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HomeMy WebLinkAboutSubmittal-Ed Parker-Appraisal of 17.75 Acres of Land1 APPRAISAL OF 17.75 ACRES OF LAND COMPRISING THE PROPOSED MAGIC CITY INNOVATION DISTRICT DEVELOPMENT 1 1 1 1 1 1 1 1 1 1 1 1 1 investors research associates, inc. real estate consultants/appraisers LOCATED IN THE LITTLE HAITI NEIGHBORHOOD OF MIAMI, FLORIDA PREPARED FOR MEENA JAGANNATH COMMUNITY JUSTICE PROJECT, INC 3000 BISCAYNE BOULEVARD SUITE 106 MIAMI, FLORIDA 33137 DATE OF VALUE JUNE 9, 2019 PREPARED BY Investors Research Assoc- nc. 5730 S.W. 74 Street, Su South Miami, Florida 4. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk CA- 1) A cr- 1 C investors research associates, inc. 5730 s.w. 74 street, suite 100 south miami, florida 33143-5381 telephone 305-665-3407 fax 305-665-4921 June 21, 2019 real estate consultants and appraisers licensed real estate broker Meena Jagannath Community Justice Project, Inc 3000 Biscayne Boulevard Suite 106 Miami, Florida 33137 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Re: 17.75 acres of land in the proposed Magic City Innovation District development in the Little Haiti neighborhood, Miami, Florida Dear Ms. Jagannath: The attached appraisal of the above referenced property is being submitted according to your request. This report contains the results of investigations and analyses made in order to furnish estimates of the market value of the property described herein, under two scenarios: 1) as presently zoned and master planned by the City of Miami and 2) as if approved for development as proposed by the Magic City Innovation District SAP Development Agreement, draft dated March 11, 2019. This report also includes an estimate of the increase in the value of the development if developed pursuant to the above referenced March 11, 2019 development plan that does not require any affordable or workforce housing units as compared to an August 21, 2018 draft development agreement that required the residential component of the development to reserve seven percent of the units for affordable housing tenants and 14 percent for workforce tenants. This appraisal is intended to comply with the following: The Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board of the Appraisal Foundation; requirements of the Real Estate Appraisal Board of the Florida Department of Professional Regulation; and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. A Summary of Facts and Conclusions is provided in the front of the report and a Certification of Value appears in the final section. 2 19-2569 Respectfully submitted, ‘4#-eraex 4.4— Edward N. Parker, MAI State Certified General Appraiser No. RZ144 eMi Submitted into the public record for item(s) PZ.10.11, 12. on 06/27/2019 , City Clerk 3 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk TABLE OF CONTENTS TABLE OF CONTENTS 4 I. SUMMARY OF FACTS AND CONCLUSIONS 5 II. THE ASSIGNMENT 8 A. Identification of the Property 8 B. Purpose and Scope of the Assignment 8 C. Definition of Market Value 9 D. Intended Use of the Appraisal 10 E. Intended User of the Appraisal 10 F. Date of Inspection and Effective Date of Appraisal 10 G. Appraiser 10 III. ECONOMIC PERSPECTIVE 11 A. Miami -Dade County Overview 11 B. The Neighborhood 13 D. Miami -Dade Office Market 15 E. Miami -Dade Retail Market 16 N. DESCRIPTION OF THE PROPERTY 23 A. Legal Descriptions 23 B. Ownership 23 C. Location and Access 23 D. Site Description 26 E. Improvement Description 26 F. Assessment and Taxes 26 G. Zoning and Future Land Use Plan 28 H. Highest and Best Use 33 V. ANALYSES OF DATA AND CONCLUSIONS 35 A. Methodology 35 B. Valuation 35 C. Financial Advantage of the March 11, 2019 Draft Development Agreement to the Developer. 88 VI. ASSUMPTIONS AND LIMITING CONDITIONS 95 VII. CERTIFICATION 97 VIII. QUALIFICATIONS 99 4 19-2569 Suhmittari intn tha nuhlir EVERULAREM WEDUF! MN1CWIIT. ARM nukikssis TAYLOR WILDLIFE MRODEPIENT AREA record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk ..n,RtP_ '�Yc61.feA'. TY LOCATION III 3 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk I. SUMMARY OF FACTS AND CONCLUSIONS The Assignment: Location: Property Description: Zoning and Land Use Plan: To estimate the market value of the land at the property described herein under two scenarios: 1) as presently zoned and master planned by the City of Miami and 2) as if approved for development as proposed by the Magic City Innovation District SAP Development Agreement, draft dated March 11, 2019. The assignment also includes an analysis of the increase in the value of the development if developed pursuant to the above referenced March 11, 2019 development plan that does not require any affordable or workforce housing units as compared to an August 21, 2018 draft development agreement that required the residential component of the development to reserve seven percent of the units for affordable housing tenants and 14 percent for workforce tenants. The appraised property is comprised of 37 individual tracts (38 tax folios) in six non- contiguous parcels that are located between N.E. 2 and 4 Avenues and between N.E. 59 Terrace and N.E. 64 Street in the Little Haiti neighborhood of Miami. The subject property comprises a total of approximately 17.75 acres of land area. Existing improvements are primarily comprised of older one-story warehouse structures, many of which have been renovated and being leased as office and office/warehouse use. However, the improvements at the property are not appraised herein. The appraised property is presently zoned D1 (Work Place) and T5-O (Urban Center) by the City of Miami. The Miami Future Land Use Map (FLUM) presently designates the property Light Industrial, Restricted Commercial, and Medium Density Commercial. 6 19-2569 Assessment and Taxes (2018): Assessed Value: Taxes: Highest and Best Use: Date of Value: Appraised Value Conclusions: As presently zoned and land use planned: Assuming the proposed Magic City Innovation District SAP is approved: Value Increase to Magic City development attributed to the exclusion of affordable and workforce housing units: Appraiser: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk The property is proposed to be re -designated as11)11 a Special Area Plan (SAP) to be known as the Magic City Innovation District. If given final City approval this development would allow a massive multiuse project totaling 8,164,140 square feet of building area. This project is projected to be improved over a 16-year development period. $71,092,549 Total for 38 folios $ 1,489,062 Total for 38 folios The current light industrial and office uses represent high and best use at this time. At such time that economic and market conditions are appropriate the property's highest and best use would be to redevelop with a more intense use. June 9, 2019 $83,000,000 $148,000,000 $54,500,000 Edward N. Parker, MAI 7 19-2569 1 1 1 1 1 1 1 1 1 1 1 L 1 1 1 1 1 1 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk II. THE ASSIGNMENT A. Identification of the Property The appraised property consists of approximately 17.75 acres of vacant and improved parcels within six non-contiguous parcels located in the Little Haiti neighborhood of Miami. They include 37 individual tracts with 38 folio numbers as defined by the Miami -Dade County Property Appraiser. The legal descriptions of the various parcels, as stated in the March 11, 2019 draft of the Magic City Innovation District SAP Development Agreement provided by the client, are included in the Addenda to this report. B. Purpose and Scope of the Assignment The purpose of this appraisal is to estimate the market value of the land at the property described herein under two scenarios: 1) as presently zoned and master planned by the City of Miami and 2) as if rezoned and master planned and approved for development as proposed by the Magic City Innovation District SAP Development Agreement, draft dated March 11, 2019. The purpose of the assignment also involves an estimate of the increase in the value of the development if developed pursuant to the above referenced March 11, 2019 development plan that does not require any affordable or workforce housing units as compared to an August 21, 2018 draft development agreement that required the residential component of the development to reserve seven percent of the units for affordable housing tenants and 14 percent for workforce tenants. The scope of the assignment encompasses the following steps performed within the framework of commonly accepted appraisal procedures: • Inspected the property being appraised and the surrounding neighborhood and marketplace. 114,. • Gathered and confirmed comparable market data including land sales and listing prices. • Interviewed brokers, property owners, managers, and other participants who are active in this marketplace. • Formulated reasonable opinions and judgments based on supply and demand factors, as well as physical and functional considerations relative to the highest and best use of the property and its market value. 8 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk • Analyzed these data in order to formulate sound valuation judgments within the framework and application of the appropriate approach to value. • Reviewed and compared the August 21, 2018 and March 11, 2019 Magic City Development Agreements to assess the financial impact of the inclusion of affordable and workforce residential units in the development. • Estimated the number and average size of affordable and workforce residential units under the August 21, 2018 development agreement. • Analyzed comparable apartment rental survey data for affordable workforce and market rate units. • Developed an estimate of potential rental income loss associated with affordable/workforce units versus market rate units. • Quantified the potential diminution in value associated with affordable/workforce units versus market rate units, as an indication of the impact of replacing affordable/workforce units with market rate units. C. Definition of Market Value The following definition of market value is cited from the Uniform Standards of Professional Appraisal Practice. The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition 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 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 9 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 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. D. Intended Use of the Appraisal The intended use of this appraisal is to provide the client with valuation 1 information that will be used in evaluating a proposed development plan for the property. E. Intended User of the Appraisal 1 The intended user of this appraisal is the client, Meena Jagannath of the Community Justice Project F. Date of Inspection and Effective Date of Appraisal June 9, 2019 G. Appraiser Edward N. Parker, MAI 1 111 111 19-2569 t 1 i 1 1 1 1 1 1 1 Submitted into the public record for item(s) PZ.10, 11. 12. on 06/27/2019 , City Clerk III. ECONOMIC PERSPECTIVE A. Miami -Dade County Overview Miami -Dade County is divided into 36 municipalities with the largest being the cities of Miami, Hialeah, Miami Beach, North Miami and Coral Gables. It encompasses approximately 1,973 square miles in southeastern Florida. The eastern part of the county is intensely developed and much of the density is concentrated within a few miles of the Atlantic Ocean and Biscayne Bay. Most of the western part of the county is undeveloped or sparsely developed. This area is mostly low-lying, subject to seasonal flooding and serves as the recharge area for South Florida's sole source aquifer. Miami -Dade County appears to have a vast supply of open land for urban expansion. However, the Everglades, the aquifer and other critical environmental conditions effectively have limited the supply of developable land. In addition, the 1985 Florida Growth Management Act made it much more difficult to change zoning and land use patterns. Development now requires a much more costly and time-consuming approval process. The result has been to concentrate new development within existing urbanized areas of the county. Beginning in 2003, Miami -Dade County experienced a period of unprecedented housing construction in all developable areas of the county. From 13,520 new housing units authorized in Miami -Dade County during 2003 activity peaked at 27,212 units authorized in 2005. Reflecting deteriorating economic conditions and significant overbuilding, however, authorizations eased to 16,536 new units in 2006 and plummeted to 4,026 units in 2008 and 2,657 units in 2011. However, local housing markets have since experienced a strong recovery marked by declining unsold inventories, increasing price levels, and increases in new construction activity. New housing unit authorizations in the county have exceeded 10,000 annually since 2013. Population From 1970 to 1990, Miami -Dade County was one of the fastest growing urban regions in the United States. However, following the double impact of the recession of the early 1990s and Hurricane Andrew in 1992, population growth in the county moderated significantly. After adding almost 40,000 residents annually prior to 2000, population growth has recently eased to below 25,000 new residents annually. The most recent Census data estimates the 2016 population of the county to be 2,712,000. As the county matures and reaches the outer limits of the Urban Development Boundary, population growth has logically shifted north to Broward and Palm Beach Counties. 11 19-2569 t 1 t ■ 14.- An unusually high proportion of Miami-Dade's growth results from births. Also, the immigrant population is typically youthful. As a result, Miami -Dade has a relatively young population, with about 30 percent of its residents under the age of 25 (compared to 38 percent in Palm Beach County and 28 percent in Broward County). A young and generally less -educated immigrant population contributes to Miami -Dade County's relatively low-income levels. At $43,100 in 2015, the median county household income was below that of both the State of Florida ($47,500) and the United States ($53,900). Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Employment The general trend in employment within Miami -Dade County over the past five years is illustrated below. Non -Agricultural Employment Trends Miami -Dade County 2014-2018 Industry 2014 2015 2016 2017 2018 Total Nonagricultural Employment 1,104,700 1,135,900 1,169,900 1,191,800 1,190,300 Construction and Mining 39,100 38,500 44,700 47,800 54,400 Manufacturing 38,900 37,200 39,000 43,500 48,800 Transportation and Public Utilities 85,400 89,900 89,600 98,800 98,600 Trade 219,500 227,900 220,500 219,300 217,800 Finance, Insurance and Real Estate 75,800 79,300 82,500 81,400 80,300 Services 507,200 525,300 543,500 558,200 553,000 Government 138,800 137,800 139,100 143,800 138,900 Civilian Labor Force 1,219,400 1,205,839 1,236,680 1,247,900 1,241,200 Unemployment 85,000 69,950 66,780 63,200 50,900 Unemployment Rate 6.5% 5.8% 5.4% 4.5% 4.1% Total county nonagricultural employment in 2018 showed a stabilization after five years of consistent increases. This is a reflection of improving national economic conditions. The trade and service sectors continue to dominate local employment, accounting for approximately 65 percent of 2018's total employment of 1,190,000. Both the manufacturing and construction sectors showed significant increases in 2018, with the remaining sectors showing stabilization. Consistent with national and state trends, Miami -Dade County's unemployment rate has shown steady improvement after peaking at 13.0 percent in 2010. Countywide unemployment was 3.9 percent in June 2019, compared to the state average of 3.4 percent and the national average of 4.0 percent. 12 19-2569 imp Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Conclusion Recent population growth and economic activity in the county have clearly moderated from historic levels. The source of past population growth in Miami - Dade County is not especially conducive to economic growth. Miami -Dade County has a higher than average birth rate and a large, low-income immigrant population. Based on historic patterns, the long-term prognosis is more positive. Immigrants to Miami -Dade have proven to be energetic entrepreneurs and most job creation comes from small businesses. The single most significant growth industry in Miami -Dade is international trade, which generates demand for warehouse and distribution space, transportation services, as well as legal and banking services. The strength of this industry is attributable to Miami's largely bilingual population in addition to the area's linkages to Latin America. B. The Neighborhood The appraised property is located in an area known as Little Haiti, a neighborhood comprising 3.5 square miles on the northern perimeter of the City of Miami. The immediate boundaries of the neighborhood can be described as east of I-95, west of Biscayne Boulevard, and lying between N.W. 54 Street and N.W. 79 Street. This neighborhood derived its name when a waive of Haitian immigrants fleeing poverty and oppression in the 1970s and 1980s settled here. As a neighborhood of Haitian exiles, the area is now characterized by its French -Creole oriented street life, restaurants, small businesses and art galleries. Available demographic data indicate an estimated population of 35,000 reside in the Little Haiti neighborhood. Reported median age in this neighborhood is well below the Miami average; household size is well above the Miami average; and average home prices in Little Haiti are significantly below the Miami average. A median household income of $24,800 in Little Haiti compares to a Miami average of $34,900. Over 38 percent of the Little Haiti population lives below the poverty level, compared to 25 percent in Miami. Commercial activity within the Little Haiti neighborhood is centered on N.E. 2 Avenue. This north/south thoroughfare passes through the eastern sector of the neighborhood and is lined with local shops, galleries, restaurants and service facilities. N.E. 2 Avenue, Miami Avenue and Biscayne Boulevard serve as primary north/south vehicular access routes to the neighborhood. East/west access is provided via N.E. 62 and N.E. 79 Streets, both of which interchange with I-95 to the west. Development within the Little Haiti neighborhood can be characterized as mature. However, beginning in the late 1990's, real estate investors began scouting the neighborhood for deals as land prices and rents escalated in other nearby neighborhoods. Investors initially focused on N.E. 2 Avenue acquiring buildings 13 19-2569 Submitted into the public record for item(s) PZ.10, 11. 