LTC 621-2019 Value of Housing Authority North Beach Lots MIAMIBEACH 621-2019
OFFICE OF THE CITY MANAGER
NO. LTC # LETTE TO COMMISSION
TO: Mayor Dan Gelber and Members of e City Co ission
FROM: Jimmy L. Morales, City Manager
DATE: November 20, 2019
SUBJECT: Value of Housing Authority North Be h Lots
The purpose of this Letter To Commission is to provide the value of the North Beach
properties owned by the Housing Authority of the City of Miami Beach (HACMB) as
requested by the Finance/Citywide Projects Committee (FCWPC) at its October meeting.
An appraisal prepared for HACMB by J. Alhale Appraisals, Inc. indicated the following
appraised values as of November 19, 2018:
,* r °.S \iil: Address:
• 280 — 330 South Shore
cl"\- ' IN 401k.4, a 0 . .,,, ,«RI Drive
s Appraised Value:
' ' \ ,, - $4,000,000
' ' e'' `" Property Feature:
Contiguous waterfront sites
d
litil* • , - s,
\ Acquisition Date:
March 31, 2014
x.::
•
'0 ;. .'" .,>: Address:
' 165 - 185 South Shore
• \;;-
Drive
(. .> y' • t
„ \„� Appraised Value:
0 'a ► Q ` $2,400,000
i^ . � 1 Property Feature:
z,
s,r Adjacent to golf course
\ ,,, " w . w
? w ' `+ Acquisition Date:
w ✓
-47' December 21, 2012
LTC #
Page 2
1 , �_ fs t, , . ,, Address:
,-4:--_�_
1144 — 1168 Marseille
le rst.` "a ,`. 4: Drive
•
,
,— • - ' 4 . . Appraised Value:
t ,.11,a #� �, $3,750,000
1 Property Feature:
Vacant land and 2-fourplex
' E v- It 1 buildings
r , a,
w.d M Acquisition Date:
Li,
r January —August 2014
As a reminder, HACMB is submitting funding applications based on the current code
requirement of .5 parking spaces per unit. However, the agency is requesting a reduction
to 0.25 spaces per unit in order to maximize the development.
If you have any questions, please see me or Maria Ruiz, Director, Office of Housing and
Community Services.
JLM/SMT/MLR