HomeMy WebLinkAboutReso 2006-992
RESOLUTION NO. 2006- jJa
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR THE
ACCEPTANCE OF THE APPRAISED LAND VALUE OF
SEVENTEEN MILLION TWO HUNDRED FIFTY THOUSAND
DOLLARS ($17,250,000) FOR THE PROPERTY LOCATED AT 15795
COLLINS AVENUE AIKIA OCEAN PALM MOTEL, INC.;
PROVIDING FOR THE ACCEPTANCE AND PAYMENT BY THE
APPLICANT IN THE AMOUNT OF THREE MILLION SEVEN
HUNDRED FORTY-NINE THOUSAND TWO HUNDRED SIXTY
EGIHT DOLLARS ($3,749,268) FOR THE TRANSFER OF
DEVELOPMENT RIGHTS ("TDRS") IN THE AMOUNT OF THIRTY
THREE THOUSAND SIX HUNDRED SIXTY EIGHT 33,668 SQUARE
FEET OF FLOOR AREA AND ZERO (0) DWELLING UNITS;
PROVIDING FOR TEN PERCENT (10%) DEPOSIT FOR TDRS;
PROVIDING FOR ADJUSTMENT OF THE BALANCE OF TDRS
FROM THE CITY'S BANK TO REFLECT A DECREASE OF THIRTY
THREE THOUSAND SIX HUNDRED SIXTY EIGHT 33,668 SQUARE
FEET AND EIGHTEEN (18) UNITS ; PROVIDING THE CITY
MANAGER WITH THE AUTHORITY TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, by Zoning Resolution No.o('-2-/o-&adopted October 17,2006, the Special
City Commission approved the zoning application submitted by Ocean Palm Motel, Inc.
("Applicant") for the transfer of TDRs in the amount of thirty three thousand six hundred sixty
eight (33,668) square feet of floor area and zero (0) dwelling units; and
WHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach,
the City Cornmission shall consider the acceptance of the appraised land value in the amount of
seventeen million two hundred fifty thousand dollars ($17,250,000) for the receiving site; for the
purpose of calculating the square foot value of the approved TDRs; and
WHEREAS, the City Commission shall consider the acceptance of three million seven
hundred forty-nine thousand two hundred sixty eight dollars ($3,749,268) by the Applicant for
the transfer of thirty three thousand six hundred sixty eight (33,668) square feet of floor area and
zero (0) dwelling units; and
WHEREAS, the City's TDR Bank balance will be adjusted to reflect a decrease of thirty
three thousand six hundred sixty eight (33,668) square feet or floor area and eighteen (18)
dwelling units,
WHEREAS, the property receiving the transfer of development rights C"TDRs") as the
following legal description: Lot 79 of TATUM'S OCEAN BEACH PARK, according to the Plat
thereof, as recorded in Plat Book 5, at Page 35, of the Public Records of Miami-Dade County,
I
Florida, which lies East of the Easterly right of way line of State Road A-I-A per State Road
Right of Way Map Section 8 7060-2104, Miami-Dade County, Florida,
WHEREAS, the Applicant agrees to purchase TDRs in the amount of thirty three
thousand six hundred sixty eight (33,668) square feet or floor area and zero (0) dwelling units
from the City's TDR Bank as established under the City Code.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section I. Incorporation of Recitals. The foregoing recitals are true and correct are
incorporated herein by reference as if they fully set forth herein.
Section 2. Approval of Appraised Land Value. The City Commission hereby approves the
appraised land value of seventeen million two hundred fifty thousand dollars ($17,250,000)
("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary,
Section 3. Total Pavrnent for TDRs Based on the Appraised Value set forth in Section 2
hereinabove, the City Commission hereby approves the payment of three million seven hundred
forty-nine thousand two hundred sixty eight dollars ($3,749,268) by the Applicant for the transfer
of thirty three thousand six hundred sixty eight (33,668) square feet of floor area and zero (0)
dwelling units from the City's TDR Bank to the Receiving Site generally located at 15795 Collins
Avenue pursuant to Zoning Resolution No. ot..-2-J(),3Ifthe Applicant fails to pay the total amount
for the TDRs, the City shall retain the development rights for which payment has not been
received.
Section 4. Deposit. Within three (3) working days of the approval of the Applicant's TDR
application and site plan application, the Applicant shall provide the City with a non-refundable
deposit in the amount of ten percent (10%) of the approved purchase price of $3,749,268, The
total amount of deposit is $374,926. Failure to pay the required deposit within the three (3)
working days of approval of TDR application and site plan application shall result in an
automatic voiding of the City Commission approval of the Receiving Site, transfer of TDRs, site
plan approval.
Section 5, Adiustment to TDR Bank, The Zoning Administrator is hereby instructed to make
necessary adjustments to the City's TDR Bank Account to reflect the sale of TDRs to the
Applicant, and to make an adjustment to the City's TDR Bank to reflect a decrease of thirty three
thousand six hundred sixty eight (33,668) square feet and eighteen (18) units,
Section 7. Authoritv of the Citv Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
Section 8,
Effective Date, This Resolution shall become effective upon adoption,
2
PASSED AND ADOPTED this 17th day of October 2006.
'\
Moved by: ('1"OVnl'Y\\<;;<\\()IO~ ~\)m1.j-1tJ
Seconded by: Cf)W'\l'Y\\S~IDI\)'i:..12... Ic"LESllts
Vote: ':;-0
Mayor Edelcup
Vice Mayor Brezin
Commissioner Goodman
Commissioner Iglesias
Commissioner Thaler
_v(Yes)
-L,dYes)
V(Yes)
V (Yes)
~(Yes)
_(No)
_(No)
_(No)
_(No)
_(No)
3
To:
Via:
From:
Date:
Re:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
City Commission
Norman S. Edelcup, Mayor
Roslyo Brezln, Vice Mayor
Gerry Goodman, Commissioner
Danny Iglesias, Commissioner
Lewis J. Thaler, Commissioner
(305) 947-0606 City Hall
(305) 792-1 565 Fax
(305) 947-2150 Building Department
A. John SzerJag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, CMC, City Clerk
MEMORANDUM
The Honorable Mayor and City Commission
A. John Szerlag, City Manager
Jorge Vera, Assistant City Manager
Robert C. Solera, Community Development Director
October 17, 2006
Transfer of Development Rights for Ocean Palm Development, LLC,
RECOMMENDATION
This resolution is presented for your consideration.
REASONS
The applicant, Ocean Palm Development, LLC" is requesting the Transfer. of
Development Rights in the amount of 33,668 square feet and zero (0) dwelling units to be
use in the proposed development for the property located at 15795 Collins Avenue, The
total payment to be received by the City for the purchase of the TORs is $3,749,268.
Agenda Item
LLA
Date
10-11-0L.
City Use Only
Date Received
[D) 'lE ~ lE ~ \Yl lE rru
ml MAY 1 5. 2006 IW
lD
PLANNING & ZONING DEPT.
Date Issued
Resolution
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
L
APPLICANT INFORMATION
Clerk of Court Use Only
NAME
Florida
Ocean Palm MoteL Inc.. a eomoanv autborized to eonduet business in
PHONE 954-928-7798
E-MAIL
FAX 954-920-4458
ADDRESS 15795 Collins Avenue
CITY AND STATE Sunnv Isles Beaeb. Florida ZIP CODE ~
II. RECEIVER SITE INFORMATION, AS APPLICABLE
OWNER'S NAME 0_ Palm Motel. Inc.. a eomoanvautborized to eonduet business in
Florida
PHONE 954-928-7798
E-MAIL
FAX 954-920-4458
ADDRESS 15795 Collins Avenue
CITY AND STATE Sunny Isles Beaeh. Florida ZIP CODE 33160
PROPERTY ADDRESSILOCATION 15795 Collins Avenue. Sunny Isles Beaeh. Florida
LEGAL DESCRIPTION See Exbibit "A' attaebed bereto and ineoroorated berein.
FOLIO NUMBER 31-2214-008-0040
CU~ r ZONING MU-R
ZONING SIZE +/-.889 acres PURCHASE DATE Sept. 1993
EXISTING USE OF PROPERTY Motel
EXISTING STRUCTURE ON PROPERTY 13.000 Sa.Ft. Motel
PROPOSED FLOOR AREA RATIO 4.87 DENSITY ~
PERCENTAGE OF RIGHTS TO BE RECEIVED 22%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 33.668 sauare feet
DWELLING UNITS TO BE RECEIVED 0
TOTAL FLOOR AREA RATIO INCLUDING TDR 4.87
TOTAL DWELLING UNITS INCLUDING TDR 38
III. SENDING SITE INFORMATION, AS APPLICABLE
OWNER'S NAME Citv of Sunnv Isles Beach ITDR Bank)
PHONE 305-792-1709 E-MAIL EDelCampiUouvsibfl.net FAX 305-792-1674
ADDRESS 18070 Collins Avenue
CITY AND STATE Sunnv Isles Beach. Florida
PROPERTY ADDRESS/LOCATION
LEGAL DESCRIPTION
FOLIO NUMBER
PROPERTY SIZE
EXISTING USE OF PROPERTY
EXISTING STRUCTURES ON PROPERTY
BASE FLOOR AREA RATIO PERMITTED UNITS PERMITTED
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK
ZIP CODE 33160
CURRENT ZONING
PURCHASE DATE
MIA.FS I\A VINOJ\I722770vOl\1 KYCYO I_DOC\7/13/0S\89432.0tOIOO
2
f
EXHIBIT "A"
Lot 79 of TATUM'S OCEAN BEACH PARK, according to the Plat thereof, as
recorded in Plat Book 5, at Page 35, of the Pt.blic Records of Miami-Dade
County, Florida, which lies East of the Easterly right of way line of State Road A-
I-A per State Road Right of Way Map Section 8 7060-2104, Miami-Dade
County, Florida,
OWNERSHIP AFFIDAVIT
FOR LlIMITED LIABILITY COMPANY
STATE OF
Florida
Public Hearing No,
COUNTY OF Miami-Dade
Before me, the undersigned authorities, personally appeared
duly sworn by me, on oath, deposes and says:
hereinafter the Affiant, who being
I, Affiant is a Member of Ocean Palm Develonment LLC. a FI()rida limited liability company authorized to
conduct business in Florida (the :Company"), with the following address:
2410 Hollvwood Blvd.. Hollvwood. Florida 33020
2. The Company owes the property that is the subject of the proposed hearing.
3. The subject property is legally described as:
See attached survey
4. AffianlS are legally authorized to file this application for public hearing,
5. Affiants understand that this affidavit is subject to the penalties of law for peQury and the poSSIbility of
voiding of any zoning grnnted at public hearing,
Witnesses:
BY:
Ocean Palm Development, LLC, a Florida
limited liability company
BY:
Signature
1111'
t:!?/Hlt--
Print Name
Signature
Print Name
Sworn to and subscribed before me on the.l.v.!l day of M
have produced as iden .
eor
~
~
~
en
E-4
:I:
~
~
=: '"
0
E-4 '-
'"
N
Z '-
""
"0
~ 2J
~ '"
::l
~
~
0
...:l
~
>
~
Q
~
0
=:
~
~ e-
en ...
~ U
E-4
.,;
=
=
0
fJ
~
'"
~ '"
,.!j "a tl '" '" i!l
'" ~ _tJ ~
..Cl:;J .... -2 '2 -g 'g "a
'g c
It. ::l ::l ::l ::s
0 '" '<T N '" -a..
N 0 '<T 00
'" "~ - - "" r- N
= '" ~
l'! e
E-<~
'" c::: c::: c::: c::: c::: ~ .:::
~~ u- u- u- u- u- a" &
'" '" '" '" '" '" '"
l'!" N 0 N '<T - 0 ....
~ Q; - ~ "" - - 0 ~
u:. N "" ~. N ....
B ~ - ",. 00. N. - ",. :2
- '" ~ '" '" '"
- - - "" "t
E-<$ ...
-"l
~'"' ~ g
....
~'~ g 'tl
o.l:i Q;
~
~ .~
"~ '"
U l:l ~ ~ <U 0
.. i:lo u "" e-
o ""
.sol:: "" "" r- ~
c ,
'" 0" '" ,~ "" '"
~ <U ~ 0 08 ~
,.ClUJ .. '" ~
~.... 0 -"l ~ -OlJN fn
~ c7J ~ .$ c "" ii!
"" ~ <fl - 0 ....
~ . C <U _., <U
ee <U <U C 1:: >Q ::l ~ 5
"0 t> <U
"0 -., <U .n 0- <fl
[~ u ~ '" 1:: Sl N e
() <e: () &~ "" i:lo
o Q; - ,g
ii:lo - N ...; .... .ri -.6 ~~
<u e
~i:\; ~~
~
~
en
f-c
:I:
<.-'
~
=
~
~
~
~
o
~
~
t>
~
Q
~
o
=
~
~
en
~
f-c
"0
.~
01
~
...
OJ
o
U
~
~
'"
"
>-
'"
'"
00
00"
'"
'"
,..:
...
~ ~
00 '"
as 0'"
.... '"
.... ....
.
...
... ...
'"
...
"C oS
,,;:J
tl =Ii: ... N '"
.g ;'-::l
"
"0-
~ ""
Q "" '" 00 '"
E-t q:8 0:: ... '"
r.n ... 0\ II') C'!.
;t:~~ ~;;;
II
b! .2
.8 ;:J
liJ=Ii:
"
=
~
..
""
~""
~$
=Ii:
r.;a
~
~
;:J
o
u
~
'II:
o
OJ
"
~
.......
"
CJ
~
.8
"0
..
o
...
...
o~
'"
.r
O!j
CJ
"
~
.-
'"
"
.... CJ
g: =
~" ~
.... =:I
.-
00
....
,
'"
0'-
0'"
N.........
=Ii: 0::
.. '"
-0 "
.."<t-
o~
;So
....l ~
'5<
01 '"
~~
... 0
~~
00
""!:;
00
....
00
....
'"
'"
"t
....
'"
00
00
....
,
'"
o
~
=Ii:
.,;
..
o
,,;
=
....
'51
:3=:1
=:I CJ
Oi(a
.!!~
~<
t.:l:B
~....
