HomeMy WebLinkAboutReso 2006-1005
RESOLUTION NO. 2006- ~()5
A RESOLUTION 0)<' THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR THE
ACCEPTANCE OF THE APPRAISED LAND VALUE OF
TWENTY TWO MILLION SEVEN HUNDRED THOUSAND
DOLLARS ($22,700,000) FOR THE PROPERTY LOCATED AT
17475 COLLINS AVENUE AfKlA SUNNY ISLES RESORT
DEVELOPERS, LLLP.; PROVIDING FOR THE ACCEPTANCE
AND PAYMENT BY THE APPLICANT IN THE AMOUNT OF
SIX MILLION EIGHT HUNDRED TEN THOUSAND ONE
HUNDRED SIXTY EIGHT HUNDRED ($6,810,168) FOR THE
TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE
AMOUNT OF FIFTY ONE THOUSAND SEVEN HUNDRED
FORTY NINE 51,749 SQUARE FEET OF FLOOR AREA AND
TWENTY FIVE (25) 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 FIFTY ONE THOUSAND
SEVEN HUNDRED FORTY NINE 51,749 SQUARE FEET OF
FLOOR AREA AND TWENTY EIGHT (28) DWELLING 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.. Ul~adopted November 16, 2006, the City
Commission approved the zoning application submitted by Sunny Isles ResOlt Developers,
LLLP. ("Applicant") for the transfer of TDRs in the amount of fifty one thousand seven hundred
forty nine (51,749) square feet of floor area and twenty (25) dwelling units; and
WHEREAS, pursuant to Section 265-23 D of the Code of the City of Sunny Isles Beach,
the City Commission shall consider the acceptance of the appraised land value in the amount of
seventeen million two hundred fifty thousand dollars ($22,700,000) for the receiving site; for the
purpose of calculating the square foot value of the approved TORs; and
WHEREAS, the City Commission shall consider the acceptance of six million eight
hundred ten thousand and one hundred sixty eight dollars ($6,810,168) by the Applicant for the
transfer of fifty one thousand seven hundred forty nine (51,749) square feet of floor area and
twenty (25) dwelling units; and
WHEREAS, the Applicant is required to pay a per square foot price of $131.60 as
reflected in Exhibit "A".
WHEREAS, the City's TDR Bank balance will be adjusted to reflect the sale of TORs to
the Applicant to reflect the reduction of fifty one thousand seven hundred forty nine (51,749)
square feet or floor area and twenty eight (28) dwelling units.
TDR Transfer- Ocean Beach Resort
Nov. 17,2006
WHEREAS, the property receiving the transfer of development rights ("TDRs") has the
following legal description: The North 100 feet of Lot 3 of TATUM'S OCEAN PARK
COMPANY'S SUBDIVISION, lying East of the Easterly right-of-way of State Road AlA,
according to the Plat thereof, as recorded in Plat Book 10, at Page 64, of the Public Records of
Miami-Dade County, Florida.
WHEREAS, the Applicant agrees to purchase TDRs in the amount of fifty one thousand
seven hundred forty nine (51,749) square feet or floor area and twenty (25) 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 twenty two million seven hundred thousand dollars ($22,700,000)
("Appraised Value"), for the Receiving Site as set forth in the attached appraisal summary.
Section 3. Total Pavment for TDRs Based on the Appraised Value set forth in Section 2
hereinabove, the City Commission hereby approves the payment of six million eight hundred ten
thousand and one hundred sixty eight dollars ($6,810,168) by the Applicant for the transfer of
fifty one thousand seven hundred forty nine (51,749) square feet of floor area and twenty five
(25) dwelling units from the City's TDR Bank to the Receiving Site generally located at 17475
Collins Avenue pursuant to Zoning Resolution No.b~''2-IO'' If the Applicant fails to pay the total
amount for the TORs, 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 $6,810,168. The
total amount of deposit is $681,017. 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 ofTDRs, site
plan approval.
Section S. 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 fifty one
thousand seven hundred forty nine (51,749) square feet twenty-eight (28) dwelling units.
Section 7. Authority of the City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
TDR Transfer- Ocean Beach Resort
Nov. 17,2006
Section 8.
Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this I('..v.. day of November 2006.
~',.
. " '. l~ .f.';' (',
,\ t. l
( I '.;I .",
. .,. Al,TEST: _ \'';.
"i;..j\'\'\'A~.'::;'~' .
".~-"~
.J;Jane'}... Hi~es, Cl\.4g, City Clerk
, '1'.)
. "-. -' '.<,)'"
~'I .'
Moved by:
COW'l'tY'\lSC;;IOI\)'i1t Ie.. L~.s:I1l-S
Seconded by: ~Y't\m\S<::lllJ\)~ TH~R
Vote: 5-~
Mayor Edelcup
Vice Mayor Brezin
Commissioner Goodman
Commissioner Iglesias
Commissioner Thaler
V (Yes)
~(Yes)
V(Yes)
V(Yes)
V(Yes)
_(No)
_(No)
_(No)
_(No)
_(No)
TDR Transfer- Ocean Beach Resort
Nov. 17.2006
EXHIBIT "A"
Applicants TDR Requested: 51,749 square feet and 25 dwelling units
Appraisal Value
FAR plus Bonus
$22. 700.00 = $131.60 per square feet
172,497
51,749 X $131.60 = $6,810,168 total value ofTDRs to pay to City of Sunny Isles Beach
Deposit 10% = $6,810
City Use Only
Date Received
fD)~~~~\YllErm
ml AUG - 7 2006 lW
"W~-v5
PLANNING & ZONING DEPT.
Date Issued
Resolution
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
I.
APPLICANT INFORMATION
Clerk of Court Use Only
NAME
Sunnv Isles Resort Developers. LLLP
PHONE 305-673-1101
E-MAIL
FAX
ADDRESS 1110 Brickell Avenue. Suite 603
CITY AND STATE Miami. Floirda
ZIP CODE 33131
n. RECEIVER SITE INFORMATION, AS APPLICABLE
OWNER'S NAME
PHONE 954-920-7798
Sunnv Isles Resort Developers. LLLP
E-MAIL
FAX 954-920-4458
ADDRESS 2410 Hollvwood Boulevard
CITY AND STATE Hollvwood. Florida
ZIP CODE 33811
PROPERTY ADDRESSILOCATION 17475 Collins Avenue. Sunnv Isles Beach. Florida
LEGAL DESCRIPTION See Exhibit "A' attached hereto and incorporated herein.
FOLIO NUMBER 31-2211-045-0001
CURRENT ZONING MU-R
ZONING SIZE +/-1.04 acres
PURCHASE DATE April 2006
EXISTING USE OF PROPERTY Motel-Condo
EXISTING STRUCTURE ON PROPERTY Motel-Condo
PROPOSED FLOOR AREA RATIO 4.94 DENSITY 107
PERCENTAGE OF RIGHTS TO BE RECEIVED 30%
SQUARE FOOTAGE OF FLOOR AREA TO BE RECEIVED 51.749 square feet
DWELLING UNITS TO BE RECEIVED 25
TOTAL FLOOR AREA RATIO INCLUDING TOR 4.94
TOTAL DWELLING UNITS INCLUDING TDR 107
III. SENDING SITE INFORMATION, AS APPLICABLE
OWNER'S NAME Citv of Sunny Isles Beach (TDR Bank)
PHONE (305)792-1709 E-MAIL edelcampillolalsibfl.net FAX (305)792-1674
ADDRESS 18070 Collins Avenue
CITY AND STATE Sunny Isles Beach. Fl
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
DWELLING UNITS TRANSFERRED TO TOR BANK
ZIP CODE 33160
CURRENT ZONING
PURCHASE DATE
MJA.FS I\^ VINOJ\I722770vOl\IKYCYOI__DOC\7/r3/05\89432,OJOIOO
2
IX. PROPERTY OWNER CERTIFICATION AND ACKNOWLEDGMENT
I HEREBY CERTIFY THAT
1) THE INFORMATION FURNISHED ON THIS APPLICATION AND THE
ATTACHMENTS IS TRUE.
