R7I-Approve Term Sheet w- MB Port LLC Redevelopment Of 120 MacArthur CausewayCOMMISSION ITEM SUMMARY
Gondensed Title:
A Resolution of the City of Miami Beach, approving a Term Sheet outlining material terms so that a Florida Statute
Chaoter 163 be prepared between the City and Miami Beach Port, LLC ("MBP"
lntended Outcome
lncrease satisfaction with neighborhood character. lncrease satisfaction with development and growth management
across the Citv.
Supporting Data (Surveys, Environmental Scan, etc.: 48% of residential respondents and 55o/o of businesses rate the
effort put forth by the City to regulate development is "about the right amount."
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ruary 19, 2014, the Land Use Committee discussed a proposal to create a Unified Development Site with
rcent property owner on Terminal lsland. The developer of the project made a presentation to the
tee, which outlined the scope and preliminary direction of the project.
nd Use Committee continued the discussion on the item to the April 9, 2014 meeting, in order for the
itration to meet with representatives of the United State Coast Guard (USCG), as well as the project
er.
19, 2014, the Committee discussed the item again and voted to move forward with drafting a Development
ent and Term Sheet, including all proffered safeguards.
9,2014, the Land Use Committee reviewed the draft 'Term Sheet'.
ter, on July 23, 2014, the City Commission referred the matter to the Finance and Citywide Projects
tee for further analysis.
, 30, 2014, that Committee recommended that the term sheet "be further reviewed in the areas of the
al, legal to sign off with additional term of unanimous consent, no assignment of project to another
er, parking needs, cost of project and new specifications of the building with no special events added to the
hensive Development Agreement." Finally, the Committee moved the item to the City Commission.
ninistration recommends that the Mayor and City Commission adopt the Resolution
)ity of Miami Beach, approving a Term Sheet outlining material terms so that a Florida Statute' 163 Development Agreement may be prepared between the City and Miami Beach Port, LLC
("MBP"
Finance and Citywide Projects Committee
Financial Information:
Source of Amount AccounUFunding
1
2
3
Total
Financial !mpact Summary: N/A
Clerk's Office
Joe Jimenez
-Offs:
Department Director Assistant City Manager Gity Manager
JMJ (T ,/,
JLM flfl\
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AGENDA,T.* 87JE MIAMIBEACH alrre f -to'l Lf618
g MIAMI BEACH
City of Miomi Beoch, 1700 Convention Center Drive, Miomi Beoch, Florido 33139, www.miomibeochfl.gov
COMMISSION MEMORANDUM
t,
To: Mayor Philip Levine and Members pf the CityiCommission
l!
FRoM: Jimmy L. Morales, City Manager ,J, ".--- {"--;*-\*--
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DATE: September 10,2014 I
i
SUBJECT: A RESOLUTION OF THE TT,|AVCiN AND CIry COMMISSION OF THE CITY OF
MIAMI BEACH, APPROVING A TERM SHEET OUTLINING MATERIAL TERMS SO
THAT A FLORIDA STATUTE CHAPTER 163 DEVELOPMENT AGREEMENT MAY
BE PREPARED BETWEEN THE GITY AND MtAMt BEACH PORT, LLC ("MBP")
FOR THE REDEVELOPMENT OF THE MBP PARCEL LOGATED AT 120
MACARTHUR CAUSEWAY (THE "MBP PARCEL") AND THE CITY PARCEL,
LOCATED AT 140 MAGARTHUR CAUSEWAY (THE "C|TY PARGEL") UNDER A
UNIFIED DEVELOPMENT PROJEGT; WHICH AGREEMENT WILL INCLUDE (I) A
NEW 2O+/. STORY TOWER FOR 60 +/. RESIDENTIAL UNITS (THE "TOWER''),
ABOVE RELATED RESIDENTIAL AMENITIES, PARKING, AND THE CREATION
oF A DEEP-WATER LARGE-YACHT MARTNA (THE "MBP FAGILITIES"), (ll) THE
RECONSTRUCTION AND EXPANSION OF THE EXISTING CITY-OWNED
FACILITIES YARD AND OFFICES, INCLUDING APPROXIMATELY 40,600
SQUARE FEET OF ADMINISTRATIVE OFFICES, SERVICE BAYS, VEHICLE
MAINTENANCE AND WAREHOUSING FACILITIES AND OTHER RELATED
FActLtTtES FOR CtTy OPERATTONS (THE "C!TY FACILITIES"), (lll) 240+/-
PARKTNG SPACES (APPROXTMATELY 75 SURFACE SPACES ON THE Grry
PARCEL AND 50 DESTGNATED COVERED SPACES ON THE MBP PARCEL)
FOR THE GlrY',S SOLE, PERMANENT AND EXCLUSIVE USE (THE "CITY
PARKING SPACES"); and (lV) PAYMENT OF FAIR MARKET VALUE (FAR) TO
THE CITY FOR THE USE OF THE FAR FROM CITY'S PARCEL TOWARDS MPB
PARCEL DEVELOPMENT; WHICH AGREEMENT SHALL BE CONSISTENT WITH
THE PROPOSED TERMS OF THIS RESOLUTION AND ANY AND CONDITIONS
IMPOSED BY THE CITY COMMISSION
BACKGROUND
On February 19, 2014, the Land Use Committee discussed a proposal to create a Unified
Development Site with an adjacent property owner on Terminal lsland. The developer of the
project made a presentation to the Committee, which outlined the scope and preliminary
direction of the project. The proposal would combine the City owned property with the site to the
immediate west (container yard) in order to accommodate a luxury residential project. A new,
advanced, City vehicle maintenance facility would remain on Terminal lsland, and would be
located at the flrst level of the proposed project, below the residential structure. The Developer
would construct a residential tower on its property using approximately 50,000 square feet of
Floor Area Ratio (FAR) purchased from the City. No private development is proposed on the
City property.
As part of the overall discussion on February 19, a number of issues and concerns were raised
619
Commission Memorandum
Terminal lsland
September 10, 2014 Page 2 of 3
by both Land Use Committee Members, as well as members of the public. The following is a
summary of the issues raised:
o The impact of the project on the Coast Guard station, as well as whether the Coast
Guard was supportive;o The impact on the site lines of the existing residential towers along Alton Road, south of
Fifth Street;. Concerns regarding future City needs and expansion requirements on Terminal lsland,
including continuing and future advances in technology as it relates to the types of
vehicles used by the City, as well as the manner in which they are serviced;o The accessory uses proposed and envisioned for the residential project;. The need to address the overall FAR requirements for both the City facility and the
proposed residential project.
The Land Use Committee continued the discussion on the item to the April 9,2014 meeting, in
order for the Administration to meet with representatives of the United State Coast Guard
(USCG), as well as the project developer. Additionally, more public comment and input was
sought and provided, particularly as it pertains to the actual size of the project, and future
accessory uses.
On April 9, 2014, the Committee discussed the item again and voted to move forward with
drafting a Development Agreement and Term Sheet, including all proffered safeguards. The City
Attorney and the Administration were directed to place the item on a future Land Use
Committee agenda when the draft Term Sheet was ready and that the draft Term Sheet shall be
made available for public review at least 3 weeks prior to the Land Use Committee meeting.
On July 9,2014, the Land Use Committee reviewed the draft'Term Sheet' and recommended
the following:
1. Approval of the proposed 'Term Sheet' and moving forward with the drafting of a
Development Agreement;
2. ln order to expedite the timeframe for completing the Development Agreement, the
City's Outside Counsel should be subsidized by the developer;
3. Additional public notice for future hearings, beyond that mandated by State or City
law, shall be provided;
4. Recommended a referral to the Planning Board for all required Code and
Comprehensive Plan amendments.
Additional financial information, including a completed appraisal, shall be required before the
Development Agreement can be completed. Also, the Development Agreement will need to
include language prohibiting destination type restaurants and alcoholic beverage
establishments, including entertainment establishments, as well as provisions for future
condominium docs that clearly outline the industrial uses to be developed at the first level of the
project.
Finally, a number of Ordinance Amendments, including amendments to the 1-1 zoning
regulations to permit residential uses, an increase the allowable height, potential amendments
to the Parking Ordinance, as well as amendments to the Comprehensive Plan, will be needed in
order to accommodate the development proposal.
620
Commission Memorandum
Terminal lsland
September 10, 2014 Page 3 of 3
Thereafter, on July 23, 2014, the City Commission referred the matter to the Finance and
Citywide Projects Committee for further analysis.
On July 30,2014, that Committee recommended that the term sheet "be further reviewed in the
areas of the appraisal, legal to sign off with additional term of unanimous consent, no
assignment of project to another developer, parking needs, cost of project and new
specifications of the building with no special events added to the comprehensive Development
Agreement." Finally, the Committee moved the item to the City Commission.
Subsequent to the Finance Committee meeting, the City received the attached appraisalvaluing
the FAR at nine million, two hundred and fifty thousand dollars ($185.00 per square foot).
After continued negotiation between the Developer and the City, the Developer has proposed a
modification of the Term Sheet which would provide the City with 240 parking spaces as
requested by the Fleet Management Division. Ninety five spaces would be on City property and
one hundred and forty five spaces would be on the Developers property. Such a plan has been
approved by the Fleet Management Division. This is an increase from the fifty spaces on the
Developer's property as previously proposed.
ANALYSIS
The proposed development will reduce the congestion on the MacArthur Causeway by
eliminating the container yard currently on the Developer's site. lt is estimated that the
container yard is responsible for approximately fifty thousand truck trips per year. Additionally,
the proposed project will provide an increase to the ad valorem tax collections for the property
by replacing an industrial use with approximately sixty residential luxury units. Finally, the
proposed project enables the City to redevelop an antiquated an inefficient facility necessary to
the City's operation in both Fleet Management and Sanitation services.
CONCLUSION
The Administration recommends that the Mayor and City Commission adopt the Resolution
of the City of Miami Beach, approving a Term Sheet outlining material terms so that a
Florida Statute Chapter 163 Development Agreement may be prepared between the City
and Miami Beach Port, LLC ("MBP").
//l,Yl
tl,ttitt{t I
t
T:\AGENDA\201 4\SeptembeATerminal lsland Development Project Memo.docx
621
1.
2.
Terminal Island Development Agreement
Term Sheet
Parties. The City of Miami Beach ("City") and Miami Beach Port, LLC ("MBP") intend to
enter into a F.S. Ch. 163 development agreement (the "Development Agreement") for the
joint redevelopment of the "Property".
Property Subject to Development Aereement.
a. MBP is owner of that certain parcel of land located at 120 MacArthur Causeway,
Miami Beach, Florida (Folio #02-4204-000-0060), which is approximately 3.71 acres
(161,716 Sq. Ft.) (the "MBP Parcel").
b. City is owner of that certain parcel of land located at 140 MacArthur Causeway,
Miami Beach, Florida (Folio #02-4204-000-0010), which is approximately 2.16 acres
(94,090 Sq. Ft.) (the "City Parcel", which collectively with the MBP Parcel is the
"Property").
3. Scope ofProject.
a. City and MBP intend to enter into the Development Agreement for the redevelopment
of the MBP Parcel and City Parcel to include (i) a new 20+l- story tower for 60 +/-
residential units (the "Tower"), above related residential amenities, parking, and the
creation of a deep-water large-yacht marina, consistent with the Conceptual Plan
prepared by Foster * Partners, dated May 9, 2014 (the "MBP Facilities"), (ii) the
reconstruction and expansion of the existing City-owned facilities yard and offices,
including approximately 40,600 square feet of administrative offices, service bays,
vehicle maintenance and warehousing facilities and other related facilities for City
operations (the "City Facilities"), and (iii) 240+l- parking spaces (approximately 95
surface spaces (including tandem, mechanical) on the City Parcel and 145 designated
covered spaces on the MBP parcel) for the City's sole, permanent and exclusive use
(the "City Parking Spaces"). The MBP Facilities, City Facilities and City Parking
Spaces (collectively referred to as the "Project") will be designed, permitted and
constructed by MBP.
b. The MBP Facilities will include ancillary support facilities typically associated with
multifamily residential and marina, but with the following limitations, which shall be
memorialized as covenants running with the land in the Declaration (or Declarations,
in the event that there is more than one) of Condominium for the MBP Facilities:
i. any restaurant located within the MBP Facilities shall be limited to 1.25 seats
per unit and open only to Tower residents and their guests.
622
any snack bar, coffee house, sundry shop, or food market (or combination)
located within the MBP Facilities as an accessory to the marina shall be
limited to employees, Tower residents, marina tenants and their guests.
neither the MBP Facilities nor the Project shall include any dance halls,
entertainment establishments, neighborhood impact establishments, outdoor
entertainment establishments, or open air entertainment establishments, as
defined in the City's Land Development Regulations.
iv. The establishments listed in subsection iii above shall not request special
event permits from the City.
4. Key Terms & Provisions.
The Property, in total 5.87 acres (255,806 Sq. Ft.), will be a unified development site,
joined together under a covenant in lieu of unity of title entered into by City and
MBP. Based on the existing Floor Area Ratio (FAR) of 1.0, the Property is permitted
to be developed up to a maximum of 255,806 square feet of total Floor Area, as
defined in Chapter 114, of the City's Land Development Regulations.
The intention is that the Property may be expanded to potentially include other
adjacent property on Terminal Island owned by private parties (each a "Third Party")
upon agreement by MBP, City and said Third Party.
MBP will design and construct all improvements on the Property, including the City
Facilities and City Parking Spaces provided, however, that the City shall have review
over, and final approval of, the design and construction plans and specifications for
the City Facilities to ensure that each is designed to meet the City's needs and
construction standards
MBP shall bear the cost for design and construction of the physical improvements
associated with MBP's deep water marina, and shall extend such construction
standards solely for the physical improvements along the City's waterfront property.
The City shall retain ownership and control of that portion of the seawall built along
the City's property and may enter into agreements with third parties for use of the
City's portion; provided, however, that should the City enter into an agreement with a
non-goverrmental third party for all or any of its portion of the its waterfront property
(including without limitation any associated boat slips), the City shall provide MBP
the right of first refusal in leasing said portion.
The estimated floor area required for the City Facilities is 40,600 Sq. Ft. The City
will retain an additional 5,000 Sq. Ft. for future potential development requirements.
The City will transfer to MBP approximately 50,000 Sq. Ft. of unused Floor Area
(the "Unused City Floor Area") from the City Parcel, to be incorporated by MBP
toward the construction of the Tower, including residential components and other
related residential amenities (the "FAR Transfer").
Allocation of costs.
11.
111 "
a.
b.
d.
623
MBP will be responsible for payment to City for the Unused City Floor
Area, in an amount to be negotiated between City and MBP but which
shall be no less than the fair market value of the Unused City Floor Area.
City and MBP will establish a mutually acceptable methodology to
determine the fair market value of the Unused City Floor Area.
City will be responsible for payment to MBP for the cost of design,
permitting, and construction of the City Facilities, except for the City
Parking Spaces, which shall be paid for in accordance with subsection (iii)
below. City and MBP will establish estimated construction costs, in an
amount to be determined based on mutually acceptable construction cost
estimates.
Upon issuance of a Certificate of Occupancy, there will be an accounting
of the final construction costs for the City Facilities and the Additional
City Spaces (if any) and the value of the Unused City Floor Area to
determine the amount actually owed. In the event that the final amount
negotiated between the City and MBP for the value of the unused City
Floor Area exceeds the final construction costs for the City Facilities and
Additional City Spaces (if any), then MBP shall promptly pay City the
difference.
g. Concurrent with or prior to the execution of the Development Agreement, City will
take all reasonable measures to process and adopt amendments to the I-1 District,
Land Development Regulations, and to the Comprehensive Plan (collectively, the
"City Amendments") to allow for residential uses and accessory uses on Terminal
Island, and to establish appropriate parking requirements; provided, however, that
MBP agrees and acknowledges that any such City Amendments are subject to, and
conditioned upon, approval by the Mayor and City Commission, at its sole and
reasonable discretion.
h. MBP and City will work cooperatively to seek approval of the design and
development of the Project. MBP will be responsible for submitting any required
applications for development approvals, with City as co-applicant, for the Project (i.e.
Design Review Board, Planning Board, Board of Adjustment) prior to issuance of
building permits for the Project; provided however, that MBP agrees and
acknowledges that any such development approvals are subject to, and conditioned
upon, approval by applicable development boards, in their sole and reasonable
discretion.
MBP shall record, in the public records of Miami-Dade County, against the MBP
Parcel, a declaration of restrictive covenants confirming that any and all owners,
tenants, agents, etc., of the property shall affirmatively waive any objection to the I-1
zoning designation of the City Parcel, and to the City's use of the City Facilities
and/or the City Parcel, 24 hours a day, seven days a week, for the intended use(s) in
t1.
624
J.
paragraph 3a., hereof. Written notice shall be provided by MBP, and its successors
and assigns (including, without limitation any condominium or master associations),
to all prospective owners and tenants and placed in all purchase and sale agreements,
leases, etc.
MBP shall pay for attorney's fees incurred by the City for outside counsel's (which
counsel shall be selected and approved by the City Attorney) review and negotiation
of the development agreement, and related agreements, not to exceed reasonable
amounts, as mutually agreed upon by the Parties.
Any effort to rezone the I-1 zone Property to remove from the list of permitted uses
any of the currently permitted uses or to rezone the Property to another zoning
designation shall require a unanimous vote of the City Commission. This provision
will survive the Development Agreement.
MBP shall not be entitled to assign or transfer its rights under the Development
Agreement until after the issuance of a certificate of occupancy (CO) without
obtaining prior written approval of the Mayor and City Commission.
k.
l.
625
SLACKJOHNSTONMAGENHEIMER
REAL E5TATE APPRAISERS & CoNSULTAI.ITS
7245 S.W. aTTHA\IENUE, SUTTEBOO
MrAMr, Flonroe 33179
APPRAISAL OF REAL PROPERry
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AppRa.rsa.L Reponr
SJM Frle: 14g.74
PREPARED FOR
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626
SLACKJOHNSTONMAGENHEIMER
FIEAL ESTATE A,FPRAtSERS & CONSULYAN'S
ANDREW H. MAGENHEIMER, MAI
cffiT. GEN- RZI O73
THEoDoREW. SLACK, MAI(902" 1992)
THEoDoRE C. SLACK, MAI
(RtrrRED)
SUE BARRETT Sr-AcK, MAI
(RETTRED)
August 20,2014
Mr. Eric Carpenter
Public Works Director
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
RE: Appraisal of Real Property - Land
140 MacArthur Causeway, Miami
SJM File: 14074
located on Terminal Island
Beach, Miami-Dade County, Florida
Dear Mr. Carpenter:
At your request, we have prepared an appraisal report of the above referenced property as
of August I,2014, the date of valuation and visit to the property. The pu{pose of the
appraisal is to estimate the market value of development rights that could be transferred
to an adjacent parcel. As will be discussed, the valuation is based on several hypothetical
conditions concerning changes in land use, zoning and comprehensive plan amendments
to permit multifamily residential development on waterfront industrial parcels.
