20150902 SM3r--. -L@
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1915 " 2015
MIAMIBEACH
City Gommission Meeting
SUPPLEMENTAL MATERIAL 3
City Hall, Commission Chambers, 3rd Floor, 1700 Gonvention Center Drive
September 2,2015
Mayor Philip Levine
Vice-Mayor Edward L. Tobin
Commissioner Michael Grieco
Commissioner Joy Malakoff
Commissioner Micky Steinberg
Commissioner Deede Weithorn
Commissioner Jonah Wolfson
City Manager Jimmy L. Morales
City Attorney Raul J. Aguila
City Clerk Rafael E. Granado
Vrsff us at www.miamibeachfl.gov for agendas and video "streaming" of City Commission Meetings.
ATTENTION ALL LOBBYISTS
Chapter 2, Article Vll, Division 3 of the City Code of Miami Beach entitled "Lobbyists" requires the
registration of all lobbyists with the City Clerk prior to engaging in any lobbying activity with the Gity
Gommission, any Gity Board or Committee, or any personnel as defined in the subject Code
sections. Copies of the City Code sections on lobbyists laws are available in the City Clerk's office.
Questions regarding the provisions of the Ordinance should be directed to the Office of the City
Attorney.
SUPPLEMENTAL AGENDA
R7 - Resolutions
R7M A Resolution Accepting The Recommendation Of The City Manager Pertaining To The
Ranking Of Proposals Pursuant To Request For Proposals No. 2015-146-YG (The RFP), For
Parking Attendants For City Parking Garages; And Authorizing The Administration To Enter
lnto Negotiations With The Top-Ranked Proposer, SP Plus Corporation; Should The
Administration Not Be Successful ln Negotiating An Agreement With SP Plus Corporation,
Authorizing The Administration To lssue A New RFP;And FurtherAuthorizing The MayorAnd
City Clerk To Execute An Agreement Upon Conclusion Of Successful Negotiations By The
Administration.
(ProcuremenUParking)
(Revised Memorandum & Resolution)
1
Supplemental Agenda, September 2, 201 5
R7O A Resolution Approving And Authorizing The Mayor And City Clerk To Execute Change Order No. 5
To The Design-Build Agreement With Bergeron Land Development, lnc., Dated April 30, 2014 (The
Agreement), Related To The Disposal Of Soils From The West Avenue Neighborhood Project,
Provide Rental Generators To Reduce Flooding And Establish Street Lighting Standards For The
City, Further lncreasing The Cost Of The Agreement By $2,000,000.
(Public Works)
(Attachment)
R7T A Resolution Pursuant To Section 82-37(a)(2) Of The City Code, Setting A Public Hearing To
ConsiderApproving, On Second Reading, The Transfer, Via An Air Rights EasementAgreement, To
Betsy Ross Owner, LLC, The Property ldentified ln Exhibit "A," For The Construction Of Bridge Over
The Ocean Court Alley Between The Carlton And The Betsy Hotels; Containing Approximately 18'1.66
Square Feet ln TotalArea; FurtherWaiving, By 5/7th Vote, The Competitive Bidding Requirements Of
Section 82-39(b) Of The City Code, Finding That The Public lnterest Would Be Served By Waiving
Such Condition; Directing The ltem Be Sent To The Next Finance And Citywide Projects Committee
Meeting With A Copy Of The Updated Appraisal; And Directing The City's Planning Department To
Prepare A Planning Analysis Pursuant To Section 82-38 Of The City Code.
(Public Works)
(Attachment)
2
COMMISSION ITEM SUMMARY
Condensed Title:
A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Florida, Accepting
The Recommendation Of The City Manager Pertaining To The Ranking of Proposals Pursuant to
Request for Pro RFP) No. 2015-146-YG for Parkins Attendants for City Parking Ga
Item Summary/Recommendation :
Ensure Comorehensive Mobi All Modes Throuohout The C
Data Environmental Scan, etc: N/A
The Administration issued RFP 2015-146-YG to seek the proposals from qualified contractors to
provide Parking Attendants for City Parking Garages. The RFP was approved for issuance by the
City Commission on April 15,2015. The RFP was released on April 21,2015. A pre-proposal
conference to provide information to the proposers submitting a response was held on April 27,
2015. On July 10,2015, the City received proposals from: EYSA USA, LLC., LAZ Florida Parking,
LLC., Republic Parking System, lnc., and SP Plus Corporation.
On August 3,2015, the Evaluation Committee appointed by the City Manager convened to
considerthe responsive proposals received. The Committee was instructed to score and rank the
sole proposal received pursuant to the evaluation criteria established in the RFP. The results of the
evaluation committee process were presented to the City Manager for his recommendation to the
City Commission.
The City Manager considered all the submissions and the results of the Evaluation Committee
Process. The City Manager also considered that, subsequent to the Evaluation Committee
process, the proposal received by Republic Parking Systems was deemed to be non-responsive
following a further review of responsiveness by the City Attorney and was disqualified for failure to
meet the minimum requirements.
After reviewing all the submissions and the results of the evaluation process, the City Manager
recommends that the Mayor and City Commission authorize the Administration to enter into
negotiations with SP Plus Corporation; and, further authorize the Mayor and City Clerk to with the
firm upon conclusion of negotiations. The City Manager notes that SP Plus is the City's current
contractor for parking attendant services. According to staff, SP Plus has performed well over the 4
year term of the current agreement.
The Administration recommends that the Mayor and City Commission approve the resolution
accepting the recommendation of the City Manager pertaining to the ranking of proposals,
pursuant to Request for Proposals No. 2015-146-YG (the RFP), for Parking Attendants for City
Parking Garages.
RECOMMENDATION
the resolution.
Board Recommendation:
Financial !nformation :
Source of
Funds:
OBPI
Amount Account
1 The annual cost associated with the parking attendant
services is subject to the funds availability approved
throuoh the Citv's budoetinq process
Total
Financial lmpact Summary:
Alex Denis, Extension 6641
t City Manager
E MIAnAIBEACH
1 5-1 46-YG Parking Attendants
AGENDA
ams ?2-53
g MIAMI BEACH
Cify of Miomi Beoch, ,I700 Convenlion Center Drive, Miomi Beoch, Florido 33,l39, www.miomibeochll.gov
COMMISSION MEMORANDUM
To: Mayor Philip Levine and Members
FRoM: Jimmy L. Morales, City Manager
DATE: September 2,2015
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAM! BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE CITY
MANAGER PERTAINING TO THE RANKING OF PROPOSALS PURSUANT TO
REQUEST FOR PROPOSALS NO. 2015-146-YG (THE RFP), FOR PARKING
ATTENDANTS FOR CITY PARKING GARAGES.
ADMINISTRATION RECOMM EN DATION
Adopt the Resolution.
KEY INTENDED OUTCOME SUPPORTED
Ensure Comprehensive Mobility Addressing All Modes Throughout The City
FUND!NG
The annual cost associated with the parking attendant services is subject to the funds
availability approved through the City's budgeting process.
BACKGROUND
On llrtay 5, 2011, the Mayor and City Commission awarded RFP 17'10111 for Parking
Attendants for City Parking Garages to SP Plus Municipal Services, a division of Standard
Parking Corporation. The start date of the initial three (3) year term was August 16,2011, and
expired August 15, 2014. The first of two one (1) year renewal options with SP Plus Municipal
Services was exercised and commenced on August 16, 2014 and will expire on August 15,
2015.
On July 30, 2014, the Mayor and Commission considered and approved an item referring to
the Finance and Citywide Projects Committee discussion on the management agreement with
SP Plus Municipal Services, a division of Standard Parking Corporation, for parking
attendants. Specifically; the referral requested a decision on: (1) Not exercising the City's
option to renew the agreement; and (2) Extending the Agreement on a month{o-month basis;
and (3) lssuing a new RFP (Request for Proposals) for parking attendants for the City's
parking garages.
On February 2, 2015, the FCWPC discussed this item (ltem No. 3 on the Agenda) and
recommended the issuance of an RFP for Parking Attendants for the City's Parking System.
The pursuit of a formal procurement process for Parking Attendants for the City's Parking
System is anticipated to yield cost savings through a combination of reduced personnel costs
and gated revenue control system technology enhancements, including a central monitoring
station. A central monitoring approach is anticipated to yield a 40o/o reduction in
cashier/attendant hours which translates to an equivalent cost savings through the attached
RFP. The Administration desires to seek proposals from fully qualified firms interested in
partnering with the City to provide parking attendants for City parking garages.
4
Commission Memorandum - RFP 2015-146-YG for Parking Attendants for City Parking Garages
September 2,2015
Page2
RFP PROCESS
On April 15, 2015, the City Commission approved to issue the Request for Proposals (RFP)
No. 2015-146-YG Parking Attendants for City Parking Garages. On April 21 , 2015, the RFP
was issued. A voluntary pre-proposal conference to provide information to the proposers
submitting a response was held on April 27,2015. RFP responses were due and received on
July 10,2015. The City received a total of four (4) proposals.
The City received proposals from the following firms:
EYSA USA, LLC
LAZ Florida Parking, LLC
Republic Parking System, lnc.
SP Plus Corporation
On July 6,2015, the City Managervia Letterto Commission (LTC) No.275-2015 appointed an
Evaluation Committee (the "Committee"), consisting of the following individuals:. Monica Beltran, Assistant Director, Parking Department, City of Miami Beach. Georgie Echert, Assistant Director, Finance Department, City of Miami Beach. Laura Franco-Rubines, Assistant lnternal Auditor, lnternal Audit Department,
City of Miami Beacho Nawaz Gilani, Neighborhood Leadership Academy, Residento Madeleine Romanello, Transportation, Parking & Bicycle-Pedestrian Facilities
Committee, Resident
Alternates:. Leif Bertrand, Neighborhood Leadership Academy, Resident. William Hahne, Transportation, Parking & Bicycle-Pedestrian Facilities
Committee, Resident. Jim Sutter, lnternal Auditor, lnternal Audit Department, City of Miami Beach;
and
On July 30,2015, the City Manager via Letter to Commission (LTC) No. 307-2015, revised the
Evaluation Committee (the "Committee"), as follows:o Monica Beltran, Assistant Director, Parking Department, City of Miami Beach,
was unable to participate as an evaluation committee member and was
therefore removed.. Rocio Alba, Administrative Service Manager, Parking Department, City of Miami
Beach, was added.
The Committee convened on August 3,2015 to consider proposals received and interview the
proposers. The Committee was provided an overview of the project, information relative to the
City's Cone of Silence Ordinance and the Government Sunshine Law. The Committee also
provided general information on the scope of services, references, and a copy of each
proposal. Additionally, the Committee engaged in a question and answer session after the
presentation of each proposer. The Committee was instructed to score and rank each
proposal pursuant to the evaluation criteria established in the RFP. The evaluation process
resulted in the ranking of proposers as indicated in the table below.
5
Georglo
Rrnkind
Laura
Franco-Madeleine
LOW
AOOREGATTOangaa
61 43 I 71 7A 63 1 20
A7 Fhridr Prrtrid I I C 7e 3 9t 3 91 2 '12
83 2 85 e2 80 3
88 86 ),a8 2 m
Commission Memorandum - RFP 2015-146-YG for Parking Attendants for City Parking Garages
September 2,2015
Page 3
Managemnt Alomble
Tobl Points Awsrded'
rSA USA LLC
t0
r Prrhno Svstem lnc-
117 276 00 l0
MANAGER'S DUE DILIGENCE & REGOMMENDATION
The City Manager considered all the submissions and the results of the Evaluation Committee
Process. The City Manager also considered that, subsequent to the Evaluation Committee
process, the proposal received by Republic Parking Systems was deemed to be non-
responsive following a further review of responsiveness by the City Attorney and was
disqualified for failure to meet the minimum requirements. With Republic disqualified from the
process, the Evaluation Committee's scoring results in revised rankings as follows:
' RIP lzolllla&Yo i$0n!..i.i
Aend.il. loi th! ClYt Partlng, ',', : Oan!0 .,. r
Laura
FInco.
The RFP outlined a cost-plus model for Parking Attendant Services. The City dictates
scheduling of hours and deployment of attendants for city parking facilities and as a result
manages related expenses. Payment for services rendered is composed of Reimbursable
Expenses, including direct labor cost which is set by the Living Wage Ordinance, and a
Management Fee.
Reimbursable Expenses:
The Contractor submits a proposed Reimbursable Expense Budget to the City 30 days prior to
the commencement of each contract year and both agree on a budget for reimbursable
expenses. On a monthly basis, the Contractor submits a monthly expense report, certified by
an officer of the Contractor and in the format specified by the City. This report serves as a
summary of the monthly reimbursable expenses, and as a monthly invoice. Only expenses for
which proof of payment is provided are reimbursed.
The following services are required and will be included as Reimbursable Expenses:
. Project Manager Annual Salary - Proposer shall provide a full-time on-site Project
Manager with experience handling the type of services requested by the City, who
will have full authority to act on behalf of the firm. The Project Manager shall be
scheduled at the sole and absolute discretion of the City and shall be available to
respond to requests from the City, on an as needed basis, 24 hours a day/seven
days a week. Project Manager's salary shall be approved by the City and should be
within the range of $55,000 to $65,000.
6
Commission Memorandum - RFP 2015-146-YG for Parking Attendants for City Parking Garages
September 2,2015
Page 4
. Employer responsibility portion of Social Security and Medicare taxes paid by the
contractor from wages paid to the Project Manager, Attendants I and Attendants ll
assigned and working at the City under this contract. These must be itemized by
employee.
o Any training the City deems relevant and appropriate in its sole discretion.
o Motorist Assistance Program (MAP) which includes but is not limited to flat tire
assistance/repair, lock-out; fuel; battery jump start, and/or towing of the vehicle to a
service facility.
. Cardio Pulmonary Resuscitation (CPR) Certification for all contract personnel.
o Mystery Shopper Reporting - An independent third party to perform a minimum of ten
(10) "Shopper" reports per month, system-wide. Shopper reports must specify that
these are actual customers and must be documented visits to one of the facilities
where labor is provided. Telephone calls for information or visits/interaction with city
staff is not permitted.
. Other expenses requested by the City for items not included in the management fee,
including (but not limited to): uniforms; tools, equipment, and dedicated vehicle; gas
and maintenance for dedicated vehicle; signs.
SP Plus proposed an annual Management Fee of $447,276 or $37,273, monthly. The
following expenses are included in the Management Fee:
Profit and overhead costs; employee burdens* other than those specifically included under
reimbursable expenses; general and administrative expenses; office rent and utilities;
telephone and internet services; employee training, including, but not limited to, customer
service, and/or any other training, as required for employees to perform the duties and
responsibilities of their corresponding employment positions; office supplies; general and
administrative costs including, but not limited to, salaries, benefits, bonuses for office
personnel and management; depreciation on equipment; licenses and permits; advertising;
taxes, except the employer payroll responsibility for Social Security and Medicaid Taxes;
insurances including, but not limited to, workmen's compensation, vehicle insurance, liability
insurance, unemployment/re-employment, health and life insurance; charitable and other
contributions; travel, meals and entertainment; public relations, gifts, dues and memberships;
any penalties, assessments or fines issued by any regulatory agency, court, or governmental
entity including the City; employee social functions; employee severance pay; fringe benefits
not earned or accrued during the time of this agreement or while employee has worked for the
operator in other facilities other than City facilities; chargebacks resulting from the failure to
apply controls as described in the parking procedures manual; and any other cost not included
in the approved reimbursable list.
* Employee Burden is defined as the actual or accrued cost by an organization to have an
employee, aside from the salary the employee eams. Labor burden costs include benefits that a
company must, or chooses to, pay for employees included on their payroll. These costs include,
but are not limited to, payroll taxes, pension costs and/or contributions, health insurance, eye and
dental insurance, accrued leave, allocations of general liability and workers compensafion nsks
and actual premiums, and any other benefits and/or cosfs, whether mandated or voluntary, that
the company incurs for having employees whether by the individual or by the aggregate employee
base.
After reviewing all the submissions and the results of the evaluation process, the City Manager
recommends that the Mayor and City Commission authorize the Administration to enter into
negotiations with SP Plus Corporation. ln making this recommendation, the City Manager has
7
Commission Memorandum - RFP 2015-146-YG for Parking Attendants for City Parking Garages
September 2,2015
Page 5
also considered Section 2-369, of the Code of the City of Miami Beach, which states that, in
the award of contracts, the following shall be considered:
(1) The ability, capacity and skill of the bidder to perform the contract.
(2) Whether the bidder can perform the contract within the time specified, without delay or
interference.
(3) The character, integrity, reputation, judgment, experience and efficiency of the bidder.
(4) The quality of per-formance of previous contracts.
(5) The previous and existing compliance by the bidder with laws and ordinances relating
to the contract.
The City Manager notes that SP Plus is the City's current contractor for parking attendant
services. According to staff, SP Plus has performed well over the 4 year term of the current
agreement.
CONCLUSION
The Administration recommends that the Mayor and City Commission approve the resolution
accepting the recommendation of the City Manager pertaining to the ranking of proposals,
pursuant to Request for Proposals No. 2015-146-YG (the RFP), for Parking Attendants for City
Parking caffis.
JLM/MT IKGYI SF/AD/YG
T:\AGENDA\201S\SeptembeAPROCUREMENT\RFP 2015-146-YG Parking Attendants - Memo.doc
8
RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
CITY MANAGER PERTAINING TO THE RANKING OF PROPOSALS
PURSUANT TO REQUEST FOR PROPOSALS NO. 2015-146-yG (THE RFP),
FOR PARKING ATTENDANTS FOR CITY PARKING GARAGES; AND
AUTHORIZING THE ADMINISTRATION TO ENTER INTO NEGOTIATIONS
WITH THE TOP-RANKED PROPOSER, SP PLUS CORPORATION; SHOULD
THE ADMINISTRATION NOT BE SUCCESSFUL !N NEGOTIATING AN
AGREEMENT WITH SP PLUS CORPORATION, AUTHORIZING THE
ADMINISTRATION TO ISSUE A NEW RFP; AND FURTHER AUTHORIZING
THE MAYOR AND CITY GLERK TO EXECUTE AN AGREEMENT UPON
CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY THE
ADMINISTRATION.
