2018-30648 Resolution RESOLUTION NO. 2018-30648
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, APPROVING, FOLLOWING SECOND READING OF
THE TITLE OF THIS RESOLUTION AND A DULY NOTICED PUBLIC HEARING,
THE VACATION OF 6TH STREET, WEST OF ALTON ROAD AND EAST OF
WEST AVENUE, IN FAVOR OF THE ABUTTING PROPERTY OWNERS, SOUTH
BEACH HEIGHTS I, LLC, 500 ALTON ROAD VENTURES, LLC, AND 1220 SIXTH,
LLC (COLLECTIVELY, THE "APPLICANTS"); CONDITIONING AND MAKING
THE AFORESTATED VACATION SUBJECT TO SATISFACTION OF CERTAIN
CONDITIONS, AS MORE SPECIFICALLY STATED IN THAT CERTAIN
DEVELOPMENT AGREEMENT BETWEEN THE CITY AND SOUTH BEACH
HEIGHTS I, LLC, 500 ALTON ROAD VENTURES, LLC, 1220 SIXTH, LLC, AND
KGM EQUITIES, LLC (COLLECTIVELY, THE "DEVELOPER"), AND AS
APPROVED BY THE CITY PURSUANT TO RESOLUTION NO.
2018-30647 ; WHICH CONDITIONS, AMONG OTHER THINGS, SHALL
REQUIRE THE DEVELOPER TO: (1) GRANT TO THE CITY A 50 FOOT WIDE
PERPETUAL NON-REVOCABLE UTILITY, ROADWAY AND PEDESTRIAN
ACCESS EASEMENT ACROSS THE VACATED 6TH STREET RIGHT-OF-WAY;
(2) CONVEY TO THE CITY, IN FEE SIMPLE, A MINIMUM OF 3.0 ACRES, WITHIN
THE 5TH - 7TH STREET BLOCKS, BETWEEN WEST AVENUE AND ALTON
ROAD, FOR A WORLD CLASS PUBLIC MUNICIPAL PARK, TO BE DESIGNED
AND CONSTRUCTED AT THE DEVELOPER'S EXPENSE; AND (3) COMPLETE
PHASE 1 OF THE AFORESTATED PARK PROJECT; FURTHER WAIVING BY
5/7THS VOTE, THE COMPETITIVE BIDDING REQUIREMENT, PURSUANT TO
SECTION 82-39(a) OF THE CITY CODE, FINDING SUCH WAIVER TO BE IN THE
BEST INTEREST OF THE CITY.
WHEREAS, the City holds a right of way dedication to a fifty (50) foot wide right-of-way, known
as 6th Street, running from West Avenue to Alton Road, as set forth in the sketch attached as Exhibit
"A" hereto, consisting of approximately 12,719.3 square feet in total lot area; as shown on (a) the
Amended Plat of the Fleetwood Subdivision, recorded in Plat Book 28, page 34 of the Public Records
of Miami-Dade County (the "Fleetwood Plat") and (b) the Amended Plat of Aquarium Site, recorded in
Plat Book 21, Page 83 of the Public Records of Miami-Dade County, and approved by the City (the
aforestated property is hereinafter referred to as the "City Right-of-Way" or"City ROW"); and
WHEREAS, South Beach Heights I, LLC, 500 Alton Road Ventures, LLC, 1220 Sixth, LLC,
and KGM Equities, LLC (collectively, the "Developer") own the property to the south of, north of, and
abutting, the City Right of Way; which parcels are known as 500, 630 and 650 Alton Road, 1220 6th
Street, and 659, 701, 703, 711, 721, 723, 727 and 737 West Avenue; and
WHEREAS, the Developer intends to develop the property as a mixed-use residential and
commercial development (collectively, the "Proposed Development") pursuant to a Florida Statute
Chapter 163 development agreement entered into between the City and the four entities identified
above (the "Development Agreement"), and to convey to the City a dedicated, constructed, world-
class park, consisting of no less than 3.0 acres; and
WHEREAS, the Proposed Development shall be developed as a unified development site;
and
WHEREAS, two of the Developers (500 Alton Road Ventures, LLC and 1220 Sixth, LLC) are
the owners of the property abutting the south side of 6th Street, and a third, South Beach Heights I,
LLC, is the owner of the property abutting the north side of 6th Street (collectively these three entities,
as the abutting property owners, are requesting the vacation and are also referred to herein as the
"Applicants"); and
WHEREAS, in conjunction with Proposed Development on the Property, Applicants are
requesting that the City vacate the City Right-of-Way, and have submitted their application to the
City's Public Works Department with respect thereto; and
WHEREAS, 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 the
procedures governing the sale or lease of public property), in addition to the above referenced
application, prior to considering a request for vacation, the following requirements must be
satisfied:
(A) The title of the Resolution regarding the proposed vacation shall be read by the City
Commission on two separate meeting dates, with the second reading to be accompanied
by a duly noticed public hearing. (Note: First reading of the Resolution title occurred at the
City Commission meeting of November 14, 2018);
(B) The proposed vacation shall be transmitted to the Finance and Citywide Projects
Committee ("FCWPC") for its review (Note: The FCWPC reviewed the proposed vacation at its
July 27th, 2018 meeting, and recommended a term sheet of conditions, which served as the
basis for the City and Developer's negotiation of the resulting Development Agreement, which
is scheduled to be heard at the same Commission meeting as Agenda Item R7A.);
(C) 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 (Note: The Planning Department analysis and as required pursuant to
Section 82-38 of the City Code, is attached as Exhibit "B" hereto),
(D) The City shall obtain an independent appraisal of the fair market value of the property
proposed to be vacated, which shall include a definition of the property based on proposed
and possible issues including, without limitation, the highest and best use (Note: An appraisal
was obtained by the City's Public Works Department on June 24, 2018, and the 6th Street right
of way was valued at $7,600,000); and
WHEREAS, Section 82-39(a) of the City Code provides that the lease or sale of public
property also requires an advertised public bidding process, which requirement may be waived by
517th vote of the City Commission; and
WHEREAS, Florida law, requires, upon vacation, that the right-of-way is divided equally
between the abutting property owners; and
WHEREAS, as the only persons entitled to the vacated land are the Applicants (as the
abutting property owners), the City Manager 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, as required by Section 82-37(a)(2) of the City Code, first reading of the title of the
this Resolution occurred at the City Commission meeting of November 14, 2018; and
WHEREAS, in addition to the requirements set forth in Section 82-36 through 82-40 of the City
Code, Section 1.03(b)(4) of the City Charter also requires that the vacation be approved by 4/7ths vote
of the Planning Board, and 6/7ths vote of the City Commission; and
WHEREAS, at its meeting on September 25, 2018, the Planning Board approved the
proposed vacation (subject to and contingent upon Developer's satisfaction of the conditions
regarding vacation of 6th Street in the Development Agreement) by a 7-0 vote; and
WHEREAS, the Administration, recommends approval of the vacation, following second
reading of the title of the Vacation Resolution and the public hearing, with such vacation being subject
to and contingent upon satisfaction of the the terms contained in this Resolution and, more
specifically, as expressly set forth in the Development Agreement.
NOW THEREFORE BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby approve, on second reading of the title of this Resolution, and duly noticed
public hearing, the vacation of 6th Street, west of Alton Road and east of West Avenue, in favor of
the abutting property owners, South Beach Heights I, LLC, 500 Alton Road Ventures, LLC, and 1220
Sixth, LLC (collectively, the "Applicants"); conditioning and making the aforestated vacation subject to
satisfaction of certain conditions, as more specifically stated in that certain Development Agreement
between the City and South Beach Heights I, LLC, 500 Alton Road Ventures, LLC, 1220 Sixth, LLC,
and KGM Equities, LLC (collectively, the "Developer"), 'and as approved by the City pursuant to
Resolution No. 2018-30647 ; which conditions, among other things, shall require the
Developer to: (1) grant to the City a 50 foot wide perpetual non-revocable utility, roadway and
pedestrian access easement across the vacated 6th Street right-of-way; (2) convey to the City, in fee
simple, a minimum of 3.0 acres, within the 5th - 7th Street blocks, between West Avenue and Alton
Road, for a world_class public municipal park, to be designed and constructed at the Developer's
expense; and (3) complete Phase 1 of the aforestated Park Project; further waiving by 5/7ths vote,
the competitive bidding requirement, pursuant to Section 82-39(a) of the City Code, finding such
waiver to be in the best interest of the City.
PASSED and ADOPTED this 12th day of December, 2018.
r
ATTEST: /'A ,_ -
Dan Gelber, Mayor
l2 z� �� ,
Rafa72S1 rao, ity Clerk 4.\'''
' " .... L 14,
- ' �-y APPROVED AS TO
:' •.,� , FORM & LANGUAGE
I '' &FOR E ECUTION
(Sponsor: Mayor Dan Gelber) •; � S Z _5_��
INOORP ORATED: s ..f---.
•, ,i •:• �� - City Attorney Dote
[Vacation Requires 6/7 vote of City C�� ,_�s$ion :
• Resolutions-R7 B
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: December 12, 2018
9:35 a.m. Second Reading Public Hearing
SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, APPROVING, FOLLOWING SECOND READING OF THE TITLE OF THIS
RESOLUTION AND A DULY NOTICED PUBLIC HEARING, THE VACATION OF 6TH STREET,
WEST OF ALTON ROAD AND EAST OF WEST AVENUE, IN FAVOR OF THE ABUTTING
PROPERTY OWNERS, SOUTH BEACH HEIGHTS I, LLC, 500 ALTON ROAD VENTURES, LLC,
I AND 1220 SIXTH, LLC (COLLECTIVELY, THE "APPLICANTS"); CONDITIONING AND MAKING
THE AFORESTATED VACATION SUBJECT TO SATISFACTION OF CERTAIN CONDITIONS, AS
MORE SPECIFICALLY STATED IN THAT CERTAIN DEVELOPMENT AGREEMENT BETWEEN
THE CITY AND SOUTH BEACH HEIGHTS I, LLC, 500 ALTON ROAD VENTURES, LLC, 1220
SIXTH, LLC, AND KGM EQUITIES, LLC (COLLECTIVELY, THE "DEVELOPER"), AND AS
APPROVED BY THE CITY PURSUANT TO RESOLUTION NO. ; WHICH
CONDITIONS, AMONG OTHER THINGS, SHALL REQUIRE THE DEVELOPER TO: (1) GRANT
TO THE CITY A 50 FOOT WIDE PERPETUAL NON-REVOCABLE UTILITY, ROADWAY AND
PEDESTRIAN ACCESS EASEMENT ACROSS THE VACATED 6TH STREET RIGHT-OF-WAY; (2)
CONVEY TO THE CITY, IN FEE SIMPLE, A MINIMUM OF 3.0 ACRES, WITHIN THE 5TH - 7TH
STREET BLOCKS, BETWEEN WEST AVENUE AND ALTON ROAD, FOR A WORLD CLASS
PUBLIC MUNICIPAL PARK, TO BE DESIGNED AND CONSTRUCTED AT THE DEVELOPER'S
EXPENSE; AND (3) COMPLETE PHASE 1 OF THE AFORESTATED PARK PROJECT; FURTHER
WAIVING BY 5/7TH VOTE, THE COMPETITIVE BIDDING REQUIREMENT, PURSUANT TO
SECTION 82-39(A) OF THE CITY CODE, FINDING SUCH WAIVER TO BE IN THE BEST
INTEREST OF THE CITY.
RECOMMENDATION
ANALYSIS '
See Memorandum attached.
Legislative Tracking
Public Works
ATTACHMENTS:
Description
❑ SIGNED MEMO BY CITY MANAGER
❑ 2nd Reading Form approved RESO
❑ Appraisal 500 Mon Road
a 500-600 alton sites
a 6844-6th street Layoutl.Sketch of survey
❑ 6844PARCELS 6TH STREET. Land description and sketch
a 6844PARCELS 6TH STREET. Land description and sketch2
❑ 6844PARCELS 6TH STREET. Land description and sketch3
❑ Analysis of Vacation
❑ Ad
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamlbeachfl.gov
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members oft e City C mission
FROM: Jimmy L. Morales, City Manager
DATE: December 12, 2018
SUBJECT: A RESOLUTION OF THE MAYO AND CITY COMMISSION OF THE •
CITY OF MIAMI BEACH, FLORIDA, APPROVING, FOLLOWING SECOND
READING OF THE TITLE OF THIS RESOLUTION AND A DULY
NOTICED PUBLIC HEARING, THE VACATION OF 6TH STREET, WEST
OF ALTON ROAD AND EAST OF WEST AVENUE, IN FAVOR OF THE
ABUTTING PROPERTY OWNERS, SOUTH BEACH HEIGHTS I, LLC, 500
ALTON ROAD VENTURES, LLC, AND 1220 SIXTH, LLC
(COLLECTIVELY, THE "APPLICANTS"); CONDITIONING AND MAKING
• THE AFORESTATED VACATION SUBJECT TO SATISFACTION OF
CERTAIN CONDITIONS, AS MORE SPECIFICALLY STATED IN THAT
CERTAIN DEVELOPMENT AGREEMENT BETWEEN THE CITY AND •
SOUTH BEACH HEIGHTS I, LLC, 500 ALTON ROAD VENTURES, LLC,
•
1220 SIXTH, LLC, AND KGM EQUITIES, LLC (COLLECTIVELY, THE
"DEVELOPER"), AND AS APPROVED BY THE CITY PURSUANT TO
RESOLUTION NO. ; WHICH CONDITIONS, AMONG
OTHER THINGS, SHALL REQUIRE THE DEVELOPER TO: (1) GRANT
TO THE CITY A 50 .FOOT WIDE PERPETUAL NON-REVOCABLE
UTILITY, ROADWAY AND PEDESTRIAN ACCESS EASEMENT ACROSS
THE VACATED 6TH STREET RIGHT-OF-WAY; (2) CONVEY TO THE
CITY, IN FEE SIMPLE, A MINIMUM OF 3.0 ACRES, WITHIN THE 5TH -
7TH STREET BLOCKS, BETWEEN WEST AVENUE AND ALTON ROAD,
FOR A WORLD CLASS PUBLIC MUNICIPAL PARK, TO BE DESIGNED
AND CONSTRUCTED AT THE DEVELOPER'S EXPENSE; AND (3)
COMPLETE PHASE 1 OF THE AFORESTATED PARK PROJECT;
FURTHER WAIVING BY 5/7THS VOTE, THE COMPETITIVE BIDDING
REQUIREMENT, PURSUANT TO SECTION 82-39(a) OF THE CITY
CODE, FINDING SUCH WAIVER TO BE IN THE BEST INTEREST OF
THE CITY.
RECOMMENDATION
The Administration, recommends that the City Commission approve, after second reading of
the above-referenced Resolution title and a public hearing, the vacation of 6th Street, a 50 foot right of
way east of Alton Road and west of West Avenue, subject to and contingent upon the terms set forth
in the Resolution and in the Development Agreement between the City and Developer (as defined
below), which Development Agreement is scheduled for second reading/public hearing on this
December 12, 2018 City Commission meeting, as Agenda Item R7A. Additionally, the Administration
recommends waiving, by a 5/7ths vote, the requirements of an advertised public bidding process,
finding such waiver to be in the best interest of the City.
Vacation of 6th Street
December 12,2018
Page 2 of 3
BACKGROUND
The City holds a right of way dedication to a fifty (50) foot wide right-of-way, known as 6th
Street, running from West Avenue to Alton Road, consisting of approximately 12,719.3 square feet in
total lot area; as shown on (a)the Amended Plat of the Fleetwood Subdivision, recorded in Plat Book
28, page 34 of the Public Records of Miami-Dade County (the"Fleetwood Plat"); and (b)the Amended
Plat of Aquarium Site, recorded in Plat Book 21, Page 83 of the Public Records of Miami-Dade
County, and approved by the City (See also sketch attached as Exhibit"A" hereto).
South Beach Heights I, LLC, 500 Alton Road Ventures, LLC, 1220 Sixth, LLC, and KGM
Equities, LLC (collectively, the "Developer") owns the property to the south of, north of, and adjacent
to, the 6th Street right of way; which parcels are known as 500, 630 and 650 Alton Road, 1220 6th
Street, and 659, 701, 703, 711, 721, 723, 727 and 737 West Avenue. The Developer intends to
develop the property as a mixed-use residential and commercial development (collectively, the
"Proposed Development"),2 pursuant to a Florida Statute Chapter 163 development agreement to be
entered into with the City which, among other terms, shall require the Developer, as a condition of the
City's vacation of 6th Street, to convey to the City a minimum of 3.0 acres on the development site
upon which Developer will, in phases, design and construct, (at its sole cost and expense) a world
class public municipal park.
REQUIREMENTS OF THE CITY CODE IN ORDER TO VACATE A RIGHT-OF-WAY
•
In conjunction with Developer's Proposed Development, Applicants are requesting that the
City vacate the 6th Street right of way. Pursuant to the City's existing administrative policies and
procedures to consider the vacation of 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 the
procedures governing the sale or lease of public property), prior to considering a request for
vacation, the following requirements must be satisfied:
(A) The title of the Resolution regarding the proposed vacation shall be read by the City
Commission on two separate meeting dates, with the second reading to be accompanied
by a duly noticed public hearing. (Note: First reading of the Resolution title occurred at'the
City Commission meeting of November 14, 2018);
(B) The proposed vacation shall be transmitted to the Finance and Citywide Projects
Committee ("FCWPC")for its review(Note: The FCWPC reviewed the proposed vacation at its
July 271h, 2018 meeting, and recommended a term sheet of conditions, which served as the
basis for the City and Developer's negotiation of the resulting Development Agreement, which
is scheduled to be heard at the same Commission meeting as Agenda Item R7A.);
Two of the Developers, 500 Alton Road Ventures and 1220 Sixth, LLC, are the owners of the
property adjacent to the south side of 6th Street; and the third, South Beach Heights I, LLC, is the
owner of the property adjacent to the north side of 6th Street (collectively since these three entities
are applying for and requesting the vacation,they shall be referred to as the "Applicants").
2The Proposed Development shall be developed as a unified development site.
Vacation of 6th Street
December 12,2018
Page 3 of 3
(C) 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 (Note: The Planning Department analysis and as required pursuant to
Section 82-38 of the City Code, is attached as Exhibit"B" hereto); and
(D) The City shall obtain an independent appraisal of the fair market value of the property
proposed to be vacated, which shall include a definition of the property based on proposed
and possible issues including, without limitation, the highest and best use (Note: An appraisal
was obtained by the City's Public Works Department on June 24, 2018, and the 6th Street right
of way was valued at$7,600,000).
Although the City's procedures for the lease or sale of public property also require an
advertised public bidding process, the requirement may be waived by 517th vote. Under Florida law,
upon vacation of a right of way, it can only be conveyed to the property owners immediately abutting
either side. The City Manager, therefore, recommends that the Mayor and City Commission waive the
competitive bidding requirement under Section 82-39(a) of the City Code, finding that the public
interest is served by waiving such condition.
CITY CHARTER REQUIREMENTS FOR VACATION
As the vacation of 6th Street will result in a "conveyance" to the Applicants it is therefore
subject to the requirements of Section 1.03(b)(4) of the City Charter, which provides that the "...sale,
exchange, conveyance or lease of ten (10) years or longer of all remaining City-owned property...
shall, as provided by Ordinance, require approval by a majority 4/7 vote of all members of the
Planning Board and 6/7 vote of the City Commission."
At its October 23, 2018 meeting,the Planning Board approved the proposed vacation by a 7-0
vote. At the November 14, 2018 City Commission meeting, as required by Section 82-37(a)(2) of the
City Code, the City Commission heard first reading of the title of the Vacation Resolution. Now,
following second reading of the title of the Vacation Resolution and a duly noticed public hearing to
hear comment regarding the proposed vacation, approval of the Vacation Resolution will require a 6/7
vote of the City Commission.
CONCLUSION
Approve the Vacation Resolution, following second reading of the Resolution title and a public
hearing, subject to satisfaction of the conditions set forth in this Resolution and, more specifically, in
the Development Agreement between the City and South Beach Heights I, LLC, 500 Alton Road
Ventures, LLC, 1220 Sixth, LLC, and KGM Equities, LLC (and which Development Agreement is
scheduled for second reading/public hearing as this December 12, 2018 City Commission meeting as
Agenda Item R7A). Because approval of the Vacation Resolution will require six (6) votes of the City
Commission, the Commission will also be deemed to have waived the competitive bidding
requirements (which only requires a 5/7th vote).
APPRAISAL REPORT
OF A REDEVELOPMENT SITE
LOCATED AT
500 ALTON ROAD
WITH ADDITIONAL BUILDABLE AREA, BY VACATING 6TH STREET
MIAMI BEACH,FLORIDA
DATE OF VALUATION:
JUNE 27,2018
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
J. ALHALE APPRAISALS, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
3475 SHERIDAN STREET, SUITE 313
HOLLYWOOD, FLORIDA 33021
JOZEF ALHALE,MAI CELL:(305)613-7477
STATE CERTIFIED GENERAL APPRAISER E-MAIL:jbalhale@aol.com
NO.RZ0001557 WWW.jalhaleappraisals.com
July 24,2018
Mr. Eric T. Carpenter,P.E.
Assistant City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach,Florida 33139
Re: 500 Alton Road&1220 6th Street
Miami Beach,Florida
Dear Mr. Carpenter:
Pursuant to your request for an appraisal of the above referenced property,I submit the following
appraisal report.
Legal Description: Lots 1 through 8, and Lots 13 through 19, less street for road, and alley lying
between and adjacent thereof closed per Resolution 2005-25869,and Lots 9 and 10,and the easterly
Y2 of the alley lying west and adjacent, closed as per Resolution 2013-28343; and Lots 11 and 12,
and western 1/4 of the alley lying east and adjacent,closed as per Resolution 2013-28343,Amended
Aquarium Site,as recorded in Plat Book 21,Page 83 of the Public Records of Miami-Dade County,
Florida
The subject site is an 85,348 SF (as per site survey; or 87,140 SF as per the public records) city-
block which is bounded by 5th Street(Mc Arthur Causeway) on the south, 6th Street of the north,
Alton Road on the east and West Avenue on the west. In conjunction with a 138,843 SF site at the
600 Block of Alton Road and a 49,000 SF site at the 700 Block of West Avenue, the site was
proposed to be developed with a mixed-use residential/retail project under a"unified development
plan"which would take advantage of the vacation of 6th Street which has approximately 12,613 SF
of site area,along the subject site. The vacation of the 12,613 SF portion of street area and 85,348
SF main site area,provides 195,922 SF of buildable area ((85,348 SF+ 12,613 SF) x 2.0 FAR=
195,922 SF).
The Market Value of the subject site,without vacating 6th Street,was estimated at$51,200,000"as
if"vacant, and$51,770,000 in"as is"condition(refer to the appraisal report dated July 16,2018).
Accordingly,the estimated contributory value of vacating the portion of 6th Street along the subject
site,and adding approximately 25,226 SF(12,613 SF x 2.0 FAR)of buildable area to the subject site
was estimated to be$7,600,000.
Mr. Eric T. Carpenter,P.E.
July 24,2018
Page Two
It is my estimate that the Market Value of the Fee Simple Interest in the subject property, with
vacating portion of 6th Street along the site, in"as is" condition(land value,less estimated cost of
demolition and carting),as of June 27,2018 and the Market Value of the Fee Simple Interest in the
subject property,with vacating portion of 6th Street along the site,as vacant(land value),as of June
27, 2018,was:
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SUBJECT SITE (WITH VACATION OF 6TH STREET),"AS IF"VACANT
FIFTY EIGHT MILLION EIGHT HUNDRED THOUSAND DOLLARS
($58,800,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SUBJECT SITE(WITH VACATION OF 6TH STREET)
IN "AS IS"CONDITION(LAND VALUE,LESS DEMOLITION COST)
FIFTY EIGHT MILLION SEVEN HUNDRED SEVENTY THOUSAND DOLLARS
($58,770,000)
Sincerely,
Jozef Alhale,MAI
State Certified General Appraiser
License No. RZ 0001557
TABLE OF CONTENTS
PAGE NO.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1-3
PHOTOGRAPHS OF THE SUBJECT PROPERTY. 4
PURPOSE/FUNCTION OF THE APPRAISAL 5
SCOPE OF THE APPRAISAL . 5
PROPERTY RIGHTS APPRAISED. 5
DATE OF VALUATION AND REPORT. 5
STATEMENT OF OWNERSHIP AND HISTORY 6
ESTIMATED MARKETING AND EXPOSURE PERIOD 6
DEFINITION OF MARKET VALUE. 6-7
NEIGHBORHOOD ANALYSIS. 7-8
ACCESS TO THE SITE. 8
DESCRIPTION OF THE SITE 8
UTILITIES. 9
FLOOD ZONE. 9
ZONING. 9
ASSESSMENT AND REAL ESTATE TAXES 9
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW 10-14
HIGHEST AND BEST USE DEFINITION. 15
HIGHEST AND BEST USE,AS VACANT. 16-18
THE VALUATION PROCESS. 19
THE SALES COMPARISON APPROACH TO VALUE. 20-23
RECONCILIATION AND FINAL VALUE ESTIMATE. 24
CONTINGENT AND LIMITING CONDITIONS. 25-26
CERTIFICATION 27-28
ADDENDA 29
QUALIFICATIONS (Jozef Alhale,MAI). 30
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
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ADESIGNS INDICATED II THESE DRAWINGS ME PROPERTY OF AROIRTECTO,IIGA INTERNATIONN CIO,NO COPIES.TRANSOMSIONS.REPRODUCTIONS OR ELECTRONIC MANIPUUTION MIAMI BEACH,FL
OF ANY PORTION OF THESE DRAWINGS IN THE WHOLE OR IN PMT N.TORE WOE WITHOUT THE EXPRESS OF WRIITEN AUTHORIZATION OF/TRUTH ECIONICA INTERNATIONAL CORP 06/15/2018
DESIGN INTENT SHOWN IS SUBJECT TO REVIEW AND APPROVAL OF ALL APPLICABLE LOCK AND GOVERNMENTAL AUIHORITES HAVING JURISOICTICO ALL COPYRIGHTS RESERVED 02018.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Location: 85,348 SF site which is the city block bound by 5th Street on the
south, 6th Street on the north, Alton Road on the east and West
Avenue on the west,Miami Beach,Florida
Address: 500 Alton Road&1220 6th Street
Miami Beach,Florida
Census Tract/Block: 44.060/ 1
Folio No: 02-4204-006-0010 and 02-4204-006-0070
Owner of Record: 500 Alton Road Ventures LLC and 1220 Sixth LLC
2200 Biscayne Boulevard
Miami,Florida 33137
Legal Description: Lots 1 through 8,and Lots 13 through 19,less street for road,and
alley lying between and adjacent thereof closed per Resolution
2005-25869, and Lots 9 and 10, and the easterly 1/2 of the alley
lying west and adjacent, closed as per Resolution 2013-28343;
and Lots 11 and 12, and western 1/2 of the alley lying east and
adjacent, closed as per Resolution 2013-28343, Amended
Aquarium Site,as recorded in Plat Book 21,Page 83 of the Public
Records of Miami-Dade County,Florida
Description: The subject site is an 85,348 SF(as per site survey; or 87,140 SF
as per the public records) city-block which is bounded by 5th
Street(Mc Arthur Causeway)on the south,6th Street of the north,
Alton Road on the east and West Avenue on the west. The site is
level at street grade,and currently has a 5,723 SF improvement at
the northwest corner, built in 1960. The vacant improvements
have no contributory value,as they do not reflect the Highest and
Best Use of the site, as improved or as if vacant. In conjunction
with a 138,843 SF site at the 600 Block of Alton Road and a
49,000 SF site at the 700 Block of West Avenue, the site was
proposed to be developed with a mixed-use residential/retail
project under a "unified development plan" which would take
advantage of the vacation of 6th Street which has approximately
12,613 SF of site area,along the subject site. The vacation of the
12,613 SF portion of street area and 85,348 SF main site area,
provides 195,922 SF of buildable area((85,348 SF+ 12,613 SF)
x 2.0 FAR= 195,922 SF).
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 1 -
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Site Area: Site- 85,348 SF
Street- 12,613 SF
Flood Zone: Flood Zone "AE" - An area inundated by 100-year flooding;
National Flood Insurance Program, Community Panel Number
120651-12086C0317L, as revised on September 11,2009.
Zoning: CPS-2 General Mixed-Use Commercial Performance District
Highest and
Best Use: The Highest and Best Use of the subject site is its development
.with a residential condominium apartment building, with an
ancillary commercial component.This site already has approvals
to be developed with a mixed-use residential/commercial building
with 18,000 SF of retail and a 163-unit residential component
(170,696 SF allowed on its own,without the two other sites and
vacation of 6th Street). Subject to satisfaction of certain property
rights transfer among the three sites under a"unified development
plan", the subject site is proposed to be developed with a high-
rise residential apartment building which would be built to
condominium quality standards, and possibly have an interim
rental apartment use during the sell-out period.
Property Rights
Appraised: Fee Simple Interest
Date of Inspection
and Valuation: June 27, 2018
Date of Appraisal
Report: July 24, 2018
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-2 -
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
MARKET VALUE ESTIMATES:
Income Capitalization Approach to Value: Not Applicable
Sales Comparison Approach to Value: $58,800,000 As if Vacant
$58,770,000 As Is
Cost Approach to Value: Not Applicable
Reconciled Final Value Estimates: $58,800,000 As if Vacant
$58,770,000 As Is
Note: The Market Value of the subject site, without vacating 6th Street, was estimated at
$51,200,000"as if"vacant,and$51,770,000 in"as is"condition(refer to the appraisal report
dated July 16,2018). Accordingly,the estimated contributory value of vacating the portion
of 6th Street along the subject site, and adding approximately 25,226 SF (12,613 SF x 2.0
FAR)of buildable area to the subject site was estimated to be$7,600,000.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-3 -
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PURPOSE/FUNCTION OF THE APPRAISAL
The purpose of this appraisal report is to provide estimates of the Highest and Best Use,the
Market Value of the Fee Simple Interest in the subject property,with vacating portion of 6`"
Street along the site, in"as is"condition(land value,less estimated cost of demolition and
carting),as of June 27,2018 and the Market Value of the Fee Simple Interest in the subject
property,with vacating portion of 6``'Street along the site,as vacant(land value), as of June
27, 2018.
The function of this appraisal report is to assist the client (The City of Miami Beach) in
executive decision making and/or collateral/asset valuation relative to the allocation of the
development rights among the three privately-owned sites,possible vacation of the portion
of 6'h Street along the subject site, as well as the potential transfer of one or portion of the
sites to the City of Miami Beach to create a public park for the use and benefit of the
surrounding densely populated residential neighborhood, in the South Beach section of
Miami Beach. The intended user of this appraisal report is the City of Miami Beach or any
of its assigns.
SCOPE OF THE APPRAISAL
I have made a physical inspection of the subject site, and performed market research to
provide estimates of the Highest and Best Use,the Market Value of the Fee Simple Interest
in the subject property,with vacating portion of 6"'Street along the site,in"as is"condition
(land value, less estimated cost of demolition and carting), as of June 27, 2018 and the
Market Value of the Fee Simple Interest in the subject property,with vacating portion of 6``'
Street along the site, as vacant(land value),as of June 27,2018.
The scope of the appraisal involves the research and analysis of factual data relative to the
subject property, as well as market data necessary for the development of the Sales
Comparison Approach to Value (land valuation). The data and information used in
developing our findings, projections and valuation estimates have been derived from
published information, direct interviews, analysis of similar properties and other sources
which were considered appropriate as of the valuation date.
PROPERTY RIGHTS APPRAISED
This appraisal report is made with the understanding that the present ownership of the
property includes all the rights that may be lawfully held under a fee simple estate.
Fee Simple Interest is defined in The Dictionary of Real Estate Appraisal, 2010 Edition,
which was sponsored by the Appraisal Institute as follows: Absolute ownership
unencumbered by any other interest or estate; subject only to the limitations imposed by the
governmental powers of eminent domain, escheat,police power and taxation.
DATE OF VALUATION AND REPORT
The date of valuation is June 27, 2018. The date of the appraisal report is July 24,2018.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 5 -
STATEMENT OF OWNERSHIP AND HISTORY
The 73,890 SF portion of the subject site is owned by 500 Alton Ventures LLC which
purchased it for$5,000,000 from Africa Israel Vitri Developers,LLC on February 18,2010,
as recorded in Book 27190,Page 447 of the Official Public Records of Miami-Dade County,
Florida.
The previous sale was from Pin-Pon Corporation to MacArthur Gateway LLC for$9,800,000
on July 20,2004, as recorded in Book 22515, Page 2137 of the Official Public Records of
Miami-Dade County,Florida.
The 13,250 SF northwestern portion of the subject site is owned by 1220 Sixth LLC which
purchased it for$4,000,000 from Mau-Mau Corporation on December 1,2011,as recorded
in Book 27915,Page 3693of the Official Public Records of Miami-Dade County,Florida.
As per the Public Records of Miami-Dade County,Florida,there was no other arm's length
transfer of ownership at the subject property during the five year period prior to the valuation
date. We have not been informed of any other current listings, options and/or pending
contracts in effect at the subject property, as of the date of valuation.
ESTIMATED MARKETING AND EXPOSURE PERIOD
Based on my analysis of the market,recent listings which have been since closed,as well as
discussions with owners and Realtors active in the subject area,it is the appraiser's opinion
that if the subject site was listed for sale with an experienced Realtor, the marketing and
marketing and exposure period would be approximately six to twelve months. Accordingly,
this marketing and exposure period is considered to currently represent the most probable
amount of time necessary to expose and actively market the subject property to achieve a sale
consistent with the Market Value.
DEFINITION OF MARKET VALUE
Market Value is.defined in The Interagency Appraisal and Evaluation Guidelines, dated
December 2,2010, as follows:
The most probable price, which a property should bring in a competitive and open
market under all conditions requisite to a fair sale,the buyer and seller 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:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised,and acting in what they consider
their own best interests;
3. A reasonable time is allowed for exposure in the open market;
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
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DEFINITION OF MARKET VALUE
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale.
NEIGHBORHOOD ANALYSIS
The subject site is located on the north side of 5``' Street, south side of 6th Street,between
Alton Road and West Avenue, in the South Beach section of Miami Beach, Florida. The
immediate area surrounding the subject site is comprised of low-rise,mid-rise and high-rise
rental and condominium apartment buildings along Bay Road and West Avenue,as well as
mixed-use residential/retail buildings along West Avenue, and commercial buildings with
retail,office and restaurant space;office buildings,and other retail/service uses along Alton
Road.
Miami Beach is an island located just off the southeast coast of Miami-Dade County,Florida.
The island is approximately one mile wide,ten miles long and travels in a northerly/southerly
direction parallel to mainland Miami-Dade County. The town of Surfside borders Miami
Beach to the north starting at approximately 87th Street. The Atlantic Ocean acts as the
eastern and southeastern border,while Biscayne Bay/the Intracoastal Waterway lies to the
west. Five causeways connect Miami Beach to the mainland; the MacArthur Causeway
(Highway No. 41);the Venetian Causeway;the Julia Tuttle Causeway(Interstate 195);the
Broad Causeway(State Road No.922)and the North Dade Causeway(State Road No.934).
As the City's economy drastically improved in the last twenty-five years,Miami Beach has
experienced an influx of younger and more affluent residents. Close proximity to Miami's
downtown business district,the Art Deco entertainment district and access to the beach are
all considered to be contributing factors to the area's discovery as a place to live and work.
The continued faith in the City's economy is reflected by the consistent increase in building
permit activity over the last twenty years. Developers and real estate professionals in Miami
Beach have been aggressively marketing their properties to local and out-of-town residents
and families. In the last fifteen years,the development and redevelopment activity has well
spread over the waterfront corridors of Ocean Drive, Collins Avenue and Ocean Drive, as
well as the Art Deco district, the 5th Street corridor and the area south of 5th Street which
is referred to as the overall South Pointe area.
The subject site is located just north of 5th Street (connecting to MacArthur Causeway)
which is the gateway to the South Beach area of Miami Beach,connecting it with the Central
Business District of Miami. The subject property is located 2/3 mile southeast of Lincoln
Road which is an upscale pedestrian corridor which is considered ground-zero for
retail/restaurant space in South Beach,commanding the highest rental rates and sale prices.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 7 -
NEIGHBORHOOD ANALYSIS
The subject site is within walking distance of the service,entertainment,retail corridors of
Alton Road and Lincoln Road.The viability of the subject neighborhood is further enhanced
by the ease of accessibility to/from downtown Miami and the Central Business District
(CBD)and other major employment centers within Miami-Dade County.
The area surrounding the subject site has been developed with mostly residential facilities
and therefore,no nuisances,hazards or other adverse influences were observed.No notable
signs of external obsolescence were observed and the overall appeal of the improved
properties is considered to be above average to good.
ACCESS TO THE SITE
5th Street,6th Street,West Avenue and Alton Road provide direct access to the subject site.
DESCRIPTION OF THE SITE
The subject site is an 85,348 SF(as per site survey; or 87,140 SF as per the public records)
city-block which is bounded by 5`h Street(Mc Arthur Causeway)on the south,6th Street of
the north,Alton Road on the east and West Avenue on the west. The site is level at street
grade,and currently has a 5,723 SF improvement at the northwest corner,built in 1960. The
vacant improvements have no contributory value,as they do not reflect the Highest and Best
Use of the site,as improved or as if vacant. In conjunction with a 138,843 SF site at the 600
Block of Alton Road and a 49,000 SF site at the 700 Block of West Avenue, the site was
proposed to be developed with a mixed-use residential/retail project under a "unified
development plan" which would take advantage of the vacation of 6`h Street which has
approximately 12,613 SF of site area,along the subject site. The vacation of the 12,613 SF
portion of street area and 85,348 SF main site area,provides 195,922 SF of buildable area
((85,348 SF+ 12,613 SF)x 2.0 FAR= 195,922 SF).
