Agenda 06/14/2016 Item #16A 4 6/14/2016 16.A.4.
EXECUTIVE SUMMARY
Recommendation to approve an agreement for the purchase of a "fee" estate (Parcel 102FEE) in
land necessary for the construction of roadway and related improvements required at the
intersection of Airport-Pulling Road and Davis Boulevard. (Project No. 60148.) Estimated Fiscal
Impact: $130,150
OBJECTIVE: To acquire right-of-way for the construction of intersection improvements at Airport-
Pulling Road and Davis Boulevard(Project No. 60148) (the Project).
CONSIDERATIONS: Airport-Pulling Road is a two-way divided six-lane roadway with variable width
medians. At its intersection with Davis Boulevard, northbound through traffic is restricted because the
outside lane serves both northbound through traffic and traffic turning right onto Davis Boulevard.
Construction of a dedicated right turn lane on Airport-Pulling Road for northbound traffic,while retaining
all three through lanes,will improve the capacity of the intersection.
Collier County is seeking to purchase a fee estate in an irregularly shaped parcel of land approximately
200 feet by 15 feet(2,887 square feet or 0.07 acres more or less)that runs along the western boundary of
the parent tract owned by Utopia Properties, LLC, a Florida limited liability company, as to an undivided
fifty percent(50%) interest and Utopia Properties Two,LLC,a Florida limited liability company, as to an
undivided fifty percent (50%) interest (collectively referred to herein as Property Owner). The parent
tract is located on the southeast corner of the Airport-Pulling and Davis Boulevard intersection. A
restaurant named"Joey D's"is located on the parent tract property.
The accompanying Appraisal dated November 10, 2015 by Michael P. Jonas, MAI, AI-GRS, CCIM, of
Capstone Valuation Advisors estimated the current market value of Parcel 102FEE to be $104,900; and a
purchase offer in this amount was tendered to the Property Owner.
However, this appraisal does not account for the overall costs of obtaining Parcel 102FEE should the
relationship between the Property Owner and Collier County become adversarial. The agreement reflects
an amicably-negotiated settlement amount of$130,000 (less than halfway between the appraised value
and the Property Owner's counter-offer of$175,000.) Had the relationship between the Property Owner
and the County staff become adversarial, it is likely that an attorney, an appraiser and other experts might
have been brought in to manufacture additional claims; Parcel 102FEE would have to be taken by
condemnation; and the cost to acquire the right-of-way required for the construction of the project would
rise way beyond the actual value of the right-of-way involved.
Accordingly, staff is recommending that the Board of County Commissioners (Board) approve the
accompanying agreement for the purchase of Parcel 102FEE.
FISCAL IMPACT: Funds in the amount of$130,150 ($130,000 purchase price for Parcel 102FEE and
approximately $150 recording fees) are available in the Airport-Pulling Road & Davis Boulevard
Transportation Capital Improvement Project No. 60148. The primary funding source for the acquisition
of right-of-way is impact fees. New roadway construction has a maintenance curve of approximately five
to seven years before any incremental costs are required for repairs.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a
majority vote for Board approval.—JAB
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GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range
Transportation Plan and the Collier County Growth Management Plan.
RECOMMENDATION:
1. To approve the accompanying Purchase Agreement and authorize the Board's Chairman to execute
same on behalf of the Board;
2. To accept the conveyance of Parcel 102FEE and authorize the County Manager, or his designee, to
record the conveyance instruments in the public records of Collier County,Florida;
3. To authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the Purchase Agreement to close the transaction;
4. To authorize the County Manager, or his designee, to take the necessary measures to ensure the
County's performance in accordance with the terms and conditions of the Purchase Agreement; and
5. To authorize any and all budget amendments required to carry out the collective will of the Board.
Prepared by: Deborah Farris, Senior Property Acquisition Specialist, Transportation Engineering
Division, Growth Management Department
Attachments:
1)Purchase Agreement(Parcel 102FEE);
2)Property Location Map;
3)Proposed Improvements;
4)Appraisal Report dated November 10,2015 that due to its size is located at:
htlp://apps3.colliergov.net/agenda/ftp/2016BCCMeetings/AgendaJun 141 6/GrowthMgmt/Apprai s
al Report dated November 10,2015.pdf
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6/14/2016 16.A.4.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.4.
Item Summary: Recommendation to approve an agreement for the purchase of a "fee"
estate (Parcel 102FEE) in land necessary for the construction of roadway and related
improvements required at the intersection of Airport-Pulling Road and Davis Boulevard.
(Project No. 60148.) Estimated Fiscal Impact: $130,150
Meeting Date: 6/14/2016
Prepared By
Name: FarrisDeborah
Title:Property Acquisition Specialist, Senior,Transportation Engineering&Construction Management
4/26/2016 10:01:16 AM
Approved By
Name: OrdonezJulio
Title: Project Manager,Principal,Transportation Engineering&Construction Management
Date:4/27/2016 10:58:14 AM
Name: HendricksKevin
Title:Manager-Right of Way,Transportation Engineering&Construction Management
Date: 4/27/2016 3:19:34 PM
Name:AhmadJay
Title: Division Director-Transportation Eng,Transportation Engineering&Construction Management
Date:4/29/2016 7:17:33 AM
Name: LynchDiane
Title: Supervisor-Operations,Road Maintenance
Date:4/29/2016 12:20:15 PM
Name:NauthRookmin
Title:Management/Budget Analyst,Capital Construction&Maintenance Budget/Fiscal
Date: 5/1/2016 4:10:00 PM
Name:MessamMarlene
Title:Project Manager,Principal,Traffic Operations
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6/14/2016 16.A.4.
Date: 5/3/2016 10:11:57 AM
Name: KearnsAllison
Title: Manager-Financial&Operational Sprt,Capital Construction&Maintenance Budget/Fiscal
Date: 5/11/2016 10:50:45 AM
Name: ShueGene
Title: Division Director-Operations Support, Growth Management Department
Date: 5/11/2016 2:13:50 PM
Name: GossardTravis
Title:Division Director-Road Maintenance,Road Maintenance
Date: 5/16/2016 6:43:56 AM
Name: BelpedioJennifer
Title:Assistant County Attorney,CAO General Services
Date: 5/16/2016 3:20:27 PM
Name: MarcellaJeanne
Title:Executive Secretary,Transportation Administration
Date: 5/17/2016 3:06:14 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 5/17/2016 4:04:25 PM
Name: IsacksonMark
Title: Division Director-Corp Fin&Mgmt Svc, Office of Management&Budget
Date: 5/24/2016 12:34:03 PM
Name: CasalanguidaNick
Title: Deputy County Manager, County Managers Office
Date: 6/5/2016 10:12:19 AM
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6/14/2016 16.A.4.
PROJECT: 60148/Airport&Davis
PARCEL No(s): 102FEE
FOLIO No(s): Portion of 00390640002
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT (hereinafter referred to as the "Agreement") is
made and entered into on this day of , 2016, by and between
UTOPIA PROPERTIES, LLC, a Florida limited liability company, as to an undivided
fifty percent (50%) interest and UTOPIA PROPERTIES TWO, LLC, a Florida limited
liability company, as to an undivided fifty percent (50%) interest, whose mailing
address is 313 Lakeview Ave W, Brightwaters, New York 11718-1904 (hereinafter
collectively referred to as "Owner"), and COLLIER COUNTY, a political subdivision of
the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o the Office
of the County Attorney, Suite 800, Naples, Florida 34112 (hereinafter referred to as
"County").
WHEREAS, County requires a fee estate in that land described in Exhibit "A"
(hereinafter referred to as the "Property"), which is attached hereto and made a part of
this Agreement; and
WHEREAS, Owner desires to convey the Property to County.for the stated
purposes, on the terms and conditions set forth herein; and
WHEREAS, County has agreed to compensate Owner for conveyance of the
Property.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt and sufficiency of
which is hereby mutually acknowledged, it is agreed by and between the parties as
follows:
1. RECITALS - All of the above RECITALS are true and correct and are hereby
expressly incorporated herein by reference as if set forth fully below, and all
Exhibits referenced herein are made a part of this Agreement.
2. PURCHASE PRICE - The purchase price (the "Purchase Price") for the
Property shall be ONE HUNDRED THIRTY THOUSAND DOLLARS($130,000)
U.S. Currency, payable at time of closing, subject to the apportionment and
distribution of proceeds pursuant to Paragraph 9 of this Agreement (said
transaction hereinafter referred to as the "Closing"). Said payment to Owner,
payable by County Warrant or funds wire transfer, shall be full compensation
for the Property conveyed, including (If applicable) all landscaping, trees,
shrubs, improvements, and fixtures located thereon, and shall be in full and
final settlement of any damages resulting to Owner's remaining lands, costs to
cure, including, but not limited to (if applicable), the cost to relocate the existing
irrigation system and other improvements, and the cost to cut and cap irrigation
lines extending into the Property, and to remove all sprinkler valves and related
electrical wiring, and all other damages in connection with conveyance of said
Property to County, including all attorneys' fees, expert witness fees and costs
as provided for in Chapter 73, Florida Statutes.
3. CLOSING DOCUMENTS AND CLEAR TITLE - Owner shall convey a
marketable title free of any liens, encumbrances, exceptions, or qualifications.
Marketable title shall be determined according to the applicable title standards
adopted by the Florida Bar and in accordance with law. Owner shall obtain
from the holders of any liens, exceptions and/or qualifications encumbering the
Property, the execution of such instruments which will remove, release or
subordinate such encumbrances from the Property upon their recording in the
public records of Collier County, Florida. Prior to Closing and as soon after the
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execution of this Agreement as is possible, Owner shall provide County with a
copy of any existing title insurance policy and the following documents and
instruments properly executed, witnessed, and notarized where required, in a
form acceptable to County(hereinafter referred to as"Closing Documents"):
(a) General Warranty Deed;
(b) Instruments required to remove, release or subordinate any and all
liens, exceptions and/or qualifications affecting County's enjoyment
of the Property;
(c) Closing Statement;
(d) Grantor's Non-Foreign,Taxpayer Identification and "Gap"Affidavit;
(e) W-9 Form; and
(f) Such evidence of authority and capacity of Owner and its
representatives to execute and deliver this agreement and all other
documents required to consummate this transaction, as reasonably
determined by County, County's counsel and/or title company.
4. TIME IS OF THE ESSENCE- Both Owner and County agree that time is of the
essence. Therefore, Closing shall occur within ninety (90) days of the date of
execution of this Agreement or within thirty (30) days of County's receipt of all
Closing Documents, whichever is the later. This agreement shall remain in full
force and effect until Closing shall occur, until and unless it is terminated for
other cause. At Closing, payment shall be made to Owner in that amount
shown on the Closing Statement as "Net Cash to the Seller." County shall be
entitled to full possession of the Property at Closing.
5. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS - Owner
agrees to relocate any existing irrigation system (if any) located on the Property
including any irrigation lines, electrical wiring and sprinkler valves, etc., prior to
the construction of the project without any further notification from County.
Owner assumes full responsibility for the relocation of the irrigation system (if
any) on the remainder property and its performance after relocation. Owner
holds County harmless for any and all possible damage to the irrigation system
in the event owner fails to relocate the irrigation system prior to construction of
the project.
If Owner elects to retain any improvements and/or landscaping
("Improvements") located on the Property, the Owner is responsible for their
retrieval prior to the construction of the project without any further notification
from County. Owner acknowledges that County has compensated Owner for
the value of the improvements located on the Property, and yet County is
willing to permit Owner to salvage said improvements as long as their retrieval
is performed before construction and without interruption or inconvenience to
the County's contractor. All Improvements not removed from the Property prior
to construction of the project commences shall be deemed abandoned by
Owner.
This provision shall survive Closing and is not deemed satisfied by conveyance
of title.
6. MISCELLANEOUS REQUIREMENTS - Owner and County agree to do all
things which may be required to give effect to this Agreement immediately as
such requirement is made known to them or they are requested to do so,
whichever is the earlier.
7. REPRESENTATIONS AND WARRANTIES - Owner agrees, represents and
warrants the following:
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(a) Owner has full right, power and authority to own and operate the
Property, to enter into and to execute this Agreement, to execute,
deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all
actions and to perform all tasks required of Owner hereunder and to
consummate the transaction contemplated hereby.
(b) County's acceptance of a deed to the said Property shall not be
deemed to be full performance and discharge of every agreement
and obligation on the part of Owner to be performed pursuant to the
provisions of this Agreement.
(c) No party or person other than County has any right or option to
acquire the Property or any portion thereof.
(d) Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Owner shall not encumber or convey any portion of
the Property or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Property,
without first obtaining the written consent of County to such
conveyance, encumbrance, or agreement which consent may be
withheld by County for any reason whatsoever.
(e) There is no maintenance, construction, advertising, management,
leasing, employment, service or other contract affecting the
Property.
(f) Owner has no knowledge that there are any suits, actions or
arbitration, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or
pending or threatened which affect the Property or which adversely
affect Owner's ability to perform hereunder; nor is there any other
charge or expense upon or related to the Property which has not
been disclosed to County in writing prior to the effective date of this
Agreement.
(g) County is entering into this Agreement based upon Owner's
representations stated in this Agreement and on the understanding
that Owner will not cause the physical condition of the Property to
change from its existing state on the effective date of this Agreement
up to and including the date of Closing. Therefore, Owner agrees
not to enter into any contracts or agreements pertaining to or
affecting the Property and not to do any act or omit to perform any
act which would adversely affect the physical condition of the
Property or its intended use by County.
