R7J-Approve Term Sheet Purchase And Sale Agreement For 226 87th TerraceCOMMISSION ITEM SUMMARY
Condensed Title:
A Resolution Approving A Term Sheet Relating To The Preparation Of A Purchase And Sale Agreement (PSA) For The City
To Sell 226 87th Terrace (The "Property"), And For 8701 Collins Development, LLC (8701) To Purchase The Property
Appraised At $2,700,000; Which PSA Shall Require 8701 To Construct A Mixed Use ResidentialAnd Commercial Parking
Garage (The "Project") And Deliver To The City 120 Municipal Parking Spaces As A Condominium Unit Within The "Project";
And Which PSA Shall Be Consistent With The Term Sheet. And Conditions The Citv Commission.
lntended Outcome Su
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 55% of businesses rate the
effort put forth by the City to regulate development is "about the right amount."
Item
8701 Collins Development (the "Developef') has proposed the purchase of the City owned parcel located at 226
87th Terrace, currently used as a public parking lot.
Existing parking revenuefrom the City's 14 space lot ($210.00 in FY 12113 and $300.90 FY 13114 (YTD)) will be
replaced by providing the City with 120 parking spaces within the proposed project.
At the appraised value of $2.7 million, the cost per space of the City's spaces would be $22,500.00. As a frame of
reference, the cost per space of the Pennsylvania Garage was $25,233.00 per space (2010) and the Sunset
Harbor Garage cost $23,435.00 per space (2012).
The Developer shall also be responsible for all costs associated with design, development and construction of the
City's spaces. These spaces will be physically segregated from the remainder of the parking.
The Administration recommends that the Mayor and Commission adopt the Resolution approving the Term Sheet
relatino to the oreoaration of a Purchase and Sale Aqreement.
Finance and Citywide Projects Committee
Financial lnformation :
Source of Funds:Amount AccounUFunding
1
2
3
Tota!
Financia! lmpact Summary: N/A
Department Director Assistant Cfi Manager Gity Managerg,mfl JLM Tr
AGENDA '"* flJ TE MIAMIBEACH DATE742
C MIAMIBEACH
City of Miami Beoch, I200 Convention Center Drive, Miomi Beoch, Florido 33.l 39,
www.miomibeochfl.gov
COMMISSION MEMORANDUM
TO:Mayor Philip Levine and Members
FROM: Jimmy L. Morales, City Manager
DATE: September10,2014
SUBJECT: A Resolution Approving A Term Sheet Relating To The Preparation Of A
Purchase And Sale Agreement (PSA) For The City To Sell 226 87th Terrace (The
"Property"), And For 8701 Collins Development, LLC (8701) To Purchase The
Property Appraised At $2,700,000; Which PSA Shall Require 8701 To Construct A
Mixed Use Residential And Commercial Parking Garage (The "Project") And Deliver
To The City 120 Municipal Parking Spaces As A Condominium Unit Within The
"Project"; And Which PSA Shall Be Consistent With The Proposed Term Sheet, And
Conditions lmposed By The City Commission.
BACKGROUND/ANALYSIS
8701 Collins Development (the "Develope/') has proposed the purchase of the City owned
parcel located at 226 87th Terrace, currently used as a public parking lot. The Developer
owns the adjacent parcel to the City's existing parking lot and proposes to join the two lots,
subject to a Declaration of Condominium, for the purpose of developing a mixed use project
consisting of parking garage, retail space, and residential/hotel units. This project will
provide considerably more ad valorem tax revenue than currently collected by the City. By
selling the Property to the Developer, the combined site would be taxable and worth more
than currently appraised. Additionally, Developer has agreed to include two City of Miami
Beach entrance features as part of the design and construction of the Project, giving North
Beach a much needed design element welcoming residents and vlsitors to that part of the
City.
Existing parking revenuefrom the City's 14 space lot ($210.00 in FY 12113 and $300.90 FY
13114 fffD)) will be replaced by providing the City with 120 parking spaces within the
proposed project. These spaces shall also be consideration for Developer's purchase of the
City property. ln furtherance of this discussion, the Administration commissioned an
appraisal of the City's parcel, which is also attached hereto.
At the appraised value of $2.7 million, the cost per space of the City's spaces would be
$22,500.00. As a frame of reference, the cost per space of the Pennsylvania Garage was
$25,233.00 per space (2010) and the Sunset Harbor Garage cost $23,435.00 per space
(2012).
743
87rH Terrace PSA
September 10,2014
City Commission Meeting Page 2
The Developer shall also be responsible for all costs associated with design, development
and construction of the City's spaces. These spaces will be physically segregated from the
remainder of the parking. Further negotiations will determine management and/or access to
the City spaces once the project is constructed. Such determinations will be approved by the
City Commission at a future date.
On July 30'2014, the Finance and Citywide Projects Committee discussed this item and
recommended that it be brought to the City Commission on September 10, 2014.
CONCLUSION
The Administration recommends that the Mayor and Commission adopt the Resolution
approving the Term Sheet relating to the preparation of a Purchase and Sale Agreement.
rum
T:\AGENDA\20 1 4\September\87th Terrace Commission Memo 09- 1 0- 1 4.docx
744
2.
Purchase and Sale Asreement - 226 87th Terrace Term Sheet
1. Parties.
The City of Miami Beach (the "City") and 8701 Collins Development, LLC ("8701")
intend to enter into a purchase and sale agreement ("PSA") for 8701's purchase of
Parcel D (as hereinafter defined) from the City, and for thedevelopment
of the Property (as hereinafter defined).
Property.
a. 8701 is owner of that certain parcel of land located at 7925 Collins Avenue, Miami
Beach, Florida (Folio # 02-3202-006-0420), which is approximately 15,312 sq. ft. in size
("Parcel C").
b. City is owner of that certain parcel of land located at 226 87ft Terrace, Miami
Beach, Florida (Folio # 02-3202-006-0430), which is approximately 15,313 Sq. Ft. in
size ("Parcel D").
c. Parcel D is north ofand adjacent to Parcel C. Parcel C and Parcel D are herein referred
to collectively as the "Property."
Scope ofProject.
City and 8701 intend to enter into the PSA for 8701's purchase of Parcel D from the City.
The PSA shall also prescribe certain terms and conditions for the development of the
Property. The Property shall be developed and constructed as a main use parking garage,
which garage will include the City's Municipal Parking Spaces Condominium Unit (as
defined in subsection 4(e), below), and other uses to include (i) a retaiVcommercial use
component on the first floor; (ii) one or more levels of parking garuge directly above the first
floor; and (iii) a hotel or residential component above the garage levels (collectively, such
development shall be hereinafter referred to as the "Project").
Key Terms & Provisions.
a. City will convey fee simple interest in Parcel D to 8701 upon closing.
b. The closing will occur within thirty (30) business days following the issuance of all
necessary final, non-appealable development approvals for the Project, but not later than
one year following execution of the PSA (unless extended by mutual written
approval/agreement of the parties).
c. 8701 will be responsible for the design, permitting and construction of the Project. 8701
4.
745
d.
e.
will design and construct all improvements on the Property, including the City's
Municipal Parking Spaces Condominium Unit, provided, however, that the City shall
have review over, and final approval of, the design and construction plans and
specifications for the City's Municipal Parking Spaces Condominium Unit to ensure that
each space is designed to meet the City's needs and construction standards. 8701 shall
deliver to the City, prior to construction, a per-parking space cost allocation in order for
the City to determine whether the price per space of the City's Municipal Parking Spaces
Condominium Unit is commercially reasonable and acceptable.
Final completion of the Project will occur within three (3) years following the issuance
of a Full Building Permit.
The Project will be subject to a Declaration of Condominium delineating the City's
Municipal Parking Spaces Condominium Unit from the rest of the Project. No later than
90 days after issuance of a temporary certificate of occupancy (TCO) or certificate of
occupancy (CO) for the Project, (whichever occurs first), 8701 will deliver the Municipal
Parking Spaces Condominium Unit, consisting of 120 parking spaces, to the City.
The PSA will describe the Municipal Parking Spaces Condominium Unit in narrative
text, and will incorporate as exhibits to the agreement conceptual sketches showing the
location and dimensions of the Municipal Parking Spaces Condominium Unit. After the
Project receives design review approval, and no later than application for a building
permit, 8701 will provide City with a legal description of the Municipal Parking Spaces
Condominium Unit.
Upon issuance of a TCO or CO for the Project, (whichever comes first), there will be an
accounting of the final construction costs for the City's Municipal Parking Spaces
Condominium Unit. The total of such costs, to include cost of construction materials,
labor and soft costs, shall be compared to the appraised value of Parcel D of $2.7 million
(adjusted for inflation), in order to determine whether any additional amounts are due
from 8701. In the event that the appraised value of Parcel D (adjusted for inflation)
exceeds the final construction costs for the City's Municipal Parking Spaces
Condominium Unit, 8701 shall promptly pay the City the difference. In no event,
however, shall the City be responsible for any additional payment to 8701 for the
development and construction of the City's Municipal Parking Spaces Condominium
Unit.
8701 and City will work cooperatively to seek approval of the design
and development of the Project. 8701 will be responsible for submitting any required
applications for development approvals, with City as co-applicant, if and as necessary,
for the Project (i.e., Design Review Board, Planning Board, and/or Board of
Adjustment approvals).
8701 shall not be entitled to assign or transfer its rights under the PSA until after the
issuance of a Certificate of Occupancy (CO) for the Project.
o
h.
