Melreese Appraisal BLAKE 2018

APPRAISAL 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. Blake and Associates, Inc.
4000 Ponce De Leon Boulevard
Suite 410
Miami, FL 33146

4000 Ponce De Leon Boulevard, Suite 410 | Miami, FL 33146 | Phone: (305) 448‐1663 | Fax: (305) 448‐7077 | www.josephjblake.com

July 2, 2018

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 Links ‐ Melreese Country Club Land
1802 NW 37th Avenue
Miami, FL 33125

Dear Ms. Lorenzo:
As requested, we have prepared an appraisal of the property referenced above presented in the attached
Appraisal Report. 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) zoning, as of April 10, 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 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.
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 parcel is improved 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,
full‐service restaurant, maintenance building, and other ancillary uses for the operation of a golf course.
The site is owned by the City of Miami 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
been 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
Appraisal 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 Definition of Market Value.

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July 2, 2018
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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:
$25.00/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
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 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 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 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, 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 its highest and best use.
The attached Appraisal Report summarizes the documentation and analysis in support of our conclusions. If
you have any questions, please contact the undersigned. We thank you for retaining the services of our
firm.
Respectfully submitted,

JOSEPH J. BLAKE AND ASSOCIATES, INC.

J. Michael Phillips Ted Allen, MAI, MRICS
Assistant Director Managing Partner
Florida‐State‐Certified General Real Estate Appraiser Florida‐State‐Certified General Real Estate Appraiser
No. RZ2281 No. RZ426
Expires: November 30, 2018 Expires: November 30, 2018
mphillips@josephjblake.com tallen@josephjblake.com

18‐114‐02 TABLE OF CONTENTS

TITLE PAGE
TRANSMITTAL LETTER

EXECUTIVE SUMMARY ........................................................................................................................................ 1
PHOTOGRAPHS OF THE SUBJECT ........................................................................................................................ 3
CERTIFICATION ................................................................................................................................................... 5
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ........................................................................................... 7
PURPOSE OF THE APPRAISAL .............................................................................................................................. 9
INTENDED USER AND USE OF THE APPRAISAL ................................................................................................... 9
PERTINENT DATES OF INSPECTION, APPRAISAL VALUE AND REPORT ............................................................... 9
EXPOSURE TIME ................................................................................................................................................ 10
SCOPE OF THE APPRAISAL ................................................................................................................................ 10
IDENTIFICATION OF THE PROPERTY ................................................................................................................. 11
CURRENT USE OF THE SUBJECT ........................................................................................................................ 11
HISTORY OF THE SUBJECT ................................................................................................................................. 11
AREA ANALYSIS ................................................................................................................................................. 12
NEIGHBORHOOD ANALYSIS .............................................................................................................................. 17
NATIONAL RETAIL MARKET ANALYSIS .............................................................................................................. 22
MIAMI RETAIL MARKET ANALYSIS .................................................................................................................... 25
NATIONAL OFFICE MARKET ANALYSIS .............................................................................................................. 39
MIAMI OFFICE MARKET ANALYSIS .................................................................................................................... 44
NATIONAL APARTMENT MARKET ANALYSIS .................................................................................................... 54
MIAMI APARTMENT MARKET ANALYSIS .......................................................................................................... 59
DESCRIPTION OF THE SITE ................................................................................................................................ 76
ZONING ............................................................................................................................................................. 78
TAXES ................................................................................................................................................................ 82
HIGHEST AND BEST USE .................................................................................................................................... 83
ANALYSIS OF DATA AND CONCLUSIONS ........................................................................................................... 86
LAND VALUE ..................................................................................................................................................... 88
RECONCILIATION AND FINAL VALUE .............................................................................................................. 100

ADDENDA
Boundary Survey
Flood Map
Zoning Information
Tax Information
p g
Appraisal Engagement Contract
Glossary of Terms
Qualifications of the Appraisers

18‐114‐02 EXECUTIVE SUMMARY

PROPERTY SUMMARY
PROPERTY APPRAISED Miami International Links ‐ Melreese Country Club Land
PROPERTY ADDRESS 1802 NW 37th Avenue
Miami, FL 33125
PARCEL/TAX ID 01‐3132‐000‐0080 and portion of 01‐3132‐000‐0090
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 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) zoning, as of April 10, 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 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.
PERTINENT DATES
DATE OF INSPECTION April 10, 2018
DATE OF REPORT July 2, 2018
DATE OF “AS REZONED TO HBU” VALUE April 10, 2018
HIGHEST AND BEST USE
AS IMPROVED The subject site is valued as if vacant
AS IF VACANT To maximize the utility of the site in relation to the zoning
PROPERTY DATA
SITE DESCRIPTION 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 subject is
improved 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 1960's to
2000's that are used as a golf learning center, pro shop, full‐
service restaurant, maintenance building, and other anciliary
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 as a golf course. For the purposes of 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

1

18‐114‐02 EXECUTIVE SUMMARY

CENSUS TRACT 12‐086‐0049.01

VALUE SUMMARY

"As Rezoned to Highest and Best Use" Value (4/10/2018)
Land Value $25.00/SF
Final Value Opinion $25.00/SF
"As Rezoned to Highest and Best Use" Rental Value (4/10/2018)
Final Rental Value $1.25/SF
The 'As Rezoned' value estimates in this appraisal are based on the hypothetical condition that the
the date of value.

2

18‐114‐02 PHOTOGRAPHS OF THE SUBJECT

Subject Facing Southeast North Portion of the Subject Facing East

West Portion of the Subject Facing South Subject Facing Northwest

East Portion of the Subject Facing North South Elevation of the Pro Shop Building

3

18‐114‐02 PHOTOGRAPHS OF THE SUBJECT

North Elevation of the Restaurant Building South Elevation of the Learning Center Building

Golf Cart Storage Tennis Courts

th th
Street View of NW 37 Avenue Facing North Street View of NW 37 Avenue Facing South

4

18‐114‐02 CERTIFICATION

We, the undersigned, certify that, to the best of our knowledge and belief:
 J. Michael Phillips, has made a personal inspection of the property that is the subject of this report.
Ted Allen, MAI, MRICS, 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, MRICS has completed the continuing education program for Designated
Members of the Appraisal Institute.
 The statements of fact contained in this report are true and correct.
 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.
 We have no present or prospective interest in the property that is the subject of this report and no
personal interest with respect to the parties 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.
 Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
 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.
 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 producing a
specific value and neither engagement, nor employment, nor compensation, is based upon
approval of any related loan 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 has been
prepared, in conformity with the requirements 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 persons signing this certificate.
 The use of this report is subject to the requirements of the State of Florida relating to review by the
Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.
 The use of this report 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.

5

18‐114‐02 CERTIFICATION

$25.00/SF
$1.25/SF
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 its highest and best use.
Respectfully submitted,

JOSEPH J. BLAKE AND ASSOCIATES, INC.

J. Michael Phillips Ted Allen, MAI, MRICS
Assistant Director Managing Partner
Florida‐State‐Certified General Real Estate Appraiser Florida‐State‐Certified General Real Estate Appraiser
No. RZ2281 No. RZ426
Expires: November 30, 2018 Expires: November 30, 2018
mphillips@josephjblake.com tallen@josephjblake.com

6

Miami International Links ‐ Melreese Country
Club Land 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 valuation 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 the property.
It is assumed that all information known to the client and/or the property contact and relative to the
valuation has been accurately furnished and that there are no undisclosed leases, 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 legal nature, 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 purpose.
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 the contents 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 public through advertising media, 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, unless 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, soil conditions, flood risk, obsolescence, etc., are strictly related to their economic impact
on the property. No liability is assumed for any engineering‐related issues.

7

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 desired.
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 release
Joseph J. Blake and Associates, Inc., from any and all liability related in any way 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 our written consent.
Cash flow projections are forecasts of estimated future operating characteristics and are based on the
information 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
our current realm of knowledge or control.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific
compliance survey and analysis of this property to determine whether it is in conformity with the various
detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a
detailed analysis of the requirements for the ADA, could reveal that the property 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.
EXTRAORDINARY ASSUMPTIONS
The use of the aforementioned Extraordinary Assumptions might have affected the assignment results.
HYPOTHETICAL CONDITIONS
the date of value.

8

18‐114‐02 INTRODUCTION

PURPOSE OF THE APPRAISAL
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) zoning, as of April 10, 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 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 original named
client. The intended use of this appraisal is to assist the client with asset management purposes. This
appraisal is not intended to be used by any other 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 analyses, conclusions and final opinions of market value, is specifically
applicable to the following pertinent dates:
DATE OF INSPECTION April 10, 2018
DATE OF REPORT July 2, 2018
DATE OF “AS REZONED TO HBU” VALUE April 10, 2018
DEFINITION OF MARKET VALUE
Market value means the most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions
whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best
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.'
Source: 12 C.F.R. § 34.42, 225.62, 323.2, 564.2, 722.2

9


EXPOSURE TIME
To form an opinion of exposure time, we considered the exposure times of properties similar to the 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 a reasonable exposure
time, assuming the property was reasonably priced and actively marketed, as well as assuming the
Special Area Plan (SAP) zoning.
MARKETING TIME
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 to the subject, used for the same purpose, located in the subject's
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 6 to 12 months was reasonable. It is our opinion that a
marketing time of 6 to 12 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 21 Special Area Plan (SAP) zoning.
According to the PwC Real Estate Investor Survey, fourth quarter 2017, the quoted marketing time for
development land properties on a national basis ranged from 3 to 36 months, and averaged 16 months.
PROPERTY RIGHTS APPRAISED
The subject is appraised on the basis of a fee simple estate.
SCOPE OF THE APPRAISAL
The scope of an appraisal assignment is relative to the intended use of the appraisal. The following outlines
the extent of property inspection, market data collection, verification and analysis performed for this
assignment.
Inspection
J. Michael Phillips, has made a personal inspection of the property that is the subject of this report. Ted
Allen, MAI, MRICS, has made a personal inspection of the property that is the subject of this report. Since
the subject of this report is the land underlying the current improvements, this inspection included the
exterior of the subject.
Subject Physical and Economic Characteristics
The types of information obtained and the sources providing such information are detailed in the following
table.
Information Sources
Information Type Received? Source
Flood Map Yes FEMA
Zoning Information Yes County
Boundary Survey Yes Owner
Tax Information Yes County

Type of Analysis Applied
The Sales Comparison Approach was applied in this valuation analysis.

10


Extent of Data Research
General economic data and market data were reviewed. Comparable sales were compiled from 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 market and pertinent to the
subject. The data were verified by buyers, sellers, brokers, managers, government officials or other sources
regarded as knowledgeable and reliable.
Information specific to the subject was provided by the client, owner, and/or representatives of the owner,
and is assumed to be correct. Other information, such as zoning and tax records, was obtained from
governmental sources. Specific estimates concerning land value, market rent, etc., reflect our judgment
based on interpretation of the market data. The reasoning behind such estimates is illustrated within the
approach to value.
IDENTIFICATION OF THE PROPERTY
The property is commonly known as:
1802 NW 37th Avenue
Miami, FL 33125

The property is also identified by the Miami‐Dade County Tax Assessor's Office as tax parcel number(s) 01‐
3132‐000‐0080 and portion of 01‐3132‐000‐0090.
The legal description of the property is assumed to be correct. We have not commissioned a survey, nor
have we had one verified by legal counsel. Therefore, we suggest a title company, legal counsel, or other
qualified expert verify this legal description before it is used for any purpose.
CURRENT USE OF THE SUBJECT
As of the date of the value opinion(s), the subject was being used as a golf course. For the purposes of 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).
HISTORY OF THE SUBJECT
The subject is currently owned by the City of Miami Department of P&D Asset Management Division, who
has owned the property for more than three years prior to the date of value.
The subject site is improved with Miami International Links‐Melreese County Club. The subject site is leased
to the operator of the golf course. We were not provided with the existing lease on the subject.
We are not aware of any listings, real property transactions, or ownership transfers pertaining to the
subject in the three years prior to the date of the value opinion. Also, we are not aware of the subject being
listed for sale or under contract for sale at the time of this appraisal.

11

18‐114‐02 AREA ANALYSIS

AREA MAP

INTRODUCTION
The Miami‐Fort Lauderdale‐West Palm Beach Metropolitan Statistical Area (MSA) encompasses Broward,
Miami‐Dade, Monroe and Palm Beach counties. The subject is located in Miami‐Dade County, Florida.
Miami‐Dade County is located in the southeast portion of Florida's east coast and is the southernmost
county situated on Florida's mainland. Miami is the county seat of Miami‐Dade County, which includes
many other incorporated areas such as Miami Beach, Key Biscayne, Coral Gables, South Miami, Pinecrest,
Aventura, Hialeah and Homestead.
Miami‐Dade County boasts an excellent geographic location, allowing it to serve as a gateway to the
Caribbean and Latin America. A tourist destination in itself, it is also within a day's drive to some of Florida's
major tourist destination cities.

12


Development and growth in Miami‐Dade 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 Miami‐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 markets.
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 in place before
new construction is permitted. Thus, if a location is deficient in one 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. However, in some cases the
expense associated with offsite improvements may render a project economically unfeasible.
Transportation
Miami International Airport is the largest gateway between the United States and Latin America, and is one
of the largest airline hubs in the United States, 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.
The Port of Miami is a 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.
Metrorail is a 21‐mile rapid transit system on an elevated railway providing access to Downtown Miami
from portions of both south and north Miami‐Dade County. It connects with Metromover, a 30‐station,
five‐mile system, that loops through the center of Downtown Miami's CBD. Metrobus provides the feeder
system to Metrorail and bus service to all other parts of Miami‐Dade County.
A network of 5,640 miles of roadway serves Miami‐Dade County, of which I‐95, I‐75, Florida’s Turnpike, and
the Palmetto Expressway (SR‐826) are the most utilized north/south highways, while SR‐112, SR‐826 and
SR‐836 are the most utilized east/west expressways. US‐1 and SR‐A1A are also components of this network.
Other primary thoroughfares include I‐395 (east/west), I‐195 (east/west), SR‐9, SR‐94, SR‐874, US‐27, US‐41
and US‐441.
Education
Miami‐Dade County is served by more than 900 public and private secondary and elementary schools.
Seven colleges and universities are located in the county.
Miami‐Dade College currently offers more than 175 programs and 1,500 courses, with enrollment of over
160,000 students. The University of Miami in Coral Gables has more than 15,000 degree‐seeking students
and offers 150 undergraduate and 192 graduate degree programs. Florida International University, with
two campuses, 36,000 students and more than 800 full‐time faculty, received the nation’s fifth largest
philanthropic gift in the history of public higher education—the Wolfsonian Museum on Miami Beach, with
70,000 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 available at Barry
University, St. Thomas University, Florida Memorial College and Miami Christian College.

13


Tourism/Recreation
Known mainly for its trendy nightclubs and oceanfront resorts, Miami‐Dade County is also a recognized
center for the fine arts and the performing arts, offering an array of enriching cultural activities. These
include the Miami Art Museum, Museum of Contemporary Art, Miami Art Central, Wolfsonian‐FIU, and the
Lowe Art Museum, which are filled with collections and exhibitions from all parts of the world. Broadway
plays, the Repertory Theater, the Philharmonic, the Opera Guild, and a large number of historical
attractions and exhibits are also favorites.
Every year, numerous art festivals make their homes in Miami, including the world‐renowned Coconut
Grove Arts Festival and Art Basel.
The Miami Beach Symphony Orchestra and the Greater Miami Opera Association both offer top‐notch
performances throughout the year. In addition, the Coconut Grove Playhouse, the Actor’s Playhouse and
the Gusman Center features a variety of plays and dance pieces from local, regional and national troupes.
Medical
According to the Greater Miami Chamber of Commerce, Miami‐Dade County boasts two major medical
networks: the Jackson Health System and Baptist Health South Florida. Jackson Health System, the largest
group of medical services in the Southeastern United States, is assembled in a medical complex just west of
Downtown Miami. At its hub is the University of Miami School of Medicine/Jackson Memorial Medical
Center, ranked in the top 10 of more than 8,000 hospitals in the nation and situated in the city limits of
Miami. In Miami‐Dade County alone, there are more than 29,000 health care professionals and 28
hospitals. The extensive network of community hospitals includes: Mount Sinai Medical Center, Columbia
Cedars Medical Center, Hialeah Hospital, Baptist Hospital, Jackson Memorial Hospital, Mercy Hospital and
Miami Children's Hospital.
AREA DEMOGRAPHIC AND INCOME DATA
The following data was obtained from MOODY’S ANALYTICS Précis® U.S. Metro South, July 2017. The full
report is located in the Addenda, and contains additional information about the social, economic,
governmental and environmental forces that influence value.
Moody's Source for Charts
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 0.20% 1.20% 1.96% 2.52% 3.57% 1.82% 2.42% 4.98% 5.90% 2.59% 4.41% 4.36%
Total employment (ths) 1,007.3 1,031.3 1,056.5 1,089.3 1,125.8 1,157.7 1,181.9 1,211.0 1,235.5 1,244.6 1,248.9 1,264.2
% change 2.25% 2.38% 2.45% 3.10% 3.36% 2.83% 2.09% 2.46% 2.02% 0.74% 0.35% 1.22%
Unemployment rate (%) 9.40% 8.27% 7.48% 6.77% 5.92% 5.42% 4.90% 4.23% 3.85% 4.35% 5.13% 5.32%
Personal income growth (%) 4.80% 2.60% 0.38% 7.75% 7.76% 2.77% 4.18% 5.77% 7.22% 5.96% 5.60% 6.01%
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) 2,573.4 2,607.6 2,641.7 2,668.5 2,695.7 2,718.8 2,747.4 2,783.5 2,821.1 2,858.3 2,895.3 2,932.4
% change 2.65% 1.33% 1.31% 1.02% 1.02% 0.85% 1.05% 1.32% 1.35% 1.32% 1.29% 1.28%
Single‐family permits (#) 962.0 1,819.0 2,266.0 2,077.0 2,800.0 2,873.0 2,283.1 3,939.3 5,836.3 6,358.1 7,021.9 7,168.2
Multifamily permits (#) 1,656.0 3,250.0 8,050.0 5,654.0 9,817.0 6,444.0 7,562.8 3,863.3 4,451.3 5,936.6 6,042.9 6,696.8
FHFA house price (1995Q1=100) $182.72 $185.59 $207.44 $232.86 $255.96 $281.37 $303.33 $307.26 $299.99 $295.69 $294.82 $297.16
Source: MOODY’S ANALYTICS Précis® U.S. Metro South, July 2017

14


Total Employment (ths) % Change in Employment
1,400 4.00%
1,200 3.50%
1,000 3.00%
2.50%
800
2.00%
600
1.50%
400 1.00%
200 0.50%
0
Unemployment Rate Personal Income Growth
10.00% 10.00%
8.00% 8.00%
6.00% 6.00%
4.00% 4.00%
2.00% 2.00%
Median Household Income (ths) Existing Home Price (ths)
$60 $350
$50 $300
$250
$40
$200
$30
$150
$20
$100
$10 $50
$0 $0
Historic Population Growth (ths) Projected Population Growth (ths)
2,750 2,950
2,700 2,900
2,850
2,650
2,800
2,600
2,750
2,550 2,700
2,500 2,650

15


Single‐Family Permits Multi‐Family Permits
8,000 12,000
7,000 10,000
6,000
5,000 8,000
4,000 6,000
3,000 4,000
2,000
1,000 2,000
0 0

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 migrants 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’s historical
success remain in place. Therefore, the county will likely continue to grow.

16

18‐114‐02 NEIGHBORHOOD ANALYSIS

NEIGHBORHOOD MAP

INTRODUCTION
A property is an integral part of its surroundings and must not be treated as an entity separate and apart
from its surroundings. The value of a property is not found exclusively in its physical characteristics;
physical, economic, political and sociological forces in the area interact to give value to a property. In order
to determine the degree of influence extended by these forces on a property, their past and probable
future trends are analyzed. Therefore, in order to form an opinion of the value of a property, an analysis is
made of the area in which the property under study is found. This area is referred to as a neighborhood.

17


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 estate
terminology, a homogeneous neighborhood is one in which the property types and uses are similar. A
neighborhood is 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 may indeed run concurrent with variations in prevailing land uses or physical characteristics.
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.
The boundaries for the subject's neighborhood can be distinguished by the prevailing land uses as well as
the county's infrastructure. The neighborhood is considered to be State Road‐112 (Airport Expressway) to
the north, State Road‐836 (Dolphin Expressway) to the south, NW 27th Avenue to the east and NW 42nd
Avenue (LeJeune Road) to the west.
ACCESSIBILITY
Access to the area is via Douglas Road (NW 37th Avenue), LeJeune Road (NW 42nd Avenue) and State
Road‐836 (the Dolphin Expressway), as well as State Road‐112 (Airport Expressway).
Due to the subject’s 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/west direction from Interstate‐95 to LeJeune Road. This expressway continues east into
Miami Beach where it is known as Interstate‐195.
The south boundary is the Dolphin Expressway (State Road‐836). This limited‐access toll road extends
east/west adjacent to the south of the subject. This highway commences at Interstate‐95 and continues
west to NW 137th Avenue and Florida’s Turnpike Extension. This roadway also continues east of Interstate‐
95, where it is known as Interstate‐395, to Miami Beach.
Major north/south arterials within the neighborhood include NW 27th Avenue and NW 42nd Avenue
(LeJeune Road). NW 27th Avenue is the eastern boundary of the neighborhood and commences south of the
neighborhood in Coconut Grove and extends north throughout Miami‐Dade County and into Broward
County. This roadway has interchanges within State Road‐112 and State Road‐836.
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‐112 and
State Road‐836. This roadway runs adjacent to Miami International Airport, providing the main
ingress/egress to the airport.
The subject's neighborhood has excellent access to the majority of Miami‐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 Airport is located on 3,230 acres across LeJeune Road from the subject. This airport
was founded in 1928 and offers more flights to Latin America and the Caribbean than any other airport in
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.

