Themiamilink.Com OFFERING MEMORANDUM

Home , Museum Tower (Miami), Park West (Miami)

themiamilink.com

OFFERING MEMORANDUM 33-55 NE 6th Street Miami, FL 33132 THE OFFERING

Colliers International Urban Core Division is pleased to present

the opportunity to acquire The Miami Link (33-55 NE 6th Street),

bordering Miami Worldcenter and a block away from Miami Central,

South Florida’s largest developments to date. The property consists of a 5,000 square-foot building sitting on 24,000 square feet of 04 SITE OVERVIEW land. The Miami Link is designated T6-60a, one of Miami’s most

favorable and aggressive mixed-use-zoning codes, allowing for up 10 INVESTMENT HIGHLIGHTS to 396,000 square feet of development and a density of 500 units

per acre. The site is also positioned within 1,000 feet of Miami’s

largest transportation hub, which frees a developer from any parking 14 DEVELOPMENT POTENTIAL

requirement for residential projects. This prime location creates new pathways of mobility so that employees and visitors can embrace the 16 LOCATION MAP perks of working, living, and playing in the city. With developments on every corner, this site has become the last opportunity to develop in 18 MARKET DRIVERS the vanguard of Miami’s multi-billion-dollar world-class destination. 24 COMPARABLES Table of Contents Table

Contact Information

MIKA MATTINGLY CECILIA ESTEVEZ JACK LOWELL Executive Managing Director Senior Associate Senior Associate 786 486 4391 786 942 4503 305 542 8979 themiamilink.com [email protected] [email protected] [email protected] SITE OVERVIEW

Adrienne Arsht Center Property Summary Frost Museum/Park

33-55 NE 6th Street American Airlines Address: Arena Miami, FL 33132

Lot Size SF: 24,000/0.55 Acres

Building Size SF: 5,130 Miami World Center Zoning: T6-60a O

FLR Allowable: 264,000 SF

FLR Allowable w/Bonus: 396,000 SF

Building Height: 60

Virgin/Brightline Building Height w/Bonus: Unlimited Miami-Dade College Station Wolfson Campus

Allowable Units: 275

01-0105-080-1090 Folio(s): 01-0105-080-1100 01-0105-080-1110

CLICK HERE FOR OUR INTERACTIVE MAP

4 5 MIAMI WORLD CENTER

NE 1st Avenue

NE 6th Street

SITE - OVERVIEW MIAMI WORLD CENTER

NE 1st Avenue

NE 6th Street

SITE - OVERVIEW Downtown Miami ranks amongst the Top 5 places in the U.S. for walkability, and is the INVESTMENT HIGHLIGHTS Caoba Residences hub for rapid transportation. Port Miami

Bayside Marketplace he Miami Link is situated in the center of a huge Tbase of 175,000 employees, the main campus American Airlines of the largest college in the country, and one of the Arena most advanced passenger rail systems in the nation. Biscayne Blvd It is surrounded by a multitude of projects within MetroMover Miami Worldcenter. The site benefits from quick, MetroMover Miami Dade College direct access to I-95 and I-395, and is a block away

MetroMover from Virgin MiamiCentral, a high-performance-rail

NE 6th Street transportation hub. For the first time ever, employees MIAMI WORLD can consider living as far away as downtown West NE 10th Street CENTER SITE

NE 8th Street Palm Beach or Fort Lauderdale and easily commute

N Miami Avenue to Downtown Miami for work.

Virgin / Brightline Metrorail Miami Central Overtown Station Station “THE NEW GLOBAL CITY” - The Wallstreet Journal

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11 INVESTMENT HIGHLIGHTS

PATH OF GROWTH he Miami Link is in the heart of one of the fastest evolving Tgateway cities in the U.S. The daytime population swells to over Adrienne Arsht Center 250,000, due to the high concentration of commercial office space, Frost Museum/Park government and judicial centers, retail districts, and Miami Dade College, the largest institution of higher education in the country. The American Airlines Arena number of full-time residents has surged, as young professionals and families move into the newly built towers. The current condominium projects offer pricing across the spectrum, from well below $500,000 to more than $9 million, which is the average unit pricing at One Thousand Museum Residences. This valuation reflects a Miami World Center maturing downtown that is attracting a wide range of buyer profiles. Downtown Miami remains a bargain compared to Miami Beach, and its pricing is aligned with Coral Gables and Aventura. Compared to 2016, rental volume increased almost 20 percent, with 325 units per month rented in 2017.

