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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 
 
Ms. Jacqueline Lorenzo 
Property Management Representative 
City of Miami‐Department of Real Estate and Asset Management 
444 SW 2nd Avenue, 3rd Floor 
Miami, Florida 33130 
 
Re:  Miami International 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. 
   

Corporate Headquarters:  425 Broad Hollow Road, Suite 429  |  Melville, New York 11747  |  (516) 827‐0222 
Regional Offices:  Atlanta  |  Boston  |  Chicago  |  Dallas  |  Los Angeles  |  Miami  |  New York City  |  San Francisco  |  Washington D.C. 
Blake & Sanyu Alliance:  Tokyo  |  Osaka  |  Nagoya  |  Sendai 
 
July 2, 2018 
Ms. Jacqueline Lorenzo 
Page 2 of 2 
 

After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, 
we  are  of  the  opinion  that  the  market  value  of  the  fee  simple  estate  of  the  subject,  assuming  the 
hypothetical  condition  that  the  subject  has  been  rezoned  to  its  highest  and  best  use  under  Miami  21 
Special Area Plan (SAP) zoning, as of April 10, 2018, on a per square foot basis is: 
$25.00/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 
   
 

 
Miami International Links ‐ Melreese Country Club Land 
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 

 
 
 
Miami International Links ‐ Melreese Country Club Land 
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 

 

 
Miami International Links ‐ Melreese Country Club Land 
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  

This unit value conclusion is based on the 131.0738‐acre size of the subject. If the size of the parcel sold is 
different in size, the unit value may be impacted. 
"As Rezoned to Highest and Best Use" Rental Value (4/10/2018)
Final Rental Value $1.25/SF  
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. 
The  'As  Rezoned'  value  estimates  in  this  appraisal  are  based  on  the  hypothetical  condition  that  the 
appropriate Special Area Plan (SAP) zoning to build to the property's highest and best use, is in place as of 
the date of value. 
 
 

 

 
Miami International Links ‐ Melreese Country Club Land 
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 

 

 
Miami International Links ‐ Melreese Country Club Land 
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 

 

 
Miami International Links ‐ Melreese Country Club Land 
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. 

 

 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  CERTIFICATION 
 

After an inspection of the subject, and analysis of pertinent physical and economic factors that affect value, 
we  are  of  the  opinion  that  the  market  value  of  the  fee  simple  estate  of  the  subject,  assuming  the 
hypothetical  condition  that  the  subject  has  been  rezoned  to  its  highest  and  best  use  under  Miami  21 
Special Area Plan (SAP) zoning, as of April 10, 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. 
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 
   
 
 

 

 
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. 

 

 
Miami  International  Links  ‐  Melreese  Country 
Club Land  GENERAL ASSUMPTIONS & LIMITING CONDITIONS 
18‐114‐02 
 

Unless otherwise stated in this report, we did not observe the existence of hazardous materials, which may 
or  may  not  be  present  on  or  in  the  property.  The  presence  of  substances  such  as  asbestos,  urea‐
formaldehyde  foam  insulation,  or  other  potentially  hazardous  materials,  may  affect  the  value  of  the 
property.  The  value  opinion  is  predicated  on  the  assumption  that  there  is  no  such  material  on  or  in  the 
property that would cause a loss in value or extend their marketing time. No responsibility is assumed for 
any such conditions, or for the expertise or engineering knowledge required to discover them. The client is 
urged to retain an expert in this field, if 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 
This appraisal is based on extraordinary assumptions that we do not consider any current leases in place.  
The use of the aforementioned Extraordinary Assumptions might have affected the assignment results. 
HYPOTHETICAL CONDITIONS 
The  'As  Rezoned'  value  estimate  in  this  appraisal  is  based  on  the  hypothetical  condition  that  the 
appropriate Special Area Plan (SAP) zoning to build to the property's highest and best use, is in place as of 
the date of value. 

 

 
Miami International Links ‐ Melreese Country Club Land 
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 

   

 

 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  INTRODUCTION 
 

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 
hypothetical  condition  that  the  subject  has  been  rezoned  to  its  highest  and  best  use  under  Miami  21 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  INTRODUCTION 
 

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: 
Miami International Links ‐ Melreese Country Club Land 
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 
 
Miami International Links ‐ Melreese Country Club Land 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  AREA ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  AREA ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  AREA ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  AREA ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
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. 

