Loading...
HomeMy WebLinkAboutPZAN 5-6-15 Submittal CEN Development2900 South Miami Avenue Project Southeastern Investment Group CEN Development Borges ELopmNENT INDEX DEVELOPMENT CEN 2 3 4 5 6 7 8 PRN Renderings Map & List of Signatures in Support Covenant Key Points of Development P EN CEN Existing Parking Conditions h„ri-rco- $A1U0') Traffic Study CEN Letter to Staff cEr9, Townhouse Price Study borc borc PETITION IN SUPPORT OF COMPREHENSIVE PLAN AND REZONING APPLICATION Neighbors in Support of the Project 500 ft or less - 8 Total 501 ft to l .1 mile - 55 Total Stu 15m Tertxe iAeQ.M. Asrxwmat LlsokeaNRa1 SW 16th Sl S7 t pk1 Sr SW Jilt T vtons Yam Rat De Vig• 0 0 King.*&Comas PA SN 2in3 Tozac tit vP�e 5u , Su :.1t: 1: AV f2tfi Tenoce 0 lemma. a SW 1�:h %ITS C SW NABS, SW 215151 0 s 0 z tatted Mao' kwaa-Oaele 1111'wwa Sid Co 11 Dosigrs WorenMan Casire SW 23,4 Jt 9415 Y4' co. 8 A-� J}y O 0 SW':.2nd St SW 120d Terrx'. S.T: Vitcrya Stationyen Wit Sonlhlxoundl++t Paoilk and PRilkp Frost lanes. of Samre. nanetaian-kF1w1 Space Ramie Revlla Law Fan. P.A Pg k 0 0 Sims. Ckb-South Flails dfwe 7.. & 9 0 4 Court aeuxtarrnw . T syam) O. 9 9V 9 And F.teal Jr_ PA xyV 0 '�"S a lID Budare Bistro 1, !I ID Conlucm Express C) Shy 5 ?,y R �9a Escobar's SellP' 0 0 Brickel Cosmetic Center Spa 0 Keyes Realtors • Betokell T, �9v MS.*. Greek S tl° °Modnx �P,. -tea ts, Spy 01 Jytr it 9 Ps 9 we � 0 • 9 14 100 9 13 16 0 Beplist kkdioof Mae. a &kkel- Lm'.ckell Cl ar AXca W.inw,W0!Pad P-5 o 0 hotel Urban° - 9 © ate co A0, Pe e ,e e�/P LUcys care 0��µ Bdckell townhouse Association h� Br,ckell Biscayne Condos Association,' -f cayx %6 sin The Juice Spot a 11 Skyline Cafe Bristol tower Condominium • Casol,Ts P5001. � kt F'nends of 5s:, Japanese Garden'.: Sono immanu Lutheran Chum &rckell Place C0nd0..:u. 9 9 0 PETITION IN SUPPORT OF COMPREHENSIVE PLAN AND REZONING APPLICATION Map No. Address Zip Distance Miles Signature Index 1 2 3 9 10 11 12 13 14 16 19 20 21 22 23 24 25 26 31 32 33 3000 S Federal Hwy, Miami, FL 33129 115 ft 1.1 2930 S Miami Ave, Miami, FL 33129 197 ft 2.1 2945 S Miami Ave, Miami, FL 33129 316ft 3.1 61 SW 31st Rd, Miami, FL 33129 500 ft 4.1 3011 S Miami Ave, Miami, FL 33129 500 ft 5.1 3021 S Miami Ave, Miami, FL 33129 500 ft 5.2 72 SW 31st Rd, Miami, FL 33129 500 ft 6.1 62 SW 31st Rd, Miami, FL 33129 500 ft 6.2 34 SW 26th Rd, Miami, FLimswir 33129 0.20 7.1 50 SW 26th Rd, Miami, FL 33129 0.20 8.1 2407 S Miami Ave, Miami, FL 33129 0.30 9.1 26 SW 27th Rd, Miami, FL 33129 0.30 10.1 30 SW 25th Rd, Miami, FL 33129 0.30 9.2 38 SW 25th Rd, Miami, FL 33129 0.30 9.3 25 SW 27th Rd, Miami, FL 33129 0.30 9.4 26 SW 25th Rd, Miami, FL 33129 0.30 11.1 2355 S Miami Ave, Miami, FL 33129 0.30 11.2 101 SW 26th Rd, Miami, FL 33129 0.30 12.1 35 SW 28th Rd, Miami, FL 33129 0.40 13.1 45 SW 28th Rd, Miami, FL 33129 0.40 14.1 140 SW 27th Rd, Miami, FL 33129 0.40 15.1 148 SW 26th Rd, Miami, FL 33129 0.40 10.2 24 SW 28th Rd, Miami, FL 33129 0.40 6.3 125 SW 25th Rd, Miami, FL 33129 0.40 16.1 130 SW 25th Rd, Miami, FL'33129 0.40 17.1 161 SW 26th Rd, Miami, FL 33129 0.40 18.1 125 SW 26th Rd, Miami, FL 33129 0.40 19.1 145 SW 25th Rd, Miami, FL 33129 0.40 20.1 135 SW 25th Rd, Miami, FL 33129 0.40 21.1 142 SW 25th Rd, Miami, FL 33129 0.40 22.1 120 SW 24th Rd, Miami, FL 33129 0.50 23.1 2802 SW 1st Ave, Miami, FL 33129 0.50 10.3 145 SW 27th Rd, Miami, FL F 33129 0.50 10.4 34 37 38 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 7 Samana Drive, Miami, FL 33133 0.50 24.1 15 Shore Drive East, Miami, FL 33133 0.50 5.3 111 SW 24th Rd, Miami, FL 33129 0.50 25.1 2041 S Miami Ave,Miami, FL 33129 0.50 26.1 51 SW 22nd Rd, Miami, FL 33129 0.50 27.1 2200 SW 1 Ave, Miami, FL 33129 0.60 23.2 43 SW 20th Rd, Miami, FL 33129 0.60 28.1 1216 SW 29th Rd, Miami, FL 33129 0.60 29.1 126 SW 29th Rd, Miami, FL 33129 0.60 30.1 2817 SW 2nd Ave, Miami, FL 33129 0.60 31.1 211 SW 29th Rd, Miami, FL 33129 0.60 21.2 30 SW 21st Rd, Miami, FL 33129 0.60 20.2 66 Samana