746
J.
k.
8701 shall pay for the attorney's fees incurred by the City for outside counsel's
(which counsel shall be selected and approved by the City Attorney) review and
negotiation of the PSA, and any related agreements, if any, not to exceed reasonable
amounts, as mutually agreed upon by the Parties.
8701 will install, at its sole cost and expense, a "Welcome to Miami Beach" sign at the
northwest corner of the building, the design of which shall be approved by the City
747
MAGENHEIMER
TEAL ESTATE ,LPPRAISERS & CoNSULIAHTS
7245 S.W. A7.AYE!'rUE, SUITE 30O
MtAMl, FLoFrDe33 179
APPFTAISAL OF RHAL PROPERTY
O.3$lLsnE glrg Locargn ar
23:6 87 TxnnAce
Mmut BEAcH, Ml]|lrtr-Dane CouNTv, FLotloA
DRI[FT
AprRiqls*t. Rrronr
SJM Frr-s: tdO67
PREPAREC} FOR
Mrt" EnTc SARPENTEE
FuBLrc Wonxs Dlancrcncrv op'Mterqr BEACH
1700 Coruver'mloN Cer*rrcn DRve
MrAMr ElEAcH, FroRrp.a. 33 1 39
199
748
J{}HNSTONMAGEHHEIMER
FIEAL ESTATE JlFpar,lrE;$ & CoN:tul.tAfirr
AN$REW I"I" MAI3EHHEIMEE, MAI€ffi,GeN.Strl$?3 THEoDoFE \,11. Sr.Atrr, ldAl
fi 902- !99A)
THEoooREC. Sl3eK. MAI
ann*ral
lUE BARRE-Tf, 3T.ACK. MAflEsm)
June 3S, ?014
Mr. Eric Calpenter
Fublic lYorkr Direetar
City of Miami Beach
l?0S Convenrion Center Drive
Miami Beach, Flrrrida 33139
RE:Appraisal of Real Frop*rty - 0.35-Acre Site at 22 grrace,
Beosh, lvli ar:ri-Dade Counfy*, Fl orida
SJM File: I40S?
Dcar &Ir. Carpenter:
At your request, wu have oI the value of the fee simple
interest in the above refcrenced June 24,bctive date of the
appraisal" The scope *f this appraisal i alysis to
th* sub.ject property, as of a current dal is
"acros! thr fence" val*atian of th* p
estimate the fee si f the on thffipcrthetical condition the site
has a laad usc ar ta th*. sit ted adjdcent to the south cf th* subject
pr0prrty.
ccated at 22S 87 Tarace in the City *f
al-comer location with mad lrontase and
erra$e antl Hardi*g Aveaue. The sit* is currently zoned
has a land use of P tParking), bxsed on its
Citffiff Miami Beach. This appraisal is based on lhe
a l&d use and zoning of RM-? {Residential Multifamily,
Medi with the adjacent uses to the souih. All ntilities are
availab improvements itr*]ude asphalt paving, concrete curbs and
sidewalks,and minimal I andscaping.
SLACK, JOH FISTON a t{A€;.!tHElMER, lxc.
?"?4$ $.\#.87 AvElruE- SuffE 3OO, MlnMr, FL0R|EA ES17
TELEI.HoNE(3O5l57&31 I I * EMAtLi SJMIJLMI€AoL-CQM
the market yalue of
rvill be based on an
eornparisot: appnrach to
(Civic and
hip and xse
ie*l c*nditian
ensity), co
200
749
Mr. Eric Carpenter
Jure 30- 2014
Page Tw'o
The appraisal report state$ our opinion oI rnarket value. suhject ta assurnptions
yses f.brrningand limiting conditioas ctmtained in tllis rep$rt. The praperty visj
the basis of our valuation have been performed by the appraisal has
been prepared in accorcian$e with the Uniforrn Stan<ia fussional Appraisal
Pr:actice TUSPAP)" as adopted by the Appraisal
Faundatit:n.
of the Appraisal
Based on our inl'estigation and
yalue $f the fee sirnple interest
f"ollows:
unalysis, we the opinion
in the subj , &: of June ?4,
T1YO I}IILIIO}{ SE1rEN HUNDRE} T DOLLARS
The t'rrll,nrving report summarizes lhe
Rrspectfully submitted,
SLACK, JOHN
DRAFT
Andrew I,I.
fEs.?. QgFr. EZl0?3
DRAFT
Zachary fllen
CEI,T, GLH. Rz]I:d
201
750
?AELE OF CONTENTS
SUh/{MARY $F SALIENT FACTS ANI) CONCLUSIONS ......"" ICERTTFTCATION ....."..............3
ASSUMPTIONS AND LIMITING COhIDTTTONS........,....... ...,..,4
OWNERSHiP AND HISTORY OF T}iE PROPERTY .........1. , . . . r . , : - . - - . r - - . . . . . . , . . . . " . . . ,/
PU&.POSE, INTEN{}ED USE AND DATE OT THE APP
DETINN'ION OT VALUH -4,N} INTEREST APPR ,'..'....""..,.... 9
EXFOSUITE AND MARKHI'ING TIh{E..."......
DESCRITTION OF THE SITE,
S.EAL ESTATE TA,Y ANALYSIS.. "............
LANN USE ANS ZONING
SALES COMP"{R"ISON APPROA .24
RECONCILIAT1ON AHD TINAL Y
ADDENUUM A * ?HOTOCRAPHS
ADDENNUM S _.COMPARBLE LA
ADDENOTI}\{ D -
:......."."..".....""--.... 3 I
ylgruryY..,....".... ..",.. ..i 13
N "...".."...""............"... l?
RS..........................."....... s2
SLACKJOHNSTON
UAGEN-UEtt'lEE
202
751
SUMIIIARY OT'SAL{ENT TACT$ AHD CCIT{CLUSIO}IS
?013 Tax and 2014 Assessrnenf Infornatior:
Pnrperty Appraised:
Prnperty Type:
Folio No.:
Land Value:
Improvement Value:
Total Market Value;
2013 Tzu.r"es;
&vncrship:
lnterest Apprai;ed:
Land Area:
Current Zcuing:
?2687 Tcrrace, Miami Beach, Florida
Vacant land
02-3202-006-043il
$1,990,690
$5,0$9
$1,9SS,759
Exempt
City cf Mi
1?00 Conv*nti
Miami 8each, F
[5,3 0,35 acres
GU{
I
City of Mianri
Beaeh
P (Parki*g);&&Usf Miami Beach
i*l Multifamily, Medium Inrensity);
Beach
(R*sidential Multifaruily, Medium Intensity);
of Miami Beach
Future developnn*nt of as optimum size building
rvirhin the constraists of zoning and market demand.
Juue 24,2014
June 30,2014
$?,?00"000
Use);
Cun"ent Lan
Date of Va
"As Is" Value trrclieation:
;03
752
,{ERIAL T'}IOTSSITATH OF T}IE SUBJECT PROPERTY
il
ft]
it'd.S"#
"" ts tritl '!
'ri'*l
r.- qri
i-r*i
S.
.*Y
2
204
753
CENTITICATION
Se ce*ify $at, ro rhe best ofrur knawledge and beliell ..,
lhe sfarem*Els ol'fact contained in this report sre truc E*d c*ne*t,
the reported analyses, opinionr. and conclurion* are limited only by
lirniting canditions arr<i are ouf p*rson*i, innpartial, and unbiascd
and conclusions.
we havs no prssefit or prospec'til,e interest in the properlies
no personol intr:rest rvith respect to the partie* intolveti.
rve havn nr> bias with respect lo the propertie* I
involved with tlis assignruent.
our engflgcment ilx thi* assignment wai
predetennin ed retulls.
uur cofipensadon fur completingsis assignrnent Is not
reponing of a predet*mriaed val irection in value
fimouni of rhe value opiaio*, tha
subscqucnl event directly rclated to
a stipu
ih* r*ported aflalyses, npinions, and
prepared, in con
oI frofiessi
Standards o
theu
rs su
*l tnstirute.
&is
as$umptions and
ys{$, uplnr0ns,
nf this rep*n ancl
the ponies
developing
upon the developrnent or
*re cause af thE elierrt, tJre
the occurrence of a
rhis report h*s lxen
Ethics end Standards
includc the Uniform
and
tle requ the lessional
ice of Appraisal I tute, whieh
{*al Prsstice AP).
ts the is the subject of this repon.
assistancs ta lhe persons signirrg this
irerner:ts of the Appraisal Insiitute relating to revierv by
regarding the ruhject Fr$FErty within the prirr threc years.
Andrew l{, Magonheimer, has crmpleted the continuing educa(ion
Andrew It Magenheimer, lv{,{l
crx.T.6EN. X21073
SIACI{, JOI{I{
DRAFT
& MASENHEIMER, INC,
DRAFT
Zachary Olen
CERT. GEN. EZ3I24
20s
754
.ISSU$,T TTIOS{S ANN LIM TTIII{G CO}MTTiON S
The appraisal is suhjer:t to the following assunrptions and limiting conditions:
I-No responsibility is a*surned for the legal description or for matters including legal cr
title consideratiens" Title to the prop*rty is assunred to be goodglrd morkerabl* urless
*thenvise stated"
2.N* i*gal *pininn rclated to a title search w*s prrvi existirrg lisns and
em,urnbrances, including deed restrictitns end deve have not becn
flee and slpar.investigaretl unless othem'ise statei{. The propeny i
3.
