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Home My WebLink AboutBack-Up Document - AppraisalsAPPRAISAL REPORT Miami International Links - Melreese Country Club Land 1802 NW 37th Avenue Miami, Miami -Dade County, FL 33125 PREPARED FOR Ms. Jacqueline Lorenzo Property Management Representative City of Miami -Department of Real Estate and Asset Management 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 PREPARED BY Joseph J. Bla V6160 'Associates, In, 4000 Ponce De Leon Boulevard Suite 410 Miami, FL 33146 JOSEPH. LAKE STS, INC. BLRtAt ESTATE yAk TIOR AND COPSUITIND ',AkE 4006 portae tie Leon Boulevard, Suite 410 1 Miami, f#. 33145 I Phrarte: (305) 448.1653 l Pax: (305) 448-7077 1 tvvatJQWPhjblakexa(t July 2, 2,018 Ms. Jacqueline Lorenzo Property Management Representative City of Miami-Department.of' Real Estate and Asset Management 444 SW 2nd Avenue., 3rd Floor Miami, Florida 33130 Re: Miami international minks - Melreese Country Club Land 1802 NW 37th Avenue Miami, FL 33125 Dear Ms. Lorenzo - As requested, we have preparers an appraisal of the property referenced above presented In the attached Appraisal Deport. The purpose of the appraisal is to develop an opinion of 1) the market value of the fee simple estate of an unspecified portion of the 13LO738 acres of land underlying the Miami International Links - Melreese Gauntry Club, assuming the hypothetical condition that the subject has been rezoned to its Highest and best use under Miami 21 Special Area Plan. (SAP) zoning, as of April 10, 2018, and 2) the rental value of a portion of the underlying hand, assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018,. The unit value and rental value conclusions are based on the 131.0738 -acre size of the subject. 1f the size of the parcel sold or leased is different In size, these values may be impacted. Briefly described, the subject of this appraisal consists of the .131.0738 acres. or 5,789,575 SF of land underlying the Miami International Links ,. Melreese Country Club. The portion of this overall site that we are appraising has yet to be specified in regards to exact location or size, The parcel is pmproved with an 18 - hole golf course, with a driving range and practice putting greens. The subject is also improved with four buildings that were constructed from the 1960's to 2000's that are used as a golf learning center, pro shop, fulkervice restaurant, maintenance building, and other ancillary fuses for the operation of a golf course. The site is awned by the City of M !am! and leased to the current golf course operator, The site is irregular in Shape and is level and street grade. The report contains 100 pages. plus related exhibits, The appraisal and the attached Appraisal Report have beers prepared in conformity with and are subject to the Code of. Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional AppTalsal practice of the Appraisal Foundation (USPAP), In preparing this appraisal, we considered the use of the most widely recognized to value vacant land.: the Sales Comparison Approach. The appraisal is subject to the attached Assumptions and Limiting Conditions and IDefinition of Market Value, arporat.,€ Headquarters; Q'i brta id tHo'hoW ftml, %i t , 424 I tvlulVillra, NqW YQr'k .117,17 4 (5.W 18271W22 Ragiaml off€res, `4tt= r taf ttus=t .rr't I M-Oigo I talla, 1 i.rax Ars o:, k Ni rpmr $ NCW Sark duty l sr+ I rar o[ n t staa akrr rs Q ., Slake &Sa'riyu Alfiattce. ) okvo i 05aka i Ni,,gQya 1 °iemapi July 2, Zo18 Ms. Jacqueline Lorenzo, Page 2 of 2 After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, we are of the opinion, that the market value of the fee simple estate of the subject., assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21, Special Area Plan (SAP) zoning, as of April 10, 2018, on a per square foot basis is; $25.00AF TWENTY-FIVE DOLLARS PER SQUARE, FOOT This unit value conclusion is based on'the 131,0738 -acre size of the subject, If the size of the parcel sold is ,different In size, the Unit Value moy'be impacted,. We are of the opinion that the rental Value of the subject's underlying land, as,sum Ing the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018, on a per square foot basis Is: $1.25/SF ONE DOLLAR TWENTY-FIVE CENTS PER SQUARE FOOT This rental value concluslorils based on the 131,0739 -acre size of the subject. If the size of the parcel leased is different in size, the rental valoe�may tae impacted, This rental value -should be re-evaluated approximately every five years, to take into, cartstd, , eration any change in market value, which would have an effect on the market rental rate, Rental rates for land are typically adjusted every five, years in the market, This appraisal is based on extraordinary assumptions that we do not consider any current leases- in place,. - The 'As Rezoned' value estimate in this appraisal is based on the hypothetical condition that the appropriate Special Area Plan (SAP) zoning to build, to the property's highest and best use, fs, In place as of the date of value. Theopinion(s)ofvalme-are based ran exposure times of to 12 months, assuming. the property was properly priced and actively marketed. This exposure, time also assumes the hypothetical condition that the subject .has been rezoned to Itshighest. and best use, The attached Appraisal'keoort summarizes the documentation and analysis in support of our conclusions. If you have any questions, please contact the undersigrted, We thank you for retaining the serVices of our firm. Respectfully sU b rrittbd, JOSEPH J. BLAKE AND ASSOCIATES, INC. J. Michael Phillips Assistant Director Florida-State�Certified General Real Estate Appraiser No; RZ2281 Expires: November 30, 2018 rnpfiIllips@josephjblake.com Ted Allen,, MAI, MRICS Managing Partner Florida -State -Certified General Real Estate Appraiser No,RZ426 txpires, November 30, 201.8: xxiam|mueruaupnalWnks-Melxwmse Country Oub Land 18-114�02 TABLE OF CONTENTS TITLE PAGE TRANSMITTAL LETTER EXECUTIVE SUMMARY .......... ....... .............. ._~.~~~~~_-......................... ............... ,............ .......... .~._.1 PHOTOGRAPHS OFTHE SUBJECT ...... ...... ~.~~........... ..~.°...~....^~~..~~'-.-...... ~........ ............ '� CERTIFKC\TIoN.......... ...... ~,~......... `-.~—^.^~._^...—_-^~`--~,--^"^-^-�`^~'��'-~^'^—~~'~-� GENERAL ASSUMPTIONS ]&LUmMUNGCONDITK}NS,.~~............... ,.......-.~._........-.~......... PURPOSE OFTHEAPPBAISAL._.._.............. ..,.~...__........ `.,,_.....~...~~~'_~~~~~,~~..~~.~..,g INTENDED USER AND USE OFTHE APPRAISAL ................ ..~~~.^^..................... .--- .... --- ~~~~°~—~~^'^� PERTINENT DATES OFINSPECTION, APPRAISALVALUE AND REPORT ....... _,.~`.^~~.~,~.,°,....... ,~_~...... g EXPOSURETkNE.... ,~^.°.~_~..._..~~~..^^~-~~~~~~~^'~�� SCOPE OF THE APPRAISAL, .......... ,..~^..~..~~~..~~._..._......-.-.._—..-.~.....,-~,.~~,.,,Jm IDENTIFICATION OF THE PROPERTY ................. _....~~.~.~_~"'...... ......... ~_.-_'^^~��-~~~—.....11 CURR6NTUSEOFTHE SDBJEC7°...^..... ......... .~.~~..,...~-~...-~~..~....._...°.°-.r. ........... .~�1 H8TORYDpTHE �Lx]/E��.~.^~`.,~-..~~~.~.~...~.~..~.-......... ~.-_..._''�."~_..~.11 AREA ANALYQS............... --- .......... ,.~~_^_^........... ..,~~......... ,_.....-^...~_......�_~~.,^..I� NEIGHBORHOOD ANALY��._-*~~~~.-.^.~^.~........ ....... 17 NATIONAL RETAIL MARKET ANALYSIS. ..... .-..._._'-~.....^'......... _.~-~^.~°~—^~'~~'_^^~.... -22 MIAMI RETAIL MARK£T .~..^......,.~.......... �..',_^.-^.~....-....... .—......... .'._.._.~...28 NATIONAL OFFICE MARKET AWALYSU5-.'~~~......... _....... °........... _~—..~~~.~°°~~''~—^~-~~'~3y MIAMI OFFICE MARKET ANALYSA�..�_-..~..—.-_~..... ,,..^..--°'^...'_._..~°..—~~.-.~._..._44 NATIONAL APARTMENT MARKET ANALyS|S..r....... ............. ~~_^--.°^__._.......... -°._....~,.~�4 MIAMI APARTMENT MARKET ANALYSIS_.~..°.,. ..... ............. ..^...... ......... ~........ ..-........ ---- ... 6B DESCRIPTION OFTHE ....... ..~~-~.^~^^~~........... ^......... ..'~.............. ......... 76 ZONING... ........ -............. .......... ..,-__~..~..~_—..-...__..~._^......... .......°~,,~...... ...... 78 TAXES^...._.~.�._.^...... .-°~~-.~.—..-.~~_~..~.~....... ........ ^~~~_........ -1 ^. HIGHEST AND BEST USE- ............... ......~,~...~~.�°~`~`............ ~~.............. _...~~~'.~...~�� AN&LY51SOFDATA AND{ZUNCLUSk]N3°~-~......... .......... ............ ...... ~..~~.`_�._...~.......�5 LAND VALUE- ... .._...~"..°...... _-... .... ...... ,.~^...-...—~~..~~..~~_~.J]8 ADDENDA Boundary Survey Flood Map Zoning Information Tax friformation Appraisal Engagement Contract Glo.ssary of Terms Qualifications ofthe Appraisers jMSEPH J. B|A K E AND ASSOCIATES, INC. UAL EVT&JEVAIM|UNAND C8CS0B/@& Miami International Links - Melreese Country Club Land 18-114-02 EXECUTIVE, SUMMARY ................................ PROPERTY SUMMARY PROPERTY APPRAISED Miami International Links- Melreese Country Club Land PROPERTYADDRESS 1802NW37thAvenue Miami, FL 33125 PARCEL/TAX ID 01-3132-000-0080 and portion oFOI-3132-000-0090 PROPERTY LOCATION The subject Is located along the north side of State Road -836, extending from NW 37th Avenue to NW 42nd Avenue, In the City of Miami, Miami -Dade County, Florida. PURPOSE OF THE APPRAISAL The purpose The purpose of the appraisal is to devel-op an opinion of: 1) the market value of the fee simple estate of an. unspecified portion of the 131,07,38 acres of land underlying the Miami International Links - Melreese Country Club, assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Speclat Area Plan (SAP) zoning, as of April IG,, 2018, and 2) the rental value of a portion of the underlying land, assuming the hypothetical condition that the subject has been rezoned to, its highest and best use under Mlarni 21 Special Area Plan (SAP) zoning, as of April 10, 2018. The unit value and rental value conclusions are based on the 131,0738 -acre size of the ,subject. if the size of the parcel sold or leased is different in size, these values may be Impacted. PERTINENT DATES DATE OF INSPECTION April 10, 2018 DATE OF REPORT July 2,2G18 DATE OF "AS REZONED TO HBU" VALUE April 10 2018 HIGHEST AND BEST USE ASINIPROVED The subject site is, valued as if vacant ASIFVACANT w.. To maximize the utility of the site in relation to the zoning . . . .. . . . . ................ .... PROPERTY DATA SITE DESCRIPTION - iriefiy' described, the subject of . this appraisal Consists of the 131.0738 acres or 5,709,575 SF of land underlying the Miamf International Links - Melreese Country Club. The subject is, unproved with an 18 -hole golf course, With a driving range and practice putting greens, The parcel is also improved with four buildings that were constructed from the 196(Ts to, 400's that are used as a golf learning center, pro shop, full seryl r, .0 restaurant, mafntehance building, and other and.liary uses for the golf course, The site is owned by the city of Miami and leased to the current golf operator, Miami International Links CURRENT USE As of the date of the value opinion(s), the subject Was being used,,, s€. golf course:, For,pyrp, o, this report, the Subject Is valued as vacant land zoned to the highest and best use of the subject under Miami 21 Special Area Plan (SAP), ZONING "CS," Civic Space under the Jurisdiction of the City of Miami JDSEPff J, BLAKE AND ASSOCIATES, IM 9FIL EStAlf VALUA1104 AND C011SULT1110 Miami international Links - Melreese Country Club [and 19-114-02 EXECUTIVE SUM MARY CENSUS TRACT 12-086-0049,01 .... ... , - .... VALUE SUMMARY "As Rezoned to Highest and Best Use" Value (4110/2018) La nd Va l.ue f=inal Value 001nion $25,00/SF This unit value conclusion is based on the 131.0738 -acre size of the subject. If the size of the parcel sold is different in size, the unit value may be Impacted. "As Rezoned to Highest and Value Best Use" Rental V (4110/2018 -9 — " a I , - , ") Final Rental Value $1.25 /SF This rental value concluslonis based on the 131.0738 -acre size of the subject,, If the size of the parcel leased is different in size, the rental value may be Impacted, The 'As Rezoned' value estimates in this appraisal are based on the hypothetical condition that the appropriate Special Area Plan (SAP) zoning to build to the property's highest and best use; is In place as of the date of value, J US EPH E SLAKE AND ASSOCIATES, INC, REAL (STATE VALUATION AMD PGONSOLT11410 Miami International minks - Melreese Country Club Land 18-114-02 ........... .._.._.__ ._.. .._..... Subject Facing Southeast ..... W_ __ ..- ............. . North Portion of the Subject Facing East _... ......... ... .. West Portion of the Subject Facing South .......... _...._._ .... _- . Subject Facing Northwest Warnt International Links - Melreese Country Club Land 18-114-02 North Elevation of the Restaurant Building South elevation of the Learning Center Building RM, Golf Cart Storage .............. . .... . .... ... ........ . ...... ..... ---- .............. Tennis Courts JOSEPH J. BLAKE AND ASSOCIATES, INC. gy RF,AL WATE VALUATION ANO CONSUITIND Miartii International Unks - Melreese Country Clula Land We, the undersigned, certify that, to the best of our knowledge and belief: CERTIFICATION J. Michael Phillips, has made a personal Inspection of the property that is the subject of this report. Ted Allen, MAI, MRIC$, has made a personal inspection of the property that is the subject of this report, As of the date of this report, J. Michael Phillips has completed the Standards. and Ethics Education,, Requirements for Candidates/Practicing Affiliates, of the Appraisal Institute. As of the date of this report, 'Ted Allen, MAI, MRIC$ has completed th,e continuing education, program for Designated Members of the Appra]"I Institute. * The statements of fact contained In this report aretrue,and correct, • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and Ilmiting conditions and are our personal, impartial, and unbiased, professional analyses, -opinions, and conclusions, • 'we have no present or prospective interest in the property that is the sabject of this report and no personal interestwith respect -to the pante involved. • We have no bias, with respect to the property that, is the, subject of this, report or to the parties involved with this assignment, OUT engagement in this assignment was not tontiagent upon developing or reporting predetermined results. • Our compensation for completing this assignment is, not contingent upon, the, development or re -porting of a predetermined value or direction 'in -value that favors the cause of the client, the, amount of the value opinion, the attainment of a stipulated result, or the occurrence subsequent event directly related to the intended use oaf this appraisal, # The Appraisal Report is not based on a requested. minimum valuation, a specific valuation, or the approval of a loan. In addition, our engagement, was not contingent upon the appraisal prod , ucinga specific value and neither engagement., 'nor employment, nor compensation,, is based ugon approval of any related Coati application. # Our analyses, opinions and conclusions were developed, and this report has been prepared,. In conformity with the Uniform Standards of Professional Appraisal Practice, • The reported analyses, opinions and conclusions were developed, and this report hasbeen prepared, in conformity with the requiremerits.of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal institute, • No one provided significant real property appraisal assistance to the parsons signing this certificate. • The use, of this report is subject to the requirements of t ' he State of Florida relating to review by the Real Estate- Appraisal Subcommittee of the Florida Real Estate Commission. The use, of this repo'rt is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The appraisers have performed no services, as an appraiser or in any other capacity, regarding the property that Is the subject of this report within the three-year period immediately preceding the date of acceptance of this assignment, JUSEP H SSOCIATES. IM REAL ESTATE VALUATCON, AND CONSULT010 M Miami international Unks - Melreese country club Land 18-114-02 CERTIFICATION After an inspection of the subject, and analysis of pertinent, physical and economic factors that affect value, we are of the opinion that the market value of the fee simple estate of the subject, assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2.018) on a per square foot basis is. $25.00/SF TWENTY-FIVE DOLLARS PER SQUARE FOOT This unit value conclusion is based on the 131.0738 -acre size of the subject. If the size of the parcel sold is different In size, the unit value may be impacted.. We are of the opinion that the rental value of the subject's underlying land, assuming the hypothetical candition that the subject has been rezoned to its highest And best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018, on a per 5. quare foot basis is, ONE DO"R TWENTY-FIVE CENTS PER SQUARE FOOT This rental value conclusion is based on the 131,0738 -acre size of the subject, if the size of the parcel leased Is different in size, the rental value may be impacted, This rental value should be re-evaluated approxilmately every five years to take, into consideration any change in market value, which would have an effect on the market rental rate, Rental rates for land are typically adjusted every five years in the market, This appraisal is based on extraordinary assumptions that we do not consider any current leases in place, The 'As Rezoned' value estimate In this appraisal is based on the hypothetical condition that the appropriate Special Area Plan (W)'zoning to build to the property's highest and best use, is in place as of the -date of value, The opinion(s) of Value are based on exposure times of 6 to 12 months, assuming the property was properly priced and actively marketed. This exposure time also assumes the hypothetical condition that the subject has been rezoned to Itshighestand best use. Respectfully, sub m itted, JOSEPH J. BLAKE AND AssociATES, INC., J, Michael, Phillips Assistant Director Florida -State -Certified General Real Estate Appraiser No.RZ2281 Expires. November 30, 2018 mp.hillips@josephjblake.com. Ted Allen, IMAI, MRICS Managing Partner Florida-State-Cartified General Real Estate Appraiser No. RZ426 Expires: November*30, 2.018 tpJIenpIoseQh[bI,ake.c6M1 JOSEPH LAKE AND ASSOCIATES, IN ArAL LSTATE VALUATION A80 CONSULT198 H Miami International Links - Melreese Coun" CIO Lana GENERAL ASSUMPTIONS & LIMITING CONDITIONS 18-114-02 This Appraisal Report is, subject to underlying assumptions and limiting conditions qualifying the information contained in the Report as follows: The vaJuation opinions(s) apply only to the property specifically Identified and described In the ensuing Report, Information and data contained in the report, although obtained from public record, and other reliable sources and, where possible, carefully checked by us, is accepted as satisfactory evidence upon which rests the final opinion(s) of property value. We have made no legal survey, nor have we commissioned one to be prepared, and therefore, reference to a sketch, plat, diagram or previous survey appearing in the report is only for the purpose of assisting the reader to visualize theproperty, It is assumed that all InformatJon known to the client and/or the property contact and. relative to the valuation has been accurately furnished and, that there are no undisclosed lease5" agreements,, liens or other encumbrances affecting the use of the property, unless otherwise noted In this report. Ownership and management are assumed to be competent and in responsible hands. No responsibility beyond reasonableness is assumed for matters of a legalnature, whether existing or pending. We, by reason of this appraisal,shall not be required to give testimony as expert witness, in any legal hearing or before any CoUrt of Law unless justly and fairly compensated for such services, By reason of the Purpose of the Appraisal and the intended user and Use of the Report herein set forth, the value opinion(s) reported are only applicable to the Property Rights Appraised, and the Appraisal Report should not be used for any other lawpose, Disclosure of the contents of this Appraisal Report is, governed by the By -Laws and Regulations of the Appraisal Institute. Neither all nor any part of thecontents of this report (especially any opinions, as _ to value, our Identity, or the firm with which we are connected, or any reference to the Appraisal institute or to the MAI Designation) shall be reproduced for dissemination to the through advertising redia, public relations . media, news media,sales media or any other public means, of communication without our prior consent and written approval, We have not been furnished with soil or subsoil tests, urtless otherwise noted In this report. In the absence of soil boring tests, it is assumed that there are no unusual subsoil conditions or, if any do exist, they can be or have been corrected at a reasonable cost through the use of modern construction techniques, This appraisal is, based on the conditions of local and national economies, purchasing power ,of money, and financing rates prevailing at the effective date(s) of value. We are not engineers and any references to physical property characteristics in terms of quality, condition,, cost, suitability, sot] conditions, flood risk, obsolescence, etc,, are strictly related to their economic Impact on the property, No liability is assumed for any engineering -related issues., JOSEPH J. BLAKE AND ASSOCIATES, INC, 41AIL ESTAIE VALYANDIII AND WISOLHNO 7 Miami Intornational 'Links - Melreese Country Club land GENERAL ASSUMPTIONS & LIMITING CONDITIONS 18-114-02 Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may or may not be present on or in the property, The presence of substances such as asbestos, urea - formaldehyde foam Insulation, or other potentially hazardous materials, may affect the value of the property. The value opinion is predicated on the, assumption that there is no such material on or in the property that would cause a loss in value or extend their marketing time, No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert In this field, If cleslred. Toxic and" hazardous substances, if present within a facility, can introduce an actual or potential liability that may adversely affect marketability and value. Such effects may be in, the form of Immediate clean-up expense or future liability of clean-up costs (stigma). In the development of our opinion(s) of value, no consideration was given to such liabilities or their impact on, value,. The client and all intended users rpleose Joseph. J. Blake and Associates, Inc., from any and all liability related in any May to environmental matters, Possession of this report or A copy thereof does not Imply right, of publication, nor use for any,purpose by any other than the client to whom it is addressed, Without lour written consent. Cash flow projections are forecasts of estimated future operating characteristics and are based on the informatiqn and assumptions contained within the Appraisal Report, The achievement of the financial 'projections will be affected by fluctuating, economic conditions and is dependent upon other future occurrences that cannot be assured, Actual results may well vary from, the projections, contained herein. We, do not warrant that these forecasts will occur. Projections may be affected by circumstances beyond ourcurrent realm of knowledgeor control, The Americans with Disabilities Act (ADA) became effective January 26, 1992, Wehave not made a specific 'compliance survey and analysis of this property to determine whether it is in conformity omnity with the various. detailed requirements of the ADA. it is possible that compliance survey of the property, together with a detailed analysis of the requirements for the ADA, could reveal thattheproperty, is not in compliance with one or more of the requirements of the Act, If so, this fact could have a negative effect upon the value of the property, Unless otherwise stated in this report, we have no direct evidence relating to, this issue and we did not -consider possible non-compliance with -the requirements of the ADA in forming the opinion of the value of the, property. . . . ......... EXTRAORDIRARY ASSUMPTIONS .. .. ..... . ......... This appraisal is based on extraordinary assumptions that We do not consider any current leases In place, The use of the aforementioned Extraordinary Assumptions "might have affected the assignment results.. ... . . .. . ..... ........... . .. ...... 'HYPOTHETICAL CONDITIONS. The "As Rezoned' value estimate In this appraisal is based on the hypothetical condition that the appropriate Special Area Plain (SAP) zoning to build to the property's highest and best use, in place as of the date of value, JOSEPH J, BLAKE AND ASSOClATES, INC, REAL ESTATE VALUATION AND CON10ttINS Wilaml international Links - Melreese Country clu4 tand 18 -114 -OZ INTRODUCTION . . . . . . .......................... ............. PURPOSE OF THE APPRAISAL The purpose of the appraisal Is to develop an opinion Qf. 1) the market value of the fee ee simple estate of an unspecified portion of the 131,0738 acres of land underlying the Miami International Links - Melreese Country Club, assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018, and 2) the rental value of a portion of the he underlying land, assuming the hypothetical condition that the subject has-been rezoned to Its highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018, The unit value and rental value conclusions are based on the 131.0738 -acre size of the subject. if the size of the parcel sold or leased is different in size, these values -may be impacted.. .. .. .......... ... INTENDED USER AND USE OF THE APPRAISAL The intended user of this appraisal is, the client, City Of Miami. We assume any affiliates, successors, and assigns noted herein have the same intended use, knowledge and understanding, as the orl,ginal named crient. The intended use of this appraisal Is to assist the client with asset management purposes. This -appraisal is not intended.to be used by anyother parties, for any other reasons, other than those which are stated here, Non -identified parties,are not intended users of this report, .... . .... . ..... - — ---- ------ PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT' This Appraisal Report, with its ariarysas, conclusions and final opinions of market value, is specifically 'applicable to the following pertinent dates. DATE OF INSPECTION April 10, 2018 DATE OFREPORT July 2,2018 DATE OF "A5 REZONED TO HBU" VALUE AprillD,201$ DEFINITION OF MARKET VALUE Market value means the mo .st 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 selfer are typically motivated; 2, Both parties are well Informed Qr well advised, and acting in what they consider their own best Interests,. 3, A reasonable time i's allowed for exposure In the open market; 4. Payment is made in terms of cash in 1.15i dollars or in terms of financial arrangements comparable thereta; and 5. The price represents the norrnal consideration for the property sold unaffected by special 0� creative financing or sales concessions granted by anyone associated with the sale,', SaormV CXA: § 44.4,x, 225.64 32712, 5642i 7,�2,2 JOSEPH J. BLARE AND ASSOCIATES, INC. REAL ESTA7E VAIli iia R A04 CORSlit 1ill G 9 Miami International Links-MelreeseCountry Club Land 18-114-02 INTRODUCTION Tofonnonopinkonofexp-- we consideredthe exposure times ,of,propertiesstmilarto*`e' subject'— in the same or similar sub -markets that have recently sold and/or conversations with local market participants. Based on our research, we are of the opinion that 6 to 12 months Is reasonable exposure time, assuming the property was reasonably priced and actively marketed, as w�_,I| as assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP)zoning, ... ....... ..... MARK27|N Gl0M E In order to form opinions of marketing time, we contacted commercial real estate companies active in the subject's area,, specifically those focused on commercial properties, Each, broker was asked to estimate the marketing time for a property similar tuthe subject, used for the same purpose, located in the su6ieoVr area, and at or near the subject's value. While careful to state that the marketing time depends on many factors, these brokers were -of the opinion that 6to1Zmonths was reasonable. It Isour opinion that $ marketing time of6Do12 months Is considered reasonable for, the subject property. This marketing time assumes the hypothetical condition that the subject has been. rezoned to its highest and best use under Miami 21Special Area Plan (SAp)zoning, According to the nwmC Real Estate Investor Suney, fourth quarter 2O1Z.the quoted marketing time for development land properties nnanational basis ranged from 3to36months, and averaged 16months, PROPERTY RIGHTS APPRAISED The subject isappraised on, the basis ofofee. shmplpe5tmte. .. SCOPE _0FTHE APPRAISAL ______ The scope ofonappraisal assignment isrelatkxe,hothe Intended use ofthe appraisal. ThefoflkowiMg outlines the extent of property iriopedtion, market data collection,,. verification and analysis performed for this assignment, ..................... Inspection J. Michael Phillips, has madea; personal inspection of the property that is the subject of this report, Ted Allen, MAI, K8AIC.$ has made apersonal inspection ofthe property that iathe subject of this report. Since the subject ofthis report is the land underlying. the current improvements, this Inspection included the exterior mfthe subject, -_-... ........... _.............. SEconomic The types ufinformation obtained and the sources providing suchInformation are detailed inthe following ources ~ Type Received?- -_Source Flood Map Ye* FEMA Zoning information 'Yew County llp8ndah/Sumev Yes Owner Tax hm$ormmtion Yes {bnoty r Type f Analysis Applied The-- - —' ------------ -----~- ^- — lDS'EPH J. R|UE AND ASSOCIATES, IM 014L ESTATE, V#LUAYIUMAII8 nONSUlY1110 `0 mtoml tritim;1tional LKs- Memo" iKauntry club Lad INTRODUCTION 18-114-02 Extent of Data Research ..... .. ... . ......... General economic data and market data were reviewed. Comparable sales were compiled ftom: published sources Including various reliable publications. Market data compiled for this report, include a variety of land sales and ground leases. These data are a result of research specific to the marketand pertinent to the subject. The data were, verified by buyers, sellers, brokers, managers, government officials or oth.er$owces regarded as knowledgeable and reliable-. information specific to the subject was. p ,rovidod by the client, owner, andlor representailves of th6 owner, ,and is assumed to be correct. Other InfarMation, such as toning and tax records, was obtalngd from governmental sources. Specific estimates concerning land value, market rent, etc, reflect our judgment, based on interpretation of the market data. "Che reasoning, behind such estimates is Illustrated within the. approach to,value.. __..w._._.... ....... ........ . ...... IDENTIFICATION Of THE pftOPEWrY The property is commonly khown as: Mfarntinterngtion-al Unks - Melreem,06untriy_ Ctub LAnd 1802 NW 37th Avenue, Miatni, K 3. . 31-25 "Etre propAity is also identified 4y thdi Miam !-Dade County Tax Astissors Office as tax parcel numbor(s.lDi- 3!U-000-0080 and portion of 01=3i3l�006-0090. The legal description of the property is Assumed to be correct. We have not -wommistiloned a survey, nor have we had one verified by legal coupsel. Therefore, we suggest a title c6mpany, Wga[ counsel, pr other ,quoiffied expert WOYthls legal descriptton before itis used for any purpose.. ...... ........ ... . .......... ... ....... . . .... . CURRENT USE OF TR SUWECT As df the date of the value op monis), the subjectwas being used as a golf course. For the purposes ofth)5 report, the subject is valued as vuaht land zoned to the highestarid best use of the subpa under Miami 21 $pedtal Area Plah, ($AP) ........ . . .... . .............. RISTORYOf THE $11.11111SECT . . .......... . .. . ....... . . ..... ;..; ....... . ....... . . . . ......... . The- subject. is currently owned .y b the City of Miami Department pf P&D AssetManagementD1vtslofi,*-hQ .,e .has owned the property for more than three years prior to the dateof value. The subject site is improved with Miami lnternptlppjai Unks-M eese County Club. Thesubjett site I. e e to the operator of the Plf course. We were riot provIded With the existing leasebwihe subjed, Ve are not aware of any tfstfnK5, property tran!'p—tionAx or owotship trangifrspertainirt$ to the subfect in the three years prior to the date of the Value opinfam Also, we are net aware of the -subject bgIng listed fat sale or under cootractfor sale at the Ume of this appraisal J J, BLAKE, AND ASSOVATES. INC, REAL tSTATL VA1iJA,Tl P# AND CON SUITIRD Miami International Links - Melreese Country Club Land AREA ANALYSIS ...... .. ... AREA MAP ... . ........ ........... ....... ... .. . - Miramar Wwi Park Hallandale Beach ED Aventura 'frf try Club Miami -7 pah, spf,fflqa (E:�) Gardeni �orth Miami Beach M rami Lakes (D Opa Norm Wvq-ii ftai i4a�bour SU ffide later Hialeah Miami shores Area Medley f vT'H rni Seach", Nhaml Sprogs D J OS EPH J. B L AK F A N 0 ASS OCIATES, IN C REAL ISTAVE VALUATION AND CONSULTING 12 Miami International Links - Meireese Country Clab Land 18-114-02 AREA ANALYSIS Development and, growth in Miami -bade County are often attributed- to the climate, which draws the northern United States tourist trade during the winter months, Miami -Dade County is a recognized banking and finance center, with over 120 financial Institutions featuring a growing community of international banks serving Latin America, This international activity has emerged due to the more than 150 multi- national firms that have established their offices in Miami -Dade In order to direct their Latin American,, Caribbean and in some cases, worldwide operations, The growth in business. relations between Latin America and Miaml-Dade County has been accompanied by ongoing growth. In tourism from Latin America, Latin American tourists who enjoy shopping in the United States represent a major demand segment in Miami -Dade County's lodging and retail marl ets,, The concurrency provision in the *1985 Growth Management Act. requires that all water, sewer, roads, schools, parks and storm water facilities necessary to support existing improvements be `i place before -stew construction is permitted, Thus, if a location is deficient in prie or more categories, the affected infrastructure component must be expanded to support any new construction. A developer may choose to provide the various facilities and/or services necessary to support their project. H ' owever, in some. cases the expense associated with offsite improvements may render a project economically unfeasible, Tran s p ortation Mlaml International Airport is the largest gateway between the United States and Latin Amerl,c-a, and is one ,of the largest ali-floe hubs in the United States, owing tolts pro)(imity to tourist attractions, local economic growth, large local Latin American, and European populations, and strategic location to handle connecting traffic between North America, Latin America,and Europe, The Port of Miami is 0 leader in the maritime industry and home to nearly a dozen of the world's most, distinguished cruise lines. The port offers more cargo sailings to more destinations in the 'Western hemisphere than any other port', and offers access, to virtually every port in the world. Metrofail is a 21 -mile rapid transit system on an elevated railway, providing access to Downtown Miami from portions of both south and north Miarni-Dade County, It connects with Metromover, a 30-statlor,, five -mile system, that, loops through the center of Downtown Mlaml's CBD, Metrobus provides the feeder system to Metrorall and bus service to all other parts of, Miami -Dade County. A network of 5,640 miles of roadway serves Miaml-Dade County, of which 1-95,145, Florida's Turnpike, and the Palmetto Expressway (SR -826) are, the most utilized north/south highways, while SR -112, SR-SZIS And 513-836 are the most utilized east/west expressways, US -1 and SR -AIA are also, components of this network, Other primary thoroughfares include 1-395 (east/west), 1-195 (east/gest), SR -S, SR -04,513-874, US -27, US -41 and US -44L Education Miaml-Oacle County is served by more than 900 public and private secondary and elementary schools. Seven c9fleges and universitlesai-6 located In the county. Miami -Dade College currently offers more than 1,75 programs. and 1,500 courses, with enrollment of over 160,0,00 students, The University Of Miami in Coral Gables has more than 15,000 clegree-seeOng students and offers 150 undergraduate and 192 graduate degree egree programs. Florida 'International Wversllty, with two campuses, 36,000 students and more than 800 full-time faculty, received the notion's fifth largest philanthropic gift in the history of public higher edqcat-ion—the Wqlfsontan Museum on Miami Beach, with 70,0f10 artifacts worth an estimated $75 million., It was donated to the college in 1997 and features a wide, array of objects ranging from high art to pop culture. Four-year degree programs are also avalla4le at Barry University, St, Thomas University,, Florida Memorial College and Miami Christian College, JOSEPH J, BLAKE AND ASSOCIATES, INC. R f A I IS TAT E VAL OAT III N Aft 0 CO IM LT IND Miami Intematidimal Unk4- Mojr!tqse CoUhtryth*tAnd AREA ANALYSIS Taurism/Reqeatlon Known mainly for its trendy nightclubs and oceanfront resorts, Miami-Dgde County Is also a recognized renter for the fine artsand the performing arts, offering an array of enriching cultural activities, These include the Miami Art Mtmeum, Museum of CQntempQmry Art., Miami Art Central, Wolfsoniah-F)Uacrd the Lowe AetMuseum, which are filled with Collections and exhibitions from all parts of the world, oroadw.ay plqs, the Repertory Theater, the, Philharmonic, the Opera Guifd and 4 jarge number of historical! ,attiactionsand exh.lbltsare also favorites.. every year, numerous -art festivals make Chair homes Ih Miami, including the, world-ronQ*neO Coconut "rove* Arts 5estivat-And Art Base(, The Miami Beach Symphony Orchestra and the Greater Mlamf Opera Assottation both offer top-notch. performancesthrough6ut the year, In addition, the Coconut GroVe, Playhouse, theAcWs Playhouse at tKa Gusman Center features a varietyof play&and dance,pieces from decal, rOsional and (latiOnal trOOP0. ..... ... ... ..... ...... I .............. .. Veoi;at of tbooss tesla 01or meo taf tc ami�Dad`12 Coulily , t 0,M t According to the Greater MJarrit ChamChamberoMme , e, Mi he,tworkst the Jackson Meafth sy�tern, and gaptist Heolth South Ffo: H& Jackson: H"Ith systeM, the largOst. ,group of medicai services in the Southeastern united sutet, is assernbleO ina medical OmPWX Ju$t*est-of Downtown Mlarni. At Its hub Is the University of Miami School of Medicinellackson Mernofial Wdical Lenter, ranked In the top 10 of more thah 8,000 hospitals In the natiori and siftaud in the -city Wits of Miami. In Miami -Dade County aJone, there are more than 29,OOD health core profssfwals And 24 kospltals,. Theextensivenowork of ccfnM.Uftjty hospitals includes: Mountst"n4i Medical CQoiet, Columbia Cedars Medical Cebter, Hlate?h No Hospital and pital, Saptist H.ospital,, Jackson Memorial Hospital, Mercy .2 Mlamlthlldren's Hospital,, ....... . ..... — . ........ ... AREA DEMOGWH IC ANDINCOKIIE, OATA oth. idly The 11 The fallowing data was obtalned from. MOODY'$ ANALY710 Prdcbo 04 Metro $0 fu report is located I in the Addenda, and 00ains'a cj'a n dditional Jnforrnation about. the so economic, 'govemmotal and eriviroAmentall farces that Inflaen;e YAWS, .N�nt�y'tsuris€e Bich $obtd&' M00V.YS.ANALyTfcS Nds"'VA Metro Saulh, Jufy 2017 JOSTPH ;J, RAKE AND ASMIATES, PEAL ISTATE VA-1A,Atl9ft Alt PWSII�ITINO 14 gqti '203 201.4 zals 14i5 z4v 2018 2019 Aqv 2,921 1021 11sa 117.1 imo 125.9 laaA h.64 UZO 4,4iA 149,1 �00, KOM.& "OL 4-57�4 1-84% _1.4214 dao,% saw ts3%. Tow amplomopt*1 1,056,5 125 4,O — 1 9 3$3 1;544.6 tv&q 2,244-2' 'Ln3d zs?x24"� s13.10!6"6% 2.9* 7.09% 2.46% 2.02% 0.74% 035* 127% =M00 pfoymant nte W 'q % gj,7� .4 V..48% t4g% 0" 5:1* ro -2" P.mWel 4.84% 4,19% 527% 742% 06% -5-o'k ., Med1avhWs6h0dtn.c 0ma'Aths), 40 . 4U 42�i 434 4A no 0 �7 S51 S7.1 Pupal 7'W4 Aton-t vkchange , taq* lam single . , rz[0V1v0eFMtUj#) �&.d 6,4440 7, ;$ 3,965-T 4AN1,A , . mmfi' 8'Uo 'kra"ig' MNhhau5:9Pric4f1995y%�1Utl), '2 7z .:;:5185:59 $401,44 'SU245 0055"90$08117 sno.33., x•30748-. '05 $obtd&' M00V.YS.ANALyTfcS Nds"'VA Metro Saulh, Jufy 2017 JOSTPH ;J, RAKE AND ASMIATES, PEAL ISTATE VA-1A,Atl9ft Alt PWSII�ITINO 14 Miami International Links.. Melreese Country Club Land 18-114-02 Total. Employment (ths) Vnemployment Rate 4.00% 2.00% 1�1 41 1169r AREA ANALYSIS % Change in Employment 4.00%.® 150% . . ........ 3.00% 1.00% 030% N n' ne, Personal Income Growth 10.00% — 4A% 2,00%_._ - ----- v- 4�'IsPlf "�p 10rks* Projected Population Growth (ths) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL [STATE VALUATION AND MSULTINO is Historic Population Growth (ths) 2750 2,950 2,700 -- --------- - ....... - 2,900 2,650 . . . 2,850 ........... .. .. 2,800 2,600 2,50. 2,550 2,700 2,500 2'.65o Projected Population Growth (ths) JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL [STATE VALUATION AND MSULTINO is Miami International Links - Melreese Country Club Land 18-114-02 AREA ANALYSIS ----------- CONCLUSION An analysis of south Florida and more specifically, Miami -Dade County, demonstrates that the area has historically been on a path of growth. Previous population growth is primarily due to in=migration, With the majority of the 'intgrants coming from within the state, as well as New York, Georgia and international sources. With the recession receding, the values of the County's office, industrial, commercial and residential properties have recovered substantially, with decreased vacancies appearing in office complexes, industrial neighborhoods, and shopping centers, and homes Increasing in value. Despite the effects of the recent recession, many of the factors that led to,Miami-Dade County,$ historical success remain in place. Therefore, the county will likely continue to grow.. a JOSEPH 1. BLAKE AND ASSOCTATM INC, REAI LSTATE VAIii ATIOR A011 CONS6,011191 16 Virginm JOSEPH J. BLAKE AND ASSOCIATES, INC. RF A L ESTATE VALUATION AND GONSULTIND 17 Miami International Links - Melreese Country Club. Lont:l 19-114-02 NEIGHBORHOOD ANALYSIS A neighborhood can be; a portion of a city, -a community or an entire town. It is usually an area which exhibits a fairly high degree of homogeneity ,as to use, tenancy and certain other characteristics,, Homogeneity Is a state of uniform structure or composition throughout. Therefore, in real eslate, -terminology, a homogeneous rieighborhood is one In which the property types and uses are similar, A neighborhood it more or less, a unified area with somewhat definite boundaries. As a neighborhood's boundaries serve to limit the physical area that exerts germane influences on a property's value, the boundaries mayIndeedrun concurrent with variations in prevailing land uses or physical characteristics, . . .... .. .. ......... LOCATION The, subject is located along the north side of State Roaci83.6, extending from NW 37th Avenue to NW 42nd ,Avenwe, in the City of Miami, Miami -Dade. County, Florida, ,The boundaries for the subject's neighborhood. can. be disttngulshed by the prevailing land uses as well as the -countyls infrastructure. The neighborhood is considered to be State Road -112 (Airport Expressway) to the north, State Road -836 (Dolphin Expressway) to the south, NW 271h Avenue to the east and NW 4211d Avenue (Leleune Road) to the. west. ACCESSIBILITY Access to the area, is via Douglas Road (NW 37th Avenue), LeJeure'Road (NW 42nd Avenue) and State Road -836 (the DolphlnExpressway), as Well as State Road -11.2 (AlrportL Expressway), Flue to the subjects proximity to the Miami International Airport, there are several expressways located within the neighborhood, The north boundary of the neighborhood Is the Airport Expressway, which ,extends In an east/westdirection from Interstate -95 to LeJeu I ne, Road, Thisexpressway continues past into M. Beach where "it is known as Interstate -195, - The south boundary is the Dolphin Expressway (State Road -836), This firnited-access toll road extends east/west adjacent to the south of the subject. This highway commences at Inter%ate-95 and continues west to NW 1371i' Avenue and Florida's Turnpike Extension, This -roadway also continues east of lnterstatew' 95,,where it is known as Interstate -395, to Miami Reach.. Major north/south arteriats, within the, neighborhood include NW 27'h Avenue and NW 4211 Avenue (Leieuno Road), NW 27th Avenue 15 the eastern boundary of the neighborhood and commencos south of the neighborhood in Coconut Grove and extends north throughout Mlam!-Dade County and Into Broward County, This roadway has interchanges within $tate. RoA&112 and "State Road -83& LeJeune Road Is the western boundary of the neighborhood and extends north/south throughout much of north and central Miami -Dade. County, These roadways also have Interchanges. with State Road 12 and ,State Road -886. This roadway, runs adjacent to Miami International Airport, providing the main ingress/egress to theall-port. The subject's neighborhood has excellent access to the majority of Mlami-Dade County and the major intercity expressways, DEVELOPMENT The subject is located in close proximity to Miami International Airport (MIA) and, is surrounded by a variety of property types,. East of the subject are mostly single-family residences, while Areas north of the subject are a variety of commercial and Industrial uses, Miami International, Aqrpp.rt is fpcated on 3,230,1�,,res across Lele4rie Rge fromubject, This airport % tP " J I ;# 410 Qre flights to Latin "America and thb, Carl Wart than any airport in was founded in 1928 and offers m the United States, MIA Is the third busiest airport for international passengers .In the US, and Is first in regards to international -freight, The airport :generates approximately $33.7 billion annually in business revenue and welcomes 70% of all International Visitors to Florida, JOSEPH J, BLAKE' AND ASSOVATE's. INC, VfAt W'Aft, VALOATfOR AND VIi Bili ' IB Miami International Links - Melreese Country Club Land NEI 18-114-02 GHBORI-1000 ANALYSIS Just north of the subject,, along the east side of LeJeune Road, is the Miami Intermodal Center, which is a $2 billion transportation hub containing a rental car center, MIA Mover, as well as Miami Central Station which offers connections to Tri -Rail and Greyhound Services, Also, east of LeJeune Road areseveral hotels located to the east of Leieune Road providing accommodations to airline travelers. DEMOGRAPHICS The Site To Do Business is a service that provides demographic data, including, historical, current and forecasted populatfon estimates for a specified region. Patterns of development, density and migration are reflected in the Population estimates. A survey of the subject area`s population and growth rate Is summarized in the following charts, followed by a map of the surveyed area. Pernographits 20,17 Z022 Summary I mile 2 mile 3 mile I Milo 2 mile, 3 mile Population 16,761 1,011()94 261,852 17,305 112,095 274,747 Households 5,392 36,86:1 93,,959 5,$40 88,07 98282, Families 3,884 25,237 60,7SO 31,992 26,285- 61,456 Average Household Size 100 2.8$' 2,35 3,11 2,76 Owner occupied Housing Units 2,128 11,753> 18,240 2'182 12_141 29,225 Renter Occupied Housing Units 3,264 25,108 65,719 3,358 26,296 69,057 Median Age 43,6 42,0 41,',9 44,9 43,2 43.0 Population by Age Amile" 2 mile 3 mile I mile 2 mile 3 mile 0-4 4.$% 53% 5,4% 4,8% 54% 5.4% 5-9 5.29 SA% 5.$9q 5.0% S.21 5.2% 10-14 5:11% 5.1% 5.2% 5.5% 5.5% 5,4% 15-19 5.0% 5A% 510% 53% 5.3% 5.2% 20-24 .5,5% 5,7% 5.9% 4,0 5.2% 5.3% 25-34 t14% 13,90% 13,9% 114% 12.3% 12.1% 35-44 12.9% 13A% 112% 13.2% 13.6% 13.3% 45-$4 15.1% 14,4% 14.2%, 1316% 1313% 13,19/0 55-54 12.9% 12AVo 17.5% 143% 13.5% 133% 65-74 105% 1O."'i 9.9% 11.041 1110% 11:0% 75-84 6.6% 6,14% 6,06 7,4% 65% 7.0% 85+ 2,9% 21% 2,9% 3109 2.5% 10% Households,by Income I mile Z mile 3 ride I mile 2 mile 3 mile 19,20% 23,10% 259 % 17,4Q%, 21.$0% 24.50% $15,000 -$24,999 20,00% 18AD'Al 17,80%, 17.90% 145,.60% 16.209/0 $25,000 -,$34;949 13,1.11% 14.90%q 11,'90% 13A0% 12,60% $35,000 -$,49,999 1560% 15,70% 14,1:0% 1430% 14 50 Va 1100% X50,000 - $74,959 18,20% 14,9!71 13,10% 19.10% 16,00% 142v4 $75,000 - $99,999 6,10% 9ZOVO 8.90% 8.20va $i00,000-$149,999 4,90% 4,704 5 401A 7,00% 0150,0/6 -7,10% $150,000 - $199,999 140% lilovo 1.W%- 1,70% !AO% 1.9'0% $200,000+ 050191'a 0,80% 11K%- 0,70% 1.001 2t20% Median Household Income $37.,815 $29*1921 $28,769 Y$17,148 $33,420 $31,745 Average Hbusehold I ricorne $44,163 $42',073 $45,484 $51,622 S49,209 $52,813 Per Capita Income $14,820 $16,709 $16A�8 $17,204 $19,243 Source, 5fte to 00 8051nas-t JOSEPH J� 8 LAXE AND ASSOCIATES, IM REAL ESTATE VAtUATION AND CORSW11111 Miami International Links - Melreese Country Club Land 18-114-02 NEIGHBORHOOD ANALYSIS Trends, 2017 < 2022 Annual Rate I mile Radius Area State National Population 0,64% 1.36% 0.83% Households 0.54% 1,30% 0,79% Families 0,55% 125% 0,71% Owner HHs 0.50% 1119% 0,72% Median Household Income 2.51% 2,13% 212% 2 mile Radius Area State National Population 0.92% 1,36% 0,83% Households 0.84% 1.,3070 0,79% Families 0,82% 1,25% 031% Owner HHs 0.65% 1.19% V2% Median Household Income 214% 2.13% 2.12% 3 mile Radius Area State National Population 0.97% 1.36% 0:83°% Households 0.90% 1.30% 0,79% Families 0.87% 1.25% 0,71% Owner HHs 0.69% 1,19% 0,72% Median Household income 1,99% 2113% 2.12% Source. Site To Do BusIness 41ro JOSEPH J. BLAKE AND ASSOCIATES, ING, REAL ESTATE VALUATION AND CONSULTINU 20 Miami International Links - Melroese Country Club Land 18-114-02 NEIGHBORHOOD ANALYSIS LIFE CYCLE A neighborhood's life cycle usually consists of four stages; • Growth - a period during which the neighborhood gains public favor and acceptance • Sta'bility- a period of equilibrium without marked gains or losses • Decline - a period of diminishing demand • Revitalization - a period of renewal, redevelopment, modernization, and increasing demand Source: The Approisol of Real Estate, 14th Fd1t1Qn The current population within a one -mike ring of the subject consists of 5,392 households with a combined household income of $238 million. The population within a 3 -mile ring consists of 36,861 households with $1.55 billion in .household Income. The population within a 5 -mile ring consists of 93,959 households with $4,27 billion in household income. The levels of income surrounding the site, as well as being located across the street from Miami International Airport, suggest that Investors of Various property types would be very interested in the site for potential redevelopment. The subject's area is considered to be in the stability stage of Its neighborhood cycle. NEIGHBORHOODANALYSIS CONCLUSION in conclusion, we researched many of the Influences that pou,ld'affect the value of propertles.in the area. This research showed that the neighborhood is being well maintained and does not illustrate factors that could be classified as negative or undesirable. The subject's location near several expressways, its proximity to Miami International Airport and proximity to places of employment and area support services, appear to be positive influences which will support the subjecVs future success, JUSEPH J. EILA K E AND ASSUGIATIS, INC. REAL ESTATE VAUIATION A40 COASULNIP 21 Mlaml International Unks - Malreese Country Club Land M 19-114.02 ARKET ANALYSIS ................... ............ .............. ......... . MARKETANALYStS The following information was compiled from published sources and is used in conjunction with primary and secondary data to analyze the market trends impacting the value of the subject property, NATIONAL STRIP SHOPPING CENTER MARKET - PWC According to the Pwc Real Estate trivestor Survey, 1st Quarter 2018: Once looked at as recession -proof and Internet -proof investments, many owners of strip shopping centers are becoming more anxious about the impact of growth in onfineshopping and the entry of Amazon into the grocery business with Its recent purchase of Whole Foods. "rhe 'Amazon Effect! will continue to erode brick -and -mortar sales," says an Investor, "Amazon's impact Is not done, ail;d its a top concern for us and one we need to adapt to,"shares another. Other challenges and concerns for investors in this sector include negative headlines about retailers, the late position of the current cycle, instability of junior anchor stores, the growing number of competitive grocery formats, and the likelihood of overpaying for -acquisitions, At the same time, however, Investors see bright spots — strong centers performing well, still low interest rates, and opportunities to buy. Varying degrees of unease, however, are slowing the pace of sales activity as investors complete more due diligence prior to closing deals at a time when most surveyed investors view this market as favoring sellers (44.0%). While 42,0% of participants view it as neutral, the fewest portion (14,0%) see it as favoring buyers, (pg, 24) Key Survey Stats. National Strip Shopping Center Market First Quarter 2018 C u rrent Oura rter Last Quarter Ten ant Retenti o n Ra te 60.09-100,0% Average 73100% 7 IDGY. IV 6nths of Free Rent (10 -yr lease] 0-6, 0-6 Average 3,00 aloo, I% of participants using 44.00% 44,00% Market Conditions, Favor Buyers 14.00% 1110,01% :Sellers ers 44.00% 4010% Neither 42.00% 45=94 source; PwC ileal Estate Investor survey, istquarter2%& JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL tSTATVALUATAOR 0111) VONSULtIND 21 Miami International Links - Melreese Country Club Land 14-114-02 National Market Yield Rates for Real Estate Investments National Strip Shopping Center Market First Quarter 2018 Current Quarter. Last Quarter Year Ago Discount Rate (IRR) 5.50%-10.50% 5.501%-10.50% 5.00YO-10,50% Average 7.46% 7,509 739% Overall Cap Rate (OAR) 4.00%-9.50% 4,00%-950% 440%-950% Average 636% 6,38ye 6.32% Residual Cap Rate 4.75Yo-9,75% 4,75%-9.75% 4,75%-9.75% Average 6,84% 6.80% 6.56% Market RentChange Rate 0.00%-100% 0.00%�3,00% 0,00Vo-3,0G%, Average 1.82% 1;82% 1.83% Expense Change Rate 0,009/0-3'00% 0'00%-3 ,Average 2.57% 2,57% 2.69% Marketing Ti me.Ra nge 2-18 months 2-18 months 2-12 months Average 6.8 6,8 63 Source: PWC Real Wale InvestorSurvey, Ist Quarter 2018 TOSEPH J, BLAKE AND ASSOCIATES, INC. REAL ESTATE VALtIAIT104 010 COUSUL11118 23 Miami International Links - Melreese Country Club Land 19-114-02 MARKET ANALYSIS - -- . - ..... . . . ......... . ... .............. NATIONAL STRIP SHOPPING CENTER MARKET - REALTYRATE$.COM According to the Realt yRotes.com Investor 5urvey, Ist Quarter 2,018, the following tables summarize prevailing mortgage terms and resulting built-up overall capitalization rates (OAR's) via debt coverage ratio and band of investment techniques, together with OAR's from consummated transactions as reported by survey respondents based on actual net operating income (Diol} exclusive of reserves and actual sales price exclusive of deferred maintenance. These data are for Class A and B properties nationwide, Mortgage terms and equity dividend rates are likewise national rates as reported by survey respondents, RealtyRates.corn Investor Survey Retail -All Types Hirst Quarter 2D18 Item input C OAR Minimum Spread Over "10 -Year Treasury 0,76% Debt Coverage Raft 1,05, j DCR Technique 1.'05 x 0,043722 x, 0.90 = 4.13V Interest Rate 311% Band of Investment Technique Amortization 40 Mortgage 90% x 0,043722 =,0.039350 Mortgage Constant 0,04,3722 Equity 10% x 0.079479 = 0.007948 $ oar�-towval ue Ratio 09/6 OAR 01�039350 + 0.007948 = A33% Equity Dividend Rate 7,95% ISurveyed Rates 4.49% Maximum Spread Over 10 -Year Treasury 7,66% Debt Coverage Ratio 2.15 DCR Technique 2.15 x 0.129026 x 0.50 =,.1347% I nteres t Rate 110,01% Band of Investment. Technique Arnortlzation '15 Mortgage 50% x 0.129026 = U64,513 MortgageConsta nt 01290,26 Equity 50% x 0.17968 0.089840 loan -to -value Ratio 509 OAR 0.06451a, + 0089840 = 15A4% Equity Dividend Rate 17.97% ISurveved Rates Average F Spread Over 10 -Year reas.ury 31431/6 Debt Coverage Ratio 1.38 1 DCR Technique 1.88 x 0.073397 x 77.1 7.16% Interest Rate 5.48% Band of Investment Techrilque Amortization 25 Mortgage 71% x 0 *073392 0.051751 Mortgage Constant 0.073892 Equity 29% X,0.13459 01.0316'87 Loa W-to-Va I ue Ratio 701,5% OAR 0.05175,1 + O,03,9687 = 5,14% �tv Dividend Rate 7.3.50% Isurveved Rates .9,97% source Bea tyRates.cam InvestorSurvey, IstEl(mrter,2018 JOSEPH 1, BLAKE AND ASSOCIATES. INCE RfAL Es1E VALUATION 1118 CONSUU1146 24 Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS The following tables summarize discount and equity dividend rates reported by survey respondents. In all cases, rates were derived from Class A and 8 properties nationwide and are exclusive of reserves. Note that "Recapitalizations" refers to re -financing under current use, Realtylkates.com Investor Survey Max, Retail - Discount Rates 6,34% First Quarter 2018 12,18% New Development AcquisitlDris 15,38% Property Type Min. Max. Avg. Min. Max. Avg, Metall GA7% 17.061 12,435'a 556% 14,67% 10.69% Anchored 6.47% 15.69% 12.51% % 13,49% 10,76% Un -Anchored 7,23% 17,06% 13,201 % 14.67% 1135% Convenience/Gas 7.56% 17.1.6% '10.931 6.513% 1476% 9A091. Free Standing 6,85% 16.68% 13A01% 5.85% 14,34%, 11.19% Source; 'Reattyiza te5xom Investor Survey, Ist Qua rte.r 2018 RealtyRates.tom Investor Survey Retail - Equity Dividend Rates Malls, First Quarter 2018 Pro Lertv Tvpe 'min". Max, Avg V Fl— Retail Retail 7,95Y. 17.97% 13,4601 Anchored 7.95% 16,77% 11,92% Un -Anchored. 8.15% 17.97% 1257% Convehl ence/Gas 8,05% 17.37% 12.249/a Free Sta ndl ng 730% 17,22% 12.09% Source6 Rea ftygatesxorn Investor Survey, IstQua rter 2018 MIAMI RETAIL. MARKET ANALYSIS Recapitalizations Min. Max, Avg, 6,34% 16.72% 12,18% 6.34% 15,38% 12,26% 7,09% 16,72% 12.94% 7,40%, 16,82% 10,71% 6,7110 1634% 12.75% According to the CoStarfletail lWarketAnalysts and Forecast, April 2018, strong demand helped the market weather a wave of deliveries throughout the first half of 2017, and vacancies have remained Welt below the national average,. Developers are busybringing new product to key locations within the metro, focusing on urban -core submarkets as well as high-income north suburban ones. The highest -end luxury,retail receives a 'lot of investor attention, particularly in Miami Beach and the new Design District, but assets there are pricey. Demographics are solid, and development is expected to remain very strong for the next few years. KEY, INDICATORS cwrent Gullowt ROA Vgcamq Rate AAR100 Rant Avoillobithy Rate flot Abl01111011 SF 9t Cpnattuaitai Malls, 4050,38 �J% 12,354 1) _450,000 Power Center 3,363,733 110% SNA A1% f5'0w) 13 0 f tla cit a tar 34,F11,628 9.6 631," 63% 42,053 14,129 61300 stv center 12, 6X36 U1% $30,06 511'"A (0,M4I 0 1000 Gionetal Retail 66,632,836 3.7% W-40 ,�;9% 10,216 0 U 3.414 Other 664,805 03% P7,19 018% 2.500 0 0 MA(k9tl -135,192138 1,6%, 537.13 5.9% 57,246 14.129 Z,012*714 AnnuotTrends 12 M"th Histodedf Average forecast Average pook When Trough VA" Vacancy ChaMe (YOY) 02% �_5% 5.1% =61103 240 200704 Ret AfmtNoo Of I M, 1,479,149 1,495,374 099,273 2047 03 209M9 201001 Deliveries W 115 M 1,593,450 1'6, ,02 4,008,895 2009011 412,271 201103 Rent Stm-th 212% '217ve2007O1 -4.6% 200904 Zales WN014 $756 M SLO 8 I�N $213-81 2015 04 $228A M 2000,04 sour= costar 10 S E P H J� BLAKE AND ASSUCIAjEts, INC. HAL ESTATE VALUATION AND CONSULTINO J3' 25 Miami International Links - Metreese Country Club Land 18-114-02 MARKET ANALYSIS ..... ...... .. .... . ......... __m. Fundamentals ........... ..... ... Wealthy foreign shoppers have helped fuel retail spending and employment growth, Overall employment gains in the leisure and hospitality sector have resulted from an increase in tourists and shoppers in Mlami"s favorite districts. In the next few years, escalating deliveries., particularly in. the Downtown Submarket and Wy.nwood Art District, may soften those submarkets' fundamentals a bit, but longer-term demographic trends: should continue. In fact, Miami boasts some of the lowest historical vacancies In the country, So, even with an uptick in large-scale speculative deliveries, vacancy is ultimately expected to stay well below both market and national historical averages, Retail space in Miami tends, to be productive and Ngh- end. In fact, Sal Harbour Shops are consistently among the best -performing luxury retail spaces in the country, with sales of over $3,000/SF. In an effort to capitalize on strong fundamentals and to compete, with the developing luxury shoos in the t)eslg.n District, Whitman Family Development (the Sal Harbour owner group) has recently obtained financing to expand the shops and begin the build -out of an additional 340,000 SF of retail, As the economic recovery broadens, consumption is expected to continue to expand, underpinning an improving demand outlook that should, drive near-term retail sales and employment, Brickell and Downtown Mlamare the primary urban shopping districts that will capture increased demand from white-collar employment growth and high-income tourist spending. BrIckell, the epicenter of an emerging live/work/play environment, is brimming, with construction of luxury condo and apartment towers. New mixed-use developments are incorporating large quantities of high-end retail space Into their plans, Some recent examples include Brickell City Centre, with over 500,000 SF of retail space that delivered In late 2016, and Miami World Center, which Is set to bring 450,000 SF of retail space to the area In 2018, By constructing mixed-use projects in primary business districts, developers are targeting. the dense population of high-income spenders while also providing residential opportunities that can create demand within their own space, Retailers have noticed this trend and intend to be part of the metro's fastest- growing urban neighborhoods, highlighted by the recent leases of more than 80 retailers and eateries set to open in, the new Brickell City Centre. UET AsORFITION, NET DELIVERIES & VACANtY 1 1,200 1,000 800 6DO 400 200 0 -2DO -400 -600 ,RQ12 2G13, 2014 2015 2016 20,17 2018 2019, 2020 202f a NvlPomrpon a Ngj r»riesa V=troor'y �' inn wtest es VAMmy source -,costar JOSEPH J,, OLAKE AND ASSOCIATES, INC. R t A L IS I AI E V A 1, U A T 10 0 A ISA D 4 It S U L Y 1,110 7,0% �1515 % 6 0 11/0'r 5,5% 4.5 % 4,D % 15 % 3,0% 2 5 i1r, M Miami International Links ~MmhmesmCountry Club Land � 19414-02 MARKET ANALYSI$ | ______ -.......... -_-'___.... -..... ................ —_------- Construction Developers are targeting primary submarkets for major mixed-use deliveries, which remain amajor driver of construction in this cycle. Developers are benefidnQtheir own retail projects by combining them with adjacent residential development, Annual deliveries aro on the rise thanks to growing focus on creating Uve/wmrk/cdayenvironments in pMmarysubmarkets. The Downtown Miami Submarket will enjoy most of this growth, which is being driven by plans for the Miami World Center, a mix.ed-use development that Will include 4SU,0OOSPofretail space. Construction wilf also bring space to developing submarkets. The $312 million redevelopment of the Design District in the Miami Submarket is drawing interest from national tenants and investors. Currently in its third phase of development, the district /s expected to house more than 120 luxury retailers, o boutique hotel, 15-20 restaurants and cmm4 and /uxurycondonninYumy. This shopping complex will bring another luxury destination to the metro, potentially competing with Bal Harbour SbVps' It has ameo lured some tenants away from Bal Harbour, Another notable development underway is the Gardens Promenade, a 300,000 SF shopping center which is inthe Hialeah Gardens submarket and imexpected todeliver in2OI8. While severa|yeao out, it is worth mentioning the American Dream Miami development, a 200 -acre $4 billion shopping mall and entertainment complex Now that developer Triple Five has closed {mthe land, construction may begin inthe next couple ofyears |nthe Northeast Dade Submarket. rELVIFRQES oEMoLHIomm 1,200 91 Forecast 1,0C -20 -40 _ � 2012 2011 2014 2015 20% 2017 2018 2019 2020 2021 a X oemwkabw Xm�m�� source: CoStar , ( | �M�� J. �N��M��2|�� INC,! .~~~... ^. ~�,."~� ..~= ��°.�o��. .�� 8EAL8ST8U WALU8fl0* AND (1011,�ULT|N8 27 ) Miami International Links- Melreese Country Club Land 18-114-02 MARKET ANALYSIS UNDER CONSTRUCTION staft cornplete PropeftflamIA(ItWen, 3 Mar -2016 Miami worldcolvw Workicenter Associates, LLC 460,000 NE 1st Ave, . The Taubman Conipany 2 Guldens Pfornemrdo t 300,000 18000 NW 27th Ave miumicenfral Refail INIC Equity Group 180,000 200 NW Ist Ave May -2018 Met &1mue- silverspot C— 11,3,508 300 SE 3rd Ave 1 Aug -20,16 2525 RW 82nd Ave MDM Devolopn)anf, LLC 90,00,0 6 66-70 NE 39th St Jan -2019 WOO() 7 17321 NW 7th Ave tx 66,000 stoles staft cornplete Developertownor 3 Mar -2016 Jun2019Mlanii Workicenter Associates, LLC . The Taubman Conipany I Aug -2017 Jul -2018 Me Equity Group INIC Equity Group - Apr -2016 May -2018 All Aboard Florida 1 Aug -20,16 Sep -20118 MDM Devolopn)anf, LLC 002016 Jan -2019 ' Easton Group 3 Dec2016 May -2018 I Feb -2017 May -2018 $0urce, costar JOSEPH J. BLAKE AND ASSOCIATES, INC. R E A. L ESTATE VALUATfOR ANG1 CNN SWIN 9 28 Miami International Links - Melreese Country Club Land 18.114-02 UNDER CONSTRIJICTION Nov -2017 Nov -2018 pmpoly RamwUldma Rating 'Bldg sr Wynwood WjA 24W MW 2$4Ave Coral Twm PL -aa Nov -2018 a9. 7q 26401 S Dixie W", 401 OW ath st 4 yyy 11 IM Alton 18M 18M A%m Rd 32,421 12 Sfwppes at HUden Lake, a Ixtio 11,2750 131w 128th M Jul -2(117 May -7018 13 ShOPW. at Hidd-ml-ake 127WSW122.iis3t 14 lbaxAYma =1 SW 31thAve * * * * 4, 3D,527 Tuffle Street W400 290 NEVh St 1 AuQ40113 ts sage MW 7111 Ct 28,060 7006 NE tOth Ave Nom Realty, Ina W01 WDixle Hwy Avg, -2017 mom 48 Fanoramm 1101 orickeltBay Dr 2&000 21140 f45 2md'Aye 21 River phua a 40 SW Nh ortRiver Dr Jun4018 20,000 zz X$ Lux- R�jl 20,00D 90A S Miani.Ave_ 23 2760 C'oral wa;8 Ptofida ' ast Coast Reafty, LLC 10M 24 2201 WW 271t) Ave jun4oia 25 17 WjSj 109SAllon Rd JUI-2010 17,000 26 1114 NE Mtn st 27 The Moto Or 2 17W Alton Rd 'May -2018 Square, Aftdon 29 may -W 10 1424 NE Owl Pi SOUrCe: CoStar Rents Miami does very well in terms of retail, and consistently ranks among the top five metros for highest gross asking rents—thanks primarily to the exceptionally high rents in wealthy and tourist -heavy submarkets like Miami Beach, Aventura, Brickell, and Coconut Grove, The Miami Submarket is home to the Design District, where some tenants are willing to sign leases that are more than four times as costly as the metro's average, JOSEPH J. BLAKE AND ASSOCIATES, INC.. REAE. ESTATE VALUATION AND 90 USULTma 29 Nov -2017 Nov -2018 MISY-20117 May -2018 jan4ols Nov -2018 City0f"anit 4 Mar -2W7 Jun -'Wig Saber Real Estate A4vfsors 2 Jul -2(117 May -7018 May,2018 15 JU112018 Greysione Ftinding Corporation 1 AuQ40113 Ail2018 Nom Realty, Ina Avg, -2017 Jan -2019 jan-2018 Det - 2019 Jun4018 Florida East Coast ftalt)r LLO Ptofida ' ast Coast Reafty, LLC Dee -2017 jun4oia 4 JUI-2010 jW40ts 'The Me -lo Group The Moto Or 2 00-M14 'May -2018 may -W 10 Ahe Rwk* AsswWalles Apr -2017 lday401 8 Super(aold Elton Panirws Elton partr*m I Cambridge Capital CM Ino Atig-2019 Wdinl Furedure Sep -2Q40 MaV401a SOUrCe: CoStar Rents Miami does very well in terms of retail, and consistently ranks among the top five metros for highest gross asking rents—thanks primarily to the exceptionally high rents in wealthy and tourist -heavy submarkets like Miami Beach, Aventura, Brickell, and Coconut Grove, The Miami Submarket is home to the Design District, where some tenants are willing to sign leases that are more than four times as costly as the metro's average, JOSEPH J. BLAKE AND ASSOCIATES, INC.. REAE. ESTATE VALUATION AND 90 USULTma 29 Miami International Links - Melreese Country Club Land 19-114-02_ MARKETANALYSIS Even though asking rents in Miami are generally high, rent growth has continued to slow throughout 2017 and early 2018. However, the decline has simply ended the phenomenal rate of growth that occurred in 2015, mirroring a nationwide trend. Regardless, rent growth In Miami is still expected to remain positive and to continue to outpace the national average. As of early 2018, the submarket with the highest rate of rent growth is West Miami. This is primarily because high rates of supply have finally put the brakes on rent growth in premier submarkets like Brickell and Miami Beach, while more moderately priced submarkets like West Miami and Coral Way, which have fewer deliveries, are experiencing relatively steadier and less dramatic decreases. ASKING RENT GROWTH (Y" 12 qn 4 -2% 20112 2013 t4 2015 2016 22,017 2018 2019 2010 202 1 10 klwu� 9 N&ghbQ??haof1 01 pokww rAn"W Source; costar A,%XfNG RENT PER SQUARE FOOT 1,0 maftg 11 ffe(ghborhood Canfvr IM Cknaral Retml IM Gib& to Mors IN undeasoms: IN kW sitip Conjef Source.. CoStar JOSEPH J. BLAKE AND ASSOCIATES, INC, RtAL ESTATE VALUATION AND CONSULTING Ef Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS .... . .............. ............................ Sales Sales volume has cooled dramatically from its 2015 peak, when nearly 5% of inventory changed hands. Average sales price has also been decreasing. Many of the largest sales are occurring In the Kendall Submarket, which has the advantages of a dense population and higher median incomes, It is also one of the largest submarkets for office space, creating demand for quality retail and restaurant space, on deals that exceeded $5 million, most reported cap rates for well -leased retail properties have ranged from 5% to 6% over the past several quarters, Toronto-based Northbridge Investment Management's .Kendall Pointe (a 75,000 SF neighborhood center built in 2008) recently sold for $219/SF at a 5.6% cap rate, and Old Cutler Towne Center (a 100,000 Sr community center built In 1987 in the South Dade Submarket) sold at a 5.2% cap rate. One of the largest recent sales includes [lora[ Commons, a 130,000 SF neighborhood center that was sold by Terra Group to Jamestown Properties for $71 million. Doral is home to 250 corporate headquarters and '100 multinational corporations, creating a strong demand base. It also maintains strong retail occupancy and was 98% occupied at the time of sale, SALES VOLUME& MARKET SALE PRICE PER SIT 48tv) Prve,'S', Q Uviled Sfateq Pqce NSr, sources Castar JOSEPH J. BLAKE AND ASSOCIATES, INC. 9EAL [STATE VALUATIGN AND CONSIJUIND 31 Forecast 51�600 S450 $400 S 1 '?00 $ 3,5 L) $300 $800 S250 # 3600 Zi tiFUR $400 S150 fi $200 "M 4 2012 2013 2014 2015 20,116 20 2018 2019 2020 —>021 48tv) Prve,'S', Q Uviled Sfateq Pqce NSr, sources Castar JOSEPH J. BLAKE AND ASSOCIATES, INC. 9EAL [STATE VALUATIGN AND CONSIJUIND 31 Miami Internattanal LbRs - Melreese Country Club Land MARKET ANALYSIS 18-114-02 .. . .......... .. . . .......... ........ ....... MARKET STATISTICS . ........... ........... ...... . ...... .. SUHMAR0T INVENTORY Nov $41havalket 'I AvoAtaz 2 &,atkyna Corridor 1 90)*011 4 Coconut Grove 9 Covi Riblo, 2,499 Cbtw way 16 D&Wwawri Worni 1,78'1 hialeali Gardena 9 Kendal" Ily W-dwRi'lleah 11 mmmf 12 MarnrAirport 13 Miami 6 1 14 WMT 1-1kes f& Northeasl 0"We 16 Ntfyftng Miami -Dada Chty 17 South Dade " 'Aham 4tatO source! costar Inventory Per SF Bid" 8F (000 % Markief, Ratak W 6,664 4.91/6 9 229 2,499 Ell% 16 74 1,78'1 1.3?/0 17 153 1,1133 f,4% '16 306 4,483 3^ 11 W 466 2.0% 14 146 2'a7D 241% 13 466 3.440 2,3% 12 871 19,690 14,6% :f 969 13,317 9.91,o 4 2A52 164,091 1112% a 742 16,417 IZ2% Z 02 8,641 6.4% 7 192 4,900 16% 16 1,173 I2,470 9,4% S 26 3015 0.2% 18 840 11,683 BAN 5 627 6,f,-qs 5,0% B source! costar 12 Month DeOve-fte Per SF SWgi; $F 10401 pemnt Rank B 389 6.8%. A 2 43 1.7% 8, 3, 28 1'5% 12 0 0 00/0 - 1 6 (IJ% 14 0 0 0%, TO Northeast ode 0 10114 • •.' South 11 -RIS 37 Q% 9 3 34 0,20x6 10 8 194 00/0 4; I 73 0.5% T 10: 20 IS% 3 76 0-41%, 7 1 41. 0.2% 13 5 .177 10% 2 Q 0 0% - 7 It$ 1,0% 4 3 32, D.M i I source! costar The subject Is located In the Miami Airport submarket; :Which Includes 742 buildingsand 16,417,000 5F of space, There have been 10 deliveries of new retail buildings 'ih the submarket, for an increase of 243,000,SF, There are four buildings under construction, to have a total .of 111,000 SF. With 12,2% of the total Miami inventory, the subjects submarket is. the second largest in the area, CORMAPKFT PRIT Undorl-Goostraetion Per SF SWgi; SF(000) Percent RAfik 0 - - $401 4 67 23% 9 2 4; RmIGNI Gardons 9; Kendal TQ �iteh�yiti' 11 Mom; 12 kkaim Airport 13 2 so 1.11% TO Northeast ode $00 a1% i South 11 -RIS 'No 0,6% 2 11 74 0,4% t 26 0,2—% 12 12 M -1 .8014 3 Ill v% 6 76 0-41%, 7 ti 2 0:9°1° 4 3 1,D1% 11 04 0.1% 6 The subject Is located In the Miami Airport submarket; :Which Includes 742 buildingsand 16,417,000 5F of space, There have been 10 deliveries of new retail buildings 'ih the submarket, for an increase of 243,000,SF, There are four buildings under construction, to have a total .of 111,000 SF. With 12,2% of the total Miami inventory, the subjects submarket is. the second largest in the area, CORMAPKFT PRIT Asking Rent Gromh Per SF Rank ,2 Skmqrm Corridor I orkliell 41 CAXWRA 'Greve $401 caml GaVes $42.51 00,41 way 7 M*-rtoto Wang 8, RmIGNI Gardons 9; Kendal TQ �iteh�yiti' 11 Mom; 12 kkaim Airport 13 Miami B'940 14 N-amg Ukes 111i Northeast ode 16 Out" kA Imi-ID-Ais cwt 17 South 11 -RIS 49 West Mwou. Asking Rent Gromh Per SF Rank $"; 7,46 2 P'3.86 12 -02% $401 4 $42.51 5 4307 7, 638,.39 a S22,23 $377Q 22% 128,97 U S3415 9 $31,04 4 1226A0 1 525.7 16 $31,33 V $24,27 IT 431.67 11 ig Month Asking Rent Gromh Rank 21% 14% -011% 12 -02% 00/0 2.0% 2A% 22% 42% 1196 OV. 4 0,6% 18 1.1 % 0% 240% 1P Source-, CaStar JOSEPH 1, BLAKE AND ASSOCIATES, INC, RIAL (STATE VALUATION AND CONSULTINO 'apitualwod ouarterly Rent Grooh Rank. 0% 14% -011% 12 -02% 00/0 42% 1196 OV. NO 0% 0% KH Miami international Links - MeIreese Country Club Land 18-114-02 MARKET ANALYSIS The subject submarket's average asking rent of $31.04/SF represents an increase of 2.1% over the prior year. The rents are relatively affordable, by local standards. SUBMARKET VACANCY & NET ABSORPTION JOSEPH J, BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ARD GONS0011ig 33 voc'Incy 112 Month fkt- Absorption 0% $0bMarket SF Percent Rank $F % at Inv Rank Construct. Ratio 1 Avontori 76,307 1,1% 1 289,110 41% 3 0.9 2 &srayw, Carnrior 3W97 12.1% lo (90,100) -3,6114 16 3 Bmkefl 204,372 '11.6°/0, 17 (u),mo) 46% 13 4 Coconut ofave 87,716 4.8% 13 1;686 01% 10 6 Cora] WWas, 120,026 21% V 01413061 48% 14 6 Coral Nkk ly 3209 12% 2 17,034 0,611/0 9 7 0ownlown Wwui 24a,4322, 81% 16, 27,570 LGOA 7 a M!183h Gerr.ton$ 72,524 23% 5 43,720 1_d% 6 0A 19 Kareall 516,927 2,6°1 7 90,460 0 q% 5 0A 10 ModloylHlalam 220,,337 11% 3 '125,375 0,0*0 4 CA 11 51a rrrr 1,062,114 710% 15 (44,446) -0-� WW6 Airrl, 4 461,8$1 13 mwlnit &ool 447,866 5,2% 14 (4,065) 0% 12 14 Man o, La 211,615 4A% 12 (96,751) -21011/0 To 8 Nwftast Dadp 328,61-2 2,6% o 313,166 2.570 2 0.1 16 Outtfing Hami-Dade Crity 11,909 3.9% 10 (3,157) 4,0% 11 17 Sfft,44 Gad*,, 489,311 4.2% 11 (90,296) -0J3% 17 18 blast miarm 160,490. Z4% 6 20,81'$ 03% 8 0.6 Source. CoStar The subject's Submarket has a vacancy factor of just 1.9%, which is the fourth lowest. in Mlaml-Dade County. The lowest submarket, Aventura, has a 1.11 vacancy, The subject's submarket has absorbed 481,891 SF of newly constructed retail space, almost all new space is immediately absorbed as it is constructed, in the subject's submarket, JOSEPH J, BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ARD GONS0011ig 33 Miami International Links - Melreese Country Cub Land MARKET ANALYSIS 18-11"2 MARKET FUNDAMINTALS HISTORY AND FORMAST Inventory Nei Ab#ap0qn Inda 3% Grow% vapnqy Year SFiP401 Grmnh 'Worowth %F0001 %Growth c0owd. Ratiq Sf (0001 poftem P&Ch 2022, 12919or- 1,366 1.1% 024 1.1% I'D 4$74 3,6% 0-0 2021 126'W IXG 1-1% 'Q61 1.'0% ill 4;029 30/0 010 2020 127,184 1,2M 1;01 1* 1.273 took 110 4.5 6 $,8%a 0.0, 2019 125,926 IJ05 019% 1,257 110%. U 4, NU 31% 2016 2010 1241321 I,= 1,332 1.1% 18 4,101 18% 4300 200 123,741 zMr 21% t924 1,15% 13 403 4,0% 2DIS '12111M VW 0.8% 819 tial 1A 4M 4.51% 4.6% 21316 1211;1: 1,112 0.9% 4012 018 4,W O,4°10' 21114 419'w 004 1.1% I'l630 IA% 6A 092 317% 2010 2013 117J42 483 499 0,4% 1.0 4,726 4, 0 '/v au 2012 117;Mo 8 i i 0.5% 6&2 (,6% 1.0 4,741 4,004'v 0'0 2911 116.647 01% 1l300 1,21%, alp 4,762 4,1% 1014 21110 116,018 1,470 1.3% V", 1.6010 0.0 U33 4,7% 031 Mcm 114.541 1,740 1,6% :63l OA% 2X AW5.0 0-9- 2008 112-t% 2,,844 2.,6,* 1 112 1.8 zo 5 4,Os1 1.2. 21117I 1119,064 25277 zlvx. 3.880 as DA flA 2006 (07.7,08 1,668 1.6% 1,506 1.5% 1.1 9.775 4A% DA 20" 106,,040 1463 t.6% 1,910 1,9% W$ 4,1514 sourem catar The Miami rata It inventory has grown slowly over the last few years, primarily due to the limited amount of land available for new construction. The Vacancy factor has.remained at less than 5% sine 2005, except for one year, X2009 — during the height of the recession) where the rate peaked at 5%. is Vacancy' projet eWd, to remain at less than 4% for the next five years, Rents have grown steadily since 2005 as shown below. Rents are projected to continue to increase over the nextfew years. MARKET RENT,HISTORY AND FORECAST Askftgeftt year porw Inda 3% Grow% V4 Hist P"k $37 14 124 210A 0,0% 202P :$3023 123 2(118 2411I 64 124 AA% 2016 12Z S,1%r. _zft 4300 1111 1i,7010 OAU 20'18 33J,B6 105 4.6% 4012 $29160 00 O,4°10' 2011 $280 90 2010 $27,40 6� 2m $2705 2006 $;?06 -21IO7 =16 103 2008 $28,72 -221% 2G()5 JOSEPH J. BLAKE AND ASSOCIATES, M, 34 REAL WATt VALUATION AND CONSULT1146 I Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS MARKET SALES 141STORY Source: castar JOSEPH 1. BLAKE AND ASSOCIATM INC. REAL CSTAIC VALUATION AND C011SULTINU 3,5 Volunm Price cop Rotf% Year Wee SF Vatume Tistoo9of Modhin Per 8F Avti Moo Index overall 2017 183 3A95.723 $400,300 2.6% $2419.06 $3.308,265 1% 5A% 2016 242 3,183,515 51,142A50 2.6% S302,1M $4.840.807 150 6A'4 2015 392. 5,003,667 $2,007,96-5 4.2% $254.59 $5,340,120 145 2014 31151t 3,438,709 $1,531,029 2.9% 5283.37 $4,700,395 135 u.3"lu 2013 263 4,31'1,834 SM1,21 0 13J% $229.16 54,618.531 124 5.511/9 2012 267 4262,262 $1,006,487 3,5% $205,87 $4,747,581 1I5 5,7'/6 2011 209 2,585,588 $032,476 2.2% $25012 $3,513,755 101 '63% 2010 11510 2,893,474 $678,601 2.5% $197,22 $4,917,315 87 7.33 2001 '13$1 1,299,300 s190,m 1.11% $206.43 $t,571,627 $4 7,D% 2008 176 2 135,573 $442,155 1,9% $287.30 $2,679,726 100 0% 2007 232) 3,563,474 s815.308 3.3% $271.56 $3,644;813 119 5,4% 2006 '182 3,702,318 3662,542 3,4% $228,39 $3,328.650 114 53% 2005 197 2,447,507 $465,906 2.1% $208,17 $2.250J62 103 r5A% Source; CoStar POWER CENTER SUPPLY AND DEMAND HISTORY AND FORECAST Inventory TJetAbpqiptJQft Ye; r SF (4" Growth 1A Grow(II sp (000) V. Growth Co"Otruttion Ratio 2021 $.368 1 0.0% (3) 2020 3,.M7 3 0,4 2019 3,166 6 0,2% 0;2 2018 3,165 9 D.0% 2 01% 0,11 2017 3,364 0 0.0% (19) 46% -- 2016 2016 3,394 0 ob% (44) -1,3% -- 2015 2015 3,364 0 0.0% 5 0.2% 0.0 2014 3,31x4 0 0,0% -011% -- 2013 2013 3,364 4 0,1% 0.0% -- 2012 3,3601 0 0,0% 20 0.6% 0.0 2011 3.360 3 0A% 65 1,7% 2010 3,356 13 0.4% ce 1,00/0 02 20001 3,343 1813 151% 147 4J3Vq 4,2 2008 3,1613 W 13,6111 . M 12,1% U 2007 2,794 0 0,0% (19) 47% 2006 2784 5 02% 20 - 110 2005 21779 0 0,0% - Source: castar JOSEPH 1. BLAKE AND ASSOCIATM INC. REAL CSTAIC VALUATION AND C011SULTINU 3,5 Miami International Links - Melreese Country Club Land Aakla� Rant 18-114-02 pop $F Index Growth POWER CENTER VACANCY AND RENT HISTORY AND FORECAST ... ........... S~3& 36 123 Vacancy $1315M yf'3r 5F (000) Percent Ppts Chg 2021 93 123 0'1 2020 89 3.v% 0,0 2019 90 2.7% (0,I) 2018 95 2.8% 0,0 2,017 90 2,8%, 0.6 20*16 77 2.3% 4.3 2(1I5 31 1.0% (0�2) 2014 i8 1.1% 0.1 2013 35 1.0% 0,2 2012 so 2011 2010 (1,4) 2009 147 4,411/o 0A 2008 1,14 8;6% 1,3 2007 63 2.3% 0.7 2006 46 1'6% 0.0 2006 0 D'O Source: CoStar POWER CENTER SALE$ HISTORY Year Sawa sp Volume 2017 0 0 $0 2015 0 0 $0 2015 1 7;956 $5,67-5.000 2014 0 0 $() 20t3 2 297,072 &92,000,000 2012 1 1€if1,001i $0 2011 0 0 $0 2010 0 0 so 20v) 0 0 so 20013 1 7,956 $4,850,000 2007 1 0 0 50 2005201113 0 0 so Source: costar JOSEPH J. BLAKE ANO ASSOCIATES, ING, 4 TAC IST -.A11 VALUATION AND CONMTINO MARKET ANALYSIS Turnover 0,2N. U% U0A 6A% 010% 0,0% U114 0�11N6 Z9% OVA, U% Pr lee Aakla� Rant pot $F pop $F Index Growth $n.76 124 S~3& 36 123 004 $1315M 122 0.0% $35.09 122 -110% 5.95.43 123 Z6% $34.54 120 3.v% $11135 116 5.3% $:31,69 110 6.5% $29,76 103 5,2% $28.30 98 6,0% $26,95 93 1A $26.59 92 -2,20; $27.20 94 -61% $28,85 100 AM/6 $29M 102 4,9% $28.02 97 Turnover 0,2N. U% U0A 6A% 010% 0,0% U114 0�11N6 Z9% OVA, U% Pr lee pot $F Avg Price $713.30 $6,675,000 $381.311 $92,000ZO $197,97 $lllii OD;000 36 Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS NEIGHBORHOOD CENTER SUPPLY ANO DEMAND HISTORY AND FORECAST Inventory NotAbsorption Year sr (000) Growth Y, Growth 5f (000) % Growth CnnstnratPen Ratio 2021 21,143 2,15 1A% 204 1,01yo 11 2020 20,908 235 1A% 199 10/4, 1:2 2019 20,673 46 112% 193 1.00/'0 12 2018 20,437 184 0,9% 215IA% 0.9 2017 20,2'53564 2.94 $95 11 3.1% 019 2016 19,689 102 U% 209 1.1010 ob 2015 19,587 226 1.2% W 210 0A 2.014 19,302 163 0199 280 1.5% 0A 2013 19,196 57 0.3% 13 0,1% 4,2 20,12 19,142 122 00/14 234 1,3% 6,5 '2011 ",020 57 0,30/0 262 1'5% 0,2 2010 18,963 IT9 1,00/0 2M 1.3% 0:8 2009 18,784 140 03% (147) -a-W. 2008 18,645 526 2,9% 0,61/0 5.1 20107 111,1 14 424 2.4% 296 70/00 14 2006 17,06 252 1,5010 174 — 2006 17,4n -1555 &10% — Source; CoStar NEIGHBORHOOD CENTER VACANCY AND RENT HI$TORV AND FORECAST Vacatrt AWng Rent Year voiaoj t extent Ppts Cho Per sr index % Growth 2021 748 3.51/01 0'1 $3221 122 1.10 204 716 3AQA 0.11 331.M M 121 0' % 20,19 679 3,30;6 01 $31.60 120 411 % 2018 642 8.1% (0-2) $31.61 120 1,1% % 2.017 X72 34010 a'31 $31,98 121 220x0 2016 703 316% (0-6) $31,2/1 2016 all 4A% (0,91 $2940 114 2014 9T0 5.0% (0-7) $28,48 108 6A% 2013 1,086 5,701 012 $26,78 1011 521to 2012 1,D43 5.404 to,(,) $2545 96 4.1% 2011 1,155 6111% (1.1) $24,43 J3 1'3011 2010 1.360 7,2% (0-3) $24,12, 91 -3.11% 2009 1,407 7-5010 1.5 $24,90 94 -5,79' 20106 9,1`21 21 $2639 igo -1'9*$ 2007 00,171 0,0 $26,90 102 4,3% 071 8.2T0 0'a 2005 0 0.0 Source; CoStpr JOSEPH 1. BLAKE AND ASSOCIATES, INC. REAL ESTATI LU T1011 AND CONSULT1149 37 Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS NEIGHBORHOOD CENTER SALES HISTORY Price Year $0610s $r Volume Turnover Per $F Avg Price 2017 22 1,44 1,801 $129,239,929 5,1% &219.39 $9,941,633 2040 14 662.589 $444,921,600 3A% $22371 S11,147,816 2010 31 $78,704 $106.837,479 4,;% $245M $6,561,250 2014 27 803,11% $202,269,196 4A% $320,44 S8,427,083 2013 36 1,201,244 $178;1 69,163 6,3% $200,28 $7,4117,649 2012 29 9O2;0215 $1651595,810 &1% $261,57 $61279.79I 2011 19 3741506 $74,947,4 11 2.0%- $313,73 S5.363,387 2010 15 548,457 $119,2A7,216 2,9% $178,18 $9,172,863 2009 6 1,99.734 $34,765,563 111% $206.62 $5,797,592 2008 12 273,60' $66,192.574 1.9119 $286,47 $6-619,257 2007 15 826,608 $70,318,398 4,6% $162.75 2006 418% $2613:15 $7,117,D42 gow 14 4291529 510;;x,094,704 2,5% $344:02 S5 426,037 Saurcec Co5tar JOSEPH J, BLAKE AND ASSOCIATES, INC. REAL ISTAIE VALUATION AND CONSULT 1110 38 Miami International Links - Melroese Country Club Land 18-114-02 ... .. .... ...... .... ..... ... ... MARKET ANALYSIS The following information was compiled from published sources and is used in conjunction with primary and secondary data to analyze the market trends impacting the value of the subject property.. . ............ . .... .. ........ ...................... ... .............. NATIONAL SUBURBAN OFFICE MARKET - PWC According to the PwCReal Estate Investor Survey, Ist Quarter 2018, Quarterly shifts in the national suburban office market's Survey results suggest, that most investors are optimistic about its performance, for 2018, but in a low-key manner. '2018's performance should be flat compared to X017, which is better than being down," surmises a participant, "We see a steady outlook with improving occupancy, but slower rent growth in the short term," says another investor. As a whole, the 1j S. suburban office sector reported an overall vacancy rate of 13.6% at year-end 2017, equal to the rate for year-end 2016 but below the average of 14.6% for 2015, as per Cushman & Wakefield. Our'surveyed investors note that underlying fundamentals vary greatly from location to location. For 2017, suburban areas "that posted some of the lowest overall vacancy rates included El Paso, San Francisco, and Rashville, On the other hand,, suburban areas that pasted some of the highest overall vacancy rates Included Cincinnati, Northern Virginia, and Houston. Some surveyed Investors feel that there will be good buying opportunities in -certain suburban markets for 2018,since "a few owners are opting, to sell suburban office assets, in order to better solidify an all-cash position, now in anticipation of rising interest rates and capricious lender ,decisions." (pg. 26) Key Survey Stats National suburban office Market First Quarter 2018 Current Quartet tast Qua rter TenantRetention Rate 40.0%-710% 40,016-7$.0Yo Average 63.00% 63,00% Months of Free. Rent (iO-yr fease) 245 0_15 Average 7.0 6.6 Yo of participantsus! ng 88.00% 88.00% M,arkqtCondItJohs Nivor Buyers '43,00% 4100 %, sel 1 ers 2 9. 0, 06 U0% Neither 28,00% 57.001%, Sou ro�,,.PwC Rea f estate rqve stg r survey,- ts t (Itta rte r iOl & .. .. ........ . ..... . ..... JOSEPH J. BLARE AND ASSOCI,ATES, INC. REAL ESTAIE VALufirtan Afio CORSULTIN� M Miami International Links- Melrease Country Club Lanai IS -114-02 MARKET ANALYSIS National Market Yield Rates forReal Estate Investments National Suburban Office Market First Quarter 2018 Cu r rent. (Au a rter Last Quarter Year A&L_ Di s co u nt Rate (I RR) 6:00%-12-00% 6,00%42,00% 6.00%-10.50% Average 8.32%: 8.34% 7.88% Overa I I Cap Rate (OAR) 4,3$%-10.00% 420%-10,00% 5.00%-9.50% Average 6161% 632% 6,61% Residual Cap Rate 6.OQ%-11-50% 6.00%1-11150% 6,0O4w-1Q.50% Average 7553, 7.61% 739% Market Rent Change Rate 0,00%,5,00% 0100°%n SD0610 0'009/0 5.00% Average 1.86% 1,86% 2103% Expense Change Rate 0.009Q-4.00% 0.00%-4,00% 0.00%400% Average 2.68% 2.15810 2.75% Ma rketin g T1 rne Range 1-12, months 1-12 months 1-12 months Average 6,5 6.5 6.0 Source. PwCkea[Estate Investor Survey, lit Quartet 208 JOSEPH Jb BLAKE AND ASSMATES, INC. REAL ESTATE VALUAT'JON AND tONSULTING EEO Miami International Voks - Melreese Courttry Club Land U -IU -02 MARKET ANALYSIS . .. .. .. ..... .. . ..... .. -.1 ... ............... NATIONAL SUBURBAN 05FICE MARKET - RVALTY11ATES.COM According to the RealtyRotes.com lfwes,tor Survey,. Ist Quarter 20 18,, the following tables summarize prevailing mortgage terms and resulting built-up overall capitalization rates (OAR'S) via debtcoverage ratio and band of investment techniques, together with OAR's from consummated transactions as _reported by survey respondents based on actual net operating income, (NOI) exclusive of reserves and actual. sales price ,exclusive of deferred maintenance. These data are for Class A and B properties nationwide. Mortgage terms and equity dividend rates are likewise national rates as reported by survey respondents, RealtyRates.com Investor Survey office - AD Types. First Quarter 2018 Item Input OAR— Minimum spread Over 10 -Yea r Trea suty 1 �O 2 Va; Debt Coverage Ratio 1,15 CSR Technique 1.15 x 0,04556 x 0,90 .432% I nterast Rate 337%o Band of InvestmentTechnique Amortization 40 Mortgage 90% 0.041000 Mortgage Constant 0.045556- Equity 10% x 0,075619. 0.007562 Loa rrAo-Va I ue Ratio 90% OAR 0,041000 + 0.00,7562 = 406% Equity Dividend Rate 7,56% Surveyed Rates 4A1% Maximum Spread, Over 10 -Year Treasury 6,29% Debt Coverage Rat! o 2.15 DCR Technique .2.15. x 0.11916 x o,50 12.81yo InterestRate 0476 Band of Investment Te chrilquo Amortization 15 Mortgage 50% x 0419156 = 0.059578 Mortgage Constant 0.119156 Equity 50% X 0460325 = 0-080163 Loan -to -Value Ratio: 50% OAR 0.059578 + 0,080103 13,97% Equity Uivideild Rate 16.03% jurveved Rates 13.24% Average Spread Qver 10'Year Treasury 116% Debt Coverage Ratio ILS DCR Technique 1:65 x 0,068172 x 0.725 = 8.165%,' Interest Rate 5,51% Band of Investment Technique Amortization 30 Mortgage 73% x 046,8172 0.049425 Mortgage cansta ftt 0.0768172 Equity 29% x07.112207 = 0,033607 Loan -to -Value Ratio 72,5% bAR 0.049425 + 0.033607 830% _EguLtv Dividend Rate 1212% Surveyed Rates 9.67% source: Realtyilate�.com Investor survey, Ist Quarter 20,18. JOSEPH JK RAKE AND ASSOCIATES, IM R[ A L t STATE VALUAT10.0 ARD 90 11SULTM0 41 Miami International Links- Melreese Country Club Land 18414-02 Realty'Rates.com Investor survey Office -Suburban First Quarter 2018 KURKET ANALYSIS Item IneL_ OAR Minimum Spread over 10 -Year Treasury 1,DZ% Debt Coverage Ra tier 115 1 DCR Technique 1.15 x 0,045556 x 030 4,72% Interest Rate 3,37% Band of investment Technique Aracirfintion. 40 Mortgage 909/6, x 0.0455545 = 6,,00000 Mortgage Cant tant ti,.0455515 Equity 10% x 0.075619 = OW7562 Loan -to -Value Ratio 90% OAR 0,041000 + 0,007562 = 4,86% Equity Dividend Rate 7,56% ISJurveyed Rates 4;616, maximum Spread Over 10 -Year treasury 5.14% 10CR Debt Coverage, Ratio 1,90 Te ch n 14 ule, 1,90 x 0,111173 X 0,60 ri 12,67% Interest Rate 7.49% Band of InvestmentTechnique Amortization 15 Mortgage. 60% x 0J11,178 = 0.066704 Mortgage Consto nt 0A11173 Equity 40% x OA48325 0r.059330 Wa n4o-Va I ue Ratio 60% OAR 0,066704 + 0.059330 12,60% Equity Dividend Rate 14,83% Surveyed Rates 11,97% Average Spread Ovet-10-Year Treasury 3,08% Debt Caverage Ra ti o 11,53 1 DCR Technique, 1.53 x, 0,070101 x 01751, 8,02%, lnter0t Rate 5,43% Band of Investment Technique Amortization 28 Mortgage 75% x. 0,070101 = UJOUS715 Mortgage Constant 0,070101 Equity 15% x- 0408331 = 0.027084 Loa n-to-va I ue Ra ti o 75% OAR 0652576 4 0.027084 '7.97% �y Di vi dend Rate 10,83% Surveyed Rates 8,97% Soufte;, ReaftyRatea.cominvestor Survey,15t Quarter 2018 The foltowfrig tables summarize discount and equity dividend rates reported by survey respondents. in, all wes, rateswere derived from Class A and 13 properties nattonvvide and are exclusive- of'reserves, Note -that "Recapitalizations" refers to re-financirig undercurrent use. RealtyRateucirn Investor Survey Office -Discount Rates First Quarter 2018 'Reyw Development Acquisitions RecapitMizations &2'Perty-T Min" Max, Avg, MI n. ,,Mart„. Avg, M [n,, Max. Avg. office 6,51% 15V% IJAZI ,yw 5,66% 13.46% 10:2$% 644% 15:31'% 11,70P/. suburlbah 6.51% 1412% 1.1,14% 5.66% 12,37% 9.69%' 6A4% 14,08% 11.0211%, ,CBD 7.52% 15,47% 10.9.9% 6,66% 13,46% 7.5'8% 1531° 10,88°/. medical 7,56% 15,47% 10.99% 6.66% 1.3,46%, 15694 7,58% 15,3111 10,88yo Snaroe., Rea ItyRatesx6m 1nvdstor$urvqV, 15t quarter 2018 IDS [PH J� SLAKE A N 0 ASSOCIATES, INC. €r At ESTAIE VALUATI011 AND CONSUttIN0, 42 Miarnimternotional Unks - Melreese Country Clublatid, MA MT ANALYSIS' Realtyllates.com investor "'Survey Asklng, Rent office - Equity Dividend Rates :p4.3 First Quartet 2018. Fr2perly Type Min. Max. Avg. Offige 7,56% 16,03% 1,2.22"x. Suburban 7,56% I&M XATYb 4111) 7,7 6%, IU3% 11-,48% Medical 7:66% 15AS-%, 1116% , soUrCA..Re,AjtyAAteS.,c0m Inveswsurvey'.1'st Wirler 201$ Th4 following tables sum mmrcze sales, Income,, occuparmy, aril operating ekPeose date as well as relevant rates and ratios, for classA,and R office properties in the coniinentalU.S.. Office properties are rnultlAenant on . ly- Operating. expenses do nainclude reserves for ropalrs.,IM replacerilent. Note that thera tap rates provided are; based solely �on eve, go rriarlkot-wido opetating fltrtclarYiiSrtand sales prices -, As, such while they are analogous to 'as W ratim, they should be used caLA100, lrr a d0ifidndue, to rooftdft,"VaCha,ngemay.beslightly posivefir negative zal hough rill change isindicated. RealtyRatescom market sorve'y Nationwide - class A.&. B.Office Eluildings First Quarter 2019 4Q 0117' 17 Chan e CBD suhtir I b, W. Suburb 099 suburb. Q rating data lif - e Asklng, Rent Z7.,23 :p4.3 2 Effective Reit( A 5yq ftef ITKOme 2A% 16% Total Income b, � 6% Vacancy Rate 11A6 U-.1% Income (fGlj $20-91 $17,96 $2011��74'9 Expenses Total Expenses #0.6� 0,46 o $9V Expense Ratio X9,84% 5-,70% Net 0-peratj"411MOMe (N01) 1ti $9.49 1Q.q It InveAmOkit Data -Avera,geSaJe, Price i,$1j4 $97 :112' Overall Cap Rate (QAC Gross Rent Mul trph dr t'dRMI S.05 4.94 SP4. Effocflve Grdss I� , cot�neMulffpfIer (EGtM) 5.15 sae tao BLAKE ANO ASS 0 N ATE$, I NC REAL ESTATI VA1,11ANON A4.1) CONSULTWO M A 5yq 2A% 16% b, � 6% M Miami International Links - Melreese Country Club Land 18414-02 MARKET ANALYSIS MIAMI OFFICE MARKET ANALYSIS According to the Ca$tar Office Market Report, the Miami office market continues to benefit from steady demand via strong growth in office -using employment. Specifically, job growth in the Financial Activities and Professional and Business Services sectors outpaced the national average in 2017, Due to years of limited development and strong demand, vacancies have remained" near cyclical lows, Developers were, active in 2017, delivering almost 750,000 square feet of new office space. Even with the uptick In development, vacancies remain fiat, leaving Miami in a good spot to tackle another wave of deliveries setto hit -the marketthe next few years. Due to strong fundamentals this cycle, rent growth reached almost 894 in early 2016 but has since declined, mirroring a nationwide trend. Sales volume has dipped off recently after peaking to almost $2,2 billion in 2016, but it is still in line with the historical average, KEY INDIC4TWN con"I onon4f RBA Vacancy Rate 1111411100, AvaolgyRat, "Ahtorption MOvs SF erle Under Rent SF C605trwrio" 4& 5 -Star 34,9 3,474 12,8% $4318 62,8 2 100.000 1,604.838 3 Star 45,282,612 T41% S3242 1315,786) 0 280,133 I & Star 24,524,386 4,4% mor1286t IQV27�442 8+6% 59,8'rit 400,008 1,044,971 Annual Tnincle 42 maoth "Istotiol Awo;a Forevast Ayerago Peak Wirers teau0s) "on vatancy,change (Yoy), 0,2% 10.1% 9,0% 74 3% 101001 Not Absorption SF' 66A K 1,053,094 493,531, 3,06,926 200102 4, 20002 85,475 20151,12 Ree G(Qwth 3,0% 115%, 12.,q% ZUT 02 ,6,6-0 20004 �4ke5 VoNnle $t B &I'D B NIA $2A B 201602 a25181M 200,9 04 SourwtoSiar Leasing Office -using employment has been driven by financial services related to international banking and the, housing recovery, and professional and business services catering to wealthy retirees. Absorption. reached the highest levels of the cycle in 2014 and 2015 but has decelerated since. While most of the recent leases are for 30,000 SF or fewer, there have been a. few notable lease deals that have occurred over the last few quarters. In late 2017, FEMA signed a lease for over 90,000 squarefeet of 3 Star office space, followed by Florida Blue, who is taking over 50,000 square feet. Employment within the healthcare industry has been robust enough to support continued medical office leasing. Further supporting this trend Is the rapid employment growth withinthe outpatient subsector of the healthcare industry, which reflects the increasing patient preference for medical services outside of the traditional hospital setting. These medical tenants typically favor 3 Star product In medical office buildings and locations within the premier suburban submarkets near wealthy residences and: the University of Miami, Submarkets such as Kendall, South Miami', and Aventura see the lion's share of this activity, and as the population ages a nd demand for healthcare grows, medical office leasing should further drive demand, particularly in these submarkets. JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL EtTATE VALUATION Alf U COUSULTING 44 Miami international Links - Meireese Country Club Land 18-114-Q2 MARKET ANALYSIS Strong demand has finally made an impact on top-quality asset fundamentals. For a large portion of the recovery, 4 & 5 Star product remained stubbornly vacant due to the supply wave that hit the market during the recession years. However, the strong absorption has helped bring down Miami's 4 & 5 Star vacancy rate by almost 800 basis points since the beginning of the cycle. Two and Three Brickell City Centre have recently hit the market and multiple 4 & 5 Star buildings are set to deliver over the next few quarters, some of which have major availability, but Miami's pattern of strong demand is expected to continue to keep vacancies under control in the near term. NETAR5ORPTION, NET DELIVERIES & VACANCY 4C '14 % 13% f2% AN No' Ahmhplfor At Nat Daloovies vaconry Sourcw CoStar .. .. .. .... Supply Office construction has returned in force to the Miami metro, The supply pipeline was relatively empty leading up to 2016, when over 500,000 square feet delivered and has since maintained the momentum, Nearly one million square feet of new office space came on fine metro wide in 2017, including 800 Waterford a nearly 2SQ000 square foot office building which delivered in August. Additionally, Two MiamiCentral and Three MiamiCentral, the office phases of themixed-use development centered on the future All Aboard Florida passenger rail station, added snore than 800,000 square feet of office space to Downtown Miami, Aside from major mixed-use projects that incorporate office components, few large office projects have broken ground recently,. In SEPIJ, BLAKE AND ASSOCIATES, INC, RIAL FS At VALUATION AND CONSULTINO 45 Miami International Links- Meireese Country Club Land 18-114.02 MARKET ANALYSIS I UNDER CONSTRUCTION Pr*p*rty flamfAddrw Rating Bldg SF Stones start Complotv Dovstopsr/CWmer The Plaza Coral GaWs 289,998 13 Mar -20 18 Apr -2020 2811 Ponce do Leon Blvd Two Ml aiwf-oi itfal 194,352 10 May -2016 Jun -2010 All Aboard Florich 700 MW Warnicentm I Ave Florida East Coast Industries, Inc. 3 5707 Blue Logoon Dr 150,000 6 Nov -2016 W-2018 The Hogan, Group Allianz Real Estate of America LLC 4 Patwaiva Tow w Office 100wo '19 mar -20M sep�201 8 Florida East Coast Realty, LLC 1101 Btfckell Ave 1 Florida East Coast Realty, LLC 5 96,000 13 Jan -2016 Sep -201$ Pirive Consulting Group 1,9791714! Dixie Ftwy Drive Consulting Group 6 MAfy sl. 3310 Mary 95,000 7 Sep -2041 Now2018 'rgrra Group L)avid Marin 7 CUBE Wyllwd 222 NW 24th St $9,705 0 Jan -206 Oct -20-1 8 - Jonathan Bernstain Consitrig Source; CoStar JOSEPH 1, BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATfOR AND WISDOM M Miami International Links - Melreese Country Club Land 18-U4-02 UW ER CONSTRLWnM start comploto ROPOTly Millaffiddra ""ll 01#4 sr 0 715Q8W92ndAve a Gtr di Place -West Tower 0 Apr -2010 May -2018 2= Flance tie Lem shd IQ sunset MQ* center 5 60,7 7 Wky-2018 1816 Sun '# Dr it 1900 NE Wamict 3 BG,DDO Deo2018 114450 MW 33rd st 6 May 10 Sep4i)% Park Square Q, Avontura 4 May -2016 May*Ula NE 21ft A" 14 HIVIE 004%55 NW 171st St * * * * * Avg -2017 Is otfice - Building 2 10 jan�201(3 bay -?0i$ 2D75-2900 NE 207th St it Wynwood 25 Annel 1� 4t6,000 JanWlQ 215-219 NW 24th St 51 $ep,2017 D#r,20 18 MOO -348-4 M*n Hwy 47 optimum Developnent USA - 44:203 18 U'die HavanaAativi&4 a- 41,117 7`0"40 = ft St 2 Jun -21015 Wy-2018 Nu tin say Comet r... 40= 1770 N Baysimfe or 110 Jun -2017 20 2450 NE 2070s St a 40XD 211 1=0 aw 130h St 35340 22 Tho ftow004432raga a 30,0W Oat -2{118 2000 W 3rd Ave 23 78 NW 37th $I da 2$,2173 24 2001 SW 3rd Ave - 25 4Cotnnnade Dorat -3 Od-2017 juri4tl I a 251NW 112111 Ave 2 Aug -417 24 B(dg 2 13411 MY 184th St 2 12,000 Jun -2018 AWj"fora Pl*sittiare 0,130 ZM NE 207th'St, 127445 E AWh 59 I na 2,11W MARKET ANALYSIS Slssrtee start comploto Develow/DwrW The Richard Brandon Company 10A Mimi Hospital. trio, 0 Apr -2010 May -2018 Gfraldi Goffvlex. LLC. Ttans0owfica Holding Corp. 5 Feb -2014 Wky-2018 Citherine Lone 3 Feb -2018 Deo2018 6 May 10 Sep4i)% 4 May -2016 May*Ula nftra Real Estate, LLC �Mteqra Real Estate, LLC 2 Avg -2017 Aui;;40% 10 jan�201(3 bay -?0i$ Integra Reol Estate. LLC NoWch Avvnttira Park LLC 8 Jul -2017 JanWlQ East End Capital Partners. LLC 51 $ep,2017 D#r,20 18 optimum Developnent USA 4 AW2016 Jun -2018 Little Havana AdWies 4 Nutriflo-, 2 Jun -21015 Wy-2018 The Meb Cvoup The h% to Grwp 110 Jun -2017 Aog—V18 a Jan -2017 Jon -2011l Gaurmard cdontifiq a Jun -2017 Oat -2{118 Wyj�cumd Realty Goldnian Develolinvent, LLC Jan�2017 Aug -20 18 Philip v-ylvester -3 Od-2017 juri4tl I a 2 Aug -417 Aug -W 10 2 Jon -2016 Jun -2018 Inlematiorml Health & Sea* Norwich Aventura Park LL G I Jun -2010 JUm-2018 Francisco Dieguez Md Pa Source., CoStar Rents Rent growth hit a cyclical high at the beginning of 2016 but has since decelerated, partially due to one of the strongest years of deliveries this cycle. Even so, rent growth In Miami is almost double the national average, and rents are among the highest in the southeast. The combination of consistent, healthy rent increases of 4 & 5 Star rents, which are already among the highest In the National Index, brightens the outlook in Miami. JOSEPH J. BLAKE AND ASSOCIATES, INC. RIAL ESTATE VALOATION AND CONSULTING 47 Miami International Links - Melreese Country Club Land 18-114-02 MARKET ANALYSIS The bulk of rent growth in the metro was carried by the Miami Airport and Kendall submarkets. While the highest overall asking rents are still commanded by BrIckell and Aventura, the growth in areas like Kendall and Miami Airport has proven that there is growing demand for suburban office space in Miami. With Brickell becoming price -prohibitive for an increasl[ng number of potential tenants, the prospects In secondary office hubs, such as downtown Dadeland and the. emerging CityPlace Doral, have gained significant attention, ASKING RENT GROWTH (YOY) 6% 4% 2% 0%- -2 1% 2012 201 S 2014 2015 2016 2.017 2018 2019 20220 2021 IN Miami 3 Star a kiramm 4-6 S8 411 Warm upiked 611�dm Sourm, CuSt8r GROSS ASKING RENT PER SQUARE FOOT $50 Forecast $45 $40 $35 $30 $25 2012- 2013 S 014 2015 .1016 2017 2018 E 2019 2020 207-1 a Mrmm 3 Star 0 Mram 4-5 Star N kfiaml a unned States Sourm CoStar JOSEPH J, BLAKE AND ASSOGIATES, INC. 9 FA L ESTATE VALUATION AN CORSUM110 48 Miami International Links 'MaMeespCountry ClbhLamW MARKET ANALYSIS .. _'-- - - Sales Due Due to surging land coots, ground -up opportunities are pricey, and Investments in existing buildings have become more common in Miami After seven. consecutive ymoo of sales mn|uma increase, total sales volume dropped off in 2017. The largest trade of 2017 was in June, When a major transaction occurred with C8RE Global Investors' acquisition of 111.1 Lincoln Rd. The 4 Star, nearly 150,000 SF office building was purchased for more than $160 Million, The property sold ospart of a portfolio sale that Included the adjacent 300-spoce parking 8ana0a and specialty building, as well as two lots ufland. Another significant transaction in the city core was the sale of 1221 Brickefl which traded to Rockpoint Group LLC for $1SS million or $379per square foot. Even /nsuburban m4bmarkets,high-quality assets are trading for a premium. For example, One Park Square mtDoral was purchased (nSeptember 2O17byTARealty for $98.1million or$341per square foot. Atthe time ofsale, the property was approximate |yD09Qleased with asking rents over $]8per square. foot. This was a strong gain from what the seller, New Boston Fund, paid for the property in 2010, when the property was almost fully vacant, SALES VOLUME & MARKET $4LEPRICE PER, SF S360 x~____~ S1Apo $220 � ^ ^ ` I^ ��2021 2012 2013 2014 2016 ZQ16 '2017 Z018 20419 2020 Source: Co5tar Y0�� ' ,��,� �^��E AND ASSOCKATES, [N G, HAL ESTATE VALUATION AND C8WSUlTIN& ME M Miami International Links - Melreeset Country Club Land Gras AsMny Rent 42 Manth Asking Rent Annoolized Onarterly Rent ka, slibrmwet, Persr Rank, orovAh 18-2104-02 Grov-411 Rank I kienloni 515.37 2 1'6% t3 MARKET ANALYSIS 2 &*-iyne Cnr-6dor $36.06 6 0111/0 MARKET STATISTICS 0% 12 3 . . .. . .. ... .... .. $46.50 1 1.5 Y0 SUBMARKET INVENTORY 4 4 Comnuf Gmw $38'st3 5 1,90/0 12 511% 1, $ C'Pral CN10cm, $40,75 3; 1.2% 16 inventory 6 12 Month Deliveries $306 11 under Construction 6 N% Submarket slogs SF.(00) % Market Rank 81fts 8F (0001 Porcerit Rank Slap SF (000) Percent Rank I Avvitura 48 2'089 2,00 15 2 174 83% 2 4 151 7,2% 5 2 Biscayno Comdor 125 2,860 2J% 11 0 0 0% - 1 40 1,401 '12 3 Hrmfielf 72 9,599 9.2% 5 1 92 1,01N, 6 1 100 1.0% 8 4 Cocono Grow) 101 2.247 2.1% 14 0 0 001 - 2 139 6.2% 6 5 Gorat &-ib"es 439 11,087 104% 4 2 130 1.2% 4 3 A22, 3.8% t 6 Corot %"Oy 224 2'.366 2,3% 11 1 44 0.1$% 11 2 62 16% 10, 7 Downtowi h4iamr 84 12J54 11.6% 2 1 132 1,1% 3 1 144 1.6% 4 8 Htaiwh Girdam 62 436 0,411�o '17 I 1 1,151/0 12 0 1 - 9 Kendmi 532 11,675 11,1% 3 2 48 0.41,1� 8 2 W I.0% 7 10 mfxlley"K31aan 336 4,324 4,1% 9 0 0 00/0 1 1 8 0.2% 14 11 Waroi 579 7,371 7.0% 6 I'll 96 130/0 5 5 254 3.4% 2 12 Mlanu AiToo 421 6,38q 18,6% �' 1 246 1,31% i 3 226 121%, 3 13 tvIiMif Ben<�h 167 4,775 4.6% 8 0 0 011/0 0 - 14 Miam bakes 141 3,570 14% fO 2 63 1,5% 7 f 511 1.4% 11 is Nwlheasl Dade 506 15,126 6,004 1 1 16 0,30/0, 1 96 1.5% 9 16 ()Wlyt,lq N41two-OXW cpfy a 182 0,2% 14 0 0 0% 0 I? * 1�t%wl Dade 224 2,443 2.3% 12 1 is, 00/10 10 2 18 U04 13 Is Vvlasl' mianif 311 1,04 40yq 116 0 0 01110 - 1 6 0,36/0 16 Source; Co5tar The subject is located in the Miami Airport submarket, which includes 421 buildings, and 19,389,000 SF of space. There has been delivery of one new office building in the submarket for an increase of 246,000 5F. There are three buildings under construction, to have 226,000 SF. With 18.5% of the total Miami inventory, the,gubject's submarket is the largest in the area. SUBMAPKETRENT Source: CoStor JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ISI'AIE VALUAT10" AND CONSOLTIRS so Gras AsMny Rent 42 Manth Asking Rent Annoolized Onarterly Rent ka, slibrmwet, Persr Rank, orovAh Rank Grov-411 Rank I kienloni 515.37 2 1'6% t3 -0.5% 16 2 &*-iyne Cnr-6dor $36.06 6 0111/0 U 0% 12 3 Bfickell $46.50 1 1.5 Y0 14 01010 4 4 Comnuf Gmw $38'st3 5 1,90/0 12 511% 1, $ C'Pral CN10cm, $40,75 3; 1.2% 16 0-7% 6 Coral Way $306 11 2.5% 6 0% 10 7' Dwitown MOM $38,86 6 1,311/0 15, -0,4% 16 Malo-ihGardor,;r $29,35 135 2:5% 7 01% 9 KOVLA $29,78 12 4,0% 11OJO/0 5 10 medleyftalwaht $28,77 14 2A% 9 OA% 8 11 Mami $33,62 9 310% 3 260 14 Q miatw Airp(m $31,29 10 33% 2 0.6% -13 miarnt aww'b S40-39 4 2,0% 11 -2-9% 17 14 k6ian'tt Like,�,, W14 1,15 23% 10 1.7% 2 IS Northel"'A owie $28,67 Is 4 016% 6 16 Outlying Wami-Datfe Crity $1471-93 7 OVA, 17 01/0 - II 17 SQUth M10 $27:04 18 2,6% 5 4'1% 13 I$ Wet Kam $27.63 17 2,5% 8 0% 11 Source: CoStor JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ISI'AIE VALUAT10" AND CONSOLTIRS so Miami International Links- MeIreese Country Club Land 28-114-02 MARKET ANALYSIS, The subject submarket's average asking rent of $31.29/SF represents an increase, of 33% over the prior year, The rents are relatively affordable, by local standards. SUBMAPKET VACANCY 4 NET ABSORPTION 12 -Month f4et Absorpliotl M 3P ft"A Ra A 3F ot-Mv RN* Con ttuci_ is I AvrmUz 246,263 Ma% 14 31"1713 4 % 4,0 comdor 43#4 161. - 3 1561-keii QUM 0%. 3 U 4 Comm Zwo91% 13 au` ) -OZ/4 14 4 coni ww' 80,577 3.4% 4 71720 Q1A0 mtram 21091W 1712% tr 1 H)OeAh Cwdeov Z17T . oz% 2 '006' t.1% 0. K"dilt 6%'386 6.9% 1 2121,520, 2-0% 110- 1, swat 4 641 1 7t 0 4m; 0.1% 12, 11 Wltni 296"12-t 4;0%, 5 20,,770 U% 7 3A Q MWM 1,443,$31 7.7% 9 242,268 12% 11 JA 0 Miami awc+l 2$0,436 6qo% 7 Pton) -01% )? U &%wii Wm 540,8( is, t I a, 6013 0,2% US Nodbe2st Z)qdq 484,16a '71% 40 20113;1: '04% M 0'Ji'mr4 OxT4-oada Only 004 17 U41% 03dA 173.443 4,3 6 a is wh4l M wtt 6,316 0% 111 a sawtet The subject's submarket has a vacancy factor of 7,7%, which Is the ninth IMOst in Mlarni-Dade County. The lowest submarkot, West Miami, has less than 1% vacancy, The subject's submarket has absorbed 242,255 SF of newly constructed office space", almost all new space is Immediately absorbed at It is constructed,. In the subject's submarket. JOSEPH J. BLAKE ARD ASSOCIATES, IRC,. REAL ESTAT t VALUATION AND DfINSULT14t Miarnit international Links - Melreese Country Club Lantl 18 -114 -OZ MARKST FUNDAMENTALS HISTORY AND PORECAST sourte, Cos -tar JOSEPH J, BLAKE AND ASSOCIATES. INC, — * ' f� TATE VALUAT104 AND CORSOMNO 52 1"ventory Nat Al"arplion Yao—yl Y"r Sf (ON) Growth WOW" sr W) GroWth G9nalreL Ratio.. Sr. (001 p4roont ppt"ha 2q22 I11&,411, 0,17 i.2% 764 0.4% U -t11o1,4 9,5% 04 021 1.17 �1 LM 6W 01% 1.8 5,760 a lok U 2020 103;449 Ma "% 626 v% Ut 9.247 a7% U12 -MI M -Dol W QAIIA 60 112 .0% 8'W# (15) 208 404,84 1.069 9 119 f10% 110 SAM SIM 01 M17 tQ3.775 1,446 14% 1495 1.69a Ift Mv, 018% 01 2) 21"6 102.330 Ma 0.69x` V47 1.00/0 at %W 9-O.W01 k0.41 ;DIP 1011761 TIM -04% 1.514 LM (0-4) �,.%D 014% (14) 014 1OZ400 40.1 a4% l'W*t 004 0.2 11.71t 0A% (,,I 2013 1011"9 IDS (11% 946 1.1% CA 12,973 V'M 4% 2W 101,"4 27$ 03% 1937 1.11TO W, 14.6% E4.7j 2011 loWs 11212 1'7Ox im 1.1,9% to 14AII 1420/* 011 "fa 100AN 2214 'za%� 621 14m IT U 20M WIM '2W 24yo two) -VA -1`1111* 1.1 M,921 2.2kmi 141/9 27l3 43% &1 2PU S;im Z(ft 21"q 904 1.11% 2.0- 'T.943 $M/0 1,6 2M 9102 21331. 2,0% I'M$ 2,3% 12 6,247' 6,w 04 2005 86,751 113,13 T.0%, 3,12f 3.49e .0;4 stm 6-05% 1112� SoUrct, costar The Warn! office inventory has grown slowly over the last few years, primarily due to the liMitecl amount of land availa4le for new con8trtiction. The vacancy factor has remained at less than 10% since 2014. Vacancy is projected to remain. at less than 10% for the next five years, Rents have grown steadily since 2005 as shown below. Rents are projected to continue to increase over the next few years, MARKET MY HISTPRY AND FORECAS7 rAros;4 Amon Rent l"dox 'A GrOwth 07,04 i2f 2D20 Ila 14% 2M 1-16-1,11,14 412%, 2040 $3510 Ila 2,0% 24% 2017 1 35 4111 2.4% 411% '=6 "3454 Ina 4.4% Mir, U1,74 42 74% -7.4% V-14 $Msfi &M, A014 2011 $26,74 -221% gy IWO 91. 417%, 20t* °la 2DOG $27,89 so. 10% -IM �M $25:111 81 S"m -2rx^ sourte, Cos -tar JOSEPH J, BLAKE AND ASSOCIATES. INC, — * ' f� TATE VALUAT104 AND CORSOMNO 52 Miami International Links - Metreese Country Club Land 18-114-02 MARKET SALES HISTORY MARKET ANALYSIS JOSEPH J. BLAKE AND ASSOCIATES, IM DEAL ESTATE VALUAT104 ANO CONSULT190 53 I Volume Noe Coo Rate* YWU $00ev SE vokiffis T(IMOW Vadloin Per SF AVU "M index 'DyetA4 2017 145 4,514.652 $965.488 4A% 20% 247 0,43Ct,777 $2A71112 824/0 t44 40% 204 ato 6,049,451 6211a =4 2&q 8.766$5€1 $1,Ek25,831 e.6 $2C6.a $5,194,350 32e 53% 'Pla 20 5A1%764 11.18B.'66A 5.31ye a2g01Ji7 4,$0*,1* 117 6.70/0 2002 236 4,6,'33,874 S716,733 4.00 106 2011 M 4900,734 $Uolgoo C901a 51470 $wns'm 93 720/4 20'W 1&2 4,175,102 W6,096 4.2110 SW'n- $U261261 84 71010 20119 108 1929,580 $371387 210% W6.42 A27409 06 7,x 2008 V1 '6,022,49 53,=.072 0% $323,4) $5,246AI5 tw. 7,0% 2007 196 F�,922,807 $111136A$ 7.4% 5298,31 $4,596X8 120 01% 20w 1190 8,,814.776 $1,930IN4 9-7% S256 -P0 $816951233 f14 tfis 2005 2.02 7;649,842 &1,169,324 8s% M., .ou $41MTO 18 160/10 - Source. pStay JOSEPH J. BLAKE AND ASSOCIATES, IM DEAL ESTATE VALUAT104 ANO CONSULT190 53 I Miami Intemational Links - MeTrease Cow" Club Land 18-114-.02 MARKET ANALYSIS .......... . .......... . .................... .. MARKET ANALYSIS Thefollovvinglriiorr t%nilei from . . . . . ......... . was GOM published sources is used in conjunction with primary -and secondary data to analyze the market trends Impacting the value of the subject property', ... ...... ... ... : ...... . .... .. ..... ...... .... ...... NATtoNAL APARTMENT MARKET - PWC . ...... .... - . .. .. ...... According to the P Real, Estate Investor Survey, Ist Qua ter 2018 The 40- nseriws among surveyed Investors is that the national apartment market will rem-aln sprcing in 2018, however, oversupply cbncerns exist fof high-end product rodu t and :certafn ge'Logr phles. 'Funtlarner,ttalswill be sturdy gutsIde.thLi luxury segrhent, and we, expert downwardpressure~on rents at, the top of the market,"* saysa participant. Another remaAs, "There is'someroom for-AbIld rent growth,, but certain areas Are., struggling. with ne.w supply." Trends show that this sector 14 showing signs of softOning. At yearend 2017, the Qvetalttvaoncy rate sal-.at.4.5%, up from 4,22%. in 2010, :as per. Refs. At the sante time, its average effective rent growth dippekd from 3.Wt, to 3.6%. By the end of this year, Reis forecasts Vadancy to fist to SZ% and eftalve rent growth to slip to 13% ArAid the delivery of 265,098 new units. 'We'rer expecting perfamanca to Diary by city as hew supply is defivOred;,' statetlan Investor. The increase io thf-s,majket's average overall cap rate arn:4 the.,dectfrie In_ utrage, initial -year market :resit :.change rate this quarter ernph4slze participants' watchfu[outlook 'for tpartmenm Over the .next -six mahths, 58,0% of Investors foresee cap rats holding steady while the balance expects cap rate inereases of as truth os �O basis points. fpg49� Key Survey Stats, National Apartment market first Quarter 2014 currergQda.00 'LW'Quamr ToW.Va.cancyAssumptloti Average M4rtths,-of Ftee,Rerft (1 -yr teasel ,,Average 114 'l.rxf(larticTTrantir; using Sia MOD% maiketcbriditions Favor )USEPH J. BLAKE AND ASSOCIATES, IHCa " r 0 1 VSTATE WVATION ANO tOASULTING 54 Miami IntemationAl Links - Wtreise Country Club Land U-114-02 MARKET ANALYSIS National Market Yield Rates for Real Estate Investments National Apartment Market First Quarter 2018 ,Currefit Quarter Last QOrter Year Ago Discount Rate (IRR) 5.25%40,00% Average :7;215% 736% 7.30% bveraff Cap,Rate (OAR) 8j.5% -850N 3.%%,710% 3,50*t,50F# average $33% 532% 51691 Restdual Cap Rato' 4.00%-S SO%� 4102 7.1$% 4,2$,%-75.0 Average 5.66% 5,74% 5.71- oh. Market Rent �hznge Rate (2,00%)-5.00% (1100*5.60% bbovd-5-00% Average 2-A2% 2.5sy.as 1/4 fxiiense Chooge Rate U091014-00,00% �Z -3.00% 2,00%4-00% Average Z.7LY 2.7-2% 2,78% Ma fketl ng Ti me Ranke 1-9 mohths 14 rr�qjjts, 1-fq mombs Average -3.6, -RA 3.8 Souru; PwcRgol Estate in t i Surrey, 3St Quarter. 2t x8 JUSEPH 1. BLAKE AND ASSOCIATES, INU, self. FSTATT VALUATID# ARD CONSULTIA4 Miami intornatforial Links -NeIreete Country Club Und MARKET ANALYSI$ ............ ---" . . . ......_.m_ . ........... ............................. 'NATIONAL APARTMENT MARKET, REALTYRATES40M According to the RevityR'c"ttes.com- f-h,v—esia-r- 5"urve"y, 1st Quarter .til, e following tables .summarize : prevailing mortgage terms and resulting built-up overall capItalizatton rates (OA R's) via debt coverage ratio and band of Investment techniques, together with OAR's from CoAsuffiniated transactions as xeported by survey respondents based on actual net operating Income (N`01) exclusive of . ct. reserves and a ualsaig, s price exclusive of deferred maintenance, These data.are for Class A and S'properties natonwlde�,Mortgage terms and equity, dividopd rates are likewise, rational rates as reported by survey respondents. ftealtyRates.com nvestor Survey Apartments -AII Types first Quarter Iola Item Input, OAR Onim'"UM, Spread Over triYeahfressury 6,71% Debt Covemi;e Ratio 1.10 DCRTechnique 1,10 X 0.043444, X `0,911 r 4.30% IntOrW Rate 307% Barid of Investment tichniquo" 1�rncrrti anon 4E} Mortgage 9Q% -x '0.043444 -,,0,03909,9 Mortgage Coristant U43444 Equity : 10% x 0464-0.55 #VAQ,605 Loan.-to-ValUe RZtiG 90% OAR 0,039099. + 0,0064,05 =.*05% Equity DividendRate 6,41 Wo juiveyed,Rates 32% maximum Spi-60 Qver,10-YearTreasury� 6.291* Debt Cover-agagatio 1AG DCR:TerhWqu# ISS x,,041ASIS6 x._0.50 :jjpa% interest Rate $164% Band of investment Technique Amortizatioit 15 Mqrloifi SD% x Oj,,191.56 0.059519: Mortgage comtant 011119156' Equity � O% X 0-1.55760. 10,07700, Loa ri,-to-Valu e Ratid 40% OAR 0-059578 4. O4 RRd = :13;75 Equf ty DW den dRate 15.58% Sur^veved Rates Average Spreod Over 104'Year Treasury 2 ,66% Debt Coverage Ratio x.43 DCR Technlcjue ;L143 X, '0.06$933. Y,. J().73 Interest Rate $,01% Rand of investment Technique- Amoriii z0ian 26 Mortgage .7.3% x 0.06MJ, 4 f0drtgageZonstant 17.0689'33Equity 27% X14 0.114493TM, 0,(t3t3G78 Wan-to,VA[Ve Ratio 73.2% OAR 0,05040 + D.M0678 = 8,119& Equtpf6ead7nota Y IIIA5% Surveyed Rates SourtL�i, fteait f ve%, y4atoominvestorft, UtA4ajfer2Q10 JOSEPH 1. BLAKE AND ASSOCIATES, INC. RfAl WAU VALUATID4 AND CONS01,11HO 56 Miaef International Unks - Melreese country Club Land 19 -1:L4 -0Z RealtyRates,com Investor Survey Apartments - Garden/suburban Townhouse First Quarter 2018 MARKET ANALYSIS Item Input DCRTechnIque 1.61 x 0.1.111.73 x 0.60 '10,74% OAR Minimum Band of investment Technique Amortization is Spread Over IQ -Year Treasury 0,72% Mortgage Constant 0,111173 Equity, Debt Coverage Rat! a 1.10 IDCRTechnique 1,10 x 0.043444 x 0,90 430% Interest Rate> 3,07% Band of Investment Technique Average Amortization 40 Mortgage 90% x 0.043444 = 0,039099 Mortgage Consta rvt 0.043444 Equity WX x 0.064055 - G.006405 Loan -to -Value Ratio 90%, OAR o.a3go,95 + uo6U5 4.5S% Equity Dividend Rate 6.41% 1 Surveyed Rates 432% Maximum Spread Over 10 -Year Treasury 5.10°! Debt Coverage Rat D 1,61 DCRTechnIque 1.61 x 0.1.111.73 x 0.60 '10,74% Interest Rate 7,49% Band of investment Technique Amortization is Mortgage '601 -x 0.111173 0,U56704 Mortgage Constant 0,111173 Equity, 40% x 0.1437'60 0.057504 Loa n-to-Va I u e Ra tiro 60% OAR 0.Q66704 + 0.057504 # 12,42% Equity Dividend Rate 14.38% Surveyed Rates 11,80% Average Spread Over 10 -Year Treaoury 2,931 Debt Coverage Ra tic 1.31 DCRTechnique 1,31 x 0.069006 x 0.75 6.75% Interest Rate 5.28% Band of Investment Technique Amortization 28 Mortgage 75% x 0.069006 = 0.051754 .Mortgago,Constaht QD , 690b6 Equity 25% x 0.099 9.22 922 0:024981 Loa n-to-Va I u e Ra tics 75,00% OAR 43,051754 + 0.024981 7X7% _Equity Dividend Rate %99V. [Surveyed Rates 7,82% Source! ApaltyRatesl,corm liivestor,5urvLy, Ist Quarter 2018 JOSEPH 1, BLAKE AND ASSOCIATES. INC.. REAL TSIATC VALUATION A110DDA&WIN& Miami International Links- Melreose Country Club Land 18-11442, MARKET ANALYSIS RealtyRates.corriInvestor Survey Apartments,. HI-Rise/Urban Townhouse First Quarter 2018 item input OAR mtrilmurn, Spread Over 10rYear Treasury 0,92% Debt Coverage Ratio 1,35 DCR Technique, 1,35 x '0,052957 j< 0,75 = 530/o Interest Rate 3,27% Band of investment Technique Amortization 30 Mortgage 75% X 0.052,21-$7 = 0,039267 Mortgage Constant 01052357 Eq ul ty 25V* x 0.064055 0,0,16014 Loan-to-Va , lue Ratio 75% OAR 0,039267 + 0,£116014 = 5,53% Equity Dividend Rate 641% ISurveyed Rates Maximum Spread Over 10-Yeor Tfeas wry 629% DebtCoverage Ratio 1,86 DCR Technique 1,86 X 0.119156 X' 0,50 11,08'% Interest Rate 8,64% Band, of itivestment Teehnique Amorttzation 15, Mortgage SO% X 0,11,9155 0.05 $7$ Mortgage Constant 0,11-9156 Equity 50Y6- x 0.155760 01,077880 Lwi ri-to-Va I ue Ra tj o 50% OAR 0,059579 + 0477880 1175% Equity Dividend Rate 1:5.583'u Survqved Rates 1106% Ave ra- ge Spread over 104ea,rTroasury 3,61% DebtCoverage Ratio 1.61 DCR TechnIque 1,61 x 0.080773 x 0,68 = 8,75% interest Bate 5.96% Rand of investment Techrftue Amortization 23 Mortgage 68% x M80773 Q454522 Mo rtga ge COnsta nt '0480773 Equity 33% x 0105322 = 0,03400 Loa ri-to--Va I we Rat! o 685 OAR 0,054522 + 0.034230 8.881, Equity Dividend Rate 10.53% ISurveyed Rates 8,18% 5uurcer Rea ItyRatei;.com InvestarSurvey, UtQuarter'7919 The following jablessurrimarize discount and equity dividend rates,reparted, by survey'respondents, in all cases, rates were derived from Glossan'd'B properties nationwide and are exClusiVe of fesorVes. Note, that "Recapitalizations" refers to re-finanCing,under Ctirrerit use. Realtygat65.vom Isivettor Survey Apartments- Discount Rates First Quarter 2018 New Developrnent Acquisltions Recap [talizations Pro2erty Type Min, Mair. Avg. Min, Max. Avg. Wn Max. Avg, Apartments 6.22% 15.5150 10-75% 5.41% 13,4-9% 936%, 6,16% 1515% 10.651 aarden/Suburban 6.22�r. 14,31,% 10,144% 5.419,E 12.45% $.78% 616% 14,17% %04% RI-RI!;e/Urbzb TH7,04% 15,51% 10,85,%, 6,1.2°la 11.49% 9A4% 6,97vq 1135% I f- _034% Student Housing '639% 15.11% 11,.1656 5:91% 1115% 9.71% G.72% 14.96% 11.05%, $Our;e:'RealtyRates,�am Investorsurvay, tstquarterms JOSEPH 1, SLAKE AND ASSOCIATES I N 0, HAL f' 1t VAtUATION A114 CORSULT198 0 Mforni Intornationrat Links - Malreese Country Club Land U-114-01 MARKET ANALYSIS Reafty'llates.com Investor Survey 4Q2017 Apartments - tquliy. D1v(4qndRat0s %tha-rike, First Quartet 2018 Property. T_ype Wn. Max. _ _. Aw. Apartmeno., 6A1%, i5'589% 1.45 0 Garderv/Sjuburb-An TH 6.419 '14-48% -%99% Hj.Rite/urban T)i .,6.41* '15.59% 10,53% studeat kousfng: 6.419v 14.59% 1016% souftea RealtyRafisx0m, (wstorUrviv, W Quartearzals $1,231 The following.table surntnarizot sales, income, o"mapancy, and oper erisedam"Os ellamla ptirig exp_ �Vont� rates and ratios, for class A and a apartment properties In the gontInental US. ApartMen iproperIles ore typically garden style, 90- -300 units; however, r1hid- and high-rise buildings are i6clude, d "nom 'mafkots, e,g, New'York end $a n Franciscm Operating, expenses.,do not intfudereserves or repairs and replagement, Note that the cap fates prqvldedare'based solely ori average "aek et-W[de operating fumliamental* and 441es prices.. As such, while they are, analogous -to "as Is,, ratas, iit4ey should be, vsed wihh outiom 1h addition, due to rounding, N. Char%ell" may beslight lypositive or negative although no change 14 indkatqO. Realtiptates.corn, Market Survey NationWido -Class A& Opartmentf w9lit U011A Ftrst Quarter 2018 AxomM* rk 4 'Otsurvey" ut `0 . 