18


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 are several hotels located
to the east of LeJeune Road providing accommodations to airline travelers.
DEMOGRAPHICS
The Site To Do Business is a service that provides demographic data, including historical, current and
forecasted population 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.
Demographics
2017 2022
Summary 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile
Population 16,761 107,094 261,852 17,305 112,095 274,747
Households 5,392 36,861 93,959 5,540 38,437 98,282
Families 3,884 25,237 60,780 3,992 26,285 63,456
Average Household Size 3.09 2.88 2.75 3.11 2.90 2.76
Owner Occupied Housing Units 2,128 11,753 28,240 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 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile
0 ‐ 4 4.8% 5.3% 5.4% 4.8% 5.4% 5.4%
5 ‐ 9 5.2% 5.4% 5.5% 5.0% 5.2% 5.2%
10 ‐ 14 5.1% 5.1% 5.2% 5.5% 5.5% 5.4%
15 ‐ 19 5.0% 5.1% 5.0% 5.3% 5.3% 5.2%
20 ‐ 24 5.5% 5.7% 5.9% 4.9% 5.2% 5.3%
25 ‐ 34 13.4% 13.9% 13.9% 11.6% 12.3% 12.7%
35 ‐ 44 12.9% 13.4% 13.2% 13.2% 13.6% 13.3%
45 ‐ 54 15.1% 14.4% 14.2% 13.6% 13.3% 13.1%
55 ‐ 64 12.9% 12.4% 12.5% 14.3% 13.5% 13.3%
65 ‐ 74 10.6% 10.0% 9.9% 11.6% 11.0% 11.0%
75 ‐ 84 6.6% 6.4% 6.4% 7.4% 6.9% 7.0%
85+ 2.9% 2.8% 2.9% 3.0% 2.9% 3.0%
Households by Income 1 mile 2 mile 3 mile 1 mile 2 mile 3 mile
<$15,000 19.20% 23.10% 25.90% 17.40% 21.50% 24.50%
$15,000 ‐ $24,999 20.00% 18.40% 17.80% 17.90% 16.60% 16.20%
$25,000 ‐ $34,999 13.10% 14.90% 13.90% 11.90% 13.60% 12.60%
$35,000 ‐ $49,999 15.60% 15.70% 14.10% 14.30% 14.50% 13.00%
$50,000 ‐ $74,999 18.20% 14.90% 13.30% 19.10% 16.00% 14.20%
$75,000 ‐ $99,999 7.10% 6.40% 6.10% 9.80% 8.90% 8.20%
$100,000 ‐ $149,999 4.90% 4.70% 5.40% 7.00% 6.50% 7.10%
$150,000 ‐ $199,999 1.40% 1.10% 1.60% 1.70% 1.40% 1.90%
$200,000+ 0.50% 0.80% 1.80% 0.70% 1.00% 2.20%
Median Household Income $32,815 $29,921 $28,769 $37,148 $33,420 $31,745
Average Household Income $44,163 $42,073 $45,484 $51,622 $49,209 $52,813
Per Capita Income $14,497 $14,820 $16,709 $16,818 $17,204 $19,243
Source: Site To Do Business

19


Trends: 2017 ‐ 2022 Annual Rate
1 mile Radius Area State National
Population 0.64% 1.36% 0.83%
Households 0.54% 1.30% 0.79%
Families 0.55% 1.25% 0.71%
Owner HHs 0.50% 1.19% 0.72%
Median Household Income 2.51% 2.13% 2.12%
Population 0.92% 1.36% 0.83%
Households 0.84% 1.30% 0.79%
Families 0.82% 1.25% 0.71%
Owner HHs 0.65% 1.19% 0.72%
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%


20


LIFE CYCLE
A neighborhood’s life cycle usually consists of four stages:
 Growth ‐ a period during which the neighborhood gains public favor and acceptance
 Stability ‐ 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 Appraisal of Real Estate, 14th Edition

The current population within a one‐mile 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.
NEIGHBORHOOD ANALYSIS CONCLUSION
In conclusion, we researched many of the influences that could affect the value of properties 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 subject’s future success.

21

18‐114‐02 MARKET ANALYSIS

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 STRIP SHOPPING CENTER MARKET ‐ PWC
According to the PwC Real Estate Investor 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 online shopping and the entry of
Amazon into the grocery business with its recent purchase of Whole Foods. “The ‘Amazon Effect’
will continue to erode brick‐and‐mortar sales,” says an investor. “Amazon’s impact is not done, and
it’s 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
Current Quarter Last Quarter
Tenant Retention Rate 60.0%‐100.0% 50.0%‐100.0%
Average 73.00% 71.00%
Months of Free Rent (10‐yr lease) 0‐6 0‐6

Average 3.00 3.00
% of participants using 44.00% 44.00%
Market Conditions Favor
Buyers 14.00% 11.00%
Sellers 44.00% 44.00%
Neither 42.00% 45.00%
Source: PwC Real Estate Investor Survey, 1st Quarter 2018

22


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% 5.50%‐10.50% 5.00%‐10.50%
Average 7.46% 7.50% 7.39%
Overall Cap Rate (OAR) 4.00%‐9.50% 4.00%‐9.50% 4.00%‐9.50%

Average 6.36% 6.38% 6.32%
Residual Cap Rate 4.75%‐9.75% 4.75%‐9.75% 4.75%‐9.75%

Average 6.84% 6.80% 6.56%
Market Rent Change Rate 0.00%‐3.00% 0.00%‐3.00% 0.00%‐3.00%

Average 1.82% 1.82% 1.83%
Expense Change Rate 0.00%‐3.00% 0.00%‐3.00% 0.00%‐3.00%

Average 2.57% 2.57% 2.69%
Marketing Time Range 2‐18 months 2‐18 months 2‐12 months

Average 6.8 6.8 6.3

23


NATIONAL STRIP SHOPPING CENTER MARKET ‐ REALTYRATES.COM
According to the RealtyRates.com Investor Survey, 1st Quarter 2018, 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 (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
Retail ‐ All Types
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 0.76%
Debt Coverage Ratio 1.05 DCR Technique 1.05 x 0.043722 x 0.90 = 4.13%
Interest Rate 3.11% Band of Investment Technique
Amortization 40 Mortgage 90% x 0.043722 = 0.039350
Mortgage Constant 0.043722 Equity 10% x 0.079479 = 0.007948
Loan‐to‐Value Ratio 90% OAR 0.039350 + 0.007948 = 4.73%
Equity Dividend Rate 7.95% Surveyed Rates 4.49%
Maximum
Average
Debt Coverage Ratio 1.38 DCR Technique 1.38 x 0.073392 x 71% = 7.16%
Loan‐to‐Value Ratio 70.5% OAR 0.051751 + 0.039687 = 9.14%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018

24


The following tables summarize discount and equity dividend rates reported by survey respondents. In all
cases, rates were derived from Class A and B properties nationwide and are exclusive of reserves. Note that
"Recapitalizations" refers to re‐financing under current use.
Retail ‐ Discount Rates
First Quarter 2018
New Development Acquisitions Recapitalizations
Property Type Min. Max. Avg. Min. Max. Avg. Min. Max. Avg.
Retail 6.47% 17.06% 12.43% 5.56% 14.67% 10.69% 6.34% 16.72% 12.18%
Anchored 6.47% 15.69% 12.51% 5.56% 13.49% 10.76% 6.34% 15.38% 12.26%
Un‐Anchored 7.23% 17.06% 13.20% 6.22% 14.67% 11.35% 7.09% 16.72% 12.94%
Convenience/Gas 7.56% 17.16% 10.93% 6.50% 14.76% 9.40% 7.40% 16.82% 10.71%
Free Standing 6.85% 16.68% 13.01% 5.89% 14.34% 11.19% 6.71% 16.34% 12.75%
Retail ‐ Equity Dividend Rates
First Quarter 2018
Property Type Min. Max. Avg.
Retail 7.95% 17.97% 13.46%
Anchored 7.95% 16.77% 11.92%
Un‐Anchored 8.15% 17.97% 12.57%
Convenience/Gas 8.05% 17.37% 12.24%
Free Standing 7.90% 17.22% 12.09%
MIAMI RETAIL MARKET ANALYSIS
According to the CoStar Retail Market Analysis and Forecast, April 2018, strong demand helped the market
weather a wave of deliveries throughout the first half of 2017, and vacancies have remained well below the
national average. Developers are busy bringing 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.

Source: CoStar

25


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 Miami’s
favorite districts. In the next few years, escalating deliveries, particularly in the Downtown Submarket and
Wynwood 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 high end. In fact, Bal 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 shops in the Design District,
Whitman Family Development (the Bal 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 Miami are 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.

Source: CoStar

26


Construction
Developers are targeting primary submarkets for major mixed‐use deliveries, which remain a major driver
of construction in this cycle. Developers are benefiting their own retail projects by combining them with
adjacent residential development. Annual deliveries are on the rise thanks to growing focus on creating
live/work/play environments in primary submarkets. The Downtown Miami Submarket will enjoy most of
this growth, which is being driven by plans for the Miami World Center, a mixed‐use development that will
include 450,000 SF of retail space.
Construction will 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 is expected to house more than 120 luxury retailers, a boutique
hotel, 15–20 restaurants and cafes, and luxury condominiums. This shopping complex will bring another
luxury destination to the metro, potentially competing with Bal Harbour Shops. It has even lured some
tenants away from Bal Harbour.
Another notable development underway is the Gardens Promenade, a 300,000 SF shopping center which is
in the Hialeah Gardens submarket and is expected to deliver in 2018.
While several years 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 on the land,
construction may begin in the next couple of years in the Northeast Dade Submarket.

Source: CoStar

27


Source: CoStar

28


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.

29


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.

Source: CoStar

Source: CoStar

30


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 SF community center built in 1987 in the South Dade Submarket)
sold at a 5.2% cap rate.
One of the largest recent sales includes Doral 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.

Source: CoStar

31


MARKET STATISTICS

Source: CoStar
The subject is located in the Miami Airport submarket, which includes 742 buildings, and 16,417,000 SF of
space. There have been 10 deliveries of new retail buildings in 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 subject’s submarket is the second largest in the area.

Source: CoStar

32


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.

Source: CoStar
The subject’s submarket has a vacancy factor of just 1.9%, which is the fourth lowest in Miami‐Dade
County. The lowest submarket, Aventura, has a 1.1% 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.

33


Source: CoStar
The Miami retail 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% since 2005, except for
one year (2009 – during the height of the recession) where the rate peaked at 5%. Vacancy is projected 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 next few years.

Source: CoStar

34


Source: CoStar

Source: CoStar

35


Source: CoStar

Source: CoStar

36


Source: CoStar

Source: CoStar

37


Source: CoStar

38


MARKET ANALYSIS
NATIONAL SUBURBAN OFFICE MARKET ‐ PWC
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 2017, 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 U.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 Nashville. On the other hand, suburban areas that posted 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
Tenant Retention Rate 40.0%‐75.0% 40.0%‐75.0%
Average 63.00% 63.00%

Average 7.0 6.0
Buyers 43.00% 43.00%
Sellers 29.00% 0.00%
Neither 28.00% 57.00%

39


National Suburban Office Market
First Quarter 2018
Average 8.32% 8.34% 7.88%

Average 6.61% 6.72% 6.61%

Average 7.59% 7.61% 7.39%
Market Rent Change Rate 0.00%‐5.00% 0.00%‐5.00% 0.00%‐5.00%

Average 1.86% 1.86% 2.03%

Average 2.68% 2.68% 2.75%

Average 6.5 6.5 6.0

40


NATIONAL SUBURBAN OFFICE MARKET ‐ REALTYRATES.COM
Office ‐ All Types
First Quarter 2018
Item Input OAR
Minimum
Maximum
Average

41


Office ‐ Suburban
First Quarter 2018
Item Input OAR
Minimum
Maximum
Average
Office ‐ Discount Rates
First Quarter 2018
Office 6.51% 15.47% 11.82% 5.66% 13.46% 10.28% 6.44% 15.31% 11.70%
Suburban 6.51% 14.22% 11.14% 5.66% 12.37% 9.69% 6.44% 14.08% 11.02%
CBD 7.52% 15.47% 10.99% 6.66% 13.46% 9.56% 7.58% 15.31% 10.88%
Medical 7.66% 15.47% 10.99% 6.66% 13.46% 9.56% 7.58% 15.31% 10.88%

42


Office ‐ Equity Dividend Rates
First Quarter 2018
Office 7.56% 16.03% 12.22%
Suburban 7.56% 14.83% 10.83%
CBD 7.76% 16.03% 11.48%
Medical 7.66% 15.43% 11.16%
The following tables summarize sales, income, occupancy, and operating expense data, as well as relevant
rates and ratios, for class A and B office properties in the continental U.S. Office properties are multi‐tenant
only. Operating expenses do not include reserves for repairs and replacement.
Note that the cap rates provided are based solely on average market‐wide operating fundamentals and
sales prices. As such, while they are analogous to “as is” rates, they should be used with caution. In
addition, due to rounding, “% Change” may be slightly positive or negative although no change is indicated.
RealtyRates.com Market Survey
Nationwide ‐ Class A & B Office Buildings
First Quarter 2018
4Q2017 3Q2017 % Change
CBD Suburb CBD Suburb CBD Suburb
Operating Data
Income
Asking Rent $27.58 $23.74 $27.22 $23.46 1.3% 1.2%
Effective Rent $22.58 $19.41 $22.28 $19.17 1.4% 1.2%
Other Income $1.13 $0.97 $1.11 $0.96 1.4% 1.2%
Total Income $23.71 $20.38 $23.40 $20.13 1.4% 1.2%
Vacancy Rate 11.8% 11.9% 11.9% 12.1% ‐0.8% ‐1.8%
Effective Gross Income (EGI) $20.91 $17.96 $20.61 $17.69 1.5% 1.5%
Expenses
Total Expenses $10.63 $9.46 $10.58 $9.42 0.5% 0.5%
Expense Ratio 50.84% 52.70% 51.31% 53.21% ‐0.9% ‐1.0%
Net Operating Income (NOI) $10.28 $8.49 $10.04 $8.28 2.4% 2.6%
Investment Data
Average Sale Price $114 $97 $112 $95 1.5% 1.8%
Overall Cap Rate (OAR) 9.0% 8.8% 8.9% 8.7% 1.0% 0.7%
Gross Rent Multiplier (GRM) 5.05 4.98 5.04 4.95 0.1% 0.6%
Effective Gross Income Multiplier (EGIM) 5.45 5.38 5.45 5.36 0.0% 0.4%
Source: RealtyRates.com Market Survey, 1st Quarter 2018

43


MIAMI OFFICE MARKET ANALYSIS
According to the CoStar 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 flat, leaving Miami in a good spot to tackle another wave of
deliveries set to hit the market the next few years.
Due to strong fundamentals this cycle, rent growth reached almost 8% 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.

Source: CoStar
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 square feet 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 within the 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 and demand for healthcare grows, medical office leasing should further drive demand,
particularly in these submarkets.

44


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.

Source: 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 line metro wide in 2017, including 800
Waterford, a nearly 250,000 square foot office building which delivered in August. Additionally, Two
MiamiCentral and Three MiamiCentral, the office phases of the mixed‐use development centered on the
future All Aboard Florida passenger rail station, added more than 300,000 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.

45


Source: CoStar

Source: CoStar

46


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.

47


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 increasing number of potential tenants, the prospects in
secondary office hubs, such as downtown Dadeland and the emerging CityPlace Doral, have gained
significant attention.

Source: CoStar

Source: CoStar

48


Sales
Due to surging land costs, ground‐up opportunities are pricey, and investments in existing buildings have
become more common in Miami. After seven consecutive years of sales volume increase, total sales
volume dropped off in 2017. The largest trade of 2017 was in June, when a major transaction occurred with
CBRE Global Investors' acquisition of 1111 Lincoln Rd. The 4 Star, nearly 150,000 SF office building was
purchased for more than $160 million. The property sold as part of a portfolio sale that included the
adjacent 300‐space parking garage and specialty building, as well as two lots of land. Another significant
transaction in the city core was the sale of 1221 Brickell which traded to Rockpoint Group LLC for $155
million or $379 per square foot.
Even in suburban submarkets, high‐quality assets are trading for a premium. For example, One Park Square
at Doral was purchased in September 2017 by TA Realty for $96.1 million or $341 per square foot. At the
time of sale, the property was approximately 80% leased with asking rents over $36 per 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.

Source: CoStar

49


MARKET STATISTICS

Source: CoStar
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 SF.
There are three buildings under construction, to have 226,000 SF. With 18.5% of the total Miami inventory,
the subject’s submarket is the largest in the area.

Source: CoStar

50


The subject submarket’s average asking rent of $31.29/SF represents an increase of 3.3% over the prior
year. The rents are relatively affordable, by local standards.

Source: CoStar
The subject’s submarket has a vacancy factor of 7.7%, which is the ninth lowest in Miami‐Dade County. The
lowest submarket, West Miami, has less than 1% vacancy. The subject’s submarket has absorbed 242,258
SF of newly constructed office space; almost all new space is immediately absorbed as it is constructed, in
the subject’s submarket.

51


Source: CoStar
The Miami office 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 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.

Source: CoStar

52


Source: CoStar

53


MARKET ANALYSIS
NATIONAL APARTMENT MARKET ‐ PWC
The consensus among surveyed investors is that the national apartment market will remain strong
in 2018; however, oversupply concerns exist for high‐end product and certain geographies.
“Fundamentals will be sturdy outside the luxury segment, and we expect downward pressure on
rents at the top of the market,” says a participant. Another remarks, “There is some room for solid
rent growth, but certain areas are struggling with new supply.”
Trends show that this sector is showing signs of softening. At yearend 2017, the overall vacancy
rate sat at 4.5%, up from 4.2% in 2016, as per Reis. At the same time, its average effective rent
growth dipped from 3.9% to 3.6%. By the end of this year, Reis forecasts vacancy to rise to 5.0%
and effective rent growth to slip to 3.3% amid the delivery of 265,088 new units. “We're expecting
performance to vary by city as new supply is delivered,” states an investor.
The increase in this market’s average overall cap rate and the decline in its average initial‐year
market rent change rate this quarter emphasize participants’ watchful outlook for apartments.
Over the next six months, 58.0% of investors foresee cap rates holding steady while the balance
expects cap rate increases of as much as 50 basis points. (pg. 49)
Key Survey Stats
National Apartment Market
First Quarter 2018
Total Vacancy Assumption 3.0%‐10.0% 3.0%‐10.0%
Average 6.00% 6.00%

Average 1.0 1.0
Buyers 0.00% 0.00%
Sellers 50.00% 33.00%
Neither 50.00% 67.00%

54


National Apartment Market
First Quarter 2018
Average 7.23% 7.36% 7.30%

Average 5.33% 5.32% 5.26%

Average 5.66% 5.74% 5.71%
Market Rent Change Rate (2.00%)‐5.00% (1.00%)‐5.00% 0.00%‐5.00%

Average 2.42% 2.58% 2.85%

Average 2.71% 2.72% 2.78%

Average 3.6 3.8 3.8

55


NATIONAL APARTMENT MARKET ‐ REALTYRATES.COM
Apartments ‐ All Types
First Quarter 2018
Item Input OAR
Minimum
Maximum
Average

56


Apartments ‐ Garden/Suburban Townhouse
First Quarter 2018
Item Input OAR
Minimum
Maximum
Average

57


Apartments ‐ Hi‐Rise/Urban Townhouse
First Quarter 2018
Item Input OAR
Minimum
Maximum
Average
Apartments ‐ Discount Rates
First Quarter 2018
Apartments 6.22% 15.51% 10.75% 5.41% 13.49% 9.36% 6.16% 15.35% 10.65%
Garden/Suburban 6.22% 14.31% 10.04% 5.41% 12.45% 8.73% 6.16% 14.17% 9.94%
Hi‐Rise/Urban TH 7.04% 15.51% 10.85% 6.12% 13.49% 9.44% 6.97% 15.35% 10.74%
Student Housing 6.79% 15.11% 11.16% 5.91% 13.15% 9.71% 6.72% 14.96% 11.05%

58


Apartments ‐ Equity Dividend Rates
First Quarter 2018
Apartments 6.41% 15.58% 11.45%
Garden/Suburban TH 6.41% 14.38% 9.99%
Hi‐Rise/Urban TH 6.41% 15.58% 10.53%
Student Housing 6.41% 14.98% 10.26%
The following table summarizes sales, income, occupancy, and operating expense data, as well as relevant
rates and ratios, for class A and B apartment properties in the continental U.S. Apartment properties are
typically garden style, 90‐300 units; however, mid‐ and high‐rise buildings are included in some markets,
e.g., New York and San Francisco. Operating expenses do not include reserves for repairs and replacement.
Note that the cap rates provided are based solely on average market‐wide operating fundamentals and
sales prices. As such, while they are analogous to “as is” rates, they should be used with caution. In
addition, due to rounding, “% Change” may be slightly positive or negative although no change is indicated.
RealtyRates.com Market Survey
Nationwide ‐ Class A & B Apartments ‐ 90+ Units
First Quarter 2018
4Q2017 3Q2017 % Change
Operating Data
Income
Asking Rent $1,334 $1,320 1.0%
Effective Rent $1,231 $1,218 1.1%
Other Income $4 $4 1.0%
Total Income $1,235 $1,222 1.0%
Vacancy Rate 5.0% 4.9% 1.5%
Effective Gross Income (EGI) $1,173 $1,162 1.0%
Expenses
Total Expenses $468 $466 0.4%
Expense Ratio 39.89% 40.06% ‐0.4%
Net Operating Income (NOI) $705 $697 1.2%
Investment Data
Average Sale Price $101,855 $101,339 0.5%
Overall Cap Rate (OAR) 8.3% 8.2% 0.7%
Gross Rent Multiplier (GRM) 6.9 6.93 ‐0.5%
Effective Gross Income Multiplier (EGIM) 7.23 7.27 ‐0.4%
Source: RealtyRates.com Market Survey, 1st Quarter 2018
MIAMI APARTMENT MARKET ANALYSIS
According to the CoStar Multi‐Family Market Report, Miami is starting to experience softening
fundamentals after several years of growth. Construction has escalated in the past several years, and
vacancies have increased every year since 2013. Miami currently has almost 15,000 units under
construction and around 9,000 units set to deliver in 2018. More units will have been delivered in the last
three years than the last 15 years combined.
Despite this remarkable supply pipeline, demand has done a good job of keeping pace, and many of these
new units have been absorbed. Rent growth has stayed positive, though it has decelerated from the record‐
breaking highs seen in early 2015. Annual growth closer to the historical average may become the new
normal in the face of Miami's ongoing supply additions.