The subject site is level at street grade and does not have any apparent drainage or other
problems which would restrict or limit the use of the site. No soil boring tests or engineering
reports were submitted to the appraiser;however,the site is assumed to have stable subsoil
conditions as do most properties in the immediate area.
The appraiser has not been informed of any adverse subsoil conditions revealed by an
environmental assessment conducted by a firm with experience in identifying such
substances,nor is he qualified to detect such substances that may exist. It is assumed that
the subject site would be typical for properties located in the subject area with no apparent
soil problems which would restrict or limit the usage of the site. If any adverse subsoil
conditions are identified and do exist, these conditions would be considered to have a
material affect on the Market Value estimates. The valuation analysis assumes the site to be
free of any adverse subsoil conditions, and is subject to the satisfactory removal of any
contaminating materials in accordance with technical, environmental and governmental
guidelines.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 8 -
UTILITIES
Public utilities available to the subject site include electricity, water, sewer, gas and
telephone service. Electricity is provided by FPL.Police and fire protection,water and sewer
services are provided by the City of Miami Beach.
FLOOD ZONE
Flood Zone "AE" - An area inundated by 100-year flooding; National Flood Insurance
Program, Community Panel Number 120651-12086C0317L, as revised on September 11,
2009.
ZONING
The subject site is zoned as CPS-2 General Mixed-Use Commercial Performance District
which is designed to accommodate a range of business, commercial, office and hotel uses,
as well as medium to high density residential development pursuant to performance
standards which control the permissible type,density or intensity,and mix of development.
The maximum permitted Floor Area Ratio is 2.0,which would result in a buildable area of
170,696 SF.
ASSESSMENT AND REAL ESTATE TAXES
The subject site is located within the City of Miami Beach and is subject to both the City of
Miami Beach and Miami-Dade County ad valorem taxes. The Florida Statutes provide for
assessment and collection of yearly Ad Valorem Taxes on Real and Personal Property. The
assessment for the property is established each year as of January 1st by the Miami-Dade
County Property Appraiser's Office at 100% of"Just Value". The tax due is computed
according to annual millage rates established by Dade County. Millage rates are the amount
paid to each taxing body for every$1,000 of assessed value. Taxes are payable in November
with a 4% discount and become delinquent on April 1St
The subject site is assessed at $18,302,400 or $214.44/SF for land, $26,094 for the
improvements,or a total of$18,328,494,with real estate taxes of$261,257.71,prior to a 4%
discount for prompt payment.
J.ALHALE.APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 9 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW
Rental Apartment Market
According to the Housing Report prepared by Reinhold P.Wolff Economic Research,Inc.,
the vacancy rate in mature(18 months and older)rental apailuient complexes in Miami-Dade
County was 5.0% in May 2018,4.7% in February 2018,4.5%in November 2017;4.4%in
August 2017;3.6%in May 2017,3.6%in February 2017;3.9%in November 2016;3.9%in
November 2016;3.4%in August 2016;2.9%in May 2016;3.4%in February 2016;2.9%in
November 2015; 3.0%in August 2015; 3.3%in May 2015; and 3.9%in February 2015.
The subject South Beach sub-market had a vacancy rate of 4.0%for 2,046 units in February
2012; 4.7%for 2,046 units in May 2012; 4.6%%for 2,046 units in August 2012; 4.3%for
2,046 units in November 2012;8.1%for 2,046 units in February 2013;2.5%for 2,046 units
in May 2013;4.1%for 2,046 units in August 2013; 1.4%for 2,046 units in November 2013;
4.5% for 2,046 units in February 2014; 5.4%for 2,046 units in May 2014; 5.2% in August
2014 for 1,617 units; 5.7% for 2,046 units in November 2014; 3.7% for 1,617 units in
February 2015;3.8%for 1,617 units in May 2015;and 4.4%for 1,872 units in August 2015;
6.3%for 1,617 units in November 2015; 5.7% for 1,617 units in February 2016; 5.9%for
1,617 units in May 2016; 4.3% for 1,872 units in August 2016; 3.3% for 1,872 units in
November 2016;4.4%for 1,872 units in February 2017;3.7%for 1,872 units in May 2017;
7.7% for 1,872 units in August 2017; 7.4% for 1,872 units in November 2017; 5.8% for
1,872 units in February 2018; and 6.2%for 1,872 units in May 2018.
The neighboring sub-market of Central/North Beach sub-market had a vacancy rate of 2.8%
for 1,281 units in February 2012;4.9%for 1,281 units in May 2012;4.4%for 1,617 units in
August 2012; 3.4% for 1,617 units in November 2012; 9.1% for 1,617 units in February
2013;6.1%for 1,617 units in May 2013;.2%in August 2013 for 1,617 units;5.5%for 1,617
units in November 2013;4.3%for 1,617 units in February 2014; 1.9%for 1,617 units in May
2014; 3.4%in August 2014 for 2,046 units; 1.9%for 1,617 units in November 2014; 1.7%
for 1,617 units in February 2015;2.4%for 1,617 units in May 2015;2.5%for 1,617 units in
August 2015; 4.0% for 1,617 units in November 2015; 1.1% for 1,617 units in February
2016; 1.5% for 1,617 units in May 2016; 2.7% for 1,902 units in August 2016; 2.0% for
1,902 units in November 2016;4.0%for 1,902 units in February 2017;5.0%for 1,902 units
in May 2017;5.0%for 1,902 units in August 2017;5.2%for 1,902 units in November 2017;
4.5% for 1,902 units in February 2018; and 4.5%for 1,902 units in May 2018.
There were no new rental apartment units added to the inventory in South Beach, and there
is 0 months of inventory.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$39 to$1,869 from February 2018 to May 2018. The May 2018
overall average rent of$1,869 is 6.7% greater than the $1,751 average rent found a year
earlier.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 1 0 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW --Continued—
Rental Apar tucent Market(Continued)
The average rental rate for apartment units in South Beach were$2,627 or$$3.235/SF for
779 one-bedroom units; $3,563 or $2.912/SF for 587 two-bedroom units; and $5,224 or
$2.767/SF for 45 three-bedroom units. The rental rates in South Beach are among the
highest in Miami-Dade County, due to its specific location.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $91 to $1,830 from November 2017 to February 2018. The
February 2018 overall average rent of$1,830 is 4.9% greater than the$1,744 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $2 to $1,739 from August 2017 to November 2017. The
November 2017 overall average rent of$1,739 is .8%greater than the$1,725 average rent
found a year earlier.
The overall average monthly rent forapaitinents in mature rental developments in Miami-
Dade County declined by$14 to$1,737 from May 2017 to August 2017. The August 2017
overall average rent of$1,737 is 4.4% greater than the $1,664 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$7 to$1,771 from February 2017 to May 2017. The May 2017
overall average rent of$1,751 is 3.2% greater than the $1,696 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $19 to $1,744 from November 2016 to February 2017. The
February 2017 overall average rent of$1,744 is 5.1% greater than the $1,660 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $61 to $1,725 from August 2016 to November 2016. The
November 2016 overall average rent of$1,725 is 7.2%greater than the$1,609 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County decreased by$32 to$1,664 from May 2016 to August 2016. The August 2016
overall average rent of$1,664 is 3%greater than the$1,615 average rent found a year earlier.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
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MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued—
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$36 to$1,696 from February 2016 to May 2016.The May 2016
overall average rent of$1,696 is 5.3% greater than the $1,611 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $51 to $1,660 from November 2015 to February 2016. The
February 2016 overall average rent of$1,660 is 5.8% greater than the$1,569 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County declined by$6 to$1,609 from August to November 2015.The November 2015
overall average rent of$1,609 is 5.0% greater than the $1,532 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$4 to$1,615 from May to August 2015.The August 2015 overall
average rent of$1,615 is 8.5%greater than the$1,489 average rent found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$42 to$1,611 from February 2015 to May 2015. The May 2015
overall average rent of$1,611 is 8.1% greater than the $1,490 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $37 to $1,569 from November 2014 to February 2015. The
February 2015 overall average rent of$1,569 is 8.7% greater than the$1,443 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $43 to $1,532 from August 2014 to November 2014. The
November 2014 overall average rent of$1,532 is 8.4%greater than the$1,413 average rent
found a year earlier.
Condominium Apartment Market
As per the 2nd Quarter 2018 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 137 new condominium units were sold(deeded)
in Dade County during the 15`quarter of 2018. The 1St quarter sales were 23.5% less than
the 179 units sold in the 4th quarter of 2017,and 24.7% less than the 182 units sold in the 1"
Quarter of 2017. New condominium sales in 2017,totaled 784 units, 23.7% less than the
1,027 units sold in 2016. 61.6%,30.2%and 35.0%of the total new condominium sales in
Miami-Dade County in the 15`Quarter of 2017,4th Quarter of 2017 and 1"Quarter of 2018,
respectively,were above the$900,000 price level,making up the largest segment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 12 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued-
Condominium Apartment Market- Continued
There were 362, 340,235, 307, 361, 290, 293 and 269 used condominium units were sold
in the South Beach sub-market between 2' Quarter of 2016 and 1St Quarter of 2018,
respectively.
As per the 1St Quarter 2018 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 179 new condominium units were sold(deeded)
in Dade County during the 4th quarter of 2017. The 4th quarter sales were 14.8% less than
the 210 units sold in the 3`d quarter of 2017,and 40.7% less than the 302 units sold in the 4th
Quarter of 2016.
As per the 4th Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 210 new condominium units were sold(deeded)
in Dade County during the 3rd quarter of 2017. The 3rd quarter sales were 1.4% less than the
213 units sold in the rd quarter of 2017,and 20.7% more than the 174 units sold in the 3rd
Quarter of 2016. New condominium sales through September 2017, totaled 605 units,
16.6% less than the 725 units sold in the same period in 2016.
As per the 3'Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 213 new condominium units were sold(deeded)
in Dade County during the 2' quarter of 2017. The 2nd quarter sales were 17% more than
the 182 units sold in the 1st quarter of 2017,and 13.3% more than the 188 units sold in the
2nd Quarter of 2016. New condominium sales through June 2017,totaled 395 units,28.3%
less than the 551 units sold in the same period in 2016.
As per the 2'Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 182 new condominium units were sold(deeded)
in Dade County during the 1St quarter of 2017. The 1St quarter sales were 39.7% less than
the 302 units sold in the 4th quarter of 2016,and 49.9%less than the 363 units sold in the 1St
Quarter of 2016. New condominium sales in 2016 totaled 1,027 units,42.5% less than the
1,786 units sold in 2015.
As per the 1St Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 302 new condominium units were sold(deeded)
in Dade County during the 4th quarter of 2016. The 4th quarter sales were 73.6%more than
the 174 units sold in the 3'quarter of 2016,but 37.9% less than the 486 units sold in the 4th
Quarter of 2015.
As per the 4`h Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 174 new condominium units were sold(deeded)
in Dade County during the 3rd quarter of 2016. The 3"quarter sales were 7.4%less than the
188 units sold in the 2"d quarter of 2016, and 59.7% less than the 432 units sold in the 3"
Quarter of 2015. New condominium sales through September 2016 totaled 725 units,44.2%
less than the 1,300 units sold during the same period in 2015.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 13 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued—
Condominium Apartment Market- Continued
As per the 3'Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 188 new condominium units were sold(deeded)
in Dade County during the 2nd quarter of 2016. The 2"d quarter sales were 48.2% less than
the 363 units sold in the 1St quarter of 2016,and 57.4%less than the 441 units sold in the 2"d
Quarter of 2015. New condominium sales through June 2016 totaled 551 units,36.5%less
than the 868 units sold during the same period in 2015.
As per the Tri Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 363 new condominium units were sold(deeded)
in Dade County during the 1St quarter of 2016. The 1St quarter sales were 25.3% less than
the 486 units sold in the 4th quarter of 2015,and 15.0% less than the 427 units sold in the 1St
Quarter of 2015. New condominium sales in 2015 totaled 1,786 units,2.2 times more than
the 827 units sold in 2014.
As per the 1st Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research, Inc., a total of 486 new condominium units were sold in Dade
County during the 4th quarter of 2015. The 4th quarter sales were 12.5%greater than the 432
units sold in the 3rd quarter of 2015,and 7.8% more than the 451 units sold in the 4th Quarter
of 2014.
As per the 4th Quarter 2015 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 432 new condominium units were sold in Dade
County during the 3rd quarter of 2015. The 3" quarter sales were 2.0% less than the 441
units sold in the 2' quarter of 2015, and 2.5 times more than the 176 units sold in the 3rd
Quarter of 2014. New condominium sales through September 2015 totaled 1,300 units,3.5
times more than the 376 units sold during the same period in 2014.
As per the 3"Quarter 2015 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 441 new condominium units were sold in Dade
County during the 2nd quarter of 2015. The 2nd quarter sales were 3.3% more than the 427
units sold in the 1st quarter of 2015, and 3.1 times the 142 units sold in the 2"d Quarter of
2014. New condominium sales through June 2015 totaled 868 units, 4.3 times more than
the 200 units sold during the same period in 2014.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 14-
HIGHEST AND BEST USE
DEFINITION
The Highest and Best Use is a market-driven concept. It may be briefly defmed as
representing the most profitable,competitive use to which a site can be put,or that use which
may reasonably be expected to produce the greatest net return to the land over a given period
of time. In addition,the concept may further be defmed as the available use and program of
future utilization that produces the highest present land value.
Highest and Best Use is further defined in The Dictionary Real Estate Appraisal, 2010
Edition,which was sponsored by the Appraisal Institute as follows:
That reasonably probable and legal use of vacant land or an improved property
that is physically possible,appropriately supported,financially feasible,and that
results in the highest value.
It is to be recognized that in cases where a site has existing improvements on it,the Highest
and Best Use may very well be determined to be different from the existing use. The existing
use will continue,however,unless and until land value in its Highest and Best Use exceeds
the total value of the property in its existing use.
The estimate of Highest and Best Use is based upon four stages of analysis:
1. The possible use or uses which are physically possible for the site under analysis.
2. The permissible use or uses which are permitted relative to zoning, historic
preservation regulations, environmental controls and/or deed restriction of the site
under analysis.
3. The feasible use or uses which are considered economically and financially feasible for
the site in terms of existing and projected market conditions.
4. The Highest and Best Use in consideration of those legally permissible, physically
possible, financially feasible and maximally productive uses which will result in the
highest net return or the highest present worth.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 15 -
HIGHEST AND BEST USE,AS VACANT
The estimate of the Highest and Best Use of the land, as if vacant,requires market analysis
in terms of market conditions of supply and demand. The value of land is based upon the
level of utility that is in demand and that will produce amenities or net income to the user.
Therefore,the use which creates the greatest land value and which is considered compatible
in terms of the restriction imposed by the physical,legal,financial and maximally productive
factors is inherent in this analysis.
The physically possible uses of the subject site, as vacant, would include a variety of
commercial and multi-family residential uses. This is based upon analysis of the size,
frontage, exposure, access, location and buildable utility characteristics of the 85,348 SF
subject corner site.
Analysis of the permissible uses at the subject site takes into account those uses which would
be permitted by existing zoning and/or deed restrictions,providing that no deed restrictions
are in effect at the subject site which would restrict certain uses of the site.
The subject site is zoned as CPS-2 General Mixed-Use Commercial Performance District
which is designed to accommodate a range of business, commercial, office and hotel uses,
as well as medium to high density residential development pursuant to performance
standards which control the permissible type,density or intensity,and mix of development.
The maximum permitted Floor Area Ratio is 2.0,which would result in a buildable area of
170,696 SF. Under a"unified development plan", there is a proposal to vacate the 12,613
SF portion of 66 Street along the subject site. The vacation of the 12,613 SF portion of street
area and 85,348 SF main site area, provides 195,922 SF of buildable area ((85,348 SF +
12,613 SF)x 2.0 FAR= 195,922 SF).
After analysis of the physicallypossible and legally permissible uses to which the subject site
could conceivably be put, a study of those uses which would be maximally productive is
required. Therefore, an alternative use analysis was performed relative to that use which
would represent the Highest and Best Use of the subject site,as if vacant.
The subject site is located on the north side of 5th Street,the south side of 6th Street,between
Alton Road and West Avenue, in the South Beach section of Miami Beach, Florida. The
immediate area surrounding the subject site is comprised of low-rise,mid-rise and high-rise
rental and condominium apaitment buildings along Bay Road and West Avenue,as well as
mixed-use residential/retail buildings along West Avenue, and commercial buildings with
retail,office and restaurant space;office buildings,and other retail/service uses along Alton
Road.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 16 -
HIGHEST AND BEST USE,AS VACANT
Miami Beach is an island located just off the southeast coast of Miami-Dade County,Florida.
The island is approximately one mile wide,ten miles long and travels in a northerly/southerly
direction parallel to mainland Miami-Dade County. The town of Surfside borders Miami
Beach to the north starting at approximately 87th Street. The Atlantic Ocean acts as the
eastern and southeastern border,while Biscayne Bay/the Intracoastal Waterway lies to the
west. Five causeways connect Miami Beach to the mainland; the MacArthur Causeway
(Highway No.41);the Venetian Causeway; the Julia Tuttle Causeway(Interstate 195);the
Broad Causeway(State Road No.922)and the North Dade Causeway(State Road No.934).
As the City's economy drastically improved in the last twenty-five years,Miami Beach has
experienced an influx of younger and more affluent residents. Close proximity to Miami's
downtown business district,the Art Deco entertainment district and access to the beach are
all considered to be contributing factors to the area's discovery as a place to live and work.
The continued faith in the City's economy is reflected by the consistent increase in building
permit activity over the last twenty years. Developers and real estate professionals in Miami
Beach have been aggressively marketing their properties to local and out-of-town residents
and families. In the last fifteen years,the development and redevelopment activity has well
spread over the waterfront corridors of Ocean Drive, Collins Avenue and Ocean Drive, as
well as the Art Deco district,the 5th Street corridor and the area south of 5th Street which
is referred to as the overall South Pointe area.
The subject site is located just north of 5th Street (connecting to MacArthur Causeway)
which is the gateway to the South Beach area of Miami Beach,connecting it with the Central
Business District of Miami. The subject property is located 2/3 mile southeast of Lincoln
Road which is an upscale pedestrian corridor which is considered ground-zero for
retail/restaurant space in South Beach,commanding the highest rental rates and sale prices.
The subject site is within walking distance of the service, entertainment,retail corridors of
Alton Road and Lincoln Road.The viability of the subject neighborhood is further enhanced
by the ease of accessibility to/from downtown Miami and the Central Business District
(CBD)and other major employment centers within Miami-Dade County.
The area surrounding the subject site has been developed with mostly residential facilities
and therefore,no nuisances,hazards or other adverse influences were observed. No notable
signs of external obsolescence were observed and the overall appeal of the improved
properties is considered to be above average to very good.
There are 30,271 residents within a 1-mile radius of the subject property,with a projected
population growth rate of 3.6%,average age of 43 years, 18,180 households,with a growth
rate of 3.0% and 1.6 people per household and$48,312 of median household income and
median home value of$394,201.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 17 -
HIGHEST AND BEST USE,AS VACANT
There were no new rental apartment units added to the inventory in South Beach,and there
is 0 months of inventory. The average rental rate for apartment units in South Beach were
$2,627 or$$3.235/SF for 779 one-bedroom units;$3,563 or$2.912/SF for 587 two-bedroom
units;and$5,224 or$2.767/SF for 45 three-bedroom units. The rental rates in South Beach
are among the highest in Miami-Dade County, due to its specific location.
There are 64,013 residents within a 3-mile radius of the subject property,with a projected
population growth rate of 4.3%,average age of 42 years,35,689 households,with a growth
rate of 3.6% and 1.7 people per household and$60,065 of median household income and
median home value of$486,248.
There are 256,499 residents within a 5-mile radius of the subject property,with a projected
population growth rate of 5.8%,average age of 40 years, 119,610 households,with a growth
rate of 5.3% and 2.0 people per household and $49,109 of median household income and
median home value of$428,816.
As per the most recent Miami-Dade County Retail Market Survey prepared by CoStar,the
Miami Beach retail sub-market had a net absorption of-41,100 SF in the last twelve months
(lower than the historical average of 105,149 SF,and lower than the 609,814 SF peak in 3'd
Quarter of 2007),with a vacancy rate of 5.3% and average quoted rental rate of$81.06/SF
($131.75/SF for malls,$71.10/SF for power centers,$100.31/SF for neighborhood shopping
centers,$71.34/SF for strip centers,and$67.98 for general retail),with a rental rate growth
rate of 5.2%in the last twelve months,with 74,702 SF delivered in the last twelve months,
60,091 SF to be delivered in the next twelve months and 142,173 SF proposed in the next
four quarters.
Based upon analysis of those uses which would be considered physically possible, legally
permissible and economically feasible,it is the appraiser's estimate that the Highest and Best
Use of the subject site would be its development with a residential condominium apartment
building, with an ancillary commercial component. This site already has approvals to be
developed with a mixed-use residential/commercial building with 18,000 SF of retail and a
163-unit residential component(170,696 SF allowed on its own,without the two other sites
and the vacation of 6th Street). Subject to satisfaction of certain property rights transferred
among the three sites under a"unified development plan",the subject site is proposed to be
developed with a high-rise residential apartment building which would be built to
condominium quality standards,and possibly have an interim rental apartment use during the
sell-out period.
•
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 18 -
THE VALUATION PROCEDURE
The valuation procedure is defined in the 2010 Edition of the Dictionary of Real Estate
Appraisal which was sponsored by the Appraisal Institute as follows: The act,manner and
technique of performing the steps of a valuation method.
In order to provide estimates of the Market Value of the Fee Simple Interest in the subject
property, with vacating portion of 6' Street along the site,in"as is"condition(land value,
less estimated cost of demolition and carting),as of June 27,2018 and the Market Value of
the Fee Simple Interest in the subject property,with vacating portion of 6`'Street along the
site, as vacant (land value), as of June 27, 2018, we have utilized the Sales Comparison
Approach to Value.
The Sales Comparison Approach to Value is based upon a comparison between recently sold
sites and the subject site, utilizing the sale price per square foot of buildable area unit of
comparison.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 19 -
THE SALES COMPARISON APPROACH (LAND VALUATION)
In order to estimate the value of the subject site,the land is analyzed as vacant and available
to be put to its Highest and Best Use. There are several different techniques which can be
utilized in the valuation of land. The technique selected must relate to the specific factors
inherent in the appraisal problem at hand. The land valuation technique selected must reflect
the prudent and rationale behavior of the most probable, typically informed
purchaser/investor. In addition,the availability of reliable and verified market data further
leads to the selection of the applicable land valuation technique.
1. The Sales Comparison Approach analyzes the sales of similar vacant sites, with
comparison and adjustment made from these sales to the subject site. The Sales
Comparison Approach to Value is based on the principle of substitution;that is,when a
property is replaceable in the market, its value tends to be set at the cost of acquiring an
equally desirable substitute property assuming no costly delay in making the substitution.
The Sales Comparison Approach to Value is based on a comparison between recently sold
sites in Miami Beach and the subject site, utilizing the sale price/SF of buildable area
method of comparison.
2. The Abstraction Method analyzes the sales of improved properties with an allocation
made between land and improvement value. The indicated allocation may establish a
typical ratio of land value to total value or to derive from the portion of the sales price
allocated to land an estimate of land value for use as a comparable land sale.
3. The Cost of Development Method provides an estimate ofthe value ofundeveloped land
based upon the creation of a platted subdivision, development and sale of said parcel.
The method assumes that the most probable purchaser of the land would be a
developer/investor who plans to dispose of the developed sites at a profit. The costs of
development are subtracted from the estimated proceeds of sale resulting in a net income
projection which is discounted over the market absorption period.
4. The Land Residual Method treats the net income available to support the investment in
the site as a residual. The income required to cover the investment in new
improvements that represent the Highest and Best Use of the site is deducted from the
Net Operating Income resulting in an estimate of the net income to the land which is
then capitalized to estimate the land value.
The comparable land sales are considered reasonably similar to the subject property in terms
of zoning, location, physical characteristics, topography and buildable utility. The sales
represent bona-fide"arm's length"transactions which are representative ofprevailing market
values. Our analysis has taken into account those differentials relative to financing,time of
sale,size,location,frontage/exposure,zoning,developmental potential and functional utility
of the comparable sales as they compare to the subject site.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-20-
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THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE SALES
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3`d Street and 17th Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6``' Street and
Washington Avenue, 3rd Street and Washington Avenue; and 3rd Street and Ocean Drive.
Frontage/Visibility/Exposure
The subject site, with frontage on three streets and a highway ramp, is superior to
Comparable Land Sale Numbers Three, Five and Eight; and inferior to Comparable Land
Sale Numbers One and Two.
Configuration
The subject site and the comparable sites are generally shaped rectangular, with adequate
frontage and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites command a premium on a sale price per square foot
basis.
Physical Development Potential and Functional Utility
The comparable sales were inferior to the subject site in terms of physical development
potential and functional utility due to their significantly smaller size, thereby requiring a
positive adjustment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-22 -
THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE LAND SALES - Continued
Topography
The subject site and the comparable land sales were generally level at street-grade. However,
we have estimated the cost of demolition at the comparable sales and the subject site,if there
were older improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price) and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of $284.44,
$331.39, $236.25, $244.90 $196.36, $362.64, $539.56 (asking price) and $289.53 (asking
price). After the analytical adjustments, the comparable sales indicated adjusted sale
price/SF of site area of$673.23, $695.92, $339.61, $492.77, $295.45, $634.62, $991.42
(asking price)and$669.40(asking price). After the analytical adjustments,the comparable
sales indicated adjusted sale price/SF of buildable area of $299.21, $347.96, $271.69,
$246.39, $236.36, $362.64, $566.54 (asking price) and$334.70 (asking price).
Based on the preceding analysis, $300/SF of buildable area reflect a reasonable estimate of
Market Value of the Fee Simple Interest in the subject site,as vacant. The estimated cost of
demolition of the nearly 6,000 SF building was deducted to arrive at the"as is"value. In
conjunction with a 138,843 SF site at the 600 Block of Alton Road and a 49,000 SF site at
the 700 Block of West Avenue, the site was proposed to be developed with a mixed-use
residential/retail project under a"unified development plan"which would take advantage of
the vacation of 6th Street which has approximately 12,613 SF of site area,along the subject
site. The vacation of the 12,613 SF portion of street area and 85,348 SF main site area,
provides 195,922 SF of buildable area((85,348 SF+ 12,613 SF)x 2.0 FAR=195,922 SF).
170,696 SF x$300/SF = $51,208,800
25,226 SF x$300/SF = $7,567,800
Estimated Market Value of the Fee
Simple Interest in the Subject Site,
With"Vacation of 6th Street"
"as if"Vacant (Rounded) $58,800,000
Less: Estimated Cost of Demolition and
Carting of Existing Vacant Improvements $30,000
Estimated Market Value of the Fee Simple
Interest in the Subject Site,With"Vacation
of 6th Street"in"as is" Condition(Rd.) $58,770,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-23 -
RECONCILIATION AND FINAL VALUE ESTIMATE
MARKET VALUE ESTIMATES:
Income Capitalization Approach to Value: Not Applicable
Sales Comparison Approach to Value: $58,800,000 As if Vacant
$58,770,000 As Is
Cost Approach to Value: Not Applicable
Reconciled Final Value Estimates: $58,800,000 As if Vacant
$58,770,000 As Is
Note: The Market Value of the subject site, without vacating 6" Street, was estimated at
$51,200,000"as if'vacant,and$51,770,000 in"as is"condition(refer to the appraisal report
dated July 16,2018). Accordingly,the estimated contributory value of vacating the portion
of 6" Street along the subject site, and adding approximately 25,226 SF (12,613 SF x 2.0
FAR) of buildable area to the subject site was estimated to be$7,600,000.
In order to provide estimates of the Market Value of the Fee Simple Interest in the subject
property,with vacating portion of 6th Street along the site,in"as is"condition(land value,
less estimated cost of demolition and carting),as of June 27,2018 and the Market Value of
the Fee Simple Interest in the subject property,with vacating portion of 6th Street along the
site, as vacant (land value), as of June 27, 2018, we have utilized the Sales Comparison
Approach to Value.
The Sales Comparison Approach to Value is based upon a comparison between recently sold
site and the subject sites, utilizing the sale price per square foot of buildable area unit of
comparison.
It is my estimate that the Market Value of the Fee Simple Interest in the subject property,
with vacating portion of 6' Street along the site, in "as is" condition (land value, less
estimated cost of demolition and carting), as of June 27,2018 and the Market Value of the
Fee Simple Interest in the subject property,with vacating portion of 6th Street along the site,
as vacant(land value), as of June 27, 2018,was:
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SUBJECT SITE (WITH VACATION OF 6TH STREET), "AS IF"VACANT
FIFTY EIGHT MILLION EIGHT HUNDRED THOUSAND DOLLARS
($58,800,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SUBJECT SITE (WITH VACATION OF 6TH STREET)
IN"AS IS"CONDITION(LAND VALUE,LESS DEMOLITION COST)
FIFTY EIGHT MILLION SEVEN HUNDRED SEVENTY THOUSAND DOLLARS
($58,770,000)
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-24 -
CONTINGENT AND LIMITING CONDITIONS
We assume no responsibility for matters legal in nature,nor do we render any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership and management.
When applicable,the sketch in this report is included to assist the reader in visualizing the
properties,and we assume no responsibility for its accuracy. We have made no survey of the
property. We are not required to give testimony or appear in court because of having made
this appraisal, with reference to the property in question, unless arrangements have been ,
previously made thereof. Additional professional valuation services rendered would require
further compensation under a separate contractual agreement.
Where applicable, the distribution of the total valuation in this report between land and
improvements applies only under the existing program of utilizations. The separate
valuations for land and building must not be used in conjunction with any other appraisal and
are invalid if so used.
We assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. We assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
Information, estimates and opinions furnished to us and contained in this report were
obtained from sources considered reliable and believed to be true and correct. However,no
responsibility for accuracy can be assumed by us.
No one other than the undersigned prepared the analyses, conclusions and estimates
concerning the real estate set forth in this appraisal.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for any
purpose by any but the client without the previous written consent of the appraiser, and/or
the client; nor shall it be conveyed by any including the client to the public through
advertising, publications, news, sales or other media, without the written consent and
approval ofthe author,particularly the valuation conclusions,identity of the appraiser,or any
reference to any professional society or institute or any initialed designation conferred upon
the appraiser.
This appraisal report has been made in conformity with and is subject to the requirements of
the Code of Professional Ethics and Standards of Professional Practice of the Appraisal
Institute,the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal
Standards Board of the Appraisal Foundation and the requirements of the State ofFlorida for
state certified real estate appraisers, as well as current Federal regulatory agency criteria.
J..ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-25 -
CONTINGENT AND LIMITING CONDITIONS --Continued—
The existence of hazardous materials,which may or may not be present on the property,was
not observed. We have no knowledge of the existence of such materials on or in the
properties, nor are we qualified to detect such substances. The presence of potentially
hazardous materials and/or substances may affect the value of the property. The value
estimate reflected in this appraisal report 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 client is urged to retain an expert in this field,if desired.
The Americans with Disabilities Act("ADA")became effective January 26, 1992. We have
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 "ADA". It is possible
that a compliance survey of the property, together with a detailed analysis of the
requirements of the "ADA" could reveal that the property is not in compliance with one or
more of the requirements of the Act. Since we have no direct evidence relating to this issue,
we did not consider possible non-compliance with the requirement of"ADA"in estimating
the value of the property.
The appraisal report can not be used in connection with a real estate syndicate(s)or securities
related activity(ies) and is invalid if so used without the previous knowledge or written
consent of the appraiser. Said activities include but would not be limited to activities which
are required to be registered with the United States Securities and Exchange Commission or
any state regulatory agency regulating investments made as a public offering, as well as
activities involving Real Estate Investment Trusts,Limited Partnerships,Mortgage Backed
Securities and any other transaction which is subject to the securities Exchange Act of 1933,
the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment
Advisors Act of 1940 or State Blue Sky or securities laws or any amendments thereto.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-26 -
CERTIFICATION
The undersigned do hereby certify that, to the best of our knowledge and belief, except as
otherwise noted in the appraisal report:
- The statements of fact contained in this report, upon which the analyses, opinions and
conclusions expressed herein are based, are true and correct.
- Other than the recent(dated July 16,2018)appraisal of the subject site,with the two other
sites,all owned by the same party,I have performed no services as an appraiser regarding
the property that is the subject of this appraisal assignment,within the three year period
preceding the acceptance of this assignment.
- The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and are our personal,unbiased professional analyses,
opinions and conclusions.
- We have no present or prospective interest in the property that is the subject of this report
and we have no personal interest or bias with respect to the parties involved.
- The amount of our compensation is not contingent upon the development or reporting of
a predetermined value of direction in value that favors the cause of the client,the amount
of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
- Our analyses,opinions and conclusions were developed,and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute, the Uniform Standards of Professional
Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation
and the requirements of the State of Florida for state certified real estate appraisers,as well
as current Federal regulatory agency criteria.
- My engagement in this assignment was not contingent upon developing or reporting
predetermined values. The appraisal assignment has not been based on a required
minimum valuation, a specific valuation,or the approval of a loan.
- The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives,as well as the Florida Real Estate Appraisal
Board.
- As of the date of this report, Jozef Alhale has completed the requirements of the
continuing education program of The Appraisal Institute.
- The appraiser has visually inspected the perimeters of the subject site which is described
in this report.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-27 -
CERTIFICATION
- No one other than the undersigned prepared the analyses, conclusions and opinions
concerning real estate that are set forth in this appraisal report, nor provided significant
professional assistance to the person signing this report.
It is the opinion of the undersigned that the estimated Market Value of the Fee Simple
Interest in the subject property,with vacating portion of 6' Street along the site, in"as is"
condition(land value,less estimated cost of demolition and carting),as of June 27,2018 and
the Market Value of the Fee Simple Interest in the subject property,with vacating portion of
6'Street along the site,as vacant(land value),as of June 27,2018,was as described herein.
Jozef Alhale,MAI
State Certified General Appraiser
License No. RZ 0001557
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-28 -
ADDENDA
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-29 -
JOZEF ALHALE,MAI
3475 Sheridan Street,Suite 313
Hollywood,Florida 33021
(305) 613-7477 jbalhale(c aol.com www.jalhaleappraisals.com
QUALIFICATIONS
Experience: Thirty years in the field of real estate appraisal, appraisal review,
consultation, expert witness, economic research and market analysis.
Membership: Appraisal Institute,MAI
CCIM Institute
Miami Society of Commercial Realtors
Miami Association of Realtors
Professional
Experience: J. Alhale Appraisals,Inc.,President, September 2009 to present
J.B. Alhale&Associates,Inc.,President,May 1994 to present
Dixon and Friedman,Inc., Senior Appraiser, Oct. 1991 -May 1994
R.G. Davis &Associates, Inc., Fee Appraiser, Jan. 1991 -Oct. 1991
Izenberg Appraisal Assoc.,Inc., Staff Appraiser,July 1988-Dec. 1990
Education: Master of Science, Computer Science
Rensselear Polytechnic Institute,Troy,New York
Bachelor of Arts, Cum Laude, Computer Science
New York University,New York,New York
Associate Engineering Degree, Computer Science
Tel Aviv University,Tel Aviv,Israel
Licensed: State Certified General Real Estate Appraiser- State of Florida
Real Estate Salesman- State of Florida
Assignments: Vacant land, industrial facilities, shopping centers, office buildings,
rental and condominium apartment buildings, hotel/motel facilities,
other special-purpose properties, air rights, as well as valuation of
Leased Fee and Leasehold Interests, undivided partial interests for
financing, litigation, divorce, estate taxes, gift taxes, trusts, etc.
Economic research, expert witness, Highest and Best Use analysis,
market analysis,feasibility analysis pertaining to commercial,industrial,
lodging, retail, office, multi-family residential and special-purpose
properties.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-30 -
APPRAISAL REPORT
OF SEVERAL REDEVELOPMENT SITES
LOCATED AT
THE 500 AND 600 BLOCKS OF ALTON ROAD
AND 600 AND 700 BLOCKS OF WEST AVENUE
MIAMI BEACH,FLORIDA
DATE OF VALUATION:
JUNE 27,2018
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
J. ALHALE APPRAISALS, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
3475 SHERIDAN STREET, SUITE 313
HOLLYWOOD, FLORIDA 33021
JOZEF ALHALE,MM CELL:(305)613-7477
STATE CERTIFIED GENERAL APPRAISER E-MAIL:jbalhale@aol.com
NO.RZ0001557 WWW.jalhaleappraisals.com
July 16,2018
Mr. Eric T. Carpenter,P.E.
Assistant City Manager
City of Miami Beach
1700 Convention Center Drive
Miami Beach,Florida 33139
Re: Site 1 ("500 Site"): 500 Alton Road&1220 6th Street,Miami Beach,Florida
Site 2 ("600 Site"): 630-650 Alton Road&601-651 West Avenue,Miami Beach, Florida
Site 3 ("700 Site"): 659-737 West Avenue,Miami Beach,Florida
Site 4 ("Retail Site"): 600-650 Alton Road,Miami Beach,Florida
Site 5 "(Park Site"): 601-737 West Avenue,Miami Beach,Florida
Dear Mr. Carpenter:
Pursuant to your request for an appraisal of the above referenced properties,I submit the following
appraisal report.
