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HomeMy WebLinkAboutCRA-R-23-0040 Exhibit BExhibit "B" APPRAISAL REPORT THREE PROPERTIES LOCATED AT: PARCEL 1-1300 N. W. 3RD AVENUE PARCEL 2 —1322 N. W. 3RD AVENUE PARCEL 3 — 331 N. W.13TH STREET MIAMI, FLORIDA PREPARED FOR: CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY 819 N. W. SECOND AVENUE, THIRD FLOOR MIAMI, FLORIDA 33136 As OF: JUNE 4, 2023 PREPARED BY: QUINLIVAN APPRAISAL, P.A. 7300 NORTH KENDALL DRIVE - SUITE 530 MIAMI, FLORIDA 33156 QUINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION 7300 NORTH KENDALL DRIVE, SUITE 530 MIAMI, FLORIDA 33156 Thomas F. Magenheimer, MAI State Certified General Appraiser RZ 553 June 9, 2023 Brian Zeltsman, RA Director of Architecture & Development City of Miami Southeast Overtown Park West Community Redevelopment Agency 819 N.W. Second Avenue Miami, Florida 33136 Dear Mr. Zeltsman: Telephone (305) 663-6611 Fax (305) 670-4330 tmagmai@aol.com In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: Three properties, located at 1300 N. W. 3rd Avenue, 1322 N. W. 3rd Avenue and 331 N. W. 13th Street, Miami, Florida The purpose of this Appraisal is to estimate the Market Value of the described properties as of June 4, 2023, being one of the dates of personal inspection. This report was prepared in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) relating to appraisal standards as enumerated in Title 12, Code of Federal Regulation, Part 34 (12CFR34) and in compliance with the most current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. The narrative Appraisal Report that follows sets forth the identification of the properties, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. The subject properties are currently improved with older buildings. The client has requested an estimate of the land value of the properties. This appraisal is based on the hypothetical condition that the sites are vacant and available for development. Mr. Brian Zeltsman June 9, 2023 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of June 4, 2023, the subject property had a Market Value as follows: PARCEL 1 $540,000 PARCEL 2 $275,000 PARCEL 3 $3,120,000 Respectfully submitted, Thomas F. Magenheimer, MAI State -Certified General Appraiser Certification Number: RZ 553 TFM/dm (23-036) TABLE OF CONTENTS PAGE COVER PAGE TRANSMITTAL LETTR TABLE OF CONTENTS CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION 9 INTRODUCTION 10 IDENTIFICATION OF THE PROPERTY 10 ADDRESS 10 PURPOSE AND DATE OF APPRAISAL 10 INTENDED USE AND USER OF APPRAISAL 10 LEGAL DESCRIPTION 10 PROPERTY RIGHTS APPRAISED 11 DEFINITION OF MARKET VALUE 11 HYPOTHETICAL CONDITION 11 ASSESSMENT AND TAXES -2022 12 OWNER OF RECORDS AND ADDRESS 13 THREE-YEAR HISTORY OF TITLE 13 SCOPE OF THE APPRAISAL 14 LOCATIONANALYSIS 17 NEIGHBORHOOD DATA 18 SITE DATA 22 ZONING 26 HIGHEST AND BEST USE 29 THE APPRAISAL PROCESS 32 LAND VALUE ANALYSIS 34 ADDENDA 50 ASSUMPTIONS AND LIMITING CONDITIONS QUALIFICATIONS CLIENT LIST CERTIFICATION OF VALUE The undersigned hereby certify that, to the best of my knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and are my personal, unbiased professional analyses, opinions and conclusions. (c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. (D) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. (E) My engagement in this assignment was not contingent upon developing or reporting predetermined results. (F) The appraisers' compensation for completing this assignment 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 directly related to the intended use of this appraisal. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (G) The appraisers' analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requirements of the State of Florida for state -certified appraisers. (x) 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. (1) Thomas F. Magenheimer has made a personal inspection of the property that is the subject of this report. (J) No one has provided professional assistance to the persons signing this report. QUINLIVAN APPRAISAL 1 (K) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. (L) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. (M) The undersigned has not performed any appraisal services concerning the subject property in the three year period immediately preceding the acceptance of this assignment. As of the date of this report, Thomas F. Magenheimer has completed the requirements under the continuing education program for The Appraisal Institute. 7 41.4;4, THOMAS F. MAGENHEIMER, MAI STATE -CERTIFIED GENERAL APPRAISER CERTIFICATION NUMBER: RZ553 QUINLIVAN APPRAISAL 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Address: Parcel 1: 1300 N. W. 3rd Avenue, Parcel 2: 1322 N. W. 3rd Avenue Parcel 3: 331 N. W. 13th Street Miami, Florida Land Size Parcel 1: 3,605 square feet Parcel 2: 1,836 square feet Parcel 3: 20,800 square feet Zoning T6-80, Urban Core Zone, Open City of Miami Highest and Best Use Residential or commercial use Estimated Market Value: Parcel 1: $ 540,000 Parcel2: $ 275,000 Parcel 3: $ 3,120,000 Date of Value Estimate June 4, 2023 Date of Inspection June 4, 2023 Date of Report June 9, 2023 QUINLIVAN APPRAISAL 3 LOOKING SOUTHWESTERLY AT PARCEL 1 FROM N. W. 3RD AVENUE LOOKING NORTHWESTERLY AT PARCEL 1 FROM N. W. 3RD AVENUE QUINLIVAN APPRAISAL 4 LOOKING SOUTHWESTERLY AT PARCEL 2 FROM N. W. 3" AVENUE LOOKING NORTHWESTERLY AT PARCEL 2 FROM N. W. 31iD AVENUE QUINLIVAN APPRAISAL 5 LOOKING NORTHEASTERLY AT PARCEL 3 FROM N. W.13TH STREET LOOKING NORTHWESTERLY AT PARCEL 3 FROM N. W. 13TH STREET QUINLIVAN APPRAISAL 6 