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HomeMy WebLinkAboutCRA-R-24-0039 Property Appraisals 2024-06-13APPRAISAL REPORT #1 BLAKE AND ASSOCIATES, INC. APPRAISAL REPORT 41 NW 20th Street Miami, Miami -Dade County, FL 33127 PREPARED FOR Ms. Isiaa Jones Executive Director, OMNI CRA City of Miami 1401 N. Miami Avenue, 2nd Floor Miami, FL 33136 PREPARED BY Joseph J. Blake and Associates, Inc. 5201 Blue Lagoon Drive Suite 270 Miami, FL 33126 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5201 Blue Lagoon Drive, Suite 270 I Miami, FL 33126 I Phone: (305) 448-1663 I Fax: (305) 448-7077 I www.iosephiblake.com May 17, 2024 Ms. Isiaa Jones Executive Director, OMNI CRA City of Miami 1401 N. Miami Avenue, 2nd Floor Miami, FL 33136 Re: 41 NW 20th Street Miami, FL 33127 Dear Ms. Jones: As requested, we have prepared an appraisal of the property referenced above presented in the attached Appraisal Report. The purpose of the appraisal is to develop an opinion of the following values: Value Date of Value "As Is" 5/17/24 Interest Appraised Fee Simple Estate Value Type Market Value Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-O, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. The appraisal and the attached Appraisal Report have been prepared in conformity with and are subject to the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). In preparing this appraisal, we considered the use of the three most widely recognized approaches to value: the Cost, Income Capitalization and Sales Comparison Approaches. The appraisal is subject to the attached Assumptions and Limiting Conditions and Definition of Market Value. The appraisal did not use or rely upon unsupported conclusions relating to bias, such as characteristics relating to race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, disability, group homogeneity, or any other prohibited basis. Regional Offices: Atlanta I Boston I Chicago I Dallas I Los Angeles I Miami I Orlando I Phoenix I New York City I San Antonio San Francisco I Washington D.C. Blake & Sanyu Alliance: Tokyo I Osaka I Nagoya I Tohoku May 17, 2024 Ms. Isiaa Jones Page 2 of 2 Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Value Date of Value Interest Appraised Value Opinion "As Is" 5/17/24 Fee Simple Estate $5,350,000 EXTRAORDINARY ASSUMPTIONS According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. The opinion(s) of value are based on exposure times of 4 to 8 months, assuming the property was properly priced and actively marketed. The attached Appraisal Report summarizes the documentation and analysis in support of our opinions. If you have any questions, please contact the undersigned. We thank you for retaining the services of our firm. Respectfully submitted, JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Joel Pakula, MAI Managing Partner Partner Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ 2255 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY 1 CERTIFICATION 3 GENERAL ASSUMPTIONS & LIMITING CONDITIONS 5 INTENDED USER AND USE OF THE APPRAISAL 7 PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT 7 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED 7 DEFINITION OF VALUE 7 EXPOSURE TIME 7 SCOPE OF THE APPRAISAL 8 IDENTIFICATION OF THE PROPERTY 9 CURRENT USE OF THE SUBJECT 9 HISTORY OF THE SUBJECT 9 AREA ANALYSIS 10 NEIGHBORHOOD ANALYSIS 19 24 42 45 46 49 50 ANALYSIS OF DATA AND CONCLUSIONS 52 LAND VALUE 53 RECONCILIATION AND FINAL VALUE 65 NATIONAL MARKET ANALYSIS DESCRIPTION OF THE SITE DESCRIPTION OF THE IMPROVEMENTS ZONING TAXES HIGHEST AND BEST USE ADDENDA Most Recent Deed Legal Description Flood Map Appraisal Engagement Contract Glossary of Terms Qualifications of the Appraisers JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 EXECUTIVE SUMMARY Value "As Is" PROPERTY SUMMARY PROPERTY APPRAISED 41 NW 20th Street PROPERTY ADDRESS 41 NW 20th Street Miami, FL 33127 PARCEL/TAX ID 01-3125-054-0430 PROPERTY LOCATION The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. PURPOSE OF THE APPRAISAL Date of Value Interest Appraised Value Type 5/17/24 Fee Simple Estate Market Value PERTINENT DATES DATE OF INSPECTION May 17, 2024 DATE OF REPORT May 17, 2024 DATE OF "AS IS" VALUE May 17, 2024 HIGHEST AND BEST USE AS IMPROVED The redevelopment of the existing improvements with a more intensive use AS IF VACANT Mixed -Use Development PROPERTY DATA IMPROVEMENT DATA Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-O, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. SITE DESCRIPTION The subject's site contains 15,600 SF or 0.36 acres of land. CURRENT USE As of the date of the value opinion(s), the subject was being used as 1 story industrial. For the purposes of this report, the subject is valued as vacant land. ZONING "T6-8-O," Urban Core Zone under the jurisdiction of the City of Miami. CENSUS TRACT 12-086-0028.00 VALUE SUMMARY "As Is" Value (5/17/2024) Land Value $5,350,000 Final Value Opinion $5,350,000 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING i 41 NW 20th Street 24-050-14 PHOTOGRAPHS OF THE SUBJECT JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 2 41 NW 20th Street 24-050-14 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 property that is the subject of this report and no personal interest with respect to the parties involved. • We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. • We have no bias with respect to the property that is 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. • Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Joel Pakula, MAI, has not made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the persons signing this certificate. • As of the date of this report, Ted Allen, MAI, MRICS has completed the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Joel Pakula, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • The Appraisal Report is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement was not contingent upon the appraisal producing a specific value and neither engagement, nor employment, nor compensation, is based upon approval of any related loan application. • 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. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • We are professionally competent to perform this appraisal assignment by virtue of previous experience with similar assignments and/or appropriate research and education regarding the specific property type being appraised. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 3 41 NW 20th Street 24-050-14 CERTIFICATION JOSEPH J. BLAKE AND ASSOCIATES, INC. Ted Allen, MAI, MRICS Joel Pakula, MAI Managing Partner Partner Florida -State -Certified General Real Estate Appraiser Florida -State -Certified General Real Estate Appraiser RZ426 RZ 2255 Expires: November 30, 2024 Expires: November 30, 2024 tallen@josephjblake.com JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 4 41 NW 20th Street 24-050-14 GENERAL ASSUMPTIONS & LIMITING CONDITIONS This Appraisal Report is subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The valuation opinion(s) apply only to the property specifically identified and described in the ensuing Report. Information and data contained in the report, although obtained from public record and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize the property. It is assumed that all information known to the client and/or the property contact and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property, unless otherwise noted in this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legal nature, whether existing or pending. We, by reason of this appraisal, shall not be required to give testimony as expert witness in any legal hearing or before any Court of Law unless justly and fairly compensated for such services. By reason of the Purpose of the Appraisal and the Intended User and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other purpose. Disclosure of the contents of this Appraisal Report is governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any opinions as to value, our identity, or the firm with which we are connected, or any reference to the Appraisal Institute or to the MAI Designation) shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior consent and written approval. We have not been furnished with soil or subsoil tests, unless otherwise noted in this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques. This appraisal is based on the conditions of local and national economies, purchasing power of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering -related issues. Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 5 41 NW 20th Street 24-050-14 GENERAL ASSUMPTIONS & LIMITING CONDITIONS Toxic and hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in the form of immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on value. The client and all intended users release Joseph J. Blake and Associates, Inc., from any and all liability related in any way to environmental matters. Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by any other than the client to whom it is addressed, without our written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the information and assumptions contained within the Appraisal Report. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may well vary from the projections contained herein. We do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond our current realm of knowledge or control. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Unless otherwise stated in this report, we have no direct evidence relating to this issue and we did not consider possible non-compliance with the requirements of the ADA in forming the opinion of the value of the property. EXTRAORDINARY ASSUMPTIONS According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. HYPOTHETICAL CONDITIONS This appraisal is not based on any hypothetical conditions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 6 41 NW 20th Street 24-050-14 INTRODUCTION INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is the client, City of Miami. We assume any affiliates, successors and assigns noted herein have the same intended use, knowledge and understanding as the original named client. The intended use of this appraisal is to assist the client with management decisions. This appraisal is not intended to be used by any other parties, for any other reasons, other than those which are stated here. Non - identified parties are not intended users of this report. PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT The date of the report is May 17, 2024. The date of the inspection was May 17, 2024. This Appraisal Report, with its analyses, conclusions and final opinions of market value, is specifically applicable to the following date(s) of valuation: Value "As Is" Value "As I s " Date of Value 5/17/24 PURPOSE OF THE APPRAISAL AND PROPERTY RIGHTS APPRAISED Date of Value Interest Appraised Value Type 5/17/24 Fee Simple Estate Market Value DEFINITION OF VALUE Value Value Definition Value Source Market Value Market value means the most probable price which a property should bring in a 12 C.F.R. §34.42, competitive and open market under all conditions requisite to a fair sale, the 225.62, 323.2, buyer and seller each acting prudently and knowledgeably, and assuming the 564.2, 722.2 price is not affected by undue stimulus. Implicit in this definition is 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 U.S. 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.' EXPOSURE TIME To arrive at an estimate of exposure time, we interviewed market participants. We are of the opinion that 4 to 8 months is a reasonable exposure time, assuming the property was reasonably priced and actively marketed. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 INTRODUCTION SCOPE OF THE APPRAISAL The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines the extent of property inspection, market data collection, verification and analysis performed for this assignment. Inspection Ted Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Joel Pakula, MAI, has not made a personal inspection of the property that is the subject of this report. This inspection included the exterior only. We are not engineers, and we did not assess the property from the standpoint of its structural integrity, or to determine whether any latent defects (water leaks, plumbing or electrical problems, etc.) were present. Subject Physical and Economic Characteristics The types of information obtained and the sources providing such information are detailed in the following table. Information Sources Information Type Received? Source Total Gross BuildingArea Yes Broker Package Most Recent Deed Yes County Legal Description Yes County Zoning Information Yes City Environmental Report No Property Condition Report No Flood Map Yes FEMA Tax Information Yes County Site Plan No Demographic Data Yes Site to do Business Appraisal Engagement Contract Yes Client Type of Analysis Applied The Sales Comparison Approach was applied in this valuation analysis. Extent of Data Research General economic data and market data were reviewed. Comparable sales were compiled from published sources including various reliable publications. Market data compiled for this report include a variety of land sales. These data are a result of research specific to the market and pertinent to the subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources regarded as knowledgeable and reliable. Information specific to the subject was provided by the client, owner, and/or representatives of the owner, and is assumed to be correct. Other information, such as zoning and tax records, was obtained from governmental sources. Specific estimates concerning land value reflect our judgment based on interpretation of the market data. The reasoning behind this estimate is illustrated throughout Sales Comparison Approach. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 INTRODUCTION IDENTIFICATION OF THE PROPERTY The property is commonly known as: 41 NW 20th Street. The property address and tax parcel numbers as identified by the Miami -Dade County Property Appraiser/Tax Collector's Office are as follows: Address City County State Zip Parcel ID/Tax ID 41 NW 20th Street Miami Miami -Dade FL 33127 01-3125-054-0430 The legal description of the property is assumed to be correct. We have not commissioned a survey, nor have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other qualified expert verify this legal description before it is used for any purpose. CURRENT USE OF THE SUBJECT As of the date of the value opinion(s), the subject was being used as follows. For the purposes of this report, the subject is valued as follows. Current Use Appraised Use 1 story industrial Vacant Land HISTORY OF THE SUBJECT According to public records, the subject was purchased by its current owner, A-1 Sheppard Roofing, Inc. on December 4, 2020 from CL Sheppard Inc. for $2,800,000 (OR Book 32246, Page 4693). The subject is currently listed for sale as a redevelopment opportunity for $6,250,000. We are not aware of any listings, real property transactions, or ownership transfers pertaining to the subject in the three years prior to the date of the value opinion, other than that which is reported here. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 9 41 NW 20th Street 24-050-14 AREA ANALYSIS AREA MAP JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 10 41 NW 20th Street 24-050-14 AREA ANALYSIS INTRODUCTION To evaluate the factors that influence a property's income potential over the projection term, we analyze economic indicators at the macro or citywide level and work down to the more specific micro or subject property level. The subject property is located in the City of Miami, within Miami -Dade County and the State of FL. Reference is made to the area map identifying the location of the subject property above. The following analysis includes an overview of the region, as well as historical and projected trends of income, population and employment for the subject's area. LOCATION The subject is located in Miami -Dade County, FL . Our regional, demographic, and economic analyses are based on data extracted from Site To Do Business/ESRI, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau. This data has been extrapolated from various databases and are the most current available. The combined databases include various economic and demographic variables for the subject's respective area. The Site To Do Business/ESRI database includes population estimates, households, household income, home value, employment by industry and related data. This data is based on 2023 populations with projections through 2028. The U.S. Bureau of Labor Statistics provided area unemployment trends. POPULATION Population within Miami -Dade County, FL is currently indicated at 2,733,765 and is expecting an increase to 2,772,490 within five years, an increase of approximately 1.42% over the five-year period, or 0.28% per year. Comparatively, the national population is projected to increase annually by 0.30% over the same period. The current population is higher than the population indicated at the 2020 census, which was 2,701,767. Population at the previous census in 2010 was 2,496,435, indicating a long-term growth rate from 2010 to 2023 of 0.73% per year. 2,850,000 2,800,000 2,750,000 2,700,000 2,650,000 2,600,000 2,550,000 2,500,000 2,450,000 2,400,000 2,350,000 2,300,000 POPULATION 2,772,490 2,733,765 _ 2010 2020 2023 2028 (Est.) Households are expected to follow a similar trend, with total households within Miam.-Dade County, FL increasing from 989,193 in 2023 to 1,019,262 in 2028, with a current 2.73 persons per household. The national average household size in 2023 is 2.53. There were 867,352 households in 2010 and 967,414 households in 2020, indicating a long-term growth rate of 1.08% from 2010 to 2023. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 11 41 NW 20th Street 24-050-14 AREA ANALYSIS 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 HOUSEHOLDS 967,414 867;352 1,019,262 989,193 •• 1,1 2010 2020 2023 2028 (Est.) The median age in Miami -Dade County, FL is currently indicated at 39.6 years, up from 2010, when the median age was 38.1 years. The population is expected to increase in 2028, with the median age projected as 40.2 years. The median age nationally in 2023 is 39.1. 41.5 41.0 40.5 40.0 39.5 39.0 38.5 38.0 37.5 37.0 36.5 MEDIAN AGE 41.0 38.1 39:6 40.2 2010 2020 2023 2028 (Est.) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 12 41 NW 20th Street 24-050-14 AREA ANALYSIS 1 14.40% 13.60% 12.30% 2020 POPULATION BY AGE 12.30% 11.80% 5.90% 2023 11.60% 5.80% 2028 (Est.) ■ 85+ 75 - 84 65 - 74 ■ 55-64 ▪ 45-54 ■ 35 - 44 ▪ 25-34 ■ 15-24 ■ 10-14 5-9 ■ 0-4 POPULATION (25+) BY EDUCATION ■ Less than 9th Grade: 7.4% ■ 9th - 12th Grade, No Diploma: 7.3% ■ High School Graduate: 24.0% ■ GED/Alternative Credential: 2.8% ■ Some College, No Degree: 13.1% ■ Associate Degree: 10.6% Bachelor's Degree: 21.9% Graduate/Professional Degree: 13.0% INCOME Site To Do Business/ESRI reports current median household income at $60,992, which is forecasted to increase to $72,938 by 2028, an increase of 19.59%. Similarly, per capita income is expected to increase from its current level of $34,693 to $41,147 by 2028, an increase of 18.60%. In 2023, the national median household income is $72,603 and the national per capita income is $41,310. According to ESRI, Miami -Dade County, FL has a wealth index of 79, indicating less wealth when compared to the national average of 100. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 13 41 NW 20th Street 24-050-14 AREA ANALYSIS $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 HOUSEHOLD INCOME $95,752 $60,992 J 2023 $111,802 $72,938 2028 (Est.) ■ Median ■ Average JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 14 41 NW 20th Street 24-050-14 AREA ANALYSIS 1,200,000 1,000,000 800,000 600,000 400,000 HOUSEHOLDS BY INCOME 1.4.00% 12.50% 17.00% 11.80% 2023 16.20% 13.00% 16.60% 10.20% 7.00t 10.40% 2028 (Est.) $200,000+ $150,000 - $199,999 $100,000 - $149,999 ■ $75,000 - $99,999 ■ $50,000 - $74,999 ■ $35,000 - $49,999 $25,000 - $34,999 $15,000 - $24,999 ■ <$15,000 HOUSING According to Site To Do Business/ESRI, there were approximately 989,435 housing units in Miami -Dade County, FL as of the 2010 census. That figure increased to 1,074,685 housing units as of the 2020 census. Current estimates indicate 1,102,152 housing units, an increase of 2.56% from the 2020 census. Housing units are forecasted to grow to 1,138,745 units in 2028, indicating a growth rate of 3.32% over the five-year period. Owner -occupied units comprise the majority of the housing stock in the area. Current estimates indicate that approximately 45.4% of total housing units are owner -occupied, with 44.4% of units occupied by renters. The balance of the units, 10.2%, are vacant. In 2028, the mix is expected to shift to 44.9% owner -occupied units and 44.6% renter -occupied units. Nationally in 2023, 58.50% are owner -occupied, 31.70% are occupied by renters, and 9.80% are vacant. The ESRI Housing Affordability Index (HAI) has a base of 100, representing an area where median income is sufficient to qualify for a loan on a home valued at the median home price and not be cost -burdened, defined as spending more than 30 percent of income on housing -related costs. The higher the index is over 100, the more affordable the housing is in the area. An index of below 100 indicates housing is less affordable and a typical resident cannot purchase a home in the area without being cost -burdened. Miami -Dade County, FL has a Housing Affordability Index of 61, indicating that the median income is not sufficient for a typical resident to purchase a median value home in the area. The national Housing Affordability Index in 2023 is 94, indicating Miami -Dade County, FL is less affordable than the national average. Assuming the national average effective mortgage rate from the Federal Housing Finance Agency (FHFA), a 30-year mortgage, and a 20% down payment, the typical resident in Miami -Dade County, FL spends 39.9% of their household income on mortgage payments. Nationally, the percent of income used for a mortgage is 25.60%. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 15 41 NW 20th Street 24-050-14 AREA ANALYSIS 600,000 500,000 400,000 300,000 200,000 100,000 OWNER OCCUPIED HOUSING UNITS BY VALUE 3.20% 5.60% 3.80% 6.60% 5.70% 5.10% .6°0 2028 (Est.) $2,000,000 + • $1,500,000 - $1,999,999 • $1,000,000 - $1,499,999 • $750,000 - $999,999 $500,000 - $749,999 $400,000 - $499,999 $300,000 - $399,999 • $250,000 - $299,999 • $200,000 - $249,999 • $150,000 - $199,999 $100,000 - $149,999 In 2023, the median home value is $405,073. It is expected to increase to $427,015 by 2028, indicating an annual home appreciation rate of 1.08%. The median home value nationally in 2023 is $308,943. $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 so HOME VALUE $505,812 $405,073 4 2023 $536,748 $427,015 2028 (Est.) • Median • Average EMPLOYMENT Miami -Dade County, FL currently employs 1,430,093 workers according to Site To Do Business/ESRI. The U.S. Bureau of Labor Statistics currently reports unemployment at 1.6%, as of February 2024, which is lower than the long-term average of 4.8% since January 2014. Unemployment peaked in May 2020 at 12.0%. Year to date, unemployment has averaged 1.5%, down from last year's 1.8% average. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 16 41 NW 20th Street 24-050-14 AREA ANALYSIS 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6.8% 6.1% UNEMPLOYMENT 5.6% 4.8% 3.7% 2.9% 8.3% 5.6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD EMPLOYED POPULATION (16+) BY INDUSTRY 3.6% 0.6% ■ Agriculture/Mining: 0.6% Construction: 8.5% ■ Manufacturing: 4.6% ■ Wholesale Trade: 2.6% ■ Retail Trade:10.4% ■ Transportation/Utilities: 9.6% ■ Information: 1.7% Finance/Insurance/Real Estate: 8.3% Services: 50.1% ■ Public Administration: 3.6% JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 17 41 NW 20th Street 24-050-14 AREA ANALYSIS EMPLOYED POPULATION (16+) BY OCCUPATION • White Collar: 59.8% ■ Management/Business/Financial: 18.1% • Professional: 19.7% • Sales: 10.6% ■ Administrative Support: 11.3% • Services: 18.7% ■ Blue Collar: 21.5% Farming/Forestry/Fishing: 0.3% Construction/Extraction: 5.9% • Installation/Maintenance/Repair: 3.1% ■ Production: 3.2% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% EMPLOYMENT/UNEMPLOYMENT BY AGE 10.0% 2.4% 67.0% al 1.4% 16-24 25-54 16.4% 6.6% RE 1.3% 55 - 64 65+ ■ 2023 Employed ■ 2023 Unemployed CONCLUSION Miami -Dade County has seen sustained population expansion and growth over the last few decades. The local population is projected to continue to grow over the foreseeable future. The expanding population and the limited amount of land available for development in the region suggest that properties such as the subject will maintain and potentially increase in value over the next few years. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 18 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS NEIGHBORHOOD MAP vloore Pa z a ry k. NW ?ctn St a"7 413 MN NW 23rd St NW 22nd St NW 32rd St NW 39th St NW 31stSt NW ?rthh Si WYNWOOD NE 34th St tmyis 9 L . iiry:e NE 30th St Grails Miami - NE29thSt NW 29th St ?„ Restaurant & Sport Bar Wynwood`s tr1 Rated Bar Wynwood Walls 9 ro EDGEWATER NW 2.5th St CI L r6IILrt u #a Y! rirYz'sl°r NE 24th St The Salvation Army NW NW 23rd nd SThrift Store and Danati_.. NE: = -t t Curbside poekup unDimension Game center rgsfl NE 22nd Sr FunDirnension Miami NW 21st St NW 2Dth St :kson Memorial 3pltal 1J1 to F 1 C4 4 NW19thSt7 4. t X A n c[ A z !J c vertown imist,Club Theodore A son Park Mouthgasm Sweet Shop Del i•. ery Hilton Miami NMI Down -I ^ wn NE 16tn St Ceviches by Diving - n Restaurant & G... Lr`vejaysic every a:FNE•ht Club Space • 0 Casadonna Viatertroon, Dinar? �N E�1:5th.S M acArthur.Csv Philiit& Patricia Frost JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 19 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS INTRODUCTION A property is an integral part of its surroundings and must not be treated as an entity separate and apart from its surroundings. The value of a property is not found exclusively in its physical characteristics; physical, economic, political and sociological forces in the area interact to give value to a property. In order to determine the degree of influence extended by these forces on a property, their past and probable future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is made of the area in which the property under study is found. This area is referred to as a neighborhood. A neighborhood can be a portion of a city, a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity as to use, tenancy and certain other characteristics. Homogeneity is a state of uniform structure or composition throughout. Therefore, in real estate terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A neighborhood is more or less a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries may indeed run concurrent with variations in prevailing land uses or physical characteristics. LOCATION The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. Wynwood is located in the eastern portion of Miami -Dade County, north of the CBD area. Wynwood sits west of Biscayne Boulevard, also known as US-1. The boundaries of the neighborhood are considered to be 1-195 to the north, 1-395 to the south, Biscayne Boulevard to the east and 1-95 to the west. Miami's Midtown development is a 36-square acre development northeast of Wynwood and south of the Design District. Midtown has a special zoning overlay to allow for big box retailers and high-rise residential buildings. Based on the subject's location, north of NE 29th Street and east of N. Miami Avenue, there is a possibility that the property owner could apply to be included in the Midtown development district and qualify for a higher density zoning designation. ACCESSIBILITY Currently, the subject only has access from the north side of NW 20th Street. DEVELOPMENT What was once a gritty collection of warehouses for industries such as garment manufacturing and shoe sales, Wynwood has been reinvented into a trendy tourist attraction with captivating street murals, popular restaurants and a number of local and international retailers. Warehouses are steadily being demolished for new development or remodeled and repurposed into office and retail space. Proposed projects are either ground -up developments or major adaptive reuses under the new Neighborhood Revitalization District, which allows for buildings of up to 12 stories tall and 150 residential units per acre. The vacant site directly east of the subject is being developed with Wynwood Crossing, which will be 150- foot-tall structure with 380,806/SF of space. This includes 310 residential units, 9,479 SF of ground -floor retail space, 308 parking spaces, and 141 bike racks for residents and visitors. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 20 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including historical, current and forecasted population estimates for a specified region. Patterns of development, density and migration are reflected in the population estimates. A survey of the subject area's population and growth rate is summarized in the following charts, followed by a map of the surveyed area. Summary Population Households Families Average Household Size Owner Occupied Housing Units Renter Occupied Housing Units Median Age Population by Age 0-4 5-9 10 - 14 15 - 19 20-24 25 - 34 35-44 45 - 54 55-64 65-74 75-84 85+ Households by Income <$15,000 $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,999 $150,000 - $199,999 $200,000+ Median Household Income Average Household Income Per Capita Income Demographics 2023 2028 1 mile 2 mile 3 mile t 1 mile 2 mile 3 mile 48,757 148,924 293,109 64,186 176,619 324,514 24,396 69,433 131,262 33,007 84,756 149,715 9,704 30,767 64,455 13,626 37,626 72,833 1.94 2.08 2.19 1.90 2.03 2.13 5,688 16,189 31,267 6,308 17,517 33,178 18,708 53,244 99,995 26,699 67,240 116,537 34.2 36.8 38.0 34.2 37.0 38.5 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile 5.8% 5.3% 5.4% 6.1% 5.5% 5.5% 5.2% 5.0% 5.4% 5.1% 4.7% 5.0% 4.6% 4.7% 5.1% 4.7% 4.5% 4.9% 4.6% 4.5% 4.7% 4.8% 4.6% 4.9% 8.2% 6.9% 6.2% 8.9% 7.9% 7.0% 23.4% 20.2% 18.2% 22.1% 19.2% 17.0% 17.4% 16.5% 15.9% 16.7% 16.0% 15.7% 11.1% 11.6% 12.1% 11.6% 11.9% 12.4% 9.1% 10.1% 11.0% 8.6% 9.5% 10.5% 6.5% 8.5% 9.1% 6.7% 8.7% 9.4% 3.0% 4.8% 5.2% 3.5% 5.4% 5.8% 1.1% 1.7% 1.8% 1.2% 1.9% 2.1% 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile 12.00% 16.90% 17.70% 9.70% 14.00% 15.10% 6.10% 8.10% 10.30% 4.60% 6.30% 8.00% 7.10% 7.20% 8.50% 5.60% 6.30% 7.40% 10.70% 11.10% 10.80% 9.10% 9.50% 9.40% 17.00% 15.80% 15.20% 16.90% 15.40% 15.20% 12.00% 11.30% 9.90% 12.90% 12.70% 11.30% 17.20% 13.60% 12.00% 19.60% 16.10% 14.30% 7.30% 6.20% 6.50% 9.70% 8.40% 8.40% 10.70% 9.90% 9.20% 11.80% 11.40% 10.90% $69,366 $58,626 $53,334 $81,310 $71,798 $64,511 $104,446 $96,251 $91,600 $119,042 $111,924 $107,560 $52,442 $44,847 $41,050 $61,374 $53,658 $49,646 Source: Site To Do Business JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 21 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS Trends: 2023 - 2028 Annual Rate 1 mile Radius Area State National Population 5.65% 0.63% 0.30% Households 6.23% 0.77% 0.49% Families 7.02% 0.74% 0.44% Owner HHs 2.09% 0.93% 0.66% Median Household Income 3.23% 3.34% 2.57% 2 mile Radius Area State National Population 3.47% 0.63% 0.30% Households 4.07% 0.77% 0.49% Families 4.11% 0.74% 0.44% Owner HHs 1.59% 0.93% 0.66% Median Household Income 4.14% 3.34% 2.57% 3 mile Radius Area State National Population 2.06% 0.63% 0.30% Households 2.67% 0.77% 0.49% Families 2.47% 0.74% 0.44% Owner HHs 1.19% 0.93% 0.66% Median Household Income 3.88% 3.34% 2.57% Source: Site To Do Business NEIGHBORHOOD/AREA COMPARISON Category 1 mile 2 mile 3 mile Area Median Household Income Average Household Income Per Capita Income Average Household Size Median Age $69,366 $58,626 $53,334 $60,992 $104,446 $96,251 $91,600 $95,752 $52,442 $44,847 $41,050 $34,693 1.94 2.08I 2.19 2.73 34.2 36.8I 38.0 39.6 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 22 41 NW 20th Street 24-050-14 NEIGHBORHOOD ANALYSIS MIAMI DESIGN _DISTRICT LIFE CYCLE A neighborhood's life cycle usually consists of four stages: • Growth - a period during which the neighborhood gains public favor and acceptance • Stability - a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Appraisal of Real Estate, 15th Edition From 2023 to 2028, the population is projected to increase approximately 5.65% per year within a 1-mile radius around the subject, 3.47% per year within a 2-mile radius and 2.06% per year within a 3-mile radius. Due to this projected growth, the subject's neighborhood appears to be in a redevelopment and growth stage of its life cycle. NEIGHBORHOOD ANALYSIS CONCLUSION We researched germane influences that could possibly affect the value of the property in the area. This research did not produce any factors that could be negative or undesirable. In fact, just the opposite was found. The subject and the surrounding neighborhood appear to be operating in a growing environment with continued growth planned in the future. Several factors have combined for the success of the district, of which accessibility and location have had the most positive influence. Finally, we are of the opinion that the neighborhood should experience continued stability building upon the solid foundation it has established as a mixed -use commercial, industrial and residential district. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 23 41 NW 20th Street 24-050-14 MARKET ANALYSIS NATIONAL DEVELOPMENT LAND MARKET According to the PwC Real Estate Investor Survey, 4th Quarter 2023 (based on data collected through 3rd Quarter 2023): When looking at macro development prospects for the five major commercial real estate (CRE) sectors included in Emerging Trends, only the retail sector shows an improvement in its rating from last year — moving from 2.51 [on a scale of 1 abysmal to 5 excellent] to 2.75. The current rating for office is its lowest in the past five years. With a score of 1.88, the office sector's rating drops 46 points. The industrial/ distribution and multifamily sectors boast the highest ratings for 2024. From a micro standpoint, the top five property types for development prospects in 2024 are data centers, single-family rental housing, lower -income apartments, manufacturing, and moderate - income/ workforce apartments. On the other hand, the property types at the bottom of the 27- category list are power centers, outlet centers, regional malls, suburban office, and central -city office. Preferred Metros: Of the 80 U.S. metros included in Emerging Trends, the top -ten individual markets regarding overall real estate prospects for 2024 are Nashville, Phoenix, Dallas/ Fort Worth, Atlanta, Austin, San Diego, Boston, San Antonio, Raleigh/ Durham, and Seattle. At the bottom of the Emerging Trends ranking list are Hartford, Madison, Gainesville, Spokane (WA), Tucson, Albuquerque, Portland (ME), Buffalo, Deltona/Daytona, and Honolulu. For homebuilding prospects for 2024, the top cities according to Emerging Trends respondents are Austin, San Antonio, Washington DC -Northern VA, Atlanta, Dallas/Fort Worth, Charlotte, Houston, Raleigh/Durham, Tampa/St. Petersburg, and Denver. At the bottom of this list sit New Orleans, Gainesville, Cleveland, Hartford, Long Island, Detroit, Portland (ME), Milwaukee, Pittsburgh, and St. Louis. Development Issues: among Emerging Trends respondents are shown below, ranked on a scale of 1 [no importance] to 5 [great importance]. '441:111.71111411 Score Issue 4.46 construction labor costs 4.31 construction material costs 4..30 construction labor availability 3.96 land costs 3.86 operating costs 3.65 state & local regulations 3.1 leasing & retention costs 3.1 property taxes 3A2 NIMBYisni 3.34 infrastructure/transportation Discount Rates: On an unleveraged basis, discount rates (including developers' profit) for the national development land market range from 12.00% to 30.00% and average 19.20% this quarter. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 24 41 NW 20th Street 24-050-14 MARKET ANALYSIS MIAMI ECONOMY— COSTAR MAY 2024 Population growth has returned to Miami -Dade County after two years of losses from 2020 through 2021. That said, the county has 24,000 fewer residents than in 2019. A closure in international travel during the pandemic resulted in a drag on population growth in the area, which has historically been driven by international net migration. Additionally, a rise in the cost of living, with inflation in South Florida doubling the national average, has driven net domestic out -migration as residents leave in search of a lower cost of living in central and northern Florida as well as in Georgia and Texas. While lower -income residents have been exiting the county, Miami -Dade has enjoyed an inflow of high -net - worth individuals, who brought $6.4 billion in new wealth to the metro in 2021. Former residents of New York, New Jersey, Massachusetts, and California now make up 50% of adjusted gross income flowing into Miami -Dade, with recent license exchange data pointing to a continued inflow of new residents from these states. The influx of high -income households has also driven significant appreciation in home prices. The Federal Housing Finance Agency's purchase -only index shows that Miami home values have increased by 78% since 2019, well above the U.S. average growth of 51% and outpacing the average Florida home price growth of 72%. This rapid home value appreciation has driven a widening gap in home affordability, making homeownership increasingly difficult for the average worker. On the flip side, a rise in new wealth in the area has resulted in strong income growth, which has driven real household buying power higher, rising 47% for Miami versus 29% for the U.S. from 2010 through 2022. These gains have resulted in gross real retail sales gains in Miami -Dade County, growing by 12% in the rolling 12- month period through February 2024 versus December 2019. Despite elevated sales, real retail sales growth has slowed in recent months from peak annual growth of 16% in the first quarter of 2022, growing 1.1% in February 2024, as inflation and higher interest rates weigh on consumer demand. With a recovery in in -migration and a healthy tourism sector benefiting from the shift in consumer spending towards travel and dining out, Miami has continued to have slower yet robust growth since 2023. Its annual seasonally adjusted job growth of 3.1% exceeded the U.S. growth of 1.9% through March 2024. Recent gains have been driven by education and health services, leisure and hospitality, and the construction sector. The net job change from pre -pandemic peak through March 2024 was 7.4%, above the U.S. net growth of 3.8%. Oxford Economics forecasts that Miami will see an average job growth rate of 1.4% in 2024 and grow by 0.6% per year from 2025 through 2028, above U.S. average job growth. Office -using sectors have been a bright spot in Miami's economic recovery, with employment remaining well above pre -pandemic levels in the professional and business services and financial activities sectors. Miami attracted a number of banks and securities firms during the pandemic, including Citadel, GMC Capital, Melvin Capital, and tech venture capital firm Andreessen Horowitz, to name a few. Since 2021, office -using employment gains have blown past their pre -pandemic trend growth expectations based on historical data from 2015 through 2019. If we pull forward the path office -using job gains were following from 2015 through 2019, South Florida would have over 770,000 office -using jobs. Instead, the latest figure as of March is over one percentage point higher, totaling over 14,000 more jobs and standing at over 786,000. This starkly contrasts with national office -using job figures, which remain 1.5 percentage points below their pre - pandemic trend, with over 563,000 "missing" office jobs. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 25 41 NW 20th Street 24-050-14 MARKET ANALYSIS SUBJECT SUBMARKET — DOWNTOWN MIAMI MULTI -FAMILY SUBMARKET 1y53� GRAPELAND HEIGHTS CI NW 62nd Sr Liberty Square MODEL CITY LoanDepot Park LITTLE HAVANA WE aT FLAGLER Little Gables L oral Gables W Flaglei St CORAL WA a Philli Mu - c1 P EAST Mornin Par WYNW00D EDGEWAT Fi PDtri+:-i,1 [Ms! eau., Ci€_,r,r,r. GOWNTOWP Calle Ocho Wal f & ardens David T. ra Ki3nnpriv Park ER SIf E ide dq be Island Beach Park st\ 4.\ DOWNTOWN MIAMI MULTI -FAMILY MARKET ANALYSIS — COSTAR MAY 2024 Downtown Miami continues to be the target of investor and developer interest, making up over 25% of Miami's transaction volume in the last two years and over 40% of under -construction units. The submarket has the highest share of apartment inventory in Miami, making up over 15% of the metro's product, and encompasses some of the most iconic neighborhoods including Brickell, Downtown, Edgewater, and Wynwood. The area's proximity to Miami Beach, retail and entertainment amenities and the Miami Airport make it an attractive location for renters, tourists, and employers alike. Over the past five years over 30% of Miami's renter demand has been concentrated in the submarket, making up over 11,000 units absorbed. A rise in new deliveries has driven vacancies to around 7.1% as of the second quarter of 2024, still these remain below the five-year historical average rate of 8.7%. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 26 41 NW 20th Street 24-050-14 MARKET ANALYSIS Elevated demand and tight vacancies have driven significant rent gains in the area, with rents rising over 20% since 2019, but as new deliveries hit the submarket's fundamentals are beginning to soften. Rent has grown by only 2.1% annually, below the five year average of 4.6%. Still, submarket rents stand at a more than 25% premium over average market rents, some of the highest rents in the Miami market, competing with neighboring Coral Gables. Despite significant rental increases in the last few years, renter demand remains positive, though an elevated pipeline of apartments delivering in the next three years will continue to soften vacancies along with rent gains, specifically for 4 & 5 Star properties which make up over 90% of inventory underway. Relocations to the area by major companies such as Kaseya, Citadel, and D1 Capital Partners continue to power an influx of higher income residents. With its proximity to the Brickell, Coconut Grove, and Downtown Miami office markets, Downtown Miami multifamily will continue to be the main beneficiary of these relocations. That said, the near -term impact of the economic slowdown on the information and financial activities sectors will likely slow activity from peak levels seen in the last couple of years. After record deal volume of over $1.4 billion in 2022, sales activity has slowed, with annual volume totaling just over $225 million. Still, activity remains strong relative to pre -pandemic levels, although virtually all activity since 2023 has been driven by two major deals of over $90 million. The largest sale involved the over 240-unit, 4-Star Wynwood 29 for $135 million or over $544k/unit in October. The 2023-built property was still in lease -up during the sale. The second large trade involved the sale of the over 200-unit, 4-Star Milagro Coral Gables, located at 2263 SW 37th Ave in Coral Gables. Pantzer Properties bought the 4-star property, built in 2013, for over $97 million or over $411,000/unit from Wafra Inc, in May. The property sold at a 20% discount relative to the average annual transaction price of over $500,000/unit for 4 & 5 Star properties as of the second quarter of 2024. Overview 12 Mo Delivered Units 12 Mo Absorption Units Downtown Miami Multi -Family Vacancy Rate 12 Mo Asking Rent Growth 1,575 1,538 7.1% 2.0% Source: Costar VACANCY Slowing immigration and job growth, which are coming off of elevated levels, are resulting in a downtick in demand which began to take hold in the first quarter of 2023. Despite this slowdown, annual absorption has remained positive, totaling 1,500 units. Still, vacancies are expected to remain elevated as new supply delivers and economic headwinds weigh on household formation. Vacancies have so far increased around three percentage points, from historic lows of 4.2% in the first quarter of 2021 to 7.1% as of the second quarter of 2024. As supply pressures are limited to higher quality properties in lease up, most of the recent and looming vacancy expansion is expected to impact the luxury market segment. With elevated forecast deliveries of over 4,000 units through 2025, unstabilized vacancies are expected to rise to around 8% through the end of 2025. 4 & 5 star product is expected to drive most of the expansion with vacancies rising to over 10% for this segment by the end of 2025. Due to more limited inventory additions, 1 to 3 star product is expected to hold vacancies below 5% through the near -term forecast. Despite having the largest supply pipeline across all Miami submarkets, Downtown Miami remains one of the most attractive areas for renters. The area's evolving restaurant and retail amenities coupled with transit access through the Metromover and multiple bus routes make it one of the most walkable areas in the Miami metro. Driven by organizations such as the Wynwood Business Improvement District, redevelopment of the submarket's neighborhoods will continue, which bodes well for future renter demand. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 27 41 NW 20th Street 24-050-14 MARKET ANALYSIS RENT After a year of unsustainable double digit rent hikes, rent growth has slowed to 2.1% as of the second quarter of 2024, below the 5-year historical average growth of 4.6%. 3 Star and 4 & 5 Star units drove the recent outperformance in rent growth with gains exceeding 1 & 2 Star units, after underperforming from the fourth quarter of 2018 to the first quarter of 2021. However, so far since the second half of 2023 3 Star and 1 and 2 Star rent gains are outperforming once again, now growing at 3.5% for 3 Star and 2.0% for 1 & 2 Star, versus 1.9% growth for 4 & 5 Star properties. Despite a recovery in real wage growth since 2021, the average median income in Miami remains 12% lower than the national average. Recent steep increases in apartment rents, almost doubling the U.S. average in 2022, coupled with an increasingly limited workforce inventory, continue to pose challenges for the majority of apartment renters. Miami's high employment concentration in the leisure and hospitality and trade, transportation, and utilities sectors will continue to drive this widening disparity between incomes and rent levels. Going forward, outsized job gains within the recovering leisure and hospitality segment will further limit rent growth outperformance towards more affordable units. Additionally, concessions have begun to rise as the over 3,000 units delivering in 2024 continue to expand 4 & 5 Star apartment vacancies. A slowing economic environment, specifically for the higher earning finance and technology sectors will further weigh on luxury demand and rental gains. That said, elevated home values and mortgage rates will limit homeownership even for higher income earners, helping the area retain a higher share of renters across all star ratings. DAILY ASKING RENT PER SF $3.40 $3,30 $3.20 $3.10 $3.00 $2.90 $2.80 $2.70 $2.60 $2.50 I i 1 1 1 1 2018 111 I i 1 1.-1 1 1 2019 l 1 1 l 1 1 I i l l I• I 2020 1 1 1 1 1 1 1 I 1 1 l 1 l 1 1 1 1 l 1 1 1 1 1 a 1 l 1 l 1 1 1 a l 1 1. 1 2021 2022 2023 1 • Downtown Maim JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 28 41 NW 20th Street 24-050-14 MARKET ANALYSIS CONSTRUCTION Construction starts so far in 2024 total over 1,500 units, after over 2,600 units broke ground in 2023. Starts have slowed, falling below the annual average for starts of over 4,200 over the last 5 years. A pandemic amplified surge in demand has emboldened apartment developers in Downtown Miami over the last two years. 2021 starts of over 2,500 units well above the historical annual average of around 1,500 units since 2010. 2022 starts rose even further, reaching a record of over 6,400 units. The vast majority of starts remain underway, with under construction units totaling 10,520, representing the largest supply pipeline across all Florida submarkets. Supply underway represents over 34.8% of existing inventory with over 90% set to deliver as 4 & 5 Star luxury units. Around 50% of units underway are concentrated in the Midtown, Wynwood and Brickell neighborhoods which have attracted outsized renter demand over the last few years. Stabilized vacancies for 4 & 5 star assets in these neighborhoods remain tight at around 5%, while properties which delivered since 2020 hold an over 20% vacancy rate largely driven by four recent deliveries which remain in lease -up, 15 Wymnwood Coliving, AMLI Wynwood, Society Wynwood and 29 WYN. The largest projects underway in these neighborhoods include The River District Apartments with over 1,600 units and 3000-3050 Biscayne Blvd with over 840 units. Above average employment gains are set to drive household formation and income growth over the coming years, resulting in a continued rise in housing demand. Additionally, homeownership has been impacted by higher insurance premiums, rising maintenance costs in older condo properties, and a pandemic induced surge in home values, making renting more attractive. The limited construction of single family housing across South Florida, coupled with elevated mortgage rates further impact home affordability, helping drive housing demand toward new luxury apartments and garden style rental developments. SALES After record deal volume of over $1.4 billion in 2022, sales activity has slowed, with annual volume totaling just over $225 million. Since 2020, strong tenant demand resulting in significant rent gains has attracted outsized investor interest in Downton Miami. Double digit pricing growth in 2021 and again in 2022 has underscored investor appetite for multifamily in the area, though rising interest rates resulting in cap rate uncertainty are now slowing pricing gains and transaction activity. Virtually all activity since 2023 has been driven by two major deals. The largest involving the sale of the over 240-unit, 4-Star Wynwood 29 for $135 million or over $544k/unit in October. The 2023-built property, developed by the Related Group, was still in lease -up and was 68% vacant at sale. A joint venture between Berkshire and Bayshore Global Management acquired the property which includes studio, one, two and three bedroom units which rent for $3,200/unit on average. The buyers secured a $79.5 million loan for the purchase by assuming an existing $69 million loan and increasing it by $10.5 million. A deed restriction states that the property cannot be converted into condominium. The second largest sale involves the sale of the over 200 unit Milagro Coral Gables, located at 2263 SW 37th Ave in Coral Gables. Pantzer properties bought the 4-star property, built in 2013, for over $97 million or over $411,000/unit from Wafra Inc in May. The property sold at a more than 10% discount relative to the average market price of over $450,000/unit for 4 & 5 Star properties as of the second quarter of 2023, but still 25% higher than the purchase price Wafra Inc secured back in 2017. As the property is farther inland when compared to recent sales in the market, it is unsurprising that it traded at a relative discount. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 29 41 NW 20th Street 24-050-14 MARKET ANALYSIS Downtown Miami has been the central target of investor demand, making up over 25% of transaction volume since 2020. The largest deal in the last few years includes Boca Raton -based developer Mill Creek Residential selling the recently built 296-unit Watermarc at Biscayne to Denver -based AIR Communities for $211 million or over $712,000/unit in June 2022. The property was over 97% leased at the time of sale. Another major sale involves the Miro Brickell, a 372-unit multifamily property, sold for over $184 million, or approximately $496,000/unit. The property delivered in 2017 and was 93% occupied at the time of sale in July 2022. More recently, in November 2022 Pantzer Properties purchased The Boulevard, a 282 unit complex built in 2022, for over $620,000/unit. Both downtown Miami and Mid -Beach continue to see the highest pricing across the metro, with the latter submarket enjoying a slight premium due to its extended beachfront access. Going forward, tight financial conditions will continue to result in slower transaction activity relative to the boom in 2021 and 2022. Additionally, pricing growth will remain muted as softening fundamentals and higher cap rates continue to impact property values. Sales Past 12 Months Sale Comparables Avg. Price,Unit {thous,} Downtown Miami Multi -Family Average Price (mil.) Average Vacancy at Sale 26 $405 $8.6 32.5% Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 30 41 NW 20th Street 24-050-14 MARKET ANALYSIS DOWNTOWN MIAMI SUBMARKET TRENDS 4. & 5 STAR SUPPLY & DEMAND Year larbniegy Graulb % Grubb Unite Absorption % of inv Canatructicn Ratio 2028 32.7112 183 0.5% 1.117 3.4% 0.1 2027 32.830 3245 13.8% 2.685 7296 1.5 2028 28,594 2.19B B.3% 2.017 7.1% 1.1 2025 26.398 2.143 8.8% 2.199 8,3% 1_0 2024 24,253 3.151 14.9% 1268 8.1 % 1.8 YTD 22.005 983 4.0% 608 2,3% 1.0 2023 21.102 1,120 5.0% 1,2.74 6.0% 0.9 2022 19282 1.821 10.0% 1,333 6.7% 1.4 2021 18,161 2.432 15.5% 4.017 22.1% 0.8 2020 15.720 2.772 21.4% 1.638 10_496 1.7 2019 12,957 2.037 25.6% 2215 22.5% 0.9 20113 10.320 3.188 44.7% 2,139 20.7% 1.5 2017 7,134 703 10.9% 1.104 15.5% 0.8 2016 6,431 2.034 48.3% 1,358 21.1% 1.5 2015 4.397 828 23.2% 492 11.2% 1.7 2014 3.509 252 7.6% 412 11.5% 02 2013 3.317 510 18.2% 278 8.4% 12 2012 2.807 0 0% 48 1.7% 0 4 & 5 STAR VACANCY & RENT Unite Vaemolr Pineal Pot Ong Per Unit Market Rent Pei SF %Growth Pate C69 Effacilre Ror'b Uri Pw SF 2028 3,141 9.696 (3.0) $3.530 $3.87 2.1% (0.1) $3,489 $3.83 20(27 4.096 12_8% 32 $3.458 $3.79 2.296 (111.6) $3.417 $3.75 2D26 2.736 9.6% (D.1) $3.385 $3.71 2.7% (1.0) $3.345 $3.67 2025 2,556 9.7% (1.1) $3.295 $3.61 3.8% DB $3.256 $3.57 2024 2.612 10296 4.0 $3,175 $3.48 3.2% 2.6 r3,138 $3.44 YTD 1281 8.5% 12 $3.124 $3.42 1.9% 12 #3.D92 $3.39 2D23 1.427 0.8% (1.1) $3.073 $3.37 U.6% (4.7) $3,045 ;F3.34 21)22 1.578 7.9% 1,9 $3.058 $3.35 5.4% (10.3) r3.042 33.33 2121 1.000 0.0% (11.0) $2, 12 $3.18 15756 16.0 $2.1390 $3.17 2020 2,674 17296 5.1 $2.5013 $2275 -0.396 (1.5) $2.418 $225 2019 1.536 11.9% (5.7) $2.615 $2.75 1.296 (1.2) $2,476 $2.71 2018 1.815 17.8% 62 $2.486 $2 72 2.4% 1.1 $2.424 $2.65 2017 707 10256 (7.4) $2,429 $2.68 1.3% (0.8) $2.388 $2.61 2016 1,168 143_2% 7.0 $2.398 $2.62 2.1% (0.1) $2.350 $2.57 2015 490 11.1% BCE $2,350 $2.57 2.1% (D.3) $2.330 $2.55 2014 154 4.396 (5.1) '$2.307 $2.52 2.5% (1.3) $2.286 $2.50 2C 13 313 13.4% 6.6 $2 5 $2.48 3.8% 1D $i2225 $2-43 2C 12 81 2.9% (1.7) $2,163 $2.37 2.8% - $2.147 $2.35 Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 31 41 NW 20th Street 24-050-14 MARKET ANALYSIS NAVIflOLMN WYNWOOD-DESIGN RETAIL DISTRICT SUBMARKET ANALYSIS — COSTAR MAY 2024 woo 42nd St Moore Pork I' m r' 45th St hid 45 NE 4d HIV4.1thSt Institute of NW 42" St Contemporary Art" MIAMI DESIG r.hst DISTRICT 6th St- 4�' cal 1� m Z NV 30th St NW 291h Ten -at: Terra < rc 29th St NW 28 St ar RC tofu P t r 23id Si liami Dade ollece- Medical Campus 9 MW ;;;;;;Rd St NW 29th St z co NW 4IS two 3901 St 2 a 412 NW 3314 St NW NA; 3)21 Si N'i13irrf, Si WYNWOOD Wynwood waiis9 NO12401 St NIN 22nnd LAI fly Srh Ss NW 24th a z Nt3E41St NE -3 nd NE 291 Lock & Lai Machine G 9 NE 23rd 5t NE 22tid St E 20th St NC 19Lh'>1 NE 39th S1 NE 36th St `tic 35th SI VERLY RRACE II I. III NE 3I'htth Ss. NE 29th S' GEWATER 2 rr -r` NE23idSI The subject is located in the Wynwood-Design Retail District Submarket. Wynwood is one of Miami's youngest and fastest -growing neighborhoods. The area, part of Greater Downtown Miami, is a vibrant art and restaurant district with a significant increase in multifamily and office space over the past few years. In addition to the arts, Wynwood is home to several restaurants, bars, and clubs. Art -related businesses are the largest original tenants in Wynwood, though a larger diversity of tenants have been locating here recently. Altogether, there are over 10,000 apartment units within one mile of central Wynwood, and the area's local population continues to expand, with residents attracted to its live/work/play experience. More than 2,000 apartment units have been built in Wynwood since 2020, and another 2,000 are underway, which will help to draw in more young professionals and high -earners going forward. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 32 41 NW 20th Street 24-050-14 MARKET ANALYSIS Submarket retail leasing activity has slowed over the past 12 months, with over 140,000 SF leased, down from peak levels of over 350,000 SF leased through the first quarter of 2022. A lack of available space mainly drives this slowdown in leasing activity, as available SF totals 422,000 SF, down from over 600,000 SF in 2020. Still, a slowdown in leasing activity has resulted in annual net absorption of -9,100 SF, driving the availability rate from lows of 7% in 2022 to 10.2% as of the second quarter of 2024, in line with the five-year average availability rate of 10.6%. Over the past few years, an influx of high -net -worth individuals and the recent recovery in international in - migration and travel continue to bolster Miami resident and tourism spending further. Elevated retail sales have helped drive strong rent gains for retail space in the area, with annual growth at 6.2%, though this has slowed from peak levels of 10.1% in 2022. With tenant move -outs remaining below the five-year historical average and limited supply additions, space availability is expected to remain tight. Despite a contraction in net absorption in 2023, retail vacancies remain tight at 7.2%, below the 10-year historical average of 8.5%. However, these remain above the Miami market average vacancy 2.8%. Going forward, supply additions over the next year, which are expected to add over 55,000 SF to the submarket's inventory, will keep vacancies elevated relative to the market average. Annual transaction volume has moderated after two years of above -average activity, totaling $164 million in trades over the past 12 months. This is down from levels seen in 2022 and 2021 of $373 million and $129 million, respectively, and remains below the five-year annual average of $120 million. Despite strong fundamentals of tight vacancies and healthy rent gains, higher interest rates, which are driving cap rates higher, are resulting in a drop in pricing. Overview 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Wynwood-Design District Retail Vacancy Rate 40.9K (9.IK) 7.2% Source: Costar Market Asking Rent Growth 6.2% Leasing Annual net absorption totals -9,100 SF as of the first quarter of 2024, below the five-year average annual absorption figure of 39,000 SF. Move -outs in the second half of 2023 have contributed to this softer reading, well below recent highs of 190,000 SF reached in 2021. The submarket typically has a higher availability when compared to the broader Miami market which currently stands at 10.2% relative to Miami's 3.6% availability. Elevated construction activity since 2014 has contributed to this rise in available space, which currently stands at 430,000 SF in line with the average of 440,000 SF over the past five years. The bulk of submarket inventory is concentrated in general retail and mall properties, making up over 90% of existing inventory. Due to this inventory concentration, virtually all lease activity occurs in general retail centers. Over 90% of space availability in Wynwood is concentrated in the general retail property segment, with less than 25,000 SF available across all other subtypes. All space under construction is concentrated in two small properties each totaling less than 20,000 SF. Almost all leasing activity over the last few years has been concentrated in spaces of less than 5,000 SF. Experiential, retail goods and restaurant tenants, including Drive Shack, Ananda Market, Eichholtz, and Salvaje, have recently signed some of the largest leases of over 10,000 SF. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 33 41 NW 20th Street 24-050-14 MARKET ANALYSIS Going forward, a slowdown in consumer spending, with real retail sales contracting slightly over the last few months, presents a drag to activity. That said, a healthy employment market continues to drive consumer spending which remains elevated relative to pre -pandemic trends. These dynamics will result in slower, yet healthy absorption levels relative to the amount of space that is available in the market. Vacancies are forecast to remain elevated relative to the Miami market average as new construction continues to lease up. Still, the limited availability of space, coupled with the attractiveness of the submarket's location, will keep vacancies tight at around 7%. Rent At $70/SF as of the second quarter of 2024, Wynwood has the third highest retail rents across all Miami submarkets. After over a year of above -average rent hikes, rent growth has slowed to 6.2% in the second quarter of 2024, still this remains above the five-year historical average growth of 6.3%, outpacing broader Miami market rent gains. Neighborhood, strip centers, and general retail subtypes have driven this rent growth outperformance, though gains are slowing across all subtypes. Asking rents for spaces smaller than 5,000 SF average around $70/SF and can range from lows of $50/SF to well over $100/SF, with locations to the South of NW 29th St and around the Maimi Design District seeing the highest rents. Larger space availabilities have asking rents that range from $45/SF to $100/SF. Tenants looking for large swathes of space face more limited options and asking rents of over $75/SF for spaces greater than 20,000 SF. The recent expansion into the market from many restaurants and retailers from markets in the Midwest and New York has driven higher asking rents in select submarkets. For example, New York -based Major Food Group opened at least five restaurants in Miami during the pandemic as part of its global expansion. These restaurants are concentrated in the Miami Beach, Coconut Grove, Brickell, and Wynwood-Design District submarkets. While rent growth is moderating, a recovering consumer outlook through the second half of 2024 and a return of international tourists should bode well for Wynwood going forward. MARKET ASKING RENT PER SQUARE FEET $100 $90 $80 $70 $60 $50 $40 Forecast $30 1 } 1 k 1 1 1 3 1 1 1 I a 1 1 1 I 1 k k I 1 _k } 1 k k L_ " 2018 2019 1 2020 T 2021 2022 i 2023 2024 2025 2026 i 2027 Mali • Neighborhood Center Stnp Center • General Retail • Wynwocd-Design District • Miami Source: Costar JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 34 41 NW 20th Street 24-050-14 MARKET ANALYSIS Construction The Wynwood retail construction pipeline has seen some activity, although there has been a notable drop in construction starts since 2017. That said, there is currently around 32,000 SF of new retail space underway. 2024 is expected to see the delivery of most of the under -construction SF. Healthy demand and limited deliveries through 2024 will help keep the vacancy rate tight at 7%. The eventual delivery of two small properties will impact vacancy slightly as the project leases up, but it should revert back down to longer -term trends of less than 5% by 2026. There are two properties underway spread out between the northern and southern ends of the submarket. These include 17,000 SF at a mixed -use building located at 70 NW 28th St and 15,000 SF at 285 NW 36th St. While Wynwood construction activity has remained concentrated in multifamily and office properties, retail development has pushed northward and southward towards Northeast Dade and South Dade, respectively, where combined retail inventory has grown by more than 1.7 million SF in the past five years. The Coral Gables and Miami submarkets have also see a significant amount of development, with combined inventory growth of over 1.1 million SF over the same time period. The bulk of new construction is concentrated in the Downtown Miami, Miami Beach, Northeast Dade, and South Dade submarkets, representing over 80% of supply underway. Construction Wynwood-Design District Retail All -Time Annual Avg_ Square Feet Delivered Square Feet Past B Qtrs Delivered Square Feet Next 8 Qtrs Pro -posed Square Feet Next 8 Qtrs 85,204 53,18 . 32,415 223,386 SALES Annual transaction volume has moderated after two years of above -average activity, totaling $164 million in trades over the past 12 months. This is down from levels seen in 2022 and 2021 of $273 million and $129 million, respectively, and remains below the five-year annual average of $120 million. Despite this slowdown, annual sales volume has remained consistent with levels seen from 2017 through 2020. Over the past few years, an influx of high -net -worth capital has improved demographics in Miami, with consumer buying power increasing at an above -average pace relative to the rest of the nation. This new wealth has translated into continued retail demand from investors with users and institutional players making up over 30% of Wynwood transactions in the last 12 months. The largest trade in the last year involved a user, Alo, which purchased a lifestyle center at 101 NE 40th St. The property, built in 1954 and renovated in 2015, was sold by an equity fund, ASG Equities, for $22 million or over $4,400/SF in November of last year. The new owner is now the tenant in the property, a fitness clothing retailer. Another large sale involved a tripe net investment from a private buyer in March of 2024. The 5,600 SF retail property at 80 NE 40th St. in the Miami Design District area sold for $18 million or over $3,100/SF at a 3.8% cap rate. The 1955-built property, renovated in 2018, currently houses Boffi Furniture. The property sold at an 18% discount from its original asking price of $22 million. Large transactions for over $20 million have slowed since early 2023. The majority of deals now consist of properties that are smaller than 10,000 SF and are trading for less than $10 million. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 35 41 NW 20th Street 24-050-14 MARKET ANALYSIS While economic headwinds and higher cap rates should result in slower transaction activity and pricing gains in the broader market, Wynwood has seen recent cap rates trend lower, below 5%. This higher pricing indicates the continued attractiveness of retail in this growing submarket. However, the general Miami market trend indicates an average cap rate expansion of over 100 basis points from the low-5% range to the mid-6% range over the past year. That said, Miami retail continues to see healthy demand in the face of limited supply, and an eventual loosening of financial conditions should help attract investment in the future. Sales Past 12 Months Sale Comparables Avg. Cap Date Wynwood-Design District Retail Avg. Brice.+SF 26 3.9% $1,120 Source: CoStar Avg. Vacancy At Sale 3.7% CONCLUSION The subject is located in a growing market. The subject sits close to the center of the submarket, and competes with properties in the immediate area as well as areas to the north and south. As of the date of value, there were numerous examples of newly constructed apartments and condominiums receiving strong market demand. These factors have been considered in the subject's valuation. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 36 41 NW 20th Street 24-050-14 MARKET ANALYSIS 2024 SOUTHEAST FLORIDA HOUSING OUTLOOK RISING SALES AND SUSTAINED HOME PRICE APPRECIATION IN 2024 By Gay Cororaton, MIAMI REALTORS Chief Economist 1. Mortgage rates will continue to trend downwards in 2024 and could hit 5.25% by year-end. With inflation slowing, mortgage rates are likely to keep trending down as inflation slows and with the Federal Open Market Committee's latest assessment of a 0.75% cumulate rate cut in 2024. The 30-year fixed mortgage rate could hit 5.25% by 2024 Q4, with a full year average of 6%, from 6.8% in 2023. At its December 12-13 meeting, the median federal funds rate target deemed appropriate by the Federal Open Market Committee participants to achieve the 2% inflation target decreased to 4.6%, indicating three rate cuts in 2024 or a cumulative 0.75% rate reduction from the current federal funds rate range of 5.25% to 5.5%. As of November 2023, inflation was down to 3.1% from a peak of 9.1% in June 2022. As of December 14, the 10-year Treasury Note rate, a benchmark for the 30-year rate, fell to 3.9% from 4.2% the day prior, indicating that the bond market priced in at least one rate reduction. With the additional two rate reductions of 0.5%, the 10-year Treasury Note could further fall to 3.4%. Given the historical spread of 1.7% between the 30-year fixed mortgage rate and the 10-year Note from 2018-2019, the 30-year fixed mortgage rate could fall to 5.25% by the end of 2024, for a full -year average of 6%. 30-Year Mortgage Rate Forecast` for 2024 1.3% FANNIE MAE NAhE. I;. REALTOR.COM 6.3% NAR 6.0% 6.0% FREDDIE MAC MIAMI Source: Miami Association Realtors JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 37 41 NW 20th Street 24-050-14 MARKET ANALYSIS 2. Existing home sales will rebound, with projected growth of 7%. The decline in mortgage rates will lead to a turnaround in the housing market, with Southeast Florida's existing home sales projected to expand by 6.7%. Over the period 2012-2023, a one percentage point decrease in the 30-year fixed mortgage rate has been associated with a 9% increase in existing home sales. Based on this relationship, the 0.8 percentage point reduction in mortgage rates (from average of 6.81% in 2023 to 6.0% average in 2024) could increase home sales by 7%. Single-family sales were more resilient to rising mortgage rates than condominium sales. As of October 2023, single-family home sales were down 13% year -over -year while condominium sales fell 23%. As of October 2023, single-family home sales were down in Miami -Dade (-15.8%), Broward (-16.2%), Palm Beach (-9.2%), Martin (-1.3%) and St. Lucie (-14.7%). Sales of condominiums/townhomes fell more sharply than single-family sales in Miami -Dade (-32.3%), Broward (-22.4%), Palm Beach (-14.8%), and Martin (-7.9%), but less sharply than in St. Lucie (-8.8%). The stronger growth in the single-family homes market in 2023 is likely to persist in 2024, with single-family home sales projected to expand 8% and condominium sales to increase 5%. The rising preference for single- family homes could be associated with the rise of a hybrid work that has increased the attractiveness of living in the suburbs due to less commuting time during the week. 9 5, 760 Rebound in Home Sales in Southeast Florida in 2024 11:1 ,897 134,335 103,814 85,197 90,890 201=; 21121 2022 2023F 2024E Source: Miami Association Realtors 3. Existing home sales prices will continue to increase at a single -digit pace, with projected price growth of 5%. With higher demand from lower mortgage rates, the median existing home sales price in Southeast Florida is projected to rise at a modest pace of 5%. Home sales prices are expected to increase at a modest single - digit pace following the robust price gains since 2019 of over 50%. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 38 41 NW 20th Street 24-050-14 MARKET ANALYSIS Tighter supply conditions in the single-family home market will support a stronger price growth of 6% while the buildup in the inventory of condominiums for sale will moderate the price growth to 4%. As of October 2023, the inventory of single-family homes on the market was at 3 to 4 months of sales, and in the condominium market, the inventory was at 4 to 6 months' supply. Home prices are expected to broadly increase at a modest single -digit pace in 2024 in line with the modest appreciation in 2023 after a torrid pace in 2020-2022. As of October 2023, the median existing home sales price in Southeast Florida was up 7% year -over -year while the median existing condominium/townhome sales price rose at a slower pace of 3%. From October 2019 through October 2023, the median single-family home sales prices increased by over 50% across the five counties: Miami -Dade (69%), Broward (59%), Palm Beach (73%), Martin (51%), and St. Lucie (68%). In the condominium/townhome market, the median home sales prices rose by over 60%:Miami-Dade (64%), Broward (62%), Palm Beach (83%), Martin (84%), and St. Lucie (106%). Over this same period, the average weekly wage increased 21% in the Miami -Fort Lauderdale - West Palm Beach Metro area ($25/hour to $30/hour) and 17% in the Port St. Lucie Metro area ($23/hour to $27/hour). Modest Home Price Appreciation in Southeast Florida in 2024 9% 10°%a10° 3% 4% 4% 21% 22% 2019 18% 17% 16%_17% 2020 2021 6% 6% 6% 4% 5% 3% .. 2022 2023F 2024F Single-family Homes - Condominiums/Townhomes Total Source: Miami Association Realtors 4. Supply will remain tight at below 6 months', with tighter market conditions for single-family homes than condominiums. As of the end of October 2023, active listings of single-family homes were down 8% year -over -year overall: Miami -Dade (-14%), Broward (-9%), Palm Beach (-1%), Martin (+3%), and St. Lucie (-11%). Months' supply was at 4 months or lower: Miami -Dade (4.0), Broward (3.4), Palm Beach (3.6), Martin (3.3), and St. Lucie (3.3). The single-family homes market will remain a seller's market in 2024 with 3 to 4 months' supply as lower mortgage rates bolster demand while supply does not adjust as fast. Inventory is likely to tighten in 2024 through mid-2025 with fewer new single -homes in the pipeline. Based on single-family home units authorized during January -October 2023, there will likely be an overall decrease of 959 single-family home permits in 2023 compared to the units authorized in 2022: Miami -Dade (-942), Broward (-247), Palm Beach (-317), Martin (+132) and St. Lucie (+417). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 39 41 NW 20th Street 24-050-14 MARKET ANALYSIS In the condominium/townhome market, active listings were up 23% overall: Miami -Dade (+9%), Broward (+45%), Palm Beach (+57%), Martin (+53%), and St. Lucie (+79%). Active listings hovered near 5 to 6 months: Miami -Dade (6.3), Broward (4.2), Palm Beach (4.2), Martin (4.4), and St. Lucie (5.4). The condominium/townhome market will likely remain as a seller's market with 5 to 6 month's supply. Supply will continue to build up in 2024 through mid-2025 with a projected 3,609 more units authorized in 5-unit or more buildings in 2023 than in 2022: Miami -Dade (+4,324), Broward (+1,198), Palm Beach (-84), Martin (-379), and St. Lucie (-1,449). Rising Inventory of Condominiums/Townhomes for Sale SSingle-family homes •Condominiuns/townhomes 28,952 25,798 19,816 11,431 2019 11,474 2020 6,926 2021 14,938 13,858 2022 19,129 12,747 2023F Source: Miami Association Realtors 5. Competition will further intensify for homes below $400,000, an affordable price for households earning $100,000. Demand will remain robust for $1M + market with sustained demand from high -income and high net worth buyers. Competition will further intensify at the lower end of the market, especially for homes priced at below $400,000 , an affordable price for households earning $100,000 or below. For homes priced at $1 million or more, supply has built up, with months' supply at 18 to 24 months, at par with the pre -pandemic levels. Demand is likely to remain robust, with sustained demand from high income and high net worth buyers. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AHD CONSULTING 40 41 NW 20th Street 24-050-14 MARKET ANALYSIS 6. Out-of-state and international migration will likely remain elevated above pre -pandemic levels due to the area's strong economy, low business taxes and no state income tax, and the continuing recovery of domestic and international tourism and travel. Southeast Florida's housing market is underpinned by a resilient and dynamic economy. In 2022, all Southeast Florida counties posted higher GDP growth than nationally (1.9%): Miami -Dade (5.8%), Broward (4.6%), Palm Beach (3.4%), Martin (6.2%), and St. Lucie (3.4%). The Miami Metro area's job growth, at 2.7% as of October 2023, is outpacing the national rate, at 1.9%. Florida's low tax environment is a major factor drawing businesses to the area, including relocations and expansions by tech, finance, and law firms like Citadel, Goldman Sachs, Microsoft, Indxx, FundKite, Thoma Bravo, Kirkland & Ellis, LeverX, and Kaseya. The Miami -Dade Beacon Council reported that the expansion or relocation of 51 business in Miami -Dade directly created about 5,700 jobs in 2022-2023, with an average salary of $98,000. The reduction of the sales tax rate levied on Florida businesses renting or leasing commercial property, also known as the business rent tax (BRT), from 5.5% to 4.5% on December 1, 2023, further improves the climate for doing business in Florida. Amid challenging economic conditions, $4.7 billion commercial sales transactions closed in Miami -Dade County in the first quarter of 2023, according to MIAMI's analysis of county deed records. In 2022, Florida saw the largest level of net and gross migration since 2005, with gross movement of 738,969 people. Migration from other states remains elevated compared to pre -pandemic levels, based on driver license exchanges. In 2023 Q1-Q3, there were roughly 55,200 driver license exchanges from out-of-state movers in the counties of Miami -Dade, Broward, Palm Beach, and Martin, nearly 4,000 more than in 2019 Q1-Q3. The top feeder states are New York, California, and New Jersey. The announced moves of tech icons and superstars like Ken Griffin, Jeff Bezos, Eric Schmidt, and Lionel Messi are expected to bring more business expansions or relocations in the area. MIAMI's analysis of IRS tax data shows that households who move into the area tend to have higher net household income (adjusted gross income) than households who move out of the area. Based on 2021 tax returns data, the average adjusted gross income of households who moved into the area was over $100,000 in Miami -Dade ($229,300), Broward ($102,600), Palm Beach ($242,200), and Martin ($167,800). Florida remains as the top destination of foreign buyers across the United States, accounting for 23% of foreign buyer transactions. Within Florida, the Miami -Ft. Lauderdale -West Palm Beach metro area is the largest foreign buyer market, attracting 47% of Florida's foreign buyers during August 2022— July 2023. Foreign buyers accounted for 18% of MIAMI member's dollar sales, compared to 6% in the state of Florida and 2% nationally. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 41 NW 20th Street 24-050-14 DESCRIPTION OF THE SITE Site Summary Parcel ID/Tax ID 01-3125-054-0430 Gross Land Area (Acres) 0.36 Gross Land Area (SF) 15,600 Topography Type Level and at street grade Shape Type Rectangular SITE DETAILS ADDRESS 41 NW 20th Street, Miami, Miami -Dade County, FL 33127 PARCEL NUMBER 01-3125-054-0430 LEGAL DESCRIPTION See Addenda LOCATION The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. LOCATION TYPE Urban MAP LATITUDE/LONGITUDE 25.7957928/-80.195919 CENSUS TRACT 12-086-0028.00 SIZE 15,600 SF or 0.36 acres USABLE LAND 15,600 SF or 0.36 acres ZONING The parcel is zoned "T6-8-0," under the jurisdiction of the City of Miami. BUILDABLE SF 97,283 SF PRIMARY FRONTAGE STREET NW 20th Street SECONDARY FRONTAGE STREET NW Miami Court ADJACENT PROPERTIES - NORTH Industrial ADJACENT PROPERTIES - SOUTH Industrial ADJACENT PROPERTIES - WEST Industrial ADJACENT PROPERTIES - EAST Wynwood Crossing Apartments (Under Construction) TRAFFIC COUNT 18,100 TRAFFIC COUNT YEAR 2023 ACCESS Currently, the subject only has access from the north side of NW 20th Street. STREET CONDITION Paved LANDSCAPING The subject's landscaping is none. TOPOGRAPHY The subject's topography is level and at street grade. SHAPE The subject site is rectangular. REQUIRED SITE WORK Demolition SOIL CONDITIONS AND DRAINAGE The soil conditions observed at the subject appear to be typical of the region and adequate to support development. FLOOD ZONE The site lies within Zone X (unshaded). This information was obtained from the National Flood Insurance Rate Map Number 12086C0312L dated September 11, 2009. FLOOD ZONE DEFINITION Area of minimal flood hazard, usually depicted on FIRMs as above the 500-year flood level. In communities that participate in the NFIP, flood insurance is available to all property owners and renters in this zone. ENVIRONMENTAL HAZARDS There are no known adverse environmental conditions on the subject's site. Please reference Limiting Conditions and Assumptions. ADEQUACY OF UTILITIES Public utilities are available to the site. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 42 41 NW 20th Street 24-050-14 DESCRIPTION OF THE SITE PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE UNDERGROUND UTILITIES POLICE AND FIRE PROTECTION CONCLUSION Florida Power & Light Miami Dade County Miami Dade County No City of Miami Based on the current zoning allowances, the subject's site is currently under developed. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 43 41 NW 20th Street 24-050-14 DESCRIPTION OF THE SITE COUNTY SITE MAP JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 44 41 NW 20th Street 24-050-14 DESCRIPTION OF THE IMPROVEMENTS Building Summary Number of Gross Building Net Rentable Building Name/ID Year Built Condition Floors/Stories Area Area 41 NW 20th Street 1945 Poor 1 5,597 5,597 GENERAL DETAILS DESCRIPTION Briefly describe, the subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. The subject is currently on the market for sale as a redevelopment property. The site consists of approximately 15,600 SF or approximately 0.36 acres of land that is zoned T6-8-O, Urban Core, under the jurisdiction of the City of Miami. The site is rectangular and is level and at street grade. BUILDING DETAILS BUILDING NAME 41 NW 20th Street BUILDING DESCRIPTION Industrial/Retail BUILDING CLASS C CONDITION Poor YEAR BUILT 1945 EFFECTIVE AGE 70 Years TOTAL ECONOMIC LIFE 75 Years REMAINING ECONOMIC LIFE 5 Years GROSS BUILDING AREA 5,597 SF NET RENTABLE AREA 5,597 SF LAND TO BUILDING RATIO 2.79 FLOOR AREA RATIO (FAR) 0.36 BUILDING EFFICIENCY RATIO 100.0% CURRENT OCCUPANCY 100% APPEAL AND APPEARANCE Poor DESIGN AND FUNCTIONAL UTILITY The overall layout of the improvements on the parcel is considered to be poor. CONSTRUCTION DETAILS MARSHALL VALUATION SERVICE C CLASS MARSHALL VALUATION SERVICE Good QUALITY CONSTRUCTION TYPE Clay Block NUMBER OF STORIES 1 FOUNDATION Poured concrete slab FRAME Concrete Block JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 45 41 NW 20th Street 24-050-14 ZONING The subject is zoned "T6-8-O," Urban Core Zone, under the jurisdiction of the City of Miami. City of Miami Zoning Details are Displayed Below NW 20th St 41 NW 20 ST, Miami, FL 33127 Zoning Property Details Use(s) Layers BASIC ZONING Zane: Existing Building Use: Existing Land Use: Municipal Future Land Use: All Applicable Typologies: Allowed Use(s): OVERLAYS T+ Automotive Or Ma Automotive Or M Comml General Commerci Urban ■ Building W/a View Detailed • Affordable & Attainable Mixed -Income • NRD-1 Wynwood A DD ITI 0 NI AL REGULATIONS • County Future Land Use Industrial and Office • FAA 500' Height Limitation • LEER Certified • Off-street bicycle parking • Requires WDRC Approval WAIVERS • Disable Active Frontage 3 n BUILDING INTENSITY Maximum Lot Coverage: Residential Density: Maximum Building Height: Maximum Height - Stories: Minimum Height - Stories: Floor Lot Ratio: Maximum Built Area Allowed: Maximum Building Footprint: Minimum Open Space: Maximum Residential Area Allowed: Maximum Residential Units Allowed: Maximum Lodging Area Allowed: Maximum Lodging Rooms Allowed: Maximum Commercial Area Allowed: Maximum Office Area Allowed: 150. 00 Du SETBACKS AT GROUND LEVEL Minimum Primary Frontage Setback: Minimum Secondary Frontage Setback: Minimum Side Setback: Minimum hear Setback' Minimum Water Setback: 97,2t 12,4 !0 9721 97,2€ 97,2# 97,21 5. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 46 41 NW 20th Street 24-050-14 ZONING ALLOWABLE USES PRIMARY Residential r i by Right • Community Residence ■ Dormitory • Live - Work • Multi Family Housing • Single Family Residence • Two Family Residence Lodging (.3) by Right 0 ■ Bed & Breakfast • Hotel ■ Inn Office Il by Right 0 • Office Commercial IQi by Right 0 ■ Entertainment Estabishment • Food Service Establishment • General Commercial ■ Place of Assembly ■ Recreation Establishment .r, by Warrant it, • ALrlo - Related Commercial Establishment • Marine Related Commercial Establishment • Open Air Retail by Exception 0 • Alcohol Beverage Service Establishment ':iisi4I by Right 0 • Recreational Facility • Religious Facility by Warrant ■ Cornmutiity Facility by Exception • Regional Activity Complex Civic Support;.5 by Warrant • Community Support Facility • Infrastructure and Utilities ■ Marina ■ Public Parking • Transit Facilities Education31 1 B1 by Right ■ Learning Center ■ Pre - School • Research Facility OVERALL DISTRICTS 3.15 AFFORDABLE AND ATTAINABLE MIXED -INCOME HOUSING SPECIAL BENEFIT PROGRAM SUPPLEMENTAL REGULATIONS The intent of the Affordable Housing special benefit program established in this section is to facilitate the development of high quality Affordable Housing in the City by providing development incentives, including, but not limited to, modifications of architectural/design standards and parking reductions. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 47 41 NW 20th Street 24-050-14 ZONING Wynwood NRD-1 The NRD-1 shall permit the following Uses as identified within Section 4, Table 1: COMMERCIAL Manufacturing -Enabled Retail: A facility primarily engaged in the manufacturing, processing, or assembly of goods and shall include on -premises retail sales. Art Gallery: A place of business primarily engaged in the display and sale of art work created on or off site, with works available for immediate purchase and removal from the premises. CIVIC Privately -owned Public Open Space: A publicly accessible area on a private Lot that exceeds minimum Open Space requirements and shall be provided as a Civic Space Types standard within Article 4, Table 7 of this Code. This area shall be in connection with a ground floor Commercial Use. INTENT The intent of the Neighborhood Revitalization District (NRD-1) is to establish a protective series of land development regulations to transition the existing Wynwood Industrial District into an active, diverse, mixed - use Neighborhood. The NRD-1 will also preserve the unique street art and Industrial characteristics of the current Wynwood District while promoting a 24-hour environment where people work, live, and play. The Wynwood Neighborhood, originally operated as a manufacturing and logistic hub for the City of Miami, is in transition and is transforming into a globally recognized destination for art, fashion, innovation, and creative enterprise. It is vital that the Wynwood Neighborhood accommodate new Uses and Densities while creating new Public and private Open Space opportunities for its existing and future residents. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 48 41 NW 20th Street 24-050-14 TAXES The subject is assessed by the Miami -Dade County property appraiser/tax collector's office, and is taxed by the Miami -Dade County. According to public records, it appears there are no unpaid taxes as of the date of this report. The following table summarizes the subject's assessment and taxes: Parcel ID Assessment Year Tax Authority Land Value Tax Authority Improvements Value Tax Authority Other Value 41 NW 20th Street 01-3125-054-0430 2023 $4,305,600 $77,516 $14,144 Tax Authority Total Value Total Market Value Total Assessed Value School Board Millage Rate Miami -Dade County Non -School Millage Rate City of Miami Mill age Rate School Board Mill age Rate Taxes Miami -Dade County Non -School Millage Rate Taxes City of Miami Millage Rate Taxes Total Tax Rate Tax Rate Per Taxes Special Assessments Taxes with Special Assessments Early Payment Discount Percentage Total Taxes $4,397,260 $4,397,260 $3,875,690 6.699000 6.049600 7.807800 $29,457 $23,446 $30,261 20.556400 $1,000.00 $83,164 $0 $83,164 4% $79,838 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 49 41 NW 20th Street 24-050-14 HIGHEST AND BEST USE In determining the highest and best use of the property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four stages of analysis: • Physically Possible Use: What uses of the site in question are physically possible? • Legally Permissible Use: What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use: Which possible and permissible uses will produce a gross return to the owner of the site? • Maximally Productive: Among the feasible uses, which will produce the highest return or highest present worth of the site in question? The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use must be physically possible and legally permissible, there must be a profitable demand for such a 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's site and are discussed as follows: PHYSICALLY POSSIBLE The subject is located on the northwest corner of NW 20th Street and NW Miami Court, in the Wynwood neighborhood of the City of Miami. The underlying site consists of 15,600 SF or 0.36 acres. The subject's topography is level and at street grade. As noted in the Assumptions and Limiting Conditions, we know of no environmental or engineering study that has been conducted on the site to determine subsoil conditions. Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable highest and best uses of the site, as it relates to physical properties, are mixed -use development. LEGALLY PERMISSIBLE The subject's site is zoned "T6-8-O," Urban Core Zone, under the jurisdiction of the City of Miami, FL. Reference is made to the Zoning section of this report. Permitted uses include Mixed -Use Development. Upon analysis of the permitted uses, the most supportable highest and best uses of the site, as it relates to what is legally permissible, are mixed -use development. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlike the physically possible and legally permissible aspects of the highest and best use analysis, many external economic factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price forecast, property tax implications and measures of risk and yield are all determinant to this analysis. The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's expectations. The cost of land and its development limits the highest and best use of the site, generally to only those uses that are financially feasible. We conclude that financially feasible uses of the site that are physically possible and legally permissible are mixed -use development. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 50 41 NW 20th Street 24-050-14 HIGHEST AND BEST USE MAXIMALLY PRODUCTIVE We considered those uses, as aforementioned, to meet the physically possible, legally permissible and financially feasible tests of the highest and best use definition. The final criteria for full compliance within the highest and best use of the subject, as vacant, is that of a maximally productive use. We conclude the maximally productive use of the site is mixed -use development. HIGHEST AND BEST USE, AS IF VACANT A final reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as if vacant, is mixed -use development. HIGHEST AND BEST USE, AS IMPROVED We must also determine the highest and best use of the subject, as improved, by analyzing occupancy levels of various surrounding improvements, as well as the general needs within the area. The subject is improved with two, one-story industrial buildings that are in poor condition and contain a total of 5,597± SF. The buildings were built in 1938 and 1953 and have a weighted average year built of 1945. According to the City of Miami zoning, the subject can be developed with 97,283/SF or 1,638% more than the current improvements. Therefore, the subject appears to be under developed. The subject is currently on the market for sale as a redevelopment property. Based on the current conditions of the subject's market, the highest and best use of the subject, as improved, is the redevelopment of the existing improvements with a more intensive use. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 51 41 NW 20th Street 24-050-14 ANALYSIS OF DATA AND CONCLUSIONS IDENTIFICATION OF A LIKELY BUYER Due to the subject's size and price point, the most likely buyer is a large local or regional developer. VALUATION METHODOLOGIES In appraising a property, there are three traditional valuation methodologies that can be applied: the Cost, Income Capitalization and Sales Comparison Approaches. Selection of one or more of the approaches in the appraisal of a property rests primarily upon the property type and its physical characteristics, as well as the quality and quantity of available market data. The Cost Approach is based on the premise that an informed purchaser will not pay more for a property than it would cost him or her to construct a property of similar utility. This approach is most applicable when the subject is of new or nearly new construction and the improvements represent the highest and best use of the site. This approach is also particularly useful when appraising unique or special purpose properties where there are few, if any, comparable sales or leases. The Income Capitalization Approach is based on the fundamental investment premise that the higher a property's earnings, the higher its value. Investment in an income -producing property represents the exchange of present dollars for the right to receive future dollars. In this approach, a value indication for an income -producing property is derived by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways: one year's income expectancy can be capitalized at a market -derived capitalization rate, or alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified discount rate. The Income Capitalization Approach typically provides the most meaningful estimate of value for income -producing properties. The Sales Comparison Approach involves delineating appropriate units of measurement from comparable sales, in order to apply them to the subject's property. Adjustments are then made to the sales prices of the comparable properties based on various shared elements. This methodology may be used to value many different types of improved properties and vacant land, as long as there is a sufficient quantity of good -quality market data available. It becomes less reliable as the quantity and magnitude of adjustments increases, and it is generally not applicable to unique or special purpose properties. The final step in the valuation process is the reconciliation or correlation of the value indications. In the reconciliation or correlation, we consider the relative applicability of each of the approaches used, examine the range between the value indications, and place major emphasis on the approach that appears to produce the most reliable and credible result. VALUATION METHODOLOGIES APPLICABLE TO THE SUBJECT PROPERTY The Cost Approach was not utilized because the typical purchaser would not use this method when making a purchase decision, since the age of the improvements makes the depreciation highly subjective to accurately measure and the site is under developed. The Income Capitalization Approach was not utilized because while the subject could generate an income stream, the highest and best use of the property is for redevelopment. The Sales Comparison Approach was utilized because there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 52 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH LAND VALUATION The land, as if vacant, is valued by direct sales comparison, in which sales of comparable sites within the subject's area are analyzed in context with the subject's site. Adjustments are made to compensate for differences between the submitted sales data and the subject for such factors as location, size, shape, topography, utility, and marketability, etc. Land sales are presented to arrive at a $/Buildable SF for the subject. In an effort to locate comparable land sales, a search throughout the subject's area was conducted. The presented sales are valid indicators of land values in the subject's area. Information pertaining to these sales has been verified by the buyer, seller, broker or other sources considered reliable and having knowledge of the particular transaction when available. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 53 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 105 NW 11th Ter City Miami State FL Price $16,500,000 Grantor RNG OVERTOWN LLC Recordation 34086-4018 Property Rights Fee Simple Estate Conditions of Sale Assemblage Price Per Land SF $275.00 Price Per FAR $55.15 Land Comparable 1 Transaction Address 105 NW 11th Ter County Miami -Dade County Zip 33136 Date 2/2/24 Grantee BLOCK 19 OWNER LLC Tax Parcel ID 01-3136-009-1830 Financing Cash to Seller Verification Public Records Price Per Acre $11,956,522 Price Per Proposed Unit $39,474.00 Site Land SF 60,000 Land Acres 1.38 Topography Level and atstreetgrade Shape Rectangular Required Site Work Typical Clear and Grade Utilities All Available Zoning T6-8-O Proposed Use Mixed use multifamily and retail Zoning Type Commercial Zoned Density 300 du/acre Buildable SF 299,171 Allowable FAR 4.99 No. of Proposed Units 418 Proposed Unit Type Apartments Comments This was an assemblage of9-parcels with a total square footage of 60,000 SF or 1.38 acres. This sale comprises the entire block between NW 11th Ter and NW 12 St and NW 1st Ave and NW 1st Ct. According to the City of Miami zoning, this site can be developed with 418 residential units and 299,171/SF of maximum built area. The density is 300/DU/Acre. This site is located in the Affordable & Attainable Mixed -Income, Residential Density Increase - SE Overtown and Transit Oriented Development (TOD) - Parking Reduction overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 54 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 124-145 NE 20th St City Miami State FI Price $6,134,400 Grantor Ileana Maria Jaime Recordation 33675-3420 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $325.00 Price Per FAR $53.65 Land Comparable 2 Transaction Address 124-145 NE 20th St County Miami -Dade Zip 33137 Date 4/17/23 Grantee Edgewater 20, LLC Tax Parcel ID 01-3125-018-0040; -0050; -0070; - Financing Cash to Seller Verification TheRealDeal Price Per Acre $14,157,058 Price Per Proposed Unit $28,011.00 Site Land SF 18,875 Land Acres 0.43 Topography Level and atstreetgrade Shape Rectangular Required Site Work Demolition Utilities All Available Zoning T6-12-0 (OMNI Overlay) Proposed Use Apartments Zoning Type Commercial Zoned Density 500 du/acre Buildable SF 114,350 Allowable FAR 6.06 No. of Proposed Units 219 Proposed Unit Type Apartments Comments Owners of Centner Academy paid $6.1 million for the nearly half -acre contiguous properties at 125 to 145 Northeast 20th Street in Miami, according to a RealDeal article. The Centners could develop 219 apartments on the site for their teachers and staff. The assemblage is about a block and a half north of the middle school campus of the buyers. The parcels include vacant land, a single- family home and a small commercial building. According to the Miami Dade County zoning map, these parcels can be developed with a maximum built area of 114,350/SF. This iste is located in the Affordable & Attainable Mixed -Income and Residential Density Increase -Omni overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 55 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 2825 Wynwood Site City Miami State FL Price $26,000,000 Grantor Gamma FL Wynwood, LLC Recordation 33660-1400 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $625.75 Price Per FAR $73.98 Land Comparable 3 Transaction Address 2825 NW 2nd Avenue County Miami -Dade County Zip 33127 Date 4/12/23 Grantee 2825 Wynwood Holding, LLC Tax Parcel ID 01-3125-028-1180, -1190, -1200, - Financing Cash to Seller Verification Seller Price Per Acre $27,257,762 Price Per Proposed Unit $181,818.18 Site Land SF 41,550 Land Acres 0.95 Topography Level and at street grade Shape Irregular Required Site Work Demolition Utilities All Available Zoning T6-8-O Proposed Use Mixed -Use Development Zoning Type Mixed -Use Zoned Density 150 units per acre Buildable SF 351,443 Allowable FAR 8.46 No. of Proposed Units 143 Proposed Unit Type Apartments Comments This parcel is located at the southeast corner of NW 2nd Avenue and NW 29th Street. The site had approvals in place to build a 12- story mixed -use project containing 180 co -living residential units, 70 hotel rooms, 9,508 SF of ground floor retail, 82,000 SF of shared amenities and 163 underground parking spaces. At the time of sale, the site was improved with approximately 12,500 SF of building area that is expected to be demolished. This site is located in the Affordable & Attainable Mixed -Income and NRD-1 Wynwood overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 56 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Land Comparable 4 Transaction Name Wynwood One Development Site City Miami State FL Price $4,500,000 Grantor Wynwood Stars LLC Recordation 33639-2911; 33639-2909 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $240.64 Price Per FAR $60.68 Address 145 NW 30 Street County Miami -Dade County Zip 33127 Date 3/28/23 Grantee Wynwood One BL LLC Tax Parcel ID 01-3125-028-0310, -0030 Financing Cash to Seller Verification Mitash Kripalani; Colliers byJoe Price Per Acre $10,482,353 Price Per Proposed Unit $70,312.50 Site Land SF 18,700 Land Acres 0.43 Topography Level and at street grade Shape Generally rectangular Required Site Work Demolition Utilities All Available Zoning T5-L/NRD-2 Proposed Use Multifamily Zoning Type Multifamily Zoned Density 150.00 Buildable SF 74,162 Allowable FAR 3.97 No. of Proposed Units 64 Proposed Unit Type Apartments Comments This sale includes two parcels: 161 NW 30th Street and 145 NW 30 Street. The parcel located at 161 NW 30th Street has an easement for ingress and egress over the west 4 feet granted to the owners of01-3125-028-0301, which sits immediately north of 161 NW 30th Street. The site is zoned high -density Wynwood NRD2 zoning, which allows for 150 units per acre (64 buildable units)and five stories by right with an additional story available via bonus. The sellers had prepared an architectural design for a 60-unit condo building. The buyer was able to assume the design or create their own. The original asking price was $5,700,000. According to the city of Miami zoning, this sale can can be developed with 74,162/SF of maximum built area. This sale is also located in the Affordable & Attainable Mixed -Income and NRD-2 Wvnwood Norte overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 57 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Land Comparable 5 Transaction Name 2110 N Miami Ave Address 2110 N Miami Ave City Miami County Miami -Dade County State FL Zip 33127 Price $12,000,000 Date 11/16/22 Grantor MIAMI TOWN CENTER HOLDINGS LLCD Grantee WYNWOOD INTEREST LLC Recordation 33479-1252 Tax Parcel ID 01-3125-048-0320 Property Rights Fee Simple Estate Financing Cash to Seller Conditions of Sale Assemblage Verification Broker and Public Records Price Per Land SF $182.25 Price Per Acre $7,947,020 Price Per FAR $27.59 Price Per Proposed Unit $49,383.00 Site Land SF 65,842 Land Acres 1.51 Topography Level and at street grade Shape Rectangular Required Site Work Demolition Utilities NA Zoning T6-8-O Proposed Use NA Zoning Type Commercial Zoned Density 150 du/acre Buildable SF 434,912 Allowable FAR 6.61 No. of Proposed Units 243 Proposed Unit Type NA Comments This was an assemblage of parcels, which sold on 11/16/2022 for $12,000,000. This site is being developed with a mixed -use complex will consist of 12 floors for housing 339 residential units, 25,653 SF of retail, 18,713/SF ofamenities.and about 407 on -site parking spaces and five on -street parking spaces. The developer is requesting zoning code wavers to allow for a larger development. According to the City of Miami zoning, this site is allowed 8 stories, with 243 residential units and 434,912/Sf of maximum built area. This site is located in the Affordable & Attainable Mixed -Income and NRD-1 Wynwood overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 58 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Name 2000 N Miami Ave City Miami State FL Price $19,100,000 Grantor CL RE 2K MIA LLC Recordation 33118-4648, -4654, -4643 Property Rights Fee Simple Estate Conditions of Sale Arm's length Price Per Land SF $317.61 Price Per FAR $52.21 Land Comparable 6 Transaction Address 2000 N Miami Ave County Miami -Dade County Zip 33127 Date 3/31/22 Grantee Variuos (See Comments) Tax Parcel ID 01-3125-048-0350,01-3125-048- Financing Cash to Seller Verification Public Records Price Per Acre $13,840,580 Price Per Proposed Unit $95,980.00 Site Land SF 60,137 Land Acres 1.38 Topography Level and at street grade Shape Square Required Site Work Typical Clear and Grade Utilities All Available Zoning T6-8-O Proposed Use Mixed Use Zoning Type Commercial Zoned Density 150 du/acre max Buildable SF 365,849 Allowable FAR 6.08 No. of Proposed Units 199 Proposed Unit Type Apartments Comments This transaction involved four folios located on the north side of NW 20th Street, between N Miami Avenue and NW Miami Court. This site is being developed with Wynwood Crossing, which will be 150-foot-tall building with 380,806/SF of space. This includes 310 residential units, 9,479 SF of ground -floor retail space, 308 parking spaces, and 141 bike racks. According to City of Miami Zoning, prior to density bonuses, the site was allowed 365,849/SF maximum built area, 8 stories and 199 units. This site is located in the Affordable & Attainable Mixed -Income, NRD-1 Wynwood and the Transit Oriented Development (TOD) - Parking Reduction overlay districts. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 59 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH LAND SALES SUMMARY Comp Address Price Zoning Allowable FAR Land SF Price per Land SF City Date Zoning Type Price per FAR Land Acres Price per Acre 1 105 NW 11th Ter $16,500,000 T6-8-O 4.99 Miami 02/02/2024 Commercial $55.15 60,000 $275.00 1.38 $11,956,522 2 124-145 NE 20th St $6,134,400 T6-12-0 (OMNI 6.06 Miami 04/17/2023 Commercial $53.65 3 2825 NW 2nd Avenue $26,000,000 T6-8-O 8.46 Miami 04/12/2023 Mixed -Use $73.98 4 145 NW 30 Street $4,500,000 T5-L/NRD-2 3.97 Miami 03/28/2023 Multifamily $60.68 18,875 $325.00 0.43 $14,157,058 41,550 $625.75 0.95 $27,257,762 18,700 $240.64 0.43 $10,482,353 5 2110 N Miami Ave $12,000,000 T6-8-O 6.61 Miami 11/16/2022 Commercial $27.5 65,842 1.51 6 2000 N Miami Ave $19,100,000 T6-8-O 6 Miami 03/31/2022 Commercial 4 60,137 1.38 $18 2.2 5 $7,947,020 $317.61 $13,840,580 LAND SALES COMPARISON MAP tro a NW lath St 'I II it I I WY '' i NW 2Orh 81 I I ,I \I i II f,4 : 11 1 11 I �I II OV'ERT,OWN 1j SPRING GARDEN y I NwBohst EDGEW.ATER TOWN SQUARE A TSON,!SLAN Map data i24 G}e LAND SALES ANALYSIS To derive an estimated value of the site, as if vacant, we analyzed the land comparables and have made adjustments for varying characteristics. Property Rights Conveyed The property rights conveyed for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a fee simple estate. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 60 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Financing Terms The financing terms for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of a cash to seller transaction. Conditions of Sale The conditions of sale for each sale are shown in the adjustment grid. The subject is valued in this report on the basis of an arm's length transaction. Market Conditions FRED — 30-tear Fixed Fate Mortgage Average bn the united States 2023-0" 2623,04 2023-07 2023-10 2024-01 2024- fredstiooisfed.org As can be seen in the chart above, interest rates have seen a significant increase over the past year, which has slowed down the overall real estate market as well as new developments. However, as interest rates have slowed down the market, condominium prices have continued to increase, as can be seen below: $43Q000.00 $410,000,00 $390,000.00 $370,000.00 $330,000,00 $330,000,00 City of Miami - Condo/Co-op NNN N N N N N N N N N m m re rn m m m m m m m v e v a N N N N N N N N N N N N N N N N N N N N N N N N N N N N O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N N N N N N N N ` ` N N N N N N N N N N ` N N N N N N rl •i ei rl 'i ei rl vi rl �--I •-I •i ei rl 'i ei rl 'i rl 'i rl •-I �--I ei rl ei rl 'i . N N1 7 u, O , 00 m O . N -I N rn a Ln 00 h 00 00 O . N . N HI d. rl •i rl •i rl ei Source: Zillow Home Value Index JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 61 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH !Appendix 4 R 5 STAR VACANCY &RENT Downtown Miami Multi -Family Year Units Vs cam). Percent P pEts Cis Pei MO Market Rent Per SF SLGrowth Ppt C9rg Effective Rents Unite Per SF 2028 3.141 9_6% (3.0) $3.530 $3.87 2.156 (0.1) $3.489 $3.83 2027 4.000 12_6% 3D $3.45B $3.79 2.2% (0.0) $3.417 $3.75 2026 2.738 9_696 (0.1) 53.385 $a71 2.7% (1.0) $3.345 $3_67 2025 2.556 9.7% (1.1) 53.295 $3.81 3.896 ®B 53.256 ;3.57 2024 2.912 lag% 4.0 $3.175 $3_48 3.2% 2.5 la. 1'38 53.144 YTD 1.001 8.5% 1.8 $3.124 $3.42 1.9% 1.3 $3.002 $3.39 2023 1.427 e_856 (1.1) 53.0713 S3.37 01.6% (4.7) 53.045 $3.34 2022 1.578 7.996 1.9 53.058 P.35 5.4% (10_3) 53.042 P.33 eeeeeee► As can be seen in the above chart, market rent has continued to increase for high -end apartments in the subject's market. Based on a combination of higher interest rates but still increasing condominium prices and increasing market rent, we have not made a market condition adjustment. Location The adjustment for location reflects the trend that properties in areas of active growth and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, should sell for a higher price per SF than properties which do not offer these attributes, with all other factors held constant. Land Sale 1 is located south of the subject, outside of the Wynwood District and is considered inferior to the subject in terms of market appeal of the area and adjusted upward. Land Sales 2, 5 and 6 are located within clocks of the subject are considered similar in terms of location and not adjusted. Land Sales 3 and 4 are located north of the subject in the heart of the Wynwood District. The subject is located at the southern edge of the Wynwood District. In terms of market appeal of the area, sales 3 and 4 are considered superior to the subject and adjusted downward. Size In terms of size, it is noted that smaller parcels typically sell for a higher price per SF than larger parcels, with all other factors held constant. The subject consists of 0.36 acres or 15,600 SF. Land sale 1, 5 and 6 are large enough to require an upward adjustment. The remaining land sales are not adjusted. Allowable FAR The subject has a allowable FAR of 6.24. When valuing a property on a per FAR basis, due to the economies of scale, a smaller density site typically sells for a high price per unit in comparison to a higher density site, with all other things being equal. Land Sale 1 and 4 are lower and require a downward adjustment. Land Sale 3 is higher and requires an upward adjustment. The remaining land sales are similar to the subject and not adjusted. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 62 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH Overlay Districts Some overlay district allow for a higher density bonus, which allows for the development of more units and/or more square footage and building height. The overlay districts of the land sales in comparison to the subject are displayed in the chart below: Comparison Sales Zoning Overlay Districts To Subject Adjustment Subject T6-8-O Affordable & Attainable Mixed -Income & NRD-1 Wynwood 1 T6 8 O Affordable & Attainable Mixed -Income & Residential Superior Downward Density Increase SE Overtown & TOD Parking Reduction 2 T 12 O Affordable & Attainable Mixed -Income & Residential Similar None Density Increase- Omni 3 T6-8-O Affordable & Attainable Mixed -Income & NRD-1 Wynwood Similar None 4 T5-L Affordable & Attainable Mixed -Income & NRD-2 Wynwood Similar None 5 T6-8-0 Affordable & Attainable Mixed -Income & NRD-1 Wynwood Similar None Affordable & Attainable Mixed -Income, NRD-1 Wynwood & 6 T6 8 0 Similar None TOD Parking Reduction Topography The subject's site is level and at street grade and considered similar to all the land sales presented. Required Site Work The subject would need the demolition of a small building. This cost is considered minimal would not affect the vacant land purchase price. Land Sales 1 through 6 did not have enough site work cost to affect sale price and are therefore not adjusted. LAND SALES ANALYSIS CONCLUSION The previously described adjustments are summarized in the following grid. The percentage adjustments are used to show the emphasis placed on each adjustment, and are not based on a paired sales analysis. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 63 41 NW 20th Street 24-050-14 THE INCOME CAPITALIZATION APPROACH LAND SALES ADJUSTMENT GRID Land Analysis Grid Comp 1 ilk Comp 2 JEL Comp 3 Comp 5 i Name 41 NW 20th Street Address 41 NW 20th Street City Miami State FL Date Price BuildableSF 97,283 105 NW llth Ter 105 NW llth Ter Miami FL 2/2/2024 $16,500,000 299,171 124-145 NE 20th St 124-145 NE 20th St Miami FI 4/17/2023 $6,134,400 114,350 2825 Wynwood Site 2825 NW 2nd Avenue Miami FL 4/12/2023 $26,000,000 351,443 Wynwood One 145 NW 30 Street Miami FL 3/28/2023 $4,500,000 74,162 2110 N Miami Ave 2110 N Miami Ave Miami FL 11/16/2022 $12,000,000 434,912 2000 N Miami Ave 2000 N Miami Ave Miami FL 3/31/2022 $19,100,000 365,849 Price per SF $55.15 $53.65 $73.98 $60.68 $27.59 $52.21 Transactional Adjustments Property Rights Fee Simple Estate Financing Cash to Seller Conditions of Sale Arm's Length Fee Simple Estate 0% Cash to Seller 0% Assemblage 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Fee Simple Estate 0% Cash to Seller 0% Assemblage 0% Fee Simple Estate 0% Cash to Seller 0% Arm's length 0% Market Trends Th rough 5/17/2024 0% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Adjusted Price per SF $55.15 $53.65 $73.98 $60.68 $27.59 $52.21 Property Adjustments Location Inferior Similar Superior Superior Similar Similar %Adjustment $ Adjustment 10% $5.52 0% $0.00 -10% ($7.40) -10% ($6.07) 0% $0.00 0% $0.00 Land Acres 0.36 1.38 0.43 0.95 0.43 1.51 1.38 %Adjustment $ Adjustment 5% $2.76 0% $0.00 0% $0.00 0% $0.00 5% $1.38 5% $2.61 Allowable FAR 6.24 4.99 6.06 8.46 3.97 6.61 6.08 %Adjustment $ Adjustment -10% ($5.52) 0% $0.00 5% $3.70 -5% ($3.03) 0% $0.00 0% $0.00 Overlay District Superior Similar Similar Similar Similar Similar %Adjustment $ Adjustment -5% ($2.76) 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 Topography Level and at street Level and at street Level and at street Level and at street Level and at street Level and at street Level and at street %Adjustment $ Adjustment 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 Requi red Site Work Demolition Typical Clear and Demolition Demolition Demolition Demolition Typical Clear and %Adjustment $ Adjustment 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 0% $0.00 Adjusted Price per SF $55.15 $53.65 $70.28 $51.58 $28.97 $54.82 Property Adjustments (Net) Property Adjustments (Gross) 0% 30% 0% 0% -5% 15% -15% 15% 5% 5% 5% 5% LAND VALUE CONCLUSION The comparables show a price/Buildable SF range of $28.97 /Buildable SF to $70.28 /Buildable SF on an adjusted basis, with an average of $52.41 /Buildable SF. The subject is currently listed for sale as a redevelopment opportunity for $6,250,000 or $64.25/Buildable SF, which appears high based on the comparables presented. Land Sales 2 and 6 are considered the most comparable to the subject in terms of locations. With primary emphasis of these sales, we have concluded to a value for the subject of $55.00/Buildable SF. ® Land Value Conclusion Multiplied by Subject's Buildable SF Indicated Land Value $55.00 /SF 97,283 SF $5,350,565 Value "As Is" Date of Indicated Land Rounded Final Value Value Land Value 5/17/24 $5,350,565 $5,350,000 The above value opinion amounts to a price per SF of land of $342.95/SF. The land sales range from $182.25/Sf to $625.75/SF unadjusted. Land Sales 2 and 6, which are considered the most comparable to the subject, range from $317.61/SF to $325.00/SF unadjusted. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 64 41 NW 20th Street 24-050-14 RECONCILIATION AND FINAL VALUE The Sales Comparison Approach was employed in the valuation of the subject. The values derived via these methods are shown below: Value "As Is" Date of Value Land Value 5/17/24 $5,350,000 Based on the analysis of pertinent physical and economic factors, we have arrived at the following value opinions: Value Date of Value Interest Appraised "As Is" 5/17/24 Fee Simple Estate Value Opinion $5,350,000 According to the subject's broker, the owner has indicated that there is a lease in -place. Our appraisal is based on any extraordinary assumption that this lease is short terms and will not affect the marketability or redevelopment of the subject. The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. This appraisal is not based on any hypothetical conditions. 41) ..\-N JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 65 41 NW 20th Street 24-050-14 ADDENDA JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated air Appraisal Institute, The space above a specific land area within stated elevations. Dictionary of Real Air rights may be acquired to construct a building above Estate Appraisal, 7th the land or building of another or to protect the light and Ed. (Chicago: Appraisal air of an existing or proposed structure on an adjoining Institute, 2022) lot. Air rights do not always include development rights. As Is Market Value The estimate of the market value of real property in its Appraisal Institute, The current physical condition, use, and zoning as of the Dictionary of Real appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 7th Guidelines) Note that the use of the "as is" phrase is Ed. (Chicago: Appraisal specific to appraisal regulations pursuant to FIRREA Institute, 2022) applying to appraisals prepared for regulated lenders in the United States. The concept of an "as is" value is not included in the Standards of Valuation Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice, or International Valuation Standards. Band of Investment A technique in which the capitalization rates attributable Appraisal Institute, The to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 7th to the total investment (i.e., debt and equity, land and Ed. (Chicago: Appraisal improvements). Institute, 2022) Condominium An attached, detached, or stacked unit within or attached Appraisal Institute, The to a structure with common areas that are held as tenants Dictionary of Real in common (an undivided interest) with other owners in Estate Appraisal, 7th the project. The units can be residential, commercial, Ed. (Chicago: Appraisal industrial, or parking spaces or boat docks. These units are Institute, 2022) commonly defined by state laws in their locations. Because units can be stacked on top of other units, these units can be defined both vertically and horizontally. Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service Appraisal Institute, The (DCR = NOI/IM), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 7th income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal larger DCR typically indicates a greater ability for a Institute, 2022) property to withstand a reduction of income, providing an improved safety margin for a lender. Deferred Maintenance Items of wear and tear on a property that should be fixed Appraisal Institute, The now to protect the value or income -producing ability of Dictionary of Real the property, such as a broken window, a dead tree, a leak Estate Appraisal, 7th in the roof, or a faulty roof that must be completely Ed. (Chicago: Appraisal replaced. These items are almost always curable. Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Depreciation 1. In appraisal, a loss in the value of improvements Appraisal Institute, The from any cause; the difference between the cost Dictionary of Real of an improvement on the effective date of the Estate Appraisal, 7th appraisal and the value of the improvement on Ed. (Chicago: Appraisal the same date. Institute, 2022) 2. In accounting, an allocation of the original cost of an asset, amortizing the cost over the asset's life; calculated using a variety of standard techniques. Discount Rate (Y) A rate of return on capital used to convert future Appraisal Institute, The payments or receipts into present value. Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income (EGI) The anticipated income from all operations of the real Appraisal Institute, The estate after an allowance is made for vacancy and Dictionary of Real collection losses and an addition is made for any other Estate Appraisal, 7th income. Ed. (Chicago: Appraisal Institute, 2022) Effective Gross Income Multiplier (EGIM) The ratio between the sale price (or value) of a property Appraisal Institute, The and its effective gross income. Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Entrepreneurial Profit 1. A market -derived figure that represents the Appraisal Institute, The amount an entrepreneur received for his or her Dictionary of Real contribution to a past project to compensate for Estate Appraisal, 7th his or her time, effort, knowledge, and risk; the Ed. (Chicago: Appraisal difference between the total cost of a property Institute, 2022) (cost of development) and its market value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. 2. In economics, the actual return on successful management practices, often identified as coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Equity Capitalization Rate (RE) An income rate that reflects the relationship between one year's equity cash flow and the equity investment; also called the cash -on -cash rate, cash flow rate, cash throw- off rate, or equity dividend rate. (RE = IE/VE, or Pre -Tax Cash Flow/Equity Invested) Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Equity Ratio (E) The ratio between the down payment paid on a property and its total price; the fraction of the investment that is unencumbered by debt. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Excess Land Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Exposure Time An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). External Obsolescence A type of depreciation; a diminution in value caused by negative external influences and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent. There are two forms of external obsolescence: economic and locational. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Extraordinary Assumption An assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Fee Simple Estate 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. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Gross Building Area (GBA) 1. Total floor area of a building, excluding Appraisal Institute, The unenclosed areas, measured from the exterior of Dictionary of Real the walls of the above -grade area. This includes Estate Appraisal, 7th mezzanines and basements if and when typically Ed. (Chicago: Appraisal included in the market area of the type of Institute, 2022) property involved. 2. Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the superstructure and substructure basement; typically does not include garage space. Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive Appraisal Institute, The use of tenants, including basements and mezzanines; Dictionary of Real measured from the center of joint partitioning to the Estate Appraisal, 7th outside wall surfaces. Ed. (Chicago: Appraisal Institute, 2022) Highest and Best Use 1. The reasonably probable use of property that Appraisal Institute, The results in the highest value. The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 7th permissibility, physical possibility, financial Ed. (Chicago: Appraisal feasibility, and maximum productivity. Institute, 2022) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source 4. [For fair value determination] The use of a nonfinancial asset by market participants that would maximize the value of the asset or the group of assets and liabilities (for example, a business) within which the asset would be used. (FASB Glossary) The highest and best use of a nonfinancial asset takes into account the use that is physically possible, legally permissible, and financially feasible. (FASB 820-10-35-10B). The highest and best use of a nonfinancial asset establishes the valuation premise used to measure the fair value of the asset, as follows: (a) The highest and best use of a nonfinancial asset might provide maximum value to market participants through its use in combination with other assets as a group (as installed or otherwise configured for use) or in combination with other assets and liabilities (for example, a business). (b) The highest and best use of the asset might provide maximum value to market participants on a standalone basis. (FASB 820-10-35-10E) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Uniform Standards of Professional Appraisal Practice 2020-2021 Ed. (Washington, DC: The Appraisal Foundation, 2019 (extended through December 31, 2023)). Insurable Value A type of value for insurance purposes. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Internal Rate of Return (IRR) The annualized yield rate or rate of return on capital that is generated within an investment or portfolio over a period of ownership. Alternatively, the indicated return on capital associated with a projected or pro forma income stream. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Leased Fee Interest The ownership interest held by the lessor, which includes Appraisal Institute, The the right to receive the contract rent specified in the lease Dictionary of Real plus the reversionary right when the lease expires. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Leasehold Estate (Leasehold Interest) The right held by the lessee to use and occupy real estate Appraisal Institute, The for a stated term and under the conditions specified in the Dictionary of Real lease. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Loan -to -Value Ratio (M) The ratio between a mortgage loan and the value of the Appraisal Institute, The property pledged as security, usually expressed as a Dictionary of Real percentage; also called loan ratio or LTV. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Marketing Time An opinion of the amount of time to sell a property Appraisal Institute, The interest at the concluded market value or at a benchmark Dictionary of Real price during the period immediately after the effective Estate Appraisal, 7th date of an appraisal. Marketing time differs from Ed. (Chicago: Appraisal exposure time, which precedes the effective date of an Institute, 2022) appraisal. Market Rent The most probable rent that a property should bring in a Appraisal Institute, The competitive and open market under all conditions Dictionary of Real requisite to a fair lease transaction, the lessee and lessor Estate Appraisal, 7th each acting prudently and knowledgeably, and assuming Ed. (Chicago: Appraisal the rent is not affected by undue stimulus. Implicit in this Institute, 2022) definition is the execution of a lease as of a specified date under conditions whereby • Lessee and lessor are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (Tls). JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Market Value A type of value, stated as an opinion, that presumes the Uniform Standards of transfer of a property (i.e. a right of ownership or a bundle Professional Appraisal of such rights), as of a certain date, under specific Practice 2020-2021 Ed. conditions set forth in the value definition that is (Washington, DC: The identified by the appraiser as applicable in an appraisal. Appraisal Foundation, 2019 (extended through December 31, 2023)). Mortgage Capitalization Rate (RM) The capitalization rate for debt; the ratio of the annual Appraisal Institute, The debt service to the remaining principal balance of the Dictionary of Real mortgage loan. The mortgage capitalization rate (RM) is Estate Appraisal, 7th equivalent to the periodic (monthly, quarterly, annual) Ed. (Chicago: Appraisal mortgage constant multiplied by the number of payments Institute, 2022) per year on a given loan on the day the loan is initiated. RM = Annual Debt Service/Mortgage Principal Mortgage Debt Service (IM) The annualized periodic payment for interest on and Appraisal Institute, The retirement of the principal of a mortgage loan; also called Dictionary of Real total mortgage debt service. The abbreviation IM refers to Estate Appraisal, 7th the annual debt service. These terms often refer to annual Ed. (Chicago: Appraisal debt service, but clarification is often required if they are Institute, 2022) monthly, quarterly, or annual because many mortgages are paid monthly. Net Income Multiplier (NIM) The relationship between price or value and net operating Appraisal Institute, The income expressed as a factor; the reciprocal of the overall Dictionary of Real capitalization rate. Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Net Operating Income (NOI or lo) The actual or anticipated net income that remains after all Appraisal Institute, The operating expenses are deducted from effective gross Dictionary of Real income but before mortgage debt service and book Estate Appraisal, 7th depreciation are deducted. Note: This definition mirrors Ed. (Chicago: Appraisal the convention used in corporate finance and business Institute, 2022) valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization). Net Rentable Area (NRA, Rentable Area) For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The of the entire office floor, excluding elements of the Dictionary of Real building that penetrate through the floor to the areas Estate Appraisal, 7th below. The rentable area of a floor is computed by Ed. (Chicago: Appraisal measuring to the inside finished surface of the dominant Institute, 2022) portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Overall Capitalization Rate (Ro) The relationship between a single year's net operating Appraisal Institute, The income expectancy and the total property price or value Dictionary of Real (Ro = to /Vo)• Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Prospective Market Value "As Completed" and "As Stabilized" A prospective market value may be appropriate for the Appraisal Institute, The valuation of a property interest related to a credit decision Dictionary of Real for a proposed development or renovation project. Estate Appraisal, 7th According to USPAP, an appraisal with a prospective Ed. (Chicago: Appraisal market value reflects an effective date that is subsequent Institute, 2022) to the date of the appraisal report. Prospective value opinions are intended to reflect the current expectations and perceptions of market participants, based on available data. Two prospective value opinions may be required to reflect the time frame during which development, construction, and occupancy will occur. The prospective market value —as completed— reflects the property's market value as of the time that development is expected to be completed. The prospective market value —as stabilized— reflects the property's market value as of the time the property is projected to achieve stabilized occupancy. For an income -producing property, stabilized occupancy is the occupancy level that a property is expected to achieve after the property is exposed to the market for lease over a reasonable period of time and at comparable terms and conditions to other similar properties. (See USPAP Statement 4* and Advisory Opinion 17.) (Interagency Appraisal and Evaluation Guidelines) Prospective Opinion of Value A value opinion effective as of a specified future date. The Appraisal Institute, The term does not define a type of value. Instead, it identifies Dictionary of Real a value opinion as being effective at some specific future Estate Appraisal, 7th date. An opinion of value as of a prospective date is Ed. (Chicago: Appraisal frequently sought in connection with projects that are Institute, 2022) proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Replacement Cost The estimated cost to construct, at current prices as of a Appraisal Institute, The specific date, a substitute for a building or other Dictionary of Real improvements, using modern materials and current Estate Appraisal, 7th standards, design, and layout. Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Replacement Cost for Insurance Purposes The estimated cost, at current prices as of the effective Appraisal Institute, The date of valuation, of a substitute for the building being Dictionary of Real valued, using modern materials and current standards, Estate Appraisal, 7th design, and layout for insurance coverage purposes Ed. (Chicago: Appraisal guaranteeing that damaged property is replaced with new Institute, 2022) property (i.e., depreciation is not deducted). Reproduction Cost The estimated cost to construct, at current prices as of the Appraisal Institute, The effective date of the appraisal, a duplicate or replica of the Dictionary of Real building being appraised, using the same or similar Estate Appraisal, 7th materials, construction standards, design, layout, and Ed. (Chicago: Appraisal quality of workmanship and embodying all the Institute, 2022) deficiencies, superadequacies, and obsolescence of the subject building. Residual Capitalization Rate (RN) An overall capitalization rate used to estimate the resale Appraisal Institute, The price of a property; usually applied to the anticipated Dictionary of Real stabilized income for the year beyond the holding period; Estate Appraisal, 7th also called terminal capitalization rate. Ed. (Chicago: Appraisal Institute, 2022) Retrospective Value Opinion A value opinion effective as of a specified historical date. Appraisal Institute, The The term retrospective does not define a type of value. Dictionary of Real Instead, it identifies a value opinion as being effective at Estate Appraisal, 7th some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal frequently sought in connection with property tax Institute, 2022) appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion." Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The leaseholder is the lessee of one party and the lessor of Dictionary of Real another. The owner of the sandwich lease is neither the Estate Appraisal, 7th fee owner nor the user of the property; he or she may be Ed. (Chicago: Appraisal a leaseholder in a chain of leases, excluding the ultimate Institute, 2022) sublessee. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING 41 NW 20th Street 24-050-14 GLOSSARY OF VALUATION TERMS Term Definition Source Sum of the Retail Values The sum of the separate and distinct market value opinions for each of the units in a condominium, subdivision development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent the value of all the units as though sold together in a single transaction; it is simply the total of the individual market value conclusions. An appraisal has an effective date, but summing the sale prices of multiple units over an extended period of time will not be the value on that one day unless the prices are discounted to make the value equivalent to what another developer or investor would pay for the bulk purchase of the units. Also called the aggregate of the retail values or aggregate retail selling price. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) Surplus Land Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute, 2022) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSULTING APPRAISAL REPORT #2 DEUTSCHE VALUATIONS APPRAISAL OF REAL PROPERTY Internal File#JV05245639 LOCATED AT 41 NW 20t S� Mi.,.,, FL 33127 R/. Johnso.. & Weddell, Ada Pe 6-68 L... 7 & 8 8,. 12 & E1/2 O, A„., L,., & A, C -, P., 0... 13492 L,, S... 15600 S, F. M/, 0, 16173-1832 1293 5 FOR 0.., Co Rede e oP e Age 1401 N M,a. ; A..e Ma FL33136 OPINION OF VALUE $ 6, 240, 000 AS OF 05/10/2024 BY MAI, SRA, Ce« Ge., RZ3562 4251 SW 159." AVE FL 33185 (786) 285-1205 ;oF�e27@,.ahoo.�on, Form GA1V - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Borrower TBD File No. JV10225277 Property Address 41 NW 20th St City Mi.,,,; County Mia—i-Dade State FL Zip Code 33127 Lender/Client 0, ri C.--ay Rede„eIopn,e.,t Age.,.„ TABLE OF CONTENTS Cover Page 1 Land Appraisal Report 2 Additional Comparables 4-6 6 USPAP Identification 7 MLS and sale History 8 Supplemental Addendum w/sig block 9 County Building 1 Sketch 20 County Building 2 Sketch 21 Subject Photos 22 Vacant Land Sales Photograph Addendum 23 Comparable Photos 1-3 24 Comparable Photos 4-6 25 Neighborhood Map 26 Neighborhood Aerail Map 27 Wynwood Map 28 Wynwood Trolley Map 29 Location Map 30 Site Map 31 Aerial Map 32 Aerial Map 33 Flood Map 34 Qualifications of the Appraiser 35 Appaiser's License 42 Wynwood Zoning NRD-1 - Page 1 43 Wynwood Zoning NRD-1 - Page 2 44 Wynwood Zoning NRD-1 - Page 3 45 Wynwood Zoning NRD-1 - Page 4 46 Wynwood Zoning NRD-1 - Page 5 47 Wynwood Zoning NRD-1 - Page 6 48 Wynwood Zoning NRD-1 - Page 7 49 Wynwood Zoning NRD-1 - Page 8 50 Wynwood Zoning NRD-1 - Page 9 51 Wynwood Zoning NRD-1 - Page 10 52 Wynwood Zoning NRD-1 - Page 11 53 Wynwood Zoning NRD-1 - Page 12 54 Wynwood Zoning NRD-1 - Page 13 55 Wynwood Zoning NRD-1 - Page 14 56 Wynwood Zoning NRD-1 - Page 15 57 Wynwood Zoning NRD-1 - Page 16 58 Wynwood Zoning NRD-1 - Page 17 59 Wynwood Zoning NRD-1 - Page 18 60 Wynwood Zoning NRD-1 - Page 19 61 Wynwood Zoning NRD-1 - Page 20 62 Wynwood Zoning NRD-1 - Page 21 63 Wynwood Zoning NRD-1 - Page 22 64 Wynwood Zoning NRD-1 - Page 23 65 Wynwood Zoning NRD-1 - Page 24 66 Wynwood Zoning NRD-1 - Page 25 67 Wynwood Zoning NRD-1 - Page 26 68 Wynwood Zoning NRD-1 - Page 27 69 Wynwood Zoning NRD-1 - Page 28 70 Wynwood Zoning NRD-1 - Page 29 71 Wynwood Zoning NRD-1 - Page 30 72 Form TOCNP LT - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Deutsche Valuation (786)285-1205 LAND APPRAISAL REPORT File No.: JV10225277 Loan No.: 2201484747 The purpose of this summary appraisal report is to provide the lender/client with an accurate and adequately supported opinion of the market value CLIENT AND PROPERTY IDENTIFICATION Property Address: 41 NW 20th S= City: M;a,„; State: EL of ZIP: the subject property. 33127 Borrower. TBD Owner of Public Record: A-1 Sn.pperd Roofing, Inc. County: Miami -Dade Legal Description: Assessor's Parcel#: Neighborhood Name: Special Assessments: Property Rights Appraised: Assignment Type: Lender/Client: Omni W. Jo, ... & W...... Ada Pe 6-68 L.., 7 & 8 B. 12 & E1/2 O, A,,a, L,, & A., C,,. ., P., O.d 13492 L.. S... 15600 S, F. MO O. 16173-1832 1293 5 01-3125-054-0430 Tax Year: 2023 R.E. Taxes: $83,164.26 WynW..d Map Reference: 33124 Census Tract: 0028.00 0 PUD ❑ Yes ® No HOA: $ ❑ PerYear ❑ Per Month ® Fee Simple ❑ Leasehold ❑ Purchase Transaction ❑ Refinance Community RedeveiDpmen= ❑ Other (describe) Transaction ® Other (describe) Agency Address: Mark.[ Vew. 1401 N Mi.—, Av., Miami, FL 33136 CONTRACT ANALYSIS I ❑ did ® did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. As far as we Knovv, the subject is not under any purchase contract. According to MLS#A11492631, the sujec=was offered for sale for w=� $6,500,000 on 11/1/23. This listing was reduced to $6,250,000 on 11/1/2023. None otherlisting as n ~ last 12 months. Contract Price $: N/A Date of Contract: N/A Is the property seller the owner of public record? ❑ Yes party on behalf of the borrower? ❑ NoData Sources Is there any financial assistance (loan charges, sale concessions, gift or down If Yes, report the total dollar amount and describe the items to be paid. payment assistance, etc.) to be paid by any $ N/A ❑ Yes ❑ No NEIGHBORHOOD DESCRIPTION Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One -Unit Housing Trends One -Unit Housing Present Land Use % Location ® Urban ❑ Suburban ❑ Rural Property Values ® Increasing ❑ Stable ❑ Declining PRICE AGE One -Unit 30 % Built -Up ® Over 75% ❑ 25-75% ❑ Under 25% Demand/Supply ® Shortage ❑ In Balance ❑ Over Supply $ (000) (yrs) 2-4 Unit 5% Growth ❑ Rapid ® Stable ❑ Slow Marketing Time ® Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 170 Low 1 Multi -Family 15 % Neighborhood Boundaries: T.. su jet= is bound =o =he North by NW 36n S=re ..... S ,.m, by NW 20=i, 2,441 High 102 Commercial 35 % Street, to the East by the railroad =raand =oe We by 1-95. 370 Pred- 83 Vacant 15 % Good Average Fair Poor Good Average Fair Poor Convenience to Employment ® ❑ ❑ ❑ Property Compatibility ❑ ❑ X ❑ Convenience to Shopping ® ❑ ❑ ❑ General Appearance of Properties ❑ X ❑ ❑ Convenience to Primary Education ❑ ® ❑ ❑ Adequacy of Police/Fire Protection ❑ X ❑ ❑ Convenience to Recreational Facilities ❑ ® ❑ ❑ Protection from Detrimental Conditions ❑ X ❑ ❑ Employment Stability ❑ ® ❑ ❑ Overall Appeal to Market ❑ X ❑ ❑ Neighborhood Description: Tn. s ons.s[s mo f mu,[. ra n, .,,,...atom lanes and comm.rc, p p m.s ubjec[ neignbornootl c dy o rally, s ng, y-family u s,mdar [o [he su je�[ in s,ze and a,. Tn. su je�[ s nei g Y,bo,fl d, p v,tles a good env,ronm en[ for [ne land be ng app a,setl. Emp oymeni stab, i[y and co n,,.n,enc. ar. r.a sonab,.. Tn p bbc tra p ,[a[, cno , p r ,.,,.,and no,s. �.,,.� ar typical ror tn. n.igbornooa. Market Conditions (including support for the above conclusions): The market has shown an increasing trend over the last 12 months with most of those gains taking place in the first 6 months or that 12 montn .sloe. Overall prices have increased by an annual rate of 6%. Demand has been strong overall while the supply has s lowly increase not keeping wrth current demand and .s likely the cause for the ,nose se .n the price levels. Typical marketing time remains around 3 months for residential dwellings. Distress sales are 0% of the market and are not a factor m the current rnar et. SITE DESCRIPTION Dimensions: 130' X 120' Area: 15,600 sr ❑ Acres ® Sq.Ft. Shape: Zone Ra a 9 a (o ..) View: Co......arc.ai&Ras.,,an..ai Zoning Classification: Zoning Compliance: Uses permitted under currerSzoning Highest &Best Use: Describe any improvements. Do present improvements ..s . war® T6-8-O Zoning Description: Urban Core ® Legal ❑ Legal regulations: The subject's highest Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (describe) It allows fora Manufacturing -Enable Retail, an Art Gallery, and/or Privately -owned Public Open Space and best use ..,,Dula be a rotors property for income with the permitted uses. conform to zoning?ve ouse. One 64,❑9No ® Yes ❑ No improvements building has 2,325 sr and th. other h.s 2.622 sror GBA. If No, explain: s . B a .st Us. oft.. Land How.o not t the a Kg...‘ , r Present use of subject site: Topography: Typical D.,.. p .m Comm.rci., SI— Current or proposed ground rent? ❑ Yes Drainage: ® No If Yes, $ Size: Typical App ors etl q [. Comer Lot: ® Yes ❑ No Underground Utilities: ❑ Yes ® No Fenced: ® Yes ❑ No Special Flood Hazard Area ❑ Yes ® No FEMA Flood Zone: x FEMA Map #: 1 2086C0312L It Yes, type: ,,.,00tl& chain ,ink fence FEMA Map Date: 9/11/2009 Utilities Public Other Provider or Description Off -site Improvements Type/Description Public Other Electricity X ❑ FPL Street Surface As phalt X ❑ Gas ❑ ❑ N/A Street Type/Influence Ma,ar An.da. , Lak.ag W... and Eel. Water X ❑ M-DWASD Curb/Gutter Y. X ❑ Sanitary Sewer X ❑ M-DWASD Sidewalk Y.s, Con—t. X ❑ Other ❑ ❑ Street tights (type) Yes,Pm. X ❑ Other ❑ ❑ Alley N... ❑ ❑ Are the utilities and off -site improvements typical for the market? ® Yes ❑ No If No, Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land us describe: s, etc.)? ❑ Yes ® No If Yes, describe: Site Comments: res.aet.ai activities. The oped commercial areasng o y ngs, and several for The size, shape and vegetation of this stirs . typical of commercial sites .n this neighborhood. No factors that will negatively affect the markets bility of the subject property are evident. Subject is typical in size, shape, and utilities to surrounding lots. According to public records, the subjects water &sewer .s airs dy hooked to city water supply and the Electricity id hook-up to the FPL power supply system. The subject is located within a Flood Zone designated "X". See attached Flood Map. Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No.: JV10225277 Loan No.: 2201484747 There are 17 comparable sites currently offered for sale in the subject neighborhood ranging in price from $ 160,000 to $ 1,800,000 There were 21 comparable sites sold in the FEATURE SUBJECT past 12 months in the subject neighborhood COMPARABLE SALES COMPARABLE # 1 ranging in sale price from $ 41,000 COMPARABLE # 2 to $ 1,100,000 COMPARABLE # 3 Address 41 NW 209, St City/St/Zip Miami, FL 33127 125-145 NE 209, Sr M.am., FL 33137 2601 NW Err, A..e M.am., FL 33127 M.am., FL 33127 Proximity to Subject 0.24 miles E 0.66 codes NW 0.60 miles N Data Sources Verification Sources Reausr/MLS/P..,R LoopNet Listing ID: 18412538 .Ma../Loo.NedCre,.. .Map./MLS#A11122379 Inspection/P,ar Ma Doc # Bk 33675/P9 3420 Do. # Bk34045/P9 0999 Doc # Bk 34096/P9 4351 Sale Price $ N/A $ 6,134,400 $ 7,700,000 5 5,150,000 Price/ Sq.Ft. $ $ 325.00 $ 458.33 $ 373.19 Date of Sale (MO/DA/YR) N/A 04/18/2023 01/04/2024 02/15/2024 Days on Market 124 Unkno,,,.n 35 Unkno,,,.n Financing Type N/A Cash/arm-length Cash/arm-length Cash/arm-length Concessions N/A None Known None kno.a.n None kne,,,.n Location B;BsyR.;Comer B;BsyR.,;lnrer,or +16 B;Bs,.R..;C....adE.p -45 B;BsyR.;lnter,or +7.4 Property Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Site size (in Sq.Ft.) 15,600 18,875 16,800 13,800 View Gemmel ,a,&Ra„dent,., Res.d/Comm/A..g. Resid/Comm/A..g. Res..,/Comm/A..g. Topography Typical Typical Typical Typical Available Utilities A„ A„ A„ A„ Street Frontage NW 20 ST: +/130 Ft NE 20 ST: +/200 Ft -6.5 NW 6th A.,e: +/-96 Ft 0 NW 29 ST: +/51 Ft +18.5 StreetType Mas M—.a,L.......aW-,.a..eEa. M.ys M.,.. L.....a...... a.. a ..,. O M..e L....r. Ne,......a SeN. Meese M.,.. L.....a..A.....a .... 0 Water Influence None N. None None Fencing Cram Link Cram Link Chaco L.nk C.-..in Link Improvements 4,947 sr WHSE 960 sr SFH -2.5 11,434 WHSE +4 4,067 sr WHSE Zoning T6-8-O T6-12-0 -16 D-1 0 T6-8-O Acres 0.35817 0.316804 0.38567 0.316804 Net Adjustment (Total, in $) ❑ + X - $-169,875 ❑ + X - $-688,800 X + ❑ - $ 357,420 Adjusted sales price of the Comparable Sales (in $ / Sq.Ft.) Net Adj. 2 8% Gross Adj. 126%$ ($ -9 /s Ft) 316 Net Adj. 8 9 % Gross AO. 10.7%$ ($ -41 /Sq.Ft.) 417.33 Net Adj. 6 9 % Gross Adj. 6.9%$ ($ 25.9 /Sq.Ft.) 399.09 The Appraiser has researched the transfer history of the subject property for the past 3 years and the listing history of the subje t for the past 12 months pnor to the effective date of this appraisal. The appraiser has also researched the transfer and listing history of the comparable sales for the past 12 months. The appraiser's research ❑ did ® did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of the appraisal. Data Sources: Rea..sr../MLS/Ta,. Ro../P..e..c Records/.Mapp The appraiser's research ❑ did ® did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Sources: Rea..st.c/MLS/Ta,. Ro../P..r,..c Recortls/.Ma.. The appraiser's research ❑ did ® did not reveal any prior listings of the subject property or comparable sales for the year prior to the effective date of the appraisal. Data Sources: Rea..st../MLS/Ta,. Ro../P....c RecortlshMapp Listing/Transfer History (if more than two, use comments section or an addendum.) Transfer/Sale (ONLY) of the Subject in past 36 months: Listing and Transfer history of Comp 1 in past 12 months: Listing and Transfer history of Comp 2 in past 12 months: Listing and Transfer history of Comp 3 in past 12 months: $ $ S $ $ $ S $ Subject property is currently listed for sale? ❑Yes ®No Data Source: Rea .c/MLS/Tax Roll/Public Rec tls/.M app Current Listing History List Date List Price Days on Market Data Source Subject property has been listed within the last 12 months? ❑ Yes ® No Data Source: Rearst.c/MLS/Ta,. Rou/P..b.c Recor.,s/Map. 12 Month Listing History List Date List Price Days on Market Data Source Comments on Prior Sales/Transfers and Curren[ and Prior Listings: To the best of the appraiser's Knowledge, and other than as indicated above, no other sores/transaotion of the s., jeot property has been reported on the subject within the past 3 years; Or within a year prior to their last transaction for the comparable sales. Summary of the Sales Comparison Approach: Au oo p rabies ohosen are similar to the subjeot ,n terns of general size land..se and view. Comparable 1 has a slightly9 lot size, and ,s an asse,nb,ase of 4 oontino..s lots. Ono of them ,s improved with a 960 sf home. It has a superior zoning. An downward adjustment was warranted. They are similar in a„ other aspoots. Comp #2 has a similar lot size an., ,t has a 11,434 sf e.aehose that needs to be o,earetl and leveled. It has a similar zoning and an inferior frontage. An adjustment was appliacl.. Comparable 3 has a slightly smallar,ot size., ancl has a similar zoning. It has an inferior frontage. and and inferior,nterior location. Some downward adjustments were warranted. They re similar in a„ other aspects. Comparable listings #4, #5 and #6 were ,no,..de to shots, ourrant market trend of vaoant land in this market area. Before adjustment, the sales ,nd,oatetl a value range of $325 to $458.33 par square fo rid a median valve of $373.19, rid a.,e 9 d 385.51 par square foot. Afte. the , tine a sales ,ntl,oated a .,awe range of $316 to $417.33 p r square foot, and a .median value of $399.09, anti a.,e gad 377.47 par square foot. A„ or the sales ware. considered to be we.rthy of emphasis. Therefor, all of the sales were considered. On that basis, it was our opinion that a priaa per square foot toward the middle portion of the adjusted range a=h,b,tad by oomparable sales was .most appropriate for the subjeot. My opinion of the subjeot ...arkat.,a,.,e ,s around $400 par SnFt and ,s within Ma comparable. rag . Mora vvaight is given to co p rabies 2 and 3 as it is the most r000nt sale and requires one of the ,east alailiStillantS .The subjeat has a lot size of 15,600 S,Ft @ 400, t en the ,nd,oatad value ,s $6,240,000. Thereto , y p ,on or........9 en as $6,240,000. rounded. M,, opinion of the subjeat market value. ,s around Ma middle of the range, hanks to its corner location, largarlot size., location on a .moderate busy straat and improving arks., Listing #4 is on Ma same street as the subject and ,s listed for 13.0 Million and has a slightly largarlot sne. Howavar, it seams to be ovarprica, because. ,t was listed almost a year ago and is active.. Reconciliation Comments.„ Onlyhe sales co as been utilized re. arrive at the s ,nit, r market ..awe. r comparison approach h u ject s r opinion o This appraisal is made as is", or ❑ subject to the following conditions or inspections: S SraremenrorL.m,r Contl,r,onsantlAppraiser's object to .rig Certification d Attached. Basedon a completevisual inspection of the subject site and those improvements upon said site, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of market value, as defined, of the real property that is the subject of this report is: Opinion of Market Value: $ $6,240,000 , as of: 05/10/2024 , which is the date of inspection and the effective date of this appraisal. Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No.: JV10225277 Loan No.: 2201484747 PROJECT INFORMATION FOR PUD. Is the developer/builder in control of the Homeowners Association(HOA)? ❑ Yes ❑ No Unittype(s): ❑ Detached: ❑ Attached: Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project: Total number of phases: Total number of units: Total number of units sold: Total number of units rented: Total number of units for sale: Data sources: Was the project created by the conversion of existing building(s) into a PUD? ❑ Yes ❑ No If Yes, date of conversion: Does the project contain any multi -dwelling units? ❑ Yes ❑ No Data Source: Are the units, common elements, and recreation facilities complete? ❑ Yes ❑ No If No, describe the status of completion: Describe common elements and recreational facilities: CERTIFICATIONS AND LIMITING CONDITIONS This report form is designed to report an appraisal of a parcel of land which may have some minor improvements but is not considered to be an "improved she". All improvements are considered to be of relatively minor value impact on the overall value of the she. This report form is not designed to report on an "improved site" where significant value is derived from the improvements. This appraisal report form may be used for single family, multi -family sites and may be included within a PUD development. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the subject she and any limited improvements, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verity and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions and conclusions in this appraisal report. INTENDED USE The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this report is the lender/client identified within the appraisal report. DEFINITION OF MARKET VALUE: The most probable pdce 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 pdce is not affected by undue stimulus. Implicit in this definition is 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 each acting in what they consider their own best interest; (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. (Source: OCC, OTS, FRS, & FDIC joint regulations published June 7, 1994) *Adjustments to the comparables must be made for special or creative concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these casts are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing teens offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect the subject property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and wil not render any opinions about the title. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the subject property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties express or implied. The appraiser will not be responsible for any such conditions that do exist or for the engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal must not be considered as an environmental assessment of the property. APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the subject site and any limited improvements. I have reported the information in factual and specific terms. I identified and reported the deficiencies of the subject site that could affect the utility of the site and its usefulness as a building lot(s). 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of the Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. !further certify that I considered the cost and income approaches to value but did not develop them unless indicated elsewhere within this report as there are no or very limited improvements and these approaches to value are not deemed necessary for credible results and/or reliable indicators of value for this appraisal assignment. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the pdor sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verffied, analyzed, and reported on the pdor sales of the comparable sales for a minimum of one year prior to the date of the sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining multiple transactions into one reported sale. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I have verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No.: JV10225277 Loan No.: 2201484747 CERTIFICATIONS AND LIMITING CONDITIONS 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. The lender/client may disclose or distribute this appraisal report to: the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (f applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept Lull responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. SIGNATURES APPRAISER Signature: L.X. Name: J lVa.e./,a, MAI, SRA, Cep= Ge., RZ3562 Company Name: Company Address: Telephone Number: Email Address: 4251 SW 159=„ AVE • FL 33185 (786) 285-1205 Date of Signature and Report: 05/17/2024 Effective Date of Appraisal: 05/10/2024 State Certification #: Cep Ge., RZ3562 or State License #: or Other (describe): State: FL State #: Expiration Date of Certification or License: ADDRESS OF PROPERTY APPRAISED 41 NW 20., S= 11/30/2024 FL 33127 APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name: FL.oP-No,. Company Name: $6,240,000 Company Address: 1401 N SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature: Name: Company Name: Company Address: Telephone Number. Email Address: Date of Signature: State Certification #: or State License #: State: Expiration Date of Certification or License: SUBJECT PROPERTY ❑ Did not inspect subject property ❑ Did inspect exterior of subject property from at least the street Date of Inspection: COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Date of Inspection: • FL 33136 Email Address: Form WFLND - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE 01/2010 LAND APPRAISAL REPORT File No.: .1V10225277 Loan No.: 2201484747 FEATURE SUBJECT ADDITIONAL COMPARABLE COMPARABLE # 4 SALES COMPARABLE # 5 COMPARABLE # 6 Address 41 NW 20tb St City/SVZip Miami, FL 33127 60 NW 20th St Miami, FL 33127 2150 NW Miami Ct Miami, FL 33127 82 NW 27tb St Miami, FL 33127 Proximity to Subject 0.04 m .es S 0.15 miles N 0.43 miles N Data Sources Verification Sources RealisJMLS/P..bR iMapp/MLS/P,.bR iMapp/MLS/P..bR iMapp/MLS/R.bR Inspection/P.at Ma MLS#A11389636 MLS#A11389636 MLS# Al1283404 Sale Price $ N/A S 13,000,000 S 16,740,000 $ 4,000,000 Price/ Sq.Ft. $ $ 630.30 $ 709.92 $ 761.04 Date of Sale(MO/DAfR) N/A Listing -63 Listing -71 Listing -76 Days on Market 124 364 1231 769 Financing Type N/A Cash/arm-length Cash/arm-length Con../Cash Concessions N/A None known None known None known Location B;BsyRd;Comer B;BsyR.;Comer B;BsyRd;Comer B;BsyRd;lnterier +15 Property Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Site Size (in Sq.Ft.) 15,600 20,625 23,580 5,256 -76 View Res;d/Comm/A vg. Topography Typical Typical Typical Typical Available Utilities Aii Aii Aii Aii Street Frontage NW 20 ST: +/130 Ft NW 20 ST: +/130 Ft NW 22 ST: +/130 Ft NW 27 St: +/-51 Ft +38 Street Type -35 +15 Water Influence None None None None Fencing Chain Link Chan Link Chain Link Chan Link Improvements 4,947 sr WHSE 5,278 sr WHSE 0 14,162 sr WHSE +4 2,565 sf MF -5 Zoning T6-8-0 T6-8-0 T5-0 +71 T5-L +76 Acres 0.35817 0.47348 0.5413 0.0771 Net Adjustment (Total, in $) ❑ + X - $-1,299,375 ❑ + X - $-730,980 ❑ + X - $-68,328 Adjusted sales price of the Comparable Sales (in $ / Sq.Ft.) Net Adj. 10.0% Gross Adj. 10.0% ($ -63 /Sq.Ft.) $ 567.3 Net Adj. 4.4 % Gross Adj. 25.5 % ($ -31 /Sq.Ft.) $ 678.92 Net Adj. 1 7% Gross Adj. 39.6 % ($ -13 /Sq.Ft.) $ 748.04 Listing/rransfer History (if more than two, use comments section or an addendum.) Transfer/Sale (ONLY) of the Subject in past 36 months: Listing and Transfer hi tory of Comp 4 in past 12 months: Listing and Transfer history of Comp 5 in past 12 months: Listing and Transfer history of Comp 6 in past 12 months: $ $ $ $ $ $ $ $ Comments on Prior Sales/Transfers and Current and Prior Listings: To the best of the appraiser's Knowledge, and other than as indicated above, no other sales/transaction of the subject property has been reported on the subject within the past 3 years; Or within a year prior to their last transaction for the comparable sales. Summary of the Sales Comparison Approach. All comparables chosen are similar to the subject in terms of general size, land use and view. Comparable 1 has a slightly larger lot size, and is an assemblase of 4 continous lots. One of them is improved with a 960 sf home. It has a superior zoning. An downward adjustment was warranted. They are similar in all other aspects. Comp #2 has a similar lot size and it has a 11,434 sf waehouse that needs to be cleared and leveled. It has a similar zoning and an inferior frontage. An adjustment was applied .. Comparable 3 has a slightly smaller lot size, and has a similar zoning. It has an inferior frontage and and inferior interior location. Some downward adjustments were warranted. They are similar in all other aspects. Comparable listings #4, #5 and #6 were include to show current market trend of vacant land in this market area. Before adjustment, the sales indicated a valve range of $325 to $458.33 per square foot, and a median value of $373.19, and averaged 385.51 per square foot. After the adjustment, the sales indicated a value range of $316 to $417.33 per square foot, and a median value of $399.09, and averaged 377.47 per square foot. All of the sales were considered to be worthy of emphasis. Therefore, all of the sales were considered. On that basis, it was our opinion that a price per square foot toward the middle portion of the adjusted range exhibited by comparable sales was most appropriate for the subject. My opinion of the subject market value is around $400 per SqFt and is within the comparable range. More weight is given to comparables 2 and 3 as it is the most recent ale and requires one of the least adjustments .The subject has a lot size of 15,600 SqFt @ 400, then the indicated value is $6,240,000. Therefore, my opinion of value is given as $6,240,000. rounded. My opinion of the subject market value is around the middle of the range, thanks to its corner location, larger lot size, location on a moderate busy street and improving market. Listing #4 is on the same street as the subject and is listed for 13.0 Million and has a slightly larger lot size. Hovvever, it seems to be overprice, because it was listed almost a year ago and is still active. 01/2010 Form WFLND.(AC) -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Borrower TBD File No. JV10225277 Property Address 41 NW 20rf, Sr City M,ar„. County M,a,,,._Dade State FL Zip Code 33127 Lender/Client O.,,.,, Cor„r,,..r,ay Rede..elOp.ner,t Agency APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: Appraisal Report (A written report prepared under Standards Rule 2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.) ■ Restricted (A written report prepared under Standards Rule 2-2(d , pursuant to the Scope of Work, as disclosed elsewhere in this report, Appraisal Report restricted to the stated intended use only by the specifie client and any other named intended user(s).) Comments on Standards Rule 2-3 I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time That the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: 90 days. The Exposure T,.n,e (Or the s, jeCt property ie eetir„ated at 90 aays Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: This appraisal report ,.as boon p p red for the e=oIs,.,e benefit of the anent d,salosed in this report and it may not be used for any purpose y any other parson to whom d is addressed without the written ooasear of the appraiser and ,a any event only with the proper written qualifiaations and only in its entirety. Any third p y, who uses or relies upon any information in this report, does so at the sole risk of the thira party. The undersigned field appraiser n000pts no responsibility or damages suffered by any third party as a result of rallanoe on or deoisions made or notions taken based on this report The appraisal should not be relied upon to dsoIose the oo..dd,oa of the property r the prosanoe of any environment or soil defeats. Igather information on relevant okaraotaost,os from the Loom MLS and off,oa reoords. Any diverge from this assumption oo.dd influenced this market value opinion of the subjeot property. The intended use ,s to be used for an internal decision only. APPRAISER: Signature: 0.1-+{. SUPERVISORY or CO -APPRAISER (if applicable): krt.— Signature: (.." j Name: Jerre lent a, MAI, SRA, Cerr Gen RZ3562 Name: Cerr Gen RZ3562, MAI, SRA State Certification #: Cerr. Gen RZ3562 State Certification #: or State License #: or State License #: State: FL Expiration Date of Certification or License: 11/30/2024 State: Expiration Date of Certification or License: Date of Signature and Report: 05/17/2024 Date of Signature: Effective Date of Appraisal: 05/10/2024 Inspection of Subject: ■ None Interior and Exterior ■ Exterior -Only Inspection of Subject: ■ None ■ Interior and Exterior ■ Exterior -Only Date of Inspection (if applicable): 05/10/2024 Date of Inspection (rf applicable): Form ID2OE - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE MIS and sale History Deed Type: Sale Date: Grantor: Mortgage Amount; Terms: Lender. Deed Type: Sale Date: Grantor: SALES INFORMATION WARRANTY DEED 12104/2020 Recorded Date: Nat Availahl=_ '$1-S09,GUO Instrument Date1 2.7L°4e.'35Ci I.1 Attributes: L 71-iEPPARD INC DEED 12/16/1993 Recorded Date: SHEPPARD CAROL E Deed Type: Sale Date: Grantor: Qualifier Flags: L JNQL NLIFIi;d OUMLLF ED -nja- 11:01 1979 la] Recorded Date: 1. AUTOMOTIVE OR MARINE : AUTOMOTIVE OR MARINE Building Subareas: Additional Features: Description PAVING .ASPHALT PLUMBING FIXTURES WAREHOUSE PUMP HOUSE METAL 2, AUTOMOTIVE OR MARINE AUTOMOTIVE OR MARINE Building Subareas: Price: 12/17l2020 Document # Grantee: Document* 12,e6W202C Tradltianal boar'. Ongiaat. Warranty Peed _&array+er; Price: 12/15/1993 Document # Grantee: Price: Docurnelit # Grantee: I.1= V=Vamnt,1=ImFrwec BUILDING INFORMATION E CI 2,8-00,C100 Qualifiers: uI 8k 32241/ Pg 4693 Er Nut Available 2➢2DR'07211E5 BIG BIG CANASTA LLC 52%000 Qualifiers: 8k 161731Pg 1832 l' Ct tAvailabie $47,500 Qualifiers: Bk 106521Pg 804 Not Available 62 iiulty Clerk Of C6urt W ate C' 1 Q Beds: 0 Bldg Area: 2,975 sf Year Built 1938 act f 1958 off Units: 0 Baths: living Area: 2,975 sf Adjusted Area: 2,325 sf Stories; 1.0 STO - STORAGE/IJTI_ (1,34 Q sf) OFF - OFFICE Beds: Baths: Built Units Description 1934 8,242 CENTRAL A/C COMM 1953 5 WALL CBS UNREINFORCED 1989 308 0 Bldg Area: 2,622 sf Year Built 1953 act / 1958 eff Units: Living Area: 2,522 sf Adjusted Area: 0 sf Stories; WHS - WAREHOUSE (2,522 _f) covered Parking: No Li Kiang HiistoT y from M LS f7LzS Al:.1.73- F'#I s6. Y.SO,#YGL! 56.512O.0410 .IYYj ill LIEt7#t NEW Sao TVM- PECR 15t Var Pool: Na •tI NW loth sr Pa Wtn173177 saw inrn Fri GA I.* $6.50il,MKF#1 'r $6,250.0U41011:#/ 11/2(1.td AL -Tv r 56.SOO.OL1O.. 31/10.'20721 4 i NW )01 Ye tit M1.1#fni 7.1 i Y7 0111 rota Fit 173tr- S'b_54U.[340 Ss, 25a.40003/130.'20 Z4 AtTv 45. '4Jti. L.19r1 12/02/2r3t3 Pnap Trire: A(JCs1( 110 I •',Fr" 4L•4':1 • P'nl,Twirl Y'X]M &ar`x±t ID car#I,_-.= ID CF"2431 tS 1tFG PAP-0 1 tiwr-a , 411F ir-+ti r'F.ril]L Built Units 1980 5 1980 602 0 1.0 1).P}Rf 124 PLIM 233 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20." S. City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,.., C.,,,,.,,—t„ Rede„eior,—,,t Age., „ SITE DESCRIPTION The subject site is a corner, rectangular shaped parcel located on the northwest corner of NW Miami Court, and NW 20th Street in Miami. The subject property is located in Wynwood and is a corner site that is ideal for residential, commercial, or mixed -use projects. Situated along Wynwood's T6-8-O corridor and having access on three sides, the property could be developed to a vertical capacity of 8-12 stories. The property offers a good location, in near proximity to Downtown Miami, Edgewater, Midtown, and the Design Distric and and immediate access to major transportation arteries and public transportation. The site has about ±130 feet of frontage on NW 20th Street and ±120 feet of frontage on NW Miami Court. NW 20th Street is a main West -East thoroughfare and that provides access, after passing through several Wynwood secondary streets to Edgewater. NW Miami Court is a secondary South -North thoroughfare and that provides access, after passing through few secondary streets to OMNI . The site contains approximately ±15,560 square feet. It appears to be generally level and on -grade with the surrounding streets. The subject is improved with a 4,947 sf buildings used original as a warehouse. One building has 2,325 sf and the other has 2.622 sf of GBA. However, they do not represent the Highest and Best Use of the Land. Accordiong to its zoning T6-8-O and NRD-1, a new building representing its HBU, could have the following charateristics; Maximum Built Area: 89,130 SF o Building Coverage: 80% o Maximum Building Footprint: 11,141 SF o Dwelling Units per Acre: 150 du/acre o Dwelling Units Allowed: 48 units o Maximum Commercial Area: 89,130SF o Maximum Office Area: 89,130 SF o Maximum Commercial Establishment: 55,000 SF o Area Minimum Open Space: 10% o Total Building Height: 8 Levels o Principal Building Max. Level (Podium): 8 Levels Therefore, its HBU is to demolish the current buildings and built a new one with the above explained charateristics. As -Is the HBU is the land value minus the demolition costs fo the exiting improvements. SUBJECT'S LEGAL DESCRIPTION Lots 8 and 9, Less the South 32 feet of Lot 9, in Block 37, of WADDELLS ADDITION, PB D-53 SECTION 25 36 TOWNSHIP 53 SOUTH RANGE 41 EAST According to the Plat thereof, as recorded in Plat Book D, Page 53, of the Public Records of Dade County, Florida. NEIGHBORHOOD BOUNDARIES Generally described as bounded by I-95 on the west, NW 29th Street on the north including parcels fronting NW 29th Street on the north between I-95 and NW 5th Avenue and between NW 2nd Avenue and N Miami Avenue, and the FEC Corridor on the east. The southern boundary is comprised of NW 20th Street between N Miami Avenue and NW 1st Place, and NW 22nd Street between NW 1st Place and I-95. COMPARABLE COMMENTS SALE 1:125-145 NE 20th Street, Miami, FL 33137 This assembale vacant land has a total of 4 lots and 18,824 sf . Zoned T6-8-24 which allows for a multitude of business use cases. The lots seat on Omni Line, this is one of the LAST parcel available at NE next to Wynwood, Downtown, Brickell, Midtown. Mixed Use -High Density site. Zoning MIX USE/COMMERC AL residen .ial units, Max Benefit Height, prime retail, any combination of Apts/Condos/Hot A/Re il. Gr' et flexibility. Prime location, next to MULTI -BILLION dollar projects. SignaWre �0 SignaWre s Name Joe V� MA , SRA, Cent Ge., RZ3562 Name Date Signed 05/17/2024 Date Signed State CerSficaSon # Deft G— RZ3562 State FL State CerSficaSon # State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20=i, S= City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,.,rComm...,r,Reee„eiopme.,A9eney Zoning T6-12 -O Commercial. Just blocks to Expressways and major access via. SALE 2: 2601 NW 6th Ave, Miami, FL 33127 Miami -based real estate development firm Clara Homes, founded by James Cumin, has announced the closure of a $7.7 million deal for a residential development site in Miami's Wynwood neighborhood. The site at 2601 Northwest 6th Avenue spans 16,800 square feet and is planned for a 154-residence luxury rental building dubbed Clara Wynwood. The building, designed by architect Kobi Karp, is set to include at least 40% affordable workforce housing, aligning with the Live Local Act. Jordan Karp, an independent broker, represented Clara Homes in this transaction, while the seller, men's clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher. The acquisition's closing price was approximately $450 per square foot, significantly below the average Wynwood land sales, which typically range from $750 to $1,000 per square foot. The site was marketed as a cap rate play rather than a redevelopment opportunity, offering attractive below -market seller financing at 5% and a sale -leaseback for one to one and a half years. It is zone D-1, District Zone Work Place, which is a commercial zoning similar to the subject, which intends to accommodate Uses which because of their specialized performance, Scale or impact should not be incorporated into the Neighborhood structure. Zoning information believed to be accurate but not warranted. SALE 3: 161 NW 29th St, Miami, FL 33127 This property with the rear vacant land has a total lot size of 13,800 SF and offer a development opportunity to build several MF units + retail and/or other commercial uses allowed under T6-8-O Zoning in the City of Miami.of Wynwood. Wynwood's dynamic atmosphere is renowned for its vibrant street art, cultural richness, and a burgeoning community of creative professionals. It has become a sought-after destination for locals and tourists alike, creating a constant stream of foot traffic. This property's location places it right in the epicenter of this cultural renaissance, ensuring unparalleled visibility and access. One of the property's standout features is its zoning flexibility which is located both within the NRD-1 and the NRD-2, allowing for a wide range of investment strategies. For business owners, this presents an opportunity to establish a headquarters or flagship store in one of Miami's trendiest neighborhoods. Investors can take advantage of the covered land play potential. Acquiring this property now and leasing it out to businesses positions you to benefit from the increasing demand driven by the imminent delivery of over 1,500 residential units on NW 29th St. With the flexible zoning, you can explore options like developing a mixed -use building or boutique hotel that would cater to influx of tourist visiting daily. In summary, this Wynwood commercial real estate opportunity is characterized by a motivated seller, an irreplaceable location, and incredible potential. It allows you to be part of the thriving Wynwood community, catering to the vibrant local scene and benefiting from the upcoming residential developments in the vicinity. This property is a promising investment in one of Miami's most dynamic and culturally rich neighborhoods. LISTING 4:60 NW 20th St Miami, FL 33127 This vacant corner land has 20,625 sf . Zoned T6-8-O similar to the subject. Conveniently located within minutes of the Downtown, Wynwood, the Design District & Edgewater. Development opportunity Close to Wynwood area and Omni Area. 2 assembled lot on 20St total 20625 Sq. With Crown Castle as a tenant on the back lot with a new payment of $ 2869 per month plus 80 % property taxes payments and a month -to -month $ 3000 mechanic shop, you can receive income while planning the development. The 1-story stand alone mixed use building needs to be demolished . The site still needs to be level and cleared. Site allows for future development of approx 16 units. LISTING 5:2150 NW Miami Ct, Miami, FL 33127 This property is currently zoned T5-O and has a size of 23,580 SqFt.. This land is in Wynwood, near Downtown. It is located in is Miami's most artistic Mecca Wynwood. It offers 23,580 land SF Development pportunity in ynwood. Located in the same area as many planned mixed use development projects in Miami s hott st are ,with Office/Retail/Residential, Hotel, Warehouse and many other options, Signature 0 J Signature Name Jere V eie, MA , SRA, Cent Gee RZ3562 Name Date Signed 05/17/2024 Date Signed State CeruficaSon # Deft G— RZ3562 State FL State CerSficaSon # State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20." S. City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,.., C.,,,,.,,..,.t„ Rede„eiop,..e.,t Age.,g„ or Mixed use. Near Miami DesignCenter, Museum Park, Arscht Center, Port of Miami, Intl Tech start ups, providing lucrative growth potential. ZONED T5-O Urban Center Zone. This property is completely within the X Zone. LISTING 6: 82 NW 27th St Miami, FL 33127 Great Development Opportunity. It is an interior Lot zoned T5-L. It is in the heart of wynwood with zoning T5-L- for commercial mix used. Up to 5 stories, (16 units allowed). An investors/developers will benefit from wynwood's NRD-1. This building has 4 apartments,( 2/1 each), all remodeled and rented. 