(+.
5.
Responsible awnership and competent
The informarian furnished by others
reliable, horffevero ns wflrrefity is given fr:r its
All engineering and suneying is assumed to be sketches, plat4 *r drarvings
in*ludpd in this rsp*rt arE inc to assist the iiaing the prop*rty. We
har.e lrtade nu survey of thc
xuch mafters"
It is assumed that lherr are nB of the properry. subsoil, or
structurts$ thst i[ more crr less .NCI ibiliry is assumed for unusual
matteffi is inlerred or conrlrucd liom the
atla*hed stated in th* rcpon. [,1nlm* nratcd *rhenr:i*e.
lh* soi subject assumed to be udequate to suppoil
d*velopment ional t*hniques. We r*commend the client
oblaip an opinia g firrn
full compliance with all applicable lbderal, state, and local
is xtated, dsfined, andws unless nonr:t:n*ptrian**
applicahle zoni*g and usr rcgui.ations and restristions have hee*
a rolconfinrmity ltas been stat*d, dcfined, and considurcd irt the
trtisa rll requircd lieenscs, cefiificat*S r:f *ctupancy" mnsents, or othef
Iegislative^ffi administrative auth*riry linrn any l*satr, stale, or naxionnl gov*mmcfi or
private eniity ar organization have heen or can be obtajned cr renervsd for any us* on
which the valu* *stimate containerl in *ris reFsrt is hrrsed.
Esstffile no
m s0urces bs
ilitv ia cornection with
es lo th
:spec.ifi
considered in
206
755
10.
I l"
lr is assumod th*t the utilirati$s of the lan{ and any improvemenrs is within the
bormdarics r)r property lines of thc prr:perty described and that there is no encroachment
or rqspe$s unless noted in ttre report.
Any propcsed or partially completrd impror.em*nts'included in this repon are assumed 1r:
be completed in accordauce r.vith approved plans and specifi
Inanflef.
12.Our eslimates of furure values $ere Isrmulated bascd
dxte ofappraisal, considerate of furure projectiont
appraisrr has nq responsibility for signit'icant
*trbscquefir rCI the etlbcrive dste sr darrs cf
i3.Thix study is to br used in whnle and
ror:junctiein with nny ather appraisal.
without the rvrittea consentof the apprai&r is
14"The appraiser, by reasoR of this rryoffi, is not
lestimony, or be in ane&dffrce with
arrffiigeflents have becn previ
t5.Neither all, nor any part of the
r'utue, the idenriry of the appraiser,
shall br disscmi the public t
other media nlten
i* a rvorkrnanlike
16. Unless
conditionr as uf the
ng and demand. ThE
that
part of it
or aBy
giva furtber cousultation,
propeity in questiou unJess
any conclusions as to
appraiser is connected),
ic relailons, *elvs, salcs. sr
appmvaH6f the appraiser- The use of this
or ent is specifically prohibited.
s report, the ffitence of hazards*s suhstances, including
iphenyls, petroler:m leakagq or agriculnrral
CIr th* propertl', or othcr environmeutal
to lhn aftcntion ol, tror did tha appraiter become aware of
The appraiser has no knowledge sf the existence
unless othenvise stated, The appraisern hswcver-
withoul limitat
Br ln
t7"
r such es nr conclitions. If the presencs of sr:ch subslances,
fonrialdehyde loam insulation, or $ther haxardous substalrses or
sns) may affect the value qf rhe property- the value estirneted is
that lhere is no such conditian on or in the propexy or in
luch that it rvciuld cau$e a lass in value. Na respon*ibility is assumed
for any
discover
nor for any expertise or engineer:ing knonledge r*quired t*
It is recsmm*nded that the olient retain an exp*rt in this field, if needed.
Sestion 4S4.056(8) of the Florida Statutes requir*s that prior to or al the time a rental
Bgreement or contra{t for any building is executcdo the fallarving disslosurE stslement
must be issued:
o
rh
ip not qualified
as asbestos,
20v
756
"R"},D&N 6A,5: is a narurally occurring gas that, rvhen it is has
accumulated in a builtling in suffici*t quanlities, may present risk
to persons who are exposed to it over tinre. Levels of rsdon that
exceed federal and state guidelines have been ibuncl in building in
Fiorida. Adrlitianel infbr.mation regardlng radon and radon testing
may be obtained from your public health unit"lr
It is assumed that seJlers will comply rvith rhis law.
I8.Disclosure *f the content$ af this report by the appra
Institute of which $rte or m*re signarurcs of this
Florida Depanrnent cf Prr:fessional Regulation,
The analysis anrt ualue conclusions, as $ell inf'onnation the subjmt
diru to any per$$n$
by rho Appraisal
ber and by the
Certification.
theFropefry, are conlidential matters and
party for whom the report is prep*red.
Exceptions to this con{identiality provisir:n are
Institute nr rh* Florida Ilepartment of
ees of thfAppraisal
for peer revie*'o ard
subpoenas by any court havingfg[gliction to requs$t ionof the repon.
Appraisal Assumptions
t9.Th* dite is r;unentl1, z*ned CU (Ci alid has a land use of P
(Parking),ownership the Ci i Beach. This appraisul ix
btsed an the on the is zcned :2(Residential Muliifamily,
Me{iium
Aceeptance 0ruse f the preccdiag ccnditions.
308
757
IDENTMCA?TO]!{ OT' THE TROPERT}"
The subject property consisrs sf a 0.35-acre site located *1226 87 I'errace in the City of
Miami Beach. The rectangular site haa a dual-comer location with road frontage antl
&euess fram Collin$ Avenue, 87 Terrace aud Harding Avenue- T'lre site is currently zoned
GU (Civic and Covernment [Jse) and has a iand use of P (Pg$i based on its
bassd sn lheorvnership and use by tbe Ciry* of Miami Beach. This
hypothetical condition it has o land use and zoning of RIvI
Mcdium Intensity), consist;nt with the adjauent uses All utilities are
available to the site. Site improveatc*ts include
sidewalks, parking meters and minimal landscaping.
nesotiating the
this appraisal.
rete curbs *nd
LECAL D
The following is a legal descriptisn tbr the subject
County tax roll:
Parcel I a/l$a the North 1/? of B
Miami-Dade CounS, Flori da.
I
Book 4, Page 162,
A:{D YOF PERTY
ounty lax rr:subject property is turrently ownerl
Convention rre, Miarni Beach, Florida 33139. Th*
have been no transfers of ownership
EIt[,SE AIqD D.A.TU. OF TTIE APPRAISA.L
The I is ta d*velop ar:d report an opinicn of the nrarket value of
ths tb* si subj*ct prop*rty, as cf June 24, 3014, the effeetive date of
appraisal.report is Iune 30, 3014- Tbs ctlant xnd intrnded user of this
report is The Miami Eeaeh, Thr intended use ol the appraisal is to assist in
ot-th* parcel" There are no otker intended users or intendeel uses of
According ttr
by th* City of Mi
oronerh'is currcntlv: I 'JsBIenr-
of this
209
758
SCOPI, OT THE AI'PH,AI$A,L
The s*ope of, this appraisal report is defined by the purpors, which is tn devdop and
repofi the current market r,alue nf ths fee simple estate in the subject properry This
appraisal rvill be based on an "across the fencs' valuatian of the praperty utili:ing the
sal*s comparison approach hased on tht h3pothetieal conditir:n the gi a land use arrd
zoning sf RM-2 (&.esidenrial Multifamily* Medium Intensiff with the site
Iocated adjacent to the south of the subject property. trYe
and the prCIperfy.
the neighborhood
Subsequent to our site visit, researcl: was ccnduc tion of tlr*
highcst snd best $si, as of the dat* af l,aluati an*Iysis
considers all physically possible, legally le and
rvhich the property can hrput aS varant and j As
*nd best use of the subject propeny, as though
constraints of zoning and market dernmd.
lopment in th*
After concluding th* highest and the valuation wrre considered. The
appraisal process can inciude three are the inccme,
sales comparison, and cost
dderrniaed by the type of property bei
assignn:ent" As disc the subjert
csmpgflSon idered the applica
sub.ject praprrl
Our rrsearch ompar*hl* lffi sales, rr;hicir cxtended ftom Jaruary,
2012 to search troncentrat€d on *ales and listings
uf si Et area lor purposes of camparison to the
sales inclucled reviewing the deed and corfirming
ies to the transaction, ff otherreliable sources. a$
each sale ryas made when acc$$sible.
