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Home My WebLink AboutResolution 2024-33076 RESOLUTION NO: 2024-33076 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE CITY ADMINISTRATION TO ISSUE A REQUEST FOR PROPOSALS (RFP) FOR DEVELOPMENT OPTIONS AT THE CITY-OWNED PROPERTY LOCATED AT 1000 WASHINGTON AVENUE (P13), FOR A PROJECT THAT PROVIDES PARKING AND WORKFORCE HOUSING; ESTABLISHING THAT THE RFP SHALL: (1) SOLICIT PRIVATE-SECTOR PROPOSALS DEMONSTRATING THE BEST FEASIBLE PROJECT FOR THE SITE ON AN EXPEDITED TIMELINE; (2) REQUIRE WORKFORCE HOUSING FOR PROFESSIONALS, FAMILIES, AND INDIVIDUALS LIVING AND WORKING IN MIAMI BEACH; (3) PROHIBIT SHORT-TERM RENTALS, MICRO-UNITS, AND CO-LIVING USES; AND (4) RETURN RFP TO THE CITY COMMISSION FOR APPROVAL. WHEREAS, at the May 15, 2024, Commission Meeting, the City Commission considered Item R9 AF regarding an unsolicited proposal for the potential development of a mixed-use project at the City-owned property located at 1000 Washington Avenue (P13); and WHEREAS, the City of Miami Beach owns the surface parking lot at P13, identified as one of the few remaining opportunities to catalyze the long-term revitalization of Washington Avenue; and WHEREAS, the City Commission recognizes that Washington Avenue lacks sufficient residential density to support a balanced live-work environment, and that introducing housing, particularly workforce housing is essential to diversifying the corridor and reducing reliance on nightlife-centric uses; and WHEREAS, the City Commission finds that workforce housing located near City Hall and other major employment centers would reduce commuter traffic, alleviate parking demand, and enable City employees and other local workers to live within walking or biking distance of their jobs; and WHEREAS, the City Commission further recognizes the importance of maintaining adequate public parking access in the area and intends that any redevelopment proposal include replacement parking sufficient to meet community and business needs; and WHEREAS, at the May 15, 2024, Commission Meeting, the Mayor and City Commission authorized the Administration to issue an RFP to see what options they have for this site to provide parking and workforce housing in this part of the City, as amended with certain constraints and parameters; and that the RFP must return to the City Commission for review and approval prior to issuance; and NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby authorize the City Administration to issue a Request for Proposals (RFP) for the redevelopment of the City-owned property located at 1000 Washington Avenue (P13), consistent with the parameters set forth herein, including: (1) soliciting competitive private-sector proposals demonstrating the best feasible project for the site on an expedited timeline; (2) requiring the inclusion of workforce housing for professionals, families, and individuals living and working in Miami Beach; (3) prohibiting short-term rentals, microunits, and co-living uses; and (4) returning the RFP to the City Commission for review and approval prior to issuance. PASSED and ADOPTED this /sday of �� 2024. ATTEST: v-'�'`-- . J U L 1 5 2026 '�%�csa.�—�—�- '-�'�--- Rafael E. Granad , Secretary even Meiner, Mayor (Sponsored by Commissioner Alex Fernandez) •�� =J...�r:, , ; t ._.q';�,, _��..� � � ,�ti,, _�:;;�t�• �.IW,�OR°�OR,AiED.'• s :� `�" ��'s?i� �ti., .`�,— �,,y;Q. �.��.-= ,,� C1-i..;��j. ;- APPROVED AS TO FORM & LANGUAGE & FOR EXECUTION /� 2L City At orney '�`�� Date 5/9/24, 10:47 AM Item Coversheet � New Businesa and Commisaion Reauests-R9 AF MIAMIBEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Rickelie Williams, Interim City Attomey DATE: May 15, 2024 SUBJECT: DISCUSS, IN CONCEPT, OF AN UNSOLICITED PROPOSAL, SUBJECT TO COMPLIANCE WITH FLORIDA STATUTES SECTION 255.065, FOR THE DEVELOPMENT OF A MIXED-USE PROJECT ON THE CITY-OWNED SURFACE PARKING LOT LOCATED AT 1000 WASHINGTON AVENUE (P13). BACKGROUNDIHISTORY On April 29, 2021, at the request of Commissioner Michael G6ngora, the Mayor and City Commission referred a discussion item (item C4 L)to the Land Use and Sustainability Committee ("LUSC")pertaining to a proposal for a mixed-use building at the location of City-owned Parlcing Lot P13 (the "Property") located at 1000 Washington Avenue. On June 21, 2021, the LUSC discussed the proposal and recommended that it be referred to the Finance and Economic Resiliency Committee ("FERC" or the "Committee"). Subsequently,on June 23, 2021,the item was referred to FERC by the Mayor and City Commission. Parking Lot P13 (the "Property"), located at the northwest comer of Washington Avenue and 10th Street, is a 14,694 square foot surface parking lot with thirty-seven (37)spaces. The parcel is comprised of Miami Dade County folio numbers 02-4203-009-0280 and 02-4203-009-0290 and is located immediately south of the Washington Paric Hotel complex at 1020-1050 Washington Avenue. Annual parking revenues for P13 for FY 2021 and FY 2022 were$231,327 and $255,731, respectively. WPH Properties, LLC (the "Propose�' or "Developer�), owner of the Washington Park Hotel, submitted an unsolicited proposal, pursuant to Florida Statutes Section 255.065 (the "Statute") that would engage the City and WPH Properties, LLC in a redevelopment project of P13 with a new mixed-use structure. The proposed development program for the lot (the "Project")contemplates a seven (7)story structure that includes: (1) 135 structured parking spaces in three levels, including a single subterranean level utilizing mechanical lifts; (2)ground level commerciaf space; (3)three (3) levels and up to thirty-six (36) units of workforce housing units, with minimal rental terms of the units of no less than one year; (4)a top-level office/hotel use level; and (5)rooftop residential/hotel ameniry area. A copy of the proposed design is presented is attached (Exhibit A). The Proposer has offered to enter into a 99-year land lease where they would pay rent to the City. The rent will double the current income the City eams from the current operation of the parking lot to approximately $470,000 per year plus 2% annual rent escalation. The essential terms are set forth in the term sheet attached hereto as Exhibit C. Currently, the Proposer believes that a rezoning of the site is the only change necessary to accommodate the redevelopment as part of a unified development site with the remainder of the block. The Proposer is requesting the City process and incur the responsibility of zoning changes and relevant fees. Closing to occur following the issuance of necessary zoning approvals, including approval by the Historic Preservation Board ("HPB"). Certain Legal Requi�ements If the City Commission determines that it would be in the City's best interests to enter into a comprehensive agreement for the Project, Section 255.065, Florida Statutes (the "Statute"), requires that the City publish a notice in the Florida Administrative Register and a newspaper of general circulation at least once a week for two (2) weeks staUng that the municipality received a proposal and will accept other proposals for the same Project. The timeframe within which the municipality may accept other proposals must be at least twenty-0ne (21) days, but no more than one hundred twenty (120) days, after the initial date of publication. Additionally, if the City chooses to proceed with a proposal to develop surFace lot P13, the Statute requires that the City retain an architect or engineer, in accordance with the requirements of Section 287.055, Florida Statutes, to ensure a professional review and evaluation of the design and construction proposed by the initial or subsequent proposers, including without limitation a review of material quality standards, interior space utilization, budg ic�ates, design and construction schedules, and sustainable design and construction standards consistent with public projePc .�U�uant to the Statute, the required review shall be at the sole https://miamibeach.novusagenda.comlAgendaWeb/CoverSheet.aspx?ItemID=34978 1/3 5/9l24, 10:47 AM Item Coversheet cost of the proposer. If the fees for the required review are anticipated to be lower than the threshold established in Florida law for requiring a formal solicitation, the City may utilize a prequalified consultant pursuant to an existing City contract to perform the review and thereby expedite the review process. If the Commission opts to proceed with the Project, whether with WPH Properties, LLC or a different proposer, the City Administration would incur title search fees, outside counsel fees and other costs related to its review and evaluation process, as well as the negotiation of a comprehensive agreement.Although the City has not imposed an application fee, the City has the right to require, per the Statute, that the private entity pay the costs of the required reviews. The City may stop its review of the unsolicited proposal if the private entity fails to pay the additional amounts. The City will require WPH Properties, LLC and/or any other successful proposer to execute a Reimbursement and Indemnification Agreement in connection with the City's evaluation of any proposal, and the negotiation of all necessary agreements, to develop the P13 surface lot. The Master Parking Resolution imposes certain restrictions on the sale or leasing of assets that form part of the Parking System. Surface lot P13 is such an asset. If the Commission wishes to lease surface lot P13 to develop the Project, an analysis would be required to determine whether this could be accomplished in compliance with the Master Parking Resolution. Furthermore, it would need to be determined if the leasing of this parking lot would impose a risk that would impact the current Bond Covenant. ANALYSIS To understand the potential value of the development of this site, the City conducted an appraisal of the Property at the request and expense of WPH Properties, LLC (Exhibit B). The parcel has been appraised at $8.SM. Considering the size and location of the subject site, the Proposer is requesting the City accept the unsolicited bid proposal for the Project. Pursuant to the Statute the City would advertise(minimum of 21 days)not to exceed sixty(60)days,to allow time for the City to receive competitive proposals. If a competitive solicitation process is recommended by the City Commission, then a formal Project Scope and Term Sheet will be developed. Lastly, the Proposer is agreeing to provide additional public benefits as follows(Exhibit C): • Make an additional$2 million in payments to the City over a three-year period prior to completion of the new building. The exact height of the new proposed structure has not yet been determined. However, if height modifications are required, then Land Development Regulation ("LDR")amendments would be considered following the solicitation. FINANCE AND ECONOMIC RESILIENCY COMMITTEE (FERC) RECOMMENDATION At the July 28, 2023, the Finance and Economic Resiliency Committee meeting this item was discussed, and the Committee directed the Administration to move this item to Commission for review and discussion. SUPPORTING SURVEY DATA n!a FINANCIAL INFORMATION n/a Amount(s)/Account(s): n!a CONCLUSION Based on the foregoing, the Administration recommends the Mayor and City Commission review and discuss the Developer's proposal to develop the Project at the P13 surface parking lot. If the City Commission determines that the acceptance of the unsolicited proposal for development of P13 would be favorable to the Ciry's economic interest, the Administration recommends foliowing the formal competitive bidding process set forth in the City Code. Applicabie Area South Beach Is this a"Residents Right to Does this item utilize G.O. Know"item,_pursuant to Bond Funds? City Code Section 2-14? Yes No �ggislative Tracking Facilities and Fleet Management Sponsor Commissioner Alex Femandez ATTACHMENTS: �6�4 https:/Imiamibeach.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=34978 2�3 5l9/24, 10:47 AM Item Coversheet Description ❑ Exhibit A-WPH Pro e2rties, l_LC Pronosed Conce�t Desigr� o Exhibit B-Auoraisal ReRort 0 Exhibit C-Term Sheet 1615 https://miamibeach.novusagenda.com/AgendaWeblCoverSheet.aspx?ItemID=34978 3/3 � ' : • . , s,. � =ti ��. . . x ;� � ; � � i .w `s, h�"4� � +Y�'�✓f . A'Vi�a.y�qr �.;y4; ��r+. � S�'!`!�`' 1bY�'�_ ..��. EI S� �, . .� . .! . ..v >.r` ,.. . 10th & WASHINGTON � . _ _��"f .a� ' ..:�.i f 1 s^`..7 �+�I �.� ,1► � � , � b t � . � fi �� v `� � �' �. 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' , _ , . . 5� `'*F° Z = z N J J J � � V Z $ ;; � $ � � � 1, � � � _ _ _. w � � $ � �-F r ICE IEVEL OF IC LE EL FI E •V L g 1 � . . . ._. ._ 15,�„ h �JNITLEVEI UN L VE IT E +t ��.t � . � T, �.� � � � UNITLEVEL I UN L VE * r` IT L W ' � . .�., ��. � UNIT LEVEL N L E IT E L �ND LLNEL 3RD LEVEL(PI0.RKINO N � , 2NO L.EVEL�PARKIN�) ?ND IEVEL(Pf�RKIN6 s. , � y j � r � I ' OUND ' '� OROUND { �. i: � EMENT(PARKINO) �� dEILINSOP/ I I , , , , Gp�E,2, < < . 6£9� ALLEY :f Y.� p;: PROPEX�v�INE 50 P • I • �� ,� r , I o � �� I � I I a � � � � � - I o p � > I �1 X: I = ` \ � I �li � ��-. n T A $I y� 4 _ � . 7� �y m ~ 9 t n v _ < _ � � � � n il ll m � m � � m o � ' � _..__ � o ilj I z � I A I N � Jo � � 's� Z � �a j � I F . t o � � � m t ; - $ r�� i � � �{� �. � , � �� ' � . - , ,; �� — �;'�� `� � — _ ` , a :� - , � E , � g � ' � at -__- - _ n i " 2 i�+� m � � • 1� . = j ` ` m �'t'ASMlryGTp�yA�'E'NUE' . � � Conceptual�ondscape for: �ESIG�tiED BY � , ;: �, :; : NW Corner Lots CARTER & ASSOCIATES a � � � 10th � Washington LANDSCAPE ARCHITECTS INC, a M O'Yl BeOCh.FIO'd0 '�'�'F 5�^nvE �e��ov Peoc�+�i]Y783 ( SE T?Sa�' -A 83'� Oti9� PENNSVWANIA AVENUE . ii . � .+�a1��.�iwi w.a tg- — — � F'" � ' � I - - � H � � � e I u o � z I - o � � � � � ' � � I I o y I � I I � S I, � I � � o a � � � � 'g� � � =m p mI � �9 ti � N> r� � �x c ml � z . N G� � A I I I � .__.... I - I O � � I I + � I � � �` I W I � I . FAU�,{�- � P��IT �- �`� CMlj�(� -_ _ -�� " _ t'u � ` ~�-_�_ � I O _ ' -_ 'a � � ' -_ g Pn�"+� � � " i� �� e � m�j` ' � r�m w'�SHIN�T�q�EN�F v � � Conceptuol Landscope for: DESIG�iED BY NW Corner Lots CARTER 8� ASSOCIATES � � . Y: � Y -: . : , o N � � � 10th $ Wash�ngton LANDSCAPE ARCHITECTS INC, nn a�n Beac�,Fio�aa �e a� 5�-nv� x o�,E��^ :.�a83 ' - 56�-2'=-962� A 8�� 9� ALLEY PROPEHTV LIIE SO b P90VENN UNE SOP i` ��- t. ..._ . _� ( ___._""_ ♦ � � # � I ; k I I �� ` � I I s I � { I : � �; I � � � i i�� I � i i� o� , � . � I �� - �� ; � � , o C , z � L�+ �v 2 �) I, � � � ' '� � - I I � - I , s: — �� t -: lo x - 1 � � I ��' jI � �� I � ' '_-�� .io�.�.� . '. .ls�p�-- � '. �� 31 'l� __.. . _. .. —__ . �— IC . " "----_' Cr Y 1 7 � — P � _� � I _ s {p�� ` �ti 2 �.. "'rtR1Y� __ � � � ` � ��'im ` � m;� � wASH�IyGTpWp�NUE sm��,e 5� � k Conceptual Landscape for DESIGtiED BY � NW Corner Lots CARTER 8 ASSOCIATES i i I � g y W �- � ' 10th � Washington LANDSCAPE ARCHITECTS INC. : , : : M-,am�8eoch.Flo��oo ��N E s•��nve �ei•ar Beoc^ �.5Je6� SE'7'[Y67' .n 83� : • • � '4 ' .w: � 10th 8� WASHINGTQN Exhibit B CBRE VALUATION 8 ADVISORY SERVICES � '��]r��s�i �,�r„��aj- �, +!'..ij'..��t .y;.. . -:v� �7?"�yl �. '%u.'� � 'V Y��.�,j: � � �a '* iy.`�G. � '1�.: a!, 'f'��:`:`��''. �C•. ,'d-. 4:..._,� :v �Fi:+;.:j �'� ,�.. `.. ;f� -, -,- ,�.- • 'p'�,, � �--_ _. . _.. . ' �L ,..,._.. .- __ ::. �-��.��-;?.` .�„� . : `a'`'� "`.. s�%+44 a �.:.� •. -•.�. �tv'�.�a�_•,.,.�`�J r ~ } �iari .. �� . . . '�` t,-��"�*/'�jI"� "'. � MIA�� _P . . ; . NWC OF WASHINGTON AVENUE AND IOTH STREET MIAMI BEACH , FLOl�1DA 33139 ? � - �. .J'. �..'�. ... .� � �, i��P�• �� " . � � :r �i�. , . . � '. � l �'t' �>!e: ,} � tY � . � .�..;:; ytj��-. . :� c; r :i `+ '�hy '� �-i r� ,_. �A . � � .��I� h� _�� Z �f � � ^�;.A� :'`�'. � 2Y 1a t�� " ' . . " . . .f._ . ,. . . . ' . . . . . . . . . . . �1' ��_ CLIENT: CITY OF MIAMI BEACH , FLORIDA , CBRE VALUATION & ADVISORY SERVICES CBRE 777 B.ickell Ave.Ste. 1 100 Miami,FL 33131 T (305)381-6472 www.cbre.com Dote of Report: September 29, 2021 Ms. Alina T. Hudak City Manager CITY OF MIAMI BEACH, FLORIDA 1833 Bay Road, 2nd Floor Miami Beach, Florida 33139 RE: Appraisal of: Miami Beach Lot P13 NWC of Washington Avenue and l Oth Street Miami Beach, Miami-Dade County, Florida CBRE, Inc. File No. 21-3415E-8177-1 Dear Ms. Hudak: At your request and authorization, CBRE, Inc. has prepared an oppraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report. The subject is a 0.34-acre (14,694 sq. ft.) site improved with a municipal metered, surface parking lot located at the northwest corner of Washington Avenue ond lOth Street in the South Beach submarket in Miami Beach, Florida. As of the effective date of this appraisol, the subject is zoned GU, Government Use but has all of the location elements & market potential to be redeveloped to o higher & better use, subject to a citywide voter referendum, a comprehensive land use modification and rezoning. In order to ochieve the highest & best use, the City of Miami Beach is considering the rezoning of the site to CD-2, Commerciol, Medium Intensity. Therefore, at the client's specific request, we have estimated the subject's market value As If rezoned to CD-2, Commercial, Medium Intensity_ Based on the analysis contained in the following report, the market value of the subjed properfy as If rezoned to CD-2, Commercial, Medium (ntensity, which is a hypotheticol condition as of the effective date of this report, is concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Approised Date of Value Value Conclusion Land Value As If Rezoned to CD-2 Fee Simple Estate September 19, 20Z1 58,800,000 Compiled by CBRE 1644 Ms. Alina T. Hudak $eptember 29, 2021 Poge 2 The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The anolyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics ond Standards of Professional Appraisal Practice of the Approisal Institute. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the reporf. As a condition to being granted the status of an intended user, any intended user who has not entered into a written ogreement with CBRE in connection with its use of our report agrees to be bound by ihe terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non-intended users does not e�end reliance to any such party, and CBRE will noi be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereofl. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contad us. Respectfully submitted, CBRE - VALUATION 8 ADVISORY SERVICES �� l--- N � Stuart J. Lieberman, MAI Kristin B. Repp, MAI Yce President Managing Director-South Florida Cert Gen RZ1074 Cert Gen RZ2454 www.c6re.com;'stuart.liebermcn ryr� - _ .. . . Phone: (305) 381-6472 Phone: (813) 868-8001 EmaiL EmaiL• , .,. _ _� �- . CBRE 1645 Certification Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions ond limiting conditions and are our personal, impartiol and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of o predetermined value or direction in value thot favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event diredly related to the intended use of this appraisol. 6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standords of Professional Appraisal Pradice, as well as the requirements of the State of Florida. 7. The reported anolyses, opinions, and conclusions were developed, ond this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professionol Approisal Pradice of the Appraisal Institute. 8. The use of this report is subject to the requirements of the Approisal Institute relating to review by its duly outhorized representatives. 9. As of the date of this report, Stuart J. Lieberman, MAI and Kristin B. Repp, MAI have completed the continuing education program for Designated Members of the Approisal Institute. 10.Stuart J. Lieberman, MAI has and Kristin B. Repp, MAI has not made a personal inspection of the property that is the subjed of this report. 1 1.No one provided significant real property appraisal assistance to the persons signing this reporf. 12.Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 13.Stuart J. Lieberman, MAI and Kristin B. Repp, MAI have not provided any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding agreement to perform this assignment. �� - � �-- ' � f ----- � �� , '�' `�� /� Stuart J. Lieberman, MAI Kristin B. Repp, MAI Cert Gen RZ1074 Cert Gen RZ2454 Miami Beach Lot P13, Miami Beach, Florida ' CBRE 1646 Subject Photographs Subject Photographs .��. -- —�..� . t Municipal Parking Lot P13 � ��: ; � M4.__[ a,n..,a..:,,nvam,e S+^tn�treet ^.f . °�x., , ;3�3..-, _.�� r _ y - s-� � _�' R .� ..�. � F „�: F�w -a�... ' � I �` i � `�` �•� �, �Si t . �' � _ �� , E �� ` ....s. -:--. .�e- 5��,� � � y�pv �`� � 1 �� 1 _ � MH� �! �� _�"�"-'"i' _ +e+,� =� � .�� ,,� ;�� #; � � . =�f' - - .�� - x 7 ;f •Y �� Y �� _ y. .' �., _ , �..+ • , � i �r�4�''� � x � `� ' _.,�. „� � ,_,��. �a... ,� !�� s, ,. �`�`,a'� �t"� � :s,�_ .,, . 1 .�3. _ 1 � .:�.� :�. �' � � i � t'}',� '� . + - � ,"`'�'�': J� . P r a - • • �"� �• � 's t t"i"-_,,s � 4 � �,..r.� - �+'�v .,y �� ...++ ,+�i ''"��"` 5 � ��,� `r..:;�� ,,., • � .� � .r.�= � � ; + . ��'�. � . `� i �. � � _ . ��'T', ' ,�. . .,4� . . -� ,. _ . � . . ' � ' - � � ` - � • - Miami Beach Lot Pl 3, Mrami Beach, Fiorida " CBRE 1647 � • ' � �„� r. � r�. � J t►.�.i ep," d'.. .* 1 � �'' 3 •- � �.' b r�.� l �� , . 3` � 1 a �� a.. `'� ti "nr�'�? i � � '-� f{�.,�kf^ % sr �, . � , � • ' .�G� .k� I K� ,�_,��"`��,� ,,,�-� �._ � ' • _ ,� . . �r �! `�^fR' .. Y.. .w� � ,�;,.:;. Photo 1 - Washin ton Avenue Fronta e Photo 2 - 10'h Street Fronta e , :� � �? �V ':.n � "� .t 1 'e'`' *?''" s.'F' .#r v '�' � �r� �� . �!' f�'. � ,••f,i �! d � � � . . �J '�''"��L�f� �/.�`_ � ,� s ��,�..• . � �7.~ •x� 1 +- �; • . . 1,y ^• k o�', j' ' .�'.t��,.� s;�- ��„P"' - _ ��: .� � ' _ �``� � � �.s' ��`"':!,�, �r��' �. - __ �� . �_ .� — ' •i ii�- f � �' � ��,�-� . . _ ... . ^...�f 7� �,- •� L _ y s �- r _ r _ `i _ Photo 3 - Interior View Photo 4 - Interior View , ,;�,E�;,��!' ` . ` ' � � ::�t t!. .� �~�..yt.�. ' ' 4 , .��'�i "` ,. 1. � .;>' `' ti. `�r • � � L"�`' �i �i' �� • -�e� `ys' ,i 1 .�, t�'�°J� . ��4 , �. ( ,*•. • . r � • ,. ' '�r ' - �',' -�..� - � � ' ','`s ' �"�' ' �`:.--� — - `,+if� '. _ �a` :' � _ i � _ Photo 5 - Public Alley In ress/Egress Photo 6 - 10'h Street lookin East . -. . - . .. ' . • . Subject Photographs , � ,..� � � � � , .:�, �``�� _ �. ..��s��, , �j '� ` '_: . . ' _ - _. � .��1 �f �. � .-� ---� I "__ � - — w. ` '-�. __ - �� _ -'"-.