4 assigned parking space inside the building (1 per apt), new owner would receive income while development plans for a new project. Current income $7,000 monthly. Gated. Great location close to most important highways, 15 minutes drive to the beach, walking distance to disign district, boutiques, restaurants, bars, minutes to downtown, brickell and miami airport. NEIGHBORHOOD DESCRIPTION: WYNDWOOD Overtown is a neighborhood of Miami, Florida located just northwest of Downtown Miami. Originally called Colored Town during the Jim Crow era of the late 19th through the mid-20th century, the area was once the preeminent and is the historic center for commerce in the black community in Miami and South Florida.Overtown is a historically African -American neighborhood located just north of downtown Miami and is considered part of Miami's Central District. It is also Miami's poorest neighborhood. The majority of its residents (75%) are African -Americans, though the White and Hispanic population has been increasing. The town was formed because of Jim Crow laws restricting where African -Americans could live. It is currently bound by NW 20th Street to the north, NW 5th Street to the south, the Miami River, Dolphin Expressway (SR 836), and I-95 (north of the Midtown Interchange) to the west, and the Florida East Coast Railway (FEC) and NW 1st Avenue to the east. Local residents often go by the demonym "Towners." The area experienced serious economic decline from the late 1950s. Issues ranging from urban renewal to the construction of interstate highways like I-95 (then, the North -South Expressway), the Dolphin Expressway and the Midtown Interchange in the 1960s, fragmented the -once thriving center with the resident population decimated by nearly 80 percent from roughly 50,000 to just over 10,000. The area became economically destitute and considered a "ghetto" as businesses closed and productivity stagnated in the neighborhood. Demolished buildings in the 1970s and incidents that disturbed the neighborhood in the 1980s made Overtown fall further into disrepair. Development was spurred in the area again in the late 1980s with the construction and completion of the Miami Arena and transit -oriented development surrounding the newly opened Overtown station. Since the 1990s and 2000s, community gardens have been created, in addition to renovations to the historic Lyric Theatre and revitalization and gentrification efforts spurred both by the city of Miami and Miami -Dade County. Dr. Marvin Dunn founded the original Roots in the City Overtown Community Garden, turning an "overgrown, littered lot into a flourishing garden" maintained by Overtown residents and volunteers. Roots in the City, a non-profit "dedicated to community development, jobs training, inner-city beautification, healthy eating initiatives, and community research" used the Community Gardens to provide affordable fresh produce to low-income families, public school students, community agencies and homeless shelters and is also organizes an urban farmer's market. These projects and other aspects of Overtown were featured in a short documentary The Ground under Overtown centered on multi -issue multi -racial community organizing created around Florida protests against the FTAA with a focus on environmental racism, critiques of so-called "free trade" agreements like the FTAA, and positive community solutions such as permaculture. Anti-FTAA protesters at Dr. Dunn's invitation held a workshop on permaculture at the Overtown Community Garden and donated over 100 cherry trees to the Overtown community. Despite the Renaissance attempt to revive the community, there are still murders and sex crimes in Overtown. Crime occurs like in any other place, but drug activity is common all day & night, and as the lami ice <aying goes: "Where there's drugs, there's violence." SignaWre _ Y ..��' SignaWre Name Jo„e V MA1, SRA, Cent Ge., RZ3562 Name Date Signed 05/17/2024 Date Signed State Cerdficad°n # Cert Ge. RZ3562 State FL State Cerdficad°n # State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20th S. City M C°unry M Dade State FL Zip Code 33127 Lender/Client 0..,.., Co— —t„ Rede„eiop,.,e.,, Age.,.„ Overtown is accessible by Metrorail at the Overtown station from Downtown Miami, as well as the School Board station on the Metromover. Today developers are trying to create new housing and businesses in the area to get middle-class residents to come to the area; this is called the Overtown Renaissance. SCOPE OF WORK SCOPE OF THE APPRAISAL The appraiser searched the following data bases: sef.mls.com, Realist, iMapp and County Property Appraiser webpage to obtain the comparable vacant land sales in the subject market area and to observe the market trends according the listings and pending sales in the subject neighborhood. The appraiser used comps from similar vacant lands in the subject neighborhood with similar characteristic and appeal. The appraiser drove around the subject's neighborhood to observe the characteristic of the market area. There are around 30 % single family houses and 5 % multi -family units in the Land use. There is also 35 % of land use for commercial activities. The appraiser drove around the subject's complex to see and take visual impression of: parks, schools, shopping center, etc. Appraiser used the aerial map from Miami -Dade -County appraiser WebPages to see the location and relationship of the subject and the surrounding properties in the area. The appraisal is based on the information gathered by the appraiser from public records, private data sources, and other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the market area. The appraiser's inspection commonly is limited to those things readily observable without the use of special testing or equipment. The appraiser used any combination of property inspection, plans and specifications, asset records, photographs, property sketches, recorded media, etc., to gather information about the relevant characteristics of the subject property. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in this report nor was used as a basis for the value conclusion. Exterior, drive -by inspections of the comparables consist only of a front view and the before mentioned data sources. As per Fannie Mae and USPAP, I have driven by all comparable land sales. The photographs of comparables sales may have been taken at this time or may be copies of photographs from the local Multi -List Service or the appraiser files. We used aerial photograph of the vacant land sales, because they give a better overview of the location, shape and street frontage of the selected land sales than a typical land photograph. These procedures conform to USPAP compliance. Sometimes information is obtained through discussion with the owner or occupant, in a manner as general question regarding the condition and transaction concessions regarding the used comparable sale. The traditional approaches to value consist of the cost, income capitalization and sales comparison approaches. To develop our opinion of value for this assignment, we used the Sales Comparison Approaches to Value. As a vacant parcel it was the only applicable approach to value. With no improvements the Cost and Income Capitalization Approaches were not applicable. Therefore, I employed the Direct Sales Comparison Approach to estimate the market value of the subject property, because it is generally considered the best indicator of value. The Direct Sale Comparison Approach is based on the comparison of the subject with sales of similar type vacant lands. Adjustments are made to these sales for differences with the subject. MIAMI-DADE RETAIL MARKET 1Q-2024 In the first quarter of 2024, the Miami -Dade County retail market experienced robust growth driven by persistent ten t demand from both new and existing tenants. The vacancy rate declined by 30-basis points quarter-over-qqt ar er, re q-hingrecord low of 2.7 percent -the lowest point in the last decade. Despite the Signature O.' t J .....‹. ' Name Jose V MA?, SRA, Cent Ge., RZ3562 Date Signed 05/17/2024 State Ceroficaton# Cert G. RZ3562 State FL Or State License # State Signature Name Date Signed State Cerdficad°n # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20th S. City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,..,C.,,,,.,,.—tyReee„eioP—re Ase.,e„ addition of 396,345 square feet of new retail space, the market absorbed more than it received. Net absorption outpaced new supply, with 662,891 square feet taken off the market by the end of the quarter. As we move into the second quarter, the retail market is expected to remain strong due to favorable fundamentals and continued tenant interest. The Miami -Dade County retail market kicked off 2024 on a strong note, with favorable key metrics pointing towards growth. Robust leasing activity resulted in 350,805 square feet being leased by the end of the quarter. While transaction volumes were substantial, deals closed at a slower pace compared to previous quarters. During the first quarter of 2024, rental rates stabilized, dropping 1.6 percent quarter-overquarter, down to $42.79 per square foot triple net. The delivery of 396,345 square feet has left 936,101 square feet under construction, which is expected to help alleviate the tightening market, providing more high -quality space options. During the first quarter of 2024, leasing activity in the MiamiDade County retail market remained strong, driven by increased demand. However, the market presented challenges for large retailers seeking space. The two largest leases of the quarter were new deals secured by Presidente Supermarket, the first for 28,000 square feet at the Westland Promenade in Hialeah and the second for 25,000 square feet at Southplace City Center in the South Dade submarket. Lastly, marking the third largest lease was H&M signing a new lease for 25,000 square feet at Brickell City Centre. In Miami -Dade County's retail sector, sales activity reflected the broader regional trend, encompassing a mix of both highvalue and low -value transactions. Notable sale transactions during the first quarter of 2024 included the Elysee Investment Company purchase of Aventura Plaza for a substantial $48 million, or $423 per square foot. The second largest sale occurred in the Northeast Dade submarket, in a multi -buyer joint venture purchase of the Mall at 163rd Street for $46 million, or $123 per square foot. The third largest sale was for the Time Century Jewelry Center, purchased by a joint venture between Elysee Investments and Pan Am Equities, Inc. $27 million, or $122 per square foot. REPORT IDENTIFICATION This appraisal report is a Summary Report prepared under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation 2020-2021. As such, it might not include a full discussion of the data, reasoning and analyses used in the appraisal process to develop the appraiser's opinions of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. INTENDED USER AND USE Intended Use: Exclusive use of Omni Community Redevelopment Agency to underwrite its risk and credit decisions . Intended User: The intended users of this report are Omni Community Redevelopment Agency ; No additional Intended Users are identified by the appraiser." PROPERTY RIGHTS APPRAISED The property rights being appraised here are "Fee Simple". Fee Simple means: An absolute fee, a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation. It is an inheritable estate. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS Extraordinary Aumptions According to The Dictionary of Real Estate Appraisal, Fourth Edition, Signature 0"r4— ( J ,c'"- Signature Name Jerre V e,e, MA?, SRA, Ce.=Ge., RZ3562 Name Date Signed 05/17/2024 State CeruficaSon # Ce.: G. RZ3562 Or State License # Date Signed State FL State Cerdficad°n # State State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20th S. City Mra..r C°unry Mra.. _Dade State FL Zip Code 33127 Lender/Client 0..,..,Comm,..,.t„Rede„eiop..,e.,Ase.,e published by the Appraisal Institute, an Extraordinary Assumption is defined as: An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis, and; • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Hypothetical Conditions — According to The Dictionary of Real Estate Appraisal, Fourth Edition, published by the Appraisal Institute, an Hypothetical Condition is defined as: That which is contrary to what exists but is supposed for the purpose of the analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: •Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; •Use of the hypothetical condition results in a credible analysis, and; •The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. Acceptance and/or use of this report constitutes full acceptance of the General Assumptions and Limiting Conditions along with any Extraordinary Assumptions and Hypothetical Conditions set forth in this report. It is the responsibility of the Client, or Client's assignee to read in full, comprehend and thus become aware of and accept all aforementioned assumptions and conditions in their entirety. Neither Deutsche Valuations, LLC nor its professionals, assumes responsibility for any situation arising out of the Client's failure to become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate appraisal/consulting profession if so warranted and desired. There are no extraordinary assumptions or hypothetical conditions in this appraisal report. ADDITIONAL COMMENTS TO THE SCOPE OF WORK DATE OF APPRAISAL The date of the appraisal is the date of the last site inspection of the subject property. CENSUS A census tract is a distinctive geographical and statistical area as defined by the census bureau. The census bureau usually begins by defining an (MSA) or Metropolitan Statistical Area, consisting of 50,000 people or more. The geographic area of a census tract can contain from 2,000 to 8,000 people. The economic conditions that exist in a census tract are on average homogenous. These tracts of land are given a number, much like a plat map with folio numbers. The census tract is demographical in nature and includes such information as: Housing Cost, Education Levels, Household Income, Professions, and Housing Profiles. Signature(...i ...!—' Signature .- Name Joe VJo A1, SRA, Cent Gee RZ3562 Name Date Signed 05/17/2024 Date Signed State Cergficad°n# CertGe. RZ3562 State FL State Certficad°n# State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20ti-, St City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,.,r C.—nit„ Rede„...,...e.a Ase.,.„ MARKET CONDITIONS IN NEIGHBORHOOD Financing is available from local banks, savings and loans associations, credit unions and mortgage brokers. Typical transactions in the market area are conventional, FHA and VA financing. HIGHEST AND BEST USE, As Vacant The subject is zoned T6-8-O, District which is intended to provide a variety of low -to -medium intensity residential and multi -family uses. Based on the legally permissible uses, a residential use appears to be indicated for the subject site as vacant. The subject is vacant, has no building and no allocation of building square footage. Any proposed improvement will be subject to undergoing the new building permit process. Physical Possibility The subject site is conical and contains a net area of + 15,600 sf square feet. The site is generally cleared and level, and has no apparent drainage problems. The load bearing capacity of the soil and subsoil is assumed to be adequate. The site measuring +/-88 feet along NW 1st Court and as such has several development potential. It appears that a future property for a residential or an income with the permitted uses could be accommodated on the site, assuming appropriate building permits can be obtained. Financially Feasible The uses which are physically possible and legally permissible are examined to determine if they are financially feasible. All residential uses which generate sufficient income to meet or exceed operating expenses and provide an adequate return on investment are considered financially feasible. Developable land is limited, but the market is stabilizing. Therefore we believe that the financially feasible use would be to hold it but until a residential or commercial use is economically feasible to develop. Maximally Productive Of the financially feasible uses, that use which will provide the greatest return on investment is considered the highest and best use. In the case of the subject as vacant, the analysis has indicated that holding the site for a future property for income with the permitted uses would be most appropriate. CONCLUSION: HIGHEST AND BEST USE AS VACANT Based on the information presented above, we conclude that the highest and best use of the subject as vacant, is to hold the site for a future property for income with the permitted uses would be most appropriate. SITE The improvements on the property are legal and conform to current zoning regulations. In the event of a loss by fire of all improvements could be rebuilt without obtaining a zoning variance. The opinion of zoning compliance requirements expressed in this appraisal is based on the appraiser's inspection of the subject property and comparison to the appropriate zoning ordinance. This opinion does not represent a certification which can only be obtained from the proper jurisdictional authority. ENVIRONMENTAL HAZARDS The existence of any environmental hazards, such as the presence of hazardous wastes, mold, toxic substances, radon gas, lead base paint, asbestos containing materials, urea formaldehyde insulation, etc., which may or may not be present in or on the subject property, or any site within the vicinity of the property was not observed by the appraiser and the appraiser has no knowledge of any such environmental hazard. The appraiser, however, is not qualified to detect such substances. The presence 3f ny p itenti lly hazardous material may affect the value of the property. The value SignaWre SignaWre Name JoffMA1 SRA, Cert Ge., RZ3562 Name Date Signed 05/17/2024 Date Signed State CerSficaSon# Ce.tGe. RZ3562 State FL State CerSficaSon # State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20ti-. St City M C°unry M Dade State FL Zip Code 33127 Lender/Client Om.,r C.---it„ Rede„eiep.,,e.,t Ase.,o„ estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. During the field inspection for this assignment there did not appear to be any clearly observable industrial sites, wastewater treatment facilities or any other adverse environmental influences near or about the subject property. FLOOD INSURANCE The subject is located within a Flood Zone. See attached Flood Map. The option of the flood insurance requirement in this appraisal is based on the enclosed flood insurance rate map published by the Federal Emergency Management Agency. The approximate location of the appraised property on this map indicates the flood zone. At times the subject falls near a border between two zones, in this case, the worst of the two zones is taken. This opinion does not represent a certification which can only be obtained from a qualified professional, such as a surveyor. T3-O ZONING & LAND USE The subject is zoned by Miami -Dade County as being in the , Transect Zone. This district consists of single family and two family residential units with relatively deep setbacks, streetscapes with a landscape verge, and usually includes sidewalks. Blocks may be large and irregular accommodating natural and / or historical conditions. Building Configuration describes how the building is modeled (its shape and form). Within building configuration, the following aspects are regulated: frontage, its facade, height and any elements that protrude such as porches and carports. There are no architectural design standards relating to style in the Miami 21 Zoning Code. ZONING REQUIREMENT LOT OCCUPATION a. Lot Area 5000 sq.ft min. b. Lot Width 50 ft. min. c. Lot Coverage: 30% max. second floor d. Floor Lot Ratio (FLR) n/a e. Frontage at front setback n/a f. Green space Requirements 25% lot area min. g. Density: 18 du/acre max. BUILDING SETBACK a. Principal Front b. Secondary Front c. Side d. Rear 10 ft. min. 10 ft. min. 0 ft. or 5 ft.min. abutting a setback 20 ft. min. OUTBUILDING SETBACK a. Principal Front 20 ft. min. b. Secondary Front 10 ft. min. c. Side 5 ft. min. d. Rear 5 ft. min. Signature Name Jose V re, MA1, SRA, Cent Ge., RZ3562 Date Signed 05/17/2024 State CerSficaSon # Cert Ge., RZ3562 Or State License # State FL State Signature Name Date Signed State Cerdficad°n # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20." S. City M C°unry M Dade State FL Zip Code 33127 Lender/Client 0..,.., Co— —t„ Rede„.i.,„ ,,, A9e.—„ Building Height Building height is also regulated within the building's configuration. Under the Miami 21 Zoning Code, height is regulated in stories. a. Principal Building 2 stories and 25 ft. to eave maximum. b: Outbuilding 2 stories and 25 ft. to eave maximum. PARKING REQUIREMENT Residential Uses are permissible as listed in Table 3, limited by compliance with: - Principal dwelling - minimum of two parking spaces per principal dwelling unit. - Adult Family -Care homes - minimum of one parking space per staff member and one space per four residents. - Community Residence - minimum of one parking space per staff member in addition to the parking required for the principal dwelling unit. CONDITION OF COMPONENTS Any opinion expressed in this appraisal pertaining to the condition of the subject vacant land, or comparable property's components, is based on observation made at the time of inspection. They rely on visual indicators as well as reasonable expectations as to adequacy and dictated by neighborhood standards relative to marketability. An inspection conducted by an appraiser is usually not the equivalent of an inspection by an inspection professional (e.g., a soil engineer, general contractor, environmentalist, haz mat certified official, bio chemist, surveyor). An appraiser's observations must, at the minimum, be thorough enough to properly develop the appraisal and adequately report the relevant characteristics. Regardless of how the information is gathered, it must be sufficient for the development of relevant analyses, such as highest and best use, the application of the approaches, etc. The client, if concerned, is invited to employ the services of an expert in this area. DATA VERIFICATION A diligent effort has been made to verify information obtained from secondary data sources. However, in the time frame in which the client has requested the assignment to be prepared, principals are often not available or do not wish to discuss information with the appraiser that is not part of public records, possibly believing that some or all the information will be distributed to parties that the principals do not wish to share such knowledge. Therefore, the data utilized in the appraisal is believed to be true and accurate. Data obtained from professional associates and their sources, often relate to properties that they have inspected or have acknowledged of some aspects of the property. This information is often confidential in nature and may refer to in the analysis as a general source of data with the client's permission, but retained so that the confidentiality of the source is maintained and the specific data is not releases to the public in a manner not authorized by the client. DIRECT SALES COMPARISON APPROACH Direct Sales Comparison Approach is based on the comparison of the subject with sales of similar type properties. Adjustments are made to these sales for differences with the subject. This is generally considered the best indicator of value for vacant land. INCOME APPROACH The income of prtach is premises on capitalizing a net income from a property to arrive at an indicated Signature Name Jose V.;a, MA?, SRA, Cent Ge., RZ3562 Date Signed 05/17/2024 State Ceroficaton# Deft G. RZ3562 State FL Or State License # State Signature Name Date Signed State Cerdficad°n # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20t. St City Mra..r C°unry Mra.. Dade State FL Zip Code 33127 Lender/Client 0..,.,r Co —.,it„ Reee„eiopme.,t Ase.,e„ value. The subject is an undeveloped vacant land, which could not be leases in its current condition; and therefore, man cannot use the income approach. If the Indicated Value by Income Approach on the appraisal form was completed with N/A, then it was the judgment of the appraiser, based on the above factors and our research, that the Income approach was inappropriate for this assignment. FINAL RECONCILIATION All the weight is placed on Sales Comparison Approach as it reflects the market conditions. The as -is market value (as defined) is determined by using the gross adjustment of sale price for each land comparable as a measure of the relative quality of the sale. A lower adjustment indicates a better sale, and vice versa. The ratio of gross dollar adjustment to sale price for each of the comparables is used to calculate the weight each sale should have in a weighted average calculation. This weighted average which has been rounded is used as the as -is market value (as defined) of the subject. As with any method, this technique is not perfect. However, it does do a very good job of giving more weight to the most similar comparables while at the same time minimizing values near the extremes of the indicated value range. DIGITAL SIGNATURES If the appraisal report is digitally signed, the digital signatures in the report are to be considered as the appraiser original signature. A personalized identification number (password) controls the appraiser's digital signature and the appraiser has sole personalized control of affixing the signature. Electronically affixing a signature to a certification in a report carries the same level of authenticity and responsibility as an ink signature on paper. DIGITAL PHOTOGRAPHS Digital photographs taken of the subject property and sales comparables were not enhanced or altered in any way, shape or form. The use of MLS comparable photos is applied when it is the appraiser's opinion that the MLS photos represent the true comparable condition at the time of sale, or when the comparable property could not be clearly observable from the street. The appraiser personally visited or has visited in the past all of the selected comparable sales used in this assignment. During the visit the physical features were noted, at least in terms of what was observable from publicly accessible roadways. ITEMS LEFT BLANK For the purpose of this appraisal report, an item left blank indicates this item does not apply to the subject property, indicates a (No, or None) response, or indicates that the appraiser is not able to ascertain and/or is not qualified to furnish this information PREDOMINANT PRICE RANGE The predominant sale price is the price which is most often found after disregarding isolated extremes at either end of the price spectrum. The estimated market value is not the predominant of the neighborhood. This does not have an adverse on the subject's market value. In the subject's case the market value falls well within the high -low price parameters of the neighborhood. This indicates the subject is characteristic and representative of similar properties in the neighborhood. EXPOSURE TIME AND MARKETING TIME Exposure time is the time a property remains on the market. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events ssuming a competitive and open market. Exposure time is always presumed to occur prior to the effective e of t e appr aisal. The overall concept of reasonable exposure encompasses not only SignaWre 0 J _ Y ..��% �' SignaWre Name Jose V MA , SRA, Cert Gee RZ3562 Name Date Signed 05/17/2024 Date Signed State CeruficaSon # Deft G— RZ3562 State FL State CerSficaSon # State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Supplemental Addendum File N°. JV10225277 Borrower TBD Property Address 41 NW 20th S. City Mra...r C°unry M Dade State FL Zip Code 33127 Lender/Client 0..,..,Comm,..,e„Reee„eiop.,,e.,Ae.,e„ adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. Marketing time is the time it takes an interest in real property to sell on the market subsequent to the date of the appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. *Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. The marketing time is estimated at between 0 and 3 months. According to MLS and current Real Estate Market in the area, a similar property needs around 3 months to sell. We are the opinion that a reasonable exposure time of 3 months is linked to the value opinion. APPRAISAL INSTITUTE CERTIFICATIONS The appraiser certifies and agrees that: 1. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 2. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. 3. A true and complete copy of this report contains 36 pages including exhibits which are considered and integral part of the assignment. The appraisal report may not be properly understood without access to entire report. 4. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Signature �"r ( J Name Joh-a V cia MA?, SRA, Cent Ge., RZ3562 Date Signed 05/17/2024 State Ceroficaton # Cert Ge., RZ3562 Or State License # State FL State Signature Name Date Signed State Cerdficad°n # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE County Building 1 Sketch Fol loc Address: Owner: 01-3125-054-0430 41 NW 20 ST A-1 SHEPPARD ROOFING INC Building Sketch Viewer Actual Area 5,597 Sq. Ft. hying Area: 5,597 Sq. Ft. Adjusted Area: 4,947 Sq. Ft. Building Number: all Roll Year: 2023 Nod. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE County Building 2 Sketch Building Sketch Viewer Folio, 01-3125-054-0430 Actual Area; 5,597 Sq. Ft. Address: 41 NW 20 ST Lying Area: 5,597 Sq. >=t_ Owner; A-1 SHEPPARD ROOFING INC Adjusted Area: 4,447 Sq. FL Buiiding Number: 2,+ of 2 Roll 'Year: 2023 WHS Prev4©us WHS : Waretrouse Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Subject Photo Page Borrower TBD Property Address 41 NW 20., S= City M County M,.,,,_Dede State FL Zip Code 33127 Lender/Client 0.,,.,, Co.,,.,,...,,_„ Rede..e,o,.,,e.,= A9e.,.„ Subject Front 41 NW 20=„ S= Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;BsyRd;Co e View Site 15,600 Quality Age Subject Street View Subject View Form PIC3x5.SR - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Vacant Land Sales - Site Map Addendum Borrower TBD Property Address 41 NW 20=1, S= City M County M,.,,,_Dede State FL Zip Code 33127 Lender/Client 0.,,.,, Co.,,.,,...,,_„ Rede..e,o,,--,,, Age., „ Comparable 1 Site Map Aerial View Ccmnaralle pa GO NW 20t11 St Comparable 3 Site Map Aerial View Comparable 2 Site Map Aerial View Comparable 4 Site Map Aerial View Comparable 5 Site Map Aerial View Comparable 6 Site Map Aerial View Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Comparable Aerial Photos Page Borrower TBD Property Address 41 NW 20=., S= City M; County M.a,=,._Daae State FL Zip Code 33127 Lender/Client 0.,,.,; Co.,,.,,...,,_„ Rede..e.o,.,,e.,= Age.,.„ Comparable 1 125-145 NE 20., S= Prox. to Subject 0.24 m, e= E Sale Price 6,134,400 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Re„d/Comm/A 9. Site 18,875 Quality Age Comparable 2 2601 NW 6.., A.,e Prox. to Subject 0.66 e, NW Sale Price 7,700,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site 16,800 Quality Age Comparable 3 Prox. to Subject 0.60 m, e= N Sale Price 5,150,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site 13,800 Quality Age Form PICPIX.CR -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Comparable Photo Page Borrower TBD Property Address 41 NW 20., S= City M; County M;.,,;_Dede State FL Zip Code 33127 Lender/Client 0.,,.,, Co.,,. -,,_„ Rede..e.o,.,,e.,= A9e.,.„ Comparable 4 60 NW 20., S= Prox. to Subject 0.04 m, e= S Sale Price 13,000,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;B,yRd;C...ne, View Site 20,625 Quality Age Comparable 5 2150 NW Prox. to Subject 0.15 ; es N Sale Price 16,740,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location B;B. Rd;C...ne.- View Site 23,580 Quality Age Comparable 6 82 NW 27., S= Prox. to Subject 0.43 m, e= N Sale Price 4,000,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Re„d/Comm/A 9. Site 5,256 Quality Age Form PICPIX.CR -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Neighborhood Map [OFFICIAL] WYNWOOD STREET GUIDE 1 2 3 4 5 6 7 A D C LDE SIQrl THE D S'TR ICT wCw, r iwooD LJILID InG rSJJ i nw aeTM srr: I, c Do` II OLITI + LA 1 ] • rIUJ urn D E ra f 2TM $1' OASIS wylnur00D 81,514.1E55 ty I:u4'R6t'PMirT 0151.111V Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Neighborhood Aerial Map Neighborhood Map - Wynwood NRD The Cube Norheasrern- UniversO, Core Miami Campus Wynwood Paddle Club- Industrious- ...P"a',.' Amli WYrrwocd it.A Residences Subject 41 NW 20th St Atrium PRN N. Miami Wynwood Works Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Map Art Gallenes 8 Col Iacaiare� 1 N`NAMDI 2. Wynwoad Shop 3. Ascane Gallery 4, Gary Mader Fine Art 5. Rubel" Family Collection 6, Oliver Colo Gallery 7. University at Miami Slattery 8. Margulies Family Cal.lecrion 9. Tres Ars 10. Anlum Gallery *The Art Experience information stands + Free walking tours from llam to 4prn at these locations Ban & Breweries I. Castrate Beach Brewery 2. VP/2 Sur Brewing Company 3. J. Wakefield Brewing 4. Wriwood Brewery Company 5. finch House 6, The Electric Pickle 7. The Wyhwead Yard I+ faad) 6. Wood Tavern 9. Cramps l0. Wynwood Srh Aye (+ load) Clubs 8 Lounges 1 Shots 2 Casein 3, Rice 5 Beans 4. Astra Lounge 5. El Patio Wynwoud 6. Wynwood Smoke Snap 7 Wynwantl Care lounge Entertainment T. Lack 8 Load Shooting Range 2 °Cinema 3. PanIQ Room e W l Subject Restaurants 6 Cans I. Wynweed Kitchen 6 ear 2. Joey's Italian Cate 3.GiC Bistro 4. Panther Coffee 5 Coyo 6. Dr Smeed 7. 5onte Osterio B. Wynwond oven 9. The Butcher Shop beer Garden 6 Gri6 10. Baccano Second Saturday Art Wilk Faad Trucks Workspaces, Studies 8 Event Spacers 1. MAPS BackIot 2 MAMA Wynwood 3. The Lab Miami 4. The Wynwoad Li9 5. Wymvood Smoke Shop 6. Wynwood Cafe Lounge Shopping i. Wymraod 51101:. 2. 9SVM Miami 3. Cenc[ate Bungalow 4. The Superior Bike Shay 5. [Y-Itanr_ap1 6. Golden Bar 7 SC Design Joetrly 1. Werby Parker 5ung1481.es 9. Irhoa Sunglasses 8 Eyaweer NomeraRr 9 Education F Metrop*UJtan International Elementary School 2. Metropolitan tntemallonal Middle School 3. Miami Ad Schaal 4. Jose de Diego fiddle School '801J5 Church) S. Ealaida M. Tiartner Elementary 6. Young Msn's Prepatnry Academy 7. Arts ler Learning 8. Wyncode Academy 9. Pout Laurence Ouster Ir-e Censer 10. Miami Art Charter Schaal Spats, tleallh. 5 Reueatlon I. Playtn Childress Center 2 Our Family Asais..ed Living 3. Croesnl Wynwood 4, Mau Balemunta's Basing Club 5. Bodytok Fitness 5 &eye LUe Wellness Censer to Caf&f T. JetSet Miami B. Midtown Stadium Indoor SOCCER 9 Wyowood Indoor Soccer 10. Fight Club Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Trolley Map WYNWOOD z NW 36 St NW 26 St 1 NW 21 St NW 20 St n z 1 Map Not to Scale Effective 09/24/2017 NW 17 St NW 15S z w NE 36 St anV ELupIN N NE 26 St NE 21 St NE 20 St For more information: www.miamitraltev.corn For comments and questions: Please dial 311 pn[g aul+eOs!g z w co 0 4 NE 17 Ter r Adrienne Arsht Metromover Station Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Borrower TBD Property Address 41 NW 200-. Location Map w 4 it •4 -7. .It3.-poutiitw..,_"Isl_ gi - 0 .1, !* . ..-1'77141;°fr . w,341h t;11-F."101110.4tvhTFl I COMPARABLE No. 3 161 NW 29th St 0.60 miles N DP, I 441.29th St, 0 . q -•-":-•.=,.:,Ntkr4•28th",Str -,' , ''4171r,..:,...„...1d lVliarni 1, rr I Ai! '' 147,,,,.'', • : 1011 , Aar:Stile G717 .r,,,......, nil-. 0 " '4 h, NEL32od St NE-1'3141,SC COMPARABLE Ni. 5 2150 NW Miami Ct 01.15 miles N SUBJECT 41 NW 20th St COMPARABLE No. 4 be NW 20th St 0.04 miles City Lender/Client a ta mode, inc: County Ni„,.._.._Dec,e State FL jjJUT 177 COMPARABLE No. 2 26E1 NW 6th Ave 0.66 miles tdW NW12.31-d. St co NW 22ocipt — NiWaOth St . *0 5-, P - • M11,_ 19th-,s-r Elementary..„Schbol , . ' ....7. _ NI•r-1F,111 St, • .1, NW115th 1/440114th COMPARABLE No. 6 62 NW 27th St 0.13 rnfies N Zip Code 33127 °I4E-2 orsers, , Prhisd. it 1"' NE.25th 'IrTtf.1 23tdt' COMPARABLE No. 125 NE 20th Sr 4 145 0.24 miles E r 1'111. Kir z st NEL2uNiEh-,2sOtt i911oTertaC•NTE.....nece .4:*1-4-4717-11'11,1 - Nsfe ... LlevIII on Hines ' • . .. „ c,-. — ...1-g6 NE 6 ,.1 ,. - 1- • t ,. 1 1.— .,.. 1 1 .' 3 Xi* tIr- ;" L '. , ,.. r---- 1 JP , ,.,_•-,.__,..., P r.e." 1 f" Ia. t 1 '. 7:-'. 'Eilt 1,1.7,': I•i----v-- 10 ...,17. E;= E - ••,, • - E !.:PC IT T.= Form MAP.LOC -"TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Site Map Borrower TBD Property Address 41 NW 20th St City Mi.—i County Mia—i-Dade State FL Zip Code 33127 Lender/Client 0—rii C...,.. its. Rede„eIop..,e.,t Age.-„ Form MAP LT.SITE - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Aerial Map Borrower TBD Property Address 41 NW 20th St City Mi.,,,; County M;an,;-Dade State FL Zip Code 33127 Lender/Client Om.,, Commu.,,t„ Rede„eIop..,e.,t Age.,.„ 1 CARE Erementary School SUBJECT 41 hW 20th St ‘ data 1 1E04 ralbam —1 E =i$u=_ h`e, e- Tecnnoi,roee 50 it i Tern, Form MAP LT.SURVEY - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Bird's Eye Map Borrower TBD Property Address 41 NW 20th St City M;a,,,; County M;an,;-Dade State FL Zip Code 33127 Lender/Client O...,, C ,--r i y Rede„...., ent Age.-„ Form MAP LT.NHOOD - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Flood Map Borrower TBD Property Address 41 NW 20th St City Mi.,,,; County M;an,;-Dade State FL Zip Code 33127 Lender/Client O...,, Co..,.. �.,ay Rede„eIop..,e.,t Age.,„ Form MAP LT.FLOOD - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Qualifications of the Appraiser File No JV10225277 Borrower TBD Property Address 41 NW 20o, S. City M.am. Couny M.am.Dade State FL Zip Code 33127 Lender/Client 0,.,.,. Comm,..,,.,, Reee„ee,e—e.,. Age.,e„ Qualifications of the Appraiser General Data liryi Name. %1 Jofre Valencia, MAI, SRA \1�� Cert. Gen. RZ3562 Office Address. Deutsche Valuations 4251 SW 159 Avenue Miami, FL 33185 Phone: 786-757-6686 Cell: 786- 285-1205 eFax: 1-305-359-3280 email:,o.re27@„a�oo.