 
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Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  NEIGHBORHOOD ANALYSIS 
 

A  neighborhood  can  be  a  portion  of  a  city,  a  community  or  an  entire  town.  It  is  usually  an  area  which 
exhibits  a  fairly  high  degree  of  homogeneity  as  to  use,  tenancy  and  certain  other  characteristics. 
Homogeneity  is  a  state  of  uniform  structure  or  composition  throughout.  Therefore,  in  real  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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  NEIGHBORHOOD ANALYSIS 
 

Just north of the subject, along the east side of LeJeune Road, is the Miami Intermodal Center, which is a $2 
billion transportation hub containing a rental car center, MIA Mover, as well as Miami Central Station which 
offers connections to Tri‐Rail and Greyhound Services. Also, east of LeJeune Road 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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  NEIGHBORHOOD ANALYSIS 
 

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%
 2 mile Radius Area State National
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%
Median Household Income 2.24% 2.13% 2.12%
 3 mile Radius Area State National
Population 0.97% 1.36% 0.83%
Households 0.90% 1.30% 0.79%
Families 0.87% 1.25% 0.71%
Owner HHs 0.69% 1.19% 0.72%
Median Household Income 1.99% 2.13% 2.12%  
Source: Site To Do Business 

 
Source: Site To Do Business 

 
20 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  NEIGHBORHOOD ANALYSIS 
 

LIFE CYCLE 
A neighborhood’s life cycle usually consists of four stages: 
 Growth ‐ a period during which the neighborhood gains public favor and acceptance 
 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 
 
Miami International Links ‐ Melreese Country Club Land 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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
Source: PwC Real Estate Investor Survey, 1st Quarter 2018  
   

 
23 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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
Spread Over 10‐Year Treasury 7.66%
Debt Coverage Ratio 2.15 DCR Technique 2.15 x 0.129026 x 0.50 = 13.87%
Interest Rate 10.01% Band of Investment Technique
Amortization 15 Mortgage 50% x 0.129026 = 0.064513
Mortgage Constant 0.129026 Equity 50% x 0.17968 = 0.089840
Loan‐to‐Value Ratio 50% OAR 0.064513 + 0.089840 = 15.44%
Equity Dividend Rate 17.97% Surveyed Rates 14.66%
Average
Spread Over 10‐Year Treasury 3.13%
Debt Coverage Ratio 1.38 DCR Technique 1.38 x 0.073392 x 71% = 7.16%
Interest Rate 5.48% Band of Investment Technique
Amortization 25 Mortgage 71% x 0.073392 = 0.051751
Mortgage Constant 0.073392 Equity 29% x 0.13459 = 0.039687
Loan‐to‐Value Ratio 70.5% OAR 0.051751 + 0.039687 = 9.14%
Equity Dividend Rate 13.50% Surveyed Rates 9.97%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

   

 
24 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

The following tables summarize discount and equity dividend rates reported by survey respondents. In all 
cases, rates were derived from Class A and B properties nationwide and are exclusive of reserves. Note that 
"Recapitalizations" refers to re‐financing under current use. 
RealtyRates.com Investor Survey
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

RealtyRates.com Investor Survey
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

 
28 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

Sales 
Sales  volume  has  cooled  dramatically  from  its  2015  peak,  when  nearly  5%  of  inventory  changed  hands. 
Average  sales  price  has  also  been  decreasing.  Many  of  the  largest  sales  are  occurring  in  the  Kendall 
Submarket, which has the advantages of a dense population and higher median incomes. It is also one of 
the largest submarkets for office space, creating demand for quality retail and restaurant space. 
On  deals  that exceeded $5 million, most reported  cap rates for  well‐leased retail  properties have ranged 
from  5%  to  6%  over  the  past  several  quarters.  Toronto‐based  Northbridge  Investment  Management’s 
Kendall Pointe (a 75,000 SF neighborhood center built in 2008) recently sold for $219/SF at a 5.6% cap rate, 
and Old Cutler Towne Center (a 100,000 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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