Demand for living in Downtown Miami is at an all-time high, with residential projects such as Yotel having sold 95 percent of its units Virgin/Brightline before breaking ground, Paramount having sold 90 percent of its units Miami-Dade College Station before completion, and XMiami having leased 40 percent of its units Wolfson Campus before opening.

MIAMI WORLDCENTER DEVELOPMENTS Currently under construction in Park West is Miami Worldcenter, a 30-acre, mixed-use commercial development that will include: 1 million square feet of retail space; the Marriott Marquis World Convention Center Hotel featuring 1,800 rooms and 600,000 square feet of convention space; and promenade-style streets filled with outdoor cafes, restaurants, and boutique retail shops. Miami Worldcenter is one of the largest private master-planned projects in the U.S. and once completed, will be a “city within a city.” Its first project, Paramount Miami Worldcenter Residences, has become well known as the building with the most amenities in the world. CLICK HERE FOR OUR INTERACTIVE MAP

12 13 DEVELOPMENT POTENTIAL See page 34 for development scenarios

Miami 21, adopted May 20, 2010, represents a significant departure from the previous zoning regulations. DENSITY The maximum density is 500 units per acre. 0.55 x 500 = 252 units Since Miami 21 incorporates form-based principles, some of the changes are directed towards the design and form structures, rather than their uses or general intensities. Such changes include requirements INTENSITY for orientation, design, fenestration, pedestrian openings, etc. The T6-60a zoning of the Property would Intensity is governed by Floor Lot Ratio, “FLR”, and is based on the next lot area of the permit several uses as of right, including residential, hotel, office and retail. property. This property has an FLR coefficient of 11.

Provided below is the calculation of what’s permitted on the property: The formula is as follows: Net Lot Area x FLR coefficient + 50% Public Benefit Bonus= Building area permitted. PUBLIC BENEFIT ZONING FLR COEFFICIENT BASE SF BONUS (50%) TOTAL SF T6-60a O 18 264,000 132,000 396,000 PARKING Miami 21 permits shared parking for developments with mixed uses. Residential parking is not required for T6-60a sites that are within 1,000 feet of a Metromover or Metrorail station. Lodging uses require one parking space for every two lodging units and one additional visitor space for every fifteen lodging units. Office and commercial uses require three parking spaces for every 1,000 square feet of office. The commercial parking requirement is 3 spaces per 1,000 SF of office or retail. In the designated central core areas, there is no parking requirement for residential and mixed-use projects meaning these types of projects are able to provide no residential parking and can provide off site- commercial parking by leasing parking spaces within 1,000 feet of the parcel. There are additional parking waivers for the subject site as it is located within a Transit Oriented Corridor.

HEIGHT The maximum height permitted is 60 stories with unlimited height available through public benefit bonuses.

SETBACKS The principle and secondary frontages require a 10 ft setback for the first 8 stories and a 20 ft minimum above the 8th story. The side and rear frontage require 0’ setback for the first 8 stories and a 30 ft minimum above 8 stories.

LOT COVERAGE The first 8 stories allow up to 80% lot coverage, above 8th story allows for a maximum of 18,000 SF floorplate for residential and lodging uses and 30,000 SF floorplate for office and commercial uses.

14 15 NORTH SOUTH

EAST WEST

16 17 MARKET DRIVERS

MIAMI WORLDCENTER

PARAMOUNT Condos - 569 units, 60 stories

7TH STREET RESIDENCES 441 units, 43 stories

LUMA Rentals - 434 units, 43 stories

CAOBA Rentals - 444 units, 43 stories

293 Hilton hotel rooms, 236 condos/hotel residences, 153 OKAN provate condos, 64,000 SF of office space RETAIL PROJECTS 7TH STREET PROMENADE/WORLD SQUARE 300,000 SF of high street retail/two pedestrian promenades and main square 1 & 2 stories

HOTEL & CONVENTION CENTER

MARRIOT MARQUIS HOTEL 1,700 Hotel Rooms, 500,000 & MWC EXPO CENTER SF of event & expo space 50 stories, 400 Airbnb-friendly NATIVO condos, 204 hotel style rooms and retail/restaurants

LUMA Rentals - 434 units, 43 stories

12 story hotel with 350 hotel CITIZEN M rooms

18 19 MARKET DRIVERS

200 FEET FROM MAIN ENTRANCE

VIRGIN/BRIGHTLINE MIAMI CENTRAL One of the most advanced passenger rail systems in the nation connecting downtown Miami, Fort Lauderdale, West Palm Beach and Orlando. It also serves as the central hub to all forms of transportation with direct access to the Metromover, Metrostation and Tri-Rail with 280,000 square feet office, 185,000 square feet retail, 800 apartments. The Virgin/Brightline passenger train is changing the way people live, work and commute.