59


Source: CoStar
Fundamentals
The overall vacancy for the metro has increased 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, it is expected to surpass the
nation toward late 2018.
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, 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 product.
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 currently 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 be enough demand to keep apartment vacancy from spiking to levels that would
require a reversal of rents.

60


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 1
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 Entertainment 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 Brickell/Downtown Miami Submarket, where rents are
typically high enough to justify such high‐end construction.

61


Source: CoStar

Source: CoStar

62


Source: CoStar

63


Rents
The overall rate of rent growth has decelerated significantly in the last two years. If we look specifically at 4
& 5 Star properties, rent growth has actually been cooling off since 2012. Vacancies for 4 & 5 Star
properties hit an all‐time peak of 13% in 2016 and are expected to remain high for the next couple years
due to the wave of properties working through lease‐up. Correspondingly, overall rent growth is forecast to
slow to its historical average of roughly 2%, while growth among 4 & 5 Star product is expected to
decelerate to half of that rate. This is in line 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 household income is more than $10,000
below the national average, purchasing a single‐family home can be difficult for many residents. In the past
five years, average incomes in the metro have increased about 9%, while rents have cumulatively risen
more than 20%.
According to data from the American Community Survey, both renter and owner households of all ages in
Miami are considered overburdened. Nationwide, over 30% of households spend more than 30% of their
incomes toward gross housing costs. In Miami, households are spending nearly 50% of their incomes
towards gross housing costs. Millennials particularly feel the squeeze, as a higher share of them are renters
than owners in Miami, and they are also more likely to be living with a parent or relative than Millennials
elsewhere in the nation.
Miami experiences the most job growth in the leisure and hospitality industry and is also currently
experiencing significantly higher growth in trade, transportation, and utilities. These are typically lower‐
paying, blue‐collar jobs. The rapid rise of rent earlier in the cycle created a large gap between incomes and
rents for most of Miami's citizens. In the near term, rents are likely to continue to grow more slowly as even
more construction in the pipeline will keep competition alive and well.

Source: CoStar

64


Source: CoStar
Sales
Investment in Miami has been elevated the last three years, with 7% of inventory turning over on average.
And despite continuously climbing vacancies and slowing rent growth, pricing has climbed to about
$180,000 per door.
The leading submarket for investment volume in 2017 was Brickell/Downtown Miami, followed closely by
Coral Gables. One of the largest trades in the metro during the last year was the sale of the Manor at
Cityplace 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 larger mixed‐use center known as
CityPlace Doral, which includes more than 300,000 SF of retail space.

65


Source: CoStar
MARKET STATISTICS

Source: CoStar
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 buildings under construction, to have 616 units. With 11.5% of the total Miami
inventory, the subject’s submarket is the fourth largest in the area

66


Source: CoStar
The subject submarket’s average asking rent of $1,720 or $1.81/SF represents an increase of 2.2% over the
prior year. The rents are relatively affordable, by local standards.

Source: CoStar
The subject’s submarket has a vacancy factor or 7.4%, 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 County. The subject’s submarket has absorbed 1,147 units over
that past 12 months.

67


Source: CoStar
The Miami‐Dade County apartment 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 7%
since 2005. Vacancy is projected to remain at less than 6.5% 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.

Source: CoStar

68


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‐scale competition in the
area. Most of the new inventory has been constructed in the Doral area of the subject’s submarket. The low
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 grow, 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 place for the foreseeable future.

69


CASE STUDIES
We provided case studies of several mixed‐use developments located throughout Miami‐Dade County in
order to determine the best proposed development mix for the subject property.
Downtown Doral
Downtown Doral is a master planned 250‐acre community. When completed, the $1 billion project will
include Doral City Hall 2,840 residential units, eight condo towers, a charter school, a 3‐acre park, and Main
Street, which will have more than 70 retail stores and restaurants with 180,000 square feet of retail and
more than 1 million square feet of office space. The developer, Codina Partners, completed 5252 Paseo, a
203‐unit 20‐story tower at Downtown Doral, about a year ago. Codina Partners also sold out 5300 Paseo, a
219‐unit building, the second condo tower in Codina’s Downtown Doral mixed‐use development, for $88
million.
According to The Real Deal published 1/27/2016:
The developer said most buyers at 5300 Paseo were looking for second homes. The representative of the
developer said that because of the project’s charter school, they leave a portion of the building at the
end to try to push local buyers. Those units require only 20 percent deposits, pending bank approval.
5300 Paseo was completed in October.
Codina broke ground on a 231‐unit apartment tower and a second, 52,000‐square‐foot phase of retail
at the beginning of April 2017. A 50,000‐square‐foot Publix is also underway, and the developer’s
representative said it’s also likely that a public library will be incorporated into community.
Sieger Suarez Architects designed 5300 Paseo and 5252 Paseo. Amenities at 5300 Paseo include a gym,
yoga and aerobics studio, sauna and treatment areas, social room, playroom and meeting room, an
infinity pool and resort‐style pool deck.
Next in the pipeline is 5350 Park, which is about 50 percent sold. Codina will break ground on that tower
sometime during the second quarter of this year and complete it about 18 months from then. Interest at
5350 Park is coming from Ecuador, Bolivia and Peru, the developer said.
Downtown Doral’s roots lie in the former Koger Office Park, a series of 32 squat office buildings built in
the 1970s that housed mostly government workers. The original developer, Ira Koger, built such projects
as Real Estate Investment Trusts, or REITs, all over the country, using the same model: buy cheap land in
the middle of nowhere and build cheap office buildings, aiming to be the lowest‐cost bidder for
government tenants. That formula worked until Sept. 11, 2001. In the wake of the terrorist attacks, the
U.S. government decided it no longer wanted its employees concentrated in one place, so as not to be
an easy target.
In one of the priciest land deals in Miami‐Dade County history, Codina Partners and Lennar Corp. closed
on a joint purchase of the White Course in Doral, with plans to redevelop the golf course into a mixed‐
use project.
Codina and Lennar are the winning bidders in the sale of the 130‐acre property, beating out developer
and presidential hopeful Donald Trump, Shoma Group’s Masoud Shojaee and others. The seller is GIC,
the sovereign fund of the government of Singapore, which obtained the property through bankruptcy
actions.
“The property is in very high demand,” said Robert Given, vice chairman of investment sales for CBRE,
which marketed the property on behalf of the seller. He declined to disclose the number of bidders, but
said that more than 100 investment groups had requested investment packages.

70


The White Course, located in the northeast quadrant of Northwest 41st Street and Northwest 87th
Avenue, is contiguous to the Trump National Doral Resort and Codina’s 120‐acre Downtown Doral
mixed‐use project.
“It was a complicated transaction,” Given told TRD. “Its use has been a golf course for a very long time
and we are very sensitive in selecting a buyer that is complementary to the city of Doral.”
Codina Partners and Lennar will split the acreage 50/50. Codina said he plans to build, with longtime
partner Jim Carr, about 390 single‐family homes and about 90 townhouses.
“We’re going to build something to complement Downtown Doral,” Codina said. The $1 billion mixed‐
use development will include 2,840 residential units spread between condominium towers, townhouses
and rental units, as well as office buildings, a charter school and government center. Codina and Lennar
are also partnering together on the retail and restaurants component of that project.
“The Doral submarket is a very dynamic market in this real estate cycle,” Given said. “And there is
increasing housing demand in Doral in direct result of the redevelopment of the Trump Doral and Mr.
Codina’s Downtown Doral development.”
White Course
The 130‐acre White Course’s zoning allows for 2,709 residential units, 160,748 square feet of retail, 850,805
square feet of office space, 164,790 square feet of civic/municipal square feet, a school and amphitheater,
according to CBRE’s offering memorandum. Bids were due on July 15, 2014.
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 is in place for 20 years, and
development must begin within 10 years, according to the CBRE offering. The agreement was part of a
court settlement between the former owner and the city.
CityPlace Doral
Doral is in the midst of transforming with new construction. In addition to Downtown Doral, other projects
include Shoma and the Related Group’s mixed‐use project
Another example of development in the subject’s area is CityPlace Doral, which will consist of a mix of
300,000± SF of retail space. In addition to the commercial properties, living at CityPlace Doral is in the
works with shopping, upscale dining, outdoor cafes, and entertainment that includes a movie theatre. The
CityPlace Apartments is the first phase of the residential portion of this new urban community. Slated to be
completed by this summer, the plans show that there will be 398 apartments. The second phase of rental
apartments, CityPlace Flats, will sit atop the enormous retail project. There will be 300 units in a seven‐
story midrise that is tentatively slated to start construction this summer.
Mana Wynwood
One of the largest developments planned for the Wynwood area is the Mana Wynwood SAP, located east
of I‐95 and west of NW 2nd Avenue and south of NW 29th Street. The Mana Wynwood SAP would consist of
a group of 24‐story towers on three blocks running along Interstate 95 at the district’s western border. The
towers would house a contemplated international trade center that has attracted investment interest.
The Mana special area plan, one of the largest ever seen in the city of Miami, represents a massive up‐
zoning for his holdings, with 10 million square feet of planned development — 2.5 million more square feet
than would be permitted under existing Wynwood (NRD‐1) zoning.

71


According to The Real Deal published 4/5/2017:
Developer Moishe Mana revealed that he’s moving forward with the Mana Wynwood Americas Asia
Trade Center & International Financial Center, a massive trade hub set to break ground by mid‐2018.
The trade center will have more than 10 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, retail,
hotels and public space spread across 8.5 acres, and is part of Mana’s big plan for Wynwood.
Mana’s Special Area Plan spans more than 40 acres in the artsy neighborhood. Overall, Mana
Wynwood encompasses 51,146 square feet of civic space, 3,487 residential units, 8,483 parking
spaces, and a 2.5 acre privately owned park dubbed “Mana Commons.”
The trade center is expected to house importers and exporters, logistics companies, and trade and
export agencies, and would be located along I‐95, according to its website. The developer estimates
that it could create about 20,000 indirect and direct jobs in South Florida. Miami’s trade industry
already includes organizations like World Trade Center Miami.
The Miami City Commission approved the SAP in September. The Wynwood Business Improvement
District and Mana 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 Mana Commons.
Kendall Town Center
Property records show an entity tied to NAI Miami just paid $41.8 million for a large development site near
West Kendall Baptist Hospital.
Kendall Town Center is fully entitled and infrastructure has been completed with the Phase I development
of Baptist Hospital. The Town Center will link new medical office buildings, a community center with an
open‐air retail center, two major department store anchors as well as a sports anchor, and numerous
specialty retail tenants and restaurants. The project DRI allows for more than 731,000 SF of additional
development.
West Kendall Holdings, a subsidiary of the Howard Hughes Corporation, sold the nearly 70‐acre parcel at
the southeast corner of Southwest 88th Street and Southwest 162nd Avenue for about $14 per square foot.
Previous transaction information was not available in property records.
Plans for the parcel are to be determined, Eckstein said, adding that the owners intend to ask local
community members what they want to see built on the site before beginning construction. “We had
someone say they would love to see a Whole Foods,” Eckstein 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 an adjacent 53,185‐square‐foot retail development called The Pointe at
Kendall Town Center.
The West Kendall suburban area has recently been experiencing additional development and activity. In
September, CVS Pharmacy bought a nearby office building for $7.5 million with plans to construct a new
store and a BB&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.

72


MidTown 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 is 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" were built.
In July 2011, plans were announced 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 industry’s foremost
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 2008 Urban
Design Award by the Miami Chapter of AIA.
Located in the Midtown market will be a new Hampton Inn, which will likely serve the needs of the near‐by
Wynwood, Design District and Midtown neighborhoods, all of which were not in their current state just 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 everywhere,
the new Hampton Inn on Biscayne Boulevard, designed by Kobi Karp is projected to be complete within the
year. Developed by Mayan Properties, 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‐room Midtown Inn, which was demolished earlier
this year.
Hyde Midtown is currently under construction on the west side of the railroad tracks that run along NE 2nd
Avenue. Hyde Midtown is located at Midtown Avenue and 34th 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 floors, 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 screening 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 units
start at $359,000 and go up to $2 million.
AMLI Residential, a Chicago‐based developer of luxury apartments, bought the 6.6 acres of vacant property
for $55,000,000 ($191/SF; $79,000/unit), which was the former site of a Chiquita Banana shipping facility.
This site sits on the west side of NE 2nd Avenue just north of NE 29th Street, south of the subject. AMLI has
approved plans to develop about 700 apartments on the site, between 2900 to 3010 Northeast 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.

73


RAM Development
There was a recent sale of 80 acres from the University of Miami 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 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
is to be set aside as a preserve.
Biscayne Landing
Another example is Biscayne Landing. Biscayne 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 and recreation
space and more than 800,000 square feet of retail space at Northeast 151st Street and Biscayne Boulevard.
Biscayne Landing is the result of a partnership between the City of North Miami and Boca Developers. The
city has leased the former superfund 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 in comparison to the subject’s 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.
Development Downtown Doral Biscayne Landing RAM White Course Averages
Apartments 2,840 4,000 900 2,709 2,612

Retail 180,000 800,000 300,000 160,748 360,187
Office 1,000,000 0 0 850,805 462,701
Acres 250 193 80 130 163
Subject 131 131 131 131

Multiplier 0.52 0.68 1.64 1.01 0.96
Apartments 1,488 2,715 1,474 2,730 2,102
Retail 94,320 543,005 491,250 161,985 322,640
Office 524,000 0 0 857,350 345,337
Downtown Doral is a 250‐acre mixed use development with 2,840 multifamily units, 180,000 SF of retail
and 1,000,000 SF of office. Assuming an average unit size of 1,000 SF including all common areas for the
multifamily units, this equates to 2,840,000 SF. The total buildable square feet for this property is
4,020,000, which equates to an FAR of 0.37.

74


The subject’s parcel is 52% of the Downtown Doral Parcel. We applied this multiplier to the Downtown
Doral development and concluded that the subject can be built with 1,488 multifamily units, 94,320 SF of
retail and 524,000 SF of office.
Biscayne Landing is a 193‐acre mixed use development with 4,000 multifamily units and 800,000 SF of
retail. Assuming an average unit size of 1,000 SF including all common areas for the multifamily units, 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 that the subject can be built with 2,715 multifamily units and 543,005
SF of retail.
RAM Development is an 80‐acre mixed use development with 900 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 1,200,000, which equates to an
FAR of 0.34.
The subject’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 491,250 SF of
retail.
White Course is a 130‐acre mixed use development with 2,709 multifamily units, 160,748 SF of retail and
850,805 SF of office. Assuming an average unit size of 1,000 SF including all common areas for the
multifamily units, this equates to 2,709,000 SF. The total buildable square feet for this property is
3,720,553, which equates to an FAR of 0.66.
The subject’s parcel is 101% of the White Course Parcel. We applied this multiplier to the White Course
development and concluded that the subject can be built with 2,730 multifamily units, 161,985 SF of retail
and 857,350 SF of office.
The averages for all four developments equates to 163 acres with 2,612 multifamily units, 360,187 SF of
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 SF of retail and 345,337 SF of
office.
The average density for multifamily equates to 16 units per acre for the subject’s parcel. Based upon an
average of 1,000 SF per unit including all common areas, the average FAR equates to roughly 0.37 for the
total parcel. The retail/office space equates to roughly 0.12 FAR for the total parcel.
The total buildable square feet for the total property equates to 2,769,977. 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 municipal buildings.

75

18‐114‐02 DESCRIPTION OF THE SITE

Land Summary
Gross Land Gross Land
Parcel ID/Tax ID Area (Acres) Area (SF) Topography Type Shape Type
01‐3132‐000‐0080 and portion of 01‐3132‐000‐0090 131.07 5,709,575 Level and at street grade Generally rectangular in shape
SITE DETAILS
ADDRESS 1802 NW 37th Avenue, Miami, Miami‐Dade County, FL 33125
PARCEL NUMBER 01‐3132‐000‐0080 and portion of 01‐3132‐000‐0090
LEGAL DESCRIPTION Lengthy, see Boundary Survey included in the Addenda.
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.
LOCATION TYPE Urban
MAP LATITUDE/LONGITUDE 25.7910554/‐80.2568305
CENSUS TRACT 12‐086‐0049.01
SIZE 5,709,575 SF or 131.07 acres
ZONING The parcel is zoned “CS,” under the jurisdiction of the City of
Miami.
PRIMARY FRONTAGE STREET NW 37th Avenue (Douglas Road)
PRIMARY FRONTAGE COMMENTS NW 37th Avenue is a four‐lane, asphalt‐paved roadway that
extends north/south along the east boundary of the subject.
SECONDARY FRONTAGE STREET NW 14th Street
SECONDARY FRONTAGE COMMENTS NW 14th Street is a two‐lane, asphalt‐paved roadway that
extends east/west along the south boundary of the subject.
ADJACENT PROPERTIES ‐ NORTH Hotel and office building
ADJACENT PROPERTIES ‐ SOUTH State Road‐836 (Dolphin Expressway)
ADJACENT PROPERTIES ‐ WEST NW 42nd Avenue (LeJeune Road)
ADJACENT PROPERTIES ‐ EAST Single‐family Residential
VIEW Good
ACCESS Access to the area is via Douglas Road (NW 37th Avenue), LeJeune
Road (NW 42nd Avenue) and State Road‐836 (the Dolphin
Expressway).
INGRESS/EGRESS The subject contains one point of ingress/egress along the west
side of NW 37th Avenue.
SITE VISIBILITY Good
STREET LIGHTING Yes
STREET CONDITION Paved with asphalt
SIDEWALKS Yes
CURBS AND GUTTERS Yes
LANDSCAPING The subject's landscaping is typical for the area.
TOPOGRAPHY The subject's topography is level and at street grade.
SHAPE The subject site is generally rectangular in shape.
REQUIRED SITE WORK Typical clear and grade
SOIL CONDITIONS AND DRAINAGE The soil conditions observed at the subject appear to be typical of
the region and adequate to support development.
FLOOD ZONE The site lies within Zone AE. This information was obtained from
the National Flood Insurance Rate Map Number 12086C0292L
dated September 11, 2009.

76

18‐114‐02 DESCRIPTION OF THE SITE

FLOOD ZONE DEFINITION The base floodplain where base flood elevations are provided. AE
Zones are now used on new format FIRMs instead of A1‐A30
Zones. In communities that participate in the NFIP, mandatory
flood insurance purchase requirements apply to this zone.
AREA IN FLOOD ZONE Yes
OTHER HAZARDS None known
ENCUMBRANCES AND EASEMENTS There are no known adverse encumbrances or easements. Please
reference Limiting Conditions and Assumptions.
ENVIRONMENTAL HAZARDS There are no known adverse environmental conditions on the
subject's site. Please reference Limiting Conditions and
Assumptions.
WETLANDS AND WATERSHEDS No wetlands were observed during our site inspection.
ADEQUACY OF UTILITIES The subject's utilities are typical and adequate for the market
area.
PUBLIC ELECTRICITY FPL
WATER SUPPLY TYPE City water
SEWER TYPE City sewer
UNDERGROUND UTILITIES Yes
POLICE AND FIRE PROTECTION City of Miami
CONCLUSION The subject site is considered well‐suited to functionally support
its proposed use.

AERIAL PHOTOGRAPH

77

18‐114‐02 ZONING

The subject is zoned "CS," Civic Space, under the jurisdiction of the City of Miami.