The ysis is a reconciliatior *f the appraisal methods usgd. The
data used- and the reliabilitl' of their value indicaticas, are thequantity
bcsis fur th$on ofralue"
ncluTX
bctive
of
t and
ically fi
I be discussed,
ion ffithese approaches is
scsps of the valuation
a vacant site. The s*les
ch in the valuatior: crf the
details with
e10
759
DEFINITION OT'YALUE ANI} INTEREST ATPXAISEN
'l'hc...U$i-lorm Standards-of Profqssional ApJrraisal Pr.actice (USPAP 2014-15) defines
Illarket Value qs "& typ* of value, slated as an opinion, that prssum*s. the transfer of a
propsrry {i.e. a right of ownership or a bundle of rights), as of a cefiain date, under
specific conclitions s*t fo*h ir the definition af the term idsnli the appraiser as
applicable iR an appraisai"t'
We have relied on the definition of
bring in ahtarket Vdue as "the rnost prolrable price which
cilmp*titive and open market under all condifionn a tair buycr and
*rllsr each acting prudnntly and lcnowledgeably,ng ths price i by
undue stimulus. Inrplicit in this definitinn is ion of a sale ai iJi*d
date and the passing of tille ftom sellerto bupffi[gr condi wherrby:
I. buyer and seller are t3picatly motivated;
both parties arc wsll in
their best interests;
adyised, an in what Lh*y *onsider
3. a reasonable time is allol.ved for
4. payment inU States or in temrs sfl financial
thereto;
5.the pricr I conside n lbr ths property rold unaffectrd hy
ial or c loas granted by anynne assnciateql
$96, August ?4, 1990, as amended at 5? Federal firgi**r 122S?,
r, t 99.1), "
orh from{he Dic{gqrgy of Rea} EstqlgAu}raisa}, Filth Editiun, as
followsl
Fe* Simple 'nabs*lute ou'nership u*encumbered by any other inierest or
estat& subject thc limit*tions imposed by the govemmental power* of tnxation,
eminent domain ce power. snd eschsat."
[xposure Time is "thfi sstifirate* length of time lo property intsrest being appraiserl
u'ould have hecn offerecl in thc rnarket prior to th* hypotheticai consummation of a sale
at raarket l'alue on the effective date of the appraisal-"
toI},
2.
F-R. Fa* 14.4?
nsnt deftniti
2J.1
760
l?Iarketing Time is "an *pinion sf thc an:ount of time it might take to sell a real or
pers*nal property interest at the concluded markct value level during the period
imrn*diately after the effective date of tlre appraisals."
llypotbetical Condition i* "that which is contrary to rvhat exists but is supposed for ths
Furl;o$s of analysis""
EXPOSU 8,8 AIi[} ]!I ARKETIN C
Exposure and nrarketing tin:es are the typi*al ta expose arrd
actively market the subject property on the
consistent rvith the market yaiue estimate and
achieve at a price
markst valuc recited herein- The Iength of ti
prire, tsrms. investmenl quality and Exposure is ths
hypothetieal psriad irnmediately precediag the eftl markel
timr is the period immedi*tely after ths cffe,ctive date
.{ revielv of current rnarket activity ocated in the borhond, as well
as conver$ations with brrkcrs ip* market,ed in order to
consistent rvith
estirnate an exposule tims tbr the sT
exposure/marketing limu. arc typicalty
rcalisticalll,. We ha estifiated a ing time to lI rnonths.
It]
272
761
The subje*t property is lacated at ??6 8? Terrace or on ihe south sids of 87 Terrace,
berween eollins and Hardirg Avenues, This location is within the eentral section of
Miami-DarJe County, within the City of Miami Beach. The suhject property is located
NEIGHBORHOOD ANALYSIS
about 8.00 miles northeast of ths Cenkal Busin*ss District of Mi*n:ri and g,?5 miles
northeast af the Miami lnternational Airpofi.
Thc Ci$ of Miami Beach was incorporated on March 25,
approximately I.il rnile wide and compris*s a land ar.*a .l sq
an island which is
*lres. rne urty ls
boundecl on the north by the City sf Surfside, whichftffi the sd rop*rty, The
southern boundary r:f fu{ianri Bea*h is shipping
channsl *xtnniling from the ,,{tlanti* Ocean to t of Miar*i" The ndarr-
is Biscayne Bay/Intrac*astal Wateru"ay and is the Atlarrt
Access to Miami Beach, from the mainland, is
sorthernmost causeway is loeated 4179 Sfreet ol: the rr . and is knorvn as the North
Bay Causeway. At about 36 St Jrrlia Tuttle ar Interstate 195. The
\renetian Causeway reaches Miami roximat*l The MacArthur
Causervay (l*terstate 395) enters Mi 5 $treet.hur Causeway
txtends west to doyntou'n Miami rstale 95,,which is the
r*ajar northlsr:uth of th* Florida ing further west, this
i:ausew*y ls (State 836), which provider dirert
Turnpike. The North Ba5,
The
a*cess to
Causervay
Airport
rrtion of
the Florida
i Beach at ?9 Street, rvhers the subjecr
property is lssatt
nortt/south direr:tioa in*ludes lndian Creck
Road A-l-A). Collins Avenue runs fiom ffrvernment
nty line to thc north. In the subjeet area, north of
r$a acce$s raad, As notrd, the subject property has
of e6llins Avenue" S*uth of 50 Street, Collins Aveaue is a
paYeo!vided northlsouth baund r*ad. Indian Creek Drive is also a
major t part of lvliami Beach. Indian Creek Drive terminates and
merges rvi nus at 26 Street, rnore cr less" Eas#rvest tralfic is limit*d lu
of Miami Beach is fairly narrow.local roads si
The geaeral af tl"re subject propcrty's neighborhood are considered to be the
trndian Creek Waterway to the wesl, Atlantic Ocean aosl beaches to the east, 88 Street ta
the aorth and 4l Street to the south. Indian Creek is a partly natur:al and partly man-mad*
rvatenr/ay. The map o& the fallewing page shorvs the subject Froprr(yrs iocation.
1I
213
762
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ffi.'ffi'$ffillidf, iffi*u.,;,,r.'; i r, ;; ,,.
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F!i-':B i-"- '.' " -zd*r$Girr-i '{.:
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:'.'. -r:,l I t. .',;.
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ir.t'. I jr '., tt,,al. ,:-..-
l,',,t, I I ;i =i'--:r ii '
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.. -=:.-1.. .,-'.'Sdttj
,:' '--'6 -;.',.',!F2ffi;
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,ffiS;l|1rr;6T1l;:'':6.:
"'l :#r;",i: ;':1L*
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rir: jr; .,,r!:ii1;.,,9, '.,, du'*..- .s-
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ri'
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ry*
a:r--t , )Iti B.1:# .,'ii. .; ^';.
$":?,*t;gfr;n;;,iil:tr.S: ,!41 ':
h,$i,+-,,''ffili:#t' l{ormrndYhlrnd
ffi*-um*u,.&
ffi &'ii.'i.),{g,nBl}r"{' -: :.
Wtuft*a;Ui:*:S#fj''si:- 1,',"
*ii sdia.*;1r., .i: -1*^;'i'i'
kdiolfiff.Sr:t,.1,*u ,i
llti:r-:
::ffi
JOHNSTON--g-AGBE${-E
e14
763
The majority of resideniial developmffrt in the subject neighborhood on the East side r:f
Cellins Avenue is comprised of high-risc rental aparlments, residential condominirrms
and hotel uscs. Adjaceilt ta the east of the subject property is the Howard Jotrnson Plaza
Dezsrland Beach and Spa 335*room hotel. Development on the west side af Callins
Avenue consists of lorv- and mid-rise residential projeets. There are scattered eomnrercial
uses alang the east and west sides qf Collins Avenue.
In c*nclusion, the ueighborhood appears to be over 9S% buil New dev*lopment in
the area generally fcllnws the damslition af older im
t3
215
764
I}ESCRIPTIOT OT T}IE SITE
Bt6
;.
, G-
.\hf ,o's.i r /.'.: !: t t r i ! I i *t r nt fit'r /,, rr It{, t{'r
ti -l
216 $?'Tenarr*, I\tiami B*rch. Flnrida.
[,and A
Sliape:
Frontage;'l)irne
15,3 l3 :;{luare f ect; fi.35 **rc
Basical ly Itrer:tangular
The suh.icci prcpcrty has app",,lqaimatcly 175 fbct
alnng ,\7 Tcrrace and S7.5 feet *l flontag* al*ng
Harrling Av*nurs
rrf linntage
Collins and
t4
ffisl-AcKJOIINSTON
uaeEs,Fr-g!a-Ee
7L6
765
A**ess:
Topography:
Flood lcsuranee:
$ai[ Conditions:
Utilities:
\'-ehic.ular aseess to the propffty is provided from the west
side of Collins Avenuc, the south side of 8? Terrace and the
east sida of H*rding Avenue. At the subject pnlperty, Csllinu
Avenue is a three lane paved road and provid*.x only
northbound traffic {iow. Harding Ayenue is a three tane
paved road and prcvidcs only traffic flow- 87
Terrace is a tw$ land paved road
Collins or Harding Avenues-
Bnsically lsvel and at street
Zons "lLE"; Base nns detenrrl
t'eet. Nati*nal F Ccmmunity
12086C0317L,?009.
No soil report of the
perTnanent
adverse
of the
i
All public uti ro the site. The city qf
Beach
Depart for
the hffiai-Dade C*ung Water *nd
water and s*nitary $ew&gs) with the
r>f Mianri heing responsible for solid waste
ion and I Electricity is provided by FPL and
is provided by AT&T.
!'e report *f title has b*enprsvided cr reroi*wed,
appear to be any easemffitsn eneroachments? or
that r,vould adverselv affect the utilization of'the
site.
