2017-29912 Resolution RESOLUTION NO. 2017-29912
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, SETTING A PUBLIC HEARING TO CONSIDER
APPROVING,ON SECOND READING(PURSUANT TO SECTION 82-37(a)(2)
OF THE CITY CODE), THE VACATION OF 25 FEET OF A 50 FOOT RIGHT-
OF-WAY(CITY'S ROW), LOCATED AT THE WESTERLY END OF WEST 59TH
STREET, AS SHOWN ON THE LA GORCE-GOLF SUBDIVISION, DATED
APRIL 8, 1925, AT PLAT BOOK 14, PAGE 43, OF THE PUBLIC RECORDS
OF MIAMI-DADE COUNTY, CONSISTING OF 5036 SQUARE FEET
("VACATED AREA"), WHICH VACATED AREA IS DELINEATED IN THE
ATTACHED COMPOSITE EXHIBIT "A", IN FAVOR OF THE ADJACENT
PROPERTY OWNER AMBASSA HOLDINGS, INC.,(THE APPLICANT);AND
FURTHER CONDITIONING THE VACATION ON: (1)THE GRANT OF A QUIT
CLAIM DEED TO THE APPLICANT BY THE CITY FOR THE VACATED AREA;
(2)THE GRANT OF A QUIT CLAIM DEED BY THE APPLICANT TO THE CITY
FOR THE NORTHERN HALF OF APPLICANT'S UNENCUMBERED PARCEL
LOCATED ON LOT 25, BETWEEN THE CITY'S ROW AND BISCAYNE BAY
(UNENCUMBERED PARCEL); (3) THE GRANT OF AN EASEMENT FROM
APPLICANT TO THE CITY ACROSS THE VACATED AREA FOR PUBLIC
PURPOSE USE; (4) THE GRANT OF AN EASEMENT ALONG THE
SOUTHERN PORTION OF THE APPLICANT'S UNENCUMBERED PARCEL
TO ALLOW THE CITY TO PROVIDE A PUBLIC UTILITY EASEMENT TO
BISCAYNE BAY; AND (5) APPLICANT'S PAYMENT OF A VOLUNTARY
MONETARY CONTRIBUTION, IN THE AMOUNT OF $300,000; AND
FURTHER WAIVING, BY 5/7THS VOTE, THE COMPETITIVE BIDDING
REQUIREMENTS (PURSUANT TO SECTION 82-39(a) OF THE CITY CODE),
FINDING THAT THE PUBLIC INTEREST WOULD BE SERVED BY WAVING
SUCH REQUIREMENT; AND DIRECTING THE CITY'S PLANNING
DEPARTMENT TO PREPARE A PLANNING ANALYSIS (PURSUANT TO
SECTION 82-38 OF THE CITY CODE) RELATED TO THE PROPOSED
VACATION.
WHEREAS, the Subdivision Plat of La Gorce-Golf Subdivision, dated April 8, 1925,
delineates that the City owns a 50 foot right-of-way, that is known as the "West 59th Street end,"
which is located westerly of North Bay Road and approximately 30 feet east of Biscayne Bay (the
City's ROW); and
WHEREAS, the City ROW does not extend to Biscayne Bay and, in fact, the right-of-way
ends approximately 30 feet from the waterway (See Composite Exhibit A); and
WHEREAS, south of, adjacent to and abutting the City's ROW,there is a single family home
located at 5860 North Bay Road; and
WHEREAS,Ambassa Holdings, Inc. (hereinafter"the Applicant")is the owner of 5860 North
Bay Road; and
WHEREAS, the Applicant also owns an approximately 50 foot wide by 30 foot long,
unencumbered parcel (hereinafter "Unencumbered Parcel"), known as Lot 25, to the west of the
City's ROW, which Unencumbered Parcel is adjacent to Biscayne Bay, to the west, and the City's
ROW to the east; and
WHEREAS, the Applicant is requesting that the City vacate the southern half of the City
ROW, as identified in Exhibit A, in exchange for the northern half of the Applicant's Unencumbered
Parcel, as identified in Exhibit B; and
WHEREAS, the Applicant seeks to have the City vacate half of the City's ROW, in order to
allow the Applicant to build a new single family home without intrusion into setbacks; and
WHEREAS, in exchange, by obtaining title to the northern half of the Unencumbered Parcel,
the City would have unimpeded access to Biscayne Bay; and
WHEREAS, in addition, the Applicant shall also grant the City an easement throughout the
vacated portion of the City's ROW, so that the City may install utilities, including an underground
stormwater pump station and lines within the easement area; and
WHEREAS, pursuant to City Code Section 82-37(a)(1),the vacation request was referred by
the City Manager to the Finance and Citywide Projects Committee, and was heard on February 17,
2017; and
WHEREAS, the City and the Applicant prepared appraisals relating to the area being
vacated and the Applicant's property proposed to be deeded to the City; and
WHEREAS,the City obtained an independent appraisal from Lee H.Waronker, MAI, SRA of
the fair market value of the proposed vacated right-of-way, valuing the vacation at$250,000(for the
southern half of the City's ROW); and
WHEREAS,should the City Commission approve the proposed vacation of half of the City's
ROW, and the transfer of ownership to the City of the northern half of the Unencumbered Parcel,the
City would be responsible for the seawall associated with the waterfront land;
WHEREAS, as the City desires to create pocket parks and access to Biscayne Bay(and the
Blue Ways of Miami Dade County), the City would need to ensure that the old seawall is elevated
and rebuilt to the City's standards; and
WHEREAS, as the City had not contemplated responsibility for the seawall, and due to the
proposed vacation, the Applicant has agreed to provide the City a voluntary contribution of
$300,000, which would be used by the City for a public purpose, including but not limited to
construction of the seawall; and
WHEREAS, the vacation of half of the City's ROW, shall be contingent upon:
a) the Applicant providing an easement across the vacated City ROW, as well as the remaining
portion of the Unencumbered Parcel that is not deeded to the City, in order to create a 25
foot long continuous easement the northern portion of North Bay Road at the West 59th
WHEREAS, although the City's procedures for the lease or sale of public property also
requires an advertised public bidding process, the requirement may be waived by 517th vote;
in this case, and due to the nature of the law pertaining to the vacation of rights-of-ways, 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,the Administration,through its Public Works Department, hereby represents that
the Applicant has complied with the application requirements and submittals in accordance with the
City's Guidelines for Vacation or Abandonment of Streets or Other Rights-of-Way; and
WHEREAS, pursuant to City Code Section 82-38, the City Commission is to schedule a
second hearing, public hearing of the proposed vacation; and
WHEREAS, the Administration requests that the competitive bidding requirements of 82-
39(a), be waived, as by operation of law, the adjacent property owners are the owners of a vacated
right-of-way; and
WHEREAS, pursuant to City Code Section 82-38, the Planning Department is required to
prepare a report of the six (6) criteria elements for vacating City Property and shall produce said
report at the public hearing; and
WHEREAS, the impact on adjacent properties would be positive, as the access easement
along the southern boundary of the proposed vacated City right-of-way would be improved,
maintained, and secured by the Applicant; and
WHEREAS,the City has determined that there is public purpose to the right-of-way vacation,
as it ensures that the community's needs are met, by providing water front access to the public; and
WHEREAS, the City Administration recommends schedule second reading, public hearing
and approving the vacation of the southern half of the City's Parcel under the terms and conditions
of this resolution.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission
hereby set a public hearing to consider approving, on second reading (pursuant to Section 82-
37(a)(2) of the City Code), the vacation of 25 feet of a 50 foot right-of-way(City's ROW), located at
the westerly end of West 59th Street, as shown on the La Gorce-Golf Subdivision, dated April 8,
1925, at Plat Book 14, page 43, of the Public Records Of Miami-Dade County, consisting of 5036
square feet ("Vacated Area"), which Vacated Area Is delineated in the attached Composite Exhibit
"A", in favor of the adjacent property owner Ambassa Holdings, Inc., (the Applicant); and further
conditioning the vacation on: (1) the grant of a quit claim deed to the Applicant by the City for the
Vacated Area; (2) the grant of a quit claim deed by the Applicant to the City for the northern half of
Applicant's unencumbered parcel located on Lot 25, between the City's Row and Biscayne Bay
(Unencumbered Parcel); (3)the grant of an easement from Applicant to the City across the Vacated
Area for public purpose use; (4) the grant of an easement along the southern portion of the
Applicant's Unencumbered Parcel to allow the City to provide a public utility easement to Biscayne
Bay; and (5)Applicant's payment of a voluntary monetary contribution, in the amount of$300,000;
and further waiving, by 5/7ths vote, the competitive bidding requirements (pursuant to Section 82-
39(a)of the City Code), finding that the public interest would be served by waving such requirement;
and directing the City's Planning Department to prepare a planning analysis(pursuant to Section 82-
38 of the City Code) related to the Proposed Vacation.
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PASSED and ADOPTED this a?6i day of July 2017.
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Resolutions - C7 C
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: July 26, 2017
SUBJECT A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, SETTING A PUBLIC HEARING TO CONSIDER
APPROVING, ON SECOND READING (PURSUANT TO SECTION 82-37 (a)(2) OF
THE CITY CODE), THE VACATION OF 25 FEET OF A 50 FOOT RIGHT-OF-WAY
(CITY'S ROW), LOCATED AT THE WESTERLY END OF WEST 59TH STREET, AS
SHOWN ON THE LA GORCE-GOLF SUBDIVISION, DATED APRIL 8, 1925, AT
PLAT BOOK 14, PAGE 43, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,
CONSISTING OF 5036 SQUARE FEET ("VACATED AREA"), WHICH VACATED
AREA IS DELINEATED IN THE ATTACHED COMPOSITE EXHIBIT "A", IN FAVOR
OF THE ADJACENT PROPERTY OWNER AMBASSA HOLDINGS, INC., (THE
APPLICANT); AND FURTHER CONDITIONING THE VACATION ON: (1) THE
GRANT OF A QUIT CLAIM DEED TO THE APPLICANT BY THE CITY FOR THE
VACATED AREA; (2) THE GRANT OF A QUIT CLAIM DEED BY THE APPLICANT
TO THE CITY FOR THE NORTHERN HALF OF APPLICANT'S UNENCUMBERED
PARCEL LOCATED ON LOT 25, BETWEEN THE CITY'S ROW AND BISCAYNE
BAY (UNENCUMBERED PARCEL); (3) THE GRANT OF AN EASEMENT FROM
APPLICANT TO THE CITY ACROSS THE VACATED AREA FOR PUBLIC
PURPOSE USE; (4) THE GRANT OF AN EASEMENT ALONG THE SOUTHERN
PORTION OF THE APPLICANT'S UNENCUMBERED PARCEL TO ALLOW THE
CITY TO PROVIDE A PUBLIC UTILITY EASEMENT TO BISCAYNE BAY; AND (5)
APPLICANT'S PAYMENT OF A VOLUNTARY MONETARY CONTRIBUTION, IN
THE AMOUNT OF $300,000; AND FURTHER WAIVING, B Y 5/7TH VOTE, THE
COMPETITIVE BIDDING REQUIREMENTS (PURSUANT TO SECTION 82-39(a)
OF THE CITY CODE), FINDING THAT THE PUBLIC INTEREST WOULD BE
SERVED BY WAVING SUCH REQUIREMENT; AND DIRECTING THE CITY'S
PLANNING DEPARTMENT TO PREPARE A PLANNING ANALYSIS (PURSUANT
TO SECTION 82-38 OF THE CITY CODE) RELATED TO THE PROPOSED
VACATION.
ANALYSIS
West 59th Street end (located westerly of North Bay Road) is a 50-foot wide City owned right-of-way
(ROW), per the Recorded Subdivision Plat of La Gorce-Golf Subdivision, dated April 8, 1925 by
Miami Beach Bay Shore Co..
On said Subdivision Plat, westerly of and adjacent to the westerly end of West 59th Street, there is
an unnumbered parcel shown, approximately 30 feet by 50 feet. Mr. Robert J. Schidler is listed as a
previous owner of the unnumbered parcel, as well as previous owner of the southerly and adjacent
Page 537 of 2495
Lot 25 (the unnumbered parcel is subject to a utility easement from subdivision developer Miami
Beach Bay Shore Co., to the City of Miami Beach, dated June 29, 1925).
Ambassa Holdings, Inc. do Christian Berdoure, current owner of said parcels, is requesting that the
City vacate the southerly portion of its ROW, located on West 59th Street west of North Bay Road,
in exchange for a half of a portion of the private property to make the remaining right of way extend all
the way to the bay. An easement will be granted for utilities under the vacated right-of-way and the
corresponding piece of property abutting the bay to form a continuous easement.
An item was discussed at the Finance and Citywide Projects Committee on February 17, 2017. The
Committee recommended accepting the appraised value and similar valuation of the land to be
acquired. However, with City ownership of the waterfront property, also comes the burden of
rebuilding the seawall to the City's standards, which needs to be considered.
After negotiations with the current owner's representative, a voluntary monetary contribution of
$300,000 was agreed upon for:
a)The City vacating the southerly half of the right-of-way;
b) The owner providing an easement across the vacated parcel as well as a portion of the retained
parcel creating a continuous easement from North Bay Road to the bay; and
c) The owner transferring ownership to the City the portion of the property to create a continuous
right-of-way to the bay.
Although the City's procedures for the lease of sale or sale of public property require an advertised
public bidding process, the requirement may also be waived by 5/7th vote of the City Commission; in
this case, and due to the nature of the law pertaining to the vacation of rights-of-way, 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 conditions.
The vacation of this ROW serves a public purpose, by providing direct access to the water as the
current ROW stops 30 feet short of waters'edge.
Pursuant to the City's existing administrative policies and procedures to consider the vacation of the
City streets, alleys, and/or rights-of-way, which also require compliance with Article II, Sections 82-36
through 82-40 of the City Code (which establish procedures governing the sale or lease of public
property), prior to considering 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, in order to obtain citizen input into the proposed vacation;
2) The proposed vacation shall be transmitted to the Finance and Citywide Projects Committee for
its review, which occurred on February 17, 2017;
3) In order for the City Commission and the public to be fully appraised of all conditions relating to the
proposed vacation, 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, which is
attached; and
4) The City shall obtain an independent appraisal of the fair market value of the property proposed to
Page 538 of 2495
be vacated. The appraisal dated December 9, 2016 resulted in an "across the fence" value of
$250,000 which is also attached.
CONCLUSION
Vacation of the public ROW is consistent with the Goals, Objectives, and Policies of the
Comprehensive Plan. The vacation of the southern portion of the westerly end of the West 59th
Street public ROW will generate no negative impacts for the surrounding area. The property would
continue to serve in much the same manner, and public access to the bay could be provided in the
remainder of the property.
The administration recommends the approval of the Resolution.
Attachment:A. Sketch of proposed vacation.