20 21 MARKET DRIVERS

MUSEUM TOWER PARAMOUNT NATIIVO DOWNTOWN 5th YOTELPAD 84 luxury condos designed 569 luxury condos 60 50 stories, 400 Airb- Two towers of 51 stories 231 Condos and 222 hotel by celebrity architect stories tall. 90% sold nb-friendly condos, 204 with 1,042 apartments, rooms in 31 stories. Sold Zaha Hadid. before opening. hotel style rooms and 12,500 SF of retail and out before breaking ground. retail/restaurants 1,049 parking spaces

22 23 LAND SALES - COMPS

WALDORF ASTORIA ADIOS LAND 400 Biscayne Blvd Miami, FL 90 NE 11th Street Miami, FL 50,244 SF

23,129 SF Zoning T6-80 O

Zoning T6-60a O Sold 1/18/18

Sold 8/3/18 $55,000,000

$16,536,000 $1,095 PSF

$715 PSF

CITIZEN M MELO LAND/ 158 NE 8th Street CHURCH Miami, FL 500 NE 1st Avenue 14,971 SF Miami, FL

35,945 SF Zoning T6-60a O

Zoning T6-80 O Sold 12/28/19

Sold 7/20/18 $10,750,000

$16,536,000 $718 PSF

$512 PSF

24 25 OFFICE LEASING - COMPS MIAMI CENTRAL

700 NW 1st Avenue Miami, FL

Class A

Modified Gross

$50 PSF

CITIGROUP CENTER 201 S Biscayne Blvd Miami, FL

Class A

Full Service

$43-$60 PSF

DUPONT WELLS FARGO CENTER 169 E Flagler Street 333 SE 2nd Avenue Miami, FL Miami, FL Class B Class A Full Service Full Service $29-$35 PSF $43-$60 PSF

26 27 RETAIL - COMPS MUZE

300 SE 3rd Avenue Miami, FL

Tenant: Silverspot Cinemas

3 Floors

4,800 SF

Rate: $85 PSF

CITIGROUP CENTER 201 S Biscayne Blvd Miami, FL

Tenant: Tenant:

Suite: 19th Floor Suite: 11th Floor

2,405 SF 1,150 SF

Rate: $50 PSF Rate: $50 PSF

CENTRO MARINA BLUE

151 SE 1st Street 888 Biscayne Blvd Miami, FL Miami, FL

Tenant: Crazy Poke Tenant: Bellamia Tenant: Tenant:

Suite: 1st Floor Suite: 1st Floor Suite: 1st Floor CU

1,200 SF 1,000 SF 600 SF 600 SF

Rate: $80 PSF Rate: $85 PSF Rate: $65 PSF Rate: $65 PSF

28 29 Studio APARTMENT - RENTAL COMPS Avg SF: 512 Avg Rent: $1,845 Avg Rent/PSF: $3.60

1 Bedroom Avg SF: 621 Avg Rent: $2,524 Avg Rent/PSF: $4.08

X MIAMI 2 Bedroom Avg SF: 962 230 NE 4th Street Avg Rent: $2,905 Miami, FL 40% leased before opening Avg Rent/PSF: $3.02

Studio Avg SF: 519 Avg Rent: $1,829 Avg Rent/PSF: $3.52

1 Bedroom Avg SF: 832 Studio Avg Rent: $2,509 Avg SF: 515 Avg Rent/PSF: $3.02 Avg Rent: $1,876 Avg Rent/PSF: $3.69 2 Bedroom Avg SF: 1,259 1 Bedroom Avg Rent: $3,135 Avg SF: 752 Avg Rent/PSF: $2.49 Avg Rent: $2,450 Avg Rent/PSF: $3.27 MUZE AT MET 3 Bedroom Avg SF: 1,410 2 Bedroom 340 SE 3rd Street Avg Rent: $3,911 Miami, FL Avg SF: 1,069 Avg Rent/PSF: $2.77 Avg Rent: $3,131 Avg Rent/PSF: $2.94

CAOBA 3 Bedroom 698 NE 1st Avenue Avg SF: 1,272 Miami, FL Avg Rent: $4,295 50% leased in under 3 months from opening Avg Rent/PSF: $3.38