An envircnmental study was not provided" this appraisal
rsport is ba*ed on the assumption that no c*nditious exist that
would advors*ly aff*ct lhe utilization or marketability of the
property.
t
l5
pro*ided. It is assirnred that
ing eapacity tr rupport the
N* evidsnce of a*y
,ed upon our visit
Study:
2t7
766
s!xx:
)3"51f u
Ttwu ol
SurfsldeI 'strE
84n000 fT
ultF Y.*LF 1.' . to€r
I t00
id asq..!qsrFE*ffiftadM tudFtr&trq.{.& M &B*dredbrr*€t
16
rnil
ruoD 16ulilf,E iatE rrt
ilL${I-DArg {OLnirY,
rl.oIU$A*slsctKr{Ytrass
PTiELffi OF i$+l
,*lsrffiaum r&ir6d!:
tMlE
*& ldltr ttl ffis,k8
brk h9*sbEa*nffi*rxF@bn**cH*5*lryre#t*
rAPHtt8n
,Ee6CilS&
xlPrcvltE9
ITFTET}TN1t,i(H
tr&d rr$ra)l-{frraafi
218
767
REAL E$TATE TAX ANALYS$
The subject property is located **ithir the City of Miami Beac.h and vrouid be subject to
hoth city and county ad valarem taxes pn real property, if ucder private ownership. The
Florida Statutes provide for ass*ssrnent and eollection of ad velorern ta.xEs un real
property; howevcr, the taxes are assessed, ccllected, and used on I county lev*l.
by the Miami-Tlre asssssment fbr the property is established each year as of
Dnde Caunty properry Appraisey's Office at i0U% of "The tax due is
County. Millagecomputed according to annual rnillage rates established by
rates are the amouat paid to each taxing body for ev*ry
are payable inNuvemberwith a 4% discaunt and
Aecrrding io the Miami-Dade Ccunty tax
as$essments for the sudect properly ars as
Folio Numb*r:
Total Land Value A
Toral BuildingYalue
?tll4 Total MarketV $t,99
2014 Totai As*essed Val
30t3 Total Real Estate T
$654,16
The mafket valuc to $1 per squ foat, based on 15,313 square
feet (0.35 acrei.
value, Tax*s
il 1st.
L7
219
768
LAI{D USE ANO ZOITI}iG
Iand Use
Aecording to the City of Miarni Beach Pla*ning Dnpattn*ent's Comprehensive Pian, the
subject prCIpts$y is locatecl within aR area designatcd as '?arking"
Zoaing
The subjectproperly is located within thrjurisdictioual City of Miami
Beach and is currently aoned c'Ollt' (Cir.ir aatl
Sumrnary
As disEussed. ths cr:rTent land use and
City of Miami Beach. This appraisal
zonlng rs
is based on
privately awn*d it would be -2 (Residentia ily. Mudium Inten,sity).
sonsistcnt with thc adjacent uses,
Refer fo the follswing poges for a and maps. Tlre "RM*?"
districL provides tbr nrain permined e-ly detached dwellings,
tolvnhomes. apartn:-hotel I uses permitted in the
'"RM-z*' disrrict ving, day$are, nursing hnme, religious
instirutions, pri commercial and noncomJ,nercial
parking lots neigh impact est abli shments.
Property:
2,0
?,{}l)0 Square Feet
5S Feet
550 $quare Faet
800 Square Feel
eight 60 Feet
Staries 5-Stories
Fnrnt - 20 fcct; side, interior - 5 feet, sida fasing a
street. 5 feet; and rear 5 feet.
Thc above rtated zuniug rrstrictions are basic requirements outlined In the roning code.
Ther* ure sevsral overlapping seetions of the zoning code, as weli as huilding codr
requirements, which would be considered in a full zoning code cnmpliancs review" A
copy ofthe zoning code is lncated in the addenda.
r8
724
769
LAIYD U$E II{AP
l9
72L
770
.ACNINS trlIA.F
,i. i, i,i-. oo- tE.-r...ri" .;:-":d ,.,'.L"{f--*i
!
2A
lsrAynsrE Bt
-;S,--,WH l
22?
771
HIGT{EST AND BEST USI
The lalhwing definitions are from The Dicti*nary of Real Estate Appraisql (Fifth
Edition) published by the Appraisal Institute:
Highest and Best Use is the {'reasonably probable and legal use t land 0r an
improved prrrperty, rvhich is physically possible, appropri financially
feasible, and that results in the higlest valua. The tbur critefr highest and besl rrse
must meet are legal permissibility, physical possibilit Iy feasibility an*
maxirnum profi tabi lity."
llighest and Bsst Uss As Thrugfu Varant is
use that yields the highnst prcssnt land value,
and coordination. Tlre use of a pr*p*ty
vacant or cafi b* rnade vaeant by dernolishing any
-{r frnprotad is the'\rse that
property should be renovated or
onable uses, the
are nnade fur ital,
flpn that the parc ls
tt
as it exists. An existing
lo conhibute to the
ret
total market value of the property,would
mrr* than offset the cost of
0M."
construsting a new
In estimating ially stages of malysis:
in consideratlou of *xisting zoning
cable of thc property, as well as any deed
p artd permissible uses will produce a net r*h"rn ta the
ba*ible uses, which uss rvill produee th* highest net
Tu meet and best use, the u$s ca$aCIt be speculatiyp ur coqiectural. It
must be I . There must be a prciit*ble denrand fur such use and it must
retum tcl rhe ighest net rctum for the longest period of time. These tesls have
beer applied to ffisubject property. In arriving at rhe estimats of highest and best use,
the subjr*t propdrty was analyzed as vasant"
?1
d be alade of a
is, so loag as
ted by p\
?23
772
As Tfurrgh Yarant
Physirxlly Fossible; The subject site is rectangular and contains approximately 15,313
square feet ar 0.35 acra Although no soil report frr:he subject site has been provided, a
visit to the property, as well as eristing developments in the area reyealed no problems
associated with the physical aspects of dev*loping the site.has goad local
access and availability to public utilities. The physical f the site and
surrounding area slpport a variety of uses based on its confi and sizr.
Legally Permissibl*l P*rmixsible rr lcgal uses are thos aud land
use rqgulations. No rec€Br tttle searsh was providerl assumsd that
thcre are flo coyenants, restrictions 6r easements adversely tho us* cf
thc site to surh an extnnt that it wculd negati impact value. As
appraisal is alsa basrd on tlrr hypothatical the site a land use
RM-? (Residential Multilhrnily, Medium Intensit
Baseri on the this zoning, fhe propertjr could be
uses.
$'e*eibls or l\taximally Productive been establi subject property
is af a.dequate siz€ and shape for v* also lished that the RIU-2
zuning would alluw the development on a review of the trend
of develc,pment and market condit slte ikely be developed with a
residential project previ Miami$each area is beginning tc see
new conslructi or four of inactivity"
, physicfi.iffharacteristics and permissible uses of
site. the surrounding neighborhood, Iand
fffis our opinion that the highest and best use of
s for thc dcvclopn:cnt of an optimum sizc residsntial
ids and market demand.
32
h the uses to ffi south.
with'a variety of resrdential
Conclusion:
ing witbin thd
224
773
V*ILUAT'ION PR0CHSS
There are thr6s getrsmliy rcsognixed approafihes considered in the v€luation sf real
prilp€rty. Tl"rey include thq incorng sales ccmparisoR, and cost appmaches" It should be
$oted that th* appropriateness urd reliability of each approach depends on ths type of
prop*flry being appraised, t}e age and condition of lhe i
availability and quality of mark*t data available for analysis.
Th* int*me approach provides an indication *f value cf a
of anticipatecl benefits (net incomo). The mctltod of
and is either based on a singl* year's incorne (di
income {discountcd cash florv}. The sales compaqj
va'lue based on *aler of properties ccnsidered ilar.
indication cf the va'lue of a property the
improvements. less accrued depreciatiun, tq whic
if any, and tb*
on a c0nverslsn
capitalixati*n
eral years'
ication of
ides an
an cost of ng
Tke appraisal process is conc
appraaches to value empleiycd-
used and th* applicahility of each
value estimate is made.
The scope of this
report the curr*nl
the subjcct
uleofP(F
appraisal will
salps
u*nl
I
value.
by a review nation of each of the
is given to and reliability of da*r
These iled and a final
the , rvhich is to develop nnd
of thc fhe estate subject property. As noted,
r.oned GU
owr:ership
ivic and Gtvernment Use) and has a land
by thu Cify of Mi*mi Beach This
the aluation of th* Froperry utiiiring tire
ical conditi$n rhe *ite has a land use and
rffitrWffiAOiam Intsnsity) consistent with the property
zubject property. Our tesearch and a:ralysls fbeused
sites with similar zoning, located in the subject
i* this report are considered of good quality and
ilaWe market data. Our aaalysis uras considsred to provide a
for the subj*st prop*rty.
be
*sl]
23
225
774
SALES CO&TF'EruSON AFPROACII
The salss comparison approach. prcduces ex cstimate af value for real estat* by
crmpari*g reoent sales of, siniilar propefiiss in the eubjectl* surrounding or competing
arca. lnberent in this approach is the prineiplc of substitution, which states that when a
property is replaceable in the rnarket, its value teads to be set at t nf acquiring an
equally desirable substitute prop*rty, assuming ttrrat nc costly red in
making the substitution-
wetn willing"
kn**iledgcable buyers and s*llers, price trends
paramcters may be exrracted. Comparability as
whieb value
ecofiomlc
"3
characteristics are impartant eriteria in evalu4ffg the sa
prerp*rty. The basic steps involved in thrs arpliffifrl&..of this are as fa
l.fi.esearching recent relevant property sules
competitiv* area.
