99-year ground lease executed in March of 1958 paying a flat fee of $20,000 annually. Currently sitting on top the 1.62 acre ground lease site is the Fairmont House, a 53-unit condo co-op property and dock with frontage along Biscayne Bay in North Miami. The two-story building was built in 1957 and is comprised of 55 ownership shares. Current zoning of R-6 permits 25 units/acre by the right with a maximum of 50 units per acre with conditional approval. Potential rezoning to BZ (Bayshore Zone) would permit a maximum of 100 units/acre. The Co-op board is aware of the sale and any negotiations with the co-op board on a potential purchase are to be done through Friedman (Broker) after an initial LOI is executed.