Square Feet
2.23 Acres
MU-R, Mixed-Use - Resort District
Apartment building under construction
$329.91 per square foot
Mortgage of $21,200,000 with HSBC Realty
Credit Corporation.
A luxury condominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
34
SALE 5
QUINLIVAN APPRAISAL
DATES OF SALE:
SALE PRlCE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBERS:
GRANTORS:
GRANTEE:
LEG AL:
LOCA TION:
SITE DESCRiPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRiCE:
FINANCING:
REMARKS:
LAND SALE 6
January 7, 2005
January 10, 2005
January 31, 2005
March 22, 2005
April 19,2005
$13,783,200 ($9,317,400 + $980,800 +
$245,200 + $245,200 + $245,200 + $1,716,400
+ $410,000 + $380,000 + $243,000)
Special Warranty Deeds
O. R. Book 22998, Pages 3237, 3244, 3245,
3247,3249,3251
O. R. Book 23095, Page 1792
O. R. Book 23237, Page 4320
O. R. Book 23306, Page 893
31-2211-049-00 I 0 thru -0550
La Martha, Inc., eta!.
Mully SB, LLC
All of DESERT INN CLUB I, according to the
Declaration of Condominium thereof, recorded
in Official Records Book 12 I 95, Page 357, of
the Public Records of Miami-Dade County,
Florida.
17141 Collins Avenue
Sunny Isles Beach, Florida
Irregular
37,165 Square Feet
0.853 Acres
MU-R, Mixed-Use - Resort District
Condominium apartment building
$370.86 per square foot
First mortgage of $11,650,000 with LaSalle
Bank National Association for 2 years
The sale consisted of nine transactions. A
luxury condominium apartment building is
planned for this site.
QUINLIVAN APPRAISAL
35
SALE 6
QUINLIVAN APPRAISAL
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 7
June 20, 2005
$26,000,000
Warranty Deed
O. R. Book 23542, Page 1904
31-2214-008-0030
Fantasy of the Ocean, LLC.
Mansiana Ocean Residences, LLC.
NY2 of Lot 77 and all of Lot 78, TATUMS
OCEAN BEACH PARK, according to the Plat
thereof recorded in Plat Book 5, Page 35 of the
Public Records of Miami-Dade County,
Florida.
15701 Collins Avenue
Sunny Isles Beach, Florida
150 feet x 390 feet
57,064 Square Feet
1.31 Acres
MU-R, Mixed-Use - Resort District
V acan t
$455.63 per square foot
Cash to seller.
A luxury hotel/condominium apartment
building is planned for this site. The site
extends approximately 95 feet east of the
bulkhead.
QUINLIVAN APPRAISAL
36
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QUINLIVAN APPRAISAL
-- ---~------~------------ --- ~----~-------~-- ---- ~ -- -.-----.
COMPARABLE LAND SALES MAP
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'-'/ ! NE189 1,89TH <<i
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i -- ---'I' Q> OJUS.- ,"---------- DIIII!(OIlI/(!/il/g Bay 'l'~7Ti'C:_<i.i A lAJ)
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-'~! 'I' II-, ., \<l'~'>:, 17001 Collins Avenue
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ANAL YSIS OF SALES
The land sales range in unit price from $217.40 to $455.63 per square foot ofland area. The sales
range in time from June of2003 to June of2005.
Property Rights
The fee simple interest is the property right of the subject property being valued. The comparable
sales involved the same type of property rights.
Conditions of Sale
All of the sales were arm's-length transactions. An arm's-length transaction is defined as a
transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence
of normal competitive negotiation as might be true in the case of a transaction between related
parties.
Financing
The financing of the sales does not indicate any adjustments of the sale prices for favorable/below
market financing.
Date of Sale (Market Conditions)
The sales range in time from June of2003 to June of2005. There has been an upward trend in prices
over this time period. Many of the sales were contracted up to six months prior to the closing date.
A comparison of the unit prices of Sales 1 and 2 which sold in mid to late 2003 to the unit prices of
Sales 4 and 5 which sold in mid to late 2004 indicates an approximate 50% increase over a year
period or approximately 4% per month. While this may seem like a large increase, this increase per
month has been typical throughout Miami-Dade County over the past two years. Sale 6 consisted
of nine transactions from January of 2005 to April of 2005 with the majority of the transactions
occurring in January of2005. Sale 7 sold in June of2005.
Location
All of the comparable sales are located along the east side of Collins A venue with Atlantic Ocean
frontage in Sunny Isles Beach or nearby Bal Harbour. The sales and the subject site are considered
similar in location.