(h) The Property and all uses of the Property have been and presently
are in compliance with all Federal, State and Local environmental
laws; that no hazardous substances have been generated, stored,
treated or transferred on the Property except as specifically
disclosed to the County; that the Owner has no knowledge of any
spill or environmental law violation on any property contiguous to or
in the vicinity of the Property to be sold to the County, that the
Owner has not received notice and otherwise has no knowledge of
a) any spill on the Property, b) any existing or threatened
environmental lien against the Property or c) any lawsuit, proceeding
or investigation regarding the generation, storage, treatment, spill or
transfer of hazardous substances on the Property. This provision
shall survive Closing and is not deemed satisfied by conveyance of
title.
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6/14/2016 16.A.4.
uy.
8. INDEMNIFICATION - Owner shall indemnify, defend, save and hold harmless
the County against and from, and reimburse the County with respect to, any
and all damages, claims, liabilities, laws, costs and expenses(including without
limitation reasonable paralegal and attorney fees and expenses whether in
court, out of court, in bankruptcy or administrative proceedings or on appeal),
penalties or fines incurred by or asserted against the County by reason or
arising out of the breach of any of Owner's representations under paragraph
7(h). This provision shall survive Closing and is not deemed satisfied by
conveyance of title.
9. CURRATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall
pay all fees to record any curative instruments required to clear title, and all
Warranty Deed recording fees. In addition, County may elect to pay
reasonable processing fees required by mortgagees in connection with the
execution and delivery of a Release or Subordination of any mortgage, lien or
other encumbrance recorded against the Property; provided, however, that any
apportionment and distribution of the full compensation amount in Paragraph 2
which may be required by any mortgagee, lien-holder or other encumbrance-
holder for the protection of its security interest, or as consideration due to any
diminution in the value of its property right, shall be the responsibility of the
Owner, and shall be deducted on the Closing Statement from the
compensation payable to the Owner per Paragraph 2. County shall have sole
discretion as to what constitutes"reasonable processing fees
10. DOCUMENTARY STAMP AND PRIOR YEAR AD VALOREM TAXES - There
shall be deducted from the proceeds of sale all prior year ad valorem taxes and
assessments levied against the parent tract property which remain unpaid as of
the date of Closing. Furthermore, in accordance with the exemptions provided
for in Section 201.01, Florida Statutes, concerning payment of documentary
stamp taxes by County, Owner shall pay all documentary stamp taxes required
on the instrument(s) of transfer, unless the Easement is acquired under threat
of condemnation.
11. CLOSING STATEMENT ADJUSTMENTS - All current ad valorem real estate
taxes due on the Property during Owner's term of possession, and all
maintenance charges and assessments due from Owner, for which a bill is
rendered prior to closing, will be charged against Owner on the closing
statement. Real Property taxes shall be prorated based on the current year's
tax and paid by Owner. If Closing occurs at a date when the current year's
millage is not fixed,taxes will be prorated based upon such prior year's millage.
12. EFFECTIVE DATE-This Agreement and the terms and provisions hereof shall
be effective as of the date this Agreement is executed by both parties and shall
inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, personal representatives, successors, successor
trustees, and/or assignees,whenever the context so requires or admits.
13. PUBLIC DISCLOSURE - If the Owner holds the Property in the form of a
partnership, limited partnership, corporation, trust or any form of representative
capacity whatsoever for others, Owner shall make a written public disclosure,
according to Chapter 286, Florida Statutes, under oath, subject to the penalties
prescribed for perjury, of the name and address of every person having a
beneficial interest in the Property before the Property held in such capacity is
conveyed to County, its successors and assigns. (If the corporation is
registered with the Federal Securities Exchange Commission or registered
pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the
general public, it is hereby exempt from the provisions of Chapter 286, Florida
Statutes.)
14. ENTIRE AGREEMENT - Conveyance of the Property by Owner is contingent
upon no other provisions, conditions, or premises other than those so stated
herein; and this written Agreement, including all exhibits attached hereto, shall
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raye a
constitute the entire Agreement and understanding of the parties, and there are
no other prior or contemporaneous written or oral agreements, undertakings,
promises, warranties, or covenants not contained herein. No modification,
amendment or consensual cancellation of this Agreement shall be of any force
or effect unless made in writing and executed and dated by both Owner and
County.
15. SEVERABILITY - Should any part of this Agreement be found to be invalid,
then such invalid part shall be severed from the Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and not be
affected by such invalidity.
16. VENUE - This Agreement is governed and construed in accordance with the
laws of the State of Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
AS TO COUNTY:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
Deputy Clerk Donna Fiala, Chairman
AS TO OWNER: UTOPIA PROPERTIES, LLC,
// a Florid limited liability company
DATED: (3^ (5O
l�
Witness(Signature) Print Name:ANTHONY PANTALEO
r Title: Manager
7 r)rc v,t (f !` /k/c
Name(Print or Type)
Witness(Signatures
'NO 1-t C--2 I'i r 1cl
Name(Print or Type)
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURES CONTINUED ON FOLLOWING PAGE
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rage v
AS TO OWNER: UTOPIA PROPERTIES TWO, LLC,
/` a Florida limited liability company
DATED: Ltrf
_ e. 4✓ tr BY: Z/� t., •,.-o-f c fit.—qtr--
Witness(Signature) Print Name: MAUREEN PANTALEO
Title: Manager
4-a./b.e i4 Fit aid
Name(Print or Type)
) ;b,40
Witness(Signatur
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. /0.11 �4 �t,ri e jC1
Name(Print or Type)
Approved as to form and legality:
•
f,,,rsJ'E2 A . vo%COIQ Co
Assistant County Attorn- \`
Last Revised:12/10/2014
•
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DESCRIPTION OF
A PARCEL OF LAND LYING IN
SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY, FLORIDA
EXHIBIT
PARCEL NO. 102FEE
DESCRIPTION:
A PORTION OF LAND DESCRIBED IN OFFICIAL RECORD BOOK 4110, PAGE 1307, PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA; SITUATED IN SECTION 12, TOWNSHIP 50
SOUTH, RANGE 25 EAST, COLLIER COUNTY, FLORIDA BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
•
COMMENCE AT THE SOUTHWEST CORNER OF LOT 1, BLOCK J, THE GLADES UNIT TWO,
AS RECORDED IN PLAT BOOK 10, PAGE 88, PUBLIC RECORDS OF COLLIER COUNTY,
FLORIDA, SAID POINT BEING THE INTERSECTION OF THE EASTERLY RIGHT—OF—WAY LINE
OF AIRPORT—PULLING ROAD (100' R/W) AND THE NORTH RIGHT—OF—WAY LINE OF
GLADES BOULEVARD (80' R/W); THENCE N00'18'49"W FOR 900,42 FEET ALONG SAID
EASTERLY RIGHT—OF—WAY, LINE TO THE SOUTHWEST CORNER OF SAID LAND DESCRIBED
IN OFFICIAL RECORD BOOK 4110, PAGE 1307 AND THE POINT OF BEGINNING;
CONTINUE NOO'18'49"W FOR 159.96 FEET ALONG THE WEST LINE OF SAID DESCRIBED
LAND AND SAID EASTERLY RIGHT—OF—WAY LINE; THENCE S89'41'11"E FOR 2.00 FEET
ALONG SAID EASTERLY RIGHT—OF—WAY LINE TO THE POINT OF CURVATURE OF A CURVE
TO THE RIGHT HAVING A RADIUS OF 110.00 FEET, A CENTRAL ANGLE OF 21'06'01", A
CHORD BEARING OF N10'14'04"E AND A CHORD DISTANCE OF 40.29 FEET; THENCE
NORTHEASTERLY ALONG SAID CURVE AND SAID RIGHT—OF—WAY LINE FOR AN ARC
LENGTH OF 40.51 FEET TO THE POINT OF COMPOUND CURVATURE OF A CURVE TO THE
RIGHT HAVING A RADIUS OF 30.00 FEET, A CENTRAL ANGLE OF 01'00'36", A CHORD
BEARING OF N21'17'30"E AND A CHORD DISTANCE OF 0.53 FEET; THENCE
NORTHEASTERLY ALONG SAID CURVE AND SAID RIGHT—OF—WAY LINE FOR AN ARC
LENGTH OF 0.53 FEET TO THE POINT OF INTERSECTION OF THE EASTERLY
RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD (100' R/W) AND THE SOUTHERLY
RIGHT—OF—WAY LINE OF DAVIS BOULEVARD (150' R/W); THENCE N89'20'26"E FOR
15.66 FEET ALONG SAID SOUTHERLY RIGHT—OF—WAY LINE OF DAVIS BOULEVARD (150'
R/W), ALSO BEING THE NORTH LINE OF SAID DESCRIBED LAND; THENCE S37'45'09"W
FOR 16.59 FEET; THENCE SO0'18'49"E FOR 187.00 FEET ALONG A LINE THAT IS 15.00
FEET EAST OF AND PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND AND THE
EASTERLY RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD (100' R/W) TO A POINT ON
THE SOUTH LINE OF SAID DESCRIBED LAND; THENCE S89'20'26"W FOR 15.00 FEET
ALONG SAID SOUTH LINE TO THE POINT OF BEGINNING.
•
NOTES:
1. THE BEARINGS SHOWN HEREON ARE BASED UPON NORTH AMERICAN DATUM 83
(NATIONAL SPATIAL REFERENCE SYSTEM 2007) ALSO KNOWN AS NORTH AMERICAN
DATUM 83 (2007), STATE PLANE COORDINATE SYSTEM, FLORIDA EAST ZONE, HAVING
THE EASTERLY RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD AS NOO'18'49"W.
2. PARCEL SHOWN HEREON CONTAINS 2887 SQUARE FEET, MORE OR LESS.
REVISION: 08-23-12: AMENDED SIZE OF INGRESS & EGRESS EASEMENT, ORB 893,
PAGE 519, TO SIZE RECORDED IN ORB 918, PAGE 837 — DOCUMENT
RECORDED iN ORB 918, PAGE 837 NOT SUPPLIED BY ORIGINAL TITLE
SEARCH REPORT PROVIDED BY "ATTORNEYS' TITLE FUND SERVICES, LLC"
FUND FILE NUMBER: 64-2011-1407.
TECM ROW
AUG 2 9 2012
DAVID G. DEARIE,
•
PROFESSIONAL SURVEYOR AND MAPPER THIS DESCRIPTION IS NOT VALID
FLORIDA LICENSE No. 4989 WITHOUT ACCOMPANYING SKETCH
SHOWN ON SHEET 2 OF 3 AND
AIM Engineering & surveying, Inc. LB 3114 SHOWN ON SHEET 3 OF 3
5300 LEE BLVD. THIS IS NOT A SURVEY SHEET 1 OF 3 •
---t P.O. BOX 1235 'ac.JE,cT num9ER;oEscRjPh10 DESCRIPTION AND SKETCH OF A PARCEL OF LAND
LEHIOH ACRES 11-9841 LYING IN SECTION 12-50S-25E
i FL' 'A 33970 iJRAWN 8' CIAO, ---
F4T - (23-, .3.32-4569 J'c5 COLLIER COUNTY
A I..._'� . FX:(239) 332-ST3;
DATE; SEC-TVfP-RCE FRE: COUNTY;
02-03-12 12-50S-25E I 11-9841 SD.DWG (P4) COLLIER COUNTY
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/ STA 10+20.02,B/L SURVEY(DAV1s eouLL ARO
SKETCH OF
\-B/L SURVEY A PARCEL OF LAND LYING IN DAVIS BOULEVARD
(n V,s BOULEVARD) SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA ZS01 R/W
19o.43So)— — _ y _ -EXISTING SOUTHERLY R/W LINE
STti 704.90.0SHIu.
P
1LLIER COUY
OrFSET°0'00 • - LIO N0," 00390640002
HORB 4110Iy° PAGE 1307EXHIBITo NT12FEE
PROPOSED R/W Page a of 3
LINE
FOUND 5/8" IRON ROD
SIA.191+30,oe NO IDENTIFICATION
Orna e0.00' /
200.00'(0) .......7
a)cn — POINT OF BEGINNING. ,
1..1 SW CORNER
a I° ORB 4110, PAGE 1307
! Ii
10' UTILITY EASEMENT
Z 0. 15' UTILITY EASEMENT ORB 893, PAGE 519
�/ _ }3 g ORB 893, PAGE 519
Ri 2 �yj D. Y — -- _-
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oi
- I
tti W I �I PAGE ORB 8361 57
15' UTILITY EASEMENT
Q ORB 938, PAGE 1992
" � -1
o � _ 75'
rrINGRESS & EGRESS EASEMENT LEGEND:(C) = CALCULATED DATA
D (50'X110') ORB 893, PAGE (D) = DEED DATA
519 - AMENDED TO 75'X110' (P) = PLAT DATA
co _ o PER ORB 918, PAGE 837 B/L = BASE LINE
LD STA., = STATION
o I ORB = OFFICIAL RECORD BOOK
i F/W = RIGHT OF WAY
PI = POINT OF INTERSECTION
rg FOUND 5/8" IRON ROD 100
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Packet Page -103-
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A M Fx:(239) 332-8734 'DATE' SEC-TWI'-RGE FILE: COUNTY:
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PARCEL 102FEE AIRPORT ROAD AND
DAVIS BOULEVARD PROJECT
3300 Davis Boulevard
Naples, Florida 34104
PROPERTY TYPE:
Land and Affected Improvements
PERTINENT DATES:
Valuation Date: November 3, 2015
Report Date: November 10, 2015
REPORTING REQUIREMENT:
Report Type: Appraisal Report
PREPARED FOR:
Harry Henderson, SRA
Review Appraiser
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
2885 South Horseshoe Drive
Naples, Florida 34104
PREPARED BY:
CAPSTONE VALUATION ADVISORS
2575 Northbrooke Plaza Drive, Suite 201
Naples, FL 34119
TRACKING NUMBERS:
Capstone File No.: 15-500-0125
Client File No.: Parcel 102FEE Davis
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
November 10, 2015
Harry Henderson, SRA
Review Appraiser
COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS
2885 South Horseshoe Drive
Naples, Florida 34104
RE: PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT
3300 Davis Boulevard
Naples, Florida 34104
Capstone File No.: 15-500-0125
Client File No.: Parcel 102FEE Davis
Dear Mr. Henderson:
At the Collier County Board of County Commissioners’s request and authorization, we have prepared an appraisal in
order to form an opinion of the recommendation for compensation for the above referenced property. We have
prepared the written report in accordance with Standards Rule 2-2(a) of the Uniform Standards of Professional
Appraisal Practice (USPAP) as an Appraisal Report. This report presents discussions of the subject property, scope of
work, and valuation analysis. Any additional information relied upon by the appraiser, and not include included in this
report, has been retained in the appraiser’s work file.