WHEREAS, Request for Proposals No. 2015-146-YG was issued on April 21, 2015 with
an opening date of July 10,2015 (the RFP); and
WHEREAS, a pre-proposal conference was held on April27,2015; and
WHEREAS, the City received four (4) proposals from EYSA USA, LLC., LAZ Florida
Parking, LLC., Republic Parking System, lnc., and SP Plus Corporation; and
WHEREAS, on August3,2015 an Evaluation Committee appointed by the City Manager
convened to consider all proposals; and
WHEREAS, the Committee was provided an overview of the project, information relative
to the City's Cone of Silence Ordinance and the Government Sunshine Law; general information
on the scope of services, references, and a copy of the proposal; and engaged in a question
and answer session after the presentation of each proposer; and
WHEREAS, the Committee was instructed to score and rank the proposals pursuant to
the evaluation criteria established in the RFP; and
WHEREAS, the Committee's ranking was as follows: SP Plus Corporation, top-ranked;
Republic Parking System, lnc., second highest ranked firm; LAZ Florida Parking, LLC, third
highest ranked; and EYSA USA, LLC, fourth highest ranked; and
WHEREAS, Republic Parking System, lnc., was deemed non-responsive to the RFP's
Minimum Requirements; and
WHEREAS, after reviewing all the submissions and the Evaluation Committee's
rankings, the City Manager exercised his due diligence and is recommending that the
Administration be authorized to enter into negotiations with SP Plus Corporation.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby accept the recommendation of the City Manager pertaining to the ranking
of proposals pursuant to Request for Proposals No.2015-146-YG (the RFP), for Parking
9
Attendants for City Parking Garages; and authorize the Administration to enter into negotiations
with the top-ranked proposer, SP Plus Corporation; should the Administration not be successful
in negotiating an agreement with SP Plus Corporation, authorize the Administration to issue a
new RFP; and further authorize the Mayor and City Clerk to execute an agreement upon
conclusion of successful negotiations by the Administration.
PASSED AND ADOPTED this day of 2015.
ATTEST:
Rafael E. Granado, City Clerk Philip Levine, Mayor
T:\AGENDA\201S\September\PROCUREMENT\RFP 2015-146-YG Parking Aftendants - Resolution.doc
. APPROVED AS TO
FORM & LANGUAGE
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10
Attachment
Agenda ltem R7O
Estimated Contaminated Cost
Contamination Summary
Cost for Contamination Testing on 171h, 14th, 1Oth and 6th
Estimated Cost for Haul on 17th & West Ave (Lincoln to 17th)
Estimated Cost for Haul on 14th
Estimated Cost for Haul on 1Oth
Estimated Cost for Haul on 6th & West Ave (Sth to Bth)
Estimated Total
$22,930.00
$585,060.00
$346,292.07
$94,401.83
$495,535.67
$1,544,219.57
Agenda ltem
Date
Rlo11
5th Street
s1-100
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s1-151
s1-160
s1-161
s1-170
s1-171
s1-180
s1-182
s6-1
s6-2
s6-3
56-4
s6-5
s6-6
s6-7
s6-8
s6-10
s6-11
48" 51-100 to S1-110
48" 51-110 to 51-120
48" 51-120 to 51-130
12" 51-130 to 51-131
12" 51-131 to 51-132
12" 51-132 to 51-133
12" 51-133 to 51-134
12" 51-134 to 51-135
48" 51-140 to 51-142
48" 51-142 to 51-150
48" 51-150 to S1-150
48" 51-150 to S1-170
12" 51-130 to S1-131
24" 51-140 to 51-141
24" 51-150 to S1-151
24" 51-160 to 51-161
24" 51-170 to 51-171
44.4444444
46.33333329
43.66666662
4L.29629626
6.66666666
6.66666666
6.66666666
5.56556666
6.66666666
46.51851847
44.4444444
49,29629625
37.037037
43.48148t44
37.037037
44.4444444
37.037037
37.037037
44.4444444
67.88888882
58.2592592
87.111 11 102
37.037037
74.074074
63.55S55549
69.91 111104
274.9999997
189.7999998
68.88888882
262.222222
259.9999997
451.9999995
23.33333331
24.44444442
24.44444442
74.44444442
24,44444442
133.3333332
484.444444
342,2272219
728.8888882
41.48t48L44
48.59259254
46.22222278
68,74074067
56.88888883
29,6296296
29.6296296
29,6296296
29.6296296
10.66666666
10.66666666
10.66666666
10.66656565
10.66666666
29,5296296
29.6296296
29.6296296
29,5296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
57.77777772
35.85185182
49.77777773
29,6296296
29.6296296
42.37037033
42.17037033
111.11 111 1
103.9999999
29.6296296
100
100
100
100
35
36
36
36
36
100
100
100
100
100
100
100
100
100
100
195
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168
100
100
143
143
375
351
100
708
702
1356
105
110
110
110
110
360
1308
924
1968
140
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156
232
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18.6
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10
8
8
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1200
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180
180
180
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1200
1000
1000
1200
1833
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2352
1000
2000
L716
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7425
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72204
630
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1248
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800
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32.59259256 8
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PER DERM WE NEED 7 Samples (see table below)
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Estlmated
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(cF)
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s4-405
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24" RCP 54-404 to 54-405
(2) 24' RCP 54-404 to 54-406
(2) 24' RCP 54-406 to 54-413
18" RCP 54-420 to 54-421
18" RCP S4-420A to 54-422
100
100
100
100
100
100
100
100
100
100
100
100
100
208
L75
245
208
344
240
160
64
14
L4
8
8
L2
L2
6
6
9
9
7
6
8
12
7
7
10
6
4
7
7
1400
1400
800
800
1200
1200
600
600
900
900
700
600
800
2496
L2Z5
L715
2080
2064
960
L720
448
800
800
800
800
800
800
800
800
800
800
800
800
800
1664
1400
1960
1664
2752
1920
1280
512
s1.8518518
51.8518518
29.6296296
29.6296296
44.4444444
44.4444444
22.2222222
22.2222222
33.3333333
33.3333333
25.9259759
22,2222222
29.6296296
92.4444/,435
45.37037033
63.51851845
77.03703696
76.44444437
35.55555552
41.48148144
15.59259258
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
6L.62962957
51.8518518
72.59259252
6!.62962957
101.92s92s8
77.L777ttO4
47.40740736
].8.96296294
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
o
8
8
8
8
889.1851843 472.2962954
PER DERM WE NEED 3 Samples (see table below)
l t, i't: 1,, '.'
tEYdfnfifi?.'
ffig{rorffi
f,llv,{S{f
ll v{"#s-., liiiiti
<2(r,<28,)
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13
14th Street
Estlmated Muck Layer from Geo
s2-200
s2-210
s2-211
s2-220
s2-22L
s2-222
s2-223
s2-225
s2-230
s2-231
s2-232
s2-24t
s2-250
s2-252
s2-260
s2-26r
s2-262
s2-265
s2-266
48" 52-200 to Existing PS MH
60" S2-200 to 52-210
24" RCP S2-210 to S2-211
60" RCP 52-210 to 52-220
24" RCP 52-220 to 52-221
14"x23" ERCP 52-220 to 52-222
60" RCP 52-220 to 52-22s
60" RCP S2-225 to 52-230
24"x38" ERCP 52-230 to 52-231
18" RCP S2-230 to 52-241
48" RCP 52-231 to S2-232
29"x45" ERCP 52-232 to 52-250
48" RCP 52-230 to 52-250
48" RCP S2-2s0 to 52-260
14"x23" ERCP 52-260 to 52-262
38"x60" ERCP 52-250 to 52-252
24" RCP 52-260 to 52-261
48" RCP 52-260 to 52-265
48" RCP 52-265 to 52-266
48" RCP 52-266 to 52-270
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
LL4
294
60
2624
64
104
584
264
250
212
288
306
51
288
116
322
80
618
300
444
12
!2
8
10
8
6
5
9.5
13
13
13
6
13
6
9
7
6
11
11
8
72
7
10
6
6
9
9
8
6
12
9
14
10
4
8
7
9
L2
10
1200
1200
800
1000
800
600
s00
950
1300
1300
1300
600
1300
800
900
700
600
1100
1100
9L2
3528
420
26240
384
624
5256
2376
2000
7272
3456
2754
774
2880
464
2s76
560
5562
3600
4440
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
912
2352
480
20992
512
832
4672
2LLT
2000
1696
2304
2448
408
2304
928
2576
640
4944
2400
3552
44.4444444
44.4444444
29.6296296
37.037037
29.6296296
22.2222222
18.5185185
35.1851851s
48.1481481
48.1481481
48.148148 1
22.2222222
48.1481481
29.6296296
33.3333333
25.9259259
22.2222222
40.7407407
40.7407407
33.77777774
130.666666s
15.55555554
971.8518509
14.2222222r
23.11111109
194.5566665
87.99999991
74.074074
47.11111106
127.9999999
101.9999999
26.44444442
106.6666666
17.18518517
95.4074073L
20.74074072
205.9999998
133.3333332
L64.4444443
29.6296296
29.6296296
29.6296296
29.6296296
79.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
29.6296296
33,77777774
87.11111102
77.77777776
777.48t4807
t8.96296294
30.81481478
173.0370369
78.22222274
74.074074
62.8t487475
8s.33333325
90.66666658
15.1111111
85.33333325
34.37037034
95.4074073r
23.70370368
183.1111109
88.8888888
131.5555554
8
8
5
8
8
8
a
8
8
8
8
d
8
6
5
8
o
e
8
8
8
8
8
o
8
8
6
8
a
6
8
8
6
8
8
8
o
3261.777775 2750,518516
PER DERM WE NEED 6 Samples (see table below)
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14
Sarmiento, Fiorella
From:
Sent:
To:
Subject:
Mowry, Bruce
Tuesday, September 01, 2015 1:37 PM
Sarmiento, Fiorella; Fink, Jay
FW:Temporary Pumps
This is the one we are looking for that gives new pump pricing.
Bruce A. Mowry, Ph.D., P.E.
Gity Engineer
'1700 Convention Center Drive, Miami Beach, FL 33139
Tel: 305-673-7080 ext. 6565 / Cell: 786-759-8941
BruceMowry@MiamiBeachFL.qov
We are committed to providing excellent public seNice and safety to all who live, work and play in our vibrant, tropical, historic communit
From : Chad Widup [mailto :cwiduo@bergeroninc.com]
Sent: Tuesday, October 07,2014 2:46 PM
To: Mowry, Bruce
Cc: Brian Landis; Nikki Melton
Subject: Temporary Pumps
Bruce
Here is the revised pricing that we discussed yesterday:
Monthly rental on pump $ZSOO * 10%(markup) = $8,250/pump/month
Fuel delivered S4.S/gal *!2gal/hr.*10%(markup)=$S9.40/hr. that any of the pumps run
5th setup/mobe/demobe
Mobe/demobe:Szs0/each + markup
Labor/equipment/materials: S3,625.15 + ma rkup
1Oth setup/mobe/demobe
Mobe/demobe:5250/each + markup
Labor/equipment/materials: 54,000.20 + markup
17th setup/mobe/demobe
Mobe/demobe:S250/each + markup
La bor/equipment/materia ls:S5,855.20 + markup
Summary
Pumps 58,250/pump/month
Fuel run cost: 559.40 /hr./pump
5th setup: 54,s37.67
1.oth setup: S+,gso.zg
17th setup: So,ggo.zg
We will provide meter readings on all the pumps.
15
Thanks
Chad Widup, PE
Operations Director
Bergeron Land Development lnc
79612 SW 69th Place
Ft. Lauderdale, Fl 33332
(Office) 9s4-680-6100
(Cell) 954-214-t39t
E-Mail - cwid up@ bergeroninc.com
t. .: , ." i
i-"i ' ,'t'i,,,. .:.',,t..,':\
LA}ID OEYSLOFHE}*"
http ://www. be rgero nla nddev.com
16
Memorandum ffiffi$
Date:
To:
lo:
To:
From:
Subject:
l.'lovember 7,2004
Jose Gonzales, P.E. Chief
Pollution Control Division
Section Chiefs
Pollution Control Division
PRS Staff
B,JI [ltY HJ;'e, I,l; 35i?,1 -=*+-
Natural Background $oil Concentrations for the Barrier lslands of MiamiDade County
The iable below provides the naturally occurring background concentrations of thirteen
inorganic chemicals in soils from the barrier islands of Miami-Dade County. The information
was developed through statistical analysis of laboratory results from surficial soil samples
obtained at 27 locations atong Miami Beach and the gpoit tstands (see attached Map). Where
feasible, samples were obtained from the 0-1 foot interval and the 1-2 feet interval at each
location. The listed concentrations represent the Minimum Variance Unbiased Estimate
(MVUE) of the mean for each chemical. lf no statistically significant difference (p>0.05) was
determined between the two intervals, the datasets were combined and a single MVUE is
reported, However, for populations indicating a significant difference with depth, the MVUE for
each interval is presented.
Natural Background Soll Concentrations for tha Barrier lslands of Miami-Dade County
C hem ical
Name
N atural Eaokoround Concentretion {m,o/ko I
0-2 ft in te rva I
Arsenic
Alum inum
Cadmium
lro n
Seleniurn *'
Zinc
S ilve r'
Barium
Chromium
C opper
Lead
Mercury
Nickel
5.2
798.7
0.3
2050 7
<0.5
't3.1
0.4
0-1 ft i*to.rval 1r2 tt intd'rval
8.1
7.9
5 .4'
1 5.0
0.0 54
1.08',
5.9
5.7
2.3',
5.2r
0.026'
0.66*
'Represents censored data. Datasets censored to fit lognormal distribution*' Dala for selenium not analyzed statistically sinco all results wore below ths detection limit
17
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22
Appraisal Report
Preparedfor
Mr. Demar Woodson
Right of Way Manager
City of Miami Beach
Public Works Department
Property Appraised
Proposed Aerial Easement
Ocean Court,
Between 1440 Ocean Drive and 1433 Collins Avenue
Miami Beach, FL 33139
Dote of Valuation
August 19,2015
Prepared by
Waronker & Rosen, Inc.
5730 SW 74th Street, Suite 200
South Miami, Florida 33143
LEE H. WARONKER, MAI, SRA
CARLOS A. DIEZ,APPRAISER
Agenda ltem RJT
File # 8215
Date ?'z-ls23
Waronker & Rosen, Inc.
Real Estate Appraisers and Consultants
Miami-Dade County Offi ce
5730 SW 74th Street, Suite 200
South Miami, Florida 33143
Broward / Palm Beach County Office
l0l9l W. Sample Road, Suite 2l l-A
Coral Springs, Florida 33065
Lee H. Waronker, MAI, SRA Phone: (305) 665-8890 / Fax: (305) 665-5188 Josh L. Rosen, MAI
lee@waronkerandrosen.com www.waronkerandrosen.com josh@waronkerandrosen.com
August 31,2015
Mr. Demar Woodson
Right of Way Manager
City of Miami Beach
Public Works Department
1700 Convention Center Drive
Miami Beach, FL 33139
Re: Proposed Aerial Easement
Ocean Court, Between 1440 Ocean Drive and 1433 Collins Avenue
Miami Beach, FL 33139
WRI File No. 8215
Dear Mr. Woodson:
We have prepared an appraisal report of the above referenced property for the purpose of
estimating the value to the adjoining owner as of August 19, 2015. The value estimated herein
is not market value, it is the value solely to the adjoining owner. As part of this analysis, an
estimate of the market value of the fee simple interest in the adjoining land was developed.
However, this is not the primary focus of the assignment. The terms market value and fee simple
interest are defined in the pages ofthis report. This report has been prepared based on the scope
of work which is detailed on a following page. The reader of the appraisal is strongly advised to
read the scope of work so as to understand the scope of this appraisal.
This report is intended for use only by the client and intended users as noted herein. No
additional intended users are identified or intended. Use of this report by others is not intended
by the appraiser. No one else, or any other entities, should rely on this appraisal other than those
noted herein.
ll/aronker & Rosen, Inc at Real Estate Appraisers & Consullants
24
Mr. Demar Woodson
Right of Way Manager
City of Miami Beach
Public Works Department
August 31,2015
The subject property consists of a proposed aerial easement spanning Ocean Court (a public
alley) between l4th and l5th Streets in the City of Miami Beach, Miami-Dade County, FL. The
proposed easement would span the 20 foot width of Ocean Court, and is intended to enable
construction of a pedestrian bridge connecting the buildings on either side of the easement at the
level of the third floor. The adjoining buildings are under common ownership, with frontage on
Ocean Drive and Collins Avenue. The Ocean Drive property is currently an operating hotel, and
the Collins Avenue property was until recently operating as a separate hotel, but is currently
closed and undergoing a major renovation. The easement and pedestrian bridge are proposed in
order to enable the integration of the two properties into a single hotel operation. The proposal
includes construction of a decorative spherical structure enveloping the pedestrian bridge that has
the appearance of a large rubber ball nestled between the buildings. Based on drawings provided
by the architect for the renovation, the proposed easement would have a length of 27.75 feet
(including the length of the spherical structure from north to south), and a vertical depth of 26.33
feet from the top of the spherical structure to the bottom. The public right-of-way has a width of
20 feet, according to the recorded plat. No survey or legal description of the proposed survey was
provided. Therefore, for purposes of this appraisal, the total floor area of the proposed easement
is considered to be the length of the spherical volume according to the architect's drawings
multiplied by the width of the alley, or 555 sq. ft., and the volume would be 14,615 cubic feet
based on the vertical depth indicated in the drawings. Zoning on the sites adjoining the easement
on both sides is MXE, Mixed-Use Entertainment District by the city of Miami Beach, FL.
The properties on either side of the proposed easement are owned in fee simple by a single
owner, through different entities. The Ocean Drive property is currently operating as the Betsy
Hotel at 1440 Ocean Drive, a 6l-room 3-story full-service hotel built in 1940. The Collins
Avenue property is the Carlton Hotel at 1433 Collins Avenue, which before the renovation was a
67-room 3-story limited-service hotel built in 1937. The owner has owned the Betsy Hotel for
many years, but acquired the Carlton Hotel in October 2013 for $19,000,000 through a court-
ordered sale of the property resulting from the previous owner's bankruptcy. The owner
subsequently obtained approval from the City of Miami Beach Planning Department for a
renovation of the Collins Avenue building (the Carlton Hotel). These approvals include partial
demolition, renovation and restoration of the existing 3-story structure, construction of a new l-
story ground level addition on the north side of the property, a new 4-story ground level addition
on the south side of the property and a new l-story rooftop addition. This renovatior,/expansion
is now underway. In addition, the owner is proposing to construct a bridge to connect the Carlton
Hotel to the Betsy Hotel over the alley as noted above. Proposed alterations to the Betsy are
limited to the pedestrian bridge and improvements to the alley. For reference, a copy of a March
19,2014 memo from the City Manager to the Land Use and Development Committee regarding
the proposed renovation and easement is reproduced in the Addenda.