12. on 06/27/2019 , City Clerk and land with the intention of future development. This activity led to the116. proposed Magic City Innovation District (subject property). This 17.75 acre site east of N.E. 2 Avenue between N.E. 59 Terrace and N.E. 64 Street is planned for a $1 billion mixed use project comprising rental apartment units, hotel rooms, office space, retail space, and garage parking aggregating over 8,000,000 square feet. This large project is being promoted as a catalyst for other peripheral developments in the Little Haiti neighborhood. In the interim the anticipation of this development activity has fueled a wave of speculative real estate buying and resulting price increases. C. Miami -Dade Rental Apartment Market A number of research firms regularly survey the Miami -Dade County housing market. Within the multifamily housing sector, Reinhold P. Wolff Economic Research data indicates a healthy market environment for rental apartments. Their First Quarter 2019 survey found an average apartment vacancy of 4.1 percent within the neighborhood of the appraised property (Northeast Miami), compared to 3.7 percent county -wide. Among the seventeen sectors of the county surveyed by Wolff, vacancy rates ranged from 0.2 to 8.7 percent, with the subject area near the overall county average. A contributing factor to the County's low rental apartment vacancy rates has been a surge in demand following the economic downturn in 2008. In addition, until recently only limited new apartment construction had been occurring in the county as evidenced by the following data: Rental Apartment Completions Miami -Dade County Year New Rental Units 2008 837 2009 774 2010 875 2011 869 2012 275 2013 1,481 2014 1,946 2015 3,242 2016 4,808 2017 4,103 2018 3,121 During 2012, only 275 rental apartment units were constructed compared to 9,707 new units constructed in 2003. However, a combination of strong demand and rising rent levels resulted in sharp increases in new apartment construction throughout the county since 2013. Despite the addition of over 4,000 new rental 14 19-2569 Submitted into the public record for item(s) PZ.10,11, 12. on 06/27/2019 , City Clerk units in 2018, most analysts of this market anticipate a healthy rental apartment environment for the foreseeable future. Rental apartment statistics specific to the submarket of the appraised property and Miami -Dade County as a whole are summarized below. February 2019 Northeast Miami Miami -Dade County Conventional Conventional Affordable Rental Units Surveyed 4,352 51,628 17,450 Units Vacant 179 1,918 119 Vacancy Rate 4.1% 3.7% 0.7% Average Apartment Rent One Bedroom Two Bedroom Three Bedroom $1,883 ($2.39/S.F.) $1,657 ($2.20/S.F.) $807 (1.23/S.F.) $2,448 ($2.21/S.F.) $2,062 ($1.96/S.F.) $975 (1.12/S.F.) $2,835 ($1.89/S.F.) $2,470 ($1.93/S.F.) $1,100 (1.02/S.F.) D. Miami -Dade Office Market A recent survey of the Miami -Dade County office market by Cushman and Wakefield reported the following results: Brlac.a Awn.. 1304010.40 C10 Cord 13a01.6 Aklgn Weal Cord Way e nwa Oaaa NarOr.t Ora . Mario Lake COMMA Maya 9 Ga61.a/ 9 Mana Cam AbpwVanbnd 0664 L1,r, eoeeh MM II t13rAL5 6.560.225 7,249.293 13,e20A10 MIAMI OFFICE MARKET - 4Q 2018 10E04e2 602.751 22,055 1.097,2e9 127,000 2,3130,O40 8.510,305 42,222 17,441.497 161,000 680,423 0 3.010.453 4.1364 2.572.003 0.309 2.271.908 0 1,031,003 0 1.129,230 1.608 933.260 0 641.003 0 d.7IS C+14 31,016 • f 2 t ! ir., '... t2,0% 23.7% 1111% 13,03e -2674e 14.010 137.145 4413133 -20.904 242.033 116.161 1183.506 0 0 0 646.29 143.41 $44.31 006,384 10.0% 113,1e0 333,604 304.604 289.9116 $39_e4 1 347,557 134% 12.115 130.1e6 554,022 0 631.139 40069 0.014 3.600 2,277 12.365 0 027.90 429,004 12,0% 1,020 40,067 361011 0 $3363 230.005 6.2% 10.460 3t,040 11e,770 139.222 $30.74 394275 174% 0.469 53.e11 77.073 606034 640.03 330,496 /0.3% -e.210 41.049 152.011 0 $26,10 60.020 6.6% 4,101 45.061 113,203 225,066 $4672 22.103 2.4% 4106 .14,4e0 10,140 20.030 133.114 37.847 7.044 0 1.061 16.996 0 126.50 41a. 263 t i n 12 64L 24A41 c.a:.' 45.60 0 .Ir414 T-n-.. ,07.316 1.15a rar 16110,3+.°'. 153.35 650.37 $0114 $43-07 $46 04 $4906 646.50 12591 140 00 N/A N/A sLBLDI ET RCO GVLHa�GL+RPFNT 'I"' YTN 'all UNULN YTtI ULtr.CT IN, :TOR V Gt ERA;L NCT OVERA Lt. NE' 1EASMG Ct.?.TR VAC., VT vACANT VACANCY f.Mi{N AVERAGE ,sal a9"iUA'RT.ON ADSORPTION ACTIVN'r C'I�L::'- °_.". 13FI i3�1 RATE IEFI (£EI iSFI ` �,;,T ASKING RENT. Claw A Class Claw C 17.447,801 02,607 2.206,M2 13,2% 113,660 0441648 25.Oe6 966,200 11,714 J3.769 5473100 . . 1.049.763 410,646 moos $36 26 d 321.005 0 0 329.86 -6 1.000.761 Historically, the Miami -Dade County office market experienced declining vacancy rates and limited new construction activity between 2000 and 2006. However, sharp increases in office space development during 2006 and 2007 15 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk reversed this trend. Coupled with rising unemployment and national declines in economic activity, the county office vacancy rate increased substantially, approaching 20 percent in 2011. However, over the past five years the market has shown gradual improvement. The countywide office vacancy rate is now estimated to be 12.8 percent, with the downtown Miami sector at 13.8 percent and the suburban sector at 12.0 percent. The Biscayne office submarket of the appraised property has seen similar improvements in vacancy rate, now at 17 percent among a total of 2.27 million square feet of space. And an average office rent of $40.93 per square foot in the Biscayne submarket is up 1.4 percent from year ago levels. Net absorption of office space in the Biscayne submarket totaled 53,000 square feet in 2018, comprising over six percent of total countywide absorption. However, with over 800,000 square feet of new office space under construction in the Biscayne submarket, a near term increase in the submarket vacancy rate can be expected. Overall Cushman and Wakefield anticipates that low levels of new office construction in the County and high levels of leasing activity in 2019 will result in a continuing decline in the overall county vacancy rate. E. Miami -Dade Retail Market The Miami retail market has fared very well in recent years. A number of firms survey the county retail market on a regular basis. Statistics completed by Colliers International in their Fourth Quarter 2018 survey reported the following trends since 2015. MIAMI DADE COUNTY RETAIL MARKET 4Q - 2018 S.F. Under Year Construction 2015 1,582,000 2016 3,213,000 2017 2,871,000 2018 3,095,000 S.F. Net Absorption 1,028,000 225,000 1,544,000 214,000 Total Vacancy Average S.F. Rate Net Rent 3.5% 3.4% 3.6% 4.0% $25.38 $29.08 $33.96 $35.70 As indicated the overall retail vacancy rate in the County has consistently remained below four percent since 2015. Some upward movement in vacancy since 2017 is a reflection of a record level of new retail construction in 2016. Local analysts attribute the underlying strength of this market to a growing area population with strong demographics and a booming tourism sector. This strength is evident in the continued increases in average county retail rent despite the high levels of new construction. 16 19-2569 Submitted into the public record for item(s) PZ.10,11. 12. on 06/27/2019 , City Clerk Additional statistics below compiled by Colliers International characterize the individual retail submarkets in the County. Submarket MIAMI RETAIL SUBMARKETS 4Q - 2018 Total S.F. Total Vacancy S.F. Under Inventory Rate Construction Northeast Dade 14,981,000 2.1% 754,000 Downtown Miami 6,535,000 13.8% 628,000 Coral Gables 6,052,000 3.1% 517,000 Northwest Dade 15,007,000 3.8% 12,000 Miami Beach 6,120,000 6.4% 181,000 Miami Airport 14,152,000 2.0% 139,000 Kendall 17,303,000 2.5% 107,000 South Dade 9,289,000 3.8% 190,000 Miami Central 7,778,000 5.2% 512,000 West Miami 5,041,000 2.7% 0 The appraised property is located within the Collier International defined Miami Central submarket, with an estimated 7.8 million square feet of retail space and an average vacancy rate of 5.2 percent. This average vacancy is consistent with the countywide experience. An average lease rate of $38.94 in the Miami Central submarket is also consistent with the county average of $35.70. The total of 3,095,000 square feet of new retail space reported currently under construction in the Miami market represents an expansion of 3.0 percent to the existing inventory of 104.5 million square feet. Total net absorption in the Miami market during 2017 was estimated to be approximately 1.54 million square feet of space. Based on this experience, retail space now under construction would represent an approximate 24-month supply. All indicators suggest the outlook for Miami's retail market is very positive. 17 19-2569 VIEWS OF THE MAGIC CITY INNOVATION DISTRICT PROPERTY Looking east along N.E. 60 Street toward N.E. 4 Avenue. The former Magic City Trailer Park site is at the left. Properties at the right are also part of the land being appraised. 114,, Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Looking north trom ttie southeast corner of N.E. 2 Avenue (at left) and N.E. 60 Street (at right). This is the only area of the property presently designated Restricted Commercial on the City's Future Land Use Map (FLUM). Looking north along N.E. 4 Avenue, the east boundary of the Magic City property. The building at the right fronts the south side of N.E. 60 Street and has recently been renovated. There is a rail line just to the east (right) of this photo. 18 19-2569 1 t t lb VIEWS OF THE MAGIC CITY INNOVATION DISTRICT PROPERTY Looking north along N.E. 4 Avenue from a point just north of N.E. 62 Street. Subject parcels are on both sides of this photo Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Looking west at N.E. 61 Street, a one-way westbound road, from N.E. 4 Avenue. Looking west along N.E. 62 Street from N.E. 4 Avenue. N.E. 62 Street is eastbound only and has a rail crossing just to the east of the property in this photo. 19 19-2569 VIEWS OF THE MAGIC CITY INNOVATION DISTRICT PROPERTY Looking east along N.E. 61 Street. Subject parcels are on both sides of the street in this photo. row Submitted into the public record for item(s) PZ.10. 11. 12. on 06/27/2019 , City Clerk Looking south along N.E. 3 Avenue from a point just south of N.E. 62 Street. The building under renovation at the left is part of the Magic City development. Looking west along N.E. 60 Street. Magic City is at the right. This is the only part of the property without a sidewalk. 20 19-2569 REP aND INN E 0 250 500 i $ i AERIAL VIEW OF THE MAGIC CITY INNOVATION DISTRICT PROPERTY 1,000 Feet Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk ADDRESSES' 240, 352, 372, 382, 301, 320, 270, 250, 262, 365, 298, 300, 310, 340, 371, 353, 288 NE 61 ST, 401, 300, AND 415 NE 62 ST, 334, 350, AND 370 NE 60 ST 6300, 6380, 6301, 6350, 5972, 5974, AND 5952 NE 4 AV AND 6001 NE 2 AV 19-2569 ft s t t C Pow Tr.1( Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk LOCATION OF MAGIC CITY INNOVATION DISTRICT M 59) h z 4 N.E.64 TER. ,,1� .7 /70 —, ,.3 -40 REID__A�'RES 5 ; -�81 r==„- i----,---- 1 I10 11 11 I i 1 1Fi .sae 1 Geo, li/. Lasc!hie eta! 0II I 'f .----1-11 �--I � t 10 11I l 699d11 I 1 10 1I❑ 11 -' 1-1 tiil tEY4tI0N8 (TOURIST C�1J'RT /30. 4 II aa \ \iM� o Tract;�‘ 11 `—-— --III` _ i.'bYq s�, CT 13 679 9 — — ' — 1 U' /70 : 40 SA tb 1 hTRAILER bl PARKS 4 ° Q.,- I v Tr.1P IS A 07,T . PR4 �' S SUB t 5� �5 i ti�q N E 620 S T o, -Mrs Ts3T" -r--- ga•A kitAn 62q Rard 11101,111111 Q 60 0 r 1 m v 41 z• Jo ,PST ! C� r 70.7 7n.. 1 I/00.2 IS^ 1 —I-z `n' 'n— 6 B9 5 1,. r90RIFi-(C)-= LD,'J1 4a.ST17 No 010M11 E00001:00000OD❑o❑❑ ❑ *-"4 th-il $ iz tliss .,7r., Tr.7 yF ate, c n _Gy9 11 Der urs! x ��- 1 CI1 p [] OD olrM4G t _CITY' !RA -- : - MAGIC 1IJ 0CITY� I-PA-R'it' - - - - __ I CIS D [ to 0❑ o❑ L' JUI f266. 5 1 1 5 1 9 3h W k1 i4 1 Y A S7 �7 tl yh pS 91 kb Z/ 22 G4 STA so , So L 19-2569 • e Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk IV. DESCRIPTION OF THE PROPERTY A. Legal Descriptions The legal designations for the 37 individual sites comprising the Magic City Innovation District subject property were taken from an exhibit in the Special Area Plan (SAP) Application and are included in the Addenda. This table identifies the legal description associated with each of the 37 addresses and 38 folio numbers. B. Ownership The ownership of each of the 37 individual sites is summarized in the table on the following two pages. This table was also found in the SAP Application. C. Location and Access The locations of the various parcels comprising the subject property are highlighted on the aerial and plat on the two previous pages. The individual parcel addresses are stated at the lower right corner of the aerial as well as on the table on the following two pages. Generally, the property being appraised extends east from N.E. 2 Avenue to N.E. 4 Avenue and north from N.E. 59 Terrace to N.E. 64 Street, all within the municipal limits of the City of Miami. The appraised property is located in a primarily light industrial neighborhood with many of the nearby buildings of pre 1960's vintage and showing signs of age and neglect. However, as investors have acquired properties in this neighborhood in recent years some are being renovated and leased, mostly on a short term basis until redevelopment becomes economically feasible. There are also residential uses in the area, both single family homes and low to medium density apartment properties. Primary access to the subject area is provided by N.E. 62 Street, a four -lane, east - west road that has a full interchange with I-95 about one -half -mile to the west. Interstate 95 is a major limited access roadway that extends from US-1 to the south to the Broward County line and well beyond to the north. It intersects almost all of the major expressways and other limited access roads in Miami - Dade County. Within the immediate subject vicinity N.E. 2 Avenue, a four -lane road, provides the primary access to the north and south. All of the interior streets within the Magic City boundaries are two lanes including N.E. 59 Terrace, N.E. 60 Street, N.E. 61 Street (eastbound only), N.E. 62 Street (westbound only), N.E. 3 Avenue, and N.E. 4 Avenue. A railroad line runs along the east side of N.E. 4 Avenue along the east side of the appraised property. However, there is a crossing at N.E. 23 19-2569 1 SPECIAL AREA PLAN APPLICATION MAGIC CITY INNOVATION DISTRICT SAP SAP Property Addresses, Folios, Owners SAS r`bperty Address Folio No ?ropet-iy :¢wrier o-Applicant). 