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<br />Summary Minutes: Special City COl11mission Meeting December 22, 20 II
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<br />Sunny Isles Beach, Florida
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<br />property, which has earned the AAA Five-Diamond Award for 2011 and 2010, and several
<br />other awards. They decided to acquire more property so they would be able to take the
<br />Acqualina brand to a new level. In this regard they purchased the propeli)' formerly known as
<br />LaPlaya which initially presented many challenges and took many years to overcome. She
<br />said that Jules Trump has labeled this project as the finest building in the world. They
<br />anticipate the construction costs to be in the $250 Million range, with the minimum sized
<br />units of 4,557 square feet and the ultimate penthouse units at 16,000 square feet. Sales will
<br />range from $4.5 Million to $40 Million for the ultimate penthouse. She described the units
<br />that will include a fireplace, outdoor kitchen and barbeque, and individual baleony hot tubs.
<br />The sales trailers are already on site and nearing completion, after which they will be ready to
<br />create, build and sell the product that will make Sunny Isles Beach proud. She commended
<br />the City for encouraging development in these very challenging economic times.
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<br />Clifford Schulman introduced Joe Silver, General Counsel & Senior Vice President for Trump
<br />Holdings Ltd, Inc., Rick Chikwood, Project Manager, Stuart Cohen of Cohen, Freedman,
<br />Encinosa & Assoc., Architects who have done the Grand Bay Hotel, the Aliqua in A ventura,
<br />the Tiffany and the Bellini in Bal Harbour, and Peninsulas I and II located in A ventura. This
<br />is a project with no variances, they are building 34 units less than they are permitted to do
<br />under the City Code or 30% less density. He said to keep in mind when the TORs say x
<br />amount of square feet and nine units, they are not using the nine units, that is just an increase
<br />in the square footage but they have to be deducted from the TOR Bank. The project will have
<br />34% more open space then what is required by Code, with a tower width of 100 feet when in
<br />point of fact you can have towers of 250 feet. The minimum unit size is 4,500 going up to
<br />16,000 square feet but based on potential pricing of these units, and Stephanie Trump gave
<br />the construction cost, the tax base, they believe this project will sell out at $383 Million. They
<br />are buying TORs from the City at a cost of$I.6 Million, and they are paying for bonuses in an
<br />amount of$5.2 Million, which is approximately $6.8 Million. They are going to mitigate for
<br />the waiver of beach access which has been recommended by staff for safety reasons by
<br />donating to the City $10,000 for its Jazz Festival, and $10,000 to the Educational Foundation
<br />for the Norman S. Edelcup Sunny Isles Beach K-8. They have agreed to decoratively pave in
<br />front of their project in accordance with the City's Streetscape Plan, and they are also going to
<br />pave in front of the Pinnacle and in front of the Acqualina, which is approximately 1,200
<br />lineal feet of decorative paving. They are also going to put in a shower and a foot bath at the
<br />end of the beach access on the north side of the Acqualina project. They have also agreed to
<br />landscape and maintain a 17.5-foot area on the south side of their building primarily for
<br />emergency ingress and egress for the City.
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<br />Architect Stuart Cohen of Cohen, Freedman, Encinosa & Associates, Architects, P.A.,
<br />presented a 3-D model and renderings of the project. He said it is a 48-story tower situated on
<br />2.25 acres of land, the tower itself will have a height of 642 feet, seven (7) penthouse floors at
<br />the top of the building, 38 floors of typical apartment floors with two (2) units per floor for a
<br />total of 79 units. All the parking will be contained on the ground level with 119 parking
<br />spaces which is 1.5 cars per unit, there will be six (6) at the entrance podium. The first floor
<br />is all lobby area, public space, and he noted that Landscape Architect Joe Gordon is here for
<br />any questions. The second floor is the amenities area which is still being designed but with a
<br />health club, etc, and the finest offacilities for this type of building. The third floor is the first
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