HomeMy WebLinkAboutReso 2007-1027
RESOLUTION NO. 2007-1Q2. '1
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA; PROVIDING FOR THE
ACCEPTANCE OF THE APPRAISED LAND VALUE OF SIXTY
TWO MILLION DOLLARS ($62,000,000) FOR THE PROPERTY
LOCATED AT 17201 COLLINS AVENUE A/KiA OCEAN IV
DEVELOPMENT PROJECT (TDR06-06); PROVIDING FOR THE
ACCEPTANCE AND I)AYMENT BY THE APPLICANT OF ONE
MILLION TWO HUNDRED EIGHTY TWO THOUSAND SIX
HUNDRED FIFTY-FIVE DOLLARS ($1,282,655) FOR THE
TRANSFER OF DEVELOPMENT RIGHTS ("TDRS") IN THE
AMOUNT OF NINE THOUSAND SEVEN HUNDRED FIFTY-
SEVEN (9,757) SQUARE FEET OF FLOOR AREA AND ZERO (0)
DWELLING UNITS; PROVIDING FOR ADJUSTMENT OF THE
BALANCE OF TDRS FROM THE CITY'S BANK TO REFLECT A
DECREASE OF NINE THOUSAND SEVEN HUNDRED FIFTY
SEVEN 9,757 SQUARE FEET OF FLOOR AREA AND FIVE (5)
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.ln-2-I07, adopted January 18,2007, the City
Commission approved the zoning application submitted by TRG Desert Inn Ventures, Ltd.
("Applicant") for the transfer of TORs in the amount of Nine Thousand Seven Hundred Fifty-
Seven (9,757) square feet of floor area and zero (0) dwelling units; and
WHEREAS, pursuant to Section 265-23 0 of the Code of the City of Sunny Isles Bcach,
the City Commission shall consider the acceptance of the appraised land value in the amount of
sixty two million dollars ($62,000,000) 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 One Million Two
Hundred Eighty-Two Thousand Six Hundred Fifty-Five Dollars ($1,282,655) by the Applicant
for the transfer of Nine Thousand Seven Hundred Fifty-Seven (9,757) square feet of floor area
and Zero (0) dwelling units; and
WHEREAS, the City's TOR Bank balance will be adjusted to reflect the sale of TORs to
the Applicant to reflect the reduction of Nine Thousand Seven Hundred Fifty-Seven (9,757)
square feet or floor area and Five (5) dwelling units.
WHEREAS, the property receiving the transfer of development rights ("TORs") has the
following legal description: The South 300 feet of the North 400 feet of Lot 2, Tatum's Ocean
Park Company's Subdivision, according to the plat thereof, as recorded in Plat Book 10, Page
TOR 06-06 Ocean Four
64, Public Records of Miami-Dade County, Florida; less portion lying westerly of Collins
Avenue.
WHEREAS, the Applicant agrees to purchase TORs in the amount of Nine Thousand
Seven Hundred Fifty-Seven (9,757) square feet or floor area and Zero (0) dwelling units from the
City's TOR 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 Sixty-Two Million Dollars ($62,000,000) ("Appraised Valuc"), for the
Receiving Site as set forth in the attached appraisal summary.
Section 3. Total Pavment for TORs Based on the Appraised Value set forth in Section 2
hereinabove, the City Commission hereby approves the payment of One Million Two Hundred
Eighty-Two Thousand Six Hundred Fifty-Five Dollars ($1,282,655) by the Applicant for the
transfer of Nine Thousand Seven Hundred Fifty-Seven (9,757) square feet of floor area and Zero
(0) dwelling units from the City's TOR Bank to the Receiving Site generally located at 17201
Collins Avenue pursuant to Zoning Resolution No. D7-7-.-11J7 If the Applicant fails (0 pay the
total amount for the TORs, the City shall retain the development rights for which payment has
not been received.
Section 4. Full Pavment. Within three (3) working days of the approval of the Applicant's
TOR application and site plan application, the Applicant shall provide the City with full payment
in the amount of the approved purchase price of $1,282,655.00. Failure to pay the full amount
required by 5 pm Tuesday, January 23, 2007 of approval of TOR application and site plan
application shall result in an automatic voiding of the City Commission approval of the
Receiving Site, transfer of TORs, site plan approval.
Section 5. Adiustmentto TOR Bank. The Zoning Administrator is hereby instructed to make
necessary adjustments to the City's TOR Bank Account to reflect the sale of TORs to the
Applicant, and to make an adjustment to the City's TOR Bank to reflect a decrease of Nine
Thousand Seven Hundred Fifty-Seven (9,757) square feet and Five (5) dwelling units.
Section 6. Authoritv of the Citv Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
TDR 06-06 Ocean Four
Section 7.
Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 18th day of January 2007.
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.:. ATTEST: ':, '
.':'~'~'(~L
., Jane'A I-lines, CMG:, City Clerk
'{'I, \ /'1
" ("
,';' . /' .'
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li _.r' '._
,'.
) ans Ottinot, City Attorney
Moved by: \flU- y"(\~y --rHl\L-~
Seconded by: c.O\'\"l~~~\Ill\J~ fS~2.11\J
Vote: 6-0
Mayor Edelcup
Vice Mayor Thaler
Commissioner Brezin
Commissioner Goodman
Commissioner Iglesias
v(Yes)
V(Yes)
v(Yes)
V(Yes)
V(Yes)
_(No)
_(No)
(No)
_(No)
(No)
TOR 06-06 Ocean rOllt'
Date Received
Date Issued
Resolution
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\9l2..0-o-0G
PLANNING & ZONING DEPT.
Clerk of Court Use Only
Cit)' Use Only
APPLICATION FORM
TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CERTIFICATE
I. APPLICANT INFORMA nON
NAJdE TRG Desert Inn Ventures, Ltd.
PHONE (954) 920-8665 E-MAIL
FAX
ADDRESS 1946 Tyler Street
CITY ANDSTAIE Hollywood, FL
ZIP CODE 33020
II. RECEIVER SITE INFORMATION AS APPLICABLE
OWNERS NAME
Same as above
PHONE
E-MAIL
FAX
ADDRESS
CITY AND ST A IE ZIP CODE
PROPERTY ADDRESS/LOCATION 17201 Collins Avenue, Niami Beach, FL
LEGAL DESCRIPTION See at t ached Exhi bit "A"
FOLIO NUMBER 31-2211-051-0001
CURRENT ZONING MU - R
PROPERTY SIZE 2.707 ::+:
PURCHASE DATE
City of Sunny Isles Beach
Planning and Zoning Department
EXISTING USE OF PROPERTY none
EXISTING STRUCTURE ON PROPERTY mul t i -f amil y res iden t ia 1 (u nde r cons true ti 0
PROPOSED FLOOR AREA RA TlO 5 . 0028
\t_,;.