6041 NE 2nd Avenue 01-3218-015-0140 • Magic City Properties I, LLC 228 NE 61st Street 01-3218-015-0150 Magic City Properties I, LLC 240 NE 61st Street 01-3218-015-0160 Majic City Properties I, LLC 6001 NE 2nd Avenue 01-3218-015-0210 Magic City Properties I, LLC 352 NE 61st Street 01-3218-022-0060 Magic City Pr perties I, LLC 372 NE 61 st Street 01-3218-022-0080 Magic City Properties II, LLC 382 NE 61st Street 01-3218-015-0190 Magic C y Properties II, LLC 200 NE 62nd Street 01-3218-066-0010 Magic City Properties III, LLC 6300 NE 4th Avenue 01-3218-020-0330 Magic City Properties IV, LLC 401 NE 62nd Street 01-3218-014-0030 Magic City Properties V, LLC 300 NE 62nd Street 01-3218-015-0770 Magic City Properties VI, LLC 301 NE 61st Street 01-3218-015-0771 Magic City Properties VII, LLC 6200 NE 4th Court 01-3218-024-0200 Magic City Properties VIII, LLC 6210 NE 4th Court 01-3218-024-0180 Magic City Properties IX, LLC 365 NE 61st Street 01-3218-015-0730 Magic City Properties X, LLC 320 NE 61st Street 01-3218-022-0030 Magic City Properties XI, LLC 270 NE 61st Street 01-3218-015-0200 Magic City Properties XIV, LLC 334 NE 60th Street 01-3218-016-0140 Magic City Properties XV, LLC 350 NE 60th Street 01-3218-016-0150 Magic City Properties XV, LLC 296 NE 60th Street 01-3218-016-0100 Magic City Properties XVI, LLC 270 NE 60th Street 01-3218-016-0070 Magic City Properties XVII, LLC 250 NE 61st Street 01-3218-015-0180 Magic City Properties XVIII, LLC 262 NE 61st Street 01-3218-015-0170 Magic City Properties XVIII, LLC 6380 NE 4th Avenue 01-3218-020-0321 Magic City Properties XXII, LLC 288 NE 6ist Street 01-3218-022-0090 Magic City Properties XV, LLC 6301 NE 4th Avenue 01-3218-020-0361 Dragon Global Miami Real Estate Investments, LLC 415 NE 62nd Street 01-3218-047-0010 Dragon Global Miami Real Estate Investments, LLC 298 NE 61st Street 01-3218-022-0100 Area 61, LLC (Under Contract to Purchase by Magic City Properties XIX, LLC) 300 NE 61st Street 01-3218-022-0010 Area 61, LLC (Under Contract to Purchase by Magic City Properties XIX, LLC) 310 NE 61st Street 01-3218-022-0020 Area 61, LLC (Under Contract to Purchase by Magic City Properties XIX, LLC) Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 24 19-2569 a SPECIAL AREA PLAN APPLICATION MAGIC CITY INNOVATION DISTRICT SAP SAP Property Addresses, Folios, Owners 340 NE 61st Street 01-3218-022-0040 Altam Enterprises, LLC (Under Contract to Purchase by Magic City Properties XX, LLC) Altam Enterprises, LLC (Under Contract to Purchase by 371 NE 61st Street 01-3218-015-0720 Magic City Properties XXI, LLC) R-Venture Corp. (Under Contract to Purchase by 6350 NE 4th Avenue 01-3218-020-0320 Mimic City Properties XXIII, LLC) Christian Kolm (Under Contract to Purchase by 353 NE 61st Street 01-3218-015-0740 Magic City Properties XXIV, LLC) 370 NE 60th Street 01-3218-016-0180 Imperial Capital Group, LLC 01-3218-089-0010; 5972 & 5974 NE 4th Avenue 01-3218-089-0020 Imperial Capital Group, LLC 5952 NE 4th Avenue 01-3218-016-0200 Lemon City Group, LLC Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 25 19-2569 62 Street which provides access to Biscayne Boulevard about one-half mile to the east. Overall, access to the property is considered to be very good. D. Site Description Surveys of the various parcels comprising the Magic City Innovation District property were not available for this assignment. However, the various exhibits presented herein illustrate the location and configuration of the property being appraised. As indicated, there are six non-contiguous parcels of various sizes. They are rectangular in shape and contain a reported total of approximately 17.75 acres of land area. The largest parcel fronts along the north side of N.E. 60 Street and extends east from N.E. 2 Avenue to N.E. 4 Avenue. This site was previously occupied by a trailer park known as the Magic City Trailer Park. The other sites are, or were, mostly improved with older industrial buildings. The topography of the six parcels is mostly level at adjoining street grade. They are all located in FEMA Map Number 12086C0304L dated September 11, 2009. They are all indicated to be designated White Zone X, an area determined to be outside the 0.2 percent annual chance floodplain. All necessary municipal services presently serve the property. E. Improvement Description The Magic city property includes vacant sites as well as a number of improved parcels. Improvements are mostly older industrial structures that have been, or are being, renovated as modern looking office buildings, warehouses or office/warehouses. However, this assignment is to appraise the land at the property only so the improvements are not addressed herein. F. Assessment and Taxes The 2018 assessment for each folio number comprising the Magic City Innovation District is detailed in the table on the following page and summarized below. 2018 Assessment Land Value Improvement Value $64,645,033 $6,447,519 Total $71,092,549 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 26 19-2569 t Folio No. 2018 MAGIC CITY ASSESSMENTS 111 2018 Assessment Land Improvements Total 01-3218-015-0140 $1,360,000 $1,000 $1,361,000 01-3218-015-0150 $470,400 $0 $470,400 01-3218-015-0160 $882,000 $0 $882,000 01-3218-015-0210 $18,617,550 $0 $18,617,550 01-3218-022-0060 $879,750 $0 $879,750 01-3218-022-0080 $746,100 $0 $746,100 01-3218-015-0190 $877,500 $991 $878,491 01-3218-066-0010 $1,782,560 $25,065 $1,807,625 01-3218-020-0330 $1,646,550 $337,752 $1,984,302 01-3218-014-0030 $1,900,800 $0 $1,900,800 01-3218-015-0770 $1,205,730 $128,159 $1,333,889 01-3218-015-0771 $1,269,900 $2,555,320 $3,825,220 01-3218-024-0200 $241,470 $203,530 $445,000 01-3218-024-0180 $446,760 $133,314 $580,074 01-3218-022-0030 $877,500 $151,480 $1,028,980 01-3218-015-0200 $877,500 $139,872 $1,017,372 01-3218-015-0140 01-3218-016-0150 $1,360,000 $470,400 $1,000 $0 $1,361,000 $470,400 01-3218-016-0100 $562,500 $46,064 $608,564 01-3218-016-0070 $562,500 $49,029 $611,529 01-3218-015-0180 $441,000 $50,322 $491,322 01-3218-015-0170 $529,200 $1,033 $530,233 01-3218-020-0321 $1,485,270 $271,038 $1,756,308 01-3218-020-0361 $8,153,100 $20,000 $8,173,100 01-3218-047-0010 $2,425,230 $610,101 $3,035,331 01-3218-015-0730 $1,258,650 $247,274 $1,505,924 01-3218-022-0100 $925,740 $114,681 $1,040,421 01-3218-022-0010 $438,750 $65,085 $503,835 01-3218-022-0020 $438,750 $76,783 $515,533 01-3218-022-0040 $877,500 $139,183 $1,016,683 01-3218-015-0720 $1,217,430 $234,325 $1,451,755 01-3218-020-0320 $1,886,310 $336,083 $2,222,393 01-3218-015-0740 $1,282,590 $1,000 $1,283,590 01-3218-022-0090 $438,750 $102,900 $541,650 01-3218-016-0180 $937,500 $101,361 $1,038,861 01-3218-089-0010 01-3218-089-0020 $918,615 $870,675 $0 $0 $918,615 $870,675 01-3218-016-0200 $3,082,500 $303,774 $3,386,274 Total $64,645,033 $6,447,519 $71,092,549 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 27 19-2569 IMO The 2018 millage rate for the City of Miami is $20.9454 per $1,000 of valuation. The total tax burden for the property is calculated below (prior to four percent discount for early payment). $71,092,549 x $20.9454 = $1,489,062 $1,000 G. Zoning and Future Land Use Plan The client has requested that the subject property be appraised as presently zoned and land use planned by the City of Miami as well as if the proposed Magic City Innovation District SAP Development Plan is approved by the City. The table on the following three pages was included in a letter from Neisen O. Kasdin, attorney for the property owners, to Francisco Garcia, Planning Director for the City of Miami. This table summarizes the current zoning and land use designation, as well as the zoning and land use designation proposed by the Magic City Innovation District Development Plan, for each of the 37 sites comprising the appraised property. 1. Current Zoning and Land Use a. Current Zoning A total of 33 of the 37 individual subject sites are presently zoned D1, Work Place, by the City of Miami. This designation allows a wide range of industrial, commercial, office, lodging, civic, and educational uses. General provisions of the D1 zoning include the following: Minimum Lot Size: Maximum Lot Coverage: Floor Lot Ratio (FLR): Minimum Open Space: Residential Density: 5,000 square feet 80% 6.4 Five percent of lot area 36 units per acre The 33 D1 zoned parcels at the property contain a total of approximately 462,172 square feet, or 10.61 acres of land area. As such, the D1 zoning would allow the following by right (No Special Benefits). Residential: 10.61 acres x 36 units/acre = 382 units Industrial, Office, Commercial: 462,172 S.F. x 6.4 FLR = 2,957,900 S.F. Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk 28 19-2569 M M ® — — — — — — ® M M — M M M MINI 6041 NE 2nd Avenue 01-3218-015-0140 Zoning and FLUM Designations at The Magic City Innovation District Property Current and Proposed Current;FLUM'' Designation Restricted Commercial Current Zoning T5-0 Same As Current Submitted into the public record for item(s) PZ.10.11.12. on 06/27/2019 , City Clerk Proposed Zoning *'See enclosed; ConceprBBook f detail on,propose Transect:Zones is Magic City SAP/ T5-O No 228 NE 61st Street 01-3218-015-0150 Restricted Commercial T5-O Satre As Current Magic City SAP/ T5-O No 240 NE 61st Street 01-3218-015-0160 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 6001 NE 2nd Avenue 01-3218-015-0210 Split btw. Medium Density Restricted Commercial & Restricted Commercial T5-O Split btw. General Commercial & Restricted Commercial Magic City SAP/ Split among T5-0, MCID-1 & MCID-2 Yes 352 NE 61st Street 01-3218-022-0060 Light Industrial DI General Commercial Magic City SAP/ Split btw. MCID-1 & MCID-2 Yes 372 NE 61st Street 01-3218-022-0080 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 382 NE 61st Street 01-3218-015-0190 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 200 NE 62nd Street 01-3218-066-0010 Restricted Commercial T5-O Same As Current Magic City SAP/ T5-O No 6300 NE 4th Avenue 01-3218-020-0330 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 401 NE 62nd Street 01-3218-014-0030 Light Industrial D1 General Commercial Magic City SAP/ Yes 19-2 29 569 f t r M MI S r— r S S r r M r li- -M r i Zoning and FLUM Designations at The Magic City Innovation District Property Current and Proposed Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk MCID-I 300 NE 62nd Street 01-3218-015-0770 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 301 NE 61st Street 01-3218-015-0771 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 6200 NE 4th Court 01-3218-024-0200 Light Industrial D1 Same As Current Magic City SAP/D1 No 6210 NE 4th Court 01-3218-024-0180 Light Industrial D1 Same As Current Magic City SAP/D1 No 365 NE 61st Street 01-3218-015-0730 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 320 NE 61st Street 01-3218-022-0030 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 270 NE 61st Street 01-3218-015-0200 Light Industrial D1 General Commercial Magic City SAP/ Split btw. MCID-1 & MCID-2 Yes 334 NE 60th Street 01-3218-016-0140 Light Industrial DI General Commercial Magic City SAP/ MCID-1 Yes 350 NE 60th Street 01-3218-016-0150 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 296 NE 60th Street 01-3218-016-0100 Light Industrial D1 Same As Current Magic City SAP/D1 No 270 NE 60th Street 01-3218-016-0070 Light Industrial D1 Same As Current Magic City SAP/D1 No 250 NE 6lst Street 01-3218-015-0180 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 262 NE 61st Street 01-3218-015-0170 Light Industrial DI General Commercial Magic City SAP/ MCID-1 Yes 6380 NE 4th Avenue 01-3218-020-0321 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 30 19-2569 1 UN I limmi dumb Zoning and FLUM Designations at The Magic City Innovation District Property Current and Proposed Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 288 NE 61 st Street 01-3218-022-0090 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 6301 NE 4th Avenue 01-3218-020-0361 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 415 NE 62nd Street 01-3218-047-0010 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 298 NE 61st Street 01-3218-022-0100 Light Industrial D1 General Commercial Magic City SAP/ MCID-2 Yes 300 NE 6lst Street 01-3218-022-0010 Light Industrial DI General Commercial Magic City SAP/ MCID-2 Yes 310 NE 61st Street 01-3218-022-0020 Light Industrial DI General Commercial Magic City SAP/ MCID-2 Yes 340 NE 61 st Street 01-3218-022-0040 Light Industrial DI General Commercial Magic City SAP/ MCID-2 Yes 371 NE 61st Street 01-3218-0 I 5-0720 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 6350 NE 4th Avenue 01-3218-020-0320 Light Industrial DI General Commercial Magic City SAP/ MCID-2 Yes 353 NE 61st Street 01-3218-015-0740 Light Industrial D1 General Commercial Magic City SAP/ MCID-1 Yes 370 NE 60th Street 01-3218-016-0180 Light Industrial D1 General Commercial Magic City SAP/ MOD-1 Yes 5972 & 5974 NE 4th Avenue 01-3218-089-0010; 01-3218-089-0020 Light Industrial DI General Commercial Magic City SAP/ MCID-I Yes 5952 NE 4th Avenue 01-3218-016-0200 Light Industrial D 1 General Commercial Magic City SAP/ MCID-1 Yes 31 19-2569 T5-O The balance of the land area at the Magic City property, or approximately 311,127 square feet (7.14 acres) is zoned T5-O, Urban Center, by the City of Miami. This designation allows residential use at a density of 65 units per acres as well as a wide range of office, hotel, and commercial uses. At 65 units per acre the four T5-O zoned sites at the property have the potential for development of 464 residential units. T5-O zoning allows a base FLR of 4.0 (without Special Benefits). As such, total allowable building area on the T5-O zoned land at the property is 1,244,500 square feet. 311,127 S.F. x 4.0 = 1,244,500 S.F. b. Current Land Use Designation As indicated, the same 33 sites zoned D1 are all designated Light Industrial on the City's FLUM. Three of the four zoned T5-O are presently designated Restricted Commercial on the FLUM while one is mostly Restricted Commercial and partially Medium Density Commercial. These designations are consistent with current zoning 2. Magic City Innovation District SAP The property is proposed to be redeveloped pursuant to the terms of the Magic City Innovation District Special Area Plan (SAP). As detailed in the table on previously presented pages, seven of the subject parcels will retain their current Transect Zone designations (T5-O and D1). While the other 30 will be re -designated under a newly created Transect Zone applicable only within the Magic City SAP. The same seven parcels will also retain their current FLUM designation while 29 of the other 30 are re- designated General Commercial and one will be split between General Commercial and Restricted Commercial. The development plan proposed for the property under this SAP would allow a total development of 8,164,140 square feet of total building area (FLR), including parking garages. This building area is to be allocated as follows: Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk 32 19-2569 Residential: 2,630 units Hotel: 201,600 S.F. Office: 2,208,540 S.F. Commercial: 520,970 S.F. Expo 119,610 S.F. Civic: 215,493 S.F. Parking Garages (6,081 spaces) 2,099,979 S.F. Surplus Parking 370,000 S.F. The FLR for the 2, 630 residential units is not provided. However, if all of the FLR's are added and deducted from the total 8,164,140 square feet of FLR the residential component is indicated to comprise a total of 2,427,948 square feet. This indicates an average gross unit size of 923 square feet, or about 800 square feet after deduction of a 15 percent common area factor. A previous draft of the development plan for the Magic City Innovation District included seven present affordable housing units (184 units) and 14 percent workforce units (368 units), or a total of 552 units. However, the most recent draft of the development agreement does not include any affordable or workforce housing. H. Highest and Best Use Highest and best use is a fundamental premise of real estate valuation that may be briefly defined as: Highest and best use is the reasonably probable and legal use of vacant land or improved property which is physically possible, appropriately supported, financially feasible, and results in the highest value. Legally permissible: The older industrial buildings at the property, many of which have been, or are being, renovated are a legal use. The vacant sites could legally be improved with various industrial, commercial, or multifamily uses according to zoning. Physically possible: The existing uses on the improved sites are obviously physically possible. There is no reason to expect additional construction on the vacant sites would not be physically possible. Financially feasibility: The renovated industrial buildings at the property are very attractive and appear to be receiving market acceptance. However, it would appear that these uses Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk 33 19-2569 1 1 111 111 1 1 1 Maximally productive: are interim uses until more intense development ca be economically supported. In-depth marketability and feasibility studies are not within the scope of this assignment. However, considering the relevant physical, locational, market and economic factors associated with the subject property it is reasonable to conclude that the current use of the property is representative of its highest and best use. At such time that economic and market conditions can support a more intense use the property would likely be redeveloped with a multi -use development. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 34 19-2569 1 1 1 1 1 Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk V. ANALYSES OF DATA AND CONCLUSIONS A. Methodology Usual appraisal procedure involves an estimate of market value by three separate approaches: the cost approach, the sales comparison approach, and the income capitalization approach. In this instance, only the land at the Magic City property is being appraised. As such, only the sales comparison approach is presented in the valuation of the property under the two scenarios — 1) as presently zoned and master planned by the City of Miami and 2) as if the proposed Magic City Innovation District SAP Development Agreement, draft dated March 11, 2019, is appraised. In addition to the two appraisals of the property, two drafts of the proposed Development Agreement are analyzed to assess the financial impact of the inclusion of affordable and workforce residential units in the development. This analysis required estimates of market rental rates as well as affordable and workforce rental rates for the 552 units that would be impacted. The diminution of value attributed to the inclusion of affordable and workforce units is then capitalized to provide an estimate of the impact of the inclusion of the affordable and workforce units. B. Valuation 1. Market Data An extensive search was made to locate sales and listings of comparable properties in the general Little Haiti area of the County. The 18 sales and two listings considered most relevant to the two appraisals of the Magic City property are detailed on the following pages. The sale write-ups are followed by a sale location map, summary table, and the two valuation analyses. 