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Resolution 2022-32250
R E S O L U T IO N N O . 2 0 2 2 -3 2 2 5 0 A R E S O L U T IO N O F T H E M A Y O R A N D C IT Y C O M M IS S IO N O F T H E C IT Y O F M IA M I B E A C H , F L O R ID A , A P P R O V IN G , O N S E C O N D R E A D IN G /P U B LI C H E A R IN G O F T H IS R E S O L U T IO N , T H E V A C A T IO N O F P O R T IO N S O F A L T O N C O U R T , G E N E R A L L Y L O C A T E D B E T W E E N LI N C O L N R O A D A N D S E V E N T E E N T H (1 7 T H ) S T R E E T , C O N S T IT U T IN G B E T W E E N 4 ,0 0 0 S Q U A R E F E E T A N D 5 ,5 0 0 S Q U A R E F E E T IN T O T A L A R E A , A S R E F L E C T E D IN T H E S IT E P L A N A T T A C H E D A S E X H IB IT "A " T O T H E M E M O RA N D U M A C C O M P A N Y IN G T H IS R E S O L U T IO N (T H E "R O W "), IN F A V O R O F T H E A B U T T IN G P R O P E R T Y O W N E R (S ), B H T H E A L T O N L L C , A N D , IF A P P LI C A B L E , A L T O N J A L IN C . A N D M IT C H E L L P R O P E R T Y IN V E S T M E N T S L L C (C O L L E C T IV E L Y , T H E "A P P LI C A N T "), W H IC H V A C A T IO N S H A L L B E S U B J E C T T O A R E S T R IC T IV E C O V E N A N T A L L O W IN G T H E A P P LI C A N T T O IN C O R P O R A T E T H E D E V E L O P A B L E S Q U A R E F O O T A G E A T T R IB U T A B L E T O T H E P O R T IO N S O V A C A T E D S O L E L Y IN T O B H T H E A L T O N L L C 'S M IX E D -U S E D E V E L O P M E N T O N A L T O N R O A D ; F U R T H E R , P R O V ID IN G T H A T T H E V A C A T IO N O F T H E C IT Y R O W S H A L L B E S U B J E C T T O A N D C O N D IT IO N E D U P O N : (A ) T H E A P P LI C A N T 'S D E LI V E R Y O F C E R T A IN P U B LI C B E N E F IT S T O T H E C IT Y , IN C L U D IN G A V O L U N T A R Y M O N E T A R Y C O N T R IB U T IO N P A Y M E N T IN T H E F IX E D A M O U N T O F $3 ,5 0 0 ,0 0 0 R E G A R D L E S S O F T H E T O T A L S Q U A R E F O O T A G E V A C A T E D IN F A V O R O F T H E A P P LI C AN T, (B ) E XE C U TI O N B Y T H E A P P LI C A N T O F A R E S T R IC T IV E C O V E N A N T S T IP U L A T IN G T H A T T H E A D D ITI O N A L D E V E L O P A B L E S Q U A R E F O O T A G E A T T R IB U T A B L E T O T H E V A C A T E D P O R T IO N O F T H E R O W M A Y O N L Y B E IN C O R P O RA T E D IN T O B H T H E A L T O N L L C 'S P R O P O S E D D E V E L O P M E N T O N A L T O N R O A D , A N D (C ) A PERPETUAL EASEMENT IN FAVOR OF THE CITY OVER THE ROW, TO ENSURE CONTINUED PUBLIC USE OF THE ROW FOR CITY ACCESS, PEDESTRIAN AND VEHICULAR TRAVEL, AND UTILITIES; FURTHER, WAIVING, BY 517TH VOTE, THE COMPETITIVE BIDDING REQUIREMENT, PURSUANT TO SECTION 82-38 OF THE CITY CODE, FINDING SUCH WAIVER TO BE IN THE BEST INTEREST OF THE CITY; FURTHER, AUTHORIZING THE ADMINISTRATION TO FINALIZE A VACATION AGREEMENT THAT INCORPORATES THE CONDITIONS SET FORTH IN THIS RESOLUTION, AND FURTHER AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE VACATION AGREEMENT, SUBJECT TO FORM APPROVAL BY THE CITY ATTORNEY. WHEREAS, the City holds a right-of-way dedication to the portion of Alton Court, between Lincoln Road and Seventeenth (17 ) Street, consisting of approximately 8,000 square feet, and more particularly reflected on the Site Plan attached Exhibit "A" to the Memorandum accompanying this Resolution (the "ROW"); and WHEREAS, BH The Alton LLC ("BHT A") owns those certain properties known as 1656, 1664, 1676, 1680 Alton Road and 1677 West Avenue and identified by tax folio numbers 02-3234- 017-0160, 02-3234-017-0170, 02-3234-017-0180, 02-3234-017-0190, and 02-3233-017-0050 (the "BH Property"), Alton JAL Inc. ("AL T J") owns those certain properties known as 1209 and 1245 Lincoln Road and identified by tax folio numbers 02-3234-017-0150 and 02-3233-017-0100 (the "AJ Property"), Mitchell Property Investments LLC, ("MPI") owns that certain property known as 1661 West Avenue and identified by tax folio number 02-3233-017-0090 (the "Mitchell Property") and 1681 West Ventures, LLC (1681W est" and together with BHTA, ALTJ and MPI, collectively, the "Applicant") owned that certain property known as 1681 W est Avenue and identified by tax folio number 02-3233-017-0040 (the "1681West Property" and together with the BH Property, the AJ Property and the Mitchell Property, the "Property") as reflected in Exhibit "B" to the Memorandum accompanying this Resolution; and WHEREAS, the City Commission has expressed an interest in diversifying the City's economy for the benefit of the City and its residents, particularly by making a concerted effort to attract the financial services and technology industries; and WHEREAS, the City Commission believes that to achieve this objective, there is a need to increase the inventory of Class A Office space throughout the City; and WHEREAS, the BHTA intends to redevelop the Alton Road folios that form part of the Property as a Class A Office development (the "Proposed Development"); and WHEREAS, in conjunction with Proposed Development, BHTA is requesting that the City vacate certain portions of the ROW, and has submitted its application to the City's Public Works Department with respect thereto; and WHEREAS, in accordance with Article II, Sections 82-36 through 82-40, of the City Code, prior to approving a request for vacation, the following requirements must be satisfied: (1) the title of the Resolution approving the proposed vacation shall be heard by the City Commission on two separate meeting dates, with the second reading to be accompanied by a duly noticed public hearing; (2) the proposed vacation shall be transmitted to the Finance and Economic Resiliency Committee (FERC) for its review; (3) the City's Planning Department shall prepare a written planning analysis, to be submitted to the City Commission concurrent with its consideration of the proposed vacation; and ( 4) the City shall obtain an independent appraisal of the fair market value of the property proposed to be vacated; and WHEREAS, BHTA is proposing that certain portions of the ROW to be vacated and certain parcels included the Applicant's Property be joined via a covenant in lieu of unity of title following the effective date of the vacation, so that the Proposed Development can be developed as part of a unified development site thereby allowing Applicant to transfer floor area ratio ("FAR") from Applicant's West Avenue parcels to Applicant's Alton Road parcels to allow for additional Class A Office space within the Proposed Development; and WHEREAS, BHTA further desires that the Mayor and City Commission consider allowing BHTA to utilize the FAR associated with the portions of the ROW being vacated (the "ROW FAR") to allow for the inclusion of more square footage of Class A Office in the Proposed Development; and WHEREAS, the proposed vacation was heard before the City Commission on June 22, 2022, at First Reading, with a recommendation to refer the item to the Finance and Economic Resiliency Committee for consideration at its June 24, 2022 meeting (or such subsequent meeting as is prior to the July 20, 2022 City Commission meeting); WHEREAS, Pursuant to the requirements of Section 1.03(b)(4) of the City Charter, the proposed vacation was heard and approved by a 517th vote by the Planning Board at its June 21, 2022 meeting; and 2 W H E R EA S , the Planning Department's analysis and favorable recommendation of the vacation, pursuant to Section 82-38 of the City Code, shall be attached to the Memorandum that will accompany this Resolution; and WHEREAS, the Public Works Department received an appraisal report on June 23, 2022 (the "Appraisal Report") that includes fair market valuations of (a) the ROW with all appurtenant rights, (b) the contemplated perpetual easem ent, (c) trans ferable FAR and (d) an investment value premium associated with the contemplated vacation; and WHEREAS, the Appraisal Report shall be attached to the Memorandum that will accompany this Resolution; and WHEREAS, the Public Works Department has calculated that the following amounts would be appropriate monetary contributions to be proffered as a public benefit in connection with the proposed ROW vacation; 4,000 - 5,500 Square Feet including associated FAR $3,500,000 WHEREAS, the Administration recommends in favor of the proposed vacation of the ROW , with the vacation of the ROW subject to and conditioned upon the Applicant's delivery of certain public benefits to the City: (1) the Applicant's voluntary monetary payment to the City of the applicable public benefit depending on the square footage of the area vacated and whether FAR is included or not, (2) the Applicants' providing the City with a perpetual easement over the ROW to ensure continued public use of the ROW for City access, public pedestrian and vehicular travel, and the installation and maintenance of utilities and (3) Applicant's covenant that any FAR associated with the vacated ROW, if not retained by the City, will only be used on the Alton Road parcels; and WHEREAS, Section 82-39(a) of the City Code provides that the lease or sale of public property also requires an advertised public bidding process, which requirement may be waived by 5/7 vote of the City Commission ; and WHEREAS, by operation of law, once the City vacates the ROW , the underlying fee interest in the ROW vests with the current abutting property owners, subject to any retention of rights by the City; and WHEREAS, the City Administration recommends that the Mayor and City Commission waive the competitive bidding requirement, finding that the public interest is served by waiving such condition; and WHEREAS, Section 1.03 (b)(4) of the Charter also requires that the vacation be approved by 6/7° vote of the City Com mission wh ereby the City Commission has the discretion to approve the vacation if the City Commission finds that the vacation meets the criteria established in Section 82-38 of the City Code and the public benefit proffered is compelling; and WHEREAS, the vacation of such portion of the ROW as the City and Applicant shall agree shall be subject to and conditioned upon the Applicant and City executing a Vacation Agreement that includes the following terms and conditions: 3 (1 ) A p p lic a n t s h a ll p r o v id e th e C ity w ith a v o lu n ta ry m o n e ta ry c o n trib u tio n in th e a m o u n t o f $3 ,5 0 0 ,0 0 0 ; a n d (2 ) A s p e r m itt e d u n d e r S e c tio n 1 .0 3 (c ) o f th e C ity C h a rt e r a n d S e ct i o n 1 1 8 -5 o f th e C ity C o d e , th e A p p lic a n t, u p o n o b ta in in g fe e o w n e rs h ip o f th e R O W , s h a ll c re a te a u n ifi e d d e v e lo p m e n t s ite , th e re b y p e rm itt in g th e a g g re g a tio n o f flo o r a r e a ("F A R ") a c ro s s th e u n ifi e d a b u tt in g p a rc e ls ; a n d (3 ) A p p lic a n t s h a ll g r a n t a p e rp e tu a l, n o n -re v o c a b le e a s e m e n t in fa v o r o f th e C ity , fo r th e C ity 's c o n tin u e d u s e o f th e R O W fo r C ity a c c e s s , p e d e s tria n a n d v e h ic u la r tra v e l, a n d u tilitie s ; a n d (4 ) A p p lic a n t s h a ll p a y a ll o f th e C ity 's c o s ts in c o n n e c tio n w ith th e p ro p o s e d v a c a tio n o f th e R O W , in cl u d in g a n y C ity c lo s in g c o s ts , re c o rd in g fe e s , o r o u ts id e le g a l fe e s th a t m a y b e in c u rre d b y th e C ity ; a n d (5 ) A p p lic a n t a g r e e s th a t C ity 's q u it c la im d e e d fo r th e R O W s h a ll c o n ta in a re v e rt e r c la u s e , to p ro v id e fo r th e R O W to re v e rt b a c k to th e C ity in th e e v e n t A p p lic a n t fa ils to s a tis fy a ll c o n d itio n s o f th e V a c a tio n A g re e m e n t p r io r to th e c o m p le tio n o f th e P ro p o s e d D e v e lo p m e n t, w ith s u c h re v e rt e r b e in g w ith o u t p r e ju d ic e to a n y o th e r rig h ts o r re m e d ie s th a t m a y b e a v a ila b le to th e C ity in th e e v e n t th e A p p lic a n t fa ils to s a tis fy th e c o n d itio n s o f th e V a c a tio n A g r e e m e n t; a n d (6 ) A p p lic a n t a g r e e s th a t C ity s h a ll n o t is s u e a T e m p o ra ry C e rt ifi c a te o f O c c u p a n c y o r fi n a l C e rt ifi c a te o f O c c u p a n c y (w h ic h e v e r c o m e s fi rs t) fo r th e P ro p o s e d D e v e lo p m e n t u n til th e A p p lic a n t h a s s a tis fi e d a ll c o n d itio n s o f th e V a c a tio n A g r e e m e n t; a n d (7 ) T h e V a c a tio n A g r e e m e n t s h a ll re q u ire th a t th e A p p lic a n t e x e c u te a re s tr ic tiv e c o v e n a n t s tip u la tin g th a t th e d e v e lo p a b le s q u a re fo o ta g e a tt r ib u ta b le to th e p o rt io n o f th e R O W v a c a te d in fa v o r o f th e A p p lic a n t w il l o n ly b e u s e d fo r d e v e lo p m e n t o n th e A lto n R o a d p a rc e ls a n d th a t d e v e lo p a b le s q u a r e fo o ta g e c a n b e tra n s fe rre d w ith in th e c o n te m p la te d u n ifi e d d e v e lo p m e n t s ite o n ly fr o m W e s t A v e n u e p a rc e ls to A lto n R o a d p a r c e ls . WHEREAS, in the event of a breach by Application of the Vacation Agreement, following notice to Applicant and a reasonable opportunity to cure, the Vacation Agreement shall be subject to termination, and in the event of any such termination, this Vacation Resolution shall be null and void; and WHEREAS, the Administration recommends approval of the vacation on Second Reading Public Hearing on July 20, 2022, subject to the terms and conditions contained herein. 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 approve by 6/7th vote, on Second Reading/Public Hearing of this Resolution, the vacation of portions of Alton Court (the "ROW"), generally located between 4 Li ncoln Road and Seventeenth (17 th) S treet constituting betw een 4,0 00 and 5,5 00 sq ua re feet in total area, as refle cted in the site plan attached as Exhibit "A " to the m e m orand u m accom pa nying this R esolution, in favor of the abutting propert y ow ne rs, BH the A lton LLC , and , if applicab le , A lton Ja l Inc., M itche ll Propert y Investm e nts LLC and 16 8 1 W est V entures, LLC (co lle ctively, the "A pplicant"), w hich vacatio n shall incl ude a restrictive covenant allow ing the applicant to incorporate the develo pa ble square fo otage attributable to the port ion so vacated so le ly into B H T he A lton LLC 's m ixed-use de velopm ent on A lton R oad ; furt her, pro viding that the vacatio n of the R O W shall be subje ct to and conditioned upon: (a) the A pplicant's delivery of ce rt ain pub lic benefit s to the C ity, including the applicable m o netary contributio n in the fixed am o unt of $3,500,0 00 regardless of the total square fo otage vacated in favor of the Ap plic an t, , (b) execution by the Applicant of a restrictive covenant stipulating that the additional developable square footage attributable to the vacated portion of the ROW may only be incorporated into BH The Alton LLC's proposed development on Alton Road and (c) a perpetual easement in favor of the City over the ROW, to ensure continued public use of the ROW for City access, pedestrian and vehicular travel, and utilities; further, waiving, by 5/7th vote, the competitive bidding requirement, pursuant to Section 82-38 of the City Code, finding such waiver to be in the best interest of the City; further, authorizing the Administration to finalize a vacation agreement that incorporates the conditions set forth in this Resolution, and further authorizing the Mayor and City Clerk to execute the vacation Agreement, subject to form approval by the City Attorney. PASSED and ADOPTED this)_ day otkSh,, ATTEST: 7 Ls. Rafael G. Granado, City Clerk Dan Gelber, Mayor ,,++·····++,,, APPROVED AS TO :° ·.- FORM & LANGUAGE S 28< &FOR EXE CUTION il 4r; ·' lolo 2 ••• ,.- . '-:¡ ~ I 0)7¿..=-- _„ ci ii i 2¿ % ri ? se ·TDis? 5 Resolutions - R7 K MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Alina T. Hudak, City Manager DATE: July 20, 2022 2:45 p.m. Second Reading Public Hearing SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING, ON SECOND READING/PUBLIC HEARING OF THIS RESOLUTION, THE VACATION OF PORTIONS OF ALTON COURT (THE "ROW"), GENERALLY LOCATED BETWEEN LINCOLN ROAD AND 17TH STREET, NOT EXCEEDING 6,500 SQUARE FEET IN TOTAL AREA, AS REFLECTED IN THE SITE PLAN ATTACHED AS EXHIBIT "A" TO THE MEMORANDUM ACCOMPANYING THIS RESOLUTION, IN FAVOR OF THE ABUTTING PROPERTY OWNERS, BH THE ALTON LLC, ALTON JAL INC., MITCHELL PROPERTY INVESTMENTS LLC AND 1681 WEST VENTURES, LLC (COLLECTIVELY, THE "APPLICANT"); FURTHER, PROVIDING THAT THE VACATION OF THE CITY ROW SHALL BE SUBJECT TO AND CONDITIONED UPON: (A) THE APPLICANT'S DELIVERY OF CERTAIN PUBLIC BENEFITS TO THE CITY, INCLUDING THE APPLICABLE MONETARY CONTRIBUTION DEPENDING ON THE SQUARE FOOTAGE OF THE AREA TO BE VACATED AND WHETHER THE FLOOR AREA RATIO ("FAR") ASSOCIATED WITH THE VACATED ROW IS RETAINED BY THE CITY OR CONVEYED TO APPLICANT, AND (B) A PERPETUAL EASEMENT IN FAVOR OF THE CITY OVER THE ROW, TO ENSURE CONTINUED PUBLIC USE OF THE ROW FOR CITY ACCESS, PEDESTRIAN AND VEHICULAR TRAVEL, AND UTILITIES; FURTHER, WAIVING THE COMPETITIVE BIDDING REQUIREMENT, PURSUANT TO SECTION 82-38 OF THE CITY CODE, FINDING SUCH WAIVER TO BE IN THE BEST INTEREST OF THE CITY; FURTHER, AUTHORIZING THE ADMINISTRATION TO FINALIZE A VACATION AGREEMENT THAT INCORPORATES THE CONDITIONS SET FORTH IN THIS RESOLUTION, AND FURTHER AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE VACATION AGREEMENT, SUBJECT TO FORM APPROVAL BY THE CITYATTORNEY. RECOMMENDATION The Administration recommends in favor of the proposed vacation of the right of way ("ROW") subject to and conditioned upon the Applicant's delivery of certain public benefits to the City: (1) the Applicant's voluntary monetary payment to the City of the applicable public benefit depending on the square footage of the area vacated and whether FAR is included or not, (2) Page 916 of 1502 the Applicant's providing the City with a perpetual easement over the ROW to ensure continued public use of the ROW for City access, public pedestrian and vehicular travel, and the installation and maintenance of utilities and (3) Applicant's covenant that any FAR associated with the vacated ROW, if not retained by the City, will only be used on the Alton Road parcels. BACKGROUND/HISTORY The City holds a right of way dedication to a 20 foot wide public right of way alley known as Alton Court(hereinafter referred to as the "Alley"), running parallel and between Alton Road and West Avenue, between Lincoln Road and 17th Street. BH The Alton LLC ("BHTA") owns those certain properties known as 1656, 1664,1676,1680 Alton Road and 1677 West Avenue and identified by tax folio numbers 02-3234-017-0160, 02- 3234-017-0170, 02-3234-017-0180, 02-3234-017-0190, and 02-3233-017-0050 (the "BH Property"), Alton JAL Inc. ("ALTJ") owns those certain properties known as 1209 and 1245 Lincoln Road and identified by tax folio numbers 02-3234-017-0150 and 02-3233-017-0100 the "AJ Property'), Mitchell Property Investments LLC, ("MPI") owns that certain property known as 1661 West Avenue and identified by tax folio number 02-3233-017-0090 (the Mitchell Property")and 1681 West Ventures, LLC ("1681 West" and together with BHTA,ALTJ and MPI, collectively, the "Applicant") owns that certain property known as 1681 West Avenue and identified by tax folio number 02-3233-017-0040 (the "1681 West Property" and together with the BH Property, the AJ Property and the Mitchell Property, the "Property") as reflected in the Site Plan attached as Exhibit"A". The City Commission has expressed an interest in diversifying the economy for the benefit of the City and its residents, particularly by making a concerted effort to attract the financial services and technology industries. The City Administration believes that to achieve this objective, there is a need to increase the inventory of Class A Office space throughout the City. BHTA intends to redevelop the Alton Road folios that form part of the Property as a Class A Office development (the "Proposed Development"). BHTA has requested that certain portions of the Alley, not to exceed 6,500 square feet, be vacated and certain parcels the Applicant's Property be joined via a covenant in lieu of unity of title following the effective date of the vacation, so that the Proposed Development can be improved as part of a unified development site. This would give Applicant the ability to transfer Floor Area Ratio ("FAR") from Applicant's West Avenue parcels to Applicant's Alton Road parcels to allow for additional Class A Office space within the Proposed Development. BHTA has also expressed an interest, if the Commission is agreeable, to utilize the FAR associated with the portions of the ROW being vacated. ANALYSIS In accordance with Article II, Sections 82-36 through 82-40, of the City Code, prior to approving a request for vacation, the following requirements must be satisfied: (1) the title of the Resolution approving the proposed vacation shall be heard by the City Commission on two separate meeting dates, with the second reading to be accompanied by a duly noticed public hearing; (2)the proposed vacation shall be transmitted to the Finance and Economic Resiliency Committee (FERC) for its review, (3) the City's Planning Department shall prepare a written Planning Analysis, to be submitted to the City Commission concurrent with its consideration of the proposed vacation; and (4) the City shall obtain an independent appraisal of the fair market value of the property proposed to be vacated. Page 917 of 1502 Pursuant to the requirements of Section 1.03(b)(4) of the City Charter, the proposed vacation was heard and approved by a majority of the members of the Planning Board at its June 21, 2022 meeting. The Planning Department's analysis and favorable recommendation of the vacation, pursuant to Section 82-38 of the City Code are attached as Exhibit"B". The proposed vacation was heard before the City Commission on June 22, 2022, at First Reading, with a recommendation to refer the item to the Finance and Economic Resiliency Committee. The Public Works Department received an appraisal report on June 23, 2022 (the "Appraisal Report") that includes fair market valuations of (a) the ROW with all appurtenant rights, (b) the contemplated perpetual easement, (c) transferable FAR and (d) an investment value premium associated with the contemplated vacation. The Appraisal Report is attached to this Memorandum PROPOSED PUBLIC BENEFIT The Public Works Department has calculated that the following amounts would be appropriate monetary contributions to be proffered as a public benefit in connection with the proposed ROW vacation: 6,500 Square Feet including associated FAR $4,594,707 6,000 Square Feet including associated FAR $4,241,268 6,500 Square Feet without associated FAR 1,641,432 6,000 Square Feet without associated FAR 1,515,168 SUPPORTING SURVEY DATA Results from the 2019 Resident Survey related to perception satisfaction of the City show that 79% of residents were very satisfied/satisfied and rated the City of Miami Beach as a place to live; and 70% were very satisfied/satisfied with the overall image of the City. FINANCIAL INFORMATION No fiscal impact. CONCLUSION The Administration recommends in favor of the proposed vacation of the right of way ("ROW") subject to and conditioned upon the Applicant's delivery of certain public benefits to the City: (1) the Applicant's voluntary monetary payment to the City of the applicable public benefit depending on the square footage of the area vacated and whether FAR is included or not, (2) the Applicants' providing the City with a perpetual easement over the ROW to ensure continued public use of the ROW for City access, public pedestrian and vehicular travel, and the installation and maintenance of utilities and (3) Applicant's covenant that any FAR associated with the vacated ROW, if not retained by the City,will only be used on the Alton Road parcels. Applicable Area South Beach Is this a "Residents Right Does this item utilize G.O. Page 918 of 1502 to Know" item. pursuant to Bond Funds? City Code Section 2-14? Yes No Strategic Connection Prosperity - Market and promote Miami Beach as a world class arts, culture, and quality entertainment destination. Legislative Tracking Public Works ATTACHMENTS: Description Exhibit A- Site Plan Exhibit B - Planning Analysis Appraisal Resolution Page 919 of 1502 Exhibit A Site Plan Legend t 41 n 1245 Lincoln Rd_ 4 - _ Ln1Re Alai Cox..A. ORwren-wain Rd.and t?ti 5_ s AOtIVCI SP'°OCIS3 acsai Development Site iI Duet;ai eAlan Zoo.ttat wo,ed he a.-ted tx Ott' ost Office/1661 WestAor. ] _ r 1 t --I {,S A 4' I"''Li' L. r. 1ut . .-- ik**.`" -P.. it w__2___. -.07_-_, . C'--, l i $ 'ILL.- r E_ p II J tt. j. fit ` '- f . 144 _ t • pr. - ,.. ii,,t% 7.