Waronker & Rosen, Inc. tl Real Estate Appraisers & Consultqnts
25
Mr. Demar Woodson
Right of Way Manager
City of Miami Beach
Public Works Department
August 31,2015
According to the City of Miami Beach Planning Department, the owner's proposed renovation
and aerial bridge are intended to enable the consolidation of the two properties into a single
operation, with a single front desk and an Ocean Drive presence. The former lobby of the Carlton
Hotel will be modified (the front desk operation merged with that of the Betsy) and a new
restauranVcaf6 is to be built-out on the ground floor with a Collins Avenue presence and outdoor
seating. As discussed further in the pages of this report, the adjoining owner stands to receive
significant operational and financial benefits from the consolidation of the two hotels, a project
that would not be feasible without the pedestrian bridge connecting the buildings. This valuation
is based on consideration of those benefits.
Vsluotion Methodology
Valuations of easements typically employ approaches that begin with an estimate of the market
value of the adjoining land. In some cases, discounts are appliedto accountforthe loss of utility
due to the fact that construction would not be allowed on the easement as it would be on the
adjoining sites. In others, a fee is estimated for a temporary construction easement based on a
reasonable rental rate for exclusive use of the land during construction. However, the concept of
market value (on which land value estimates would typically be based) is predicated on a
competitive open market, and presumes that buyer and seller are both typically motivated (i.e.,
that neither has an unusual motivation or incentive to buy or sell). The analysis indicates that the
proposed easement would provide unique benefits to the owner of the adjoining properties,
making it valuable to them to an extent that far exceeds the value of the adjoining land to any
other party.
For these reasons, the City of Miami Beach has requested a valuation that considers the value of
the easement to the adjoining owner. The City is under no requirement to grant easements of this
type, and City officials have considered the high cost that would likely be incurred if at some
future date it became necessary to re-acquire these easements from the adjoining owners,
especially in light of the fact that historically, valuation of easements for public acquisition has
been based on the loss in value to the burdened property.
The financial benefits derived from the consolidation of the hotels that the easement would
enable are very difficult to quantify without detailed financial information on the current
operating performance of the Besty Hotel, the historical operating performance of the Carlton
Hotel, and the renovation project currently underway. However, the analysis will assess in
general terms how the consolidation would enhance the potential operating performance of
hotels on the adjoining sites, and estimate a reasonable range of how much these potential
enhancements would be likely to increase the value of the underlying land, based on analysis of
market conditions in the South Beach hotel and land development markets.
lVaronker & Rosen, Inc. & Real Estate Apprakers & Consultants
26
Mr. Demar Woodson
Right of Way Manager
City of Miami Beach
Public Works Department
August 31,2015
In order to prepare the analysis, in connection with a previous appraisal, we were supplied with a
set of architectural drawings for the proposed renovation, by Miami-based architectural firm
Shulman & Associates. The drawings are dated December 18, 2013. No survey or legal
description for the easement was provided (though the architect's drawings do include copies of
surveys of the adjoining sites). For purposes of the analysis, the sizes and specifications of the
proposed easement were taken by the appraisers from the architectural drawings for the proposed
pedestrian bridge. Any deviation from the information supplied and assumptions used herein will
likely result in a change of value.
As a result of our investigation, it is our opinion that the value of the proposed aerial easement to
the adjoining owner as of August 19,2015, based on the methodology described herein, is in the
amount of
TWO MILLION ONE HUNDRED THOUSAND DOLLARS
($2,100,000)
The above value estimate does not consider any loss in value to the parent tract (that being
the entire segment of Ocean Court, the public right-of-way over which the proposed
easement is located). This appraisal assumes that the proposed easement is granted and
recorded in the public records as proposed and valued herein, with physical dimensions
and location matching those in the architectural drawings provided.
Very truly yours,
State-Certified General Real Estate Appraiser
License No. RZl62l62
State-Certified General Real Estate Appraiser
License No. R23420
Lee H. Waronker, MAI, SRA
Waronker & Rosen, Inc. & Real Estate Appraisers & Consultants
27
Table of Contents
LETTER oF TRANSMITTAL
Tanm, op CoNrBNrs
ScoproF WoRK
CERTIFICATIoN
GPNERaI ASSUMPTIoNS AND LIMI,INc CoNoIuoNs
InrnooucttoN
SUIT,TTTIaRy oF PERTTNENT DATA
MIAMI.DADE CoUNTY MAP
PLATMAP
SURvEY
Sunvr,v
Arzuar- PHoToGRAPHS
SITE PLAN FoR PRoPoSED RENovATIoN
STTB PI.aN FoR PRoPOSED RENoVATIoN
DETAIL oF PEDESTRIAN BRIDGE
DETAIL OF PEDESTRIAN BRIDGE
RENDERING oF PRoPoSED PEDESTRIAN BRIDGE
SusDcT PHoToGRAPHS
AppnarsBn QuALrFrcATroNS
DESCRIPTIoN & ANALYSES
PURPOSE OF THE APPRAISAL
CLIENT, INTENDED USERAND USE oF TITT AppReIseL
DEFTNITION oF RTAL PRopgRTy INTEREST APPRAISED
DEFTNITIoN oF MARKET VALUE
L0CATIoN aNo AoonEss
LEGAL DESCRIPTIoN
OwNBR oF RECoRD
HISTORY oF THE SusIEcT PRoPERTY
SIIB Dara
ZoNTNG
FLooD ZONE
REAL ESTATE ASSESSMENT AND TAXES
NEIGHBoRHoon Ovp,Rvlpw
Supply AND DEMAND
EXPoSURETIME
TYPICAL PURCHASER oF TIIE SUBJECT
HIGIDST AND BEST USE
APPRAISAL PROCESS
CosT APPROACH
INCOME CAPITALIZATION APPROACH
SALES CoMPARISoN APPRoACH
RECoNCILIATIoN oF VALUE
ADDENDA
CouNTy AREA DESCRIPTIoN
FLooD ZoNE MAP
ADDITIoNALDATA
I
5
6
8
l0
t2
t3
t4
l5
t6
17
18
t9
20
2t
22
23
24
30
34
35
35
35
36
37
37
38
38
39
40
40
4t
43
44
47
47
48
49
50
5l
52
74
75
76
76
76
ll/aronker & Rosen, Inc. & Real Estate Appraisers & Consultanls
28
Scope of Work
The appraisal problem herein is to estimate the value of a proposed aerial easement over a public
alleyway intended to allow construction of a pedestrian bridge connecting existing hotel
buildings on either side of the easement (which are under common ownership), but not
restricting continued use of the alley as a public right-of-way. The analysis indicates that the
proposed pedestrian bridge would provide unique benefits to the owner of the adjoining
properties, making it valuable to them in ways that it would not be to any other party. For this
reason, the City of Miami Beach has requested a valuation that considers the enhancement in the
value of the underlying land to the adjoining owner.
The proposed easement would enable the owner of the adjoining hotels to consolidate the separate
properties into a single hotel operation, with a single front desk and an Ocean Drive presence.
Hotels located on Ocean Drive typically achieve higher room rates than those on Collins Avenue,
and consequently achieve higher values. [ntegration of the Collins Avenue building into an Ocean
Drive hotel would enable the Collins Avenue property to achieve higher revenues than are possible
without integration, thereby raising the land value of the Collins parcel.
This valuation takes the approach of estimating the impact that the easement would have on the
market value of the adjoining land as a result of the ability to develop the site as a combined
hotel property with an Ocean Drive presence. The valuation methodology requires separate
estimates of the market value of the parcels on either side of the easement. Then, an estimate is
made of how much the value of the inferior Collins Avenue parcel would be increased as a result
of being connected to the superior Ocean Drive parcel by way of the easement. Finally, the
reasonableness of this estimate is tested through a feasibility land cost model that considers
typical parameters for the development of hypothetical hotel projects on the parcels in question.
The model indicates the feasibility land cost, which is the highest price that a developer would be
willing to pay based on a set of reasonable (market-derived) assumptions about the development
costs and market value of a typical project. These indications provide a check on the
reasonableness of the estimate of the increase in the value of the adjoining land that would result
from the easement.
All appraisals begin by identifying the appraisal problem. Data on the subject property can be
derived from various sources including but not limited to, the property owner, the county
property appraiser's office, recorded plats and surveys. When possible, more than one source is
utilized to confirm data and the data sources are acknowledged. Land size is based on surveys
(when available), public records and recorded plats. Land measurements are not performed.
Valued herein is vacant land which can be valued by the following methods:
1. Sales Comparison Approach
2. Market Extraction
3. Allocation
4. Land Residual
5. Ground Rent Capitalization
6. SubdivisionAnalysis
lYaronker & Rosen, Inc. & Real Estate Appraisers & Consultants
29
The sales comparison approach was used herein and was considered the most applicable method
in the valuation of the subject property. A search was performed for the sale of properties
considered comparable to the subject property. Research of comparable sales and market data
include, but is not limited to using the followingdata sources:
CoStar
Imapp
Newspaper clippings
Board of Realtors' Multiple Listing Service
National Multiple Listing Service
Loopnet.com
Comparable sales are inspected and the transactional information is reported. Sale prices are
from public records and are typically confirmed with a party to the transaction, i.e. buyer, seller,
real estate agent, or closing attorney. All information is analyzed in processing the appraisal
report and as support for the estimated value.
The scope of work for this assignment has been described above and is to be typical for an
assignment of the nature of the subject appraisal problem.
lfiaronker & Rosen, Inc. & Real Estate Appraisers & Consultants
30
Certification
The undersigned does hereby certify that, to the best of my knowledge and beliefi
l. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My 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
occulrence ofa subsequent event directly related to the intended use ofthis appraisal.
7. My analyses, opinions and conclusions were developed, and this report has been prepared,
in conformity with the following requirements.
. Uniform Standards of Professional Appraisal Practice (USPAP)
' The Code of Professional Ethics and Standards of Professional Practice of the
Appraisal [nstitute. The State of Florida requirements for state-certified appraisers
I have complied with the USPAP Competency Rule.
This appraisal report sets forth all of the limiting conditions imposed by the terms of this
assignment or by the undersigned affecting the analyses, opinions and conclusions
contained in this report.
10. No one provided significant real property appraisal assistance to the person signing this
certification.
11. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives. Additionally, it is subject to review by the
state of Florida relating to review by the real estate appraisal subcommittee of the Florida
Real Estate Commission.
12. As of the date of this report Lee H. Waronker, MAI, SRA has completed the continuing
education program of the Appraisal Institute.
As of the date of this report, Carlos Diez has completed the Standard and Ethics
Education Requirements for Candidates of the Appraisal Institute.
I, Lee H. Waronker, MAI, SRA have made a personal inspection of the property that is
the subject of this report.
8.
9.
13.
14.
Waronker & Rosen, Inc & Real Estate Appraisers & Consultants
31
15.
16.
I, Carlos Diez have made a personal inspection of the property that is the subject of this
report.
Waronker & Rosen, Inc. have previously performed an appraisal on the subject property
in the past three years. We were not then, and are not now involved with the
management, leasing, disposition, or any similar service regarding the subject property in
the past three years.
State-Certified General Real Estate Appraiser
License No. RZl62l62
State-Certified General Real Estate Appraiser
License No. R23420
Date of Reparl Aueust 3 l. 2015
Lee H. Waronker, MAI, SRA
Waronker & Rosen, Inc. ta Real Estate Appraisers & Consultants
32
General Assumptions and Limiting Conditions
This appraisal report has been made with the following general assumptions:
l. No responsibility is assumed for the legal description or for matters pertaining to legal or
title considerations. Title to the property is assumed to be good and marketable unless
otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information fumished by others is believed to be reliable but, no warranty is given
for its accuracy.
5. All engineering studies are assumed to be correct. Any plot plans or illustrative material
in this report are included only to help the reader visualize the property.
6. [t is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for obtaining the engineering that may be required to discover them. The
values estimated herein are subject to typical inspections such as roof, structural, and
termite, if applicable.
7. It is assumed that the property is in full compliance with all applicable federal, state and
local environmental regulations and laws unless the lack of compliance is stated,
described and considered in the appraisal.
8. It is assumed that the property conforms to all applicable zoning and use regulations and
restrictions unless a non-conformity has been identified, described and considered in the
appraisal.
9. It is assumed that all required licenses, certificates of occupancy, consents, and other
legislative or administrative authority from any local, state or national government or
private entity or organization have been or can be obtained or renewed for any use on
which the opinion of value contained in this report is based.
10. It is assumed that the use of the land and improvements is confined within the boundaries
or property lines of the property described and considered in the appraisal.
I I . Unless otherwise stated in this report, the existenc e of hazardous materials, which may or
may not be present on the property, was not observed by the appraiser. The appraiser has
no knowledge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presences of substances such as
asbestos, ureaformaldehyde foam insulation or other potentially hazardous materials may
affect the value of the property. The value estimated is predicated on the assumption that
there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such conditions, or for any expertise or engineering
knowledge required to discover them. The intended user is urged to retain an expert in
this field, if desired.
lVarunker & Rosen, Inc & Real Estate Appraisers & Consultants 10
33
12.
13.
15.
16.
14.
The physical condition of the improvements, if any, described herein was based on visual
inspection. No liability is assumed for the soundness of structural members, since no
engineering tests were made of same.
Neither all nor any part of this appraisal report shall be disseminated to the general public
using the appraiser's name or appraisal designation, without prior written consent of the
appraisers signing this appraisal report.
Authorization is not allowed for the out-of-context quoting from, or partial reprinting of,
this appraisal report.
By reason of the report, there is no requirement to testify with reference to the property
herein appraised, unless arrangements have been previously made.
The reader should be advised that our employment was not contingent on the appraisal
providing a minimum valuation, a specific calculation or the approval of a loan.
Additionally, we have complied with the USPAP Competency Rule.
Limiling Conditions:
l. The allocation of total value between land and improvements applies only under the
described utilization. The separate valuations for land and improvements must not be
used in conjunction with any other appraisal and are invalid if so used.
2. The Americans with Disability Act (ADA) became effective January 26, 1992. The
appraiser has not made a specific compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed requirements of the
requirements of the ADA. It is possible that a compliance survey of the property and a
detailed analyses of the requirements of the ADA, could reveal that the property is not in
compliance with one or more of the act. If so, this fact could have a negative impact upon
the value of the property. Since the appraiser has no direct evidence relating to this issue,
possible noncompliance with the requirements of ADA was not considered in estimating
the value of the property.
Waronker & Rosen, Inc. qt Real Estate Appraisers & Consultants 11
34
Descriptlon and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
lntroduction
ll/aronker & Rosen, Inc. ll Real Estate Appraisers & Consultants t2
35
Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Summary of Pertinent Data
Location: The subject property consists of a proposed aerial
easement spanning Ocean Court (a public alley)
between 14th and l5th Streets., Miami Beach,
Miami-Dade FL
Address: Between 1440 Ocean Drive and 1433 Collins
Avenue, Miami Beach, FL33139
Type of Use: Proposed aerial easement
Zoning: MXE, Mixed-Use Entertainment District by the
city of Miami Beach, FL
Census Tract: 43.03
Flood Zone: AE (Map 12086C0317L)
Land Area (of adjoining parcels):
Ocean Drive Parcel: 14,537 square feet (0.33 acres)
Collins Avenue Parcel: 21,948 square feet (0.50 acres)
Value by Cost Approach: Not applicable
Value by Income Capitalization Approach: Not applicable
Value by Sales Comparison Approach: $2,100,000*
*Value of the proposed easement to the adjoining owner, based on the estimoted increase in
the market volue of the adjoining land that would occur as a result of the easement.
Date of Valuation:
Date of Report:
August 19,2015
August 31,2015
lVaronker & Rosen, Inc & Real Estate Appraisers & Consultants 13
36
Description and Analy ses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Miami-Dade County Map
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
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Waronker & Rosen, Inc & Real Estate Appraisers & Consultants 17
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Aerial Photographs
ll/aronker & Rosen, Inc. €, Real Estate Appraisers & Consultants t8
41
Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beqch, FL
Site Plan for Proposed Renovation
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Note: circular shape over Ocean Court denotes location of proposed easement
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Description and Analy ses Proposed Aerial Easement, Ocean CL, Miami Beach, FL
Site Plan for Proposed Renovation
(Angled 3D View)
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D"t"rUttr" r"d A",
Detail of Pedestrian Bridge
(Plan View)
Note: Betsy Hotel (Ocean Drive parcel) on right, Carlton Hotel (Collins parcel) on left
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Waronker & Rosen, Inc. ta Real Estate Appraisers & Consultants 21
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D"t"rtpttr" t"d Aru
Detail of Pedestrian Bridge
(Elevation View)
LOCATION OF BRIOGE WITHIN
SPHERICAL VOLUME a\
METAL MESH RAILING 42'AEOVE
FLOOR FINISH
ELEVATION
Note: Betsy Hotel (Ocean Drive parcel) on left, Carlton Hotel (Collins parcel) on right
@
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lYaronker & Rosen, Inc. & Real Estate Appraisers & Consultants "r',
45
Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Rendering of Proposed Pedestrian Bridge
I i:,,,.jfd
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Rendering looking south from intersection of Ocean Court and l4th Place, just north of easement
location. Note: rendering reflects proposed rooftop addition and l-story ground floor addition (in
foreground, on right) to Carlton Hotel. Betsy Hotel is on left.