30 31 APARTMENT - SALES COMPS Studio Avg SF: 531 Avg Price: $356,000 Avg Price/PSF: $671

1 Bedroom Avg SF: 618 Avg Price: $401,200 Avg Price/PSF: $673

YOTEL 2 Bedroom 235 NE 2nd Street Avg SF: 708 Miami, FL Avg Price: $433,000 SOLD OUT before Avg Price/PSF: $612 breaking ground

1 Bedroom 1000 MUSEUM Avg SF: 1,425 1000 Biscayne Blvd Avg Price: $819,857 Miami, FL Avg Price/PSF: $559

4 Bedroom 2 Bedroom Avg SF: 4,780 Avg SF: 1,908 Avg Price: $6,530,909 Avg Price: $1,175,750 Avg Price/PSF: $1,366 Avg Price/PSF: $611

5 Bedroom 3 Bedroom Avg SF: 10,361 Avg SF: 2,541 Avg Price: $23,425,000 Avg Price: $1,652,717 Avg Price/PSF: $2,262 Avg Price/PSF: $652 Unit prices range from $6M to over $25M PARAMOUNT 4 Bedroom Avg SF: 4,414 900 NE 1st Avenue Miami, FL Avg Price: $4,760,000 90% sold before opening Avg Price/PSF: $1,078

32 33 MAXIMUM BUILDING ENVELOPE DIAGRAM DEVELOPMENT SCENARIO - 1

Zoning & Feasibility - 1315 NE Miami Court Zoning & Feasibility - 1315 NE Miami Court View North West View North East T6-60a-O Scenario Calculations T6-60a-O Scenario Calculations