Attachment: B. Summary of West 58th and West 59th Streets appraisal
Attachment: C. Planning department analysis
JLM/ETC/JJF
Legislative Tracking
Public Works
ATTACHMENTS:
Description
o Analysis
❑ Legal Description
o Signed Survey
❑ Appraisal Report
o Vacation of a ROW West of 59th Street Revised Resolution
Page 539 of 2495
MIAMI BEACH
PLANNING DEPARTMENT COMMISSION MEMORANDUM
TO: Jimmy Morales, City Manager
FROM: Thomas R. Mooney, AICP
Planning Director
DATE. April 26, 2017
SUBJECT: Analysis of Proposed Right of Way (ROW) Vacation — Westerly End of West 59th
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 proposal is to vacate the southern half of West 59' Street west of North Bay Road.
Additionally, the property owner that will be receiving the southern half of the ROW will be
providing a utility easement to the City, and will also transfer a portion of their property to
City which will allow waterfront access for the remaining northern half of the ROW. The
following is an 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 vacated portion of the ROW will continue to be used in a similar
fashion as it is used today, as it currently contains a driveway and fence for the
adjacent private property. The agreement would provide that a waterfront portion of
the adjacent property be transferred to the City providing access to the Bay for the
remainder of the ROW. This is consistent with the Comprehensive Plan
Conservation/Coastal Zone Management Element Objective 10, which states the
following:
Objective 10: PUBLIC SHORELINE ACCESS
Increase the amount of public access to the beach or shoreline consistent
with the estimated public need.
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
Page 540 of 2495
Analysis of Proposed Right of Way Vacation— Westerly End of West 590 Street
April26, 2017
Page 2 of 3
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 traffic impact analysis from a reputable traffic engineer.
Consistent -- No negative impacts are anticipated by the proposal. The property
being vacated by the City is within the Single Family Residential (RS)future land use
category. As the ROW would be incorporated into the property immediately to the
south, the vacation will not lead to the construction of new buildings on the site.
However, the additional lot area may allow for the home to be expanded due to
limitations on unit size based on lot size within the Land Development Regulations.
• Though a ROW is proposed to be vacated, no construction is being proposed
within the vacated ROW and a utility easement will be provided; therefore
there will be no diminution of open space.
• Vacation of the ROW will not affect the transportation network, as the ROW
does not presently contain a roadway. The ROW will not allow for the
construction of new uses,therefore additional traffic is not anticipated.
• No noise level impacts are anticipated from the vacation, as the use of the
property will remain similar in nature.
• The appearance of the property will improve with the proposed vacation.
Additionally, public access to the bay could be provided on the remaining
portion of the ROW. These improvements should enhance surrounding
property values.
• Vacation of the ROW way will not impact adopted levels of service for public
infrastructure. No additional utilities or infrastructure are expected to be
necessary.
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 expands the City's revenue base by adding untaxed
public property to the tax rolls. In addition, the City will generate revenue from the
sale of the ROW. Additionally, it will involve the transfer of a waterfront portion of the
property to the City, allowing for public access to Biscayne Bay in the remainder of
the ROW.
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
portion of the ROW being vacated is currently being utilized by the adjacent property
owner for a fence and driveway, so transfer to this owner will not block views. The
addition of a waterfront portion of private property to the remainder of the ROW may
We are commilled k providing excefleei public service and Solely b oil w+o LLm, work,and ploy in our vibronf,tropical,hrsfonc cornmuniy
Page 541 of 2495
Analysis of Proposed Right of Way Vacation— Westerly End of West 59r"Street
April26, 2017
Page 3 of 3
allow for improved views to the bay in the future. No environmental intrusions will be
created by the proposed ROW vacation.
5. The impact on adjacent properties, whether or not there is adequate parking,
street and infrastructure needs.
Consistent—Vacation of this ROW will not affect the parking or infrastructure needs
of adjacent properties. The ROW currently does not provide any parking. No
development is proposed on the vacated site that would require additional parking.
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.
Not applicable -The Planning Department has no other issues it deems appropriate
to analyze for this proposal.
CONCLUSION
Vacation of the public ROW is consistent with the Goals, Objectives, and Policies of the
Comprehensive Plan. The vacation of the southern portion of the westerly end of the West
59th Street public ROW will generate no negative impacts for the surrounding area. The
property would continue to serve in much the same manner, and public access to the Bay
could be provided in the remainder of the property.
IRM/RAM
TIAGENOA12017\4-AprillPlanning\Westerly End of West 59th Street Vacation Analysis_docx
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Page 542 of 2495
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LEGAL DESCRIPTION:
A portion of land lying and being in Parcel "B" as per Quit-Claim
Deed as recorded in Official Records Book 28992 at Page 1851, in the
Public Records of Miami-Dade County, Florida; lying Westerly of West
59th Street of "LAGORCE-GOLF SUBDIVISION", according to the Plat
thereof, as recorded in Plat Book 14, at Page 43, of the Public
Records of Miami-Dade County, Florida, being more particularly
described as follows:
Begin at the Southwest corner of Tract "A" of "SUBDIVISION OF LOT 24,
BLOCK 1 LA GORCE GOLF SUBDIVISION", according to the Plat thereof, as
recorded in Plat Book 38, at Page 67, of the Public Records of
Miami-Dade County, Florida; thence S 70012 '34" E for 30.20 feet along
the southwesterly line of said Tract "A" to the beginning of a
non-tangent curve concave Westerly and having a radius 940.00 feet,
to which beginning of curve a radial bears N 85°43' 12" E; thence
Southerly along said curve through a central angle of 01039'35" an
arc distance of 27.21 feet; thence N 70°12 '34" W for 31. 69 feet, more
or less to the mean high water line of Biscayne Bay; thence Northerly
meandering along the mean high water line of Biscayne Bay for 26. 65
feet more or less to the Point of Beginning.
Containing 775 Square feet more or less by calculation.
Page 543 of 2495 Page 1 of 7
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LEGAL DESCRIPTION:
A portion of land lying and being in Parcel "B" as per
Quit-Claim Deed as recorded in Official Records Book 28992 at
Page 1851, in the Public Records of Miami-Dade County, Florida;
lying Westerly of West 59th Street of "LAGORCE-GOLF
SUBDIVISION", according to the Plat thereof, as recorded in Plat
Book 14, at Page 43, of the Public Records of Miami-Dade County,
Florida, being more particularly described as follows:
Commence at the Southwest corner of Tract A of said plat of
"SUBDIVISION OF LOT 24, BLOCK 1 LA GORCE GOLF SUBDIVISION";
thence Southerly meandering along the mean high water line of
Biscayne Bay, more or less for 26.65 feet to the westerly
extension of West 59th Street of "LAGORCE-GOLF SUBDIVISION",
according to the Plat thereof, as recorded in Plat Book 14, at
Page 43, of the Public Records of Miami-Dade County, also being
the Point of Beginning of the hereinafter described parcel;
thence easterly along the said westerly extension of West 59th
Street, S 70°12'34" E for 31.69 feet, to the beginning of a
non-tangent curve concave Westerly and having a radius 940.00
feet, to which beginning of curve a radial bears N 87°22'42" E;
thence Southerly along said curve through a central angle of
01°38'20" and an arc distance of 26.89 feet; thence along the
said northeasterly boundary line of Lot 25, N 70°12 '34" W for
32.12 feet, more or less to the mean high water line of Biscayne
Bay; thence Northerly meandering along the mean high water line
of Biscayne Bay for 26.73 feet more or less to the Point of
Beginning.
Containing 799 Square feet more or less by calculation.
Page 545 of 2495 Page 3 of 7
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MORE OR 31.69,4 £ - PARCEL "B"
LESS QUIT-CLAIM DEED
N 87'22'42" EI
(ORB 28992 PG 1851)��� �R/fitRADIAL /Ne
/ 1 h!m �/ A=26.89' s\, 89Zth
R=940.00'
=01 38 20" ,O 12 „...e.....46,8
'0 32• 2• 234• '•
>- wL§ MpRE W
oLFSS0,,
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` toy
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(pz,,i r eo or., CI( 1,.
13)
LEGEND
P.9. = PLAT BOOK R/W = RIGHT OF WAY
PG. = PAGE (C) = CALCULATED DISTANCE
SEC. = SECTION (M) = MEASURED DISTANCE
= CENTERLINE P.0-C. = POINT OF COMENCEMENT
Page 54 9f 205,NT OF BEGINNING Page 4 of 7
I JOB: 14028]
.
SKETCH TO ACCOMPANY LEGAL DESCRIPTION
for
Ambassa Holdings Inc.
prepared by:
H A D O N N E LAND S!EG
PERS
3D LASERUTILITY
LEGAL DESCRIPTION:
A portion of land lying and being in West 59th Street of
"LAGORCE-GOLF SUBDIVISION", in Section 15, Township 53 South,
Range 42 East, according to the Plat thereof, as recorded in
Plat Book 14, at Page 43, of the Public Records of Miami-Dade
County, Florida, being more particularly described as follows:
Begin at the Northeast corner of Lot 25, Block 1-A of "LA GORCE
GOLF SUBDIVISION", according to the Plat thereof, recorded in
Plat Book 14, at Page 43, or the Public Records of Miami-Dade
County, Florida; thence Northwesterly along the Northeasterly
line of said Lot 25, N 70°12'34" W for 196. 69 feet to the
beginning a non-tangent curve concave Westerly and having a
radius of. 940.00 feet, to which beginning of curve a radial
bears N 89°01 '02" E; thence Northerly along said curve through a
central angle of 01°38'20" an arc distance of 26.89 feet; thence
S 70°12' 34" E for 206.40 feet to the beginning of a non-tangent
curve concave Easterly and having a radius of 1651.00 feet, to
which beginning of curve a radial bears N 70°12'34" W thence
Southerly along said curve through a central angle of 00°52'42"
an arc distance of 25. 00 feet to the Point of Beginning_
Containing 5, 036 Square feet more or less by calculation.
Page 547 of 2495 Page 5 of 7
JOB: 14028
III
Qil...
J SKETCH TO ACCOMPANY LEGAL
cn
N
GA
L DDESCRIPTIONfor
Ambassa Holding Inc.
prepared by:
VHADONNE LANDIEI
TUINEERING 0
11.1111
NOT TO SCALE
}' r�
m - r PARCEL "B"
I QUIT-CLAIM DEED SO90 TR
W r.. I `(oR@`28992 PG 1851) Lq vay N CY- A"
ZTz t Sou, (pLgT6pGOLFOr24
Ego Ir A='26.89' I W `_.e' � AClS2RI y �k 38 S°eaF�s O k
d H R=940.001 'I q (PBojNo 'l
3 �p1'3$`20" /Ae„ h `�Rj --- e J8Pc 1-/AZ
m sr rti LINE �1
N es�o1'o2`' s �aFT
RADIAL. ?08 4+f i, z`,
Nog?. '�.�
Or el Cls 4\
(P8T?S Ry UNF lel ) //
1¢ PC 4)1`q '619//////73w N ,O.'?�4; /
Ili,/ .,, w
�q =25.00' / -'
(p caq� 5 goo R�1651j00"
LqT B°°K�4, Sot/84144c
84 4 NORTHEAST O'52 42
pin, .40,,,,„ CORNER OF r~` ``0___.' /'/
43J LOT 25 ,/ �1 �•
,
/ 3
/
/
/ 1 /
LEGEND
P.B. = PLAT BOOK R/W RIGHT OF WAY
PG. = PAGE (C) = CALCULATED DISTANCE Page 6 of 7
SEC. = SECTIO
��aaaae 5° iq �SURED DISTANCE
q = CENTERLIrll� OTC 2 'irOINT OF COMENCEMENT JOB: 14028
P.0.8. = POINT OF BEGINNING
SKETCH TO ACCOMPANY LEGAL DESCRIPTIONOD
W for
j Ambassa Holding Inc.
prepared by:
H A D O N N E IENG 3D L EERING
NOT TO SCALE
>
'� PARCEL "B"
Ca ,r QUIT-CLAIM DEED Sue,..
I (ORq 28992 PG 1851) �a c0 ce F�r q„
W I SpU (Pt. r 16, 6,004,
po co/F.SU.2¢• &
>" MORE,OR Op° N :�Rc r e k s8 t;$£6 OA,
k
0 l cSS �f N; A (P �NDgRY �1
/ / e34Po. 4/At
X ./' ,,/,.//7/1r S
2/4,1,/,09.£ YI
/
/
�+ - ! r /
NOR,....L., 7 l 3 i
OF 1301lAr�FAS a.-
,or
\ I
(p$r 4s e �yq �y ;a'? N1
/1,X/
tilit OR 47/4 . z.13„..!..iv.,.
14
�. �(a _
t 'Ate atoc �_8 �0Dkl80P.O.B. _ A�0'24
aA ��5!A Cr
43�A0 NORTHEAST ,
CORNER OF t,�!I 56/
LOT 25 !t IF %
J .- /
, �� /
1
II,1
f !/
, r1
LEGEND
P.B. = PLAT BOOK R/W = RIGHT OF WAY
PG. = PAGE (C) = CALCULATED DISTANCE Page 3 of 7
SEC. = SECTIONURED DISTANCE
= CENTERLPe 5 Qf 4 INT OF COMENCEMENT I JOB:14028
P,O B. = POINT OF BEGINNING
SKETCH TO ACCOMPANY LEGAL DESCRIPTION
for /
Ambassa Holdings Inc.
prepared by:
ØJHADONNE
LAND SURVEYOR AND MAPPERS
90 LASER SCANNING
UTILITY COORDINATION
SUBSURFACE UTILITY ENGINEERING
LEGAL DESCRIPTION:
A portion of land lying and being in Parcel "B" as per
Quit-Claim Deed as recorded in Official Records Book 28992 at
Page 1851, in the Public Records of Miami-Dade County, Florida
lying Westerly of West 59th Street and also a portion of West
59th Street of "LAGORCE-GOLF SUBDIVISION", according to the Plat
thereof, as recorded in Plat Book 14, at Page 43, of the Public
Records of Miami-Dade County, Florida, being more particularly
described as follows:
Begin at the Northeast corner of Lot 25, Block 1-A of "LA GORCE
GOLF SUBDIVISION", according to the Plat thereof, recorded in
Plat Book 14, at Page 43, or the Public Records of Miami-Dade
County, Florida; thence Northwesterly along the Northeasterly
line of the said Lot 25, N 70°12'34" W for 228. 60 feet, more or
less to the mean high water line of Biscayne Bay; thence
Northerly meandering along the mean high water line of Biscayne
Bay, for 26.73 feet, more or less; thence S 70°12'34" E for
238 .09 feet, more or less to the beginning of a non-tangent
curve concave Easterly and having a radius of 1651.00 feet, to
which beginning of curve a radial bears N 70°12'34" W thence
Southerly along said curve through a central angle of 00°52 '42"
an arc distance of 25.00 feet to the Point of Beginning.