35 19-2569 Land Sale No. 1 Location: Sale Date: Grantor: Grantee: OR Book and Page: Folio No.: Site Size: Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk 6505 N.E. 2 Avenue, Miami April 20, 2017 Filemeno Jimenez, Inc 6505 1 LLC 30503/2742 01-3218-020-0070 6,250 S.F. Improvements at Sale: A 52-year old warehouse containing 1,990 square feet. It appears to be in good physical condition. Street Frontage: N.E. 2 Avenue and N.E. 65 Street Zoning: D1, Work Place FLUM: Light Industrial Allowable FLR: 6.4, or 40,000 S.F. 36 19-2569 114„ r Allowable Units Per Acre: 36 Sale Price: $415,000 Price Per S.F. of Land: $66.40 Price Per FLR: $10.38 Price Per Unit: $83,000 Verification: Claudia Calderon, listing agent (305-498-6369), by Edward N. Parker, MAI, on June 18, 2019. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Comments: This sale involved a small D 1-zoned industrial property located about three blocks north of Magic City. 37 19-2569 i Land Sale No. 2 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 7200 N.W. 2 Avenue, Miami July 20, 2017 7200 NW LLC 7140 NW 2 Avenue LLC 30622/701 Folio No.: 01-3112-000-0420 01-3112-034-0040 01-3112-034-0050 01-3112-035-0030 01-3112-035-0060 Site Size: 43,844 S.F. Improvements: A Family Dollar store containing 12,232 square feet. Built in 1955, the building is in poor condition. Street Frontage: N.W. 2 Avenue and N.W. 72 Terrace Zoning: D1, Work Place 38 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk FLUM: Light Industrial Allowable FLR: 6.4, or 280,601 S.F. Allowable Units Per Acre: 36 Sale Price: $2,800,000 Price Per S.F. of Land $63.86 Price Per FLR: $9.98 Price Per Unit: $77,778 Verification: Michael D. Moreily, closing attorney (954-610- 6106), by Edward N. Parker, MAI, on June 13, 2019. Comments: This one -acre site in currently improved with a 64- year old structure that is being used as a Family Dollar store. The building is in poor physical condition. The buyer acquired this property for future redevelopment. 39 19-2569 Land Sale No. 3 Location: Sale Date: Grantor: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Northeast corner of North Miami Avenue and N.E. 71 Street, Miami August 6, 2018 A. 170 N.E. 40 Street, Inc and 7101 NMA, LLC B. 170 N.E. 40 Street, Inc and 7101 NMA, LLC C. 7206 — 7208 N.E. Miami Ct., LLC Grantee: 7101 N. Miami Ave, LLC OR Book and Page: Folio No.: Site Size: A. 31096/3976 B. 31096/3974 C. 31096/3979 A. 01-3112-069-0220 B. 01-3112-069-0210 C. 01-3112-069-0230 A. 48,810 S.F. B. 22,500 S.F. C. 5,700 S.F. 77,010 S.F. 40 19-2569 Improvements: Two industrial buildings totalling 39,260 S.F. Street Frontage: North Miami Avenue and N.E. 71 Street Zoning: D1, Work Place FLUM: Light Industrial Allowable FLR: 6.4, or 492,864 S.F. Allowable Units Per Acre: 36 Sale Price: A. $ 6,310,000 B. $ 3,600,000 C. 365,000 $10,275,000 Price Per S.F. of Land: $133.42 Price Per FLR: $20.85 Price Per Unit: $160,547 Comments: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk This was three simultaneous sales of three contiguous parcels to a single buyer. The buildings on this property appear to be in good condition and do add value to the property. 41 19-2569 Land Sale No. 4 Location: Sale Date: Grantor: Grantee: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 75 N.W. 72 Street, Miami January 23, 2019 Little River Assemblage. LLC LROA, LLC OR Book and Page: 31308/3831 Folio No.: 01-3112-094-0010 Site Size: 27,225 S.F. Improvements: 54-year old, 18,544-S.F. industrial building in fair condition Street Frontage: N.W. Miami Court and N.W. 72 Street Zoning: D1, Work Place FLUM: Light Industrial 42 19-2569 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Allowable FLR: 6.4, or 174,240 S.F. Allowable Units Per Acre: 36 Sale Price: $3,970,300 Price Per S.F. of Land: $145.83 Price Per FLR: $22.79 Price Per Unit: $172,622 Verification: Mrs. Rose, listing agent (305-538-3583), by Edward N. Parker, MAI on June 14, 2019 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 City Clerk Comments: The true buyer of this property is ArtCenter/South Florida which has recently changed its name to Oolite Arts. Oolite intends to move its current headquarters on Miami Beach to this location in Little Haiti. The new building is scheduled for completion in 2022. 43 19-2569 Land Sale I Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio Nos.: Site Size: Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk 80 N.W. 72 Street, Miami February 26, 2019 IRRS Enterprises LLC Northwest LROZ LLC 31342/1712 01-3112-079-0020 and 01-3112-000-0561 32,670 S.F. Improvements: A 51-year old warehouse containing 12,950 square feet Street Frontage: N.W. 72 Street Zoning: D1, Work Place FLUM: Light Industrial 44 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Allowable FLR: 209,088 Allowable Units Per Acre: 36 Sale Price: $2,505,000 Price Per S.F. of Land: $76.68 Price Per FLR: $11.98 Price Per Unit: $92,778 Verification: Mark Rivlin, closing attorney (305-661-4600), by Edward N. Parker, MAI, on June 13, 2019. Comments: This 2019 sale involved an older industrial building with a large vacant parking area in a generally similar area as the appraised property. 45 19-2569 114,. Land Sale No. 6 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio No.: Site Size: Improvements at Sale: Street Frontage: Zoning: FLUM: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 195 N.W. 62 Street, Miami January 3, 2017 GGH 39 LLC Cash Flow Properties LLC 30396/2323 01-3113-000-0040 11,021 S.F. Vacant site N.W. 62 Street T5-O, Urban Center Restricted Commercial 46 19-2569 h,. Allowable FLR: Allowable Units Per Acre: Sale Price: Price Per S.F. of Land: Price Per FLR: Price Per Unit: Verification: Comments: Ile Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 4, or 44,084 S.F. 65 $280,000 $25.41 $6.35 $17,500 Diana Rivera, listing agent (305-213-0363). This off corner lot fronts for over 100 feet on N.W. 62 Street about one -quarter mile west of the appraised property. The grantee is an active real estate "wholesaler" who acquires properties for foreign and tax -oriented investors and immediately deeds them to the end buyer at a markup. In this case the grantee deeded the property to the end buyer on the same day at a price of $350,000. Parties familiar with these transactions consider the initial "wholesaler" purchase to be most indicative of fair market value. 47 19-2569 14.4, Land Sale No. 7 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 7925 N.E. 2 Avenue, Miami March 3, 2017 Normandee LLC 7925 2nd Ave Holding LLC 30446/2432 Folio Nos.: 01-3207-030-0030 01-3207-020-0491 01-3207-020-0480 Site Size: 37,246 S.F. Improvements: Vacant site Street Frontage: N.E. 2 Avenue and N.E. 79 Street Zoning: T6-8-O, Urban Core FLUM: Restricted Commercial 48 19-2569 114, uomittea into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Allowable FLR: 5, or 186,230 S.F. Allowable Units Per Acre: 150 Sale Price: $1,950,000 Price Per S.F. of Land: $52.35 Price Per FLR: $10.47 Price Per Units: $15,234 Comments: This is a two year old sale of a vacant parcel fronting N.E. 2 Avenue to the north of Magic City. 49 19-2569 Land Sale No. 8 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio No.: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 5700 Biscayne Boulevard, Miami June 12, 2017 57BB Investments LLC Irisliz Castellano and BLVD 57 LP 30571/4661 01-3218-038-0320 01-3218-038-0330 01-3218-038-0340 01-3218-038-03 50 01-3218-03 8-0360 01-3218-038-0370 01-3218-038-0390 01-3218-038-0400 01-3218-038-0410 Site Size: 100,562 S.F., or 2.31 acres Improvements: Vacant site 50 19-2569 Street Frontage: Zoning: FLUM: Allowable FLR: Allowable Units Per Acre: Sale Price: Price Per S.F. of Land: Price Per FLR: Price Per Unit: Comments: Submitted into the public record for item(s) PZ.10. 11,12. on 06/27/2019 , City Clerk Biscayne Boulevard, N.E. 68 Street, and N.E. 5 Ave T6-8-O, Urban Core Restricted Commercial 5, or 502,810 S.F. 150 $19,500,000 $193.91 $38.78 $56,196 This 2.31-acre vacant site fronts directly on Biscayne Boulevard about one-half mile due east of Magic City. It has been proposed for development with 283 rental apartment units, 49,000 square feet of retail space, and a parking garage that will contain 517 parking spaces. Total FLR is proposed to be about 448,000 square feet. This is about 11 percent less than what zoning would permit. 51 19-2569 Land Sale No. 9 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio Nos.: Site Size: Improvements at Sale: Street Frontage: Zoning: FLUM: Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk 155 N.W. 62 Street, Miami October 10, 2017 6201 N.W. lst Place, LLC Cash Flow Properties, LLC 30718/1635 01-3113-058-0230 5,340 S.F. Vacant site N.W. 62 Street and N.W. 1 Place T5-O, Urban Center Restricted Commercial 52 19-2569 1 1 1 1 1 1 1 1 1 1 1 1 1 6 1 Allowable FLR: Allowable Units Per Acre: Sale Price: Price Per S.F. of Land: Price Per FLR: Price Per Unit: Verification: Comments: 4, or 21,360 S.F. 65 $167,500 $31.37 $7.84 $20,938 Diana Rivera, listing agent (305-213-0363). Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk This corner lot fronts for 89 feet on N.W. 62 Street and is about eight blocks west of the appraised property. The grantee is an active real estate "wholesaler" who acquires properties for foreign and tax -oriented investors and immediately deeds them to the end buyer at a markup. In this case the grantee deeded the property to the end buyer on the same day at a price of $200,000. Parties familiar with these transactions consider the initial "wholesale" purchase to be most indicative of fair market value. 53 19-2569 Land Sale No. 10 Location: Sale Date: Grantor: Grantee: OR Book and Page: Folio Nos.: Site Size: Improvements at Sale: Street Frontage: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 311 N.E. 78 Street, Miami February 16, 2018 Agape Force Miami, Inc The Holdings of R.J. Seeds, LLC 30935/4476 01-3207-042-0030 and 0040 20,000 S.F. A two-story structure built in 1945 containing 5,600 square feet. N.E. 78 Street Zoning: T6-8-O, Urban Core FLUM: Restricted Commercial Allowable FLR: 5, or 100,000 S.F. 54 19-2569 Allowable Units Per Acre: 150 Sale Price: $1,000,000 Price Per S.F. of Land: $50.00 Price Per FLR: $10.00 Price Per Unit: $14,492 Comments: Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk This site is improved with a 74-year old CBS structure that appears to have been well maintained, It is presently used as a church. 55 19-2569 Land Sale No. 11 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio No.: Site Size: Improvements: Street Frontage: Zoning: FLUM: Allowable FLR: Submitted into the public record for item(s) PZ.10. 11,12. on 06/27/2019 , City Clerk 183 N.E. 78 Street, Miami March 9, 2018 Marbo Global Holdings LLC 78 Street Partners 2, LLC 30895/1617 01-3112-010-0040 7,450 S.F. Vacant site N.E. 78 Street T6-8-O, Urban Core Restricted Commercial 5, or 37,250 S.F. 56 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Allowable Units Per Acre: 150 Sale Price: $330,000 Price Per S.F. of Land: $44.30 Price Per FLR: $8.86 Price Per Unit: $12,692 Verification: Nancy Remedios, listing agent (786-457-4367), by Edward N. Parker, MAI, on June 14, 2019. Comments: This early 2018 sale involved a long, narrow vacant site. There is a church to the west and retail stores to the east. The purchaser was not one of these adjoining property owners. 57 19-2569 114,, .. Land Sale No. 12 Location: Sale Date: Grantor: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Southeast Quadrant of N. Miami Avenue and N.E. 24 Street, Miami March 15, 2018 2319 M. Miami Avenue LLC and Goltons Miami Realty Grantee: CREP Oasis Fee Owner LLC O.R. Book and Page: 30912/2663 Folio Nos.: 01-3125-010-0250, 0260, 0270; 01-3125-012-0010 and 01-3125-017-0010 Site Size: Improvements: Street Frontage: 73,453 S.F. or 1.69 acres 35,000 S.F. older warehouse and retail buildings N. Miami Avenue; N.E. 24 Street; N.E. Miami Court 58 19-2569 L Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Zoning: T6-8-O, Urban Core and T5-O, Urban Center FLUM: General Commercial Allowable FLR: 4.55 estimated, or about 334,000 S.F. Allowable Units Per Acre: Estimated 89, or 151 units Sale Price: $14,000,000 Sale Price Per S.F. of Land: $190.60 Price Per FLR: $41.92 Price Per Unit: $92,715 Comments: This irregular shaped parcel fronts on both N. Miami Avenue and N.E. 24 Street. At the time of sale the property was improved with three single story warehouse and commercial buildings totaling 35,000 square feet. The grantee is presently renovating the structures and intends to lease them on an interim basis prior to redeveloping the site to a higher use as permitted by zoning. 59 19-2569 Land Sale No. 13 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 8000 — 8029 N.E. Miami Court, Miami August 14, 2018 Shopping Center Developers LLC Sunshine Real Estate Holdings LLC 31120/436 Folio Nos.: 01-3112-013-0590 01-3112-013-0600 Site Size: 22,627 S.F. Improvements: Vacant site Street Frontage: N.E. Miami Court and N.E. 80 Terrace Zoning: T5-O, Urban Center 60 19-2569 Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk FLUM: Medium Density Restricted Commercial Allowable FLR: 4, or 90,508 S.F. Allowable Units Per Acre: 65 Sale Price: $750,000 Sale Price Per S.F. of Land: $33.15 Price Per FLR: $8.29 Price Per Unit: $22,059 Verification: Jonathan Molano, listing agent (646-643-8603), by Edward N. Parker, MAI, on June 14, 2019. Comments: This was a 2018 sale of a vacant site with frontage on three streets and located about one block north of N.E. 79 Street. 61 19-2569 1 1 Land Sale No. 14 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio No.: Site Size: Improvements: Street Frontage: Zoning: FLUM: Allowable FLR: Submitted into the public record for item(s) PZ.10.11,12. on 06/27/2019 , City Clerk 310 N.W. 71 Street, Miami September 28, 2018 Duge LLC 414 N.W. 53 Street Corp. 31185/3021 01-3113-023-0460 6,150 S.F. A 4,803 - S.F., 65-year old warehouse N.W. 71 Street T5-O, Urban Core General Commercial 4, or 24,600 S.F. 62 19-2569 t Allowable Units Per Acre: 65 Sale Price: $550,000 Price per S.F. of Land: $89.43 Price Per FLR: $22.36 Price Per Unit: $61,111 Verification: Julio Ulloa, listing agent (305-790-5511), by Edward N. Parker, MAI, on June 14, 2019. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Comments: This property fronts N.E./N.W. 71 Street, a heavily travelled four -lane road. It is improved with a high ceiling warehouse. The property is presently leased to an air conditioning repair shop and a tire shop. 63 19-2569 OP Land Sale No. 15 Location: Sale Date: Grantor: Grantee: OR Book and Page: Folio Nos.: Site Size: Improvements at Sale: Street Frontage: Zoning: FLUM: Allowable FLR: Allowable Units Per Acre: Sale Price: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 184 N.E. 83 Street, Miami October 22, 2018 Toy Max 2000, Inc LROF 1 LLC 31203/3264 01-3112-008-0280 and 0290 17,475 S.F. Vacant site N.E. 83 Street T6-8-O, Urban Core Restricted Commercial 5, or 87,375 S.F. 150 $875,000 64 19-2569 44, Price Per S.F. of Land: $50.07 Price Per FLR: $10.01 Price Per Unit: $14,583 Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk Verification: Robert Suarez, title company representative, Edward N. Parker, MAI, on June 17, 2019. Comments: This site is vacant but improved with a paved parking lot. 65 19-2569 114,, Land Sale No. 16 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio Nos.: Site Size: Improvements: Street Frontage: Zoning: FLUM: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 2201 N. Miami Avenue, Miami October 30, 2018 One Real Estate Acquisitions LLC 220 N. Miami Ave Owner LLC 31206/2461 01-3125-013-0010 and 01-3125-002-0010 78,050 S.F., or 1.79 acres Vacant site N. Miami Avenue, N.E. 22 Street, N.E. 23 Street T6-8-O, Urban Core General Commercial 66 19-2569 1 Allowable FLR: 5.0, or 390,250 Allowable Unites Per Acre: 150 Sale Price: $16,635,400 Price Per S.F. of Land: $213.14 Price Per FLR: $42.62 Price Per Unit: $61,842 Comments: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk This corner parcel offers extended frontage on N. Miami Avenue. The grantor acquired the site in 2015 for $15,000,000 and reportedly spent over $1,000,000 in predevelopment costs including plans for a 12 story project comprising 241 apartments, 61,000 S.F. of office space and 27,000 S.F. of retail space. In 2017 the grantor listed the property for sale including plans and approvals and in 2018 consummated this sale whereby the grantor and grantee will be co -developers of the property. The sale price is considered to indicative of land value with development plans and approvals in place. 