ZONE DETAILS
ZONING AUTHORITY City of Miami
ZONING CODE CS
ZONING DESCRIPTION Civic Space
PERMITTED USES Marina is the only use allowed by right. Food service
establishment, open air retail, community facility, recreational
facility, infrastructure and utilities are allowed by warrant:
administrative process. General commercial, marine related
commercial, childcare, and learning center are allowed by
exception: public hearing.
COMMENTS The Civic Zone consists of public use space and facilities that may
contrast in use to their surroundings while reflecting adjacent
setbacks and landscape.

Based on a review of the subject in relation to the CS zoning district, it appears the subject is a legal and
conforming use of the site. However, we are not experts in determining if a property is fully in compliance
with all aspects of the zoning code. We suggest interested parties obtain a letter of zoning compliance from
the City of Miami to determine if the subject is zoning compliant.
The subject is also classified as Public Parks and Recreation under the City of Miami and Miami‐Dade
County Land Use Plan. Therefore, any use of the site would have to comply with the underlying land use
classification, which typically includes active and passive recreational uses, nature preserves,
environmentally sensitive areas, etc.

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 designation. If the 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 many instances of the land use being modified to consider
additional needs in the community.
In order for the subject to be developed to its highest and best use under Miami 21 Special Area Plan (SAP)
zoning, a Zoning Hearing would be required. Zoning Hearings are required for approval of all new proposals,
and all development plans for a proposed use of land or a proposed structure that have been disapproved
by staff.

78

18‐114‐02 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 utilities, 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 integration 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 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 in order 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 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 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 constructing 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.
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:
1. 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.

79

18‐114‐02 ZONING

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 Frontage 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.
An example of the approval process is the recent sale of 80 acres from the University of Miami 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 to obtain 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 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 is to be set 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 subject’s size and determined the average density of each
property type.
We used a multiplier in comparison to the subject’s 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.

80

18‐114‐02 ZONING

Development Downtown Doral Biscayne Landing RAM White Course Averages
Apartments 2,840 4,000 900 2,709 2,612

Retail 180,000 800,000 300,000 160,748 360,187
Office 1,000,000 0 0 850,805 462,701
Acres 250 193 80 130 163
Subject 131 131 131 131

Multiplier 0.52 0.68 1.64 1.01 0.96
Apartments 1,488 2,715 1,474 2,730 2,102
Retail 94,320 543,005 491,250 161,985 322,640
Office 524,000 0 0 857,350 345,337
The averages for all four developments equates to 163 acres with 2,612 multifamily units, 360,187 SF of
office.
0.4851.
Based on a review of the existing land use, as well as the land uses on surrounding sites, we estimate that
potential purchasers of the subject site would anticipate some time would pass before they could
successfully modify the future land use map to allow for development.

81

18‐114‐02 TAXES

The subject is assessed by the Miami‐Dade County property appraiser’s office, and is taxed by the City of
Miami, Miami‐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
Assessment Year 2017 2017 2017
Total Assessed Value $2,523,656 $5,813,626 $8,337,282
Total Tax Rate $0.0000 $0.0000 $0.0000
Taxes $0 $0 $0
Taxes with Special Assessments $0 $0 $0
Early Payment Discount Percentage 4% 4% 4%
Total Taxes $0 $0 $0

The subject is exempt from paying taxes since it is owned by the City of Miami.

82

18‐114‐02 HIGHEST AND BEST USE

In determining the highest and best use of the 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 analysis:
 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 of the site?
 Maximally Productive: Among the feasible uses, which will produce the highest return or highest
present worth of the site in question?
The following tests must be met in estimating the highest and best use of a vacant parcel: the potential use
must be physically possible and legally permissible, there must be a profitable demand for such 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
Avenue, in the City of Miami, 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 grade. As noted in the Assumptions and
Limiting Conditions, we know of no environmental or engineering study that has been conducted on the
site to determine subsoil conditions.
Upon analysis of all physical aspects, space, size, shape, terrain, location and others the most supportable
highest and best uses of the site, as it relates to physical properties, are mixed use multifamily, retail and
office.
LEGALLY PERMISSIBLE
The subject's site is zoned "CS," Civic Space, under the jurisdiction of the City of Miami, FL. Reference is
made to the Zoning section of this report. A marina is the only permitted use allowed by right. Food service
establishments, open air retail, community facilities, recreational facilities, infrastructure and utilities are
allowed by warrant: administrative process. General commercial, marine related commercial, childcare, and
learning center are allowed by exception: public hearing.
Upon analysis 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, is a 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).

83


FINANCIALLY FEASIBLE
Analysis for financially feasible uses for the site, as if vacant, involves consideration of several criteria.
Unlike the 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 limits 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 permissible 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 permissible and
financially feasible tenets of the highest and best use definition. The final criteria for full compliance within
the highest and best use of the subject, as vacant, 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 reconciliation of the analysis leads to the conclusion that the highest and best use of the site, as 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 SUBJECT HAS
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 on the 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 determine the 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 most 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‐836 and the Miami
International Airport. Residential uses could include standard 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 four case study developments equates to
163 acres with 2,612 multifamily units, 360,187 SF of retail and 462,701 SF of office.
office.
0.4851.

84


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 would likely include a
retail component, a residential component and perhaps an office component, if demand existed from a
particular tenant or group of tenants. The composition and timing of the components could be changed
based upon future market conditions. This development would have to meet the requirements of the
Special Area Plan (SAP) zoning, as well as height restrictions from the Federal Aviation Administration (FAA).

85

18‐114‐02 ANALYSIS 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 land value opinion.
The Cost Approach is based on the premise that an informed purchaser will not pay more for a property
than it would cost him 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 and
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 the higher a
property’s earnings, the higher its value. Investment in an income‐producing 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 Comparison 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 prices of 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 a sufficient quantity of good‐
quality market data available. It becomes less reliable as the quantity and magnitude of adjustments
increases, and it is generally not applicable to unique or special purpose properties.
The final step in the valuation process is the reconciliation or 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 Analysis we summarized
current large mixed‐use developments in Miami‐Dade County. From this data, we were able to provide a
rough estimate of what market participants could develop on a large site in an in‐fill location. However, that
conclusion does not provide the level of detail that would be required to complete a valuation using the
residual technique.

86

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.

87

18‐114‐02 LAND 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 parcel is improved 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,
full‐service restaurant, maintenance building, and other ancillary uses for the operation of a golf course.
The site is owned by the City of Miami and leased to the current golf course operator. The site is irregular in
shape and is level and 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) zoning, as of April 10, 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 Miami 21 Special Area Plan (SAP) zoning, as of April 10, 2018.
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 Plan (SAP) zoning to build
to the property's highest and best use, is in place as of the date of value.
The following land sales are located in Miami‐Dade County and represent the actual actions of developers
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. Since 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.

88


Land Comparable 1

Transaction
Name Kendall Town Center Address 15955 SW 96th Street
City Miami County Miami‐Dade
State FL Zip 33196
Price $41,837,000 Date 12/29/17
Grantor West Kendall Holdings, LLC Grantee KTC SW 88th Street, LLC
Recordation 30509‐2922 Tax Parcel ID 30‐5905‐029‐0020
Property Rights Fee Simple Estate Financing Cash to Seller

Conditions of Sale Arm's length Verification Broker
Price Per Land SF $13.75 Price Per Acre $598,955
Price Per FAR $57.23 Price Per Proposed Unit NA
Site
Land SF 3,042,624 Land Acres 69.85
Topography Level and at street grade Shape Irregular
Required Site Work Typical Clear and Grade Utilities All Available
Zoning BU‐2 Proposed Use Mixed‐Use Development
Zoning Type Commercial Zoned Density NA
Buildable SF 731,000 Allowable FAR 0.24
No. of Proposed Units NA Proposed Unit Type 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 Hospital that opened in
2011. More than half a decade later, Gertz Builders and Developers Inc. scored a construction loan for an adjacent 53,185‐
square‐foot retail development called The Pointe at Kendall Town Center. Reportedly, the project DRI allows for 731,000 SF
of development on the site. The site includes two submerged tracts, which have not been included within the calculation
of the price/acre and price/SF.

89


Land Comparable 2
Transaction
Name Gateway Commerce Park Site Address 21001 NW 27th Avenue
City Miami Gardens County Miami‐Dade
State FL Zip 33056
Price $26,500,000 Date 11/8/16
Grantor Calder Race Course, Inc. Grantee Eastgroup Properties, L.P.
Conditions of Sale Arm's length Verification Broker
Price Per FAR $31.18 Price Per Proposed Unit NA
Site
Zoning AU Proposed Use Industrial Park
Zoning Type Agricultural Zoned Density NA
Buildable SF 850,000 Allowable FAR 0.32
Comments
According to the Eastgroup Properties, the site was purchased for the construction of Gateway Commerce Park, an 850,000
SF industrial park comprised of five buildings. The site was formerly owned by Calder Race Course and was utilized as horse
stables. A seven‐acre outparcel was purchased by the buyer in a separate transaction, which is reportedly listed for sale.
The site, which was originally zoned for agricultural use, was rezoned subsequent to purchase to accommodate hotel,
retail, commercial, and office use.

90


Land Comparable 3
Transaction
Name White Course Site Address NWC of NW 41st Street & NW
87th Avenue
City Doral County Miami‐Dade
State FL Zip 33166
Price $96,000,017 Date 4/25/16
Grantor GWC Miami Property, LLC Grantee White Course Lennar, LLC &
Recordation 30053‐1186, 30083‐1154, Tax Parcel ID 35‐3022‐000‐0011, 35‐3022‐
30083‐1170 000‐0110, 35‐3022‐001‐0010,
35‐3022‐000‐0018, 35‐3022‐
Conditions of Sale Assemblage, REO Sale Verification Knowledgeable Third Party
Price Per FAR NA Price Per Proposed Unit NA
Site
Zoning DMU Proposed Use Mixed‐Use
Zoning Type Commercial Zoned Density NA
Buildable SF NA Allowable FAR NA
Comments
This sale is recorded in three separate transactions to White Course Lennar LLC, CC Homes at Doral, and CC‐WCD TIC ‐
subsidiaries of Codina Partners and Lennar Homes. The buyers will reportedly split the property 50/50. The golf course is
contiguous to the Trump National Doral Resort and Codina’s 120‐acre Downtown Doral mixed‐use project. The developers
have submitted plans to the city of Doral for 2,209 residential units, 30,000 square feet of retail space and 150,000 square
feet of office space, according to a spokesperson for Codina. 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.
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 is in place for 20 years, and development must begin within 10 years,
according to the CBRE offering. The agreement was part of a court settlement between the former owner and the city. 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 gross land area of this sale is 132.20, with approximately 12 acres of this parcel
consisting of submerged lands. Therefore, we have utilized the net land area of 120.2 acres in calculating the unit price for
this sale.

91


Land Comparable 4
Transaction
Name Royal Garden Estates Site Address NEC of I‐75 & NW 154th Street
City Miami Lakes County Miami‐Dade
State FL Zip 33018
Price $74,400,000 Date 1/7/16
Grantor F71‐1 LLC Grantee Lennar Homes, LLC
Conditions of Sale Arm's length Verification Knowledgeable Third Party
Price Per Land SF $23.39 Price Per Acre $1,018,759
Price Per FAR NA Price Per Proposed Unit $147,327.00
Site
Zoning RU‐3M Proposed Use Multi‐Family Development
Zoning Type Multifamily Zoned Density 3.54 du/acre
Buildable SF NA Allowable FAR NA
No. of Proposed Units 505 Proposed Unit Type Single Family Residences
Comments
The total gross land area of this development is 142.67 acres. However, this size includes a 69.64 acre lake that is located
in the center of the stie. We have utilized the net land area of 73.03 acres in calculating the unit price of this 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 of 505 single‐family homes ‐ 267 single‐family homes, and 238 townhouses, according to the
South Florida Business Journal. This sale has been verified via public record. The development is being built around this
lake.

92


LAND SALES SUMMARY

Comp Address Price Zoning Land SF Price per Land SF
City Date Zoning Type Land Acres Price per Acre
1 15955 SW 96th Street $41,837,000 BU‐2 3,042,624 $13.75
1 Miami 12/29/2017 Commercial 69.85 $598,955
2 21001 NW 27th Avenue $26,500,000 AU 2,657,160 $9.97
2 Miami Gardens 11/08/2016 Agricultural 61.00 $434,426
3 NWC of NW 41st Street & NW $96,000,017 DMU 5,235,912 $18.33
3 Doral 04/25/2016 Commercial 120.20 $798,669
4 NEC of I‐75 & NW 154th Street $74,400,000 RU‐3M 3,181,187 $23.39
4 Miami Lakes 01/07/2016 Multifamily 73.03 $1,018,759
LAND SALES COMPARISON MAP

LAND SALES ANALYSIS
To derive an estimated value of the site, as if vacant, we analyzed the land comparables and have made
adjustments for varying characteristics.
Property Rights Conveyed
The property rights conveyed for each sale are shown in the adjustment grid. The subject is valued in this
report on the basis of a fee simple estate. No adjustments for property rights conveyed were made to the
sales.
Financing Terms
The financing terms for each sale are shown in the adjustment grid. The subject is valued in this report on
the basis of a cash to seller transaction. No adjustments for financing terms were made to the sales.

93


Conditions of Sale
The conditions of sale for each sale are 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 subjective to
determine an exact adjustment. We have applied a 3% adjustment to each comparable, annualized from
the date of each sale to April 10, 2018.
Location
The adjustment for 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.
Avenue, in the City of Miami, Miami‐Dade County, Florida.
Sale 1 is located in the West Kendall area at SW 160th Avenue and SW 96th Street. This location is
considered inferior to the subject. Therefore, this sale is adjusted upward.
Sale 2 is located in northwest Miami‐Dade County, adjacent to the Calder Racetrack, east of NW 27th
Avenue, with visibility from Florida’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 Doral as part of the Doral Resort and Golf Club. This location is in the
western suburbs of Miami‐Dade County and is considered to be inferior to the subject’s. Therefore, this
sale will be adjusted upward for this factor.
Sale 4 is located along I‐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
location.
Size
In terms of size, it is noted that smaller parcels typically sell for a higher price per SF than larger parcels,
with all other factors held constant. The subject contains a total of approximately 131.0738 acres or
5,709,575 SF.
Sales 1 and 2 are smaller than the subject and will be adjusted downward.
Sales 3 is similar in size to the subject, with no adjustment necessary for this factor.
The gross land area of Sale 4 is similar to the subject; however, this sale 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 Miami, FL.
Based upon the subject’s highest and best use, we determined each of the sales zoning are considered
inferior to the subject. Therefore, upward adjustments are made for zoning to each of the subject parcels.

94


Topography
The subject’s site is level and at street grade.
No adjustments are made for topography to the sales.
Required Site Work
The subject is valued as if vacant and available for development.
No adjustments are made for required site work to the sales.
Shape
The shape of the subject’s site is generally rectangular in shape.
No adjustments are made for shape of the site to the sales.
Utility of Site
The subject consists of a 131.0738‐ 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 filled in prior to any development.
Therefore, the entire subject is considered to be usable.
Sales 1 and 2 have similar utility as the subject, with no adjustment necessary.
Sale 3 contains approximately 12 acres of submerged land that is considered to be undevelopable.
Therefore, this sale will be adjusted downward.
Sale 4 contains a 69.64‐acre lake located in the middle of the site. The single‐family development that is
being constructed will be built around the lake. Overall, the utility of this site is considered to be inferior to
the subject’s and will be adjusted downward.

95


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
LAND SALES ADJUSTMENT GRID

Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4
Name Miami International Links ‐ Kendall Town Center Gateway Commerce Park White Course Site Royal Garden Estates Site
Address 1802 NW 37th Avenue 15955 SW 96th Street 21001 NW 27th Avenue NWC of NW 41st Street & NEC of I‐75 & NW 154th
City Miami Miami Miami Gardens Doral Miami Lakes
State FL FL FL FL FL
Date 12/29/2017 11/8/2016 4/25/2016 1/7/2016
Price $41,837,000 $26,500,000 $96,000,017 $74,400,000
Land SF 5,709,575 3,042,624 2,657,160 5,235,912 3,181,187
Price per SF $13.75 $9.97 $18.33 $23.39
Transaction Adjustments
Property Rights Fee Simple Estate Fee Simple Estate 0% Fee Simple Estate 0% Fee Simple Estate 0% Fee Simple Estate 0%
Financing Cash to Seller Cash to Seller 0% Cash to Seller 0% Cash to Seller 0% Cash to Seller 0%
Conditions of Sale Arm's Length Arm's length 0% Arm's length 0% Assemblage, REO Sale 0% Arm's length 0%
Adjusted Price per SF $13.75 $9.97 $18.33 $23.39
Market Trends Through 4/10/2018 3% 0.83% 4.28% 5.96% 6.90%
Location Good Inferior Inferior Similar Inferior
% Adjustment 20% 25% 10% 10%
$ Adjustment $2.77 $2.60 $1.94 $2.50
Land Acres 131.07 69.85 61.00 120.20 73.03

% Adjustment ‐5% ‐5% 0% ‐5%
$ Adjustment ($0.69) ($0.52) $0.00 ($1.25)
Zoning SAP BU‐2 AU DMU RU‐3M
% Adjustment 15% 25% 15% 15%
$ Adjustment $2.08 $2.60 $2.91 $3.75
Topography Level and at street grade Level and at street grade Level and at street grade Level and at street grade Level and at street grade
% Adjustment 0% 0% 0% 0%
$ Adjustment $0.00 $0.00 $0.00 $0.00
Required Site Work Typical clear and grade Typical Clear and Grade Typical Clear and Grade Typical Clear and Grade Typical Clear and Grade

$ Adjustment $0.00 $0.00 $0.00 $0.00
Shape Generally rectangular in Irregular Irregular Irregular Irregular
$ Adjustment $0.00 $0.00 $0.00 $0.00
Utility of Site Good Similar Similar Inferior Inferior
% Adjustment 0% 0% ‐5% ‐10%
$ Adjustment $0.00 $0.00 ($0.97) ($2.50)

Net Adjustments 30.01% 45% 19.97% 10%
Gross Adjustments 39.96% 55.0% 29.96% 40%
Net Adjustments 31.08% 51.21% 27.12% 17.59%
Gross Adjustments 41.12% 61.64% 37.7% 49.66%
LAND VALUE CONCLUSION
The comparables show a price/SF range of $15.08/SF to $27.50/SF on an adjusted basis, an average of
$20.98/SF.
Sales 3 and 4 have the lowest percentage of net adjustments. The adjusted prices of these sales are
$23.31/SF and $27.50/SF, respectively.
Sale 3 is most similar to the subject in regards to land size. The adjusted price of this sale is $23.31/SF. 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 be within the upper end of the range of the sales cited.

96


Based 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 Conclusion $25.00 /SF
Indicated Land Value $25.00/SF

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 Miami‐Dade County,
illustrated in the chart below:
Comp Address Price Zoning Land SF Price per Land SF
City Date Zoning Type Land Acres Price Per Acre
A 10300 NW 121st Way $35,700,000 M‐3 1,531,000 $23.32
Medley 01/11/2018 Industrial 35.15 $1,015,736
B 7777 NW 41st Street $40,268,000 I 1,032,436 $39.00
Doral 12/26/2017 Industrial 23.70 $1,698,966
C 13220 NW 17th Street $31,098,500 IU‐1 1,323,933 $23.49
Miami 07/20/2016 Industrial 30.39 $1,023,202
D SWC NW 25th Street & NW $22,154,600 IU‐1 930,647 $23.81
117th Place
Miami 02/08/2016 Industrial 21.36 $1,036,971
These sales are indicating unit prices ranging from $23.32/SF to $39.00/SF, with an average unit price of
$27.41/SF. Comparable B is considered to be superior than these other comparables being located in the
City of Doral and having direct frontage and exposure to the Palmetto Expressway.
Our unit value conclusion for the subject is slightly above the range indicated by Comparables A, B, and D.
These three comparables are considered to be inferior in location to the subject since they are located in
the western areas of Miami‐Dade County. The subject is located adjacent to State Road‐836 and the Miami
Intenational Airport in an in‐fill area.