� • s'�r. � ' i• ' _ � ' _ _' ' � -....._, - ..... y. . _. • • • • • •• • • • • 1 •• • - Miami Beac�i Lot P13, Miami Beach, Florida '� CBRE 1649 Ezecutive Summary Executive Summary Propertp Nome Miami Beach Lot P13 locoNon NWC ot Washington Avenue and l Oth Street Miami Beoth,Miomi-Dade County,FL 33139 Cllenf City of Miami Beach,Florida Miyl�est and Best Use As K Vacant Mixed-use retail,office,hotel 3 enteAainment uses As Improved Interim use porking lot with pofential for mized-use redevelopment,subject to rezoning Meperlp Righh Appraised Fae Simple Estate Dafe of Inspection September 19,2021 Esfimated Ezposuro Time 3-9 Months Estlmated MarkeMny Time 3-9 Months Primary Land Area 0.34 AC 14,694 SF Zoning-6cistiny GU,Govemment Use Dishid Zoning-Proposed CD-2,Commercial,Medium Intensity Districf Hisforic Distrid Flamingo Parlc Historic DisTrid Buper P►oflle Developer VALUATION ra�� hr Sf Markef Value As H Rezoned CD-2 On Sepfember 19,4021 Cost Approoch Not Applicoble --- Soles Compariso�Approach 58,800,000 5598.88 Income Capitalization Approach Not Applicable --- CONCLUDED MARKET VALUE Appralsal Prcmise Inferest Appraised Dote of Volue Value Land Valua As If Rezoned to CD-2 Fee Simple Estate September 19,2021 58,800,000 Compil�d by CBRE STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) Strengths/ Opportunities • The subject property is a corner intersection location along a heavily travelled north-south thoroughfare on a built-out, barrier island & resort community. • The subject has very good pedestrian walkability and is two-blocks west of the Atlantic Ocean. . The South Florida and Miami Beach real estate market is very active as high net worth individuals, celebrities, domestic 8 foreign investors, locol, regionol 8 national developers and "star" architects seek out mixed-use development opportunities for boutique hotels, retail, restauront & enterfainment projects. • Historically low interest rates and unprecedented government stimulus in the wake of the Covid-19 pandemic. • The State of Florida and the Miomi-Dade County market are now considered open & active business communities in the wake of the pandemic. Miami Beach Lot P13, Miami Beach, Florida v CBRE 1650 Ezecutive Summary Weaknesses/Threats . The Covid-19 pandemic has impacted international travel and buyer opportunities. EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined os "an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." ' • Our value conclusions assume stable geotechnical subsurface conditions and no environmental hazards or concerns. If there are any unstable subsurface conditions and-or environmental deficiencies or concerns, our value conclusions could be impacted and we reserve the right to amend or revise this reporf accordingly. . The use of these extroordinary assumptions may have affected the assignment results. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the approiser to exist on the effective dote of the assignment results but is used for the purposes of analysis." 2 • As of the effective date of this appraisal, the subject is zoned GU, Government Use but has all of the location elements 8 morket potential to be redeveloped to a higher & better use, subject to a citywide voter referendum, a comprehensive land use modification and rezoning. In order to achieve the highest 8 best use, the City of Miami Beach is considering the rezoning of the site to CD-2, Commercial, Medium Intensity. Therefore, ot the client's specific request, we have estimated the subject's market value As If rezoned to CD-2, Commercial, Medium Intensity, which is contrary to what is known by the appraiser to exist on the effective date of this appraisal. • The use of these hypothetical conditions may hove afFected the assignment results. OWNERSHIP AND PROPERTY HISTORY Title to the subject property is vested to the City of Miami Beach, a municipal government. CBRE is unaware of any orm's length ownership transfers of the property within three-to-five years of the date of appraisal. Further, the properfy is not reportedly being offered for sale as of the current date. However, the site is being considered for rezoning and sell-off, subject to a citywide voter referendum, a comprehensive land use modification and rezoning. 1 The Approisol Foundation,USPAP, 2020-2021 z The Appraisal Foundation, USPAP, 2020-2021 Miami Beach Lot P13, Miami Beach, Florida "' CBRE 1651 Executive Summary EXPOSURE/MARKETING TIME Current oppraisal guidelines require an estimate of a reasonable time period in which the subjed could be brought to morket ond sold. This reasonable time frame can either be examined historically or prospectively. In a historical onalysis, this is referred to as exposure time. Exposure time always precedes the date of value, with the underlying premise being the time a property would have been on the morket prior to the date of value, such that it would sell at its appraised volue as of the date of value. On a prospedive basis, the term morketing time is most often used. The exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of time alone. In considerotion of these fadors, we hove anolyzed the following: • exposure periods for comparable sales used in this appraisal; • exposure/marketing time information from the PwC Real Estate Investor Survey; and • the opinions of market participants. The following table presents the information derived from these sources. EXPOSURE/MARKETING TIME DATA Exposure/Mktg. (Months) Investment Type Range Average Compuroble Sales Dato 0.0 - 36.0 18.0 PwC Notional Invesior Survey National Development Land Market 1.0 - 12.0 7.8 Local Market Professionals 6.0 - 12.0 9.0 CBRE Exposure Time Estimafe 3-9 Months CBRE Mariceting Period Estimate 3-9 Months Vurious Sources Compiled by CBRE Miami Beach Lot P13, Mfamf Beach, Florida �" CBRE 1652 Toble of Contents Table of Contents Certification ......................................................................................................................... i SubjectPhotographs............................................................................................................ ii ExetutiveSummary ..............................................................................................................v ... Table of Contents..............................................................................................................vi�i Scopeof Work..................................................................................................................... 1 AreaAnalysis......................................................................................................................6 NeighborhoodAnalysis..................................................................................................... 16 SiteAnalysis......................................................................................................................26 Zoning.........-•...................................................................................................................29 Taxand Assessment Data..................................................................................................36 Highestand Best Use ........................................................................................................37 LandVolue........................................................................................................................38 Assumptions and LimiTing Conditions ................................................................................44 ADDENDA Land Sale Data Sheets Legal Description Client Contract (nformation Qualifications Miami Beoch Lot P13, Miom� Beoch, Florida �`'` CBRE 1653 Scope of Work Scope of Work This Appraisol Reporf is intended to comply with the reporting requirements set forth under Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered, and analysis is applied. INTENDED USE OF REPORT This appraisol is to be used by the client for buy/sell/exchange decision making purposes and no other use is permitted. CLIENT The client is City of Miami Beach, Florida. INTENDED USER OF REPORT This appraisal is to be used by City of Miomi Beach, Florida. No other user(s) may rely on our report unless as specifically indicated in this report. Intended users are those who an appraiser intends will use the appraisol or review report. In other words, appraisers acknowledge at the outset of the assignment that they are developing their expert opinions for the use of the intended users they identify. Although the client provides information about the parties who may be intended users, ultimately it is the oppraiser who decides who they are. This is an important point to be clear about: The client does not tell the appraiser who the intended users will be. Rather, the client tells the appraiser who the client needs the report to be speaking to, and given that information, the appraiser identifies the intended user or users. It is important to identify intended users because an appraiser's primary responsibility regarding the use of the report's opinions and conclusions is to those users. Intended users are those parties to whom an appraiser is responsible for communicating the findings in a cleor and understandable manner. They are the audience. 3 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property As If rezoned to CD-2, Commercial, Medium Intensity. DEFINITION OF VALUE The current economic definition of market value agreed upon by agencies that regulate federal finoncial institutions in the U.S. (and used herein) is as follows: The most probable price which a properfy should bring in a competitive and open market under all conditions requisite to a foir sale, the buyer and seller each acting prudently and 3 Appraisal Institute, The Approisal of Real Estate, 15'h ed. (Chicago: Appraisol Institute, 2020),40. Miami Beach Lot P13, Miami Beach, Florida ' CBRE 1654 Scope of Work knowledgeably, and assuming the price is not afFected by undue stimulus. Implicit in this definition is the consummation of a sole as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of finoncial orrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unafFected by special or creative financing or soles concessions granted by anyone associated with the sale. ' INTEREST APPRAISED The value estimated represents Fee Simple Estate as defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 5 Leased Fee Interest - The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. 6 Leasehold Interest - The tenant's possessory interest created by a lease. ' Extent to Which the Property is Identified The property is identified through the following sources: • postal address • assessor's records • legal description Extent to Which the Property is Inspected The extent of the inspection included the following: on-site, perimeter site and surrounding environs. Type and Extent of the Data Researched CBRE reviewed the following: • opplicable tax data • zoning requirements 4 Inlerogency Approisol ond Evaluotion Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472. 5 Approisal Institute,The Didio�ary of Real Estate Appraisal,6'"ed. (Chicago: Appraisal Institute, 2015),90. 6 Dictionary ol Real Estate Appraisal, 128. �Dictionary of Real Estate Appraisal, 128. Miami Beoch Lot P13, Miami Beach, Florida 2 CBRE 1655 Scope of Work • flood zone status • demographics • comparoble sale 8� listing data Type and Exient of Analysis Applied CBRE, Inc, onalyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at o probable value indication via each applicable approach to value. For vacant land, the sales comparison opproach has been employed for this ossignment. Data Resources Utilized in the Analysis DATA SOURCES Mem: Source(s): Site Data Size Legal description,recordcd plat 8 Miomi-Dade County Property Appraixr Improved Data Building Area TBD No. Bldgs. TBD Parking Spaces Municipal surfoce parking lof Year Built/Daveloped Not applicable Eto�omic Dpfp Deferred Mointenonce: Not applicable Building Cosh: Nof applicable I�come Data: Not opplicoble Expe�se Data: Not applitoble Compiled by CBRE APPRAISAL METHODOLOGY In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Depending on a specific appraisal assignment, any of the following four methods may be used to determine the market value of the fee simple interest of land: � Sales Comparison Approach; • Income Capitalizotion Procedures; • Allocation; and • Extraction. The following summaries of each method are paraphrased from the text. The first is the sales comparison approach. This is a process of analyzing sales of similar, recently sold parcels in order to derive an indication of the most probable sales price (or value) of the property being appraised. The reliability of this approach is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data regarding size, price, terms of sale, etc., (c) the degree of comparability or extent of adjustment necessary for differences between the subject and the comparables, ❑nd (d) the absence of nontypical conditions affecting the sales price. This is the primory and most retiable method used to volue land (if adequate data exists). Miami Beoch Lot P13, Micmi Beach, Florida 3 CBRE 1656 Scope of Work The income capitalization procedures include three methods: lond residual technique, ground rent capitalization, ond Subdivision Development Analysis. A discussion of each of these three techniques is presented in the following paragraphs. The land residual method may be used to estimate land value when sales doto on similar parcels of vacant land ore (acking. This technique is based on the principle of balance ond the reloted concept of contribution, which are concerned with equilibrium among the agents of production--i.e. lobor, capital, coordination, and land. The land residuol technique can be used to estimote land volue when: 1) building value is known or can be accurately estimated, 2) stabilized, annual net operating income to the property is known or estimable, ond 3) both building and land capitalization rotes con be extrocted from the market. Building value can be estimoted for new or proposed buildings that represent the highest and best use of the property and have not yet incurred physical deterioration or functional obsolescence. The s�bdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel. In this method, an approiser determines the number and size of lots that can be created from the oppraised land physically, legally, and economically. The value of the underlying land is then estimated through a discounted cash flow analysis with revenues based on the achievable sale price of the finished product and expenses based on all costs required to complete and sell the finished product. The ground rent capitolization procedure is predicated upon ihe assumption that ground rents can be capitalized at an appropriate rate to indicate the market volue of a site. Ground rent is paid for the right to use and occupy the land according to the terms of the ground lease; it corresponds to the value of the landowner's interest in the land. Market-derived capitalization rates are used to convert ground rent into market value. This procedure is useful when an analysis of comparable sales of leased lond indicates a ronge of rents and reasonable support for capitalization rates con be obtained. The allocation method is typically used when sales are so rare that the value cannot be estimated by direct comporison. This method is based on the principle of balance and the related concept of contribution, which affirm that there is a normal or typical ratio of land value to property value for specific categories of real estate in specific locations. This ratio is generally more reliable when the subject property includes relatively new improvements. The allocotion method does not produce conclusive value indications, but it can be used to establish land value when the number of vacant land sales is inadequate. The extraction method is o voriant of the allocation method in which land volue is extracted from the sale price of an improved property by deducting the contribution of the improvements, which is estimated from their depreciated costs. The remaini�g value represents the value of the land. Value indications derived in this way are generally unpersuasive because the assessment ratios mpy be unreliable and the extraction method does not reflect market considerotions. For the purposes of this analysis, we have utilized the sales comparison approach as this methodology is typically used for mixed-use zoned sites that are feasible for development. The Miomi Beach Lot P13, Miami Beoch, Florida ' CBRE 1657 Scope of Work other methodologies are used primarily when comparable land sales data is non-existent. The exclusion of soid opproach(s) is not considered to compromise the credibility of the results rendered herein. Miomi Beoch Lot P13, Miami Beach, Florida 5 CBRE 1658 Areo Analysis Area Analysis '' . - � �.R �.� �'M"..�.... � .n_�wsw c.a av,M ... ' a..��r. ait, M.+o. Srw�rra ._:�_ a�Y�.,. '� �+.�.• • ��. � �r � �ti�.i. �». � . �rr�� _ . .r � � .wr� _ I.r..rww ?�'�+ . � �:-u. r.,. N�f qYw � n � � n �M ' vo�� . `F►�✓ ,.� "�M ._ .��Fn ' �' M � s.e'"�:'�.��. �*«m... . v.v...>.., � i t�k�o� " ��,�.^'r". ��:■�� r.. . r � . . r i . � .�... . ��. t `� ^�.+r�,y�j��/ \�l xM�rd .. . e • � . �� . .. n..r ' -�-. � rr► 'c..«..� � --^--- ��'C... •z,,,�,,,� �y ' , , ..r... c+�� . r�.�o� ic..+.esa.+m<c.., � �� iirlY.,r..... ...�...+r. � � � w c " �Mrl ►'y MM1 v. 91iIJ�n�7M.� M�w+s , ^..+ , � w u..,.. _ , 1s,.. �..r.. j' � .�,�, <,.�... 0.... �..M....�... r.,,.,,�r s ,�`...,..�P yc�s' &�,:m 3 y:.�_w.�,.i =L..�lr�. ��Y ..�.. .. ` i��!4 •�.• cwrrlw�� f��r•. '� lilve�y�. �;1!lw�1Y1Iw�1 �� y�� '. r� � •��L��M+. �� r• O��w�M�tlf�� n,.v.a..a e��c�:vam..:.mr..�re..a.y�T.. .. urww�Y ___ —_ _ _ . s.�r.r.. The subject is located in Miami-Dade County. Key informatio� about the area is provided in the following tables. POPULATION The area has o population of 2,745,677 and a aRca P��u�ar�oN�r a�� median age of 40, with the largest population '°""� �'M1 r group in the 30-39 age range and the smollest „„, ,,,� population in 80+ age range. �•� - ' ' �� ,.. . ._ ._,, , . �_ Population has increased by 249,242 since POPUTAT/ONBYYEAR 2010, reflecting an annual increase of 0.9%. ''""""' S:Ph ru Population is projeded to increase by an ��u� additionol 132,172 by 2026, reflecting 0.9% ;�`�� annua) population growth. " Se�.ro�ESRI.dow.dooded o.�S�p.27 1U7' Mfami Beach Lot P13, Miami Beach, Florida b CBRE 1659 Area Analysis INCOME The area features an average household MEOlAN INCOME 8V VEAR income of $81,309 and a median household s�a�Y, income of $54,681. Over the next five years, S�iKK; median household income is expected to �� $30,ixN1 increase by 12.5%, or $1,363 per annum. szo�ti sin,oa� 50 1021 2026 EDUCATION A total of 31.2% of individuals over the age of PO°��'r'0"°. 24 have a college degree, with 19.5% holding a bachelor's degree and 1 1.7�o holding O ■ga�yelor's Degree A groduate degree. .Graduate Degree �� .otner EMPLOYMENT •lealth Cd��•/tio<�al Ass�tite� - Retail 7�,,,m Construa�� Transpwt�t�on/W arelrou,,.,y v.os/SamcrRc/iecn x-��.�-. Educatronal Se•.� Accanmoda�wn/iood Sr•�.�� OMet SetvKK(end Vud A,�... Nronce/Insw n n�.� Admm/Support/Waite Mgm:Sn�... �, . _ .� i�� S't -,re .,. Ln�e loF The area includes a total of 1,273,252 employees and has N/A unemployment rate. The top three industries within the area are Health Care/Social Assistance, Retail Trade and Construction, which represent a combined total of 33% of the population. Sovice ESR1,do�loaded o��Sep.27 1021,&S.po.do�ed h�,0 i900 Miami Beach Lot P13, Miami Beach, Florido ' CBRE 1660 Area Analysis MIAMI-DADE COUNTY LABOR MARKET �,p,,'r —OWn L�Aor fara�b 1�Oe Caunq,0. �.rl0A0D I,�Q,� 7�,000 � 1.�0.000 t,7�0,00� t,b0„Od1 1.1�400� 2012 �t] �014 ]0'iS bli b1) 2Q1= �N I070 7Gtl S/vcipa!a.e.e.n.1rc.M!U S�►cISs+MS SOIIOl:US.SYf�Y�IJDO►Sf�RYO �� ;;;� --Ufw�ployrn�K R�e b 1�O�d�Caur�q.fl �7S 1S0 1LS 1GD � s �s � u aa .� . 10't :?t� 2015 2R�r 1("' h3ts 1'ON 70i 7Wt SAidlda�Mi!OfdCJO!LS MfK31Wtf. SOW'C�US.BUIYu d LaOW�Ii�tl� �•�[ Miomi Beach Lot P13, Miami Beach, Florida 8 CBRE 1661 Area Analysis MIAMI-FORT LAUDERDALE-WEST PALM BEACH MSA EMPLOYMENT Miami Area Employment—May 2021 Totol nonfarm employment for the Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area increased by 193,400 over the year in May, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that the local rote of job gain, 8.1 percent, compared to the 9.0-percent nationol increase. (See chart 1 and table 1.) (The Technical Note at the end of this release contains metropoliton orea definitions. All dota in this release are not seasonally adjusted; accordingly, over-the-year analysis is used throughout.) Chart 1. Over-ths-year percent chan�e for tot�d nonfartn employmtrrt in the Miami metropolitan arca, May 2018--IIAay 2021 —United Siates M�am 15 046 10 096 \ 5 096 i 0 096 � -5 096 � -10 096 -15 096 -20 046 May 2018 May 2019 May 2020 May 2021 Sou►ce U S Bureau d Laba St�rsbcs The Miami metropolitan area is made up of three metropolitan divisions—separately identifiable employment centers within the larger metropoliton area. All three divisions had employment increases over the year. The Miami-Miomi Beach-Kendall division, with 44 percent of the area's total nonfarm employment, gained 82,100 jobs over the year. The Fort Lauderdale-Pompano Beach-DeerField Beach division, which occounted for 32 percent of the orea's employment, gained 62,100 jobs since May 2020, and the West Palm Beach-Boca Raton- Delray Beach division, with 24 percent of the area's employment, added 49,200 jobs. Mian;i Beach Lot P13, Miami Beoch, Florida 9 CBRE 1662 Area Analysis Industry employme� In the greater Miami area, leisure and hospitality had the largest job gain (+81,300), a 40.9-percent increase over the year. (See chart 2.) Within this supersector, the accommodation and food services sector added 71,600 jobs. Nationally, employment in the leisure and hospitality supersector was up 41.7 percent over the year. Chart 2. Over-the-year net change fo� industry supersecto�employment in the Miami metropolitan ares, May 2021 (in thousands) Leis�e and hosptality' Trade, transportation,and utilities' Professional and business 9ervices* Education and healtfi 9ervices' Other services' Financial activities" Manufacturing Construction Informatbn Mning and(ogging Gwernment -20 -10 0 10 20 30 40 50 60 70 �0 90 Note:An asterisk indiwtes statistical significance at the 9apercent oonfidence tevel. Source:U.S. Bureau of Labor Statistics. Trade, transportation, and utilities gained 41,400 jobs over the year in the local area. wthin this supersector, the retail trade sector actounted for the majority of the jobs gained (+31,800), while the transportation ond utilities sector added 7,400 jobs. The 7.7-percent increase in Miomi's trade, tronsportation, and utilities supersector compared to the 8.8-percent gain on a national level. Professional and business services added 33,200 jobs locally. Within this supersedor, employment in the administrative and support and waste management and remediation services sector was up 15,000. Three other supersectors had significant over-the-year job gains: education and health services (+16,800), other services (+14,400), and financial adivities (+6,400}. Miami Beoch Lot P13, Miami Beach, Flo�ida '° CBRE 1663 Area Anolysis Tweive lar�est melropolitan areas Miami was 1 of the nation's 12 largest metropolitan statistical areas in May 2021. All 12 areas goined jobs over the year. New York-Nework-Jersey City had the largest increase (+878,700). San Francisco-Oakland- Hoyward (+131,900) and Phoenix-Mesa-Scottsdale (+132,900) had the smallest gains among the largest areas. (See table 2 and chart 3.) New York had a 10.7-percent rate of job gain, followed by Boston-Cambridge-Nashua (10.6 percent) and Philadelphio-Camden-Wilmington (10.4 percent). The rates of job gains in the remaining nine oreas ranged from 8.6 percent in Los Angeles-Long Beach-Anaheim to 4.8 percent in Houston-The Woodlands-Sugar Land. Chart 3. Over-tho-year nrt change in total nonfarm employment for the 12 Isrgest metropolitsn sreas, May 2021 (in thousands) New Yortc' Los A rige le s' Chicaeo' Philadelphia` Dallas" Bosion' Washington' Miami' Adanta' Houston' Phoenix` San Francisco' 0 100 200 3Q0 400 500 600 700 800 900 1,000 Note:An asterisk indicates statistical signifirance at the 9Q-percent confidence level. Source:U.S. Bureau of Labor Stat�stics. Coronavirus (COVID-19) Pandemic Impact on May 2021 Establishment Survey Data BLS has continued to review all estimation and methodological procedures for the establishment survey, which included the review of data, esiimation processes, the application of the birth-death model, and seasonal adjustment. Business births and deaths cannot be adequately captured by the establishment survey as they occur. Therefore, the Current Employment Statistics (CES) program uses a model to account for the relatively stoble net employment change generated by business births and deaths. Due to the impact of COVID-19, the relationship between business birfhs and deaths is no longer stable. Typicolly, reports with zero employment are not included in estimation. For the April final and May preliminary estimates, CES included a portion of these Miami Beach Lot P13, Miami Beoch, Florida 11 CBRE 1664 Area Analysis reports in the estimates and made modifications to the birfh-death model. In addition, for both months, the estoblishment survey included a portion of the reports that returned to reporting positive employment from reporfing zero employment. For more information, see www.bls.gov/web/empsit/cesbd.htm. In the establishment survey, workers who are paid by their employer for all or any part of the pay period including the 12th of the month are counted as employed, even if they were not octually at their jobs. Workers who are temporarily or permanently absent from their jobs and are not being paid are not counted as employed, even if they are continuing to receive benefits. The length of the reference period does vary across the respondents in the establishment survey; one-third of businesses have a weekly pay period, slightly over 40 percent a bi-weekly, about 20 percent semi-monthly, and a small amount monthly. Miami Beoch Lot P13, Miami Beach, Florida 12 CQRE 1665 Area Analysis MIAMI-DADE COUNTY TOP PRIVATE EMPLOYERS . y�.