Legal Description:
Site One-Lots 1 through 8,and Lots 13 through 19,less street for road,and alley lying between and
adjacent thereof closed per Resolution 2005-25869, and Lots 9 and 10, and the easterly 1/2 of the
alley lying west and adjacent,closed as per Resolution 2013-28343;and Lots 11 and 12,and western
1/2 of the alley lying east and adjacent, closed as per Resolution 2013-28343, Amended Aquarium
Site, as recorded in Plat Book 21,Page 83 of the Public Records of Miami-Dade County,Florida
Site Two-Lots 1 through 4,less street,and Lots 5 through 7,and Lots 23 through 32,Block 2,and
property interest in and to common elements not dedicated to the public, Fleetwood Subdivision,
as recorded in Plat Book 28,Page 34 of the Public Records of Miami-Dade County,Florida
Site Three- Lots 8 through 14, less the western 10 feet for right of way, Block 2, and property
interest in and to common elements not dedicated to the public,Fleetwood Subdivision,as recorded
in Plat Book 28,Page 34 of the Public Records of Miami-Dade County,Florida
Note: Sites Four and Five are portions of Site Two and Three, as legally described herein
Mr.Eric T. Carpenter,P.E.
July 16, 2018
Page Two
I have made a physical inspection of the subject sites, and performed market research to provide
estimates of the Highest and Best Use,Market Value of the Fee Simple Interest in Properties One,
Two and Four in"as is"condition(land value,less estimated cost of demolition and carting),as of
June 27, 2018 Market Value of the Fee Simple Interest in Properties One through Five, as vacant
(land value), as of June 27,2018.
It is my estimate that the Market Value of the Fee Simple Interest in Properties One,Two and Four
in"as is"condition(land value,less estimated cost of demolition and carting),as of June 27,2018
Market Value of the Fee Simple Interest in Properties One through Five,as vacant(land value),as
of June 27,2018,was:
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 1 ("500 SITE"), "AS IF"VACANT
FIFTY ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($51,200,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 1 ("500 SITE")
IN"AS IS" CONDITION(LAND VALUE,LESS DEMOLITION COST)
FIFTY ONE MILLION ONE HUNDRED SEVENTY THOUSAND DOLLARS
($51,170,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 2 ("600 SITE"), "AS IF"VACANT
SEVENTY NINE MILLION EIGHT HUNDRED THOUSAND DOLLARS
($79,800,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST IN SITE 2 ("600 SITE")
IN"AS IS"CONDITION(LAND VALUE,LESS DEMOLITION COST)
SEVENTY NINE MILLION FIVE HUNDRED THOUSAND DOLLARS
($79,500,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 3 ("700 SITE"IN"AS IS"CONDITION(LAND VALUE)
TWENTY FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS
($24,500,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 4 ("RETAIL SITE"), "AS IF"VACANT
FIFTY MILLION THREE HUNDRED THOUSAND DOLLARS
($50,300,000)
MrJuly. Eric 2018T. Carpenter,P.E.
,
Page Three
MARKET VALUE OF THE FEE SIMPLE INTEREST IN SITE 4 ("RETAIL SITE")
IN"AS IS"CONDITION(LAND VALUE,LESS DEMOLITION COST)
FIFTY MILLION DOLLARS
($50,000,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 5 ("PARK SITE")IN"AS IS" CONDITION(LAND VALUE)
FIFTY TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($52,500,000)
Sincerely,
Jozef Alhale,MAI
State Certified General Appraiser
License No. RZ 0001557
. TABLE OF CONTENTS
PAGE NO.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1-7
PHOTOGRAPHS OF SITE ONE ("500 SITE") 8
PHOTOGRAPHS OF SITE TWO ("600 SITE"). 9
PHOTOGRAPHS OF SITE THREE("700 SITE"). 10
PURPOSE/FUNCTION OF THE APPRAISAL 11
SCOPE OF THE APPRAISAL. 11
PROPERTY RIGHTS APPRAISED. 11
DATE OF VALUATION AND REPORT. 11
STATEMENT OF OWNERSHIP AND HISTORY 12
ESTIMATED MARKETING AND EXPOSURE PERIOD 12
DEFINITION OF MARKET VALUE. 13
NEIGHBORHOOD ANALYSIS. 13-14
ACCESS TO THE SITES 14
DESCRIPTION OF THE SITES 14-15
UTILITIES. 15
FLOOD ZONE. 16
ZONING. 16
ASSESSMENT AND REAL ESTATE TAXES. 16
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW 17-21
HIGHEST AND BEST USE DEFINITION. 22
HIGHEST AND BEST USE,AS VACANT. 23-26
THE VALUATION PROCESS. 27
THE SALES COMPARISON APPROACH TO VALUE. 28-44
RECONCILIATION AND FINAL VALUE ESTIMATE. 45-46
CONTINGENT AND LIMITING CONDITIONS. 47-48
CERTIFICATION 49-50
ADDENDA 51
COMPARABLE/COMPETITIVE RETAIL RENTAL RATES 52-54
COMPARABLE/COMPETITIVE RETAIL SALES. 55
COMPARABLE/COMPETITIVE CONDO RENTAL RATES. 56
COMPARABLE/COMPETITIVE CONDO LISTINGS AND SALES. 57-68
PROPOSED CONCEPTUAL DEVELOPMENT SCENARIO. 69
ESTIMATED CONDOMINIUM UNIT PRICING SCHEDULE 70
GROSS SELL OUT OF CONDOMINIUMS WITH A SIMULTANEOUS
RENTAL USE(OLD DEVELOPMENT SCENARIO). 71
GROSS SELL OUT OF CONDOMINIUMS WITH A SIMULTANEOUS
RENTAL USE (NEW POTENTIAL DEVELOPMENT SCENARIO). 72
ESTIMATED PRELIMINARY DEVELOPMENT COST 73
QUALIFICATIONS (Jozef Alhale,MAI) 74
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Location: Site One ("500 Site") - 85,348 SF site which is the city block
bound by 5th Street on the south, 6'' Street on the north, Alton
Road on the east and West Avenue on the west, Miami Beach,
Florida
Site Two ("600 Site") - 138,842 SF site which is located on the
north side of 6`'Street,extending from Alton Road on the east to
West Avenue on the west,Miami Beach,Florida
Site Three ("700 Site") -49,000 SF site which is located along
the east side of West Avenue,approximately 360 feet north of the
northeast corner of 6`h Street and approximately 136.50 feet south
of the southeast corner of 8`h Street,Miami Beach,Florida
Site Four ("Retail Site")-The 87,412 SF eastern portion of the
138,842 SF site ("600 Site") which is located at the northwest
corner of 6th Street and Alton Road,Miami Beach,Florida
Site Five ("Park Site")-The 100,430 SF site is comprised of the
49,000 SF"700 Site"and the 51,430 SF southwestern portion of
the 138,842 SF site ("600 Site"), and is located at the northeast
corner of 6" Street and Alton Road,Miami Beach,Florida
Address: Site 1 ("500 Site")
500 Alton Road&1220 6" Street
Miami Beach,Florida
Site 2 ("600 Site")
630-650 Alton Road &
601-651 West Avenue
Miami Beach,Florida
Site 3 ("700 Site")
659-737 West Avenue
Miami Beach, Florida
Site 4 ("Retail Site")
600-650 Alton Road
Miami Beach,Florida
Site 5 "(Park Site")
601-737 West Avenue
Miami Beach,Florida
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 1 -
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Census Tract/Block: 44.060/ 1
Folio No: Site One
02-4204-006-0010 and 02-4204-006-0070
Site Two
02-4203-001-0100 and 02-4203-001-0280
Site Three
02-4203-001-0161; 02-4203-001-0170; 02-4203-001-0180;
02-4203-001-0190; 02-4203-001-0200; 02-4203-001-0201;
02-4203-001-0210; 02-4203-001-0220
Site Four
Portion of 02-4203-001-0100 and all of 02-4203-001-0280
Site Five
Portion of 02-4203-001-0100 and all of
02-4203-001-0161; 02-4203-001-0170; 02-4203-001-0180;
02-4203-001-0190; 02-4203-001-0200; 02-4203-001-0201;
02-4203-001-0210; 02-4203-001-0220
Owner of Record: Site One
500 Alton Road Ventures LLC and 1220 Sixth LLC
2200 Biscayne Boulevard
Miami, Florida 33137
Site Two
South Beach Heights I LLC
2200 Biscayne Boulevard
Miami,Florida 33137
Site Three
KGM Equities LLC
• 2200 Biscayne Boulevard
Miami,Florida 33137
Note: Sites Four and Five are portions of Site Two and Three,as
legally described herein
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-2 -
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Legal Description: Site One - Lots 1 through 8, and Lots 13 through 19, less street
for road,and alley lying between and adjacent thereof closed per
Resolution 2005-25869,and Lots 9 and 10,and the easterly'/2 of
the alley lying west and adjacent,closed as per Resolution 2013-
28343;and Lots 11 and 12, and western'/2 of the alley lying east
and adjacent, closed as per Resolution 2013-28343, Amended
Aquarium Site,as recorded in Plat Book 21,Page 83 of the Public
Records of Miami-Dade County,Florida
Site Two-Lots 1 through 4,less street,and Lots 5 through 7,and
Lots 23 through 32, Block 2, and property interest in and to
common elements not dedicated to the public, Fleetwood
Subdivision, as recorded in Plat Book 28, Page 34 of the Public
Records of Miami-Dade County,Florida
Site Three-Lots 8 through 14,less the western 10 feet for right
of way,Block 2,and property interest in and to common elements
not dedicated to the public,Fleetwood Subdivision, as recorded
in Plat Book 28, Page 34 of the Public Records of Miami-Dade
County,Florida
Note: Sites Four and Five are portions of Site Two and Three,as
legally described herein
Description: Site One is an 85,348 SF(as per site survey; or 87,140 SF as per
the public records)city-block which is bounded by 5th Street(Mc
Arthur Causeway) on the south, 6' Street of the north, Alton
Road on the east and West Avenue on the west. The site is level
at street grade, and currently has a 5,723 SF improvement at the
northwest corner,built in 1960. The vacant improvements have
no contributory value,as they do not reflect the Highest and Best
Use of the site, as improved or as if vacant.
Site Two is a 138,842 SF(as per site survey;or 140,700 SF as per
the public records) site which is bounded by 6' Street on the
south (320 feet of frontage), Alton Road on the east
(approximately 510 feet of frontage) and West Avenue on the
west (approximately 360 feet of frontage). The site is level at
street grade, and currently has an approximately 60,000 SF 9-
level "shell" of an older structure built in 198.3. The
improvements have no contributory value, as they do not reflect
the Highest and Best Use of the site,as improved or as if vacant.
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Real Estate Appraisers and Consultants
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Description: Site Three is a 49,000 SF (as per site survey; and the public
records)site which is located approximately 360 feet north of the
northeast corner of 6th Street and West Avenue, with
approximately 350 feet frontage along the east side of West
Avenue, and a depth of 140 feet. The site is level at street grade,
and currently being partially used for surface parking.
Site Four ("Retail Site") is the 87,412 SF eastern portion of the
138,842 SF site ("600 Site"), and is located at the northwest
corner of 6``'Street and Alton Road,Miami Beach,Florida. This
portion of the site would have 170 feet of frontage along the north
side of 6th Street and 510 feet of frontage along the west side of
Alton Road. The site is level at street grade,and currently has an
approximately 60,000 SF 9-level "shell" of an older structure
built in 1983. The improvements have no contributory value,as
they do not reflect the Highest and Best Use of the site, as
improved or as if vacant.
Site Five ("Park Site") is a 100,430 SF site which is comprised
of the 49,000 SF "700 Site" and the 51,430 SF southwestern
portion of the 138,842 SF "600 Site", and is located at the
northeast corner of 6th Street and Alton Road, Miami Beach,
Florida. The site has approximately 710 feet of frontage along the
east side of West Avenue and approximately 150 feet of frontage
along the north side of 6`''Street. The site is level at street grade,
and currently being partially used for surface parking.
Site Area: Site 1 - 85,348 SF
Site 2 - 138,842 SF
Site 3 - 49,000 SF
Site 4- 87,412 SF(Portion of Site 2)
Site 5 - 100,430 SF (Portion of Site 2,
and all of Site 3)
Flood Zone: Flood Zone "AE" - An area inundated by 100-year flooding;
National Flood Insurance Program, Community Panel Number
120651-12086C0317L, as revised on September 11,2009.
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Real Estate Appraisers and Consultants
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Zoning: Site 1 - CPS-2 General Mixed-Use Commercial Performance
District
Site 2 - CD-2 Medium-Intensity Commercial District
Site 3-RM-2 Medium-Intensity Multi-Family Residential District
Site 4 - CD-2 Medium-Intensity Commercial District
Site 5- CD-2 Medium-Intensity Commercial District(51,430 SF)
and RM-2 Medium-Intensity Multi-Family Residential District
(49,000 SF)
Highest and
Best Use: The Highest and Best Use of Site One is its development with a
residential condominium apartment building, with an ancillary
commercial component. This site already has approvals to be
developed with a mixed-use residential/commercial building with
18,000 SF of retail and approximately 159,650 SF 163-unit
residential component (170,696 SF allowed). Subject to
satisfaction of certain property rights among Sites 1,2 and 3,this
site is proposed to be developed with a high-rise residential
apartment building which would be built to condominium quality
standards, and possibly have an interim rental apartment use
during the sell-out period.
The Highest and Best Use of Site Two is its development with a
mixed-use residential/commercial condominium building. This
site already has approvals to be developed with a mixed-use
residential/commercial building with 42,915 SF of retail and
253,840 SF 256-unit residential component,totaling 275,298 SF
of buildable FAR area (277,684 SF allowed). Subject to
satisfaction of certain property rights among Site 1,2 and 3,the
87,412 SF southeastern section of this site(Site 4)is proposed to
be developed with a one-story multi-tenant 35,960 SF retail strip.
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Real Estate Appraisers and Consultants
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Highest and
Best Use: The Highest and Best Use of Site Three is its development with
a residential condominium apartment building. This site already
has approvals to be developed with a mixed-use residential/
commercial building with 12,756 SF of retail and 83,349 SF 66-
unit residential component,totaling 96,105 SF of buildable FAR
area (98,000 SF allowed). Subject to satisfaction of certain
property rights among Sites 1, 2 and 3, this site (in conjunction
with the 51,430 SF southwestern portion of Site 2)is proposed to
be dedicated to create a City-owned public park to serve the
surrounding residential neighborhood.
The Highest and Best Use of Site Four is its development with a
mixed-use residential/commercial condominium building.
Subject to satisfaction of certain property rights among Sites 1,2
and 3, this site is proposed to be developed with a one-story
multi-tenant 35,960 SF retail strip.
The Highest and Best Use of Site Five is its development with a
mixed-use residential/commercial condominium apartment
building. Subject to satisfaction of certain property rights among
Sites 1, 2 and 3, this site is proposed to be dedicated to create a
City-owned public park to serve the surrounding residential
neighborhood.
Property Rights
Appraised: Fee Simple Interest
Date of Inspection
and Valuation: June 27, 2018
Date of Appraisal
Report: June 16, 2018
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Real Estate Appraisers and Consultants
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
MARKET VALUE ESTIMATES:
Income Capitalization Approach to Value: Not Applicable
Sales Comparison Approach to Value: $51,200,000 Site 1 As if Vacant
$51,170,000 Site 1 As Is
$79,800,000 Site 2 As If Vacant
$79,500,000 Site 2 As Is
$24,500,000 Site 3 As Is (Vacant)
$50,300,000 Site 4 As If Vacant
$50,000,000 Site 4 As Is
$52,500,000 Site 5 As Is(Vacant)
Cost Approach to Value: Not Applicable
Reconciled Final Value Estimates: $51,200,000 Site 1 As if Vacant
$51,170,000 Site 1 As Is
$79,800,000 Site 2 As If Vacant
$79,500,000 Site 2 As Is
$24,500,000 Site 3 As Is(Vacant)
$50,300,000 Site 4 As If Vacant
$50,000,000 Site 4 As Is
$52,500,000 Site 5 As Is(Vacant)
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-7 -
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PURPOSE/FUNCTION OF THE APPRAISAL
The purpose of this appraisal report is to provide estimates of the Highest and Best Use,the
Market Value of the Fee Simple Interest in Properties One,Two and Four in"as is"condition
(land value,less estimated cost of demolition and carting),as of June 27,2018 Market Value
of the Fee Simple Interest in Properties One through Five,as vacant(land value),as of June
27, 2018.
The function of this appraisal report is to assist the client (The City of Miami Beach) in
executive decision making and/or collateral/asset valuation relative to the allocation of the
development rights among the three privately-owned sites, as well as the potential transfer
of one or portion of the sites to the City of Miami Beach to create a public park for the use
and benefit of the surrounding densely populated residential neighborhood, in the South
Beach section of Miami Beach. The intended user of this appraisal report is the City of
Miami Beach or any of its assigns.
SCOPE OF THE APPRAISAL
I have made a physical inspection of the subject sites, and performed market research to
provide estimates of the Highest and Best Use, Market Value of the Fee Simple Interest in
Properties One, Two and Four in "as is" condition (land value, less estimated cost of
demolition and carting), as of June 27, 2018 Market Value of the Fee Simple Interest in
Properties One througjh Five, as vacant(land value), as of June 27, 2018.
The scope of the appraisal involves the research and analysis of factual data relative to the
subject properties, as well as market data necessary for the development of the Sales
Comparison Approach to Value (land valuation). The data and information used in
developing our findings, projections and valuation estimates have been derived from
published information, direct interviews, analysis of similar properties and other sources
which were considered appropriate as of the valuation date.
PROPERTY RIGHTS APPRAISED
This appraisal report is made with the understanding that the present ownership of the
properties includes all the rights that may be lawfully held under a fee simple estate.
Fee Simple Interest is defined in The Dictionary of Real Estate Appraisal, 2010 Edition,
which was sponsored by the Appraisal Institute as follows: Absolute ownership
unencumbered by any other interest or estate;subject only to the limitations imposed by the
governmental powers of eminent domain,escheat,police power and taxation.
DATE OF VALUATION AND REPORT
The date of valuation is June 27,2018. The date of the appraisal report is June 16,2018.
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STATEMENT OF OWNERSHIP AND HISTORY
The 73,890 SF portion of Site One is owned by 500 Alton Ventures LLC which purchased
it for$5,000,000 from Africa Israel Vitri Developers,LLC on February 18,2010,as recorded
in Book 27190, Page 447 of the Official Public Records of Miami-Dade County,Florida.
The previous sale was from Pin-Pon Corporation to MacArthur Gateway LLC for$9,800,000
on July 20, 2004, as recorded in Book 22515,Page 2137 of the Official Public Records of
Miami-Dade County,Florida.
The 13,250 SF northwestern portion of Site One is owned by 1220 Sixth LLC which
purchased it for$4,000,000 from Mau-Mau Corporation on December 1,2011,as recorded
in Book 27915,Page 3693of the Official Public Records of Miami-Dade County,Florida.
Site Two is owned by South Beach Heights I LLC which purchased it for$28,000,000 from
Geriatrics Service Complex Foundation,Inc.and South Shore Hospital Foundation,Inc.on
February 24,2004,as recorded in Book 22085,Page 1733 of the Official Public Records of
Miami-Dade County,Florida.
Site Three is owned by KGM Equities LLC which purchased it for$8,000,000 from West
Alton Corporation on December 31, 2012, as recorded in Book 28428, Page 56 of the
Official Public Records of Miami-Dade County,Florida.
As per the Public Records of Miami-Dade County,Florida,there was no other arm's length
transfer of ownership at the subject properties during the five year period prior to the
valuation date. We have not been informed of any other current listings, options and/or
pending contracts in effect at the subject properties, as of the date of valuation.
ESTIMATED MARKETING AND EXPOSURE PERIOD
Based on my analysis of the market,recent listings which have been since closed,as well as
discussions with owners and Realtors active in the subject area,it is the appraiser's opinion
that if the individual subject sites were listed for sale with an experienced Realtor, the
marketing and marketing and exposure period would be approximately six to twelve months.
Accordingly, this marketing and exposure period is considered to currently represent the
most probable amount of time necessary to expose and actively market the subject properties
to achieve a sale consistent with the Market Value.
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Real Estate Appraisers and Consultants
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DEFINITION OF MARKET VALUE
Market Value is defined in The Interagency Appraisal and Evaluation Guidelines, dated
December 2,2010, as follows:
The most probable price, which a property should bring in a competitive and open
market under all conditions requisite to a fair sale,the buyer and seller 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:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised,and acting in what they consider
their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale.
NEIGHBORHOOD ANALYSIS
The subject sites are located on the north and south sides of 6th Street,between Alton Road
and West Avenue,in the South Beach section of Miami Beach,Florida. The immediate area
surrounding the subject sites is comprised of low-rise, mid-rise and high-rise rental and
condominium apartment buildings along Bay Road and West Avenue,as well as mixed-use
residential/retail buildings along West Avenue,and commercial buildings with retail,office
and restaurant space; office buildings, and other retail/service uses along Alton Road.
Miami Beach is an island located just offthe southeast coast ofMiami-Dade County,Florida.
The island is approximately one mile wide,ten miles long and travels in a northerly/southerly
direction parallel to mainland Miami-Dade County. The town of Surfside borders Miami
Beach to the north starting at approximately 87th Street. The Atlantic Ocean acts as the
eastern and southeastern border,while Biscayne Bay/the Intracoastal Waterway lies to the
west. Five causeways connect Miami Beach to the mainland; the MacArthur Causeway
(Highway No.41);the Venetian Causeway;the Julia Tuttle Causeway(Interstate 195);the
Broad Causeway(State Road No.922)and the North Dade Causeway(State Road No.934).
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NEIGHBORHOOD ANALYSIS
As the City's economy drastically improved in the last twenty-five years,Miami Beach has
experienced an influx of younger and more affluent residents. Close proximity to Miami's
downtown business district,the Art Deco entertainment district and access to the beach are
all considered to be contributing factors to the area's discovery as a place to live and work.
The continued faith in the City's economy is reflected by the consistent increase in building
permit activity over the last twenty years. Developers and real estate professionals in Miami
Beach have been aggressively marketing their properties to local and out-of-town residents
and families. In the last fifteen years,the development and redevelopment activity has well
spread over the waterfront corridors of Ocean Drive, Collins Avenue and Ocean Drive, as
well as the Art Deco district,the 5th Street corridor and the area south of 5th Street which
is referred to as the overall South Pointe area.
The subject sites are located just north of 5th Street(connecting to MacArthur Causeway)
which is the gateway to the South Beach area of Miami Beach,connecting it with the Central
Business District of Miami. The subject properties are located 2/3 mile southeast of Lincoln
Road which is an upscale pedestrian corridor which is considered ground-zero for
retail/restaurant space in South Beach,commanding the highest rental rates and sale prices.
The subject sites are within walking distance of the service, entertainment,retail corridors
of Alton Road and Lincoln Road. The viability of the subject neighborhood is further
enhanced by the ease of accessibility to/from downtown Miami and the Central Business
District(CBD)and other major employment centers within Miami-Dade County. The area
surrounding the subject sites has been developed with mostly residential facilities and
therefore,no nuisances,hazards or other adverse influences were observed.No notable signs
of external obsolescence were observed and the overall appeal of the improved properties is
considered to be above average to good.
ACCESS TO THE SITES
6th Street,West Avenue and Alton Road provides direct access to Sites One and Two. West
Avenue provides direct access to Site Three.
DESCRIPTION OF THE SITES
Site One is an 85,348 SF (as 5th
site survey; or 87,140 SF as per the public records) city-
block which is bounded by 5` Street(Mc Arthur Causeway) on the south, 6th Street of the
north,Alton Road on the east and West Avenue on the west. The site is level at street grade,
and currently has a 5,723 SF improvement at the northwest corner, built in 1960. The
vacant improvements have no contributory value,as they do not reflect the Highest and Best
Use of the site, as improved or as if vacant.
Site Two is a 138,842 SF (as per site survey; or 140,700 SF as per the public records) site
which is bounded by 6th Street on the south(320 feet of frontage), Alton Road on the east
(approximately 510 feet of frontage)and West Avenue on the west(approximately 360 feet
of frontage). The site is level at street grade,and currently has an approximately 60,000 SF
9-level"shell"of an older structure built in 1983. The improvements have no contributory
value,as they do not reflect the Highest and Best Use of the site,as improved or as if vacant.
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DESCRIPTION OF THE SITES
Site Three is a 49,000 SF (as per site survey; and the public records) site which is located
approximately 360 feet north of the northeast corner of 6th Street and West Avenue, with
approximately 350 feet frontage along the east side of West Avenue,and a depth of 140 feet.
The site is level at street grade, and currently being partially used for surface parking.
Site Four ("Retail Site")is the 87,412 SF eastern portion of the 138,842 SF site("600 Site"),
and is located at the northwest corner of 6th Street and Alton Road,Miami Beach,Florida.
This portion of the site would have 170 feet of frontage along the north side of 6`h Street and
510 feet of frontage along the west side of Alton Road. The site is level at street grade,and
currently has an approximately 60,000 SF 9-level"shell"of an older structure built in 1983.
The improvements have no contributory value, as they do not reflect the Highest and Best
Use of the site, as improved or as if vacant.
Site Five ("Park Site")is a 100,430 SF site which is comprised of the 49,000 SF"700 Site"
and the 51,430 SF southwestern portion of the 138,842 SF "600 Site",and is located at the
northeast corner of 6`' Street and Alton Road, Miami Beach, Florida. The site has
approximately 710 feet of frontage along the east side of West Avenue and approximately
150 feet of frontage along the north side of 6th Street. The site is level at street grade, and
currently being partially used for surface parking.
The subject sites are level at street grade and do not have any apparent drainage or other
problems which would restrict or limit the use of the sites. No soil boring tests or
engineering reports were submitted to the appraiser;however,the sites are assumed to have
stable subsoil conditions as do most properties in the immediate area.
The appraiser has not been informed of any adverse subsoil conditions revealed by an
environmental assessment conducted by a firm with experience in identifying such
substances,nor is he qualified to detect such substances that may exist. It is assumed that
the subject sites would be typical for properties located in the subject area with no apparent
soil problems which would restrict or limit the usage of the sites.
If any adverse subsoil conditions are identified and do exist, these conditions would be
considered to have a material affect on the Market Value estimates. The valuation analysis
assumes the sites to be free of any adverse subsoil conditions, and is subject to the
satisfactory removal of any contaminating materials in accordance with technical,
environmental and governmental guidelines.
UTILITIES
Public utilities available to the subject sites include electricity, water, sewer, gas and
telephone service. Electricity is provided by FPL.Police and fire protection,water and sewer
services are provided by the City of Miami Beach.
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FLOOD ZONE
Flood Zone "AE" - An area inundated by 100-year flooding; National Flood Insurance
Program, Community Panel Number 120651-12086C0317L, as revised on September 11,
2009.
ZONING
Site One is zoned as CPS-2 General Mixed-Use Commercial Performance District which is
designed to accommodate a range of business,commercial,office and hotel uses,as well as
medium to high density residential development pursuant to performance standards which
control the permissible type,density or intensity,and mix of development. The maximum
permitted Floor Area Ratio is 2.0,which would result in a buildable area of 170,696 SF.
Site One is zoned as CD -2 Medium-Intensity Commercial District which provides for
commercial activities,services,offices and related activities which serve the entire city. The
maximum permitted Floor Area Ratio is 1.5;however,when more than 25%of the total area
of the building is used for residential or hotel units,the Floor Area Ratio range shall be set
as 2.0, as in the RM-2 District, which would result in a buildable area of 277,684 SF.
Site Three is zoned as RM-2 Medium-Intensity Multi-Family Residential District which
allows single-family detached dwellings,townhomes,apartments apartment-hotels,hotels,
hostels, and suite hotels. The maximum permitted Floor Area Ratio is 2.0, which would
result in a buildable area of 98,000 SF.
ASSESSMENT AND REAL ESTATE TAXES
The subject sites are located within the City of Miami Beach and are subject to both the City
of Miami Beach and Miami-Dade County ad valorem taxes. The Florida Statutes provide
for assessment and collection of yearly Ad Valorem Taxes on Real and Personal Property.
The assessment for the property is established each year as of January 1st by the Miami-Dade
County Property Appraiser's Office at 100% of"Just Value". The tax due is computed
according to annual millage rates established by Dade County. Millage rates are the amount
paid to each taxing body for every$1,000 of assessed value. Taxes are payable in November
with a 4%discount and become delinquent on April ls`
Site One is assessed at$18,302,400 or$214.44/SF for land,$26,094 for the improvements,
or a total of$18,328,494, with real estate taxes of$261,257.71,prior to a 4% discount for
prompt payment.
Site Two is assessed at$29,547,000 or$212.81/SF for land,$308 for the improvements,or
a total of$29,547,308, with real estate taxes of$352,201.89, prior to a 4% discount for
prompt payment.
Site Three is assessed at$12,250,0000 or$250/SF for land, $0 for the improvements, or a
total of$12,250,000,with real estate taxes of$193,430.76,prior to a 4%discount for prompt
payment.
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Real Estate Appraisers and Consultants
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MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW
Rental Apartment Market
According to the Housing Report prepared by Reinhold P.Wolff Economic Research,Inc.,
the vacancy rate in mature(18 months and older)rental apai lucent complexes in Miami-Dade
County was 5.0%in May 2018,4.7%in February 2018,4.5%in November 2017; 4.4%in
August 2017;3.6%in May 2017,3.6%in February 2017;3.9%in November 2016;3.9%in
November 2016; 3.4%in August 2016;2.9%in May 2016;3.4%in February 2016;2.9%in
November 2015; 3.0%in August 2015; 3.3%in May 2015; and 3.9%in February 2015.
The subject South Beach sub-market had a vacancy rate of 4.0%for 2,046 units in February
2012;4.7%for 2,046 units in May 2012; 4.6%%for 2,046 units in August 2012;4.3%for
2,046 units in November 2012;8.1%for 2,046 units in February 2013;2.5%for 2,046 units
in May 2013;4.1%for 2,046 units in August 2013; 1.4%for 2,046 units in November 2013;
4.5%for 2,046 units in February 2014; 5.4%for 2,046 units in May 2014; 5.2% in August
2014 for 1,617 units; 5.7% for 2,046 units in November 2014; 3.7% for 1,617 units in
February 2015;3.8%for 1,617 units in May 2015;and 4.4%for 1,872 units in August 2015;
6.3%for 1,617 units in November 2015; 5.7%for 1,617 units in February 2016; 5.9%for
1,617 units in May 2016; 4.3% for 1,872 units in August 2016; 3.3% for 1,872 units in
November 2016;4.4%for 1,872 units in February 2017;3.7%for 1,872 units in May 2017;
7.7% for 1,872 units in August 2017; 7.4% for 1,872 units in November 2017; 5.8% for
1,872 units in February 2018; and 6.2% for 1,872 units in May 2018.
The neighboring sub-market of Central/North Beach sub-market had a vacancy rate of 2.8%
for 1,281 units in February 2012;4.9%for 1,281 units in May 2012;4.4%for 1,617 units in
August 2012; 3.4% for 1,617 units in November 2012; 9.1% for 1,617 units in February
2013;6.1%for 1,617 units in May 2013; .2%in August 2013 for 1,617 units;5.5%for 1,617
units in November 2013;4.3%for 1,617 units in February 2014; 1.9%for 1,617 units in May
2014; 3.4%in August 2014 for 2,046 units; 1.9%for 1,617 units in November 2014; 1.7%
for 1,617 units in February 2015;2.4%for 1,617 units in May 2015;2.5%for 1,617 units in
August 2015; 4.0% for 1,617 units in November 2015; 1.1% for 1,617 units in February
2016; 1.5% for 1,617 units in May 2016; 2.7% for 1,902 units in August 2016; 2.0% for
1,902 units in November 2016;4.0%for 1,902 units in February 2017;5.0%for 1,902 units
in May 2017;5.0%for 1,902 units in August 2017;5.2%for 1,902 units in November 2017;
4.5%for 1,902 units in February 2018; and 4.5%for 1,902 units in May 2018.
There were no new rental apartment units added to the inventory in South Beach,and there
is 0 months of inventory.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$39 to$1,869 from February 2018 to May 2018. The May 2018
overall average rent of$1,869 is 6.7% greater than the $1,751 average rent found a year
earlier.
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MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW --Continued—
Rental Apartment Market(Continued)
The average rental rate for apartment units in South Beach were$2,627 or$$3.235/SF for
779 one-bedroom units; $3,563 or $2.912/SF for 587 two-bedroom units; and $5,224 or
$2.767/SF for 45 three-bedroom units. The rental rates in South Beach are among the
highest in Miami-Dade County, due to its specific location.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $91 to $1,830 from November 2017 to February 2018. The
February 2018 overall average rent of$1,830 is 4.9%greater than the $1,744 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $2 to $1,739 from August 2017 to November 2017. The
November 2017 overall average rent of$1,739 is .8%greater than the $1,725 average rent
found a year earlier.
The overall average monthly rent for apai luients in mature rental developments in Miami-
Dade County declined by$14 to$1,737 from May 2017 to August 2017. The August 2017
overall average rent of$1,737 is 4.4% greater than the $1,664 average rent found a year
•
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$7 to $1,771 from February 2017 to May 2017. The May 2017
overall average rent of$1,751 is 3.2% greater than the $1,696 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $19 to $1,744 from November 2016 to February 2017. The
February 2017 overall average rent of$1,744 is 5.1% greater than the $1,660 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $61 to $1,725 from August 2016 to November 2016. The
November 2016 overall average rent of$1,725 is 7.2%greater than the$1,609 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County decreased by$32 to$1,664 from May 2016 to August 2016. The August 2016
overall average rent of$1,664 is 3%greater than the$1,615 average rent found a year earlier.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 18 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued—
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$36 to$1,696 from February 2016 to May 2016. The May 2016
overall average rent of$1,696 is 5.3% greater than the $1,611 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $51 to $1,660 from November 2015 to February 2016. The
February 2016 overall average rent of$1,660 is 5.8%greater than the$1,569 average rent
found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County declined by$6 to$1,609 from August to November 2015.The November 2015
overall average rent of$1,609 is 5.0% greater than the $1,532 average rent found a year
earlier.
The overall average monthly rent for apaitilients in mature rental developments in Miami-
Dade County increased by$4 to$1,615 from May to August 2015.The August 2015 overall
average rent of$1,615 is 8.5% greater than the$1,489 average rent found a year earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by$42 to$1,611 from February 2015 to May 2015.The May 2015
overall average rent of$1,611 is 8.1% greater than the $1,490 average rent found a year
earlier.
The overall average monthly rent for apartments in mature rental developments in Miami-
Dade County increased by $37 to $1,569 from November 2014 to February 2015. The
February 2015 overall average rent of$1,569 is 8.7% greater than the$1,443 average rent
found a year earlier.
The overall average monthly rent for apaitments in mature rental developments in Miami-
Dade County increased by $43 to $1,532 from August 2014 to November 2014. The
November 2014 overall average rent of$1,532 is 8.4%greater than the$1,413 average rent
found a year earlier.
Condominium Apartment Market
As per the 2rid Quarter 2018 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 137 new condominium units were sold(deeded)
in Dade County during the 1"quarter of 2018. The 1" quarter sales were 23.5% less than
the 179 units sold in the 4th quarter of 2017,and 24.7% less than the 182 units sold in the 1"
Quarter of 2017. New condominium sales in 2017,totaled 784 units, 23.7% less than the
1,027 units sold in 2016. 61.6%,30.2% and 35.0%of the total new condominium sales in
Miami-Dade County in the 1St Quarter of 2017,4th Quarter of 2017 and Pt Quarter of 2018,
respectively,were above the $900,000 price level,making up the largest segment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
- 19 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued-
Condominium Apartment Market-Continued
There were 362, 340, 235, 307, 361,290, 293 and 269 used condominium units were sold
in the South Beach sub-market between 2nd Quarter of 2016 and 1St Quarter of 2018,
respectively.
As per the 1st Quarter 2018 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 179 new condominium units were sold(deeded)
in Dade County during the 4th quarter of 2017. The 4t1 quarter sales were 14.8% less than
the 210 units sold in the 3rd quarter of 2017,and 40.7%less than the 302 units sold in the 4th
Quarter of 2016.
As per the 4th Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 210 new condominium units were sold(deeded)
in Dade County during the 3rd quarter of 2017. The 3rd quarter sales were 1.4% less than the
213 units sold in the 2'quarter of 2017,and 20.7% more than the 174 units sold in the 3'
Quarter of 2016. New condominium sales through September 2017, totaled 605 units,
16.6% less than the 725 units sold in the same period in 2016.
As per the 3rd Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 213 new condominium units were sold(deeded)
in Dade County during the 2nd quarter of 2017. The 2'quarter sales were 17% more than
the 182 units sold in the 1"quarter of 2017,and 13.3% more than the 188 units sold in the
2nd Quarter of 2016. New condominium sales through June 2017,totaled 395 units,28.3%
less than the 551 units sold in the same period in 2016.