"'!:;
'"
"
>-
,.,.,'"
00 '"
"'0
~~'"
"'N
...",
r: ~'"
... ...
... ....
NN
,.,.,
~:::::
,.,., "<t-
'i ~"
....
....
N
"'-
CJ.-
~ ::;"
";'"
=:I
'"
o
N
,
"<t-
o
o
N
=Ii:
.,;
..
o
.-.
~
~
",'
---~
~a
a
~o
";u
"0....
~~
~~
'"
~
"'....
~....
..-
,.,., "
~;1;
0....
,~
0'"
c'"
,.,.,
.... '"
,.,., 0
00 '"
,...:'('\1"
N....
.... ....
'"
'"
'"
N
o
N"
....
'"
00
.-
,
'"
o
0",
N",
=Ii:;:;-
ON
",0
... "
~~
]
=:I
OJ
..!:l
'"
....
i
N =
"",
Po.c
~~
""'0
.......
'" ...
....
.-;:: V
rn E o..c
o Q.) d:
~~ g &
'"'0............ fI) 00
......e 00 ~ ('t') .f-'
0""'" ~;..;:::j'"N.....
o..........:;::.-c
....-l'V"-;~::s
....
,.,.,
N
c
,.,.,
'"
..;
...
~
Il
~
-
01
=:I
...
.U;
o
0..",
"0
-0.........
~OO
Q -
0.........
-.-
C
\0
....
~
N
...r
...
'"
'"
'"
.-"
00
N
","
....
'"
o
....
N
~
.-"
.-
....
'"
o
....
N
'"
N
.-"
.-
....
N
N
00
''''
"'0
g....
N.........
=Ii:~
O"t
"''-
~~
OJ
"
-
'"
....
i
'"
eo
E-t
~
...
~
...
....
rf
a
00
\0
'"
~
~
...
CJ
=
Jl
01
=:I
'0=11:
iU 0
8~
.~.......
= tl
o ;
p=
-:a
r..:! ..
r
z .~
~~
8 :E
u tl
<~
'tl
,~
os
l!.
..
lIJ
o
U
=
~
on
...
'tl -2 ~ r-
",::>...""
1;)=11:
,g
'tl
os
~ri~?;l
F-< ,..;. "'l. 00,
VSt'('t")
=II:~'"
on
...
"0 "2
~::>
fJ=II:
e
~
=ri
~$
=II:
...
-;;;
0",
0.0
0)-.....
"'-
~N
Q -.....
0_
- -
o
00
r-:
-
o
",'
'"
-
",'
...
r-
""
o
"I
00
",,'
'"
'"
'"
00
,
'"
o
000
"IN
=11:2
ON
on 00
0) .
p:::;8
;
'"
u
o lIJ
OS 1j
; =
.~ '"
lIJ'tl
= .~
OS lIJ
~~
Q Q
00 ""
r-: ~
:::/ ;:::
~ ~~
'" '"
~ <<)"
~...
'"
a-
~
00 00
"'" '"
00 ""
~ N"
... "'"
"I
-
'"
u
= 00
.! ;$;
~ ~.
r-
'"
00
,
'"
o
Q
"IN
=11:"00-
0'"
on""
0) .
p:::~
.~
U
=
.~
~
OS
Q
...
';;;
0",
0.0
0)-.....
"''''
~O
o -.....
ON
- -
<t:
.t: l"'T
on ;;;
O~r-
0.0 "I
~:::;-~
~N __'
Q ':.0
~~<
Q'"
...00
~~
'" 0
00 N.
..r 0"
.... 0
\D '"
rci'~"
~...
... -
r-""
Q",
0000
"'t,,,,,
... '
:::/:1;
"I
1j
j~
~:;;"
-
'"
00
,
'"
o
o
"IN
=11:;;;-
000
on""
0) .
p::::I;
OS
;;
~
'"
=
<t:
.t:: >"'T
on ;;;
O"'r-
0.0 "I
0)-.....",
-0"",_
~N__,
(;:I ...........~
~b<
\0
a- _
r-:'"
",0
Q -
"'"
N ,
""N
... '"
aO~"
"" -
... ...
~~
"''''
a- '"
Q r-
r-:'N"
r-""
r-
-
o
'"
'"
'"
,
'"
o
o
N
=II:
or-
on _
~2
....
....
II
Po.
o
~
..:
Vl
r-
oo
..t
r-
\0
.,;
a-
N
~
~
....""
N~
\DO
.... 0
.... N
;~'
'"
'"
U
=
.!
OS
=
...
Vl
~
...
...
o
'"
lIJ
OS
-= .
~~
:= OS
l!.Po.
<t:
g
'"
'"
00
-
"""
'"
<
a-
~
\0
:a
,..:
I;;
'"
U
=
~
=
-
'"
<J
=
~
=
10/10/06 10:54 FAX 3056654921
QUINLIVAN APPRAISAL
A PROFBSSIONAL AsSOCIATION
R.&u. ESTATE ,ApPRAISERS & CONSULTANTS
5730 S,W, 74TH STREET. SWTB 300
SOUTH M:tAMI, FLORIDA 33143
~002
{lAJcfvJ~ ''^
A ~e.,'pQ. l~c./('eJ.
~s
J. MAm< QmNLIVAN, MAl
SuTB-CUrn>1BD GENBllAL APP:lt&I!IJlU
HZ 0000112
TELEPHONE (305) 663a66U
FAX (305) 665-4921
THoMAS F. MAoENHHIMBB, MAl
~TB-CBRTIl"IBD GBNBllAL APPlLU8BB.1!I
HZ OOOO~~B
October 10, 2006
John Szerlag, City Manager
City of Sunny Isle!! Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
RE: 15795 Collins Avenue
17475 Collins Avenue
Dear Mr, Szerlag
We recently completed appraisal reports of the two above referenced land parcels. A summary of
our appraisals is llll follows:
Address
Land Size
Date of
Value Estimate
Estimate Value
PerS.F, of
Land Are!!
Estimated Value
Per S,F. of Proposed
BuildinlZ Area
0<.~e,,,,1'C1\\Y\ 15795 Collins Ave:,
O({'OJ'\(~.s#- 17475 Collins AVl:,+
The sites are very similar in lot width, land size and zoning. The 17475 Collins Avenue may be
perceived as better in location, being more centrally located in the City of S lJIlIlY Isles Beach, closer
to shopping and restaurants and; therefore, would tend to sell at a higher uoit price,
38,725 SF
45,389 SF
6/20/06
8/14/06
$425,00.
$500,00
$115,00
$135.00
When we appraised the 15795 Collins Avenue site in June of2006, the sales data of the 17475 Collins
Avenue site was not available, If this data was available, the value of the 15795 Collins Avenue site
may have been slightly higher,
The difference between the unit prices of each appraisal is due to the date of valuation and the
location of the properties,
10/10/06 10:54 FAX 3056654921
141003
John SzerJag, City Manager
October 10, 2006
Page 2
You had asked why the appraised values were lower than the purchase prices. I do not have any
informationrelated to the purchase of the 15795 Collins Avenue site, As of the date ofappraisal and
as of now, the public records do not reflect a sale price.
The 17475 COllirul Avenue site was acquired in Apn1 of 2006 via the pw'chase of the individual
condominiummot,~1 units for a total price of$23,347,000, a figure slightly higher than our estimated
value of $22,700,000 - a 2,9% difference. Our value estimate was slightly lower due to the
oversupply of condominium units and decrease in condominium apartment sale prices in Sunny Isles
Beach as well as ,:>ther areas of Miami-Dade County that has been occwing in 2006. With the
downturn in the condominium apartment market, we are also expecting a downturn in the value/sales
prices ofmnIti-fanrily zoned land parcels,
I hope I have addressed your questions, If you need further information please ask.
Sincerely, .
J. ark Q an, MAl
State Certified Generlll Appraiser
Certification Number RZOOOOl12
JMQ/jb
APPRAISAL REPORT
Ocean Palm Motel site
LOCATED AT:
15795 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
QUINLIVAN APPRAISAL
A PROFESSIONAL AsSOCIATION
REAL ESTA.TE APPRA..ISERS & CONSULTANTS
5730 S.W. 74TH STREET, SUITE 300
SOUTH MIAMI, FLORIDA 33143
J. MAllK QUINLIVAN, MAl
SrA'fB-CBJlTlFlBD OENEBAL ,ApPRAISBBS
HZ 0000112
TELEPHONE (305) 663-6611
FAX (305) 665-4921
THOMAS }<'. MAOENHEIMBR, MAl
STATE-CBRTJl'1BD GENERAL APPRAISERS
HZ 0000553
June 20, 2006
Elena De Campillo, Planning and Zoning Technician
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Dear Ms. Campillo:
In accordance with your request and authorization, I have prepared this Appraisal Report covering
the following described property:
Ocean Palm Motel site located at 15795 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 Del Campillo, Planning and Zoning Technician
City of Sunny Isles Beach
June 20, 2006
Page 2
Based on the inspection of the property 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:
SEVENTEEN MILLION Two HUNDRED FIFTY THOUSAND DOLLARS
($17,250,000)
tfully submitted,
,0~
J. ark Quinlivan, MAl
S te Certified General Appraiser
ertification Number: RZOOOOl12
JMQ/pq
(06-131)
CERTIFICATION OF VALUE
The undersigners hereby certifY that, to the best of our knowledge and belief:
(A) The statements of fact contained in the report are true and correct.
(B) The reported analyses, opinions and conclusions are limited only by the
assumptions and limiting conditions set forth, and are my personal, unbiased
professional analyses, opinions and conclusions,
(c) I have no present or prospective interest in the property that is the subject of
this report, and we have no personal interest or bias with respect to the
parties involved.
(D) I have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
(E) My engagement in this assignment was not contingent upon developing or
reporting predetermined results,
(F) The appraiser's compensation for completing this assignment is not
contingent upon the reporting of a predetermined value or direction in value
that favors the cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a subsequent event
directly related to the intended use of this appraisal. Furthermore, the
appraisal assignment was not based on a requested minimum valuation, a
specific valuation or the approval of a loan.
(0) 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-certified appraisers,
(H) Use of this report is subject to the requirements of the State of Florida
relating to review by the Real Estate Appraisal Subcommittee of the Florida
Real Estate Commission.
(I) J. Mark Quinlivan has made a personal inspection of the property that is the
subject of this report.
(J) Patrick Quinlivan provided professional assistance to the person signing this
report,
QUINLIVAN APPRAISAL
I
(K) The reported analyses, opinions, and conclusions were developed, and this
report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and 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, J. Mark Quinlivan has completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and analyses undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, I have formed the
opinion, as of .Tune 20, 2006, the subject property, based on its highest and best use, has a Market
Value of:
SEVENTEEN MILLION Two HUNDRED FIFTY THOUSAND DOLLARS
($17,250,000)
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
15701 Collins Avenue
Sunny Isles Beach, Florida
Legal Description
Lot 79, TATUM'S OCEAN PARK
SUBDIVISION, according to the plat
thereof, as recorded in Plat Book 5,
Page 35. of the Public Records of
Miami-Dade County, Florida.
Land Size
Approximately 38,725 Square
Feet/O,889 Acre
Zoning
MU-R, Mixed Use Resort by the City of
Sunny Isles Beach
Highest and Best Use
Multi-family residential usage
Estimated Land Value
$17,250,000
Final Estimate of Value
$17,250,000
Date of Val ue Estimate
June 20, 2006
Dates of Inspection
June 12,2006 and June 20, 2006
Date of Report
June 20, 2006
Remarks
The site is improved with a one story
motel known as Ocean Palm Motel
containing 42 units. The building will
be removed and replaced with a
proposed (without TDRs) 38-story
condominium apartment building to
contain 32 units. A copy of the
development application is included in
the addendum,
QUINLIVAN APPRAISAL
3
~<.,,_...
\ I ___-/-----~ -c'.
\i -~
...'\'.-------
~_::~K-'...
LOOKING NORTHEASTERL Y ACROSS COLLINS A VENUE AT SUBJECT
o. ~
"-.-
"~"'R"~""",._.." _.__^~
"......,..--.c:
...........~~,
---~
LOOKING SOUTHEASTERL Y ACROSS COLLINS A VENUE AT SUBJECT
/
...."~.. -~--..
~l.-':-_.-::~~~_.
'''i
"
iiIiiiiii.,i;:.- ,~
LOOKING NORTHERLY ALONG COLLINS A VENUE, SUBJECT TO RIGHT
\
,.\.~.. \
"I
LOOKING SOUTHERL Y ALONG COLLINS A VENUE, SUBJECT TO LEFT
INTRODUCTION
QU1NLlVA N APPRAISAL
INTRODUCTION
IDENTlFICA TlON OF THE PROPERTY
Multi-family zoned land parcel containing approximately 38,725 gross square feet/O,889 acres,
ADDRESS
15795 Collins Avenue
Sunny Isles Beach, Florida
LOCATION
Southwest comer of Collins Avenue and Sunny Isles Boulevard, 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 a market value of Transfer
Development Rights (TDR). The intended user is the City of Sunny Isles Beach.
LEGAL DESCRIPTION
Lot 79, TATUM'S OCEAN P ARKSU BDlVISION, according to the plat thereof, as recorded in Plat Book
5, Page 35. of the Public Records of Miami-Dade County, Florida; less portion lying westerly of
Collins A venue.
PROPERTY RIGHTS APPRAISED
The property is appraised in fee simple: a fee without limitations to any particular class of heirs or
restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as
well as uti lity easements of record.
QUINLIVAN APPRAISAL
4
DEFINITION OF MARKET VALVE
Market Value means the most probable price which a property should bring in a competitive and
open market underallcpnditions 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 V,S. dollars or in terms of
financial arrangements comparable thereto; and
(5) the price represents a normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale,
QUINLIVAN APPRAISAL
5
ASSESSMENT AND TAXES - 2005
The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach,
The assessment for the property is established each year as of .I anuary 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 I 00% of .Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Number: 31-2214-008-0040
Assessed Value:
Land $6,170,500
Improvements $ 1.000
Total $6,171,500
Tax Amount: $134,657.82
Millage Rate: $22,5837 per $1,000
OWNER OF RECORD AND ADDRESS
Ocean Palm Motel, Inc.