�_. <��. ;�u,�-��..a ,__ � UnNersrty of Mlami 12,818 EdutaUon Amencan Auiines 11.031 Aviation Fbrida Power&Light 3,01 1 lltility Company CamNal Cru�se lines 3.500 Hosprcality and Tounsm Mnunt S�na�Medical Ce��ter 3321 Health Care Miami Childrens Hospital 3,500 Health Care Royal Canbbean 2989 Hosp�td�Ry ano Tuu��m I nternat a naVCeleb rrty Crutses Bank of AmerKa Merrill Lynch Z000 Baz�kmg and Fnance WeIK Fargo L050 Banking and F��ance LATAM AirNnes/Lan Cargo 900 Avia[wn AAR Corp:/urcraft ServKes 1.160 Aviation N.C.L.Corporatan 1.049 Hospdali[y and Tounsm Federai Express 1.161 Trade and Logisticz EuIMI AM2fkd 1.20` ProfC55bnal 521VK25 Ryder Int._�iated Logut�cs 1.tOti Tradeand logistici Miami Herald Publlshing Co. 635 Dublishing CrtiBank 1.000 Bankmg;nA Fnanc�- Fountainbleau Miam�BeaCh 1,967 Hospitality&Tour�sm Source:The Beacon Council Miami Beach lot P13, Miami Beach, Florida 13 CBRE 1666 Area Annl�sis MIAMI-DADE COUNTY TOP PUBLIC EMPLOYERS . . . . . '�tiarni �aa��o��nry GuCi�c 's�,�7� Education Schools Miami-Dade County 25.502 Local Government Federal Govemment 19,200 National Govemment Fbrida State Government 17,100 State Government Jackson Heatth System 9,797 Health Care Fbnda Intemational 3.534 Education Unrve►sity Miami Dade College 2390 Education City of Miami 3.997 Local Government Homestead AFB 3.250 Military Miami VA Heafthcare System 2.500 Health Care City of Miami Beach 1,971 Local Government US.Southern�ommand 1.600 Military City of H�aleah t,578 local Govemment City of NorEh MGami Beach 420 Locai Government City of Coral Gables 730 Local Government Miami Beach Lot P13, Miami Beach, Florida '4 CBRE 1667 Area Analysis OPENING DAY Growth in nonresidential construction jobs will also be robust because groundbreakings on major projects have become routine in MIA. Phase one of the MiamiCentral train station, which will eventually connect a new intercify train line with local transit options, debuted in May 2019. The �2 billion Miami Worldcenter is transforming 27 acres of parking lots into a vast collection of residential, retail, office and hotel buildings. Over the next few years, the "tallest building in Florida" distinctio� will poss among multiple skyscrapers in downtown Miami. And county commissioners recently gave final approval to a $4 billion mega-moll thot will be America's largest shopping complex if it is completed as planned. CONCLUSION The economy in Miami-Dade County will continue to experience an increase in population, an increose in household income, and on increase in household values. In addition, MIA's international charocter and its high-skilled, bilingual workforce will help it exceed the U.S. in income growth over the long term. Miomi Beach Lot P13, Miomi Beach, Florida 15 CBRE 1668 Neighborhood Analysis Neighborhood Analysis .a.ag y Y 'j G i r.rr.ne �••�,.^ ,', � � � � : i� . . ''4 cw w� . � �.. •°1r"""" a .i w.� i w�� 2 ' Ny�9 � �� :�� r'yU� u•� � gw.H.9 „ . � �a t � � F L�w��9 Myb p�'� �., y � � � I"an9 p'i y� ! Wy'4 f w ,. 1 yy 9 ��h']b�! 1/1Lw9 �E:�.� M:7�9 � � ��s „,a,, .� e � 7�a .�...� >..�s °" q� � •+' . � . �rrxs�9 � �eri.a7 w.v�.u�u. fy ��p j :�,aM+ ,. sa,A' r.�a� f Krwd ,,,,�„ r.w.�s�a+•n.�« uur�u f �� ,, � M t!�4 �1c�hn ��y .�i..Yr M•w M��O� � , � � � �u �u ��w� , � � 4 �d C. 1 S . �?� t . � . q�.. .,� y �; . ^ o �?� ��_, ; ; '�i�,r9� �• �' } �y��Ay.��- T � A t 1 l � l � [ � `�. _..r. v _e,.�� 0 [ t • � w�+w 1 rw b v �y.n.]1 W.r '..�i.�� '"`�T a^^ � + • . � 'w''p` r,�a � ;� ��ar• LW ,�� ..�i �� ' � ��; � �� p Wv�51 6 _ r7 M� � �� C� �Y, � Nv �+� ^�� . I'i 3+� w.a�e ' i� � �y�ro�.+-n r,,� 1 � ..o�u ;i s �j� 3 f 3 ' " _. } I 9M��fk � �.n��'�j 49�� Y�i�v �0:� '�. '�9� i ] � y i[me� .iM'a+M � F �� x�i,�� . v s"""v ' 9 9. ��•s,i.. d °'b~' b'�`0' .�� a�4':�r,w 'I �� ...,� '"��s y 3 � � a s, ;" F:: �s+r �..w.+ � � . .�.��..., �� *o, �r r .�-s " � f= .�* . �`'� - � � 9n�M9 �.eA�+ tt Mw a . � � �� c �6 a � Ir �+�� Arr� �5.� I fYYe►WI � -- -� . '�- ��'� � ^.� an,. �n _ _— v�d`L� 'd',��i��_s ♦.s._:._�.�,.r��,-:.�...��.,.ee�-�:`x'_v_ LOCATION The subject property is located along the northwest corner intersection of Washington Avenue and 10"' Street in the historic Flamingo Park submarket in the City of Miami Beach, Miami-Dade County, Florida 33139. The City of Miami Beach is a barrier island approximately one mile wide, ten miles long and extends in a north-south direction along the eastern seaboard parallel to mainland Miami-Dade County between Biscayne Bay and the Atlantic Ocean. The subject is located approximately 4-miles southeast of the Miami Central Business District (CBD). BOUNDARIES The subject property is located in the "South Beach" area of Miami Beach, which is bounded by Arthur Godfrey Road to the north, Biscayne Bay to the west, the Atlantic Ocean to the east and Government Cut to the south. The neighborhood boundaries may be generally described as follows: North: Arthur Godfrey Road South: Atlantic Ocean/Government Cut East: Atlontic Ocean/beach West: Biscayne Bay Miomi 8each Lot P13, Miami Beach, Florido 'b CBRE 1669 Neighborhood Analysis LAND USE Land uses within the subject neighborhood consist of a wide variety of commercial, residential 8 hotel developments. Lower density multi-family rental 8 condominium apartment uses are largely concentrated along Pennsylvania Avenue, Euclid Avenue and Meridian Avenue to the west. The neighborhood & community retail and office uses are typically clustered along the Alton Road, Washington Avenue, Collins Avenue and Dode BoulevordNenetian Causeway corridors, as well as the pedestrian-only areas of Lincoln Road Mall. Hotels, condominiums, restaurants and retail are primarily concentrated along the Collins Avenue and Ocean Drive with additional retail uses, nightclubs, restaurants and smaller boutique hotels on Washington Avenue. Washington Avenue borders the west side of the South Beach Enterfainment District and after a long master planning process, development incentives and the establishment of a Business Improvement Disirid (BID), the Washington Avenue corridor is starfing to redevelop. Under a BID, the properfy owners agree to o self-tox in order to provide funding for marketing, promotion ond other initiatives to improve the area. The BID followed approval of the Washington Avenue Overlay in 2016 which increased allowable height to 75 feet for properties with more than 200 feet of frontage on Washington Avenue, reduced minimum hotel room sizes for new hotels and conversions, allowed for co-living or micro residential units, and eliminated parking requirements for hotels. Since then, the Kimpton Anglers Hotel opened a new addition, a new Moxy Hotel has opened and the Good Time Hotel is soon to open. Approved and-or under construction projects include a new hotel at 1685 Washington Avenue and the Urbin Retreat. On the following page is a concept presentation of development new projects along Washington Avenue. Miami Beach Lot P13, Miami Beach, Florida " CBRE 1670 Neighborhood Analysis - — ,, �.;r.,�,�, _ "� ;� _� r��i :�.�„� �z Yiy t. .�-:' . � w_ - ,i§�-N�� 1 �w-.:c�-,. - �� ' i� „ �� 4' aH. _+y _ L. �. . . '. `_ S �� -� . `-� - - a' �_..� � ~� � ` . ��3' '°"`� �"''``��~� iF'. r -..� • ' r . . . . � .- "� ��`'�'•�,� .r►` �Y i ` 'i'L - . � � x� �i. .. � • -� �„ic>` .�, i� ..�,;j: . _ - ._„ . a �. � � . s.G' _ _ � - .y . i �r �'� � �� - . r� � f``� :s�~ - � .._ ,��>�` .;r � �• a� . _ �. _ � �,-�y�/.� . � ��i�.�-s . ' ` � `�.�; '"r �;�r � ��R`~� �� '� i. �7�+ �� 0. g.. .�;-+ �'� �y�. � � � - � .'. :�r. � ��.'�' � �... . �` •i.•,� �.�f- -sl', �.� � � � . � •a �' .e� rj�... �•�, ..r�.. �'�L...�� a•X � � �' /'•• , . _. ... , _�� +� +� � � ~.-_ � �� . '�� `l. _ �r� � :.. � i� 4 , . . r �• � f,_ %-�- .,� � - ,\ � ti��` �� - Denot�m�or�,�.� .,..o�anon ` � p -�/ .� � j �,� J"y� �� Y r��+ ♦Y � �� . . �. �1�' � Washington Avenue Pro�ect & Transaction Highlights: • In September 2021 sale transaction of the 42-room Hotel Astor located at 956 Washington Avenue to the �ctory Investments Group for $12,750,000. The buyer is identified as Anil Monga, the CEO of Victory International USA, which monufactures and distributes name brand fragrances and cosmetics. The building features a swimming pool and 4,000 square feet +/- of restaurant space. It was built in 1936 on a 14,900- square-foot lot. • Washington Park located at 1050 Washington Avenue is a 181-room hotel that sold in February 2021 for $43,750,000. The buyer is Jean Simonian of WPH Properties and this was a lender REO from Ladder Capital. • 601 Washington Avenue was recently completed and operating os The Goodtime Hotel with 266-rooms and a 30,000-SF restaurant called Strawberry Moon operated by Groot Hospitality. The eatery opens up to a rooftop pool and club area that hosts live music. The hotel also has around 46,000 rentable square feet of ground-floor retail space and 242 parking spaces, as presented in the following aerial photograph. Miami Beach Lot P13, Miomi Beach, Florida 18 CBRE 1671 Neighborhood Analysis . r `-�.i�ti4 .- -_ ` � .:�' •'y�j+� . (;� 1 . �' ` ��' � � - -� - ' ` �_`��„ {� _ i � i�� ...�� ...t��! �:.A , •. \� �� , . . � �. �� ,-' �Z � _� .�\� .� ' '.. • .. X 1�n~` ~ ��I�I��I�IIIi�� ' ' ,��', .�r •�� •�i��i• �i• � �� •��riiiii��ii�i��r��• ♦�. '� � ■• �/�Irt�MI�rI/�I�I/��Ii• A� 11��1/ � 1�. � �.# 1��"•�i/ 1��• � .� �I � h��••• '1 ♦ : � � � M � ' �� `�'�' .,. . " :� -�,+� � � s�� - �`; , �► _- a � `` �. :-;� � •. ;�-��., � .� �� Urbin, a co-living, co-work concept wos approved by the City's Historic Preservotion Boord for a proposed six-story co-living and hotel project at 1234 Washington Avenue. The new building will contain 49 co-living units, 56 hotel rooms, retail and restaurant space. An adjacent 1960s office building will be renovated and restored as co- workspace. It will also contain a wellness center for residents and hotel guests on the first floor, rounding out the brand's live, work, wellness theme. -. =� � !_�� i� � ;F�'�AI� ,,� iw„�;��r"�� s.: � �.� � � _ �� - iii� �� '��,►, , , .'�� ,�, , � ; �,; �. . ' - a ` I!(� ;.s�'' ' ,.. � � . < �, ; , .. �► ,: ' ._w41� - Residential uses in the Flamingo Park neighborhood are primarily single family and low-rise multifamily in design and date bock to the 1920's and 1930's with higher density resort hotels and residential condominium towers found olong the Atlantic Ocean/beach and Biscayne Bay Miami Beach Lot P13, Miami Beach, Florida 19 CBRE 1672 Neigh6orhood Analysis shorelines. The waterFront is where the large-scale, high-rise multifamily residential projects are locoted, including rentol apartments, condominiums, and hotels. The 1 & 2-story single family residential dwellings range in volue from $800,000 to $2,000,000 +/- and are clustered around the 36.5-acre Flamingo Park. This community park has 17 tennis courts, a baseball stadium, handball and racquetball courts, a softball field, basketball court, football field, soccer field, running track, playground, wolking trails ond a bark park that are all surrounded by lush tropical landscaping. Flamingo Park also features a state-of-the-art aquatic center with two (2) pool areas, lockers, lounge chairs, shower facilities and water ployground. The submarket area olso includes the South Pointe Elementary School, severol blocks of low-to- mid-rise residential apartment, condominium, and hotel properties than Ocean Drive and the Atlantic Ocean front with beach front resort hotels to the east. The subjed location is several blocks south of the Lincoln Road Mall. The Lincoln Road pedestrian mall runs east-west from Collins Avenue to Alton Road between l bth and 17th Sireets with storefronts on Lincoln Road and to a lesser extent along the side streets. _�r+w o.�A.e..r i�+C.� �0�� r _. s.rr� Nwr pr.r ' � ��M VMMN� � - �i B�A Ca�w e�rr� s ,uy.r �� C°'r"'r�°" �and. r+n.r. C.nMr � cia �w.�a....i P , --�u�. � � � /� i� • � ��, T1w1�r d � � R°°°"° � n.u�mr� � H.r v�no.,*.�^re w� f ��a.. ��, P� ,�,.,.,.,,�3 P .� P p, ,,.a.�. ��T" p � :�� -- � .��° -!'�` ��:�� c[ � uaa.. C"""" 111aY1�Road Q., :.,�on �� a,,,� �,� � �l�,,,,,,, �"" . +indrr th.rw� � p�-wY� � �w ��„ � . ��..row � � ` < � �� .�. .� .._.. - � o ` � � E , � ,Pbcw ^chw s�.n [io.��Rua�� ` ,sn,sa..� — e�.., !___ � � � �� ' � _ �� E� f � , ��Vilgio ■ � � � . , o � ��'c ..��.., � � � � �� Since the copital improvement project in 1996, Lincoln Road has experienced substantial changes in tenant mix, including more restaurants and sidewalk cafes, and a shift to traditional retail shopping. At the west end of the mall, Regal Cinema opened an 18-screen stadium style movie theater in 1999. This development wos strongly supported by the local municipality and has proved vital in attracting national retailers, such as Banana Republic, Pottery Barn, Williams— Miami Beach Lot P13, Miami Beach, Florida 20 CBRE 1673 Neighborhood Analysis Sonoma, Bebe, Swatch, Victoria's Secret's, Ann Taylor Loft, Sunglass Hut, Anthropologie, Books 8� Books, Chicos, Foot Locker, I. Strada, Morgan Miller, Payless ShoeSource, Quicksilver, White House/Black Market and Express to the pedestrian promenade. The addition of the Regal Cinemas solidified the Lincoln Road redevelopment and began to make it very aitroctive to the national retailers and high-end restaurateurs. While Lincoln Road is in and of itself a destination location, the cinemas also serve to attract year-round Miami-Dode residents to Lincoln Road. The Regal Cinemas is one of the most heavily potronized cinemas in South Florida. Anchoring the east end of Lincoln Road Mall was the former New World Symphony which was housed within the subject property, also known as the Lincoln Theatre building. Established in 1987 under the artistic direction of Michael Tilson Thomas, the New World Symphony provides an instructionol program to prepare groduates of distinguished music programs for leadership positions in orchestras and ensembles around the world. The New World Symphony recently relocated to 500 17th Street, just north of the subject's Lincoln Theatre location into a Frank Gehry designed concert hall and a 7,000 square foot projection wall on which concerts, video art and films are shown free-of-charge to audiences in Soundscape, a 2.5-acre public park, designed by Dutch architectural firm West 8. Other primary influences in close proximiiy to the subject also include the Miami Beach Convention Center which provides about one million square feet of exhibition space and meeting hall facilities and is roted as one of the top convention centers in the United States; the Jackie Gleason Theater of the Perfuming Arts at the intersection of Washington Avenue and 17"' Street; Alton Road, a commercially oriented, north-south primary arterial street; and the aforementioned Lincoln Rood Pedestrian Mall which provides retail shops, restaurants, cafes and a movie theater complex located at Lincoln Road and Alton Road, just southwest of the subject property. To the east is Ocean Drive, which runs parallel to the Atlantic Ocean and $outh Beach and is one of the area's premier attractions. The pristine beaches and warm waters of the Atlantic Ocean are to the east side of Ocean Drive, while a host of al fresco dining establishments and some of Florida's most luxurious, high-end hotels such as the Ritz-Carlton, The Delano, The Setai, The Shore Club and The Tides. ACCESS Overall, access to and throughout the subject neighborhood is considered good. The major east- west thoroughfares providing direct access to the subject area from the Miami mainland include the Venetian Causeway that becomes 17'h Street, located immediately north of the subject; 5th Street/MacArthur Causeway (US Highway No. 41/State Road AlA), located to the south of the subject property; and Arfhur Godfrey/Julia Tuttle Causeway (I-195) located north of the subject property. The Miami Tunnel opened in 2014 to alleviate congestion from PortMiami along the MacArthur Causeway. These arteries connect South Beach to mainland Miami to the west, as Miami Beach Lot P13, Miami Beach, Florida 21 CBRE 1674 Neighborhood Analysis well as intersect with the primary north-south arteries of Alton Road, Collins Avenue, Washington Avenue and Ocean Drive. Interstote 95 is the major north-south expressway providing direct access to Miami-Dade County, as well as points north along the eastern seaboard. Biscayne Boulevard (U.S. Highway No. 1) is a well-traveled artery providing north-south access from S.E. 3rd street in downtown Miami to the Broward Counfy line to the north. Direct access to the subject property is provided via Washington Avenue which acts as the subject's eastern boundary line and is a two-way, two-lane, north-south city street with divided median and parallel (metered) street parking. The immediate su6ject area has good access via the (ocal artery/highway neiwork, and to the area business and commercial community. In addition to the existing access points, there is a proposal to connect Miami Beach with downtown Miami via a monorail line. The elevated monorail would include three (3) stations and run along the south side of the MacArthur Causeway. One station would be built on the Miami side of the line and close to where the causeway begins, while the other two stotions would be on Miami Beach near the end of the causeway, and the other at the intersection of Washington Avenue and Sth Street. DEMOGRAPHICS Selected neighborhood demogrophics in 1-, 3- and 5-mile rodius from the subject are shown in the following table: SELECTED NEIGHBORHOOD DEMOGRAPHICS NWC of Washingfon Avenue and l Oth Street 1 Mile 3 Mile 5 Mile 33139- Miami Miami-Dade Miami Beach,FL 33139 Radius Rodius Radius Miomi Beath Beoth city County Popu lation 2026 Total Population 33,675 55,784 255,615 40,166 92,666 2,877,849 2021 Totol Population 32,701 54,195 229,199 38,928 90,326 2,745,677 2010 Total Population 32,221 52,860 182,857 38,179 87,785 2,496,435 2000 Tatal Population 31,406 51,740 154,995 37,950 88,303 30,982 Mnual Gmwlh 2021 -2026 0.59% 0.5896 2.21% 0.63°K 0.51% 0.9I% Mnual Growlh 20)0-2021 0.13% 0.2376 2.0776 0.18X 0.26% 0.87% Mnual Growth 2000-2010 0.26X 0.21% 1.67'X 0.06X -0.06% N/A Households 2026 Total Hovseholds 20,I08 31,170 128,708 23,914 48,792 992,819 2021 Total Households 19,9+6 30,475 114,999 23,311 47,81 B 948,312 2010 Total Households 19,982 30,270 91,385 23,221 47,170 867,352 2000 Tota)liouseholds 19,516 29,676 73,277 23,125 46,365 776,774 Mnual Growth Z021 -2026 O.I6% 0.45% 2.28% 0.51% 0.40% 0.92% Mnual Growth Y010-2021 -0.02% 0.06% 2.1 1% O.OI% 0.12% 0.81% Mnual Growth 2000-2010 0.14% 0.20% 2.23% O.W% 0.1796 1.11% Income 2021 Median Household Income 556,659 563,740 562,392 560,423 559,225 554,687 2021 Averoge Household Income 591,784 5110,747 598,645 5104,426 f102,295 581,309 2021 Per Capita Income 556,035 f62,341 549,911 562,604 f54,197 528,156 2021 Pop 25+College Groduates 14,213 24,363 90,592 17,424 36,�73 612,307 Age 25+ Percent Colkge Graduates-2021 50.5% 54.4% 50.9% 52.5% 50.1% 31.2% Source: ESRI 22 CBRE Miami Beach Lot P13, Miami Beach, Florida 1675 Neighborhood Anal�sis CONCLUSION The subjed neighborhood location is mature and built-out with growth in population and households through higher density, redevelopment opportunities along the major thoroughfares and waterfront. The local demographic profile is middle-to-upper-middle-income and the overall outlook is for favorable performance over the foreseeable future. Many neighborhood improvements are renovated, historically rehabilitated and-or in good-to-excellent condition. Access to the neighborhood is good and utility services are adequate. Supporting commercial uses are good and surrounding land uses are compatible. Overall, it is our opinion that the subject neighborhood will continue to remoin a very desirable area, with continued potential for appreciation. In addition, the Miami Beach submarket is a destination resort community and international "hot spot" that continues to flourish over the long term despite adverse macro- economic cycles. 23 CBRE Miomi Beach Lot P13, Miami Becch, Florida 1676 Site Analysis PLAT MAP '� ,�,� � _ HI � � �., -T;;-T—�-,� ",,, �—: _,,,-�rul I , « ',�' �q �.