LOOKING SOUTHERLY ON N. W. 3RD AVENUE - PARCELS 1 & 2 TO RIGHT LOOKING NORTHERLY ON N. W. 3RD AVENUE - PARCELS 1 & 2 TO LEFT QUINLIVAN APPRAISAL 7 LOOKING EASTERLY ON N. W.131H STREET - PARCEL 3 TO LEFT LOOKING WESTERLY ON N. W.13TH STREET - PARCEL 3 TO RIGHT QUINLIVAN APPRAISAL 8 INTRODUCTION QUINLIVAN APPRAISAL 9 INTRODUCTION IDENTIFICATION OF THE PROPERTY Parcel 1: A 3,605 square foot improved with a mixed use retail and apartment building. Parcel 2: A 1,836 square foot improved with a two-story apartment building. Parcel 3: A 20,800 square foot improved with a two-story religious building. At the request of the client, the properties are appraised as vacant sites. ADDRESS Parcel 1: 1300 N. W. 3rd Avenue Parcel 2: 1322 N, W. 3rd Avenue Parcel 3: 331 N. W. 13th Street Miami, Florida PURPOSE AND DATE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the subject properties as vacant sites as of June 4, 2023, being one of the dates of personal inspection. INTENDED USE AND USER OF APPRAISAL The intended use of this appraisal is to estimate the market value of the described properties for a potential purchase of the properties. The intended user is the Southeast Overtown/Park West Community Redevelopment Agency of the City of Miami. LEGAL DESCRIPTION Parcel 1 The South 60 feet of Lot 20 and the South 60 feet of the East 10 feet of Lot 19, Block 2, SosT's SUBDIVISION OF LOT 1, according to the Plat thereof, as recorded in Plat Book "B", Page 27, of the Public Records of Miami -Dade County, Florida Parcel 2 The East 10 feet of the South 30 feet of the North 148 feet of Lot 19, and the South 30 feet of the North 148 feet of Lot 20, Block 2, SOST'S SUBDIVISION OF LOT 1, according to the Plat thereof, as recorded in Plat Book "B", Page 27, of the Public Records of Miami -Dade County, Florida Parcel 3 Lots 17 & 18, Block 2, SosT's SUBDIVISION OF LOT 1, according to the Plat thereof, as recorded in Plat Book "B", Page 27, of the Public Records of Miami -Dade County, Florida QUINLIVAN APPRAISAL 10 PROPERTY RIGHTS APPRAISED The property is appraised in fee simple: a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as well as utility easements of record. DEFINITION OF MARKET VALUE Market Value means 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 to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Interagency Appraisal and Evaluation Guidelines, December 10, 2010, Federal, Volume 75, No. 237, Page 77472 HYPOTHETICAL CONDITION A hypothetical condition is one that is directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about the physical, legal, or economic characteristics of the subject property; of about conditions external to the property, such as market conditions or trends; or about the integrity of data used in the analysis. QUINLIVAN APPRAISAL 11 ASSESSMENT AND TAXES -2022 The subject property is assessed under the jurisdiction of the City of Miami, Florida. The assessment for the property is established each year as of January 1st by the Miami -Dade County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. Parcel 1 Folio Number: County Market Value: 01-3136-037-0130 Land $ 360,500 Improvements $ 92,498 Total $ 452,998 Assessed Value: $ 452,998 Millage Rate: $20.6152 per $1,000 Tax Amount: $9,338.63 NOTE: The property has $9,938.25 in past due taxes. Parcel 2 Folio Number: County Market Value: 01-3136-037-0140 Land $ 183,600 Improvements $ 1,000 Total $ 184,600 Assessed Value: $0.00 Millage Rate: $20.6152 per $1,000 Tax Amount: $0.00 Tax exempt. QUINLIVAN APPRAISAL 12 Parcel 3 Folio Number: County Market Value: 01-3136-037-0090 Land $ 1,248,000 Improvements $ 478,468 Total $ 1,726,468 Assessed Value: $ 1,726,468 Millage Rate: $20.6152 per $1,000 Tax Amount: $35,591.49 NOTE: The property has $37,789.91 in past due taxes. OWNER OF RECORDS AND ADDRESS St. John Institutional Missionary Baptist Church, Inc. 1328 N. W. 3rd Avenue Miami, FL 33136 THREE-YEAR HISTORY OF TITLE The current owner acquired title on May 22, 2020 from SJ Acquisitions & Development LLC. The quit claim deed transferring title was recorded in Official Records Book 31951, Page 4095 of the Public Records of Miami -Dade County, Florida. The documentary stamps recorded on the deed indicated no consideration exchanging with the transfer of title. The parties of the transaction were related and this transfer of title was not considered to be and arm's length transaction. QUINLIVAN APPRAISAL 13 SCOPE OF THE APPRAISAL QUINLIVAN APPRAISAL 14 SCOPE OF THE APPRAISAL The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied, all based upon the following problem -identifying factors stated elsewhere in this report. This appraisal of the subject has been presented in the form of a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the USPAP. Data related to the subject properties was derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami, and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk of the Courts Office, Board of Realtors' Multiple Listing Services, CoStar, and LoopNet. Sales prices are typically confirmed with a party to the transaction, i.e., buyer, seller, real estate agent or attorney to the transaction. A search for land sales was conducted in the area of the subject. The initial sales period researched was from January of 2021 through the date of valuation. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. QUINLIVAN APPRAISAL 15 ESTIMATED EXPOSURE TIME Exposure time is defined as the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraisers have taken the following steps: Discussion with buyers, sellers, brokers and/or review of multiple listings of vacant land in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been twelve months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area was reviewed over the past three years, multiple listings were reviewed and real estate brokers who operate in this area were interviewed. Based on the above sources, the subject property could be sold within a twelve month time period. QUINLIVAN APPRAISAL 16 LOCATION ANALYSIS QUINLIVAN APPRAISAL 17 NEIGHBORHOOD DATA The subject property is located in the northern periphery of the Central Business District of Miami in an area known as Overtown/Park West. The sites is located in the northwest quadrant of N. W. 13th Street and N. W. Third Avenue, one block east of Interstate 95, Biscayne Boulevard (U.S. Highway #1) is a north/south traffic artery in the City of Miami. Biscayne Boulevard extends northerly from Brickell Avenue to the Broward County line. The majority of commercial properties in the subject neighborhood front on Biscayne Boulevard. These commercial properties include motels, retail stores, restaurants, and multiple story office buildings. The Overtown area located west of Interstate 95 and north of the Miami River is a mixed use area comprised of low rise apartment buildings and industrial properties. A bridge spanning the Miami River is located at N.W. 7th Avenue, there block southwest of the subject property. Several of the properties located in the area are maritime industrial uses related to the Miami River. The Overtown area, west of N.W. 1st Avenue and north of N.W. 5th Street to N.W. 20th Street, is characterized by a large number of small apartment buildings. These buildings were constructed primarily in the late 1940s and 1950s. These buildings generally are in poor to fair condition, with virtually no new private construction in recent years. There are two 30-story high-rise apartment buildings located just north of the former Miami Arena site at N.W. 8th Street and N.W. 1st Avenue. These buildings were constructed on City of Miami land by private developers. The south building, Bayview Towers, was constructed in 1989 and contains 356 units. The north building, Park Place by the Bay, was constructed in 1990 and contains 463 units. The rental rates area relatively reasonable in these buildings. There has been little redevelopment in this area. The stimulus to speculation has been the Performing Arts Center on Biscayne Boulevard at N.E. 13th Street. The construction was completed in 2007. In addition to the speculation related to the Performing Arts Center, the establishment of the Park West Entertainment District by the City in April of 2000 had a positive affect on the property values. The intent of the Ordinance was to eliminate the distance requirements between nightclubs and to actually encourage establishment of clubs in close proximity to one another. It also provides for 24-hour liquor licenses within the district. The Park West Entertainment District is bounded by S.R. 836/I-395 to the north, Biscayne Boulevard to the east, N.E. 7th Street to the south, and North Miami Avenue to the west. Motivated by the liberal provisions of the Park West Entertainment District, in conjunction with greater restrictions being placed on nightclub operators on South Beach, club owners have acquired a number of older industrial buildings and vacant sites in the area - primarily along N.E. 11t Street and N.E. loth Streets. The older buildings have been totally renovated and opened as nightclubs, reportedly with tremendous success. Although no new buildings have been built on vacant sites, several are reportedly planned. QUINLIVAN APPRAISAL 18 The Central Business District of Miami is located just southeast of the Overtown area. The Central Business District is defined with Biscayne Boulevard at the east boundary, N.W./S.W. 1st Avenue to the west, N.E. 5th Street to the north and the Miami River to the south. The Central Business District is comprised of offices, hotels and retail stores. The older buildings were constructed primarily in the period between 1920 and 1940. The newer buildings were constructed primarily in the 1960s and 1970s. Flagler Street is the primarily retail/office street in the Central Business District of Miami. There are a variety of retail stores, department stores and offices fronting along Flagler Street in the Central Business District. Major office buildings in this area of Flagler Street and in the Central Business District include Israel Discount Bank Building, Alfred I. DuPont Building, Bank of Miami, Biscayne Building, City National Bank, Roberts Building, Courthouse Tower, Museum Tower, One Biscayne Tower, Bank of America Tower, SunTrust International Center, Wachovia Financial Center and Miami Center. The Government Center is bordered on the east by the Metrorail Guideway (N.W. 1st Avenue), on the west by Interstate 95, on the south by Flagler Street and on the north by N.W. 5th Street. This is an area zoned for Government/Institutional uses. There are two seven -story State of Florida Office buildings located on the east side of N.W. 2nd Avenue between N.W. 4th Street and N.W. 5th Street. The five -story City of Miami Police Station is located on the west side of N.W. 2nd Avenue, across from the State of Florida Office building. The 29-story Metro -Dade County Government Center is located approximately one mile south of the subject sites on the east side of N.W. 2nd Avenue between N.W. 1st Street and N.W. 3rd Street. This 500,000 square foot office building houses most of the Miami -Dade Government Offices. The former City of Miami