Drive, Miami, FL 33133 0.70 24.2 1 150 Southwest 21 Road, Miami, FL 33129 0.70 32.1 3124 SW 1st Ave, Miami, FL 33133 0.70 20.3 167 SW 20th Rd, Miami, FL inmp33129 0.80 21.3 72 Shore Drive West, Miami, FL 33133 0.80 5.4 330 Southwest 22 Road, Miami, FL 33129 0.80 4MM 32.2 125 Shore Dr W, Miami, FL 33133 0.80 24.3 1020 SW 22nd St, Miami, FL W33129 0.80 20.4 333 Southwest 22 Road, Miami, FL 33129 0.90 32.3 353 Southwest 22 Road, Miami, FL 33129 0.90 32.4 434 Southwest 25 Road, Miami, FL 33129 0.90 33.1 1514 Southwest 26 Road, Miami, FL `33129 0.90 33.2 94 Bay Heights Dr, Miami, FL 33133 0.90 34.1 421 Southwest 21 Road, Miami, FL 433 Southwest 21 Road, Miami, FL 452 Southwest 21 Road, Miami, FL 33129 1.00 35.1 33129 33129 1.00 1.00 35.2 33.3 630 Southwest 22 Road, Miami, FL 33129 1.10 33.4 520 Southwest 21 Road, Miami, FL 33129 1.10 35.3 This instrument was prepared by and after recordation return to : Name: Lucia Dougherty, Esq. . Address: Greenberg Traurig 333 SE 2nd Avenue, 2nd Floor Miami, FL 33131 (Space reserved for Clerk) DECLARATION OF RESTRICTIVE COVENANTS This Declaration of Restrictive Covenants (the "Declaration") is made this day of , 2015, by SOUTHEASTERN INVESTMENT GROUP CORPORATION (hereinafter the "Owner"), a Florida limited liability company, its successors and/or assigns, in favor of the CITY OF MIAMI, FLORIDA, a municipality located within the State of Florida (hereinafter the "CITY"). RECITALS WHEREAS, the Owner owns the parcels of land located at 2900 S. Miami Ave and 2890, 2900, 2920, 2940 & 2960 S. Federal Highway in Miami, Florida, as more particularly described in EXHIBIT A attached hereto (the "Property"); and WHEREAS, in July 2014, the Owner filed applications for a: (a) Comprehensive Plan amendment to re -designate the Property from "Single Family Residential" to "Low Density Multifamily Residential" on the City's Future Land Use Map; and (2) Rezoning of the Property from T3-R to the T4-R Transect Zone on the City's Zoning Atlas, in order to permit the development of a townhome project on the Property (collectively the "Application"); and MIA 184489452v1 MIA 184496871v2 WHEREAS, the Owner seeks to submit a recordable agreement guaranteeing the development of the Property in substantial conformance with the promises made in the written and graphic conceptual drawings submitted in connection with the Application. NOW, THEREFORE, the Owner voluntarily covenants and agrees that the Property shall be subject to the following restrictions that are intended and shall be deemed to be a covenant running with the land and binding upon the Owner of the Property, and its heirs, successors and assigns as follows: Section 1. The recitals set forth above are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The Owner hereby makes the following voluntary declarations running with the land concerning the Property: A. Conceptual Design Plan. Subject to approval through the zoning and building permit process, the use of the Property shall be established and maintained in substantial conformity with the conceptual design plan entitled "Town House Development," prepared by Borges Architects + Associates, signed and sealed this 22 day of January, 2015 (the "Conceptual Design Plan") and attached hereto as EXHIBIT B attached hereto. The Conceptual Design Plan sets forth the total number and types of residential units proposed for the Property, and the location of certain designated green and buffered areas as further defined in this Declaration. The Owner acknowledges that the future development of the Property shall require one or more detailed site plan approvals by the City which will determine, among other things, the exact location, distribution, and orientation of the townhomes to be located on the Property, as well as, other MIA 184489452v1 MIA 184496871v2 requirements for compliance with all applicable land use, zoning, building, fire and public works review standards. Later detailed