� �., �� , � �` +►' ; 1 �F fj ' : � '. �7� � � . � - 2 ,r� r��r� ,Th- .r� '�, � � :NF�: � �f f~�� r��. . fY .y�'� r ..� i6� � . � ` , ._ j �� _ �f �i, � . ^ � 4�=L� �,_, �4 �� -++1� ,�-- _ . _ _ _ ..��.�; + ._,� � � � �; ,- .- � , � ,� � _ , _ . �� , ,� �J � ; - �= k- _ . �. _ .:,....�":�""r I i�! d�'� u` `� — . � ,tia,i:F'��? _ -�� `� � � . . i � '7R�' _� .� u+.a��, _ " ... I �L�� _� , M1 � — � - a i�'� �� „�d �,�_ , ...=:� ' � � k�;� �, , __,� ,` _ � , I T' �� -�i' 1 +t; � ��;- ,�� , � ,, --� �..;..- '� _� L� _ �h�.�� ' --- � " ,� 1 � -- ' 1•� � ! ;� � " � + ' 3 � ' � S ��' ` ' ,�--air�'� + '�` ' `` _� — �' i ' i. � ; ��F L. 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'� � , , � _ � � . . ........'��rr....r.«.w�[uw..,e t •� � .t��'- _• � �r .w.r.e.�.aer�w....,r.«.. ��r � �i�w�te..��/.w.rnr.wl• 1 w.....�,....►.._....�....... �' t..�.. � � � j � '� `�- 1 rw...r.a.�....r.w.....n...wwr�.�t... 4. ► �', f ,� .�..«.a....».�..�...,..s�.,_.��...; � � ;__� . r .�..,.k.......,�.....,«.......,....�.., •.�. . � �y� �'��6`�5�1� �INIM�V�.�4r.��MYew�s.��v-Y�rvY�r. `�- F�.[ ��6 oW .r�'��.aww.r.tir�A..��w��srw.Ir.Y��M n ru� ix i uoo ,500 :aK '�.•�••,.`� s.sa�.ic�c�wilana�w+n anar+.yr.�rar�aoce��c]ob 25 CBRE Miami Beach Lot P13, Miami Beach, Florida 1678 Site Analysis Site Analysis The following chort summorizes the salient choracteristics of the subject site. SITE SUMMARY AND ANALY515 Phpsical Description Gross Site Area 0.34 Acres 14,694 Sq. Ft. Net Site Area 0.34 Acres 14,694 Sq. R. Primary Road Frontage Washington Avenue 100 Feet Secondary Road Frontage 1 Qth Street 144 Feet Additional Road Frontage Alley 100 Feet Shape Redongular Topography Improved to road grade Primary Traffic Counts (24 hrs.) Washington Avenue 14,100 Zoning District- Existing GU,Govemment Use Distrid Zoning District- Proposed CD-2, Commercial,Medium Intensity District Historic District Flamingo Park Historic District Flood Map Panel No. b Dafe 12086 C 0319 L 1 1-Sep-09 Flood Zone Zone AE (EL 8 Feet) Adjacent Land Uses Comparative Analpsis BQtins �sibility Good street&pedestrian visibility Functionol Utility Good for mixed-use Tra�c Volume Neighborhood,commercial 8 seasonol tourist traffic Adequaq of Utilities Assumed adequate Landscaping Urban sireetscape Drainage Municipal sform drainage Utilities ptQYldsr Availabiliri Water City of Miami Beach Yes Sewer City of Miomi Beath Yes Natural Gas Co�frad service Yes Electricify FPL Yes Telephone ATBT land lines Yes Mass Transit Miami-Dade Counfy(MD� Metrobus and Miami Beach Trolley Other � � Unknown Detrimental Easements X Encroachments X Deed Restricfio�s X Reciprocal Parking Rights X Various sources compiled by CBRE 26 CBRE Miami Beach Lot P13, Miami Beach, Florida 1679 Site Analysis SITE DESCRIPTION The subjed site is improved with a municipol metered, surFace porking lot locoted at the northwest signalized corner intersection of Woshington Avenue and 10"' Street, and backs up to a public alleyway. We have relied on the legal description, recorded plat and Miami-Dade County Property Appraiser's data referenced throughout this report. INGRESS/EGRESS Vehicular ingress/egress is available to the site via the public alleyway, while pedestrian access is provided on all fronts including Washington Avenue, 10"' Street and the alleyway. Street improvements include asphalt paved trafFic lanes, signalized crosswalks, metered street parking, concrete curbs, gutters and sidewalks, and street lighting. TOPOGRAPHY AND INFRASTRUCTURE The subject site is improved to road grade in a built out submarket with oll off-site infrastructure in-place including urbon streetscape, pedestrian sidewolk, underground utilities, ond concrete curbs, guHers 8� storm drainage system. The topography of the site is not seen as on impediment to the development of the property. During our inspection of the site, we observed no drainage problems. However, it is impo►tant to note that the City of Miami Beach is a barrier island and reported to be ground zero for seo level rise issues and engineering. SOILS A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soils report, it is a specific assumption that the site has adequate soils to support the highest and best use. EASEMENTS AND ENCROACHMENTS There are no known easements or encroachments impacting the site that are considered to affed the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements ond encroachments on the properfy, if ony, prior to making a business decision. UTILITIES AND SERVICES The site includes all municipal services, including police, fire and refuse garbage collection. All utilities are available to the site in adequate quality and quontity to service the highest and best use. Miami Beach Lot P13, Miami Beach, Florida 27 CBRE 1680 Site Analysis ENVIRONMENTAL ISSUES Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did not reveal any obvious issues regarding environmental contamination or adverse conditions. Furthermore, the appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or neor the site. The existence of hazardous materials or underground storage tanks may affect ihe value of the property. For this appraisal, CBRE, Inc. hos specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. CONCLUSION The site is well located along a north-south thoroughfare with excellent walkability to the Atlantic Ocean, as well as, resort hotels, beach front businesses, municipal parking and residential neighborhoods. Miomi Beach Lot P13, Miami Beach, Florida 28 CBRE 1681 Zoning Zoning The following chart summarizes the subject's existing zoning requirements. ZONING SUMMARY Curre�f Zoniny GU,Govemment Use Distnd IMent 3 Purposa My land or air rights owned by w Isased to the city or other govemmxital cqency for no less fhan an initial term of 20 years shall outomatiwlly comert to a GU govemment use distrid. Uses permitted The main permitted uses in the GU govemment uss disfiict are govemment buildi�gs and uses,including but not limited to parki�g bh and garages;parics and assaciWed parking;xhools;perfortning arts ond cukural facilities;manumenh and memorials.My uu no1 listed above sholl only be opproved aNar the city commission holds a public hearing.See wbsecfion 142-4�5(e)for public notice�equiroments. Private Uses Priwta or joint govemment/private uses in the GU govemment use distrid,including air rights,shall be reviewed by fhe planning board prior to approval by the cify commission.Saa subsection 142-425(e)for puhlic notice roquiroments. Accessory Uses Accessory uses in the GU govemment use dishid are m requircd in section 142-9U3. Devebpment Regulotions (a� The development rcgulolions(setbacla,floor area wtio,signs,parking,etc.�in the GU govemment use disfrid shall 6e The average of the requirements contained in the surrounding zoning dishicfs os detertnined by the planning ond zoning dirocfor,which shall be approved by tha city commission. Upon the wle of GU properly,the zoning distrid cbssificotion shall be determined,aker public hearing with notice pursuant to Florida$fotufes,by 1he city commiuion in o monner consistent with the compmhensive plan.Upon the(b) expiration of a(ease to the ciy or other govemmeM agenq,the distrid sholl reveA to the zoning disfrid and ih regulations in effed af ihe initiation of the lease. (c)Setback rogulations for parking lots and garages when they are tha main permitted usa arc listed in subsectio� 142-1132(n). (d) Following a public hearing,the davelopment regulations req�ired 6y thase land development mgulations,encept fw the historic pmservation and design review processes,may be woived by a frve- sevenths vote of the tity commiuion for devebpment3 pertoini�g to yovemmentol owned w Ioosed buildings,uses and sites which ore wholly uud by,open and accassible to the generel pu6lic,or used by not- for-profit,educational,w cultural organizations,or for convention center hoials,or co�ventian ce�er hotel occessory garages,or city utilized parking loh,providsd fhey arc continually used for such purposes. Notv+ithstanding the above,no GU properly moy be uxd in a menr�er inconsistent with the comprchensive plan.In all coses inwlving the use of GU proparty by H+e private ucfor,w joint govemment/priwte use, development shall conform to oll development regulatio�s in addition to all applicable secfions contained in these lond development rcgulafions and sholl be reviewed by the planning board priw to approwl by fhe cily commission.All such privaTe ar joint govamment/privafe usas are allowed to apply for arry permiMee variances a�d shall not be eligible to waive any regulations as deuribed in this parograph.However,not-for- profit,educafional,or cukural organizolions os forth herein,sholl be aligible fw a city commission waiver of developmerA regulotio�s as described in this parograph,except fw the historic praservation and desiyn reviaw processes.Addifionally,private usas on tha GU lofs fronting Collins Awnue batwsen 79th and 87th Streets opproved by the city commission for a periad of less than ten years shall be eligible for o tity commission waiver of the davelopment rogulotions os deuribed in this paragmph,for temporary strudures o�ly.Such waivers applicable to GU lots fronting Collins Avenue befween 79th and 87th Sireets may intlude,but not be limited to,Ihe design review process,prrnided the city commission,as paA of fhe waiver proceu,evaluates and considers all opplicable design review requiremanh and criterio in chapter 118 of (e)When a public hearing is required to waive development regulations before the city commission,the public notice shall be odvertised in o newspaper of general paid circulation in the city at Isast 15 days prior fo the heanng.Fifteen da�prior to the public hearing date,both a dexnption of the rcquest and the time and place of s�ch heuring shall be posted on the property,and nofice shall also be given by mail to fhe ownars of land lyi�g within 375 fset of the property.A five-sevenths vote of the city commission is raquired to approve a waiver or use fhat is considered u�der this requlalion. Source: City of Miami Beach Planning 3 Zoning Department 29 CBRE Miami Beach Lot P13, Miami Beach, Florida 1682 Zoning The following chart summarizes the subject's proposed rezoning regulation. zoniNa wrw�er Cumsnt Zoninq CD-2,CommNcial,M�dium Inf�miM UisMd p�rposs Th� CD-I commwcial, medium irNw�sify dul�ct providp(or commwciol odivitip, s�rvion, dfiep ond nlat�d adivifiaf which s�rvs/he�Min ciry. Moin PermiM�d Uses The main psnnitt�d uw in tha CD-2 commarciol,madium inNnfily dislriet arc commarciol uw(includiny. for wmpM.p��sonol Mrvic�afobFshm�nfil:apaAm�nls:opmlm�nt hot�b,holals,hosr�ls,ond wit�Y�oMb (Pursuom to s�ction 112•1105 of N+i:chap�:nlipious inititutian with cn occupancy d 199 p�nons w lus ond okohoGc 6rvaropas e�lobli�l+nw+h pursuanf ro fhe r�qulofwns W ioAh m choot�r 6:Akaholic b�v�rap�Mablishm�nfs local�d in tM fdlowiny p�opmphic anos YriH+in tM CD-2 comm�rciol,rrHdium intx�siy diatrid:hdl be wbpcf to tha additiond�aquiremanh aat torth�n s�ction t a2-310: a) AMon Raod rnrtidar. hopntid on tF�west vd�of Ahon Raod and wst d Ahon CouA,b�fwNn Sth S�rse1 and 1 1 fM Shaef,end bafvleen 14fM SM�e�and Cdlins Conal;ond propaAw on tMe eas�side d West Awnu�,bslwwn lincdn Rood and 171h Stnet.�Rupf dcohdic b�w�oys es�obli�hmw�ri froneinp Lincoln Road bslwssn WW Av�nw end Ahon Rood. 6) Surwt Horho�N rNghbdf�ood. The peoqmphic arca perarolly 6oundad 6y Purdy Avanue fo tha west. 20N+SrrM and IM wot�rway ro�ha norfl+.Ahon Rood to fhe ws�,and Doda 8oulsvord ro eM wu1h. Conditionol Ua�s Th� ca+difionol uws i� the CD-2 comm�rciol, medium inlw+sify dishict ar� f�n�rol hom�: nGpious instiMions; pownshopa; video poma arcad�s; public ord p�w�e institutiona: schools; orry use xllinp yenline; new conslnMion af drucl�rm 50,000 squam fM and over (evan wh�n dmded 6y a dishiti bour+dary Gnel.wh�d+rrri�w�haN be tM first sf�p�n tfro P��bdws tM ravi�vr 6y w�y of eM orhw b�d dawlopinw�f 6oerds:oufdoor aMeAainmanl esfaNishrnent; naiqh6orVwod impoct�sta6lishmarM;op�n air w�feRainmenf esMWishment;e�d storoy�wd/w por�unq d CommNbal vehidp�on a s,H o1h�r fhon 1he sit�at which N�s oswciot�d commercs,trods or busiMss�s loca��d.Sw eection 142-1103. Accessory Usas TM xc�ssory�s�s in tM CD-7 comm�rciol,m�d�um n+tens�ly distrid oh m raqu�nd ln arlicl�N,div�sion 7 oF thie chaple.:and«csssory ouldoor bo.courM�ra,prov�d�d M�ol rM xcas�o,y oufdoo�bar counfe.it not op�rot�d w utiind bNvrsan midniqhl ond 8:00 e.m.;how�er,lo.on xc�ao.y outdoor bor coune�r wh�cfi is adjac�M fo a propKty with a�apaAmw+l unit,the xceswry outdoor bar couM�r may not be oparat�d or uliliud 6eMaen 8:00 p.m.ard e:00 a.m. Prohibited Usas The prohibited usea in Mx CD-2 commarcial,madium infansity districf are actessory wAdoor bor counlars, �rcept as provid�d in artid�IV,division 2 0(this chapfx nnd in chaptar 6. Soum: Ciry d Miani�acf�►bnnirq 6 Zoninp D�ponm�M Miami Beach Lot P13, Miami Beach, Florida 30 CBRE 1683 Zoning zoNiNo wwruier-c.�,x�,.a Maaimum Hoor Ar+a Ilatio 1.50 FAR,plw Cod�SKtio�1l7-307(�olbvn 2.0 FAR wh�n mo,s Nw�75%of 1ha bui�d��p�f VNd tw rssiden�ial w ho�sl urrih. Minimum lof Area None Minimum Lot Widfh Nw+s Mi�imum Ap�.Unit Siu N�w Conshuc�ion: S50-SF;R�ha6ilifaf�d Buildiny.: 100-SF Non-�W�rly md�IdolY low and modKaf�inrorrr housirq: 400-SP Workiorce Housing: 100-SF Avemqa Apt.Unit Sim New Constrvcfion: B00-SF;Rohabilitatsd B�iWinpa: 550-SF NonyW.rly and eldaiy low nrd mod�oM incor.r hwsinq--�00 Waildwce housinp--�00 Minimum Hotel UnH S�is I S%: 300-SF�0 335-Sf and 85X:335-Sf b up;RehuMlieotion of Hisfonc Bwldinas-.Y00-SF fw contrihutinp hotal flnMure�,locolad wi�hin en individuel hisroric site,a local hisforic diahicl w a national repistx didrict.which on 6einq nnawfad in accado�n wi111 tM Secrotary of the Inlariar SMndards ond Guid�linas for tha Rahabilitafion d Hisforic$InMuras m am�nMd,�NaininQ th�Qistinp room confipurotion shall 6�parmiMad,p.ov�ded oll roorns are o minimum d]00 wuare feat. Mditionally,mfistirq room cafiqurations lor rhe obove daunhad hotel sfr�ctures may ba modfied to odd�ess applicoble 1"rfa-safety and occsssibility roqulatian,providad Mro 200 squoro hM minimum unit sin is mointaimd,ord prwid�d fM maximum occuponcr pw hot�l rooe�dwa no1 acNd 4 p�rwns.In addifion, 1he miniTum VroM unit siH!er o propeAy lennerly rened MD�s 250 squore fael,previdad tho�the prop�Ay doat not aicaad 25.000�quora ful m ef Marci�]3.2019.Mo1el unih within roohop addfions to caAributinp shucturas in o histaric disfriR and individually des�pnatad hisloric buildinqs-200. Averoqe Hofel Unit Siza Tha numher d unih moy rqf mc�sd Ihe m�mum dansity sat(orth in Nro compreFrcrniva pbn. lAnYimum H�pM 50 Feef(euepl as proVided in$action 712-1161� NMwitlMa�inp Mx a6eve,H+a dmipn review howd er hisleric preurvafien beard,in atcordance wifh fhe applicahk raview cntana,may albw up to on additional five!ed of heiqM,not to aaroad a manmum Fxpht of 55(eH.In ord�r to utiliza tM odditio�al hapM,IM first flow shall provida at laast 12 fMt in he�pM,m maawred from tha 6us�Aoad�lawtion plus mmomum fraa6oard,ro ths top d tM sac«rd floor slob. a0 Fwr lor wN-sraop�wor.iwua�.�sc�pr tFa�eM bufWinq M�pM�holl b�Ifn,it�d�0 25 l��ri+h��50 h.e (roen IM raar p�openy lin�for loh abulfiny on alley:and wifhin 60 hN/�an a r�sidanliel dishicf fw 61«ks with no alley. 60 Faa�(or m�aed-uia and comm�rcial buildings ehal indud�stnMur�d perlong lor plopMiu on rh�w�sl side d AMan Road/rom 6Hi ShNt M Co16ru Canal. Moximum Stories 5 Stories(eacept for permiMed hepM eKceptiona as provided in Code Secfion 112-1161) Minimum$Nbocks; Fronl,Af Grod�rorki�p l01 5 Fa�f From,rad«ra�a To...rwn-ocwnfiaN _a-ieer ond lesidanlial usas(ollw+rhe W�+.t,z a 3 seHwcks From,hdobl i Toww Oc�anFrme P�dsstal� 15 Fwf;Tower 20 FeN+1(om(o.«..y SO 4Nr c�h.igM,fo a ma�imum d SO f..�,th.� romains conabnt. Side.In�aiw,N Wode►orforq tnt S Feat yd�.In��nw.P�da:rel L ie.w Non•Omn(.oM 10 teN wF�n iutfinq a nsidantial disfiid.dh�nvis�nar.Notwithstandirp th�/wpoirp,rookop additiona M cw�hibutinp strudu�es in a historic dishid ard individuolly dnipnated hidoric buildinqs may follow wstinp mncwdorm�nq Iear psdesfal s�fbocks. Sid..Intw�or.PedMal a tovwr Ow�ront Nolwithstandirp fhe lonqdrq,raoNop addhia+s ro contriburinp strudures in o histaic disfrid and ind"mduolh dmiarw�ed historic buiWinqs may follow austin9 noncortlonn�nq rw.pedas/ol sefbacla. Sida,Fxinp a Shaet,N Grade 5 Feet Sid�.Foonp o S�.xr,hdasal L Towar Non.Oc�o..l.onr 10 fM wMn a6unirg a rasidanfial dislrid,unMas rporot�d hy a ahwt w wvNrwy dh�rwis�nw+� Sde,Feorq o Snwf,P.dss1a1 6 Tows Oc nfiorN I 0 Feet R.o.,�u Grad.►ah��q wf 5 Fser ond it ob�nirq an alley-0-Fest Il�u.,P�dwtd;Towe.Non-Oc�a�.o.� 5 Feet;and,10 Feef when n6uMinq.esideMial diserid,unlau sepora��d by a sf.esl or walarway,ehen-0-. Ibar,Pd.dd s Tewr Oc�onf.a.d 25%of let depM�,)5 faN minimum from the buld�eod line whichever is prealm (b) Tha�ower�slbodc�hall rrot be leas Hmn Na padastol setbock. (c) Porking loh and pertges:H I«and on the som�bf m fM main shuduro fM ahovs s�l6ocla shall apply. H pnmory use Ha selbacla ara lis}ed in subsaction 1�2-1 772�n�. (d� Mi�ud use 6uildinys:Cakubeien ef s�e6ecks and fleor erw ratio: (1) SM6ac4n.Whe.�mere than 25 parcent ol tha�Mal aroe d a bulWirq is u�ed fa ras�den/iol o�hotsl un�1s. arry floor ca�faininp such unils sholl(ollow IM RA4-1,2.3 s�thack rayulatians. (2� Floor or�o rotio.M/FN�mo�Mwn 25 p�rc�nt of Ih�fdal oroa of a buildilg is us�d for rdid�ntial w hehl uniH.II�flaor ar�a rvlie ranq�sholl b�as se1{erfh in fM RM-2 disfrid. (3) The maiumum llow arw rafio (FARJ for wH-sroloq�wanhou�s shell b� 1.5.Tlw floor arw �atio provision for miisd�ae buildinpi in ssc�ion 1�2307(d)(2)oboYe sholl no/opply to salf-slo�vye warchouu dav�bpment. Buildinqs Ca+tcininq Parkinq Spocs� Rnidential w commarcial usn,os opplirn6k,o�N�e first Ir.al alony every iocode foc�np a stnet,aidewal4 or v.vf�rwvy;for prop�Aias nor havinp occsss to on allay,IM tiquir�d rasidenfial spot��holl xcommodofa enfrorx.ond nit drivo. Rmidmfial o�comm�rciol usas abaw Ihe firsl levd along wery iocnde foci�p a woterwoy. For propeAim less than 60 ket in widfh,the lotal amourA of commercial spoce a�tha first lavel olong a street s�de sholl ba detmmirrod by the daa+yn re.iew m histonc prassrvat�on boord,as opplicoble.All(ocodm aboya �h� firsl Ir�l, facing a slnet w sidawolk, sholl includ� o subatantial portion d �sid�nfial w canm�rciol uw;1h�fofal amouM oi r�sid�rrtial or canm�rciol spoc�shall be d�f�rmin�d by th�dp�qn review or histw�c preservation board,as applicable,6ased upen�heir respactiva criteria. Parlcing R�quiraen�nh-Distrid No.6 R�fer to S�cfion 130-31 of municipol xoning code. 5aurc•: C�h of Miami B.h Plenn�nq 6 Zoning D.ponm.nr Miami Beach Lot P13, Miami Beach, Florida 31 CBRE 1684 Ioning SEC. 142-309. - WASHINGTON AVENUE DEVELOPMENT REGULATIONS AND AREA REQUIREMENTS. The following regulations shali apply to properties that front Washington Avenue between 6th Street and 16th Street; where there is conflict within this division,the criteria below shall apply: (1)The maximum building height shall be as follows: a. Fifty-five feet, unless otherwise specified below; b. Lots that have a frontage equal to or greater than 200 feet: 75 feet; c. Main use parking garages: 55 feet, regardless of lot frontage. (2) For lots that have a frontage that is equal to or less than 100 feet, the setbacks shall be pursuant to section 142-307. For lots that have a frontage that is greater than 100 feet, the setbacks shall be as follows: a. Front: i. Subterranean: Zero feet. ii. Ground level: Zero feet. � iii. Above the ground level up [0 35 feet in height: 1. Minimum five feet for parking garages with liners; or 2. Minimum ten feet for parking garages without liners; or 3. Minimum 15 feet for all other uses. i. Above 35 feet in height: 1. Minimum five feet for parking garages with liners; or 2. Minimum ten feet for parking garages without liners; or 3. Minimum 30 feet for all other uses. b. Rear: i. Subterranean: Zero feet. ii. Ground level: Zero feet. iii. Above the ground level: 1. Minimum ten percent of lot depth; or 2. Minimum zero feet for parking garage floors above the minimum truck clearance. c. Side, facing a street: i. Subterranean: Zero feet; ii. Nonresidential uses: Zero feet; iii. Residential and hotel uses: Seven and one-half feet. 32 CBRE Miomi Beach Lot Pl 3, Miami Beach, Florida 1685 Zoning d. Side, interior: i. Subterranean: Zero feet; ii. Nonresidential uses: Zero feet; iii. Residential and hotel uses: Seven and one-half feet or eight percent of lot width, whichever is greater, up to ten feet. When abutting a nonresidential or non-hotel use, the minimum interior side setback shall be seven and one-half feet. (3) The maximum frontage for nigh[clubs and dance halls, located at the ground level shall not exceed 25 feet in width unless such a space has a certificate of use for nightclub or dance hall, or unless a valid license was issued after January 1, 2011, and before the date of adoption of the ordinance codified in this section for the use of such space as a nightclub or dance hall. (4) For new hotel construction or conversion to hotel use, the minimum hotel room unit size may be 175 square feet, provided that: a. A minimum of 20 percent of the gross floor area of the hotel consists of hotel amenity space that is physically connected to and directly accessed from the hotel. Hotel amenity space includes the following types of uses, whether indoor or outdoor, including roof decks: restaurants; bars; cafes; hotel business center; hotel retail; screening rooms; fitness center; spas;gyms; pools; pool decks; and other similar uses customarily associated with a hotel. Bars and restaurants shall count no more than 50 percent of the total hotel amenity space req�irements. b. Windows shall be required in all hotel rooms and shall be of dimensions that allow adequate natural lighting, as determined by the historic preservation board. (5) Co-living or micro residential units are permitted subject to the following regulations: a. For co-living or micro residential units, the minimum unit size may be 275 square feet, provided [hat a minimum of 20 percent of the gross floor area consists of amenity space on the same unified development site. Amenity space includes the following types of uses: Common area kitchens; club rooms; business center; retail; screening rooms; fitness center;wellness center; spas; gyms; pools; pool decks; roof decks, res[aurani, bar or cafe above the ground floor; and other similar uses whether operated by a condominium or cooperative association or another operator. Fitness centers, wellness centers, spas, and gyms loca[ed on the ground floor sha�l be open to the public. Restaurants, bars, or cafes on the ground floor shall not count toward the amenity space requirements set forth herein. These amenities may be combined with the amenities for hotel units on the same unified development site, provided that residents and hotel guests have access to such amenities. b. Within the same unified development site, office uses are provided with a minimum of 10,000 square feet shall be provided. c. Each unit shall be fully furnished and shall have an individual bathroom. 