15795 Collins Avenue
Miami, FL 33160
FIVE-YEAR HISTORY OF TITLE
There is reportedly an option to purchase the subject site. The appraiser was not furnished with any
information concerning this potential transaction,
An investigation of the Public Records of Miami-Dade County, Florida indicates no sale transfers
of title to the subject property during the past five years.
QUINLIVAN APPRAISAL
6
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 exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
In estimating a reasonable exposure time for the subject property, the appraisers have taken the
following steps:
Discussion with buyers, sellers, brokers and/or a 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 twelve months for the subject
property,
ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale. Irnplicit 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 rnarketability 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 twelve month time period,
QUINLIVAN APPRAISAL
7
LOCATION ANALYSIS
QUINLIVAN APPRAISAL
II" .......;,'
ars@ ~
b ..'
,i.., ~;,~
I .~- SWill
I #L.. ~I I no ". ~1t"'.II'"
i' .
"2%" , ~.
HW IT ,,""Irr O~~~N:OIICEBASE
I KOM.I' AD
- 'oOIII0 IIft'Y " ""HAL DR
t W,,, MOill r lM DR
IG >
"
!
a
---.
-"'us
.. .
~~
sw liSt
"
! i
,
.
.
,.'*,tr.~ I
( ..,,,
.".
ro ""'Sf
1.~Ir"f~e:b /
<::>
I /"- I. IU .. CO\,lN LINE liD UAOl
_ fROWARD COUNTY _ __; . \! I ~ 5i ........
~ DADI: i:tiUNTV ~~ - '1 "M" ...... '-40 HI" nil IV...'
I!~ ..,." , ! ,J~ il>...~,oJ "::1
" I; I~I.. _......
~ n _
'll <aJ ,""-::!: !.~ .. tilfi'r" . J': ,..
IIr ,._~~
,,, ........ ~
"'-l
~! __UI
ifr.... "
/loh"''' =-
l'I'nun
.-
._.~,,'t'i'/
~.lO' ~1f2_~ \
LOCATION MAP
!
i
..
'~ .
..;... Clr.CI nnNY
l~ "
~!rJ~
"U1ol I "
,
"
.
o
i
~
I
.)
d,
"
'"
..
"
. ..
a
,,,.0"
..!!.(,
NWZillT
\
IN~&\'AL
/..
.
i'lftL'..... Ill,
... ~~~.II ~ trY
~,
.
......." n.lIlLlII C
.,
~
'''AI 41 ".. ~T IT t.wAM! A
Elf. , ::I
CO"... AY SW.lln ......1 I.." i
! ~".... a ~ "" swc~~l d~
SW4 51
w_.,"'''' . 9r.....
sw to ~.~ (I .J MILL IIIlfl ... ~Wo
SWI ,'" I!~~ su~, "DR 11OUn1
a Am Yil 4'
sw , . "r;;1K~ ~;. 'u:.~
SWI I IIr ~IL.... .."I:
! ~
o ~liO
~ ~ y
T 11I....114'
sw
>
. "
~~a
a
"'L~ .
f-",
.. ....
..,-
N "END. L
..
l
,
.
"
I
i
,
j!T
! -0
T.....IAM1~..
: ....1t101T
a
.."..
.
. .. " ,
> .
. SW,.
OUA' ROOIf DR
r-M1I0ft, .
- ~
. u. ., .,
......... HDW^RD
I'" 1.'lfI,
S"152ST CORALAEf OAf SWISlST
,.... ,._Iea >.
1. '..._...1.... '.d-:' I
i r--l"- ~~
EUREKA Dft It.. SI ; ...if"
,~~=;: II
- l "'I',a;j';()/
SWUSIl 11'
Ie -"
,>>1,-"
Bi,cayne
Bay
\
I
-"
...
~
" N
. -
> .
" .
:I~
rtncet_
I
>
.."
"-",,
~-'"
,
.~
nJu,r,r
l!,
\~.
. \\
'0
M.&IIOlItOV''''
ru.-n,.,.
o
"
am
'"
.
~ A" .Y
I 'V
_M
f(. ...
. ..,.. "
,
"
.,,,
.
~.
-
'-':)~
~"
~~;-
~
rI...
I, -
"'.:,.
+
General Highway
Map of
DADE COUNTY
FLORIDA
-.
.
..n
~'IH ~ MAP co.. INC.
"r::d
d,
....
t>
...
~
~
'\'
~
'\'
-"
-"
r!!
-
,,-
......
-
~
~.!I8".C ..
Q
J
t,)
i:
~
"C
i:l
"C
...
-
-
:i!;
"C
llo1
~
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 onthe south by Monroe County (the
Florida Keys).
Miami-Dade County, the largest county in area and population in the state of Florida, covers an area
of2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square
miles of the County.
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed, Therefore, only the eastern section
of Miami-DaQe 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
rnild winters and pleasant summers.
PODulation
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.
Miarni-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.
Miarni-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
II
'.~.;
LEGEND
~ Slat. Capilal
.6. eaunl)' S,al,
FRANKLIN_County Nom..
POPULA TlON KEY
i) O~er 100,000
1;r 50.0001a JOO,OOO
@ 25,000 '0 50,000
@ 20,000 10 25,000
CD '0,0001020,000
G 5,000'a '0.000
o 1.000 to 5.000
o Under 1,000
.!!:...'\:
CLEAR TYPE
TR.b!....ItIlRIG. US.Pot on
COUNTY. TOWN
FLORIDA
Seale of Miles
20 .(1 60
MAP NO. 6508
J
AMERICAN ~MPANY' lNC.
ORIQ'...fO.,. $OItPUIU$IIIR$
n~i\..!!ur.!:.!IIPS . - OLllR~!.!!' MAPS
HE ORk
1:7~~1P:!::'!:~~r.~
-...-
,
WALTON HOLMES
Mo..H~.. ~~~ ,..on ,.;".,.~
.,.~ P"~" W Palm
~ 8ell. CI~:::~n".. G h,',,''''. , BeHh '~e'.:i.tl,BIICh
lIa.llO' S.1I1 . I' Qr,...k.
B.1I11ade Clm~;::; :::: wfi Worth
BROWARD DlMlrfield Beach rJ j
sPomplll/lB.lch
0''''"''"'0 II~~
FI.Lallderdale II
Hollywood"
o .Mim'
HENDRY
,.
De FunlakSprs.
I
I
,
I
I
I
\
I
I
I
,
I
I
I
I
I
/
/
-~
(jj
'.....---------
----
During the 1960s, the major increase in Miami-Dade County's population was due to thc largc
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 favorablc
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 arca, yet has
several key areas of concentration. During the I 960s, 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 I 970s, 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 (A ventura), as well as the currently expanding southwest area, especially in sections of
Flagler Street, S. W. 8th Street and North Kendall Drive.
Population trends indicate that most of the population growth in Miami-Dade County during the
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 ofU,S. Highway I between Cutler Ridge
and Florida City,
Emplovment Trends
The dominant characteristic of Miami-Dade County is that it is primarily trade and service based.
Personal, business and repair services have had a substantial increase in importance in the economic
base over the last decade. The major sectors of the economy include services, wholesale and retail
trade, transportation, communications, public utilities, government and manufacturing. The most
dominant industries which form the County's economic base are construction and tourism,
QUINLIVAN APPRAISAL
9
Tourism is Miami-Dade County's biggest industry with an estimated 10.4 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 I shows the distribution of the non-agricultural work
force in Miami-Dade County.
TABLEt
ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT
2000 - 2004
INDUSTRV 2000 2001 2002 2003 2004
TOTAL NONAGRICUL TlJRAL 1,016,100 1,033, I 00 1,017,800 1,000,900 1,023,500
EMPLOVMENT
CONSTRIJCTlON 37,500 36,600 40,300 40,700 41. 900
MAN U F ACTU RING 68,800 64,000 57,100 51.700 50,800
TRANSPORTATION AND 92,400 95,600 99,000 64,500 61,400
PUBLIC UTILITIES
TRADE 261,000 265,800 191,100 188,200 189,900
FINANCE, INSURANCE AND 66,600 67,300 66,200 67,200 68,200
REAL ESlI'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 1,053,924 1,080,432 1,120,950 1,103,7[8 1,107,950
UNEMPLOVMENT 55,615 74,622 86,527 79,512 62,202
UNEMPLOVMENT 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
10
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 irnportance is the growing prominence of Miarni-
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 of2005, 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,
'LA...B...L _E 2
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 economy. the number of domestic visitors had declined from 1989 to 1993; however,
from 1995 to 2000 there has been a 1,5% average armual increase,
QUINLIVAN APPRAISAL
II
TABLE3
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
INTERNATIONAL DOMESTIC TOTAL
1996 5,113,200 4,462,000 9,575,200
1997 5,278,700 4,564,600 9,843,300
1998 5,268, I 00 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
12
TABLE4
--,
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 of70,1% was above the rate for 2004 of
67.0% and significantly above the 2001 to 2003 rates of58.9% 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 of2005, the 21 O-room Le Meridian opened in Sunny Isles
Beach. Three other new hotels with a total of 271 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
compames.
QUINLIVAN APPRAISAL
13
Greater Miami has the largest concentration of domestic and international banks south of New York
City, With more than 90 percent of the state's foreign banks operating offices in Miami, this market
dominates international banking in Florida,
There are 31 international banking agencies and eight Edge Act corporations operating in Greater
Miami. Many oftheir 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 Oadeland,
paralleling U,S, Highway I and northwesterly from downtown Miami to Hialeah. Recently, the
system was extended about a mile from Hialeah to the Palmetto Expressway at NW 741h 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
Aa I. 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 Cari bbean,
QUINLIVAN APPRAISAL
14
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 governed under a modified two-tier metropolitan government. The purpose
of this type government was to establish one governing body for the county, and to cstablish onc
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 tire, 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 governrnent 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 pennitted the limited County government to reorganize into a general purpose "municipal-
type" government capable of perfonning the full range of public functions into an area wide
operation.
Real Estate
At the end of2005, 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 I. 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 Avenue, Coconut Grove and Coral Gables.
QUINLIVAN APPRAISAL
IS
The Greater Miami Industrial Market, as of the end of 2005, consisted of approximately 170,57
rnillion 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
of2005 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 tamily residential permits decreased 36,6% from 6,355 in 2002 to 8,680 in
2003, Since 2003, the number of penn its has increased 7,2% to 9,306 in 2004, The average sale
price ofa 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
16
NEIGHBORHOOD MAP
'"HE 111ST.,::'::-:-:':~::'::
_NE110rn:::::-':
NE 169TH'-::::;.~~:'--:-_:"'-
NE168TH~:.
,.
,
. NE187TH -
. Eastern Shores
_"NE1l5aTH
~ ~'\
~ '\ .....
'\ /\.
'., _ - \(.1'.-,"-.
;;:/
~
"
.;;:
:s
,!'
(0
.'_};,-m I\!\er Slat',; i-'--)ik
\1000n..r~___.. "'...._+o1tl....T:"'''
,,~
<<
,,~"
115TH Al
114111__. I
NE 172ND I
Ii! NE 1701H
~
<:
BiscaYlle C,.eek
828
Bella Vista Bll)'
A,.LANTIC ISLE
An..ANnc
Sunny Islesv
pO\NClANA
KINGS pOINT
Al
828
"Atlantic Island
Poincianna I
" SUBJECf PROPERTY
115795 Collins Avenue
"Royal Palm I I nd
Al
vHaulover Beach
Al
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 of2005, compared with 7,800 new units for the entire year of2004. 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 of2004. 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 m~or retail markets in Miami-Dade County include Hialeah, Coral
Gables/South Miami-Dade, Aventuraand 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 intemational center.
QUINLIVAN APPRAISAL
17
NEIGHBORHOOD DATA
The subject property is located in the city of Sunny Isles Beach, approximately fOllrteen miles
northeast of the central business district of Miami,
The subject may further be described as being located on the north side of 183'd Street at Collins
Avenue (State Road AlA),
Sunny Isles Beach is located on a barrier island in the northeast comer of Miami-Dade County, The
borders of the city of Sunny Isles Beach are Haulover Beach Park to the south, the Town of Golden
Beach to the north, the Atlantic Ocean on the east, and the Intracoastal Waterway to the west. The
borders of the subject neighborhood are the borders of the city of Sunny Isles Beach.
Collins A venue is the primary north/south traffic artery on 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
atN.E.I92ndStreet.
The east side of Collins A venue is primarily improved with older motel buildings constructed in the
1950s and new high-rise condominium apartment buildings. In recent years some of these motels
have been converted to condominiums and time-share resorts or the sites redeveloped with high-rise
condominium apartments. Sunny Isles Beach has historically been a tourist destination due to the
beach environment. The area is now becoming more of a residential community with permanent and
seasonal owners. The west side of Collins Avenue is improved with retail stores, restaurants, rental
car agencies, boat rentals. service stations, and convenience stores,
During the] 960s and I 970s, several rental and condominium apartment buildings were constructed
in Sunny Isles Beach. The majority of the these buildings were developed on sites fronting on the
Intracoastal Waterway.
The Arlen House East and West, located on the west side of Collins Avenue at approximately N.E,
158th Street, were constructed in 1966 and 1969, These rental apartments were converted in the
1970s to condominiums. Kings Point, another project constructed in the 1960s containing both
rental and condominium apartment buildings, is located just north of the Arlen House.
Poinciana Island. located on the west side of Collins Avenue at N,E. 160th Street,just north of Kings
Point, contains one hundred townhouse units and ninety condominium apartment units, This
development. which was constructed in the later I 970s, has sale prices ranging from $475,000 to
$725,000. All of the townhouses have waterway frontage.