The  subject  submarket’s  average  asking  rent  of  $31.04/SF  represents  an  increase  of  2.1%  over  the  prior 
year. The rents are relatively affordable, by local standards. 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

 
Source: CoStar 

 
35 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

 
Source: CoStar 

 
36 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

 
Source: CoStar 

 
37 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 
   

 
38 
 
Miami International Links ‐ Melreese Country Club Land 
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 SUBURBAN OFFICE MARKET ‐ PWC 
According to the PwC Real Estate Investor Survey, 1st Quarter 2018: 
Quarterly shifts in the national suburban office market’s Survey results suggest that most investors 
are  optimistic  about  its  performance  for  2018,  but  in  a  low‐key  manner.  “2018’s  performance 
should be flat compared to 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
Current Quarter Last Quarter
Tenant Retention Rate 40.0%‐75.0% 40.0%‐75.0%
Average 63.00% 63.00%

Months of Free Rent (10‐yr lease) 2‐15 0‐15
Average 7.0 6.0
% of participants using 88.00% 88.00%

Market Conditions Favor
Buyers 43.00% 43.00%
Sellers 29.00% 0.00%
Neither 28.00% 57.00%
Source: PwC Real Estate Investor Survey, 1st Quarter 2018  
 

 
39 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

National Market Yield Rates for Real Estate Investments
National Suburban Office Market
First Quarter 2018
Current Quarter Last Quarter Year Ago
Discount Rate (IRR) 6.00%‐12.00% 6.00%‐12.00% 6.00%‐10.50%
Average 8.32% 8.34% 7.88%

Overall Cap Rate (OAR) 4.35%‐10.00% 4.20%‐10.00% 5.00%‐9.50%
Average 6.61% 6.72% 6.61%

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

Expense Change Rate 0.00%‐4.00% 0.00%‐4.00% 0.00%‐4.00%
Average 2.68% 2.68% 2.75%

Marketing Time Range 1‐12 months 1‐12 months 1‐12 months
Average 6.5 6.5 6.0
Source: PwC Real Estate Investor Survey, 1st Quarter 2018  
   

 
40 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

NATIONAL SUBURBAN OFFICE 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
Office ‐ All Types
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 1.02%
Debt Coverage Ratio 1.15 DCR Technique 1.15 x 0.04556 x 0.90 = 4.72%
Interest Rate 3.37% Band of Investment Technique
Amortization 40 Mortgage 90% x 0.045556 = 0.041000
Mortgage Constant 0.045556 Equity 10% x 0.075619 = 0.007562
Loan‐to‐Value Ratio 90% OAR 0.041000 + 0.007562 = 4.86%
Equity Dividend Rate 7.56% Surveyed Rates 4.61%
Maximum
Spread Over 10‐Year Treasury 6.29%
Debt Coverage Ratio 2.15 DCR Technique 2.15 x 0.11916 x 0.50 = 12.81%
Interest Rate 8.64% Band of Investment Technique
Amortization 15 Mortgage 50% x 0.119156 = 0.059578
Mortgage Constant 0.119156 Equity 50% x 0.160325 = 0.080163
Loan‐to‐Value Ratio 50% OAR 0.059578 + 0.080163 = 13.97%
Equity Dividend Rate 16.03% Surveyed Rates 13.28%
Average
Spread Over 10‐Year Treasury 3.16%
Debt Coverage Ratio 1.65 DCR Technique 1.65 x 0.068172 x 0.725 = 8.16%
Interest Rate 5.51% Band of Investment Technique
Amortization 30 Mortgage 73% x 0.068172 = 0.049425
Mortgage Constant 0.068172 Equity 28% x 0.122207 = 0.033607
Loan‐to‐Value Ratio 72.5% OAR 0.049425 + 0.033607 = 8.30%
Equity Dividend Rate 12.22% Surveyed Rates 9.67%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