OENSITY','1281 units
PERCENT AGE OF RIGHTS TO BE RECEIVED 25%
SQUARE FOOT AGE OF FLOOR AREA TO BE RECEIVED 9. 758 sf *
DWELLING UNITS TO BE RECEIVED
None *
TOT AL FLOOR AREA RA TlO INCLUDING TDR
589,855
TOTAL DWELLING UNITS INCLUDING TDR
281
III. SENDING SITE INFORMA TION
OWNERS NAME
City at Sunny Isles Beach Bank
PHONE
E-MAIL
FAX
ADDRESS
CITY AND STATE
ZIP CODE
PROPERTY ADDRESSfLOCATION
LEGAL DESCRIPTION
FOLIO NUMBER
CURRENT ZONING
PROPERTY SIZE
PURCHASE DATE
EXISTING USE OF PROPERTY
EXISTING STRUCTURES ON PROPERTY
BASE FLOOR AREA RATIO PERMITTED
UNITS PERMITTED
SQUARE FOOT AGE OF FLOOR AREA TRANSFERRED TO TDR BANK
DWELLING UN1TS TRA.1-,'FERED TO TDR BANK
*net at previously approved transfer
City of Sunny Isles Beach
Planning and Zoning Depanmenl
['1/. APIi'R4.IgAL INFORI\'1ATLON - A.g AJ!>PUCABlLE (A.PPRAISER
MUgT BlE APPlROVED lIlY HU on')
NAME
PHONE
E-MAil-
FAX
ADDRESS
CITY AND STATE
ZIP CODE
DA TE OF APPRAISAL
APPRAJSAL VALUE OF SITE
V. TITLE COMPANY INFORMATION AS APPLICABLE (TITLE
COMPANY MUST BE APPROVED BY CITY)
A COMMITMENT OF TITLE INSURANCE FOR A FORM "B" MUST BE SUPPLIED
BY TIrE SENDING SITE APPLICANT AS PART OF A COMPLETE APPLICATION
NAME OF TITLE COMPANY
ADDRESS
PHONE
E-MAil-
FAX
VI. SURVEY COMPANY INFORMATION
NAME OF SURVEYOR
ADDRESS
PHONE
E-MAil-
FAX
VII. PROPERTY OWNER CERTIFICATION
NAME OF COMPANY
ADDRESS
PHONE
E-MAIL
FAX
vrn. OUTDOOR CODE VlfOLATIONS, AS APPLICABLE
(pROVIDE CERTIFICATION FROM CITY'S CHIEF CODE INSPECTOR)
City of Sunny Isles Beach
Planning and Zoning Oepanment
DJ:. CJE]IHU'ECA nON Oil" RJESO!LlUTI02'\l FOR YOUR ll'RDJFlERTI' AND
!NClLUKHJ'\!G ADJACEJ'\!'f lLO!'fS
X. PROPERTIt' OWNER. O::R.1!TFKA TIOJ'\! AND ACKNOWlLEDGEMENT
I HEREBY CERTIFY THAT
I) TIlE INFORMATION FURNISHED ON THIS APPLICATION AND THE
ATTACHEMNTS ARE TRUE
2) I AM THE OWNER OF RECORD OF THE PROPERTY DESCRIBED IN SECTION
@(III) (circle applicable number),
3) IF THE APPLICATION, AS MODIFIED OR AMENDED DURING THE REVIEW
AND APPROVAL PROCESS, IS GRANTED, I AGREE, IN CONSIDERATION
TIlEREFORE, 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 WIlROUT ANY STRUCTURES LOCATED THEREON,
UNLESS OTHERWISE AAPROVED BY THE CITY MANAGER. TIlE REMOVAL
OF STRUCTURES FROM TIlE SITE SHALL BE AT NO COST TO TIlE CITY.
5) I HEREBY ACKNOWLEDGE AND AGREE THAT, AT THE EXPIRATION OF TIlE
FIVE YEAR PERIOD COMMENCING WITH TIlE DATE OF THE CITY
COMMISSION APPROVAL OF TIlE PROPERTY AS A SENDER SITE, ANY
~SE~ DEVELOPEMNT RIGHTS TRANSFERRED FROM THE SENDER SITE
,~HALL ,EXPIRE, 1:EID4JNA 1p AND BECOME EXTINGUISHED AND UNUSABLE
j------'-, C/ -- / ;',. / "': ! ('.! i. '/
SIGNATURE OF OWNER (APPLICMTT) DATE
SIGNATURE OF CO-OWNER (CO-APPLICANT)
DATE
City of Sunny Isles Beach
Planning and Zoning Depanment
STATE OF FLORIDA
COUNTY OF MIAMJ-DADE
The foregoing instrument was acknowledged before me this h - day of--->
. ,\,. " , ~, ' 20'-; by-' , , " ,-" on behalf of --"
-, ,.__n,-- _ , a Florida (corporation) (partnership)
(other)
. He /She itpersonallt~Qwn to me or has
---.. ~
produced
(type of identification produced) as
identification and did take an oath,
\
".........
My Commission Expires:: ~ ,-' , <"'~~:L~ L -,--_:,::-:':..,_
NOT" "'y' FUB __ Notary Public State of Florida
"" Uf.SrXIT ElF flORIDA
~ Ruth Minillda:--:' _,
~ ~0~~~Sj~~: Dfd,9~~:mt Name:" ;--:,,:, '';><-'-'
Bonded Thru Atla."uir. Bondlag Co., In~,
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me this day of
20, by on behalf of
, a Florida (corporation) (partnership) (other)
He/She is personally known to me or has produced
(type of identification produced) as identification
produced and did take an oath.
My Commission Expires:
Notary Public, State of Florida at Large
Print Name:
City of Sunny Isles Beach
Planning and Zoning Department
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O(t,~AN FOUR, A COM\![J}Oli'!I1Jrlf\rrQJM
LEGAL DESCRiPTION:
That port of South 300 feet of the North 400 feet of Lot 2, TATUM'S OCEAN PARK SUBDIVISION
lying East of State Road 140 (A-1-A), recorded in Plot Book 10, Page 64, Public Records of
Miami-Dade County, Florida.
Ocean Four Site
LOCATED AT:
17201 COLLINS A VENUE
SUNNY ISLES BEACH, FLORIDA
PREPARED FOR:
CITY OF SUNNY ISLES BEACH
18070 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
As OF:
OCTOBER 20,2006
PREPARED By:
QUINLIVAN APPRAISAL, P.A.
5730 S.W. 74TH STREET - SUITE 300
SOUTH MIAMI, FLORIDA 33143
QUINLIV AJ.'\' A'll>PRAJ:SAL
A PROFESSION....!. ASSOCIATIOX
REAL ESTATE ApPRAlSERS & COXSVVf.'\..,"TS
5730 S.'C 74TH STREET, SCITE 300
SOUTH ~lL\....i'u, FLORIDA 33143
J. ~1ARK QeL,\"'LIVA.."', ~IAI
ST^TE.CE~T1FIED GEXERAI. ApPR.VSERS
RZ 0000112
TELEPHONE (305) BGG-B6ll
FAX (305) 685-4921
TIIONAS F. ~L\.GEl\"TIEll-!ER, ~lAl
ST.-I.TE,CERTIPIED GE.':ER,\..L APPRAISERS
RZ 0000553
October 25, 2006
Elena Del CampilIo, Planning and Zoning Technician
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Dear Ms. CampilIo:
In accordance with your request and authorization, we have prepared this Appraisal Report covering
the following described property:
Ocean Four site containing 27.7 acres located at 17201 Collins
A venue, Sunny Isles Beach, Florida
The purpose of this Appraisal is to estimate the Market Value of the described property as of October
20, 2006, being one of the dates of personal inspection,
The narrative Appraisal Report that follows sets forth the identification of the property, the
asswnptions 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.
M~. JEllemll ])Jell iClIImpillo, IP'lllllllllJllfurng lIImll Z~llJIIfurng 1I'edllllllldllllJll
iCi~y of Swmy n~ne~ lI!elllcHll
October 25, 2006
Page 2
Based on the inspection of the property and the investigation and analyses undertaken, we have
formed the opinion that, as of October 20, 2006, the subject property, based on its highest and best
use, has a Market Value of:
SIXTY Two MILLION DOLLARS
($62,000,000)
Re~~ectfully submitted,
: ,
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,If" j/l' l l / ,.";
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/ .J.Mark Quinlivan, MAl
;/ State Certified General Appraiser
Certification Number; RZOOOOl12
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Patrick Quinlivan
Registered Trainee Appraiser
State of Florida, License N' RII5680
JMQ/jb
(06-232)
TABLE OF CONTENTS
PAGE
TRANSMITTAL LETTER
CERTIFICATION OF VALUE".....",...,.,.....,....."......",., 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, , . . . . , , , , . . . . , . ,3
INTRODUCTION
Identification of the Property . . . . . , , . . . . . , , . ' . . . . , , , . . . . , . . . . . , , , . . . , . , , , 4
Location ..............",.....,......."",..",..",.......".,... 4
Purpose and Date of Appraisal. . . . . . . , . . . . . . . , , , . . . . , , . . . . . ' , . . . , . . , . . . . . 4
Intended Use and User of Appraisal ...,",....,.".,.."....,.......".,. 4
Legal Description .....,',....,......""....,......,....,.........,.. 4
Property Rights Appraised ......"......"....,........,....".,....,., 4
Definition of Market Value ..,...."........,..,...,....."......"..... 5
Assessment and Taxes, . . . . . ' . . . , , , . . . . . . . . , . . . . . , , . . . . . . . . . . , , . ' . . . . . . 6
Owner of Record and Address, , . . . . . , , . . . . . . , . . . . . , , , . . . . , , ' . . . , . , , , . . . .6
History ofTitle , , , . . . . , . . . . . . , . . . . , , . . . . . . . , . , . . . . , . . . . . , , ' . . . , . . . . . . . 6
Estimated Exposure Time .......,....".......,....,......",...."".. 7
Estimated Marketing Period .......,......"...,.,..,.".....,.......,.. 7
LOCATION ANALYSIS
County Data . . . . . . . . . . . , , . . . . , , . . . . . , , . ' . , . . . , , . . . , , . . . , , , . . . . . . , , . ' . 8
Neighborhood Data .,....,....."....."".....,.,..,......".....,.. 18
SITE DATA
~imensions 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
QU/INU'J,/ AN A/P/P//UJISAl
TAlBlLE OF CONTENTS
PAGE
ADDENDA
Assumptions and Limiting Conditions .....,.,.....,'.....,,'.........., 41
Qualifications. . . , , , . . . . , , . . . . , , , , . . . . , , , , , , . . , , , , , . . . , , , , . ' , . . . . . , , 43
Client List, , , . , , . , , , . . . . , , , . . . , , , , . . . . . . . , , , , . . . , , , . . . . . . , . , . . . . . , . 46
QUIlNl//l/AN A/P/PllU.JfSAl
" ,',,',',',', .".,'"','"",','",,',',, ",.......fr;/$Jl.lllf/lfC4Iiltllxai'..'K.c4Jk/fj//J..,.,."..""