The subject property consists of a parcel of land located at 140 MacArthur Causeway in
the City of Miami Beach, Miami-Dade County, Florida. It consists of the City of Miami
Beach Fleet and Sanitation facility. Based on the survey provided, the irregularly shaped
site contains approximately 2.16 acres (94,090 square feet). The site has a mid-block
location, has water frontage and is currently zoned "PF" (Public Facility- Governmental
Use) due to its existing use. It is our understanding the subject property would be zoned
"I-1" (Light Industrial District) if privately owned. The subject property is currently
improved with several industrial buildings and related site improvements. As only the
development rights are being valued based on the proposed multifamily zoning and
comprehensive plan changes, no consideration has been given to the existing
improvements on the subject property.
The City of Miami Beach is considering selling a portion of the subject's development
rights (approximately 50,000 square feet of floor area) to the adjacent property owner to
the east for expansion of their proposed residential condominium project. The subject
property is being valued based on the hypothetical condition the land use and zoning
classifications of the subject property have been changed to permit multifamily
residential development.
SLACK, JOHNSTON & MAGENHEIMER, INc.
7245 S,W.87rH AVENUE, SurrE 3OO, MrAMr, FLoRTDA 33173
TELEPHoNE (3O5) 670-2I I I . EMAIL: SJMIAMI@AOL.COM
627
Mr. Eric Carpenter
August 20,2014
Page Two
The City of Miami Beach is considering modifying their land use, zoning and
comprehensive master plan to allow multifamily residential development within
waterfront industrial districts. Terminal Island is the only land within the City of Miami
Beach that has waterfront, industrial uses. The parcel of land adjacent to the east of the
subject property is planned for a 20-story, 60-unit residential condominium project if the
land use, zoning and comprehensive master plan modifications are approved. The
adjacent property owner is considering purchasing additional development rights based
on floor area from the subject property to increase the size of their proposed
development.
According to information provided, under the proposed land use, zoning and
comprehensive plan changes, multifamily residential uses will be permitted on waterfront
industrial parcels. The allowable building height for waterfront residential sites will be
250 feet, or 25-stories. The floor area ratio will remain at 1.00 and the density will be 60
units per acre. The development rights that the City of Miami Beach is considering to
transfer to the adjacent property are to consist of a maximum floor area of approximately
50,000 square feet. It was noted that the proposed zoning and land use classifications are
proposed to permit accessory uses to the primary use such as commercial, restaurants,
etc. The restaurant use is proposed to be limited to residents and guests at no more than
1.25 seats per unit.
The appraisal report states our opinion of market value, subject to various assumptions
and limiting conditions contained in this appraisal report. The site visit and analyses that
form the basis of our valuation have been performed by the undersigned. The appraisal
has been prepared in accordance with the Uniform Standards of Professional Appraisal
Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal
Foundation.
Based on our investigation and analysis, we have formed the opinion that the market
value of the development rights to be transferred from the subject property (i.e. 50,000
square feet of floor area) to the adjacent property to the east, based on the hypothetical
condition that the land use designation and zoning classification of the subject property
have been changed from government use to multifamily residential use, as of August 1,
2014, was as follows:
NINE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($9,250,000).
628
Mr. Eric Carpenter
August 20,2014
Page Three
The following report contains the results of our investigations and the explanation of the
approaches to value.
Respectfully submitted,
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
Cert. Gen. RZl073
629
TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS .......... 1
AERIALPHOTOGRAPHOFTHESUBJECTPROPERTY.............. .............3
CERTIFICATION ,........4
ASSUMPTIONS AND LIMITING CONDITIONS............... .......... 5
IDENTIFICATION OF THE PROPERTY.............. ........8
LEGAL DESCRrPTrON.......... ....................... 8
owNERSHrp AND HISTORY OF THE PROPERTY............. .......................8
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL..................................9
SCOPE OF THE APPRAISAL........,.. ............ 9
DEFINITION OF VALUE AND INTEREST APPRAISED........... ............... 11
EXPOSURE AND MARKETING TIME .....12
REGTONAL ANALYSIS........... ................... 13
NETGHBORHOOD ANALYSrS............... .................... 13
DESCRIPTION OF THE SITE ....19
DESCRIPTION OF THE IMPROVEMENTS.... .....,....,23
REAL ESTATE TAX ANALYSrS............... .................26
LAND USE.......... ........27zoNrNG. .....................28
TRANSFER OF DEVELOPMENT RIGHTS... ............. 31
VALUATTON PROCESS .......... ...................35
SALES COMPARISON APPROACH .........36
RECONCILIATIONANDFINALVALUEESTIMATE.............. ................47
ADDENDA ............. .....................48
ADDENDTIM A - MIAMI-DADE COUNTY REGIONAL ANALYSIS.......................49
ADDENDUM B _ PHOTOGRAPHS OF THE SUBJECT PROPERTY.........................68
ADDENDUM C - COMPARABLE LAND SALES .,,..................72
ADDENDUM D - TRANSFER OF DEVELOPMENT RIGHTS ORDINANCE...........88
ADDENDUM E - I-1 ZONING CODE .............. ..........93
ADDENDUM F _ TERMINAL ISLAND EXISTING AND CONCEPTUAL PLANS..97
ADDENDUM G - QUALTFTCATTONS OF THE APPRArSER............ ...... 108
630
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Appraised:
Property Type:
Folio Number:
2014 Real Estate Tax Assessment:
Land Assessment
Improvement Assessment
Total Assessment
Exemption
Taxable Value
2013 Real Estate Taxes:
Census Tract:
Ownership:
Purpose of the Appraisal:
Interest Appraised:
Land Area:
Land Use:
City of Miami Beach Fleet and Sanitation Facility
140 MacArthur Causeway
Miami Beach, Miami-Dade County, Florida.
The multifamily development rights to be allocated to
the subject property through land use, zoning and
comprehensive plan amendment changes.
02-4204-000-0010
$4,692,739
$ 1.43 1 .663
s6,124,402
$6.r24.402
$0
$0 (Exempt)
e810 (2010)
City of Miami Beach
Miami Beach City Hall
1700 Convention Center Drive
Miami Beach, Florida 33139
Estimate of market value of the proposed multifamily
development rights to be transferred from the subject
properly to the adjacent property to the east.
Fee Simple Estate
2.16 Acres
94,090 Square Feet
'6PF" (Public Facility- Governmental Uses), if
privately owned it would have a land use designation
of "Urban Light Industrial".
631
Zoning:
Highest and Best Use: r
Date of Valuation:
Date of Report:
Final Value Estimate:
6(PF" (Public Facility, Governmental), if privately
owned it would have a zoning classification of "I-1"
(Light Industrial District).
Multifamily development based on the hypothetical
condition that the existing waterfront industrial land
use and zoning of the subject property have been
changed to permit multifamily residential use.
August 1,2014
August 20,2014
$9,250,000 - subject's multifamily development rights
(i.e. 50,000 square feet of floor area), which is based
on the hypothetical condition that the land use and
zoning of the subject property have been changed to
multifamily residential use.
632
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
S:r:l:l:+ffiiq
fr,r'1f, Ar:ri,:l Fhntngraph'.1 ffi-^........''.-.-
Note: Not to scale for illustrational purposes only.
Source: Miami-Dade County Property Appraiser's Office.
greK
JOHN$TONMAGENHEIMER
633
CERTIFICATION
We cerlify that, to the best of our knowledge and belief, ...
we have no present or prospective interest in the properties
no personal interest with respect to the parties involved.
we have no bias with respect to the properties that are the
involved with this assignment.
the statements of fact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
that are the subject ofthis report and
subject ofthis report or to the parties
our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use ofthis appraisal.
the reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards
of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform
Standards of Professional Appraisal Practice (USPAP).
the undersigned has made a visit to the properly that is the subject of this report.
Marta Flores, Cerr. Gen. RZl861, provided significant real property appraisal assistance to the person
signing this certifi cation.
the use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
we have not performed any services regarding the subject property within the prior three years.
as of the date of this report, Andrew H. Magenheimer, has completed the continuing education
program of the Appraisal Institute.
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
Cert. Gen. R21073
4
SLACKJOHNSTONMI\GENHEIMER
634
2.
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal
or title considerations. Title to the property is assumed to be good and marketable
unless otherwise stated.
No legal opinion related to a title search was provided and all existing liens and
encumbrances, including deed restrictions and developers agreements, have not
been investigated unless otherwise stated. The property is appraised as though
free and clear.
Responsible ownership and competent property management are assumed.
The information furnished by others has been gathered from sources deemed to be
reliable, however, no warranty is given for its accuracy.
All engineering and surveying is assumed to be correct. Any sketches, plats, or
drawings included in this report are included to assist the reader in visualizing the
property. We have made no survey of the property, and assume no responsibility
in connection with such matters.
It is assumed that there are no hidden or inapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is
assumed for unusual soil conditions and no opinion as to these matters is to be
inferred or construed from the attached report other than those specifically stated
in the report. Unless stated otherwise, the soil conditions of the subject property
are assumed to be adequate to support development utilizing conventional
construction techniques. We recommend the client obtain an opinion from a
competent engineering firm.
It is assumed that there is full compliance with all applicable federal, state, and
local environmental regulations and laws unless noncompliance is stated, defined,
and considered in the appraisal report.
It is assumed that all applicable zoning and use regulations and restrictions have
been cornplied with, unless a nonconformity has been stated, defined, and
considered in the appraisal report.
1
-)-
4.
5.
6.
7.
8.
635
10.
11.
T2,
13.
t4.
15.
t6.
9. It is assumed that all required licenses, certificates of occupancy, consents, or
other legislative or administrative authority from any local, state, or national
government or private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the
boundaries or property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
Any proposed or partially completed improvements included in this report are
assumed to be completed in accordance with approved plans and specifications
and in a workmanlike manner.
Our estimates of future values were formulated based upon market conditions as
of the date of appraisal, considerate of future projections concerning supply and
demand. The appraiser has no responsibility for significant events that alter
market conditions subsequent to the effective date or dates of appraisal.
This study is to be used in whole and not in part. No part of it shall be used in
conjunction with any other appraisal. Publication of this report or any portion
thereof without the written consent of the appraiser is not permitted.
The appraiser, by reason of this report, is not required to give further consultation,
testimony, or be in attendance in court with reference to the property in question
unless arangements have been previously made.
Neither all, nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraiser, or the firm with which the appraiser is
connected), shall be disseminated to the public through advertising, public
relations, news, sales, or other media without the written consent and approval of
the appraiser. The use of this report in any public offering or syndication
document is specifically prohibited.
Unless otherwise stated in this report, the existence of hazardous substances,
including without limitation asbestos, polychlorinated biphenyls, petroleum
leakage, or agricultural chemicals, which may or may not be present on the
property, or other environmental conditions, were not called to the attention of,
nor did the appraiser become aware of such during the appraiser's inspection. The
appraiser has no knowledge of the existence of such materials on or in the property
unless otherwise stated. The appraiser, however, is not qualified to test such
substances or conditions. If the presence of such substances, such as asbestos,
urea formaldehyde foam insulation, or other hazardous substances or
environmental conditions, frdy affect the value of the property, the value
636
t7.
estimated is predicated on the assumption that there is no such condition on or ln
the property or in such proximity thereto that it would cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or
engineering knowledge required to discover them. It is recommended that the
client retain an expert in this field, if needed.
Disclosure of the contents of this report by the appraiser is controlled by the
Appraisal Institute of which one or more signatures of this report is an MAI
member and by the Florida Department of Professional Regulation, Division of
Appraisal State Certification. The analysis and value conclusions, as well as non-
public information about the subject properfy, are confidential matters and cannot
be divulged to any persons other than the party for whom the report is prepared.
Exceptions to this confidentiality provision are requests by committees of the
Appraisal Institute or the Florida Department of Professional Regulations for peer
review, and subpoenas by any court having jurisdiction to request production of
the report.
Appraisal Assumptions
18. The City of Miami Beach is considering modifying their land use, zoning and
comprehensive master plan to allow multifamily residential development within
waterfront industrial districts. As noted, the subject property is being valued based
on the hypothetical condition the land use and zoning classifications of the subject
property have been changed to permit multifamily residential development. If the
proposed multifamily land use, zoning and comprehensive master plan changes
are not obtainable, the value concluded herein is subject to change.
Acceptance or use of this report constitutes acceptance of the preceding conditions.
5re8JOHN$YONMAGENHEIMER
637
IDENTIFICATION OF THE PROPERTY
The subject property consists of a parcel of land located at I40 MacArthur Causeway in
the City of Miami Beach, Miami-Dade County, Florida. It consists of the City of Miami
Beach Fleet and Sanitation facility. Based on the survey provided, the irregularly shaped
site contains approximately 2.16 acres (94,090 square feet). The site has a mid-block
location, has water frontage and is currently zoned "PF" (Public Facility- Governmental
Use) due to its existing use. It is our understanding the subject property would be zoned
"I-1" (Light Industrial District) if privately owned. The subject property is currently
improved with several industrial buildings and related site improvements. As only a
portion of the development rights (50,000 square feet of floor area) are being valued
based on the proposed multifamily zontng and comprehensive plan changes, no
consideration has been given to the existing improvements on the subject property.
LEGAL DESCRIPTION
The following legal description was taken from the survey prepared by Zurwelle-
Whittaker, Inc., consulting engineers and surveyors, dated May 28,I976. It is noted that
the subject property is delineated as Parcel C on this survey.
:_-CIlT.tII_TRAe?-ngSCRIBUD As ITOLLOI'iS - i'olv!l!li:'ICINC AT A POrNT rllHIal IS 1580''; OF 3,
?91!-:_w_9I_TryE s i. con cp sEC':roN ! T'dp 5rr.1 RANcE r{2 E pARrrcuLARLy::iriltsr ni airuri1I Ill-E-:r{..r!RsE(]Tinls 0}' ?HE cI}rTER LINi tF f}i*: n0Anid"ey sF THE anr*rilnl cOUllii .clusij*ii
VIADUCT: T THE T'ACii OP TIIE 1-' BRIDOE ABUTI4!]}:T - NIJ}: S 67 DECNERS 5 :4INIITES W rXNX:I.RUti s'31 DEGREES x3 MTNUTES E A Drs?Ar-rcE ar 6q.75, TltEltcE nuiv iri I soii,iriwrsiilii"pIl-E.qIg.I l!o!g_rq_E sourHEnly BoutrDARy or rHE couxry cnusrwny ai3.y; :o-Tr{E-pijil,rr op
PE?I{tq{S.S,f 'r}iE fRAcT 0P LAI{tr HEREII'} DESCRIBE$ . T:IENCE nUN s jr"frE*BsES q: MiNUrnsq-401.-ql a trnucit RUil s 25 ll:cREF-s 29 irrr-rr?es w 97.\6, - isellci-nfn-N-Srr oicnE;i---31" Mrttufgs:' t{ 1!0' - fHEltcE RUlt S t-5 lEnxri:i:' ?g llrxufrs trf A ili:;?A1\ictr riF 100, - t'liENCE
i"lil^.il Plg.BIE.: ir !4rNUTEs t{ ar10' - rq*rnl '. ''i ]r 25 os,inrrs ril i{:$ilrr-q F. a23.t!i'l'-*
;tit{99--!qI, { i:l qpgnE65 5l i'{INt}TEs'i{ t6}.5,1' ':'0 A P{liNr riti Tii[ sslrTi:tRly aoUr;1,*BY OFTl.lE cOUllT?-,C.Autii:1.ritY - ':llENCfi &Ut'l EAS:'gnLy ?".,rgt AIONS ?H: S0il?itfnly aOUUper.y ijr".rtincAus$lrAy ?o rr{s porNT 0F BEcI}iNrNc :,rutni:;rNo a,is aciis
OWNERSHIP AND HISTORY OF THE PROPERTY
According to the Miami-Dade County Property Appraiser's Office, ownership of the
subject property is currently held by the City of Miami Beach, Miami Beach City Hall,
1700 Convention Center Drive, Miami Beach, Florida 33139.
The current property owner acquired the subject property on October 24, 1979 (ORB
10554, Page 222). The seller in this transaction was Belcher Oil Company. The Miami-
Dade County tax rolls reflect no other ownership transfers within the past five years. The
subject property is currently not on the market for sale.
:SLACKJOHNSTONMAGENHEIMER
638
At present, the subject property is operating as the City of Miami Beach Fleet and
Sanitation facility and is improved with several industrial buildings and related site
improvements. The City of Miami Beach is considering the potential sale of a portion of
the subject's development rights (approximately 50,000 square feet of floor area) to the
adjacent property owner to the east for expansion of their proposed residential
condominium project. The subject property is being valued based on the hypothetical
condition the land use and zoning classifications of the subject property have been
changed to permit multifamily residential development. After the developments are
transferred to the adjacent site, the City of Miami Beach is proposing to redevelop the
subject property with a new fleet and sanitation facility.
PTIRPOSE, INTENDED USE AND DATE OF THE APPRAISAL
The purpose of this appraisal is to develop and report an opinion of the market value of
development rights that could be transferred to an adjacent parcel, as of August I,2014,
the effective date of the appraisal. As will be discussed, the valuation is based on several
hypothetical conditions concerning changes in land use, zoning and comprehensive plan
amendments to permit multifamily residential development on waterfront industrial
parcels. The date of the report is August 20,2014.
The client and intended user of this report is the City of Miami Beach. The intended use
of the appraisal is to assist the client in negotiating the potential sale of an interest
(development rights) in the subject property. There are no other intended users or
intended uses of this appraisal.
SCOPE OF THE APPRAISAL
The scope of this appraisal report is defined by the pu{pose, which is to estimate the
market value of development rights that could be transferred to an adjacent parcel. As
noted, the City of Miami Beach is considering the potential sale of a portion of the
subject's development rights (approximately 50,000 square feet of floor area) to the
adjacent properfy owner to the east for expansion of their proposed residential
condominium project. As will be discussed, the valuation is based on several hypothetical
conditions concerning changes in land use, zoning and comprehensive plan amendments
to permit multifamily residential development on waterfront industrial parcels.
The assignment included a visit to the subject property and surrounding neighborhood,
which was made on August l, 2014 and a review of the information provided by the
client. Subsequent to our visit, an estimation of the highest and best use, as of the date of
valuation, was made.
9
639
The highest and best use analysis considers all physically possible, legally permissible
and economically feasible uses to which the property can be put. As noted, the
development rights to be transferred from the subject property to the adjacent property
are based on several hypothetical conditions concerning changes in land use, zoning and
comprehensive plan amendments to permit multifamily residential development on
waterfront industrial parcels. For this reason, the subject's highest and best use is based
on its proposed multifamily land use and zoning designation changes.
After concluding the highest and best use, the valuation methods were considered. The
appraisal process includes three basic approaches to value. These are the income, sales
comparison, and cost approaches. The application of these approaches is determined by
the type of property being appraised, as well as the scope of the valuation assignment. In
the valuation of the subject's development rights, only the sales comparison approach
was applicable in the valuation of the subject property, based on the hypothetical
condition the land use designation and zoning classification of the subject property have
been changed from govemment use to multifamily residential use.