 
41 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

RealtyRates.com Investor Survey
Office ‐ Suburban
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 1.02%
Debt Coverage Ratio 1.15 DCR Technique 1.15 x 0.045556 x 0.90 = 4.72%
Interest Rate 3.37% Band of Investment Technique
Amortization 40 Mortgage 90% x 0.045556 = 0.041000
Mortgage Constant 0.045556 Equity 10% x 0.075619 = 0.007562
Loan‐to‐Value Ratio 90% OAR 0.041000 + 0.007562 = 4.86%
Equity Dividend Rate 7.56% Surveyed Rates 4.61%
Maximum
Spread Over 10‐Year Treasury 5.14%
Debt Coverage Ratio 1.90 DCR Technique 1.90 x 0.111173 x 0.60 = 12.67%
Interest Rate 7.49% Band of Investment Technique
Amortization 15 Mortgage 60% x 0.111173 = 0.066704
Mortgage Constant 0.111173 Equity 40% x 0.148325 = 0.059330
Loan‐to‐Value Ratio 60% OAR 0.066704 + 0.059330 = 12.60%
Equity Dividend Rate 14.83% Surveyed Rates 11.97%
Average
Spread Over 10‐Year Treasury 3.08%
Debt Coverage Ratio 1.53 DCR Technique 1.53 x 0.070101 x 0.75 = 8.02%
Interest Rate 5.43% Band of Investment Technique
Amortization 28 Mortgage 75% x 0.070101 = 0.052576
Mortgage Constant 0.070101 Equity 25% x 0.108337 = 0.027084
Loan‐to‐Value Ratio 75% OAR 0.052576 + 0.027084 = 7.97%
Equity Dividend Rate 10.83% Surveyed Rates 8.97%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

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. 
RealtyRates.com Investor Survey
Office ‐ Discount Rates
First Quarter 2018
New Development Acquisitions Recapitalizations
Property Type Min. Max. Avg. Min. Max. Avg. Min. Max. Avg.
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

 
42 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

RealtyRates.com Investor Survey
Office ‐ Equity Dividend Rates
First Quarter 2018
Property Type Min. Max. Avg.
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

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 International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

Strong  demand  has  finally  made  an  impact  on  top‐quality  asset  fundamentals.  For  a  large  portion  of  the 
recovery, 4 & 5 Star product remained stubbornly vacant due to the supply wave that hit the market during 
the recession years. However, the strong absorption has helped bring down Miami’s 4 & 5 Star vacancy rate 
by  almost  800  basis  points  since  the  beginning  of  the  cycle.  Two  and  Three  Brickell  City  Centre  have 
recently hit the market and multiple 4 & 5 Star buildings are set to deliver over the next few quarters, some 
of  which  have  major  availability,  but  Miami's  pattern  of  strong  demand  is  expected  to  continue  to  keep 
vacancies under control in the near term. 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

 
Source: CoStar 

 
46 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

The bulk of rent growth in the metro was carried by the Miami Airport and Kendall submarkets. While the 
highest overall asking rents are still commanded by Brickell and Aventura, the growth in areas like Kendall 
and  Miami  Airport  has  proven  that  there  is  growing  demand  for  suburban  office  space  in  Miami.  With 
Brickell  becoming  price‐prohibitive  for  an  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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

 
Source: CoStar 

   

 
53 
 
Miami International Links ‐ Melreese Country Club Land 
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 APARTMENT MARKET ‐ PWC 
According to the PwC Real Estate Investor Survey, 1st Quarter 2018:  
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
Current Quarter Last Quarter
Total Vacancy Assumption 3.0%‐10.0% 3.0%‐10.0%
Average 6.00% 6.00%

Months of Free Rent (1‐yr lease) 0‐2 0‐2
Average 1.0 1.0
% of participants using 83.00% 78.00%

Market Conditions Favor
Buyers 0.00% 0.00%
Sellers 50.00% 33.00%
Neither 50.00% 67.00%
Source: PwC Real Estate Investor Survey, 1st Quarter 2018  
 

 
54 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

National Market Yield Rates for Real Estate Investments
National Apartment Market
First Quarter 2018
Current Quarter Last Quarter Year Ago
Discount Rate (IRR) 5.25%‐10.00% 5.50%‐10.00% 5.50%‐10.00%
Average 7.23% 7.36% 7.30%

Overall Cap Rate (OAR) 3.75%‐8.50% 3.50%‐7.50% 3.50%‐7.50%
Average 5.33% 5.32% 5.26%