The purpose of this appraisal was to develop an opinion of the “as is” recommendation for compensation of the
acquired easement area from the subject property. The “as is” recommendation for compensation opinion is made
under market conditions prevailing as of November 3, 2015.
Based on the intended use and in consideration of the subject’s physical and economic characteristics, we have
prepared an appropriate scope of work that will provide for a credible value result. The significant elements of the
scope of work included an: i) on-site observation of the subject and its surroundings; ii) an analysis of the subject’s
market area; iii) a collection, verification, and analysis of vacant land sales; and iv) completion of the sales
comparison approach to value.
Property Overview
The subject parent tract of this appraisal is improved with a free standing restaurant known as Joey D’s. The
restaurant sits on a 0.91-gross acre site located on the corner of Davis Boulevard and Airport-Pulling Road in Naples,
Florida. The property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD) by Collier County. The subject is adequately served by utilities and is generally
rectangular in shape.
Pertinent physical data regarding the subject before the taking is located in the following table.
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
Subject Property Before Taking
Total Site Area (Gross)0.91 Acres
Part Taken Area 0.07 Acres
Net Site Area 0.84 Acres
Shape Rectangluar
Topography Generally Level
Site Composition Native Lands
Utilities Collier County
Site Improvements Restaurant with Outside Bar and 35 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date
Flood Zone Zone Zone "AE"
May 16, 2012
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
Part Taken Overview
The part taken, Parcel 102FEE, is approximately 200 feet by 15 feet, or 2,887 square feet of land, that runs along the
western property boundary of the subject parent tract. Parcel 102FEE contains a total of 0.07 acres or 2,887 SF and
is irregular in shape. Site improvements within the taking area include an entrance driveway with concrete curbing,
landscaping, sod, fill and grading for drainage purposes.
Compensation Conclusion
Data, information and calculations leading to the value conclusion(s) are incorporated in the report following this
letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and
inseparable, from this letter.
Based on the analysis contained in the following report, our recommendation for compensation for the acquisition of
Parcel 102FEE is concluded as follows:
Compensation Items
Part Taken $98,900
Cost to Cure $6,000
Damages $0
Total Compensation $104,900
COMPENSATION CONCLUSION
The compensation conclusion opinion provided above is subject to the following extraordinary assumptions and
hypothetical conditions. If any of the assumptions or conditions are found to be false, it could have an impact on the
analyses and compensation conclusion opinions derived in this appraisal report.
Extraordinary Assumptions: None.
Hypothetical Conditions: None.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning
leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has
been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the
Uniform Standards of Professional Appraisal Practice (USPAP) and the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute.
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if we
can be of further service, please contact us.
Respectfully submitted,
CAPSTONE VALUATION ADVISORS
1 1 1 11111
15-500-0125 15-500-0125 15-500-0125 15-500-0125
1 1 1 11111
Michael P. Jonas, MAI, AI-GRS, CCIM
Managing Director | Southwest Florida
State-Certified General Real Estate Appraiser RZ2623
P: 239.777.3430
E: michael.jonas@cap-val.com
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT CERTIFICATION
CERTIFICATION
CERTIFICATION
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and our personal, impartial and unbiased professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject of this
report and have no personal interest in or bias with respect to the parties involved with this assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
5. 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.
6. This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum
valuation, a specific valuation, or an amount which would result in approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with
the Uniform Standards of Professional Appraisal Practice.
8. The subject property was inspected by Michael P. Jonas, MAI, AI-GRS, CCIM on November 3, 2015.
9. No one provided real property appraisal assistance to the persons signing this Certification.
10. Michael P. Jonas, MAI, AI-GRS, CCIM has extensive experience in the appraisal of similar property types.
11. Michael P. Jonas, MAI, AI-GRS, CCIM is currently certified in the state where the subject is located.
12. We have not performed any prior professional services regarding the subject property, as appraisers or
otherwise, within the three-year period immediately preceding acceptance of this appraisal assignment.
13. This report has been prepared in accordance with the rules issued by the State of Florida for State-Certified
Appraisers.
14. 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.
15. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
16. As of the date of this report, Michael P. Jonas, MAI, AI-GRS, CCIM has completed the continuing education
program for designated members of the Appraisal Institute.
1 1 1 11111
15-500-0125 15-500-0125 15-500-0125 15-500-0125
1 1 1 11111
Michael P. Jonas, MAI, AI-GRS, CCIM
Managing Director | Southwest Florida
State-Certified General Real Estate Appraiser RZ2623
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
CERTIFICATION ................................................................................................................................................ 2
EXECUTIVE SUMMARY ....................................................................................................................................... 5
INTRODUCTION – PARENT TRACT ..................................................................................................................... 6
REgional ANALYSIS ........................................................................................................................................... 9
NEIGHBORHOOD ANALYSIS ............................................................................................................................. 12
MARKET ANALYSIS .......................................................................................................................................... 14
SITE ANALYSIS ............................................................................................................................................... 17
ASSESSMENT & TAXES .................................................................................................................................... 20
HIGHEST & BEST USE – PARENT TRACT ........................................................................................................... 21
APPRAISAL METHODOLOGY ............................................................................................................................. 22
SALES COMPARISON APPROACH ...................................................................................................................... 23
VALUE OF AFFECTED IMPROVEMENTS ............................................................................................................. 26
PART TAKEN – PARCEL 102FEE ........................................................................................................................ 27
SUBJECT PROPERTY – AFTER THE TAKING ....................................................................................................... 29
HIGHEST & BEST USE – REMAINDER PROPERTY .............................................................................................. 30
VALUATION – REMAINDER PROPERTY ............................................................................................................. 31
COMPENSATION CONCLUSION ........................................................................................................................ 31
ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................................... 32
ADDENDA
ADDENDUM A: LAND SALE COMPARABLES
ADDENDUM B: SUBJECT PROPERTY INFORMATION
ADDENDUM C: DEMOGRAPHIC SUMMARIES
ADDENDUM D: PROPERTY INSPECTION LETTER
ADDENDUM E: QUALIFICATIONS
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
1
COLLIER COUNTY PROPERTY APPRAISER’S AERIAL TAX MAP
Parent Tract
Taking Area
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
2
SUBJECT SITE PLAN
Parent Tract
Taking Area
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
3
FACING NORTH ON AIRPORT ROAD FACING SOUTH ON AIRPORT ROAD
FACING SOUTH FROM DAVIS BLVD FACING EAST ON DAVIS BLVD
TYPICAL VIEW OF TAKING AREA (FEB 2015) TYPICAL VIEW OF TAKING AREA (FEB 2015)
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
4
AERIAL ZONING MAP
FUTURE LAND USE MAP FLOOD MAP – ZONE “AE”
TRAFFIC MAP ONE-MILE RADIUS
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT EXECUTIVE SUMMARY
5
EXECUTIVE SUMMARY
The pertinent physical and financial data with respect to the subject property and our appraisal is presented below:
Property Name Parcel 102FEE Airport Road and Davis Boulevard Project
Location 3300 Davis Boulevard
Naples, Florida 34104
Property Tax Parcel 390640002
Appraisal Data
Interest Appraised Fee Simple Estate
Valuation Date November 3, 2015
Part Taken Parcel 102FEE
Property Rights Acquired Fee Simple Estate
Taking Area 0.07 Acres 2,887 SF
Subject Property Before Taking
Total Site Area (Gross)0.91 Acres
Part Taken Area 0.07 Acres
Net Site Area 0.84 Acres
Shape Rectangluar
Topography Generally Level
Site Composition Native Lands
Utilities Collier County
Site Improvements Restaurant with Outside Bar and 35 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date
Flood Zone Zone Zone "AE"
Easements/Encumbrances None
Subject Property After Taking
Total Site Area (gross)0.91 Acres
Part Taken Area 0.07 Acres
Net Site Area 0.84 Acres
Shape Rectangluar
Topography Generally Level
Site Composition Native Lands
Utilities Collier County
Site Improvements Restaurant with Outside Bar and 35 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date May 16, 2012
Compensation Items
Part Taken $98,900
Cost to Cure $6,000
Damages $0
Total Compensation $104,900
EXECUTIVE SUMMARY
May 16, 2012
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
6
INTRODUCTION – PARENT TRACT
The following information has been provided in the section below: identification of the property, property ownership
& recent history, the purpose and intended use of this appraisal, the appraisal process, the property rights
appraised, the definition of value, estimate of exposure & marketing time, and other miscellaneous terms &
definitions.
IDENTIFICATION OF PROPERTY
The subject parent tract of this appraisal is improved with a free standing restaurant known as Joey D’s. The
restaurant sits a 0.91 gross acre site located on the corner of Davis Boulevard and Airport-Pulling Road in Naples,
Florida. The property is zoned C-4 GTMUD, Gateway Triangle Mixed Use District by Collier County. The Collier
County Property Appraiser identifies the subject as parcel number: 390640002.
Legal Description
The legal description for the subject property is a lengthy metes and bounds description. The legal description is
provided in Deed Book 4110 / Page 1307 of the Collier County Public Records. Please refer to the Addendum of this
report for a copy of the deed of the most recent transfer of the subject property which includes the full legal
description. The Collier County Property Appraiser identifies the subject as parcel number: 390640002.
PROPERTY OWNERSHIP & RECENT HISTORY
Current Ownership History
According to the Collier County Property Appraiser, legal title to the subject is held in the name of Utopia
Properties, LLC. The property was acquired from Terry C. Krantz and Constance E. Krantz on September 14, 2006,
for $2,100,000. This transaction was recorded in Official Records Book 4110 Page 1307 and was considered arms
length.
Contracts and Listings
We are unaware of any contracts, offers to purchase, or listings regarding the subject in the previous three-year
period.
CLIENT AND INTENDED USE/USERS
The client of this report is Collier County Board of County Commissioners. The intended user of this report is Collier
County Board of County Commissioners. The intended use of this appraisal is for potential acquisition of the part
taken by the client for use in the AIRPORT ROAD AND DAVIS ROAD PROJECT.
TYPE AND DEFINITION OF VALUE
Based on Florida case law (Source: State Road Dept. V. Stack, 231 So. 2nd 859 FL 1st DCA 1969), Market Value is
defined as:
“The amount of money that a purchaser willing but not obligated to buy the property would pay an owner willing
but not obligated to sell, taking into consideration all uses to which the property is adapted and might be applied in
reason. Inherent in the willing buyer-willing seller test of fair market value is the following:
1. A fair sale resulting from fair negotiations;
2. Neither party is acting under compulsion of necessity (this eliminates forced liquidation or sale at auction).
Economic pressure may be enough to preclude a sale’s use;
3. Both parties having knowledge of all relevant facts;
4. A sale without peculiar or special circumstances; and
5. A reasonable time to find a buyer.”
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
7
SCOPE OF WORK
In the process of preparing this appraisal:
• Our inspection was limited to an observation of the subject via the public right-of-way. As a result, our
observations were limited to those items readily observable from the public right-of-way. We did not attempt to
detect any physical issues that would not be readily observable from the public right-of-way. As well, we did
not attempt to detect any environmental hazards at the subject that were not readily observable from the
public right-of-way, nor did we conduct any off-site research into potential environmental hazards which might
impact the subject.
• We were not provided with any surveys of the subject. Public records were utilized to estimate the size of each
parcel and the overall property. We were provided with a survey and legal description of the taking area for
Parcel 102FEE from the client .
• The subject’s surrounding environment was toured in an attempt to identify and consider those characteristics
that may have a legal, economic or physical impact on the subject. However, unless otherwise noted in this
appraisal, no research into non-observable neighborhood issues such as environmental contamination, pending
public condemnation issues, etc., was completed;
• The micro and/or macro market environments were observed with respect to physical and economic factors
relevant to the valuation process; expanded this knowledge through interviews with regional and/or local
market participants, available published data and other various resources;
• Regional and/or local research was completed with respect to applicable tax data, zoning requirements, flood
zone status, demographics, and comparable listing and sale information;
• The data gathered through the use of appropriate and accepted appraisal methodology was analyzed to arrive
at a probable value indication via the sales comparison approach to value. The sales comparison approach is
the most applicable because it measures the most recent market activity between sellers and buyers for similar
vacant properties. The cost approach was applicable to estimate the contributory value of the site
improvements within the taking area. The income approach was not applicable as it is not typically used for
valuing vacant land parcels. The omission of the income capitalization approach in valuing the subject does not
affect the credibility of the market value conclusion contained herein;
• The results were correlated and reconciled into a reasonable and defensible value conclusion, as defined
herein; and
• The taking area Parcel 102FEE, a proposed taking of approximately 200 feet by 15 feet, or 2,887 square feet of
land located along the western property boundary was inspected and a recommendation for compensation was
estimated.
