HomeMy WebLinkAboutReso 2006-959
RESOLUTION NO. 2006- q sq
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, ('"CITY") PROVIDING FOR THE ACCEPTANCE
OF THE APPRAISED LAND VALUE OF FIVE MILLION ONE HUNDRED
FIFTY THOUSAND DOLLARS ($5,150,000.00) FOR THE PROPERTY
LOCATED AT 16690 COLLINS AVENUE A/KIA ST. TROPEZ; PROVIDING
FOR THE ACCEPTANCE AND PAYMENT BY THE APPLICANT OF ONE
MILLION ONE HUNDRED SIXTY-TWO THOUSAND SIX HUNDRED
SIXTEEN DOLLARS AND NINETY-ONE CENTS ($1,162,616.91) FOR THE
TRANSFER OF SEVENTEEN (17) UNITS OF THE CITY'S TDR BANK;
PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS; PROVIDING
FOR ADJUSTMENT OF THE BALANCE OF TDR FROM CITY'S BANK TO
REFLECT A DECREASE OF THIRTY T\VO THOUSAND SEVEN HUNDRED
FIFTY-NINE (32,759) SQUARE FEET AND SEVENTEEN (17) UNITS, ON THE
PROPERTY LOCATED AT 16690 COLLINS AVENUE; PROVIDING FOR
CREDITS FOR THE UNDERGROUNDING OF UTILITIES; PROVIDING THE
CITY MANAGER 'VITH THE AUTHORITY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN
EFFECTIVE DATE.
I. RECITALS.
'VHEREAS, by Zoning Resolution No. 06-Z-101, adopted on July 20, 2006, the City
Commission approved the application for a site plan modification submitted by St. Tropez II
LLC (the "Applicant") for seventeen (17) units and zero ("0)") square feet of development
rights; and
\VHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach, the
City Commission shall consider the acceptance of the appraised land value in the amount of Five
Million One Hundred Fifty Thousand Dollars ($5,150,000.00) for the receiving site for the
purpose of calculating the square foot value of the approved Transfer of Development Rights as
reflected in Exhibit "A"; and,
WHEREAS, the City Commission shall consider the acceptance of One Million One
Hundred Sixty-Two Thousand Six Hundred Sixteen Dollars and Ninety-One Cents
($1,162,616.91) by the applicant for the transfer of zero (0) square feet and seventeen (17) units;
and
'VHEREAS, the City's bank balance will be adjusted to reflect a decrease of thirty-two
thousand seven hundred fifty-nine (32,759) square feet and seventeen (17) units; and
WHEREAS, the property receiving the transfer of development rights ("TORs") has the
following legal description: lots 35 and all of Island 35, Lot 36 and Lot A of BELLA VISTA
SUBDIVISION SECOND REVISED, according to the Plat thereof, recorded in Plat Book 50, at
Page 76, less that pmi of Lot A conveyed by Deed dated June 5, 1947 recorded in Deed Book
2026, Page 297, for right-of-way for State Road No. 140, and less that pOliion of Lot 36 and Lot
R2006-959 51 Tropez Appraisal Accept For TDR PlII]JPses
Page I orJ
A as described in Condemnation Proceeding Civil Case No. 86-02173, of the Public Records of
Miami-Dade County, Florida; and
Lots 29 through 34, and Islands 29 through 34 according to thc Plat thercof SECOND REVISED
PLAT OF BELLA VISTA SUBDIVISION, as recorded in Plat Book 50, Page 76 of the Public
Records of Miami-Dade County,
WHEREAS, the Applicant agrees to purchase TORs in the amount of seventeen (17)
units and zero (0) square feet from the City's TOR Bank as established under the City Code.
NO'" THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section I. Recitals. The foregoing recitals are true and correct and are incOlvorated herein
by reference as if they fully set fOlih herein.
Section 2. Approval of Appraised Land Value. The City Commission hereby approves the
appraised land value of Five Million One Hundred Fifty Thousand Dollars ($5, I 50,000.00)
("Appraised Value"), for the Receiving Site.
Section 3. Authorizing the Transfer and Payment for TDRs. Based on the Appraised Value
set forth in Section 2 hercinabove, the City Commission hereby approves the payment of One
Million One Hundred Sixty-Two Thousand Six Hundred Sixtcen Dollars and Ninety-One Cents
($ 1,162,616.91) by the applicant for the transfer of zero (0) squarc feet and seventeen (17) units
from the City's TDR Bank to the Receiving Site located at 16690 Collins Avenue. If the
applicant fails to pay the total amount for the TORs, the City shall retain the development rights
that payment has not been received for.
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 of ten percent (10%) of the approved purchase price of $116,261.69. The
total amount of remaining balance for the TORs is S 1,046,355.22. Failure to pay the required
deposit within the three (3) working days of approval of TOR application and site plan
application shall result in an automatic voiding of the City Commission approval of the
Receiving Site, transfer ofTDRs, site plan approval.
Section 5. Adjustment of Bank Balance. Upon acceptance of payment for the transfer of
development rights based on the Appraised Value, the Bank's balance will be adjusted to reflect a
decrease of thirty-two thousand seven hundred fifty-nine (32,759) square feet and seventeen (17)
units.
Section 6. Credits for Undergrounding of Utilities. City has agreed to reimburse the
Applicant for payments made for the Undergrounding of utilities adjacent to its property. The
Applicant is entitled to a eredit of 5204,775.00 as evideneed by the invoice attached hereto as
Exhibit "B". The credit of 5204,775.00 shall be deducted from the remaining balance of the TDR
payments in the amount of S 1,046,355.22.
R2006-959 St Tropez Appmisal Accept For TDR PUIlJOses
Page2of3
Section 7. Authority of the City Manager. The City Manager is hereby authorized to do all
things neeessary to effectuate the transfer of development rights, including directing the City
Clerk to record such transfer and directing the Planning and Zoning Administrator to adj ust the
Bank balances.
Section 8.
Effective Date. This Resolution shall become effective upon adoption.
PASSED and ADOPTED this 20th day of July, 2006.
A;rTEST:
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Jane A. Hines, City Clerk
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APPROVED AS TO FORM
AND L j AL UFFICIENCY:
Moved by: ~YV\W\\!S.\ON~ I~LESlrr.s-
Second by: \! \c..'r.. M'A-l<o~ ~R~ ZIN
VOTE: 5-()
Mayor Norman Edelcup
Vice Mayor Brezin
Commissioner Thaler
Commissioner Goodman
Commissioner Iglesias
Vyes
Vyes
L7'yes
vyes
VYes
no
_no
no
no
no
'">
-'
APPRAISAL REPORT
Land Parcel Containing 31,113 Square Feet
LOCATED AT:
16682-16690 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
PREPARED FOR:
CITY OF SUNNY ISLES BEACH
18070 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
ASOF:
JUNE 20, 2006
PREPARED By:
QUINLIVAN APPRAISAL, P.A.
5730 S.W. 74TH STREET - SUITE 300
SOUTH MIAMI, FLORIDA 33143
EXHIBIT "A"
QUINLIVAN APPRAISAL
A PROFESSIONAL ASSOCIATION
REAL ESTATE APPRAISERS & CONSULTANTS
5730 S.'V. 74TH STREET, SUITE 300
SOUTH HLU-lI, FLORIDA 33143
J. MARK QUINLIVAN, MAl
STATE-CERTIFIED GENERAL AI'PHAISEHS
RZ 0000112
TELEPHONE (305) 663-6611
FAX (305) 665-4921
THOloIAS F. ~\.GE1\'HEDlER, HAl
STATE-CEnTlFIED (jENEnAL ApPRA1SEUS
RZ 0000553
June 20, 2006
Elena Del Campillo, Planning and Zoning Technici!ill
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Dear Ms. Del Campillo:
In accordance with your request and authorization, I have prepared this Appraisal Report covering
the following described property:
Land parcel containing 31, I 13 square feet located at 16682-16690
Collins A venue, Sunny Isles Beach, Florida
The purpose of this Appraisal is to estimate the Market Value of the described property as of June
20, 2006, 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,
Ms. Elena Dei Campillo, Planning and Zoning Technician
City of Sunny Isles Beach
June 20, 2006
Page 2
Based on the inspection of the propeliy and the investigation and analyses undertaken, I have formed
the opinion that, as of June 20, 2006, the subject property, based on its highest and best use, has a
Market Value of:
FIVE MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS
($5,150,000)
JMQ/pq
(06-132)
CERTIFICATION OF VALUE
The undersigners hereby certify that, to the best of our knowledge and belief:
(A) The statements of fact contained in the repOli are true and conect.
(8) The reported analyses, opinions and conclusions are limited only by the
assumptions and limiting conditions set fOlih, 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.
(F) 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 occunence 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 of the State of Florida
for state-certi fied 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
(K) The reported analyses, opinions, and conclusions were developed, and this
repoli has been prepared, in confonnity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
(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, 1. 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 June 20, 2006, the subject property, based on its highest and best use, has a Market
Value of:
FIVE MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS
($5,150,000)
~J~
J,ft' K QUINL'lvAN, MAl
Sr. T 'CERTlFlED GENERAL ApPRAISER
C iFlCATlON NUMBER: RZOOOOl12
>
QUINLIVAN APPRAISAL
2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Type Report
Complete
Report Format
Self-Contained
Purpose of Appraisal
Market Value
Property Rights Appraised
Fee Simple
Location
16682-16690 Collins Avenue
Sunny Isles Beach, Florida
Legal Description
Lot 35 and Island 35, Lot 26 and a
portion of Lot A, Vista Island, SECOND
REVISED PLAT OF BELLA VISTA
SlJBDIVISION, according to the Plat
thereof, as recorded in Plat Book 50,
Page 76 in the Public Records of
Miami-Dade County, Florida.