33 CBRE Miami Beach Lot P13, Miami Beach, Florida 1686 Zoning d. All one-bedroom co-living units shall have a washer and dryer machine located within the unit, and co-living units with two or more bedrooms shall, at a minimum, instali a washer and dryer in the common area of the unit. e. Each co-living uni[ may contain a maximum of six bedrooms. f. Co-living units may only be located on the west side of Washington Avenue. In addition, the western lot line of the unified development site must front on a street with an RM-1 or RO zoning designation. g. A maximum of 50 percent of the floor area within the unified development site may consists of co-living or micro units. h. The owner must obtain a building permit for the co-living or micro residential units by March 1, 2023. i. Formula commercial establishments and formula restaurants, as defined in section 114-1, are prohibited on a unified development site with co-living or micro units. j. The owner/operator shall submit a covenant running with the land, in a form acceptable to the city attorney, agreeing that any owner/operato�of co-living or micro units within the unified development site shall be obligated to clean and maintain (or arrange to have cleaned and maintained)each unit. k. The owner/operator shall submit a covenant running with the land, in a form acceptable to the city attorney, agreeing that any owner/operator of co-living or micro units within [he unified development site shall be required to perform background screening investigations of all tenants of co-living or micro units. I. Any owner/operator of co-living or micro units must provide onsite securiry guards 24 hours a day, seven days a week. m. All exterior windows in any hotel, co-living, or micro units on the unified development site shall contain double-pane glass. n. Ground floor uses fronting on Washington Avenue shall be limited to retail, restaurant, bar, or gymlfitness center. Residential uses fronting Washington Avenue shall be prohibited on the ground floor, except for the lobby and any required vertical circulation. o. Each co-living unit must include a dining, kitchen, and living area, unless a dining, kitchen, and living area is provided on the same floor. p. A rooftop seating area, pool, and garden shall be provided within the unified development site. q. A wellness center shall be provided within a unified de�elopment site containing co-living or micro units, which wellness center shall have both self-service and personal training offerings such as strength training,yoga, stretching, recovery, mindfulness, cardiovascular equipment, and nutritional planning. No variances shall be permitted from the provisions of this subsection (5). (6) For lots that have a frontage that is greater than 100 feet, the following shall apply: a. Maximum building length. Unless otherwise approved by the historic preservation board at its sole discretion, no plane of a building, above the ground floor fa4ade facing Washington Avenue, shall continue for greater than 100 feet without incorporating an offset of a minimum five feet in depth from the setback line.The total offset widths shall total no less than 20 percent of the entire building frontage. 34 CBRE Miomi Beach Lot P13, Miami Beach, Florida 1687 Zoning b. Physical separation between buildings. Unless otherwise approved by the historic preservation board at its sole discretion, a physical separation must be provided between buildings greater than 200 feet in length and at/or above 35 feet in height from the ground floor. Notwithstanding the foregoing, for building sites with a lot frontage in excess of 500 feet, no physical separation is required if: (i)the length of che building at/or above 35 feet in height from the ground floor does not exceed 50 percent of the length of the frontage of the property; and (ii)the offsets required in subsection (a), above, are a minimum of 20 feet in depth from the setback line and the combined offset widths total no less than 30 percent of the entire building frontage. (Ord. No. 2015-3974, § 1, eff. 10-24-15; Ord. No. 2019-4231, § 1, 1-16-19; Ord. No. 2019-4312, § 1, 10-16-19; Ord. No. 2020-4346, § 1, 7-29-20) ANALY515 AND CONCLUSION The existing municipal metered, surface parking lot improvements represent a legally-conforming use and the City of Miomi Beoch is considering potential sell-ofF for redevelopment of the subject property, subject to a citywide voter referendum, a comprehensive land use modification and rezoning from GU, Government Use to CD-2, Commercial, Medium Intensity district. Additional information may be obtained from ihe City of Miami Beach Planning 8 Zoning Department. For purposes of this appraisal, CBRE has assumed the information obtained is correct. 35 CBRE Miomi Beach Lot P13, Miami Beach, Florida 1688 Tax and Assessment Data Tax and Assessment Data AD VALOREM TAX INFORMATION Pro Forma Parcel lassessor's Porcel No. 2020 2021 1 02-4203-009-0280 367,500 367,500 58,800,000 2 02-4203-009-0290 367,200 367,200 $ubtotal 5734,700 5734,700 58,800,000 %of Assessed Value 10096 100% 7596 Final Assessed Value 734,700 734,700 56,600,000 Generol Tax Rate (per 5100 A.V.) 1.935960 1.935960 1.935960 Total Ta:es 514,�23 514,443 51�7,773 4°r6 Tax Redudion for Early Pay Discount (5569) (5569) (55,1 1 1) Total Adiusted Taxcs $13,655 513,655 S124,66� Source: Assessors Office The local Assessor's methodology for valuation is sales comparison and income approaches to value. The next re-assessment of the subject was scheduled for January 1, 2022. If the subject sold for the value estimate in this reporf, a reassessment at that value could occur based on the "just value" statute, less cost of sale. It should also be noted that the subject property is exempt from real estote property taxes based on city government ownership. However, if the subject property were sold-off to a third party developer or user, the exemption would be rescinded. In addition, under a ground lease scenario, the land component would remain exempt while the ony third party leasehold improvements would be taxable, unless o non-profit or municipal government entity developed ond operated the leasehold improvements. According to the "just value" statute for all Counties within the State of Florida, the assessment for taxation purposes, is supposed to reflect 100% of market value, less cost of sale, i. e. morketing 8 real estate commissions, transaction & mortgage recording fees, etc., which typically equates to 65%to 85% of a recorded sale price and/or a market value estimate. According to a representative of Miami-Dade County Revenue Collector, there are no delinquent property taxes encumbering the subject. 36 CBRE Miami Beach Lot P13, Miami Beach, Florida 1689 Highest ond Best Use Highest and Best Use In oppraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financiolly feasible; and . maximally productive. The highest ond best use analysis of the subject is discussed below. AS VACANT Legal Permissibiliry The (egally permissible uses were discussed in the Site Analysis and Zoning Sections. Physical Possibility The subjed is adequately served by utilities, and has an adequate shape and size, sufficient access, etc., to be a developable site. There are no known physical reasons why the subject site would not support any legally probable development (i. e. it appears adequate for development). Existing low-to-midrise retail & hotel structures on similar sites provides additional evidence for the physical possibility of development. Financial Feasibility The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. With respect to the legal uses for the subject site, the local submarket is in a growth & redevelopment cycle. Development of new retail, hotel and mixed-use properties has occurred in the recent past and continues to this day. Further, within the subject market, there are several under construction and proposed retail 8� hotel projects along the Washington Avenue corridor. Maximum Produttivity - Conclusion The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land. Based on the information presented above and upon information contoined in the sales comparison approach section and neighborhood anolysis, we conclude that the highest ond best use of the subject as if vacant would be the development of a mixed-use hotel with ground floor retail. More specifically, the subject wovld be developed to a height of 7-stories and a density of 28,400-SF or a 2.0 FAR. Miami Beach Lot P13, Miami Beach, Florido 37 CBRE 1690 Land Value Land Value The following mop and table summarize the comparable data used in the valuation of the subject site. A detailed description of eoch transadion is included in the oddenda. - _ ---- . _.., ; .v inr Si a� 8 � �� _ s_"�' +�79n s � � �r - . .. .. - ..-- �.�e s+.- , �` f { �" - � �!.. i i : � . � . e e . r , _ • ; �+.�.�e..e�.-:�iz .: ,� i.�ew. �'s�' 'I � ,i�.�aa�ra � • r..:.nri�3 dby�•�r.�i m�i[� r ' � �r�i � � i 2 �,�� p�a ) � MO�4W • . �,. i � * . -. _ ., . . �iT SI� !' + av:�Gi�N�w1'�w W '{`� F 0 1 SaMan�b:W �� a9 VP� � D ;�� i��1• ! d I a enr � [�� a � F� t .�eu'F :,i. � i pliV �1 � ; ec�Osa.• . ' i�r� �J � M��5ea1 � � M ; �" � t 1 � • t i _ �� M�rti "�,.�, �,..._>.��o 0 s�°°,�. �� i�ti�� . . . , w.�. .;.,.,�Y ,,,�..,, ,� � � ,y�t":�� c�.�, ' .� � �� 'a+ � Yr � � ��a I �4y' � s"' F� _ . I 4� HdLW � . . I �.N � Q � � 51 ��.�ayqY:< � �e4�y sa��.r ;a � .,. .�:. ,. s q_�b �� '�t 5��•r r� '� �� Ob IJW e P3l ��ay.eyIIy - ia$1 `�+-.�lwlh�cl� i �� "° ,� . .� �.e.r.� �`� ��"°�s,-�-- � - I Lv.rOYlu� � H�inmw�n��':.ry � . . .+�1�-:a�_a way f _ I� uu�.r�e r..,r.� ". . � �k� Iwtiw I .brYi�l� _ �iwrt"O�-.f a�'64-:':urcu��-vM'eb��.^rbw[:t��-�.4.�...,� :- wwuR+r oF coMrue�e�w+o siu.Es r.��..� �i s� �..ka s.k sh. sh� r.� IH. hop�A1 LoceNon T� D�h hapwd Uw Mc� Mc�' (kw) (� M SF 1 1L1 wash�ngfon Mc.,ue Solc hn-�9 M«+lesson school 5�,800,000 5�,800,000 0.15 6,500 f738.46 lN�om�Beach,fL 33139 7 251 WcahinpronAweru� Sol� lvn-19 TBO 56,125.000 56,175.000 0.30 13.000 f471.15 Miomi Bwch,FL 33139 J 1910 A11on Rood Sole feb-20 MiYed-use f�,500,000 f4,500,000 0.18 8,000 S56I.50 Miaml Bsoch.FL 33139 oFKce/residanfial ♦ 1212UncdnRood Sala lon-20 Bou�iQuehofel 59,000,000 f9,000,000 0.12 1S,26J f�92.B0 Miomi Bead�,FL 33139 5 200 6 212 Cdlirn Av�nue So�e Dac-20 Hotel 56,000,000 56,000,000 0.30 13,000 f461.5� Mioml Beoch,Fl 33139 6 1790 Allon Road Sole Apr-21 BoWiqw hetal 51,000,000 5�.000,000 0.23 10,200 5392.16 Miom�Beoch,FL 33139 7 1234.1260 Woshmpton Avenue Sala May-21 R��oil/aHica.edevebpman� 520,000,000 570,000,000 OJ7 33,525 5596 57 Miami Eexh,FL 33139 6 9��Sth Str�M Sole lun-1I TBD 58,980,000 58.980,000 0.�8 I1,p00 5��7.61 �11 8 119 Mi<hipan Avenua Miom�Beoch,Fl 33139 ._. Mimd-u,a romil.o}Fce. "' 0.3� 11.69a _' Subi. NWC d Waahirqton Avenue and l Ofh Sfrsaf, •" "' Miomi B�xh,Fbrida hor�l 6�MMainment uus �AdjuaNd nl�pnr�fer ceah p�iw4nq o-d/w d�w�op��M�coNs[�opp�cobk� CompW by ClRE Miami Beach Lot P13, Miami Beach, Florida 38 CBRE 1691 Land Value The sales utilized represent the best data available for comparison with the subject and were selected from the greater Miami Beach area within 1-to-2-mile radius of the subject. These soles were chosen based upon location and zoning/density. DISCUSSION/ANALYSIS OF LAND SALES Land Sale One This comporable is o 6,500-square foot site located on the southeast corner of Washington Avenue and 2nd Street in the South of 5th submarket in Miami Beach, Florida. The property is improved with two buildings, one of which is designated historic and cannot be razed. The property was previously purchased in March of 2017 for $4,150,000 by a local restaurateur who intended on redeveloping it as a restaurant. Based on difFiculties associated with securing approvals from the historic preservation board, the owner decided to scrap his plans and sell the property. It was re-listed at �5,250,000 and sold in January of 2019 for"all cash" to a developer who intends on developing it as a Montessori School. The historic building will be gut renovoted while the rear building will be razed. The purchase price was �4,800,000, or �738.46 per square foot. We have adjusted Sale 1 upwards for improving market conditions beiween the dote of sale and our efFective date of this appraisol. We hove also adjusted Sale 1 downwards for smaller size/value relationship and downwards for topogrophy/site conditions, i. e. contributory value of the existing historic structure when compared to the subject property As If rezoned. Land $afe Two This comparable land sale is located along the east side of Washington Avenue, just south of 3rd Street in the South of Sth submarket in Miami Beach, Florido. The property was broker listed as high os $9,100,000 with a price redudion to $8,500,000, then $7,700,000 ond ultimately sold for $6,125,000 in an "all cash" transaction and buyer is in the approval process for a school use. The seller previously acquired the site in March 2015 for $8,250,000. We have adjusted Sale 2 upwards for improving morket conditions between the date of sale and our efFective date of this appraisal. We have also adjusted Sale 1 upwards for inferior zoning/density when compared to the subject property As If rezoned. Land Sale Three This comparable lond sale is located along the west side of Alton Road in the Sunset Harbour submarket in Miami Beach, Florida. The property was improved with an obsolete office/educational building and broker listed at $5,750,000 for approximately 13-months +/- before going into contract at $4,500,000 in on "all cash" tronsaction. The buyer is a developer who demolished the building and secured site plan approvals for a 5-story, 15,997-SF mixed-use office building with a top floor residential unit including rooftop deck, 2-floors of ofFice space, a ground floor art gallery, secured lobby and 15-mechincal lift parking spaces. Miami Beach Lot P13, Miomi Beoch, Florfda 39 CBRE 1692 land Value We have adjusted Sale 3 upwards for improving market conditions between the date of sale and our effective date of this appraisal. We have also adjusted Sale 3 downwards for smaller size/value relationship and upwords for inferior submorket location when compared to the subject property As If rezoned. Land Sale Four This comparable land sale is located at the southwest corner intersection of Alton Road & Lincoln Road in the South Beoch submarket of Miami Beach, Florida. The site is improved with an 18,105-SF 2-story Wells Fargo branch bank built in 1940 that will be redeveloped into a 50- room boutique hotel. The seller previously acquired the properly from Wells Fargi in January 2020 for $8,500,000. The site location is across the street from the Lincoln Road pedestrian mall and is part of a mixed-use master plan anchored by a 55,000-SF Whole Foods with 3-levels of structured parking support. We have adjusted Sale 4 upwards for improving market conditions between the date of sale and our efFective date of this approisal. We have olso adjusted Sale 4 upwords slightly for larger when compared to the subject property As If rezoned. Land Sale Five This comparable land sale is a 0.30-acre site that is under improved with a 20-unit, 10,374- square foot apartment building constructed in 1940 and a 5,509-square foot office building built in 1941. The apartment building was 100% occupied at the time of sale and the ofFice building was owner occupied by the seller. The buyer is a a hotel developer who intends on gut renovating the existing buildings for redevelopment as a boutique hotel, subject to historic preservation. We have adjusted Sale 5 upwards for improving market conditions between the date of sale and our effective dote of this appraisal. We have also odjusted Sale 5 for topography/site conditions, i. e. contributory value of the existing historic structure when compared to the subjed property As (f rezoned. Land Sale Six This comparable is a 10,200-square foot tract of vacant land located at 1790 Alton Road in the South Beach submarket of Miami Beach, Florida. The property does not have direct frontage on Alton Road due to a right-of-way access road but does have Alton Road visibility. The property was being utilized as a parking lot and sold for $4,000,000, or $392.16 per square foot. The buyer intends on developing o 36-key hotel with a restaurant on the ground floor. However, the City of Miami Beach is proposing a new zoning ordinance and overlay district thot encourages office and restricts hotel development in the Sunset Harbour section of South Beach. According to the listing broker the property was previously opproved for a 5-story commercial/retail building with 30 parking spaces. The seller previously acquired the properfy in July 201 1 for $1,150,000 and the buyer owns the Kimpton Hotel Palomar South Beach at 1750 Alton Road, where the Miomi Beach Lot P13, Miomi Beach, Florido 40 CBRE 1693 land Value restaurant Osteria Morini Miami Beach recently opened. It's ocross the street from the development site he just purchased. We have odjusted Sale 6 upwards for improving market conditions between the date of sale and our efFective date of this oppraisal. We have olso adjusted Sale 6 downwards for smaller size/volue relationship, upwards for inferior triangular shape & configuration and upwards for inferior submarket location when compored to the subjed property. Land Sale Seven This comparable lond sale comprises an existing 1-story, 10,697-SF retail building (1260) and o 3-story, 19,519-SF office building (1234) located along the west side of Washington Avenue at 13th Street ond spanning west to the Drexel Avenue frontage. The buyer operates a co-living 8 co-working business with plans to demolish the 1-story retail building and replace it with a new, ground-up 6-story office building and will gut renovate & restore the existing 3-story ofFice building. The proposed site plan comprises a total of 44,153-SF of rentable area and 82,160-SF of gross building area that includes a 5,000-SF wellness center on the ground floor and 21,000- SF of new, flexible office space on the upper floors including co-working area as small as 50-SF and more traditional ofFice suites ranging from 1,000 to 5,000 square feet with fully furnished, turn key options. Project amenities include a food market, cafe & raw juice bor, 60-residentiol units and roof deck with pool, yoga lawn ond bar. The residential units will be a mix of 275-SF micro units and co-living units with 2-to-4 bedroom floor plans including privote bathrooms in each bedroom and shared living room, kitchen and laundry machines. The sale transaction was facilitated with a $14 million purchase money morfgage in favor of the sellers and the buyer raised $56 million from investors for the redevelopment program. We have adjusted Sale 7 upwards for larger size/value relationship and downwards for topography/site conditions, i. e. contributory value of the existing historic structure when compared to the subject property As If rezoned. Land Sale Eight This comparable lond sale is a two-port assemblage of the former Roca Hotel site located along the southeast corner of Sth Street & Michigan Avenue in the 5outh of Sth submarket in Miami Beach, Florida. The 411 Michigan Avenue parcel was previously acquired in March 2016 for $3,700,000 and foreclosed upon in January 2019 by City First Mortgage Corp and then became a bank REO that was broker listed by Marcus & Millichap for $2,000,000 and sold for $1,980,000 in an "all cash" transoction. The 955 Sth Street portion wps previously acquired by the same developer identified as Gianfranco Rondon of RG Group in June 2014 for �4,250,000 and was site plan opproved for the 5-story Roca Hotel. However construction stalled shortly after the site 8� foundation work commenced and foreclosure proceedings were initiated in October 2018 in an ottempt to resolve the judgement. Both sites were then listed "for sale" at a combined price of $10,950,000 but did not sell and the developer lost title to the lender and a 3rd party Miami Beach Lot P13, Miami Beach, Florida 41 CBRE 1694 Lond Volue note holder, which created the more recent iwo-part assembloge 8 resale to a New York based development company identified os Bizzi 8 Partners. We have adjusted Sale 8 upwards for conditions of sale, i. e. distressed history and partia) bank REO assemblage. We also adjusted Sale 8 upwords for larger size, upwards for inferior submarket location and upwards for inferior zoning/density when compared to the subject property AS If rezoned. SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. lANO yLLES ADJUSTYENT 6!p Campe�e6b Nu�nM. 1 7 3 � S 6 7 ! 3�MM TrarueNien Ttw Sal. 5d� Sal� 5a{� Sa6 Sal. Sel. Sal� -_' irorsoefien Oae� lon-19 lun-19 Fb70 lu�-70 0.c-20 Ay-11 ANp21 hn-21 --- M1opored Us. Menhm� T�b Moed-us� Mu�iqu.hald Me1�1 Mu�iqw ha�.l MaiValf TSD Mn.d-ua.r�leil. .d.od drKa��i �.a...�.M d�..�a ..�.n�.� �,�.. �i seb�a s�.eoo.oao se.i:s.aao s+.soo.000 s9.000.000 se.000.oaa s�.000.000 s�o.00a.000 se.veo.000 --- Miusr�d Sale M1:c.' S�.l00.000 f6.1}5.000 f�,500.000 59.000.000 f6,000.000 f�,000.000 f10,000.000 f�.9�.000 ._- Sii�(b�a) 0.15 0.30 a.�e 0.�7 0.]O 0.77 0.77 O.18 0.7a Srs��SF� 6.500 17.000 l.000 1a.76J 1�.000 10.200 77.375 71.000 1�,69� hice h.SF f7]l.�6 5�71.15 1567 50 f19I.�0 f161.5a 5397.16 f3%.9 f�17.6I --- ►.m(S►SF) f77e b 5�71 15 5567.50 5�97.�0 S4At.Sa LJ97.16 SSY6.57 t�77.6I �PaM�Ytih Ca��+f+d 0% 0% 0�6 OX OA 0% 0% O% iiro�ci.p Twm.�� O% 0% 0% 07. 0% OY 0% 0% Candifions d SaM D% O% 0% OX 0% 0% 0'+L 10% r�.r c,,,e e R � �ox i ox sx sx sx ox ox ox s„aa,i s��Tai uiez� uso.e� ssv�� s�u.az f792.16 5596.57 s.�o.as s�:� -imc ou •ios sx ox sx iox sx snoP- ox oti ox a+� ox sos os o+� c«.,.. ox ou o+� ou vx o�c ou o+. Fron+oqe OX O+� 0% O% O% O% 0% 0% Topog�ophy �10% 0. 0% 0% -10% OX -10% 0% location ML 0% 10% 0% 0% 10% 0% lOK Zomnq/Dmvh O�L ID% 0% O% IO% 0% O% SX Ur�ln�es 0% Ok 0% 0'% � �' � � M�ahes�8 Bcai Use 0'w 0% 07G OX 0\ OA 0% OK Towl Orhe.Mf�nmmh -20% 10% O% 5% O% 35% 0% YOX Velue Indksllen hr fuhN�l fM7.M fS70.09 f310.N fSN.�I f4M.�2 fS7�.�1 f3M.37 fSM.{6 A6dua Adj�..r.�r 70% 10% 25% 10% �57G IS% 70% 704 �Miup.d.ol.v^�•fv mn ww�d«ar and/e.d�wlep�wh cesa M�+•aPv�l Ca.