Containing 5, 835 Square feet more or less by calculation.
Page 550 of 2495 Page 5 of 7
J08: 14028
SKETCH TO ACCOMPANY LEGAL DESCRIPTION
for
Ambassa Holding Inc.
prepared by:
ØHADONNE LAND SURVEYOR AND MAPPERS
30 USER SCANNING
UTILITY COORDNATION
SUBSURFACE UTILITY ENGINEERING
SOURCES OF DATA:
Plat of "SUBDIVISION OF LOT 24, BLOCK 1 LA GORCE GOLF SUBDIVISION" a recorded in Plat
Book 38, at Page 67 of the public records of Miami-Dade County, Florida.
Plat of "LA GORCE GOLF SUBDIVISION" a recorded in Plat Book 14, at Page 43 of the
public records of Miami-Dade County, Florida.
Quit-Claim Deed as recorded in Official Records Book 28992 at Page 1851, in the
Public Records of Miami-Dade County, Florida
Bearings as shown hereon are based upon the Center Line of W 59th Street, with an
assumed bearing of N70°12'34"W.
EASEMENTS AND ENCUMBRANCES:
No information was provided as to the existence of any easements other that what
appears on the underlying Plat of record. Please refer to the Limitations portion
with respect to possible restrictions of record and utility services.
LIMITATIONS:
Since no other information other than what is cited in the Sources of Data were
furnished, the Client is hereby advised that there may legal restrictions on the
subject property that are not shown on the Sketch or contained within this Report
that may be found in the Public Records of Miami-Dade County, Florida or any other
public and private entities as their jurisdictions may appear.
This document does not represent a field boundary survey of the described property,
or any part or parcel thereof.
SURVEYOR'S CERTIFICATE:
I hereby certify: That this "Sketch to Accompany Legal Description," was prepared
under my direction and is true and correct to the best of my knowledge and belief anc
further, that said Sketch meets the intent of the "Standards of Practice for Land
Surveying in the State of Florida", pursuant to Rule 5J-17.051 of the Florida
Administrative Code and its implementing Rule, Chapter 472.027 of the Florida
Statutes.
By: Date: 4///// 9/?
R u Izqurdo, P.S.M.
For The Firm oct4a.�.,-�
Professional Surveyor and Mapper LS6099 c.` lw '`_'r".
HADONNE CORP. �` S1'
Q ,e'
Land Surveyors and Mappers .�Qr3° " •
`
Certificate of Authorization LB7097 =�,ir S.JfD - '
1985 NW 88 Court, Suite 201 = .,. *
Doral, Florida 33172
305.266.1188 phone S 1,IiZ G=
305.207.6845 fax ,.
NOTICE: Not valid without the signature and original raisegPseal of a Florida
Licensed Surveyor and Mapper. Each Sheet as incorporated` therein shall not be
considered full, valid and complete unless attached to the others. This Notice is
required by Rule 61G17-6 of the Florida Administrative Code.
Page 7 of 7
Page 551 of 2495 JOB: -t4028]
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___
Appraisal Report
Prepared for
Mr.Wm. Roger Buell
Assistant City Engineer
City of Miami Beach
Public Works Department
Property Appraised
Estimated Land Value, Subject to an Easement
5880 North Bay Road
Miami Beach, FL 33140
Date of Valuation
November 23, 2016
Prepared by
Waronker & Rosen, Inc.
2260 NW 66th Avenue, Suite 215
Miami, Florida 33122
LEE H. WARONKER, MAI, SRA
File#8646
Page 553 of 2495
Waronker & Rosen, Inc.
Real Estate Appraisers and Consultants
Miami-Dade County Office Broward/Palm Beach County Office
2260 NW 66th Avenue,Suite 215 10191 W. Sample Road,Suite 211-A
Miami,Florida 33122 Coral Springs,Florida 33065
Lee H.Waronker,MAI,SRA Phone:(305)665-8890/Fax:(305)665-5188 Josh L.Rosen,MAI
lee@waronkerandrosen.com www.waronkerandrosen.com josh@waronkerandrosen.com
December 9, 2016
Mr. Wm. Roger Buell,P.E.
Assistant City Engineer
City of Miami Beach
Public Works Department
1700 Convention Ctr Drive,4th Floor
Miami Beach,FL 33139
Re: Estimated Land Value, Subject to an Easement
5880 North Bay Road
Miami Beach,FL 33140
WRI File No. 8646
Dear Mr. Buell:
We have prepared an appraisal report of the above referenced property to estimate the market value
of the fee simple interest of a "right-of-way parcel", as of November 23, 2016. The basis of this
valuation is an "across the fence value". By itself the subject property is not of sufficient size to
allow construction.The across the fence value considers the values of neighboring sites to estimate
a value that does not discount for the subject's insufficient size to be developed.
The subject property is vacant land and is an existing right-of-way and therefore does not have a
street address. The parcel to the south is identified as 5860 North Bay Road and the parcel to the
north is identified as 5900 North Bay Road. Solely for the purposes of this appraisal the subject's
address will be identified as 5880 North Bay Road.
The reader should note that no site survey was provided, and there are some discrepancies in the
public records (described in the pages of this report) with respect to the land area and parcel
boundaries. Thus, this valuation requires extraordinary assumptions regarding the size and
boundaries of the subject parcel and adjacent parcels.
The terms market value, fee simple interest, across the fence value and extraordinary assumption
are defined in the pages of this report. This report has been prepared based on the scope of work
which is detailed on a following page. The reader of the appraisal is strongly advised to read the
scope of work to understand the scope of this appraisal.
Waronker&Rosen,Inc. $• Real Estate Appraisers& Consultants I
Page 554 of 2495
Mr.Wm.Roger Buell,P.E.
Assistant City Engineer
City of Miami Beach
December 9,2016
This report is intended for use only by the client and intended users as noted herein.No additional
intended users are identified or intended. Use of this report by others is not intended by the
appraiser. No one else, or any other entities, should rely on this appraisal other than those noted
herein.
The subject property is a right-of-way and a portion of a 50-foot wide City-owned tract located
along the west side of North Bay Road. This is essentially the extension of West 59th Street,west
of North Bay Road. The City described this subject property as consisting of the south one-half of
this tract, a 25-foot wide parcel extending from North Bay Road to the east side of the irregular-
shaped portion of the adjacent site located at 5860 N Bay Road. This adjacent parcel extends north
along the water's edge. The subject property does not have waterfrontage.
The City indicated that the south side of the subject property is 223.5 feet (based on a dimension
indicated on the plat map)and estimated the size at 5,722 square feet.However,the reader should
note that a review of the plat map and the legal description of the adjacent parcel indicates that
both the south and north sides of the City-owned tract are 30 feet shorter (193.5 feet and 215.1
feet,respectively)than the dimensions indicated on the plat map. This is attributed to the plat map
dimensions referring to the entire length of the lot from North Bay Road to the water's edge.Based
on the dimensions indicated by the legal description, the appraisers have estimated the size
of the subject parcel at 4,973 square feet. As no site survey was provided, this valuation
Itherefore also requires the extraordinary assumption that the size of the subject parcel is
j 4,973 square feet
1
1 In addition,the City indicated to it"would retain a full-width private easement for public utilities"
over the subject property. This was taken into consideration in the valuation herein.
The definition of an extraordinary assumption and a listing of the assumptions used in this
valuation are shown on the following page.
Waronker&Rosen,Inc. ❖ Real Estate Appraisers& Consultants 2
Page 555 of 2495
Mr. Wm. Roger Buell,P.E.
Assistant City Engineer
City of Miami Beach
December 9,2016
This appraisal is based on extraordinary assumptions. An extraordinary assumption is
defined in The Dictionary of Real Estate Appraisal, 6th Edition (2015) as "an assumption,
directly related to a specific assignment, as of the effective date of the assignment results,
which if found to be false,could alter the appraiser's opinions or conclusions.Extraordinary
assumptions presume as fact otherwise uncertain information about physical, legal, or
economic characteristics of the subject property; or about conditions external to the
property, such as market conditions or trends; or about the integrity of data used in an
analysis".
• That the parcel boundaries indicated in the illustrations included in this report
(which differ from the boundaries shown in the Miami-Dade County Property
Appraiser's aerial photographs for 2016) are approximately correct.
• That the subject property has a land area of 4,973 square feet and a location
and shape as shown in the illustrations included in this report
These extraordinary assumptions,if found to be false or different in any way,could alter the
opinions and/or conclusions of value, herein. The reader is strongly advised to be familiar
with these assumptions and how they could affect value.
The illustration shown on the following page is reproduced from the plat map for the subject area.
The blue-shaded area indicates the subject property being appraised herein and the yellow-shaded
area indicates the adjacent parcel.As noted,the plat map dimensions of 223.5 feet along the north
side of Lot 25 and 245.1 feet along the south side of Lot 24 refer to the distance between the west
side of North Bay Road and the water's edge. Which does not include the subject property.
The legal description of the adjacent parcel indicates that the distance between the northeast corner
of the site at North Bay Road and the irregular-shaped portion of the subject property that extends
north along the water's edge at the northwest corner is 193.5 feet(30 feet less). This is the length
of the south side of the subject property.The distance between the west side of the subject property
and the water's edge is 30 feet. Therefore, the north side of the way parcel is 30 feet less than the
north dimension, or 215.1 feet. The appraisers have estimated the length of the north side of the
subject property at 204.3 feet(mid-way between the south side and north side dimensions). Based
on these dimensions and the 25-foot width, the appraisers have estimated the size of the subject
property at 4,973 square feet.
Waronker& Rosen,Inc. •:• Real Estate Appraisers& Consultants 3
Page 556 of 2495
Mr. Wm. Roger Buell, P.E.
Assistant City Engineer
City of Miami Beach
December 9,2016
r
N-It
ve
OW
•
(9 4.4trs7,
. \\\til.‘ •
p "r Nriltif::,i
4
,) i:ti:.vi /s1,.6,
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air,
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iv
if .3, ‘,. 9.
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/ 4.
; � ,110 . 6
32 a $ en
k , 7
* I� e n
This valuation is based on an across the fence methodology, in which the market value of an
adjacent parcel is the basis for estimating the value of the subject property. This method has been
used as the subject property is not a buildable site by itself. Appropriate adjustments are made for
location, in consideration of the fact that the subject property lacks waterfrontage, and for the
restrictions imposed by the easement that the City would retain over the subject property.
Additionally, the reader should note that the market value per square feet of the adjacent parcel
would likely change because of the addition of the subject property(it would benefit from a slightly
more desirable shape and from a slight improvement in the quality of its water views). Note that
this valuation does not consider the impact on the value of the adjacent parcel by the addition
of the subject property, nor was it requested as part of the appraisal assignment.
Waronker&Rosen,Inc. d• Real Estate Appraisers& Consultants 4
Page 557 of 2495
Mr. Wm. Roger Buell,P.E.
Assistant City Engineer
11 City of Miami Beach
December 9,2016
1
The subject property has been valued based upon an"across the fence value"to reflect an estimated
value as if it was a buildable site. Next,consideration was given to this site, although valued as a
buildable site, will be restricted by an easement that does not allow construction. As such, this
limits the uses of the site. The adjacent owner would be the likely only purchaser that could utilize
the property. This appraisal does not value the site based on a premium that might be paid by the
adjoining owner. It values the site based on an across the fence value, with that value discounted
for the inability to construct on the site and the effects of the easement. This valuation treats the
subject property as surplus land that cannot be constructed upon. If a wall were allowed to be
constructed to enclose the site making it private,the estimated value herein would be greater. The
greater the allowable uses,the higher the estimated value.
Based on our research and analysis, it is our opinion that the across the fence value of the fee
simple interest of the subject property as of November 23,2016, is in the amount of
TWO HUNDRED AND FIFTY THOUSAND DOLLARS1
($250,000)
The reader should note that the across the fence value estimate is based on the market value of the
adjoining parcel,but is not an indication of the value of the subject property to the adjoining owner,
who may potentially derive unique benefits from acquisition of the subject property not reflected
in the across the fence value methodology. Estimating the value of the subject property to the
adjoining owner is outside the scope of this assignment.
' Following the table of contents is the scope of work and the certification. The reader is advised to
review the assumptions and conditions which follow the certification to understand the limitations
applicable to this appraisal.
Very truly yours,
.r GSL
ee H. Waron er,MAI, SRA
State-Certified General Real Estate Appraiser
License No.RZ162
1 This value estimate reflects the across the fence value and that the subject property will have an access easement
in favor of the City of Miami Beach.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 5
Page 558 of 2495
Table of Contents
LETTER OF TRANSMITTAL 1
TABLE OF CONTENTS 6
SCOPE OF WORK 7
CERTIFICATION 8
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 10
INTRODUCTION 12
SUMMARY OF PERTINENT DATA 13
AERIAL PHOTOGRAPH 15
SUBJECT PHOTOGRAPHS 16
APPRAISER QUALIFICATIONS 18
DESCRIPTION&ANALYSES 22
PURPOSE OF THE APPRAISAL 23
CLIENT,INTENDED USER AND USE OF THE APPRAISAL 23
DEFINITION OF ACROSS THE FENCE VALUE 23
DEFINITION OF REAL PROPERTY INTEREST APPRAISED 23
DEFINITION OF MARKET VALUE 24
LOCATION AND ADDRESS 25
LEGAL DESCRIPTION 25
OWNER OF RECORD 25
HISTORY OF THE SUBJECT PROPERTY 25
SITE DATA 26
DESCRIPTION OF THE SITE IMPROVEMENTS 26
ZONING 26
FLOOD ZONE 26
REAL ESTATE ASSESSMENT AND TAXES 27
NEIGHBORHOOD OVERVIEW 27
SUPPLY AND DEMAND 28
EXPOSURE TIME 31
MARKETING TIME 31
TYPICAL PURCHASER OF THE SUBJECT 31
HIGHEST AND BEST USE 32
APPRAISAL PROCESS 33
COST APPROACH 34
INCOME CAPITALIZATION APPROACH 35
SALES COMPARISON APPROACH 36
RECONCILIATION OF VALUE 51
ADDENDA 52
COUNTY AREA DESCRIPTION • 53
Waronker&Rosen,Inc. •.• Real Estate Appraisers& Consultants 6
Page 559 of 2495
Scope of Work
The appraisal problem herein is to estimate the across the fence value of the subject property. The
methodology used is to estimate the across the fence value based on the market value of an adjacent
parcel as though vacant. The market value estimate employs the sales comparison approach to
estimate market value of the adjacent parcel based on analysis of comparable sales.For the across
the fence value estimate of the subject property,an adjustment is required for location because the
subject property lacks waterfrontage.Most parcels on the west side of North Bay Road have water
frontage. To estimate the adjustment, sales of both waterfront and non-waterfront sites were
considered in the analysis.