..,.'......._..'..............._._._.:...:.;...:.,.:.:.;.,.:_:,_,:,_,:-:,;,:,:,:,:_:_,,:,::,_:;:_:_:,,::_:,:__,,_: ';':':':':':':':':;::::'::'::;:::::::':;';_":":':':':'::::_':'; .,;,:,::::.,:;};:::.:_:::_::::::,:;.:.: ............_._._._........_......................_.....................:.:...:.:.:-:.:.:-:.,...:-:..._':.:.:.:.;..,;,_.:.:':__';':':_:'__":_:_"_':_:_:':_";;:;:_';'_"_';""'_'.
-, - ..~~~ -- - .. - .-P
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.
(8) The reported analyses, opinions and conclusions are limited only by the
assumptions and limitingconditions set forth, and are my personal, unbiased
professional analyses, opinions and conclusions.
(c) We 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) We have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
(E) Our engagement in this assignment wasnot contingent upon developing or
reporting predetermined results,
(F) The appraisers' 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,
(G) The appraisers' 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) 1. Mark Quinlivanand Patrick Quinlivanhave made a personal inspection of
the property that is the subject of this report,
(J) No one provided significant professional assistance to the persons signing
this report,
QIlJJINUfJ/ AN A/P/PllUJ/SAJL
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--..--....... ..
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(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 Etltics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
(L) The use of this report is subjectto the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
As of the date of this report, J, Mark Quinlivanhas completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and analyses undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, we have formed the
opinion, as of October 20, 2006, the subject property, based on its highest and best use, has a Market
Value of:
SIXTY Two MILLION DOLLARS
($62,000,000)
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J/MiARKQUINLIVAN, MAl
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fTATE CERTIFIED GENERAL ApPRAISER
,'cERTIFICATION NUMBER: RZOOOOI12
,
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, .
PATRICKQUINLlVAN
REGISTERED TRAINEE ApPRAISER
STATE OF FLORIDA, LICENSE No. RI15680
i{lUlINJLJIVAN AlP'lP'/JUllSAJL
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SlUMMARY OIF SAJLIlEN1I' IFAiC1I'S ANID iCONiCJLlUSliiOlNS
Type Report
Complete
Report Format
Self-Contained
Purpose of Appraisal
Market Value
Property Rights Appraised
Fee Simple
Location
17201 CoIlins Avenue
Sunny Isles Beach, Florida
Legal Description
The South 300 feet of the North 400 feet of
Lot 2, 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 117,917 Square Feet/
2,707 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
$62,000,000
Final Estimate of Value
$62,000,000
Date of Value Estimate
October 20, 2006
Dates of Inspection
October 20, 2006
Date of Report
October 25, 2006
Remarks
The site was improved with a condominium
motel building known as Desert Inn Beach
Club containing 156 units, The building has
been razed and a 41-story residential
condominium tower containing 28 I units is
currently under construction, The building is
known as Ocean IV,
!{lI[JJ[N/LlI'if/AN AJJ>>lJ>>/lUJIS/U
3\
Ocean Four Site
LOCATED AT:
17201 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
PREPARED FOR:
CITY OF SUNNY ISLES BEACH
18070 COLLINS AVENUE
SUNNY ISLES BEACH, FLORIDA
As OF:
OCTOBER 20, 2006
PREPARED By:
QUINLIVAN APPRAISAL, P.A.
5730 S.W. 74TH STREET - SUITE 300
SOUTH MIAMI, FLORIDA 33143
QUINLIVA."T lu? PRAISAL
A PnoFESSIOXAL ASSOCIATIOX
HE.U ESTATB ..-\.pPRAISEHS & CO"'St.::LT.L,\TTS
5730 S.W. 74TH STREET, SenE nOG
SOUTH l'hA:'-U, FLORIDA :3814-3
J. NARH Qt:L'\'LIYAN, pIAl
STxn:-CERTIF'lED GEI"ERA.l_ .-\PPR.'-'SEllS
HZ UOOOll2
TELEPHONE (305) BG3-66!!
FAX (305) 665-4.021
THONAS F. Jl.UOHXHEIHER, HAl
STATE-CER'fln1-:ll GEl'o-ERAL Al'PllhTSERS
RZ 0000553
October 25, 2006
Elena Del Campillo, Planning and Zoning Technician
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Dear Ms. CampiIlo:
In accordance with your request and authorization, we have prepared this AppraisalReport covering
the following described property:
Ocean Four site containing 27,7 acres located at 17201 Collins
A venue, Sunny Isles Beach, Florida
The purpose of this Appraisal is to estimate the Market Value of the described property as of October
20, 2006, being one of the dates of personal inspection.
The narrative Appraisal Report that follows sets forth the identification of the property, the
assumptions and limiting conditions, pertinent facts about the area and the subject property,
comparable data, the results of the investigations and analyses, and the reasoning leading to the
conclusions set forth.
MIs, IEltel1lll ])Jel CamJllillo, IP'llIll1ll1lmg lIml ZOJJllmg 1redll1lidll!l1l
City of SllIlllI!.Y llsles Jaeacl1
Odober 25, 2006
Page 2
Based on the inspection of the property and the investigation and analyses undertaken, we have
formed the opinion that, as of October 20, 2006, the subject property, based on its highest and best
use, has a Market Value of:
SIXTY Two MILLION DOLLARS
($62,000,000)
Res,~ectfuIly submitted,
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, JI Mark Quinlivan, MAl
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J/State Certified General Appraiser
Certification Number: RZOOOOl12
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Patrick Quinlivan
Registered Trainee Appraiser
State of Florida, License N' RIl5680
JMQ/jb
(06-232)
TABLE OF CONTENTS
PAGE
TRANSMITTAL LETTER
CERTIFICATION OF VALUE , . . . . . . , . . . . . , . . . . . , . . . . . . . . , . , , . . . . . , , , I
SUMMARY OF SALIENT FACTS AND CONCLUSIONS, . ' . . . . . . , , , . . . . .3
INTRODUCTION
Identification of the Property . . . . . . . . , . . . , , . , . . . . , , . . . . . . . . . ' . . . . . . , . . . . . 4
Location ...,.....,.....".,...........",...,.,.......",.......,.. 4
Purpose and Date of Appraisal. . , . . . . . . . , . . . . . , . . . . , . . . . . . . . . . , . . . . . . . , , . 4
Intended Use and User of Appraisal '......,'...,,'.....,'.......,'....... 4
Legal Description ,..............,......,....,.,..............."..... 4
Property Rights Appraised .........,.....,................""...,..... 4
Definition of Market Value ...",......,....."....,..........."....",5
Assessment and Taxes. ,...... . , , . . . . . . . . . . . . , . . . . , . . . . . . . . , , , , . . . . . , , . 6
Owner of Record and Address . . . . . . , . . . . . , . . . . . , , . . . , . . , . ' . . . . . . , . . . . . . . 6
History of Title. . . . , , . . . . , ' . . . . . . . , . . . . . , . . . . . . . . . . . . . , . . . . . . . . . . . . . . . 6
Estimated Exposure Time ...,..............,.............",.....",... 7
Estimated Marketing Period ,............,.........,........,..,.....,.. 7
LOCATION ANALYSIS
County Data . . . . . , . . . . . . . . . . . . . . , , . . . . , , . . . . . , . . . . , . , . . . . . . . . , . . . . . . . 8
Neighborhood Data. , , . . . . . , , . . . . . , , . . . . . . , . . . . . . . . . . . . , . . . . . . . . , . . . . 18
SITE DATA
~imensions 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
TABlLE OF CONTENTS
PAGE
ADDENDA
Assumptions and Limiting Conditions ,....,...",.....,..,...".,...." 41
Qualifications. . . , . . . , , . . . . , , , , . . . , , , . . . , , . . , , , , . . . . . . , , . . , . , , . . . . , .43
Client List. . , , . . , , . . . , , , , . . . , , , , . , , , . . . . , , . . . . . , . . . . . . , , , . . , . , , . . . . 46
QUINLIVAN APPRAISAL
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CERJrIFl!CA,TION..QJe:V.4JkJ/E
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The undersigners hereby certify that, to the best of our knowledge and belief:
(A) The statements offact contained in the report are true and correct.
