CBRE’s May 20, 2020 appraisal valued the Residential Parcel at $80 million, and Walter Duke’s June 2, 2020 appraisal valued the Residential Parcel at $70 million.  Additionally, both appraisers’ reports have determined that the current fair market annual rate of the New Marina Lease to be 10% of gross revenue for the marina operations and upland accessory uses, 35% of parking revenue, and $0.04 per gallon for fuel sales, which is commensurate with the current negotiated terms for the New Marina Lease. As the City's 10% percentage rent in 2019 under the existing lease amounted to approximately $1,740,000, the City anticipates that once the Project is completed, with new tenant space and additional capital improvements, the New Marina Lease would result in increased rent to the City.  

On June 24, 2020, at first reading/public hearing of the proposed transaction, the City Commission requested that both appraisers evaluate the changes to the residential development since it was first proposed in March, 2020 (i.e., with the increased height and narrower tower) to determine if such changes resulted in a material change to the appraisals.    The updated CBRE appraisal,  dated July 13, 2020, concluded that the taller tower resulted in a change from $80 Million to $87 Million, and the Walter Duke appraisal, dated July 10, 2020, concluded that the taller tower does not result in any change to the appraised value of $70 Million.  The chart  below provides a comparison of the updated values of the fair market value of the development rights as determined by the appraisers.