Gross Lot Area: 22,000 SF Sixtieth Level: 14,000 SF Gross Lot Area: 22,000 SF Forty-Ninth Level: 10,590 SF Lot Coverage 80%: = 17,600 SF // // Lot Coverage 80%: = 17,600 SF // // Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Ninth Level: 14,000 SF Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Tenth Level: 10,590 SF Total FLR: =594,000 SF Eighth Level: 20,000 SF Total FLR: =594,000 SF Ninth Level: 2,000 SF View North East // // Eighth Level: 19,360 SF Density 500 D/U 252 resi. or 505 hospitality Ground Level: 20,000 SF Density 500 D/U 252 resi. or 505 hospitality // // Ground Level: 19,360 SF Building Setback Total Envelope Shown: 888,000 SF Building Setback Provided Levels 11-49 Tower Principal Front: 0 ft. min; 0 ft. min above 8th Principal Front: 13.2 ft.; 0 ft. above 8th Total Envelope Shown: 582,180 SF 8,740 SF Leasable/Sellable Side: 0 ft. min; 30 ft. min above 8th Side: 0 ft.; 30 ft. above 8th Net Leasable: 348,850 1,850 SF BOH and Circulation Rear: 0 ft. min; 0 ft. min above 8th Rear: 0 ft.; 10 ft. above 8th Total Units: 252 Average Unit: 1,354 SF Level 10 - Amenities Total Retail: 7,600 1,200 SF BOH and Circulation Parking Provided: 315 9,390 SF Interior Amenity View South West Summary Summary Parking Required: 6 Level 9 - Amenities This diagrammatic massing model shows the Maximum Building Envelope of the property with existing T6-60a Zoning. This According to Article 7, Section 7.1.2.5a (28) of Miami 21, the lot coverage maximum may be increased by 10% from 80% 1,200 SF BOH and Circulation diagram is a tool used to visualize the maximum extent of each potential floor plate within setback allowances, from which the to 88%; this would allow it to rise from 17,600 SF up to 19,360 SF. There is a difference of 2,640 SF from the overall lot size, 2,500 SF Interior Amenity design can fill within. This property is part of the World Center Development and is guided by Miami 21, also has the overlay of which it may be fully covered due to 0’ setbacks all around, to the maximum allowable Lot Coverage. Applying the Open 17,360 SF Exterior Deck of Ordinance 13114 and the MWC Development Standards. There is a 10’ dedication along the south side ofZoning the property & Feasibility - 1315 NE Miami Court Space on the sides or rear of the property would createView North unusableWest and odd spaces. Thus, the best option is to create a 13.2’ Levels 2-8 - Parking which creates the new Base Building Line. Section 8(g) of Ordinance 13114 states that the Frontage Setback fromT6-60a-O the Base setback alongScenario the entire Calculations southern primary frontage which would also create a 30’8” sidewalk and would match other large Building Line shall not be required for a Frontage facing a street corridor 70’ or greater in width, as provided in the Design sidewalks around the Worldcenter Neighborhood. This large sidewalk may be a benefit to the project, any retail created at the 18,560 SF Garage - 45 spaces Gross Lot Area: 22,000 SF Forty-Ninth Level: 10,590 SF Development Standards. NE 6th Street has a 70’ Right of Way with the required dedications. Section 8(g) also Lotstates Coverage the 80%: lots = 17,600 SF ground, and for //the neighborhood // as a whole. If there is a method for reducing the lot coverage within this masterplan, such as 800 SF - BOH and Circulation abutting the FEC Railway may have a zero foot Setback for the Podium and Tower, this applies to the north, rear,Floor setback Lot Ratio: 18 of/ 50% = 396,000 + 198,000 SF applying theTenth street-scape Level: section10,590 shown SF to the right, which may allow Total FLR: =594,000 SF Ninth Level: 2,000 SF miami 21View North East appendix d: miami worldcenter Level 1 - Lobby, Retail, BOH the property. As there are no required setbacks on ground floor because of these zoning allowances, this scenario covers the for a greaterEighth reduction Level: in Lot Coverage,19,360 SF it should be applied to create // // 7,600 SF retail Density 500 D/U 252 resi. or 505 hospitality NE 6th Street entire 22,000 SF Gross Lot Area, which is more than the maximum 17,600 going with an 80% by right, as well as the 19,360 a larger podiumGround whichLevel: will create19,360 a SF more productive parking plate, Illustrative Street Section 2,000 SF Lobby SF if an additional 10% reduction is requested by warrant to achieve 88% Lot Coverage. As such, some areaBuilding will needSetback toProvided and also to bring the building frontage farther south to match potential Levels 11-49 Tower Principal Front: 13.2 ft.; 0 ft. above 8th Total Envelope Shown: 582,180 SF 2,300 SF Garage Ramp be removed across the site to be within the maximum lot coverage which will be shown on the following pages along with future neighboring buildings. 