HomeMy WebLinkAboutReso 2012-1913C-FN 2014ROO80021
OR Rk 29013 P95 1246 - .1249i (09s)
RECORDED 01/31 /2014 14:30:32
HARVEY RUVINY CLERK OF COURT
MIAMI -DADE CDUNTYY FLORIDA
RESOLUTION NO. 2012-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE
TRANSFER OF DEVELOPMENT RIGHTS ON A CONTINGENCY
BASIS ( "TDRS ") IN THE AMOUNT OF FIFTEEN THOUSAND
(15,000) SQUARE FEET OF FLOOR AREA AND SEVEN UNITS
(7) TO GILCO REALTY, L.C. A/K/A 18555 DEVELOPERS, LLC
FOR THE PROPERTY LOCATED AT 18555 COLLINS AVENUE
FROM THE CITY'S TDR BANK ACCOUNT; DIRECTING THE
ZONING ADMINISTRATOR OR DESIGNEE TO TRANSFER
THE TDRS FROM THE CITY'S BANK ACCOUNT IN
ACCORDANCE WITH ZONING RESOLUTION
AUTHORIZING THE ADJUSTMENT AND MODIFICATION OF
THE CITY'S TDR BANK; PROVIDING FOR WAIVER OF
INITIAL DEPOSIT AND NULLIFICATION; 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.12-Z -121 adopted May 10, 2012, the City
Commission approved the zoning application for a site plan modification submitted by Gilco
Realty, L.C. a/k/a 18555 Developers, LLC, ("Applicant ") for the transfer of TDRS in the amount
of 15,000 square feet of floor area and seven (7) dwelling units; and
WHEREAS, the City's TDR Bank balance will be adjusted to reflect the contingent sale
of TDRS to the Applicant to reflect the reduction of fifteen thousand (15,000) square feet of floor
area and seven (7) dwelling units; and
WHEREAS, pursuant to Section 265 -23D of the Code of the City of Sunny Isles Beach,
the City Commission shall consider the acceptance of the appraised land value in the amount of
Twenty Three Million Seven Hundred Fifty Thousand Dollars ($23,750,000) for the receiving
site for the purpose of calculating the square foot value of the approved TDRS; and
WHEREAS, if the site plan reflects actual usage of TDRS, the Applicant is required to
pay a per square foot price of $65 no later than six (6) months from issuance of building permit or
evidence of actual use, whichever comes first, as reflected in the appraisal attached hereto as
Exhibit "A"; and
WHEREAS, the City Commission agrees to accept Nine Hundred Seventy Five
Thousand Dollars ($975,000) by the Applicant for the transfer of fifteen thousand (15,000)
square feet of floor area and seven (7) dwelling units; and
WHEREAS, the property receiving the TDRS is described as follows:
Parcel 1. All of Tract "L" less the south 200 feet thereof and less the north 100 feet thereof, of
AMENDED Plat of North Biscayne Beach, PB 44 Page 42. 2.21 acres (96,162 sq ft)
Gilco Realty, L.C. a/k/a 18555 Developers, LLC TDR Bank Page 1 of 3
11
WHEREAS, the City Commission agrees to authorize the transfer of the TDRs
contemplated herein in accordance with its transfer of development rights ordinance and to
permit a contingent payment arrangement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are
incorporated herein by reference as if they are fully set forth herein.
Section 2. Authorizing the Transfer of Development Rights. Pursuant to Section 265 -23 of
the City Code and in accordance with Zoning Resolution No. l2Z -129, the City Commission
hereby authorizes the transfer of the development rights on a contingency basis in the amount of
15,000 square feet of floor area and seven (7) dwelling units to Gilco Realty, L.C. a/k/a 18555
Developers, LLC from the City's TDR account.
Section 3. Directive to Zoning Administrator. The City's Zoning Administrator or designee is
hereby directed to transfer the development rights on a contingency basis from TDR Bank to
Gilco Realty, L.C. a/k/a 18555 Developers, LLC, in accordance with Zoning Resolution No.
l2-Z-124
Section 4. Authorizing Payment Agreement of the Transfer of Development Rights. If the
TDRs are utilized for the site plan, the Applicant shall provide the City with the total payment of
Nine Hundred Seventy Five Thousand Dollars ($975,000) no later than six (6) months from
issuance of building permit or evidence of actual use, whichever comes first, in accordance with
Zoning Resolution No. t2'-L: IZ9
Section 5. Waiver of Initial Deposit and Nullification. The City Commission hereby waives
the ten percent (10 %) deposit requirement and hereby directs the Zoning Administrator to rescind
the transfer of the TDRs if full payment for TDRs is not received no later than six (6) months
from issuance of a building permit or evidence of actual use, whichever comes first, for the
approved site plan provided that the TDRs are utilized via the site plan.