(B) The reported analyses, opinions and conclusions are limited only by the
assumptions and limitingconditions set forth, and are my personal, unbiased
professional analyses, opinions and conclusions.
(c) We 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) We have no bias with respect to the propetty that is the subject of this report
or to the parties involved with this assignment.
(E) Our engagement in this assignment wasnot contingent upon developing or
reporting predetermined results,
(F) The appraisers' 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 appraisers' analyses, opinions and conclusionswere developed, and this
report has been prepared, in confonnity 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 Quinlivanand Patrick Quinlivanhave made a personal inspection of
the property that is the subject of this report.
(1) No one provided significant professional assistance to the persons 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 subjectto the requirements of the Appraisal Institute
relating to review by its duly authorized representatives,
As of the date of this report, J. Mark Quinlivanhas completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and anaIys es undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, we have formed the
opinion, as of October 20,2006, the subject property, based on its highest and best use, has a Market
Value of:
SIXTY Two MILLION DOLLARS
($62,000,000)
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STATE CERTIFIED GENERAL ApPRAlSER
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,CERTIFICATION NUMBER: RZ0000112
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PATRICK QUINLIVAN
REGISTERED TRAINEE ApPRAISER
STATE OF FLORIDA, LICENSE No. RI15680
QUINLIVAN APPRAISAL
2
SlUMMARY OF SAJLIlENT FACTS ANJIJl ODNClLlUSniOINS
Type Report
Complete
Report Format
Self-Contained
Purpose of Appraisal
Market Value
Property Rights Appraised
Fee Simple
Location
1720 I Collins Avenue
Sunny Isles Beach, Florida
Legal Description
The South 300 feet of the North 400 feet of
Lot 2, 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 117,917 Square Feet/
2,707 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
$62,000,000
Final Estimate of Value
$62,000,000
Date of Value Estimate
October 20, 2006
Dates of Inspection
October 20, 2006
Date of Report
October 25, 2006
Remarks
The site was improved with a condominium
motel building known as Desert Inn Beach
Club containing 156 units, The building has
been razed and a 41-story residential
condominium tower containing 281 units is
currently under construction, The building is
known as Ocean IV,
QUINLIVAN APPRAISAL
3
LOOKING SOUTHEASTERL Y ACROSS COLLINS A VENUE AT SUBJECT
-..""""~'"'----
LOOKING NORTHEASTERL Y ACROSS COLLINS A VENUE A T SUBJECT
QUINLlV AN APPRAI5:4L
LOOKING SOUTHERLY ALONG COLLINS A VENUE, SUBJECT TO LEFT
LOOKING NORTHERLY ALONG COLLINS A VENUE, SUBJECT TO RIGHT
QUINLIVAN APPRAI!3AL
. "';-;"
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VIEW FROM REAR OF SUUJECT SITE ACROSS ATLANTIC OCEAN
QUINLIVAN APPRAISAL
._- .,
QUINLIVAN APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
Multi-family zoned land parcel containing approximately 117,917 gross square feet/2.707 acres,
ADDRESS
17201 Collins Avenue
Sunny Isles Beach, Florida
LOCATION
East side of Collins Avenue at lnnd Street, Sunny Isles Beach, Florida,
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value as of October 20,2006, being one of
the dates of personal inspection,
INTENDED USE AND USER OF APPRAISAL
The intended use of this appraisal is to assist the client in determining the market value of Transfer
Development Rights (TDR), The intended user is the City of Sunny Isles Beach,
LEGAL DESCRIPTION
The South 300 feet of the North 400 feet of Lot 2, 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 Avenue.
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. lrnplicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:
(I) buyer and seller are typically motivated;
(2) both parties are well informed or well advised and acting in what
they consider their own best interest;
(3) a reasonable time is allowed for exposure to the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
(5) the price represents a normal consideration for the property sold
unaffected by special or ereative financing or sales concessions
granted by anyone associated with the sale.
QUINLIVAN APPRAISAL
5
ASSESSMEN'f AND 'fAXES - 2005/2006
The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach.
The assessment for the property is established each year as of January I st by the Miami-Dade County
Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value
less closing costs, While the State of Florida requires real estate to be assessed at 100% of Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Numbers: 31-2211-004-0080
Assessed Value (2006): $31,320,000
Tax Amount: N/A
Millage Rate (2005): $22.5837 per $1,000
OWNER OF RECORD AND ADDRESS
TRG-Oesert Inn Venture, Ltd
2828 Coral Way
Coral Gables, FL 33145
FIVE-YEAR HISTORY OF TITLE
The individual motel condominium units (Folios: 31-2211-051-0010 thru -1560) have been
purchased by TRG-Oesert Inn Venture, Ltd. in multiple transactions from June of2003 to September
of 2004 for a total price of approximately $19,832,020. Sales Data information related to the
purchase of the subject site in the addendum of this report.
QUINLIVAN APPRAISAL
6
ESTIMATEIJ 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 exposme time for the subject property, the appraisers have taken the
following steps:
~iscussion with buyers, sellers, brokers and/or a review of multiple listings of
vacant sites in the area related to historic marketing periods.
Based on the above sources, exposure time is estimated to have been twelve months for the subject
property,
ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale, 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
QUINLIVAN APPRAISAL
LEGEND
~S'/J'ICapj'/J1
.6. Coun'lI Seat.
FRANKlIN.Counly Na""",
POPUl.4.TION KEY
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FLORIDA
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MAP NO. 6508
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COUNTY DATA
Miami-Dade County - Location and Size
Miami-Dade County, which comprises the metropolitan area of Miami, is situated on the southeast
tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west by Monroe
and Collier Counties, on the north by Broward County, and on the south by Monroe County (the
Florida Keys).
Miami-Dade County, the largest county in area and population in the state of Florida, covers an area
of2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square
miles of the County,
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed. Therefore, only the eastern section
of Miami-Dade County encompasses the area which is currently developed or available for future
development.
Miami-Dade County's location, its southern latitude and proximity to the Gulf Stream provide for
mild winters and pleasant summers.
Population
The state of Florida has increased rapidly in population from 9,740,000 in 1980 to 12,937,926 in
1990 and 15,982,378 in 2000. The 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 I 960s, 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 (A ventura), as well as the currently expanding southwest area, especially in sections of
Flagler Street, S.W. 8th Street and North Kendall Drive.
Population trends indicate that most of the population growth in Miami-Dade County during the
second half of the 2000s will occur in outlying areas such as North Miami Beach, the Kendall area
west of the Florida Turnpike, the S. W. 8th Street area west of the Florida Turnpike, the Hialeah-
Miami Lakes area, as well as those areas both east and west ofU.S, Highway I between Cutler Ridge
and Florida City.
EmoIovment Trends
The dominant characteristic of Miami-Dade County is that it is primarily trade and service based.
Personal, business and repair services have had a substantial increase in importance in the economic
base over the last decade. The major sectors of the economy include services, wholesale and retail
trade, transportation, communications, public utilities, government and manufacturing. The most
dominant industries which form the County's economic base are construction and tourism.
QUINLIVAN APPRAISAL
9
Tourism is Miami-Dade County's biggest industry with an estimated 10.4 million visitors in 2005
contributing to more than 50 percent of the area's economy. Aviation and related industries are
responsible for another large segment of the economy. The garment industry ranks third in the
nation after New York and Los Angeles. Table 1 shows the distribution of the non-agricultural work
force in Miami-Dade County.