67 19-2569 Land Sale No. 17 Location: Sale Date: Grantor: Grantee: O.R. Book and Page: Folio No.: Site Size: Improvements: Street Frontage: Zoning: FLUM: Allowable FLR: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 5804 N.E. 2 Avenue, Miami January 9, 2019 Gary Feinberg and Tamara Hendershot Little Haiti Garden LLC 31297/69 01-3113-065-1690 13,547 S.F. Vacant site N.E. 2 Avenue and N.E. 58 Street T5-O, Urban Center Restricted Commercial 4, or 54,188 S.F. 68 19-2569 t 1 1 1 1 1 t 1 1 1 1 1 Allowable Units Per Acre: 65 Sale Price: $825,000 Price Per S.F. of Land: $60.90 Price Per FLR: $15.22 Price Per Unit: $41,250 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Verification: Robert Ziehm, the grantee (305-804-4848), by Edward N. Parker, MAI, on June 14, 2019. Comments: This early 2019 sale involved a corner parcel fronting N.E. 2 Avenue directly across from the Magic City property. It is heavily treed with various types of palms. 69 19-2569 1 1 1 1 Land Sale No. 18 Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk Location: 1765 N. Miami Avenue, Miami Sale Date: March 14, 2019 Grantor: BDB Miami 2 LLC Grantee: Wynwood Haus LLC Folio Nos.: 01-3136-003-0190 and 5 others Site Size: 30,000 S.F. Street Frontage: N. Miami Avenue Improvements: Vacant site Zoning: T6-24A-0, Urban Core FLUM: General Commercial Allowable FLR: 7, or 210,000 S.F. Allowable Unites Per Acre: 150 70 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Sale Price: $5,910,000 Price Per S.F. of Land: $197.00 Price Per FLR: $28.14 Price Per Unit: $57,379 Verification: Mitash Kripalini, listing agent (786-271-5598) by Geoffrey D. Heath, MAI. Comments: This parcel fronts on Miami Avenue, it is located south of Wynwood. Originally just listed at a significantly higher price, the property was relisted in September 2018 for $6,000,000 and contracted for sale in October 2018. 71 19-2569 Land Listing A Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Location: Northwest corner of N.E. 2 Avenue and N.E. 70 Street, Miami Sale Date: Current listing Owner: Larry Silverstein Realty Associates LLC Listing Agent: Mauricio Zapata at Chariff Realty Group Folio No.: 01-3113-009-0600 Site Size: 19,205 S.F. Improvements: Vacant site Street Frontage: N.E. 2 Avenue and N.E. 70 Street Zoning: T5-O, Urban Center Zone FLUM: Restricted Commercial Allowable FLR: 4.0, or 76,820 S.F. Allowable Units Per Acre: 65 Asking Price: $1,790,000 72 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Price Per S.F. of Land: $93.20 Price Per FLR: $23.30 Price Per Unit: $61,724 Verification: Mauricio Zapata, listing agent (305-608-5300), by Edward N. Parker, MAI, on June 14, 2019. Comments: This vacant site fronts N.E. 2 Avenue about six of blocks north of the Magic City property. 73 19-2569 4), 1 1 t 1 t Land Listing B Location: Sale Date: Owner: Listing Agent: Folio No.: Site Size: Improvements at Sale: Street Frontage: Zoning: FLUM: Allowable FLR: Allowable Units Per Acre: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 178 N.W. 54 Street, Miami Current listing Trendy Properties, LLC Eric Gonzalez 01-3124-013-0030 13,400 S.F. Vacant site N.W. 54 Street T5-O, Urban Center Restricted Commercial 4.0, or 53,600 S.F. 65 74 19-2569 Asking Price: $765,000 Price Per S.F. of Land: $57.09 Price Per FLR: $14.27 Price Per Unit: $38,250 Submitted into the public record for item(s) PZ.10. 11, 12. on 06/27/2019 , City Clerk Verification: Eric Gonzalez, listing agent (305-302-0672), by Edward N. Parker, MAI, on June 14, 2019. 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NE e2m11t NE NEMLEl a S, I KMNP 1 I UPP.E:. EAST S� K321 L, ' yi NNTrt►WN is NW2AhSt NWNEE a H2spaal k�yoolMartafe rti rwgo Back 9 l4e tun s Nn-Dlaie NW noes "elm*) NW2dhs 111 1 }h4 5 229 2 F. Na3r.n Ne,A.a an tam s NE IWa St K9N! ENT E& WA* II EDGEWATER 1 i Ell TAN 6 Ma,athan 9 Kusil 9, 0 Efr'n"n "°'"'l NE2phs F„r tma 18 wah2n t: KNam II w5051. TOWN SQ▪ UARE Morro_ iaaide ✓Z K Pma I ..Yalu firl r m>ta NEPwm NE Me iwa `yM 1 ice' IMO i t A 1 MargaMi Dorri+taPrt Pace Pink 61=1. 0 9 • u t PhittumPaGlbsor51Pwlt d � ' *r+ , :Art Museum Miami. ;l•e?Cl mwE17EVEN ANAMI 9 'SATE. K1M! LOCATION MAP COMPARABLE LAND SALES Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk 76 9-2569 14\ !IMOI , �1111111 M IMO M O SUMMARY OF LAND SALES Site Sale Size No. Sale Date Location (S.F.) Improvements 1 April 2017 6505 N.E. 2 6,205 52-year old Ave. warehouse — 1,900 S.F. 2 July 2018 7200 N.W. 43,844 64-year old 2 Ave. Retail building —12,232 S.F. 3 August 2018 NEC of N. Miami Ave and N.E. 71 St. 77,010 Two industrial buildings - 39,260 S.F. 4 January 75 N.W. 72 27,225 2019 St. 54-year old warehouse — 18,544 S.F. 5 February 80 N.W. 72 32,670 51-year old 2019 St. warehouse — 12,950 S.F. 6 7 8 January 2017 March 2017 11,021 Vacant site 7925 N.E. 2 37,246 Vacant site Ave. 195 N.W. 62 St. June 2017 5700 100,562 Vacant site Biscayne Blvd. Zoning / FLR FLUM D1 Light 6.4 Industrial D1 Light 6.4 Industrial D1 Light 6.4 Industrial D1 Light 6.4 Industrial D1 Light 6.4 Industrial T5-O Restricted 4.0 Commercial T6-8-O Restricted 5.0 Commercial T6-8-O Restricted 5.0 Commercial Unit/ AC Price/ Price/ S.F. of S.F. Price Land FLR /Unit 36 $66.40 $10.38 $83,000 36 $63.86 $9.98 $77,778 36 $133.42 $20.85 $160,547 Comments Small site three blocks north of Magic City Old Family Dollar store in poor condition Buildings in good condition 36 $145.83 $22.79 $172,622 To be improved with Oolite Arts headquarters (moving from Miami Beach 36 $76.68 $11.98 $92,778 Older warehouse, high land ratio. 65 $25.41 $6.35 $17,500 One -quarter mile west of Magic City 150 $52.35 $10.47 $15,234 Vacant site one mile north of Magic City 150 $193.91 $38.78 $56,196 2.31-acre site fronting Biscayne Blvd one-half mile east of Magic City. Proposed for 283 rental apartments and 49,000 S.F. of retail space Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk o — MI NM — — — — — — i— I — r Sale No. Sale Date Location 9 October 2017 155 N.W. 62 St. SUMMARY OF LAND SALES Site Size (S.F.) Improvements 5,340 Vacant site 10 February 311 N.E. 78 20,000 Church 2018 St. building — 5,600 S.F. 11 March 183 N.E. 78 7,450 Vacant site 2018 St. 12 March 2018 SEQ of N. Miami Ave. and N.E. 24 St. 73,453 Older warehouse and retail buildings — 35,000 S.F. 13 August 8000 — 8029 22.627 2018 N.E. Miami Court 14 September 310 N.W. 2018 71 St. 6,150 Vacant site 65-year old warehouse — 4,803 S.F. Zoning / FLR FLUM T5-O Restricted 4.0 Commercial Units AC Price/ S.F. of Land Price/ S.F. Price FLR /Unit 65 $31.37 $7.84 $20,938 T6-8-O Restricted 150 $50.00 $10.00 $14,492 5.0 Commercial T6-8-O Restricted 5.0 Commercial T6-8-O General 5.0 Commercial and T5-O 4.0 Comments Small site eight blocks west of Magic City Two-story building in good condition 150 $44.30 $8.86 $12,692 Long, narrow site one mile north of Magic City ±89 $190.60 $41.92 $92,715 Well located site. Buildings being renovated for lease purposes T5-0 Medium 65 $33.15 $8.29 $22,059 4.0 Density Restricted Commercial T5-O General 65 4.0 Commercial 15 October 184 N.E. 83 17,475 Vacant site T6-8-O 2018 St. (parking lot) 5.0 Restricted 150 Commercial Vacant site with frontage on three streets $89.43 $22.36 $61,111 High ceiling warehouse being leased to two tenants $50.07 $10.01 $14,583 Vacant, paved parking lot Submitted into the public record for item(s) P2.10, 11, 12. on 06/27/2019 , City Clerk 'I Mill MI no ups um an am no re M ® 11111111 M SUMMARY OF LAND SALES Site Sale Size Zoning No. Sale Date Location SS.F.) Improvements / FLR FLUM Price/ Price/ Units S.F. of S.F. Price / Land FLR /Unit AC 16 October 2201 N. 78,050 Vacant site T6-8-O General 150 $213.14 $42.62 $61,842 2018 Miami Ave. 5.0 Commercial 17 January 5804 N.E. 2 13,547 Vacant site T5-O Restricted 2019 Ave. 18 March 1765 N. 30,000 2019 Miami Avenue A Current listing B Current listing NWC of N.E. 2 Avenue and N.E. 70 Street 4.0 Commercial Vacant site T6- General 24A-0 Commercial 7.0 19,205 Vacant site T5-O Restricted 4.0 Commercial Comments Sale included plans and approvals for 241 apartments, 61,000 S.F. of office space, and 27,000 S.F. of retail space in a 12-story building just south of Wynnwood. 65 $60.90 $15.22 $41,250 Corner parcel fronting N.E. 2 Avenue across from Magic City 150 $197.00 $28.14 $57,379 Miami Avenue frontage just south of Wynnwood. Asking 65 $93.20 $23.30 $61,724 178 N.W. 13,400 Vacant site T5-O Restricted 65 54 Street 4.0 Commercial Asking Six blocks north of Magic City $57.09 $14.27 $38,250 N.W. 54 Street frontage just east of N.W. 2 Avenue Submitted into the public record for item(s) PZ.10.11,12. on 06/2/2019 , City Clerk t. t t Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 2. Value As Presently Zoned and Master Planned As previously addressed herein, the appraised property is presently zones D1, Work Place and T5-O, Urban Center, by the City of Miami. The D1 zoning allows an FLR of 6.4 and 36 units per acre while T5-O allows an FLR of 4.0 and 65 units per acre. As such, total maximum development at the property is as follows: Zoning FLR Residential Units D1 462,172 S.F. x 6.4 = 2,957,901 10.61 acres x 36/Ac. = 382 T5-O 311,127 S.F. x 4.0 = 1,244,508 7.14 acres x 65/Ac. = 464 773,299 S.F. 4,202,409 (17.75 acres) (5.43 FLR) 17.75 acres 846 (47.7/Ac) Note: This is the density allowed by right, or prior to purchase of additional density (public benefits). As the comparable sales are analyzed on this same basis, the comparison is on an "apples to apples" basis and considered appropriate. a. D1 Zoned Land Sales 1 - 5 presented in the previous section all involved D1 zoned properties in the Little Haiti area. These five sales occurred between April 2017 and February, 2019 with two of the transactions closing in 2018 and two in 2019. These sales reflect the following: Sale Sale Date Site Size (S.F.) Price/S.F. of Land Price/FLR Price/Unit _Now 1 _ April, 2017 6,205 $66.40 $10.38 $83,000 2 July, 2018 43,844 $63.86 $9.98 $77,778 3 August, 2018 77,010 $133.42 $20.85 $160,547 4 January, 2019 27,225 $145.83 $22.79 $172,622 5 February, 2019 32,670 $76.68 $11.98 $92,778 80 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk The various D1 zoned parcels at the Magic City property are presently industrial in character as are the five sale properties. However, as assembled these parcels would have the potential for upgrade in development potential even if they were not being proposed for the Magic City Innovation District. The D1 zoning does not allow residential uses and given the industrial character of these parcels the price per buildable residential unit is considered far less significant than the price per square foot of land and the price per FLR of the sale properties. The price/value per FLR is merely a 6.4 multiple of the square feet of land at each sale property. As such, the focus of this analysis will be the price per square foot of land. As indicated, the five sales reflect an overall price range of about $64 to $146 per square foot of land area. Sale 1 is a two-year old transaction and Sale Properties 4 and 5 are not as well located as the subject parcels. These three sales ($64 - $77/S.F.) all require substantial upward adjustment. Sale Property 3 ($133/S.F.) is well located at the intersection of North Miami Avenue and N.E. 71 Street and it is improved with two industrial buildings that are in good physical condition. As only the land value at the subject parcels is being appraised, this sale requires downward adjustment. Sale 4 ($146/S.F.) was purchased by a major Miami Beach art studio that intends to move their facility from Miami Beach to Little Haiti. This property is improved with an older warehouse that is in fair physical condition. And it appears that the purchaser of this property may have overpaid somewhat. Downward adjustment is necessary. In summary, Sales 1, 2, and 5 ($64 - $77/S.F.) all require upward adjustment while Nos. 3 ($133/F) and 4 ($146/S.F.) both require downward adjustment. Giving consideration to all of the characteristics of the subject land zoned D1, including its size of 10.61 acres, a reasonable conclusion of land value as presently zoned and master planned is about $100 to $125 per square foot, say $115. As calculated below, this indicates the D1 land at the property to have a value of $53,200,000. 462,172 S.F. x $115/S.F. _ $53,149,780 Rounded $53,000,000 This is equivalent to a value of $18.00 per square foot of FLR. b. T5-O Zoned Land The T5-O land sales and listings detailed previously are summarized on the following page. 81 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk T5-O Zoned Land Sales Sale Sale Site Size Price/S.F. No. Date Zoning (S.F.1 of Land Price/FLR Price/Unit Comments 6 Jan., T5-O 11,021 $25.41 $6.35 $17,500 One -quarter mile west of 2017 Magic City 9 Oct., T5-O 5,340 $31.37 $7.84 $20,938 Small site eight blocks west 2017 12 March, T5-O and 73,453 $190.60 $41.92 $92,715 Well located. Buildings 2018 T6-8-O being renovated 13 Aug., T5-O 22,627 $33.15 $8.29 $22,059 Frontage on three streets 2018 14 Sept., T5-O 6,150 $89.43 $22.36 $61,111 Two -tenant warehouse 2018 17 Jan., T5-O 13,547 $60.90 $15.22 $41,250 Across N.E. 2 Avenue from 2019 Magic City Asking A Current T5-O 19,205 $93.20 $23.30 $61,724 Six blocks north Listing Asking B Current T5-O 13,400 $57.09 $14.27 $38,250 Vacant site on N.W. 54 Listing Street The T5-O zoning allows residential development at a density of up to 65 units per acre. Although the Magic City development property is located in a predominantly industrial neighborhood, there would appear to be some potential for residential use even without consideration of the proposed SAP. As such, the price per buildable residential unit is a meaningful unit of comparison in this instance. The price per square foot of land and the price per FLR are also meaningful. Pertinent details of the six sales and two listings involving T5-O zoned properties were summarized above. Nos. 12 and 15 were improved with industrial buildings at time of sale while the others are all vacant sites. The sales and listings indicate price ranges of about $25 - $191 per 82 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk square foot of land, $6.35 to $41.92 per square foot of FLR, and $17,5001411'• to $92,700 per buildable residential unit. These prices are generally lower than the prices of nearby D1 zoned land. This is considered reflective of the 6.4 allowable FLR for D1 zoning compared to 4.0 allowable FLR for T5-O zoned land — a 60 percent difference. Also, D1 allows a maximum building height of eight stories while T5-O only allows five stories. The upper end of the price range of the six sales is set by No. 12 at $190.60/S.F. of land, $41.92/S.F. of FLR and $92,715//unit. Importantly, this sale property is better located than the subject land, has useable industrial buildings in place, and is presently zoned T6-8-O which allows an FLR of 5.0 as well as 150 units per acre. This property is far superior to the subject and requires substantial downward adjustment. The other five closed sales of T5-O zoned land reflect price ranges of about $25 to $89 per square foot of land, $6.35 to $22.36 per square foot of FLR, and $17,500 to $61,111 per buildable unit. These five sale properties all have the same FLR and unit density as the subject land but are all generally inferior to the subject's T5-O land. The two listings have asking prices of $93.20 and $57.09 per square foot of land area, $23.30 and $14.27 per square foot of FLR, and $61,724 and $38,250 per buildable residential unit. Neither of these listing properties is as well located as the subject and these are asking prices rather than sale prices. Little weight is given to these listings. In summary, Sale 12 requires substantial downward adjustment while the other five sales require upward adjustment. A value somewhat greater than the price indications of Sale 14 is considered appropriate, or 311,127 S.F. of Land x $95/S.F. = $29,557,065 464 allowable units x $65,000/unit = $30,160,000 The conclusion of value for the T5-O zoned land at the property is $30,000,000 c. Summary of Values as presently zoned and master planned D1 Land Value: $53,000,000 T5-O Land Value: $30,000,000 Total $83,000,000 This value conclusion is equivalent to $107 per square foot of land area, $19.75 per square foot of FLR, and $98,000 per buildable residential unit. 83 19-2569 t t 1 1 t Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 3. Value As If Magic City Innovation District SAP is Approved The Magic City Innovation District SAP proposes development of 8,164,140 square feet (FLR) at the appraised property. Land uses and density are as follows: Land Use Square Feet Residential (2,630 units): 2,427,948 Hotel: 201,600 Office: 2,208,540 Commercial: 520,970 Expo: 119,610 Civic: 215,493 Parking Garages (6,081 spaces) 2,099,979 Surplus Parking 370,000 Total 8,164,140 A previous draft of the development plan for the Magic City Innovation District included seven present affordable housing units (184 units and 14 percent workforce units (368 units), or a total of 552 units. However, the most recent draft of the development agreement does not include any affordable or workforce housing. As proposed, this development would reflect an FLR of 10.6 (8,164,140 S.F. of building area / 773,290 S.F. of land), or nearly double the 5.43 development intensity allowed under the current zoning. It would also allow buildings as tall as 25 stories rather than the maximum height current zoning allows at DI (8 stories) and T5-0 (5 stories). The proposed Magic City SAP would be a substantially more intense development than is allowed under current zoning. A search for recent sales of land allowing similar density in the Little Haiti neighborhood and nearby areas was conducted. However, land with allowable densities in this range is generally located in the downtown area and nearby locations. One recent sale of a property south of Wynnwood was located (Sale No. 18; 7.0 FLR; 150units/acre) and given consideration in this analysis. Six T6- 8-0 zoned sales (5.0 FLR; 150 units/acre) were also considered. These sales are summarized on the following page. 84 19-2569 1 1 1 1 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Summary of Land Sales Sale Sale Site Size Zoning Price/ Price/ Price/ No. Date (S.F.) /FLR S.F. Land FLR Unit Comments 7 March, 37,246 T6-8-O $52.35 $10.47 $15,234 2017 sale; one mile north of Magic 2017 5.0 City arr 8 June 100,562 T6-8-O $193.91 $38.78 $56,196 Biscayne Boulevard frontage 2017 5.0 10 Feb., 20,000 T6-8-O $50.00 $10.00 $14,492 Two-story building in good 2018 5.0 condition 12 March 73,453 T6-8-O $190.60 $41.92 $92,715 Superior location; buildings being 2018 5.0 and renovated T5-O 4.0 15 October 17,475 T6-8-O $50.07 $10.01 $14,583 2018 5.0 Inferior location 16 October 78,050 T6-8-O $213.14 $42.62 $61,842 Superior location just south of 2018 5.0 Wynnwood; price included plans for 12-story multi -use project 18 March 30,000 T6- $197.00 $28.14 $57,379 Superior location south of 2019 24A-O Wynnwood. 