97

18‐114‐02 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
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 improved 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, full‐service
restaurant, maintenance building, and other ancillary uses for the operation of a golf course. The site is
owned by the City of Miami and leased to the current golf course operator.
We have been requested by the client to project a market rental rate for the subject’s site, as if vacant and
zoned to its highest and best use under Miami 21 Special Area Plan (SAP) zoning. In order to calculate the
market rent, we have researched market capitalization rates for land in Miami‐Dade County to determine
the subject’s market lease rental rate. The following comparable sales represent the purchase of parcel of
land where the tenant was completely responsible for the construction and maintenance of the structure
subsequently constructed on the sites. The sales presented are all located in Miami‐Dade County, and have
all transpired over the period January of 2015 through April of 2017. Therefore, the comparable sales are
considered to be similar in terms of market conditions.
Comp Address Recordation Land SF Price NRA Price per Land SF
City Year Built LTB Ratio Date Price per SF NOI/SF Cap Rate
1 15715 SW 72nd Street 30555‐3840 15,670 $3,480,000 2,132 $222.08
1 Miami 2016 7.35 04/28/2017 $1,632.27 $69.37 4.25%
2 3750 NW 87th Ave 30387‐3336 47,530 $7,100,000 16,252 $149.38
2 Doral 2016 2.92 01/17/2017 $436.87 $21.27 4.87%
3 1177 SW 8th Street 30161‐3315 95,396 $13,100,000 22,335 $137.32
3 Miami 2012 4.27 07/21/2016 $586.52 $7.54 5.49%
4 14180 SW 8th Street 30098‐4409 30,971 $2,000,000 3,191 $64.58
4 Miami 2004 9.71 05/26/2016 $626.76 $27.15 4.33%
5 2151 NW 79th St 29887‐0029 41,033 $2,457,000 9,741 $59.88
5 Miami 2013 4.21 12/04/2015 $252.23 $18.26 7.24%
6 561 NE 79th St 29534‐2485 61,294 $9,770,000 15,945 $159.40
6 Miami 2015 3.84 01/01/2015 $612.73 $27.57 4.50%
7 524 Jefferson Avenue 29987‐2683 33,598 $6,750,000 14,258 $200.90
7 Miami Beach 1995 2.36 03/03/2016 $473.42 $22.33 4.72%
The comparable sales noted above range from 4.25% to 7.24% with an average of 5.06%.
We also considered national investor’s survey data before reaching a capitalization rate conclusion for the
subject site.
The following table summarizes prevailing land lease capitalization and discount rates. The former reflects
initial rates of return on appraised values for vacant land proposed for development. They do not address
increases in land lease payments or the reversion but may include percentage rent. The latter are 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 lease. Total lease terms range from 40 to 99 years, while fixed 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 (5‐10 years) fixed rent periods are based
on appraised values but are often subject to negotiation and/or arbitration.

98

18‐114‐02 LAND RENT

Land Leases
First Quarter 2018
Property Type Capitalization Rates Discount Rates
Min. Max. Avg. Min. Max. Avg.
Apartments 2.47% 10.64% 6.51% 5.07% 11.14% 7.51%
Golf 2.97% 16.30% 8.90% 5.57% 16.80% 9.90%
Health Care/Senior Housing 2.99% 12.01% 7.20% 5.59% 12.51% 8.20%
Industrial 2.59% 10.64% 6.87% 5.19% 11.14% 7.87%
Lodging 2.99% 15.93% 7.47% 5.59% 16.43% 8.47%
Mobile Home/RV Park 2.79% 13.15% 7.84% 5.39% 13.65% 8.84%
Office 2.77% 10.64% 7.01% 5.37% 11.14% 8.01%
Restaurant 3.15% 15.39% 8.35% 5.75% 15.89% 9.35%
Retail 2.51% 12.01% 6.98% 5.11% 12.51% 7.98%
Self‐Storage 2.81% 10.64% 7.99% 5.41% 11.14% 8.99%
Special Purpose 3.25% 16.10% 8.75% 6.34% 18.72% 9.45%
All Properties 2.47% 16.30% 7.62% 5.07% 16.80% 8.51%
The capitalization rates for land leases for apartment use range from 2.47% to 10.64% with an average of
6.51%. The rates for retail use range from 2.51% to 12.01% with an average of 6.98%. The rates for office
use range from 2.77% to 10.64% with an average of 7.01%.
The highest and best use of the subject site is for mixed‐use residential/retail/office development. The
subject is located within the northwest quadrant of the interchange of State Road‐836 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 commercial land available (on a relative basis), and the
competition for mixed‐use development sites.
As previously mentioned, the comparable sales noted a range from 4.25% to 7.24% with an average of
5.06%. Comparable 5 is in an inferior location compared to the other comparables, and has a capitalization
rate well above the range. Excluding this sale, the range of cap rates is 4.25% to 5.49%, with an average 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 its highest and best use, should be between
4.50% to 5.50%. Therefore, we have concluded to an overall rate in the middle of this range of 5.00%.
The annual rental rate for the subject’s site, as if vacant and rezoned to its highest and best use, is
calculated as follows:
LAND VALUE CONCLUSION $25.00/SF
MULTIPLIED BY CAPITALIZATION RATE 0.05
INDICATED RENTAL RATE $1.25/SF
The market rental rates presented are expressed as a net rental rate with all expenses associated with the
property; real estate taxes, insurance, maintenance, repairs, payroll, management, etc. borne by the lease.

99

18‐114‐02 RECONCILIATION AND FINAL VALUE

The Sales Comparison Approach was employed in the valuation of the subject. The values derived via these
methods are shown below:
"As Rezoned to Highest and Best Use" Value (4/10/2018)
Land Value $25.00/SF
Final Value Opinion $25.00/SF

"As Rezoned to Highest and Best Use" Rental Value (4/10/2018)
Final Rental Value $1.25/SF
In the approach utilized, we have attempted to summarize all the input data and have briefly explained our
methodology in processing and/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 this approach. It should be 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 on 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 were uncovered, and after the adjustment process, we concluded to a value/price
per SF for the subject.
$25.00/SF
$1.25/SF
The use of the aforementioned Extraordinary Assumptions might have affected the assignment results.
the date of value.

100

18‐114‐02 ADDENDA

National Flood Hazard Layer FIRMette Legend
25°47'45.15"N SEE FIS REPORT FOR DETAILED LEGEND AND INDEX MAP FOR FIRM PANEL LAYOUT
Without Base Flood Elevation (BFE)

80°15'40.75"W
Zone A, V, A99
With BFE or Depth
SPECIAL FLOOD
HAZARD AREAS Regulatory Floodway Zone AE, AO, AH, VE, AR
0.2% Annual Chance Flood Hazard, Areas

of 1% annual chance flood with average
depth less than one foot or with drainage
areas of less than one square mile Zone X
Future Conditions 1% Annual
Chance Flood Hazard Zone X
Area with Reduced Flood Risk due to
OTHER AREAS OF Levee. See Notes. Zone X
FLOOD HAZARD Area with Flood Risk due to Levee Zone D
NO SCREEN Area of Minimal Flood Hazard Zone X
Effective LOMRs
OTHER AREAS Area of Undetermined Flood Hazard Zone D
GENERAL Channel, Culvert, or Storm Sewer

STRUCTURES Levee, Dike, or Floodwall
20.2
B Cross Sections with 1% Annual Chance
17.5 Water Surface Elevation
8 Coastal Transect
Base Flood Elevation Line (BFE)
Limit of Study
Jurisdiction Boundary
Coastal Transect Baseline
OTHER Profile Baseline
FEATURES Hydrographic Feature
Digital Data Available
MAP PANELS
No Digital Data Available
Unmapped Ü
This map complies with FEMA's standards for the use of
digital flood maps if it is not void as described below.
The base map shown complies with FEMA's base map
accuracy standards
The flood hazard information is derived directly from the
authoritative NFHL web services provided by FEMA. This map
was exported on 4/19/2018 at 10:16:06 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 identifiers,
80°15'3.30"W
FIRM panel number, and FIRM effective date. Map images for
unmapped and unmodernized areas cannot be used for
regulatory purposes.
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus
DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community
Feet 1:6,000 25°47'12.75"N
0 250 500 1,000 1,500 2,000

City of Miami Zoning Information
Civic Space Zone

CS
Miami 21 Zoning Code
Notice: This is a reference manual only. For official information, please refer to the Miami 21
Code, as amended, the Zoning Ordinance of the City of Miami. Additional regulations may be
applicable. All applications require zoning review and referral prior to commencement.
Revised April 2013

MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013
j. 22nd Avenue
1. Boundary: 22nd Avenue from NW 1st Street to SW 8th Street.
22nd Ave Setback: Zero (0’) feet with Arcade
k. Central Coconut Grove

1. Boundary:
• All properties Adjacent to Grand Avenue between Margaret Street and 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 Matilda Street and Tigertail
Avenue.
Central Coconut Grove Setback (on the streets listed above): Five (5) feet.
3.4 DENSITY AND INTENSITY CALCULATIONS
3.4.1 Lot Area, inclusive of any dedications, is used for purposes of Density and Intensity calculation.
3.4.2 Density shall be calculated in terms of units as specified by Article 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 be affected by other regulations
in this Code and thus the stated maximums of this Miami 21 Code may exceed the actual Capacity
that a site can sustain when other regulations of this Code are applied to the site. The inability to
reach the maximum Density or Intensity because of the necessity to conform to the other regulations
of this Code shall not constitute hardship for purposes of a Variance.
3.4.3 Lodging Units shall be considered as equivalent to one-half (0.50) of a Dwelling Unit.
3.4.4 The allowable Transect Zone Density may be increased as provided by the Future Land Use Element
of the Miami Comprehensive Plan (Residential Density Increase Areas), as illustrated in Article 4,
Diagram 9.
3.5 MEASUREMENT OF HEIGHT
3.5.1 Unless otherwise specified herein, the Height of Buildings shall be measured in Stories. 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 exists, the average of the
III.8
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.
3.5.2 A Story is a Habitable level within a Building of a maximum fourteen (14) feet in Height from finished
floor to finished floor. Basements are not considered Stories for the purposes of determining Building
Height. A ground level retail Story may 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 T6-36, T6-48, T6-60, T6-80, and D1, 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 first floor shall be a minimum of fourteen (14) feet in Height. Mezzanines may not
exceed thirty-three percent (33%) of the Habitable Space Floor Area, except for D1, where mezza-
nines may not exceed fifty percent (50%) of the Habitable Space Floor Area. Mezzanines extending
beyond thirty-three percent (33%) of the Floor Area, or fifty percent (50%) of the Floor Area in D1,
shall be counted as an additional floor. The Height of a Parking Structure concealed by a Liner may
be equal to the Height of the Liner; this may result in a Liner Story concealing more than one level
of Parking.
3.5.3 Except as specifically provided herein, the Height limitations of this Code shall not apply to any roof
Structures for housing elevators, stairways, tanks, ventilating fans, solar energy collectors, or similar
equipment required to operate and maintain the Building (provided that such Structures shall not
cover more than twenty percent (20%) of roof area for T4 and T5); nor to church spires, steeples,
belfries, monuments, water towers, flagpoles, vents, or similar Structures, which may be allowed
to exceed the maximum Height by Waiver; nor to fire or parapet walls, which shall not extend more
than five (5) feet above the maximum Height in T4 and T5 and ten (10) feet in T6 and Districts.
3.5.4 No Building or other Structure shall be located in a manner or built to a Height which constitutes a
hazard to aviation or creates hazards to persons or property by reason of unusual exposure to avia-
tion hazards. In addition to Height limitations established by this Code, limitations established by
the Miami-Dade County Height Zoning Ordinance as stated in Article 37 of the Code of Miami-Dade
County (Miami International Airport) shall apply to Heights of Buildings and Structures.
A letter authorizing clearance from the Miami-Dade Aviation Department or the Federal Aviation
Administration (FAA) may be required by the Zoning Administrator prior to the issuance of any
Building permit.
Construction of an Educational facility within the delineated Miami International Airport Critical Ap-
proach Area as defined by the Miami-Dade County Code shall only be granted by Exception. Con-
struction of such facility is subject to the approval by the Miami-Dade County Aviation Department
or any other agencies authorized by law to approve the construction.
3.5.5 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 documented significance supporting the NHL designation shall
be protected by height limitations throughout the entire Civic Institution zoned property of which
the NHL is a part, so as to protect the Designed Landscape from the potentially adverse effects
III.9
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 alter the 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 Institution zoned property of which the NHL
is a part shall not exceed that established by a six (6) degree vertical plane which is measured
beginning from the ground floor elevation of the principal historic building at the façade that over-
looks the Designed Landscape, which plane shall extend in a one hundred eighty (180) degree
arc facing the Designed Landscape and measured at grade from the midpoint of the building
façade. The ground floor elevation shall be measured according to the 1929 N.G.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 be considered nonconforming structures.
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 Plan, the height limitations specified
in this Section 3.5.5 shall be incorporated in all subsequent rezonings.
d. For purposes of this Section 3.5.5., the following definitions shall apply:
1. 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 a master gardener, landscape archi-
tect, architect, or horticulturalist 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, trend, event, etc. in
landscape gardening or landscape architecture; or
• a landscape having a significant relationship to the theory or practice of landscape ar-
chitecture.
2. National Historic Landmark is a nationally significant historic place designated by the Secretary
of the Interior because it possesses exceptional value or quality in illustrating or interpreting
the heritage of the United States, and defined in Title 36, Section 65.3 of the Code of Federal
Regulations.
3.5.6 See Chapter 23 of the City Code, titled Historic Preservation, for regulations and additional height
requirements.
III.10
2. Portions of SD-2, originally adopted by Ord. No. 12651, January 27, 2005; and
3. SD 18, originally adopted by Ord. No. 10863, March 28, 1991; and
4. SD 18.1, originally adopted by Ord. No. 11240, March 27, 1995.
The Coconut Grove NCD is hereby adopted and codified in Appendix A.3 to this Code.

3.13 SUSTAINABILITY
3.13.1 General
a. Landscape requirements are as required in Article 9 of this Code and the 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 regulations, this Code shall apply.
b. All new Buildings of more than 50,000 square feet of Habitable Rooms and Habitable Space in
the T5, T6, CI and CS zones shall be at a minimum certified as Silver by the United States Green
Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) standards
or equivalent standards adopted or approved by the City.
1. At the time of Building Permit application, the owner shall submit:
c. Proof of registration with the Green Building Certification Institute, or equivalent agency;
d. A signed and sealed affidavit from a LEED Accredited Professional, or applicable designation,
stating that the proposed Building is designed to achieve the required certification; and
e. A LEED Scorecard, or equivalent document, identifying anticipated credits to be achieved.
2. At the time of Certificate of Occupancy application, the owner shall submit:
f. Proof of certification by the Green Building Certification Institute, or equivalent agency;
g. A bond posted in a form acceptable to the City, in the amount indicated below;
i. Two percent (2%) of the total cost of construction for a 50,000 - 100,000 square feet Building;
ii. Three percent (3%) of the total cost of construction for a 100,001 - 200,000 square feet Build-
ing;
iii. Four percent (4%) of the total cost of construction for any Building greater than 200,000
square feet; or
h. Proof of partial compliance from the Green Building Certification Institute, or applicable agency,
which demonstrates the credits presently achieved. In addition, a prorated portion of the full
bond amount, as indicated in subsection 2(b) above, shall be posted based on the number of
III.25
remaining credits needed to meet minimum certification requirements. The bond amount to be
posted shall be calculated as follows:
(credits remaining for certification / credits required for certification) x full bond amount = prorated
bond amount
3. Forfeiture of Bond
A bond under this Section 3.13.1 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 will draw
down on the bond funds upon failure of the owner to submit proof of LEED Silver certification
in a form acceptable to the City within one (1) year of the City’s issuance of the Certificate of
Occupancy for the Building. If required certification is not achieved but a majority of the credits
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 certification) x full bond amount =
bond amount forfeited
If the amount to be forfeited is greater than fifty percent (50%) of the full 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.
i. Affordable Housing Developments that qualify under Section 3.15, may elect to comply with the
sustainability requirements promulgated by the Florida Housing Finance Corporation, or its suc-
cessor agency, in lieu of the requirements set forth in Section 3.13.1.b above.
j. The preservation of Natural Features of land such as trees, vegetation, geological, and other
characteristics and the preservation of features of archaeological significance are declared to
be in the public interest. Said preservation may justify the relaxation of Setbacks or required
Off-street Parking by Waiver. The Zoning Administrator shall determine that the trees, vegetation,
geological and other natural characteristic, or archaeological features are in the Buildable Area
of the Site and not in Setback areas required for the development 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 to consequently
reduce energy consumption and bills for buildings within the City.
a. Applicability
In all Transect Zones, except T3, the provisions of this section are applicable to all new construc-
tion and to repair or replacement greater than fifty percent (50%) by area of existing roofs or site
Hardscape. All repairs or replacement of existing roofing or Hardscape shall be reviewed by the
Zoning Department for compliance with this section. The following portions of new or existing
roofs are exempted from the requirements of section 3.13.2:
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
III.26
Protection Agency, or any area of a roof utilized by photovoltaic 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 Hardscapes where less than fifty percent (50%) of existing Hardscape area is being
repaired or replaced are exempt from the requirements of 3.13.2.d.
b. Solar Reflectance
1. For roofing materials, all roof exterior surfaces and building materials used to comply with
this section, shall have a minimum Solar Reflectance as specified in sections 3.13.2.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 conditions, (iii) 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 a mini-
mum solar reflectance as specified in sections 3.13.2.d when (i) tested in accordance with
ASTM E903 or ASTM E1918, (ii) tested with a portable reflectometer at near ambient condi-
tions, or (iii) default values of Solar Reflectance for listed materials may be used as follows:
Material Solar Reflectance

Typical new gray concrete 0.35
Typical weathered gray concrete 0.20
Typical new white concrete 0.40
Typical weathered white concrete 0.40
New asphalt 0.05
Weathered asphalt 0.10
c. Roof
1. Requirements for Low Sloped Roofs
Roofing materials used in roofs with slopes of a rise of zero (0) units in a horizontal length
(0:12 pitch) up to and including roofs with slopes of a rise of two (2) units in a horizontal
length of 12 units (2:12 units) (“low-sloped”) shall meet the following 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 of 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-sloped 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
III.27
exception in section 3.13.2.a.1 applies.
c. Exception. Ballasted roofs with a minimum of 15 lbs/sq. ft. or ballast over the entire roof surface
may have a reflectance value of a minimum of 0.30. For the purposes of this section, “ballast”
shall mean river rock aggregate or larger, pavers or other means of weighing down a roofing
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 than two (2) units in a horizontal
length (2:12 pitch) (“steep-sloped”) shall meet the following requirements:
(a) Steep sloped roofs shall have an initial Solar Reflectance of 0.15 or greater.
3. Requirements for Roofs with Multiple Slopes
Roofs with multiple slopes shall be subject to those requirements applicable to the slope which
covers the largest area of the building footprint.
d. Non-roof Requirements
1. Provide any combination of the following strategies for fifty percent (50%) of the site Hard-
scape:
(a) Shade from solar panels or roofing materials with a Solar Reflectance of at least 0.30.
(b) Shade from trees within five (5) years of occupancy.
(c) Paving materials with a Solar Reflectance of at least 0.30.
(d) Pervious Pavement System.
OR
2. Place a minimum of fifty-percent (50%) of parking spaces under cover (defined as under-
ground, under deck, under roof, or under building). Any roof used to shade or cover parking
must have a Solar Reflectance of at least 0.30.
3.14 PUBLIC BENEFITS PROGRAM
The intent of the Public Benefits Program established in this section is to allow bonus Building Height
and FLR in T6 Zones and bonus Building Height in D1 Zones in exchange for the developer’s con-
tribution to specified programs that provide benefits to the public.
3.14.1 The bonus Height 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 not be available to properties in a T6 Zone if the property abuts a T3 Zone or in a
T6-8 Zone if the property abuts a CS Zone.
III.28
MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS
T1 THE NATURAL ZONE consists of lands approximat-

ing a wilderness condition, permanently set aside for
conservation in an essentially natural state.
T2 THE RURAL ZONE consists of lands in open or cultivated

state or sparsely settled. These include woodland,
grassland and agricultural land.
T3 THE SUB-URBAN ZONE consists of low-Density

areas, primarily comprised of Single-Family and Two
Family residential units with relatively deep Setbacks,
Streetscapes with swales, and with or without Side-
walks. Blocks may be large and the roads may be
of irregular geometry to accommodate natural and
historic conditions.
T4 THE GENERAL URBAN ZONE consists of a Mixed-Use

but primarily residential urban fabric with a range of
Building types including rowhouses, small apartment
Buildings, and bungalow courts. Setbacks are short
with an urban Streetscape of wide Sidewalks and trees
in planters. Thoroughfares typically define medium-
sized blocks.
T5 THE URBAN CENTER ZONE consists of higher Density

Mixed-Use Building types that accommodate retail and
office Uses, rowhouses and apartments. A network of
small blocks has Thoroughfares with wide Sidewalks,
steady street tree planting and Buildings set close to
the Frontages with frequent doors and windows.
T6 THE URBAN CORE ZONE consists of the highest

Density and greatest variety of Uses, including Civic
Buildings of regional importance. A network of small
blocks has Thoroughfares with wide Sidewalks, with
steady tree planting and Buildings set close to the
Frontage with frequent doors and windows.
C THE CIVIC ZONE consists of public use space and

facilities that may contrast in use to their surroundings
while reflecting adjacent Setbacks and landscape.
D THE DISTRICT ZONE consists of the least regulated