- . -- r Lti' :Ai2g]R D _ k 1 A rr , q(' 0 62.5 125 250 Feet s I 1 t 1 I 1 I 1 I Page 920 of 1502 City of Miami Beach, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov PLANNING DEPARTMENT MEMORANDUM TO:Alina T. Hudak, City Manager FROM: Thomas R. Mooney, AICP Planning Director DATE: June 29, 2022 SUBJECT: Planning Analysis of Proposed Vacation of a Portion of the Alton Court Right- of-Way, Between Lincoln Road and Seventeenth (17th) Street. BACKGROUND Section 82-38 of the Code of the City of Miami Beach requires that any proposed sale or lease of City-owned land be analyzed from a planning perspective so that the City Commission and the public are fully apprised of all conditions relating to the proposed sale or lease. The subject proposal pertains to the vacation of a portion of the Alton Court Right-of-Way between Lincoln Road and 17th Street. The applicant has requested that only two small segments, totaling 1,500 square feet, be vacated. However, it is recommended that the entire alley be vacated, totaling approximately 8,000 square feet. The following is a preliminary analysis based on the criteria delineated in the Code: ANALYSIS 1. Whether or not the proposed use is in keeping with city goals and objectives and conforms to the city comprehensive plan. Consistent—The proposed alley vacation is consistent with the Comprehensive Plan and keeps with the City's goals of encouraging the development of class A office space along Alton Road. The site has a future land designation of Medium Intensity Commercial Category (CD-2). No Comprehensive Plan amendment would be necessary if the alley were vacated. 2. The impact on adjacent property, including the potential positive or negative impacts such as diminution of open space, increased traffic, noise level or enhanced property values, improved development patterns and provision of necessary services. Based on the proposed use of the property, the city shall determine the potential impact of the project on city utilities and other infrastructure needs and the magnitude of costs associated with needed infrastructure improvements. Should it become apparent that further evaluation of traffic impact is needed, the proponent shall be responsible for obtaining a Page 921 of 1502 Planning Analysis of Proposed Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and Seventeenth (17th) Street. June 29, 2022 Page 2 of 3 traffic impact analysis from a reputable traffic engineer. Consistent — The vacation of the alley could result in an improved development pattern for the surrounding block, as the more intense uses would shift east towards the Alton Road corridor, while the less intense uses would remain on the west near the residential neighborhood along West Avenue. As no FAR is derived from the vacation, there is no potential for increased traffic beyond what could occur if the vacation does not take place. Given that the vacation is expected to result in a class A office building, it is expected that this proposal will enhance surrounding property values. As there is an easement being provided in favor of the City, there will be no impact on utilities. The impacts of any development that will be facilitated as a result of the vacation will be analyzed as part of the development review process. 3. A determination as to whether or not the proposed use is in keeping with a public purpose and community needs, such as expanding the city's revenue base, creating jobs, creating a significant revenue stream, and improving the community's overall quality of life. Consistent — This proposal is in keeping with a public purpose by facilitating the development of a class A office building. Developing class A office space is a goal of the City, in effort to diversify the City's economy from an overreliance on tourism. Additionally, the applicant will be voluntarily proferring a monetary contribution for the vacation. 4. A determination as to whether or not the development is in keeping with the surrounding neighborhood, will block views or create environmental intrusions, and evaluation of the design and aesthetic considerations of the project. Consistent — The surrounding neighborhood will not be negatively affected. The proposed vacation will result in a shifting of allowable FAR from the west part of the block to the east part of the block, which will help to preserve views for the residential properties on the west side of Alton Road. However, design and aesthetic considerations will be considered as part of the design review process for any new development. 5. The impact on adjacent properties, whether or not there is adequate parking, street and infrastructure needs. Consistent — The proposed alley vacation would create minimal impacts on surrounding properties, as it will continue to function as it does today. Any new development would be facilitated as a result of the alley vacation would be required to comply with the parking requirements of the Land Development Regulations (LDRs) and there will be adequate parking. The vacation of the alley itself will not create new infrastructure needs. The infrastructure needs of any potential development will be We are committed to providing excellent public service and safety to oil who i;ve, work, and play in our vibrant, tropical, historic community. Page 922 of 1502 Planning Analysis of Proposed Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and Seventeenth (17th) Street. June 29, 2022 Page 3 of 3 analyzed as part of the development approval process. 6. Such other issues as the city manager or his authorized designee, who shall be the city's planning director, may deem appropriate in analysis of the proposed disposition. As mentioned above, the applicant has requested that only two small segments, totaling 1,500 square feet, be vacated. There are concerns with having various segments of the alley under a different form ownership, as it could result in confusion if work is needed along the alley in the future. In order to address this concern, it is recommended that the entire alley be vacated. Under this proposal, the portions of the alley adjacent to the City-owned parking lot Lot P24) would revert to the City and the remainder of the alley would revert to the adjacent private property owners. The vacation of the entire alley would total approximately 8,000 square feet with a length of approximately 400 feet. CONCLUSION The proposed vacation of the public ROW is consistent with the Goals, Objectives, and Policies based on the approved proposals for the property. The vacation of the portion of the Alton Court alley will generate no negative impacts for the surrounding area. The property would continue to serve in much the same manner, as public access will continue to be provided. We are committed to providing excellent public service and safety to oil who live, work, and ploy in our vibrant, tropical, historic community. Page 923 of 1502 CBRE VALUATION & ADVISORY SERVICES APPRAISAL REPORT ALTON COURT ALLEY VACATION MIAMI BEACH , FLORIDA 33139 CBRE FILE NO . CB22US074656 - 1 CLIENT : CITY OF MIAMI BEACH , FLORIDA CBRE VALUATION & ADVISORY SERVICES CBRE 777 Brickell Avenue,Suite 1 100 Miami,FL 33131 T (305)381-6472 www.cbre.com Date of Report: June 23, 2022 Ms. Alina T. Hudak, City Manager CITY OF MIAMI BEACH, FLORIDA 1 700 Convention Center Drive Miami Beach, Florida 33139 RE: Appraisal of: Alton Court Alley Vacation Miami Beach, Miami-Dade County, Florida CBRE, Inc. File No. CB22US074656-1 Dear Ms. Hudak: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report. The subject is a 0.18-acre (8,000-SF) paved & improved public alleyway (20-feet in width) located at 1656 to 1680 Alton Court in the South Beach submarket in Miami Beach, Florida. The abutting owner/developer of 1656 to 1680 Alton Road and 1677 West Avenue, BH The Alton, LLC, is interested in acquiring portions of the subject alleyway (500-SF & 1,000-SF) from the City of Miami Beach in order to create a unified development site between the parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels. In turn, the City of Miami Beach would retain a perpetual easement "at & below" surface grade for continued use as an alley with access to all utilities and other public benefits to be negotiated with the developer. Because there are limited "arm's length" comparable sales of alleyways and-or public rights-of- way necessary for a reasonable & supportable valuation process, we have applied the "across the fence" (ATF) valuation methodology. In theory, ATF is applicable when undevelopable sites with limited marketability can be joined to an adjacent parcel and can legally assume the adjacent parcel's highest & best use and unit value. With regards to the subject site, we have employed the ATF methodology based on the existing the CD-2, Commercial, Medium Intensity District "as of right" zoning density. Based on the foregoing and at the specific request of the client, we have estimated the market value As Is for the subject property; the As Proposed Perpetual Easement; the Market Value of the Transferable Floor Area; and the Investment Value of the Transferable Floor Area. The investment value is a specific value to a particular investor and-or developer based on specific & individual investment requirement, such as an assemblage by an abutting property owner and is distinguished from market value, which is impersonal and detached. 2022 CBRE,Inc. Page 925 of 1502 June 23, 2022 Page 2 Based on the analysis contained in the following report, the market values of the subject property, as of the effective date of this report, is concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion As Is,"As of Right" Fee Simple Estate June 18,2022 5,600,000 As Proposed Perpetual Easement Fee Simple Estate June 18,2022 1,586,480 Market Value of Transferable Floor Area Fee Simple Estate June 18,2022 233.00 PSF Investment Value of Transferable Floor Area Fee Simple Estate June 18,2022 291.25 PSF Compiled by CBRE 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 analyses, 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 and Standards of Professional Appraisal Practice of the Appraisal 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 report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the 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 extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof). 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 contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES c/) 444,Ckth iat2 o Stuart Lieberman, MAI Kristin Repp, MAI Vice President Managing Director— South Florida Cert Gen RZ1074 Cert Gen RZ2454 Phone: (305) 381-6472 Phone: (813) 868-8001 Email: Email: 2022 CBRE,Inc. Page 926 of 1502 CBRE c."1012 CN gin, 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 and limiting conditions and are our personal, impartial 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 a predetermined value or direction in value that 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 directly related to the intended use of this appraisal. 6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Florida. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. As of the date of this report, Stuart Lieberman, MAI and Kristin Repp, MAI have completed the continuing education program for Designated Members of the Appraisal Institute. 10.Stuart Lieberman, MAI has and Kristin Repp, MAI has not made a personal inspection of the property that is the subject of this report. 1 1 . No one provided significant real property appraisal assistance to the persons signing this report. 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 Lieberman, MAI and Kristin 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. 1/-.344.4.,(3/h laPP1 Stuart Lieberman, MAI Kristin Repp, MAI Cert Gen RZ1074 Cert Gen RZ2454 2022 CBRE,Inc. Page 927 of 1502 CBRE Subject Photographs Subject Photographs la s s. r t y Alton Court Alley VacationsrMr s iI 165619 1600 Anton Gouty.Mami Beach.FL 33139 ' 1• s iw _ !Vi 1 . K f_ _ f s= aae 414 ate` f _ iF a,e---‘ ti 1 j it 3 1` 1 . 1 414 oli . v ICU 1 , t. Subject „i. i. ifirt inms t.. • t...„ ..,,,.. _ ....,..... f. , ._„ _.... :0 :___....ri.41;_i :: 1:;* lir Google Earth 4 a -7'' _ Sco n Aerial View ii 2022 CBRE, Inc. Page 928 of 1502 CBRE 2022 C0 0 , Subject Photographs 11.12 .-r a••.-,.1,,. .—L•I7.7..=+,ea a .—•-•-•• 14...,- - 71,- 1I.-0,.3` pelf. 4 4. K - i!flr 1 • I - • 111bb„..,40.,.. I •1 : let ' ' I-- - I. 14.1--,-.0e7-,Ai. ,......„1.44,-,... ,.i,-!_a*,... Photo 1 - Alton Court Lookin. North Photo 2 - Alton Court Looking South 4-_f, I., t 4 =' f' cil -i -4 Ar i• - .A•••••.,-.__,••• tif: ,1 ', / 1 E1 • - 1-_-,,,"r::-',",-:-.'.; c I ty INN ..... I_ 1 1,.!_ i ir a,-- • lig al. 9 • . 11V r , •r'.,,- 1: 1 Of r li. figill ' ff ' - ie i , NIL ' 1- - --- ' -- - - s_...---.-.e•444-, - srliii-, 1011. - r:.--.-14-7-,*7-cL-4.--",,;ri'•; ,....-.7,--'s'. ---. -m.'.5,-...-''',:-_-- * -,' ,,,,:_ i.•,_-_7-4-, -_--7.i,=::- -,---•• ----i• -.. w,-*-,-..,k,,---,--,..-...-,. .--d-iii.:-..•.--,.-4_.. ,---,7.--.".. :-. ;- 7'-- —'''' - —-—-- — - ''---,•'=7--7-tx- `is',.•*-4°'-'..±---t-L---.•=',..---r- '.1c ,--'•"4_.....-i,•:.--. '.-.•-.-,---_--•,- • -. Photo 3 - Alton Court Alley to be Vacated Photo 4 - Alton Court to be Vacated i04 - t . • ".... 1 1v2I,•tit- 44.A•--I 1 r' j. • a 4...4t ._ Aitt6' i . 11 a aVajjabie ft ti.ik_ I . I Potkr* A, :4 . . , ii• oto„,..•••••____--pil - . 0n0,677 Weir•+., ...,.....• :. ,-1 I i i) f• f---- ir i s':,5-5' ' -- '' • b., -- i ' 305 476 7134• m.-- xse"--- l lagrigi,‘1..... a Photo 5 - Alton Road Fronta•e Photo 6 - Alton Road Fronta.e III CBRE©2022 CBRE,Inc. Page 929 of 1502 Subject Photographs l a t i Art Y 1 4 a Photo 7 -West Avenue Lookin. North Photo 8 - Lincoln Road Looking East• Mill",11.96111_ Tz__ s tee 4•,v,,e -- Photo 9 - Alton Road Looking South Photo 10 - Lincoln Road Pedestrian Mall iv 2022 CBRE, Inc. Page 930 of 1502 CBRE Executive Summary Executive Summary Property Name Alton Court Alley Vacation Location 1656 to 1680 Alton Court Miami Beach,Miami-Dade County,FL 33139 Client City of Miami Beach,Florida Highest and Best Use As If Vacant High density,mixed-use retail,office&multi-family apartment uses As Improved Existing public alley way with potential for a higher density, mixed-use retail&office redevelopment opportunity in concert with an abutting property Property Rights Appraised Fee Simple Estate&Easement Estate Date of Inspection June 18,2022 Estimated Exposure Time 3-9 Months Estimated Marketing Time 3-9 Months Primary Land Area 0.18 AC 8,000 SF Zoning CD-2,Commercial,Medium Intensity District Buyer Profile Developer VALUATION Total PSF of FAR PSF of Site Market Value As Is Road On June 18,2022 Cost Approach Not Applicable Sales Comparison Approach 5,600,000 466.67 700.00 Income Capitalization Approach Not Applicable CONCLUDED MARKET VALUE Appraisal Premise Interest Appraised Date of Value Value As Is,"As of Right" Fee Simple Estate June 18,2022 5,600,000 As Proposed Perpetual Easement Fee Simple Estate June 18,2022 S1,586,480 Market Value of Transferable Floor Area Fee Simple Estate June 18,2022 233.00 PSF Investment Value of Transferable Floor Area Fee Simple Estate June 18,2022 291.25 PSF Compiled by CBRE STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) Strengths/ Opportunities The subject property is located within the world renowned South Beach submarket in Miami Beach, Florida. The subject submarket is a built-out, barrier island & resort community. The subject property abuts a proposed mixed-use retail/office development. Potential to develop & redevelop the subject site to higher density, mixed-uses with in-demand live-work lifestyle environments. The South Florida and Miami Beach real estate market is very active as high net worth individuals, celebrities, domestic & foreign investors, hedge fund advisors, local, regional & national developers and "star" architects seek out mixed-use development opportunities for boutique hotels, retail, restaurant, entertainment& office projects. 2022 CBRE, Inc. Page 931 of 1502 CBRE 7e27 C:BF.I,o. Executive Summary Weaknesses/ Threats None. EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as "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 report accordingly. The use of these extraordinary 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 appraiser to exist on the effective date of the assignment results but is used for the purposes of analysis." 2 None 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 arm's length ownership transfers of the property within three-to-five years of the date of appraisal. Further, the property is not reportedly being offered for sale as of the current date. As previously noted, the abutting owner/developer of 1656 to 1680 Alton Road and 1677 West Avenue, BH The Alton, LLC, is interested in acquiring portions of the subject alleyway (500-SF & 1,000-SF) from the City of Miami Beach in order to create a unified development site between the parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels. In turn, the City of Miami Beach would retain a perpetual easement "at below" surface grade for continued use as an alley with access to all utilities and other public benefits to be negotiated with the developer. CBRE is unaware of any arm's length ownership transfers of the property within three-to-five years of the date of appraisal. Further, the properties are not reportedly being offered for sale as of the current date. The Appraisal Foundation, USPAP, 2020-2021 (Effective January 1, 2020 through December 31, 2022) 2 The Appraisal Foundation, USPAP, 2020-2021 (Effective January 1, 2020 through December 31, 2022) vi 2022 CBRE, Inc. Page 932 of 1502 CBRE J022 CB .:nr. Executive Summary EXPOSURE/MARKETING TIME Current appraisal guidelines require an estimate of a reasonable time period in which the subject could be brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a historical analysis, 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 market prior to the date of value, such that it would sell at its appraised value as of the date of value. On a prospective basis, the term marketing 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 consideration of these factors, we have analyzed 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 Comparable Land Sales Data 1.0 - 18.0 6.4 PwC Suburban Office National Data 1.0 - 15.0 7.0 Local Market Professionals 3.0 - 9.0 6.0 CBRE Exposure Time Estimate 3 - 9 Months CBRE Marketing Period Estimate 3 - 9 Months Various Sources Compiled by CBRE vii Ce)2022 CBRE, Inc. Page 933 of 1502 CBRE Table of Contents Table of Contents Certification Subject Photographs ii Executive Summary v Table of Contents viii Scope of Work 1 Area Analysis 6 Neighborhood Analysis 12 Site Analysis 31 Zoning 35 Tax and Assessment Data 43 Market Analysis 44 Highest and Best Use 52 Land Value - Fee Simple Estate 54 Market Value of Transferable Floor Area 60 Investment Value of Transferable Floor Area 61 Value of Proposed Easement Area Divided Between Surface, Air & Sub-Surface Rights 63 Assumptions and Limiting Conditions 64 ADDENDA Land Sale Data Sheets Planning Department Staff Report Client Contract Information Qualifications CBRE2022CBRE,Inc. Page 934 of 1502 Scope of Work Scope of Work This Appraisal Report 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 appraisal is to be used by the client for internal decision making and negotiations with a potential buyer/developer and no other use is permitted. CLIENT The client is City of Miami Beach, Florida, municipal government. INTENDED USER OF REPORT This appraisal is to be used by City of Miami 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 appraisal 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 appraiser 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 clear and understandable manner. They are the audience. 3 RELIANCE LANGUAGE Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named as an Intended User), whether as a result of its direct dissemination or by any other means, may not rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be responsible for 3 Appraisal Institute, The Appraisal of Real Estate, 15'h ed. (Chicago:Appraisal Institute, 2020), 40. 2022 CBRE, Inc. Page 935 of 1502 CBRE 5•A 2;(:NR:.Ir:c. Scope of Work any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property As Is; the market value of the proposed perpetual easement; the market value of the transferable floor area; and the investment value of the transferable floor area. DEFINITION OF VALUE The current economic definition of market value agreed upon by agencies that regulate federal financial institutions in the U.S. (and used herein) is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1 . buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best 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 financial arrangements comparable thereto; and 5. the price represents the normal consideration for the properly sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. INTEREST APPRAISED The value estimated represents Fee Simple Estate and Easement 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. S Easement Estate — A nonpossessory (incorporeal) interest in real property conveying use, but not ownership, of a portion of that properly. b a Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472. 5 Appraisal Institute,The Dictionary of Real Estate Appraisal, 7'h ed. (Chicago: Appraisal Institute, 2022), 90. 6 The Dictionary of Real Estate Appraisal,5th ed.,Chicago:Appraisal Institute,2010.,p.246 2 CBRE2022CBRE,Inc. Page 936 of 1502 t m/'.'ow,Irc. Scope of Work Extent to Which the Property is Identified The property is identified through the following sources: postal address assessor's records site sketch provided by client Extent to Which the Property is Inspected Stuart Lieberman, MAI inspected the interior and exterior of the subject site, as well as its surrounding environs on the effective date of appraisal. This inspection was considered adequate and is the basis for our findings. Type and Extent of the Data Researched CBRE reviewed the following: applicable tax data zoning requirements flood zone status demographics comparable sale & listing data Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. For vacant land, the sales comparison approach has been employed for this assignment. STATEMENT OF COMPETENCY Stuart Lieberman, MAI and Kristin Repp, MAI both have the appropriate knowledge, education and experience to complete this assignment competently. 3 CBRE2022CBRE,inc. Page 937 of 1502 2022 Cek:.rc. Scope of Work Data Resources Utilized in the Analysis DATA SOURCES Item:Source(s): Site Data Size Legal description, recorded plat, site sketch and the Miami-Dade County Property Appraisers website Improved Data Building Area As of right"zoning No. Bldgs. Not applicable Parking Spaces Not applicable Year Built/Developed TBD Economic Data Deferred Maintenance: Not applicable Building Costs: Not applicable Income Data: Not applicable Expense Data: Not applicable 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 Capitalization 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, and (d) the absence of nontypical conditions affecting the sales price. This is the primary and most reliable method used to value land (if adequate data exists). The income capitalization procedures include three methods: land residual technique, ground rent capitalization, and 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 data on similar parcels of vacant land are lacking. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium 2022 CBRE, Inc. Page 938 of 1502 CBRE OWE,Inc. Scope of Work among the agents of production--i.e. labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: 1) building value is known or can be accurately estimated, 2) stabilized, annual net operating income to the property is known or estimable, and 3) both building and land capitalization rates can be extracted from the market. Building value can be estimated 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 subdivision 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 appraiser determines the number and size of lots that can be created from the appraised 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 capitalization procedure is predicated upon the assumption that ground rents can be capitalized at an appropriate rate to indicate the market value 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 land indicates a range of rents and reasonable support for capitalization rates can be obtained. The allocation method is typically used when sales are so rare that the value cannot be estimated by direct comparison. 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 allocation 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 a variant of the allocation method in which land value 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 remaining value represents the value of the land. Value indications derived in this way are generally unpersuasive because the assessment ratios may be unreliable and the extraction method does not reflect market considerations. Because there are limited "arm's length" comparable sales of alleyways and-or public rights-of- way necessary for a reasonable & supportable valuation process, we have applied the "across the fence" (ATF) valuation methodology. In theory, ATF is applicable when undevelopable sites with limited marketability can be joined to an adjacent parcel and can legally assume the adjacent parcel's highest & best use and unit value. With regards to the subject site, we have employed the ATF methodology based on the existing the CD-2, Commercial, Medium Intensity District "as of right" zoning density. The other methodologies are used primarily when comparable land sales data is non-existent. Therefore, these approaches have not been used. 5 CBRE2022CBRE, inc. Page 939 of 1502 Area Analysis Area Analysis BROW•RC j 1 fe r.eer iS a; a"'•r i t} 4^ ' Its iliItiI 1• 1. .