Waronker & Rosen, Inc. $ Real Estate Appraisers & Consultants 23
46
Description and Analyses Proposed Aerial Easemenl, Ocean Ct., Miami Beach, FL
Subject Photographs
Carlton Hotel (undergoing renovation/additions), looking east
from west side of Collins Avenue
Betsy Hotel, looking southwest from east side of Ocean Drive
llaronker & Rosen, Inc. & Real Estate Appraisers & Consultants 24
47
Description an4 Analy ses Proposed Aerial Easement, Ocean CL, Miami Beqch, FL
Northwest corner of Carlton Hotel, looking
east along pedestrian segment of l4th Place
North side of Carlton Hotel
North side of Carlton Hotel (on left), looking
west along pedestrian segment of l4th Place
Ocean Court (alley), looking south (Carlton
Hotel on right, Betsy Hotel on left)
Wuronker & Rosen, Inc. & Real Estate Appraisers & Consultants 25
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D"t"rtpttr" r"d A,
West side of Betsy Hotel
(area of proposed bridge)
l4th Place looking east toward Ocean Drive
from north end of Ocean Court
East side of Carlton Hotel
(area of proposed bridge)
Ocean Court looking south from point just
east of south portion of Carlton Hotel parcel
Yl/aronker & Rosen, Inc. aa Real Estate Appraisers & Consultants 26
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Description ar?d Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
South portion of Carlton Hotel parcel looking
northwest from Ocean Court
North and east sides of Betsy Hotel and
entrance to l4th Place, looking southwest
from Ocean Drive
l4th Place looking west (Besty Hotel at left,
Carlton Hotel at rearlcenter)
Ocean Drive looking south
(Betsy Hotel on right)
Waronker & Rosen, Inc. ta Real Estate Apprqisers & Consultants 27
50
Description and Analy ses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Ocean Drive looking north
(Besty Hotel on left)
l4th Street looking nofthwest (entrance to
Ocean Court shown at right)
l4th Street looking northeast
(entrance to Ocean Court shown at left)
Waronker & Rosen, Inc. & Real Estale Apprakers & Consultants 28
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miumi Beach, FL
Collins Avenue looking north
(Carlton Hotel on right)
Collins Avenue looking south
(Carlton Hotel on left)
ll/aronker & Rosen, Inc & Real Estate Appraisers & Consultants 29
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Description and Analyses Pruposed Aerial Easement, Ocean Ct., Miami Beach, FL
Appraiser Qualifications
LEE H. WARONKER, MAI, SRA
Education:
Affiliations:
Experience:
Instructor:
Author:
Other:
Industrial Buildings
Offrce Buildings
Service Stations
Master of Science in Management, School of Business and organizational
Science, Florida International University, l98l (Major - Real Estate)
Bachelor of Science Degree, The Florida State University, Tallahassee, Florida
1976 (Major - Real Estate)
MAI Designation (No. 6738) awarded by the Appraisal Institute in 1983.
SRA (SRPA) Designation awarded by the Appraisal lnstitute in 1981.
State-certified General Real Estate Appraiser, State of Florida, License
Number RZl62, May 1990.
Registered Real Estate Broker, State of Florida, License #BK0152877 (1975)
Appraised various types of properties, including:
Restaurants Warehouses
Hotels and Motels Hospitals
Retail Stores Marinas
Churches & Synagogues U.S. Post Offices Historical Buildings
Residences Condominiums Special Purpose Properties
President, Waronker & Rosen, Inc., (formerly Waronker & Associates, Inc.)
Miami, Florida, from 1987 to present. Vice President, Property Consultants,
Inc. from 1979 to 1986. Appraiser, The Keyes Company, 1978 to 1979.
Appraiser, Miami-Dade County Department of Right-of-Way, 1977 to 1978.
Appraisal Institute. Taught Courses lA-1, lA-2, 8-2, lB-A, lB-B, ll}, l2O,
210, 3 10, 320, 410, 420, 430, 51 0, 550, 600, 6 1 0 and 620, et al
Seminars entitled "Dynamics of Ofice Building Valuation", "Why the
Capitalization Rate is Always 10" and the "Appraisal of Real Estate 10th vs.
I tth Edition".
Special Master for the Dade County Valuation Adjustment Board, 1989 to
l996.Assisted in the editing of rhe Appraisal of Real Estate, llth Edition and
l3th Edition.
President of the Miami Chapter of the Appraisal Institute, 1990 to 1991.
lYaronker & Rosen, Inc. & Real Estate Appraisers & Consultsnts 30
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Description and Analyses Proposed Aerial Eosement, Ocean Ct., Miami Beach, FL.-
Appraiser Qualifi cations
CARLOS A. DIEZ
Education: University of Florida (Gainesville, FL)
Bachelor of Arts. Major: Economics
Stevens Institute of Technology (Hoboken, NJ)
Substantial progress towards the degree of Master of Engineering
Affiliations: State-certified general real estate appraiser, State of Flofida,RZ3420
The Appraisal lnstitute, Candidate for Designation
CCIM Institute, Candidate Member
Appraisal Experience: Waronker & Rosen, Inc. September,2007 to Present
Appraised a wide variety of property types, including:
Vacant land Office buildingsRestaurants Shopping centersHotels Free-standing retail properties
Industrial properties Apartment buildings
ResidentialandCommercialCondominiums CondominiumUnits
Land leases (leased fee and leasehold interests) Fractured Condominium Interests
Easements (including aerial and sub-surface) Special Purpose Properties
Appraisal,Investment Analysis and General Real Estate Education:
The Appraisal Institute
100, l0l: Basic Appraisal Principles and Procedures202: Residential Sales Comparison and Income Approaches300: Real Estate Finance, Stalistics and Valuation Modeling400: General Market Analysis and Highest & Best {Jse402l. General Appraiser Site Valuation and Cost Approach
403,404: General Appraiser Income Approach (Parts I and 2)405: General Appraiser Report llriting and Case Studies420: Business Practices and Ethics
510: AdvancedlncomeCapitalization
550: AdvancedApplications
530: Advanced Sales Comparison and Cost Approaches
Seminar: Hotel Appraising - New Techniques for Today's (Jncertain Times500: Advanced Market Analysis and Highest & Best Use833: Fundamentals ofSeparating Real Property, Personal Property, and Intangible Business Assets
Seminar: Marketability Studies: Advanced Consifurations andApplications
CCIM Institute
CI l0l: Financial Analysisfor Commercial Investment Real Estate
CI 102: Market Analysisfor Commercial Investment Real Estate
CI 103: User Decision Analysisfor Commercial Investment Real Estate
CI 104: Investment Analysk for Commercial Investment Real EstateFANSC: FeasibilityAnalysisforRetailProperties
MIMK: Advanced Market Analysis for Commercial Real Estate
Baruch College (CtlNY) / Steven L. Newman Real Estate Institute
NCP2000: Urban Land Economics
NCP9000: Real Estqte Development
ll/aronker & Rosen, Inc & Real Estate Appraisers & Consultants 31
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Description and Anolyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Partial Client List
LENDERS TD Bank, N.A.
Totalbank
U.S. Century Bank
Wells Fargo Bank
Zions First National Bank
LIFE INSURANCE COMPANIES
GOVERNMENT AGENCIES
l't United Bank
Amerasia Bank
Apollo Bank
BAC Bank
BNY Mellon Bank
BankUnited
Bank of America
Bank of Coral Gables
Bank Leumi
Bessemer Trust
Branch Banking and Trust (BB&T)
Bridgelnvest, LLC
Cl Bank
CNL Bank
Capital Bank
Cigna Investments, Inc.
Citibank and Citicorp
City National Bank of Florida
Coconut Grove Bank
Comerica Bank
Credit Suisse First Boston Mortgage
Capital, LLC
Espirito Santo Bank of Florida
Executive National Bank
Fifth Third Bank
First Bank of Miami
First National Bank of South Miami
FirstBank Florida
Florida Community Bank
Gibraltar Private Bank and Trust
HSBC Bank, N.A.
Holliday Fenoglio Fowler, LP
Intercredit Banlq N.A.
Intemational Finance Bank
Israel Discount Bank of New York
JP Morgan Chase Bank
Live Oak Bank
Lloyds Int'I. Bank (Lloyds of
London)
Lutheran Brotherhood
Marquis Bank
Morgan Stanley Mortgage Capital
Northern Trust Bank
Ocean Bank
OptimumBank
Popular Community Bank
Professional Bank
Regions Bank
Sabadell United Bank
Space Coast Credit Union
Stonegate Bank
SunTrust Bank
Terrabank, N.A.
Broward County School Board
Broward County Public Works Dept.
City of Coral Gables
City of Miami Beach
City of Miami General Services
Administration
Ferlprql T)ennsir Inc.,ronao Onm /FDIf'
Allstate Insurance Company
American General Life Insurance Co.
Equitrust Life Insurance Co.
Fortis Capital Corp. & Life Insurance
Company
Franklin Life Insurance Company
General American Life Insurance Co.
Independent Order of Foresters
John Alden Life Insurance Company
Kansas City Life Insurance Company
Lumberman's Life Insurance Company
Omaha Woodmen Life Ins. Society
Standard Life Insurance Company
State Farm Insurance Company
Sun Lile Insurance Co. of America
CORPORATIONS
Federal Home Loan Mortgage Corp.
(FHLMC)
Florida Dept. of Environmental
Protection
Florida Department of Transportation
Florida Keys Aqueduct Authority
Miami-Dade Water and Sewer
Authority
Miami-Dade Co. -Aviation Authority
Miami-Dade Co. - County Attorney's
Offrce
Miami-Dade Co. - General Serv. Admin.
Miami-Dade Co. - Housing & Urban Dev
Miami-Dade Co. - Public Works Dept.
Miami-Dade Co. - School Board
Miami Parking Authority
Nafure Conservancv. Florida Chaoter
Church ofJesus Christ ofthe
Latter-Day Saints
Florida Power and Light Corp. (FPL)
JC Penny Corporation
The Wendy's Company
Chevron U.S.A., Inc.
Johnson and Johnson Company
DEVELOPERS AND INVESTORS
South Florida Water Management Districl
United States Department of Justice
United States General Serv. Admin.
United States Postal Services
Village of Pinecrest
LAW FIRMS
Akerman, Senterfitt & Eidson
Amstein & Lehr, LLP
Barranco & Associates, P.A.
Berger Singerman
Berman, Wolfe Rennart Vogel &
Mandler, P.A.
Carlton Fields
Colson Hicks Eidson, P.A.
Greenberg Traurig, P.A.
Holland & Knight
Kirkpatrick and Lockhart
Kutner and Associates
Richman Greer
Shutts & Bowen, LLP
Steams, Weaver, Miller, Weissler,
Alhadeff & Sitterson, P.A.
Steel Hector and Davis
Tabas, Freedman, Soloff, Brown &
Rigali, P.A
Tripp Scott
Weiss Serota Helfman Pastoriza Cole &
Boniske, P.A.
Berkowilz Development Group
Bristol Group, Inc.
Fifteen Group, Inc.
Franklin Street Properties
Flagler Development Corporation
Goldman Properties
Hampshire Real Estate Companies
Lennar Corporation
MDM Development, Inc.
Napolitano Realty and Hamap Corp.
Noble House Resorts and Hotels
Ocean Prope(ies, Ltd.
Panther Real Estate
PLC Investments, LLC
R.K. Associates, Inc.
The Scott Robins Companies
Wometco Enterprises, Inc.
Waronker & Rosen, Inc & Real Estate Apptaisers & Consultants 32
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Description and An Aerial Easement, Ocean Ct., Miami Beach, FL
Notable Properties Appraised
Miami-Dade County
Miami Seaquarium Virginia Key Miami Free Zone - Global Trade Cntr
Miami International Airport Miami Metropolitan Hospital of Miami
City of Miami Correctional Facility Miami Spinnaker Marina
Country Club of Miami Golf Course Miami Virginia Key & Rickenbacker Marinas
Mel Reese Golf Course Miami Waterways Yacht Basin
Burger King Headquarters - Waterford Miami Porto Vita Club and Spa
Doctors Hospital Coral Gables Ocean Steps Entertainment Center
Beacon Centre Development Miami Indian Creek Country Club
FBI Headquarters Miami BIV Tower
Gables Waterway Executive Center Coral Gables Courthouse Tower
Joe's Stone Crab restaurant Miami Beach South Shore Hospital
Doral Ocean Beach Resort (formerly) Miami Beach SouthCom Headquarters
Metro-Dade Bus Facility Miami
Fort L auder dale/B row ard C o unty
Florida Medical Center (Hospital)
Jackson Marine Center
Las Olas Centre Office Building
Martha's Restaurant
Various Luxury Single Family Homes
Seneca Industrial Park
Monroe Co unty/Florida Keys
Marriott Key Largo Bay Beach Resort
Islander Resort
Hawk's Cay Resort, Marina and DRI
Westin, formerly Hilton Resort and Sunset Key Island
Little Palm Island
Louis' Backyard Restaurant
Ocean Key Resort
Sloppy Joe's Bar
Truman Annex - Navy Base
Other Florida Counties
Jupiter Beach Resort
La Playa Beach Resort
Sheraton Four Points
Spring Hill Suites
Hilton Carillon Park
Outside of the United States
Various Single Family Homes
Single Family Home
Sapphire Beach Resort
Hotel Site
Montego Beach Resort
Botany Bay Subdivision (400 acres)
Ocean Club Resort
Land lease under Ritz Carlton
Various Land Holdings
Vacant Land
Buccaneer Hotel and Golf Course
Miami
Miami
North Miami
Key Biscayne
Miami
Aventura
S. Miami Beach
Indian Creek
Miami
Miami
Miami Beach
Miami
Ft. Lauderdale
Ft. Lauderdale
Ft. Lauderdale
Hollywood
Fort Lauderdale
Pembroke Park
Key Largo
Islamorada
Duck Key
Key West
Little Torch Key
Key West
Key West
Key West
Key West
Jupiter, Palm Beach County
Naples, Collier County
Orlando, Orange County
Tampq Hillsborough County
St. Petersburg, Pinellas County
Cat Cay, Bahamas
Casa de Campo, Dominican Republic
St. Thomas, U.S. Virgin Islands
Grand Turks and Caicos Islands
Montego Bay, Jamaica
St. Thomas, U.S. Virgin Islands
Grand Turks and Caicos Islands
San Juan, Puerto fuco
St. Croix, U.S. Virgin Islands
West End, Grand Bahama Island
St. Croix, U.S. Virgin Islands
Wqronker & Rosen, Inc. & Real Estate Appraisers & Consuhqnls 33
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Description and Analyses Proposed Aerial Easement, Ocean CL, Miami Beach, FL
Descri ption & Analyses
Waronker & Rosen, Inc" tt Real Estate Appraisers & Consultants 34
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Purpose of the Appraisal
The purpose of this appraisal report is to estimate the value of the proposed easement to the
ownerof theadjoiningparcelsasof August lg,20l5.Aspartoftheanalysis,anestimateof the
market value of the fee simple interest in the adjoining land was developed, in order to estimate
how the market value of the adjoining parcels would change as a result of the benefits afforded
by the proposed easement. The value to the adjoining owner is not considered market value. The
term fee simple interest is defined below. The term market value is defined on the following
page.
Client, Intended User and Use of the Appraisal
The intended user of this appraisal is City of Miami Beach (client). No purchaser or seller of the
subject property, nor any borrower are intended users of this appraisal and no such parties should
use or rely on this appraisal for any purpose. All such parties are advised to consult with
appraisers or other professionals of their own choosing. No additional intended users are
identified or intended for internal decision making relating to the possible granting of an aerial
easement over Ocean Court, a public right-of-way.
Definition of Real Property Interest Appraised
The real property interest appraised herein is that of the fee simple interest, defined as follows:
Fee Simple Interest: an absolute fee without limitations to any particular class of heirs,
but subject to the limitations of eminent domain, escheat, police power and taxation. An
inheritable estate.
Warcnker & Rosen, Inc & Real Estate Appruisers & Consultants 35
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D^"rbtto" r"d A"rU
Definition of Market Value
Market Value is the major focus of most real property appraisal assignments. Both economic and
legal definitions of market value have been developed and refined.1 The Uniform Standards of
Professional Appraisal Practice (USPAP) states Market Value is "a type of value, stated as an
opinion, that presumes the transfer of property (i.e., a right of ownership or a bundle of such
rights), as of a certain date, under specific conditions set forth in the definition of the term
identified by the appraiser as applicable in the appraisal".2 This requires the appraiser to identify
the definition of market value and its authority.
The definition that follows is the basis of the valuation in this appraisal and the source is the
Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume
75 Number 237,Page 77472.
Market Value is defined as "the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably, and assuming the price is not affected
by undue stimulus. Implicit in this definition are the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby:
. Buyer and seller are typically motivated;
' Both parties are well informed or well advised, and acting in what they consider their own
best interests;
. A reasonable time is allowed for exposure in the open market;
' Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
' The price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale."3
This market value definition is referenced within the appraisal regulations of the following
governmental agencies :
' Title XI of the Financial [nstitutions Reform, Recovery, and Enforcement Act (FIRREA) of
1989
. Department of the Treasury
. The Federal Reserve System (FRS)
. Federal Deposit Insurance Corporation (FDIC)
. Office of Comptroller of the Currency (OCC)
I Appraisal of Real Estate, l4d'Edition, page 58
2 USPAP 2014-20l5,page U-33 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237,
Page77472
Waronker & Rosen, Inc tt Real Estate Appraisers & Consultants 36
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Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Location and Address
The subject property consists of a proposed aerial easement spanning Ocean Court (a public
alley) between l4th and 15th Streets, in Miami Beach, FL.
Address:Between 1440 Ocean Drive and 1433 Collins Avenue
Miami Beach, FL 33139
Legal Description
Collins Avenue Parcel:
l-ol'18. Btocr 19, ot OCErrt{ BEI\CH ADDIIION l,lo.2. occord,ng to thc ptrt
$creof os rcccrdcd ir ptol Book 2" of pcqc 56 of ttre pu6lie Recoror o,Miorni-Jude co,rnly. llrt'rdo, unif ulss thul rsrluirt trct:l ul krnrl dest:nberl crs
fotlc?3
Bc|inrrinql oi lrc ncrlhwrslerly ccrner al Hook 19, OCRAN BIACH At)0,llON NC?,
occord,6g to llrr: Ptol .i!'gacl, re*o,dGrr ,n Plot tsm|1 ?. Pogo 5ti ut lhe Pubtic
RecordS o'Miom,-OoCc County, l-loriCo, thcncc ?osterty otoirg thc northc.ly hncol soid Block .|9, o oistoncc of lal 09 leet. rrrore or tess. io lte lrelterly rf66ol o 20-fnnl ollny, ng f,,irorrrr o'r lhc olorcuoio plqt, ttren southwostcrly ctut'glhe restcrly line ol rod ar !y, o disloncc ol 110.5 fcct. moro or lms. ic lhcnorlhcotlerly corrcr of Lot 18, Etock 19 os ghown on oloresoid plot: thc^
northwes:e4y olcn? lh" norlhery lina of soirl Lot 18, Bloch 10. u rlistnnco nf140'eet ttr lhr: Norlhwegte,ly corner o{ Loi 18. Blooh 19. os shorn onofo'erod p'ql; ihaacr nor:hwrsterly c'org lho rlstedy lire of Bloc< lg ceshutn on o{or€so;( Dtrtr n dislnnce ol 87.? fael. rnore o' k:qs, ln lhn pnr6r 6l
bcainn,nq.
Ocean Drive Porcel:
Loi 1. loss tt.e lrorth tl f€et cnd Lc! 2, ln lllcck 19, crl OCTAN BEAC'T A0nlllo\
lrC 2. oc;o,o;ng to thc Plol lTe'eof . rs rncordod ir' f,tot Book 2. ol Pcqe b6 ul
the Puolic Rccord: ol Mlurrri-Ottds co.rnty. Florido
Neither a survey nor legal description for the proposed easement was supplied. The legal
descriptions above were copied from surveys included in the architect's drawings for the
proposed renovation. The drawings indicate that the surveys were completed by Hadonne Corp.
on October 15,2013.