TABLEt
ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT
2000 - 2004
INDUSTRY 2000 2001 2002 2003 2004
TOTAL NONAGRICULTURAL 1,016,100 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 ESTATE
SERVICE AND MINING 346,800 354,600 414,300 437,700 459, I 00
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
QUlNLIV AN 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 of2005, Florida's unemployment rate was 3.3 percent, down from 4.6 percent of the
previous year, but still below the national average of 4.7 percent. In December of 2005, the
unemployment rate for Miami-Dade County was 5.4 percent, down from 6.2 percent in 2003,
Income
Over the past few years, the average per capita personal income in Miami-Dade County has been
slightly lower than the per capita income for Florida, as well as the nation,
TABLE2
PER CAPITA PERSONAL INCOME
SELECTED YEARS (CURRENT $)
Year 2001 2002 2003
UNITED STATES 30,413 30,906 31,632
FLORIDA 29,048 29,596 30,446
MIAMI MSA 32,025 32,493 33,094
Source: U.S. Dept. of Commerce, Bureau of Economic Analysis and Miami-Dade County
Planning Department
Tourism
Table 3 reveals a steady increase in the number of tourists visiting Miami-Dade County since 1990.
The number of international visitors increased approximately 100% from 1985 to 1995. Due to the
soft domestic 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
TABLE 3
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
INTERNATIONAL DOMESTIC TOTAL
1996 5,113,200 4,462,000 9,575,200
1997 5,278,700 4,564,600 9,843,300
1998 5,268, I 00 4,468,700 9,736,900
1999 5,399,800 4,385,800 9,785,600
2000 5,639,400 4,461,600 10,101,000
2001 5,245,700 5,263,600 10,509,300
2002 4,915,200 5,316,200 10,23 I ,400
2003 4,909,200 5,535,900 10,445, I 00
2004 5,26 I ,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. I %), 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 15,5 I 1,641 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
TABLIE41
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
REGION 2000 2001 2002 2003 2004
EUROPEAN COUNTRIES 22.8% 20.9% 21.1% 21.1% 21.8%
CARIBBEAN COUNTRIES 6.9% 6.9% 9.5% 9.4% 6.5%
CENTRAL AMERICAN 4.3% 4.5% 4,8% 5.0% 5.0%
COUNTRIES
SOUTH AMERICAN 34.3% 33.9% 33.3% 31.3% 31.]%
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 in455 lodging facilities in Greater Miami
and the Beaches. The hotel-motel occupancy rate for 2005 of70.l % was above the rate for 2004 of
67.0% and significantly above the 2001 to 2003 rates of58.9% to 62.4%. The average room rate in
2005 was $101.60, which was up from an average room rate of$91.99 in 2004.
The first in a series of new luxury properties opened in February 2004 when the 380-room Ritz
Carlton opened in Miami Beach. In May of2005, the 21 O-room Le Meridian opened in Sunny Isles
Beach. Three other new hotels with a total of 271 rooms open in Miami Beach during 2005. In
addition to the recently completed hotels, 18 lodging facilities with a total of approximately 3,000
rooms are either under construction or proposed in Miami-Dade County. The majority of the new
hotel facilities are located in the beach areas.
Miami-Dade Financial Resources
Over the course of the last decade, Greater Miami has evolved into a major international financial
center. Domestic and international businesses find convenient access to a full array of services
provided by locally-based state and national commercial banks, savings and loan associations,
foreign banks, non-depository credit institutions, securities and commodities brokers and insurance
compal1les,
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 Oadeland,
paralleling U.S. Highway I and northwesterly from downtown Miami to Hialeah. Recently, the
system was extended about a mile from Hialeah to the Palmetto Expressway at NW 74th Street. In
conjunction with this system, there is a Downtown People Mover Automated Transit system which
encircles the central business district of Miami and extends south to the Brickell area and north to
the Omni area,
Miami-Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak
Rail, Greyhound and Trailways Interstate bus lines for passenger service.
Miami International Airport, one of the nation's largest and busiest, had approximately 31 million
arrivals and departures in 2005. Moody's Investor Service, a major bond-rating company, recently
ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles
International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of
Aa I. According to Moody's, a key factor in the ranking is the airport's "market value as an
international gateway with its own strong organization-and-destination base". The airport is
currently undergoing a $5.4 billion expansion. New South and North terminals and a fourth runway
are planned.
Miami has become a port of embarkation for airlines and ships bound for Central and South
American Countries, The Port of Miami, besides being the largest passenger port in the nation, is
also important as a cargo center with a 2003 annual tonnage of approximately 9.0 million up from
8.7 million in 2002 and 8.25 million in2003. 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
Govemmelll
Miami-Dade County is comprised of unincorporated areas, as well as 34 municipalities, the largest
of which is the city of Miami.
Miami-Dade County is governed under a modified two-tier metropolitan government. The purpose
of this type government was to establish one governing body for the county, and to 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 poIicy-
making authority is vested in the elected thirteen-member Board of County Commissioners; the
Commission appointed County Manager is the chief administrator, Miami -Dade County has operated
under the metropolitan form of government since 1957, when the Home Rule Charter was passed
by the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the
enactment of its laws.
County government had not been able to respond to the tremendous demand for municipal services
in this rapidly urbanizing area, which is larger than the State of Rhode Island or Delaware. The need
to combine services duplicated by the County and numerous cities was also clearly evident. The
Charter permitted the limited County government to reorganize into a general purpose "municipal-
type" government capable of performing the full range of public functions into an area wide
operation.
Real Estate
At the end of2005, the Miami-Dade County Office Market contained approximately 49.27 million
square feet of office space. Approximately 27.1 % of this space is located in the Miami central
business district and adjacent Brickell Avenue and 23.4% in the rapidly growing Airport West area,
There was an increase in the occupancy rate of office buildings in Miami-Dade County from 89%
in 2004 to 91 % in 2005. Since 2002, there was an increase in occupancy from 84%. The net
absorption for the county was 1.74 million square feet during 2005,
Office rental rates in new buildings typically range from $22.50 to $34.00 per square foot. The low
end of the range is for office space in the suburban markets, The upper end of the range is for first
class office space in Downtown Miami, Brickell A venue, Coconut Grove and Coral Gables.
QUINLIVAN APPRAISAL
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
of2005 was 4.7%. Miami Lakes and Airport West had the highest vacancy rates, 8.7% and 6.8%,
respectively. Industrial rental rates generally range from $4.00 to $8.00 per square foot.
The number of single family residential permits decreased 36.6% from 6,355 in 2002 to 8,680 in
2003. Since 2003, the number of permits has increased 7.2% to 9,306 in 2004. The average sale
price of a new residence in Miami-Dade County in 2004 was $253,300 down 6.1 % from $268,734
in 2003.
According to data from the Department of Business and Professional Regulation, Miami-Dade
County has over 178,700 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing
Report shows a vacancy rate of 1.6% in August of 2005, significantly lower than the 4.0% rate of
August of 2004. The vacancy rate has been declining steadily since 2003 due to the reduction of
inventory caused by the large amount of condominium conversions. Rental apartments have average
rental rates of $904 per month for a one bedroom apartment and $ 1,134 per month for a two
bedroom apartment, as of August 2005.
QUINLIVAN APPRAISAL
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 ofthe city of Miami. Additionally, many
existing rental apartment projects are being converted to condominiums. Sales of new
condominiums peaked in the second quarter of 2005 with 14,700 units sold during the first six
months of2005, compared with 7,800 new units for the entire year of2004. Sales of new units in
2002 and 2003 were 4,750 and 5,900 units, respectively. The average sale price of new
condominium units was $231,829 for the second quarter of 2005, and increase of 45% over the
average price of$I59,534 in the second quarter of2004. The new condominium apartment market
is already in a largely oversupply condition. If all of the condominium projects that are either
proposed or under construction in Miami-Dade County are completed, the county will have over a
ten year supply of units. A softening of the market is already been evidenced by the canceling of
several proposed projects.
The Miami-Dade County retail market contains approximately 52,5 million square feet in buildings
over 20,000 square feet. The 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 Miami-Dade County an excellent opportunity for continued growth as an international center.
QUINLIVAN APPRAISAL
17
NEIGHBORHOOD MAP
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SUBJECT PROPERTY
117201 Collins Avenue
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;, 1999 DeLorme. Street Atlas USA
II
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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 east side of Collins A venue (State Road
AlA) at 172"d Street.
Sunny Isles Beach is located on a barrier island in the northeast comer of Miami-Dade County, The
borders of the city of Sunny Isles Beach are HauIover 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 Avenue. Collins Avenue 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. 192nd Street.
The east side of Collins A venue is primarily improved with older motel buildings constructed in the
1950s and new high-rise condominium apartment buildings, In recent years some of these motels
have been converted to condominiums and time-share resorts or the sites redeveloped with high-rise
condominiwn apartments. Sunny Isles Beach has historically been a tourist destination due to the
beach environment. The area is now becoming more ofa residential community with permanent and
seasonal owners. The west side of Collins Avenue is improved with retail stores, restaurants, rental
car agencies, boat rentals, service stations, and convenience stores.