This appraisal report contains extraordinary assumptions. The reader is strongly advised to
be familiar with the definition of an extraordinary assumption because it is significant in
understanding the premise of this appraisal. The definition is detailed on page 3 in the letter
of transmittal. It is applicable to this appraisal because a change in the extraordinary
assumption could cause a change in the opinions and conclusions herein.
All appraisals begin by identifying the appraisal problem. Data on the subject property can be
derived from various sources including but not limited to,the property owner,the county property
appraiser's office, recorded plats and surveys. When possible,more than one source is utilized to
confirm data and the data sources are acknowledged. Land size is based on surveys (when
available),public records and recorded plats. Land measurements are not performed.
Valued herein is vacant land which can be valued by the following methods:
1. Sales Comparison Approach
2. Market Extraction
3. Allocation
4. Land Residual
5. Ground Rent Capitalization
6. Subdivision Analysis
The sales comparison approach was used herein and was considered the most applicable method
in the valuation of the main parcel. A search was performed for the sale of properties considered
comparable to the subject property. Research of comparable sales and market data include, but is
not limited to using the following data sources:
CoStar
Imapp
Newspaper clippings
Board of Realtors' Multiple Listing Service
Loopnet.com
Comparable sales are inspected and the transactional information is reported. Sale prices are from
public records and are typically confirmed with a party to the transaction, i.e. buyer, seller, real
estate agent,or closing attorney.All information is analyzed in processing the appraisal report and
as support for the estimated value.The scope of work for this assignment has been described above
and is to be typical for an assignment of the nature of the subject appraisal problem.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 7
Page 560 of 2495
)
-:
1
4
i
i
..
Certification
I
;
i The undersigned does hereby certify that,to the best of my knowledge and belief:
1
L
1 1. The statements of fact contained in this report are true and correct.
1 2. The reported analyses, opinions, and conclusions are limited only by the reported
1 assumptions and limiting conditions and are my personal, impartial, and unbiased
P professional analyses,opinions,and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and
Ino personal interest with respect to the parties involved.
II 4. I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
i 5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
I 6. My compensation for completing this assignment is not contingent upon the development
t or reporting of a predetermined value or direction in value that favors the cause of the client,
4
1 the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a
1subsequent event directly related to the intended use of this appraisal.
7. My analyses, opinions and conclusions were developed, and this report has been prepared,
in conformity with the following requirements.
• Uniform Standards of Professional Appraisal Practice(USPAP)
• The Code of Professional Ethics and Standards of Professional Practice of the
Appraisal Institute
• The State of Florida requirements for state-certified appraisers
8. I have complied with the USPAP Competency Rule.
9. This appraisal report sets forth all of the limiting conditions imposed by the terms of this
assignment or by the undersigned affecting the analyses, opinions and conclusions
contained in this report.
10. Carlos A. Diez, MAI made a personal inspection of the property that is the subject of this
report and assisted in the research and preparation of this report.No one else provided any
significant real property appraisal assistance to the person signing this certification.
, 11. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives. Additionally, it is subject to review by the
state of Florida relating to review by the real estate appraisal subcommittee of the Florida
Real Estate Commission.
12. As of the date of this report Lee H. Waronker, MAI, SRA has completed the continuing
education program of the Appraisal Institute.
13. I,Lee H.Waronker,MAI, SRA have made a personal inspection of the property that is the
subject of this report.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 8
Page 561 of 2495
14. As of the date of this report Carlos A. Diez,MAI has completed the continuing education
program of the Appraisal Institute.
15. Waronker&Rosen,Inc. have previously performed an appraisal on the subject property in
the past three years. We were not then, and are not now involved with the management,
leasing, disposition, or any similar service regarding the subject property in the past three
years.
400: Vit 1A)44
Lee H. Waronker,MAI, SRA
State-Certified General Real Estate Appraiser
License No.RZ162
Date of Report December 9,2016
Waronker& Rosen,Inc. o'• Real Estate Appraisers& Consultants 9
Page 562 of 2495
General Assumptions and Limiting Conditions
This appraisal report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description or for matters pertaining to legal or
title considerations. Title to the property is assumed to be good and marketable unless
otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable but,no warranty is given for
its accuracy.
5. All engineering studies are assumed to be correct.Any plot plans or illustrative material in
this report are included only to help the reader visualize the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil,or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for obtaining the engineering that may be required to discover them. The
values estimated herein are subject to typical inspections such as roof, structural, and
termite, if applicable.
7. It is assumed that the property is in full compliance with all applicable federal, state and
local environmental regulations and laws unless the lack of compliance is stated,described
and considered in the appraisal.
8. It is assumed that the property conforms to all applicable zoning and use regulations and
restrictions unless a non-conformity has been identified, described and considered in the
appraisal.
9. It is assumed that all required licenses, certificates of occupancy, consents, and other
legislative or administrative authority from any local, state or national government or
private entity or organization have been or can be obtained or renewed for any use on which
the opinion of value contained in this report is based.
10. It is assumed that the use of the land and improvements is confined within the boundaries
or property lines of the property described and considered in the appraisal.
11. Unless otherwise stated in this report,the existence of hazardous materials, which may or
may not be present on the property, was not observed by the appraiser. The appraiser has
no knowledge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presences of substances such as
asbestos, ureaformaldehyde foam insulation or other potentially hazardous materials may
affect the value of the property. The value estimated is predicated on the assumption that
there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such conditions, or for any expertise or engineering
knowledge required to discover them. The intended user is urged to retain an expert in this
field, if desired.
Waronker&Rosen,Inc. ❖ Real Estate Appraisers& Consultants 10
Page 563 of 2495
12. The physical condition of the improvements, if any, described herein was based on visual
inspection. No liability is assumed for the soundness of structural members, since no
engineering tests were made of same.
13. Neither all nor any part of this appraisal report shall be disseminated to the general public
using the appraiser's name or appraisal designation, without prior written consent of the
appraisers signing this appraisal report.
14. Authorization is not allowed for the out-of-context quoting from, or partial reprinting of,
this appraisal report.
15. By reason of the report, there is no requirement to testify with reference to the property
herein appraised,unless arrangements have been previously made.
16. The reader should be advised that our employment was not contingent on the appraisal
providing a minimum valuation, a specific calculation or the approval of a loan.
Additionally,we have complied with the USPAP Competency Rule.
Limiting Conditions:
1. The allocation of total value between land and improvements applies only under the
described utilization. The separate valuations for land and improvements must not be used
in conjunction with any other appraisal and are invalid if so used.
2. The Americans with Disability Act (ADA) became effective January 26, 1992. The
appraiser has not made a specific compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed requirements of the
requirements of the ADA. It is possible that a compliance survey of the property and a
detailed analyses of the requirements of the ADA, could reveal that the property is not in
compliance with one or more of the act. If so,this fact could have a negative impact upon
the value of the property. Since the appraiser has no direct evidence relating to this issue,
possible noncompliance with the requirements of ADA was not considered in estimating
the value of the property.
Waronker&Rosen,Inc. o'• Real Estate Appraisers&Consultants 11
Page 564 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Introduction
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Waronker&Rosen,Inc. 0 Real Estate Appraisers& Con565sultants
2495 12
of
Introduction Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Summary of Pertinent Data
Location: Along the west side of North Bay Road, between
West 58th and W 59th Streets,Miami Beach,Miami-
Dade County,FL
Address: 5880 North Bay Road'
Miami Beach,FL 33140
Type of Use: Single-family residential land
Zoning: RS-2, Single Family Residence District by the city of
Miami Beach,FL
Flood Zone: AE(Map 12086C0309L)
Land Area: 4,973 square feet(0.11 acres)
1
Value by Cost Approach: Not applicable
i
Value by Income Capitalization Approach: Not applicable
a
IValue by Sales Comparison Approach: $250,000
I
Estimated Market Value2: $250,000
Date of Valuation: November 23, 2016
Date of Report:P December 9,2016
The parcel to the south is identified as 5860 North Bay Road and the parcel to the north is identified as 5900 North
Bay Road.Solely for the purposes of this appraisal the subject's address will be identified as 5880 North Bay Road.
2 This value estimate reflects the across the fence value and that the subject property will have an access easement in
favor of the City of Miami Beach.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 13
Page 566 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Miami-Dade County Map
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Waronker&Rosen,Inc. o'• Real Estate Appraisers& Consultants 14
Page 567 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Aerial Photograph
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Legend:
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• Red shaded area indicates the approximate boundary of the subject property
• Yellow shaded area with dashed lines indicates the approximate boundary of the adjacent
parcel to the south
Waronker&Rosen,Inc. o'• Real Estate Appraisers& Consultants 15
Page 568 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Subject Photographs
I 441
North portion of adjacent parcel, looking west from northeast
corner of site
South portion of adjacent parcel, looking southwest from
northeast corner of site
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 16
Page 569 of 2495
m
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
f
•
0410 r
Subject property, looking
west from om northeast Street view:N Baylooking Road north
corner of adjacent parcel (subject property on left)
> y �
Street view: N Bay Road looking south
(subject property on right)
Note: Access to the interior of the site was not provided as both the adjacent parcel and subject
property were fenced with a locked gate. Photos taken from just outside of gate at northeast
corner of adjacent parcel.
A
Waronker&Rosen,Inc. 0 Real Estate Appraisers&Consultants 17
Page 570 of 2495
Introduction Lund Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Appraiser Qualifications
LEE H. WARONKER, MAI, SRA
Education: Master of Science in Management,School of Business and Organizational Science,
Florida International University, 1981 (Major—Real Estate)
Bachelor of Science Degree, The Florida State University, Tallahassee, Florida
1976 (Major—Real Estate)
Affiliations: MAI Designation(No. 6738)awarded by the Appraisal Institute in 1983.
SRA(SRPA)Designation awarded by the Appraisal Institute in 1981.
State-Certified General Real Estate Appraiser, State of Florida, License Number
RZ162,May 1990.
Registered Real Estate Broker, State of Florida,License#BK0152877 (1978)
Experience: Appraised various types of properties, including:
Industrial Buildings Restaurants Warehouses
Office Buildings Hotels and Motels Hospitals
Service Stations Retail Stores Marinas
Churches& Synagogues U.S. Post Offices Historical Buildings
Residences Condominiums Special Purpose Properties
President, Waronker & Rosen, Inc., (formerly Waronker & Associates, Inc.)
Miami,Florida, from 1987 to present. Vice President,Property Consultants,Inc.
from 1979 to 1986. Appraiser, The Keyes Company, 1978 to 1979. Appraiser,
Miami-Dade County Department of Right-of-Way, 1977 to 1978.
Instructor: Appraisal Institute. Taught Courses lA-1, 1A-2, 8-2, 1B-A, 1B-B, 110, 120, 210,
310, 320,410,420,430, 510, 550,600, 610 and 620,et al
Author: Seminars entitled "Dynamics of Office Building Valuation", "Why the
Capitalization Rate is Always 10"and the `Appraisal of Real Estate 10th vs. 1lth
Edition".
Other: Special Master for the Dade County Valuation Adjustment Board, 1989 to
1996.Assisted in the editing of The Appraisal of Real Estate, 11th Edition and 13th
Edition.
President of the Miami Chapter of the Appraisal Institute, 1990 to 1991.
Waronker&Rosen,Inc. $• Real Estate Appraisers& Consultants 18
Page 571 of 2495
Introduction Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Appraiser Qualifications
CARLOS A. DIEZ, MAI, CCIM
Education: University of Florida/Bachelor of Arts(Major: Economics)
Stevens Institute of Technology/21 graduate credits in electrical&computer engineering
Affiliations: MAI Designated Member of the Appraisal Institute(# 14923)
Designated Member,CCIM Institute(#21751)
•
State-certified general real estate appraiser(Florida—#RZ3420)
Experience: Appraiser, Waronker&Rosen, Inc. (September, 2007 to Present). Completed appraisal and
consulting assignments for lending institutions, institutional investors, attorneys,
municipalities and private investors.Property types appraised include:
• Vacant Land • Office Buildings(including Medical Office)
• Retail Buildings(including Shopping Centers) • Industrial Buildings
• Multi-Family Buildings • Hotels
• Proposed Construction(commercial,industrial ■ Land Leases(leased fee and leasehold
and multi family residential buildings) interests)
• Special Purpose Properties(e.g.,schools, • Easements(including aerial and
marinas,mortuaries,parking garages) subterranean rights)
• Fractured Condominium Interests
Other Experience:
Appraiser Special Magistrate,Miami-Dade County Value Adjustment Board,2013-2016
Appraisal,Investment Analysis and General Real Estate Education:
Successfully completed all coursework required to qualify for the Appraisal Institute MAI
designation,and the CCIM Institute CCIM designation.In addition,successfully completed
the following courses:
Appraisal Institute:
• Hotel Appraising—New Techniques for Today's Uncertain Times
• Advanced Market Analysis and Highest&Best Use
• Fundamentals of Separating Real Property,Personal Property,&Intangible Business Assets
• Marketability Studies:Advanced Considerations and Applications
CCIM Institute:
• Feasibility Analysis for Retail Properties
• Advanced Market Analysis for Commercial Real Estate
Baruch College(CUNY)/Steven L.Newman Real Estate Institute
• NCP2000/Urban Land Economics
• NCP9000/Real Estate Development
Waronker&Rosen,Inc. •:• Real Estate Appraisers& Consultants 19
Page 572 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Partial Client List
LENDER TD Bank,N.A. GOVERNMENT AGENCIES
I51 United Bank Totalbank Broward County School Board
Amerasia Bank U.S.Century Bank Broward County Public Works Dept.
Apollo Bank Valley National Bank City of Coral Gables
BAC Bank Wells Fargo Bank City of Miami Beach
BNY Mellon Bank Zions First National Bank City of Miami General Services
BankUnited Administration
Bank of America Federal Deposit Insurance Corp.(FDIC)
Bank Leumi LIFE INSURANCE COMPANIES Federal Home Loan Mortgage Corp.
Bessemer Trust Allstate Insurance Company (FHLMC)
Branch Banking and Trust(BB&T) American General Life Insurance Co. Florida Dept.of Environmental
Bridgelnvest,LLC Equitrust Life Insurance Co. Protection
CenterState Bank Fortis Capital Corp.&Life Insurance Florida Department of Transportation
CNL Bank Company Florida Keys Aqueduct Authority
Capital Bank Franklin Life Insurance Company Miami-Dade Water and Sewer
Cigna Investments,Inc. General American Life Insurance Co. Authority
Citibank and Citicorp Independent Order of Foresters Miami-Dade Co.-Aviation Authority
City National Bank of Florida John Alden Life Insurance Company Miami-Dade Co.-County Attorney's
Coconut Grove Bank Kansas City Life Insurance Company Office
Comerica Bank Lumberman's Life Insurance Company Miami-Dade Co.-General Serv.Admin.
Credit Suisse First Boston Mortgage Omaha Woodmen Life Ins. Society Miami-Dade Co.-Housing&Urban Dev
Capital,LLC Standard Life Insurance Company Miami-Dade Co.-Public Works Dept.