2) I AM THE OWNER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION
(II) (III). (circle appropriate number).
3) IF THE APPLICATION, AS MODIFIED OR AMENDED DURING THE REVIEW
AND APPROVAL PROCESS, IS GRANTED, I AGREE, IN CONSIDERATION
THEREFORE TO INDEMNIFY AND HOLD HARMLESS, AND PROMISE NOT TO
SUE, THE CITY OF SUNNY ISLES BEACH, INCLUDING ITS OFFICERS AND
EMPLOYEES, IN CONNECTION WITH ANY CLAIMS OR OTHER ACTIONS
ARISING OUT OF SAID REVIEW AND APPROVAL.
4) I HEREBY ACKNOWLEDGE AND AGREE THAT IF THE PROPERTY IS
APPROVED AS A SENDER SITE, IT SHALL. BE CONVEYED TO THE CITY AS
VACANT PROPERTY WITHOUT ANY STRUCTURES LOCATED THEREON,
UNLESS OTHERWISE APPROVED BY THE CITY MANAGER. THE REMOVAL
OF STRUCTURES FROM THE SITE SHALL BE AT NO COST TO THE CITY.
5) I HEREBY ACKNOWLEDGE AND AGREE THAT, AT THE EXPIRATION OF THE
FIVE YEAR PERIOD COMMENCING WITH THE DATE OF CITY COMMISSION
APPROVAL OF THE PROPERTY AS A SENDER SITE, ANY UNUSED
DEVELOPMENT RIGHTS TRANSFERRED FROM THE SENDER SITE SHALL
EXPIRE, irE ATE AND BECOME EXTINGUISHED AND ymUSrBLE.
71..L4J 0'
SIGN REOF OWNER (APPLICANT) DATE
SIGNATURE OF CO-OWNER
(CO-APPLICANT)
DATE
MIA.FSI\AVlNO.J\I722770v0I\IKYCYOI_,OOC\7/IJ/0S\89431.OIOIOO
4
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me this L gay of L,
200 -4J-, by on behalf of
, a Florida (corporation) (partnership) (other: _.)~ she is personally kno~ 0 me
or has produced (type 0 identification proauced) as
identification and did take an oath.
",'\'~ylp"1".. Sud-ian Perez
,:.~~.....:.P~~'"
f':':" ~ ....,,~ Commission # 00295584
:.....:;~~li Expires: March 02, 2008
""I~~I~\\"" .l,~rcn Notary 1.800.350.5161
Not Public, State of Florid
Print Name: ~l>'r>, A '" Po?
My Commission Expires:
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me this -I1-- day of Tv ! y,
200 .L2-, by on behalf of ~
, a Florida (corporation) (partnership)(other: .) He/she is personally
known to me or has produced . . (tY~Of iden. tification produced) as
identification and did take an oath. ~
My Commission Expires: ~~~~ ~
ublic, State of Flori~
Print Name: SU~JA'I i"",iZ..€ t
"'''''''''' SUdl'an Pe'rez
.:-....~..?-y.'!!'.~",..
f~,"dl.1"~;commission # 00295584
:.....''J.~~'''i Expires: March 02, 2008
"'~~~I~"\"" .Atiron Hotari 1.800.350.5161
MTA-fSl\AvmOJ\17unOvOI\IKYCYO,_.DOC\711310S\8943Z.010100
5
EX!lIBIT "A"
LEGAL DESCRIPTION
The North 100 feet of Lot 3 of TATUM'S OCEAN PARK COMPANY'S
SUBDMSION. lying East of the Easterly right-of-way of State Road AlA,
according to the Plat thereof, as recorded in Plat Book 10, at Page 64, of the
Public Records of Miami-Dade County, Florida.
\
Exhibit "B"
Sunny Isles Resort Developers, LLLP
General Partner - Resort Developers, LLC
Member - HRD Management, LLC
Members 1. Hector Dasso 99%
2. Juan Dasso 1 %
Limited Partner - sm Resort, LLC
Members I. Hector Dasso 100%
MIA-FS I II N6PRO I_.DOC
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QUINLIVAN APPRAISAL
A PBOFESSroNAL AsSOCIATION
REAL ESTATE: APPRAISERS & CONSULTANTS
15730 S.W. 74TH 571UllET, SurrE 800
SOUTH MIAMJ., FLoRInA 33143
~002
{welve/to ,.,
A ~e...tQ. f-dc:./(e-l-
~s
J. MAml: QUINLIVAN, MAl
SrA'l'B"'CBJiTlPl:BD QEIQJtAL APPBAlSJlB&
HZ OOOOU2
TELEPHONE (305) 683"6611
FAX (305) 665-4921
THOMAS F. MAGBNHEDtEB, MAl
SuTE-CBBTD"IBD GBI!fBBA.L APP:B.ullBllS
HZ 00005lSD
October 10, 2006
Joho 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 sunnnary of
our appraisals is 1I/1 follows:
Address
Land Size
Date of
Value Estimate
Estimate Value
PerS.F, of
Land Area
Estimated Value
Per S.F. of Proposed
Buildinlz Area
~'" ~alW\ 15795 Collins AVI:.
eo.~ R.psa.+ 17475 Collins AVI:, +
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 Sunny Isles Beach, closer
to shopping and n:staurants and; therefore, would tend to sell at a higher unit 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 (lata of the 17475 Collins
Avenue site was not available. If this data was available, the value ofthe 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.
~U'~U'VU ~u.u~ r^A dUaODa4~~~
~003
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
information related to the purchase of the 15795 Collins Avenue site. As oft he date of appraisal and
as of now, the public records do not reflect a sale price.
The 17475 Collin:; Avenue site was acquired in April of 2006 via the pw'chase of the individual
condominium mot,:l 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 ':Jther areas of Miami-Dade County that has been occw'ing in 2006. With the
downturn in the condomininm apartment market, we are also expecting a downturn in the value/sales
prices of muIti- fanrily zoned land parcels.
I hope I have addressed your questions. If you need further information please ask.
Sincerely, .
" k
J. ark Q~n, MAl
State Certified Genernl Appraiser
Certification Number RZ0000112
JMQ/jb
APPRAISAL REPORT
Ocean Beach Resort Motel Condo site
LOCATED AT:
17475 COLLINS A VENUE
SUNNY ISLES BEACH, FLORIDA
PREPARED FOR:
CITY OF SUNNY ISLES BEACH
18070 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
As OF:
AUGUST 14,2006
PREPARED By:
QUINLIVAN APPRAISAL, P.A.