�om www.de.,tsor,evawauons. Appraisal Experience: 05/2005-Current 11/2011-12/2012 04/2011- 11/2011 09/2010-03/2011 06/2002 — 04/2005 Deutsche Valuations 4251 SW 159 Avenue Miami, FL 33185 Ph: (786) 285-1205 Fax :(305) 359-3280 Hemingway & Associates 5901 SW 74th ST, Suite 306 South Miami, FL 33143 Adade Consulting 175 SW 7th St, Suite 1812 Miami, FL 33130 TINSA USA 175 SW 7th ST, Suite 1812 Miami, FL 33130 Trust Appraisals 11015SW56ST Miami, FL 33165 Ph: (305) 412-1950 Certified General Appraiser General Manager Residential & Commercial (4000+/- Residential Reports) (100 Commercial Narrative Report) Senior Valuation Analyst Valuation & Consulting Residential Valuation Officer Commercial& Residential Appraisals Residential Appraiser Director Senior Residential Appraiser Res. & Commercial appraisals Assistant to the Appraiser Residential & Commercial (5 Commercial Narrative Report) (770 +/- Residential Reports) Types of Appraisals Assignments performed. 1. Single Family Dwelling, Unique and Difficult Properties 2. Individual Condominium Units, PUD Units, Individual Cooperative Units 3. Vacant Lots, Sites and Parcels, & Residential Acreage & Lots, Highest & Best Use Studies 4. Small income one to four residential unit, 5+units, Apartment Buildings, 5 to 200+ units 5. Mobile Homes, Mobile Home Parks, Oddball or Non -Conforming Properties 6. Green Houses and Sustainable Green Building, Bay front Homes & Oceanfront Homes 7. Commercial Existing Property: Office Building, Warehouse, Retail Store, Hotel, Motel r Signature 0—'t ,c•'1/4'"c1 Name Jo,fe Va e e a, MAd SRA, C. Gee RZ3562 Date Signed 05/17/2024 State Certification# C. Ge-. RZ3562 Or State License # State FL State Signature Name Date Signed State Certification # Or State License # State State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20.,, S. City Mia County Ma,,,, - Dee e State FL Zip Code 33127 Lender/Client O,.,.,i Comm,..,,.,, Reee„e,eP,.,e.,. Age.,e„ Education. 1. Several Continuing Education Courses: Universidad Industrial de Santander, Bucaramanga, Colombia Justus Liebig University, Giessen, Germany Universidad Popular del Cesar, Valledupar, Colombia Miami -Dade Community College Florida International University Florida Atlantic University 2. Bachelor of Science in Biomedical Engineering Fachhochschule Giessen -Friedberg, Giessen, Germany Licenses and Memberships 2018 -MAI Designed Member of the Appraisal Institute 2013- Miami, Florida, State -Certified General Real Estate Appraiser 2012-Advanced MAI Candidate 2010 -SRA Designed Member of the Appraisal Institute 2008- FHA Appraiser Rooster 2005- Miami, Florida, State -Certified Residential Real Estate Appraiser 2003- Chicago, Illinois, Appraisal Institute Associate Member General Associate Member pursuing MAI & SRA Designation (MAI &SRA Candidate) 2002- Miami, Florida, State Registered Assistant Appraiser 1995- Valledupar, Colombia, Biomedical Engineer 1994- Giessen, Germany, Biomedical Engineer 1991- Dusseldorf, Germany, VD! Member (German Engineers Association) Real Estate Courses & Seminars. Appraisal Institute, South Florida Chapter 6 Hour QE 2022 Course October 13, 2022, Virtual Classroom, Florida B si ess Pra�ti�es a Appraisal Institute, South Florida Chapter October 06, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter September 8, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter August 16, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter August 16, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter July 28, 2022, Virtual Classroom, Florida ( Signature 0 ,c•'1/4''t1 Name Jere MAT SRA, Cer. Ge., RZ3562 Date Signed 05/17/2024 State Certification# Cer. Ge., RZ3562 State FL Or State License # State Signature Name A1453624 RZ3562 A1453624 A1453624 FLRD5097 RD 5097 Al 453624 RI 9430 3 Hour QE 2022 Course T„e 50% FEMA R,.,e Appraisal 4 Hour QE 2022 Course 7 Hour QE 2022 Course 2022-2023 Nat...,., USPAP Update 3 Hour QE 2022 Course F,oriaa La ror Rea, Estate Appraiser 6 Hour QE 2022 Course 2022 So t„ F,orida Rea, Estate For,..., Date Signed State Certification # Or State License # State State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20ti, St City M C0°' ' M Dade State FL Zip Code 33127 Lender/Client 0..,.,i C.-re, Reee„erop..,ere Ae„ey Appraisal Institute, South Florida Chapter November 20, 2022, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter October 1, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 25, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 16, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 12, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 11, 2020, Virtual Classroom, Florida Appraisal Institute, South Florida Chapter June 07, 2019, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter September21, 2018, Miami, Florida Appraisal Institute, South Florida Chapter August 17, 2018, Miami, Florida Appraisal Institute, South Florida Chapter August 17, 2018, Miami, Florida Appraisal Institute, South Florida Chapter March 23, 2018, Fort Lauderdale, Florida Appraisal Institute, Central Florida Chapter February 19-25, 2018, Orlando, Florida Appraisal Institute, South Florida Chapter December 11, 2017, Fort Lauderdale, Florida Appraisal Institute, South Florida Chapter April 25, 2017, Miami, Florida Appraisal Institute, South Florida Chapter August 25, 2016, Miami, Florida Appraisal Institute, South Florida Chapter August 25, 2016, Miami, Florida Appraisal Institute, South Florida Chapter December 09, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter December 03, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter October 07, 2015, Fort Lauderdale, FL Appraisal Institule,'outh Florida Chapter Signature' Name Jorre Vera, MA 1 SRA, Cert Ge., RZ3562 Date Signed 05/17/2024 State CerSficabon# Ce-Ge.,RZ3562 State FL Or State License # State Signature Name 2 Hour QE 2020 Course 6 Hour QE 2020 Course 8 Hour QE 2020 Course Easeme.,ts 7 Hour QE 2020 Course National USPAP Update 2 Hour QE Var anon In pa«s or COVID-19: 1-4 Unit Resiaent.ei 3 Hour QE 2018 Course Fioriaa L..,,, for R. Estate Appraiser 8 Hour QE 20195 Course The Evowcion of Rear Estate E-Commerce Impact. 4 Hour QE 2018 Course Teor,noiogy Tips re.- Reai Estate. Appraisers 7 Hour QE 2018 Course National USPAP Update 3 Hour QE 2018 Course Florida La for Reai Estate Appraiser 7 Hour QE 2018 Course Aa ancea Lana Vai ,anon: So ,nd Solutions to Perplexing Problems General Demonstration Report Capstone Program 7 Hour QE 2018 Course 7 Hour QE 2017 Course 7 Hour QE 2016 Course National USPAP Update 3 Hour QE 2016 Course Florida La ror Reai Estate Appraiser 8 Hour QE 2015 Course HAApp as9 or Va..atoa P °HA Si geFa iyHo seaAp 8 Hour QE 2015 Course r, trod%..Ction to Green B.. .o nce pts 7.5 Hour QE 2015 Course Evaluating Residentia 3 Hour QE 2015 Course Date Signed State Cerdficadon # Or State License # State State Form TADD2 - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20o, S. City Mia County Misr., -Dade State FL Zip Code 33127 Lender/Client O,.,.,i Comm,..,,.,, Reee„elep,.,e.,t Age.,c„ September 11, 2015, Fort Lauderdale, FL Appraisal Institute, South Florida Chapter Miami, FL, July 16, 2015 Appraisal Institute, South Florida Chapter Webminars, June 01, 2015 Appraisal Institute, South Florida Chapter November 07, 2014, Fort Lauderdale, FL Pier 66 Marina April 9, 2014, Fort Lauderdale Tightening the Appraisal 2 Hour QE 2015 Course Miami -Dade Count„ P Presentation 7 Hour QE 2015 Course General De.nonstrati< 3 Hour QE 2014 Course Critical Thlnking in A, 7 Hour QE 2014 Course National USPAP Update Appraisal Institute, South Florida Chapter 2 Hour QE 2014 Course Webminars Residential Solar Ph February 05, 2014 Market Value Dilen n Appraisal Institute, South Florida Chapter 3 Hour QE 2014 Course Boca Raton, FL Liaeilit Issues ror ApF January 24, 2014 Litigation Appraisal Institute, South Florida Chapter 3 Hour QE 2013 Course Fort Lauderdale Developing a $u pportz November 15, 2013 Appraisal Institute, South Florida Chapter 7 Hour QE 2013 Course Fort Lauderdale Appraising the Appraisal. Appraisal R.-- August 21, 2013 Residential Appraisal Institute, South Florida Chapter Fort Lauderdale May 17, 2013 Appraisal Institute, South Florida Chapter Florida International University June 9, 2012, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University June 9, 20102 Miami, Florida Appraisal Institute, South Florida Chapter Fort Lauderdale, FL May 7-8, 2012 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL February 15, 2012 4 Hour QE 2013 Course 7 Hour QE 2012 Course National USPAP Update 3 Hour QE 2012 Course Florida La ror Real Estate Appraiser 15 Hour QE 2012 Course Fnda nentals or $e par: Personal Pro pert 3 Hour QE 2012 Course An Appraiser s Intro/O er ie or the US Hotel Industry (AM) Appraisal Institute, South Florida Chapter 4 Hour QE 2012 Course Fort Lauderdale, FL Hotel Market Studies & February 15, 2012 HV Sort are (PM) Appraisal Institute, South Florida Chapter 7 Hour QE 2011 Course Fort Lauderdale, FL December 2, 2011 Appraisal Institute, South Florida Chapter Fort Lauderdale, FL July 21, 2011 Appraisal Institute, South Florida Chapter April 11-15, 2011, Fort Lauderdale Signature 0"�' ) �•'litti_ Signature Name Jerre MAT SRA, Cer. Ge., RZ3562 Name 7 Hour QE 2011 Course The tJniror n Appraisal Data set rro from Fannie Mae and Freddie Mao 35 Hour QE 2011 Course Date Signed 05/17/2024 Date Signed State Certification# Cer. Ge., RZ3562 State FL State Certification# State Or State License # State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20o, S. City Mia County Ma,,,, -Dade State FL Zip Code 33127 Lender/Client Oren. Co,.,,.,,..,i.,, Reee„elepme.,, Ae.,c„ Appraisal Institute, South Florida Chapter Fort Lauderdale February 28 -March 03, 2011 Appraisal Institute, South Florida Chapter January 24-29, 2011, Fort Lauderdale Appraisal Institute, North Texas Chapter Dallas, Texas November 05-08, 2010 Appraisal Institute, North Texas Chapter Dallas, Texas November 01-04, 2010 Webinar, Appraisal Institute August 18, 2010 Appraisal Institute, South Florida Chapter Fort Lauderdale, July 22-27, 2010 Webinar, Appraisal Institute July 01, 2010 Appraisal Institute, South Florida Chapter Florida International University June 26, 2010, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University June 12, 2010, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University June 05, 2010, Miami, Florida Webinar, Appraisal Institute May 26, 2010 Department of Revenue of the State of Florida, May 25, 2010 Appraisal Institute, South Florida Chapter May 14, 2010, Westin, Fort Lauderdale Appraisal Institute, South Florida Chapter Fort Lauderdale March 15-17, 2010 Appraisal Institute, South Florida Chapter Florida Atlantic University Center 10/07-08, 2009 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center 10/05-06, 2009 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida International University July 23, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 23, 2008, M'arr/i, Florida Signature 0'^r�' Name Jefre MA?, SRA, Cer. Ge., RZ3562 Date Signed 05/17/2024 State Certification# Cer. Ge., RZ3562 Or State License # State FL State Signature Name 30 Hour QE 2011 Course General Appraiser Site Valuation & Cost Approach 40 Hour QE 2011 Course 30 Hour QE 2010 Course General Appraiser Report Writing & Case Study 30 Hour QE 2010 Course General Appraiser Market Analysis 1 Hrs QE 2010 Webinar The Appraiser and the STDB: Location, time 40 Hour QE 2010 Course Ad a tee= Sale= Compel-ism-1 &Cast Approaches 1 Hrs QE 2010 Webinar 3 Hour QE 2010 Course 7 Hour QE 2010 Course National USPAP Update 3 Hour QE 2010 Course Florida La.,,, for Real Estate Appraiser 2 Hrs QE 2010 Webinar Online Training 2009 Vawe Ad,,.st.nent Board 4 Hour QE 2010 Seminar P.—party Tax Assess Went 21 Hour QE 2010 Course Conde.nnatson Appraising: Principles & Applications 15 Hour QE 2009 Course The Appraiser as an Expert Witness Preparation and Testimony 15 Hour QE 2009 Course Litigation Appraising: Specialized Topics and Applications 7 Hour QE 2008 Course Introduction to Income Capitalization 3 Hour QE 2008 Course Date Signed State Certification # Or State License # State State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20.o, S. City Mia County Ma,,,, - Dee e State FL Zip Code 33127 Lender/Client Om.,, Comm,..,,.,, Reee„e,ep,.,e.,, Aa.,c„ Appraisal Institute, South Florida Chapter Florida International University July 16, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 16, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 09, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida International University July 09, 2008, Miami, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center March 19-22, 2007 Boca Raton, Florida Appraisal Institute, South Florida Chapter Florida Atlantic University Center March 16-17, 2007 Boca Raton, Florida Gold Coast School of Real Estate October, 2006 Tamarack, Florida Appraisal Institute, National Program June 12-17, 2006, Little Rock, Arkansas Appraisal Institute, South Florida Chapter June, 2006, FIU, Miami, Florida Appraisal Institute, South Florida Chapter June, 2006, FIU, Miami, Florida Appraisal Institute, South Florida Chapter December 9, 2005 Boca Raton, Florida Landsafe, Appraisers Workshop November 10, 2005, Fort Lauderdale, FL A la mode, Technology Convection July 28-30, 2005, Orlando, Florida Appraisal Institute, South Florida Chapter FIU, Miami, Florida (2005) Appraisal Institute, South Florida Chapter Boca Raton, Florida (05/2005) Appraisal Institute, South Florida Chapter Pompano Beach, Florida (04/2005) Appraisal Institute, South Florida Chapter FIU, Miami, Florida (2004) Appraisal Institute, South Florida Chapter Boca Raton, Florida (2004) Appraisal Institute, South Florida Chapter Boca Raton, Florida ( 2004) Miami -Dade Community College( 2003) Miami, Florida 1 Signature 0^t it �'lti_ Name J°fre Va)e, =,a, MAT SRA, Cer. Ge., RZ3562 Date Signed 05/17/2024 State Certification# Cer. Ge., RZ3562 Or State License # State FL State Signature Name 7 Hour QE 2008 Course Natio a, USPAP Update Course 3 Hour QE 2008 Course SpotIigF t o USPAP: H pot. eti�a, Conditions & Extraordinary 7 Hour QE 2008 Course 3 Hour QE 2008 Course F,oriaa La ror Rea, Estate Appraiser 30 Hour QE 2008 Course Aa a yea Resiae ua, % Part 2 15 Hour QE 2008 Course Ad a. yea Resiae va, /a Case Studies/Part 1 60 Hours FREAB Appraisal Course ABIII Genera, Appraisal Course 30 Hour FREAB/#ACE0006902 3 Hour FREAB/#ACE0007293 Florida State Law for Real Estate Appraiser 7 Hour FREAB/#ACE0007184 National USPAP UPDATE 8 Hour FREAB/ACE0007219 Business Practices and Ethics 4 Hours OREA/ACE New Fannie Mae Forms 3 days seminars and courses about use of new technology in appraisal business 7 Hour FREAB/#ACE0007557 The Professional's Guide to the URAR 3 Hour Seminar FREAB ACE Single Family Fraud Awareness Associate Guidance Workshop 20 Hour Florida FREAB ACE 3 Hour Florida Appraisal Law Update 15 Hour National USPAP FREAB Appraisal Course ABIIb Date Signed State Certification # Or State License # State State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications of the Appraiser File No. JV10225277 Borrower TBD Property Address 41 NW 20.,, S. City M County Me,,,, -Dade State FL Zip Code 33127 Lender/Client Om.,, Comm,..,,.,, Rede„e,eP,.,e.,. A9e.—„ Miami -Dade Community College (2003) Miami, Florida Gold Coast School of Real Estate (2003) Miami, Florida Miami -Dade Community College (2003) Miami, Florida Miami -Dade Community College (2001) Miami, Florida Signature Name .Jena V.,,.e e, MA Date Signed 05/17/2024 SRA, Cer. Ge., RZ3562 State Certification# Ce.. Ge., RZ3562 Or State License # Signature Name Date Signed FREAB Appraisal Course ABII Mortgage Broker License Course Real Estate Salesperson Licensing Course FREAB Appraisal Course ABI State FL State Certification # State State Or State License # State Form TADD2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Appraiser's License Ron DeSantis, Governor STATE OF FLORIDA Halsey Beshears, Secretary dbiar DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES VALENCIA, JOFRE 4251 5W 159 AVE MIAMI FL 33185 ►b LICENSE NUMBER: RZ3562 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Wynwood Zoning NRD-1 - Page 1 Appendix J - Wynwood NRD-1 AMENDMENTS TO MIAMI 21 ORDINANCE DATE APPROVED DESCRIPTION FILE NUMBER Modifies the standards for small-scale commercial buildings and 13805 01 24 2019 applicable parking relaxations 7204 139Ci 12-if]-2f520 Establishes a program to allow unused density to be transferred For the 8432 benefit of affordable/workforce housing 14105 09-13-2023 Establishes a program for micro dwelling units 11616 14243 11-06-2023 Amends Sec.3.2.2, 3.5.2, 4. 5.1(e). 5.210 14890 14242 11-27.2023 Clarify configuration standards for rooftop elements - Sec. 5.1.(b)13), 14889 5.2(b) SECTION 1 - DEFINITIONS 1.1 DEFINITIONS OF BUILDING FUNCTIONS: USE Wynwood Uses The NRD-1 shall permit the following Uses as identifed within Sectior, 4. Table 1 a. COMMERCIAL Manufacturing -Enabled Retail; A facility primarily engaged in the manufacturing, processing. or assembly of goods and shall include on -premises retail sales. Art Gallery; A place of business primarily engaged in the display and sale of art work created on or off site, with works available for immediate purchase and removal from the premises. b. CIVIC Privately -owned Public Open Space: A publicly accessible area on a private Lot that exceeds minimum Open Space requirements and shall be provided as a Civic Space Types standard within Article 4. Table 7 of this Code. This area shall be In connection with a ground floor Commercial Use_ SECTION2 - PURPOSE AND INTENT 2.1 BOUNDARIES Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 2 Generally described as bounded by 1-95 on the west, NW 29th Street on the north including parcels fronting NW 29th Street on the north between 1-95 and NW 5th Avenue and between NW 2nd Avenue and N Miami Avenue, and the FEC Corridor on the east. The southern boundary is comprised of NW 20th Street between N Miami Avenue and NW lst Place, and NW 22nd Street between NW 1st Place and 1-95. Boundaries more specifically depicted on the Miami 21 Atlas. 22 INTENT The intent of the Neighborhood Revitalization District (NRD-1) is to establish a protective series of land development regulations to transition the existing Wynwood Industrial District into an active, diverse, mixed -use Neighborhood. The NRD-1 will also preserve the unique street art and Industrial characteristics of the current Wynwood District while promoting a 24-hour environment where people work, live, and play. The Wynwood Neighborhood, originally operated as a manufacturing and logistic hub for the City of Miami, is in transition and is transforming into a globally recognized destination for art, Fashion, innovation, and creative enterprise. It is vital that the Wynwood Neighborhood accommodate new Uses and Densities while creating new Public and private Open Space opportunities for its existing and future residents, 2.3 EFFECTS OF DISTRICT DESIGNATION The effect of these NRID-1 regulations shall be to modify to the extent indicated herein: a. Transect regulations included within the NRD-1 boundaries, b. Definitions under Section 1.1 of the NRD-1, which are applicabte only within the NRD-1. c. ether standards and regulations otherwise generally applicable under this Code to those properties included within the NRD-1 boundaries, d. Where standards set forth in a SAP conflict with standards set forth in the NRD-1, the standards in the SAP shall govern. e. Where standards in the NRD-1 are silent, the underlying Miami 21 standards and requirements shall govern. At the rime fixed rail transit services become available within the NRD-1 Boundaries, TOD benefits and regulations generally available in this Code and the City Code shall be made available except to the extent explicitly modified herein. 2.4ADDITIONAL NOTICE AND REVIEW a. All new Buildings within the NRD-1 boundaries shall be referred to the Wynwood Design Review Committee (WDRC), which shall review the application on its design merits and compatibility with the neighborhood and Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 3 provide its comments and recommendations to the Director, per Chapter 2 of the City Code. SECTION 3 - GENERAL TO ZONES 3.1 LOTS AND FRONTAGES 3.1.1 Lot assembly shall require a Unity of Title or covenant in lieu of Unity of Title in a form acceptable to the City Attorney. Contiguous Lots in one (1) ownership, as of the effective date of this Code, may be developed as one (1) Lot in excess of the maximum Lot size. Development of contiguous lots under common ownership or assembled via a covenant in lieu of Unity of Title for one (1) or more Principal Buildings may exceed maximum lot area by Warrant for Uses that serve the neighborhood and upon determination of compliance with neighborhood compatibility performance criteria set forth below: 1. Building Facades on Primary and Secondary Frontages shall emphasize activated ground floor Habitable Space and incorporate facade treatments that are compatible with the neighborhood character and implement variations in facades through art, glass, or architectural treatments and materials of a design approved by the Planning Director with the recommendation of the WDRC. 2. Provides for native specimen street trees within the verge with a DBH of 25% above the typical standards required by the WSMP and Chapter 17 of the City Code; and 3. Incorporates one of the following public benefits for the community within the NRD-1 boundary: a. A Cross -Block Pedestrian Passage, at least fifty percent (50%) open to the sky. which connects at least two (2) Thoroughfares or which is aligned so as to connect with another Paseo or Cross -Block Pedestrian Passage across a Thoroughfare to the subject property and is publicly accessible 24-hours a day or reduced hours by process of Waiver; b. In addition to required Open Space. a minimum of 10% or 5,000 square feet of gross lot area, whichever is greater, as Civic Space Type donated as a plaza or courtyard and publicly accessible seven (7) days per week; c. A transit transfer station with direct pedestrian access from a primary or secondary frontage and no less than 5,000 square feet of enclosed space on ground Floor for micro -mobility and paratransit with direct service to a transit station, including publicly accessible sanitary facilities and backers available to the general public; or d. Contribution to the NRD-1 Wynwood Public Benefits Trust Fund may be utilized for up to 20% at an amount equivalent to the balance of the square feet otherwise required for compliance with Section 3.1.1.3.a - c. above, Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 4 3.2 OFF-STREET PARKING AND LOADING STANDARDS Parking requirements met within the NRD-1 boundaries for T5,To and DI Transect Zones may be provided on -site or off -site through a centralized Parking system or provided as payment -in -lieu into the Wynwood Parking Trust Fund in order to consolidate Parking. encourage walking, and reduce the burden on property owners of mandated Parking requirements on -site. Parking requirements for the NRD-1 identified within Section 4, Table 2 shall apply, 3.2.1 Parking Program a. Applicability of Parking Relaxations. 1. Off -site parking Parking requirements may be satisfied off -site within a Parking Structure that shall be withinl,000 feet of the nearest point an the parcel of land of the proposed Development site. On -street parking available along the Frontage Lines that correspond to each Lot shall not be counted toward the parking requirement of any new Development on the Lot. An applicant requesting Parking off -site within a Parking Structure shall provide a Parking covenant, in a form acceptable to the City Attorney, to be recorded against the proposed Parking Structure site prior to issuance of a Certificate of Occupancy or Temporary Certificate of Occupancy for the Development site. as applicable. The covenant shall, at a minimum, memorialize the Property location and number of spaces of the proposed Development site for which the Parking Structure provides such parking availability. The applicant may request the removal or modification of a Parking covenant upon such time that the City Parking requirements are reduced or mass transit conditions are modified in a way that may facilitate additional Parking space reductions, or the required parking being provided off -site is otherwise satisfied on -site, off -site or through payment of fees in lieu. if applicable. 2. Nonconforming Off-street Parking; Adaptive Use Changes to site improvements shall be subject to regulations set forth in Section 7.2,8.a of this Code. Notwithstanding the establishment of the Wynwood Parking Trust Fund, the Use or Adaptive Use of any Building shall not require the provision of additional Parking, loading, or on -site stormwater detention or retention. Where existing Off-street Parking or loading is nonconforming to the requirements of this Code, as modified by Section 4, Table 2 herein, no modifications shall be permitted which increase the degree of the existing nonconformity. Modifications to the facilities may be approved by Waiver. and the Waiver maybe conditioned an safeguards that reduce the degree of the nonconformity to the extent reasonably feasible. 3. Parking relaxations Parking relaxations generally available in this Code and the City Code shall be available within the NRD-1 boundaries, except to the extent explicitly modified herein. 4. Payment -in -lieu of providing Parking: Parking maybe satisfied through payment -in -lieu process into the Wynwood Parking Trust Fund permissible for each Use as provided in Section 4. Table 2, and may be supplemented as provided below: For Adaptive Use Structures incorporating new Building Capacity fess than fifty percent (50%) of the total square footage of the existing Structure and not to exceed 20.000 square feet of new Floor Area, Parking requirements for any permitted Use may be fully satisfied through payment -in -lieu of parking on -site as Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 5 provided within Section 4, Table 2; and For new Development which does not require a loading berth. the first sixty (60) spaces of required Parking may be fully satisfied through payment -in -lieu of parking on -site as provided within Section 4, Table 2. b. Mechanical parking facilities within Parking Structures shall be allowed by Right within the NRD- 1 boundaries. Parking spaces within these facilities shall be calculated based on the number of vehicles accommodated by said Parking Structure. c. Parking covenants as described in this Code and payment -in -lieu shall be processed as described within Chapter 35 of the City Code. d, Prior to the end of the three (3) years from the effective date of these NRD-1 Regulations, the Director and Zoning Administrator shall review the parking standard for Dwelling Units 650 square feet or less, based on a district -wide parking and transportation study and may make a recommendation to modify the parking standard if such a study demonstrates a different demand. 3.2.2 Loading Standards Loading standards are set forth in Section 4, Tables 2 and 3, except as modified below: a. On -street loading for all Transect Zones within NRD-1 may be allowed in areas designated by signage and for limited intervals during specified hours. Office, Commercial, Lodging, and Residential Loading. On -street loading areas intended to service Office, Commercial, Lodging and Residential loading berth requirements described within Article 4, Table 3 may be permitted within specifically designated zones along Wynwood Thoroughfares within 500 feet of the Development site. On -street loading within such designated zones shall not exceed 20 minutes. Such loading activity shall occur only between times posted. b. For the purpose of loading maneuverability for future Development within the NRD-1, the follow- ing criteria shall apply to on -site loading berths: 1. Turning movements associated with one (1) on -Site loading berth per Development may be made on -street, except along Wynwood Corridors, 2. Turning movements associated with more than one (1) on -site loading berth per Development may be permitted on -street by Warrant, except along Wynwood Corridors. 3.3 THOROUGHFARES 3.3.1 NRD-1 Thoroughfares and Corridors The District is demarcated, traversed, or connected by important Thoroughfares and Corridors that provide opportunities for future Development. Wynwood Thoroughfares and Corridors have potential to increase Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 6 Development Capacity, provide ideal locations for increased Building Height, and promote higher Commercial Use activities. a. Improvements and new Development along Wynwood Thoroughfares and Corridors within the NRD-1 boundaries shall conform to the following pedestrian safety and comfort standards unless otherwise specified herein: 1. A Dominant Setback Waiver shall not be permitted in order for new Developments to establish a uniform streetscape with sidewalk conditions that promote pedestrian activity. 2. Uses to be developed an these Thoroughfares and Corridors shall promote pedestrian activity. such as General Commercial. Open Air Retail, and other ground floor retail Uses. 3. The number and dimensions of curb cuts and Driveways shalt be minimized to reduce pedestrian/vehicular conflicts up to the minimum permissible by the controlling jurisdiction. 4. Right-of-way sections for distinct categories of Thoroughfares and Corridors have been identified within the NRD•1 Streetscape Master Plan to establish ideal sidewalk conditions, achieving an enhanced pedestrian experience within the NRD-1. b, NRD-1 Setbacks: Refer to the NRD-1 Streetscape Master Plan described within Section 8 for specific setback conditions along Thoroughfares and Corridors within the NRD-1 boundary. 3.4 WYNWOOD PUBLIC BENEFITS PROGRAM The intent of the Wynwood Public Benefits Program established in NRD-1 is to allow bonus Building Height in the T5-O, TO. and Di Transect Zones in exchange for the developer's contribution to specified programs that provide benefits to the Public within the NRD-1 boundaries, The Wynwoad Public Benefits Program shall supersede the Public Benefits Program generally applicable in the City under Section 3.14 of this Code, No Building permit shalt be issued for bonus Height and FLR until the Zoning Administrator has certified compliance with the provisions of this Section upon referral and assurance of compliance from all applicable departments. Certification shalt be made only after a certified check has been deposited and cleared to the Wynwood Public Benefits Trust Fund or, for non -cash contributions. a binding commitment has been approved by the City Manager. The cash contribution shall be nonrefundable. a The proposed bonus Height shall be permitted in exchange for contributions to the NRD-1 for the following public benefits: Affordable/ Workforce housing, Public Parks and Open Space, Civic Space or Civil Support space. Cross -Block Connectivity and Civic Street Type Right -of -Way Enhancements, The City shall establish a Wynwood Public Benefits Trust Fund for the collection of cash contributions for Affordable/Workforce Housing and Public Parks and Open Space. The Wynwood BID shall annually deckle the allocation of funds from the Funds collected under this section. Expenditures of these funds shall be in accordance with the Wynwood Public Benefits Trust Fund as defined In Chapter 62 of the City Code. Definitions Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 7 1. Affordable/Workforce Housing shall mean: housing available to families which meet the qualifications as established by Section 13-5 of the City Code, 2. Public Parks and Open Space shall mean: Open Space meeting the standards of Article 4, Table 7 of this Code. 3. Civic Space or Civic Support Use shall mean: a Building Function defined within Article 1,Section 1.1 f. of this Code, 4. Cross -Block Connectivity shall mean: a Paseo, cross -Block Pedestrian Passage, or vehicular cross -Block passage that connects two (2) Thoroughfares, Corridors, or combination thereof; and is publicly accessible 24- hours a day and enforced covenant, in a form acceptable to the City Attorney- 5. Civic Street Type Right -of -Way Enhancements shall mean: rights -of -way specifically identified within the Wynwood Streetscape Master Plan as streets differentiated by prioritizing open pedestrian space, mobility improvements (particularly cycling infrastructure), and the selection of iconic tree species. The woonerf designs will be iconic and emblematic of Wynwood by way of landscape, art. and resilience and provide new opportunities for Civic Space. b. For the purposes of the Wynwood Public Benefits Program, the following criteria shall apply: 1. Affordable/Workforce Housing, A Development project within the NRD-1 boundaries may provide any of the following or combination thereof: i. Affordable/Workforce 1-lousing On -site: For each square foot of Affordable/Workforce Housing priced at or below eighty percent (80%) Area Median Income (including appurtenant shared space such as Parking and circulation) provided on site. the Development shall be allowed three (3) square feet of additional area up to the bonus Height as described in Section 3.4 (c). For each square foot of Affordable/Workforce housing priced above eighty percent (80%) Area Median Income (including appurtenant shared space such as parking and circulation) provided on -site, the development shall be allowed an equivalent amount of development Floor Area up to the bonus Height and FLR as described in Section 3.4(c). ii. Affordable/Workforce 1-lousing Off -site: For each square foot of Affordable/Workforce Housing (including appurtenant shared space such as Parking and circulation) provided off site, in a location within the City approved by the City Manager, the Development shall be allowed an equivalent square footage of additional area up to the bonus Height as described in Section 3.4 (c). No additional allowance or credit is given for the purchase of the site. 2. Public Parks and Open Space. A Development project within the N'RD-1 boundaries may provide any of the following or combination thereof: i. Dedication On -site: Public Open Space, in addition to required Open Space, may be provided on -site in a location and of a design to be approved by the Planning Director. For each square foot of dedicated Public Park or Open Space provided, the Development shall be allowed an equivalent amount of Development Floor Area up to the bonus Height described in Section 3.4 (c). The project shall maintain the Frontage requirements of the Transect Zone set forth within Section 3.3.1 (b). The Open Space may be a Civic Space Type. See Article 4, Table 7 of this Code. ii. Dedication Off -site: For dedication of Public Park or Open Space provided off -site within the NRD-1 boundary, the Development shall be allowed two (2) times the Development Floor Area of provided land up to the bonus Height described in Section 3.3 (c). The Open Space may be a Civic Space Type as more fully described in Article 4, Table 7 of this Code. 3. Civic Space and Civil Support Uses. Fora Development project within the NRD-1 boundaries that donates a Civic Space or Civil Support Use on site to the City, an additional two (2) square feet of area for each square Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 8 foot of donated Building Floor Area for use, up to the bonus Height described in Section 3.4(c), shall be allowed, 4. Cross -Block Connectivity. In efforts to further improve neighborhood connectivity and connections through the District, a Development project within the NRD-1 boundaries that provides a Paseo, cross -Block Pedestrian Passage, or vehicular cross -Block passage, which is at any paint more than two -hundred fifty (250) feet from the nearest Thoroughfare intersection, further than five -hundred (500) feet from any other Paseo or cross -Block Pedestrian Passage. or aligned with another cross -block Pedestrian Passage or Paseo across a Thoroughfare to an adjacent property, connects two (2) Thoroughfares, and is publicly accessible 24-hours a day or reduced hours by process of Waiver, additional floor area shall be allowed as follows: I. For portions of provided Cross -Block Connectivity that are roofed, the Development shall be allowed an equivalent amount of Development Floor Area up to the bonus Height described in Section 3.4 (c). For portions of provided Cross -Block Connectivity that are open to the sky, the Development shall be allowed five (5) times the Development Floor Area up to the bonus Height described in Section 3.4 (c). 5. Civic Street Type Right -of -Way Enhancements. The Wynwood Streetscape Master Plan designation of Civic Street Types including NW 3Avenue, NW 1 Avenue, and NW 1 Place Woonerfs and NW 29 Street, NW 5 Avenue, NW 27 Terrace. and NW 28 Street has positioned these roads as landmarks within the District. The Woonerf designs will be iconic and emblematic of Wynwood by way of landscape, art, and resilience and provide new opportunities for Civic Space. In efforts to construct Woonerfs and other specialized Civic Street Types throughout the District as identified within the Wynwood Streetscape Master Plan, a Development project within the NRD-1 boundaries may provide any of the following or combination thereof: i. For each square foot of constructed Civic Street Type Right -of -Way Improvements beyond standard Department of Resilience and Public Works right-of-way improvements required by Section 54-56 of the City Code. the Development shall be allowed two (2) times the Development Floor Area up to the bonus Height described in Section 3.4(c). ii. Fora cash contribution to the Right -of -Way Improvement Trust Fund, the Development project shall be allowed additional Floor Area up to the bonus Height described in Section 3.4(c). The cash contribution shall be determined by criteria set forth within Section 8.1.d. 6. Trust Fund contribution. For a cash contribution to the Wynwood Public Benefits Trust Fund, the Development project shall be allowed additional Floor Area up to the bonus Height described in Section 3.4 (c). The cash contribution shall be determined based on a percentage of the market value of the per square foot price being charged for units at projects within the market area where the proposed project seeking the bonus is located. The calculation assumes a land value per saleable or rentable square foot within market area to equate to between ten percent (1O%) to fifteen percent (15%) of the market area's weighted average sales price per square foot. The cash contributions shall be adjusted on an annual basis to reflect market conditions effective October 1 of every year. c. Bonus Building Height shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by the NRD-1, in the amount and in the manner set forth herein. 1. T5-0: five (5) Story maximum. bonus to eight (8) Stories: the first additional floor of Development Height shall only be permitted through Public Benefits for Affordable/Workforce Housing. Public Parks and Open Space. Civic Space Type, Civil Support Use, Cross -Block Connectivity, and/or cash contributions to the Wynwood Public Benefits Trust Fund. Additional bonus Height may be achieved through Public Benefits or through the Wynwood TDR Program. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 9 2. T5-8: eight (8) Story maximum, bonus to twelve (12) Stories. the first halt (rounded up) of additional floors of Development Height shall only be permitted through Public Benefits for Affordable/Workforce Housing, Public Parks and Open Space, Civic Space Type, Civil Support Use, and/or cash contributions to the Wynwood Public Benefits Trust Fund, Additional bonus Height may be achieved through public benefits or through the Wynwood TDR Program, 3. D1: eight (8) Story maximum, bonus to ten (10) Stories; the additional floors of Development Height shalt only be permitted through public benefits for Affordable/Workforce Housing, Public Parks and Open Space, Civic Space Type, Civil Support Use, and/or casli contributions to the Wynwood Public Benefit Trust Fund. 3.5 WYNWOOD TRANSFER OF DEVELOPMENT RIGHTS PROGRAM 3.5.1 Wynwood Transfer of Development Rights Program a, It is the intent of the Wynwood Transfer of Development Rights (TDR) Program to encourage the preservation of Legacy Structures and the establishment of Privately -Owned Public Open Space by creating a process whereby the otherwise unusable Development rights of Legacy Structure sites and Privately -Owned Public Open Space may be converted into an asset that may be sold to an eligible receiving sites located within the NRD-1 boundaries. The Wynwood TDR Program. permitted only within the NRD-1. will facilitate the transfer of Floor Area from Legacy Structure sites and Privately -Owned Public Open Space sites to encourage new Development that supports the character of Wynwood. Notwithstanding Chapter 23 of the City Code, no property may utilize any other TDR program that may be applicable under this Code or the City Code, shall be eligible within the NRD- 1 boundaries, either as a sending property or receiving site except as allowed herein. b. Owners of eligible properties may be issued a 'certificate of eligibility" by the Director with the recommendation of the WDRC. that the property meets the criteria established by the Wynwood BID and defined below. 1. Legacy Structure shall mean: An existing Building which is maintained and re -purposed by the property owner that contributes to the character of Wynwood_ The Building must maintain its physical integrity so that it sufficiently conveys its original character: possesses integrity of design, setting, material, workmanship, feeling and association and meet at least one (1) of the following criteria: i. Is associated within a significant industry important to the City's history: ii. Exemplifies the Industrial past of the community: and, Provides public art that supports the character of Wynwood and is maintained in perpetuity. 2. TOR exchange system: i. The owner of property improved with a Legacy Structure or Privately -Owned Public Open Space may sell or receive TDRs at any time. li. Developments within T5-O and TO Transect Zones may receive TDRs to obtain additional bonus Building Height. In the TS-O Transect Zone, TDRs may only be acquired for a Building Height above the first floor of bonus Development Building Height. In a 78 Transect Zone, TDRs may only be acquired for half (rounded down) of a Development's bonus Building Height. 3. Legacy Structure sites selling TDRs must operate a Use permissible within the NRD-1. Legacy Structure sites and Privately -Owned Public Open Space sites shall not be preserved in perpetuity and may reacquire Development capacity from another Legacy Structure site or Privately -Owned Public Open Space site if available within the NRD-1 boundaries.. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 10 35.2 Wynwood Transfer of Development Density Program a It is the intent of the Wynwood Transfer of Development Density {TDD) Program to encourage the development of Affordable/Workforce Housing, Civic Open Space, and Legacy Use Floor Area within a Legacy Structure by creating a process whereby the otherwise unusable Development Density of a New NRO-1 development site, Legacy Structure, or improved open space area may be converted into an asset that may be sold to eligible receiving sites located within the NRD-1 boundaries. The Wynwood TDD Program, permitted only within the NR0-1, will facilitate the transfer of Density from Existing ar New NRD-1 Development Sites. Legacy Structures, and improved Open Space sites to encourage new residential development that supports the character of Wynwood. Notwithstanding Chapter 23 of the City Code, no property within the NRD-1 boundaries may utilize any tidier TDD program that may be applicable under this Code or the City Code, either as a sending property ur receiving site except as allowed herein. b. Owners of eligible properties as sending sites may be issued a "certificate of eligibility" by the Zoning Administrator if the property meets the criteria established by the Wynwood BID as defined below. 1. Legacy Structure shall mean: See Section 3,5.1 criteria. 2. New NRD-1 Development Site shall mean: Any primarily non -Residential development completed after September 2015 within the NR0-1 boundary. 3. TOD exchange system- The owner of property improved with a New NRD-1 Development Site, Legacy Structure, or Privately Owned Public Open Space may sell TDDs at any rime to new Development with Residential ar Lodging uses within the N RD-1 Boundary up to fifty percent i50%1 increase above allowable Density within T5•0, T5 •L, and T6-8-O. ii. New Developments with Residential or Lodging uses may receive up to fifty percent (50%) increase above allowable Density within T5-0, TS-L, and T6-8-0 permitted through the participation in one of the following TDD Benefit Programs: a Affordable Housing Payout Bonus Density shall be permitted for a Dwelling Unit less than 650 square feet or efficiency units and only if the Development contributes cash to the Wynwood Public Benefits Trust Fund in the amount of $20,000.00 per Dwelling Unit up to fifty percent (50%) increase beyond otherwise allowable maximum Density. b. Public Parks and Open Space Dedication Off -site: For dedication of Public Park or Open Space provided off -site within the NRD-1 boundary, the Development shall be allowed an equivalent amount of the Development Density up to the amount described in Section 3.5.2.b.3.ii. The Open Space may be a Civic Space Type as rnore fully described in Article 4, Table 7 of this Code. r,. NRD-1 Legacy Structure and NRD-1 New Development Site. Both a Legacy Structure site and a New NRD-1 Development Site selling TDDs shall be allowed an Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 11 equivalent amount of the site Development Density based on its Lot Area multiplied by the maximum Density permitted in the transect zone. 3.5.3 WynwoodAttainable Mixed Income Program a. Asa pre -requisite to qualify as a Wynwood Attainable Mixed -Income Development eligible for any of the special benefits described in Article 3, Section 3.15 of this Code, an applicant shall submit to the Office of Zoning: 1. Certification by the City's Housing and Community Development Department that the proposed Development will provide a minimum of forty percent (40%) of the Dwelling Units as Affordable Housing serving residents at or below sixty percent (60%) of AMI and the remainder of the Dwelling Units up to Market Rate }-lousing; or certification by the City's Housing and Community Development Department that the proposed Development will provide a minimum of twenty percent (20%) of the Dwelling Units as Affordable Housing serving residents at or below fifty percent (50%) of AMI and the remainder of the Dwelling Units up to Market Rate Housing. 2. A recorded covenant running with the land acceptable to the City and in a form acceptable to the City Attorney confirming the property will meet the criteria in subsection (1) above fora period of no less than thirty (30) years from the date of the issuance of a final Certificate of Occupancy. The covenant shall be automatically extended for periods of ten (10) years if any funds from the NRD-1 Wynwood Public Benefit Trust Fund are utilized and may be released only by a vote of the City Commission at a publicly noticed hearing. b. Wynwood Attainable Mixed Income Development shall be provided all the flexlbilities described in Article 3, Section 3.15 of this Code except as modified below. 1. Any Development that meets the criteria in Section 3.5.3.a and provides a minimum of ten percent (10%) of the Dwelling Units as Extremely Low Income as defined herein shall be provided a one hundred percent (100%) Density bonus. The Development after the Density bonus shall maintain the Affordable and Market Rate Housing mix described in Section 3.5.3.a (1) and shall provide ten percent (10%) of the Dwelling Units as Extremely Low Income Housing for the entire Development_ 2. Any Development that meets the criteria in Section 3.5.3.a and provides a minimum of five percent (5%) of the Dwelling Units as Extremely Low Income as defined herein shall be provided a fifty percent (50%) Density bonus. The Development after the Density bonus shall maintain the Affordable and Market Rate Housing mix described in Section 3.5.3.a(1) and shall provide five percent (5%) of the Dwelling Units as Extremely Low Income Housing for the entire Development. 3. The income restricted housing required under Section 3.5.3 can be fully or partially paid out into the Affordable Housing Trust Fund at the rate of $35,000,00 per required unit at sixty percent (60%) AM I, $55,000.00 per required unit at fifty percent (50%) AMI, and $75,000.00 per required unit at thirty percent (30%) AMI. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 12 i. A Wynwood Attainable Mixed Income Development that Fully or partially pays out any income restricted housing required under this Section shall not be permitted to utilize Article 3. Section 3.15.4 or 3.15.5 of this Code. A Wynwood Attainable Mixed Income Development that fully pays out all its required income restricted housing shall not require the recorded covenant described in 3.5.3.a.2. SECTION 4 - STAN DARDS AND TABLES TABLE 1, BUILDING FUNCTION: USES T5 76 D URBAN CENTER URBAN CORE DISTRICTS Di DENSITY (UNITS PER ACRE) 1.50 150 150 36 RESIDENTIAL SINGLE FAMILY RESIDENCE R R R COMMUNITY RESIDENCE R R R ANCILLARY UNIT TWO FAMILY RESIDENCE R R R MULTI FAMILY HOUSING R R R DORMITORY R R HOME OFFICE R R R LIVE - WORK R R WORK - LIVE R R R LODGING BED & BREAKFAST R R R R INN R R R R HOTEL R R R R Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 13 OFFICE OFFICE T5 T6 URBAN CENTER URBAN CORE DISTRICTS R R R R COMMERCIAL ART GALLERY R R R R AUTO -RELATED COMM ERCIAL ESTAB. W W R ENTERTAINMENT ESTABLISHMENT W R R R ENTERTAINMENT ESTAB. - ADULT FOOD SERVICE ESTABLISHMENT R R R R ALCOHOL BEVERAGE SERVICE ESTAB, E E E E GENERAL COMMERCIAL R R R R MANUFACTURING-ENABLED RETAIL W R MARINE RELATED COMMERCIAL ESTAB. W W W R OPEN AIR RETAIL w w w R PLACE OF ASSEMBLY R R R R RECREATIONAL ESTABLISHMENT R R R R CIVIC COMMUNITY FACIDIY W W W R PRIVATELY -OWNED PUBLIC OPEN SPACE R R R R RECREATIONAL FACILITY R R R R RELIGIOUS FACILITY R R R R REGIONALACTIVITY COMPLEX E CIVIL SUPPORT Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 14 T5 T6 D URBAN CENTER URBAN CORE DISTRICTS COMMUNITY SUPPORT FACILITY w w w R INFRASTRUCTURE AND UTILITIES w W w w MAJOR FACILITY E MARINA w w w R PUBLIC PARKING W W W R RESCUE MISSION E TRANSIT FACILITIES W W W R EDUCATIONAL CHILDCARE w W w COLLEGE / UNIVERSITY w w W E ELEMENTARY SCHOOL W W W £ LEARNING CENTER R R R E MIDDLE / HIGH SCHOOL W W W E PRE-SCHOOL R R R E RESEARCH FACILITY R R R R SPECIAL TRAINING !VOCATIONAL w W w R INDUSTRIAL AUTO -RELATED INDUSTRIAL ESTBL R MANUFACTURING AND PROCESSING R MARINE RELATED INDUSTRIAL ESTBL. R PRODUCTS AND SERVICES R STORAGE/ DISTRIBUTION FACILITY R Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 15 TABLE 2.T5 - URBAN CENTER ZONE DENSITY(UPA) RESIDENTIAL See Article 4, Table 4 LIMITED 150 UNITS PER ACRE Residential Uses are permissible as listed in Table 1, limited by compliance with: • Dwelling Unit • Minimum of one and one-half (1.5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure': or • Provide one (1) space per Dwelling Unit ran -site or off -site within a Parking Structure'. and provide payment -in -lieu of remaining half (t) space per Dwelling Unit of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of 1 additional visitor parking space for every 10 Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Dwelling Unit 650 square feet or less • Minimum of one (1) parking space per Dwelling Unit shall be provided on -site or off -site within a Parking Structure, or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided for off-street Parking into the Wynwood Parking Fund, for up to the first forty (40) spaces per development project. For any required spaces after the first forty (40), payment -in -lieu of remaining half (0.5) space per OPEN 150 UNITS PER ACRE Residential Uses are permissible as listed in Table 1, limited by compliance with: • Dwelling Unit • Minimum of one and one-half (1.5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure'; or • Provide one (1) space per Dwelling Unit on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (Y') space per Dwelling Unit of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Dwelling Unit 650 square feet or less • Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure', or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided far off-street Parking into the Wynwood Parking Fund, for up to the first forty (40) spaces per development project. For any required spaces after the first forty (40), payment -in -lieu of remaining half (0.5) space per Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 16 Dwelling Unit of required offstreet parking may be provided into the Wynwood Parking Trust Fund. ■ Minimum of 1 additional visitor parsing space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Live -work - Work component shall provide parking as required by the nan-residential use in addition to parking required for the Dwelling Unit. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. ■ Community Residence - Minimum of one (1) parking space per staff member in addition to the parking required for the principal Dwelling Unit(s). • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. ■ Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area. one (1) Bicycle Rack Space required per Dwelling Unit. ■ Except for sites within 500 feet of an ungated T3 Transact done, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the Dwelling Unit of required offstreet parking may be provided into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure`. • Live -work - Work component shall provide parking as required by the non-residential use in addition to parking required for the Dwelling Unit. • Work -live - Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off - site within a Parking Structure'. • Minimum of one (1) additional visitor parking space far every ten (10) Work -live Units shall be provided on -site or off -site within a Parking Structure'. • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking equivalent to the Office requirement far the area above 2.000 square feet. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. • Community Residence - Minimum of one (1) parking space per staff member in addition to the parking required for the principal Dwelling Unit(s), • Parking requirement may be reduced according to the Shared parking standard. Section 4, Table 3. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 17 LODGING See Article 4, Table 4 City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square Feet or less. • Within aTOD area. Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8. 4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack spaces for each required parking space. Loading - See Section 4, Table 3 Lodging Uses are permissible as listed in Table 1. • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off - site within a Parking Structure;; or • Provide half (Y) space per two (2) lodging units on -site or off -site within a Parking Structure', and • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per Dwelling Unit. • Except for sites within 500 feet of an ungated T3 Transact Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payrnent intoa transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Lodging uses are permissible as listed in Table 1, • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off - site within a Parking Structure; or • Provide half (34) space per two (2) lodging units on -site or off -site within a Parking Structure', and Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 18 provide payment -in -lieu of remaining half (J) space per two (2) lodging units of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) lodging units shall be provided on -site or off -site within a Parking Structure, • Parking requirement may be reduced according to the Shared parking standards, Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) bicycle rack space for every five (5) lodging units. . Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent ( 30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. Within a TOD area, Transit Corridor, or for Developments along bike ii ne network identified in the WSMP Illustration 8. 4, twenty percent (20%) of required parking spaces may be exchanged provide payment -in -lieu of remaining half (35) space per two (2) lodging units of required off- street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) lodging units shall be provided on -site or off -site within a Parking Structure. • Parking requirement may be reduced according to the Shared parking standards, Article 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) bicycle rack space for every five (5) lodging units. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent ( 30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment intoa transit enhancement Trust Fund, as established by Chapter 35 of the City Cade, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8. 4, twenty percent (20%) of required parking spaces maybe exchanged Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 19 OFFICE See Article 4, Table 4 For bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1, limited by compliance withr • Office Uses are limited to the first and second Story of the Principal Building, Office and Commercial Uses shall be less than 25% Building floor area total. • Minimum of three (3) parking spaces for every 1,000 square feet of Office Use provided on -site or off -site within a Parking Structure'. or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure". and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. * Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Office area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced wi thin a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of three (3) parking spaces far every 1.000 square feet of Office Use provided on -site or off -site within a Parking Structure'. or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure', and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard. Section 4, Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Office area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 20 COMMERCIAL See Article 4, Table 4 Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code. or by ane hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet ar less. Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Commercial Uses are permissible as listed in Table 1, limited by compliance with: • Commercial Uses are limited to the first and second Story of the Principal Building, Office and Commercial Uses shall be less than 25% Building floor area total. • A maximum Floor Area of 55,000 square feet per establishment. • Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on - site or off -site within a Parking Structure.; or • Provide two (2) spaces per 1.000 square feet of Commercial Use on -site or off -site within a Parking Structure`. and provide payment - in -lieu of remaining ane (1) space City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less, • Within a TOD area, Transit Corridor, ar for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 Commercial Uses are permissible as listed in Table 1. limited by compliance with: • A maximum Floor Area of 55,000 square feet per establishment, except for Public Storage Facilities. • A Principal Building with 100 feet of Principal Frontage length or more shall require Commercial Uses along a minimum of twenty five (25%) of the ground floor facade, • Manufacturing -Enabled Retail - Limited to first Story of Principal Building and a maximum Floor Area of 20,000 square feet per establishment. • Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on - Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 21 per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Art Gallery - Minimum of (1) parking space for every 1,000 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4.Table 3. • Minimum of one (1) Bicycle Rack Space for every 20 vehicular spaces required or within a TOO area one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a 'TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (SO%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP illustration 8.4, site or off -site within a Parking Structure', except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces: or • Provide two (2) spaces per 1,000 square feet of Commercial Use on - site or off -site within a Parking Structure`, and provide payment - in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Art Gallery - Minimum of (1) parking space far every 1,000 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard. Section 4, Table 3, except for Public Storage Facilities. • Minimum of one (1) Bicycle Rack Space far every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except for site within 500 feet of an ungated T3 Transact Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 22 CIVIC twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 See Article 4, Table 4 Civic Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure. * Minimum of one (1) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure', or provide payment -in - lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Commercial Auto -related, Drive- Thru or Drive -In Facilities - See Article 6. Civic Uses are permissible as listed in Table 1, limited by compliance with: . Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure'. • Minimum of one (1) parking space for every 1,000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure', or provide payment -in - lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 23 • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in Connection with a ground floor • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Commercial Use and provided as a Civic Space Type standard within Civic Space Type standard within Article 4, Table 7 of this Code. Article 4, Table 7 of this Code. • Parking requirement may be • Minimum of one (1) Bicycle Rack reduced according to the Shared Space for every twenty (20) parking standard, Article 4, Table vehicular spaces required or within 5. a TOD area one (1) Bicycle Rack • Minimum of one (1) Bicycle Rack Space required per 3,000 square Space for every twenty (20) feet of Civic area. vehicular spaces required or within • Except for sites within 500 feet a TOD area one (1) Bicycle Rack of an ungated T3 Transect Zone, Space required per 3,000 square the parking ratio may be reduced feet of Civic area. within a TOD area or within a • Except for sites within 500 feet Transit Corridor area by up to of an ungated T3 Transect Zone. thirty percent (30%) by process of the parking ratio may be reduced Waiver, by up to fifty percent within a TOD area or within a (50%) by process of Waiver and Transit Corridor area by up to payment into a transit thirty percent (30%) by process of enhancement Trust Fund, as Waiver, by up to fifty percent established by Chapter 35 of the (50%) by process of Waiver and City Code, or by one hundred payment into a transit percent (100%) for any Structure enhancement Trust Fund, as with a floor Area of twenty established by Chapter 35 of the thousand (20,000) square feet or City Code. or by one hundred less, percent (100%) for any Structure • Within a TOD area, Transit with a Floor Area of twenty Corridor, or for Developments thousand (20,000) square feet or along bike line network identified less. in the WSMP Illustration 8.4, • Within a TOD area. Transit twenty percent (20%) of required Corridor, or for Developments parking spaces may be exchanged along bike line network identified for bicycle parking at a ratio of six in the WSMP Illustration 8.4. (6) Bicycle Rack Spaces for each twenty percent (20%) of required required parking space. parking spaces may be exchanged Loading - See Section 4, Table 3 for bicycle parking at a ratio of six Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 24 CIVIL SUPPORT See Article 4, Table 4 (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site aroff-site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure'. • Adult Daycare- Minimum of one (1) space per staff member. • Parking requirement may be reduced according to the Shared parking standard, Article 4, Table 5. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area, • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of WVaver, by up to fifty percent )50°%) by process of Waiver and payment into a transit Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure'. • Adult Daycare -Minimum of one (1) space per staff member. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOO area one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment intoa transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 25 enhancement Trust Fund, as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. ■ Within a TOD area, Transit Con-idor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Article 4, Table 3 EDUCATIONAL See Article 4. Educational Uses are permissible Table 4 as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1.000 square feet of Educational Use provided on - site or off -site within a Parking Structure'. or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (.5) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces maybe exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Article 4, Table 3 Educational Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1.000 square feet of Educational Use provided on - site or off -site within a Parking Structure". or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure'. and provide payment -in -feu of remaining half (.5) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund, • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students. one (1) parking space per five (5) students in grades 11 and 12 or College/University. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Wynwood Zoning NRD-1 - Page 26 • Childcare Facilities -Minimum of one (1) space for the owner/operator and one (1) space for each employee,, and one (1) drop-off space far every ten (10) clients cared for. • Parking requirement may be reduced according to the shared parking standard. Article 4, Table 5. • Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Educational area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code. or by one hundred percent (100%) far any Structure with a Floor Area of twenty thousand (20.000) square feet or less. ■ Within a TOD area, Transit Corridor, or for Developments along bike in network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. • Childcare Facilities -Minimum of one (1) space for the owner/operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. • Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required or within a TOD area one (1) Bicycle Rack Space required per 3,000 square feet of Educational area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOO area or within a Transit Corridor area by up to thirty percent [30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4. twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading- Refer to Article 4, Table 3 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 27 Loading - See Article 4. Table 3 'Pursuant to Section 3.1.1 Parking Program TABLE 2.T6 - URBAN CORE ZONE RESTRICTED LIMITED OPEN 150 UNITS DENSITY(UPA) PER ACRE 150 UNITS PER ACRE 150 UNITS PER ACRE RESIDENTIAL See Article 4, See Article Residential Uses are permissible as listed in Table 1, Table 4 4, Table 4 limited by comptiance with: • Dwelling Unit • Minimum of one and one-half (1.5) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure`: or • Provide one (1) space per Dwelling Unit on -site or off- site within a Parking Structure, and provide payment -in - lieu of remaining half (%) space per Dwelling Unit of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure', • Dwelling Unit 650 square feet or less • Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure, or • Payment -in -lieu of one (1) space per Dwelling Unit may be provided for off-street Parking into the Wynwood Parking Trust Fund, for the first forty (40) spaces per development project. For any required spaces after the first forty (40), payment -in -lieu of remaining half (0.5) space per Dwelling Unit of required off-street parking may be provided into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) Dwelling Units shall be provided on -site or off -site within a Parking Structure'. • Live -work - Work component shall provide parking as required by the non-residential use in addition to parking Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 28 LODGING See Article 4, Table 4 See Article 4, Table 4 required for the Dwelling Unit. • Work -live - Minimum of one (1) parking spaces per Dwelling Unit shall be provided on -site or off -site within a Parking Structure'. • Minimum of one (1) additional visitor parking space For every ten (10) Work -live Units shall be provided on -site or off -site within a Parking Structure. • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking eqivatent to the Office requirement for the area above 2,000 square feet. • Adult Family -Care Homes - Minimum one (1) space per staff member and one (1) space per four (4) residents. • Community Residence - Minimum of one (1) parking space per staff member in addition to the parking required for the principal Dwelling Unit(s). • Parking requirement may be reduced according to the shared parking standard, Section 4. Table 3. ▪ Minimum of 1 Bicycle Rack Space for every 20 vehicular spaces required ar within a TOD area, one (1) Bicycle Rack Space required per Dwelling Unit. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet ar less. • Within a TOD area, Transit Corridor, or for Developments a long bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 Lodging Uses are permissible as listed in Table 1. • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off -site within a Parking Structure"; or Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 29 OFFICE See Article 4, See Article Table 4 4, Table 4 • Provide half (Ys) space per two (2) lodging units on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining half (Ys) space per two (2) lodging units of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) lodging unit shall be provided on -site or off -site within a Parking Structure, • Parking requirement may be reduced according to the shared parking standard, Section 4. Table 3. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required or within a TOD area, one (1) Bicycle Rack Space for every five (5) lodging units. • Except for sites within 500 feet of an ungated T3 Transect Zane, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 Office Uses are permissible as listed in Table 1. • Minimum of three (3) parking spaces for every 1,000 square feet of Office Use provided on -site or off -site within a Parking Structure', or • Provide two (2) spaces per 1,000 square feet of Office Use on -site or off -site within a Parking Structure', and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 30 • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area. one (1) Bicycle Rack Space required per 3,000 square feet of Office area. • Except for sites within 500 Feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within aTOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 COMMERCIAL See Article 4„ See Article Commercial Uses are permissible as listed in Table 1, Table 4 4, Table 4 limited by compliance with: • A maximum Floor Area of 55.000 square feet per establishment. except for Public Storage Facilities. ▪ A Principal Building with 100 feet of Principal Frontage length or more shall require Commercial Uses along a minimum of twenty five (25%) of the ground floor facade. • Minimum of three (3) parking spaces for every 1,000 square feet of Commercial Use provided on -site or off - site within a Parking Structure'. except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces; or • Provide two (2) spaces per 1,000 square feet of Commercial Use on -site or off -site within a Parking Structure, and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Parking requirement may be reduced according to the Shared parking standard, Section 4. Table 3, except for Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 31 CIVIC See Article 4, Table 4 Public Storage Facilities. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area. one (1) Bicycle Rack Space required per 3,000 square feet of Commercial area. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50°) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 Commercial Auto -related - Drive-Thru or Drive -In Facilities - See Article 6, See Article Civic Uses are permissible as listed in Table 1, limited by 4, Table 4 compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking structure'. • Minimum of one (1) parking space for every 1.000 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on - site or off -site within a Parking Structure', or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4. Table 7 of this Code, Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 32 • Minimum of one (1) Bicycle Rack Space For every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Civic area. • Except For sites within 500 Feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (1O0%) for any Structure with a Floor Area of twenty thousand (20,000) square Feet or less. • Within aTOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3 CIVIL See Article 4, See Article Civil Support Uses are permissible as listed in Table 1. SUPPORT Table 4 4, Table 4 limited by compliance with:. • Minimum of one (1) parking space for every 1,000 square feet of Civil Support Use shall be provided on -site or off -site within a Parking Structure, or provide payment -in -lieu of one (1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off -site within a Parking Structure'. * Adult Daycare- Minimum of one (1) space per staff member, • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Civic Support area. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 33 percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 EDUCATIONAL See Article 4, See Article Educational Uses are permissible as listed in Table 1, Table 4 4, Table 4 limited by compliance with: • Minimum of two (2) parking spaces for every 1.000 square feet of Educational Use provided on -site or off - site within a Parking Structure", or • Provide one and one -hall (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure`. and provide payment -in -lieu of remaining half (.5) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. • Childcare Facilities- Minimum of one (1) space for the owner/operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. • Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required, or within a TOD area, one (1) Bicycle Rack Space required per 3,000 square feet of Educational area, • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 34 Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within aTOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 'Pursuant to Section 3.1.1 Parking Program TABLE 2. D - DISTRICT D3- D2 - D1 -WORK PLACE INDUSTRIAL INDUSTRIAL INDUSTRIAL DENSITY(UPA) 36 UNITS PER ACRE NIA NIA RESIDENTIAL Residential Uses are permissible as listed in Table 1. limited by compliance with: • Minimum of one (1) parking spaces per Unit shall be provided on -site or off -site within a Parking Structure'. • Minimum of one (1) additional visitor parking space for every 10 Work -live Units shall be provided on -site or off -site within a Parking Structure'. • Work -live Unit in excess of 2,000 square feet shall be required to provide additional parking equivalent to the Office requirement for the area above 2.000 square feet. Minimum of one (1) Bicycle Rack Space for every 20 vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 35 LODGING • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - 5ee Section 4, Table 3 Lodging Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking spaces per two (2) lodging units shall be provided on -site or off -site within a Parking Structure': or • Provide half ('V5) space per two (2) lodging units on - site or off -site within a Parking structure,, and provide payment -in -lieu of remaining half (%) space per two (2) lodging units of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) additional visitor parking space for every ten (10) lodging unit shall be provided an -site or off -site within a Parking Structure. Parking requirement may be reduced according to the Shared Parking Standard, Section 4, Table 3. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated 73 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver. by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or far Developments along bike line network identified in the WSMP Illustration 8,4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - 5ee Section 4, Table 3 Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 36 OFFICE Office Uses are permissible as listed in Table 1, limited by compliance with: • Minimum cif three (3) parking spaces for every 1,000 sf of office space provided on, site or off -site within a Parking Structure', or • Provide two (2) spaces per 1,0O0 square feet of Office Use on -site or off -site within a Parking Structure", and provide payment -in -lieu of remaining one (1) space per 1,000 square feet of required off- street parking into the Wynwood Parking Trust Fund. Parking requirement may be reduced according to the Shared Parking Standard. Section 4, Table 3. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (5O%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area. Transit Corridor. or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3 COMMERCIAL Commercial Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of three (3) parking spaces for every 1,000 square Feet of Commercial Use provided on -site or off - site within a Parking Structure', except for Public Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces; or • Provide two (2) spaces per 1,000 square feet of Commercial Use on -site or off -site within a Parking Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 37 CIVIC Structure. and provide payment -in -lieu of remaining one (1) space per 1.000 square feet of required off- street parking into the Wynwood Parking Trust Fund. Art Gallery - Minimum of one (1) parking space for every 1,O00 square feet of Art Gallery Use shall be provided on -site or off -site within a Parking Structure', or provide payment -in -lieu of one {1) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. Parking requirement may be reduced according to the Shared parking standard, Section 4, Table 3. except for Public Storage Facilities. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 50O feet of an ungated T3 Transect Zone. the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code. or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Drive-Thru or Drive-ln Facilities - Refer to Article 6. Loading - See Section 4, Table 3 Civic Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off - site within a Parking Structure. • Minimum of one (1) parking space for every 1,O00 square feet of exhibition or recreation area, and parking spaces for other Uses as required shall be provided on -site or off -site within a Parking Structure, or provide payment -in -lieu of one {1) space per 1000 Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 38 CIVIL SUPPORT square feet of required off-street parking into the Wynwood Parking Trust Fund. • Privately -owned Public Open Space - No parking shall be required for Privately -owned Public Open Space that is in connection with a ground floor Commercial Use and provided as a Civic Space Type standard within Article 4, Table 7 of this Code. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated 13 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund. as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Ftoor Area of twenty thousand (20,000) square feet or less. • Within a TOD area. Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3. Civil Support Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of one (1) parking space for every 1.000 square feet of Civil Support Use shall be provided on - site or off -site within a Parking Structure'. or provide payment -in -lieu of one (1) space per 1.000 square feet of required off-street parking into the Wynwood Parking Trust Fund. • Minimum of one (1) parking space for every five (5) seats of assembly use shall be provided on -site or off - site within a Parking Structure', • Adult Daycare -Minimum of one (1) space per staff member. • Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 39 a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) far any Structure with a Floor Area of twenty thousand (20,000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration $.A, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4, Table 3. EDUCATIONAL Educational Uses are permissible as listed in Table 1, limited by compliance with: • Minimum of two (2) parking spaces for every 1,000 square Feet of Educational Use provided on -site or off - site within a Parking Structure', or • Provide one and one-half (1.5) spaces per 1,000 square feet of Educational Use on -site or off -site within a Parking Structure', and provide payment -in - lieu of remaining half (.5) space per 1,000 square feet of required off-street parking into the Wynwood Parking Trust Fund. Schools - Minimum of one (1) parking space for each faculty or staff member, one (1) visitor parking space per 100 students, one (1) parking space per five (5) students in grades 11 and 12 or College/University. Childcare Facilities - Minimum of one (1) space for the owner/ operator and one (1) space for each employee, and one (1) drop-off space for every ten (10) clients cared for. Minimum of one (1) Bicycle Rack Space for every (20) vehicular spaces required. • Except for sites within 500 feet of an ungated 73 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 40 transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a Floor Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor. or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each required parking space. Loading - See Section 4. Table 3. INDUSTRIAL Industrial Uses are permissible as listed in Table 1, limited by compliance with: • Please refer to Article 6 for additional specific requirements, • Minimum of one (1) parking spaces for every 1,000 square feet of Industrial Use, except for Commercial Storage Facilities, minimum one (1) parking space for every 10,000 square feet with a minimum of eight (8) parking spaces. Parking requirement may be reduced according to the Shared Parking Standard, Section 4, Table 3, except for Public Storage Facilities. Minimum of one (1) Bicycle Rack Space for every twenty (20) vehicular spaces required. • Except for sites within 500 feet of an ungated T3 Transect Zone, the parking ratio may be reduced within a TOD area or within a Transit Corridor area by up to thirty percent (30%) by process of Waiver, by up to fifty percent (50%) by process of Waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code, or by one hundred percent (100%) for any Structure with a I lour Area of twenty thousand (20.000) square feet or less. • Within a TOD area, Transit Corridor, or for Developments along bike line network identified in the WSMP Illustration 8.4, twenty percent (20%) of required parking spaces may be exchanged for bicycle parking at a ratio of six (6) Bicycle Rack Spaces for each Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 41 required parking space. Fading - See Section 4, Table 3, TABLE 3 PARKING AND LOADING SHARED PARKING STANDARDS SHARED PARKING STANDARDS The shared Parking Standards Table provides the method for calculating shared Parking for Buildings with more than one Use type. It refers to the parking requirements that appear in Table 4, ANGLE OF PARKING ACCESS AISLE WIDTH ONE WAY TRAFFIC SINGLE LOADED The parking required for any two Functions on a Lot is calculated by dividing the number of spaces required by the lesser of the two uses by the appropriate factor from this Table and adding the result to the greater use parking requirement. For instance a Building with a Residential Use requiring 100 spaces and a Commercial Use requiring 20 spaces, the 20 spaces divided by the sharing factor of 1_2 would reduce the total requirement to 100 plus 37 spaces. For Uses not indicated in this chart an a mixed use lot a sharing factor of 1.1 shalt he allowed_ Additional sharing is allowed by Warrant. ONE WAY TWO WAY TRAFFIC TRAFFIC DOUBLE DOUBLE LOADED LOADED yU 23 ft 23 ft 23 ft 5G 12.8 ft 11.8 ft 19.3 ft 45 10.8 ft 9.5 ft 18.5 ft • Driveways shall have a minimum of 10 feet of paved width of a one-way drive and 20 feet for a two-way drive for parking area providing 10 or more stalls. • Pedestrian entrances shall be at least 3 feet from stall, driveway or access aisle. • Allowable slopes. paving, and drainage per Florida Building Code. • Off-street Parking facilities shall have a minimum vertical clearance of 7 feet. Where such a facility is to be used by trucks or loading Uses, the minimum clearance shall be 12 feet Residential and 15 feet Commercial and Industrial. • Ingress vehicular control devices shall be Located so as to provide a minimum driveway of 20 Feet in Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 42 length between the Base Building Parallel 10 ft 10 ft 20 ft Line and dispenser. Standard stall: 8.5 ft x 18 ft minimum LOADING BERTH STANDARDS RESIDENTIAL' LODGING TS,T5 From 50.000 sf to 500,000 sf Bert Size 420 sf 200 sf Loading Berths 1 perfirst 100 units 1 per each additional 100 units or fraction of 100. Greater than 500,000 sf BertSize 860 sf 200 sf Loading Berths 1 per first 100 units 1 per each additional 100 units or fraction of 100. From 50,000 sf to 500,000 sf Berth Size Loading Berths • For requirements of parking Tots, refer to Article 9 and the City of Miami Off-street Parking Guides and Standards. DISTRICT From 50:000 sf to 500.000 sr Berth Size Loading Berths NOTES Berth Types Residential.: 200sf=10ftx 20ftse12ft Commercial": 420sf=12ftx. 35Ftx15ft Jnduseial•••; 660sf=12ftx 55Ftx15ft ` Res Idential loading berths shall be set back a distance equal to their length. "1 Commercial berth may be substituted by 2 Residential berths *" 1 Industrial, berth may be substituted by 2 Commercial berths. A required Industrial or Commercial loading berth may be substituted by Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 43 OFFICE CO MM ERCAL" INDUSTRIAL"' [Total combined Floor Area) 420 sf 200 sf 1 per 300 rooms 1 per 100 rooms Grater than 500,000 sf Berth 5ae 660 sf 200 sf Loading Berths 1 per 300 moms 1 per 100 rooms From 50,000 sf to 500,000 sf Berth Size 420 sf 420 sf 420 sf Loading Berths 1st 2nd 3rd Area 50K 5f - 100K 5f 100K sf - 250K sf 250Ksf-500Ksf 420 5f 1 per 300 rooms 200sf tper 1,00MOTELS Greaterthan 500,000 Sf Berth Site Loading Berths 660 sf 1 per 300 rooms 200 sf 1 per 100 rooms From 50,000 sf to 500,000 al Berth Size 420 sf 420 sf 420 sf Loading Berths 1st 2nd 3rd Greater than 500,000 sf Greater than 500,000 sf Area 50K sf 100K sf 100K sf - 250K sf 250K sf - SOOK sf a Commercial or Residential loading berth. by Waiver, if the size. Character, and operation of the Use is found to not require the dimensions Specified and the required loading berth dimension Could not otherwise be provided according to the regulations of Fq s. Code- Developments requiring ono {1) loading berth, the loading berth shall be ptovided an- slte. Developments requiring more than one (1) loading berth. maximum of one (1) loading berth required may be provided onstreet Ali other required loading berths for a development shall be Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 44 Berth Size 660 sf Loading Berths 1st SECTION 5 - SPECIFIC TO ZONES 5.1 URBAN CENTERTRANSECTZONE (75) Area 500K sf Berth Size 660 sf Loading Berths 1st provided on - site. Area Projects not required to provide Off-street SOOK loading shall sr operate loading as set Forth In Sector a Building Disposition 1. Lot Coverage by any Building shall not exceed eighty percent (80%) of Lot Area. AdditionaI Lot Coverage ma be approved up to ninety percent (90%) by Waiver if the applicant satisfies at least one (1) of the following conditions: Flexible Lot Coverage Program a Provision of a Roof Terrace in an amount of square footage equivalent to four (4) times the gross Lot Area obtained from increased Lot Coverage or twenty percent (20%) of the Building roof surface area, whichever amount is greater. b. Open Space provided off -site, within the NRD-1 boundaries, at an amount equal to the square footage obtained from increased Lot Coverage. The Open Space shall be provided as a Civic Space Type standard within Article 4, Table 7 of this Code. c. Acash contribution to the Wynwood Public Benefits Trust Fund equivalent to the Development's Floor Area obtained by increased Lot Coverage on a square foot basis. The value of this cash contribution will follow the provisions described in Section 3.3 (b)(5). 