During the 1960s and 1970s, several rental and condominiwn apartment buildings were constructed
in Sunny Isles Beach. The majority of the these buildings were developed on sites fronting on the
Intracoastal Waterway.
The Arlen House East and West, located on the west side of Collins Avenue at approximately N.E.
l58th 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 1970s, has sale prices ranging from $475,000 to
$725,000, All of the townhouses have waterway frontage,
QUINLIVAN APPRAISAL
18
Atlantic Island, located on the west side of Collins Avenue, at N,E. I63rd 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 1970s with a large number of condominium apartment buildings. The two largest developments
are Winston Towers (seven buildings) and Plaza of the Americas (four buildings). Recent sale prices
for units in these buildings generally range from $225,000 to $600,000.
Several high-rise condominium apartment buildings were recently constructed on ocean front sites
in Swmy Isles Beach. The recently completed projects include Millenniwn (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. l85th Street. Golden Shore Ocean Boulevard Estates is comprised of detached single family
houses on 7,500 square foot lots. The houses generally range in size from 1,200 to 2,000 square feet
and were constructed primarily in the 1950s, The sale prices for the houses in Golden Shores Ocean
Boulevard Estates range from $250,000 to $495,000,
Golden Gate Estates is a luxury zero-lot-line project recently constructed in 1999 and 2000 located
on the west side of Collins A venue at the border of Golden Beach. The sale prices for the houses
in Golden Gate Estates range from $450,000 to over $1,000,000.
Golden Beach, a single-family residential community, is located just north of Sunny Isles Beach.
Many of the residences in Golden Beach front on either waterways or directly on the Atlantic Ocean.
Haulover Beach Park, a Miami-Dade County Park, encompassing approximately a mile of beach
front along the Atlantic Ocean, is located just south of the Sunny Isles Beach. Haulover Park
contains facilities for boating, picnicing, swimming and fishing.
The neighborhood has undergone a transition from a purely tourist oriented community to a
combination multifamily and tourist destination. The retail stores in the area seem to have a normal
vacancy rate. The commercial development has been oriented toward the permanent residents as
well as the tourists.
QUINLIVAN APPRAISAL
19
-
QUINLIVAN APPRAISAL
SITE DATA
Dimensions and Shape:
The subject property is rectangular in shape.
The subject property fronts for 300 feet, more or less, along the east side of Collins Avenue (State
Road AlA), thence runs easterly for 393 feet, more or less, to the Atlantic Ocean.
Area:
117,917 Square Feet
or 2,707 Acre
Source: Hopkins Plat, Miami-Dade County Property Appraiser's Office, and Building Application
TODol!raphv and Drainal!e:
The site is level and approximately at street grade,
Flood Zone:
Map NQ l2025C0084 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-Year Flood. Coastal flood with
velocity hazard (wave action); base flood elevation determined at ten feet.
Soil and Subsoil:
The immediate area ofthe subject site appears to have no unusual soil or subsoil conditions. Unusual
conditions would be brought out by test borings,
Utilities:
Water:
Sewer:
Electricity:
Telephone:
Miami-Dade Water and Sewer Authority
Miami-Dade Water and Sewer Authority
Florida Power & Light Company
BellSouth Telephone Company
QUINLIVAN APPRAISAL
20
Street Improvements:
Collins Avenue is asphalt paved with a dedicated width of 100 feet. Collins A venue contains three
northeasterly bound lanes and three southwesterly bound lanes, Collins A venue is improved with
concrete sidewalks, curbs, gutters, storm sewers, street lights and a center median.
1 72"d Street is asphalt paved with a dedicated width of 50 feet. l720d Street contains one eastbound
lane and one westbound lane. 1720d Street is improved with concrete sidewalks, curbs, gutters, storm
sewers, and street lights.
QUINLIVAN APPRAISAL
21
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QUINLIVAN APPRAISAL
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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
Rear
75 feet
50 feet, for porte-cochere and/or guardhouse
20 feet or bulkhead line, whichever is closer to
Collins Avenue
Side (Interior)
Parcels 200 feet or more in width
Primary structures
Pedestal structures
Parcels adjacent to public parks
Parcels under 200 feet
Primary structures
Pedestal structures
Parcels adjacent to public parks
50 feet
3 feet for each two feet of height up to 50 feet
5 feet
20 feet
3 feet for each two feet of height up to 20 feet
5 feet
Maximum Dwelling Unit Density:
Apartment
Apartment-hotels
50 units per acre (no bonuses)
80 units per acre; for each FAR increase 0.02
achieved through bonus provisions, the
maximum density increases by I unit per acre
100 units per acre (no bonuses)
125 units per acre; for each FAR increase 0.03
achieved through bonus provisions, the
maximum density increases by I unit per acre
Not considered residential, therefore, not limited
Proportion of proposed units to maximum
allowed for each use, Sum of acreage needed
for each use shall equal the total acreage.
Hotels
Mixed uses
Minimum Apartment Floor Areas:
Residential unit:
Apartment-hotel unit
Apartment-hotel unit w/lockout room
Lockout unit:
Hotel unit:
550 square feet
550 square feet
750 square feet
350 square feet
250 square feet
Offstreet Parking:
Single-family detached
Townhouse
Multi-family dwelling
Apartment
2 spaces per 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
':It,,~~n---
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, alternative uses, the use that yields the highest present land value, after payments are
made for labor, capital, and coordination, is generally regarded as the highest and best use ofthe land
as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made of
the property including all existing structures. The implication is that the existing improvement
should be renovated or retained as so long as it continues to contribute to the total market value of
the property, or until the return from a new improvement would more than offset the cost of
demolishing the existing building and constructing a new one.
In estimating the highest and best use there are essentially four stages of analysis:
I. Possible Use. What uses of the site being appraised are physically possible?
2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction,
ifany?
3, Feasible Use. Which possible and permissible uses will produce a net return to the
owner of the site?
4. Maximally Productive. Among feasible uses, which use will produce the highest net
return to the owner of the site?
The highest and best use of the land (or site), if vacant and available for use, may be different from
the highest and best use of the improved property. This is true when the improvements are not an
appropriate use, but make a contribution to the total property value in excess of the value of the site,
The following four point test must be met in estimating the Highest and Best Use. The use must be
legaL The use must be probable, not speculative or conjecturaL There must be a profitable demand
for such use and it must return to the land the highest net return for the longest period of time.
QUINLIVAN APPRAISAL
24
These tests have been applied to the subject property. In aniving 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 300 feet, more or less, offrontage on Collins A venue and 300 feet, more or less,
of frontage along the Atlantic Ocean, Therefore, the subject property has good access and exposure
on one primary street.
The subject site is 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 I 17,917 square feet in size which equates to 2.707 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 arethose 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 pennits multifamily apartments, hotels,
motels, apartments-hotels, commercial services and retail goods (including spas and health clubs,
beauty salons, clothing, florists,giftshops, bankingservices,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
maximumnumber 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 135 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 development of this site is eligiblefor FAR bonuses under the zoning provisions for
the Beach Access Bonus (Access easement and Beach access trust fund contribution), Public beach
recreational enhancementbonus, CollinsA venuepublicstreetscape enhancements bonus, Sunny Isles
public parking bonus, and Public oceanfront park and open space enhancements bonus. These
bonuses would allow the site to attain a maximum floor area ratio of 4.0 times the land size or
approximately 471,668 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 maximumof 80 units per acre, Under these
circumstances, approximately 216 units could be constructed on the subject site,
QUINLIVAN APPRAISAL
25
Fea~ibie l[J~elMaximllllIv Productive l[J~e
The physical characteristics and zoning of the subject property permit a wide range of potential uses.
The possible and permissible uses include multi-family residential buildings, hotels, and various
commercial/retails uses,
With TORs, the site is being developed with a 4 I-story condominiumapatiment building containing
281-units with a maximumF.A.R. of 4.92, These two and three-bedroom units will reportedly range
in size from 1,301 to 3,018 square feet and range in price from $695,000 to $6,300,000, The project
is known as Ocean IV,
Surrounding sites are improved with rental and condominium apartment buildings, The building on
the subject site will have views across the Atlantic Ocean.
Conclusion (As Vacant)
Based on the above factors, it is the appraiser's opinion that the Highest and Best Use of the site, as
if vacant, is for multi-family residential usage.