5730 S.W. 74TH STREET - SUITE 300
SOUTH MIAMI, FLORIDA 33143
QUINLIVAN APPRAISAL
A PROFESSIONAL AsSOCIATION
REAL ESTATE APPRAISERS & CONSULTANTS
5730 S.W. 74TH STREET, SUITE 300
SOUTH MIAM:I, FLORIDA 33143
J. MARK QUINLIVAN, MAl
STATE-CBRTIFIED GENERAL ,ApPRAISBRS
RZ 0000112
TELEPHONE (30~) 663-6611
FAX (305) 666-4921
THOMAS F. MAGENHEIMBR, MAl
STATE-CEBTIFIED GBNBRAL ,ApPllt\ISBR.s
HZ OOOO~153
August 18, 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 Beach Resort Motel Condo site located at 17475 Collins
Avenue, Sunny Isles Beach, Florida
The purpose of this Appraisal is to estimate the Market Value of the described property as of August
14, 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
August Ill, 2006
Page 2
Based on the inspection ofthe property and the investigation and analyses undertaken, I have formed
the opinion that, as of August 14, 2006, the subject property, based on its highest and best use, has
a Market Value of:
TWENTY Two MILLION SEVEN HUNDRED THOUSAND DOLLARS
($22,700,000)
Patrick Quinliva
Registered Trainee Appraiser
State of Florida, License N. RI15680
JMQ/vw
(06-183)
TABLE OF CONTENTS
EcA:€tE
TRANSMITTAL LETTER
CERTIFICATION OF VALUE . . . . . . . . . . ' . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . I
SUMMARY OF SALIENT FACTS AND CONCLUSIONS. . . . . . . . . . . . . . . . . J
INTRODUCTION
Identification of the Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . 4
Location .................................'....................,..', 4
Purpose and Date of Appraisal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Intended Use and User of Appraisal .......................,.............. 4
Legal Description .........................................'..',...... 4
Property Rights Appraised ............................................. 4
Definition of Market Value .............................................5
Assessment and Taxes. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . 6
Owner of Record and Address. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
History of Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Estimated Exposure Time .........................................',." 7
Estimated Marketing Period ............................................ 7
LOCATION ANALYSIS
County Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . 8
Neighborhood Data ................................................., 18
SITE DATA
Dimensions and Shape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . 20
Area .....................,........................................ 20
Topography and Drainage ....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Flood Zone . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Soil and Subsoil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Street Improvements ................................................. 21
ZONING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . 22
HIGHEST AND BEST USE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
SCOPE OF THE APPRAISAL ....................................... 27
LAND VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' . 28
QUINLIVAN APPRAISAL
TABLE OF CONTENTS
IMJ10
ADDENDA
Assumptions and Limiting Conditions ..................................41
Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 .
Client List. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . , . , . ' . 46
QUINLIVAN APPRAISAL
CERTIFICATIONOF 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
1
(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 ofthis report is subject to the requirements ofthe Appraisal Institute
relating to review by its duly authorized representatives.
As ofthe date ofthis report, 1. Mark Quinlivan has completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection ofthe 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 August 14, 2006, the subject property, based on its highest and best use, has a Market
Value of:
TWENTY Two MILLION SEVEN HUNDRED THOUSAND DOLLARS
($22,700,000)
JL
~/'~',~
PATRICK QUINLIVAN
REGISTERED TRAINEEApPRAISER
STATE OF FLORIDA, LICENSE No. Rl15680
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
17475 Collins Avenue
Sunny Isles Beach, Florida
Legal Description
The North 100 feet of Lot 3, TATUM'S
OCEAN PARK COMPANY'S
SUBDIVISION, according to the plat
thereof, as recorded in Plat Book 10,
Page 64, of the Public Records of
Miami-Dade County, Florida.
Land Size
Approximately 45,389 Square Feet/
1. 04 Acres
Zoning
MU-R, Mixed Use Resort by the City of
Sunny Isles Beach
Highest and Best Use
Multi-family residential usage
Estimated Land Value
Final Estimate of Value
$22,700,000
$22,700,000
Date of Value Estimate
August 14,2006
Dates of Inspection
August 14,2006
Date of Report
August 18, 2006
Remarks
At the time of sales, the site was
improved with a two-story apartment
condominium building known as Ocean
Beach Resort Motel Condo containing
66 units. The building has been razed
and the owner intends to construct a 40-
story residential condominium tower
containing 107 units.
QUINLIVAN APPRAISAL
3
LOOKING SOUTHEASTERLY ACROSS COLLINS A VENUE AT SUBJECT
LOOKING NORTHEASTERLY ACROSS COLLINS AVENUE AT SUBJECT
QUINLIVAN APPRAISAL
h~'
. -.~,
I' '}'~~,
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_k~'_,-~
:"";~
LOOKING SOUTHERLY ALONG COLLINS A VENUE, SUBJECI' TO LEFT
,..,-/- '-
LOOKING NORTHERLY ALONG COLLINS A VENUE, SUBJECT TO RIGHT
QUINLIVAN APPRAISAL
LOOKING NORTHEASTERLY ACROSS SUBJECf SITE
LOOKING WESTERLY ALONG 174TH STREET, SUBJECT TO REAR
QUINLIVAN APPRAISAL
INTRODUCTION
QUINLIVAN APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
Multi-family zoned land parcel containing approximately 45,389 gross square feet/1.04 acres.
ADDRESS
17475 Collins Avenue
Sunny Isles Beach, Florida
LOCATION
Northeast corner of Collins Avenue and I 74th Street, Sunny Isles Beach, Florida.
PURPOSE AND DATE OF APPRAISAL .
The purpose of this Appraisal is to estimate the Market Value as of August 14, 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
North 100 feet of Lot 3, TATUM'S OCEAN PARK COMPANY'S SUBDIVISION, according to the plat
thereof, as recorded in Plat Book 10, Page 64, 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 utility easements of record.
QUINLIVAN APPRAISAL
4
DEFINITION OF MARKET VALUE
Market Value means the most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised and acting in what
they consider their own best interest;
(3) a reasonable time is allowed for exposure to the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
,
(5) the price represents a normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
QUINLIVAN APPRAISAL
5
ASSESSMENT AND TAXES - 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 January 1 st by the Miami- Dade County
Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value
less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Numbers:
31-2211-045-0010 thru -0660 (66 total folios)
Assessed Value:
The property is currently accessed as individual
apartment condominium units.
Tax Amount:
$134,657.82
Millage Rate:
$22.5837 per $1,000
OWNER OF RECORD AND ADDRESS
Sunny Isles Resort Developers, LLC
1110 Brickell Avenue #603
Miami, FL 33131
FIVE-YEAR HISTORY OF TITLE
The individual motel condominium units have been purchased by Sunny Isles Resort Developers,
LLC in April of2006 for a total price of approximately $23,347,000. Sales Data information related
to the purchase of the subject site in on Page 37 of this report.
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 estirnated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale. Implicit in this definition are the
following assumptions:
(A) The property will be actively exposed and aggressively
marketed to potential purchasers through marketing channels
commonly used by sellers and buyers of similar type properties.
(B) The property will be offered at a price reflecting the most
probable markup over market value used by sellers of similar
type properties.
(C) A sale will be consummated under the terms and conditions of
the definition of Market Value required by the regulation.
In order to estimate the marketability of this property, the sales activity in this market area was
reviewed over the past three years, multiple listings were reviewed and real estate brokers who
operate in this area were interviewed.
Based on the above sources, the subject property could be sold within a twelve month time period.
QUINLIVAN APPRAISAL
7
LOCATION ANALYSIS
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QUINLIVAN APPRAISAL
LEGEND
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60
COUNTY DATA
Miami-Dade County - Location and Size
Miami-Dade County, which comprises the metropolitan area of Miami, is situated on the southeast
tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west by Monroe
and Collier Counties, on the north by Broward County, and on the south by Monroe County (the
Florida Keys).
Miami-Dade County, the largest county in area and population in the state of Florida, covers an area
01'2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square
miles of the County.
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed. Therefore, only the eastern section
of Miami-Dade County encompasses the area which is currently developed or available for future
development.
Miami-Dade County's location, its southern latitude and proximity to the Gulf Stream provide for
mild winters and pleasant summers.