• A reasonable exposure time and marketing time was estimated in conjunction with the value estimate
presented.
DATE OF VALUES & PROPERTY VISITATION
The date of the “as is” market value is November 3, 2015. The date of our most recent property inspection was
November 3, 2015.
PROPERTY RIGHTS APPRAISED
The subject’s fee simple estate has been appraised. No title work was provided by the client. No easements or
encumbrances were noted on the subject parent tract prior to the taking.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
8
EXPOSURE & MARKETING TIME
Current appraisal guidelines require an estimate of a reasonable time period in which the subject property could be
brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a
historic analysis, this is referred to as exposure time. Exposure time always precedes the date of value with the
underlying premise being the time a property would have been on the market prior to the date of value, such that it
would sell at its appraised value as of the date of value. On a prospective basis, the term marketing time is most
often used. The exposure or marketing time is a function of price, time, and use. It is not an isolated estimate of
time alone. It is different for various types of real estate and under various market conditions. In consideration of
these factors, we have analyzed comparable sales, investor surveys and the opinions of market participants.
The following table presents the information derived from these sources:
Source
Land Sales 6.0 Mo.-24.0 Mo.12.0 Mo.
Market Participants 3.0 Mo.-12.0 Mo.6.0 Mo.
Conclusion
Typical
6-12 Months
Range in Months
EXPOSURE & MARKETING TIME
Our comparable sales provide a marketing time range that is much greater than would be expected within the
current market. Collier County is in the beginning stages of recovery and marketing times have been decreasing.
Furthermore, participants report increased activity for this type of property. Overall, an exposure/marketing time of
12 months or less is considered reasonable for the subject. This exposure/marketing time reflects current economic
conditions, current real estate investment market conditions, the terms and availability of financing for real estate
acquisitions, and property and market-specific factors. It assumes that the subject property is (or has been) actively
and professionally marketed. The marketing/exposure time would apply to all valuation premises included in this
report.
TERMS & DEFINITIONS
The following definitions of pertinent terms are taken from the Dictionary of Real Estate Appraisal, Fifth Edition
(2010), published by the Appraisal Institute.
Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
9
REGIONAL ANALYSIS
The following map depicts the subject’s physical location within the Naples-Marco Island MSA.
Recent Performance
According to Moody’s Economy.com, Naples is galloping closer to a new cycle of economic expansion. Job growth
has slowed slightly from last year's scorching pace but is still trending well ahead of even the strong Florida
average. Aside from the metro area’s staple consumer services, hiring has also been exceptionally strong in
manufacturing and in higher-paying business services.
As in the rest of the state, house prices have accelerated to their heartiest pace since the bust, easily beating the
U.S. average. Foreclosures have started to dip again after the backlog of distressed properties reared up into the
early months of 2013. Demand from investor buyers, while slowing, is still strong enough to quickly absorb the
distressed inventory and allow buoyant pricing across the housing market. Also encouraging, especially for the
Naples market, sales of high-priced condos are soaring as wealthier retirees, flush with years of financial portfolio
gains, are again flocking to prime Florida locations.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
10
Shopping
Metro area consumer services will continue their extraordinary winning stretch. Florida added more retail jobs in
2013 than any other state, and Naples’s 4.5% gain in industry payrolls ranked it the strongest performer among
U.S. metro areas. A rising stock market and strong sales at auto dealerships were instrumental last year. Even if
equities stop short of last year’s stellar gains, consumer confidence will remain strong amid other signs of economic
recovery. Retail sales will also maintain momentum because much of the pent-up demand for autos, household
appliances, and other durable goods has yet to be released after years of delayed purchases. Strong statewide and
metro area population growth will also fuel the retail boom. In addition to the renewed influx of retirees, younger
workers will come to Naples seeking jobs.
Hospitality
Tourism will also be a key driver. Last year’s hiring surge lifted industry payrolls firmly above the prerecession peak,
and a calmer pace of job growth will still allow Naples to outperform in coming months. Collier County visitor counts
rose firmly above year-earlier levels in the first quarter thanks to a strong revival in traffic from Europe. Further
indicating the upside from improved consumer confidence in the U.S. and overseas, tourist spending is off to an
even stronger start than the visitor count in 2014. Visitations, spending, and hotel occupancy all point to the metro
area’s most successful winter tourist season in many years. The county’s tourism promoters in Europe are reporting
a surge in interest and advance bookings, suggesting continued strength into the summer, when overseas visitors
typically favor Naples.
Useful Support
The metro area is making big strides in diversifying the economy. Manufacturing and professional services, while
relatively small segments, have made strong contributions over the past year, and the outlook has brightened.
Medical devices maker Arthrex continues to implement its multiyear expansion plan in Naples, boosting the
prospects of a budding medical sciences cluster in the metro area. Collier County’s efforts to attract large biotech
operations have run into budget problems in recent years, but an improving fiscal picture will allow more public
incentives. A recovering property tax base, rising sales tax collections, and lesser need for K-12 education spending
will free up resources for fostering new industries and attracting firms.
2011 2012 2013 2014 Indicators 2015 2016 2017 2018
9.7 10.2 10.7 11.3 Gross Metro Product, C$B 11.9 12.4 12.8 13.2
1.2 5.1 5.1 4.8 % Change 5.8 4.5 3.0 2.7
114.9 118.7 123.4 129.9 Total Employment (000)134.7 139.2 142.6 145.1
3.3 3.3 4.0 5.2 % Change 3.7 3.4 2.4 1.8
10.2 8.5 6.7 5.9 Unemployment Rate 6.0 5.9 5.7 5.6
5.6 3.9 3.8 7.8 Personal Income Growth 8.7 7.6 6.1 5.3
327.5 332.5 337.0 342.7 Population (000)348.5 354.7 361.3 368.2
920 1,296 1,726 2,163 Single-Family Permits 3,716 4,213 3,943 3,614
400 316 1,128 2,967 Multifamily Permits 3,823 3,970 3,971 3,860
326.7 345.2 406.7 415.2 Existing Home Price ($Ths)411.8 407.1 414.2 422.9
2,100 2,555 1,858 1,404 Mortgage Originations ($Mil)1,592 1,430 1,383 1,656
6.8 4.7 4.2 5.4 Net Migration (000)5.5 5.9 6.3 6.6
1,284 1,060 824 800 Personal Bankruptcies 776 796 847 926
Naples-Marco Island MSA
Source: Economy.com
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
11
Major Employers
Rank Company No. of Employees
1 Naples Community Hospital Inc. 4,000
2 Publix Supermarkets 3,246
3 Marriott International Inc. 1,800
4 Wal-Mart Stores Inc. 1,715
5 Gargiulo Inc. 1,110
6 Winn-Dixie 1,014
7 The Home Depot U.S.A. Inc. 1,012
8 Arthrex Inc. & Manuf. 954
9 Home Team Inspection Svc. 900
10 Pacific Tomato Growers 800
Source: Economy.com
MAJOR EMPLOYERS
Employment
Collier County Spark Line YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YTD 2015
Labor Force 144,627 148,485 154,121 160,110 164,634 165,254
% Change --2.7%3.8%3.9%2.8%0.4%
Employment 127,876 133,216 142,805 151,526 156,817 156,984
% Change --4.2%7.2%6.1%3.5%0.1%
Unemployed 16,751 15,269 11,316 8,584 7,817 8,270
% Change ---8.8%-25.9%-24.1%-8.9%5.8%
UE Rate 11.6%10.3%7.3%5.4%4.7%4.7%
UE Ranking (1 Lowest - 67 Highest)46 32 25 19 11 7
Florida Spark Line YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YTD 2015
Labor Force 9,132,000 9,249,000 9,303,000 9,379,723 9,571,000 9,592,000
% Change --1.3%0.6%0.8%2.0%0.2%
Employment 8,102,000 8,278,000 8,570,000 8,825,312 9,056,000 9,064,000
% Change --2.2%3.5%3.0%2.6%0.1%
Unemployed 1,030,000 970,000 733,000 554,411 515,000 528,000
% Change ---5.8%-24.4%-24.4%-7.1%2.5%
UE Rate 11.3%10.5%7.9%5.9%5.4%5.5%
UE Ranking (1 Lowest - 51 Highest)47 46 35 24 26 29
*Source: Florida Labor Market Statistics
REGIONAL EMPLOYMENT STATISTICS
Conclusion
Moody’s Economy.com predicts that Naples will maintain a strong recovery over the next year as rising U.S.
incomes and economic recovery in Europe support key metro area industries. Job growth will easily outpace the
U.S. average, but at a less glaring rate than recently. Healthy demographics and the presence of important service
industries will make Naples an above-average long-term performer as well.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT NEIGHBORHOOD ANALYSIS
12
NEIGHBORHOOD ANALYSIS
The following map depicts the subject’s physical location within the neighborhood area.
Location
The subject is a corner lot located on the south side of Davis Boulevard and the east side of Airport Pulling Road in
the East Naples area of Collier County. The subject’s immediate market area is bound by Golden Gate Parkway to
the north and Tamiami Trail E (US 41) to the southwest.
Access
US Highway 41 (Tamiami Trail) is the primary commercial corridor for Naples as well as serving as the primary
transportation corridor for Naples. US Highway 41 is a variable-width right-of-way, traversing the neighborhood in a
northwest-southeast direction. US Highway 41 connects the subject neighborhood with Tampa to the north and to
Miami to the east. US Highway 41 is fairly heavily traveled, with daily trips increasing as the population and
business base in the area continues to expand.
Davis Boulevard (SR 84) is a main east/west thoroughfare for this neighborhood and is the north frontage of the
subject. The road begins at Collier Boulevard (CR 951), just south of Interstate 75 at Exit 101 and ends at US
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT NEIGHBORHOOD ANALYSIS
13
Highway 41 (Tamiami Trail) going westward. Davis Boulevard is a four-lane road, with the east and west directions
being separate by a grass median with attractive landscaping and trees.
Airport Pulling Road is a main north/south thoroughfare for this neighborhood and is the west frontage of the
subject. The road begins at Tamiami Trail E (US 41), just south of the subject and ends to the north at Immokalee
Road in North Naples. Airport Pulling Road is a six-lane road, with the north and south directions being separate by
a grass median with attractive landscaping and trees.
Interstate 75 is part of the U.S. interstate system. It runs in a north / south direction. Interstate 75 begins in
Hialeah, Florida, running along the western parts of South Florida before traveling westward across Alligator Alley,
resuming its northward direction in Naples, and running along Florida’s Gulf Coast towards Tampa. Access to
Interstate 75 is possible from the Golden Gate Parkway Exit, which is Exit 105 or the Collier Boulevard (SR 951)
Exit, which is Exit 101. Exit 101 is the last exit before Interstate 75 turns into Alligator Alley, which is a toll road.
Public transportation is provided by the Collier Area Transit (CAT) in Collier County. This service provides access to
the developed areas of Collier County. The local market perceives public transportation as good compared to other
areas in the region; however, the primary mode of transportation is the automobile.
The Naples Municipal Airport (APF) is located just south of the subject property. The Southwest Florida
International Airport (RSW) is located approximately 30 miles north of the subject property and travel time is
approximately 30 - 35 minutes, depending on traffic conditions. Downtown Naples or 5th Avenue South, the cultural
and economic center of the area, is located less than 1 mile west of the subject property and travel time is less
than 5 minutes.
Overall, access to the subject neighborhood is considered good.
Land Uses
The land use in the subject’s immediate neighborhood is mainly residential, with a slight retail and office presence.
The subject is next to a Home Depot and across the street from a Walgreens and a SunTrust Bank along Davis
Boulevard. South of the subject is the Collier County Courthouse at the northeast corner of Airport Pulling Road
South and Tamiami Trail East. West of the subject is the Village Plaza Shopping Center and Brookside Marina.
Residential communities are to the east of the subject.
Barriers to Entry
The barriers to entry are relatively high, mainly attributed the area being mostly built out. Overall, the barriers to
entry are typical in the area and we are not aware of any extraordinary governmental barriers to entry.
Demographic Profiles
The demand drivers for the subject include; 1) its frontage along Airport Pulling Road 2) its proximity to retail
clusters; 3) its proximity to the Collier County Courthouse and Downtown Naples, and 4) its proximity to residential
neighborhoods which provide potential employees and customers.
CONCLUSION
The immediate area appears to be showing signs of stabilization according to conversations with market
participants, as prospects for new development in the near term improve. Property values are appreciating,
vacancy rates are decreasing and rental rates are increasing. Given that the subject is positioned adequately within
the neighborhood, sufficient demand can be expected for the foreseeable future. The subject property is situated in
an established retail corridor with nearby commercial uses and it is likely that the subject will benefit from these
uses and be positioned favorably over the long-term.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
14
MARKET ANALYSIS
The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and
indications of financial feasibility. Primary data sources utilized for this analysis include CoStar and our own
research. We have defined a broader market area for comparison purposes of Collier County, and will then compare
those Retail market statistics to properties located in the submarket. The data was extracted from the current
CoStar analytic figures provided.
Market Summary
Market statistics for Collier County as well as the defined submarket East Naples are shown in the following table:
Collier County East Naples
Total Inventory 23,372,615 4,198,769
Vacant Inventory 1,829,484 552,942
Vacancy Rate 7.8%13.2%
Occupancy Rate 92.2%86.8%
Average Rent $18.11 $15.18
Absorption 32,836 37,114
New Construction 115,701 3,400
Survey Date 2015 Q4 2015 Q4
CURRENT RETAIL MARKET TRENDS
Historical market statistics for Retail space within the broader market area and submarket are shown in the
following table.
Period Avg.