A selection process to focus sin:ilar to ths subject,
ard then analyzing the x*prspert ideration to the
time of sale and any change in itions rvhi have oceurred as
af the dale of valuation.physical, functional, or
losatiosal also consi
B*elucing tl i.e., price per unit or price
Fer squ
Fdakin to the rable pnrpertics,
Interpreting
the availabiliry and relevancy of the data
teristics similar as the subject hav* bern coliected
based an units *f compariscu particular to the
, prjce per acre, price p*r unit). tn this analysi*,
&rea was analyxed in the valuation of the suhject
tn tle sale$, rvf, have revielr,'ed snlss of sinrilarly zcned sites in
the subject and sinrilar comperidve are&s- lVe have includ*d saies of
parcels located j$rthe zubject reighborhcod rulth xcning that pennits reside*tial use.
Based on our rEsearchn ther* was lirnited infurmation concerning curcnt listings of
similar praperties is the sxbjcct n*ighborhood. A summary chart and locafi$n map are
iuutuded on the lollewing :]ages. Iletailed sales information is pressnted in the acltlencla"
4"
The
to drsw a ineful conclusion of ralue.
:4
ifind
I, Iocationa
in relation
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?6
7.78
777
Lnnd Sales Discussion
The land sales under axalysie occurred between Novemher, 2012 and January, 2014, Tlre
thre* Iand sales represent sites rvith soning classifi*ations lhat permit rnulti-fam:ily
development, similar to the subject property. The saies presented nre considered
indicative ot" th* subject proF€rty's land valne" "fhe sales unad unit prices range
from $122"19 to $175,00 per $quare foot. Ti:e salee range in si ,000 to 20,413
square fe*t.
Sale l!lo. I is h:catud st 60S4 and 6080 Collins Avenue,iBeach. This
prop*rty has a mid-bloek ioeation with road llins Avenue.
Thc rectangular site uontains approximat*ly 20,sitn has a
roning classifiration of "RM-2" {Residentinl um Intensi 0n
the zoning requirements, this sile has a
base FAR cf 2.00.
height of *tha
This vacant site was previously for of a 3Z-unit condomieium
project. a second phase ofthe Terra de*sity was 69-6 units
p€r acre" Title to this properly tsank) thrcugh
fore*losurc proceedings. During the I the site's approvals
lapsed and there are currsntly no ap e. Regians Bank listed
the property far sale qi asking price 50,00 p*r square foot. Thc
seller rvas in t'The site sold in Decemher,
?0[3 for $3,5
ilv,
per square
site and a
According to the bri:ker, the adacent
paying a slight premiunr forproperty 01v
asuemblage.
Mu
nraxi
pfevrouS
s*ld in I'I
thc truy*rs to Sevclop tte site rvith a boutique
Indian Creek Drive ia the Ciry cf Mianri Beach. Tiris
13 square lb*t or 0.4? acre. The site has a ccrner
two strsets. The rite is zoned RM-? {Residmtiai
t of 6 stories rvith a base FAR of 2.00" The property was
S3,?S0,000 or $157.02 per square foot of land area. ltre site
$3,000,000 or $146.97 pnr square foot"
$ale N*. 3 is at l3l? and 1330 14 Terrace in the Cig of Mian:i Beach. This
has a romer location with trontage and aecess frrrm two streets. The sitc is zouad Rhl-l
(Reside*tial Multifamily. Low Intensity). B*sed on the zo*ing requirernents, this site has
c maximum allowable h*ight of 5 stories rvith a base FAI{ of 1.35. The property sold in
January, 2014 for $1,955,000 or $122.19 per squarc f,crot of land aru*. A*eording to the
't'7
City
(0.46
e Villas. The
to the I
229
778
buyers, the site w*s purchased al helow nnarket vmlue and has b*en subsequrntly listed for
sale for 55,600,000 or $350.0S per square faat. The buyers indicated that they are
marketing tbe sit* ab*l'e nrarkd in hopes to attract a forcign buy*r. The buyrr indicated
that if the site do*s not sell, there nrq plans tr: develop a 25,000 square foot condominium
project. This size project indicat*s an FAR ol I,60 atlributable to an architeehriral bonus
FAR,
Snle l{q. 4 i* located $t ?2S lS0 Srive in Sunny Is[e;
cnntains lS,0fitl square feet or 0.34 acre. The site has an
The rectangular site
ion with finntage
and access from one stre*t, The site is zo*ed High D*nsity
Residential). Eased on thc zoning requirements.allowable
hright of 4 stories r,vith s bass FAR of 2.00, The fsr sale
finr $?,750,000 or $183"33 psr squerc faot of lagSrea.site sold in N
*CIr $?,70fi,000 ur $ 180.0ff per square font.
Distussio* of Adjurtrnent Faetors
Praperty *,"haracteristics and sale s are financing, changet
in markel conditions. conditions of nd size, Each of
these items has becn analyzed and
the following paragraphs.
and is disEussed on
Fin*ncing: All sash to scll*r ions, rvith typical terms *f
purctrrase ferr the nd no adj lor financing are lvarrantcd.
2 and sold as arm's length tra*sactions;
there
p&
fifivas reporledly purctrrased by the adjacent
slight preiniurn for assrmblage- S*le 3 lvaspropreiniurn for assemblage- S*le 3 lvas
to the buy*r and the property has bpen placed back tn
ight dnwnwnrd adjustrnent and Sale 3 requir*s **
sal*.
The sales transpir*d betrvEen Novenrbe-r, 2012 anel Jiu:uary,
3014.a*d conv*mations with brokers f'amilirlr with lhe subject's
and comp ll'e have determined that the markel fsr residential lald lias
experiene*d i astiviry a.fld inereased sales priecs in ?013. Sales 1* 3 and 4 are
eonsidered to cnt current market conditicns and do n*t require any adjustments.
Stlr t &'arrants { slight uprvard adjustment for imprrv*d market sunditions.
Lasation: The subject proprrty is L:cated within the n*rth*rn pnrtion pf the Ciry of Miami
Beack. Sales l, 2 and 4 are locaterl in the nonhern pcrtinn of lvliami Beach and Sun*y
Isles Beach and ar* consitlered to have similar locatinns to the subject prCIperty and do
?8
Condltion/Terms
STreR
JOHNSTON
MAGEHHEITT{T
230
779
not require an! adjustnlsots, Sale 3 is considered to have a superior l*cation to the
suhject prffperqF and requires a downward a$ustrnent.
fiizelConfigur*tiont- The subject propeny conlairs 15,313 square feet and is basical]y
rcctangular. The sales range in siee from 15,000 to ?0,413 square feet. Th* land sales
reflsctEd us disc*rnable difference in unit price based on
adjmtrnents wers warrented for size,
Condition: The subject site is vasanl. at streel grade, w
All of the sales were !'asflnt, at street grade and tlad util
tim* of,sale, thereftre no adjustments are required.
Land UselZoningfDencity: As noted, this IS
subject prop*{y would be zoned "Rtrv[-z",pfiYat
variety of re.sidential uses, The subject's
residential uses with an FAR of 2.0 and a
heigbt of
le to the site.
AVAJ the sites at the
the
ga
family
Land $ale 3 reqtrire.r an
property and do
RM-t and thsretore permite a bu
upward a$ustrnent. $ales 1,2 and
nat require auy adustment.
tn8ffi subject
Bared on the above, the saler reflected
{
tr
Nn.h,?E!8r ff .i
Sale Dale,#D*c-T Nov-12 r Jan-14 Nov-13
PriudS#H "$175.0 5146"9?-$H?.19 $180.00
Financins X U .&*w
Ternrulf Sale IU -q{a L +
k :%,.I -""qF
Lccation q!#%'
Size "t L a f
ilcndition
lilZonins +
OTHmIl ++
Csnr
indic
and t ilii'ru I under analyxis wsrs cousidered to be of g
for the subject property. Our analysis wfis bast
ct nrorgrfrr. a$ thoush vaeant. Based on an aual{ect properly, as though
rf good qr,rality und
based 0n the highest
aualysis cf the abave
Iand saleso we have t'*rmed the opinion that, as of June 34, ?014 th* rnarket value of the
subject property would be rvithin the range af SI50.0{} to $300.00 per square fotl, whieh
is calculated as follorvs:
t5,313 Square Feet K $150.0fl Per $quareFoot * $2,296,950
2q
231
780
15,313 $quare Feet x $200.00 Per Square Foot:
Co*cluded:
$3,06?,600
$2,700,000
30
232
781
RECCINCILIAIION AND TINAL VA.LUE E$TIMATE
The prucess sf rec*nciliation revicws a:rd reexamines the approaches to value which
rvere included in the appraisal. ln this analysis, the sales comparison approach provid*s
an indication of value fbr thr sudect praperty as described herein. Ths sales cnmparisan
appr*a*h was utiliz*d to estimate the land value based on a
sales.
ison of recent land
Based sn our investigation and
value of the fke simple interest
fbllows:
analysis, rrye haye
crf the subject
that the market
, 2il14, was as
TWO MILLION $EVEN HUND
($:*
31
233
782
3?
234
783
ADDENDU*I
{
fCT PROPERTY
33
23s
784
Photographs of tht Subjeet Srtperfl
Vicrv looking northwest frcm Cr-rliins Ar'*nu*'
^1q
236
785
Pholographs of the $ubject property
.iri.,
:li:
lill,
q:,
\ricu, lcroking west al0t :7 T,
- .i l,!: ?'x *r .41
ii:+,i,'*uff.i+:,':.l i
\ri*rv locking s$uthlvfst tiom Collins Ar.enue.