Po\)ulation
The state of Florida has increased rapidly in population from 9,740,000 in 1980 to 12,937,926 in
1990 and 15,982,378 in 2000. The 2004 population of Florida was estimated at 17,397,161, a 1.8%
average annual increase.
Miami-Dade County's population increased from 1,626,000 in 1980 to 1,937,094 in 1990, reflecting
an average annual compounded growth rate of 1.77%, compared with 2.88% for the state of Florida.
By 2000, Miami-Dade County's population increased to approximately 2,253,362 and in 2003 it is
estimated at 2,342,739. The population is estimated to grow to 2,430,000 by the Year 2005.
Miami-Dade County's population growth during the last four decades has been dramatic especially
in relation to national trends. From 1950 to 1990 the United States population increased by 60%
while the population of Miami-Dade County has almost quadrupled from 495,084 to 1,937,000.
During this period, the state of Florida was elevated from the 20th most populous state to the 4th in
1990 and continues to be the fourth most populous state.
The population growth rate in Miami-Dade County has shown greater fluctuations than the national
rates. The Miami-Dade County rate of population change was 84.9% during the period 1940 to
1950; 88.9% from 1950 to 1960; 35.6% from 1960 to 1970 and 28.2% from 1970 to 1980. In the
period from 1980 to 1990, the rate of population change was 16%. The average annual change from
1990 to 2000 was approximately 1.6%.
QUINLIVAN APPRAISAL
8
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During the 1960s, the major increase in Miami-Dade County's population was due to the large
immigration of Cubans. Today, Cuban and other Spanish speaking people comprise approximately
57% of Miami-Dade County's population. The increase in Hispanic population has had favorable
effects on the local economy and has helped to create a multi-national cultural environment in the
area.
The recent influx of political and economic refugees from Cuba, Haiti and Nicaragua has put an
abnormal strain on public services and has affected the population data in a dramatic manner.
However, a recent increase in population growth of people from Latin American, as well as from
Europe and Canada, coupled with the increases in population from those people leaving the northern
sections of the United States, indicate a positive prospect for the Miami-Dade County area in the
future.
The overall population of Miami-Dade County is well dispersed throughout the entire area, yet has
several key areas of concentration. During the 1960s, several sub-areas accounted for approximately
70% 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 (Aventura), 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 of U.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, govemment 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
INDV$w/.JX ~I;q~t~rr;, p~q,Q~ 2QQ4
TOTAL NONAGRICULTURAL 1,033,100 1,017,800 1,000,900 1,023,500
EMPLOYMENT
CONSTRUCTION 37,500 36,600 40,300 40,700 41,900
MANUFACTURING 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 EST A TE
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 1,103,718" 1,107,950
UNEMPLOYMENT 55,615 74,622 86,527 79,512 62,202
UNEMPLOYMENT RATE 5.3% 6.9% 7.7% 7.2% 5.6%
Source: Florida Department of Labor & Employment Security, Bureau of Labor Market
Information
QUINLIVAN APPRAISAL
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 importance is the growing prominence of Miami-
Dade County as a center for international trade, finance and tourism. The establishment of Miami
as the "Gateway of the Americas" should provide the area with a much needed degree of economic
diversification. This should enable Miami-Dade County to weather slowdowns in the national
economy by an increase of trade through the Port of Miami, growth of international arrivals at the
airport, the Free Trade Zone, and the substantial foreign investment in the local economy,
particularly in real estate.
In December of200S, Florida's unemployment rate was 3.3 percent, down from 4.6 percent of the
previous year, but still below the national average of 4.7 percent. In December of 2005, the
unemployment rate for Miami-Dade County was 5.4 percent, down from 6.2 percent in 2003.
Income
Over the past few years, the average per capita personal income in Miami-Dade County has been
slightly lower than the per capita income for Florida, as well as the nation.
TABLE2
PER CAPITA PERSONAL INCOME
SELECTED YEARS (CURRENT $)
UNITED STATES
FLORIDA
MIAMI MSA
r~)-iN03
'li~~",\&,-,,,
31,632
30,446
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 1 00% from 1985 to 1995. Due to the
soft domestic economy, the number of domestic visitors had declined from 1989 to 1993; however,
from 1995 to 2000 there has been a 1.5% average annual increase.
QUINLIVAN APPRAISAL
11
TABLE3
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
1996 5,113,200 4,462,000 9,575,200
1997 5,278,700 4,564,600 9,843,300
1998 5,268,100 4,468,700 9,736,900
1999 5,399,800 4,385,800 9,785,600
2000 5,639,400 4,461,600 10,101,000
2001 5,245,700 5,263,600 10,509,300
2002 4,915,200 5,316,200 10,231,400
2003 4,909,200 5,535,900 10,445,100
2004 5,261,600 5,700,000 10,961.600
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Figures for 2004 indicate 10,961,600 overnight visitors came to Miami-Dade County, a 3.0%
decrease from 2003. Visitors to the county increased 4.1 % in 2003 versus 2002.
Table 4 shows that the bulk of international visitors to Miami-Dade County originate from Central
and South American Countries (36.1%), followed by European Countries (21.8%) and Canada
(10.8%). England and Germany accounted for the largest proportion of European visitors.
In 2005 there were a total of 3,608,618 passengers passing through the Port of Miami and
approximately 15,511,641 arriving through Miami International Airport. During 2005, the number
of Port of Miami passengers increased 2.82% from 2004, and Miami International Airport increased
1.1 % from 2004,
QUINLIVAN APPRAISAL
12
TABLE4
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
RE!QOO'!H~l'; '''~(JIJ3 'Za!J4
ft_,~'.! .':_:
;',/V1;':":"
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 of 58.9% to 62.4%. The average room rate in
2005 was $101.60, which was up from an average room rate of $91.99 in 2004.
The first in a series of new luxury properties opened in February 2004 when the 380-room Ritz
Carlton opened in Miami Beach. In May of200S, the 21 O-room Le Meridian opened in Sunny Isles
Beach, Three other new hotels with a total of271 rooms open in Miami Beach during 2005. In
addition to the recently completed hotels, 18 lodging facilities with a total of approximately 3,000
rooms are either under construction or proposed in Miami-Dade County. The majority of the new
hotel facilities are located in the beach areas.
Miami-Dade Financial Resources
Over the course ofthe 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 of their banking customers are located in Latin America.
Overall, about 100 domestic banks, savings and loans, foreign banks and Edge Act banks operate
in Greater Miami. The greatest concentration is located along Brickell A venue in downtown Miami.
Transportation
Miami-Dade County has an extensive expressway system with access to all points in the County.
However, due to the rapidly increasing population, some of the expressways, especially Interstate
95, are becoming overburdened. In 1985 Miami-Dade County completed a 20.5 mile elevated rapid
transit system. This system originally extended southward from downtown Miami to Dadeland,
paralleling U.S. Highway I and northwesterly from downtown Miami to Hialeah. Recently, the
system was extended about a mile from Hialeah to the Palmetto Expressway at NW 74th Street. In
conjunction with this system, there is a Downtown People Mover Automated Transit system which
encircles the central business district of Miami and extends south to the Brickell area and north to
the Ornni area.
Miami-Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak
Rail, Greyhound and Trailways Interstate bus lines for passenger service.
Miami International Airport, one of the nation's largest and busiest, had approximately 31 million
arrivals and departures in 2005. Moody's Investor Service, a major bond-rating company, recently
ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles
International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of
Aal. According to Moody's, a key factor in the ranking is the airport's "market value as an
international gateway with its own strong organization-and-destination base". The airport is
currently undergoing a $5.4 billion expansion. New South and North terminals and a fourth runway
are planned.