As per the 2nd Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc.,a total of 182 new condominium units were sold(deeded)
in Dade County during the 1st quarter of 2017. The 1St quarter sales were 39.7% less than
the 302 units sold in the 4th quarter of 2016,and 49.9% less than the 363 units sold in the Pt
Quarter of 2016. New condominium sales in 2016 totaled 1,027 units,42.5% less than the
1,786 units sold in 2015.
As per the 1St Quarter 2017 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 302 new condominium units were sold(deeded)
in Dade County during the 4th quarter of 2016. The 4th quarter sales were 73.6%more than
the 174 units sold in the 3'quarter of 2016,but 37.9% less than the 486 units sold in the 4th
Quarter of 2015.
As per the 4th Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 174 new condominium units were sold(deeded)
in Dade County during the 3'quarter of 2016. The 3'quarter sales were 7.4% less than the
188 units sold in the 2nd quarter of 2016, and 59.7% less than the 432 units sold in the 3"
Quarter of 2015. New condominium sales through September 2016 totaled 725 units,44.2%
less than the 1,300 units sold during the same period in 2015.
. J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-20 -
MULTI-FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued—
Condominium Apartment Market-Continued
As per the 3rd Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 188 new condominium units were sold(deeded)
in Dade County during the 2nd quarter of 2016. The 2' quarter sales were 48.2% less than
the 363 units sold in the 1St quarter of 2016,and 57.4%less than the 441 units sold in the Td
Quarter of 2015. New condominium sales through June 2016 totaled 551 units,36.5%less
than the 868 units sold during the same period in 2015.
As per the 2nd Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 363 new condominium units were sold (deeded)
in Dade County during the Pt quarter of 2016. The 1St quarter sales were 25.3% less than
the 486 units sold in the 4th quarter of 2015,and 15.0%less than the 427 units sold in the Pt
Quarter of 2015. New condominium sales in 2015 totaled 1,786 units,2.2 times more than
the 827 units sold in 2014.
As per the 1" Quarter 2016 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 486 new condominium units were sold in Dade
County during the 4th quarter of 2015. The 4th quarter sales were 12.5%greater than the 432
units sold in the 3'quarter of 2015,and 7.8% more than the 451 units sold in the 4th Quarter
of 2014.
As per the 4th Quarter 2015 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research, Inc., a total of 432 new condominium units were sold in Dade
County during the 3' quarter of 2015. The 3rd quarter sales were 2.0% less than the 441
units sold in the Td quarter of 2015, and 2.5 times more than the 176 units sold in the 3rd
Quarter of 2014. New condominium sales through September 2015 totaled 1,300 units,3.5
times more than the 376 units sold during the same period in 2014.
As per the 3rd Quarter 2015 Dade County Housing Market Report prepared by Reinhold P.
Wolff Economic Research,Inc., a total of 441 new condominium units were sold in Dade
County during the 2nd quarter of 2015. The 2nd quarter sales were 3.3%more than the 427
units sold in the 1St quarter of 2015, and 3.1 times the 142 units sold in the 2nd Quarter of
2014. New condominium sales through June 2015 totaled 868 units, 4.3 times more than
the 200 units sold during the same period in 2014.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-21 -
HIGHEST AND BEST USE
DEFINITION
The Highest and Best Use is a market-driven concept. It may be briefly defined as
representing the most profitable,competitive use to which a site can be put,or that use which
may reasonably be expected to produce the greatest net return to the land over a given period
of time. In addition,the concept may further be defined as the available use and program of
future utilization that produces the highest present land value.
Highest and Best Use is further defined in The Dictionary Real Estate Appraisal, 2010
Edition, which was sponsored by the Appraisal Institute as follows:
That reasonably probable and legal use of vacant land or an improved property
that is physically possible,appropriately supported,financially feasible,and that
results in the highest value.
It is to be recognized that in cases where a site has existing improvements on it,the Highest
and Best Use may very well be determined to be different from the existing use. The existing
use will continue,however,unless and until land value in its Highest and Best Use exceeds
the total value of the property in its existing use.
The estimate of Highest and Best Use is based upon four stages of analysis:
1. The possible use or uses which are physically possible for the site under analysis.
2. The permissible use or uses which are permitted relative to zoning, historic
preservation regulations, environmental controls and/or deed restriction of the site
under analysis.
3. The feasible use or uses which are considered economically and financially feasible for
the site in terms of existing and projected market conditions.
4. The Highest and Best Use in consideration of those legally permissible, physically
possible, financially feasible and maximally productive uses which will result in the
highest net return or the highest present worth.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-22 -
HIGHEST AND BEST USE,AS VACANT
The estimate of the Highest and Best Use of the land, as if vacant,requires market analysis
in terms of market conditions of supply and demand. The value of land is based upon the
level of utility that is in demand and that will produce amenities or net income to the user.
Therefore,the use which creates the greatest land value and which is considered compatible
in terms of the restriction imposed by the physical,legal,financial and maximally productive
factors is inherent in this analysis.
The physically possible uses of the subject sites, as vacant, would include a variety of
commercial and multi-family residential uses. This is based upon analysis of the size,
frontage, exposure, access, location and buildable utility characteristics of the 85,348 SF,
138,842 SF and 49,000 SF subject corner sites.
Analysis of the permissible uses at the subject sites takes into account those uses which
would be permitted by existing zoning and/or deed restrictions, providing that no deed
restrictions are in effect at the subject sites which would restrict certain uses of the sites.
Site One is zoned as CPS-2 General Mixed-Use Commercial Performance District which is
designed to accommodate a range of business,commercial,office and hotel uses,as well as
medium to high density residential development pursuant to performance standards which
control the permissible type,density or intensity,and mix of development. The maximum
permitted Floor Area Ratio is 2.0,which would result in a buildable area of 170,696 SF.
Site One is zoned as CD -2 Medium-Intensity Commercial District which provides for
commercial activities,services,offices and related activities which serve the entire city. The
maximum permitted Floor Area Ratio is 1.5;however,when more than 25%of the total area
of the building is used for residential or hotel units, the Floor Area Ratio range shall be set
as 2.0, as in the RM-2 District,which would result in a buildable area of 277,684 SF.
Site Three is zoned as RM-2 Medium-Intensity Multi-Family Residential District which
allows single-family detached dwellings,townhomes,apartments apartment-hotels,hotels,
hostels, and suite hotels. The maximum permitted Floor Area Ratio is 2.0, which would
result in a buildable area of 98,000 SF.
After analysis of the physically possible and legally permissible uses to which the subject
sites could conceivably be put,a study of those uses which would be maximally productive
is required. Therefore,an alternative use analysis was performed relative to that use which
would represent the Highest and Best Use of the subject sites, as if vacant.
The subject sites are located on the north and south sides of 6`'' Street,between Alton Road
and West Avenue,in the South Beach section of Miami Beach,Florida. The immediate area
surrounding the subject sites is comprised of low-rise, mid-rise and high-rise rental and
condominium apartment buildings along Bay Road and West Avenue,as well as mixed-use
residential/retail buildings along West Avenue,and commercial buildings with retail,office
and restaurant space; office buildings, and other retail/service uses along Alton Road.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-23 -
HIGHEST AND BEST USE,AS VACANT
Miami Beach is an island located just off the southeast coast of Miami-Dade County,Florida.
The island is approximately one mile wide,ten miles long and travels in a northerly/southerly
direction parallel to mainland Miami-Dade County. The town of Surfside borders Miami
Beach to the north starting at approximately 87th Street. The Atlantic Ocean acts as the
eastern and southeastern border, while Biscayne Bay/the Intracoastal Waterway lies to the
west. Five causeways connect Miami Beach to the mainland; the MacArthur Causeway
(Highway No.41);the Venetian Causeway; the Julia Tuttle Causeway(Interstate 195);the
Broad Causeway(State Road No.922)and the North Dade Causeway(State Road No.934).
As the City's economy drastically improved in the last twenty-five years,Miami Beach has
experienced an influx of younger and more affluent residents. Close proximity to Miami's
downtown business district,the Art Deco entertainment district and access to the beach are
all considered to be contributing factors to the area's discovery as a place to live and work.
The continued faith in the City's economy is reflected by the consistent increase in building
permit activity over the last twenty years. Developers and real estate professionals in Miami
Beach have been aggressively marketing their properties to local and out-of-town residents
and families. In the last fifteen years,the development and redevelopment activity has well
spread over the waterfront corridors of Ocean Drive, Collins Avenue and Ocean Drive, as
well as the Art Deco district,the 5th Street corridor and the area south of 5th Street which
is referred to as the overall South Pointe area.
The subject sites are located just north of 5th Street(connecting to MacArthur Causeway)
which is the gateway to the South Beach area of Miami Beach,connecting it with the Central
Business District of Miami. The subject properties are located 2/3 mile southeast of Lincoln
Road which is an upscale pedestrian corridor which is considered ground-zero for
retail/restaurant space in South Beach,commanding the highest rental rates and sale prices.
The subject sites are within walking distance of the service, entertainment,retail corridors
of Alton Road and Lincoln Road. The viability of the subject neighborhood is further
enhanced by the ease of accessibility to/from downtown Miami and the Central Business
District(CBD) and other major employment centers within Miami-Dade County.
The area surrounding the subject sites has been developed with mostly residential facilities
and therefore,no nuisances,hazards or other adverse influences were observed. No notable
signs of external obsolescence were observed and the overall appeal of the improved
properties is considered to be above average to very good.
There are 30,271 residents within a 1-mile radius of the subject property,with a projected
population growth rate of 3.6%,average age of 43 years, 18,180 households,with a growth
rate of 3.0% and 1.6 people per household and $48,312 of median household income and
median home value of$394,201.
. J.ALIIALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-24 -
HIGHEST AND BEST USE,AS VACANT
There were no new rental apartment units added to the inventory in South Beach,and there
is 0 months of inventory. The average rental rate for apartment units in South Beach were
$2,627 or$$3.235/SF for 779 one-bedroom units;$3,563 or$2.912/SF for 587 two-bedroom
units; and$5,224 or$2.767/SF for 45 three-bedroom units. The rental rates in South Beach
are among the highest in Miami-Dade County, due to its specific location.
There are 64,013 residents within a 3-mile radius of the subject property, with a projected
population growth rate of 4.3%,average age of 42 years,35,689 households,with a growth
rate of 3.6% and 1.7 people per household and $60,065 of median household income and
median home value of$486,248.
There are 256,499 residents within a 5-mile radius of the subject property,with a projected
population growth rate of 5.8%,average age of 40 years, 119,610 households,with a growth
rate of 5.3% and 2.0 people per household and $49,109 of median household income and
median home value of$428,816.
As per the most recent Miami-Dade County Retail Market Survey prepared by CoStar,the
Miami Beach retail sub-market had a net absorption of-41,100 SF in the last twelve months
(lower than the historical average of 105,149 SF,and lower than the 609,814 SF peak in 3rd
Quarter of 2007),with a vacancy rate of 5.3% and average quoted rental rate of$81.06/SF
($131.75/SF for malls,$71.10/SF for power centers,$100.31/SF for neighborhood shopping
centers, $71.34/SF for strip centers,and$67.98 for general retail),with a rental rate growth
rate of 5.2%in the last twelve months,with 74,702 SF delivered in the last twelve months,
60,091 SF to be delivered in the next twelve months and 142,173 SF proposed in the next
four quarters.
The five comparable rental located south of 5`h Street reflected a rental rate range of$54/SF
to$80/SF on a triple-net basis;four comparable rental properties located along West Avenue,
Purdy Avenue and Bay Road reflected a rental rate range of$70/SF to$90/SF on a triple net
basis and $82.11/SF on a modified-gross basis; while four comparable rental properties
located along Alton Road,Washington Avenue and Pennsylvania Avenue reflected a rental
rate range of$50/SF to $90/SF on a triple net basis (refer to the Addenda).
As per CoStar,the nineteen sales of commercial properties in Miami Beach has indicated an
average capitalization rate of 5.7%which indicates strong demand from investors,with an
average sale price/SF of$1,052. Six comparable sales of retail properties in South Beach
in the last three years reflected a sale price/SF range of$894/SF to $1,080/SF(refer to the
Addenda).
We have analyzed the condominium sale prices, floor/view premiums, rate of sales,rental
rates,as well as average price/SF for one-bedroom,two-bedroom,three-bedroom and four-
bedroom units within eleven condominium apartment buildings in South Beach which would
be comparable/competitive to the proposed condominium tower for the 500-block of Alton
Road("Site One"). Refer to the Addenda.
. J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-25 -
HIGHEST AND BEST USE,AS VACANT
Based upon analysis of those uses which would be considered physically possible, legally
permissible and economically feasible,it is the appraiser's estimate that the Highest and Best
Use of the subject sites would be:
the Highest and Best Use of Site One is its development with a residential condominium
apartment building, with an ancillary commercial component. This site already has
approvals to be developed with a mixed-use residential/commercial building with 18,000 SF
of retail and approximately 159,650 SF 163-unit residential component (170,696 SF
allowed). Subject to satisfaction of certain property rights among Sites 1, 2 and 3,this site
is proposed to be developed with a high-rise residential apartment building which would be
built to condominium quality standards,and possibly have an interim rental apartment use
during the sell-out period;
the Highest and Best Use of Site Two is its development with a mixed-use
residential/commercial condominium building. This site already has approvals to be
developed with a mixed-use residential/commercial building with 42,915 SF of retail and
253,840 SF 256-unit residential component, totaling 275,298 SF of buildable FAR area
(277,684 SF allowed). Subject to satisfaction of certain property rights among Site 1,2 and
3, the 87,412 SF southeastern section of this site(Site 4) is proposed to be developed with
a one-story multi-tenant 35,960 SF retail strip;
the Highest and Best Use of Site Three is its development with a residential condominium
apartment building. This site already has approvals to be developed with a mixed-use
residential/commercial building with 12,756 SF of retail and 83,349 SF 66-unit residential
component, totaling 96,105 SF of buildable FAR area (98,000 SF allowed). Subject to
satisfaction of certain property rights among Sites 1,2 and 3,this site(in conjunction with
the 51,430 SF southwestern portion of Site 2) is proposed to be dedicated to create a City-
owned public park to serve the surrounding residential neighborhood;
the Highest and Best Use of Site Four is its development with a mixed-use residential/
commercial condominium building. Subject to satisfaction of certain property rights among
Sites 1,2 and 3, this site is proposed to be developed with a one-story multi-tenant 35,960
SF retail strip;
the Highest and Best Use of Site Five is its development with a mixed-use
residential/commercial condominium apartment building. Subject to satisfaction of certain
property rights among Sites 1,2 and 3,this site is proposed to be dedicated to create a City-
owned public park to serve the surrounding residential neighborhood.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-26 -
THE VALUATION PROCEDURE
The valuation procedure is defined in the 2010 Edition of the Dictionary of Real Estate
Appraisal which was sponsored by the Appraisal Institute as follows: The act,manner and
technique of performing the steps of a valuation method.
In order to provide estimates of the Market Value of the Fee Simple Interest in Properties
One, Two and Four in"as is" condition (land value, less estimated cost of demolition and
carting), as of June 27, 2018 Market Value of the Fee Simple Interest in Properties One
through Five, as vacant (land value), as of June 27, 2018, we have utilized the Sales
Comparison Approach to Value.
The Sales Comparison Approach to Value is based upon a comparison between recently sold
sites and the subject sites,utilizing the sale price per square foot of buildable area unit of
comparison.
•
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-27 -
THE SALES COMPARISON APPROACH (LAND VALUATION)
In order to estimate the value of the subject sites,the land is analyzed as vacant and available
to be put to its Highest and Best Use. There are several different techniques which can be
utilized in the valuation of land. The technique selected must relate to the specific factors
inherent in the appraisal problem at hand. The land valuation technique selected must reflect
the prudent and rationale behavior of the most probable, typically informed
purchaser/investor. In addition, the availability of reliable and verified market data further
leads to the selection of the applicable land valuation technique.
1.The Sales Comparison Approach analyzes the sales of similar vacant sites, with
comparison and adjustment made from these sales to the subject sites. The Sales
Comparison Approach to Value is based on the principle of substitution;that is,when a
property is replaceable in the market, its value tends to be set at the cost of acquiring an
equally desirable substitute property assuming no costly delay in making the substitution.
The Sales Comparison Approach to Value is based on a comparison between recently sold
sites in Miami Beach and the subject site, utilizing the sale price/SF of buildable area
method of comparison.
2.The Abstraction Method analyzes the sales of improved properties with an allocation
made between land and improvement value. The indicated allocation may establish a
typical ratio of land value to total value or to derive from the portion of the sales price
allocated to land an estimate of land value for use as a comparable land sale.
3.The Cost of Development Method provides an estimate of the value of undeveloped
land based upon the creation of a platted subdivision, development and sale of said
parcel. The method assumes that the most probable purchaser of the land would be a
developer/investor who plans to dispose of the developed sites at a profit. The costs of
development are subtracted from the estimated proceeds of sale resulting in a net income
projection which is discounted over the market absorption period.
4.The Land Residual Method treats the net income available to support the investment
in the site as a residual. The income required to cover the investment in new
improvements that represent the Highest and Best Use of the site is deducted from the
Net Operating Income resulting in an estimate of the net income to the land which is
then capitalized to estimate the land value.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-28 -
THE SALES COMPARISON APPROACH (LAND VALUATION)
The comparable land sales are considered reasonably similar to the subject property in terms
of zoning, location, physical characteristics, topography and buildable utility. The sales
represent bona-fide"arm's length"transactions which are representative ofprevailing market
values. Our analysis has taken into account those differentials relative to financing,time of
sale,size,location,frontage/exposure,zoning,developmental potential and functional utility
of the comparable sales as they compare to the subject sites.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-29 -
CUMPAHABLE LANU SALES
Subject Land Lend Land Lend Land Land Lend Lend
Stte One Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Listing 7 Listing 8
Address 500 ALTON ROAD 8 1685 WASHINGTON 803 5TH 1312-1320 14TH 601-699 WASHINGTON 1340 FLAMINGO 251 WASHINGTON 304312 OCEAN 1255 WEST .
1220 6TH STREET AVENUE STREET TERRACE AVENUE WAY AVENUE DRIVE AVENUE
MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH
FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA
Frontage/Exposure On ALTON ROAD WASHINGTON AVE. MERIDIAN AVE. 14TH TERRACE WASHINGTON AVE. FLAMINGO WAY WASHINGTON AVE. OCEAN DRIVE WEST AVENUE
WEST AVENUE 17TH STREET 5TH STREET WEST AVENUE 6TH STREET BAY ROAD 3RD STREET 3RD STREET 13TH STREET
6TH STREET 7TH STREET
Folio No. 02-4204-006-0010 02-3234-019-0730 02-4203-009-4970 023233-016-0460 02-4203-004-0820 02-3233-016-0310 02-4203-003-1090 02-4203-003-0500 02-3233-018-0090
02-4204-006-0070 02-3233-016-0470 02-4203-004.0830 02-3233-018-0320 02-4203-003-1080 02-4203-003-0510 02-3233-018-0100
02-4203-004-0810 02-3233-018-0110
02-4203-004-0860
02-4203-004-0870
Net Site Size (SF) 85,348 30,000 9,000 16,000 62.270 11,000 13,000 11,650 17,252
Net Site Size (Acre) 1.95 0.69 0.21 0.37 1.43 0.25 0.30 0.27 0.40
Zoning C-PS2 CD-3 C-PS2 RM-1 CD-2 RM-1 R-PS3 R-PS3 RM-2
Floor Area Ratio (FAR) 2.00 2.25 2.00 1.25 2.00 1.25 1.75 1.75 2.00
Buildable Area 170,696 67,500 18,000 20.000 124,540 13,750 22,750 20.387 34.504
Dale of Sale - 8/16/2017 6/9/2017 3130/2017 6/232015 4/28/2015 3/4/2015 LISTED FOR SALE LISTED FOR SALE
Grantee - SOBE THE FIFTH 1414 WEST WASHINGTON TBD HARBOR SOUTHS,LLC LISTED FOR SALE LISTED FOR SALE
CENTER,LLC STREET HOTEL.LLC AVENUE,LLC SQUARED 265,LLC
OWNER,LLC
Grantor - CITIBANK,N.A. SOBS 5,LLC CASALUNA LLC WASHINGTON RS REALTY SOBE SECOND SEA SPRAY 1247 BAYVIEW
GARDENS NO,2,INC.; INVESTMENTS,LLC; STREET,LLC DEVELOPMENT LLC DEVELOPMENT CO.
601-615 WASHINGTON SJ REALTY
AVE.PROPERTY,INC.; INVESTMENTS,LLC;
643-655 WASHINGTON
AVE.PROPERTY,INC.;
657-685 WASHINGTON
AVE.PROPERTY,INC.;
O.R.Book/Page - 30658/1799 30584/1769 30483/2416 29674/1702 29601/784 29526/2117 LISTED FOR SALE LISTED FOR SALE
29674/1898 29601/788
28674/1707
29674/1711
Consideration - $19,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 58.250,000 $11,000,000 $9,990,000
Financing - CASH TO CASH TO CASH TO CASH TO CASH TO CASH TO LISTED FOR SALE LISTED FOR SALE
THE SELLER THE SELLER THE SELLER THE SELLERS THE SELLERS THE SELLER
Sale Price - $19,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 $8,250,000 $11,000,000 $9,990,000
Sale Price/SF of Net Site Area - $640.00 $662.78 $295.31 $489.60 $245.45 $634.62 $944.21 $579.06
Sale Price/SF of
Maximum Buildable Area - $284.44 $331.39 $236.25 $244.90 $196.36 $362.64 $539.56 $289.53
Time Adjustment - 0% 0% 0% 0% 0% 0% 0% 0%
Time Adjusted Sale Price $19,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 $8,250,000 $11,000,000 $9.990,000 •
Time Adjusted Sale Price
Per Sq.FL of Site Area - $640.00 $662.78 $295.31 $489.80 $245.45 $634.62 $94421 $579.06
Time Adjusted Sale Price
Per Sq.Ft of Buildable Area - $284.44 $331.39 $236.25 $244.90 $198.36 $382.84 $539.58 $289.53
ADJUSTMENTS:
Location: - 0% 0% 0% -5% 0% -5% -5% 0%
Frontage/Exposure: - -5% -5% 10% 0% 10% 0% 0% 10%
Size/Scale: - 0% -10% -5% 0% -10% -5% -10% -5%
Physical Development Poten0alA)$lily: - in, 2Q!c. 14%. 5% 24% lak 25% 14..
Total: - 5% 5% 15% 0% 20% 0% 5% 15%
Plus:Estimated Demolition Cost - 537,000 50 $0 $185,000 $10,000 $0 $0 $60,000
Adjusted Price - $20,197,000 $6,263,300 $5,433,800 $30,685,000 $3,250,000 $8,250,000 $11,550,000 511,548,500
Adjusted Price/SF of
Net Site Area - $673.23 $695.92 $339.61 $492.77 $295.45 $634.62 $991.42 $66910
Adjusted Price/SF of
Buildable Area (FAR xSIteArea) $299.21 $347.96 $271.69 $246.39 $236.36 $362.64 $566.54 $334.70
Asking Price Asking Price
J.ALHALE APPRAISALS,INC.
THE SALES COMPARISON APPROACH (LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE SALES (SITE ONE/"500 SITE")
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3`d Street and 17th Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6`h Street and
Washington Avenue, 3' Street and Washington Avenue; and 3' Street and Ocean Drive.
Frontage/Visibility/Exposure
Site One,with frontage on three streets and a highway ramp,is superior to Comparable Land
Sale Numbers Three,Five and Eight; and inferior to Comparable Land Sale Numbers One
and Two.
Configuration
Site One and the comparable sites are generally shaped rectangular,with adequate frontage
and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites command a premium on a sale price per square foot
basis.
Physical Development Potential and Functional Utility
The comparable sales were inferior to Site One in terms of physical development potential
and functional utility due to their significantly smaller size, thereby requiring a positive
adjustment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-31 -
THE SALES COMPARISON APPROACH(LAND VALUATION) -- Continued--
ANALYSIS OF COMPARABLE LAND SALES (SITE ONE/"500 SITE)-Continued
Topography
Site One and the comparable land sales were generally level at street-grade. However,we
have estimated the cost of demolition at the comparable sales and the subject site, if there
were older improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price) and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of$284.44,
$331.39,$236.25,$244.90$196.36,$362.64,$539.56(asking price)and$289.53(asking
price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF of site
area of$673.23, $695.92, $339.61, $492.77,$295.45, $634.62,$991.42 (asking price)and
$669.40 (asking price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF
of buildable area of $299.21, $347.96, $271.69, $246.39, $236.36, $362.64, $566.54
(asking price) and $334.70 (asking price).
Based on the preceding analysis, $300/SF of buildable area reflect a reasonable estimate of
Market Value of the Fee Simple Interest in Site One, as vacant. The estimated cost of
demolition of the nearly 6,000 SF building was deducted to arrive at the"as is"value. Then:
170,696 SF x$300/SF = $51,208,800
Estimated Market Value of the Fee
Simple Interest in Site One, "as if'
Vacant (Rounded) $51,200,000
Less: Estimated Cost of Demolition and
Carting of Existing Vacant Improvements $30,000
Estimated Market Value of the Fee
Simple Interest in Site One in"as is"
Condition(Rounded) $51,170,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-32 -
UUMVAHABLt LAND SALES
Subject Land Land Land Land Land Land Lend Land
Site Two Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 8 Listing 7 Listing 8
Address 630-650 ALTON 1685 WASHINGTON 803 ETH 1312-1320 14TH 601-699 WASHINGTON 1340 FLAMINGO 251 WASHINGTON 304-312 OCEAN 1255 WEST
ROAD AVENUE STREET TERRACE AVENUE WAY AVENUE DRIVE AVENUE
MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH
' FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA
Frontage/Exposure On ALTON ROAD WASHINGTON AVE. MERIDIAN AVE. 14TH TERRACE WASHINGTON AVE. FLAMINGO WAY WASHINGTON AVE. OCEAN DRIVE WEST AVENUE
WEST AVENUE 17TH STREET 5TH STREET WEST AVENUE 6TH STREET BAY ROAD 3RD STREET 3RD STREET 13TH STREET
6TH STREET 7TH STREET
Folio No. 02-4203-001-0100 02-3234-019-0730 024203-009-4970 02-3233-016-0460 02-4203-004-0820 02-3233-018-0310 02-4203-003-1090 02-0203-003-0500 02-3233-018-0090
02-4203-001-0280 02.3233-016-0470 02-4203-004-0830 02-3233-016-0320 02-4203-003-1080 02-4203-003-0510 02-3233-018-0100
02-4203-004-0810 02-3233-018-0110
024203-004-0860
024203-004-0870
Net Site Size (SF) 138,842 30,000 9,000 ' 16,000 '62,270 11,000 13,000 11,650 17,252
Net Site Size (Acre) 3.19 0.69 0.21 0.37 1.43 0.25 0.30 0.27 0.40
Zoning CO-2 CD-3 C-PS2 RM-1 CD-2 RM-1 R-PS3 R-PS3 RM-2
Floor Area Ratio (FAR) 2.00 225 2.00 1.25 2.00 1.25 1.75 1.75 2.00
Buildable Area 277,684 67,500 16,000 20.000 124,540 13,750 22,750 20,387 34.504
• Dale of Sale - 8/16/2017 6/9/2017 3/30/2017 6/232015 4/28/2015 3/42015 LISTED FOR SALE USTED FOR SALE
Grantee - SOBE THE FIFTH 1414 WEST WASHINGTON TBD HARBOR SOUTH5.LLC LISTED FOR SALE LISTED FOR SALE
CENTER,LLC STREET HOTEL,LLC AVENUE,LLC SQUARED 265,LLC
OWNER,LLC -
Grantor - CITIBANK,N.A. SORE 5,LLC CASALUNA LLC WASHINGTON RS REALTY SOBS SECOND SEA SPRAY 1247 BAYVIEW
GARDENS NO.2,INC.; INVESTMENTS,LLC; STREET,LLC DEVELOPMENT LLC DEVELOPMENT CO.
601-615 WASHINGTON SJ REALTY
AVE.PROPERTY,INC.; INVESTMENTS,LLC;
643-655 WASHINGTON
AVE.PROPERTY,INC.;
657-685 WASHINGTON
AVE.PROPERTY.INC.;
O.R.Book/Page - 30658/1799 30584/1769 30483/2416 29674/1702 29601/784 29526/2117 LISTED FOR SALE LISTED FOR SALE
29674/1698 29601/788
29674/1707
29674/1711
Consideration - $19,200,000 $5,965,000 $4,725,000 530,500,000 52,700,000 $8.250.000 $11,000,000 $9,990,000
Financing - CASH TO CASH TO CASH TO CASH TO CASH TO CASH TO LISTED FOR SALE LISTED FOR SALE
THE SELLER THE SELLER THE SELLER THE SELLERS THE SELLERS THE SELLER
Sale Price - $19,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 58,250,000 $11,000,000 $9,990,000
Sale Price/SF of Net Site Area - $640.00 $662.78 $295.31 $489.80 $245.45 $634.62 $944.21 $578.08
Sale Price/SF of .
Maximum Buildable Area - $284A4 $331.39 $236.25 $244.90 $196.36 $362.64 $539.56 $289.53
Time Adjustment - 0% 0% 0% 0% 0% 0% 0% 0%
Time Adjusted Sale Price - 519,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 $8,250,000 511,000,000 $9,990,000
Time Adjusted Sale Price
Per Sq.FL of Site Area - $840.00 $662.78- $295.31 - $459.80 $245.45 $834.62 $944.21 $579.06
Time Adjusted Sale Price
Per Sq.FL of Buildable Area $284.44 $331.39 $238.25 $244.90 $196.38 $382.64 $539.58 $289.53
ADJUSTMENTS:
Location: - 0% 0% 0% -5% 0% -5% -5% 0%
Frontage/Exposure: - -5% -5% 10% 0% 20% 0% 0% 10%.
Size/Scale: - 0% -10% -5% 0% -10% -5% -10% -5%
Physical Development Potential/Utility: - 10% 24%9. 7.a 0, 2Q 11m 2)2% ]g%,
Total: - 5% 5% 15% 0% 30% 0% 5% 15%
Plus:Estimated Demolition Cost - $37,000 50 $0 $185,000 $10,000 $0 $0 $60,000
Adjusted Price - 520,197,000 $8,263,300 $5,433,800 $30,685,000 $3,520,000 58,250,000 $11,550,000 $11,648,500
Adjusted Price/SF of
Net Site Area - $673.23 $695.92 $339.61 $492.77 $320.00 $634.62 $991.42 $669.40
Adjusted Price/SF of
Buildable Area (FAR x Site Area) $299.21 $347.96 $271.69 $246.39 $256.00 $362.64 $566.54 - $334.70
Asking Price Asking Price
J.ALHALE APPRAISALS,INC.
THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE SALES (SITE TWO/"600 SITE")
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3rd Street and 17th Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6th Street and
Washington Avenue, 3rd Street and Washington Avenue; and 3rd Street and Ocean Drive.
Frontage/Visibility/Exposure
Site Two, with frontage on three streets, is superior to Comparable Land Sale Numbers
Three,Five and Eight; and inferior to Comparable Land Sale Numbers One and Two.
Configuration
Site Two and the comparable sites are generally shaped rectangular,with adequate frontage
and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites command a premium on a sale price per square foot
basis.
Physical Development Potential and Functional Utility
The comparable sales were inferior to Site Two in terms of physical development potential
and functional utility due to their significantly smaller size, thereby requiring a positive
adjustment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-34-
THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE LAND SALES (SITE TWO/"600 SITE")- Continued
Topography
Site Two and the comparable land sales were generally level at street-grade. However,we
have estimated the cost of demolition at the comparable sales and the subject site, if there
were older improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price)and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of$284.44,
$331.39,$236.25,$244.90$196.36,$362.64,$539.56(asking price)and$289.53(asking
price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF of site
area of$673.23, $695.92, $339.61,$492.77,$320.00, $634.62,$991.42(asking price)and
$669.40 (asking price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF
of buildable area of$299.21,$347.96,$271.69,$246.39,$256.00,$362.64,$66.54(asking
price) and $334.70 (asking price).
Based on the preceding analysis,$275/SF to$300/SF of buildable area reflect a reasonable
range of Market Value of the Fee Simple Interest in Site Two,as vacant. The estimated cost
of demolition of the nearly 60,000 SF building was deducted to arrive at the"as is"value.
• Then:
•
277,684 SF x$275/SF = $76,363,100
277,684 SF x$300/SF = $83,305,200
Estimated Market Value of the Fee
Simple Interest in Site Two,"as if'
Vacant (Rounded) $79,800,000
Less: Estimated Cost of Demolition and
Carting of Existing Vacant Improvements $300,000
Estimated Market Value of the Fee
Simple Interest in Site Two in"as is"
Condition (Rounded) $79,500,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-35 -
COMPARABLE LAND SALES
Subject Lend Land Land Land Land Lend Land Land
Silo 71009 Sala 1 Salo 2 Sale 9 Salo 4 Sala 5 Sale 8 Slating 7 Listing 8
Address 659-731 WEST 1685WASHINGTON 8035TH 1312-132014TH 601.699 WASHINGTON 1340 FLAMINGO 251 WASHINGTON 300.312 OCEAN 1255 WEST
AVENUE AVENUE STREET TERRACE AVENUE WAY AVENUE DRIVE AVENUE
MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MWMI BEACH MIAMI BEACH MIAMI BEACH
FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA
FroNapelEoposum On WEST AVENUE WASHINGTON AVE. MERIDIAN AVE 14TH TERRACE WASHINGTON AVE. FLAMINGO WAY WASHINGTON AVE OCEAN DRIVE WEST AVENUE
17Th STREET 5TH STREET WEST AVENUE 5111 STREET BAY ROAD 3110 STREET 3RD STREET 13TH STREET
7TH STREET
FOSE Na 024203401-0151 02-3234-0190730 02.4203-300-4070 023233-0164460 02.4203406-0820 02-0233016-0310 02-4203-003-1090 02-4203-00345110 020233.018-0090
02-4203-001-0170 023233-016-0470 024203-004-0830 023233-016-0320 024203-003-1080 024203-003-0510 023233018-0100
021203-001-0180 024203-004-0010 023233-018-0110
02-4203-001-0180 02-4203-004-0880
02443-0010200 024203004-08TO
024203-001-0201
024203-001-0210
02143-0014220
Net 51t,She (SF I 49,000 30,000 6,000 18.000 62,270 11,000 13,000 11.650 17.252
Net Sita SIE (Acro) 1.12 0.69 0.21 0.37 1.43 025 0.30 027 0.40
Zoning RM-2 CD3 C-PS2 RM-1 CD-2 R11 R-P53 R-PS3 RM-2
Floor Area Ralb SARI 2.00 225 2.00 625 2.00 1.25 1.75 1.75 2.00
BuildabbAroa 98.000 67,500 18,000 20.000 124,540 13,750 22.750 20,387 34,504
Date of Sal - 8/1612017 69/2017 3/30/2017 6/23/2015 4/281415 3/4/2015 LISTED FOR SALE LISTED FOR SALE
0,0000 - 508E THE FIFTH 1414 WEST WASHINGTON TBD HARBOR SOIRHS,LLC LISTED FOR SALE LISTED FOR SALE
CENTER,LLC STREET HOTEL,LLC AVENUE,LLC SQUARED 265.LLC
OWNER,LLC
GratiaCITIBANK.NA. SOBE F,LLC CASALUNA LLC WASHINGTON RS REALTY SORE SECOND SEA SPRAY 1247 EAYVIEW
GARDENS NO.2.INC.; INVESTMENTS,LLC; STREET,LLC DEVELOPMENT LLC DEVELOPMENT CO. •
601815 WASHINGTON S./REALTY
AVE.PROPERTY.INC.: INVESTMENTS,LLC;
643655 WASHINGTON
AVE PROPERTY,INC.:
657.685 WASHINGTON
AVE PROPERTY.INC.;
O.R.Book1 Page - 3065811799 3058411769 30483/2416 467411702 296011764 2952612117 USTED FOR SALE LISTED FOR SALE
4674/1698 29601/768
29674 1 1707
20674/1711
Consideration - S19,200,000 55,965,000 $4,725,000 930,500,000 52,700,000 18,250.000 611.000,000 09,990.000
FbarlWp •
CASH TO CISH TO CASH TO CASH TO CASH TO CASH TO USTED FOR SALE LISTED FOR SALE
THE SELLER THE SELLER THE SELLER THE SELLERS THE SELLERS THE SELLER
Safe Price - 519,204.000 65.565,000 $4,725,000 630,500,090 62,700,000 58250,000 111,000,000 $9.990,000
Sale Price/SF of Net Sllo Area - 664040 $662.78 $285.31 $489.80 $245.45 3634.82 $944.21 $579.06
Sob Prie/SF El
Maximum Buildable Area $284.44 $331.39 $238.25 $24490 $186.38 538284 9539,58 5289.53
TMOAdlustmont - 0% 0% 0% 0% 0% 0% 0% _ 0%
The Adjusted Sale Price - 119200,000 55.985,000 54.725,000 330.500,000 62.700,100 18.250,000 311,000,000 59,990,000
Time Adjusted Sale Price
Por Sq.FL 4 Site 2000 - 5840.00 $882.78 $295.31 $489.80 $245.45 6634.82 $84421 8579.08
Tana Adjostod Salo Prba
Per S0.FL of Butdalle Area - $28444 5331.39 $238.25 $24490 $108.38 $38284 $539.59 $289.53
ADJUSTMENTS:
Localbrc - 0% 0% 0% -5% 0% .6% -5% 0%
Frontage/E50asure: - -10% -10% 0% -10% 0% -1016 -10% D%
• 020108ale: •
0% -5% -5% 5% -5% -5% 4% -5%
Physical DevelapmeN PRANufUfBIE: 531 0.31 :56 1531 1 1531 414
1414 ]594 1
Total - -5% 4% 5% -15% 10% -10% -5% 5%
Plum Es5moled Demolition Cost - 537,000 SO 50 5185,000 310,000 S0 00 560,000
Adjusted 7000 - 518277.000 15,965,000 $4,961,300 120,110,000 62,080.000 $7,425,000 310,450,000 110,549,500
Adjuclad Pdca/SF of .