In the preparation of this report, a search was conducted of recent sales of vacant,
waterfront sites that are zoned for multifamily development and are located within the
subject neighborhood, and competitive areas, for purposes of comparison to the subject
property. Research for land sales extends from January, 2012 to the effective date of this
appraisal. Analysis of the selected sales included a visual inspection, reviewing the deed
and confirming sale details with one or more of the parties to the transaction, or their
representatives.
The final step in our analysis is a reconciliation of the appraisal methods used. The
quantity and quality of the data used, and the reliability of their value indications, are the
basis for the final conclusion of value.
t0
640
DEFINITION OF VALUE AND INTEREST APPRAISED
The Uniform Standards of Professional Appraisal Practice (USPAP 2014-2015) defines
Market Value as "a type of value, stated as an opinion, that presumes the transfer of a
property (i.e. a right of ownership or a bundle of rights), as of a certain date, under
specific conditions set forth in the definition of the term identified by the appraiser as
applicable in an appraisal."
We have relied on the definition of Market Value as "the most probable price which a
property should bring in a competitive and open market under all conditions requisite to a
fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the
price is not affected by undue stimulus. Implicit in this definition are the consummation
of a sale as of a specified date and the passing of title from seller to buyer under
conditions whereby:
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 United States dollars or in terms of financial
affangements 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."
(Federal Register 77472, Volume 75, No. 237,December 10, 2010).
Other pertinent definitions from the Dictionary of Real Estate Appraisal, Fifth Edition, as
follows:
Fee Simple Estate is the "absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power, and escheat."
Hypothetical Condition is "that which is contrary to what exists but is supposed for the
purpose of analysis. Hypothetical conditions assume conditions contrary to known facts
about physical, legal or economic characteristics of the subject property; or about
conditions external to the property, such as market conditions or trends; or about the
integrity of data used in an analysis. "
Transferrable Development Rights (TDRs) is "a development right that cannot be used
by the landowner, or that the owner chooses not to use, but can be sold to landowners in
another location. TDRs are said to be transferred from a landowner in a sending district to
the use of a landowner in a receiving district."
SLACKJOHNSTONMAGENHEIMER
l1
641
Exposure Time is "the estimated length of time to property interest being appraised
would have been offered in the market prior to the hypothetical consummation of a sale
at market value on the effective date of the appraisal."
Marketing Time is "an opinion of the amount of time it might take to sell a real or
personal property interest at the concluded market value level during the period
immediately after the effective date of the appraisals."
EXPOST]RE AND MARI(ETING TIME
Exposure and marketing times are the typical periods of time necessary to expose and
actively market the subject property on the open market to achieve a sale at a price
consistent with the market value estimate and on terms consistent with the definition of
market value recited herein. The length of time is a function of several factors including
price, terms, investment quality and exposure to a given market. Exposure time is the
hypothetical period immediately preceding the effective date of the appraisal and
marketing time is the period immediately after the effective date of the appraisal.
A review of current market activity for multifamily and mixed-use zoned lands located
within Miami-Dade County, as well as conversations with brokers active within the
Miami Beach submarket, was performed in order to estimate an exposure time for the
subject property. Most brokers indicated that exposure/marketing times are typically less
than one year, if the property is priced realistically.
Based on the marketing periods reflected by the sales presented in this report, a typical
exposure period for the subject property was estimated to be up to 12 months. We have
further estimated a marketing time of up to 12 months.
t2
642
REGIONAL ANALYSIS
The subject properfy is located within the City of Miami Beach in Miami-Dade County.
A regional analysis of Miami-Dade County is included in the addenda.
NEIGHBORIIOOD ANALYSIS
The subject property is located at 140 MacArthur Causeway within the east/central
section of Miami-Dade County, within the City of Miami Beach. The subject property is
located about 2.75 miles east of the Central Business District of Miami and 7.50 miles
southeast of the Miami International Airport.
The City of Miami Beach was incorporated on March 26, I9I5. It is an island which is
approximately 1.0 mile wide and comprises a land area of 7.1 square miles. The City is
bounded on the north by the City of Surfside, which begins at approximately 87ft Street.
The southem boundary of Miami Beach is Government Cut, which is the ship channel
extending from the Atlantic Ocean to the Port of Miami. The western boundary is
Biscayne Bay/Intracoastal Waterway and the eastern boundary is the Atlantic Ocean.
Access to Miami Beach, from the mainland, is provided by four causeways. The
northernmost causeway is located, at79rh Street on the mainland, and is known as the
North Bay Causeway. At about 36th Street is the Julia Tuttle Causeway or Interstate 195.
The Venetian Causeway reaches Miami Beach at approximately 17th Street. The
MacArthur Causeway (Interstate 395) enters Miami Beach at 5th Street. The MacArthur
Causeway extends west to downtown Miami and also intersects with Interstate95, which
is the major north/south artery of the Florida eastern coast. Continuing fuither west, this
causeway is known as the Dolphin Expressway (State Road 836), which provides direct
access to Miami International Airport and the Florida Turnpike. The subject property has
access from the MacArthur Causeway, which is a six-lane, median divided road/bridge.
The subject property is located on Terminal Island, which is located on the south side of
the MacArthur Causeway. Uses on Terminal Island include a small, privately owned
cargo facility (Newgard Container Processing Terminal), the City of Miami Beach's
maintenance yard (subject property), a Florida Power & Light substation, and the Fisher
Island car ferry station and the Fisher Island parking and service facility. The privately
owned cargo/shipping facility was acquired in May, 2013. According to a newspaper
article, subsequent to the sale, the shipping terminal facility was leased in the interim to a
shipping company. It was acquired for a proposed residential condominium project, of
which the subject's development rights are to be incorporated into this development. The
proposed tower is to have a height of approximately 295 feet and is to contain a total of
60 units. The maximum allowable floor area ratio is 1.0.
t3
643
NEIGHBORHOOD MAP
t4
644
lernrn.l lBrdd O@loplM{ Sib
Confft
Also on Terminal Island, a new multi-level parking garage and a new ferry station are
proposed to be constructed on the current Fisher Island parking and service facility site.
Cargo vessels arriving/department from Terminal Island use the Main Channel and
Government Cut Channel. According to the application submitted to the City of Miami
Beach Planning Board, Fisher Island has applied for "a conditional use approval for new
construction of a 4-story structure exceeding 50,000 square feet. The project is proposed
to be built in two phases, and includes a new over water platform projecting from the
seawall, for access to a new ferry transport structure to and from Fisher Island". A
representative with the Fisher Island Community Association (FICA) indicated that the
parking garage is to contain 450 parking spaces and approximately 15,000 square feet of
office space for Fisher Island operations only. FICA is currently in the permitting
process.
Causeway Island is located immediately east of Terminal Island. It is the home of the
U.S. Coast Guard Miami Beach Base, which is also referred to as the U.S. Coast Guard
Integrated Support Command (ISC). The U.S. Coast Guard serves as the Captain of the
Port in matters of safety and inspection.
*ftlSFId r*cter * Pstrsfs
15
645
The subject property is located north of the Port of Miami (Dodge and Lummus Islands),
which is situated on an island that contains approximately 520 acres in central Biscayne
Bay. It is bounded on the north by the Main Channel adjacent to MacArlhur Causeway,
on the south by Fisherman's Channel and Biscayne Bay, on the east by Miami Beach and
Fisher Island and on the west by downtown Miami. Channels and turning basins provide
ship access to the Poft's cargo-handling and cruise passenger facilities. The Port of
Miami is a non-operating port owned by Miami-Dade County and managed by the
Miami-Dade County Seaport Department. A "non-operating" port is one that provides,
manages? maintains, and leases the facilities for private entities to operate all shipping
activities. Tenants include shipping agents, cruise lines, freight forwarders, custom house
brokers, stevedores, ship chandlers, federal, state and local agencies and other port-
related firms.
Southeast of the Port of Miami and the subject property is Fisher Island, which is an
exclusive master-planned residential island. Fisher Island comprises some 200 acres of a
220-acre island. The island was created in the early nineteenth century from material
dredged up in the process of deepening Government Cut, the deep-water access way to
Miami's commercial port. There is no bridge to Fisher Island from any of the nearby land
areas. A regular private ferry service provided by the island is the primary transportation
to it. Ownership of property on Fisher Island is in one of the following categories,
common elements/infrastructure, club facilities, vacant land available for development,
improved condominium buildings, government buildings (U.S. Post Office and Miami-
Dade Fire Department) and the Coastal Oil parcel. The Coastal Oil parcel is an oil storage
that services the marine oil needs of the Port of Miami. The Fisher Island Community
l6
646
Association, Ino.(FICA) is the not-for-profit corporation that owns and operates the
common elements (ferry operations and infrastructure) at Fisher Island. Fisher Island
Club, Inc. (FICI) is the not-for-profit corporation that owns and operated the Club
properties (clubhouse, 9-hole golf course clay tennis courts, beach club, restaurants,
marinas and spa facilities). Development of Fisher Island is regulated by master
covenants and subscription agreement. The most recent amendments reportedly permit
the development of a total of 878 units. Currently, 705 units have been built and 173
remain to be developed. The residential condominiums are situated around the perimeter
of the island within low and mid-rise buildings. The commercial condominiums are
located north of the Residents Marina and are used for a variety of uses including a
hardware store, restaurant, laundry, market and Club membership office, as well as the
offices of the developer.
Virginia Key is also located approximately one-half mile southeast of the Port of Miami.
The 863-acre island is under the jurisdiction of the City of Miami and Miami-Dade
County and contains a variety of public and private land uses including the Miami-Dade
county District Wastewater Treatment Plant, a spoil disposal area, the Bill Sadowski
Critical Wildlife Area, Rosenstiel School of Marine and Atmospheric Science, Mast
Academy, restaurants, marinas and the Miami Seaquarium parks and recreation areas.
East of the subject property is the southern portion of Miami Beach, which is referred to
as "South Beach". Generally, South Beach is the area south of Lincoln Road (17n
Street). This area is tourist oriented and is basically 95o/o developed. Construction in this
area began in the 1930s, or earlier. Development included a variety of residential and
commercial uses. By the 1970s, many of the structures had begun to deteriorate. In the
early 1980s, private investors began to purchase and renovate, or demolish, existing
structures and the character of the South Beach area began to change. The majority of
the commercial development in the South Beach area is located along Washington
Avenue, Collins Avenue, Alton Road, Lincoln Road, Espanola Way and 5th Street. The
waterfront sites in the Miami Beach area are generally developed with hotels and
residential condominium buildings.
Just north of the northwest corner of the Port of Miami, west of the subject property, is
Watson Island, which is under the jurisdiction of the City of Miami. Watson Island is an
86-acre island that is bisected by the MacArthur Causeway. Uses on the north side of
Watson Island include a public boat launch, the Miami Yacht Club and Jungle Island.
Uses on the south side include the Miami Children's Museum, an Aviation Center for
helicopter businesses, vacant land and park/open space areas. The City of Miami has
entered several development agreements for the construction of hotels, retail and a mega-
yacht marina on this property. In addition, Watson Island also houses the portal for the
recently constructed tunnel to the Port of Miami.
t7
647
Palm, Hibiscus and Star Island are located on the MacArthur Causeway, between
Terminal Island and Watson Island. These are exclusive residential neighborhoods
within the municipal limits of the City of Miami Beach.
In conclusion, the area surounding Terminal Island consists of a mixfure of low- to high-
density residential, commercial, office, industrial and park/recreational uses. The subject
property is accessible from the MacArthur Causeway and has water frontage along the
Main Channel.
t8
648
DESCRIPTION OF THE SITE
Location:
Shape:
Land Area:
140 MacArthur Causeway, Miami Beach, Miami-Dade
County, Florida.
Irregular
According to the suryey provided, the subject property
contains approximately 2.16 acres, or 94,090 square
feet.
EreKJOT.INSTONMAGENHEIMER
l9
649
tr
:SLACKJOHHSTONMAGENHEIMER
20
650
Access:
Topography:
Soil Conditions:
Utilities:
Land Use Restrictions:
Environmental Study:
The site has a mid-block location. The northern
portion of the site has frontage along a two-lane
perimeter road that connects with the MacArthur
Causeway, which is a six-lane, median divided
road/bridge. The southern portion of the properly has
frontage along the Main Channel. It is also accessible
from the Government Cut Channel. The subject
property is accessible by boat via these two channels.
Level and near street grade.
No soil report of the property was provided. It is
assumed the soil is of sufficient load bearing capacity
to support the construction of permanent structures.
No evidence of any adverse soil conditions at the site
was observed upon our physical visit to the property.
The fact that the site is currently improved with several
industrial buildings is proof it is suitable for
development.
All public utilities are available to the area. The City
of Miami Beach utilizes the Miami-Dade County
Water and Sewer Department for water and sanitary
sewage, with the City of Miami Beach being
responsible for solid waste collection and disposal.
Electricity is provided by FPL and local telephone
service is provided by AT&T.
No authoritative report of title has been provided or
reviewed. There does not appear to be any easements,
encroachments, or restrictions that would adversely
affect the utilization of the site.
An environmental risk study was not provided for our
review. This appraisal report is based on the
assumption that no conditions exist that would
adversely affect the utilization or marketability of the
property.
2t
651
Flood Insurance:The subject property falls within Zone "AE"; base
flood elevations determined. Special flood hazard
areas subject to inundation by the l%o annual chance
flood. National Flood Insurance Community Panel
Number 120651 0319 L, dated September 11, 2009. A
copy of the flood map is presented on the following
page. Elevation 10 feet.
sffiRJOHN$TONMI\GENHEIMER
22
652
DESCRIPTION OF THE IMPROVEMENTS
According to the Miami-Dade County tax roll, the subject property is currently improved
with several industrial buildings that contain a total of 35,921square feet. The one- and
two-story buildings were originally built in 1940, 1982 and 2006. Presented below are
conceptual plans for the existing facilities located on the subject property.
Ak6+
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:SL.ACKJOHNSTONMAGENHEIMER
23
653
Existing site improvements include asphalt and concrete paving, chain link fencing and
gates, loading dock, dock with concrete griders on pilings, etc.
At such time as when a portion of the subject's development rights are transferred to the
adjacent property, as proposed, the City of Miami intends to redevelop the site with a
new facility. Presented below is the conceptual plan for the proposed City facilities
layout. Refer to the addenda section for existing and conceptual plans for facilities on
Terminal Island.
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As only the development rights are being valued based on the proposed multifamily land
use and zoning changes, no consideration has been given to the existing improvements on
the subject property.
:SLACK
24
JOHNSTONMAGENHEIMER
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25
655
REAL ESTATE TAX ANALYSIS
The subject property is located within the City of Miami Beach in Miami-Dade County
and is subject to both city and county ad valorem taxes on real property. The Florida
Statutes provide for assessment and collection of ad valorem taxes on real property;
however, the taxes are assessed, collected, and used on the local county level. The
assessment for the property is established each year as of January 1st by the Miami-Dade
County Property Appraiser's Office at l00o/o of "Just Value". The tax due is computed
according to annual millage rates established by Miami-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 4o/o discount and become delinquent on April 1st.
According to the Miami-Dade County tax rolls, the 2014 assessments and 2013 real
estate taxes for the subject property are as follows:
The County's assessed value for the site equates to $49.88 per square foot, based on
94,090 square feet (02.16 acres). As the subject property is owned by the City of Miami
Beach, it is exempt from ad valorem taxes.
Folio Number Land
Assessment
Improvement
Assessment
Total
Assessment
Real Estate Taxes
02-4204-000-0010 $4,692,739 s1.431.663 $6,724,402 $0 (Exempt)
26
656
LAND USE
With the exception of the subject property, according to the City of Miami Beach
Planning Department's Land Use Map, Terminal Island has a land use designation of
"IJrban Light Industrial". The subject property is currently designated as "PF" (Public
Facility- Governmental Uses). This land use designation is attributable to its current use.
If privately owned, the subject property would also have the "Urban Light Industrial"
land use designation. A copy of the land use map is presented below.
. :l :**Fr*rrc Land Uec edasbries .r. i ; i
LJRssi,Errtmryr*r.bd Rqam,*rdf$i#irmr* --.* I ,'. l-lnrs-an"de,ffdp.*r"r**"0.,r6a",&S.
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flnM2Rosidototflutrrarity,nr6*umir{**ry f]] rr Lkbilqith&sal ffiCeea .sddd,lmmlmad{os . .
ffifiu.t**iamtetnuriituodyor$,i&c*y E RftUsheroffittswl ::. ffi/l'lFrClCo*'*te-***'*aoa,i,'ixxt* ii l I
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ffico.rcffiBsekt,r!*hrim*r.-,,; li lTIElnes-iR"rddlidpo.{od6Gcardard.hrdixhb*do^sity @srzeporielpol.f{.rilr{du*lbNldi{ri, 'i
@S co., *-*r,.rrre,*t*-;ty I-l npg.r rusame p!ftma@ *edarc. Fdh rr-Fny I rr n&{" tu*iry ldE'mcr*d
j co a c*-*"it tn ".r*b f lTl o*, lredl"dd pdmffi {,nde.d. ftadim.hbh densry fr erlccc; aom lsility, mfrffiti6 cer*er
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The purpose of the "PF" land use designation is to provide development oppofunities for
existing and new government uses. This land use designation permits government uses.
Intensity may be limited by such set back, height, floor area ratio and/or other restrictions
as the City Commission acting in a legislative capacity determines can effectuate the
purpose of this land use category and otherwise implement complementary public policy.
However, in no case shall the intensity exceed a floor area ratio of 2.0.
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:SLACKJOHNSTON4*sE$ffi
27
657
The properties to the east and west of the subject property have the "Urban Light
Industrial" land use designation. The purpose of this designation is to provide
development opportunities for existing and new light industrial facilities. Uses which
may be permitted include light industrial and compatible retail and service facilities.
Intensity may be limited by such set back, height, floor area ratio and/or other restrictions
as the City of Commission acting in a legislative capacity determines can effectuate the
purpose of this land use category and otherwise implement complementary public policy.
However, in no case shall the intensity exceed a floor arearatio of 1.0.
As noted, the City of Miami Beach is considering modifying their land use, zoning and
comprehensive master plan to allow multifamily residential development within
waterfront industrial districts. Terminal Island is the only land within the City of Miami
Beach that has waterfront industrial properties.
The City of Miami Beach Planning Department indicated that "a comprehensive plan
amendment will be needed to allow for residential uses in the "Light Industrial" land use
category on waterfront properties. This requires a public hearing at the Planning Board
and two public hearings before the City Commission. Between the first and second
reading, there is a 30 day review period for several state and local agencies. After it is
adopted by the commission on the second reading there is a 2l day appeal period, after
which the ordinance becomes effective. Assuming there are no major comments or
appeals, the amendment can be effective in four to five months from time it is referred to
the Planning Board".