Miami has become a port of embarkation for airlines and ships bound for Central and South
American Countries. The Port of Miami, besides being the largest passenger port in the nation, is
also important as a cargo center with a 2003 annual tonnage of approximately 9.0 million up from
8.7 million in2002 and 8.25 million in 2003. The port's traditional customer base has been Europe,
Latin America and the Caribbean, accounting for 64% of the port's total volume.
Miami's comprehensive transportation system and its strategic location have enabled it to become
an important international transportation center, providing commercial access to Latin America and
the Caribbean.
QUINLIVAN APPRAISAL
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 govemment was to establish one governing body for the county, and to establish one
supply of services such as fire, police, etc. for the county. The upper tier is the County, which
provides broad "regional" or county functions, such as metropolitan planning, welfare, health and
transit services. The thirty-one municipalities represent the lower tier of government, providing a
varying array of services within their jurisdictional boundaries. The County also maintains lower tier
functions, such as the provision of municipal-type services, including police and fire, to the
unincorporated areas and certain municipalities on a negotiated basis.
The County operates under the Commission-Manager form of government. Legislative and policy-
making authority is vested in the elected thirteen-member Board of County Commissioners; the
Commission appointed County Manager is the chief administrator. Miami-Dade County has operated
under the metropolitan form of govemment since 1957, when the Home Rule Charter was passed
by the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the
enactment of its laws.
County government had not been able to respond to the tremendous demand for municipal services
in this rapidly urbanizing area, which is larger than the State of Rhode Island or Delaware. The need
to combine services duplicated by the County and numerous cities was also clearly evident. The
Charter permitted the limited County government to reorganize into a general purpose "municipal-
type" govemment capable of performing the full range of public functions into an area wide
operation.
Real Estate
At the end of200S, the Miami-Dade County Office Market contained approximately 49.27 million
square feet of office space. Approximately 27.1 % of this space is located in the Miami central
business district and adjacent Brickell Avenue and 23.4% in the rapidly growing Airport West area.
There was an increase in the occupancy rate of office buildings in Miami-Dade County from 89%
in 2004 to 91 % in 2005. Since 2002, there was an increase in occupancy from 84%. The net
absorption for the county was 1.74 million square feet during 2005.
Office rental rates in new buildings typically range from $22.50 to $34.00 per square foot. The low
end of the range is for office space in the suburban markets. The upper end of the range is for first
class office space in Downtown Miami, Brickell Avenue, Coconut Grove and Coral Gables.
QUINLIVAN APPRAISAL
15
The Greater Miami Industrial Market, as of the end of 2005, consisted of approximately 170.57
million square feet of industrial space. The approximate percentage location of this space is as
follows:
% OF TOTAL
MARKET AREA MARKET SPACE
AIRPORT EAST 14.6%
AIRPORT WEST 33.2%
HIALEAH 11.2%
MEDLEY 10.3%
MIAMI LAKES 2.9%
NORTHEAST DADE 4.4%
NORTHWEST DADE 14.1%
SOUTH DADE 9.3%
TOTAL 100%
The major use of industrial space is general industrial which accounts for approximately 48% of the
occupied space. Manufacturing and technology occupy the remainder of the space accounting for
approximately 45% and 7% of the industrial space, respectively.
The county's vacancy rate for the overall Miami-Dade County industrial market for the fourth quarter
of200S was 4.7%. Miami Lakes and Airport West had the highest vacancy rates, 8.7% and 6.8%,
respectively. Industrial rental rates generally range from $4.00 to $8.00 per square foot.
The number of single family residential permits decreased 36.6% from 6,355 in 2002 to 8,680 in
2003. Since 2003, the number of permits has increased 7.2% to 9,306 in 2004. The average sale
price of a new residence in Miami-Dade County in 2004 was $253,300 down 6.1 % from $268,734
in 2003.
According to data from the Department of Business and Professional Regulation, Miami-Dade
County has over 178,700 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing
Report shows a vacancy rate of 1.6% in August of200S, 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, I 34 per month for a two
bedroom apartment, as of August 2005,
QUINLIVAN APPRAISAL
16
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 of200S, 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 $231,829 for the second quarter of 2005, and increase of 45% over the
average price of$IS9,S34 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 major retail markets in Miami-Dade County include Hialeah, Coral
Gables/South Miami-Dade, Aventura and Kendall. Rental rates typically range from $15.00 to
$40.00 per square foot with an average rate of $17.77 per square foot. The overall Miami-Dade
County vacancy rate for 2005 was approximately 5.2%. The vacancy level is lowest in super
regional malls and highest in unanchored strip centers.
Conclusions
In the future, one of the principal growth areas for Miami-Dade County is expected to be the
international sector. Miami-Dade County, because of its geographic location and excellent
transportation facilities, is well-suited to attract both business individuals and tourists from Latin
America. It is already one of the principal shopping markets for Central and South Americans
visiting the United States and one of the principal export points for goods and services destined for
Latin America.
A major consideration to future real estate development in Florida will be compliance with the
State's concurrency law mandated by the Growth Management Act. This law requires developers
to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place
or the money to build the same be available before the construction of new development is granted
approval.
The existence of major financial institutions, retail outlets, corporations and other business entities,
coupled with its geographic location, transportation systems and planned international trade centers
give Miarni-Dade County an excellent opportunity for continued growth as an international center.
QUINLIVAN APPRAISAL
17
---- ~l
I
NEIGHBORHOOD MAP
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NEIGHBORHOOD DATA
The subject property is located in the city of Sunny Isles Beach, approximately fourteen miles
northeast of the central business district of Miami.
The subject may further be described as being located on the northeast corner of 1741h Street and
Collins Avenue (State Road AlA).
Sunny Isles Beach is located on a barrier island in the northeast corner 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. l63rd Street and the William Lehman Causeway
at N .E. I 92nd Street..
The east side of Collins A venue is primarily improved with older motel buildings constructed in the
19S0s 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 1960s 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 approximatelyN.E.
IS8th 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. I 60th 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. l63rd Street just north of
Poinciana Island, contains single- family residences. These residences range in age from new to fifty
years old, with a median age of thirty years, Sale prices of these residences range from $500,000 to
over $1,000,000.
The area north of Sunny Isles Ocean Beach Boulevard, west of Collins A venue, was developed in
the I 970s with a large number of condominium apartment buildings. The two largest developments
are Winston Towers (seven buildings) and Plaza of the Americas (four buildings). Recent sale prices
for units in these buildings generally range from $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. 192nd Street and
N.E. 18Sth 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 19S0s. 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 MAP
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QUINLIVAN APPRAISAL
SITE DATA
Dimensions and Shape:
The subject property is rectangular in shape.
The subject property fronts for 100 feet, more or less, along the east side of Collins A venue (State
Road AlA), thence runs easterly for 453.89 feet, more or less, to the Atlantic Ocean.
Area:
45,389 Square Feet
or 1.04 Acre
Source: Hopkins Plat, Miami-Dade County Property Appraiser's Office, and Building Application
Topol!ra\)hv and Drainal!e:
The site is level and approximately at street grade.
Flood Zone:
Map NQ 1202SC0084 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 100- Y ear 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 borings.
Utilities:
Water:
Sewer:
Electricity:
Telephone:
Miami-Dade Water and Sewer Authority
Miami-Dade Water and Sewer Authority
Florida Power & Light Company
BellSouth Telephone Company
QUINLIVAN APPRAISAL
20
Street Imorovements:
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 Avenue is improved with
concrete sidewalks, curbs, gutters, storm sewers, street lights and a center median.