Espirito Santo Bank of Florida State Farm Insurance Company Miami-Dade Co.-School Board
Executive National Bank Sun Life Insurance Co.of America Miami Parking Authority
Fifth Third Bank Nature Conservancy,Florida Chapter
First American Bank CORPORATIONS South Florida Water Management Distric
First Bank of Miami AT&T United States Department of Justice
First National Bank of South Miami Church of Jesus Christ of the United States General Serv.Admin.
FirstBank Florida Latter-Day Saints United States Postal Services
Florida Community Bank Costco Wholesale Village of Pinecrest
Gibraltar Private Bank and Trust Florida Power and Light Corp.(FPL)
HSBC Bank,N.A. JC Penny Corporation LAW FIRMS
Holliday Fenoglio Fowler,LP The Wendy's Company Akerman,Senterfitt&Eidson
Intercredit Bank,N.A. Chevron U.S.A.,Inc. Arnstein&Lehr,LLP
International Finance Bank Johnson and Johnson Company Barranco&Associates,P.A.
Israel Discount Bank of New York Berger Singerman.LLP
JP Morgan Chase Bank DEVELOPERS AND INVESTORS Berman,Wolfe Rennart Vogel&
Live Oak Bank Berkowitz Development Group Mandler,P.A.
Lloyds Intl.Bank(Lloyds of Bristol Group,Inc. Carlton Fields
London) Fifteen Group,Inc. Colson Hicks Eidson,P.A.
Lutheran Brotherhood Franklin Street Properties Greenberg Traurig,P.A.
Marquis Bank Flagler Development Corporation Holland&Knight
Morgan Stanley Mortgage Capital Fort Partners Kirkpatrick and Lockhart
Northern Trust Bank Goldman Properties Kutner and Associates
Ocean Bank Hampshire Real Estate Companies Richman Greer
Optimum Bank Lennar Corporation Shutts&Bowen,LLP
Popular Community Bank MDM Development,Inc. Stearns,Weaver,Miller,Weissler,
Professional Bank Napolitano Realty and Harnap Corp. Alhadeff&Sitterson,P.A.
Regions Bank Noble House Resorts and Hotels Steel Hector and Davis
Sabadell United Bank Ocean Properties,Ltd. Tabas,Freedman,Soloff,Brown&
Space Coast Credit Union Panther Real Estate Rigali,P.A
Stonegate Bank PLC Investments,LLC Tripp Scott
SunTrust Bank R.K.Associates,Inc. Weiss Serota Helfman Pastoriza Cole&
Terrabank,N.A. Shoma Group Boniske,P.A.
The Scott Robins Companies
Wometco Enterprises,Inc.
Waronker&Rosen,Inc. d• Real Estate Appraisers& Consultants 20
Page 573 of 2495
Introduction Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Notable Properties Appraised
Miami-Dade County
Miami Seaquarium Virginia Key Miami Free Zone—Global Trade Cntr Miami
Miami International Airport Miami Metropolitan Hospital of Miami Miami
City of Miami Correctional Facility Miami Spinnaker Marina North Miami
Country Club of Miami Golf Course Miami Virginia Key&Rickenbacker Marinas Key Biscayne
Mel Reese Golf Course Miami Waterways Yacht Basin Miami
Burger King Headquarters—Waterford Miami Porto Vita Club and Spa Aventura
Doctors Hospital Coral Gables Ocean Steps Entertainment Center S.Miami Beach
Beacon Centre Development Miami Indian Creek Country Club Indian Creek
FBI Headquarters Miami BIV Tower Miami
Gables Waterway Executive Center Coral Gables Courthouse Tower Miami
Joe's Stone Crab restaurant Miami Beach South Shore Hospital Miami Beach
Doral Ocean Beach Resort(formerly) Miami Beach SouthCom Headquarters Miami
Metro-Dade Bus Facility Miami
Fort Lauderdale/Broward County
Florida Medical Center(Hospital) Ft.Lauderdale
Jackson Marine Center Ft.Lauderdale
Las Olas Centre Office Building Ft.Lauderdale
Martha's Restaurant Hollywood
Various Luxury Single Family Homes Fort Lauderdale
Seneca Industrial Park Pembroke Park
Monroe County/Florida Keys
Marriott Key Largo Bay Beach Resort Key Largo
Islander Resort Islamorada
Hawk's Cay Resort,Marina and DRI Duck Key
Westin,formerly Hilton Resort and Sunset Key Island Key West
Little Palm Island Little Torch Key
Louis'Backyard Restaurant Key West
Ocean Key Resort Key West
Sloppy Joe's Bar Key West
Truman Annex-Navy Base Key West
Other Florida Counties
Jupiter Beach Resort Jupiter,Palm Beach County
La Playa Beach Resort Naples,Collier County
Sheraton Four Points Orlando,Orange County
Spring Hill Suites Tampa,Hillsborough County
Hilton Carillon Park St.Petersburg,Pinellas County
Outside of the United States
Various Single Family Homes Cat Cay,Bahamas
Single Family Home Casa de Campo,Dominican Republic
Sapphire Beach Resort St.Thomas,U.S.Virgin Islands
Hotel Site Grand Turks and Caicos Islands
Montego Beach Resort Montego Bay,Jamaica
Botany Bay Subdivision(400 acres) St.Thomas,U.S.Virgin Islands
Ocean Club Resort Grand Turks and Caicos Islands
Land lease under Ritz Carlton San Juan,Puerto Rico
Various Land Holdings St.Croix, U.S.Virgin Islands
Vacant Land West End,Grand Bahama Island
Buccaneer Hotel and Golf Course St.Croix, U.S.Virgin Islands
Waronker&Rosen,Inc. o'• Real Estate Appraisers& Consultants 21
Page 574 of 2495
Description&Analyses Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Description & Analyses
aronker
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Waronker&Rosen,Inc. de Real Estate Appraisers& Consultants 22
Page 575 of 2495
Description&Analyses Land Valuation, 5860 N Bay Road, Miami Beach,FL 33140
Purpose of the Appraisal
The purpose of this appraisal is to estimate the across the fence value of the fee simple interest of the
subject property as of November 23, 2016, subject to an access easement. The terms "across the
fence value" and fee simple interest are defined below and the term market value is defined on the
following page.
Client, Intended User and Use of the Appraisal
The intended user of this appraisal is City of Miami Beach Public Works (client). No additional
intended users are identified or intended. The intended use of this appraisal is for asset valuation for
a possible sale of City-owned land to an adjoining owner.
Definition of Across the Fence Value
The values estimated herein are across the fence values,defined as follows:
Across the Fence Value: In corridor valuation, a value opinion based on
comparison with adjacent lands including consideration of adjustment factors
such as market conditions,real property rights conveyed,and location.'
This estimate of value is often used when valuing a site that is not large enough to be built on by
itself. The valuation estimate considers the value of adjacent buildable sites.
Definition of Real Property Interest Appraised
The real property interest appraised herein is that of the fee simple interest, defined as follows:
Fee Simple Interest: an absolute fee without limitations to any particular
class of heirs,but subject to the limitations of eminent domain,escheat,police
power and taxation. An inheritable estate.
' The Dictionary of Real Estate Appraisal,5th ed.,p.3
Waronker&Rosen,Inc. ••• Real Estate Appraisers&Consultants 23
Page 576 of 2495
Description&Analyses Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Definition of Market Value
Market Value is the major focus of most real property appraisal assignments. Both economic and
legal definitions of market value have been developed and refined.' The Uniform Standards of
Professional Appraisal Practice(USPAP)states Market Value is"a type of value,stated as an opinion,
that presumes the transfer of property(i.e., a right of ownership or a bundle of such rights), as of a
certain date,under specific conditions set forth in the definition of the term identified by the appraiser
as applicable in the appraisal".2 This requires the appraiser to identify the definition of market value
and its authority.
The definition that follows is the basis of the valuation in this appraisal and the source is the
Interagency Appraisal and Evaluation Guidelines; December 10,2010,Federal Register,Volume 75
Number 237,Page 77472.
Market Value is defined as "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 are the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised,and acting in what they consider their own best
interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale."3
This market value definition is referenced within the appraisal regulations of the following
governmental agencies:
• Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of
1989
• Department of the Treasury
• The Federal Reserve System(FRS)
• Federal Deposit Insurance Corporation(FDIC)
• Office of Comptroller of the Currency(OCC)
Appraisal of Real Estate, 14'Edition,page 58
z USPAP 2014-2015,page U-3
3 Interagency Appraisal and Evaluation Guidelines;December 10,2010,Federal Register,Volume 75 Number 237,
Page 77472
Waronker&Rosen,Inc. o•• Real Estate Appraisers& Consultants 24
Page 577 of 2495
Description &Analyses Land Valuation, 5860 N Buy Road, Miami Beach,FL 33140
Location and Address
The subject property is located along the west side of North Bay Road,between West 58'h and West
59th Streets,Miami Beach,Miami-Dade County,FL.
Address: 5880 North Bay Road'
Miami Beach,FL 33140
Legal Description
A legal description was not supplied. The subject property is identified on pages 4 and 15.
Owner of Record
The subject property is a right-of-way which is the extension of West 59th Street. The City of Miami
Beach is reportedly the owner of the property.
History of the Subject Property
There has been no sale of the subject property in the past five years.
Source: www.miamidade.gov
' The parcel to the south is identified as 5860 North Bay Road and the parcel to the north is identified as 5900 North
Bay Road.Solely for the purposes of this appraisal the subject's address will be identified as 5880 North Bay Road.
AO
Waronker& Rosen, Inc. •I• Real Estate Appraisers& Consultants 25
Page 578 of 2495
Description&Analyses Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Site Data
The subject property is a rectangular-shaped tract. The subject site is an extension of West 59th Street,
along the west side of North Bay Road. There is 25 feet of street frontage along the west side of North
Bay Road. This site does not have waterfrontage. The estimated size is 4,973 square feet. The City
indicated that it"would retain a full-width private easement for public utilities"on this site.
The site is level and at approximately street grade (except for minor grading needed). Utilities
available to in the area are:
Electric: Florida Power and Light
Telephone: AT&T
Water: Municipal
Sewer Disposal: Municipal
Description of the Site Improvements
The site is essentially vacant and available to be developed.
Zoning
The subject property is zoned RS-2, Single Family Residence District by the city of Miami Beach,
FL.For a detailed listing of allowable uses and restrictions,refer to the zoning code of Miami Beach,
FL.
Flood Zone
The subject is within Flood Zone AE, areas subject to a one percent or greater annual chance of
flooding in any given year. Base flood elevations are shown as derived from detailed hydraulic
analyses. This flood zone requires mandatory purchase of flood insurance in participating
communities. This identification was located on Flood Insurance Rate Map, Community Panel No.
12086C0309L, revised September 11, 2009. For insurance purposes, a surveyor should be
contacted to verify the exact zone by a flood elevation certificate, as well as its impact on
insurance.
Source:www.miamidade.gov and www.imapp.com
Waronker&Rosen,Inc. $• Real Estate Appraisers& Consultants 26
Page 579 of 2495
Description&Analyses Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Real Estate Assessment and Taxes
The subject property is currently right-of-way and therefore is not identified by the Miami-Dade
County Property Appraiser,nor does it have an assessed value.As a reference,the parcel adjacent to
the south,having water frontage,is assessed at$312.50 per square foot of land area.
Neighborhood Overview
General Neighborhood Data
Location: Suburban
Built Up: 80%to 90%
Growth Rate: Stable
Property Values: Stable
Demand/Supply: In balance
Present Land Use: Residential
Change in Present Land Use: Not likely
Predominant Use: Residential
Property Compatibility: Very good
General Appearance of Properties: Very good
Appeal to Market: Very good
Adjacent Uses
East: Single family residential
West: Biscayne Bay
South: Single family residential
North: Single family residential
Linkages Distance Access
Public Transportation: Within a few blocks Very good
Employment Centers: Three to five miles Good
Expressway Access: Five to seven miles Average
Miami International Airport: Ten to fifteen miles Average
Waronker&Rosen,Inc. $• Real Estate Appraisers& Consultants 27
Page 580 of 2495
Description &Analyses Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Supply and Demand
Market conditions for residential real estate in Miami-Dade County showed significant improvement
after the sharp declines that followed the recent recession and financial crisis, with properties at the
most desirable locations seeing very significant improvement prior to 2015.Demand for larger single-
family parcels on the waterfront grew to be very strong, and due to the relative scarcity of vacant
waterfront land many of the sales occurring during the period 2013-2015 have been of parcels
improved with single-family residences (in many cases structures in good condition that were
marketed for sale as luxury residences), but which were purchased with the intent to demolish and
build new. However, demand for luxury residential real estate has declined during the past few
quarters, with those segments of the market that had recently experienced the most dramatic gains
shown indications of sharply reduced demand. This has been observed in the market for luxury and
ultra-luxury residential condominium and single-family product. Thus, the demand for land suitable
for development of ultra-luxury residences has shown a marked retreat during recent months amid
growing uncertainty about the immediate prospects for the market values of finished residential
product.
The charts on the following page show recent data from the Multiple Listing System for sales in
Miami-Dade County of vacant waterfront single-family lots selling at $1,000,000 and above during
the period November 2013 through October 2016. The first chart is a scatter plot showing the actual
sales prices. The dotted line is the trendline representing the linear regression on the data plotted.The
second chart is based on the same data,but shows the number of sales by quarter arrayed by price tier
(sales prices under$5,000,000, $5,000,000 to under$10,000,000, and$10,000,000 and above). The
data generally shows a sharp decline after early 2015 both in sales activity in general and in sales of
lots in the upper price tiers,with a more recent increase in activity during the last two quarters in the
lower price tiers.This recent trend may be a sign that some of the demand in the upper price tiers has
shifted down to lower-priced product.
A good indication of the sharp slowing down in the rate of growth in market values for waterfront
residential land is provided by Sales 1 and 5 considered in the sales comparison approach. These are
similar properties selling in August and May of 2016,respectively,both for approximately$412 per
square foot. Note that Sale 1 had previously sold in November 2012 for $3,400,000, and Sale 5 had
previously sold in April 2014 for $3,650,000. The 2016 sales prices represent average monthly
increases of 2.03%for Sale 1 (over the 45 months ending in August 2016),and.74%for Sale 5 (over
the 25 months ending in May 2016). Since the more recent sales occurred around the same time(and
the properties are otherwise relatively similar),the much faster rate of growth in the value of the Sale
1 property suggests that the rate of growth in market values between late 2012 and early 2014 (the
period reflected by the Sale 1 property only)was much faster than the rate of growth between early
2014 and mid-2016 (the period reflected by both properties).