The City of Miami Beach is considering the potential sale of a portion of the subject's
development rights (approximately 50,000 square feet of floor area) to the adjacent
property owner to the east for expansion of their proposed residential condominium
project. The subject property is being valued based on the hypothetical condition the
land use designation of the subject property has been changed to permit multifamily
residential development.
ZONING
With the exception of the subject property, according to the City of Miami Beach zoning
map, Terminal Island has a zoning classification of "I-1" (Light Industrial District). The
subject property has a zoning classification of "PF" (Public Facility, Governmental),
which is consistent with its current use. If privately owned, the subject property would
also have the "I-1" (Light Industrial District) zoning classification. A copy of the zoning
map is presented on the following page.
28
658
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The properties to the east and west of the subject property have the "I-1" (Light Industrial
District) zoning classification. The primary purpose of the "I-1" district is to permit light
industrial uses that are generally compatible with one another and with adjoining
residential or commercial districts. Uses that are compatible and complement light
industrial uses, such as a limited range of offices, and commercial uses shall also be
permitted. This district shall not include any residential uses. Refer to the addenda section
:SLACKJOHNSTONMAGENHEIMEFI
29
659
for a list of the allowable uses within this zoning classification. Under this zoning district,
the maximum floor area is 1.0, the maximum building height is 40 feet and the maximum
number of stories is 4.
As noted, the City of Miami Beach is considering modifying their land use, zoning and
comprehensive master plan to allow multifamily residential development within
waterfront industrial districts. Terminal Island is the only land within the City of Miami
Beach that has waterfront industrial properties. The City of Miami Beach Planning
Department indicated that"a comprehensive plan amendment will be needed to allow for
residential uses in the "Light Industrial" land use and zoning category on waterfront
properties. The City of Miami Beach Planning Department indicated that "the zoning
code amendments, upon referral by the Commission, should take approximately 3 to 4
months to complete".
According to information provided, under the proposed land use, zoning and
comprehensive plan changes, multifamily residential uses will be permitted on waterfront
industrial parcels. The allowable building height for waterfront residential sites will be
250 feet, or 25-stories. The floor area ratio will remain at 1.00 and the density will be 60
units per acre. The development rights that the City of Miami Beach is considering to
transfer to the adjacent property are to consist of a maximum floor area of approximately
50,000 square feet. It was noted that the proposed zoning and land use classifications are
proposed to permit accessory uses to the primary use such as commercial, restaurants,
etc. The restaurant use is proposed to be limited to residents and guests at no more than
1.25 seats per unit.
The City of Miami Beach is considering the potential sale of a portion of the subject's
development rights (approximately 50,000 square feet of floor area) to the adjacent
property owner to the east for expansion of their proposed residential condominium
project. The subject property is being valued based on the hypothetical condition the
land use designation of the subject property has been changed to permit multifamily
residential development.
30
660
TRANSFER OF DEVELOPMENT RIGHTS
The City of Miami Beach zoning ordinance permits the transfer of development rights
(TDRs). It allows for the transfer of development rights (unused floor area) from one
parcel to another. A copy of the zoning ordinance pertaining to TDRs is presented in the
addenda section of this report. According to the zoning ordinance, the transfer and
receiving districts are as follows:
$ee . 118-?22. Transfer and receiving distriEts.
Except as provided in aection 118-224, development rights (unused floor area) shalt only be lransferred frsm
properties in designated lransfer districts to properties in designated receiving districts. For purposes of this seetion
the R-PS1, R-PS2, C-FS4, GU and the MXE mixed use enterlainment d,stricls are designated as lransfer districts and
the CD-3 (r#hen not localed in the architectural district), the C-P$2 and C-PS4 districts are deslgaated as receiving
districts; however, ihere shall be no iransler of development righls {unused lloor ar*a) from a GU dislrict to any districl
other than lhe C-PS4 di*tricl. In a locally designated historic digtrict or sile, a historic structure (as listed in the historic
property database) lh6i has received a tax credit or qualilies as a "cerlified rehabililation" according to the U.$.
Secretafy of lhe Interior Standards, may transfer its developrnBnt rights lo a hotel {,evelopment. l-lowever, such hotel
developmeflt shall nol be within lhe architectural distriol but wlihin a receiving district as listed in this secliofi and meet
all of the requirernent$ of this section. For lhe purposes of lhis seclion, a lot or portion thereof which is within or parl ol
a locally designated di$trict or hiitoric site shall nol be allowed to lransfer ils derelopment righte to another property
untess it is developed as a parking lol or garage. tots in a lransfer disirict may be called transter lots or properties and
lots in a receiving district may be called receiving lots or propedies.
{OIt1 n o 89-2665. I d-?gf8). elt. 1 61 -89 On/ o,c 96"3048. $,181, 7.{ r-9$l
The value concluded herein is based on the assumption that the proposed transfer of
development rights would be approved within the "I-1" zoning district to the adjacent
waterfiont industrial parcels only.
:SLACKJOHNSTON
$ASESHE&EE
3l
661
HIGHEST AND BEST USE
The following definitions are from The Dictionary of Real Estate Appraisal (Fifth
Edition) published by the Appraisal Institute:
Highest and Best Use is the "reasonably probable and legal use of vacant land or an
improved property, which is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria that highest and best use
must meet are legal permissibility, physical possibility, financially feasibility and
maximum profi tability."
Highest and Best Use As Though Vacant is the use "among all reasonable alternative
uses, the use that yields the highest present land value, after payments are made for labor,
capital, and coordination. The use of a property based on the assumption that the parcel
of land is vacant or can be made vacant by demolishing any improvements."
In estimating highest and best use, there are essentially four stages of analysis:
1. Possible Use - normally dictated by physical constraints.
2. Permissible Use - what use would be permitted in consideration of existing zoning and
other applicable laws governing the use of the property, as well as any deed
restrictions that may exist.
3. Feasible Use - which possible and permissible uses will produce a net return to the
owner of the site.
4. Maximally Productive - among feasible uses, which use will produce the highest net
return to the land.
To meet the tests of highest and best use, the use cannot be speculative or conjectural. It
must be legal and probable. There must be a profitable demand for such use and it must
return to the land the highest net return for the longest period of time. These tests have
been applied to the subject property, as though vacant and under several hypothetical
conditions concerning changes in land use, zoning and comprehensive plan amendments
to permit multifamily residential development on waterfront industrial parcels.
As Though Vacant
Physically Possible: The subject property is irregular in shape and, according to the
information provided, contains approximately 2.16 acres (94,090 square feet). The site is
level, and at or near street grade. Although no soil report for the subject has been
provided, a visit to the property, as well as existing developments in the area revealed no
problems associated with the physical aspects of developing the site. The area has good
local access and availability to public utilities.
SL.ACKJOHNSTONMAGENHEIMER
32
662
The subject property has a mid-block location. The northern portion of the site has
frontage along a two-lane perimeter road that connects with the MacArthur Causeway,
which is a six-lane, median divided road/bridge. The southem portion of the property
has frontage along the Main Channel. It is also accessible from the Government Cut
Channel. The subject property is accessible by boat via these two channels.
The site is currently improved with several industrial buildings and related site
improvements, which are proof that the site is suitable for development. The physical
characteristics of the subject site support a number of possible uses within the confines of
its configuration/shape, size and location.
Legally Permissible: Permissible or legal uses are those permitted by zoning and land
use regulations. No recent title search was provided to the appraisers. It is assumed that
there are no covenants, restrictions or easements that would adversely affect the use of
the site to such an extent that it would negatively impact its value.
The subject property currently has a land use designation and zoning classification of
"PF" (Public Facility- Governmental Use) due to its existing use. With the exception of
the subject property, Terminal Island has a land use designation of "Urban Light
Industrial" and a zoning classification of "I-1" (Light Industrial District). If privately
owned, the subject property would also have the same land use designation and zontng
classification as the adjoining parcels. As noted, the valuation of the subject property is
based on several hypothetical conditions concerning changes in land use, zoning and
comprehensive plan amendments to permit multifamily residential development on
waterfront industrial parcels.
According to information provided, under the proposed land use, zoning and
comprehensive plan changes, multifamily residential uses will be permitted on waterfront
industrial parcels. The allowable building height for waterfront residential sites will be
250 feet, or 25-stories. The floor area ratio will remain at 1.00 and the density will be 60
units per acre. The development rights that the City of Miami Beach is considering to
transfer to the adjacent property are to consist of a maximum floor area of approximately
50,000 square feet. It was noted that the proposed zoning and land use classifications are
proposed to permit accessory uses to the primary use such as commercial, restaurants,
etc. The restaurant use is proposed to be limited to residents and guests at no more than
1.25 seats per unit.
Feasible or Maximally Productive Use: It has been established that the subject property
is of adequate size and shape to permit development. As noted, the area surrounding
Terminal Island consists of a mixture of low- to high-density residential, commercial,
office, industrial and park/recreational uses. The subject properly is accessible from the
MacArthur Causeway and has water frontage along the Main Channel. Based on our
JJ
663
research, recent developments on waterfront sites have been for multifamily
development. Refer to the land sales presented in the land valuation section.
At present, Terminal Island is land used and zoned for industrial use, except for the City
owned parcel, which is zoned for government use. If privately owned, the subject
property would also have a land use designation of "Urban Light Industrial" and a zoning
classification of "I-1" (Light Industrial District), the same as the adjoining properties to
the east and west.
The adjacent site to the east of the subject property was acquired by a developer in May,
2013 for $9,943,700. This property operated as the Newgard container processing
terminal. The 3.71-acre site was acquired for development of a residential condominium
project. The current zoning on this property does not permit the use and floor area
required for this development. Like the subject property, development of this site with a
multifamily use will require land use, zoning and comprehensive plan changes. The
developer intends to increase the size of this project by acquiring and transferring
approximately 50,000 square feet of development rights from the subject property to his
recently acquired site. The project is proposed to contain a +l-295 foot tower with 60
condominium units, as well as a mega-yacht marina, garage and accessory uses. The
overall floor area ratio of this project cannot exceed 1.0.
As noted, the purpose of the appraisal is to estimate the market value of development
rights that could be transferred to an adjacent parcel. The City of Miami Beach is
considering the potential sale of a portion of the subject's development rights
(approximately 50,000 square feet of floor area) to the adjacent property owner to the
east for expansion of their proposed residential condominium project. As such, the
highest and best use of the subject property is based on several hypothetical conditions
concerning changes in land use, zoning and comprehensive plan amendments to permit
multifamily residential development on waterfront industrial parcels. As only the
multifamily development rights of the subject property are being valued, the highest and
best use for this portion of the subject property is for multifamily development.
Conclusion: As only the multifamily development rights of the subject property are
being valued, the highest and best use for this portion of the subject property is for
multifamily development, consistent with the development rights and proposed zoning
criteria as outlined in this report.
34
664
VALUATION PROCESS
There are three generally recognized approaches considered in the valuation of real
property. They include the income, sales comparison, and cost approaches. It should be
noted that the appropriateness and reliability of each approach depends on the type of
property being appraised, the age and condition of the improvements, if any, and the
availability and quality of market data available for analysis.
The income approach provides an indication of value of a property based on a conversion
of anticipated benefits (net income). The method of conversion is called capitalization
and is either based on a single year's income (direct capitalization), or several years'
income (discounted cash flow). The sales comparison approach provides an indication of
value based on sales of properties considered similar. The cost approach provides an
indication of the value of a property represented by the reproduction cost of the existing
improvements, less accrued depreciation, to which is added the land value.
In this instance, only the sales comparison approach was applicable in the valuation of
the subject property, as though vacant and based on several hypothetical conditions
concerning changes in land use, zoning and comprehensive plan amendments to permit
multifamily residential development on waterfront industrial parcels. As only the
subject's multifamily development rights (approximately 50,000 square feet of floor area)
are being valued in this report, the price per buildable square foot is the method use to
estimate its value.
The appraisal process is concluded by a review and re-examination of each of the
approaches to value that were employed. Consideration is given to the type and
reliability of data used and the applicability of each approach. These factors are
reconciled and a final value estimate is made.
35
665
SALES COMPARISON APPROACH
The sales comparison approach produces an estimate of value for real estate by
comparing recent sales of similar properties in the subject's surrounding or competing
area. Inherent in this approach is the principle of substitution, which states that 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 that no costly delay is encountered in
making the substitution.
By analyzing sales which qualify as arm's-length transactions between willing,
knowledgeable buyers and sellers, price trends can be identified from which value
parameters may be extracted. Comparability in physical, locational, and economic
characteristics are important criteria in evaluating the sales in relation to the subject
property. The basic steps involved in the application of this approach are as follows:
1. Researching recent relevant property sales and current offerings throughout the
competitive area.
2. A selection process to focus on properties considered most similar to the subject,
and then analyzing the selected comparable properties giving consideration to the
time of sale and any change in economic conditions which may have occurred as
of the date of valuation. Other relevant factors of a physical, functional, or
locational nature are also considered.
3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price
per square foot.
4. Making appropriate adjustments to the comparable properties.
5. Interpreting the data analyzed to draw a meaningful conclusion of value.
The validity of this approach is dependent upon the availability and relevancy of the data.
The sales of properties having characteristics similar as the subject have been collected
and analyzed. Typically, land sells based on units of comparison particular to the
property type (e.g., price per square foot, price per acre, price per unit, price per buildable
square foot). In valuing the development rights to be transferred, in this analysis, the
price per buildable square foot of planned area was analyzed.
The subject property consists of a parcel of land located at 140 MacArthur Causeway in
the City of Miami Beach, Miami-Dade County, Florida. According to the survey
provided, the subject property contains approximately 2.16 acres, or 94,090 square feet.
As noted, the purpose of the appraisal is to estimate the market value of the multifamily
development rights to be allocated to the subject property through land use, zoning and
comprehensive plan amendment changes.
36
666
The City of Miami Beach is considering the potential sale of a portion of the subject's
development rights (approximately 50,000 square feet of floor area) to the adjacent
property owner to the east for expansion of their proposed residential condominium
project. The subject property is being valued based on several hypothetical conditions
concerning changes in land use, zoning and comprehensive plan amendments to permit
multi fami ly residenti al development on waterfront industrial p arcel s
According to information provided, under the proposed land use, zoning and
comprehensive plan changes, multifamily residential uses will be permitted on waterfront
industrial parcels. The allowable building height for waterfront residential sites will be
250 feet, or 25-stories. The floor area ratio will remain at 1.00 and the density will be 60
units per acre. The development rights that the City of Miami Beach is considering to
transfer to the adjacent property are to consist of a maximum floor area of approximately
50,000 square feet. It was noted that the proposed zoning and land use classifications are
proposed to permit accessory uses to the primary use such as commercial, restaurants,
etc. The restaurant use is proposed to be limited to residents and guests at no more than
1.25 seats per unit.
Our research for comparable land sales extended from January, 2012 to the effective date
of this appraisal. The search concentrated on those waterfront sites suitable for
multifamily development for purposes of comparison to the subject property. The
research concentrated on those waterfront site sales located within Miami-Dade County.
The sales included in this report are considered of good quality and representative of the
best available market data.
Five land sales have been presented in this report. The land sales under analysis occurred
between March, 2012 and April, 2014. All of the sales included in our analysis are
considered to represent the best available data as of the date of valuation. The sales
reflected unadjusted per square foot prices based on buildable square foot from $168.06
to $284.48. The sites contain from 37,165 square feet (0.85 acre) to 241,196 square feet
(5.54 acres), which bracket the subject's land area. A summary chart and location map of
the sales are included on the following pages. Detailed information and an aerial
photograph of the land sales are presented in the addenda.
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LAND SALES MAP
SLACKJOH
39
669
Discussion of the Land Sales
Land Sale No. 1 is located on the southeast comer of Collins Avenue and 94th Street in
the Town of Surfside. This oceanfront property has a corner location with two street
frontages. It also has frontage along the Atlantic Ocean and has direct beach access. The
rectangular site contains approximately 2.62 acres (114,314 square feet) and is zoned "H-
120" (High Density/Tourism), which permits 109 units per acre and a maximum building
height of 120 feet.
This property sold in March, 2012 for $50,000,000. At time of sale, the site was
improved with an operating part two-story and part three-story hotel (Best Western
Oceanfront Resort). The buyer intends to demolish the existing improvements and
redevelop the site with a residential condominium project to be known as Chateau Ocean.
At time of sale, the buyer intended to construct a l2-story tower containing
approximately 85 units, or a planned density of 32 units per acre.
In the City of Surfside, there is no set floor area ratio. Development in this city is based
on setbacks, landscaping, parking and other development standards. Based on the plans
submitted to the Town of Surfside, the total saleable area was proposed at252,878 square
feet. A comparison of the floor and saleable areas of three waterfront proposed
condominium projects indicated that the saleable area are between 84o/o and 86% of the
total floor area of the building. For analysis purposes, we have estimated the floor area of
this project at 297,504 square feet, or l.l5% of the saleable area. Based on this
information, the price per total floor area is $168.06 and the price per saleable square foot
is $197.72.
Land Sale No. 2 is located on the east side of Collins Avenue at N.E. 102nd Avenue in
the Village of Bal Harbour. This oceanfront property has a mid-block location with one
street frontage. It also has frontage along the Atlantic Ocean and has direct beach access.
The rectangular site contains approximately 5.54 acres (241,196 square feet) and is zoned
((PD" (Planned Development District), which permits a density of 55 units per acre and
an unlimited building height.
This property was acquired in June, 2002 for $220,000,000. At time of sale, the site was
improved with a clubhouse and tennis courts and served as the headquarters for the Bal
Harbour Beach Club. It was acquired for redevelopment of the site with a residential
condominium project to be known as Oceana at Bal Harbour. At time of sale, the buyer
intended to develop the site with a 27-story tower containing approximately 237 units, or
a planned density of 43 units per acre. Based on the plans submitted to the Village of Bal
Harbour, the total floor area is 84l,l7l square feet and a total saleable area of 724,832
square feet, or an average unit size of 3,058 square feet. Based on this information, the
price per total floor area is $259.69 and the price per saleable square foot is $303.52.
40
670
Subsequent to the sale, the site was rezoned from "PD" (Planned Development District)
to "OF" (Oceanfront District). The rezoning increased the size of the proposed
development as to building height and floor area. At present, site work has begun.
Land Sale No. 3 is located on the east side of Collins Avenue, between 17I"t and lJ2"d
Streets in the City of Sunny Isles Beach. This oceanfront property has a mid-block
location with one street frontage. It also has frontage along the Atlantic Ocean and has
direct beach access. The rectangular site contains approximately 0.85 acre (37,165 square
feet) and is zoned "M[J-R" (Mixed Use - Resort District), which permits a density of 80
units per acre and the maximum building height shall be controlled by the minimum
setbacks and the Federal Aviation Administration height restrictions.
