20130717 SM4MIAMI BEACH
City Commission Meeting
SUPPLEMENTAL MATERIAL 4
City Hall, Commission Chambers, 3rd Floor, 1700 Convention Center Drive
July 17, 2013
Mayor Matti Herrera Bower
Vice-Mayor Edward L. Tobin
Commissioner Jorge R. Exposito
Commissioner Michael G6ngora
Commissioner Jerry Libbin
Commissioner Deede Weithorn
Commissioner Jonah Wolfson
City Manager Jimmy L. Morales
City Attorney Jose Smith
City Clerk Rafael E. Granado
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Attorney.
SUPPLEMENTAL AGENDA
R7 -Resolutions
R7D Vacation Of Alleyway -500 Alton Road
A Resolution To Consider, On First Reading, Vacating An Alley Located In The 500 Block Of
Alton Road, Containing Approximately 6,005 Square Feet, In Favor Of The Adjacent Property
Owners, South Beach Heights I, LLC, 500 Alton Road Ventures, LLC And 1220 Sixth, LLC.
First Reading
(Public Works)
(Appraisal Report)
R7F A Resolution Calling For A Special Election To Be Held On Tuesday, November 5, 2013, For
The Purpose Of Submitting To The Electorate Of The City Of Miami Beach An Advisory, Non-
Binding Straw Ballot Question Asking Whether The City Commission Should, Without Owner
Consent, Designate Individual Single Family Homes That Satisfy The City Code's Evaluation
Criteria For Local Historic Site Designation?
(Requested by Commissioners Jerry Libbin & Jonah Wolfson)
(Legislative Tracking: City Attorney's Office)
(Alternative Language from Mayor Matti Herrera Bower)
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APPRAISAL e REPORT
OF
A 6,005 SF ALLEY Rlw
500 BLOCK ALTON ROAD
MIAMI BEACH, FLORIDA
ASOF
May 2013
PREPARED FOR
OF REAL ESTA HOUSING & COMMUNlTY DEVELOPMENT
MIAMI BEACH
1700 CONVENTiON CENTER DRIVE
MIAMI BJ:,"ACH, FLORIDA 33139
PREPARED BY
BONDARENKO ASSOCIATES,
201 S GOLF BLVD., SUITE NO. 2007
POMPANO 33064
3
20 I S. Golf Blvd., Suite 2007
Pompano Beach, Florida 33064
June6,2013
Office of Real Estate, Housing & Community Development
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33 I 39
Attention: Mr. Max Sklar
Re: AMENDED
Dear Mr. Sklar:
6,005 SF Alley Vacation
500 Block Alton Road
Miami Beach, Florida
(954) 942-3353
fax (9 54) 942-84 71
b.mJ.ls.w_r@comcast.net
At your request, we have prepared an amended appraisal for the above referenced
property. The purpose of this amended appraisal is to add an additional value estimate
due to the amended assignment by Mr. Sklar, copy enclosed. My original appraisal was
for the market value estimate of the subject property's fee simple interest for the site with
an effective date of May 20,2013. The added value estimate is for the Investment Value
to the Adjacent Owner. My original appraisal is made a part of this amended by
reference. This appraisal is intended the use of the client and the client's advisors.
The 6,005 SF alley fronts on 6 111 Street and West Ave ..
The accompanying report of a real estate appraisal has been completed in accordance
with the requirements of the Code of Professional Ethics & Standards of Professional
Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice (USPAP) and applicable Federal regulations.
The original report detai Is the scope of the appraisal, level of reporting, definition of
value, valuation methodology, and pertinent data researched and analyzed in the
development of this appraisal.
We certify that we have no present or contemplated future interest in the property beyond
these estimates of value. Your attention is directed to the Limiting Conditions and
Assumptions, located within my original report, which constitutes an agreement with
these conditions and assumptions.
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Bondarenko Associates, Inc.
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June6,2013
Page 2
In my opinion, the Market Value of the subject property, as of May 20,2013, was as
follows:
It is further my opinion that the Investment Value to Adjacent Owner was:
$780,650
Further, we estimate the market exposure period necessary for the subject to have
achieved this value to be less than a year..
Respectfully subm[tted,
Bondarcnko Associates, Inc.
Henry
Cert Ge!l. ~·'508
SRA, MAl
Bondarenko Associates, Inc.
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Property: 500 Block
fronting on
adjacent owner. The
Property Overview: 6,005 Sf
No buildings
Public RIW for alley
Interest Appraised: This appraisal considers the subject's fee simple interest
Highest and Best Usc Sale to the Adjacent Owner for Condo Development.
Land As Vacant: The alley goes nowhere, it is not Needed.