Effective
Rent
Effective
Rent %
Change
Deliveries Net Absorp. Vac.
Rate
Avg.
Effective
Rent
Effective
Rent %
Change
Deliveries Net
Absorp.
Vac.
Rate
2009 Q1 $23.14 --114,204 6,630 6.8%$17.12 --20,728 (27,711)6.7%
2009 Q2 $21.87 -5.49%112,444 112,780 7.0%$17.67 3.21%18,968 (1,205)7.2%
2009 Q3 $21.37 -2.29%126,268 (149,871)8.5%$17.60 -0.40%18,968 (45,539)8.7%
2009 Q4 $20.16 -5.66%218,087 (331,754)9.1%$16.79 -4.60%18,968 (63,221)10.2%
2010 Q1 $18.13 -10.07%222,619 (37,313)9.6%$16.04 -4.47%21,428 19,158 10.5%
2010 Q2 $17.36 -4.25%92,931 43,794 10.0%$15.60 -2.74%21,428 14,733 10.6%
2010 Q3 $16.99 -2.13%87,491 75,809 10.0%$15.75 0.96%18,968 (19,534)10.6%
2010 Q4 $16.88 -0.65%86,671 121,607 10.0%$14.97 -4.95%18,968 (19,929)11.8%
2011 Q1 $16.79 -0.53%86,671 (84,467)10.4%$14.92 -0.33%18,968 (58,832)13.2%
2011 Q2 $16.78 -0.06%86,671 107,619 10.3%$14.90 -0.13%18,968 12,697 13.9%
2011 Q3 $16.50 -1.67%84,776 119,594 9.7%$13.43 -9.87%18,968 51,564 12.1%
2011 Q4 $16.34 -0.97%84,776 127,051 9.5%$12.73 -5.21%18,968 15,242 12.1%
2012 Q1 $16.27 -0.43%67,896 25,832 9.6%$12.59 -1.10%15,912 6,212 12.1%
2012 Q2 $16.73 2.83%71,996 17,221 8.9%$14.02 11.36%15,912 53,191 10.8%
2012 Q3 $16.72 -0.06%51,433 39,884 8.6%$13.71 -2.21%15,912 (2,089)10.9%
2012 Q4 $16.63 -0.54%52,633 5,721 8.5%$13.90 1.39%17,112 (15,626)11.4%
2013 Q1 $16.81 1.08%48,533 11,538 8.6%$13.90 0.00%17,112 6,503 11.9%
2013 Q2 $16.45 -2.14%48,533 61,910 8.4%$13.89 -0.07%17,112 22,362 11.9%
2013 Q3 $16.71 1.58%135,708 84,192 7.9%$14.02 0.94%15,912 6,932 11.9%
2013 Q4 $16.93 1.32%84,520 23,699 7.8%$14.50 3.42%15,912 (39,005)12.2%
2014 Q1 $16.82 -0.65%88,939 37,593 7.8%$14.21 -2.00%15,912 (1,419)13.1%
2014 Q2 $17.42 3.57%121,075 67,064 7.7%$14.43 1.55%0 12,788 13.4%
2014 Q3 $17.97 3.16%122,260 38,907 7.2%$14.38 -0.35%1,185 9,524 13.8%
2014 Q4 $18.05 0.45%119,900 69,020 7.1%$14.40 0.14%1,185 (57,132)13.7%
2015 Q1 $18.78 4.04%164,477 18,342 7.3%$14.96 3.89%1,185 31,893 12.9%
2015 Q2 $18.51 -1.44%167,877 (14,415)7.1%$15.16 1.34%4,585 (16,538)12.1%
2015 Q3 $18.17 -1.84%119,227 28,914 7.7%$15.22 0.40%3,400 4,828 13.1%
2015 Q4 $18.11 -0.33%115,701 32,836 7.8%$15.18 -0.26%3,400 37,114 13.2%
Collier County East Naples
HISTORICAL RETAIL MARKET TRENDS
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
15
According to CoStar, the Collier County Retail market’s inventory increased 2.96% since the 2009 Q1. The current
vacancy is 7.8%. The market has been improving during our study period. During our study period, vacancy has
ranged from the current low rate of 6.8% to the high rate of 10.4% and averaged 8.5%. The downward trend in
vacancy is attributed to 659,737 square feet of net absorption or an average of 23,562 square feet per quarter
since 2009 Q1. The reported rental rate is $18.11 per square foot which is a -21.74% change from the market high
over the study period. However, the current rental rate is 11.31% higher than the market low of $16.27 per square
foot during the study period.
The submarket’s Retail market inventory increased 1.42% since the 2009 Q1. The submarket has been improving
during our study period. During the study period, vacancy has ranged from the current low rate of 6.7% to the high
rate of 13.9% and has averaged 11.6%. The downward trend in vacancy is attributed to -63,039 square feet of
net absorption or an average of -2,251 square feet per quarter since 2009 Q1. The reported rental rate is $15.18
per square foot which is a -14.09% change from the market high of $17.67 per square foot over the study period.
However, the current rental rate is 20.57% higher than the market low of $12.59 per square foot during the study
period.
Retail market sale statistics for the broader market area are presented in the following table:
MSA SALE STATISTICS
SUBMARKET SALE STATISTICS
Sales price per SF in the MSA is higher compared to the five-year average and cap rates are lower during this time
period. Sales volume is significantly higher than the five-year average. The improvement of the market area with
increasing sales prices and decreasing vacancy should help prices continue to increase.
Sales price per SF in the submarket is higher compared to the five-year average and cap rates are slightly lower
during this time period. Sales volume is higher than the five-year average. The improvement of the market area
with increasing sales prices and decreasing vacancy should help prices continue to increase.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
16
Occupancy
Our conclusion of stabilized occupancy for the subject is illustrated in the following table:
Market Area Occupancy
Collier County: Current 92.2%
Submarket Occupancy 2008 to Present: Average 88.4%
Submarket: Current 86.8%
Stabilized Estimate 90.0%
STABILIZED OCCUPANCY
The average occupancy rate for the submarket is 88.4%. The current broader market occupancy is 92.2% and the
submarket occupancy is 86.8%. We have concluded the stabilized occupancy rate for the subject at 90.0%.
The chart above shows the vacancy rate for the Retail market in Collier County has experienced a steady decrease
over the past 5 years, with approximately 9.3% at the end of 2009 to approximately 6.6% at the end of 2014. In
August of-2015, the vacancy rate was approximately 6.5%.
The chart above shows the vacancy rate for the Retail market in East Naples has decreased slightly over the past 5
years, with approximately 9.5% at the end of 2009 to approximately 9.2% at the end of 2014. In August of-2015,
the vacancy rate was approximately 8.8%.
CONCLUSION
In both the broader Collier County market and the East Naples submarket, rental rates have been stabilizing with
decreasing vacancy. Both areas are continuing their climb out of the recession and by most accounts, the market is
in a growth stage as seen by significant increases in redevelopments and absorption since market vacancy highs.
The growth is not as seemingly exponential as it was during the real estate boom years in the early 2000’s, but low
interest rates at the current time should help to keep the slow and steady growth currently being experienced
throughout the near term.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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SITE ANALYSIS
Below we have summarized the pertinent features of the subject parent tract, with additional discussion and detail
provided as needed in the section which follows.
Land Data Rating
Total Site Area (Gross)0.91 Acres 39,640 SF Average
PartTaken Area 0.07 Acres 3,049 SF --
Net Site Area 0.84 Acres 36,590 SF Average
Shape Rectangluar Good
Topography Generally Level Average
Site Composition Joey D's Restaurant Average
Site Improvements Restaurant with Outside Bar and 35 Parking Spaces Below Average
Infrastructure Primary Road Secondary Road Rating
Frontage Road Airport-Pulling Road Davis Boulevard Good
Road Frontage 200 Feet (Est.)200 Feet (Est.)Good
Road Trips 30,500 ADT (Est.)23,000 ADT (Est.)Average
Traffic Lanes 6-Lane, Asphalt 4-Lane Asphalt Good
Traffic Signal Yes Yes Good
Median Break No No Average
Sidewalks/Curb & Gutters Yes Yes Good
Utilities Rating
Water Collier County Average
Sewer Collier County Average
Electricity Florida Power & Light Average
Telephone Multiple Carriers Average
Mass Transit Collier Area Transit Average
Jurisdictional Rating
Zoning Jurisdiction Collier County --
Zoning District Good
Future Land Use Good
Permitted Uses
Good
Legally Conforming Yes -
Flood Map Panel 12021C0394H -
Flood Map Date -
Flood Zone Zone Zone "AE"Average
Other Noted Not Noted Unknown
Easements X
Encroachments X
Deed Restrictions X
Environmental Issues/Hazardous Materials X
SITE SUMMARY
May 16, 2012
The purpose and intent of the Gateway Triangle Mixed Use District is to
encourage revitalization of the Gateway Triangle portion of the Bayshore
Gateway Triangle Redevelopment Area with human-scale,pedestrian-oriented,
interconnected projects that are urban in nature and include a mix of
residential types and commercial uses
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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Bayshore Gateway Triangle Redevelopment Area
The subject is located within the Mini-Triangle of the Gateway Triangle Mixed Use Overlay District. This
redevelopment area extends north of Tamiami Trail as a large triangle area. The triangle’s borders consist of Davis
Boulevard, Tamiami Trail and Airport Road.
The Gateway Triangle Mixed Use Overlay District borders the Bayshore Mixed Use Overaly District. Tamiami Trail is
the common boundary of these two districts, with the Bayshore Overlay area lying to the south of Tamiami Trail
and the Gateway Triangle area to the north. Both of these redevelopment areas make up approximately 1,800
acres in size.
These areas are certainly beset by many problems that are typical of older urban areas that have passed over in
the wave of newer urban development. Dilapidated and vacant structures are present in the area. At the same
time, the area possesses a number of assets, which present some clear opportunities that are supportive of
redevelopment.
The most recent completed project is the rezoning of a 17-acre Cultural Arts site at the corner of Bayshore Drive
and Jeepers Drive, southeast of the subject. The site will include a 350-seat black box theater, an open-air
amphitheater, and a mixed-use commercial/residential district.
Subject
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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Zoning & Future Land Use
The preceding map depicts the subject’s area and surrounding uses, as well as the zoning districts surrounding the
subject.
Component Detail
Zoning Jurisdiction Collier County
Current Zoning
Future Land Use Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment Overlay
Legally Conforming Yes
Zoning Change Not likely
Uses Permitted
Development Standards
Minimum Lot Size 10,000 SF
Minimum Lot Width 100 Feet
Max. FAR None
Front Yard Setback 7 Feet
Side Yard Setback
Rear Yard Setback
Max. Building Height 56 Feet
Minimum Building Floor Area 700 Feet per unit
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use Subdistrict (C-4-GTMUD-
MXD)
ZONING & FUTURE LAND USE SUMMARY
The purpose and intent of the Gateway Triangle Mixed Use District is to encourage revitalization of the
Gateway Triangle portion of the Bayshore Gateway Triangle Redevelopment Area with human-scale,
pedestrian-oriented, interconnected projects that are urban in nature and include a mix of residential
types and commercial uses.
10 Feet
50 Feet
The subject’s zoning district is consistent with the future land use designation.
CONCLUSION
The site provides a functional configuration and adequate access for a variety of uses. Overall, the site is generally
level, at road grade and has all necessary utilities available. Lastly, we are unaware of any environmental issues or
hazardous materials that may adversely impact the market value/utility of the site. Overall, the site is considered
well-suited for a variety of uses and we are not aware of any physical issues with the site that would prevent it
from being developed with its highest and best use, as vacant.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ASSESSMENT & TAXES
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ASSESSMENT & TAXES
Below we have summarized the pertinent information with regard to the parent tract’s historical and current
assessment and real estate taxes. Additional discussion and detail will be provided as needed in the section which
follows.
Description 2013
Assessed Value $674,952 $689,586 $707,343
Assessed Value $ Per Acre $741,705 $757,787 $777,300
Exemptions $0 $0 $0
Taxable Value $674,952 $689,586 $707,343
Tax Rate 1.19327%1.17997%1.16727%
Base Tax Expense $8,054 $8,137 $8,257
Add: Non Ad-Valorem $0 $0 $0
Gross Tax Expense $8,054 $8,137 $8,257
Less: 4.0% Early-Pmt Disc.-$322 -$325 -$330
Net Tax Expense $7,732 $7,811 $7,926
Parcel ID: 390640002
ASSESSMENT & TAX SUMMARY
2014 2015 Proposed
The State of Florida offers a discount for early payment of real estate taxes before the required due date. The
discount is 4% if paid by November 30th; 3% by December 31st, 2% by January 31st, and 2% by the end of
February. The real estate taxes are considered delinquent if not paid by April 1st of each year.
The law in state of Florida indicates that the local assessor should reflect 100% of fee simple market value,
assuming market leases in place (where applicable). However, in actual practice the local assessments often vary
anywhere from 75% to 90% of market value for most property types. Part of the reason for this gap is that the
assessor’s office allows for a discount to reflect transaction costs that the seller would experience in selling the
property. Another reason for the difference is to reduce the frequency of appeals.
The subject’s 2015 preliminary market value appears to be low. According to the Collier County Tax Collectors
Office, there are no delinquent taxes for the subject property.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT HIGHEST & BEST USE
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HIGHEST & BEST USE – PARENT TRACT
In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The
four criteria the highest and best use must meet are:
• Legally permissible;
• Physically possible;
• Financially feasible; and
• Maximum profitability
Highest and best use analysis involves assessing the subject both as if vacant and as improved.