8,740 SF Leasable/Sellable Side: 0 ft.; 30 ft. above 8th Net Leasable: 348,850 1,850 SF BOH and Circulation 7,460 SF BOH and Circulation reducing the SF of the entire potential development, which shown here is significantly higher than the allowed 594,000Rear: SF. 0 ft.; 10 ft. above 8th Total Units: 252 Various parkingAverage layouts Unit: can be1,354 created SF on the property; one option Level 10 - Amenities View North West View South West View South East Total Retail: 7,600 1,200 SF BOH and Circulation that includesParking no Provided: tandem spaces would315 create approximately 45 9,390 SF Interior Amenity View South West Summary Parking Required: 6 spaces per floor. No parking is required for residential within 1,000’ Level 9 - Amenities According to Article 7, Section 7.1.2.5a (28) of Miami 21, the lot ofcoverage a Metromover maximum may be station.increased by Retail 10% from and 80% commercial and office require 1,200 SF BOH and Circulation View South East to 88%; this would allow it to rise from 17,600 SF up to 19,360 SF. There is a difference of 2,640 SF from the overall lot size, 2,500 SF Interior Amenity of which it may be fully covered due to 0’ setbacks all around, to theone maximum space allowable per 1,000 Lot Coverage. SF, Applyingand hotel the Open requires one space per four guest 17,360 SF Exterior Deck Space on the sides or rear of the property would create unusable and odd spaces. Thus, the best option is to create a 13.2’ setback along the entire southern primary frontage which would alsorooms. create aEven 30’8” sidewalkso, parking and would may match be other desired. large The parking plates can be Levels 2-8 - Parking sidewalks around the Worldcenter Neighborhood. This large sidewalkreduced may be a orbenefit even to the eliminated project, any retail because created at the the six required spaces can be 18,560 SF Garage - 45 spaces ground, and for the neighborhood as a whole. If there is a method for reducing the lot coverage within this masterplan, such as 800 SF - BOH and Circulation applying the street-scape section shown to the right, which may allowcreated with parallel spaces on the street. Additional programmatic for a greater reduction in Lot Coverage, it should be applied to create miami 21 appendix d: miami worldcenter Level 1 - Lobby, Retail, BOH uses can also occupy the space being used by the parking, such as 7,600 SF retail a larger podium which will create a more productive parking plate, NE 6th Street and also to bring the building frontage farther south to match potentialoffice. Illustrative Street Section 2,000 SF Lobby future neighboring buildings. 2,300 SF Garage Ramp 7,460 SF BOH and Circulation Various parking layouts can be created on the property; one optionThis scenario envisions maximizing the allowable FLR, including Public that includes no tandem spaces would create approximately Benefit 45 Bonus and creating a forty-nine story tower with 10,590 SF spaces per floor. No parking is required for residential within 1,000’ of a Metromover station. Retail and commercial and office requiretower floor plates. This creates 341,250 SF ofView netSouth Eastresidential area, one space per 1,000 SF, and hotel requires one space per four guestwhich across the 252 allowable units would be 1,354 SF each. At this rooms. Even so, parking may be desired. The parking plates can be reduced or even eliminated because the six required spaces can sizebe the units would most likely need to be condo. On the ground floor created with parallel spaces on the street. Additional programmatic uses can also occupy the space being used by the parking, suchthere as is a large rectangular 7,600 SF retail space. office. August 20, 2014 Miami Worldcenter Development Standards 19