Waronker & Rosen, Inc. & Real Estate Appraisers & Consultants 37
60
Description and Anolyses P*posed Aerial Easemenl, Ocean Ct., Miami Beach, FL
Owner of Record
Ocean Drive Porcel:
Betsy Ross Owner,LLC
1841 Broadway
Suite 1009
New York, NY 10023
Source : www.miamidade. gov
Collins Avenue Parcel:
Ocean Court, LLC
l22l Brickell Avenue
Suite 1600
Miami, FL 33131
History of the Subject Property
The owner has owned the Betsy Hotel (the Ocean Drive parcel) for many years, but acquired the
Carlton Hotel (the Collins Avenue parcel) in October 2013 for $19,000,000 through a court-
ordered sale of the property resulting from the previous owner's bankruptcy. The owner has
since obtained approval from the City of Miami Beach Planning Department for a renovation
(now underway) of the Collins Avenue parcel (the Carlton Hotel) that includes an expansion of
the existing building (including addition of a new l-story rooftop addition). Also proposed is
construction of a bridge to connect the two buildings over the alley. Proposed alterations to the
Betsy are limited to the pedestrian bridge and improvements to the alley.
Source: www.miamidade.gov and City of Miami Beach Planning Department
llaronker & Rosen, Inc. aa Real Estate Appraisers & Consultants 38
61
Description and Analyses Proposed Aefial Easement, Ocean Ct., Miami Beach, FL
Site Data
The subject property is a proposed aerial easement across Ocean Court, a public alley between
Collins Avenue and Ocean Drive. No survey was provided. This analysis is based on the location
of the proposed easement as depicted in architectural drawings provided. Based on the recorded
plat, the alley is 20 feet wide. Based on the drawings, it would have a length of 27.75 feet (the
length of the area taken up by a proposed spherical structure that would envelop the bridge that is
to connect the buildings on either side), and a vertical height of 26.33 feet. Based on this, the
easement would have a floor area of 555 sq. ft. and a volume of 14,615 cubic feet.
The parcels on the either side of the proposed easement are both trapezoidal but nearly square in
shape. The parcel on the east side (the Ocean Drive parcel) has frontage of approximately 123
feet along the west side of Ocean Drive. It also has frontage of approximately l0l feet along the
east side of Ocean Court, a public right-of-way that runs north-south between Ocean Drive and
Collins Avenue, and approximately 132 feet along the south side of l4th Place, a public right-of-
way that runs east-west between Ocean Drive and Collins Avenue. The segment of l4th Place
that lies along the north side of the Ocean Drive parcel connects to Ocean Court, allowing
vehicular traffic from Ocean Court to travel one way (eastbound) along 14th Place. Based on the
Miami-Dade County Property Appraiser's records, this parcel has a land area of 14,537 sq. ft.
The parcel on the west side of the proposed easement (the Collins Avenue parcel) has frontage of
approximately 137 feet along the east side of Collins Avenue. It also has frontage of
approximately 160 feet along the west side of Ocean Court, and approximately 142 feet along the
south side of l4th Place. The segment of l4th Place that lies along the north side of the Collins
Avenue parcel is a pedestrian-only right-of-way, such that vehicular traffic traveling north on
Ocean Court may not turn left at the northeast corner of the Collins Avenue parcel (it must turn
right, where 14th Place leads to Ocean Drive). According to the Miami-Dade County Property
Appraiser's records, this parcel has a land area of 20,258 sq. ft. However, this excludes a small
wedge-shaped parcel, identified in the Miami-Dade County Property Appraiser's records as folio
#02-3234-008-0730, which the survey included in the architect's drawings indicates as being
part of the Collins parcel. This parcel has a land area of 1,690 sq. ft. The Planning Department of
the City of Miami Beach stated to the appraisers that the City Attorney had recently determined
that based on a title search this parcel belongs to the Collins parcel, making the Miami-Dade
County Property Appraiser's records incorrect. Based on this, the land area of the Collins
Avenue parcel is 21,948 sq. ft.
The adjoining sites on either side of the proposed easement are level and at approximate street
grade. Utilities available to the adjoining sites are:
Electric:
Telephone:
Water:
Sewer Disposal:
Florida Power and Light
AT&T
City of Miami Beach
City of Miami Beach
llaronker & Rosen, Inc * Real Estate Appraisers & Consultants 39
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Descripfion and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Zoning
The subject property is zoned MXE, Mixed-Use Entertainment District by the city of Miami
Beach, FL. This zoning allows apartments, apartment-hotels, hotesl and commercial
development. This zohihg is designed to encourage the substantial restoration of existing
structures and allow for new construction. The allowable FAR is 2.0. For a detailed listing of
allowable uses and restrictions, refer to the zoning code of Miami Beach, FL.
Flood Zone
The subject is within Flood Zone AE, areas subject to a one percent or greater annual chance of
flooding in any given year. Base flood elevations are shown as derived from detailed hydraulic
analyses. This flood zone requires mandatory purchase of flood insurance in participating
communities. This identification was located on Flood Insurance Rate Map, Community Panel
No. 12086C0317L, revised September 11,2009. For insurance purposes, a surveyor should
be contacted to verify the exact zone by a flood elevation certificate, as well as its impact on
insurance. A copy of the flood zone map is located in the Addenda to this report.
So urce : www. miamidade. gov and www. imapp. com
llaronker & Rosen, Inc. ta Real Estate Appraisers & Consultants 40
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Description and A nalyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Real Estate Assessment and Taxes
TaxingAuthority: Miami-DadeCounty
Assessment Year: 2015
Millage Rate: 19.8148 (proposed)
Folio Numbers: 02-3234-008-0710 and02-3234-008-0730 (Collins Avenue parcel)
02-3234-008-058 I (Ocean Drive parcel)
The following is a summary of the assessment:
Collins Avenue Purcel:
TAXASSESSMENT
ANALYSIS
TOTAL
ASSESSMENT
SQ.FT.
SIZE*
ASSESSMENT
PER SQ.FT.
Assessed Land Value $7,681,2s0 21,948 $349.97
Assessed Value of Improvements $ 100,000 30, I 99 s3.3 r
Total Assessed Value $7,781,150 30, I 99 $2s7.66
*This is the size per the Miami-Dade County Property Appraiser's records.
Ocean Drive Parcel:
*This is the size per the Miami-Dade County Property Appraiser's records.
TAX ASSESSMENT
ANALYSIS
TOTAL
ASSESSMENT
sQ.FT.
SIZE*
ASSESSMENT
PER SQ.FT.
Assessed Land Value $8,722,200 t4,537 $600.00
Assessed Value of Improvements $6.177.800 39,727 $ls5.sl
Total Assessed Value $14,900,000 39,727 $375.06
ll/aronker & Rosen, Ine & Real Estate Appraiserc & Consultants 41
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Description and Anqlyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL..
The real estate taxes are estimated as follows:
TAXCALCULATION TAXES PER SQ.FT.
Millage Rate (Millage Rate -:1,000)0.0198 148
Times Total Assessed Value x $22,681,150 s324.36
Estimated Real Estate Taxes $449,422 $6.43
There is a 4oh discount given for early (November) payment of taxes which would reduce the
estimated real estate taxes to $431,445 ($449,422 minus 4%).
Florida Statutes require assessments to be at l00yo ofjust value (market value) with an allowable
adjustment to indicate net proceeds that would be derived from a sale. This adjustment varies
dependent on the taxing authority with the Miami-Dade County Property Appraiser's office
typically designating in the range of l5%. Based upon the market value estimated herein the
assessment is below what is appropriate.
Note that the assessed value for the Collins Avenue parcel includes the wedge-shaped parcel
(folio #02-3234-008-0730) that the County indicates is City-owned, and which is assessed at a
lower value per sq. ft. The land on the main portion of the Collins Avenue parcel (folio # 02-
3234-008-0710) is assessed at $375 per sq. ft., or 63%o of the rate at which the Ocean Drive
parcel is assessed ($600 per sq. ft.).
lVaronker & Rosen, Inc lt Real Estate Appraisers & Consultants 42
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Descfiption and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Neighborhood Overview
General Neighborhood Data
Location:
Built Up:
Growth Rate:
Property Values:
Demand/Supply:
Present Land Use:
Change in Present Land Use:
Predominant Use:
Property Compatibility:
General Appearance of Properties:
Appeal to Market:
Adjacent Uses
East:
West:
South:
North:
Linkages
Public Transportation:
Employment Centers:
Expressway Access:
Miami International Airport:
Urban
90Yo to l00o/o
Steady
Increasing
In balance
Lodging and Retail
Not likely
Lodging
Excellent
Excellent
Excellent
Public Beach
Retail and Lodging
Office building
Lodging
Distance
Within a few blocks
Three to five miles
Five to seven miles
Ten to fifteen miles
Access
Very good
Good
Average
Good
llaronker & Rosen, Inc. ll Real Estate Appraisers & Consultants 43
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Description and Analyses Proposed Aefial Easement, Ocean Ct., Miami Beach, FL
Supply and Demand
Market conditions for commercial real estate in Miami-Dade County have shown significant
improvement overall since the declines that followed the recession and financial crisis of 2008,
with some of the most desirable locations and property types seeing very significant
improvement during the past two years. Geographically, the areas showing the earliest signs of
recovery were generally the waterfront neighborhoods near the urban core (especially Brickell),
Downtown Miami, Coral Gables and Miami Beach. The residential sector, which sparked the
financial crisis that led to the recession, was first to see significant levels of new development,
particularly in the luxury and ultra-luxury end of the market, with numerous waterfront
condominium projects achieving total or near total sellouts of units priced in the multiple
millions of dollars even before construction begins. The revival of the residential sector has also
supported a significant recovery in retail real estate, especially at the most desirable locations, as
has the general slow but steady improvement in economic conditions and overall employment,
which in turn have fueled modest improvements in the office and industrial sectors.
The subject neighborhood is dominated by lodging, retail and residential uses. It is in the heart of
the Art Deco district of South Beach, a world-renowned tourist destination. All three sectors
have experienced a very strong recovery in the subject neighborhood, which is among the most
desirable locations in the metro area, with values for retail and hotel values hitting record highs
during the past several quarters. It should be noted, however, that in areas like the subject where
ground floor retail and hotel uses can be very profitable, residential uses tend to be most
profitable only on sites that permit high-rise development, but the subject is located in a zoning
district that permits only mid-rise development (up to an FAR of 2.0). Also, the current
economics of hotel development make larger sites more appealing than smaller sites, as it is
generally more difficult for smaller hotels to achieve the same levels of efficiency and
profitability per room as larger hotels. As a result, many of the smaller parcels in the
neighborhood which were improved with smaller, older hotels have in recent years been
converted to retail use (which can be profitable even in small spaces that can be leased to a single
retailer). The larger parcels in the neighborhood continue to be dominated by hotel uses, with
most of the recent residential development occuming in other neighborhoods and zoning districts
that permit higher-density (in many cases high-rise) development.
The lodging sector in South Florida has been doing extremely well since recovering from the
recession and global financial crisis, the effects of whichwere feltthrough 2009. Since 2Ol0,it
began to register notable improvements, with the Miami Beach market leading the way as the
first lodging submarket in the Miami area to show signs of recovery. By 2012, demand in the
Miami Beach market had returned to previous levels, and with the decline in new hotel
development activity brought about by the recession resulting in few new hotels being delivered
to market, the rising demand has resulted in robust increases in both occupancy rates and room
rates as well as significant amounts of renovation and re-positioning of older hotels. This
rebound is illustrated in the charts on the next page, which summarize recent trends in occupancy
and ADR (Average Daily Rate) for both Miami-Dade County and the Miami Beach market. The
data is from the Greater Miami Convention and Visitor's Bureau, and is based on data provided
by Smith Travel Research.
ll/aronker & Rosen, Inc & Real Estate Appraisers & Consultants 44
67
Description and Anallses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
100%
9s%
90%
85% S1s8.41 S160.14
80%
Occupancy and ADR
Miomi-Dode County
5143.9s S1s2.9s S163.44
Srzo.oo Sras rz
Szqz.ot i2sz'zo
S3oo
s2s0
s200
s1s0
s100
Sso
$o
r - 7t.g% 7A3%
75.6% 76.50/o'!'[lll
2010 2011 2012 2013 2014
75%
-70% 72.4%
::: I
2007
r-rI,*.-
I',[ l"':
20tt 2012 2013 20t4
,l.rn ,inIT
2@7 2008
7L.4%
If 6s.z%I
2008 2009
IQs6up3n6y(l) +ADR (R)
Occupancy and ADR
MiomiBeach
L00%
9s%
90%
85o/o
80%
75%
70%
55%
60%
6a,5%
65.1% I
2009 2010
S:oo
s2s0
s2oo
s1s0
sloo
Sso
So
IQ66up6nry(l) +ADR(R)
The charts on the following page show the year-over-year percent change in occupancy and
ADR based on the data reflected in the charts above, and indicate substantial rates of ADR
growth for the past few years, both across the broader market and in Miami Beach. Results for
2014 show a slight decline in the rate of ADR growth and a slight decline in average occupancy
in Miami Beach, suggesting that the market is moving from a rapid growth phase to more stable
conditions.
lAaronker & Rosen, Inc. & Real Estate Appraisers & Consultants 45
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D"t"rtpfir" rrd Aru
Occupancy and ADR - % Change Over Prior
Year
Miami-Dode County
15%
Lo% +6,% +G.9% *y.
s% +17% E*a J J I
,';i;-r t
-L5% -12.L%
2008 200!, 2010 20tt 2012 2013 20t4
rOccupancy rADR
Occupancy and ADR -% Change Over Prior
Year
MiomiBeoch
L5%
+7.3% +6.9% +5
+8'2o/o
J i i.J .:
2008 2009 2010 20tt 20t2 2013 20L4
r Occupancy ! ADR
During stable markets, or markets in equilibrium conditions, occupancy and ADR tend to move in
opposite directions, as decreases in a hotel's room rates tend to induce more guests to select it over
competing hotels, increasing its occupancy rates (and vice versa). The fact that Miami Beach hotel
occupancy levels continued to rise between 2010 and20l3 even under rapid room rate increases
provides evidence of very strong demand growth, while the more recent evidence suggests that
demand growth has begun to slow down with growth in room rates slowing in response.
10%
5% +L.6%
^o/ Iulo
-5%
-to%
-75%
I
-9.2%
ll/aronker & Rosen, Inc. & Real Estate Appraisers & Consultants 46
69
Description and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Exposure Time
Exposure time is the "estimated length of time that the property interest being appraised would
have been offered on the market prior to the hypothetical consummation of a sale at market value
on the effective date of the appraisal. Exposure time is a retrospective opinion based on an
analysis of past events assuming a competitive and open markef'1.
This analysis considers the market value of the land on either side of the proposed easement as a
basis from which to estimate the value of the easement to the adjoining owner. The easement
itself would have no utility and therefore no value to any other party, so the concept of exposure
time would not apply. With respect to the market value of the adjoining land, the analysis
considers the exposure time of the vacant land at a market related price such as the estimated
market value herein. In estimating exposure time, sales are analyzed, real estate brokers and
property owners are interviewed and statistics from published surveys are considered. The
subject property site is very desirable given the very strong market conditions.
The exposure time for the subject as vacant land with the specific allowable uses is estimated at
six months. This estimate considers that the property would have been properly marketed and
priced. If the property were not to have been priced correctly or marketed through proper
channels, then it is not likely that the estimated market value nor the estimated exposure time
would have been achieved.
Typical Purchaser of the Subject
As noted above, the proposed easement would have no value to any party other than the
adjoining owner. However, the analysis considers the market value and typical purchaser of the
adjoining land. Based on the analysis, the typical purchaser of the adjoining properties as vacant
land would be a hotel developer.
I Uniform Standards of Professional Appraisal Practice (USPAP) 2014-2015 Edition, Page U-3
Waronker & Rosen, Inc lt Real Estate Appraisers & Consultants 47
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Description and Anallses Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
J.
4.
Highest and Best Use
The adjoining sites are valued for their highest and best use, which may be defined as follows:
That reasonable and probable use that will support value
as defined as ofthe effective date ofthe appraisal.
In analyzing the highest and best use, the following four questions are answered:
1. Legally Permissible. What uses are legally permitted on the subject site with
respect to zoning ordinances and deed restrictions?
2. Physically Possible. What uses of those legally allowed are physically possible
on the subject site?
Financially Feasible. of those uses determined to be physically possible and
legally permissible, which ones will produce a positive return?
Maximally Productive. Of those that are feasible, legally permissible, and
physically possible, which will produce the highest rate of return or value?
As Yacant
The zoning on the parcels adjoining the subject property is MXE, Mixed-Use Entertainment
District by the city of Miami Beach, FL. This zoningpermits a variety of uses, of which the most
likely to be feasible to develop are lodging, retail and residential uses. Residential uses at the
subject location would be most likely to be profitable in a high-density (high-rise) development
scenario (where residential uses tend to be most profitable on the upper floors). However, the
subject zoning allows a maximum FAR of 2.0, limiting the size of any building to a mid-rise
structure. The subject location is dominated by hotels, with a number of the smaller buildings
along Collins Avenue occupied by retail users. On larger sites the most profitable type of
development is likely to be lodging, though possibly with a retail component at the ground level
such as a restaurant or cafe (along the lines of the renovation currently underway at the Carlton
Hotel on the Collins Avenue parcel, which includes a new restaurant with outdoor seating).
As Improved
As the subject property is being valued as vacant land, the analysis of the highest and best use as
improved is not applicable.
Waronker & Rosen, Inc la Real Estate Appraisers & Consultants 48
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Descriptjon and Analyses Proposed Aerial Easement, Ocean Ct., Miami Beuch, FL
Appraisal Process
An analysis of three separate approaches to value; sales comparison approach, cost approach,
and income capitalization approach, will be considered to estimate the value of the subject
property. Although these three approaches to value are considered within every appraisal report,
they may not be applicable to each and every property being appraised.
The cost approach is based on the principle of substitution which states that an informed
purchaser would not pay more for a property than the cost of reproducing a property with the
same utility. The cost approach can often yield reliable estimates of value for new construction.
This approach entails estimating the cost of producing the improvements, deducting an estimate
of depreciation, and then adding the value of the site as if vacant. To this value an
entrepreneurial incentive is added to arrive at the estimated value by the cost approach.
The income capitalization approach is based on the concept that value is created by the
expectations of future benefits and higher earnings should result in higher values. Income
producing real estate is purchased for the right to receive future income. The income
capitalization approach consists of methods to analyze a property's capacity to generate income,
and a reversion, and convert these monetary benefits into an estimate of value.