Land Size
31,113 Square Feet/O. 714 Acres
Zoning
TC, Town Center District by the City of
Sunny Isles Beach
Highest and Best Use
Multi-family residential usage
Estimated Land Val ue
$5,150,000
Final Estimate of Value
$5,150,000
Date of Value Estimate
June 20, 2006
Dates of Inspection
June 12,2006 and June 20, 2006
Date of Report
June 20, 2006
Remarks
The site had been improved with a
Miami Subs restaurant and a retail strip
center. These structures have recently
been razed.
QUINLIVAN APPRAISAL
3
INTRODUCTION
QUINLIVA N APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
Multi-family zoned land parcel containing 31,113 square feet/O. 714 acres.
ADDRESS
16682-16690 Coli ins Avenue
Sunny Isles Beach, Florida
LOCATION
Southwest comer of Sunny Isles Boulevard and Collins Avenue, Sunny Isles Beach, Florida.
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value as of June 20, 2006, 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 TDR values. The intended
user is the City of Sunny Isles Beach.
LEGAL DESCRIPTION
Lot 35 and Island 35, Lot 26 and Lot A, SECOND REVISED PLAT OF BELLA VISTA SUBDIVISION,
according to the Plat thereof, as recorded in Plat Book 50, Page 76 in the Public Records of Miami-
Dade County, Florida; less that part of Lot A conveyed by Deed dated June 5, 1947 recorded In Deed
Book 2026, Page 297 for right of way for State Road No. 140 and less that portion of Lot 36 and Lot
A as described in Condemnation Proceeding Civil Case No. 86-02173, 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
restrietions, 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 telms 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 - 2005
The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach.
The assessment for the propeliy is established each year as of January 1 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 1 00% of Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Number:
31-2214-007-00350 and -0360
Assessed Value:
Land
Improvements
Total
$1,866,780
$ 603,373
$2,4 70,153
Tax Arnouftlt:
$53,896.99
Millage Rate:
$22.5837 per $1,000
OWNER OF RECORD AND ADDRESS
St. Tropez II, LLC.
3211 Ponce de Leon Boulevard, Suite 301
Coral Gables, FL 33134
FIVE- YEAR HISTORY OF TITLE
The subject property sold in May of 2006 for $5,500,000. The seller was McBride Sunny Isles,
LLC., and the buyer was St. Tropez II. LLC. This sale transaction is recorded in Official Records
Book 24570, Page 4638, in the Public Records of Miami-Dade County, Florida.
The subject property sold in May of 2005 for $2,335,000. The buyer was McBride Sunny Isles,
LLC., and the seller was Brian A. McBride, Successor Trustee of the Arthur B. McBride Revocable
Trust. This transaction is recorded in Official Records Book 23420, Page 2072, in the Public
Records of Miami-Dade County, Florida. This transaction is not considered arm's-length.
The subject property was trans felTed in March of2003. The buyer was Brian A. McBride, Successor
Trustee of the Arthur B. McBride Revocable Trust, and the seller was Brian A. McBride, Trustee
of the Arthur B. McBride Revocable Trust. This transaction is recorded in Official Records Book
21146, Page 4575, in the Public Records of Miami-Dade County, Florida. This transaction is not
considered arm' s- length.
QUINLIVAN APPRAISAL
6
An investigation of the Public Records of Miami-Dade County, Florida indicates no other sale
transfers of title to the subject propeliy during the past five years.
QUINLIVAN APPRAISAL
7
ESTIMATED 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 sale 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 exposurc encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficicnt 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 review 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 PERlOD
The estimated value of the subject is predicated upon a nOlmal marketing period. A normal
marketing period is generally defined as the most probable amount of time neeessary to expose and
actively market a properiy 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 consummated under the terms and conditions of
the definition of Market Value required by the regulation.
In 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
s
-
LOCA TION ANALYSIS
QUINLIVA N APPRAISAL
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POPULATION KEY
~ Over 100,000
1~} 50.000 10 100.000
@ 25,000 10 50,000
@ 20.000 10 25,000
CD 10,0001020.000
o 5.000 10 10.000
o 1.000 10 5.000
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ALA.
CLEARTYPE
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COUNTY. TOWN
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Scale of Mil..,
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MAP NO. 6508
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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 of 2,054 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 2004 population of Florida was estimated at 17,397,161, 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
9
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% of the growth. 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 growth 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 (Aventura), as well as the currently expanding $outhwest 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
second half of the 2000s will occur in outlying areas such as North Miami Beach, the Kendall
area west of the Florida Turnpike, the S.W. 8th Street area west of the Florida Turnpike, the
Hialeah-Miami Lakes area, as well as those areas both east and west of U.S. Highway I between
Cutler Ridge and Florida City.
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
10
Tourism is Miami-Dade County's biggest industry with an estimated 10.4 million visitors in 2005
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 1 shows the distribution of the non-agricultural
work force in Miami-Dade County.
TABLE 1
ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT
2000 - 2004
INDUSTRY 2000 2001 2002 2003 2004
TOTAL NONAGRICUL TURAL 1,016,10 1,033,100 1,017,800 1,000,900 1,023,500
EMPLOYMENT 0
CONSTRUCTION 37,500 36,600 40,300 40,700 41 ,900
MANUF ACTU RING 68,800 64,000 57,1 00 51,700 50,800
TRANSPORTATION AND 92,400 95,600 99,000 64,500 61,400
PUBLIC UTILITIES
TRADE 261,000 265,800 1 91 , 100 188,200 189,900
FINANCE, INSURANCE AND 66,600 67,300 66,200 67,200 68,200
REAL EST ATE
SERVICE AND MINING ...
346,800 354,600 414,300 437,700 459,100
GOVERNMENT 143,000 149,200 149,800 150,900 152,200
CIVILIAN LABOR FORCE 1,053,92 1,080,432 1,120,950 1,103,718 1,107,950
4
UNEMPLOYMENT 55,615 74,622 86,527 79,512 62,202
UNEMPLOYMENT RATE 5.3% 6.9% 7.7% 7.2% 5.6%
Source: Florida Department of Labor & Employment Security, Bureau of Labor Market
Information
QUINLIVAN APPRAISAL
11
The largest employer in Miami-Dade County is the Miami-Dade County School Board, followed
by Miami-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 international 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.
In December of 2005, Florida's unemployment rate was 3.3 percent, down from 4.6 percent of
the previous year, but still below the national average of 4.7 percent. In December of 2005, the
unemployment rate for Miami-Dade County was 5.4 percent, down from 6.2 percent in 2003.
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.
TABLE2
PER CAPITA PERSONAL INCOME
SELECTED YEARS (CURRENT $)
Year 2001 2002 2003
UNITED STATES 30,413 30,906 31,632
FLORIDA 29,048 29,596 30,446
MIAMI MSA 32,025 32,493 33,094
Source: U.S. Dept. 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 of international visitors increased approximately 100% from 1985 to 1995.
Due to the soft domestic eeonomy, 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
12
1 AHLJi. ,j
ESTIMA TES 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
2003 4,909,200 5,535,900 10,445,100
2004 5,261,600 5,700,000 10,961.600
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Figures for 2004 indicate 10,961,600 overnight visitors came to Miami-Dade County, a 3.0%
decrease from 2003. Visitors to the county increased 4.1 % in 2003 versus 2002.
Table 4 shows that the bulk of international visitors to Miami-Dade County originate from
Central and South American Countries (36.1 %), followed by European Countries (21.8%) and
Canada (10.8%). England and Germany accounted for the largest proportion of European
visitors.
In 2005 there were a total of 3,608,618 passengers passing through the Port of Miami and
approximately 15,511,641 arriving through Miami International Airport. During 2005, the
number of Port of Miami passengers increased 2.82% from 2004, and Miami International
Airport increased 1.1 % from 2004.
QUINLIVAN APPRAISAL
13
TABLE 4
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
REGION 2000 2001 2002 2003 2004
EUROPEAN COUNTRIES 22.8% 20.9% 21.1% 21.1% 21.8%
CARIBBEAN COUNTRIES 6.9% 6.9% 9.5% 9.4% 6.5%
CENTRAL AMERICAN 4.3% 4.5% 4.8% 5.0% 5.0%
COUNTRIES
SOUTH AMERICAN 34.3% 33.9% 33.3% 31.3% 31.1%
COUNTRIES
CANADA 11.2% 11.2% 11.1% 11.1% 10.7%
OTHER COUNTRIES 20.5% 22.6% 20.2% 22.1% 24.9%
TOTAL 100% 100% 100% 100% 100%
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
There are approximately 47,840 motel and hotel rooms in 455 lodging facilities in Greater Miami
and the Beaches. The hotel-motel occupancy rate for 2005 of 70.1 % was above the rate for 2004
of 67.0% and significantly above the 2001 to 2003 rates of 58.9% to 62.4%. The average room
rate in 2005 was $101.60, which was up from an average room rate of$91.99 in 2004.