— T4 1 M BI+N 1656 MonithRO Ct Wen Om&R.33139 5f redFLORID• E w .-- 0 0 • • • t R 1 A 4 TtLr•• to ash •r.•r.•..e i - 1 ts.il rrar.ni vein. r u. ., h.tf`w N1W.BW Y era.. 1 stit _20Pft2 1 1 1 e..r wrr r Ir•. o.n. . RI-- Wk I a.a..Firtr.e r•wr r ; 13""''--_.. • ''_.; - rese4+R Iwwwl. F. i cn•oiWr I +—A.. ta6o• cm._tea• r. iren.r6rr•e Swrame we cP /1-20.2 um awo..0w6com te,wo. .Ore i ;W'•Rf• The subject is located in Miami-Dade County. Key information about the area is provided in the following tables. POPULATION The area has a population of 2,745,677 and a ARM POPULATION BYAGE median age of 40, with the largest population 500,000 400,000 group in the 30-39 age range and the smallest 300,000 population in 80+ age range. 200,000 100,000 0 Source:Esri 0-9 10-19 20-29 30-39 40-49 50.59 60-69 70-79 80. Population has increased by 249,242 since POPULATION BY YEAR 2010, reflecting an annual increase of 0.9%. 3 000 Population is projected to increase by an 2,500,000 2,745,677 2,000,000 2 49t,V5 additional 132,172 by 2026, reflecting 0.9% 1,500,000 annual population growth. 1,000,000 000 0 Source-Esri 2010 2021 2026 Soerc• ESRI,downloaded on Jon,22 2022 6 2022 CBRE,Inc. Page 940 of 1502 CBRE 751,(.50r.Inc Area Analysis INCOME The area features an average household MEDIAN INCOME BY YEAR income of $81,309 and a median household $70,000 000 income of $54,681. Over the next five years, $o, 561.4% median household income is expected to 540,000 000 increase by 12.5%, or $1,363 per annum. s2o000 slo,000 so Source.Fre 2021 2026 EDUCATION A total of 31.2% of individuals over the age of POPULATION BY DEGREE 24 have a college degree, with 19.5% holding a bachelor's degree and 1 1.7% holding a Bachelor's Degree graduate degree. Graduate Degree 414Other Sure.Esr. EMPLOYMENT Health Care/Social Assistance Retail Trade IMEIMMEIMMEIMI Construction Transportation/Warehousing Prof/Scientific/Tech Services Educational Services Accommodation/Food Services Other Services(exci Pubi Ads,) Finance/Insurance MIIIIMOIM Admin/Support/Waste Mgmt Snits Source Esr. 0%2%4%6%8%10% 12%14% 16% 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 workforce. Sago:ESRI,downloodsd on Jon,22 2022,BLS.po•doted Jon,0 1900 2022 CBRE, inc. Page 941 of 1502 CBRE Area Analysis MIAMI-DADE COUNTY LABOR MARKET UnNMpbyment Rate to Mianli-Dade County,R 7.5 12.S 10.0 I r 7S S.0 25 0A 2012 2013 2014 2016 2016 2017 2016 201'i 2020 2021 Studded dredi rnecJIC U.S.r°reSSe0f8 Source U.S_Bureau of Labor Statistics Ired.stloutsUed.org FRED —cMllan labor Forte In MLam D d,County,R 1.440.000 400.0120 1.120.X* we 1,230 CU0 a 1.240.OX, 1.200.7,:0 1.160,000 1 120.000 2012 2013 2014 2015 2016 .2 ' 201tl 2019 2023 2021 SlJcied a.5 eidu.dle US rKESitiuIS Sauce-US.bur Mu of LAbd Statisifts hell.SIIau.6 44& 8 CBRE2022CBRE,Inc. Page 942 of 1502 Area Analysis MIAMI AREA ECONOMIC SUMMARY Updated February 02,2022 This summary presents a sampling of economic information for the area;supplemental data are provided for regions and the nation.Subjects include unemployment,employment,wages,prices,spending,and benefits.All data are not seasonally adjusted and some may be subject to revision.Area definitions may differ by subject.For more area summaries and geographic definitions,see www.bls.gov/regions/economic-summaries.htm. Unemployment rates for the nation and selected Average weekly wages for all industries by county areas Miami area,second quarter 2021 Unemployment rates u 5 r $1 2d1;Area.S 1,2051 65 United States 3.7 Palm Beach 1.224 5.6 Miami area 2.6 4.2 Browaro Broward Co 1 1es 3b 7.9 Miami-Dade Co. 1,4 Abena-pope 3.5 S1 206 Palm Beach Co. 3.3 4 0-0 5.0 10.0 Dec20 Dec-21 Sburce.U.S.BLS,Local Area Unemployment StariStCc Source US.BLS,Quarterly Census of Employment ace wages. Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector 12-month percent changes In employment Miami arca employment Change from Dec Dec.2021 2020 to Dec.2021 15.0 f number in thousands. Number Percent 10.0 Total nonfarm 2,703 3 132.4 S 1 5.0 Mining antilogging 0B 00 0.0 Construction 14311 59 43 0.0 _ _ _ _Manufacturing 91.0 1-7 19 5.0 trade,transportab on,and utiliu 620.7 27.6 4.7 Inform 6ci 473 13 32 10.0 Financial acnvroes 1938 25 13 15.0 Professional and business services 476.4 325 73 Education and health services 4062 9S 2.4 20.0 Leisure arid hospitality 102.2 40.6 155 Dec-i8 Dec-19 Dec-20 Dec-21 Other serwces 114.2 84 7.9 Miami area ----United States Government 106A 22 0.7 50a0tt.U.S.BLS,Current rmploym Mt Statist. Source.US.BLS,Current Employment Stabstics. 2022 CBRE,Inc. Page 943 of 1502 CBRE o xr;t MO.am Area Analysis Over-the-year change in the prices paid by urban Over.the-year changes in the selling prices received by consumers for selected categories producers for selected Industries nationwide 12-month percent change in CPI-U,December 2021 12-month percent changes in PP) 35.0 25.0 29.3 29.3 20.0 30.0 15.0 10.0 i 25.0 5.0 0 30 20.D 0 = -- - 5.0 15.0 10.0 Iiiir15.0 10.0 7.1 7.0 5 3 20.0 25.0 5.0 3.1 ma Dec-19 Dec-19 Dec-20 Dec-21 0.0 1 I II General freight trucking All items Food Energy Hospitals Miami area U.S.ty average Motels and motets.except casino hotels Source U.S.BLS Comu<nrr Poor Index. Solid u S SLS,l plum Pr r ides Average annual spending and percent distribution Average hourly wages for selected occupations for selected categones Urrted Occupation Miami a ea Average annual expenditures,United States and States Miami area,2019-20 All occupations 25.47 $27.07 1t10?s mem Accountants and auditors 38.52 3936 60%0% Registered nurses 34.76 38.47 40% Aircraft cargo handling supervisors 33.07 28.66 20% 0% Construction laborers 16.41 20.67 ntiam area United 5utrs All other term HeaMicere Receptionists and information clerks 14.98 15.58 Personal insurance&pent ions Food alTrantponalion Maids and housekeeping cleaners 11.96 13.47 Ftdusing Source'U.S.BLS,Consumer lxpendrttre Survey Sourca US.BLS,Occupational Erroll:ro e r and Ware Scat!inch.May 2020 Employer costs per hour worked for wages and Over-the-year changes in wages and salaries selected employee benefits by geographic division 12-month percent changes in ECI P•r:et- rdi.r.try, 1uu0.^ltlarl c Umlyd Sepir•r‘Uer, 2021 1:St..tr: 7.0 Total compensation 34.59 $37.24 5.0 Wages and salaries 25.12 26.36 5.0 Total benefits 9.47 10.88 4.0 Paid leave 2.54 2.74 i Vacation 1.30 1.40 3.0 xi. Supplemental pay 1.05 1.26 2.0 Insurance 2.25 2.80 1.0 Retirement and savings 1.07 1.28 no I i I Legally required benefits 2.56 2.80 i ii ma:rat.Dear camoos•m•t at1 ea ante crows a..o 51154 a,.DE.x, Dec-18 Dec-19 Dec-20 Dec-21 FL Gh.MG K_K_vy and W. Miami area United States Sera cis.v S Nisi,tarp sy..Casa rr.brrolosve GcnsvessLoce. Source:U.S.BLS.L-roloyrnrnt Cast Index CBRE2022CBRE, Inc. Page 944 of 1502 rr7i coal.Inc. 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 intercity train line with local transit options, debuted in May 2019. Not far from the station is the $2 billion Miami Worldcenter that 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" distinction will pass among multiple skyscrapers in downtown Miami. And county commissioners recently gave final approval to a $4 billion mega-mall in northwest Miami-Dade County that 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 increase in household income, and an increase in household values. In addition, MIA's international character and its high-skilled, bilingual workforce will help it exceed the U.S. in income growth over the long term. 2022 CBRE,Inc. Page 945 of 1502 CBRE Neighborhood Analysis Neighborhood Analysis acres - • t i t / ;4.0,w• c, f..L iMsa aa. - i- -: e Y r - f•r....e. ri > , wems-- w a,,,a i d I.1 ima's .vnY.a 9C a 991,9-.6 it - l twinnS w..9 ..• 3 3 1wvm.lr #4-r:2- r w.w..trr... Sylsect poorty d w.rsII - m, f= Iies.""na fir. wY a dE flu. tly9 w..w.d,.0.»I v Y 1IY•F a -S MV 11.9 ] 1' 1`4•• i t_ P iff?Ma W Art 9ts 4 Miami l'ikh i - E B. e t 1 . • t 1 < E a w"•' i w p., 94'a tea o c . e . 47l' il t - It+ulrn ya_-:• ? e_ ._ — h a 99a r g.. k Rn 7 f Y•l Wad opts—-_ Yr Jy Dry 1.9 / wel./ - t! 9-4 414 +• A._ u ygta s M.d—MI. —9v la-Tr_ a • d atrw.1. D.°1° % t aw`rw - a 9.-_- t li5S.9.e i i 3-t Pegt••N2994 In f> ilb••a....r 9.i w.u.tr....•nw vr+... LOCATION The subject property is located between Alton Road and West Avenue, and in between Lincoln Road and 17th Street in the South Beach 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: Atlantic Ocean/beach West: Biscayne Bay 12 CBRE2022CBRE,Inc. Page 946 of 1502 Neighborhood Analysis LAND USE Alton Road is a primary north-south thoroughfare along the west side of Miami Beach with multiple connections to the City of Miami mainland via the Venetian Causeway, the MacArthur Causeway and Interstate 195, as well as most east-west local east-west streets. Alton Road was previously slow to redevelop. However, with the buildout Ocean Boulevard & Collins Avenue corridors and the more recent private developer investment occurring along Washington Avenue, the Alton Road corridor is starting to see substantial public & private interest including the recent completion of the new 3-acre +/- Canopy Park. Located at 701 Alton Road and developed by Crescent Heights & Terra Group as a public benefit in exchange for approval to build a high-rise luxury residential condominium tower on the south end of the park. Canopy Park includes open greenspaces, a native tree canopy, pedestrian and bike paths, an outdoor gym, a dog run, a MONSTRUM-designed children's playground, and public art displays. The development also includes a pedestrian bridge over 5th Street— The Miami Beach Canopy — connecting the Baywalk South of Fifth with the West Avenue neighborhood. Construction of the pedestrian bridge is "anticipated for 2022," according to the developers. Land uses within the greater submarket area consist of a wide variety of commercial, residential hotel developments. Lower density multi-family rental & condominium apartment uses are largely concentrated along Pennsylvania Avenue, Euclid Avenue and Meridian Avenue to the 13 CBRE2022CBRE, inc. Page 947 of 1502 2022 CORf,Inc. Neighborhood Analysis west. The neighborhood & community retail and office uses are typically clustered along the Alton Road, Washington Avenue, Collins Avenue and Dade Boulevard/Venetian 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. The subject location is across the street from the west end entrance to the Lincoln Road pedestrian mall. The Lincoln Road pedestrian mall runs east-west from Collins Avenue to Alton Road between 16th and 17th Streets with storefronts on Lincoln Road and to a lesser extent along the side streets. E2Holial Cievelopeorite eoa.k.l Make OsrNopments Ger Sam. QMeur Russ G eahillual Valium comp.", II w Miamii BeechQFtolels s YrB%Cente, Uonlanelmobeaue mEames Corby patty o E Ritagsn B Theater1es, El el w Hoboes d 317thss• Performing Arta agw"' moo• Ptvoowd Ma Una* t7m sr'A 1 P a.an.. P P P y af urcokRoadi sun vbwrla's IIITEls- C n.' t r za,Rao Ca1er.% Uncoin Road wi c•rian gym3 South • list Coder i i Rsouetk Thaler i 4,0,4 I 1 Q Jewelers 4 < +et,sso 9 Lmooln t. l la . r t5th Eitir444 15u0Ocean Dnve IIII i k. ll Vfsplo _- I~9 Flamingo E • El.hpy i Her E.t.aPark ,+ lhs •t Poe trio.r 1 1 Since the capital 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 was strongly supported by the local municipality and has proved vital in attracting national retailers, such as Banana Republic, Pottery Barn, Williams— Sonoma, Bebe, Swatch, Victoria's Secret's, Ann Taylor Loft, Sunglass Hut, Anthropologie, Books & 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 attractive to the national retailers and high-end restaurateurs. While Lincoln Road is in and of itself a destination 14 CBRE2022CBRE, Inc. Page 948 of 1502 s 2077 CeRE,w,. Neighborhood Analysis location, the cinemas also serve to attract year-round Miami-Dade residents to Lincoln Road. The Regal Cinemas is one of the most heavily patronized 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 instructional program to prepare graduates 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. Washington Avenue is four blocks to the east and after a long master planning process, development incentives and the establishment of a Business Improvement District (BID), the Washington Avenue corridor is starting to redevelop. Under a BID, the property owners agree to a self-tax in order to provide funding for marketing, promotion and 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. 15 CBRE2022caRE,Inc. Page 949 of 1502 Neighborhood Analysis W.SAYga.n Avieom .spRoont:-ng a way*rr:arg.SCAm ^un4te'e...crt•me tnf C.tf WASHINGTON AVENUE / al Mlattu e4.chigl.ove14D•zor.np'tom motto 161n SVaeta;n:J tC T c'sqCVtr atLW5 DEVELOPMENT HIGHLIGHTS l tc.n•....n..n.e.wArtnem end:n°o.n w,-to'o._t,At dog hot. .tw.,t,ola, ,aq S9•OrCCi:.tee,eeny=cmp Mtn,m.mn..dote armorer"Lc 755 Wa,n,n,ton Avenue a.wet. IS the ti...e tt'y ien%vtted Anp!Ks Mote! .4nOther arc:mg derol,Crnent along W.annplcn Aaon'oo is the panned renoyat:Cn.n.trc Fa,•nnate'nr:,a'naor n0StaU'e,:ten;ortainrnev MOXV HOTEL Cuu 755 Wash1npton Awn.,',located In the opt.onto,of tills activity stanch win spin BV McRRiOTT leasing activity andassncoen the oropereyY long Inn tlevQlopment Dorentwt. 2. 111Tk, ' 1r 915 yyam 1, ,.,: Or j a] 1 FORMER Oc •/ 1 yr 6O1 n DAR!S THEATER 755 4 735 745 727 k• ,. r e . sr a s I511 Qya Z i KiMPTON trvfJ7p,,,. A VENUE Ir FNLAERS HC1 E_ s. te, ate * r,' 660 ` t,y! 11<,rR '"`-I4111 t l o aIe. .1. .: fe. 7 a r. Washington Avenue Project & Transaction Highlights: In September 2021 sale transaction of the 42-room Hotel Astor located at 956 Washington Avenue to the Victory Investments Group for $12,750,000. The buyer is identified as Anil Monga, the CEO of Victory International USA, which manufactures 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 as 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. b CBRE2022CBRE, Inc. Page 950 of 1502 20.2 Sit+. Neighborhood Analysis a ... a tea s oklik s Urbin, a co-living, co-work concept was approved by the City's Historic Preservation Board 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. tf r :, 11 II it irk Pftlraticrl WU141 I Ai • i r .. k Residential uses in the Flamingo Park neighborhood are primarily single family and low-rise multifamily in design and date back to the 1920's and 1930's with higher density resort hotels and residential condominium towers found along the Atlantic Ocean/beach and Biscayne Bay shorelines. The waterfront is where the large-scale, high-rise multifamily residential projects are located, including rental apartments, condominiums, and hotels. The 1 & 2-story single family residential dwellings range in value from $800,000 to $2,000,000 and are clustered around the 36.5-acre Flamingo Park. This community park has 17 tennis 2022 CBRE, inc. Page 951 of 1502 CBRE 2O''Ci I.iM Neighborhood Analysis courts, a baseball stadium, handball and racquetball courts, a softball field, basketball court, football field, soccer field, running track, playground, walking trails and 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 playground. The submarket area also includes the South Pointe Elementary School, several 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. Other primary influences in close proximity 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 rated 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 1 7'h Street; Alton Road, a commercially oriented, north-south primary arterial street; and the aforementioned Lincoln Road Pedestrian Mall which provides retail shops, restaurants, cafés 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 South 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 17th Street, located just north of the subject property; 5th Street/MacArthur Causeway (US Highway No. 41/State Road Al A), located to the south of the subject property; and Arthur Godfrey/Julia Tuttle Causeway (1-195) 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 well as intersect with the primary north-south arteries of Alton Road, Collins Avenue, Washington Avenue and Ocean Drive. Interstate 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 County line to the north. 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 stations would be on 8 BRE2022CBRE, Inci c. Page 952 of 1502 2011 CMMh,rn. Neighborhood Analysis Miami Beach near the end of the causeway, and the other at the intersection of Washington Avenue and 5th Street. DEMOGRAPHICS Selected neighborhood demographics in 1-, 3- and 5-mile radius from the subject are shown in the following table: SELECTED NEIGHBORHOOD DEMOGRAPHICS 1656 to 1680 Alton Court& 1677 West Avenue 1 Mile 3 Mile 5 Mile 33139- Miami-Dade Miami Beach,FL 33139 Radius Radius Radius Miami Beach Florida County Population 2026 Total Population 31,140 75,902 335,741 40,166 23,197,833 2,877,849 2021 Total Population 30,164 71,596 305,205 38,928 21,733,419 2,745,677 2010 Total Population 29,790 63,966 253,503 38,179 18,801,310 2,496,435 2000 Total Population 30,893 59,178 225,217 37,950 15,982,378 30,982 Annual Growth 2021-2026 0.64% 1.17% 1.93%0.63% 1.31% 0.94% Annual Growth 2010-2021 0.7 1% 1.03% 1.70%0.18% 1.33% 0.87% Annual Growth 2000-2010 0.36% 0.78% 1.19%0.06% 1.64% N/A Households 2026 Total Households 18,588 42,409 159,504 23,914 9,071,090 992,819 2021 Total Households 18,115 40,209 144,064 23,311 8,514,543 948,312 2010Total Households 18,136 36,463 118,577 23,221 7,420,802 867,352 2000Total Households 18,780 33,188 99,211 23,125 6,337,929 776,774 Annual Growth 2021 -2026 0.52% 1.07% 2.06%0.51% 1.27% 0.92% Annual Growth 2010-2021 0.01% 0.89% 1.79%0.04% 1.26% 0.81% Annual Growth 2000-2010 0.35% 0.95% 1.80%0.04% 1.59% 1.1 1% Income 2021 Median Household Income 59,863 $68,221 $55,326 $60,423 $58,462 $54,681 2021 Average Household Income 96,021 $110,679 $89,287 $104,426 $83,820 $81,309 2021 Per Capita Income 57,585 $61,998 $42,547 $62,604 $32,917 $28,156 2021 Pop 25+College Graduates 13,734 32,606 102,397 17,424 4,922,526 612,307 Age 25+ Percent College Graduates-2021 53.5% 56.1% 44.0%52.5%31.2%31.2% Source ESRI CONCLUSION The subject 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 remain 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. 19 CBRE2022CBRE, Inc. Page 953 of 1502 2022 CS%E.,. Site Analysis PLAT EXHIBIT OF ALTON COURT ALLEY 1 I,.l••- ..:r.y N f M...uw r.mow II m..p,•.y...•4...i.•..V.rr F. 17 T» ST. 3 a...y. ....rr ^_",•'r rig i• i' Subject f: K::............ r/r ry,r,.... .,,,s,•.w ,.M,. 3 w•.LV•,••,../.r.-one l.......,r.• rwa..y..,' no,"... AAa w..•••w ,Poe i ( r , _L ; 0 66 m 6..............6.................../.................• marhe/Ft.eM....Y.rf..e r!}.I, LIHGOLH ROAD ii f 1 T- w.ry.Mw.14.,,A.4 L; r r.r...,,..•..Poo memo./om••••••••••,... 4• WY 1, r, w.y...,..w.+.....wr Ay AA, r MP W i 4 r7 r i-. -_,..L ems., S I ylr.•.-:Ywr.vti•w..• r ` 01 a 16-r. 5t r r.c.-..:r...r., cl THE ALTON(REACH R£ALTV COMPAYIYFu c r.ev.w w..e..sirr b P..,OI Su9O1viSIOH OF WEST HALF OF BLOCKS 17,40 AHO 45 Stct.O..3).T0,1r15r.•r Sf1.0,.....1.1.•9.•..T MIAMI OEACI-1,FLORIDA We e ewow•.,,u.w•er.e ..Re...NL• 1v`I" 20 CBRE2022CBRE,inc. Page 954 of 1502 yn»cnrr,ire Site Analysis ALTON COURT & ABUTTING LAND USES Legend la i T, Est,Alan no....1 AI et Derare,-8_,ricatin Rd and 17!)St 1245 Lincoln Rd. i•- mg•Qo--.s D.corrzs:Vacarm Developmento Site i 1 Dor al&Alm:_.'os.i•Pis MV11,6 be craned try Ct-iy St Office/1661 West Av. jw r, - t'"- 411'Arr - '.•.' l' i t 70T ',Illt la it i 1 ',41 1114414t 1 * 1-"• Yr • i le, tit Hill meimmin k I 4 Ifirr IIC a 4 t I 00,,_ Mr 1-t i r - • 6 EL'. " * ' ii %.L— P24 4,s ur• r r7.:, ft.:1,-i.-.., 14,li - lik i lit:": a i I 11 ,i2j16,1j1 ,;-'-* 1Alr, on --- I. -= .. rt, ,. •• a I 1. .lit Mr 2,011, r 1 ' a 3 - I .." falfr- t t, gir t t. a• 44i +.;,-, - F i a r 11# 1 3. J41,14 .-•.,-MrSiiilldia7-7 •, vi p xr WS-'', - 1 - ig NI• IiitI NI 4.-, ; or 1 '' o 1r= D 4 0 62.5 125 250 Feet I i i i 1 i i i I 21 2022 CBRE,Inc. Page 955 of 1502 CBRE 02022 C3.0-.rc o z?1 g A- o 0 i K3 I n) I iK) n m co X o rn 2 ALTA / NSPS LAND TITLE BOUNDARY SURVEY If 0 R LONGITUDE Co SURVEYORS warm X) I 0% 111Zro....o.o, CAJ SUBJECT SITE ITTH SI A I Z t 1 0 P 0 , 1 Z 4 !.. I 0 UNCOUE FE 40 t 0 1:1 Cuese..... .....•••••••••••• 16EH ST an cb T.--...7.•-:•••:-...:_-•:-:-.--..z7.::•::::- 7.7..- :.....--7-......--......:....-r.-... co V3 e.....•••••'•••••••"...... WT.% e••....e a... ............e.e.... ea. ........ . IIP 0)K3 7.1".772....:-:=Z-1:7r" ;I 0 7.:::*ilZi":-..;"...c.'":.r.:5..!5.:-I.F.Flili:ii..:-.7.::.. 4.F.TAI."0".'1,„:.::::.:77....-...•:,:,z.-.:::7.!..17:::::_11 ” -.... :-... cri7.: ' -...::7..-.- -.7...'7-:.:7:...Z.Z.,:r..;.:-:.;:-....: - a 5,. 1 1:.--777.1-__-7.'.."!":"-:-' -.--.":::. :-:.-7---:-':7....- S) i r..-1.1.."..r.,-...:.7."...!.=-7::::-==..-7:-... J I.I1111.••• 6 1Z.---..t.7.-::::-.:-.7.:..r:r17.7-;:;..:.=•- ' F..:...."..':::'..:1.....1-.:i.::::".!-:'="7:"It-::::'1:* 4 i Ir:.-..-,-..,...-..:-..,1,-,..:::.,:.T.... . v•... ......won. 17...7.::::r:7.::::-..:17z.-,;:....:,....z.-7.----- x z Ih- -? a.k.a.... -.....•...........•IS..... I 4,...O...W••••••••••••al 4...00 0,....I•••••%.0.1.....1014 I.• 0.......... .1 W....12We..•••••••••••. ..1,........1..............1...6 0........ . . I. 7_-.:-.:-;-.::-•.:: :...-: ----- 1 i I i 7.1 '.1 7-•-•:-. ....:1 ::".:-;7:74-::-•-:F:...::".:-:::•'''.ii:F.::...':-: i F__-____-__.--E. 1 ......7.-z:.4.::.. t........:....::.;.-.— 2203.5.0.01 ati 31 M Site Analysis BH THE ALTON LLC - PROPOSED DEVELOPMENT SITE A3M01114.4r#614n06 MAL ONV1114/11441111.0 2-y,'. i Ni - day,,i7AC-If.,, ,,...,-Av,... .i,-,..,e....,.,Y...31,. ...,,, ,:1° .5".• 24 R,011 NO.11V 3H1.HO Z z w Ce me.....,..,......w y . M 4 w * " w g - 4'' r W .'..1?, .. "CO zi . t I I,1!,•0 CO 1. , ' i - •" , •• ' I t,1 , LiLU J 1 I I— 1 i,i1iw 4 ‘ 4•11 111— i Z _ 5 1 Iv e I • . 11 4..e— ''' INIK _____' _ r ------1 .ti.:r71 - - I .-- ' 1 I .- I ' t, U'il I.,. .1 ; a.i I 1 1 I z I I 1 I u 1 1, 1 i' -•F • ', t.' wl i•'0 4•, , i --,-• t 4.4.4,44s4 I i 1'11'1 1 Ltf,ii 1,tt , , 1 1,;1:1V1iii0te,itti!hcrili11 .1 23 2022 CBRE,Inc. Page 957 of 1502 CBRE 4);';'C'34..e Site Analysis PROPOSED NORTH ALTON COURT ALLEY VACATION 6 SKETCH TO ACCOMPANY LEGAL DESCRIPTION EXHIBIT"A 251X20 ALLEY VACATION r„al SUBJECT; SKETCH::.. m _.. L/1(AkN Nu i 16711ST o t. IT NOT T SCALE) aEv•f fkl 1ryrCa7.ff.I Ql Lftit L rti7K!11(Fi at-ARAI:ON JP!Kr.LLXUMEtf•' 0 re Ltafa.LleAdfffta a of n,e n:roect Pa.u:was 1eMto t•ror the tu,oa-n 1 1n:l,T!n..5. C vf.+f 141C ALTON 136A'4,REA:TP GJM`AHYp..AT,y'n1C'`"y.f'.:,,N.1.dQ:7 1'Alf:)r 111,Ck't f: 17 au,%.1P 45-,nt,ofd.,a.•:not 1!;,•s al.a - M,.e n_L1ar>E L w nr,rvM.c iit.*n et., i-Plat of'P:Ri•..A t'ION TO COMtdfe -..k.3LBDIVI n_'y:N;TP Tit ALTC1N BF Ch PEAtT"COMPANY',Ya,aitd•.1 Plat Book e,at Pay 30,M•artv-C'i,.r 3 Cc..ty Pvt,l!:RLc..d.. a r. C.eanaya n60a11'ra-eon a,a Paxd.,pe•r t;,e yknt!n.[of Lot w•rh a...n rued M•a...na n.fl Ue 1535'W.ea4 inn rn r'c cone,:errd,well eetat':•Dned a'.i G n•tntrd nnt. tentmENT3 Marl ENf7'MeaP.P.Cei: Na.nfnet stern was provider.a>Cr>th...meten:rh of.Pry t'rovfnnLs nlhnr Ct4.what ap'Rs ra nn th£..,,4e-nh+ng tnaL»'s;.-rd.Pleatwt rere,to[FA Lltvtdu•- ..2 ten,wth resnea to fame:plc rnre,[tlniti CO Inwrd an f u:acn,heNIbj3. aMltAtx?NS:n nu ne.avlu•••+do.11.0n were finrura ertrer tntn 0,73t w eraf wn¢_,era:J•¢n.•;r.eery sdwned that Cr.e•c,ray to legal nvbt>,.y,n,±r nn tI.0^..I!Ie:t ra proper,rhe.a,t"hrit eh0Y.•n;r tn:.'Lkkt..h m.:rnornei 1 l Ilia, In..,A-fn,h.i i:::rib Put,lk:N 'r'tw of Mate-PIir CI..nt„rt-,lti.'.,an-. n'fter F'r4'-,ind rnyate ent,t41-ay then.n,d Y.9,,mr,-Jr.t.::.r. m ary.manr arxe not:r.rF.e.rnt a laid tv.maa•y.•,,vn of t e Or.,'It-na', O:0 y.,r,,.My F•.n.yr Fief:tr..rrnf O JKJEYCR5 CERTIFICATE- h eavy Oe,ti`J:Tltat the Sket:h to Aeconnt Legal Lae. r.;.,,,,r.•1:46.PMruledm, d rar t;dnr¢{L,t..,,n w Cd:r 4 and Vrrtu itto!ha.a of of:, a,Naa:;tn .e x, U kr.',ef and fs,ther.that:NF-• k_tcn I:7vrartq>an',_ga'Lin...,:ns{,p.meat,:Fa;.teat of ih¢.apiII>Mt 9ra'..5-Pnn,Ir tea-`an]ardr.nt f'raC,.n It Lv,I ali ar a rng in the'l ate I,f FIr7r..1A".pu"rlrrrt In ..t 5' 17 nr th.'!0rda Adminletrat,w l.n.i.,and u e irnyNtrrv_'nrng raw.Ch rtr,477.13)T Pettit rt,.ia 71 tat..ter-s. 13 t=.+4;mric`3URVETOr ..LC.,a'hnea..n.v:d L-,h,.,y L:.•rn;...y 0 r'i„I,ia .rt•frte rat A,.tn:ntat.Cn N.„re,LH7•,41 i tent hit eve,"d:Italy o..:fn[d, dI ania M. a—.—F ri+—_.._. THIS SKETCH IS NOT A SURVEYPm!damonay 3taor,Da and Mapper LOC.!,a 51atc a Plona& iCiC, r'',,'teJ i"-:* ROt-d,7•ata, ,r.x. I. . :a^ei,.r.; eO r,d n y n,•,....t>,o:,'..to-.I. _kcero 1 a!•=`v-_na1te 1 Pr k.--•i9lF', , ,..a!.Iar,pr';hall!. n ,I-to.lo'-me hn th a v rt. „rft_,•tl at _a-r.R,;•k C. LONGITUDESURVEYORS NOTICE:This daoanat it Pat valid.WI and ew nprl .