Nat SBM Area - $809.23 8682.78 $310.08 $419.30 $270.81 8571.15 $897.00 $611.49
AdjLeIed Pdc 0375U
913dableAr30 fARx3loArea) $270.77 $331.39 $248.07 $209.65 $218.73 8328.37 $512.68 $305.75
Asking Price Asking Price
J.A5HRLEAPPP/4SAL5,INC.
•
THE SALES COMPARISON APPROACH(LAND VALUATION) -- Continued--
ANALYSIS OF COMPARABLE SALES (SITE THREE/"700 SITE")
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3rd Street and 17th` Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6th Street and
Washington Avenue, 3rd Street and Washington Avenue; and 3rd Street and Ocean Drive.
Frontage/Visibility/Exposure
Site Three, with frontage on West Avenue, is inferior to Comparable Land Sale Numbers
One, Two,Four, Six and Seven.
Configuration
Site Three and the comparable sites are generally shaped rectangular,with adequate frontage
and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites typically command a premium on a sale price per
square foot basis. Comparable Sale Number Four required a slight positive size/ scale
adjustment as larger sites typically reflect a discount on a sale price per square foot basis.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-37 -
THE SALES COMPARISON APPROACH(LAND VALUATION) -- Continued—
ANALYSIS OF COMPARABLE LAND SALES(SITE THREE/"700 SITE")-Continued
Physical Development Potential and Functional Utility
Comparable Sale Numbers One through Three,and Five through Eight were inferior to Site
Three in terms of physical development potential and functional utility due to their
significantly smaller size,thereby requiring a positive adjustment. Comparable Sale Number
Four was superior to Site Three in terms of physical development potential and functional
utility due to its larger size,thereby requiring a slight negative adjustment.
Topography
Site Three and the comparable land sales were generally level at street-grade. However,we
have estimated the cost of demolition at the comparable sales, if there were older
improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price) and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of$284.44,
$331.39,$236.25,$244.90$196.36,$362.64,$539.56(asking price)and$289.53(asking
price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF of site
area of $609.23, $662.78, $310.08, $419.30, $270.91, $571.15, $897.00 (asking) and
$611.49 (asking price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF
of buildable area of $270.77, $331.39, $248.07, $209.65, $216.73, $326.37, $512.58
(asking price) and $305.75 (asking price).
Based on the preceding analysis,$250/SF of buildable area reflect a reasonable estimate of
Market Value of the Fee Simple Interest in Site Three,as vacant. Then:
98,000 SF x$250/SF = $24,500,000
Estimated Market Value of the Fee
Simple Interest in Site Three in"as is"
Condition(Vacant land; Rounded) $24,500,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-38 -
CUMPAHABLt LAND SALES
'Retail Land Lend Land Lend Land Land Lend Land
Site' Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Listing 7 Listing B
Address 630-650 ALTON 1685 WASHINGTON 803 5TH 1312-1320 14TH 601-699 WASHINGTON 1340 FLAMINGO 251 WASHINGTON 304-312 OCEAN 1255 WEST
ROAD AVENUE STREET TERRACE AVENUE WAY AVENUE DRIVE AVENUE
MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH MIAMI BEACH
FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORIDA
Frontage/Exposure On ALTON ROAD WASHINGTON AVE. MERIDIAN AVE. 14TH TERRACE WASHINGTON AVE. FLAMINGO WAY WASHINGTON AVE. OCEAN DRIVE WEST AVENUE
6TH STREET 17TH STREET 5TH STREET WEST AVENUE 6TH STREET BAY ROAD 3RD STREET 3RD STREET 13TH STREET
7TH STREET
Folio No. (A 53,412 SF 02-3234-019-0730 02-4203-009-4970 02-3233-016-0460 02-4203-004-0820 02-3233-016-0310 02-4203-003-1090 02-4203-003-0500 023233-018-0090
southern portion of 02-3233-016-0470 02-4203-004-0830 02-3233-016-0320 02-4203-003-1080 02-4203-003-0510 02-3233-018.0100
02-4203-001-0100 02-4203.004-0810 02.3233-018.0110
& 02-4203-004-0560
02-4203-0280 02-4203-004-0870
Net Site Size (SF) 87,412 30,000 9,000 16,000 62,270 11,000 13,000 11,650 17,252
Net Site Size (Acre) 2.01 0.69 0.21 0.37 1.43 0.25 0.30 0.27 0.40
Zoning CD-2 CO-3 C-PS2 RM-1 CD-2 RM-1 R-PS3 R-PS3 RM-2
Floor Area Ratio (FAR) 2.00 2.25 2.00 1.25 2.00 1.25 1.75 1.75 2.00
Buildable Area 174,824 67,500 18,000 20,000 124,540 13,750 22,750 20,387 34,504
Date of Sale - 8/16/2017 6/3/2017 3/30/2017 6/232015 428/2015 3/42015 LISTED FOR SALE LISTED FOR SALE
Grantee - SOBE THE FIFTH 1414 WEST WASHINGTON TBD HARBOR SOUTH5,LLC LISTED FOR SALE LISTED FOR SALE
CENTER,LLC STREET HOTEL,LLC AVENUE,LLC SQUARED 265,LLC
OWNER,LLC
Grantor - CITIBANK,NA. SORE 5,LLC CASALUNA LLC WASHINGTON RS REALTY SOBE SECOND SEA SPRAY 1247 BAYVIEW
GARDENS NO.2,INC.; INVESTMENTS,LLC; STREET,LLC DEVELOPMENT LLC DEVELOPMENT CO.
601.615 WASHINGTON SJ REALTY
AVE.PROPERTY,INC.; INVESTMENTS,LLC;
643-655 WASHINGTON
' AVE.PROPERTY,INC.;
657-685 WASHINGTON
• AVE.PROPERTY,INC.;
O.R.Book/Page - 30658/1799 30584/1769 30483/2416 29674/1702 29601/784 29526/2117 LISTED FOR SALE LISTED FOR SALE
29674/1698 29601/788
29674/1707
29674/1711
Consideration - $19,200,000 $5,965,000 $4,725,000 $30,500,000 52,700,000 $8,250,000 $11,000,000 $9,990,000
Financing - CASH TO CASH TO CASH TO CASH TO CASH TO CASH TO LISTED FOR SALE LISTED FOR SALE
THE SELLER THE SELLER THE SELLER THE SELLERS THE SELLERS THE SELLER
Sale Price - $19,200,000 $5,965,000 $4,725,000 $30,500,000 $2,700,000 $8250,000 $11,000,000 $9,990,000
Sale Price/SF of Net Site Area - $640.00 $662.78 $295,31 $489.80 $245.45 $634.62 $944.21 $579.08
Sale Price/SF of
Maximum Buildable Area - $284.44 $331.39 $236.25 $244.90 $196.36 $362.64 $539.56 $289.53 •
Time Adjustment - 0% 0% 0% 0% 0% 0% 0% 0%
Time Adjusted Sale Price - $19,200,000 $5,965,000 $4,725,000 530,500,000 $2,700,000 $8,250,000 $11,000,000 $9,990,000
Time Adjusted Sale Price
Per Sq.FL of Site Area - $640.00 $862.78 $295.31 $489.80 $245.45 $834.82 $944.21 $579.06
Time Adjusted Sale Price
Per Sq.FL of Buildable Area - $284.44 $331.39 $236.25 $244.90 $196.38 $382.64 $539.58 $289.53
ADJUSTMENTS:
Location: - 0% 0% 0% -5% 0% -5% -5% 0%
Frontage/Exposure: - -10% -10% 10% -10% 10% -5% -5% 10%
Size/Scale: - 0% -10% -5% 0% -10% -5% -10% -5%
Physical Development Potential/Utility: - 10% 20°fy, ]g�,, 5.11 MX 011% 2.0.%. t0%
•Total: - 0% 0% 15% -10% 20% -5% 0% 15%
Plus:Estimated Demolition Cost - $37,000 SO $0 $185,000 510,000 $0 50 $60,000
Adjusted Price - $19,237,000 $5,965,000 $5,433,800 $27,635,000 $3,250,000 $7,837,500 $11,000,000 $11,548,500
Adjusted Price/SF of
Net Site Area - $641.23 $662.78 $339.61 $443.79 $295.45 5602.88 $944.21 $669.40
Adjusted Price/SF of
Buildable Area (FAR x Site Area) $284.99 $331.39' $271.69 $221.90 $238.36 $344.51 $539.58 $334.70
Asking Price Asking Price
J.ALHALE APPRAISALS,INC.
THE SALES COMPARISON APPROACH(LAND VALUATION) -- Continued--
ANALYSIS OF COMPARABLE SALES (SITE FOUR/"RETAIL SITE")
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3' Street and 17th Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6`h Street and
Washington Avenue, 3rd Street and Washington Avenue; and 3rd Street and Ocean Drive.
Frontage/Visibility/Exposure
Site Four,with frontage on Alton Road and 6`h Street, is superior to Comparable Land Sale
Numbers Three,Five and Eight; and inferior to Comparable Land Sale Numbers One,Two,
Four, Six and Seven.
Configuration
Site Four and the comparable sites are generally shaped rectangular,with adequate frontage
and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites command a premium on a sale price per square foot
basis.
Physical Development Potential and Functional Utility
The comparable sales were inferior to Site Four in terms of physical development potential
and functional utility due to their significantly smaller size, thereby requiring a positive
adjustment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-40 -
THE SALES COMPARISON APPROACH(LAND VALUATION) -- Continued--
ANALYSIS OF COMPARABLE LAND SALES
(SITE FOUR/"RETAIL SITE")-Continued
Topography
Site Four and the comparable land sales were generally level at street-grade. However,we
have estimated the cost of demolition at the comparable sales and the subject site, if there
were older improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price) and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of$284.44,
$331.39,$236.25,$244.90$196.36,$362.64,$539.56(asking price)and$289.53(asking
price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF of site
area of$641.23, $662.78, $339.61, $443.79,$795.45,$602.88, $944.21 (asking price)and
$669.40 (asking price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF
of buildable area of $284.99, $331.39, $271.69, $221.90, $236.36, $344.51, $539.56
(asking price) and$334.70 (asking price).
Based on the preceding analysis, $275/SF to$300/SF of buildable area reflect a reasonable
range of Market Value of the Fee Simple Interest in Site Four,as vacant. The estimated cost
of demolition of the nearly 60,000 SF building was deducted to arrive at the"as is"value.
Then:
174,824 SF x $275/SF = $48,076,600
174,824 SF x$300/SF = $52,447,200
Estimated Market Value of the Fee
Simple Interest in Site Four, "as if'
Vacant (Rounded) $50,300,000
Less:Estimated Cost of Demolition and
Carting of Existing Vacant Improvements $300,000
Estimated Market Value of the Fee
Simple Interest in Site Four in"as is"
Condition (Rounded) $50,000,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-41 -
COMPARABLE LAND SALES
'Park Land Lend Lard Lend Land lend Lend Lend
S8tl' Selo 1 Sale 2 Sala 3 Sala 4 Selo 6 Sale 6 LJSINp7 LIMN 8
Address 601-737 WEST 1885 WASHINGTON 803 5TH 1312-132014TH 601.699 WASHINGTON 1340 FLAMINGO 251 WASIINGTON 304.312 OCEAN 125$WEST
AVENUE AVENUE STREET TERRACE AVENUE WAY AVENUE DRIVE AVENUE
MIAMI BEACH MIAMI BEACH 611055 BEACH MINA BEACH MIA%BEACH MIAMI BEACH MAOI BEACH MIAMI BEACH MIAIA BEACH
RORIDA FLORIDA FLORIDA FLORIDA FLORIDA FLORDA FLORIDA FLORIDA FLORIDA
Fraba9a'EspS00 On WEST AVENUE WASHNGTON AVE MERIDIAN AVE 14TH TERRACE WASHINGTON AVE. FLAMINGO WAY WASHINGTON AVE. OCEAN DRIVE WEST AVENUE
6TH STREET 17TH STREET 5711 STREET WEST AVENUE 6TH STREET BAY ROAD 3RD STREET 3RD STREET 13TH STREET
7TH STREET
Fa%Tb. (551.430 SF 024234.0190730 0242030004970 02-3703016-0460 02.4203-004-0820 023233-0160310 024203-0011090 0242030035500 02.323301643090
wRsrom porton of 023233-0100470 024203.004-0030 02.3233016-0320 024203-0011080 0242010010510 0232310160100
024283001-0100 024203-004-0810 0232310160110
6 024X3.004-0600
0342010013161 024203004-0870
024201001-0170
024203.0310100
024201001419D
024201001-0208
0242010010201
02.4203001-0210
02.4203-001.0220
NHISIIa Sue (SF) 100,430 30,000 9200 16.000 62.270 11,000 13,000 11,650 11252
NA Ste Sim (Acre) 231 065 021 0.37 1.43 0.25 0.30 027 0.40
Zoning R612&CD2 CD3 C.P52 RM-1 CD-2 RM-1 R-1453 R-P53 661-2
FOsr Area Rabe (FAR) 200 2.25 2.00 125 200 125 1.75 1.75 203
Biddable Area 200,060 67,500 18.000 20,000 124240 13,750 22.750 20,387 34.504
Dale a1 Sa1e0'1612010 41072017 3302017 80232015 4/052015 3'472015 USTED FOR SME LISTED FOR SALE
Gran= - SOBE THE FIFTH 1414 WEST WASHINGTON TOD HARBOR SOUTIS,LLC USTED FOR SALE LISTED FOR SALE
CENTER.LLC STREET HOTEL.LLC AVENUE.LLC SCUARED 285,LLC
OWNER,LLC
Grantor - CITIBANK.NA S0BE5.LLC CASALUNA LIC WASHINGTON RS REALTY SORE SECOND SEA SPRAY 1247 BAYVIEW
GARDENS NO.2,INC.: INVESTMENTS ILC: STREET,LLC DEVELOPMENT LLC DEVELOPMENT CO.
601.615 WASHINGTON SJ REALTY
AVE PROPERTY.INC.; INVESTMENTS.LLC:
' 643-555 WASHINGTON
AVE.PROPERTY,INC:
' 657.685 WASHINGTON
AVE.PROPERTY.TNG;
0.9.130%/Pago306513/1799-
3058401769 3048312418 29874/1]02 X601/781 2952402117 LISTED FOR SALE LISTED FOR SALE
2967411698 296011788
29874/1707
X674/1711
Constlnreli4n - 519.200.= 55.965,000 54.725,M530.500.000 92.700,000 58250,000 511.000.000 59.990000
Financing - CASH ID CASH TO GSH TO CASH TO CASH TO GSM TO LISTED FOR SAIF USTED FOR SALE
THE SELLER THE SETTER THE SELLER THE SELLERS THE SELLERS THE SELLER
Sala Price - 910,200.000 55,965000 34,725,000 530.500000 52.700.000 59,250000 511,02,000 59,990,000
Sala PrkslSFol Net Site Area - 5640.00 5582.78 5X6.31 $488.80 $245.16 $836.82 5944.21 5579.08
Sala Price/SF al
MOAnam 000449e Arae - $284.44 5331.39 523025 5244.00 5198.38 $382.64 5539.58 $289.53
line Adjustment - 0% 0% 0% 0% 0% 0% 0% 0%
Theo Adpatod Sale Phe - 519200.000 55,965.000 54725,000 $30,500.000 52.700000 08250.000 911,000000 59,993%0
Tmo 5055114 Sale Price
Pet S4 FL 445884704 - 5640.00 588279 $296.31 8489,10 5245.45 5634.62 594421 $579.08
Tune Adjusted Sale Prim
Per Sq.FL 0Buldabe Area - 5284.44 $331.39 0238.25 5244.90 5198.38 538154 5599.66 $28953
ADJUSTMENTS: -
LOcati0n: 0% 0% 0% -5% 0% .5% S% 0%
Frontage!E4ponae: - -10% -10% 10% •10% 10% -10% -10% 10%
S1ClScolo: - 0% -10% -5% 0% -ID% 3% -10% .5%
Peyalral Development Potenl4l/US% • 1900 2800 2200 8% 29% 1800 2470 1900
Total: - 0% 0% 10% -10% 20% -10% -5% 15%
PES:EstrnAI4d DOIOOE0n 005 - 537,000 50 So 5165.000 510,000 50 SO 560000
Adjusted Prim 019237,000 55,085,000 95,433,600 427,535.000 53,250,000 57,425,000 410,450,000 511.548,500
Adjusted PricatSFa7
Net SM Area - $641.23 4882.78 $339.81 $443.79 9285.45 $571.15 4897.00 4889.40
Musts]PriceiSF et
1111d:N8N08 FA41491T64ea) - 928499 $331.39 5271.69 5221.53 3238.36 $328.37 0512.98 3334.70
Aekln9 Price Asking Pr800
J.AL HALE APPRNSA!$240.
THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE SALES (SITE FIVE/"PARK SITE")
Financing
The comparable sales were"arm's length"and"cash to the seller"transactions,with typical
terms of purchase and therefore,no adjustment for financing was required.
Time of Sale
The comparable land sales analyzed herein have occurred between March 2015 and August
2017, in addition to two current listings. The comparable sales reflect current market
conditions in the subject area and therefore,no quantitative adjustment was applied to the
comparable sales.
Location
The comparable sales are located between 3rd Street and 17``' Street, in the South Beach
section of Miami Beach. However, Comparable Land Sale Numbers Four, Six and Seven
required a negative locational adjustment due to their specific location on 6th Street and
Washington Avenue, 3' Street and Washington Avenue; and 3rd Street and Ocean Drive.
Frontage/Visibility/Exposure
Site Five,with frontage on West Avenue and 6`h Street,is superior to Comparable Land Sale
Numbers Three,Five and Eight; and inferior to Comparable Land Sale Numbers One,Two,
Four, Six and Seven.
Configuration
Site Five and the comparable sites are generally shaped rectangular,with adequate frontage
and depth,thereby requiring no adjustment for configuration.
Size/Scale
Comparable Sale Numbers Two,Three,and Five through Eight required a negative size/scale
adjustment as significantly smaller sites command a premium on a sale price per square foot
basis.
Physical Development Potential and Functional Utility
The comparable sales were inferior to Site Five in terms of physical development potential
and functional utility due to their significantly smaller size, thereby requiring a positive
adjustment.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-43 -
THE SALES COMPARISON APPROACH(LAND VALUATION) --Continued--
ANALYSIS OF COMPARABLE LAND SALES
(SITE FIVE/"PARK SITE")- Continued
Topography
Site Five and the comparable land sales were generally level at street-grade. However,we
have estimated the cost of demolition at the comparable sales, if there were older
improvements which would be razed for redevelopment.
CORRELATION OF VALUE
The comparable sales indicated unadjusted sale price/SF of site area of$640.00, $662.78,
$295.31, $489.80, $245.45, $634.62, $944.21 (asking price) and$579.06 (asking price).
The comparable sales indicated unadjusted sale price/SF of buildable area of$284.44,
$331.39,$236.25,$244.90$196.36,$362.64,$539.56(asking price)and$289.53(asking
price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF of site
area of$641.23,$662.78,$339.61,$443.79, $295.45, $571.15, $897.00 (asking price)and
$669.40 (asking price).
After the analytical adjustments,the comparable sales indicated adjusted sale price/SF
of buildable area of $284.99, $331.39, $271.69, $221.90, $236.36, $326.37, $512.58
(asking price) and$334.70 (asking price).
Based on the preceding analysis, $250/SF to$275/SF of buildable area reflect a reasonable
range of Market Value of the Fee Simple Interest in Site Five, as vacant. Then:
200,860 SF x$250/SF = $50,215,000
200,860 SF x$275/SF = $55,236,500
Estimated Market Value of the Fee
Simple Interest in Site Five in"as is"
Condition (Vacant land;Rounded) $52,500,000
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-44-
RECONCILIATION AND FINAL VALUE ESTIMATE
MARKET VALUE ESTIMATES:
Income Capitalization Approach to Value: Not Applicable
Sales Comparison Approach to Value: $51,200,000 Site 1 As if Vacant
$51,170,000 Site 1 As Is
$79,800,000 Site 2 As If Vacant
$79,500,000 Site 2 As Is
$24,500,000 Site 3 As Is (Vacant)
$50,300,000 Site 4 As If Vacant
$50,000,000 Site 4 As Is
$52,500,000 Site 5 As Is(Vacant)
Cost Approach to Value: Not Applicable
Reconciled Final Value Estimates: $51,200,000 Site 1 As if Vacant
$51,170,000 Site 1 As Is
$79,800,000 Site 2 As If Vacant
$79,500,000 Site 2 As Is
$24,500,000 Site 3 As Is(Vacant)
$50,300,000 Site 4 As If Vacant
$50,000,000 Site 4 As Is
$52,500,000 Site 5 As Is(Vacant)
In order to provide estimates of the Market Value of the Fee Simple Interest in Properties
One, Two and Four in"as is" condition(land value, less estimated cost of demolition and
carting), as of June 27, 2018 Market Value of the Fee Simple Interest in Properties One
through Five, as vacant (land value), as of June 27, 2018, we have utilized the Sales
Comparison Approach to Value.
The Sales Comparison Approach to Value is based upon a comparison between recently sold
sites and the subject sites, utilizing the sale price per square foot of buildable area unit.of
comparison.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-45 -
RECONCILIATION AND FINAL VALUE ESTIMATE
It is my estimate that the Market Value of the Fee Simple Interest in Properties One,Two and
Four in"as is" condition(land value, less estimated cost of demolition and carting), as of
June 27,2018 Market Value of the Fee Simple Interest in Properties One through Five, as
vacant(land value), as of June 27, 2018, was:
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 1 ("500 SITE"), "AS IF"VACANT
FIFTY ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($51,200,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 1 ("500 SITE")
IN"AS IS"CONDITION (LAND VALUE,LESS DEMOLITION COST)
FIFTY ONE MILLION ONE HUNDRED SEVENTY THOUSAND DOLLARS
($51,170,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 2("600 SITE"), "AS IF"VACANT
SEVENTY NINE MILLION EIGHT HUNDRED THOUSAND DOLLARS
($79,800,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST IN SITE 2 ("600 SITE")
IN"AS IS" CONDITION(LAND VALUE, LESS DEMOLITION COST)
SEVENTY NINE MILLION FIVE HUNDRED THOUSAND DOLLARS
($79,500,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 3 ("700 SITE"IN"AS IS"CONDITION (LAND VALUE)
TWENTY FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS
($24,500,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 4 ("RETAIL SITE"), "AS IF"VACANT
FIFTY MILLION THREE HUNDRED THOUSAND DOLLARS
($50,300,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST IN SITE 4 ("RETAIL SITE")
IN"AS IS" CONDITION (LAND VALUE, LESS DEMOLITION COST)
FIFTY MILLION DOLLARS
($50,000,000)
MARKET VALUE OF THE FEE SIMPLE INTEREST
IN SITE 5 ("PARK SITE")IN"AS IS"CONDITION (LAND VALUE)
FIFTY TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($52,500,000)
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-46 -
CONTINGENT AND LIMITING CONDITIONS
We assume no responsibility for matters legal in nature,nor do we render any opinion as to
the title,which is assumed to be marketable. The properties are appraised as though under
responsible ownership and management.
When applicable,the sketch in this report is included to assist the reader in visualizing the
properties,and we assume no responsibility for its accuracy. We have made no survey of the
properties. We are not required to give testimony or appear in court because of having made
this appraisal, with reference to the properties in question, unless arrangements have been
previously made thereof. Additional professional valuation services rendered would require
further compensation under a separate contractual agreement.
Where applicable, the distribution of the total valuation in this report between land and
improvements applies only under the existing program of utilizations. The separate
valuations for land and building must not be used in conjunction with any other appraisal and
are invalid if so used.
We assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. We assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
Information, estimates and opinions furnished to us and contained in this report were
obtained from sources considered reliable and believed to be true and correct. However,no
responsibility for accuracy can be assumed by us.
No one other than the undersigned prepared the analyses, conclusions and estimates
concerning the real estate set forth in this appraisal.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for any
purpose by any but the client without the previous written consent of the appraiser, and/or
the client; nor shall it be conveyed by any including the client to the public through
advertising, publications, news, sales or other media, without the written consent and
approval of the author,particularly the valuation conclusions,identity of the appraiser,or any
reference to any professional society or institute or any initialed designation conferred upon
the appraiser.
This appraisal report has been made in conformity with and is subject to the requirements of
the Code of Professional Ethics and Standards of Professional Practice of the Appraisal
Institute,the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal
Standards Board of the Appraisal Foundation and the requirements of the State of Florida for
state certified real estate appraisers, as well as current Federal regulatory agency criteria.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-47 -
CONTINGENT AND LIMITING CONDITIONS -- Continued—
The existence of hazardous materials,which may or may not be present on the properties,
was not observed. We have no knowledge of the existence of such materials on or in the
properties, nor are we qualified to detect such substances. The presence of potentially
hazardous materials and/or substances may affect the value of the properties. The value
estimate reflected in this appraisal report is predicated on the assumption that there is no such
material on or in the properties 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 client is urged to retain an expert in this field, if desired.
The Americans with Disabilities Act("ADA")became effective January 26, 1992. We have
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 "ADA". It is possible
that a compliance survey of the property, together with a detailed analysis of the
requirements of the "ADA" could reveal that the property is not in compliance with one or
more of the requirements of the Act. Since we have no direct evidence relating to this issue,
we did not consider possible non-compliance with the requirement of"ADA"in estimating
the value of the property.
The appraisal report can not be used in connection with a real estate syndicate(s)or securities
related activity(ies) and is invalid if so used without the previous knowledge or written
consent of the appraiser. Said activities include but would not be limited to activities which
are required to be registered with the United States Securities and Exchange Commission or
any state regulatory agency regulating investments made as a public offering, as well as
activities involving Real Estate Investment Trusts,Limited Partnerships,Mortgage Backed
Securities and any other transaction which is subject to the securities Exchange Act of 1933,
the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment
Advisors Act of 1940 or State Blue Sky or securities laws or any amendments thereto.
As part of the Highest and Best Use analysis and scope of the consulting assignment, we
have provided additional illustrative analysis relative to the conceptual 42-story.residential
apartment building at Site One and the one-story retail strip at the eastern portion of Site
Two. The plans for these potential proposed uses are preliminary in nature, and have not
been finalized or have approvals to be built. Accordingly,our analysis is illustrative and is
intended to provide a comparative analysis. Extraordinary assumption is defined as an
assumption,directly related to a specific assignment,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 properties; or about conditions external to the subject properties, such as market
conditions or trends; or about the integrity of the data used in an analysis. The use of the
extraordinary assumption, as described herein, might affect the conclusion(s) of the
comparative analysis as it relates to the subject properties. The use of this appraisal is
limited to the client, and it should be further noted that the rationale for how the appraiser
arrived at the opinions and conclusions set forth in the report may not be understood properly
without additional information in the appraiser's workfile.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-48 -
CERTIFICATION
The undersigned do hereby certify that, to the best of our knowledge and belief, except as
otherwise noted in the appraisal report:
- The statements of fact contained in this report, upon which the analyses, opinions and
conclusions expressed herein are based, are true and correct.
- I have performed no services as an appraiser regarding the properties that are the subject
of this appraisal assignment,within the three year period preceding the acceptance of this
assignment.
The reported analyses, opinions and conclusionsare limited only by the reported
assumptions and limiting conditions and are our personal,unbiased professional analyses,
opinions and conclusions.
- We have no present or prospective interest in the properties that are the subject of this
report and we have no personal interest or bias with respect to the parties involved.
- The amount of our compensation is not contingent upon the development or reporting of
a predetermined value of direction in value that favors the cause of the client,the amount
of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
- Our analyses,opinions and conclusions were developed,and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute, the Uniform Standards of Professional
Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation
and the requirements of the State of Florida for state certified real estate appraisers,as well
as current Federal regulatory agency criteria.
- My engagement in this assignment was not contingent upon developing or reporting
predetermined values. The appraisal assignment has not been based on a required
minimum valuation, a specific valuation,or the approval of a loan.
- The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives,as well as the Florida Real Estate Appraisal
Board.
- As of the date of this report, Jozef Alhale has completed the requirements of the
continuing education program of The Appraisal Institute.
- The appraiser has visually inspected the perimeters of the subject vacant sites which are
described in this report.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-49 -
CERTIFICATION
- No one other than the undersigned prepared the analyses, conclusions and opinions
concerning real estate that are set forth in this appraisal report, nor provided significant
professional assistance to the person signing this report.
It is the opinion of the undersigned that the estimated the Market Value of the Fee Simple
Interest in Properties One,Two and Four in"as is"condition(land value,less estimated cost
of demolition and carting), as of June 27, 2018 Market Value of the Fee Simple Interest in
Properties One through Five, as vacant(land value), as of June 27, 2018, was as described
herein.
17/
Jozef Alhale,MAI
State Certified General Appraiser
License No. RZ 0001557
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-50 -
•
ADDENDA
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-51 -
SUMMARY OF COMPARABLE COMMERCIAL AND OFFICE SPACE RENTAL RATES
FIFTH STREET AND SOUTH
Comparable Comparable Comparable Comparable Comparable
Rental One Rental Two Rental Three Rental Four Rental Five
Address 40 S.Pointe 850 Commerce 500 S.Pointe 515-541 Jefferson 729-741 5th
Drive Street Drive Avenue Street
Miami Beach Miami Beach Miami Beach Miami Beach Miami Beach
Florida Florida Florida Florida Florida
Use 1st Floor Retail 1st Floor Retail 1st Floor Retail 1st Floor Retail/Office 1st Floor Retail/Office
Leased Space Size(SF) 1,129 9,000 1,068 to 2,402 400 733 to 950
Net Rentable Area (SF) 7,619 24,887 30,016 3,200 14,267
Year Built 2010 1920 2001 1971 1930
Condition +Average +Average +Average +Average Average
to Good to Good to Good
(Renovated) (Renovated)
Lease Term 3-5 Years 3-5 Years 3-5 Years 1 Year and Up 3-5 Years
Space Available(SF) 0 0 0 0 0
Occupancy Rate 100% 100% 100% 100% 100%
Rental Escalations CPI or CPI or CPI or . CPI or CPI or
Stepped-up Stepped-up Stepped-up Stepped-up Stepped-up
Tenant Expenses Pro-Rated Share Pro-Rated Share Pro-Rated Share Pro-Rated Share Pro-Rated Share
of Operating of Operating of Operating of Operating of Operating
Expenses Expenses Expenses Expenses Expenses
Landlord Expenses All other All other All other All other All other
variable expenses; variable expenses; variable expenses; variable expenses; variable expenses;
and reserves for and reserves for and reserves for and reserves for and reserves for
replacement replacement replacement replacement replacement
Rental Rate/SF $61.65 $80.00 $60 to$62 $73.50 $54 to$60
(Triple-Net) (Triple-Net) (Triple-Net) (Triple-Net) (Triple-Net)
J. ALHALE APPRAISALS, INC.
SUMMARY OF COMPARABLE COMMERCIAL AND OFFICE SPACE RENTAL RATES
WEST AVENUE, PURDY AVENUE AND BAY ROAD,NORTH OF 17 STREET
Comparable Comparable Comparable Comparable
Rental Six Rental Seven Rental Eight Rental Nine
Address 1784 West 1835-1885 Purdy 1935 West 1916 Bay
Avenue Avenue Avenue Road
Miami Beach Miami Beach Miami Beach Miami Beach
Florida Florida Florida Florida
Use 1st Floor Retail 1st Floor Retail 1st Floor Retail 1st Floor Retail
Leased Space Size (SF) 1,000 1,020 950 2,710
Net Rentable Area (SF) 7,021 30,000 16,265 6,323
Year Built 2004 2012 1940 1962
Condition +Average Good Average Average
to Good
Lease Term 3-5 Years 3-5 Years 3-5 Years 5 Years
Space Available (SF) 0 0 2,180 0
Occupancy Rate 100% 100% 87% 100%
Rental Escalations CPI or CPI or CPI or CPI or
Stepped-up Stepped-up Stepped-up Stepped-up
Tenant Expenses Pro-Rated Share Pro-Rated Share Utilities and Pro-Rated Share
of Operating of Operating Pro-Rated Share of Operating
Expenses Expenses of Increases Above Expenses
Base-Year Operating
Expenses
Landlord Expenses All other All other All other Base Year All other
variable expenses; variable expenses; All other fixed and variable expenses;
and reserves for and reserves for variable expenses; and reserves for
• replacement replacement and reserves for replacement
replacement
Rental Rate/SF $70.00 $90.00 $82.11 $70.00
(Triple-Net) (Triple-Net) (Modified Gross) (Triple-Net)
J. ALHALE APPRAISALS, INC.
SUMMARY OF COMPARABLE COMMERCIAL AND OFFICE SPACE RENTAL RATES
WASHINGTON AVE,ALTON ROAD,PENNSYLVANIA AVE,NORTH OF 5TH STREET
Comparable Comparable Comparable Comparable
Rental Ten Rental Eleven Rental Twelve Rental Thirteen
Address 801-817 Washington 901 Pennsylvania 1428-1440 Alton 1501-1539 Alton
Avenue Avenue Road Road
Miami Beach Miami Beach Miami Beach Miami Beach
• Florida Florida Florida Florida
Use 1st Floor Retail 1st Floor Retail 1st Floor Retail 1st Floor Retail
Leased Space Size (SF) 850 911 2,239 1,260
Net Rentable Area (SF) 15,975 7,266 7,000 25,000
Year Built 1935 1948 1940 1991
Condition +Average +Average +Average +Average
(Renovated) to Good
(Renovated)
Lease Term 5 Years 3 Years 3-5 Years 3-5 Years
Space Available (SF) 0 0 0 0
Occupancy Rate 100% 100% 100% 100%
Rental Escalations CPI or CPI or CPI or CPI or
Stepped-up Stepped-up Stepped-up Stepped-up
Tenant Expenses Pro-Rated Share Pro-Rated Share Pro-Rated Share Pro-Rated Share
of Operating of Operating of Operating of Operating
Expenses Expenses Expenses Expenses
Landlord Expenses All other All other All other All other
variable expenses; variable expenses; variable expenses; variable expenses;
and reserves for and reserves for and reserves for and reserves for
replacement replacement replacement replacement
Rental Rate/SF $50.00 $55.00 $90.00 $70.48
(Triple-Net) (Triple-Net) (Triple-Net) (Triple-Net)
J. ALHALE APPRAISALS, INC.
SUMMARY OF COMMERCIAL PROPERTY SALES IN SOUTH BEACH
Sale Sale Sale Sale Sale Sale
1 2 3 4 5 6
Address 1550-1554 Alton 1671-1673 Alton 919 Collins 915-955 Washington 1609-1613 Alton 749-755 Washington
Road Road Road Avenue Road Avenue
Miami Beach Miami Beach Miami Beach Miami Beach Miami Beach Miami Beach
Florida Florida Florida Florida Florida Florida
Property ID: 02-3234-018-0500 02-3234-017-0130 02-3234-008-0090 02-3234-008-1410 02-3234-018-0320 02-4203-004-0690
02-3234-008-1420
02-3234-008-1400
Type 1-Story Retail/Office 1-Story Retail/Office 1-Story Retail 1-Story Retail 2-Story Retail/Office 1-Story Retail
Building Area(SF) 5,000 7,523 7,941 30,100 8,700 17,500
Year Built 1938 1936 1924 1942,1936,1937 1947 1965
Condition +Average +Average +Average Average +Average Good
Site Area(SF) 7,500 7,500 7,000 39,000 7,500 19,500
Site Area(SF) 0.17 0.17 0.16 0.90 0.17 0.45
Zoning CD-2 CD-2 MXE CD-2 CD-2 CD-2
Land-to-Building Ratio 1.50 1.00 0.88 1.30 0.86 1.11
Buyer Espartano LLC Alton Road Silver Hill Washington Avenue 1609 Alton Jamestown Premier 755
Owner LLC One LLC Associates LLC Owner LLC Washington Avenue,LLC
Seller ARRP Miami II,LLC Alton Florida S&S ESTI's,LLC; L.O.D. 8th Street
Properties,Inc. Properties 955 Washington Enterprises,Inc. Washington Holdings,Inc.
Owner,LLC;
Grand Trine
Limited Partnership
Deed Book&Page 30669/4193 30488/715 30397/2780 30127/4584 30012/3612 29822/2086
30127/4589
30127/4581
Date of Sale 8/25/2017 3/31/2017 1/23/2017 6/22/2016 3/23/2016 10/20/2015
Capitaization Rate 3.76% 5.50% 6.60% - 4.15% 4.03%
Sale Price $5,400,000 $7,425,000 $7,100,000 $29,000,000 $8,650,000 $18,550,000
Terms Cash to Cash to Cash to Cash to Cash to Cash to
the Seller the Seller the Seller the Sellers the Seller the Seller
Cash Equivalent Sale Price/SF $1,080.00 $986.97 $894.09 $963.46 $994.25 $1,060.00
Time Adjustment 0% 0% 0% 0% 0% 0%
Time Adjusted Sale Price $5,400,000 $7,425,000 $7,100,000 $29,000,000 $8,650,000 $18,550,000
Time Adjusted Sale Price/SF $1,080.00 $986.97 $894.09 $963.46 $994.25 $1,060.00
UnAdjusted Sale Price/SF $1,080.00 $986.97 $894.09 $963.46 $994.25 $1,060.00
J.ALHALE APPRAISALS,INC.