plans (the "Design Development Documents") will be subject to approval by the City , and once they are on file with the City will be recorded by the Owner in the public records of Miami -Dade County and shall be made an addendum to this Declaration. B. Permitted Uses. The uses on the Property shall be limited to residential uses. Notwithstanding the rezoning of the Property to the T4-R Transect Zone, the following uses shall not be permitted: lodging, commercial, and educational uses as defined in Section 1.1 and Article 4, Table 3 of the Miami 21 Zoning Code. C. Residential Density. Notwithstanding the rezoning of the Property to the T4-R Transect Zone, the maximum number of dwelling units permitted on the Property shall be eighteen (18) townhomes. D. Height & Massing. The maximum height permitted for the development of the Property shall be as follows: (i) thirty-two (32) feet above finish grade to the top of the primary roof of the townhomes; (ii) thirty-seven (37) feet for any equipment required to operate and maintain the buildings on the Property, not to exceed 47,000 SF Net Area; and (iii) forty (40) feet for any architectural projections or ornamental features not to exceed 5'-0". Notwithstanding the foregoing, the two (2) townhome units that abut the rear yard of the existing single family home located on Lot 13 according to the plat recorded in Plat Book 42, Page 73, of the Public Records of Miami -Dade County, Florida (identified by Folio No. 01-4139- 003-0030) as depicted in the Conceptual Design Plan shall be limited to two (2) MIA 184489452v1 MIA 184496871v2 stories and a maximum of 27.5 feet in height (inclusive of all mechanical equipment and architectural or ornamental features). E. Parking. In order to screen the parking facilities from the view of the abutting residences, the Owner shall provide and maintain below grade parking spaces, to serve the townhome units located on the Property. The roof of said parking facilities shall not rise more than 30 inches above average grade. Additionally, the Owner shall design the final site plan for the Property to provide 20 parking spaces in excess of the number of spaces required for the development of the townhome project under the Miami 21 Zoning Code (inclusive of all visitor, reserved and resident parking spaces). F. Access. Ingress and egress to the Property shall be limited to a single access driveway along US-1 (S. Federal Highway), subject to the approval of said access driveway by all applicable governmental agencies and departments. G. Setbacks. With the exception of the four (4) townhome units to be constructed to the east of the traffic circle within the areas illustrated by the dashed lines in EXHIBIT C attached hereto, the rear yards of which are oriented towards South Miami Avenue as illustrated in the Conceptual Design Plan, the townhomes constructed on the Property shall have the following minimum setbacks, as illustrated in the Conceptual Development Plan previously attached as Exhibit B: MIA 184489452v1 MIA 184496871v2 1) a minimum rear setback of 20 Feet to any first story terraces of the townhome units and to the top of any underground parking structures located above grade; and 2) a minimum rear setback of 33.25 Feet for the second and third story of the townhome units (the "Stepback Area"), excluding second and third story balconies which may encroach an additional 5'-0" into the Stepback Area. H. Public Open Spaces. The Owner agrees to provide, at Owner's expense, two public open spaces within the areas generally illustrated in the Conceptual Development Plan (the "Park Areas"). The Park Areas shall be fenced and shall be made available for public use and enjoyment as a passive park during daylight hours. The Park Areas and any landscaping located within the Park Areas shall be maintained in good condition by the Homeowner's Association established for the Property. The aforementioned Park Areas shall be completed prior to the issuance of the first certificate of occupancy for the townhome units on the Property. The Park Areas will not be the responsibility of the City to maintain, improve, safeguard or otherwise protect as the Park Areas are not city property or a municipal park. I. Private Open Spaces. The townhome units on the Property shall be designed with rear private yards. 