Building and accommodates commercial and industrial
Uses of a scale and with a Streetscape that facilitate
vehicular access.
IV.5
MIAMI 21 ARTICLE 4. TABLE 3 BUILDING FUNCTION: USES
T3 T4 T5 T6 C D
SUB-URBAN URBAN GENERAL URBAN CENTER URBAN CORE CIVIC DISTRICTS
R L O R L O R L O R L O CS CI CI-HD D1 D2 D3
DENSITY (UNITS PER ACRE) 9 9 18 36 36 36 65 65 65 150* 150* 150* N/A AZ** 150* 36 N/A N/A
RESIDENTIAL
SINGLE FAMILY RESIDENCE R R R R R R R R R R R R
COMMUNITY RESIDENCE R R R R R R R R R R R R R
ANCILLARY UNIT R R R R
TWO FAMILY RESIDENCE R R R R R R R R R R
MULTI FAMILY HOUSING R R R R R R R R R R
DORMITORY E E R R R R E R
HOME OFFICE R R R R R R R R R R R R R
LIVE - WORK R R R R R R R
WORK - LIVE R R
LODGING
BED & BREAKFAST W R R E R R E R R R R
INN R R R E R R R R
HOTEL R R R R R
OFFICE
OFFICE R R R R R R E R R R W
COMMERCIAL
AUTO-RELATED COMMERCIAL ESTAB. W W W R R
ENTERTAINMENT ESTABLISHMENT R W R R R R R
ENTERTAINMENT ESTAB. - ADULT R
FOOD SERVICE ESTABLISHMENT R R R R W R R W E R R R W
ALCOHOL BEVERAGE SERVICE ESTAB. E E E E E E E E E E
GENERAL COMMERCIAL R R R R W R R E E R R R W
MARINE RELATED COMMERCIAL ESTAB. W W W W E R R R
OPEN AIR RETAIL W W W W W E R R R W
PLACE OF ASSEMBLY R R E R R E E R R W
RECREATIONAL ESTABLISHMENT R R R R E R R R W
CIVIC
COMMUNITY FACILITY W W W W W W W E W R R
RECREATIONAL FACILITY E E E E R R E R R E R R W E W R R
RELIGIOUS FACILITY E E E E R R E R R E R R W E R R R W
REGIONAL ACTIVITY COMPLEX E E E
CIVIL SUPPORT
COMMUNITY SUPPORT FACILITY W W W W W W E E R R W
INFRASTRUCTURE AND UTILITIES W W W W W W W W W W W W W E W W R W
MAJOR FACILITY E R E E E
MARINA E W W E W W E W W R E R R R
PUBLIC PARKING W W E W W E W W E R R R W
RESCUE MISSION E R E W W
TRANSIT FACILITIES W W E W W E W W E R R R W
EDUCATIONAL
CHILDCARE E W W E W W W W W E E R E
COLLEGE / UNIVERSITY W W W W E R E
ELEMENTARY SCHOOL E E E E E E E W W E W W E R E
LEARNING CENTER E E R R R R E E R E
MIDDLE / HIGH SCHOOL E E E E E E E W W E W W E R E
PRE-SCHOOL E E E E E E E R R E R R E R E
RESEARCH FACILITY R R R R R R E R R R W
SPECIAL TRAINING / VOCATIONAL E W W W W E R R R W
INDUSTRIAL
AUTO-RELATED INDUSTRIAL ESTBL. R R W
MANUFACTURING AND PROCESSING R R W
MARINE RELATED INDUSTRIAL ESTBL. R R R
PRODUCTS AND SERVICES R R W
STORAGE/ DISTRIBUTION FACILITY R R W
R Allowed By Right Uses may be further modified by Supplemental Regulations, State Regulations, or other provisions of
W Allowed By Warrant: Administrative Process - CRC (Coordinated Review Committee) this Code. See City Code Chapter 4 for regulations related to Alcohol Beverage Service Estab.
E Allowed By Exception: Public Hearing - granted by PZAB (Planning, Zoning & Appeals Board) * Additional densities in some T6 zones are illustrated in Diagram 9.
Boxes with no designation signify Use prohibited. ** AZ: Density of lowest Abutting Zone
IV.8
MIAMI 21 ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
AS ADOPTED - APRIL 2013 C - CIVIC
CS – CIVIC SPACE CI – CIVIC INSTITUTION CI-HD – CIVIC INSTITUTION HEALTH DISTRICT
DENSITY (UPA) N/A DENSITY OF ABUTTING ZONE 150 UNITS PER ACRE
RESIDENTIAL All intensity, parking and loading regulations to match that Uses are permissible as listed in Table 3, limited by • Minimum of 1 parking space for every 800 square feet
of the most restrictive Abutting zone. compliance with: of Residential Use.
• Parking requirement may be reduced according to the • Density and all intensity, parking and loading regulations • Loading - See Article 4, Table 5
Shared Parking Standard, Article 4, Table 5. to match that of the most restrictive Abutting zone.
• Minimum of 1 Bicycle Rack Space for every 20 vehicular
spaces required.
LODGING • Minimum of 1 parking space for every 800 square feet
of Residential Use.
• Loading - See Article 4, Table 5
OFFICE Office Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 800 square feet
of Office Use.
• Minimum of 3 parking spaces for every 1,000 square
feet of Office Use. • Loading - See Article 4, Table 5
• Minimum of one Bike space for every 20 vehicular spaces
required (before any reductions).
• Parking ratio may be reduced according to the shared
parking standard.
• Parking may be provided offsite in CI, D, T5 or T6 within
500 feet through a parking management plan/zone.
COMMERCIAL Commercial Uses are permissible as listed in Table 3. Commercial Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet
limited by compliance with: of Commercial Use.
• Minimum of 3 parking spaces for every 1,000 sf of com-
mercial space. • Building area allowed for Commercial Use on each lot • Loading - See Article 4, Table 5
shall be less than 25% Building floor area total.
required (before any reductions). • Minimum of 3 parking spaces for every 1,000 sf of com-
mercial space
parking standard. • Minimum of 1 parking space for every 7 seats in a Major
Sports Facility
• Loading - See Article 4, Table 5.
• Loading needs, including maneuvering, shall be accom-
modated on site.
parking standard.
• Parking ratio may be reduced for Major Sports Facility
within 1 mile of a Metrorail, Metromover Station, or mass
transit facility by up to 10%.by process of Waiver.
• Loading - See Article 4, Table 5
• Loading needs, including maneuvering, shall be accom-
modated on site.
CIVIC Civic Uses are permissible as listed in Table 3. Civic Uses are permissible as listed in Table 3. • Minimum of 1 parking space for every 800 square feet
of Civic Use.
• Minimum of 1 parking space for every 5 seats of assembly • Minimum of 1 parking space for every 5 seats of assembly
uses. uses. • Loading - See Article 4, Table 5
• Minimum of 1 parking space for every 1,000 sf of exhibition • Minimum of 1 parking space for every 1,000 sf of exhibition
or recreation space, and parking spaces for other Uses or recreation space, and parking spaces for other Uses
as required. as required.
• Minimum of 1 parking space for every staff member for • Minimum of 1 parking space for every staff member for
recreational uses. recreational uses.
• Minimum of 1 parking space for every 500 sf of Building • Minimum of 1 parking space for every 500 sf of Building
area for recreational uses. area for recreational uses.
• Minimum of one Bike space for every 20 vehicular spaces • Minimum of one Bike space for every 20 vehicular spaces
required (before any reductions). required (before any reductions).
• Parking may be provided offsite in CI, D, T5 or T6 within • Parking may be provided offsite in CI, D, T5 or T6 within
500 feet through a parking management plan/zone. 500 feet through a parking management plan/zone.
CIVIL SUPPORT Civil Support Uses are permissible as listed in Table 3, Civil Support Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet
limited by compliance with: limited by compliance with: of Civil Support Use.
• For Civil Support, a minimum of 1 parking space for every • For Civil Support, a minimum of 1 parking space for every • Loading - See Article 4, Table 5
1,000 sf. 1,000 sf.
• For Marine Uses, a minimum of 1 parking space for every • For Assembly uses, a minimum of 1 parking space for
5 slips. every 5 seats.
• For Marine Uses, a minimum of 1 parking space for every
5 slips.
• Adult Daycare - Minimum of 1 space per staff member
and 1 space for owner.
EDUCATIONAL Educational Uses are permissible as listed in Table 3, Educational Uses are permissible as listed in Table 3, • Minimum of 1 parking space for every 800 square feet
limited by compliance with: limited by compliance with: of Educational Use.
• Minimum of 2 parking spaces for every 1,000 sf of • Minimum of 2 parking spaces for every 1,000 sf of • Loading - See Article 4, Table 5
educational space educational space
• Minimum of one Bike space for every 20 vehicular spaces • Schools – Minimum of 1 parking space for each faculty or
required (before any reductions). staff member, 1 visitor parking space per 100 students,
• Childcare Facilities - Minimum of 1 space per staff 1 parking space per 5 students in grades 11 and 12 or
member, 1 space for owner and 1 drop-off space for College/University.
every 10 clients cared for. • Childcare Facilities - Minimum of 1 space per staff
member, 1 space for owner and 1 drop-off space for
every 10 clients cared for.
IV.18
MIAMI 21 ARTICLE 4. TABLE 5 BUILDING FUNCTION: PARKING AND LOADING
SHARED PARKING STANDARDS
SHARING FACTOR The shared Parking Standards Table provides the method for calculating shared parking for buildings
with more than one Use type. It refers to the parking requirements that appear in Table 4.
Function with Function
The parking required for any two Functions on a Lot is calculated by dividing the number of spaces
RESIDENTIAL RESIDENTIAL required by the lesser of the two uses by the appropriate factor from this Table and adding the result to
the greater use parking requirement.
LODGING LODGING
For instance: for a building with a Residential Use requiring 100 spaces and a Commercial Use requir-
OFFICE 1 OFFICE
1.1 1.1 ing 20 spaces, the 20 spaces divided by the sharing factor of 1.2 would reduce the total requirement to
COMMERCIAL 1.4 1 1.4 COMMERCIAL 100 plus 17 spaces. For uses not indicated in this chart on a mixed use lot a sharing factor of 1.1 shall
1.2 1.7 1.7 1.2 be allowed. Additional sharing is allowed by Warrant.
1.3 1 1.3
1.2 1.2
1
OFF-STREET PARKING STANDARDS
ANGLE OF ACCESS AISLE WIDTH • Driveways shall have a minimum of 10 feet of paved width of a one-way drive and 20 feet for a two-way
PARKING
ONE WAY ONE WAY TWO WAY drive for parking area providing 10 or more stalls.
TRAFFIC TRAFFIC TRAFFIC • Pedestrian entrances shall be at least 3 feet from stall, driveway or access aisle.
SINGLE LOADED DOUBLE LOADED DOUBLE LOADED
• Allowable slopes, paving, and drainage as per Florida Building Code.
90 23 ft 23 ft 23 ft • Off-street Parking facilities shall have a minimum vertical clearance of 7 feet. Where such a facility is
60 12.8 ft 11.8 ft 19.3 ft to be used by trucks or loading Uses, the minimum clearance shall be 12 feet Residential and 15 feet
Commercial and Industrial.
45 10.8 ft 9.5 ft 18.5 ft
• Ingress vehicular control devices shall be located so as to provide a minimum driveway of 20 feet in
Parallel 10 ft 10 ft 20 ft
length between the Base Building Line and dispenser.
Standard stall: 8.5 ft x 18 ft minimum • For requirements of parking lots, refer to Article 9 and the City of Miami Off-street Parking Guides
and Standards.
LOADING BERTH STANDARDS T5, T6, CS, CI-HD & CI DISTRICT NOTES
RESIDENTIAL* From 25,000 sf to 500,000 sf Berth Types

Berth Size Loading Berths Residential*: 200 sf = 10 ft x 20 ft x 12 ft
420 sf 1 per first 100 units Commercial**: 420 sf = 12 ft x 35 ft x 15 ft
200 sf 1 per each additional 100 units or
fraction of 100.
Industrial***: 660 sf= 12 ft x 55 ft x 15 ft
Greater than 500,000 sf

* Residential loading berths shall be set back
Berth Size Loading Berths a distance equal to their length.
660 sf 1 per first 100 units
** 1 Commercial berth may be substituted by
200 sf 1 per each additional 100 units or
2 Residential berths
fraction of 100.
*** 1 Industrial berth may be substituted by 2
From 25,000 sf to 500,000 sf From 25,000 sf to 500,000 sf Commercial berths.
LODGING
Berth Size Loading Berths Berth Size Loading Berths
420 sf 1 per 300 rooms 420 sf 1 per 300 rooms
A required Industrial or Commercial loading
200 sf 1 per 100 rooms 200 sf 1 per 100 rooms
berth may be substituted by a Commercial
Greater than 500,000 sf Greater than 500,000 sf or Residential loading berth, by Waiver, if
the size, character, and operation of the
Berth Size Loading Berths Berth Size Loading Berths
Use is found to not require the dimensions
660 sf 1 per 300 rooms 660 sf 1 per 300 rooms specified and the required loading berth
200 sf 1 per 100 rooms 200 sf 1 per 100 rooms dimension could not otherwise be provided
according to the regulations of this Code.
OFFICE From 25,000 sf to 500,000 sf From 25,000 sf to 500,000 sf
COMMERCIAL** Berth Size Loading Berths Area Berth Size Loading Berths Area
INDUSTRIAL***
420 sf 1st 25K sf - 50K sf 420 sf 1st 25K sf - 50K sf
420 sf 2nd 50K sf - 100K sf 420 sf 2nd 50K sf - 100K sf
420 sf 3rd 100K sf - 250K sf 420 sf 3rd 100K sf - 250K sf
420 sf 4th 250K sf - 500K sf 420 sf 4th 250K sf - 500K sf
Greater than 500,000 sf Greater than 500,000 sf

Berth Size Loading Berths Area Berth Size Loading Berths Area
660 sf 1 / 500K sf 660 sf 1 / 500K sf
IV.22
MIAMI 21 ARTICLE 4. TABLE 6 FRONTAGES
SECTION PLAN
LOT R.O.W. LOT R.O.W.
PRIVATE ► ◄ PUBLIC PRIVATE ► ◄ PUBLIC
Frontage Frontage Frontage Frontage
a. Common Lawn: a Frontage wherein the Façade is set back sub-
stantially from 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 Façade 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.
c. Terrace or Light Court: a Frontage wherein the Façade 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 Façade 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 Streetscape. The Forecourt may accommodate a
vehicular drop off.
e. Stoop: a Frontage wherein the Façade 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.
f. Shopfront: a Frontage wherein the Façade is aligned close to the

Frontage Line with the Building entrance at sidewalk grade. This
type is conventional for retail Use. It has substantial glazing at the
sidewalk level and an Awning that may overhang the sidewalk.
g. Gallery: a Frontage wherein the Façade is aligned close to the

Frontage Line with an attached cantilevered or a lightweight
colonnade overlapping the sidewalk. This type is conventional for
retail Use. The Gallery shall be no less than 15’ feet wide and may
overlap the whole width of the sidewalk to within 2 feet of the curb.
Permitted by Special Area Plan.
h. Arcade: a Frontage wherein the Façade includes a colonnade that

overlaps the sidewalk, while the Façade at sidewalk level remains
at the Frontage Line. This type is conventional for retail Use. The
arcade shall be no less than 15’ feet wide and may overlap the
whole width of the sidewalk to within 2 feet of the curb. Permitted
by Special Area Plan.
IV.23
MIAMI 21 ARTICLE 4. TABLE 7 CIVIC SPACE TYPES
This table describes the standards for areas zoned as Civic Space (CS) and for Public Parks 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: A natural preserve available for unstructured and structured recreation programs. A Park may
be independent of surrounding Building Frontages. Its landscape may be 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.
b. Green: An Open Space, available for unstructured recreation programs. A Green may be spatially
defined by landscaping rather than Building Frontages. Its landscape shall consist of lawn and trees,
naturalistically disposed. The minimum size shall be one acre and the maximum shall be 4 acres.
c. Square: An Open Space available for unstructured recreation programs and civic purposes. A square
is spatially defined by Building Frontages with streets on at least one Frontage. Its landscape shall
consist 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 shall 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 Frontages. Its landscape shall consist
primarily of pavement and trees. Plazas shall be located at the intersection of important Thoroughfares.
The minimum size shall be 1/8 acre and the maximum shall be 2 acres.
e. Courtyard / Garden: An Open Space spatially defined by Buildings and street walls, and visually
accessible on one side to the street.
f. Playground: An Open Space designed and equipped for the recreation of children. A Playground
shall be fenced and may include an open shelter. Playgrounds shall be interspersed within 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.
g. Pedestrian Passage: An Open Space connecting other public spaces, that is restricted to pedes-
trian use and limited vehicular access, of a minimum width of 20 feet. Building walls enfronting a
Pedestrian Passage shall have frequent doors and windows. In T6-36, T6-48, T6-60 and T6-80, a
Pedestrian Passage may be roofed.
h. Community Garden: A grouping of garden plots available for small-scale cultivation, generally to
residents of apartments and other dwelling types without private gardens. Community gardens
should accommodate individual storage sheds.
IV.24
MIAMI 21 ARTICLE 4. TABLE 8 DEFINITIONS ILLUSTRATED
a. THOROUGHFARE & FRONTAGES
Building Private Public Vehicular Lanes Public Private Building

Frontage Frontage Frontage Frontage
Private Lot Thoroughfare (R.O.W.) Private Lot
b. TURNING RADIUS c. BUILDING DISPOSITION
1- Principal Building
3 3 2- Backbuilding
3- Outbuilding
2
Parking Lane
Moving Lane
2
1 1
1
1-Radius at the Curb

2-Effective Turning Radius
d. LOT LAYERS e. FRONTAGE & LOT LINES
1-Frontage Line
5 2-Lot Line
3rd Layer 4 4 3-Façades
4-Elevations
Secondary Frontage
2 5-Streetscreen
1
4 4 4 3
2nd Layer
1st Layer
3 3
Principal Frontage
1 1
3rd Layer 2nd Layer 1st Layer
f. SETBACK DESIGNATIONS g. VISIBILITY TRIANGLE
1-Front Setback
3 2 2-Side Setback
3-Rear Setback
2
1
2
Fig 1. Fig 2. Fig 3.

1 1 At Thoroughfare inter- At intersections of At Thoroughfare in-
sections with Building driveways with Thor- tersections with no
Setbacks oughfare with no Building Setbacks
Building Setbacks
IV.25
MIAMI 21 ARTICLE 5. SPECIFIC TO ZONES
5.7 CIVIC SPACE ZONES (CS) AND CIVIC INSTITUTION ZONES (CI)

5.7.1 Civic Space Zones (CS)
5.7.1.1 Development in a Civic Space Zone should have a minimum of fifty percent (50%) of its perimeter
enfronting a Thoroughfare. Civic Space sites shall be entered directly from a Thoroughfare.
5.7.1.2 Development in Civic Space Zones shall be consistent with the standards in Article 4, Tables 3, 4,
and 7.
5.7.1.3 One or more Buildings may be built in each Civic Space. 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.
5.7.1.4 In Civic Spaces, Buildings, 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.
Other adjustments to the regulations shall be approved by process of Exception.
5.7.1.5 All Community facility and Recreational Facility Uses shall be government owned or operated only.
5.7.2 Civic Institution Zones (CI)

