2011-1117 Regular City Commission Meeting

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Summary Minutes: Regular City Commission Meeting November 17,20 II Sunny Isles Beach, Florida the two ideas, merge a great architect with great design eyes where they have a keen sense of what it is that buyers in this price range are looking for and so we were really able to merge the ideas and come up with this. We tell ourselves that we are great neighbors because we are not blocking the Millennium but at the same time what happens with this building is you wind up with pie shaped units that actually come from the center and go out and that enables amazing views from within the units, it allowed us to have these huge balconies 15-feet deep and swimming pools on the balconies, and so really it was a collaboration between everyone. One of the reasons for this architectural area here is because typically his west side units on lower floors are tough to sell and so we eliminated them and gave some architecture to the street and to the building itself. From the street level you will actually see inside, and see the cars traveling up and down in the elevator, it is really going to be something to see especially at night when you see the cars flying up and down through the air. Gil Dezer said regarding the car delivery system he told them not to reinvent the wheel, let's take components that have already worked and merge them together in a way that it has not been done before. The robotic arm sets on top of a standard large freight elevator and it retrieves the car, brings it up to your floor, and puts it back into your own personal garage space. The garage space is really nothing more than an interior balcony with fire suppression, etc. to make sure it is all safe. Porsche definitely had a heavy hand in the design here, as Roland Hyler was telling you, it is really a timeless design and as a cylinder, it is the most natural shape as everything we see is rounded from the base of a tree to the simple things, and from a structural standpoint it was the most efficient and with the idea of the elevators working in the center of the court, and the private elevators really lent itselfto good unit sizes, great room sizes, some master bedrooms are about 500 square feet. At the time when we were designing this, we assumed there would be a glut of re-sales on the market which we have managed to clean up. We have sold out our units in Trump Towers as well as the Trump Royale, and so we didn't want to be competing with what is going on in the resale market. We will be more expensive than other buildings but at the same time we will have a type of apartment that nobody else will be offering. We really feel that it is a good niche in the market, there are only 132 units versus 227 Units that we are allowed to build on that site, and so we are leaving a lot of units on the table because we really want to do something very special and we want to hit that high end client that deserves to be here in Sunny Isles Beach. Vice Mayor Thaler said some of his questions have already been answered but he would like to know the timeframe, and assuming there is a problem with the elevators, what do we do with the cars that are going to be showing up at the front door ifthe elevators are not working. Gil Dezer said the timeframe depends a lot on the economy, there are 132 units in the building, we will have to sell 60 or 70 in order to get our presale requirement with financial lenders, in order to move forward. Every building that he has come in with for Site Plan approval has actually happened. As he said, a lot depends on the market and the banking industry, and ifthey will be financing. At the same time we think that lending is coming back as he receives calls from banks on a daily basis, and he has a stellar reputation with the banks as they have paid off this year alone $475 Million in loans. Regarding the second question, we have two elevators going up and down for every apartment, and so passengers will not be stuck in the apartment. If cars cannot get out for whatever reason, we haven't fully figured it out but we will have loaner cars available. One of the other things that he wanted everybody to realize is that it is 132 apartments and we have three (3) cores, and so there is 44 6