HomeMy WebLinkAboutItem #11 - Discussion ItemI. Wilson, M.A.I.
Qtertititate of Oppraitat
'NEIC MILWAY COMM/ t. 6 1156Ck F116PER.TY
II i I. Wii§Cfi# M.A.I. do hereby certify that, upOh reqUett Oft
JOSEPN k. GPA8BIE, CITY MANA0E110 CITY OFMI1tMORIDA#
I haVe made an investigation and analysis of the property described as:
Parcpla No. 1, 2, 2A, 2C, 2D, 2E, 2F, 3, 4 7# 8, and
(as delineated on that certain survey performed by Biscayne Engineering Com
pany under Order No. 52081# as revised to May, 1976, and attached heretc)#
and 1 am of the opinion that as of June 20, 1977, the total Fair Market Value
of the Fee Simple Title to Parcels No. 1, 2, 2A, 2C, 2D, 2E, 2r, 3, 4, 7, and
8, and the Air Rights above Parcel No. 9 (considered as one parcel of real es-
tate), was $14,500,000.00.
FOURTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS
Said Parcels comprise the entire ownership of the Florida East Coast Railway
Company lying between Biscayne Boulevard, Biscayne Bay, Port Boulevard, and the
south property line of the Bicentennial Park, City of Miami, Florida.
The above estimate of Market Value is subject to the statement of standard and
special limiting conditions attached hereto.
I further certify I have no past, present, or future contemplated interest in
the property herein appraised.
Miami, Florida
June 20# 1977
,„.
' AND PMUUStRA
ealbITtbNS_ OV, APPAAISA,
finless otherwise spedifidally Stated, the value given in this appraisal represents the
opinion of the signer as to the Pair Market Value AS OF THE bATE SPECIEttb. Market
Value of real estate is affected by economic conditions, both local and National. Mar-
ket value of real estate will vary with future market conditions affecting real estate.
The Value given in this appraisal report is gross, without consideration given to any
encumbrances, restrictions or question of title, unless so stated.
It is assumed that the title to said premises is good and that the legal description
of the premises is correct.
This appraisal expresses the opinion of the signer, and in no way has been contingent
upon the report of a predetermined or specified value, nor upon any finding to be re-
ported.
Possession of this report or any copy thereof does not carry with it the right of pub-
lication, nor may the same be used for any purpose by any but the applicant without
the previous written consent of the appraiser or the applicant, and in any event, only
in its entirety.
The appraiser herein certifies that to the best of his knowledge and belief, the
statements and opinions contained in this appraisal subject to the limiting conditions
set forth are correct; also that this appraisal has been made in conformity with the
rules of professional ethics of the American Institute of Real Estate Appraisers of
the National Association of Real Estate Boards.
SPECIAL LIMITING CONDITIONS AND ASSUMPTIONS
1) Assumes Parcel No. 8 (8 acres) may be partially or completely filled and
bulkheaded.
2) Only the estimated value of the air rights over Parcel No. 9 (Seaport spur
track; 0.42 acres) commencing 23 feet above rail grade, is included in the
appraisal.
3) An entrance drive into the Subject Property and across spur track from Port
Boulevard in the vicinity of Marine Parkway, will be permitted.
4) Highest and Best Use is development with a mix of office, hotel, commercial,
and residential similar to that permitted on Claughton Island, Omni, and
Plaza Venetian.
5) No consideration was given to loss of business, going concern value, and re-
location expenses.
6)
Fair Market Value estimate is expressed in 1977 dollars.
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SU!MERGED AREA
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AREA RECENTLY FILLED
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FLORIDA EAST COAST RAILWAY CO.
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iVlLA, Joseph Grassie, City Manager,.
City of. Nliatini, Florida
85Od Pan American Drive
Miami Florida 33133
Re ` P & 0 Dock Property
bea•r Mr
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Attached hereto is a certificate and certain additional'
limiting conditions covering the above captioned property,
In addition to the size as stated in the Special Conditions,
it should be noted that 24, 57 acres are upland, including the spur
line right of way, and that 8. 0755 acres are submerged,
The a re . ,
ppraisal• port ��11 be:furnished late9 in accordance
•with the terms of the •contract:
Respectfully' yours,
Cole. Appraisal Company'
By: W. +Pates Cole, D'C. A.1.
. JVBC/kac
att.
Certificate of ;Appraisal
I the undersigitpd, do hereby certify that upo t rccltitst tot valttatieh by
1e City of Miami, Vlorida
i have trade art investigation and analysis of the knowing described property:
& Cf Dock Property;
Parcels 1, 2A, 28, 2C, 21), 2E, 21r, 8,4, 7, 8 and 9 as idehitified
on surrey prepared by Biscayne ingineering Cornpatiy, dated August
1975 (revised December 1975 and May 1976), Drawing CO4.704,
and that 1 atn of the opinioh that on
June 17, 1977
the Vail- Market Value of the land
A15,-..190,00p
Except as:;otherwise rioted in this'appr aisal report
1, 1 haveno present or contetnp1atcd future interest in the real estate that is the subject of this ap-
praisal report:
2. I. have no personal interest or bias with respect to the subject matter' of this appraisal report or.
the, parties. involved.
3. .To the best of my lknow ledge and belief the statements- of fact .contained in this appraisal report,
upon . which the analyses, opinions and conclusions expressed herein are ' based, are nth! and correct: .
• 4. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assign-
,
,, ment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report.
• 5. This appraisal report has been made in conformity with and is subject to the requirernents of the
Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Es-
' Late Appraisers of the National Association of Realtors.
6. No one other than the undersigned prepared the analyses, conclusions and opinion:: concertiing•real
estate that are set forth in this appraisal' report.
Date June 17, 1977
Invalid unless sealed
COLE APPRAISAL COMPANY
•
IA':
'That the correct' size 'Of, the property is 3 e ree;`;
That access and air rights over the spur lint railwa
could be Obtained,
That the present slip could be filled to the present
City of Miami property and bulkheaded across the
waterfront. only,
That zoning would be'permitted, ailowing'`for the
highest and best use of the property,
That traffic, flow in and out of the, property would be