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

Expense Change Rate 2.00%‐3.00% 2.00%‐3.00% 2.00%‐4.00%
Average 2.71% 2.72% 2.78%

Marketing Time Range 1‐9 months 1‐9 months 1‐9 months
Average 3.6 3.8 3.8
Source: PwC Real Estate Investor Survey, 1st Quarter 2018  

   

 
55 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

NATIONAL APARTMENT 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
Apartments ‐ All Types
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 0.72%
Debt Coverage Ratio 1.10 DCR Technique 1.10 x 0.043444 x 0.90 = 4.30%
Interest Rate 3.07% Band of Investment Technique
Amortization 40 Mortgage 90% x 0.043444 = 0.039099
Mortgage Constant 0.043444 Equity 10% x 0.064055 = 0.006405
Loan‐to‐Value Ratio 90% OAR 0.039099 + 0.006405 = 4.55%
Equity Dividend Rate 6.41% Surveyed Rates 4.32%
Maximum
Spread Over 10‐Year Treasury 6.29%
Debt Coverage Ratio 1.86 DCR Technique 1.86 x 0.119156 x 0.50 = 11.08%
Interest Rate 8.64% Band of Investment Technique
Amortization 15 Mortgage 50% x 0.119156 = 0.059578
Mortgage Constant 0.119156 Equity 50% x 0.155760 = 0.077880
Loan‐to‐Value Ratio 50% OAR 0.059578 + 0.077880 = 13.75%
Equity Dividend Rate 15.58% Surveyed Rates 13.06%
Average
Spread Over 10‐Year Treasury 2.66%
Debt Coverage Ratio 1.43 DCR Technique 1.43 x 0.068933 x 0.73 = 7.22%
Interest Rate 5.01% Band of Investment Technique
Amortization 26 Mortgage 73% x 0.068933 = 0.050462
Mortgage Constant 0.068933 Equity 27% x 0.114493 = 0.030678
Loan‐to‐Value Ratio 73.2% OAR 0.050462 + 0.030678 = 8.11%
Equity Dividend Rate 11.45% Surveyed Rates 8.55%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  
 

 
56 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

RealtyRates.com Investor Survey
Apartments ‐ Garden/Suburban Townhouse
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 0.72%
Debt Coverage Ratio 1.10 DCR Technique 1.10 x 0.043444 x 0.90 = 4.30%
Interest Rate 3.07% Band of Investment Technique
Amortization 40 Mortgage 90% x 0.043444 = 0.039099
Mortgage Constant 0.043444 Equity 10% x 0.064055 = 0.006405
Loan‐to‐Value Ratio 90% OAR 0.039099 + 0.006405 = 4.55%
Equity Dividend Rate 6.41% Surveyed Rates 4.32%
Maximum
Spread Over 10‐Year Treasury 5.14%
Debt Coverage Ratio 1.61 DCR Technique 1.61 x 0.111173 x 0.60 = 10.74%
Interest Rate 7.49% Band of Investment Technique
Amortization 15 Mortgage 60% x 0.111173 = 0.066704
Mortgage Constant 0.111173 Equity 40% x 0.143760 = 0.057504
Loan‐to‐Value Ratio 60% OAR 0.066704 + 0.057504 = 12.42%
Equity Dividend Rate 14.38% Surveyed Rates 11.80%
Average
Spread Over 10‐Year Treasury 2.93%
Debt Coverage Ratio 1.31 DCR Technique 1.31 x 0.069006 x 0.75 = 6.75%
Interest Rate 5.28% Band of Investment Technique
Amortization 28 Mortgage 75% x 0.069006 = 0.051754
Mortgage Constant 0.069006 Equity 25% x 0.099922 = 0.024981
Loan‐to‐Value Ratio 75.00% OAR 0.051754 + 0.024981 = 7.67%
Equity Dividend Rate 9.99% Surveyed Rates 7.82%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  
 