The first in a series of new luxury properties opened in February 2004 when the 380-room Ritz
Carlton opened in Miami Beach. In May of 2005, the 21 O-room Le Meridian opened in Sunny
Isles Beach. Three other new hotels with a total of271 rooms open in Miami Beach during 2005.
In addition to the recently completed hotels, 18 lodging facilities with a total of approximately
3,000 rooms are either under construction or proposed in Miami-Dade County. The majority of
the new hotel facilities are located in the beach areas.
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
14
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 31 international banking agencies and eight Edge Act corporations operating in Greater
Miami. Many of their banking customers are located in Latin America.
Overall, about 100 domestic banks, savings and loans, foreign banks and Edge Act banks operate
in Greater Miami. The greatest concentration is located along Brickell A venue 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 Interstate
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 1 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 31 million
arrivals and departures in 2005. 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 2003 annual tonnage of approximately 9.0 million up
from 8.7 million in 2002 and 8.25 million in 2003. The port's traditional customer base has been
Europe, 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
15
Government
Miami-Dade County is comprised of unincorporated areas, as well as 34 municipalities, the
largest of which is the city of Miami.
Miami-Dade County is govemed under a modified two-tier metropolitan government. The
purpose of this type government was to establish one goveming 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 govemment 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
At the end of 2005, the Miami-Dade County Office Market contained approximately 49.27
million square feet of office space. Approximately 27.1 % of this space is located in the Miami
central business district and adjacent Brickell Avenue and 23.4% in the rapidly growing Airport
West area.
There was an increase in the occupancy rate of office buildings in Miami-Dade County from 89%
in 2004 to 91 % in 2005. Since 2002, there was an increase in occupancy from 84%. The net
absorption for the county was 1.74 million square feet during 2005.
Office rental rates in new buildings typically range from $22.50 to $34.00 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 A venue, Coconut Grove and Coral
Gables.
QUINLIVAN APPRAISAL
16
The Greater Miami Industrial Market, as of the end of 2005, consisted of approximately 170.57
million square feet of industrial space. The approximate percentage location of this space is as
follows:
% OF TOTAL
MARKET AREA MARKET SPACE
AIRPORT EAST 14.6%
AIRPORT WEST 33.2%
HIALEAH 11.2%
MEDLEY 10.3%
MIAMI LAKES 2.9%
NORTHEAST DADE 4.4%
NORTHWEST DADE 14.1%
SOUTH DADE 9.3%
TOTAL 100%
The major use of industrial space is general industrial which accounts for approximately 48% of
the occupied space. Manufacturing and technology occupy the remainder of the space
accounting for approximately 45% and 7% of the industrial space, respectively.
The county's vacancy rate for the overall Miami-Dade County industrial market for the fourth
quarter of 2005 was 4.7%. Miami Lakes and Airport West had the highest vacancy rates, 8.7%
and 6.8%, respectively. Industrial rental rates generally range from $4.00 to $8.00 per square
foot.
The number of single family residential permits decreased 36.6% from 6,355 in 2002 to 8,680 in
2003. Since 2003, the number of permits has increased 7.2% to 9,306 in 2004. The average sale
price of a new residence in Miami-Dade County in 2004 was $253,300 down 6.1 % from
$268,734 in 2003.
According to data from the Department of Business and Professional Regulation, Miami-Dade
County has over 178,700 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing
Report shows a vacancy rate of 1.6% in August of 2005, significantly lower than the 4.0% rate of
August of 2004. The vacancy rate has been declining steadily since 2003 due to the reduction of
inventory caused by the large amount of condominium conversions. Rental apartments have
average rental rates of $904 per month for a one bedroom apartment and $1,134 per month for a
two bedroom apartment, as of August 2005.
QUINLIVAN APPRAISAL
17
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The condominium apartment market is currently experiencing an all-time high inventory for new
units. High-rise condominium towers are under construction in the traditional condominium
locations such as Brickell A venue, Coral Gables, A ventura and the Miami beaches, as well as
areas with no existing high-rise condominiums, such as the central business district of Miami, the
Edgewater, Little Havana and Shenandoah neighborhoods of the city of Miami. Additionally,
many existing rental apartment projects are being converted to condominiums. Sales of new
condominiums peaked in the second quarter of 2005 with 14,700 units sold during the first six
months of 2005, compared with 7,800 new units for the entire year of 2004. Sales of new units
in 2002 and 2003 were 4,750 and 5,900 units, respectively. The average sale price of new
condominium units was $231,829 for the second quarter of 2005, and increase of 45% over the
average price of $159,534 in the second quarter of 2004. The new condominium apartment
market is already in a largely oversupply condition. If all of the condominium projects that are
either proposed or under construction in Miami-Dade County are completed, the county will have
over a ten year supply of units. A softening of the market is already been evidenced by the
canceling of several proposed projects.
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 $17.77 per square foot. The
overall Miami-Dade County vacancy rate for 2005 was approximately 5.2%. 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
18
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SUBJECT PROPERTY I
16682-16690 Collins Avenue
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."Atlantic Island
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NEIGHBORHOOD DATA
The subject property is located in the city of Sunny Isles Beach, approximately fourteen miles
northeast of the central business district of Miami.
The subject may further be described as being located on the nOlih side of 183rd Street at Collins
A venue (State Road A I A).
Sunny Isles Beach is located on a balTier 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 miery on barrier 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 A venue. Collins A venue 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 Avenue 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 apaliments. Sunny Isles Beach has historically been a tourist destination due to the
beach environment. The area is now becoming more ofa residential community with permanent and
seasonal owners. The west side of Collins A venue is improved with retail stores, restaurants, rental
car agencies, boat rentals, service stations, and convenience stores.
During the 1960s and I 970s, several rental and condominium apaliment 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.
I 58th 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 condomini um apartment bui Idings, is located just north of the Arlen House.
Poinciana Island, located on the west side of Collins Avenue at N.E. 160th Street,just north of Kings
Point, contains one hundred townhouse units and ninety condominium apmiment 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
19
Atlantic Island, located on the west side of Collins Avenue, at N.E. 163rd Street just nOlih of
Poinciana Island, contains single-family residences. These residences range in age from new to fi fty
years old, with a median age ofthiriy years. Sale prices of these residences range from $500,000 to
over $ I ,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 $225,000 to $600,000.
Several high-rise condominium apariment 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 (212 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 nOlihwest portion of Sunny Isles Beach. Golden
Shores Ocean Boulevard Estates is located west of Collins A venue between N.E. 192nd 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 construeted primarily in the 1950s. The sale prices for the houses in Golden Shores Ocean
Boulevard Estates range from $250,000 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 $ I ,000,000.
Golden Beach, a single-family residential community, is located just nOlih 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 nOnTIal
vacancy rate. The commercial development has been oriented toward the penTIanent residents as
well as the tourists.
QUINLIVAN APPRAISAL
20
-
---
SITE DATA
QUINLIVA N APPRAISAL
SITE DATA
Dimensions and Shape:
The subject property is primarily rectangular in shape.
The subject property fronts for 185 feet, more or less, along the south side of Sunny Isles Boulevard.
thence runs southwesterly for 175 feet, more or less, along the west side of Collins A venue, thence
runs westerly for 175 feet, more or less, and thence runs northerly for 175 feet, more or less, to
Sunny Isles Boulevard.
Area:
3 1,113 Square Feet or 0.714 Acres
Note: The appraiser was not furnished with a survey of the subject site. The size of the subject site was
obtained ITom the Miami-Dade County Property Appraiser's Office and is presumed to be correct.
[fthe appraiser is provided with a survey in the future and the size of the site is shown to differ, the
appraiser reserves the right to update the appraisal.
Topography and Drainage:
The site is level and approximately at street grade.
Flood Zone:
Map NQ 12025C0084 J
"AE" Special Flood Hazard Areas Inundated by roO-Year Flood. Base flood elevation
eight 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
21
Street Improvements:
Sunny Isles Boulevard is asphalt paved with a total dedicated width of 150 feet. Sunny Isles
Boulevard contains four eastbound lanes and fOLlr west hound lanes separated by a strip of
commercially zoned land. Sunny Isles Boulevard is improved with concrete sidewalks, curbs,
gutters, storm sewers. draw bridges, and street lights.
Collins Avenue is asphalt paved with a dedicated width of 100 feet. Collins Boulevard contains
three northeasterly bound lanes and three southwesterly bound lanes. Collins Boulevard is improved
with concrete sidewalks, curbs, gutters, storm sewers, street lights and a center median.
The Business Loop is asphalt paved with a dedicated width of20 feet. The Business Loop contains
a single lane which provides access to the businesses fronting along the north and south sides of
Sunny Isles Boulevard. The Business Loop is improved with concrete sidewalks. curbs, gutter.
storm sewers, and street lighting.
QUINLIVAN APPRAISAL
22
SITE MAP
L[A
~~, /<4 0 1"50
I~' t\ 0 ()
<':t rot.",
-L.tt JOO
'f/~i~-j~;'-~i~f}:~ ~E~:~~'ff50r6S~~-II.'~~~~,:~ ~~ ~f !~~~~~,..,
'" 1 ',,-' ,_' _ '... ~ ...
.. ....,. j 100 J
OCEAN BEACH BLVD ~
ISLES
- - ..