QUINLIVAN APPRAISAL
18
Atlantic Island, located on the west side of Collins Avenue, at N,E, 163rd Street just north of
Poinciana Island, contains single-family residences, These residences range in age trom new to fifty
years old, with a median age of thirty years. Sale prices of these residences range from $500,000 to
over $1,000,000,
The area north of Sunny Isles Ocean Beach Boulevard, west of Collins A venue, was developed in
the 1970s 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 apartment buildings were recently constructed on ocean front sites
in Sunny Isles Beach. The recently completed projects include Millennium (118 units), Ocean One
(346 units), Sands Pointe (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 northwest portion of Sunny Isles Beach. Golden
Shores Ocean Boulevard Estates is located west of Collins Avenue between N,E. I 92nd Street and
N,E, 185th Street. Golden Shore Ocean Boulevard Estates is comprised of detached single family
houses on 7,500 square foot lots. The houses generally range in size from 1,200 to 2,000 square feet
and were constructed primarily in the 1950s. The sale prices for the houses in Golden Shores Ocean
Boulevard Estates range from $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 $1,000,000,
Golden Beach, a single-family residential community, is located just north of Sunny Isles Beach.
Many of the residences in Golden Beach front on either waterways or directly on the Atlantic Ocean.
Haulover Beach Park, a Miami-Dade County Park, encompassing approximately a mile of beach
front along the Atlantic Ocean, is located just south of the Sunny Isles Beach, Haulover Park
contains facilities for boating, picnicing, swimming and fishing.
The neighborhood has undergone a transition from a purely tourist oriented community to a
combination multifamily and tourist destination, The retail stores in the area seem to have a normal
vacancy rate, The commercial development has been oriented toward the permanent residents as
well as the tourists.
QUINLIVAN APPRAISAL
19
SITE DATA
QUINLIVAN APPRAISAL
SITE DATA
Dimensions and ShaDe:
The subject pr()perty is rectangular in shape.
The subject property fronts for 100 feet, more or less, along the east side of Collins A venue (State
Road A I A), thence runs easterly for 285 feet, more or less, to the Atlantic Ocean, The propelty line
thence extends easterly beyond the bulkhead for approximately 95 feet.
Area:
38,725 Square Feet
or 0.889 Acre
Source: Hopkins Plat, Miami-Dade County Property Appraiser's Office, and Building Application
TODOl!ra{)hv and Drainal!e:
The site is level and approximately at street grade.
Flood Zone:
Map NQ 12025C0084 J
"AE" Special Flood Hazard Areas Inundated by 100-Year Flood, Base flood elevation
determined at eight feet.
"'VE" Special Flood Hazard Areas Inundated by I 00- Year Flood, Coastal flood with
velocity hazard (wave action); base flood elevation determined at ten feet.
Soil and Subsoil:
The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual
conditions would be brought out by test bori,ngs,
Utilities:
Water:
Sewer:
Electricity:
Telephone:
Miami-Dade Water and Sewer Authority
Miami-Dade Water and Sewer Authority
Florida Power & Light Company
BellSouth Telephone Company
QUINLIVAN APPRAISAL
20
Street Improvements:
Collins A venue is asphalt paved with a dedicated width of 100 feet. Collins A venue contains three
northeasterly bound lanes and three southwesterly bound lanes. Collins A venue is improved with
concrete sidewalks, curbs, gutters, storm sewers, street lights and a center median,
QUINLIVAN APPRAISAL
21
h,-::";-_ ' , . . ,'. ,'....'C.,i; , t'PI' '" i-,"')I ~ j I' (
-.. -- ',Y/","W"", t~'-"' 111',.,' .~~I'" :1, :.
--~~:';~~~'~I--~ 187~ f;J I $rn
:j 6' ...:5"(I..~;rt.'~.;;,..", ;:f'. ~ .."' I 1,1" - __ -J L , It)
~iIIr2:7 r. '.' """'1'',6' .. ", '
_-fS2~/ 75 - ~ ~L'C~N,Tl!',RlT\vR.S.,- s-;-t9....' ~ ~.'.,]~' _ ~-;I; :
T ~5/:: _( KIN~;\;.cDR,)2'\';'i:; .~FJ'" ~ 'fg .- c-=---~rrr
~~RI.(\LPT, /~~ ST ~ ''''--~.--r+-'"
-----:---, --= -rJi ~ . G 5 sSC'tl/ III t'\ ~~-0F
. Q ~.- i s fl<' tJ P KG ',p, A I t.; " __ _ -=-._1 1 _7]'
4.~..'~,J.Ii..:._.,.~.'. _,.,M., _ _, _ -11''4 L~ R WA' Y .. ~ !,!" pi"" _4~1!1
i>"j1\i/;;<'.,)",''("' I . -- - -- - -- - - '- _ _ _ J,f;. d r,l- t.n
',,', , '~o' [-') I ~ '2 '-'1" MOT~iJ""
- ' (::- ~'-.> r-'~ ,8" ('" "
):" 5""0,, '''.f.1 ,-,_J ,~.,'? ~/7....~d"',,~1 f--"-=-,,~---=)I ~
- 0 E4Sc', .f23.,9"" 'to:_, ~'~t;!,<.L k.wl' f --&-1- $,P,
~99 --r-- ---- 7 __lI}___\ \ "'?o t'fl - -----1-1
. ;~) J \60 \ f~1sl (1, .--- -~" ~~J
',~ ~ I l. '~::..". .',~ :1'" ~CEA~~1~_ '
-- 2/7.8 1]")/ , I ~
! I j U r, E: if.' ~ Of}MP'A'M~I~
,H..,S I -' . <-
' CTS, .J 0 U - -~___j_1 1'-."
L J [' " .J ~ '0
! - I P KG, ~ l 'l'Z1_'_
: I\~~
I t" I
I I
SITE MAP
----c.....f IN E;
P KG, 8
;9
--p
r--l_
~
:-
. _.... ---.~
QUINLIVAN APPRAISAL
:~
"oJ,.,
{L'.~{~;:
,~
~
~
~
~
ZONING
QUINLIVAN APPRAISAL
ZONING
Under Ordinance of the City of Sunny Isles Beach.
. Classification;
MU-R, Mixed Use -Resort District
'-,.......:.,...,. .'- - ....., ,-,'-, .-'-: "
Permitted Uses include multifamily apartments, hotels, motels, apartments-hotels, commercial
services and retail goods (including spas and health clubs, beauty salons, clothing, florists, gift shops,
banking services, pharmacy, newsstands and restaurants), conferencing facilities and meeting rooms.
parking lots and garages, public parks and recreations facilities and all uses permitted in RMF-2
districts,
Conditional Uses include time-share apartments, eleemosynary, charitable, religious and
philanthropic institutions, nightclubs, private clubs, lodges, fraternities and sororities..
Building Regulations:
Minimum Lot Width:
200 feet
Minimum Lot Area:
20,000 square feet
Maximum Height
Single Family
Duplex
All other structures
35 feet
45 feet
Not specified; controlled by minirnum setbacks
Maximum Lot Coverage:
All principal and accessory buildings
Structures whose rooftop level is connected
by walkways directly at the rooftop level to
a multifamily structure, and that have a flat roof
structure that is fully improved with landscaping,
usable plazas, terraces, active unenclosed recreation
facilities
60%
80%
Maximum Floor Area Ratio (without Bonuses): Shall not exceed 2,5 times the total parcel area
Maximum Floor Area Ratio (with Bonuses): Shall not exceed 4,1 times the total parcel area,
Bonuses of varying arnounts may be allowed
for Beach access,' Public beach recreational
enhancement, Collins Avenue public street
scape enhancements, Sunny Isles public
parking, Public oceanfront park and open space
enhancements
QUINLIVAN APPRAISAL
22
Minimum Required Setbacks:
Front
Rear
75 feet
50 feet, for porte-cochere and/or guardhouse
20 feet or bulkhead line, whichever is closer to
Collins A venue
Side (Interior)
Parcels 200 feet or more in width
Primary structures
Pedestal structures
Parcels adjacent to public parks
Parcels under 200 feet
Primary structures
Pedestal structures
Parcels adjacent to public parks
50 feet
3 feet for each two feet of height up to 50 feet
5 feet
20 feet
3 feet for each two feet of height up to 20 feet
5 feet
Maximum Dwelling Unit Density:
Apartment.
Apartment-hotels
50 units per acre (no bonuses)
80 units per acre; for each FAR increase 0,02
achieved through bonus provisions, the
maximum density increases by 1 unit per acre
100 units per acre (no bonuses)
125 units per acre; for each FAR increase 0.03
achieved through bonus provisions, the
maximum density increases by I unit per acre
Not considered residential, therefore, not limited
Proportion of proposed units to maximum
allowed for each use, Sum of acreage needed
for each use shall equal the total acreage.
Hotels
Mixed uses
Minimum Apartment Floor Areas:
Residential unit:
Apartment-hotel unit
Apartment-hotel unit w/lockout room
Lockout unit:
Hotel unit;
550 square feet
550 square feet
750 square feet
350 square feet
250 square feet
Offstreet Parking:
Single-family detached
Townhouse
Multi-family dwelling
Apartrnent.
2 spaces per unit
2 spaces per unit
1.5 spaces per unit
I space for each efficiency or I-bedroom unit
1.5 spaces for each two bedroorn unit
2.0 spaces for three or more bedroom units
QUINLIVAN APPRAISAL
23
HIGHEST AND BEST USE
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, Eleventh Edition, defines highest and
best use as follows:
The reasonably probable and legal use of vacant land or an improved property, which is physically
possible, appropriately supported, financially feasible, and results in the highest value.
Land has lirnited value unless there is a present or anticipated use for it; the amount of value depends
on the nature of the land's anticipated use, according to the concept of surplus productivity. Among
all reasonable, alternative uses, the use that yields the highest present land value, after payments are
made for labor, capital, and coordination, is generally regarded as the highest and best use of the land
as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made of
the property including all existing structures. The implication is that the existing improvement
should be renovated or retained as so long as it continues to contribute to the total market value of
the property, or until the return from a new improvement would more than offset the cost of
demolishing the existing building and constructing a new one,
In estimating the highest and best use there are essentially four stages of analysis:
I, Possible Use. What uses of the site being appraised are physically possible?
2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction,
if any?
3. Feasible Use. Which possible and permissible uses will produce a net return to the
owner of the site?
4, Maximallv 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 an
appropriate use, but make a contribution to the total property value in excess of the value of the site.
The following four point test must be met in estimating the Highest and Best Use, The use must be
legal. The use must be probable, not speculative or conjectural. There must be a profitable demand
for such use and it must return to the land the highest net return for the longest period of time,
QUINLIVAN APPRAISAL
24
These tests have been applied to the subject property, In arriving at the estimate of Highest and Bcst
Use, the subject site was analyzed as vacant and available for development.
Possible Use
The subject site has 100 feet, more or less, offrontage on Collins A venue and 100 feet, more or less,
of frontage along the Atlantic Ocean. Therefore, the subject property has good access and exposure
on one primary street. The subject site extends for approximately 95 feet beyond the bulkhcad.
The subject site is rectangular in shape, having adequate functional utility, All necessary utility
services are available along existing street right-of-ways. The site is filled to street grade and does
not appear to have any drainage or subsoil deficiencies.
The subject site is approximately 38,725 square feet in size which equates to 0.889 acre, The size
of the subject site would not limit its use.
The physical characteristics of the subject site would not restrict any residential use of the site,
Permissible Use
Permissible or legal uses are those uses which are permitted by zoning or deed restrictions, There
are presently no known private deed restrictions of record,
The site is zoned for mixed use. The zoning of the site permits multifamily apartments, hotels,
motels, apartments-hotels, commercial services and retail goods (including spas and health clubs,
beauty salons, clothing, florists, gift shops, banking services, pharmacy, newsstands and restaurants),
conferencing facilities and meeting rooms, parking lots and garages, public parks and recreations
facilities and all uses permitted in RMF-2 districts,
Without bonuses the zoning allows a maximum floor area ratio of 2.5 times the land size, The
maximum number of apartment units without bonuses is 50 units per acre. The maximum height
of the subject site is not explicitly stated, but would be lirnited by setbacks and FAR requirements,
Approximately 44 residential units could be constructed on the subject site without bonuses. The
number of hotel units is not limited by this zoning classification because they are not considered
residential units. The portion of the subject site which extends easterly beyond the bulkhead counts
towards the r,A.R. ofthc sitc.
As proposed. the future development of this site would be eligiblc for FAR bonuses under the zoning
provisions for the Beach Access Bonus (Access easement and Beach access trust fund contribution),
Public beach recreational enhancement bonus, Collins A venue public streetscape enhanccrnents
bonus, Sunny [sles public parking bonus, and Public oceanfront park and open space enhancemcnts
bonus, These bonuses would allow the site to attain a maximum floor area ratio of 4.1 times the land
size or 158.772 square feet of building area. Per the Sunny Isles Beach zoning regulations, for each
floor area ratio increase of 0,02 achieved through the bonus provisions, an increase of one residential
dwelling unit per acre shall be granted to a maxirnum of 80 units per acre. Under these
circurnstanccs. approximately 71 units could be constructcd on thc subject site,
QUINLIVAN APPRAISAL
25
Feasible Use/Maximallv Productive Use
The physical characteristics and zoning of the subject property permit a wide range of potential uses.
The possible and permissible uses include multi-family residential buildings, hotels, and various
commercial/retails uses.
The subject site is proposed, without TDRs, to be developed with a 38-story condominium apartrnent
building containing 32 units. With TDRs, the site is proposed to be developed with a 40-story
condominium apartment building containing 38-units.
Surrounding sites are improved with rental and condominium apartment buildings, A building on
the subject site would have views across the Atlantic Ocean to the east.
Conclusion (As Vacant)
Based on the above factors, it is the appraiser's opinion that the Highest and Best Use of the site, as
if vacant, is for multi-family residential usage.
QUINLIVAN APPRAISAL
26
SCOPE OF THE APPRAISAL
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 Sale~. Comparison Approach is the most preferred and utilized technique when
sales of comparable sites are available. The other methodologies are indirect techniques which are
generally used when an area is primarily built-up and sales of comparable sites are scarce,
The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability
of recent land sales,
In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and
best use as the subject site are analyzed, compared and adjusted by time, property characteristics and
location to indicate the Market Value of the subject site as though unimproved, The reliability of
this approach is dependent upon the availability of comparable sales data, the verification ofthe sales
data, the degree of comparability and the absence of non-typical conditions affecting the sale,
A search for sales of vacant sites in the general location of the subject site was conducted. Sales of
sites with similar highest and best uses as the subject site are utilized in this analysis,
Data related to the subject property was derived from various sources including but not limited to
the Miami-Dade County Property Appraiser's Office, Miami-Dade County plats as complied by First
American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of
the City of Sunny Isles Beach, and tax roll information by ISCNET.