This property was acquired in Septemb er, 2013 for $31,646,000. At time of sale, the site
was vacant. It was acquired for development of a residential condominium project to be
known as Muse. According to the site plan provided to the City of Sunny Isles Beach,
the total floor area is 170,959 square feet. As noted on Sale No. I above, a comparison
of the floor and saleable areas of three waterfront proposed condominium projects
indicated that the saleable area are between 84o/o and 86% of the total floor area of the
building. For analysis purposes, we have estimated the saleable area of this project,
exclusive of any TDRs, at 145,315 square feet, or 85o/o of the floor area. Based on this
information, the price per total floor area is $185.11 and the price per saleable square foot
is $217.78.
On a separate agreement, the buyer acquired TDRs from the seller, who had purchased
them couple of years ago. The TDRs increased the floor area of this development by
5I,287 square feet for a total floor area of 222,246 square feet. It also increased the
number of units from 43 to 68. The floor area ratio increased from 4.60 to 5.98.
Including the acquired TDRs, the property is proposed to be developed with a 49-story
tower is to contain a total of 68 units, or a planned density of 80 units per acre. At
present, the site remains undeveloped.
Land Sale No. 4 is located on the east side of Collins Avenue, north of 67th Street, in the
City of Miami Beach. This oceanfront property has a mid-block location with one street
frontage. It also has frontage along the Atlantic Ocean and has direct beach access. The
rectangular site contains approximately 0.96 acre (41,644 square feet) and is zoned "RM-
3 (Residential Multifamily, High Intensity), which permits a200 foot building height.
This property was acquired in January,2014 for $21,000,000. At time of sale, the site
was vacant. It was acquired for development of a residential condominium project to be
known as Bath Club Estates. The 16-story tower is to contain a total of 13 units, or a
planned density of 14 units per acre. According to information obtained from the City of
Miami Beach, the proposed floor area is 93,698 square feet. The marketing brochure
reflects a total saleable area of 78,276 square feet. Based on this information, the price
4t
671
per total floor area is $224.12 and the price per saleable square foot is $268.28. At
present, the site remains undeveloped.
Land Sale No. 5 is located on the northeast corner of Collins Avenue and 69th Street in
the City of Miami Beach. This oceanfront property has a corner location, two street
frontages and is at a signalized intersection. It also has frontage along the Atlantic Ocean
and has direct beach access. This property is located adjacent to the Canyon Ranch Hotel
and Spa, which is an upscale, full service, condominium-hotel. The rectangular site
contains approximately 0.93 acre (40,651 square feet) and is zoned "RM-3 (Residential
Multifamily, High Intensity), which has a maximum allowable building height of 200
feet.
This property was acquired in April, 2014 for $26,000,000. At time of sale, the site was
improved with a vacant three-story hotel known as the Golden Sands. In 2005, the seller
obtained approvals for the development of a 40-unit residential condominium building
with a height of 200 feet (20 stories). Based on information provided by the City of
Miami Beach, the proposed floor area was 91,396 square feet. The approved saleable
residential area was 51,945 square feet along with 2,887 square feet of retail space for a
total approved saleable area of 60,832 square feet. Based on this information, the price
per total floor area is $284.48 and the price per saleable square foot is $427 .41.
ln 2007, the zoning was changed to limit new development in this area to a maximum
height of 5-stories. The 2005 approvals permit greater density than what could be
approved under the current zoning code. The existing entitlements are scheduled to
expire in November, 2014. If the developer does not begin development prior to that
time, the entitlements will expire and any new development will have to meet current
zoning standards which limit the building height to 5-stories.
This property was acquired for development of a residential condominium project. The
initial plans were for the construction of a 20-story tower to contain a total of 20 units, or
a planned density of 21 units per acre. As it is within the North Beach Resort Historic
District, any development on this property would require the preservation of the fagade of
the existing hotel building. The buyer has modified its development plan and currently
intends to partially demolish, restore and renovate the existing three-story hotel and
construct a new 17-story tower. The developer's current plans reflect a boutique-t1zpe
building with a total 14 units. At present, the site remains in the same condition as when
it was purchased.
SLACKJOHNSTONMIIGENHEIMER
42
672
Transferrable Development Rights
Transferrable Development Rights is the method used to transfer the "right to develop"
from one site to another site in the same district. Several municipalities have
implemented programs allowing unused public and private development rights to be sold.
With the use of TDRs, the receiving sites are able to build to a higher density and/or
intensity. In addition to the above, information was obtained regarding the sale of
Transferrable Development Rights (TDRs) from oceanfront sites.
- The planner with the City of Aventura indicated that their city code does not allow
transfer of development rights.
- The planner with the Town of Surfside indicated that their city code does not
allow transfer of development rights.
- The planner for the Town of Bay Harbor Islands indicated that their TDRS are
only for additional units (density) and has nothing to do with FAR.
- The planner with the Village of Bal Harbour indicated that she is aware of the
recent sale of TDRs for the property located at 10201Collins Avenue; however, as
it was not handled by them (private sale), she does not know the sales price or
owner/buyer names.
- The City of Sunny Isles Beach provided information regarding a recent acquisition
in their city involving TDRs. The planning department provided a copy of the
resolution and appraisal. The oceanfront property is located at 18501 Collins
Avenue. The site contains 2.293 acres, is zoned "M[.J-R" (Mixed Use, Resort
District) and is currently used as a private club. The site is proposed to be
developed with a residential condominium project. When completed, this project
will contain 595,345 square feet and 154 residential units in a 649-foot high (52-
story) tower. In order to effectuate this project, the developer obtained approval
from the City to purchase 137,833 square feet of public Transferred Development
Rights (TDRs). The purchase of these TDRs will allow the developer to increase
the number of units on the properfy by 55 residential units, which the developer
will not be using at this time; therefore, the proposed project will continue to
consist of 154 units. As of May,2014, the value of the TDR's was estimated by
the developer's appraiser at $125.00 per square foot of allowable FAR. A review
of the appraiser's report indicated that the comparables utilized in his analysis
were dated, involved a site that was sold at auction (distress) and included a 2012
contract that did not materialized into a sale, and, in our opinion, did not reflect a
current or reliable indicator of value for this property. For this reason, no reliance
has been placed on this transaction.
43
673
Adjustment Factors
Property characteristics and sale terms considered in our analysis are financing, changes
in market conditions, conditions of sale, size, location, topography, zoning and size.
Each of these items has been analyzed and compared to the subject property and are
discussed on the following paragraphs.
Financing: Sale Nos. 1,3, 4 and 5 were cash to the seller transactions, with typical
terms of purchase for the subject market and no adjustments for financing are warranted.
The buyer of Sale No. 2 assumed the existing loan that had an unpaid principal balance of
$135,000,000 (61% of the purchase price). The parties involved in this transaction
reflected that this mortgage assumption did not have an effect on the price paid for the
property; therefore, no adjustment is warranted.
Terms of Sale: Al1 of the properties were considered sold as arm's length transactions;
therefore, no adjustments are required.
Time/Market Conditions: The five land sales transpired between March, 2012 and April
2014. Based on our research, Sale Nos. 1,2 and 3, which transpired between March,
2012 and September,2013, are considered to warrant upward adjustments for changes in
market conditionsltime. As Sale Nos. 4 and 5 transpired in February,2014 and April,
2014, respectively, they are considered to be reflective of market conditions and no
adjustments for time are warranted.
Size: The subject property contains approximately 2.16 acres (94,090 square feet). The
five land sales contain from 0.85 acre (37,165 square feet) to 5.54 acres (241,196 square
feet), which bracket the subject's land area. The sales did not reflect a discernable price
difference based on this range in land size; therefore, no adjustments are warranted for
size.
Topography: The subject property is level and at, or near, street grade. Like the subject
property, the sites of the land sales were at, or near, street grade at time of sale; therefore,
no adjustments are warranted.
Zoningz As noted, the development rights to be transferred are based on land use and
zoning changes, as well as comprehensive plan amendments, from government use to
multifamily residential use. The subject property is being valued based on the
hypothetical condition the land use designation and zoning classification of the subject
property have been changed from government use to multifamily residential. Since the
zontng classifications of all the land sales permit multifamily development, at various
densities and intensities, no adjustment is warranted for zoning.
674
Location: The subject property is located on the south side of the MacArthur Causeway
on Terminal Island in the City of Miami Beach. The overall locations of the five land
sales are considered superior and downward adjustments are warranted.
Water View: As noted, the southern portion of the subject property has frontage along
the Main Channel. It is also accessible from the Government Cut Channel. The subject
property is accessible by boat via these two channels. As the sites of all five sales have
Atlantic Ocean and beach views, they warrant downward adjustments for their superior
water views.
Conclusion
Based on the above, the land sales reflected the following:
Based on our analysis and taking into account that the subject property has water frontage
along the Main Channel (not the Atlantic Ocean/beach), its surrounding uses (industrial
uses to the east, west and south and residential uses to the north and southeast), we
estimate the market value of the multifamily development rights to be allocated to the
subject property, based on several hypothetical conditions concerning changes in land
use, zoning and comprehensive plan amendments to permit multifamily residential
development on waterfront industrial parcels, as of August l, 2014 to be in the range of
$175.00 and $200.00 per buildable square foot, which is calculated as follows:
Sale No.2 aJ 4 5
Sale Date Mar-12 Jun-12 Sep-l 3 Feb-14 Apr-14
Price/Buildable
So.Ft.
s168.08 s2s9.69 s185.11 s224.r2 s284.48
Financins
Terms of Sale
Time +++
Size
Tonosranhv
Zonins
Location
Water View
Overall
45
675
Floor Area
(Buildable Area)
50,000 Square Feet x
50,000 Square Feet x
Price Per
Buildable Sq.Ft.
$17s.00 :
$200.00
Reconciled
Value of
Development Rights
$8,750,000
$10,000,000
$9,250,000
The above reconciled value equates to $185.00 per square foot of buildable area.
46
676
RECONCILIATION AND FINAL VALUE ESTIMATE
The process of reconciliation reviews and reexamines the approaches to value which
were included in the appraisal. As noted, the purpose of the appraisal is to estimate the
market value of the multifamily development rights to be allocated to the subject property
through land use, zontng and comprehensive plan amendment changes. In the preceding
sections of this report, indications of value for the property, based on the applicable
approaches to value, as follows:
Cost Approach:
Income Approach:
Sales Comparison Approach:
Not Applicable
Not Applicable
$9,250,000
The sales comparison approach provides an indication of value of the subject's proposed
development rights and is considered a reliable indicator of value for the property.
Based on our investigation and analysis, we have formed the opinion that the market
value of the development rights to be allocated to the subject property (50,000 square feet
of floor area), based on several hypothetical conditions concerning changes in land use,
zontng and comprehensive plan amendments to permit multifamily residential
development on waterfront industrial parcels, as of August 1,2014, was as follows:
NINE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($9,250'000).
:SL.ACKJOHNSTONMAGENHEIMER
47
677
ADDENDA
48
678
ADDENDUM A _ MIAMI.DADE COUNTY REGIONAL AI\ALYSIS
49
679
REGIONAL ANALYSIS
MIAMI.DADE COUNTY, FLORIDA
Geographic Data
Miami-Dade County, which comprises the metropolitan area of Miami, is situated
between Broward County to the north and Monroe County (the Florida Keys) to the
south. Miami-Dade County is bordered on the east by the Atlantic Ocean and on the west
by Collier County, a large portion of which encompasses Everglades National Park.
Geographically, Miami-Dade is the second largest county in the state comprising 1,998
square miles, most of which is low-lying wetlands. Only 340 square miles (17%) of the
county support urban development.
The climate in Miami-Dade is mostly humid and subtropical, with an average annual
temperature of 75.9 degrees. The normal annual rainfall is 56 inches. Land relief is flat,
with highest elevations not exceeding25 feet above sea level.
Miami-Dade County is comprised of 35 incorporated municipalities, plus a large
unincorporated area. Miami-Dade County provides for a two-tier governmental structure.
The first tier provides basic city-like services such as police, zoning and park
maintenance to the unincorporated areas of the county. The second tier provides county-
wide services for everybody such as control of the airport, seaport, Jackson Memorial
Hospital and more specialized police work.
i -f'M gtuFer-s'i$t?
1f?{'"r,i- "-j"'a*i*q@ rFe
F+l .,ri:[::i:
ir?,$r&"-V"s
50
680
Miami-Dade County
Copyruht O 1S88- 2004 M(roscn Corp. and/o. lls supdiers All rghls reseaed. htp //w.microson.cofrrslEelsJ
OCowflqht2003bvGeoqrapilcDataTechnoloqv,lnc.AllrQhlsrcsededo2004IhVTEOA{ignlsreseayed,ThsddaincludesinformaiionlakenwilhpfmissionlromCanadian
auhorteg O Her Malesty ihe Queen in Riqhl of Canada
5l
681
Miami-Dade Gounty
Municipalities
012 1rMil€g
il*4=
Vs
{ffiH
lEEntdFldrf Zrttudidoi{Faar &
I Mhml
2 Hffitsad
3 FlsE Ot,
a ltlhml Eqch
5 Esnl G.!lE
6 Hblqh
7 iblthMbmtBech
I Mbml Serln!'
I ihrthMhml
18$
1!lt3
19r5
19t5
195
,925
rgt
t92'
,92toz
192t
1!r29
o31
u:n
1f;S
a37
1CB
Ailo
o45
1916
1947
,947
r947
1918
19{9
D60
1991
1$5
og,
,994
200
z,Gr
20@
t@
11 S.uth iilrml
tI GsldcnE ach
,:} Sbayrle Park
lbnh t yVllhfe
B.l H.rbour Vlllare
Bay Hrrhor lrlrrdt
Vlrdnlr G.dctrt
W6tMhml
Hhleh Grr*E
it&dhy
bladts
l(eyBlqrE
,rnEtr
$mr blE
PlcqBt
irhml l.bt
Elmttc Bay
i&mlG.r*D
Dstrl
:SLACKJOHNSTONMAGENHEIMER
52
682
Population
Miami-Dade is the most populous county in Florida. The estimated population for 2013
of approximately 2,582,375 represents 13% of Florida's total population. While
population has more than doubled in the last three decades, the rate of growth over the
last ten years has slowed. This slowdown is due to the fact that the area has matured as a
metropolitan center and faces increased competition from neighboring Broward, Palm
Beach and Collier Counties. The ethnic mix in Miami-Dade County is predominantly
Hispanic and comprises approximately 650/o of the population.
The following tables summarize the Miami-Dade County population, along with
additional statistical information:
53
683
Miami-Dade County
Florida's most populous county
with 13.4% of Florida's population
Population Houslng
C.nBus Population
1980 Consus
1990 Census
9o change '198G90
2000 Census
Eo chanqe 199&00
2010 Cens6
o/o change 2000-10
Hispanrc orLaino
% Hispanic or Letino
Under I 8 ,esc of aqe
% Under .18 years ol aEe
65 years of age and over
% 65 leac of age atrd over
Median Age
Estlmates atrd Proj*tlons
2012 Esimate
vo change 2010-12
2015 Projection bssed on 2012 estimate
% chango 201O.15
2020 PrcjectLon based on 2012 estimat6
% change 2015-20
Dens ity
Persons per square mile
2000
2010
2017
Households
Tolal hous6holds, 2000 Census
Family households, 2000 Census
% with own chlldren undor 1B
Total households, 2010 Census
Family households, 2010 Census
Yowilh @n chrldren under 13
Avecge Household Size, 201 0 Census
Average Family Size, 201 0 Census
Nsmber of EstablishmentE 2012
Natural Resoure & Mining
Construction
tlanu tu ct un ng
Trade, TEnsportation and UUlities
Jnformation
Financial A.iivlt es
Professroral & Bus ness Setoi€s
Educalon & Health Seilices
Leisure and Hospitaljty
Other Servi@s
Government
Households and Family Households
Housing counts
Houslng unlts, 2000 Census
Ocopied
Owner-ocapied
R6nter-occupiod
Vacant
Housing units. 201 0 Census
Occupied
Own er- o cap i ed
R ent€ r-o ccu pr e d
Vaqant
Units P.mitted
1990
2000
% change 1990-2000
201 0
0,6 chtrge 2000-10
2012
0.6 chanqe 2010-1 2
Percent of All lndustries 20'12
NatuEl Resource & Mining
Consiruction
[4anufactu.ng
Trade. Transportation and Utilities
lnFormation
Firancial Activities
Frofessronal & Business S€rylces
Educaton & HeElth Seryices
Leisure and Hospitality
OtherSeryices
Governmeni
12 3ak +/_0.3% 27 .t)ok+/,0.1va
51.2o/o +LA3% 19 2ak +/- O1%
3.3%+l-0.1% 112%+/-O.1%
86.2% +/- 0.3% 83.5t% +/- 01%
12 3Vo +L A3% 15 laA +L O 1
1.2Vo+LA1% 3.0%+l-01%
1)%*l-O.1ok 26%+,10.1%
1.5%+/-0.1% 08%+t01%
Miaml{}ade
Coqnty
1,625,509
1,937,194
19 2Ya
2253.779
16 3Yo
2,496,457
10 6%
1,623,859
65 OYo
545.754
21 9Vo
352.01 3
14.10k
382
2,551.290
?.619,045
4 9o/o
2,761,156
5.490
1,158 1
1,315.5
13444
Florida
9 746,961
't? s38,071
327%
15 982.824
23 50h
18.801.332
',7.6%
4,223.406
225%
4 002.113
21 3%
3 259.6A2
17 304
447
19 014.434
1 50k
19,750 517
50%
21,141 318
7.4%
296 4
350 6
355 7
Flori da
6.338,075
4,21 0.760
42.3!%
1,420.8A2
4,835,475
40 0%
248
3.01
Flori da
5.333
57.598
18,37?
f39,947
1 0,215
65 547
13S.196
64 263
52,481
,2.741
6.723
Mlml-Dadc
County
852.218
716:t74
449.325
321 ,449
75,504
989,435
867,352
483,874
383 478
122,083
10,855
12.475
14 9o/a
3,203
-74 3%
5,069
58 3%
MiilLOade
County
05%
56%
?.9%
29.3V0
17%
10 3%
21 1%
11 .20k
77%
89%
O 4Vo
Florida
7,302,947
6.337.929
4.441 ,799
'1,896,130
965,018
8,989,580
7,420.AO2
1,9S8,979
2,421,a23
1,568,778
124,384
155,269
22 S%
38,679
-75.1%
64,810
67 6%
Florida
0.9Y0
9.5%
3.0%
23.0%
1.1%
1 0.8%
22.ff4o
10 6%
86%
8.7%
11%
Miaml{)adr
County
776,906
548,493
47 9Va
867,352
602.91 1
44 Aah
283
333
Populaton Charaeteristics
Mlml-Dadc
Cquty Flodda
Language spoken at homo otrerthan
Enolish
PeEons aged 5 and wer
Place of birth
Foreign bom
Vetemn status
Civilian populatror 1B and over
PeEqns agrd 1 and over
Same houe
Different h@se in the U S
Differe.t county in Flonda
Different @unty in another state
Abrcad
+/ =margin oterrorbasedon a gByo confrderce lwel
@Eus @mts may be mrrtrted torCssu Omt Oustron Rsolui@ (@R)
Employment by lndustry
Miami{ade
County
418
5.0s9
2.672
26.539
9,366
19.'158
10,155
6,984
351
54
684
Miami-Dade County
AvcE0. Annual Employm.nt,
"/oby CaLgoty, 2412
Natural Resoww & Mining
Construdion
Manuladuring
Trade TEnspotation and Utrllties
lnfomation
Fhancia AdiviteE
PTOleqq onal & Btgrnasl s6turceq
Education & Health Seaices
Loisur€ and Hospitality
Other Services
Govemm€nt
Labor Forca a8 Porcont of Populadon
Ag.d'18 ed Old.r
1990
20Q0
2010
2012
Personal lncom? (10@s)
1990
20o0
% change 1990-2000
201A
9! change 2000 10
2011
% change 20]G11
Earnings by Ptace ofwork ($000s)
1990
2000
% change 1990-2000
20 10
% ch8ngs 2000-10
2011
% change 201G1 I
Porron.l Bilkruptcy Filing Rat.