I 74th Street is asphalt paved with a dedicated width of 80 feet. I 74'h Street contains two eastbound
lands and two westbound lanes. l74'h Street is improved with concrete sidewalks, curbs, gutters,
storm sewers, street lights and a center median
QUINLIVAN APPRAISAL
21
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 minimum 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 amounts 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
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
75 feet
50 feet, for porte-cochere and/or guardhouse
20 feet or bulkhead line, whichever is closer to
Collins Avenue
Rear
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
Apartment
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 bedroom 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 limited value unless there is a present or anticipated use for it; the amount of value depends
on the nature of the land's anticipated use, according to the concept of surplus productivity. Among
all reasonable, altemative uses, the use that yields the highest present land value, after payments are
made for labor, capital, and coordination, is generally regarded as the highest and best use of the land
as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made of
the property including all existing structures. The implication is that the existing improvement
should be renovated or retained as so long as it continues to contribute to the total market value of
the property, or until the return from a new improvement would more than offset the cost of
demolishing the existing building and constructing a new one.
In estimating the highest and best use there are essentially four stages of analysis:
1. Possible Use. What uses of the site being appraised are physically possible?
2. Permissible Use (Le~an 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 ofthe 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 ofthe 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
tor such use and it must return to the land the highest net return for the longest period of time.
QUINLIVAN APPRAISAL
24
These tests have been applied to the subject property. In arriving at the estimate of Highest and Best
Use, the subject site was analyzed as vacant and available for development.
Possible Use
The subject site has 100 feet, more or less, of frontage on Collins Avenue and 100 feet, more or less,
offrontage along the Atlantic Ocean. Therefore, the subject property has good access and exposure
on one primary street.
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 45,389 square feet in size which equates to 1.04 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 limited by setbacks and FAR requirements.
Approximately 52 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 F.A.R. of the site.
As proposed, the future development of this site would be eligible 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 Avenue public streetscape enhancements
bonus, and Sunny Isles public parking bonus. These bonuses would allow the site to attain a
maximum floor area ratio of3.7 times the land size or 167,939 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 maximum
of80 units per acre. Under these circumstances, approximately 83 units could be constructed on the
subject site.
QUINLIVAN APPRAISAL
25
Feasible UseIMaximalIv Productive Use
The physical ch~acteristics 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.
With TDRs, the site is proposed to be developed with a 40-story condominium apartment building
containing 107 -units. The building application is requesting 25 dwelling units and 51,749 square
feet ofrights to be received.
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
ifvacant, 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 Sales Comparison Approach is the most preferred and utilized technique when
sales of comparable sites are available. The other methodologies are indirect techniques which are
generally used when an area is primarily built-up and sales of comparable sites are scarce.
The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability
of recent land sales.
In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and
best use as the subject site are analyzed, compared and adjusted by time, property characteristics and
location to indicate the Market Value of the subject site as though unimproved. The reliability of
this approach is dependent upon the availability of comparable sales data, the verification of the sales
data, the degree of comparability and the absence of non-typical conditions affecting the sale.
A search for sales of vacant sites in the general location of the subject site was conducted. Sales of
sites with similar highest and best uses as the subject site are utilized in this analysis.
Data related to the subject property was derived from various sources including but not limited to
the Miami- Dade County Property Appraiser's Office, Miami-Dade County plats as complied by First
American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of
the City of Sunny Isles Beach, and tax roll information by ISCNET.
Comparable sales sources include First American Real Estate Solutions, Inc., on-line computer
service provided by ISCNET, Board of Realtors' Multiple Listing Service, Tri-County Clipping
Service and CoStar. Sales prices are typically confirmed with a party to the transaction, i.e. buyer,
seller, real estate agent or attorney to the transaction.
QUINLIVAN APPRAISAL
27
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 similarly 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 corner of Collins Avenue and l70'h Street, one-quarter mile south
of the subject property. This 104,544 square foot site sold in June of 2003 for $25,000,000 or
$239.13 per square foot. This site is zoned MU-R, Mixed Use Resort District. This site is currently
vacant. A 284-unit condominium apartment building is planned for this site.
Sale 2 is located on the east side of Collins Avenue between lnnd Street and 1741h Street,
approximately one block south of the subject property. This 39,099 square foot site sold in
Septemberof2003 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.
QUINLIVAN APPRAISAL
28
Sale 3 is located on the northeast corner of Collins A venue and 100th Street, approximately three
miles south of the subject property. This 223,118 square foot site sold in January of 2004 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
Sale 4 is located on the northeast corner of Collins Avenue and Sunny Isles Boulevard,
approximately one-quarter mile south of the subject property. This 57,834 square foot site sold in
May of 2004 for $20,000,000 or $345.82 per square foot. This site is zoned MU-R, Mixed Use
Resort District. A luxury condominium apartment building is under construction on this site.
Sale 5 is located on the east side of Collins Avenue between 170th Street and l720d Street,
approximately three blocks south of the subject property. This 97,300 square foot site sold in
Oct<;>ber of2004 for $32,100,000 or $329.91 per square foot. This site is zoned MU-R, Mixed Use
Resort District. A luxury condominium apartment building is under construction on this site.
Sale 6 is located on the east side of Collins Avenue between l70th Street and 1720d Street,
approximately three blocks south of the subject property. This 37,165 square foot site sold in nine
transactions between January and April of200S 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 A venue, just south ofBayview Drive, approximately one
mile south of the south side ofthe subject site. This 57,064 square foot site sold in June of200S 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.
Sale 8 is located on the northeast corner of Collins Avenue and 174th Street and is a recent sale of
the subject site. This 45,389 square foot site sold in April of 2006 for a total of $23,347,000 or
$514.38 per square foot. This site is zoned MU-R, Mixed Use Resort District. The site was
improved with a 66-unit motel condominium building at the time of sale. This building is currently
being razed. 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 1, lying
East of Collins Avenue, TATUM'S OCEAN PARK
SUBDIVISION, according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County, Florida.
17001 Collins Avenue
Sunny Isles Beach, Florida
Irregular
104,544 Square Feet
2.40 Acres
MU-R, Mixed Use Resort District
Vacant
$239.13 per square foot
First Mortgage of $17,450,000 with Colonial Bank.
A 284-unit condominium apartment building is planned for
this site.
QUINLIVAN APPRAISAL
30
SALE 1
QUINLIVAN APPRAISAL
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
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
31-2211-004-0180
Blue Seas Associates
17315 Collins Avenue, LLC
Portion of the North 100 feet of the South 200
feet of Lot 3 lying East of Collins 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
QUINLIVAN APPRAISAL
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 3
January 15,2004
$50,400,000
Warranty Deed
O. R. Book 21982, Page4121
12-2226-005-0030
Smith Property Holdings
WCI Communities, Inc.
Tract E & Including Abutting Land to Erosion
Control Line, HAL HARBOUR OCEAN FRONT
ADDITION, according to the Plat thereof, Plat
Book 57, Page 68 of Miami-Dade County,
Florida.
10295 Collins A venue
Bal Harbour, Florida
Irregular
223,118 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
SALE 3
QUINLIVAN APPRAISAL
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 Peria 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
1.3 3 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
QUINLIVAN APPRAISAL
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 5
October 4, 2004
$32,100,000
Warranty Deed
O. R. Book 22707, Page 1216
31-2211-004-0150
Orot City, LLC
Fortune Ocean, LLP
Lengthy legal, TATUMS 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
QUINLIVAN APPRAISAL
DATES OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTORS:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
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
QUINLIVAN APPRAISAL
3S
FINANCING:
REMARKS:
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
36
SALE 6
QUINLIVAN APPRAISAL
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 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.