Comparable sales sources include First American Real Estate Solutions, Inc" on-line computer
service provided by ISCNET, Board of Realtors' Multiple Listing Service, Tri-County Clipping
Service and CoStar. Sales prices are typically confirmed with a party to the transaction, i.e. buyer.
seller, real estate agent or attorney to the transaction.
QUINLIVAN APPRAISAL
27
LAND VALUE ANALYSIS
QUINLIVAN APPRAISAL
LAND VALUE
A land value estimate is concluded by comparing the subject site to comparable land sales,
Generally, the comparable land sales are adjusted by time, property, and location to indicate the
Market Value of the subject site as though unimproved. This process is known as the Direct Sales
Comparison Method,
The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land
parcels in order to derive an indication of the most probable sales price of the site being appraised,
The reliability of this approach is dependent upon the availability of comparable sales data, the
verification of the sales data, the degree of comparability and the absence of non-typical conditions
affecting the sale,
The following page contains sales of similar land sites which have recently sold. Several other sales
were considered, but were not included because there was too wide a difference in physical factors.
location and time,
In comparing the sales to the subject, consideration is given to factors of time, location, property
characteristics, and terms and conditions of the sale. The sales are analyzed on a price paid per
square foot ofland area and a price paid per square foot of build able area, The appraiser considered
other units of comparison to include price paid per front foot and price per dwelling unit. Since the
number of units per acre and the site depths vary, these units of comparison do not form a consistent
pattern, Since most of the sales are located in Sunny Isles Beach or Bal Harbour with ocean frontage
and have the same or similar zoning classifications, the price per square foot should be a relatively
consistent unit of comparison.
The land sales are located within a three mile distance from the subject property and sirnilarly have
ocean frontage. Six of the seven sales are located within a mile distance of the subject site, The
subject site and six of the seven sale properties are zoned MU-R, Mixed-Use Resort District
Sale 1 is located on the southeast comer of Collins A venue and 170lh Street, approximately three-
quarters ofa mile north of the subject property. This 104,544 square foot site sold in June of2003
for $25,000,000 or $239.13 per square foot. This site is zoned MU-R, Mixed Use Resort District.
This site is currently vacant, A 284-unit condominium apartment building is planned for this site.
Sale 2 is located on the east side of Collins A venue between 1720d Street and l74th Street,
approximately one mile north of the subject property. This 39,099 square foot site sold in September
of 2003 for $8,500,000 or $217,40 per square foot. This site is zoned MU-R, Mixed Use Resort
District. A high-rise condominium apartment building is planned on the site, The sale price
included building plans and approvals.
Sale3 is located on the northeast comer of Collins Avenue and I OOth Street, approximately 2 Y. miles
south of the subject property, This 223, 118 square foot site sold in January of2004 for $50,400,000
or $225.89 per square foot. This site is zoned OF, Ocean Front. The Regent, a luxury condominium
apartment building, is under construction on this site
QUINLIVAN APPRAISAL
28
Sale 4 is located on the northeast corner of Collins A venue and Sunny Isles Boulevard,
approximately one-half mile north of the subject property, This 57,834 square foot site sold in May
of2004 for $20,000.000 or $345,82 per square foot. This site is zoned MU-R, Mixed Use Resort
District. A luxury condominium apartment building is under construction on this site.
Sale 5 is located on the east side of Collins Avenue between 170'h Street and 172"d Street,
approximately three-quarters ofa mile north of the subject property. This 97.300 square foot site
sold in October of 2004 for $32,100,000 or $329.91 per square foot. This site is zoned MlJ-R.
Mixed Use Resort District. A luxury condominium apartment building is under construction on this
site.
Sale 6 is located on the east side of Collins A venue between 170'h Street and 172"d Street,
approximately three-quarters of a mile north of the subject property, This 37, I 65 square foot site
sold in nine transactions between January and April of2005 for a total of$13,783,200 or $370.86
per square foot. This site is zoned MU-R, Mixed Use Resort District. This site is currently
improved with two-story, 55-unit condominium apartment building. A luxury condominium
apartment building is planned for this site,
Sale 7 is located on the east side of Collins Avenue,just south of Bayview Drive to the south side
of the subject site. This 57,064 square foot site sold in June of 2005 for a total of $26,000,000 or
$455,63 per square foot. This site is zoned MU-R. Mixed Use Resort District. This site is currently
vacant. A luxury hotel/condominium apartment building is planned for this site.
A detailed profile of each sale. a photograph of the sales, a sales map, a summary of the sales and
a value conclusion follows herein.
QUINLIVAN APPRAISAL
29
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 1
June 19,2003
$25,000,000
Warranty Deed
O. R, Book 21415, Page 4566
31-2211-004-0060
Beverly Towers, Inc.
Fortune Beach, LLC
The South 300 feet of the North 400 feet of Lot I, lying
East of Collins Avenue, TATUM'S OCEAN PARK
SUBDIVISION, according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County, Florida.
17001 Collins Avenue
Sunny Isles Beach, Florida
Irregular
104,544 Square Feet
2.40 Acres
MU-R, Mixed Use Resort District
Vacant
$239,13 per square foot
First Mortgage of $17,450,000 with Colonial Bank.
A 284-unit condominium apartment building is planned for
this site,
QUINLIVAN APPRAISAL
30
SALE 1
DA TE OF SALE:
SALE PRKJ';:. ...
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 2
September 10, 2003
$8,500,000
Warranty Deed
O. R. Book 21649, Page 2944
3 I -2211-004-0180
Blue Seas Associates
173 I 5 Collins Avenue, LLC
Portion of the North 100 feet of the South 200
feet of Lot 3 lying East of Collins Avenue,
TATUM'S OCEAN PARK SUBDIVISION,
according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County,
Florida.
17315 Collins Avenue
Sunny Isles Beach, Florida
100' x 391'
39,099 Square Feet
0.898 Acres
MU-R, Mixed Use Resort District
Vacant
$217.40 per square foot
First Mortgage of $7,200,000 with Hillcrest
Bank.
A high-rise condominium apartment building
is planned on the site. The sale price included
building plans and approvals.
QUINLIVAN APPRAISAL
31
SALE 2
DATE OF SALE:
SA];'!,; PRIGE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 3
January 15, 2004
$50,400,000
Warranty Deed
O. R. Book 21982, Page 4121
] 2-2226-005-0030
Smith Property Holdings
WCI Communities, Inc.
Tract E & Including Abutting Land to Erosion
Control Line, BAL HARBOllR OCEAN FRONT
ADDITION, according to the Plat thereof, Plat
Book 57, Page 68 of Miami-Dade County,
Florida.
10295 Collins Avenue
Bal Harbour, Florida
Irregular
223,118 Square Feet
5.12 Acres
OF, Ocean Front
Condominium apartment building under
construction
$225.89 per square foot
Cash to seller
The Regent, a luxury condominium apartment
building, is under construction on this site.
QUINLIVAN APPRAISAL
32
~ /. '
~ <
. -".(
. 1-.',
. 'f- .
1 ,
SALE 3
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 4
May 5, 2004
$20,000,000
Warranty Deed
O. R. Book 22317, Page 3049
31-2214-000-0040
Five Seas Investors, Inc.
La Peri a Sunny Isles, LLC
Lengthy legal, BELLA VISTA, according to the
Plat thereof recorded in Plat Book 53, Page 48
of the Public Records of Miami-Dade County,
Florida.
16699 Collins Avenue
Sunny Isles Beach, Florida
Irregular
57,834 Square Feet
1.33 Acres
MU-R, Mixed-Use - Resort District
Condominium apartment building under
construction.
$345.82 per square foot
Conventional Mortgage of $96,000,000 with
Bank of America
A luxury condominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
33
SALE 4
DATE OF SALE:
SALE PRIc:E,: ,', '
TYPE INSTRUMENT:
RECORDA TION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 5
October 4,2004
$32, I 00,000
Warranty Deed
O. R. Book22707,Phge 1216
31-2211-004-0150
Orot City, LLC
Fortune Ocean, LLP
Lengthy legal, T A TUMS SUBDIVISION,
according to the Plat thereof recorded in Plat
Book 53, Page 48 of the Public Records of
Miami-Dade County, Florida.
17101-17121 Collins Avenue
Sunny Isles Beach, Florida
Irregular
97,300 Square Feet
2.23 Acres
MU-R, Mixed-Use - Resort District
Apartment building under construction
$329.91 per square foot
Mortgage of $21,200,000 with HSBC Realty
Credit Corporation.
A luxury condominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
34
SALE 5
DATES OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTORS:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 6
January 7, 2005
January 10,2005
January 31, 2005
March 22, 2005
April 19, 2005
$13,783,200 ($9,317,400 + $980,800 +
$245,200 + $245,200 + $245,200 + $1,716,400
+ $410,000 + $380,000 + $243,000)
Special Warranty Deeds
O. R. Book 22998, Pages 3237, 3244, 3245,
3247,3249,3251
O. R. Book 23095, Page 1792
O. R. Book 23237, Page 4320
O. R. Book 23306, Page 893
31-2211-049-0010 thru -0550
La Martha, Inc., eta!.
Mully SB, LLC
All of DESERT INN CLUB I, according to the
Declaration of Condominium thereof, recorded
in Official Records Book 12195, Page 357, of
the Public Records of Miami-Dade County,
Florida.
17141 Collins Avenue
Sunny Isles Beach, Florida
Irregular
37,165 Square Feet
0.853 Acres
MU-R, Mixed-Use - Resort District
Condominium apartment building
$370.86 per square foot
First mortgage of $11,650,000 with LaSalle
Bank National Association for 2 years
The sale consisted of nine transactions. A
luxury condominium apartment building is
planned for this site.
QUINLIVAN APPRAISAL
35
SALE 6
DA TE OF SALE:
SALE BRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 7
June 20, 2005
$26,000,000
Warranty Deed
O. R. Book 23542, Page 1904
31-2214-008-0030
Fantasy of the Ocean, LLC.
Mansiana Ocean Residences, LLC.
NY, of Lot 77 and all of Lot 78, TATUMS
OCEAN BEACH PARK, according to the Plat
thereof recorded in Plat Book 5, Page 35 of the
Public Records of Miami-Dade County,
Florida.
15701 Collins Avenue
Sunny Isles Beach, Florida
150 feet x 380 feet
57,064 Square Feet
1.31 Acres
MU-R, Mixed-Use - Resort District
Condo sales center
$455.63 per square foot
Cash to seller.
A luxury hotel/condominium apartment
building is planned for this site. The site
extends for approximately 95 feet easterly
beyond the bulkhead.
QUINLIVAN APPRAISAL
36
-
_","..; '-~'4,"'v'c,.,,::;._>,:;
-. <<.<"",.:-0-,.: ::::_D~;"<,"':'P-<" -.
"'-' ""~-~-~'!~~~!
:' "O!'.\!
--".---
-~"'~!j,'''~~
>---:<'-~~~:~:~~~j;~iN~~
SALE 7
COMPARABLE LAND SALES MAP
Ike
I
NE 1915T
1[.' Nt '9Il'l!:!"
(ill ~ NE 1189
, Ojus-
18nH~~. E186T
11 ,,'
~;. ~~_~84J~ .:~
~ . ,:~J~iyO:
N~ "
18t~}
"'~
193i:cO-'''~4'.o
856
E
"
..
"6
i,
;:.',
oehmah'S Fashion Island
Dllnifoundling Bay
19151
190TH B
189TH ~
188TH ;:!
187TH <( Ai
188TH
r
I
I
': NE '.85~H
BAR~YHARl.f=Y
ISLAND. _..'.,.._
~ 1 SALE2 I
~:ol)- 17315 Collins Avenue
"" ,
"
z
m
~
flute Lake Maule ,~
cG ynolds Pari< Village Shoppes
-.\IA~cos
j
..<:?
.
~
NE 171S1.
"
I
I
L
SALE 6
Maule Lake
. NE169TH ~ -', 174
NE 16BTH ?< NE 172N
. NE '-57TH h _. _ ~ NE 170TH
- . Eastern Shores
.,NE ~66TH
t
,
i;;
II
~
Cl
, ~",
.f:6": ''':I'e~rnolds Park ~-a \&?, ~
~~~'\%
~~\
~.....tl
NE 164TH
"~''''/)j
:r
....
:r (:;
.... w
III z
SALE 1
17001 Collins Avenue
.,
.'
.,AUantic Is nd
SALE 4
16699 Collins Avenue
,
, ,
z
i1
~
.
~
Ci
KINGS POINT
,.1,
,',
.
SALE 7
15701 Collins Avenue
I S~;JEcr PROPERTY
15795 Collins A venue
i.
r
I
~ UNIVERSITY
,I
AlA
vHaulover Beach
i
"~I
NE 145TH
llorida Inti University
'I
LN
i!i
lQ:SSR916
~
z
l"RCH cREEK
MAGNOUA
SALE 3
10295 Collins Avenue
I
w
g ..~
~"'~
'k 'fQ\SC~
~Keystone Is-lands
jBAYVIEW LN
1110nT\~' ~_.. ....~A... ....In.."l:!...
. 103RD 102NO
Bakers I: ul()\'~ ulel
,#"
c;
'Ii'
~"'Il.o"
~....
..~o~'"
,Bal
II
I
I
00
~
....:l
<
00
~
z
<
...:l
~
10
~
I~
I~
I~
I~
00
II
I
II
u " '"
ou > oS l!!