QUINLIVAN APPRAISAL
37
Site SizelFrontage
The sale sites range in size from 37,165 square feet to 223 ,027 square feet. The subject site
containing 49,830 square feet is at the low end of the range of the sizes of the sales. Typically,
smaller sites sell at higher unit prices because a smaller site requires less absolute dollars to purchase
and there are less holding costs and reduced risks to a development on a smaller site.
Zoning
The subject site and six of the seven sales are zoned MU-R, Mixed-Use - Resort District. Sale 3
located in Bal Harbour has a similar zoning classification and highest and best use. No adjustment
for zoning is considered necessary.
Conclusion
Based on a careful analysis of the land sales, the subject property is estimated to have a value of
$300.00 per square foot of land area and $80.00 per square foot of buildable area.
Land Area
49,830 Square Feet x $300.00 per Square Feet
$14,949,000
Rounded
$14,950,000
Buildable Area
189,354 Square Feet x $80.00 per Square Feet
$15,148,320
Rounded
$15,150,000
Land Value Conclusion
$15,000,000
QUINLIVAN APPRAISAL
38
ADDENDUM
QUINLIVA N APPRAISAL
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
I. 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
unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
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. If no survey has been furnished to the appraisers, all measurements have been
confirmed either in the field, in the plat book or by other reliable sources and are
presumed to be accurate.
7. 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.
8. It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and
considered in the Appraisal Report.
9. It is assumed, unless a study has been provided otherwise, that no hazardous material
such as asbestos, urea formaldehyde or other toxic waste exists in the property. The
existence of a potentially hazardous material could have a significant effect on the
value of the property.
10. In reference to proposed construction, the real estate taxes and other expenses are
estimated. These amounts are not guaranteed.
QUINLIVAN APPRAISAL
39
11. It is assumed in the valuation of the subject land site, unless a compliance letter has
been furnished to us, that the State of Florida Gro\vth Management Act does not
prevent the issuance of a building permit.
12. 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.
13. It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal Report has been made with the following general limiting conditions:
I. 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.
2. 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 appraisers, and in any
event, only with proper written qualification and only in its entirety.
3. The appraisers 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.
4. Neither all nor any part of the contents of this report (especially any conclusions as
to value, the identity of the appraisers, or the firm with which the appraisers are
connected) shall be disseminated to the public through advertising, public relations,
news, sales, or other media without the prior written consent and approval of the
appraisers.
QUINLIVAN APPRAISAL
40
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAl,
from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Firm, established in 1964.
Graduate:
University of Notre Dame
BBA -
Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAl NQ 5791)
Member of the Florida Bar (N2 239992)
Real Estate Broker, State of Florida (NQ 0125264)
Certified General Appraiser, State of Florida, License NQ RZOOOO 112
QUINLIVAN APPRAISAL
41
Qualified as an Expert Witness in the Following Courts:
Miami-Dade, Broward, Palm Beach and Monroe County Circuit Courts
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (I 978 - 1980),
Miami-Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter NQ 71,
Society of Real Estate Appraisers (I983 - 1984)
Past President - South Florida Chapter NQ 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (1981 - 1991)
THE REAL EST A TE APPRAISER AND ANAL YST published quarterly by the Society of Real
Estate Appraisers
Recent Publications:
"Non-Conforming Use Properties: The Concept of Positive Economic Obsolescence", TIzeAppraisal
Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982).
QUINLIVAN APPRAISAL
42
QUALIFICATIONS OF THE APPRAISER
PATRICK QUINLIVAN
Experience:
7/2004 - Present
8/1997 - 12/1998
5/1996 - 8/1 996
5/1995 - 8/1 995
Quinlivan Appraisal, P A.
Associate Real Estate Appraiser
9/2000 - 7/2004
CBS Sportsline.com
Senior Software Engineer
1/1999 - 9/2000
Florida Power and Light
Computer Programmer
Graduate:
University of Florida
BS - Bachelor of Science in Psychology (8/1997)
Florida International University
BS - Bachelor of Science in Computer Science (12/1998)
University of Florida
MBA - Master of Business Administration (Expected completion 5/2006)
Professional Affiliations:
Registered Trainee Appraiser, State of Florida, License NQ RI 15680
QUINLIVAN APPRAISAL
43
Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Corporations:
AT&T
Archdiocese of Miami
Atlantic Security Bank
The Bank of America
Bank United
Barry University
Bessemer Trust Company
California Bank and Trust
Chevron Oil Company
Chase Manhattan Bank
Chemical Bank
Citibank
Citrus Bank
City National Bank of Miami
Coamerica Bank
Coconut Grove Bank
Commerce Bank
Commercial Bank of Florida
Consolidated Bank
Colonial Bank
County National Bank
Eagle National Bank
Eastern National Bank
Equitable Bank
Espirito Santo Bank
Farm Credit of South Florida
Fidelity Bank
First International Bank
First National Bank of South Miami
Florida International University
First Nationwide Bank
Florida Memorial College
Florida Power and Light Company
Florida Rock Industries
Great Eastern Bank of Florida
Greyhound Lines
HSBC
Hemisphere National Bank
Intercontinental Bank
QUINLIVAN APPRAISAL
44
International Bank of Miami, N.A.
