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<br />These tests have been applied to the subject property. In arriving at the estimate of Highest and Best <br />Use, the subject site was analyzed as vacant and available for development. <br /> <br />Possible Use <br /> <br />The subject site has 148.66 feet, more or less, offrontage on Collins A venue and 150 feet, more or <br />less, of frontage along the Atlantic Ocean. Therefore, the subject property has good access and <br />exposure on one primary street. <br /> <br />The subject site is primarily rectangular in shape, having adequate functional utility. All necessary <br />utility services are available along existing street right-of-ways. The site is filled to street grade and <br />does not appear to have any drainage or subsoil deficiencies. <br /> <br />The subject site is 49,830 square feet in size which equates to 1.14 acres. The size of the subject site <br />would not limit its use. <br /> <br />The physical characteristics of the subject site would not restrict any residential use of the site. <br /> <br />Permissible Use <br /> <br />Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There <br />are presently no known private deed restrictions of record. <br /> <br />The site is zoned for mixed use. The zoning of the site permits multifamily apartments, hotels, <br />motels, apartments-hotels, commercial services and retail goods (including spas and health clubs, <br />beauty salons, clothing, florists, gift shops, banking services, pharmacy, newsstands and restaurants), <br />conferencing facilities and meeting rooms, parking lots and garages, public parks and recreations <br />facilities and all uses permitted in RMF-2 districts. <br /> <br />Without bonuses the zoning allows a maximum floor area ratio of 2.5 times the land size. The <br />maximum number of apartment units without bonuses is 50 units per acre. The maximum height <br />of the subject site is not explicitly stated, but would be limited by setbacks and FAR requirements. <br />Approximately 57 residential units could be constructed on the subject site without bonuses. The <br />number of hotel units is not limited by this zoning classification because they are not considered <br />residential units. <br /> <br />As proposed, the future development of this site would be eligible for FAR bonuses under the zoning <br />provisions for the Beach Access Bonus, Public Beach Recreational Enhancement Bonus, Collins <br />Avenue Public Streetscape Bonus, and Sunny Isles Public Parking Bonus. These bonuses would <br />allow the site to attain a maximum floor area ratio of 3.8 times the land size or 189,354 square feet <br />of building area. Additionally, as proposed, the condominium apartment building would contain 40 <br />units which is under the maximum density for this site. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />25 <br />