DEVELOPMENT MS4I74 BENI %CHANGF BEDS, pAIHS SQ.II. REM/5Q-R FURNISHED
Floridian in South Beach 308 $ 2,700 0.0% 1 beds 1 baths 600 $ 4.50 Yes
Floridian In South Beach 303 $ 2,200 0.0% 1 beds I baths 687 $ 3.20 Yes
Floridian In South Beach 304 $ 2,700 0.0% 1 beds 1 baths 735 $ 3.67 Yes
Floridian in South Beach 2306 $ 2,800 0.0% 1 beds 1 baths 746 $ 3.75 No
Floridian In South Beach 1205 $ 3,000 0.0% 1 beds 1 baths 746 $ 4.02 Yes
Bentley South 1003 $ 3,250 0.0% 1 beds S baths 776 $ 4.19 Yes
Bentley South 1404 $ 3,250 0.546 1 beds 1 baths 776 $ 4.19 Yes
Bentley South 503 $ 3,500 0.0% 1 beds 1 baths 776 $ 4.51 Yes
Bentley North 1513 $ 3,100 -6.3% 1 beds 1 baths 777 5 3.99 Yes
Bentley North 512 $ 2,990 -9.1% 1 beds 1 baths 779 $ 3.84 Yes
Bentley North 2412 $ 3,600 -8.0% 1beds 1 baths 779 $ 4.62 Yes
Wawerly at South Beach 1105 $ 2,200 0.0% 1 beds 1 baths 793 $ 2.77 No
Wawerly at South Beach 2305 $ 2,250 0.0% 1 beds 1 baths 793 $ 2.84 No
Wawerly at South Beach 1803 $ 2,250 0.0% 1beds 1baths 806 $ 2,79 No
Floridian in South Beach 2605 $ 3,100 -6.3% 1 beds 1 baths 840 $ 3.69 Yes
$ 3.76
Icon South Beach 3208 $ 3,300 -5.9% 1 beds 1.5 baths 851 S 3.88 No
Icon South Beach 2908 $ 3,000 -23.5% 1 beds 1.5 baths 851 $ 3.53 Yes
Icon South Beach 1908 $ 3,000 -6.5% 1 beds 1.5 baths 851 $ 3.53 Yes
Icon South Beach 1208 $ 3,300 -11.4% 1 beds 1.5 baths 851 5 3.88 Yes
Icon South Beach 3108 $ 4,000 -11.8% 1 beds 1.5 baths 851 5 4.70 Yes
Murano at Portofino 906 $ 4,000 0.0% 1 beds 1.5 baths 1008 $ 3.97 Yes
Murano Grande TH-4M $ 6,500 0.0% 1 beds 1.5 baths 1310 5 4.96 No
Murano Grande TH-3M $ 7,500 0.0% 1 beds 1.5 baths 1336 $ 5.61 Yes
$ 4.37
Murano at Portofino TH-Al $ 3,900 0.0% 1 beds 2 baths 1207 $ 3.23 No
Bentley North 514 $ 4,200 0.0% 2 beds 2 baths 1058 $ 3.97 No
Bentley North 1814 $ 4,200 0.0% 2 beds 2 baths 1058 $ 3.97 One
Bentley North 2114 $ 6,500 0.0% 2 beds 2 baths 1058 $ 6.14 Yes
Bentley North 2314 $ 5,200 -5.6% 2 beds 2 baths 1059 $ 4.91 Yes
Floridian in South Beach 2509 $ 3,500 0.0% 2 beds 2 baths 1078 $ 3.25 No
Floridian in South Beach 2803 $ 3,900 0.0% 2 beds 2 baths 1078 $ 3.62 No
Floridian in South Beach 1910 $ 3,400 0.0% 2 beds 2 baths 1078 $ 3.15 Yes
Floridian In South Beach 3110 $ 3,400 -5.7% 2 beds 2 baths 1078 $ 3.15 / Yes
Floridian in South Beach 903 $ 3,750 0.0% 2 keds 2 baths 1078 $ 3.48 Yes
Floridian in South Beach 711 $ 3,850 0.0% 2 beds 2 baths 1147 $ 3.36 Yes
Bentley South 1904 $ 4,600 -6.3% 2 beds 2 baths 1210 $ 3.80 Yes
Bentley South 1405 $ 5,200 0.0% 2 beds 2 baths 1210 5 4.30 Yes
Floridian in South Beach 2904 $ 4,100 5.0% 2 beds 2 baths 1225 $ 3.35 No
Floridian In South Beach 1110 $ 2,950 -8.1% 2 beds 2 baths 1225 $ 2.41 Yes
Bentley North 711 $ 5,500 0.0% 2 beds 2 baths 1252 $ 4.39 Yes
Floridian in South Beach 3111 $ 4,950 -5.4% 2 beds 2 baths 1258 $ 3.93 Yes
Floridian in South Beach 1203 $ 5,000 -16.5% 2 beds 2 baths 1300 $ 3.85 Yes
Bentley North 2311 $ 8,000 0.0% 2 beds 2 baths 1331 $ 6.01 Yes
Icon South Beach 1510 $ 4,900 0.0% 2 beds 2 baths 1370 $ 3.58 No
Icon South Beach 2710 5 5,900 0.0% 2 beds 2 baths 1370 $ 4.31 No
Icon South Beach 1210 $ 5,350 0.0% 2 beds 2 baths 1370 $ 3.91 Yes
•
Icon South Beach 2110 $ 5,500 0.0% 2 beds 2 baths 1370 $ 4.01 Yes
Icon South Beach 3010 $ 6,250 -3.9% 2 beds 2 baths 1370 $ 4.56 Yes
Murano Grande 1905 $ 5,700 -5.1% 2 beds 2 baths 1400 $ 4.07 No
Murano Grande 505 S 5,600 -6.9% 2 beds 2 baths 1400 5 4.00 Yes
Murano Grande 2409 $ 6,100 -10.9% 2 beds 2 baths 1437 $ 4.24 No
Icon South Beach 1406 $ 4,750 -10.0% 2 beds 2 baths 1452 $ 3.27 Yes
Icon South Beach 2006 $ 6,700 -4.4% 2 beds 2 baths 1452 $ 4.61 Yes
Icon South Beach 3306 $ 7,900 0.0% 2 beds 2 baths 1452 $ 5.44 Yes
Bentley South 1002 $ 7,650 0.0% 2 beds 2 baths 1499 $ 5.10 Yes
Icon South Beach 3604 $ 6,700 0.0% 2 beds 2 baths 1526 $ 4.39 No
Icon South Beach 2004 $ 5,500 -12.0% 2 beds 2 baths 1536 5 3.58 No
Icon South Beach 3702 $ 9,250 0.0% 2 beds 2 baths 1536 $ 6.02 Na
Icon South Beach 1004 $ 7,200 0.0% 2 beds 2 baths 1536 .5 4.69 Yes
Icon South Beach Ph4104 $ 9,200 0.0% 2 beds 2 baths 1536 $ 5.99 Yes
Murano Grande 2907 $ 6,500 0.0% 2 beds 2 baths 1759 5 3.70 No
$ 4.22
Murano at Portofino 307 5 6,000 0.0% 2 beds 2.5 baths 1390 $ 4.32 Yes
Murano at Portofino 1707 $ 6,900 -26.4% 2 beds 2.5 baths 1390 $ 4.96 Yes
Murano at Portofino 1507 $ 7,250 0.0% 2 beds 2.5 baths 1390 $ 5.22 Yes
Murano at Portofino 905 $ 4,000 0.0% 2 beds 2.5 baths 1407 $ 2.84 Yes
Icon South Beach 1604 $ 7,000 0.0% 2 beds 2.5 baths 1536 $ 4.56 No
Icon South Beach 2405 $ 7,500 -14.8% 2 beds 2.5 baths 1750 5 4.29 Yes
Icon South Beach 1805 $ 7,500 -2.6% 2 beds 2.5 baths 1750 $ 4.29 Yes
Icon South Beach 1705 5 8,000 0.0% 2 beds 2.5 baths 1750 $ 4.57 Yes
Icon South Beach 1405 $ 7,495 -5.9% 2 beds 2.5 baths 1751 $ 4.28 Yes
loon South Beach 3107 $ 9,500 0.0% 2 beds 2.5 baths 1815 $ 5.23 Yes
Murano Grande 1602 $ 7,650 10.3% 2 beds 2.5 baths 1874 S 4.08 Yes
Marano Grande 1102 $ 7,700 0.0% 2 beds 2.5 baths 1874 $ 4.11 Yes
Bentley South 2102 5 5,900 0.0% 2 beds 2.5 baths 1929 5 3.06 No
Icon South Beach 1602 $ 7,500 0.0% 2 beds 2.5 baths 1933 5 3.98 Na
• Icon South Beach 3402 $ 9,250 0.0% 2 beds 2.5 baths 1933 $ 4.79 Yes
Icon South Beach 2902 $ 9,500 0.0% 2 beds 2.5 baths 1933 $ 4.91 Yes
Murano at Portofino 2503 $ 8,900 0.0% 2 beds 2.5 baths 2008 $ 4.43 Yes
Murano at Portofino 503 $ 11,000 0.0% 2 beds 2.5 baths 2008 5 5.48 Yes
$ 4.45
Bentley South 1902 $ 7,000 0,0% 2 beds 3 baths 1929 $ 3.63 No
Floridian in South Beach 1108 $ 3,550 0.0% 3 beds 2 baths 1191 $ 2.98 Na
Floridian in South Beach 2908 $ 4,100 0.0% 3 beds 2 baths 1191 $ 3.44 Yes
Floridian In South Beach 2008 $ 4,500 0.0% 3 beds 2 baths 1191 $ 3.78 Yes
$ 3.40
Murano at Portofino 504 $ 9,600 -3.1% 3 beds 3 baths 2190 $ 4.36 No
Murano at Portofino 1104 $ 11,000 -23.3% 3 beds 3 baths 2190 5 5.02 Yes
$ 4.70
Bentley South 1401 $ 8,700 -8.8% 3 beds 3.5 baths 1991 $ 4.37 Yes
Murano at Portofino 3802 $ 25,000 0.0% 3 beds 3.5 baths 2618 $ 9.55 Yes
- Murano Grande 2303 $ 14,500 -15.9% • 3 beds 3.5 baths 3058 $ 4.74 No •
Murano Grande 1203 $ 15,900 0.0% 3 beds 3.5 baths 3008 $ 5.20 No
Murano Grande 903 5 12,500 0.0% 3 beds 3.5 baths 3058 $ 4.09 Yes
$ 5.56
Murano Grande 2604 $ 15,200 0.0% 4 beds 4.5 baths 2974 $ 5.11 Yes
Murano Grande 2110 $ 15.500 0.0% 4 beds 5.5 baths 3197 $ 4.85 No
AVERAGE SALE AND LISTING PRICES/SF OF COMPARABLE/COMPETITIVE RESIDENTIAL CONDOMINIUM UNITS IN SOUTH BEACH
Year
Built •
Wawerly at South Beach 2001 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
1330 West Avenue,Miami Beach
Closed $ 440.64 $ 536.46 $ 929.51
Listed $ 455.15 $ 569.99
Pending $ 570.53
Floridian in South Beach 1997 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
650 West Avenue,Miami Beach
Closed $ 608.55 $634.12
Listed $ 694.41, $633.33
Pending
Bentley Bay(North and South) 2005 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
520&540 West Avenue,Miami Beach
Closed $ 757.86 $ 685.06 $ 995.29 $ 748.46 $ 748.37
Listed $ 804.30 $ 825.00 $ 949.27 $ 901.56
Pending
Icon South Beach 2005 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
450 Alton Road,Miami Beach
Closed $ 795.14 $ 781.26 $1,019.92 $1,686.71
Listed $ 813.16 $ 968.43 $1,230.95 _$1,196.01 $1,758.28
Pending $ 746.18
Murano Grande 2003 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
400 Alton Road,Miami Beach
Closed $ 844.23 $1,031.96 $ 1,307.34 $1,798.92 $1,062.79
Listed $ 763.80 $1,083.07 $1,266.06 $1,956.69 $1,474.74
Pending $ 648.27 $1,457.65
Murano at Portofino 2001 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
1000 S.Pointe Drive,Miami Beach
Closed $ 818.56 $ 709.93 $1,269.09 $1,667.95 $1,729.90
Listed $1,288.69 $1,384.38 $1,778.54 $1,782.76
Pending $ 658.66
Yacht Club at Portofino 1999 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
90 Alton Road,Miami Beach
Closed $ 691.14 $ 747.55
Listed $ 717.83 $ 758.27 $1,257.14 $1,805.56
Pending $ 637.29 $ 807.34
One Ocean 2016 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
1 Collins Avenue,Miami Beach
Closed $1,304.84 $1,318.64
Listed $1,337.24 $1,600.73
Pending
Capri South Beach 2008 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
1445&1460 16th Street,Miami Beach
Closed $1,019.50 $1,042.21 $ 969.98 $1,851.85
Listed $1,107.27 $ 1,004.67 $1,146.43 $ 959.98 $1,465.80 $1,011.47
Pending $916.29
Marea Miami Beach 2015 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
801 S.Pointe Drive,Miami Beach
Closed $1,016.39 $1,186.62 $1,843.82
Listed $ 889.97 $1,390.18 $1,957.85
Pending
Cosmopolitan South Beach 2004 1/1 1/1.5 2/2 2/2.5 2/3 3/2 3/2.5 3/3 3/3.5 4/3
110 Washington Avenue,Miami Beach
Closed $ 604.93 $ 656.70 $ 646.00 $ 617.48 $680.02
Listed $ 608.11 $ 686.74 $ 740.18 $ 643.56
Pending $ 634.11
THE WAVERLY AT SOUTH BEACH-1330 WEST AVENUE,MIAMI BEACH
DIM LIST PRICE %CHANGE BEDS BATHS $0.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
•
•
512 $ 327,500 0.0% 1 beds 1 baths. 806 $406.33 No $ 601
805 $ 339,000 -7.4% 1 beds 1 baths 793 $427.49 No $ 600
1512 $ 360,000 2.8% 1 beds 1 baths 806 $446.65 No $ 576
810 $ 365,000 -9.2% 1 beds 1 baths 793 $460.28 Yes $ 630
2605 $ 425,000 -5.5% 1 beds 1 baths 793 $535.94 No $ 600
Average $455.15
711 $ 499,900 0.0% 2 beds 2 baths 1084 $461.16 No $ 822
1511 $ 538,000 0.0% 2 beds 2 baths 1084 $496.31 No $ 756
506 $ 543,000 0.0% 2 beds 2 baths 1127 $481.81 No $ 851
414 $ 550,000 0.0% 2 beds 2 baths 1262 $435.82 No $ 943
2107 $ 589,000 0.0% 2 beds 2 baths 1269 $464.14 No $ 950
1714 $ 590,000 -5.0% 2 beds 2 baths 1262 $467.51 No $ 944
2204 $ 615,000 -4.8% 2 beds 2 baths 1084 $567.34 No $ 783
914 $ 619,888 -3.2% 2 beds 2 baths 1262 $491.19 No $ 898
2213 $ 635,000 -2.3% 2 beds 2 baths 1262 $503.17 No $ 894
913 $ 655,000 0.0% 2 beds 2 baths 1262 $519.02 No $ 783
1407 $ 689,000 0.0% 2 beds 2 baths 1350 $510.37 No $ 956
LPHO4 $ 710,000 -7.5% 2 beds 2 baths 1084 $654.98 No $ 783
2302 $ 749,000 -16.1% 2 beds 2 baths 1262 $593.50 No $ 895
2708 $ 770,000 -26.0% 2 beds 2 baths 1384 $556.36 Yes $ 979
1508 $ 799,000 -11.8% 2 beds 2 baths 1384 $577.31 Yes $ 978
2208 $ 825,000 -24.0% 2 beds 2 baths 1384 $596.10 No $ 979
3002 $ 940,000 0.0% 2 beds 2 baths 1262 $744.85 No $ 894
3101 $ 1,100,000 0.0% 2 beds 2 baths 1262 $871.63 No $ 894
808 $ 1,100,000 0.0% 2 beds 2 baths 1384 $794.80 Yes $ 974
Average $569.99
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
3202 $ 930,000 -9.2% 2 beds 2 baths 1262 $736.93 No $ 894 5/21/2018
2614 $ 625,000 0.0% 2 beds 2 baths 1262 $495.25 No $ 875 5/11/2018
902 $ 699,000 0.0% 2 beds 2 baths 1262 $553.88 No $ 944 4/30/2018
1406 $ 549,000 0.0% 2 beds 2 baths 1127 $487.13 No $ 810 4/16/2018
Average $570.53
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
910 $ 320,000 -54.6% 1 beds 1 baths 793 $403.53 No $ 600 3/20/2018
1503 $ 315,000 0.0% 1 beds 1 baths 806 $390.82 No $ 630 2/8/2018
912 $ 338,000 0.0% 1 beds 1 baths 806 $419.35 No $ 603 2/1/2018
2403 $ 360,000 -2.6% 1 beds 1 baths 806 $446.65 No $ 605 12/14/2017
1110 $ 310,000 -5.7% 1 beds 1 baths 793 $390.92 No $ 580 10/5/2017
703 $ 340,000 -9.0% 1 beds 1 baths 806 $421.84 No $ 600 7/31/2017
3503 $ 410,000 0.0% 1 beds 1 baths 806 $508.68 Yes $ 600 6/12/2017
2210 $ 357,500 0.0% 1 beds 1 baths 793 $450.82 No $ 605 2/24/2017
2605 $ 380,000 0.0% 1 beds 1 baths 793 $479.19 No $ 600 2/16/2017
612 $ 305,000 -6.1% 1 beds 1 baths 806 $378.41 No $ 605 1/12/2017
2610 $ 355,000 0.0% 1 beds 1 baths 793 $447.67 No $ 580 1/10/2017
3003 $ 400,000 0.0% 1 beds 1 baths 806 $496.28 No $ 600 1/6/2017
1805 $ 362,500 0.0% 1 beds 1 baths 793 $457.12 Yes $ 605 9/15/2016
2103 $ 380,000 -3.7% 1 beds 1 baths 806 $471.46 No $ 894 7/22/2016
1903 $ 360,000 -2.6% 1 beds 1 baths 806 $446.65 No $ 605 7/15/2016
Average $440.64
1908 $ 725,000 -7.2% 2 beds 2 baths 1384 $523.84 No $ 1,050 6/8/2018
2004 $ 535,000 -9.4% 2 beds 2 baths 1084 $493.54 No $ 778 5/22/2018
1701 $ 750,000 0.0% 2 beds 2 baths 1262 $594.29 No $ 944 5/15/2018
2811 $ 540,000 0.0% 2 beds 2 baths 1084 $498.15 No $ 821 4/27/2018
2802 $ 860,000 0.0% 2 beds 2 baths 1262 $681.46 Yes $ 894 3/12/2018
2807 $ 619,000 0.0% 2 beds 2 baths 1350 $458.52 No $ 980 2/1/2018
1204 $ 440,000 -15.0% 2 beds 2 baths 1084 $405.90 No $ 782 11/2/2017
407 $ 575,000 -3.8% 2 beds 2 baths 1350 $425.93 No $ 954 11/2/2017
3001 $ 889,000 -4.7% 2 beds 2 baths 1262 $704.44 No $ 894 10/3/2017
1608 $ 725,000 0.0% 2 beds 2 baths 1384 $523.84 No $ 975 6/21/2017
1814 $ 730,000 0.0% 2 beds 2 baths 1262 $578.45 No $ 875 5/22/2017
2706 $ 560,000 -4.1% 2 beds 2 baths 1127 $496.89 No $ 810 4/24/2017
1613 $ 570,000 -4.9% 2 beds 2 baths 1262 $451.66 No $ 898 4/13/2017
1709 $ 490,000 -14.0% 2 beds 2 baths 1127 $434.78 No $ 811 3/7/2017
2406 $ 515,484 0.0% 2 beds 2 baths 1127 $457.39 No $ 806 12/15/2016
3202 $ 980,000 0.0% 2 beds 2 baths 1262 $776.55 No $ 894 11/22/2016
2509 $ 490,000 -21.0% 2 beds 2 baths 1127 $434.78 No $ 810 11/2/2016
2911 $ 555,000 -8.3% 2 beds 2 baths . 1084 $511.99 No $ 782 8/11/2016 .
2511 $ 555,000 0.0% 2 beds 2 baths 1084 $511.99 No $ 782 7/29/2016
1702 $ 895,000 0.0% 2 beds 2 baths 1262 $709.19 No $ 894 7/21/2016
Average $536.46
PH3601 $ 2,400,000 -13.1% 3 beds 3 baths 2582 $929.51 No $ 1,764 1/2/2018
THE FLORIDIAN CONDOMINIUMS IN SOUTH BEACH-650 WEST AVENUE,MIAMI BEACH
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
704 $ 560,000 0.0% 2 beds 2 baths 1078 $ 519.48 No $ 1,217
1004 $ 572,000 0.0% 2 beds 2 baths 1225 $ 466.94 No $ 1,012
1110 $ 589,900 -12.0% 2 beds 2 baths 1225 $ 481.55 Yes $ 1,012
702 $ 650,000 0.0% 2 beds 2 baths 1147 $ 566.70 No $ 1,040
2904 $ 699,900 0.0% 2 beds 2 baths 1225 $ 571.35 No $ 1,012
2610 $ 725,000 0.0% 2 beds 2 baths 1078 $ 672.54 No $ 1,018
1702 $ 749,000 -4.7% 2 beds 2 baths 1147 $ 653.01 No $ 1,024
1001 $ 749,000 -11.3% 2 beds 2 baths 1147 $ 653.01 No $ 1,040
711 $ 749,000 0.0% 2 beds 2 baths 1147 $ 653.01 No $ 1,040
2401 $ 895,000 -20.1% 2 beds 2 baths 1258 $ 711.45 No $ 1,024
2611 $ 920,000 0.0% 2 beds 2 baths 1258 $ 731.32 No $ 1,040
2011 $ 935,000 0.0% 2 beds 2 baths 1147 $ 815.17 Yes $ 1,040
3001 $ 945,000 0.0% 2 beds 2 baths 1147 $ 823.89 No $ 1,049
3111 $ 1,149,000, -12.3% 2 beds 2 baths 1258 $ 913.35 Yes $ 1,040
PHO9 $ 1,499,000 0.0% 2 beds 2 baths 1351 $ 1,109.55 No $ 1,300
Average $ 694.41
PHO1 $ 2,499,000 0.0% 2 beds 2.5 baths 1500 $ 1,666.00 No $ 1,314
1908 $ 799,000 0.0% 3 beds 2 baths 1324 $ 603.47 No $ 1,140
2008 $ 850,000 0.0% 3 beds 2 baths 1324 $ 641.99 Yes $ 1,140
2808 $ 879,900 0.0% 3 beds 2 baths 1345 $ 654.20 No $ 1,094
Average $ 633.33
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
1801 $ 740,000 0.0% 2 beds 2 baths 1147 $ 645.16 No $ 1,040 5/23/2018
1202 $ 635,000 -3.8% 2 beds 2 baths 1147 $ 553.62 No $ 1,040 5/21/2018
2411 $ 800,000 0.0% 2 beds 2 baths 1258 $ 635.93 No $ 1,040 5/17/2018
2104 $ 575,000 -6.6% 2 beds 2 baths 1078 $ 533.40 No $ 1,012 5/4/2018
1112 $ 585,000 -13.3% 2 beds 2 baths 1147 $ 510.03 No $ 1,040 4/4/2018
1503 $ 715,000 -2.6% 2 beds 2 baths 1225 $ 583.67 No $ 998 12/4/2017
1510 $ 599,900 0.0% 2 beds 2 baths 1225 $ 489.71 No $ 998 9/19/2017
2901 $ 850,000 0.0% 2 beds 2 baths 1258 $ 675.68 No $ 1,026 8/29/2017
2910 $ 640,000 0.0% 2 beds 2 baths 1225 $ 522.45 No $ 998 8/15/2017
2601 $ 830,000 0.0% 2 beds 2 baths 1147 $ 723.63 No $ 1,049 8/14/2017
901 $ 735,000 3.2% 2 beds 2 baths 1147 $ 640.80 No $ 1,049 8/1/2017
2304 $ 599,900 0.0% 2 beds 2 baths 1225 $ 489.71 No $ 998 6/16/2017
605 $ 740,000 0.0% 2 beds 2 baths 1088 $ 680.15 No $ 1,018 5/24/2017
1911 $ 900,000 0.0% 2 beds 2 baths 1147 $ 784.66 No $ 1,100 5/10/2017
3011 $ 750,000 -8.9% 2 beds 2 baths 1258 $ 596.18 No $ 1,025 5/1/2017
1203 $ 820,000 0.0% 2 beds 2 baths 1225 $ 669.39 No $ 1,018 4/3/2017
2412 $ 760,000 0.0% 2 beds 2 baths 1258 $ 604.13 No $ 1,046 3/14/2017
1211 $ 705,000 0.0% 2 beds 2 baths 1147 $ 614.65 No $ 1,100 1/30/2017
1703 $ 675,000 -4.3% 2 beds 2 baths 1078 $ 626.16 No $ 1,018 12/29/2016
2410 $ 645,000 0.0% 2 beds 2 baths 1078 $ 598.33 No $ 1,018 11/28/2016
2502 $ 800,000 -1.2% 2 beds 2 baths 1147 $ 697.47 No $ 1,100 11/21/2016
2703 $ 770,000 0.0% 2 beds 2 baths 1078 $ 714.29 No $ 992 10/31/2016
1604 $ 550,000 -1.7% 2 beds 2 baths 1225 $ 448.98 Yes $ 1,018 10/29/2016
803 $ 655,000 -12.0% 2 beds 2 baths 1225 $ 534.69 No $ 1,018 10/3/2016
3110 $ 750,000 0.0% 2 beds 2 baths 1078 $ 695.73 No $ 1,182 8/29/2016
2812 $ 680,000 -3.4% 2 beds 2 baths 1147 $ 592.85 No $ 1,046 6/30/2016
Average $ 608.55
1207 $ 830,000 -8.1% 3 beds 2 baths 1234 $ 672.61 No $ 1,118 8/8/2017
2807 $ 915,000 0.0% 3 beds 2 baths 1324 $ 691.09 No $ 1,140 4/27/2017
1508 $ 700,000 -12.5% 3 beds 2 baths 1345 $ 520.45 No $ 1,100 2/1/2017
1507 $ 900,000 -14.1% 3 beds 2 baths 1372 $ 655.98 Yes $ 1,100 9/6/2016
Average $ 634.12
BENTLEY BAY NORTH AND SOUTH -520&540 WEST AVENUE,MIAMI BEACH
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
501 $ 590,000.00 0.0% 1 beds 1 baths 983 $ 600.20 Yes $ 1,020
612 $ 625,000.00 2.6% 1 beds 1 baths 779 $ 802.31 No $ 800
512 $ 629,000.00 0.0% 1 beds 1 baths 779 $ 807.45 Yes $ 840
1812 $ 639,000.00 0.0% 1 beds 1 baths 779 $ 820.28 No $ 911
2112 $ 649,000.00 0.0% 1 beds 1 baths 779 $ 833.12 No $ 970
1113 $ 649,000.00 0.0% 1 beds 1 baths 777 $ 835.26 No $ 749
903 $ 659,000.00 0.0% 1 beds 1 baths 776 $ 849.23 No $ 877
1813 $ 660,000.00 -1.5% 1 beds 1 baths 777 $ 849.42 Yes $ 749
1403 $ 695,000.00 -0.6% 1 beds 1 baths 776 $ 895.62 No $ 877
Average $ 804.30
1904 $ 899,900.00 -20.0% 2 beds 2 baths 1210 $ 743.72 Yes $ 1,415
1714 $ 950,000.00 0.0% 2 beds 2 baths 1058 $ 897.92 No $ 1,237
611 $ 980,000.00 0.0% 2 beds 2 baths 1252 $ 782.75 No $ 1,415
2211 $ 999,000.00 -9.5% 2 beds 2 baths 1252 $ 797.92 No $ 1,415
1903 $ 1,050,000.00 -9.1% 2 beds 2 baths 1175 $ 893.62 Yes $ 1,350
1911 $ 1,150,000.00 0.0% 2 beds 2 baths 1252 $ 918.53 Yes $ 1,415
1405 $ 1,150,000.00 0.0% 2 beds 2 baths 1210 $ 950.41 Yes $ 1,415
1602 $ 1,350,000.00 -5.4% 2 beds 3 baths 1929 $ 699.84 No $ 2,200
Average $ 825.00
1401 $ 1,795,000.00 0.0% 3 beds 3.5 baths 1991 $ 901.56 No $ 2,250
PH-A $ 7,990,000.00 -44.0% 4 beds 4.5 baths 5000 $ 1,598.00 Yes $ 5,172
PH-B $ 11,990,000.00 0.0% 5 beds 5.5 baths 6111 $ 1,962.04 Yes $ 6,875
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
1001 $ 1,890,000 0.0% 2 beds 2.5 baths 1991 $ 949.27 Yes $ 2,170 5/15/2018
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
413 $ 550,000 -2.7% 1 beds 1 baths 777 $ 707.85 No $ 909 5/22/2018
311 $ 610,000 3.2% 1 beds 1 baths 776 $ 786.08 No $ 845 9/6/2017
2012 $ 615,800 -3.9% 1 beds 1 baths 779 $ 790.50 Yes $ 100 7/20/2017
712 $ 590,000 -3.1% 1 beds 1 baths 779 $ 757.38 No $ 800 7/1/2017
1512 $ 550,013 -8.5% 1 beds 1 baths 779 $ 706.05 No $ 848 3/15/2017
2212 $ 620,000 -14.3% 1 beds 1 baths 777 $ 797.94 No $ 800 7/6/2016
1713 $ 590,000 -12.1% 1 beds 1 baths 777 $ 759.33 No $ 793 6/23/2016
Average $ 757.86
511 $ 800,000 -24.2% 2 beds 2 baths 1252 $ 638.98 No $ 1,363 3/28/2017
614 $ 782,500 -6.1% 2 beds 2 baths 1058 $ 739.60 No $ 1,152 1/13/2017
Average $ 685.06
PH2503 $ 1,900,000 -14.9% 2 beds 2.5 baths 1909 $ 995.29 No $ 2,079 2/24/2017
1502 $ 1,300,000 0.0% 3 beds 3 baths 1929 $ 673.92 No $ 2,180 10/23/2017
1802 $ 1,350,000 0.0% 3 beds 3 baths 1929 $ 699.84 No $ 2,180 3/20/2017
601 $ 1,730,000 -4.9% 3 beds 3 baths 1994 $ 867.60 No $ 2,035 3/2/2017
Average $ 748.46
901 $ 1,490,000 -4.7% 3 beds 3.5 baths 1991 $ 748.37 No $ 2,168 5/15/2017
ICON SOUTH BEACH-450 ALTON ROAD,MIAMI BEACH
UNIT# LIST PRICE .%CHANGE BEDS BATHS SO.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
1008 $ 689,000 0.0% 1 beds 1.5 baths 851 $ 809.64 No $ 850
2508 $ 695,000 0.0% 1 beds 1.5 baths 851 $ 816.69 No $ 850
Average $ 813.16
604 $ 975,900 0.0% 2 beds 2 baths 1434 $ 680.54 No $ 4,311
1004 $ 995,000 -14.5% 2 beds 2 baths 1536 $ 647.79 No $ 1,584
706 $ 1,099,000 0.0% 2 beds 2 baths 1452 $ 756.89 No $ 1,300
1410 $ 1,350,000 -8.9% 2 beds 2 baths 1370 $ 985.40 Yes $ 1,300
2804 $ 1,470,000 0.0% 2 beds 2 baths 1536 $ 957.03 No $ 1,584
2110 $ 1,475,000 -3.3% 2 beds 2 baths 1370 $ 1,076.64 No $ 1,300
3206 $ 1,600,000 0.0% 2 beds 2 baths 1452 $ 1,101.93 No $ 1,000
1906 $ 1,800,000 0.0% 2 beds 2 baths 1452 $ 1,239.67 No $ 1,000
3306 $ 1,850,000 -2.7% 2 beds 2 baths 1452 $ 1,274.10 Yes $ 4,184
1002 $ 1,899,000 -5.1% 2 beds 2 baths 1933 $ 982.41 No $ 1,664
Average $ 968.43
602 $ 1,650,000 -14.1% 2 beds 2.5 baths 1933 $ 853.60 No $ 1,937
1805 $ 1,700,000 0.0% 2 beds 2.5 baths 1750 $ 971.43 Yes $ 5,415
802 $ 1,770,000 -0.4% 2 beds 2.5 baths 1933 $ 915.68 No $ 5,812
1705 $ 1,849,000 -1.1% 2 beds 2.5 baths 1750 $ 1,056.57 No $ 1,804
3005 $ 1,985,000 0.0% 2 beds 2.5 baths 1750 $ 1,134.29 No $ 1,713
1807 $ 2,379,000 -11.7% 2 beds 2.5 baths 1815 $ 1,310.74 No $ 5,615
2502 $ 2,475,000 -10.5% 2 beds 2.5 baths 1933 $ 1,280.39 No $ 1,664
3107 $ 2,495,000 -14.7% 2 beds 2.5 baths 1815 $ 1,374.66 No $ 1,819
2202 $ 2,900,000 27.9% 2 beds 2.5 baths 1933 $ 1,500.26 Yes $ 1,664
3902 $ 3,625,000 -9.7% 2 beds 2.5 baths 1933 $ 1,875.32 No $ 1,937
Average $ 1,230.95
1603 $ 2,100,000 -4.7% 3 beds 3 baths 2158 $ 973.12 No $ 2,073
1903 $ 2,300,000 0.0% 3 beds 3 baths 2158 $ 1,065.80 No $ 6,678
2903 $ 2,590,000 0.0% 3 beds 3 baths 2158 $ 1,200.19 No $ 2,162
2203 $ 2,720,000 0.0% 3 beds 3 baths 2158 $ 1,260.43 No $ 2,073
3303 $ 3,195,000 0.0% 3 beds 3 baths 2158 $ 1,480.54 No $ 2,162
Average $ 1,196.01
2101 $ 3,693,000 0.0% 3 beds 3.5 baths 2145 $ 1,721.68 No $ 2,100
3401 $ 3,850,000 -1.3% 3 beds 3.5 baths 2145 $ 1,794.87 No $ 2,100
Average $ 1,758.28
1007/10 $ 4,995,000 -9.6% 4 beds 4.5 baths 3185 $ 1,568.29 Yes $ 2,394
UNIT# LIST PRICE %CHANGE BEDS BATHS SO.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
1108 $ 595,000 -4.9% 1 beds 1.5 baths 851 $ 699.18 No $ 2,634 5/8/2018
2908 $ 675,000 0.0% 1 beds 1.5 baths 851 $ 793.18 No $ 890 5/2/2018
Average $ 746.18
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
1908 $ 675,000 9.4% 1 beds 1.5 baths 851 $ 793.18 No $ 733 1/4/2017
2408 $ 730,000 0.0% 1 beds 1.5 baths 851 $ 857.81 No $ 733 11/1/2016
1208 $ 625,000 -6.5% 1 beds 1.5 baths 851 $ 734.43 No $ 770 7/8/2016
Average $ 795.14
1506 $ 922,000 -14.8% 2 beds 2 baths 1452 $ 634.99 No $ 1,498 4/23/2018
1804 $ 1,080,000 -4.0% 2 beds 2 baths 1536 $ 703.13 No $ 1,389 12/1/2017
1406 $ 950,000 -25.5% 2 beds 2 baths 1452 $ 654.27 No $ 1,395 8/4/2017
806 $ 1,325,000 0.0% 2 beds 2 baths 1452 $ 912.53 No $ 1,200 11/1/2016
2606 $ 1,320,000 -13.9% 2 beds 2 baths 1452 $ 909.09 No $ 1,430 9/9/2016
2106 $ 1,275,000 -5.6% 2 beds 2 baths 1452 $ 878.10 No $ 1,239 8/16/2016
Average $ 781.26
605 $ 1,315,000 0.0% 2 beds 2.5 baths 1750 $ 751.43 Yes $ 1,753 5/18/2018
1105 $ 1,500,000 -25.1% 2 beds 2.5 baths 1750 $ 857.14 No $ 1,681 3/21/2018
2807 $ 2,125,000 0.0% 2 beds 2.5 baths 1815 $ 1,170.80 No $ 1,819 3/1/2018
1602 $ 1,750,000 -15.4% 2 beds 2.5 baths 1933 $ 905.33 No $ 5,570 6/19/2017
3202 ' $ 2,325,000 -4.7% 2 beds 2.5 baths 1933 $ 1,202.79 ' No $ 1,856 3/30/2017
1507 $ 2,200,000 0.0% 2 beds 2.5 baths 1815 $ 1,212.12 No $ 1,743 11/17/2016
Average $ 1,019.92
3701 $ 3,618,000 0.0% 3 beds 3 baths 2145 $ 1,686.71 Yes $ 6,480 1/10/2018
MURANO GRANDE-400 ALTON ROAD,MIAMI BEACH
UNITN LIST PRICE %CHANGE SEGS BATHS SO FOOTAGE PRICE/SF FURNISHED MAINTENANCE
709 $ 930,000 -7.2% 2 beds 2 baths 1437 $ 647.18 No $ 1,357
•
705 $ 979,000 -6.9% 2 beds 2 baths 1427 $ 686.05 No • $ 1,357
1609 $ 1,024,000 0.0% 2 beds 2 baths 1437 $ 712.60 No $ 1,368
1709 $ 1,050,000 -17.3% 2 beds 2 baths 1437 $ 730.69 No $ 1,296
711 $ 1,250,000 0.0% 2 beds 2 baths 1649 $ 758.04 No $ 1,601
1507 $ 1,279,900 -5.3% 2 beds 2 baths 1658 $ 771.95 Yes $ 1,550
1211 $ 1,288,800 0.0% 2 beds 2 baths 1649 $ 781.56 No $ 1,601
1111 $ 1,295,000 -2.3% 2 beds 2 baths 1649 $ 785.32 No $ 1,545
1411 $ 1,298,000 0.0% 2 beds 2 baths 1649 $ 787.14 No $ 1,601
1011 $ 1,299,000 -7.5% 2 beds 2 baths 1649 $ 787.75 No $ 1,601
2607 $ 1,450,000 -3.4% 2 beds 2 baths 1759 $ 824.33 Yes $ 1,272