7. Visual Screening. All mechanical equipment located on the roof of the townhome buildings shall be fully screened so as not to be visible from the street. MIA 184489452v1 MIA 184496871v2 Additionally, the Owner agrees to provide visual screening elements on the upper floors of the Townhome buildings for additional privacy in the form of greenwalls up to six (6) feet high. K. Landscape Buffers. The Owner agrees to provide an adequate landscape buffer along the rear property line to further screen the twnhome units from the view of the abutting residences (the "Landscape Buffer"). Said Landscape Buffer shall be in substantial conformity with the landscape plan attached hereto as EXHIBIT D. Section 3. Permitting. All building permits for the development of the Property shall be obtained no later than two (2) years after the Owner obtains any and all final non - appealable governmental agency approvals necessary for the development of the Property in accordance with this Declaration, including but not limited to, all corresponding waivers, warrants and exceptions required in connection therewith (the "Permitting Period"). If such permits are not secured within the Permitting Period, then the Owner agrees that the City may rezone the Property to the T3 Transect Zone on the City's Zoning Atlas. Section 4. Effective Date. The provisions of this Declaration shall become effective upon their recordation in the Public Records of Miami -Dade County, Florida, and shall continue in effect for a period of thirty (30) years after the date of such recordation, after which time they shall be extended automatically for successive periods of ten (10) years. This instrument shall constitute a covenant running with the title to the Property and shall be binding upon Owners, their heirs, vendees, successors and assigns. Section 5. Amendment and Modification. This instrument may be modified, amended, or released as to any portion of the Property by a subsequent written instrument MIA 184489452v1 MIA 184496871v2 executed by the then Owners of the fee -simple title to the Property to be affected by such modification, amendment or release and providing that same has been approved by the Miami City Commission after proper advertisements and public hearings, per the code at such time, which shall be applied for at the sole cost and expense of the Owner. Any modification, amendment or release shall be subject to the approval of the City Attorney as to legal from. Section 6. Inspection and Enforcement. An enforcement action may be brought by the City by action in law or in equity against any party or person violating or attempting to violate any covenants of this Declaration, or provisions of the building and zoning regulations, either to restrain violations or to recover damages. The prevailing party in the action or suit shall be entitled to recover costs and reasonable attorney's fees. The preceding section shall not apply in any action or suit against the City of Miami. This enforcement provision shall be in addition to any other remedies available under the law. Section 7. Severability. Invalidation of any one of these covenants by judgment of Court shall not affect any of the other provisions of the Declaration, which shall remain in full effect. Section 8. Recording. This Declaration shall be recorded in the Public Records of Miami -Dade County at the Owners' expense. [Signature Pages to Follow] MIA 184489452v1 MIA 184496871v2 Witnesses: SOUTHEASTERN INVESTMENT GROUP CORPORATION By: Name: Signature Print Name Signature Print Name STATE