""-L~~:~... P....Aft '-'0 2.~o:, I ~o 100.. '.... 100 , "'0/ '
'!<'JU"G4T&D '0"" ~ 2.~ ~, 0 1103 00 , a 0 0 0 / Ir) ,
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t. .' ..: ' ; >J @.. ....F~L ~\ "LAivO~ I ~
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TIC ISLAND (34.17) . ..'.... J.. .1.. . .. - .. ~~, <,('I ~
,>J .... . .. . . . . ..",..,. .."'~_ A V E N U <I;;:-Y/
~~; - 0 ;1 ~ ; ; ,1 .~ ,- ,: I::~I~": ',: -I~ ;~: J i2 ~ ~~I. ~y,~~/
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- -'.~ fl? ~ ~ V
~ ~ ~)' 4l!L:::::.J_ ~ 0' "I 0 _--/
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- - J, Ofl. IJA::--.....~ _ -\:. I
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l\MENDE D POINCIANNA'~ w.u --;-",,- "i <iii I '-U ( ~
~~_ "tffr '0
.. ISLAND ~ r- I .-
(!!.'.;:68) _ RMF--1 i,~ ,de I
^--' . SL-A~o"1~':;':70 )01"0' , )".sr/ .}') ~ \
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QUINLIVAN APPRA/SAL
-
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ZONING
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QUINLIVA N APPRAISAL
-
--
ZONING
Under Ordinance of the City of Sunny Isles Beach.
Classification: TC, Town Center District
Permitted Uses include multifamily apmiments, hotels and motels, commercial services and retail
goods (including spas and health clubs, beauty salons, clothing, florists. gi ft shops, banking services.
phannacy, newsstands. and restaurants), conferencing facilities and meeting rooms, offices, business,
medical and professional, public and private educational facilities, parking lots and garages, public
parks and recreation facilities, and government uses. All uses, ifnot prohibited below or specifically
pennitted above but which can he construed to be allowed under these permitted lIses, shall be
deemed permitted.
Conditional Uses include bars, taverns and lounges, provided that individual establishments shall
not exceed 3,000 square feet in gross floor area. (There shall be a three-hundred-foot distance
separation between any two such establishments. Bars, taverns and lounges located within a hotel
and without direct grade level exposure and access to the building front setback area shall not be
subject to the distance separation requirement.)
Prohibited Uses include pawnshops, automobile and light truck new sales agency or rentaL
automobile service stations, automobile self-service gas stations, automobile storage within a
building, installation of automobile tires, batteries and accessories, automobile washing, adult
entertainment, and apartment hotels.
Building ReguHations:
Minimum Lot Width:
] 00 feet
Minimum Lot Area:
10,000 square feet
Maximum Height
Sunny Isles Beach Boulevard South Edge:
Collins Core Edge:
190 feet. Maximum height may be increased by
10 feet, provided that the width of the building
is decreased by two feet for every one foot of
additional height up to a maximum height of
200 feet
50 feet (four stories) for the first 130 feet
setback from property line. 100 feet (eight
stories) for next 100 feet. then 170 feet (15
stories)
I 60 feet
160 feet
140 feet
1 00 feet
Esplanade:
Plaza:
Main Street:
Neighborhood Street:
QUINLIVAN APPRAISAL
23
Neighborhood Park:
Side Street:
Alley Street:
Paseo:
Bayfront:
Maximum Lot Coverage:
Maximum Floor Area Ratio (without Bonuses):
Maximum Floor Area Ratio (with Bonuses):
Minimum Required Setbacks:
Sunny Isles Beach Boulevard South Edge
Front
Side/rear
Collins Core Edge
Front
Side/rear
Esplanade
Front
Side/rear
Plaza
Front
Side/rear
Main Street
Front
Side/rear
Neighborhood Street
Front
Side/rear
Neighborhood Park Street
Front
Side/rear
Side Street
Front
Side/Rear
Alley Street
Front
Side/rear
Paseo
Front
Side/rear
J 20 feet
75 feet
75 feet
75 feet
1 90 feet
80%
90% (for Sunny Isles Beach Boulevard South
Edge)
Shall not exceed 2.5 times the total parcel area
Shall not exceed 3.25 times the total parcel area
15 feet
o feet
25 feet
1 0 feet
1 0 feet
I 0 feet
8 feet
1 0 feet
I 0 feet
1 0 feet
15 feet
1 0 feet
15 feet
10 feet
10 feet
I 0 feet
8 feet
1 0 feet
5 feet
1 0 feet
QUINLIVAN APPRAISAL
24
Bayfront
Front
Side/rear
5 feet
10 feet
Maximum Dwelling Unit Density:
Apartment
Hotels
60 units per acre (no bonuses)
75 units per acre; for sites fl'onting along Sunny
Isles Beach Boulevard South edge
Not considered residential, therefore, not limited
Minimum Apaliment Floor Areas:
Residential unit
Hotel unit:
550 square feet
250 square feet
QUINLIVAN APPRAISAL
25
Pf...-- ___'t____
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HIGHEST AND BEST USE
-,~;J.' l'I),~.IJ, .~r~J .... II: l.r...."t' I,.. ~'~,j.1 "i' "l '.; ~~.,. .~'lJ': "',t. '~:
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QUINLIVAN APPRAISAL
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, Twelfth Edition, defines highest and best
use as follows:
The reasonably probable and legal use of vacant land or an improved propeliy, which is physically
possible, appropriately suppOlied, 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:
1. Possible Use. What uses of the site being appraised are physically possible?
2. Pernlissible Use (Legal) What uses are permitted by Zoning and Deed Restriction,
if any?
3. Feasible Use. Which possible and pelmissible 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), if vacant 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 all
appropriate use, but make a contribution to the total propeliy value in excess oftbe 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
26
These tests have been applied to the subject propet1y. 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 185 feet, more or less, of frontage on Sunny Isles Boulevard and 175 feet, more
or less, of frontage along Collins A venue. Therefore, the subject properiy has good exposure and
access on two primary streets.
The subject site is irregular in shape, but has 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 contains 31,113 square feet which equates to 0.714 acres. The size of the subject site
would limit its use to small to moderate scale development.
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 apar1ments, hotels and
motels, 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, offices, business, medical and professional, public and private
educational facilities, parking lots and garages, public parks and recreation facilities, and government
uses.
Feasible Use/Maximallv Productive Use
The physical characteristics and zoning of the subject property permit a wide range of potential uses.
The possible and pern1issible 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 Intracoastal Waterway to the southwest.
QUINLIVAN APPRAISAL
27
Conclusion (As Vacant)
The subject site had been improved with a restaurant and retail strip center. These improvements
have recently been razed. Based on the above factors, it is the appraiser's opinion that the Highest
and Best Use of the site, as ifvacanL is for multi-family residential usage.
QUINLIVAN APPRAISAL
2R
-F-
- -
SCOPE OF THE APPRAISAL
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QUINLIVAN 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 pre felTed 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, propeliy 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 propeliy 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 attomey to the transaction.
QUINLIVAN APPRAISAL
29
J~'
....-.:.-.
-;0 _ ~ra- _.~
LAND VALUE ANALYSIS
....
.-
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QUINLIVAN APPRAISAL
LAND V ALlUlE
A land value estimate is concluded by comparing the subject site to comparable land sales.
Generally, the comparable land sales are adjusted by time, propeliy, 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 telms 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 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. One of the
comparable sales is located on the same block as the subject site with similar bay frontage. The
subject site and one of the sale properties are zoned TC, Town Center. Four of the seven comparable
sales are located in the Town of Bay Harbor Islands.
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
30
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 1
December 9,2004
$5,500,000
Warranty Deed
O. R. Book 22903, Page 18 and 19
31-22 I 4-007-0280
31-2214-007 -0290
Sunny Isles Beach Entertainment and Frank
Posteraro
St. Tropez II, LLC.
Lots 29 and 30, SECOND REVISED PLAT OF
BELLA VISTA, according to the Plat thereof,
Plat Book 50, Page 76 of Miami-Dade County,
Florida.
250 Sunny Isles Beach Boulevard
Sunny Isles Beach, Florida
Irregular
40,000 Square Feet
0.92 Acres
TCD, Town Center Zoning District
Vacant
$137.50 per square foot
Cash
The site will be redeveloped with a
condominium apartment building In
conjunction with four lots to the east. In
addition to the sale priee, the seller will receive
a shell condominium retail space in the new
building.
QUINLIVAN APPRAISAL
31
,~
LAND SALE 1
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 2
January 4, 2005
$ I 3,000,000
Warranty Deed
O. R. Book 23058, Page 2750
28-2203-000-0291
Lofts of A ventura, LLC
Loft Marina, LLC
A portion of the South Yz of Section 3,
Township 52 South. range 42 East in Miami-
Dade County, Florida.
2950 NE 188th Street
A ventura, Florida
304.8 feet x 428 feet
132,209 Square Feet
2.69 Acres
RMF-3A, Multifamily Medium District
Vacant
$98.33 per square foot
Cash
The site fi'onts a canal.
QUINLIVAN APPRAISAL
32
------~-~.-:~_-:- ~---
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.j;
LAND SAlLlE 2
DATE:
PRICE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
Water frontage:
UNIT PRlCE:
FINANCING:
REMARKS:
LAND SALE 3
February 25,2005
$2,000,000
W arran ty Deed
O. R. Book 23169. Page 4232
13-2227-001-0130
Bleu Vista, LLC.
Millennium Bay Harbor, LLC.