2. Development Waiver associated with ten percent (10%) of any particular standard pursuant to Article 7, Section 7,1.2.5 shall not be permitted for Lot Coverage within NRD-1. 3. For sites with 250 feet Frontage length or more on a single Frontage, a cross -Block pedestrian Paseo shall be provided as follows: if the Frontage Line of a site is at any point more than 250 feet from a Thoroughfare intersection or existing cross -Block pedestrian Paseo, the Building shall provide a cross -Block pedestrian Paseo. A cross -Block Pedestrian Passage is permitted by Waiver. in lieu of a required cross -Block pedestrian Paseo, with limited vehicular access for ingress/egress to a Parking Garage or passenger drop-off area, provided the distance separation from any Thoroughfare or existing Driveway is at (east sixty (60) feet and appropriate pedestrian safety features are incorporated. A cross -Block Pedestrian Passage may be roofed for 100% of its length within the NRD-1, but roofed portions shall not be counted toward Open Space requirements. if the Frontage Line of a site is at any point 550 feet from a Thoroughfare intersection or another vehicular cross -Block passage, a vehicular cross -Block passage shall be provided. b. Building Configuration Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 45 1. Building Heights shall be measured in Stories and shall comply with Article 4, Table 2 and be as shown in Illustration 5.1, except as to bonus Height where applicable according to Sections 3.4 and 3.5 contained herein. For a ground floor retail Story with a total Height of twenty-five (25) feet, a parking level may be contained within the mezzanine space by Waiver if masked from the Frontage by a Liner Building or an art treatment ofa design approved by the Director with the recommendation of the WDR, is provided for one hundred (100%) percent of that portion of the Facade. Louvers and other parking garage ventilation openings are not permitted along street Frontages within mezzanine space. 2. A one (1) Story Building may be allowed through the Warrant process provided that the ground level Story is no less than fourteen (1.4) feet in Height and one of the following is provided or a combination thereof: i. Green Roof treatment no Less than fifty percent (50%) of the ground Development Floor Area: On -site Civic Space Type including landscaping consisting of pavement, lawn, and trees as provided within Article 4, Table 7 of this Code of an area no less than forty percent (40%) of the Development Floor Area; or iii. A cash contribution to the Wynwood Public Benefits Trust Fund equivalent to the Development Lot Area on which the one (1) Story Building is placed. The value of this cash contribution will follow the provisions described in Section 3.3(b)(5). Drive-through/Drive-in Facility Uses shall not be allowed in one (1) Story Buildings. 3. Roof elements shall be permitted as follows: a. Mechanical equipment on a roof shall be visually concealed from ground -level and lateral views by parapets or screens of the minimum height necessary , but said parapets and screens shall not exceed ten (10 feet). b. Ornamental Building features, decorative elements, or similar Structures on a roof may extend up to twelve (12) feet in height, c. Trellises and fabric shade structures on a roof may extend up to twelve (12) feet in height. d. Stair and elevator,enclosures may extend up to eighteen (18) feet in height. e. Cooling towers and other non -Habitable Rooms on a roof may extend up to eighteen (18) feet in height and shall have a minimum setback of ten (10) feet from the Building Facades. f. Non -Habitable void space on a roof accommodating the depth of swimming pools; landscaping; decks; Extensive, Semi -Intensive, and Intensive Green Roof systems: transfer beams and other structural elements; and/or mechanical systems may extend up to six (6) feet in height. For the purposes of this subsection only, other permitted roof elements may extend above the vertical extent of the void space for the additional height specified. Non- Habitable void space may cover one hundred percent (100%) of the roof and shall not be counted as Public Benefit Floor Area. g. Habitable Spaces on the roof shall comply with the following requirements: 1. may extend up to fourteen (14) feet in height and shall have a minimum setback of ten (10) feet from Building Facades: Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 46 2. may be used as amenity or Commercial Uses identified within Section 4. Table 1 Building Function: Uses and shall provide associated outdoor roof programming: 3. shall not be used as Residential Units, Lodging Units. or Office space; and 4. shall be treated as Public Benefit Floor Area for the first twenty percent (20%) and 1.5 times Public Benefit Floor Area for the additional twenty percent (20%). h. Habitable Spaces, cooling towers and other non -Habitable Rooms, mechanical equipment, and stair and elevator enclosures on a roof may: 1. cover up to twenty percent (20%) of the roof area: and 2. cover an additional 20% of the roof area. not to exceed a total of forty percent (40%), subject to providing and maintaining at least one (1) of the following: a. An Intensive Green Roof of an equivalent size of the additional area is provided and maintained; and/or b. Art treatment exceeding the minimum standards in Section 5.1.e is provided and maintained, subject to compliance with the following requirements: i. a tangible creation of an Artist; and ii, compatible with Wynwood neighborhood character and iii. located above the ground floor and visible from public thoroughfares; and iv. approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). i, All roof elements shall be designed to: 1. harmonize with the overall architectural intent of the building: 2. mitigate any negative visual impacts of the additional height and massing on the roof, and 3. comply with Article 4, Table 12 Design Review Criteria. j. All roof elements shall be designed and maintained to comply with Florida Building Code including, where possible, the use of Notice of Acceptance (NOA) products and any vegetated roof system shall he independent of the roof structure, to be verified by the Building Department. c. Building Function & Density Lots in T5 Transect Zones shall be permitted the maximum Density of 150 Dwelling Units per acre. d. Parking Standards Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 47 1. Primary Frontage. All Parking, 'including drop-off drives and Porte-cocheres, open Parking areas, covered Parking, garages, Loading Spaces and service areas shall be located within the Third Layer and shall be masked from the Frontage by a Liner Building or Streetscreen as illustrated in Article 4, Table B. Parking may extend into the Second Layer above the first Story, or parking level contained within a mezzanine space, by Waiver, if an art, glass, or architectural treatment, of a design to be approved by the Director, with the recommendation of the WDRC. is provided for one hundred (100%) percent of that portion of the Facade. Surface Parking may extend into the Second Layer a maximum of twenty-five percent (25%) of the length of the Primary Frontage up to a maximum of fifty (50) feet, 2. Secondary Frontage. All Parking, open Parking areas, covered Parking, garages, Loading Spaces and service areas shall be located in the Third Layer and shall be masked From the frontage by a Liner Building or $treetscreen for a minimum of fifty percent (50%) of the length of the Frontage. Above ground Parking may extend into the Second Layer beyond fifty percent (50%) of the length of the Frontage, by Waiver, if an art, glass, or architectural treatment of a design to be approved by the Director is provided for that portion of the Facade. e. Architectural Standards 1. All newly constructed Principal Building Facades along Primary and Secondary Frontages shalt: a, include and maintain art treatment along a minimum of twenty-hve percent (25%) of the ground floor Facade or twenty-five percent (25%) of the Facade above the ground floor: and b. include a minimum of 70- percent (70%) art or glass treatment at the sidewalk level. 2. Art or glass treatment shall be of a design to be approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). f. Landscape Standards 1. Open Space shall be a minimum of ten percent (10%) of the Lot Area. 2. A Privately -owned Public Open Space area in connection with a ground floor Commercial Use that exceeds minimum Open Space requirements, shall be provided as a Civic Space Type standard within Article 4, Table 7 of this Code. 3. The First Layer shall be hardscaped to match the Public Frontage as described within the adopted Wynwood Streetscape Master Plan. All improvements within the Public Right -of -Way shall comply with Section 8 — Wynwood Streetscape Master Plan. BUILDING DISPOSITION BUILDING PLACEMENT Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 48 LOT OCCUPATION a Lot 5,000 s.f, Area min,; 40,000 With rear s'f' rrot' 1,200 0. vehicular min.; 40,000 access s•f• mast. h. Lot Width - With rear vehicular access . Lot Coverage 50 ft min. ldft. min. 80-90% max.' d, Floor Lot Ratio N/A (RJR) e. Frontage 70% min. at front Setback f. Open Space g. Density 10% Lot Area min. 150 du/at max. BUILDING SETBACK PARKING PLACEMENT 111 2rd 1h f Form SCNLGL - "TOTAL' appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 49 a. Principal 10 ft. Front min."' b. 10 ft. Secondary min."' 6=ront c_ Side 0 ft min. d. Rear 0 ft_ min. e, Abutting Side or 6 ft min Rear T4 10% of Lot depth —min. Abutting 1st through Side or 2nd Rear 73 Story 26 ft rain. above 2nd Story BUILDING CONFIGURATION FRONTAGE a. Common prohibited Lawn b. Porch & Fence prohibited c. Terrace or LC. d. Forecourt prohibited permitted e. Stoop permitted t. Shopfront permitted IT5 L and T5 0 only) Inferior Lot 1 LAMING HEIGHT H H 1F1 2rd Laref Leger liz L L L Ohl 1 'f 01 T T ai i I+ 5i L I 2 1 r Ai3llriNG SIDE & PEA Al/ZONES MEPTT4ILT3 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 50 permitted by g. Gallery Special Area Alan h. Arcade permitted by Special Area Plan BUILDING HEIGHT a. Min. Height b. Max. Height c Max, Benefit Height 2 Stories 5 Stories 3 Stories T5 O only) Abutting all Transect Zones except T3 Or as modified through Flexible Lot Coverage Program 1096 of Lot depth for Lots more than 120' deep 6' min for Lots less than 120' deep "' Or as modified within NRD-1 Street Master plan Or as modified within Section 5.1(b)(2) A9UIiINGSLE&HEM T4 MUTH%BM3f EM 14 " O% of Lt 4 depth for Lots more than IN deep Ft min for Lots Ms than 110' deep 5.2 URBAN CORETRANSECTZONES (T6) a. Building Disposition 1. Setbacks for Buildings shall be as shown in illustration 1.7.2_ Frontage Setbacks above the eighth floor for Lots having Depth measuring one hundred (100) feet or less may be a minimum of zero (0) feet by Waiver. At Property Lines Abutting a lower Transect Zone, the Setbacks shall reflect the transition as shown in Illustration 1.7.2. 2. The Frontage Setbacks above the eighth floor shall not be required for a Frontage facing a Right -of -Way seventy (70) feet or greater in width, as described within Section 1,13 NRD-1 Street Master Plan. 3. Above the eighth floor. minimum Building spacing is twenty (20) feet. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 51 4. For sites with 250 feet Frontage length or more on a single Frontage, a cross -Block pedestrian Paseo shall be provided as follows: If the Frontage Line of a site is at any point more than 250 feet from a Thoroughfare intersection or existing cross -Block pedestrian Paseo, the Building shall provide a cross -Block pedestrian Paseo. A cross -Block Pedestrian Passage is permitted by Waiver, in lieu of a required cross -Block pedestrian Paseo, with limited vehicular access for ingress/egress to a Parking Garage or passenger drop-off area, provided the distance separation from any Thoroughfare or existing Driveway is at least sixty (60) feet and appropriate pedestrian safety features are incorporated. A cross -Block Pedestrian Passage may be roofed for 10O% of its length within the NRD-1, but roofed portions shall not be counted toward Open Space requirements. If the Frontage Line of a site is at any point 550 feet from a Thoroughfare intersection or another vehicular cross -Block passage. a vehicular cross -Block passage shall be provided. b. Building Configuration 1, Above the eighth floor, the Building f loorplate dimensions shall be limited as follows: a. 18,000 square feet maximum for Residential Uses. b. Additional Residential Floorpiate dimensions not to exceed 30,OOO square feet maximum may be obtained by Waiver from transferring an equivalent amount of Floorpiate area located between the third and eighth Story along a Building Principal Frontage. c. 30,000 square feet maximum for Commercial Uses and for parking d, 180 feet maximum length for Residential Uses e. 215 feet maximum length far Commercial Uses f. Balconies or any other exterior projections shall not project by a distance greater than seven (7) feet beyond the Building Floorplate maximum length in any direction g. balconies shall not encroach more than five (5) feet into the minimum required Building spacing dimensions as required by Section 5.6,1.h: no Waivers shall be applied to this provision 2. Building Heights shall be measured in Stories and shall comply with Article 4, Table 2 of this Code and be as shown in Illustration 5.2, except as to bonus Height where applicable according to Sections 3.4 and 3.5 contained herein. Far a ground floor retail Story with a total height of twenty-five (25) feet, a parking level may be contained within the mezzanine space by Waiver if masked from the Frontage by a Liner Building or an art treatment of a design approved by the Director with the recommendation of the WDRC is provided for one hundred (10O%) percent of that portion of the Facade. Louvers and other parking garage ventilation openings are not permitted along street Frontages within mezzanine space. 3. Roof elements shall be permitted as follows: a. Mechanical equipment on a roof shall be visually concealed from ground -level and lateral views by parapets or screens of the minimum height necessary , but said parapets and screens shall not exceed ten (10 feet) in height for T6-8. b. Ornamental Building features, decorative elements. or similar Structures an a roof may extend up to twelve (12) feet in height for T6-8. c. Trellises and fabric shade structures on a roof may extend up to fourteen (14) feet in height. d. Stairand elevator enclosures, on a roof for T6-8 may extend up to eighteen (18) feet in height. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 52 e. Cooling towers and other non -Habitable Rooms on a roof may extend up to eighteen (18) feet and shall have a minimum setback of ten (10) feet from the Building Facades. f. There shall be no height limitation for ornamental elements, stair and elevator enclosures, mechanical equipment, or cooling towers on a roaf for a T6-12 Transect Zone or above. g. Non -Habitable void space on a roof accommodating the depth of swimming pools: landscaping: decks; Extensive, Semi -Intensive, and Intensive Green Roof systems: transfer beams and other structural elements, and/or mechanical systems may extend up to six (6) feet in height. Far the purposes of this subsection only, other permitted roof elements may extend above the vertical extent of the void space for the additional height specified. Non -Habitable void space may cover one hundred percent (100%) of the roof and shall not be counted as Public Benefit Floor Area. h, Habitable Spaces above the top Story shall comply with the following requirements: 1. may extend up to fourteen (14) feet in height and shall have a minimum setback of ten (10) feet from Building Facades; 2. may be used as amenity or Commercial Uses identified within Section 4, Table 1 Building Function: Uses and shall provide associated outdoor roof programming; 3. shall not be used as Residential Units, Lodging Units, or Office space; and 4. shall be treated as Public Benefit Floor Area for the first twenty percent (20%) and 1.5 times Public Benefit Floor Area for the additional twenty percent (20%). i. Habitable Spaces, cooling towers and other non -Habitable Rooms, mechanical equipment, and stair and elevator enclosures on a roof may: 1. cover up to twenty percent (20%) of the roof area; and 2. cover an additional 20% of the roof area, not to exceed a total of forty percent (40%), subject to providing and maintaining at least one (1) of the following: a. An Intensive Green Roof of an equivalent size of the additional area is provided and maintained: and/or b. Art treatment exceeding the minimum standards in Section 5.1.e is provided and maintained. subject to compliance with the following requirements: i. a tangible creation of an Artist; ii. compatible with Wynwond's neighborhood character; iii. located above the ground floor and visible from public thoroughfares: and Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 53 iv. approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). j. All roof elements shall be designed to: 1. harmonize with the overall architectural intent of the building: 2. mitigate any negative visual impacts of the additional height and massing on the roof; and 3. comply with Article 4, Table 12 Design Review Criteria. k. All roof elements shall be designed and maintained to comply with Florida Building Code including, where possible, the use of Notice of Acceptance (NOA) products and any vegetated roof system shall be independent of the roof structure, to be verified by the Building Department. 4. Walkway connections for circulation between Towers shall be non -Habitable Spaces. Walkway connections shatl be excluded from. and not be considered as combining Building Floorplate dimensions required by this Section, so long as the walkway connection is located within the Third Layer. no greater than fifteen (15) feet in width, set back from the Facade a minimum of twenty (20) feet, walkway connections shall not be enclosed on the sides or, if enclosed, shall be one hundred percent (100%) glazed with clear glass, except for necessary structural elements. Projects providing walkway connections shall be required to comply with the minimum Building spacing requirements between towers as set forth in Appendix J, Section 5.2.a.3. c. Building Function & Density FLR limitations shall not apply to 76-8-0 properties within the NRD-1.J.28 d, Architectural Standards 1. All newly constructed Principal Building Facades along Primary and Secondary Frontages shall: a. include and maintain art treatment along a minimum of twenty-five percent (25%) of the ground floor Facade or twenty-five percent (25%) of the Facade above the ground floor; and b. include a minimum of 70- percent (70%) art or glass treatment at the sidewalk level. 2. Art or glass treatment shall be of a design to be approved by the Planning Director with the recommendation of the Wynwood Design Review Committee (WDRC). e. Landscape Standards The First Layer shall be hardscaped to match the Public Frontage as described within the adopted Wynwood Streetscape Master Plan. All improvements within the Public Right -of -Way shall comply with Section 8 — Wynwood Streetscape Master Plan. BUILDING DISPOSITION BUILDING PLACEMENT PARKING PLACEMENT Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 54 LOT OCCUPATION a. Lot Area h, Lot Width c Lot Coverage -I.8 Stories - Above 8th Story 5.000 S.T. min.: 40,000 s.r. max. 50 ft min. 80% max. 18,000 sq. Ft. max. Floorplate for Residential & Lodging.." 30,000 sq. ft. max. Floarplate for Office & Commercial d. door Lot Ratio N/A (PLR) e. Frontage at front Setback 70% min, I. Open 10% tot Space Area min. 150 du/ac g. Density max` - -- 15 rin *mix"' 1tl 2d taiff BUILDING SETBACK BUILDING HEIGHT aft Carr UAW tdmpisl _ EMI-- — n a» i,I2ta arat<3ro- r 1 1 Y ►f Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 55 10 ft. min.--; 15 a Principal ft. min. Front above 8th Story 10 ft. b. min.—; 15 Secondary ft, min. Front above Sth Story 0 ft. min. 10 Ft. min, c. Side above 8th Story 0 ft. min.; 10 ft, min, d. Rear above 8th Story 6 Ft. min. 1st e. through 5th Abutting Story Side or 26 ft_ rain. Rear T4 above 5th Story 10% of Lot depth" min, 1st through 2nd Story Abutting 26 ft. min. Side or 3rd through Rear T3 5th Story 46 ft. rain. above 5th Story Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 56 BUILDING CONFIGURATION FRONTAGE a. Common prohibited Lawn L. Porch & Fence prohibited c. Terrace or L.C. d. Forecourt e. Stoop f. Shoptrant g Gallery h. Arcade prohibited permitted permitted permitted (T6-8 L and T6-8 0 only) permitted by Special Area Plan permitted by Special Area Plan BUILDING HEIGHT a. Min. Height b, Max. t-leight 2 Stories $ Stories 4 Stories t. Max. Abutting all Benefit Transacts Height Zones except 73 " Or as modified in Diagram 4" "" 10% of Lot depth for Lots more than 120' deep b' min for Lots less than 120' deep" 12 i I 11 j 1 j 10 1 9 I ' I 8 26 min ' I � I 5 4 S 2 6 mart. • 1 AMINO SIDE & REAR T4 8 1 rrin. 8 5 4 3 2 101E of Lot depth" ABUTTING 310E d REM 13 "1O% chat at depth for Lois we than 120' deep 8' min far Lots less than 120' deep Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Wynwood Zoning NRD-1 - Page 57 Or as modified within NRD-I Street Master Pia """ Or as modified within Section 1.7.2 (b)(1)(i)" SECTION 6 - LANDSCAPE REQUIREMENTS Within the NRD-1, Article 9 of this Code shall apply, except as modified below, If such requirements conflict, NRD-1 requirements shall apply. 6.1 INTENT AND PURPOSE Within the NRD-1, Article 9 of this Code shall apply, except as modified below or within the Wynwood Streetscape Master Plan. If such requirements conflict, NRD- 1 requirements shall apply. 6.2 LANDSCAPE AREAS IN PARKING LOTS All required or provided surface off-street Parking facilities and Parking lots shall be landscaped in accordance with the following standards, which supersede Section 9.8 of this Code: a, In order to maximize the distribution of shade, trees shall be planted throughout the interior of the Parking Lot at a minimum density of one (1) tree per eighty (80) square feet of landscaped area. exclusive of Parking lot buffers. b. For each row of parking there shall be landscaped areas with trees within the first ninety (90) linear feet, and one (1) landscaped area provided with a tree for each additional ninety (90) linear feet. When a minimum six (6) foot clear landscape area is provided between two (2) rows of parking, the landscape areas with trees every ninety (90) linear feet is not required, This six (6) foot wide landscape area shall be planted with trees no greater than thirty (30) feet on -center. e. For each row of parallel parking there shall be a minimum of two (2) landscape areas with trees within the first seventy-five (75) linear feet, and one (1) landscape area with a tree for each additional seventy-five (75) linear feet. The landscape areas shall be equally spaced wherever possible. d. All required trees shall be of an approved shade tree variety which shall attain a minimum mature crown spread greater than fifteen (15) feet. e. All parking lots adjacent to a Right -of -Way or private street shall be screened by a continuous planting or three (3) foot high wall with a five (5) foot landscaped strip incorporating said planting or wall on private property. f. Screening shall be provided when parking stalls, access aisles, or driveways are located along any side or rear lot line. The screen shall be landscaped with a continuous hedge. and with trees no greater than thirty (30) feet on center, when the landscaped area does not abut a parking row. In certain instances, a solid and continuous wall or fence, a minimum of five (5) feet in height. may be used in lieu of the landscape area, and shall be designed and approved by the Director with the recommendation of the WDRC, in such a way as to provide a decorative effect. SECTION 7 - SIGN REGULATIONS 7.1 NRD-1 SIGN STANDARDS Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 58 The following Sign standards shall apply within NRD-1 forT5, T6, and D1 Transect Zones. a. Painted Wall Signs as defined within Article 1, Section 1.3 and Article 10. Table 15 shall be allowed by Right. b. All other Building Identification and Business Identification Signs shall be subject to Article 10, Table 15 Sign Design Standards and approved by the Director with the recommendation of the WDRC. c, Any Signs, including digital kiosks, located within the Public Right -of -Way shall be approved by the Department of Resilience and Public Works with the recommendation from the Wynwood BID. SECTION 8 - STREETSCAPE MASTER PLAN 8.1 NRD-1 STREETSCAPE MASTER PLAN Wynwood is transition ing from an industrial district into an active, diverse, mixed -use neighborhood. The current character of the neighborhood is demarcated. traversed. and connected by atypical block compositions and narrow rights -of -way attributed to the industrial past. The neighborhood` s predominately zoned fifty -foot ( 50') rights -of - way combined with a high percentage of nonconforming parcels makes it a challenge to balance feasible development and an adequate pedestrian environment. The NRD-1 Streetscape Master Plan creates a series of rights -of -way, establishes appropriate Setback areas and ideal sidewalk conditions to promote pedestrian activity for the future of Wynwood. Right -of -Way Street Types have been established by the City's Planning Department and Resilience and Public Works Department and applied to Wynwood's Thoroughfare network based on right-of-way width and conditions as identified in Illustration 8.3: Guidelines to specific street types. The NRD-1 Streetscape Master Plan also serves as a set of Design Guidelines establishing a blueprint for a " living street" consisting of street trees and other streetscape enhancements. a NRD-1 Street Hierarchy The NRD-1 Street Master Plan acknowledges the relative importance of several significant Corridors known as Wynwood Corridors and NRD-1 Corridors. Due to their importance, these Corridors are given established setback provisions that are different from that of the underlying Transect Zone. b. NRD-1 Setbacks NRD-1 STREETS SETBACKS NW 29th Street Wynwood Corridors NW 20th Street NRD-1 Corridors Wynwood Thoroughfares NW 2nd Avenue NW 5th Avenue Principal and Secondary Frontage Setback is tea (10) feet Principal Frontage Setback is zero (0) feet All the other street right-of-way within NRD-1 that Principal and Secondary Frontage are not specified as Corridors above Setback is five (5) feet c. Alternative Rights -of -Way Alternative right-of-way sections have been created for thoroughfares between fifty (50) and one hundred (100) feet in width. A Woonerf has also been provided as an alternative right-of-way type and applied to several Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE Wynwood Zoning NRD-1 - Page 59 locations throughout the NRD-1. The application of these Alternative right-of-way conditions can be seen within the Streetscape Master Plan Volume 1; Design Guidelines. d. NRD-1 Streetscape Master Plan Contribution 1_ Street Tree Contribution: For street tree placement along Wvnwood Thoroughfares and Wvnwood/ NRD Corridor, the applicant shall provide street trees pursuant to Streetscape Master Plan Volume 1: Design Guidelines, For adaptive reuse projects that have limited verge space less than four (4) Peer in width, projects shall provide a cash contribution into the Wynwood Public Benefit Trust Fund for the sum of tnree thousand dollars ($ 3,000.00) for each street tree required along a corridor Frontage. 2. Right -of -Way Improvement Contribution: For a development project exceeding $ 1, 000, 000.00 in totat value along a Wynwood Thoroughfare or Wynwood/ NRD Corridor, the applicant shall provide enhanced Right -of -Way improvements pursuant to Streetscape Master Plan Volume 1: Design Guidelines, If improvements cannot be achieved by a development, projects may provide a cash contribution Into the Enhanced Right -of -Way Improvement Trust Fund in the total amount anticipated for the Right -of -Way improvements identified within Volume 2: Data, Analysis, and illustrations. 8.2 STREETSCAPE DESIGN GUIDELINES The NRD- 1 Streetscape Guidelines shall serve as a set of requirements to improve and enhance Right -of -Way conditions, These enhancements are in conjunction with the overall intent established in the NRD-1 and will provide provisions for street trees and landscape, paving materials and hardscape, and furnishing and lighting elements. The NRD- 1 Streetscape Guidelines consist of the following volumes and shall be maintained by the Planning Depar tment: Volume 1: Guidelines Master Plan Volume 2: Data, Analysis and Illustrations Volume 3; Design Resources Volumed: Schematic Design Sets Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 1 ZONING FEASIBILITY REPORT addressjes} 41 NW 20ST, FAlami, FL, 33127 N UE ■ N■ Repot Oate: 11 f t/2023 F440 Numb.r(si 131250540430 • . iA.,nw�•..�rtw o�ew� r.4.1 v......wM«i...n��w �.r qn•.. Gri ics ����"i'i+irn ���w� rn iY .,nay.+•liar.'i"�w,,r,,.,�"�IYi'I.ww..+erereik�:.v""","w"'y�s 9 �NV+1p1F,6LL SS �Y.'1 •..+.0 $ .n�' .TM u'�� � '�e "'� ..,..� mi.:.. Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 2 ■ E• S ▪ IN Folro N umhe l I3125USA943O Address 41 NW70ST City lAinml 'al Area 15,Z410 sgft 1anlrroCode Cityof Miami Parcel toning roan TABLE OF CONTENTS GridRcs LiC 1i6il, t=lagle1St Miarll6 Ft ZONING ALLOWANCES Property Location _ 3 Allowed Uses 4 Maximum Lot Capacity 6 Illustrations _. 6 Statistics 7 CAPACFTY ANALYSIS Maximum Capacity 8 Illustrations _ 9 Statistics 10 DETAILED INFORMATION Property Information — 12 Site Plan 13 ■i�/''' r [/+ - �• rW 6L iNnrs eNfa9 i r+w y�lq �.. d`4n J.1y �rh� �,,y �d`N I�.1�.11V�kR ■iiGridic rt/ dM�N I"e'�iMY I. MWk�Ldy NI kMr M1aGkia A,trf�. c�R+^na '�C,�';f:"R1as.a�r;sMil w"irouk YR4FdIbfMlN�'I�iIrw N4l J�.1 tAw u 11AA" •. �'� 1 �W A �k Y TEL 1 W+Sn uR�w.w Rflwr+a ur4nn 'I�p��+yw�[�fy+ ,�6,y��yRiI�HSY tl�65w kMIf4�4�'Rf WF nva h: r.kll ae�s:. n a re.R �t�f-°ter3110,lnem `+. 144,..r, �r 2 Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 3 Folio Number 131250540430 Address 41 Nw20Sr City Miami 24th 51 .i5t 0St Oth 5t 1 St Concrete Beech Brewery NW2C ZONING ALLOWANCES Property Location Lot Area t 5,500 mitt Zonln Code CityotMiami Parcellanmg 16-8-0 kiVd 1R1h St ZONING NE 25t h St NE 24th St w NE Krid 5, T a._ M. r+ 4 T O,- r Doubt:Wee 2 5 —3. 2 rn Graitri Hrst*l ■ 11t'inNe rOut Gndics LLC 169 E Flagler St Miami, Ft :.� ltalt ridics•• " aa% ^���� " tN: • . ��+rna�re; m�nhvibiv"n."7 4tuWott...v+t ir.a ttZr• NAP.'" ��syrr � *way �� uY.anzaxr ,.�usd. Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 4 INNS W IN N NE rol.o hlurnber 121251:1640430 Address .11 tfili 7D ST (my Miami tot Area I&}GIqfI Joni no Code Cityot M riu Nrt1el Zama rb-ao REDIDB.ITIAL COMMERCIAL (CONT.) SiN.I!Fr!Y..135'114-2ne R necreatrori rstakishment fi Community Residence R Two Family Reel* R CrylP • Multi Family Housing R Community Farility W DiXrilitOry R It creational Facility IR Live -Work A FPligious Facility R Regional Activity cptnplex' E =GING Bed & Breakfast R CIVIC SUPPORT inn A tiornmunily Suputillar.rility W Hotel R Infrastructure and UUlities W Marina w OFFICE Public Parking w Horne Office R Transit Facildies W Othce R EDUCATIONAL Childcare COMMERCIAL W Auto Related Commerciai W College / Universal/ W Establishmenr purIVREIty SL.Mol W Entertainment Estabiskiment R Learning Center R Food Service Establishment R hAtidle i I4gh Sokol w Alcotial Beverage Service E Pa -School R E„stabliehrrieni Research Facility ii Gereral Commercial R I Training I voca tIonal w Marine Related Commercial W Establishment Open Air Retail W Race of Assembly R ZON1NG ALLOWANCES Allowed Uses &Ors LiC e RaIwt hAs mi, Pi R W E 01 by Fii by werrani lay Romaine Nui *booed liiiG rid i OF d Cs .......,....=.1................, ..•40.4.4e IAN. 41......ralea..%1V.-1104. r... 4.4..mia.43:4•14 4.0,0.4 44ritraV,,...,•61=' 4..14,0911AZ.........,..s, *aft 1•441n4m411.. alrarai.7.34 r4o4.44” 01.s443hf 0.4,40,44da• 541..Smso Mc mor . 4 .riaa. t=4 ,,.....714.=......,, —, - ... ...... ,..., 4 Woi-:4 4.104.• .......m44,............ ....i. at aoal 1 4,1.4 Form SCNLGL - "TOTALappraisal software by a la mode, inc. - 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 5 ■M+ ZONINGALLOWANCES M M E MaximumLotCapacity Folio Number 131250540430 Address 41 NW75ST City IA'uunl BUILDING INTENSITY Maximum Built Area 89,130 fit Building Coverage 80 % Maximum Building Foutpirnl 11,141 ftt Divelling Units per Acre 150 duiaere Dwelling UnitsAllowed 48 units Maximum Commercial Area 89,130 ftx Maximum Office Area 83,130 it' Maximum Commercial Establishment Area 55,000 ftr Minimum Open Space 10 % HEIGHT LIMITA11ONS (LEVELS) ... Total Building Height 8 Levis Principal BuildingM x. Level (Podum} 8 Leeds Princip0 &nldingAdiA Level (Palium) 1 IP?* Ink Area 15,Ei50 agft 2onlnoade Cityof Miami Parcel tuning Tb-A13 or mmakoon.• Mir'� A a iU..a ms jAn;1.10 11+w101. . +.4 o.:a.Aci Gridics LLC 169E Flaglel St Miami, FL 5 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 6 F+FIroNurnber 1212MI&4O O Airiless 41 MY 70Si Cny M i rrli lot Area 15,5;10 sgfl brim Code GityotMiarni Vence' haling tb.BO LL 51) 5 ]Irn {rn _ I Lrrets NOF1114 ELEVAT[ON FAST ELEVATION ZONING ALLOWANCES illustrations GrldIcs LLC 1 % Ruglel5t Mlaml, it ■■ wow b.[.R.v,r wirrran.w�ir.Ww A.rrsr ; ,^ 0 al..•Gricks r *`ii �7'-Ky ean. �"m'r. us[Yxw waa.�Wa..r..nm..++ra.yvw..-e,r�.xs 6' lb—, Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 7 Fo11D Number 13125054{1430 Address 41 NW2OST City Mtaml Amowed euildmg Levels tat Area 15,500 sgfl ZonlrwC:ode CityofMiami ParcelIdnmo 1• e-0 Lot aexupatirm 19%. ZONING ALLOWANCES Statistics Aarowed euilding Area P49419,4409199499 909S9991 994,11149, 0911 SM.* M.. Gridics LLC 164E Fla glet St Miami, FL i� �+�+ •.r�a9 MM1p15a,wawpt•9N 9d wt MpM1s9wwl9Ww�. f6•99nemi 99r q�+.pJpb >•1 tlW irrm Yueo-�. y�.Rv lv M�y�yoWP `� M1 en9nvmvevax4m wMdYeYJAa W1117L'a �I{pnrrl �+ FIE Aiilr' P^•+M1+iH N�yrS15�o0i�Jr yply a M}y��j� 91NK Yyy egwlN4'tiM�9- NYrel iiYOC KII�IM pli��It' Rir� IMM1��inlamlCm - i•dpp ufa�lpui+l11�I �Vy��WWIA�S iHbd[�W aY�41nW�WHWY4�4 k++�4f'w�+d�Ct�PbL Wuf 1! 7 Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 8 EMI ••• LIM Faho Numhei 131250540430 Address 41 NW an ST Ct Miami TOTAL BUILni NG AREA 15.255 tt2 Total Butidpig Height Maximum Buitclirsafactrint., Maximum Liner Putatt 5483 ft* Maximum Tower Footannt 9,947 ft Common Space Area 7,855 FP BuiltGrg Coveme 80% RESI0BIT1AL AREA NEt 348Oft Residential Units 42 DU Residential Units Averive Size 830 rtit Residential Height (Levels) 6 Levels COMMERCIAL AREA NET 4,570 commercial Neigh! (Levels) 14yels PARKING AREA 77.939 fl' Total Shared Parking Required 79 Spaces Parking Structure Height tetrelti Taw' Provided Parking Capacity BO Speees OfrSireet Parking Capacity 10 Spaces Parking Structure Capacity TO Spaces Parking Structure Area 27,939 ft' Lot At I 5,8iJO soft Amine, C.ode Cityof Miami Parcel Tuning Tb-AO '2122G r c I i cs 7. ."4-E " ir" t; L"' e e =-• " rtv•=1 lao iIhMAIN011.6 VEIK 2....122/%7437: st. Miam „, nal as tmal" CAPACITY ANALYSIS Maximum Capacity Griclics U. 1EG Flaglel St Miami!, Ft • ParkIrg • Cornmercul Resdentai qr.. ref?, WIRW. a 0., ' ytt:Tja.r... re, ear Oa, • 8 Form SCNLGL - "TOTALappraisal software by a la mode, inc. - 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 9 Fog Number 1312S0544130 Address 41 NW 7O ST Cris Mtaml SG Lot Area 1 S,o+;10 5gfl Zoning Code CityotM+ami Parcel Zoning T68O NW 201h St SITE PLAN (GROUND LEVEL) NORTH ELEVATION CAPACITY ANALYSIS Illustrations Gridics I LC FlaglenSt Miami, Ft z 5 NW 20th St ut 5 .rrol. Puking • Commercial ftecidemai Grl ICS 6+4MM.w n!4i•W"7 F .641 : f azafim.FIL APo amend .rrrr'i• ins. ..a na,u�.aa�,. ey�, �dwa ,r o1+•.•u.- o r'wr•a. r�y.�waq +n pt}! �!!lpf' .1,�'`. J.�I �wXYYt`ab r!�r+L+��i�ul�Wl wr a.... rn Yi1k.MYYR4AwwbrMfi2V,rMIf 9 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 10 Folio Number 131 25050430 Address. Al NW 2D ST City Miami rr % Building aildehty ,N.IL •c.rcrm...sp.. c.. .a.q..aivai.a.... � me Grid1cs 1.01 Area 1 S,bQQ agft 2onlrr;Cale C'dyofMiami PalTel Zoning T6-8-0 as Building usus ,rs CAPACITY ANALYSIS Statistics M.NIm11Lii■ iammrWl4w [mmmd.. z..a ■' P Building Cornpanonks Si IF/ r. Bean aery.�.wn.ernrqquaw�a4 ya.n.eYm Os xrb.*.a xp�wHAh�ypn�u 1. pwnYm� �Yqr{ MM ry.if.��}ryWeM�[I�w. �+M4 wh mga...maYn.4,. Y .0.104 p, . idppaan brmR'WsM IN A.pol i uRTK4141.pYM kr•`W fY 16Y.W�kpliW.l W'1N �W 6fFWig4 H'Wypr=4YWF44f GndicsLLG 1E911 FlaglerSf htiarni, FI. 411 iKaWAN eWry .7 Nr Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 11 Folio Number 131250540430 Address 41 NW an Si City Miami Lot Agra 1 5,bX1 Apfl 2on1511Cod Cityof Miami Parcel Zoning T604 CAPACITY ANALYSIS Statistics Allowable Resulting Height Allowable vs Resulting Area ml `a u-tic 4+ws Parking Required per L15e an.,.lk+ter 14 LaMitabi 1 1C •4Ln MMip lkw+ fb.rt ta. �d yr Mermpo wtiri.in • .slr..r R'+'�1 Ilrn NW fang+ rG {{y�r��mig4y WM.vfFrM+fe• i•1 _ M1 enmvmvevax4m 'i' w•411644a .,.�f9b ilL Ai�lpamm'!at �w:tl� sd�i aYg�gp1��gi+r 4.1 exiq �]uK Yt�l .n YgYtl.14 IFWN �nm am s 4nr� 11111 ea�lp pd +� Wo iyhlti+e�W aY m h lnw�wnW(n/MF'x+iMWtM Geckos LLC 16 1 Hagler St Miami, FL airlift /WO Pamier. VP. 11 Form SCNLGL -"TOTAL" appraisal software by a la mode, inc.- 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 12 On. OEM tolio Number 1317.5t15404.30 Aildr@ss .11 t4W 7DST City Miami PROPERTY INFORMATION Lot Area (Property Records) Overlay Additional Information Waive( Applied Available modifications DETAILED INFORMATION lot Area 1 5,600 sqfl Gridics U. /amino Code Cityof Miami 1641 glei St Parcel Zoning 1-6-8-0 Miami, Pi 16:,600satt D3,328sOrt GIS icit'area value derivedrom publicly available data To determine the accurate lot area a survey must be performed. N R0-1 Wynwood -Wynwood Neighborhood Revitalization District Overlay Transit Oriented Development (TOD) City Future Land Ilse DeneraiGornmercial CountyFuture Land Use I ndustrial and Office -Miami Dade County Future Land Use Master Plan 7020 • 7034 Industrial and Office FAA 504' Height Lintita§on -Article 3, Section 3.5.4: Provides le tt er authorizing clearance from the Miami -Dade Aviation Department or the Federal Aviation Administration (FAA). LED Certified-ALI new Buildings or more than 50,000 square feet of Habitable Rooms or Ha bitabie Space in the T. T6, CI and CS zones shall be at a minimum certified as Silver by the United States Green Building Council (USOBC) Leadership in Energy and Environmental Design ILE()) standards or ediava len! standards adopted or approved by the Lit y Off -diem bicydeporking -Shall be provided for all T4, T5, T5, CS, CI. DI -HD, and D zoned, ag stown in Article 4, Table 4, likami21. Requires WDRC Approval Linable Wive Frontage ,Exiend parking ahave ground ievel on Pnrriaq, Secondary and Water Frontages (ground and ncrid 14_,vel) Bonus Height Increase- 12 stories 30% TOD parking reduction - by waiver BUILDING PARAMETERS Liner 81.11 Wing Dep h 30 ft Maximum Tower Depth 70 ft Maximum Tower Length Residential 180 ft Efficiency 20 % Gridics rez,14,„Vr...4,,,,,,Vpi_=6„,,,,70',== Awrinpalara inr .1 mot .1•Ir=222.11=7=4:21:774„. WM. YAKIMA MAW. ir4. 4,14,4„. ,4 1/4* f..f.v. • 0.A..07r00....1.74...,„„ .mr t2 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE ZONING FEASIBILITY REPORT - Page 13 Folio Number 12125054(1430 Address AI1AY2OST Cary Miami NW 20th St FrontageA Lot Area 15,501 scull Zoning Code cityorMiami Parcel Zoning Y6-8,0 3211.0 t C=11M► oR A. 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