Nil, 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
1.3 1 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
37
-":;'~~~:~~~;~,:~-
SALE 7
L
QUINLIVAN APPRAISAL
DATE 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 8
April 3, 2006 - April 17, 2006
$23,347,000 (total)
Warranty Deeds
Various
31-2211-045-0010 thru -0660
Various
Sunny Isles Resort Developers, LLC
All Units of The Ocean Beach Resort, a Motel
Condominium, according to the Declaration of
Condominium recorded in OR Book 11507,
Page 1198, and all exhibits and amendments
thereof, as recorded in the Public Records of
Miami-Dade County, Florida.
17475 Collins Avenue
Sunny Isles Beach, Florida
150 feet x 380 feet
57,064 Square Feet
I. 31 Acres
MU-R, Mixed-Use - Resort District
Apartment condominium under construction
$514.38 per square foot
New first mortgage of $28,400,000 with
Bankfirst.
A 40-story condominium apartment building to
contain 107 units is planned for this site.
QUINLIVAN APPRAISAL
38
SALE 8
QUINLIVAN APPRAISAL
I"'-~'~'--'~"'-""-'--~'-'-------'-'-" '-.-.
I COMPARABLE SALES MAP
~ I
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AUantic Island. ~ '"
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--
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16699 Collins Avenue
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17315 Collins Aenue
~sale 6 I
17141 Collins Avenue
Sale 5
17101-17121 Collins Avenue
"'''',,<
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15701 Collins Avenue
yHaulover Beach
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ANAL YSIS OF SALES
The land sales range in unit price from $217.40 to $455.63 per square foot ofIand area, The sales
range in time from June of2003 to April of2006.
Propertv Ril!hts
The fee simple interest is the property right of the subject property being valued, The comparable
sales involved the same type of property rights.
Conditions of Sale
All of the sales were arm's-length transactions. An arm's-length transaction is defined as a
transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence
of normal competitive negotiation as might be true in the case of a transaction between related
parties.
Financinl!
The financing of the sales does not indicate any adjustments of the sale prices for favorable/below
market financing.
Date of Sale (Market Conditions)
The sales range in time from June of2003 to June of2005. There has been an upward trend in prices
over this time period. Many of the sales were contracted up to six months prior to the closing date.
A comparison of the unit prices of Sales 1 and 2 which sold in mid to late 2003 to the unit prices of
Sales 4 and 5 which sold in mid to late 2004 indicates an approximate 50% increase over a year
period or approximately 4% per month. While this may seem like a large increase, this increase per
month has been typical throughout Miami-Dade County over the past two years, Sale 6 consisted
of nine transactions from January of 2005 to April of 2005 with the majority of the transactions
occurring in January of2005. Sale 8 was the purchase ofthe subject property and consisted of66
transactions which occurred in April of2006.
Location
All of the comparable sales are located along the east side of Collins A venue with Atlantic Ocean
frontage in Sunny Isles Beach or nearby Bal Harbour. The sales and the subject site are considered
similar in location. Sale 7 is located on the south side of the subject site. Sale 8 is Ihe purchase of
the subject site.
QUINLIVAN APPRAISAL
39
Site Size/Frontal!e
The sale sites range in size from 37,165 square feet to 223,027 square feet. The subject site
containing 45,389 square feet is at the low end of the range of the sizes of the sales. Typically,
smaller sites sell at higher unit prices because a smaller site requires less absolute dollars to purchase
and there are less holding costs and reduced risks to a development on a smaller site.
Zoning
The subject site and seven of the eight 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
$500.00 per square foot ofland area and $135.00 per square foot of buildable area.
Land Area
45,389 Square Feet x $500,00 per Square Feet =
$22,694,500
Rounded
$22,700,000
Buildable Area
167,939 Square Feet x $135.00 per Square Feet =
$22,671,765
Rounded
$22,675,000
Land Value Conclusion
$22,700,000
QUINLIVAN APPRAISAL
40
Ocean Beach Resort Units
Unit No. OR Book OR Page Sale date Sale Price
102 24450 4552 4/17/2006 $300,000
103 24450 4959 4/17/2006 $307,000
104 24451 2 4/17/2006 $400,000
105 24451 618 4/17/2006 $300,000
106
107 24450 2126 4/17/2006 $330,000
108 24450 4404 4/17/2006 $300,000
109 24450 2555 4/17/2006 $300,000
110 24450 4481 4/17/2006 $500,000
111 24450 4781 4/17/2006 $300,000
112 24450 4599 4/17/2006 $400,000
113 24450 4850 4/17/2006 $300,000
114 24450 4727 4/17/2006 $300,000
115 24450 4023 4/17/2006 $300,000
116 24450 3971 4/17/2006 $300,000
117 24453 872 4/17/2006 $475,000
118 24450 2313 4/17/2006 $300,000
119 24452 3515 4/17/2006 $405,000
120 24450 1826 4/17/2006 $300,000
121 24450 2099 4/17/2006 $455,000
122 24450 2168 4/17/2006 $300,000
123 24450 2359 4/17/2006 $300,000
124 24450 2376 4/17/2006 $300,000
125 24552 3578 4/17/2006 $300,000
126 24450 1976 4/17/2006 $300,000
127 24450 2046 4/17/2006 $300,000
128 24452 3679 4/17/2006 $300,000
129 24450 2940 4/17/2006 $300,000
130 24450 2607 4/17/2006 $300,000
131 24452 4018 4/17/2006 $300,000
132 24450 3175 4/17/2006 $400,000
133 24451 762 4/17/2006 $400,000
200 24452 4284 4/7/2006 $500,000
201 24452 4323 4/17/2006 $800,000
202 24551 762 4/17/2006 $300,000
203 24452 4440 4/17/2006 $300,000
204 24452 4606 4/17/2006 $300,000
205 24452 4649 4/17/2006 $300,000
206 24452 4097 4/17/2006 $300,000
207 24452 4179 4/17/2006 $300,000
208 24452 4202 4/17/2006 $300,000
209 24450 2715 4/17/2006 $300,000
210 24450 3219 4/17/2006 $300,000
211 24450 3189 4/17/2006 $800,000
212 24450 3369 4/17/2006 $300,000
213 24452 4701 4/17/2006 $300,000
214 24451 73 4/17/2006 $350,000
215 24452 4255 4/17/2006 $300,000
216 24450 3919 4/17/2006 $450,000
217 24450 3759 4/17/2006 $385,000
218 24450 3534 4/17/2006 $385,000
219 24454 360 4/17/2006 $475,000
220 24451 219 4/17/2006 $350,000
221 24453 761 4/17/2006 $500,000
222 24450 3692 4/17/2006 $300,000
223 24453 596 4/17/2006 $450,000
224 24453 576 4/17/2006 $300,000
225 24453 512 4/17/2006 $300,000
226 24453 803 4/17/2006 $300,000
227 24452 4859 4/3/2006 $300,000
228 24453 6 4/17/2006 $300,000
229 24453 123 4/4/2006 $300,000
230 24453 230 4/17/2006 $400,000
231 24453 3302 4/17/2006 $330,000
232 24453 436 4/17/2006 $400,000
233 24453 461 4/17/2006 $400,000
Total $23,047,000
ADDENDA
QUINLIVAN APPRAISAL
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
\, 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 construclion, the real estate taxes and other expenses are
estimated, These amounts are not guaranteed.
QUINLIVAN APPRAISAL
41
11. It is assumed in the valuation of the subject land site, unless a compliance letter has
been furnished to us, that the State of Florida Growth Management Act does not
prevent the issuance of a building permit.
12. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state or national government
or private entity or organization have been or can be obtained or renewed for any use
on which the value estimate contained in this report is based.