(p.r 1,00O populatlon)
2A11
2012
State Rank
Mte Fldda rumbe6 exclu# MEmlDade cudy.
Miani-Dad!
Gounty
1.0%
3.5%
42a
30 0%
2A%
79%
15.0%
18 4%
13 90k
4.1%
15.8%
MIaml-D.do
County
67 40A
65.1 %
63 1%
65.5%
MiEml-Dad.
county
$35.3s7,786
$59,154,21 0
67 3%
$s1 410,768
54.5%
$96,6s7 71 0
57%
$27,8e7 e33
$48 963,991
75.6%
$68,003.110
38.80,t
$71.598,405
53%
Miami-ead.
County
NA
NA
0
Florida
1.4Va
5.4%
5.0%
24.3V.
2 1qa
7.8%
17.1Yo
17 3%
15.8%
38%
16.3%
Florida
64 3%
63 B%
61 7%
62 5%
Florida
$2s3.s24.396
$466,&4,10s
$719.828.478
54 3%
$755 357,550
49%
$161.17S.093
$3'f2,145,16s
93.790
$442,4A1.289
41 7%
${59.056,456
38%
Flodda
406
NA
Mimi!ad.
County
$45 80S
$28 '150
$45 915
$44,002
$42,310
$72,933
$71 769
$58.682
$45,9S1
$21 .462
$28,708
$54,63s
Miaml-Oad6
County
51%
12 5%
93%
Miami{)ada
County
$18;191
$26 180
43.9%
$36 520
39 5%
$37 834
36%
$43.957 +A $421
$50.654 +r $56E
20 9%
28 9%
28.4
17 A% +/ O.3%
26 29b +t- 0.3
Florid.
$42.446
$27,000
$41,56i
$53,284
$38,621
$66.7%
$61.400
953.121
$45.112
$22,305
$s0.380
s47,896
Florida
6.3%
3.8%
11.3%
86%
Florida
g1 9,437
$29,079
49 60/6
$38,210
31 40k
$39,636
3 10k
$41,827 +/-5164
$57,592 +/- 6258
Employment by lndustry
Av.6g. Annual lrfag.,
?o12
Al industnes
Natural Reso!rce & Minrng
Construdion
Manufacturing
Tcde. Transportatron and Uhlitres
Lnformat on
Ftnfloal Actr! tres
Pro'essioral 3 BLs ness Soryice5
Edu€iion & Healih S€ruices
Leisure and Hospital ty
Other Seryices
Govemment
Labor Force
Un.mploymer* Rat.
1990
2000
2014
2012
lncome and Financlal Health
PorCapita PeFonal lncomo
1 990
21aa
% chang6 lSSO{O
2010
0,6 chanq€ ?000-10
2011
% ciange 201l}1 1
Modlan lnconc
lledian Household lncome
l,4edian Fam lv ln@me
+/- : m3rgin ot eror based on a 90% confiderce del
PeGent ln PoY.rty, 2011
All ages in poverty
LJndor age 1 8 in poverty
Ages $17 in famrlies in poverty
MiamlOadc
County
2,459 2
1S11
749
Publlc Education lnsthutlons
Tolal
Elffientary
Mildle
SenlorHlgh
Comblnallon
Ed ucationai attainmrnt
P.Eoni 49.d25 ud oldor
% HS graduat€ or hrgher
% bachelols degree or higher
+/' :margin ofetrorbased on a g0% corfderce ldel
Education
Miffii-Drd.
Courty
'+65204
7A
86
97
17 0%
25.1%
23 5%
Fl orida
3,194
1,911
599
600
378
85.50,t +/ 0 1%
26 .A% + /- 0.1Vo
Quallly of LIfe
Crime
Crime rate 2012 (index cnmes per
100,000 population)
Admisiom to pnson FY 2011-12
Admissions to pnson per'100,000
popu,abonFY 2011-1?
Wor*lF Ag.d 16 and Ov.r
Place of Work
Wofied outsrde County Ol rosldonce I 2o/o+/ A2%
Iravel Trme to Wod(
l,,1ean trflel time to work (m nut6s ) 29 2 +LA 2
+l - margin of errorbasd on a g0% @rfLdene lel.
Florid.
3,805 8
32,219
169 2
176%+/-01%
25.7 +L4.1
55
685
Miami-Dade County
Reportad County Govarnmenl Rov€nues and Expenditures
($000s)
Pgr Capria 6
%of Total
Charges for Seturces
($000s)
Per Caprta $
% of Totai
Jdgments, Fines, and Forfoits
($000s)
Per Capria $
% ofTotal
Miswllan6ous Rev6nues
($000s)
PerC6pita g
% of Total
Olher Sources
($000s)
Per Capita $
% of Total
MiamlOade
R.Y!nu. County
Total - A.1l Revenue Amunt Codes
{$000s) S9,548,902 4
Per Caprta $ $3,79r' 46
% ofTotal 100 0%
Taxeg($000s) 92,215.951 6
Per Caprla $ $880 56
%oflotal 232%
Permits, Fee, end Specia Assessments($000s) $135,539 6
Per Capita $ $53 Bo
o/o oflotal 1 4%
Intergovemmental Revenues
$1,157,115 5
$459.80
1? 1Vo
$4.027 ,821 8
$1,600 54
42.2Vo
$31,264 1
$12 +2
a 30k
$1 85.753.0
$73 81
1 9Yo
$1,795.456.9
$713.46
18 8%
Tnn8porta0on
State Hiqhway
Centerline Miles
Lane Miles
State Bridges
Number
State Fililiies
Euldings/Faci ilies (min. 3rl0 Square Feet)
Number
Square Footage
State Lilds
Conseryation Lands
Par€ls
Aqea96
Non,:onseryatron Lands
Par@ls
Acreege
Exp.nditurus
Total -All Expendture Aacount Cadgs
($000s)
PerCaplta $
% ofTotal
General 6overnment Seryrces"
($000s)
Per Caprta $
% olTolal
Public Safety
($000s)
Per Capita $
o/o ofTotal
Phfsrcal Envrronment
l$000s)
Per Capita g
% ofTotal
Transportation
{$000s)
Percapita $
% of Toial
Economic Environment
($000s)
PerCapita $
% of Totaf
Humtr SeeiGs
($000s1
PsCapita $
% ol Total
Culture / Retreation
($000s)
Per Capita $
% ofTotal
Other Uses and Nocoperatlng
{$000s}
P6r Caprta $
% olTotal
Coud-Related Erpenditures
($000s)
PerCaprta $
% of Toti,
Florlda"
$3s,205.022 3
$1,951 45
100 0%
s11,053,678.4
$612.72
31 4%
$'1,084.990.8
$60 14
3.'t70
$4,51 8.810 2
$250.48
12 8%
$'10.870.626.5
$602 57
30 9olo
$127,5098
$7.07
04%
$967,823.5
953 55
27
$6,581,483.1
$364 82
18.7%
Miaml{ade
County
9,452.557.0
3.786 42
'100 0%
46.925 4
645.73
0.50k
95,033.7
1,307.74
10%
24,192.3
332 91
03%
17.255 0
237 44
o29o
20,611 8
284 54
0 2ak
26,841 1
369.44
0.3v0
4.1131
56.60
0.0%
69.763 0
960 00
0.lVo
8.289 0
114 06
01 t
4 SB85
7.9980
Florlda'
36.616,300 3
2,04138
100 0%
6.284.042.5
350 34
17 2%
8,098,640.5
451 50
221
4,075,797 4
11 1%
4.4U,280I
248 33
12 2Vo
1,389,572.1
77 .47
3 B7o
3,339,215 3
186.16
g1%
1,640,080.8
91 44
4.5%
6,457 ,672 2
360 02
17 6%
4B.Bg
24%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
' All County GdemmenE Except Du€l - The @nsolidated Cty of Jacksonville/ Ofld County
h!Lreso e tncludeo rn nur.crpa totdlsratlerhan coL.ly grernmentbta{s
* (NotCouFRelated)
State lnfrastructure
Mlami{ad.
county
580.7
2.7U.8
655
26.844.294
539
135,741 0
178
2012 Ad Valor.m Mlllage R.t.s
County
School
tvlmiqpal
Special Districts
aMsTU imlu&d in Mt Co6tt-wi#"Oudy" catqory
State and Local Taxation
Florlda
12.075I
43,138 2
6,661
224.145.642
38,681
3.222,919I
5,638
21 9.836 5
Mlaml-DadG county
Countt-wide NotCounlrwde"
o 7071
3 9930
0 9634 'r 4639
Oft,G d E6nom,cand Dmographi€ Ressrch
111 w. Madtson$r*t, sute574
Trltah.$e, FL 323996588
(8S0)4€7.1402 hdpr/ledr.nate fl us
ffi
:SLACKJOHN$TONMAGENHEIMER
56
686
The proportion of non-Hispanic whites has continually decreased over the past several
years and comprises approximately l5'h of the population. The number of non-Hispanic
blacks has remained fairly constant and comprises approximately 17% of the 2010
population. The area has also become less of a retirement Mecca and more of a working
and family community. The population categorized by age is as follows:
Miami-Dade County
Population by Age
Population by Age
Total Population
Age0to4
Age5to9
Age l0 to 14
Age l5tol7
Age 18 to 20
Age 2l to 24
Age25 to34
Age 35 to 44
Age 45 to 49
Age 50 to 54
Age 55 to 59
Age 60 to 64
Age 65 to 74
Age 75 to 84
Age 85 and over
Median Age
Averase Ase
2000
Census oh
2012
Census o/"
2,253,362
145,752
l5l,87l
160,754
94,836
89,577
115,297
337,433
361,966
150,878
13 1,888
l09,l4l
97,417
162,257
99,827
38,468
35.66
36.9s
6.47%
7.01%
7.t3%
4.2t%
398%
5.r2%
14.97%
16.06%
6.70%
5.85%
4.84%
432%
7.20%
4.43%
t.7t%
2,575,235
174,l3l
176,105
165,910
103,068
102,198
r41,449
312,456
339,507
r95,979
184,426
162,157
138,123
204,194
124,306
50,626
38.50
38.58
6.76%
6.86%
6.44%
4.00%
3.97%
5A9%
t2.t3%
13.t8%
7.6t%
7.t6%
6.30%
s.36%
1.93%
4.83%
t.97%
Source: Miami Downtown Development Authority
57
687
Education
The Miami-Dade County Public School District is the largest school district in Florida
and the fourth largest in the United States. As of June,2013, the student enrollment was
341,413 in Grades Pre-K through 12. There are 197 elementary schools, 59 middle
schools, 21 K-8 Centers, 37 high schools, 53 charter schools, 23 vocatronal schools, 13
magnet schools, 16 alternative schools and 5 special education centers.
Miami-Dade County has several colleges and universities. The University of Miami
(UM), founded in 1926, is the largest private university in the southeastem United States.
UM's main campus is located in Coral Gables and has grown to include the medical
campus and the James L. Knight center located in Downtown Miami, the Rosenstiel
School of Marine and Atmospheric Science on Virginia Key, the John J. Koubek Center
in Little Havana and the South and Richmond campuses in southwest Miami-Dade
county. It is estimated the UM community spends well over $l billion annually in
Miami-Dade County. The Fall2012 enrollment was estimated at 16,172 students. The
university has more than 13,428 full- and part-time faculty and staff, ranking them as one
of the largest private employers in the county.
Established in 1959, Miami-Dade College now offers a two-year degree as well as a
limited four-year undergraduate degree. It is a state-supported school with 8 campuses
located throughout the County. There were a total of 69,959 credit students enrolled in
the Fall 2012.
Florida International University (FIU), established in 1972, is one of Florida's 11 state
universities. With a 2012 enrollment of approximately 50,394 students, FIU offers more
than 190 bachelor's, master's and doctoral programs, as well as a medical school. FIU
has two campuses totaling 573 acres.
Transportation
Transportation services for the area include an expressway network of three major north-
south and east-west routes. In the 1980's, a 22.5-m1le long rail-based rapid transit
system, coined Metrorail, was constructed along a north-south route, and is connected by
shuttle to Miami International Airport and the Tri-Rail system that links Miami-Dade,
Broward, and Palm Beach Counties. The Metrorail is augmented by a "Metromover"
loop system that circles central downtown, Brickell Avenue and the Omni area.
According to statistics published by Miami International Airport, in 2013 there were a
total of 19,37I,680 intemational passengers (both deplaned and enplaned). Domestic
passengers totaled 20,095,764. Domestic ranking data for Miami International Airport is
as follows:
58
688
2012 U.S. Airport Rankings. Number 1 for international freight, 1.85 million U.S. tons.. Number 2 for international passeng ers, 20.2 million passengers. Number 3 in total cargo (freight plus mail service), 2.14 million U.S. tons.. Number 10 for total passengers (domestic and international services), 40.5 million
passengers.
The 600-acre PortMiami averages between 30-45 feet deep and is in the process of
deepening its waters to 50 feet. It is also constructing a port tunnel for improved
interstate access. It is the number one cruise port in the world, with 14 cruise brands and
31 cruise ships. In fiscal year 2011, over 4.0 million passengers came through the Port
of Miami and over 8.3 million tons of cargo was processed. A computerized cargo
processing system integrates the airport and seaport into a common network for clearance
with U.S. Customs and the Department of Agriculture, significantly speeding up the
process.
Economics
The Miami-Dade economy has shifted from a primarily tourist/agriculture orientation to a
more widely diversified economic base. A strongly Hispanic work force, the formation
of the Miami Free Trade Zone, and it's geographical proximity as an international air and
sea port have created a strong market for trade with South and Central America and the
Caribbean.
The 2011 major trading partners were reported as follows:
59
689
Rank Countrv 2011($Million)
Total All Countries $86,9957 Brazil $70,1682 Switzerland 912,220
3 Colombia S 7,705
4 China $ 4,703
5 Costa Rica $ 4,606
6 Dominican Rep. $ 4,094
7 Venezuela $ 3,707
8 Chile $ 3,639
9 Honduras $ 2,853
l0 Peru $ 2,264
Source: Miami-Dade County
The diversification of Miami-Dade County's economy, its growth as an international
trade and commerce center, a regional corporate center, and its reduced dependence on
tourism are all contributing factors to an overall increase in per capita income.
The20l2 per capita income for Miami-Dade County was estimated to be $22,596 and the
2012 median household income was $44,744. The median effective household buying
income for Miami-Dade County in 2012 was $39,219. The following statistics were
published by the Beacon Council:
FAMILY INCOME BY MUNICIPALITY
Municinalitv
Aventura
Bal Harbour
Bay Harbour Island
Biscayne Park
Coral Gables
Doral
El Portal
Florida City
Golden Beach
Hialeah
Hialeah Gardens
Homestead
Median Familv Income
$ 59,507
$ 83,570
s 43,409
$ 53,409
$ 98,553
$ 62,619
s 41,029
$ 18,777
$ 141,557
$ 31,621
$ 39,804
$ 26,409
Per Capita Income
$ 41,092
$ 67,680
$ 29,261
$ 22,923
$ 46,163
$ 27,477
$ 14,782
$ 8,270
$ 73,053
$ 12,402
$ 14,043
$ I1,357
60
690
Indian Creek Village
Islandia
Key Biscayne
Medley
Miami
Miami Beach
Miami Gardens
Miami Lakes
Miami Shores
Miami Springs
North Bay Village
North Miami
North Miami Beach
Opa-locka
Palmetto Bay
Pinecrest
South Miami
Sunny Isles
Surfside
Sweetwater
Virginia Gardens
West Miami
Unincorporated Miami-Dade
County Total
$ 61,250
$ 80,468
s 107,610
$ 25,909
$ 27,225
$ 33,440
s 39,385
s 68,431
$ 64,963
$ 56,892
$ 37,931
$ 31,760
$ 35,047
$22,742
$ 89,625
$ 122,526
$ 57,791
$ 40,309
$ 56,327
$ 30,823
$ 44,800
$ 39,000
N/A
$ 40,260
$ 137,384
$ 27,000
$ 54,214
$ 11,955
$ 15,128
$ 27,853
$ 13,523
$ 28,867
$ 26,134
s 22,963
$ 21,017
$ 14,581
$ 14,699
$ 9,538
$ 33,076
$51,181
$ 24,526
$ 27,576
$ 38, 375
$ I 1,098
s 21,139
$ 17,850
N/A
$ 18,497
Employment
Miami-Dade County's labor force is estimated to be 62.3% of the county's total
population. The overall unemployment rate in 2010 was 12.4%. Diverse major
employers include manufacturing and non-manufacturing firms, government, education,
electronic and biomedical firms. Top private and public employers include:
61
691
Top 10 Employers
Private Sector
Emolovment
University of Miami
Baptist Health Systems of So. Fl.
Publix Super Markets
American Airlines
Precision Response Corporation
Florida Power & Light Company
Carnival Cruise Lines
Winn Dixie Stores
AT&T
Mount Sinai Medical Center
16,000
13,376
10,800
9,000
5,000
3,840
3,500
3,400
3,100
3,000
Top 10 Employers
Public Sector
Emolovment
48,571
29,000
19,500
17,100
12,571
8,000
6,200
4,309
2,700
2,395
Miami-Dade Public Schools
Miami-Dade County
Federal Government
Florida State Government
Jackson Health System
Florida Intemational University
Miami-Dade College
City of Miami
Homestead AFB
Miami VA Healthcare System
Although not as big a part of the Miami-Dade economy as in years past, tourism
continues to be a major economic force in the local retail trade. Miami-Dade County has
over 460 hotels and motels and 50,000 rooms.
Housing
2006 saw the end of the upward climb in sales prices for most housing types in Miami-
Dade County due to rising interest rates, insurance rates, real estate taxes and some
overbuilding. As a result, the sales velocity in new projects enjoyed by developers in late
2004 and 2005 has decreased and some market areas now have an oversupply of
62
692
available units with many projects still under construction or stalled. This is especially
evident in southwestern Miami-Dade County.