'UutOT4414 MIAMI APARTMENT MARKETANALYS(S kcoHirg to the, Wtar Muff(�Patritfjy )wrkit kep".i, Miami is starting to txperience loftenin'. fundarnoW.s after siv6ral In alae yebIrs Of growth. COftstruttlon has escalatedpost several dears, and vatarvoet We increased every year sir 6e 2019, Miami currently- has a[m st 154000 Units under Cortwuct(mand around 7 9,000 ora set to efiver in -2019,, more, urfits will have, been: d'efivored, in. the 14'st ,thmr� yeArs an the last Is years combiffted, Despite this remarkable, supply pl, pollnedemand has done a good' job of.keeplog pace, arld:;Moby 6f these new units have been absorbed, (tent, rowth has stayed positive, though it has deco-ferot44. frora the, record, breaking highs seen Psi early M earlS. A u4i growth chaser to the bist 11 orical,'a,vorage maybe�omo the view normal ifs the face. of Mia mN ons'(Ang supply Adclittons, JOSEPH J. BLAKE AND ASSOCIATES, INC. Rt, is f5fATC VALVANON ADD VINSVU010 4Q2017 3=7 %tha-rike, Operating Data AsV ng, Rent $1,334 $1,320 1,04- $1,231 $1120 IJA Mixer 4rtt Orme .44 44 1.' ' st�4� 1, VaeancyTotallqcorhe Rate '5w% 0% 14%0% ,Eff'ectiye (tromfndome (EGO Cxrrenses Total Eoensel $466; 0.4% "Exp�n#eAatf& 31,39% 4U61% -4A%, Not%Operating Intorne tuoll �497- 11%_ 'frivestmedt Data . U. � Avprage' I s�4;3"' As% 0y6raI[COP Hate JOAR) 6,3% 84% :0.7% Grams Itent P10ftipll er. fGRM-) 'G"q 15,91 Wool," Gross Inowme murtfph of (Wflvlt 7,13 7U7 -DAVo AxomM* rk 4 'Otsurvey" ut `0 . 'UutOT4414 MIAMI APARTMENT MARKETANALYS(S kcoHirg to the, Wtar Muff(�Patritfjy )wrkit kep".i, Miami is starting to txperience loftenin'. fundarnoW.s after siv6ral In alae yebIrs Of growth. COftstruttlon has escalatedpost several dears, and vatarvoet We increased every year sir 6e 2019, Miami currently- has a[m st 154000 Units under Cortwuct(mand around 7 9,000 ora set to efiver in -2019,, more, urfits will have, been: d'efivored, in. the 14'st ,thmr� yeArs an the last Is years combiffted, Despite this remarkable, supply pl, pollnedemand has done a good' job of.keeplog pace, arld:;Moby 6f these new units have been absorbed, (tent, rowth has stayed positive, though it has deco-ferot44. frora the, record, breaking highs seen Psi early M earlS. A u4i growth chaser to the bist 11 orical,'a,vorage maybe�omo the view normal ifs the face. of Mia mN ons'(Ang supply Adclittons, JOSEPH J. BLAKE AND ASSOCIATES, INC. Rt, is f5fATC VALVANON ADD VINSVU010 Miami International Links - Metreege Country Club Land 18-114-02, MARKET ANALYSIS KEY INDICATORS ciffrent QnOrtor Units VAPOACYPate Asking Rent WWWO Root 1111*01,01"' t)811VOCOXI Units ullderconstr Units Units 4 & 5 Star $2,022 81,075 703 M 13.427 3 qtar 311173 4A% $1,415 $1,410 104 0 243 I &2 SUr 70,281 4,136 $1,061 $1,00 0 0 Market 143,525 �611% -SC,617 51,480 810 610 tium Aunmilrends 12 Montt, "bibried Forecast, Average Average POOR 'yrs-,Trowli "Tell vacancy cmnae 1y0y) 0016 5,2%7,4 7,1% 2000 02 10% 2006,02 1 Absorpbon Units 3X90 1,3i5 3,918 201604 11,115) 2M Q! Det[Wired UndS 4,244 1,603 5,689 201701' 48 2002 O4 t*rholtshed Units 17 264 1,082 201202 0 200204 AsRing Pont Growth (YOY), 1.8% 210014 14% 710A 200701 35,71& 200g'02 Effe0w Rent pari' wlh (YGY) 1,6% TM 200701 -5,8% 200902 sales voitime, $1.50 5573A M NIA $1.78 201604 $137,5 M 200804 . .......... ...... .... Fundamentals .... . .... ... The overall vacancy for the metro has increase d about 100 basis points in the last two years, and Is currently hovering around 6%. This is higher than the metro's historical average but to be expected ' considering the amount of new supply being. delivered. It should be noted -that for the majority of the expansion, Miami's vacancy has trended under the national average, However, itis expected to surpass the nation toward late 201& Miami has seen more deliveries come on line in the last three years than in the prior 15 years combined'. and -there is no sign of a slowdown in the Immediate future, The new projects in Miami have been predominantly rated as 4 & 5 Star, with condo -style finishes, and Increasingly robust amenities. The concentrated construction of similar product, has not,surprisingly pushed vacancy higher within the top tier. Vacancy In 4 & 5 Star properties is .dramatically higher than in lower -rated properties, es, peaking at around 15% in early 2017 and more recently settling down to around 13%, This is about 3% higher than the national average for 4 & 5 Star product, which is also seeing an elevated vacancy rate for this class compared to 3 Star and below prodpct,. Considering the amount of new supply that is being added to the metro, the metro is seeing very reasonable lease -up. In 2017, "apartment communities were leasing up at an average of 20 units a month with two weeks, of concessions. This is comparable to 2016 vintage projects, for which units leased at a rate of about 21 units a month and concessions were closer to three weeks. This stable demand can be partially attributed to a late surge In job growth In the metro. Year -over -year job growth in Miami Is cvrrentlj outpacing the national average and is expected to continue to do so for the foreseeable future. Employment growth In the professional and business and health and education sectors has been good and is actually expected to moderately outpace the national average through the forecast period. Considering these types of jobs are generally higher paying than the metro's median wage, there may Abe enough demand to keep apartment vacancy from spiking to levels that would require a reversal of rents, JOSEPH J, BLAKE AND ASSMAIT,-E-s, INC, HAL ESTATE VALUATION ADO a04SOLTINO 60 Miami International Links - MeIreese, country Club Land 18-114-02 ABSORPTION, NET DELIVERIES & VACANCY MARKET ANALYSIS 0 Abaoirkin M Nei Deliveries —ft drat anq a, United Statin vzcaacy Source; Costar supply Units under construction equal 10% of the current inventory in Miami, versus 4% for the nation as a whole. The majority of new buildings have been 4 & 5 Star luxury apartments, with the majority going Up in Downtown Miami, Wynwood, South Miami, and Doral. A small cluster near the intersection of Highway I and the Palmetto Expressway popped up in 2017. Development- for 2018 is again concentrated in downtown, and there are also a few projects on North Beach and in the Coral Way neighborhood. Supply in Miami Is still going strong. Over 5,500 Units delivered in 2017, setting a new historic high for the metro, and 2018 is expected to be supply -heavy as well, with around 9,000 units underway, Three of these will Include over 500 units. These include Sole Mia, a high-rise tower near the Oleta River State Park in North Miami that will include both condos and apartments,• Square Station, a new , high-rise in the heart of the Arts and Entertaintent District;, and the apartment portion of the 64 -story Panorama Tower development in Brickell. Panorama Tower, which will be Florida's tallest building when it is complete, may not hold the title for long, Florida East Coast Realty Intends to follow up the project with the even more massive One Bayfront Plaza, a mixed-use tower expected to break ground In 2019. Under -the current plans,, One Bayfront Plaza would rise more than 1,000 feet and include as many as 900 apartment units. Needless to say, the vast majority of projects of this scale are concentrated in the BrickelVDowntown Miarril Submarket, where rents are typically high enough to justify such high-end construction, JOSEPH J, BLAKE AMD ASSOCIAUS, INC. REAL ESTATE V&LUATION ANO CORSULT1016 Miami international Links - Melreese Country Club Load 19-114-02 DELIVERIES & DEMOLITIONS 6,UV Z50 2,00 MARKET ANALYSIS 2012 S 2013 2014 '41015 2016 2017 2010 2919 20'20 2021 DernoWled W Not Deliveries sodr�a: Costar UNDER CONSTRUC'�TION propwyloam"'(Wreu Rating U1,00 $tofloa Wart conlotte 0avolowfowaar 1 SOLO Mia 878 20 Sep4017 Sep-201 Tumberry Associates TumberryAssad ates 2 Panorama Tower Atydrlm—Florida 821 64 Mar�2015 Apr -2018 East Coast ROAY, LLC , 1101 l3ricke# Ave Florida East Coast Roolt) � LLC 3 park Line Towers 81P 33 Oct -2017 Od2019 All Ab9af d Florida 260 NW 1st St Flosida East Coast Industries, Inc. 4 Square Station 1424 NE Miami PI 710 34 Sep -2016 QC140118' I The Moto Group 5 Art Pktzi 667 36 Jan -2018 Mar -2019 The Melo Group The M* Group 58 NE 14th -St River Lanidittq- 507 5 'hjf'2a1T jun-2019 Hollinger Ponabad Companies 1400 North River Dr Mellinger Poria rod Companies Wradero Residential Jr 490R OcQW Sep -20718 Qhateau Group 18801 Collins Ave Chateau Group source: GOStar JOSEPH 1, BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUATION AND CONSWING 62 Miaml Internatforial links - Metreese Country Ctub Land 18-114-02 MARKET ANALYSIS UWWRCCNSTR=l0W Pmp" ftmeAddtan i Utift MO." Aw. cmigate 04"lowlamor xwwwi4" 91 jkfrt�mle Sep 2!}i$ Ftqperty Markets Group, Inc. =,NE41ha Fmperty Markets Group, Inc, S aeventh StmetPwadanentsV�Z,, 450 43. Au�, Falcone Group Falcomemup 10 W&O" 9 Viol NE 1st Aw 447 v Sep 2017 100-2018 Magellan OeveltVm-ent Gmp. Ltd - Magdan Develophvnt Gvoufp, Ltd, 4111 LU MA at WamiWoddlue— 4.V 44 Jut -M17 1Feb-2=0 ZOM Florida, Im 1249 N5 Sth AW 12 "era Metro rrr 422 25 Doc -2017 Oct -2019 W Creek Resiclenti.-A Trust LLC 8210 SW 720d Ave Mill Greek Resid", 0A T"tLLC 13 "itair grickelf Apwbve- 420 48 Jun -n.45 Apr -2010 zom, fiso W SW Sth 31 ,PQM. Im 14 v4wwTmde C"w Of 711. 400 71 Aug -W10 AV -2019 9 --galla Developefs, X40 Enscaym Blvd Re0alla Developers 0 "dt0vm a 307 3 Jan,2017 I Apr -2018 W10Dd Pirfro" 2W1 NE Islkwe WoodPartrws ig '3498 #21117 Aug -=0 r:dw Multifamily Dba Edert-Mao Fdwyate Companies 47 Gleam 27 38 jui-207 x'18TRG N Member, LLC 27`01 l3imay" md $ikqr Developmrit 19SIs w 3W 40-21)10 DO* Invotmerlts Gmvp W7544WWtSt - Ssiate Invesunents Gfoup it The Uwe 45M7 Afton Rd 4 321 m Mar -2017' Decr2018 - crescent Heights, 20 park View 0 Feb -2018 Jan -2019 Iliee Puptlese Cormatidn 9420 -OW SW 1741h St 21� Madem edgewamr 297 0 Feb -2018 Apr -2010 ReNdentim urstLLG 411 lU> 25 Vit. 04 Creek Residential Twsf LLG 264 25 Auq-2016 yep 2€i18 AdtorReaky Services. LJLC 69M SW 84th 51 Adler Realty Services, LLO wymood 15 200 a JWV2017 Jan.20% Fart End Capital Partnqm LLG 2W39 WN Zft St 24Apr-2017 Apt 21371 201 m ImAve Civ of Miami oommunitty oeveta- 24 vill.19e at Dearlaw Groves 2BOV SW 437thAve 281 3 jan-21118 Dm-Wl$ AHSDevetap"nt Group AHSIDevolopment Group a msis at glue Ugboo 272 a Deo -21:111 Jun -2014 Pinnacle Housing Group 070D " 7th Sit Sep -2010 F"M dory $W 11 17th Ave FW0 Gorp matoon at Birlokalt110 201 23 Jun -2017 Juri-WIR ZR9 manaaernerit 2nd 6EW zom" Im Scrurte, CoStar JOSEPH J. BLAKE AND ASSOCIATES. IND. REAL ESTATE VALUVION AND CONSWIRG El Miami international Links. Melreese Country Club Land 18-114-02 MARKET ANALYSIS . . . . . . . . . . - . . . . . . . . . . . . .. . .. .. . .. .......... . . . . . . . . . Rents .. . ........ .. The overall rate of rent growth has decelerated significaritly In the'last two years. If we took specifically at 4 & 5 Star properties, rent growth has actually been cooling off since 2012. Vacancies for 4 ,� 5 $tar properties hit an all-time peak of 131A in 2016 and are expected to rernaln'high for the,next,couple years due to the wave of properties working through lease -up. Correspondingly,9 forecast to overall rent growth slow to its historical average of roughly 2%, white growth among 4 & 5 Star product is expected to decelerate to half of that rate. This is in fine with nationwide trends, Miami Is -currently In the top 15 of the most expensive metros in the nation.. Asking rents per unit are at a 20%premium, over the national average. Since Miami's median hoLtseh6ld income is more than $10,000 below the national average, purchasing a single-family home can I i be difficult for rnanyresidents. In'the past five years, average Incomes In the metro have increased -about 9%, while rents . have tumulativiely risen more than 20%. According to data from the Amerfrantommunity Survey, 'both renter and owner hou4ohol dsofailpgwOn Miami are Considered overbur4ened, Na.qontvicle, over 30.%,of households spend more: than 30of their incomes toward gross housing costs, In Miami, households are, spending nearly, 50A - of their incomes 7 towards gross housing costs. Miflennials; Particularly feel the someeze, as a higher s4are.of them are renters gear owners In Miami, arid they are also more likely to be living with a parent orrelative than Mfl(ennlafs elsewhere in the natiort, Mlarnil experiences the I most job growth in the leisure and hospitality Industry and Is -also currently experiencing significantly higher girowth in trade, transpartatlon,,4nd utilities. "These are typically lower - paying,. blue collar jobs, The rapid rise of rent earlier In the cycle created a large gap r between Inti5hi0s 4nd rents for most of MiamVs citizens, In the near term, rents are likely to continue to grow more slowly as even more construction In the plpelftie will keep competition alive and well. A5rJNG ft EW PF_R vm-r A P P_NT 45 ROW $1,700 $1,1600 $1,400 st,000 ZVI;�. ZU14 ZU14 W01b 2016 2017 20fa, 2()$9 204-0 ZJ Rt -W Gtokulf, yty X AO)ng int P*r U"# it Egortyg R" p t)Ao I UnWid Stole% 40ing Rom 4 Per WMI lo4res,costar JOSEPH J. BLAKE AND ASSOCIATES, [M RIAL ESTATE VALOATIGH A40 CONSULTINU 44 Miami Intemational Links- Meireese country Cub Land MARKET ANALYSIS ASKING RENT PER UNIT BY BEDROOM S2,200 52,000 $1,600 S-1,000 . . . ..... ..... ..... ............... ...... . ! ... .i 11. - 4-- , -% , t, , . .'::e, 1, .1 1 -..:"-.•-.. 1--A— , A 1, 2.( � , 2012 2013 2014 2-0* 2016 2G17 is -'TUT10 It 1 FjW U ;fstd 4 ,�aod 'Siourm, costar . ........... . ........ ....... ...... .... SaIeS .... . .... .. . .... . ........... . 1 .......... Investment iry Miami has been elevated the Tast'three years, with 7% of invon Wryturntng over on. average. And despite continuously climbing vacancies and slowing rent .growth, pricing 'has Viii fieri to about $180,000 per door., The leading submarket for investment volume in. 2Oi7 was Bricked/Downtown. Miami, followed closely by Coral Gables, One of: the largest trades. In the metro Oaring the last year was the saie of the Manor at Cityplaice Doral in the Miami Springs/Doral Submarket, In August, the 4 Star -398-unit property was purchased by TA Realty for$ -135 million, The- previous owner was a joint venture of PGIM Real Estate and the Related Companies. The property represents the rental portion of the, largor rnWd-use center known as CityPlace Doral, which includes more than 300,000 SFof retail space. JOSIPIN J. BLAKE AND ASSOCIATES, INC. RFAI, WATE VAL0117104 444 OURSULTINO Miami international Units - Meireese Country Club Land MARKET ANALYSIS 1841.4-02 SALES VOLMAE & PRICE PER UNIT INDEX $200,000 $000 $160'ouo S7(* $160,000 Sal Haibaismoft b" eh SWO Market (3mve 111 4 Coo at Cables 117 $12i 000 0qwo"v"WRM;L $400 6 Hkoeawomij LIIA 6199 7 Dade ITS $80,000 1 fait all 8D $7-00 22A% $89 15,497 mia" softopoo H� 6 $100 2008 2009 2010 .21319 2012 2013 221014 2016 1016 2017 is Safes vxilufne IR PrwwUnit N .......... . ..... . ........ ... ..... ... .. ... MARKET STATISTICS ... ... .... —.- WOMARKET INVENTORY 14*x slogs 1vertra 18 2 Sal Haibaismoft b" eh 8w Market (3mve 111 4 Coo at Cables 117 5 0qwo"v"WRM;L 1,496 6 Hkoeawomij LIIA 6199 7 Dade ITS 3i 1 fait all 8D 490 22A% $89 15,497 mia" softopoo H� 6 It North Mian j5aach 738 42 "Y#v *100l Dwo Co 3 1,3 wow", ieffr'M'(;Mf1 36 Source. CoSSar The subject is located in the Miami Springs/Doral submarket, which Includes 350 buildings, and 16,502 units, There has been delivery of three new apartment buildings in the submarket, for an increase. of 838 units, There are three bulldrings, under Construction, to have 616 units. With 1151 of the total Miami InIventory, the subject's submarket Is the fourth largest In the area JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION A40 CONSULTING 66 42 moto Noverieg bhder 0ot"woction vnb Market Unk Rte jwtg p"06"t Rank Bid" flanks perrow Rok"k 2'w 1,6% 11 0 a 0/0 f 490 22A% T 15,497 T0.4% 6 a 0 0 % 4 362 2.3% 9 1,900 '13% 12 f 15 00% 91 2 212 14.3% 10 7,07-5. 4,9% 9 2 640 9,00/6 3 2 391 5,4% 4 224.80 17.3% 4 7216 2.9% 2 2f 7,816 31:S% T 18,282 127% 2 t 100 0.5% a 1 226 4.2% 11 TX9 6,1% if 2, 571 7,8% 4 6 1124 '16,3% 2 13.443 tl�A% 7 1 rA 8 41% 6 3 866 S.4% 4 IIRI t12% 3 3 485 Z604 6 2 669 18% 6 1002 11.6% 4 3 838 5,1% 1 3 616 3,7% S 011 v/0 - 1 878 $4% Sm G..4% 13 2 323 6944% 7 0 0 0% 2,693 11.8% V 4 0 0% - 0 0 0% Source. CoSSar The subject is located in the Miami Springs/Doral submarket, which Includes 350 buildings, and 16,502 units, There has been delivery of three new apartment buildings in the submarket, for an increase. of 838 units, There are three bulldrings, under Construction, to have 616 units. With 1151 of the total Miami InIventory, the subject's submarket Is the fourth largest In the area JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION A40 CONSULTING 66 Miami International Links - MeTreese Country Club Land 13-114-02 SUBMARKETRENT MARKET ANALYSIS 5ourcw.-c4ar The subject submarket.'s average asking rent of $1,72.0 or $1,.81/SF represents an increase of 2,2% over the prior year, The rents are, relatively affordable, by local standards. SUBMAR&T VACANCY & A13SORPTION Aakfn Remts pffective WK6 potoe"t 940k 'finita PWUnft Per SF Rank Yn Grawth PorUnt Per SF RoInN WoGromb coo-ftsvion BW '$T.W $1,715 a 4,0% $1,600 51.74 7 6.99/0 Qb% 2 ed fqarWSov1h Bradt $1,496 52,02 4 44% $l,ifaS 120 4 7 27 0.70/0 3 cowrm Gw.,e 31 A32 $2,16 2 12% $1,SM T*,04 3 117010 6.0% 4 O&W 64UIW $1,866 $2.18 V -3.1% S10.786 $2.10 -1 -64% 3.0% 6 .9 51,069 $2,11 3 11% $1.833 $24 6 1.91 :0% 6 Hialeah/Miany Lakas $1,310 $1-U 11 2,7% SIZ9 $1.47 11 2-119"s 0% 7 Dade 41,196 $4.'34 13 3.4% $1J70 $01 U 4,8% .2.1% 0 Ka mtS $104 $1.72 9 1.6% $1,50 $1,70 9 1.00' I.6% 9 Mmmf 0afdansl0pa-WOU $1, W2 $1,46 1.2 1M $1,169 $1.44 12 Z6% 1.1,% Ia. Aaall spnngsiboral $4720 S1:81 a 2,2% $104 14,16 6 2.2% 2116 it N00h Kann pwich $1.239 $1.63 10 15% 0,227 $1,61, 10 12% 1A010, U LkAtivipq Mt*44,We 00- $'I A50 $1,$4 6 13.2%, 1 $111625 $1,81 0 11.810 1XIO 13 wastdlqalwffarfuariu $1366 $1.76 7 $2% $1'3116 $1311 t 4,3% 21% 5ourcw.-c4ar The subject submarket.'s average asking rent of $1,72.0 or $1,.81/SF represents an increase of 2,2% over the prior year, The rents are, relatively affordable, by local standards. SUBMAR&T VACANCY & A13SORPTION JOSEPH J. SLAKE AND ASSOCIATES, IM REAL ESTATE VALUIAtION A80 1104SULTINO 47 td R% potoe"t 940k 'finita VA of Ont Rants CVfl*%t';UqA110 14-2. 640/0 7 205 BW A 2821.65 5 Coconut Girove .130 6.99/0 z 52 2.870 11 4 G04 C"bl" 501 113% 12 238 3,4% 7 27 '6 Downtowa 10"0n ips 16% fl Ili 2.9% 2 01 6 Ka1qM1tMQm U1(01 400 2.20/w 54 0.3 10 1-9 7 WMe030N11q01Ah W, dQ 277 310% 3 5111 7.2% 4 1-1 92r 6204 .9 650 4.8% 3 Py 1) MianGmdell-JQpaoWOM I.021 Sse% 6 96 4.6% 9 5A to Komi spengsiTiorat 1"228 TA% 10 1,147 740 ii Nodk MOO &KWA 9 5.11960 13 12 Wlyinaffiami-D'ade "_ S5 110% 13 258 47,09X0 6 113 13 The subject's subroarket has a vacancy factor or 7,494a, which is the fourth highest in Miami -Dade County. The lowest submarket, Hialeah/Miami Lakes, has a vacancy rate of 2.2%, while the highest vacancy rate of 12.0% is located In Outlying Miami -Dade. Countyi The subject's submarket has absorbed 1,147 units over that post 12 months. JOSEPH J. SLAKE AND ASSOCIATES, IM REAL ESTATE VALUIAtION A80 1104SULTINO 47 Miami International Links -Melreese Country Club Land 18-114-02 UARKErfUt4DAMENTALS HISTORY:AND FORECAST MARKET ANALYSIS JOSEPH 1. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATID:N AND CONSULT010 Wyo,00ty Nor Aboomtion 4?a nay y0of Unft# Growth % Growth unift % Growth donstmt, 0000 'Using ptrVOI)t, 1'pts C49 2= t41,2W 1,264 Q:"a 1,126 cyo% 1,t 7;157 $F,Abfrt 01 2021 1 1936 Va 0318 826 0.604 U -1,419 63% 0 t 2020 138.%ia U20 0,70/0, 4,217 0.9% 0A X4 406. (02) 2019 137,943 3,202 Z4% 4.054 4.2% 6A% PJ) 21148 134,661 5,720 4.4% 6.129, 5.1% 19 8.244 ieJ% (0-6) 2017 128,941 4,466 3.6% .5«24T 23% 1A 8,'652 117% alt 2016 124,476 5,064 4-214 3,766 33% 11 1,434 0.0%, DA 2918, 11%071 3gn 0.2% 3'00. Xt% 11 6,1%, V% 0,4 2014 11 736 Un 12.6'11; 2,496 23% 1.2 A499 4.8% 244 112i8113 1,09 1.4% 2.297 2:2% k3a7 5,062 4.6% ('01) a2% 2G11 110,190 797 0.7% 746 0.7% 1.1 U66 40'lo 0.0 2010 1fl9 3173 635 06% 1,407 1.4% 05 5,315 4.0% zo 108,10 1,193, If'1% 1,416 1, Vto 0.6 61M 5. Wo (03) zoo 107,1565 560 US (4W -W"6 - 0-io #V19% 2007 IDT'm 1,743 Cyl* 058!i 4U% - 91341 5.0% 21105 IN= 119 0.1% 0 0,110/0 'Zo "o 0% . At 2005 105.113 17� AZA 2120 M11A )QLt zi'8- lilg% (W), Source: to,Star The Miami -Dade County apartment inventory has grown slowly over the last few years, primarily due to the Whited amount of land available for new construction. The vacancy factor has remained at less than 7% since 2005. Vacancy is projected to remain at less than 6.5% for the next five years. Rents have gr*W steadily since 2005 as shown below. Rents, are projected to continue to irterease over the next few y0ars. MARKET RSNT HISTORY AND FoREcAs'r .Agiling RoOt pift"live Atilt 1Aor I rkIQTC '00T %F 111dox N Grow* por (j"K hrtf % co'Wo coww"i6fM 20V Imp() st'% U2 2.0% s1.61r %1,94 24% 4,5%.; 20z S1598 $1.92 12o 21% $1-570 SI.W 2^ U% 2020 $1.5,66 S1:89 127 Z31y* $1,W4 $1,96 2.3%. t496 20'19, 51,531 $1:84 124 249a ti'mg $1..82 2.714 1,5% 2019 $1,495 St ea 121 2.3% $1,4.00 $$'77 .2:095 118;4 21117 $1,461 $1,176 1t3... Tto i,.I,% $1",431 $1172 1.71* 21% 21115 51,44 V72 117 24% $1,400 tix'? 115% 2.5% 2#116 31.412 SILTO 1:14 42% s1387 161.67 2014 $1,366 $1,64 410 is fk 6107 $1.62 "04 $,1,.6x1 107 3.6% $1'3110 $1�69 2012 $IV1 1102 $11,53. U% t6% 2011 $1,227 $1,4a 1'9k 1,6%, 31,47 It% 1,6% $1,44 2DW S1,234 Sim too At% $1,114 v-sar 411% 200T 31,279 51:58 104. 16% SIZE; V'67 -2.4% 110% lwfi $-1,247 31277 tot 710% $122* $1,55 I.Wo dmll Iwo $1,16,q $1.46 $4 4-e"No 11,156 $1.45 44% OA*k Saurlw' costa( JOSEPH 1. BLAKE AND ASSOCIATES. INC. REAL ESTATE VALUATID:N AND CONSULT010 Miami International Links - Meireese Country Clulz Land �a-xaa,�•n2 . MARKET ANALYSIS MARKET SALES HISTORY 4� 1u n Prig coir Rates yf or Sm (irt" f#trhme modiarwFer Unit Avii Price hldez overaIi 2017' 185 9,086 $1,423,354 7.() $131,2510 $9,065,94a 153 -5.2% 2016 363 15;Al2 $1,927,1019 124°in $118,750 $5,443,812 154 �rfi°o 2015 376 18;535 51,165,163 15,M $100295 $3,301'290 146 5.11% 20 TA 447 101,030 $944,09 13<99a $91,671 52,10,590 4385.3"10 2013, $76 10,615 $854,451 9.4% $36,333 52,527,162 128 2012 $25 13.871 Z41417 12_9% S75,,000 $2,943,765 '114 5:9 2011 24$ 0,918 3366,999 S.0°1e x"63:125 $1,869,558 57 6,7 2010 183 44,786 $447,020 40.9% $59,250 $2,776,522 85 75% 2�t1€19 174 800 5350,374 $.0110 $66,667 $2,231,692 88 7.5% 2008 149 105,578 $258,137, W2T, S12,60a $11805.153 1/511 7.2% 2007 138 9,075 $606,632 8Vya. 587,967 M,427,971 I GA% 2006 258 12,9I7 51,427,891 12.30% $100,000 $5,,7711564 1311 5156/0 2005 368 17;407 St,880,227 16.6% WOOD $5,157.232 12F 5.1% source, Costar CONCLUSION ___ .._..._... .,__. _ .. , _, ....... .,_ .. ..... ..... .... .. The subject is located in a submarket that has seen steady rent growth as well as low vacancy for the last 12+ years, A limited amount of land for new development has prevented any large -kale competition in the. area, Most of`the newinventory has been constructed in the Doral area of the subject's submarket, The law vacancy, rate has allowed property owners to Increase rental rates; with rents Increasing steadily over the period analyzed, The new construction that has taken place has been immediately absorbed by the market, indicating' -the submarket is healthy. The population in the area continues to grew, as some suburban areas are being redeveloped with higher density apartment buildings, condominiums and townhomes, The increasing population is a positive sign for retail tenants, Overall, the factors that have led to the subject's success appear to be in place and are projected to remain in palace for the foreseeable future,. JOSEPH J, BLAKE AND ASSOCIATES, INC. EAS. ESTATE VALLIArION ANO NS0011 Wism! Ititeruffood LU*s - it drgese CoUnVY Club Uhl MARKET ANALYSIS 29-114-02 . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . ........ . . ...... ...... . ..... . .. . . . ... .. .. .... . .. . .. .. . CASESTUDIES ...... .. .... Weprovided caseavdies of sevetat rtiixtd-use clevelop.Ments located,throughout Miaml-Oade County hl order to determine. the best propQsed,development mix for the subject property. OowntowA VOW ... . . .... ... . . ..... . ...... . . . . . . ........ Downtown boral Is a rro�ter planned 250-atee carntbuniftyi, When tornpteted,, the .$I t 111lon project wilt indode 6oeaf My Haid 2,840 reMdential units., eight condo tower.-;, a charter school, a 9 -acre park,,. and Main Street, which will have morethan 70 reta, 11 stores and rc�siaurantsWfth, I$Q,000 s" -,re feet.of reatl and more than 1 million square feet of oMce space. The developer,, Codina, Fartners, completed 5252 Pa'seo, a 203 -unit 204tory toweratDowntown Voral,,aibouta year go.. Cbdina Nfrtners,also soldoot 5300 Paseo, a 9 -unit buildin& thes#cond condo tourer Codina's Downtown Doral mfxtd-osedevelopment, for $88 Wilion. Aaarding to, rte A�arueai published 1/27/2%6 - The developer said mbst buyers vt$300ftseo Were looking for` secon.0homes; ThorepraqatatAie Of -the dove loperBald th* because of the Project's, chartor school, they leave a portjo.npf the. bulldlt),g at the end'to try to, push local buyers. Those UnIfs l'0401re only 20 percent' deposft, pendift hdilk tip $10 Pased Wd,�pomoleted % octobet Coding brake ground on a 231' -unit apartment tower e1hda secohd, 52,,000-sqyare-JQot phase r11 retail at .the beglonMg 6 �.-foot N , f .April 2017, A 50,000-squore, &14, is also underway, and thq�&W-Ipp -represe.OradvesWd it's also likely that a public library of/ 170 Worporored Mto c0mrrW-t)4 9eger,Su4rez Architects designed $300 Paso a and -52-52 Paseok Amenities at 5300paieo-Inelbde a gym; yogo and ocrobics. studio, sauna and trootmeot areas,, spplot room, Mayroom and maering room, an Infinity p6of a4d r0sorr-style pool deck, Next In the pipeline is5aSO Park which- is about 5a percent sold. C60nogill brPokyrtundori th6ttowet sometiffieAdurlOgthe second quarter of this year and comg I n . �J�tejt about 1,8 rnanth$from MO.., Iter rstaf 5350 Parkis, cc ming Ecyadbr. 8oftviaond Peru, the developer -54,1d. Downtown varO's roots Hein theJormer K:og":0&eP)ark ase*s Of 324queft office buddiMs buft tri the. $.70s that housed me stly government develop , ka 0o boot su project5 a$, Real Estate In ve stment Trusts, or' REITs,, d1l'over the caunt%, using the some modgkbvy cheap lotid in the middle of nawhere and build cheqp office buildings, dimih-a! to be the lowest -oast bidder for gove,rnMen't teaonfs atJormula wor�ed.-untilSqpr. 11, 2001. In'th# wake of the ;terrorist thec Th Wa t0r U,5. JoYernment de0ded it no,longer wante$ its emPloyees' 00ftenttated4n.one.#a4k 46 OS not to be an e0$yt0rget;, in one, of, theNam -Dude Coun ry, Co a Portnersand tope p4ciot land deals in M ty histo oin qr;7prp,,c)o&e4 Ono, joint parchase of the White Course in octal, w1(h plans, to, radeVelop the 40y, coyrs. e intoa trix4d. use prcafectu Codina and, tenndroM the winning, bidders. Ity the sale pf ibe, 130 -ape property, beating out developer and presideh-ticl hop�julDoaald Trump, Shorn Gfoupt MasoW.Sholaee and others, The seller is X, the sovereign fund of the goverknont q! Singapore, which obta14-ed the property through bonkrqptqy actions. Ir* ptaper4y is ih,vgry higlT deipand,," sold Robert. Givek Vice chairman of invesorwt:sales fix CORE, which marketed the property on behqY of the seller, He decliheV to disclose the jTVMbef of, hidder. bUt said rhatmore than = Investment groups had requested, Investment packages= J US E PH RLAKE AND ASSOCIATES, INC. 70 19114L [STAY( VALUAMIN AND CONSWI ND Miami International Unki -NeIreese Covetry'OubtAPt MARKET ANALYST� The Whtte-'Course, locafed In the Oorihe.,ast quadrant of Northwest 41st Street and Worthwe-9 47th Avenue, is.contiquQus to the Trump lVational boral Resort an:4' (bdlnq`120-acre 0,WntGwA Pord) mixed-use pralpa It was #,compficatedtransaction,* Given told TRP. "its use has beov a golf coUrWfOr. a very long time and I . we are very seniltive in selecting obuyer -thor Is complementary to the'City"t?f DOW.-* t:ocrinapartners and terinaf w1fliplIt the acreage 5,li1X -Cadh70,s*hf he plaits to,bdild, WO 1060'Me partner Jim Corr; -about 890 41ngle_fiamj* homesand about .90 townhouses, "We're ;.going to WIN somethrng to complement Downtawn Durpf,*" codtna sffld, TM $1 b0fon ritlxed� use development will Include 2,849 rufdoftlal merits spread befweencandom-Mlon! taWers, townh6uses and ,rental units, as welt as office building,.,, a ch arter schoof and- - gaverrimeot center codfnit and LeAnar are also ptirtnenno together on the retait and restaurants orrodfrent that project 'Me Moral submorket is a vM dynamf& market to this real estate cycle 0(ven s0lct wAnd rhoeois Mereasing housing demand lrr Qortff In direct, r4mult Of thg redeyelopm`07tof the Trumpt)oraf and Mr; ,C odinal's Opwrltown Doreff develapment" White Course The 1aOl acreWhite Course's7.ori:ingallowsfor2,10$:res(dentiat ubltsE 160,748,$ire square feet of'office spce; 164,790 squarefOt.of c[V!qmUKfdp-aIAquare feet; a scbiaof and orriphitheater, acrordingto CBREs offering rnerro.ranOuro,'Blds were due Qn!Uty'J',5.,,201,4., The property4. zoning Parar6eters were set, forth in a Master Aevilopmentagf.eemnt between the Isropert ,012. he - a reeMent isIrl P1 for 201yeAq,, aftO s predecessor DWOeG MSR Resort Hot (0,2 T Hotels 4evelo,pment g. to the ME 64014, Tho 4reeffientwis per .ti -a must begin 10 ye4riat�orcftn court se4lement between, the former owngr and the'd[tyi. . . ....................... . . ............ .. .. . . ...... . ............... .......... CityPtate Octal Dor-alIs. ib-th6MWst.of-tions tormfngwet th-new�mtruct7Tolh,�in-additibn-to-DownWwTr,!)Or.al, h, 1p-- ot erpro, dts� inclu4e Shom.a ondthe Related Group$ mh(ed-Use projed Another exornpleof develborneftt In the subjeces arois CftyPlace DOral, whtch-wiJI consist of a mix Of 30 SF of retall:%OOCO. In add' on to the cominriordW 010, RVIn ' at C wplare 00ral Itl p1rope 9 i is in the: works *1th shopplog, Opscale dining, ootdoor, rrafes, andemtefti6menithat CityPlefice APVtMentsis, the PW phase of the rpstdential portion of this how urban coffirnurilty. Stated, Wbe, completed by -this summer; the plans sftdw thattheit will b.e_$98 aprtmeots. Thelsecond ptwebf rentalapartments,:cItyPtace Flats,I will ,s units sit the enormous retail proi. t., There Will be 100 fn A seven- sit mi4risktM #,J�.j tentgtivoly, slated to start canstrucWn thiS.summer. . ...... ..... ............... . . . . . .............. . . .... . .. . .. ....... .... ....... Ma-fto Wy6vvccrd . . . . . . .... ...... ........ r-, ,one of the largest develcomOntspignned for the Wynwood area Ts the. Wna WYn'Wood'MPt located east ou of 1-95 and west of NW 21 Avenue, And south, of NW:2911,Street, TheMaria Wynwood SAP W td,Wiistof 0 g alolik interstate 9$ at the districes-wosterAboeder, The group of 24 -story towers bm:three blocks.,run nin towers WOU14, house a toirtemplatod international trade centerthat t has attracted Inv6stmentietter0Z The-M.4na special area plan,. cone of the largest .ever seen tri ,the -4ty of, MW61, ftreserits_a foassive: up- zoffing for his h-oldIng!;,Wfth 10 *011onisquare feltof ptanned develdpment —15 hillrion more, square feet than Would be OerMitted under exiting sWyn.w. pod JOSEPH J. BLAU, ANa ASSOCIATES. IND. REAL BTAU VALQA7100 AND CONSOMNO 71 Miam! International Links - Melreese country Cluh Lunt! 10-114-02 According to The Real Deafpublisfied 4/5/2017, MARK ETANALYSIS Developer Maishe Mona revealed that hes moving forward with the Mono WynwoocfAmericas Asia Trade Center & International Financial Center, a massive trade hub set to break ground by mid -2018, The trade, center will hove more than la million square feet and is aimed at facilitating trade between China and Asia, Latin America, North America and the Caribbean, according to a press release. Phase one will .have 4'.68, million square feet of Class A office space, showrooms, retall, hotels and public space spread across 8,5 acres, and is port of Mona's big plan for Wyrwood, Mona"s Special Area Plan spans more than 40 acres in the artsy neighborhood, Overd,11, Mona Wynwood encompasses 51,146 square feet .of civil - spate, 3,487 residential units, 8,483 parking spaces, and a 23 acre privately owned park dubbed "Mona Commorm-Y The trade center is expected to house Importers and exporters, logistics comportiesand trade and export agencies, and would be located along 1-95,,occording to, its- website. The developer estimates that it could create about 20,.006 indirect and direct jobs in South Florida. Mldm!'s trade industry already Includes orgoo1zations like World Tracle'Center Miami, The Miami City Commission approved the SAPJn ;Septeniber. The Wynwo6d Business Improvement District and Mono agreed to, split the developer's 25 -acre project into two phases. His trade -oriented towers along Northwest Fifth Avenue can only be built after receiving building permits for a large, portion of the culture and education -centric eastern half on Northwest Second Avenue, which, includes the Mono Commons. kendaill Town Center Property records show an entity tied to NAI Miami just paid $41,8 million for a large developments1te near West Kendall Baptist HospitaL Kendall Town Center Is fully entitled and i,nfrastructqre has been completed,with the, Phase I development of Baptist Hospital, The Town Center will link new medical office buildings, a community center with a' n open-air retail center, two major department store anchors as well as -a sports anchor, and numerous specialty retail tenants and restaurants. The project, DR[ allows for more than 7$1,000 SF of :additional Oevelopment., West Kendall Holdings, a -subsidiary of the Howard Hughes Corporation, sold the nearly, 70 -acre parcel at thesoutheast corner of Southwest Wl' Street and Southwest 16211d Avenue for about $14, per square foot, Previous transaction information was, not available In property record, Plans for the parcel are to be determined, Eckstein sa ' Fd, adding that the owners intend to. ask, local m comunity members what they want to see built onthe,site before beginning construction. "We had someone gay they would love to see:O Whole Foods,' Eckst in said,. Development of -a 'larger: mixed-use project at the site, previously called Kendall Town Center,. has been stagnant, The first phase of' the project, being delivered by multiple developers was the West Kendall Baptist Hospital that opened In 2011, More than half a decade later, Gertz builders and Developers Inc, scored a construction loan for ail adjacent 53,185-sqpare-foot retail development called The Pointe at Kendall Town Center, The West Kendallsuburban -area has recently been experiencing additional development and activity:lri September, CVS Pharmacy bought a nearby office building for $7.5 million with- plans to construct a new store and a OB&T Bank. Last month, an entity of Blackstone Group's real estate Investment trust bought an apartment complex, in southwest Miami -Dade for about $139 million, JOSEP'ff J, RLAKE AND ASSO'CIATES,, INC. IOFAIL 1ST VALUA-TIOU A84 CONSULTIfir, 72 Miaml Internationa (Links - Melreese Country Club Und 18-11"2 MARKET ANALYSIS .................... .................... M!dTown Miami In 2005, construction began on the "Midtown Miami" development between North: 29th and 36th Street and Miami Avenue and the Florida East Coast Railway (FEC) on what was historically an FEC rail yard. The project 15 a large-scale, urban development that was planned with 8 high-rise residential buildings, a hotel, two parks, and a major urban shopping area, "The Shops at Midtown". Due to the collapse of the real estate bubble In. 2007, only two residential buildings, and about 2/3 of "The Shops at Midtown" overs built. In July 2011, plans wereannounced to begin construction on a new entertainment center at Midtown, including a hotel, and shops on the site of the current temporary park in the center of Midtown. Critics of Midtown state the lack of parks- as -a major Issue, Situated in the heart of the Midtown section of Miami, the 1.2 million -square foot urban, mixed-use development is visible from the Julia Tuttle Parkway leading to Miami Beach. The Shops of Midtown Miami brings 630,000. square feet of an Ideal blend of lifestyle and value retail combined with a< mix specialty shops and restaurants, Once home to -a rail yard and registered as brownfield property, this urban space spans. three blocks near Miami's Design District, The Shops at Midtown Miami continues to be recognized as the 1nduWy'sf&remo,$t example of transforming an extremely challenging site into, a vibrant mix of retail, dining, residential and office uses, all contained within an urban design environment, The project was awarded the, 20188 Urban Design Award by the Miami Chapter of AIX Located In the Midtown market will be a new Hampton Inn, which will likely serve the needs of the, mear-by WVnwood, Design District and Midtown neighborhoods, all of which. were notin their current state ju%,t 10 years ago. The construction of the new hotel speaks to the rapid transformation that has taken place in the last decade in the area, With a design that appears to be a bit of an upgrade for Hampton Inns everywherej the new Hampton Inn on Biscayne Boulevard, designed by Kobi Karp Is projected to be, complete within the year Developed by Mayan lRroperties, the 151 -key hotel will have retail on the ground level and an eight. story parking garage in the back. It is replacing the 14-rcom Midtown Inn, which was demolished earlier this year'. Hyde Midtown is currently under Construction on the -westside of the railroad tracks that run along NE 2ftd Avenue. Hyde Midtown, is located at Midtown Avenue and 341h Street, When completed during the second quarter of 2018, Hyde Midtown will include 60 hotel rooms, and 410 luxury condominiums. Arquitectonica designed the building, while Rockwell group, will finish the lobby, amenity floo.rs,, elevator.corridors and the 60 designer suites at the development, which will have an additional 410 condos, a seventh -floor pool terrace and tennis court and a private screen Ing center, Hyde Midtown will also feature food and beverage outlets, a pool and deck, spa and fitness center facilities:, and meeting and event spaces, Available QNU start at 59,0,00 and go up to $2 million.. AMLI Residential,. a Chicago -based developer of luxury apartments, bought the 6.,6 acres of vacant property for $55,009,000 ($19T,/S,F; $7-9,,000/unit), which was the former site of a ChIq0ta Banana shipping facility, This site sits on the west side of NE 2"d Avenue just north of NE 291h Street, south of the subject. AMU has approved plans to develop about 700 apartments on the site, between 2900 to 3010 Northoost Second Avenue in Miami, AMLI plans two rental building, designed by Zyscovich Architects, The north building would have 485 units in 12 stories- The south building would have 215 units In eight stories, according to a release. JOSEPH J. 8 LAXE AND ASSOCIATES, IM, REAL 5T TT VALUATIOU Aft -11 CUNSUtflfft- 73 Miamt International Links- Melreese. Country Club Land 18414-02 MARKET ANALYSIS . . . .. .. ... . .. ......... ......... . . ..... .................... . .......... RAM Development ....... ............. . ... .. ... ... There was a recent sale of 80 acres from the University of M[aml'to RAM, a South Florida developer, RAM acquired 80 acres In southwest Miami -Dade County, just west of the, Homestead Extension of Florida's Turnpike, After approximately 3 years of getting approvals, this site is slated for the construction of 900 residential units, and 300,000 SF of commercial space, plus restaurants,, and possibly other uses, The first phase will include 408 rental apartments plus a WalMart anchored shopping center. Leases have been signed with LA Fitness, Panera, Chick-fil-A and Chill's. Further lease 'negotiations are underway with other national retail tenants, The second phase of the retail development will include 50,000 SF, 30% of the land is, to be set aside as a preserve. iliscayne Landing Another example Is Biscayne La ndi n g B isca V not ne Landing is a 193± acre master -planned community located in North Miami. The entire project calls for more than 4,000 residences, 37 acres of parks arid .recreation space and more than 800,OQ0 square feet of retail space at Northeast ISIt Street and Biscayne Boulevard, Biscayne Landing 15, the result of a partnership between the City of North Miami and Boca Developers. The city has [eased the former supetfund landfill To Boca Developers for two hundred years. As part of the partnership agreement with the, city, Boca Developers, will match the construction of new residences at Biscayne Landing with an equal number of new or rehabilitated affordable housing units on brown field sites within the city. In addition, Boca Developers has also committed up to $25 million toward the renovation and expansion of North Miami's library, the construction of an Olympic training facility and construction of the David Lawrence, Jr. K-8 School. .......... Case Study Conclusion ... ....... We analyzed four developments of which we have information on the total buildout. We looked at multifamily density and intensity of retail and office properties. We analyzed each property In relation to the subject's size and determined the average density of each property type. We used a multiplier,ln comparison to the subject's size and determjned based Upon the intensity of usei, what the subject could be developed with, assuming the hypothetical condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning. E)evelorpmer[t Downtown Doral Biscayne Landing; RAM White Course Averages Apartments 2,,840 41000 900 2,709 2,612 ,Retail 180,000 $00,000 300,00 160,748 360,187 Office 1,000,000 0 or 850,805 462,701 Acres '250 193, 80 130 163 subject 131 131 1131 131 Multiplier 0.52 0,68 1,64 1.01 0,96 Apartments 1,488 2,715 1,474 2,130 2,10 RMil—, 54,320 543P5 441j250 161,985 32,2,640 Office= 524,000 0 it 957,350 345,337 Downtown Doral Is a ?50 -acre mixed use devel ent with 2,84 MI 1, Y LltS 110,600 SP Of retail RIN 01 9, Tu and 1,000,000 SF'df ciffice:-`Agsvi�lng a 'I mtn; on areas for the n n. average uk"Itillize of 1,000isF h, 1,664 inultifamily units, this equates to 2,840,000 SR The total buildable square feet for'this property is 4,020,000, which equates to An FAR of 037, REAL it.TAH VALRArIG11 ARD a.M111,11110 74 Miami International Unki - Melreese country Club Land 18-114-02, MARKET ANALYSIS The subjects parcel is 52% of the Downtown Dora[ Parcel. We applied this multiplier to the Downtown Doral development and concluded that the subject can be built with 1,488 multifamily units,,, 94,3ZQ SF of retail and 524,000 SF of office. Biscayne Landing is a 193 -acre mixed use development with 4,0.00 multifamily units and 800,000 SF of retail, Assuming an average unit size of 1,000 SHricluding all common areas for the multifamily units, its, this equates to 4,000,000 SF - The total buildable square feet for this property is 4,�800,000, which equates to an ]FAR of 0-57. The subject's parcel Is 68% of the Biscayne Landing Parcel, We applied this multiplier to, the Biscayne Landing development and concluded thatthe subject can be built with 2,715 multifamily units, and 543,005 SF of relall, RAM Development is an 90 -acre mixed use development with 9Q0 multifamily units and 300,000 SF of retail. Assuming an average unit -size of 1,000 SF including all common areas for the multifamily units, this equates to 900,000 SF. The total buildable square feet for this property is 1,200,090, which h equates to an PAR of 0,34. The wbject's parcel :is 164% of the RAM Development Parcel. We applied this multiplier to the RAM Development and concluded that the subject can be built with 1,474 multifamily units and 491,2,50'$F of retail. White Course is a 130 -acre mixed use development with 2.,709 multifarolly Units, 160,748 5F of retail and noms sr of office. Assuming an average unit size of 1,000 SF including all common areas, for the multifamily units,. this -equates to, 21,709,000 SR The total buildable ;square feet for this property is 18,720,553, which equates to an. FAR of O.K The subject's parcel is 101% of the White Course Parcel, We, applied this multiplier tothe White Course, development acid concluded that the subject can be built with, 2',730 multifamily units-, -161,985 SF of retail andS57,350 S5 of offlce,. The averages for all four developments equates to 163 acres with 2,612 multifamily kfnits,,'60,187 SF of retail and 462,7.01 8F of'office, The subject's parcel is 96% of the total averages. We- applied this multiplier to the total averages and concluded that the subject can be, built with, 2,102 multifamily units, 322,640 15F of, retaila'nd 345,337 5F of office. The average density for multifamily equates to 16 units per acre for t ' he subject's parcel, Based Upon an, average of 1,000 Sr per unit including all cornmon areas, the, average. FAR equates to roughly 037 for the total parcel. The retail/office space equates to roughly 0,12 FAR forthe total parcel, The total buildable square feet for the total property equates to 1,7, , 69,977, This, equates. to an FAR of 0,4851, Each of the developments analyzed may also have common areas, as well as some community development,, such', as schools, parks and munlcipal'biufldings, JOSEPH J, BLAKE AND ASSOCIATES, ING, AlAt 1&TAIE VALOAJIUN AND CON'SOLT1116 7.5 Ulani International Unks-- Melreese Country Club Land DESCRIPTION OF THE SITE Land 3ummaryr Gro33Wcf Seen tafid 5,799'vs Le"I'andats eetgrade Gent're fly reaanUlgr (A sh4pe, ... . .......... ............... . ... ... ..... ... . .. ..... SITE DETAILS, ADDRESS 1802, NW 37th Avpnue, Miami, Warni-Dade County, FL 33-1,25 PARCELNUMBER, 01-3-1371-000-0080and portion of 01-3132-000-0090 LEGAL DESCRIPTION Lengthy, see Boundaty Survey Included in the Addenda: LOCATION The subject Is located 0106g the north tide of State Road -836, extending froffl NW'alth Avenue to'XW 42nd Avenue, In the City of Miami, Miamkt).ado Countyflorlda. LOCATION TYPE Urba n MAP LATITUDE/LCINGITUDE 25,7910554/40,25MOS CENSUS TRACT U-046-004101 SIZE- 5,709;575,5F.- or 131.01 acres ZONING The. p-'arc.61 Is zoned, "CS," Under the Jurisdiction 'ofAhe'0ty of PRIMARY.FRO.NTAOE $TRW NW37th Avowd (0ouglas Ro.'a4y- PRIMARY ,FRONTAGE COMMENTS NW $7th Avenue is a fouf4art%,-asAhAIti0aV'ed roadway that Wends oorth/south ilbrig the vast boundary of the SECONDARY FRONTAGE STREET NVX4th Sire 'SECONDARY FRONTAGE- COMMENTS NW 14th Street Is a two.lane4 asphalvpmd road waY that extends east/west along the south boundary of the w4ject, ADJACENT PROPERTIES - NORTH Hotel and office building. ADJACENT PROPERTIES - SOUTH State Ro4d,83� 10olphin Expressway} ADJACENT PROPERTIES -WEST NW 42nd Avenue (LoJe.vne Road) ADJACENT PROPERTIES - EAST Singlerfarally,11gWential VIEW Good ACCESS g1AsR.ad(NW3,7thA .vou 4L!eue Access to the area is Via Dou' 0, 01 n Road (NW 42nd Avenue) and State Road -836 (the 001 hin Expressway). INGRESS/EGRESS The.stibfect contains ,orne polht Of Ingress/egress alohg the west side 6f NW 37th Avejftue,. $I'tE jolLjTY i qd STREET CONDITION Paved with asphalt, SIDEWALKS Yes 'CURS4 AND GUTTERS Yes LANDSCAPING The subject's1andscaplih.g is typical forthe area. TOPOGRAP,HY The s6blea's topography Is level and at street grade. SHAPE The subject slte is generally rea-angular lv:shapo, REQUIRED SITE WORK Typical clear and grade SOIL CONDITIONS AND DRAINAGE The soil conditoris, observed' at, the subject appear to be typical of the region and adequate to -suppqrt development. FLOCIDZONE The site ties withirt Zona AE. This informatidd was 'Obtained from the. National Flood Insurance Rate MV Number .1'2086CO292L -tfatP4 September JOSEPH J. BLAKE AND ASSOLIVES. INC., ML ES41E VALUMON ARO CONS11,11110 14, Miami international Links - Melreese Country Club Land 18-114-02 FLOOD ZONE DEFINITION AREA IN FLOOD ZONE OTHER HAZARDS ENCUMBRANCES AND EASEMENTS ENVIRONMENTAL HAZARDS WETLANDS AND WATERSHEDS ADEQUACY OF UTILITIES PUBLIC ELECTRICITY WATER SUPPLY TYPE SEWER TYPE UNDERGROUND UTILITIES POLICE AND FIRE PROTECTION CONCLUSION DESCRIPTION OF THE SITE The base floodplain where base flood elevations are provided, AE Zones are now used on new format FIRMS -instead of AI -A30 Zones- In communities that participate in the N51P, mandatory flood Insurance purchase requirements apply to this zone. Yes !None known There are no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. There are no known adverse environmental conditions on the 5ubject's site. Please reference Limiting Conditions and Assumptions. No wetlands were observed during our site inspection. The subject's utilities are typical and adequate for the market area, FPL City water City sewer Yes City of Miami The subject site Is considered well-suited to functionally support Its proposed use. ............. ... . ........ .. AERIAL PHOTOGRAPH JOSEPH J. BLAKE AMD ASSOCIATES, INC. REAL ESTATE VAtUATIOn ANA CONSULTING 77 Miami international Links- MeIreow country Club LaaO ZONING 18-114-D2 The subject is zoned Space, under the jurisdicion of -the City of KOHL ZONE DETAILS . ...... . . . . ........ . .... .. . . ................. ....... . ........... ............ ....... -20NING AUTHORITY -City of Miarn-i ZONING CODE CS ZONING DESCRIPTION ClviC Space PERMITTED USES Marina is the only.case allowed by rlghL Food service es6blishrrtent, open.ait retail, community factlity, recreational facility, Infrastructure and utilities we allowed by warrant, admTrilstradve process. q0neral cdrnmerclal,, marine related commercial, .611cicare, iand learning center are: allowed by exception: public he,arlrtg., COMMENTS The Civic Zone.consists of public use space andNellftlet that May contrast in use to their sorrountljngs while reflectingadjacent setbacks and landscape. Based on a review of the subject in relation to the CS zoning, distrii;4,'it appears the subject is a legal:and ertsJh d et&minaln if a property fully in mpliance g use of the site, However, we are not exp 0 with all aspects of the zoning code. We suggest interested parties obtain a letter I of zoning compliance from the city of Miami to d. etertbtria if the subdectIts toWing cornptfant. The subject is also classified as Public Parks and Recreation under the City of Miami and Mlaml-Pade County Land'Use Plan. Tfierefore,, any useof the site Would haVe to eornply with the underlying land use cla.%siflitation, W hith typically Includes active and passive recreational uses, nature preserves, ,environmentally sensitive areas, etc. City of Miami Interpretation ofthe 2020 Future Land Use Map IMMUNE The subject's underlying land use.currently would prohibit development of the site With Uses that are not permitted under the Public Parks and Recreation land use 0.0sigriationif thq subject site Were offered for sale, potential purchasers would consider this fact- but also consider the possibility of having the designation changed in the future- There are may 1h.$t4n.6es of the land use being modified to consider additional needs in the communitV, in order for the subject to be developed to its highest.and best use under Miami 21 Special. Area Pitri fSAP) zooivn& a Zoning Hearin& would be required. Zoning. Hearings are required for approval of all new proposals, and all development plans for a proposed use land or a proposed structure that have .been disapproved by staff. JOSEPH J. BLAKE AND ASSOCIATES, INC. �78 RtAL ESIA11 VALUA1140 A411 NSIILT[010 Miami International Links- Melreese Country Club Land 19-114-02 ZONING Most large site developments require some sort of modification to the future land use map, or approvals based on the type of development contemplated, Issues that are addressed in the process include adequacy of:service to the site, environmental Impacts, traffic issues, availability of utillttes, etc, Under the Miami 21 Zoning Code, a Special Area Plan is as follows; 3,9 SPECIAL AREA PLANS The, purpose of a Special Area Plan is to allow parcels greater than nine (9) Abutting acres In size to be, master planned so as to allow greater integratlon of public improvements. and Infrastructure, and greater flexibility so as to result in higher or specialized quality building and Streetscape design. within the Special, Area Pl.an. The purpose of aSpecial Area Plan further is to encourage the assembly and master planning of parcels greater than nine (9) Abutting acres In size, in order to provide greater integration of public and private improvements and Infrastructure; to en.abrie Thoroughfare connectivity; to encourage a variety of Building 'Heights, massing and Streetscape, design,and to provide high quality design elements, all in order to further the intent of this Code, exresse.4inArticle 2, ,p &9,1 General 'a) The single or multiple owners) of Abutting properties in excess of nine, (9) acres may apply for a rezoning to a Special Area Plan, b) A Special Area Plan shall be approved by the process of rezoning with or without Transett changes c) A ,Special Area Plan shall assign Thoroughfares, Transect Zones. and Civic Space Types, with appropriate transitions to Abutting areas. Guidelines for Thoroughfares and Public Frontages may be ,adjusted to the particular circumstances of the Special Area Plan. d) A Special Area Plan shall include a map of the Thoroughfares and Transect Zones, and the standards that deviate from the requirements of Article S, e) ASpecial. Area Plan shall assign at least five percent (5%) of its aggregated [-ot Area to 'a Civic Space Type, Civic Building sites are to be located within or adjacent to Civic Space Types or at Oe axial termination of significant Thoroilighfares. The developer shall be responsible for constructing the public improvements within the Special Area Plan, including but not limited to, the Civic Space Types and Thorawghfares. f) Development within the Special Area Plan shall be pursuant to a recorded development agreement that will establish the allocation of Thoroughfares and Civic Space Types and Building Area among the Building, sites, and the creation and retention of the. public benefits, g.) Unless a Building Is specifically approved is part of the Special Area Plan, any Building shall be reviewed by the Planning Pirector, after referral to and recommendation from the CRC for conformance to the Plan, prior to issuance of the Building Permit, h) A Special Area Plan may include., 1, A differentiation of the Thoroughfares as a Primary -Grid (A -Grid) and a Secondary -Grid (B -Grid). Buildings along the A -Grid shallbe held to. the higheststanclard of this Code in support of pedestrian activity. Buildings along the D -Grid may be more readily considered for automobile -oriented standards allowing surface parking lots, unlined parking decks., and drive-throughs,The. Frontages assigned to" ih'e' 4 ri!d's! Wal I !,'n ot exceed t h (AV' 086 n t (Bt) %) 6f it 1� 1�"nl ;_'R %011' Special a a Plan. For Froritages on the A -Grid, parkingareas may be allowed in, the Second Layet. JOSEPH J, BLAKE AND ASSOCIATES, INC. AtAl JSTATF VALUATION AND CONSULTINO 79 Miami international Links - Melreese Country Club Land U-114-02 'ZONING Z. Retail Frontage requiring that a Building provide a Commercial Use at sidewalk level along the entire length of the Frontage, The Commercial Use Building shall be no less thanseventy percent (70%) glazed in clear glass and provided with an Awning overlapping the sIdew;A as generally illustrated in Article 4, Table 6. The first floor should be confined to Re -tail Use through the depth of the Second Layer, 3. Gallery or Arcade Frontage, requiring that a Building provide a permanent cover over the sidewalk, either cantilevered or supported by columhs,,'The Gallery or Arcade Frontage may be ,combined with a Retail Frontage as shown in Article 4jable, 6,'Gallery or Arcade Frontagewithinthe First Layer may apply towards Open Space requirements, 4. Build -to -fines that differ from Transect Zone Setback requirement, 5, A Terminated Vista location, reciuiring that the Building be provided with architectural articulation of a Type and character that responds to the location, 6� A Pedestrian Passage, requiring a. Minimum ten (10) foot wide, pedestrian access be reserved between Buildings. 7, A preservation plan acceptable to, the Historic and 11-nvirohMe6tal'Freservation Board f6r,aay historic resources 1n the area of the Special Area Plan, 8. Area Design Guidelines. '9. A parking management program that enables shared parking among public and private Uses. 10, Flexible allocation of development capacity and Height,, excluding Density on individual sites within the Special'Area Plan shall be allowed so long as the capacity or,HeIght'distribution does not result in development that Is out, of Scale or character with the surrounding area, and provides for appropriate transitions, Anexample of the approval process is the recent sale of 80 acres from the University of Miami to RAM, a South Florida developer, RAM acquired �O acres in southwest Mlaml�Dade, County, just west of the Homestead Extension of Florida's Turnpike. After approximately 3 years to' obtain approvals-, this site is slated for the construction of 900 residential units., -and'300,000 5F of commercial space, plus restaurants, and possibly other uses, The first phase will include 408 rental apartments plus a WalMart anchored shopping center, Leases have been signed with, LA Fitness, Panera, Chick-fil-A and Chili's, Further lease negotiations are underway with other national retail tenants, The second phase of the retail development will include 50,000 SF. 30% of the, land into beet aside as a preserve. In the Market Analysis section of this report, we analyzed four developments of which we have information on the total buildout.. We looked at multifamily density and intensity of retail and office:properties. We analyzed each property in relation to the sub)ectls size and determined the average density of each ,property type. W'e.used a multiplier in comparison to the subjeWs size -and determined based upon the Intensity- of use, what the subject could be developed with, assuming the hypothetical condition that the subject has been rezoned to its highest .and best use under Miami 21 Special Area Plan (SAP) zoning. JOSEPH J, BLAKE AND ASSOCIATES,, INC, REAL ESIATE VA1,I)ATfUll AND CONSPIT1116 80 Miami international Links - Melreese Country Club Land 'ZONING DevelopmenT VoWntawn Daral Biscayne Landing . RA14 Whltetaurse Averages, Apartments 2,840 4,000 900 2,109 21612 Retail MAW $00,000 300,000 '100,748 Office 850105 40':,7b1 Acres 153 go. 130 Subject 131 131 131 131 Multipl* 649 i,64 Apa rtments .1,418 :21715 2,474 1,102 Retail M,820 543,005 491i250 161,98,5, 322,640 Office 524,000 0 .0 957;3-50 30,317 The averages for all four developments equates to 16,3 acres with 2,6 2 MOttifarnily units, 360,1817 SF of retail and 462,701$F elf office, The subject's parcel is 96% of the total avernes. We applip-A this multipiJer to the total averages and concluded that the subject can be built with 2' 61`o retail incl 345,3V $F of 102 Mult1faMl1V urfits, 822,640 S ,office, The average darisity for muttifamily equates to 16 units per acre for: the su-bJect's parcel–cased upon 0h average of 1,000 SF per unit includingallcommory areas, the average rAR equates to, roughly 0.37 for the .total parcel. The retail/office space equates to roughly 0,12, A fQr the total parcel. The total buildable square Net for the -total,property equat.es 19 2,769,977, TWequates to art AR 0 OA -951, tath of -the developments analyzed may also have cOmmm, MOS, as well As Some Community development,, such as sthools, prks and MIUrtIcipal buildings. Based,an a review of the existing land bsd,as well as the land uses on surrouncring sites,:We estimate that potential purchasers of the subject site would a:rjtrclpge :borne time zwould past Wore they could .successfully modify the future land use map toallow for development, JOSEPH j, BLAKE AND ASSOCIATES, INC. REAL ESWE VALUMON Alta CONSVITWO Miami International links - Melreese Court" Club Land 18-114-02 TAXES The subject is assessed by the Miami -Dade County property appraiser's office, and is taxed bV the City of Miami, Mlami-Dade County, and the Miami -Dade County school district. The following table summarizes the subject's assessment and taxes: Parcel ID 01-3132-000.0080 Portion of 01-3132-000-0090 Totals AssessmentYear 2017 20.17 2017 Total Assessed Value $2,523,656 $5,813,626 $8,a37,282 Total Tax Rate $0,0000 $0,0000 $0.0000 Taxes $0 $0 $0 Ta xes wi th Specl a I As s es s ments $0 $0 $0 Farly Payment Discount Percentago 41a 4% 4% Total Taxes $0 $0 $0 The subject is exempt from paying taxes since it is owned by the City of Miami. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATf011 AND USIILTIN# 82 Miami International Links,- Melreese Country Clubiand 10-114�02 HIGHEST AND BEST USE In determining the highest and best use of property, consideration was given to the economic, legal, and social factors that motivate investors to develop, own, buy and sell, manage, and lease real estate. In forming an opinion of the highest and best use of a vacant parcel of land, there are essentially four ,stages of .arialysjs: Physically Possible Use: What uses of the site in question are physically possible? Legally Permissible Use, What uses are permitted by zoning and deed restrictions on the site in question? • Financially Feasible Use; Which possible and permissible uses will produce a gross return to the -owner oft1ho site? • Max1m,ally Productiva;, Among the feasible uses,, whie.h.will produce the highest return or highesit present worth of the site in question? The following tests must be met in estimating the highest and best We of a Vacant parcel; -00 potential use -must be physically passible and legally permissible, there must be a. profit -able demand for stAeh A use, and It must return to the land the highest net return for the. longest period of time,.. These tests have been, applied to the subject's site and' are ,discussed as follows; .................... . ................. ......... .. .... ... . PHYSICALLY POSSIBLE. .......... .... ... . The located along the north side of State Road -836, extending from NW 37th Avenue to NW 42nd Avenue, in the City of Miarhi, Miami -Dade County, Florida, The underlying site consists" of 5,709,575 SF or 131.07 acres. The subject's topography is level and at street. gVade, As -noted in the Assumptions and Urniting Conditions, we know of no environmental or engineering study that has been conducted .ten the site to determine subsolfcondltions. Upon "analysis bf all physical aspects, space,, Size,. shape, terrain, locatioriond others the, most supportable highest and best uses of the site, as pit relates to physical properties, are mixed use multifamily, retail and office. LEGALLYPERMISSIBLE " d" " ___,_ —, ** " , , - " , , - "' " , " , — "' "" — _ ,", The subject's site I's zone "CS," Civic Space, under the jurisdiction of the City of Miami, FL, Reference is made to the Zoning section of this repo�rt. A niarina Is the, only permitted use, allowed by right. Food service establishments, open air retail, community facilifies, recreational facilities, infrastructure.. and utilities are ,allowed by warrant, administrative process, General ore .merclal childcare, and. comm tat, marine rotated com learritrig center are allowed by exception.- public hearing. Upon,ahalysis of the permitted uses, the most supportable highest and best uses of"the site, as it relates to what is legally permissible if rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, iso mixed use multifamily, retail and office development that takes advantage of the subject's location adjacent to State Road -836 and the Miami International Airport, Due the subject's proximity to the airport,, any development would also be subject to height restrictions by the Federal. AvIation Administration (FAA),, JOSEPH Jg, BLAKE AND ASSOCIATES, INC. RFX1 SI TE VALUATIOR AND 0114SUL1,196 83 Miami International Links- Melrose Country Club Land 1$414-02 HIGHEST AND BEST USE .... ........ . . .... . ..... ..... .. ... . . . .. .. .. FINANCIALLY FEASIBLE Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria. Unlikethe physically possible and legally permissible aspects of the highest and best use analysis, many external economic. factors serve to prove or disprove financial feasibility. The cost of acquisition, sources of capital, forecast of potential revenue/expenses, reversionary price, forecast, property tax implications and measures of risk and yield are all determinant to this analysis, The above financial measures serve to eliminate the uses that would not provide a reasonable return to the land based on an investor's -expectations, The cost of land and its development hitts the highest and best use of the site, generally to only those uses that are financially feasible. We conclude that financially feasible uses of the site that are physically possible and legally permisMble are to maximize the utility of the site in relation to the zoning. .. ......... ..... ....... .. MAXIMALLY PRODUCTIVE - --------------- — ---------- We considered those uses, as aforementioned, to meet the physically possible, legally permfsslble and financially feasible tenets of the highest and lest use definitiori,The final criteria forfull compliance within the highest and best use of the subject, asvacant, Is that of a, maximally productive use; We conclude the, maximally productive: use of the site is to maximize the utility of the site in relation to the zoning. HIGHEST AND BEST USE, AS IF VACANT A final recoricillaii'o—n -o-f the an,aiysis, leads to the -conclusion -that, -th'e, highest --and ,-hest -,-use of the site, a's, if vacant, is to maximize the utility of the site in relation to the zoning, HIGHEST AND BEST USE; ASSUMING THE HYPOTHETICAL CONDITION THAT THE., SUBJECT14AS BEEN REZONED TO ITS HIGHEST AND BEST USE UNDER MIAMI 21 SPECIAL AREA PLAN ZONING ........ .... .. ... ..... .... We must also determine the highest and best use of the subject by analyzing occupancy levels of various surrounding Improvements, as well. as the general needs within the area. Based orf tho'current conditions of the subject's: market, the highest and best use of the subject,as improved, is the redevelopment of the existing Improvements with a more Intensive use. in order to cleterminethe, subject's highest and best use, we researched the decisions, made by investors In other properties similar to the subject. We. presented a Market Analysis for office, retail and residential uses, since those would be the roost likely uses at the subject. Office uses could include ,a campus type setting of buildings to take advantage of the location adjacent to State Road -83E and the Miami Interriational. Airport, Residential uses could includestandard market rate apartments for the, surrounding, general population., Commercial uses could also be for the surrounding population. As discussed, in the Market Analysis section, the averages for the f6wrcase study developments equates to 163 acres with 2,612 multifamily units, 360,187 SF of retal I and 462,701 SF of office, The subject's parcel is 96% of the total averages. We applied this multiplier to the total averages And concluded that the subject can be built With 2,102 multifamily units, 3,22,640 5f of eetall and 345,33:7 SF of office. The average density for multifamily equates to, 16 units per acre foe the subject's `parcel, laased upon an average of 1,000 SF per unit including all common areas, the average FAR equates to raughty, 0.87 for the total parcel, The recall/office space equates to roughly oaFAR far th total 0 � e t t I parcel The total buildable square feet for the total. property equates to 2,769,977, This equates to an rAR of OA851, JOSEPH J. BLAKE AND: ASSOCIATES. INC. 11EAL (STATE VALUATION 4119 CONSULT)NO 84 Miami International 18-114-02 HIGHEST AND BEST USE Each of the developmentsanalyzed may also have common areas, aswell ossome community development, such asschools, parks and municipal buildings. Therefore, based on the actions of developers in the region, we conclude that if the subject site were available for development, it would be purchased for mixed-use development that m/uu|d likely include a retail component, areaidendu| component and perhaps an office component, if demand existed from m particular tenant or group of tenants. The composition and timing of the components could 6mchanged based upon future market oond|tions. This development vvou|6 have to meet the requirements of the Special Area Plan (SAP) zoning, as well as height restrictions from the Federal Aviation Administration (FAA), yO�� J. �V8�� 0� ��@�� INC.,~~~,� ~~ ~~,~° �,,� °��,�,��, '�~ REAL ESTATE VALUATION MC0WSVL1>118 85 Miami inteational Lf0s- M " elrea Country Club Land 18-114-02rnANALYSIS OF DATA AND CONCLUSIONS . ... .. .. .. .......... ...... ........... ........... ... IDENTIFICATION OF A LIKELY BUYER ............ '" " . . ................... ....... The most likely buyer of a property such as the subject, assuming the hypothetical Condition that the subject has been rezoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning, would be a large regional or national investor who would recognize the long-term economic potential of the property, These factors will be considered in the valuation of the subject. VALUATION METHODOLOGIES . .. . . ...... ... In appraising a property, there are three traditional valuation methodologies that can be applied: the: Cost, income Capitalization and Sales Comparison Approaches—Selection of one or more of the approaches. In the appraisal of a property rests primarily upon the property type and Its physical characteristics, as well as the quality and quantity of available market data.. In the Land Value section, market data is presented along with an analysis of the data and reasoning that, lead to the.Jand value opinion, The Cost Approath is based on the premise that an informed purchaser will not pay more for a property than It would cost h1m, or her to construct a property of, similar utility. This approach is most applicable when the subject is of new or nearly new construction and the improvements represent the highest anti best use of the site. This approach Is also particularly useful when appraising unique or, special purpose properties where there are few, If any, comparable sales or leases. The Income Capitalization Approach is based on the fundamental investment premise that hat the higher a property's earnings., the higher its value. Investment in an income-producina, property represents the exchange of present dollars for the right to receive future dollars, in this approach� a value Indication for an income-producing,property is derived by converting Its anticipated benefits (cash flows and reversion) into property value.. This conversion can be accomplished in two. ways: one year's, income expectancy can be capitalized at a market -derived capitalization rate, or alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate. The income Capitalization Approach typically provides the most meaningful estimate of value for income producing properties. The Sales C, ' ornparlson. Approach involves delineating appropriate units of measurement from comparable sales, in order to apply them to the subject's property, Adjustments are then made to the sales prIcesof the comparable properties based on Various shared elements. This methodology may be Used to value many different types of improved properties and vacant land, as long as there is sufficient quantity of.gond- quality market data available, It becomes less reliable as the quantity and magnitude of adjustments increases, and it is generally notapplicable to unique or special purpose properties. The final step in the valuation process Is the recoriclliatjohor correlation of the value indications. In the reconciliation or correlation, we consider the relative.applicability of Each of the approaches used, examine the range between the value indications, and place major emphasis on the approach that appears to produce the most reliable and Credible result. VALUATION METHODOLOGIES APPLICABLE TO THE SUBJECT PROPERTY Since we are valuing the underlying land, the approach applicable in the, valuation of the,fee simple- estate of the subject is the Sales Comparison Approach, We did not use the residual technique to value the subject, Within the Market Analysts we summarized current large mixed-use developments in Mlarol-Dade County, From this data, we were able, to provide a tough estimate ofyyhait market parpcipants could,4,pyop on a largsItq,jq,p .4gn However, th�,t. conclusion does not provide the level of detail that would be required to complete, a vaJuatlon using the residual technique. JOSEPH J� BLAKE AND ASSOCIATES, INC. til. 1, 1A STATE VALHATI DO AND 0011SULTINiT '86 Miami International Links - Malreese Country Club Land 18-114-02 ANALYSIS OF DATA AND CONCLUSIONS The subject is currently CS zoned and does not have any specific plans. In order to credibly value the subject using a land residual technique we would need to have a specific develop plan, with cost estimates, allowable densities, property types, open space requirements, public use requirements, etc. We are of the opinion that using residual technique would be unreliable, In the absence of more specific development data, JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ESTATE VALUAT109 AND CONSULTINQ 87 3 Miami International Links Melreese Country Club Land 14-114702 LINO VALUE . . . . ......... .. .. ..... .. .... LAND VALUATION . . .. . ..... .. ..... ... 'The land, as If vacant, is valued by direct sales comparison, In which sales of comparable sites within the subject's area are analyzed in context with the subject's site. Adjustments are made to compensate for differences between the submitted sales data and the subject for such factors as location, size, shape, topography, utility, and marketability, etc. Land sales are presented to arrive at a $/SF for the subject. in an effort to locate comparable land sales, a search throughout the subject's area was conducted, The ,presented sales are valid indicators of land values in the subject's area. Information pertaining to these sales has been verified by the buyer, seller, broker or other sources considered reliable and having knowledge of the particular transaction when available. Briefly described, the subject of this appraisal consists of the 131.0738 acres or 5,709,575 SF of land underlying the Miami International Links - MelreeSe Country Club, The portion of this, overall site that we are appraising has yet to be specified In regards to exact location or size. The prarcel is improved with an 18 - hole golf course, with a driving range and practice putting greens. The subject. is also improved with four buildings ildings that were constructed from the 196Ws to 2000's,that are used as a golf learning center, pro shop, full-service restaurant, maintenance building, and other ancillary uses for the operation of a golf cotlrso,. The site Isowned bythe CRyof Miami and leased to the current golf course operator. The site is irregular in shape and is levekarid street grade. The subject is zoned "CS,' Civic Space, under the Jurisdiction of the City of Miami, Florida. This zoning 'designation permits a wide variety of uses; however, a marina is, the only ,Use perMitted by right, Other commercial uses could possibly be permitted after a public hearing. The purpose of the appraisal is to develop an opinion of 1) the market value of the fee simple estate of an unspecified portion of the 131.0738 acres of land underlying the Miami international Links - Melreese Country Club, assuming the hypothetical condition that the subject has been rezoned to its. highest and best use under Miami 21 Special Area Plan *(SAP) zonfrig, as of April 10, 2018, and 2) the rental value of a portion of the underlying land, assuming the hypothetical condition, that the, subject hasbeen rezoned to its highest And best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10, Ma. in order to determine the'As Rezoned value estimate -of the subject based on its highest -and best Use, this, appraisal is based on the hypothetical condition that the appropriate Special Area Kan (SAP) zoning to build to the property's highest and' best use, ISin place. as of the date of value. The following land sales are located in Miamil-Dacle, County and represent the actual actions of'delvelopets who purchased sites similar to the subject, that allow for many types of, development, These market participants` actions are considered to be representative of a potential purchaser of the subject. $ince the the projected highest and best use of the subject. is for a mixed-use development, we have included an. array of land sales which reflect different planned uses, JOSEPH 1, BLAKE AND ASSOCIATES, INC. RCL WM, VALUAT[011 AN($CONS'lW016 ER Miami International Links - Meireese Country Club Land 18-114-02 LAND VALUE Land Comparable 1 Transaction Name Kendall Town Center Address 15955 SW96thStreet City Miami County Miami -Dade State FL, Zip 33196 Price $41,837,000 Date 12/291V Grantor West Kendall HoldIngs,tIC Grantee KTCSW 88thStreet, LLC Recordattion 30509-29,22 Tax Parcel 1 D 30-5,405-029-0020 Property Rights Fee Simple Estate Financing Cash to Seller ConditlonSDI'SalP Arm's length Verification Broker Price Per Land SF $13.75 Price PerAcre $518,955 Price Per FAR $57.23, Price Per Proposed Unit NA Site Land SF 3,0.42,624 Land Acres 69.85 Topography Level andat street grade shape Irregular Required Site Work Typica I Clea r a nd Grade Utilities All Avail a hie Zoning BU -2 Proposed Use Mixed -Use Development Zoning Type Commercial 'Zoned Density NA Buildable 5F 731,000 Allowable FAR 0,24 No, of Proposed Units NA Proposed UnitType NA 'Comments Development of a larger mixed-use project at the site, previously called Kendall Town Center, has been stagnant. the first phase of the project, which was delivered by multiple developers, was the West Kendall Baptist Hospitalthot opened In 2011, More than halfa decade later, Gertz Builders and Developers Inc. scored a construction loan fora n adjacent 59,185 - square -foot reta O'clevelopmentca fled The Pointe at KendallTown Center, Reportedly, the project DM allows far 731,000 SF oftlevetopment an the site. Thelsite lnclude5 two submerged tracts, which have not been included Within the calculation of the price/acre and price/SR JOSEPH J,BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUR AND GONSIJUIRS 89 Miami International Links - Melreese Country Club Land 18-114-02 LAND VALUE Land Comparable 2 Transactibn Name Gatewaytommerce Park Site Address 21001 NW 27th Avenue City Miami Garderys county Mlaml<Dade State FL Zip 33056 Price $26,500,000 Date 11114t16 Grantor Calder Race Course, Inc.. Grantee EasWoup Properties, L.P1 Recordation 30302�3608 Tax Parcel ID 34-1134-014-0010 Property Rights Fn. Simple Estate Financing Cash to Seller Conditions of Sale Arm's length Verification Broker Price Per Land SF $9.97 Price Per Acre $434,426 Price Per FAR Price Per Proposed Unit NA Site Land SF Land Acres Topography Leve I a nd a t street gra d e Shape irregular Required Site Work Typtca I Clga ra md Gra de Utilities All Avallable Zoning AU Proposed Use Industria I Park Zoning Type Agricultural Zoned Density NA Buildable $F 850,000 Allowable FAR 03 No. of Proposed Units NA Proposed Unit Type NA Comments According to, the Eastgroup Properties, the site was purchased for the constructfonofGateWay,Commerce Park, an 850,000 SF Industrial park comprised offive buildings, The sitewas formerlyowoed byCalder Race course and was utilized as horse $tables. Aseven-acre outparcel was purchasedby the buyer in a separate transaction, which is reportedly listed forsale. The site, which was originally zoned for agricultural use, was rezoned subsequent to purchase to accommodatehotel, retail, commercial, and.office use, JOSEPH J, BLAKE AND ASSOCIATES, INC. R[At ESTATE VALUATION A90 CONSULTING EE Miami International Links - Melreese Country Club Land 18-114-02 Name White Course Site city Dorat County State FL Zip Price $96,000,017 Date Grantor OWC Miami Property, LLC Grantee Recordation 30053-1186, 30083-1154, Tax Parcel ID 30083-1170 till NWS 01 VV 41st5ni eet ix 1Y4V 87th Avenue Miami -Dade 33166 4/.25/16 White Course Lennar, LLC 35.3022-000401i, 35.3022- 000-0110, 35,3,022.001-0010, 35--3022:-000-001 , 35-3022- PropertyRights Pee Simple Estate Financing CaA to Seller Conditions of Safe Assem blage, REO Sa I e Verification Knowledgeable Third Party Price Per Land SF $18.33 Price Per Acre $798,569 Price Per FAR NA Price Per Proposed Unit NA Site Land $f5,235,912 Land Acres 120.2(7 Topography Level and at street grade Shape Irregular Required Site Work Typical Clea rand Grade Utilities All Available Zoning DMU Proposed Use Mixed -Use ZoningType Cornmercial Zoned Density NA OuildableSF i NA, Ilowable FAR NA No, ofProposeo Onij i NA, Proposed Unit Type jJA ........... Omments This safe Is rec)r e in threes separate transactions to White Course Lennar LLC, tC:Hpm 64 1) 61'r4'i and CC-WCD TIC- subsidiaries IC-subsidiaries ofCodl a Partwers and Lennar Homes The'buyers will reportedly split t e rpop rty.. 0 e golf cou rse is contiguous to the Tr mp�',NaWnal'Doral Resort and �.d( 'es I, iul e 0 -acre Downtown Doe bieoluie o 'ffho�,developers have submittet Ota tWthe dt,�'of Dora I for 2,209 res Idep 1 Its, 30,000 s q uil re;0SO'GOO square t 1 a I!, I I I �ord,n& t4 a spokes'pers,on for 6dind�*lAs planned, 7 acres it iset i to be feet of office 5 ijcd k 191d, civic use determined by bee s w �Pias 'PsOool tholWill complement1he K1- �cliak�'isc�hp if; wntown Vorat.. The property's ,6nl p4a m aters'were set III& 6velopment agreemen twL(� the, Ej 'r' predecessor owner, MSR Re brt�, Otdl, In 2611, The agreement is in �J#e Ifor 20 years, and div 0' "t 'Usqt-0�' p . Im. Min 10 years, n, enp rtsettlement bet elfl 11� Oj Od the city, The gjj p;Areement was pa according to tit sellerls C V; er y:L ii a ffil hite of GIC, Ib ign fund oft e f Singa V IC acquired the p he gqye in ga f propert throu hbi jptc7 actl6n0he gross land or sale Is 132.20, with ia e sof this parce pfox tel p consistingofsu Jh&ifbre,we have utill tj et land area of 1201Z cres,Incalcul tift t e unit price for l this safe. 'A JDSEPS J, BLAKE' AND ASSOCIATES, INC, HAL ESTATE VALUATIOR ANII CONSULTINO 91 Miami International Links - Melreese Country Club Land 19-114-02 Name City State Price Grantor Recordation Property Rights Conditions of sale Price Per Land SF Price PerFAR Land SF Topography Required Site Work Zoning Zoning Type Buildable SF No, of Proposed Units ... ...... .... Land Comparable 4 LAND VALUE Transaction Site Royal Garden Estates Site Address NEC of 1-75 & NW154th Street Miami Lakes county MIqmI-Pade Fl. Zip 33018 $74,400,000 Date 1/7/16 F71-1 LLC Grantee Lennar Homes, LLC 29918-1484 Tax Parcel 10 32-2016-000-0040 Fee Simple Estate Financing Cashtoeller Arm's length Verification Knowledgeable Third Party $23,39 Price Per Acre $1,018,759 NA Price Per Proposed Unit $147,327.00 .... . . . ............ ... . Site 3 181,187 Land Acres Level and atstreetgrade shape Typical Clear and Grade Utilities RU -3m Proposed Use Multifamily Zoned Density NA Allowable FAR 505 Proposed UrdtType .......... - Comments 73,03 Irregular All Available Multi+amily Development 3,54 du/acre NA Single Family Residences The total grass land area of this development is 142.67 acres..HoWever, this size Includes a,69.64 acre lake that 15 located in the centerafthe stle,We have utiltzedthe netland area of 73.03 acres In calculating the unit price ofthis sale. The gross acreage was included in calculating the density for this project, This site is being developed with Royal Gardens Estates, which will reportedly consist of505 s=ingle -family homes -267'Ongfe-family homes, and 238 townhouses,according tothe South Florida Business Journal, This sale has been verified via public record. The development is being built around this lake., JOSEPH J, BLAKE AND ASSOCIATES., INC. REAL ESTATE VALUATION AIIO CONSULTING 1P Miami International links _ Melreese Country Club land LAND VA LUE 1$-114 fly ..o. _._...�._�_ ._. _.._ W ......... LAND SALES SUMMARY .. ........._ Camp Address Price Zoning Land SF Price per tared SF City Date Zanin&Type_ Land Acres Price per Acre 1 15955 SW 96th Street $41,837,000 6U-2 3,04.2,524 $13:75 Miami 12/29/2017 Commercial 69.85 $598,955 2 21001 NW 27th Avenue $26,500,000 AU 2,6.57,160 $9.97 Miami Gardens 11/08,(2016 Agricultural 6100 $434,426 3 NWC of NW 41st5treet & NW $96,000,017 DMU 5,235,917 $7.8.33 DaraI _04/2512016 Commercial .120.20 $798,669„ 4 NEC of 1-75 & NW 154th Street $74,400,000 RU -3M 3,181,587 $23.39 Miami lakes 01/07/2016 Multifamily 73.03 $1,018,759 ....._......_... LANES SALES COMPARISON MAP ........... ......._- - ------ ..........m..,. .............. _. Taylor 'r�� xu Area,, ildhte. JOSEPH J. BLA K I AND ASSOCIATES, INC. REAL [STATE VALUATION AND a(INSULTINO 93 Miami International Links - Melreese Country Club Land 18-11"2 LAND VALUE ....... . ..... ...... ... . ........ . ...... . . .. .... . Conditions of Sale 1 heconditions , of salve each sa_1_e_are 1_shown in the adjustment grid. The subject is valued in this report on the basis of an arm's length transaction. No adjustments for conditions of sale were made to the sales. ........... . ........ ... ...... .. . -- --- ----- Market Conditions in terms, of an adjustment for market conditions, from the sales shown, It is somewhat subjectiWe to determine an. exact adjustment, We have applied a 3% adjustment to each comparable, annualized from the date of each sale to April 10f 2018. ............ ... . . ............ ....... . .. . ............ - ------- Location * The adjustmentfor location reflects the trend that properties in areas of active growth -and development, as well as those which offer good accessibility in terms of frontage on major thoroughfares, should sell for a higher price per SF than properties which do not offer these attributes, with all other factors held constant. The subjectis located along the north side of State load -836, extending from NW 37th Avenue to NW 42nd Avenue, in the City af.Miaml,.Miami-Dade County, Florida, Sale I Is located In the West Kendall area at SW 160'b Avenue• and SW 96t" Street. This location is considered Inferior to the.subject, ect, Therefore, this -sale Is adjusted upward. Sale 2 is located in northwest Miami-Oade County, adjacent'to the Calder Racetrack,,, east of NW,Z711 Avenue, with visibility from Fforlda's Turnpike, While the parcel is along an expressway, it is considered Inferior to the subject. Therefore, this sale is adjusted upward. Sale 3 is located in the heart of Dordl as part of the Dora[ Resort and Golf Club. This location Is In the western suburbs of Miami -Dade County and is considered to be inferior to thesubject's., Therefore, this sale will be adjusted .upward for this factor. Sale 4 is located along 1-75 at NW 154 Street in Miami Lakes, While visibility Is good, this parcel has inferior accessibility. Therefore, this sale is considered inferior to the. subject, Thus, this sale is adjusted upward for lQcatloq, .................. .. . .. . . ....... ... ...... ......... .......................... ...... ..... . ............. .. . . . . . .. Size In terms of site, it is noted that smaller parcels typically sell "for -",a-hi'gh-e,.,r-price - per SF than I_arge_r_,___ parcels, with all other factors, hold constant. The subject contains a total of approximately 131,0738 acres or V09,575 SF, Sales land 2 aresmaller than the subject and will'be adjusted downward, Sales 3 is similar In size to the subject, with no adjustment necessary far this factor, The gross land at" of Sale 4 is similar to the subject; however, this sate contains a large lake located in the center of the parcel. The residential development that Is being constructed on this site is being built around the lake. Therefore., the net land area of this sale is, smaller than the subject's, and will be adjusted downward. Zoning .. .. ... ... . .. ...... The subject's site as rezoned should be for a mixed-use development based on an approved Special Area Plan (SAP), under the jurisdiction of City of MlamIJL, Based upon the subject's highest and best use, we determined each of the sales zoning are considered inferior to the subject. Therefore, upward adfwstrrients are made for zoning to each of the,subject parcels,. JUSEPH 1, BLAKE AND ASSOCIATES, INC. HAL ESTATE VAtUATION A111) CONSULTIND 94 m MiamlInte,matiomv Umbm'�m�*e��umv��oh��6 18-114-02 — LAND VALUE hy _'_------__-__._-__ - _..... _-_ The subject's site blevel and atstreet grade. Nuadjustments are made for topography tothe sales. ___ RequiredSiteWork____ The subject isvalued msKvacant and available for development. Wmadjustments are made for required site work tothe sales. -~.... ..... ____'........... .... .......... ___-___~_' -- .............. .______________ �h��`�________ The shape ofthe subject's site bgenerally rectangular inshape. Noadjustments are made for shape ufthe site tuthe sales. _ ' -............... ... .. __............ ...... .... Utility The subject consists of a 131.0,738- acre site that is currently being used as a golf course, The site contains some water hazards located throughout the golf course that could be ffIled in prior to any deve|upmeot. Therefore, the entire subject |sconsidered tubausable, Sales 1 and 2 have similat utility as the subject, with no adjustment,necessary. Safe 9 contains approxNnmte|y 12 acres of submerged land that is considered to be uu6eve|opab|e. TherefOre,thisse|ewH/be adjusted downward. Sale 4contains a69,64 -acre lake located in the middle #fthe site. The single-family deve|opn.entthat |a being constructed will be built around the lake. Overall, the utility of this site is considered tubminferior to the subjects and will headjusted downward. Miami Internationat Links- Melreese Country Club Land 18-11,41-0Z LAND VALUE ... . .... ....... . .... ........... LAND SALES ANALYSIS CONCLUSION .. ..... .... . The previously described adjustments are summarized In the following grid, The percentage adjustments are used to show the emphasis placed on .each adjustment,, and are not based on a paired sales analysis ..... ......... -__1_1_11-- .. . ... ........ .. LAND SALES ADJUSTMENT GRID ILancrAftafySIS drid compa Comp'2 Cc rnv 3 Compo Name Miami I ritemadonal Links - l(Ondall Tovvn,petrter GatOWA v Cotture0rce Pa rk WhiteCourse Site Royal Carden atates slic, Address 002 NW 37tN Avehvp 1595$ SW 96th street X1001 NW 27th Avenue NWC,of WW 41st street & NEC of 1-75 & hw IsAth 0tv mtamdi Miami Miami Gardens Octal Miami Lake4 State R VL FL FI_ FL Date 12/2$12017 11/11/2016 Ippot6 Price $41,837'000 $26,500,000 'po'G01),017 $74,400,000 Land SF 5,709,575 %0440'4, Z,657, 6o 5,235x912 3,181,11tT Price pet 5F $J 9,75 S%97 318.33 $T3,39 IYahsaiction Adlustments ptcpartvgights Paesimplal=Ataw fa&5lniqI- Kvite. 0% fee Simple Wato 0% Fee8fmpltZstote 0% Fee Simple Woto 0% Ffnantfng taAh tOW)w oshowlor QX tashtoseller VA ci&ITA650110t 6% cash to Seller ON Conditions 0 Sale inn's-length'Arfn$)VPgtb 01A, Ann'l leng(h aP% msembf '"Shle 0% Arm's 19,19 0 ON lAd[US I ad Price Per SF $13.7S $9,97 TZ18.33 $43.30 iW.rketTreqdsrhrout,h 4/10120I8 3%, 0,83% 418% 506% 6190% Adjusted Price Par SP $23,86 $16.40 $19;43 $25.00 Location] Good Inftfor Inferior. similar Inferior '%Adjustmerltl 20% 254 10% 10% SAdlusttrnimtl P77 $z,6tt $1-94 Szso .Lo nil AcroS 131,07 73,63 JJJ Adjustment[ ($0,52) $0,00 zoning 8AP BU-2 AU QMU' R'U'am %Adjustmentl 15014 25% 453% 1 Adlustmoral $2.00 '$1,60 Topographyl Level aiidatstreetgrade [,evO arid at Strad! grade, Levet and a (street arade. level and, at Street grade WyWandvt ' streetpr4do V.,Adjustment 1 0% 0% Oy., $ Adl $0.00 $0.-Oo '$0100 $Uo ReqUI red Site Workl TypIca I c) or and grace Typi ca I Cl.ea r a nd qro da T}sPleal Claarandefade Typical Clear quid Onde Typical Qidat and (irgde! % Adly;stment 0% 0%9 0% t Ad[usUnerrtl 1 00 1 1 Shape -Generally rectangular in lrrvoutaq Irreaut4r irregular Irrqgular 0% $AAu1tgd $0,00 $0,00 Q $0 no 011111ty ofSlte (cod sirnflar similar Inferior, Infodov -to% $Adtusttrentl SA1TQ 10,00 lAdiusted Price Pat SF $19.02 $1548 $25,31 527:50 l Net Adjustment/ $0,011/0 45% 19,9725 Gross 39,91024 55.0%' 29,96% 46% N I A"J"Sartents 31.08% $1.2193 27,12%, Gross Adjustments 41.12'x' 151,649C ...... ..... ................................. ___---4. - - -------- LAND VALUE CONCLUSION The. corrparableg show a price/SF range of $15,og/sF to $17.501sl: on an adjusted basis, an average. of Sales 3 and 4 have the lowest percentage of net adjustments, The adjusted prices of these sales are $23,31/Sr and $27.50/SF, respectively, Sale 3 is most similar to the subject In regards to land size. The adjusted price of this safe Is $23,31/517, This, sale also has the lowest Percentage of,gross adjustments. The subject Is a well -located infill property located in close proximity to, the, Miami International Airport and the Dolphin Expressway, Considering the location of the site" an appropriate unit value for the subject should bid within the upper end of the range of the sales cited. JOSEPH .AKE AND ASSOCIATES, INC. REAL ESTATE VALUATION ANIT CONSULT010 Miami international Links - Melreese Country Club Land U414-02 LAND VALUE 13asecl on the comparables and the adjustments made to them, we conclude to a value In the range of $22.50/SF to $27.50/SF. We conclude to the middle of this range at $25.00/SF. Since the client will possibly lease an undetermined portion of the subject, we have not been provided an exact size. Therefore, we have .not calculated an overall -value. Land Value Conclusi6n $25,00 /SF indicated land Value $25.00/SF This unit value conclusion Is based on the 131,0738 -acre size of the subject. If the size of the parcel sold Is different In size, the unit value may be impacted. in addition to the land sales greater than 50 acres included in the previous adjustment chart, we have also researched other commercially zoned land sales ranging from 20 to 50 acres located in Miarrii-Dade County, Illustrated in the chart below: comp Address Price Zoning Land SF Price Per Latid SF city Rate Zoning Ty-pq,l Land Acres price porAcre. A 10300 NW'121stway i35,700,000 M-3 I'53.,1,600, $23,32 Medley, 01/11pols Industrial 15 , 35 '0 11 $1' 15,736 0 7777 NW 41st Street $40,268,000 I 1-,032,436 $35,00 ural 12126/2017 Industrial' 2,3.76 13220 NW 17th $tr4�et $31'098'500 10-1 1;313,933 $2,349 Miami 07/2012016 Industrial 30,39 $1,023,202 D SWC NW 25th Street & NW $22,154j600 (U-1 930,,647 $23181 117th Place m.. Miami 021[181 011 Industrial 2140 $1,03G,971 These sales are Indicating unit prices ranging from $23.32/SF to $39.00/SFi withan average unit price of, $27,41/SF. Comparable 8 is considered to be superior than these -other comparables being located In the City of Doral and having direafrOntage and exposure to the Palmetto Expressway, Our unit value conclusion for the subject is slightly above the range indicated by Comparables, A, 13, and 0, These three comparables are considered to be inferior in location to the subject since they are located in the western areas of MlarrikDade County. The subject is located adjacent to State Rciad-836,arid the Miami Intenatfonal Airport In an in -fill area, JOSEPH J, BLAKE AND ASSOCIATES, INIC, RIAL tSTT E VALUATIOR AMP CONSUILTItig 97 Miami International Unks-Metreese country Club Land 10-114-02 LAND RENT DETERMINATION OF LAND RENT The subject of this appraisal consists of the 131,0738.acres or 5,709,575 SF of land underlying the Miami Internatlobal Links - Melreese Country Club. The portion of this overall site thatwe are appraising has yetto be specified in regards to exact location or size. The parcel Is improved with an 18 -hole golf course, with a driving. range and practice putting greens, The subject is also Improved with four tiLdfidirigs that were constructed from the 1960's to 2000's that are used as a golf learning center, pro shop, full-service restaurant, maintenance building, and other ancillary uses for the operation of golf course. The site is owned by the City of Miami and teased to the current golf course operator. We have been requested by the client to project a market rental rate for the subject'ssite, as if vacant and zoned to its highest and best use, under Miami 2-1 Special Area Plan , 5AP) zoning, In orderta calculate the market rent we have researched market capitalization rates for land In Miami -pane County to determine the subject's market lease rental rate. The following comparable sates represent the purchase of parcel of land where the tenant was toffiplete[y responsible for the construction. and maintenance of the structure subsequently constructed on the sites. The sales, presented are all located I'n Miami-Dpde CoVrity, and have all transpired over the period January of 2015 through April of 2017. Therefore, the comparW4 sales are -,considered to be similar In terms of mairket, conditions, Comp Add' r ess Recordation Land SF Price NRA Price, per Lana SF City 'fear Suitt LTO Ratio, Date Frke ps!r,SF N Ql1SF trap Rate 15715 SW7ZndStreet 30555-3840 15,67Q $3,4$0;000 2,132 $222.08 Miami, 2016 7.35 $1,02,27 $69-37 4,25% $750 NW 80th Ave 90387-8336 47,530 $7,100,000 16,25Z $14939 Doral.... 2016 2,92 011171?9A7 $436,87 $427 4,87% 3 11.77 SW 8th street 30161-3315 9,5,396 $13,1000000 22,335 $13732 Mfam[ of 421 07/21/2016 $586.52 $754 5.49% 4 14180 SW 8th Street 10098-4409 aO,971 $2,000,000 3,1 1, $6448 Miami 2004 9.71 q5/?q,/20J0 $$2,6,76 $27.15 4.83% $ 2151 NW 79th st Z9887-0029 41,033 $1,457,000 9','741 $5,9,88, Miami 4.21 12/414/2(315 $252.23 $18.26 7,24% 6 561 NE 79th 8t 29534-2485 61,294 $9,770,000 15,445 $159,40 Miami 2,015 3,84 'o /Q1 /2015 $612.73 $27.57' 415,0% 7 514,1,efferson, Avenue 299874683 33,598 $6,7$0,41061 14,258 -$200.50 MipmfBeach 1995 2 36 03/03/2916, _$ 4,72% The comparable sales note.4 above range from 4.25% to 7.24% with an average 45.06% We also considered national investor's survey data before, reaching capitalization rate conclusion fotfie subject site., The4ollowing table summarizes prevailing land lease ease capitalization and discount rates. The former reflects initial rates of return an appraised values fat vacant land proposed for development., They do not address Increases in land lease payments or the reversion but may include percentage rent.The latterare Internal rates of return being achieved by landowners on improved properties, As such, they Include changes in land lease payments,. percentage rent where applicable, and the reversion of the entire property at the termination of the [ease.. Total lease terms range from 40 to 99 years, while fi)<ed rent periods range from one to 10, years. Generally, short-term (1-3 years,) fixed rent periods , auto -adjust based on a national reference rate such as the Consumer Price index, while long-term (5-40 years) fixed rent periodsare, based on appraised values but am often, subject to negotiation and/or arbitration. JOSEPH J, BLAKE AND ASSOCIATES, IM RtAL rAVATI VALUAT1011 ARD 0ONSUL71NO I V8 Miami Internationol JUnks. - Melreose country Club Land 19-114-02 The capitalization rates for, land leases for apartment use, range from 2A7% to 10,64% withan average of 6,51%. The rates for retall use range from 2.51% to 12X1% with an average of 6,989/0. The rates The office use range from. 2,77% to 10.64% With an overage, of 7,01%. The highest and best use of the subject site is for Mixed -vise tes(deritial refall/offico 4evpfopmerit. The subject is located within the northwest, quac[roiit of the interchange of State Roadu836 and LeJeune Road; having good visibility,and exposure. We placed primarily weight on the sales 'in the local market, since they consider `the current economic Condition of Miami -Dade County, the amount of comMercW land avall4ble (on a relative basis), and the competition for mixer -lase developmentsites. As previously mentioned, the comparable sales noted a.rango_ from, 4.?S% to 7,24% with an average of 5.06%, Comparable 5 Is- in an inferior locati.on compared to the other comparables, and has acapitaJization, rate well above the range,. ExcludFrig -this sale, the range of cap rates is 4.25% to 5.49%, with an averaigv Of 4.69%, Based on the comparables, as well as the chart. above, we are of the opinion that an appropriate,overall' rate for the subject, assuming that it has been rezoned to ltshighest and best use, should be between 4,50% to 5.50%. Therefofe md le- fth'srange of5.00,1Y6. we have concluded to an overall rate In the i d o I The annual rental rate for the subject's site, as if vacant and rezoned to its highest and best use, i's calculated as follows, .................. LAND VALUE CONCLUSION $25,001SF 1V1ULTIPLIED,'5Y CAPITALIZATION RATE 0.05 INDICATED RENTAL RATE $1.25/5F This rental value conclusion is basecl an the 131.0738 -acre size of the subject, If the size of the, parcel leased is different in size, the rental value may be Impacted. The Market rental rates presented aree-expreSsed as a net rental rate with all expenses associated with the property; real estate taxes, insurance, marnteriance, repairs, Oayroll, management, etc, borne by the lease, JOSEPH J, BLAKE AND ASSOCIATES,, IM REAL [StALIE VALUATION AND CONSULTIND ReattyRates*com Investor Survey Land Leases first Quarter 2018 Property Type Capitalization Rates Discount Rates mi -ti. Max, Avg, Min. max, Avg. Apartments 2 .4 7% 10,64% 6,51% 5.07% 11.14% 7-51% Golf 2,97% 16,30% $,90% 5,571 16.80% Hea I th ta re/Son! o r Hou-sinR, 2,9,9% 12,01% 7.2016 $,59% 12,51% a20% .Industrial 2,51% 10,64% 6.87% 5'191, 11.14% 7,87% Lodging 2-�9% 15.93% 7,47% 5,59% 16,43% &47�6- Mobile Home/RV park 2-79% 13,15% 7.84% 5.39% 13,65% 8,849 office. 237% 10064% 7,01% 5,37% 11,14% 8,01% 'Restaurant 3,151 15,3q% 8,35% 5.75% 1SS9% 9.3,5% Reta i I 2.51% 12,01% 6-98% 5.11% 1251% 7,98% Self -storage 2,81% 10A0 7MYa $41% 1114% 8,99°/a Special Purpose 3,25% 16,10% $,.75°x. 6.34% 18,72% 9,45% Ali Properties 2.47% 1630% 7;62%Yo 5,07% 16,80% 9,51% Source, Rea ftyRa tes :torn ftive.,5tar Survey, 15t Oaa ner 2011% The capitalization rates for, land leases for apartment use, range from 2A7% to 10,64% withan average of 6,51%. The rates for retall use range from 2.51% to 12X1% with an average of 6,989/0. The rates The office use range from. 2,77% to 10.64% With an overage, of 7,01%. The highest and best use of the subject site is for Mixed -vise tes(deritial refall/offico 4evpfopmerit. The subject is located within the northwest, quac[roiit of the interchange of State Roadu836 and LeJeune Road; having good visibility,and exposure. We placed primarily weight on the sales 'in the local market, since they consider `the current economic Condition of Miami -Dade County, the amount of comMercW land avall4ble (on a relative basis), and the competition for mixer -lase developmentsites. As previously mentioned, the comparable sales noted a.rango_ from, 4.?S% to 7,24% with an average of 5.06%, Comparable 5 Is- in an inferior locati.on compared to the other comparables, and has acapitaJization, rate well above the range,. ExcludFrig -this sale, the range of cap rates is 4.25% to 5.49%, with an averaigv Of 4.69%, Based on the comparables, as well as the chart. above, we are of the opinion that an appropriate,overall' rate for the subject, assuming that it has been rezoned to ltshighest and best use, should be between 4,50% to 5.50%. Therefofe md le- fth'srange of5.00,1Y6. we have concluded to an overall rate In the i d o I The annual rental rate for the subject's site, as if vacant and rezoned to its highest and best use, i's calculated as follows, .................. LAND VALUE CONCLUSION $25,001SF 1V1ULTIPLIED,'5Y CAPITALIZATION RATE 0.05 INDICATED RENTAL RATE $1.25/5F This rental value conclusion is basecl an the 131.0738 -acre size of the subject, If the size of the, parcel leased is different in size, the rental value may be Impacted. The Market rental rates presented aree-expreSsed as a net rental rate with all expenses associated with the property; real estate taxes, insurance, marnteriance, repairs, Oayroll, management, etc, borne by the lease, JOSEPH J, BLAKE AND ASSOCIATES,, IM REAL [StALIE VALUATION AND CONSULTIND Mianif International Unki - Metrease Country Club Land U -114 -OZ RECONCILIATION AND FINAL VALOE The Sales Comparison Approach was eMployed in the valuation of the subject. The values derived via these methods are shown below: "AsRezoned, to Highest and Rest Use" Value (4/19/2018) Land,V;Iue $25,00AF "As Rezoned to fthestand Best Use" Rental Value Final Rental Value /5F In the approach utilized, we have attempted to summarize all the input data and have briefly explained our methodology in processing arid/or analyzing this data, Insofar as we have been able to determine, this data has been obtained from reliable sources and was accepted as being accurate, We give full recognition to the inherent weaknesses of tfils, approach, It should lie .acknowledged that because the appraisal of real property is not an exact science, professional. judgment On our part becomes a component of each of the recognized approach. The Sales Comparison, Approach is dependent an a direct comparative technique- of the sale, or offering, of, similar properties. Since no two properties are ever identical, it is necessary to analyze and determine the degree of comparability between the subject and the sale properties for, differences. The primary unit of comparison utilized in the valuation of the subject was the price per SF, A number of recent sales of comparable properties wereuncovered, and after the adjustment process,, we concluded to a value/price per SF for the subject, After an inspection bfihe siibject, and artolysis of pertinent physical and economic factors that affect value;. we are of the opinion that the market value of the fee simple estate of the subject, assuming the hypothetical condition that thL- sLibf.ect has been rezoned to lt5 highest and best use under Miami 21 Special Area Plan (SAP) zoning, as of April 10! 2,018, , an a per square foot basis W $25-00/SF 'TWENTY-FIVE DOLLARS PER SQUARE FOOT This unit value conclusion is based on the 131,0738 -acre size of the subject. if the size of the parcel sold Is different In size, the unit value may be Impacted. We are of the opinion that the rentz0, value of the subject's underlying land, assuming the hypothetical condition that the subject has been rezoned to Its highest and best Use, under Miami 21 Special Area Flan (SAP) zoning, as of April 10, 2018, on a per square foot basis is: $1.25/SF ONE DOLLAR TWENTY-FIVE CENTS PER SQUARE F60T This rental value conclusion is based on the 131.11738 -afire size of the subject. If the size of the parcel leased is different In size, the rental value may be Impacted. This rental value should be re-evaluated approximately every five years to take into consideration any change In market value, which would have an effect on the market rental rate. Rental rates for land are typically adjusted every five years, in the market. This appraisal is based on eitraordinary assumptions that we do not consider any current leases in place. The use of the aforementioned ExtraordinaryAssumptions milghthave affected the assignmentresults. The 'As Rezoned' value estimate in this appraisal is, based on the hypothetical canditfon that the appropriate Special Area Plan (SAP) zoning to build to the property's highest and best use, is inplace as of the date of value. JOSEPH J. BLAKE AND ASSOCIATES, INC, REAL ESTATE VALUATION ANO OMSOLTING im Miami International Links - Meireese Country Club Land 18-114-02 JOSEPH J. BLAKE AND ASSOCIATES, INC. REAL ISTAIE VALUATION AHO COASULTINO RAYMR;-SGPT. ., I � • " SURVEY EY EMrnaz r I Me DE AL A -'A. , �1�Af�L��d�F-�iFf ,ir 'a'3S "r tit* fix P` i V 11 LOCATON :MAP �gfmB cif as yn xrsGy r .E>as .. 41 k R'A�T3r -:�- SVI`�FNibl� 1 *dESf RINK C9L kEa. (NRCNf+iWY Pwr6: f +NB tAv,Lu: Y")', �UE4� fSk Nrc NSMnR P°ILDnd 1b2/F 4EEI Lw rodL t}puR��' dkL YaZBs+}.3SdoR SSBzrart t34 Nx'IML Wv�aMK LAfSn: HK.N[Y 4tlS !I/FIC "M: � A lR4t A t Fd'x+ t0 OS � xSlu N L'r¢ hS 3GY MfOi pkt f 4i tNL BALX WECP YW mlRYkdb F4'1!M1ii 4'Vf%PfY N i [ 1E5 ' W SND LNIC, rCnl ub w6UHSl r HNHG'! 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QLVCBCYCLS )MaL tfB Cd$iVEM N¢emq?b 3Yt afG elir or ' :%✓ I ��%° 'Tif6 LNw.lfXoea�rsDFf4•k.YSrIW)mD ANLr,POCQ. :, . arB7•SartLL.•514.+RSY:+ awldA�rrsS�.w^�:.i�(e�lum-ia �gk�n,aoa wrw.X�xaa,X-eesGw.�:�aeo�A.�n.-z1rF,f�w.�z ' 'E`.VEI&i Mj'fwt M7¢S - SFAawBm ucSxD.Bwwmaa4m-�i„nBiLR: '$ASA�p3N. +••aKi mRc6a'- ' E National Flood Hazard Layer FIRMette 11;-47145 11"N SEE FIS REPORT FOR OETAIt ch LEGEND AND INDEX MAP FOR FIRM PANEL L0.Y.OUT 0 250 500 1,000 1,500 2,000 0.2%.Annual Chance Flood Hazard, Areas of 1%annual chance flood with average depth less than onefoot or with drainage areas, of less than one square mile zona z ft -11 : Future Conditions 1% Annual Chance flood hazard Zorn x r ll, -Area with Reduced Flood Risk due to rHER AREAS 0 F Levee. See Notes. s-.,,, x FLOOD HAZARD Area with Flood RISK due to €.eveezore a a sCREE Ares of Minimal Flood Hazard zone x Effective LOMRS OTHER AREAS Area of Undetermined Flood Hazard _-o o GENERAL ^ --- - Channel,. Culvert, or Storm Sewer STRUCTURES uniumm Levee; Dike, or Floodwall G` �� "�` Cross Sections with 1% Annual Chance 17.5 Water Surface Elevation <}- - - Coastal Transect w w saM Base Flood Elevation Lina (BFE) Limit of Study Jurisdiction Boundary --- .»— Coastal Transect Baseline OTHER profile Baseline FEATURES Hydrographic Feature n Digital Data Available N C] No Digitat Data Available MAP PANELS 2 Unmapped This map complies. With FEMA's standards for the use of digital flood maps if itis not void as described bellow. The base map shown complies with FEMA's base map accuracy standards The flood hazard information is derived directly from the authoritative NFHL web serv€oes provided by FEMA. This map was exported on 4119/ 2O18 at lbi&06 AM and does not reflect changes or amendments subsequent to this date and time. The NFHL and effective information may change Or become superseded by new data over time. This map image is void if the one or more of the following map elements do not appear. base map imagery, flood zone labels, legend, scale bar. map creation date, community'rdentifrers, FIRM panel number, and FIRM effective date. Map images for unmapped and unmodem€zed areas cannot be used for regulatory purposes. Notice This bareference manual only, For official information, please refer tothe Miami 21 Code, as amended, the Zoning Ordinance ofthe City ofMiami, Additional regulations may ba . Revised April 2013 MIAMI 21 AS ADOPTED - APRIL 2013 j. 22nd Avenue 1. Boundary: 22nd Avenue from NW Ist Street to SW 8th Street.. dAve Setback Zero (0) feet with Arcade, k. Central Coconut Grove 1, Boundary: • All properties Adjacent to Grand Avenue between Margaret $treetand Mary Street. • All properties Adjacent to Commodore Plaza between Grand Avenue and Main Highway * All properties Adjacent to Fuller Street between Grand Avenue and Main Highway., • All properties Adjacent to Main Highway between Charles Avenue to Grand Avenue. • All properties Adjacent to McFarlane Road between Grand Avenue and South Bayshore Drive, • All properties Adjacent to Virginia Street between Oak Avenue and Grand Avenue.. All properties Adjacent to Florida Avenue between Virginia Street and Mary Street. • All properties Adjacent, to Rice Street between Oak Avenue and Florida Avenue, * All properties, on the west side of Mary Street between Oak Avenue and Grand Avenue, * All properties on the south. side of Oak Avenue between Matirda Street and Tigertall Avenue, Central Coconut Grove Setback (on the streets listed abovo,; Five (6) feet. 3.41 LotArea, inclusive of any dedications, is used forpurposes of Density and thtensity cWculation, `14.2 Density shall be calculated in terms of units as specified byArticle 4, Tables -3 and 4. The referenced' tables provide the maximum allowable Densities. Intensity shall be calculated in terms,of Floor Lot Ratio, The buildable Density or Intensity on any particular site will beaffected by',other regulations I Ca ci ,in this Code the stated maximums-ofthis Mlami2i Code exceed the actual pa ty that a site can, sustain when other regulations of this- Code are applied to the site. The, inability to reach the rnaximum Density or Intensity because of the necessity to conform to the other regulations of this Cade shall not constitute hardship for purposes of a Variance. ,3.4;3 Lodging Units shallbe considered as equivalent to one-half (0150), of a Dwelling- Unit 3.4.4 The allowable Transect Zone Density may, be increased as provided by the Future Land UseVement of the Miami Comprehensive Plan (Residential Density Increase Areas,), as illustrated, in Article 4, Diagram t�, MEASUREMENT OF HEIGHT 3.6.4 Unless otherwise specified herein, the Height of, Buildings shalt be measured triStorie.s. The height of Fences and walls shall be measured in feet. The Height of Buildings, Fences and walls shall be measured from the Average Sidewalk Elevation or, where no sidewalk Idewalk exists,the average of the - M MIAMI i1 AS ADOPTED - APRIL 2013 record profile grade elevation of the -street Abutting the principal Frontage of the Building, as deter- mined by the .public Works Department. 'in the event that, the base flood elevation, as established by FEMA, is higher than the sidewalk or grade elevations, the Height of the first Story but not the height of Fences and walls shall be measured from the base flood elevation. 3.6.2 A Story is a Habitable levetwithin a Building of a maximum fourteen (14)feetin Hei htfrom finished floorto finished fioor, Basements are not. considered Storiesforthe purposes of determining Building. Height, A ground level retail Story in ay exceed this limit up to a total height of twenty-five (25) feet..A single floor level exceeding "fourteen (14) feet, or twenty-five (25) feet at ground level' retail,; shall be, counted as two (2) Stories; except for T6-66, T6-48, T6-60, T6-uaO, and (fit, where a single floor level exceeding fourteen (14), feet may count, as one (1) story if the building height does not exceed the maximum height, Including all applicable bonuses, allowed by the transect at fourteen (14) feet per floor. Where the first two stories are retail,, their total combined. Height shall not exceed thirty-nine (39) feet and the firstfloor shall be h minimum of fourteen (14) feet in. Height, Me zanihes.imay not :exceed thirty-three percent (33%) of the Habitable Space FloorArea, except fear 6T, where mezXa- nines may ndt exceed" ypercent (50%)"cap e HalaitableSpace Floor Area.. Me zenines,erctending beyond thirty-three percent (33%) of the, Floor Area, or fifty percent (50%) of the -floor Area in DI, shell be counted as ars additional flour,, The Height of"a Parking Structure concealed by a,Linerraq be equal to the Height, of the Liner; this may result in a Liner Story concealing more than one level of Parking, 16.3 "Except.as spedificalty provided herein, the Height limitations of"this Code shalfnotapply to any root Structures for housing elevators, stairways, -tanks, Ventilating fans, scalar energy collectors, orsimilar equipment rewired to operate and maintain the Building (provided that such Structures snail hot cover more than twenty percent (Zo%) of roof area for T4 and T$)-, nor to church spires, steeples, belfries, monuments, water towers, flagpoles, vents,. "dr similar Structures, which may be allowed to exceed the maximum Height by Waiver, nor to fire or parapet walls,, which shall notodend more than five,(5)feet above the maximum Height in T4 andTS" andlen (IQ) feet,inTi5and Districts. 3.6.4 No Building or other :Structure shall be located` in a manner or built to a Height whi h constitutes a hazard to aviation or creates hazards. to persons or property by reason of unusual- oxposure-to avia- tion hazards. In addition to Height limitations established by this Code, limitations established by the Miami -Dade County Height Zoning Or,dinanceAs stated in Article 3.7 of the; Code of Miami -lade County (Miami International Airport) shall apply to Heights of Buildings drld Structures; A letter authorizing clearance from the Miami -Dade Aviation Department or the Federal Avlatiorr Administration (FAA) may be required by the, Zoning Administrator prior to the. it suarioe of any Building permit Construction of ars Educational facility within the delineated Miami international Airport Criticai.Ap- proachAres as defined by the Miami Dade County Code shall. only be granted by Exceptiph. struction of such facility is -subject to the approval by the :Miami-DadeountyAvlat"ton Departmant or any other agencies authorized by law to approve the construction. 3,5.6 Height limitations for properties Abutting and In Proximity "to National Historic Landmarks a. All properties designated a National Historic Landmark (NHL) which include a Designed Land- scape that is an integral part of the document6d significance supporting the NHL designation shall be protected by height limitations throughout the entire Civic, Institution zoned property of which the NHL is a pant, so as to protect the Designed Landscape from the potentially adverse effepts 111:9 MIAMI 21 As ,ADOPTED • APRIL 2013 of an undertaking that may diminish the integrity of the NHL property's location, design, setting, materials, workmanship, association or qualities that qualified it for NHL designation, Examples of adverse effects which diminish the integrity of the NHL property include those which; cause physical destruction of or damage to all or part of the NHL property;. or change the character of the NHL property's use, or physical features within the NHL property's setting that.contribute to its historic significance; or introduce visual, atmospheric or audible elements that diminish the integrity of the NHL, property's significant historic features; or alterthe NHL property in a way that is not consistent with the federal standards for the treatment of historic properties and applicable guidelines; as published by the United States Department of the Interior, b, The height of structures throughout the entire Civic lnstiNtion zoned property.of which the NHL is a part shall not exceed that established by a sic () degree vertical plane which is measured beginning frorn. the ground floor elevation of the principal historic building at the fagade that over- looks the Designed Landscape, which plane shalt extend in o one hundred eighty ("180) degree are facing, the Designed Landscape and measured at grade from the midpoint of the building fagad'e. The ground floor elevation shall be measured according to the 1929 N'. :V.D. of Mean Sea Level supplied by the City of Miami; Structures existing on affected properties at the time of the effective date: of this Miami 21 Code shall not b 'considered r onconforMing:structurese c>. Should the height limitations for structures,located In such Civic Institution zoned property as of the effective date of this Miami 21 Code be more restrictive, than that created by this section, the most restrictive height shall apply. In the event of a rezoning of all or part of the Civic Institution property, either by successional zoning or by Special Area Man, the height limitations specified. in this Section 3.5,.E shell be incorporated in all subsequent rezoningsr d. For purposes of this Section 3.5;5., the following definitions shall apply i Designed, Landscape is one or more :of the following; ,, a landscape that has significance as a design or work of art; a landscape consciously designed and laid out by o master gardener, landscape archive tect,architect, or horticultu ra list to a design principle, or an owner or other amateur using a recognized style or tradition in response or reaction to a recognized style or, tradition, a landscape having a historical association with a significant. person, tread:, event, etc. in landscape gardening or land'sbape architecture; or a landscape having a significant relationship to the theory or practice of landscape ar- chitecture, 2. National Historic l_a`ndmark.is a nationally significanthistor c placedesignated by the Secretary of the "Interior because it possesses exceptional value or quality in illustrating orinterpreting, the heritage. of the United States, and defined in Title 3, Section. 66. of the Code of Federal Regulations, 346 See Chapter 23 of the: City Code, titled. Historic. Preservation, for regulations and additional height requirements. MIAMI'21 AS ADOPTED - APRIL 2013 M 2, Portions cif SID -2, originally adopted by Ord. No. 12651, January 27, 2006,and 3. SD 18, originally adopted by Ord. No. 1.08.63, March 28,1991; and ,4. SD 18. 