Waronker&Rosen,Inc. Real Estate Appraisers& Consultants 28
Page 581 of 2495
Description&Analyses Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Waterfront Residential Lot Sales $1,000,000 +
Miami-Dade County
(Source:MLS)
$30,000,000
$25,000,000
x
$20,000,000
$15,000,000 x x
$10,000,000 x
X
$5,000,000 . . .......... ......... ....>rX ........ X
XX.. ...
X x
x X x x X X
k X x X X X X X X X X X
$0
11/2013 05/2014 12/2014 06/2015 01/2016 07/2016
Waterfront Residential Lot Sales$1,000,000+
Miami-Dade County
(Source:MLS)
10
9
8
7 121
3
6
5 01
4 0 0
1
3 p'„
2 0 0 0
li
II
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2013 2014 2015 2016
■SIMM to<$5MM ■$5MM to<$10MM •$10MM+
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 29
Page 582 of 2495
Description&Analyses Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
At present,there are 12 active listings in the MLS for waterfront residential land priced$10,000,000
and above, 19 priced$5,000,000 to under$10,000,000,and 45 in the$1,000,000 to under$5,000,000
range.This is a total of 76 listings in the same overall price range reflected in the previous sales data,
which showed total sales in this price range declining from eight or nine per quarter in early 2014 to
four or less per quarter since early 2015. At the current rate of absorption,the data indicates that the
market will take several years to absorb existing available supply. Based on the data,the overhang of
supply(as indicated by the active listings) relative to demand (as indicated by recent sales activity)
appears to be greatest in the upper price tiers.
In addition to the above data, other market evidence, including discussions with market participants
active in the market for luxury residential product, supports the conclusion that demand increased
very rapidly during 2013, 2014 and leading into 2015, but pulled back sharply during 2016. The
preceding analysis indicates that, after significant increases during the period leading up to 2015,
demand for luxury waterfront residential real estate in Miami-Dade County has recently declined,
causing a slowing in the pace of sales activity. This is most notable in the upper price tiers, where a
significant gap between current absorption rates and the level of available inventory indicates that
competing supply is likely to exert significant downward pressure on prices in the near term.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 30
Page 583 of 2495
Description&Analyses Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Exposure Time
Exposure time is the"estimated length of time that the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past
events assuming a competitive and open market"'.
This analysis considers the exposure time at a market related price such as the estimated market value
herein. In estimating exposure time, sales are analyzed, real estate brokers and property owners are
interviewed and statistics from published surveys are considered. Based on data obtained from the
MLS, the median number of days on the market for waterfront single-family residential lots selling
for$5,000,000 and up in Miami-Dade County since November 1, 2013 was 229, based on a sample
of 20 sales. Lower priced waterfront lots tended to sell in less time. Note that the market analysis
indicates that market conditions are weakening, with demand losing strength and the level of
competing supply increasing. In the near term,this is likely to lengthen the exposure time necessary
to achieve a sale at market value.
The exposure time for the subject is estimated at nine to 12 months. This estimate considers that the
property would have been properly marketed and priced. If the property were not to have been priced
correctly or marketed through proper channels,then it is not likely that neither the estimated market
value nor the estimated exposure time would have been achieved.
Marketing Time
Marketing time differs from exposure time which is presumed to precede the effective date of
appraisal.It is an opinion of the amount of time it might take to sell a real or personal property interest
at the concluded market value level during the period immediately after the effective date of an
appraisal. The main parcel is a large waterfront lot in a very desirable location, but under market
conditions that are shifting from recent strength to a weakening trend, and an increasing amount of
available competing product.These factors are likely to cause marketing times to increase in the near
term. The marketing time is estimated at 12 to 15 months. This assumes that the property is properly
marketed and priced correctly.
Typical Purchaser of the Subject
The value herein is based on an "across the fence value" which assumes a value based on being a
buildable site. If the subject property was of sufficient size to be developed, the typical purchaser
would be a residential builder,or a private owner,to construct a single-family residence.
III
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Description&Analyses Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Highest and Best Use
The site is valued for its highest and best use,which may be defined as follows:
That reasonable and probable use that will support value
as defined as of the effective date of the appraisal.
In analyzing the highest and best use,the following four questions are answered:
1. Legally Permissible.What uses are legally permitted on the subject site with respect
to zoning ordinances and deed restrictions?
2. Physically Possible. What uses of those legally allowed are physically possible on
the subject site?
3. Financially Feasible.Of those uses determined to be physically possible and legally
permissible,which ones will produce a positive return?
4. Maximally Productive.Of those that are feasible,legally permissible,and physically
possible,which will produce the highest rate of return or value?
As Vacant
The zoning on the adjacent parcel is RS-2, Single Family Residence District by the city of Miami
Beach, FL, which is assumed to be the zoning for the subject property. The subject was a desirable
location. Based on the only use allowed by zoning, the highest and best use is for construction of a
single-family residence.
As Improved
The subject property is vacant land and therefore an analysis of the highest and best use as improved
is not applicable.
Waronker&Rosen,Inc. 0 Real Estate Appraisers&Consultants 32
Page 585 of 2495
Description&Analyses Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Appraisal Process
An analysis of three separate approaches to value; sales comparison approach, cost approach, and
income capitalization approach, will be considered to estimate the value of the subject property.
Although these three approaches to value are considered within every appraisal report,they may not
be applicable to every property being appraised.
The cost approach is based on the principle of substitution which states that an informed purchaser
would not pay more for a property than the cost of reproducing a property with the same utility. The
cost approach can often yield reliable estimates of value for new construction. This approach entails
estimating the cost of producing the improvements, deducting an estimate of depreciation, then
adding the value of the site as if vacant. To this value an entrepreneurial incentive is added to arrive
at the estimated value by the cost approach.
The income capitalization approach is based on the concept that value is created by the expectations
of future benefits and higher earnings should result in higher values. Income producing real estate is
purchased for the right to receive future income. The income capitalization approach consists of
methods to analyze a property's capacity to generate income, and a reversion, and convert these
monetary benefits into an estimate of value.
The sales comparison approach is based on the principle of substitution which suggests that, within
competitive markets, similar products will realize similar prices. Inherent in this concept is the
premise that a purchaser would not pay more for a property than the cost to acquire another property
with the same amenities and utility.
The final steps in the appraisal process are review and reconciliation of the data and conclusions. In
reaching a conclusion of value,the entire process involving the approaches that were estimated must
be reviewed for accuracy,completeness and consistency.After analysis,evaluation and reconciliation
of the indications a value is estimated. The essence of this final reconciliation should be a defensible
and rational conclusion of value.
The only approach used in this appraisal is the sales comparison approach. The income capitalization
approach and the cost approach are not applicable to the valuation of the subject property.
Waronker&Rosen,Inc. Real Estate Appraisers&586 su2495 33
r
Cost Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Cost Approach
The basis of the cost approach is the principle of substitution. This principle suggests that a prudent
buyer would not pay more for a property than the cost to acquire a similar site and construct
comparable improvements.
Following are the procedures for preparing the cost approach.
1. Estimate the value of the land as though vacant and available to be developed to its highest and best
use.
2. Determine which cost basis is most applicable to the assignment: reproduction cost or replacement
cost.
3. Estimate the direct(hard) and indirect(soft) costs of the improvements as of the effective appraisal
date.
4. Estimate an appropriate entrepreneurial profit or incentive from analysis of the market.
5. Add estimated direct costs, indirect costs, and the entrepreneurial profit or incentive to arrive at the
total cost of the improvements.
6. Estimate the amount of depreciation in the structure and,if necessary,allocate it among the three major
categories:physical deterioration,functional obsolescence,and external obsolescence.
7. Deduct the estimated depreciation from the total cost of the improvements to derive an estimate of
their depreciated cost.
8. Estimate the contributory value of any site improvements that have not already been considered.(Site
improvements are often appraised at their contributory value-i.e.,directly on a depreciated-cost basis
-but may be included in the overall cost calculated in Step 3 and depreciated,if necessary).
9. Add land value to the total depreciated cost of all the improvements to develop the market value of
the property.
10. Adjust for personal property (e.g., furniture, fixtures, and equipment) or intangible assets that are
included in the appraisal.
11. Adjust the value conclusion,which reflects the value of the fee simple estate,for the property interest
being appraised to arrive at the indicated value of the specified interest in the property.
As the subject property is unimproved vacant land,the cost approach is not applicable.
' The Appraisal of Real Estate, 14th Edition,2013,Pages 568 and 569
Waronker& Rosen,Inc. Real Estate Appraisers& Consultants 34
Page 587 of 2495
Income Capitalization Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Income Capitalization Approach
Income producing real estate is typically purchased as an investment,and from an investor's point of
view earning power is the critical element affecting property value. One basic investment premise
holds that the higher the earnings,the higher value,provided the amount of the risk remains constant.
An investor who purchases income-producing real estate is essentially trading present dollars for the
expectation of receiving future dollars. The income capitalization approach to value consists of
methods, techniques, and mathematical procedures that an appraiser uses to analyze a property's
capacity to generate benefits(i.e.,usually the monetary benefits of income and reversion)and convert
these benefits into an indication of present value.'
In the income capitalization approach, an appraiser analyzes a property's capacity to generate future
benefits and capitalizes the income into an indication of present value. The principle of anticipation
is fundamental to the approach.2
An income capitalization approach was not applied as it was not within the scope of this appraisal.
Since this approach is typically not considered by purchasers of this property type, not using it does
not limit the reliability of the value estimated herein.
Appraisal of Real Estate, 14th Edition,2013,Page 439
2 Ibid.,439
Waronker& Rosen,Inc. Real Estate Appraisers& Consultants 35
Page 588 of 2495
Sales Comparison Approach Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Sales Comparison Approach
The sales comparison approach is based on the principle of substitution. The principle of substitution
holds that the value of property tends to be set by the cost of acquiring a substitute or alternative
property of similar utility and desirability within a reasonable amount of time.]
In the Sales Comparison Approach,an opinion of market value is developed by comparing properties
similar to the subject property that have recently sold, are listed for sale, or are under contract (i.e.,
for which purchase offers and a deposit have been recently submitted). A major premise of the sales
comparison approach is that an opinion of the market value of a property can be supported by studying
the market's reaction to comparable and competitive properties.
Qualitative analysis is a relative comparison process without mathematics. Sales are ranked based
upon their desirability as compared to the subject. Comparisons can be expressed as plus or minus as
opposed to dollar or percentage adjustments.
Quantitative analysis is the process of applying mathematical techniques. Sales are adjusted to the
subject property on a dollar or a percentage basis. One method of supporting adjustments is through
paired data analysis.This method analyzes two sales and attributes the difference in their sales prices
to the characteristic which is different. This analysis requires an abundance of sales data which is
frequently not available.
Qualitative analysis is used herein to estimate a value by the sales comparison approach.
Characteristics of the sales considered superior to the subject are given a minus(-)adjustment.Those
characteristics of the sales considered inferior to the subject are given a plus (+) adjustment. Each
sale is given an overall adjustment indicating how it compares to the subject.
On the following page is a grid of the sales used for comparison to the subject property. These are
waterfront lots comparable to the adjacent parcel.
'The Appraisal of Real Estate 14t Edition,2013,page 379
Waronker&Rosen,Inc. o•• Real Estate Appraisers&Consultants 36
Page 589 of 2495
Sales Comparison Approach Land Valuation,5860 N Bap Road, Miami Beach,FL 33140
Vacant Land Sales Grid
Following is a grid of the comparable sale properties used for comparison to the subject property.
Square
Sale Water Sale feet Price/
Sale Date Location Frontage Views Price Size Sq.Ft.
August 412 W Dilido Dr.
1 2016 Miami Beach 90' Waterways $6,500,000 15,750 $413
2 November 5840 North Bay Rd. 190' Bay $15,250,000 37,895 $402
2014 Miami Beach (unobstructed)
3 June 5350-5370 North Bay Rd. 160' Bay $13,750,000 25,439 $541
2015 Miami Beach (unobstructed)
4 June 6455 Pine Tree Dr.Circle 360' Waterways $13,000,000 27,860 $467
2015 Miami Beach
5 May 609 E Dilido Dr. 60' Waterways+partial $4,325,000 10,500 $412
2016 Miami Beach bay views
Adjacent May 5860 North Bay Road Bay
Parcel 2014 Miami Beach 150' (unobstructed) $9,650,000 24,425 $395
Subject 5880 North Bay Road 4,973
Miami Beach
Waronker&Rosen,Inc. 0 Real Estate Appraisers&Consultants 37
Page 590 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Vacant Land Sales Map
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Note: This map includes supplemental Sales 6 through 10, discussed following the analysis of Sales
1 through 5 and conclusion of market value for the main parcel.
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 38
Page 591 of 2495
Sales Comparison Approach Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Comparable Land Sale 1
Property Location
412 W Dilido Drive :. �
Miami Beach,FL 33139 }
Miami-Dade County e
Property Identification 1 ; �
Tax ID: 02-3232-011-0270
WRI No: 304012
Units of Comparison '
Price/Sq.Ft.: $412.70 a • •p. ` ‘m
Price/Acre: $18,055,556 - 4
Property Description
Square Feet: 15,750
Acres: 0.36
Topography: Grade level
Shape: Rectangular
Zoning: RS-3, Single Family Residence District by the city of Miami Beach,FL
Recording Information
Sale Price: $6,500,000
Sale Date: August 2016
ORB/Page: 30216/4507
Grantor: 412 W Dilido,LLC
Grantee: Holderness Properties,LLC
Financing: All cash to the seller
Prior Sale: November 2012 for$3,400,000
Comments
This is a waterfront residential lot on Di Lido Island,just off the Venetian Causeway. The lot faces
west toward San Marino Island and has 90 feet of water frontage. There is an existing 3,600 square
feet residence built in 1962,but the property was marketed as a development site with approved and
permitted plans for a new single-family residence.
Waronker&Rosen,Inc. •.s Real Estate Appraisers& Consultants 39
Page 592 of 2495
Sales Comparison Approach Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Comparable Land Sale 2
Property Location
5840 North Bay Road
Miami Beach,FL 33140
Miami-Dade County
Property Identification
Tax ID: 02-3215-003-0240
WRI No: 304013 t
Units of Comparison
Price/Sq.Ft.: $402.43
Price/Acre: $17,528,736
Property Description .....r.,
Square Feet: 37,895
Acres: 0.87
Topography: Grade level
Shape: Irregular
Zoning: RS-2, Single Family Residence District by the city of Miami Beach,FL
Recording Information
Sale Price: $15,250,000
Sale Date: November 2014
ORB/Page: 29395/0068
Grantor: Nathan Segel and Esme M. Segel
Grantee: Barish Family Investments,LLC
Financing: All cash to the seller
Prior Sale: None in the past five years
Comments
This is a waterfront residential lot located on North Bay Road with unobstructed bay views and
approximately 190 linear feet of water frontage. In April of 2015, the buyer filed a notice of
commencement for demolition of an existing older residence, and a separate notice for construction
of a new single-family residence. The existing residence was demolished but new construction has
not begun.The property has been listed for sale since April 2016 with an asking price of$16,900,000.