2907 $ 1,490,000 0.0% 2 beds 2 baths 1759 $ 847.07 No $ 1,272
Average $ 763.80
902 $ 1,375,000 0.0% 2 beds 2.5 baths 1874 $ 733.72 No $ 1,796
702 $ 1,388,000 0.0% 2 beds 2.5 baths 1874 $ 740.66 No $ 1,810
504 $ 1,400,000 0.0% 2 beds 2.5 baths 1425 $ 982.46 No $ 1,392
1110 $ 1,450,000 -3.4% 2 beds 2.5 baths 1548 $ 936.69 No $ 1,393
TI-1-4A $ 1,595,000 0.0% 2 beds 2.5 baths 1998 $ 798.30 No $ 1,845
1710 $ 1,600,000 -3.1% 2 beds 2.5 baths 1548 $ 1,033.59 No $ 1,505
1602 $ 1,895,000 0.0% 2 beds 2.5 baths 1874 $ 1,011.21 No $ 1,810
1104 $ 2,150,000 0.0% 2 beds 2.5 baths 1425 $ 1,508.77 No $ 1,480
601 $ 2,285,000 0.0% 2 beds 2.5 baths 2003 $ 1,140.79 No $ 1,863
1001 $ 2,495,000 0.0% 2 beds 2.5 baths 2003 $ 1,245.63 No $ 1,930
1401 $ 3,568,000 0.0% 2 beds 2.5 baths 2003 $ 1,781.33 No $ 1,930
Average $ 1,083.07
1106 $ 2,550,000 -11.1% 2 beds 3 baths 2024 $ 1,259.88 No $ 1,541
906 $ 2,575,000 -6.6% 2 beds 3 baths 2024 $ 1,272.23 No $ 1,949
Average $ 1,266.06
1906 $ 2,790,000 -2.1% 3 beds 3 baths 2024 $ 1,378.46 No $ 1,949
1206 $ 2,899,000 0.0% 3 beds 3 baths 2024 $ 1,432.31 No $ 1,949
PH-B $10,800,000 -14.6% 3 beds 3 baths 4379 $ 2,466.32 Yes $ 4,293
Average $ 1,956.69
703 $ 2,750,000 -4.4% 3 beds 3.5 baths 3058 $ 899.28 No $ 2,911
2403 $ 4,200,000 0.0% 3 beds 3.5 baths 3058 $ 1,373.45 No $ 2,911
2104 $ 4,495,000 -4.4% 3 beds 3.5 baths 2974 $ 1,511.43 Yes $ 2,800
2804 $ 4,800,000 -3.1% 3 beds 3.5 baths 2974 $ 1,613.99 No $ 2,800
3303 $ 5,099,000 0.0% 3 beds 3.5 baths 3284 $ 1,552.68 No $ 3,100
2303 $ 5,800,000 196.0% 3 beds 3.5 baths 3058 $ 1,896.66 No $ 2,911
Average $ 1,474.74
1510/1511$ 3,900,000 0.0% 4 beds 4.5 baths 3200 $ 1,218.75 Yes $ 3,300
2604 $ 4,950,000 0.0% 4 beds 4.5 baths 2974 $ 1,664.43 No $ 2,800
LPH3601 $ 6,950,000 0.0% 4 beds 4.5 baths 3979 $ 1,746.67 No $ 3,742
Average $ 1,556.19
UNITS LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
911 $ 1,069,000 . -11.1% 2 beds 2 baths 1649 $ 648.27 No $ 1,592 6/12/2018
3001 $ 5,800,000 -17.3% 3 beds 3.5 baths 3979 $ 1,457.65 No $ 3,742 4/16/2018 •
UNITO SALES PRICE %CHANGE 13W0 BATHS $Q.FQ.TAGE PRICE/SE FURNISHED MAINTENANCE CLOSED DATE
1405 $ 900,000 -23.5% 2 beds 2 baths 1400 $ 642.86 No $ 1,264 6/7/2018
2707 $ 1,210,000 0.0% 2 beds 2 baths 1759 $ 687.89 No $ 1,690 7/21/2017
2309 $ 950,000 -23.1% 2 beds 2 baths 1437 $ 661.10 No $ 1,050 5/19/2017
1909 $ 950,000 0.0% 2 beds 2 baths 1437 $ 661.10 No $ 1,350 3/30/2017
2407 $ 1,070,000 -22.5% 2 beds 2 baths 1658 $ 645.36 No $ 1,550 3/23/2017
PHO6 $ 3,200,000 -14.1% 2 beds 2 baths 2183 $ 1,465.87 No $ 1,930 11/15/2016
2411 $ 1,725,000 0.0% 2 beds 2 baths 1649 $ 1,046.09 No $ 1,545 10/14/2016
1505 $ 905,000 -29.8% 2 beds 2 baths 1400 $ 646.43 No $ 1,264 9/15/2016
Average $ 844.23
710 $ 950,000 -18.9% 2 beds 2.5 baths 1548 $ 613.70 Yes $ 1,454 6/11/2018
610 $ 860,000 0.0% 2 beds 2.5 baths 1548 $ 555.56 No $ 1,470 4/20/2018
1004 $ 1,675,000 0.0% 2 beds 2.5 baths 1425 $ 1,175.44 No $ 1,330 2/28/2018
1701 $ 2,475,000 0.0% 2 beds 2.5 baths 2003 $ 1,235.65 No $ 1,916 12/20/2017
1908 $ 1,545,000 0.0% 2 beds 2.5 baths 1600 $ 965.63 No $ 1,501 6/30/2017
1104 $ 1,800,000 -16.0% 2 beds 2.5 baths 1425 $ 1,263.16 No $ 1,343 6/5/2017
2206 $ 3,200,000 0.0% 2 beds 2.5 baths 2024 $ 1,581.03 No $ 1,733 5/31/2017
1610 $ 1,592,500 0.0% 2 beds 2.5 baths 1548 $ 1,028.75 No $ 1,400 3/22/2017
2010 $ 1,562,500 0.0% 2 beds 2.5 baths 1548 $ 1,009.37 No $ 1,393 12/30/2016
2507 $ 1,150,000 0.0% 2 beds 2.5 baths 1658 $ 693.61 No $ 1,550 11/18/2016
1008 $ 1,690,000 0.0% 2 beds 2.5 baths 1600 $ 1,056.25 Yes $ 4,502 10/4/2016
Average $ 1,031.96
1506 $ 2,550,000 -2.6% 2 beds 3 baths 2024 $ 1,259.88 No $ 1,541 6/22/2017
2806 $ 2,950,000 -17.9% 2 beds 3 baths 2183 $ 1,351.35 Yes $ 1,878 1/9/2017
Average $ 1,307.34
PI-13104 $ 5,350,000 0.0% 3 beds 3 baths 2974 $ 1,798.92 No $ 1,841 9/15/2016
3203 $ 3,800,000 -10.8% 3 beds 3.5 baths 3058 $ 1,242.64 No $ 2,694 6/9/2017
803 $ 2,700,000 0.0% 3 beds 3.5 baths 3058 $ 882.93 No $ 2,891 6/7/2017
Average $ 1,062.79
2501 $ 6,100,000 0.0% 4 beds 4.5 baths 3990 $ 1,528.82 Yes $ 3,641 11/9/2016
MURANO AT PORTOFINO-1000 S.POINTE DRIVE, MIAMI BEACH
UNIT# LIST PRICE %CHANGE BEDS BATHS SO.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
PHO6 $ 1,299,000 -5.7% 1 beds 1.5 baths 1008 $ 1,288.69 No $ 940
507 $ 1,695,000 -2.9% 2 beds 2.5 baths 1390 $ 1,219.42 No $ 1,267
1707 $ 1,800,000 -15.2% 2 beds 2.5 baths 1390 $ 1,294.96 Yes $ 1,203
1107 $ 1,980,000 0.0% 2 beds 2.5 baths 1390 $ 1,424.46 Yes $ 1,210
1507 $ 2,050,000 0.0% 2 beds 2.5 baths 1390 $ 1,474.82 No $ 1,202
1705 $ 2,120,000 -2.8% 2 beds 2.5 baths 1407 $ 1,506.75 No $ 1,278
Average $ 1,384.38
1104 $ 3,390,000 -2.9% 3 beds 3 baths 2190 $ 1,547.95 No $ 1,870
2104 $ 3,900,000 0.0% 3 beds 3 baths 2190 $ 1,780.82 No $ 1,450
2604 $ 4,395,000 -12.8% 3 beds 3 baths 2190 $ 2,006.85 Yes $ 1,861
Average $ 1,778.54
501 $ 5,999,000 -6.1% 3 beds 3.5 baths 3365 $ 1,782.76 Yes $ 2,900
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
TH-A10 $ 795,000 -3.7% 1 beds 1.5 baths 1207 $ 658.66 No $ 1,050 5/17/2018
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
TH-A3 $ 988,000 3.6% 1 beds 1 baths 1207 $ 818.56 No $ 1,050.00 6/23/2017
506 $ 685,000 -17.8% 1 beds 1.5 baths 1008 $ 679.56 Yes $ 1,288.69 4/25/2018
TH-A7 $ 887,500 0.0% 1 beds 1.5 baths 1207 $ 735.29 No $ 1,050.00 4/16/2018
Average $ 709.93
403 $ 2,450,000 0.0% 2 beds 2.5 baths 2008 $ 1,220.12 Yes $ 1,713.00 3/29/2018
1403 $ 2,600,000 -3.5% 2 beds 2.5 baths 2008 $ 1,294.82 No $ 1,623.00 6/16/2017
1503 $ 2,595,000 0.0% 2 beds 2.5 baths 2008 $ 1,292.33 Yes $ 1,623.00 4/3/2017
Average $ 1,269.09
1202 $ 4,000,000 -2.4% 3 beds 3 baths 2618 $ 1,527.88 No $ 2,200.00 12/20/2017
TH-M1 $ 5,800,000 0.0% 3 beds 3 baths 2986 $ 1,942.40 Yes $ 2,172.00 5/3/2017
2604 $ 3,200,000 -14.5% 3 beds 3 baths 2190 $ 1,461.19 No $ 1,550.00 7/8/2016
Average $ 1,667.95
2201 $ 6,000,000 0.0% 3 beds 3.5 baths 3365 $ 1,783.06 No $ 2,835.00 10/27/2017
3602 $ 4,700,000 0.0% 3 beds 3.5 baths 2618 $ 1,795.26 No $ 2,203.00. 6/30/2017
2601 $ 6,000,000 0.0% 3 beds 3.5 baths 3365 $ 1,783.06 No $ 2,827.00 3/8/2017
2202 $ 4,000,000 0.0% 3 beds 3.5 baths 2618 $ 1,527.88 No $ 2,203.00 6/16/2016
• Average $ 1,729.90
1401 $ 5,000,000 -6.9% 3 beds 4.5 baths 3365 $ 1,485.88 No $ 2,835.00 2/6/2018
55'141 $ a8eJaAV
9102/2/8 £06 $ oN 29706 $ 0£TT s43eq 2 spaq 2 %£'Il- 000'0ZO'I $ ZT81
9102/92/8 TBS $ ON 02'626 $ OETT stout 2 spaq 2 %97- 000'0501 $ 2101
L10Z/I/1 598 $ ON E9'6L8 $ 080T sgleq 2 spaq Z %0'O 000'056 $ 60SZ
LIOZ/TZ/Z 8TT'T $ saA [£'998 $ 0£11 s43eq 2 spaq 2 %0'0 000'6L6 $ ZOST
LTOZ/ZZ/£ 616 $ ON 981E8 5 OE11. sgleq 2 spaq 2 %0'0 000'0176 $ TOLZ .
LIOZ/Z1/4 506 $ ON 45'ES9 $ 0£TT sgleq 2 spaq 2 %C8- ODS'ZIS $ 60Z
L102/82/9 518 $ ON 8/229 $ 0801 sqieq 2 spaq 2 %81- 000'SOL $ £001
LTOZ/ST/5 698 $ saA 55 969 $ 060T sgleq Z spaq Z %6111- 000'6SL $ 0101
LTOZ/9/L E71'1 $ ON 28'611 $ 060I sgleq 2 spaq Z %8121- 000'058 $ 909Z
LTOZ/S/OT 598 $ ON Z1'£7L $ 0601 sgleq 2 spaq 2 %8152- 000'018 $ OTZZ
1102/8/1I 1798 $ saA L7'619 $ OETT s41eq 2 spaq Z %0'0 000'00L $ OUT
LTOZ/0£/TT 6L6 $ ON 85'818 $ DEIT sqieq 2 spaq 2 %8'I- 000'526 $ ZTEZ
8102/2/2 L40'T $ ON 76'ZLL $ 060T sgleq 2 spaq 2 %£'Z- 00S`Zb8 $ OT6Z
8T0Z/ZT/Z 940'1 $ saA b9'OLL $ 0601 s43eq Z sing Z %0'0 000'098 $ OT5Z
8102/02/2 8L6 $ ON 981£8 $ OETT sgleq 2 spaq 2 %7'S- 000'076 $ 1192
8102/TZ/E 816 $ ON 11'129 $ OETT sqieq 2 spaq 2 %0'0 000`021 $ T04Z
8102/92/5 119 5 ON 52'025 $ 0211 s43eq 2 spaq Z %L'LT- 000'885 $ 1051
8102/1/9 260'T $ ON 12'Z5L $ 0211 sgpeq Z spaq Z %0'0 000'058 $ TIM
tVT69 $ a8eJaAV
910Z/ZZ/ZI 6EL $ ON 80'219 5 081 5;eq i spaq I %0'0 000'525 $ 8001
1102/92/I ELS $ ON 68'169 5 04L s43eq I spaq I %O'0 000'ZIS $ 5092
LTOZ/1E/E 78L $ saA 95'921 $ 081 sgleq I spaq I %O'O 000'99S 5 9081
1102/1/4 099 $ ON 26'669 $ 091 s43eq I spaq T %5'S- 000'SIS $ L082
1102/21/9 115 $ ON 21119 $ 08L sgleq I spaq T %L'S- 914'£25 $ 80£2
LT02/81/5 T79 $ ON 55'109 $ 051 sq;eq I spaq I %Z'21- 000'546 $ SOU
1102/51/9 059 $ ON 21'869 $ 08L s4;eq 1 spaq T %0'0 000'575 $ 809Z
L102/91/9 2179 $ saA 89'SL9 $ 091 s43eq I spaq T %9'2- 000'005 $ 6042
L102/02/9 48L $ ON 7511L $ 081 sgleq T spaq I %S'ET- 000'55S $ 8091
L102/02/9 299 5 ON 221911 5 041 sgleq I spaq I %0'0 000'0£5 $ 5052
L10Z/Z1/L 17IL $ ON 80'EL9 $ 081 s43eq I spaq I %S1.- 000'SZS $ 80TZ
1102/22/11 0E9 $ ON 191718 $ 091 sgleq I spaq I %0'0 000'619 $ 80EEHd
8102/82/2 711 5 ON 68'1179 $ 041 sq/eq T spaq I %8'L- 000'514 $ LOU
8102/Z/£ 265 5 ON 29289 $ 041 s43eq I spaq I %L'4- 000'505 $ LOLZ
8102/51/4 ELS $ ON LS'L9S $ 041 sgleq I spaq I %47- 000'029 $ 506 .
8102/02/9 11L S ON 99'511 $ 081 s41eq I spaq I %0'0 000'509 $ 9052
8102/T£/S 111 $ ON 92'921 $ 081 s43eq T spaq T %E'E- 000'595 $ 90ZZ
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8102/02/S 279 $ ON 6Z'L£9 $ £8L s4;eq I spaq T %0'0 000'664 $ SOZT
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000'E $ ON 6['628'£ $ 00117 s43eq 9 spaq I %011 000'000'8T$ 4H1/£H1
926'I $ ON 95'508'1 $ 0861 sgleq£ spaq E %0'0 000'5[5'£ $ 807EHd
008'T $ ON 71'[52'1 $ 0511 s43eq 5'2 sPaq£ %L'91- 666'661'2 $ 21-H1
LZ'85L $ a6elaAV
6£1 $ ON 65748 $ 0801 s3eq 2 spaq 2 %011 000'016 $ 2021
206 $ ON 170761 $ 0E1T s41eq Z spaq Z 9%9'0- 000'568 $ 219
990'T $ saA 10'928 $ 0801 s41eq 2 spaq 2 %0'0 000'068 $ 60ZZ
1170'T $ ON 5£'718 $ 0801 sgleq 2 spaq 2 %0'0 005'6[8 $ 2052
OL8 $ saA 28'69L $ OETT s43eq 2 spaq 2 %0'0 006'698 $ 1191
018 $ saA 60'021 $ OUT sqieq Z spaq Z %8101- 000'528 $ TOST
528 $ ON ££'851 $ 0801 5159 Z spaq Z %81- 000'618 $ 2092
SZO'T $ ON 50'221 $ 0601 s43eq 2 spaq 2 %T'6- 000'66L $ 909
018 $ saA 80'101 5 OETT 551eq 2 spaq 2 %0'0 000'66/ $ Z0L
260'T $ ON 8£'689 $ 0£11 s43eq 2 spaq 2 %T'5- 000'6[[ $ TM
990'T $ ON 61'589 $ 080T Rim 2 spaq 2 %0'0 000'04L $ 600T
9170'T $ ON 92'089 $ 0801 sgleq 2 spaq 2 %8'01- 000'521 $ 6092
On $ ON 65199 $ MIT s43eq 2 spaq 2 %0'0 000'SZL $ 506
L170'1 $ ON 22'179 $ 0801 s43eq Z spaq 2 %6'9- 000'669 $ £01
28111/ $ a8eianv
7LS $ ON 95708 $ 081 sqleq T spaq I %8'0 000'929 $ 906Z
ZVI $ ON 6S'£6L $ 081 sgleq I spaq I %0'0 000'619 $ 909Z
OSL $ ON £0161 $ 081 s41eq I spaq T 9'.0'0 000'119 $ 80ZZ
STL $ ON 26'891 $ 091 sgleq I spaq 1 %S'E- 000'695 $ LOE£Hd
899 $ ON L9'911 $ 081 sgleq I spaq T %0'0 000'655 $ 80L1
4IC $ ON 00'051 $ 041 mpg I spaq T %0'0 000'sSS $ 9021
STL $ saA 16721 $ 07L s43eq I spaq T %0'0 000'5£5 5 2082
911 $ ON 22'919 5 07L s43eq I spaq T %6'1- 000'669 $ LOU
VI/ $ ON 9VSE9 $ ObL s43eq I spaq I %0'0 000'OL7 $ L06
1TL $ ON 8L'5E9 $ 071 Rim I spaq I %1'2- 000'694 $ 1061
049 $ saA 651,65 $ 091 . s41eq I spaq I %7'E- 000'047 $ sos
3JNVN3INIVIN 03HSINNfld dS/3JI8d 39V1003'DS S1-11V8 5039 39NVHJ% 3Dllid1S11 #11Nf1
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ONE OCEAN-1 COLLINS AVENUE,MIAMI BEACH
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ,FOOTAGE PRICE/SF FURNISHED MAINTENANCE
109 $ 2,395,000 -15.6% 2 beds 2.5 baths 1791 $ 1,337.24 No $ 2,047
404 $ 3,490,000 -25.1% 3 beds 3.5 baths 2486 $ 1,403.86 No $ 3,273
605 $ 3,500,000 0.0% 3 beds 3.5 baths 2183 $ 1,603.30 No $ 2,179
203 $ 3,795,000 -2.6% 3 beds 3.5 baths 2750 $ 1,380.00 No $ 2,954
304 $ 4,300,000 0.0% 3 beds 3.5 baths 2570 $ 1,673.15 Yes $ 3,146
604 $ 4,495,000 -6.6% 3 beds 3.5 baths 2860 $ 1,571.68 No $ 3,136
704 $ 5,100,000 -16.1% 3 beds 3.5 baths 2569 $ 1,985.21 No $ 3,021
Average $ 1,600.73
707 $ 7,900,000 0.0% 4 beds 4.5 baths 3110 $ 2,540.19 No $ 3,575
306 $ 4,999,000 -8.6% 4 beds 5.5 baths 3242 $ 1,541.95 No $ 4,268
307 $ 5,945,000 0.0% 4 beds 5.5 baths 3041 $ 1,954.95 Yes $ 3,721
Average $ 1,741.84
207 $ 15,100,000 0.0% 5 beds 5.5 baths 5586 $ 2,703.19 No $ 6,569
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
108 $ 1,160,000 0.0% 1 beds 1 baths 889 $ 1,304.84 No $ 1,001 1/12/2018
505 $ 3,100,000 0.0% 3 beds 3.5 baths 2122 $ 1,460.89 Yes $ 2,200 1/16/2018
402 $ 2,975,000 0.0% 3 beds 3.5 baths 2190 $ 1,358.45 No $ 2,503 6/20/2017
403 $ 3,975,000 0.0% 3 beds 3.5 baths 2860 $ 1,389.86 No $ 3,255 4/19/2017
303 $ 3,300,000 -22.5% 3 beds 3.5 baths 2750 $ 1,200.00 No $ 2,954 3/31/2017
405 $ 2,450,000 -14.8% 3 beds 3.5 baths 2060 $ 1,189.32 No $ 2,200 11/15/2016
Average $ 1,318.64
701 $ 6,500,000 8.3% 4 beds 4.5 baths 3420 $ 1,900.58 No $ 3,933 2/28/2018
301 $ 3,760,000 -19.8% 4 beds 4.5 baths 3534 $ 1,063.95 No $ 3,945 10/10/2017
Average $ 1,475.41
407 $ 4,345,000 -3.9% 5 beds 5.5 baths 3133 $ 1,386.85 No $ 3,515 5/12/2017
CAPRI SOUTH BEACH-1445&1460 16TH STREET,MIAMI BEACH
UNIT# LIST PRICE %CHANGE 'BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
401 $ 1,249,000 -1.3% 2 beds 2 baths 1128 $1,107.27 No $ 1,100
505 $ 1,300,000 -10.9% 2 beds 2.5 baths 1396 $ 931.23 No $ 1,550
805 $ 1,350,000 0.0% 2 beds 2.5 baths 1396 $ 967.05 No $ 1,584
UP-5 $ 1,395,000 -13.4% 2 beds 2.5 baths 1396 $ 999.28 No $ 1,584
102 $ 1,549,000 -6.3% 2 beds 2.5 baths 1380 $1,122.46 No $ 1,566
Average $1,004.67
1103 $ 2,200,000 -6.6% 2 beds 3 baths 1919 $1,146.43 No $ 2,137
501 $ 1,895,000 0.0% 3 beds 2.5 baths 1974 $ 959.98 No $ 2,057
702 $ 2,700,000 0.0% 3 beds 3 baths 1842 $1,465.80 Yes $ 2,104
403 $ 1,895,000 0.0% 3 beds 3.5 baths 1919 $ 987.49 No $ 2,137
604/605 $ 2,250,000 0.0% 3 beds 3.5 baths 2179 $1,032.58 No $ 2,449
Average $1,011.47
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
704/705 $ 1,997,900 0.0% 4 beds 3 baths 2179 $ 916.89 No $ 2,498 6/1/2018
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
301 $ 1,150,000 0.0% 2 beds 2 baths 1128 $1,019.50 Yes $ 1,100 4/29/2017
803 $ 2,000,000 -4.2% 2 beds 3 baths 1919 $1,042.21 No $ 2,090 10/14/2016
PH-4 $ 2,100,000 -21.6% 3 beds 3 baths 2165 $ 969.98 No $ 2,474 10/21/2016
PH-1 $ 5,500,000 0.0% 3 beds 3.5 baths 2970 $1,851.85 No $ 3,377 5/25/2017
MAREA MIAMI BEACH-801 S. POINTE DRIVE, MIAMI BEACH
UNIT# LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
305 $ 1,650,000 -16.7% 2 beds 2.5 baths 1854 $ 889.97 No $ 3,313
303 $ 1,595,000 -9.3% 3 beds 2.5 baths 1525 $1,045.90 Yes $ 2,647
301 $ 3,500,000 0.0% 3 beds 2.5 baths 2140 $1,635.51 Yes $ 3,522
Average $1,390.18
401 $ 3,550,000 -18.9% 3 beds 3.5 baths 2140 $1,658.88 Yes $ 3,803
501 $ 3,675,000 -3.3% 3 beds 3.5 baths 2332 $1,575.90 No $ 250
PH-3 $ 6,989,000 0.0% 3 beds 3.5 baths 2788 $2,506.81 No $ 4,900
Average $1,957.85
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
304 $ 1,550,000 -43.8% 2 beds 2.5 baths 1525 $1,016.39 No $ 2,351 2/28/2017
402 $ 2,200,000 -24.1% 3 beds 2.5 baths 1854 $1,186.62 No $ 2,900 3/1/2017
506 $ 3,320,000 -8.1% 3 beds 3.5 baths 2154 $1,541.32 No $ 4,129 5/18/2018
PH2 $ 5,995,000 -7.5% 3 beds 3.5 baths 2898 $2,068.67 Yes $ 5,325 5/10/2018
Average $1,843.82
THE COSMOPOLITAN SOUTH BEACH-110 WASHINGTON AVENUE,MIAMI BEACH
UNIT# -LIST PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE
1422 $ 409,900 -9.1% 1 beds 1 baths 686 $597.52 No $ 573
2311 $ 449,000 0.0% 1 beds 1 baths 686 $654.52 Yes $ 573
1210 $ 499,000 0.0% 1 beds 1 baths 861 $579.56 No $ 699
Average $608.11
1503 $ 539,500 -6.4% 1 beds 1.5 baths 826 $653.15 No $ 690
2602 $ 565,000 0.0% 1 beds 1.5 baths 826 $684.02 No $ 690
1307 $ 580,000 0.0% 1 beds 1.5 baths 826 $702.18 No $ 690
1413 $ 584,500 -0.9% 1 beds 1.5 baths 826 $707.63 No $ 690
Average $686.74
1505 $ 729,000 -8.5% 2 beds 2 baths 1010 $721.78 No $ 849
1804 $ 780,000 0.0% 2 beds 2 baths 1010 $772.28 No $ 850
1605 $ 789,000 -1.3% 2 beds 2 baths 1010 $781.19 No $ 850
2601 $ 830,000 0.0% 2 beds 2 baths 1196 $693.98 No $ 1,006
Average $740.18
2516 $ 775,000 0.0% 2 beds 2.5 baths 1177 $658.45 No $ 958
1614 $ 785,000 0.0% 2 beds 2.5 baths 1247 $629.51 No $ 1,051
Average $643.56
UNIT# LIST PRICE %CHANGE BEDS BATHS SO.FOOTAGE PRICE/SF FURNISHED MAINTENANCE PENDING DATE
1512 $ 435,000 0.0% 1 beds 1 baths 686 $634.11 No $ 572 4/26/2018
UNIT# SALES PRICE %CHANGE BEDS BATHS SQ.FOOTAGE PRICE/SF FURNISHED MAINTENANCE CLOSED DATE
1306 $ 490,000 0.0% 1 beds 1 baths 686 $714.29 Yes $ 572 2/14/2018
1312 $ 400,000 -10.1% 1 beds 1 baths 686 $583.09 No $ 571 12/29/2017
2420 $ 415,000 -3.7% 1 beds 1 baths 686 $604.96 No $ 571 10/20/2017
1806 $ 375,000 -2.5% 1 beds 1 baths 686 $546.65 No $ 573 10/13/2017
2520 $ 398,000 -21.7% 1 beds 1 baths 686 $580.17 No $ 571 6/19/2017
1411 $ 435,000 0.0% 1 beds 1 baths 686 $634.11 No $ 573 5/30/2017
2614 $ 415,000 -3.0% 1 beds 1 baths 686 $604.96 No $ 551 4/5/2017
1718 $ 420,000 0.0% 1 beds 1 baths 686 $612.24 No $ 573 11/21/2016
1512 $ 410,000 0.0% 1 beds 1 baths 686 $597.67 No $ 573 11/15/2016
1316 $ 476,500 0.0% 1 beds 1 baths 826 $576.88 No $ 690 9/26/2016
Average $604.93
2502 $ 520,000 0.0% 1 beds 1.5 baths 826 $629.54 No $ 690 6/11/2018
1213 $ 580,000 0.0% 1 beds 1.5 baths 899 $645.16 No $ 742 2/13/2018
1619 $ 560,000 0.0% 1 beds 1.5 baths 826 $677.97 Yes $ 690 11/15/2017
1823 $ 560,000 -1.7% 1 beds 1.5 baths 826 $677.97 No $ 690 9/18/2017
2322 $ 625,000 0.0% 1 beds 1.5 baths 826 $756.66 No $ 691 1/27/2017
2309 $ 510,000 0.0% 1 beds 1.5 baths 826 $617.43 No $ 665 11/23/2016
2318 $ 490,000 -5.6% 1 beds 1.5 baths 826 $593.22 No $ 690 10/17/2016
Average $656.70
2507 $ 748,000 0.0% 2 beds 2 baths 1196 $625.42 No $ 1,007 5/17/2018
1805 $ 635,000 -5.7% 2 beds 2 baths 1010 $628.71 No $ 850 4/27/2018
1315 $ 775,000 0.0% 2 beds 2 baths 1196 $647.99 No $ 1,006 12/7/2017
1305 $ 750,000 0.0% 2 beds 2 baths 1010 $742.57 Yes $ 843 10/30/2017
1821 $ 785,000 0.0% 2 beds 2 baths 1196 $656.35 No $ 999 6/15/2017
2521 $ 715,000 -2.6% 2 beds 2 baths 1196 $597.83 No $ 1,005 5/31/2017
1515 $ 760,000 0.0% 2 beds 2 baths 1196 $635.45 Yes $ 1,005 3/14/2017
Average $646.00
1414 $ 770,000 0.0% 2 beds 2.5 baths 1247 $617.48 No $ 1,041 7/28/2016
1601&1603 $ 1,375,000 -28.6% 4 beds 3 baths 2022 $680.02 No $ 1,512 4/1/2017
•
500 BLOCK
Units 'Rest NSF Retail 5F GSF Floorplate Parking '
Roof
Level 42 17 --5•Units 11125 SF 1479'37630„ 17,070 SF gg
Level 41 _ S UnitS- 11,125 SF 13,793-GSF '" 17,070 SF ='i
Level 40 ;SUnits 11,125 SF 5 •13;793 GSF 17 070 SF 4
Level 39SOni
1BR 2BR 3BR 4 B
Level 42 0 Units 0 Units 1 Units 4 Units
Level 41 0 Units 0 Units 1 Units 4 Units
Level 40 0 Units 0 Units 1 Units 4 Units
Level 39 0 Units 0 Units 1 Units 4 Units
Level 38 4 Units 4 Units 1 Units 0 Units
Level 37 4 Units 4 Units 1 Units 0 Units
Level 36 4 Units 4 Units 1 Units 0 Units
Level 35 4 Units 4 Units 1 Units 0 Units
Level 34 4 Units 4 Units 1 Units 0 Units
Level 33 4 Units 4 Units 1 Units 0 Units
Level 32 4 Units 4 Units 1 Units 0 Units
Level 31 4 Units 4 Units 1 Units 0 Units
Level 30 4 Units 4 Units 1 Units 0 Units
Level 29 4 Units 4 Units 1 Units 0 Units
Level 28 4 Units 4 Units 1 Units 0 Units
Level 27 4 Units 4 Units 1 Units 0 Units
Level 26 4 Units 4 Units 1 Units 0 Units
Level 25 4 Units 4 Units 1 Units 0 Units
Level 24 4 Units 4 Units 1 Units 0 Units
Level 23 4 Units 4 Units 1 Units 0 Units
Level 22 4 Units 4 Units 1 Units 0 Units
Level 21 4 Units 4 Units 1 Units 0 Units
Level 20 4 Units 4 Units 1 Units 0 Units
Level 19 4 Units 4 Units 1 Units 0 Units
Level 18 4 Units 4 Units 1 Units 0 Units
Level 17 4 Units 4 Units 1 Units 0 Units
Level 16 4 Units 4 Units 1 Units 0 Units
Level 15 4 Units 4 Units 1 Units 0 Units
Level 14 4 Units 4 Units 1 Units 0 Units
Level 13 4 Units 4 Units 1 Units 0 Units
Level 12 4 Units 4 Units 1 Units 0 Units
Level 11 4 Units 4 Units 1 Units 0 Units
Level 10 4 Units 4 Units 1 Units 0 Units
Level 9 4 Units 4 Units 1 Units 0 Units
Level 8 4 Units 4 Units 1 Units 0 Units
Level 7 4 Units 4 Units 1 Units 0 Units
Level 6 4 Units 4 Units 1 Units 0 Units
132 Units 132 Units 37 Units 16 Units 317 Units
41.64% 41.64% 11.67% 5.05%
Units Total SF Unit Avg Total SF Average S/SF Gross Sell-Out
1 BRA 132 Units 12_8,766 SFS 976 SFS:;; 128,766 $ 800 $ 103,012,800
A-1 942 SF 33 Units 31,086 SF $ 780,400 Average/Unit
A-2 974 SF 33 Units 32,142 SF
A-3 843 SF 33 Units 27,819 SF
A-4 1,143 SF 33 Units 37,719 SF
2 BR 132 Units 181,368 SF 1 374 071 181,368 $ 900 $ 163,231,200
B-1 1,278 SF 99 Units 126,522 SF $ 1,236,600 Average/Unit .
B-2 1,662 SF 33 Units 54,846 SF
3 BR =37 Units ,65,440 SF 1,769 SF 65,440 $ 1,000 $ 65,440,000
C-1 1,712 SF 33 Units 56,496 SF $ 1,768,649 Average/Unit
C-2 2,236 SF 4 Units 8,944 SF
,94 BR 16 Units 35,348 SF 2,209 SF „ 35,348 $ 1,000 $ 35,348,000
D-1 2,111 SF 8 Units 16,888 SF $ 2,209,250 Average/Unit
D-2 2,390 SF 4 Units 9,560 SF
D-3 2,225 SF 4 Units 8,900 SF
Total 317 Units 410,922 SF 410,922 $ 367,032,000
$ 893.19
$ 1,157,830
•
•
Potential Gross Income (Year 1): $1,589,980
Estimated Monthly Rent Per Square Foot: $3.50
Estimated Aveerage Monthly Rent/Unit: $3,278
Total Condominium Area (SF): 454,280
Total Condominium Units: 485
Average Unit Size (SF): 937
Estimated Gross Sell-Out Value: $227,140,000
Average Sale Price/Unit: $468,330
Average Sale Price/SF: $500.00
Income&Expense Escalation Rate: 3%
Condominium Appreciation Rate: 0%
' 500&800 ALTON ROAD AND 659-737 WEST AVENUE,MIAMI BEACH,FLORIDA
DISCOUNTED CASH FLOW ANALYSIS
IN A POTENTIAL RENTAL-CONDOMINIUM SELL-OUT SCENARIO /FOR ILLUSTRATIVE PURPOSES)
YEAR YEAR YEAR YEAR
ME MQ, THREE EOUR TOTAL
POTENTIAL GROSS RENTAL INCOME $1,589,980 $1,637,680 $1,686,810 $1,737,410
Vacancy and Collection Loss% (See Effective Occupancy Below) 0% 0% 0% 0%
Less:Vacancy and Collection Loss $2 $2 El
POTENTIAL GROSS RENTAL INCOME $1,589,980 $1,637,680 $1,686,810 $1,737,410
POTENTIAL EXPENSE PASS-THROUGH $0 $0 $0 $0
Vacancy and Collection Loss% (Sea Effective Occupancy Below) 0% 0% 0% 0%
Less:Vacancy and Collection Loss $2 $2 $9 .$2
POTENTIAL EXPENSE PASS-THROUGH $0 $0 $0 $0
TOTAL POTENTIAL GROSS RENTAL INCOME $1,589,980 $1,637,680 $1,686,810 $1,737,410
EFFECTIVE OCCUPANCY RATE FOR INCOME (AVERAGE UNSOLD RENTAL SPACE),LESS 10% 77.11% 51.34% 25.57% 1.34%
(Based on the amount of unsold rental space at the beginning and end of each period)
TOTAL EFFECTIVE GROSS RENTAL INCOME $1,226,088 $840,788 $431,267 $23,285
TOTAL FIXED AND VARIABLE OPERATING EXPENSES 40% • $490,435 $336,315 $172,507 $9,314
PRO-RATED NET OPERATING INCOME FROM UNSOLD SPACE I $735,653 $504,473 $258,760 $13,971 $1,512,857
Total Condominium Area Available For Sale (1) 454,280 337,198 220,115 103,033
Projected Annual Absorption Rate 117,082 117,082 117,082 103,033
Condominium Area to be Sold 117,082 117,082 117,082 103,033
Condominium Units to be Sold 125 125 125 110
Remaining Condominium Area to be Sold (2) 337,198 220,115 103,033 0
Average Amount of Unsold Space Generating Rent[ (1)+ (2)1/2 395,739 278,656 161,574 51,516
Percentage of Total Space 87.11% 61.34% 35.57% 11.34%
• Projected Sale Price/SF in"As Is"Condition 5SUU.OU SSOU.UU SbUU.OU SSUU.UU •
PROJECTED CONDOMINIUM SALES REVENUE $58,541,237 $58,541,237 $58,541,237 $51,516,289 $227,140,000
Less:Sales Commissions (6%) $3,512,470 $3,512,470 $3,512,470 $3,090,980
Less:Condominium Administrative and Contingencies (3%) $1,756,240 $1.756.240 $1,756.240 $1,545,490
CONDOMINIUM SALES COST I $5,268,710 $5,268,710 $5,288,710 $4,636,470 $20,442,600
NET CONDOMINIUM SALES REVENUE $53,272,527 $53,272,527 $53,272,527 $46,879,819 $206,697,400
PLUS;PRO-RATED NET OPERATING INCOME $735,653 $504,473 $258,760 $13,971 $1,512,857
(Based on period beginning and end unsold space)
TOTAL CASH FLOW (RENTAL NOL,AND NET SALES REVENUE;RESIDENTIAL COMPONENT) $54,008,180 $53,777,000 $53,531,287 $46,893,790 $208,210,257
•
I.R.R. CASH FLOW ROUNDED VALUE/SF VALUE/UNIT
Net Present Value at 16% $146,718,100 $146,720,000 $322.97 $302,515
Net Present Value at 15% $149,636,100 $149,635,000 $329.39 $308,526
Net Present Value at 14% $152,652,200 $152,650,000 $336.03 $314,742
DISCOUNTED NET PRESENT VALUE TO A SINGLE PURCHASER
IN A CONDOMINIUM SELL-OUT,WITH INTERIM RENTAL USE (Rounded) $149,600,000
ESTIMATED PROSPECTIVE MARKET VALUE OF THE RETAIL COMPONENT
(73,671 SF OF RETAIL AT MULTIPLE BUILDINGS,AT$900/SF) (Rounded) $66,300,000
TOTAL ESTIMATED PROSPECTIVE VALUE AT COMPLETION $215,900,000
J.ALHALE APPRAISALS,INC.
