The City of Miami Beach (City) is the owner of the Subject Property located at 226 87th Terrace, Folio #: 02-3202-006-0430, consisting of 15,313 square feet (.35 acres) of vacant land. The rectangular site has a dual-corner location with road frontage and access from Collins Avenue, 87th Terrace and Harding Avenue, as depicted in Exhibit A (Aerial Photograph of Subject Property), attached hereto. The site is currently zone GU (Civic and Government Use).
The Subject Property is located adjacent to, and north of, 7925 Collins Avenue, Folio #: 02-3202-006-0420, consisting of 15,312 square feet (.35 acres) of vacant land (Adjacent Property). This rectangular site has a dual-corner location with road frontage and access from Collins Avenue, 87th Street and Harding Avenue. This site is currently zone RM-2 (Residential Multifamily, Medium Density) and is owned by 8701 Collins Development, LLC (“8701”).
The City has received a term sheet from 8701 for the Purchase and Sale of the Subject Property, attached hereto as Exhibit B (Term Sheet). 8701 has provided conceptual plans to the City to combine the Subject Property and the Adjacent Property to develop approximately 20,000 square feet of ground floor retail space and a second level parking garage containing approximately 70 spaces.
FINANCE AND CITYWIDE PROJECTS COMMITTEE
The Administration presented this matter at the October 28, 2016 Finance and Citywide Projects Committee (FCWPC) meeting. The FCWPC recommended in favor of obtaining two (2) property appraisals to be used in considering future uses or the potential sale of the Subject Property.