Avenue.
"15
237
786
PhCItographs of thc Subject Fropertl
Vierv looking nolthcast tlarn llanlir:g Arietlue'
X:
238
787
ADDE"\IDUM B _ CO}TF ATION
37
239
788
UnitPrice
Prior Sale
LAND SALE 1
west side of Cullins Avenue,
3, 3, 4 ^ffid 5, LYLE O. T{ALL SIIBDIVISION,
Page 5, Miami-Dade Ccunty, Florida
02-32i 1-008-0020 and 0030
Regions Bank
6080 Collins LLC
December,2013
28945/2709
$3,500,(}00
Cash to Seller.
$175"00 Per Square Foot
July,3013 - fareclosure dced
38
Asking
244
789
Physical Description:
Land Area
Topography.
Shape
Frontage
Zoning
Ufilities
Curnme*ts:
At the tirne sf sale the sitr was and
broker, the adjacent property ownsr
prerniun: for axsemblage. The buysrplans tc
project.
20,000 Square Feet
0.46 Acre
Fasicatly leve[ a:rd at, or near, street pa$e.
Re*tangular
Collins Avenue
"RLd-?o' {Residential Multi
City of Miami Beach
All available to th* site.
had place.
he site aeknaw
ir boutique
Intffnsityh
39
24L
790
Orantee
0ate aiSale
flH,Br?age
Sales Frice
Terms of Sale
LAItln SALE 2
Yenue, Miami Seach
Lerts 5 and 7, of thc Ah{ENDE} PLAT OF
E OCEAN TRONT SUEDIVISION,
, Page 28, Miami-Dade County, Fi*rida,
and mf60 less the wcsterly 15 Xhet, Bltck 7,
SECOND OCEAN FRONT, Plat Boak ?8, Page 28,
i-Dade County, Florida
0?-t2r 1-007-r530
02-32r r-007-1540
02-3?t l-00?-2*50
Arck MB LLC and CahenanatJ2l?8, Inc.
h{fPP Holdings LLC
Novcmber,2012
?3405/1 ?06 and 2fi 40511 7il9
s3,000,0fiCI
Cash to Scller.
40
Salffi l$Ibrmati
Grantor
242
791
Unit Price
Prior Sale
Physical Desmiption:
Land Area
Topography
Shape
Fro*tage
Zoning
Utilitie$
Comsrents:
$146.97 Per Square Foot
None three years prior
20,413 Square Feet
0.47 Acre
Basically level and near street
L-shaprd
Collins Av*nue andt'Rfvl-2't (Multi famil
City of Miami
Atl available to
A por:tion of this site rvas irnproved with an aban building,
4r
243
792
Lncation:
Legol
LA.ND SALE 3
Miami Beach
Lots 4, 5 lock ?9C. Resubdivision of Blocks
and 79 Iton Beach Realt"v CO's Alton Beath
ivisicn. Plat Ba*k 16, Page 1, Miami-
l6-0460
3233.016-04?0
0ptirna Higfuland, LLC
W'est Avenue Devclopment, LLC
January, ?0 14
t90??r2682
s1,955,00n
Ca"sh to Selier.
S12?"19 Per Square Foot
None thrce Srears prior
Tenns of $al*
Unit Frice
Prior Sale
42
244
793
Physical Description:
Land Area
Terpography
Shape
Frantage
Zoniug
Utilities
Comments:
16,00* Square Feet
S.37 Acre
Easically level and nsar str$et grade,
Rertaagular
14 Terrace and lVest Avenue
RM-l; City crfMiami tseach
All available to the site.
According to the buyers. the site wfis pu merket va has bcen
subrequently listed for sele for $5,600,000 0.00per square fuotl bu
indicatcd that they are markefing the si hops to
buyer" The buyer indicated that if the site are pians to
25"S0CI square foot condominium projeet"indiistes an F
43
gn
,elop a
attributahle to an architecfural
245
794
LAN} SALE 4
vB, Sunny {Sles Beach
Lot 6 and orthwestsrly 25 feet of Lot 7, ar
the Northeastcrly bcundary, Block 5,a
*rss Seetion "A", Plat Eook 53, Page
s County, Ftorida
Tern:s sf Sale
Unit Price
Prior Sate
1 r-002-0560
Comfort llomes Development" Inc"
Brickell Tower Business , LLC
Navrmber, ?014
?89r911485
$2,700,00G
Cash to $eller"
$180.00 Per Square Foot
Ncne three years prior
44
246
795
Physical D*scription:
LandArea
Topography
Shape
Frnntage
Zoning
Utilities
Comments:
I5,0CI0 Square Feet
0-34 Acre
Barically level and near street grade.
Rectanguiar
180 Drive
RMF-?; Sunny Isles Beach
All available to the site.
According ts the broker, the site war
square tbot. The buy*rs purchased
conduminiurn project.
$2,750,183.33 per
oFment ideatial
prev
the
45
247
796
AI}DEiYDUIII C iTORMA
46
248
797
lthuricod*Page 1 +f5
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*rarttrrm h&n$lty))
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fub{iyiflar lV. Ril.l RL.sldEntial r'lBttlliml}, ilcdNm lnl {rrlly
r6ac. 1 it2-a11, Fui6{rg"
S,SS* 1{+213 if,lCt*irosl'4rr,
S.r {11.21,1 lccs., rses
saa 1,f2.?r5 PTEbiffiLglas_
Se,:- l.€*21 6 Osr*ho$}e,rt.odtJq$o,Le.
Sls 1,{}-{1? 4{eF Jrqlie-nrGrt3
Sri. 1,{q21 B. St.{b?*.rySutp{*ffi ,
5r.(5 r {?' l2O-1 4X-2dO. RrscNsd.
tsec. 1.{1,11 1, Purpose,
fio RM.2 re$ds$ial mullilsofry, madium inlonrity dsk*l i* deoignsd lor medium htBrrsi$
mullga-famity rr$*nc**"
lq.d.,\r". ss"trffd $6-l{Art},1, ct[ t{F1.8!: &d ,,ro, qo--s5o, { 2 ?-l?-gGI
$ec. 1rl2-ii2. Main pernitted sses,
Th* meifl parmittad usss ln lhs RM-? rssidentlal mdli{amrty, nr€dium lntsntiiy disrid are
6,ingtr{*t!ih dttashdd dwfli*gs; tortnhomee; apartnenls; spa.lrEnt-h{,tg$ rfid hol€ttiGx+?pl
thal in tfis fulrn Vsa corriJor as dollncd in lfiis subdfui*bn as rtr popefiiot abulting the wed side
of Meddian Avaoue beiv€an 17lh street and Cotllne Cansl; end h lhs Wad A'renr.rc GonlCor,
deilned ln lhls arbdivBhn ac thd rraa border8d by Collins C6nal to lhs nodh, Alloa Road to tho
sad. Bisayno &rgloUre \ltlsl Erld Gtft $trgat ts thsranth,aparlmanttrolel * hdcl usas ar€onty
p6rntt*d tf ks$od r bultdog p{nni or oc*rfdlimel tceffie pdo{ lD Msy 28. 7013, ar or* spprwsd
by the design r*rilarr boad pr*uenl lo s cornplele Epplicetion fied and pa*drrg prior !o May 28,
1013, ir i,yhich eyefit lh€y drsll br congftrered a 'tgga! conforotng usa." A Eropcrty Srst lt6i { 'lsg{l
conlorming ue€' as $itd in thie *lbdfuisbn prirr lo kloy Eg, :&13, ney retaln all, snd aptrdy iar rrarar,
srpansigna and nBdificelJons lo, ponhifed. condltloml aftdror acc€ssory uses pormittod h the
eoring calagcry es ofMay 28, !013, atd apptry for buMhg pern{tl iro add, ifiprorra end/or orp*nd
dxrdins Suctrrr€B, or .ondftid trwJ st&durg6 tsr permfrled, n*$drlisnd an#*r a*essory ua*s
penr{tled ir the aonirg elogaey. il FAi ratnaht e?e}a$a.
{O*c'. /Vo. 8*2663 F,6.ltA)f2) d, 1&149, *d ir.2 !15';piq ofi lr1.9S: (}.,
^,lo
96-. 50, $ 2 7.t7.f,i C}d
ay'o.2Oi-L38t9 f't ,Atd.r.t Gd nio 2Ot3J810.9 f rO' tt-r3,
Sec. 142-213. Conditional us€s.
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798
&Iunisodc farge ? of 5
Confdion*l sse* in lte Rlt&t raelCanthl ffilUani,y, madium intersit dislricl ere adull
congraggts tvmg faailily; dal carE tei[ty: nultirB honr; mligious inetiluliorGi privalr aM fob'li:
institulionq schmh comnrercial or noocommarcial perhing kis and garagg{ and accessory
nefuhborhood Imped eshliishrnant. as sel forlh in adiclp V, divkion 6 ol Urts ohapter,
fOrd. Air. 89-2065 S G-SfIJllJ * 1at4s. O,d. t!e, g$3pgr ef r1.;t^95. *d-. t'/lo. *f*0J0, S 3 /-rl-toJ
$er. t42-2t4, Acces5ory usss"
The acc€rassry $5*r h lhe RM-z ra*Ueltlial mulfiIan{ly, modium inl3ngiy distrlct al? a$
reqrjired in a{lda lV, divk*sn !. of lhls chapler and lr383 ltEt sErve alootrotio beveragee es lkted in
afri*hV,divr*ionaed$itchaFs.pa*airungloahofiolkhrcragas n*i.nprppgtraswthiarhs
PshflVlew. pr1,lhd Averur€ coddotE rrEy nol have Eccessory ouldaor sntgrtainrnerl
sdab$shrrents. Notwiilrdanding tha foregoing, a prop€rty ttrsl had a healcsrrlomiflg use as o[
Maf 3& ?OI3, *ho[ have tlre *ghl ls apply lorEnd recg]yq $psdal fuenl pornss l]at contarn
dnhdainrlenl usi6.
fod rVo 8$?6&1 $O-r6;.a1 €{L[Lt-8g &d fr'd l5*-1r?0. efl. 1t-1.g5 Orrl No 9d.3O5O i2?-r7-t6:N
Na, fr1 3- 3El l..t {, r0-t6- t I G'd . t#. zrt 1"3fij;0 g r. rGr& r3J
Sec. 14!-215. Prohibited uses.