7.0 The six T6-8-O zoned sales and one T6-24A-O zoned sale presented earlier are summarized above. These seven sales reflect a wide range of prices as follows; Price per S.F. of land: Price per S.F. of FLR: Price per residential unit: $50.00 - $213.14 $10.00 - $42.62 $14,583 - $92,715 All of the sale properties are much smaller in size than the Magic City property (17.75 acres) with the largest being No. 8 at 2.3 acres. The Magic City SAP would allow development at an FLR density of 10.6. The sale properties mostly allow only 5.0 although No. 18 is closer to the subject at an FLR of 7.0. 85 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk The three sales at the lower end of the price range are Nos. 7, 10, and 15. These sales indicate price ranges as follows: $50.00 - $52.35 per S.F. of land; $10.00 - $10.47 per S.F. of FLR; and $14,492 - $15,234 per buildable residential unit. These sale properties are all far inferior to the Magic City land in terms of location and, obviously, allowable developable intensity. They are given very little weight in this analysis. The other four sales are considered more indicative of subject value. Sale Property 8 ($193.91/S.F. of land; $38.78/FLR; and $56.196/unit) is smaller in size than the subject property and much better located along Biscayne Boulevard. However, this is a two year old sale and prices have escalated substantially in this area during recent years. Also the 5.0 FLR at this property is substantially less than that of the Magic City property. Overall, this sale provides a reasonable indication of subject value but some upward adjustment is necessary. Sale 12 ($190.60/S.F. of land; $41.92/FLR; and $92,715/unit) is also smaller and better located than the appraised property. However, its T6-8-O (5.0 FLR) and T5-O (4.0 FLR) zoning is far inferior. Overall some upward adjustment is necessary. Sale 16 ($213.14/S.F. of land; $42.62/FLR; and $61,842/unit) involved a very well located property fronting North Miami Avenue just south of Wynnwood. The sale price included plans for a 12-story apartment, office, and retail development. This sale property is smaller in size with less intense development plans. However, this late 2018 sale provides a reasonable indication of subject value although some downward adjustment is necessary. Sale Property 18 ($197.00SF of land; $28.14/FLR, and $57,379/unit) is smaller in size than the subject and better located. Although it has the greatest allowable FLR of all of the sale properties, it is about 30 percent less than what the Magic City SAP would allow. Overall, it is considered a good indication of subject value. In Summary, the four sales considered most reflective of the value of the land at the Magic City property, assuming SAP approval, reflect the following price ranges: Price per S.F. of land: Price per S.F. of FLR: F Price per residential unit: imp $190.60 - $213.14 $28.14 - $42.62 $56,196 - $92,715 86 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Because only about 30 percent of the proposed Magic City development would consist of residential units, the prices per allowable unit at the sale properties are not considered an important value indication. The prices per square foot of land and allowable FLR are far more significant. The four sales given greatest consideration in this analysis reflect a relatively narrow price per square foot range with two sales (No. 8 at $193.91/S.F. and No. 12 at $190.60/S.F.) requiring upward adjustment and No. 16 ($213.14/S.F.) requiring downward adjustment. Sale 18 at $197.00 per square foot is considered to provide the best indication of value. On a price per square foot of land basis this data indicates a value for the subject land of $200 per square foot of land, or $154,600,000. 773,299 S.F. of land x $200/S.F. = $154,660,000 On the basis of price per square foot of FLR the data does not appear to be as consistent reflecting a range of $28.14 to $42.62 per square foot. However, the three T-8-O zoned sales indicate a relatively narrow range of $38.78 - $42.62 per square foot of FLR. Sale 18, which involved the only T6-24A-O zoned site which allows a 7.0 FLR, sets the lower end of the FLR range at $28.14. This is not surprising because typically as allowable development intensity increases prices per square foot of land increase but FLR prices decrease. The subject property has an effective FLR of about 10.6, or about 34 percent greater than Sale Property 18's 7.0 FLR. Giving consideration to all four of these sales, but with greatest weight placed on No 18 but with downward adjustment to No. 18's $28.14/FLR, the value indication of the Magic City property on a per FLR basis is indicated to be $18.00 per square foot of FLR, or $147,000,000 8,164,140 FLR x $18.00/FLR= $146,955,000 Rounded $147,000,000 Value Conclusion As If Magic City Innovation District SAP is Approved: Value indication on per square foot of land basis: $154,660,000 Value indication on per square foot of FLR basis: $147,000,000 Placing greater weight on the value indication by the FLR analysis, the market value of the land at the Magic City Innovation District assuming the SAP is approved, is concluded to be $148,000,000. 87 19-2569 1 t t t A Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk C. Financial Advantage of the March 11, 2019 Draft Development Agreement to the Developer. In addition to the appraisal of the Magic City site presented immediately above, the client has requested an analysis of the August 21, 2018 draft of the Magic City Development Agreement and how it compares to the March 11, 2019 draft of the agreement. Specifically, what is the financial advantage to the developer of the March 11, 2019 agreement over the August 21, 2018 agreement? In other words how much more valuable to the developer is the second agreement that does not require seven percent affordable housing and 14 percent work force housing? • Number of Units The August 21, 2018 draft of the Magic City Innovation District Development Plan required the developer to reserve seven percent of the development for affordable apartment units and 14 percent for workforce units. The development is planned to include a total of 2,630 residential units. As such, the unit mix would include the following: Affordable units: 2,630 x .07 = 184 units Workforce units: 2,630 x .14 = 368 units Total 552 units • Average Unit Size As previously addressed on page 33 herein, the average unit size of the apartments at this development is estimated to be approximately 800 square feet. • Market Rental Rates To assess apartment market rent the results of four relevant Miami rental surveys were considered. The results are presented on the following page and summarized below: APARTMENT MARKET RENT SURVEY RESULTS Unit Type Efficiency One Bed Two Bed Three Bed Average Ave. Size (S.F.) 568 840 1,138 1,562 964 Ave. Rent/S.F. $3.23 $2.37 $2.19 $1.99 $2.33 88 19-2569 e ' O M 11111 t 11111 81111 SS S Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk SUMMARY OF APARTMENT MARKET RENT SURVEYS Efficiency 1 Bed 2 Bed 3 Bed Average Source Area Rent S.F.. $/S.F. Rent S.F.. $/S.F. Rent S.F.. $/S.F. Rent S.F.. $/S.F. Rent S.F.. $/S.F. Reinhold Wolff Miami -Dade County $1,540 2/2019 502 $3.06 $1,658 755 $2.20 $2,062 1,055 $1.96 $2,470 1,282 $1.93 $1,898 918 $2.07 Reinhold Wolff N.E. Miami 2/2019 $1,882 789 $2.39 $2,449 1,110 $2.21 $2,833 1,503 $1.89 $2,092 913 $2.29 Zillow Miami $1,800 4/2019 560 $3.21 $2,430 924 $2.63 $2,650 1,113 $2.38 $3,830 1,843 $2.44 $2,428 979 $2.48 Integra Realty Downtown Miami 2018 -Class A Apts. $1,873 -Class A/B Apts. $1,867 510 638 $3.67 $2.93 $2,164 $1,823 845 864 $2.56 $2.11 $2,796 $2,305 1,150 1,221 $2.43 $1.89 $3,916 $2,752 1,624 1,752 $2.41 $1.57 $2,466 $2,175 957 1,010 $2.58 $2.15 1 1 Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk Assuming an average unit size of 800 square feet average market rent is estimated at $2.25 — 2.50 per square foot, or $1,800 - $2,000 per month, say $1,900. • Affordable and Workforce Units Defined The August 21, 2018 draft of the proposed development plan defined Affordable Housing as units for tenants at 60 percent AMI or less and Workforce Housing units for tenants at 60 to 140 percent AMI. • Affordable/Workforce Rent Relevant data to assess affordable and workforce rents is presented in attached tables and summarized below. WOLFF SURVEY OF MIAMI AFFORDABLE DEVELOPMENTS February 2019 Unit Type Efficiency One Bed Two Bed Three Bed Average Ave. Rent $591 $807 $975 $1,100 $963 Ave. Size (S.F.) 423 655 871 1,083 882 Ave. Rent/S.F. $1.40 $1.23 $1.12 $1.02 $1.09 Assuming an average unit size of 800 square feet, the average affordable apartment rent is estimated to be $950 per month or $1.19 per square foot. This rent is consistent with FHFC rent limits summarized on the following page at the 50 to 60 percent AMI level. It is also consistent with the conclusion in the Reinhold Wolff First Quarter 2019 Miami Dade Housing Market Report that "the average rent of $963 in Miami affordable apartment developments was 49.3% less than the average $1,898 found in market rate developments." FHFC 2019 RENT LIMITS FOR MULTIFAMILY PROGRAMS MIAMI-DADE COUNTY Unit Type Efficiency One Bed Two Bed Three Bed Average At 50% AMI $741 $794 $953 $1,101 $897 At 60%AMI $889 $953 $1,143 $1,321 $1,026 At 80% AMI $1,186 $1,271 $1,526 $1,762 $1,436 90 19-2569 MI M I i N I MI IPS M MI I-- ON i S INN 11135 IOW Note: The general hold harmless provisions of IRC Section 142(d)(2)(E) mean that projects with at least one building placed in service on or before the end of the 45-day transition period for newly--rnlaased limits use whichever limits are greater. the current -year limits or the limits in use the preceding year. HUD release: 4/2412019 Implement on or before 6/7/2019 Effective: 4/24/2019 FHFC Posted: 5/2/2019 2019 Income Limits and Rent Limits Florida Housing Finance Corporation Multifamily Rental Programs (except HOME and SHIP) and CWHIP Homeownership Program County (Metro) Percentage Category Income Limit by Number of Persons in Household Rent Limit by Number of Bedrooms in Unit 1 2 1 3 4 5 6 7 8 9 10 0 1 2 1 3 4 5 ` Miami -Dade County 20% 11,860 13,560 15,260 16,940 18,300 19,660 21,020 22,380 23,716 25,071 296 317 381 440 491 542 (M"rairi-Miami Beach- 25% 14,825 16,950 19,075 21,175 22,875 24,575 26,275 27,975 29,645 31,339 370 397 476 550 814 678 Kendall HMFA; 28% 16,604 18,984 21,364 23,716 25,620 27,524 29,428 31,332 33,202 35,100 415 444 534 616 688 759 Miami -Fort Lauderdale- 30% 17,790 20,340 22,890 25,410 27,450 29,490 31,530 33,570 35,574 37,607 444 476 572 660 737 813 West Palm Beach MSA) 33% 19,569 22,374 25,179 27,951 30,195 32,439 34,683; 36,927 39,131 41,367 489 524 629 726 810 895 35% 20,755 23,730 26,705. 29,645 32,025 34,405 36,785 39,165 41,503 43,875 518 556 667 770 860 949 40% 23,720 27,120 30,520 33,880 36,600 39,320 42,040 44,760 47,432 50,142 593 635 763 881 983 1,085 45% 26,685 30,510 34,335 38,115 41,175 44,235 47,295 50,355 53,351 56.410 667 714 858 991 1,105 1,220 50% 29,650 33,900 38,150 42,350 45,750 49,150 52,550 55,950 59,290 62,678 741 794 953 1,101 1,228 1,356 60% 35,580 40,680 45,780 50,820 54,900 58,980 63,060 67,140 71,148 75,214 889 953 1,144 1,321 1,474 1,627 70% 41,510 47,460 53,410 59,290 64,050 68,810 73,570 78,330 83,006 87,749 1,037 1,112 1,335 1,541 1,720 1,898 Median: 54,900 80% 47,440 54,240 61,040 67,760 73,200 78,640 84,080 89,520 94,864 100,285 1,186 1,271 1,526 1,762 1,966 2,170 120% 71,160 81,360 91,560 101,640 109,800 117,960 126,120 134,280 142,296 150,427 1,779 1,906 2,289 2,643 2,949 3,255 140% 83,020 94,920 106,820 118,580 128,100 _ 137,620_ 147,140 156,660 166,012 175,498 2,075 2,224 2,670 3,083 3,440 3,797 Florida Housing Finance Corporation (FHFC) income and rem limits are based upon figures provided by the United States Department of Housing and Urban Development (HUD) and are subject to change. Updated schedules will be provided when changes occur. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 19-25 1 1 1 1 i While the affordable units are intended for tenants whose income is at or below 60% AMI, the workforce units are intended for those between 60% and 120% of AMI. Assuming the average workforce tenant is at 80% AMI, estimated average rent for workforce units is estimated to be $1,450 per month. This would be consistent with FHFC rent limits. • Potential Rent Loss With Affordable/Workforce Units Potential rent loss associated with affordable/workforce units can be estimated as the difference between achievable market rents and rents as restricted by provisions of the affordable/workforce program. Based on the estimates above the potential loss in this instance can be calculated as in the table below. It is noted that affordable rent limits are typically inclusive of utilities, while market rents are typically not. The potential additional rent loss created by utility inclusion has not been considered. it*s. POTENTIAL RENT LOSS ON 552 UNITS No. of Units Ave. Mkt. Ave. Affordable/ Workforce Rent Rent Loss/Mo. Total Annual Rent Loss Rent/Mo. 184 Affordable $1,900 $950 $950 $2,098,000 368 Workforce $1,900 $1,450 $450 $1,987,000 552 Potential Annual Rent Loss: $4,085,000 • Potential Value Loss With Affordable/Workforce Units Operating expenses for the apartment component are not expected to be significantly different between market rate and affordable/workforce units. As a result, the potential rent loss associated with affordable/workforce units would equate to a potential net income loss. An indication of the diminution in potential value as a result of the affordable/workforce units can be estimated by applying an appropriate capitalization rate to the net income loss. A number of firms complete surveys of real estate capitalization rates on a regular basis. Summarized on the following page are relevant results of recent surveys. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 92 19-2569 1 1 i 1 1 1 s 1 t 1 Rental Apartment Capitalization Rents 114„ Source Category Cap Rate Realty Rates National Apartments -Range -Average 4.52 - 11.03% 7.45% CBRE Miami Apartments -Stabilized -Leasing up 4.00 — 6.25% 5.25 — 7.25% Real Capital Analytics National Apartments -Stabilized 5.1 Integra Realty South U.S. Apartments -Stabilized 5.39 — 6.48% PWC S.E. Region Apartments -Institutional -Non Institutional 3.50 — 6.50% 5.00 — 8.00% This data indicates a general cap rate range of 4.0 — 8.0 percent for a variety of apartment categories. Apartment cap rates below 6.0 percent are common for the highest quality properties in prime locations. Higher cap rates are generally associated with properties that are not as well located, in less desirable physical condition, or that have not achieved full leaseup and stabilization. As a proposed project in an emerging urban location, a cap rate toward the upper end of the range is considered appropriate in this instance. Applying a rate of 7.5 percent to the annual net income loss results in the following indication of value diminution due to the inclusion of affordable/workforce units. Total Annual Income Loss $4,085,000 Cap Rate Value Diminution / .075 $54,500,000 rnd A value diminution of $54,500,000 is also an indication of the benefit which would accrue to a developer/owner if the affordable/workforce units were replaced with market rate units. Note: if a lower capitalization rate was used the estimate of value diminution would be greater. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 93 19-2569 t 1 t I t t 1 iho 1 Submitted into the public record for item(s) PZ.10, 11. 