OF FLORIDA COUNTY OF MIAMI-DADE Title: President / CEO The foregoing instrument was acknowledged before me by as President _ of Southeastern Investment Group Corporation, a Florida corporation. He is ❑ personally known to me or U has produced , as identification. Witness my signature and official seal this _ day of 2014, in the County and State aforesaid. Notary Public State of My Commission Expires: Print Name MIA 184489452v1 MIA 184496871v2 EXHIBIT "A" LEGAL DESCRIPTION MIA 184496871v2 EXHIBIT "B" CONCEPTUAL DEVELOPMENT PLAN MIA 184496871v2 EXHIBIT "C" EXCEPTIONS FROM INCREASED SETBACK REQUIREMENTS UNDER SECTION 2(G) HEREIN MIA 184496871v2 EXHIBIT "D" LANDSCAPE PLAN MIA 184496871v2 CEN DEvel CEN DEVELOPMEIVT Key Points of the Development: E LLC 5901 SW 74th Street Suite 306 South Miami. Fi 33143 i305i 667-6022 6023 1) 18 Units to be developed, rather than the 46 allowable units under the T4R zoning. 60% Reduction in Density 2) Exceeding parking requirements. T4R requires 27 spaces, we are providing 50 spaces. 85% more parking 3) Internalization of traffic and parking. Keeping the project's traffic off the neighboring streets 4) One road cut on US-1 instead of the possible 8 road cuts under the T3R "as of right" development. Elimination of Current Traffic Hazards 5) Traffic study results show proposed use will have a lesser impact than T3R development. Lesser Impact in Traffic 6) Our design has a 20% reduction in height, compared to the allowable T4R, and 5 feet less height than the T3R's maximum height. 7) Proposed rear setback is 33 feet, while the minimum rear setback for T3R is 20 feet. 40% Greater Rear Setbacks 8) Greater landscape areas in the rear of each unit than T3R. 9) Our T4R design has a smaller footprint than the T3R "as of right" footprint. 10) Our T4R design also has a smaller elevation impact than the T3R "as of right" elevation. 11) Provided two large public parks at each end of the development for the communities use. CEN Development. LLC S901 SW 74th Street.Suite 306 South Miami. FI 33143 Office - 30S-667-6022 / 6023 Fax - 305-667-6029 WWW.CENDEVELOPMENT.COM Existing Parking Condition Pic:1 r'ricENMOEVELOPME Existing Parking Condition Pic:2 p',cN 0e1/ELEM OPENT M• w.• • Existing Parking Condition Pic:3 10EN DEVELOPMENT Traffic Assessment Study Table 5. Concurrency Analysis CALTRAN ENGINEERING/ GROUP Condition Portable Station Roadway Location AADT V/C Control Delay LOS Existing 990020 US1 US1-Federal Hwy E of S Miami Ave. 10,908 0.181 5.1 A Proposed 990020 US1 US1-Federal Hwy E of S Miami Ave. 11,401 6.4 6.4 A 8.0 Parking Based on the ITE parking Generation Manual and the City of Miami 21 Code of Ordinance, the proposed parking requirements at the proposed development are shown in table 6. Table 6. Parking Analysis REFERENCE ITE PARKING DEMAND REQUIREMENTS CODE OF ORDINANCES REQUIREMENTS ITE REQUIRED SPACES CODE REQUIRED SPACES PROPOSED SPACES COMPLIANCE ITE PARKING GENERATION MANUAL LAND USE: 230 0.98 SPACES PER UNIT 1.5 SPACES PER UNIT + 1 per 10 Units (Visitors) 18 29 50 YES The parking spaces required by the ITE Parking Generation suggest 18 parking spaces respectively. In addition, the T4 Parking and Landscape Standards for the Cityrequires 27 parking spaces to serve a residential development. As a result, the number of parking spaces proposed by the development; 29 parking spaces to serve the residential units, will be able to accommodate adequately the traffic flow of the proposed development, 9.0 Summary of Findings and Recommendations: This study analyzes the traffic impact of the proposed Residential Townhouses located at the south-west corner of Federal Highway and South. Miami within the City of Miami. The Following provides a summary of the traffic impact analysis: • For the proposed development, this analysis contemplated the most conservative scenario of trip generation forecast rates for the proposed Residential Townhouses within the City of Miami. • This