Highest and Best Use The alley is not improved, it will be improved if sold to
As Improved: the one adjacent owner, the Waves condo development.
Sales Comparison
Approach: Market Value: $600,500
Investment Value to Adjacent Owner: $780,650
Extraordin:ny None
Assumptions:
Hypothetical Conditions:
Bondarenko Associates, Inc.
market value of the RJW takes on the estimated
value of the adjacent property. The Investment Value
to Adjacent Owner takes on the estimated value after
adjustments.
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6
~' ....... NUMBER DESCRIPTION PRICE PERSQ.FT. Comments ECT -Investment Value to Adjacent Owner Block Aiton Road (Alley) arq Beach, !-lorida I 5-20-2013 11, and a pOil!On ~, 5,,0 Feet Ailey of "Ame11cL Pi at of fl\quaunur:, Site .~esub.'' PB 2i page 83 PS-2,Cornmemal Mixed Use the adJacent Zoning !ocaated the-!\,\·•,; c~xn..:r ofth:: l~:gt::: <..k::vc:.;:;pmc•:r be done ca:led rhe \Vti'd..:::, fhe site fronts. ,. 6th Srreet Dn ::he r:onh and Wcs! Ave Sheet1 Comm'! M!xed Use site is the older sale of an site that JOins the suoject a~ the north end. Similar 6,005 SF AREA OF ALLEY Florida 11 all) 59-737 West Ave arn! Beach, Florida -31-2012 4203 001 0161, (etc.rnultpe) parking
DESCRIPTION co Adjacent Owner Biock Aiton Road (Pd!ey) f.!.}i, 10 S 13, and a pomon rlum Site Resub" PB 24 page 33 PS-Z,Comrnerc1al Mixed Use the adjacent zoning Qk:::.ot1 INVESTMENT VALUE TO ADJACENT OWNER ND 3. P8 2-81, LLC is Th1s is a small lot 50 x 140'. There are 6 townhornes planned. of the s1x are sold, two remain-ng are 11sted at $630,000 each. 6,005 SF AREA OF ALLEY 500 Block Alton Road ;Miami Florida Fionda iot 50' x 140' 3 ?f1vestments. !nc Florida his IS a corner lot on 5th Street Meridian Ave. This is the same ing as the subject and Sales '1 and No. 2. Plans caii for 2.000 SF offioe and 3,500 SF
Analysis of Comparable Sales For Sale to The Adjacent Owner.
A comprehensive search for land sales similar to the subject land revealed 7 sales in close
proximity to the subject property. sales were compared to the subject property for seven
categories, condition of sale, market conditions (time), location, zoning, utilities, size and
Investment Value for Sale to The Adjacent Owner
Conditions of Sale
The were all arms length transactions, no unusual financing or conditions. The deeds
were analyzed on all properties, except Sale No.4, it is a pending sale. The sales were plotted
on a local map of the area and demonstrate a tight location pattern near the subject.
Time (Market Conditions)
An analysis of the five recent in immediate to Sale No. 1 in
June 2006 and Sale No. 2 in February 20 I 0 indicate that there was not much change due to
time. A slight adjustment was made for time Sales No. 1 and No. 2. No "back to back"
sales could found to develop a monthly change for time. The balance of sales No. 3
through No. 7 are all recent sales and need no adjustment for time. Sale No. 1 in 2006 was
used because it was the sale of an alley within the same city block of the subject alley.
Location
All of the sales are located within four blocks the subject property, they are influenced by
the same economic and social factors as the subject property, therefore there is no adjustment
warranted for location. Other factors may affect the value of the subject property, such as
topography, zoning, utilities and size within this four block area.
Topography
This entire neighborhood is generally level and even with all streets, therefore, no adjustments
are warranted for topography. The subject topography is similar to all the sale properties.
Zoning
Sale No. 2 and No. 7 both have the same zoning of CPS-2. Sale No. 2 is part of a larger
of condominium rnixed use the Waves, it abuls the subject
1 is slated for development of offices and retail. Sales 3 , No. 5 and No.6
arc all zoned properties. Sale 4 is zoned CD-2 which allows commercial
uses. With conditional uses, restaurants, congll.:'gutl~ living i!it·.-.. :tp:n !muH-.;.
funeral homes, numng homes, J:Miii'WI"'..Vtops, de., are allowt.>d. [ have in my files lhe printed
uses for each ofU:ae zoning classifications nr the comparable sulcs. The zoning of the
comparable sales all have similar uses allowed as the subject within the block of the
subject site.
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9
Analysis of Comparable Sates Continued
Utilities
The comparable sales have all utilities available to the ,..,.,.,, .... ,,rt, as does the subject property,
therefore, no adjustments are warranted for utilities.