Lot] 4, Block 1, BAY HARBOR ISLAND, Plat
Book 46, Page 5, of the Public Records of
Miami-Dade County, Florida.
9301 E. Bay Harbor Drive
Bay Harbor Islands, Florida
150 feet by 75 feet
11,250 Square Feet
0.258 Acres
RM-I
Vacant
75 feet
$177.78 per square foot
Purchase money mortgage of $1,200,000.
The site will reportedly be improved with an
eight-story residential building to contain 12
units.
QUINLIVAN APPRAISAL
33
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.:,
LAND SALE 3
DATE:
PRICE:
TYPE rNSTRUMENT:
RECORDA nON:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEG AL:
LOCA TION:
SITE DESCRIPTION:
Dimensions:
Size:
LAND SALE 4
March 11, 2005
March 28, 2005
$4,500,000 ($2,000,000 + $500.000 + $500,000
+ $500,000 + $500,000 + $500.000)
Warranty Deeds
O. R. Book 23179, Page 4134
O. R. Book 23304, Pages 2699 and 2701
O. R. Book 23348, Page 4769
O. R. Book 23382, Pages 3571 and 3573
13-2227 -001-0300
J.M.F. Corp.
9420 W Bay Harbor Drive, LLC.
Millennium Bay Harbor, LLC.
Lot 9 less Ell f1. Block 2, BAY HARBOR
ISLAND, Plat Book 46, Page 5, of the Public
Records of Miami-Dade County, Florida.
AND
Units 1, 2, 3, 4, and 5 and 100% undivided
interest in common areas, NINETY-FoUR
TWENTY CONDO, according to the Declaration
of Condominiums thereof: as recorded in
Official Records Book 11011, Page 851, of the
Public Records of Miami-Dade County,
Florida.
9400 W. Bay Harbor Drive
Bay Harbor Islands, Florida
150 feet by 150 feet
22,500 Square Feet
0.52 Acres
QUINLIVAN APPRAISAL
34
Zoning:
Current Use:
Water frontage:
UNIT PRICE:
FINANCING:
REMARKS:
RM-I
Vacant lot and condominium building
150 feet
$200.00 per square foot
First mortgage of $1,500.000 with Saget
Holdings, LP.
This site was purchased in six transactions and
includes a five-unit condominium building.
The south half of the site is vacant. The site
will repoliedly be improved with an eight-story
residential building to contain up to 25 units.
QUINLIVAN APPRAISAL
35
LAND SALE 4
DATE:
PRICE:
TYPE fNSTRUMENT:
RECORDA TlON:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TlON:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCfNG:
REMARKS:
LAND SALE 5
March 30, 2005
$1,300,000
WalTanty Deed
O. R. Book 23231, Page 3321
31-221 1-002-0560
Triumph Development Sunny Isles, LLC.
Comfort Homes Development, Inc.
Lot 6 and NW 25 feet of Lot 7, Block 5, SUNNY
ISLES SHORES, according to the plat thereof, as
recorded in Plat Book 53, Page 95, of the
Public Records of Miami-Dade County,
Florida.
220 I 80th Drive
Sunny Isles Beach, Florida
Irregular
15,000 Square Feet
0.34 Acres
RMF-2, Medium-High Density Multifamily
Residential
Vacant
$86.67 per square foot
Cash to seller.
The site was improved with a two-story, single
family residence at the time of sale which has
since been razed.
QUINLIVAN APPRAISAL
36
LAND SALE 5
DATE:
PRlCE:
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCA TION:
SITE DESCRlPTION:
Dimensions:
Size:
Zoning:
Current Use:
Water frontage:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 6
May 19,2005
$1.653,1 00
Wan"ant)' Deed
O. R. Book 23401, Page 3702
13-2227-00 I -0750
Bay Harbor One, LLC.
Casarapa, LLC,
Lot 28, Block 3, BAY HARBOR ISLAND, Plat
Book 46, Page 5, of the Public Records of
Miami-Dade County, Florida.
9700 W. Bay Harbor Drive
Bay Harbor Islands, Florida
150 feet by 75 feet
11,250 Square Feet
0.258 Acres
RM-l
Small apartment building
75 feet
$146.94 per square foot ofland area
First mortgage of $ I ,070,000 with US Century
Bank.
This site is improved with a two-story,
waterfront apartment building containing four
uni ts.
QUINLIVAN APPRAISAL
37
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LAND SALE 6
DATE:
PRICE:
TYPE rNSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEG AL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
Water frontage:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 7
June 13, 2005
$5,285,000
Warranty Deed
O. R. Book 23488. Page 2] 73
13-2227-001-0640 and -0650
Regal Star, LLC.
9940 West Bay Harbor Drive, LLC.
Lots ] 7 and 18, Block 3, BAY HARBOR
ISLAND, Plat Book 46, Page 5, of the Public
Records of Miami-Dade County, Florida.
9920 - 9940 W. Bay Harbor Drive
Bay Harbor Islands, Florida
150 feet by 150 feet
22,500 Square Feet
0.52 Acres
RM-I
Small apartment building
150 feet
$234.88 per square foot
Cash to seller
The south lot of this site is vacant.
QUINLIVAN APPRAISAL
38
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LAND SALE 7
DATE:
PRICE:
TYPE fNSTRUMENT:
RECORDA,TION:
FOLlO NUMBER:
GRANTOR:
GRANTEE,
LEGAL:
LOCATION:
SITE DESCRlPTION:
Dimensions:
Size:
Zoning:
Current Use:
Water frontage:
UNIT PRICE:
FrNAJ\iCfNG:
LAND SALE 8
May 23, 2006
$5,500.000
WalTanty Deed
O. R. Book 24570, Page 4638
3 t -2214-007-0350 and -0360
McBride Sunny Isles, LLC.
SL Tropez II, LLC.
Lot 35 and all of Island 35, Lot 36, and Lot A.
SECOND REVISED PLAT OF BELLA VISTA
SUBDIVISION, according to the Plat thereof, as
recorded in Plat Book 50, Page 76 in the Public
Records of Miami-Dade County, Florida; less
that part of Lot A conveyed by Deed dated .June
5,1947 recorded In Deed Book 2026, Page 297
for right of way for State Road No. 140 and less
that pOliion of Lot 36 and Lot A as described in
Condemnation Proceeding Civil Case No. 86-
02173, of the Public Records of Miami-Dade
County, Florida.
16682 - [6690 Collins A venue
Sunny Isles Beach, Florida
IlTegular
31, I 13 Square Feet
0,714 Acres
TC, Town Center
Vacant
200 feet
$176.78 per square foot
First modification of mOligage for $5,550.000
with Wachovia, Original mortgage dated April
] ]. 2006 in the amount of $120,000,000,
QUINLIVAN APPRAISAL
39
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;-";;;;;;,;;;;,,,,,,",,,~,,,.,;;,~:'.,,::;;.c;.~:,:,__:,:,:,:,__;~~~i _~.f...<
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LAND SALE 8
i
I
!
J
COMP ARABLE LAND SALES MAP
)~o~[i:~([lkiJ~rh~~':c::- \ 1; F~~~~~~
o ". 0 n~=~{!: d' ,
\1' <~,-d~:=;J;4I~-!-I~il,~,t~~t- "GulfsVei~.!:f1:Pflr)< IR~ce Jrack
, " I!,' , '" '., . _f"_ ..Le$ c----'--~...:r-' I
~'1 ':' it~ ',J ! I'c \._,- iLl ft::'J :??jS;:"'::~' ~_~ rth Island
,I \, 'J I , I'. ,'" I I'
~p=~~At T~e!~ate'~1';~ i';\~~~ntral';sland' J
IV$& :?(!'\F'~'~LE 21 ~'-II- F;~~~~~-'-" ~:i]Olden Beach
::'_F(i~g 2950 NE 188tl1 Street I 'J' i1-;- uth Island
I.r ..- 1__. ': 1_'-1.__ I \!. I,' -,-::- -, -
\ \ II\! SP~/til1;i'gke . : / l' ~" .-1)::1' SALE 5
. t __1~ I ~~J'-I-=! -;--I...f!
I ,,1,_:..1'" - 1-' L,_ - .