�p4d�c CME CONCLUSION Based on the preceding analysis, Comparables 1, 2, 4 & 7 were the most representative of the subject site and warranted greatest considerotion becouse of size, locotion ond zoning/density. In conclusion, a price per square foot of site area within the overall unadjusted range and mid-t- upper end of the narrowed adjusted range was most appropriate for valuing subject because of location and proposed rezoning/density. The following table presents the valuation conclusion, subject to a citywide voter referendum, a comprehensive land use modification and rezoning from GU, Government Use to CD-2, Commercial, Medium Intensity district: 42 CBRE Miami Beach Lot P13, Miami Beach, Florida 1695 land Yalue CONCLUDED LAND VALUE AS IF REZONED TO CD-2 S PSF Subiect SF Total 5550.00 x 14,694 = 58,081,700 5650.00 x t a,69a = 59,551,�00 Indicoted Vplue As If Rezoned: $8,800,000 (Rounded S PSFJ 5598.88 Compiled by CBRE 43 CBRE Miami Beoch Lot P13, Miami Beach, Florida 1696 Assumptions and Limiting Conditions Assumptions and Limiting Conditions 1. CBRE, Inc. through its appraiser (colledively, "CBRE") has inspected through reosonable observation the subjed property. However, it is not possible or reasonobly practicable to personally inspecf conditions beneath the soil ond the entire interior ond exterior of the improvements on }he subjeCi property. Therefore, no representotion is made as to such motters. 2. The report, including ih conclusions and any portion of such reporF(the"Reporf"), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projeded levels of operation existing as of such date. The dollar amount of any conclusion as to volue in the Report is based upon the purchasing power of the U.S. Dollar on such dote. The Report is subject to chonge as o result of fluduations in any of the foregoing. CBRE has no obligation to revise the Report to reflect ony such fluduations or other events or conditions whi<h occur subsequent to such dote. 3. Unless otherwise expressly noted in the Report,CBRE has assumed that: (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect morketability or value. CBRE hos not examined title records (including without limitation liens, encumbronces, easements, deed restrictions, and other conditions that may offect ihe title or use of the subject property) and makes no represenlations regarding title or its limitations on the use of the subject properfy. Insuronce against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subjed property conform to opplicable local, stote, and federol building codes and ordinances,are strudurally sound and seismically safe,and have been built and repoired in a workmanlike manner according to stondard proctices; atl building systems(mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof ond exterior are i� good condition ond free from intrusion by the elements. CBRE has not retained independent siructural, mechanical, electrical, or civil engineers in connedion with ihis appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE approisers ore not enginee�s ond ore not qualified to judge matters of an engineering nature, and furthermore strudural problems or building system problems may not be visible. It is expressly assumed that ony purchaser would, as a precondition to closing a sale, obtoin a satisfadory engineering report relotive to the strudurol integrity of the properfy ond the integrity of building systems. (iii) Any proposed improvements,on or ofF-site,as well as any alterations or repairs considered will be completed in o workmanlike monner occording to standord prodices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to deted such substonces. The presence of substances such os asbestos, ureo formoldehyde foom insulation, contaminated groundwoter, mold,or other potentially hozordous moteriols moy offed the volue of the property. (v) No mineral deposii or subsurface rights of value exist with resped to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources,unless otherwise expressly noted in the Report. (vi) There ore no contemploted public initiatives, governmental development conirols, rent controls, or changes in the present zoning ordinonces or regulations governing use,density, or shape ihat would significantly affect the volue of the subjed properly. (vii) Al) required licenses,certificotes of occupancy,consents,or other legislotive or administrative authority from ony local, state, nor notional govemment or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. (viiiJ The subject property is managed and operoted in a prudent and competent monner, neither inefficiently or super-efficiently. (ix) The subjed property and its use, management,and operotion are in full complionce with all applicable federal, state, and local regulafions, laws, and restricFions, including without limitation environmental laws, seismic hazords, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Ad (ADAj. CBRE is not quolified to assess ihe subject property's compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report_ 44 CBRE Miami Beach Lot P13, Miami Beach, F►orida 1697 Assumptions and Limiting Conditions (xij All information regarding the areas ond dimensions of the subjed property furnished to CBRE are correct, and no encroochmenis exist. CBRE hos neithe�undertoken ony survey of the boundories of the subject property nor reviewed or confirmed the accuracy of any legal description of the subjed property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's ottention, ond CBRE hos no knowledge of any such facts affecting the subject property. If any informotion inconsistent with ony of the foregoing assumpfions is discovered, such information could have o substontiol negative impod on the Reporf. Accordingly, if any such information is subsequently mode known to CBRE, CBRE reserves the right to amend the Report, which moy include the conclusions of the Report. CBRE ossumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of ihe Report is urged to retain an expert in The applicable field(s) for information regordi�g such conditions. 4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or owner's representative are accurate and correct, unless otherwise expressly noted in the Report. Such dato and information include, without limitation, numericol street oddresses, lot ond block numbers, Assessor's Porcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable oreos, usoble oreas, unit count, room count, rent schedules, income data, historical operoting expenses,budgets,ond reloted data. Any error in any of the above could have a substantial impad on the Report. Accordingly, if any such errors are subsequently mode known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Repo�t. The client and i�tended user should carefully review all ossumptions, data, relevant calculations,ond conclusions of ihe Report and should immediotely notify CBRE of ony questions or errors within 30 doys after the dote of delivery of the Report. 5. CBRE assumes no responsibility (including any obligotion to procure the same) for any documents, data or information not provided to CBRE, includi�g without limitotion ony termite inspection,survey or otcupancy permit. 6. All furnishings, equipment and business operotions have been disregarded with only real property being considered in the Report,except as otherwise expressly stated and typicolly considered port of real properly. 7. Any cash flows included in the analysis are forecasts of estimated future operating charocteristics based upon the informotion and assumptions contained within the Report. My projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expedations of future income ond expenses as of the date of the Report and not predidions of the future. Actuol results ore offected by o number of foctors outside the control of CBRE, including without limitation fluduating economic, market, and property conditions. Actual resuhs may uhimately differ from ihese projections, and CBRE dces not warront any such projections. 8. The Report contains professio�a� opinions and is expressly not intended to serve as any warronty, assurance or guarantee of any porticulor value of the subject property. Other opproisers moy reoch different conclusions as to the value of the su6ject property. Furthermore, market volue is highly related to exposure time, promotion effort, terms, motivotion, ond conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE's independent professional opinion of the value of the subject property os of ihe date of the Repo�t. Accordingly, C6RE shall not be liable for any losses that prise from any investment or lending decisions based upon the Report thot the client, intended user,or any buyer,seller, investor, or lending institution may undertake relafed to the subjed properfy, ond CBRE has not been compensated to ossume ony of ihese risks. Nothing contained in the Reporf shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold,or finance the subjed p►operty. 9. No opinion is expressed on matters which may require legal experfise or specialized investigation or knowledge beyond that customorily employed by real estate appraisers. Any user of the Reporf is advised to retoin experfs in areas thot fall outside the scope of the real estate appraisol protession for such matters. 10. CBRE assumes no responsibility for any costs or consequences orising due to the need, or the lack of need, for flood hozard insurance. An agenf for ihe Federal Flood Insurance Program should be contacted to determine the adual need for Flood Hazard Insurance. 1 1. ActeptanCe or use of ihe Report constitutes full atteptante of these Assumptions and Limiting Conditions and ony speciol assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend ond thus become aware of ❑II such ossumptions and limiting conditions. CBRE ossumes no responsibility for any situation arising out of the user's failure to become familiar with and understand the same. 12. The Report applies to ihe property os o whole only, ond ony pro rotion or division of the title i�to froctionol interests will invalidate such conclusions, unless the Report ezpressly assumes such pro rotion or division of interests. Miami Beach Lot P13, Miami Beach, Florida 45 CBRE 1698 Assumptions and Limiting Conditions 13. The allocations of the total value estimate in the Repart betwee� land and improveme�ts apply only 10 the existing use of the subject property. The ollocations of volues for each of the land ond improvements are not intended to be used with any other properly or opproisal and ore not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visuolizing motters discussed in the Report. No such items shali be removed,reproduced,or used aport from the Repo►t. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole dixretion. Exempt from ihis restricfion is duplication for the internol use of the intended user ond its oftorneys, occountants, or odvisors for the sole benefit of the intended user. Also exempt from this restridion is tronsmission of ihe Report pursuont to ony requirement of ony court, governmentol outhoriiy, or regulatory ogency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, ihe Report shall not be made ovoilable to the public or otherwise used in any offering of the property or any security, as defined by opplicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions ond thot it should rely on its own appraisers, advisors and other consultants fo► ony decision in connection with ihe subject property. CBRE shall have no liability or responsibility to any such unintended user. Miami Beach Lot P13, Miami Beach, Florida °b CBRE 1699 Addenda ADDENDA 1700 Addendo Addendu m A LAN D SALE DATA SH E ETS 1701 . . . - . • Prop�►ty Name 161 Woshingfo�Avenue f � Addreu 161 Washington Avenue '� `��• .� Miomi 8each,FL 33139 r,' l� Unitad$totes ,t:+' � "� 7 II�� `' GowrnmtM Tox Agency Miomi-Dade -� �� Gov1./Tox ID 02-4203-003-1250 # _�� , Y Sit�/GevKnmem R ulaHons ' ' � t � »��;' �.. i _�.. Acras Square feet ." - Land Area Nat 0.149 6,500 � t �� - 1��~r./��f ,+' i:i'- �R1 t��. Land Area Gross 0.7 49 6,500 � "� Sife Deve nt Sfafus Finished ! ''-� � _ �. �� ...::�_. Shcpe Rectcngulor Topogrophy Level,At Street Cxade Utilities All avoilabk Nbximum FAR N/A Min Land to Bldg Ratio N/A hlozimum Densify N/A FronM�e Distance/S�roef N/A Woshingfon Avenue Fromage Distance/St►set N/A 2nd Street Ge�eral Plan N/A Specific P�an N/A Zoning CPS-1,Commercial Performance Standard,Umited Mixed- Uu Entitlement 5tatus N/A Recorded Buyer 224 2nd Sfreet,LLC Marketing Time N/A True Buyer John Morshall Buyer Type Privote Investor Recorded Seller Urttorio SB LP Seller Type Priwte Irnestor True Seller Frank Toskan Primary Verificetion Prior listing Broker Peter Mekras,CREC Interest Transferced Fee Simple/Freehold Type Sale Current Use Obsolete office Date 1/18l2019 Proposed Use Montessori school Sak Price 54,800,OW Listing Broker Off-marlcet tranwction Financing All Cosh Selling Broker N/A Cash Equivalent f4,800,000 Doc� 3 1 305/4 1 69 Capita)Adjustment SO Adjust�d Priu 51,800.000 Tronsaction Date Transaction Twe Burer Seller Pri Mce/oc and!sf Ol/2019 Sals 224 2nd Strest,LLC UMario SB LP 5+,8�,�� 532,177,582/5738.46 �702 CBRE . . . - . • 5738.46 /sf N��` /Unit 532,171,581.77 /ac N/A /Allowoble Bldy.Units N/A /Building Area No In4ormallon roco►ded � This compara6le is a 6,500-squaro foot site Ixated on the southeasf come�of Washington Avenue and � � > 2nd Street in fhe South of Sfh submarket in Miami Beach,Florida. The property is improved with two Q buildings,one of which is designated historic and cannot be razed. The p►operty was previously � purchosed in March of 2017 for 54,150,000 by a local rostaurateur who intended on rodeveloping it as a � restaurant. Based on difficuhies azsociated with securing approwls from the historic preservatian board, U the owner decided to scrop his plans o�d sell the property. N was re-listed at 55,250,000 ond zold in •'• � Map data ��2021 Google �Onuary of 2019 for'all cash"to o developer who intends on developing it as a Montsssori School. The historic building will be gut renovated while the rear building will be rozed. The purchase price was 5�,800,000,or S738.I6 per square foot. 1703 CBRE . - . . - . • Property Name 251 Washi�gton Avenue �_�- •iy Addreu 251 Washington Avenue _ � Miami Beach,FL 33139 �� "r � l United States `�� } �� ' 1.��J R . Govemment Tax Agency Miami-Dade �" Govf./Tax ID Multiple Site/GovernmeM R�gulations " �' Acros Square feet � Lond Area Net 0.298 13,000 � ''''�� Land Areo Grou N/A N/A e:• Sita Developmsnt Stotus Finished �.t Shope Rectangular _ ��``' + Topography level,At Streei Grode Utilities All wailable to site Moximum FAR 1.75 Min Land to Bldg Ratio 0.57:1 Mmcimum Density 150_80 per oc Frontnge distance/Str�ef )00 ff Woshington Avenue Frontoge Distance/5heat 100 k Cdlins Court General Plon Mixed-use residential condominium�hotel uses Specific Plan TBD Zoning RP$-3,Residentiol Perfom+once Standard,Medium-High Densi}y Entiflement Status N/A Recorded Buyer 251 Woshington,LLC AAarketing Time 24 Month�s� True Buyer lohn Marshall Buyer Type Priwte Irrvestor Recorded Seller SouthS LLC Seller Type Priwte Imestor True 5eller Dena Grunt Primary Verification loseph Zichelle,listing Agent Interest Transfe►red Fee Simple/Freehold Type Sole Curcent Use Vacant land Dote b/12/2019 Proposed Use TBD Sale Price 56,125,000 Listing Broker Compass#310-623-7017 Finantiny All Cash Selling Broker N/A Cash Equivalerrt f6,1T5,000 Doc* 314H3/Z015 Capital Adj�stment SO Adjusted Price 56,125,000 Transadion Date Tronsadion T� �er Seller Price Prke/ac ond/sf 06/2019 Sale 257 Washinyton,LLC So�fhS LLC 56,725,000 520,526,139/5471.15 1704 CBRE . - • • - • • f471.15 /sf N�A /Unit 520,526,139.41 /ac 5136,111 /Albwable Bidy.Unih 5269.23 /Building llreo Ne infern�aMon recorded This comporable land wie is Ixated along the eost side of Washinyton Avenue,jusf south of 3rd Street Sth St � in the South of Sth submaiket in Miomi Beach,Fbrida. The property was broker lisfed as high as 59,100,000 with o price redudion to 58,500,000,then S7,700,000 and ukimately sold for 56,125,000 in on'all cosh'transadion ond buyer is in the approwl proceu for a school use. The seller previously acquired the site in March 2015 for f8,250,000. ..• • O F F j�d��►2021 1705 CBRE � • • • • Properfy Name 7 910 Atton Road �d� 1910 Alton Road ��l Miami Beach,FL 33139 � United States �`�`. � � _"'^ Govemment Tax Ayency Miomi-Dode ~ �� Govf.lTox ID 02-3233-022-0020 � � y�,r:=i.., SM�/Governme�M Reyulallons ,� ` ,;,+++ � ' ; a��°: Acres Squarefeet y�• .:` �''�'� ,��a � . Land Area Net 0.184 8,000 � I �• �►`� Lond Area Gross N/A N/A .� �''�il�.. � _ . ' �� ' e Site Developmcnf Status Finished y"'�, . b - ' 1 =""' Shape Rectongular �' —�' •' ' �`: ..' - Topogrophy Level,At$treet Grode Ufilities Available to sife Maximum fAR 2.00 Min Lond to Bldg Ratio 0.50:1 Mozimum Densify N/A FroMoge Distance/Shest N/A Akon Road General Plan Mixed-use commercial Specific Plan Mixed-use office/residential Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A Recorded Buyer Alton Office Holdings,LLC Markefing Time 13 MorHh(s) True Buyer Wayne Boich Buyer Type Developer Recorded Seller Tolmudic College of Florido,Inc. Seller Type End User True Seller Rabbi Ytzchak Zweig Primory Verificotion Zach�nkler,Listing Broker Interest Tronsferred Fee Simple/Freehold Type Sa�a Current Use Obsolete office a educationol use Dofs 2/19/2020 Proposed Use Mixed-use office/residential Sok P►ice 54,500,000 Liating Broker JLL#t305-704-1333 Financing All Cosh Selling Broker N/A Cash Eq�ivak�t 54,500,000 D«aM 31835/4257 Capital Adjustment SO Adjusted Priee 54,500,000 T►ansacNon Date Tronsoction T� Bwe► Seller �iss Prlce/ac and/s1 0�/2020 Sale Ahon Office Holdings, Talmudic Colbg�of 54,500,000 524,496,462/5562.50 LLC Florida,Inc. �7os CBRE • • • • • 5562.50 /sf N�A /Unit 524,496,461.62 /ac N/A /Albwoble Bldy.Units fZ81.30 /Buildin9 Area No I�ormaMoe�recorded This comparable land sale is located along the west side of Alton Rood in tha Sunsef Harbour submarket �a in Miami Beach,Florido. The properfy wos improvad with a�obsolete oifice/educationol buildinp and ��Uc broker listed at 55,750,000 fo�approzimately 13-months +/-beforo going info contracf at S+,500,000 P �� in an"all cash"frcnsadion. The buyer is a devebper who demolished the building and setured site plon �� opprovols for a 5-story, 15,997-SF mixed-use office building wifh a top floo►residential unit including rooRop deck,2-floors of office space,a ground floor art gallery,secured lobby and 15-mechincal lift . .• •• - hta0�ata�+2021 Google P°rking spaces. 1707 CBRE � ' � • • � • � • � Prope►ty Name citizenM Flotal -�. � '.a: ,_�a n,=R � x �r--� Address 1212 Lincoln Road �� 1�� i� Miami Beach,FL 33139 ^"'y �- United States ` � y � Govemment Tax Agenq N/A �; �� , Govf./Taz ID Mukiple - �•t' � Sif�/QwvernmeM Regulatio�s — ��r . . `t� .� . Acres Square feet ?i- ,Y, '�. ±�. - • � Land Area Net 0.419 18,263 � r Land A►ea Gross N/A N/A .y' � :�� . *. + • Site Devebpment status Finished �� . ____ ��;i: Shape Redangulor _ �� Topogrophy Level,At Street Grode Utilities All available to site Maximum FAR 1.50 Min Lond to Bldg Ratio 0.67:1 Maximum Density 1 19.25 per oc F►ontage Distance/Sfreet N/A Alton Road FroMags Dista�ca/Sheef N/A Lincoln Road General Plan Mixed-use commercial Specfic Plon Motel Zoning CD-2,Commercial Medium Intensity Entitlement$tatus N/A Recorded Buyer 0518 Miami Beoch Properfies LLC Marlcefing Time N/A Tnie Buyer C�ig Kinnon,citizenM Hotels Buyer Type End User Recorded Seller 1212 lincoln LLC Seller Type Developer True Seller Russell Galbut,Crescent Heights Primary Verification Seller d�Public Records Interest Tronsferced Fee Simple/Freahold Type Sak Current Use Obsolete bonk Dale 6/25lZ020 Proposed Use Boutique hotel Sab Price f9,000,000 Listing 8roker Off-marlcet iransodion Financi�g All Cash Selling Broker N/A Cash Equivalent S9,000,000 Doc#t 3 1 988/2 3 69 Capital AdjustmoM SO Adjusted Price 59,000,000 Tronsaction Dote Tronsoction T� Buner Scller �'�c Price/ac and/sf 06/2020 Sale 0518 Miami Bsach 1212 Lincdn LLC 59,000,000 521,464,345/5492.80 Properties LLG ��os CBRE . . . . . - . � 5492.80 /sf 5160,000 /Unit 521,464,345.34 /ac f 180,000 /Allowable Bldy.Units 5328.53 /Building Area No I�wmation►ecoided NORTH Th�s comparahle land sale i:Ixated at the southwest comer intersecfion of IUton Rood b Lincoln Road in AMfRICA� fhe South Beach submar{cet of Miami Boach,Florido. The sife is improved with an 18,105-SF 2-story Wells Fargo branch 6ank 6uilt in 1940 that will be redeveloped into a 50-room boutique hotcl. The seller previously acquired the properfy from Wells Fargi in Jonuary 2020 for 58,500,000. The site locafion is across ihe street from ihe Lincoln Road pedestrian mall and is part of a mixed-use master plan onchored by o 55,000-SF Whole Foods with 3-levels of strudured parking support. •�• �,tz� ,a?a =_uZt 1709 CBRE . . . . - . - . Property Name Hotel Sita - Addreu 200&��Z Collins Avenue � Miami Beoch,FL 33139 �` tt United Stotes � �� ,: Govemment Tox Agency Miomi-Dode � _ Gov1./Tox ID Multiple E ' �,; � SNt/6overnm�nt Regulatiens � - _ Acres Squaro feet ��;� � Lond Area Nat 0.298 13,000 �l +: - Land Area Gross 0.298 13,000 , 'r"� � � t Site Development Status Finished i ' Shape Recfongular Topography Level,Af Street Cxade Utilities All availobb Ma:imum FAR 1.75 Min Lond to Bldg Rofio 0.57:1 Maximum Oensity N/A Frwdage Distonce/StreeF N/A Collins Avenue FroMage Disfance/ShsM N/A 2nd Shset General Plan N/A Specific Plan N/A Zoning R-P53,Residential Performance Standard,Nledium-High Density Entitlement Siafus N/A Recorded Buyer 200 Collins,LLC Mariceting Time 18 Month�s) True Buyer Chris Dimitriodis Buyer Type Developer Racorded Seller Mobile Arts,Inc. Seller Type Private Investor T►ue Seller Paul 3 Loiz Lardi Primary Verificatian Lisfing Broker Interest Transferred Fee Simple/F►eehold Type Sok Current Use Apartment and o�ce Dofe 12/4/2020 Proposed Use Hotel Sale Price 56,000,000 Listing Broker Alex Zylberglait,Marcus d�Millichap Financing Cosh fo Seller Selling Broker N/A Cash Equivolenf 56,000,000 Doc� 32148/2233 Capital Adjusime� SO Adjusted Prite 56,000,000 Tronsaction Date Tronsaction T� dure� Seller P�E Price/ac and/sf 12/2020 Sole 200 Cdlins,LLC Mobik Arfs,Inc. 56,000,000 520,107,239/5461.51 1710 CBRE . . . . . - . f461.54 /sf N�^ /Unit 520,107,238.61 /ot N/A /Albwabk Bldg.Unih f263.74 /Building Aroa This comparoble land wb is a 0.30-ocro site that is under improved with o 20-unit,10,37�-squoro foot � � aportmant building constivcted in 1940 and a 5,509-square foot o�ce building buiM in 1941. The O O Q apartment buildiny was 100%occupied at the time of sale and the�ce building was owner xcupied e by the seller. Th�buyer is a o hofel developer who intends on gut ronowting the ezisting buildings for ^ redevelopmant as a boutique hofel,subject to historic preservation. C U �n••vr ''' Map data�'>2021 Google 1711 CBRE . - . . . . . . . Praperty Name 1790 ANon Road .�� 1790 Ahon Rood i � , —- `�,�,�� Address � Miomi Beach,FL 33139 t ,> � '� .• � .' � .��.'�:,��- United States r ,I t � :. .� • Govemmerrt Tax Aqenq Miami-Dode � ' ` • . '' Govf./Taz ID 02-3233-012-0700 � . • ' � ��. ;#,r.i,�• ��;;i Site/Gov�mmem Reyulations ' •�. y �Rw �`,'�;, Acros Square feet ` � e� �� Land A►eo Net 0.234 10,200 ' ' i � ��` .:"� Land Area Gross 0.234 10,200 �`�� , jr+�� •�i i� - Site DevelopmeM Stalus Finished ' � �` ` ' � � Shapt Triangular , _ l- �:�� M - Topogrophy Level,At Street Grode "� ' .