,Sl?:~
Four of the comparable sales are of similar size as the subject alley site, three are larger
parcels. The subject is a RJW alley. These type of properties tend to lake on the value of
abutting land values or properties of similar potential allowable uses. In the case orthe
subject property, abutting uses would be incorporated into the larger site for
development of the Waves condo and mixed use development Therefore, lhe smaller size
of the subject site does not warrant an adjustment for size.
Adjustment to Adjacent Owner
The location of the subject RJW AI ley is located in the middle of the site plan for the Waves
Condominium project for 444 units. This would adversely affect an optimal site orientation
for the project. lt would be a great advantage if the alley could be incorporated into the
plan. The estimated contribution of the site into subject overall site plan would contribute
say 30% to the lnvestmenl Value to The Adjacent Owner.
Conclusion of Value
The subject property is a public R/W alley. His sutTounded by one abutting owner. One of
the comparable sales is the sale of an alley RJW within the same block as the subject alley and
abuts the subject alley, it is a 2006 sale, Sale No. 1. No. 2 is the and purchase of the
abutting land surrounding the subject property. It is a 2010 AU the subject comparable
sales are located within 4 blocks ofthe subject site. They have similar pote!ltialuses if not the
same uses allowed by zoning within this city block. Obviously the subject use is restricted to
access for public RJW use. Two of the sales have the same zoning as the subject abutting
land use zoning.
The range of adjusted values is from $105.47/SF to $246.06/SF. The range of size is from
4,217 SF to 68,560 SF. The range of date of sale is from Feb. 10, 2010 to 12-31-2012 with
the exception to Sale No. I at 6-8-2006. This sale was used as it is the sale of an alley RJW
located within the same block as the subject alley. The potential uses allowed by zoning are
generally similar.
As noted in the Summary of Market Sales Grid, average of all the seven sales is $159.81
per square foot. The median is $142.17 per square foot. The median sale is zoned CPS-2, the
same as in the block as the subject property. The value of the subject property is anticipated
to fall in the mid-range, say $130.00 per square foot.
6,005 Square Feet x $130.00 per Square Foot =
via Sales Comparison Approach
for Investment Value to Adjacent Owner
7
10
$780,650
$780,650
Page 1 of:
"Sklar, Max" <MaxSklar@miamibeachft.gov>
"'Henry Bondarenko"' <hankapr@comcast.net>
:c: "Saltrick, Richard" <RichardSaltrick@miamibeachfl.gov>; "Milisits, Mark" <MarkMilisits@miamibeachfl.gov>; "Rosario
Dirnorah" <DirnorahRosario@miamibeachfl.gov>
ient: Wednesday, June 05, 2013 4:12PM
RE: 500 Alton Road Alley Appraisal Review
llr. Bondarenko,
'hank you for the reply.
I am that you amend the to include the investment value to the adjacent owner.
rhank you, Max
Director
AND ECONOMIC DEVELOPMENT DEPARTMENT
1755 Meridian
rei: 305-673-75TI 1
Miami Beach, FL 3313!)
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The City of Miami Beach is a public entity subject to Chapter 119 of the Florida Statutes concerning public records. E-mail
messages are covered under such laws and thus subject to disclosure.
from: Henry Bondarenko [mailto:hankapr@comcast.net]
Sent: Wednesday, June 05, 2013 11:15 AM
To: Sklar, Max
OJuu.Jrc::~~...~.; Re: 500 Alton Road Alley Appraisal Review
6-5-2013
Mr. Sklar
I believe Mr. Blazejacks' report would solve my delemmia as he reports Market Value as I did and in addition, he reports
Investment Value to Adjacent Owner.
Am I to assume that you are amending the appraisal request to include the investment value to the adjacent owner?
The Quinlivan Appraisal doesn't quite clearly distinguish the difference.
I will wait for your responce.
Thanks for your samples.
Henry R. Bondarenko, SRA, MAl
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6/5/201:
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MIAMI BEACH
OFFICE OF THE MAYOR AND COMMISSION MEMORANDUM
To: Jimmy Morales, City Manager
From: Matti Herrera Bower, Mayor
Date: July 16, 2013
Re: Alternative Language for Item R7F
I wish to propose alternative language for item R7F, to be heard on the July 17, 2013 City
Commission Agenda.
"Should the City of Miami Beach strengthen its protection of architecturally significant homes by
requiring the Planning Department to refer applications for demolition permits to the Historic
Preservation Board for historic designation consideration before a permit can be issued?"
Should you have any questions, please contact Gabrielle Redfern at extension 6157.
Thank you.
MHB/fgr
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Agenda Item F\ 1 F
Date J-\l-\3
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