Section 6. Authority of the City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
Section 7. Effective Date. This Resolution shall become effective upon adoption
PASSED AND ADOPTED this 10th day of May, 2012.
No an S. Edelcup, Mayor
ATTEST:
Jane A. Hines,.City Clerk
Gilco Realty, L.C. a/k/a 18555 Developers, LLC TDR Bank Page 2 of 3
TO FORM
IFFICIENCY:
Attorney
Vote: S-d
Mayor Edelcup
✓(Yes)
(No)
Vice Mayor Thaler
V(Yes)
(No)
Commissioner Aelion
✓(Yes)
(No)
Commissioner Gatto
' I es)
(No)
Commissioner Scholl
V (Yes)
(No)
Gilco Realty, L.C. a/k/a 18555 Developers, LLC TDR Bank Page 3 of 3
Property Type:
Report Type:
Intended Use:
Intended User:
Location:
Site Description:
Highest & Best Use:
Date of Value:
Date of Report:
OR BK 2913 -13 PG
t_AST PAGE
EXHIBIT "A"
EXECUTIVE SUMMARY
A multi - family zoned parcel of land
Summary
The intended use of this appraisal is to help negotiate the purchase
price of Transfer Development Rights (TDR's).
GILCO Realty LC, its general council and/or assigns.
18555 Collins Avenue,
Sunny Isles Beach, Florida 33160
Site Size:
96,162 square feet or 2.208 acres
Zoning:
MU -R, a mixed use resort district by the City of
Sunny Isles Beach, Florida.
Flood Zone:
X, AE, VE (See Addenda)
Census Tract:
1.15
Current Use:
The Golden Nugget Hotel, a 120 unit
condominium -hotel completed in 1956.
Proposed Use:
58 -story condominium tower with 132
residential units. The proposed project, to be
known as Porsche, is anticipated to have an
FAR of 5.19.
Future multi - family development in accordance with the current
zoning code and LDR of Sunny Isles Beach, Florida.
September 9, 2011
September 20, 2011
Marketing/Exposure Time: Within 12 months.
Property Rights Appraised: Fee Simple Estate
VALUE INDICATIONS:
Sales Comparison Approach: $23,750,000
Final Per SF of Allowable FAR $65.00
1249
Prgperty Type:
Report Type:
Intended Use:
IIntended User:
11
Location:
Site Description:
Highest & Best Use:
Date of Value:
Date of Report:
EXHIBIT "A"
EXECUTIVE SUMMARY
A multi - family zoned parcel of land
Summary
The intended use of this appraisal is to help negotiate the purchase
price of Transfer Development Rights (TDR's).
GILCO Realty LC, its general council and /or assigns.
18555 Collins Avenue,
Sunny Isles Beach, Florida 33160
Site Size:
96,162 square feet or 2.208 acres
Zoning:
MU -R, a mixed use resort district by the City of
Sunny Isles Beach, Florida.
Flood Zone:
X, AE, VE (See Addenda)
Census Tract:
1.15
Current Use:
The Golden Nugget Hotel, a 120 unit
condominium -hotel completed in 1956.
Proposed Use:
58 -story condominium tower with 132
residential units. The proposed project, to be
known as Porsche, is anticipated to have an
FAR of 5.19.
Future multi - family development in accordance with the current
zoning code and LDR of Sunny Isles Beach, Florida.
September 9, 2011
September 20, 2011
Marketing /Exposure Time: Within 12 months.
Property Rights Appraised: Fee Simple Estate
VALUE INDICATIONS:
Sales Comparison Approach: $23,750,000
Final Per SF of Allowable FAR $65.00
Preview
Page 1 of 2
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City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947 -0606 City Hall
(305) 949 -3113 Fax
MEMORANDUM
TO: The Honorable Mayor and City Commission
FROM:
Sharon P. Ragoonan, Assistant City Manager /Community Development
DATE: 5/10/2012
RE:
Porsche Design Tower Miami - Site Plan Modification
18555 Collins Avenue
Appl. No. Z2012 -06
RECOMMENDATION:
The request is consistent with the Land Development Regulations and the
Comprehensive Plan. At this time, City Staff has no objection to the Applicant's request.
REASONS:
The Applicant is requesting a modification of the approved site plan under City
Resolution 11 -Z -123 dated November 17, 2011 to increase Floor Area Ratio (FAR) by
obtaining additional FAR bonuses and Transfer Development Rights (TDRs). The total
approved FAR equals to 500,039 sq ft, and the total requested FAR equals to 543,887 sq
ft. There is no other modification requested to the previously approved site plan. The
additional bonus FAR has a monetary increment of $954,720 for this project and a
payment agreement is been stipulated in the staff report.
Agenda Item
Date 5 -10 - I z
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