analysis contemplated the most conservative scenario of trip generation forecast rates for the proposed change of land use from a Single Family Detached Housing (Land Use Code 210) to a Low Residential Condominium/Townhouse (Land Use Code 230. • After a comparison of the LOS analysis for the future conditions and considering the change of land use, no significant operational effects will result on the overall intersection nearby the proposed townhouses in reference to the existing conditions • Concurrency analysis indicates, that based on the portable station, the level of service along Federal Highway will maintain the adopted maximum LOS "A" even the inclusion after including the additional traffic generated by the proposed development. • As per the City of Miami 21 Code of Ordinance the required number of parking spaces will be to assign 29 parking spaces due to the amount of units proposed. As a result, the proposed development, which assigns 50 parking spaces to the dwelling units is more than sufficient to serve the forecast traffic demand. • Based on safety and access management consideration it is determined that the proposed use will have a lesser impact than the alternate use; however, as a safety precaution measure, it is recommended to have a right in- right out condition at the proposed driveway. Based on the results of this traffic impact analysis, the proposed development can be implemented without impacting the surrounding roadway system. 730 N.W. 107th Avenue, Suite 115 • Miami, FL 33172 • Tel: 786-456-7700 • Fax: 786-513-0711 Page 8 www.caltrangroup.com Southeastern Investment Group Corporation 245 Harbor Drive Key Biscayne, FL 33149 Phone/Fax: 305-445-6921 Cell: 305-661-5757 Following a series of meetings with City staff, architects, lawyers, and developers, the plans were developed and improved to comply with the City comments, neighbor's comments, and high profession standards in order to arrive at your acceptance in strict compliance to T4 zoning. These improvements are: 1. A single circular entrance/exit on US1 which works for the safety of the families as opposed to 11 cuts opening into US 1, as per T3 zoning, which will be extremely unsafe and indeed ridiculous leading to cars parking on the sidewalk in unsightly manner. 2. A professional traffic study was completed and showed little impact on the traffic from the townhouses in comparison to the allowed 11 homes. 3. A complete tree survey was completed. 4. The height of the townhouses next to the neighbors were adjusted to be lower and 2 units were eliminated to accommodate the neighbor's proximity. 5. The designs were improved to allow "mobility" in the structures for aesthetic value. 6. Underground parking is now designed with additional parking to satisfy the parking conditions. 7. An additional entrance from S. Miami Avenue for the convenience of driving from the north to the properties and relieve the traffic going into 30th Road. 8. A professional study completed by Keller Williams is completed to show that this project will improve the value of all neighborhood properties. 9. A covenant agreement prepared by our lawyer from Greenberg Traurig which permits 2 years to start building. 10. Providing excellent developers who are University of Miami School of Engineering graduates with an impeccable track record in Miami. 11. Written approval from sixty five home owners in the neighborhood who reviewed the plans prior to signing on. 12. Full approval and support by immediate neighbors who own the second largest part of the triangle The Effect of Townhome Development on Single Family Home Prices The goal of this paper is to analyze the price movement of single family homes and to determine whether the construction of townhome developments in the surrounding areas significantly impacts single family home pricing trends. This analysis was done by comparing the prices of single family homes close to areas with newly