 
57 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

RealtyRates.com Investor Survey
Apartments ‐ Hi‐Rise/Urban Townhouse
First Quarter 2018
Item Input OAR
Minimum
Spread Over 10‐Year Treasury 0.92%
Debt Coverage Ratio 1.35 DCR Technique 1.35 x 0.052357 x 0.75 = 5.30%
Interest Rate 3.27% Band of Investment Technique
Amortization 30 Mortgage 75% x 0.052357 = 0.039267
Mortgage Constant 0.052357 Equity 25% x 0.064055 = 0.016014
Loan‐to‐Value Ratio 75% OAR 0.039267 + 0.016014 = 5.53%
Equity Dividend Rate 6.41% Surveyed Rates 5.25%
Maximum
Spread Over 10‐Year Treasury 6.29%
Debt Coverage Ratio 1.86 DCR Technique 1.86 x 0.119156 x 0.50 = 11.08%
Interest Rate 8.64% Band of Investment Technique
Amortization 15 Mortgage 50% x 0.119156 = 0.059578
Mortgage Constant 0.119156 Equity 50% x 0.155760 = 0.077880
Loan‐to‐Value Ratio 50% OAR 0.059578 + 0.077880 = 13.75%
Equity Dividend Rate 15.58% Surveyed Rates 13.06%
Average
Spread Over 10‐Year Treasury 3.61%
Debt Coverage Ratio 1.61 DCR Technique 1.61 x 0.080773 x 0.68 = 8.75%
Interest Rate 5.96% Band of Investment Technique
Amortization 23 Mortgage 68% x 0.080773 = 0.054522
Mortgage Constant 0.080773 Equity 33% x 0.105322 = 0.034230
Loan‐to‐Value Ratio 68% OAR 0.054522 + 0.034230 = 8.88%
Equity Dividend Rate 10.53% Surveyed Rates 8.78%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

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. 
RealtyRates.com Investor Survey
Apartments ‐ Discount Rates
First Quarter 2018
New Development Acquisitions Recapitalizations
Property Type Min. Max. Avg. Min. Max. Avg. Min. Max. Avg.
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

 
58 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

RealtyRates.com Investor Survey
Apartments ‐ Equity Dividend Rates
First Quarter 2018
Property Type Min. Max. Avg.
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  

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. 

 
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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. 

 
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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. 

 
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Source: CoStar 

 
Source: CoStar 

 
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Source: CoStar 

 
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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 

 
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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. 

 
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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 

 
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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. 
 

 
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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 

 
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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. 
   

 
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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. 

 
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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. 
   

 
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18‐114‐02  MARKET ANALYSIS 
 

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. 

 
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Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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. 

 
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Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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.  

 
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Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  MARKET ANALYSIS 
 

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 
retail and 462,701 SF of office. 
The  subject’s  parcel  is  96%  of  the  total  averages.  We  applied  this  multiplier  to  the  total  averages  and 
concluded that the subject can be built with 2,102 multifamily units, 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. 

 
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Miami International Links ‐ Melreese Country Club Land 
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. 

 
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Miami International Links ‐ Melreese Country Club Land 
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 

 
 
 

 
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Miami International Links ‐ Melreese Country Club Land 
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 
 
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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. 

 
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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. 

 
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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 
retail and 462,701 SF of office. 
The  subject’s  parcel  is  96%  of  the  total  averages.  We  applied  this  multiplier  to  the  total  averages  and 
concluded that the subject can be built with 2,102 multifamily units, 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. 
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.  
 

 
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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. 
 

 
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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 
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 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). 

 
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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. 
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. 

 
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18‐114‐02  HIGHEST AND BEST USE 
 

Each  of  the  developments  analyzed  may  also  have  common  areas,  as  well  as  some  community 
development, such as schools, parks and municipal buildings. 
Therefore,  based  on  the  actions  of  developers  in  the  region,  we  conclude  that  if  the  subject  site  were 
available for development, it would be purchased for mixed‐use  development that 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). 

 
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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.  
 

 
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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. 

 
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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. 
 
   

 
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18‐114‐02    LAND VALUE 
 

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. 
 