,.C)" , G/"e.~kllol1 f~~e :'-7' -1=;-1. 220 180tl1 Dnve
""'-t<' ','- 0JI!Js I ' -D ;r. dl' B
' " I ,--, II, ..' ."__ ' ll/lljotl/l mg ~
' '?Q: I~-:! =>i t -::" . 860 " ~- \. .'_ .'_ ~
,:-' ! JakeJvlall j \;-" -,-,- ,; -, , J
. I ...... c.:l _' __.1_ ,- .-.~Ii'.I.1,'},J'-1 "'w'~~1.9 ynolasParl< /~,~ SUBJECT PROPERTY
,1-- "I. I r I t _.I I____.,___,__.! '\,---,~ I) '\ nn
860 _ "I~~::\ 'I =1.-'~,!:_-=!_~:I=!=i==\.:. t==~,::,: . i~tle Lake !I.fmt1e /" '1<) and SALE 8
i=-i \=:-i',I~'-=-~t.,;":=-:>::-"'j=>-:r-i .- 'I reynR'-d_~:ParkVillage Shop,8es:r- 16682-16690 C II' A
-.: - ': ',_ I, I __.1~, :,' :..- I~-':"-=' -L-.:-.:~..j,' " , I ,0 1I1S venue
~! Il~!-~J:I~" ,:\ II::'~:: .:~'+~J:--i - \ =f' ,~:!: -; '=';--J..:.j iil Ma/ll~'i~:::::- ,-i_.:,~~~
Y c --). i : -"1_",' <:s: ',-:j::-,:-.:, -,:,..., North Mi~' i Beach ::'::'-:'-':'::Easterri Shores- '//
;J -:=-~\ ~~-=--=j:I:.;: .-~ u~r=_~ ,\-_~l=l-l- <> -\~ =i:-:~i-~/ / ir/ _ :-;- t~~___ _,~ t ~~;/
';' ~ ' : 1--:' _ -: :::._', I I '__!_\..i,_,E~~~~r~~no!~s P rl<;J I \ ' \\ \BiscaVlte Creek /
~--I- , ! ApC!e.nt Spanrsh,Monastery~: \1 -_1 : ,- , \ ".~~ 826 .. B
____" - ._-t .~l 1_\ / -;:~~I---:} ,I \ \ : ~ tJe a ISla ay
--:'-. 826 :;':,:, ,i; .l ! - 1.._" '-'- SALE 1 ~1A
- ~~:)::::'_x-~:,+!_. _! I, . t ,~-_.~:..._. :..--;~ /-1 I ~ n_:. -. _
~I ~[~F-~h,?~?~\!J~h;~~~'~"1g::{:Df} 909 250 Sunny Isles Beach Boulevard e nctanna Island
915 \---".-" . 'C , ' I' I,.._L...'.., rL-, I j
· 'L:1!cjfff~\_~\7t~~l, -\.p~ ~;vec Smle
I J!TI/Ilfr~~~~~~,~-0.,'K!~'lda '""U~S'Y- L ,Haolove, Beach
:::'C:'::':'''-i--(., -H'---'-i-,'~" \ ,. \ 1./ SALE 7 I AlA I SALE 6 1
"1' .,~+. cr'T:I::.,;'"" ~l!;1 ~920'9940 W. B,y Hacboc Ddvo I J{, '~1"""'19700 W. B,y Hacboc Ddvc "
...: /\" .
/,j,j,~~~'~\i I\e'ystone Islands ',,~, (,jj /~/
. ~ j- -,'-- I 'c,-/2~i1{;;:~<;~" i,~~,'F~ \;'~-al ~~~r
'-~-n II Ii'.' !'. roa, Caus~W'py.:(I..oI[).$s"~~;-' r- :::\ ~\:,,l!/
"':;:-"'~";'C':", ",-, .',....---"1-.7rr;:'i ,'-../ R922 ,::C:Bay,Ha. r~ Islands
.. ~t~t,~"=j:~:~,I,;:C !;(~~,-V:i'~~:,;c~" ~~~~ ~~oUci Estates b-,~-_I i\~~~:~l\ I;'~;()' ~reek
_' Y,~BlscayneJ~arl(o 'c;"'> ',' I 1,;.=,=-::., \! \ \
:'!.-,I" ': \-:,-}': "" ' Indian Creek ~mfe '-,;;"
\ <:'::?:z'. tiC;)': 9S~~EE3 B H' ---'b . Df f: r:~E:, B,y Hacbo, Ddvo I
'\.,' ;,' _ 'i " ay ar OJ nve ~ 94( ,
, -- " .. ,- I Ik~
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I
f;~ke X;;;z}'gw~ei' - _,-: I 1';"~\ iii'\
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".. Hardin~J'Park"",A1A
Park View Islana;-,';'\ North Shore Park
\ .
Norma.!.l~~!:~ :,-;-,
REMARKS:
The site was improved with a retai I strip center
and a small restaurant at the time of sale. The
improvements have since been razed. This site
is a recent sale of the subject propeliy.
QUINLIVAN APPRAISAL
40
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ANAL YSIS OF SALES
The land sales range in unit price from $86.67 to $234.89 per square foot and range in time from
December of2004 to May of2006.
Property Rights
The fee simple interest is the property right of the subject property being valued. The comparable
sales involved the same type of properiy rights.
Financing
The financing of the sales does not indicate any adjustments of the sale prices for favorable/below
market financing.
Condition of Sales
All of the sales were ann's-Iength transactions. An arm's-length transaction is defined as a
transaction freely alTived at in the open market unaffected by abnormal pressure or by the absence
of normal competitive negotiation as might be true in the case between related parties.
Date of Saie (Market Conditions)
The sales occulTed between November of2004 and May of2006. An upward trend in price for land
sites in the subject market area is evident over this time period.
Location
The land sales are located in A ventura, Bay Harbor Islands and Sunny Isles Beach,. The sale sites
are all similar in general location to the subject site. Sales I is located in the same block as the
subject site and has frontage along Sunny Isles Boulevard. The subject site and Sales 1,3,4,6 and
7 have frontage on a bay and may have some potential for boat access; although, Sales 3 and 6 have
a smaller amount of water frontage. Sale 2 has canal frontage and Sale 5 has no water frontage. Sale
8 is a recent sale of the subject property.
Land Size
The land sales range in size from I 1,250 to 132,209 square feet. The sales do not indicate a
difference in sale price based on size.
Zoning
The subject site, Sale I and Sale 8 are zoned TC, Town Center by Sunny Isles Beach, which permits
mixed use. All of the remaining land sales are zoned for multi-family residential usage. Sales 2
through 7 have a lower density than the subject site. Generally, a site with a higher density will sell
at a higher price per square foot.
QUINLIVAN APPRAISAL
41
Conclusion
The land sales range in unit price from $86.67 to $234.89 per square foot and in time from December
of2004 to May of2006.
Based on the above analysis of the land sales, it is estimated that the subject site has a val ue of
$165.00 per square foot of net land area.
31,113 square feet x $165.00 per square foot =
$5,133,645
Rounded
$5,150,000
QUINLIVAN APPRAISAL
42
-
-
--
--~---_..~
ADDENDUM
, ~" "" .~. ~i'{';~ . '. t .~ \ , ,.'.. ',1- .,\,1\ ',. I'"
-
QU1NLIVA N APPRAISAL
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description or for matters including legal
or title considerations. Title to the property is assumed to be good and marketable
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
walTanty is given for its accuracy.
5. All engineering is assumed to be cOlTect. 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
confirn1ed 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
43
II. 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 Growth Management Act does not
prevent the issuance of a bui Iding 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 repOli is based.
13. It is assumed that the utilization of the land and improvements is within the
boundaries of propeliy lines of the propeliy described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal RepOli has been made with the following general limiting conditions:
1. 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 can)' with it the right of
publication. It may not be used for any purpose by any person other than the p3liy
to whom it is addressed without the written consent of the appraisers, and in any
event, only \vith 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 (especial(y any conclusions as
to value, the identity of the appraisers, or theftI'm 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
44
QUALIF1CATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the field ofreal estate appraising since 1972. Associated with F. Robert Quinlivan, MAl,
from 1972 to 1985. Cunently 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)
Universit), 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 579 I)
Member of the Florida Bar (NQ 239992)
Real Estate Broker, State of Florida (NQ 0 I 25264)
Certified General Appraiser, State of Florida, License NQ RZOOOO I 12
QUINLIVAN APPRAISAL
45
Qualified as an Expert Witness in the Following Courts:
Miami-Dade, Broward, Palm Beach and Monroe County Circuit Coutis
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (1978 - 1980),
Miami-Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter NQ 7 L
Society of Real Estate Appraisers (1983 - 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 ESTATE 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", TheAppraisal
Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982).
QUINLIVAN APPRAISAL
46
QUALIFICATIONS OF THE APPRAISER
PATRICK QUINLIVAN
Experience:
7/2004 - Present
8/1997 - ] 2/1998
5/1996 - 8/1996
5/1995 - 8/1995
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 (] 2/1998)
University of Florida
MBA - Master of Business Administration (Expected completion 5/2006)
Professional Affiliations:
Registered Trainee Appraiser. State of Florida, License NQ RI] 5680
QUINLIVAN APPRAISAL
47
Quinlivan Appraisal has prepared Appraisal Repo."ts 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
[ntercontinental Bank
QUINLIVAN APPRAISAL
48
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 A ventura
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 SLlImy Isles Beach
Miami - Dade County Aviation Department
Miami-Dade County Depmiment of Development & Facilities Management
Miami-Dade County HUD
Miami-Dade County Property Appraisal Adjustment Board
Miami-Dade County Public Schools
QUINLIVAN APPRAISAL
49
Miami-Dade County Public Works Depmiment
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 COlTections
State of Florida, Department of Environmental Protection
State of Florida, Depatiment of Insurance
State of Florida, Depatiment of Rehabilitation and Liquidation
State of Florida, Department of TranspOliation
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 Apatiment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
50
,II) C( )"1.... 1 I.:>l J( '11('11'-:, I Ie
P,O, BOX 1 ,131 08 . CORAL GABLES, f'L 33114
TELEPHONE: (305) 460.6300 . FAX: (305) <\.12,0778
INVOICE
TO: ST, TIWPEZ II. LtC. CONDOMINIUM
3211 Ponce dc I.con BInI.. Suite 30 I
Coral Gables. FI 33134
IMTE: July 6.2006
TI :1.: 305-460-6300
F^X: 305-442-077X
RE: Electrical work at job sitc locatcd at Sunny Isles Blvd..