QUINLIVAN APPRAISAL
26
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
ofrecent 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 ofSul1l1Y 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
-....
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 beeause 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 Sal 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 two and one-half mile distance from the subject property and
similarly have ocean frontage. Seven of the eight sales are located within a mile distance of the
subject site. The subject site and seven of the eight sale properties are zoned MU-R, Mixed-Use
Resort ~istrict
Sale I is located on the southeast corner of Collins Avenue and 170'h Street, two blocks south of the
subject property. This 104,544 square foot site sold in June of2003 for $25,000,000 or $239.13 per
square foot. This site is zoned MU-R, Mixed Use Resort ~istrict. 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 1720d Street and l74'h Street,
approximately one block north of the subject property. This 39,099 square foot site sold in
September of2003 for $8,500,000 or $217.40 per square foot. This site is zoned MU-R, Mixed Use
Resort ~istrict. 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 100'h 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 comer of Collins Avenue and Sunny Isles Boulevard,
approximately two and one-halfmiJes south of the subject property, This 57,834 square foot site
sold in May of2004 for $20,000,000 or $345.82 per square foot. This site is zoned MU-R, Mixed
Use Resort ~istrict. A luxury condominium apartment building is under construction on this site.
Sale 5 is located on the east side of Collins Avenue between l70'h Street and l72nd Street,
approximately two blocks south of the subject property. This 97,300 square foot site sold in October
of2004 for $32,100,000 or $329.91 per square foot. This site is zoned MU-R, Mixed Use Resort
~istrict. A luxury condominium apartment building is under construction on this site.
Sale 6 is located on the east side of Collins A venue between l70'h Street and 172nd Street,
approximately one block south of the subject property. This 37,165 square foot site sold in nine
transactions between January and April of2005 for a total of$13,783,200 or $370.86 per square
foot. This site is zoned MU-R, Mixed Use Resort ~istrict. This site is currently improved with
two-story, 55-unit condominium apartment building. A luxury condominium apartment building
is planned for this site.
Sale 7 is located on the east side of Collins Avenue,just south ofBayview Drive, approximately one
mile south of the subject site. This 57,064 square foot site sold in June of 2005 for a total of
$26,000,000 or $455.63 per square foot. This site is zoned MU-R, Mixed Use Resort ~istrict. This
site is currently vacant. A luxury hotel/condominium apartment building is planned for this site.
Sale 8 is located on the northeast comer of Collins Avenue and 174'h Street, approximately two and
one-half blocks north of the subject site. This 45,389 square foot site sold in April of2006 for a total
of$23,347,000 or $514.38 per square foot. This site is zoned MU-R, Mixed Use Resort ~istrict.
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:
~imensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 1
June 19, 2003
$25,000,000
Warranty Deed
0, R. Book 214 IS, Page 4566
3 1-22 I 1-004-0060
Beverly Towers, Inc.
Fortune Beach, LLC
The South 300 feet of the North 400 feet of Lot I, lying
East of Collins Avenue, TATUM'S OCEAN PARK
SUBDIVISION, according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County, Florida.
17001 Collins Avenue
Sunny Isles Beach, Florida
Irregular
104,544 Square Feet
2.40 Acres
MU-R, Mixed Use Resort ~istrict
Vacant
$239,13 per square foot
First Mortgage of $17,450,000 with Colonial BanIc
A 284-unit condominium apartment building is planned for
this site.
QUINLIVAN APPRAISAL
30
SALE 1
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 2
September 10, 2003
$8,500,000
Warranty Deed
O. R. Book 21649, Page 2944
31-2211-004-0180
Blue Seas Associates
17315 Collins Avenue, LLC
Portion of the North 100 feet of the South 200
feet of Lot 3 lying East of Collins A venue,
TATUM'S OCEAN PARK SUBDIVISION,
according to the Plat thereof, as recorded in
Plat Book 10, Page 64 of Miami-Dade County,
Florida.
17315 Collins Avenue
Sunny Isles Beach, Florida
100' x 391'
39,099 Square Feet
0.898 Acres
MU-R, Mixed Use Resort ~istrict
Vacant
$217.40 per square foot
First Mortgage of $7,200,000 with Hillcrest
Bank.
A high-rise condominium apartment building
is planned on the site. The sale price included
building plans and approvals.
QUINLIVAN APPRAISAL
31
SALE 2
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 3
January 15,2004
$50,400,000
Warranty Deed
0, R. 800k21982, Page4121
12-2226-005-0030
Smith Property Holdings
WCI Communities, Inc.
Tract E & Including Abutting Land to Erosion
Control Line, BAL HARBOUR OCEAN FRONT
ADDITION, according to the Plat thereof, Plat
Book 57, Page 68 of Miami-Dade County,
Florida.
10295 Collins Avenue
Bal Harbour, Florida
Irregular
223,118 Square Feet
5.12 Acres
OF, Ocean Front
Condominium apartment building under
construction
$225.89 per square foot
Cash to seller
The Regent, a luxury condominium apartment
building, is under eonstruction on this site.
QUINLIVAN APPRAISAL
32
SALE 3
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
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 ~istrict
Condominium apartment building under
construction.
$345.82 per square foot
Conventional Mortgage of $96,000,000 with
Bank of America
A luxury eondominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
33
SALE 4
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDA nON:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS:
LAND SALE 5
October 4, 2004
$32, I 00,000
Warranty Deed
0, R. Book 22707, Page 1216
31-2211-004-0150
Orot City, LLC
Fortune Ocean, LLP
Lengthy legal, T A TUMS SUBDIVISION,
according to the Plat thereof recorded in Plat
Book 53, Page 48 of the Public Records of
Miami-Dade County, Florida.
17101-17121 Collins Avenue
S Ul1l1Y Isles Beach, Florida
Irregular
97,300 Square Feet
2.23 Acres
MU-R, Mixed-Use - Resort District
Apartment building under construction
$329.91 per square foot
Mortgage of $21,200,000 with HSBC Realty
Credit Corporation.
A luxury condominium apartment building is
under construction on this site.
QUINLIVAN APPRAISAL
34
SALE 5
DATES OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTORS:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
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., etal.
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 ~istrict
Condominium apartment building
$370.86 per square foot
QUINLIVAN APPRAISAL
35
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
OA TE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
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
3 1-2214-008-0030
Fantasy of the Ocean, LLC.
Mansiana Ocean Residences, LLC.
NY, of Lot 77 and all of Lot 78, TATUMS
OCEAN BEACH PARK, according to the Plat
thereof recorded in Plat Book 5, Page 35 of the
Public Records of Miami-Dade County,
Florida.
15701 Collins Avenue
Sunny Isles Beach, Florida
150 feet x 380 feet
57,064 Square Feet
1.3 I Acres
MU-R, Mixed-Use - Resort ~istrict
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
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SALE 7
DATE OF SALE:
SALE PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBERS:
GRANTORS:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
~imensions:
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 I 198, 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
1.3 I Acres
MU-R, Mixed-Use - Resort ~istrict
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
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SALE 8
COMP ARABLE LAND SALES MAP
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SALE 8
z
L'IL'''I~ I 17475 Coil ills Avenue '5 ISALE2 I
"'" ",,,,,au e --< r: I ~~~~
ynolds Park Village Shoppes . ~.~,~ \ \ ; ~ 5 Collins Avenue
MARcos I SUBJECT PROPERTY l,"'~"u- \ /~:/
j 17201 Collins Avenue l "" "'/!':y'"
~ __:':'-=~E..~?_~TH'="~.'_ -'~-'Nt~--: ISALE6 I
... i}!mtle Lake NE 168TH .-<---~ ,-- -. - ~_! I
~ .:-:~::':- N~j~ilii'.'~~-_:~~=:_ f3 NE 170TH ' ~ 17141 Collins Avenue
Eastem Shores ---.-.------i_:;:::::::::::.=
o NE 166TH
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17001 Collins Avenue
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SALE 4 I
16699 Collins Avenue I
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SALE 7 I
15701 Collins A venue I
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VHaulover Beach
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oFlorida Intl University
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SALE 3
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: 10295 Collins Avenue I
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D 1999 Delorme. Succi Atlas USA
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ANALYSIS OF SALES
The land sales range in unit price from $217.40 to $514,38 per square foot of land area, The sales
range in time from June of 2003 to Aplil of 2006,
Pronertv Riehts
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
parti es,
Financine
The fmancing ofthe sales does not indicate any adjustments of the sale prices for favorablelbeIow
market financing.