%aboutas three(3)pages 7769 NW LATH STREET.SUITE 375.OORAL.FLORIDA 35166•PHONE-(305)463-0912•FA7FU05)513-5660 •WWW LONGITUDESURVEYORS COM JOa No.22615.1.02 PAGE I Of 3 24 CBRE2022CBRE,Inc. Page 958 of 1502 7t7,grew.r•r. Site Analysis PROPOSED NORTH ALTON COURT ALLEY VACATION SKETCH TO ACCOMPANY LEGAL DESCRIPTION r 25'X20' ALLEY VACATION EXHIBIT "A" LEGAL DESCRIPTION: A PARCEL OF LAND BEING A PORTION OF AN EXISTING 20.00 FOOT ALLEY. "THE ALTON BEACH REALTY COMPANY'S PLAT OF SUBDIVISION OF WEST HALF OF BLOCKS 17 40,AND 45", AS PER PLAT BOOK 6,PAGE 165, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA,AND BEING FURTHER DESCRIBED AS THE FOLLOWING: BEGINNING AT THE SOUTHEAST CORNER OF LOT 15 OF BLOCK 40 OF 'THE ALTON BEACH 0 REALTY COMPANY'S PLAT OF SUBDIVISION OF WEST HALF OF BLOCKS 17 40,AND 45", PLAT BOOK 6,PAGE 165, MIAMI-DADE COUNTY;;THENCE RUN NO2°08'58"W,ALONG THE EAST LINE 1 OF SAID LOT 15 FOR A DISTANCE OF 25.00 FEET TO A POINT;THENCE RUN N87°59'44"E,FOR A DISTANCE OF 20.00 FEET TO A POINT OF INTERSECTION WITH THE WEST LINE OF LOT 7 OF i BLOCK 40,"FIRST ADDITION TO COMMERCIAL SUBDIVISION OF THE ALTON BEACH REALTY o COMPANY',AS PER PLAT BOOK 6, PAGE 30,MIAMI-DADE COUNTY,FLORIDA;THENCE RUN le 2S02°08'58"E,ALONG SAID WEST LINE OF SAID LOT 7,FOR A DISTANCE OF 25.00 FEET TO THE SOUTHWEST CORNER OF SAID LOT 7;THENCE RUN 587°59'44"W,FOR A DISTANCE OF 20.00 m FEET TO THE POINT OF BEGINNING. a' v. CONTAINS 500 SQUARE FEET,MORE OR LESS, BY CALCULATIONS.u 2 x c A E a 3 E B THIS SKETCH IS NOT A SURVEY NOTICE Tian document Is not nand.IA and oanq•ea Wthnut all three(3)paw LONGITUDE SURVEYORS 7769 NW 68TM STREET.SUITE 37S.DORAL FLORIDA 35166•PHONE,(305)L65-0912•FAX:(3O5)513-6680 •WWW LONGITUDESURVEYORS.COM MI Na 22013.1 A2 PAGE 2 OF 3 25 CBRE2022CBRE,Inc. Page 959 of 1502 0))C'SRF,Inr. Site Analysis PROPOSED NORTH ALTON COURT ALLEY VACATION SKETCH TO ACCOMPANY LEGAL DESCRIPTION 25'X20' ALLEY VACATION EXHIBIT "A" U 4 g 1— O J C U a E o Z o a O o h F—4.W m Q 25'X20'ALLEY VACATION i ZN87°59'44"E (AREA 500 SQUARE FEET, iTiF .tc„ ,..-- v, 20.00.MORE OR LESS)g w i o LOT 7 OF BLOCK 40 LOT 15 OF BLOCK 40 8 7 S (PB.6-PG.30) P B.6 PG.1&5) g N n m Of 587°59'44"W iln;,VF •.7,-AN-F. POINT 20,00' -- -,- ;r 7 ,7 c::;.r.4- i P b i LEGEND: SC A' 0' j THIS SKETCH IS NOT A S_URVEY_' NOTICE RI*document Is not vaYJ full and complete without all tree(3)Pa9as LONGITUDE RS 7769 NW 4JTH STREET-SUITE 375.CORAL.FLORIDA 33166•PHONE(305)463-0912•FM 305)513-5680 •WWW.LONDITUDESURVEYORS.COM JOa Mo.32630.1 JY1 PGGF 3OF3 26 CBRE2022CBRE, Inc. Page 960 of 1502 e rr CO .se nc Site Analysis PROPOSED SOUTH ALTON COURT ALLEY VACATION SKETCH TO ACCOMPANY LEGAL DESCRIPTION EXHIBIT "A" 50'X20' ALLEY VACATION 2 T,ISI s I UBJECT SKETCH r m IINCt1tN Fill O 2 4 16Tr4ST_ U44 ST1TE - o LOCATION MAP JOT 10 SCA_Es, o i avV1iN•N' NPL K,AAI'JN vEPC'P.Celt VV 'A 4),vAI'_'P(,1I L'.XUM•C'IT, 0 re tea:.L ezerpt.0r of me Otc!ect hro *r-3enerated M+-the vWW.:4,r 3 d..-,..e!,.5 z Fit of T'tt ALTl774!CA(7,1 RLALTr C'.')NANrf:P'AT Of .iJe'iVI!'„''N,i"P*C-T.IALP'.) (I Y:f ,7 at;.AND 43',n,..ordn.;,n rho_Pine c.,.;t Pad., Mwrm'L'.,•ue t.a.n P).t.,:Recc h. 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Jt o.Krt?f15: 7„4X We tioiee'Mn^,al.or were i.2tnyred Otter„a.-7t t.ete.1 irettc..Pe L,'-finr.}',tree, det.deel rnat there mIy 91.e?AI.t,try.on.G.um...:,'M)c ct ri, prtp.rV that are,Ita ehtvxn nn ttn,':vet:;, .nr..74airi W!n,.r.-„-..v,H id...Ihny i'-fn,,.M m!I't P,nl..:Re,_,,an al M'.If..D,i•C r':,M`j,19,.iv,-.4...., ow,ptPh,7 atd prn 2te 90t9.99 ad rht...•,ntd•P'On5 T.ty rppo v' 4 I,a,Lt..'rrrt er,.s nnr.91.99.91 r neld bnworrev.,,,s.v n,th.dd...,n-.;1/9,99.1y :I,my f-nn.,,,p.n_.,,.yr.nf. O o R1/f'ri i CERTIPICATE: he4-sNS,tart'f,Thrt ther',it m.tch to Accrvam L.jri C,.-A:rT'..,n"PNn f,vrn r'n „taederrlr.-oont add E.,t,+MP:afr sre, It'he V.A.nt.•y 1IMO:Wed/4 A.. U 0&.,f r.1d further,Mat oars"`.i..e.h I a.L:mmp•mv L-o d 1.7,74n npta,n,,',.to tie I.te,t;,i tt'r IW,I'rac1.pm.'..;:ne Of tna'f,l.ndrni:,of I'rar_,.f foe Lrnd oreNog In tn.-511t of Ploroa'.p,hawnt L'Rea;,17 Of Mt-Piomfa A.fmortt%ewe'Co,1e as 1,tt m,g lamer nlny feu-,Chapte•447?.J77 of tt,t'Nona, tatttes. U 4 LDfIL:RI K URVM71,-14:-a :f,,,da UmRd 4444+:4y Corot,, 0 P,n.ia nrt,h,:nt.of A'.t tnrounn N'nt,r Li47a''7 I. stem has t,ee„eymally s,gned: t.,nnv0 M.5.Antt,"'NM - I P.e.".Olo,-,wr,,a are Nvppe•Lt,G:2•1 THI8 I TCH IS NOT A SURVEY t aft of Pion aQTC: r-,,,te,tOd..C9 o+V„s 0o:-vrr.4 got rot,o 04rroe:a-Tr l an:.xs;ed a+d N'.t 1.1.99dr.t n9:1!,e rerfea dr the ekctW,n:tort",. 7.1,3''_of,.3.,,tp Prnft'o.o,II'vr,e.;o.4 t,13pR"rrI t.- -:.a?-i,,to;.,fo,:h: l,0,...v'.,,i r fert_,"l.f-c,.oy,;.'a„rn U•,ti:`.' I-.r.A.c:. LONGITUDE NOT10E'Ths 6000m.ia K net vita tot and compile wt1lart all Threepips(aI pas SURVEYORS 7769 NW WITH STREET SUITE 375.DORAL.FLORIDA 33166•PHONE:(305)463-0912•FAX'(305)S13-5680 •WWW LONGITUDESURVEYORS COM los No.7a135.1i11 PAGE I OF a 27 CBRE2022CBRE,Inc. Page 961 of 1502 I 2022 CBRE,'nc Site Analysis PROPOSED SOUTH ALTON COURT ALLEY VACATION r 1 SKETCH TO ACCOMPANY LEGAL DESCRIPTION 50'X20'ALLEY VACATION EXHIBIT "A" LEGAL DESCRIPTION: A PARCEL OF LAND BEING A PORTION OF AN EXISTING 20.00 FOOT ALLEY, "THE ALTON BEACH REALTY COMPANY'S PLAT OF SUBDIVISION OF WEST HALF OF BLOCKS 17 40,AND 45". AS PER PLAT BOOK 6,PAGE 165.OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY. FLORIDA,AND BEING FURTHER DESCRIBED AS THE FOLLOWING: BEGINNING AT THE SOUTHEAST CORNER OF LOT 19 OF BLOCK 40 OF"THE ALTON BEACH 4 REALTY COMPANY'S PLAT OF SUBDIVISION OF WEST HALF OF BLOCKS 17 40,AND 45",PLAT BOOK 6,PAGE 165,MIAMI-DADE COUNTY;THENCE RUN NO2°08'58"W,ALONG THE EAST LINE OF SAID LOT 19 FOR A DISTANCE OF 25.00 FEET TO A POINT ALONG SAID EAST LINE OF SAID w LOT 19;THENCE RUN N87°59'44"E,FOR A DISTANCE OF 20.00 FEET TO A POINT OF i INTERSECTION WITH THE WEST LINE OF LOT 3 OF BLOCK 40,"FIRST ADDITION TO COMMERCIAL SUBDIVISION OF THE ALTON BEACH REALTY COMPANY",AS PER PLAT BOOK 6,PAGE 30, o MIAMI-DADE COUNTY,FLORIDA;THENCE RUN S02°08'58"E,ALONG SAID WEST LINE OF SAID la LOT 3 AND ALONG THE WEST LINE OF LOT 2 OF BLOCK 40,FOR A DISTANCE OF 50.00 FEET TO A POINT ALONG SAID WEST LINE OF SAID LOT 2;THENCE RUN S87°59'44"W,FOR A DISTANCE i OF 20.00 FEET TO A POINT ALONG THE EAST LINE OF LOT 20,SAID POINT BEING 25.00 FEET SOUTH FROM THE SOUTHEAST CORNER OF SAID LOT 19;THENCE RUN NO2°08'58"W ALONG u SAID EAST LINE OF SAID LOT 20, FOR A DISTANCE OF 25.00 FEET TO THE POINT OF BEGINNING. i m CONTAINS 1,000 SQUARE FEET,MORE OR LESS, BY CALCULATIONS n 5x M a 8 a i i a E THIS SKETCH IS NOT A SURVEY NOTICE TM doeumont a ow valid.full and complete wiThrtit 211 Area(3)paw LONGITUDE SURVEYORS 77b9 NW 48'n STREET,SUITE 375.DORAL FLORIDA 33166•PHONE(305)463-0912•FAX WWW LONGITUDESURVEYORS.COM JO1 Nn 22O14.1 O2 tltGf 2 Of 3 28 CBRE2022CBRE,Inc. Page 962 of 1502 Site Analysis PROPOSED SOUTH ALTON COURT ALLEY VACATION 1 SKETCH TO ACCOMPANY LEGAL DESCRIPTION F ALLEY VACATION EXHIBIT "A" oc 0 D O w z O N J 50X20'ALLEY e 1 VACATION n N87'59'44'E (AREA:1,000 SQUARE FEET,o t r 20.00 1 - MORE OR LESS) 0 L.CT s a LOT 19 OF BLOCK 40 20 , LOT 3 OF BLOCK d0P.B 6-PG.165) if P.B.6-PG.30)c POINT Of BECOMINGZ v T'_,NE t. ti AE 1•..;;?'::F .. iu w 0:51 : Ls 20 OF BLOCK 40 too cy P.B 6-PG.165) $g LOT 2 P.B 6F-BLOCK 30) 40 F. oN u;r 9.3 S87"5• ., yd , g 20.00' LI i 0 LEGEND: Crq'c THIS SKETCH IS NOT A SURVEY, NOTICE.The document is not void.fufl and compete without aN Omee 13)peyes. LONGITUDE SURVEYORS 7769 NW 40Tm STREET.SUITE 375.DORAL FLORIDA 33166•PHONE-(305)463-0GI2'FAX(305)513-5680 'WWW LONGITUDESURVEYORS COM JOS No,22015.1 JN2 PAGE 3 OF 3 29 CBRE2022CBRE, Inc. Page 963 of 1502 e.2°,7 C.NRI-,,M Site Analysis FLOOD PLAIN MAP National Flood Hazard Layer FIRMette Fi-;\.,\ Legend Err vrw ar wM m.or.rwormim.nR.o aenm MP anew MILLwoT w s 1RJ...•loss Ik.e D.wd.•ft 40 w..al d/ 1r , r'!• 4pr SPFLUL iiDOD MS.4[x RpFfw iii t)•• if I• 1 41• NKARDARE.E I.t.Yun.Isse.er .[. o.x is At f• t - '• s s4 02l M•.•1O.xtc.Is so N•..0.Ms•s I. a- SN•nn....a Vwa ne*wills k _ air i I_ il ono, l.ici:.........` i ` •_.. .'! wee 4u..aed.i.,alYYw.l r i .d( may bs st ove.rlwo RY o...5 r. i OfNlR.tlIW OI iw.S..Y..s+.w'j f IIOOD WARD Ms w•r1 1•i4•.c.k .s•.:, 1; •:.•, f 0/114111 711.„.•t •-•eMa".Ma s,N...I het Jr.•ro w Orceec ID Nks f OINSRRRSI• k•V UhaVfe•I RI.•...lei•.cIt , V• ! t 1 i • Gomm OIIw1.0.1w..Sar.S..x s. •J f it rtlRB,i.l l. w.,OM,x R..rw•il 1 1 r f 0.aScoicess•J.Si Me.NCio.te fey wit WI**S . Rcw:4P + ! D..wl TrMevaose I d clS.tp IM_t:31 ink cr So. 6wr lir•e(tr0 J IR ilOF11TIi1I1T.'B C.Now/T.n•..etadi.. QNkR- '•fik load,*12)55 1'.Kl. 1• iWDRO Veresets•OO•Newt 71r v• tx Ns 0141114.***talc rra.t is ....re•e I. koNIf_ alit _ t 4 TO...nra aa.i.riso..,..:•••• a sin sd..olk J...et.ore ems se.se• so, f Ms eer<..plis+aJ..CNit n.eyroy 11.aft tiedille -•o! eikel Asa e.p it i is nft aro..swamp lien IQ 77 TN Y•s.rde lie*aryki.s.ie.CNit leas..• 1 1 a Ia s.M•rok I*4..11.*e:•••.r..n is e..,4 a...W,...KitjroMA• MJ...iw:.c k.1 l.d osniasp.woce 1,,MIA*4. hpkrR4/1"t _ S • r acas...a..Yn/]nl7f 1N*Wesel,* M' rd1.eM••Sa x en..aeens ivies....a J't e•a iee r.s.TO. ekein in,.rrw.M Mr d.•Zc•4ril kaee*pewee b n.•o•..ar.iet. 00 C1Ji, rM N...r .t..de r oft.t.n...rJK,.l.nt.rr r r. a T.-- Newn.Les es.erse,Mixwrieofn,Sae stun 1*lds 1i liM s kfM Varlets*.*op ec.i.•e•.c twe.,A.i i•sili.K Fit 1:6,000 rr tw s. .N ,..... A.0.......o....1.••••`•:d:r:i•..leo,•s.r.. 0 250 5DD 000 500 2,000 c*,i'•n r`TM'a Jlaamet Vida assp.i Map o-I.o:V•.gwy:Daa"res.,Oct..,]p]2 30 CBRE2022CBRE,Inc. Page 964 of 1502 c`207J CIRR,iris. Site Analysis Site Analysis The following chart summarizes the salient characteristics of the subject site. SITE SUMMARY AND ANALYSIS Physical Description Net Site Area 0.18 Acres 8,000 Sq. Ft. Road Frontage Alton Court 400 Feet Road Frontage Lincoln Road 20 Feet Road Frontage 17th Street 20 Feet Shape Rectangular Topogrophy Improved to road grade Traffic Counts (24 hrs.) Alton Road 32,500 Traffic Counts(24 hrs.) West Avenue 19,300 Traffic Counts(24 hrs.) 17th Street 16,500 Zoning District CD-2, Commercial,Medium Intensity District Flood Map Panel No.&Date 12086C0317L 11-Sep-09 Flood Zone Zone AE Comparative Analysis Rating Visibility Local street& pedestrian visibility Functional Utility Good potential for mixed-uses Traffic Volume Neighborhood, commercial &seasonal tourist Adequacy of Utilities Municipal utility services Landscaping Urban streetscape Drainage Municipal storm drainage Utilities Provider Availability Water City of Miami Beach Yes Sewer City of Miami Beach Yes Natural Gas Contract service Yes Electricity FPL Yes Telephone AT&T land lines Yes Mass Transit Miami-Dade County(MDT) bus Yes service and Miami Beach Trolley Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Reciprocal Parking Rights X Various sources compiled by CBRE LOCATION The subject is on the north side of Lincoln Road, south of 17th Street and in between Alton Road and West Avenue. LAND AREA The land area size was provided by the client via site sketch. 31cCBRE2022CBRE, Inc. Page 965 of 1502 Site Analysis INGRESS/EGRESS Vehicular and pedestrian ingress/egress is available to the subject site via public rights-of-way and improved sidewalks. Street improvements include asphalt paved traffic lanes, signalized crosswalks, metered street parking, concrete curbs & medians, gutters and sidewalks, street lighting and above ground utility poles. TOPOGRAPHY AND INFRASTRUCTURE The subject site is improved to road grade in a built out submarket with all off-site infrastructure in-place including urban streetscape, pedestrian sidewalks, underground utilities, above ground power lines and concrete curbs, gutters & storm drainage system. The topography of the site is not seen as an impediment to the development of the property. During our inspection of the site, we observed no drainage problems. However, it is important to note that the City of Miami Beach is a barrier island and reported to be ground zero for sea 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 The subject site has underground utility easements for potable water/sewer lines, electric, Comcast cable and grease traps. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. COVENANTS, CONDITIONS AND RESTRICTIONS There are no known covenants, conditions or restrictions impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a copy of the current covenants, conditions and restrictions, if any, 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 quantity. 32 CBRE2022CBRE, Inc. Page 966 of 1502 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. The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. CONCLUSION The subject site is well located in a built-out submarket and abutting properties that are targeted for higher density, mixed-use redevelopment. The subject site also has walkability to the Lincoln Road pedestrian mall, as well as, other supporting retail & commercial uses, hotels, residential neighborhoods and the Atlantic Ocean beach front. 33 CBRE2022CBRE,Inc. Page 967 of 1502 Zoning ZONING MAP c,c,NL ZONING of' OF THE -4B CITY OF T. MIAMI BEACH A FLORIDA•L• 111111PAI Nott*PORATIO e•et., ge z / - 7 P ' 41' 111 "1 V 1 7.0,101 7.1 44;11 4144/i . V1.77"...67.Zs 34 2022 CBRE, Inc. Page 968 of 1502 CBRE 4 V02:1 CA*,nc Zoning Zoning The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning CD-2,Commercial,Medium Intensity District Purpose The CD-2 commercial, medium intensity district provides for commercial activities, services, offices and related activities which serve the entire city. Main Permitted Uses The main permitted uses in the CD-2 commercial,medium intensity district are commercial uses(including. for example-personal service establishments);apartments;apartment hotels,hotels,hostels,and suite hotels pursuant to section 142-1105 of this chapter);religious institutions with an occupancy of 199 persons or less and alcoholic beverages establishments pursuant to the regulations set forth in chapter 6 Alcoholic beverage establishments located in the following geographic areas within the CD-2 commercial,medium intensity district shall be subject to the additional requirements set forth in section 142-310 a) Alton Road corridor. Properties on the west side of Alton Road and east of Alton Court,between 5th Street and 11 th Street,and between 14th Street and Collins Canal;and properties on the east side of West Avenue,between Lincoln Road and 17th Street,except alcoholic beverage establishments fronting Lincoln Road between West Avenue and Alton Road. b) Sunset Harbour neighborhood. The geographic area generally bounded by Purdy Avenue to the west, 20th Street and the waterway to the north,Alton Road to the east,and Dade Boulevard to the south. Conditional Uses The conditional uses in the CD-2 commercial, medium intensity district are funeral home; religious institutions; pawnshops; video game arcades, public and private institutions; schools; any use selling gasoline; new construction of structures 50,000 square feet and over (even when divided by a district boundary line),which review shall be the first step in the process before the review by any of the other land development boards, outdoor entertainment establishment; neighborhood impact establishment; open air entertainment establishment,and storage and/or parking of commercial vehicles- on a site other than the site at which the associated commerce,trade or business is located.See section 142-1103. Accessory Uses The accessory uses in the CD-2 commercial,medium intensity district are as required in article IV,division 2 of this chapter;and accessory outdoor bar counters,provided that the accessory outdoor bar counter is not operated or utilized between midnight and B.00 a.m.;however,for an accessory outdoor bar counter which is adjacent to a property with an apartment unit,the accessory outdoor bar counter may not be operated or utilized between 8:00 p.m.and 8.00 a.m. Prohibited Uses The prohibited uses in the CD-2 commercial,medium intensity district are accessory outdoor bar counters, except as provided in article IV,division 2 of this chapter and in chapter 6 Source. City of Miami Beach Planning 8 Zoning Department 35© BRE2022CBRE,Inc.). Page 969 of 1502 Zoning ZONING SUMMARY-Continued Maximum Floor Area Ratio 1.50 FAR,plus Code Section 142-307(d)allows 2.0 FAR where more than 25%of the building is used for Minimum Lot Area None Minimum Lot Width None Minimum Apt.Unit Size New Construction: 550-SF;Rehabilitated Buildings: 400-SF Non-elderly and elderly low and moderate income housing: 400-SF Workforce Housing: 400-SF Average Apt.Unit Size New Construction: 800-SF;Rehabilitated Buildings: 550-SF Non-elderly and elderly low and moderate income housing: 400-SF Workforce housing:400-SF Minimum Hotel Unit Size 15%: 300-SF to 335-SF and 85%:335-SF&up;Rehabilitation of Historic Buildings:200-SF For contributing hotel structures,located within on individual historic site,a local historic district or a national register district,which are being renovated in accordance with the Secretary of the Interior Standards and Guidelines for the Rehabilitation of Historic Structures as amended,retaining the existing room configuration shall be permitted,provided all rooms are a minimum of 200 square feet. Additionally,existing room configurations for the above described hotel structures may be modified to address applicable life-safety and accessibility regulations,provided the 200 square feet minimum unit size is maintained,and provided the maximum occupancy per hotel room does not exceed 4 persons.In addition, the minimum hotel unit size for a property formerly zoned HD is 250 square feet,provided that the property does not exceed 25,000 square feet as of March 23,2019.Hotel units within rooftop additions to contributing structures in a historic district and individually designated historic buildings-200. Average Hotel Unit Size The number of units may not exceed the maximum density set forth in the comprehensive plan. Maximum Height 50 Feet(except as provided in Section 142-1161) Notwithstanding the above,the design review board or historic preservation board,in accordance with the applicable review criteria,may allow up to an additional five feet of height,not to exceed a maximum height of 55 feet.In order to utilize the additional height,the first floor shall provide at least 12 feet in height,as measured from the base flood elevation plus maximum freeboard,to the top of the second floor slob. 40 Feet for self-storage warehouse,except that the building height shall be limited to 25 feet within 50 feet from the rear property line for lots abutting an alley;and within 60 feet from a residential district for blocks with no alley. 60 Feet for mixed-use and commercial buildings that include structured pocking for properties on the west side of Alton Road from 6th Street to Collins Canal. Maximum Stories 5 Stories(except for permitted height exceptions as provided in Code Section 142-1161) Minimum Setbacks; Front,At Grade Parking Lot 5 Feet Front,Pedestal&Tower Non-Oceanfront 0-Feet and residential uses follow the RM-1,2&3 setbacks Front,Pedestal&Tower Oceanfront Pedestal: 15 Feet;Tower: 20 Feet+1 foot for every 50 feet in height,to a maximum of 50 feet,then Side,Interior,At Grade Parking Lot 5 Feet Side,Interior,Pedestal&Tower Non-Oceanfront 10 feet when abutting a residential district,otherwise none.Notwithstanding the foregoing,rooftop additions to contributing structures in a historic district and individually designated historic buildings may follow existing nonconforming rear pedestal setbacks. Side,Interior,Pedestal&Tower Oceanfront Notwithstanding the foregoing,rooftop additions to contributing structures in o historic district and individually designated historic buildings may follow existing nonconforming rear pedestal setbacks. Side.Facing a Street,At Grade 5 Feet Side,Facing a Street,Pedestal&Tower Non-Oceanfront 10 feet when abutting a residential district,unless separated by a street or waterway otherwise none Side,Facing o Street,Pedestal&Tower Oceanfront 10 Feet Rear,At Grade Parking Lot 5 Feet and if abutting an alley-0-Feet Rear,Pedestal&Tower Non-Oceanfront 5 Feet;and,10 Feet when obutting residential district,unless separated by a street or waterway,then-0-. Rear,Pedestal&Tower Oceanfront 25%of lot depth,75 feet minimum from the bulkhead line whichever is greater b) The tower setback shall not be less than the pedestal setback. c( Parking lots and garages:If located on the same lot as the main structure the above setbacks shall apply. If primary use the setbacks are listed in subsection 142-1132(n). d) Mixed use buildings:Calculation of setbacks and floor area ratio: 1) Setbacks.When more than 25 percent of the total area of a building is used for residential or hotel units, any floor containing such units shall follow the RM-1,2,3 setback regulations. 2) Floor area ratio.When more than 25 percent of the total area of a building is used for residential or hotel units,the floor area ratio range shall be as set forth in the RM-2 district. 3) The maximum floor area ratio (FAR) for self-storage warehouses shall be 1.5. The floor area ratio provision for mixed use buildings in section 142-307(d)(2(above shell not apply to self-storage warehouse development. Buildings Containing Parking Spaces Residential or commercial uses,as applicable,at the first level along every facade facing a street,sidewalk or waterway;for properties not having access to an alley,the required residential space shall accommodate entrance and exit drives. Residential or commercial uses above the first level along every facade facing a waterway. For properties less than 60 feet in width,the total amount of commercial space at the first level along a street side shall be determined by the design review or historic preservation board,as applicable.All facades above the first level, facing o street or sidewalk, shall include a substantial portion of residential or commercial uses;the total amount of residential or commercial space shall be determined by the design review or historic preservation board,as applicable,based upon their respective criteria. Parking Requirements-District No.6 Refer to Section 130-31 of municipal zoning code. Source City of Miami Beach Planning&Zoning Department 36 CBRE2022CBRE,Inc. Page 970 of 1502 2022 CBRF,Inc Zoning ANALYSIS AND CONCLUSION The existing public alley and proposed perpetual easement "at & below" grade level appears to be a reasonable and conforming use for the subject site. As previously noted, the abutting owner/developer of 1656 to 1680 Alton Road and 1677 West Avenue, BH The Alton, LLC, is interested in acquiring portions of the subject alleyway (500-SF & 1,000-SF) from the City of Miami Beach in order to create a unified development site between the parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels. In turn, the City of Miami Beach would retain a perpetual easement "at below" surface grade for continued use as an alley with access to all utilities and other public benefits to be negotiated with the developer. Additional information may be obtained from the City of Miami Beach Planning & Zoning Department. For purposes of this appraisal, CBRE has assumed the information obtained is correct. 37 CBRE2022CBRE, inc. Page 971 of 1502 1022 CYW,:nc. Zoning THE ALTON PROPOSED SITE PLAN & ALTON COURT ALLEY VACATION AREAS Area Evaluation - Proposed Siteplan N/LSI AVLNS_ L W6 VOW L 7466 M66 60/ 1676 UM - 1656 JJ 4W/!W A,.OW AW PY/ AP.Pm/ NW P/./ _ :ow,Owl rl Al TON Goan 38 CBRE2022CBRE,Inc. Page 972 of 1502 Zoning THE ALTON PROPOSED CONCEPT RENDERING FRONTING ALTON ROAD B n - ;_ " = war --` n .... . _ I.t .,4 0 fps J IR E.4. . 5.„, 'r X. I° rli., .. I Atii...i_ t, 39 CBRE2022CBRE, Inc. Page 973 of 1502 Zoning THE ALTON PROPOSED CONCEPT RENDERING FRONTING ALTON COURT w..g to - al!,li lay, ., ,r„, , o... r r.,, Fez __ 4_ 40 CBRE2022CBRE,Inc. Page 974 of 1502 2022 CsRE.., Zoning THE ALTON PROPOSED CONCEPT RENDERING FRONTING ALTON ROAD I, t ie.- :. ' 11,1111 MB:No...—. r ,. . ,.. T e r ti y 41 CBREC2022CBRE,Inc. Page 975 of 1502 Zoning THE ALTON PROPOSED CONCEPT RENDERING G.. . l r 1 F......111... 1 f t t ate_- 42 CBRE2022CBRE, Inc. Page 976 of 1502 1077thit',.or Tax and Assessment Data Tax and Assessment Data AD VALOREM TAX INFORMATION Pro Forma Parcel Assessor's Parcel No. 1 Not Assigned or Assessed 5,600,000 Subtotal 5,600,000 of Assessed Value 75% Final Assessed Value 4,200,000 General Tax Rate(per$100 A.V.) 1.930810 Total Taxes 581,094 4% Tax Reduction for Early Pay Discount 3,244) Total Adjusted Taxes 77,850 Taxes per SF 9.73 Source: Assessors Office The subject property is currently owned by a municipal government and is exempt from taxation. However, if the subject property were to be sold to the abutting property owner, the Miami-Dade County Assessor's office could assign a tax folio number for assessment purposes. The local Assessor's methodology for valuation is sales comparison approach to value. The next re-assessment of the subject was scheduled for January 1, 2023. If the subject sold for the value estimate in this report, a reassessment at that value could occur based on the "just value" statute, less cost of sale. According to the "just value" statute for all Counties within the State of Florida, the assessment for taxation purposes, is supposed to reflect 100% of market value, less cost of sale, i. e. marketing & real estate commissions, transaction & mortgage recording fees, etc., which typically equates to 65% to 85% of a recorded sale price and/or a market value estimate. 