Sunn)' Isles Bcach. FI 33 I (,O
Scope of work to include but nOllimited to:
· I :xcavalion
· Installation of 4" conduit
· Restoring tramc lane
· f).O.T. permits and alllnne closurc accessories
· ^pproximately 625 linenlleet oChuried pipe
TOTAL COST $61,8J3.00
EXHIBIT "B"
Florida Power & Light Company
F=PL
February 24, 2006
Diego Medina - 40 CONSTRUCTION, LLC
President
3211 Ponce de Leon Blvd., Ste 301
Coral Gables, FL. 33134
Re: ST. TROPEZ ON THE BAY - 200 Sunny Isles Blvd
~
Dear Mr, Medina:
Pursuant to your request for a binding cost estimate, and your payment of $0,00 for the non-refundable engineering deposit, our
engineering cost estimates have been completed. The binding estimate amount, known also as CIAC (Contribution In Aid of
Construction), required by FPL for converting those overhead electric distribution facilities described in your letter to underground, is
$142,962,00. This CIAC amount is based on the design shown on the attached FPL engineering drawings dated 2/10/2006, revision
O. Any non-FPL requested modifications to these drawings will be billed at an hourly rate of $70.00,
This estimate does not include restoration of property affected by the conversion; describing, securing, and recording of easements;
clearing of trench routes; or rearrangement of customer service entrances. This estimate includes no costs you may incur from other
utilities/pole licensees affected by the conversion. These aspects, as stated before, are the responsibility of the applicant.
To fully account for all expenses which are part and parcel of the full cost of conversion and thereby ensure that other FPL customers
do not pay for costs associated with your conversion (and likewise you theirs), FPL requires that the entity or person requesting the
conversion agree to certain terms and conditions. The following identifies some, but is not limited to, the terms and conditions
required of the applicant before commencing with the underground conversion of the overhead electrical distribution system. The
applicant must:
a. enter into agreements that will accommodate the conversion of other pole licensees (e,g. Tel. Co., CATV);
b. describe, secure, and record all easements (along with opinion of title that they are valid), at no cost to FPL, necessary to
accommodate the underground distribution system;
c. secure all necessary permits before the commencement of construction.
d, be responsible for the costs associated with maintaining service to any affeCted customer who refuses to rearrange his/her
service entrance to accept service from the underground distribution system;
e. agree to be responsible for all restoration of property affected by the installation of the underground system;
f. protect FPL from any claim or suit regarding restoration or property affected by the conversion; and
g. agree to clear easements of trees and all obstructions that might conflict with construction of the underground system.
This binding cost estimate is valid for 180 days, providing there is no work scope change. The 180 day window can be extended for a
reasonable period of time for good cause. Should you request FPL to perform the conversion, please sign and return the attached
Underground Facilities Conversion Agreement. If you do not request the conversion to be performed, or if the Agreement is not
executed and its terms and conditions complied within the specified time period, your $0,00 engineering deposit will be forfeited and
the estimate withdrawn. If the agreement is executed and its terms and conditions complied within that time period, FPL will apply the
deposit toward the CIAC amount you would owe for the conversion. The remaining amount of $142,962,00 must be paid prior to
commencement of construction by FPL.
I look forward to hearing from you. Please contact me at (305) 987-1626 if you have any questions.
SinC,~eIY,'., t4JJ ~ tJI'
'7- ~ I' i
/ ".... " I
t...--..--.f'. ........, I
Lawrence Howell
Project Manager
an FPL Group Company
UNDERGROUND FACILITIES CONVERSION AGREEMENT
This Agreement, made and entered into this 24 day of February, 2006, by and between 40 CONSTRUCTION, LLC
(hereinafter called the Applicant) and FLORIDA POWER & LIGHT COMPANY, a corporation organized under the laws of the
State of Florida (hereinafter called FPL) is for the provision of underground electric distribution facilities by FPL in place of existing
overhead electric distribution facilities pursuant to the Applicant's request for such facilities. In consideration of the premises,
covenants and agreements set forth herein, FPL and the Applicant agree as follows:
1. The Applicant shall pay FPL a Contribution in Aid Of Construction (CIAC) in the amount of $142.962.00.
In tho ovont the 3ctu31 co!;:t of tho projoct contr3cted for horoin, oxceed!;: tho CIAC identified 3bove, the /\pplic3nt Sh311
P3Y 3n 3ddition31 contribution oquaJ-..te..-tRe-le!;:ser of tho difference beNieen tho 3ctu31 co!;:t of the project 3nd the CIAC
iGeAtif.iod 3bc1vo, or 10% of tho CIAC idontified 3bove.
2. Pursuant to this agreement, the Applicant agrees to comply with and abide by the requirements, terms, and conditions
of FPL's Electric Tariff as those requirements, terms, and conditions are set forth in said Tariff.
3. Upon compliance with the requirements, terms, and conditions of FPL's Electric Tariff, FPL will proceed in a timely
manner with the conversion of the existing overhead distribution facilities to an underground configuration in
accordance with the construction drawings and specifications set forth in Attachment A hereof.
4. In the event that the underground facilities to be installed, as specified in Attachment A, are part of, or are for the
purposes of, relocation, then this Agreement shall be an addendum to the relocation agreement between FPL and the
Applicant. In the event of any conflict between the relocation agreement and this Agreement or the Electric Tariff, this
Agreement and the Electric Tariff shall control.
5. Failure by the Applicant to comply with any of the requirements, terms, or conditions of this agreement or FPL's Electric
Tariff shall result in termination of this agreement. The Applicant may terminate this agreement at any time prior to the
start of construction and the CIAC paid by the Applicant will be refunded to the Applicant, provided however, that the
refund of the CIAC shall be offset by any costs incurred by FPL in performing under the agreement up to the date of
termination.
6. This agreement is not assignable.
IN WITNESS WHEREOF, FPL and the Applicant have executed this Agreement for the provision of electric underground
distribution facilities to be effective as of the date first above written.
APPLICANT /f .."
Signed j~~~
L...:----- --,
FPL
Signed
~~. / ~ e....'
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..........""';\. ,,'V ~t:
Name e7?~;( /1.
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Name
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Title
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Title
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Jan-l7-0fl
10:06am From-GSO SER\ :TR
.
I:!PL.
954 442 6340
'..
T-002 P,002/002 F-212
ISSUE
DA"~
SECTION
21472
June12004 page 11 of 12
Service planner 0 erations
Forced Relocations
SUBJECT
Overhead to Undergl'ound Conversions
DISTRIBUTION CONVERSION COST CALCULATION WORKSHEET
(To Use: enter the values on this form. then print the page)
PROJECT NAME Tro ~e. 1- /!) (\ -+-h e. BCt...~
TYPE CONVERSION'" "Straight" Conversion
(~ "straight" conversion, conversion with reimbursable relocation. or oonversion with non-relmb. relo.cation)
, .' ; ,:FD-R P.RE~Ef:lTATiON 'TO,
"~,;>:<'" ,:-:::,:.':-, 9P,~Y?~E~::' ': :','. ..'
DI':RIV~';Oi;J;c'CiNfMENt.S (FP,L""USE-,ONLY)
, . (l~d!re'(~(.SostS:~ff~:~'A'dder p~ograP;l"
'. '4.',' ..:...., .' .~':. .:~..":" ~ :.;., '~~::. . . . "" ~.......:.
1. (+) UG $1 'j:, I;' 45_ Estimated Cost to install UG (Include Indirect Costs)
2.
Net Book Value of Removed OH Facilities -
(+) NBV $_ 70 (_ 01:)
_ ,~Determined by ACP. from form 6023
(NBV .. $0, if with non-reimbursable relocation)
3.
(+) R
$ '5Q"'r21'~ Estimated Cost to Remove OH (Include Indirect Costs)
-r-'" (R = $0, if with non-reimbursable relocation)
4.
Estimated Repl~cement Cost of Removed OH (design to
(_) OH $~ 'l.) Q \G. 00 current min. standards) Including Indirect Costs
5.
(-) SV
s
Salvage Value of Removed OH (Include Indirect Costs)
(SV = $0, if with non-reimbursable relocation)
6.
SUB-TOTAL $l42..~ CIAC amount as specified in Ta.riff 122.3
.., "f
":~ORK; ..REo.UEl:?;f;:No'.
. ' (tc:i"perform\iioi'~):.<:
" .,\.:~..",. M .' . ::.': J ,';
WR:l~il>e$lgn:J_
Not;AI;iplica.ble',.:. ,:
,j,;CPfGO:.o.etermines; "
. r ..', .~. .
... "
WR:l~tl1oesign:J...
(Design Only)
WR:l ~34'2leoe$lgn:.2
WR:__Design:..1
....
, .
..
. '. .
"
\ '( . ..-
.:(...o+C~.~R::\4.9hsiDEM~t?~~:.,'; '; .. ,>:".;b,ERiY~l],i?Nic~i?'M~F.~fs,:(F.~'L.:~:S~::9..~~Y) ", ,~. .,;-:
:..:'~..(._';.'.":'." ...~.~ '.:,",' "",,1.:, ~': ,,~,.......' .:.:'..:" I.'~ :.:~:...,. :..~..::~.:...\. '. ....:. ..::..: ......~.: ..,. . ". I.
7. (_) BfTfERMENT If "Betterment" associated with convension for FPL's benefit,
$~_____ the estima.ted difference between UG actually to be installed
and UG that would have been installed at minimum UG
design standards. In deterTnlning this difference, include
indirect costs in both estimates.