constructed, multifamily residences to the prices of all single family homes located in the same zip code, in order to assess any noticeable difference in value. In order to effectively compare townhome developments, the first step was to establish a set criteria for the townhouse complexes that would be studied. It was determined that the study would be limited to townhome developments within Miami Dade County that had more than 18 units but less than 35. Tax records were used to find out how many units each townhouse complex in Miami Dade has and from this vast pool, 6 townhouse complexes were found to match the criteria. The townhouse complexes are located in three different zip codes 33130, 33133 and 33146. Three of the townhome developments are the following: Table 1 Complex Name Number of Townhouses Zip Code VILLAGE OF CAMPO SANO 21 33146 PALM BREEZE 32 33133 ROADS END VILLAGE 25 j33130 Upon determining the developments that met the set criteria, the single family homes in the surrounding areas were set aside as the target areas and property values for these homes were thereafter compiled for analysis. The data was collected using a tool known as the "Multiple Listing Service" (MLS), a database widely used by real estate brokers and regulated by the National Association of Realtors (NAR). Data was gathered on all single family homes, located within a 0.5 mile radius of the townhouse complexes in question (see Table 1), that were sold from 2008 to 2014. These sales included all closed sales, including REOs. The property values for single family homes found in the target areas were compared with the property values of the entire zip code in which the townhouse complexes were located. In each instance, a difference could be seen in the prices for the homes located in the target areas and the zip code in general. Upon reviewing the numbers three townhouse complexes had positive trends when comparing the target area with the zip code whereas three townhouse complexes had negative trends. For Instance, Village of Campo Sano located in zip code 33146 (See Table 2) since 2006 the price only went up 21% for the zip code 33146 but it went up 40% for the area surrounding the townhome development. Table The Impact of Townhouse Development on Single Family Home Prices Summary 2006 919,000 919,000 2007 2008 785,438 912,278 2009 770,051 1,035,568 2010 750,403 776.250 2011 770,626 1,149,971 2012 963,311 963,311 2013 918,552 1,149,683 2014 1,111, 030 1,287,443 Change % since 2006 21% 40% Palm Breeze located in zip code 33133 (See Table 3) the price only went up since 2008 15% for the zip code 33133 but it went up 20% for the area surrounding the townhome development. Tables The Impact of Townhouse Development on Single Family Home Prices Summary p J o.6 2008 978.107 288,886 2009 700,017 229,236 2010 997,112 183,613 2011 865,293 152,936 2012 816,208 243,886 2013 990,353 343,160 2014 1.127,298 347,653 Change % since 2008 15% 20% Road Ends Village is located in zip code 33130 (See Table 4) the price only went up since 2008 1 % for the zip code 33130 but it went up 67% for the area surrounding the townhome development. Table 4 The Impact of Townhouse Development on Single Family Home Prices Summary 2008 110.000 306,500 2009 196,222 202,644 2010 59,333 190,750 2011 63,000 268,792 2012 97,833 281,382 2013 275,000 486,532 2014 111,000 513,255 Change % since 2008 1% 67% After reviewing the numbers from the data collected, there seem to be no significant impact on the prices for single family homes located close to newly built townhouses. It is important to keep in mind that there are numerous factors that affect the price of single family homes. One of the most important factors is the demand of the area where the single family homes are located. In order to get a better understanding of what caused the price variances, a closer study of individual market trends may yield a clearer understanding of such factors.