13. It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal Report has been made with the following general limiting conditions:
1, The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
2, Possession of this report, or a copy thereof, does not 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
42
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Exoerience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAl,
from 1972 to 1985, Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Firm, established in 1964.
Graduate:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAl NO 5791)
Member of the Florida Bar (NO 239992)
Real Estate Broker, State of Florida (NO 0125264)
Certified General Appraiser, State of Florida, License NQ RZOOOOl12
QUINLIVAN APPRAISAL
43
Qualified as an Expert Witness in the Followinl! 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 NO 71,
Society of Real Estate Appraisers (1983 - 1984)
Past President - South Florida Chapter NQ 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (1981 - 1991)
THE REAL 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 A ward 1982).
QUINLIVAN APPRAISAL
44
QUALIFICATIONS OF THE APPRAISER
PATRICK QUINLIVAN
Experience:
7/2004 - Present
8/1997 - 12/1998
5/1996 - 8/1996
511995 - 8/1995
Quinlivan Appraisal, P A.
Associate Real Estate Appraiser
9/2000 - 7/2004
CBS Sportsline.com
Senior Software Engineer
1/1999 - 9/2000
Florida Power and Light
Computer Programmer
Graduate:
University of Florida
BS - Bachelor of Science in Psychology (8/1997)
Florida International University
BS - Bachelor of Science in Computer Science (12/1998)
University of Florida
MBA - Master of Business Administration (Expected completion 5/2006)
Professional Affiliations:
Registered Trainee Appraiser, State of Florida, License NO RII5680
QUINLIVAN APPRAISAL
4S
Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Corporations:
AT&T
Archdiocese of Miami
Atlantic Security Bank
The Bank of America
Bank United
Barry University
Bessemer Trust Company
California Bank and Trust
Chevron Oil Company
Chase Manhattan Bank
Chemical Bank
Citibank
Citrus Bank
City National Bank of Miami
Coamerica Bank
Coconut Grove Bank
Commerce Bank
Commercial Bank of Florida
Consolidated Bank
Colonial Bank
County National Bank
Eagle National Blink
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 Nalional Bank
Interconlinenlal Bank
QUINLIVAN APPRAISAL
46
International Bank of Miami, N.A.
Jefferson Bank
LaSalle National Bank
Marine Midland Bank
McDonalds Corp.
Mellon United National Bank
Metro Bank
Miami-Dade County Community College
Miami-Dade Water and Sewer Authority
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Pan American Bank
Pointe Bank
Shell Oil Company
South Trust Bank
SunTrust Bank
TotalBank
Trade National Bank
Trust for Public Lands
UniBank
Union Planters National Bank
University of Miami
Wachovia
Wa1-Mart
YMCA
Governmental A~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 Counly Aviation Department
Miami-Dade County Department of Development & Facilities Management
Miami-Dade County HUD
Miami-Dade County Property Appraisal Adjustmenl Board
QUINLIVAN APPRAISAL
47
Miami-Dade County Public Schools
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
Slate 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 ofIs1amorada
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.
Tvoes of Properties Aooraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residenlial Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Slations
Marinas
Wetlands
QUINLIVAN APPRAISAL
48
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
City Commission
Norman S. Edelcup, Mayor
Roslyn Brezin, Vice Mayor
Gerry Goodman, Commissioner
Danny Iglesias, Commissioner
Lewis J. Thaler, Commissioner
(305) 947-0606 City Hall
(305) 792-1565 Fax
(305) 947-2150 Building Department
A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, CMC, City Clerk
MEMORANDUM
To: The Honorable Mayor and City Commission
Via: A. John Szerlag, City Manager
From:
Date:
Re:
\.
Jorge Vera, Assistant City Manager 0-
Robert C. Solera, Community Development Director .
November 16,2006
Transfer of Development Rights for Sunny Isles Resort Developers, LLLP.
RECOMMENDA TION
This resolution is presented for your consideration.
REASONS
The applicant, Sunny Isles Resort Developers, LLLP, is requesting the Transfer of
Development Rights in the amount of 51,749 square feet and twenty-five (25) dwelling
units to be use in the proposed development for the property located at 17475 Collins
Avenue.
Calculation of TDRs: The appraisal value of the property is $22,700,000 divided by
172,497 square feet (FAR plus bonus) is $131.60 per square feet multiplied by 51,749
square feet ofTDRs requested. Total payment to be received by the City for the purchase
of the TDRs is $6,810,168.
Agenda Item _lOA
Date 11-=110 ... 0 to
\
To:
Via:
From:
Date:
Re:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
City Commission
Norman S. Edelcup, Mayor
Roslyn Brezin, 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 Szerlag, 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 Sunny Isles Resort Developers, LLLP.
RECOMMENDA TION
This resolution is presented for your consideration.
REASONS
The applicant, Sunny Isles Resort Developers, LLLP, is requesting the Transfer of
Development Rights in the amount of 51,749 square feet and twenty-five (25) dwelling
units to be use in the proposed development for the property located at 17475 Collins
Avenue. The total payment to be received by the City for the purchase of the TDRs is
$6,810,168.
Agenda Item
1..\6
Date
City Commission
Norman S. Edelcup
Moyor
Lewis J. Thaler
Vice Mayor
Roslyn Brezin
Commissioner
Gerry Goodman
Commissioner
Danny Iglesias
CommIssioner
A. John Szerlag
City Manager
Hans Ottinol
City Attorney
Jone A. Hines
City Clerk
18070 Collins Avenue, Sunny Isles Beach, FL 33160
305.947.0606 www.sibfl.net
November 22, 2006
Clifford A. Schulman, Esq.
Greenberg Traurig
1221 Brickell Avenue
Miami, FL 33131
Re: Resolution No. 06-Z-]05 Approving a Zoning Application Submitted by Sunny Isles
Resort Developers, LLLP (Z2006-08) for Transfer of Development Rights in the
Amount of 5],749 Square Feet of Floor Area of 25 Dwelling Units, on the Property
Located at ] 7475 Collins Avenue, Subject to Certain Conditions; and Resolution 2006-
]005 Providing for the Acceptance of the Appraised Land Value of $22,700,000.00 for
the Property Located at ] 7475 Collins Avenue.
Dear Mr. Schulman:
Enclosed please find a certified copy of Resolution No. 06-Z-1 05, adopted on November 16,
2006 by the City Commission, approving the application submitted by Sunny Isles Resort
Developers, LLLP (Zoning Hearing Z2006-08), for transfer of development rights in the amount
of 51,749 square feet of floor area of25 dwelling units, on the property located at 17475 Collins
A venue, subject to certain conditions.
Also enclosed is a certified copy of Resolution No. 2006-1005, adopted on November 16,2006
by the City Commission, providing for the acceptance of the appraised land value of
$22,700,000.00 for the property located at 17475 Collins Avenue a/k/a Sunny Isles Resort
Developers, LLLP, and providing for the acceptance and payment by the applicant of
$6,810,168.00 for the transfer of development rights in the amount of 5],749 square feet of floor
area and 25 dwelling units of the City's TDR Bank.
Should you have any questions, please do not hesitate to contact me.
Sincerely,
0~4~
Jane A. Hines, CMC
City Clerk
Enclosures
c: A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jorge Vera, Assistant City Manager
Douglas Haag, Assistant City Manager
Elena Del Campillo, Planning and Zoning Technician
Clayton Parker, Bu i Iding Official! Adm in istrator
Robert Solera, Community Development Director
Jean Watson, Finance Director
Linda Dosal. Assistant Finance Director
Office of/he City Clerk (305) 792-/703 Phone (305) 949-3113 Fax
Schulman. CIJlford SUI1I1)' Isles Resort Dev Tral1sl11illall.tr