 
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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.
Recordation 30302‐3608 Tax Parcel ID 34‐1134‐014‐0010
Property Rights Fee Simple Estate Financing Cash to Seller
Conditions of Sale Arm's length Verification Broker
Price Per Land SF $9.97  Price Per Acre $434,426 
Price Per FAR $31.18  Price Per Proposed Unit NA

Site
Land SF 2,657,160  Land Acres 61.00
Topography Level and at street grade Shape Irregular
Required Site Work Typical Clear and Grade Utilities All Available
Zoning AU Proposed Use Industrial Park
Zoning Type Agricultural Zoned Density NA
Buildable SF 850,000  Allowable FAR 0.32
No. of Proposed Units NA Proposed Unit Type NA

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. 

 

 
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18‐114‐02    LAND VALUE 
 

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‐
Property Rights Fee Simple Estate Financing Cash to Seller
Conditions of Sale Assemblage, REO Sale Verification Knowledgeable Third Party
Price Per Land SF $18.33  Price Per Acre $798,669 
Price Per FAR NA Price Per Proposed Unit NA

Site
Land SF 5,235,912  Land Acres 120.20
Topography Level and at street grade Shape Irregular
Required Site Work Typical Clear and Grade Utilities All Available
Zoning DMU Proposed Use Mixed‐Use
Zoning Type Commercial Zoned Density NA
Buildable SF NA Allowable FAR NA
No. of Proposed Units NA Proposed Unit Type 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. 
 

 
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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
Recordation 29918‐1484 Tax Parcel ID 32‐2016‐000‐0040
Property Rights Fee Simple Estate Financing Cash to Seller
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
Land SF 3,181,187  Land Acres 73.03
Topography Level and at street grade Shape Irregular
Required Site Work Typical Clear and Grade Utilities All Available
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. 
 
 
   

 
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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. 

 
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18‐114‐02    LAND VALUE 
 

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. 
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.  
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. 
   

 
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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. 
   

 
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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%
Adjusted Price per SF $13.86  $10.40  $19.43  $25.00 
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% 0% 0% 0%
$ Adjustment $0.00  $0.00  $0.00  $0.00 
Shape Generally rectangular in  Irregular Irregular Irregular Irregular
% Adjustment 0% 0% 0% 0%
$ 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)

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

 
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18‐114‐02    LAND VALUE 
 

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
 
This unit value conclusion is based on the 131.0738‐acre size of the subject. If the size of the parcel sold is 
different in size, the unit value may be impacted. 
In addition to the land sales greater than 50 acres included in the previous adjustment chart, we have also 
researched other commercially zoned land sales ranging from 20 to 50 acres located in 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 
 
Miami International Links ‐ Melreese Country Club Land 
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 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02    LAND RENT 
 

RealtyRates.com Investor Survey
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%
Source: RealtyRates.com Investor Survey, 1st Quarter 2018  
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 
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. 
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 
 
Miami International Links ‐ Melreese Country Club Land 
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. 
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 use of the aforementioned Extraordinary Assumptions might have affected the assignment results. 
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. 

 
100 
 
Miami International Links ‐ Melreese Country Club Land 
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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

record profile grade elevation of the street Abutting the Principal Frontage of the Building, as deter-
mined by the Public Works Department. In the event that the base flood elevation, as established
by FEMA, is higher than the sidewalk or grade elevations, the Height of the first Story but not the
height of Fences and walls shall be measured from the base flood elevation.

3.5.2 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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

of an undertaking that may diminish the integrity of the NHL property’s location, design, setting,
materials, workmanship, association or qualities that qualified it for NHL designation. Examples
of adverse effects which diminish the integrity of the NHL property include those which: cause
physical destruction of or damage to all or part of the NHL property; or change the character of
the NHL property’s use or physical features within the NHL property’s setting that contribute to
its historic significance; or introduce visual, atmospheric or audible elements that diminish the
integrity of the NHL property’s significant historic features; or 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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
AS ADOPTED - APRIL 2013

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
AS ADOPTED - APRIL 2013

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
AS ADOPTED - APRIL 2013
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.
• Minimum of one Bike space for every 20 vehicular spaces
required (before any reductions). • Minimum of 3 parking spaces for every 1,000 sf of com-
mercial space
• Parking ratio may be reduced according to the shared
parking standard. • Minimum of 1 parking space for every 7 seats in a Major
Sports Facility
• Loading - See Article 4, Table 5.
• Minimum of one Bike space for every 20 vehicular spaces
• Loading needs, including maneuvering, shall be accom-
required (before any reductions).
modated on site.
• Parking ratio may be reduced according to the shared
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.
• Minimum of one Bike space for every 20 vehicular spaces
required (before any reductions).
IV.18
MIAMI 21 ARTICLE 4. TABLE 5 BUILDING FUNCTION: PARKING AND LOADING
AS ADOPTED - APRIL 2013