1, originally adopted, by Ord. No. 11240, March 27, 1 990. The Coconut Grove NCD is hereby adopted and codified in Appendix A.. to this Code. 3.1 - 3 tOSTAINABIUTY 31 a. 1 General a, Landscape requirements are as required in Article 9 of this Code and tbe, City of Miami Tree Protection regulations of Chapter 17 of the, City Code, except that where this Code, is more re- strictive than the Tree Protection regulatloos, this Code shall apply, b. All now Buildings of more than 50,000 square feet of Habit -able Rooms and Habitable Space in the T5, T6, Cl and CS zones shall beat a minimum certified as Silver by the United States Green Building Council (USG6C) Leadership in Energy and Environmental, Design (1-8ED) standards or equivalent standards adopted or approved by the City. 1. Atthe time of'Building Permit application, theowner'shall submit. o, Proof of registrattoawiththe- , Green Building Certification Institute,, or equivalent agency, d. A signed and seated affidavit from ,a LEED Accredited Profos8ion6lj or applicable designation., stating that the proposed Building is designed to achieve the requireO'certifioation, and a. A LET Scorecard, or equivalent document,idehtifVing anticipated credits, to be achieved. 2. Atthe. time .of Certificate of Occupancy application, the owner shall subrrlit: t Proof ofcertiflcatlon by the Green, Building Certification Institute, or equivalent ,agency; g, A -bond posted in a form. acceptable' the aowrit indicated below, to the City, in t L Two percent (2%) of the total cost of construction fora $0,000 -1 00,00,Q sq oare feet Ruild Ing; iL Three percent (3%) of the total cost of.construction for a 190,091- 200, 000 square, feet, Build- (4- 0 iii. Four percent %) of the total cost of construction for any Building great 'r than, 200,000 siquare feet; or h. Proof of partial compliance from the Green Building Certification Institute, or applicable agency, which demonstrates, the creditspresently achieved, In addition, a prorated portion of the lull, bond, amount, as indicated in subsection 2(b) above, shall be posted based on the, number :of 111.255 ]VIIAM121 AS ADOPTED - APRIL 2013, remaining credits needed to meet minimum certification requirements.. Th4 bond amount to be posted shall be calculated as follows, (credits remaining for certification I credits required for certification) xfull bond amount = prorated bond amount' 3, Forfeiture of Bond A. bbrid under this',9,ection 3. 131 shall be forfeited to the City in the event that the Building does not meet the,for LEED Silver certification or applicable certification. The City wilt drain down on the bond funds upon failure of the owner to submit proof of LEER Silver certification in a form acceptable to the City within one (1) year of the City's issuance of the Cer.10' �ate, of Occupancy for the Building. If required certification, is not achieved but a majority of the,,creditA have been verified, the owner shall forfeit a portion of the bond based on any, outstanding credits which shall be calculated as follows, (credits remaining for certification / credits required for certificatfbri) x full bond mount bold arnou nt forfeited If the amount to be forfeited is greater than fifty percent (50%) of the fWl bond amount, the, bond -shall be forfeited in its entirety. Funds that, become available to, the City from the for- feiture of'the bond shall be placed in the Miami 21 'Public Benefits Trust Fund "established by this Code; 1. Affordable Housing Developments that Ou'alify under Section 3A 6, may elect to comply With the sWainablifty requirements promulga' ted by the Florida Housing Finance Corporation,or its suc� cessoragency, in lieu of the requirements set forth, 10 Section 5.13.1.6 sbove, The preservation of Natural Features -o'f land such as trees,. vegetation, geolo4lcaf, -and other characteristics and the preservation of features of archaeological significance are declare'd,to- be in the public interest. Said preservation may justify the relaxation of Setbacks or required Off-street Parking by Wialvei. The Zoning Administrator shall determine thatthe trees, vegetation-, -geological and other natural charactedstlo, or archaeological features are in the Buildable Area of the Site and not in SptbaQk areas required for theclevelopment of the site. 3.13,2 Heat. Island[ Effect The intent, of this section is'to reduce the heat island,effect in.the City of Miami and toconsequently reduce energy consumption and bills for buildings, Within the City. a. Applicability In all Transect Zones, except Tar 'the provisionsof this section are applicable to all newcom4ruc- tion and to repair or replacement greater than fifty percent (500/.) by area of existing roofs or -site Hardscape. Ail repairs or replacementof existing roofing or Hardscape shall: be, reviewed by the Zoning, Department for compliance with this section.,, The following portions of now or existing roofs are exempted from the requirements of section ,3.1 32., 1. The portion of the, roof acting as a substructure for and covered by a rooftop deck, vegetation associated with an extensive or intensive green roof as defined by the U.S. Environmental 111,26 MIAMI 21 AS ADOPTED -APRIL 2013 Protection Agency, or any area of a roof -utilized by photavoltai'c and solar equipment, 2. A rooftop deck covering a maximum of 1/3 of the rooftop total gross area: 3. Existing roofs where less than fifty percent (50%) of existing roof area is repaired or replaced are exempt from the requirements of 3.13.2,c. 4. Existing Kardscapes, where less than fifty percent (50%) of existing Hand scaper area is being fepai'red or replaced are exempt.from the requirements of 3.182d. b, Solar !Reflectance I G For roofing materials, all roof exterilor surfaces and building, materials used to comply with this section, 'shall have a minimum Solar Reflectance as specified in -sections 3.1,3,2.c and 3.13.2.d when (i): tested in -accordance with ASTM E903 or ASTM E1918, (ii) tested With a portable reflectometer at near ambient condition%, (M) labeled by -the Cool Roof Rating Council, or (iv) labeled as an Energy Star qualified roof product: Any product that has, been rated by the Cool Roof Rating Council or by Energy Star shall display a label verifying the rating of the product, 2. For paving materials., all paving materials used to comply with this section shall have.amint- 'mum solar reflectance as specified in sections 3.13:2.d when (i) tested in accordance with ASTM E903 orASTM EIM, (4) tested with a portable refiectorneterat near ambient condi. tJobs, or 00 default values of Solar, Reflectance for listed materials may be used as follows: e Material Typical new gray concrete 0.35 Typical weathered gray concrete 0.20 Typical new white concrete 0,40 Typical weathered white concrete 10,40 New asphalt OM_ Weathered asphalt 10,10 G. Roof 1. Requirements for Low Sloped Roofs Solar Reflectance Roofing materials usedfn roofs with slopes of arise of zero (0) units in, a horizonfal length (012 pitch) up to and Including roofs with slopes of rise of two, (2) units in a horizontal length of 12 units (2:12 units) ("low sloped"') shall meet thef6llowing requirements, a. Low -sloped roofs constructed as part of a new building shall utilize, roofing products that meet or exceed an initial reflectance value of 0.72 or a three-year installed reflectance Value Qf`0.5 as determined by the'Cool Roof Rating Council or, by Energy Star, b. Exception, Where more than. 50% of the total gross area of the low-sioped roof is covered with vegetation associated with an extensive or intensive green roof as defined by the US EPA, the remainder of the roof shall have a reflectance value of a minimum of 0.30 and the rooftop deck 111.27 MIAMI 21 AS ADOPTED -APRIL 2013 exception in section 3.13.2.a,l applies. c, Exception, Ballasted roofs with a minimum of 16 lbs/sq., ft: or ballast over the entire roof surface may have a reflectance value of a minimum of 0.30.. ror the purposes of :this section, "ballet" shall mean river rack aggregate or larger, pavers or, other means of weighing drawn a rooting membrane over a substrate to resist wind uplift, - 2. Requirements for Steep Sloped Roofs Roofing materials used in roofs with slopes of a rise greater tl an two (2) ionits in a horizontal' length (2.12 p1t6h) "steep -,doped") shall meet the following requirements, (} Steep sloped roofs shall have an initial Solar Reflectance of 01.15 or greater 3. Requirements for Roofs with Multiple Slopes Roofs with multiple slopes shall bo -subject to those requirements: applicable to the slope, which covers the jargest area of tf re building f+ otprintr d, Filart -roof Requirements ,i Provide any combination of the following strategies, for fifty percent { 01%) of the site Hard- scape: (a) Shade from solar,panels or roofing materials with a Solar Reflectance of at least 0,30, Shade from trees within five (5) Mears ofocoup noy. (c) Raving materials with a Solar Reflectance of at least 0.36, tdi Pervious Pavement System, ME 2. Place a minimum of fifty -percent (5G%) of parking spaces .under cover (defined as under- ground, under deck, under roof, or under building). Any roof used'to shade orcovor parking .roust have a Solar Reflectance cif et least 0.30, 3.14 PUBLIC BENEFITS PROGRAM The intent ofthe Public Benefits Program established in this section isto altow bonus BuildingHeight unci FFR in T6 Zones and bonus Building Height in DI Zonas in exchange for the developer's con- tribution to specified programs that provide.benefits to: the public 3.14.1 The, bonus Height ght and FLR shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by this Code, In the amount and in the manner as set forth herein. The bonus shall riot be available to properties in a T6 Zone if the property abuts a T3 ,Zane or :in .; T6-3 Zone if the property, abuts a CS Zone. Ill2& MIAMI 21 AS ADOPTED APRIL 2013 THE NATURAL ZONE consists of lands approximat- Ing a wilderness condition, permanently set aside for conservation in an essentially natural state. THE RURA'LZONE consists oflands in open orcultivated state or sparsely settled, These include woodland, grassland. and agricultural land. THE SUB -URBAN ZONE consists of love -Density but ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIO} S 00 mow - ow areas, primarily comprised of Single -Family and Two THE GENERALURBANZONEconsistsofaMixed-Use g t r Family residential units with relatively deep Setbacks, Strse#seapes_with - swales,. and with or without Side- .E Building types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short c steady street tree planting and Buildings set close to, With an urban StreetscapeofwideSidewalks and trees wa►ks. Stocks may be large and the roads may be e"'4 � 10 � 4# irregular geometry to accommodate natural and � i i ='� historic conditions, in planters. Thoroughfares typically define medium- = " r sized blocks. �I. areas, primarily comprised of Single -Family and Two THE GENERALURBANZONEconsistsofaMixed-Use g t r Family residential units with relatively deep Setbacks, Strse#seapes_with - swales,. and with or without Side- .E Building types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short c steady street tree planting and Buildings set close to, With an urban StreetscapeofwideSidewalks and trees wa►ks. Stocks may be large and the roads may be e"'4 � 10 � 4# irregular geometry to accommodate natural and � i i ='� historic conditions, in planters. Thoroughfares typically define medium- = " primarrly residential urban fabric with a rane of t r .E Building types including rowhouses, small apartment Buildings, and bungalow courts. Setbacks are short c steady street tree planting and Buildings set close to, With an urban StreetscapeofwideSidewalks and trees . i, the Frontages with frequent doors and windows. in planters. Thoroughfares typically define medium- = r sized blocks. �I. 10 THE URBAN CENTER ZONE consists of higher Density Mixed-UseBuildlhgtypesthataccommodateretailand t r .E office Uses, rowhouses and apartments. Anetwork of small blocks has Thoroughfares with wide Sidewalks, steady street tree planting and Buildings set close to, the Frontages with frequent doors and windows. I D. THE URBAN CORE ZONE consists of the highest Density and greatest variety of Uses, including Civic R 111-11, Buildings of regional Importance. A network of small n� ': blocks has Thoroughfares with wide Sidewalks, with steady tree planting and Buildings set close to the17 Frontage with frequent doors and windows. �H�iii�' � wwmnn au tacr►rties t, at > fi` r►dtn s „uhtl�reiiectinc�aiij�cera�`e,.;a t - THE DISTRICT ZON6,'bdkslW of thbI14841' regulated Building andaccomi ;datesgdmr ercidlandindustrial Uses of a scale an=h a weatscrap'e that facilitate vehicular access, 10 7 £s t4 .E 10 7 £s .E MIAMI 21 ARTICLE 4. TABLE 3 BUILDING FUNCTION: USES AS ADOPTED - APRIL 2013 T3 T4 T5 To f D SUB-UR8AN, URBAN GENERAL URBAN CENTER URBAN CORE DISTRICTS mw�i�All I ommmm DENSITY (UNITSPER ACRE) 9 ig I I 36 I 36 1--16j 65 1 65 1 Q5 I 156'1 my j 1%. 1 !/ :Az!M 150- 1 16 I NIA I N/A RESIDENTIAL ISINGLE FAMILY RESIDENCE R R R R R R R R R R R R R R R' R R 1GOMMUNITYRESIDENCE R R �RR p IPR' ANCILLARY UNIT R R f R 1 R 1 —1I d I 1 TWO FAMILY RESIDENCE I I I RR 9R R R R R R MULTI FAMILY HOUSING R R R ] - _ R RR R, R R R DORMITORY' E ER k R HOME OFFICE R R R R R I R R R R R R_� R R ILIVE�WORK I R. R R R R [WORK -LIVE R l R R ISED& BREARFA3T w E R E R R I INN R R R R R R R F2 HOTELIT ( --d fOFFtCE I R I R I R R. ---------- I.R w 1OFFICE ICOMMERCIAL (AUTO -RELATED COMMERCIAL WA% i I I Iw w R ENTERTAINMENT E$7A%ISHMENt R W R ENTERTAINMENT ESW, - ADULT R R W 1'r000SERVIOPESTAOLISHMENT R 13 R R R R W R w. E R I R [ALCOHOL BEVERAGE SERVICE ESTAII, E E E I E E E --T- E E 1GENERALCOMMERCIAL R 7R R R W R R R W w MARINE RELATED'COMMERCIAL ESTAII. w R —R -F -R OPEN AIR RETAIL w w E —R R R r w JPLACEOFASSEM&V R R E R yr W W E R R. RECREATIONAL ESTABLISHMENT AR R R R E R R R w _LJ [civic jCommuNiTyFAciuTYW W w w E WR R RECRFATIONALFACILM E E E E R R E R E R R I �W I E W R R RELIGIOUS FACILITY E E E E R R E R R t- R R R AWIONAL ACTIVITY COMPLEX E CIVIL SUPPORT COMMUNITY SUPPORT FACILITY w w w w w E E R R INFRASTRUCTURE AND UTILITIES w w w —W w w r w —ww w w w E w W R MAJOR, FACILITY 1 -1 E A E� E MARINA r —W IV f R R _ I E W W E w w I E PUBLIC PARKING w E W W E w I w e R R R IRESCUEMISSIONR E W IN JJRANSIT FACILITIES W W E W W 5 W E R: R W 1 L R --wi [EDUCATIONAL , -W� [CHILDCARE w Ww w W E 10OLLEMIUNMRSITY I I I I I I w w I ww E R E ELEMENTARY SCHOOL E E E. W ? W E w —W E E- E A R R R E I R f LEARNING CENTER, F- E miDDLEtHimisci-IomE I- E E E E W E W 'W E R PRE-SCHOOL E E E E E-, E E R, R E I R 'R E R E .RESFAROR FACILITY 11 R, T—R-II R I R EI E R R R SPECIALTRAINING I VOCATIONAL E I w w I I w w E I R � R [INDUSTRIAL F -T -T--] AUTO -RELATED INDUSTRIAL ESTSL, R R [MANUFACTURING AND PROCESSING R R I rR R MARINE RELATED INOdSTRIAL ESTBL, R R R PRODLICTSANDSERVICE9 I f R R W ' R TO W WA ..... .... Ine - tM ab,� Add1lionalidensitI98 in somoTlIzonop are illustrated in plogrim'g, "AZ! Density of19westAbutting'Zone 1v'8 MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED) AS ADOPTED APRIL 2013: 11- DENSITY (UPA) (NIA � DENSITY OF ABUTTING ZONE � 15U UNITS PER ACRE RESIDENTIAL i r an rtyQper I aadto, erngregato,jogstomatehifta Uses are permissible as listed in Table 3. limited by ^ M[nrnumof (parting space for every 800 square feel �Ih@!i(is(tett(vtr,�uttJ?2t?>�= compliance with: of Residential Use. Pa�� tura, �Gadz ordmgtoifre • Density and all intensity, parking and loading regulations Loading -Sod..Adicle 4,Table 5 s L i9 rl t u (4 AWto thatch that of the most restrictive Abutting zone,. 4V "V), ), �„asreatr` f LoE7DtN t Minimum oft parking space for N00 squire feet • ofResidential Use, Loading,- See Article 4,, Table 5 OFFICE Office Uses are permissible as listed in Table 3. Minimum of 1 parking space for every 0000 squara feet Minimum of 3 parking spaces for every 1,,000 square ofoffice Usa. fediof Office Use. • Loading -See Article 4,, Table 5 Minimum clone Bikespece for every 20vahlcularspaces required (before any reductions). Parking ratio may be reduced according to the skated Parking standard, Parking moy be,provided othWe in 01,0, T5 oe T5 wilfiih 500 feet #tirough'a oafkinp managamonf ulaiNzonsE- COMMERCiAL��l arci@l Us r7e$ i r io WZ PW i' Commercial rises are permissible as listed'in Table 3, • Minimum of T parking space for every 800 square feet Tait iijtruam ot3 paripg pLes,%p a. 4100€Pft?Kr. limited by cornpiianceviilfm: of Gammoreml Use. ma Gini e Building area allowed for Commercml Use on each lot • Loading -See Article 4, Table 5 M1 ofR va i shall be less than 21MA Building floor area total. ted r �afflklj(o P Minimum of 3 parking spaces for every 1,000 at ofcom- NOin a frrray`b� @rrnrreas�ortf„ 5�:� ,,+, merciaispecs pari rig sfatgfard , Minimum of t parking space rot every 7 seats in a Major Loam hrf7c(e 4 TaEr% Sports Fac lity ?Loaiirtgnaeds,inctudl/4' ��{�rvenrgs(ialtbea orrr "Minimum Drone eke medated on site- Parking ratio may be reduced according to the shored parking standard • Parking ratio may be reduced forMajorSpots Facility within tmileofaMetrorail, MetromoverStation, ormass transit facility by up to 10%. • Leading -;lea Article 4, Table 5 Loading needs,, including maneuvrtrirtg,shill be 8oevm- modeledon site. CIVIC Dtytq.tJses are,psrrnissabte gs irsied trLTebte Civic Uses ere permissible as listed in Table 3. • Minimum of.f parking space for every 800 square feet mnt t tgf �kVIMa„ efnt �e{}SS a(staJ sgmbly + Minrrnomoftpadingsgareforeuory5seafisa(assembly ofCklsUse.. 3s uses. Loading -Sae Article 4". Table 5 Afint4rpuroi'tT7arsini spam fjtm ��+bi(+tt" • Minimum oflparkingspacefaroyeryf,000sfofexhibitfon or rocreartton page slid parkit gsparq€ foCo liar Used or recreation space, and parking $paces for other Uses as rtquirad„ as required i mvm of I Iva Ing spec_mot yvaty staff member for; • Minimum of i parking space for every staff member for reationgLtis recroatienal uses, s ii irbiim of i p ng tk ?G r P kftt( {t t • Minimum of 1 parking space forevery 500 st of Suilding nieo�atir'nai rises' area for. recreational uses, u n fidximumafoiio8itlaspabsfar''euery2ilvehtydtlarsuaciLs,•Minimum afone 80space for every20vehicularapaces fequred fbofnre.anv raducfionsj,: required (before any reducilens), ',ark (tg maybeprovttigd offsrteiw Cit p TSz r T5 within Parking maybe provided offsite in Cl, Li, T5 or 16 within # du a fk _nfz� 5t}0faafUYtonnhaParkin management pfanfzono: �OD'ff1 e o t,pr� one._ ,-- CIVIL SUPPORTi kr k rig s� if t@�,Ii�te., ` CEvii support Uses are permissible as listed in Table 3, + Minimum of 1 parking space for every 000 square feet iZmr� �p��ne limited by rnpYa tra with: of Civil Support Use, FolGvrtSt3ppor(,emintmtrr Pakfigsp etotey • For Civil Support,arminimomofiparking spare lorevery •Loadrn0-SeeAdicle4,Tabte5 x,000 sL Far nnausas,atpirilifp#nj9}grktngspgpefox�very; • For Assemblyuses,.aminimum of, pa kingspacu'fer ,si"t[I every 5 seats. Fet marinausas, aminimurnof 1 parting space for every lialips. Adult l.layoore -- Minimum of I space per staff member and f space for owner, EDUCATIONAL c rz t4 FWHO rrf s„sJ � Jis)et” J� }(gh3 Educational Uses are permissible as listed in Table 3, •Minimum of ? _parking space for every 800 square (eek: tinttteiiycmiifs an ia+ t_= limited by corn,ptMncewith: ofEducaboncatUse, �tny> umr of pgJtFgg ,sa jilt every$iiJ00 sr ui + Minimum of 2 parking spaces for every 1,0,00 sf of + Loading . See Article 4, Tattle 5 ittgk4(sl?e _ educational spage MtnrrrumoinneStkespaeeikrovary f€�ttcurafst4 d rSchools-Minimum oflparking spacefpreaehfacultyor 7egtt%d hofnrep#y raduGtt¢n4J staff member, f visitor parking space per-100 students, Chi a Ehssiihimunm dJ teras$ 1 parking space par 5 students in grades I I and 17 or rsargtier 1 spaceifor owftnr nand 1 limp-ot( sparse for: Collegar#)niversify. 0 kgp 9?a' Childcare Facilities - Minimum of 1 space per staff member, I space for owner and t drop-off space for every 10ciienigcored far. 'k,4irhmuntofaneBikespacaforavary�dvaliicnfarspaees required'(before any reductions), lV 1:8 MIAMI 21 AS ADOPTED- APRIL 2013 SHARED PARKING STANDARDS SHARING FACTOR furvqffen with Function RESIDENTIAL RESIDENTIAL LODGING LODGING OFFICE 1 OFFICE' COMMERCIAL IA 1 1-4 COMMERCIAL I OFF-STREFTPARKING STANDARDS ARTICLE 4. TABLE 5 BUILDING FUNCTION: PARKING AND LOADING ANdLE OF ACCESS AISLE W1VTIi PARKING, ONE WAY ONE WAY TWO WAY TRAFFIC, TRAfFJC I0QU0CELbAoW TRAFFIC= SINOLt 1.000 t POURLEUAPEV 190, 123 it 1234 231 1&0 112,89 11% it It I1.9.2it 145 191aft 1 915,ft 110.5h I pyrallat 110it I 10 ft 12011 1 Vandard stall: 8.5 it A Is ft niffimum The Shared Parking Standards Table provides the,me(hod for calculating Shared parking for buildings with more than one,.Ise typo-It.refers tothe parking requirements that appenrAtTabla 4. The parking reOL1401 for any two Functions on a Lot it calculated by dividing the number of spaces required by the lesser of the two uses by the appropriate factor tom this'Table and adding the result to the greater,use parlilngreqVirement, For instance: for abuilding Witka Residential Use requiring 1011 spaces and nCommereWLIse requir- Ing ,20 -spaces, the20 Space divided by the sharing factor of 1.2 would reduce thatotal requirement to ,100,plus, Vspaco& For, uses not indicated in thlaphait qd� a MIX -Ouse lata Sharing factor of I'l *011 be allowed, Additional sharing Is allowed byVarront Driveways shell have arnimmunrof 10 footof paved width otgunp-waydrive, and 20 feetfor a two•woy drive for parking area providing i0 or more stalls. Aowabjp slopes, paving, and 'a"to dda '�s �g od,b: Off-street Parking facilities Shall have a Onimarn vertical clearance dVTfoe(, Wftere Such et ficilitylt to be Used by -trucks-or loading Uses, 00 nilr1mgm clesrarjcsp sllq I be 12 feet Residenlial and t5 }aft. 'Commercial and Industrial, Ingress vehicular control devices shall be located so as to provide 4!milnlinum driveway of, ZQ feet In length between the Base Boildnii Line and dispenser, For of parking'lots, refer to Article 9 and the City of Mani dff-street Parking Guldet LOADINOPBERTH STANDARDS I -L5, 4 Cl DISTRICT RESIDENTIAL' From 25,000 at to 500,600 sf' Rorth Slat Loading Bertin; .......... 420 9 4 par fl ra I, 10 0 units 200 at 1 pereaO adtiftnal tGO, units or fractign of 0reaterthan 100,009 Sir ... .. .. ... . . ......... Barth Size Loading Berths 6600 1 par NOW umig 'I peremb additiopal 100 units, of, fraction of 100, LOpCING trom 25,000 %(to 500;000 of . ......... . From.26,004 sf to 500SQ0 of . . Berth -Size . . ...... 420 st I per Mom 416,91! 1 •per 300 morin; -200 $1 1 per 1,00,=ms 20010 1 parl'oomams treat r than 500,000 at, ......... . 6 Greater than 600,000 0 Harth Size Loadlrtr3l3erths Borth size Loading Beiths 600sf I per 300 rooms W $I I per3o.0 rooms 2013 sf I Per 100 rooms PrI00'rooms , DIME from 25,00 6f to 400,000 sf From 26,000 site 61)(1,0004 COMMERCIAL' INDLIMIAV" -- .. .... . ..... Barth 8144 Loading Berths Area OeMi We Leading Berths e N Area 420sf 1st 25K`st-fi0Ksf 420-af Ist 25K 6f - 50K V' 426 a 2nd 50itsf, IQOX sf 42O-sf 2nd , RK4,10014sf 420$1 3rd VOKst- 250KO 420V 3rd f00K6f-,40,K9I 420sf 41h, 250Ksf.!i%ks( 44 sf Mh 250KV-500Kaf Greatsrttraa500,000sr Greater than 500,000 it Berth Size Loading Earths" Area Berth Size 60 sf I f SOOKst '660 sf JV22, goading koqhs Area I I . Mat NOTES Berth T�rpT Residential*, 24-0=1Q,1100#02ft. Indu,Std3r**, 660 st-- 12 ftx 65 ftx, 15 it berths shall be w back a distance equal, tofheir jQn9th, I r"OrRmarcial berth, may be suhslituted by 2 Residential berths *,*'I industrial berth lboy be oubsoluloa w Z A required Industrial or Commercial loading 'berilh req W Substituted by a Commercial ,or Residential loading- berth, by Waiver, If tho,sim, character, and operation of the Use Is found to not requirq lite dimensions specified and the required loading Wah dimension could, not o1herwise be provided according to the regulaflo ns of this Code, MIAMI 21 AS ADOPTED -APRIL 2013 a. Common Lawn: a Frontage wherein the Facade is set back sub- stantiallyfrom the Frontage Line. The front yard created remains unfenced and is visually continuous with adjacent yards, supporting a common landscape, The Setback can be densely landscaped to buffer from higher speed Thoroughfares, b. Porch & Fence: a Frontage wherein the Fagade is set back from the Frontage Line with an attached Porch permitted to encroach. A fence at the Frontage Line maintains the demarcation of the yard while not blocking View into the front yard. 01 Terrace or Light Court: a Frontage wherein the Fagade is set back from the Frontage Line by an elevated terrace or a sunken light court. This type buffers residential use from urban sidewalks and removes the private yard from public encroachment The raised terrace is suitable for outdoor cafes, d. Forecourt: a Frontage wherein a portion of the Fagade is close to the Frontage Line with a portion set back. The forecourt with a large tree offers visual and environmental variety to the urban Stroetscape, The Forecourt may accommodate a vehicular drop off. e. Stoop: a Frontage wherein the Fagade is aligned close to the Frontage Line with the first Story elevated from the sidewalk sufficiently to secure privacy for the windows. The 'entrance is usually an exterior stair and landing. This type is recommended for ground -floor Residential Use, SECTION LOT I R4.K PRIVATE 1- -4 PUBLIC Frontap Frontage ARTICLE 4. TABLE 6 FRONTAGES, f. Shopfront: a Frontage wherein the Fagade is aligned close to the Frontage Line with the Building entrance at sidewalk grade. This type is conventionat for retail Use. It has substantial glazing at the sidewalk level and an Awning that may overhang the sidewalk, i g. Gallery: a Frontage wherein the Fagade is aligned close to the Frontage Line with an attached oantilevered or a lightwetght colonnade overlapping the sidewalk. This type is conventional for retail Use. The Gallery shall be no less than 16 feet wide and may overlap the whole Width of the sidewalk to within 2 feet of the curb. Permitted by Special Area Plan. C-1 MIAMI 21 AS ADOPTED - APRIL 2013 ARTICLE 4, TABLE 7 CIVIC SPACE TYPES This fable describes the standards for areas zoned as lvacSpac y(C nd for Public barks and Open Space provided by the Public Benefits Program, Civic Space Types should be at the ground level, landscaped and/or paved, open to the sky and shall be open to the public. Civic Space Types may be publicly or privately owned. Open Space requirements for each zone are described in •Article 5, a, Park; Arraturalpreserve. available for unstructured and structured recreation programs. A Park may be independent of surrounding Building Frontages. Its landscape maybe naturalistic and consist of paths and trails, meadows, woodland, sports fields and open shelters, Parks may be Conservation Areas, preserving natural conditions and their size may vary,' 'c b. Greats: An Open Space, available for unstructured recreation programs.A Crean may be spatially defined by landscaping rather than Building Frontages. Its landscape shall consistof lawn and trees, A SIMON� naturalistically disposed. The minimum size shall be one acre and the maximum shall be 4 acres. INNER c,.Square: An Open Space availablefor unstructured recreation programs and civic purposes, Asquare is spatially defined by Building Frontages with streets on at least one Frontage, Its landscape shall cons ist of pavement, lawns and trees, formally disposed, Squares shall be located at the intersection of Important Thoroughfares, The minimum size shall be 1/3 acre and the maximum shalt.be 2 acres. d, Plaza; An Open Space available for civic purposes. and programmed activities. A Plaza shall be spatially defined by Building Frontages and may include street Frantages.Its 'landscape shall consist primarily of pavement and trees, Plazas shall belocated at the intersection of impodantThoroughfares, ® The minimum size shall be 1/8 acre and the maximum shall be 2 acres. ; c ! fr e. Courtyard t Garden: An Open Space spatially defined by Buildings and street walls, and visually a LM accessible on one side to the street. t t i f. Playground; An Open Space designed and equipped for the recreallon of children. A Playground a shall befence ndmaytnctudeanopenshelter.Playgroundsshallbeinterspersedwithin,residential - areas and may be placed within a block, Playgrounds may be Included within Parks and Greens There shall be no minimum or maximum size, t i q. Pedestrian Passage: An Open Space connecting other public spaces, that is restricted to pedes- I I trian use and limited vehicular access, of a minimum width of 20 feet, Building walls enfrantinq a Pedestrian Passage shall have frequent doors and windows. In T6-36, T648, T6-60 and T6-80, a Pedestrian Passage maybe roofed, u h. Community Garden:.A g u g garid pipe available for small lei Itivation, ene allypto, 1' j i residents of apartments atidther iiwelling'types without private gar�ens: `Community grdelt_ r a, ¥ = should accommodate. iiia lviduat storage sheds, s s � � r IV24 ° > . I MIAMI 21 AS ADOPTED - APRIL 2013 a. THOROUGHFARE & FRONTAGES ARTICLE 4. TABLE 8 DEFINITIONS ILLUSTRATED Building Private Lot b. TURNING RADIUS d. LOT LAYERS 0 ME Thoroughfare (R.O.W.) o, BUILDING DISPOSITION 1 -Radius at the Curb 2 -Effective Turning Radius. f. SETBACK DESIGNATIONS 3rd Layer 2nd Layer 1st Layer I IV.25 e. FRONTAGE & LOT LINES g, VISIBILITY TRIANGLE I- Principal Building 2- Backbuilding 3- Outbuilding 1 -Frontage Line 2 -Lot Line 3-Fagades 4-Flevations 5-Streetscreen, MIAMI 21 AS ADOPTED - APRIL 2013 —7UTION, Z191nalp (9-1 N, 5,7.1 Civic Space Zones (CS) 6.7.1.1 Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter erifronfing a Thoroughfare, Civic Space situ shall be entered directly from a Thoroughfare. 6,71,2 Development In Civic Space Zones shall be consistent With, the -standards in Article 4, Tables 3, 4, and 7. 6.7.1.3 One or more Buildings may be built in each CivicSpace, Building floor area shall not exceed twenty- five percent (25%) of the lot area of the Civic Space, and shall, support the, principal use of the Civic Space, 6.7.1.4 In Civic Spaces, 13uildings, Fences and walls shall conform to regulations of the most restrictive Abutting Transect Zone, except as shown by City of Miami's Parks and Public Spaces Master Plan. Otheradjustments to the regulations shall be approved by process of Exception. All Community facifity andeGreational Facility Uses shall be government owned or operated only. 6.71 Civic Institution Zones (CI) 6.7.2.11 Development In a Civic Institution Zone shall, have <1 minimum of one, (I) Frontage enfrontinga Thoroughfare and should have its pri.mary entrance from. a Thoroughfare, 6-7.2-2 Development in Civic Institution Zones shall be consistent with the standards in Article 4, Tables ,3 and 4, 5.7.2.3 A Civic Institution Lot may have one (1) or more. Buildings, 6.7.2 , Civic, Institution Development shall be. permitted by process of Exception and shall confdrm to the, following reguiatjbns=, a. Any property located Within o Cl Zone may bedevel'oped according to the regulations of the most restrictive Abutting Transect Z,&ne with all Frontage 'Setbacks considered a -minimom.. 4. Development in a Cl Zone shall follow the regulations of the Abutting Transect Zone, except that Height restrictions shall be as follows; t, A CI Zone entirely Abutting T3 shall be developed to no more than the maximum Height all - lowed by T4. 2. ACI Zone predominantly Abutting T3 orT4, shall be developed to no -more than the maximum Height allowed by T5, 3. ACI Zone predominantly Abutting T5, T6-8, Q1, D2 or D3, shall be developed to no more than the maximum Height of T6.& 4. A Cl Zone entirely Abutting'T6-8 or higher, may conform to the maximum Height of any higher Abutting Transect Zone, V-43, MIAMI 21 AS ADOPTED - APRIL 2013 c. A GI Zone may seek- higher than abutting successional Transect Zoning through the process .of Special Area Plan. d. Adjustments to Building Disposition Requirements, with. the exception of Setbacks, shall b 'Ak lowed, by process of Wai'ver._ 5,7,2.6 The expansion of any existing ic' Institution Use by less than twenty percent (20%) may be per - IV wittedBy light. 5.7.2;6 In the event that a Civic Institution Zone ceases to be used for Civic Institution uses, it shall be de- veloped either in accordance with the regulations of the most restrictive abutting Transect Zone or y process of rezoning,, subject to the: limitations of the Comprehensive Plan, 6,8 CIVIC INSTITUTION ZONES HEALTH DISTRICT (0-1-10) a, All Development the CI -HD zone for a structure that excee stenthousand dollars ($10,000.00) in cost and affects the kale of the street or block front, or that affects the location relocation ore enlargement of vehicular ways or parking meas outside public lights -of -Way shell be approved 'by Warrant, except that any Development exceeding the following thresholds shall be apprrved by Exception. I. Developrnent involving in exooss..of five .hundred thousand (500,OOQ) sqpdre feet of 'Floor Area excluding parking, and Ioading� 2. For hospital. buildings, any development in excess of eight hundred thousand (kO,0B0) square feet of PloorArea excluding parking and loading. 3. Any single use or coir birration of uses requiring or proposing to provide in excess of e not increase of one thousand ('I',050) tiff -street parking spaces. 5.5.`I.Elulilding Dispo lfiofr ( (-HD) a, Newly platted L pts shall be dimensioned according to Illustration 5,8.. 6. L ot:coverage.by any, Buildint shall not exceed thatshown"In- illustration 5... C. Buildings shall be disposed in rotation to, the boundaries of their Lots according to illustration 58,, A I --HLA lot may have more than one building.,. d. Principal pedestrian or trancos shall generally be along Principal Frontages and vehicular en- trances on streets of less intensity. e. It is recommended that Facades.be built parallel to the. Principal Frontage gine, f, It is recommended at the first Story, Facades along a Frontage.l_ine heave frequent doors and windows. g. Setbacks for Buildings shall be as shown in Illustration 5,a, Frontage Setbacks may be adjusted V,44 MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (DONTiNUEDI AS ADOPTED - APRIL 2013 � �t �Y,hua4C.t;CHV11�n'niYEtfi'Ili,ti.rgei�rl.iii,t+'Yi:rti'�-i 1 OENStTY(lbPA) � =##R � DENSITY OF ABUTTING ZONE � 150 UNITS PER ACRE BOATS Ocb €panotr of ptrvata pldaaura rxafts,anif houseoaals` Occupancy of private pleasure crafts arid, housekmats Occupancy of private pleasara:crafts.and housaoaafs HOUSEBOAT of•rtousa bongos shall ltpf haitcvGod ex+apt for ihasp or house barges shall not be allowed except tar fhosa or house barges shall not be allowed except for hose spccuioepy grartdfa hared as reg�rlaEed by Qrd,nano specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated bb) Ordinatrce HOU58 BARGE '4x13 32,P p tl o l r d E @ (#10932, adopted October 24,1991. # 10932, adopted October 24,1994. DOCKS PIERS OPEN AIR RETAIL AOULTOAYCARE QMMUNITY SUPPORT FACILITY Fxtension of docks and Piers into Biscayne Say are g anted to 35 feet, However, by Exception a 600 feet maximum extension of decks and piers Into Biscayne Bay may be allowed. Extension of docks and Piers Iola other waterways is limited to -10 feet or 104/0 of the Width of the waterway, Whichever , -Is, less. However, by Fxception further ext ns(oo May he frpproved, subjeot to approval from all ap�ilicabl9;�gonGlos. Su6t'to 11101011oW1119 additional nequiromorfts: Access to site must be from a major Thproughfaro, Distance separation of any Open Air Retail shall be .a minimum of 75laet maasured from any property within T3, T4 -R, T5 -R, or T6- R Zane, Operation limited to weekends -and legal holidays -tot a maximum of 3 consecutive days between the hours of 7100 AM and 7:04 PM. PrIyrstgrlt'1 paving atdping for Stalls and parkltt0 sp aef( Pr oig"ro'tt q on-site restroom fadil'Nes. Extension of docks and Piers" into Biscayne Bay are limited to 35 feet. However, by Exception a 849 foot maximum extension of docks and piers into BfaGtiyne Say may ho allowed. Mans#en m dcoks and Piers into otherwaterways is, limited to 10 feet: or I D% of the width of the waterway, whlchovet Is less. Howaver, by Exception further extan*il maybe approved, subject to approval from Ell applicable agencies, Subject #o the'. requirements DfSecilon &4.4 Fol&to 9 adultsr Fbrr6 to 9 adutis:- Minimum of350square feet ofindooracttviiyarea, Minimum of350squarefaatofindooractivilyarea, For 10 Orvieto adults; For IQ6r more adults: Minimum of 35 square feet ofindooractivityarea per MEriimumot35squarafeet:ofindooractfvftyarea Pei adult, adult, Assisted Living Facilities. Allowed by Exception and are SUNOat to lbe following additional Mquiraments, Minimum distance requirernan# of x,500 feetbahwen proposed facility and another existing tardily. Minimurndrsiancereq ltement0f1000feetbetween or000sed facbliv and any T3 or T4•R Zone. P51RSONALWIRELESSrtiilrtci3 thea�,q'uirarllsttseq#psi ' SERVICEFACILITY' Suhjectioilia requirements afSection 4.A. SubtoG#tathe ru9uirementsotSoc#iwiGA. HELICOPTER LANDING SITE - CHILDCARE f (o[isp`tar lan�ng s,fes asruatedi}yte'deatard stale lase%nay be permitted byWarrant subjecttothe f�Jks inrt idtlitEanaf raqulrernern - Mayon[ybaus�edte��andma e41e teitc0 tEi e at a'h up passage a od 0a f ��tu§1��fP+ir��u�jon�f�Rp�:gt Unless 1e,6 atSiergerrov acierations (police. ore, salt }iosprlall landings and:lakeafs.,shall be restricted to fvionday Itrroug ��day tram 9zi4 �14t to 5 ;?tit otr panels ItbtriUng �3, �..0 � gnd,,,t��pn�c, f(iraeCed'awayjrr�Bilddr r3�il�ta flt ttpGp.,fagttlfes ti#�lwsi.:_ o.._. Rpu dp sites shall be grisan priority over ground level'; silesi n cojgestpil are e mrourp of 35"ssgtti�yget�>sabfidaoffi��at�� igfirtttmof45s(tiiaralaetofzisatr(r atitdaoFpla'area Dir thtll� pyafoa�tatasstltan45¢sr��t m r n , il�mi ti stanfardafoutda�y frrLnyapp, vr. ghridrsnpnd?rtirt a _ Helicopter landing sites as regulated byfoderatand state law may be permitted by WarranGwwJect tothe following additional requirements; Mayonlybeused forthelanding andtakeoffofhelicdpters dropping off and picking up passengers and cargo, and may not include fueling, repair, or long term parking or storaga.of helicopters, Unless used for emergency operations (,polka, **,'and hospital) landings and takeoffs gall be restricted to Monday through Friday from 9:00 AM to 5 P on parords Abutting T3, T4, T5s#l, and Tri -R Zones. Gfound levefsitesshag be located away from Buildings, hose, at significant terrain features 0 avoid possible air turhplenaa. Rooftop. sites shall be given priority over ground lever sites in congested areas, Minimum of 35 square feet -of usable indoor floor space per child on Gcoria Minimum of 49 square feet of usable outdoor play aroa per chilik A minimum outdoor play area shall be provided for one haft of license capacity,, in no event shall any outdoor .play area be less than 450 square feel. The minimum. standard of outdoor play area does notapply for children undorone yearofage. H(thcoplerlandusgsiies as regulated bytpderal and state lasv�raypeparriritfod"byl amaattafbJpcptothdfollowing additional'requlromerrls: Mayonly baosed forthalanding andlakeoffofhellcopters dreapping`off and picking up passengers and cargo, and may not include fusing, repair; or long term parking or storage of hellooplett. Unless used foremergencyoperatfons(police fire,and fiosphal) landing$ and laWoffs.shall he f%tiiiied to Monday throughFridayfrom9;06AMto5PMon paols. Abutting T3, i4, T&•R, and T6-RZooes- OroundlevelsitesshallbelocatedawayfFem Buildings, trees, or siYuliitoant lerfain features to avoid possible air tudaulenc0, Rooftop sites .shall be given priority over ground loyal sites In congested areas. Minimum of 35 square feel ofusablaindoorfloor space per child on ilsense.. Mmiraum.of 45 square feet ofusable oufdaorplay arae per child. A -minimum outdoor play area shall be provided for one haff of license capacity. In no event shall any outdoor play area be less than 450 square Peek The mtnfrrmm standard otpsidoorplay areadoes flat apply for children under one year of age, VehtculatenGnn¢rtmosibewithin '300feetotarteriakroad, VehicolargotrancerhustbeWtirin3Q0feetaladsrhalroad. MAJOR SPORTS ltiodifroatlonsfn5afbacltsaplaamax1mumoffbftyparcam FACILITY (50/66 of the required Ssthaoiss.may be approved by Waiver when Liner Uses are provided along parking - Structures. Commerabattlsosmayoxceod twenty-fiveperoepf{2&416}- _ of (he "Building area by Warrant, MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - APRIL 2013 C - civic . . . . . . . . . . . . . . DENSITY (UFA) k� A, DENSITY OF ABUTTING ZONE 150 UNITS PERACRE REGIONALACTIVI(TY Regional Activity Coanploxt Allowed by neptlon RoglonalActivity Complex,. AfloWed by Exception COMPLEX With City WmmigslaO, Wroval'arid We Vbiadt IQ the with City Commisslon approval and are subject lo the folldvOniq additional requiremmix. following Minimum distapoo neqvirementni'l,006,teot betwoon Minimum distanGe mqolmmentof 1,000 leolibeWeen proposed facility and any T4 or T4 Zon", pmpoW facilityand any T9 or T4 Zones. V118 MIAMI 21. AS ADOPTED - APRIL 2013 PERMITTING PROCESS DIAGRAM AppAosnt Zoning Vats, ROM)) 6y Right Waiver Reapplication I suis n[- t 20nosg Creel Ptd To01ngz?tf'ipap7araStart Appeal PZAA' Warrant (Uses oniy) Peeappticatinn j suh'mitto Planning Department` 1 .Planning Dapattment xieaisian Appeal PZA6 Appeal City carw, Is EttaapUotY Preappi(tsation Subrnit'to I Piannrng Depsrtmar�sE� i CRC li Fdrining Dupertmerpt certification Pilawith Hearing Bciards" PZ AQ BuiidfligBt i('d n9 siXldfrtg Buiid(ng Parr R - Permft Parmlt Po"It ulr:5 DIAGRAM 14 PERMITTING PROCESS Apai trity CppPm, PO Planning boparinrpnt CRC 'Coorctfnated Review C mmit4ae PZAU .Planning Zoning andAppeats Board tFarianoa ProappIhu ion i Submitto P nningi��p itmon' Planning Department t°etltftoa6bn Fila with i -tearing 6aarrjs' PZA8 Zoning Change preoppiiaatiort Submit to Rtanrtinr�-Da�ianmant° giant mg Department Certificatiof? Filewit r Hearl g FiQarG,4" I PZAB At?p? Ow,Cly comnoks'�rn, Coit}pY. , lSulrcfing �LfrdEng Parmiz °Patrpir MIAMI 21 AS ADOPTED - JANUARY 2018 '16.4:2. RE ARTICLE 3. GENERAL TO ZONES Visibility Triangles shall be maintained to include an area bounded by the first ten (t.iG) feet along the intersecting edges .of the Base Building Line, projected where rounded, and a line running across the Lot and connecting the ends of such ten -foot lines, See Article 4, Table S, Variances prohibited,, No Variances from the provisions of Section 8.8.4 are permitted. SPECIAL AREA PLANS The purpose of a Special Area Plan is to allow parcels greater than nine (9) Abutting acres in size to be master planned so as to. allow greater integration of public improvements and Infrastruc, ture,, and greater flexibility so as to result in higher ar specialized quality building and Streetscape design. within the Special Area Plam The purpose of a Special ,Area: Plan further is to encourage the assembly anal master planning of parcels greater than nine (9),.Abutting acres in size, in order to provide greater integration of public and private improvements 'and Infra structure,, to enable Thoroughfare connectivity; to encourage a variety of Suilding Heights., massing and Streetscape design, and to provide high :quality design elements, :all in order to further the intent of this Code, expressed in Article General a. The single or multiple ownier(s) of Abutting properties in excess of'nine') #res bray apply for a rezoning to a Special°A ea Plan,. ,. A Special Area Flan shall be approved by the process of rezoning with or without Tronsect changer, c. A Special Area Plan shall assign Thoroughfares, Transect Zones and Civic Space Types, with appropriate transitions to Abutting .areas. Guidelines for Thorwghfares and Public f rontages: may be adjusted to the particular circumstances, of the Special MIAMI 21 AS ADOPTED -JANUARY 2018 3.10 ARTICLE 3. GENERAL TO ZOIRES conformance to the Plan, prior to issuance of the Building Permit. h, A Special Area Plan may include, 1, A differentiation of the Thoroughfares as a Primary -Grid t,A-Grid) and a Secondary -Grid' (B -Grid). Buildings Tong the A -Grid shall be held to the big.hest standard of this Code in; support of pedestrian activity Buildings along ti e BwGr d :m:ay, be I re resdily consid"eret(, for automobile -oriented standards allowing surface parking lots, unlined parking decks, and drive-thrbughsx The Frontages assigned to the B -Grid shall not exceed Thirty percent (30%) of the total length within a Special Area. Plan, For Frontages on the B�Grid, parking areas may be allowed lin the Second Layer,. 2. Retail Frontage requiring that a Building provide a Commercial Use at sidewalk level along the entire length of the Frontage. The Commercial Use Building shall be no less than seventy percent (M%) glazed in clear glass and provided with. an Awning .overlapping the sidewalk as generally illustrated in Article 4, Table 6. The first floor_ should be confined to Metall Use through the depth of the. Second Layer:. 6. Gallery or Arcade Frontage, requiring that a Building provide a permanent cover over the sidewWk, either cantilevered or supported by columns, The Gallery orArcade Frontage tray be combined with a, Retail Frontage as shown in Article 4, Table 6. Gallery or Arcade Front °age within the First Mayer may apply towards Open $pace requirements; 4, wild=to=fines that differfrom Transect Zone Setback requirement: 5. ATerm inated Vista location, requiring that. the Building tie provided With architectural articoW Pion of a Type and character that respond's tv=the location, 6: A Pedestrian Passage, requiring.4 mirilmurr ten (10) footwldepedestrian,access be reserved between Buildings, 7Apreservatioft plan acceptable to the Historic and Environmental Preservation Board for any historic resources in the area of the Special Area ;Plam 8'. Area besign. Guidelines, 9, Aparking management pro ramthat enablesshared parking among public end private Use%, 10, Flexible:allocation of development capacity and Height, excluding Density on individual sites withfa the Special Area Flan shall lbe allowed so long as the capacity or Height distribution does not result in development that is out, of - cale or character with .the surrounding area, and provides for appropriate.trans'ition& 'HISTORIC PRJ S RVAT16N $TANDARDC See Chapter 23 of the City Code, titled Historic Preservation, for regulations and additional height requirements, lll;2ri plicate, publlc�_usqr 04119/2018 Miami -Dade County, Florida 2017 Real Estate Property Taxeltsm Notice of Ad Valorem Tax and Non -Ad Valorem Assessments, SEE REVERSE SIDE FOR IMPORTANT INFORMATION 01-3132-000-0080 PITY OF MIAMI -DEPT OF P&D ASSVT MANAGEMENT DIVI$ION 4448W2AVEsTF4= MIAMI. FL 33130»1910 MIAMI MNU =i 14 F,,x0atigns: 80 p = s,1 ATE 0100 lyflarill-UU00 ocnoof 00aru School Board Operating, 2,623,656 &77400 0 0.00 School Board Debt Service 2,523,656 0.22000 0 State and Other Florida Inland Navigaflon Dist 2,523,656, 0.03200 0 0.,90 South Florida Water 1I asst 2,&23,656 0.12750 0 0,00 Okeechobee Basin, 2,523,656 0.13840, 0 0,00 Everglades Construction Pro! 2,523,656 0,04410 0 0100 Childrens TrwtAuthority 2.,523,656 0.46730 0 0-00, Miami -Dade County County Wide Operating, 2,523,660 4,609Q County Debt Service 2,523,656 0.401410 t7 0.00 Library Distdcl: 2,523,056 0,28400 a 0100 Municipal Governinq Board Miami Operating 2,523,656 7,43650 0 uo Miami DebtSeMoe 2,523,656 015935Q a Q= Save Time. Pay 'Oriftne. www.miamfd.ade.gov Combined taxes and assessments 7 Taxes POLIO NUMOCH 01.313Z000-000 PROKHTYADPHESS 1400 NW V AVE hl,I;A ........ 2% MIL 3 41 I34.31 A PT OF NE114WATF FM& N OF UNE RUNNING 302FT5 OF CANAL IN SEC 1' RETAIN FOR YOUR RECOR 05 + CH HERE AND RETURN THIS PoItTION WITH 8 111cate u 0 L IIIIIIIIII 1111111111111111 IN IIIII IIIII 1111111111111111111111111111111 00ft I Received By Rease,Pay 3 1 3 2 D 0 0 0 0 a n + a a 1 7 Make checks payable to.- Miaml-DI pays L Apr 30, 2018. $0.00 Ch U,S. funds crown on U,S, banks) Amountidue May be Subjeotto Change Without Notice Mail payments to. 200 NW 2nd Avenue, Miami, FL 3312B CITY OF MIAMI -DEPT OF P&D, ASSET MANAGEMENT DIVISION 444SW2AVE STE#325 MIAMI, FL 30130-1910 plicate public_pser 009/2018 Miami -Dade Col Florida 2017 Real Estate Property Taxes Notice of Ad Valorem Tax and Non -Ad Valorem Assessments SEE REVERSE SIDE FOR IMPORTANT INFORMATION 01-3132-000-0090 MIAMI I 0100 CITY OF MFAMIl OF P&QAdAddress,Exemptions: ASSET MANAQEMEW DJVJSIOl`J Zroll l NW 3-7 AVE 80 - STATE 444 SW 2, AVt 6TE #325 MIAMI, FI. 3$130-1910 J'AlaITIl >CnOQI 00arO School Board Operatil :5,840,494 617460 0 O'do School Board Debt Service 5,840,494 0.220010 0 0100 State and Other Ftorldo Inland Navigation Dist 5,81 3,626 0,03200 0 01100 South Florida Water Mgmt Dist 5,813,626 0,12750 a i Okeechobee Basin 6,813,626 0,13840 0 0,110 Everglades Construction. Prof 6,81,3,626 0.04410 0 0,00 ChIldrens Trust Authority 5,813,626 0.46730, 0,00 Mlarni-Darla Couty n County, Wide Operating 5,813,E126 4,66690 0.00 0clunty Wide Debt$ervlce 6,-,813,626 0.40600 0. 0,00 0brary District 5,813,626 0,2840Q 0 0100 Municipal Governing Board Miami Operating 5,813,026 7.43650 a 0100 Miami Debt $ol 5,813j626 0,69360 0 0.00 Save Tlrne. Pay Onl1i wwwmiarniclade,gov Combined taxes and assessments $0,00 ' RETAIN FOR YOUR RECORDS -t 2017 Real Estate Property DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT Du - t j)iLe-a-teLoublic—user O4tig/2Ol8 Taxes PAY ONLY ONE AMOUNT FDIJO NUIl If Received By Please Pay I-3132 300 0096 I I t 7 9+ 0 13 I. 34 0 0 0 G 0 9 0 + 2 Q 7 LEGA Make chocks payable to: Apr 30, 2018 MIN LEGAL DESCRIPTION Miami -Dade Tax Collector 32 63 41 48,42 AC (16 U $, hirlds drawn on U.S banks) PT 0 F N El /4 W OF 6A� RY PJW & Amount due May be Subject to Change Without Notice (,ESS 3.0At MSc ASI OF NE I/4W Mail paymeats to= OF SAL R 200 NW 2nd Avenue, Miami,, ll 83128 CITY OP MIAMI-IDEPT OF P&D ASSET MANAOEMENT DIVI,,91ON 444 SW 2 AVE STE #= MIAMI, 5L 331$0-1910 111 i Iii ii'lifiNTiffiffifififfi nviiiiii'lliIiiiii i li; il ii, ii, i Visit our website for business opportunities at; www,miamigov.com/procurement City of Miami rUKk;MA,'jt UKlJlZKIKWl=XJlZ NUMbtK junarige IL;nange, `rfi 1804038 Number Date Purchase Order Shaw thio number on all packages, Inyofcas, and shipping palters: 10 AN Depiortmentof Purchasing, Page No. Order Date Bid/Contract Number 104103/2018 P,O. Box 330708 Miami, Florida 33233-0708 1 01`3 rho`. (306) 416-1922 Fax - (305) 416-1025 Buyer: Richard McLaren 'Taxpayer ID j Suppiler No, Telephone No. City of Miarnt - PF y Asset Management C 112004892 2,113 305-448-1063 4, 444 SW 2nd Ave, 3rd Floor Joseph 4, Make & Associtalles,, [no Miami, FL 33130 M 4000 Ponce De Leon UIVO Suite 41b • coral gables, FL 33146 C City of Miami - Finance - Oeneral Accounting [..Fax 444 SW 2nd Ave, 6th Floor Miami, FL 33180 Customer Account Number - (;305) 4164987 Email - . vehirrsc&5miar0' Please also forward a copy of the Itwolce, to the Ship To address above - Effective Start Date Effective End Date Total Agreement Limit Commodity Line Code Descrlptfon/Delive Date 1 9461,5-00,, Appraisal the located tint Qt t Unit -Price Extended Price of property at 1400=37 Avenue 1550 NW,�7 7 4 Dollar 1,00 7,400.00 Avenue. IJ 7,400.60 Total Amount: Pursuant to RFQ 498330 as authorized byResolution 16-50§. FQW Desfination Ship Viw Payment Terms: Net 30 G JFN/PC 506.Rov, 12105 'Requisition Number-. Il 70872 Qepartment., 221090 - DREAM - Knight. Center Managerial Contact Person: Hernandez, Yvonne Telephone Number, (30 )416-142q Vendor instructions 1. Florida Tax Exempt ID: I Invoices: Direct Invoices. in [Yuplicate tor the address shown above, Terms and conditions set forth in our Bid. or Quotation and on the reverse side hereof are incorporated herein by reference become part of this Order Annie Perez, C17110, Director of Procurem*At Date. Approved BY ACCEPTING THIS ORDER, VENDOR AGREES TO THE FOLLOWING TERMS AND CONDITIONS f, ACCEPTANCE OF PURCHASE ORDER: A Purchase Order'is given for immediate acceptance by the VENDOR, Unless promptly notified to the contrary, the CITY will assume the VENDOR accepts the order as written and will make delivery as specified on the document 2. ENTIRE AGREEMENT; All speciffcationsi drawings, and data submittod to the VENDOR with this order or the solicitation for this order are hereby incorporated herein and made a part hereof. This contract contains the entire agreement of the parties. No charge In quantities, prices, specifications, terms; or shipping instructions wilt be allowed except on written authority of the CITY of Miami Purchasing Department. Any addloonat or different terms and conditions proposed by VENDOR are objected .to and hereby rejected unless specifically agreed to by the CITY. 3. INDEMNIFICATION- The VENDOR hereby agrees to Nderrinify, save, and hold harmless the CITY from all claims, demands, liabilities, and sults of any nature whatsoever arising out of, because of; or due to the breach of the Agreement by the VENDOR, its agents or omployeas, or date to any actor occurrence of omission or commission of the; VENDOR, its agents employees. It is specifically'understood and agreed that this indemnlpcatfon agreement does not covet` or indemnify the CITY foxrlts own negligence or breach.of contract. 4, MODIFICATION., The CITY may by written Order, make changes In tho specifications if such.changes are within the general scope of thatontract.If such changes cause an increase or decrease in the VENDOR'S, costs or in time required for performance of the Contract: fa) the VENDOR shall promptly notify the CITY and assert its claim for adjustment and an equitable ;adjustment shall be made by the CITY and the Contract modirfed accordingly. Nothing in this clause.$hall excuse the VENDOR from performing, 5. DEFAULT. Time Is- ofthe essence of this contract and if delivery of acceptable Items or rendedng of services isnot completed by the time promised, the CITY reserves°the right without liability, ln.addiiion to Its other rights and remedies, to terminate this contract by not[(* effective when received by VENDOR; as to stated items not yet shipped or services not yet rendered, and to purchase substitute items or services elsewhere and charge the VENDORWth any and all losses Incurred, 6. TRANSPORTATION CHARGES; Transportation expenses for all shipments shall be prepaid to destination, Shipments sent GIO.D. or freightcollect without the CITY'S written consent"wilt not be accepted and will, at VENQOR'S risk and expense be returned to VENDOR, No charges will be allowed by, the CiTY for transportation, packing., cartage or containers unless otherwise authorized In the Purchase order, 7. UNAVOIDABLE DELAY: if the VENDOR is delayed in the delivery of goods purchased gander the Purchase Order by a cause beyond its wrrtrol, VENDOR must immediately upon receiving: knowledge.of such delay, give 4ltten notice to the CITY and request an extension of time: The ITY shall examine the request and determine Ifthe VENDOR is entitled toan extension. 8. QUANTITY, Quantities furnished in, excess oaf those specified in (ho Purchase Order Will not be accepted and will be held at VENDOFVS riskar d expense. 8. 10SPE�CTfON. Materials or equipment purchased are a*, ect to inspection and approval at the CITY'S destination. The CITY reserves•the right to reject and refuse acceptanceof items which are not in accordance with theinstructions, spectficati`ons, drawings, or data of VENDOR '$ warranty '(,expressed or impltedj. Rejected materials or equipment shall be removed by, -or at.the expdnsa of; the VENDOR promptly after"rejection.. it). WARRANTY, The VENDOR warrshts that all goods -and services furnished hereunder will conform En alirespeots to the term. ofthis order, including ,any drawings, spec:iflcations, or"standards incorporated herein, and that they will be free from Eaten# and patent defects in materials, workmanship and title, "and will be free fromsucfr defects In design. In addition, VENDOR, warrants that said goodsAnd, services are sultable for, and Oft perform in accordance %4th, the purpose, for which they are purchased, fabricated, manufactured and designed or for,such.other purposes as care "expressly specified in, this carder: The CITY may return any nonconforming or defective ttemas to the VENDOR or require comactfpn orreplacemeht of the Item at the cav time the defect is dised, all at. the VENI)O.Rz a risk" and expense, Acceptance shall not relleve the VENDOR salts responsibility: I1� REGULATORY COMPLIANCE VENDOR represents and warrants that the goods or services furnished hareyncler (incWleicg all libels, packages, and containers for said goods) comply with:alf applicable standards, rules and. regulations In effect under the requ rom nls:of Fe 1 rsr State,arjd local laws, including the Occupational Safety and Health Act as amended, with respect to design, construction, manufacture or use fdrthelrr'Iatended gufpasE of -said goods or services, "VENDOR shall furnish "Material Safety Data Sheets"` in cgrrtplibnco with the Florida Right To Know Law, Florida 5tstutes; Chapter 442, 12 ROYALTIES AND. PATENTS:. VENDOR shall pay all royalties and license fees. VENDOR shall defend all suits or claims for infringement of any, patent, copyright or trademark rights and shall save the CITY harmless from loss on account thereof, 13 -PAYMENT: Pay(ments'will be made irr accordance with the terms on the face .of this order,-orthe: VENDOR'S Invoice, whichever are more favorable to the CITY and paymentrlate therefor shall be calculated from the receipt of invoice or final acceptance of the goods, whichever Is later; 194, EDENTIFICATION: Invoices in duplicate with priees,set out and giving the.correct Purchase Order Number must be sent to, the address shown on the face ofthis,crder, otherwise payment of VENDOR'S account may be delayed. The Purchase Carder Number shall appear on all Invoices,, boxes,. packages, shipping documents and correspondence, and ths,llst of contents shall be enclosed inaach box or package. 15 TERMINATION., CITY may. at any time, terminate this order in whofe or in part by written ortefegraphic native or verbal notice cbri irrned.in writing, Upon tormination"for convenience of Buyer, the Buyer will assume responsibility for specific contractual orscheduled financial comirriftments made prior to notice ofterminafion. Any and all services, property, publiwrlor}s, or orator ials- provided durfrtg or resulting from the Contract shall become the property of the Buyer. It, however, termination is occasioned by this. VENDORS breach of any condition hereof, Including: omoch warranty, or lay VENDOR'S delay, except due: to circumstances beyond the VENDQWS control and without VEfifDOR'S fault -or negligence, V NDQR shall not be entitled to any claim or costs or to.any profit referred to in said clause, and Buyer shall have against VENDOR all remedles provided by law and aqufty, 15. TAXES, CITY Of Miami is exompt frbm State and local taxes. Exemption number is printed on the reverse side hereof This Order shall serve as the exempoort certilloate, 17, LAW GOVERNING., This contract, shall be goverrted'by and,construed according to the laws cf.the State of Florida. 18. ASSIGNMENT' Any assignment of this Purchase Order, including any performance of work. hereunder, in whiffle or in part, or cries due.firireunderi shall be, void unless consented to by CITYIn writing and CITY shall.,have no obligations to any assignee of VEND(?,R under any assigrimont clot consented to, in w4tfng by THE CITY, 19. TERMS: The order total shall be paid by the CITY upon receipt ot`Involce from VENDOR which shall be subject; to verification as tp quantities and quality of goods delivered or services performed, 20. TAX: VENDOR doing busiaOss with the CITY shall not be exempt from paying sales tax to their suppliers tot materiels to futfill rmsarttractual obligations, with the CITY, near shall any VENDOR be authorized to use the CITY Tax Exemption Number inecquiri q,such materials, 1. LOCAL RESOURCES: VENDOR. shall give. first priority, to utilizing resources in the disaster,area, including but not limited to procuring supplies and oquipment; awardlrigoub-contracts, and.employlM, workmen, 22, PAYMENT CHANGES: Payments will only ba made to the, company and address as set forth on Purchase Order.utrless the VENDOR [las requested a change thereto on of4claf company letterhead, signed by an authorized of#icorof the:company. 