43 CO 20222022 CBRE,inc. Page 977 of 1502 Market Analysis Market Analysis The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and indications of financial feasibility. Primary data sources used for this analysis includes CoStar Group, Inc., PriceWaterhouseCoopers (PWC), Econometric Advisors (a subsidiary of CBRE, Inc.), REIS, Axiometrics and Esri. METROPOLITAN MIAMI-DADE COUNTY, FL OFFICE MARKET OVERVIEW Recent Performance The following table summarizes historical and projected performance for the overall metropolitan Miami-Dade County, FL office market, as reported by CoStar. MIAMI-DADE COUNTY,FL OFFICE MARKET Inventory Completions Occupied Stock Asking Rent Asking Rent Net Absorption TransactionYearEnding (SF)SF) SF) Occupancy ($ISF Gross) Change SF) Price Per Area SF) 2017 106,065,221 686,246 97,881,120 92.3% $35.12 3.27% 1,416,122 $236.27 2018 107,241,402 1,176,181 98,064,328 91.4% $36.73 4.58%83,271 246.41 2019 107,376,445 40,043 98,231,984 91.5% $37.88 3.14%166,728 72.45 2020 108,651,333 1,274,888 97,521,400 89.8% $39.02 2.99% -710,584 $176.97 Q1 2021 108,816,932 165,599 97,314,536 89.4% $39.42 1.04% -206,868 $237.50 Q22021 109,056,867 239,935 97,524,120 89.4% $40.01 1.49% 209,588 $245.55 Q32021 109,053,560 -3,307 98,054,776 89.9% $40.58 1.41% 530,651 290.22 Q4 2021 109,410,206 356,646 98,087,152 89.7% $41.31 1.82%32,381 183.21 2021 109,410,206 758,873 98,087,152 89.7% $41.31 5.88% 565,752 183.21 Q1 2022 109,482,715 72,509 98,507,640 90.0% $41.82 1.23% 420,485 $228.16 Q22022' 109,826,469 343,754 98,802,240 90.0% $42.62 1.91% 294,631 424.09 Q3 2022' 110,705,613 879,144 99,173,688 89.6% $43.47 2.01% 372,391 Q42022' 111,136,850 431,237 99,557,928 89.6% $44.28 1.86% 385,987 2022' 111,136,850 1,726,644 99,557,928 89.6% $44.28 7.19% 1,473,494 2023' 111,203,739 66,889 100,750,008 90.6% $47.43 7.10% 1,196,004 2024• 112,218,450 1,014,711 101,631,888 90.6% $49.53 4.44% 883,377 2025' 113,531,626 1,313,176 102,505,240 90.3% $50.86 2.68% 876,776 2026' 114,519,142 987,516 103,154,960 90.1% $51.63 1.52% 653,076 2027' 115,487,898 968,756 103,755,344 89.8% $52.18 1.06% 603,631 Future Projected Data according to CoStar Source:CoStar,1st Quarter 2022 The Miami-Dade County, FL office market consists of approximately 109,482,715 square feet of office space. The following observations are noted from the table above: As of 1st Quarter 2022, there was approximately 98,507,640 square feet of occupied office space (including sublet space), resulting in an occupancy rate of 90.0% for the metro area. This reflects an increase from the previous quarter's occupancy of 89.7%, and a small increase from an occupancy rate of 89.7%from last year. The area experienced positive 420,485 square feet of net absorption for the current quarter. This indicates an improvement from the previous quarter's positive 32,381 square feet of net absorption, and a decline from the positive 565,752 square feet of net absorption from last year. 44 CBRE2022CBRE,Inc. Page 978 of 1502 Market Analysis The area had completions of positive 72,509 square feet for the current quarter, which indicates a decrease from the previous quarter's completions of positive 356,646 square feet, and indicates a decline from completions of positive 758,873 square feet from last year. The area achieved average asking rent of $41.82 per square foot, which indicates an increase from the previous quarter's asking rent of $41.31 per square foot, and an increase from the asking rent of $41.31 per square foot from last year. Historical Inventory- Market HISTORICAL INVENTORY:MIAMI-DADE COUNTY,FL OFFICE MARKET 71E.CCD.CC 115.487.898 114. 11t 519,1t2 113,531 626 w,..o_ 112.216,c5C 112 CC.ECC 111.136,8SC 111.2C3.739 11C.C:C.D S 1C9:10,2D6 1.i8.E51,333 1C8.CCC.CCS 1 C 7.2 t 1 Lc; 1C7.3 76,:.45 106,C,55,221 1:6.CCC.ECC 1Ca.C...CCC 1C2,.C,CCO lx.oc:.a c Future Projected Data eccordng to CoStar Source CoStar,1st Quarter 2022 Inventory is projected to be 111,136,850 square feet at the end of the current year, which represents an increase from the previous year's inventory of 109,410,206 square feet. Inventory for next year is projected to be 111,203,739 square feet, reflecting an increase from the current year. 45 CBREOD2022CBRE,inc. Page 979 of 1502 r/072 cea.:n Market Analysis Historical Occupancy - Market HISTORICAL OCCUPANCY:MIAMI-DADE COUNTY,FL OFFICE MARKET i:54 92 3% Y]4% 91.5% SS 91.'2 9C.6i ?C.6S ry SC3% 11111111995s. 93 S4 aa,5% 215 2019 2022 2021 Future Projected Data according to CoStar Source CoStar, 1st Quarter 2022 At the end of the current year, the occupancy rate is projected to be 89.6%, which reflects a small decrease from the 89.7% occupancy rate at the end of last year. Occupancy for next year is projected to be 90.6%, reflecting an increase from the current year. Historical Net Absorption - Market HISTORICAL NET ABSORPTION:MIAMI-DADE COUNTY,FL OFFICE MARKET 1,e16.122 1.a73L9%- 1.5C0.<.i0 196x, I..GO,OW 4E33 - S.7o.T7c E53.i36 ' it 565,752 50C.NO 166.72E E3,271 V 2017 2015 2019 2021 1.422' .023' 2C2' 2023' _ 500.roc 10,586 Future Projected Data eccordng to CoStar Source.CoStar,l it Quarter 2022 At the end of the current year, the area is projected to experience positive 1,473,494 square feet of net absorption, which indicates an improvement from the positive 565,752 square feet of net absorption for the previous year. The area is projected to experience positive 1,196,004 square feet of net absorption as of the end of next year, which indicates a decline from the current year. 46 CBRE2022CBRE,Inc. Page 980 of 1502 lay:C9RF,Or. Market Analysis Historical Completions - Market HISTORICAL COMPLETIONS:MIAMI-DADE COUNTY,FL OFFICE MARKET 1.6CC.GC 1!Y.L'L i1,274,8gs 1.313.17E 1.176,161 1.2::.AG 1,214,711 n87.516 968 756 1.Ce`G.GX 758,873 63C.2•: 616,246 e s.oc AMP- Future Projected Data according to CoStar Source CoStar, 1st Quarter 2022 The area is projected to achieve completions of positive 1,726,644 square feet for the current year, which indicates an improvement from the previous year's completions of positive 758,873 square feet. The area is projected to experience completions of positive 66,889 square feet as of the end of next year, which indicates a decline from the current year. Historical Asking Rent - Market HISTORICAL ASKING RENT:MIAMI-DADE COUNTY,FL OFFICE MARKET s6c.X 54953 $5`%86 S5163 5521e i:."G Sc?43 01111111 S36 732C165 ..r• Future Projected Data accordng to CoSter Source CoStar,tst Quarter 2022 The area is projected to achieve average asking rent of $44.28 per square foot at the end of the current year, which indicates an increase from the previous year's asking rent of $41.31 per square foot. The area is projected to achieve asking rent of $47.43 per square foot by the end of next year, indicating an increase from the current year. 47 CBRE2022CBRE, Inc. Page 981 of 1502 70:`2::Gtr,Inc. Market Analysis SUBMARKET SNAPSHOT The following table summarizes the supply of office square footage for each submarket within the Miami-Dade County, FL market as of 1st Quarter 2022. MIAMI-DADE COUNTY,FL OFFICE SUBMARKET SNAPSHOT Submarket Inventory(SF) Completions'(SF) rr>Rrrry Kerr.lrw- Occu arcr. el P y Aventura 2,580,276 -23,650 53.66 93.2% Biscayne Comdor 3,635,291 0 40.97 90.4% Brickell 8,583,836 0 59.41 89.6% Coconut Grove 2,610,394 180,000 52.33 88.9% Coral Gables 11,581,689 -77,921 43.53 88.1% Coral Way 2,598,090 0 35.99 95.9% Downtown Miami 12,333,223 0 44.53 84.2% Hialeah 3,356,652 0 34.03 98.5% Kendall 12,961,450 0 38.22 95.4% Miami 6,227,231 0 39.75 96.8% Miami Airport 19,667,138 0 36.63 86.3% Miami Beach 4,983,003 144,430 47.75 88.5% Miami Gardens/Opa Locka 459,743 0 34.37 95.8% Miami Lakes 3,637,456 0 32.40 91.5% Northeast Dade 7,133,464 6,226 33.82 94.6% Outlying Miami-Dade Cnty 345,524 71,886 36.72 42.5% South Dade 2,572,226 47,693 34.70 93.5% West Miami 2,069,141 0 34.23 97.3% Wynwood-Design District 2,146,888 329,571 54.51 72.8% Completions include trailing 4 quarters Source:CoStar,1st Quarter Miami Beach Submarket Important characteristics of the Miami Beach office market are summarized below: MIAMI BEACH OFFICE SUBMARKET Inventory Completions Occupied Stock Asking Rent Asking Rent Net Absorption TransactionYearEndingPrice SF) (SF) SF) Occupancy WV Bross) Change (SF) SF) Area SF) 2017 4,854,166 26,899 4,556,891 93.9% $41.12 5.20% -44,250 $669.91 2018 4,854,166 0 4,505,588 92.8% $41.57 1.11% -51,239 $494.58 2019 4,838,573 -15,593 4,470,279 92.4% $42.88 3.14% -35,309 S303.78 2020 4,838,573 0 4,448,140 91.9% $44.28 3.26% -22,139 $550.13 Q1 2021 4,838,573 0 4,460,929 92.2% $44.87 1.33% 12,789 S386.61 Q2 2021 4,838,573 0 4,461,357 92.2% S45.55 1.52%428 1,420.22 Q3 2021 4,838,573 0 4,460,762 92.2% $46.25 1.55%595 572.74 Q4 2021 4,838,573 0 4,399.572 90.9% $47.11 1.86% -61,190 $624.28 2021 4,838,573 0 4,399,572 90.9% $47.11 6.40% -48,568 $624.28 012022 4,983,003 144,430 4,407,489 88.5% $47.75 1.35%7,917 770.10 Q2 2022' 4,983,003 0 4,446,358 89.2% $48.68 1.96% 38,875 $794.88 032022' 4,995,825 12,822 4,457,452 89.2% $49.65 1.99% 11,128 04 2022' 4,992,719 -3,106 4.486,817 89.9% $50.56 1.84% 29,412 2022' 4,992,719 154,146 4,486,817 89.9% $50.56 7.33% 87,332 2023' 5.065,851 73,132 4,502,016 88.9% $54.07 6.94% 15,110 2024' 5,110,603 44,752 4,571,096 89.4% $56.38 4.27% 67,908 2025' 5,553,400 442,797 4,976,362 89.6% $57.84 2.59% 404,795 2026' 5,659,730 106,330 5,054,881 89.3% $58.67 1.44% 77,971 2027' 5,764,458 104,728 5,131,736 89.0% $59.26 0.99% 76,021 Future Protected Data according to CoStar Source:CoStar,le Quarter 2022 The Miami Beach office submarket consists of approximately 4,983,003 square feet of office space. The current submarket inventory represents approximately 4.6% of the overall market inventory. The following observations were noted from the table above: 48 CBRE2022CBRE,Inc. Page 982 of 1502 f!7l taut,'mac. Market Analysis As of 1st Quarter 2022, there was approximately 4,407,489 square feet of occupied office space (including sublet space), resulting in an occupancy rate of 88.5% for the submarket. This reflects a decrease from the previous quarter's occupancy of 90.9%, and a decrease from an occupancy rate of 90.9% from last year. The submarket occupancy is below the 90.0% market occupancy. The submarket experienced positive 7,917 square feet of net absorption for the current quarter. This indicates an improvement from the previous quarter's negative 61,190 square feet of net absorption, and an improvement from the negative 48,568 square feet of net absorption from a year ago. The submarket's current net absorption of positive 7,917 square feet is below the overall market net absorption of positive 420,485 square feet. The submarket had completions of positive 144,430 square feet for the current quarter, which indicates an increase from the previous quarter's zero completions, and an increase from the zero completions from last year. The submarket achieved average asking rent of $47.75 per square foot, which indicates an increase from the previous quarter's asking rent of $47.1 1 per square foot, and an increase from the asking rent of $47.11 per square foot from last year. The submarket's current asking rent of $47.75 per square foot compares favorably with the overall market asking rent of $41.82 per square foot. Historical Inventory - Submarket HISTORICAL INVENTORY:MIAMI BEACH OFFIaE MARKET 127.2=1,Q2 IC7.3.E.tts 1,.8,651.3i3 I3S C,2C6 in:36,36C ..._ -,73i 113.:13 t5C ll3 31626 I1 S13.1=2 i15,=5'.54E Future Projected Data according to CoStar Source CoStar,1st Quarter 2027 Submarket Inventory is projected to be 4,992,719 square feet at the end of the current year, which represents an increase from the previous year's submarket inventory of 4,838,573 square feet. Inventory for next year is projected to be 5,065,851 square feet, reflecting an increase from the current year. 49 CBRE2022CBRE, Inc. Page 983 of 1502 Market Analysis Historical Occupancy - Submarket HISTORICAL OCCUPANCY:MIAMI BEACH OFFICE MARKET 93 9;c 92.8% 91.9i 9'2 ct j 89 6% a9 9 c 894% 893i5 — 88 9% 89Cf I 90.6% 90.6% 0" - 89.;% 69 at - 90.11 tl.811 0: a 1- .:-.>, I I j 4„,,,,„,,,,:cAl 74t.,-,-,.14,* t- ,41.1„.n.:4 !„;, -,- , ,„ i:_ ' iiiatij .._i_..- - n,,,,. i,,.,:=___ -, ; ., -",,:l i-: : ...j PC:=43 -AN fl'-' rj----'241 '--441:04 44;:-.,,:i . • ilketA 1:'•:4.S.V4, KiLiAl 114.4 Future Projected Gala according to CoSter Source CoStor,let Quarter 2022 Submarket occupancy is projected to be 89.9% at the end of the current year, which represents a decrease from the previous year's submarket occupancy of 90.9%. Submarket occupancy for next year is projected to be 88.9%, reflecting a decrease from the current year. Historical Net Absorption - Submarket HISTORICAL NET ABSORPTION:MIAMI BEACH OFFICE MARKET tiER2 1 73 Z•34 1,196.71. 893,377 676.776 j 565,752 tt fi53 C7E 6C;,e3: i t , 83.z71 i6f 72-474 91795 I 771971 ' 1 51.tI 1 Si,339 -22.330 ;. rF 1,6.... s-='#T"• '. tit. • __f A t I I 71D59a Future Projected Data according to CoStar Source Costar,1st Quarter 2022 Net absorption in the submarket is projected to be positive 87,332 square feet at the end of the current year, reflecting an improvement from the previous year's net absorption of negative 48,568 square feet. Net absorption for next year is projected to be positive 15,110 square feet, indicating a decline from the current year. 50 CBRE2022CBRE,Inc. Page 984 of 1502 02;C880.-.c. Market Analysis Historical Completions - Submarket HISTORICAL COMPLETIONS:MIAMI BEACH OFFICE MARKET 1.._tsi1.313.176 1,176,131 1.:IL.71: 967 51E 9Ee 755 56 v-_• 666.2 6 i 1 1 f 1 s a Future Projected Data accordng to CoStar Source Castor,I at Quarter 2022 The submarket is projected to achieve completions of positive 154,146 square feet at the end of the current year, which indicates an improvement from the previous year's zero completions. The submarket is projecting completions of positive 73,132 square feet for next year, which indicates a decline from the current year. Historical Asking Rent - Submarket HISTORICAL ASKING RENT:MIAMI BEACH OFFICE MARKET E.CC 556.3e 557.64 558.67 555 26 55407 55056 50:: 54711 1 __- 541.12 $4157 542ftF Su•.23 i ' I t I SS216 I f474d i 5053 SSY. 56153 Sa41! 1 1 536.73 537 66 539 2 54151 5351I 1 A 4 ? ltt k, A t x 1Y • t a.-, j i7 q, i ' r.. d Y 1ff-' 7.-, t _ A, ra.>e .. P g [ ,4 - i Future Projected Data accerdne to CoStar Source CoStar,1st Quarter 2022 The submarket is projected to achieve average asking of $50.56 per square foot at the end of the current year, which represents an increase from the previous year's asking rent of $47.11 per square foot. The submarket is projected to achieve average asking rent of $54.07 per square foot, reflecting an increase from the current year. 51 CBRE2022CBRE,Inc. Page 985 of 1502 Highest and Best Use Highest and Best Use In appraisal 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; financially feasible; and maximally productive. The highest and best use analysis of the subject is discussed below. AS VACANT Legal Permissibility The legally permissible uses were discussed in the Site Analysis and Zoning Sections. Physical Possibility The subject site is a public right-of-way that is adequately served by on-site improvements and off-site infrastructure. However, the small size and location renders the site undevelopable as a standalone property. However, an abutting user and-or developer could acquire the site and develop to a higher & better use, subject to unity of title and benefit from the additional site area and density. Existing and proposed structures on abutting properties represent high density, mixed-use retail, office, hotel & residential uses that provide evidence for the physical possibility of development if assembled into a larger, developable site. Alternate physically possible uses include utility easements, public space, storm water drainage or retention, surface parking, and-or sidewalk café in concert with abutting restaurant buildings. 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, office, hotel and mixed-use residential properties has occurred in the recent past and continues to this day. Further, within the subject market, there are several under construction and proposed multi-family residential, retail, office & hotel projects along the Alton Road corridor. However, the physical constraints of the small site size limits stand alone development. Therefore, the most obvious use is to sell to an abutting owner/user or developer. Alternate uses would be for utility easements, public space, storm water drainage and-or surface parking. 52 CBRE2022CBRE,Inc. Page 986 of 1502 Highest and Best Use Maximum Productivity - 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 contained in the neighborhood analysis, we conclude that the highest and best use of the subject parcel would be the proposed acquisition & assemblage with the abutting property owner for redevelopment of The Alton mixed-use retail/office project, subject to a perpetual alley, pedestrian & utility easement and other public benefits to be negotiated. More specifically, the subject property could be developed in concert with an abutting use to a height of 5-to-6 stories and a density of 1.50 to 2.0 FAR. 53 CBRE2022CBRE,Inc. Page 987 of 1502 t 2C22 C Pk.-c. Sales Comparison Approach Land Value - Fee Simple Estate The following map and table summarize the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda. w 241n.81 S®f W-23,11 St•• "_ Liftlama4ar04 o-° 0 e 44. tx:...st Lod..1 i Land Silk S 1910 Men Pd A r 33.09.1Avi !Mon Mad,ft33139 1,4 3y I 3I0SMan,•L 33139 3 4+704 i of I. f •ed SYs. 169E Aten Rd IftlkSt-= i SI - Mee Beath,ft MN _ p • ay'n - SAW p9pety r i m Men Boat.FL33139 72K 61 Theft- __ aJ•IA16• _ _" "o 0 pj --"Vtal1 1 M1L'% cwtoln Ln N • Nd E Z Lincoln Rd--=s. blast t.d S..3 It.elm Rd 12121xtl,Rd i- M..OW,fi33139 -r - -- -__ C 0 < • • • Rli<•y•• Say Wmlean,ft 31138 fnSW& Mega.t iW4 wW t6th St --,. - - - -. SthSF War- . -41 - b lgk9t--3 L a 4 3 laa Sw3 WA$I '$t- I4Th 51 -'' 1239 Wadrgtm ohm 3 Mom Beam,R.") 4,fe..,3net 1} F 121°.51- --- a--128,Sf _ $ t7wwRelir-. j4111Slr. -Q t Yrr f • • 9.. ` a SUMMARY OF COMPARABLE LAND SALES-FEE SIMPLE ESTATE Tfan•adla. Actual Sale M(u•t•d Sale Shoe Sae Allowable Indkaled Price Mee PST No. Property Location Typo Date Proposed BI•e Price Price' (Acm) (SF) Bldg.Area(SF) FAR Per SP el FAR I 1910 Alton Rood Sale Feb-20 Mixed-use office/residential 54,500,000 54,500,000 0.18 8,000 15,997 2.00 $562.50 5281.30 Miami Meech,FL 33139 2 1212 Lincoln Road Sale Jun-20 Boutique hotel 59,000,000 $9,000,000 0.42 18,263 44,938 2.46 5492.80 S200.28 Miami Beach,FL 33139 3 1234-1260 Washington Avenue Sale May-21 Retail/office redevelopment 820,000,000 S20,000,000 0.77 33,525 66,978 2.00 S596.57 $298.61 Miami Beach,FL 33139 4 1683 8 1695 Alton Road Sole Feb-22 TBD S10,400,000 510,400,000 0.34 14,810 22,215 1.50 $702.21 S468.15 Miami Beach,FL 33139 5 2206 Pork Avenue Sale Feb-22 Motel S13,500,000 $13,500,000 0.39 17,040 49,441 2.90 $792.25 $273.05 Miami Beach,FL 33139 6 1656-1680 Alton Road Sale Jun-22 Mined-use mail/office S 539,300,000 S39,300,000 1.38 60,000 90,000 1.50 S655.00 S436.67 1677 West A.enue structured parking Miami Beach,FL 33139 7 824 Alton Road Available/ Apr-22 TBD 510,800,000 S10,800,000 0.41 18,000 27,000 1.50 S600.00 S400.00 Miami Beach,FL 33139 Listing Subj. 1656 to 1680 Alton Coup,High density,mixed-use ---0.18 8,000 12,000 1.50 --- --- Miami Beads,Florida retail,office&multi-family apartment uses Adjusted sale prim tar cash...Weever and/or davelown•ru cow(when opplia lei.) Compiled by CBRE 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 sales were chosen based upon location and zoning/density. 54 CBRE2022CBRE,Inc. Page 988 of 1502 r 20'i2 C-r, Sales Comparison Approach DISCUSSION/ANALYSIS OF LAND SALES We have considered similarities and differences for each of the comparable sales in direct comparison to the subject site, as if vacant and available to be put to its highest & best use. We have considered and-or applied adjustments to the comparable sales for differences in favorable financing terms, conditions of sale, i. e. seller motivation, distress and/or buyer assemblage premiums, market conditions (time), size/value, shape/configuration, corner influence, frontage/access, topography/site conditions, location and zoning/density when compared to the subject property. Land Sale One This comparable land 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 an "all cash" transaction. 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. We have adjusted Sale 1 upwards for improving market conditions between the date of sale and our effective date of this appraisal. Land Sale Two This comparable land sale is located at the southwest corner intersection of Alton Road & Lincoln Road in the South Beach submarket of Miami Beach, Florida. The site is improved with an existing 2-story, 18,105-SF Wells Fargo branch bank built in 1940 that will be redeveloped into a 5-story, 168-room boutique hotel with roof top terrace. The seller previously acquired the property from Wells Fargo in January 2020 for $8,500,000. The site location is across the street from the west end of 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 2 upwards for improving market conditions between the date of sale and our effective date of this appraisal. We also adjusted Land Sale 2 upwards for larger size/value relationship and downwards for superior corner location in comparison to the subject property. Land Sale Three This comparable land sale comprises an existing 1-story, 10,697-SF retail building (1260) and a 3-story, 19,519-SF office building (1234) located along the west side of Washington Avenue at 13th Street and spanning west to the Drexel Avenue frontage. The buyer operates a co-living & 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- 55 CBRE2022CBRE, inc. Page 989 of 1502 1021 C.0A& r Sales Comparison Approach 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 bar, 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-living units with 2-to-4 bedroom floor plans including private bathrooms in each bedroom and shared living room, kitchen and laundry machines. The sale transaction was facilitated with a $14 million purchase money mortgage in favor of the sellers and the buyer raised $56 million from investors for the redevelopment program. We have adjusted Sale 3 upwards for improving market conditions between the date of sale and our effective date of this appraisal. We also adjusted Land Sale 3 upwards for larger size/value relationship in comparison to the subject property. Land Sale Four This comparable land sale is the former BankUnited branch bank located on the southeast, signalized corner of Alton Road and 17th Street in the South Beach submarket in Miami Beach, Florida. The BankUnited lease commenced in May 2010 with the "like new" branch bank opening in 2012. The lease terms & conditions were for 10 years plus two (2), 5 year renewal option and 3% annual escalations throughout initial term and options periods. However, BankUnited vacated after the initial base term expired. Prior to a branch bank, it was the former Burger King fast food restaurant. The current seller previously acquired the property in December 2012 and a single tenant, triple net lease investment for $8,150,000 and relisted the property more recently once it was known that BankUnited was not renewing. The broker listing was priced at $12,000,0000 and sold at $10,400,000 in an "all cash" sale transaction to a local, high net worth investor. The underlying zoning permits a 5-story building and floor-area-ratio of 1.50 or a maximum 2.0 in mixed-use buildings when more than 25 percent of the total area of a building is used for residential or hotel units, as set forth in the RM-2 district. We have adjusted Sale 4 upwards for larger size/value relationship and downwards for superior corner influence when compared to the subject property. Land Sale Five This comparable land sale is located along the northwest corner of Park Avenue and 22nd Street in the South Beach submarket in Miami Beach, Florida. The property was broker listed at 15,900,000 and sold for $13,500,000 with the buyer securing a $6,000,000 conventional loan from City National Bank and the seller providing a $2,500,000 short term purchase money mortgage. The property was previously acquired in October 2013 for $7,000,000 by the developers of the adjacent & former 44-room Lido Park Hotel located at 2216 Park Avenue who re-branded the 2216 Park Avenue property as the Vintro Hotel & Kitchen and is now known as the Kayak Miami Beach. The 2206 Park Avenue land sale property was previously proposed and entitled for a 5-story condo hotel comprising of 50,000-SF +/- with a mechanical parking lift 56 CBRE2022CBRE,inc. Page 990 of 1502 Sales Comparison Approach system. The project was finally approved for 49,441-SF of FAR with 120-hotel rooms, ground floor retail and reduced off-street parking variance. The site location is at the crossroads of Park Avenue and the renovated Collins Canal that is a restricted access canal that connects to Biscayne Bay, Indian Creek and Lake Pancoast. We have adjusted Sale 5 upwards for larger size/value relationship, downwards for superior location & proximity to Ocean Drive and downwards for superior zoning/density when compared to the subject property. Land Sale Six This comparable land sale comprises 1.21-acres fronting Alton Road, just one (1) lot north of Lincoln Road and improved with several 1 & 2 story retail & residential buildings totaling 50,814- SF and dating back to the 1940's plus 0.17-acre fronting West Avenue that is improved with a surface parking lot. The buyer is a developer with a preliminary concept plan to redevelop the site with a 5 to 6-story, mixed-use retail/office project supported by structured parking and subject to the acquisition of the Alton Court alleyway. The buyer/developer is seeking to acquire a partial vacation in order create a unified development site between parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels and then provide a perpetual easement to the City so the alley continues to function and the City would continue to have access to all utilities. The proposed office building is expected to utilize the recently approved height incentives for office buildings along Alton Road, subject to public benefits to be provided by the developer, while retaining a lower scale of development along West Avenue. The current seller previously acquired the property in a two-part assemblage in August 2004 for 9,750,000 and April 2014 for $2,5000 or for a total of $12,250,000 and engaged Avison Young to market the property, unpriced, in the 4th quarter, 2021. The current buyer facilitated the transaction with a $28,250,000 loan in favor of Maim Credit Corp. We have adjusted Sale 6 upwards for larger size/value relationship when compared to the subject property. Land Listing Seven This comparable land listing is improved with a surface parking lot an is located along the west side of Alton Road, between 8th Street and 9th Street in the South Beach submarket in Miami Beach, Florida. The parking lot has previously been leased to a valet parking company. However, this is an obvious underutilization of the site and there would be early cancellation provisions if the property sells or is developed. The site was previously purchased by the current owner/developer in July 2015 for $5,400,000. The CD-2, Commercial, Medium Intensity zoning permits a variety of mixed-uses up to 70-feet in building height (7-stories) with a maximum floor-area-ratio (FAR) of 1.50 and potential for an increase to a 2.0-FAR if more than 25% of the building is used for residential or hotel units. 