AS VACANT
Legally Permissible
The subject property is zoned C-4 GTMUD, Gateway Triangle Mixed Use District and the following uses are
allowable: The purpose and intent of the Gateway Triangle Mixed Use District is to encourage revitalization of the
Gateway Triangle portion of the Bayshore Gateway Triangle Redevelopment Area with human-scale, pedestrian-
oriented, interconnected projects that are urban in nature and include a mix of residential types and commercial
uses. Given the prevailing land use patterns in the area, only retail use is given further consideration in
determining the highest and best use of the site, as though vacant.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall,
the site is generally level and at road grade. Water and sewer are available to the site. There are no known physical
reasons why the subject site would not support many of the legally permissible developments, subject only to
limitations on site size and dimensions. Overall, the site is considered well-suited for retail development.
Financially Feasible
The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the
legally probable land uses versus the cost to create the uses. As stated within the market analysis, the subject is
well-positioned for retail use and there is demand for retail development in the area. Overall, development of a
retail uses is financially feasible.
Maximally Productive
The final test of highest and best use of the site as though vacant is that the use be maximally productive, yielding
the highest returns to the land. In the case of the subject as though vacant, the analysis has indicated developing
the site with a retail use is the best use of the property.
CONCLUSION: HIGHEST AND BEST USE AS VACANT
Based on the foregoing analysis, the highest and best use of the site is for retail development.
AS IMPROVED
The subject parent tract of this appraisal is improved with a free standing restaurant known as Joey D’s. The
existing improvements provide a positive cash flow that is anticipated to continue into the future. Therefore, the
highest and best use of the parent tract as improved is for continued use as a restaurant. Use as a restaurant is
consistent with the highest and best use of the site as vacant.
Building and site improvements located outside of the taking area are not considered within the following valuation
analysis.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT APPRAISAL METHODOLOGY
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APPRAISAL METHODOLOGY
In appraisal practice, an approach to value is included or omitted based on its applicability to the property type
being valued and the quality and quantity of information available.
COST APPROACH
The cost approach is based upon the proposition that the informed purchaser would pay no more for the subject
than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when
the property being appraised involves relatively new improvements that represent the highest and best use of the
land, or when relatively unique or specialized improvements are located on the site and for which there exist few
sales or leases of comparable properties.
SALES COMPARISON APPROACH
The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value
for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot,
price per unit, price per floor, etc., or economic units of comparison such as gross rent multiplier. Adjustments are
applied to the physical units of comparison derived from the comparable sale. The unit of comparison chosen for
the subject is then used to yield a total value. Economic units of comparison are not adjusted, but rather analyzed
as to relevant differences, with the final estimate derived based on the general comparisons.
INCOME CAPITALIZATION APPROACH
The income capitalization approach reflects the subject’s income-producing capabilities. This approach is based on
the assumption that value is created by the expectation of benefits to be derived in the future. Specifically
estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from
a property over a period of time. The two common valuation techniques associated with the income capitalization
approach are direct capitalization and the discounted cash flow (DCF) analysis.
METHODOLOGY APPLICABLE TO THE SUBJECT
In valuing the subject, the sales comparison approach is the most applicable because it measures the most recent
market activity between sellers and buyers for similar vacant properties. The cost approach was applicable to
estimate the contributory value of the site improvements within the taking area. The income approach was not
applicable as it is not typically used for valuing vacant land parcels. The omission of the income capitalization
approach in valuing the subject does not affect the credibility of the market value conclusion contained herein.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SALES COMPARISON APPROACH
23
SALES COMPARISON APPROACH
In order to estimate the market value of the subject parent tract, we have utilized the sales comparison approach
that directly compares the subject to recent sales of similar type properties. Typically, the most widely used and
market oriented unit of comparison for vacant land similar to the subject is the sale price gross square foot. All
transactions used in this analysis are computed on this basis.
Our initial search was based on the following parameters:
● Vacant land sales from 0.75 to 2.0 acres in size;
● Commercial zoned properties located in Naples, Florida;
● A sale date within the last 12 months.
Our search for comparable properties involved a thorough search of the local MLS and the Collier County property
Appraiser. The sales utilized were considered most similar to the subject. We have included detailed write-ups in
the Addenda of this report.
Land Sale Map
Subject Property:
3300 Davis Boulevard
Comparable No. 1:
5102 Tamiami Trail E
Comparable No. 2:
894 Airport Pulling Road
Comparable No. 4:
5421 Juliet Boulevard
Comparable No. 3:
2511 Pine Ridge Road
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SALES COMPARISON APPROACH
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Land Sales Adjustment Grid
Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Subject
Address 5102 Tamiami Trail E 894 Airport Pulling
Road N.
2511 Pine Ridge Road 5421 Juliet Boulevard 3300 Davis Boulevard
Parcel No.71750002468 05575003223 447280001 34595002123 390640002
City Naples Naples Naples Naples Naples
County Collier Collier Collier Collier Collier
Grantor Collier Land
Development, Inc
CPOC Development
Company, LLC
Greater Naples Young
Mens Christian Assoc.,
Inc
A. Grover Matheney,
TR
Grantee Naples Custard, LLC Clean Machine
Holdings, LLC
2014 Naples
Associates, LLC
Ultimate Express Car
Wash, LLC
Instrument Number 5145-2204 5133-3803 5119-2201 5107-1406
Days on Market 12 Months 24 Months 6 Months 12 Months
Adj. Sale Price*$1,100,000 $1,300,000 $2,500,000 $1,950,000
Sale Price Per Acre $1,008,249 $948,905 $1,295,337 $1,695,652
Sale Price PSF $23.15 $21.78 $29.74 $38.93
Premise Fee Simple Fee Simple Fee Simple Fee Simple
Property Rights 0.0%0.0%0.0%0.0%
Terms Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Financing Terms 0.0%0.0%0.0%0.0%
Transaction Type Sale Sale Sale Sale
Conditions of Sale 0.0%0.0%0.0%0.0%
Sale/Contract Date Apr-15 Mar-15 Feb-15 Dec-14
Market Conditions 0.0%0.0%0.0%0.0%
Adj. Sale Price $1,100,000 $1,300,000 $2,500,000 $1,950,000
Adj. Price Per Acre $1,008,249 $948,905 $1,295,337 $1,695,652
Adj. Price PSF $23.15 $21.78 $29.74 $38.93
Proximity to Demand Drivers Similar Similar Similar Similar --
Surrounding Area Character Similar Similar Similar Similar --
Median HH Income (3-Mile)$44,209 $51,996 $66,178 $72,538 $47,772
Population (3-Mile)45,629 53,997 43,538 46,300 49,024
Location 0.0%0.0%-10.0%-15.0%--
Land Size Net (AC)1.09 Ac.1.37 Ac.1.93 Ac.1.15 Ac.0.91 Ac.
Land Size Net (SF)47,524 SF 59,677 SF 84,071 SF 50,094 SF 39,640 SF
Land Size (Gross AC)0.0%0.0%5.0%0.0%--
Traffic Counts 35,500 ADT (Est.)45,000 ADT (Est.)41,500 ADT (Est.)52,500 ADT (Est.)30,500 ADT (Est.)
Corner No No No No Yes
Traffic Signal No No No No Yes
Access/Visibility 10.0%10.0%10.0%5.0%--
Zoning Mixed Use Planned Unit
Development (MPUD)
Business Park (BP)C-1, Commercial Commercial Planned
Unit Development
(CPUD)
General Commercial -
Gateway Triangle
Mixed Use Overlay
Zoning 0.0%10.0%0.0%0.0%--
Shape Generally Rectangular Irregular Slightly Irregular Rectangular Rectangluar
Topography Generally Level Generally Level Generally Level Generally Level Generally Level
Shape/Composition/Topo.0.0%10.0%0.0%0.0%--
Utilities All Available All Available All Available All Available All Available
Retention On-Site On-Site On-Site Off-Site On-Site
Improvements None None None None None
Utilities/Improvements 0.0%0.0%0.0%-10.0%--
Total Physical Adjs.10.0%30.0%5.0%-20.0%
Adj. Price PSF $25.46 $28.32 $31.22 $31.14
Total Gross Adjs.10.0%30.0%5.0%-20.0%
Verification Patrick Utter John B. Story Public Records Craig Timmins
Phone #239.261-4455 239.213.1952 239.261.3400
$ SF Sale Date
Low Indication $25.46 May-14
Average Indication $29.04 December-14
High Indication $31.22 April-15
COMPARABLE LAND SALE SUMMARY
Property IndentificaSale/Transaction DataPhysical Data
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SALES COMPARISON APPROACH
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DISCUSSION OF ADJUSTMENTS
In the section that follows, we have summarized the rationale for adjustments where significant differences
between the subject and the comparables existed.
Property Rights Conveyed: All of the comparables were sold based on the fee simple premise and no
adjustments were made.
Financing Terms: To the best of our knowledge, all of the sales utilized in this analysis were accomplished with
cash or market-oriented financing. Therefore, no adjustment for financial terms is required for the comparables.
Conditions of Sale: Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller.
All comparables were an arm’s length sale. Therefore, no adjustment was required.
Market Conditions: Real estate values normally change over time. The rate of change fluctuates due to
investors’ perceptions of prevailing market conditions. This adjustment category reflects value changes, if any that
have occurred between the date of sale and the effective date of value. All of the sales are relatively recently
transpiring within the last 12 months. The sales themselves do not indicate that values have changed much over
this 12-month period. Therefore, no market conditions adjustment has been applied to the comparable sales.
Location: An adjustment for location is required when the locational characteristics of a comparable property are
measurably different from those of the subject property. Location adjustments for the comparables are based on
our observation, comments from market participants and consideration of the surrounding demographics.
Comparables 1 and 2 are in a similar location than the subject; therefore, no adjustments were required.
Comparables 3 and 4 are considered to be in a superior location and were adjusted downward accordingly.
Land Size (Gross): Larger properties tend to sell for less on a per unit basis than smaller properties. Conversely,
smaller properties tend to sell for more per square foot than larger properties. Comparable 3 is slightly larger in size
than the subject and was adjusted upward 5%. Comparables 1, 2, and 4 are reasonably similar in size to the
subject. Therefore, no adjustments were made.
Access/Visibility: All of the comparables have inferior access and visibility and were adjusted accordingly.
Zoning: At times, the market is willing to pay for zoning classifications that allow higher density developments.
Moreover, the market will sometimes pay a premium for any approvals to account for an owner/developer's cost,
time and risk to obtain development rights for a site. Comparables 1, 3, and 4 are zoned Commercial; therefore, no
adjustments for zoning were needed. Comparable 2 is zoned Business Park (BP), which is considered inferior to the
subject’s zoning and was adjusted upward 10%.
Shape/Topography: Comparables 1, 3, and 4 are similar to the subject’s rectangular shape; therefore, no
adjustments were required. Comparable 2 has an irregular shape and was adjusted upward 10%.
Utilities/Improvements: All of the comparables and the subject property have access to all utilities. Comparable
4 benefits from off-site retention which is superior to the subject and was adjusted downward 10%. Comparables
1, 2 and 3 have on-site retention like the subject property and no adjustments were required.
CONCLUSION
After applying appropriate transactional and property adjustments, the sales reflect adjusted unit prices ranging
from $25.46 to $31.22 per acre, with an average of $29.04 per acre. We have placed significant weight on all of the
comparables. The market value opinion of the subject parent tract is estimated as follows:
Subject Size x $ SF Value
39,640 SF x $26.00 Per SF =$1,030,630
39,640 SF x $31.00 Per SF =$1,228,828
"As Is" Fee Simple Value Indication (Rd)=$1,100,000
CONCLUDED LAND VALUE
The concluded value of $1,100,000 equates to a unit value of $27.75 per square foot.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT AFFECTED IMPROVEMENTS
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VALUE OF AFFECTED IMPROVEMENTS
The estimated value of the subject parent tract is based upon its estimated land value plus the estimated value of
any improvements affected by the taking. Site improvements located within the taking area for Parcel 102FEE
include an entrance driveway with concrete curbing, landscaping, sod, fill and grading for drainage purposes.
The part taken Parcel 102FEE is a approximately 200 feet by 15 feet, or 2,887 square feet of land, which runs along
the western property boundary of the subject parent tract. Approximately 30’ x 15’ or 450 square feet of the taking
area is improved with asphalt driveway and the remaining 2,437 square feet is improved as a landscape buffer
area. The area of the taking is landscaped and provides onsite water holding treatment swales with outfall
drainage into the County’s roadway drainage system.
Based on our review of Marshall and Swift as presented below, the contributory value of these components is
estimated at $18,800 rounded.
Asphalt Paving MVS Sec/Page 66/1
Component SF 450 SF
Base Cost $PSF $3.64
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $3.63
Total Base Building Cost $1,635
Landscaping MVS Sec/Page 66/8
Component SF 2,437 SF
Base Cost $PSF $7.07
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $7.06
Total Base Building Cost $17,202
Value of Improvements Acquired (Rounded)$18,800
MVS COST SCHEDULE
RECONCILIATION AND CONCLUSION OF VALUE
As previously discussed, we only used the sales comparison approach in developing an opinion of value for the
subject land. The cost approach was utilized to estimate the contributory value of the affected site improvements.
The valuation of the whole property before the taking is the summation of the preceding land value and the value
of the affected improvements as summarized below.
Parcel 102FEE
Land Value of the Whole Property $1,100,000
$18,800
Value Indication (Rd)$1,118,800
VALUE OF THE SUBJECT PROPERTY BEFORE THE TAKING
Value of the Affected Improvements
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT PART TAKEN
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PART TAKEN – PARCEL 102FEE
DESCRIPTION OF THE PART TAKEN
The part taken Parcel 102FEE is approximately 200 feet by 15 feet, or 2,887 square feet of land, that runs along
the western property boundary of the subject parent tract. Parcel 102FEE contains a total of 0.07 acres or 2,887
SF and is irregular in shape. Approximately 30’ x 15’ or 450 square feet of the taking area is improved with asphalt
driveway and the remaining 2,437 square feet is improved as a landscape buffer area. The area of the taking is
landscaped and provides onsite water holding treatment swales with outfall drainage into the County’s roadway
drainage system.