23, UNIFORM CC3MfviERCiAL CODE. The Uniform Commercial Code (Chapter 672, Florida. Statutes)" shall prevail as the basis forcontractual pbligatfons between the VENDOR and CITY forany"terms and conditions not specifically stated lir this Purchase Order. 24. JNSURANCE: in the event that insurance is required by -the CITY in wrinection with this Purchase Orderi VENDOR shall provide an lnsuironce Certlficale; in a form acceptable to: the CITY, naming, the CITY as an additional Insured, as proof'of compliance therewith whir said ver ti}icate.stra n ,constitute part of this Purchase Order, 25. BONDING: The CITY reserves the right to require the VENDOR to post o performance and. payment band in theamount of One Hundred percent 000%) of We Purchase Order total, uponaward carat such time deemed necessary by CITY: 26. LEON -APPROPRIATION OF FUNDS; fn,the event no funds or lnsufficlant funds are appropriated, altocated, and budgeted orare. otherwise Unavailable for any reason in any (scat period cr at any time for payments due under this contracilpurchasa ardor, then the City, Manager or Procurement Director, upon written notice to the VENDOR of such occurrence, shall have the unqualified right to terminate the contract wIthout any penalty or expense to the City. The Vendor shall have no recourse from such termination except to receive undisputed payments due prior to tho effective 0,9 te of the terminalldo. chy or *mimni RV,VjSI,'D 119 ?til iSr FORAPPRAISAI, (jj!QY_F, Pott arc inviwd to nth it a qtvotc to pp.T are an appraisal rvort 1xiKdon the Ama ut al A4kPUWU amachcd 11crim,ith 4% r..x1fibit "V.. PIcud. amiplctc Ow 1- . f tj� 0 KO aformion rexTumed -it Me bottom n jr, IgIgt '11m qtxotr a d d w, inn rtIw r4utiwd 1�t I lt�: VqrartmenL of Rall C-NI'afe-and hwqot MiTapCatent by 1 :40 l" Wedlwsdav, -March 11, !M& You ouly;m6mil yr propaml Via await ur AV41t0ing Umonrlo I'mi'm )4411111"ouvill ""phlligt Vqrirfmott of Rva! Esimv and Ammilubmigpilclit City of kffami 444 SNY 2 &,cntwi� �'Floar FL UO ............ . .. .... AODRESS JORNO, 1400 NU 37 AVE 01- i32- Off(jo 0 q� 15-50 NkV 37 AW 01 3132-D4l04090 jjj --ivilk CompreficnRivc; t tftl f4e r polar .400 H wrl y fix i i i it tc om-mcmp crt tvs(t t n mw�v i t requircd: 275, Appvilsil Oonipany: Josoph J Make.& Assoc he. 30S.442.A663,1110 11T — fid. A-1)aa---,,;,— Dam: I.119/2018 .Sivi: 171 NOTE,, When sending a quf4e, your company inust compty sylat tile Compktion title da1z. if selected,,, }our compaxii must provide o Certiffeate of 1"Styratee in the matIMT presorilled in VNMIAt 4BI, below. P41,9 I or S A 01-201K (*jWTdwM rmuorrum Psh, Sootiv- A, (0-10-0 t7 ,Swal Votv, � a 1 7-2o 1 ,� f�R 1 14 W .13 M, C' , pof tim j � p i 1�if) NW �l 4W VALc -A W,,.,4Y), tit -x1 "2-E wl—tfi4o c 1) 1 �1 tp,110041(pp AN ura,,,:,4r Xpqinaimji f(ft ffoutwitwe but Mackvi vahle m1a Rintial Vl#ue 11 lfl�dlcsl aild Imit w4, Picask noic tho CUY4 purpw kto "sWitc dwvul"I to Galt it a imettut portion to, rlts� property to a ddrzf Iratty, As AWIL 'WC ,ire mmiticsfing, 111c V, kil 1,14; ho'.prok Ided on a per aaJtufrc foal tvJ4,. -PA#w-Ay Opum 7�vpc of Time to Colqotgtc. VDur (4) wooks tram AutharlAution. Mimber offlaund e*e4- Vtiur. tsignrd nod e-wirwM. 'P (305) 4160 1426 ResphttipAgercregeo, Now. pate otibu "Valtuffforr !)ak of Ibc Nipbisqf mpart. aax;Full pyintot fa it laptuptetion CA' the-amhfunIent. 441W to wvWpo.o. by, the 0v Of Minjui ujtd any athor xoipw uppralter Amild dwre be any dLwrs-patei6, ip theappr4af mpnrt,;. TIW APPRAfSAL REPOW1 S1 1013,1) INCMUDETM I-OWOVINM L ruport "sludi lie vOith the fuy for tuppn,,cit to vont - nuct. pmvilk 0% e0mraticul to lite witight'gival U) rhu'd fccand1kition of Value- tit the trvcul.ata Pop: I ; l a „+rt t'tt Clty Qfutaaa crl.�}at sxteN a� aa.rar tri cf fj r �t lsrc►t tcf+a itr ttt x:rttaata f'k aw,l nnacfc md aare IV ww troop lfigMt 1}ifart�atnfa� t III c alatloottv Ifw Nlaarkel O ataa, (lie .t lafar aaser ahmtkl atra:a4vv. mir Finn lalia•_a:atrroat kic al raiaikc.t ci�rrr aanrl4atf�rtaat ,-tatftr:;ttaac�at,t�tals� caf'ca�i�aaal°trrrtfl�a}ry� A lf° ati°tlatrog a l stat sides t°tataojrub1c Fable u). akjtlaaty lsale4- PricA!.pvr Squarc Foot. talaisc }artaSYci+: tiiacltcraa.ra�ltt+t#aacrat:: irr;a rr»rr�� }s��rrrac f'cu�:r C�ta�:c rtatter,aartt�lat�arl't}a�: 4ranrrar�r� �rrel l.;a.ttci V altta: VorrvIvOiata c c+tta ltt lytta. fatlaaide *atrfvc:altri proof o a;aataftaa tt alidaal rata; kip IN mcaallrc urr vaatcll lit taaftaa in livid multcxt N tms other- tt iael c heo atjlpf[vtthkf is. laicas,itfr Nirarl of Dout.;ai tl'r;axzalals t Agapcm)— ]iae;t} �a�ta.a l r ;xcat't :hiatal. -f Ile lift `olutaklar I& 1% "It if , crarr�tar t.'traicar►at:'�raitst�tt�k crk' rtrki�s�atgtiz} :Lla}}rttt rl f'rfa itr b i fa.af'l rrvaaerralafa tas tti3af 'y. Pan tl< of Haa l° arrcla St tt c. i kyr"C'it ° 4,%l'fuicrr rvsc:r�o ific right to W%ivy& tkc.apprai.mil v,,,port auil Nat=o ut; t;aaatartL Pi tlturf riga rt dill lit dile five (1kys ul`tcrt}ie atllaiaid, ai la rcyiowd bv Cki 's staff; %xatx All a n,ticulattcara, nous iv licr3, shou at rtr�% tr,ccf azi 14haa"o aifl pt%nitlh4L All cl'atacin tfii:,, +firm must be -verdliod by tlao up aiwr, vjf taaa c thio ofPco'lif. 103.416-1426, l' ge I of 15 CRYOOMUM EXHIBIT "Ir I!XAfMN'C-'f'f WOU I RF N IF 'vriv fl) Ot mourrOal Gvtwraj I.JAWI!kv (Peinutry& Sun Ctmtribuwf% I Ifily (kuraf.,'lg;rqate ljiii[t SIM10.400 NT,otrtf mul AdvertikiV, hijurt, SUMIAM11 civ •or �miasnt iffiefudodppan adcWturat higirgil Cemintel0r,; Ct:n,-,-,im-i 04111s rV, Mfoambik 13-010ity floklity Kwky and PwIvely I) -mg up.- Usbilitv, 0,111billed shl�k I .i'mfr . Ao,yA'OT(v0%xxcd A tat %-C.Schdhdai WkWing I I i�M. Porowed4w Vou.;Owned Antm, Amy Poe A e0dqw If, .U�ltcrrft Oins ttv 4;Edi rnr c in duded a4 Addiflowl hmirett Ill) "�Viirfcer'.�.C;ni�tpt"tts�Efau A. Umth nf L I Lft, I f9t Sialutoty"Statooff-1(tv : st J*tm, caugM 4y dis!uLi'Pwh6uplqve flarlbodily hijary mhsod ttiscm4e, policy livait M ProbsSiallal UabiftIvrFar's &,Orm%qtOu',f A, LIWIOUU-a�i—, Uch(Um SI.Oftmo Genivral Aggripta I !*it Acup 0-aw (11011C44 `I°fje oEYe w jvrr!e tc, wlr=lff kart, ;et tfe� C':ta ctt` ti jtttx e$llj ti tjttcjt jiextie., :cik .it�c tip tic�rt i�rrn°.r s �'`c r eluvgt' fr•ajl llv fivmrcr intt �,est°el4ertic tf ��c}f i r� �'iw e4 'x,t ;r r►t�i z rii a,ri tca c�tx ! aiJ �° �, it) tlti` MIK,4 or fgow fiii witf* mmtj red'Aen „and rjlejjit nwd Ox, roll irjg uxolTr�titrtl iu; The coiuftut� most tic r$ tod no Im than oto, to-witage►ttept'And ttv,�k',-,s thim.'°Clut V" ,;w to r1ha ncial,StrungA), by the fittest V41,04141 cit` Post's trjstrjvice Guide:. pubtlisited by &11, t#q t Company. ()kNrjA. or,11N cquivatoit. 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In'ttjx-ewto that c;'Sf'jiraj .trr st, Xjt `exf pith 110x4 nr,,rm1 vcj c rli icatvvs,kv ]i It �4 tvr� tft €rhe lxt;cf tlx I is tf v Cit} �;imu inw the onto Vit: is t.� s F � tlei tflct"ct�iltt t. tjatt� •tuft 1,111W two the floe or Pro iw6 ect by tW Ory it tha anotia pnowribiad"itt tljc: R'Weaftir Approbvi is (crijti < city tet Vhv Ow ttlTv., at tf4 nttc,disa tis o. vrtrl naw thk t:e)jjteact. ror, a jjmij and �v t . f}rr + rzr It lri el,srttli c rt lj tlac� I icftf c Sit S erjt ijjCf t€jjt. e i tt IN. arwtlj."Gat and $P001,11 UFM4 ud conditieft ej1°rlx t if. `t'lw Ijj". aiiiaw cavemp—e NquirtA sh.tff frtj,ItUIC IJO Oaj14444..140K 4-S Wed in andarit figbto tv i'a;cjjrucc jjjajlletaiN, %hick jtio-4t tworly tc 'foa (tic ct)mplia"do with ;ha foremoing ttxfrtirowffl: shorn, not q,,Iicm,a r4.: NAfol^'o ftt�,* Tial ty "and obligation it'ion valor Ibis' aJoIj Air Under an nttjar xection (if tfrt�a Agrim rjrtlt " JoseJRL•R1ARa,LMELLET� CERTIFICATE OF LIABILITY IIN PRIANCE THIS CERTIFICATE. IS ISSUED ASA MATTER OF INFORMATFON ONLY AND (;,QNF5R$ NO RMHTS UPON WE CIERTIFTCATE HOt, DEW THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND. EXTERI? OR ALTER THE COVERAOIE AFP'OROCD BY THEF10tICIES BELOW. TNIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT t ETWEEN THEISSUtNG 11413RER(S.), AtfTF6 817,20 REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDEW _ VARO€2TANT: It tido cerlificato holder Is an ADDIVONAL INSURED, the pallcy(i'os) midst Iova ADDITIONAL INSURED pV0Vi$f0n3 Or ba endarsatt_ II SUBROGATION IS WAIVE O, sulgect to tiro terMS and conditions of the policy. certain policies may require an nndorserarent. A slaieawenf ort this cortifdcale does not canter rights to the certificate holder in Iteu of such endorsornoatt I `� I PRODUCER � F y {NFD P'•apony & Casualty Services. Inc. N+rna r•:a 45ExocutivaOftvo a, w a:rq ( E6j d+ 7ilD Irrc:,ra�G Plainview.. NY 11801 m,v �sapart6RiRnrroaalxu�a� �t, X t vasuxra n 6rlltsttl Sumitomo Ins Co of Amer !.ms t�~pekawrs rylWRca 0 : - josaapb 4, Stake 1, Associates, Inc W. rrlsr3alP9 & 425 Broad HoilaW Rd, to 419 err Izelt . Molvillo, NY 11147 a IFE%kU6arla'F: _ a Cii#I'ERAM CERTIFICATE NUMBER: OEVISIOR Nitta arm. rill ; I`! f -� Ck.43wy 114Af li k €'oI,i!x's f- t�IL4s,:AitwlCi t tS"°Fo INSFlitr'In t+Dg.t: o A00FE,1A ,1k = p(3t.FCy pim Ir 1I+01LA`W 43!3#.^:%'€t,5fTANIXMr,ANY 0 1 - It I Inf-MI" W, It-RA4 0R rKt}N Tin or ANY enir, icrORotf,ztR00Cf,WkNTWTHRt,S?ff.171,?6'v'F4t 11ItIs, 'Ht e-IPla #tL MAV SE IS,`110, $)ii M+`s'r PC:ITrAIN 1419 INSUPAUCE A,1Pa1j0k0 OY Ift- F'AOUCIES DEW.RRIED Ptl W,1`4ISSWa"T 10W fW IWA'R 1 &11,94(044) rAffi)1.01 TION3,0F Sufi' MxfCIC,; 1piFt' V}k X4 iaAy IIA Wf-N RKWC EKY t,� AMCI tilt « ,w, Duerr A Y aE Ioa,acrrx4 y{o , �I�a+E c€r Ianvcc �` �vrt°cv: �. �cc�'a _ , . �at+�rq�rvr , cEl?-iCC+YI.: ..� ,. 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NCEI IATION 01R)ULDAW 00 YM AIXWV OESCRI0120POU4999i GAN(MLL90,119E City of M141111 .Poli ie Facilities Dept THE EX01 tA1104 DATE fk€EACOF NOTICE I.%. t 1750VERW IN A"01 Maaaagatnlont ACCISri Akd WIYR 1,66 POUCV PtII1MCiUMIS 444 SW Vid Avenue, Sed Flom Mi,aant.FL11130 i€atr,acsRlXvtxR aatr lama ACORD 25 (20141033 4A 1008-26,15 AGORD CORPORATION. All ergots reserved._ The AiCORD name and ]ergo, are registered .marks of ACORN ~�•"""y JOSEJB€.-01 ..JC ANNAMUELL R ttr#it L.� OA1fE1,fJAca<;*ft CERTIFICATE OF LIABILI"T"Y INSURANCE _ M12017 THIS CERTIFICATE tS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS 990 RIGHTS UPON. THE^CERTWtCATE "OLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEN% EXTEND OR ALTER THE MVERAOE AFiNOROEO BY THE POLICIES ' BELOW. 7MS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT i3erivieN THE issui G, iNsuREttis), AiumiBtziio REPRESENTATIVE OR PRODUCER, AND THE CERTIMAT6 HOLDER. IMPORTANT 1M !ha cnrtiifeato IralElaris nn AOI7ITif}IJAt tNSUREtx, the ttollCYffr x faazr5t It Ivo ACItIITIE}NAt It$ UE r O frrdvrsikrns dr btu erxdorsett E It SUOROGATION Iti WAIVED subject to tho terror and conditions ofthe policy, curtain policies may mqulm, a" A Statement an this conificate duos nr t ConfAr rights to taco c urtiftcate hAfdar in Ifou O such endorseazerft{sIr u PROOWER NFP Proparty & Casualty Sarvlco& Jac. p sa it 146 Exocutive[3 ive fA c, hp.ro), X5161327»27€iit fn . rJ,At Ptaittvtow, AtY ABB A' s { s1;feesc +�s a€tatsparrtraoa�tscas+6 a RAM rr+sa ran.dndiarl t farbarlhstirfoncaCo 56940 4rc8uasrr tI-r�tfArra ca Jasaph J, i3iaka Associatau tae arrrEa: 42513roadHolioret Rd,Ste 429 `a+stlarab Nobrifie. Ity tj747 +rf�aafr r .. MVERA ES �jRTIFICA.TE NUMHEi : REVISION RU—MKR.- "],S F}i1'S K T i Ct1ilWe TWIT THEP11,t'$ Or iNSUPANCC P D-BEL$.;L°IHAVt tVla tt mattt�i JHEis", RECif�.*°Fb€ Vft t�'l;—mr. pa toypv�Mi#+ rlt t: f $ t. '001%1106-rt4#i9E iv s1rfY f;t �EifRi fir, �t F.t i O0.tY�tf Ri i �etli 7 e?$€Pi�s d (f fiT $lint R t� �c t @ �tft � f7#C st�F ? f�' {SC)'CTN1'.`.`r teMY+ITTCA6 f ti'te'r tae izsUEtr cif; 4%.,y P RTAIN T -It INSL'-i4Lr€(;t: Alri)RjXj3 its rtq- pCLaip--i 6696 po €it iwSSU;Ucr i0Att THE Wo. -5 11fJ3r14tr„sArSA$Ii1ro"011IONSOFScii:tt fCILS LrttCSSaft':#[�4<+Yt�h�t E?EtNfiFG7t► it H9 t� C'vikEl�r s 7*a,rl aan.ri:tap r�sr.xr•• `�4lrr-r>E 1tq ,., reveersrtstaur,aafrc tt,_'rit' POLICY mai R CtIMM00at 04 rtL VAR10V *.F a4'?� �.- - .. f:xt.,•tfa`34 �rC''c YSr'�-:! 6-r ti4veSiP•Ar,i#P� urv`9t;'< b tft, ` atr 5 ` uafHrata.tact.eae EXCESS LIAR aAt#4 IErdPt,(3`f6EiS`ilA9tE1TY via mr+� p�tufsp �s=3•+a,tr;,�sr•.;<�ras.. tRfiar.'.mta[ rY NriI-r t„ .�i .o° WA "iC t FAPkACCftW k S �,7a >t(}/Pryyfe$SitinaiLlp Afz(?Ot2£i75b8 ila3tb17W[212tI Limit 1,t7tI4I,DiI6 E � ?r3EAcatu.'Rpt#�r�uE�MTfrrH�-regia'rt�al�Et�i�,rr�,t3:€r��#Rctiar<fi.tktrtrun:�rffa»�P.�a�crscefufs,::rum.€uaa�mecrarenA��pac;ri�,�r�,rrmar ,_ R ?FvitlttrlGa°af hssifraustt 'SHOULD ANY OW, 7119 A00V909SCW0WpOLjC"0jj,CA)wigd Eq City Of MIAMI putttisFACIlittps Dept. 'THE EXPIRATION OATS IMEREOF, NOTICE WILL BE dELiVERVIf IN Asset Management � ACCs Et Cz wiT" niE t oucy k'ttfsS>�i$i w 444 SW 2nd Avenue 3rd Floor atifitaw r rc itgGirvp k Miami, FL ACC?rf 26 zotrrtu3 _ _ _.._ �,..__ 1988.2015 ,ittkORD CORPORATION. All rlghm rtssdrved. The ACORD nstrmi and logo are reWsWired marks of ACORt Ana Moya -Diaz: FrQm. Ted Allen Sent: Thursday, March 22. 2018 10:47 AM To-, Lorenzo,, Jacqueline CC: Ana Moya-!Xaz subject: RE Request for Quotes - Melreese Appraisal Acknowledpd. We will get started Immediately-, Ted Aften, lei A4 MRtCS Sbite-Ce ifie4GPnPt4J4wdJEviteAv - rt . 440110nPo f rrwo sy%k loseo, JBlake.)fjj -Auwtljeti,� 4000Pme r1c, Levo Ulv(L.Sof fto 410 (Vilami, F� 33146 offfca: 44a 1-bli tars i; (105) 448 0615 Fax, 13051448-707 7 fttlonal oNation and tonsufUnr From: Lorenzor, jacqu e- Jgov.cbri0> Sent-, Thursday, March 22.,2018 7:5.4,AMv To: Ted Allen �toi-n_@o—sp-phlbtztke.toni>- s0fect. W, Request for OvIot4s - Melreese Appraisal Good moroft -fed, Please alfow this to senje as Notfce t6 Proceed; With the 40praisal of,64 Malreese Goff Course, 1., Oral stall be4e, on or before Thumdav,Aorfl 1�1,2018. Please advi%eif yw-havg uestiom -U! Pegards, Property Ma4agernotitSpecial1g, Oepaftertt of Real Estate& Asset Management City of Miami 444 SW r� Avenue, Mfr; Floor P (305) 416-1426 f-, ilbrervo4P6amIgqv.cgm i From: Ted AMeh tio,fol,. Sent* Monday, March 1p, 2018 6�**PM To: torenzo, Jacqueline Cc. Rotenberg, ft et; Match el, Darts Subject: BE: Request for Quotes. - Melreese Apprafsal Jarquelitte Attached is the completed 41cl requeslt:. Please contact me should yov have Any quettions. Regards Ted' Ittl Afteft, MAtMRICS If ovt Appralser ilk R44- ,l ;lOwl-tt(pno 13L)04JE Sas t fi i. fake arvd AaocWe%,.Jnc, 400G,Popcede Levi Blvd, Sultc,-410 "'IaTnL f'L 33146 Officp-(M448-1661 Pirpct., (30% 448-1065, Fag: (3105) 448-7(171; wwwjoseohlWke.com Afatiomi Valuatibn and jZosuldnp Sercesfar over 70 yeon From Loreno, JaNUe On e. rn tam foovzom;- 4eav Friday,'March .16, 20181 ? PM 'Tcr. Ea arrr adaat rxrai al. m, itaSz3o a�pl;qtp.Aj rwtft o�jep WBIake-com _ Cs:. Rdtenber& Daniel --q()Rp_te Malchel, Hans �0i - Makhelf.&-mlartilgovcamto Subject RE: Request for Qvot6s Me Ireese AppTalsal Good afternpon AppnLsers, Asa follow up, please note the Nolreese. Appraisal fline to: cpjTIpttW has been revisett to 4 weeks,ftoni Noiirre to 'Proc"d, Pima see attached, Thank. you; Raft, properly manap:rnenl sped'afw I)ep,11 *sfm,t� i � *� AmirOVIvoi�0r; lefil Ci ty J�hkof �Ao r Froorg Lorenzo, Jacqueline -Sent- Priday, Mamb 16,2019 IV-1GAM Itallen@ To 4 01-1 a E!t its�wtt r, I �I CO,4 ftotedbqeg, WOO; Matchel, Hant Subject,t Request for Quotes - Melreese Apprai$at r4oW- ioorning Appral*m, Attached Please Moo Request for: - -foaheapppispi of Metre se 041f 4ourse, Pleasi,� nnotethA the deatilthO tO Quotts approisal itself Wiltbe three :, fOr t h L6 submit-V611rqnate is Wedilesdav, Wch,21,2o18 at2,00Pwand thathe deadliniL weeks from autho .. rizatiott, please �carefullyte�d the reqfrrements of me attached Request, for4auot6'. SWurd y64 have -any quostions of Concerns"ploso- do not h4sitate, totopoa-m- e; Thank you, property Man agemem Specialist Depitrtmem of Real:estat'. &ASW Nlaywgement Citypf"Viami A44'$W 2"4 Avenue'31'�Floor Wiami, Florida 33130 .005) 416-1-426 t3W) 400-51,R7 MiaWl international Links -Meire.eseCountrV Club Land 1$-114-02 GLOSSARY OF VALUATION TERMS Term Definition Source Air Rights The right to undisturbed use and control of designated Appraisal Institute, The air space above a specific land area within stated Dictionary of Real elevations. Air rights may be acquired to construct Estate Appraisal, 6th building above the land or buildingg of another or to Ed, (Chicago; Appraisal protect the light and air of an -.existing or proposed institute, 2015) structure on an adjoining lot, Air rights do not always Include development rights, See also transferable development right (TDR). As Is MarkotValue The estimate of the market value of real property 'lh its Appraisal Institute, The current, physical toncifffon, use, and zoning as of the. Dictionary of Real appraisal date, (Interagency Appraisal .and Evaluation Estate Appraisalh 6th �uldellnes) Note that. the use of the "as isj' phrase Is Ed. (ChIcagw Appraisal specific to appraisal regulations, pursuant to, FIRkEA Institute, 2015) applying to appraisals prepared for regulated lenders In the United States, The concept of an "as Is,, value I$ not included In the Standards of Valuation 'Practlte of the, Appraisal Instltute, Uniform Standards of Professional Appraisal Practice, or IntorRationz(I Valuation Standards, Band of A technique in which the capitalization rates attributable Appraisal. lostitute, The Investment to components of an investment are weighted and Dictionary of Real combined to derive a weighted -average rate attributable Estate Appraisal, 6th to the total Investment (I.e,, debt and equity, land and Ed. (Chicago: Appraisal Improvements), I hstitUtO, 2 015) Condomihium A multiunit structure, or b, unit I within such a structure, Appraisal lnstitute�, The with condominium form of 60,ership. Dictionary af, Real Estate Appraisal, 6th, ,Ed, (Chicago- Appraisal Institute, 2015) Debt Coverage, The ratio of net operatingiricorrie to annual debt service. Appraisal Institute, The katio'(DCR) (DCR - NOI/lm), which measures the relative ability of a Dictionary of Real property to meet its debt service out of net operating Estate Appraisal, 6th [ricome, also called debt service coverage ratio (DSCR), A Ed, (Chicago: Appraisal larger DDR typically indicates a: greater ability for a Institute, 2615) property to withstand a reduction of income, providing an, Improved .safety margin for a lender; DLiferred Depreciation is the difference between the market value Apprafsai Institute, TfTe Maintenance of an improvement and its reproduction, or replacement Appraisal of,' 'Real cost atthe time of appraisal, 'the depreciated cost of the Estate, 14ti, Ed, improvement can be considered an indication of the (Chicago, flllnols; improvement's contribution to the property's market Appraisal Institute,, value. 2013) JOSEPH 1. BLAXE AND ASSOCIATES, INC, RtAL ESTATE VAI Ii II AND CONSULTIND Miami International Links - Melreese Country Club Land, 10 -114 -OZ GLOSSARY OF VALUATION TERMS Term Definition Source Effective Gross The anticipated income from all operations of the real Appraisal Institute, The Income (EGI) estate after an allowance Is made for vacancy ,and Dictionary, of Real collection losses. and an addition is made for any other Estate Appraisal, 6th income, Ed, (Chicago; Appraisal .Institute, 2015) Effective Gro4s The, ratio between the sale price (or value,) of a property , Appraisal Institute, The Income Mu Itiplier and its effective gross income, Dictionary of Real (EGIM), Estate Appraisol, l5th Ed, (Chicago, Appraisal Institute, 2015) Entrepreneurial 1, A market -derived figure that represents the Appraisal Institute, The Profit amount an entrepreneur receives for his or her Dictionary of Real contribution to a project and risk, the difference Estate Appraisal, 6th between the total cost of ,a property (cost of Ed., (, Chicago,. Appraisal development) and its market value (property Institute, 2015) value. after completion}, which represents the entrepreneur's compensation for the risk and expertise associated with development, An entrepreneur IS motivated by theprospect of future value enhancement the entrepreneurial incentive), An entrepreneur who successfully creates value through new development, expansion, renovation,or an, innovative thange of rise Is rewarded by entrepreneurial profit. Entrepreneurs- may also fail and: suffer losses. 2. In economics, theactual return on, successful management practices; often identified with coordination,. the fourth factor of production; following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. See also entrepreneurial incentive. Equity An income rate that reflects the relationship be atween Appraisal Institute, The Capitalization gate one year's equity cash flow and the equity -investment; Dictionary of Real (RE) also called the cash -on -cash rate, cash, flow rate, cash Estate Appraisal, 6th throw -off rate, or equity dividend rate, (Rr = ltIVF,, or pre- Ed, (Chicago: Appraisal, Tax Cash Flow/Equity Invested) institute, 2015) Equity Ratio The ratio between the down payment paid on a property Appraisal institute, The and its, total prlce; the fraction of the Investment that is Dictionary of Real unencumbered by debt,, Estate Appraisal, 6th Ed, (Chicago, Apprzfisaj Institute, 2015), JOSEPH J. Ot AKE AND ASSOCIATES, INC, VAL ESTATE VALUANUR AND CONS001110 Miami International Links - Melreese Country Club Land 18-114-02 GLOSSARY OF VALUATION TERMS Term Definition Source Excess Land Land that Is not needed to serve or support the existing Appraisal Institute, The use. The highest and best use of the excess land may or Dictlonary of Real may not be the same as the highest and best use of the 1-:stote Appraisal, 6th improved parcel, Excess land has the potential to be sold Ed. (Chfcaga: Appraisal ,separately and is valued separately. Institute, 2015) Exposure Time Estimated length of time thatth e* property Interest being Uniform Standards of appraised would have been offered on the market prior Professional Appraisal to the hypothetical consummation of a sale 'at market Practice, 2G16-2017 Ed. value on the effective date of the appraisal, External A type of depreciation.,, a diminution In value caused by Appraisal Institute, The Obsolescence negative external Influences and generally incurable on Victianary of Real the part of the owner, landlord, or tenant. The external Estate Appraisal, 6th influence may be eithertemporary or permanent, Ed. (Chicago, Appraisal Institute, 2015) Extraordinary An ass'umption, directly related to a specific assignment, Uniform Standards of Assumption as of the effective date of the assignment results, which, Professional Appraisal if found to be false, could alter the appraiser's n pin ions Practice, 20116--2017 Ed. or Conclusions. Comment: Extraordinary assumptions, presume as fact otherwise uncertain information about Physical, legal, or economic Characteristics of thesabject property,,. or about coriditions external to the property, such as market conditions or trends, or about 't he ,integrity of data used in an analysis. Fee Simple Estate Absolute ownership unencumbered by any other [interest Appraisal 'Institute,, The or estate, subject only to the limitations imposed by the Dictionary of Real' governmental powers of taxation, eminent domain, Estate Appraisal, 6th police Power, and escheat, Ed. (chica 0-.. Appraisal 9 Institute, 2015) Gross Building Area L Total floor area of a building, excluding, Appraisof Institute, The (ORA) unenclosed areas, measured from the exterior of Dictionary of Peat the walls of the abovergrpde area. This includes Estate Appraisal, 6th mezzanines and basements if and when. typically Ed, (Chicago., Appraisal .included In the Market are -a of the type of Institute, 2015) property involved. 1 Gross leasable area plus all common areas. 3, For residential space, the total area of all floor .levels measured from the exterior of the walls and including the superstructure and substructure basement; typically, does not include garage space, JOSEPH ).. 8 LAX E AN 0 ASSOCIATES, IN:C, REAL ESTATE VA10ATIOR AUB COUSULTIN& (Warni International links- Melreese Country Club Land GLOSSARY OF VALUATION TERMS Terrn Definition Source Gross Leasable Total floor area designed for the occupancy and Appraisal Institute, The Area (GLA) exclusive use of tenants, including basements and Dictionary of Real mezzanines; measured from the center of joint Estate Appraisal, 6th partitio4ing to the outside wall: surfaces, H, (Chicago: Appra[sal Institute, 2015) Highest and Best 1. The reasonably probable use of property that Appraisal Institute, The We results In the highest value, The four criteria that Dictionary of Real the highest and best use must meet are legal Estate Appraisal, 6th permissibility, physical possibility, financial Ed. (Chicago, Appraisal feasibility, and maximum productivity, Institutp.,2015) 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible, The highest and best use may be for continuation of an asset's existing use or for some alternative use, This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid, (IVS) 1, [The] highest and most protitablib use for which - Appraisat 'Institute, the the pro pertyls adaptable and needed or likely to, dictionary of Real be heeded in the reasonably near future, Estate Appraisal,, 6th (Uniform Appraisal Standards for Federal Land Ed. (Ch[cago. Appraisal. Institute. 2815) Hypothqcal 1, A condition that is presumed to be true when It Appraisal Institute, The condition Is known to be false, (SVP) 0101onary of Real 2, A, condition, directly related to a specific Estate Appraisal, 6th assignment, which is contrary to what Is known Ed. (Chicago: Appraisal by the appraiser to exist on the effective date of Jnsfftute; 2015) the assignment results, but is, used for the purpose of analysis, Comment: Hypothellol .conditions are contrary to known facts about physical, legal., or economir, characteristics of the subject property; or about conditions, external to the property, such as market conditions or trends; or about the integrity of data used, injh ,analysis, (U$ AP, 2016�2017 ed,) Insurable Value A type of value for insurance purposes, Appraisat 'Institute, the dictionary of Real Estate Appraisal,, 6th Ed. (Ch[cago. Appraisal. Institute. 2815) JOSEPH 1, BLAKE AND ASSOCIATES, INC, REAL WATt VALUMON AND CONSUMNO Miami International Links - Melreese Country Club land 19-114-02 Term Defiriffion Source Internal Rate of The annualized yield rate or rate of return on capital that Appraisal Institute, The Return (IRR) is generated within an Investment or portfolio over a Dictionary of Real period of ownership, Alternatively, the Indicated return Estate Appraisal, 6th on capital associated with a projected or pro forma Ed. (Chicago: Appraisal incomestrearn. Institute, 2015) Leased Fee, Interest The ownership Interest held by the lessor, which includes Appraisal Institute, The the right to receive the contract rent specified in the Pictionoty of Real Market Rent The most probaWe rent that a property should bring in a Appraisal Institute, The competitive and open market reflecting the conditions Dictionary of Real and restrictions of a specified lease agreement, Including tstate Appraisal, 6th the rental adjustment and revaluation, permitted uses, Ed, (Chicagm Appraisal use, restrictions, expense obligations, 'term, con`cesslons, Institute,,2015) renewal and purchase options, and tenant improvements (Tis). JOSEPH J. BLAKE AND ASSOCIATES, INC. lkf'AL 4T TE VALUATID0 ARU CONSULTING lease plus the reversionary right when the lease expires. Estate Appraisal, 6th Ed- (Chitago:. Appraisal Institute, 2015) Leasehold interest the right held by the lessee to use and ectopy real estate, Appraisal Institute, The for a stated term and under the conditions -specified in Dictionary of Real the lease. Estate Appratsal, 6th Ed., (Chicago:: Appraisal Institute, 20115) Loan -to -Value The ratio between a mortgage loan and the value of the Appraisal Institute,, Ttre Ratio (M) property pledged as security, usually expressed as a Dictionary of Real percentage; also called loan. ratio or LTV, Estate Appralsoll 15th Ed. (Chicago.: Appraisal Institute, 2015) Marketing Time An opinion of the amount of time it I might take to sell a Appraisal Institute, The real or personal property, Interest at the concluded Dictionary of Real market value level during the period immediately -after Estate Aporaisai, 6th the effective date of an appraisal. Ed. (Chicago: Appraisal, Institute, 2015) Market Rent The most probaWe rent that a property should bring in a Appraisal Institute, The competitive and open market reflecting the conditions Dictionary of Real and restrictions of a specified lease agreement, Including tstate Appraisal, 6th the rental adjustment and revaluation, permitted uses, Ed, (Chicagm Appraisal use, restrictions, expense obligations, 'term, con`cesslons, Institute,,2015) renewal and purchase options, and tenant improvements (Tis). JOSEPH J. BLAKE AND ASSOCIATES, INC. lkf'AL 4T TE VALUATID0 ARU CONSULTING Miami International Link4 - Melreese Country Club Land 18-114-02 Term Definition Source Market Value "A type of value that is the major focus of most real property Appraisal institute, The appraisal assignments. Both economic and legal definitions ofDic.tionary of Real market value have been developed and refined, such as the Estate Appraised,,. Gth lbllowlngw Ed, (Chlcago: Appraisal 1, The most widely -accepted components , of market value are institute, 2015) Incorporated in the1o[lowing definition., The most probable 'price, as of a specified date, fricash, or in terms equivalent to cash, or In other precisely revealed terms, for which the specified property fights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and ,assuming that neither is under duress. Z Market value is described, not defined, in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows. A type of ,value, stated as an opinion, that presumes the transfer of a, prop" (i.e., a right of ownership or a bundle of such rights), as of Acertalh date, WriderspecifIc tonditiongsetforth in, the definition ref thiatofm Identified by the appraiser as applicaWeIn an appraisal, Comment, Forming an opinion of market value is the purpose of many real property appraisal assignments, particularly when the, client's intended use includes more than one intended user. The conditions included in market value definitions establish market perspectives for develdlYrrient of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (ke., seller and buyer); I the terms of sale (e.g., cash, cash equivalent, or other terms), and 3. the -conditions, of sale (e,g,, exposure in a competitive market fora reasonable time priortassig), Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value, (USPAP, 2016-2017 ed,) USPAP also requires, that certain items be Included in; every appraisal report Among these items, the following are directly related to the definition of m arketvaloe: 0 Identification Of tNrspecific property e rJI ght5to be, appraised, 0 Statement of the effective date of the value opinion. * Specification as; to whether cash, terms equivalent to cash, or otherprecisely described financing terms are assumed, as the basis of the appraisal, • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates -and/or contain unusual conditions or incentives, The terms of above- or below-market i6terest rates JOSEPH J, BLAKE AND ASSOCIATES, IM REA1, WATE VALOATON AND C'UNSULTINO Mlaml international Links- MelreeseQuintry Club Land 14-114-02 GLOSSARY OF VALVATION TERMS Term Definition Source and/or other special incentives must be clearly set forth; their contribution to, or negative influence art, value must he described and estimated; and the market data supporting the opinion of value mustbe described and explained, 3, 'he following definition of market value is used by ageriefes that regulate federally insured financial Institutions in the UnitedStates: The most probable price Which a property shouid 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 stimuilus, 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, - Buyerand seller are typically motivated', v, Both parties are well informed or Well, advised, and acting in what they consider their own best fhterestFi, • A reasonablettme is allowed for exposure in the,opoh market; • Payment is made in terms of cash In, U.S, dollars or, In terms of financial arrangements comparable thereto; and wThe price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the safe, (12,CF.R. Part -34.42(g)- 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992, 55 Federal. Register 29495, Jane 7, 1994) 4, The International Valuation Standards Council defines market value for the purpose of international standards as fotJows: The estimated amount for which an asset or liability should exchange on the valuation :date between a Willing buyer and a,willing sellerin .an armis, length trAns4ctlon,.after proper marketfingand where the parties had each acted knowledgeably,, prudently and 'without compulsion, (IVS) S. The Uniform Standards for federal Land Acquisitions defines market value as follows-. Market, value is the amount in cash, or on terms reasonably equivalentio cash,, for�ichln- all probability the , h property would have sold on the effective date of the appraisal, ,after a reasonable exposure time on the opencompetitive market, from a willing and reasonably- knowledgeable teller to a willing and reasonably knowledge acting I able �uyer, With neither trig under any Compulsion to buy or still; giving due consideration to all available ,economic uses of the property at the time of the appraisaL (Uniform Appraisal $tand4rdsfor Federal Land Acquisitions)" JOSEPH J, BLAKE AND ASSOCIATES, INC. REAL [SIATE VALUATI49 A110 ZONSUILT1110 Milia'Mi International Unks-Melreese, Country Club Larid 10-114-02 GLOSSARY OF VALUATION TERMS Term Deftnitlion Source Mortgage The capitalization rate for deist; the ratio of the annual Appralsal Institute, The Capitalization Rate debt service to the principal amount of the mortgage Dictionary of Real (RM) loan. The mortgage Capitalization rate (Rm) is equivalent Estate, Appraisal, 6th to the periodic (monthly, quarterly, annual) mortgage E. (Chicago; Appraisal constant times the number of payments per year on, a Institute, 2015) given loan on the day the loon is initiated. Rm -= Annual Debt Service/Mortgage Principal Mortgage Debt The periodic payment for interest on and retirement of Appraisal I I ristitute, The Service (Im) the principal of a mortgage loan; also called total Dictionary of Real mortgage debt service. Generally, the abbreviation Ing Estate Appraisal, 6th refers to the total debt service, whereas mortgage debt, Ed, (Chicago- Appraisal service can be used to, refer to either the periodic Institute, 2.015) payment or the total ofthe payments made in a. year, Net Income The relationship between price or value and net Appraisal institute, The Multiplier (NIM) operating, income expressed as a factor; the reciprocal of Dictionary of Real the overall capitalization rate,, Estate Appraisal, 6th Ed. (Chicago: Appraisal Institute, 2015) Net Operating The actual or anticipated' net Income that remains after Appraisal Institutes. The Income (NOI or lo.) -all operating expenses are cleducted from effective gross Dictionary of Real income but before Mortgage debt service and book Estate Appraisal, Rh depreciation are deducted. Note: This definition mirrors Ed. (Chiccigo: Appraisal the convention used In corporate finance and business Institute, 2015) valuation for EBITDA (earnings before Interest,. taxes, depreciation, and, amortization). Net Rentable Area For office or retail buildings, the tenant's pro rata portion Appraisal Institute, The (NRA, Rentable of the entire office floor, excluding elements, of' the Dictionary of Real Area) building that penetrate through the floor to the areas Estate Appraisal, 6th below, The rentable area of a floor is computed by Ed. (Chicago,; Appraisal measuring to the Inside, finishes{ surface of the dominant Institute, 2GIS) portion of the permanent building wafts, excluding any m6jor vertical penetrations of the floor. Alternatively, the amount of space on which the -rent is based; calculated according to focal practice. Overall The relationship between a single year's. 'net operating Appraisal Institute, The Capitalization Rate income expectancy and the total property price or value Dictionary of Real (RD) .(Ro = lo /Vq)� Estate Appraisal,, 6th Ed,, (Chicago; Appraisal. Institute; 2q15) #[ At WE VALUAT'1411 AND CONSULT Miami International Links- Melreese Country, Oub Land 1$-114.01. Term Prospective Market Value "As Completed' 'and "As Stabilized." opihion of Value Reptacerneht Cbst 'Definition GLOSSARY OF VALUATtON URMS A prospective market value may lie appropriate for the valuation of a property 'Interest related to 0 credit decision for a propoged development or renovation project, According to :USPAP, an 4ppraisif with a prospoctive,market valve reflects -in effective date that is subsequent to 'the: date of the appraisal -report. prrospective Value 4Wrjjo-$ 4rt Wended to reflects lect the current expectations arvd perceptions of Mark9t participants, bated on available data. Two prospective value .opin Ions may he required to reflect the Time frame ,during which c1eve . lopment con-struoticrn, and Occupancy will .6ccur.. The prospoOlve Market lva,14-0-4$ completed—reflects theprop 4,-mairkoj value at of, the time that development is exp ec '64 to be ,The prospective marl i -t value—as stabilized—reftett, the peopeo-s marketvalue as -of the fte tK4 Of is ,projected to aq'41ove stabilized 'uptupan4y, fot an 'Jn6ome-ptoduclqg property, stabilized ocr.Up-Allcy is the Or=PaMy Igvel -that a wptoperty Is expededto achieve after the property Is ex market for lease, posedto them *L over a reasonable period of, time end at comparable terrhs and conditions to, otlhor 4milarpropertie USRAP Statement. 4* and A&[W . Y Opinion (IhteragencyAppraltal andiEvoWatIo.n' G4,idortos) . ... .... .... .A value opinion effective A specified future data, `The term does not define Aiy()-- .pfValue. Instead, it 'IdentMes a value Qp1h"lon, aa, being effective at sdm6 spedf1c, future dote,. An opinion of VAue as Of 6 ,prospective doto Is friquently $Ought 16 contlertiOn, with der, conver,00n to a, new use, or those that, have, not yet 46teved seflout or a 0e#11lizeo IeWl of fiong-t6rm occupancy,. The estimated 00$-t1tP osof a Lib -at a built1frig, or other. jpecjfijc date; a s stitute f Improvements, using modern materiols and -current standards, designr and lo yd4t, R,6plicernerit Cort The estimated cost, at current P. rtces as lof effective f6r Insu'r4ro 4ate of valuaflon, of a substitute for the buflidin$ being. Purppses valued, using, modern rnoterfals,arO current Woffat4 design, and layout for -ons ranee g6verage purpose guaranteeing that idamage.0-property is replaced With op -w property Iiie, depreciation epreciat-ion;i;tmt dddultted). JOSEPH J, BLAKE AND ASSOCIATES'., IND. REAL ISIAT E VALUATION AMU 090SUITIA4 Source Appraisal Institute, ThO. Pictloho#- of 90at .Estore Appraisal, Rh ,td, (Chtcapt Appraisal' Appraisal Institute, rhg ,J)jctlonary ol -Real Estdte Appralsol, 6th Ed..(ClIca.910: 'Agilra(sal Ins#tute, 2,015) Apprat'sal IntfItutei. ThC: ajon of Peat .rsfate Appralsat, 6th U, {Chicago-AW4101 Appraital listitute, The Estote APProlsol, 601 Ed. (Chicago, Ap , pral al Institute, 2015) Wamil tritematlahat Uriks - Melreese Coulitri Wb Land GLOSSARY OF VALUATION TERMS Term Definition Source 110roductlPin CoA The estimated cost to, construct, at current prices as of Appraisal Institute, The the effective date of the apprtls'al,pn exact dt.'iplfcate or 0kddhary of Real the same replica of the building using , a so h estate Appr 1 1, '6t materials,, qoristruction standards, design, layout, and td. (ChiI caSoi Appraisal Ovality of Workmanship and ernbodying, pit the finstitute, 2015) deficiencies, su'&adequacles, and obso-lescence,'of the, p R I etrospective A value opinion effective a$ of P op"Ift0d historical data. Appmlsal institute, The 'Value Opinion "The term retrospectivO does not deflrlO 0 tYPO Of value. Pit tfoncfry of Real Instead, it identifies avialue 601610rtts beft effective at, &0te Approlgal, 6th some specific prior date, Value. -st, 0 A histarical date Is E4 (Chicagov Appraisal i froqueritly sought in. connection- with, ptoperty tax Institutt, 1 01A) t,, deficien appealsdi3mageinod.excise on ego cv attoricini .dgments, estate tax, and con0empati ju the` type of''value with this term is appropriatg, eg.., "retrospeove rnarketyalt46 opinion," 'taridwich Lea-se A lease- in which' 4a lntermedlater or sandwich,, ApRra►--al Institute, Thi': , * of One party and the lessbr- Of Wiseholder is the lessee H f Real; 'Dictio WY o another. The owner, of the sandwich lease ls. neither the Estate " Appraisd4 6th fee owner nor the user of the property, he or she owy be Ed. (Chlwgo., Appraisal:. -a leaseholder In a chain of lessas*:excfudin4jhe w1timata Institute,, 2.015) Sum of the A . etall The sum -of the. separafe and distinct matket value, Appraisal Institute, The 9pinioni for each of the Units In A. dorlidominium bictfanary 'of Rool a o ,subdivisio.nde.velopment,,orportfol.i.00.�fproperties, sof 611so 6th E . sta e t AP r. the date of valuation< The. aggregate of retaffoluesdoes, Ed, (Chicago: Appraisaf not represent the valve of all thp- on-its as ftq�: told lnsfi'tqte, 20 5# together in a single Iroils8etioT11) it It sImply the total of the IIdividu4t.market value ntfosions AUO called thd n �'O ,aggregate of the rotoll valued or aggregate. retail selling price, Surptus Land Lard that, is not currently needed to support theoxisfing Appraisal institute, The :use, but cannot be separated ffarri the prqefty and sold Dkdongry of Reol off . for another usesurplus, land does not have an Estate Apprat'sat, 6th Independent highest and best %ea:nd may or may not EO, (Chicogo.'Appraisal tofitributo,value to the'Unproved parcel. lastituto, 2015) Termlral ...... .... 'The capitalization rate, applied to the expected net Appraisal institute, rhe cap.ttgljt4tion gate iocomo for the year Immediately follawfog.the end of the Dictl0nar)t Of Rea! ': (11N) prpjectjotj,perlod to derive the resale price ,or valve of a EstateAppraj�atk 6th � property , )d , Also called a ,gofng�out, 0 -re�1001, ctr EA, (C filcago- Appraisal revt*rs� ytapitallo ion Wet, 'Ontr t Institute, 2015) JOSEPH 1. BLAKE AND ASSOCIATES, INC. DIAL FSTATf VALUATION All CONSHM09 Miami International Links - Melreese Country Club Land QUALIFICATIONS OF THE APPRAISER 18-114-02 QUALIFICATIONS OF THE APPRAISER .. ...... .. .... . J. MICHAEL PHILLIPS W Phillips holds the position of Assistant Director with the Miami office of Joseph J. Blake, and Associates, Inc-,, at 4000 Ponce de Leon Boulevard, Suite 4.10, Miami, Florida. FORMAL EDUCATION Florida State Urilversity - Ta`lIa_hassee'e,Fl o'r_i,,d_a,_ Bachelor of Science In Real Estate Miami Dade College -Miami, FL Associate in Arts in Ousiness Administration .... . ..... . ------ . . ........ . .... ...... . . ...... REAL ESTATE AND APPRAISAL EDUCATION ........... .. ........ .. ..... Course N -a -m -e, Real Estate Principles and Practices Real Estate Law Real Estate Feasibility Real Estate Finance Real Estate Appraisal Real Estate Market Analysis Real Estate Appraisal Principles Business Practices and Ethics Highest & Best Use and Market Analysis Report Writing and Valuation Analysis Standards of Professional Practice,. Part A, B & C Appraisal Procedure, Advanced Income Capitalization Advanced Sales Comparison and Cost Approaches Advanced Applications General CompreherTsive Examination Provider Florida State University Florida State University Florida State University Florida State University Florida State University Florida State University Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute Appraisal Institute PROFESSIONAL AFFILIATIONS Florida State -Certified General Rea[Estate Appraiser No„ RZ 2281 .......,...1 _. APPRAISAL .........1 APPRAISAL EXPERIENCE Clients served by Mr. Phillips include blanks, savings and loans, institutional investors, development companies, real estate syndicators and various other entities, Responsibilities include preparation of full narrative appraisal and market study reports for a wide variety of property types and purposes, Including, but not limited to business parks, office buildings, Industrial buildings, shopping centers, traditional and low-Incomernulti-family projects, and vacant land.' QUALIFICATIONS OF THE APPRAISER __..._.........................................................._. _.._._.__. __...._... CERTIFICATION STAT : OF FLORIDA K-PARTMENT OF BUSINESS AND PROFESSIONAL REGULATM FLORIDA.REAL E TATO-APPRAI L BD fir. The RTIF[ D GENERAL APPRAISER Namad Wow IS CERTIFIED Under the provis xs of Chapter 475 F Fxpir toll date NOV30,2018 PHIIMt,IfaS. ,i MICHAEL �TM 4000 PONCE DE LEON BLVD STE 410 ORAL GASLES FL33W QUALIFICATIONS OF THE APPRAISER . . ......... .......... - .. -1_1 ........... .. ................ - ..... . ..... TED ALLEN, MAI ........ ............ .. - . ... .... ....... .... Mr. Allen currently holds the position of Managing Partner with the Miami office of Joseph J. Blake and Associates, Inc,, at 4000 Ponce de Leon Boulevard, Suite 410, Miami, Florida. Previous positions include Principal (1986 to 2011), Regional Manager Southeast Region (1984 to 1986), Senior Appraiser (1982 to 1983) and Associate Appraiser (1979 to 1981). ...... .......... FORMAL EDUCATION University of Texas - Austin, Texas Bachelor of Busioess A dminisfrotion . .....................w..._ _ .. ... .. .. .. . ..... .. . T PIROFESSIONA,l !AFFILIATIONS Af4iliatlon-", Cyunnber Florida State -Certified General Real Estate Appraiser No.'RZ 426 Georgia State -Certified General Real Property Appraiser No. CIS 1855 Appraisal Institute, Designated Member No. 6949 Royal Institution of Chartered Surveyors No, 6329062 ......... ..... . ..... .. . ..... ..... ..... .. .. . CURRENT RESPONSIBILITIES ........ . .................... Responsibilities include the preparation and. direct , Ion of a variety of full narrative real estate, appraisals and consulting studies- prepared on a national basis, Mr. Allen supervises all staff appraisers and consultants and ,directs all major assignmentsthroughout the southeastern United States and the,Caribbeonj . . ....... .. . ....................................... . __ . . .... ........... ..... . . . ......... APPRAISAL EXPERIENCE Mr., -A-1-1 en has prepared and * directed ',n_u,mero_u's ----appraisal and consulting assignments w_hfc_h_[n,icI'ud'e mixe`d,-_ use properties, Multifamily developments, proposed and existing condominiums and 'conversions, office buildings, motels, hotels, Industrial properties, regional rnalls, shopping centersi mobile home parks; market studies, feasibility studies, and investment analyses on a variety of institutional and nor - institutional grade real,property in over 15 states and 10 Caribbean nations. He has appraised and has supervised. appraisals, as well as prepared consulting, studies of properties fora variety of public pension funds, large Institutional investors, pension fund advisors, insuira'rice, companie's and banks, Mr,, Allen hasqualified as an expert witness for Federal BankruptcyCourt in the State of Florida and the State of Georgia and has given oral, and written testimony In each, He has also been quarified in Florida State and County Courts. LEADERSHIP AND ADDITIONAL EXPERIENCE Mr -Allen is currently one of three executive committee members managing the operations "Of Joseph J Blake and Associates. This positionoversees all aspects of the. firms operations throughout, the US, His duties including accounting oversight,, IT oversight, marketing, short and long range planning, personnel staffing and budgeting. Positions held at the Ap ' pralsal Institute include: former service on Chapter Admissions Committee Member, o � former service n National Admissions Comm, ittee, and former service on National 'Ethics Committee, Additional real estate activities include NCREIF al 11Mqrtgage Bankers Association functions, and service as Special Magistrate Miami Dade County Value Adju.,�'mj ,rt Board for the 2014 tax year, CERTIFICATION RICK SCOTT GOVERNOR KEN kAWSON. SECRETARY STATE 05 FLORIDA OEPARTMENT OF BUSINESS AND PROFESMONAL REGULATION FLORIDA REAL ESTATE APPRAISAL RD4 Named below Is CERTIFPED Under the pmwsion5 sofh" ter 4,75F& Exp tion ate NOV30-718 1 ALLEN, TED EUGENE 4000 PONCE DE LEON, KWSTE 410 CORAL GABLE FL `3146....... Arm, t*l au k} t Malim DISPLAY AS REWIRED Y LAW MOO 0. 51=Msy# CBRE VALUATION & ADVISORY SERVICES L 7 ISAL- REPORT ' MELREESE GOLF COURSE 1802 NORTHWEST 37TH MIAMI, FLORIDA 33125 CBRE GROUP, INC. FILE CITY OF MIAMI AVENUE NO. 18-397MI-0657-1 CBRE VALUATION & ADVISORY SERVICES CBRE 777 Brickell Ave. Ste. 1 100 Miami, FL 33131 T (305) 381-6472 F 305-381-6462 www.cbre.com May 21, 2018 Jacqueline Lorenzo Project Management Specialist CITY OF MIAMI 444 SW 2nd Avenue, 3rd Floor Miami, Florida 33130 RE: Appraisal of: Melreese Golf Course 1802 Northwest 37th Avenue Miami, Miami -Dade County, Florida CBRE, Inc. File No. 18-397MI-0657-1 Dear Ms. Lorenzo: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report. The subject is a 131.07 -acre (5,709,575 sq. ft.), 18 -hole municipal owned & operated golf course located at 1802 Northwest 37th Avenue in Miami, Florida. However, the City of Miami is considering other uses including leasing a portion of the site to a third -party developer for a higher density, mixed-use development, subject to a voter referandum, a land use amendment & rezoning of the site to SAP, Special Area Plan. The subject location is strategically situated at the northeast quadrant of the Dolphin Expressway (State Road 836) & NW 42nd Avenue (LeJeune Road) on the east side of the Miami International Airport and is an ideal location for a higher density, mixed-use business park. Based on the analysis contained in the following report, the market value of the subject is concluded as follows: Appraisal Premise As Is As Is, Fair Market Rent As Is, Fair Market Rent Compiled by CBRE MARKET VALUE CONCLUSION Interest Appraised Fee Simple Estate Fee Simple Estate Fee Simple Estate Date of Value Value Conclusion May 8, 2018 $160,000,000 May 8, 2018 $8,500,000/Annum May 8, 2018 $1.49/PSF Jacqueline Lorenzo May 21, 2018 Page 2 The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non -intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof). It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Stuart J. Lieberman, MAI Vice President Cert Gen RZ1074 www.cbre.com/stuart.Iieberman Phone: (305) 381-6472 Fax: (305) 381-6462 Email: stuad.Rebermam(«cbre.coam James E. Agner, MAI, AI-GRS, SGA, MRICS Senior Managing Director — Florida/Caribbean Cert Gen RZ382 www.cbre.com/iames.agner Phone: (305) 381-6480 Fax: (305) 381-6462 Email: pa Qmes.agmer(acbre.coQm CBRE Certification Certification We certify 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 are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Florida. 8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. As of the date of this report, Stuart J. Lieberman, MAI and James E. Agner, MAI have completed the continuing education program for Designated Members of the Appraisal I nstitute. 11. Stuart J. Lieberman, MAI has and James E. Agner, MAI has not made a personal inspection of the property that is the subject of this report. 12. No one provided significant real property appraisal assistance to the persons signing this report. 13. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 14. Stuart J. Lieberman, MAI and James E. Agner, MAI have not provided any services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. V Stuart J. Lieberman, MAI James E. Agner, MAI, AI-GRS, SGA, MRICS Cert Gen RZ1074 Cert Gen RZ382 Melreese Golf Course, Miami, Florida CBRE 2018 C BRr, Inc Subject Photographs Subject Photographs Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc CBRE Subject Photographs Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc CBRE Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc iv Subject Photographs & 0 . p T+ CBRE ME Photo 1 -Main Entrance From NW 37'h Ave. Photo 2 -Looking North From 15th -Hole r Photo 3 -Looking SW From Practice Tees Photo 4 - View West Alona Tamiami Canal 'r . rg�v� .�� ., . .- -i ft'IMIM; Photo 5 - Fairwav View Lookina North MPhoto 6 - 3" Hole Lookina East Photo 7 - Fairwav View Photo 9 - Fairwav View r., Photo 8 - 5th Hole Lookina South Photo 10 -Fairwav View Photo 1 1 - Clubhouse from 18'h Hole MPhoto 12 - NW 37'h Ave. Lookina South Executive Summary Executive Summary Property Name Melreese Golf Course Location 1802 Northwest 37th Avenue, Miami, Miami -Dade County, Florida 33125 Highest and Best Use As If Vacant Mixed-use multi -family, office, retail & logistics business park As Improved Interim use golf course with future mixed-use redevelopment Property Rights Appraised Fee Simple Estate Date of Report May 21, 2018 Date of Inspection May 8, 2018 Estimated Exposure Time 6 to 12 Months Estimated Marketing Time 6 to 12 Months Land Area 131.07 AC 5,709,575 SF Zoning - Existing CS, Civic Space Zoning - Proposed SAP, Special Area Plan Improvements - Existing Property Type Land (Mixed -Use) Number of Buildings 4 Number of Stories 1 Gross Building Area 10,470 SF Year Built 1972, 2007 & 2009 Condition Good Buyer Profile Developer VALUATION Market Value As Is On May 8, 2018 Total Per SF Cost Approach Not Applicable --- Sales Comparison Approach $160,000,000 $28.02 Income Approach - Rent Multiplier Method $8,400,000 $1.47 Income Approach - Market Rent Comparison $8,565,000 $1.50 CONCLUDED MARKET VALUE Appraisal Premise Interest Appraised Date of Value Value As Is Fee Simple Estate May 8, 2018 $160,000,000 As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $8,500,000 As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $1.49/PSF Compiled by CBRE STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT) Strengths/ Opportunities • The subject is located immediately east of the Miami International Airport. Melreese Golf Course, Miami, Florida vii CBRE 2018 C BRr, Inc Executive Summary • The subject is an in -fill, urban location with potential for higher density, mixed-use development, subject to a voter referendum, land use amendment & rezoning the site to SAP, Special Area Plan rezoning. • The subject topography is improved at or above road grade with a higher percentage of uplands versus water hazards. Weaknesses/ Threats • The voter referendum, land use amendment & rezoning process could take 12 -to -24 month and will likely have opposition & protest from the neighboring residential community. • The City of Miami has an obligation to maintain parks & recreation areas for the public good with a zero -net loss policy within the city limits. However, parks & recreation areas can be mitigated by on-site open space requirements, the retention of a 9 -hole golf course use, and through off-site mitigation. • Any land use amendment, rezoning & future development will be height restricted by the FAA based on proximity to the Miami International Airport. EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." ' • We requested, but did not receive a Phase I environmental or a geotechnical subsurface assessment. Therefore, all our analysis and value conclusions could be impacted and subject to revision if any of these due diligence items are provided after -the -fact. • Our analysis and value conclusions assume the City of Miami can readily achieve a voter referendum, a land use amendment & rezoning of the site to SAP, Special Area Plan necessary to develop the subject site to a higher density, mixed-use. If not, our analysis and value conclusions will be impacted and we reserve the right to amend this report accordingly. • The use of these extraordinary assumptions may have affected the assignment results. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purposes of analysis." 2 • None noted. OWNERSHIP AND PROPERTY HISTORY Title to the property is currently vested in the name of City of Miami Department of P&D Asset Management Division and the existing Melreese Country Club is managed by DeLucca 1 The Appraisal Foundation, USPAP, 2018-2019 Z The Appraisal Foundation, USPAP, 2018-2019 Melreese Golf Course, Miami, Florida CBRE Executive Summary Enterprises, Inc. since 1972. The Melreese Country Club was established in 1942 with no transactions or conveyances reported since then. However, we did not perform nor were we provided with a title abstract. According to historic accounts and recent media, the Melreese golf course was designed by Charles Mahannah and Dick Wilson and opened in 1961 as the only city -owned course in Miami. It is one of the few municipally owned businesses in Miami that is expected to break even on a budget of $3.5 million. The course underwent an extensive renovation in 1996-97 and again in 2014. Greens fees are priced at $35 for residents and reports approximately 40,000 rounds played a year. It also features a two-sided driving range, indoor hitting bays, a learning center and classroom space. At present, it is our understanding that the David Beckham led investor group is considering the Melreese golf course as one of several potential sites for the 25,000 -seat Major League Soccer (MLS) stadium. However, any change in use would require a voter referendum, a land use amendment, rezoning and mitigation to off -set the loss of any parks & recreation land within the city limits. EXPOSURE/MARKETING TIME Current appraisal guidelines require an estimate of a reasonable time in which the subject could be brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure time always precedes the date of value, with the underlying premise being the time a property would have been on the market prior to the date of value, such that it would sell at its appraised value as of the date of value. On a prospective basis, the term marketing time is most often used. The exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of time alone. In consideration of these factors, we have analyzed the following: • exposure periods for comparable sales used in this appraisal; • exposure/marketing time information from the CBRE, Inc. National Investor Survey and the PwC Real Estate Investor Survey; and • the opinions of market participants. The following table presents the information derived from these sources. EXPOSURE/MARKETING TIME DATA Investment Type Comparable Sales Data Local Market Professionals CBRE Exposure Time Estimate CBRE Marketing Period Estimate CBRE National Investor Survey & PwC Real Estate Survey ix Melreese Golf Course, Miami, Florida Exposure/Mktg. (Months) Range Average 6.0 - 12.0 9.0 6.0 - 12.0 9.0 6 to 12 Months 6 to 12 Months CBRE Table of Contents Table of Contents Certification SubjectPhotographs............................................................................................................ ii ExecutiveSummary ............................................................................................................vii Tableof Contents.................................................................................................................x Scopeof Work..................................................................................................................... 1 AreaAnalysis...................................................................................................................... 6 NeighborhoodAnalysis....................................................................................................... 9 SiteAnalysis...................................................................................................................... 17 Zoning.............................................................................................................................. 22 Tax and Assessment Data.................................................................................................. 26 Highestand Best Use........................................................................................................ 27 LandValue........................................................................................................................29 Income Approach — Fair Market Rent Analysis.................................................................... 36 Assumptions and Limiting Conditions................................................................................ 