� �� Utilities All avcilabb Maximum FAR N/A Min Land to Bldg Ratio N/A Maximum Density N/A Frontage Distoncs/StreN N/A 18th Strosf Fromoge Distonce/Street N/A Dade Boulevard Generol Plan N/A Specific Plon N/A Zoning CD-2,Commercial Medium IMensity Entitlement Stotus N/A Reco►ded Buyer SoBe 18,LLC Morketing Time 22 MoMh(s) True Buyer Ronrry Finw►b Buyer Type Developer Recorded Seller 1970 Alton Holdings,LlC Seller Type Private Investor True Seller Not Cohen Primary Verification Scott Sondelin,Listiny Broker Interest Tronsferred Fee Simple/Freehold Type Sak Currant Use Porking Dafe 4/6R021 Proposed Use Boutique hotel Sak Price 54,000,000 Listing Broker Marcus 3 Millichap aI786-522-7009 Finoncing All Cosh Selling Broker N/A Cash Equivcle�t 54,000,000 D«� 32147/4846 Capital AdjusfinerN SO Adjusted Price 54,000,000 Tronsoctio�Dafe Tro�sacfion Troe Bwer Seller Price Price/oc and/sf 04/2021 Sule SoBe 18,LLC 1970 Ahon Holdings,LLC 54,000,000 517,079,119/5392.16 1712 CBRE . . . . . . . . 5392.16 /sf S 111,111 /U�it S 17,079,419.30 /at N/A /Allowable Bldg.Units N/A /Building Area No I�ormallon nco►ded Q-� This comporable is a 10,200-squaro foof trad of vacant land located at 1790 Alton Rood in the South �oc Beoch subma►ket of Miami Beoch,Horida. The property does not have direct frontoye on Ahon Road �`,a`jca��, due to a right-of-way access road but does have Ahon Road visibility. Tha property was being utilized as a parking lot and sold for f4,000,000,or 5392.16 per squoro foot. The buyer intends on developing a ;•�.,:,, 36-key hotel with a restaurent o�the ground floor. However,ths City of Miami Beach is proposing a ,�,�; new zoning o►dinonce ond overlay distrid that encourages oifice and restrich hotel development in the •'• ' htap data��421 Googie 5unset Horbour sedion of South Beach. According to The listing broker the property was proviously approved for a 5-story commercial/retail building with 30 parking spaces. The uller previously acquired the property i�July 201 1 for 51,150,000 ond the buyer owns the Kimpton Hotel Palomar South Beach at 1750 Alton Road,where the restaurant Osterio Morini Miomi Beach recently opened. IYs acrou the street from the developmenf sife he just purchaxd. 1713 CBRE . . - . . - . Property Name 1234- 1260 Woshinyton Avenue - Addnu 1234- 1260 Woshinyfon Avenue Miomi Baach,FL 33139 . ., I United Staies +j� '� .� `k _ -:4�.: tA' - Govemmertt Toz Agency Miami-Dode . f ' ' �� : Govf./Tax ID Multiple � `� �e'� SNe/�iov�rnmerH RequlaHo�s , Acros $quare feef � �- ' ,J .r. � Land Area Nat 0.770 33,525 �z y _ -- �Yj . 4 y� Land Area Gross N/A N/,� 1`.� + �e � � i Site Devebpment$tafus finished '� '� � Shape Rectongular � . .�' �_ � ,�•,r , . Topoyraphy Level,At Streef Grade Ufilitiss All woilabb ro site Moximum FAR 2.00 � Min Land to Bldg Ratio 0.50:1 Maximum Density 139.03 per ac FroMage Disfanca/Sheet N/A Washinyton Avenue FroMoge�istance/Str�ef N/A Drexel Avenue Frontage Distance/Street N/A 13th Street Generol Plan High density,mixed-use retoil,o(fice,residential d�hatel Specific Plen Mixed-use rotail 6 office Zoning CD-2,Commerciol Medium Intensity Entitlement Status N/A Recorded Buyer Urbin Miami Beoth Owne�,LLC AAorketing Time N/A True Buyer Rishi Kepoor Buyer Type Priwte Sy�dicator Recorded Seller 1234 Partnen,Ltd. Seller Type Privote Investor True Seller Jonathan Fryd 3 David Resnick Primary Verificotion Buyer#t786-701-6724 Interest Tronsferred Fee Simple/Freehold Tpps Sah Currant Use Obsolete retoil/office Dafe 5/4/2021 Proposed Use Retail/office redevelopment Sak Prics 520,000,000 Listiny Broker Off-market transodion Fi�anci�g Other(See Comme�s) Selling Broker N/A Cosh Equivalent 520,000,000 Doc� 32501/292 Capital Adjustment f0 Adjusfed Price 520,000,000 Transactien Date Tronsaction T� � $�Iler P�� Price/ac and/s1 OS/2021 Sale Urbin Miami Beach 1234 Partners,Ud. 520,000,000 525,987,526/Z596.57 Owner,LLC 1714 CBRE . . . - . - . 5596.57 /sf 5186,916 /Unit 525,987,525.99 /ac 5186,916 /Allowabla Bldg.Units 5298.61 /BuiWiny Areo Mo i�ormation reeerded This compo►able land sale comprises a�existiny 1-story, 10,697-SF retail buildinp(1260)and a 3-story, � 19,519-SF office building(1234)Ixated along the wast side of Washington Avenue at 13th Street and spanning west to the Drexel Avenue frontoge. The buyer operates a co-living 3 co-working busineu with plons to demolish the 1-story refail building and roplote it with a new,ground-up 6-story office building S O U T N B E A C H and will gut renovate 3 restore the ezisfing 3-story office building. The proposed zite plon comprises a total of 44,153-SF of remable area and 82,160-SF of grou building areo thot includes a 5,000-SF •�• ' Map data�2C�t G�oyy�e `V°Ilness center o�ihe ground floor and 21,000-SF of new,flexible office space on the upper floon including co-working orea as small as 50-SF and more tradifional office suites ranying from 1,000 to 5,000 square feet with fully fumished,tum key options. Project omenities include a food market,cafe E� raw juice bor,60-residential units and roof deck with pool,yoga lawn and bar. The residential units will be a mix of 275-SF micro units and co-Imng units with 2-to-4 bedroom floor plans including private bathrooms in each bedroom and shared living room,kitchen and laundry machines. The sale transadion wos facilitated with a S 14 million purchase money mortgoge in fovor of fhe sellers and the buyer raised S56 million from investors for ihe redevelopment program. 1715 CBRE � • • • • • Property Name 944 Sfh Street �a �_ i �{ ' � ` k-yl1�[.^�.:1N C^." Addrass 944 Sth Street `'y i�' +. •,� 411 3 419 Michiyon Avenue �►:�� *M�� Miomi Beoch,FL 33139 �4.� � . �� United States �.+�� : �,�`� � ,� .`,� ' -��. .; Govemment Tax Aqenq Miami-Dade �� ., Govt./Tax ID Multipb ��•.'+� �=-��a4^ �'""`�;. . �4 �,� �J Sife/Ciovernment Re9ulaNwu � . „ i�� _ ':'�t:- Acres 5quarc feet - Lond Area Net 0.482 21,000 ,:' . land Area Gross N/A N/A .,�� / � ,� �y: �� i _ �., Sife Dwelopment Stalus Finiahed ' �c�� . � - Shope Reciang�lor Topoqmphy Levei,At Slreet Grode Utilifies Availoble to site Mazimum FAR 2.00 Min Land to 81dg Rotio 0.50:1 Maximum Density N/A FroMage Disfa�e/Stroet 140 h 5th Strset Frontaqe Disfance/5lreet 150 R Michiyan Avenue Genernl Plan Mixed-use hotel 6 refail Specific Plon Mixed-uu hotel d�rotail Zoni�g C-PSZ,Commercial Performance Standard,General Mixed-Use Entitlement Status N/A Recorded Buyer 411 Michigan Sofi Owner LLC Morketing Time 36 MoMh(s) True Buyer Aleuandro Pollaoro Buyer Type Developer Recorded Seller 419 Michigan Owners,LLC 3 City First Seller Type Priwte Investor Mortgage Corp. True Seller Alan Leavitt 3 Stephen Fiske Primory Verificotion Listing Broker Interest Tronsferred Fee Simple/Freehold Tppe Sak Cunent Use Obsolete office 8 stalled hofel development Dafe b/11/2021 Proposed Use TBD Sala Price 58,980,000 Listing Broker Morcus 8 Millichop Fina�cing AI�Cash Selling Broker N/A Cash Equivalent 58,980,000 Doc� 32578/2150 3 2439 Capitol Adjustmerrt SO Adjusted Price 58,980,000 Tronsadlon Date TronsacTion T� Bwer Seller � Prlce/ac ond/sf 06/2021 Sale 411 Michiyon Sofi Owner 419 Michigon Ovnters, 58,980,000 118,626,841 /5427.62 LLC LLC 8 Cify First Mortgage Corp. 1716 CBRE . . . . - . • 5427.62 /sf N/A /Unit 518,626,840.90 /ac N/A /Albwable Bidg.Units 5213.81 /Building Mea Ne Infe�nofion reco►ded This comporoble land sale is a fwo-part auemblaye of the fortner Roco Hotel site Ixated along the southeast comer of 5th Shest 3 Michigan Avenue in the Soufh of 5th submarket in Miami Beach,Florida. The 41 1 Michiyon Avenue parcel wos previously acquired in March 2016 for S3,700,000 and foreclosed �� th St upon in lanuary 2019 by City Fint MoKyoge Co►p and then became a bonk REO thot wos broker listed `--' by Morcus a Millichap for f2,000,000 and sold for 51,980,000 in an'all cash"transadio�. The 955 Sth � Street portion was previously acquired by the same developer identified as Gianfranco Rondon of RG � �� . ' , � Group in June 2014 for 5�,250,000 and was site plan approved for the 5-story Roca Hotel. However �� `�"`� construdion stolled shortty affer the site d foundation work commenced and foreclosure proceedings wero initiated in October 2018 in an ottempt to rosolve the judgement. Both sites wero ihen lisfed"for sole'at a combined price of 510,950,000 but did not sell and the developer lost title to the lender and a 3rd parfy note holder,which created ihe more recent two-part auemblage d�resale to a New York based development company ide�tified as Bissi d Partners. 1717 CBRE Addenda Addendum B LEGAL DESCRIPTION 1718 �-. � FFI E F THE PR�PERTY APPRAISER �ro co Detailed Report Generated O� 8/30I2021 Property Infortnation _� Folio: �02�2�3-009-0290 � Property Address: -- ---- . y �� CITY OF MIAMI BEACH CITY HALL t Mailing Address »�CONVENTION CENTER DR �'�� MIAMI BEACH,FL 33139-1819 � ♦'. PA Primary Zone 8000 COMMUNITY FACIUTIES � 8080 VACANT GOVERNMENTAL; �t'� Primary Land Use VACANT LANO-GOVERNMENTAL `- '� � Beds/Baths/HaH 0/0/0 ' �,�� '� " ' , `� !. Floors 0 ' ' l: r, �� f � Living UnMs 0 "� � Actual Area 0 Sq.Ft �� ,� i". . . Living Araa 0 Sq.Ft :�'�� ^c,. .2 Adjusted Ana 0 Sq.Ft Lot Size 7,344 Sq.Ft Taxable Value Infortnation Year Buitt �0 2021 2020 2019 ---..._.__._.. ---. -- - Assessment Infortnation c�� Exemption Value t367,200 5367,200 S367,200 Year 2021 2020i 2019 Taxable Value SO SO SO land Valua 5367,200 5367,200 5367,200 School Board 8uilding Value SO EO SO Exemption Value 5367,200 5367,200 5367,200 XF Value SO SO SO Taxable Value SO� SO SO Martcet Value f367,200 5367,200 5367,200 �� Assesssd Value S367,200 j $367,200 5367,Z00 Exemption Value 5367,200 5367,200 5367,200 Taxable Value SO SO SO Benefits Information — Reyio�al Benefit 'Type 2021 2020 2019 - - ---- -- ---- Exemption Value 5367,200 5367,200 5367,200 Municipal Exemption 5367,200 5367,200 5367,200 - --+ - -- Tauable Value SO� SO SO Note:Not all benefiLs are applicable to all Taxable Values(i.e.County,School Board,Ciry,Regional). The Olfice oi the Properry Appraiser is conbnually editing and updating the tax roN.This website may nat reflect the most currenl intormaUon on record.The Property Appraiser and Miami-Dade Counry assumes no liability,see lu�l disGaimer and User Agreement at http:l/www.miamidade.govfintddisdaimer.asp Version: 1719 .� . OFFICE OFTHE PR4PERTYAPPRAISER `. . Generated On:BI30/2021 Property IMormation Fol lo:02�3203-009-0290 Property Addrcss: Roll Year 2021 Land, Building and Extra-Feature Details Land Iniormation ENERAL Mu GUone P8000 e I quare�Fet. t---- 7,344.001 -- 3 67,2001 Building Infom►ation Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.Ft.; Calc Value E�ra Features Description Year Built Units Ca�Value The Ofice of the Property Appraiser is continually editing and updating the tax roll.This website may not reflect the most cunent information on record.The Property Appreiser and Miami-Dade Counry assumes no liability,see full disdaimer and User Agreement at http:f/www.miamidade.govfinfddisdaimer.asp Version: 1720 � ��- � FFICE OFTHE PROPERTYAPPRAISER ,� o Generated On�8/30/2021 Property IMonnation Folfo:02�203-0�9-0290 Property Addross: Roll Year 2020 Land, Building and Extra-Feature Details Land Information Land Use Muni Zone PA Zone , Unit Type Units Ca�Value _ -- ---- �- _ _--- GENERAL � GU 8000 � Square Ft. 7,344.00: 5367,200 Building Information Building Number ; Sub Area Year Buift Actual Sq.FL� Living Sq.Ft.! Adj Sq.Ft.' Ca�Value E�ra Features DescripUon Year Built Units Calc Value j The Olfice o(the Property Appraiser is continually editing and updating the[ax�N.This website may not reflect the most curtent intormation on record.The Property Appraiser and Miami-Dade County assumes no liability,see full disdaimer and User Agreement at http:llwww.miamidade.govfinfddisclaimer.asp Version: 1721 � -� : OFFICE OFTHE PROPERTYAPPRAISER �.�. Generated On:8130/2021 Prope►ty Infortnation Folio:02-4203-009-0290 Prop�Ry Addrcss: Roll Year 2019 Land, Buiiding and Extra-Feature Details Land information Land Use Muni 2one PA Zone j Unit Type Units� Calc Value i -- -- --- �—_ ----- i GENERAL i GU 8000 Square Ft. 7,344.00� 536�,200 Building Information Building Number ' Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Adj Sq.FL' Calc Value', Extra Featurcs Description --- . Year Buitt j Units, Cak Value The Ofice oi the Property Appraiser is continuaNy editing and updating the tax roN.This website may not reflect the most cunent infortnatian on record.The Praperty Appraiser and Miami-Dade County assumes no liabiliry,see tutl disdaimer and User Agreement at http:llwww.miamidade.gwftnfddisdaimer.asp Version: 1722 PRAI ER . . OFFICE OFTHE PROPERTYAP S Generated On:8l30/2021 Proparty Infortnation FoUo:02-4203-009-0290 Property Addreas: Full Legal Description OCEAN BEACH ADDN NO 3 PB 2-81 LOT 8 BLK 36 LOT SIZE 51.000 X 144 Sales Infortnation Previous Sale Price OR Book-Page Qualification Descnption The Office ot the Property Appraiser is conGnually ediGng and updating the tax roN.This website may not reflect the mast cunent information on record.The Property Appraiser and Miami-Dade County assumes no liability,see full disdaimer and User Agreement at http:Nwww.miamidade.govfinfddisclaimer.asp Version: 1723 � �� FFI E OFTHE PROPERTYAPPRAISER . 0 C �� Detailed Report Generated On 8/30l2021 Property Information Fdio: 02�203-009-0280 Property Addross: , � CITY OF MIAMI BEACH f Owner CITY HALL � Mailing Addross ��CONVENTION CENTER OR � } �MIAMI BEACH,FL 33139-1819 •• PA Primary 2ons 8000 COMMUNITY FACILITIES � � � Primary Land Us� 8�0 VACANT GOVERNMENTAL A VACANT LAND-GOVERNMENTAL � ''�—t__� Beds/Baths I HaH 0/0/0 ' �•�. Floors 0 ��.:., - • •� - , .� Living Units 0 `� � r �� Actual Ana 0 Sq.Ft �*►' Living Area 0 Sq.Ft 2� s_' Adjusted Arsa 0 Sq.Ft Lot Size 7,350 Sq.Ft Taxable Value Information Year Built 0 ZpZ1i 2020 2019 County Assessment Information Exemption Value 5367,500 5367,500 5367,500 Year 2021! 2020� _ 2019 TaxaWe Value SO SO SO Land Value 5367,500 5367,500 5367.500 School Board Building Vslua $0 30 SO -- Exemptio�Value 5367,500 5367,500 5367,500 XF Value SO SO SO Taxable Value SO SO SO Market Value ` _ S367,500 5367,500� 5367,500 �� Assessed Value 3367,500� 5367,500� 5367,500 Exemption Value 5367,500 5367,500 5367.500 Taxabie Value SO SO SO Benefits Information Reglonal Benefit ITYpe ' 20Z1 2020 2019 Exemption Value 5367,500 5367,500 5367,500 Municlpal Ezemp6on 5367,500 5367,500 5367,500 Taxable Value SO SO SO Note:Not ali benefits are applicable to all Taxable Values(i.e.County,School Board,City,Regional). The OPfice of the Property Appraiser is continually editing and updating the tax roll.This website may not reflect the most current infortnation on record.The Property Appraiser and Miami-Dade County assumes no liability,see full disdaimer and User Agreement at http:lJwww.miamidade.gov�nfddisdaimer.asp Version: 1724 �. : oFF�cEo� T HE PRaPERTY APP RAISER Ganerated On:8/30/2021 Property Infortnation Folio:02�203-009-0280 Prope►ty Address: Roll Year 2021 Land, Building and Extra-Feature Details Land Information - —_.._. Land Use -'-- _ Muni Zone PA Zone Unii Type Units Ca�Value� GENERAL GU 8000 Square Ft. 7,350.00 5367,5001 Building Information --__ _--_ _-- _— __ _ - �____ _----- — -- ---_- Buildin Number Sub Area Year Buiit � T 9 Actual Sq.Ft.� Living Sq.Ft. Adj Sq.Ft. Calc Value� Extra Features �escnp�°^ Year Buift Units,' Ca�Value� The O1fice oi the Property Appraiser is cantinuaMy ediUng and updating the tax roN.7hrs website may not rcflect the most curratt infarmation on record.The Property Appraiser and Miami-Dade County assumes no liability,see fup disdaimer and User Agreement at http:Nwww.miamidade.govfinfo/disdaimer.asp Version 1725 .+�'� �:� FFICE OFTHE PROPERTYAPPRAISER �� 0 Generated On:8/30/2021 Property Infortnation Fol lo:02-4203-009-0280 Property Address: Roll Year 2020 Land, Building and Extra-Feature Details Land Infortnation Land Use Muni Zone PA Zone j Unit Type Units Calc Value GENERAL GU 8000 Square Ft. 7,350.00 5367,SOOI Buflding Information Building Number Sub Area � Year Built Actual Sq.Fi Living Sq.Ft.I Adj Sq.FL; Calc Value Extra Featurcs Description Year Buift i Units� Calt Value The�ce ot the Property Appreiser is w�tinuaNy editing and updating the tax�q.This website may not refled the most current intormadon on record.The Property Appraiser and Miami-Dade County assumes no liab�lity,see full disdaimer and User Agreement at http:IMrww.miamidade.gwfiniddisdaimer.asp Version: 1726 � �: : �FFICE OF THE PROPERTY APPRAISER Generated On:8/30l2021 Property Intormation Fato:o2�za3-oos-ozso Proparty Addrcss: Roll Year 2019 Land, Building and Extra-Feature Detaiis Land Information Land Use Muni Zone PA Zone Unit Type Units Ca�Value i _____-- -- — - -- - GENERAL GU 8000 Square Ft. 7,350.00 5367,500 Building Infortnation Building Number Sub Area I Year Buiit Actual Sq.FL, Living Sq.Ft.; Adj Sq.Ft.; Ce�Valuei Extra Features - - -_ -- , — --- DescripGon Year Built Units Ca�Value' The Otfice of the Property Appraiser is continuaqy ediUng and updating the tax roN.Thfs website may not reflect the mast current intamation on reco►d.The Property Appraiser and Miami-Dade County assumes no liabitity,see fuN disdaimer and User Agreement at http:llwww.miamidade.gwhnfo/disdaimer.asp Version: 1727 �"'`+r 4 �`�� OFFICE F T 0 NE PR P �� 0 ERTY AP PRAISER Generated On:8/30/2021 Property Iniormation Folio:02-4203-009-0280 Property Addnss: Fuli Legal Dascription OCEAN BEACH ADDN NO 3 PB 2-81 LOT 7 BLK 36 — LOT SIZE 49.000 X 150 Sales Irdormation Previous Sale Pnce OR Book-Page Qualification Descnption The OPfice of the Property App�aiser is Continually editing and updating the tax rop.This websile may nol refled Ihe most current informalion on r�prd.The Prpperty Appraiger and Miami-Dade Counry assumes no liability,see full disdaimer and User Agreement at http:/Nvww.miamidade.govfinfddisdaimer.asp Version: 1728 Addenda Addendum C CLIENT CONTRACT INFORMATION 1729 . . � . • i ! � • i � • • - - _,. :� .. �....P 5�� nnam.�:*3s'3 Septem6er 8, 2021 Stuort 4eberman,Mn� VAS-J:�e P�esuert Alina T. Hudok, City Mpnager City of M�ami Beach c/o Asset Management Division 1$33 Bay Rood, 2nd F�oor Miomi Beoch, Florida, 33139, United States Phone: 305-673-7000 E r-iail: Ozz�eDomi nguez(�mipmibeachfl.go� RE: Assignment Agreement: Parking Lot Woshington Avenue 8� 1Qth Street, NWC of Washington Avenue� 10`"Street Miomi Beoch, FL 33139 Dea� Mr. Dominguez: VJe ore pleased to submit this proposal ond our Terms and Cond�tions for this assignment. Purpose To estimate fhe Morket Volue of the �eferenced reol estate Premise: As If Rezoned to CD-2 Rights Appraised: Fee Simple intended Use: Internal Decision Making purposes intended User: ?he intended user is City of Miami Beach ("Client"►, ond such other pa�ties and entit�es (if ony; expressiy .ecognized by CBRE os "Intended Users" (as further defined hereini. Reliance: Relionce on any reports produced by CBRE under tnis Agreement is exte.�ded solely to pa�ties ond ent�ties expressly acknowfedged in a signed writing by CBRE os Intended Users ot the respedive reports, provided that any conditions to such acknowledgement required by CBRE or hereunder hwe been sotisfied. Parties or ent�fies other than IMended Users who obtoin o copy oF the report or any pori�on thereof, whether as o �esult of iis d�rect dissemination or by ony other means, moy not rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be responsible for any unperm+tted use of the report, its conclusions or contents or hove any'iabiliry�n connection therewith. $cope of Inspection: A fufl interior and exterior insped�on of the property will be conducted ond orronged with the orope�ty contod and performed by CBRE Vafuotions. 1730 r t • M ,♦ , i 4 �. r �r ; a�pectecf properry :ns�ac*icn �s . � p•�ss��e a�e to unforeseen iss�es (such as Iack of on-site perso�nel cooperation, physical obstrudions, or appraiser!property conrad heafrh ond sofety concerns�, the client will be promptly odvised. The client moy continue ttiis assignment based on other�nspection options agreed upon by CBRE and cl�ent or pro��de CBRE with a wr�tten not�ce to cancef. If CBRE determ�nes that a credible appraisa� result cannot be achieved due to inspection limitations, if will prompt►y provide the client with a written concellotion of this ass�gnment. Valuation Approaches: Only the Sales Compo�ison Approach will be completed. Reporf Type: Standard Appraisal Report Appraiwl Stortdords: USPAP Appraisal Fee: $3,500.00. If cancelled by either party 6efore a completion,the fee will be bosed on CBRE's hourly rates for the time expended; pl�s odual ezpenses. Expenses� Fee includes all assoc�ated exoenses Retainer: A retainer is no!reqvired for this ossignment. Payment Terms: Final payment is due within thirty (301 days of your receipt of the final report. The full appraisal fee is considered earned upon deli�ery of the draft report. We will invoice you for the ossignment in its entirety at the completion or the assignment. Delivery Instrudions: CBRE encourages our clients to join in our environmenta� systo�nobility efforts by occepting an efectronic copy of the report. An Adobe PDF file �io emoi! will be del�vered fo OzzieDominguez@miamibeachfl.gov. The client has requested 0 bou�d finol topy fiesj Delivery Schedule� Preliminary Value Not Required Draft Report� Not Required F�nol Report: l 5 business days aher the Stort Date Start Date: The appraisal process will start upon receipt of your signed ogreement ond the property specific dato Acceptance Date: These specif�cations are subject to mod�ficotion �f this proposol is not accepted Wiih�n 5 business days from the date of this letter. When executed and deiivered by oll parties,+his Ietter,togeiher with the Terms and Conditions and the Specif�c ?roperty Doto Request attached hereto and incorporoted herein, will serve as the Agreement for oppraisal services by and between CBRE and Client Eoch person signing 6elow represents that it �s outhor�zed to en�er �nto th;s Agreement ond to bind the respective parties, mduding ol' intended users, he�eto. We appreciate this opportun�ty to be of service to you on +his assignment. If you have add�tior,ol questions, please contoct us. $incere�y, CBRE 1731 • R ' :7. �.D ti �' _ _ y � ' .." '"'� .- " .f _ . __ ... CBRE, Inc. Valuation & Advisory Services `..�,�-�'�� - Stuart Liebermon, MAI VAS -Vice President As Agem for CBRE, Inc. T —1 3C5 381b472 stuart.lieberman@cbre.com CBRE 1732 .,,.: • " r � � • • � I ,�` �;i,. , S � . �,��L� ANC� ACCEPTED FOR OZZIE DOMINGUEZ R"CLIENT"): ' � 4�r�r�z.l Sig, re Oate ino T. Huda4 City Manqqer N�me T�tle 3C5-b?3-�000 Ozz�eDor-��nguez,�miam�beochf'..gov ohone N�mber E-tilai{ Address �'� �--f-��Z� ��,.., .��,�- 1733 �_- -: ---- .,______ ___ , ___.._,._, -- �: � , , . , 4 i, a ' �Z, �° �r� . :. _ � � . 