Administrative Building (Hickman Building) is located on the northeast corner of N.W. 2nd Street and N.W. 3rd Avenue. The City of Miami moved their administrative office to a larger building in 1992 at S.W. 2nd Avenue and S.W. 4th Street. The Hickman Building now houses Miami -Dade County Parks Depailuient and the Juvenile Assessment Center. Miami -Dade County has two multi -level parking garages on the north and south sides of N.W. 1st Street, just east of N.W. 3rd Avenue. The Miami -Dade County Cultural Center which contains the Art Museum of Miami -Dade County, the Historical Museum of Southern Florida and Main Branch of the Miami Public Library, is located adjacent to the south of the Miami -Dade County Government Center. The Miami -Dade County Courthouse is located on West Flagler Street at N.W. 1st Avenue. Due to proximity to the courthouse, most offices along Flagler Street are occupied by attorneys and their support services. The Overtown Station of Miami -Dade County's Rapid Transit System, known as Metrorail, is located at N.W. 8th Street and N.W. 1st Avenue. The Metrorail is an elevated track train system QUINLIVAN APPRAISAL 19 which extends north and west through the City of Hialeah to the Palmetto Expressway at N.W. 74th Street, and south to the Dadeland area. The Downtown Metromover emanates from the Government Center Station. The Metromover is an elevated track, remote controlled vehicle system which provides local transportation in the Central Business District. The Metromover track extends southerly to S.E. and S.W. 4th Street, easterly to Biscayne Boulevard, northerly to N.E. and N.W. 5th Street and westerly to N.E. and N.W. 2nd Avenue. The Metromover has nine stations throughout the Central Business District of Miami. Extensions of the Downtown Metromover have been constructed that run to the Omni and Brickell Avenue areas. The Federal Law Enforcement Building, known as the General Services Administration (GSA) Building, is located along the west side of N.E. 1st Avenue, between N.E. 4th and 5th Streets. This 308,000 square foot, 12-story building was recently constructed by the City of Miami in two phases and is leased to the Federal Government. There is one floor of partially sub -level parking, with the top three floors utilized as courtrooms to handle the overflow from the main courthouse. Various governmental offices occupy 100 percent of this building, with the U.S. Attorney's Office and the U.S. Marshall's Service as primary tenants. The U.S. Bureau of Prisons Metropolitan Federal Detention Center was recently built immediately west of the GSA Building. This 22-story facility houses a total of 946 inmates for all four security wards - minimum, low, medium, and maximum. In summary, the subject property is located north of the Central Business District of Miami, in an older multi-family/commercial area known as Overtown, a short distance from the Florida State Office Buildings and the Metro -Dade County Government Center. QUINLIVAN APPRAISAL 20 J a •5 y 5�555 1 �5 5i 4i NEIGHBORHOOD MAP LLl Theodore R Gibson Park NW 1 NW 12 St 1300-22 N. W. 3rd Avenue 331 N.W. 13thStreet NW 3r St ,,rr� fs Lummus Park 0 dad St roraii-uvertown i M etr Cent6 over -Go Sta rn r QUINLIVAN APPRAISAL 21 SITE DATA QUINLIVAN APPRAISAL 22 SITE DATA Dimensions and Shape: The sites are rectangular. Parcel 1 The east property line of the site fronts for 60 feet on the west right-of-way line of N. W. 3rd Avenue and has a depth westerly of 60 feet. Parcel 2 The east property line of the site fronts for 30.5 feet on the west right-of-way line of N. W. 3ra Avenue and has a depth westerly of 60 feet. Parcel 3 The south property line of the site fronts for 100 feet on the north right-of-way line of N. W. 13th Street and has a depth northerly of 208 feet. Note: A survey of the sites was not provided. The shapes and dimensions of the sites are from recorded plats and the Hopkins Plat Book. Area: Parcel 1: 3,605 square feet or 0.08 acres Parcel 2: 1,838 square feet or 0.04 acres Parcel 3: 20,800 square feet or 0.48 acres (Source: Miami -Dade County Property Appraiser's Office) Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map No. 12086C0314L (Effective September 11, 2009) IIXII Soil and Subsoil: Areas determined to be outside 0.2% annual chance floodplain The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. Utilities: Water: Miami -Dade Water and Sewer Department Sewer: Miami -Dade Water and Sewer Department QUINLIVAN APPRAISAL 23 Electricity: Florida Power & Light Company Telephone: AT & T Street Improvements: N. W. 13`h Street is asphalt paved with a dedicated width of 40 one eastbound lane and one westbound lane. N. W. 3rdAvenue is asphalt paved with a dedicated width of 50 one northbound lane and one southbound lane. feet. N. W. 13th Street contains feet. N. W. 3rd Avenue contains QUINLIVAN APPRAISAL 24 SITE SKETCH QUINLIVAN APPRAISAL 25 ZONING QUINLIVAN APPRAISAL 26 ZONING Under Ordinance of the City of Miami, Florida. Classification: T6-8-O URBAN CORE ZONE - OPEN The urban core zone is comprised of the highest density and greatest variety of uses, including civic buildings of regional importance. A network of small blocks has thoroughfares with wide sidewalks, with steady tree planting and buildings set close to the frontage with frequent doors and windows. Permitted Principal Uses allowed by right include single family residences, duplexes, multifamily housing, community residences, home offices, bed & breakfasts, inns, hotels, offices, entertainment establishments, food service establishments, general commercial, places of