40 ADDENDA r\ Land Sale Data Sheets B Legal Description C Client Contract Information D Qualifications Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc X CBRE Scope of Work Scope of Work This Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied. INTENDED USE OF REPORT This appraisal is to be used by the client, the City of Miami and its elected officials for internal decision making regarding the potential to lease a portion of the site to a third party, and no other use is permitted. CLIENT The client is the City of Miami. INTENDED USER OF REPORT This appraisal is to be used by the City of Miami and its elected officials, and no other user may rely on our report unless as specifically indicated in the report. Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the appraisal are not necessarily intended users. The appraiser's responsibility is to the intended users identified in the report, not to all readers of the appraisal report. s PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property. DEFINITION OF VALUE The current economic definition of market value agreed upon by agencies that regulate federal financial institutions in the U.S. (and used herein) is as follows: 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: 3 Appraisal Institute, The Appraisal of Real Estate, 10 ed. (Chicago: Appraisal Institute, 2013), 50. Melreese Golf Course, Miami, Florida CBRE Scope of Work 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. a INTEREST APPRAISED The value estimated represents fee simple estate as defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.5 Leased Fee Interest - The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires.' Leasehold Interest - The tenant's possessory interest created by a lease.' Extent to Which the Property is Identified The property is identified through the following sources: • postal address • assessor's records • legal description Extent to Which the Property is Inspected The extent of the inspection included the following: clubhouse interior, on-site & off-site areas and the surrounding environs. Type and Extent of the Data Researched CBRE reviewed the following: • applicable tax data • zoning requirements • flood zone status • demographics • comparable sale, listing & rental data 4 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472. 5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6h ed. (Chicago: Appraisal Institute, 2015), 90. 6 Dictionary of Real Estate Appraisal, 128. 7 Dictionary of Real Estate Appraisal, 128. 2 Melreese Golf Course, Miami, Florida CBRE Scope of Work Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. For vacant land, the sales comparison approach has been employed for this assignment. Data Resources Utilized in the Analysis DATA SOURCES Item: Source(s): Site Data Size Legal description & survey Improved Data Building Area Public records & Miami -Dade County Property Appraiser No. Bldgs. Public records, Miami -Dade County Property Appraiser & observation Parking Spaces Field count Year Built/Developed Public records Economic Data Deferred Maintenance: Not applicable Building Costs: Not applicable Income Data: Not applicable Expense Data: Not applicable Other Land Use & Rezoning City of Miami Planning & Zoning Department Compiled by CBRE APPRAISAL METHODOLOGY In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Depending on a specific appraisal assignment, any of the following four methods may be used to determine the market value of the fee simple interest of land: • Sales Comparison Approach; • Income Capitalization Procedures; • Allocation; and • Extraction. The following summaries of each method are paraphrased from the text. The first is the sales comparison approach. This is a process of analyzing sales of similar, recently sold parcels in order to derive an indication of the most probable sales price (or value) of the property being appraised. The reliability of this approach is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data regarding size, price, terms of sale, etc., (c) the degree of comparability or extent of adjustment necessary for differences between the subject and the comparables, and (d) the absence of nontypical conditions affecting the sales price. This is the primary and most reliable method used to value land (if adequate data exists). Melreese Golf Course, Miami, Florida 3 CBRE 2018 C BRr, Inc Scope of Work The income capitalization procedures include three methods: land residual technique, ground rent capitalization, and Subdivision Development Analysis. A discussion of each of these three techniques is presented in the following paragraphs. The land residual method may be used to estimate land value when sales data on similar parcels of vacant land are lacking. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium among the agents of production--i.e. labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: 1) building value is known or can be accurately estimated, 2) stabilized, annual net operating income to the property is known or estimable, and 3) both building and land capitalization rates can be extracted from the market. Building value can be estimated for new or proposed buildings that represent the highest and best use of the property and have not yet incurred physical deterioration or functional obsolescence. The subdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel. In this method, an appraiser determines the number and size of lots that can be created from the appraised land physically, legally, and economically. The value of the underlying land is then estimated through a discounted cash flow analysis with revenues based on the achievable sale price of the finished product and expenses based on all costs required to complete and sell the finished product. The ground rent capitalization procedure is predicated upon the assumption that ground rents can be capitalized at an appropriate rate to indicate the market value of a site. Ground rent is paid for the right to use and occupy the land according to the terms of the ground lease; it corresponds to the value of the landowner's interest in the land. Market -derived capitalization rates are used to convert ground rent into market value. This procedure is useful when an analysis of comparable sales of leased land indicates a range of rents and reasonable support for capitalization rates can be obtained. The allocation method is typically used when sales are so rare that the value cannot be estimated by direct comparison. This method is based on the principle of balance and the related concept of contribution, which affirm that there is a normal or typical ratio of land value to property value for specific categories of real estate in specific locations. This ratio is generally more reliable when the subject property includes relatively new improvements. The allocation method does not produce conclusive value indications, but it can be used to establish land value when the number of vacant land sales is inadequate. The extraction method is a variant of the allocation method in which land value is extracted from the sale price of an improved property by deducting the contribution of the improvements, which is estimated from their depreciated costs. The remaining value represents the value of the land. Value indications derived in this way are generally unpersuasive because the assessment ratios may be unreliable and the extraction method does not reflect market considerations. For the purposes of this analysis, we have utilized the sales comparison approach and the income approach. In the sales comparable approach, we have researched & analyzed similar 4 Melreese Golf Course, Miami, Florida CBRE Scope of Work comparable land sales within the immediate submarket area and the broader south Florida region. In regard to estimating the fair market rent of the subject property, we have surveyed the market and researched large business park and retail ground lease rent comparables for direct comparison to the subject property As Is via the income approach. 5 Melreese Golf Course, Miami, Florida CBRE Area Analysis copyrights Moody's Economy.com provides the following Miami -Miami Beach -Kendall, FL metro area economic summary as of Feb -18. Area Analysis MIAMI -MIAMI BEACH-KENDALL, FL - ECONOMIC INDICATORS Indicators 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gross Metro Product (C09$ Bil) 105.0 106.3 108.4 111.1 115.0 117.1 120.0 125.9 133.4 136.8 142.9 149.1 % Change 0.2 1.2 2.0 2.5 3.6 1.8 2.4 5.0 5.9 2.6 4.4 4.4 Total Employment (Ths) 1,0073 1,0313 1,0565 1,0893 1,125 8 1,1577 1,1819 1,2110 1,2355 1,244 6 1,2489 1,264 2 % Change 2.2 2.4 2.4 3.1 3.4 2.8 2.1 2.5 2.0 0.7 0.3 1.2 Unemployment Rate (%) 9.4 8.3 7.5 6.8 5.9 5.4 4.9 4.2 3.9 4.4 5.1 5.3 Personal Income Growth (%) 4.8 2.6 0.4 7.8 7.8 2.8 4.2 5.8 7.2 6.0 5.6 6.0 Median Household Income ($ Ths) 41,9 42.2 42.6 43.2 44.6 45.9 47.5 49.5 51.8 53.7 55.2 57.1 Population (Ths) 2,5734 2,607 6 2,6417 2,6685 2,695 7 2,7188 2,747 4 2,7835 2,8211 2,858 3 2,8953 2,932 4 % Change 2.6 1.3 1.3 1.0 1.0 0.9 1.1 1.3 1.3 1.3 1.3 1.3 Net Migration (Ths) 53.1 21.0 21.5 16.3 13.1 16.0 18.6 26.3 27.9 27.8 27.7 28.0 Single -Family Permits (#) 962.0 1,819 0 2,2660 2,0770 2,800 0 2,8730 2,2831 3,9393 5,8363 6,3581 7,0219 7,168 2 Multifamily Permits (#) 1,6560 3,250 0 8,0500 5,6540 9,817 0 6,4440 7,562 8 3,8633 4,4513 5,936 6 6,0429 6,696 8 Fhfa House Price (1995Q1=100) 182.7 185.6 207.4 232.9 256.0 281.4 303.3 307.3 300.0 295.7 294.8 297.2 Source: Moodys Economy.com RECENT PERFORMANCE Economic growth in Miami -Miami Beach -Kendall (MIA) has stalled. The area's unemployment rate was unchanged over the last six months of 2017 as average hourly wages grew by an unimpressive 1.5% last year. Despite creating plenty of mid -wage jobs in wholesale trade, transportation and utilities, wage growth suffered because MIA is losing high -wage jobs in Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc CBRE Area Analysis finance. Labor market troubles are beginning to weigh down the housing market. For the first time since 2011, house price appreciation in MIA fell short of the national average last year. LEISURE AND HOSPITALITY Jobs and income in leisure and hospitality will accelerate over the next few quarters as tourism in MIA recovers from the blow delivered late in 2017 by Hurricane Irma. But growth will eventually slow as rising interest rates in the U.S. strengthen the dollar, making travel to MIA more expensive for overseas visitors and trips to foreign destinations more appealing for Americans. Further ahead, a pullback is also likely when the economic expansion, which is already the third - longest in U.S. history, comes to an end. CRUISE CONTROL Though growth will slow, the outlook for leisure and hospitality in MIA is not as grim as the nationwide forecast because local tourism is buttressed by the behemoth cruise industry. Last year, PortMiami broke its own 1 -year-old world record and welcomed 5.3 million passengers. The current fiscal year should be even busier than the last, as Royal Caribbean's 6,700 -passenger Symphony of the Seas, the world's largest cruise ship, starts sailing from the port in the fall. The growing cruise industry is also good news for jobs in professional services; MIA is the headquarters of Carnival Corp., Royal Caribbean Cruises Ltd., and Norwegian Cruise Line Holdings Ltd., the world's three largest cruise lines. AMAZON HQ2 MIA joined the list of 20 finalists that Seattle -based Amazon selected in its widely publicized search for a second headquarters because of the area's many advantages. Amazon is a logistics behemoth, and MIA is a leading distribution center -Miami International is the nation's second - busiest airport as ranked by metric tons of international freight, and PortMiami is the only East Coast port south of Virginia capable of docking the largest ships that can navigate through the recently expanded Panama Canal. MIA is also an international gateway. The metro division is the only area in the U.S. where the majority of residents are foreign -born, and the airport is the nation's second -busiest hub for international travel. Like all Florida cities, MIA boasts no state or local income taxes and a warm business and meteorological climate. But MIA also features significant drawbacks. Because of strained budgets and political opposition to "corporate welfare," state and local officials are unlikely to offer Amazon an incentive package on par with other metro areas. And though MIA offers Florida's most extensive public transportation system, commuter and metro rail service lags compared with the cities in the Northeast Corridor. Finally, within the continental U.S., no two major cities are farther apart than MIA and Seattle. Though this great distance provides an advantage from geographic diversity, the travel costs and time required to shuttle senior executives between these far-flung locations could hurt MIA. Melreese Golf Course, Miami, Florida CBRE 2018 C BRr, Inc Area Analysis CONCLUSION Tourism in Miami -Miami Beach -Kendall will rebound in the short run, but then it will face new headwinds from unfavorable exchange rates. However, the cruise industry will be a source of low- and high -wage jobs. In the long run, MIA's international character and high -skilled, bilingual workforce will help it best the U.S. in income growth. Melreese Golf Course, Miami, Florida 2018 C BRr, Inc E CBRE Neighborhood Analysis Neighborhood Analysis m BI b' tl Av _ Mnr fi3 d 5[ 3 0 I~ qq ti `a �m MN 62nd D A e .& ,@p Merin 1 � � INN fi011 - LT rty Cay R Ave m P _ 611 - 5 51 n h 51 3 ;_ e sn aE 4th Shin _ W 51 - o _ �- Hle R eves Sr Blvd N � 54thStl 5 ve Helee, Dr N 12 - 9. w 1 pr y 4 D o = Pnn9m g 5OIM1 Si JdA46 ,D- I CM1 les MN rt Payne DrI� H tlIe MN • z Cwytlon 9r o Perk M/U 3 < I A o �" � ¢ _-✓1 Q� o � � 0.51, � Inv 43 J'- �,m Has S_ ze a, s tlLDr MN 41 $7. SY r 3 12IBI a 27 r M34tf P' Bvo D rel BJ$q poral p dens p tL� o 898 3 _ c Il I r M/V 31 S a A � 3 �t2 n i 2511 51 5 6 ct Property NN 1802 NW 3][h Ave W 25t1 SY _ ` s Mlaml, R33 L2S 12151 TPn_ �_ MN 216151 OBER ES �y" i N 19m Terrace v . 1161, Terrace n' 51 nnN Rh S 1 _ Iwv at 14th ry4ih 5[ m c � ¢ n MN 51 m � " u' [h �pp51 ¢.ryVY 121, _ — _ 1 , Spycaee H IfrST h 5[ 'nGltleA�'e lake 3 W 811 SY Blh St 2 R'! F" 61n 51 i NJV LSL 1ih 51 o NW 111 SY NVV ]in A4 TIfsabines WaY ISN 4th S7 � m c' NiN "d 51 7 Lake Mahar 1NU 3rd SY a on c � Perkf 1 FIIa � � mo6nr Flaglerl a 7 i2hM.s __ W F 51 F 51 W FIa91er LOCATION M/V The subject property is located along the northwest quadrant of NW 14`" Street and NW 37'" Avenue in the City of Miami. This location is approximately 6 -miles northwest of the downtown Miami central business district (CBD) and immediately across the way from the Miami International Airport on the east side of NW 42nd Avenue (LeJeune Road). BOUNDARIES The neighborhood boundaries are detailed as follows: • North: Miami River • South: SW 8`" Street (Tamiami Trail/State Road 7/US Highway 41) • East: Interstate 95 and downtown Miami CBD & Biscayne Bay • West: N.W. 42nd Avenue/Lejeune Road and Miami International Airport LAND USE Land uses within the immediate submarket area consist primarily of older, single family residential homes including the Grapeland Heights subdivisions to the east. The Grapeland Heights community dates to the 1940s & 1950s and best described as small, rambler style housing with 2 to 4 -bedroom floor plans, 1,000 to 2,000 square feet of living area and 6,000 to Melreese Golf Course, Miami, Florida CBRE © 2018 CBRE, Inc Neighborhood Analysis 8,000 square foot lots. Recent sale transactions reported in the range of $245,000 to $320,000 and there are multi -family, duplexes interspersed throughout the neighborhood. Commercial development is centered along the prime east/west thoroughfares of Flagler Street and SW 8th Street, SW 7th Street, and NW 7th Street, as well as, the prime north -south thoroughfares of N.W./S.W. 27th Avenue, N.W. 37'" Avenue and N.W./S.W. 42nd Avenue, (Lejeune Road). The residential uses to the south of NW 14th Street and the subject locale consist of single family subdivisions built during the 1950's and 1960's. The same time of development pertains too much of the commercial structures in the neighborhood. Uses along Flagler Street and S.W. 8th Street include older hotels, restaurants, retail buildings, and service business uses. Because of the built -out nature of the neighborhood, most of the new development has resulted from renovation or demolition and redevelopment of older structures. Most redevelopment has taken place in closer proximity to downtown Miami, though there has been renovation and redevelopment moving west in & around the subject neighborhood. In addition, there has been new higher density residential developments along the Miami River, which is a deep -water impetus for maritime activity, including marinas, shipping terminals, boat repair facilities and commercial fisherman wharfs along the Miami River and Tamiami Canal working waterfront. However, newer high-rise residential and mixed-use projects have been constructed along the Miami River in the past decade including Latitude on the River, Mint at Riverfront, Neo Vertika, River Oaks Marina & Tower, Terrazas Miami and the under construction mixed-use, vertical retail center identified as River Landing further down river and located in the Health District. The Miami International Airport anchors the submarket immediately to the west of the subject property. The Miami International Airport handles flights to cities throughout the Americas and Europe, as well as cargo flights to Asia, and is South Florida's main airport for long-haul international flights, although most domestic and low-cost carriers use Fort Lauderdale - Hollywood International Airport and Palm Beach International Airport, which charge significantly lower fees to tenant airlines. Miami is a major gateway between the United States and Latin America, and, along with Atlanta's Hartsfield -Jackson Airport, Miami is one of the largest aerial gateways into the American South, owing to its proximity to tourist attractions, local economic growth, large local Latin American and European populations, and strategic location to handle connecting traffic between North America, Latin America, and Europe. In the past, it has been a hub for Braniff International, Eastern Air Lines, Air Florida, the original National Airlines, the original Pan Am, United Airlines, and Iberia. As an international gateway to the United States it ranks third, behind New York -JFK in New York City and LAX in Los Angeles. Miami is also the proposed hub of two new start-up airlines, one which hopes to use the Eastern Airlines name. Melreese Golf Course, Miami, Florida 1° CBRE 2018 C BRr, Inc Neighborhood Analysis More recently, the Miami Intermodal Center (MIC) located just east of the Miami International Center and due north of the subject property is a $2 billion ground transportation hub is being built by the Florida Department of Transportation. The MIC Program consists of several components including major roadway improvements, a reconfigured Le Jeune Road, completed in May 2008; the user-friendly Rental Car Center which opened for business in July 2010; the MIA Mover which became operational in September 2011 and connects MIA to the Rental Car Center; the Miami Central Station which opened in April 2015 currently offers connections to Tri -Rail and Greyhound services with Amtrak services scheduled to start in the fall of 2017; and Joint Development which is currently being explored. Another notable land use in the Miami International Airport submarket is the Waterford at Blue Lagoon office park, which is a 250 -acre master planned business park that runs along the south side of State Road 836/Dolphin Expressway with mid -rise corporate office buildings overlooking the Miami International Airport and the Blue Lagoon/Tamiami Canal water feature. Waterford is a phased office park owned by TIAA-CREF and developed by the Hogan Group, and home to more than 200 well-known companies comprising regional, national, and international firms such as Burger King, Canon, Xerox, Estee Lauder, Federal Express, Johnson & Johnson, Oracle, Sony, Miami Children's Hospital, Verizon Wireless, Breitling USA, Inc., Yves Saint Lauren Beaute, Bank of America, FirstBank Florida, The Discovery Channel Latin America, Ford Motor Company, Komatsu America, , Royal Caribbean Cruise Lines, Seabourn Cruise Lines, Sharp Electronics, and other notable firms. In the following table, is a summary of Waterford at Blue Lagoon, as well as, other notable office buildings, including the Airport Corporate Center buildings located immediately west of the Miami International Airport and just north of the subject property's location. Melreese Golf Course, Miami, Florida >> CBRE 2018 C BRr, Inc Neighborhood Analysis Availability and Vacancy Building List Building Address I Ele I Rentable Bldg Area Wert SF Vacant dret y Vacant I Total SF Vacant f Total Vacant � Total SF Available �Direct SF Available Sublet SF Available I IMax sr Ca1ti Rate I A� 5040 NW 7th St 82.763 20,379 24,6% 20,379 24.6% 20,379 20.379 0 6.732 525,00115 7270 NW 1281 St 86.475 10,740 12.4% 10,740 12.4% 28,494 24,243 2,251 5,046 S24.001ng 7925 NW 1281 St 70,142 14,950 21.3% 14,950 21,3% 18,045 18,045 0 5,521 $23.00Rs 7955 NW 1281 St 69,871 13,052 18.7% 13,052 18.7% 13,052 13,052 0 6,755 $23.00ffs 8095 NW 12th St 41,878 0 0.0% 0 0.0% 5.304 2,304 0 3,000 $24.50/fs 8175 NW 1281 St 65,921 1,600 2.4% 1,600 2.4% 7,269 7,269 0 5,669 $23.00ffs 8301-8391 NW 1241 St 124,121 4,905 4.0% 4,905 4.0% 4,905 4,905 0 1,358 $25.00ffs 8600 NVH 171h St 63.240 19.711 312% 19.711 31.2% 22 210 19.711 2,499 19.711 S25.19ffs 780 NW 42nd Ave 110,000 0 O.❑ % 0 0.01A ❑ 0 0 D - 782 NW 42nd Ave 278,OOD 0 0.0% 0 0.0% 9,662 9,662 ❑ 9.662 - 850 NW 42nd Ave 0 ❑ - 0 - ❑ ❑ ❑ 0 - 701-707 N1N 571h Ave 31,407 2,340 7.5% 2,340 7.5% 2,340 2,340 ❑ 2,340 $20.00Inm 815 NW 57th Ave 90,026 11,858 132% 11,858 13.21% 13,458 13,458 ❑ 3,995 $27.001n 1000 NW 5781 Ct 247,000 36,005 14.6% 37,467 15.2% 53,707 36,005 17,702 16,240 $24.021nm 1004 NW 65th Ave 200,000 0 0.0% 0 0.0% 0 0 0 0 1150 NW 72nd Ave 74,331 30,177 40.6% 30,177 40.6% 31,507 31,507 0 8,139 $22.00/mg 1200 NW 7881 Ave 58,844 0 0.0% 0 0.0% 0 0 0 0 S23.DOi15 5200 Blue Lagoon Dr 250,920 16,144 6.4% 16,144 6.4% 24,324 24,324 0 13,009 $22.531nm 5201 Blue Lagoon Dr 210384 16,543 7.8% 16,543 7.8% 24,739 14,739 0 5,840 $22.00lnm 5301 Blue Lagoon Dr 204,887 0 0.0% 0 0.0% 0 0 ❑ D 5505 Blue Lagoon Dr 212,619 0 0.0% 0 0.0% 211,829 211,829 0 211,829 5707 Blue Lagoon Dr 0 0 - 0 - 0 0 0 0 5757 Blue Lagoon Dr 64,891 13,484 20.8% 13,484 20.8% 13.484 13,484 0 7,811 $20.50/nnn 5775 Blue Lagoon Dr 60,338 11,133. 18.5% 11,133 18.51A 13,506 13,506 0 8,700 $20.441nnn 5805 Blue Lagoon ❑r 60,338 19,983 33.1% 19,983 33.1% 20,998 19,983 1,015 11,688 $20.501nnvt 5835 Blue Lagoon Dr 57,565 10,.139 17.6% 10,139 17.6% 13,383 13,383 0 5,580 $29.52Rs 5959 Blue Lagoon €A 78,374 1,583 2.0% 1,583 2.0% 1,583 1,583 0 1,583 $30-DO/Is 6 10 Blue Lagoon Dr 165,963 5,278 3.2% 5,278 32% 5,278 5,278 0 1,953 $20.501nnn 6101 Blue Lagoon Dr 89,015 0 OA% 0 0.0% 0 0 0 0 6161 Blue Lagoon Dr 89,081 0 0.0% 0 0.0% 0 0 0 0 6205 Blue Lagoon Dr 91,000 0 0.0% 0 0.0% 17,076 7,715 9,361 5,741 $24.50/nnn 6303 Blue Lag don Dr 163,445 21,488 13.1% 21,488 13.1% 28,000 23,000 0 6,298 $20.471nnn 6505 Blue Lagoon Dr 178.287 11,946 6.7% 331344 18.7% 38,355 16,957 21,398 21.398 $20.501nnn 7200 Corporate Center Or 92,306 5,326 5.8% 5,326 5.8% 13,840 13,840 0 7,622 $20.081nnn 7205 Corporate Center Dr 80,866 12,321 16.2% 12,321 16.2% 20,557 20,557 0 12,561 $20.171nnn 7300 Corporate Center Dr 241,594 6,697 2.8% 6,697 2.8% 6,697 6,697 0 6.607 $23.001nnn 7600 Corporate Center Dr 140,045 27,059 19.3% 27,059 19.30A 31,276 31,276 0 26,261 $23.001nnn 7665 Corporate Center Dr 125,808 0 0.0% 0 0.0% 0 0 0 0 7650 NW Corporate Center Dr 125,822 0 0.0% 0 0.0°ia 0 0 0 0 351 NW Le Jeune Rd 87,422 0 0.096 0 0.0% 1,744 0 1,744 1,744 $22,701+ubi 701 Waterford My 247,000 0 0.0% 0 0.0% 15,939 0 15.939 15.939 $24,001nnn 703 Waterford Way 247.000 13,832 5.6% 16,585 6.7% 18,249 15,496 2,753 5,673 $24,001nnn 800 Waterford Way 246,085 134,700 54.7% 134,700 54.7% 98,398 98,398 0 40,048 $27,941nnn Grand Totals (43 Bldgs) 5,305,474 493,373 9.3% 518,986 9.8% 647,587 754,925 74,662 211,829 $30.09/fs CBRE CoWglr a report ltt "d to CBRE- 107895 4126 1e 9 i As noted, there is approximately 5.305 million square feet of existing Class A & B office space in the immediate vicinity of the subject property, of which a total of 518,986 -SF or 9.3% is vacant and available "for lease" with the majority in the range of $23.00 to $30.00 per square foot, on a full-service basis, and -or $20.00 to $24.50 per square foot on a triple net basis. Melreese Golf Course, Miami, Florida 12 CBRE © 2018 CBRE, Inc Neighborhood Analysis GROWTH PATTERNS Growth patterns have occurred from the 1940s through present with single family subdivision, commercial retail & service businesses, and more contemporary corporate office deliveries dating back to the 1970's, 1980's, 1990's through the 2000's including recently completed limited service and suite hotels that service the airport and business travelers; condominium conversions, i.e. rental apartments to condominium ownership & reconversion back to rental; retail shopping center renovations and new developments, such as, the recently completed Keystone Shoppes located at 190 NW 42nd Avenue and the proposed Blue Lagoon Shoppes to be located at 1 101 NW 57`" Avenue. ACCESS Primary access to the subject neighborhood is provided by State Road 836/Dolphin Expressway, the NW 14th Street exit and N.W. 37th Avenue (Douglas Road). Regional access is considered excellent with the area bracketed by some of the major South Florida Highways, including the Florida Turnpike (toll road) to the west; Interstate 95 to the east and the Airport Expressway (State Road 1 12) to the north. However, the single largest influence for the subject property and submarket is the Miami International Airport (MIA), situated on the north side of State Road 836/Dolphin Expressway, between the Palmetto Expressway (State Road 826) and LeJeune Road (N.W. 42nd Avenue). It is the economic hub of the entire region, including international travel and cargo logistics, while supporting the Doral/Airport West industrial submarket to the west and the downtown Miami/Brickell Avenue financial submarket to the east. Local east/west access in the subject area is provided by West Flagler Street, NW 7th Street, NW 20th Street and NW 14th Street. Local north/south access is provided via NW 12th Avenue, NW 17th Avenue, NW 22nd Avenue, NW 27th Avenue, NW 37`" Avenue, NW 42nd Avenue and NW 57'" Avenue. Access to the downtown Miami CBD is provided via a mass transit system known as Metrorail and the Metromover. The Metrorail is an elevated track train system, which extends north and west to the City of Hialeah and south to the Dadeland area of unincorporated Miami -Dade County. The Metromover is a remote controlled elevated track vehicle system, which provides local transportation in and out of the Central Business District. Finally, the Miami River is a restricted deep -water access waterway that navigates down river to the Biscayne Bay, the Port of Miami and the Atlantic Ocean. Small pleasure boat and cargo freighters navigate the Miami River via draw bridges at Brickell Avenue, Miami Avenue, the FEC railway tracks, S.W. 2nd Avenue and S.W. 1st Street. The Interstate 95 off -ramps are fixed bridges. Melreese Golf Course, Miami, Florida 13 CBRE 2018 C BRr, Inc Neighborhood Analysis Overall, regional and local access to and throughout the subject neighborhood is considered good by land and air & sea, which provides a strategic benefit to the subject property. DEMOGRAPHICS Selected neighborhood demographics in 1-, 3-, and 5 -mile radii from the subject are shown in the following table: SELECTED NEIGHBORHOOD DEMOGRAPHICS 1802 NW 37th Avenue 1 Mile 3 Miles 5 Miles Miami, FL Population 2022 Total Population 17,305 274,747 710,971 2017 Total Population 16,761 261,852 668,943 2010 Total Population 16,363 247,310 607,293 2000 Total Population 16,628 235,053 566,305 Annual Growth 2017 - 2022 0.64% 0.97% 1.23% Annual Growth 2010 - 2017 0.34% 0.82% 1.39% Annual Growth 2000 - 2010 -0.16% 0.51% 0.70% Households 2022 Total Households 5,540 98,282 269,579 2017 Total Households 5,392 93,959 252,794 2010 Total Households 5,330 89,516 226,746 2000 Total Households 5,134 82,783 201,377 Annual Growth 2017 - 2022 0.54% 0.90% 1.29% Annual Growth 2010 - 2017 0.17% 0.69% 1.57% Annual Growth 2000 - 2010 0.38% 0.79% 1.19% Income 2017 Median Household Income $32,815 $28,769 $35,699 2017 Average Household Income $44,163 $45,484 $60,032 2017 Per Capita Income $14,497 $16,709 $23,187 2017 Pop 25+ College Graduates 1,471 32,354 125,002 Age 25+ Percent College Graduates - 2017 11.8% 16.9% 25.5% Source: ESRI Population growth slowed in the past decade in the wake of the national economic recession in 2007. However, the future growth projection will be positive and represented by urban, in -fill and redevelopment objectives going forward. CONCLUSION The neighborhood and submarket area is strategically located between the downtown Miami CBD and the Miami International Airport. The neighborhood is essentially mature and built out with older residential and commercial developments, and interspersed with a variety of newer residential condominium, rental apartment, convenience retail projects and renovation/ redevelopments opportunities. While the Miami River has been an impetus for development since the early 1900's, it is the proximity of the Miami International Airport that will continue to provide growth and redevelopment opportunities over the long term. 14 Melreese Golf Course, Miami, Florida CBRE SURVEY EXHIBIT BOUNDARY SURVEY SEE DETAL A -A CANAL Melreese Golf Course, Miami, Florida DETAL A -A W. 1�11Q Site Analysis GRA PELAND PARK (r4OT A PAR r) ZW 15 AE. M=— CBRE FLOOD PLAIN MAP National Flood Hazard Layer FIRMette grab 1s N MIAMI - C ADA 1UNTY L. NINCt' ItFtiRATED AREAS 9 21lo.11 T 51 P,a1 E c'r, T--.3 & R31 E S_F W v,1. I! (`CI'Y (IF NII ILME [=I 471;1 T3SIA1 E:_' 1 250 500 1,000 1,500 Melreese Golf Course, Miami, Florida 2C i8 C3,L, !,c -EL FEMA Ix1. E si, Digital Globe, Geo Eye, Earth Oar Geograp hics, CI,ESfRirbus S 115DA, IJSGS, A—GRID, IGN, andthe GIS U— Community Feet 16,000 Z5 12]5"N 2,000 IV. Site Analysis Legend Wrt hoot Bas¢ Fbod Ekret'wn (BFE) SPECIAL FLOOR'Nrth BFE.1 .111 HAZARD ARFAS Ragubtory Fbodursy rune xa, n, xv, vz. xx 02% Annual Chorea Flood Raza A. Areas M 1%annual cM1ercetlootl wfh anarage depth kss then one foot or mth d�aua areas of lass than one square mik zone x Fu[u re ContlRiore 1%Annual ® "—Fbw H—A runex )THEIR AR EAS OF �r rS k- ii,hhRd eded Rood Risk due to FLOOR HAZARD rtp Ar. with Flootl Ra N d uewlQvaeroneo O Ar�oi Minimal Flootl Hazy rtl ronex EHxtrve LOMB OTHER AR—Area ofUrcktarmined Fbod Hazardm.eo GENERAL ---- Inannel, 04wrtor3wrm serer sTRIICTIIREs mm�n law, Dike, or Fbwhvall Cress Sac[w rte wrth I%An nwl Chance —war se �faEa E—twn o- — — Cwstal T,..— Basa Food Ekvatwn L,-(BFE) Dmito Study Jur sdwtwn boundary — Cwstal Trarsea &aelme OTHER —Ronk Baseline FEATURES HytlrogrepM1r Feature Rgiwl Rem Aie ik bk � I] No D19%I Data Aaaikbk MAP PANELS ® Uh.—d Ths mapaomplie mth FEMAsstandardsforthe use of dVI flood maps if itis notvoid" tlescnbatl MI— T baso me p shorrn nom pi- mth FEMAY base rrm IF accuracy smMamk ThellootlF rtl iMornrehon stlerrvatl tluevt ly from the a uthoritatrve NFHLweb services Pres xkd by FEMA. Thb map asporwtl on S'19/2fYiHa[43410 PM aM tloes rest retlx1 charges or amendments subsaquentto this dawarxl me The N FHL and Mf—'Mor me[wn rimy charge or become supersetletl by new data Quer time Th, map image w -Id rf the oneor more of the WI—I rg map akmarrw do rest a p— M- —P ima�ry,flood -kbeb, kgend soak bar, map cwatwn data, common ay ek ntrfiars. FIRM penal number, and FIR M a .1—dew Map ire for mappetlantl unmWern ¢atl arses �nrrot be usetl for regelawry purpose CBRE Site Analysis Site Analysis The following chart summarizes the salient characteristics of the subject site. Physical Description Gross Site Area Net Site Area Primary Road Frontage Secondary Road Frontage Additional Road Frontage Additional Road Frontage Excess Land Area Surplus Land Area Shape Topography Average Daily Traffic Counts Zoning District - Existing Zoning District - Proposed Future Land Use Flood Map Panel No. & Date Flood Zone Adjacent Land Uses Comparative Analysis Visibility Functional Utility Traffic Volume Adequacy of Utilities Landscaping Drainage Utilities Water Sewer Natural Gas Electricity Telephone Mass Transit SITE SUMMARY 131.07 Acres 5,709,575 Sq. Ft. 131.07 Acres 5,709,575 Sq. Ft. NW 37th Avenue/Douglas Road 1,392 Feet Tamiami Canal 2,541 Feet NW 42nd Avenue 2,511 Feet NW 14th Street/State Road 836 1,237 Feet None n/a None n/a Rectangular Golf course with rolling hills & lakes NW 37th Avenue 28,000 NW 42nd Avenue 47,000 NW 14th Street/State Road 836 12,900 & 164,000 CS, Civic Space SAP, Special Area Plan Public Parks & Recreation 120650 0292 L 11 -Sep -09 AE Single family residential, hotel, commercial service businesses, Tamiami Canal, limited access highway & international airport Ratina Excellent from NW 37th Avenue, the Doplhin Expressway & NW 42nd Avenue Good Heavy commuter, local & air traffic Assumed adequate Good Assumed adequate Provider Adequacy City of Miami Yes City of Miami Yes Contract service Yes FPL Yes AT&T land lines Yes Miami -Dade Transit (MDT) bus service, Metrorail, Metromover, Tri -rail, Brightline & Greyhound bus Other Yes Detrimental Easements Encroachments Deed Restrictions FAA restrictions Reciprocal Parking Rights Source: Various sources compiled by CBRE If Melreese Golf Course, Miami, Florida Yes No Unknown X X X CBRE Site Analysis LOCATION The subject is on the west side of NW 37th Avenue and north of the Dolphin Expressway (State Road 836). LAND AREA The land area size was obtained via legal description and boundary survey provided by the client. The site is considered adequate in terms of size and utility. There is no unusable, excess or surplus land area. SHAPE AND FRONTAGE The site is generally rectangular and has adequate frontage along a primary north/south thoroughfare, as well as limited access highway frontage within the neighborhood. INGRESS/EGRESS Ingress and egress is available to the site via the NW 37th Avenue frontage with striped deceleration turn lanes. TOPOGRAPHY AND DRAINAGE The site is an undulating golf course terrain that is at & above street grade. The topography includes water hazards and a wetland near the 6th hole of the course. However, this not seen as an impediment to the development of the property. During our inspection of the site, we observed no drainage problems and assume that none exist. SOILS A soils analysis for the site was requested, but has not been provided for the preparation of this appraisal. According to the General Soil Map published by the City of Miami, the subject site is comprised of Udorthents, limestone substratum with 2 to 5 % slopes. In the absence of a soils report, and based on field observations, it is a specific assumption that the site has adequate soils to support the highest and best use. EASEMENTS AND ENCROACHMENTS There are no known easements or encroachments impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. Melreese Golf Course, Miami, Florida 18 CBRE 2018 C BRr, Inc Site Analysis COVENANTS, CONDITIONS AND RESTRICTIONS There are no known covenants, conditions or restrictions impacting the site that are considered to affect the marketability or highest and best use. However, the subject property is a municipal owned & operated golf course that will require a voter referendum, a land use amendment and rezoning to SAP prior to any future development. In addition, there are FAA height restrictions and residential land use restrictions. It is recommended that the client/reader obtain a copy of the current covenants, conditions and restrictions, if any, prior to making a business decision. UTILITIES AND SERVICES The site includes all municipal services, including police, fire and refuse garbage collection. All utilities are available to the site in adequate quality and quantity to service the highest and best use. ENVIRONMENTAL ISSUES The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. • Based on the existing golf course use and potential for arsenic and fertilizer run-off, we strongly recommend the client engage an experienced environmental engineer to perform a Phase I assessment. WETLANDS The subject property contains a small wetlands area between the 6`" & 7'h fairways and closer to the 6'" hole, as presented in the following golf course graphic. IN Melreese Golf Course, Miami, Florida CBRE ■7 NW 21 st Street NW 14th Street - Dolphin Expy. (836) ADJACENT PROPERTIES The adjacent land uses are summarized as follows: Site Analysis Lki Imz cca V( North: Tamiami Canal, the Sheraton Miami Airport Hotel & Executive Meeting Center and the Miami Intermodal Center (MIC) South: NW 14" Street, the Dolphin Expressway (State Road 836), single family residential subdivisions and a Marriott hotel East: The Grapeland Heights residential subdivision West: NW 42"d Avenue (LeJeune Road) and the Miami International Airport The adjacent properties are supportive of a built -out neighborhood with regional access & employment influences. Melreese Golf Course, Miami, Florida 20 CBRE 20i8 C3,L, !,c Site Analysis CONCLUSION The site is strategically situated to the east of the Miami International Airport with good off-site infrastructure, local & regional access and potential to be developed with a high density, mixed- use, subject to voter referendum, land use amendment & rezoning to SAP, Special Area Plan. 21 Melreese Golf Course, Miami, Florida CBRE Zoning The following chart summarizes the subject's zoning requirements. Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc 22 Zoning CBRE ZONING SUMMARY Zone CS, Civic Space Intended Use The civic category is intended to encompass land use functions predominantly of community -oriented purposes of objectives including those of not-for-profit organizations dedicated to arts and culture, education, recreation, religion, government and the like. Definitions Civic space is a zone with mainly outdoor area dedicated for functioning for community purposes. Transect Zone Description The civic zone consists of public use space and facilities that may contrast in use to their surroundings while reflecting adjacent setbacks and landscape. Permitted Uses; Allowed by Right Marina Allowed by Warrant Food service establishment, open air retail, community facility, recreational facility, religious facility and infrastructure & utilities. Allowed by Exception General commercial, marine related commercial established, childcare and learning center. Category Zoning Requirement Specific to Civic Space Zones Development in a Civic Space Zone should have a minimum 50% of it's perimeter enfronting a thoroughfare. Civic Space sites shall be entered directly from a thoroughfare. 1 or more buildings may be built in each Civic Space. Building Floor area shall not exceed 25% of the lot area of the Civic Space, and shall support the principal use of the Civic Space. Buildings shall conform to regulations of the most restrictive abutting Transect Zone, except as shown by the City of Miami's Parks and Public Spaces Master Plan. Other adjustments to the regulations shall be approved by process of Exception. All community facility and recreational facility uses shall be government owned or operated only. Supplemental Regulations; Boats, Houseboat & House Barge Occupancy of private pleasure crafts & houseboats shall not be allowed except for those specifically grandfathered and regulated by ordinance #10932, adopted October 24, 1991. Docks & Piers Extension docks & piers into Biscayne Bay are limited to 35 feet or up to a maximum 600 feet by Exception. Extension docks & piers into other waterways are limited to 10 feet or 10% of the width of the waterway, whichever is less. Open Air Retail Access to the site must be from a major thoroughfare. Distance separation of any open air retail shall be a minimum of 75 feet measured from any property within T-3, T4 -R, T5 -R or T6 -R zone. Operation limited to weekends and legal holidays for a maximum of 3 consecutive days between the hours of 7:00 AM and 7:00 PM. Provision of paved striping stalls & parking spaces and for on-site restroom facilities. Personal Wireless Service Facility Subject to requirements of Section 6.4. Helicopter Landing Pad Regulated by federal & state law, and may be permitted by Warrant subject to landing & take -off for dropping off and picking up passengers & cargo, but not for fueling, repair or long term parking or storage of helicopters. Unless used for emergency operations (police, fire & hospital) landings & take -offs are restricted to M -F 9:00 Am to 5 PM on parcels abutting T3, T4, T5 -R and T6 -R zones. Ground level sites shall be located away from buildings, trees or significant terrain features to avoid possible air turbulence. Rooftop sites shall be given priority over ground level sites in congested areas. Childcare Minimum of 35 square feet of usable indoor floor space per child on license. Minimum of 45 square feet of usable outdoor play area per child. A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor play area be less than 450 square feet. The minimum standard of outdoor play area does not apply for children under one veor of one. Off -Street Parking; Commercial 3 spaces per every 1,000 -SF of commercial space 1 bike space for every 20 vehicle spaces Ratio can be reduced within a TOD area or within a Transit Corridor area by up to 309% by process of Waiver; by 50% by process of Waiver & payment into a transit enhancement Trust Fund; or by 100% for any structure with an floor area of 10,000 -SF or less. Parking ratio can be reduced according to shared parking standard. Civic 1 space for every 5 seats of assembly uses 1 space for every 1,000 -SF of exhibition or recreation space 1 space for every staff member for recreational uses 1 space for every 500 -SF of building area for recreational uses 1 bike space for every 20 vehicle spaces Civic Support 1 space for every 1,000 -SF 1 space for every 5 -slips for marinas Educational 2 spaces for 1,000 -SF of educational space 1 bike space for every 20 vehicle spaces 1 space per staff member, 1 space for owner & 1 drop-off space per 10 clients cared for in childcare facilities Source: Miami 21, As Adopted -January 2018 Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc 22 Zoning CBRE Zoning According to interviews with the City of Miami Planning & Zoning Department and recent media report, the subject property is being considered as one of several potential sites for the 25,000 - seat Major League Soccer (MLS) stadium including peripheral development for a youth academy, restaurant, retail, office space and maybe the retention of a 9 -hole golf course. However, any change in use would require a voter referendum, a land use amendment, rezoning to SAP, Special Area Plan, and mitigation to off -set the loss of any parks & recreation land within the city limits. Based on Miami 21, an SAP, Special Area Plan is described in detail, as follows: 3.9 SPECIAL AREA PLANS The purpose of a Special Area Plan is to allow parcels greater than nine (9) Abutting acres in size to be master planned to allow greater integration of public improvements and Infrastructure, and greater flexibility to result in higher or specialized quality building and Streetscape design within the Special Area Plan. The purpose of a Special Area Plan further is to encourage the assembly and master planning of parcels greater than nine (9) Abutting acres in size, in order to provide greater integration of public and private improvements and Infrastructure; to enable Thoroughfare connectivity; to encourage a variety of Building Heights, massing and Streetscape design, and to provide high quality design elements, all to further the intent of this Code expressed in Article 2. 3.9.1 General a. The single or multiple owner(s) of Abutting properties in excess of nine (9) acres may apply for a rezoning to a Special Area Plan. b. A Special Area Plan shall be approved by the process of rezoning with or without Transect changes. c. A Special Area Plan shall assign Thoroughfares, Transect Zones and Civic Space Types, with appropriate transitions to Abutting areas. Guidelines for Thoroughfares and Public Frontages may be adjusted to the circumstances of the Special Area Plan. d. A Special Area Plan shall include a map of the Thoroughfares and Transect Zones, and the standards that deviate from the requirements of Article 5. e. A Special Area Plan shall assign at least five percent (5%) of its aggregated Lot Area to a Civic Space Type. Civic Building sites are to be located within or adjacent to Civic Space Types or at the axial termination of significant Thoroughfares. The developer shall be responsible for con- structing the public improvements within the Special Area Plan, including but not limited to the Civic Space Types and Thoroughfares. f. Development within the Special Area Plan shall be pursuant to a recorded development agreement that will establish the allocation of Thoroughfares and Civic Space Types and Building Area among the Building sites, and the creation and retention of the public benefits. 23 CBRE Melreese Golf Course, Miami, Florida Zoning g. Unless a Building is specifically approved as part of the Special Area Plan, any Building shall be reviewed by the Planning Director, after referral to and recommendation from the CRC for conformance to the Plan, prior to issuance of the Building Permit. h. A Special Area Plan may include: A differentiation of the Thoroughfares as a Primary -Grid (A -Grid) and a Secondary - Grid (B -Grid). Buildings along the A -Grid shall be held to the highest standard of this Code in support of pedestrian activity. Buildings along the B -Grid may be more readily considered for automobile -oriented standards allowing surface parking lots, unlined parking decks, and drive-throughs. The Frontages assigned to the B -Grid shall not exceed thirty percent (30%) of the total length within a Special Area Plan. For Frontages on the B -Grid, parking areas may be allowed in the Second Layer. 2. Retail Frontage requiring that a Building provide a Commercial Use at sidewalk level along the entire length of the Frontage. The Commercial Use Building shall be no less than seventy percent (70%) glazed in clear glass and provided with an Awning overlapping the sidewalk as generally illustrated in Article 4, Table 6. The first floor should be confined to Retail Use through the depth of the Second Layer. 3. Gallery or Arcade Frontage, requiring that a Building provide a permanent cover over the sidewalk, either cantilevered or supported by columns. The Gallery or Arcade Frontage may be combined with a Retail Frontage as shown in Article 4, Table 6. Gallery or Arcade Front- age within the First Layer may apply towards Open Space requirements. 4. Build -to -lines that differ from Transect Zone Setback requirement. 5. A Terminated Vista location, requiring that the Building be provided with architectural articulation of a Type and character that responds to the location. 6. A Pedestrian Passage, requiring a minimum ten (10) foot wide pedestrian access be reserved between Buildings. 7. A preservation plan acceptable to the Historic and Environmental Preservation Board for any historic resources in the area of the Special Area Plan. 8. Area Design Guidelines. 9. A parking management program that enables shared parking among public and private Uses. 10. Flexible allocation of development capacity and Height, excluding Density on individual sites within the Special Area Plan shall be allowed so long as the capacity or Height distribution does not result in development that is out of Scale or character with the surrounding area, and provides for appropriate transitions. 24 CBRE Melreese Golf Course, Miami, Florida Zoning ANALYSIS AND CONCLUSION Additional information may be obtained from the City of Miami elected officials and the City of Miami Planning & Zoning Department. For purposes of this appraisal, CBRE has assumed the information obtained is correct. Melreese Golf Course, Miami, Florida © 2018 CBRE, Inc 25 CBRE Tax and Assessment Data AD VALOREM TAX INFORMATION Assessor's Market Value Parcel Description 2016 2017 01-3132-000-0080 $2,516,482 $2,523,656 01-3132-000-0090 5,741,491 5,840,494 Subtotal $8,257,973 $8,364,150 Assessed Value @ 100% 100% $8,257,973 $8,364,150 General Tax Rate (per $100 A.V.) 2.182560 2.1 18420 Total Taxes Exempt Exempt Less: 4% Early Pay Discount Exempt Exempt Source: Assessor's Office Tax and Assessment Data Pro Forma $160,000,000 $160,000,000 65% $104,000,000 2.1 18420 $2,203,157 $2,115,031 The subject property is exempt from real estate property taxes based on municipal government ownership. However, if the subject property were sold -off to a third -party developer the exemption would be rescinded. In addition, under a ground lease scenario, the land component would remain exempt while any tenant leasehold improvements would be taxable, unless a non- profit or municipal government entity developed and operated the leasehold improvements. If the exemption is rescinded through sell-off, the local Assessor's methodology for valuation would be sales comparison and -or the recorded sale price. The next re -assessment of the subject is scheduled for January 1, 2019. In addition, the January 1, 2018 assessment has yet to be posted. Melreese Golf Course, Miami, Florida 26 CBRE 2018 C BRr, Inc Highest and Best Use Highest and Best Use In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financially feasible; and • maximally productive. The highest and best use analysis of the subject is discussed below. AS VACANT Legal Permissibility The legally permissible uses were discussed in the Site Analysis and Zoning Sections. The existing CS, Civic Space district zoning has limitations. However, the City of Miami is considering a voter referendum that would allow a land use amendment and rezoning to SAP, Special Area Plan, which allows for higher density, mixed-use development options, subject to FAA height restrictions. Physical Possibility The subject is adequately served by utilities, and has an adequate shape and size, sufficient access, etc., to be a high density, mixed-use site. There are no known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development). Existing structures on similar sites have been approved and -or developed to densities as high as 0.28 to 0.68 FAR (floor -area -ratio), as per the comparable land sales analyzed in this appraisal. In addition, The Landing at MIA is a mixed-use business park located on the west side of the airport and east of the Palmetto Expressway (State Road 826) comprises 50.3 -acres and is improved with 1,050,761 -SF of Class A & B office building, single story office and warehouse buildings, which equates to an 0.48 -FAR. Considering these buildings are contemporary and built in the 1980s & 1990s, this would provide additional evidence for the physical possibility of development and potential density for the subject property based on SAP, Special Area Plan zoning district. Financial Feasibility The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. Development of new office buildings, strip retail, limited & full-service hotels and road improvements in & around the Miami International Airport has been booming. Melreese Golf Course, Miami, Florida 27 CBRE Highest and Best Use While we previously noted, the existing municipal owned & operated golf course is a breakeven endeavor, as well as, an underutilization of the subject property given the strategic location characteristics and potential for higher density development. Maximum Productivity - Conclusion The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land. Based on the information presented above and upon information contained in the neighborhood section of this report and the sales comparison analysis, we conclude that the highest and best use of the subject would be a high density, mixed-use business park with corporate office, retail & hotel components, surrounding generous open space including active parks & recreation land uses, such as a downsized golf course and -or practice driving range, subject to voter referendum, land use amendment & rezoning to SAP. AS IMPROVED Legally Permissible The site has been improved with a municipal owned & operated golf course that is a legal, conforming use. Physically Possible The layout and positioning of the improvements are considered functional for municipal golf course use. However, the strategic location and potential for higher density, mixed-use business park development clearly shows the existing municipal golf course use is an underutilization of the site. Financially Feasible & Maximally Productive - Conclusion The financial feasibility of any property is based on the amount of rent which can be generated, less operating expenses required to generate that income; if a residual amount exists, then the land is being put to a productive use. Based upon the income approach fair market rent conclusion, the subject has the potential to produce substantial positive net cash flow, as well as, expanding the municipal tax base and the creation of an employment center as a long-term ground lease investment to a third -party master developer and -or expansion of the Miami International Airport & aviation support services. Melreese Golf Course, Miami, Florida 28 CBRE 2018 C BRr, Inc Land Value Land Value The following map and table summarize the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda. Palm S m - la - \ NortM1 Nntih. � MaAe \ I ertle s each Late -- i TM1nm CPs cPdyn o unche Pack / BNa 15 Golden 151st �� .III_ 2 3a1e3 g�yn Ga es - oarden aoA P e 12]00 NW 42 d Av 0 a Locks, FL 33054 Mil hell � Sale6 L k Eelsles Graham 30300 NW t21zt Way –�- Neyslone ` Pe s o 33178 � orth eslantls A ala Eachert _ fSaE uc ��Har��our �\ B ayn ' Indian Creek 1 Palm SW n9=� We v P � .. Vllagee r � Estates \\_ Gardens Island ^d �. d 5 o a \�\ o Noemvndv \ HlsleaM1 EI Po lam (,eI � Eslslee E3 n - � F O I A ` No Bay NJV 74th 51 ! 