This scenario envisions maximizing the allowable FLR, including Public Benefit Bonus and creating a forty-nine story tower with 10,590Highest SF and Best Use Diagram - Commercial & Large ResidentialPage Units 53 Diagram Model 2 Page 55 Maximum Building Envelope Example tower floor plates. This creates 341,250Diagram SF of net residential Model area, 1 which across the 252 allowable units would be 1,354 SF each. At this size the units would most likely need to be condo. On the ground floor 34 there is a large rectangular 7,600 SF retail space. 35 August 20, 2014 Miami Worldcenter Development Standards 19

Highest and Best Use Diagram - Commercial & Large Residential Units Diagram Model 2 Page 55 DEVELOPMENT SCENARIO - 2 DEVELOPMENT SCENARIO - 3

Zoning & Feasibility - 1315 NE Miami Court Zoning & Feasibility - 1315 NE Miami Court

T6-60a-O Scenario Calculations T6-60a-O Scenario Calculations

Gross Lot Area: 22,000 SF Thirty-Second Level: 10,250 SF Gross Lot Area: 22,000 SF Forty Ninth Level: 10,250 SF Lot Coverage 80%: = 17,600 SF // // Lot Coverage 80%: = 17,600 SF // // Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Eighth Level: 10,250 SF Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Tenth Level: 10250 SF Total FLR: =594,000 SF Seventh Level: 5,200 SF Total FLR: =594,000 SF Ninth Level: 5,200 SF Sixth Level: 19,360 SF Eighth Level: 19,360 SF Density 500 D/U 252 resi. or 505 hospitality // // Density 500 D/U 252 resi. or 505 hospitality // // Ground Level: 19,360 SF Ground Level: 19,360 SF Levels 13-29 Tower 7,200 SF Leasable/Sellable Building Setback Provided Building Setback Provided Levels 9-32 Tower 1,200 SF BOH and Circulation Principal Front: 13.2 ft.; 0 ft. above 8th Total Envelope Shown: 387,860 SF Principal Front: 13.2 ft.; 0 ft. above 8th 8,700Total SF Leasable/Sellable Envelope Shown: 387,860 SF Net Leasable: 225,100 SF Side: 0 ft.; 30 ft. above 8th Side: 0 ft.; 30 ft. above 8th 1,550Net SF BOH Leasable: and Circulation 225,100 SF Level 12 - Amenities Total Units: 250 Rear: 0 ft.; 10 ft. above 8th Rear: 0 ft.; 10 ft. above 8th Total Units: 252 1,000 SF Interior Amenity Average Unit: 870 Level Average8 - Amenities Unit: 742 SF 1,000 SF BOH and Circulation Total Retail: 7,600 1,200Total SF BOH Retail: and Circulation 10,000 SF 6,400 SF Exterior Deck Parking Provided: 233 9,350Parking SF Interior Provided: Amenity 8 Summary View North East Parking Required: 6 Summary Parking Required: 7 Level 3-11 Tower Units Level 7 - Amenities 7,300 SF Leasable/Sellable This scenario applies the same front setback as the previous scheme. The scenario aims to create the maximum units at a more This scenario redistributes the required open space to be within the maximum Lot Coverage in a unique technique. A 100’ x View North East 1,200 SF BOH and Circulation 1,200 SF BOH and Circulation typical unit size. It is envisioned as ten units per floor,averaging 870 SF each, with twenty-five repeating levels. There are 26.4’ plaza is on the center of the southern facade, which would be a great entry4,000 area SFfor Interior both the Amenity lobby, as well as for a food five floors of parking creating approximately 233 spaces, slightly less than one per unit. Only six spaces are required for the and beverage area to be incorporated with the retail. No structured parking is17,360 provided SF Exterior in this Deckscenario, only the on-street Levels 2 Amenity commercial space which can be handled with the provided on-street parking, or additional parking plates could be removed spaces; however, parking levels can be added into this scheme. The second level creates a large amenity deck for residents 1,000 SF Interior Amenity to create the amount desired. who would have a unique connection to the street that other buildings in the areaLevels do not. 2-6 A second- Parking amenity level is envisioned 1,000 SF BOH and Circulation on the twelfth level for added privacy and enhanced views and more sun exposure18,560 than SF the garage lower - amenity45 spaces level. 800 SF - BOH and Circulation 17,360 SF Exterior Deck The typical tower levels are 8,400 SF with approximately 1,200 SF for Circulation and Back of house, with ten units per floor Level 1 - Lobby, Retail, BOH averaging 720 SF each. The top two levels each have six units that average 1,200 SF each with higher ceilings. Level 1 - Lobby, Retail, BOH 7,600 SF retail 10,000 SF retail 2,000 SF Lobby 2,500 SF Lobby 2,300 SF Garage Ramp 6,860 SF BOH and Circulation 7,460 SF BOH and Circulation View North West View South West View South East View North West View South West View South East