'" 0 0
~-' , u u
u 0-' ~ ~ u E
'" 15u 0.,; ~ B 8 ~ t:
'" '--, <0 '0 ~
~ '" ~ 8 '" ;; it
" '" ,,; 0-, iio u E ~ .., <0
'" ~
'" N '" ~c ,_ u N - u $ '" .g 0 oD '"
..l <> '" ~3 ~'C ~ '" ~ ::, 'C on ~
.,; ii- ~ " '6' '" - 0 0 ,~
'" e' '" o u ::1~ .., ~ ,..: .., 0 0 ;:l; -
on <; "" ~O '" - '" ,~ - ::1 u u .., + " " " +
;; N
..,- U
;l '~ '" ~
:;j:N > E
cj '" 0
0 N"l u u
--l ..,'" ~ E ~
'" .5 --l r-:""'NO E '" t:
'" ,; <Ii ;::}~~~~ 8 5 ~
~ N '" it 0.
'" <0 M t: '" ~~=:::~ee 0 ~ oD
'" '" ~ ~ - .l!! .~ '" .g 0 ~ <0
" ~ coN""r---o oD .., 'C .,; oD
..l Co' M ::1 '3 ~...,a-l"'\O ~ '8 ~ ::, 0 5 <- ,..:
'" t:: ~ON"'" ,..: ~ 0
- ~ ::1 NV'lI"'H'lM <- ::1 .., '"
'" "" -' No::tNNN - '" .., .,; u u .., .., + " " " +
~
E
u 0 u
'" --l ~ - '" ~
--l u oD N,;
'" 0 -> t:
~ '" :;~ 0 N ~'" 0 0.
on '" ,,; 0 ~
<0 ::: C u - ,~ .l!! <0 .g '" N
'" Co' 5" <- -0 <0 '" 'jj '" oD
,..J Z N e t:-' <0 0:.: 8 .., .., ::, 0 ..;
" j::O: N
'" <0 .., 0-' N ,..: '" ::1 0 0 .., oD + +
'" - "" 0 ...-' N -u '" '" N :I: U .., .., + " " " +
.,;
~ u ,;
5 :;; > '"
'" ~ '" 5
u 0 ~ E
'" > 0 E '"
'" .5 , '" t: r.;
'" ~ '" ~ 0 0 it
..,. ~ .,; .~ <:' u 0 N
'" '" u .l!! ~ 0 ~
"" <0 '" <- '" '"
,..J N '" U - '" 8 .., ~ ::, ~ 'C on
~ 0 u o.u .., oD ~ N 0 ..,. ~
'" '" > 0 ~-' N :e ,..: .., ::1 0 .., + :j:
- 0 :3' :I: U Z
'" .., ~- -'-' N ~ - .., + " " "
.,; ,; "
.M > 0 '"
'" oS :g 0
e '2 u
~ '; E
, E ,
'" u E - ~ '" r.;
..,. <0 0. N 8 E
'" 8:(J, E !.! it
.... <0 .,; (; :!: <- u ~
<0 ~.5 ~
"" Co' '" N ~ 8 N 0 '" <0
..l ~ .0::"C 00 '" <0 'C on <-
~ 0 Uu '" N ..; C:! C N '"
'" - ,~ Eo ~.5 ::: '" N ... 0. (; N ;:l; + +
'" "" <n:I: N N N on 0 '" '" + " " " +
~
'" ,;
~ > '"
0 '" c
~ ~u ~ ~
'" ;;> :'=....J ..,. :E '"
.., <0 ~ 0-' ~ 0 5 it
"' '" <0 U.; N U C <0
'" 0 u
"" N '" ,~ , 0; ~ .l!! '" '" .g ~ N
2; <0 _0 - '" ~ 'jj ,..: ..,
..l ,~ u $ 8 <0 '" ::, c ..
, ..,u .., -
'" .; ,,> <- '" ~ 0 (; N ,~ + +
'" OJ; "" a; -'" N - - .., .,; ::1 :I: '" '" + " " " +
u U ,;
E -' ~
-' > E
~ .c '" u
u u ~ ~
.., 0 ~ ~ oD '"
<0 0 u 5
'" 0 oD 0
CD ~ it
- '" 0; :!: u c :;j: ~
N -2 u
'" 0; <0 0 ~ .l!! '" .g ~
..l 0, u , - ;;; 8 ~ * '" '"
,~ > t: ~ <0 i <0 :) C .., '"
'" '" "" " 0 <- ~ ::1 0 N ~ + +
'" '" ... "' ... N - '" - N :I: U '" .., + " " " +
u 'jj '"
>
'" 0 c
~ ::1 u
!- :E E ~
y 8 ;; 0.
"" o. ~
Ol ~ .~ '" '" lii 0
'" N ::, 'C
<- <- ~ 8 c
;;,;. ,~ .; ~ 0
'" - .., .,; ::1 u
"'
::1
E
"" '"
,..J z
r;; ;'i ..; "'", 52 '"
~ <Ii ...
"" 0"" ;- z
'" "' "'", 15
.;,; :i G:: u 0 "" ..;'" ~ '"
i :s. '" """, <Ii": z "
'" :.l ~ "" :> ..", -"" z 0 ...
'" :;:
!- '" U '" "" z "" "" Q eo( s"" "" u z "" '"
... ~ "" ~ 0 N N 1= "" ..:= "'= :; g N -'
Y 0 '" '-' ...
0 ;;;: ;;; ;;; '-' '" "z ....: ... "" ;;; '-' a
;; .... ;- ..: '" ... 0
'" z z .. '" '< Q Q Z ..: .. !j:S ""'" '" :.: ~ '" z '"
~ = Z W....l ;;; '" z
'" ;- '" ;; Q U Z Z "" ~ a u '- ...
a '" ..: '" '" Q 0 ..: ..: 0 '" ..... ~:;; ..: 0 '" 0 ""
'" '" " '-' 0 '" "" "" "" N " .. ..0 ..= '" :!' "" "" N Z
ANAL YSIS OF SALES
The land sales range in unit price from $217.40 to $455,63 per square foot of land area, The sales
range in time from June of2003 to June of2005.
ProDertv Ril!:hts
The fee simple interest is the property right of the subje~t property being valued. The comparable
sales involved the same type of property rights,
Conditions of Sale
All of the sales were arm's-length transactions, An arm's-length transaction, is defined as a
transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence
of normal competitive negotiation as might be true in the case of a transaction between related
parties.
Financing
The financing of the sales does not indicate any adjustments of the sale prices for favorable/below
market financing,
Date of Sale (Market Conditions)
The sales range in time from June of2003 to June of2005, There has been an upward trend in prices
over this time period, Many of the sales were contracted up to six months prior to the closing date,
A comparison of the unit prices of Sales I and 2 which sold in mid to late 2003 to the unit prices of
Sales 4 and 5 which sold in mid to late 2004 indicates an approximate 50% increase over a year
period or approximately 4% per month, While this may seem like a large increase, this increase per
month has been typical throughout Miami-Dade County over the past two years, Sale 6 consisted
of nine transactions from January of 2005 to April of 2005 with the majority of the transactions
occurring in January of 2005,
Location
All of the comparable sales are located along the east side of Collins Avenue with Atlantic Ocean
frontage in Sunny Isles Beach or nearby BaI Harbour. The sales and the subject site are considered
similar in location. Sale 7 is located on the south side of the subject site.
QUINLIVAN APPRAISAL
37
Site Size/Frontaee
The sale sites range in size from 37,165 square feet to 223,027 square feet. The subject site
containing 57,064 square feet is at the low end of the range of the sizes of the sales. Typically,
smaller sites sell at higher unit prices because a smaller site requires less absolute dollars to purchase
and there are less holding costs and reduced risks to a development on a smaller site.
Zonine
The subject site and six of the seven sales are zoned MU-R, Mixed-Use - Resort District. Sale 3
located in Bal Harbour has a similar zoning classification and highest and best use. No adjustment
for zoning is considered necessary,
Conclusion
Based on a careful analysis of the land sales, the subject property is estimated to have a value of
$425.00 per square foot ofland area and $115.00 per square foot of buildable area,
Land Area
38,725 Square Feet x $425.00 per Square Feet =
$16,458,125
Rounded
$16,500.000
Buildable Area
158,772 Square Feet x $115.00 per Square Feet =
$18,258,780
Rounded
$18,250,000
Land Value Conclusion
$17,250,000
QUINLIVAN APPRAISAL
38
ADDENDUM
QUINLIVAN APPRAISAL
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general 'assumptions:
I. No responsibility is assumed for the legal description or for matters including legal
or title considerations, Title to the property is assumed to be good and marketable
unless otherwise stated,
2, The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated,
3, Responsible ownership and competent property management are assumed,
4, The information furnished by others is believed to be reliable. However, no
warranty is given for its accuracy.
5, All engineering is assumed to be correct. The plot plans and illustrative material in
this report are included only to assist the reader in visualizing the property,
6, If no survey has been furnished to the appraisers, all measurements have been
confirmed either in the field, in the plat book or by other reliable sources and are
presumed to be accurate,
7, It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them,
8, It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and
considered in the Appraisal Report.
9, It is assumed, unless a study has been provided otherwise, that no hazardous material
such as asbestos, urea formaldehyde or other toxic waste exists in the property. The
existence of a potentially hazardous material could have a significant effect on the
value of the property,
10. In reference to proposed construction, the real estate taxes and other expenses are
estimated. These amounts are not guaranteed.
QUINLIVAN APPRAISAL
39
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 building pennit.
12. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state or national govemment
or private entity or organization have been or can be obtained or renewed for any use
on which the value estimate contained in this report is based,
13, It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report,
This Appraisal Report has been made with the following general limiting conditions:
I. The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization, The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used,
2, Possession of this report, or a copy thereof, does not carry with it the right of
publication, It may not be used for any purpose by any person other than the party
to whom it is addressed without the written consent of the appraisers, and in any
event, only with proper written qualification and only in its entirety.
3, The appraisers herein by reason of this appraisal is not required to give further
consultation, testimony, or be in attendance in court with reference to the property
in question unless arrangements have been previously made.
4, Neither all nor any part of the contents of this report (especially any conclusions as
to value, the identity of the appraisers, or the firm with which the appraisers are
connected) shall be disseminated to the public through advertising, public relations.
news, sales, or other media without the prior written consent and approval of the
appraisers.
QUINLIVAN APPRAISAL
40
06-15-2006 09:21AM FROM-
'---------,---- -'..
T-444 P 002 F-675
-----
!'IA HAND DELIVERy
, --
Greenberg
Traurig
May 11,2006
Jorge Vera, Zoning Administrator
CityofSwUly Isles Beach
17070 Collins Ave., Suite 250
Sunny Isles Beadl, Florida 33160
Reo' elli / PrOpeny located ot /5795 Collins Avenlle / Application for Site Pia"
Approval and rral/lj'er of Development Rigllts / Letter of Intem
Dear Mr, Vera:
On behalf of Ocean Palm Development, LLC (tbe "APPlicant"), which owns
approximately ,889 COntiguous acres of land situated Elt 15795 Collins A venue (the "Property"),
We respectfully submit this letter of intent ill connectioll with the above referenced prOposed
residential developmelll, The application includes two alternative site plan requests, one which
utilizes Transfer Development Rights (TDRs) and one which does not, Once the determination
has been made as to Whether the utilization of TDRs is Possible, the site plan which does not
apply Would be Withdrawn.
By and through the enclosed Application, the Applicant respectfully seeks approval to
redevelop the Property from its Current Use as a motel with a new luxurious residential
condominium tower. In order to effectuate this proposal, the Applicant respectfully requests the
fOlloWi,. (1) 'PPro~.1 of", ,i~ pi" pmpo~l, 'dop."" '" ""mJoPm'" pi", ~",I'"
"Chi" as prepared by the Sieger Suarez Architectural Partnership dated April 28, 2006,
Consisting of 27 sheets; and if necessary (2) approval Of the utilization of Transfer Development
Rights (TDRs) in accordance with Section 265-23 of the City's land Development Rogulations
(LDRs),
Tbe Property, which is improved with a motel originally Constructed in 1943, is located
east of COllins Avenue along the Atlantic Ocean_ At present, the Property abuts two approved
residellliaJ developments which have not yet been finalized, The Property is situated in tI,e
Mixed Use - Resort (MU-R) Zoning District and is designated Mixed Use _ High Density /
ReSOrt in the 2000-2015 Comprehensive Development Master Plan (CDMP)_ Uses permitted
within this land USe designatioll and Zoning classit/catioll include a wide variety of residential,
hotel, motel, and mixed residential-colnmercial projects, Section 265-35(A) of the L/)Rs sets
faith tile intent and purpose ofthe MU-R Zoning District as follows:
C".nOe<& r""';g, P,^ I AIl"m"", l,w /1221 a';ck.1I A"",u, I Mi.",;, Fl 33131 IT., 005,579.0500 I Fa. 305,579,0717 .www.gtl.wcon.
06-15-Z006 09:ZIAM FROM-
Mr. Jorge Vera
Page 2
December 19. 2005
T-444 POOl
HI5
~'
-
The Mixed Use Resort (MU-R) District provides for high density
residential develoomem of multifamily dwellings at a maximum
density of 80 dwelling units per acre, hotels, apartment hotels at
125 units per acre, retail goods and services, conference facilities.
and entertainment activities consistent with the City's
Comprehensive Plan Land Use Element and the corresponding
Mixed Use-High DensitylResort land use category,
Consistent with this provision, the Applicant herein proposes to redevelop the Property as a new
thirty-eight story (forty story with TDRs) oceanfront residential condominium tower with a total
density of thirty-two (thirty-eight with TDRs) dwelling units. This new tower, named "Chi", is
an inspiring architectural monument designed in a contemporary style that is consistent with and
will serve to compliment the rcdeveloping shoreline in the City of Sunny Isles Beach,
In order to further the intent of the MU-R Zoning District and to insure compatibility
with the new upwardly mobile character of the area, the Applicant has designed the Property
with luxurious dwelling units with oversized living areas that average 4,678 sq, ft, in size. In
, order to accomplish this proposal, the Applicant has incorporated the use ofTDRs and available
floor area bonuses into the proposed development plans. The proposed utilization of TDRs and
the FAR bonuses is sought in accordance with Sections 265-23, 265-35(D)(9)(c)(l)(a), 265-
35(D)(9)(c)(I)(b), 265-35(D)(9)(c)(2), 265-35(D)(9)(c)(3), 265-35(D)(9)(c)(4), and 265-
35(D)(9)(c)(5) of the City's LDRs, Please note that the proposed development is in compliance
with all of the MU-R zoning regulations and does not require any variances or waivers,
Thank you for your consideration of this application, We look forward to your favorable
review, If we can provide you with additional information or documents, please do not hesitate
to contact me at (305) 579-0613.