The sales comparison approach is based on the principle of substitution which suggests that,
within competitive markets, similar products will realize similar prices. lnherent in this concept
is the premise that a purchaser would not pay more for a property than the cost to acquire another
property with the same amenities and utility.
The final steps in the appraisal process are review and reconciliation of the data and conclusions.
In reaching a final conclusion of value, the entire process involving the approaches that were
estimated must be reviewed for accuracy, completeness and consistency. After analysis,
evaluation and reconciliation of the indications a value is estimated. The essence of this final
reconciliation should be a defensible and rational conclusion of value.
The only approach used in this appraisal is the sales comparison approach. The income
capitalization approach and the cost approach are not applicable to the valuation of the subject
property.
Waronkq & Rosen, Inc. ll Real Estate Appraisers & Consultqnts 49
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Cost Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Cost Approach
The basis of the cost approach is the principle of substitution. This principle suggests that a
prudent buyer would not pay more for a property than the cost to acquire a similar site and
construct comparable improvements.
Following are the procedures for preparing the cost approach.
1. Estimate the value of the land as though vacant and available to be developed to its highest and
best use.
2. Determine which cost basis is most applicable to the assignment: reproduction cost or
replacement cost.
3. Estimate the direct (hard) and indirect (soft) costs of the improvements as of the effective
appraisal date.
4. Estimate an appropriate entrepreneurial profit or incentive from analysis of the market.
5. Add estimated direct costs, indirect costs, and the entrepreneurial profit or incentive to arrive at
the total cost of the improvements.
6. Estimate the amount of depreciation in the structure and, if necessary, allocate it among the three
major categories: physical deterioration, functional obsolescence, and external obsolescence.
7. Deduct the estimated depreciation from the total cost of the improvements to derive an estimate
of their depreciated cost.
8. Estimate the contributory value of any site improvements that have not already been considered.
(Site improvements are often appraised at their contributory value - i.e., directly on a depreciated-
cost basis - but may be included in the overall cost calculated in Step 3 and depreciated, if
necessary).
9. Add land value to the total depreciated cost of all the improvements to develop the market value
of the property.
10. Adjust for personal property (e.g., furniture, fixtures, and equipment) or intangible assets that are
included in the appraisal.
ll. Adjust the value conclusion, which reflects the value of the fee simple estate, for the property
interest being appraised to arrive at the indicated value ofthe specified interest in the property. I
As the subject property is unimproved vacant land, the cost approach is not applicable.
I The Appraisal ofReal Estate, l4thEdition,2013, Pages 568 and 569
Waronker & Rosen, Inc. $ Real Estate Appraisers & Consultants 50
73
I"rr*r C"pttrttzrt
lncome Capitali zation Approach
Income producing real estate is typically purchased as an investment, and from an investor's
point of view earning power is the critical element affecting property value. One basic
investment premise holds that the higher the earnings, the higher value, provided the amount of
the risk remains constant. An investor who purchases income-producing real estate is essentially
trading present dollars for the expectation of receiving future dollars. The income capitalization
approach to value consists of methods, techniques, and mathematical procedures that an
appraiser uses to analyze a property's capacity to generate benefits (i.e., usually the monetary
benefits of income and reversion) and convert these benefits into an indication of present value.l
In the income capitalization approach, an appraiser analyzes a property's capacity to generate
future benefits and capitalizes the income into an indication of present value. The principle of
anticipation is fundamental to the approach.2
An income capitalization approach was not applied as it was not within the scope of this
appraisal. Since this approach is typically not considered by purchasers of this property type, not
using it does not limit the reliability of the value estimated herein.
t Appraisal of Real Estate, 146 Edition, 2013,Page 4392 rbid.,439
Waronker & Rosen, Inc tt Real Estate Appraisers & Consultants 51
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miumi Beach, FL
Sales Comparison Approach
The soles comparison approach is based on the principle of substitution. The principle of
substitution holds that the value of property tends to be set by the cost of acquiring a
substitute or alternative property of similar utility and desirability within a reasonable
amount of time.l
In the Sales Comparison Approach, an opinion of market value is developed by comparing
properties similar to the subject property that have recently sold, are listed for sale, or are
under contract (i.e., for which purchase offers and a deposit have been recently submitted). A
major premise of the sales comparison approach is that an opinion of the market value of a
property can be supported by studying the market's reaction to comparable and competitive
properties.
Qualitative analysis is a relative comparison process without mathematics. Sales are ranked
based upon their desirability as compared to the subject. Comparisons can be expressed as
plus or minus as opposed to dollar or percentage adjustments.
Quantitative analysis is the process of applying mathematical techniques. Sales are adjusted to
the subject property on a dollar or a percentage basis. One method of supporting adjustments
is through paired data analysis. This method analyzes two sales and attributes the difference
in their sales prices to the characteristic which is different. This analysis requires an
abundance of sales data which is frequently not available.
Qualitative analysis is used herein to estimate a value by the sales comparison approach.
Characteristics of the sales considered superior to the subject are given a minus (-) adjustment.
Those characteristics of the sales considered inferior to the subject are given a plus (+)
adjustment. Each sale is given an overall adjustment indicating how it compares to the subject.
On the following page is a grid of the sales used for comparison to the subject property.
t The Appraisal of Real Estate l4th Edition, 2013, page 379
Il/aronker & Rosen, Inc. & Real Estate Appraisers & Consultants 52
75
Srl"t Cr*prrttr" Ap
Vacant Land Sales Grid
Following is a grid of the comparable sale properties used for comparison to the subject property.
Sale
No.
Sale
Date Location Zoning Sale Price
Sq. Ft.
Size
Price/
Sq. Ft.
I June
2013
1475 Collins Avenue
Miami Beach MXE $7,390,000 12,400 s595.97
2 June
2013
825 Collins Avenue
Miami Beach MXE/IIPD s5,000,044 6,500 s769.24
J March
2015
251 Washington Avenue
Miami Beach RPS-3 $8,250,000 r3,000 $634.62
4 July
2013
620 Ocean Drive
Miami Beach MXE s5,270,000 6,500 $810.77
5
August
2013
304-312 Ocean Drive
Miami Beach R-PS3 $6,300,000 I1,650 s540.77
6 February
2015
88 SW l01h Street
Miami T6-48B-O $26,000,000 22,770 $ l,141.85
7
October
2012
120-130 Ocean Drive
Miami Beach R.PS3 $9,200,000 t7,250 $533.33
8
October
2013
2206 Park Avenue
Miami Beach CD.3 $7,000,000 17.040 $410.80
9 January 2014 6747 and 6757 Collins Avenue
Miami Beach RM-3 $21,000.000 41,624 $504.52
l0 April 2014 6901 Collins Avenue
Miami Beach RM-3 $26,000,000 40,250 $645.96
Subject Between 1440 Ocean Drive
and 1433 Collins Avenue
Miami Beach
Parcel A (1433 Collins)
Parcel B (1440 Ocean)
MXE
MXE
21,948
14,s37
Waronker & Rosen, Inc & Real Estate Appraisers & Consultants 53
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beqch, FL
Vacant Land Sales Map
*r'ro f,.'f '-of E Cli > . E
g'o 1T,"1,.,-^.. -.' i
1 T trvurtl
' r-th! l{h q
t.{
r t'a'"'c. 1t "rnr'' I l-" i. ,:i I llrrt:r"'r'
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.,rd ll3*.*",r E ] i ,*"-.r| ' *nrt
.rt(bs I aei r<r
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I S o ,*rroo bH-*
.Ds's. I I. o*m*|u.ru,,,...- S s-'ili i; I"* '^-*I- 1*
" Ic.nr.," E6r{s -
$
iir'. J; !,,r;,,.njr njr'lr'f'*.*i {" f" fJ^*...i t"f* !'r;r'nir i"'f Jf,d:
3 l;p'i,r , 8Y y*ril -t ,
ill-i,,ffiJl;Jii *@,'qdftw ; "iri",
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ilrD &
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t D.ry tty
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-I lsah e
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lV'aronker & Rosen, Inc. la Real Estate Appraisers & Consultants 54
77
Srl"t Cr*p"rttr" AW*
Comparable Land Sale I
Property Location
1475 Collins Avenue
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-3234-019-1230
WRI No: 303153R
Units of Comparison
Price/Sq.Ft.: $595.97
Price/Acre: $26,392,857
Property Description
Square Feet: 12,400
Acres: 0.28
Topography: Gradelevel
Shape: Trapezoidal
Zoning: MXE, Mixed-Use Entertainment District by the city of Miami Beach, FL
Recording Information
Sale Price: $7,390,000
Sale Date: June 2013
ORB/Page: 28681/0518
Grantor: Empire Ocean Residence Realty, LLC
Grantee: CVS 10346 FL, LLC
Financing: All cash to the seller
Prior Sale: None in the past five years
Verification: Grant Savage, listing broker at Point Group Advisors, Inc. (305-913-5505)
Comments
This parcel is located at the southeast corner of Collins Avenue and 15th Street. According to the
listing broker, the property had been in court-appointed receivership and was sold to the highest
bidder in a bidding process. The buyer is the development arm of CVS Pharmacies, which plans
to construct a CVS store at the site.
Waronker & Rosen, Inc. ll Real Estate Appraisers & Consultants 55
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sale 2
Property Location
825 Collins Avenue
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-4203-052-0110, -0010,
-0030, -0040, -0100, -0120,
-0070, -0090, -0090, -0050
and -0060
WRI No: 303152R
Units of Comparison
Price/Sq.Ft.: $769.24
Price/Acre: $33,333,627
Property Description
Square Feet: 6,500
Acres:0.15
Topography: Grade level
Shape:Rectangular
Zoning: MXE/HPD, Mixed-Use Entertainment and Historic Preservation District by the
city of Miami Beach, FL
Recording Information
Sale Price: $5,000,044
Sale Date: June 2013
ORB/Page: Various
Grantor: Various
Grantee: FCI Miami Beach One, LLC
Financing: All cash to the seller
Prior Sale: $3,195,000 inMay 2012
Verifi cation : El Zielial, buyer (7 86-23 4 -4321)
Comments
This is the purchase of all I I units in a 47 year-old residential condominium located on Collins
Avenue, between Sth and 9th Streets. The deal was closed on same day on l l separate deeds.
The buyer confirmed their intention to dissolve the condominium and demolish the building to
make way for a new 10,350 sq. ft. retail building for which approvals are in place.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Lond Sale 3
Property Location
251 Washington Avenue
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-4203-003-1090,
02-4203-003-1080
WRI No: 303830
Units of Comparison
Price/Sq.Ft.: $634.62
Price/Acre: $27,500,000
Property Description
Square Feet: 13,000
Acres: 0.3
Topography: Grade level
Shape: Rectangular
Zoning: RPS-3, Medium-High Density Residential Performance Standard District by the
city of Miami Beach, FL
Recording Information
Sale Price: $8,250,000
Sale Date: March 2015
ORB/Page: 2952612117
Grantor: SOBE Second Street, LLC
Grantee: SOUTHS, LLC
Financing: $5,600,000 in seller financing with an interest rate of 60/o
Prior Sale: None in the past five years
Verification: Peter Andolina, broker (pandolina@metrol.com)
Comments
This is a rectangular parcel located on the east side of Washington Avenue, just south of 3rd
Street. Frontage on Washington Avenue is 100 feet and the depth of the parcel is 130 feet. There
is also frontage at the rear along a public alley (Collins Ct.). The zoning permits residential uses
and hotels up to a building height of five stories and an FAR of 1.75. Commercial uses are not
allowed.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sale 4
Property Location
620 Ocean Drive
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-4203-004-0050
WRI No: 303603
Units of Comparison
Price/Sq.Ft.: $810.77
Price/Acre: $35,133,333
Property Description
Square Feet: 6,500
Acres: 0.15
Topography: Gradelevel
Shape:Rectangular
Zoning: MXE, Mixed-Use Entertainment District by the city of Miami Beach, FL
Recording Information
Sale Price: $5,270,000
Sale Date: July 2013
ORB/Page: 2872112580
Grantor: 620 Partners, Ltd.
Grantee: 620 Park Central Partners, LLC
Financing: All cash to the seller
Prior Sale: None in the past five years
Comments
This parcel is located on Ocean Drive, between 6th and 7th Streets, across from the beach. The
buyer is the owner of the adjoining property, the Park Central Hotel, a historic 125-room Art
Deco hotel. The buyer has filed for approval of a new four-story hotel building to be built on the
site and incorporated into the existing hotel.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Lsnd Sale 5
Property Location
304-312 Ocean Drive
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax [D: 02-4203-003-0510, 02-4203-
WRI No:
003-0500
303602
Units of Comparison
Price/Sq.Ft.z $540.77
Price/Acre: 523,333,333
Property Description
Square Feet: I 1,650
Acres: 0.27
Topography: Gradelevel
Shape: Square
Zoning: R-PS3, Medium-High Density Residential Performance Standard District by the
city of Miami Beach, FL
Recording Information
Sale Price: $6,300,000
Sale Date: August 2013
ORB/Page: 288791662
Grantor: 304 South Beach, LLC
Grantee: Sea Spray Development, LLC
Financing: All cash to the seller
Prior Sale: March 201I for $4,040,000
Comments
This is a square parcel consisting of two adjacent lots located at the northwest corner of Ocean
Drive and 3rd Street. One of the lots was improved with a l6-unit apartment building built in
1937 that was abandoned and boarded up but carries a historic designation. A previous owner
had obtained approvals to renovate the building and build a new structure on the adjacent lot and
combine the buildings into a 27-room hotel with a restaurant. The plans were never realized due
to the soft market. After the sale, the buyer obtained approval to demolish the existing building
and construct a new four-story multifamily building.
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Sales Comparison Apprcach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Lund Sale 6
Property Location
88 SW lOth Street
Miami, FL 33130
Miami-Dade County
Property Identification
Tax ID: 0l-0207-040-l140; 0l-0207-
040- I 08 I ; 0l-0207 -040-1 120;
0l -0207 -040- I I 00; 0l-0207 -
040- 1 1 30; 0l-0207 -040- I 090.
WRI No: 303831
Units of Comparison
Price/Sq.Ft.: $1,141.85
Price/Acre: $50,000,000
Property Description
Square Feet: 22,770
Acres: 0.52
Topography: Gradelevel
Shape:Square
Zoning: T6-488-0, Urban Core Open Transect Zoneby the city of Miami, FL
Recording Information
Sale Price: S26,000,000
Sale Date: February 2015
ORB/Page: 2951310438
Grantor: RockvilleHospitality,LLC
Grantee: GW Brickell, LLC
Financing: Seller financing for $l1,000,000 at an undisclosed interest rate, payable in full on
July 15, 2015.
Prior Sale: December 2013 for $9,000,000
Verification: Richard B. Schreibstein, attorney ga3-276-1818)
Comments
This parcel is located at the southeast corner of SW lOth Street and SW lst Avenue. The location
is across the street to the east from the Brickell station of the MetroRail and across the street to
the south from the Mary Brickell Village retail complex. The buyer is a prominent Brazilian
developer of hotels and high-density residential projects. The seller is a Maryland-based hotel
management company. The seller's attorney confirmed that there is no affiliation past or present
between the parties. The seller had purchased the site in December 2013 for $9,000,000 (S395.26
per sq. ft.), realizing a gain of l89Yo over l4 months.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sale 7
Property Location
120-130 Ocean Drive
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-4203-003-0190;
02-4203-003-0200 and
02-4203-003-0210
WRI No: 303105R
Units of Comparison
Price/Sq.Ft.: $533.33
Price/Acre: $23,000,000
Property Description
Square Feet: 17,250
Acres:0.4
Topography: Gradelevel
Shape:Rectangular
Zoning; R-PS3, Medium-High Density Performance Standard Residential District by
Miami Beach, FL
Recording Information
Sale Price: $9,200,000
Sale Date: October 2012
ORB/Page: 28315/1488
Grantor: Ocean Drive CFI, LLC
Grantee: 120 Ocean Drive, LLC
Financing: All cash to the seller
Prior Sale: None in the past five years
Comments
This parcel is located on the west side of Ocean Drive, just north of lst Street, one block from
the ocean. It was purchased by an affrliate of Terra Group, a prominent South Florida developer.
The company is developing a lO-unit 18 story luxury residential condominium on the site with
commercial space. The project was mostly pre-sold before construction began.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sale I
Property Location
2206ParkAvenue
Miami Beach, FL 33139
Miami-Dade County
Property Identification
Tax ID: 02-3226-001-0320 & 02-3226-
WRI No:
001-0330
303829
Units of Comparison
Price/Sq.Ft.: $410.80
Price/Acre: $17,948,718
Property Description
Square Feet: 17,040
Acres: 0.39
Topography: Grade level
Shape:Trapezoidal
Zoning: CD-3, Commercial High Intensity District by the city of Miami Beach, FL
Recording Information
Sale Price: $7,000,000
Sale Date: October 2013
ORB/Page: 2887512553
Grantor: Xenia 2206,LLC
Grantee: Vintro Villas, LLC
Financing: Conventional loan
Prior Sale: None in the past five years
Verification: Gary Silberman, attorney (gary@silberman-law.com)
Comments
This parcel is located at the northwest corner of Park Avenue and 22nd Street. The buyer is the
owner of the adjoining property, a 13,600 sq. ft. parcel improved with a recently renovated
25,931 sq. ft., 5l-room hotel. In 2014 the owner applied to the Planning Board for approval to
develop a mixed-use commercial/hotel/residential project on the combined site. The combined
building is to exceed 50,000 sq.ft.The combined site has frontage of approximately 150 feet
along Park Avenue and 275 feet along 22nd Street, with additional frontage along a canal at the
rear.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sule 9
Property Location
6747 and 6757 Collins Avenue
Miami Beach, FL 33141
Miami-Dade County
Property Identification
Tax ID: 02-321l-007-0430 and -0440
WRI No: 303612R
Units of Comparison
Price/Sq.Ft.: $504.52
Price/Acre: $21,875,000
Pricefunit: $1,615,385
Property Description
Square Feet: 41,624
Acres: 0.96
Topography: Gradelevel
Shape:Rectangular
Zoning: RM-3, Residential Multifamily, High Intensity by the city of Miami Beach, FL
Recording Information
SalePrice: $21,000,000
Sale Date: January 2014
ORB/Page: Not yet recorded
Grantor: 6T4TCollinsDevelopmentCorporation
Grantee: Not yet recorded
Financing: All cash to the seller
Prior Sale: $4,600,000 in October 2010
Verification: Mark Rutherford, broker (305) 503-l107
Comments
This is an oceanfront parcel located on Collins Avenue, between 67th and 69th Streets. The
buyer is planning a l3-unit luxury residential condominium with large full-floor units averaging
5,620 sq. ft. each, and two 2-story villas at 8,688 sq. ft. each. All units will have 360 degree
terraces and private elevators.
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Sales Comporison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Comparable Land Sule 10
Property Location
6901 Collins Avenue
Miami Beach, FL 33141
Miami-Dade County
Property Identification
Tax ID: 02-3211-001-0050
WR[ No: 303613
Units of Comparison
Price/Sq.Ft.: $645.96
Price/Acre: $28,260,870
Property Description
Square Feet: 40,250
Acres: 0.92
Topography: Gradelevel
Shape: Rectangular
Zoning: RM-3, Residential Multifamily, High Intensity by the city of Miami Beach, FL
Recording Information
Sale Price: $26,000,000
Sale Date: April2014
ORBlPage: 2910814995
Grantor: FL GS Collins Avenue, LLC
Grantee: SMGW Golden Sands, LLC
Financing: $12,000,000 in debt financing from a private equity firm.
Prior Sale: August 2005 for $19,000,000
Verification: Mario Borda and Mary Kate Swann, CBRE
Comments
This is an oceanfront parcel located at the northeast corner of Collins Avenue and 69th Street. It
is the former site of the Golden Sands Hotel, and is located just north of the Canyon Ranch hotel
and spa. The site had been approved in 2005 for development of up to 40 residential units, but
the buyer plans a 20-story luxury condominium development with only l4 large, floor-through
residences, including a 7,000 sq. ft. penthouse.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Adjustment Grid
Below is a grid which illustrates qualitative adjustments used to compare the comparable sales to
the subject property. Percentage adjustments were not utilized. [n order to utilize percentage
adjustments it would be necessary to pair (compare) sales to extract value differences. This is
difficult as there is normally insufficient data to provide pairings for all value differences. Below
is a grid which illustrates the adjustments made. A plus (+) sign indicates the unit of comparison
of the sale must be adjusted upward as that characteristic is inferior to the subject. A minus (-)
sign indicates the unit of comparison of the sale must be adjusted downward since the
characteristic is superior to the subject. An equal (:) sign indicates the comparable sale
characteristic is similar to the subject.
Due to differences between the Collins Avenue and Ocean Drive parcels with respect to
location and size, separate adjustments were made to the comparable sales with respect to
each parcel. Note that because there are no significant differences with respect to shape and
zoning, the adjustments for these characteristics are the same for both parcels. Conditions of
sale and market conditions adjustments also apply equally to either subject parcel.
Adjustments With Respect to the Collins Avenue Parcel
Sale
No.
Price/
Sq. Ft
Conditions
ofSrlc
Market
Condiiions Locrtion Zoning Size/Shepc
Overall
Adjustment
I $s9s 97 +++
2 $769.24 ++
3 $634.62 ++
4 $8I0 77 ++
5 $540.77 +++
6 $ 1.141.85
7 $s33.33 ++++
8 $410.80 ++++++++
9 $s04.52 +++
10 $645.96 +
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Sales Comparison AWr Proposed Aerial Easement, Ocea4 Ct., Miami Beach, FL
Adjustments With Respect to the Ocean Drive Parcel
Sale
No.
Pricc/
Sq. Ft
Conditions
of Sale
Merket
Conditions Locetion Zoning Size/Shape
Overell
Adjustment
$s9s 97 ++++++++
2 $769 24 ++++++++
t $634.62 ++++++
4 $810.77 ++++
5 $s40 77 ++++++++++
6 $l,14l 8s
7 $533.33 ++++t ++++
8 $410.80 ++++++++++
9 $s04.s2 ++++++++
l0 $64s.96 +++++++
After considering the individual differences, either a plus (+), minus (-) or equal (:) sign has
been placed in the "Overall" column. This indicates the overall adjustment that the sale would
require as compared to the subject property.
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Srl"t Cr-prrtt"" Ap
conclusion of Land value by the sales comparison Approach
The sales comparison approach compared similar properties to the subject property and
adjustments were made for the pertinent characteristics. Based on these comparisons values were
estimated for the subject property. The different adjustments to the two parcels lead to different
value indications. The indicated adjustments are discussed below.
Conditions of Sale:
This category considers if the comparable sales were arm's length. An arm's length sale means
the buyer and seller each acted prudently, knowledgeably, and were under no necessity to buy or
sell, i.e., a sale that is other than a forced or liquidation sale. AIso considered are if any of the
sales were purchased by an adjoining owner, whereby a premium was paid.
Sales 4 and 8 require negative adjustments for conditions of sale because the buyers are the
owner of the adjoining properties (the sites being purchased for expansion of the adjoining
hotels). In addition, note that these properties were completely vacant, a rare opportunity in an
area with many historic-designated buildings which are not allowed to be demolished. The
ability to build new, expanding an existing building onto an adjacent vacant site, without the
need to adapt a historic structure to a new design (which can raise development costs
significantly) is an advantage in the local market.
Market Conditions (Time):
This adjustment considers current market conditions as compared to market conditions in place
at the time of the respective sale. For sales selling when market conditions were superior, a
downward adjustment was made. Sales selling when market conditions were inferior were
adjusted upward. Sales selling when market conditions were similar did not require adjustment.
All the sales except Sales 3 and 6 require positive adjustments for market conditions, which have
improved since those sales occurred.
Location:
Location adjustments were made separately with respect to each parcel. Sales considered
superior to the subject were adjusted downward. Sales considered inferior to the subject were
adjusted upward. Those sales considered similar did not require an adjustment. Note that the
Ocean Drive parcel's location across the street from the beach is superior to the Collins Avenue
parcel, enabling higher hotel revenues (and, consequently, land values) to be achieved. Note also
that the Collins Avenue parcel is not on a corner, but it benefits from a pedestrian alley along the
north side that provides more direct access to Ocean Drive and the beach compared to other
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
interior parcels on the east side of Collins Avenue. Note that the difference in desirability
between the two parcels means that comparable properties that are superior to the Collins parcel
may be inferior to the Ocean Drive parcel, and parcels that are slightly inferior to the Collins
parcel may be very inferior to the Ocean Drive parcel, etc.
Zoning:
All the sales except Sale 6 have comparable zoning. Note that the zoning in Sales 3, 5 and 7
permits higher density development, but a narrower range of uses, in comparison to the subject
zoning. These influences offset each other, so that no adjustment is indicated. Sale 6 requires a
large negative adjustment because it benefits from very high density zoningpermitting up to 48
stories.
Size and Shape:
The size adjustment is based on the principle of economies of scale whereby larger sites tend to
sell for less per square foot. Smaller sites were considered superior and adjusted downward,
larger sales were considered inferior and adjusted upward and those sales similar in size were not
adjusted. Because the Collins Avenue parcel is larger than the Ocean Drive parcel, the sales of
smaller sites require a larger negative adjustment with respect to the Collins parcel, and the sales
of larger sites require a larger positive adjustment with respect to the Ocean Drive parcel.
With respect to shape, Sale 2 is relatively elongated in shape, which due to its small size
constitutes a disadvantage that would tend to raise development costs, indicating that a positive
adjustment is needed. However, Sale 4 does not require a shape adjustment because it was
bought by the adjoining owner, and adding the parcel to the adjoining site nullifies its shape
disadvantages to the adjoining owner. Sale 8 requires a positive adjustment for its trapezoidal
shape, making it a parcel with a more efficient rectangular main segment and a triangular rear
segment that is much less likely to be usable (even for the adjoining owner).
The cumulative adjustments indicate that the Collins Avenue parcel should achieve a sale price
per sq. ft. below Sales 4, 6 and l0 (a range of$646 to $1,142), above Sales l, 3,5,7,8 and 9 (a
range of $41 I to $635), with Sale 2 providing a conflicting indication of a value near $769. The
adjustments indicate a value for the Ocean Drive parcel below Sale 6 at$1,142 and above the
remaining sales ($411 to $811).
The analysis would support value estimates per sq. ft. of $640 for the Collins Avenue parcel and
$900 forthe Ocean Drive parcel. Based on the parcel size of 21,948 sq.ft., the market value of
the Collins Avenue parcel is estimated at $14,050,000, rounded. Based on the parcel size of
14,537 sq.ft., the market value of the Ocean Drive parcel is estimated at $13,100,000, rounded.
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Additional Analysis
Additional consideration was given to the January 2014 sale of the property at 230 20th Street
(between Collins and Liberty Avenues) for $7,000,000. It is a 10,625 sq. ft. lot zoned CD-2,
improved with a 2-story, 10,685 sq. ft. residential structure constructed in 1947 and in fair
condition. The building carries a historic designation and may not be demolished. The buyer
obtained approval for a complete renovation of the existing building along with construction of a
l-story rooftop addition and separate 5-story addition. The sale represents a price of $659 per sq.
ft., and even if the buyer considered the existing structure to contribute some value, say $50 per
sq. ft. of building, this would imply that he valued the land at $609 per sq. ft. On the other hand,
the buyer may well have paid less for the site than he would have been willing to pay if it were
vacant and unencumbered by historic restrictions. This sale would require positive adjustments
for location and market conditions, and in any event is less reliable due to the uncertainty about
the actual contributory value of the improvements, but it otherwise supports the value indications
from analysis of the comparable sales.
Also considered in the analysis were the three current listings of comparable properties shown in
the table below.
Sale
No.Location Zoning List Price
Sq. Ft.
Size
Price per
Sq. Ft.Comments
304-3 12 Ocean Drive
Miami Beach
R.PS3 s l 4,000.000 I 1.650 $1.202 NWC Ocean Dr. and 3'd St.
l.ast sold August 20 14 for
$6,300,000 ($541 per sq. ft.). Per
broker, includes approved plans
for four luxury townhouses.
z 803 5m Street
Miami Beach
C-PS2 $7.2s0.000 9,000 $806 NWC 5'h St. and Meridian Ave.
l 426 Euclid Avenue
Miami Beach
C-P52 $4,700,000 7,000 $671 SWC 5G St. and Euclid Ave
Last sold November 201 3 for
$2,000,000 ($286/sq. ft.). Per
broker, includes approved plans in
place for 30-room hotel and 30-
seat restaurant.
Subject Betwecn
1440 Oceen Drive and
1433 Collins Avenue
Miemi Beach
Prrcel A (1433 Collins)
Parccl B (1440 Oceen)
MXE
nfl(E
21,948
14,537
Listings do not provide a reliable indication of market value, as they represent the seller's
aspiration but do not reflect buyers' expectations. Most listings are priced near or above market,
since those priced below market are usually quickly removed from the market by buyers.
Therefore, since market values are more likely to be below list prices than above, a list price on a
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
comparable property that is below the value indicated by the analysis can provide a check on the
reasonableness of the analysis (and contradict it).
After appropriate adjustments, the asking prices above do not conflict with the conclusions from
analysis of the comparable sales. Note that Listing I was listed in July and points to higher
values after adjustment for location. This is a record-high asking price for the neighborhood with
the highest sale being several hundred dollars per sq. ft. lower, and it would not be unusual for a
final closing price after negotiations and adequate exposure to the market to be well below the
asking price. Note also that the highest and best use for Listing I is more likely to be an ultra-
luxury residential project, whereas at the subject location hotel and commercial uses are more
likely to be most profitable, making any indication from this listing less reliable.
Benelits Afforded to the collins Avenue Porcel by the Proposed Easement
By enabling the construction of a pedestrian bridge connecting the buildings on either side of the
alley, the proposed easement would allow consolidation of the two hotels into a single operation
with an Ocean Drive presence. This would raise the achievable revenues of any hotel operation
on the Collins Avenue parcel (which would then be an annex of an Ocean Drive hotel, capable of
achieving higher room rates, instead of a free-standing Collins Avenue hotel), thereby raising the
value of the underlying land. This is because for any potential development project, increases in
achievable revenues increase the market value of the finished project, which raises the feasibility
land cost (the highest price that the land for a development p.o3.Ct can be acquired for while stiil
achieving the developer's minimum required return).
However, such a scenario would not raise the value of the Collins Avenue parcel to the same
level as the Ocean Drive parcel. If, for example, the additional land being annexed by the Ocean
Drive property were adjacent to it on Ocean Drive, creating a single, contiguous property with
additional Ocean Drive frontage (essentially the scenario depicted in Sale 4 at $8ll per sq. ft.),
the value would be much greater. A consolidated hotel spanning two connected but essentially
non-contiguous parcels is likely to achieve lower total revenues than a similar sized hotel on a
single contiguous tract, even if marketed as a single hotel property. Also, a single large tract
would be more desirable from a development perspective, as it would allow construction of a
single, unified structure, whereas a large tract consisting of two connected but otherwise non-
contiguous segments has the disadvantage of requiring construction of two separate structures,
which raises development costs. As a result, while the value of the underlying land on the Collins
Avenue side of the easement would be enhanced by the ability to connect the parcels, the
enhancement is likely to be less than it would be if the two parcels comprised a single contiguous
tract on the Ocean Drive side.
The value indication for the Ocean Drive parcel is 4lYo above the Collins Avenue parcel on a per
sq. ft. basis. Based on the analysis above, the enhancement should be expected to be significant,
but much less than the difference in value between the parcels, on the order of l}o to 2oyo
above the Collins Avenue value. An enhancement of l5o/o is estimated, raising the value of the
Collins Avenue parcel to approximately $736 per sq. ft., or $16,150,000, rounded. This
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miomi Beach, FL
represents an enhancement to the value of the Collins Avenue parcel of $2,100,000 ($ l6,l 50,000
less $14,050,000).
Test of Reasonableness: Feasibility Land Cost Model
In order to assess the reasonableness of this value estimate, a feasibility land cost model was
constructed using assumptions for hotel operating performance and development costs for
"typical" Collins Avenue and Ocean Drive hotels. The model reflects the perspective of a typical
hotel developer considering the feasibility of development on the subject parcels based on
achievable revenues, market values and typical costs, and is analogous to the type of initial
review or feasibility test that many developers conduct in order to determine whether deeper
consideration of a site or negotiations are worthwhile. For the developer, the model answers the
question "what is the highest price I can pay for a site and still meet my profit objectives, given
certain assumptions about the development costs and value of the property that can be developed
there".
Note that these assumptions are not based on the specific hotels operating on the adjoining
properties, as no operating data whatsoever was provided about these properties. However, the
assumptions about hotel Average Daily Rates (ADRs) and occupancy rates are based on analysis
of recent operating data for numerous other comparable and competing hotels in the vicinity of
the subject. The assumptions about development costs and ratios to sales are based on typical
figures observed across a variety of comparable hotel properties, as well as consideration of
current industry benchmarks and current cost estimates as published by Smith Travel Research
and Marshall Valuation Guide. The FAR used in the model is based on the zoning applicable to
the subject parcels, and the average room size is based on consideration of the renovation
(currently underway) of the Carlton Hotel, as well as the range of typical sizes for comparable
and competing hotels in the area. Finally, the capitalization rate is derived from observation of
recent sales of operating hotels comparable to those that would be likely to be built on the
subject sites. The model assumptions are representative of what a typical hotel developer who is
knowledgeable about the current market would use to test feasibility.
The model, shown on the following page, indicates the feasibility land cost for typical
(hypothetical) hotel properties that could be built on the Collins Avenue and Ocean Drive
parcels. The only difference between the two is the ADR, assumed to be $170 forthe Collins
Avenue property and $210 for the Ocean Drive property. The 20Yo to 25o/o difference is a
reasonable representation of the "premium" in ADR that the typical Ocean Drive hotel is likely
to achieve over the typical Collins Avenue hotel. The model also shows the results for an
"enhanced" Collins Avenue hotel, based on a reasonable estimate of the ADR that a Collins
Avenue hotel that has been annexed by an Ocean Drive hotel (connected, but not fully
contiguous) would be likely to achieve (higher than the ADR of the typical Collins property but
below that of the typical Ocean Drive property). The "enhanced" Collins property is assumed to
achieve an ADR of $180, which is 5% to 7Yo above the typical collins property.
llaronker & Rosen, Inc. & Real Estate Appraisers & Consultqnts 71
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Feasibility Land Cost for Hypothetical Collins Avenue and Ocean Drive Hotels
Model Assumptions
ADR, Collins Avenue Hotel
ADR, Ocean Drive Hotel
Average occupancy
Room Revenues Ratio to Sales
NOI Ratio to Sales
Capitalization Rate
FAR
Development Cost per Room
Sq. Ft. per Room
Development Cost per sq. ft.
Entrepreneurial I ncentive
Land Area per Room (sq. ft.)
Calculations
ADR
Days in year
Average occupancy
Room Revenues
Other Revenues*
Total Revenues
NOI Ratio to Sales
Net Operating lncome
Capitalization rate
Market Value per Room
Entrepreneurial lncentivett
Market Value Before lncentive
Development Cost per Room
Feasibility Land Cost per Room
Land area per room (sq. ft.)
Feasibility Land Cost per sq. ft.
Hypothetical Hotel /
Collins Avenue Parcel
Srzo
x 365
x 80%
s49,640
+ 55,516
Sss, rse
x 40%
s22,062
x 6.250/o
s3s2,996- ss8,833
S294,163
- S13o,ooo
s154,163x 250
s5s7
Hypothetical Hotel /
Ocean Drive Parcel
S21o
x 365
x 80%
S61,320
+ 55,813
s68,133x 40%
527,2s3
x 6.25/o
S436,0s3- 572,676
S363,378
- s130,000
s233,378x 250
S934
Hypothetical
"Enhanced" Collins
Avenue Hotel
s180
x 365
x 80Yo
Ssz,seo
+ 55,840
ss8,400
x 40%
s23,350
x 6.25Yo
9373,760- s62,293
Slrt,qat- S13o,ooo
S181,467
x 250
5726
s170
S210
80%
90%
40%
6.25%
2.0
s130,000
500
s260
20%
2s0
* (rom rewnues : ratio to sales) - room revenues
tr (market value per room + (1 + entrepreneurial incentive)) - market value per room
The model indicates the market value per room that would be achievable based on typical
assumptions for room rates, occupancy, room revenues, total revenues, expenses (implicitin the
net operating income), and the capitalization rate. Deducting a typical entrepreneurial incentive
and typical development costs from the market value indicates the maximum amount that the
typical developer could pay for the site and still realize the desired incentive (profit).
llaronker & Rosen, Inc. tl Real Eslate Apptaisen & Consultants 72
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Sales Comparison Approach Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
The model indicates feasibility land costs per sq. ft. of $657 for the Collins Avenue parcel and
$934 for the Ocean Drive parcel using ADR assumptions of $170 and $210, respectively, which
are very close to the value indications derived from analysis of the comparable sales. The model
also indicates that an increase of 5%;o to 7o/o in the achievable ADR of the Collins Avenue
property (to $ 180) would be sufficient to raise the feasibility land cost to $726 per sq. ft. This is
also close to the value estimate of the "enhanced" Collins Avenue property (derived by applying
an estimate of l5o/, to the difference between the per sq.ft.values of the two parcels). Because
the model employs reasonable market-derived assumptions, it provides a good check on the
reasonableness of the value estimated by analysis of the comparable sales. The model supports
the earlier indication of a l5oh increase in the market value of the hypothetical "enhanced"
parcel. Therefore, the analysis supports an estimate of the value of the proposed aerial easement
to the owner of the adjoining properties of $2,100,000.
lTaronker & Rosen, Inc. & Real Estate Appraisers & Consultants 73
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Reconciliation of Value Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Reconciliation of Value
The reconciliation process considers the approaches
approach to value is analyzed as to its reliability and
the following values:
Cost Approach
Income Capitalization Approach
Sales Comparison Approach
which were utilized in this report. Each
applicability. These approaches indicated
Not applicable
Not applicable
$2,100,000*
*Volue of the proposed eosement to the adjoining ovtner, based on the estimated increase in
lhe market value of the adjoining land that would occur as u result of the easement.