Waronker&Rosen,Inc. d• Real Estate Appraisers& Consultants 40
Page 593 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Comparable Land Sale 3
Property Locationk it-
5350-5370 North Bay Road
Miami Beach,FL 33140 { • ,
Miami-Dade County
Property Identification ..r, .-A
v
Tax ID: 02-3215-003-1840 (Parcel 1), 02- mr
,R
Ira
3215-003-1850(Parcel 2) 1,
WRI No: 304014 T'
*iti
Units of Comparison 4,6744,
Price/Sq.Ft.: $540.51
Price/Acre: $23,706,897
Property Description
Square Feet: 25,439
Acres: 0.58
Topography: Grade level
Shape: Square
Zoning: RS-3, Single Family Residence District by the city of Miami Beach,FL
Recording Information
Sale Price: $13,750,000
Sale Date: June 2015
ORB/Page: 29226/0294(Parcel 1); 29658/2263 (Parcel 2)
Grantor: Emanuel C. Ackerman and Lauren Kogen Ackerman(Parcel 1); Margarita P. Muina,
as successor co-trustee(Parcel 2)
Grantee: Rex Runzheimner and Carolyn Runzheimner(Parcel 1);KDRIVE, LLC (Parcel 2)
Financing: All cash to the seller
Prior Sale: None in the past five years
Comments
This waterfront residential tract is an assemblage of two adjoining parcel purchased from separate sellers
over a period of one year. Parcel 1 (5370 N Bay Rd.) is a 12,759-square feet site acquired in June 2014
for$6,500,000($509.44 per square feet).Parcel 2(5350 N Bay Rd.,adjacent to Parcel 1 on its south side)
is a 12,680-square feet site acquired in June 2015 for$7,250,000($571.77 per square feet). The buyer is
the owner of the adjoining residence along the north side of Parcel 1 (5380 N Bay Rd.). The entity buying
Parcel 2 is under control of the buyer. In December 2014, the buyer filed for unity of title to combine
Parcel 1 with the adjoining property(5380 N Bay Rd.). After purchasing Parcel 2 in June 2015,the buyer
applied to split the recently combined parcels and combine Parcel 1 with Parcel 2 into a single lot, with
plans for a new single family residence on the combined property.The proposal indicates that the existing
residence at 5380 N Bay Rd. will remain unmodified and not be a part of the new property. The new
combined site has a total land area of 25,439 square feet with approximately 160 linear feet of water
frontage with unobstructed bay views, and was acquired at a total cost of$13,750,000, or $540.51 per
square feet
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 41
Page 594 of 2495
Sales Comparison Approach Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Comparable Land Sale 4
Property Location
6455 Pine Tree Drive Circle
Miami Beach,FL 33141
Miami-Dade County frail
Property Identification
Tax ID: 02-3211-013-0050
WRI No: 304011R '
Units of Comparison
Price/S .Ft.: $466.62
q
Price/Acre: $20,312,500
Property Description
Square Feet: 27,860
Acres: 0.64
Topography: Grade level
Shape: Irregular
Zoning: RS-3, Single Family Residence District by the city of Miami Beach,FL
Recording Information
Sale Price: $13,000,000
Sale Date: June 2015
ORB/Page: 29677/2160
Grantor: Brickview 3114,LLC
Grantee: The Edge on Brickell,LLC
Financing: All cash to the seller
Prior Sale: February 2014 for$7,000,000
Verification: Cristina Gort, Cervera Real Estate,Inc. (broker), 305-733-4099
Comments
This is a "tip" lot located on the northeast side of Pine Tree Drive Circle, a small street that loops
between La Gorce Drive and Pine Tree Drive. It benefits from wide water views facing north toward
La Gorce Island and east toward Allison Island. Total water frontage is approximately 360 feet. The
seller had purchased the property in February 2014 and demolished an existing structure. This
transaction occurred on the same day as a separate transaction between the same parties involving a
different property,a commercial parcel in downtown Miami. In the other deal,the buyer on this deal
was the seller, and vice versa. The broker on this deal confirmed both that the two parties are
unrelated, and that the two transactions are independent of each other (the prices paid in each
transaction being a market price unrelated to the other transaction).
Waronker&Rosen,Inc. o•• Real Estate Appraisers& Consultants 42
Page 595 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road, Miami Beach,FL 33140
Comparable Land Sale 5
Property Location
609 E Dilido Drive
Miami Beach,FL 33139
Miami-Dade County
Property Identification *i '"'�•,
Tax ID: 02-3232-011-0640 - 14
WRI No: 303972
_ ‘t.r f•
,,
Units of Comparison i , •
Price/Sq.Ft.. $411.90 •' ' "« ' " ��
•
Price/Acre: $18,020,833 ;
11
Property Description r• t
Square Feet: 10,500
Acres: 0.24
Topography: Grade level
Shape: Rectangular
Zoning: RS-3, Single Family Residence District by the city of Miami Beach,FL
Recording Information
Sale Price: $4,325,000
Sale Date: May 2016
ORB/Page: 30092/3967
Grantor: Denmark Land Company,LLC &609 E Dilido, LLC
Grantee: A Boy Named Sue,LLC
Financing: All cash to the seller
Prior Sale: April 2014 for$3,650,000
Comments
This is the sale of a waterfront parcel located along the east side of E Dilido Drive just north of the
Venetian Causeway. It has 60 feet of water-frontage and had a 2,907-square foot house at the time of
the purchase. Plans for development were also available with the purchase.
Waronker& Rosen,Inc. 0 Real Estate Appraisers& Consultants 43
Page 596 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road, Miami Beach,FL 33140
Adjustment Grid — Waterfront Sales
Below is a grid which illustrates qualitative adjustments used to compare the comparable sales to the
subject property. Percentage adjustments were not utilized. To utilize percentage adjustments, it
would be necessary to pair (compare) sales to extract value differences. This is difficult as there is
normally insufficient data to provide pairings for all value differences. Below is a grid which
illustrates the adjustments made. A plus(+) sign indicates the unit of comparison of the sale must be
adjusted upward as that characteristic is inferior to the subject. A minus(—) sign indicates the unit of
comparison of the sale must be adjusted downward since the characteristic is superior to the subject.
An equal(_) sign indicates the comparable sale characteristic is similar to the subject.
Sale 1 2 3 4 5
Price Per Square Foot $413 $402 $541 $467 $412
Property Rights Conveyed
Financing
Conditions of Sale = = --
Market Conditions(Time)
Location
Water Frontage/Views =/++ +/= =/= ---/++ _/+
Size/Shape -/- +/- =/- =/- -/=
Overall Adjustment + + --- _ +
After considering the individual differences, either a plus (+), minus (—) or equal (_) sign has been
placed in the "Overall" column. This indicates the overall adjustment that the sale would require as
compared to the subject property.
ll'aronker& Rosen,Inc. 0 Real Estate Appraisers& Consultants 44
Page 597 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Conclusion of Value — Waterfrontage
The sales comparison approach compared similar properties and adjustments were made for the
pertinent characteristics.Based on these comparisons a value was estimated for water front property.
Sale prices per square foot range from$402 to $541.
Comparative analysis indicates that adjustments are required for market conditions, location, water
frontage/views,and size/shape.In addition,an adjustment is required for Sale 3 for conditions of sale.
No adjustment is required for zoning.
Market conditions adjustments consider the change in overall market conditions during the period
between the date of the sale and the valuation date.Note that the market analysis indicates that market
values increased sharply between 2014 and 2015, but declined slightly since 2015. Therefore, the
market conditions adjustment for Sale 2 (which occurred in 2014) reflects values increasing
significantly and then declining slightly(a net increase), whereas the adjustments for Sales 3 and 4
(which occurred during 2015)reflect a slight decline.
Location adjustments consider general characteristics of the site and overall desirability of the area.
The desirability of a location is influenced by many factors. The adjustments shown reflect the
combined influence of all factors on balance.
Water frontage/views consider the extent of water frontage in proportion to the lot area and the quality
and desirability of water views.
Size/shape adjustments consider the tendency for larger lots to sell for a lower price per square foot,
based on the diminishing value of additional land area above a minimum threshold amount needed to
support construction of a residence suitable for the property. Also considered was the greater
desirability of more square-like and rectangular shapes in comparison to highly irregular and
elongated shapes which tend to constrain design choices and raise construction costs (though the
influence of shape irregularity on values per square foot diminishes with increasing lot size).
Note that Sale 2 is located a few parcels south of the of the subject property. After the November
2014 sale at$15,250,000($402 per square feet)this property was listed for sale in June 2015 with an
asking price of$19,950,000 ($526 per square feet) and taken off the market in December 2015. It
was then re-listed in April 2016 with an asking price of$16,900,000($446 per square feet).It remains
available at that price.
On balance, the comparative analysis indicates that the estimated value should achieve a sale price
per square foot above Sales 1,2 and 5 (a range of$402 to $413),and below Sales 3 and 4($541 and
$467, respectively). Consideration was also given to the sale in May 2014 of the adjacent parcel at
$395 per square foot. A value between $413 and$467 per square foot,equal to $440 per square foot
is supported by the analysis for waterfront land. This represents an increase of 11.4% since the most
recent sale, an average of approximately 4.56%per year over the 30 months since May 2014.
Waronker&Rosen,Inc. •d• Real Estate Appraisers&Consultants 45
Page 598 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Valuation of the Subject Property —Non-Waterfrontage
The subject property has 25 feet of street frontage and a depth of 193 to 204 feet, but lacks water
frontage.It extends to a point 30 feet from the water's edge. It does benefit from water views looking
west and northwest over the 30 feet at the northwest corner of the main parcel,but note that because
the City proposes to retain an easement over the subject property for public utilities,no construction
on the subject property would be possible.
The subject property is a City-owned parcel and is unlike any other parcel based on its location, size
and shape. Only general comparisons can be made to other parcels. Generally, subject property is
inferior to other properties on the west side of North Bay Road as it lacks waterfrontage.At the subject
location, where large single-family parcels with substantial water frontage are among the most
valuable in the region, this is a significant factor. However, the location is considered superior to
otherwise similar non-waterfront parcels (including those on the east side of N Bay Road) because
land on the west side of N Bay Road benefits from proximity to the water. These considerations
indicate that,in estimating the across the fence value for the subject property,a downward adjustment
to the value per square foot of waterfrontage for location is estimated.Also,a positive adjustment for
location is indicated with respect to the sales of dry parcels(discussed on the following pages).
Below is a summary grid of several additional sales of non-waterfront parcels in the area. The
summary grid is followed by aerial photographs of each property.
Vacant Land Sales — Non-Waterfrontage
Sale Sale Square feet Price/
Sale Date Location Zoning Price Size Sq.Ft.
6 8/2015 4535 Nautilus Court RS-4 $1,005,000 9,283 $108
Miami Beach
7 2/2016 5900 Pine Tree Drive RS-4 $1,238,000 8,603 $144
Miami Beach
8 2/2016 5435 La Gorce Drive RS-4 $1,190,000 7,768 $153
Miami Beach
9 2/2016 6015 N Bay Road RS-4 $1,450,000 9,371 $155
Miami Beach
10 4/2016 4740 Alton Road RS-4 $710,000 6,000 $118
Miami Beach
Subject 5860 N Bay Road RS-2 4,973
Miami Beach
Waronker&Rosen,Inc. s'• Real Estate Appraisers& Consultants 46
Page 599 of 2495
Sales Comparison Approach Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Vacant Land Sales Map — Non-Waterfront Sales
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Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 47
Page 600 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Conclusion of Land Value — Non-Waterfrontage
For simplicity, the following analysis excludes consideration of the effect of the easement. In other
words,the supplemental sales are considered first in comparison to the subject property assuming no
easement. The effect of the easement on the value of the subject property is considered separately in
a following discussion.
All the supplemental sales are recent sales of similar sized dry lots located close to the subject
property. Sales 7 and 9 are located across the street from waterfront parcels and Sale 8 is located
across the street from parcels fronting the La Gorce golf course. These sales occurred in February
2016 in the range of$144 to $155 per square foot. Sale 6 at$108 per square feet occurred in August
2015 and is located several streets further in from the water. Sale 10 at$118 per square feet occurred
in April 2016 but is disadvantaged by its location directly on Alton Road, a high-traffic street in
comparison to the other sales and the subject.
In terms of location, Sales 6 and 10 at $108 and$118 per square feet are very inferior to the subject,
and Sales 7, 8 and 9 at $143 to $155 are inferior. On balance, the analysis indicates that a value per
square foot is between the market value of waterfront land ($440) and the range indicated by the
supplemental non-waterfront sales($108 to $155).A reconciled value closer to the indication by the
non-waterfront sales would be appropriate. The concluded value for the subject property which
considers it is not waterfront, however is located on the west side of North Bay Road, is $200 per
square foot. A value of$200 per square feet times 4,973 square feet indicates a value for the subject
property of$995,000 (rounded), before consideration of the impact of the City of Miami Beach
easement.
Discussion of the Impact of the Easement on Value
The subject property is encumbered by an easement that would prohibit any construction on the entire
25-foot width of the tract.The City indicated that the easement would permit non-attached items such
as patio furniture, and would allow a fence to be constructed around the perimeter. Also, allowed
would be a paved patio area (such as brick pavers) and other types of landscaping. However, any
permanent structures that would require footings or a foundation would be prohibited. The easement
would give the City the right to periodically enter the area, remove any fencing, paving, trees and
landscaping,and excavate to make repairs or modifications to underground facilities.The City would
be obligated only to return the work area to a typical landscaped condition(e.g.sod and standard type
shrubs). In practice, this sort of work is done very infrequently, and the City has been known to
perform more extensive restoration work than just sod and shrubs. However, easement provides no
guarantees beyond the obligations stated above, and does give the City the right to access its
underground facilities at any time.
Having the easement on the subject property reduces the utility of the site as it will not allow for
construction. The result would be a site that could be used for parking,open areas, landscaping and
other uses that do not require construction.
Waronker&Rosen,Inc. s'• Real Estate Appraisers& Consultants 48
Page 601 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Estimating the loss in value due to the easement is difficult. There are instances where a utility
company,such as FPL,will sell land under a powerline easement that will not allow any construction,
however can be used for parking. Historically these type sites sold at discounts from 25%+/-to 90%
of the fee simple values of adjoining sites.
A lot of the price differences considers the buyers and their respective needs for land that was adjacent
to their existing use. In part, an adjustment for an easement of this type is subjective. In the case of
the subject property, the adjacent owner would likely pay a greater amount as it would increase the
allowable buildable area. However, this appraisal is not an estimate of the value to the adjoining
owner.