1 7he Terms ond Co�a��ons here n are pc^of on ogreomert for appro�sal se-vices(1he"Agreemen!"oe'wee�CBRE Inc. �the'Appro�ser'!anc�he client sigr ng rF�s Agreement,ond(or whom��e approisol seNices w!i be pe�forned (the 'Gien�"j, ond sholl be deemed a port of s�cF AgreemeM os thovgh set�o�h �n f�l� �Henir Tha Agreement shall be govemed oy the Iews o��he state where the oppro sol off�ce is �ocoted For the Appraiser execu+irg tnis Ag�eenent 2 CLem sno� be respons�o e for�f+e �oYmert o(all(Qes s'p��ated n the Ag�eemen+. Paymen+of•he opp�a�so; �ee a^d Prepo�Ot:Ot' o' or appra�sal repon ithe "Appro;sa! Qeport, or r^e "!epor<"} ore no� contingent ,,pon anY p�edetermmed va�ue or �n Or od�on or eve�t resui�ing iror� the analyses, op�niorn, ca+clusiors, a use o4 tFe �p�o�sal RQpo�t. Pinnl poyment;s dvo os prov:dad�n�he P�opow Spxc�cot�ons$xtion of th�s Agreor�Qn*. I�a d•of� report �s rsquesred, the fye :s cons.derea eamed �oon de!rvery of the d•eh repon. It�s unaers�ood�hot rhe C�ieM moy mncei th�s nss gnmeM in writing at any time prior to delivery cf rhe complated report In s�ch evert,•he G�em s oofgored on.y for the croreted share of the fee oesed �pon t�e wo�k compieted ond eicpenses�nc�r.ed (lnduding rrov�l oxpenses to nnc 'rom the �ob sdel, wdh a m,rnm�m tharge of 5500 Ada��ion�l coaes of the Aap-o�sa1 Repor+s ore ava�oble er a cost of 5250,�er onginoi rolor cooy and S 100 oer photocopy(b ock ar+d wh�te�, a!�s sh�pp�rg 4ees cf 530 a�r rapo�. 3 li A�pro,zer�s sobFoecaea or o•cered•o�ive�esllmony,p�od�ce doc�ments or nforma•�on,or o�nonvise•aqwretl �r reeuested by G�em o�o!��rd pory to qor'�c;oote:n�neefin9s, pnone calis, :onFerences,Gt�gat:o�or other.ega. arxeea�^.gz r�ncl„d��g prepo•ee�on fw s„ch p.xeed�ngs;beCo�se o1,�pnn�tod w�rh or�n a�y woy peAoinmg+o th�s eng�gamanr, •^tl App.o�w� Repo�', ifie Appra�ser's expertise, or the Propery. C�er� sha� pay Aapraser's edd�'�oroi .^osfs ancl exoenses,odditiorto!rime�ncurred by Apora�ser based o�Apprrnser's fhen-prevoifir*g hourly -ates ana re�otQe+oes. Each pary shall b4ar t�eir Own oMOtcey Fees S�,ch:horg�s�nclude anc pertain•o,b�t nre �o�Iimited!o,hme spent��preoorin9=or ond prov�dinQ co4rt room'eshmony,depos�•�onz,trwei'�rre,�nileage ard •e oted•ra�e!eYperses,wo��cg��r,e,ao.ur�em re��ew ard produa�on,a�d Freporotion time+e�cludng o-eparc}ior of Ih0 ApprQisa� ReponJ, �+ee+:ng aart�opat�or. und Appro�se(s otne��e:afed commirmen�oi+�++e onc e�cpe^ise. Howly chorges ond orher fees tor s�ch po�'npotio�will oe o�ov�ded upon requesr In the avant Client requesls odditioral apo•aisol serv�ces beyond!ha smx ond purpose stoted �che Agreement,C!ie�r ogrees fo poy odd+T�ono1 fees�c�wch serv�ces and fo rs�mburse ro+ated e�oenses,whe•�er o-rrot the ccmpleted-eport hcs bee�de�rernd to �ii�nt o��he!r*�e ot s�c^.req�.Msl A�d�f:onc'o�pro�sal serv�cas,arx!tF,e cosss associa;ee therewith,shall be subjecr ta•he wr�nen oopro�a,c'ckent pr��r to a�pro�se.COmrtbnUr�q�n Cdditio�ol wo�k. 4 Apprase�sha'ho.e�he�,qnt•o!e�rr;no•a rh�s AgrNrtx��at p�+y•�m�for c��se effect��e�mmed�a!sly�co�wr�tte� �otice 10 Client o� �he otcurre^ce cf f�auc o�the w�:ifu misconducr of Cl:ent, ��s em.p,oyees or�ger•s, or w�fhout :n�se��o�5 days wr tien rorice 5. �n tne c+ver,•Client�o ls to moie poymeass when d�e thsn,'torn fhe date d..e�ntil�:,�d,rhe amo�ni d�e�nd payvb e shol`be�r intatest at•�@ moxin�m rate permittea in ihe sre+e whe.a the office+s�oce+ed ior'he Aop•o�ser oxoc�t+ng Ihe Agreemerf Ir �he e�e�+ e Me� aorty nst��tes �ega action agc�s• •he cr�e� to erforce �h -�gH+s ��+de- �h�s Ag�ee^en!,�ne preval�rg porry shol!be e�ti�ied'o recover its expenses Each pary wa ves the right lo o!r�al Dy;u•y n ary acr'on arisirx�,,nder•h�.>greeme�� Eoch pory S�a;oe•espo�*s'b e jo•!heir own o�or�ry fees 6 Aoo�a�sei oss�mes ttiere e•e no mojo� cr s�gn�Fcor.t :te^u or �ssues affe:ti^g ttie Propery thot would •eq��re rhe ex�ert;se O'c p�ofess�o�al b.:��0ing Lc^"ac'o�. eng�rWr, pr or.vironriWnta. co�zv�'ar• 'c• Appro�ser to p�ooa-e a +oI,C reFor' Cienl acknowledges tcat s�ch oddilionol expen:se�s wt ccverea�n the Appr��sal ree end agrees tho+ f s..=� add.r�one'e,epert:se �s aq��ed. +sro�' te p�o��ded by ol�e•s o�t�a d�scre•�on ond c��er;on of+�e C.er' �nd sole y a�CGen�'s add��o�ai cost ard expense. � Cl�e��aunowledges rhat Appro:ser s ae��g�eto�ned^ere�nde��s c� ndepande��conrrclor ro pe�fo�m�hn urv�ces drscn6�d here�n o^C no�hin��r •h s A,.j•eeme^t shall oe ceer^ed•c _•eore ony o��e� �e�no�sh�p berwee^ C6en• ord Apc�'G.s�� Th:s angogeme�r sha(�ae deemed conduded ond t�e se�vices�e�e�nder corra'e•ad.,pon deG�ery �o Gf-e�t of�he Appro sai Qapo^��scuued`�er@ir E A� St;7fPTP'�•4 7f��.:t If�ne�epor wn�ch are�sea�s'^c oos,s o!•�e Aporolse's or.n!ysax,coir�Or.y,�nd COnLivSiOnS w:;'6r•...e ond:o•red!0 4pOrGSY�s or.uol K�owledga o^d oel�e' Apn��sa�doas ro��*�oce�ny�eprasenro+cr c. warronr�.C�press c� mol etl, �s'a!he accu-acy or:o^^oleteness ol�h�m�on+^ahon o.•^e cond�r o�oi tha Proae-ty F.�-n shec �c Appro se�cv Cl ent or ot�ers TO'�E 'U1:=5"cXTENT PER/�+�TTE�?BY !A'N,aPPqAiSER D�SCI:+�rv!5 �NY ��ARqNT_E OR WARR?,NTf,'r5 TO�ME OPIhiONS ANp�OvC�US�Or�S?RESENTcD ORAL�Y CQ IN ANY A�%2A'S�_ 4EP�R' '.NCLUOING `�fITHOUT :tM1�ATICV ANY :�lAR?ANT`r OF F�TNESS ��JR AV� DARTICU!.J�R 1734 . .. _ . - _ _ _ _ _ r . .... . .._ �_. i,,ari� . . � �� '•:d a � �' �� t �� , ; � � PJ�'C�_ r':c''� = K•+C:�n. i� :,•'oo.AS�R F;r!re^-o•e t^e co�c _sc-s ar•� e^y oer-r,�•Ad �ele^ce o^ �nc .,,_ �• re...,o-,. ... �e:;_�'� .. �e s�:;e: .. . _ a:s..n,p•�,^s. .-^t❑ �^s, a�;: a,�,fy-:�g s•..a�a:-_ _.:r•.. _.. � � reoort. 9 App�a ser shali have no;espo�s�b�6ty for lec�a�mo^ers,inc��,ding zonmg,or q�esfions oF survey o-litle,so�i o�s�oso;� condiGons, eng�neenng, or o!her s�milar techrica� mattars. The•eport wiil not constih.fe o survey of the P�ops�ty analyzea 10. Cliem snoll provide Approiser wifh s�th moienc�s w�th rasp�cr to tha ossignmen�oa oro requested by Appra ser ord in the oossess�on or�rws��e co�}ro!of C��e�t. C:�ent shol prw�do Apcxoise�with sufficiert occeu to!he Property to be onalyzed,ond hereby gronts pern.ss:on ror entry�nless dixussed�r owance to+he controry. 1 1, T!�e doro ga±hered�n rne co�rse of the ossignrr.ant;excep•date*ur�ished by Ci�ent)ond the�epoA p.epored pursua�! �o the Ag-eemerr ore,e-�d w�U remo�n,rhe proaeny ot App.oiser;howerer,clie�t s�eey gront�d a lic�nse to use tHe do•o and f�na!rsoor,in conreC.on with tFe trorsodior.oi d�e�Ys offuof b�s�:ieu,w�ich will ncludt conplic�ce with pvb�t •eco•ds aws incl�ding, witho�t Iimitatior, Chopter 1 i 9, Flo�ida 5'oturos, ond shor ng�he mfwroction witF fhe o�b�ic.i^cl�d:r,g o pub�ic meeting. Wth raspect to dcta provided oy Client,Aoproiser shoR nof�io,ofe the cor+idenriol ncr,,re of the Approisa•C��ent relaionship �y mproper+y dndo:;�g orry prop��etary informotion furrished to Appraser. Notwithstonding tfie foregoing, Appraser s o�ihorized by Client ro disclose all or ony portion oi �he repor and �elatec doto as moy oe requ�*ed ry srarute, go�emment regul�tio�, legot oro;eu, a j�dic:ol :lecree, �ndud:nc ro appropFo'e ropresectatives of the Appre:sa instit�te�f s�c� disclos�re �s �eq�i-ed ro enable Appra�se�ro ce'nply with the By�aws ond Reg�1o•�ons a'sxh Insf:�ure os now o�hereaher in e?f�ct. '?. Ur�ess speciflcc y nated, m piepar�rg the Appra�sa Repert the Appro;ser will no• be consicerirg tfie poss ble exisrerce of asbestos,PCB�ronsfo-me^s,o�other!ox�c,�om•dous,o.contam;rwtec!substances ondlor u�dergro�nd sbrogo'anks{tollecfiveiy,"HoZordous lvtate.�iof on o-e�ecti�u r�e P.op�rty,o�•he cos!of entapaulotion or remova{ therwf Fu�her, Cl;e�t represenn thct there s no major or sigcificont deferred moi�tenance oF the Prope�ty that would requ�.e+�+e expen:se of o profeu onc�cos'est�moror�r corr-a�tor. !f such•epo�rc cro needed,tne tstimates ore fo be prepo�ec by otne�s,ot CGenYs d�scre•ion one d�recfon,ard o�e not covered os part of rhe Anp�aisal'ee 13. In tFe e�ent C.ent ��te^ds ro �u�he Approisol ReFo� �n conner or w�th a �ax natte�, C��enr ocknowledges thot App-a�ser p•ovides no worro�*y, represernotior or predicfio� os +o me ovrco�r.e ot sucn ►or mofter CI ent �nd�rs'onds and ocknow�edges tha•cny re:e�ant+ax;�rg outt�ority(wFether+Fe Intamol Revenue Sen�ce or ony othar Feder�l,srote or!ocal�an,r,g outhor.y; moy c�sagres w�th or rejecr rhe np�ro:sol Qeport o�o�herw se d�sagree w,•h CI'�erYs t�x pos�t�on, ona fvr.her ,,r.de•storas �nd acknowledges tFot the �axinc author:ty r-iay seek •o cdlect odditiortol Iazes. �nterest, per�lties or fees f-om Clienr beyond what moy 6e suggested 'oy tne Appra�sc; Repon. Cliem ogrees thot App-aiser sholl hrnre-io respor�s�biGy or 'obility ro C�en'or ony othe�porry fo�o�y wch+oxes, nteres', perntt�es or fees o�d thot C`iert w�ll not seek dar�oyes or ofher compertsat�on rcom,4ppraise�relat+r,�•o cny s�ch toxes, ;nterest. penolt�es or fees +mposec o� C ien�, or For arry ertorneys' fees, cosn cr other exoerxs •aiat�ng+o CGart's'ox matte�s. 14, Aopra�se�shall �a�e no i abihty with res,�ec'la any bss,dor��ge,claim or expense mc�rred oy o�asse�tec:ago�ns� Cl�ert orismg o�!oi. bnsea ,po�o� -esull�ng fro^Cl:ent's f��re to Prov�de accurate a =omoleM �nfo•mation o� cp�,;menta•on oeh�i��g to on au�nment v�dered ��der cr�n conneC:a��nth th�s Agreer�ant,rd�a ng Ci ent's fa��re,o�+he foii�ra oa any o�Cli�n+"s age��s,+c prov de o:omp ete copy oi fhe�lpproisal Repor+�c ary fh�id party. �5. .IMITATIOh OF LIABILITY EXCE?T TO ?HE EXT=tvT ARIS�:G FROM SECT!Oh 16 SELOw, OR SECTiOh 1' �F ,aPPL1�aBLE,IN NO EVE^�T SrnL�EI'�ER?a2TY OR ANY O�ITS AFFIL:ATE.OFF�CERS,D�REC�ORS,EMP!OYE=S, AGEr�TS, �R CONTRqCTORS BE �in8_E TO THE OTHER, wF+ETHE� 3ASE� �y CONTRaCT w,�RR,4r:"�, INDEMNITY, NEG:�G�NCE, STR1C? LIABlLITY OR O't+ER TORT OR OTMERwtSE, FOR AN� SPECI,a�, CONSEQU�fhT�Al., PUNITIvE. �NC�DENTa OR �piREC' �AMAvcS. AMD AGGREGATE DANWGES IN CONNECT!Oh wITH THiS AGReeN�cNT FOR Ei'rER Pv,Rr ��x�;.UDtNG THE OBLGA'ION TO PAY'HE PEES REQUiR;p MEREJr�DER;ShAi��OT EXCEED'HE GREATER OF THE TOT,i�FEES PAY.I3LE TO A°PRAISER UVDER THiS AGREE:ti1ENT OR T;;N i NOUSAVp DOLLARS(3'O,CO;�; 'H�lIA6!L?1' LIAI:TAT�N$HALL NOT APP'�Y Itv 'ME EVES`1T OF A�iN,�� FlNJING Bv a COURr C� COMPETEN'1UR!SDICTION TMAT SUCH LiABIUTY IS THE RESJIT��A PAR'Y'S PRAUD OZ WILIFUI MISCONDI,CT 'b Clio^� shc' ro> c ssem�na!e, dis!nbUtB, 'nCKB ovo�able � otrerwise F'c��de ony Aooro�s�i Repo� o�eoar.d ^e�e..^de• •� ony �h�•a oo^Y (ncfu��ny w�tha�i limitohor. ^corooro��ry or re*ere,nrg t're ,4Fp.a sol Repo^ , �� who e o� �oart, r ory o�e�ng or o•^e�maferiol ir•e�ded�o�re•.iew by cther a��es;e+ccep�ro��)any•h�re party expressry acFrow"edged n c s�gned w�''^9 oy ApP�c se� as ar "Imenyec User"ot•�e ApP�o�so' Reoort prc��ded !har e��!+er Approiser h4s•ace'ved on occeptoble release irom sL<h�ni.e po�*�w�h respecf ro suc�Aap�o�sol 2epon �.Cf•e�•�rov'ar.s�cce�rao e�nde^�^�h P�ore��s�o Ape-a�ser ac;a;�s��ny clo��rn�es.�H;ng f.om �n.e sfrib�•�on 1735 : i �_.,s�. •- . ..� . � �`'r-`�r�s � I '�.�r.Y�,.. �� ot the ApPraiso�3eoc^�c s.,:h ihvd pnrty.'.ii)any thi�d pary servite p'ov Oer{�ea��r^y-�er�ogenc�as ard a„�iiors� usi^g 1^e Apo•�wl Repon ,- ihe :ourse of providi�g services for the so e be�e6! of on lntended Usor, or(iii)os �eq.,irec+ �y taerv�e, gove�nmeri regulohon, �eC�al p�oCeSs, or ��diciol decree. Ir •he event Appra�se�constnrs, in wri}��g, lo Client .ntorporot�cg or referenc�ng!fie Apprn�sol Repo�:n ary oFermg or o*her me�enois�nfended fo� r�v�ew by o�her Fan�es,Clienr s�ol nc�distribute,file,or otherwise rrqke sucfi ma�erials ova�loble to any such po�ti�s uniess ond�nti)C�ent has proviaed Aporoiser w�th_omplete cop es of s�ch rnoter�als cra Appra:ser i'f0s Gpprpved vll si,ch ma!e�fas n wr:t ng G�e�t sho:�no!mad�fy any such rtwtenals o�ce aoproved oy Appro�ser In the obsence of setisfy�ng the:or+tlitio�ts oi this porogrpph w�th raspect ra o pory who s not des�g�+eted os an!ntended Use�,�n no event sheli fhe rxeipt of pn Appraisai Report by such party ezterd any rignt to the party ro us¢o�rofy on such rcport, ar.a Approissr s^all ho�e �o ob��}y rot sxh unoutho�ized �se and �el�onte o� ony Appfo�sal Repon. Now.'rhstond��g fhe forego.ng o-�ny o•her pro�:s�o^ o;!his ag-eemert, d�ert sha'! x a�tnorizec !o d�scose�he approisal repor ta •ne genero� pucl c n � p;,d�c meetmg, ond, cs perm��ed purs�cot ro Chapre. 1 19, flor�da Sto•utQs. ' Time p�nod for Lagal Adion. U�less fho hma period�s shoAar under applicoble low,aucepf in connerion with parographs 16 and 17 above,Approiser and Client ogree thm any legal adion or luwsuit by one perty against the o�her party or ih affiliatas officen, direC.on, employees, confrocron, agents. or other representatives, whethe� bosed in controd, +warraMy, indemnity, negtigsnc�, sfrid linbilify ot ofher toA o�ofherwise,relating to (o)this Agreemem or the Appraiwl Repoh, (b; any services or appreisals under this AgraemeM or�cj ony ads or conduct rebting to such senices or approisuls. sholl be filed within three (3) years from the dots of delivary ro Client of iha Appraisol Report ro whicn the claims or causes of adion in the Iegal adion or IawsuA re�ate. The time period stoted in this sedion shall�ot be eutanded by any incopaciry of o party or any delay m the discovery or accruol of the underly�ng cloims,causes of adion or damages 1736 a . � . �,, � �.. _ + .. . . �. . . ,_. . . . � . _ .. . � -. �i _. , ._ in order to complete this oss�gnment v�de� the terms outlined, CBRE, inc., Voivation 8 Ad��sory Serv�ces, will require fhe foflowing spetifiC information for the property: t PLEASE NOTIFY US IMMEDIA.TE�Y tF ANY OTHER CBRE SERVIC�LIN_E_LINCIUD,NG G4PSTONEi IS INVOLVED IN THE BROKERAGE FINANCING INVESTMENT OR MANAGEMENT OF THIS ASSET. 2. Curcent title report ond title holder name 3 Legal description 4 Survey a�d/or plat map 5 $ite plan for proposed or entitled development,if applicable b. Current county property tox assessment or toz bill 7 Detoiis on ony sale, contract,or listing of the property within the post three yeors 8 Engi�eering studies, soil tests or environmentol ossessments 4 Ground teose, if appl�coble 10 Plonning(Zoning opplicotion or approvai, if applicoole 1 1 Any previous rrearketldemand studes o�approisols 12 Name and telephone number of property contoct for phys�col inspect�on and additional information needed during the appra;saf process 13 My other information thot mighf be helpful i�valuing this property If any of the requested data ana �nformation is not aYQilpble, CBRE, 'nc., reserves the right to extend the deli�ery dote by the omounf of time it takes to receive the requested informat+on or ma�ce other orrongements. P'ease have the�equested �nformot,on delivered to the following: Stuart Liebermpr., MA! VA$ - Vice�resident stuar!.lieber manL`cbre.com C9RE, Inc. VQluat�on &Advisory Services ?77 Brickell Ave, Ste 1 100 Miami, FL 33131 CBRE 1737 Addenda Addendu m D QUALIFICATIONS 1738 _ _... _ _ . ____ �.,. �. � � .p • ' • ' • � ' . . , i • � ii i ii • i . . , � �T� - -- -- ---- -- - - Experience -- --- -- --- Stuart J. Lieberman, MAI is a Vice president with over 30 years of real estate appraisal and consulting experience. Mr. Lieberman is in the Valuation & ��°`. � • Advisory Services Group's Miami ofFice in the South Florida/Caribbean Region. Since 1987, Mr. Lieberman has provided real estate valuation and consulting ` services to the financial lending community, institutional clients, government agencies, corporate entities, legal & accounting professionals, developers and private individuals. Mr. Lieberman has experience providing market studies, t� feasibiliry studies, highest& best use analysis, market rent studies, expert testimony 8� litigation support and portfolio analysis. � Mr. Lieberman's experience encompasses a wide variety of properfy types ' including single & multi-family residential, senior housing, mobile home parks, high density urban & ocean front developments, open space 8 public parks, automobile dealerships, service stations & convenience stores, funeral homes, �� medical ofFice 8� surgica) centers, mixed-use office, financial institutions & branch banks, retail shopping centers & regional malls, parking garages, restaurants & night clubs, movie theatres, health 8 fitness clubs, marinas & shipping terminals, FBOs (fixed base operations), industrial flex warehouses, bulk distribution, truck terminpls, refrigeration warehouses, R&D, business parks, self-storage facilities; C�I@11tS and, special purpose properties, including bowling alleys, broadcasting facilities, Represented car wash, historical properties, public & private schools, day care facilities, houses of worship & religious facilities, tourist attractions, sport arenas and • BankUnited enterfainment venues & theatres. • Ocean Bank • Centennial Bank Professional Affiliations / Accreditations - • C-111 Asset — —— Manogement • City of Miomi Appraisal Institute-Designated Member No. 12003 . • Miami-Dade County, I�ter�al . Certified General Real Estate Appraiser, State of Florida License RZ 1074 Services Dept. • Licensed Real Estate Broker-Associate, State of Florida License BK 0477878 ___ _— __ Education -- --- — • University of South Florida,Tompa, FL, BA, Political Science- 1985 • Approisol Institute,American Insfitute of Real Estate Appraisers, Society of Real Estate Appraisers and Florida Real Estate Commission core courses,eledives and seminars. 1739 ' '��S?lr�;.,, Ron DeSantis,Governor Halsey Beshears,Secretary ' ��; FI nda �. > .+�:.�,- � �� ''�,„��,�crs,z. . ` - - STATE OF FLORIDA �%�'�'`�� ''1 °�rYs u t. ,,. DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION I! FLORIDA REAI ESTATE APPRAISAL BD � THE CERTIFIED GENERAL APPRAiSER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES �� _ __ _ .;.,;- _ � _ �_ -r --- - f R^ � , y � �.J f' .,=�r�r.,1�'��4j, irv_.._ ' LIEBERMAN, STUART JAY ; 777 BRICKELI AVE SUITE 1100 � MIAMt FL 33131 � � * �. � ��. , �. 1.��'''�"� - ``ti► ,. ,. I y�.,yn�.,.r....r....« � w.ww r rr. �LICENSE NU+MBER: RZ1074 _� EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com � h�� Do not alter this document in any form. � This is your license. It is unlawful for anyone other than the licensee to use this document. a ., -:,� �-_.;,.<:. � � � i � ' � • � i � � I � i � rr • � i i � _ _ Experience Kristin B.Repp is the Managing Diredor of CBRE Valuation and Advisory Services in South Florido. As the market leader with over 25 years of commercial real estate experience, Ms. Repp oversees VAS operations in South Florida with offices in Miami,Fort Lauderdale, � � Boca Raton,and West Palm Beach. Ms. Repp leods o team of professionols thot provide valuotion and advisory services � ' involving all property types. Ms. Repp has exiensive valuation experience and has served a broad range of clients including commerciol and investment banks, REITs, insurance companies, private corporations, investors, owners, developers, ond attorneys. Her expertise incorporates all types of valuation services including appraisals, market and feasibility studies, reol esiote portfolios,financial reporting, estate planning, property tax consulting, ond litigotion support. Ms. Repp was previously a �ce President with CBRE. Prior to joining CBRE, Ms. Repp gained o broad ronge of commercial real estote experience through vorious roles in ' , �„ financial analysis,consulting,acquisitions,due diligence,development,construction,and / w brokeroge. .� �� _ Professional Affiliations / Accreditations — -- • Appraisal Institute—Designated Member (MAI) • Certified General Real Estate Appraiser, State of Florida, RZ2454 • CREW Network • Appraisal Institute—South Florida Chapter • CBRE Women's Nelwork • Appraisal Institute Condidate Advisor _—_�_____ Education • University of Wisconsin-Madison,Modison,Wisconsin Bochelor of Business Administration—Real Estate ond Finance (Double Major) 1741 I �c'�f',�'�T�. Ron DeSantis,Governor Halsey Beshears,Secretary �'� �� FI ricla .�. �' t ,;��` � � � �.�, r i :t_.,__� ti .�� STATE OF FLORIDA .��, `�`"" µ�` `�� DEPARTMENT OF BUSINESSAND PROFESSIONALREGULATION � FLORIDA REAL ESTATE APPRAISAL BD ' THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES r �'�. � - _.— - - -- _ �M . �,w � Rc;' �"". '� � � . 'k.� � � REPP, KRISTIN B � . 201 E KENNEDY BLVD SUITE 250 TAMPA FL 33602 f ��';�. y ''' :� 1�� . �► . _, , '� � � : ?.r ,ti _. ,.,....._._�..,._.,......,.. LICENSE NUMBER: R,Z2454 _. �......_._,.,...., �._. . IXPIRATION DATE: NOVEMBER 30, 2022 I Always verify licenses online at MyFloridaLicense.com I 0��0 �� Do not alter this document in any form. .� I This is your license. It is unlawful for anyone other than the licensee to use this document. ■❑ +. :- Exhibit C Key Project Terms July 2023 - — __ _ _ -- -_ _ Transaction 99-year lease at the foliowing rates: 1. The income the City earns from the current operation of the parking lot plus a 2% annual rent escalation prior to the compietion of the new building to begin immediately after execution. 2. Upon completion of the building, rent escalates to double the current income the City earns from the current operation of the parking lot(approximately 5470,000 per year) plus 2%annual rent escalation. The deal value to the City at the current annual income rate (approximately $235,000) over 99 years with Z% escalation is approximately $47,000,000. The deal value to the City at the proposed rate ($470,000) over 99 years with 2% escalation is $94,000,000. Additional Payments $2 million in payments to the City made over three-year period prior to City to completion of new building. Public Accessible 137 total spaces. 37 spaces guaranteed to not be assigned to monthly Parking or other long-term parking. Middle Three Up to 36 residential units limited to workforce rental units for a control Floors term of 20 years per Article VI of the City Code. Priority given to tenants based on City goals — City employees, art and cultural workers, etc. Alternate One: i Rentals to be managed by the Proposer. Unit mix/size to be determined by the City in line with City goals. Minimal rental term of units must be one year. Workforce housing units must be offered for lease prior to the issuance of a certificate of use for the commercial elements of the building. 1743 Middle Three �' Approximately 25,000 square feet of space to be managed by the i Floors Proposer for purposes of leasing for artist studios and/or office space. Alternate Two: Artist Studios / Non- Profit Office Other All ground floor commercial space retained and leased by Proposer. Office/Commercial Top floor office retained by Proposer. Uses City Zoning Changes City agrees to process necessary zoning changes to support the proposed Development. Currently, the Proposer believes that a rezoning of the site is the only change necessary to accommodate the development as part of a unified development site with the remainder of the block. Closing Closing to occur following the issuance of necessary zoning approvals, including HPB approval. Timeline for Single phase of development. Completion HPB approval - 12 months after Development Agreement Effective Date Completion of Construction documents - 24 months after Effective ' Date Construction Commencement—31 months from Effective Date Completion of Construction - 5 years after Effective Date Outside Date for Entire Development Agreement - 7 years after Effective Date City Remediation City to have no responsibility for remediation or demolition costs. Proposer responsible for demolition and construction. 1744