According to statistics compiled by Esslinger Wooten Maxwell, since January,2006 the
number of single family homes and condominiums listed for sale far exceeds the number
ofactual sales.
In July, 2014, the average asking price was reported to be $1,002,000. During the same
time frame, the average sale price is sfill4% below that reported in 2006. The "days on
the market" has risen from 63 to 73 days during the same period surveyed, but is below
the "days on the market" reported one year prior of 75 days.
Miami-Dade Single Family Homss
20,000
t8.000
18,000
,4,000
12,(m
1O,DlO
&0o0
8,06
4000
a0!0
0
Miarni-Oade Single Family Homes
@Avg L,f (f.00,0)
EAvg 6P(t,00O)
+Avg$tsF925?
63
693
The condominium market has been similarly affected. The average asking price for
condominiums is now above the average price estimated in January,2006. The current
average asking price for a condominium is $656,000. The average sale price of
$346,000, however, is still l2o/obelow the average price of $389,000 in January,2006.
The "days on the market" of 87 days is still above that reported in January,2006 of 69
days.
Miami-Dade Gondos
SOCUtststsFOaaG+a{PCAPl9eQee Qeeee?===<s=s ====:== ====
Miami-Dado Condos
t8{t0
tr00
l6{t0
!n00
$400
ll00
l?00
t100
to
@Avs LP(t,000)
@Avg st(t,000)
*Avs lJ$F
SE€ECqEEEESEEEEE iE gE iE E EESAgE€E?TEuaaN.e@ca€aNoNfiooo
64
694
Days on MarkeUlnventory
oaootsrFEt6stac600000r(sflRtatrite8EtBt8F988f, 3Cff S5EEFEE5E5sE555555 5
q*ltomSrpply
.sHomOOM
*Cond. t0pply
4*Condo I,oU It
According to information published by Reinhold P. Wolff Economic Research, Inc., the
number of new single family homes sold in Miami-Dade County in2004,2005 and2006
ranged from 12,079 to 12,749 each year. As of the end of 2007, only 5,420 new homes
were sold, a decrease of approximately 55o/o and in 2008 only 1 ,225 new homes were
sold. In 2009,'7ll new homes were sold and in 2010 635 homes were sold. Ln201I,652
homes were sold. 2012 saw a big increase over 2011 with 1,090 new homes sold;
however, 2013 saw a slight decrease. The new condominium market went in the opposite
direction wtth2,246 units sold in2011 and 1,332 sold in 2012. 2013 experienced another
significant decrease.
65
695
Single Family Homes
Condominiums
New Homes
Sold
4,997
4,696
6,494
5,643
12,227
12,749
12,079
5,420
1,225
77t
63s
652
1,090
o/,/o
Period
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
20t0
20rl
20t2
20t3 1.017
-t3%
-s%
28%
-r5%
s4%
4%
-6%
-ss%
-71%
-37%
-t7%
3%
67%
-7%
New Condos
Sold
o/,/o
Period
2000
200t
2002
2003
2004
2005
2006
2007
2008
2009
20t0
20tt
20t2
2013
Ch
3,079
3,130
4,153
5,881
7,789
24,501
19,654
13,516
9,602
4,556
3,701
2,246
T,332
577
8%
2r%
27%
23%
32%
2t4%
-20%
-3t%
-29%
-s3%
-18%
-39%
-4t%
-57%
66
696
Summary and Conclusions
Until the early 1980s, South Florida and Miami-Dade County experienced considerable
population growth. Growth slowed in the 80's and early 90's but has been on a steady
incline since 1993. Growth in Hispanic population perpetuates Miami-Dade's reputation
as an international "melting pot". Population trends also indicate fewer retirees migrating
to the area with strong growth in the working age sector. In 1992, Hurricane Andrew had
an impact on the area's population, as well, especially in the southern portion of the
county. Many residents permanently relocated and for the first time in years, population
statistics showed a decline.
Projected growth trends for different areas of Miami-Dade County have targeted
northwestem Miami-Dade, West Kendall, and south Miami-Dade to experience about
three-fourths of all population growth in the county between 1990 and 2010. The coastal
ridge and barrier islands have little remaining developable land, and growth there is
limited to redevelopment.
67
697
ADDENDUM B _ PHOTOGRAPHS OF THE ST]BJECT PROPERTY
68
698
PHOTOGRAPHS OF THE SUBJECT PROPERTY
1. Looking southeasterly from the perimeter road - along western boundary of
subject property on left.
:-j",:i\;\
:;;,--:_r.1,:Ii,.,l l ii
,€.#liill
2. View of western portion of the subject properly - looking southerly from the
perimeter road.
69 :SLACK
699
PHOTOGRAPHS OF THE SUBJECT PROPERTY
4. View of eastern portion of the subject property - looking southerly from the
perimeter road.
70
700
STREET SCENES
5. Looking easterly along the perimeter road - subject property on right.
6. Looking westerly along the perimeter road.
7l
701
ADDENDUM C _ COMPARABLE LAND SALES
72
702
Location:
Legal Description:
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
LAND SALE NO. 1
Southeast corner of Collins Avenue
Town of Surfside, Florida
Lots 7, 8, 9, 10, 11 and 12, Block
MAR NO. 5, Plat Book 8, Page
County, Florida
14-2235-006-0180, 0190 and 0200
and. 94th Street,
2, ALTOS DEL
92, Miami-Dade
9379 Realty Corp.
Chateau Ocean, LLC
March 26,2012
28048t4756
$50,000,000
Cash to Seller.
$168.06 Per Buildable Square Foot (Estimated)
$437.39 Per Square Foot of Land Area
None Within Prior 3 Years
:SLACKJOHNSTONMAGENHEIMER
73
703
Physical Description:
Land Area
Topography
Shape
Frontage
Zoning
utilities
Comments:
Verification:
At time of sale, the site was improved with an operating hotel. The site is proposed
to be redeveloped with a residential condominium project.
114,314 Square Feet
2.62 Acres
Level and at, or near, street grade.
Rectangular
Collins Avenue andg4th Street
"H-120" (High Density/Tourism); Town of Surfside
All available to the site.
Broker; SJM
74
704
PHOTOGRAPH OF LAND SALE NO. 1
RENDERING
::::::l]:Yu::.':,:l\.\
:::::::::::::::::::::,::': i
Ei:!::::::::::*+-.=
:::i:1:::::r::i'-:r::ii!i:
:lll:ll:llr::::.:l:
F=..:.,.
75
705
LAND SALE NO.2
East side of Collins Avenue at N.E. 102nd Way,
Village of Bal Harbour, Florida
Tract A, OCEAN FRONT SECTION OF BAY
HARBOR, Plat Book 44, Page 27, Miami-Dade
County, Florida
t2-2226-001-0190
Location:
Legal Description:
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
Bal Harbour Club, Inc.
Consultatio Bal Harbour, LLC
June 11,2012
28146t1406
$220,000,000
Buyer assumed the existing loan that
principal balance of $135,000,000
purchase price).
5259.69 Per Buildable Square Foot
$912.12 per Square Foot of Land Area
None Within Prior 3 Years
had an unpaid
(6T% of the
:SLACK
JOHNSTONMAGENHEIMER
76
706
Physical Description:
Land Area
Topography
Shape
Frontage
Zoning
Utilities
Comments:
Verification:
241,196 Square Feet
5.54 Acres
Level and at, or near, street grade.
Rectangular !
Collins Avenue and the Atlantic Ocean
66PD" (Planned Development District); Village of Bal
Harbour
All available to the site.
At time of sale, the site was improved with
acquired for redevelopment of the site with a
a clubhouse and tennis courts. It was
residential condominium proj ect.
Grantor's Attorney SJM
77
707
PHOTOGRAPH OF LAND SALE NO.2
RENDERING
78
708
Location:
Legal Description:
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
LAND SALE NO.3
East side of Collins Avenue, south of 172"d Street,
Sunny Isles Beach, Florida
North 100 feet of the South 300 feet of Lot 2,
TATUM'S OCEAN PARK SUBDIVISION, PlAt
Book 10, Page 64, Miami-Dade County, Florida
3t-22t 1-004-01 10
Palermo Beach LLC
PMG - 52 Sunny Isles, LLC
September 4,2013
288t3t3s84
$31,646,000
Cash to Seller.
$185.11 Per Buildable Square Foot
$851.50 Per Square Foot Land Area
March, 2012 - $20,000,000
79
709
Physical Description:
Land Area
Topography
Shape
Frontage
Zoning
Utilities
Comments:
At time of sale, the site was
residential condominium project
the buyer acquired TDRs from
number of units for this property.
37,165 Square Feet
0.85 Acre
Level and at, or near, street grade.
Rectangular
Collins Avenue and Atlantic Ocean
"MIJ-R" (Mixed Use - Resort District); City of Sunny
Isles Beach
All available to the site.
vacant. It was acquired for development of a
to be known as Muse. On a separate agreement,
the seller which increased the floor area and
Verification:Broker; SJM
80
710
PHOTOGRAPH OF LAND SALE NO.3
RENDERING
81
711
Location:
Legal Description:
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
LAND SALE NO.4
20t3AedalPhdossFny S;;"_rS-. .- : '"Y.:.:- ,,,,....---
East side of Collins Avenue, north of 6Jth Street,
Miami Beach, Florida
North 37.5 feet of Lot 45 and the South 25 feet of Lot
46 and the South 62.5 feet of Lot 45, Block l,
AMENDED PLAT OF 2ND OCEAN FRONT
SUBDIVISION, Plat Book 28, Page 28, Miami-Dade
County, Florida.
02-321 1-007-0430 and 0440
6747 Collins Development Corp.
6747 Collins Development, LLC
February 3,2014
290381t6s6
$21,000,000
Cash to Seller.
S224.l2Per Buildable Square Foot
$504.27 Per Square Foot Land Area
March, 2008 - $15,000,000
82
712
Physical Description:
Land Area 41,644 Square Feet
0.96 Acre
Topography Level and at, ornear, street grade.
Shape Rectangular
Frontage Collins Avenue and the Atlantic Ocean
Zoning 6(RM-3rr (Residential Multifamily, High Intensity
District); Miami Beach
Utilities All available to the site.
Comments:
At the time of sale, the site was vacant and at street grade. It was acquired for
development of the site with a residential condominium project to be known as
The Bath Club Estates.
Verification:Grantee's Representative; SJM
:SLACKJOHN$TONMAGENHEIMER
83
713
PHOTOGRAPH OF LAND SALE NO.4
:i
:sL.ACKJOHNSTONMAGENHEIMER
RENDERING
84
714
Location:
Legal Description:
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
LAND SALE NO. 5
Northeast corner of Collins Avenue and 69th Street,
Miami Beach, Florida
Lengthy Legal - Lots 5 and 6, Block A, CORRECTED
PLAT OF ATLANTIC HEIGHTS, Plat Book 9, Page
14, Miami-Dade County, Florida.
02-32t 1-001-0050
FL GS Collins Avenue, LLC
SMGW Golden Sands, LLC
April 9,2014
29t081499s
$26,000,000
Cash to seller.
$284.48 Per Buildable Square Foot
$639.59 Per Square Foot of Land Area
None Within Prior 3 Years
85
715
Physical Description:
Land Area
Topography
Shape
Frontage
Zonrng
Utilities
Comments:
Verification:
At the time of sale, the site was improved with a vacartt, three-story hotel. It was
acquired for development of the site with a residential condominium project.
40,651 Square Feet
0.93 Acre
Level and at, or near, street grade.
Irregular
Collins Avenue and the Atlantic Ocean((RM-3rr (Residential Multifamily, High Intensity
District); Miami Beach
All available to the site.
Broker; SJM
86
716
PHOTOGRAPH OF LAND SALE NO. 5
:SLACKJOHNSTONM,\GENHEIMER
87
717
ADDENDUM D - TRANSFER OF DEVELOPMENT RIGHTS ORDINANCE
88
718
l,n*! I i1,'J
Mlaml Beach, Flqrida, Cod* of OrtJinaFcoe >> $uhpnrt E - L&l,lD ilEVELOFiBIEITT Rf;GULATIONS >> Chapt$r 118 -
ADMIilISTRATION ANO REVIEW PROCEOURES >> ARTICLE V. ?RAT{SFE* OF DEVELOPMENT RIGHTS }}
ARTICLE V. TRAHSFER OF OEVELOPMENT RIOHTS
Sec. I l8-?21 -lrdeot
s-q-sJLia??. T{s nde r a n
$ei- 1 18-223. Frocrdures [ertaininq lo the trarsfer of develooment ri$hlg l"r.tl{tsg-d_.Jl-Q-p-L0rea)
$ec.118-22{. }nt*nt.
This article is inlended to provide for greater flBxibility in tho pattern of developrrenl by allowing for lhe lranefer
of developmenl rights (unused lloor area! from one parcel lo anolh€r.
{ord. r,ro. 89-tf65, $ 6-?9{A}. elt. 1Q-1-89: Ord. ird. $S-30.r8, $ ,{Al, /-' r-96J
$ec. {{8-222. Transfer and receiving districts.
Except as provided in section 118-224, development rights (unused floor area) shalt only be iransferred from
proper{ies in designated transfer districls to properties in designaled reeeiving districts. for purposes of this ssction
ihe R-PS1 , R-PS2, C-PS4, GU and the MXE mixed use enlerlainment dislricts are deslgnaled as lransfer districls and
the CD-3 (when not located in lho architectural district), the C-PS2 and C-P$4 districts are designated as receiving
di$tricts; however, lhere shall be no transfer of development righls (unused tloor area) from a GU district lo any di$lricl
olher than the C-PS4 di$trict. ln a locally designated historic dislrict or site, a histqric slruclurs {*s tisted in the hi$loric
propefly database) lhat has received a ta, credit or qualifies as a "corlified rehabililation" according to the U.S.
Secretary ot the lnterior Standards, may transfer its developmenl rights lo a hotel devolopmsnl. However, $uch hotel
dgvaloBmenl shall not be within the archilectural district but wilhin a receivlng district as liskd in this $ectiofi 6nd meet
all ol the reguirernenis of lhis seclion. For the purpcses of this seclion, a lol or porlio* thereof which is within or part of
a tocally designated diskict or historic site shall not be allowed to transter its devBlopm€nt rights to another properly
unless it is deyeloped as a parking lol or garage. Lots in a transfer district may be called transfer lots or properties and
lols ir a receiving district may be ealled receiving lots or properlies.
(otd No 89-2665, S 6"29(8,1. aff 1A-1-89: Old rtJo. $S-304& $ 'fBl
/-rr-96)
Sec. 118-223, Pro*edures pertaining to the transfer of development right* {unused floon area}"
(a) Awlicalion.(1) An applicant for transler of development rights shall file an apglication with the pianning and zoning
dkector who shall place the requesl on the agenda of the ptanning board after il is detennined thar lhe
application is complele. Filing and processing procedures lor placing the request oo lhe agenda shall be
pursuanl to lhe condltional use procedures ap lisled in article lV of this chapter.(2'l fhe applicaiion shall iocludE plsns. conslruction schedule, slatus of linancing and a general description
of the manner in which the projret shall be conskucted. Plans shall include, bul not be Nimited to, a site
plan, elevation$, landscaping as well as oiher item$ listed in section 1 18.1.(3) The application shall include subslaniiation of ho$r lhe project mrnpli6$ with the criteria lisled in
subseclion', 1 8-223(b).
{4}
89
719
th,fli('dc l,rgs.! nl.l
lf variances are required, the kansfer of development righls tunused lloar area) shali first be approved
by lhe planning board and t|ren the board of adjustment raay con$ider requesls for variances; howevar.
it is not within th6 board of adjustment's jurisdiction lo corsider variances relaling to the following
developmenl regulations: lloor area, llocr area ratio or tho$e regulalions lisled in subseclion$ 118-223(c)
{2), {4), (5}, (6}, (7) or (8). Deviation from these develcpment regulations are considered as an
amendment to these tand developmenl regutations and shall be considered pursuant to artiole lll of this
chaPter.(5) All ptojecls are required lo be approved by the design review lroard prior to consideralion by the
planning bcard or board of ad,iuslmenl-(bl Evaluatiqn citeria, A requesl for a transfer of developmenl rights (unusecl floor areai shall only be approved if
lhe planoiDg board linds lhat the application is consistenl wilh the following mandaiory criteria"(1) The project is conslsteni with the comprehensive plan and will not reduce lhe tevels of service set forth
in ths plan.
(21 The prolecl is consistent with the i*tenl of these regulatiors as set forth in section 1 t 8-221 .(3) The proiect provides adeguate o&$reet parking facilities, the enhancement or creation of view corridors
either through the building(s) or within open space that is in addilion to ihe required setbacks.
{4) The transfer of u*used llcor aroa is desirabls for purposes of eniancing the over*ll developmenti lhe
ffealion of view corridorsi improve$ lhe pedestrian enyironment, public fight-of-way and publicly owned
properly,
(5) The transfer of development rights (unused lloor area) accomplishes a public purFose that is consiolent
with the comprehensive plan.(6) The proposed developmeni shall be designed to produce an environment of desirable characler and in
harmony with thB neighborhood" The provisions herein are iniended to resrlt in a superior quality ol
developrne:rt and open space relationships with high standards for recreational and parking areas.
{7) A bgical and superior pattern of development results through the transfer of development rights (unused
floor area) rather lhan in projecls that would occur if the Froperty were developed ind€pandenlly ol on€
another.
{c} Developnentregulatbns.
t1) The project shall be consistent with the development regulations as sel forth in lhese Iand development
regulatians, unless the board at adjustment grart$ a variancs(s) lo such development regulations. (See
subseclion I 18-223(aX4) which lists wha{ types of requesls are not within the jurisdiction of lhe board qf
adjustrnent).
l2l The maximunt foor area for the entire project 6hall nol exceed the combined flcor area as determined
by the underlying zoning diskicls of each of lhe individual parcels lhat are shown on the site plan. The
amounl of lloor area lransferred shall be determined by the maximum permitted floor area allowed on
lhe transferring lot minus the provided floor area; bui, excluding floor area in parking garages and
commercial uses if lhey are included h a parking garage.
(3) lf he developmenls contain a building which is listed in the Miami Beach hisloric property database,
then lhe maximum allowed lloor area lhal msy be lransfened excludes the floor area in the existing
building if such building is designated as a local historic sile a*d it is substantially rehabilitaled in
accordance with tle Secrelary of the lnterior's Standards for Rehabilitation and Guidefines Ior
Rehabilitating Historic Buildings, A building permit and cerlificate of occupancy or cerliticate ol
compleliqn for the rehahiiitation shall be i$sued at the same tims or before a building pemit and
certificale of occupancy or carlificate of completion is issued lor lhe siructure on the receiving lol.(4) A receiving properly shall nol exceed the maximum aliorr/ed floor area provisions on a receiving lot by
more lhan ?0 percenl, Any floor area that is transferred to a receiving propedy and which is used as
units shall meet or exceed lhe average floor area per unit size provided in the building.(5) No more lhan 25 percenl of the required parking *hall bE Bhced in a building on a lol thal received lhe
transfer o{ development rights {unused floor area}.