•
Potential Gross Income (Year 1): $1,540,958
Estimated Monthly Rent Per Square Foot: $3.75
Estimated Aveerage Monthly Rent/Unit: $4,861
Total Condominium Area (SF): 410,922
Total Condominium Units: 317
Average Unit Size (SF): 1,296
Estimated Gross Sell-Out Value: $367,032,000
Average Sale Price/Unit: $1,157,830
Average Sale Price/SF: $893.19
Income&Expense Escalation Rate: 3%
Condominium Appreciation Rate: 0%
500 ALTON ROAD,MIAMI BEACH,FLORIDA
DISCOUNTED CASH FLOW ANALYSIS
IN A POTENTIAL RENTAL-CONDOMINIUM SELL-OUT SCENARIO (FOR ILLUSTRATIVE PURPOSES)
YEAR YEAR YEAR YEAR
ONE TWO THREE FOUR TOTAL
POTENTIAL GROSS RENTAL INCOME $1,540,958 $1,587,190 $1,634,810 $1,683,850
Vacancy and Collection Loss% (See Effective Occupancy Below) 0% 0% 0% 0%
Less:Vacancy and Collection Loss 1:0 $9 $Q $9.
POTENTIAL GROSS RENTAL INCOME $1,540,958 $1,587,190 $1,634,810 $1,683,850
POTENTIAL EXPENSE PASS-THROUGH $0 $0 $0 $0
Vacancy and Collection Loss% (See Effective Occupancy Below) 0%¢p 0% 0% 0%
52
Less:Vacancy and Collection Loss $9 $9. 22.
POTENTIAL EXPENSE PASS-THROUGH $0 $0 $0 $0
TOTAL POTENTIAL GROSS RENTAL INCOME $1,540,958 $1,587,190 $1,634,810 $1,683,850
EFFECTIVE OCCUPANCY RATE FOR INCOME (AVERAGE UNSOLD RENTAL SPACE),LESS 10% 78.96% 56.88% 31.64% 3.72%
(Based on the amount of unsold rental space at the beginning and end of each period)
TOTAL EFFECTIVE GROSS RENTAL INCOME $1,216,724 $902,746 $517,260 $62,680
TOTAL FIXED AND VARIABLE OPERATING EXPENSES 40% $486,690 $361,098 $206,904 $25,072
PRO-RATED NET OPERATING INCOME FROM UNSOLD SPACE I $730,035 $541,647 $310,356 $37,608 $1,619,646
Total Condominium Area Available For Sale (1) 410,922 320,182 229,442 112,777
Projected Annual Absorption Rate 90,740 90,740 116,666 112,777
Condominium Area to be Sold 90,740 90,740 116,666 112,777
Condominium Units to be Sold 70 70 90 87
Remaining Condominium Area to be Sold (2) 320,182 229,442 112,777 0
Average Amount of Unsold Space Generating Rent 1 (1)+ (2)]/2 365,552 274,812 171,109 56,388
Percentage of Total Space 88.96% 66.88% 41.64% 13.72%
• Projected Sale Price/SF in"As Is"Condition $893.19 $893.19 $893.19 5893.19 •
PROJECTED CONDOMINIUM SALES REVENUE $81,048,076 $81,048,076 $104,204,669 $100,731,180 $367,032,000
Less:Sales Commissions (6%) $4,862,880 $4,862,880 $6,252,280 $6,043,870
Less:Condominium Administrative and Contingencies (3%) $2,431,440 $2,431.440 $3.126.140 $3,021,940
CONDOMINIUM SALES COST I $7,294,320, $7,294,320 $9,378,420 $9,065,810 $33,032,870
NET CONDOMINIUM SALES REVENUE $73,753,756 $73,753,756 $94,826,249 $91,665,370 $333,999,130
PLUS;PRO-RATED NET OPERATING INCOME $730,035 $541,647 $310,356 $37,608 $1,619,646
(Based on period beginning and end unsold space)
TOTAL CASH FLOW (RENTAL NOI,AND NET SALES REVENUE;RESIDENTIAL COMPONENT) $74,483,790 $74,295,403 $95,136,605 $91,702,978 $335,818,776
I.R.R. CASH FLOW ROUNDED VALUE/SF VALUE/UNIT
Net Present Value at 16% $231,020,500 $231,020,000 $562.20 $728,770
Net Present Value at 15% $235,931,800 5235,930,000 $574.15 $744,259
Net Present Value at 14% $241,014,600 $241,015,000 $586.52 $760,300
DISCOUNTED NET PRESENT VALUE TO A SINGLE PURCHASER
IN A CONDOMINIUM SELL-OUT,WITH INTERIM RENTAL USE (Rounded) $235,900,000
PLUS:ESTIMATED PROSPECTIVE MARKET VALUE OF THE RETAIL COMPONENT
(32,680 SF AT 600 ALTON ROAD,AT$9001SF) (Rounded) $29,400,000
TOTAL ESTIMATED PROSPECTIVE VALUE AT COMPLETION $265,300,000
J.ALHALE APPRAISALS,INC.
•
DEVELOPMENT COST SUMMARY OF THE 42-STORY RESIDENTIAL COMPONENT AT THE"500 SITE"
Address: 500 Alton Road
Miami Beach,FLORIDA
Gross Building Area (SF): 535,646
Gross Building Area (SF) of Tower: 510,341
Gross Building Area (SF) of Amenities Space: 6,753
Gross Building Area (SF) of Above-ground Parking Garage: 165,040
Gross Building Area (SF) of Below-ground Parking Garage: 43,945
Site Area (SF): 85,348
Number of Floors of Pedestal: 5
Number of Floors of Residential Tower: 37
SQUARE COST TOTAL
FOOT $/SF COST COST
Construction Cost (High-rise Residential Building;Section 11,Page 15;Floors 6-8) 41,379 $249.87 $10,339,321
Construction Cost (High-rise Residential Building;Section 11,Page 15;Floors 9-38) 413,790 $251.12 $103,910,177
Construction Cost (High-rise Residential Building;Section 11,Page 15;Floors 39-42) 55,172 $252.12 $13,910,109
Construction Cost (Amenities/Clubhouse Space;Section 11,Page 30) 6,753 $191.81 $1,295,279
Construction Cost (Above-ground Parking Garage;Section 14,Page 34) 165,040 $71.69 $11,831,388
Construction Cost (Below-ground Parking Garage;Section 13,Page 26) 43,945 $59.82 $2,628,895
Construction Cost (Site Improvements;Landscaping) 85,348 $0.70 $60,000
$143,975,169
A) Total Hard Construction Cost 535,646 $268.79 $143,975,169 $143,975,169
Indirect Costs (Architect,engineers,professional,supervision and legal fees) 8% $21.50 $11,518,000
Real Estate Taxes (During Construction) 535,646 $0.10 $54.400
B) Total Indirect Cost 535,646 $21.60 $11,572,400 $155,547,569
Financing Cost/Interest (at 5.5%,outstanding for an average of 1.5 years) $12,832,700
Financing Cost/Points (1%of Loan) $1.555.500
C) Total Financing Cost 535,646 $26.86 $14,388,200 $169,935,769
D) Profit/Overhead 10% $31.73 $16,994,000 $186,929,769
REPLACEMENT COST NEW OF IMPROVEMENTS (Rounded) 535,646 $348.92 $186,900,000
INCURABLE PHYSICAL DEPRECIATION (New/proposed construction) 0% $0
FUNCTIONAL OBSOLESCENCE 0% $0
CURABLE PHYSICAL DEPRECIATION (No deferred maintenance) 0% N
TOTAL PHYSICAL DEPRECIATION $0
ESTIMATED COST OF CONSTRUCTION (RESIDENTIAL COMPONENT) $187,000,000
(Based on preliminary construction details for a conceptual building which does not yet have approved plans)
J.ALHALE APPRAISALS,INC.
JOZEF ALHALE,MAI
3475 Sheridan Street, Suite 313
Hollywood,Florida 33021
(305) 613-7477 jbalhale(u,aol.com www.jalhaleappraisals.com
QUALIFICATIONS
Experience: Thirty years in the field of real estate appraisal, appraisal review,
consultation, expert witness, economic research and market analysis.
Membership: Appraisal Institute, MAI
CCM Institute
Miami Society of Commercial Realtors
Miami Association of Realtors
Professional
Experience: J. Alhale Appraisals,Inc.,President, September 2009 to present
J.B. Alhale&Associates,Inc.,President,May 1994 to present
Dixon and Friedman,Inc., Senior Appraiser, Oct. 1991 -May 1994
R.G. Davis&Associates, Inc., Fee Appraiser,Jan. 1991 -Oct. 1991
Izenberg Appraisal Assoc.,Inc., Staff Appraiser, July 1988 -Dec.
1990
Education: Master of Science, Computer Science
Rensselear Polytechnic Institute,Troy,New York
Bachelor of Arts, Cum Laude, Computer Science
New York University,New York,New York
Associate Engineering Degree, Computer Science
Tel Aviv University,Tel Aviv,Israel
Licensed: State Certified General Real Estate Appraiser- State of Florida
Real Estate Salesman- State of Florida
Assignments: Vacant land, industrial facilities, shopping centers, office buildings,
rental and condominium apai lucent buildings,hotel/motel facilities,
other special-purpose properties, air rights, as well as valuation of
Leased Fee and Leasehold Interests,undivided partial interests for
financing,litigation,divorce, estate taxes, gift taxes,trusts, etc.
Economic research, expert witness,Highest and Best Use analysis,
market analysis,feasibility analysis pertaining to commercial,
industrial,lodging,retail, office,multi-family residential and special-
purpose properties.
J.ALHALE APPRAISALS,INC.
Real Estate Appraisers and Consultants
-74-
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•
R=20.00' O�' u'y A=91.41' Ji g / MIAMI/DADE.3 8 S M D.C,R.MIAMI DADE COUNTY RECORDS
'\ E••d-80-o 2l' ru H' I'1 y e
4°i.
•} ''AMENDED PUT OF",? �,U a ig I -%- CHAIN LINK/WOOD FENCE
'\ '• .A=91.42' a' - �• AQUARIUM SITE a I 80 > "g •1, € I WOOD FENCE
S LS, RESUBDNISIDN' o g", "1, 8 g
£ (P.B.21.PG.e3,M/D.CRJ >' "� -_ _- g� >y ',! CLF CHAIN LINK/WOOD FENCE
'. •s 9 WPP WOOD POWER POLE
11, j7
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8; ''• t', $0 & --•�-- j iLP LIGHT POLE
= ` j J _92,4• o a- U i. I B ELECTRIC BOX
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LAND DESCRIPTION: (6TH STREET) FPL FLORIDA POWER&LIGHT
MLP METAL LIGHT POLE
I A PORTION OF 6TH STREET AS SHOWN ON"AMENDED PIAT OF FLEETWOOD TSB TRAFFIC SIGNAL BOX
SUBDIVISION",ACCORDING TO THE PLAT THEREOF,AS RECORDED IN PLAT BOOK 28, TSP TRAFFIC SIGNAL POLE
I WV WATER VALVE
PAGE 34,OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY,FLORIDA,AND"AMENDED WM WATER METER
I PLAT OF AQUARIUM SITE RESUBDIVISION",ACCORDING TO THE PLAT THEREOF,AS q RADIUS
I RECORDED IN PLAT BOOK 21,PAGE 83,OF THE PUBLIC RECORDS OF MIAMI-DADE A ARC DISTANCE
I
COUNTY.FLORIDA,BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
i i A CENTRAL ANGLE
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1,BLOCK 2.OF SAID"AMENDED PLAT POB POINT OF BEGINNING
I I OF FLEETWOOD SUBDIVISION";
WI I FLOOD ZONE INFORMATION
, I THENCE NORTH 89'37'30"EAST ALONG THE SOUTH LINE OF LOT 32,BLOCK 2 OF .
1 I COMMUNITY NUMBER 120651 SAID"AMENDED PLAT OF FLEETWOOD SUBDIVISION"AND THE NORTH RIGHT OF WAY
a' •
PANEL NUMBER 0319 L UNE OF SAID 6TH STREET.A DISTANCE OF 155.00 FEET TO A POINT ON A TANGENT
"44! ZONE AE CURVE CONCAVE TO THE NORTHWEST;
F,.I BASE FLOOD ELEVATION B THENCE NORTHEASTERLY ALONG SAID NORTH RIGHT OF WAY LINE AND ALONG THE ARC
osI I EFFECTIVE DATE 09/11/09 OF SAID CURVE,HAVING A RADIUS OF 15.00 FEET,A CENTRAL ANGLE OF 90'00'21"
.. / AND AN ARC DISTANCE OF 23.56 FEET;
I I I THENCE SOUTH 00'22'51"EAST,A DISTANCE OF 85.00 FEET TO A POINT ON A
TANGENT CURVE CONCAVE TO THE SOUTHWEST;
i L- �� THENCE NORTHWESTERLY ALONG THE SOUTH RIGHT OF WAY LINE OF SAID 6TH STREET
L--i F fr/�� '-i AND ALONG THE ARC OF SAID CURVE,HAVING A RADIUS OF 20.00 FEET,A CENTRAL '
�!/ NOTES:
I Io ANGLE OF 89'59'39"AND AN ARC DISTANCE OF 31.41 FEET;
• Cr 1. NOT VALID WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED THENCE SOUTH 89'37'30"WEST ALONG THE NORTH UNE OF LOT 10 AND LOT 11 OF
2. LANDS SHOWN HEREON WERE NOT ABSTRACTED FOR RIGHTS-OF-WAY, "AMENDED PIAT OF AQUARIUM SITE RESUBDIVISION",ACCORDING TO THE PIAT
THEREOF,AS RECORDED IN PLAT BOOK 21,PAGE 83.OF THE PUBLIC RECORDS OF
I EASEMENTS,OWNERSHIP,OR OTHER INSTRUMENTS OF RECORD. MIAMI-DADE COUNTY,FLORIDA AND THE SOUTH RIGHT OF WAY LINE OF SAID 6TH I HEREBY CERTIFY THAT THE"SKETCH OF SURVEY'OF THE HEREON DESCRIBED
3. THIS SURVEY WAS DONE SOLELY FOR BOUNDARY PURPOSES AND DOES STREET,A DISTANCE OF 210.00 FEET TO A POINT ON A TANGENT CURVE CONCAVE TO PROPERTY IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF
NOT DEPICT THE JURISDICTION OF ANY MUNICIPAL.STATE, THE SOUTHEAST; AS SURVEYED IN THE FIELD UNDER MY DIRECTION IN AUGUST,2018.
FEDERAL OR OTHER ENTITIES.
4. THE LAND DESCRIPTION SHOWN HEREON WAS PREPARED BY THE SURVEYOR.
5. UNDERGROUND IMPROVEMENTS NOT SHOWN.
I FURTHER CERTIFY THAT THIS SURVEY MEETS THE STANDARDS OF PRACTICE
` I THENCE SOUTHWESTERLY ALONG SAID SOUTH RIGHT OF WAY UNE AND ALONG THE FOR SURVEYING IN THE STATE OF FLORIDA ACCORDING TO CHAPTER 5J-17 OF
IARC OF SAID CURVE,HAVING A RADIUS OF 20.00 FEET,A CENTRAL ANGLE OF THE FLORIDA ADMINISTRATIVE CODE.PURSUANT TO SECTION 472.027. FLORIDA
90'00'21"AND AN ARC DISTANCE OF 31.42 FEET; STATUTES.THERE ARE NO ABOVE GROUND ENCROACHMENTS OTHER THAN THOSE
\ I i SHOWN HEREON,SUBJECT TO THE QUALIFICATIONS NOTED HEREON.
1 6. ELEVATIONS SHOWN HEREON ARE BASED ON THE NATIONAL GEODETIC THENCE NORTH 00'22'51"WEST,A DISTANCE OF 70.00 FEET; n
A I VERTICAL DATUM OF 1929. �2,�.P.-" a.....^______,I2 ) o."--�,
7. BENCHMARK REFERENCE:MIAMI/DADE COUNTY BENCHMARK#D-151 THENCE CONTINUE ALONG SAID NORTH RIGHT OF WAY UNE AND ALONG THE SOUTH FOR THE FIRM,BY:
\.- 1'- ' ELEVATION=3.72' UNE OF SAID LOT 1,BLOCK 2,NORTH 89'37'30"EAST,A DISTANCE OF 80.00 FEET
�fifl_STREET j TO THE POINT OF BEGINNING. ' RICHARD E.COUSINS
SR. A-1-A 8. BEARINGS SHOWN HEREON ARE ASSUMED. PROFESSIONAL SURVEYOR AND MAPPER
•
SAID LANDS SITUATE.LYING AND BEING IN THE CITY OF MIAMI BEACH,MIAMI/DADE SURVEY GATE:08/30/18 FLORIDA REGISTRATION NO.4188
LOCATION MAP (1"=100') COUNTY,FLORIDA;CONTAINING 12,720 SQUARE FEET MORE OR LESS.
COUSINS SURVEYORS Sc ASSOCIATES, INC. CLIENT ; REVISIONS DATE WPC OWN WC CND D SHEET
3921 SW 47TH AVENUE,SUITE 1011 6TH STREET •
` W'502.02' " //�• . w (PROJECT NuuBER:68u-12 1
DAVIE,FLORIDA 33314 CRESCENT HEIGHTS ' x SKETCH OF SURVEY , 0
CERTIFICATE OF AUTHORIZATION:LB#6448 MIAMI BEACH, FLORIDA / 1
PHONE(954)689-7766 FAX(954)689-7799 ,- _ _ _ _ _ 2` - - - SCALE:I.=16' /SHEET,
COUSINS SURVEYORS Sc ASSOCIATES, INC. (PROJECT NUMBER : 6844-12 )
3921 SW 47TH AVENUE, SUITE 1011
All DAVIE, FLORIDA 33314 CLIENT :
•' PHONE CERTIFICATE
(954) 689U AUTHOR
(954)TION : LB 6894 77 99 CRESCENT HEIGHTS
LAND DESCRIPTION AND SKETCH
i____________
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WEST A VENIUE. '��
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4=31.41' 1 SO0°221'51'E 4=23.58'
I 85.00' •
ALTON ROAD
1
1
REVISIONS DATE FB/PG DWN CKD' "'PROPERTY ADDRESS :
LAND DESCRIPTION&SKETCH 09/12/18 ---- AM REC LAND DESCRIPTION `6TH STREET, MIAMI BEACH
-
REVISED LAND DESCRIPTION&SKETCH 10/22/18
---- AM REC AND SKETCH
FOR (SCALE: 1" = 40' )
6TH STREET VACATION
` ! (SHEET 2 OF 3 )
COUSINS SURVEYORS & ASSOCIATES, INC. (PROJECT NUMBER : 6844-12 )
3921 SW 47TH AVENUE, SUITE 1011 CLIENT
DAVIE, FLORIDA 33314
CERTIFICATE OF AUTHORIZATION : LB # 6448 CRESCENT HEIGHTS
PHONE (954) 689-7766 FAX (954) 689-7799
LAND DESCRIPTION AND SKETCH
LEGEND:
CKD CHECKED BY
DWN DRAWN BY
FB/PG FIELD BOOK AND PAGE
P.B. PLAT BOOK
M/D.C.R. MIAMI/DADE COUNTY RECORDS
POB POINT OF BEGINNING
POC POINT OF COMMENECEMENT
R RADIUS
A ARC DISTANCE
A CENTRAL ANGLE
NOTES:
1. NOT VALID WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED SEAL OF
A FLORIDA LICENSED SURVEYOR AND MAPPER.
2. LANDS SHOWN HEREON WERE NOT ABSTRACTED FOR RIGHTS-OF-WAY,
EASEMENTS, OWNERSHIP, OR OTHER INSTRUMENTS OF RECORD.
3. DATA SHOWN HEREON DOES NOT CONSTITUTE A FIELD SURVEY AS SUCH.
4. THE LAND DESCRIPTION SHOWN HEREON WAS PREPARED BY THE SURVEYOR.
5. BEARINGS SHOWN HEREON ARE ASSUMED.
I HEREBY CERTIFY THAT THE ATTACHED "LAND DESCRIPTION AND SKETCH"
IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE AND BELIEF AS
PREPARED UNDER MY DIRECTION IN SEPTEMBER, 2018. I FURTHER CERTIFY
THAT THIS "LAND DESCRIPTION AND SKETCH" MEETS THE STANDARDS OF
PRACTICE FOR SURVEYING IN THE STATE OF FLORIDA ACCORDING TO
CHAPTER 5J-17 OF THE FLORIDA ADMINISTRATIVE CODE. PURSUANT TO
SECTION 472.027, FLORIDA STATUTES. SUBJECT TO THE QUALIFICATIONS
NOTED HEREON. j
..".,c,..-ek- a
FOR THE FIRM, BY:
RICHARD E. COUSINS
PROFESSIONAL SURVEYOR AND MAPPER
FLORIDA REGISTRATION NO. 4188
REVISIONS DATE FB/PG DWN CKDN
PROPERTY ADDRESS :
LAND DESCRIPTION &SKETCH 09/12/18 ---- AM REC LAND DESCRIPTION 6TH STREET,'MIAMI BEACH,
REVISED LAND DESCRIPTION&SKETCH 10/22/18 ---- AM REC AND SKETCH
FOR C SCALE: N/A
• 6TH STREET VACATION
I SHEET 3 OF 3
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COUSINS SURVEYORS & ASSOCIATES, INC. (PROJECT NUMBER : 6844-12 )
3921 SW 47TH AVENUE, SUITE 1011 CLIENT
IA% DAVIE, FLORIDA 33314
CERTIFICATE OF AUTHORIZATION : LB # 6448 CRESCENT HEIGHTS
PHONE (954) 689-7766 FAX (954) 689-7799
LAND DESCRIPTION AND SKETCH
LAND DESCRIPTION: (6TH STREET)
A PORTION OF 6TH STREET AS SHOWN ON "AMENDED PLAT OF FLEETWOOD SUBDIVISION",
ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 28, PAGE 34, OF THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, AND "AMENDED PLAT OF AQUARIUM
SITE RESUBDIVISION", ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
21, PAGE 83, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1, BLOCK 2, OF SAID "AMENDED PLAT OF
FLEETWOOD SUBDIVISION";
THENCE NORTH 89'37'30" EAST ALONG THE SOUTH LINE OF LOT 32, BLOCK 2 OF SAID
"AMENDED PLAT OF FLEETWOOD SUBDIVISION" AND THE NORTH RIGHT OF WAY LINE OF
SAID 6TH STREET, A DISTANCE OF 155.00 FEET TO A POINT ON A TANGENT CURVE
CONCAVE TO THE NORTHWEST;
THENCE NORTHEASTERLY ALONG SAID NORTH RIGHT OF WAY LINE AND ALONG THE ARC
OF SAID CURVE, HAVING A RADIUS OF 15.00 FEET, A CENTRAL ANGLE OF 90'00'21" AND
AN ARC DISTANCE OF 23.56 FEET;
THENCE.SOUTH 00'22'51" EAST, A DISTANCE OF 85.00 FEET TO A POINT ON A TANGENT
CURVE CONCAVE TO THE SOUTHWEST;
THENCE NORTHWESTERLY ALONG THE SOUTH RIGHT OF WAY LINE OF SAID 6TH STREET
AND ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 20.00 FEET, A CENTRAL
ANGLE OF 89'59'39" AND AN ARC DISTANCE OF 31.41 FEET;
THENCE SOUTH 89'37'30" WEST ALONG THE NORTH LINE OF LOT 10 AND LOT 11 OF
"AMENDED PLAT OF AQUARIUM SITE RESUBDIVISION", ACCORDING TO THE PLAT THEREOF,
AS RECORDED IN PLAT BOOK 21, PAGE 83, OF THE PUBLIC RECORDS OF MIAMI-DADE
COUNTY, FLORIDA AND THE SOUTH RIGHT OF WAY LINE OF SAID 6TH STREET, A DISTANCE
OF 210.00 FEET TO A POINT ON A TANGENT CURVE CONCAVE TO THE SOUTHEAST;
THENCE SOUTHWESTERLY ALONG SAID SOUTH RIGHT OF WAY LINE AND ALONG THE ARC
OF SAID CURVE, HAVING A RADIUS OF 20.00 FEET, A CENTRAL ANGLE OF 90'00'21" AND
AN ARC DISTANCE OF 31.42 FEET;
THENCE NORTH 00'22'51" WEST, A DISTANCE OF 70.00 FEET;
THENCE CONTINUE ALONG SAID NORTH RIGHT OF WAY LINE AND ALONG THE SOUTH LINE
OF SAID LOT 1, BLOCK 2, NORTH 89'37'30" EAST, A DISTANCE OF 80.00 FEET TO THE
POINT OF BEGINNING.
SAID LANDS SITUATE. LYING AND BEING IN THE CITY OF MIAMI BEACH, MIAMI/DADE
COUNTY, FLORIDA; CONTAINING 12,720 SQUARE FEET MORE OR LESS.
•
REVISIONS DATE FB/PG DWN _ CKD% PROPERTY ADDRESS :
LAND DESCRIPTION&SKETCH 09/12/18 ---- AM REC LAND DESCRIPTION 6TH STREET, MIAMI BEACH
REVISED LAND DESCRIPTION&SKETCH 10/22/18 ---- AM REC AND SKETCH
FOR ( SCALE: N/A
6TH STREET VACATION
( SHEET 1 OF 3
MIAMI BEACH
• .
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
}
COMMISSION MEMORANDUM
TO: Mayor Dan Gelber and Members of the ity Commiss •n
FROM: Jimmy L. Morales, City Manager �•��'�" —
DATE: November 14, 2018
SUBJECT: Analysis of Proposed Right of Way(ROW)Vacation–6th 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 6th Street between Alton Road and West Avenue. The right of way
contains approximately 50 feet wide and contains approximately 13,902 square feet in area.
The adjacent property will be providing a 50 foot wide perpetual utility, roadway,and pedestrian
access easement across the vacated city 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 ROW will continue to be used in a similar fashion as it is
used today. As part of the overall development of the area that will incorporate the
ROW, improvements will be made for pedestrians and bicyclists in the vicinity. This is
consistent with Comprehensive Plan Transportation Element Objective 5,which states
the following:
Objective 5: Pedestrian and Bicycle Circulation
The City shall strive to increase and promote the safe and convenient use of its
bicycle and pedestrian networks including the creation, extension, and
improvements of bicycle and pedestrian facilities between and among present
and potential major generators of bicycle and pedestrian traffic.
Additionally, the proposal will allow for improved access to the Biscayne Bay Baywalk.
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
Analysis of Proposed Right of Way Vacation—6"'Street
November 14, 2018
Page 2 of 4
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
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 Medium Intensity Commercial Category(CD-2)future
land use category. This category allows for a maximum floor area ratio (FAR) of 2.0.
Vacation of the ROW will allow approximately 27,804 additional square feet to be
developed within a unified development site with the parcels to the north and south.
• Though a ROW is proposed to be vacated, no construction is being proposed
within the vacated ROW; therefore there will be no diminution of open space.
• Vacation of the ROW as vehicular and pedestrian access will be maintained.
The use of the floor area that is made available from the vacation of the ROW
could be used for up to 27,804 SF of floor area or up to approximately 25
residential units. If the floor area is utilized for high rise residential development,
there is the potential to generate approximately 19 peak hour trips if used for
residential purposes.This does not represent a significant increase in peak hour
volumes, and the level of service adopted in the Comprehensive Plan will
continue to be maintained along Alton Road/Washington Avenue Sub Area
within the South Beach Transportation Concurrency Management Area(TCMA).
• 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, as it is
expected that a future development will be providing landscaping, pavers,
improved pedestrian paths, and other enhancements. These improvements
should enhance surrounding property values.
• Vacation of the ROW will allow for improved utilization of the adjacent parcels by
allowing for the creation of a unified development site and the movement of floor
area between the 500 and 700 blocks and lead to the development of a public
park on the adjacent site.
• Vacation of the ROW way will not impact adopted levels of service for public
infrastructure. Compliance with water, sewer, stormwater, parks, and
transportation concurrency for utilization of the ROW's floor area if utilized,along
with the impact of any related development,will be determined and mitigated in
conjunction with the building permit process; however no additional utilities or
infrastructure are expected to be necessary specifically as result of the ROW
vacation.
• Vacation of the ROW will not impact utilities;such as electric,water,sewer,and
stormwater transmission, because a utility easement will be provided to the City.
We are committed to providing excellent public service and safety to all who live,work and play in our vibrant,tropical,historic community.
Analysis of Proposed Right of Way Vacation—6"Street
November 14, 2018
Page3of4
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. The additional floor area that is made available to the adjacent
properties will create additional taxable value. In addition,the vacation will result in the
development of a public park on the site to the north of the ROW that will be paid for by
the property owner and improvements will be made to the ROW area while maintaining
• vehicular, pedestrian, and utility access.
4. A determination as to whether or not the development is in keeping with the
surrounding neighborhood,will block views or create environmental intrusions,
and evaluation of the design and aesthetic considerations of the project.
Consistent - The surrounding neighborhood will not be negatively affected. The
proposed ROW vacation will result in the ability to move floor area within a large
development site. This ability will result in lower scale development throughout much of
the site that will not block views,while allowing that floor area to be concentrated on one
end of the property in a way that will minimize impacts to views. No environmental
intrusions will be created by the proposed ROW vacation. The proposed public park that
will be developed as a result of the vacation can be utilized to improve long-standing
environmental issues.
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. Surrounding properties are not dependent on the parking provided
within this ROW should it be removed in the future. Any future development on the
adjacent sites that take advantage of the additional floor area that is made available will
have to provide parking pursuant to the requirements of the Land Development
Regulations.
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.
We are committed to providing excellent public service and safety to all who live,work and play in our vibrant tropical,historic community.
Analysis of Proposed Right of Way Vacation—6th Street
November 14, 2018
.Page4of4
CONCLUSION
Vacation of the public ROW is consistent with the Goals, Objectives,and Policies based on the
approved proposals for the property. The vacation of the 6th Street public ROW will generate no
negative impacts for the surrounding area. The property would continue to serve in much the
same manner; as utility, vehicular, and pedestrian access will continue to be provided.
TRM/RAM
F:\PLAN\$PLB1201819-25-181PB 18-0231- 500-700 Alton Road—6th Street Vacationl6th Street Vacation-Planning Analysis.doc
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We are committed to providing excellent public service and safety to all who live,work and play in our vibrant tropical,historic community.
30NE NEIGHBORS SUNDAY NOVEMBER 252018
MIAMIHERALD.COM
MIAMI EACH
CITY OF MIAMI BEACH
NOTICE OF PUBLIC HEARING
VACATION OF 6TH STREET, WEST OF
ALTON ROAD AND EAST OF WEST AVENUE
December 12, 2018
NOTICE IS HEREBY given that a Second Reading/Public Hearing will be heard by the
Mayor and City Commission of the City of Miami Beach, Florida,in the Commission
Chamber,3rd Floor,City Hall,1700 Convention Center Drive,Miami Beach,Florida,on
Wednesday,December 12,2018 at 9:35 a.m.,or as soon thereafter as the matter can
be heard,to consider:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, PURSUANT TO SECTION 82-39 OF THE CITY CODE,
APPROVING,ON SECOND READING OF THIS RESOLUTION,THE VACATION OF
6TH STREET,WEST OF ALTON ROAD AND EAST OF WEST AVENUE,IN FAVOR
OF THE ABUTTING PROPERTY OWNERS,SOUTH BEACH HEIGHTS I,LLC, 500
ALTON ROAD VENTURES, LLC, AND 1220 SIXTH, LLC (COLLECTIVELY, THE
"APPLICANTS");CONDITIONING THE VACATION UPON THE CITY COMMISSION'S
APPROVAL OF, APPLICANTS' EXECUTION AND SATISFACTION OF CERTAIN
TERMS AND CONDITIONS OF THAT CERTAIN DEVELOPMENT AGREEMENT
BETWEEN SOUTH BEACH HEIGHTS I,LLC,500 ALTON ROAD VENTURES,LLC,
1220 SIXTH,LLC,AND KGM EQUITIES,LLC(COLLECTIVELY,THE"DEVELOPER")
WHICH,AMONG OTHER THINGS,SHALL REQUIRE APPLICANTS(AS A CONDITION
OF THE CITY'S AGREEMENT TO VACATE 6TH STREET)TO:(1)GRANT TO THE
CITY A 50 FOOT WIDE PERPETUAL NON-REVOCABLE UTILITY, ROADWAY
AND PEDESTRIAN ACCESS EASEMENT ACROSS THE VACATED 6TH STREET
RIGHT-OF-WAY;AND(2)CONVEY TO THE CITY,IN FEE SIMPLE,A MINIMUM OF
3.0 ACRES,WITHIN THE 5TH-7TH STREET BLOCKS,BETWEEN WEST AVENUE
AND ALTON ROAD, FOR A WORLD CLASS PUBLIC MUNICIPAL PARK TO BE
DESIGNED AND CONSTRUCTED AT APPLICANTS'EXPENSE;FURTHER WAIVING
BY 5/7THS VOTE,THE COMPETITIVE BIDDING REQUIREMENT, PURSUANT TO
•
SECTION 82-38 OF THE CITY CODE,FINDING SUCH WAIVER TO BE IN THE BEST
INTEREST OF THE CITY.
This Resolution is being heard pursuant to Section§166.041 F.S.and§82-37 of the City
of Miami Beach City Code.Inquiries may be directed to the Public Works Department at
305.673.7080.
INTERESTED PARTIES are invited to appear at this meeting,or be represented by an
agent,or to express their views in writing addressed to the City Commission,c/o the City
Clerk,1700 Convention Center Drive,1'Floor,City Hall,Miami Beach,Florida 33139.This
item is available for public inspection during normal business hours in the City Clerk's
Office,1700 Convention Center Drive,1"Floor,City Hall,Miami Beach,Florida 33139.
This meeting,or any item herein, may be continued,and under such circumstances,
additional legal notice need not be provided.Pursuant to Section 286.0105,Fla.Stat.,the
City hereby advises the public that if a person decides to appeal any decision made by
the City Commission with respect to any matter considered at its meeting or its hearing,
such person must ensure that a verbatim record of the proceedings is made,which
record includes the testimony and evidence upon which the appeal is to be based.
This notice does not constitute consent by the City for the introduction or admission of
otherwise inadmissible or irrelevant evidence,nor does it authorize challenges or appeals
not otherwise allowed by law.
To request this material in alternate format, sign language interpreter(five-day notice
required),information on access for persons with disabilities,and/or any accommodation
to review any document or participate in any City-sponsored proceedings,
call 305.604.2489 and select option 6;TTY users may call via 711(Florida Relay Service).
Rafael E.Granado,City Clerk
City of Miami Beach
Ad 121218-03