Considering the site cannot be built upon, is subject to the potential for the City to access the site for
repairs and maintenance for time periods that are not limited,the value of the subject property is for
surplus land. The adjoining owner could use this site for landscaping, recreational use and possibly
to park cars. The estimated discount is 75%to reflect the restrictions on the site and the inability to
construct on the site. On the following two pages is an analysis which indicates the discount should
be greater than 62.5%. Applying a discount of 75% to the $995,000 estimated fee simple value,
indicates a value of$250,000($995,000—75%,rounded).
In summary, the subject property has been valued based upon an"across the fence value"to reflect
an estimated value as if it was a buildable site. Next, consideration was given to this site, although
valued as a buildable site,will be restricted by an easement that does not allow construction. As such,
this limits the uses of the site.The adjacent owner would be the likely only purchaser that could utilize
the property. This appraisal does not value the site based on a premium that might be paid by the
adjoining owner. It values the site based on an across the fence value,with that value discounted for
the inability to construct on the site and the effects of the easement.
On the following page is an analysis of the effect of the buildable area that would be gained by the
adjoining property owner by acquiring the subject property.
Waronker&Rosen,Inc. $• Real Estate Appraisers&Consultants 49
Page 602 of 2495
Sales Comparison Approach Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Analysis of Setbacks and Potential for Increased Buildable Area
The following analysis considers the effect of the easement. To understand the effect of the easement
on what could be constructed on the combined site, the following analysis considers the changes
resulting from the addition of the subject property to the adjoining parcel.
For the subject parcel, the RS-2 zoning district stipulates interior side yard setbacks of 10% of lot
width, a front yard setback of 20 feet, and a rear yard setback of 15% of lot depth. It also imposes a
maximum lot coverage of 30% of lot area for two-story homes, making it unlikely for the typical
design to reach the setback limits on all four sides.
Following is an analysis of the effects of the buildable frontage if the subject property is added to the
adjacent parcel.
Adjacent Parcel Existing Setbacks
The existing setbacks for the buildable width are 10% each on the north and south sides. Based on
the 100 feet of frontage the deducts total 20 feet, leaving a buildable width of 80 feet. 100 feet less
10%for each setback).
Adjacent Parcel Setbacks with the Subject Property Added
The existing setbacks for the buildable width are 10%each on the north and south sides.If the subject
property is added to the adjacent property,the total frontage would be 125 feet.Based on the 125 feet
of frontage the deducts total 25 feet,leaving a buildable width of 80 feet(125 feet less 10%for each
setback).
Adjacent Parcel Setbacks with the Subject Property Added and with the Easement
If the subject property is added to the adjacent property, the total frontage would be 125 feet. If the
subject property's easement not to allow construction is considered,the 25 feet of the subject property
cannot be constructed upon and therefore the north set back would be 25 feet. Based on the 125 feet
of frontage the south set back would be 12.5%. (125 feet times 10%). This leaves buildable frontage
of 87.5 feet(125 feet less 25 feet for the north setback and less 12.5 feet for the south setback).
To estimate a discount attributed to the subject property considered was the effect of the easement if
the subject property were combined with the adjacent parcel. As analyzed above, without the
easement on the subject property, the buildable foot print width would have increased from 80 feet
to 100 feet when adding the subject property to the adjoining site. Because of the easement, the
buildable foot print width would only increase to 87.5 feet. This means that because of the easement
the buildable width decreased from 20 feet to 7.5 feet,or a discount of 62.5%.This discount does not
reflect the inability to construct on the easement and the inability to construct a wall to enclose the
area. These additional restrictions place downward pressure on the value and indicates a discount
should be greater than 62.5%. The above scenario assumes that construction could take place right
on the property line. Because the easement does not allow construction it might be necessary to
setback an additional one to two feet. Applying the same calculations, the implied discount would
increase to 67.5%to 72.5%.
Waronker&Rosen,Inc. oy Real Estate Appraisers& Consultants 50
Page 603 of 2495
Reconciliation of Value Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Reconciliation of Value
The reconciliation process considers the approaches which were utilized in this report.Each approach
to value is analyzed as to its reliability and applicability. These approaches indicated the following
values:
Cost Approach Not applicable
Income Capitalization Approach Not applicable
Sales Comparison Approach $250,000
The cost approach estimates the land value and adds the depreciated value of the improvements. As
the land being appraised is vacant,this approach is not applicable and was not applied herein.
The income capitalization approach analyzes the projected income and expenses of a property and
capitalizes the net income into a value estimate. Typically,vacant land is not purchased based on its
ability to generate income. This approach is not applicable and was not applied herein.
The sales comparison approach compares sales of similar properties to the subject property and is the
only applicable approach to value. These sales were analyzed for differences such as conditions of
sale, financing, market conditions, location, zoning, shape/size, and other characteristics. The
strength of this approach relies on the quality of the comparable sales. Sales which closely resemble
and can be compared easily with the subject are most desirable. The sales utilized were considered
comparable and make the sales comparison approach the only reliable indication of value. The sales
comparison approach was used to estimate the across the fence value of the subject property. The
estimated value was discounted to reflect a decrease in value based upon the easement that would be
in place.
As the subject property is vacant land total reliance was placed on the sales comparison approach.
Based on the analysis, the market value of the subject property, subject to an easement, as of
November 23,2016, is estimated at$250,000.
This appraisal report contains extraordinary assumptions.The reader is strongly advised to be
familiar with the definition of an extraordinary assumption because it is significant in
understanding the premise of this appraisal. The definition is detailed on page 3 in the letter
of transmittal. It is applicable to this appraisal because a change in the extraordinary
assumptions could cause a change in the opinions and conclusions herein.
Waronker&Rosen,Inc. Real Estate Appraisers& Consultants 51
Page 604 of 2495
Addenda Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Addenda
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Waronker&Rosen,Inc. d• Real Estate Appraisers& Consultants 52
Page 605 of 2495
Addenda Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
County Area Description
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 53
Page 606 of 2495
leo
Addenda Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Miami-Dade County and Area Description
General Overview
Miami-Dade County,often referred to as"Miami"is known internationally for its weather,beaches,
banking, fine art, shopping, and Latin culture. While many pass through the Cruise Capital of the
World,2.5 million people call it home.
Miami-Dade County is at the southeastern tip of Florida and is the south-easternmost state in the
continental United States. Its land area is approximately 1,946 square miles and is bordered by
Broward, Collier, and Monroe Counties to the north, southwest, and south,respectively. The county
is bordered by the Atlantic Ocean to the East and Everglades National Park to the West.
Demographics
As of the 2013 Census report,Miami-Dade County has 2,496,435 residents. Over half of those were
born outside the United States; 70 percent fall between the ages of 25 and 55. As depicted in the
following graph,the county's population has risen steadily since 1970.
Resident Population in Miami-Dade County,FL(FLMIAM6POP)
Source:U,S.Department of Commerce: Census Bureau
2,800-
2,600 -
2,400 -
a
8 2,200 -
a
c2,000 -
M
c 1,800-
A
1,600-
1,400 -
1,200
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Shaded areas indicate US recessions.
FRED 2014 research.stlouisfed.org
Miami-Dade County Population Projections
2015 Projection 2020 Projection
based on 2011 Percentage change based on 2011 Percentage change
Estimate 2011 to 2015 Estimate 2011 to 2020
2,591,790 3.8% 2,717,631 4.9%
Waronker&Rosen,Inc. 0 Real Estate Appraisers& Consultants 54
Page 607 of 2495
Addenda Land Valuation, 5860 N Bay Road,Miami Beach,FL 33140
Miami has a positive reputation for international business, and developers are marketing their new
projects to those individuals. Therefore, the county's population is expected to increase at an even
greater rate approaching the year 2020.
Miami is the largest city in the County. Other populous municipalities include Hialeah, Miami
Gardens, Miami Beach, and unincorporated land. Actively growing are some new cities since 2000
such as Cutler Bay and Doral.
Brief History
Miami was founded in 1866 after the end of Spanish rule in Florida. Before the turn of the century,
prominent figures such as William and Mary Brickell and Henry Flagler established a community
and connected the young city to the rest of the United States. Island people moved here for work.
In 1910, John Collins discovered fresh water on Miami Beach, and within a decade, the population
soared,and businessmen bought up the land. The city quickly became a popular spot for tourists,but
it crumbled under the hurricane of 1926. During the decades of war, parts of Miami-Dade County
became training grounds for military. Residents then slowly built back up the tourism industry.
The early 1960's marked the beginning of the arrival of large numbers of Cuban Refugees into Miami-
Dade County and South Florida.In the years following,significant numbers of immigrants have come
from Haiti, Cuba and other Latin American countries.
Government
Miami-Dade County has a strong mayor form of government, with nine elected individuals (one
mayor and eight commissioners)making up the Miami-Dade County Board of Commissioners. The
mayor appoints a professional administrator to manage the daily activities of the county government
and a county attorney to handle its legal matters.
Some governmental activities,services and functions previously handled by individual municipalities
are now handled by the county. Among these are real property assessment and valuation, health and
welfare, most water and sewers, traffic engineering, public libraries, public transportation, public
housing, urban renewal, seaport, airport, regional parks and air and water pollution control. In
addition to these, Miami-Dade County provides services to the unincorporated areas of the county
such as: police and fire protection, building and zoning regulation, trash and garbage collection and
disposal, parks and recreation, consumer protection and corrections and rehabilitation of adults and
youth offenders.
Waronker&Rosen,Inc. •:• Real Estate Appraisers& Consultants 55
Page 608 of 2495
Addenda Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Economic Base
The primary industries that support Miami-Dade County's economy through employment are trade,
transportation and utilities, followed by education/health services and government. The most known
is tourism, a major industry for Miami-Dade County. The following chart reflects the county's
demographics by trade, with tourism ranking the highest number of companies, followed by retail
and finance, insurance and real estate.
Miami-Dade County
Demographics by Trade
50000
45000
40000
35000
30000
25000
20000 -
15000
•No.of Companies
10000
5000 • ••
0
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Source: The Beacon Council
A year-round growing season allows the agricultural industry to be the top vegetable supplier and
producer in the country. The industry employs more than 20,000 people and produces more than
$2.7 billion in economic benefits each year. As a result, agritourism has sprouted an industry
throughout the agricultural area where visitors can sample and purchase locally grown products.
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Page 609 of 2495
Addenda Land Valuation,5860 N Bay Road,Miami Beach,FL 33140
Transportation
Miami International Airport(MIA)and its linkages are considered to be the driving force for growth
behind its surrounding area. Airport traffic in 2013 included over 40 million passengers, 2 million
tons of freight,and 2 million tons of cargo.Other airports within the county include Kendall-Tamiami
Airport and Opa-locka Executive Airport. The aviation industry directly and indirectly contributes
$26.7 billion and 282,043 jobs to the local economy.
PortMiami annual activity includes 4.3 million cruise passengers and 7.4 million tons of cargo. The
port contributes more than$27 billion annually to the South Florida economy and helps provide direct
and indirect employment for more than 207,000 individuals. It had been undergoing construction for
a two-way underwater tunnel between the port and downtown Miami. The Deep Dredge Project, set
to deepen the channel from its current 42-foot depth to minus 50 feet in order to accommodate super
cargo ships has been completed in 2015.
Within Miami-Dade County, major roads include the Palmetto Expressway(State Road No. 826), a
major north/south expressway; the Dolphin Expressway (State Road No. 836), a major east/west
expressway; Interstate 95 and the Florida Turnpike. All of these represent Miami's expressway
network and make almost any destination in Miami-Dade County within 30 to 45 minutes driving
time.
Transportation systems include a Busway in south Miami-Dade County linking to Metrorail, an
elevated rail rapid transit system connecting portions of Miami-Dade County. In July 2012, a new
Metrorail station in MIA links south Miami-Dade County, downtown Miami and the entire elevated
rail line.The enables seamless connections to the Metromover systems and to a web of transportation
arteries in neighboring counties leading to the rest of Florida.
The Miami Intermodal Center (MIC) links the airport, East/West Rail, Amtrak, Tri-Rail,
Airport/Seaport Connector and Metrorail mainline rail. Located near the State Road No. 836/State
Road 112 Connector, it presently contains the bulk of the rental car agencies. East of the airport in
the future it will contain retail,commercial,residential and tourist-designed development.
The Metromover automated people mover system is located in downtown Miami and is an off-shoot
of the Metrorail system.There are also Metrobus buses,most of which are in service daily throughout
the county. The Metromover system includes the Brickell Avenue financial district and also runs
north to the Omni area. Other transportation services in Miami-Dade County include Tri-Rail,
railroads and taxicabs. Railroad service by Amtrak is accessible in northwest Miami-Dade. Tri-Rail
is South Florida's commuter train system which services Miami-Dade, Broward and Palm Beach
Counties.
Education
Based upon student population, the Miami-Dade County School system is the fourth largest public
school system in the nation with 415 institutions including elementary, middle, high, K-8, charter,
alternative and magnet schools. Many private institutions exist as well.
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Several colleges and universities located in the county are University of Miami, Barry University,
Florida International University, Miami-Dade Community College, St. Thomas University, Florida
Memorial College and Johnson&Wales University.
Medical
Miami-Dade County has the largest concentration of medical facilities in Florida. The largest
institution is Jackson Memorial Medical Center,the second largest public hospital in the nation which
shares many teaching, treatment and research capacities with the University of Miami. Private
hospitals include Baptist Health System, Mercy,Miami Children's, and Mount Sinai.
Sports
Professional,college and even local neighborhood sports draw spectators,participants and investors
to a high degree and create a positive atmosphere.Professional football(Miami Dolphins),basketball
(Miami Heat), baseball (Miami Marlins) and ice hockey (Florida Panthers) are continual draws. As
of January 2014, business negotiations are currently underway to bring Major League Soccer to
Miami. There are two horse tracks and a dog track. Several of these tracks have been approved for
slot gambling or table gambling, depending upon location in a municipality or Indian reservation.
Also offered are golf, tennis, as well as the numerous water sports, given the significant bodies of
water.
Arts and Culture
Known for the wealth of ethnic diversity and heritage, Miami-Dade County has a cultural mix of
festivals, concerts, theater, and dance performances. Adrienne Arsht for the Performing Arts of
Miami-Dade County opened in 2006 and is home to the Concert Association of Florida,Florida Grand
Opera, Miami City Ballet, and the New World Symphony. The county is also home to several
museums and wildlife attractions.
Summary
During its history, Miami-Dade County and the Greater Miami area have experienced significant
changes and growth. Trends indicate that the growth will continue with Miami-Dade County rapidly
becoming an international city with a diverse culture. The economic base and the bilingual population
should continue to attract new residents and businesses into Greater Miami.
Sources including,but not limited to:
United States Census Bureau(Jan.2014).http://quickfacts.census.gov/gfd/states/12/12086.html
Miami-Dade County Portal(Jan.2014).www.miamidade.gov
The Beacon Council(Jan.2014).www.beaconcouncil.com
Federal Reserve Economic Data(Jan.2014).http://research.stlouisfed.org/fred2/
Miami Herald(various articles).http://www.miamiherald.com/
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