Date of Sale (Market Conditions)
The sales range in time from June of2003 to April of2006. There has been an upward trend in prices
over this time period. Many of the sales were contracted up to six months prior to the closing date.
A comparison of the unit prices of Sales I and 2 which sold in mid to late 2003 to the unit prices of
Sales 4 and 5 which sold in mid to late 2004 indicates an approximate 50% increase over a year
period or approximately 4% per month, While this may seem like a large increase, this increase per
month has been typical throughout Miami-Dade County over the past two years, Sale 6 consisted
of nine transactions from January of 2005 to April of 2005 with the majority of the transactions
occuning in JanUluy of 2005, Sale 8 was the purchase of 66 individual condominium motel units
which occurred in Aplil of 2006.
Location
All of the comparable sales are located along the east side of Collins Avenue with Atlantic Ocean
frontage in Sunny Isles Beach or nearby Bal Harbour. The sales and the subject site are considered
similarin location. Sale 8 is the recent purchase of a site located 2)1, blocks north of the subject site,
QUINLIVAN APPRAISAL
39
Site Size/Fnmtlli~e
The sale sites range in size from 37,165 square feet to 223,027 square feet. The subject site
containing 117,917 square feet is in the middle of the range of the sizes of the sales, Typically,
smaller sites sell at higher unit prices because a smallersite requires less absolute dollars to purchase
and there are less holding costs and reduced risks to a development on a smaller site,
Zoninl!
The subject site and seven of the eight sales are zoned MU-R, Mixed-Use - Resort District. Sale 3
is located in Bal Harbor but 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
I 17,917 Square Feet x $500,00 per Square Feet =
$58,958,500
Rounded
$59,000,000
Buildable Area
471,668 Square Feet x $135.00 per Square Feet =
$63,675,180
Rounded
$63,675,00
Indicated Land Value Range
$59,000,000 - $63,675,000
Most Probable Price
$62,000,000
QUINLIVAN APPRAISAL
40
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QUINLIVAN APPRAISAL
ASSUMPTiONS AND !LiMiTiNG CONDiTiONS
This Appraisal Report has been made with the following general assumptions:
I, No responsibility is assumed for the legal description or for matters including legal
or title considerations. Title to the property is assumed to be good and marketable
unless otherwise stated,
2, The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
3, Responsible ownership and competent property management are assumed.
4, The infonnation 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
confinned either in the field, in the plat book or by other reliable sources and are
presumed to be accurate,
7, It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable, No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them,
8, It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and
considered in the Appraisal Report.
9. It is assumed, unless a study has been provided otherwise, that no hazardous material
such as asbestos, urea formaldehyde or other toxic waste exists in the property. The
existence of a potentially hazardous material could have a significant effect on the
value of the property,
10, In reference to proposed construction, the real estate taxes and other expenses are
estimated, These amounts are not guaranteed.
QUlNLIV AN 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:
I, The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used,
2. Possession of this report, or a copy thereof, does not carry with it the right of
publication, It may not be used for any purpose by any person other than the party
to whom it is addressed without the written consent of the appraisers, and in any
event, only with proper written qualification and only in its entirety.
3, The appraisers herein by reason of this appraisal is not required to give further
consultation, testimony, or be in attendance in court with reference to the property
in question unless arrangements have been previously made,
4, Neither all nor any part of the contents of this report (especially any conclusions as
to value, the identity of the appraisers, or the firm with which the appraisers are
connected) shall be disseminated to the public through advertising, public relations,
news, sales, or other media without the prior written consent and approval of the
appraisers.
QUINLIVAN APPRAISAL
42
QUALiFiCATiONS OF THE APPlIUiSER
J. MARK QUINUV AN
Experience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAl,
from 1972 to 1985, Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Finn, established in 1964,
Graduate:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAl NO 5791)
Member of the Florida Bar (NO 239992)
Real Estate Broker, State of Florida (NO 0125264)
Certified General Appraiser, State of Florida, License NO RZOOOO I 12
QUINLIVAN APPRAISAL
43
(JiulllliliiealllS alii EX!leJrt Witness illl tile Foilowilll! iCOill"tS:
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 NO 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (198 I - 1991)
THE REAL EST A TE APPRAISER AND ANAL YST published quarterly by the Society of Real
Estate Appraisers
Recent Publications:
"Non-Conforming Use Properties: The Concept of Positive Economic Obsolescence", The Aooraisal
Journal, January 1981, Pages 45-5 J. (Arthur A. May Memorial Award 1982),
QUINLIVAN APPRAISAL
44
QUAlLIFICATIONS OF THE APPIfUISER
PATRICK QUINLIVAN
Exoerience:
7/2004 - Present
81! 997 - 121! 998
51! 996 - 8/1996
51! 995 - 81! 995
Quinlivan Appraisal, PA,
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 Rl15680
QUINLIVAN APPRAISAL
4S
QlJJilliiVlIll1l Ajllln'lIli~lIl! lilll~ jlJrcjlllllnedJ Ajlpmi~lll! RepoJrt~ fOJr tine follllowillg:
In~titution~ and CorDorations:
AT&T
Archdiocese of Miami
Atlantic Security Bank
The Bank of America
Bank United
Barry University
Bessemer Trust Company
California Bank and Trust
Chevron Oil Company
Chase Manhattan Bank
Chemical Bank
Citibank
Citrus Bank
City National Bank of Miami
Coamerica Bank
Coconut Grove Bank
Commerce Bank
Commercial Bank of Florida
Consolidated Bank
Colonial Bank
County National Bank
Eagle National Bank
Eastern National Bank
Equitable Bank
Espirito Santo Bank
Farm Credit of South Florida
Fidelity Bank
First International Bank
First National Bank of South Miami
Florida International University
First Nationwide Bank
Florida Memorial College
Florida Power and Light Company
Florida Rock Industries
Great Eastern Bank of Florida
Greyhound Lines
HSBC
Hemisphere National Bank
Intercontinental Bank
QUINLIVAN APPRAISAL
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
Wal-Mart
YMCA
Governmental Al!:encies:
City of Aventura
City of Coral Gables
City of Hialeah
City of Miami
City of Miami Parking Authority
City of Miami Beach
City of Miramar
City of North Bay Village
City of North Miami Beach
City of South Miami
City of Sunny Isles Beach
Miami-Dade County Aviation Department
Miami-Dade County Department of Development & Facilities Management
Miami-Dade County HUD
Miami-Dade County Property Appraisal Adjustment Board
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
State of Florida, Department of Corrections
State of Florida, Department of Environmental Protection
State of Florida, Department ofInsurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Anny Corps of Engineers
United States Department of Justice
United States Department of Commerce
United States Department of the Interior
United States General Services Administration
Village of Islamorada
Village of Key Biscayne
Village of Pinecrest
Law Firms:
Akennan 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 Prooerties Aporaised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominiwn Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
48
TO:
VIA:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33 160
City Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Roslyn Brezin, Commissioner
Gerry Goodman, Commissioner
Dann)' Iglesias, Commissioner
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
A. John Szerlag, City Manager
Hans Ottinot, City AI/orney
Jane A. Hines, CMC, City Clerk
MEMORANDUM
The Honorable City Commission
A. John Szerlag, City Manager
Jorge L. Vera, Assistant City Manager
Robert Solera, Community Development Director
January 18,2007
Transfer of Development Rights for TRG Desert Inn Ventures, Ltd.
RECOMMENDATION:
This resolution is presented for your consideration,
REASONS:
The Applicant, TRG Deseli Inn Ventures, Ltd" is requesting a Transfer of Development Rights
in the amount of 9,757 square feet and Zero (0) dwelling units to be used in the proposed
development for the property located at 17201 Collins Avenue, An adjustment shall be made to
the City's TDR Bank balance to reflect the sale of TDRs to the Applicant to reflect the reduction
of9,757 square feet or floor area and Five (5) dwelling units.
Calculation ofTDRs: The appraisal value of the property is $62,000,000,00 divided by 471,624
square feet (FAR plus bonus) is $131.46 per square feet multiplied by 9,757 square feet ofTDRs
requested, Total payment to be received by the City for the purchase of the TDRs is
$1,282,655,00,
To be com feted b Ci ClerICs Office
Funding ayailab1c:
To be com feted b De artmcnt Ilead
Agenda Item No.:
Appro\'al:
1- ( 'It. Dl
Finance Dt.p:utmcnt
Cit)' Manager
Deem Four TDR Memo
Commission i\kcting Date: