HomeMy WebLinkAboutBack-Up DocumentsSLACK
JOHNSTON
MAGENHEIMER
REAL ESTATE APPRAISERS & CONSULTANTS
7245 S.W. 87TH AVENUE, SUITE 300
MIAMI, FLORIDA 33173
APPRAISAL OF REAL PROPERTY
0.50-ACRE SITE
5501 BISCAYNE BOULEVARD
MIAMI, FLORIDA 33137
APPRAISAL REPORT
SJM FILE: 22075.5501
PREPARED FOR
SADIA CHOCRON
3347 NE 168 STEET
NORTH MIAMI BEACH, FLORIDA 33160
1
SLACK
JOHNSTON
MAGENHEIMER
REAL ESTATE APPRAISERS & CONSULTANTS
ANDREW H. MAGENHEIMER, MAI
CERT. GE N. RZ1073
July 28, 2022
Sadia Chocron
3347 NE 168 Street
North Miami Beach, Florida 33160
THEODORE W. SLACK, MAI
(1902 - 1992)
THEODORE C. SLACK, MAI
(1931 -2015)
SUE BARRETT SLACK, MAI
(RETIRED)
RE: Appraisal of Real Property — 0.50-Acre Site Located at 5501 Biscayne Boulevard,
Miami, Florida 33137
SJM File: 22075.5501
Dear Mr. Chocron:
At your request, we have prepared an appraisal report of the market value of the fee simple
interest in the above referenced property as of July 14, 2022, the date of valuation and visit
to the property.
The subject property consists of a vacant site located on the northeast corner of Biscayne
Boulevard (US 1) and NE 55 Street in the City of Miami. The mostly rectangular site
contains 21,801 square feet (0.50 acre) according to the survey provided. The site has a
land use designation of Restricted Commercial and a zoning classification of T4-O
(General Urban Zone).
The appraisal report states our opinion of market value, subject to various assumptions and
limiting conditions contained in this report. The site visit and analyses that form the basis
of our valuation have been performed by the undersigned. The appraisal has been prepared
in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) as
adopted by the Appraisal Standards Board of the Appraisal Foundation.
2
SLACK, JOHNSTON & MAGENHEIMER, INC.
7245 S.W. 87TH AVENUE, SUITE 300, MIAMI, FLORIDA 33173
TELEPHONE (305) 670.21 1 1 • EMAIL: SJMIAMI@AOL.COM
Sadia Chocron
July 28, 2022
As of the date of this report, the world is in the midst of a pandemic associated with the
virus COVID-19. The world economy is in a state of high volatility based on the
uncertainty of the outcome of the impact of the virus. In the United States, the federal,
state and local governments are taking steps to limit the spread of the virus that have
negatively impacted several facets of the economy including travel, tourism and
hospitality. Based on the results of historic pandemics of the 20th century (Swine Flu,
Asian Flu, Hong Kong Flu, SARS, MERS, EBOLA and HIV/AIDS) it is anticipated the
current pandemic will pass in time; however, the extent of the economic damage remains
to be seen. Based upon available information, this appraisal is premised upon the
extraordinary assumption that the Corona virus will not have a measurable long-term value
impact on the property that is the subject of this appraisal.
Based on our investigation and analysis, we have formed the opinion the market value of
the fee simple interest in the subject property, as of July 14, 2022, is $2,700,000.
The following report contains the results of our investigations and the explanation of the
approaches to value.
Respectfully submitted,
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
CERT. GEN. RZ1073
3
SLACK
JOHNSTON
MAGENHEIMER
TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 5
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY 6
CERTIFICATION 7
ASSUMPTIONS AND LIMITING CONDITIONS 8
IDENTIFICATION OF THE PROPERTY 10
LEGAL DESCRIPTION 10
OWNERSHIP AND HISTORY OF THE PROPERTY 10
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL 10
SCOPE OF THE APPRAISAL 11
DEFINITION OF VALUE AND INTEREST APPRAISED 12
EXPOSURE AND MARKETING TIME 13
NEIGHBORHOOD ANALYSIS 14
DESCRIPTION OF THE PROPERTY 17
REAL ESTATE TAX ANALYSIS 21
LAND USE AND ZONING 22
HIGHEST AND BEST USE 26
VALUATION PROCESS 28
SALES COMPARISON APPROACH 29
RECONCILIATION AND FINAL VALUE ESTIMATE 36
ADDENDUM A - PHOTOGRAPHS OF THE SUBJECT PROPERTY 37
ADDENDUM B - COMPARABLE LAND SALES 40
ADDENDUM C - ZONING INFORMATION 48
ADDENDUM D - QUALIFICATIONS OF THE APPRAISER 54
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SLACK
JOHNSTON
MAGENHEIMER
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Appraised:
Property Type:
2021 Real Estate Taxes:
Folio Number:
Market Value Assessment
Real Estate Taxes
Ownership:
Interest Appraised:
Land Area:
Improvements:
Land Use:
Zoning:
Highest and Best Use:
As Though Vacant
Date of Valuation:
Date of Report:
Market Value Indication:
5501 Biscayne Boulevard, Miami, Florida 33137
Vacant, mixed -use zoned site
01-3218-028-0010
$1,540,000
$32,719.76
Rosa 55 Morningside LLC,
1835 NE Miami Gardens Drive, Suite 415
North Miami Beach, Florida 33179
Fee Simple Estate
21,801 Square Feet; 0.50 Acre
None
Restricted Commercial; City of Miami
T4-O (General Urban Zone); City of Miami
Mixed -Use development
July 14, 2022
July 28, 2022
$2,700,000
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SLACK
JOHNSTON
MAGENHE1MER
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
Source: Miami -Dade County Property Appraiser's Office.
Not to scale, for illustrative purposes only.
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SLACK
JOHNSTON
MAGENHE1MER
CERTIFICATION
We certify that, to the best of our knowledge and belief, ...
- the statements of fact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
- we have no present or prospective interest in the properties that are the subject of this report and
no personal interest with respect to the parties involved.
- we have no bias with respect to the properties that are the subject of this report or to the parties
involved with this assignment.
- our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
the reported analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice (USPAP).
- the undersigned has made a visit to the property that is the subject of this report.
Christopher W. LaPlant, CERT. GEN. RZ1494, provided significant real property appraisal assistance
to the person signing this certification.
- the use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
- we have not performed services regarding the subject property within the prior three years.
- as of the date of this report, Andrew H. Magenheimer, has completed the continuing education
program for Designated Members of the Appraisal Institute.
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
CERT. GEN. RZ1073
7
SLACK
JOHNSTON
MAGENHEIMER
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and
encumbrances, including deed restrictions and developers' agreements, have not been investigated
unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable;
however, no warranty is given for its accuracy.
5. All engineering and surveying are assumed to be correct. Any sketches, plats, or drawings
included in this report are included to assist the reader in visualizing the property. We have made
no survey of the property, and assume no responsibility in connection with such matters.
6. It 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 unusual soil
conditions and no opinion as to these matters is to be inferred or construed from the attached report
other than those specifically stated in the report. Unless stated otherwise, the soil conditions of
the subject property are assumed to be adequate to support development utilizing conventional
construction techniques. We recommend the client obtain an opinion from a competent
engineering firm.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless noncompliance is stated, defined, and considered in the
appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a nonconformity has been stated, defined, and considered in the appraisal
report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or private
entity or organization have been or can be obtained or renewed for any use on which the value
estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless noted
in the report.
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SLACK
JOHNSTON
MAGENHE1MER
11. This study is to be used in whole and not in part. No part of it shall be used in conjunction
with any other appraisal. Publication of this report or any portion thereof without the written
consent of the appraiser is not permitted.
12. The appraiser, by reason of this report, is not required to give further consultation,
testimony, or be in attendance in court with reference to the property in question unless
arrangements have been previously made.
13. Neither all, nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be
disseminated to the public through advertising, public relations, news, sales, or other media
without the written consent and approval of the appraiser. The use of this report in any public
offering or syndication document is specifically prohibited.
14. Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other environmental conditions,
were not called to the attention of, nor did the appraiser become aware of such during the
appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in
the property unless otherwise stated. The appraiser, however, is not qualified to test such
substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde
foam insulation, or other hazardous substances or environmental conditions, may affect the value
of the property, the value estimated is predicated on the assumption that there is no such condition
on or in the property or in such proximity thereto that it would cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field, if needed.
15. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal
Institute of which one or more signatures of this report is an MAI member and by the Florida
Department of Professional Regulation, Division of Appraisal State Certification. The analysis
and value conclusions, as well as non-public information about the subject property, are
confidential matters and cannot be divulged to any persons other than the party for whom the report
is prepared.
Exceptions to this confidentiality provision are requests by committees of the Appraisal Institute
or the Florida Department of Professional Regulations for peer review, and subpoenas by any court
having jurisdiction to request production of the report.
Acceptance or use of this report constitutes acceptance of the preceding conditions.
9
SLACK
JOHNSTON
MAGENHE1MER
IDENTIFICATION OF THE PROPERTY
The subject property consists of a vacant site located on the northeast corner of Biscayne
Boulevard (US 1) and NE 55 Street in the City of Miami. The mostly rectangular site
contains 21,801 square feet (0.50 acre) according to the survey provided. The site has a
land use designation of Restricted Commercial and a zoning classification of T4-O
(General Urban Zone).
LEGAL DESCRIPTION
The following legal description was taken from the survey by Biscayne Engineering, Order
No. 03-86313, dated October 11, 2018.
Lots l and 2, of SA YSHORf PLAZA, according to the plat thereof, os recorded in Plat
Book J99, at Page 57, of the Public Records of Miami—Oade County Florida,
OWNERSHIP AND HISTORY OF THE PROPERTY
According to the Miami -Dade County public records, ownership of the subject property is
currently held by Rosa 55 Morningside LLC, 1835 NE Miami Gardens Drive, Suite 415,
North Miami Beach, Florida 33179. Rosa Morningside LLC appears to have taken title to
the subject property, as well as the property to the south (5445 Biscayne Boulevard), in
four separate deeds in August 2018 (ORB/PG 31100/2742 & 2993 & 31128/2617 & 2618).
These transactions are of no benefit in our analysis as they involved partial interests and
multiple properties. To the best of our knowledge, the subject property is not listed for sale
or under contract for purchase.
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL
The purpose of this appraisal report is to develop and report an opinion of the market value
of the fee simple interest in the subject property, as of July 14, 2022, the effective date of
appraisal. The date of the report is July 28, 2022.
The client and intended user of this report is Sadia Chocron and his advisors. The intended
use of the appraisal is for planning purposes. There are no other intended users or intended
uses of this appraisal.
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SLACK
JOHNSTON
MAGENHEiMER
SCOPE OF THE APPRAISAL
The scope of this appraisal report is defined by the purpose, which is to develop and report
an opinion of the current market value of the fee simple interest in the subject property as
of a current date of valuation. This assignment included a visit to the subject property and
surrounding neighborhood and a review of the information provided. Information provided
by the client was a survey.
Subsequent to our visit, an estimate of the highest and best use was made, as of the date of
valuation. The highest and best use analysis of the subject property considers all physically
possible, legally permissible and economically feasible uses to which the property could
be put as though vacant.
After concluding the highest and best use, the valuation methods were considered. The
appraisal process can include three basic approaches to value. These are the income, sales
comparison, and cost approaches. The application of these approaches is determined by
the type of property being appraised, as well as the scope of the valuation assignment. The
subject property represents a vacant site and the sales comparison approach was considered
the only applicable valuation method.
Our research focused on sales of mixed -use zoned sites located in the subject neighborhood
and nearby similar locations for purposes of comparison to the subject property. The sales
included in this report are representative of the best available market data. Research of the
selected sales included, to the extent possible, a visual inspection, reviewing the deed and
confirming sale details with one or more of the parties to the transaction, or their
representatives. Only those sales considered reasonably similar to the subject property
were included.
The final step in our analysis is a reconciliation of the appraisal methods used. The quantity
and quality of the data used, and the reliability of their value indications, are the basis for
the final conclusion of value.
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SLACK
JOHNSTON
MAGENHE1MER
DEFINITION OF VALUE AND INTEREST APPRAISED
The Uniform Standards of Professional Appraisal Practice (USPAP 2020-21) defines
Market Value as "a type of value, stated as an opinion, that presumes the transfer of a
property (i.e., a right of ownership or a bundle of rights), as of a certain date, under specific
conditions set forth in the definition of the term identified by the appraiser as applicable in
an appraisal."
We have relied on the definition of Market Value as "the most probable price which a
property should bring in a competitive and open market under all conditions requisite to a
fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the
price is not affected by undue stimulus. Implicit in this definition are the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions
whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider
their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.
(Federal Register 77472, Volume 75, No. 237, December 10, 2010)
Other pertinent definitions from the Dictionary of Real Estate Appraisal, Seventh Edition,
as published by the Appraisal Institute, are as follows:
Fee Simple Estate is the "absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power, and escheat."
Exposure Time is "1. The time a property remains on the market. 2. An opinion based
on supporting market data, of the length of time that the property interest being appraised
would have been offered in the market prior to the hypothetical consummation of a sale
at market value on the effective date of the appraisal."
Marketing Time is "an opinion of the amount of time it might take to sell a real or personal
property interest at the concluded market value level during the period immediately after
the effective date of the appraisals."
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JOHNSTON
MAGENHE1MER
EXPOSURE AND MARKETING TIME
Exposure and marketing times are the typical periods of time necessary to expose and
actively market the subject property on the open market to achieve a sale at a price
consistent with the market value estimate and on terms consistent with the definition of
market value recited herein. The length of time is a function of several factors including
price, terms, investment quality and exposure to a given market. Exposure time is the
hypothetical period immediately preceding the effective date of the appraisal and
marketing time is the period immediately after the effective date of the appraisal.
A review of current market activity for mixed -use zoned sites located within Miami -Dade
County, as well as conversations with broker's active within the subject's market area, was
performed in order to estimate an exposure time for the subject property. Most brokers
indicated that exposure/marketing times are typically less than one year, if the property is
priced realistically.
Based on the marketing periods reflected by the sales presented in this report, a typical
exposure period for the subject property was estimated to be up to 12 months. We have
further estimated a marketing time of up to 12 months.
13
SLACK
JOHNSTON
MAGENHE1MER
NEIGHBORHOOD ANALYSIS
The subject property is located on the northeast corner of Biscayne Boulevard and NE 55th
Street in the City of Miami in an area commonly known as Morningside which is part of
Miami's Upper East Side. This location is about 3.0 miles north of Miami's Central
Business District and 5.0 miles northeast of the Miami International Airport. The general
neighborhood boundaries are N.E./N.W. 79th Street on the north, Interstate 195 (Airport
Expressway/SR 112) or N.W. 36th Street on the south, Biscayne Bay on the east and 1-95
on the west.
Accessibility to the subject's neighborhood is considered good. North and southbound
regional access is provided by Interstate 95 to the west, with the nearest entrance/exits at
N.W. 62nd Street, about 1.25 miles to the northwest, and NW 36th Street, about 1.5 miles to
the southwest. In addition, Interstate 195 (SR 112 — Airport Expressway) is about 1.0 mile
to the south with an entrance/exit at Biscayne Boulevard. This is an east/west expressway
that continues westerly to the Miami International Airport, as well as extending easterly to
Miami Beach as the Julia Tuttle Causeway. To the north, about 1.5 miles north of the
subject, NW 79th Street also extends easterly as the Kennedy Causeway into Miami Beach.
Primary localized east/west access in the immediate area is provided by NE/NW 36th Street,
with secondary east/west access provided by NE/NW 54th Street, NE/NW 62"d Street, and
NE/NW 79th Street. Primary north/south access in the immediate neighborhood is provided
by Biscayne Boulevard with secondary north/south access provided by NE 2nd Avenue and
North Miami Avenue.
The subject property is located within an area known as Morningside within the Upper
Eastside area of the City of Miami, to the north of the Wynwood Fashion District and the
Edgewater District. In addition, this area is to the northeast of Midtown and the Design
District, which have all experienced varying degrees of revitalization, redevelopment, and
re -gentrification.
The Upper Eastside district is primarily comprised of the Biscayne Boulevard Corridor
with single family subdivisions generally located east of Biscayne Boulevard and single-
family homes, duplexes, apailinent buildings, and some small commercial & retail
buildings located to the west of Biscayne Boulevard. Single family residences to the east
of Biscayne Boulevard in the gated Bay Point subdivision have sale prices generally
ranging from $3,000,000 to $6,500,000 for single-family homes and up to $7,000,000 to
$12,000,000 for waterfront homes and similar prices for single family homes directly on
Biscayne Bay. Prices for single family homes and duplexes west of Biscayne Boulevard
generally range from $250,000 to $2,600,000 with an average approximately $660,000.
Biscayne Boulevard is characterized by a variety of commercial and multifamily uses
including office buildings, shopping centers, retail strip centers, motels, restaurants, service
stations, etc. The area south of NE 61' Street along Biscayne Boulevard underwent
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SLACK
JOHNSTON
MAGENHEIMER
beautification and new decorative street lights and concrete sidewalks and is characterized
by retail strip centers and multi -story office buildings including the pharmaceutical
company OPKO's corporate headquarters (formerly IVAX). The area north of NE 61st
Street is characterized by older commercial properties including hotel/motels, retail store
buildings, etc. This area is also part of the MiMo (Miami Modern) historic district and has
experienced a recent spur of redevelopment, including historically designated Vagabond
Motel, recent construction of the MiMo-inspired Milebella retail building, and to the north,
the re -positioning and redevelopment of the 350,000+ square foot Biscayne Plaza shopping
center at 79th Street and Biscayne Boulevard.
The City of Miami recently approved the overhaul of Morningside Park. The master plan
will fix the park's flooding problems, create a new shoreline to mitigate the impact of sea -
level rise, and add new amenities at the 42-acre green space with sweeping views of
Biscayne Bay. The estimated cost is between $36 and $42 million. The improvements
will be done in phases that could take between three to four years to complete.
In conclusion, the subject neighborhood is favorable for long-term development prospects,
given the proximity to the CBD and the coast, as well as due to the limited supply of land,
high population density, good transportation, access, and nearby sources of employment.
15
SLACK
JOHNSTON
MAGENHE1MER
Neighborhood Map
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16
SLACK
JOHNSTON
MAGENHEIMER
DESCRIPTION OF THE PROPERTY
Source: Miami -Dade County Property Appraiser's Office.
Not to scale, for illustrative purposes only.
Location: Northeast corner of Biscayne Boulevard (US 1) and NE
55 Street, Miami, Florida
Shape:
Land Area: 21,801 square feet; 0.50 acre
Mostly Rectangular
Frontage: Approximately 171 feet fronting the east side of
Biscayne Boulevard and approximately 75 feet fronting
the north side of NE 55 Street.
Access:
The site has a corner location with two street frontages,
being Biscayne Boulevard (US 1) and NE 55 Street. At
this location, Biscayne Boulevard is a four -lane,
median -dived, heavily -trafficked main thoroughfare
and NE 55 Street is a two-lane road which dead -ends
approximately 75 feet east of Biscayne Boulevard.
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SLACK
JOHNSTON
MAGENHE1MER
Topography: Level and at street grade
Soil Conditions:
No soil report of the property was provided. It is
assumed that the soil is of sufficient load bearing
capacity to support the construction of permanent
structures. No evidence of any adverse soil conditions
at the site was observed upon our physical visit to the
property.
Utilities: Public utilities are available to the area.
Land Use Restrictions: No authoritative report of title has been provided or
reviewed. There do not appear to be any easements,
encroachments, or restrictions that would adversely
affect the utilization of the site.
Flood Insurance: Zone X; Areas determined to be outside the 0.2% annual
chance floodplain. National Flood Insurance
Community Panel Number 12086C0308L, dated
September 11, 2009.
Environmental Study: An environmental risk study was not provided or
reviewed. In absence of information to the contrary, we
have assumed the subject site is free and clear of all
environmental concerns.
18
SLACK
JOHNSTON
MAGENHE1MER
ALAWNSPS WANE TITLE SURVEY
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REAL ESTATE TAX ANALYSIS
The subject property is located in the City of Miami and is subject to city and county ad
valorem taxes on real property. The Florida Statutes provide for assessment and collection
of ad valorem taxes on real property; however, the taxes are assessed, collected, and used
on the local county level. The assessment for the property is established each year as of
January l st by the Miami -Dade County Property Appraiser's Office at 100% of "Just
Value". The tax due is computed according to annual millage rates established by Miami -
Dade County. Millage rates are the amount paid to each taxing body for every $1,000 of
assessed value. Taxes are payable in November with a 4% discount and become delinquent
on April 1st. The following is the 2021 assessment and real estate tax information for the
subject site.
Total Market Assessed
MDCPA Folio Land Improvements Assessment Value Taxes
01-3218-028-0010 $1,540,000 $0 $1,540,000 $1,540,000 $32,719.76
The above real estate taxes do not reflect a 4% discount for prompt payment. The County
assessed value for the land is $70 per square foot based on a site area of 22,000 square feet.
According to the Miami -Dade County Property Appraisers' website, there are no
delinquent taxes due for the subject property. It should be noted that if the subject property
were to sell at the estimated market value contained herein, the real estate taxes would
likely increase.
21
SLACK
JOHNSTON
MAGENHE1MER
LAND USE AND ZONING
Land Use
According to the City of Miami's Future Land Use Map, the subject property is located
within an area designated as "Restricted Commercial". A copy of the land use map is
presented below.
Restricted Commercial: Areas designated as "Restricted Commercial" allow residential uses
(except rescue missions) to a maximum density equivalent to "High Density Multifamily
Residential" subject to the same limiting conditions and a finding by the Planning Director that
the proposed site's proximity to other residentially zoned property makes it a logical extension
or continuation of existing residential development and that adequate services and amenities
exist in the adjacent area to accommodate the needs of potential residents; transitory
22
SLACK
JOHNSTON
MAGENI- EiMER
residential facilities such as hotels and motels_ This category also allows general office use;
clinics and laboratories, auditoriums, libraries, convention facilities, places of worship, and
primary and secondary schools. Also allowed are commercial activities that generally serve
the daily retailing and service needs of the public, typically requiring easy access by personal
auto, and often located along arterial or collector roadways, which include: general retailing,
personal and professional 3eRoices, real estate, banking and other financial services,
restaurants, aloons and cafes, general entertainment facilities, private clubs and recreation
facilities, major sports and exhibition or entertainment facilities and other commercial activitie
whose scale and land use impacts are similar in nature to those uses described above. This
category also includes commercial marinas and living Quarters on vessels as permissible.
The nonresidential portions of developments within areas designated as 'Restricted
Commercial" allow a maximum floor lot ratio (FLR) of 7.0 times the net lot area of the subject
property; such FLR may be increased upon compliance with the detailed provisions of the
applicable land development regulations; however, rnay not exceed a total FLR of MO times
the net lot area of the subject property. Properties designated as 'Restricted Commercial" in
the Edgewater Area allow a maximum floor Id ratio (FLR) of 17.0 times the net lot area of the
subject property. Properties designated as "Restricted Commercial" in the Urban Central
Business District and Buena Vista Yards Regional Activity Center allow a maximum floor lot
ratio (FLR) of 37.0 times the net lot area of the subject property.
All such uses and mixes of uses shall be subject to the •detailed provisions of the applicable
land development regulations and the maintenance of required levels of service for facilities
and services included in the City's adopted concurrency management requirements.
Nonresidential floor area is the floor area that supports nonresidential uses within the inside
perimeter of the outside walls of the building including hallways, stairs, closets, thickness of
walls, columns and other features, and parking and loading areas, and excluding only open air
corridors, porches, balconies and roof areas_
23
SLACK
JOHNSTON
MAGENHEIMER
Zoning
The subject property is zoned T4-O (General Urban Zone) by the City of Miami. The
General Urban Zone consists of a mixed -use but primarily residential urban fabric with a
range of building types including rowhouses, small apailinent buildings, and bungalow
courts. Setbacks are short with an urban streetscape of wide sidewalks and trees in planters.
Thoroughfares typically define medium-sized blocks.
Some of the permitted uses include single-family residence, community residence, two-
family residence, multifamily housing, dormitory, home office, live -work, bed and
breakfast, inn, office, entertainment establishment, food service establishment, general
commercial, recreational facility, and religious facility. Refer to the addenda section for a
detailed list of the permitted uses. Below are the general development standards in the T4-
0 zone.
Development Standards
Minimum Lot Area:
Maximum Lot Area:
Minimum Lot Width:
Maximum Lot Coverage:
Maximum Floor Lot Ratio:
Density:
Minimum Setbacks:
Building Height:
Offstreet Parking:
5,000 Square Feet & 1,400 Square Feet with rear
vehicular access
20,000 Square Feet
50 Feet & 16 Feet with rear vehicular access
60% max.
N/A
36 Units Per Acre for T4-0
Front - 10 feet; side — 0 feet or 5 feet abutting a
setback; and rear - 20 feet min.
3 stories max. & 40 feet max.
Residential - Minimum of 1.5 parking spaces per
principal dwelling unit.
Lodging — Minimum of 1 parking space for every
2 lodging units.
Office/Commercial — Minimum of 3 parking
spaces for every 1,000 square feet.
The above stated zoning restrictions are basic requirements outlined in the zoning code.
There are several overlapping sections of the zoning code, as well as building code
requirements, which would be considered in a full zoning code compliance. The above
development standards are for new development.
The Miami 21 zoning code was adopted in 2010 and has been modified several times
subsequently. The zoning code is a complicated matrix of requirements that requires
architectural expertise to interpret for zoning compliance. We are not experts in zoning
matters and recommend contacting the City of Miami Planning and Zoning Depai linent for
more specific requirements. A copy of the zoning map is located on the following page.
24
SLACK
JOHNSTON
MAGENHE1MER
click to select
ERMIPIMA
TA-0
25
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JOHNSTON
MAGENI- EiMER
HIGHEST AND BEST USE
The following definitions are from The Dictionary of Real Estate Appraisal (Seventh
Edition) published by the Appraisal Institute:
Highest and Best Use is the "reasonably probable and legal use of vacant land or an
improved property, which is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria that highest and best use
must meet are legal permissibility, physical possibility, financially feasibility and
maximum profitability."
Highest and Best Use As Though Vacant is the use "among all reasonable alternative
uses, the use that yields the highest present land value, after payments are made for labor,
capital, and coordination. The use of a property based on the assumption that the parcel of
land is vacant or can be made vacant by demolishing any improvements."
Highest and Best Use As Improved is the "use that should be made of a property as it
exists. An existing property should be renovated or retained, as is, so long as it continues
to contribute to the total market value of the property, or until the return from a new
improvement would more than offset the cost of demolishing the existing building and
constructing a new one."
In estimating highest and best use, there are essentially four stages of analysis:
1. Possible Use - normally dictated by physical constraints.
2. Permissible Use - what use would be permitted in consideration of existing zoning and
other applicable laws governing the use of the property, as well as any deed restrictions
that may exist.
3. Feasible Use - which possible and permissible uses will produce a net return to the
owner of the site.
4. Maximally Productive - among feasible uses, which use will produce the highest net
return to the land.
To meet the tests of highest and best use, the use cannot be speculative or conjectural. It
must be legal and probable. There must be a profitable demand for such use and it must
return to the land the highest net return for the longest period of time. These tests have
been applied to the subject property. In arriving at the estimate of highest and best use, the
subject property was analyzed as vacant based on its current condition.
26
SLACK
JOHNSTON
MAGENHE1MER
As Though Vacant
Physically Possible: The site is mostly rectangular and contains approximately 21,801
square feet (0.50 acre). The site is level and at, or near, street grade. Although no soil
report for the subject has been provided, a visit to the property, as well as existing
developments in the area revealed no problems associated with the physical aspects of
developing the site. The area has good access and availability to public utilities.
The site has a corner location with two street frontages, being Biscayne Boulevard (US 1)
and NE 55 Street. At this location, Biscayne Boulevard is a four -lane, median -divided,
heavily -trafficked thoroughfare and NE 55 Street is a two-lane road which dead -ends east
of Biscayne Boulevard. The physical characteristics of the subject site support a number
of possible uses within the confines of its configuration, size and location.
Legally Permissible: Permissible or legal uses are those permitted by zoning and land use
regulations. No recent title search was provided to the appraisers. It is assumed that there
are no covenants, restrictions or easements that would adversely affect the use of the site
to such an extent that it would negatively impact its value.
As noted, the subject property is zoned T4-O (General Urban Zone). The T4-O zoning
district allows for a variety of commercial, residential, office, and retail uses or a mixture
thereof with a maximum height of 3 stories. Based on the legally permissible uses, uses
compatible with other surrounding properties for the subject site would likely be a mixed -
use development of residential with retail/office.
Feasible or Maximally Productive Use: It has been established that the subject property
is of adequate size and shape to permit development. It has further been established that
existing development in the area provides for potential development of mixed -uses.
The subject property has frontage along Biscayne Boulevard (US 1) which is a heavily -
trafficked, main north -south thoroughfare in Miami -Dade County. Based on the subject's
location, its frontage and surrounding uses, the highest and best use of the subject site
would be for development with an optimum size mixed -use building.
Conclusion: Considering the location, physical characteristics and permissible uses of the
property, and based upon an analysis of the site, the surrounding neighborhood, land uses
and the real estate market in general, it is our opinion that the highest and best use of the
subject property, as vacant, would likely be for development with an optimum size mixed -
use building within the constraints of zoning and market demand.
27
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JOHNSTON
MAGENHE1MER
VALUATION PROCESS
There are three generally recognized approaches considered in the valuation of real
property. They include the income, sales comparison, and cost approaches. It should be
noted that the appropriateness and reliability of each approach depends on the type of
property being appraised, the age and condition of the improvements, if any, and the
availability and quality of market data available for analysis.
The income approach provides an indication of value of a property based on a conversion
of anticipated benefits (net income). The method of conversion is called capitalization and
is either based on a single year's income (direct capitalization), or several years' income
(discounted cash flow). The sales comparison approach provides an indication of value
based on sales of properties considered similar The cost approach provides an indication
of the value of a property represented by the reproduction cost of the existing
improvements, less accrued depreciation, to which is added the land value.
As noted, in this instance, the sales comparison approach to value has been utilized to
estimate the value of the subject property as it represents a vacant site. The appraisal
process is concluded by a review and re-examination of each of the approaches to value
that were employed. Consideration is given to the type and reliability of data used and the
applicability of each approach. These factors are reconciled and a final value estimate is
made.
28
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JOHNSTON
MAGENHE1MER
SALES COMPARISON APPROACH
The sales comparison approach produces an estimate of value for real estate by comparing
recent sales of similar properties in the subject's surrounding or competing area. Inherent
in this approach is the principle of substitution, which states that when a property is
replaceable in the market, its value tends to be set at the cost of acquiring an equally
desirable substitute property, assuming that no costly delay is encountered in making the
substitution.
By analyzing sales which qualify as arm's-length transactions between willing,
knowledgeable buyers and sellers, price trends can be identified from which value
parameters may be extracted. Comparability in physical, locational, and economic
characteristics are important criteria in evaluating the sales in relation to the subject
property. The basic steps involved in the application of this approach are as follows:
1. Researching recent relevant property sales and current offerings throughout the
competitive area.
2. A selection process to focus on properties considered most similar to the subject,
and then analyzing the selected comparable properties giving consideration to the
time of sale and any change in economic conditions which may have occurred as of
the date of valuation. Other relevant factors of a physical, functional, or locational
nature are also considered.
3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price
per square foot.
4. Making appropriate adjustments to the comparable properties.
5. Interpreting the data analyzed to draw a meaningful conclusion of value.
The validity of this approach is dependent upon the availability and relevancy of the data.
The sales of properties having characteristics similar as the subject have been collected and
analyzed. Typically, land sells based on units of comparison particular to the property type
(e.g., price per square foot, price per acre, price per unit). In this analysis, the price per
square foot of land area was analyzed.
The subject property has a corner location with frontage along Biscayne Boulevard (US 1)
and NE 55 Street in the Morningside area of the Upper East Side of the City of Miami.
The site is mostly rectangular and contains approximately 21,801 square feet (0.50 acre).
The subject property has a land use designation of Restricted Commercial and Low -
Density Restricted Commercial and is zoned T4-O (General Urban Zone).
Our research concentrated on those mixed -use zoned sites located within the subject's
market area, or competitive areas, for purposes of comparison to the subject property. A
summary chart and location map are included on the following pages. Detailed information
and a photograph of the land sales are presented in the addenda.
29
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JOHNSTON
MAGENHE1MER
0 `.-' N
O
PD
N
N
SUMMARY OF LAND SALES o
Max
Zoning Base Density Bldg. Sale Site Area Site Area Sales Price Per PD CD
PD �.
No. Location at Sale (UnitslAc.) Height Date (Sq.Ft.) (Ac.) Price Sq.Ft. Land 0 o 0
0 . 0 ¢
1 454 NE 58 Street T5-0 65 5 Stories Jul-21 13,347 0.31 $1340 000 $100.40 PD
City of Miami � 0 °
0 0
c. °
2 5900 Biscayne Blvd T4-0 & T5-L 36 & 65 3 & 5 Oct-21 16,769 0.38 $1,875,000 $111.81 -- ,
o City of Miami 51 Blended Stories PD
"
CD
3 5220 Biscayne Blvd T6-8-0 150 8 Stories Feb-22 53,832 1.24 $7,900,000 $146.75 E.:
City of Miami p ¢
o
0 (' 1-s
4 5941 Biscayne Blvd T4-0 36 3 Stories Mar-22 11,827 0.27 $1,450,000 $122.60 .
City of Miami 00 r
PD ¢P'
SP 5501 Biscayne Blvd T4-0 36 3 Stories 21,801 0.50 0 ,) '
CDCD0
City of Miami o o
00
m__
=orz
za
—00X
rri
NE 59th
r_56th_st-
w
.,2_NE_55th _Ter
w
z NE 55th St
NE 4th Ave
effersor-ReaeS"
F 5�rrl St
Land Sales Map
4
Eaton Park
Eaton Park
•
31
C_ NF
1dF 59
SLACK
JOHNSTON
MAGENHEIMER
Discussion of the Land Sales
Sale 1 is located at 454 NE 58 Street in the City of Miami. This property has a mid -block
location with frontage on one street, being NE 58 Street. The rectangular site contains
approximately 13,347 square feet (0.31 acre). The site is zoned T5-O (Urban Center Zone).
The buyer acquired this property in July 2021 for $1,340,000 or $100.40 per square foot.
At time of sale, this site was vacant and asphalt paved parking lot. The buyer plans to
develop the site with an art gallery.
Sale 2 is located at 5900 Biscayne Boulevard in the City of Miami. The property has a
corner location with three street frontages, being Biscayne Boulevard, NE 59 Street, and
NE 5 Avenue. The mostly rectangular site contains a total of approximately 16,769 square
feet (0.50 acre). The site is zoned T4-O (General Urban Zone) and T5-L (Urban Center
Zone). The buyer acquired this property in October 2021 for $1,875,000 or $111.81 per
square foot. At the time of sale, the property was vacant land. The buyer plans to develop
the site with a 10,000 square foot medical building.
Sale 3 is located at 5220 Biscayne Boulevard in the City of Miami. This property has a
mid -block location with frontage on two streets, being Biscayne Boulevard and Federal
Highway. The mostly rectangular site contains approximately 53,832 square feet (1.24
acres). The site is zoned T6-8-O (Urban Core Zone). The buyer acquired this property in
February 2022 for $7,900,000 or $146.75 per square foot. At the time of sale, the property
was vacant land. The buyer is a local investor who has yet to decide the plan for this
property.
Sale 4 is located at 5941 Biscayne Boulevard in the City of Miami. The mostly rectangular
site contains approximately 11,827 square feet (0.27 acre). The site is zoned T4-O (General
Urban Zone). The buyer acquired this property in March 2022 for $1,450,000 or $122.60
per square foot. The site was vacant at the time of sale. The buyer is planning to develop
the property with a mixed -use building.
Adjustment Factors
Property characteristics and sale terms considered in our analysis are financing, changes in
market conditions, conditions of sale, size, location, topography, zoning and size. Each
of these items has been analyzed and compared to the subject property and are discussed
on the following paragraphs.
32
SLACK
JOHNSTON
MAGENHE1MER
Financing: To properly estimate the market value of the subject site, cash or cash
equivalent sales uninfluenced by special financing should be used. If sales having special
financing are used, they must be adjusted to reflect a cash equivalent sale price. Otherwise,
the market value may be misrepresented. Based on our research, all of the sales were cash
to the seller transactions, with typical terms of purchase for the subject market. For this
reason, no adjustments are required for financing.
Condition/Terms of Sale: The conditions or motivations of a sale can have an effect on
price and in some cases render a price or value not indicative of market value. Examples
of conditions of sale which may require a negative or positive adjustment include
bankruptcy or foreclosure sales, assemblage or plottage, lack of professional marketing and
exposure to market, tax consequences, listing, etc.
Based on our research, all of the comparable sales appear to have been arm's length
transactions and completed under normal conditions, with no unusual or atypical
motivations with no adjustments warranted.
Time/Market Conditions: Market conditions change over time due to inflation, deflation,
changes in supply and demand as well as other reasons. Although this adjustment is often
referred to as a "time" adjustment, it really is an adjustment for changes in market
conditions since the time of sale.
The land sales transpired between July 2021 and March 2022, within one year of the
effective date of this report. All of the comparable sales were considered reflective of
current market conditions.
Topography: The subject property is level and at street grade. Like the subject property,
the sites of all of the land sales were at, or near, street grade; therefore, no adjustments are
warranted.
Zoning: Zoning sets forth the legal uses permitted on a given site. Zoning is often the
most fundamental criterion in selecting the comparable sales because the types of uses
permitted and densities allowed can have a significant impact of value.
The subject property is zoned T4-O (General Urban Zone). Sales 1, 2, and 3 were
considered to have superior zoning classifications allowing greater densities and
permissible uses and were adjusted downward. Sale 4 has the same zoning as the subject
with no adjustment required.
Location: An analysis of location considers factors such as surrounding land uses,
distance/time between employment centers and/or shopping centers, and demographics in
the immediate area as well as the overall accessibility and traffic volume (remote/suburban
33
SLACK
JOHNSTON
MAGENHE1MER
versus urban) of a given location. These factors are considered in the comparable sales
relative to that of the subject.
The subject property is located in the Morningside area of the Upper East Side of the City
of Miami fronting Biscayne Boulevard, a main, heavily -trafficked north -south
thoroughfare. All of the comparable sales are located within 1 mile of the subject in the
same Morningside neighborhood fronting Biscayne Boulevard with the exception of Sale
1. While Sale 1 is located within the same neighborhood, it does not front Biscayne
Boulevard and was considered inferior for this location/frontage. Sale 1 was adjusted
upward for location.
Improvements: The subject consists of a vacant site. All of the comparable sales similarly
are vacant sites with no building improvements. No adjustments were necessary for
improvements.
Size: When other factors are relatively similar, we frequently find that larger sites sell for
a lower price per square foot than smaller ones. Generally, this is attributed to the
economies of scale. In some situations, particularly in fully built-up locations, there may
be little or no difference in price for a larger site due to the increased functionality of a
larger site and in some cases a premium for the costs associated with assemblage (i.e.,
plottage value). Therefore, differences in site sizes may but not necessarily require
adjustment.
The subject property contains 21,801 square feet. The sales range in size from 11,827 to
53,832 square feet, which bracket the subject property. Analysis of the sales indicates there
is no correlation between size and price per square foot within this range with no
adjustment warranted.
34
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JOHNSTON
MAGENHE1MER
Conclusion
Based on the above, the land sales reflected the following:
No.
1
2
3
4
Sale Date
Jul-21
Oct-21
Feb-22
Mar-22
Price/Sq.Ft.
$100.40
$111.81
$146.75
$122.60
Financing
Terms
Time
Topography
Zoning
-
-
-
_
Location
+
Improvements
Size
Overall
+
-
-
Based on our analysis, we have formed the opinion that, as of July 14, 2022, the fee simple
market value of the subject property would be in the range of $120 to $125 per square foot
based on the site area, which is calculated as follows:
21,801 Square Feet x $120 per SF = $2,616,120
21,801 Square Feet x $125 per SF = $2,725,125
Rounded to: $2,700,000
35
SLACK
JOHNSTON
MAGENHE1MER
RECONCILIATION AND FINAL VALUE ESTIMATE
In this analysis, one approach to value has been utilized to estimate the underlying land
value of the subject site. In the preceding sections of this report, indications of values for
the property, based on the applied appraisal approach, indicated the following:
Income Approach: Not Applicable
Sales Comparison Approach: $2,700,000
Cost Approach: Not Applicable
Our highest and best use analysis of the subject property considered potential uses of the
property as vacant. The scope of our analysis included research and analysis of similar
vacant parcels in the subject market area to estimate the value of the subject property. The
sales comparison approach was used to value the land. The reliability of the sales
comparison approach is good when there are recent sales of similar properties on which to
base a comparison. Several recent sales of mixed -use zoned land were researched for use
in the sales comparison approach. The analysis required consideration of differing property
characteristics, as compared with those of the property being appraised. Given the quality
of the data applied, this approach is considered a reliable indicator of the subject's value.
Based on our investigation and analysis, we have formed the opinion that the fee simple
market value of the subject property, as of July 14, 2022, was as follows:
TWO MILLION SEVEN HUNDRED THOUSAND DOLLARS
($2,700,000)
36
SLACK
JOHNSTON
MAGENHE1MER
ADDENDUM A — PHOTOGRAPHS OF THE SUBJECT PROPERTY
1. View looking northeasterly from corner of Biscayne Blvd (US 1) & NE 55 St
2. View looking southeasterly from Biscayne Boulevard (US 1)
37
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
3. View looking northwesterly from NE 55 Street
4. View looking northerly on Biscayne Boulevard (US 1); Subject is to the right
38
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
5. View looking southerly of Biscayne Boulevard (US 1); Subject is to the left
6. View looking easterly of NE 55 Street; Subject is to the left
39
SLACK
JOHNSTON
MAGENHE1MER
ADDENDUM B — COMPARABLE LAND SALES
LAND SALE 1
Location: 454 NE 58 Street, Miami, Florida
Legal Description:
LOTS 9, 10 AND 11, IN BLOCK 14, OF BAY SHORE UNIT NO. 4, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 16, PAGE 30, OF THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Folio Number: 01-3218-038-0180
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Total Sales Price
Terms
Unit Price
Prior Sale
Mark's Classics Corp.
La Vid Art LLC
July 2021
32617/1901
$1,340,000
Cash to the seller
$100.40 Per Square Foot
None is the prior three years
40
SLACK
JOHNSTON
MAGENHEIMER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
13,347 Square Feet; 0.31 Acre
Basically level and at street grade
Rectangular
NE 58 Street
Restricted Commercial; City of Miami
T5-O (Urban Center Zone); City of Miami
All available to the site
At time of sale, this site was a vacant paved parking lot. The buyer plans to develop
the site with an art gallery.
"411militinh11 I''+' nn�a��93
41
SLACK
JOHNSTON
MAGENHEIMER
Location:
LAND SALE 2
5900 Biscayne Boulevard, Miami, Florida
Legal Description:
LOTS 1 aRId l S, Block 3, BAY SHORE, according to the map or plat thereof as recorded in Plat
Rook 5, Page 116, Public Records of Miami -.Dade County, Florida
Folio Numbers:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
01-3218-031-0280 & 0120
DJ 2014 LLC
Cosmo Nova LLC
October 2021
32854/1382
$1,875,000
Cash to the seller
$111.81 Per Square Foot
$1,315,000 in June 2014
42
SLACK
JOHNSTON
MAGENHEIMER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
16,769 Square Feet; 0.38 Acre
Basically level and at, or near, street grade
Mostly Rectangular
Biscayne Boulevard & NE 59 Street
Restricted Commercial & Low -Density Restricted
Commercial; City of Miami
T4-O (General Urban Zone) & T5-L (Urban Center
Zone); City of Miami
All available to the site
At the time of sale, this property was vacant land. The buyer plans to develop the
site with a 10,000 square foot medical building.
43
SLACK
JOHNSTON
MAGENHE1MER
LAND SALE 3
Location: 5220 Biscayne Boulevard, Miami, Florida
Legal Description:
Parcel 1:
TRACTS 5, 6, 7, 8, 29, 30, 31, and 32 of a subdivision of portions of Governmental Lots 2 and
3, of Fractional Sections 19, Township 53 South, Range 42 East, Miami -Dade County, Florida;
lying between the Federal Highway and Biscayne Boulevard and South of Northeast 54th
Street, Miami -Dade County, Florida, according to sketch prepared by MB. Garth, Civil and
Consulting Engineer, under date of June, 1946, which sketch appears of record among the
Public Records of Miami -Dade County, Florida, in Mortgage Book 1827, Page 299 and Deed
Book 3137, Page 341; also known as Bis Fed Subdivision according to the Plat thereof recorded
in Plat Book 59, Page 56; of the Public Records of Miami -Dade County, Florida.
Parcel 2:
Tracts 9, 10, 27 and 28 of a subdivision of portions of Governmental Lots 2 and 3 of Fractional
Section 19, Township 53 South, Range 42 East, Miami -Dade County, Florida, lying between
the Federal Highway and Biscayne Boulevard, South of Northeast 54th Street, Miami -Dade
County, Florida, according to sketch recorded in Mortgage Book 1827, Page 299; of the Public
Records of Miami -Dade County Florida.
LESS AND EXCEPT that portion described in that certain Warranty Deed from 522o
Associates, LLC, a Florida limited liability company to The State of Florida Department of
Transportation recorded in Book 22916, Page 884, for road purposes,
Folio Numbers: 01-3219-021-0010 & 01-3219-001-0050
44
SLACK
JOHNSTON
MAGENHEIMER
Sale Information:
Grantors
Grantee
Date of Sale
ORB/Page
Total Sales Price
Terms
Unit Price
Prior Sale
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
5220 Biscayne Boulevard, LLC
5220 Biscayne Investment LLC
February 2022
33055/329
$7,900,000
Cash to Seller
$146.75 Per Square Foot
None Within Prior 3 Years
53,832 Square Feet; 1.24 Acres
Basically level and at, or near, street grade
Mostly Rectangular
Biscayne Boulevard (US 1) & Federal Highway
Restricted Commercial; City of Miami
T6-8-O (Urban Core Zone); City of Miami
All available to the site
At the time of sale, this property was vacant. The buyer is a local investor and has
yet to decide plans for the site.
45
SLACK
JOHNSTON
MAGENHE1MER
Location:
LAND SALE 4
5941 Biscayne Boulevard, Miami, Florida
Legal Description:
Lot 5, Block 5, MAP OF BAY SHORE, according to the map or plat thereof, as recorded in
Plat Book 5, Page(s)116, of the Public Records of Miami -Dade County, Florida
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
01-3218-031-0320
JD 5941 LLC
AP Equities Development LLC
March 2022
33098/4849
$1,450,000
Cash to seller
$122.60 Per Square Foot
September, 2015; $1,100,000
46
SLACK
JOHNSTON
MAGENHE1MER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
11,827 Square Feet; 0.27 Acre
Basically level and at grade
Mostly Rectangular
Biscayne Boulevard
Restricted Commercial; City of Miami
T4-O (General Urban Zone); City of Miami County
All available in the area
The site was vacant at the time of sale. According to the real estate agent, the buyer
is planning to develop the site with a mixed -use project.
47
SLACK
JOHNSTON
MAGENHE1MER
ADDENDUM C - ZONING INFORMATION
MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS
AS ADOPTED - JANUARY 2018
THE NATURAL ZONE consists of lands approximat-
ing a wilderness condition, permanently set aside for
conservation in an essentially natural state.
THE R U R A L ZO N E consists often ds in open orcultivated
state or sparsely settled, These include Woodland,
grassland and agricultural land.
THE SU8-URBA N ZONE consists of low -Density
areas. pnmenly comprised of Single -Family and Two
Family residential units with relatively deep Setbacks,
Streetseapes with swales, and with or without Side-
walks. Blocks may he large and the roads may be
of irregular geometry to accommodate natural and
historic conditions.
THEGENERAL URBAN ZONE consists of Mixed -Use
but primarily residential urban fabric with a range of
Building types including rowhouses, small apartment
Buildings, and bungalow courts. Setbacks are short
with en urban St reetscape of wide Sidewalks e n d trees
In planters. Thoroughfares typically define medlum-
sized blocks.
TH E U R BAH CE NT£R ZONE oonsistsofhigherDensity
Mixed -Use Building types that accommodate retail and
ice Uses, rowhouses and apartments Anetwork of
small blocks has Thoroughfares with wide Sidewalks.
steady street tree planting and Buildings set close to
the Frontages With frequent doors and Windows.
THE URBAN CORE ZONE consists of the highest
Density and greatest variety of Uses, including Civic
Buildings of regional importance. A network of small
blocks has Thoroughfares with wide Sidewalks. with
steady tree planting and Buildings setclose to the
Frontage with frequent doors andwindoes.
THE CIVIC ZONE consists of public use space and
facilities that maycontrast in use to their surroundings
while reflecting adjacent Setbacks and landscape.
THE DISTRICT ZONE consists of the least regulated
Building an d a ccommod'ates commercial a n d in dustri al
Uses of a scale and with a Streetscape that facilitate
vehicular access.
ti
lk
1
II
r-
w tti
iiii
iiii
11
Al,4...
v
Ili
ii
II�
5
48
SLACK
JOHNSTON
MAGENI- EiMER
MIAMI 21
AS ADOPTED - JANUARY 2018
ARTICLE 4. TABLE 2 MIAMI 21 SUMMARY
R LI R A L I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
LW 6p',.UPAT6IN
ar
IICo
i 1 . s �,35
_ '6r'p'
lFil1
i 11
6 1s
ra
®
®
ruuiaea
w.aar
I" e urrwee axe
Td w..:c,e
wvr
r
r 1.4 tear
RON''u r on
..
F.i5JJ LT ,_
4)L15- a I
5.4PC1 AA min
r6).17[ps I5lsJ
5413EI if. min
100,1130s, nle['''
S LO Web
SD man
f6R nen/;ibR min"
MP m-1
mil ow
MR rem
G LatVd4 eeve
5010 mu, Ial f bor
X% mu. 2nd Ploer rot
T34& T31 mfif
&i9 mu.
9o•K Mil.. .
15 mnA^
N11 imx—
4 rlgq LA Rollo i1t,l
5 1716 9441110Aa1 PLAN
Ben44'-
51130k 1,1066a1%4a15
Bmral4^"
a. 713%aWm5n4
PuL5 ENNUI or EMT
00 eddlfrurml Pubk
a. FradageN A I5 r 5
'I% mai
,1.. on
ARS min
TER4 min
704 Ion
1 ErtenlrOw.'A ETett:R:llii,,+,
3., 101Fr.n', n•n
15ralol Wee ow
109. I-,tar-x mn
n}96 I Area mn
1016 LOA:Re man
11511 N6a non
g Meese
5 if' d1Fcre man.^
26 Nacre malt
st dlyy;m mp:
i.L dUfa1:'4 -
1i6 du fsera -
16 du face"
6UUlW19 5P16Ac4
hinnrul-nml
L 9ea+rsAwr: ro11
n mn
n ruin
"I errs
9'r1 mn
10 6 men
m n Iran
11.n inn
1n91 no)
Side
Rear
5R on^
'111 Min f0n mn'•
511 n1n
711 mn ^^
!II Tin
Til l' tun
m n ern
i 11 ni5
r,11 m.
1011 non
109 non
G9 mn^
r1¶ mn
WTBLILgWBIEIBAD
a. I'nnepml rani
L •.aurn•55r'rre11
2,10
n Real
PRIVATE FRONTING
;5111 Min ET31 ark!
;01R min
10R m11113 L enpa
511 nun 1131, nnM
PR !Mt
011 ruin 15ft NEI
56 min 113E an1l1
511 non
a Common Leon
terminal
Iahilllsl
pearmdl-d
pnlhmde0
pndlmdeu
prohmded
14 P16T16FeAnI•
parn9L'ol
rNrm1lf4
p'444444 _
p1WM1144
pro444414
444540
u Tweteen LV
pnlllbited
Iem1He4
p-A116drn
pretWil0'l
pmflmllerd
pruhltled
a F5reprull
_
5r4ryu434
IRmlkl1
poi- 1160
pGrmlllod
prrtmflled
pnrmllud
n 916Ao
pn116ae1I
1ormll'd
porm11ed
pec,n111ed
perrelled
perl1Red
I WOW
pmre14C•7
pirmiloS r11 L NV,
ppn9111e0116L 15 511
Psrmll190 n':0 L I -0 co
pITmdlvv 1141e L 1r.,0 v]
pin41444644L 16-2e 4)
4 [Wk.,
pmrrb•en
perle}A i
parmdled"
perm111ed^
pis -sidled ^
p '.Iled^
1, 49)4e
ru in Wm
Fill Alfad
Pletdle4"'
in -mulled"
no -milled"
Recoiled'"
311A0D415 HEIGHT (81or144l
a Pelletal Thininp
.. m5.r
'i nluo
.nnmin
n..
6 ma"
2 arm
12 mar
2 mn
24 ma,
a CrxlreneeS
21115'
_ m5a:
6 Eon'II Hoy,,
14Mrn, T5 15 d r4 •r1e
1.n,s
4mm."'
C men"
24 ma."
T6d10114HEARE6
r Ih0SR1
perml1e4
1•.p.:bsr:
1 .11 em-1
;.• 1. .,;..,
pmh[med pmh9iled
a 49
permHed
perm alert
1.?rni11l?5
1.r1r51=•d
permdled permlled
pemltel
r.Armdds'
r•'•1hhn.]
I4rmnlad
parm5led parolled
n PS
pers.de.
ter1m153
I"ArclAud
r•'rnllllsd
Verm,led pernelled
.o 99 6.49
rnlrr.fe.1
I:ro1-'11e67
nermnl-c
',ortolan
per -milled permlled
1 inn AAv
pmhbied
rent ebAl,1
rernlen'o
,:erlulbd
peruiIll,d perolled
0 clew a.n,
permile4
par1Clee
r"1110.1
yr.11bder,
550115nle4 renhJAleo
a hear AIN
parmelen
j9r5AC144
I.armclsn
ritrmdled
permilled parlp'led
1 5411
rormllud
poi -oiled'
n:a11Ldi.1
yr:IgildeV
pal 014494 prch01dcu
1 Psn:ap
psmlr;nl
I'e1mHe4
Perr1Ales
perlmllsd
prrmilled pernelled
1. E'.e41e-r,
parn'x-1
pormlline
parmnlod
pl.rmmau
p!-rmlllon prrar1i11a0
1 5Apiierr,5
p'rr+,k-J
Is1rrlr0le'4
pernl41de
prrmllled
prmmed parmlisd
m Geed, R.I.
_
r5m,ue4
pen1le1
p-noile4
permllleil _
r'rnn111ed Recoiled
n Snanrx
pnrrebtod
iiermclrnf
I•nrmnion
pnrnmllsd
55-51111ar1 pa/netted
0 NW). liefee ileum
varf4141
p1RAm15
probbrIed
p1rm1104
par1Afed petenall14
'Or ua.mo-k In po3sn115
Hdb 1iehr 14444461:44,144he Tro,so45*o Re411411446'
^• e1p5 44 a g1ra1 r9l 50.41a-de Mr 15 Rene. 51.16r& 13 impel l0.e (ra1e11a Adorn
49
SLACK
JOHNSTON
MAGENHEIMER
MIAMI 21
AS ADOPTED - JANUARY 2018
73
DENSITY AMITE PER AC R El
RESIDEIRIAL
2L€ FAMILY 5ESIDEL.: _
_046..INTY RESIDEi_:E
ANCALARY UN
TWO FAMLY REAIDENCe
MULTI FAML Y RCLIS: Nr:.
kuRMTORY
*Fe Mi C+FFIrfir
LIVE - WORS
NVRK-LNE _
LOODANIA
4rl5 BREA3!FAST
II/
• Y-.TEL
OFFICE
.* Iir
COMMERCIAL
,AIJ Ili-IiVLA I E1.r COET&RC; IAL ES I AB
9JTERTAIN4IENT ESTAR.ISFRENT
EJITERTAINMENT ESTAR. ACULT
FtJOD SERVICE ES 1A5LI$FREN1
X. COHOL BEVERAGE MRVICE EsTAH
3E51E5AL CO54 Ee5CIAL
!MRNE RELATED C,C6,1hERCIAL ESTA®.
',TEEN AIR mull
?LACE ASSENBLy
Rr-CRCA110NAI. ESTARI.I 9, IMF FJT
cIVID
<SJMr I14 re FACILITY
RECREATIONAL FACALI TY
RELIGIOUS FA5i1.I TV
UT-(1-1 ..[ ACTIVITY C OMPL X
CIVIL SUPPORT
.... ''' I r ;:1o1OFi5 FACILITY
. -,:IRE AND UTILITIES
INAri,5II FAL'JII ill,;;
E00CATIONAL
.X.LLESE r LIiIVERSITY
ELEEENTARY SCHOOL
LEARNING CENTER
'A5IJL E,' FIGN SC -IO04
PREStI-I061,
PErSEARC4FACSLIT'1
EGIAL TRAINING fvo CAT'C4'5L
INDUSTRIAL
ALIT9•RELATED II5D4ISTRIAL ESTPL
AA4N..FACTI TIRING AND PROCESSING
MARINE RELATED 'MUST RAL EST$
PRODIL2IS AA CJ s1Rw 0F5
STORAGE) I]I$TRIRIJTIGN FAO'. Ir.(
1$
11
R
R
R
F F
04
4V
Yd
E
E
E
E
T4
36
35
u
R
R
YV
N
14
C
E
E
R
R AllvKed BY AO
VdA lowed Rr W rant Admmel mlive Process- CRC 4C:w inertd Review I rrnmli.E4
E Flh7N9d Rd Exce5enxl lkds hi,adng- 2arfa5trrF PFI iPIsrwin. Znrenn AosossIs 5oa'sil
&Ice:4''011Ru Jrslytellun ugsfy Use proliblled
ARTICLE 4. TABLE 3 BUILDING FUNCTION: USES
R L 0
63
65
65
rt
0
1;
r.
r•
R
R
Ir
R
R
R
i±
Ii
R
R
R.
E
F
+4
R
W
r5i
Yi
N1
FS
R
E
E
R
R
R
V+
Yd
TI
RBAN CORE
150'
150.
I'
I'.
N
R
14
E
R
W
R
N.
E
A
R
V4
14
W
E
F
A
45'
iY
W
E
VJ
E
R
R
R
R
W
w
C
CIVIL
C5 CI CI -HD
NIA
Ar'
I50'
R
IT
R
R
R
R
t
R
dJ E
R
w
w
V9
W
R
--d
=NEEL
R
R
r.
R
R
DI 02 D3
NIA NIA
R
�1V
R
r�
R
R
R
R
R
SY
E
R.
R.
R
R
R
R
44
R
R Yv
R
R Yd
R
R
R
R
R
4Y
II
w
R
W
E E
R
R R
Fi
Yi
E
R
R
F.
R
R
YI'
R
R
W
R
R
R
R
R
R
45'
rd
Uses rosy C'S lull her modlheo by 5upplemenl5 RequISLrm , sled 5egulellons, or other pr6Yl91ort o1
Ills Code See Celt Code C e134014 or reguiallaro Te1Aed loAlci,nol Eterarege Ser._- Esab
' Adiiialal derinl 1Ssl suwueTriaunr_'s :xr1llirslrale6 Fri EAagrarri9
"AZ. Lkrealyr{IQ«esi Ak'Jlvrg Lore,
1V-$
50
SLACK
JOHNSTON
MAGENHEIMER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 T4 -GENERAL URBAN ZONE
RESTRICTED
LIMITED
OPEN
DENSITY LUPAJ
96 UNITS PER AGRE
SS KNITS PER ACRE
96 UNITS PER ACRE
RESIDENTIAL
Rcd1deru'.;Llgr;:amp:rnis,twist sin :al+a. ..oc
try oamplarve wdh
• Miroxan of 7 fi parhrq spwas par pafrpol Dw'<9IIng
+lid
• AndlelNE/111111. Maimwn of 1 parking space par
primary r7.'nling an4
• Mull -welly Care Nimes Fdlrvnwrl of 1 parkingupdce
per 5fdf manner aid 1 vpgra per d rerrterds
• CornlrumI5 Residenbe Minimum at t parking space
slalf ,narbr in Warn he the parking aacpred Fur IITe
Dwallireg IJnflS
•fra pt far Fat newilrnn5C0feel of rn wiggled T3Transecl
Lane. Iha parking ratio may Pa reduced W1hn a TOD
area r wl!hlrr a Trar{:l F. r,rldur e.t.a py up In Ihry
peICFN jNrpfaaedOl&Wet, IV up larfliypeM.en1
00%i by rmyar11f Waiver end motel into a Ire trl
anheneemera Trust Fund as'aul:0rf 0d by Chapl0r35
ul the CII Code; mby arerTuMmapefGeN 11W%] r&
any Slim ore wrIFI a f9rrm Area of l pnlhrLL¢end iktl,OM
muare reef 7Iess
R.s!donharLls,,; arp.penns, c as.,. ,.-, "aa r. n,Lga
by rarnpllm>:e won
- Minimum d 15 porton* spaces par pampa] DAidalliN
llrril
• Arrillary Dwelling - Minimum of I parking space per
amigo). nwdlmg urril
• Lire -wink WO ounpunert 4haN prvrnte purning au
req.fed by rrreraem rrnllal rrr In addllon In perking
regaled ice the pwelllrkq!Jmis
•Adult Ferr.fr'.Cere liunes Mmlrrnam fl I parking spire
par alai rneaaber and 1 graceper 4 reraJeis.
r Community ReEirlercn Minimum of l Fis1iTf syrxn per
Nat member rn aa7,11an 101he pa.land required Car die
Dw+Klfng 1k71v
, PakiTk3 requremerr map be redrted Orr-nrirr la me
drama varIarrr0 afanami Mrl.4. Tables
•MntnJTrr 0 t Ellerle hack Spreru fur:very z0 yeIThdar
apacex required.
• Eaeptld sflaavrdhn5 41Ied' of alungame 431rareea
Lamp, lhg parking roc, may In radiod within a TOO
!Veil or within 61 rarrI Camelot area by up I01ltoly
purneriO3%14pro-x-NdWavrr,byLiplalilyprem
k try process of Waiver and pgymanl Imo alransl4
nnharremerr Test send, as rAlabikshe,lty ChgYer:'T$
0tie CflyCade ortoone hedredomen! i1Up5,jfur
pry. SI NS:Ewe Win a Haar Area of ken trloutaid (1 O,0D0t
.square Feel nr leis.
Reakrrry Usesaraponncatd, ..;:n TaL• ., Ir..;:.
by aorlrpfier r with
rMaavmumdi 5parkamg. .rr,� pnrclpalOwell,rro! a-.:
• Arrllery Cwwfing - kgmmrm of T perking sow...
arriHary dwdlrg um!
• Lrve-work - Wcek anperviA shad pruurde parkrrc 6
required try non refIUff1d uea IT arkHILO la pa -I
required farlhe Dwelling Dv
•Adul1 Farm -Care Homes - Miieeum 01 1 pastry s.-.rr
per staff nxamber and 1 spar.. Fee 4 resrd-Hs
•{ arrnrremily Reslayre- Mir.mran of 1 padnngSpere f •
Nair merrpar in a5Aircn la the parking required fa, lr
LPwellnq Unit
• s'adang rooulremnm may he mra.oad r ar rig rr. I-
PI'.sed porting rfurndard, Mee 4, Ta5le5
•Mlhmvn of 1 Nape Rock Specs for every 33 vow: ,•.
scrai% required.
• EY.Cepl(!rsteswithin5:1Teel dal ungN"!IT3Trrn•::...
"ulne, Ole parting rit10 may be ruduGed wdhn a I, '.
area ar welkin a Trarnfl Corridor aria 1:4 up 10 r.r"..
pecan! OA] try arc eaa or Moyer. by up Ltoifly pen::,
m) by pn-Casa4 Viewer andpayrncrei rya AIr r .:
enhalwnenl Troy Fund as osiabImhed 6y Chapter --
of 111rl3y Cade.. or by orre dnmrbedpermery (I00%1 '
Any CInglliewith 4FivorA:ahflenIhOu3anclt10,V.01
squire feet 41 tea
LODGING
• -r Lily UUtlre Chapter23
L..dglrva Uaea ear.v p.+nra.'N1e tlY Wed in l eL,le.3 IlrrllleU
• ._.mpharra rr1h
... , Imam ,1F I part:lnp ,T,a-,c fur crery. Irrdorg urr1r
• ', ,,mum of 1 adilaenal lamtor parking rpaae tar ovary
1„„ 1-9 rardt
, : rhirg requnmarf may be mired aceordlrn 10 Inc
:,mmd NOON) xi anaaad, An r1a4, Tahln5
- •.'•nrnua141 111140.2 :e Space Furav:ry':0 wehf:War
.arts rewired
•1_Lobito aflef r1Nnatreeiaf at ova/ea T3lraflrat1
.. •c Ih0 parking rdra may La roduoad wilful a r(IO
,. .. ' .robin a TralrNL CbmdrY area hr up 10 Maly
, •.1.1%libypru-em crWaver, Icy 1 ri o f34 percwn
I oy prOl8S8 of lAramer and payment Inla a lranah
t•inorremaent Kfuat Fuld. as a:let:Mhe] by T hauler }
.• ^ne COY Cove, or by hinted kt•unl {lam] far
.-,.. 1ruluta with a Flea Area of lib flwilsrld(10 WLp
. ram feel nr less
LuLgny,Jar. dre pin",,,,L. u. .A1-.T,r l v.... ....HA
by r.ompliarr-, with
• Moamar', of 1 p&krlgi,parc Fry :very y 1'.i,-],ny,.n,l..
• Mlmmum of 1 rr iIiard flad& parking spaaE fax every
5Iorlrgr.12 umlu
• €'erkrnp rrgwrerned may be reduced uLr-ordng tr. r:
AIweapeiklnq siondar5 florin 4• Tobin 5
•7AIrerrlwll ul 1 Flzyr a Reek Ltwe for every- yr4ra':
modes rerlulresl
•E#[>api14r sla9wllhln5001aet d anungafeJ I --
2arle, the pOrkirrq ratio may po rect.red ow
area ut '4.11111 a Trail! Goridor area b1 L.
pen-181I(30%J1ypncr_SrrdW0vrr by c[, t„,II .
50%) IN pracvra'af yye44,9- and palm -rani ,rr :• J r.,
enhanemanl kart Fund, as uufablisned Ly Cfki:.lrr-, _"
of IheUttp Code, ev bar ant hundredpercent OVA;
any Slonlu'e with a Mar Area€1 lahlliaLrr.arrl no. L•:..:
r,,Auaru feet ur Pea;
OFFICE
,'r: IJFe; 8e permgs1610 ar Ilded In Tahlrr :t limed
.--..rlplrarce Ali :
,r,1ed to IPw Prat :3uy of lie I'rirumal Harding rr Ac•
:::surf 5Iru:tlrre,
..::fi-e and Cammerclal Uga -tta) bxr 1DTr.. rfum Kit
, _I idinQ Rear Nee Iola!
• '1nrffLrl of 3 parking -earn lur every f.NO vri re
Irnt d ol3re 11?e
. 1'_shdrtg reglar_rnen may be redl>:'ed according to the
rare partunp 11rrr1 61. Af iIl4, Tahl16
• "•urmuln.11 Eilrvrle Rik :I'm, f, rrevery .7 vehnAer
- ,'xxsregireu
• E-•,epifor saaswdhin500ful a plunG od73Transcd
...re, I fie parking rate may ue red -pal wrthn e r UG
•1,,18 or wilbin a Twat Gamy r Ma by up fir lhrty
-r ,em pt%j by prrrxss MWavw, by uplufFy purred
,5D4.14y prraas6 of W,arrerand payment rr1a a lrarlg!
:'telr.`weineft ifuel sL111:1, as eslablalTe4 by Oupter 35
r rho Goy Cale ar by inn heard pnm-rrl;IRA) For
-rr aru lurarrlh aFJero-AreeorlenInedsond L10,00:4
rquere feel or less
❑hlca Usas am perm) airde as haled it -ionic 3, llrrm 1.
try compllerr..e with
• Minimum of 3 parhlrry spares tar every 1.0E10 so,r....
reel 0 °Elbe use
•'Parking mquhvmpm may Pa rf) ;ed arccrong Cr+!ha
Sfrarer.l e,alklny sMondani Mee 4 1';ible5
•Mlrmaan 0 1 a4;.yole Rain Space fur very 20 vrh1uuler
Nrkirm mowed
• ErcerA for sieawithir 0feel d 1140110ed 131 ranYa.l.
Zann, Ihn pahiM rrlad airy bn radlr,ad wrIhn a Tr r
area or wdhrn e Tramfl Caroler area by up 10 n-,:-.
p (X%] by process of Welyer,by up 1001y per•,,,.
OD%1 L'Y Pnxess 0 MUM and paynml alto a Iv :'
enlwremen1 IMAM Fund, ae asl1plraalad by Chtplrr •:
01 he Cdy C ode; is by are nundreri gemrrV ]7 DD%I '
arty SOuclurewilh eFicmr Area uflerlhrosani110,J::
prelim fee re lest
IV 10
51
SLACK
JOHNSTON
MAGENHE1MER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 Td - GENERAL URBAN ZONE
DENSITY It1PA)
RESTRICTED
LIMITED
OPEN
36 UNITS PER ACRE
36 UNITS PER ACRE
36 UNITS PER ACRE
COMMERCIAL
.., ",.•maw Gyr-; dr. f.:rnicsily. u: Io1 d m Table. a.
burned by cumpkare with
• IJrnlod to Iho fp 1 Story o11he Pnropel Butdirw,,r A4-
;essory RRU3tlra
, .+Yuri and Cnmmercld 1J6e& ;hall L : less INon 50%
Raking Rue area idol
• A maximum area ol4,tr03 square leer per establish -mill
• Food cal ablohrnenls of o maximum wiry =rryr.zlly
of 40 palrpps
• Nirlrrlum af3 peekmuspxra f.ur inlay I,{k1A tRtireroel
of oommertial we.
Ratting r'eolrramenl may ha tetrad emoting 1n Dare
Suited parkin) slandavl Adr44, rarle5
• Simimum ra t RkyoIeRack Spain for every 770 vehrulor
.pacer required
• F•_ep1rOr3tlBs*Nn5ODIsEgdanunpated171 ronted
'ape, the polling rylfu may lie re0.ced wtnn a iSA
area or *inn a. 7rmmt Comer ma by up I Uiaiy
pr.ce A ICI tNINrc",.nf vaarvp; bYLIiloFatyarvnl
150%)bylironaNrdWaverandpaymentRioal:anNI
ennerlremdkl Trw Ewo, as a afllrshegtryCheNer35
rN the Cly Code, urtry One Itvlered peR;4q ii06%I for
Arty SI rltldrue Mrh a Floor Arca of leo IhoU0 1d (10,C00!
square feel or lass
Iola in•,n:.i.: IIre=. „na p.:rn•issible w i•d•+i in Tat. ..
Ilnnle+d by dompoetrs with
•A maximum a ea or4,CCD square feel per oSJaDkEUtmer
• F•aral esTehksamens of a maaaari ,;ealmy ,..,ssa:..,
of40 pawls
• Mlrrrntanc42 narking spa:enforevonr I (r0X) snare feat
of commercial use
• Minmumgf oncElikespe:eFor every itvcniniler Spa e:
requeod 1Lc4Vw altar redachons}
• Paring r•.qulnmw4 may be ^3JCrd 1K4crdnn t,..lhe
Shand paikidp olandara, Mee 4. 1911e 5
• Mir>•oliTn of 1 Beycle Ruck Space Fnr every;13 vehicular
akar,A Nquieed
• re,leillnrsiesvoMin500ient nrenungmndT-ii Traneecl
Zone, Cie parkng tefio may Pc redir•ed within a TOD
arrm ilr wlNn a Trorol CoT,I40 mM by W IA INIV
pervert ') by krxasaa Warven 14 tp In' N IV Picini
Imo) byprcce:s at Warner and Rate) alto a grail
erihdr:amenl Tru!d Fund, as srnhIISM11 <•• Chapter35
diflefyCade, .rbyone furnrredp-nenIIp7%jfor
any anilum •wlh a RnnrAmen Ienthanand I10,COO)
square I Bel m less.
CIVIC
txocUses are parmisaible as Wed in Table 3
(;uric lines arapennrsible as listed, n Tebfe 3
Cow Uses are parmrasibieat haled in Table
• h4nirnuin or 1 pwany spree For every 5 seals of ere
• IAr+malil oft parking space for every 5 sews aF ec;.
• 1Anurxun of 1 padunu_ s{vice for every 5 ;edit o' ,r
;amt./4' uce
aembhe teaa
ATM* uao
• Minimum rt I perk,og q.• -ern every I,COO satsaefael
• Mmlmo-a or I rior.my ygtee fa Rpm, I,Cy1 srluore reed
•Mrrnnmr d I parkng sprelnr euwsy i.0)0 sxflero f••-•
of noltbllloll ce rnre.81lon area and Isrktllg mamas lei
N eahl3ib0n or renraauuif area, end parPo0 awes fix
of ek1,b11dl of raaealka+l area and parking space::.
mint 1 la:s a5 rcquned
inner I ntro as fe¢ren'
i ilher I tore es require)
• t'MM.'1p ragjlremenl may be rained rfxaking to the
• Paeary motormen may bar redtrad a0.7ordir11 la Ina
• 1'arkrnlj vtquirema•'d may be mired actoedmp v !;-
;llama, pr.mry et rrJ nl, Ail s'Ie 4, TAele 5
Strom.' park,no sl ervaead, An Ida 4, Tdrle 5
„heed parking datdan4, AdOle 4, Tide 5
• Minimum of 1 drycle Had ',parelor every20 vet ular
*Minimum c1 ! Licyde Ra , Specs Iv every 20 vahcuer
• Mirrauvn of 1 fllcyde Ranh Space ter every 20 vene-i',.
urmi; vgquired
apr,N6 re¢nwi]
r{•a;e9 ref1red
• ksoerrlf.wslesvnIrnn5COleeI ut anomie-0 r3 'slits,'
• Earpl fur vies mten5i]D l eel rf al uwateara Ir./
• bawl turslrsvnlllin5031e1t of arrunpaledT's Tram:-.
7rrrethe perlung radio miry Ie- red ted wilier a TOG
lone, the petkinl TiIw may be reamed wthn d TClr1
Tone Ifre parkn4 ralio near Iu rattled wdhin a T..;
area pr wihin a Trani C.r,rdor area by up le !bury
percent rlD%}Uy proem Pr Wawa-, FM up Ieffly percent
area or %rlhin a Tranal 4ornd0- area by 40 10 lhirly
percent Pia%] by process griever by LP la rift parcel
aria 4r rwll+n a Tfer8l Gomldor area by up !4 th,-,
paned 0/%143pmco:s or Wavier,by 1pto Idly per, .'.
(sulk) by process iy }yawer and Parel Ina a Irenell
I50% nv krcDBss or Wave and aevmanl info a 1ra0611
] br pro 11o3.11 Wen ar and parmenl mlv a Ira
+1nan:enrrrl Fru0t hung, as y.laal5rytil Iry Lnupteo35
ernaneivrter4 Trial htrxl, at eslablc:nai ty Ghapl1r3R
ant -enamel Tnlsl fUr8S 4:15 eltapliaml try Clk}Cer '
of hie Oily Code, or by cnc hundred pro: rrl [1D0%) rot
r>F 100-53y Code eriy •ue hurdrwd Perin {}ON) For
of Ilse Cly Cade, r.• by we lauded percent (1D3%1'
arty WWI in alha PIM-;Woof Ion Motl:landil Q.Ofl0)
any 31rulket vein 3N F Area oflgn1A1IDand j}p,C V
any 51r0;lure vnlh a Floor M4a 0ton Ihoreand[Io,ce:
again fed or I.
square Feer or Ie0s
Prorate feel or leas
Parking ror ave tries may he Nur/idea ill ells wrl lrrl a
dularre rf !,,W1) fen!
• Park0Ui for our uses may be- pmmad ufl-tile Mho, a
ilislro? of 1036 f&A
Iv-11
52
SLACK
JOHNSTON
MAGENI- EiMER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 T4 - GENERAL URBAN ZONE
RESTRICTED
L•htITED
OPEN
DENSITY INPA} 36 UNITS PER ACRE
36 UNITS PER ACRE
96 ONITS PER ACRE
CNIL SUPPORT
Crud Suppm Was are pemllasible as Iis0.-d aiTatia 3.
Gird Suppud Uses to fryrrlisable as Slated in Table 3
101 Sl4,pwd Uses are perressibie as bled ft Yak. 00
• M0 n+urrl or 1 padrmg sok. Isr every 83D square feel
• 1001imu10 1.11 1 Naklrg apace fa eery E00 square rr:u
• Minrrlun or 1 *nog wa a ru every 807 squae fear
M C 151ppod Use
Of Civil SLOW USe
d CM Suppod Use.
• Mrllmrfm ri I Darning WADY I0i 4v?ry 5 $va18 r,r as•
• AAA DB(Cah01 A%MTV. or I Space Ner gl0f memos
• 1firlmUrn(vne0ikeipAC0hlr aVYn'20Vt1lr�Ulerspa:eo
lEflth ust
• kUrmanl Ur I peeking spare for every 5 sea,- ,d as
f•'4dn'd IE[done.any rewirctrunsr
• 1eeptr&slesiollvn5C0 real of anugsledT3Tressed
sembk use
• Arlull eayoare kMronufri of 1 spade per stall -mamba
LMe, !he parking repo may L: ra<Jut?A wdhn a TOD
area a wflnn a Trance Camdor area by UP to thrty
area [30%}Ery pra.essofWaaer, byrplufA4 pawed
, I-'arkl re0. m0nl oo bB reocsd anxr
may Ork] fD the
Steered parkmd 3taMd''d Mick: d, teGe 5
• terllmum q parking SptiGf for ?very 5 mats U as -
s4rrrbir use
(50%) by pf8CeSs W Mite .er and peynr0l Into a Irerrsd
•Minim of t tIcycla Rak Spate fa -every 20 valvular
• Peduny requiremen rr1B1 be retficed acardufg I, Ih:
0nra0Srnerd lrud Fund as oatelllrrk3ly Grmyyler3$
spades regtored
Rimed p8041110 oandnnl, Ankle 4, TTle 5.
of lho Crly Code of by ono hundred petuant 11I20%y rof
• Eaepl loredetw11Nn5O01ery a&Iuroge8T2 T,amecl
•!Anc rr, of 10i o5.F3aCk pBCo'km every?fiV604ular
Arty Qnrlum wlha Floor Aroaof1en11ireisartd 110,000)
Sauce reel or WGS
zone, IhB perking AAlio May bA ri3UCF3 wlhn a TOD
era& nr wdhln a 1Tangt Cnmltrr ama by rib 1n 11Ndy
p a%)tNpftd olVkimer, byup1044Pwm°
15 }} qy pae� or W.„,"6"ntl peymant InD alraMd
erlrar8emen Tii FLid, era o;lebltshadby1 I10pinr,Y)
of lh0 S:ly Cods. o10y Ana hlldred pow.o0 11pD%I for
any
am Slru0lo* w1lheFlo4 Mseof 1Anthbuaald (1D,OWy
rgat t vAlss
opo oo required
• Zone, line roc 7c�wit reli rota le raougalydT3Tranaeol
rope, Ilse perkolp fell0 Itley 1de ramnaft w 111111 a ri!Lr
a1FA er 16I a Trams 00 eariomila area Glr it, lit tr,
r•':•.,
AarCen j30%Ihyprccas€oFiValwo pby ayment
l5(1%) by prccuea Cf WO er and payment -nl. -.
enheic dl c0 T rey Funs aS atuabived br ,: r: - ,
of I Ile Cdy Coda; m by orlS hundred percept 11 i is:. i '
Riff gotclnreweiraFlonrtom mienIhorsarrdIN) .a.'.:
Vwre fen nr Ir•-c
E0UUCATI9NAL
1 did opus! tlae3 ae p-ri.rsr,e ds Ived in !able J
Edu;ar1Ohai Usee aeperrrllaoble angled al labia 3
ENudalionel Use a0, r _ u':,;abir ,,: I :it•d r1 ; abl= .-
• Minimum or parking spaces for every 1,11A bluer
• bdrimum oF3 paliNspmeLiot curry 1 OOD sq are reel
• Mlronlw-rl of 3 perking rpm es for every 1ADL to m e I...'
feel or Edo:Aiurxt Lke.
•:1 EUwellevrel Lite
of Eclu-dlwis IJse
• 911mFs - 1111r111tum of 1 parklnq spscefor each rrcniv.
. I:I ,ols - Stratum of 1 parking spscefor aadhl>rbfly or
• Sdhoda- Minimum MI paMnp3peca rorcetnlacully
uncle!(niefrana, t wr:lorpdifilrlgslrare per T00
chid rlfc l 0a1,419 opw.a per 541ud04In greats
','31 memlrer, t vales pdrIsHg space per Ile] sluuens,
l 0aklrwd sP1Ca per5iludafda rl grade.s1 I and 12
star member, 1 wollor par1N1g upeee per 100 SIWo';
1 parkrngspeo6 per 53fud1s4S HT graaa 11 and 12
11 and 12
,,kinse. radii les Austrian of I some for tin owner!
• i hilaeare halitzx Mintrnum d I epere der II'--
• Cldlfiare Fedblies- ANnrndra bf 1 *ace nor It own-
;:.,hlur and l ppwr for emitelnplayee, and 1 dce off
oper9or sSid. 1 Apace for edcfi employe& ery '
operaor ana 1 ;pate tor eochempkryae, and 1 drib-
':, ace for &nary 10'lulls cared t&
alma for every 10client dared rot
Of spare tat t'very 10 thole cared far
'zMlrp7 regtlr&men1 may be Rdr>.:d err~.ordryf 1u MO
• P9dung rFqulfem/11 may Ise reAred axorpmg lei If-
• Except for id eswilkee0fel of uningeledT3T eiked
Grlere0 pfx o-6?eiarw awed Arl0o 4. Table 5.
3lsed perkingsibWWJall% Miele 4. Id:de 5
Zara It* paNlrg ratio May hererhrvxl viten a TOG
•AUvnunr of r HeydeVEERSpace for every 20 welculer
. MIrWIIt1n of I Bcl0JL Rack;rjerr- for every 20 vW11840
9rq 7 w+1Mn A If Corndon epee Cry rip to truly
N � percaO%1by prooesk olWarwec by 1p l ate+ Amen
spaces roryUlreQ
; ' Ind
(50%)bypfocescofWaroorand Pried irdoa'Bawl
•EWepltor1d0awf1h1n500led orellunglued 111rar0000
•Fee?grrusled wthln500fealofanofQBledI3herr:v.1
cnhaneeme1 1 MUss F,md, as eslad1e060 by Ghaap�Eer35
lone, the parAmg mina my be reared when a rCJO
2ono, Me parkng rail.) rrlav oe redwod roil lrin a I VD
of IN Cly Cade;.& by the Wicked pe/o1N (WQ%I rnr
mu or Nebo a Franc! Corridor dr'e by up to Ihely
area or xnlhat a Ironed Corridor area by 145 In 11'Irfy
artyIrlclrire kb6Flour Area ohanlhotoenoj10,000)
Pinedi'l00011rrg0x_1Sol0a',0bYWlof1tfPechm
gamin 0:14,ybypxessofylaioo1,arLi) to1Alypercen
square loin nr rase
150/1 by pa Jai of Wawa end payment Ir4o a 1r4nol
erilarremari I nol Fund, Bs nslabnrnadtry ChapIAr
Of the C:ly Cole; or by 0rle htardr0d perc0d 1100%1 Pa
cry 51nKive wdhaFkhrfvoaof ileelPfaueald j10, I
ape. No m In1F
(mil by L,ro oo Jr YJakier dt11 payfneTl irgo a!Tarolt
enharoarrlonl Tmd Fund, atadabli9lad by Cha0rar35
of the iMy Cade, or b'r' One hundred peter* (100ti for
any stricture 'Nlh afloorAl,,a0Ierllh0U.raM1lr10,+�00)
nlrarelaol or Ian;
IV.12
53
SLACK
JOHNSTON
MAGENI— EiMER
ADDENDUM D — QUALIFICATIONS OF THE APPRAISER
ANDREW H. MAGENHEIMER, MAI
EDUCATION:
Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986
EXPERIENCE:
Over thirty years in the field of real estate, involved in various forms of consultation,
appraisal, economic research and market analysis.
June, 1997 to Present, Principal, Slack, Johnston & Magenheimer, Inc.
August, 1991 to May, 1997, Senior Appraiser, Slack & Johnston, Inc.
February, 1987 to July, 1991, Staff Appraiser, Dixon & Friedman, Inc.
GENERAL APPRAISAL EXPERIENCE:
Appraisals - Vacant land, environmentally sensitive land, aviation facilities, industrial
facilities, shopping centers, office buildings, apartment buildings, residential developments
and single-family residences.
Consulting - Economic research, market analysis, feasibility analysis and ad valorem real
estate tax assessment appeals pertaining to industrial, commercial and residential
properties.
Litigation Support — Appraisals and consulting, including expert testimony, concerning
various property types.
AFFILIATIONS:
Licensed Florida Real Estate Broker
Florida State -Certified General Real Estate Appraiser, Certification No. RZ1073
Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education
Completed
2002 President of the South Florida Chapter of the Appraisal Institute
Member of the Miami Board of Realtors
Member of the Florida Keys Board of Realtors
Corporate Member of Florida Airport Council (FAC)
54
SLACK
JOHNSTON
MAGENHEIMER
SiKET'en 'PO ACCOMPANY
LEJGLAL DESCRIPTFCN
AERIAL PEDESTRIAN BRIDGE EASEMENT
NE 56TH STREET
NE 55TH TERRACE
w
z
>
I I
NE 55TH STREET
L.J
z
0
U
w
z
SITE
NE 55TH TERRACE
w
J
0
LOCATION SKETCH
SCALE: 1' = 300'
LEGAL DESCRIPTION:
AN AIRSPACE PARCEL BEING A PORTION OF N.E. 55TH STREET AS
SHOWN ON BAYSHORE PLAZA, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 39, PAGE 51, OF THE PUBLIC RECORDS OF
MIAMI-DADE COUNTY, FLORIDA, HAVING AS ITS LOWER BOUNDARY A
HORIZONTAL PLANE AT ELEVATION 28.51 FEET (NORTH AMERICAN
VERTICAL DATUM OF 1988), HAVING AS ITS UPPER BOUNDARY A
HORIZONTAL PLANE AT ELEVATION 45.45 FEET (NORTH AMERICAN
VERTICAL DATUM OF 1988), THE PERIMETRICAL BOUNDARIES BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
NE 55TH STREET
COMMENCE AT THE SOUTHEAST CORNER OF LOT 2, OF SAID
BAYSHORE PLAZA; THENCE SOUTH 87°58'16" WEST, ALONG THE
NORTH RIGHT OF WAY LINE OF SAID N.E. 55TH STREET, A DISTANCE
OF 43.76 FEET TO THE POINT OF BEGINNING; THENCE SOUTH
01 °53'06" EAST, A DISTANCE OF 80.00 FEET; THENCE SOUTH
87°58'16" WEST, ALONG THE SOUTH RIGHT OF WAY LINE OF SAID N.E.
55TH STREET, A DISTANCE OF 12.50 FEET; THENCE NORTH 01 °53'06"
WEST, A DISTANCE OF 80.00 FEET; THENCE NORTH 87°58'16" EAST,
ALONG THE NORTH RIGHT OF WAY LINE OF SAID N.E. 55TH STREET, A
DISTANCE OF 12.50 FEET TO THE POINT OF BEGINNING.
LEGEND & ABBREVIATIONS:
EL.
LB
P.B.
PG.
(P)
P.O.B.
P.O.C.
R/W
S.R.
T.O.S.
CENTER LINE
ELEVATION
LICENSED BUSINESS
PLAT BOOK
PAGE
PER PLAT
POINT OF BEGINNING
POINT OF COMMENCEMENT
RIGHT OF WAY
STATE ROAD
TOP OF SLAB
SURVEYOR'S NOTES:
- LEGAL DESCRIPTION LIMITS WERE DETERMINED
BY INSTRUCTIONS AND A CAD FILE OF
ARCHITECTURAL PLANS PROVIDED BY THE CLIENT
(MORNINGSIDE PLACE, PROJECT #1810, BY DBLEWIS
ARCHITECT, DATED 12/10/2020).
- THIS SITE LIES IN SECTION 18, TOWNSHIP 53
SOUTH, RANGE 42 EAST, CITY OF MIAMI,
MIAMI-DADE COUNTY, FLORIDA.
- THE PURPOSE OF THIS SKETCH TO ACCOMPANY
LEGAL DESCRIPTION IS TO DEPICT THE LIMITS OF
AN AERIAL EASEMENT FOR A PROPOSED
PEDESTRIAN BRIDGE WITHIN THE RIGHT-OF-WAY
OF NE 55TH STREET.
- HORIZONTAL AREA OF THE HEREIN DESCRIBED
AIRSPACE PARCEL IS 1,000 SQUARE FEET.
SURVEYOR'S CERTIFICATE:
I HEREBY CERTIFY THAT THE ATTACHED "SKETCH
TO ACCOMPANY LEGAL DESCRIPTION" WAS
PREPARED UNDER MY RESPONSIBLE CHARGE AND
COMPLIES WITH THE STANDARDS OF PRACTICE FOR
SURVEYING AND MAPPING AS SET FORTH BY THE
STATE OF FLORIDA BOARD OF PROFESSIONAL
SURVEYORS AND MAPPERS IN CHAPTER 5J-17,
FLORIDA ADMINISTRATIVE CODE, PURSUANT TO
CHAPTER 472.027, FLORIDA STATUTES.
NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND
SEAL OF A FLORIDA LICENSED SURVEYOR AND
MAPPER.
THIS IS NOT A SURVEY.
BISCAYNE ENGINEERING COMPANY, INC.
529 WEST FLAGLER STREET, MIAMI, FL. 33130
(305)-324-7671
STATE OF FLORIDA DEPARTMENT OF AGRICULTURE
LB-0000129
ALBERTO J. RABIONET, PSM, FOR THE FIRM
PROFESSIONAL SURVEYOR AND MAPPER NO. 7218
STATE OF FLORIDA
DATE Jan 27, 2023 — 4:22pm EST FILE \\Bes—do-05\data$\SUROEY\PROJECTS\86000's\86313 ROSA 55 MORNINGSIDE LLC\DWG\Bridge Easement S&L\BRIDGE EASEMENT — 01-27-23.dwg
DRAWING No. 2631-SS-16
BY
AJR
FIELD BOOK:N/A THIS IS NOT A SURVEY
PROJECT:
MORNINGSIDE PLACE, MIAMI FL 33137
DATE:
11/29/22
REV DATE:
BEC ORDER #
03-86313
SHEET
1 OF 3
DRAWN BY
GP
CLIENTROSA 55 MORNINGSIDE LLC
BISCAYNE SURVEYORS
EI PLANNERS
ENGINEERING •SINCE1898•
529 W. FLAGLER ST, MIAMI, FL 33130
TEL. (305) 324-7671
449 NW 35TH ST, BOCA RATON, FL 33431
TEL. (561) 609-2329
E-MAIL: INFO@BISCAYNEENGINEERING.COM • WEBSITE: WWW.BISCAYNEENGINEERING.COM
SKEMPICHr TIC A CCQ1 A N Y
LEJc AL DEsempArpron.
AERIAL PEDESTRIAN BRIDGE EASEMENT
E N G
50.00'
50.00'
GRAPHIC SCALE
0 15 30
1 inch=30 ft.
LOT 2
N87.58'16'E
12.50'
0
0
O
O
co
0
O
N)
O
S87°58'16"W
12.50'
LOT 53
BAYSHORE 'PLAZA
P.B. 39, PG. 51
P.O.B.
43.76'
S87°58'16"W
O
O
O
co
LOT 4
P.O.C.
S.E. CORNER
OF LOT 2
NORTH RIGHT
OF WAY LINE
OF N.E. 55TH
STREET
w ME. 55M STREEY
O 0 80' R/W (P)
'r) SOUTH RIGHT OF
O WAY LINE OF N.E.
55TH STREET
BAYSHORE 'PLAZA
P.B. 39, PIG. 51
0
0
•qr
LOT 52
0
0
0
•qr
DATE Jan 27, 2L23 — 4:22pm EST FILE \\Bes—do-05\data$\SURVEY\PROJECTS\86000's\86313 ROSA 55 MORNINGSIDE LLC\DWG\Bridge Easement S&L\BRIDGE EASEMENT — 01-27-23.dwg
DRAWING No. 2631-SS-16
BY
AJR
FIELD BOOK:N/A THIS IS NOT A SURVEY
PROJECT: MORNINGSIDE PLACE, MIAMI FL 33137
DATE:
11/29/22
REV DATE:
BEC ORDER #
03-86313
SHEET
2 OF 3
DRAWN BY
GP
CLIENTROSA 55 MORNINGSIDE LLC
BISCAYNE ENGINEERSURVEYORS S R
ENGINEERING •SINCE1898•
529 W. FLAGLER ST, MIAMI, FL 33130
TEL. (305) 324-7671
449 NW 35TH ST, BOCA RATON, FL 33431
TEL. (561) 609-2329
E-MAIL: INFO@BISCAYNEENGINEERING.COM • WEBSITE: WWW.BISCAYNEENGINEERING.COM
SN'EPen 'PO A CCQ1 A N Y
L EJGLA L DESC1P TFCN
AERIAL PEDESTRIAN BRIDGE EASEMENT
AERIAL
PEDESTRIAN
BRIDGE
EASEMENT
LIMITS
PROPOSED
BUILDING
WEST ELEVATION
(LOOKING EAST)
0
od
N
PROPOSED
BUILDING
EL. 31.95'
BOTTOM OF BRIDGE
40.00'
EL. 10.49'
TOP OF PAVEMENT
N.E. 55TH STREET
40.00'
NOTE:
PROPOSED BRIDGE PER PLANS PROVIDED BY THE ARCHITECT
GRAPHIC SCALE
0 10 20
1 inch=20 ft.
EL. +45.45'
T.O.S. ROOF SLAB
UPPER BOUNDARY
EL. +35.45'
T.O.S. 3RD FLOOR SLAB
+EL. +28.51'
LOWER BOUNDARY
EL. +11.45'
T.O.S. GROUND
--FLOOR SLAB
L__EL. +10.95'
AVERAGE SIDEWALK
EL. DATUM: NORTH AMERICAN
VERTICAL DATUM OF 1988
DATE Jan 27, 2023 — 4:22pm EST FILE \\Bes—do-05\data$\SUROEY\PROJECTS\86000's\86313 ROSA 55 MORNINGSIDE LLC\DWG\Bridge Easement S&L\BRIDGE EASEMENT — 01-27-23.dwg
DRAWING No. 2631-SS-16
BY
AJR
FIELD BOOK:N/A THIS IS NOT A SURVEY
PROJECT:
MORNINGSIDE PLACE, MIAMI FL 33137
DATE:
11/29/22
REV DATE:
BEC ORDER #
03-86313
SHEET
3 OF 3
DRAWN BY
GP
CLIENTROSA 55 MORNINGSIDE LLC
BISCAYNE ENGINEERSURVEYORS S R
ENGINEERING •SINCE1898•
529 W. FLAGLER ST, MIAMI, FL 33130
TEL. (305) 324-7671
449 NW 35TH ST, BOCA RATON, FL 33431
TEL. (561) 609-2329
E-MAIL: INFO@BISCAYNEENGINEERING.COM • WEBSITE: WWW.BISCAYNEENGINEERING.COM
SLACK
JOHNSTON
MAGENHEIMER
REAL ESTATE APPRAISERS & CONSULTANTS
7245 S.W. 87TH AVENUE, SUITE 300
MIAMI, FLORIDA 33173
APPRAISAL OF REAL PROPERTY
0.38-ACRE SITE
5445 BISCAYNE BOULEVARD
MIAMI, FLORIDA 33137
APPRAISAL REPORT
SJM FILE: 22075.5445
PREPARED FOR
SADIA CHOCRON
3347 NE 168 STEET
NORTH MIAMI BEACH, FLORIDA 33160
1
SLACK
JOHNSTON
MAGENHEIMER
REAL ESTATE APPRAISERS & CONSULTANTS
ANDREW H. MAGENHEIMER, MAI
CERT. GE N. RZ1073
July 28, 2022
Sadia Chocron
3347 NE 168 Street
North Miami Beach, Florida 33160
THEODORE W. SLACK, MAI
(1902 - 1992)
THEODORE C. SLACK, MAI
(1931 -2015)
SUE BARRETT SLACK, MAI
(RETIRED)
RE: Appraisal of Real Property — 0.38-Acre Site Located at 5445 Biscayne Boulevard,
Miami, Florida 33137
SJM File: 22075.5445
Dear Mr. Chocron:
At your request, we have prepared an appraisal report of the market value of the fee simple
interest in the above referenced property as of July 14, 2022, the date of valuation and visit
to the property.
The subject property consists of a vacant site located on the southeast corner of Biscayne
Boulevard (US 1) and NE 55 Street in the City of Miami. The mostly rectangular site
contains 16,670 square feet (0.38 acre) according to the survey provided. The site has a
land use designation of Restricted Commercial & Low Density Restricted Commercial and
a zoning classification of T4-O (General Urban Zone).
The appraisal report states our opinion of market value, subject to various assumptions and
limiting conditions contained in this report. The site visit and analyses that form the basis
of our valuation have been performed by the undersigned. The appraisal has been prepared
in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) as
adopted by the Appraisal Standards Board of the Appraisal Foundation.
2
SLACK, JOHNSTON & MAGENHEIMER, INC.
7245 S.W. 87TH AVENUE, SUITE 300, MIAMI, FLORIDA 33173
TELEPHONE (305) 670.21 1 1 • EMAIL: SJMIAMI@AOL.COM
Sadia Chocron
July 28, 2022
As of the date of this report, the world is in the midst of a pandemic associated with the
virus COVID-19. The world economy is in a state of high volatility based on the
uncertainty of the outcome of the impact of the virus. In the United States, the federal,
state and local governments are taking steps to limit the spread of the virus that have
negatively impacted several facets of the economy including travel, tourism and
hospitality. Based on the results of historic pandemics of the 20th century (Swine Flu,
Asian Flu, Hong Kong Flu, SARS, MERS, EBOLA and HIV/AIDS) it is anticipated the
current pandemic will pass in time; however, the extent of the economic damage remains
to be seen. Based upon available information, this appraisal is premised upon the
extraordinary assumption that the Corona virus will not have a measurable long-term value
impact on the property that is the subject of this appraisal.
Based on our investigation and analysis, we have formed the opinion the market value of
the fee simple interest in the subject property, as of July 14, 2022, is $2,050,000.
The following report contains the results of our investigations and the explanation of the
approaches to value.
Respectfully submitted,
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
CERT. GEN. RZ1073
3
SLACK
JOHNSTON
MAGENHEIMER
TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 5
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY 6
CERTIFICATION 7
ASSUMPTIONS AND LIMITING CONDITIONS 8
IDENTIFICATION OF THE PROPERTY 10
LEGAL DESCRIPTION 10
OWNERSHIP AND HISTORY OF THE PROPERTY 10
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL 10
SCOPE OF THE APPRAISAL 11
DEFINITION OF VALUE AND INTEREST APPRAISED 12
EXPOSURE AND MARKETING TIME 13
NEIGHBORHOOD ANALYSIS 14
DESCRIPTION OF THE PROPERTY 17
REAL ESTATE TAX ANALYSIS 21
LAND USE AND ZONING 22
HIGHEST AND BEST USE 26
VALUATION PROCESS 28
SALES COMPARISON APPROACH 29
RECONCILIATION AND FINAL VALUE ESTIMATE 36
ADDENDUM A - PHOTOGRAPHS OF THE SUBJECT PROPERTY 37
ADDENDUM B - COMPARABLE LAND SALES 40
ADDENDUM C - ZONING INFORMATION 48
ADDENDUM D - QUALIFICATIONS OF THE APPRAISER 54
4
SLACK
JOHNSTON
MAGENHEIMER
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Appraised:
Property Type:
2021 Real Estate Taxes:
Folio Number:
Market Value Assessment
Real Estate Taxes
Ownership:
Interest Appraised:
Land Area:
Improvements:
Land Use:
Zoning:
Highest and Best Use:
As Though Vacant
Date of Valuation:
Date of Report:
Market Value Indication:
5445 Biscayne Boulevard, Miami, Florida 33137
Vacant, mixed -use zoned site
01-3218-028-0500
$1,176,000
$24,985.99
Rosa 55 Morningside LLC,
1835 NE Miami Gardens Drive, Suite 415
North Miami Beach, Florida 33179
Fee Simple Estate
16,670 Square Feet; 0.38 Acre
None
Restricted Commercial & Low -Density Restricted
Commercial; City of Miami
T4-O (General Urban Zone); City of Miami
Mixed -Use development
July 14, 2022
July 28, 2022
$2,050,000
5
SLACK
JOHNSTON
MAGENHE1MER
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
Source: Miami -Dade County Property Appraiser's Office.
Not to scale, for illustrative purposes only.
6
SLACK
JOHNSTON
MAGENHE1MER
CERTIFICATION
We certify that, to the best of our knowledge and belief, ...
- the statements of fact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
- we have no present or prospective interest in the properties that are the subject of this report and
no personal interest with respect to the parties involved.
- we have no bias with respect to the properties that are the subject of this report or to the parties
involved with this assignment.
- our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
the reported analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice (USPAP).
- the undersigned has made a visit to the property that is the subject of this report.
Christopher W. LaPlant, CERT. GEN. RZ1494, provided significant real property appraisal assistance
to the person signing this certification.
- the use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
- we have not performed services regarding the subject property within the prior three years.
- as of the date of this report, Andrew H. Magenheimer, has completed the continuing education
program for Designated Members of the Appraisal Institute.
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
CERT. GEN. RZ1073
7
SLACK
JOHNSTON
MAGENHEIMER
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and
encumbrances, including deed restrictions and developers' agreements, have not been investigated
unless otherwise stated. The property is appraised as though free and clear.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable;
however, no warranty is given for its accuracy.
5. All engineering and surveying are assumed to be correct. Any sketches, plats, or drawings
included in this report are included to assist the reader in visualizing the property. We have made
no survey of the property, and assume no responsibility in connection with such matters.
6. It 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 unusual soil
conditions and no opinion as to these matters is to be inferred or construed from the attached report
other than those specifically stated in the report. Unless stated otherwise, the soil conditions of
the subject property are assumed to be adequate to support development utilizing conventional
construction techniques. We recommend the client obtain an opinion from a competent
engineering firm.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws unless noncompliance is stated, defined, and considered in the
appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a nonconformity has been stated, defined, and considered in the appraisal
report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or private
entity or organization have been or can be obtained or renewed for any use on which the value
estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless noted
in the report.
8
SLACK
JOHNSTON
MAGENHE1MER
11. This study is to be used in whole and not in part. No part of it shall be used in conjunction
with any other appraisal. Publication of this report or any portion thereof without the written
consent of the appraiser is not permitted.
12. The appraiser, by reason of this report, is not required to give further consultation,
testimony, or be in attendance in court with reference to the property in question unless
arrangements have been previously made.
13. Neither all, nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be
disseminated to the public through advertising, public relations, news, sales, or other media
without the written consent and approval of the appraiser. The use of this report in any public
offering or syndication document is specifically prohibited.
14. Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other environmental conditions,
were not called to the attention of, nor did the appraiser become aware of such during the
appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in
the property unless otherwise stated. The appraiser, however, is not qualified to test such
substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde
foam insulation, or other hazardous substances or environmental conditions, may affect the value
of the property, the value estimated is predicated on the assumption that there is no such condition
on or in the property or in such proximity thereto that it would cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field, if needed.
15. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal
Institute of which one or more signatures of this report is an MAI member and by the Florida
Department of Professional Regulation, Division of Appraisal State Certification. The analysis
and value conclusions, as well as non-public information about the subject property, are
confidential matters and cannot be divulged to any persons other than the party for whom the report
is prepared.
Exceptions to this confidentiality provision are requests by committees of the Appraisal Institute
or the Florida Department of Professional Regulations for peer review, and subpoenas by any court
having jurisdiction to request production of the report.
Acceptance or use of this report constitutes acceptance of the preceding conditions.
9
SLACK
JOHNSTON
MAGENHE1MER
IDENTIFICATION OF THE PROPERTY
The subject property consists of a vacant site located on the southeast corner of Biscayne
Boulevard (US 1) and NE 55 Street in the City of Miami. The mostly rectangular site
contains 16,670 square feet (0.38 acre) according to the survey provided. The site has a
land use designation of Restricted Commercial & Low Density Restricted Commercial and
a zoning classification of T4-O (General Urban Zone).
LEGAL DESCRIPTION
The following legal description was taken from the survey by Biscayne Engineering, Order
No. 03-86313, dated October 11, 2018.
Lot dJ and the west 40 teet of Lot 52, of BA YSHORL PLAZA, according to the plat
thereof, as recorded in Pat Book 39, at Page 51, of the Public Records of rcrmi—Dade
County, Florida
OWNERSHIP AND HISTORY OF THE PROPERTY
According to the Miami -Dade County public records, ownership of the subject property is
currently held by Rosa 55 Morningside LLC, 1835 NE Miami Gardens Drive, Suite 415,
North Miami Beach, Florida 33179. Rosa Morningside LLC appears to have taken title to
the subject property, as well as the property to the north (5501 Biscayne Boulevard), in
four separate deeds in August 2018 (ORB/PG 31100/2742 & 2993 & 31128/2617 & 2618).
These transactions are of no benefit in our analysis as they involved partial interests and
multiple properties. To the best of our knowledge, the subject property is not listed for sale
or under contract for purchase.
PURPOSE, INTENDED USE AND DATE OF THE APPRAISAL
The purpose of this appraisal report is to develop and report an opinion of the market value
of the fee simple interest in the subject property, as of July 14, 2022, the effective date of
appraisal. The date of the report is July 28, 2022.
The client and intended user of this report is Sadia Chocron and his advisors. The intended
use of the appraisal is for planning purposes. There are no other intended users or intended
uses of this appraisal.
10
SLACK
JOHNSTON
MAGENHE1MER
SCOPE OF THE APPRAISAL
The scope of this appraisal report is defined by the purpose, which is to develop and report
an opinion of the current market value of the fee simple interest in the subject property as
of a current date of valuation. This assignment included a visit to the subject property and
surrounding neighborhood and a review of the information provided. Information provided
by the client was a survey.
Subsequent to our visit, an estimate of the highest and best use was made, as of the date of
valuation. The highest and best use analysis of the subject property considers all physically
possible, legally permissible and economically feasible uses to which the property could
be put as though vacant.
After concluding the highest and best use, the valuation methods were considered. The
appraisal process can include three basic approaches to value. These are the income, sales
comparison, and cost approaches. The application of these approaches is determined by
the type of property being appraised, as well as the scope of the valuation assignment. The
subject property represents a vacant site and the sales comparison approach was considered
the only applicable valuation method.
Our research focused on sales of mixed -use zoned sites located in the subject neighborhood
and nearby similar locations for purposes of comparison to the subject property. The sales
included in this report are representative of the best available market data. Research of the
selected sales included, to the extent possible, a visual inspection, reviewing the deed and
confirming sale details with one or more of the parties to the transaction, or their
representatives. Only those sales considered reasonably similar to the subject property
were included.
The final step in our analysis is a reconciliation of the appraisal methods used. The quantity
and quality of the data used, and the reliability of their value indications, are the basis for
the final conclusion of value.
11
SLACK
JOHNSTON
MAGENHE1MER
DEFINITION OF VALUE AND INTEREST APPRAISED
The Uniform Standards of Professional Appraisal Practice (USPAP 2020-21) defines
Market Value as "a type of value, stated as an opinion, that presumes the transfer of a
property (i.e., a right of ownership or a bundle of rights), as of a certain date, under specific
conditions set forth in the definition of the term identified by the appraiser as applicable in
an appraisal."
We have relied on the definition of Market Value as "the most probable price which a
property should bring in a competitive and open market under all conditions requisite to a
fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the
price is not affected by undue stimulus. Implicit in this definition are the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions
whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider
their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.
(Federal Register 77472, Volume 75, No. 237, December 10, 2010)
Other pertinent definitions from the Dictionary of Real Estate Appraisal, Seventh Edition,
as published by the Appraisal Institute, are as follows:
Fee Simple Estate is the "absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power, and escheat."
Exposure Time is "1. The time a property remains on the market. 2. An opinion based
on supporting market data, of the length of time that the property interest being appraised
would have been offered in the market prior to the hypothetical consummation of a sale
at market value on the effective date of the appraisal."
Marketing Time is "an opinion of the amount of time it might take to sell a real or personal
property interest at the concluded market value level during the period immediately after
the effective date of the appraisals."
12
SLACK
JOHNSTON
MAGENHE1MER
EXPOSURE AND MARKETING TIME
Exposure and marketing times are the typical periods of time necessary to expose and
actively market the subject property on the open market to achieve a sale at a price
consistent with the market value estimate and on terms consistent with the definition of
market value recited herein. The length of time is a function of several factors including
price, terms, investment quality and exposure to a given market. Exposure time is the
hypothetical period immediately preceding the effective date of the appraisal and
marketing time is the period immediately after the effective date of the appraisal.
A review of current market activity for mixed -use zoned sites located within Miami -Dade
County, as well as conversations with broker's active within the subject's market area, was
performed in order to estimate an exposure time for the subject property. Most brokers
indicated that exposure/marketing times are typically less than one year, if the property is
priced realistically.
Based on the marketing periods reflected by the sales presented in this report, a typical
exposure period for the subject property was estimated to be up to 12 months. We have
further estimated a marketing time of up to 12 months.
13
SLACK
JOHNSTON
MAGENHE1MER
NEIGHBORHOOD ANALYSIS
The subject property is located on the southeast corner of Biscayne Boulevard and NE 55th
Street in the City of Miami in an area commonly known as Morningside which is part of
Miami's Upper East Side. This location is about 3.0 miles north of Miami's Central
Business District and 5.0 miles northeast of the Miami International Airport. The general
neighborhood boundaries are N.E./N.W. 79th Street on the north, Interstate 195 (Airport
Expressway/SR 112) or N.W. 36th Street on the south, Biscayne Bay on the east and 1-95
on the west.
Accessibility to the subject's neighborhood is considered good. North and southbound
regional access is provided by Interstate 95 to the west, with the nearest entrance/exits at
N.W. 62nd Street, about 1.25 miles to the northwest, and NW 36th Street, about 1.5 miles to
the southwest. In addition, Interstate 195 (SR 112 — Airport Expressway) is about 1.0 mile
to the south with an entrance/exit at Biscayne Boulevard. This is an east/west expressway
that continues westerly to the Miami International Airport, as well as extending easterly to
Miami Beach as the Julia Tuttle Causeway. To the north, about 1.5 miles north of the
subject, NW 79th Street also extends easterly as the Kennedy Causeway into Miami Beach.
Primary localized east/west access in the immediate area is provided by NE/NW 36th Street,
with secondary east/west access provided by NE/NW 54th Street, NE/NW 62"d Street, and
NE/NW 79th Street. Primary north/south access in the immediate neighborhood is provided
by Biscayne Boulevard with secondary north/south access provided by NE 2nd Avenue and
North Miami Avenue.
The subject property is located within an area known as Morningside within the Upper
Eastside area of the City of Miami, to the north of the Wynwood Fashion District and the
Edgewater District. In addition, this area is to the northeast of Midtown and the Design
District, which have all experienced varying degrees of revitalization, redevelopment, and
re -gentrification.
The Upper Eastside district is primarily comprised of the Biscayne Boulevard Corridor
with single family subdivisions generally located east of Biscayne Boulevard and single-
family homes, duplexes, apailinent buildings, and some small commercial & retail
buildings located to the west of Biscayne Boulevard. Single family residences to the east
of Biscayne Boulevard in the gated Bay Point subdivision have sale prices generally
ranging from $3,000,000 to $6,500,000 for single-family homes and up to $7,000,000 to
$12,000,000 for waterfront homes and similar prices for single family homes directly on
Biscayne Bay. Prices for single family homes and duplexes west of Biscayne Boulevard
generally range from $250,000 to $2,600,000 with an average approximately $660,000.
Biscayne Boulevard is characterized by a variety of commercial and multifamily uses
including office buildings, shopping centers, retail strip centers, motels, restaurants, service
stations, etc. The area south of NE 61' Street along Biscayne Boulevard underwent
14
SLACK
JOHNSTON
MAGENHEIMER
beautification and new decorative street lights and concrete sidewalks and is characterized
by retail strip centers and multi -story office buildings including the pharmaceutical
company OPKO's corporate headquarters (formerly IVAX). The area north of NE 61st
Street is characterized by older commercial properties including hotel/motels, retail store
buildings, etc. This area is also part of the MiMo (Miami Modern) historic district and has
experienced a recent spur of redevelopment, including historically designated Vagabond
Motel, recent construction of the MiMo-inspired Milebella retail building, and to the north,
the re -positioning and redevelopment of the 350,000+ square foot Biscayne Plaza shopping
center at 79th Street and Biscayne Boulevard.
The City of Miami recently approved the overhaul of Morningside Park. The master plan
will fix the park's flooding problems, create a new shoreline to mitigate the impact of sea -
level rise, and add new amenities at the 42-acre green space with sweeping views of
Biscayne Bay. The estimated cost is between $36 and $42 million. The improvements
will be done in phases that could take between three to four years to complete.
In conclusion, the subject neighborhood is favorable for long-term development prospects,
given the proximity to the CBD and the coast, as well as due to the limited supply of land,
high population density, good transportation, access, and nearby sources of employment.
15
SLACK
JOHNSTON
MAGENHE1MER
Neighborhood Map
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16
SLACK
JOHNSTON
MAGENHEIMER
DESCRIPTION OF THE PROPERTY
Source: Miami -Dade County Property Appraiser's Office.
Not to scale, for illustrative purposes only.
Location: Southeast corner of Biscayne Boulevard (US 1) and NE
55 Street, Miami, Florida
Shape:
Land Area:
Mostly Rectangular
16,670 square feet; 0.38 acre
Frontage: Approximately 95 feet fronting the east side of
Biscayne Boulevard and approximately 115 feet
fronting the south side of NE 55 Street.
Access:
The site has a corner location with two street frontages,
being Biscayne Boulevard (US 1) and NE 55 Street. At
this location, Biscayne Boulevard is a four -lane,
median -dived, heavily -trafficked main thoroughfare
and NE 55 Street is a two-lane road which dead -ends
approximately 75 feet east of Biscayne Boulevard.
Topography: Level and at street grade
17
SLACK
JOHNSTON
MAGENHE1MER
Soil Conditions:
No soil report of the property was provided. It is
assumed that the soil is of sufficient load bearing
capacity to support the construction of permanent
structures. No evidence of any adverse soil conditions
at the site was observed upon our physical visit to the
property.
Utilities: Public utilities are available to the area.
Land Use Restrictions: No authoritative report of title has been provided or
reviewed. There do not appear to be any easements,
encroachments, or restrictions that would adversely
affect the utilization of the site.
Flood Insurance: Zone X; Areas determined to be outside the 0.2% annual
chance floodplain. National Flood Insurance
Community Panel Number 12086C0308L, dated
September 11, 2009.
Environmental Study: An environmental risk study was not provided or
reviewed. In absence of information to the contrary, we
have assumed the subject site is free and clear of all
environmental concerns.
18
SLACK
JOHNSTON
MAGENHE1MER
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REAL ESTATE TAX ANALYSIS
The subject property is located in the City of Miami and is subject to city and county ad
valorem taxes on real property. The Florida Statutes provide for assessment and collection
of ad valorem taxes on real property; however, the taxes are assessed, collected, and used
on the local county level. The assessment for the property is established each year as of
January l st by the Miami -Dade County Property Appraiser's Office at 100% of "Just
Value". The tax due is computed according to annual millage rates established by Miami -
Dade County. Millage rates are the amount paid to each taxing body for every $1,000 of
assessed value. Taxes are payable in November with a 4% discount and become delinquent
on April 1st. The following is the 2021 assessment and real estate tax information for the
subject site.
Total Market Assessed
MDCPA Folio Land Improvements Assessment Value Taxes
01-3218-028-0500 $1,176,100 $0 $1,176,000 $1,176,000 $24,985.99
The above real estate taxes do not reflect a 4% discount for prompt payment. The County
assessed value for the land is $70 per square foot based on a site area of 16,800 square feet.
According to the Miami -Dade County Property Appraisers' website, there are no
delinquent taxes due for the subject property. It should be noted that if the subject property
were to sell at the estimated market value contained herein, the real estate taxes would
likely increase.
21
SLACK
JOHNSTON
MAGENHE1MER
LAND USE AND ZONING
Land Use
According to the City of Miami's Future Land Use Map, the subject property is located
within an area designated as "Restricted Commercial" and "Low Density Restricted
Commercial". A copy of the land use map is presented below.
Restricted Commercial: Areas designated as "Restricted Commercial" allow residential uses
(except rescue missions) to a maximum density equivalent to "High Density Multifamily
Residential" subject to the same limiting conditions and a finding by the Planning Director that
the proposed site's proximity to other residentially zoned property makes it a logical extension
or continuation of existing residential development and that adequate services and amenities
exist in the adjacent area to accommodate the needs of potential residents; transitory
22
SLACK
JOHNSTON
MAGENI- EiMER
residential facilities such as hotels and motels_ This category also allows general office use;
clinics and laboratories, auditoriums, libraries, convention facilities, places of worship, and
primary and secondary schools_ Also allowed are commercial activities that generally serve
the daily retailing and service needs of the public, typically requiring easy access by personal
auto, and often located along arterial or collector roadways, which include: general retailing,
personal and professional 3eRoices, real estate, banking and other financial services,
restaurants, aloons and cafes, general entertainment facilities, private clubs and recreation
facilities, major sports and exhibition or entertainment facilities and other commercial activities
whose scale and land use impacts are similar in nature to those uses described above_ This
category also includes commercial marinas and living quarters on vessels as permissible.
The nonresidential portions of developments within areas designated as 'Restricted
Commercial" allow a maximum floor lot ratio (FLR) of 7.0 times the net lot area of the subject
property; such FLR may be increased upon compliance with the detailed provisions of the
applicable land development regulations; however, rnay not exceed a total FLR of MO times
the net lot area of the subject property. Properties designated as 'Restricted Commercial" in
the Edgewater Area allow a maximum floor Id ratio (FLR) of 17.0 times the net lot area of the
subject property. Properties designated as "Restricted Commercial" in the Urban Central
Business District and Buena Vista Yards Regional Activity Center allow a maximum floor lot
ratio (FLR) of 37.0 times the net lot area of the subject property
All such uses and mixes of uses shall be subject to the •detailed provisions of the applicable
land development regulations and the maintenance of required levels of service for facilities
and services included in the City's adopted concurrency management requirements.
Nonresidential floor area is the floor area that supports nonresidential uses within the inside
perimeter of the outside walls of the building including hallways, stairs, closets, thickness of
walls, columns and other features, and parking and loading areas, and excluding only open air
corridors, porches, balconies and roof areas_
Low Density Restricted Commercial: Areas designated as "Low Density Restricted
Commercial" allow residential uses (except rescue missions) to a maximum density equivalent
to "Low Density Multifamily Residential'' subject to the same limiting conditions; transitory
residential facilities such as hotels and motels. This category also allows general office use,
clinics and laboratories. auditoriums, Ibraries, convention facilities, places of worship, and
primary and secondary schools. Aso allowed are commercial activities that generally serve
the daily retailing and service needs of the public, typically requiring easy access by personal
auto, and often located along arterial or collector roadways, which include: general retailing,
personal and professional services, real estate, banking and other financial services,
restaurants, saloons and cafes. general entertainment facilities, private clubs and recreation
facilities, major sports and exhibition or entertainment facilities and other commercial activities
whose scale and land use impacts are similar in nature to those uses described above. This
category also includes commercial marinas and living quarters on vessels as permissible.
The nonresidential portions of developments within areas designated as 'Low Density
Restricted Commercial" allow a maximum floor lot ratio (FLR) of 3.0 times the net lot area of
the subject property.
23
SLACK
JOHNSTON
MAGENHEIMER
Zoning
The subject property is zoned T4-O (General Urban Zone) by the City of Miami. The
General Urban Zone consists of a mixed -use but primarily residential urban fabric with a
range of building types including rowhouses, small apailinent buildings, and bungalow
courts. Setbacks are short with an urban streetscape of wide sidewalks and trees in planters.
Thoroughfares typically define medium-sized blocks.
Some of the permitted uses include single-family residence, community residence, two-
family residence, multifamily housing, dormitory, home office, live -work, bed and
breakfast, inn, office, entertainment establishment, food service establishment, general
commercial, recreational facility, and religious facility. Refer to the addenda section for a
detailed list of the permitted uses. Below are the general development standards in the T4-
0 zone.
Development Standards
Minimum Lot Area:
Maximum Lot Area:
Minimum Lot Width:
Maximum Lot Coverage:
Maximum Floor Lot Ratio:
Density:
Minimum Setbacks:
Building Height:
Offstreet Parking:
5,000 Square Feet & 1,400 Square Feet with rear
vehicular access
20,000 Square Feet
50 Feet & 16 Feet with rear vehicular access
60% max.
N/A
36 Units Per Acre for T4-0
Front - 10 feet; side — 0 feet or 5 feet abutting a
setback; and rear - 20 feet min.
3 stories max. & 40 feet max.
Residential - Minimum of 1.5 parking spaces per
principal dwelling unit.
Lodging — Minimum of 1 parking space for every
2 lodging units.
Office/Commercial — Minimum of 3 parking
spaces for every 1,000 square feet.
The above stated zoning restrictions are basic requirements outlined in the zoning code.
There are several overlapping sections of the zoning code, as well as building code
requirements, which would be considered in a full zoning code compliance. The above
development standards are for new development.
The Miami 21 zoning code was adopted in 2010 and has been modified several times
subsequently. The zoning code is a complicated matrix of requirements that requires
architectural expertise to interpret for zoning compliance. We are not experts in zoning
matters and recommend contacting the City of Miami Planning and Zoning Depai linent for
more specific requirements. A copy of the zoning map is located on the following page.
24
SLACK
JOHNSTON
MAGENHE1MER
25
SLACK
JOHNSTON
MAGENI- EiMER
HIGHEST AND BEST USE
The following definitions are from The Dictionary of Real Estate Appraisal (Seventh
Edition) published by the Appraisal Institute:
Highest and Best Use is the "reasonably probable and legal use of vacant land or an
improved property, which is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria that highest and best use
must meet are legal permissibility, physical possibility, financially feasibility and
maximum profitability."
Highest and Best Use As Though Vacant is the use "among all reasonable alternative
uses, the use that yields the highest present land value, after payments are made for labor,
capital, and coordination. The use of a property based on the assumption that the parcel of
land is vacant or can be made vacant by demolishing any improvements."
Highest and Best Use As Improved is the "use that should be made of a property as it
exists. An existing property should be renovated or retained, as is, so long as it continues
to contribute to the total market value of the property, or until the return from a new
improvement would more than offset the cost of demolishing the existing building and
constructing a new one."
In estimating highest and best use, there are essentially four stages of analysis:
1. Possible Use - normally dictated by physical constraints.
2. Permissible Use - what use would be permitted in consideration of existing zoning and
other applicable laws governing the use of the property, as well as any deed restrictions
that may exist.
3. Feasible Use - which possible and permissible uses will produce a net return to the
owner of the site.
4. Maximally Productive - among feasible uses, which use will produce the highest net
return to the land.
To meet the tests of highest and best use, the use cannot be speculative or conjectural. It
must be legal and probable. There must be a profitable demand for such use and it must
return to the land the highest net return for the longest period of time. These tests have
been applied to the subject property. In arriving at the estimate of highest and best use, the
subject property was analyzed as vacant based on its current condition.
26
SLACK
JOHNSTON
MAGENHE1MER
As Though Vacant
Physically Possible: The site is mostly rectangular and contains approximately 16,670
square feet (0.38 acre). The site is level and at, or near, street grade. Although no soil
report for the subject has been provided, a visit to the property, as well as existing
developments in the area revealed no problems associated with the physical aspects of
developing the site. The area has good access and availability to public utilities.
The site has a corner location with two street frontages, being Biscayne Boulevard (US 1)
and NE 55 Street. At this location, Biscayne Boulevard is a four -lane, median -divided,
heavily -trafficked thoroughfare and NE 55 Street is a two-lane road which dead -ends east
of Biscayne Boulevard. The physical characteristics of the subject site support a number
of possible uses within the confines of its configuration, size and location.
Legally Permissible: Permissible or legal uses are those permitted by zoning and land use
regulations. No recent title search was provided to the appraisers. It is assumed that there
are no covenants, restrictions or easements that would adversely affect the use of the site
to such an extent that it would negatively impact its value.
As noted, the subject property is zoned T4-O (General Urban Zone). The T4-O zoning
district allows for a variety of commercial, residential, office, and retail uses or a mixture
thereof with a maximum height of 3 stories. Based on the legally permissible uses, uses
compatible with other surrounding properties for the subject site would likely be a mixed -
use development of residential with retail/office.
Feasible or Maximally Productive Use: It has been established that the subject property
is of adequate size and shape to permit development. It has further been established that
existing development in the area provides for potential development of mixed -uses.
The subject property has frontage along Biscayne Boulevard (US 1) which is a heavily -
trafficked, main north -south thoroughfare in Miami -Dade County. Based on the subject's
location, its frontage and surrounding uses, the highest and best use of the subject site
would be for development with an optimum size mixed -use building.
Conclusion: Considering the location, physical characteristics and permissible uses of the
property, and based upon an analysis of the site, the surrounding neighborhood, land uses
and the real estate market in general, it is our opinion that the highest and best use of the
subject property, as vacant, would likely be for development with an optimum size mixed -
use building within the constraints of zoning and market demand.
27
SLACK
JOHNSTON
MAGENHE1MER
VALUATION PROCESS
There are three generally recognized approaches considered in the valuation of real
property. They include the income, sales comparison, and cost approaches. It should be
noted that the appropriateness and reliability of each approach depends on the type of
property being appraised, the age and condition of the improvements, if any, and the
availability and quality of market data available for analysis.
The income approach provides an indication of value of a property based on a conversion
of anticipated benefits (net income). The method of conversion is called capitalization and
is either based on a single year's income (direct capitalization), or several years' income
(discounted cash flow). The sales comparison approach provides an indication of value
based on sales of properties considered similar The cost approach provides an indication
of the value of a property represented by the reproduction cost of the existing
improvements, less accrued depreciation, to which is added the land value.
As noted, in this instance, the sales comparison approach to value has been utilized to
estimate the value of the subject property as it represents a vacant site. The appraisal
process is concluded by a review and re-examination of each of the approaches to value
that were employed. Consideration is given to the type and reliability of data used and the
applicability of each approach. These factors are reconciled and a final value estimate is
made.
28
SLACK
JOHNSTON
MAGENHE1MER
SALES COMPARISON APPROACH
The sales comparison approach produces an estimate of value for real estate by comparing
recent sales of similar properties in the subject's surrounding or competing area. Inherent
in this approach is the principle of substitution, which states that when a property is
replaceable in the market, its value tends to be set at the cost of acquiring an equally
desirable substitute property, assuming that no costly delay is encountered in making the
substitution.
By analyzing sales which qualify as arm's-length transactions between willing,
knowledgeable buyers and sellers, price trends can be identified from which value
parameters may be extracted. Comparability in physical, locational, and economic
characteristics are important criteria in evaluating the sales in relation to the subject
property. The basic steps involved in the application of this approach are as follows:
1. Researching recent relevant property sales and current offerings throughout the
competitive area.
2. A selection process to focus on properties considered most similar to the subject,
and then analyzing the selected comparable properties giving consideration to the
time of sale and any change in economic conditions which may have occurred as of
the date of valuation. Other relevant factors of a physical, functional, or locational
nature are also considered.
3. Reducing the sales to a meaningful unit of comparison, i.e., price per unit or price
per square foot.
4. Making appropriate adjustments to the comparable properties.
5. Interpreting the data analyzed to draw a meaningful conclusion of value.
The validity of this approach is dependent upon the availability and relevancy of the data.
The sales of properties having characteristics similar as the subject have been collected and
analyzed. Typically, land sells based on units of comparison particular to the property type
(e.g., price per square foot, price per acre, price per unit). In this analysis, the price per
square foot of land area was analyzed.
The subject property has a corner location with frontage along Biscayne Boulevard (US 1)
and NE 55 Street in the Morningside area of the Upper East Side of the City of Miami.
The site is mostly rectangular and contains approximately 16,670 square feet (0.38 acre).
The subject property has a land use designation of Restricted Commercial and Low -
Density Restricted Commercial and is zoned T4-O (General Urban Zone).
Our research concentrated on those mixed -use zoned sites located within the subject's
market area, or competitive areas, for purposes of comparison to the subject property. A
summary chart and location map are included on the following pages. Detailed information
and a photograph of the land sales are presented in the addenda.
29
SLACK
JOHNSTON
MAGENHE1MER
00
m__
=orz
za
0 rri
—Z
O� N H
P - N N
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C :ID SZLL
CD
SUMMARY OF LAND SALES o
Max PP
Zoning Base Density Bldg. Sale Site Area Site Area Sales Price Per x
No. Location at Sale (Units/Ac.) Height Date (Sq.Ft.) (Ac.) Price Sq.Ft. Land v o ¢,
1 454 NE 58 Street T5-0 65 5 Stories Jul-21 13,347 0.31 $1,340,000 $100.40 `) 0, c
City of Miami �� o
SZLL
2 5900 Biscayne Blvd T4-0 & T5-L 36 & 65 3 & 5 Oct-21 16,769 0.38 $1,875 000 $111.81
o City of Miami 51 Blended Stories o. (•
CD
3 5220 Biscayne Blvd T6-8-0 150 8 Stories Feb-22 53,832 1.24 $7,900,000 $146.75 -] o
Cityof Miami ,
U4 ¢ N
4 5941 Biscayne Blvd T4-0 36 3 Stories Mar-22 11,827 0.27 $1,450,000 $122.60 i
City of Miami
CD CiLL
SP 5445 Biscayne Blvd T4-0 36 3 Stories 16,670 0.38 P- k,
City of Miami o
CD CD CD
CD SZLL
Wes¢
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Land Sales Map
NE B15t St
w
� yE_ 60itt-�--------
NE. 59th, St
NE 5�rd r�
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°Eaton Park
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-St
t1 at wIC riQi�l-3i..
Morningside
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Rd
31
SLACK
JOHNSTON
MAGENHEIMER
Discussion of the Land Sales
Sale 1 is located at 454 NE 58 Street in the City of Miami. This property has a mid -block
location with frontage on one street, being NE 58 Street. The rectangular site contains
approximately 13,347 square feet (0.31 acre). The site is zoned T5-O (Urban Center Zone).
The buyer acquired this property in July 2021 for $1,340,000 or $100.40 per square foot.
At time of sale, this site was vacant and asphalt paved parking lot. The buyer plans to
develop the site with an art gallery.
Sale 2 is located at 5900 Biscayne Boulevard in the City of Miami. The property has a
corner location with three street frontages, being Biscayne Boulevard, NE 59 Street, and
NE 5 Avenue. The mostly rectangular site contains a total of approximately 16,769 square
feet (0.38 acre). The site is zoned T4-O (General Urban Zone) and T5-L (Urban Center
Zone). The buyer acquired this property in October 2021 for $1,875,000 or $111.81 per
square foot. At the time of sale, the property was vacant land. The buyer plans to develop
the site with a 10,000 square foot medical building.
Sale 3 is located at 5220 Biscayne Boulevard in the City of Miami. This property has a
mid -block location with frontage on two streets, being Biscayne Boulevard and Federal
Highway. The mostly rectangular site contains approximately 53,832 square feet (1.24
acres). The site is zoned T6-8-O (Urban Core Zone). The buyer acquired this property in
February 2022 for $7,900,000 or $146.75 per square foot. At the time of sale, the property
was vacant land. The buyer is a local investor who has yet to decide the plan for this
property.
Sale 4 is located at 5941 Biscayne Boulevard in the City of Miami. The mostly rectangular
site contains approximately 11,827 square feet (0.27 acre). The site is zoned T4-O (General
Urban Zone). The buyer acquired this property in March 2022 for $1,450,000 or $122.60
per square foot. The site was vacant at the time of sale. The buyer is planning to develop
the property with a mixed -use building.
Adjustment Factors
Property characteristics and sale terms considered in our analysis are financing, changes in
market conditions, conditions of sale, size, location, topography, zoning and size. Each
of these items has been analyzed and compared to the subject property and are discussed
on the following paragraphs.
32
SLACK
JOHNSTON
MAGENHE1MER
Financing: To properly estimate the market value of the subject site, cash or cash
equivalent sales uninfluenced by special financing should be used. If sales having special
financing are used, they must be adjusted to reflect a cash equivalent sale price. Otherwise,
the market value may be misrepresented. Based on our research, all of the sales were cash
to the seller transactions, with typical terms of purchase for the subject market. For this
reason, no adjustments are required for financing.
Condition/Terms of Sale: The conditions or motivations of a sale can have an effect on
price and in some cases render a price or value not indicative of market value. Examples
of conditions of sale which may require a negative or positive adjustment include
bankruptcy or foreclosure sales, assemblage or plottage, lack of professional marketing and
exposure to market, tax consequences, listing, etc.
Based on our research, all of the comparable sales appear to have been arm's length
transactions and completed under normal conditions, with no unusual or atypical
motivations with no adjustments warranted.
Time/Market Conditions: Market conditions change over time due to inflation, deflation,
changes in supply and demand as well as other reasons. Although this adjustment is often
referred to as a "time" adjustment, it really is an adjustment for changes in market
conditions since the time of sale.
The land sales transpired between July 2021 and March 2022, within one year of the
effective date of this report. All of the comparable sales were considered reflective of
current market conditions.
Topography: The subject property is level and at street grade. Like the subject property,
the sites of all of the land sales were at, or near, street grade; therefore, no adjustments are
warranted.
Zoning: Zoning sets forth the legal uses permitted on a given site. Zoning is often the
most fundamental criterion in selecting the comparable sales because the types of uses
permitted and densities allowed can have a significant impact of value.
The subject property is zoned T4-O (General Urban Zone). Sales 1, 2, and 3 were
considered to have superior zoning classifications allowing greater densities and
permissible uses and were adjusted downward. Sale 4 has the same zoning as the subject
with no adjustment required.
Location: An analysis of location considers factors such as surrounding land uses,
distance/time between employment centers and/or shopping centers, and demographics in
the immediate area as well as the overall accessibility and traffic volume (remote/suburban
33
SLACK
JOHNSTON
MAGENHE1MER
versus urban) of a given location. These factors are considered in the comparable sales
relative to that of the subject.
The subject property is located in the Morningside area of the Upper East Side of the City
of Miami fronting Biscayne Boulevard, a main, heavily -trafficked north -south
thoroughfare. All of the comparable sales are located within 1 mile of the subject in the
same Morningside neighborhood fronting Biscayne Boulevard with the exception of Sale
1. While Sale 1 is located within the same neighborhood, it does not front Biscayne
Boulevard and was considered inferior for this location/frontage. Sale 1 was adjusted
upward for location.
Improvements: The subject consists of a vacant site. All of the comparable sales similarly
are vacant sites with no building improvements. No adjustments were necessary for
improvements.
Size: When other factors are relatively similar, we frequently find that larger sites sell for
a lower price per square foot than smaller ones. Generally, this is attributed to the
economies of scale. In some situations, particularly in fully built-up locations, there may
be little or no difference in price for a larger site due to the increased functionality of a
larger site and in some cases a premium for the costs associated with assemblage (i.e.,
plottage value). Therefore, differences in site sizes may but not necessarily require
adjustment.
The subject property contains 16,670 square feet. The sales range in size from 11,827 to
53,832 square feet, which bracket the subject property. Analysis of the sales indicates there
is no correlation between size and price per square foot within this range with no
adjustment warranted.
34
SLACK
JOHNSTON
MAGENHE1MER
Conclusion
Based on the above, the land sales reflected the following:
No.
1
2
3
4
Sale Date
Jul-21
Oct-21
Feb-22
Mar-22
Price/Sq.Ft.
$100.40
$111.81
$146.75
$122.60
Financing
Terms
Time
Topography
Zoning
-
-
-
_
Location
+
Improvements
Size
Overall
+
-
-
Based on our analysis, we have formed the opinion that, as of July 14, 2022, the fee simple
market value of the subject property would be in the range of $120 to $125 per square foot
based on the site area, which is calculated as follows:
16,670 Square Feet x $120 per SF = $2,000,400
16,670 Square Feet x $125 per SF = $2,083,750
Rounded to: $2,050,000
35
SLACK
JOHNSTON
MAGENHE1MER
RECONCILIATION AND FINAL VALUE ESTIMATE
In this analysis, one approach to value has been utilized to estimate the underlying land
value of the subject site. In the preceding sections of this report, indications of values for
the property, based on the applied appraisal approach, indicated the following:
Income Approach: Not Applicable
Sales Comparison Approach: $2,050,000
Cost Approach: Not Applicable
Our highest and best use analysis of the subject property considered potential uses of the
property as vacant. The scope of our analysis included research and analysis of similar
vacant parcels in the subject market area to estimate the value of the subject property. The
sales comparison approach was used to value the land. The reliability of the sales
comparison approach is good when there are recent sales of similar properties on which to
base a comparison. Several recent sales of mixed -use zoned land were researched for use
in the sales comparison approach. The analysis required consideration of differing property
characteristics, as compared with those of the property being appraised. Given the quality
of the data applied, this approach is considered a reliable indicator of the subject's value.
Based on our investigation and analysis, we have formed the opinion that the fee simple
market value of the subject property, as of July 14, 2022, was as follows:
TWO MILLION FIFTY THOUSAND DOLLARS
($2,050,000)
36
SLACK
JOHNSTON
MAGENHE1MER
ADDENDUM A — PHOTOGRAPHS OF THE SUBJECT PROPERTY
1. View looking southeasterly from Biscayne Boulevard (US 1)
2. View looking northeasterly from Biscayne Boulevard (US 1)
37
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
3. View looking southwesterly from NE 55 Street
4. View looking southerly of Biscayne Boulevard (US 1); Subject is to the left
38
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
5. View looking southerly of Biscayne Boulevard (US 1); Subject is to the right
6. View looking easterly of NE 55 Street; Subject is to the right
39
SLACK
JOHNSTON
MAGENHEIMER
ADDENDUM B — COMPARABLE LAND SALES
LAND SALE 1
Location: 454 NE 58 Street, Miami, Florida
Legal Description:
LOTS 9, 10 AND 11, IN BLOCK 14, OF BAY SHORE UNIT NO. 4, ACCORDING
TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 16, PAGE 30, OF THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Folio Number: 01-3218-038-0180
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Total Sales Price
Terms
Unit Price
Prior Sale
Mark's Classics Corp.
La Vid Art LLC
July 2021
32617/1901
$1,340,000
Cash to the seller
$100.40 Per Square Foot
None is the prior three years
40
SLACK
JOHNSTON
MAGENHEIMER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
13,347 Square Feet; 0.31 Acre
Basically level and at street grade
Rectangular
NE 58 Street
Restricted Commercial; City of Miami
T5-O (Urban Center Zone); City of Miami
All available to the site
At time of sale, this site was a vacant paved parking lot. The buyer plans to develop
the site with an art gallery.
"411militinh11 I''+' nn�a��93
41
SLACK
JOHNSTON
MAGENHEIMER
Location:
LAND SALE 2
5900 Biscayne Boulevard, Miami, Florida
Legal Description:
LOTS 1 aRId l S, Block 3, BAY SHORE, according to the map or plat thereof as recorded in Plat
Rook 5, Page 116, Public Records of Miami -.Dade County, Florida
Folio Numbers:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
01-3218-031-0280 & 0120
DJ 2014 LLC
Cosmo Nova LLC
October 2021
32854/1382
$1,875,000
Cash to the seller
$111.81 Per Square Foot
$1,315,000 in June 2014
42
SLACK
JOHNSTON
MAGENHEIMER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
16,769 Square Feet; 0.38 Acre
Basically level and at, or near, street grade
Mostly Rectangular
Biscayne Boulevard & NE 59 Street
Restricted Commercial & Low -Density Restricted
Commercial; City of Miami
T4-O (General Urban Zone) & T5-L (Urban Center
Zone); City of Miami
All available to the site
At the time of sale, this property was vacant land. The buyer plans to develop the
site with a 10,000 square foot medical building.
43
SLACK
JOHNSTON
MAGENHE1MER
LAND SALE 3
Location: 5220 Biscayne Boulevard, Miami, Florida
Legal Description:
Parcel 1:
TRACTS 5, 6, 7, 8, 29, 30, 31, and 32 of a subdivision of portions of Governmental Lots 2 and
3, of Fractional Sections 19, Township 53 South, Range 42 East, Miami -Dade County, Florida;
lying between the Federal Highway and Biscayne Boulevard and South of Northeast 54th
Street, Miami -Dade County, Florida, according to sketch prepared by MB. Garth, Civil and
Consulting Engineer, under date of June, 1946, which sketch appears of record among the
Public Records of Miami -Dade County, Florida, in Mortgage Book 1827, Page 299 and Deed
Book 3137, Page 341; also known as Bis Fed Subdivision according to the Plat thereof recorded
in Plat Book 59, Page 56; of the Public Records of Miami -Dade County, Florida.
Parcel 2:
Tracts 9, 10, 27 and 28 of a subdivision of portions of Governmental Lots 2 and 3 of Fractional
Section 19, Township 53 South, Range 42 East, Miami -Dade County, Florida, lying between
the Federal Highway and Biscayne Boulevard, South of Northeast 54th Street, Miami -Dade
County, Florida, according to sketch recorded in Mortgage Book 1827, Page 299; of the Public
Records of Miami -Dade County Florida.
LESS AND EXCEPT that portion described in that certain Warranty Deed from 522o
Associates, LLC, a Florida limited liability company to The State of Florida Department of
Transportation recorded in Book 22916, Page 884, for road purposes,
Folio Numbers: 01-3219-021-0010 & 01-3219-001-0050
44
SLACK
JOHNSTON
MAGENHEIMER
Sale Information:
Grantors
Grantee
Date of Sale
ORB/Page
Total Sales Price
Terms
Unit Price
Prior Sale
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
5220 Biscayne Boulevard, LLC
5220 Biscayne Investment LLC
February 2022
33055/329
$7,900,000
Cash to Seller
$146.75 Per Square Foot
None Within Prior 3 Years
53,832 Square Feet; 1.24 Acres
Basically level and at, or near, street grade
Mostly Rectangular
Biscayne Boulevard (US 1) & Federal Highway
Restricted Commercial; City of Miami
T6-8-O (Urban Core Zone); City of Miami
All available to the site
At the time of sale, this property was vacant. The buyer is a local investor and has
yet to decide plans for the site.
45
SLACK
JOHNSTON
MAGENHE1MER
Location:
LAND SALE 4
5941 Biscayne Boulevard, Miami, Florida
Legal Description:
Lot 5, Block 5, MAP OF BAY SHORE, according to the map or plat thereof, as recorded in
Plat Book 5, Page(s)116, of the Public Records of Miami -Dade County, Florida
Folio Number:
Sale Information:
Grantor
Grantee
Date of Sale
ORB/Page
Sales Price
Terms
Unit Price
Prior Sale
01-3218-031-0320
JD 5941 LLC
AP Equities Development LLC
March 2022
33098/4849
$1,450,000
Cash to seller
$122.60 Per Square Foot
September, 2015; $1,100,000
46
SLACK
JOHNSTON
MAGENHE1MER
Physical Description:
Land Area
Topography
Shape
Frontage
Land Use
Zoning
Utilities
Comments:
11,827 Square Feet; 0.27 Acre
Basically level and at grade
Mostly Rectangular
Biscayne Boulevard
Restricted Commercial; City of Miami
T4-O (General Urban Zone); City of Miami County
All available in the area
The site was vacant at the time of sale. According to the real estate agent, the buyer
is planning to develop the site with a mixed -use project.
47
SLACK
JOHNSTON
MAGENHE1MER
ADDENDUM C - ZONING INFORMATION
MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS
AS ADOPTED - JANUARY 2018
THE NATURAL ZONE consists of lands approximat-
ing a wilderness condition, permanently set aside for
conservation in an essentially natural state.
THE R U R A L ZO N E consists often ds in open orcultivated
state or sparsely settled, These include Woodland,
grassland and agricultural land.
THE SU8-URBA N ZONE consists of low -Density
areas. pnmenly comprised of Single -Family and Two
Family residential units with relatively deep Setbacks,
Streetseapes with swales, and with or without Side-
walks. Blocks may he large and the roads may be
of irregular geometry to accommodate natural and
historic conditions.
THEGENERAL URBAN ZONE consists of Mixed -Use
but primarily residential urban fabric with a range of
Building types including rowhouses, small apartment
Buildings, and bungalow courts. Setbacks are short
with en urban St reetscape of wide Sidewalks e n d trees
In planters. Thoroughfares typically define medlum-
sized blocks.
TH E U R BAH CE NT£R ZONE oonsistsofhigherDensity
Mixed -Use Building types that accommodate retail and
ice Uses, rowhouses and apartments Anetwork of
small blocks has Thoroughfares with wide Sidewalks.
steady street tree planting and Buildings set close to
the Frontages With frequent doors and Windows.
THE URBAN CORE ZONE consists of the highest
Density and greatest variety of Uses, including Civic
Buildings of regional importance. A network of small
blocks has Thoroughfares with wide Sidewalks. with
steady tree planting and Buildings setclose to the
Frontage with frequent doors andwindoes.
THE CIVIC ZONE consists of public use space and
facilities that maycontrast in use to their surroundings
while reflecting adjacent Setbacks and landscape.
THE DISTRICT ZONE consists of the least regulated
Building an d a ccommod'ates commercial a n d in dustri al
Uses of a scale and with a Streetscape that facilitate
vehicular access.
ti
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1
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5
48
SLACK
JOHNSTON
MAGENI- EiMER
MIAMI 21
AS ADOPTED - JANUARY 2018
ARTICLE 4. TABLE 2 MIAMI 21 SUMMARY
R LI R A L I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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49
SLACK
JOHNSTON
MAGENHEIMER
MIAMI 21
AS ADOPTED - JANUARY 2018
73
DENSITY AMITE PER AC R El
RESIDEIRIAL
2L€ FAMILY 5ESIDEL.: _
_046..INTY RESIDEi_:E
ANCALARY UN
TWO FAMLY REAIDENCe
MULTI FAML Y RCLIS: Nr:.
kuRMTORY
*Fe Mi C+FFIrfir
LIVE - WORS
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4rl5 BREA3!FAST
II/
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OFFICE
.* Iir
COMMERCIAL
,AIJ Ili-IiVLA I E1.r COET&RC; IAL ES I AB
9JTERTAIN4IENT ESTAR.ISFRENT
EJITERTAINMENT ESTAR. ACULT
FtJOD SERVICE ES 1A5LI$FREN1
X. COHOL BEVERAGE MRVICE EsTAH
3E51E5AL CO54 Ee5CIAL
!MRNE RELATED C,C6,1hERCIAL ESTA®.
',TEEN AIR mull
?LACE ASSENBLy
Rr-CRCA110NAI. ESTARI.I 9, IMF FJT
cIVID
<SJMr I14 re FACILITY
RECREATIONAL FACALI TY
RELIGIOUS FA5i1.I TV
UT-(1-1 ..[ ACTIVITY C OMPL X
CIVIL SUPPORT
.... ''' I r ;:1o1OFi5 FACILITY
. -,:IRE AND UTILITIES
INAri,5II FAL'JII ill,;;
E00CATIONAL
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ELEEENTARY SCHOOL
LEARNING CENTER
'A5IJL E,' FIGN SC -IO04
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INDUSTRIAL
ALIT9•RELATED II5D4ISTRIAL ESTPL
AA4N..FACTI TIRING AND PROCESSING
MARINE RELATED 'MUST RAL EST$
PRODIL2IS AA CJ s1Rw 0F5
STORAGE) I]I$TRIRIJTIGN FAO'. Ir.(
1$
11
R
R
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F F
04
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36
35
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&Ice:4''011Ru Jrslytellun ugsfy Use proliblled
ARTICLE 4. TABLE 3 BUILDING FUNCTION: USES
R L 0
63
65
65
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rd
Uses rosy C'S lull her modlheo by 5upplemenl5 RequISLrm , sled 5egulellons, or other pr6Yl91ort o1
Ills Code See Celt Code C e134014 or reguiallaro Te1Aed loAlci,nol Eterarege Ser._- Esab
' Adiiialal derinl 1Ssl suwueTriaunr_'s :xr1llirslrale6 Fri EAagrarri9
"AZ. Lkrealyr{IQ«esi Ak'Jlvrg Lore,
1V-$
50
SLACK
JOHNSTON
MAGENHEIMER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 T4 -GENERAL URBAN ZONE
RESTRICTED
LIMITED
OPEN
DENSITY LUPAJ
96 UNITS PER AGRE
SS KNITS PER ACRE
96 UNITS PER ACRE
RESIDENTIAL
Rcd1deru'.;Llgr;:amp:rnis,twist sin :al+a. ..oc
try oamplarve wdh
• Miroxan of 7 fi parhrq spwas par pafrpol Dw'<9IIng
+lid
• AndlelNE/111111. Maimwn of 1 parking space par
primary r7.'nling an4
• Mull -welly Care Nimes Fdlrvnwrl of 1 parkingupdce
per 5fdf manner aid 1 vpgra per d rerrterds
• CornlrumI5 Residenbe Minimum at t parking space
slalf ,narbr in Warn he the parking aacpred Fur IITe
Dwallireg IJnflS
•fra pt far Fat newilrnn5C0feel of rn wiggled T3Transecl
Lane. Iha parking ratio may Pa reduced W1hn a TOD
area r wl!hlrr a Trar{:l F. r,rldur e.t.a py up In Ihry
peICFN jNrpfaaedOl&Wet, IV up larfliypeM.en1
00%i by rmyar11f Waiver end motel into a Ire trl
anheneemera Trust Fund as'aul:0rf 0d by Chapl0r35
ul the CII Code; mby arerTuMmapefGeN 11W%] r&
any Slim ore wrIFI a f9rrm Area of l pnlhrLL¢end iktl,OM
muare reef 7Iess
R.s!donharLls,,; arp.penns, c as.,. ,.-, "aa r. n,Lga
by rarnpllm>:e won
- Minimum d 15 porton* spaces par pampa] DAidalliN
llrril
• Arrillary Dwelling - Minimum of I parking space per
amigo). nwdlmg urril
• Lire -wink WO ounpunert 4haN prvrnte purning au
req.fed by rrreraem rrnllal rrr In addllon In perking
regaled ice the pwelllrkq!Jmis
•Adult Ferr.fr'.Cere liunes Mmlrrnam fl I parking spire
par alai rneaaber and 1 graceper 4 reraJeis.
r Community ReEirlercn Minimum of l Fis1iTf syrxn per
Nat member rn aa7,11an 101he pa.land required Car die
Dw+Klfng 1k71v
, PakiTk3 requremerr map be redrted Orr-nrirr la me
drama varIarrr0 afanami Mrl.4. Tables
•MntnJTrr 0 t Ellerle hack Spreru fur:very z0 yeIThdar
apacex required.
• Eaeptld sflaavrdhn5 41Ied' of alungame 431rareea
Lamp, lhg parking roc, may In radiod within a TOO
!Veil or within 61 rarrI Camelot area by up I01ltoly
purneriO3%14pro-x-NdWavrr,byLiplalilyprem
k try process of Waiver and pgymanl Imo alransl4
nnharremerr Test send, as rAlabikshe,lty ChgYer:'T$
0tie CflyCade ortoone hedredomen! i1Up5,jfur
pry. SI NS:Ewe Win a Haar Area of ken trloutaid (1 O,0D0t
.square Feel nr leis.
Reakrrry Usesaraponncatd, ..;:n TaL• ., Ir..;:.
by aorlrpfier r with
rMaavmumdi 5parkamg. .rr,� pnrclpalOwell,rro! a-.:
• Arrllery Cwwfing - kgmmrm of T perking sow...
arriHary dwdlrg um!
• Lrve-work - Wcek anperviA shad pruurde parkrrc 6
required try non refIUff1d uea IT arkHILO la pa -I
required farlhe Dwelling Dv
•Adul1 Farm -Care Homes - Miieeum 01 1 pastry s.-.rr
per staff nxamber and 1 spar.. Fee 4 resrd-Hs
•{ arrnrremily Reslayre- Mir.mran of 1 padnngSpere f •
Nair merrpar in a5Aircn la the parking required fa, lr
LPwellnq Unit
• s'adang rooulremnm may he mra.oad r ar rig rr. I-
PI'.sed porting rfurndard, Mee 4, Ta5le5
•Mlhmvn of 1 Nape Rock Specs for every 33 vow: ,•.
scrai% required.
• EY.Cepl(!rsteswithin5:1Teel dal ungN"!IT3Trrn•::...
"ulne, Ole parting rit10 may be ruduGed wdhn a I, '.
area ar welkin a Trarnfl Corridor aria 1:4 up 10 r.r"..
pecan! OA] try arc eaa or Moyer. by up Ltoifly pen::,
m) by pn-Casa4 Viewer andpayrncrei rya AIr r .:
enhalwnenl Troy Fund as osiabImhed 6y Chapter --
of 111rl3y Cade.. or by orre dnmrbedpermery (I00%1 '
Any CInglliewith 4FivorA:ahflenIhOu3anclt10,V.01
squire feet 41 tea
LODGING
• -r Lily UUtlre Chapter23
L..dglrva Uaea ear.v p.+nra.'N1e tlY Wed in l eL,le.3 IlrrllleU
• ._.mpharra rr1h
... , Imam ,1F I part:lnp ,T,a-,c fur crery. Irrdorg urr1r
• ', ,,mum of 1 adilaenal lamtor parking rpaae tar ovary
1„„ 1-9 rardt
, : rhirg requnmarf may be mired aceordlrn 10 Inc
:,mmd NOON) xi anaaad, An r1a4, Tahln5
- •.'•nrnua141 111140.2 :e Space Furav:ry':0 wehf:War
.arts rewired
•1_Lobito aflef r1Nnatreeiaf at ova/ea T3lraflrat1
.. •c Ih0 parking rdra may La roduoad wilful a r(IO
,. .. ' .robin a TralrNL CbmdrY area hr up 10 Maly
, •.1.1%libypru-em crWaver, Icy 1 ri o f34 percwn
I oy prOl8S8 of lAramer and payment Inla a lranah
t•inorremaent Kfuat Fuld. as a:let:Mhe] by T hauler }
.• ^ne COY Cove, or by hinted kt•unl {lam] far
.-,.. 1ruluta with a Flea Area of lib flwilsrld(10 WLp
. ram feel nr less
LuLgny,Jar. dre pin",,,,L. u. .A1-.T,r l v.... ....HA
by r.ompliarr-, with
• Moamar', of 1 p&krlgi,parc Fry :very y 1'.i,-],ny,.n,l..
• Mlmmum of 1 rr iIiard flad& parking spaaE fax every
5Iorlrgr.12 umlu
• €'erkrnp rrgwrerned may be reduced uLr-ordng tr. r:
AIweapeiklnq siondar5 florin 4• Tobin 5
•7AIrerrlwll ul 1 Flzyr a Reek Ltwe for every- yr4ra':
modes rerlulresl
•E#[>api14r sla9wllhln5001aet d anungafeJ I --
2arle, the pOrkirrq ratio may po rect.red ow
area ut '4.11111 a Trail! Goridor area b1 L.
pen-181I(30%J1ypncr_SrrdW0vrr by c[, t„,II .
50%) IN pracvra'af yye44,9- and palm -rani ,rr :• J r.,
enhanemanl kart Fund, as uufablisned Ly Cfki:.lrr-, _"
of IheUttp Code, ev bar ant hundredpercent OVA;
any Slonlu'e with a Mar Area€1 lahlliaLrr.arrl no. L•:..:
r,,Auaru feet ur Pea;
OFFICE
,'r: IJFe; 8e permgs1610 ar Ilded In Tahlrr :t limed
.--..rlplrarce Ali :
,r,1ed to IPw Prat :3uy of lie I'rirumal Harding rr Ac•
:::surf 5Iru:tlrre,
..::fi-e and Cammerclal Uga -tta) bxr 1DTr.. rfum Kit
, _I idinQ Rear Nee Iola!
• '1nrffLrl of 3 parking -earn lur every f.NO vri re
Irnt d ol3re 11?e
. 1'_shdrtg reglar_rnen may be redl>:'ed according to the
rare partunp 11rrr1 61. Af iIl4, Tahl16
• "•urmuln.11 Eilrvrle Rik :I'm, f, rrevery .7 vehnAer
- ,'xxsregireu
• E-•,epifor saaswdhin500ful a plunG od73Transcd
...re, I fie parking rate may ue red -pal wrthn e r UG
•1,,18 or wilbin a Twat Gamy r Ma by up fir lhrty
-r ,em pt%j by prrrxss MWavw, by uplufFy purred
,5D4.14y prraas6 of W,arrerand payment rr1a a lrarlg!
:'telr.`weineft ifuel sL111:1, as eslablalTe4 by Oupter 35
r rho Goy Cale ar by inn heard pnm-rrl;IRA) For
-rr aru lurarrlh aFJero-AreeorlenInedsond L10,00:4
rquere feel or less
❑hlca Usas am perm) airde as haled it -ionic 3, llrrm 1.
try compllerr..e with
• Minimum of 3 parhlrry spares tar every 1.0E10 so,r....
reel 0 °Elbe use
•'Parking mquhvmpm may Pa rf) ;ed arccrong Cr+!ha
Sfrarer.l e,alklny sMondani Mee 4 1';ible5
•Mlrmaan 0 1 a4;.yole Rain Space fur very 20 vrh1uuler
Nrkirm mowed
• ErcerA for sieawithir 0feel d 1140110ed 131 ranYa.l.
Zann, Ihn pahiM rrlad airy bn radlr,ad wrIhn a Tr r
area or wdhrn e Tramfl Caroler area by up 10 n-,:-.
p (X%] by process of Welyer,by up 1001y per•,,,.
OD%1 L'Y Pnxess 0 MUM and paynml alto a Iv :'
enlwremen1 IMAM Fund, ae asl1plraalad by Chtplrr •:
01 he Cdy C ode; is by are nundreri gemrrV ]7 DD%I '
arty SOuclurewilh eFicmr Area uflerlhrosani110,J::
prelim fee re lest
IV 10
51
SLACK
JOHNSTON
MAGENHE1MER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 Td - GENERAL URBAN ZONE
DENSITY It1PA)
RESTRICTED
LIMITED
OPEN
36 UNITS PER ACRE
36 UNITS PER ACRE
36 UNITS PER ACRE
COMMERCIAL
.., ",.•maw Gyr-; dr. f.:rnicsily. u: Io1 d m Table. a.
burned by cumpkare with
• IJrnlod to Iho fp 1 Story o11he Pnropel Butdirw,,r A4-
;essory RRU3tlra
, .+Yuri and Cnmmercld 1J6e& ;hall L : less INon 50%
Raking Rue area idol
• A maximum area ol4,tr03 square leer per establish -mill
• Food cal ablohrnenls of o maximum wiry =rryr.zlly
of 40 palrpps
• Nirlrrlum af3 peekmuspxra f.ur inlay I,{k1A tRtireroel
of oommertial we.
Ratting r'eolrramenl may ha tetrad emoting 1n Dare
Suited parkin) slandavl Adr44, rarle5
• Simimum ra t RkyoIeRack Spain for every 770 vehrulor
.pacer required
• F•_ep1rOr3tlBs*Nn5ODIsEgdanunpated171 ronted
'ape, the polling rylfu may lie re0.ced wtnn a iSA
area or *inn a. 7rmmt Comer ma by up I Uiaiy
pr.ce A ICI tNINrc",.nf vaarvp; bYLIiloFatyarvnl
150%)bylironaNrdWaverandpaymentRioal:anNI
ennerlremdkl Trw Ewo, as a afllrshegtryCheNer35
rN the Cly Code, urtry One Itvlered peR;4q ii06%I for
Arty SI rltldrue Mrh a Floor Arca of leo IhoU0 1d (10,C00!
square feel or lass
Iola in•,n:.i.: IIre=. „na p.:rn•issible w i•d•+i in Tat. ..
Ilnnle+d by dompoetrs with
•A maximum a ea or4,CCD square feel per oSJaDkEUtmer
• F•aral esTehksamens of a maaaari ,;ealmy ,..,ssa:..,
of40 pawls
• Mlrrrntanc42 narking spa:enforevonr I (r0X) snare feat
of commercial use
• Minmumgf oncElikespe:eFor every itvcniniler Spa e:
requeod 1Lc4Vw altar redachons}
• Paring r•.qulnmw4 may be ^3JCrd 1K4crdnn t,..lhe
Shand paikidp olandara, Mee 4. 1911e 5
• Mir>•oliTn of 1 Beycle Ruck Space Fnr every;13 vehicular
akar,A Nquieed
• re,leillnrsiesvoMin500ient nrenungmndT-ii Traneecl
Zone, Cie parkng tefio may Pc redir•ed within a TOD
arrm ilr wlNn a Trorol CoT,I40 mM by W IA INIV
pervert ') by krxasaa Warven 14 tp In' N IV Picini
Imo) byprcce:s at Warner and Rate) alto a grail
erihdr:amenl Tru!d Fund, as srnhIISM11 <•• Chapter35
diflefyCade, .rbyone furnrredp-nenIIp7%jfor
any anilum •wlh a RnnrAmen Ienthanand I10,COO)
square I Bel m less.
CIVIC
txocUses are parmisaible as Wed in Table 3
(;uric lines arapennrsible as listed, n Tebfe 3
Cow Uses are parmrasibieat haled in Table
• h4nirnuin or 1 pwany spree For every 5 seals of ere
• IAr+malil oft parking space for every 5 sews aF ec;.
• 1Anurxun of 1 padunu_ s{vice for every 5 ;edit o' ,r
;amt./4' uce
aembhe teaa
ATM* uao
• Minimum rt I perk,og q.• -ern every I,COO satsaefael
• Mmlmo-a or I rior.my ygtee fa Rpm, I,Cy1 srluore reed
•Mrrnnmr d I parkng sprelnr euwsy i.0)0 sxflero f••-•
of noltbllloll ce rnre.81lon area and Isrktllg mamas lei
N eahl3ib0n or renraauuif area, end parPo0 awes fix
of ek1,b11dl of raaealka+l area and parking space::.
mint 1 la:s a5 rcquned
inner I ntro as fe¢ren'
i ilher I tore es require)
• t'MM.'1p ragjlremenl may be rained rfxaking to the
• Paeary motormen may bar redtrad a0.7ordir11 la Ina
• 1'arkrnlj vtquirema•'d may be mired actoedmp v !;-
;llama, pr.mry et rrJ nl, Ail s'Ie 4, TAele 5
Strom.' park,no sl ervaead, An Ida 4, Tdrle 5
„heed parking datdan4, AdOle 4, Tide 5
• Minimum of 1 drycle Had ',parelor every20 vet ular
*Minimum c1 ! Licyde Ra , Specs Iv every 20 vahcuer
• Mirrauvn of 1 fllcyde Ranh Space ter every 20 vene-i',.
urmi; vgquired
apr,N6 re¢nwi]
r{•a;e9 ref1red
• ksoerrlf.wslesvnIrnn5COleeI ut anomie-0 r3 'slits,'
• Earpl fur vies mten5i]D l eel rf al uwateara Ir./
• bawl turslrsvnlllin5031e1t of arrunpaledT's Tram:-.
7rrrethe perlung radio miry Ie- red ted wilier a TOG
lone, the petkinl TiIw may be reamed wthn d TClr1
Tone Ifre parkn4 ralio near Iu rattled wdhin a T..;
area pr wihin a Trani C.r,rdor area by up le !bury
percent rlD%}Uy proem Pr Wawa-, FM up Ieffly percent
area or %rlhin a Tranal 4ornd0- area by 40 10 lhirly
percent Pia%] by process griever by LP la rift parcel
aria 4r rwll+n a Tfer8l Gomldor area by up !4 th,-,
paned 0/%143pmco:s or Wavier,by 1pto Idly per, .'.