..
8-
MEMO: cUSTOMER
TRENCH & BACKFILL
ft @ $ 1.80 1ft
$~---
9.
MEMO: CUSTOMER
INSTALL FPL DucT
ft @ $ 0.46 1ft
s_~-~'~
10.
$~}.~
TOTAL
@ 2003, ~IDrida power &. Light COmpany
For Accounting Purposes Only
Number of Customer Dug Trench Feet times Per Foot
Credits from URD Tariff for Residential and UCD Tariff for
Non-Residentlal (Note: If customer digs the trench, exclude
trench from UG (#1) estimate)
For Accounting purposes Only
Number of Customer Installed PVC Feet times Per Foot
Credits from URD Tariff for Residential and UCD Tariff for
Non-Residential (Note: if customer installs PVC. exclude
PVC install labor from UG (#1) estimate)
lotal CIAC owed (when billing, don't forget to deduct the
Engineerlng Deposit if the work is performed!)
"
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Page 11 of 12
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4119/2006
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St. Tropez II, LLC
DATE INVOICE NO DESCRIPTION INVOICE AMOUNT DEDUCTION BALANCE
3-20-06 WR1905499 142962.00 0601350 142962.00
CHECK 3-20-06 I CHECK 5677 I TOTAL> 142962.00 .00 142962.00
DATE NUMBER
FLORIDA POWER & LIGHT COMPANY
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PLEASE DETACH AND RETAIN FOR YOUR RECORDS
St. Tropez II, LLC
32 J I pol:e de Leon Blvd
Suite 301,[
Coral Gables, FL 33134
- -T.lClT'.II....0iE>.LEn7AE5!J'"-CfUIU filW.~1 Y;\:.-:t>:-'ll' J= ':~an I":~~:)J
Ocean Bank
780 N,W. 42 Avenue
Miami, FL 33126
63-1139
660
Pay: ***********One hundred forty-two thousand nine hundred sixty-two dollars
************************************************************ and no cents
DATE
March 20, 2006
CHECK NO,
5677
AMOUNT
$****142,962.00
PAY
TO THE
ORDER OF
FLORIDA POWER & LIGHT COMPANY
P,O. BOX 025576
MIAMI, FL 33188
** VOID * VOID * VOID **
**** NOT NEGOTIABLE ****
L
07/20/06 09:08 FAX 3056654921
14! 002
QUINLIVAN APPRAISAL
A P1l0FESSIONAL AsSOCIATION
REAL ESTATE ,ApPRAISERS & CONSULTANTS
~730 S.W. 74TH STREET, SUITE 300
SOUTH MIAMI, FLDliIDA 33143
J. MARK QtnNLIVAj'ij'. MAl
8I:ATB-CBB.'l'IP'IHD GRNE'RAL MPnAIBEllS
HZ 0000112
TELEPHD~'E (305) 663-6611
FAX (305) 665-4921
THOMAS F. MAGENHEIMER, MAl
STATX-CnHTXF'IED GENBBAL APPRAISERS .
HZ 0000553
July 20,2006
Elena Del Campillo, Planning and Zoning Technician
City of Swmy IsleH Beach
18070 Collins Ave:nue
Sunny Isles Beach, Florida 33160
Dear Ms. Del Campillo:
We recently prepared an Appraisal Report covering the following described property:
Land parcel containing 31,113 square feet located at 16682-16690
CoJins Avenue, Sunny Isles Beach, Florida
The purpose of thi;~ Appraisal was to estimate the Market Value ofthe described property as of June
20, 2006, being one of the dates of personal inspection. The estimated value was $5,150,000.
The property waS purchased in May of2006 for $5,500,000 or $176.77 per square foot. The buyer,
St. Tropez, has been purchasing adjacent land along the south side of Sunny Isles Boulevard over
the past two to thr(~e years and this parcel seems to be the last piece of a larg.e assemblage. Because
of the assemblage and based on other land sales, it was my opinion fhat he paid a premium for this
particular parcel.
Sincerely,
() (
/lbli::L MAl
State Certified General Appraiser
Certification Number: RZOOOOl12
JMQ/jb
8Qct' Vp J:~v
{..t fM _LO_B-"
~
07/20/06 09:08 FAX 3056654921
[4J 002
QUINLIVAN APPRAISAL
A PnoFESSIONAL AsSOCIATION
REAL ESTATE APPRAISERS & CONSULTANTS
~730 S.W. 74TH STREET. SUITE 300
SOUTH MIAMI. FLOHIDA 33143
J. MARX QUINL1VAN, MAl
8TA7B"CBRrXFIED GENERAL MPBAIBEIIS
HZ 0000112
TELEPHOl\"E (305) 663-6611
FAX (305) 665-4921
TnOl>1AS F. MAGENlIEIMEE, MAl
STATE-CnU7'XFIED GENHHAL A'PPllAIBEH8 .
HZ OOOO~53
July 20,2006
Elena Del Campillo, Planning and Zoning Technician
City of Sunny Isle~i Beach
18070 Collins AVf:nue
Sunny Isles Beach. Florida 33160
Dear Ms. Del Campillo:
We recently prepared an Appraisal Report covering the following described property:
Land parcel containing 31,113 square feet located at 16682-16690
CoJins Avenue, Sunny Isles Beach, Florida
The purpose ofthi;;; Appraisal was to estimate the Market Value of the described property as ofJune
20, 2006, being one of the dates of personal inspection. The estimated vahle was $5,150,000.
The property waS purchased in May of2006 for $5,500,000 or $176.77 per square foot. The buyer,
St. Tropez, has been purchasing adjacent land along the south side of Sunny Isles Boulevard over
the past two to thrl~e years and this parcel seems to be the last piece of a larg.e assemblage, Because
ofthe assemblage and based on other land sales, it was my opinion that he paid a premium for this
particular parcel.
Sincerely,
II (
!&:&;LMAI
State Certified General Appraiser
Certification NumbeJ: RZOOOO 112
JMQ/jb
~qc~<l.I(:> ~'Cv
(-+eN\ iD-R-...
~
City Commission
Norman S. Edelcup
Mayor
Roslyn Brezin
Vice Mayor
Gerry Goodman
Commissioner
Danny Iglesias
Commissioner
Lewis J. Thaler
Commissioner
A, John Szerlag
City Manager
Hans Ottinot
City Allorney
Jane A. Hines
City Clerk
July 3 J, 2006
Clifford A. Schulman, Esq.
Greenberg Traurig
1221 Brickell Avenue
Miami, FL 3313 ]
Re: Resolution No. 06-Z-101 Approving a Zoning Application Submitted by Sf. Tropez II,
LLC (Z2006-05) for a Modification of Previously Approved Plans, a Variance of
Setback, Transfer of Development Rights in the Amount of 17 Dwelling Units and (0)
Square Feet, on the Property Located at 16690 CoIlins Avenue, Subject to Certain
Conditions; and Resolution 2006-959 Providing for the Acceptance of the Appraised
Land Value of $5,150,000.00 for the Property Located at 16690 CoIlins Avenue.
Dear Mr. Schulman:
Enclosed please find a certified copy of Resolution No. 06-Z-1 01, adopted on July 20, 2006 by
the City Commission, approving the application submitted by St. Tropez II, LLC (Zoning
Hearing Z2006-05), for a mod ification of previously approved plans, a Variance of Setback from
the tower, and Transfer of Development Rights for the propel1y located at ] 6690 Collins A venue,
subject to certain cond itions.
Also enclosed is a certified copy of Resolution No, 2006-959, adopted on July 20, 2006 by the
City Commission, providing for the acceptance of the appraised land value of$5, 150,000.00 for
the property located at 16690 Collins A venue alkJa St. Tropez, and providing for the acceptance
and payment by the applicant of $1, 162,616.91 for the transfer of ] 7 units of the City's TOR
Bank.
Should you have any questions, please do not hesitate to contact me.
Sincerely,
~A.L
Jane A. Hines, CMC
City Clerk
Enclosures
c: A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jorge Vera, Assistant City Manager
Elena Del Campillo, Planning and Zoning Technician
Clayton Parker, Building Official! Administrator
Robert Solera, Building & CEL Department Assistant Administrator
Jean Watson, Finance Director
Linda Dosal, Assistant Finance Director
Office a/the City Clerk (305) 792-1703 Phone (305) 949-3 I 13 Fax
Schulman. Clifford SI Tropez II Transmittal Ltr
City of Sunny Isles Beach
] 8070 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
A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, City Clerk
MEMORANDUM
TO: Elena Del Campillo, Planning and Zoning Technician
FROM: Priscilla Walker, CMC, Deputy City Clerk PeD ~
DATE:
RE:
July 27, 2006
Acceptance of Appraised Value for Sf. Tropez
At its regular meeting of July 20, 2006, the City Commission adopted Resolution No. 2006-959,
which accepted the appraised value for St. Tropez, 16690 Collins A venue, for TDR purposes.
Attached is a copy of the approving resolution to assist you in processing this item.
Thank you.
:pw
Attachments
cc: A. John Szerlag, City Manager (w/o attachments)
Hans Ottinot, City Attorney (w/o attachments)
Jorge L. Vera, Assistant City Manager
Jean Watson, Finance Director
St Tropez Appraised Value Accept For TDR Transfer Memo