57 CBRE2022CBRE,Inc. Page 991 of 1502 Sales Comparison Approach We have adjusted Listing 7 downwards for conditions of sale, i. e. active listing versus closed sale transaction, upwards for larger size/value relationship and downwards for inferior location when compared to the subject property. SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. LAND SALES ADJUSTMENT GRID-FEE SIMPLE ESTATE Comparable Number 1 2 3 4 5 6 7 Subject Transaction Type Sale Sole Sale Sale Sale Sole Available/ Listing Transaction Date Feb-20 Jun-20 May-21 Feb-22 Feb-22 Jun-22 Apr-22 Proposed Use Mixed-use Boutique hotel Retail/office TBD Hotel Mixed-use TBD High density, office/residential redevelopment retail/office& mixed-use retail, structured office&multi- parking family apartment uses Actual Sale Price 54,500,000 $9,000,000 $20,000,000 $10,400,000 $13,500,000 539,300,000 510,800,000 Adjusted Sale Pricer 54,500,000 $9,000,000 520,000,000 $10,400,000 513,500,000 $39,300,000 510,800,000 Size(Acres) 0.18 0.42 0.77 0.34 0.39 1.38 0.41 0.18 Size(SF) 8,000 18,263 33,525 14,810 17,040 60,000 18,000 8,000 Allowable Bldg.Area(SF) 15,997 SF 44,938 SF 66,978 SF 22,215 SF 49,441 SF 90,000 SF 27,000 SF 12,000 SF Indicated FAR 2.00 2.46 2.00 1.50 2-90 1.50 1.50 1.50 Price Per SF 562.50 $492.80 $596.57 $702.21 5792.25 $655.00 $600.00 Price Per Bldg.Area 281.30 $200.28 $298.61 5468.15 $273.05 5436.67 $400.00 Price(5 PSF) 562.50 $492.80 $596.57 $702.21 5792.25 5655.00 5600.00 Property Rights Conveyed 0% 0% 0% 0% 0% 0% 0% Financing Terms r 0% 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% 0% 0% 10% Market Conditions(Time) 25% 20% 10% 0% 0% 0% 0% Subtotal 703.13 $591.36 S656.23 5702.21 $792.25 $655.00 $540.00 Size 0% 5% 10% 5% 5% 10% 5% Shape 0% 0% 0% 0% 0% 0% 0% Corner 0% 10% 0% 10% 0% 0% 0% Frontage 0% 0% 0% 0% 0% 0% 0% Topography 0% 0% 0% 0% 0% 0% 0% Location 0% 0% 0% 0% 5% 0% 20% Zoning/Density 0% 0% 0% 0% 10% 0% 0% Utilities 0% 0% 0% 0% 0% 0% 0% Highest 3 Best Use 0% 0% 0% 0% 0% 0% 0% Total Other Adjustments 0% 5% 10% 5% 10% 10% 25% Value Indication PSF of Site 5703.13 $561.79 5721.85 5667.10 $713.03 5720.50 $675.00 Value Indication PSF of FAR $351.63 $228.31 $361.31 $444.75 $245.75 5480.33 $450.00 Absolute Adjustment 25% 35% 20% 15% 20% 70% 35% Adjusted sale price for cosh equivalency and/or development costs(whore applicable) Compiled by CBRE Zoning/Density Adjustments After adjusting the comparable sales for economic and physical characteristics in direct comparison to the subject property, we have considered & applied an adjustment for zoning/density/FAR in direct comparison to the subject "as of right" zoning & floor-area-ratio FAR), calculated as follows: 58 CBRE2022CBRE,Inc. Page 992 of 1502 r',n c Lift,., Sales Comparison Approach FAR ADJUSTMENT GRID Indicated Adjusted Sale Subject Adjusted Sale Sale FAR Price Per FAR FAR Price Per FAR 4 1.50 444.75 1.50 444.75 6 1.50 480.33 1.50 480.33 7 1.50 450.00 1.50 450.00 Subject 1.50 1 2.00 351.63 1.50 468.84 3 2.00 361.31 1.50 481.75 2 2.46 228.31 1.50 374.44 5 2.90 245.75 1.50 475.11 Compiled by: CBRE, Inc. CONCLUSION The comparables sales produced an overall unadjusted value indicator range from $492.80 to S792.25 per square foot of site area; and, $200.28 to $468.15 per square foot of rentable/sellable building FAR. After adjustments were considered and-or applied for property rights conveyed, conditions of sale, i. e. assemblage or distress, market conditions (time), size, corner or frontage/view corridors, topography/site conditions, location and zoning/density when compared to the subject property, the range of value indicators was narrowed considerably to 561.79 to $721 .85 per square foot of site area; and, $374.44 to $481 .75 per square foot of rentable/sellable building FAR. Based on the preceding analysis, Comparable Sales 1, 3, 4, 6 & 7 were the most representative of the subject site, and warranted greatest consideration because of recent transaction dates, size, location and zoning/density. In conclusion, a price per square foot of site area and a price per square foot of rentable/sellable building FAR within the overall unadjusted and adjusted ranges is most appropriate for valuing the subject property As Is, and is calculated as follows: CONCLUDED LAND VALUE - FEE SIMPLE ESTATE PSF of Site Site SF Total 670.00 x 8,000 5,360,000 720.00 x 8,000 5,760,000 PSF of FAR As of Right FAR Total 450.00 x 12,000 SF = $5,400,000 480.00 x 12,000 SF = $5,760,000 Indicated Value: 5,600,000 Rounded PSF of Site) 700.00 Rounded PSF of FAR) 466.67 Compiled by CBRE 59 CBRE2022CBRE, inc. Page 993 of 1502 Sales Comparison Approach Market Value of Transferable Floor Area Transferable Floor Area is a vehicle that enables the City of Miami Beach to transfer additional development capacity to a property owner/developer who is then allowed to add "bonus" height and-or intensity via additional floor area up to the maximum allowed within the Development Section of the municipal code. In addition, a property owner/developer can float or move the Transferable Floor Area amongst a unified development site. As such, the abutting owner/developer of 1656 to 1680 Alton Road and 1677 West Avenue, BH The Alton, LLC, is interested in acquiring portions of the subject alleyway (500-SF & 1,000-SF) from the City of Miami Beach in order to create a unified development site between the parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels. In turn, the City of Miami Beach would retain a perpetual easement "at & below" surface grade for continued use as an alley with access to all utilities and other public benefits to be negotiated with the developer, while the City would retain the rights to the subject site "as of right" FAR. Because the transfer of floor area is a benefit to a sending or receiving site but is also something less than the absolute ownership of a developable site, a discount is warranted similar to a TDR transferable development right). In order to extract a reasonable discount factor from the market, we have analyzed several urban, resort and barrier island communities in south Florida, where TDRs are actively traded amongst investors & developers, and presented as follows: TRANSFERABLE DEVELOPMENT RIGHTS(TDR)DISCOUNT ANALYSIS Submarket Location Time of Transactions Price Per TDR Comparable Land Sale Price TDR Discount to Per FAR or Unit Comparable Land Values Bay Harbor Islands 2015 to 2017 S30,000 to $81,250 $229,000 to $550,000 86.9% to 85.2% Sunny Isles Beach 2021 242,857 to S119.55 $356,000 to S247.97 31,8% to 51.8% Edgewater 2021 20,000 to $21,500 $55,000 to $205,000 63.6% to 89.5% North Bay Village 2021 40,000 to $40,000 $74,000 to $96,000 45.9% to 58.3% Compiled by CBRE Based on the foregoing presentation, a discount for additional floor area versus a fee simple, developable site would be near the mid-point, at say 50%. Using our concluded values based on FAR for the 710-720 Alton Road and 663 Alton Road subject properties, we have estimated the value of a transferable additional floor area for the subject properties, as follows: MARKET VALUE OF TRANSFERABLE FLOOR AREA Indicated Value PSF of FAR 466.67 Discount for Transferable Floor Area 50.0% Indicated Value PSF of Transferable Floor Area 233.33 Rounded to 233.00 Compiled by CBRE 60 CBRE2022CBRE,Inc. Page 994 of 1502 Sales Comparison Approach Investment Value of Transferable Floor Area As previously noted, the subject property location is abutting 1656 to 1680 Alton Road and 1677 West Avenue, whereby BH The Alton, LLC, is interested in acquiring portions of the subject alleyway (500-SF & 1,000-SF) from the City of Miami Beach in order to create a unified development site between the parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels. As such, the subject property is a candidate for acquisition & assemblage. According to the fourteenth addition of The Appraisal of Real Estate, an assemblage is the combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use. If there is an increase in value from the assemblage, that is known as plottage value, whereby the increment of value created when two or more sites are combined produce greater utility. We have researched & analyzed several assemblages in the south Florida market and in similar high density, redeveloping submarkets in order to develop a range of premiums based on buyer motivation, as presented in the following table: SUMMARY OFCOMPARABLE ASSEMBLAGE CASE STUDIES Tr rnweflen Granter Sal. Size She Mc. Market Assemblage Buyer No. Property Location Try. Dar. Grantee Perk. (Acres) (SF) Per SF Value PSF• Premium Motivation 1 7340 SW 61 st Court Sal. F.b-15 Ins 6 Rhoda Ehr.nloann $2,675,000 0.16 6,875 2389.09 $250.00 55.6% Long term and South Miami,FL 33143 South Miami Horpnal Inc. user expansion 2 7311 SW 62nd Avenue Sole Nov-14 Rkhord R.Feder 3,500,000 0.22 9,375 S373.33 2240.00 55.6% Long term end South Miami,FL 33143 South Miami Hospital Inc. user expansion 3 3909 NE 163rd Street Sole Feb-20 ASA College,Inc. $15,000,000 1.27 55,195 $271.76 $225.00 20.8% Developer North Miami Beach,FL South Miami Hospital Inc. assemblage 4 729 NW let Street, Sole Sep-17 Multiple Sellers 2,200,000 0.73 31,750 269.29 $55.00 26.0% Developer 128.136 NW 7th Avenue, Oct-15 Seven NorMrwt LLC assemblage 720-728 NW 2nd Street, Jun-16 Miami,FL 33128 5 805-861 W.Flag..Street, Sole Dec-16 Multiple Sellers 8,577,000 2.20 96,000 289.34 $75.00 19.1% Developer 828-860 NW 1st Street. Mer-17 River..est Miami LLC assemblage Miami,FL 33128 May-18 6 112-140 NW 8th Avenue, Sale Jun-17 Multiple S.tl.n 2,545,000 0.73 32,000 279.53 S6500 22.4% Developer 819 NW 1a Skeet, May-18 Rios Border D.v.lopm.nt LLC assemblage Miami,FL 33128 Aug-18 7 758 NW 2nd Skeet,Sale Dec-21 Green Living Enterprises LLC $945,000 0.17 7,500 2126.00 $100.00 26.0% Developer Miami,FL 33128 Forth Development,LLC assemblage At time of solo i as.rnNago. Compiled by CBRE As presented, the premium for assemblage appears to be in the range of 19%D to 26% above market value, with 55% being the outlier premium for an improved, last piece of the puzzle acquisition in an assemblage and-or a long term owner/user in a land constrained submarket. 61 CBRE2022CBRE,Inc. Page 995 of 1502 Sales Comparison Approach Based on the foregoing assemblage data analysis and presentation, we have estimated the assemblage premium and investment value for the subject property to an abutting owner and-or prospective developer, as follows: INVESTMENT VALUE Indicated Value PSF of Transferable Floor Area 233.00 Assemblage Premium for an Abutting Owner or Developer @ 25.00% $58.25 Indicated Invesmtent Value As Is 291.25 Compiled by CBRE 62 CBRE2022CBRE,Inc. Page 996 of 1502 Reconciliation of Value Value of Proposed Easement Area Divided Between Surface, Air & Sub-Surface Rights In this section, we have estimated the value of subject proposed perpetual easement area "at & below" surface grade by dividing the fee simple interest in the land value between surface rights, the air rights, and the sub-surface rights. In order to determine the ratio and allocations of value for surface, air and sub-surface rights, we have referenced the CD-2, Commercial, Medium Intensity District maximum building height requirement as follows: 50 feet with the design review board or historic preservation board, in accordance with the applicable review criteria, may allow up to an additional five feet of height, not to exceed a maximum height of 55 feet. In order to utilize the additional height, the first floor shall provide at least 12 feet in height, as measured from the base flood elevation plus maximum freeboard to the top of the second floor slab. 60 Feet for mixed-use and commercial buildings that include structured parking for properties on the west side of Alton Road from 6th Street to Collins Canal. As such, we have concluded a property rights value allocation of 18.33% for the surface rights at grade" level, calculated as follows: 1-story /6-stories = 16.67% for sub-surface & surface rights for the east 1/2 of Alton Court 1-story / 5-stories = 20.0% for sub-surface & surface rights for the west 1/2 of Alton Court Based on the foregoing calculation & presentation, we have concluded a blended property rights value allocation of 18.33% for the surface rights up to 14.0 feet of clearance; and 81 .67% for the air rights above the 14.0 feet. Furthermore, we have split the air rights allocation as follows: 71.67% for the air rights above 14.0 feet; and a nominal 10.0% for sub-surface rights necessary for underground infrastructure necessary to support the developable air rights. Once the fee simple interest of 100% is established via sales comparison approach, the ratios of 18.33%for surface plus 10%for sub-surface = 28.33%; and 71 .67%for air rights can be calculated for the proposed sub-surface & surface rights of the easement estate, as follows: PROPOSED PERPETUAL EASEMENT AREA Market Value - Fee Simple Estate 100.00% 5,600,000 Proposed Easement Area Surface Rights to 14.0 Feet + Sub-Surface Rights @ 28.33%1,586,480 Air Rights Above 14.0 Feet @ 71.67%4,013,520 Compiled by CBRE 63 CBRE2022CBRE,inc. Page 997 of 1502 Assumptions and Limiting Conditions Assumptions and Limiting Conditions 1. CBRE, Inc. through its appraiser (collectively, "CBRE") has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. 2. The report, including its conclusions and any portion of such report (the "Report"), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date.The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 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 marketability or value. CBRE has not examined title records including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance 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 subject property conform to applicable local, state, and federal building codes and ordinances,are structurally sound and seismically safe,and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC,elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as.a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and 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 a workmanlike manner according to standard practices. iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold,or other potentially hazardous materials may affect the value of the property. v) No mineral deposit or subsurface rights of value exist with respect 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 are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density,or shape that would significantly affect the value of the subject property. vii) All required licenses, certificates of occupancy,consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. viii)The subject property is managed and operated in a prudent and competent manner, neither inefficiently or super-efficiently. ix) The subject property and its use, management,and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, 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 Act (ADA). CBRE is not qualified to assess the subject property's compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. 64 CBRE2022CBRE,Inc. Page 998 of 1502 Assumptions and Limiting Conditions xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed or confirmed the accuracy of any legal description of the subject property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable fields) for information regarding 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 data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets,and related data. Any error in any of the above could have a substantial impact on the Report. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions,data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including without limitation any termite inspection,survey or occupancy permit. 6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report,except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and 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 as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy,sell, hold,or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes 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 the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. 65 CBRE2022CBRE,Inc. Page 999 of 1502 Assumptions and Limiting Conditions 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are 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 visualizing matters discussed in the Report. No such items shall be removed, reproduced,or used apart from the Report. 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 discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency 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, the Report shall not be made available to the public or otherwise used in any offering of the properly or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. 66 CBRE2022CBRE,Inc. Page 1000 of 1502 Addenda ADDENDA 2022 CBRE,Inc. Page 1001 of 1502 022 C nc Addenda Addendum A LAND SALE DATA SHEETS C 2022 CBRE,nc. Page 1002 of 1502 ale Lan • •ffice Property Name 1910 Alton Road e3r Address 1910 Alton Road o Miami Beach, FL 33139 United States L.x= t :2.i t.t.) -' y Government Tax Agency Miami-Dade Govt./Tax ID 02-3233-022-0020 di rt Site/Government Regulations Acres Square feet 1:•.T i Land Area Net 0.184 8,000 V. f Land Area Gross N/A N/A Ili 3;+. 1 "". . Site Development Status Finished r' ." d M= A Shape Rectangular Topography Level,At Street Grade Utilities Available to site Maximum FAR 2.00 Min Land to Bldg Ratio 0.50:1 Maximum Density N/A Frontage Distance/Street N/A Alton Road General Plan Mixed-use commercial Specific Plan Mixed-use office/residential Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A om - T a 13 Mo yr it Recorded Buyer Alton' 41 . Office Holdings,LLC Marketing Time 13 Month(s) True Buyer Wayne Boich Buyer Type Developer Recorded Seller Talmudic College of Florida,Inc. Seller Type End User True Seller Rabbi Yitzchak Zweig Primary Verification Zach Winkler, Listing Broker Interest Transferred Fee Simple/Freehold Type Sale Current Use Obsolete office&educational use Date 2/19/2020 Proposed Use Mixed-use office/residential Sale Price 4,500,000 Listing Broker JLL#305-704-1333 Financing All Cash Selling Broker N/A Cash Equivalent 4,500,000 Doc# 3 1 835/42 5 7 Capital Adjustment 0 Adjusted Price 4,500,000 Transaction Date Transaction Type+ Bwer Seller Price Price/ac and/sf 02/2020 Sale Alton Office Holdings, Talmudic College of S4,500,000 S24,496,462/$562.50 LLC Florida,Inc. Page 1003 of 1502 CBR E ale Land - Office No. 1 562.50 /sf N/A /Unit 24,496,461.62 /ac N/A /Allowable Bldg. Units 281.30 /Building Area No information recorded ems ' ` This comparable land 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 0 J broker listed at$5,750,000 for approximately 13-months +/-before going into contract at$4,500,000 P Q a in an"all cash"transaction. 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 Google Map data?2C22 Goayle parking spaces. Page 1004 of 1502 CBRE ale Lan •otel / Motel N . Property Name citizenM Hotel Address 1212 Lincoln Road L Miami Beach, FL 33139 United States Government Tax Agency N/A y tra._Govt./Tax ID Multiple s. W Site/ Government Regulations Acres Square feet r.. Land Area Net 0.419 18,263 in' Land Area Gross N/A N/A i:Jt 'Site Development Status Finished r• Shape Rectangular Topography Level,At Street Grade Utilities All available to site Maximum FAR 2.46 Min Land to Bldg Ratio 0.41:1 Maximum Density 400.67 per ac Frontage Distance/Street N/A Alton Road Frontage Distance/Street N/A Lincoln Road General Plan Mixed-use commercial Specific Plan Hotel Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A 4 2: FT ems• Recorded Buyer OSIB Miami Beach Properties LLC Marketing Time N/A True Buyer Craig Kinnon,citizenM Hotels Buyer Type End User Recorded Seller 1212 Lincoln LLC Seller Type Developer True Seller Russell Galbut,Crescent Heights Primary Verification Buyer&Public Records Interest Transferred Fee Simple/Freehold Type Sale Current Use Obsolete bank Date 6/25/2020 Proposed Use Boutique hotel Sale Price 9,000,000 Listing Broker Off-market transaction Financing All Cash Selling Broker N/A Cash Equivalent 9,000,000 Doc# 31988/2369 Capital Adjustment S0 Adjusted Price 9,000,000 Transaction Date Transaction Type Buyer Seller Price Price/ac and/sf 06/ 2020 Sale OSIB Miami Beach 1212 Lincoln LLC 9,000,000 $21,464,345/$492.80 Properties LLC Page 1005 of 1502 M.. CBRE ale Lan otel / Motel N . y. 7=`, 492.80 /sf 53,571 /Unit 21,464,345.34 /ac 53,571 /Allowable Bldg. Units 200.28 /Building Area No information recorded 7V- NORTH - This comparable land sale is located at the southwest corner intersection of Alton Road&Lincoln Road in AMER/CAda e the South Beach submarket of Miami Beach, Florida. The site is improved with an existing 2-story, mhose 18,105-SF Wells Fargo branch bank built in 1940 that will be redeveloped into a 5-story, 168-room boutique hotel with roof top terrace. The seller previously acquired the property from Wells Fargo in January 2020 for$8,500,000. The site location is across the street from the west end of the Lincoln Road pedestrian mall and is port of a mixed-use master plan anchored by a 55,000-SF Whole Foods with Google map data©2022 3-levels of structured parking support. Page 1006 of 1502 7022 CH111,tnr CBRE ale Lan •ixed-Use N • Property Name 1234- 1 260 Washington Avenue Address 1234 - 1260 Washington Avenue oast`-.f1—,x, R .a Miami Beach, FL 33139 r amw. United States e. , :.. . ii4, • ,•.., Government Tax Agency Miami-Dade Govt./Tax ID Multiple CZI` '- r I'-.,l Site/Government Regulations 1, I rw Acres Square feet 1 — Land Area Net 0.770 33,525 1 jai 1'=' cacao cam,.