Below is a copy of the taking sketch and description provided by the client and prepared by AIM Engineering &
Surveying, Inc. on February 3, 2012:
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT PART TAKEN
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VALUATION OF THE PART TAKEN
The value of the proposed taking area can be calculated by using the estimated land value of the property before
the taking and applying the previously concluded unit value for the subject parent tract. The land value for the
whole property was previously estimated at $27.75 per square foot. The land value of the proposed taking area
can be calculated using this unit value ($27.75 x 2,887 SF) resulting in an estimated land value for the taking area
of $80,114 or $80,100 rounded.
IMPROVEMENTS WITHIN THE TAKING
The part taken Parcel 102FEE is approximately 200 feet by 15 feet, or 2,887 square feet of land, which runs along
the western property boundary of the subject parent tract. Approximately 30’ x 15’ or 450 square feet of the taking
area is improved with asphalt driveway and the remaining 2,437 square feet is improved as a landscape buffer area
that provides on-site water retention in the form of a swale.
Based on our review of Marshall and Swift as presented below, the contributory value of these components is
estimated at $18,800 rounded.
Asphalt Paving MVS Sec/Page 66/1
Component SF 450 SF
Base Cost $PSF $3.64
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $3.63
Total Base Building Cost $1,635
Landscaping MVS Sec/Page 66/8
Component SF 2,437 SF
Base Cost $PSF $7.07
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $7.06
Total Base Building Cost $17,202
Value of Improvements Acquired (Rounded)$18,800
MVS COST SCHEDULE
TOTAL VALUE OF PART TAKEN
The total value of the part taken Parcel 102FEE is the summation of the preceding land and improvement values as
illustrated below.
Parcel 102FEE
Value of Land Acquired $80,100
Value of Improvements Acquired $18,800
Value of Part Taken $98,900
TOTAL VALUE OF THE PART TAKEN
REMAINDER VALUE AS PART OF THE WHOLE
Value of the Parent Tract $1,118,800
Part Taken Parcel 102FEE $98,900
Remainder Value as Part of the Whole $1,019,900
REMAINDER VALUE AS PART OF THE WHOLE
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT AFTER THE TAKING
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SUBJECT PROPERTY – AFTER THE TAKING
DESCRIPTION OF THE PROPERTY AFTER THE TAKING
After the taking the remainder property will be one contiguous rectangular shaped tract. The gross property size is
slightly smaller at 0.84 Acres with frontage along Airport Road and Davis Boulevard in Naples, Florida. The property
is zoned C-4 GTMUD, Gateway Triangle Mixed Use District by Collier County and is improved with a free standing
restaurant known as Joey D’s. The following sketch depicts the remaining ownership “after the taking”.
Before the taking the primary issues impacting the site were as follows:
The subject was a restaurant with 35 parking spaces with adequate access from Airport Road and Davis Boulevard.
The subject has onsite water holding treatment swales with outfall drainage into the County’s roadway drainage
system.
The highest and best use of the site as vacant was for retail use and the highest and best use of the property as
improved was for continued use as a restaurant.
After the taking, the primary issues impacting the site are unchanged. The property is still suitable for its highest
and best use as vacant and as improved and outfall drainage will be into the County’s roadway drainage system.
Property After
the Taking
Taking Area
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REMAINDER PROPERTY
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HIGHEST & BEST USE – REMAINDER PROPERTY
AS VACANT
Legally Permissible
The subject property is zoned C-4 GTMUD, Gateway Triangle Mixed Use District and the following uses are
allowable: The purpose and intent of the Gateway Triangle Mixed Use District is to encourage revitalization of the
Gateway Triangle portion of the Bayshore Gateway Triangle Redevelopment Area with human-scale, pedestrian-
oriented, interconnected projects that are urban in nature and include a mix of residential types and commercial
uses. Given the prevailing land use patterns in the area, only retail use is given further consideration in
determining the highest and best use of the site, as though vacant.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall,
the site is generally level and at road grade. Water and sewer are available to the site. There are no known physical
reasons why the subject site would not support many of the legally permissible developments, subject only to
limitations on site size and dimensions. Overall, the site is considered well-suited for retail development.
Financially Feasible
The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the
legally probable land uses versus the cost to create the uses. As stated within the Market Analysis, the subject is
well-positioned for retail use and there is demand for retail development in the area. Overall, development of a
retail uses is financially feasible.
Maximally Productive
The final test of highest and best use of the site as though vacant is that the use be maximally productive, yielding
the highest returns to the land. In the case of the subject as though vacant, the analysis has indicated developing
the with a retail use is the best use of the property.
CONCLUSION: HIGHEST AND BEST USE AS VACANT – REMAINDER PROPERTY
The highest and best use of the remainder site as vacant is the same as the whole property before the taking. No
damages result from the proposed acquisition. Based on the foregoing analysis, the highest and best use of the
site is for retail development.
AS IMPROVED – REMAINDER PROPERTY
The subject remainder property of this appraisal is improved with a free standing restaurant known as Joey D’s.
The existing improvements provide a positive cash flow that is anticipated to continue into the future. Therefore,
the highest and best use of the remainder property as improved is for continued use as a restaurant. Use as a
restaurant is consistent with the highest and best use of the site as vacant.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REMAINDER VALUATION
31
VALUATION – REMAINDER PROPERTY
The remainder property will be one contiguous slightly irregular shaped tract. After the taking the site is slightly
smaller at 0.84 Acres or 36,753 SF.
Prior to the taking we estimated land value at $27.75 per square foot. The same unit value is utilized for the
subject property after the taking for the 0.91 Acres or 36,753 SF of land area. Therefore, we will apply this unit
value for the remainder area as follows:
Subject Size x $ SF Value
36,753 SF x $27.75 Per SF =$1,019,886
Total Rounded =$1,019,900
REMAINDER VALUE
DAMAGES TO THE REMAINDER
Severance damages result when the value of the remainder, uncured, is less than the value of the remainder, as
part of the whole. When the value of the remainder, uncured, is greater than the value of the remainder, as part
of the whole, the difference is not a damage, but may be due to a benefit resulting from the taking, or a taking of
negligible impact which is not recognized in the market. The following is an arithmetic calculation of damages for
the subject property.
Value
Value of the Remainder as Part of the Whole $1,019,900
Value of the Remainder, Uncured $1,019,900
Damages $0
DAMAGES CALCULATION
COST TO CURE
Though the uncured remainder will function adequately as a restaurant after the taking, the modification of the
stormwater retention on site will require repermitting. The subject had onsite water holding treatment swales with
outfall drainage into the County’s roadway drainage system. Any loss of water retention area impacts to this
property will be handled within the project construction itself. The County will be designing a water
retention/treatment vault within the new ROW which will handle parking lot drainage for this portion of the site
which ultimately drained into the County’s roadway drainage system. This arrangement is maintained in the after
situation by use of the water retention vault with ultimate outfall still into the County’s roadway drainage. The
repermitting is considered a minor cost to cure as it does not mitigate any damages, but restore the utility of the
remainder property to the greatest extent possible. Based on our discussion with engineers familiar with the
repermitting process, an allowance of $6,000 has been allocated to handle the repermitting process.
COMPENSATION CONCLUSION
Compensation Items
Part Taken $98,900
Cost to Cure $6,000
Damages $0
Total Compensation $104,900
COMPENSATION CONCLUSION
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ASSUMPTIONS & LIMITING CONDITIONS
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ASSUMPTIONS & LIMITING CONDITIONS
1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and
marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value.
We are not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. We, however, have not
examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements,
deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against financial loss
resulting in claims that may arise out of defects in the subject property’s title should be sought from a qualified title company that issues or
insures title to real property.
2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties
being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC,
elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in
good condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the
improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. We are not
engineers and are not competent to judge matters of an engineering nature. We have not retained independent structural, mechanical,
electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of
improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to our attention by ownership or
management; we inspected less than 100% of the entire interior and exterior portions of the improvements; and we were not furnished any
engineering studies by the owners or by the party requesting this appraisal. If questions in these areas are critical to the decision process of
the reader, the advice of competent engineering consultants should be obtained and relied upon. It is specifically assumed that any
knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the
structural integrity of the property and the integrity of building systems. Structural problems and/or building system problems may not be
visually detectable. If engineering consultants retained should report negative factors of a material nature, or if such are later discovered,
relative to the condition of improvements, such information could have a substantial negative impact on the conclusions reported in this
appraisal. Accordingly, if negative findings are reported by engineering consultants, we reserve the right to amend the appraisal conclusions
reported herein.
3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property was not
observed by the appraisers. We have no knowledge of the existence of such materials on or in the property. We are not, however, qualified
to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or
other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is
no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any
expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. We
have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the
soil. Therefore, no representation is made as to these matters unless specifically considered in the appraisal.
4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been
disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or
off-site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner according to standard
practices based upon the information submitted to us. This report may be subject to amendment upon re-inspection of the subject property
subsequent to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated;
based upon the information, conditions and projected levels of operation.
5. It is assumed that all factual data furnished by the client, property owner, owner’s representative, or persons designated by the client or
owner to supply said data are accurate and correct unless otherwise specifically noted in the appraisal report. Unless otherwise specifically
noted in the appraisal report, we have no reason to believe that any of the data furnished contain any material error. Information and data
referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor’s Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas,
useable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material
error in any of the above data could have a substantial impact on the conclusions reported. Thus, we reserve the right to amend
conclusions reported if made aware of any such error. Accordingly, the client-addressee should carefully review all assumptions, data,
relevant calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify us of any
questions or errors.
6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal.
Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that
date. This appraisal is based on market conditions existing as of the date of this appraisal. Under the terms of the engagement, we will
have no obligation to revise this report to reflect events or conditions that occur subsequent to the date of the appraisal. However, we will
be available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject.
7. We assume no private deed restrictions, limiting the use of the subject property in any way.
8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposit or subsurface rights of value involved in
this appraisal, whether they be gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered
unless otherwise stated in this appraisal report. Unless otherwise stated it is also assumed that there are no air or development rights of
value that may be transferred.
9. We are not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly affect
the value of the subject.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ASSUMPTIONS & LIMITING CONDITIONS
33
10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time.
Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value
estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market.
11. Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and
assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not
predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. 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 vary from the projections considered herein. We do not warrant that these forecasts will occur. Projections
may be affected by circumstances beyond the current realm of knowledge or control of us.
12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect
recommendation by us to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy
questions and must be specifically addressed in consultation form.
13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations
governing use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of
occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless
otherwise stated.
14. This study may not be duplicated in whole or in part without the specific written consent of us nor may this report or copies hereof be
transmitted to third parties without said consent, which consent we reserve the right to deny. Exempt from this restriction is duplication for
the internal use of the client-addressee and/or transmission to attorneys, accountants, or advisors of the client-addressee. Also exempt
from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the
party/parties for whom this appraisal was prepared, provided that this report and/or its contents shall not be published, in whole or in part,
in any public document without the express written consent of us which consent we reserve the right to deny. Finally, this report shall not
be advertised to the public or otherwise used to induce a third party to purchase the property or to make a “sale” or “offer for sale” of any
“security”, as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the exemptions
herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision in
connection with this property. We shall have no accountability or responsibility to any such third party.
15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will
invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report.
16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization.
Component values for land and/or buildings are not intended to be used in conjunction with any other property or appraisal and are invalid if
so used.
17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized
only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and
comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced,
or used apart from this report.
18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that
customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental
restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel
levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey,
engineering study or architectural analysis has been made known to us unless otherwise stated within the body of this report. If the
Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or
made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation
or warranty is made concerning obtaining these items. We assume no responsibility for any costs or consequences arising due to the need,
or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the
actual need for Flood Hazard Insurance.
19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth
in this report. It is the responsibility of the Client, or client’s designees, to read in full, comprehend and thus become aware of the
aforementioned contingencies and limiting conditions. We assume no responsibility for any situation arising out of the Client’s failure to
become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate
appraisal/consulting profession if so desired.
20. We assume that the subject property analyzed herein will be under prudent and competent management and ownership; neither inefficient
nor super-efficient.
21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless
noncompliance is stated, defined and considered in the appraisal report.
22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further
assumed that no encroachments to the realty exist.
23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable
barrier removal construction items in this report, we have not made a specific compliance survey and analysis of this property to determine
whether it is in conformance 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 of the ADA could reveal that the property is not in compliance with one or more of the
requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since we have no specific information
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ASSUMPTIONS & LIMITING CONDITIONS
34
relating to this issue, nor are we qualified to make such an assessment, the effect of any possible non-compliance with the requirements of
the ADA was not considered in estimating the value of the subject property.
24. The report is for the sole use of the client; however, client may provide only complete, final copies of the appraisal report in its entirety (but
not component parts) to third parties who shall review such reports in connection with loan underwriting or securitization efforts. Appraiser
is not required to explain or testify as to appraisal results other than to respond to the client for routine and customary questions. Please
note that our consent to allow an appraisal report prepared by us or portions of such report, to become part of or be referenced in any
public offering, the granting of such consent will be at our sole discretion and, if given, will be on condition that we will be provided with an
Indemnification Agreement and/or Non-Reliance letter, in a form and content satisfactory to us, by a party satisfactory to us. We do consent
to your submission of the reports to rating agencies, loan participants or your auditors in its entirety (but not component parts) without the
need to provide us with an Indemnification Agreement and/or Non-Reliance letter.