assembly, recreational facilities, religious facilities, learning centers, and research facilities. Uses permitted by waiver include auto related establishments, marine related facilities, open air retail, infrastructure and utilities, community support facilities, marinas, public parking, transit facilities, childcare, colleges, schools, and vocational training. Uses permitted by exception include alcohol service establishments. Development Regulations Minimum Lot Size: 5,000 square feet Maximum Lot Size: 40,000 square feet Minimum Lot Width: 50 feet Maximum Lot Coverage: 80% Floor Lot Ratio: 5 Minimum Green Space: 10% Maximum Density: 150 dwelling units per acre Setbacks: Front (principal) 10 feet Front (secondary) 10 feet Side 0 feet Back 0 feet Minimum Height: Two stories Maximum Height: Eight stories QUINLIVAN APPRAISAL 27 Minimum Offstreet Parking: Principal Dwelling Community Residence Lodging Office Commercial Civic Educational 1.5 spaces per unit 1 space per staff member in addition to required parking 1 space per 2 lodging units 3 spaces per 1,000 square feet 3 spaces per 1,000 square feet 1 space per every 5 seats of assembly area 2 spaces per every 1,000 square feet of educational use QUINLIVAN APPRAISAL 28 HIGHEST AND BEST USE QUINLIVAN APPRAISAL 29 HIGHEST AND BEST USE Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant and available for its highest and best use. The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition, defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. Land has limited value unless there is a present or anticipated use for it; the amount of value depends on the nature of the land's anticipated use, according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained as so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. Estimating the highest and best use of a property comprises four stages of analysis: 1. Possible Use. What uses of the site being appraised are physically possible? 2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction, if any? 3. Feasible Use. Which possible and permissible uses will produce a net return to the owner of the site? 4. Maximally Productive. Among feasible uses, which use will produce the highest net return to the owner of the site? The following four point test must be met in estimating the Highest and Best Use. The use must be legal. The use must be probable, not speculative or conjectural. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to the subject property. In arriving at the estimate of Highest and Best Use, the subject site was analyzed as vacant and available for development. QUINLIVAN APPRAISAL 30 Possible Use The Parcel 1 site fronts on N. W. 13th Street and N. W. 3rd Avenue. The Parcel 2 site fronts on N. W. 3rd Avenue. The Parcel 3 site fronts on N. W. 13th Street. The abutting streets are secondary streets. The road access and exposure of the site is adequate. The Parcel 1 site is 3,605 square feet in size which equates to 0.08 of an acre. The Parcel 2 site is 1,836 square feet in size which equates to 0.04 of an acre. The Parcel 3 site is 20,800 square feet in size which equates to 0.48 of an acre. The sizes and street frontage of the Parcel 1 and 2 sites would limit use to a small scale use. The size and street frontage of the Parcel 3 site would indicate a moderate scale use. The sites are rectangular, with adequate street frontage and depth for good functional utility. Public utility services are available in the abutting street right-of-ways. Permissible Use Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There are presently no known private deed restrictions of record. The sites are zoned for mixed commercial and residential uses. The zoning of the sites permits most commercial uses, hotels, houses, duplexes, townhouses and apartments. The maximum building density is based on a maximum floor lot ratio of 5 times the lot area the maximum residential density is 150 dwelling units per acre. The maximum building footprint is 80% of the net lot area. The maximum building height is eight stories. Feasible Use/Maximally Productive Use The physical characteristics and zoning of the subject properties permit a wide range of potential uses. The possible and permissible uses of the subject sites include banks, hotels, office buildings, retail stories and residential uses. The physical characteristics and zoning of the subject properties would indicate a small scale use, such as an office building, mixed use office and residential use, hotel, or government building. The sites have adequate road access and exposure. The permissible uses of the subject sites include offices, banks, stores, hotels, restaurants, religious facilities, schools, residential uses, and most commercial uses. Uses on surrounding sites include apartment buildings, churches, restaurants, retail stores, offices, and mixed use buildings. Conclusion — As Vacant Based on the zoning, physical characteristics, and surrounding uses, the highest and best use of the sites is estimated to be for a multiple family and commercial uses. QUINLIVAN APPRAISAL 31 THE APPRAISAL PROCESS QUINLIVAN APPRAISAL 32 APPRAISAL PROCESS The value of a site can be estimated by various methods which include Direct Sales Comparison, Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. However, the Direct Sales Comparison Approach is the most preferred and utilized technique when sales of comparable sites are available. The other methodologies are indirect techniques which are generally used when an area is primarily built-up and sales of comparable sites are scarce. The Direct Sales Comparison Method of valuing the subject site was relied on due to the availability of recent land sales. In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and best use as the subject site are analyzed, compared and adjusted by time, property characteristics and location to indicate the Market Value of the subject site as though unimproved. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. Data related to the subject properties is derived from various sources including but not limited to the Miami -Dade County Property Appraiser's Office, the Miami -Dade County Clerk's Office, Miami -Dade County plats, FEMA flood zone maps, Land Development Regulations of the City of Miami and tax roll information provided by the Miami -Dade County Property Appraiser's Office. Comparable sale sources include the Miami -Dade County Property Appraiser's Office, Board of Realtors' Multiple Listing Service, Costar, and Loopnet. Sale prices are typically confirmed with a party to the transaction, i.e. buyer, seller, real estate agent or attorney to the transaction. QUINLIVAN APPRAISAL 33 LAND VALUE ANALYSIS QUINLIVAN APPRAISAL 34 LAND VALUE A value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The following pages contain sales of similar land sites which have recently sold. Several other sales were considered, but were not included because there was too wide a difference in physical factors, location and time. Various analytical techniques may be used to identify and measure adjustments. The techniques of comparative analysis can be grouped into two categories: quantitative and qualitative. When quantitative analytical techniques are applied, mathematical processes are used to identify which elements of comparison require adjustment and to measure the amount of these adjustments. The primary quantitative techniques, Paired Data Analysis, is a process in which two or more market sales are compared to derive an indication of the size of the adjustment for a single characteristic. Ideally, the sales being compared will be identical in all respects except for the element being measured. Although paired data analysis is a theoretically sound method, it is sometimes impractical because only a narrow sampling of sufficiently similar properties may be available and it is difficult to quantify the adjustments attributable to all the variables. The primary qualitative techniques, Relative Comparison Analysis, is the study of the relationship indicated by market data without recourse to quantification. This technique is utilized because it reflects the imperfect nature of real estate markets. To apply the technique, the appraisers analyze comparable sales to determine whether the comparables' characteristics are inferior, superior, or equal to those of the subject property. A search is made of real estate market for all sales within the subject or competitive locations. While many sales were reviewed, the sales contained herein are considered most comparable to the subject properties as to all major factors of comparison. A photograph of each sale, a summary of the sales, a sales map and a value conclusion follows herein. QUINLIVAN APPRAISAL 35 LAND SALE 1 DATE: January 19, 2021 PRICE: $530,000 TYPE INSTRUMENT: Special Warranty Deed RECORDATION: O.R. Book 32307, Page 4552 FOLIO NUMBERS: 01-0105-040-1070 01-3137-029-0010 GRANTOR: Thomas R. Post GRANTEE: Make -a -wish Foundation of Southern Florida, Inc. LEGAL: A portion of Lot 8, DoRN's SUBDIVISION OF NORTH 1/2 OF BLOCK 67N, Plat Book "B", Page 92 of the Public Records of Miami -Dade County, Florida; and a portion of Lot 16, CUTLER & FRISSELL'S RE -SUBDIVISION BLOCK 54N, Plat Book 1, Page 3 of the Public Records of Miami -Dade County, Florida. LOCATION: 335 N. W. 6th Street Miami, Florida SITE DESCRIPTION: Dimensions: Irregular Size: 4,579 Square Feet 0.11 Acres Zoning: T6-80-0, Urban Core Zone Current Use: Vacant UNIT PRICE: $115.75 per square foot FINANCING: Cash. REMARKS: The site had not sold in the previous five years. QUINLIVAN APPRAISAL 36 SALE 1 QUINLIVAN APPRAISAL 37 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBERS: GRANTOR: GRANTEE: LEGAL: LOCATION: SITE DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS: LAND SALE 2 March 9, 2022 $5,150,000 Special Warranty Deed O.R. Book 33072, Page 3132 01-3137-029-0010 01-3137-029-0020 01-3137-029-0030 01-3137-029-0040 01-3137-029-0050 01-3137-029-0060 01-3137-029-0070 01-3137-029-0080 01-3137-029-0090 01-3137-029-0100 01-0106-070-1050 Make -a -wish Foundation of Southern Florida, Inc. SFCLT, LLC A portion of Lots 6 & 7, a portion of the West 1/2 of Lot 8, and all of Lots 9-15, DoRN's SUBDIVISION OF NORTH 1/2 OF BLOCK 67N, Plat Book "B", Page 92 of the Public Records of Miami -Dade County, Florida. 350 N. W. 6th Street Miami, Florida Irregular 33,139 Square Feet 0.76 Acre T6-8-O, Urban Core Zone, Open T6-8-L, Urban Core Zone, Limited Vacant $155.41 per Square Foot Conventional first mortgage from Florida Community Loan Fund of $3,750,000. The site was purchased in January of 2021 in two transactions QUINLIVAN APPRAISAL 38 SALE 2 QUINLIVAN APPRAISAL 39 LAND SALE 3 DATE: May 11, 2022 PRICE: $1,190,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33194, Page 2951 FOLIO NUMBER: 01-0109-000-1260 GRANTOR: Lummus Lot, LLC GRANTEE: 413QOZB, LLC LEGAL: Lot 24, Block 90 North, CITY OF MIAMI, Plat Book "B", Page 41 of the Public Records of Miami -Dade County, Florida. LOCATION: 413 N. W. 3rd Street Miami, Florida SITE DESCRIPTION: Dimensions: 50 feet x 150 feet Size: 7,500 Square Feet 0.17 Acre Zoning: T6-8-L, Urban Core Zone, Limited Current Use: Vacant UNIT PRICE: $158.67 per Square Foot FINANCING: Conventional first mortgage from United Equities NY of $800,000. REMARKS: The property previously sold in November of 2019 for $657,500. QUINLIVAN APPRAISAL 40 SALE 3 QUINLIVAN APPRAISAL 41 LAND SALE 4 DATE: October 26, 2022 PRICE: $1,250,000 TYPE INSTRUMENT: Special Warranty Deed RECORDATION: O.R. Book 33463, Page 111 O.R. Book 33472, Page 335 FOLIO NUMBER: 01-0105-040-1010 01-0105-040-2010 01-0105-040-2020 GRANTOR: Premium Development, Inc. GRANTEE: Downtown West 33, LLC LEGAL: Portions of Lots 1 and 5, and all of Lot 2, SCOTT & SAWYER SUBDIVISION, Plat Book 4, Page 13 of the Public Records of Miami -Dade County, Florida. LOCATION: 342 N. W. 7th Street Miami, Florida SITE DESCRIPTION: Dimensions: Irregular Size: 9,769 Square Feet 0.22 Acre Zoning: T6-8-L, Urban Core Zone, Limited Current Use: Vacant UNIT PRICE: $127.96 per Square Foot FINANCING: Cash. REMARKS: The property previously sold in October of 2018 and August of 2019 for a total of $810,000. QUINLIVAN APPRAISAL 42 SALE 4 QUINLIVAN APPRAISAL 43 LAND SALE 5 DATE: April 10, 2023 PRICE: $1,380,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 33662, Page 1864 FOLIO NUMBER: 01-0104-070-1150 GRANTOR: 361 NW 7th Street, LLC GRANTEE: Inca Investments, LLC LEGAL: Lot 13, Block 47 North, CITY OF MIAMI, Plat Book "B", Page 41 of the Public Records of Miami -Dade County, Florida. LOCATION: 361 N. W. 7th Street Miami, Florida SITE DESCRIPTION: Dimensions: 50 feet x 150 feet Size: 7,500 Square Feet 0.17 Acre Zoning: T6-8-O, Urban Core Zone, Limited Current Use: Vacant UNIT PRICE: $184.00 per Square Foot FINANCING: Cash. REMARKS: The property previously sold in November of 2019 for $640,000. The property was listed for sale with a real estate broker at an asking price of $1,600,000 or $213.33 per square foot of land area. QUINLIVAN APPRAISAL 44 SALE 5 QUINLIVAN APPRAISAL 45 Henry Reeves Park NW 9th St LAND SALES MAP SALE 5 361 N.W. 7 Street SALE 1 615 N.W. 4 Avenue SALE 3 413 N.W. 3 Street Theodore R Gibson Park 1300-22 N. W. 3rd Avenue 331 N.W. 13th Street arxrairiiMrauerw- t ,IW Hth SALE 4 342 N.W. 7 Street SALE 2 350 N.W. 6 Street \IF 2iuieuom 1 G QUINLIVAN APPRAISAL 46 SUMMARY OF LAND SALES CHARACTERISTICS SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 SALE 5 DATE OF SALE 1/19/21 3/9/22 5/11/22 10/26/22 4/10/23 SALE PRICE $530,000 $5,150,000 $1,190,000 $1,250,000 $1,380,000 O.R. BOOK/PAGE 32307/4552 33072/3132 33194/2951 33463/111 33472/335 33662/1864 ADDRESS 1300 N.W. 3 Ave. 1322 N.W, 3 Ave. 331 N.W 13 St. 335 N.W. 6 St. 350 N.W. 6 St. 413 N.W. 3 St. 342 N.W. 7 St. 361 N.W. 7 St. LOCATION '/2 Mile SW '/2 Mile South 2/5 Miles SW '/2 Mile South '/2 Mile South LAND SIZE (SF) PI: 3,605 P2: 1,836 P3: 20,800 4,579 33,139 7,500 9,769 7,500 LAND SIZE (ACRES) P 1: 0.08 P2: 0.04 P3: 048 0.11 0.76 0.17 0.22 0.17 ZONING T6-80 T6-80 T6-80/T6-8L T6-8L T6-8L T6-80 USE AT SALE Vacant Vacant Vacant Vacant Vacant Vacant PRICE PAID/SF $115.75 $155.47 $158.67 $127.96 $184.00 ANALYSIS OF SALES The land sales range in unit price from $115.75 to $184.00 per square foot of land area. The sales range in time from January of 2021 to April of 2023. Property Rights The fee simple interest is the property right of the subject property being valued. The comparable sales involved the same type of property rights. Financing The sales were all financed with cash. The financing of the sales does not indicate any adjustments of their prices for favorable/below market financing. Conditions of Sale All of the sales were arm's-length transactions. An arm's-length transaction is defined as a transaction freely arrived at in the open market unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case between related parties. Date of Sale (Market Conditions) The sales occurred between January of 2021 to April of 2023. An upward trend in price for land sites in the subject market area is evident over this time period. The unit prices of Sales 1, 2, 3, and 4 require upward adjustment for increasing market conditions. Location The sale sites are located in the same market area as the subject property, within a 2/5 of mile radius of the subject. The locations of the sale sites are closer to the central business district of Miami. The locations of the sale sites are considered better than the location of the subjects. The unit prices of the sales require downward adjustment for better locations. Land Size The sale sites range in size from 4,579 to 33,139 square feet. The Parcel 1 site is 3,605 square feet in size. The Parcel 2 site is 1,836 square feet in size. The Parcel 3 site is 20,800 square feet in size. The sizes of the Parcel 1 and 2 sites are slightly below the range of the sizes of the sale sites. The size of the Parcel 3 site is within the range of sizes of the sale properties. The sales do not indicate a difference in unit price based on site size. Zoning The subject sites are zoned for commercial and residential use in a T6-80 district. The zoning of the subject site permits a density of a lot floor ratio of five and a maximum building height of eight stories. The sale sites are zoned either in T6-80 or T6-8L zones. The zonings of the sale sites are similar to the zoning of the subject sites. QUINLIVAN APPRAISAL 48 Conclusion The land sales range in unit price from $115.75 to $184.00 per square foot of land area. A summary of the adjustments is as follows: Sale No. 1 2 3 4 5 Price/Square Foot $115.75 $155.41 $158.67 $127.96 $184.00 Adjustments Property Rights Conditions of Sale Financing Market Conditions ++ + + + _ Location - - - - - Site Size Zoning Access/Exposure Site Conditions Total Adjustments + = = = - Based on the above analysis of the land sales, it is estimated that the subject site has a market value as of June 5, 2023 of $150.00 per square foot of land area. Parcel 1 3,605 Square Feet x $150.00 per Square Foot = $ 540,750 Land Value Indication (Rounded) $ 540,000 Parcel 2 1,836 Square Feet x $150.00 per Square Foot = $ 275,400 Land Value Indication (Rounded) $ 275,000 Parcel 3 20,800 Square Feet x $150.00 per Square Foot = $ 3,120,000 Land Value Indication (Rounded) $ 3,120,000 QUINLIVAN APPRAISAL 49 ADDENDA QUINLIVAN APPRAISAL 50 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. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7 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. 8. 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. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 51 10. In reference to proposed construction, the real estate taxes and other expenses are Estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. 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. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of 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. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein 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. QUINLIVAN APPRAISAL 52 QUALIFICATIONS OF THE APPRAISER THOMAS F. MAGENHEIMER Experience: 11/84 - Present QUINLIVAN APPRAISAL, P.A. 7300 N. Kendall Drive, Suite 530 Miami, Florida Currently president of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, Established in 1964. Education: University of Richmond, Richmond, Virginia BA - Bachelor of Arts in History (1982) Professional Affiliations: Member of the Appraisal Institute (MAI No. 09166) Real Estate Salesman - State of Florida - Certificate No. 0344882 Certified General Appraiser, State of Florida, License No. RZ 553 Member Sigma Alpha Epsilon Fraternity Qualified as an Expert Witness in the Following Courts: Miami -Dade and Broward County Circuit Courts United States Bankruptcy Court Other Activities: Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992) Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995) President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996) Board of Trustees - Palmer -Trinity School (1989 - 1993) QUINLIVAN APPRAISAL 53 Quinlivan Appraisal has prepared Appraisal Reports for the following: Institutions and Corporations: AT&T Alpha Realty Advisors Archdiocese of Miami Apollo Bank The Bank of America Bank United Barry University Bessemer Trust Company California Bank and Trust Chevron Oil Company Chase Manhattan Bank Chemical Bank Citibank City National Bank of Miami Coamerica Bank Coconut Grove Bank Commerce Bank Commercial Bank of Florida Eastern National Bank Espirito Santo Bank First American Bank First Bank Florida Farm Credit of South Florida First International Bank First National Bank of South Miami Florida International University First Nationwide Bank Florida Memorial College Florida Power and Light Company Florida Rock Industries Greyhound Lines HSBC Hemisphere National Bank Iberia Bank Intercontinental Bank International Bank of Miami, N.A. Jackson Health System Jetstream Financial Credit Union LaSalle National Bank Marine Midland Bank McDonalds Corp. Mellon United National Bank Miami -Dade County Community College Northern Trust Bank of Florida QUINLIVAN APPRAISAL 54 Ocean Bank Pacific National Bank Shell Oil Company Silver Hill Funding South Trust Bank SunTrust Bank TotalBank Trust for Public Lands University of Miami U. S. Century Bank Wachovia Wal-Mart YMCA Governmental Agencies: City of Aventura City of Coral Gables City of Doral City of Florida City City of Hialeah City of Homestead City of Miami City of Miami Parking Authority City of Miami Beach City of Miramar City of North Bay Village City of North Miami City of North Miami Beach City of South Miami City of Sunny Isles Beach Miami -Dade County Aviation Department Miami -Dade County Department of Development & Facilities Management Miami -Dade County HUD Miami -Dade County Property Appraisal Adjustment Board Miami -Dade County Public Schools Miami -Dade County Public Works Department Miami -Dade County Transportation Administration Miami -Dade Water & Sewer Department South Florida Water Management District State of Florida, Attorney General's Office State of Florida, Department of Community Affairs State of Florida, Department of Corrections State of Florida, Department of Environmental Protection State of Florida, Department of Insurance State of Florida, Department of Rehabilitation and Liquidation State of Florida, Department of Transportation Town of Golden Beach QUINLIVAN APPRAISAL 55 Town of Bay Harbor Islands Town of Miami Lakes United States Army Corps of Engineers United States Department of Justice United States Department of Commerce United States Department of the Interior United States General Services Administration Village of Islamorada Village of Key Biscayne Village of Pinecrest Village of Palmetto Bay Law Firms: Akerman Senterfitt Greenberg, Traurig Daniels, Kashton, Downs and Robertson Holland and Knight, LLP Shutts & Bowen Ruden McClosky, LLP Steel, Hector & Davis, LLP Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A. Types of Properties Appraised: Single Family Residences Apait,inent Buildings Office Buildings Retail Stores Shopping Centers Condominium Apartment Buildings Golf Courses Residential Subdivisions Automobile Dealerships Vacant Land Hotel/Motels Warehouses Nursing Homes Mobile Home Parks Schools Service Stations Marinas Wetlands QUINLIVAN APPRAISAL 56