5.7.2.1 Development in a Civic Institution Zone shall have a minimum of one (1) Frontage enfronting a
Thoroughfare and should have its primary entrance from a Thoroughfare.
5.7.2.2 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.
5.7.2.4 Civic Institution Development shall be permitted by process of Exception and shall conform to the
following regulations:
a. Any property located within a CI Zone may be developed according to the regulations of the most
restrictive Abutting Transect Zone with all Frontage Setbacks considered a minimum.
b. Development in a CI Zone shall follow the regulations of the Abutting Transect Zone, except that
Height restrictions shall be as follows:
1. A CI Zone entirely Abutting T3 shall be developed to no more than the maximum Height al-
lowed by T4.
2. A CI Zone predominantly Abutting T3 or T4, shall be developed to no more than the maximum
Height allowed by T5.
3. A CI Zone predominantly Abutting T5, T6-8, D1, D2 or D3, shall be developed to no more
than the maximum Height of T6-8.
4. A CI Zone entirely Abutting T6-8 or higher, may conform to the maximum Height of any higher
Abutting Transect Zone.
V.43
MIAMI 21 ARTICLE 5. SPECIFIC TO ZONES
c. A CI 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 be al-
lowed by process of Waiver.
5.7.2.5 The expansion of any existing Civic Institution Use by less than twenty percent (20%) may be per-
mitted By Right.
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
by process of rezoning, subject to the limitations of the Comprehensive Plan.
5.8 CIVIC INSTITUTION ZONES – HEALTH DISTRICT (CI-HD)
a. All Development in the CI-HD zone for a structure that exceeds ten thousand dollars ($10,000.00)
in cost and affects the Scale of the street or block front, or that affects the location, relocation or
enlargement of vehicular ways or parking areas outside public Rights-of-Way shall be approved
by Warrant except that any Development exceeding the following thresholds shall be approved
by Exception.
1. Development involving in excess of five hundred thousand (500,000) square feet of Floor
Area excluding parking and loading.
2. For hospital buildings, any development in excess of eight hundred thousand (800,000)
square feet of Floor Area excluding parking and loading.
3. Any single use or combination of uses requiring or proposing to provide in excess of a net
increase of one thousand (1,000) off-street parking spaces.
5.8.1 Building Disposition (CI-HD)
a. Newly platted Lots shall be dimensioned according to Illustration 5.8.
b. Lot coverage by any Building shall not exceed that shown in Illustration 5.8.
c. Buildings shall be disposed in relation to the boundaries of their Lots according to Illustration 5.8.
A CI-HD lot may have more than one building.
d. Principal pedestrian entrances 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 Line.
f. It is recommended at the first Story, Facades along a Frontage Line have frequent doors and
windows.
g. Setbacks for Buildings shall be as shown in Illustration 5.8. Frontage Setbacks may be adjusted
V.44
MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED)
BOATS Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats
or house barges shall not be allowed except for those or house barges shall not be allowed except for those or house barges shall not be allowed except for those
HOUSEBOAT
specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance
HOUSE BARGE #10932, adopted October 24, 1991. #10932, adopted October 24, 1991. #10932, adopted October 24, 1991.
DOCKS Extension of docks and Piers into Biscayne Bay are Extension of docks and Piers into Biscayne Bay are Extension of docks and Piers into Biscayne Bay are
limited to 35 feet. However, by Exception a 600 feet limited to 35 feet. However, by Exception a 600 feet limited to 35 feet. However, by Exception a 600 feet
PIERS
maximum extension of docks and Piers into Biscayne maximum extension of docks and piers into Biscayne maximum extension of docks and piers into Biscayne
Bay may be allowed. Bay may be allowed. Bay may be allowed.
Extension of docks and Piers into other waterways is Extension of docks and Piers into other waterways is Extension of docks and Piers into other waterways is
limited to 10 feet or 10% of the width of the waterway, limited to 10 feet or 10% of the width of the waterway, limited to 10 feet or 10% of the width of the waterway,
whichever is less. However, by Exception further whichever is less. However, by Exception further whichever is less. However, by Exception further
extension may be approved, subject to approval from all extension may be approved, subject to approval from all extension may be approved, subject to approval from
applicable agencies. applicable agencies. all applicable agencies.
OPEN AIR RETAIL Subject to the following additional requirements: Subject to the following additional requirements: Subject to the requirements of Section 6.3.4
Access to site must be from a major Thoroughfare. Access to site must be from a major Thoroughfare.
Distance separation of any open air retail shall be a Distance separation of any Open Air Retail shall be a
minimum of 75 feet measured from any property within minimum of 75 feet measured from any property within
T3, T4-R, T5-R, or T6-R Zone. T3, T4-R, T5-R, or T6-R Zone.
Operation limited to weekends and legal holidays for a Operation limited to weekends and legal holidays for a
maximum of 3 consecutive days between the hours of maximum of 3 consecutive days between the hours of
7:00 AM and 7:00 PM. 7:00 AM and 7:00 PM.
Provision of paving striping for stalls and parking Provision of paving striping for stalls and parking
spaces. spaces.
Provision of on-site restroom facilities. Provision of on-site restroom facilities.
ADULT DAYCARE For 6 to 9 adults: For 6 to 9 adults:
Minimum of 350 square feet of indoor activity area. Minimum of 350 square feet of indoor activity area.
For 10 or more adults: For 10 or more adults:
Minimum of 35 square feet of indoor activity area per Minimum of 35 square feet of indoor activity area per
adult. adult.
COMMUNITY SUPPORT Assisted Living Facilities: Allowed by Exception and
FACILITY are subject to the following additional requirements:
Minimum distance requirement of 2,500 feet between
proposed facility and another existing facility.
Minimum distance requirement of 1000 feet between

proposed facility and any T3 or T4-R Zone.
PERSONAL WIRELESS Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4.
SERVICE FACILITY
HELICOPTER LANDING Helicopter landing sites as regulated by federal and state Helicopter landing sites as regulated by federal and state Helicopter landing sites as regulated by federal and state
SITE law may be permitted by Warrant subject to the following law may be permitted by Warrant subject to the following law may be permitted by Warrant subject to the following
additional requirements: additional requirements: additional requirements:
May only be used for the landing and takeoff of helicopters May only be used for the landing and takeoff of helicopters May only be used for the landing and takeoff of helicopters
dropping off and picking up passengers and cargo, and dropping off and picking up passengers and cargo, and dropping off and picking up passengers and cargo, and
may not include fueling, repair, or long term parking or may not include fueling, repair, or long term parking or may not include fueling, repair, or long term parking or
storage of helicopters. storage of helicopters. storage of helicopters.
Unless used for emergency operations (police, fire, and Unless used for emergency operations (police, fire, and Unless used for emergency operations (police, fire, and
hospital) landings and takeoffs shall be restricted to hospital) landings and takeoffs shall be restricted to hospital) landings and takeoffs shall be restricted to
Monday through Friday from 9:00 AM to 5 PM on parcels Monday through Friday from 9:00 AM to 5 PM on parcels Monday through Friday from 9:00 AM to 5 PM on parcels
Abutting T3, T4, T5-R, and T6-R Zones. Abutting T3, T4, T5-R, and T6-R Zones. Abutting T3, T4, T5-R, and T6-R Zones.
Ground level sites shall be located away from Buildings, Ground level sites shall be located away from Buildings, Ground level sites shall be located away from Buildings,
trees, or significant terrain features to avoid possible trees, or significant terrain features to avoid possible trees, or significant terrain features to avoid possible
air turbulence. air turbulence. air turbulence.
Rooftop sites shall be given priority over ground level Rooftop sites shall be given priority over ground level Rooftop sites shall be given priority over ground level
sites in congested areas. sites in congested areas. sites in congested areas.
CHILDCARE Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor
per child on license. per child on license. space per child on license.
Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area
per child. per child. per child.
A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one
half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor
play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum
standard of outdoor play area does not apply for standard of outdoor play area does not apply for standard of outdoor play area does not apply for
children under one year of age. children under one year of age. children under one year of age.
Vehicular entrance must be within 300 feet of arterial road. Vehicular entrance must be within 300 feet of arterial road.
MAJOR SPORTS Modifications in Setbacks up to a maximum of fifty percent

FACILITY (50%) of the required Setbacks may be approved by
Waiver when Liner Uses are provided along parking
Structures.
Commercial Uses may exceed twenty-five percent (25%)
of the Building area by Warrant.
VI.17
MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED)
REGIONAL ACTIVITY Regional Activity Complex: Allowed by Exception Regional Activity Complex: Allowed by Exception
COMPLEX with City Commission approval and are subject to the with City Commission approval and are subject to the
following additional requirements: following additional requirements:
Minimum distance requirement of 1,000 feet between Minimum distance requirement of 1,000 feet between
proposed facility and any T3 or T4 Zones. proposed facility and any T3 or T4 Zones.
VI.18
MIAMI 21 ARTICLE 7. PROCEDURES AND NONCONFORMITIES
AS ADOPTED - APRIL 2013 DIAGRAM 14 PERMITTING PROCESS
PERMITTING PROCESS DIAGRAM
Applicant PD Planning Department

CRC Coordinated Review Committee
PZAB Planning Zoning and Appeals Board
Zoning Office
Referral
Warrant Exception Variance Zoning Change

By Right Waiver
(Uses Only)
Preapplication Preapplication Preapplication Preapplication Preapplication
Submit to Submit to Submit to Submit to Submit to

Zoning Office* Planning Department* Planning Department* Planning Department* Planning Department*
PD CRC CRC
Planning Department Planning Department Planning Department Planning Department

Zoning Office Decision Certification Certification Certification
Decision
File with Hearing File with Hearing File with Hearing

Boards* Boards* Boards*
PZAB PZAB PZAB
Appeal Appeal
PZAB PZAB
Appeal Appeal Appeal

City Commission
City Comm. City Comm. City Comm.
Building Building Building

Building Building Building
Permit Permit Permit
Permit Permit Permit
VII.5
AS ADOPTED - JANUARY 2018
Visibility Triangles shall be maintained to include an area bounded by the first ten (10) 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 8.
3.8.4.2. Variances prohibited.
No Variances from the provisions of Section 3.8.4 are permitted.
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 integration 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 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 in order 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 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 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 agree-
ment 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 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
III.19
AS ADOPTED - JANUARY 2018
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 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 articula-
tion 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.
3.10 HISTORIC PRESERVATION STANDARDS
See Chapter 23 of the City Code, titled Historic Preservation, for regulations and additional height
requirements.
III.20
Duplicate public_user 04/19/2018
Miami-Dade County, Florida
2017 Real Estate Property Taxes

Notice of Ad Valorem Tax and Non-Ad Valorem Assessments
S E E R E V E R S E S I D E F O R I M P O R TA N T I N F O R M A T I O N FOLIO
FOLIO NUMBER MUNICIPALITY MILL CODE
01-3132-000-0080 MIAMI 0100
CITY OF MIAMI-DEPT OF P&D Property Address Exemptions:
ASSET MANAGEMENT DIVISION 1400 NW 37 AVE 80 - STATE
444 SW 2 AVE STE #325
MIAMI, FL 33130-1910
AD VALOREM TAXES
ASSESSED MILLAGE $1,000 OF TAXES
TAXING AUTHORITY VALUE RATE PER TAXABLE VALUE LEVIED
Miami-Dade School Board
School Board Operating 2,523,656 6.77400 0 0.00
School Board Debt Service 2,523,656 0.22000 0 0.00
State and Other
Florida Inland Navigation Dist 2,523,656 0.03200 0 0.00
South Florida Water Mgmt Dist 2,523,656 0.12750 0 0.00
Okeechobee Basin 2,523,656 0.13840 0 0.00
Everglades Construction Proj 2,523,656 0.04410 0 0.00
Childrens Trust Authority 2,523,656 0.46730 0 0.00
Miami-Dade County
County Wide Operating 2,523,656 4.66690 0 0.00
County Wide Debt Service 2,523,656 0.40000 0 0.00
Library District 2,523,656 0.28400 0 0.00
Municipal Governing Board

Miami Operating 2,523,656 7.43650 0 0.00
Miami Debt Service 2,523,656 0.59350 0 0.00
NON-AD VALOREM ASSESSMENTS

LEVYING AUTHORITY RATE FOOTAGE/UNITS AMOUNT
Save Time. Pay Online. www.miamidade.gov Combined taxes and assessments $0.00
R E TA I N FOR YOU R R ECOR DS
2017 Real Estate Property DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT Duplicate public_user 04/19/2018
Taxes PAY ONLY ONE AMOUNT
FOLIO NUMBER
*1+0131320000080+2017* If Received By Please Pay
01-3132-000-0080
PROPERTY ADDRESS Make checks payable to:
1400 NW 37 AVE
Miami-Dade Tax Collector Apr 30, 2018 $0.00
LEGAL DESCRIPTION (in U.S. funds drawn on U.S. banks)
32 53 41 130.33 AC M/L
PT OF NE1/4 W OF R/W & N OF LINE Amount due May be Subject to Change Without Notice
RUNNING 302FTS OF CANAL IN SEC Mail payments to:
29 200 NW 2nd Avenue, Miami, FL 33128
CITY OF MIAMI-DEPT OF P&D

ASSET MANAGEMENT DIVISION
444 SW 2 AVE STE #325
MIAMI, FL 33130-1910
1000000000000000000131320000080201700000000000000000000009
Duplicate public_user 04/19/2018
Miami-Dade County, Florida
2017 Real Estate Property Taxes

Notice of Ad Valorem Tax and Non-Ad Valorem Assessments
S E E R E V E R S E S I D E F O R I M P O R TA N T I N F O R M A T I O N FOLIO
FOLIO NUMBER MUNICIPALITY MILL CODE
01-3132-000-0090 MIAMI 0100
CITY OF MIAMI-DEPT OF P&D Property Address Exemptions:
ASSET MANAGEMENT DIVISION 1550 NW 37 AVE 80 - STATE
444 SW 2 AVE STE #325
MIAMI, FL 33130-1910
AD VALOREM TAXES
ASSESSED MILLAGE $1,000 OF TAXES
TAXING AUTHORITY VALUE RATE PER TAXABLE VALUE LEVIED
Miami-Dade School Board
School Board Operating 5,840,494 6.77400 0 0.00
School Board Debt Service 5,840,494 0.22000 0 0.00
State and Other
Florida Inland Navigation Dist 5,813,626 0.03200 0 0.00
South Florida Water Mgmt Dist 5,813,626 0.12750 0 0.00
Okeechobee Basin 5,813,626 0.13840 0 0.00
Everglades Construction Proj 5,813,626 0.04410 0 0.00
Childrens Trust Authority 5,813,626 0.46730 0 0.00
Miami-Dade County
County Wide Operating 5,813,626 4.66690 0 0.00
County Wide Debt Service 5,813,626 0.40000 0 0.00
Library District 5,813,626 0.28400 0 0.00
Municipal Governing Board

Miami Operating 5,813,626 7.43650 0 0.00
Miami Debt Service 5,813,626 0.59350 0 0.00
NON-AD VALOREM ASSESSMENTS

LEVYING AUTHORITY RATE FOOTAGE/UNITS AMOUNT
Save Time. Pay Online. www.miamidade.gov Combined taxes and assessments $0.00
R E TA I N FOR YOU R R ECOR DS
2017 Real Estate Property DETACH HERE AND RETURN THIS PORTION WITH YOUR PAYMENT Duplicate public_user 04/19/2018
Taxes PAY ONLY ONE AMOUNT
FOLIO NUMBER
*1+0131320000090+2017* If Received By Please Pay
01-3132-000-0090
PROPERTY ADDRESS Make checks payable to:
1550 NW 37 AVE
Miami-Dade Tax Collector Apr 30, 2018 $0.00
LEGAL DESCRIPTION (in U.S. funds drawn on U.S. banks)
32 53 41 48.42 AC
PT OF NE1/4 W OF SAL RY R/W & Amount due May be Subject to Change Without Notice
LESS 8.33 AC DESC AS PT OF NE1/4W Mail payments to:
OF SAL R 200 NW 2nd Avenue, Miami, FL 33128
CITY OF MIAMI-DEPT OF P&D

ASSET MANAGEMENT DIVISION
444 SW 2 AVE STE #325
MIAMI, FL 33130-1910
1000000000000000000131320000090201700000000000000000000000
Visit our website for business opportunities at: www.miamigov.com/procurement
PURCHASE ORDER/RELEASE NUMBER Change Change
City of Miami 1804038 Number Date
Purchase Order Show this number on all packages, invoices, and shipping papers. 0
Page No. Order Date Bid/Contract Number
Department of Purchasing
1 of 3 04/03/2018
P.O. Box 330708 Miami, Florida 33233-0708
Buyer:
(305) 416-1922 Fax - (305) 416-1925 Richard McLaren
Taxpayer ID Supplier No. Telephone No. City of Miami - PF - Asset Management
Ship To
112004892 2113 305-448-1663 444 SW 2nd Ave., 3rd Floor
Joseph J Blake & Associates, Inc Miami, FL 33130
4000 Ponce De Leon Blvd
Suite 410
Coral Gables, FL 33146 City of Miami - Finance - General Accounting
444 SW 2nd Ave, 6th Floor
Bill To
Miami, FL 33130
Customer Account Number Fax - (305) 416-1987 Email - payables@miamigov.com
Please also forward a copy of the invoice to the Ship To address above.
Effective Start Date Effective End Date Total Agreement Limit
x
Commodity
Line Code Description/Delivery Date Qty Unit Unit Price Extended Price
1 94615-00 Appraisal of the property located at 1400 NW 37 Avenue & 1550 NW 37 7400 Dollar 1.00 7,400.00
Avenue.
7,400.00
Total Amount:
Pursuant to RFQ 498330 as authorized by Resolution 16-505
FOB: Requisition Number: Vendor Instructions

Destination 170872 1. Florida Tax Exempt ID:
Ship Via: Department: 2. Invoices: Direct Invoices in Duplicate to the address shown above.
221090 - DREAM - Knight Center Managerial 3. Terms and conditions set forth in our Bid or Quotation and on the
Payment Terms: Contact Person: reverse side hereof are incorporated herein by reference become
Net 30 Hernandez, Yvonne part of this order
Telephone Number:
(305)416-1429
04/03/2018
Annie Perez, CPPO, Director of Procurement
C FN/PC 506 Rev. 12/05
BY ACCEPTING THIS ORDER, VENDOR AGREES TO THE FOLLOWING TERMS AND CONDITIONS
1. 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 specifications, drawings, and data submitted 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 will be allowed except on written authority of the CITY of Miami Purchasing Department. Any additional 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 indemnify, save, and hold harmless the CITY from all claims, demands, liabilities, and suits of
any nature whatsoever arising out of, because of, or due to the breach of the Agreement by the VENDOR, its agents or employees, or due to any act or
occurrence of omission or commission of the VENDOR, its agents employees. It is specifically understood and agreed that this indemnification
agreement does not cover or indemnify the CITY for its own negligence or breach of contract.
4. MODIFICATION: The CITY may by written Order, make changes in the specifications if such changes are within the general scope of the Contract. If
such changes cause an increase or decrease in the VENDOR'S costs or in time required for performance of the Contract: (a) 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 modified
accordingly. Nothing in this clause shall excuse the VENDOR from performing.
5. DEFAULT: Time is of the essence of this contract and if delivery of acceptable items or rendering of services is not completed by the time promised,
the CITY reserves the right without liability, in addition to its other rights and remedies, to terminate this contract by notice 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
VENDOR with any and all losses incurred.
6. TRANSPORTATION CHARGES: Transportation expenses for all shipments shall be prepaid to destination. Shipments sent C.O.D. or freight collect
without the CITY'S written consent will not be accepted and will, at VENDOR'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 under the Purchase Order by a cause beyond its control,
VENDOR must immediately upon receiving knowledge of such delay, give written notice to the CITY and request an extension of time. The CITY shall
examine the request and determine if the VENDOR is entitled to an extension.
8. QUANTITY: Quantities furnished in excess of those specified in the Purchase Order will not be accepted and will be held at VENDOR'S risk and
expense.
9. INSPECTION: Materials or equipment purchased are subject to inspection and approval at the CITY'S destination. The CITY reserves the right to
reject and refuse acceptance of items which are not in accordance with the instructions, specifications, drawings, or data of VENDOR'S warranty
(expressed or implied). Rejected materials or equipment shall be removed by, or at the expense of, the VENDOR promptly after rejection.
10. WARRANTY: The VENDOR warrants that all goods and services furnished hereunder will conform in all respects to the terms of this order, including
any drawings, specifications, or standards incorporated herein, and that they will be free from latent and patent defects in materials, workmanship and
title, and will be free from such defects in design. In addition, VENDOR warrants that said goods and services are suitable for, and will perform in
accordance with, the purpose for which they are purchased, fabricated, manufactured and designed or for such other purposes as are expressly
specified in this order. The CITY may return any nonconforming or defective items to the VENDOR or require correction or replacement of the item at the
time the defect is discovered, all at the VENDOR'S risk and expense . Acceptance shall not relieve the VENDOR of its responsibility.
11. REGULATORY COMPLIANCE: VENDOR represents and warrants that the goods or services furnished hereunder (including all labels, packages,
and containers for said goods) comply with all applicable standards, rules and regulations in effect under the requirements of Federal, State and local
laws, including the Occupational Safety and Health Act as amended, with respect to design, construction, manufacture or use for their intended purpose
of said goods or services. VENDOR shall furnish "Material Safety Data Sheets" in compliance with the Florida Right To Know Law, Florida Statutes,
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: Payments will be made in accordance with the terms on the face of this order, or the VENDOR'S invoice, whichever are more favorable
to the CITY and payment date therefor shall be calculated from the receipt of invoice or final acceptance of the goods, whichever is later.
14. IDENTIFICATION: Invoices in duplicate with prices set out and giving the correct Purchase Order Number must be sent to the address shown on the
face of this order, otherwise payment of VENDOR'S account may be delayed. The Purchase Order Number shall appear on all invoices, boxes,
packages, shipping documents and correspondence, and the list of contents shall be enclosed in each box or package.
15. TERMINATION: CITY may, at any time, terminate this order in whole or in part by written or telegraphic notice or verbal notice confirmed in writing.
Upon termination for convenience of Buyer, the Buyer will assume responsibility for specific contractual or scheduled financial commitments made prior
to notice of termination. Any and all services, property, publications, or materials provided during or resulting from the Contract shall become the
property of the Buyer. If, however, termination is occasioned by the VENDOR'S breach of any condition hereof, including breach warranty, or by
VENDOR'S delay, except due to circumstances beyond the VENDOR'S control and without VENDOR'S fault or negligence, VENDOR 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 remedies provided by law and equity.
16. TAXES: CITY of Miami is exempt from State and local taxes. Exemption number is printed on the reverse side hereof. This Order shall serve as the
exemption certificate.
17. LAW GOVERNING: This contract shall be governed by and construed according to the laws of the State of Florida.
18. ASSIGNMENT: Any assignment of this Purchase Order, including any performance of work hereunder, in whole or in part, or monies due hereunder,
shall be void unless consented to by CITY in writing and CITY shall have no obligations to any assignee of VENDOR under any assignment not
consented to in writing by THE CITY.
19. TERMS: The order total shall be paid by the CITY upon receipt of invoice from VENDOR which shall be subject to verification as to quantities and
quality of goods delivered or services performed.
20. TAX: VENDOR doing business with the CITY shall not be exempt from paying sales tax to their suppliers for materials to fulfill contractual obligations
with the CITY, nor shall any VENDOR be authorized to use the CITY Tax Exemption Number in acquiring such materials.
21. LOCAL RESOURCES: VENDOR shall give first priority to utilizing resources in the disaster area, including but not limited to procuring supplies and
equipment, awarding sub-contracts, and employing workmen.
22. PAYMENT CHANGES: Payments will only be made to the company and address as set forth on Purchase Order unless the VENDOR has
requested a change thereto on official company letterhead, signed by an authorized officer of the company.
23. UNIFORM COMMERCIAL CODE: The Uniform Commercial Code (Chapter 672, Florida Statutes) shall prevail as the basis for contractual
obligations between the VENDOR and CITY for any terms and conditions not specifically stated in this Purchase Order.
24. INSURANCE: In the event that insurance is required by the CITY in connection with this Purchase Order, VENDOR shall provide an Insurance
Certificate, in a form acceptable to the CITY, naming the CITY as an additional insured, as proof of compliance therewith which said certificate shall
constitute part of this Purchase Order.
25. BONDING: The CITY reserves the right to require the VENDOR to post a performance and payment bond in the amount of One Hundred percent
(100%) of the Purchase Order total, upon award or at such time deemed necessary by CITY.
26. NON-APPROPRIATION OF FUNDS: In the event no funds or insufficient funds are appropriated, allocated, and budgeted or are otherwise
unavailable for any reason in any fiscal period or at any time for payments due under this contract/purchase order, 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 the
effective date of the termination.
18‐114‐02 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 a Estate Appraisal, 6th
building above the land or building 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 Market Value The estimate of the market value of real property in its Appraisal Institute, The
current physical condition, use, and zoning as of the Dictionary of Real
appraisal date. (Interagency Appraisal and Evaluation Estate Appraisal, 6th
Guidelines) Note that the use of the “as is” phrase is Ed. (Chicago: Appraisal
specific to appraisal regulations pursuant to FIRREA Institute, 2015)
applying to appraisals prepared for regulated lenders in
the United States. The concept of an “as is” value is not
included in the Standards of Valuation Practice of the
Appraisal Institute, Uniform Standards of Professional
Appraisal Practice, or International Valuation Standards.
Band of A technique in which the capitalization rates attributable Appraisal Institute, 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). Institute, 2015)
Condominium A multiunit structure, or a unit within such a structure, Appraisal Institute, The
with a condominium form of ownership. Dictionary of Real
Estate Appraisal, 6th
Ed. (Chicago: Appraisal
Institute, 2015)
Debt Coverage The ratio of net operating income to annual debt service Appraisal Institute, The
Ratio (DCR) (DCR = NOI/IM), which measures the relative ability of a Dictionary of Real
property to meet its debt service out of net operating Estate Appraisal, 6th
income; also called debt service coverage ratio (DSCR). A Ed. (Chicago: Appraisal
larger DCR typically indicates a greater ability for a Institute, 2015)
property to withstand a reduction of income, providing
an improved safety margin for a lender.
Deferred Depreciation is the difference between the market value Appraisal Institute, The
Maintenance of an improvement and its reproduction or replacement Appraisal of Real
cost at the time of appraisal. The depreciated cost of the Estate, 14th Ed.
improvement can be considered an indication of the (Chicago, Illinois:
improvement's contribution to the property's market Appraisal Institute;
value. 2013)