(6)
90
720
pxgr.l ofJ
ll a garage is constructed ofi a transfer lst, it shall contain relajl uses on the ground floor elevation lhat
lares Collins Avenue, Allon Road or Fiflh Slreet. The development regulalions pertaining tG parking lots
and garages are set forth in sub$ection 142-11321n).
{7) All lols coniainBd orr the sitB shall be within {00 feet of each other.
{8) Minimum dimension of a receiving tot shall be 200 feet wide and 50,000 sguare feel of lol area.
t$) ln a receivlng district, the lront setback lor the pedestal and the tower shall be 50 feet. Howeve., if lhs
projeot contain$ retail uses on thg gr0und floor lacing the street. lhe front setback for the pede$tal shall
be '15 feet with a height restriction of 20 teet end the lDwer front setback shall he 50 fest,
(10) Any project ihat i$ located in the dune overlay dislrict shall, at the requesl of the city, conlinue, exlend or
connect to the cily'e beachfronl park and pr+menade in accorda*ce with the established guidelines.
Projects adjacent to Biscayne Bay or Government Cul shall include a pedestrian vvalkway whieh may or
may not be accessible to the general public; however. walkways on-siles adjacenl to the Miami Beach
Marina shall be open to the gefier*l public.
{1 1) Transfe r proparlios in different projecls ironting on the *ar*e street which have a parking garage tnat is
50 pcrcent or more ot the tolal floor area of the building shall be no less lhan {00 leet from anolher
transfer properly thal is *imilarly developed,
{12) These regulations are only applicable when the receivlng property eonlains Rew conslruction on lhe
entire lol or if lhe receiving properly has a historlc slructure as a main permitlsd building.
{13} The planning board may impose condition$ on lhe proiecl to insure that lhe project is compatible vyith
the neighborhood, supports the intent af the$e regutalions. does not reduce the level$ of service as set
torth in the cornprehensive ptan and miligates any negative impacts that may result frorn the
development of a projecl under these regulalions.
{14} The design review board may require a {reater selbacl than that which is required in ordet lo achieve a
view corridor.(d) Rocorrdrhg of docume&fs. Wthin a reasonablo lime after lhe planiling board'E decision on tho requ€$t to
transfer development rights (unused floor area), a final order shall be recorded by the applicanl in the public
records of lhe county, againsl all af the propedios in the development. The final order shall be recorded againsi
the transfer and rec€ivlng properties. The final order shall include the amount of develop:nenl rights {unused
floor area) that was lrans{erred and received for each property and the amounl of requhed parking that shall
elvvays be made available lo lhe receiving property and be in lhe form of an irrevocable covenant running with
the land. Such covenant shatt only be dissolved if the floor area lhat was built on lhe recelving property is
comptetely remavsd, The applicant shall agree to bind lhemselve$, suece$$or$ aild all of the property in lhe
developmenl with regard to condilions, il any, that are placed on lhe develapment. All documents that are
required to be recorded in the public records of lhe counly hy those regulalions shall lirst be approved by the
cllY attorney.(e) Chaflges in lhe developmerli. The final orde(s) and documenls lh6t are required to be recorded againstlho
lropeny in the public records ofth6 county shall not be changed unless such change is approved by lhose
agencies and boards which were iilvolved in the inilial approval.
forcl. No S9"2665. S6-?r/Cl. ett lt)-1"89. Ord. rYo 96-3048 $ ,(CJ. .-17-96; Ond l/o 90"i10I, 54. ,"rI-SSj
Sec. 118-224, Developme*t agreements andlol interlocal agreements,
{a} Notwithslanding the terrns and provisions of sections 118-221 , fifrAzz and 'l 18-223, lransfers of devetopmenl
rights pursuant lo a development agreemsnt and/or interlocal agreement approved after October 1, l9g5 in
accordanc€with the terms of section 118-4, f.S, $ 163.3220. andlorF.S, $ 163"01. {herelnaffercalled a'F.S.
ch. 163, devolopmenl agreement'), shall be approved by the city commission either conlemporaneou$ly with
lhe approval ol the F.S. ch. 163, developmenl agreem€nt or during a subs€quent puilicly noticed hearing as
provided in thi$ $eciion. An approval by the city commission to tBnsfer developmenl rights as cont€mplated in
the foregoing senlence shall nol modiry, limit or supersede approvals, reviews 0r re$cmmsndallons required to
be issued by another board or comrrittee wilh jurisdiction over lhe project. as more particularly provided in
these lafid development regulations or the applieabte F.$. ch- 163, devetopmenl agraement.
(b)
91
721
I'nS( "l st i
An applicant f*r a trun$fer ol devel0pmenl rights under a F.S" ch. 163, development agre ement shall lile an
appliulion wilh the planning and zoning director who shall place the request ofi the city commission agenda
after ii is determined that the application is complete, The advertisemeal shall not be placed in lhat porlion of
the newspaper where legal notices and classified advertisemenls appear. The advertisement shall be placed in
a newspaper of general pairl circulation ifl the city and of general interesl and readership in the city, not one of
lirnited subject malter, pursuant to F.$, ch. 50. Vl/henever possibte, the adverlisement shall be in a newspaper
that is published al least five days a week unless the only newspaper hr tha city is published less than {ive
times a \q/Bek, The notice shall be published at least ten days prior to the commission rneeting, ltlotwilhslanding
the provisions of subsection 1 18-223{a), any applieation hereunder need only include the F.S. eh, 163,
development agreemenl and subslanliation of how the proposed transfer complies with the criteria $et forlh h'l
subsections (c) anci (d) of ihis seclion.
(c) The cily commission in considering any such epplication for lhe transfer of develqpment rights purcuant lo a
F.S. ch. 163, development agr€ement may grant its approval upon a delermination lhatt
(1) The proposed lransfer is consi$teni with the intent of lhese regulations a$ sel forlh in sestion 11$421;
l2l fhe proposed lranster is consiilent with lhe lerms and provisions of the F.$. ch. 163, dovelopmetrt
agreemeni approved by the city commission; and
(3) The applicanl agrees to $alisfy lhe city's off-street parking requirements lor the property in s manner
consistent rvith the F.S. ch. 1 63, developrnent agreefi]enl.
(d) With rerpect to property subject to a F^S. ch. 163, development qreement. in addition lo lhe trantfer and
receiving properties outlined in seclion 118-222. the p.opertie$ within lhe C"p$4 dislrict shall also be permitled
lransfer propeities. and properlies wilh lhe C-PSS dislrict shall be permitted receiving properties for those C-
FS3 properlies located south of Second Street and wesl of Washington Avenue or rryest of the $outhprn
lheorelical extension of Washingtdn Ave*re, provided the F.S. ch. 153, development agreement spproves
such a transfer. ln addilion,lo lhe exlenl specifically approved in lhe F.S. ch, 163, development agresmant,
transfer of developrnenl righls shatl also be permilled from a GU dislrict as a transfer property to a C-PS2 or C-
PS3 diskict (which is subject to a F.S- ch- 163, development agreement) as a receiving properly.
{e) Subseclions 1 t 6-223ta} through 1 18-223{d) shatt not apply to proposed transfer$ which comply with ihis
subsection. Within 30 days after lhe cily commission approves a lrsnsfer of devebpment rights, the applicant
shall record the final order in the public records of ihe county, wiich shall be recDrded againsl the lransler and
reeeiving properties. The final order ehall comply with subseclion 1 l8-223(d), exeept as provided in this
subseciion.
I0..J. Ars 8a-2d65, S 6-p0f0j. o,{t. 1 O-l "89: Ord No 96.3M8. S 1 lC}" 7-t 7 -96}
$ocs. 1 18-225*{ I 8-150. fieserved.
:SLACKJOHNSTONMAGENHEIMER
92
722
ADDENDUM E _ I.1 ZONING CODE
93
723
fulunicodc Page I of3
M*ami Beach, Florida, 6ode of Ordinanc€s >> Subpart ts - LA!{tr PEVELSrMENT REGULATaONS >> chapter 142.
ZANNGDISTRICTS&NDREGULATIONS>>ARTICLEf*,.OI€TRICTREGULATIONS>>DIV}SION11. I-1 LIGHT
IiIDUSTRIAL EISTRIGT >>
Brvrsror.r r rl fr LrcHt
INDUS'rRIAL 1s'rRffi
Is,.
pF* 14?.3ff1 qumpFe.
SeS, 1jlz-{ff ..}tain bermitied-qseg*
Sac. 142:483. Conditionsl uses.
Secs. 142-.t8f l 4?-51 0. Reeryed.
Sec, 149481. Purpose,
The pdmary purpose of the l-1 urban lhht industrial distrio't h ta permit lighl lndustrhl uses lhat ars generally
compatibb with one another and wili adloining residential or eommercial dislricts. Uses lhai are compatibte and
complemenl light industrial uses, such as a limited range of offices, and commercial uses shall abo be permitted.
This dislrbt slall nol include any residenllal use!, except as provided herein-
ao,"d. Mr.83-2665, SO-14{$A},eff. f0-1-89:0,d.$6. Sl-tlF/. e$.11-?-sf:onl. ffo. g0-rO5O, Sa 7-17-90iOftr ff6.2{)0r-33tr. g
I 1A^17-81; Ord. Aro. 2$EBJE06, $ ,. 6-250Si Ord. il*.300P-30f3, g 1. ,&r{-'$l
$ec. 142482. Main permitted uses.
The main permifled uses in lhe l-1 urban light industrial district are lhose uses lhat are consistenl with the
distrbl purpose including lhe following:
(1) Assemhly or packaging of goods Bot utitizing heavy machinery. including food and beverage
products, small elec*ronios, walches, jerarelry, doc*s, musical lnstruments, and products from
previousli prepared materials (doth, leather, canvas, rubber, elc.);
(2) Light rnanufacturing. nol utilizing heavy machinery, including; ceramb producls, ghss products, hand
lools, and eleclronb equipmenl;
(3) Professional, business. research or admin'slrative oflices, eilher as a main permitted use or as part ol
a permitled lightinduslrial use;
14) Prirrting, engraving. lhhognaphing, media servbes and publishing, nal ulilizing heavy rnachinery;(5) Wholesals businesses and sale$, t/varehou$es, mini afld olh€r storage buildings, and distribution
facililies, oxcspt tho$e doring or distributing flammabls or exphsiye matefial$;(6) Hand car wash Eervicasi
m Adban studios, inclucling, but not limited to, crafls, fumiture, cabinel and rruood working shops, glass
bk rfiing and samihr shops:
(8i Plumbing, eleclrical, air mrditioning and other sirnilar type shops, which rmy wholesab and slore
parts oa sile;
(9) Tailoring servkes. includkrg dry cleaning;
(10) Main use parlting garages and pa:kirg lols;
(11) Utilities;
(12) Landscaping services, including nursery facilhies;
(13) Comnercbl uses that provide supporl servies lo the l[ht indudrial uses and to lhe adjacenl RM-3
resideflts, including reiail sales, photocopying. coffee shop, $afidard restaurant, video rental, bank;
94
724
Iv{rmicodc Page 2 ol3
(14) Marine-related use$ (when located adjacenl lo waterfront areas); and
(15) Any use similar and compalibb to lhe uses described in lhis distrlet and the districl purpose as
delermined by tha planning dir6ctor.
fsrd. Nr, 80'266,5 S 6,r4{A}t2). et!. 1c.1 89: 0.d. No. 91"2767. eff. ,1'2-s1;(},d. r1lo. 200fi-r60& $ 1, 6.25.0S; Q!d. No. 2&9 3563.
s r. 1o-f4-o9l
Sec, 142-{83. Csnditipnal uses.
The conditional uses in the l-1 urban light induslrial dislrb'l arel
Any use that includes the retail sale of gasoline;
Automobile service slations;
Mechaniml car wash facilities;
Auto repair;
New constru{iion of struclsres, as defk}ed in sedion 1 14-1, of 50,000 square leet and over, wh;ch
reylery $hall bo lho first slep in lho ploces$ beforo lhe roview by sny of the othor hnd developmenl
boards;
Developmenls oil properties greater than 20,000 square feet of lot area;
Machine, welding, and priniing shops, invofuing heavy rftachinery;
Reclcling receiving statbns;
Ulilities;
Residenthl uses, ineluding liye+'rork units, when included in rehabilitation of bufldings exislifig €s ol
Oclober?4,2009;
(11) Neighborhood impact establishmenl; and
(12) Towing sewices: Lols revierared pursuant to lhe conditional use process shall also cor*ply with the
following cdteria:
a. A schedule of hours of vehicle slorage and of hours of opcration shall be submitted for review
and approYal by lhe planning board.
b. If the towing yard is proposed to be wiihin 100 feet of € propeffy line of a lot upon wh'ch there
is a resideoliaf ose, lhe planning board shall analyze the impacl of such $orago and/or parking
on lhe residential use. The analysis shall include. bul not be limited to, visual impacls, noise,
odors, effec,t of egress and ingress and any olher relevant faclor lhat nray have an impact on
the residenlial use.
c. Touring yards musl be fufly screened from vieur as seen from any right-of-way or adjoining
properiy, when vierived from liye feet six inches abcve grade, with an opaque wood fence,
masonry wall or other opague screenirp device nol less than six ,eet in heighl.
d. Parking spaces, backup areas and drives shall be appropriately dinrensbned lorthe type of
vehicles being parked or sl6red"
e. Towing yards shall be required to salls$ ihe landscaping requiremenls of ubsedion 126-6(2j,
and shall be sublect to the design revlew procedures, requirenents and crileria as set forih in
chaptar 118, article Vl.
(13) Main use pa*ing garages;
(14) Re$aurants wilh alcoholic beverage licenses (alcoholb beverage edablishments) with more than 100
seats or an occulanoy conlenl (as detennined by llte fire marchal) in excess of 125 persons and a
floor area in excess of 3,500 square feel.
iGrd ff. €9-?665, S 6-f.rfil{i}.4ff. 10-t-89: &"d. ni1. 9l-!762 etf. tt-2-9t: od. Alo. !00&J5r3. $ t. 5-10-06i ord. Nd.2@.6-3514,
$ ?. ,5'10-*$ Otd. l,to 2{}O6-351 r, $ t, 7-12-16r Ord. No. :008-3SrS. $ f, 6-2.}fS; Ord. ldo 3009-3663, $ f. 10-1{-O9; Ard No.2O12-
3186, $3, 12-12-12)
Sec- 142484. Accessory uses-
The aocessory uses in the l-1 urban light indu$dal dislrict are as follows: Those uses customarily associaied
whh the district purpose. (See article lV, divlsbn 2 of this chapter).
(1)
(2')
(3)
(4)
(s)
(6)
(n
(8i
(e)
(10)
:SLACKJOHNSTONM^![GENHEIMER
95
725
I\.'Iuni*ode Pagrl 3 of 3
{t3,d. Na 89-2fi65. S 6-r4{6jf4,}. efi fS-1-89; (kt}. N{i. 91-2767.e|f. 11-2-91:Ord irro. 06.305O. S 2 f-rl-96, Ord fuo. 208r-332S. $
2. 1(t-17-At: $rct Na.2n68.1*fi& S i 6-25-0SJ
Sec. 142485. Prohibited uses.
The prohibited u$6s in the l-'l urban llght induslrial di$rid are acoessory ouldoor bar counters, bars, dance
hatls, or entertainme*t establishments (as defined in section '114-l of this Code) and residenlhl u$es. exoept a$
provided for in subeection 142483(10).
ao/d. Art Er-2665. S 6-?4($f51. *ff. fi-1-89; 0rrr. tutr:. $1-2767, eff I f-?-g'l: Ord. lJo. SdJ&*?. 5 2 7-17.95, Ord No. 2ffJt-3328. S
3, 10-17-01: Ord No. 2ffi.1.J445, $ r. 55-04: C.rd. Na. 2ffi8-3608 $ t. 6-?5i08i Crd. Na XO9-366.]. S ,, f0-rC-dSJ
Sec. 142486. Development regulations.
There are no lol area, bl width or unit area or unit size requiremenls in the l-1 l$hl industrial dislric't. The
maximum lbor area ltttio, building height and story rcquirements are as follov\rs;
(U Maximum lloor area ratio is 1.0.
(2) Maximum buiding height is,40 feet.
(3) Maximum nurnb€r of stori€s is four.
iO,d. tur^ e$-r6d5 $ 6-r{(3}. etr ,0-r-80r Ord. No, $6-3650, $ ? 7-17-9$, Ord. &a^ 07-3091 $ 2. i&8-9I, Od. AJo. 9$-310l, $ 1. 1.
21 -98)
Sec. 142,{87, Setback requirements.
The setback requiremenls for {he Fl light industrhl diSrbt are as follows:
(1) Frant yard:20 feet when abuliing a residenlial distriqt, qtlerwise nonp.
(2) Side yard, rhter*:r Ten feet when abutting a residentiat districl, olherwise vrone.
(3) SrUe,4ad, facrhgr a streef Ten feet wtren abutting a residenlial district, otherwise none.
(4) Rear yad:Ten leel when abutling a residenlial dis'trid, othenadse none.
{Ord &o. &&26S5 I $-r4(C). etf '10-1-89. Or{. No.2ffii*.3d63. $ t. ,r-r,l-O9l
Secs. 142-{88*t4?610. Reserved.
FO0T!'IOTE($);
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96
726
ADDENDUM F - TERMINAL ISLAND EXISTING AND CONCEPTUAL PLANS
97
727
Terminal lsland
Miami Beach
23 July IO14
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l,lelll€Btd Fe$tsr^l' Pe?trtsts
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107
737
ADDENDUM G _ QUALIFICATIONS OF THE APPRAISER
108
738
QUALIFICATIONS OF APPRAISER
ANDREW H. MAGENHEIMER, MAI
EDUCATION:
Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986
EXPERIENCE:
Over twenty years in the field of real estate, involved in various forms of consultation,
appraisal, economic research and market analysis.
June, 1997 to Present, Principal, Slack, Johnston & Magenheimer, Inc.
August, 1991 to May, 1997, Senior Appraiser, Slack & Johnston, Inc.
February, 1987 to July, 1991, Staff Appraiser, Dixon & Friedman, Inc.
GENERAL APPRAISAL EXPERIENCE :
Appraisals - Vacant land, environmentally sensitive land, aviation facilities, industrial
facilities, shopping centers, office buildings, apartment buildings, residential
developments and single-family residences.
Consulting - Economic research, market analysis, feasibility analysis and ad valorem real
estate tax assessment appeals pertaining to industrial, commercial and residential
properties.
Litigation Support - Appraisals and consulting, including expert testimony, concerning
various property types.
AFFILIATIONS:
Licensed Florida Real Estate Broker
Florida State-Certified General Real Estate Appraiser, CertificationNo. RZl073
Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education
Completed
HUD MAP Training
2002 President of the South Florida Chapter of the Appraisal Institute
109
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RESOLUTION TO BE SUBMITTED
740
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