==i (= • Land Area Gross N/A N/A s i s t t. Ir Site Development Status Finished q fj r,s F Shape Rectangular Topography Level,At Street Grade Utilities All available to site Maximum FAR 2.00 Min Land to Bldg Ratio 0.50:1 Maximum Density 139.03 per ac Frontage Distance/Street N/A Washington Avenue Frontage Distance/Street N/A Drexel Avenue Frontage Distance/Street N/A 13th Street General Plan High density, mixed-use retail,office, residential&hotel Specific Plan Mixed-use retail&office Zoning CD-2,Commercial Medium Intensity Entitlement Status N/A Recorded Buyer Urbin Miami Beach Owner, LLC Marketing Time N/A True Buyer Rishi Kapoor Buyer Type Private Syndicator Recorded Seller 1234 Partners, Ltd. Seller Type Private Investor True Seller Jonathan Fryd&David Resnick Primary Verification Buyer#786-701-6724 Interest Transferred Fee Simple/Freehold Type Sale Current Use Obsolete retail/office Date 5/4/2021 Proposed Use Retail/office redevelopment Sale Price 20,000,000 Listing Broker Off-market transaction Financing Other(See Comments) Selling Broker N/A Cash Equivalent S20,000,000 Doc# 32501/292 Capital Adjustment SO Adjusted Price 20,000,000 t Transaction Date Transaction Type Buyer Seller Price Price/ac and/sf 05/2021 Sale Urbin Miami Beach 1234 Partners,Ltd.S20,000,000 S25,987,526/S596.57 Owner,LLC Page 1007 of 1502 CBRE ale Lan•ixed-Use N • y 4.Y. 596.57 /sf 186,916 /Unit 25,987,525.99 /ac 186,916 /Allowable Bldg. Units 298.61 /Building Area No information recorded l OZZ :-7 g -'"t Js - This comparable land sale comprises on existing 1-story, 10,697-SF retail building(1260)and a 3-story, 19,519-SF office building (1234) located along the west side of Washington Avenue at 13th Street and spanning west to the Drexel Avenue frontage. The buyer operates a co-living&co-working business with plans to demolish the 1-story retail building and replace it with a new, ground-up 6-story office building SOUTH BEACH and will gut renovate&restore the existing 3-story office building. The proposed site plan comprises a 1 rr total of 44,153-SF of rentable area and 82,160-SF of gross building area that includes a 5,000-SF Google Map data 122022 Google wellness center on the ground floor and 21,000-SF of new,flexible office space on the upper floorsincludingco-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 bar, 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-living units with 2-to-4 bedroom floor plans including private bathrooms in each bedroom and shared living room, kitchen and laundry machines. The sale transaction was facilitated with a $14 million purchase money mortgage in favor of the sellers and the buyer raised $56 million from investors for the redevelopment program. Page 1008 of 1502 aptk, CBRE ale Land - Retail / Commercial No. 4 Property Name 1683& 1695 Alton Road Address 1683& 1695 Alton Road Miami Beach, FL 33139 s rit United States Government Tax Agency Miami-Dade Govt./Tax ID 02-3234-017-0090&0100 Site/Government Regulations Acres Square feet Land Area Net 0.340 14,810 Land Area Gross N/A N/A Site Development Status Finished Shape Rectangular Topography Level,At Street Grade Utilities Available to site Maximum FAR 1.50 Min Land to Bldg Ratio 0.67:1 Maximum Density N/A Frontage Distance/Street N/A Alton Road Frontage Distance/Street N/A 17th Street General Plan Mixed-use commercial Specific Plan TBD Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A Recorded Buyer 1695 Alton,LLC Marketing Time 18 Month(s) True Buyer Alan Potamkin Buyer Type Private Investor Recorded Seller Sanel, Inc. Seller Type Private Investor True Seller Eleonora Carina Zocco Primary Verification Rich Tallman,Listing Broker Interest Transferred Fee Simple/Freehold Type Sale Current Use Vacant branch bank building&parking lot Date 2/3/2022 Proposed Use TBD Sale Price 10,400,000 Listing Broker La Playa Properties Group, Inc. #305-672- Financing Cash to Seller 0773 Selling Broker N/A Cash Equivalent 10,400,000 Doc# 33019/3462 Capital Adjustment 0 Adjusted Price 10,400,000 Transaction Date Transaction Type Buyer Seller Price Price/ac and/sf 02/2022 Sale 1695 Alton,LLC Sanel,Inc. 10,400,000 $30,588,235/$702.21 Page 1009 of 1502 CBRE e Lan • ' etail / Commercial 702.21 /sf N/A /Unit 30,588,235.29 /ac N/A /Allowable Bldg. Units 468.15 /Building Area r;-.V:VItT Iti4Wiegirti441`7'• jot41.1601CM*Y-':-t*W-• No information recorded 116101141144 --W4:Wf':. -7- This comparable land sale is the former BankUnited branch bank located on the southeast,signalized corner of Alton Road and 17th Street in the South Beach submarket in Miami Beach, Florida. The 2,r,17th St BankUnited lease commenced in May 2010 with the"like new"branch bank opening in 2012.The lease terms&conditions were for 10 years plus two(2),5 year renewal option and 3%annual escalations 0 - throughout initial term and options periods. However, BankUnited vacated after the initial base term expired. Prior to a branch bank, it was the former Burger King fast food restaurant. The current seller Google 4 •ap 1.;2322 Gpogie previously acquired the property in December 2012 and a single tenant,triple net lease investment for 8,150,000 and relisted the property more recently once it was known that BankUnited was not renewing. The broker listing was priced at$12,000,0000 and sold at$10,400,000 in an"all cash"sale transaction to a local, high net worth investor. The underlying zoning permits a 5-story building and floor-area-ratio of 1.50 or a maximum 2.0 in mixed-use buildings when more than 25 percent of the total area of a building is used for residential or hotel units,as set forth in the RM-2 district. Page 1010 of 1502 CBRE ale Lan •otel / Motel Property Name 2206 Park Avenue Address 2206 Park Avenue T Miami Beach, FL 33139 r'. y' United States Government Tax Agency Miami-Dade C-' ; _+11 ", Govt./Tax ID Multiple Site/Government Regulations 1 kiirso, • Acres Square feet Land Area Net 0.391 17,040 a ''r '. Land Area Gross N/A N/A a Site Development Status Finished Y``• 414t fit..... f Shape Rectangular Topography Level,At Street Grade Utilities Available to site Maximum FAR 2.90 Min Land to Bldg Ratio 0.34:1 Maximum Density 306.75 per ac Frontage Distance/Street N/A Park Avenue Frontage Distance/Street N/A 22nd Street General Plan Mixed-use residential&hotel uses Specific Plan Hotel Zoning CD-3,Commercial, High Intensity Entitlement Status N/A Recorded Buyer 22 Landlord LLC Marketing Time 5 Month(s) True Buyer Mathieu Massa Buyer Type Developer Recorded Seller Encotol LLC Seller Type Developer True Seller Enrique Colmenaras Primary Verification Susan Gale, Listing Agent Interest Transferred Fee Simple/Freehold Type Sale Current Use Vacant land Date 2/11/2022 Proposed Use Hotel Sale Price 13,500,000 Listing Broker One SothebVs International#305-766-1988 Financing Market Rate Financing Selling Broker N/A Cash Equivalent 13,500,000 Doc# 33027/491 1 Capital Adjustment 0 Adjusted Price 13,500,000 Transaction Date Transaction Type Payer Seller Price Price/ac and/sf 02/2022 Sale 22 Landlord LLC Encotol LLC 13,500,000 $34,509,202/$792.25 Page 1011 of 1502 dkt CBRE ale Land - Hotel / Motel No. 5 T E 792.25 /sf 112,500 /Unit 34,509,202.45 /ac 1 12,500 /Allowable Bldg. Units 273.05 /Building Area lFiatreA - s ._ f 41-14t `= 5V_CISSII No information recorded 0 This comparable land sale is located along the northwest corner of Pork Avenue and 22nd Street in the South Beach submarket in Miami Beach, Florida. The property was broker listed at$15,900,000 and Q sold for$13,500,000 with the buyer securing a $6,000,000 conventional loan from City National Bank and the seller providing a $2,500,000 short term purchase money mortgage. The property was previously acquired in October 2013 for$7,000,000 by the developers of the adjacent&former 44-room Lido Park Hotel located at 2216 Park Avenue who re-branded the 2216 Park Avenue property as the GOO9 le Ma Vintro Hotel&Kitchen and is now known as the Kayak Miami Beach. The 2206 Park Avenue land sale p data`2022 Google was previouslyproposed and entitled for a 5-storycondo hotel comprising of 50,000-SF +property P P P 9 with a mechanical parking lift system. The project was finally approved for 49,441-SF of FAR with 120- hotel rooms,ground floor retail and reduced off-street parking variance. The site location is at the crossroads of Park Avenue and the renovated Collins Canal that is a restricted access canal that connects to Biscayne Bay,Indian Creek and Lake Pancoast. Page 1012 of 1502 canncwn,Inc. 0 B R E ale Lan•ixed-Use 1 Property Name The Alton Address 1656-1680 Alton Road j j 1677 West Avenue I ` Miami Beach, FL 33139 i-' „ `. .•:,4 United States w.- Government Tax Agency Miami-Dade r + E Govt./Tax ID Multiple 11' Site/Government Regulations 0-- -:,, - _ - Acres Square feet Land Area Net 1.377 60,000 f1 e 4+-I Land Area Gross N/A N/A 116. Site Development Status Finished Shape Rectangular Topography Level,At Street Grade Utilities Available to site Maximum FAR 1.50 Min Land to Bldg Ratio 0.67:1 Maximum Density N/A Frontage Distance/Street 350 ft Alton Road Frontage Distance/Street 350 ft Alton Court Frontage Distance/Street 50 ft West Avenue General Plan Mixed-use residential&commercial uses Specific Plan Mixed-use retail&office use Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A 1011 P V -X i__3Rk, — :41 v14V 4W27 .-. 4 rhP-' m. ..a.. Recorded Buyer BH The Alton LLC Marketing Time 8 Month(s) True Buyer Michael Shvo Buyer Type Developer Recorded Seller Alton Road Investments, LLC&Hardware Seller Type Private Investor Parking,LLC True Seller Robert Shor Primary Verification John Crotty,Listing Broker Interest Transferred Fee Simple/Freehold Type Sale Current Use Obsolete retail,residential&a surface Date 6/3/2022 parking lot Proposed Use Mixed-use retail/office&structured parking Sale Price 39,300,000 Listing Broker Avison Young#305-447-7865 Financing Market Rate Financing Selling Broker Noah Fox&Lyle Stern,Koniver Stern Group Cash Equivalent 39,300,000 Doc# 33230/423&428 Capital Adjustment 0 Adjusted Price 39,300,000 4_ Transaction Date Transaction Type Buyer Seller Price Price/ac and/sf 06/2022 Sale BH The Alton LLC Alton Road Investments, 39,300,000 $28,532,017/$655.00 LLC&Hardware Parking, LLC Page 1013 of 1502 t?CM'CH-.inc CBRE ale Lan.ixed-Use 655.00 /sf N/A /Unit 28,532,016.84 /ac N/A /Allowable Bldg. Units 436.67 /Building Area No information recorded This comparable land sale comprises 1.21-acres fronting Alton Road,just one(1) lot north of Lincoln Road and improved with several 1 &2 story retail&residential buildings totaling 50,814-SF and dating back to the 1940's plus 0.17-acre fronting West Avenue that is improved with a surface parking lot. The nets an Way buyer is a developer with a preliminary concept plan to redevelop the site with a 5 to 6-story,mixed-use retail/office project supported by structured parking and subject to the acquisition of the Alton Court alleyway. The buyer/developer is seeking to acquire a partial vacation in order create a unified Google t,lapxlciata cr..7022 Gccgle development site between parcels located on both the east and west sides of the alley that would allow for the movement of FAR between the parcels and then provide a perpetual easement to the City so the alley continues to function and the City would continue to have access to all utilities. The proposed office building is expected to utilize the recently approved height incentives for office buildings along Alton Road,subject to public benefits to be provided by the developer,while retaining a lower scale of development along West Avenue. The current seller previously acquired the property in a two-part assemblage in August 2004 for 9,750,000 and April 2014 for$2,5000 or for a total of$12,250,000 and engaged Avison Young to market the property, unpriced,in the 4th quarter,2021. The current buyer facilitated the transaction with a $28,250,000 loan in favor of Maim Credit Corp. Page 1014 of 1502 142?LYRE, CBRE vailable/Listing Land - Retail / Commercial No. Property Name 824 Alton Road Address 824 Alton Road Miami Beach, FL 33139 United States Ts Government Tax Agency Miami-Dade Govt./Tax ID 02-4203-001-0530 Site/Government Regulations axr ,__ r Acres Square feet Land Area Net 0.413 18,000 K " Land Area Gross 0.413 18,000 1;P^ -a. u Site Development Status Finished Shape Rectangular Topography Level,At Street Grade Utilities Available to site Maximum FAR 1.50 Min Land to Bldg Ratio 0.67:1 Maximum Density N/A Frontage Distance/Street 120 ft Alton Road Frontage Distance/Street 120 ft Alton Court General Plan Mixed-use residential&commercial uses Specific Plan TBD Zoning CD-2,Commercial,Medium Intensity Entitlement Status N/A sty'' , x _ A;f"3v r Recorded Buyer TBD Marketing Time 1 Month(s) True Buyer TBD Buyer Type N/A Recorded Seller 824 Alton Road Partners LLC Seller Type Developer True Seller Russell Galbut,Cresent Heights Primary Verification Scott Sandelin, Listing Broker Interest Transferred Fee Simple/Freehold Type Available/Listing Current Use Surface parking lot Date 4/15/2022 Proposed Use TBD Sale Price 10,800,000 Listing Broker Marcus&Millichap#305-781-5829 Financing All Cash Selling Broker N/A Cash Equivalent 10,800,000 Doc# Not yet contracted Capital Adjustment 0 Adjusted Price 10,800,000 a arm f _- }_ .. . __ . „ z.. •—_-, ' s' _. s_ ... mot-4Y. ram, z,' Transaction Date Transaction Type Buyer Se ley Price Price/ac and/sf 04/2022 Available/Listing TBD 824 Alton Road Partners S10,800,000 $26,137,464/$600.00 LLC Page 1015 of 1502 CBRE vailab Listing Lan • 'etail / Commercial No. 600.00 /sf N/A /Unit 26,137,463.70 /ac N/A /Allowable Bldg. Units 400.00 /Building Area f - +l' w. l - D No information recorded ITA c axes Aw _ .t. This comparable land listing is improved with a surface parking lot an is located along the west side ofA; Alton Road,between 8th Street and 9th Street in the South Beach submorket in Miami Beach, Florida. cn g t The parking lot has previously been leased to a valet parking company. However,this is an obvious n underutilization of the site and there would be early cancellation provisions if the property sells or is ddeveloped. The site was previously purchased by the current owner/developer in July 2015 for 5,400,000. The CD-2,Commercial,Medium Intensity zoning permits a variety of mixed-uses up to 70- GOogle Map data 02022 Goo:yl e feet in building height(7-stories)with a maximum floor-area-ratio(FAR) of 1.50 and potential for increase an to a 2.0-FAR if more than 25%of the building is used for residential or hotel units. Page 1016 of 1502 7017 CORF.:,.c. C BR E Addenda Acidelidum PLANNING DEPARTMENT STAFF REPORT 2022 CBRE,Inc. Page 1017 of 1502 Mir,inc. MIAMI BEACH PLANNING DEPARTMENT Staff Report & Recommendation PLANNING BOARD TO:Chairperson and Members DATE: June 21, 2022 Planning Board FROM: Thomas R. Mooney, AICP Planning Director SUBJECT: PB22-0532. Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and Seventeenth (17th) Street. Approval of the Planning Board, by A 4/7 Vote, pursuant to City Charter Section 1.03(B)(4), and Section 118-51(11) of the City's Land Development Regulations, of the proposed Vacation of portions of the Alton Court Right-Of-Way, generally located between Lincoln Road and Seventeenth (17th) Street, and consisting of an Area not to exceed 8,000 Square Feet, or a Length not to exceed 400 Feet ("ROW"), in favor of the abutting property owner, BH THE ALTON LLC (The"Applicant"); provided that the Vacation of the ROW shall be subject to and conditioned upon The Applicant's delivery of certain Public Benefits to the City, no additional Floor Area aggregated from the portions of Alton Court to be Vacated, a Voluntary Monetary Payment, and a Perpetual Easement In Favor Of The City over the ROW, to ensure continued Public Use of the ROW for City Access, Pedestrian and Vehicular Travel, and Utilities. RECOMMENDATION Approve the vacation of the ENTIRE Alton Court Right-Of-Way, located between Lincoln Road and Seventeenth (17th) Street. HISTORY On May 25, 2022, the City Commission referred the proposed partial alley vacation to the Finance and Economic Resiliency Committee (FERC) and the Planning Board for review and recommendation (Item C4 E). The FERC is expected to discuss the item on June 24, 2022. REVIEW CRITERIA Pursuant to Section 118-51 (11) of the City Code, in reviewing a request for the sale, exchange, conveyance or lease of ten years or longer of certain city-owned property, as provided in City Charter, subsection 1.03(b)4, entitled, "Disposition of city property," which requires approval by a majority (four-sevenths) vote of all members of the planning board, the board shall consider the following criteria when applicable: Page 1018 of 1502 r)p))COPE,:mac Planning Board PB22-0532. Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and 17th Street. June 21, 2022 Page 2 of 5 a. Whether or not the proposed use is in keeping with city goals and objectives and conforms to the city comprehensive plan. Consistent—The proposed alley vacation is consistent with the Comprehensive Plan and keeps with the City's goals of encouraging the development of class A office space along Alton Road. The site has a future land designation of Medium Intensity Commercial Category (CD-2). No Comprehensive Plan amendment would be necessary if the alley were vacated. b. If a sale, a determination as to whether or not alternatives are available for the acquisition of private property as an alternative to the proposed disposition or sale of city-owned properties, including assembly of adjacent properties, and impact of such assemblage on the adjacent neighborhood and the city in general. Consistent - The proposed alley vacation will allow for the creation of a unified development site that spans both sides of the existing alley. This would result in allowing Floor Area Ratio (FAR) to be shifted around the block, as it has a consistent CD-2 zoning designation. This expected result is that the west side of the block will remain of a lower intensity, adjacent to a residential district and the more intense development would shift east to the Alton Road corridor, where there are incentives for office development. The shifting of the floor area would limit the potential of intense commercial development along West Avenue, adjacent to residential area. The intense commercial development would instead take place along Alton Road where it is more appropriate. c. The impact on adjacent properties, including the potential positive or negative impacts such as diminution of open space, increased traffic, adequate parking, noise level, enhanced property values, improved development patterns, and provision of necessary services. Consistent - The vacation of the alley could result in improved development pattern for the surrounding block. The improvements are as a result of the more intense uses shifting east towards the Alton Road corridor, while the less intense uses would remain on the west near the residential neighborhood along West Avenue. As no FAR is derived from the vacation, there is no potential for increased traffic beyond could occur if the vacation does not take place. Any new development would be facilitated would be required to comply with the parking requirements of the Land Development Regulations (LDRs). Given that the vacation is expected to result in class A office building, it is expected that this proposal will enhance surrounding property values. d. Determination as to whether or not the proposed use is in keeping with the surrounding neighborhood, blocks views or creates other environmental intrusions, and evaluation of design and aesthetic considerations of the project. Consistent- The surrounding neighborhood will not be negatively affected. As the alley vacation will result in a shifting of the FAR from the west part of the block to the east part of the block will help to preserve views for the residential properties on the west side of Page 1019 of 1502 Planning Board PB22-0532. Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and 17th Street. June 21, 2022 Page 3 of 5 Alton Road. However, design and aesthetic considerations will be considered as part of the design review process for any new development. e. A traffic circulation analysis and plan that details the impact of projected traffic on the immediate neighborhood and how this impact is to be mitigated. Partially Consistent-No traffic circulation analysis has been provided; however, no FAR is to be derived from the proposed alley vacation, and the alley will continue to function as it does today given that an easement will be provided to the City. As a result, there will be no increase in the traffic potential of block. The proposal would allow the shifting of FAR from the west side of the block to the east side of the block; however, there would be no net increase in the overall allowable FAR. Any traffic impacts from a future development would be addressed as part of any land use board approval process that may be required. f.Determination as to whether or not the proposed use is in keeping with a public purpose and community needs, and improving the community's overall quality of life. Consistent - This proposal is in keeping with a public purpose by facilitating the development of a class A office building. Developing class A office space is a goal of the City, in effort to diversify the City's economy from an overreliance on tourism. Additionally, the City applicant will be voluntarily preferring a monetary contribution for the vacation. g. If a lease is proposed, the duration and other nonfinancial terms of the lease. Not Applicable - The alley proposed to be vacated and the land would be privately owned. COMPLIANCE WITH SEA LEVEL RISE AND RESILIENCY REVIEW CRITERIA Section 1 33-50(b) of the Land Development Regulations establishes the following review criteria when considering ordinances, adopting resolutions, or making recommendations: 1) Whether the proposal affects an area that is vulnerable to the impacts of sea level rise, pursuant to adopted projections. Partially Consistent- The proposal does affect a site that is vulnerable to the impacts of sea level rise in the long term. 2) Whether the proposal will increase the resiliency of the City with respect to sea level rise. Partially Consistent-The proposal should increase the resiliency of the City with respect to sea level rise by encouraging the construction of a new building that complies with the City's resiliency standards; however, it may limit the improvements to existing structures on the west side of the block. 3) Whether the proposal is compatible with the City's sea level rise mitigation and resiliency efforts. Page 1020 of 1502 2022 cSkr.mr. Planning Board PB22-0532. Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and 17th Street. June 21, 2022 Page 4 of 5 Consistent — The proposal is compatible with the City's sea level rise mitigation and resiliency efforts. ANALYSIS The applicant, BH THE ALTON, LLC, has submitted a request for the partial vacation of the Alton Court Alley located between Lincoln Road and 17th Street. The applicant is seeking only a partial vacation in order create a unified development site between parcels located on both the east and west sides of the alley. Although the proposed vacation would allow for the movement of FAR between the parcels, the applicant is not seeking additional FAR from the vacated land. Additionally, the applicant would also provide an easement to the city so that the alley continues to function in the same way that it does today, and the city would continue to have access to all utilities. The northern most portions of this alley were previously vacated on July 13, 2016, under similar conditions, to facilitate the development of the 17 West project, where the Trader Joe's grocery store is located today. The alley vacation would allow for the creation of a unified development site between the lots on the west side of the block(fronting West Avenue)and the lots on the east side of the block(fronting Alton Road), since all properties have the same CD-2 zoning designation. The applicant is proposing to build a class A office building on the east side of the block and plans on using the unutilized FAR from the properties on the west side of the block. The office building is expected to utilize the recently approved height incentives for office buildings along Alton Road. Using the available FAR on the west side of the block will result in those properties remaining low scale and reducing potential development impacts to the residential areas on the west side of West Avenue. Notwithstanding, staff would suggest that a minimum amount of floor area be required to be retained for all of the lots fronting West Avenue, in order to ensure a minimum amount of sidewalk activation in the future. Staff believes that the exact amount of floor area to be retained for the lots fronting West Avenue can be addressed as part of the DRB review of the future project. The applicant has requested that only two small segments, totaling 1,500 square feet, be vacated See Aerial Map at the end of this report). The Administration has concerns with having various segments of the alley under a different form ownership, as it could result in confusion if work is needed along the alley in the future. In order to address this concern, it is recommended that the entire alley be vacated. Under this proposal, the portions of the alley adjacent to the City-owned parking lot (Lot P24) would revert to the City and the remainder of the alley would revert to the adjacent private property owners. The vacation of the entire alley would total approximately 8,000 square feet with a length of approximately 400 feet. RECOMMENDATION In view of the foregoing analysis, staff recommends that the Planning Board approve the vacation of ENTIRE Alton Court Right-Of-Way, located between Lincoln Road and Seventeenth (17th) Street. Page 1021 of 1502 Planning Board PB22-0532. Vacation of a Portion of the Alton Court Right-of-Way, Between Lincoln Road and 17th Street. June 21, 2022 Page 5 of 5 SITE Legend rjl rote Alm:A.,"Ne}between...IGO 1'1 ad and 1741 . 1245 Lincoln Rd. ro° "`'°may'`'cs°" Development Site n 7bnm alA,er:.a..in het wid ea awned by::!. — . s st Office/1661 West h. ,w - _ - illori4r. — . -14,111.6.141.. ir it; .1111111111111111441111.1.111 IV f . --., t• X. 1 Aitrivi _ .._ . , •_ .T tF a I. 3 jJ' j ;a - ` s t F• 1 rr '1 P24 t F.' i • — i. t,,II it4W; 1 f 1°44 ' ilk: ‘.= 4. L. .--c..i..: ‘.-- 1111115"- ' .1 . -tTj‘r i Z•,,' t.• 4,i. :_..