Ths pmhlbitad r*ses in lhe Rl+? retdonlial mulitamily, nndium hlsflsih didrk* are
sccessdry ajldool ent€rrrlnfiell{ edab[rtlgnefil, scEessory 6Fer eif ehlen$inr$crlt .r*tsblishfoe,nl,
ao tat fodh h nrtkb V, division € d lhh .hatGr; and aw*ory oukJoor bs counlcr, pnd tcr
properllas locatEd within the Pah Vie,rr, and [Aha! Avenue corddorsi hotsls srd apaimenlhdels.
excel lo lho extefil pre€mpled by F'S. $ 509.032(I). and unhss thsy src a bgal contorfnhg use.
Fropcriet lhat v*bnlar$ c€ssr lo op*rate as a hcrlel lor a conseculive three-year period ehal,not
be parmiflad to lalor resurns suci holal operalion. Wrlhaul limilalbn, (a] involunlary holel dcurae
d*e tc ca*ahy, *r &) (assathn of holel ui€ oi lndMdusl unfis of s cs{'}d6-I1ot6l, 6hal not }*
dd$m6d ls bs ceasirq hotel oprretion$ Fursuant to the paecod;n0 ;sn:a*cm.
(Cd ,!b 8e2665 i 6 3(A)(5) e? r&t.ai *d. No gfi.lc'f. 5 2 7.t1.96 CvJ r{l, 3):J.?.{ri, $ , ,&r0.r3.
ed $s 20?.il850 *t. I&rFfi
Sec. 142-215. Dev€lopnenl regulatiorrs.
Tln developnrmt regukliun* in lhs RN-? r6$id*{tisl muhifdmily, madtum iotan6ity distrid ers
a: [o{a+rn:
(1) Met. FAHI 2.O-
{q!d, i,lg.8*260$ 0 f.j{E){r.1, r?. dr. t0-1.81 Od ira
'.,
!*rS, e# ,&,5.9.r' Gd f*p S.f-i"fl}r- atr ,i-30.r"r1
&r. f\'o geJrg, $ , ,.?r-9& H Mo 9&:1149, S i. , t-+95J
8sr. 1{3-117. Area requirrrnentc.
Tlre sraa requkaments ln Sre RM-2 rseijantbl narhifamlly. rnettium htensity dlsirlc, ar€ as
lollorils;
lhnlnurn
LOt ATEE
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|'Ord. ,1r.o. sS[66& S 6.3l8JfS. etr fo.f -80; t}a ]/r:- 9"L2r54, dfr r r-3'S&i. GU, ib. 9U-3S,Z S'Z t]-f"SI {!$.
tf6 !6-1151 6 r. r?.{-?s; &d. }?o $$l2r$. $ r. f f-ia90. on iA? 200!-edfi3" ss. s1445r 6fd nu t/.,, s 3.
tl-t* 1 t (ili. 6ra, tor.r.raiq i t 2 t2. t4
$ec- r,t2..21$. Setbaeh requlrement$,
The uetbsa* regukurftants in lha BM-l reahenlbl ml*ltifsmily, fix{ilm inlen*fu di*kid are as
ftdlolr*:
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rovkJed in
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itill.tpal t6?iof lot
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l{ ofw 1iddth,
vblchevar k lreEtrr
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d,rlmutn-?"3 f.ct cr
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ton,ceantfotlt
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kernlront lotr--?ffif tot dcp&, 50 feet
mm tttt h$ht|end
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faitir
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n }elght aboe xl
t6t, to s medmufir
{ t0 fsst, tlxn shall
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x{eFt lot* A and
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'l*t lndian Beoch
:xp*ratlur
{&dlYtiton atd lotr
31-8? of t ra
ffisr*€d Piat sf Flrsr
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etba* p{u$ S.t0 of
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roal"scaantfBat!
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{bl l* u*oas rrhera lhe cily commiatiar ap$rovos afi*r public heariafl a fusb"priwls parking
"gr€rrrFflt
for* n.ighlo*ood bas€d 0pon en aFp&yod rtr€€t inpr,,renrenl plan, lho
rnintnlm lmnt yard satbeclr for pe*iag ruL{eet lo fhe agrearnanl *hall be rem fsel. Tha
st$s! iilrFrou€$rerll plan mosl bo app6vEd by the dodgn rsyle{e bosrd i{flJtErde {.n iifitoriD
$drht, 0r thg h:st6ric pmderyalisr b{srd lf h$de ao hblorid dlsl,ir*,
t"*sl. rrlo 8*2f65 SE 6-5€j, &*
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r*r49. Od tS 0&gi!3" e{I yt-tt-C& Snd. llr:- il.!I$7 *tt" !t-Z-!t;
&d .,r4, 0?-t66s ,tr ,tt?.eJ crc r?u, s{.tf$*,6,r ,r,*w, &rd. .It!, cf.3050 627-17.86. $rd rfn 9$3106
$ ?- r"?1-9& Crd &i, ,eE {.3.lf4 Sa t?-l0,o{
Sea 142-219, Begulationr for nely canstfi.lction.
ln tha ftlril-2, rmidentiEl dbtM, all lhors of e building conlahlng parhng *paoee shall
incffpn 6te lfle klloy{ingi
Resfr*r{hl orcammettklusrs, si *pplhabls, el lh6 tlrcl tey{l .loogt $r€ry trc*dt
tacing r drs,sl, ridEy$lk sr rrater$€y, For ptupErti*e nol harirg acress lo an *lley,
the nqshed r€*iJantbl lpar€ rhe! aeommodelo ontranc* and {s(il drivo&
Residp$pl usacnboyr llt* firEl levEl $tofig evsry faoade f*clng € $alefir,ay.
For pmperlks l€6s lfmn E0 t@l io widlh" lhs totsl arrrounl of r€s*nthl*paoe at lhe
finrt let €l shng r slr€stild€ ihell ba dcarmhad h7 the dcoign nnieyr or hidoric
preserrz*ion board. *s applcabh, All fmades ebovs lha ftd krel, lad$B s drest cr
sid*dali{. 6lta}l ircfudB a trlbtlarikl Fortior 6f f'sidonlhl $s€& tho tolal sE€unl sf
rasidrntial spaec shEl be delermhcd fu the design ravianv or trislorb prcaenatincr
board, ar appfc*bla. based cpon thsi r€sp€c.tirt crilcria,
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253
802
AnIENDUM D - QUAI
5l
254
803
QIJALT FTCATIONS Or AFPRAISER
AHnRf,,W H. IIA,GEIIHSIIUER, MAI
EDUCATISTi:
Bnchelorts Degree, The Unjversity of the So*[h, Sewante, T
f,XPEBtrENCEI
Eighteen years in the field sf real $stat$, invol
appraiml, eecnomir research and markct analysis.
June, 1997 to Present, Principal, Slack. Jsh
February, l$87 to July, I991, StaffApprai.rar,
GENERAL APPRAI$AI., E trERI
Appraisals - Vacant land, aviation
bui lclings" af artment buildings,
Consuking -
estate
of consultatisn,
,lnc.
lnc.
iedman lns"
shopping centers, ofTice
e-family residences.
marke is, feasiFility analysis and nd valorem real
pertai to industriat, com.mercinl nnd residential
al Estata Appraiser, Certifieation No. RZ 1 073
, IviA[, Certificare ]iurnber 1CI113, C*nti*uing Education
of th* South Ftorida Chapter of the Algraisal Institute
53
AFFIL:ATION*:
H[.fi] l
255
804
trAC}IAX,Y J. OLEN
EFI.JTATIOS:
Bachelor's Degree, Florida State LJniversiry, Tallahassee. Florida, 200.1
EXF&RIENCIr
June, ?*04 ro Presert, Slach Johnston & Magentieirner,
Appraisal/cansultin-e experienee inciudes the followi
A*rorauti c al Properrl'
Aparanent
Automobile Dealership
Ma*etabilityiFeasibility Study
Gffice Building
Warehauss
Yacant Land {variCIus zoning
GIiNE,RAI. APPEAI$AL f, XTEBIEN
Appraisals - Vasant land, ayiation
Consulting
AFFILIATIONS:
ia]
snd ofTice buildings.
.h, I
and
anallr'sis, f#"sibility an*lysis, real estate
prilpertics.
Estate Appraiser, Cerrification No. P€3124
5jl
255
805
RESOLUTION TO BE SUBMITTED
806
THIS PAGE INTENTIONALLY LEFT BLANK
807