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 Gross The ratio between the sale price (or value) of a property Appraisal Institute, The
Income Multiplier and its effective gross income. Dictionary of Real
(EGIM) Estate Appraisal, 6th
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 the prospect of
future value enhancement (i.e., the
entrepreneurial incentive). An entrepreneur who
successfully creates value through new
development, expansion, renovation, or an
innovative change of use is rewarded by
entrepreneurial profit. Entrepreneurs may also
fail and suffer losses.
2. In economics, the actual 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 between Appraisal Institute, The
Capitalization Rate 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. (RE = IE/VE, 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 price; the fraction of the investment that is Dictionary of Real
unencumbered by debt. Estate Appraisal, 6th
Institute, 2015)



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 Dictionary of Real
may not be the same as the highest and best use of the Estate Appraisal, 6th
improved parcel. Excess land has the potential to be sold Ed. (Chicago: Appraisal
separately and is valued separately. Institute, 2015)
Exposure Time Estimated length of time that the 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, 2016‐2017 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 Dictionary of Real
the part of the owner, landlord, or tenant. The external Estate Appraisal, 6th
influence may be either temporary or permanent. Ed. (Chicago: Appraisal
Institute, 2015)
Extraordinary An assumption, 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 opinions Practice, 2016‐2017 Ed.
or conclusions. Comment: Extraordinary assumptions
presume as fact otherwise uncertain information about
physical, legal, or economic 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 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. (Chicago: Appraisal
Institute, 2015)
Gross Building Area 1. Total floor area of a building, excluding Appraisal Institute, The
(GBA) unenclosed areas, measured from the exterior of Dictionary of Real
the walls of the above‐grade area. This includes Estate Appraisal, 6th
mezzanines and basements if and when typically Ed. (Chicago: Appraisal
included in the market area of the type of Institute, 2015)
property involved.
2. 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.



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
partitioning to the outside wall surfaces. Ed. (Chicago: Appraisal
Institute, 2015)
Highest and Best 1. The reasonably probable use of property that Appraisal Institute, The
Use 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. Institute, 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)
3. [The] highest and most profitable use for which
the property is adaptable and needed or likely to
be needed in the reasonably near future.
(Uniform Appraisal Standards for Federal Land
Acquisitions)
Hypothetical 1. A condition that is presumed to be true when it Appraisal Institute, The
Condition is known to be false. (SVP) Dictionary 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 Institute, 2015)
the assignment results, but is used for the
purpose of analysis. Comment: Hypothetical
conditions are contrary to known facts about
physical, legal, or economic 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 in an
analysis. (USPAP, 2016‐2017 ed.)
Insurable Value A type of value for insurance purposes. Appraisal Institute, The
Dictionary of Real
Estate Appraisal, 6th
Institute, 2015)



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
income stream. 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 Dictionary of Real
lease plus the reversionary right when the lease expires. Estate Appraisal, 6th
Institute, 2015)
Leasehold Interest The right held by the lessee to use and occupy real estate Appraisal Institute, The
for a stated term and under the conditions specified in Dictionary of Real
the lease. Estate Appraisal, 6th
Institute, 2015)
Loan‐to‐Value The ratio between a mortgage loan and the value of the Appraisal Institute, The
Ratio (M) property pledged as security, usually expressed as a Dictionary of Real
percentage; also called loan ratio or LTV. Estate Appraisal, 6th
Institute, 2015)
Marketing Time An opinion of the amount of time it 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 Appraisal, 6th
the effective date of an appraisal. Ed. (Chicago: Appraisal
Institute, 2015)
Market Rent The most probable 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 Estate Appraisal, 6th
the rental adjustment and revaluation, permitted uses, Ed. (Chicago: Appraisal
use restrictions, expense obligations, term, concessions, Institute, 2015)
renewal and purchase options, and tenant
improvements (TIs).



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 of Dictionary of Real
market value have been developed and refined, such as the Estate Appraisal, 6th
following. Ed. (Chicago: Appraisal
1. The most widely accepted components of market value are Institute, 2015)
incorporated in the following definition: The most probable price,
as of a specified date, in cash, or in terms equivalent to cash, or in
other precisely revealed terms, for which the specified property
rights 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.
2. 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
property (i.e., a right of ownership or a bundle of such rights), as of
a certain date, under specific conditions set forth in the definition of
the term identified by the appraiser as applicable in 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 development 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 (i.e.,
seller and buyer);
2. 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
for a reasonable time prior to sale).
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 market value:
• Identification of the specific property rights to be appraised.
• Statement of the effective date of the value opinion.
• Specification as to whether cash, terms equivalent to cash, or
other precisely 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 interest rates



and/or other special incentives must be clearly set forth; their
contribution to, or negative influence on, value must be described
and estimated; and the market data supporting the opinion of
value must be described and explained.
3. The following definition of market value is used by agencies that
regulate federally insured financial institutions in the United States:
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:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in
what they consider their own best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
•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. (12 C.F.R. Part 34.42(g);
55 Federal Register 34696, August 24, 1990, as amended at 57
Federal Register 12202, April 9, 1992; 59 Federal Register 29499,
June 7, 1994)
4. The International Valuation Standards Council defines market
value for the purpose of international standards as follows: The
estimated amount for which an asset or liability should exchange
on the valuation date between a willing buyer and a willing seller in
an arm's length transaction, after proper marketing and where the
parties had each acted knowledgeably, prudently and without
compulsion. (IVS)
5. The Uniform Standards for Federal Land Acquisitions defines
market value as follows: Market value is the amount in cash, or on
terms reasonably equivalent to cash, for which in all probability the
property would have sold on the effective date of the appraisal,
after a reasonable exposure time on the open competitive market,
from a willing and reasonably knowledgeable seller to a willing and
reasonably knowledgeable buyer, with neither acting under any
compulsion to buy or sell, giving due consideration to all available
economic uses of the property at the time of the appraisal.
(Uniform Appraisal Standards for Federal Land Acquisitions)"



Mortgage The capitalization rate for debt; the ratio of the annual Appraisal 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 Ed. (Chicago: Appraisal
constant times the number of payments per year on a Institute, 2015)
given loan on the day the loan is initiated.
RM = Annual Debt Service/Mortgage Principal
Mortgage Debt The periodic payment for interest on and retirement of Appraisal Institute, The
Service (IM) the principal of a mortgage loan; also called total Dictionary of Real
mortgage debt service. Generally, the abbreviation IM 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, 2015)
payment or the total of the 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
Institute, 2015)
Net Operating The actual or anticipated net income that remains after Appraisal Institute, The
Income (NOI or IO) all operating expenses are deducted from effective gross Dictionary of Real
income but before mortgage debt service and book Estate Appraisal, 6th
depreciation are deducted. Note: This definition mirrors Ed. (Chicago: 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 finished surface of the dominant Institute, 2015)
portion of the permanent building walls, excluding any
major vertical penetrations of the floor. Alternatively,
the amount of space on which the rent is based;
calculated according to local 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
(RO) (RO = IO /VO). Estate Appraisal, 6th
Institute, 2015)



Prospective A prospective market value may be appropriate for the Appraisal Institute, The
Market Value "As valuation of a property interest related to a credit Dictionary of Real
Completed" and decision for a proposed development or renovation Estate Appraisal, 6th
"As Stabilized" project. According to USPAP, an appraisal with a Ed. (Chicago: Appraisal
prospective market value reflects an effective date that Institute, 2015)
is subsequent to the date of the appraisal report.
Prospective value opinions are intended to reflect the
current expectations and perceptions of market
participants, based on available data. Two prospective
value opinions may be required to reflect the time frame
during which development, construction, and occupancy
will occur. The prospective market value—as
completed—reflects the property’s market value as of
the time that development is expected to be completed.
The prospective market value—as stabilized—reflects
the property’s market value as of the time the property
is projected to achieve stabilized occupancy. For an
income‐producing property, stabilized occupancy is the
occupancy level that a property is expected to achieve
after the property is exposed to the market for lease
over a reasonable period of time and at comparable
terms and conditions to other similar properties. (See
USPAP Statement 4* and Advisory Opinion 17.)
(Interagency Appraisal and Evaluation Guidelines)
Prospective A value opinion effective as of a specified future date. Appraisal Institute, The
Opinion of Value The term does not define a type of value. Instead, it Dictionary of Real
identifies a value opinion as being effective at some Estate Appraisal, 6th
specific future date. An opinion of value as of a Ed. (Chicago: Appraisal
prospective date is frequently sought in connection with Institute, 2015)
projects that are proposed, under construction, or under
conversion to a new use, or those that have not yet
achieved sellout or a stabilized level of long‐term
occupancy.
Replacement Cost The estimated cost to construct, at current prices as of a Appraisal Institute, The
specific date, a substitute for a building or other Dictionary of Real
improvements, using modern materials and current Estate Appraisal, 6th
standards, design, and layout. Ed. (Chicago: Appraisal
Institute, 2015)
Replacement Cost The estimated cost, at current prices as of the effective Appraisal Institute, The
for Insurance date of valuation, of a substitute for the building being Dictionary of Real
Purposes valued, using modern materials and current standards, Estate Appraisal, 6th
design, and layout for insurance coverage purposes Ed. (Chicago: Appraisal
guaranteeing that damaged property is replaced with Institute, 2015)
new property (i.e., depreciation is not deducted).



Reproduction Cost The estimated cost to construct, at current prices as of Appraisal Institute, The
the effective date of the appraisal, an exact duplicate or Dictionary of Real
replica of the building being appraised, using the same Estate Appraisal, 6th
materials, construction standards, design, layout, and Ed. (Chicago: Appraisal
quality of workmanship and embodying all the Institute, 2015)
deficiencies, superadequacies, and obsolescence of the
subject building.
Retrospective A value opinion effective as of a specified historical date. Appraisal Institute, The
Value Opinion The term retrospective does not define a type of value. Dictionary of Real
Instead, it identifies a value opinion as being effective at Estate Appraisal, 6th
some specific prior date. Value as of a historical date is Ed. (Chicago: Appraisal
frequently sought in connection with property tax Institute, 2015)
appeals, damage models, lease renegotiation, deficiency
judgments, estate tax, and condemnation. Inclusion of
the type of value with this term is appropriate, e.g.,
“retrospective market value opinion.”
Sandwich Lease A lease in which an intermediate, or sandwich, Appraisal Institute, The
leaseholder is the lessee of one party and the lessor of Dictionary of Real
another. The owner of the sandwich lease is neither the Estate Appraisal, 6th
fee owner nor the user of the property; he or she may be Ed. (Chicago: Appraisal
a leaseholder in a chain of leases, excluding the ultimate Institute, 2015)
sublessee.
Sum of the Retail The sum of the separate and distinct market value Appraisal Institute, The
Values opinions for each of the units in a condominium, Dictionary of Real
subdivision development, or portfolio of properties, as of Estate Appraisal, 6th
the date of valuation. The aggregate of retail values does Ed. (Chicago: Appraisal
not represent the value of all the units as though sold Institute, 2015)
together in a single transaction; it is simply the total of
the individual market value conclusions. Also called the
aggregate of the retail values or aggregate retail selling
price.
Surplus Land Land that is not currently needed to support the existing Appraisal Institute, The
use but cannot be separated from the property and sold Dictionary of Real
off for another use. Surplus land does not have an Estate Appraisal, 6th
independent highest and best use and may or may not Ed. (Chicago: Appraisal
contribute value to the improved parcel. Institute, 2015)
Terminal The capitalization rate applied to the expected net Appraisal Institute, The
Capitalization Rate income for the year immediately following the end of the Dictionary of Real
(RN) projection period to derive the resale price or value of a Estate Appraisal, 6th
property. Also called a going‐out, exit, residual, or Ed. (Chicago: Appraisal
reversionary capitalization rate. Institute, 2015)

Club Land QUALIFICATIONS OF THE APPRAISER
18‐114‐02

--
-- QUALIFICATIONS OF THE APPRAISER
J. MICHAEL PHILLIPS
Mr. 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 410, Miami, Florida.
FORMAL EDUCATION
Florida State University - Tallahassee, Florida
Bachelor of Science in Real Estate
Miami Dade College - Miami, FL
Associate in Arts in Business Administration
REAL ESTATE AND APPRAISAL EDUCATION
Course Name Provider

Real Estate Principles and Practices Florida State University
Real Estate Law Florida State University
Real Estate Feasibility Florida State University
Real Estate Finance Florida State University
Real Estate Appraisal Florida State University
Real Estate Market Analysis Florida State University
Real Estate Appraisal Principles Appraisal Institute
Business Practices and Ethics Appraisal Institute
Highest & Best Use and Market Analysis Appraisal Institute
Report Writing and Valuation Analysis Appraisal Institute
Standards of Professional Practice, Part A, B & C Appraisal Institute
Appraisal Procedure Appraisal Institute
Advanced Income Capitalization Appraisal Institute
Advanced Sales Comparison and Cost Approaches Appraisal Institute
Advanced Applications Appraisal Institute
General Comprehensive Examination Appraisal Institute
PROFESSIONAL AFFILIATIONS
Affiliation Number
Florida State-Certified General Real Estate Appraiser No. RZ 2281
APPRAISAL EXPERIENCE
Clients served by Mr. Phillips include banks, 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-income multi-family projects and vacant land.
--
CERTIFICATION
--
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 Business Administration
PROFESSIONAL AFFILIATIONS
Affiliation Number
Florida State-Certified General Real Estate Appraiser No. RZ 426
Georgia State-Certified General Real Property Appraiser No. CG 1855
Appraisal Institute, Designated Member No. 6949
Royal Institution of Chartered Surveyors No. 6329062
CURRENT RESPONSIBILITIES
Responsibilities include the preparation and direction 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 assignments throughout the southeastern United States and the Caribbean.
APPRAISAL EXPERIENCE
Mr. Allen has prepared and directed numerous appraisal and consulting assignments which include mixed-
use properties, multifamily developments, proposed and existing condominiums and conversions, office
buildings, motels, hotels, industrial properties, regional malls, shopping centers, mobile home parks,
market studies, feasibility studies, and investment analyses on a variety of institutional and non-
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 for a
variety of public pension funds, large institutional investors, pension fund advisors, insurance companies
and banks.
Mr. Allen has qualified as an expert witness for Federal Bankruptcy Court in the State of Florida and the
State of Georgia and has given oral and written testimony in each. He has also been qualified 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 position oversees 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 Appraisal Institute include: former service on Chapter Admissions Committee
Member, former service on National Admissions Committee, and former service on National Ethics
Committee.
Additional real estate activities include NCREIF and Mortgage Bankers Association functions and service as
Special Magistrate Miami Dade County Value Adjustment Board for the 2014 tax year.
--
CERTIFICATION

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Months of Free Rent (10‐yr lease) 0‐6 0‐6

Overall Cap Rate (OAR) 4.00%‐9.50% 4.00%‐9.50% 4.00%‐9.50%

Residual Cap Rate 4.75%‐9.75% 4.75%‐9.75% 4.75%‐9.75%

Market Rent Change Rate 0.00%‐3.00% 0.00%‐3.00% 0.00%‐3.00%

Expense Change Rate 0.00%‐3.00% 0.00%‐3.00% 0.00%‐3.00%

Marketing Time Range 2‐18 months 2‐18 months 2‐12 months

Months of Free Rent (10‐yr lease) 2‐15 0‐15

Overall Cap Rate (OAR) 4.35%‐10.00% 4.20%‐10.00% 5.00%‐9.50%

Residual Cap Rate 6.00%‐11.50% 6.00%‐11.50% 6.00%‐10.50%

Market Rent Change Rate 0.00%‐5.00% 0.00%‐5.00% 0.00%‐5.00%

Expense Change Rate 0.00%‐4.00% 0.00%‐4.00% 0.00%‐4.00%

Marketing Time Range 1‐12 months 1‐12 months 1‐12 months

Months of Free Rent (1‐yr lease) 0‐2 0‐2

Overall Cap Rate (OAR) 3.75%‐8.50% 3.50%‐7.50% 3.50%‐7.50%

Residual Cap Rate 4.00%‐8.50% 4.25%‐7.75% 4.25%‐7.50%

Market Rent Change Rate (2.00%)‐5.00% (1.00%)‐5.00% 0.00%‐5.00%

Expense Change Rate 2.00%‐3.00% 2.00%‐3.00% 2.00%‐4.00%

Marketing Time Range 1‐9 months 1‐9 months 1‐9 months

Apartments 2,840 4,000 900 2,709 2,612

Subject 131 131 131 131

Development Downtown Doral Biscayne Landing RAM White Course Averages

Apartments 2,840 4,000 900 2,709 2,612

Subject 131 131 131 131

In determining the highest and best use of the property, consideration was given to the economic, legal,

Property Rights Fee Simple Estate Financing Cash to Seller

Land Acres 131.07 69.85 61.00 120.20 73.03

Required Site Work Typical clear and grade Typical Clear and Grade Typical Clear and Grade Typical Clear and Grade Typical Clear and Grade

Adjusted Price per SF $18.02 $15.08 $23.31 $27.50

Without Base Flood Elevation (BFE)

0.2% Annual Chance Flood Hazard, Areas

NO SCREEN Area of Minimal Flood Hazard Zone X

GENERAL Channel, Culvert, or Storm Sewer

Digital Data Available

0 250 500 1,000 1,500 2,000

Civic Space Zone

Revised April 2013

22nd Ave Setback: Zero (0’) feet with Arcade

k. Central Coconut Grove

3.4 DENSITY AND INTENSITY CALCULATIONS

3.5 MEASUREMENT OF HEIGHT

1. Designed Landscape is one or more of the following:

4. SD 18.1, originally adopted by Ord. No. 11240, March 27, 1995.

1. At the time of Building Permit application, the owner shall submit:

e. A LEED Scorecard, or equivalent document, identifying anticipated credits to be achieved.

2. At the time of Certificate of Occupancy application, the owner shall submit:

f. Proof of certification by the Green Building Certification Institute, or equivalent agency;

3.13.2 Heat Island Effect

Material Solar Reflectance

1. Requirements for Low Sloped Roofs

exception in section 3.13.2.a.1 applies.

2. Requirements for Steep Sloped Roofs

3. Requirements for Roofs with Multiple Slopes

3.14 PUBLIC BENEFITS PROGRAM

T1 THE NATURAL ZONE consists of lands approximat-

T2 THE RURAL ZONE consists of lands in open or cultivated

T3 THE SUB-URBAN ZONE consists of low-Density

T4 THE GENERAL URBAN ZONE consists of a Mixed-Use

T5 THE URBAN CENTER ZONE consists of higher Density

T6 THE URBAN CORE ZONE consists of the highest

C THE CIVIC ZONE consists of public use space and

D THE DISTRICT ZONE consists of the least regulated

SHARED PARKING STANDARDS

OFF-STREET PARKING STANDARDS

RESIDENTIAL* From 25,000 sf to 500,000 sf Berth Types