Sinf=erely,
II vtt ,ol -.....V
/ 0lU<.f-.r~'~J-e....<r<.,,::1:..
(~,-,^" Clifford A. Schulman
/)
Enclosme
cc: Bruce Goldstein
Charles Sieger
Jose Suarez
MJA-FS IIA VINOJIl721176vOl\1I7/0S
C(~eftbQ(g "frJurlg. P.A.
UD-"-'U'D UW:lIAM FROM- T-444 P.004/015 F-a75
- "'__ ~~~~~\YI~~
CITY OF SUNNY ISLES BEACH
PUBLIC HEARING APPLICATION MAY 1 5 2006
J 7070 Collins A venue, Suile 250 - Sunny Isles Beach, Florida 33 J I ,
CityH.II: (305)947-0606 Fax(305)949-3IJ3 *-~bCO .€l""\
Building DepElrlment: (305) 947-2150 FllX (305) 947-5107 PLANNING & ZONING DEPT.
PLEASE TYPE OR PRINT LEGIBLY, IN INK, ALL INFORMA nON ON APPLICATION
Hearing 11
Date Received
1. Name of Applicant: Ocean Paint Development. l.LC, a limited liability comDanv authorized to conduct
bU,jiness in Florida.
a, IfapplicaOl is owner, give name exactly as recorded on deed.
b, If applicant is lessee, au.ch copy of valid lease of one (I) year or mare and Owners Sworn-to-
Consent.
c, If .pplicant is corporation, partnership, limiled partnership, or h1Jstee, a separate Disclosure of
Jnterest f0I111 mUSl be compleled,
M.iling Address 2410 Hollvwood Blvd
City HollvwooJl Slale Florida
Tel. 11 (during working hours): 954-920-7798
Name OfPl'opel'ty Owner, Same as above
lip 33020
Other 954-920-4458 Fax
2,
3. Mailing Address:
City
State
Zip
Other
4,
Tel: # (during working hours)
Contact Person: Cliffnrd A, Schulman Greenbem Troung, P,A,
Mailing Address: 1221 Brickell Avenue
City Miami
State Florida
Zip 33131
Other 305-579-0837
Tel. # (during working hOllrs): 305-579-0613
5. LEGAL DESCRIPTION OF THE PROPERTY COVERED BY THE APPLICATION
a, If subdivided, provide lot, block, cnmplele Mme of subdivision. plat book and page nllmber,
b, If metes and bounds description, provide complete description (including section, township and
mnge)
c, If separate request apply 10 different areas, provide the lego' descriplion of each area covered by a
separate requeS!,
d, Allach a separate, typed sheet ifl1ecessary, Verity lhe lecal is COITeCI.
See 8uached Exhibit "A" iltI.ched hereto'.nd incoroorated lierein.
6. Address or location of subject prnpelty: 15795 Collins Avenue
UD-IU-'UUD U~;'IAM
FROM-
T-444 P,005/015 F-675
'-
7.
Size of property:
Date subject property acquired: lRIor leased 0 day of 911993
years/months.
ft,x
ft. acres: +/. .889
8.
tenn ofIease
9, Does property owner own contiguous property to the subject property? If so, give complete legal
description of entire comiguous properlY. (If lengthy, plcase type on a sheetlab.led "Comiguous
, Property".
No,
1 0, Is there an option \0 purchase IRI or lease 0 the subject propeny contiguous thereto?
iBl Vcs Or 0 No, If yes, who is the potential purchaser or les.ees? (Complete seclion of Disclosure of
Interest form also),
II, Present zoning elassiflcatlon(s), Mixed-Use Resort (MIl.R)
12. REQUEST(S) COVERED UNDER THIS APPLlCA nON:
Please check the appropriate box and give a brier description of the nature of the request in Ihe space
provided.
o Comprehensive Plan Amendment
o District Boundary (Zone) Chang.(s)
iBl Site Plan Approval
o Conditional Use
o Variance
o Plat Approval
iBl Transfer Development Righls
o Vested Rights
o Appeals
o Moclification/Deletion or Declaration or Covenant
13, Has a public hearing been held on this property within the last year and a halt'7 0 yes IRI no
If yes, applicaats name
Dale of hearing
Nature of hearing
Decision of hearing
Resolution /I
14, Is this hearing being requesled as a result of violation nOliee? 0 yes 0 no
If yes, give name to which violarion notice was served.
Nalllre of violation:
15, Are there any existing slructures on the properly? IRI yes 0 no
If yes, briefly describe, Motel
16, Is there any existing use on the property? IRI yes 0 no
Ir yes, whal is the LIse 1ll1d when was il established? Use: M,gtel
Established:
2
UD-lg-'UUb U~:~IAM
FROM-
T-444 P 00S/015 F-ST5
~-
OWNlrR OR TENANT AFFll>A VIT
I, being first duly sworn. depose and say thm I aln the 0 Owner 0 tenant of
the property described and which is the subject matter of the proposed hellTing: malter attached ta and madc a part af
Ihe application are honest and true to lhe best of my knowledge and belief. I underswnd this application must bc
complete and aCCurale before lhe application an c submitted and the hearing advertised,
Signature
Sworn 10 and subscl'ibed 10 before me Ihis day of
. Notal)' Public
Commission Expires:
.............................................................................
CORPORATE AFFIDAVIT
J. Broce Goldstein, being tirst duly sworn, depose and say that I am a Member of Ocean Palm DeveloDment LLC , a
Florida limited liability compauy authorized to condllct business in Florida and as SUch, have becn amhorized by the
company ta file this application far public hearing; that all answers to the questions in said application and all
sketches, data and other supplememal)' malter attached to and made a part of this applicalion lITe bonest and truc to
the be'l of our knowledge and belief; that said company is lhe owner of the propeny described herein and which is
Ihe sLlbject matter of the PI'oposed hearing. lundersrand this application mu.t be complete and aeeurale before lh.
application car he submitted and the hearing advenised.
BY:
(Corp. Seal)
Sworn Lo and subscribed to before me
this _~J. day o~,.....j~'1teDlIOtllt!9.6fetreault
~~t....::';'" \ COllnmssiollllDD370155
~:,:, 'l)J:~ Expires: Nov OS, 2008
'-;>.1,;..,;....,-. eondod'Tbni
~I lI~i:\Ir.;" . .
.............................................................................
ment, LLC, a Florida
pan
Attesl:
NOTary Public
Commission Expires:
I/i/ .;Joo;r
PARTNERSHIP AFFIDAVIT ,
We. the undersigned, being first duly sworn depose and say that we are p1lttners of The hereinafter named partnership
and as such, have been authorized to file this application for a public hearing; that all answers to the quc!;tion!; in
said application and all sketches. data and other supplementary matter anached to and made a part of this application
arC honesl and ITue to the beST of our knowledge and belief; rhat said partnership is the 0 owner 0 tenam of the
property described herein, which i~ the ~ubjectl11atter of the proposed hearing, We undersTand this application must
b. camplele and accurote before the applicarions can be submitted and hearing advertised.
(Name of Partnership)
BY'
BY:
(Corp. Seal)
Sworn TO and subscribed to before me'
this _ day of,____, 1005
BY:
BY:
Attest:
Notary Public
Commission Expires:
UD-IO-'UUD U~:21AM
FROM-
T-444 P,007/015 F-675
'-'
....--
LIMITED PARTNERSHIP A FFlDA VIT
We, the undersigned, being first duly sworn depose and say that we are partners of the hereinafter named limited
partnership and as such, have been authorized to file this application for a public hearing; that all answers to the
questions in said application and all sketches, data and other supplementary matter anached to and made a pan of
this application are honest and true to [he best of our knowledge and belief; that said partnership is the
o owner 0 tenant of the property described herein, which is the subject matter of the proposed hearing, We
understand this application must be complete and aCCurate before lhe applicmions can be submitted nnd hearing
advertised.
(Name of Partnership)
BY,
BY:
(Corp. Senl)
SWOnlto and subscribed to before me
this _ day of , 2005
BY:
BY:
Allest:
Notary Public
Comm ission Expires:
.............................................................................
TRUST AFFIDAVIT
I, being first dUly sworn, depose and say that I am the trustee of the
property described and which is the subject malleI' of the proposed hearing: matter attached [0 and made n pan ofIhe
application arc honest and lrue to Ihe best of my knowledge and belief, I understand this application must be
complete and accurate before the application can be submitted and the hearing advertised.
Signature
Swam to and subscribed to before me th is day of
, NOlUry Public
-
Commission Expires:
-
....................M........................................................
ATTORNEY AFFIDA VlT
I, Clifford A. Schulman being first duly sworn, depose and say Ihatl aln a State of Florida Allorney At Law and I
am the Attorney for the Owner of the propel'y described and which is the subject mattei' of the proposed hearing:
mailer anaehed 10 and made a part of the application Me honest and true to the best of my knowledge and belief. I
understand this applicntion must be complete and aecumte before the applicaliol .~an be submitted and the hearing
advertised. 1 j
Sworn to nnd subscribed to before me this day of
\ \o.~ ,'? , -2-.='"
,
r:ue.of.Erol1da....- ~
'!tIn-Jose LOpeZ
My COfl1trt~5101\ DD37Je25
Commis~ion Ex
. CI,'\: ',1..
...-.--.....,.......-..-....
......M......................................................................
4
Oi-15-Z0Di 09'22AM
FROM-
T-444 P,008/015 F-S75
OWNERSHIP AFFIDAVIT
FOR LIMITED LIABILITY COMPANY
STATE OF Florida PllbJic Hearing No.
COUNTY OF Miami-Dade
Before me, lhe undersIgned authomics, personally appeared Bruce Goldstem, herem after the Affiallt, who being
duly sworn by me. Oil oath, deposes and SEOYS;
I. Artianl is a Member of Ocean Palm DeveJooment. LLC, a Florida limited Iinbility company authorized to
conduct business in Florida (the :Company"), with the following .ddr..o:
2410 Hollvwood mvd.. Hollvwood. Florida 33020
2. The Company owes the property Ihal is Ihe subject of the proposed hearing.
3. The subject property is legally de.cribed as:
See allached survey
4. Al'liams are legally authorized to file this application for public hearing.
5. Affiants understand Ihat this affidavit is subject 10 Ihe penalties of Jaw lor perjury and the pos.ibiliry of
vOiding of any zoning granted at public hearing.
Witnesses:
BY:
Ocean Palm Development, LLC, a Florida
limited liability company
(
Signature
BY:
-e n.e -it e. If' e/f-tlL-
Prim Name
Signalurc
Pr jot Name
Sworn Lo and subscribed befOre me On lhc B"1'11dayof /11 /tt1 ,2006. Affiants al'e personally known to me 01'
have produced as idelllifltfation,
~P-.- .
.' \~l on#DD370155
;;:~" ..;1 Expires:Nov08,2008
Commission Ei,'P.dr~''- Bondod TIl",
, .""., Ananuc &II\lIllSCU..I.....
______.----J
2
Ug-I~-,uua U~:"AM
FROM-
T-444 P,OOQ/OI5 HI5
Public Hearing No:
RESPONSIBILITIES OF THE APPLICANT
PLEASE READ CAREFULLY BEFORE SIGNING
I hereby acknowledge thm I am aware that the Department of Environment a! Resources Management (DERM) and
the Miami-Dade County Fire Department (MDFJ)) will review and comment On all dellelopment applications,
These comments sometimes include requirements for an additional public hearing befOre DERM Environmental
Quality Control Board, (EQCB) the preparlition and execution of agreements to run with the land, which are
recorded, prior to obtaining a building permit
I understand thm is my responsibilities as the applicant Or applicants represelllative to promptly follow through with
tile compliance ofDERM and MDFD requiremenfs or to advise this office in writing If the applicarion will not go
forward and may be considered withdrawn, Contact with the above-mentioned agencies is advised during the
hearing process.
Permit requirements: 1 al.o understand that Ihe Florida Building Code, DERM and MDFD may con rain
requirements that affect my ability to oblain a required bUilding permil for my projcct, even Ifthe zoning application
is approved al pllblie hearing. I am awaru that a Building Permit is required for all construction and Ihat t am
responsible for obtaining the required pennit, all required inspections, the Certiticate of Use and OCCOPMCY Or
Certificate of Completion for any and all structures and additions whether proposed or uxisting without permits_
Additionally I am aware a Certificate of Use and Occupancy must be oblained for the use of the property, if
approved at a Zoning Hearing and that failure to obtain the required permita and/or Cerlificatcs of Completion, Use
and Occupancy will result in the initiation of enforcemenl aclion again.t the occupant and owner, I further
understand that subminal of Zoning Heating applicalion will not necesaary foreStall enforecment action again.tthe
properly _
B ,
~I, LLC. a Florida
allY
NotalY: Sworn to and subscribed to before me
this r;/It day of mlH; ,2006
~
~tJn6 Y;;...b-~~d
Notary Public
Commission Expires: 'I /3 j.J- /) t? Ji
, ,
,,'.i\~~~';:~, Kenn~t~ S. 'folrllftult
[~''''''\)\.1 CO~SSJon#DD370m
"<.~'. 'fJi>:"l Expires: No\' 08, 2008
~..?ia;;.\.o\,.. Bonded ThrU
"'fl'" Atlautic f:Io.GdlngOt.~ "ll;..
3
06-15-2006 09:22AM
FROM-
T-444 P,OlO/015 F-G75
"-./
DISCLOSURE OF INTEREST
If rhe propel'ly which is the subject of the upplication is owned or leased by a CORPORATION, list the principal
stoCkholders and principal oJ'licers or slockholders consist of another corp01"ltion(s), trustee(s), partncrship(s) 01'
orher similar entities, fiJrrher disclosures shan be required which disclosures the ide1Jlity the individual (s) (nntural
persons h.ving the ultimate ownership' Interest in the aforementioned entity)
Ocean Palm Development, LLC, a Florid. limited liability company
Name Address anti Omee Percent..c on;tock
,......