Jefferson Bank
LaSalle National Bank
Marine Midland Bank
McDonalds Corp.
Mellon United National Bank
Metro Bank
Miami-Dade County Community College
Miami-Dade Water and Sewer Authority
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Pan American Bank
Pointe Bank
Shell Oil Company
South Trust Bank
SunTrust Bank
TotalBank
Trade National Bank
Trust for Public Lands
UniBank
Union Planters National Bank
University of Miami
Wachovia
Wal-Mart
YMCA
Governmental Agencies:
City of Aventura
City of Coral Gables
City of Hialeah
City of Miami
City of Miami Parking Authority
City of Miami Beach
City of Miramar
City of North Bay Village
City of North Miami Beach
City of South Miami
City of Sunny Isles Beach
Miami-Dade County Aviation Department
Miami-Dade County Department of Development & Facilities Management
Miami-Dade County HUD
Miami-Dade County Property Appraisal Adjustment Board
Miami-Dade County Public Schools
QUINLIVAN APPRAISAL
45
Miami-Dade County Public Works Department
Miami-Dade County Transportation Administration
Miami-Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Attorney General's Office
State of Florida, Department of Community Affairs
State of Florida, Department of Corrections
State of Florida, Department of Environmental Protection
State of Florida, Department of Insurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Army Corps of Engineers
United States Department of Justice
United States Department of Commerce
United States Department of the Interior
United States General Services Administration
Village of Islamorada
Village of Key Biscayne
Village of Pinecrest
Law Firms:
Akerman Senterfitt
Greenberg, Traurig
Daniels, Kashton, Downs and Robertson
Holland and Knight, LLP
Shutts & Bowen
Ruden McClosky, LLP
Steel, Hector & Davis, LLP
Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A.
Types of Properties Appraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
46
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S. Edelcup, Mayor
Roslyn Brezin, Vice Mayor
Gerry Goodman, Commissioner
Danny Iglesias, Commissioner
Lewis J. Thaler, Commissioner
Police Chief Fred Maas, Interim City Manager
Hans Ottinot, City Allorney
Jane A. Hines, City Clerk
MEMORANDUM
Jorge L. Vera, Assistant City Manager ~
r?\D
Priscilla Walker, Deputy City Clerk
February 23,2006
La MansionlRegalia Appraised Land Value Acceptance Resolution
At its regular meeting of February 16, 2006, the City Commission adopted Resolution No.
2006-891, which accepted the appraised land value for the property located at 19505 Collins
A venue. Attached is a copy of the approving resolution for your files.
Thank you.
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Attachment
cc: Police Chief Fred Maas, Interim City Manager (memo only)
Hans Ottinot, City Attorney (memo only)
Lamansion - Regalia Appraised Value Accept Rew Trans Memo
City Use Only
/ . c;
Date Received \ ~ \ & I ';;to 0..::.;1
Date Issues
Resolution
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
I
Ii RECEiVED
;
! DEe 1 6 2005 I
hD~o s -o'~ I
I C!TY CFSUNNY ISLES BEACH I
\____~___".__w_.___......_._.._...z
Clerk of Court Use Only
I. APPLICANT INFORMATION
NAME: LA MANSION, L.L.C.. A FLORIDA LIMITED LIABILITY COMPANY
FAX: (305) 933-4344
PHONE:
(305) 932-4800
E-MAIL:
ADDRESS: C/O JERRY KAUFMAN. 18767 BISCAYNE BOULEVARD
CITY AND STATE: A VENTURA, FLORIDA
ZIP CODE: 33180
ll. RECEIVER SITE INFORMATION, AS APPLICABLE
OWNER'S NAME:
LA MANSION. L.L.C.. A FLORIDA LIMITED LIABILITY COMPANY
PHONE:
(305) 932-4800
E-MAIL:
FAX: (305) 933-4344
ADDRESS: C/OJERRYKAUFMAN.18767BISCAYNEBoULEVARD
CITY AND STATE: A VENTURA. FLORIDA
ZIP CODE:
33180
PROPERTY ADDRESS/LOCA nON: 19505 COLLINS AVENUE, CITY OF SUNNY ISLES BEACH
LEGAL DESCRIPTION:
SEE EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN.