25. Provision of an Insurable Value by the appraiser does not change the intended use or user of the appraisal. The appraiser assumes no
liability for the Insurable Value estimate provided and does not guarantee that any estimate or opinion will result in the subject property
being fully insured for any possible loss that may be sustained. The appraiser recommends that an insurance professional be consulted. The
Insurable Value estimate may not be a reliable indication of the replacement or reproduction cost for any date other than the effective date
of this appraisal due to changing costs of labor and materials and due to the changing building codes and governmental regulations and
requirements.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDA
ADDENDA
ADDENDA
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM A
ADDENDA
ADDENDUM A
LAND SALE COMPARABLES
Land Sale No. 1
Property Identification
Record ID 4418
Property Name Shops at Hammock Cove Phase II
Address 5102 Tamiami Trail E, Naples, Collier County, Florida 34113
Tax ID 71750002468
User 1 3-Mile: 45,629
User 2 Median: $44,209
User 3 Traffic: 35,500 AADT
MSA Naples-Marco Island
Market Type Commercial Land
Sale Data
Grantor Collier Land Development, Inc.
Grantee Naples Custard, LLC
Sale Date April 17, 2015
Deed Book/Page 5145-2204
Property Rights Fee Simple
Conditions of Sale Arm's Length
Financing Conventional
Verification Patrick Utter; 239-261-4455, October 27, 2015; Confirmed by
Michael Jonas
Land Sale No. 1 (Cont.)
Sale Price $1,100,000
Cash Equivalent $1,100,000
Land Data
Zoning MPUD
Topography Generally Level
Utilities All available
Dimensions 270 x 155
Shape Generally Rectangular
Land Size Information
Gross Land Size 1.091 Acres or 47,524 SF
Front Footage 155 ft Tamiami Trail E.
Indicators
Sale Price/Gross Acre $1,008,249
Sale Price/Gross SF $23.15
Remarks
This property is a 1.091 acre vacant land parcel located just south of Rattlesnake Hammock Road
on the west side of Tamiami Trail E in the East Naples area of Collier County. The property is
generally rectangular in shape and zoned Mixed Use Planned Unit Development (MPUD) by
Collier County. The property sold in April of 2015 for $1,100,000 or $23.15 PSF. This
transaction took one year to close due to permitting and the SBA loan process. A Culver’s
restaurant is being built on this location.
Land Sale No. 2
Property Identification
Record ID 3198
Property Type Land, Commercial
Property Name Future Carwash
Address 894 Airport Pulling Rd. N, Naples, Collier County, Florida
34110
Tax ID 05575003223
User 1 53,997
User 2 $51,996
User 3 45,000
MSA Naples-Marco Island
Market Type Commercial Land
Sale Data
Grantor CPOC Development Company, LLC
Grantee Clean Machine Holdings, LLC
Sale Date March 23, 2015
Deed Book/Page 5133-3803
Property Rights Fee Simple
Land Sale No. 2 (Cont.)
Marketing Time 24 months
Conditions of Sale Arm's Length
Financing Conventional
Verification John B. Story; 239-213-1952, May 11, 2015; Confirmed by
Michael Jonas
Sale Price $1,300,000
Cash Equivalent $1,300,000
Land Data
Zoning Business Park (BP)
Topography Generally Level at Grade
Utilities All Available
Dimensions 386 x 240
Shape Irregular
Depth 240
Land Size Information
Gross Land Size 1.370 Acres or 59,677 SF
1.370 Acres or 59,677 SF , 100.00%
Front Footage 386 ft Total Frontage: 386 ft Airport Road
Indicators
Sale Price/Gross Acre $948,905
Sale Price/Gross SF $21.78
Sale Price/ Acre $948,905
Sale Price/ SF $21.78
Sale Price/Front Foot $3,368
Remarks
This is the sale of a 1.37 acre (59,677 SF) vacant parcel located along the west side of Airport
Road, just south of the recently built RaceTrac gas station. The property has been on the market
for approximately 24 months. The site is zoned Business Park (BP) which allows for various
office and retail uses. The buyer plans to build a drive-thru car wash with a detailing and
vacuuming area. The sale was confirmed to be an arm’s-length, market-oriented transaction. The
sales price was confirmed at $1,300,000 or $21.78 per square foot.
Land Sale No. 3
Property Identification
Record ID 3200
Property Name Future Walgreens
Address 2511 Pine Ridge Rd., Naples, Collier County, Florida 34109
Tax ID 21961000254
User 1 43,538
User 2 $66,178
User 3 41,500
MSA Naples-Marco Island
Market Type Commercial Land
Sale Data
Grantor Greater Naples Young Mens Christian Assoc., Inc
Grantee 2014 Naples Associates, LLC
Sale Date February 09, 2015
Deed Book/Page 5119-2201
Property Rights Fee Simple
Marketing Time 6 months
Conditions of Sale Arms Length
Financing Cash to Seller
Land Sale No. 3 (Cont.)
Verification Public records; Confirmed by Michael Jonas
Sale Price $2,500,000
Cash Equivalent $2,500,000
Land Data
Zoning C-1
Topography Level
Utilities All available
Shape Irregular
Land Size Information
Gross Land Size 1.930 Acres or 84,071 SF
Useable Land Size 1.930 Acres or 84,071 SF , 100.00%
Front Footage 245 ft Total Frontage: 245 ft Pine Ridge Rd.
Indicators
Sale Price/Gross Acre $1,295,337
Sale Price/Gross SF $29.74
Sale Price/Useable Acre $1,295,337
Sale Price/Useable SF $29.74
Sale Price/Front Foot $10,204
Remarks
This is the sale of a 1.93 acre (84,071 SF) vacant parcel located along the north side of Pine
Ridge Road, just east of Airport Road and adjacent to the YMCA and Sports Authority. The
property was on the market for 6 months and is zoned Commercial (C-1). The buyer, Ferber Co.,
a Ponte Verde Beach developer, purchased the site for development of a single-tenant 14,550 SF
Walgreens store. The sales price was verified at $2.5 million or $29.74 PSF.
Land Sale No. 4
Property Identification
Record ID 3199
Property Type Land, Commercial
Property Name Gasper Station
Address 5421 Juliet Blvd. , Naples, Collier County, Florida 34109
Tax ID 34595002123
User 1 46,300
User 2 $72,538
User 3 52,500
MSA Naples-Marco Island
Market Type Commercial Land
Sale Data
Grantor A. Grover Matheney, TR
Grantee Ultimate Express Car Wash, LLC
Sale Date December 22, 2014
Deed Book/Page 5107-1406
Property Rights Fee Simple
Marketing Time 12 months
Land Sale No. 4 (Cont.)
Conditions of Sale Arm's Length
Financing Cash to Seller
Verification Craig Timmins; (239) 261-3400 Ext. 161, May 11, 2015;
Confirmed by Michael Jonas
Sale Price $1,950,000
Cash Equivalent $1,950,000
Land Data
Zoning CPUD
Topography Level
Utilities All Available
Shape Rectangular
Land Size Information
Gross Land Size 1.150 Acres or 50,094 SF
Useable Land Size 1.150 Acres or 50,094 SF , 100.00%
Front Footage 375 ft Total Frontage: 375 ft Immokalee Rd
Indicators
Sale Price/Gross Acre $1,695,652
Sale Price/Gross SF $38.93
Sale Price/Useable Acre $1,695,652
Sale Price/Useable SF $38.93
Sale Price/Front Foot $5,200
Remarks
This is the sale of a 1.15 acre (50,094 SF) vacant parcel located along the south side of
Immokalee Road, just west of its intersection with Juliet Blvd. The site is across the street from
Walmart Supercenter and a Publix and adjacent to a recently built Chase bank branch. An Illinois
businessman purchased the site to develop a 5,000 SF express car wash with offices and
bathrooms. The property is zoned Commercial Planned Unit Development (CPUD) allowing for
various retail and office uses. The site benefits from off-site retention and frontage along
Immokalee Road. The sales price was confirmed at $1.95 million or $38.93 PSF.
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM B
ADDENDA
ADDENDUM B
SUBJECT PROPERTY INFORMATION
$ 2,100,000
$ 627,000
$ 398,200
$ 309,143
$ 707,343
$ 707,343
$ 707,343
$ 707,343
Collier County Property AppraiserProperty Summary
Parcel No.00390640002 Site Adr.3300 DAVIS BLVD
Name / Address UTOPIA PROPERTIES LLC
UTOPIA PROPERTIES TWO LLC
313 LAKEVIEW AVE W
City BRIGHTWATERS State NY Zip 11718-1904
Map No. Strap No. Section Township Range Acres *Estimated
5A12 000100 025 5A12 12 50 25 0.91
Legal 12 50 25 COMM NW CNR SEC, S75FT, N89DEG E70FT TO POB, N89DEG E200FT,S200FT,S89DEG W200FT, N200FT TO POB, LESS PROPOSED R/W DESC IN OR 1865 PG 1517, OR 1929 PG 1648
Millage Area 134 Millage Rates *Calculations
Sub./Condo 100 - ACREAGE HEADER School Other Total
Use Code 21 - RESTAURANTS, CAFETERIAS 5.48 6.1927 11.6727
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
09/22/06 4110-1307
03/31/94 1929-1648
2015 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(=) Assessed Value
(=) School Taxable Value
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after the Final Tax Roll
Page 1 of 1
10/22/2015http://www.collierappraiser.com/Main_Search/RecordDetail.html?FolioID=390640002
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM C
ADDENDA
ADDENDUM C
DEMOGRAPHIC SUMMARIES
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PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM D
ADDENDA
ADDENDUM D
PROPERTY INSPECTION LETTER
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Tallahassee ǀ Ft. Lauderdale ǀ Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
October 22, 2015
Utopia Properties, LLC
Attn: Anthony Pantaleo
313 Lakeview Avenue W
Naples, FL 34108
RE: AIRPORT ROAD AND DAVIS BOULEVARD APPRAISAL
Parcel 102FEE
Folio #: 00390640002
Capstone File # 15-500-0125
Dear Mr. Pantaleo:
Our firm has been retained by Collier County Board of County Commissioners to appraise the above referenced property under
your ownership. The property abuts the AIRPORT ROAD AND DAVIS BOULEVARD PROJECT and a portion of this land is needed
for the proposed road improvements in the area. The purpose of our appraisal is to estimate the current market value of your
property and recommend compensation needed for the proposed taking area of parcel 102FEE.
I would like to perform an inspection of the property on Thursday October 29, 2015. The purpose of the inspection is to view the
property and the proposed taking area. If you feel it necessary to discuss this matter with us or wish to accompany us on our
inspection, please call me at 239-777-3430 to schedule a specific time to meet at the property that is convenient for you. We
welcome the opportunity to discuss the proposed acquisition with you or your representative if you desire. Otherwise, we will
inspect the property at our convenience and proceed with our appraisal in order to meet production deadlines.
If you have any information you feel is relevant to the valuation of your property such as surveys, site plans or zoning approvals,
please call us at your convenience to discuss. We will objectively consider any information you provide us.
Sincerely,
CAPSTONE VALUATION ADVISORS
Michael P. Jonas, MAI, AI-GRS, CCIM
Managing Director | Southwest Florida
CAPSTONE VALUATION ADVISORS
239-777-3430
michael.jonas@cap-val.com
PARCEL 102FEE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM E
ADDENDA
ADDENDUM E
QUALIFICATIONS
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale ǀ Tallahassee ǀ Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
Michael P. Jonas, MAI, AI‐GRS, CCIM
Managing Director | Southwest Florida michael.jonas@cap‐val.com
Professional Experience
Fifteen years of real estate appraisal and consulting experience throughout Florida including the Florida Keys.
1999 – 2000 Associate Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Associate Chapman & Associates Sarasota, FL
2001 – 2008 Real Estate Operations Manager Coast Engineering Consultants, Inc Naples, FL
2008 – 2009 VP – Senior Review Appraiser Orion Bank. Naples, FL
2009 – 2011 VP – Real Estate Appraisal Manager Iberia Bank Naples, FL
2011 – 2014 Director Integra Realty Resources – Southwest FL Naples, FL
2014 – Present Managing Director Capstone Valuation Advisors, LLC Naples, FL
Clients include financial institutions, insurance companies, law firms, governmental entities, private property owners, investors and
Fortune 500 companies. Mr. Jonas specializes in multiple types of income producing real estate such as hotels, marinas, shopping
centers, residential and mixed‐use subdivisions, regional malls, freestanding and strip retail, suburban and CBD office buildings,
industrial and manufacturing facilities, apartment complexes, condominium projects, manufactured housing communities, gas
stations, self‐storage facilities and eminent domain cases among others.
Professional Activities & Affiliations
Appraisal Institute, Member (MAI / AI‐GRS) No. 12480
Certified Commercial Investment Member, CCIM No. 18275)
President: Florida Gulf Coast Chapter – Appraisal Institute
State & Regulatory Licensure
Florida State‐Certified General Real Estate Appraiser License No. RZ2623
Florida State Licensed Real Estate Broker License No. BK700992
Education
Mr. Jonas is a graduate of the University of Central Florida, in Orlando, Florida where he received a Bachelor of Science in Business
Administration (Major: Finance / Minor: Real Estate). Mr. Jonas has successfully completed numerous real estate related courses
and seminars sponsored by the Appraisal Institute, accredited universities, and others.
Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets: March 2012
Review Theory General: August 2014
USPAP & Florida Law: April 2014
Qualified Before Courts & Administrative Bodies
Monroe County Florida
Collier County Florida