Bmce Goldstein, Member 100%
1
If the properry, wluch is the sul:\lect of lbe UpphCallon, 15 owned or leased by a TRUSTEE, list rhe beneficlar,es of
lhe Imst .md the percentnge of interest held by each. {Note: where the beneficiary(s) consist of cOlporutions(s),
another mlst(S), paI1nership(s) or other similar entities, funher disclosure shall be required which disclosures the
identity of the individual(s), (natural persons) having the ullimate ownership intere.t in lhe aforementioned entity),
NOT APPLICABLE
Trost Name '
Name and Address
l'ercenta~e oflmeresl
06-15-2006 09:22AM
FROM-
T-444 P,Oll/015 F-G75
The .bove is. full disolosure of.Il parties oriolercsl io Ihe application LO Lho be't of my knowledge and belief,
BY:
t, LLC, . Florida
y
BY;
Br
n,
NotaTV: Swore to and subscribed 10 before l11e
ihis ~ day of--L1ltl:-9 .2006
(Soal)
/i./~ ~__.wr
. Notary Public
Commission Expires: /1,/ S;/;'RIJ J
>:d\l\!I~, Kenneth S. Tel eaul!
.:"~~'~ Commission#Dm70lSS
~;!, 'll.::axpires: Nov 08, 2008
-:......'f~o.fi.at!..~ BondcdTIlft'
"~"rrll'\'" Atlantic Bondins Co., Ine.
'Disclosure sllall nOI be required of any enLity; the equity which are regularly traded On on established securilies
market in the United Smtes or olh.. coumlY; or ony entity; the ownership interest of which are held in a limiled
pmner<hip consisting of more than 5.000 separalo interest and where no one person or emilY holds more lhan a total
of 5% ofrhe ownership lmeresl in lhe limited parmership,
MIA-F, "^ VfNOJII787913vOl WI 1/06\99901,603331
5
06-15-Z006 Oe,Z2AM FROM-
City Use Only
Date Received
Date Issued
Resolution
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
l APPLICANT INFORMATION
T-444 P012/015 F-675
'--'
~~O::IE~W~~
~ , MAY 1 5 2006 ,
--
\'J)g,o&-o~
PLANNING & ZONING DEPT.
-- ..-..-
Clerk of COUlt Use Only
NAME Ocean POlIm Development, LLC.. a limited lillbiIitv conlDanv authorized to
conduct business in Florida
PHONE 954-920-7798
E-MAIL
ADDRESS 2410 Hollvwood Boulevard
CITY AND ST ^ TE Lakeland, Floircla
FAX 954-920-4458
ZIP CODE 33811
II. RECEIVER SITE INFORMATION, AS APPLICABLE
OWNER'S NAME Ocean Palm Development. LLC.. a limited liability companv
authorized to conduct business in Florida
PHONE 954-920-7798
E-MAIL
PAX 954-920-4458
ADDRESS 2410 Hollvwood Boulevard
'CITY AND STATE Hollvwood. Florida
ZIP CODE 33811
PROPERTY ADDRESS/LOCATION 15795 Collins Avenue. Sunnv Isles Beach. Florida
LEGAL DESCRIPTION See Exhibit "A' llttllcb~d hereto and incorporated herein.
FOLIO NUMBER 31-2214-008-0040
Uij-ID-~UUb US:22AM FROM-
T-444 P,013/015 F-615
"-...
CURRENT ZONING MU-n.
ZONING SIZE +/-.889 acres PURCHASE DATE Sept. 1993
EXISTING USE OF PROPERTY Motel
EXISTING STRUCTURE ON PROPERTY 13.000SQ.Ft. Motel
PROPOSED FLOOR AREA RATIO 4.65
PERCENTAGE OF RIGHTS TO BE RECEIVED 16%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 25.491 SqUare feet
DWELLING UNITS TO BE RECEIVED 0
TOTAL FLOOR AREA RATIO INCLUDING TOR 4.65
TOTAL DWELLING UNITS INCLUDING TOR 32
III, SENDING SITE INFORMATION, AS APPLICABLE
OWNER'S NAME
PHONE
ADDRESS
CITY AND STATE
PROPERTY ADDRESS/LOCA nON
LEGAL DESCRIPTION
FOLIO NUMBER
PROPERTY SIZE
EXISTING USE OF PROPERTY
EXISTING STRUCTURES ON PROPERTY
BASE FLOOR AREA RA no (>ERMITTED UNITS PERMITTED
SQUARE FOOTAGE OF FLOOR AREA TRANSFERRED TO TDR BANK
DENSITY ll-
E-MAIL
FAX
ZIP CODE
CURRENT ZONING
PURCHASE DATE
M1A.F5l\AVINO}\17:!~TlD~nl\l /(ycynl_ DOC\'7lt'/OS\~"~.1~ II I II I uti
2
Ub-IO-'UUb U~ : '3AM FROM-
T-444 P014/015 HI5
DWELLING UNITS TRANSFERRED TO TDR BANK
IV, APPRAISAL INFORMATION - AS APPLICABLE [APPRAISER MUST BE
APPROVED BY THE CITY)
NAME
PHONE
E-MAIL
FAX
ADDRESS
CITY AND STATE
ZIP CODE
DATE OF APPRAISAL
APPRAISAL VALUE OF SITE
v. TITLE COMPANY INFORMATION AS APPLICABLE [TITLE COMPANY
MUST BE APPROVED BY CITY)
A COMMITMENT OF TITLE INSURANCE FOR A FORM "B" MUST BE SUPPLIED BY
THE SENDING SITE APPLICANT AS PART OF A COMPLETE APPLlCA nON
NAME OF TITLE COMPANY
ADDRESS
PHONE
E-MA IL
FAX
VI. SURVEY COMPANY INFORMATION
ADDRESS
PHONE
E-MAIL
FAX
VII. ENVIRONMENTAL AUDIT INFORMATION [COMPANY MUST BE
APPROVED BY CITY]
NAME OF COMPANY
ADDRESS
PHONE
E-MAIL
FAX
Mrll.r:s,I'.\ VINOJ\17?2710vOI\1 KVCVUI_.DOC\'Jr)llt5\~!l~l3 1I1DllJO
3
UU-IO-'UUU US :liAM FROM-
T-444 P015/015 H75
~-'
--...'
OWNERSHlP AFFIDAVIT
FOR LIMITED LIABILITY COMPANY
STAlE OF Florida
COUN'IY OF Miami.Q~de
Before me, the undersigned authorities, personally appeared
duly sworn by me, on oath, deposes and says:,
Public Hearing No,
~
.. ..,., hereinafter the AlIianl, who being
I. Affiant is a Member at Ocean Palm DeveloDment. LLC a Florida Iimiled liability company authori;ccd 10
conduct business in Florida (the :Company"), with the following address;
2410 Hollvwood Blvd, HoIlvwood, Florida 33020
2, The Company owes the property that is the subject ofIlle proposed hearing.
3. The subject property is legally described as;
See attached SUlVev
4, AreanlS lll'e legally authorized to file tlns application for public hearing,
S. Affiants undersland Ullll this affidavit is subject to the penalties of law for perjlllY and \he possibility of
voiding of any zoning gnmted at public hearing,
Wilnesscs:
BY:
Ocean Palm Development, LLC, a Florida
limited liability company
J~s /.k~
SignanlTC
BY;
de '1-, 'eI/'1-(/.t.-T
Print Name
Signalure
Print Name
Swonl to and subscribed before me on the ~ day of M ~ ,2006. Affiants III rsonally known 10
have prodUCed as idenl; cmion. ,..,L
~S/~~a
,~.i~l
,'If. - 370IS)
~~" ,:..-J' plIes. o~. 2008
,''Ii,..'..". BondodThru k /.
Conunis~i~'f!~ir65JU>ricBoodlllgq,f, ~ If ~
, /
e or
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the tield of real estate appraising since 1972, Associated with F, Robert Quinlivan, MAl,
from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Firm, established in 1964,
Graduate:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD. Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM. Master of Science in Management (Major in Real Estate)
University of Miami
MALS. Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAl NO 5791)
Member of the Florida Bar (NO 239992)
Real Estate Broker, State of Florida (NO 0125264)
Certified General Appraiser, State of Florida, License NO RZOOOO 112
QUINLIVAN APPRAISAL
41
Qualified as an Expert Witness in the Following Courts:
Miami-Dade, Broward, Palm Beach and Monroe County Circuit Courts
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (1978 - 1980),
Miami-Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter NQ 71,
Society of Real Estate Appraisers (1983 - 1984)
Past President - South Florida Chapter NO 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (1981 - 1991)
THE REAL EST ATE APPRAISER AND ANALYST published quarterly by the Society of Real
Estate Appraisers
Recent Publications:
"Non-Conforming Use Properties: The Concept of Positive Economic Obsolescence", TheAooraisal
Journal, January 1981, Pages 45-51. (Arthur A, May Memorial Award 1982).
QUINLIVAN APPRAISAL
42
QUALIFICATIONS OF THE APPRAISER
PATRICK QUINLIVAN
Experience:
7/2004 - Present
811997 - 12/1998
5/1996 - 8/1996
5/1995 - 811995
Quinlivan Appraisal, PA,
Associate Real Estate Appraiser
9/2000 - 7/2004
CBS Sportsline.com
Senior Software Engineer
111999 - 9/2000
Florida Power and Light
Computer Programmer
Graduate:
University of Florida
BS - Bachelor of Science in Psychology (8/1997)
Florida International University
BS - Bachelor of Science in Computer Science (12/1998)
University of Florida
MBA - Master of Business Administration (Expected completion 5/2006)
Professional Affiliations:
Registered Trainee Appraiser, State of Florida, License NQ RI15680
QUINLIVAN APPRAISAL
43
Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Coroorations:
AT&T
Archdiocese of Miami
Atlantic Security Bank
The Bank of America
Bank United
Barry University
Bessemer Trust Company
California Bank and Trust
Chevron Oil Company
Chase Manhattan Bank
Chemical Bank
Citibank
Citrus Bank
City National Bank of Miami
Coamerica Bank
Coconut Grove Bank
Commerce Bank
Commercial Bank of Florida
Consolidated Bank
Colonial Bank
County National Bank
Eagle National Bank
Eastern National Bank
, Equitable Bank
Espirito Santo Bank
Farm Credit of South Florida
Fidelity Bank
First International Bank
First National Bank of South Miami
Florida International University
First Nationwide Bank
Florida Memorial College
Florida Power and Light Company
Florida Rock Industries
Great Eastern Bank of Florida
Greyhound Lines
HSBC
Hemisphere National Bank
Intercontinental Bank
QUINLIVAN APPRAISAL
44
International Bank of Miami, N,A,
Jefferson Bank
LaSalle National Bank
Marine Midland Bank
McDonalds Corp,
Mellon United National Bank
Metro Bank
Miami-Dade County Community College
Miami-Dade Water and Sewer Authority
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Pan American Bank
Pointe Bank
Shell Oil Company
South Trust Bank
SunTrust Bank
TotaIBank
Trade National Bank
Trust for Public Lands
UniBank
Union Planters National Bank
University of Miami
Wachovia
Wal-Mart
YMCA
Governmental Al!:encies:
City of Aventura
City of Coral Gables
City of Hialeah
City of Miami
City of Miami Parking Authority
City of Miami Beach
City of Miramar
City of North Bay Village
City of North Miami Beach
City of South Miami
City of Sunny Isles Beach
Miami-Dade County Aviation Department
Miami-Dade County Department of Development & Facilities Management
Miami-Dade County HUD
Miami-Dade County Property Appraisal Adjustment Board
Miami-Dade County Public Schools
QUINLIVAN APPRAISAL
45
Miami-Dade County Public Works Department
Miami-Dade County Transportation Administration
Miami-Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Attorney General's Office
State of Florida, Department of Community Affairs
State of Florida, Department of Corrections
State of Florida, Department of Environmental Protection
State of Florida, Department ofInsurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Army Corps of Engineers
United States Department of Justice
United States Department of Commerce
United States Department of the Interior
United States General Services Administration
Village of Islamorada
Village of Key Biscayne
Village of Pinecrest
Law Firms:
Akerman Senterfitt
Greenberg, Traurig
Daniels, Kashton, Downs and Robertson
Holland and Knight, LLP
Shutts & Bowen
Ruden McClosky, LLP
Steel, Hector & Davis. LLP
Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P,A,
Tvpes of Properties Appraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
HotellMotels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
46
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S. Edelcup, Mayor
Roslyn Brezin, Vice Mayor
Gerry Goodman, Commissioner
Danny Iglesias, Commissioner
Lewis J. Thaler, Commissioner
A. John Szerlag, City Manager
Hans Ottinot, City A lIorney
Jane A. Hines, City Clerk
MEMORANDUM
Elena Del Campillo, Planning & Zoning Technician
Priscilla Walker, CMC, Deputy City Clerk---:V~
October 23,2006
Approval of Ocean Palm Development/Chi TDR Resolution
At its special meeting of October 17, 2006, the City Commission adopted Resolution No. 2006-
992, which accepted the appraised land value for the above for TDR purposes. Attached is a
copy of the approving resolution to assist you in processing this item with the applicant.
Thank you.
:pw
Attachments
cc: A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jorge L. Vera, Assistant City'ManagerlServices
Ocean Palm-Chi (15795 Collins) Tdr Approval Trans Memo
"
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida33160
(305) 947-0606 City Hall
. (305) 949-3113 Fax
(305) 947-2150 Building Deportment
(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
Elena Del Campillo, Planning & Zoning Technician' .
Priscilla Walker, CMC, Deputy City Clerk~~
October 23, 2006
Approval of Ocean Palm Development/Chi Zoning Application and Site Plan
At its special meeting of October 17, 2006, the City Commission adopted Zoning Resolution
No. 06-Z-103, approving the zoning application submitted by Ocean Palm Development, LLC
for the TDRs and "CHI" site plan approval. Attached is a copy of the approving resolution to
assist you in processing this item with the applicant.
Thank you.
:pw
Attachments
cc: A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jorge L. Vera, Assistant City Manager/Services
Ocean Palm-Chi (15795 Collins) Zoning Approval Trans Memo