4 w4 Vlla9e ! eA— w B Hey [® ` 1a1e2 BB9_f, M 1 - D A D E - iI B gon Pu Llvrd Preserve 441 1 NW 87th Ave iaceyne Bey AquHic Hlal ah G1 woo Heng Miami, F�'3» 7`71771-41—t Brow will j _ Ssyshore I A, FL 33166 r Ovral 99 I 8—yne Bay rpt Dora1M1lvd of Vicginia 3alet ne Vide semens NM sl – 3ae9 � I, Miami, ILFL 33192 I � 11700 NW 20th Street Vanderbin � PoWH MIam1 833182 Parb V j Sweet NVV 25tM1 _ q'2F I`I01ra° ®M 2 St U... 61nnd II Gaue wa I 14 q 1 n Beach lou e3e __ Sublert Properly Y� u 5 - 1802 NW 37th Ave - - o Miami, FL33125 A88 I Melreese Golf Course, Miami, Florida 29 CBRE © 2018 CBRE, Inc SUMMARY OF COMPARABLE LAND SALES n i I,:1: or Actual Sale Adjusted Sale Size Size Price No. Property Location Type Date Proposed Use Price Price I (Acres) (SF) Per SF 1 3550 NW 21 st Street Sale Aug -15 TBD $35,500,000 $35,500,000 20.89 909,968 $39.01 Miami, FL 33142 2 4400 NW 87th Avenue Sale Apr -16 Mixed-use retail/office $96,000,100 $96,000,100 130.10 5,667,156 $16.94 Doral, FL 33166 & residential 3 12691 & 12705 NW 42nd Avenue Sale Jul -17 TBD $80,000,000 $80,000,000 72.07 3,139,512 $25.48 12700 NW 42nd Avenue Opa-Locka, FL 33054 4 11700 NW 20th Street Sale Nov -17 Retail Shopping Center $44,845,264 $45,445,264 35.85 1,561,626 $29.10 Miami, FL 33182 5 7777 NW 41st Street Sale Dec -17 Mixed-use business $40,268,000 $40,268,000 23.70 1,032,436 $39.00 Doral, FL 33166 park 6 10300 NW 121st Way Sale Jan -18 Mixed-use business $35,700,000 $35,700,000 35.15 1,531,000 $23.32 Medley, FL 33178 park Subject ..1•ro irl r,,,': ,, 'ii�r�rnu �, --- --- Mixed-use multi- --- --- 131.07 5,709,575 --- Miami, Florida family, office, retail & logistics business park 1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Melreese Golf Course, Miami, Florida 29 CBRE © 2018 CBRE, Inc Land Value The sales utilized represent the best data available for comparison with the subject and were selected from the greater Miami area and regional business districts within the Miami -Dade County market area. These sales were chosen based upon physical size, location, zoning/density and highest & best uses in direct comparison to the subject property, assuming the voter referendum, land use amendment and rezoning to SAP, Special Area Plan can be readily achievable by the City of Miami. DISCUSSION/ANALYSIS OF LAND SALES Land Sale One This riverfront land sale represents the sale of 20.89 waterfront acres located at the northeast quadrant of NW 37th Avenue and the Tamiami Canal in Miami, FL. At the time of sale, it was a luxury yacht manufacturing facility with a mixed-use redevelopment land use. According to public records and seller verification, the existing buildings total 350,000 -SF, but only 215,000 -SF has covered or enclosed roof area, of which 26,000 -SF is office space occupied previously by Bertram Yacht & Allied Marine, subsidiaries of Ferretti Yacht Group of Italy because of a prior sale/leaseback transaction in June 2011 for $17,000,000. However, Bertram vacated most of the manufacturing space in 2012, while the office space was retained for about 5 years thereafter. It is important to note, in late 2013, this site was rezoned from industrial to the newly created Palmer Lake Metropolitan Urban Center District (PLMUC), which allows all types of industrial uses, mixed-use development, retail, hotel, motels, and even residential development in certain sub -districts. According to the Palmer Lake Charrette Area Plan of Miami -Dade County, the redevelopment of the Bertram property has excellent potential to transform into a mixed-use, pedestrian -oriented district that compliments the nearby MIC and joint development area as well as the rest of Palmer Lake. Based on the property location and age of the improvements, this current transaction is essentially a redevelopment play acquired by an Argentinian based architect & developer who resides on Fisher Island. The buyer was attracted to the site because of its proximity to Miami International Airport, the river and the Miami Intermodal Center, where multiple public transit systems converge. Several redevelopment concepts include offices, hotels, senior living and retail/entertainment uses focused on the riverfront, while maintaining interim use income from an upgraded marina. We adjusted Land Sale 1 upwards for positive market conditions between the sale transaction date and our effective date of value. We also adjusted Land Sale 1 downwards for smaller size/value relationship and downwards for superior frontage along the Tamiami Canal in direct comparison to the subject property. Land Sale Two This comparable land sale is the Doral White Course located at the northeast quadrant of NW 41st Street and NW 87th Avenue in the City of Doral, Florida. The buyers represent two local, Melreese Golf Course, Miami, Florida 30 CBRE 2018 C BRr, Inc Land Value and very seasoned developers including Stuart Miller with Lennar Corp.; and Armando Codina & Jim Carr with CC Homes. The two developers were the winning bidders and marks one of the most expensive land deals in Miami -Dade history. The seller is GWC Miami Property LLC, an affiliate of GIC, the sovereign fund of the government of Singapore. GIC acquired the property through bankruptcy actions. The transaction was recorded in a three-way transaction with White Course Lennar LLC; CC Homes at Doral; and, CC-WCD TIC purchasing three parcels for $27.5 million; $27.6 million; and, $40.9 million, respectively. Lennar and CC Homes have a pending development application with the City of Doral for Downtown Doral South. The site plan calls for 2,209 residential units, 150,000 square feet of office space, 30,000 square feet of retail, seven acres for a civic and school uses, and 17.6 -acres for an amphitheater/public recreation area. The development will also feature linear greenways and a promenade that connects to the new public space/amphitheater. As planned, 7 acres will be set aside for civic use to be determined by the city, as well as a school for grades 6-12 that will complement the K-5 charter school at Downtown Doral. Codina and Lennar were the winning bidders and beat out developer & presidential hopeful Donald Trump, Shoma Group's Masoud Shojaee and other well-known developers in the process. Bids were due on July 15, 2014 and contracts were executed in April 2015 with 12 months of escrow & due diligence. The property's zoning parameters were set forth in a master development agreement between the property's predecessor owner, MSR Resort Hotel, in 2012. The agreement has been in place for 20 years, and development must begin within 10 years. The agreement was part of a court settlement between the former owner and the city. The prior owner/hotel company filed Chapter 11 during the recession. The White Course was then deeded to GWC Miami Property, controlled by the government of Singapore, as a creditor in the bankruptcy case. The site is a rolling golf course topography with substantial water hazards. We adjusted Land Sale 2 upwards for positive market conditions between the sale transaction date and our effective date of value. We also adjusted Land Sale 2 upwards for inferior frontage, inferior topography/site conditions given the substantial volume of golf course lakes & water hazards that required to be backfilled and upwards for inferior location in direct comparison to the subject property. Land Sale Three This comparable land sale comprises a clustering of three (3), non-contiguous parcels including the 33.78 -acre Opa-Locka Hialeah Flea Market site, the 28.31 -acre Miami Auto Auction site, and a 9.98 -acre ancillary support site. According to the broker, the seller previously acquired & assembled the three parcels between 1984 & 1990 for $11.3 million and was the operator of the flea market, while collecting rent from the Miami Auto Auction. The buyer is a publicly traded REIT that negotiated a post -closing, 12 -year lease with three, 5 -year renewal options with RER Outdoor Marketplace LLC whose principals include Chris Kallivokas, Rodney Barreto Brian May and the selling broker, Michael Fay. The new tenant operator group of the flea market has plans Melreese Golf Course, Miami, Florida 31 CBRE 2018 C BRr, Inc Land Value to renovate the parking lot areas, restroom and canopy improvements. The buyer was interested in this property based on the existing below market Miami Auto Auction lease rate and the new flea market operator lease produces a 6.10% cap rate, while providing a defensive downside protection strategy based on the in -fill location, land value with a higher density, mixed-use zoning designation and marketability for leasing to tractor trailer parking or other open yard & parking uses. We adjusted Land Sale 3 downwards for superior property rights conveyed, i.e. leased fee interest with ground leased tenant base, and upwards for positive market conditions between the sale transaction date and our effective date of value. We also adjusted Land Sale 3 downwards for smaller size/value relationship and upwards for inferior location in direct comparison to the subject property. Land Sale Four This comparable land sale is a 35.85 -acre site located at the northwest quadrant of the Florida Turnpike Extension and State Road 836 in unincorporated Miami -Dade County, Florida. It is part of a master -planned development known as Beacon Lakes that is currently being developed by Prologis as a Development of Regional Impact (DRI) and with the creation of the Beacon Lakes CDD. The Beacon Lakes master plan comprises 478 -acres +/- including 4.6 million square feet of Class A distribution warehouse & business park space with the portion fronting the Florida Turnpike dedicated to commercial retail uses. The buyer/developer secured the contract in March 2017 at $45,000,000 subject to site plan approvals and the seller/master developer delivering a clear & level buildable site with all supporting infrastructure as per the Beacon Lakes CDD. However, there were numerous amendments to the contract including a slight price change to $44,845,265 due to site measurements plus $600,000 for two (2) contract closing date extensions, road impact credits, a seller obligation to remove construction & demolition debris and deliver a 7.0' site elevation. The seller's off-site infrastructure obligations included proposed NW 1 17th Place improvements, a 1.02 -acre retention lake, a pump station. The buyer essentially received a 35.85 -acre buildable site within three (3) parcels with a total of 430,000 -SF of commercial retail entitlements allocated from the Beacon Lakes DRI. The buyer/developer site plan includes a 9.44 -acre ground lease to Home Depot, a 3.1 1 -acre ground lease to City Furniture, two outparcel sites, two pad sites approved for 13,500 rentable square feet and three buildings that will total 159,341 square feet with ground breaking to occur immediately after closing. We adjusted Land Sale 4 upwards for positive market conditions between the sale transaction date and our effective date of value. We also adjusted Land Sale 4 downwards for smaller size/value relationship, upwards for inferior shape/configuration and upwards for inferior location in direct comparison to the subject property. Melreese Golf Course, Miami, Florida 32 CBRE 2018 C BRr, Inc Land Value Land Sale Five This comparable land sale is a short-term sale/leaseback of a vintage 1964 bottling plant acquired by two, local & prominent residential & retail developers. The sale transaction was facilitated with a $37.5 million loan in favor of Palmetto Finance & Investment, LLC. The site is zoned for industrial, but is in a transitional sub -submarket of Doral that is shifting more towards high density multi -family, hotel, corporate office & retail uses. The buyer/developers have engaged Cushman & Wakefield to market the site as a build -to -suit opportunity for 87,000 to 700,000 square foot end users. We adjusted Land Sale 5 downwards for superior property rights conveyed, i.e. leased fee interest with a short-term sale/leaseback. We also adjusted Land Sale 5 downwards for smaller size/value relationship and upwards for inferior location in direct comparison to the subject property. Land Sale Six This comparable land sale is a sale/leaseback and monetization of a lumber storage & distribution yard for a national, NASDAQ listed company. The buyer has preliminary plans to build 650,000 -SF of bulk distribution warehouse. The seller is repositioning into two other facilities recently acquired from Robbins Manufacturing in 2017 and will add another purpose built, state-of-the-art facility going forward to improve logistics & operational efficiencies necessary to service the entire Florida and southeast region including Puerto Rico and the Caribbean. We adjusted Land Sale 6 downwards for superior property rights conveyed, i.e. leased fee interest with a short-term sale/leaseback. We also adjusted Land Sale 6 downwards for smaller size/value relationship and upwards for inferior location in direct comparison to the subject property. SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. Melreese Golf Course, Miami, Florida 33 CBRE 2018 C BRr, Inc CONCLUSION Land Value Subject Mixed-use multi- family, office, retail & logistics business park 131.07 5,709,575 2,740,596 SF 0.48 The comparables sales presented produced an overall unadjusted value indicator range from $16.94 to $39.01 per square foot of site area; and, $54.92 to $109.13 per square foot of proposed or approved FAR. After considering and -or applying adjustments for property rights conveyed, financing terms & conditions, conditions of sale, market conditions (time), size, shape, corner/frontage, topography, location, and zoning/density, the range of value indicators was narrowed substantially to $23.26 to $30.43 per square foot of site area; and, $54.79 to $60.64 per square foot of proposed or approved FAR. Based on the preceding analysis, Comparables 2, 3, 4, 5 & 6 were the most representative of the subject site, and warranted greatest consideration because of recent sale transaction dates, location and zoning/density. In conclusion, a price per square foot of site area near the midpoint of the unadjusted range and within the narrow -adjusted range of value indicators was most appropriate for valuing the subject As Is. The following table presents the land valuation conclusion: 34 Melreese Golf Course, Miami, Florida CBRE LAND SALES ADJUSTMENT GRID Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Sale Sale Transaction Date Aug -15 Apr -16 Jul -17 Nov -17 Dec -17 Jan -18 Proposed Use TBD Mixed-use TBD Retail Mixed-use Mixed-use retail/office & Shopping business park business park residential Center Actual Sale Price $35,500,000 $96,000,100 $80,000,000 $44,845,264 $40,268,000 $35,700,000 Adjusted Sale Price $35,500,000 $96,000,100 $80,000,000 $45,445,264 $40,268,000 $35,700,000 Size (Acres) 20.89 130.10 72.07 35.85 23.70 35.15 Size (SF) 909,968 5,667,156 3,139,512 1,561,626 1,032,436 1,531,000 Allowable Bldg. Area (SF) --- --- --- 416,426 SF 504,605 SF 650,000 SF Indicated FAR --- --- --- 0.28 0.68 0.30 Price Per SF $39.01 $16.94 $25.48 $29.10 $39.00 $23.32 Price Per Bldg. Area --- --- --- $109.13 $79.80 $54.92 Price ($ PSF) $39.01 $16.94 $25.48 $29.10 $39.00 $23.32 Property Rights Conveyed 0% 0% -5% 0% -5% -5% Financing Terms 1 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% 0% 0% Market Conditions (Time) 30% 20% 10% 5% 0% 0% Subtotal $50.71 $20.33 $26.63 $30.56 $37.05 $22.15 Size -30% 0% -10% -25% -30% -25% Shape 0% 0% 0% 10% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage -10% 10% 0% 0% 0% 0% Topography 0% 10% 0% 0% 0% 0% Location 0% 10% 10% 10% 10% 30% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments -40% 30% 0% -5% -20% 5% Value Indication PSF of Site $30.43 $26.43 $26.63 $29.03 $29.64 $23.26 Value Indication PSF of FAR --- --- --- $108.85 $60.64 $54.79 1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION Land Value Subject Mixed-use multi- family, office, retail & logistics business park 131.07 5,709,575 2,740,596 SF 0.48 The comparables sales presented produced an overall unadjusted value indicator range from $16.94 to $39.01 per square foot of site area; and, $54.92 to $109.13 per square foot of proposed or approved FAR. After considering and -or applying adjustments for property rights conveyed, financing terms & conditions, conditions of sale, market conditions (time), size, shape, corner/frontage, topography, location, and zoning/density, the range of value indicators was narrowed substantially to $23.26 to $30.43 per square foot of site area; and, $54.79 to $60.64 per square foot of proposed or approved FAR. Based on the preceding analysis, Comparables 2, 3, 4, 5 & 6 were the most representative of the subject site, and warranted greatest consideration because of recent sale transaction dates, location and zoning/density. In conclusion, a price per square foot of site area near the midpoint of the unadjusted range and within the narrow -adjusted range of value indicators was most appropriate for valuing the subject As Is. The following table presents the land valuation conclusion: 34 Melreese Golf Course, Miami, Florida CBRE CONCLUDED LAND VALUE $ PSF of Site Site SF Total $26.00 x 5,709,575 = $148,448,943 $29.00 x 5,709,575 = $165,577,667 $ PSF of FAR Potential 0.48 FAR $55.00 x 2,740,596 = $60.00 x 2,740,596 = Indicated Value: (Rounded $ PSF) Compiled by CBRE Melreese Golf Course, Miami, Florida 2018 C BRr, Inc 35 Total $150,732,773 $164,435,752 $160,000,000 $28.02 Land Value CBRE Income Approach Income Approach - Fair Market Rent Analysis The following map and table summarize the comparabie data used in the valuation of the subject site. A detailed description of each lease transaction is included in the addenda. MEL I Melreese Golf Course, Miami, Florida 36 CBRE © 2018 C3PE, Inc al Prins a Mal"�-°Cpconul _. ° oPdmpan. 13-1,_, Collier Park oulh al R e Y Cypres�.. - eMergete W le Esleles II Esltearly Dlva r—jl ep'HI MCNebR h Pod Pelma° —� Rent2 EYales ga r 'Pali Aire 1200 W --r-1 Blvd en I'. Sea —1, Lakes Fort Lauderdale FL 33309 Drops o _ Gertlen Laatler0ale-M-tM1e-Sea ° fs[eles n PT 4%h S7 -1 % Coral 0 land Par HelgMs c�9 b derdale un115e Lae Coral a°J V�lage° Wo ods adal es s ! F L O R I D A E. es° EastG a o Parh �a La Lak �t SU L tlerhill o ° Miadle° yel Pelma P k Vd on M nor River Manor Soroka Mitltlle SYiores A f 1 3 R f 1 C SUnr15e B R O W A R 0. Weer ' - °PIerR n He�atrta° Via 1n o a a a a Ren[5 Acres z _ 2500 W Bmward Blvd Ma —m leer �'tl PIeMe[1on —h For[ Lauderdale, FL 33312 0110 Perk Gardens Paek E� apt Park Bro 0 817 PYardalion L fella oe Crdalf �I Rle dro rd PlaMatlon Park $ ad q4 _ 1 r .—r Park �oaM1{ taro %I Plarnatlon lsleso eros m w Perk 9 -� olRd9e�__ � rlantl H IJS 1eIW estlage rc tltl�e� olentle Coad Ouard SYn Fon Lauderdale I.'� Vrege 89 Everglades I � Fore I ! Pas[ Rd Vide r t1 PlaYland illaee° :': :a Ary PaOk c� Perk Ps HO PJWOOtl Park D or sw 9sm an Daaie Oran e O 4— eia n act Pancnes R P1 ld P C,n'ght@—CP,}l _' 2012Mcroaoff Cpmnratipn andb5 ds supphara All nghts oTyPar rase ad an V Pre and dens — Pan ai ■ Dan L-dan�a MEL I Melreese Golf Course, Miami, Florida 36 CBRE © 2018 C3PE, Inc Income Approach In this section, we have estimated market rent for the subject site via the income approach by performing a traditional market rent survey of comparable land and ground lease transactions, as presented in the following table. SUMMARY OF COMPARABLE GROUND LEASES Comp. Property Name YOC / Tenant Lease Lease Lease Base Rent of Tenant Expense No. and Location Type & Use Reno'd Occ. Name Area (Ac) Date Term Lease Area Improvements Basis Escalations I Amazon tOp.-Lock. Logistics warehouse U/C 100% Amann 91.00 Acres Jun -17 WND $0.45 PSF $5.0 million(County Absolute net WND Executive Airport, NWQ &employment bond) m mfr.strucfure of NW 135th Street & center & 855,000 -SF logistics Douglas Road, Op.- warehouse Lock., FL 2 Wet i Wild, 1200 W. Commerci.I Proposed RFP Premier Parks, LLC 64.32 Acres TBD 50 -Years $0.29 PSF V.c.nt land & Lockhart Absolute net --- Commercial Blvd., Fort mcre.}ion-.ter or4%of gross St.dium renov.}ion Lauderdale Executive revenue ob1g.t— Airport, For} Lauderdale, FL 3 Op. -Lock. Hi.le.h His. Ou}door flea 1984t. 100% Op. -Lock. Hi.Ie.h 72.07 Acres Jul -17 12 -Years $1.55 PSF Surface parking lot, Absolute net --- Market, 12691 NW market & outdoor 2006 & He. M.rket & & 1984 + 3, 5 -year small buildings & fence 421,d Ave., Op. -Lock., .uto.uc}ion Proposed Mimi At. options FL 33054 <•*�� 4 Home Depot, 1400 NW Big box retail Proposed 100% Home Depot 9.45 Acres May -19 20 -Years $3.48 PSF Ready -to -build p.d Absolute net Flat 117th Place, Mimi, FL + 7, 5 -year 143,538 -SF building 33182 options 5 WalM.rt, 2500 W. Big box re}ail 2016 100% W.IM.rt 15.23 Acres Oct -15 20 -Years $1.96 PSF Ready -to -build p.d for Absolute net FIN Brow.rd Blvd., +options 186,933 -SF bmldmg + 5% every PI..t.hon, FL 33312p}i o on term 6 Home Depot, 5660 NW Big box retail 1990 100% Home Depot 9.00 Acres Feb -16 5 -Years $1.89 PSF Existing leasehold Absolute FIN 167th Street, Miami Rem—.I + 2, 5 -year building (100,000 -SF) + 10% every Gardens, FL 33014 option improvements option term rem- mg Subj. Melreese Golf Course Mixed-use business TBD 0% --- 131.07 Acres --- --- --- Existing, municipal golf --- --- 1802 Northwest 37th park course Ave Mimi, Florid. Compiled by CBRE DISCUSSION OF RENT COMPARABLES The comparable rentals produced an overall range from $0.29 to $3.48 per square foot on an absolute net basis. We note that Rentals 1 & 2 set the lower end of the range at $0.29 to $0.45 per square foot of site area due to municipal government incentives necessary to promote economic development. Rental 3 is a similar in -fill location and size in direct comparison to the subject property; and Rentals 4, 5 & 6 are superior "ready -to -build" retail pad ground leases to credit -worthy tenants. Based on the foregoing comparable rent survey presentation & analysis of the proper fair market rent for the subject property should fall well above Rentals 1 & 2; below Rentals 4, 5 & 6; and, within reason of Rental 3, at say $1.50-PSF on an absolute net basis with the following market supported lease terms & conditions for the subject property: Melreese Golf Course, Miami, Florida 37 CBRE 20i8 CBRr, Inc Income Approach MARKET RENT COMPARISON CONCLUSION RENT MULTIPLIER METHOD As a cross check to the preceding market rent comparison survey, we have also employed a rent multiplier method to determine market rent. The rent multiplier method is based on the difference or spread between the agreed upon rental rate and the overall capitalization rate used to determine prospective value of what an investor would pay for a leased fee investment to an end buyer and represents the profit expectation that a developer would require in order to secure a prime tract of land, negotiate a long term ground lease with a good quality tenant and perform earthwork & site improvements, if necessary, in order to secure the long term ground lease. An appropriate profit spread for a ground lease transaction of this type would be between 200 and 300 basis points between rent multiplier and overall capitalization rate. In order to determine a reasonable overall capitalization rate, we have presented the national investor survey for triple net lease and land lease investors: Melreese Golf Course, Miami, Florida 38 CBRE 2018 C BRr, Inc Mixed -Use Business Category Park - SAP NRA (SF) 5,709,575 Percent of Total SF 100.0% Market Rent ($/SF/Yr.) $1.50 Market Rent ($/Annum) $8,565,000 Concessions Phased Buildout Time Reimbursements Absolute Net Annual Escalation Flat for base term Tenant Improvements (New Tenants) As Is Tenant Improvements (Renewals) As Is Average Lease Term 50 Years Leasing Commissions (New Tenants) 0.5% to 1.0% Compiled by CBRE RENT MULTIPLIER METHOD As a cross check to the preceding market rent comparison survey, we have also employed a rent multiplier method to determine market rent. The rent multiplier method is based on the difference or spread between the agreed upon rental rate and the overall capitalization rate used to determine prospective value of what an investor would pay for a leased fee investment to an end buyer and represents the profit expectation that a developer would require in order to secure a prime tract of land, negotiate a long term ground lease with a good quality tenant and perform earthwork & site improvements, if necessary, in order to secure the long term ground lease. An appropriate profit spread for a ground lease transaction of this type would be between 200 and 300 basis points between rent multiplier and overall capitalization rate. In order to determine a reasonable overall capitalization rate, we have presented the national investor survey for triple net lease and land lease investors: Melreese Golf Course, Miami, Florida 38 CBRE 2018 C BRr, Inc OVERALL CAPITALIZATION RATES Investment Type RealtyRates.com - Land Leases Golf Industrial Lodging Office Restaurant Retail Self -Storage Special Purpose All Properties PwC Real Estate Investor Survey National Net Lease Market Indicated OAR: Compiled by: CBRE OAR Range 2.97% - 16.30% 2.59% - 10.64% 2.99% - 15.93% 2.77% - 10.64% 3.15% - 15.39% 2.51% - 12.01% 2.81% - 10.64% 3.25% - 16.10% 2.47% - 16.30% Income Approach Average 8.90% 6.87% 7.47% 7.01% 8.35% 6.98% 7.99% 8.75% 7.62% 5.00% - 8.50% 6.60% 2.50%-5.00% Based on the foregoing analysis and presentation, the subject property has the potential to be leased to a third party for surface parking lot use. The corresponding capitalization range for a long term prospective land lease investment in the built-up, and strategic Miami International Airport submarket would be 2.50% to 3.50%. Hence, a 2.50% to 3.50% overall capitalization rate expectation plus 250 basis point spread for profit expectation would produce a rent multiplier range of 0.050 to 0.055. The following tables present the rent multiplier method conclusions for subject proposed access easement parcels: RENT MULTIPLIER METHOD Rent Multiplier Land Value As Is Potential Rent 0.050 x $160,000,000 = $8,000,000 0.055 x $160,000,000 = $8,800,000 Indicated Value As If Vacant: $8,400,000 (Rounded $ PSF) $1.47 Compiled by CBRE RECONCILIATION OF MARKET RENT COMPARABLES & RENT MULTIPLIER METHOD INCOME APPROACH VALUES Rent Multiplier Method Market Rent Comparison Reconciled Fair Market Rent Compiled by CBRE Melreese Golf Course, Miami, Florida 2018 C BRr, Inc 39 As Is on May 8, 2018 $8,400,000 $8,565,000 $8,500,000 CBRE Assumptions and Limiting Conditions Assumptions and Limiting Conditions CBRE, Inc. through its appraiser (collectively, "CBRE") has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. The report, including its conclusions and any portion of such report (the "Report"), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 3. Unless otherwise expressly noted in the Report, CBRE has assumed that (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. (iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property. (vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. (viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or super -efficiently. (ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property's compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. Melreese Golf Course, Miami, Florida 40 CBRE Assumptions and Limiting Conditions (xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed or confirmed the accuracy of any legal description of the subject property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions. 4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or owner's representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit. 6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE's independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 1 1 . Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user's failure to become familiar with and understand the same. 12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. 41 CBRE Melreese Golf Course, Miami, Florida Assumptions and Limiting Conditions 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. 42 Melreese Golf Course, Miami, Florida CBRE Addenda ADDENDA © 2018 CBRE, Inc Addenda Addendum A LAND SALE DATA SHEETS Property Name Miami International Centre Address 3550 NW 21 st Street Maximum Density Miami, FL 33142 Frontage Distance/Street United States Government Tax Agency Miami -Dade Govt./Tax ID 30-3128-022-0180 (multiple) Site/0 cv i u i i i i iro i_� it t Regulations N/A Tamiami Canal Recorded Seller Acres Square feet Land Area Net 20.890 909,968 Land Area Gross 20.890 909,968 Site Development Status N/A Shape Rectangular Topography Generally Level Utilities All Available Maximum FAR N/A Min Land to Bldg Ratio N/A Maximum Density N/A Frontage Distance/Street N/A NW 21 st Street Frontage Distance/Street N/A NW 37th Avenue Frontage Distance/Street N/A NW 22nd Street Frontage Distance/Street N/A Tamiami Canal General Plan N/A Specific Plan N/A Zoning IU -1 & IU -2, Industrial (see comments) Entitlement Status None Selling Broker Interterra Investments Group, LLC Recorded Buyer &Intermarine Investments, LLC True Buyer Jorge Bernstein Recorded Seller MMM Northwest 37, LLC True Seller David Sherwood Interest Transferred N/A Current Use Boat manufactruing Proposed Use TBD Listing Broker N/A Selling Broker N/A Doc # 29731/4299 & 29731/4304 Marketing Time N/A Buyer Type International Buyer Seller Type End User Primary Verification Thomas Byrne, EWM Commercial Type Sale Date 8/1/2015 Sale Price $35,500,000 Financing All Cash Cash Equivalent $35,500,000 Capital Adjustment $0 Adjusted Price $35,500,000 Transaction Summary plus Five -Year CBRE View History Transaction Date Transaction Tvpe Buyer Seller 08/2015 Sale Interterra Investments MMM Northwest 37, LLC Group, LLC &Intermarine Investments, LLC 06/2011 Sale MMM Northwest 37, LLC Bertram Yacht, Inc.& Italvest Holdings, Inc. © 2018 CBRE, Inc Price Price/ac and /sf $35,500,000 $1,699,378 / $39.01 $17,000,000 $813,787 / $18.68 BRE Units of Comparison $39.01 / sf $1,699,377.69 / ac Financial No information recorded N/A / Unit N/A /Allowable Bldg. Units N/A / Building Area Map & Commer ` — T This riverfront land sale represents the sale of 20.89 waterfront acres located at the northeast quadrant NW 21 St St of NW 37th Avenue and the Tamiami Canal in Miami, FL. At the time of sale it was a luxury yacht P manufacturing facility with a mixed-use redevelopment land use. According to public records and seller verification, the existing buildings total 350,000 -SF, but only 215,000 -SF has covered or enclosed roof area, of which 26,000 -SF is office space occupied previously by Betram Yacht & Allied Marine, subsidiaries of Ferretti Yacht Group of Italy as a result of a prior sale/leaseback transaction in June 2011 @B20D 0 D Map data 02018 Google for $17,000,000. However, Betram vacated the majority of the manufactuing space in 2012, while the office space was retained for about 5 years thereafter. It is important to note, in late 2013, this site was rezoned from industrial to the newly created Palmer Lake Metropolitan Urban Center District (PLMUC), which allows all types of industrial uses, mixed-use development, retail, hotel, motels, and even residential development in certain sub -districts. According to the Palmer Lake Charrette Area Plan of Miami -Dade County, the redevelopment of the Bertram property has excellent potential to transform into a mixed-use, pedestrian -oriented district that compliments the nearby MIC and joint development area as well as the rest of Palmer Lake. Based on the property location and age of the improvements, this current transaction is essentially a redevelopment play acquired by an Argentinian based architect & developer who resides on Fisher Island. The buyer was attracted to the site because of its proximity to Miami International Airport, the river and the Miami Intermodal Center, where multiple public transit systems converge. Several redevelopment concepts include offices, hotels, senior living and retail/enterainment uses focused on the riverfront, while maintaining interim use income from an upgraded marina. © 2018 CBRE, Inc B R E Property Name White Course Address 4400 NW 87th Avenue Doral, FL 33166 United States Government Tax Agency Miami -Dade Govt./Tax ID 35-3022-002-0010;35-3022-000-0110 & 35-3022-000- 0011 Site/Government Regulations Acres Square feet Land Area Net 130.100 5,667,156 Land Area Gross 130.100 5,667,156 �++ Site Development Status Semi -Finished Shape Other(See Comments) Topography Rolling Utilities Available to site Maximum FAR N/A Min Land to Bldg Ratio N/A Maximum Density 16.98 per ac Frontage Distance/Street N/A NW 41 st Street Frontage Distance/Street N/A NW 87th Ave Frontage Distance/Street N/A NW 79th Ave General Plan Downtown Mixed -Use Specific Plan Mixed-use retail, office, residential & civic Zoning DMU, Downtown Mixed -Use Entitlement Status N/A Sale Summa White Course Lennar LLC, CC Homes at Recorded Buyer Doral, LLC & CC-WCD TIC Marketing Time True Buyer Lennar Corp, Armando Codina & Jim Carr Buyer Type Recorded Seller GWC Miami Property, LLC Seller Type True Seller Singapore Sovereign Wealth Fund Primary Verification Interest Transferred Fee Simple/Freehold Type Current Use Golf course Date Proposed Use Mixed-use retail/office & residential Sale Price Listing Broker CBRE, Inc. Financing Selling Broker N/A Cash Equivalent Doc # 30053/1186,1170 & 1154 Capital Adjustment Adjusted Price E View History Transaction Date Transaction Tvne Buyer Seller 04/2016 Sale White Course Lennar GWC Miami Property, LLC, CC Homes at Doral, LLC LLC & CC-WCD TIC © 2018 CBRE, I- 9 Month(s) Developer Pension Fund Robert Given, Listing Broker Sale 4/25/2016 $96,000,100 Cash to Seller $96,000,100 $0 $96,000,100 Price Price/ac and /sf $96,000,100 $737,895 / $16.94 CBRE Units of Comparison $16.94 / sf $43,459 / Unit $737,894.70 / ac $43,459 /Allowable Bldg. Units N/A / Building Area Financial No information recorded Comments This comparable land sale is the Doral White Course located at the northeast quadrant of NW 41 st Street and NW 87th Avenue in the City of Doral, Florida. The buyers represent two local, and very seasoned y developers including Stuart Miller with Lennar Corp.; and Armando Codina & Jim Carr with CC Homes. T The two developers were the winning bidders and marks one of the most expensive land deals in Miami - Dade history. The seller is GWC Miami Property LLC, an affiliate of GIC, the sovereign fund of the government of Singapore. GIC acquired the property through bankruptcy actions. The transaction was 09 b1$p data 0249$ Goag Ie recorded in a three way transaction with White Course Lennar LLC; CC Homes at Doral; and, CC-WCD TIC purchasing three parcels for $27.5 million; $27.6 million; and, $40.9 million, respectively. Lennar and CC Homes have a pending development application with the City of Doral for Downtown Doral South. The site plan calls for for 2,209 residential units, 150,000 square feet of office space, 30,000 square feet of retail, seven acres for a civic and school uses, and 17.6 -acres for an amphitheater/public recreation area. The development will also feature linear greenways and a promenade that connects to the new public space/amphitheater. As planned, 7 acres will be set aside for civic use to be determined by the city, as well as a school for grades 6-12 that will complement the K-5 charter school at Downtown Doral. Codina and Lennar were the winning bidders and beat out developer & presidential hopeful Donald Trump, Shoma Group's Masoud Shojaee and other well known developers in the process. Bids were due on July 15, 2014 and contracts were executed in April 2015 with 12 months of escrow & due diligence. The property's zoning parameters were set forth in a master development agreement between the property's predecessor owner, MSR Resort Hotel, in 2012. The agreement has been in place for 20 years, and development must begin within 10 years. The agreement was part of a court settlement between the former owner and the city. The prior owner/hotel company filed Chapter 1 1 during the recession. The White Course was then deeded to GWC Miami Property, controlled by the government of Singapore, as a creditor in the bankruptcy case. The site is a rolling golf course topography with substantial water hazards. © 2018 CBRE, Inc B R E Property Name Opa-Locka Hialeah Flea Market Address 12691 & 12705 NW 42nd Avenue 12700 NW 42nd Avenue Opa-Locka, FL 33054 United States Government Tax Agency Miami -Dade Govt./Tax I D 08-2128-000-0050, 08-2129-000-0032 & 0064 Site/Government Regulations Acres Square feet Land Area Net 72.073 3,139,512 Land Area Gross 72.073 3,139,512 Site Development Status Finished Shape Other(See Comments) Topography Level, At Street Grade Utilities Available to site Maximum FAR N/A Min Land to Bldg Ratio N/A Maximum Density N/A Frontage Distance/Street N/A NW 42nd Ave Frontage Distance/Street N/A Gratigny Parkway Frontage Distance/Street N/A LeJeune-Douglas Connector General Plan Interim hold & future redevelopment Specific Plan Interim hold & future redevelopment Zoning B-3, Commercial Intensive & Corridor Mixed -Use Entitlement Status N/A Sale Summary Recorded Buyer GPT NW 42nd Avenue Owner, LLC Marketing Time True Buyer Gramercy Property Trust Buyer Type Recorded Seller Bodwin Ltd. & SeaBase Florida Corp. Seller Type True Seller Shangli Huang Primary Verification Interest Transferred Leased Fee Type Current Use Flea market & auto auction Date Proposed Use TBD Sale Price Listing Broker Avison Young #305-447-7842 Financing Selling Broker N/A Cash Equivalent Doc # 30625/3802, 3808 & 3815 Capital Adjustment Adjusted Price Transaction Summary plus Five -Year CBRE View History Transaction Date Transaction Tvoe Buyer Seller 07/2017 Sale GPT NW 42nd Avenue Bodwin Ltd. & SeaBase Owner, LLC Florida Corp. s, 20!8 CB'L, 11 12 Month(s) REIT Private Investor Michael Fay, Listing Broker, Media Releases & 10-Q Sale 7/20/2017 $80,000,000 All Cash $80,000,000 $0 $80,000,000 Price Price/ac and /sf $80,000,000 $1,109,981 / $25.48 BRE Units of Comparison $25.48 / sf N/A / Unit $1,109,981.09 / ac N/A /Allowable Bldg. Units N/A / Building Area Financial - Pro Forma Revenue Type Stabilized Period Ending N/A Source N/A Price $80,000,000 Potential Gross Income N/A Economic Occupancy N/A Economic Loss N/A Effective Gross Income N/A Expenses N/A Net Operating Income $4,880,000 NOI / sf N/A NOI / Unit N/A EGIM N/A OER N/A Net Initial Yield/Cap. Rate 6.10% This comparable land sale comprises a clustering of three (3), non-contiguous parcels including the 4 33.78 -acre Opa-Locka Hialeah Flea Market site, the 28.31 -acre Miami Auto Auction site, and a 9.98 - acre ancilliary support site. According to the broker, the seller previously acquired & assembled the three parcels between 1984 & 1990 for $11.3 million and was the operator of the flea market, while collecting rent from the Miami Auto Auction. The buyer is a publicly traded REIT that negotiated a post closing, 12 - year lease with three, 5 -year renewal options with RER Outdoor Marketplace LLC whose principals ■ . ■ - blap data 02018 GoDgle include Chris Kallivokas, Rodney Barreto Brian May and the selling broker, Michael Fay. The new tenant operator group of the flea market has plans to renovate the parking lot areas, restroom and canopy improvements. The buyer was interested in this property based on the existing below market Miami Auto Auction lease rate and the new flea market operator lease produces a 6.10% cap rate, while providing a defensive downside protection strategy based on the in -fill location, land value with a higher density, mixed-use zoning designation and re-leasability for tractor trailer parking or other open yard & parking uses. © 2018 CBRE, Inc B R E Property Name Shops at Beacon Lakes Address 11700 NW 20th Street Vacant Land Miami, FL 33182 Proposed Use United States Government Tax Agency Miami -Dade Govt./Tax ID 30-3936-000-0120 Site/Government Regulations Land Area Net Land Area Gross Site Development Status Shape Topography Utilities Maximum FAR Min Land to Bldg Ratio Maximum Density Frontage Distance/Street Frontage Distance/Street Frontage Distance/Street Frontage Distance/Street General Plan Specific Plan Zoning Entitlement Status Recorded Buyer True Buyer Recorded Seller True Seller Acres Square feet 35.850 1,561,626 35.850 1,561,626 Other(See Comments) Irregular Other(See Comments) Available to site 0.27 3.75:1 N/A 2,600 ft Florida Turnpike N/A NW 117th PLace N/A NW 20th Street N/A NW 22nd Street Retail shopping center Shops at Beacon Lakes BU -3 - Liberal Business District & GU - Interim District Master/Specific Plan S/VIB Beacon Lakes, LLC Stiles Corporation AMB Codina Beacon Lakes LLC Prologis Marketing Time N/A Buyer Type Developer Seller Type REIT Primary Verification Contract & Buyer Interest Transferred Fee Simple/Freehold Type Current Use Vacant Land Date Proposed Use Retail Shopping Center Sale Price Listing Broker N/A Financing Selling Broker N/A Cash Equivalent Doc # 30937/1742 Capital Adjustment Adjusted Price Transaction Summary plus Five -Year CBRE View History Transaction Date Transaction Tvae Buyer Seller 11/2017 Sale S/VIB Beacon Lakes, LLC AMB Codina Beacon Lakes LLC © 2018 CBRE, Inc Sale 11/15/2017 $44,845,264 Cash to Seller $44,845,264 $0 $45,445,264 Price Price/ac and /sf $44,845,264 $1,267,650 / $29.10 BRE Units of Comparison MW $29.10 / sf N/A / Unit $1,267,650.32 / ac N/A /Allowable Bldg. Units $109.13 / Building Area Financial No information recorded Map & Comments This comparable land sale is a 35.85 -acre site located at the northwest quadrant of the Florida Turnpike Extension and State Road 836 in unincorporated Miami -Dade County, Florida. It is part of a master - planned development known as Beacon Lakes that is currently being developed by Prologis as a Development of Regional Impact (DRI) and with the creation of the Beacon Lakes CDD. The Beacon Lakes master plan comprises 478 -acres +/- including 4.6 million square feet of Class A distribution warehouse & business park space with the portion fronting the Florida Turnpike dedicated to commercial 0 0 0 Map data 002018 Google retail uses. The buyer/developer secured the contract in March 2017 at $45,000,000 subject to site plan approvals and the seller/master developer delivering a clear & level buildable site with all supporting infrastructure as per the Beacon Lakes CDD. However, there were numerous amendments to the contract including a slight price change to $44,845,265 due to site measurements plus $600,000 for two (2) contract closing date extensions, road impact credits, a seller obligation to remove contruction & demolition debris and deliver a 7.0' site elevation. The seller's off-site infrastructure obligations included proposed NW 1 1 7th Place improvements, a 1.02 -acre retention lake, a pump station. The buyer essentially received a 35.85 -acre buildable site within three (3) parcels with a total of 430,000 -SF of commercial retail entitlements allocated from the Beacon Lakes DRI. The buyer/develoepr site plan includes a 9.44 -acre ground lease to Home Depot, a 3.11 -acre ground lease to City Furniture, two outparcel sites, two pad sites approved for 13,500 rentable square feet and three buildings that will total 159,341 square feet with ground breaking to occur immediately after closing. © 2018 CBRE, Inc B R E Property Name T2.0 Address 7777 NW 41 st Street Doral, FL 33166 United States Government Tax Agency Miami -Dade Govt./Tax ID 35-3022-000-0101 & 0090 Site/Government Regulations Acres Square feet Land Area Net 23.702 1,032,436 Land Area Gross 23.702 1,032,436 Site Development Status Finished Shape Rectangular Topography Level, At Street Grade Utilities Available to site Maximum FAR 0.49 Min Land to Bldg Ratio 2.05:1 Maximum Density N/A Frontage Distance/Street 900 ft Palmetto Expressway Frontage Distance/Street N/A NW 41 st Street Frontage Distance/Street N/A NW 79th Ave General Plan Mixed-use business park Specific Plan BTS office, logistical warehouse & retail/wholesale Zoning I, Industrial District Entitlement Status N/A Recorded Buyer 7777 Investment, LLC True Buyer David Martin, Terra Group & Stephen Bittel, Terranova Corp. Recorded Seller Bottling Group, LLC True Seller PepsiCo., Inc. Interest Transferred Leased Fee Current Use PepsiCo bottling plant Proposed Use Mixed-use business park Listing Broker NAI Global Selling Broker N/A Doc # 30813/3815 Transaction Summary plus Five -Year CBRE View History Transaction Date Transaction Tvoe Buyer 12/2017 Sale 7777 Investment, LLC Marketing Time Buyer Type Seller Type Primary Verification Type Date Sale Price Financing Cash Equivalent Capital Adjustment Adjusted Price Seller Bottling Group, LLC 6 Month(s) Developer End User Jay Olshonsky, Listing Broker Sale 12/26/2017 $40,268,000 Cash to Seller $40,268,000 $0 $40,268,000 Price Price/ac and /sf $40,268,000 $1,698,964 / $39.00 © 2018 CBRE, Inc E Units of Comparison $39.00 / sf $1,698,964.20 /ac N/A / Unit N/A /Allowable Bldg. Units $79.80 / Building Area Financial No information recorded Comments This comparable land sale is a short term sale/leaseback of a vintage 1964 bottling plant acquired by two, local & prominent residential & retail developers. The sale transaction was facilitated with a $37.5 W million loan in favor of Palmetto Finance & Investment, LLC. The site is zoned for industrial, but is located in a transitional sub -submarket of Doral that is shifting more towards high density multi -family, hotel, corporate office & retail uses. The buyer/developers have engaged Cushman & Wakefield to r: market the site as a build -to -suit opportunity for 87,000 to 700,000 square foot end users. ■ Z • r Mali data 02018 Gong I- @ 2018 CBRE, I - CORE Property Name Aljoma Lumber Address 10300 NW 121st Way Proposed Use Medley, FL 33178 Listing Broker United States Government Tax Agency Miami -Dade Govt./Tax ID 22-2032-004-0301 Site/Government Regulations Land Area Net Land Area Gross Site Development Status Shape Topography Utilities Maximum FAR Min Land to Bldg Ratio Maximum Density Frontage Distance/Street Frontage Distance/Street General Plan Specific Plan Zoning Entitlement Status Sale Summary Recorded Buyer True Buyer Recorded Seller True Seller Acres Square feet 35.147 1,531,000 35.147 1,531,000 Finished Rectangular Level, At Street Grade Available to site 0.42 2.36:1 N/A N/A NW South River Drive N/A NW 121 st Way Future bulk distribution business park redevelopment TBD M-3, Intense Manufacturing & Industrial District N/A Duke Realty LP Marketing Time Duke Realty LP Buyer Type UFP Real Estate, Inc. Seller Type Michael Cole, Universal Forest Products, Inc. Primary Verification Interest Transferred Leased Fee Current Use Lumber yard Proposed Use Mixed-use business park Listing Broker Colliers International South Florida #954-652 -4600 Selling Broker N/A Doc # 30815/4749 Transaction Summary plus Five -Year CBRE View History Transaction Date Transaction Tvpe Buyer 01/2018 Sale Duke Realty LP Type Date Sale Price Financing Cash Equivalent Capital Adjustment Adjusted Price Seller UFP Real Estate, Inc. N/A REIT End User Steve Wasserman, Listing Broker Sale 1/18/2018 $35,700,000 All Cash $35,700,000 $0 $35,700,000 Price Price/ac and /sf $35,700,000 $1,015,737 / $23.32 © 2018 CBRE, Inc CBRE Units of Comparison $23.32 / sf $1,015,736.81 /ac Financial Comments ''MoNEWhEIMILa"] biap data 02018 Gyle N/A / Unit N/A /Allowable Bldg. Units $54.92 / Building Area kIL No information recorded This comparable land sale is a sale/leaseback and monetization of a lumber storage & distribution yard for a national, NASDAQ listed company. The buyer has preliminary plans to build 650,000 -SF of bulk distribution warehouse. The seller is repositioning into two other facilities recently acquired from Robbins Manufacturing in 2017 and will add another purpose built, state-of-the-art facility going forward in order to improve logistics & operational efficienies necessary to service the entire Florida and southeast region including Puetro Rico and the Caribbean. ©2018 CBRE, Inc BRE Addenda Addendum B LEGAL DESCRIPTION LOCATION MAP ,,.DNA MY GRAPHIC Scow BOUNDARY SURVEY SEE DETAIL A-A NDI I.E. aru ENEL SEE DETAIL B-TAMIAMI CANAL Ej_ PARCEL 1 AID, 3,7266 Act ITS F, F 14 SURN LIKE Ir CDC Dr AIRD, tiff BAUG, RE, A, D•3 1t KNIT21ST D1 NW zmn s1 NW A l"MI-1111, AT A H, vmwo, N.W. 19th ST FIRD I.M ST NO, MI lain S>-J, R. W� aM 4A, LW. 1Mh 0 Z 4/ ), "OF - D,UR ITT 51 AT R_ I'M U, A IF 0, LL z cp w. Ift ST. U.EE,,Rq _,PTcWR MET IFFER .1 SHOUNCE A, AP,RIMMN PARCEL I AND -111 1) I? ,O PAIREEL I 1AM OF TE 1GROURP 1/1 Or SYSTIM 2e, TPRIPIP AD PRITH, RANGE A' EASE EACE RL COUNI , FLORIDA LAND SCHIS IF ME ISHANI CRASH, DOW ME ENAT 35 FEET THEREOF AND FS, 1. ACHA LESS TOE FOLLOW NG REAGARED PAMOU CA..CNII C I ME CASHICART COPPER .1 SAM IT.- 1/4, THINIS CO. AUUJPG MY RAD. NA TM ST. I In I I SIE IST sl I NO, FEW 1A. FAST TO ME POINT .1 EMMUSE; E 'Ill 1111 A I'll 11 A A N.0 GA,,jW.L SGA�2 G�IAII P., POINT 0 RAW FRONDS' EE CENTER A. IS A- ME ST." EICIT .1 WAY PC Or "INA AD .1 .-1 PROCIDAR, MORE A11.1 ,R4, So DTO Ill REAT -III A 11 1AR3AO FORT, A CENTRAL ANG-D FDA A. -IS 1�;Al I THE 1A A PRCO., INT OF DAEUGGI: AICIIE AUN MORTHERLY-DO1l N_,3C,C1 N A M I' A D�,.1 OR LESS TO ME TOP OF MARK OF TAMINDI CARIA, CMRSMI ED DE RUTERSAPSTION WITH A JNF , .1 Al. III 1, .1 R.E 35 FEET WEST ADD PARALLEL 10 TOY EAST U OF CON SAITIUDS 11 MORE OR 1%U1`AR" I- INDIA AS 1111 11 THE PACT IF 'NUB AC BE 0 Ar WE LAND I DID IN ME MORTHEAST 1/1 Or COSTION 32, THINGSHIP 53 MOUTH, ANNOF 41 K. EACT, WE COUNED FLOREM, MORE FA RESTRUEST AS FUELS— COMMENCE AT ME SCHISWERE CORNER OF THE NORTHEAST 1/4 OF SAID METRON 32� ME"` CU GG 10953'31'W I ONG THE WEST INE OF MAD ME 1 /4 'IS Ei�M 111, THINDO -.1 ALANO A ON, LE LINE AIASAlUE_ WILIOANDA 4p%FCCGFWWC I OF THE SO OF IS N' 'A' NO ...... GfRAPELAND PARK FOR A A_ TO OF 8 GINGING OF THE PARES, TO BE AFARAIDEC, MORE N G AMPOG17Nt ALONG THE FORT OF SAY OF ME LIMITER ADI'M TO HE ILUME ROAD A ... MUCH THENCE III -IS AND N/IF N4658 9"W .1 SMY1 A' PHIL ME MANU11 UP u1 1(N01 A PART) MAPNU A OPOLE, SAID 1-1 1 -11 ORMIS LIFE FROM ITS COPPED MEN WN, TCRRTAAFSTER�L�Y CROULAR GO111 COUGANE TO OCR GOD"AAM �IAVW�G,SFRADCUNRr ED AID "`D OF I I. FOR AN ABC CGSTANCF OR 1378 OF < 170 GEG, A OFFMAL A E AS F A AURNE SAIS R/W ME+25�UGN FOP 16211Z�151 1.1 MENES, WHASOVIMID11 1-1, SAIG PEW uj 108A0ES5T W FOR 9361 FEET TO TO INTERSECTIO WAR A USE FACALLEL I A" P, t-Tr I LE ENE IS IIIA�l IFN'A�IMU 1/41 Ill ARE MAITT1.11 A 111M.IF AMC ME < SO GOAO 4, A G L) _3"'M I FEET TA PLE SO *1 DIIMEII 1 N41, IF , NTI -UK JR; FERNME PON AILING PRED NORM CHIP AS NN,RA GO A, � , US C -R, C IDERSACTYP WID, TD, -M, y HISO, I, NO, E .1 L, LINE OF RK 37H, AVE OF AN SHOWN ON SHEET 270 OF THE MINJOICAL AILAS Or HPIF UlY OF - Moll AND IN INTER COUP III AN A CIRCULAR IIEEHP COICAVE TO THE GRED ADD N 2P9?03�EOl THE MEDIA OF MAN IF-, IIIENE GD-CALY ALONG SAID To Z I A ASH, " I = FEET REWC'ENTRAL ANGLE IAF SECIOCAS' FOR RC DISTANCE C, F� M `"0. T11H,111I SEE A .. I P. C, AD MN IFED, PRET TO A PEENT .1 -1 1 ` CRY .'- HE M' "T `.' SOHLEI ALONG SMS R/W AND LURK HAVING A RAD J5 Or 111, A IF- A.11 .1 I R AN C IKENOE RAN ALONG z AM METHROF IF l4C 11 FORT IS A PAGNI TANGENCY LAID Ra'SN 1 117 FOR 11762 FELT TO A C,1MAACAE IT A C11,11TO - HE W 1-1 -1 1/1 111 MIAL NERENA A -'US O11 1_1�117 AFNfRA M ANCOC OF �SA R AD ARS USINCIF OF 240 FEET TO A FORT OFTINCE.Y. SEE POINH FEET GO - "' `�I' '52 571E FOR LIMITED ACCESS% OF OF OF F 0 NE 1/41 THENCE NIIN ALONG A/1 AD ,D"" 51.507 FEET TO 11 NIFIFICIF A AIM A NE 3 ONCE PCOM 11 An PARALLEL ID 111 11,1 0, 'JUL RGET NE'LPHE SSWAY LIAI OF IIIL nOMORM I/F /I OF SAID SEPTION 32; THENCE ST M CO. IS _"` "ED AS "_ ED A AMR' "' FEET A" ` "" -'r UN' I' CBS msntR Ri PC IRA, IBEAFT1 TO -A DID I1.1 Ill IUM�AI,11, TIONIF GUESTERV AM, 1. 0, A, Ii AND 25MCM FEET AURNRH ED WC MOT H AMAG A UWE PHOULLET Al KH, Or END HE '/A S QNC1rFN FOR WOME FUEO THONOF GCP57'57G FOR 230 FEET, THENCE REATERLY ALONG A PA, LJOR HE PARALUEL WITH ADD 15 DUST ICOM OF ME SOUTH ONE OF RAN NO 1/4 ONFOR MIB MR 123A71 ABU NOR OR -1 TO ME MANI )F PICANDEPH A STFEET 1IIA-AF1 .1FIDT CEITCHING 131,C13, IS, I'D MY LAS, N.W. OREGORRY SIR LK INE DETAIL A-A C) 11 OF 8-ING1. PLANING AUL UI US THE LEMEND, PARCELMING.EOr INI A ISO 11 A ICMO N(Y mw,,J_E� M11CRAILLI IRV 1111 AFFILI 1 11 1111 U1111, AA"AA,D`M S ASHE AW, WE` DETAILB-B EARD BY K FTLOR F AE(S) MEANN 111 1 NAIL CA" MAR, USES, SON, SWAP) 1ATUR AS IFR DRER COMM UNITY AUS011: 11065U FLY, E-FAN, EDP EAFF OF PAWMEM I EPAIR - 1.UOA-D, CA 'EL 0In (RC -,A,, NOWN, AMMEC DIFF I UNARESETCO., INS GOD IDWERES"110, DATE: 3/02/94L/�/ . HUSUARTH,(,_R MAP NUMMER: 12025W18W GME AUMB RFG ROGAND 4) THIS SUFAREY IS SUBJECT 10 SAMEMENN, SPHf-CF-MAYS, SIBIG SIDEWALK NOUS NARONIC MEDICAID G. SAI OF FAD T_ ME) CHASE MOPERS WHICH MIGHT BE REELECTED IN A SEAN ,N VERACAL HADIR AAHL'I AA A&,, F_ NODITE NNI III F111 n IMIMINT AIR 71, A OF 111F IS Ill ALRUECI LANAC, FT E CRIMAGN SHOWN REFER TO CITY OR .1-1 CAM. Q,FW E (D DIALARE, -AA,1 S, US, NET OR j z� PAR ANC MARK USED, PC NMI AND SGISO DISC AT THE HE 0 RIAERSTER CORNER OF CONC. SIDENALK AT. THE INTEASMODON OF HIS 37 AVE & SW 16 PARRA, CLOOPPAR- 5,649 FEET (NLW Sky) ! HEREBY CERTIFY. CONVERSION FACTOR TO NATIONAL GEODETIC VERTICAL DATUM EQUALS FEET 1M1AI1CI1.1.1nCD1 TO THE 1111Y RRITS 1111 MICHRED MONDIAL STANDARDS PIT DATF 05/24/05 TAT P THE C A. REA11 111110ERAT LANE Ill 11 MEDIANT 1. CAP ER DMARSI FLORIDA STAIRTES AND I6l -1CA IF', OF M ED A ADMINISTRATIVE CODE AID C a»u HOLE 8 T j F 6) MONUMENT UNE AND CENTERINE A� PER MUNICIPAL ATIMS,CHAPTER C ON ON B OF A_ OF CITY Ol WAAA, SHE (,,-P US -CS 1, THIS SU'lly IS 'AN UPDATE OF A SURVEY PERFORMED ON DRAWN C A C5 WE 53S PON 4/11/A5, WE DROU EN HE EDGE OF WATER FOR THIS UPDATE. .. 5004 wOt3 UMA4M 4 w A, LAST DAY FIELD WORK 05/05/05 8) REFERENCES MADE TO RASCALITY PREPARED EY THE CITY OF L�� TO SIGNED : 05/24/05 MISS ATTCWMFS`P (MICE DATED AUGUST SEE 2002 I�`CMI` ED FIE[ D BOOK 553, AS 9-13 & PC 18-22 PARCEL 800 111f SAID ITUOUT IE ANDD URE AID THE OREGAM RAIDED SEAL Or A FLORIDA LICENSED AGAVEME AND HARPERIOW OF-IRA CfG'I 211 USIR Inc CF\EUSA\QTY or MoM1\nO4M0I3 F,P NO. 2502341 Addenda Addendum C CT INFORMATION CLIENT CONTRA 3/16/2018 REVISED REOUEST FOR APPRAISAL OUOTE City of Miami You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment attached herewith as Exhibit "A". Please complete the information requested at the bottom of this page. The quote and below information must be received by the Department of Real Estate and Asset Management by 2:001D.m., Wednesdav, March 21, 2018. You may submit your proposal via email to: Jacqueline Lorenzo Project Management Specialist Department of Real Estate and Asset Management City of Miami 444 SW 2 Avenues, 3rd Floor Miami, FL 33130 (305) 416-1426 jlorenzo(a4miamiRov.com ADDRESS FOLIO JOB No. 1400 NW 37 AVE 01-3132-000-0080 A-03-18-007 1550 NW 37 AVE* 01-3132-000-0090 *see survey attached hereto Comprehensive total fee to perform appraisal/s: $ Hourly fee in the event expert testimony is required: $ 150.00 Appraisal Company: Telephone/Extension: By: Stuart 4. Lieberman, MAI Sign:/ v �` CBRE, Inc. 305-381-6472 Date: 3-18-2018 NOTE: When sending a quote, your company must comply with the completion due date. If selected, your company must provide a Certificate of Insurance in the manner prescribed in Exhibit `B" below. Pagel of 5 © 2018 CBRE, Inc 3/16/2018 City of Miami EXHIBIT "A" APPRAISAL ASSIGNMENT Job Number: A-03-18-007 Fiscal Year: 2017-2018 Location: 1400 NW 37 AVE, & portion of 1550 NW 37 AVE (see survey) Folio No.: 01-3132-000-0080 & 01-3132-000-0090 Lot Size: Approximately 131 Acres (see survey) Improvements: N/A (see purpose below) Purpose of Appraisal: To determine Fair Market Value and Rental Value at highest and best use. Please note the City's purpose is to determine the value to lease a vacant portion of the property to a third parry. As such, we are requesting the value be provided on a per square foot basis. Property Rights Appraised: Fee Simple, subject to existing restrictions Current Zoning: CS Civic Space Zone (under Miami 21 Zoning Code). Type of Appraisal: Narrative Self Contained Report Time to Complete: Four (4) weeks from authorization. Number of bound copies: Four, (signed and certified). City Contact Person: Jacqueline Lorenzo, Property Management Specialist T: (305) 416-1426 E-mail: ilorenzo(a,miamiaov.com Resolution Reference: None. Date of the Valuation: Date of the appraisal report. Fee: Full payment upon completion of the assignment, subject to revisions by the City of Miami and any other review appraiser should there be any discrepancies in the appraisal reports. THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING: 1. The appraisal report shall be performed in compliance with the professional services agreement with the City for appraisal services as applicable. 2. The appraisal report must consider all three approaches to value and provide an explanation to the weight given to each approach in arriving at the final reconciliation of value. In the event an Page 2 of 5 © 2018 CBRE, Inc 3/16/2018 City of Miami approach is not used, please provide justification. Please provide evidence for not using the Cost Approach. 3. In calculating the Market Data, the appraiser should analyze and provide current local market data and submit adjustment tables of comparables. 4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot, please provide line item adjustments in a matrix format for a better understanding of the Summary and Land Value Correlation conclusion. 5. Provide source and proof of capitalization rate for the income approach to value in local market versus other market when applicable. 6. Provide Market Data as if taxable property. 7. The appraisal report should be in compliance with the current Uniform Standard of Professional Appraisal Practice (USPAP) according to Section 475, Part It, of the Florida Statutes. The City of Miami reserves the right to review the appraisal report and submit its comments. The final report will be due five days after the appraisal is reviewed by City's staff. Note: All calculations must be explicit. Show all steps used to arrive at any conclusions provided. All data in this sheet must be verified by the appraiser, if any discrepancy, please call this office at 305-416-1426. Page 3 of 5 © 2018 CBRE, Inc 3/16/2018 EXHIBIT `B" INSURANCE REOUIREMENTS (I) Commercial General Liability (Primary & Non Contributory) A. Limits of Liabilitv Bodily Injury and Property Damage Liability Each Occurrence $1,000,000 General Aggregate Limit $2,000,000 Products/Completed Operations $1,000,000 Personal and Advertising Injury $1,000,000 B. Endorsements Reauired City of Miami included as an additional insured Contingent Liability (Independent Contractors Coverage) Contractual Liability Premises & Operations Liability Primary Insurance Clause (II) Business Automobile Liability A. Limits of Liabilitv Bodily Injury and Property Damage Liability Combined Single Limit Any Auto/Owned Autos/Scheduled Including Hired, Borrowed or Non -Owned Autos Any One Accident $ 1,000,000 B. Endorsements Required City of Miami included as an Additional Insured (III) Worker's Compensation A. Limits of Liabilitv Statutory -State of Florida Waiver of subrogation (IV) Employer's Liability A. Limits of Liabilitv $100,000 for bodily injury caused by an accident, each accident. $100,000 for bodily injury caused by disease, each employee $500,000 for bodily injury caused by disease, policy limit (V) Professional Liability/Error's & Omissions A. Limits of Liabilitv Combined Single Limit Each Claim $1,000,000 General Aggregate Limit $1,000,000 Retro Date Included Page 4 of 5 © 2018 CBRE, Inc City of Miami 3/16/2018 BINDERS ARE UNACCEPTABLE. City of Miami The above policies shall provide the City of Miami with written notice of cancellation or material change from the insurer in accordance to policy provisions. Companies authorized to do business in the State of Florida, with the following qualifications, shall issue all insurance policies required above, and must meet the following requirements: The company must be rated no less than "A-" as to management, and no less than "Class V" as to Financial Strength, by the latest edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey, or its equivalent. All policies and /or certificates of insurance are subject to review and verification by Risk Management prior to insurance approval. Certificates will indicate no modification or change in insurance shall be made without thirty (30) days written advance notice to the certificate holder. The Bidder shall be responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period; including any and all option terms that may be granted to the Bidder. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the City shall have the option to: (1) Suspend the contract until such time as the new or renewed certificates are received by the City in the manner prescribed in the Request for Appraisals Quote; or (2) The City may, at its sole discretion, terminate this contract for cause and seek re -procurement damages from the Bidder in conjunction with the General and Special Terms and Conditions of the Bid. The insurance coverage required shall include those classifications, as listed in standard liability insurance manuals, which most nearly reflect the operations of the bidder. Compliance with the foregoing requirements shall not relieve the bidder of his liability and obligation under this section or under any other section of this Agreement. Page 5 of 5 © 2018 CBRE, Inc Addenda Addendum D QUALIFICATIONS s 201E CbRE. lnc. Clients Represented BankUnited Ocean Bank Centennial Bank C -III Asset Management City of Miami Miami -Dade County, Internal Services Dept. Experience Stuart J. Lieberman, MAI is a Vice president with over 30 years of real estate appraisal and consulting experience. Mr. Lieberman is in the Valuation & Advisory Services Group's Miami office in the South Florida/Caribbean Region. Since 1987, Mr. Lieberman has provided real estate valuation and consulting services to the financial lending community, institutional clients, government agencies, corporate entities, legal & accounting professionals, developers and private individuals. Mr. Lieberman has experience providing market studies, feasibility studies, highest & best use analysis, market rent studies, expert testimony & litigation support and portfolio analysis. Mr. Lieberman's experience encompasses a wide variety of property types including single & multi -family residential, senior housing, mobile home parks, high density urban & ocean front developments, open space & public parks, automobile dealerships, service stations & convenience stores, funeral homes, medical office & surgical centers, mixed-use office, financial institutions & branch banks, retail shopping centers & regional malls, parking garages, restaurants & night clubs, movie theatres, health & fitness clubs, marinas & shipping terminals, FBOs (fixed base operations), industrial flex warehouses, bulk distribution, truck terminals, refrigeration warehouses, R&D, business parks, self -storage facilities; and, special purpose properties, including bowling alleys, broadcasting facilities, car wash, historical properties, public & private schools, day care facilities, houses of worship & religious facilities, tourist attractions, sport arenas and entertainment venues & theatres. Professional Affiliations / Accreditations • Appraisal Institute — Designated Member No. 12003 • Certified General Real Estate Appraiser, State of Florida License RZ 1074 • Licensed Real Estate Broker — Associate, State of Florida License BK 0477878 Education • University of South Florida, Tampa, FL, BA, Political Science — 1985 • Appraisal Institute, American Institute of Real Estate Appraisers, Society of Real Estate Appraisers and Florida Real Estate Commission core courses, electives and seminars. RICK SCOTT. GOVERNOR LICENSE NUMBER KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date; NOV 30, 2018 LIEBERMAN, STUART JAY 777 BRICKELL AVE STE 910 MIAMI FL_331 3 _ ISSUED: 08/28/2016 DISPLAY AS REOUI SEQ # L1608280006452 Clients Represented • LNR Partners • Bank of America Merrill Lynch • SunTrust Bank • PNC Bank • Mercantil • Popular Community Bank • 5/3 Bank • Iberia Bank • Santander Bank • Regions Bank • TD Bank • Bank United • BB&T Bank • CitiBank • Deutsche Bank • Ocean Bank • Centennial Bank • Bank of the Ozark • First Bank Florida Experience James Agner is the Senior Managing Director of the Valuation & Advisory Services for the Florida - Caribbean Region. Located in the CBRE Miami office since 1995, Mr. Agner has over thirty years of real estate appraisal and consulting experience throughout the State of Florida, with primary experience in South Florida and in the Caribbean. Mr. Agner is a designated member of the Appraisal Institute (MAI) and General Review Specialist (AI-GRS), member of the Society of Golf Appraisers (SGA), and Royal Institution of Chartered Surveyors (MRICS) and is licensed as a Certified General Real Estate Appraiser in the State of Florida and Georgia. He also has provided expert witness testimony in the Circuit Courts — State of Florida and United States Bankruptcy Courts. As Senior Managing Director, Mr. Agner leads a valuation and advisory staff in Miami and Palm Beach Counties that provides exceptional quality appraisal work and client service in South Florida, Treasure Coast and the Florida Keys. He also coordinates all activities for Florida and in the Caribbean, including overseeing new business development, client relations and appraisal quality control production. Mr. Agner is also the National Director of the Golf Valuation Group and the Net Lease Valuation Group for CBRE. Professional Affiliations / Accreditations • Appraisal Institute — Designated Member (MAI), Certificate No. 7791 • Appraisal Institute — General Review Specialist (AI-GRS), Certificate No. 69150 • Society of Golf Appraisers (SGA), Certificate No. 25 • Royal Institution of Chartered Surveyors — Member (MRICS), Certificate No. 7505662 • Certified General Real Estate Appraiser, State of Florida, #RZ382 • Certified General Real Estate Appraiser, State of Georgia, #345321 • Licensed Real Estate Broker, State of Florida, BK402088 Education • Florida State University, Tallahassee, FL Bachelors of Science in Business Administration, Marketing - 1981 RICK SCOTT, GOVERNOR LICENSE NUMBER KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date- NOV 30, 2018 AGNER, JAMES E 777 BRICKELL AVE SUITE 910 MIAMI FL 333k ISSUED: 09/25/2015 DISPLAY AS REQUIRED BY LAW �IN .i F 031 SEQ # L1609250003799 Ul W V W N N O a aS O hoc' a U a 06 W O N@ Zuj ' j N U O Z � a m Q 1� Q J N 09 CO CD W o coQ � O OC 0q M W a� Q Q a Ce) Q o 3 a a V