12. on 06/27/2019 , City Clerk SUMMARY OF TAX CREDIT AFFORDABLE RENTAL DEVELOPMENTS Miami -Dade County February, 2019 Number Of Developments Surveyed: 117 Total Units In Survey: 17,450 Number Of Units Vacant: 119 Vacancy Rate: 0.7% Average Monthly Rent Average Square Footage Average Rent Per Sq. Ft. Overall Average: $963 882 Sq. Ft. 109.20 Efficiency: $591 423 Sq. Ft. 139.7g One -Bedroom: $807 655 Sq. Ft. 123.2 Two -Bedroom: $975 871 Sq. Ft. 111.90 Three-13edroom: $1,100 1,083 Sq. Ft. 101.60 Four -Bedroom: $1,130 1,486 Sq. Ft. 76.00 Source: Reinhold P. Wolff Economic Research Quarterly Housing Report Miami -Dade County First Quarter, 2019 94 19-2569 1 1 1) VI. ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. up 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 1 1 1 1 1 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable and, whenever possible, it was cross checked with another source. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans, plats, maps, and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. Submitted into the public record for item(s) PZ.10, 11,12. on 06/27/2019 , City Clerk 95 19-2569 11. The existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. The appraisers have no knowledge of the existence of such materials within or near the property. The appraisers, however, are not qualified to detect such substances. 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 estimate is predicated on the assumption that there is no such material within or near the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 12. The appraisal is intended to comply with the appraisal requirements of the Code of Professional Ethics and Standards of Professional Conduct of the Appraisal Institute. This appraisal report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. 3. The appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 5. Any value estimates provided in the report apply to the entire property, and any proration or division of the total into fractional interests will invalidate the value estimate, unless such proration or division of interests has been set forth in the report. Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 96 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk VII. CERTIFICATION I certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, unbiased professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 5. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 6. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, and the requirements of the State of Florida for state -certified appraisers. 7. Geoffrey Heath, MAI provided assistance in this appraisal. No one else provided undersigned significant assistance in the preparation of this appraisal report. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. As of the date of this report, the undersigned has completed the requirements of the continuing education program of the Appraisal Institute. 10. 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. 11. Geoffrey D. Heath has made a personal inspection of the property that is the subject of this report. 97 19-2569 114,. 1 12. 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. It is the opinion of the undersigned that the property described herein has the following market values, as of June 9, 2019: As presently zoned and master planned: $83,000,000 Assuming the Magic City Innovation District SAP is approved: $143,000,000 ' Value Increase to Magic City development attributed to the exclusion of affordable and workforce housing units: $54,500,000 lioge4406a. (-Rae- Edward N. Parker, MAI ' State Certified General Appraiser No. RZ144 1 1 1 1 1 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 98 19-2569 L Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk VIII. QUALIFICATIONS EDWARD N. PARKER., MAI Investors Research Associates, Inc. 5730 S.W. 74 Street, Suite 100 South Miami, Florida 33143-5381 Phone No.: (305) 665-3407 Fax No.: (305) 665-4921 Academic University of Alabama - B.S., Marketing University of Miami - M.B.A. Experience Mr. Parker began his career as a real estate consultant in 1972 with the Reinhold P. Wolff Economic Research Company in Coral Gables, Florida. As a staff analyst, he was responsible for the preparation of market feasibility studies, retail studies, economic use analyses, and site location studies. In 1974, Mr. Parker joined the Miami office of Real Estate Research Corporation (RERC), a wholly owned subsidiary of the First National Bank of Chicago. As a staff appraiser and analyst, Mr. Parker prepared appraisals of all types of income -producing properties located throughout the United States and the Caribbean. These valuations involved fee simple interest, leaseholds, partial interests, and going -concern valuations. He has also appraised a large number of special purpose properties including schools, marinas, resorts, and specialized manufacturing facilities. Mr. Parker's administrative responsibility at RERC included the coordination of the appraisal of the assets of two major Miami -based REITS during their orderly portfolio disposition. Mr. Parker also managed the annual ongoing portfolio appraisal of the properties comprising the First National Bank of Chicago commingled pension trust known as Fund F. In June, 1981, Mr. Parker joined Investors Research Associates, Inc. as a principal. The firm specializes in income property appraisals, highest and best use and market studies, as well as consultation services for major lending institutions, insurance companies, real estate syndicators, developers, pension funds and governmental agencies. Discounted cash flow and sensitivity analyses, as well as absorption studies are some of the services provided to clients. The firm has successfully completed a number of very complex valuation assignments involving environmentally sensitive wetlands including offshore island properties for private and public clients. Agricultural properties including row crop land, groves, and tree nurseries are another specialty. Mr. Parker's experience includes condemnation appraisals for both public and private clients. The public client list includes the Florida Department of Transportation, South Florida Water Management District, National Park Service, U.S. Department of Justice, Dade County HUD, Dade County Department of Facilities Management, and Miami -Dade Water and Sewer Department. Property types appraised for condemnation purposes include office buildings, retail stores, restaurants, service stations, banks, churches, apartments, vacant sites, agricultural (crop land and tropical fruit groves), and environmentally sensitive wetlands. Mr. Parker has qualified as an expert witness in Dade, Broward, Monroe and Duval County Circuit Courts, U.S. District Court, and U.S. Bankruptcy Court. He is also currently certified under the continuing education program conducted by the Appraisal Institute. Affiliations Member of the Appraisal Institute - MAI Licensed Real Estate Broker - State of Florida State Certified General Appraiser-0000144 99 19-2569 Submitted into the public record for item(s) PZ.10. 11,12. on 06/27/2019 , City Clerk ADDENDA ire 100 19-2569 1 I MN r r I NM M NM M M f' N r-"r L M I l-1 EXHIBIT A SPECIAL AREA PLAN APPLICATION 1HE MAGIC CITY INNOVATION DISTRICT SAP Legal Descriptions of SAP Property Address: 6041 NE 2nd Avenue Folio: 01-3218-015 0140 Legal Description: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Beget al a pont 25 feet East and 204 feet 6 sees Sash of Northwest est canner of SW 1! 4 of Section 18. Township 53 Soak Range 42 fast Pont of Beginning. oamg Southwest comes of yaeeton of Lemon Avenue and Carly Dock road. run South 100 feet thence Noftleastedy paraaef won Leman Aware. 1T01eet, thence Noth 100 feet t) Sorth One Leann Avenue: thence Souuw.esterty stung Scutt ale Lenaxe Avenue 170 feet is Pont of 8egre ng.. Maem►Dade Camay. Ronda. Less the Nonce 2.5 feet C01ve5ed o the Cast of Mimi by Warmly -Deed recorded et Deed Book 3657. Page 334 and receeceded m Offocaaf Records Soak 4630. Page 490. Address: 228 NE 61st Street Folio: 01-3218-015-0150 Legal Description: 9egoneg at a pant 25 feet eastof and 204 feet and 6 aeries Saab of the tVxtewrest owner of the Socaexwest One-Ch rter of Seehon 18. Tevromep 53 South. Range 42 fast Maeme$aade Corny. Roeea the Pant temg the Southeast corner of the mteesecson of the Northeast 618t Street (Lemon Avenue) and Northeast Second Avenue {County Rode Road), thence nth in a Ncettteaste6y airmen along the South Cate of saes Northeast 61st Street (Lenten Averwe) 170 feet to the Pont of Seg re g: U enree nun Saab 100 feet thence hat m s Northeasterly ereeton parader wore seal Nee least 61st Sweet 60 feet thence nah Noah 100 feet to said Nameast 61st Street thence nth m a Sapnweeterty drecton afog sand Northeast 61st Street 60 feet to the Pont of 8egereng. Less the North 2.5 feet conveyed is the City of Moans by Warranty Deed reoocdea at Deed awe. 3684. Page 293 and redecoded et Oftc 4 Records gook 4630. Page 474. 436535f82 19-2569 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Address: 240 NE 61st Street Folio: 01-3218-015-0160 Legal Description: PERCES DIVISION OF LEMON CITY. Seaton 18. Tornumm 53 South, Range 42 E. as recorded nn the Public Records of MorneLtade Cormty. Honda. an Peat Boric 8. Page 43. and Reveed Ptat thereof. as recorded n Plat Beek 2. Page 41. Begnang 230 feet Neale= o1 Souceast came: of Lemon Avenue and Cerny Road. urence ttolheastery 98 feet South 100 feet Soanmeatecsy98feetmace Norfn100feet mPeen of8eQmeng. Leas the Nam 25 feet ecrwewed to one City of *.trot by Watraey Deed reoonbeo in Deed Book 3657. Page 364 and re -recorded 8n °fleas Remotes Book 4612 Page 506. Address: 6001 NE 2nd Avenue Folio: 01-3218-015-0210 Legal Description: Bepmrneg at a pont 25 feet Fast and 304 feet 6 aches Smart of Na1w,est caner of the Scetroesi Quarter of Seam 18. Tovaeeaop 53 Soum. Rs..ge 42 fast tnerroe fun n a ebtu>easteey dmectas parapet wet Lemon Avenue as now havered. 1266 feet emotes more or less m Rau'oaa Avenue in Pteree'9 Orvesort Of L.emoe C6y lleerloe South a1Oog sand Railroad Merrue 210 feet to a street 50 feet yaw thence a a Souenwestry drreehco along Me Norm late el Gard street parader wean Sand Leman Avenue 1266 feet 6 a.Gnee more or less 10 the County Roar Road at a Pont cohost* beQromg: tteoce North atortq said Casty Road 2t0 feet 10 pfaee of Deplaning. Address: 352 NE 61st Street Folio: 01-3218-022-0060 Legal Description: Parma "D-: Commcroe at a pent on me Westerly the of use Nortw.est 11 4 of the Southwest 1J 4 of Season 18. Town s: p 53 Scum Range 42 East. 205A6 feet Soutar of the Norrmwest comer of sane Northwest 11 4 of me Southwest If 4 of Seaton 13. thence N875300-0. &tong a the being parader vein and 25 feet Normeey of tare Soothe: ay Right of Way lure of Northeast 61st Street as appears on Coy of Mami ASas Sheet No. 14-J, Cates January 1963 arm as Westerly promotion. 1018E feet to the Pont of Begnr+eng of me bereafler deserted parcel: terve S02'0700 E. 100.00 feet Mace N87453'C0 E. 50.00 feet meece NO2'07"CO W. 100.00 feet thence 587•5300'W. stag sae one parapet vent and 2.5 feet Nomhe4y of sob Scummy my Rigrtt of Way rise of Norlsneast 61m Street. SOLO feet so 2* Port of 8egamng. Less the Norm 1.97 feet conveyed m one Cay °Miami by Warranty Deed reeaded n Deed Bode 3657. Page 280 and rerecorded n Cffrtrae ReeorVs Bona 4696. Page 292. And Parcel-0-n Commence at a peat Ore me Wesaery tee of the Northwest V 4 of me Saawrest 114 015edmo 103. Tamura* 53 South. Range 42 East. 20546 feet South of me Northwest comer of sad Northwest 114 of me Sot:ane st 1/ 4 of Sec hen 18. thence N8r5300-E. at mg a tone besnng parapet vain and 23 feet Nonneni of the Sootnaray Right of Way torte of ek ruteast 61m Street as a appears on My of Mum Ata9 Street No. 14J. Dated January 063 and m9 Wester/ orctedwn. 10685 feet to the Pont of 8egni: g of the hereafter dose abed paree4 meow 302.0700' E. 103.00 feet mime N5r5300' E. 50.00 feet thence NO2•0700'W. 10000 feet thence 587'53'03 W. along sad Use wale wm and 25 feet Norlhehy of sad Soutsemy Rget of Way one of 1,ixaseaat61at Street. SO.00 feet» 0te Podrt of Begeortg. Less the Norm 25 feet conveyed to ate City of Kam, by Warranty Dead r4Oaded Ct Deed Boric 3657. Page 284 and rerecorded n °Herat Records Soak 4630. Page 432. 43658518a 19-2569 NM Mill II EN A MB MN A 1 Address: 372 NE 61st Street Folio: 01-3218-022-0080 Legal Description: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Parsee "1' That part of the NW 114 of Me SW 1/ 4 of Seems 18, Tornsnp 53 Scum Range 42 East described As Raves: Beginning eta punt 2045 feetSoulh of the Cuarter Section corner of West erne of Section 18. Towashp 53 Sochi Range 42 East then) em Nortnessterty wrong the South sae of Lema% Avenue or 61ta Street 1118.5 feet to a Pont of Beginning: Mende run Scum 100 feet theme run East 81.5 feet reenee run Norm 100 feet more et teas to South sae of Lama Avenue: seeece run West $ty feet mere a less to a Point of Beginning. tying arts Deny ae Miarr-Dace County, Aooda. Parcel' . That part Mete NW 1: 4 of the SW 1f 4 of Seaton 18, Townahp 53Souh. Range 42 East described as itaw's: x-wit Begese g at a posit 20527 feet Sotto of the Quarter Seclo n corner of West Sete of sad Sect10e 18. thence rut Notheastedy Meng the Scram lie of Hemmed Stst. Sleet 1200 feet to Posit of Begriming. mono) Scum 55.60 feet thence East 25 feet thence hart emry 55.60 kit mere or Ices to a pardon the Soul n one of sat 62et Steeet.10 feet east of the peat of Pant of Begnmang. thence West along the Scu4h hoe of said 61st Sweet .10 feet m past of beraarg, tysg mulberry n easmi•Dade Coady, Ronda. Less theNdrtln25feetcaweyedntheCIryofNka11lbyt4arranryDeedrecodedmDeedBoat3741.Page520andre seorcederrOffloadRecordsBock4630,Page494. Address: 382 NE 61st Street Folio: 01-3218-01S-0190 Legal Description: Beginning et the Sousnwest comer of tine eneraechon of Retread Aver (flow known as N.E. 4!1 Avenue) and Lemon Avenue (thou known as N.E. 61stStreet) run thence Soren 100 feet es a pant aeeace nn West 100 feet in a poor thence tin North 100 feet toe potnL tierce tin t:ag4dy alley the Scum are of Leman Avenue 100 feet to t*e pant of Degrfreng; Nag and Deng on 1DeSoutrrxest Cuartar (SW 1f 4) of Sections 18. Tomehrin 53So44 . Range 42 Eat Ago ceeanbed as: The Fast 'CO feel of me North 100 feet of Unnumbered mbened Brody between LEMON AVEN11E and Brown Serest teas me Nam 25 feet for Sleet. PIERCES L9,ION CITY SUBDIVISION. according 10 moped as meerded lPtat Book "V', Page43. ce 1ne Puma Records of bYan►Dade County, Ronda. Less the Norm 2.5 tiet conveyed meetly of Mats by WarrantyDeect remedied on Deed Beck 3657. Page262and rerecorded a% Oblast! ReeentsBock4695.Page349. Address: 200 NE 62nd Street Folio: 01-3218-066-0010 Legal Description: Tract A. of 621VD PLAZA. act:coming to the map cc plat thereof. as recoc eo rte Ptat Book 160, Pare 45. of the Petoerc Records of Miami -Dade County, Stoma. 43653516'a 19-2569 UM OM UM NM M I I I N N OM N! IMO MO Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Address: 6300 NE 4th Avenue Folio: 01-3218-020-0330 Legal Description: Soum 42 feet of Tract R-, of REID ACRES. recorded rl Plat Book 50. Page $4. of the kited Records of 1.lmort►+Oade Cou sty, Ffonaa. Address: 401 NE 62nd Street Folio: 01-3218-014-0030 Legal Description: The West 110 feet of Traci 3, of JOYCE PROPERTIES SUBDIVISION. according to the Plat thereof. as reaoeded in Plat Sock 51. Page 38. of the Pubic Retards of Mearn.Dade County, Roma Address: 300 NE 62nd Street Folio: 01-3218-015-0770 Legal Description: The f lanti 1.2 of Lots 8 and 9, Mak 18, PIERCES ADDITION TO LEMON CITY, FLORIDA. acceding to lee map or peat thereof. as recorded n Plat Book 2, Page 21, of tie Freud Reoores of O,tmmrDade Canny: Ronda: said property also dew -bed as bang as fiat patron of Los 8 and 9. Block 18. PIERCES ADDITION TO LEMON CRY. FLORIDA. according b are treat or plat thsect as recorded n Plat Bode 2 Page21, of Sae Minot Records of Mare -Dade County. Roreaa. lying Norm of me Wowing 0esanted use: Commeciang at use Northwest caner of Lot 9, Block 18. SECOND CORRECTED PUTT OF PIERCES SUSDNISION OF LEMON CITY. according to the rep or pint thereof, as recorded n Plat Bode 2 Page 21. of the Pebae Records of than rtiade County, Fatrde; Made go Sedately ardg the Triestine of Said Lot 9. a distance of 11390 feet b a pont an the West tine of said Lot 9. whicJi Shall be the ScoS sreeat caner of the Need 12 of Said Lis. ale same baring tie Pont of Beginning from the she hereinafter 0eecradd; Manse tam the Pratt of Begetting go Easertlr aOa1g the South line of ate Nam 1.2 of said Los 8 and 9. of sad Block 18 01 Sand SubdVegon abate described: the same One Deng the Nato One of South 1/2 of said Lots 8 and 9. faring an angle of 89•Z425- wan the last described One, for a distaste of 14191 feet Is a point on the East One of Lot 8, sad pant berg t 10.16 feet South of the Florham confer of said Lot 8. Wri0 shad be the Southeast comer of the Norm 1,2 of sad Lot 8. thesame berg the end of one hewn descnber2 LESS that poraat of Lots 8 and 9. Block 18. SECOND CORRECTED PLAT OF PIERCES SUBDIVISION OF LEMON CITY, according to the map or plat thereof as recorded in Plat Beek 2. Page 21. of ate PUDIC Retorts of 341ram-Dace Camay. FOatda, tying Nam of a ale that is 25.00 feet South of as measured at right angles. and parallel ante the cedar line of NE 62 Street. as said enter tine n shorn an one Pas of Joyce Properties Subcnneat, according to the map ce plat thereof. as recorded in Plat Book 51. Page 38, of are Public Records of Moan -Dace Canty. Roma. Address: 301 NE 61st Street Folio: 01-3218-015-0771 Legal Description: The Soule 1,2 of LoIS 8 and 9. LESS the South 25 feet of Lois 8 and 9. Block 18. of SECOND CORRECTED PLAT OF PIERCES SUBDIVISION OF LEMON CITY, aoeadng to the Plat Meted, as recorded m Pal 8o0212. Page 21. of the Public Records of Mest71,Dade Canty, Ronda. 