„,: 6 11 V i IL41i if ., ._ 4 k tiw tifor :.air. 1 0 GAD v 1 0 62 5 125 250 Feet I 1 I I I I Page 1022 of 1502 Addenda 4ddondurn C CLIENT CONTRACT INFORMATION 2022 CBRE,Inc. Page 1023 of 1502 r 2072 Cam.,. IA. AD% CBRE Proposal and Contract for Sel vices CBRE,lnc 777 Bricker'Ave, Ste I 00 Miami,F.33131 www.cbre.us/valuation. June 1 6, 2022 Stuart Lieberman,MAI VAS.Vice President joe Gomez Public Works Director City of Miami Beach, Florida 1700 Convention Center Drive, 4th Floor Miami Beach, FL 33139 Phone: 305-673-7000 Email: joegomez@miomibeachfl.gov RE: Assignment Agreement I CB22US074656 Alley Vocation located at: 1209 to 1681 Alton Court, Miami Beach, FL 33139 Dear Mr. Gomez: We are pleased to submit this proposal and our Terms and Conditions for tnis assignment. PROPOSAL SPFCIFICATiCONS Purpose: To estimate the Market Value of the referenced real estate Premise: 1) Market Value As Is, CD-2 "as of right" zoning 2) Market Value As Proposed with Perpetual Easement 3) Market Value of Transferable Floor Area 4) Investment Value of Transferable Floor Area Rights Appraised: Fee Simple and Easement Estate Intended Use: Internal decision making & negotiations of the Vocation of Alley with Perpetual Easement Intended User: The intended user is City of Miami Beach, Florida ("Client"), and such other parties and entities (if any) expressly recognized by CBRE as"Intended Users" (as further defined heren). Reliance: Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder hove been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named os an Intended User), whether as a result of its dfreci dissem,nation or by any other means, may not rely upon any opinions or conclusions contained in the report or such portions thereof, and CBRE will not be Page 1024 of 1502 responsible for any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith. Scope of Inspection: A full interior and exterior inspection of the property will be conducted and arranged with the property contact and performed by CBRE Valuations. If this expected property inspection is not possible due to unforeseen issues (such as lack of on-site personnel cooperation, physical obstructions, or appraiser/property contact health and safety concerns),the client will be promptly advised. The client may continue this assignment based on other inspection options agreed upon by CBRE and client or provide CBRE with a written notice to cancel. If CBRE determines that a credible appraisal result cannot be achieved due to inspection limitations, it will promptly provide the client with o written cancellation of this assignment. Valuation Approaches:Only the Sales Comparison Approach wil' be completed. Report Type: Standard Appraisal Report Appraisal Standards: USPAP Appraisal Fee: 9,500.00. If cancelled by either party before a completion,the fee will be based on CBRE's hourly rates for the time expended; plus actual expenses. Expenses:Fee includes all associated expenses Retainer: A retainer is not required for this assignment. Payment Terms: Final payment is due within 30 days from your receipt of the finnl report The full appraisal fee is considered earned upon delivery of the draft report. We will invoice you for the assignment in its entirety at the completion of the assignment. Delivery Instructions: CBRE encourages our clients to join in our environmental sustainobility efforts by accepting an electronic copy of the report. An Adobe PDF file via email will be delivered to joegomez@miamibeachfl.gov. The client has requested 0 bound final copy(ies). Delivery Schedule: Preliminary Value: Not Required Draft Report: Not Required Final Report: On or before June 23', subject to being engaged by June i 8" Start Date: The appraisal process will start upon receipt of your signed agreement by June 18'h 2022. Acceptance Date: These specifications are subject to modification if this proposal is not accepted within 5 business days from the date of this letter. c- CBRE Page 1025 of 1502 When executed and delivered by all parties,this letter,together with the Terms and Conditions and the Specific Property Data Request attached hereto and incorporated herein, will serve as the Agreement for appraisal services by and between CBRE and Client. Each person signing below represents that it is authorized to enter into this Agreement and to bind the respective parties, including all intended users, hereto. We appreciate this opportunity to be of service to you on this assignment. If you hove additional questions, please contact us. Sincerely, CBRE, Inc. Valuation & Advisory Services Stuart Lieberman,MAI VAS-Vice President As Agent for CBRE, Inc. T +1 305 3816472 stuart.lieberman@cbre.com www.cbre.uslvaluotion CBRE Page 1026 of 1502 C 2022 CBke... FRC:PER i Y NAME P. PERTY l UCATI)N REPJRT TYPE APPRAISAL FFE The Alton 1656 Alton Ct, Miami Standard Appraisal 9,500.00 Beach, FL 33139 Assignment Total: 9,500.00 www.cbrr.us,voiuotion C BR E Page 1027 of 1502 Yll(Ai*.In: dr,\, +"'6:'t- - F tr 14 : \.t ! .. . . ., u .. ',1•- _ \- v i 1_ J FOR CITY OF MIAMI BEACH, FLORIDA ("CLIENT"): af&ii 4_ : 62 17/2-2 Signature Date Alina T.Hudak City Manager Name Title 305-673-7000 joegomez@miamibeachfl.gov Phone Number E-Mail Address ADDITIONAL OPTIONAL SERVICE Assessment &Consulting Services: CBRE's Assessment&Consulting Services group has the capability of providing a wide array of solution-oriented due diligence services in the form of property condition and environmental site assessment reports and other necessary due diligence service (seismic risk analysis, zoning compliance service, construction risk management, annual inspections, etc.). Initial below if you desire CBRE to contact you to discuss a proposal for any part or the full complement of consulting services, or you may reach out to us at ACSPropusu#5_=-bre.ccrn. We will route your request to the appropriate manager. For more information, please visit Page 1028 of 1502 TERMS AND CONDITIONS 1 The Terms and Conditions herein ore port of on agreement for appraisal services(the"Agreement")between CBRE, Inc. 'the"Appraiser")and the client sign'ng this Agreement,and for whom the opproisol services will be performed the"Client"), and shall be deemed o port of such Agreement as though set forth in full therein. The Agreement shall be governed by the lows of the state where the appraisal office is located for the Appraiser executing this Agreement. 2. Client shall be responsible for the payment of oll fees stipulated in the Agreement. Payment of the opproisol fee and preparation of on appraisal report (the "Appraisol Report, or the "report") are not contingent upon any predetermined volue or on on action or event -esulting from the analyses, opinions, conclusions, or use of the Appraisal Report. Final payment is due as provided in the Proposal Specifications Section of this Agreement. If a draft report is requested,the fee is considered earned upon delivery of the draft report. It is understood that the Client may cancel this assignment in writing at any time prior to delivery of the completed report. In such event,the Client is obligated only for the prorated shore of the fee based upon the work completed and expenses incurred including travel expenses to and from the job site), with a minimum charge of 5500. Additional copies of the Appraisal Reports ore available of a cost of$250 per original color copy ono S 100 per photocopy jblack and white), plus shipping fees of S30 per report. 3. If Appraiser is subpoenaed or ordered to give testimony,produce documents or information,or otherwise required or requested by Client or a third party to participate in meetings, phone calls,conferences,litigation or other legal proceedings(including preparation for such proceedings) oecouse of,connected with or in any woy pertaining to this engogement, the Appraisal Report, the Appraiser's expertise, or 'he Property, Client shall pay Appraiser's additional costs and expenses,additional time incurred by Appraiser based on Appraiser's then-prevailing hourly rotes and reloted fees. Each party shall bear their own attorney fees. Such charges include and pertain to,but ore not limited to,time spent in preparing for and providing court room testimony,depositions,travel time,mileage and related travel expenses,waiting time,document review and production,and preparation rime(excluding preparation of the Appraisol Report), meeting participation, and Appraiser's other related commitment of time and expertise. Hourly charges and other fees for such participation will be provided upon request. In the event Client requests odditionol opproisol services beyond the scope and purpose stated in the Agreement,Client agrees to pay additional fees for such services and to reimburse related expenses,whether or not the completed report nas been delivered to Client of the time of such request. Additional appraisal services,and the costs associated therewith,shall be subject to the written approval of client prior to appraiser commencing such odditionol work. 4. Appraiser shall have the right to terminate this Agreement of any time for cause effective immediately upon written notice to Client on the occurrence of fraud or the willful misconduct of Client, rs employees or agents, or without cause upon 5 days written notice. 5. In the event Client foils to make payments when due then,from the date due until paid,the amount due and payable shall bear interest at the maximum rote permitted in the state where the office is located for the Appraiser executing the Agreement. In the event either party institutes legal action against the other to enforce its rights under this Agreement,the prevailing party shall be entitled to recover its expenses. Each party waives the right to a trial by jury in any action arising under this Agreement.Each party shall be responsible for their own attorney fees. b. Appraiser assumes there are no major or significant items or issues affecting the Property that would require the expertise of a professionol building contractor,engineer, or environmental consultant for Appraiser to prepare a valid report. Client ocknowledges that such additional expertise is not covered in the Appraisal fee and agrees that, if such additional expertise is required, it shall be provided by others at the discretion and direction of the Client, and solely at Client's odditionol cost and expense. 7. Client ocknowledges thot Appraiser is being retained hereunder as an independent contractor to perform the services described herein and nothing in this Agreement shall be deemed to create any other relationship between Client and Appraiser. This engagement shall be deemed concluded and the services hereunder completed upon delivery to Client of the Appraisal Report discussed herein. 8. All statements of fact in the report which ore used os the basis of the Appraiser's analyses,opinions,and conclusions will be true and correct to Appraisers actual knowledge and belief. Appraiser does not make any representation or warranty,express or implied,os to the occurocy or completeness of the information or the condition of the Property furnished to Appraiser by Client or others. TO THE FULLEST EXTENT PERMITTED BY LAW,APPRAISER DISCLAIMS ANY GUARANTEE OR WARRANTY AS TO THE OPINIONS ANO CONCLUSIONS PRESENTED ORALLY OR IN ANY APPRAISAL REPORT, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR ANY PARTICULAR Page 1029 of 1502 c'022 CBkE,I,,. VALUATION ° •,DVISCtRY SERV:CET C t, et ; ,,rtr7: ,,. :c`t c.0: PURPOSE EVEN IF KNOWN TO APPRAISER. Furthermore,the carc,use s ono pry perm tied re'i'cnce an one se of the Appra sal Report shall be subiect to the assumptions. limitations,and quoliying statements cortained:n the report Appraiser snail'rove no responsibility for sego:matters,including zoning,or questions of survey or title,soi or subsoil conditions, engineet'ng, or other similar technical matters. The report wit not constitute o survey of the Property analyzed 10. Client shalt provide Appraiser with such materials with respect to the assignment us ore reauested by Approser and in the possession or under the control of Client Der'shall provide Appraiser wit sufficient access to the Property tc be analyzed,and rereby grants permission lot emery unless discusses in advance to the cartrory 1 The(foto gathered in the course of'he assignment except dots furnrsnea by Client'and the report prepared pursuer• to the Agreement ore,and will remain,the property of Appraiser;however,alien'is hereby granted a license'a use the dote and final report it connection with the transaction of clients otficiot business.which•wit:'rclede cor^plhorce with public records .aws including, without iimitotion,Chapter 119, Florida Statutes. and snoring the Mformotion with the public, ncludirg o public meeting W to respect to data crovided by Client,Appraiser shall riot violate the confidential nature of the Appraiser-Client relationship by rrarooer'.y disclosing any proprietary information fs:rnished to Appraiser. Nor. ;mstand:rg the fcrego:ng, Appraiser is authorized oy Client to disclose all or any portion of the report and reloted data as may oe required by statute, government regulatior, legal process, or iudiciel decree; including to appropriate raaresenta'ves of the Approisol Institute if such disclosure is required to enable Appraiser to corrory with the Bylaws end Regulations of such institute as row or rrereafter <e effect. 12. Unless specifically rioted, it preparing the Appraisal Report the Appraiser will nor be considering Inc possible existence of asbestos,PCB tror.sformers.or other toxic,hazordous,or canton'noted substances oncior underground storage tan<s;co'.ecwely,"Hazardous Material)or rir affecting the Property,or tee cost o-encapsulatior or removal thereof. Further, Client represents that there is no major or significant deferred rnainteronce of the °ropery that would require the expertise of a professional cost estimator or contractor If such repairs ore needed.the estimates ore to be prepared ay others,at Clients dscretior and direction and are not covered as parr of the Appraise fee. 13 Ir the event Client mends to use the Appraisal Report in connection with o tax matter, Client acknowledges that Aporciser provides ro warranty. representaror a- prediction as to the outcome of such tax trotter. Client understands and ocknowleoges that any relevant taxing authority;whether the interne!Revenue Service or any other federal, state or local taxing authority)may disagree with or reject the Appraisal Report or otherwise disagree v,ith Client's 'ex position, and further understands and ockrowledges that the taxing authority may seek to coirect odditionoi taxes, interest, penalties or fees iron- Client aeyona what may be suggested ay the Appraise Report. Client agrees that Appraiser shell hove no respons:b?hty or iiab,i ty'o Client or arty other party for ony such taxes, nterest, penalties or fees and that Client will riot seek damages or other compensation from Appraiser relating to any such taxes, '-'crest, penalties a• fees imposed on Client, or for any atto•reys" fees, costs or other expenses relating to Client's roe matters t 4. Appraiser shall hove no liability w'th respect tc any loss,damage,claim or expense incurred by or asserted against Client arisirg cut of. based upon or result rig from Client's fc•'uire to provide accurate or complete irforrnotior or documentotior pertaining to un essignmer'ordered under or ir connection with:his Agreement,including Client's failure,or the fosure of any of Client's ager:s,to provide o complete copy of the Appraisal Report to any third pony. 15. LIMITATION OF LIABILITY. EXCEPT TO THE EXTENT ARISING FROM SECTION 16 BELOW, OR SECTION 17 IF APPLICABLE,IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATE, OFFICERS,DIRECTORS,EMPLOYEES, AGENTS, OR CONTRACTORS BE LIABLE TO THE OTHER, WHETHER BASED IN CONTRACT. WARRANTY, INDEMNITY, NEG_IGENCE, STRICT LIABILITY OR OTHER TOR'. OR OTHERWISE, FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, INCIDENTAL OR INDIREC— DAMAGES, AND AGGREGATE DAMAGES IN CONNECTION WITH THIS AGREEMENT FOR EITHER PARTY ;EXCLUDING THE OBLIGATION TO PAY THE FEES REQUIRED HEREUNDER)SHALL NOT EXCEED-HE GREATER OF THE TOTAL FEES PAYABLE TO APPRAISER uNDER THIS AGREEMENT OR TEN THOUSAND DOLLARS($110,000). THIS LIABILITY LIMITATION SHALL NOT APPLY IN THE EVENT OF A FINAL FINDING BY A COURT OF COMPETENT JURISDICTION THAT SUCH LIABILITY IS THE RESULT OF A PARTY'S FRAUD OR WILLFUL MISCONDUCT 16. Client snail rot disseminate, distribute. make available or otherwise provide any Appraisal Report prepared hereunder to any third party ,including without 'imitation, incorporating or referencing the Appraisal Repot , in whole or,n port,ir'arty offering or other moteriel intended for review by other ponies)except to lit any third party expressly acknowledged o signed writing by Appraiser os cn "tntended User"of the Appraisal Report provided that either Approiser nos received on acceptable release from such third party with respect to such Appraisal Report or Client provides acceptable indemnity protectors'o Appraiser against any claims resulting from the distribution Page 1030 of 1502 25'21(min,inc. vAc;jAT:ON ADVISORY SERVIt f`. of the Approisol Report to such third party,(ii;any third party service provider;inc:uding rating ogerues one auditors! using the Appraisal Report in tine course of providing services for me sole benefit of on Intended User, or liii) os required by stcrure. goverment regulation, legal process, a' .ud:c.al decree. 'n the event Appraiser consents, it writing, to Client incorporating or referertci"g the Appraisal Report cry ofte,irg or other materials irtenoed for review by other parties,Client shall not distribute,file,or otherwise make such m..oterrois available to any such parties unless end until Client hos provided Aoproiser with complete copies of such rnoteriols and Appraiser has aporoved all such rnaterio:sin writing. Client shall not modify any such materials once opproved by Appraiser. In the absence of sot sry ng the conditions of this parograpn with respect to a parry who is not designated as on Intended User, ,n ro even!shalt the receipt of on Appraisal Report by such Cory extend any right to the party to use ono rely or such report, and Appraiser shell hove no liability for such „routhorited .:se and reliance on ory Approisal Repor Notwithsonding the foregoing or any other provision of this agreement, client shall be outhunted to disclose the appraisal report to the general public in a ouolic meeting; and, as permitted pursuant to Chapter 119 ;tondo Statutes. J Time period for Legal Action. Unless the time period is shorter under applicable law,except in connection with paragraphs 16 and 17 above,Appraiser and Client agree that any legal action or lawsuit by one party against the other party or its affiliates, officers, directors, employees, contractors, agents, or other representatives, whether based in contract, warranty, indemnity, negligence,strict liability or other tort or otherwise, relating to (a) this Agreement or the Appraisal Report, (b) any services or appraisals under this Agreement or (c) any acts or conduct relating to such services or appraisals. shall be filed within three (3) yeors from the date of delivery to Client of the Appraisal Report to which the claims or causes of action in the legal action or lawsuit relate. The time period stated in this section sholl not be extended by ony incapacity of a party or any delay in the discovery or accrual of the underlying claims,causes of action or domoges. Page 1031 of 1502 ir)Jl Lrkt Inc. SPECIFIC PROPERTY C _ir= REQUEST In order to complete this assignment under the terms outlined, CBRE, Inc., Valuation & Advisory Services,will require the following specific information for the property: 1. PLEASE NOTIFY US IMMEDIATELY IF ANY OTHER CBRE SERVICE LINE(INCLUDING CAPSTONE) IS INVOLVED IN THE BROKERAGE, FINANCING, INVESTMENT OR MANAGEMENT OF THIS ASSET. 2. [DataRequestlist] If any of the requested data and information is not available, CBRE, Inc., reserves the right to extend the delivery dote by the amount of time it takes to receive the requested information or make other arrangements. Please hove the requested information delivered to the following: Stuart Lieberman, MAI VAS - Vice President stuart.lieberman@cbre.com CBRE, Inc. Valuation &Advisory Services 777 Brickelt Ave, Ste 1100 Miami, FL 33131 vow..cbre.us/volvotion CBRE Page 1032 of 1502 i J071 CBRE,gin. Addenda ni•••••••0•111 Adderichitn D QUALIFICATIONS C 2022 CBRE,Inc. Page 1034 of 1502 702:C CBREStuartJ . Lieberman, MAI Vice President, Florida-Caribbean Region Experience -_ Stuart J. Lieberman, MAI is a Vice president with over 30 years of real estate 41/k appraisal and consulting experience. Mr. Lieberman is in the Valuation & Advisory Services Group's Miami office in the South Florida/Caribbean Region. 1. iiiir Since 1987, Mr. Lieberman has provided real estate valuation and consulting Ilk 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, feasibility studies, highest & best use analysis, market rent studies, expert testimony & litigation support and portfolio analysis. T +13053816472 Mr. Lieberman's experience encompasses a wide variety of property types M +13053816462 including single & multi-family residential, senior housing, mobile home parks,Stuart.lieberman@cbre.com high density urban & ocean front developments, open space & public parks, 777 Brickell Avenue automobile dealerships, service stations & convenience stores, funeral homes, Suite 1100 medical office & surgical centers, mixed-use office, financial institutions & branch Miami, FL 33131 banks, retail shopping centers & regional malls, parking garages, restaurants & night clubs, movie theatres, health & fitness clubs, marinas & shipping terminals, FBOs (fixed base operations), industrial flex warehouses, bulk distribution, truck terminals, refrigeration warehouses, R&D, business parks, self-storage facilities; Clients 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 entertainment venues & theatres. Ocean Bank Centennial Bank Professional Affiliations / Accreditations C-III Asset Management City of Miami Appraisal Institute- Designated Member No. 12003 Miami-Dade County, Internal 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,Tampa, FL, BA, Political Science- 1985 Appraisal Institute,American Institute of Real Estate Appraisers, Society of Real Estate Appraisers and Florida Real Estate Commission core courses, electives and seminars. Page 1035 of 1502 T"i 1 I' ' ; Ron DeSantis, Governor Halsey Beshears, Secretary 4, a A _„ dbsr i e 4' STATE OF FLORIDA may, DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REA L,I q PRAISAL BD THE CERTIFIED GENr. 4 TIFIED UNDER THE PROVISIC.S' QF'f 1'u' ` S ,P 11 ATUTES 7 r G u,r Imo] w I I Y y Jt WA, ' i :13 7 t i,}Ml s' V f l n f . y r 15 i• pi 7 t ra,r+M f. a i YI:1714t'1.114 0 t i.. ., 46, _,,,44--.v.,. , TC • I LICE Ji bt•qi#14 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com V.s:.-:".] Do not alter this document in any form. r tijo. . This is your license. It is unlawful for anyone other than the licensee to use this document. Page 1036 of 1502 CBREKristinB. Repp, MI Managing Director/Market Leader-South Florida Experience r Kristin B. Repp is the Managing Director of CBRE Valuation and Advisory Services in South Florida. As the market leader with over 25 years of commercial real estate experience, t `' 'ifj/Ie Ms. Repp oversees VAS operations in South Florida with offices in Miami,Fort Lauderdale, Boca Raton, and West Palm Beach. Ms. Repp leads a team of professionals that provide valuation and advisory services 3 involving all property types. Ms. Repp has extensive valuation experience and has served a broad range of clients including commercial and investment banks, REITs, insurance companies, private corporations, investors, owners, developers, and attorneys. Her expertise incorporates all types of valuation services including appraisals, market and ti '-` feasibility studies, real estate portfolios,financial reporting, estate planning, property tax v.consulting, and litigation support. Ms. Repp was previously a Vice President with CBRE. Prior to joining CBRE, Ms. Repp gained a broad range of commercial real estate experience through various roles in T +1 305 381 6408 financial analysis,consulting,acquisitions,due diligence,development,construction,and M +1 813 410 1847 brokerage. Kristin.recipCadcbre.com 777 Brickell Avenue Suite 1100 Miami, FL 33131 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 Network Appraisal Institute Candidate Advisor Education University of Wisconsin-Madison, Madison,Wisconsin Bachelor of Business Administration — Real Estate and Finance (Double Major) Page 1037 of 1502 T - .;,- Ili.' Ron DeSantis, Governor Halsey Beshears,Secretary 1 ."4 / :, a dbr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA RE PPRAIS AL BD THE CERTIFIED GEN P 1TIFIED UNDER THE PROVISIQ %+QE.! ''` 7.7_: , u r -T `' `aA •' TATUTES y yy K 0, Wyk 605-T, 4jICI PI y.,;,, ..F 1.r r err 4 , i 4 . 1A Air VI i!.''' '+ WrWN.F IrR aJ k r i 1 Pp I, A aa Y .fI111, j f; 1 J N, d f„ 0. ‘i . i rk i bi abw.)rr r r' 1 d : R.- 4 ,p.N a l i AYa ': 104 d k N I LIC4 l E i5lbtaditi12454 EXPIRATION DATE: fitAMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com 0 ,- a . r .t Do not alter this document in any form. ti.-- o : This is your license. It is unlawful for anyone other than the licensee to use this document. Page 1038 of 1502