FOLIO NUMBER:
31-2202-005-0010
CURRENT ZONING: MU-R
PROPERTY SIZE:
1.189::1:: ACRES
PURCHASE DATE: JULY 18, 2001
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EXISTING USE OF PROPERTY: None
EXISTING STRUCTURE ON PROPERTY: Vacant Land
PROPOSED FLOOR AREA RATION:
3.5
DENSITY: 40 dwelling units
PERCENTAGE OF RIGHTS TO BE RECEIVED: 10%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED: 54,385
DWELLING UNITS TO BE RECEIVED: 0
TOTAL FLOOR AREA RATIO INCLUDING TDR: 4.55
TOTAL DWELLING UNITS INCLUDING TDR: 40
III. SENDING SITE INFORMATION, AS APPLICABLE
OWNER'S NAME
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 STRUCTURE ON PROPERTY
BASE FLOOR AREA RATIO PERMITTED
UNITS PERMITTED
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK
DWELLING UNITS TRANSFERRED TO TDR BANK
2
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IV. APPRAISAL INFORMATION - AS APPLICABLE (APPRAISER MUST BE APPROVED
BY THE CITY]
NAME APPRAISAL FIRST, lNe.
PHONE (305) 470-2100 E-MAIL MIAMI COMMERClAL@APPRAISALFIRSTINC.COM FAX (305) 470-2159
ADDRESS
8525 NW 53RD TERRACE, SUITE 110
CITY AND STATE MIAMI, FLORIDA
ZIP CODE 33166
DATE OF APPRAISAL
JULY 16, 2003
APPRAISAL VALUE OF SITE SIXTEEN MILLION ($16,000,000.00) DOLLARS
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
ADDRESS
PHONE
E-MAIL
FAX
VI. SURVEY COMPANY INFORMATION
NAME OF SURVEYOR FORTIN, LEAVY, SKILES, INC.
ADDRESS 180 NE 168111 STREET, NORTH MIAMI BEACH. FLORIDA 33162
PHONE 305-653-4493
E-MAIL FLS@FLSSURVEY.COM
FAX (305) 651-7152
VU. ENVIRONMENTAL AUDIT INFORMATION (COMPANY MUST BE APPROVED BY
CITY]
NAME OF COMPANY
ADDRESS
PHONE
E-MAIL
FAX
VIII. OUTDOOR CODE VIOLATIONS, AS APPLICABLE (pROVIDE CERTIFICATE FROM
CITY'S CHIEF CODE INSPECTOR)
See attached letter from City Senior Code Enforcement Officer Helena Forbes.
3
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,
BY: r
,
IX. PROPERTY OWNER CERTIFICATION AND ACKNOWLEDGMENT
I HEREBY CERTIFY THAT
1)
THE INFORMATION FURNISHED ON TillS APPLICATION AND THE A IT ACHMENTS
IS 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
APPROVED 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 FNE
YEAR PERIOD COMMENCING WITH THE DATE OF CITY COMMISSION APPROVAL
OF THE PROPERTY AS A SENDER SITE, ANY UNUSED DEVELOPMENT RIGHTS
TRANSFERRED FROM THE SENDER SITE SHALL EXPIRE, TERMINATE AND BECOME
EXf-INGUlSHED AND UNUSABLE.
') ':::\
MA~~nON, L. '.~
')
BY:
FLORIDA LIMITED LIABILITY COMPANY '1-- .- .
. Ia- //f O~
Date
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me this .:./ c.f day of December, 2005, by
JERRY KAUFMAN on behalf of LA MANSION, L.L.c., a Florida limited liability company. JERRY
KAUFMAN j1i~~onally known to me or has produced
(type of identification produced) as identification and did)ake an oath. ,./~ ,
-~--,~,},'",-tzz:c~ (,'/2/. ~~
My Commission Expires: Notary P6 ic, State of FL(:' ",'j LY)
\._./
Print Name: ..
~ ,."'f..~II;f.',,"'-'- .-'" '.. ~-
w /~?A~'" f.;~,;;,~ ELIZABETH ORTIZ
ll~~( . 1 }:f MY COMMISSION # DD 164469
./ ~~i.~...;~l EXPIRES: December 17 2006
." I"OJ: f\,O" -. '. I
f ,.~_~\. Bonded I hiU PIC!13rd Insurance A encv
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4
Exhibit 'A'
19505 Collins Avenue
Lots 1,2 and 3, Replat of Block 1 ofVenicetta Beach, according to the plat thereof, as
recorded in Plat Book 44, Page 4, of the Public Records of Miami- Dade County, Florida.