(sulk) by process iy }yawer and Parel Ina a Irenell
I50% nv krcDBss or Wave and aevmanl info a 1ra0611
] br pro 11o3.11 Wen ar and parmenl mlv a Ira
+1nan:enrrrl Fru0t hung, as y.laal5rytil Iry Lnupteo35
ernaneivrter4 Trial htrxl, at eslablc:nai ty Ghapl1r3R
ant -enamel Tnlsl fUr8S 4:15 eltapliaml try Clk}Cer '
of hie Oily Code, or by cnc hundred pro: rrl [1D0%) rot
r>F 100-53y Code eriy •ue hurdrwd Perin {}ON) For
of Ilse Cly Cade, r.• by we lauded percent (1D3%1'
arty WWI in alha PIM-;Woof Ion Motl:landil Q.Ofl0)
any 31rulket vein 3N F Area oflgn1A1IDand j}p,C V
any 51r0;lure vnlh a Floor M4a 0ton Ihoreand[Io,ce:
again fed or I.
square Feer or Ie0s
Prorate feel or leas
Parking ror ave tries may he Nur/idea ill ells wrl lrrl a
dularre rf !,,W1) fen!
• Park0Ui for our uses may be- pmmad ufl-tile Mho, a
ilislro? of 1036 f&A
Iv-11
52
SLACK
JOHNSTON
MAGENI- EiMER
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - JANUARY 2018 T4 - GENERAL URBAN ZONE
RESTRICTED
L•htITED
OPEN
DENSITY INPA} 36 UNITS PER ACRE
36 UNITS PER ACRE
96 ONITS PER ACRE
CNIL SUPPORT
Crud Suppm Was are pemllasible as Iis0.-d aiTatia 3.
Gird Suppud Uses to fryrrlisable as Slated in Table 3
101 Sl4,pwd Uses are perressibie as bled ft Yak. 00
• M0 n+urrl or 1 padrmg sok. Isr every 83D square feel
• 1001imu10 1.11 1 Naklrg apace fa eery E00 square rr:u
• Minrrlun or 1 *nog wa e ru every 807 squae fear
M C 151ppod Use
Of Civil SLOW USe
d CM Suppod Use.
• Mrllmrfm ri I Darning WADY I0i 4v?ry 5 $va18 r,r as•
• AAA DB(Cah01 A%MTV. or I Space Ner gl0f memos
• 1firlmUrn(vne0ikeipAC0hlr aVYn'20Vt1lr�Ulerspa:eo
lEflth ust
• kUrmanl Ur I peeking spare for every 5 sea,- ,d as
f•'4dn'd IE[done.any rewirctrunsr
• 1eeptr&slesiollvn5C0 real of anugsledT3Tressed
sembk use
• Arlull eayoare kMronufri of 1 spade per stall -mamba
LMe, !he parking repo may L: ra<Jut?A wdhn a TOD
area a wflnn a Trance Camdor area by UP to thrty
area [30%}Ery pra.essofWaaer, byrplufA4 pawed
, I-'arkl re0. m0nl oo bB reocsd anxr
may Ork] fD the
Steered parkmd 3taMd''d Mick: d, teGe 5
• terllmum q parking SptiGf for ?very 5 mats U as -
s4rrrbir use
(50%) by pf8CeSs W Mite .er and peynr0l Into a Irerrsd
•Minim of t tIcycla Rak Spate fa -every 20 valvular
• Peduny requiremen rr1B1 be retficed acardufg I, Ih:
0nra0Srnerd lrud Fund as oatelllrrk3ly Grmyyler3$
spades regtored
Rimed p8041110 oandnnl, Ankle 4, TTle 5.
of lho Crly Code of by ono hundred petuant 11I20%y rof
• Eaepl loredetw11Nn5O01ery a&Iuroge8T2 T,amecl
•!Anc rr, of 10i o5.F3aCk pBCo'km every?fiV604ular
Arty Qnrlum wlha Floor Aroaof1en11ireisartd 110,000)
Sauce reel or WGS
zone, IhB perking AAlio May bA ri3UCF3 wlhn a TOD
era& nr wdhln a 1Tangt Cnmltrr ama by rib 1n 11Ndy
p a%)tNpftd olVkimer, byup1044Pwm°
15 }} qy pae� or W.„,"6"ntl peymant InD alraMd
erlrar8emen Tii FLid, era o;lebltshadby1 I10pinr,Y)
of lh0 S:ly Cods. o10y Ana hlldred pow.o0 11pD%I for
any
am Slru0lo* w1lheFlo4 Mseof 1Anthbuaald (1D,OWy
rgat t vAlss
opo oo required
• Zone, line roc 7c�wit reli rota le raougalydT3Tranaeol
rope, Ilse perkolp fell0 Itley 1de ramnaft w 111111 a ri!Lr
a1FA er 16I a Trams 00 eariomila area Glr it, lit tr,
r•':•.,
AarCen j30%Ihyprccas€oFiValwo pby ayment
l5(1%) by prccuea Cf WO er and payment -nl. -.
enheic dl c0 T rey Funs aS atuabived br ,: r: - ,
of I Ile Cdy Coda; m by orlS hundred percept 11 i is:. i '
Riff gotclnreweiraFlonrtom mienIhorsarrdIN) .a.'.:
Vwre fen nr Ir•-c
E0UUCATI9NAL
1 did opus! tlae3 ae p-ri.rsr,e ds Ived in !able J
Edu;ar1Ohai Usee aeperrrllaoble angled al labia 3
ENudalionel Use a0, r _ u':,;abir ,,: I :it•d r1 ; abl= .-
• Minimum or parking spaces for every 1,11A bluer
• bdrimum oF3 paliNspmeLiot curry 1 OOD sq are reel
• Mlronlw-rl of 3 perking rpm es for every 1ADL to m e I...'
feel or Edo:Aiurxt Lke.
•:1 EUwellevrel Lite
of Eclu-dlwis IJse
• 911mFs - 1111r111tum of 1 parklnq spscefor each rrcniv.
. I:I ,ols - Stratum of 1 parking spscefor aadhl>rbfly or
• Sdhoda- Minimum MI paMnp3peca rorcetnlacully
uncle!(niefrana, t wr:lorpdifilrlgslrare per T00
chid rlfc l 0a1,419 opw.a per 541ud04In greats
','31 memlrer, t vales pdrIsHg space per Ile] sluuens,
l 0aklrwd sP1Ca per5iludafda rl grade.s1 I and 12
star member, 1 wollor par1N1g upeee per 100 SIWo';
1 parkrngspeo6 per 53fud1s4S HT graaa 11 and 12
11 and 12
,,kinse. radii les Austrian of I some for tin owner!
• i hilaeare halitzx Mintrnum d I epere der II'--
• Cldlfiare Fedblies- ANnrndra bf 1 *ace nor It own-
;:.,hlur and l ppwr for emitelnplayee, and 1 dce off
oper9or sSid. 1 Apace for edcfi employe& ery '
operaor ana 1 ;pate tor eochempkryae, and 1 drib-
':, ace for &nary 10'lulls cared t&
alma for every 10client dared rot
Of spare tat t'very 10 thole cared far
'zMlrp7 regtlr&men1 may be Rdr>.:d err~.ordryf 1u MO
• P9dung rFqulfem/11 may Ise reAred axorpmg lei If-
• Except for id eswilkee0fel of uningeledT3T eiked
Grlere0 pfx o-6?eiarw awed Arl0o 4. Table 5.
3lsed perkingsibWWJall% Miele 4. Id:de 5
Zara It* paNlrg ratio May hererhrvxl viten a TOG
•AUvnunr of r HeydeVEERSpace for every 20 welculer
. MIrWIIt1n of I Bcl0JL Rack;rjerr- for every 20 vW11840
9rq 7 w+1Mn A If Corndon epee Cry rip to truly
N � percaO%1by prooesk olWarwec by 1p l ate+ Amen
spaces roryUlreQ
; ' Ind
(50%)bypfocescofWaroorand Pried irdoa'Bawl
•EWepltor1d0awf1h1n500led orellunglued 111rar0000
•Fee?grrusled wthln500fealofanofQBledI3herr:v.1
cnhaneeme1 1 MUss F,md, as eslad1e060 by Ghaap�Eer35
lone, the parAmg mina my be reared when a rCJO
2ono, Me parkng rail.) rrlav oe redwod roil lrin a I VD
of IN Cly Cade;.& by the Wicked pe/o1N (WQ%I rnr
mu or Nebo a Franc! Corridor dr'e by up to Ihely
area or xnlhat a Ironed Corridor area by 145 In 11'Irfy
artyIrlclrire kb6Flour Area ohanlhotoenoj10,000)
Pinedi'l00011rrg0x_1Sol0a',0bYWlof1tfPechm
gamin 0:14,ybypxessofylaioo1,arLi) to1Alypercen
square loin nr rase
150/1 by pa Jai of Wawa end payment Ir4o a 1r4nol
erilarremari I nol Fund, Bs nslabnrnadtry ChapIAr
Of the C:ly Cole; or by 0rle htardr0d perc0d 1100%1 Pa
cry 51nKive wdhaFkhrfvoaof ileelPfaueald j10, I
ape. No m In1F
(mil by L,ro oo Jr YJakier dt11 payfneTl irgo a!Tarolt
enharoarrlonl Tmd Fund, atadabli9lad by Cha0rar35
of the iMy Cade, or b'r' One hundred peter* (100ti for
any stricture 'Nlh afloorAl,,a0Ierllh0U.raM1lr10,+�00)
nlrarelaol or Ian;
IV.12
53
SLACK
JOHNSTON
MAGENI— EiMER
ADDENDUM D — QUALIFICATIONS OF THE APPRAISER
ANDREW H. MAGENHEIMER, MAI
EDUCATION:
Bachelor's Degree, The University of the South, Sewanee, Tennessee, 1986
EXPERIENCE:
Over thirty years in the field of real estate, involved in various forms of consultation,
appraisal, economic research and market analysis.
June, 1997 to Present, Principal, Slack, Johnston & Magenheimer, Inc.
August, 1991 to May, 1997, Senior Appraiser, Slack & Johnston, Inc.
February, 1987 to July, 1991, Staff Appraiser, Dixon & Friedman, Inc.
GENERAL APPRAISAL EXPERIENCE:
Appraisals - Vacant land, environmentally sensitive land, aviation facilities, industrial
facilities, shopping centers, office buildings, apartment buildings, residential developments
and single-family residences.
Consulting - Economic research, market analysis, feasibility analysis and ad valorem real
estate tax assessment appeals pertaining to industrial, commercial and residential
properties.
Litigation Support — Appraisals and consulting, including expert testimony, concerning
various property types.
AFFILIATIONS:
Licensed Florida Real Estate Broker
Florida State -Certified General Real Estate Appraiser, Certification No. RZ1073
Appraisal Institute Member, MAI, Certificate Number 10133, Continuing Education
Completed
2002 President of the South Florida Chapter of the Appraisal Institute
Member of the Miami Board of Realtors
Member of the Florida Keys Board of Realtors
Corporate Member of Florida Airport Council (FAC)
54
SLACK
JOHNSTON
MAGENHEIMER
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This instrument was prepared by:
Name: Ben Fernandez, Esq.
Address: Bercow Radell, Fernandez, Larkin &
Tapanes, PLLC
200 South Biscayne Boulevard
Suite 300
Miami, FL 33131
(Space reserved for Clerk)
DECLARATION OF RESTRICTIVE COVENANTS
This Declaration of Restrictive Covenants (the "Declaration") made this day of
4/25/2023 , 2023, by Rosa 55 Morningside, LLC (hereinafter referred to as the "Owner"), is in
favor of the CITY OF MIAMI, FLORIDA, a municipality located within the state of Florida
(hereinafter referred to as the "CITY").
WITNESSETH
WHEREAS, the Owner holds a fee -simple title to certain property in the City of
Miami, Florida, located at 5501 Biscayne Boulevard, Miami, Florida, that has a folio
number of 01-3218-028-0010, and legally described in Exhibit A, attached hereto and
made a part hereof (the "North Property"); and
WHEREAS, the Owner holds a fee -simple title to certain property in the City of
Miami, Florida, located at 5445 Biscayne Boulevard, Miami, Florida, that has a folio
number of 01-3218-028-0500, and legally described in Exhibit B, attached hereto and
made a part hereof (the "South Property") (collectively, the "North Property" and the
"South Property" will be referred to as the "Property"); and
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WHEREAS, the Owner is seeking approval of the construction of an overpass
pursuant to Section 55-14 of the City of Miami Code of Ordinance to connect the North
Property to the South Property;
WHEREAS, it is the Owner's requested permission to construct and maintain a
single level Pedestrian Overpass (hereinafter called "Pedestrian Overpass") over and
across the NE 55th Street to connect the Owner's respective properties; and
WHEREAS, the City has required the execution of this covenant running with the
land as a condition precedent to its acting as Permittee and to the granting of said
permission to Owner to construct and maintain the Pedestrian Overpass over an across
the public street as located above; and
WHEREAS, in accordance with the City Code Section 55-14, the Owner has paid
to the City a one-time use fee in the amount of $92,570.00.
NOW THEREFORE, in consideration of the express grant by the City of the right and
license to allow the construction and maintenance of the Pedestrian Overpass over and
across NE 55th Street as located above, as authorize and permitted by Resolution No.
, passed and adopted by the City Commission on , 20
subject to the terms and conditions set forth herein below, and in further consideration
of these premises, Owner does hereby voluntarily, and freely and knowingly covenant
and agrees as follows:
1. The foregoing recitals are true and correct and are made a part hereof.
2. Owners are hereby allowed to install, construct, maintain, improve,
replace, and repair the Pedestrian Overpass over and across NE 55th Street, whose
centerline is located approximately 100'-4" east of the centerline of Biscayne Boulevard
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with a vertical clearance of approximately 21'-6" at the apex of the arch above the
surface of NE 55 Street at its centerline in accordance with the requirements of the
Florida Building Code, Charter and Code and Zoning Code of the City. The permitted
encroachment shall be limited to a maximum height of 38'-0" with dimensions only as
depicted and approved on plans on file. The permitted encroachment shall not be
interpreted to convey any property rights, and the City reserves all rights in the NE 55th
Street right of way, including, but not limited to, air rights above the right of way.
3. Owner agrees that the Pedestrian Overpass shall not be occupied and is
strictly limited to pedestrian ingress and egress.
4. In the event that Owner, its successors, or assigns fails in the reasonable
discretion of the Director of Department of Public Works to properly maintain the
Pedestrian Overpass, or any part thereof, so that it becomes a hazard to the health,
safety, and welfare of the general public, City shall give Owner one (1) written notice of
such failure via certified mail, return receipt requested, with a copy to any mortgagee
who has given written notice of its lien to the City of Miami Public Works Director, and
Owner shall within thirty (30) days from receipt of such notice either (i) restore
Pedestrian Overpass, or any part thereof, to a safe condition satisfactory to City's Public
Works Director, or (ii) remove the Pedestrian Overpass, or any part thereof, and restore
the public street below to City standards at no cost or expense to City.
5. In the event Owner, its heirs, successors, or assigns fail to either restore
the Pedestrian Overpass, or any part thereof, to a safe condition, satisfactory to City or
remove the Pedestrian Overpass, or any part thereof, and restore the right of way within
the specified time as set forth in Paragraph (4), the City Manager may contract for the
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restoration or removal of the Pedestrian Overpass, and place a special assessment lien
against the Property for the unpaid cost of the restoration or removal. These unpaid
costs and expenses incurred by the City or its agents shall constitute, and are hereby
imposed as, special assessment liens against the Property, and until fully paid and
discharged, or barred by law, shall remain liens equal in rank and dignity with liens of
city and county ad valorem taxes and superior in rank and dignity to all other liens,
encumbrances, titles and claims in, to or against the real Property involved. Such fees
shall become delinquent if not fully paid within 60 days after their due date. The total
outstanding balance of delinquent fees and related charges shall bear an interest
charge of one percent per month. Unpaid and delinquent fees, together with accrued
interest, shall remain and constitute special assessment liens against the Property
which is deriving a benefit under this Chapter. Such special assessment liens for the
repair, maintenance, removal or restoration costs and interest and costs thereon may
be enforced by any of the methods provided in F.S. Ch. 85, or in the alternative,
foreclosure proceedings may be instituted and prosecuted under the provisions of F.S.
Ch. 173, or the collection and enforcement of payment thereof may be accomplished by
any other method authorized by law. Owner shall pay all costs of collection, including
reasonable attorney fees, court costs, and abstracting and related lien expenses
imposed by this chapter.
6. Owners further covenant and agree that all recourse against City is hereby
expressly waived as to any damage caused, direct, indirect, consequential or otherwise,
to any portion, in whole or in part, of the remainder of the Owners' buildings, resulting
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from the removal of the Pedestrian Overpass, or any part thereof, from the dedicated
public street pursuant to Paragraph 5 above.
7. Owners shall indemnify, defend, and hold harmless the City, its officials
and employees, from any claims, demands, liabilities, losses or causes of action of any
nature whatsoever arising out of the use, construction, maintenance and/or removal of
the Pedestrian Overpass, or any part thereof, from and against any orders, judgments
or decrees which may be entered and from and against all reasonable costs, attorneys'
fees, expenses, and liabilities incurred in the defense of such claim, or in the
investigation thereof.
8. Owners shall indemnify, defend and save City, its officials and employees,
harmless from and against any and all claims, liability, losses and causes of action, that
may arise out of the granting of this Covenant or out of Owner's activities under this
Covenant, including all other acts or omissions to act on the part of Owners or any
person acting for or on Owners' behalf, and from and against any orders, judgments, or
decrees that may be entered and from and against all reasonable costs, attorneys' fees,
expenses and liabilities incurred in the defense of any such claims or in the investigation
thereof. All indemnities and duties to defend or hold harmless provided for in this
covenant shall survive the cancellation or expiration of this covenant.
9. Owners shall keep in full force and effect at all times during the exercise of
this Declaration, a commercial general liability policy of insurance of at least $1,000,000
per occurrence and $2,000,000 aggregate for bodily injury, including death, and
property damage. The certificate of insurance should afford coverage for premises and
operations liability, products and completed operations, personal and advertising injury
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liability, and any other endorsement pertinent to the scope of work. The insurance
should be primary and non-contributory. The insurance and Covenant shall be subject
to the approval of the City's Risk Manager and the City Attorney. The insurance policy
shall be procured and premiums paid by the Owners. The effective date of the policy
shall be prior or on the effective date of the Declaration, and the policy term or any
renewals thereof shall remain in effect for the term of the Declaration. The insurance
carrier for the policy must be rated no less than A- as to management and no less than
Class (V) as to strength by the latest edition of Best's Insurance Guide and must be
approved by the City's Risk Manager. City shall be listed as Additional Insured under
the policy. Proof of insurance shall be supplied to the satisfaction of City prior to the
issuance of any permit for the Pedestrian Overpass. A Certificate of Insurance bearing
City as "Additional Insured" shall in no way relieve Owners of the obligation to add City
as "Additional Insured" to the actual insurance policy. The insurance shall provide that
City be given at least thirty (30) days advance written notice of any material changes,
cancellation or non -renewal notification of any policy and in the event of such material
change, cancellation or non -renewal notification, Owners shall immediately replace said
policy with another policy with another policy to the satisfaction of City with the receipt of
a certificate of insurance for such policy by City at least ten (10) days prior to the
effective date of the material changes, cancellation or non -renewal of any policy. In the
event that City is not in possession of same by such date, the City shall have the right to
immediately secure a similar insurance policy in its name with the total cost of the
premium and all monies that may become due during the term of the Declaration being
charged to Owners and City shall have the right to declare and establish said costs as a
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lien on the Property of Owner, enforced as any lien provided under the statutes of the
State of Florida. Owners agree to increase from time to time, as required by the City's
Code, the limits of the comprehensive liability insurance policy required to be provided
pursuant to this Declaration, upon the written request of City.
10. It is expressly understood and agreed that this instrument touches,
concerns and binds the land, shall be binding upon Owners and also upon heirs,
successors in interest or assigns of Owners, and shall be a condition implied in any
conveyance or other instrument affecting the title to the aforesaid property or any
portion thereof. This covenant shall be in effect for a period of 30 years, after which time
it shall automatically extend for successive periods of ten (10) years for so long as the
Pedestrian Overpass is in existence.
11. Any notice, request, demand, approval, or consent given or required to be
given under this Declaration shall be in writing and shall be deemed as having been
given when mailed by United States registered or certified mail, return receipt
requested, postage pre -paid, to the other parties at the addresses stated below or at the
last changed address given by the party to be notified as hereinafter specified:
Owners:
Rosa 55 Morningside, LLC
Sadia Chocron
1835 NE Miami Gardens Drive
Suite 415
North Miami Beach, FL 33179
Ben Fernandez, Esq.
Bercow Radell Fernandez Larkin &
Tapanes, PLLC
200 South Biscayne Boulevard
Suite 300
Miami, FL 33131
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CITY:
City Manager
The City of Miami
444 SW 2nd Avenue, 10th Floor
Miami, FL 33130
12. Owners herein expressly acknowledge that (a) the permission granted by
the City to construct the Pedestrian Overpass over and across the City public right of
way is solely for the limited purposes set forth herein and does not constitute a lease
and that the rights of the Owners hereunder are not those of a tenant but is a mere
personal privilege to do certain expressly specified acts on the City's public right of way,
(b) the City retains dominion, possession and control of the City's public right of way and
can unilaterally end the permission granted to Owners in the event of default by
Owners, provided however, that a thirty (30) day notice is given to Owners and Owners
have not cured the event of default within the period of time specified herein after
receipt of notice, (c) Owners do not and shall not claim at any time any interest or estate
of any kind or extent whatsoever in the City's public right of way by virtue of its use
hereunder or by virtue of any expenditures incurred in connection herewith and (d)
Owners shall comply with all applicable laws, regulations and resolutions of the State of
Florida, Miami -Dade County and the City of Miami.
13. Owners shall, at their own costs and expense, record this Declaration in
the Miami -Dade County Public Records within thirty (30) days of its execution. The
Owners shall provide recorded copies of the Declaration to the City at the address set
forth in paragraph (1 1) within thirty (30) days of recordation.
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14. This Declaration and its Exhibit constitute the entire final Agreement
between the parties as to its subject matter and supersedes all prior and
contemporaneous understanding, writings or communications between the parties as to
its subject matter. This Declaration may only be amended by a written amendment
executed by authorized officials of the parties employing the same formalities as were
used in its execution.
15. This Declaration is governed by the laws of the State of Florida. Venue in
any action or proceeding between the parties shall be in Miami -Dade County, Florida.
Each party shall bear their own costs and attorney's fees (except in a lien foreclosure
action). In order to expedite conclusion of these proceedings, the parties waive their
right to a jury trial in actions between them arising out of this Declaration.
16. All obligations and responsibilities of Owners shall be joint and several.
17. The City may terminate this Declaration and require removal of the
Pedestrian Overpass in the event the NE 55th Street right of way is vacated or closed.
[Signature Pages to Follow]
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ACKNOWLEDGMENT
CORPORATION
4/25/2Signed, witnessed, executed and acknowledged on this
, 2023.
Witnesses:
DocuSigned by:
F1
'211313946242.G.=
Signature
Andreina Espina
P ri tfdcdsgnby:
LIt
, Vaal:c b
81s46F6�,4E�AE�...
Signature
Natalie villadiego
Print Name
STATE OF FLORIDA
)SS
COUNTY OF MIAMI-DADE
day of
R isas5SdMorningside, LLC
`— D761397CE9324D9
Sadia Chocron
Title: Manager
Address:
1835 NE Miami Gardens Drive
Suite 415
North Miami Beach, FL 33179
The foregoin instrument was acknowledged before 1/2e5/19�r2Ineans of CI physical
presence or � online notarization this day of , 2023, by
Sadia Chocron, the Manager of Rosa 55 Morningside, LLC, who
is ❑x personally known to me or ❑ has produced as
identification.
(SEAL)
A A A A A A A A A A A A A A A AA
Betty Llerena
Commission # HH 221018
Notary Public - State of Florida
My Commission Expires Mar 05, 2026
A
Notary Stamp 2023,04/25 11-23:53 PST
Betty Llerena
NOTARY SIGNATURE
Print, type, or stamp of Notary
Notary Public, State of Florida
My Commission expires: March 5, 2026
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