43658518. 19-2569 - l "9 . 1MINI I ® - n 11111111 1111111011iiuMILik CUB Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Address: 6200 NE 4th Court Folio: 01-3218-024-0200 Legal Description: Lot20. Broca 1, of NORTH GATE eocordng to fie Plat thereof, as redaeed n Peat Boots 8, Page 88, of the Putmc Redonda off MorneD®ea Canny. Roust AND the Name 2.8 feet of Loa 21. n Basch t, of NORTH GATE, aaordag b ale Plat thereof. as recorded an Plat Boca 8. Page 88. One Penes Recede of MianeDaoe County, Ronda. LESS AND EXCEPT THEREFROM: PARCH NO.46: That portal of Lots 21 and 22. In Broclt 1; of NORTH GATE. aceard g b me plat thereof recorded et Rat Book 8, Page 88, of the Pubic Records of t.iiam-Dade Count', Floaaa which het wren a sap of fend 50.00 feet on writh yet; 2540 feet do heat srse of the Eaat dy exensscn of the center One of N.E. 62 Street as sari center one is Shown on the plat of JOYCE PROPERTIES SUBDNISYJN. aemaeg tone prat Merest reccedea m Past Book 51, Page 38. of the Peered Records of MarteDade Canty, Pbnra and teen more pa11 o84y deecatea as fosses: COMMENCE at me NCrat*ast caner of sand Lot 21: thence run STUMM a tog toe East ere of said tat 21 fora dallailte of 1.96 *alto ale pont of erenect n rent a 1ne 2520 feet Nam of, as measured at rgatt angles. and paramM wet the Saba Easterly exte sou of tee center One of N.E. 62 Street aro to ate Para of 8egeeinp of ale hereon des eased pion thence oonteme b nth SOr3858'W along tote Last late of Lot 21 andal0ep to East lets of said Lot 22 fa a distance of 50.01 feet to a portal reraetaon wan 3100 25 feet South of. as measures at nght angles. and parelet wet toe seas Easery ehdeension of fete Center me of NE. 62 Street; thence run 1448`59'46M along the One 25.00 feet South of arts parallel nun the Easterly extereon of be saes center* of N.E. 62 Street for a distance of 11T.i1 feet b a pant of rune -hors win the West late of sad Lot:22 said pont of eteraKnon tyog 2A0 feet Safer of ale Northwest miner of see Lot 22. as measured alas to West tale of sari Lot 22 manse nth NOr40'1G'E aecan the West tee of sari tat 22 and along the What one of sera Lot 21 for a *stance of 50.01 feet b a polo of r.18rseatOfl wan a hoe 25.00 feet Nor of as measured az o tt awes, and panne WM tee sac Easterly exteetso n of ate sari oenlertme of N.E. 62 Street. said tort of etersectat yrg 2A3 feet sown of the Nc3rxest corner of sari Lot 21. as measured along the West one of sea Lot 21; thence rem 58814'46'E slag the Sad toe 25.00 feet Nest of and parcel nth ate Eaateey erdertsno5 of ale saes eentKBne of N.E 62 Street far a ddaande of 111.10 bet b a pant on the East arse of saes Lot 21 sale little Pont Of (legman; of the hereea 8tlante0 parcel AND net rind t of lots 20 and 21 et said B1Dra 1 wtien alas wine the enamel area farmed by a 25.00 tot resets arc CetCaee borne Norewest tangent b the East One of sad Lot 20 and tangent b said 1ne 25.00 feet Motet of and panted sti tee Easterly externem of the sari demesne of NE. 62 Street. Bestg the same amuses dreamed as Parcel No. 46 in Foul Judgmerd remodel Jody 20,1982 on Offload Recede 80ok 11500, Page 1593, of the Public records of Miami -Dade Canny, Ronda. Address: 6210 NE 4th Court Folio: 01-3218-024-0180 T,eaa1 Description: Lot 19 ant the South 40.25 feet of Lot 18. Brock 1. of NORTH GATE. aeeerarg to tete :urea or 031 rarest as receded m Rat Book 8, Page 88. of ate P0ene Records of t tinn-Dade County. 436585182 19-2569 1 1 M 1 I I M-- M M I M- I s s M Submitted into the public record for item(s) PZ.10. 11. 12. on 06/27/2019 , City Clerk Address: 320 NE 61st Street Folio: 01-3218-022-0030 Legal Description: 3eosor rig at a posit 204.5 feet South of the Northwest corner of SW 114 of Sector 18. Township 53 South. Range 42 East, as showy on SECOND CORRECTED PLAT OF PIERCES SUBDIVISION LEMON CITY, as recorded n Punt Book 2. Page 21. of The Putlec Records Of MtarnwDade County, Ronda: run Noratea9Yrly along the Stumm boundary of Lemon Avenue 819.05 feet to se Pont of Beginning. mace Ran Saath :CO feet meooe run East 100 feet Vence run Nairn 100 feet; aherxe VIM West 100 feet to the Porst of Begriming. tying and beteg n ► atlwDade County. Flood& ALSO woven as: The West 100.08 feet of the East482A0 feet of the Nam 100 feet of Block 17. SECOND CORRECTED PLAT OF PIERCE'S SUBDIVISION LEMON CRY, as recorded a Pratsook2. Page 21, of the Pubic Records of Mmmr•Dade County. Ronda, LESS the Nods 25 feet LESS rat land COrMeyed for fight of Way purposes in that Warranty Deed recorded December 5.1952 in Deer Book 3684, Page 227, as rerecorded or ("Kcal Records BOOR 4630. Page 496. bare of the Pubic Records of Alaarnl. ade County. Frauds; as mare paroeveatey described as tapers: The Norm two and oue Inuf (25) feet. may. or tens of the foaowsg described tercet Beginning at a post 204.5 feet South of the Northwest caner of SW 1/4 of $acne 18. Township 53 Soda. Range 42 Fast. as shown on Secce d Corrected Plat of Pruner Sumunsidet Leman Cary. as recorded in Peet Book?. Page 21. of re Pubic Remeds of biamwDade County. Floada: not Northeastery along tore Soi 1 em boundary of Lemon Avenue 819.06 feet b the Pant of r3egasrtg, thence nut Swath t00 feet 'theme arms East 1C0 feet thence ran Nccm 100 feet: thence run Weet 100 tell:. b the Peed of Beginning. lying and being in Mimi -Dad e Cotmny. Ptonea. Address: 270 NE 61st Street Folio: 01-3218-015-0200 Legal Description: Commenorg at a pont on the South side of Lemma Avenue. 438 Net Earl Of the Southeast corder of me ndrseason of the Comfy Rock Road and Lemon Avenue. meow run Easterly 100 feet tierce run Souahsry 100 feet thence Rent Westerly 100 feet mends rust Nortlleey 103 fort b the Pont of Beginning: being at Pierce's Stredraaon of Lemon City In Section 18. Township 53 So ut. Range 42 East. according to me Second Corrected Plat of Feints San,Cnusron of Leman City. as reooreed on Pao Book 2. Page 21. of Cie Pubic Recor s of Lbam:Osde Conty, Fronds. LESS AND EXCEPT tole twos eorsveye4 to The Cry of Mom a rrurac p.0 aaaparatat et Warranty Deed under Clefts Fee No. CC-44485. as recorded n Deed Boric 3471. Page 443. of one Antic Records of MamrDade County, Ronda Address: 334 & 350 NE 60th Street Folio: 01-3218-016-0140; 01-3218-016-0150 Legal Description: Lois 20. 21. 22 ark c123. of B ISCAYNE PARK aceadasg t0 Lree peat l08ereot recalled me mat Beck 1. Page 196, of Ibe Public Records of UArunf-fie County. Ronda. 43658515 2 19-2569 S N I I I— EN 11111 N 11111 11111 111111 N En S 1 1 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk Address: 296 NE 60th Street Folio: 01-3218-016-0100 Leal Description: Lot 15. of BISCAYNE PARK. according to tie plat t ereofas reccr[ed in rat Boots 1. Pap 198. of tree Pebble Records of 1i1+unr-Cafe County, Roma. Address: 270 NE 60th Street Folio: 01-3218-016-0070 Legal Description: Loin of BISCAYNE PARK, seconds:rig to tree map oc plat thereo& as recorded en Puttee.* 1, Page 198, of tree Peroorc Recc ds of Marry-Oaee Counter. Ronda. Address: 250 NE 61st Street Folio: 01-3218-015-0180 Legal Description: BEGINNING at a point 25 feet East and 204.5 feet South of Northwest comer of Southwest 1/4 in Section 18, Township 53 South, Range 42 East, this point being the Southeast corner of the intersection of Lemon Avenue as now traveled and the County Road, thence run in a Northeasterly direction along said Lemon Avenue 328 feet to POINT OF BEGINNING; thence run in a Northeasterly direction along the South line of said Lernon Avenue 50 feel: thence South 100 feet thence run in a Southwesterly direction parallel with said Lemon Avenue 50 feet; thence run North 100feet to POINT OF BEGINNING. 43658518.2 19-2569 1- ' NMI MINI MIN MINI ® MIN MO 11110 MIN I 111111 NMI NMI INN Address: 262 NE 61st Street Folio: 01-3218-015-0170 Leval Description: BEGINNING at a point 25 feet East and 204 feet and six inches South of the Northwest comer of the Southwest quarter of Section 18, Township 53 South, Range 42 East, this point being the Southeast corner of the intersection of Lemon Avenue as now travelled and the County Rock Road; thence run in a Northeasterly direction along said Lemon Avenue 378 feet. this point being the PLACE OF BEGINNING; thence running a Northeasterly direction along the South line of said Lemon Avenue 60 feet; thence South 100 feet; thence in a Southwesterly direction parallel with Lemon Avenue, 60 feet; thence North 100 feet to the PLACE OF BEGINNING, Tying and being in Miami -Dade County, Florida; subject to 2Y2 feet deeded to the City of Miami from North side of property for street purposes, deed dated January 27, 1953, in Deed Book 3741, at page 443, of the Public Records of Miami -Dade County, Florida. Address: 6380 NE 4th Avenue Folio: 01-3218-020-0321 Leval Description: North 105.79 of the South 360 feet of Tract "R" REID ACRES, according to the Plat thereof, as recorded in Plat Book 50, at Page 84, of the Public Records of Miami -Dade County, Florida. 436585181 Submitted into the public record for item(s) PZ.10,11 12 on _ 06/27/2019 City Clerk 19-2569 MN r UN- N- l- M l' -- N 1 -- N 1 - 1 Address: 6301 NE 4th Avenue Folio: 01-3218-020-0361 Legal Description: Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk A potion of Tract T, of REID ACRES. according b the Plat thereof. as recorded In Plat Book 50. Page 84. of the Public Records of Miami -Dade County. Florida. being more particularly described as follows BEGINNING at the Southeast corner of said Tract T: thence North 00'01'34' West along the Easterly boundary of said Tract T, a distance of 266.67 feet (said course being coincident with the Westerly right of way line of the Florida East Coast Railway); thence North 07"5627' West, a Misnames of 72.16 feet to a point of curvature; thence Nortlwestery *long a circular curve to the IetL having a radius of 35126 feet and a central angle of 04"3821". for an arc distance of 2824 feet (the last mentioned 2 courses being coincident with the Southwesterly boundary of that: certain ralhvay easement recorded In Deed Book 3719. Page 148, of the Public Records of Miami -Dade County. Florida); thence South 89.5876' West at right angles to the next described course. a distance of 235.03 feet thence South 00'01'34" East along the Westerly boundary of said Tract T, a distance of 364.43 feet thence South 89' 41' 10' East along the Southery boundary tine of said Tract T. a distance of 250.00 feet to the point of beginning. Address: 415 NE 62nd Street Folio: 01-3218-047-0010 Legal Description: Parcel 3". Tract "A". of R044I SUBDIVISION. adcormag tb toe Prat :5ureof as reonded m Rat Book 87, Page 23. of the Prude Records of Mtam-Dade COMB/. Fooeaea a0 of me soave lying and bes g er Section 18. Township 63South, Range 42 East Miarne-DadeCounty. Florida Address: 365 NE 61st Street Folio: 01-3218-015-0730 Legal Description: tat 4, Stock 18 of SECOND CORRECTED HAT OF PIERCES SUBDIVLSION OF LEMON CITY. according to Ute Ptat thereof as recorded m Plat Bodc 2. Page 21. of ate Purer Records of Meaenr0aoe County, Florada. A.'f0 LESS tee Scutt 2.5 feet aria LESS AND EXCEPT Mal portion of L014, Stock 18 of SECOND CORRECTED PLAT OF PIERCE'S SUBDIVISION OF LEMON CITY. according to ate Piet trtereof as recorded n Pat Book 2, Page 21. of the Public Recede of Nkamr-Dade County, Ronda. witch We Nord of a tkne Itsst es 25.00 feet Scutt of. as measures at nght angles. and parallel won the center toe of NE. 62 Skeet. as sad ceraer sue as sad+ra on Me glatdf JOYCE PROPERTIES SUBDIVISION. axamng to me plat thereof recorded re Plat Book 51. Page 38. of the Ptn*c Records of Mauro -Dade County, Florida, pursuant to Order of Takng recorded n O9iaal Records BOOR 10738. Page 1721 together wM Final Judgment as to Parcel No.9 42 and 44 recorded n Offessi Records Book 10817, Page2093. crime Pu0tc Records of Mears Dade County. Ronda. 43658518:2 19-2569 r NIB NM MI r N N NM ,- S MN 8111 NM NM Address: 298 NE 61st Street Folio: 01-3218-022-0100 Legal Description: BEGINNING at a point 204.05 feet South of the Northwest comer of the Southwest 1/4 in Section 18, Township 53 South, Range 42 East; thence run 613 feet Northeasterly to a POINT OF BEGINNING; thence run South 100 feet thence East 105.5 feet thence North 100 feet thence West 105.5 feet to POINT OF BEGINNING, less the North 25 feet thereof, lying and being in Miami -Dade County, Florida. Address: 300 NE 61st Street Folio: 01-3218,-022-0010 Legal Description: BEGINNING at a point 204.05 feet South of the Northwest comer of the Southwest 1 f4 in Section 18, Township 53 South, Range 42 Ea* thence run 718.5 feet Northeasterly to a POINT OF BEGINNING; thence run South 100 feet; thence East 50 feet; thence North 100 feet thence West 50 feet to POINT OF BEGINNING, less the North 25 feet thereof, lying and being in Miami -Dade County, Florida. Address: 310 NE 61st Street Folio: 01-3218-022-0020 Legal Description: BEGINNING at a point 204.05 feet South of the Northwest comer of the Southwest 1/4 in Section 18, Township 53 South, Range 42 East; thence nun 768.5 feet Northeasterly to a POINT OF BEGINNING; thence run South 100 feet; thence East 50 feet thence North 100 feet; thence West 50 feet to POINT OF BEGINNING, less the North 25 feet thereof. Tying and being in Miami -Dade County, Florida. 43658518;2 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 19-2569 EN MN IOW MI IIIIII � 1 Address: 340 NE 61st Street Folio: 01-3218-022-0040 Legal Description: DULLAMS UNRECORDED PLAT, SAME BEGINNING 204S FT. SOUTH AND 9185 FT. EAST OF NW CORNER SW 114 SOUTH 100 FT EAST 100 FT. NORTH 100 FT. WEST 100 LOT 5 & 6 LESS 2.5 FT. FOR ST. (LEGAL DESCRIPTION AS PER OFFICIAL RECORDS BOOK 27029 PAGE 2669 MIAMI-DADE COUNTY, FL RECORDS) Address: 371 NE 61st Street Folio: 01-3218-015-0720 Legal Description: LOT 3, LESS THE EAST 1.00 FOOT THEREOF, AND LESS THE NORTH 7.50 FEET AND THE SOUTH 2.50 FEET THEREOF FOR ROAD RIGHT-OF-WAY, IN BLOCK 18 OF "SECOND CORRECTED PLAT OF PIERCES SUBDIVISION, LEMON CITY" ACCORDING TO THE PLAT THEREOF. AS RECORDED IN PLAT BOOK 2, PAGE 21 OF THE PUBLIC RECORDS OF M IAMI-DADE COUNTY. FLORIDA. Address: 6350 NE 4th Avenue Folio: 01-3218-020-0320 Legal Description: The North 134.21 feet of the South 254.21 feet of Tract "R" REID ACRES, according to the Plat thereof. as reworded in Plat Book 5,0, at Page 84, of the Public Records of Miami -Dade County, Florida. 436585182 Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk 19-2569 1• •-- M w I I-- MN O I--- I M NIB INN Address: 353 NE 6lst Street Folio: 01-3218-015-0740 Legal Description: LOT 5, LESS THE SOUTH 2.5 FEET, BLOCK 18, OF "SECOND CORRECTIVE PLAT OF PIERCE'S SUBDIVISION OF LEMON Crrr, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 2. PAGE 21, OF THE PUBLIC RECORDS OF MIAMI•DADE COUNTY, FLORIDA Address: 288 NE 61st Street Folio: 01-3218-022-0090 Legal Description: BEGINNING AT A POINT 204S FEET SOUTH OFTHE QUARTER SECTION CORNER ON THE WEST LINE OF SECTION 18, TOWNSHIP 53 SOUTH, RANGE 42 EAST, WHERE THE SOUTH LINE OF LEMON AVENUE, PRODUCED WESTERLY, WOULD INTERSECT THE WEST UNE OF THE SAID SECTION 18: THENCE RUN NORTHEASTERLY ALONG THE SOUTH LINE OF LEMON AVENUE AND THE SOUTH UNE OF LEMON AVENUE PRODUCED WESTERLY, A DISTANCE OF 563 FEET FOR THE NW CORNER OF THE TRACT HEREBY CONVEYED; THENCE RUN SOUTH 100 FEET; THENCE RUN EASTERLY AND PARAI I 1 TO THE SOUTH LINE OF LEMON AVENUE, 50 FEET; THENCE RUN 100 FEET TO THE SOUTH UNE OF LEMON AVENUE: THENCE RUN WESTERLY ALONG THE SOUTH UNE OF LEMON AVENUE, 50 FEET TO THE NW CORNER OF THE TRACT HEREBY CONVEYED: LESS AND IXCEPT THE LANDS CONVEYED TO THE CRY OF MIAM1. A MUNICIPAL CORPORATION IN WARRANTY DEED RECORDED IN DEED BOOK 3657, PAGE 282 AND RERECORDED 1N O.R BOOK 4695, PAGE 288, OF THE PUBLIC RECORDS OF MIAMI.OADE COUNTY, FLORIDA. PARCEL IDENTIFICATION NUMBER 013218-022-0090 Address: 370 NE 60th Street Folio: 01-3218-016-0180 Legal Description: LOT 24OFB/SCAVNEPARK ACCORDING 7U7}EFIAT THEREOF, ASRECORDEDINPLATBOOK1,ATPAGE 198 OF TI EPUN IC RECORDS OFMIAMI.OADECOMM, FLORIDA. 43658518;2 Submitted into the public record for item(s) P2.10, 11, 12. on 06/27/2019 , City Clerk 19-2569 -- m um mg s MN MO A M M- M ® 0 M IMO O Address: 5972 & 5974 NE 4th Avenue Folio: 01-3218-089-0010; 01-3218-089-0020 Legal Description: UNIT 5972AND UNIT5974, OF380 WAREHOUSECONDOMIMUM, A CONDOMINIUM, ACCORDING TO THE DECLARATION OF CONDOMINIUM AS RECORDED IN OFFICIAL RECORDS 800K28550, PAGE 4835AND ALL E IORS AND AMENDMENTS THEREOF, PUBLIC RECORDS OF MMMI-DADE COUNTY, FLORIDA. Address: 5952 NE 4t13 Avenue Folio: 01-3218-016 0200 Legal Description: LOTS27, 28AND 29, OF BISCAYNE PARK ACCORDING TO THE PLAT THEREOF, AS RECORDED IN RAT BOOK 1, AT PAGE 198, OF 77EPUBLIC RECORDS OFMIAMB-DADE COUNTY, FLORIDA 436585182 Submitted into the public record for item(s) PZ.10, 11, 12. on 06/27/2019 , City Clerk 19-2569 Submitted into the public record for item(s) PZ.10,11,12. on 06/27/2019 , City Clerk