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
AS ADOPTED - APRIL 2013
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
AS ADOPTED - APRIL 2013

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
AS ADOPTED - APRIL 2013
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
AS ADOPTED - APRIL 2013

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
AS ADOPTED - APRIL 2013

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)
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

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)
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

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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
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
MIAMI 21 ARTICLE 3. GENERAL TO ZONES
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.
Miami International Links ‐ Melreese Country Club Land 
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) 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
Effective Gross  The  anticipated  income  from  all  operations  of  the  real  Appraisal  Institute,  The 
Income (EGI)  estate  after  an  allowance  is  made  for  vacancy  and  Dictionary  of  Real 
collection  losses  and  an  addition  is  made  for  any  other  Estate  Appraisal,  6th 
income.  Ed.  (Chicago:  Appraisal 
Institute, 2015) 
Effective 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 
Ed.  (Chicago:  Appraisal 
Institute, 2015) 
Entrepreneurial  1. A  market‐derived  figure  that  represents  the  Appraisal  Institute,  The 
Profit  amount  an  entrepreneur  receives  for  his  or  her  Dictionary  of  Real 
contribution to a project and risk; the difference  Estate  Appraisal,  6th 
between  the  total  cost  of  a  property  (cost  of  Ed.  (Chicago:  Appraisal 
development)  and  its  market  value  (property  Institute, 2015) 
value  after  completion),  which  represents  the 
entrepreneur’s  compensation  for  the  risk  and 
expertise  associated  with  development.  An 
entrepreneur  is  motivated  by  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 
Ed.  (Chicago:  Appraisal 
Institute, 2015) 

 
 
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18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
Excess Land  Land that is not needed to serve or support the existing  Appraisal  Institute,  The 
use. The highest and best use of the excess land may or  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. 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
Gross Leasable  Total  floor  area  designed  for  the  occupancy  and  Appraisal  Institute,  The 
Area (GLA)  exclusive  use  of  tenants,  including  basements  and  Dictionary  of  Real 
mezzanines;  measured  from  the  center  of  joint  Estate  Appraisal,  6th 
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 
Ed.  (Chicago:  Appraisal 
Institute, 2015) 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
Internal Rate of  The annualized yield rate or rate of return on capital that  Appraisal  Institute,  The 
Return (IRR)  is  generated  within  an  investment  or  portfolio  over  a  Dictionary  of  Real 
period  of  ownership.  Alternatively,  the  indicated  return  Estate  Appraisal,  6th 
on  capital  associated  with  a  projected  or  pro  forma  Ed.  (Chicago:  Appraisal 
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 
Ed.  (Chicago:  Appraisal 
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 
Ed.  (Chicago:  Appraisal 
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 
Ed.  (Chicago:  Appraisal 
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). 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
Market Value  "A  type  of  value  that  is  the  major  focus  of  most  real  property 
Appraisal  Institute,  The 
appraisal  assignments.  Both  economic  and  legal  definitions  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 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
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)" 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
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 
Ed.  (Chicago:  Appraisal 
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 
Ed.  (Chicago:  Appraisal 
Institute, 2015) 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
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). 

 
 
Miami International Links ‐ Melreese Country Club Land 
18‐114‐02  GLOSSARY OF VALUATION TERMS 
 

Term   Definition  Source 
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) 
 

 
 
Miami  International  Links  ‐  Melreese  Country 
Club Land  QUALIFICATIONS OF THE APPRAISER 
18‐114‐02 
 

 

 
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-- 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.
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-- QUALIFICATIONS OF THE APPRAISER

CERTIFICATION
--
-- QUALIFICATIONS OF THE APPRAISER

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.
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-- QUALIFICATIONS OF THE APPRAISER

CERTIFICATION