The cost approach estimates the land value and adds the depreciated value of the improvements.
As the land being appraised is vacant, this approach is not applicable and was not applied herein.
The income capitalization approach analyzes the projected income and expenses of a property
and capitalizes the net income into a value estimate. Typically vacant land is not purchased based
on its ability to generate income. This method is not applicable and was not applied herein.
The sales comparison approach compares sales of similar properties to the subject property and
is the only applicable approach to value. These sales were analyzed for differences such as
conditions of sale, financing, market conditions, location, zoning, shape/size, and other
characteristics. The strength of this approach relies on the quality of the comparable sales. Sales
which closely resemble and can be compared easily with the subject are most desirable. The
sales utilized were considered comparable and make the sales comparison approach the only
reliable indication of value.
In order to estimate the value of the proposed easement to the adjoining owner, the analysis
considered the impact that the easement would have on the market value of the fee simple
interest of the adjoining parcels (as though vacant). Therefore, the cost approach and the income
capitalization approach were not applicable. Full reliance is placed on the sales comparison
approach, based on the methodology described above. Based on the analysis, the value of the
subject property to the adjoining owner, as of August 19, 2015, is estimated at $2,100,000. The
value estimated herein is not market value, as the value estimate is a value solely to the
adjoining owner.
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Addenda
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
County Area Description
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
-
Miami-Dade County and Area Description
General Overview
Miami-Dade County, often referred to as "Miami" is known internationally for its weather,
beaches, banking, find art, shopping, and Latin culture. While many pass through the Cruise
Capital of the World, 2.5 million people call it home.
Miami-Dade County is at the southeastern tip of Florida and is the south-easternmost state in the
continental United States. Its land area is approximately 1,946 square miles and is bordered by
Broward, Collier, and Monroe Counties to the north, southwest, and south, respectively. The
county is bordered by the Atlantic Ocean to the East and Everglades National Park to the West.
Demographics
As of the 2013 Census report, Miami-Dade County has2,496,435 residents. Over half of those
were born outside the United States;70 percent fall between the ages of 25 and 55. As depicted
in the following graph, the county's population has risen steadily since 1970.
e
txIaGcit
.C,
2,300
e.600
2,400
2,200
2.000
t.r00
1.600
1,100
l,aoo
Rlddqlt PSdrUm [l l0.lrll-OldG Cqlnv, R (RJinH$OP)
50116: U.S. Dapartmcnt d Ccilncao: Crnlrt a,]tlu
r9r0 t9t5 r9r0 199s 2000
shr&d trt.r hrdi.a[ Ug raerdctr.
2014 rlra.ch.rfl(rrlicd.ag
1970 19?5 2010 2015
FRED *
Miami-Dade County Population Projections
2015 Projection
based on 2011
Estimate
Percentage change
2011 to 2015
2020 Projection
based on 2011
Estimate
Percentage change
20ll to2020
2,591,790 3.8%2,717,631 4.9%
Miami has a positive reputation for international business, and developers are marketing their
new projects to those individuals. Therefore, the county's population is expected to increase at an
even greater rate approaching the year 2020.
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Miami is the largest city in the County. Other populous municipalities include Hialeah, Miami
Gardens, Miami Beach, and unincorporated land. Actively growing are some new cities since
2000 such as Cutler Bay and Doral.
Brief History
Miami was founded in 1866 after the end of Spanish rule in Florida. Before the turn of the
century, prominent figures such as William and Mary Brickell and Henry Flagler established a
community and connected the young city to the rest of the United States. Island people moved
here for work.
ln 1910, John Collins discovered fresh water on Miami Beach, and within a decade, the
population soared, and businessmen bought up the land. The city quickly became a popular spot
for tourists, but it crumbled under the hurricane of 1926. During the decades of war, parts of
Miami-Dade County became training grounds for military. Residents then slowly built back up
the tourism industry.
The early 1960's marked the beginning of the arrival of large numbers of Cuban Refugees into
Miami-Dade County and South Florida. In the years following, significant numbers of
immigrants have come from Haiti, Cuba and other Latin American countries.
Government
Miami-Dade County has a strong mayor form of government, with nine elected individuals (one
mayor and eight commissioners) making up the Miami-Dade County Board of Commissioners.
The mayor appoints a professional administrator to manage the daily activities of the county
government and a county attorney to handle its legal matters.
Some governmental activities, services and functions previously handled by individual
municipalities are now handled by the county. Among these are real property assessment and
valuation, health and welfare, most water and sewers, traffic engineering, public libraries, public
transportation, public housing, urban renewal, seaport, airport, regional parks and air and water
pollution control. In addition to these, Miami-Dade County provides services to the
unincorporated areas of the county such as: police and fire protection, building and zoning
regulation, trash and garbage collection and disposal, parks and recreation, consumer protection
and corrections and rehabilitation of adults and youth offenders.
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Economic Base
The primary industries that support Miami-Dade County's economy through employment are
trade, transportation and utilities, followed by education/health services and government. The
most known is tourism, a major industry for Miami-Dade County. The following chart reflects
the county's demographics by trade, with tourism ranking the highest number of companies,
followed by retail and finance, insurance and real estate.
Miami-Dade County
Demographics by Trade
40000
35000
30000
2s000
20000
1s000
10000
5000
0
I No. of Companies
,':}t$tFy
Source: The Beacon Council
A year-round growing season allows the agricultural industry to be the top vegetable supplier
and producer in the country. The industry employs more than 20,000 people and produces more
than $2.7 billion in economic benefits each year. As a result, agritourism has sprouted an
industry throughout the agricultural area where visitors can sample and purchase locally grown
products.
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Transportation
Miami Internotional Airport (MIA) and its linkages are considered to be the driving force for
growth behind its surrounding area. Airport traffic in 2013 included over 40 million passengers,
2 million tons of freight, and 2 million tons of cargo. Other airports within the county include
Kendall-Tamiami Airport and Opa-locka Executive Airport. The aviation industry directly and
indirectly contributes $26.7 billion and 282,043 jobs to the local economy.
PortMiami annual activity includes 4.3 million cruise passengers and 7.4 millions of tons of
cargo. The port contributes more than $27 billion annually to the South Florida economy and
helps provide direct and indirect employment for more than 207,000 individuals. It is currently
undergoing construction for a two-way underwater tunnel between the port and downtown
Miami. Scheduled to be completed in 2015 is the Deep Dredge Project, set to deepen the
channel from its current 42-foot depth to minus 50 feet in order to accommodate super cargo
ships now being constructed.
Within Miami-Dade County, major roads include the Palmetto Expressway (State Road No.
826), a major north/south expressway; the Dolphin Expressway (State Road No. 836), a major
east/west expressway; Interstate 95 and the Florida Turnpike. All of these represent Miami's
expressway network and make almost any destination in Miami-Dade County within 30 to 45
minutes driving time.
Transportation systems include a Busway in south Miami-Dade County linking to Metrorail, an
elevated rail rapid transit system connecting portions of Miami-Dade County. In July 2012, a
new Metrorail station in MIA links south Miami-Dade County, downtown Miami and the entire
elevated rail line. The enables seamless connections to the Metromover systems and to a web of
transportation arteries in neighboring counties leading to the rest of Florida.
The Miami Intermodal Center (MIC) links the airport, EasVWest Rail, Amtrak, Tri-Rail,
AirporUSeaport Connector and Metrorail mainline rail. Located near the State Road No.
836/State Road I l2 Connector, it presently contains the bulk of the rental car agencies. East of
the airport in the future it will contain retail, commercial, residential and tourist-designed
development.
The Metromover automated people mover system is located in downtown Miami and is an off-
shoot of the Metrorail system. There are also Metrobus buses, most of which are in service daily
throughout the county. The Metromover system includes the Brickell Avenue financial district
and also runs north to the Omni area. Other transportation services in Miami-Dade County
include Tri-Rail, railroads and taxicabs. Railroad service by Amtrak is accessible in northwest
Miami-Dade. Tri-Rail is South Florida's commuter train system which services Miami-Dade,
Broward and Palm Beach Counties.
Education
Based upon student population, the Miami-Dade County School system is the fourth largest
public school system in the nation with 415 institutions including elementary, middle, high, K-8,
charter, alternative and magnet schools. Many private institutions exist as well.
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Several colleges and universities located in the county are University of Miami, Barry
University, Florida International University, Miami-Dade Community College, St. Thomas
University, Florida Memorial College and Johnson & Wales University.
Medical
Miami-Dade County has the largest concentration of medical facilities in Florida. The largest
institution is Jackson Memorial Medical Center, the second largest public hospital in the nation
which shares many teaching, treatment and research capacities with the University of Miami.
Private hospitals include Baptist Health System, Mercy, Miami Children's, and Mount Sinai.
Sports
Professional, college and even local neighborhood sports draw spectators, participants and
investors to a high degree and create a positive atmosphere. Professional football (Miami
Dolphins), basketball (Miami Heat), baseball (Miami Marlins) and ice hockey (Florida Panthers)
are continual draws. As of January 2014, business negotiations are currently underway to bring
Major League Soccer to Miami. There are two horse tracks and a dog track. Several of these
tracks have been approved for slot gambling or table gambling, depending upon location in a
municipality or Indian reservation. Also offered are golf tennis, as well as the numerous water
sports, given the significant bodies of water.
Arts and Culture
Known for the wealth of ethnic diversity and heritage, Miami-Dade County has a cultural mix of
festivals, concerts, theater, and dance performances. Adrienne Arsht for the Performing Arts of
Miami-Dade County opened in 2006 and is home to the Concert Association of Florida, Florida
Grand Opera, Miami City Ballet, and the New World Symphony. The county is also home to
several museums and wildlife attractions.
Summary
During its history, Miami-Dade County and the Greater Miami area have experienced significant
changes and growth. Trends indicate that the growth will continue with Miami-Dade County
rapidly becoming an international city with a diverse culture. The economic base and the
bilingual population should continue to attract new residents and businesses into Greater Miami.
Sources including, but not limited to:
United States Census Bureau (Jan. 2014). http://ouickthcts.census.eov/qftt/states/12ll2086.html
Miami-Dade County Portal (Jan. 2014). www.miamidade.eov
The Beacon Council (Jan. 2014). wrtrv.beaconcouncil.com
Federal Reserve Economic Data (Jan. 2014). http://research.stlouisfed.ore/fred2l
Miami Herald (various articles). htto://www.miamiherald.com,/
ll/orunker & Rosen, Inc. & Real Estate Appraisers & Consultants 8I
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Flood Zone Map
Waronker & Rosen, Inc. la Real Estate Appraisers & Consultants 82
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL.
Flood ZoneME IVIA
li
InterFlood
www.lnterfood.om . 1-8(X)-252-6633
Prcparad fior:
Waronker & Rosen, krc.
1440 Ocesr Dr
Miani Beach. FL 331394108
Miami - Dade
County
Unincorporaffi
Areas
120635
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Waronkq & Rosen, Inc. & Real Estate Appraisers & Consultqnts 83
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
Additional Data
ll/'aronker & Rosen, Inc. & Real Estate Appraisers & Consultants 84
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL
TO:
FROJIA:
DATE,
SUUECT:
g MTAMTBEACH
q, ., nhd b.A, l TXD Czrmtiq Catr Drin, lr/Umi !.eh, f brido 33 I 39. w.oionibchfi.go
COAAAAITTE E MEMORAN DUM
Lrnd Ure end Dcvclopmcnt Committcc
Jimmy L. ltlorrlct, Clty Manager
Mrrcfi 1S,2014
DI8CUSSIOT{: BETSY,CARLTOII HOTEL RENOVANON AI{D POSSIBILITY OF
AT AIR RIOHTS EASETEiIT AT{O GREEN ALLEY
Ot Dcccmbcr 1'1, 2013, .t trc rcquad of Corrnbsionor Ed Tobin, OE City Commbslon
rcfirncd a dirolrirn iHn to thc Lmd Ulc end Dcvcloprnarn Committcc, rcaadhg the
Bctry/Ceilon Hotcl lcnotretaon end the poartitty ol en ak rigtttr.acmcnt end grccn e[cy,
in ordcr to proddc a covlrld conncctirn bGtrtlcn thc 2 shucturra, ovcr a Cily Alcy (Occst
Contt).
On Fcbru.ry tl,20ltl, thr Hirtorh Prcrcrvdion Board approcd/conrilcrcd a nar
dcvdopmcnt cnfrcd'Crlton Hotrcf, d 1433 Collins Avcnr.p. Thc sutficn pofrrct proporc!
to subCantlaly rdran snd odqc thc cxlding 3-dory Crrlton Hot6l brildng, induding the
conltnrciifi of trc nat tour (4) rtory ground lcvC additiono, a onc (1) story grormd lcvc{
additiil ard a partiC rodop addlion. Additionally, the 4flicant ia propocing, wbiect to
City Commicion epprw.l, to condruct e ncw pcdcetrbn bridgc cpeil{ng Occan Court
(ency) thd wouH corncd thc Certon llotd to thc Bctty lbLl loc.tcd at 11140 Ocaan Ddvc,
to thc inm€dletc ed. Tho fdlwing lc a rummary d thc hlstori: gtatus ol each of tfrc
cristitg rfrucilrs8:
14t0 Occen Driw - Thc Bslsv Hotcl
Coruhcfed in 1941 end dcignod by ercfiitcct L. Munay Dixon h the Colonid Revival rtybd ercftitcctrrc, thc rut4irc{ strucfi.rc is dalriH s! 'Contribding' (Hbtorlc) h tho Miami
Bcrdt Hicbric Proporties Databasc srd b locatcd within the Occan DridGollins Arrrnuc
Local Hirtoric Diltrict and thc Miami Bcacfi Ardribctural Didict.
14lXl Colfinr Avenuc - Thc Carlton Hotsl
Construcicd ln 't937 end dcrigncd by Fbnry lloharsr in ttrc Art Dcco rtyb of erchitqcturs,
thr 3rticd lbudurc ir clerdlicd er 'Contsituting' Hiltoric) in thc Mhmi Beech Hiltoric
Propcrllcr Detabetc and ia locstrd withh tE Oceen DridCollinr Avsruc Local Hirtoric
Distdcl rytd thc Miemi Bcacfi Archihc{ural Diltict.
ln ordcr to unify thc opcrdion of both thc Csrlton Hotcl end tho Bcilay llotcl, thc proiccl
epdic.nl har propord b coilfuci.n qrd6Gd pcdcatien bridgo.p.nning hFnty (20)
bct acrocr thq Occen Court public elcyray, conncding thc thid levcls ol bo[r hotclr.
From rn Appropldcnor rtrn@h, both Phnnlng Stdl and tho HFbrlc Prcrarvauon
LUDCTIO
lTaronker & Rosen, Inc. S Real Estate Appraisers & Consultants 85
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Addenda Proposed Aerial Easement, Ocean Ct., Miami Beach, FL'
L.ftd t,.. ild Dev.bprn ntcdimm..
8.tty{.rlbn Ai. Rightr E.!.moni elld Gllcn Aicy
Mrrrfi 19, 2014
Borrd haw no oUcciion b th. Eopo.cd bddgp cormGdinn, er it rcr.dd not bc viaibb ftomci[r.r r'tc cdfru Avcnuc or oocan &ivc pubrc rigltrof-rvey, qrd odd bc carily r!\,onrd
h thc ftnura. Howcwr, thc epprwd dthc HPB Bo.rd b urbicct to orr approvcbf th. city
commbion and thc applicsnt wi[ aho havp to cnrurs that cl othcr puuic wqtc, Bu[dh,
and Lifo-Sabty roquircmcnb can bc letFlicd, inctuding suficicrt dcaranco!.
yuhcn tha matcr was rdbrrtd by thc commiuion in Dcccmbcr, tha Lend Ur cornmittewr! .rled b concider 0r fo{orhg:
1. Ths fi.{urc viaion tbr e[cyr bctrrvocn collins Awnue md occan eivc (occen court)2. An ovlraI polry on 'Ar Rightr' ovrr allcye3. Thc undorlrourd fuHr br aleyr
4. Whst thc Crty can r)@ci in rstrrn tur grantirp * nghtr rnd undcprourd ngtils
wiihin grUic rllcyr
city ltdt fro.n thc Ptrnnlng .od Pr6li: worlrc llcpartnqrtt hsl! mct with thc owrpn andopcfdoil d thc Bdy€arlton tlobl, to <lircuss thG ovcrell spproach to lmprovlng the
connectirp rlcyr and puUb rififd*rF. Att cfiod b a daft pmpo:el of the typo d
improvemcnb conlcmpbtcd for thG furd portiona of thc elby.
Thc Admhirtralion rccommcndr thd Utt Land Ulc Commitlcc discrJ.r thG mattcr linthGr
and provilc epprogirte policy dicc{bn. lf rupportivc ol thc gcnaral dirccilon of thc
proporcd dr dghts calarncnt baing Gqucted, it b tiJrtlcr Gcommcndsd thel tho mattcr bc
tranrmittcd bad( to thq Fdl City Commirsion for further irput.
Att cfimont
JLM/Jru/TRM
I:\lCllrcCrrH)ArE$ n t!. nd Dor*96{ Cmmtb.l2ot4utrt r re. a,lala-t Cdbn Ar., E.sd- EriE LIOC h.20ta dq
LUOCtfi
Prn2
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