1Maximum Building Envelope Example Diagram Model1Maximum 3 Building Envelope Example Page 57 Diagram Model 4 Page 59

36 37 DEVELOPMENT SCENARIO - 4 DEVELOPMENT SCENARIO - 5

Zoning & Feasibility - 1315 NE Miami Court Zoning & Feasibility - 1315 NE Miami Court View North East

T6-60a-O Scenario Calculations T6-60a-O Scenario Calculations

Thirty-Seventh Level: 10,250 SF Gross Lot Area: 22,000 SF Gross Lot Area: 22,000 SF Fifty-Fourth Level: 8,500 SF Level 39-54 - Resi Tower Lot Coverage 80%: = 17,600 SF // // Lot Coverage 80%: = 17,600 SF // // 7,000 SF Leasable/Sellable Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Twenty-Sixth Level: 10,250 SF Floor Lot Ratio: 18 / 50% = 396,000 + 198,000 SF Thirty-Ninth Level: 8,500 SF 1,500 SF BOH and Circulation Total FLR: =594,000 SF Twenty-Fifth Level: 4,400 SF Total FLR: =594,000 SF Thirty-Eighth Level: 4,400 SF Twenty-Fourth Level: 10,250 SF Level Thirty-Seventh26-37 - Resi Level:Tower 10,250 SF Level 38 - Resi. Amenities Density 500 D/U 252 resi. or 505 hospitality // // Density 500 D/U 252 resi. or 505 hospitality 8,700 SF Leasable/Sellable // // 1,600 SF BOH and Circulation Seventeenth Level: 10,250 SF 1,550Thirtieth SF BOH Level: and Circulation 10,250 SF 2,800 SF Interior Amenity Sixteenth Level: 4,400 SF 5,850 SF Exterior Deck Building Setback Provided Building Setback Provided Level Twenty-Ninth25 - Resi. Amenities Level: 4,400 SF Fifteenth Level: 10,250 SF Twenty-eighth Level: 10,250 SF Principal Front: 13.2 ft.; 0 ft. above 8th Principal Front: 13.2 ft.; 0 ft. above 8th 1,600 SF BOH and Circulation Level 30-37 - Resi Tower // // Side: 0 ft.; 30 ft. above 8th Side: 0 ft.; 30 ft. above 8th 2,800 SF Interior // Amenity // 8,500 SF Leasable/Sellable Rear: 0 ft.; 10 ft. above 8th Eighth Level: 10,250 SF Rear: 0 ft.; 10 ft. above 8th Twenty-First Level: 10,250 SF View North East 5,850 SF Exterior Deck 1,750 SF BOH and Circulation Seventh Level: 4,400 SF Twentieth Level: 12,150 SF Summary Sixth Level: 19,360 SF Summary Level 17- 24// - Resi Tower // Level 29 - Hotel Amenities // // 8,500Tenth SF Leasable/Sellable Level: 12,150 SF 1,600 SF BOH and Circulation This scenario creates a mixed-use hotel and residential tower. The ground floor will Ground Level: 19,360 SF 1,750 NinthSF BOH Level: and Circulation 4,400 SF 2,800 SF Interior Amenity have two lobbies, along with retail. Levels two through five have approximately This scenario creates a mixed-use office, hotel, and residential tower. The ground Eighth Level: 19,360 SF 5,850 SF Exterior Deck forty spaces per level. Approximately thirty-four total spaces are required, any Total Envelope Shown: 416,360 SF floor will have three lobbies along with retail. Levels two through Leveleight have 16 - // Hotel Amenities // spaces provided above that are optional. The large amenity deck on level seven Net Leasable: 242,000 SF approximately thirty-eight parking spaces per level. Approximately one hundred1,600 Ground SF BOH Level: and Circulation 19,360 SF Level 21-28 - Hotel will be for residents. Above that is the hotel with fifteen units per level averaging Total Resi. Units: 192 thirty-seven spaces are required, any spaces provided above that are optional.2,800 SF Interior Amenity Total Envelope Shown: 586,820 SF 8,000 SF Leasable/Sellable 533 SF each. The hotel has a private dedicated amenity area on level sixteen. Average Resi. Unit: 897 SF The large amenity deck on level nine will be for residents. Above that are eleven5,850 SF Exterior Deck Net Leasable: 350,150 SF 2,250 SF BOH and Circulation Then the Residential units are on levels seventeen through twenty-four, and twenty- Total Hotel Units 120 levels of office with fourteen-foot ceilings. The top office level has a 1,900 SF Total Resi. Units: 192 six through thirty-seven. The top two levels each have six units that average 1,450 Average Hotel Unit: 533 SF private deck. Above that is the hotel with fifteen units per level averaging 533Level 8-15 - Hotel Level 10-20 - Office Average Resi. Unit: 937 SF SF each with higher ceilings. The residents also have a sky amenity space on level Total Retail: 5,600 SF SF each. The hotel has a private dedicated amenity area on level twenty-nine.8,000 SF Leasable/Sellable 9,550 SF Leasable/Sellable Total Hotel Units 120 twenty-five which will most likely have more sun exposure than the lower amenity Parking Provided: 200 Spaces Then the Residential units are on levels thirty through thirty-seven, and thirty-nine2,250 SF BOH and Circulation 2,600 SF BOH and Circulation Average Hotel Unit: 533 SF level as more towers fill in around the site and also differentiate this building from Parking Required: 35 through fifty-four. The top two levels each have six units that average 1,166 SF LevelTotal 7 - Resi. Office: Amenities 103,150 Level 9 - Resi. Amenities the neighborhood. along with higher ceilings. The residents also have a sky amenity space on level 1,600Total SF BOH Retail: and Circulation 3,000 SF 1,600 SF BOH and Circulation thirty-eight which will most likely have more sun exposure than the lower level 2,800Parking SF Interior Provided: Amenity 274 Spaces 2,800 SF Interior Amenity View North West View North East as more towers fill in around the site and also differentiate this building from the View South West 17,360Parking SF Exterior Required: Deck 137 Spaces 17,360 SF Exterior Deck neighborhood. Levels 2-6 - Parking Levels 2-8 - Parking View North West View North East 18,560 SF garageView - 40South spaces West 18,560 SF garage - 38 spaces 800 SF - BOH and Circulation 800 SF - BOH and Circulation

Level 1 - Lobby, Retail, BOH Level 1 - Lobby, Retail, BOH 5,600 SF retail 3,000 SF retail 4,000 SF Lobbies 5,000 SF Lobbies 2,300 SF Garage Ramp 2,300 SF Garage Ramp 7,460 SF BOH and Circulation 9,060 SF BOH and Circulation

1Maximum Building Envelope Example Diagram Model1Maximum 5 Building Envelope Example Page 61 Diagram Model 6 Page 63

38 39 owntown Miami is growing fast, becoming younger, wealthier and more educated. In 2018, more than 92,200 people called greater downtown Miami home, up nearly 40 Dpercent since 2010, and expected to exceed 109,000 by the year 2021. The median household income is also increasing, up 55 percent since 2010. A significant chunk of these residents are young professionals with disposable income. They seek an urban core lifestyle, choosing to live downtown over the beaches or Brickell. New services and development are pouring into downtown Miami to meet the needs of the shifting demographics.

Since 2010 the population The majority of the 53% of the population are >> Residents spent $656.3 >> Median household Income in Greater of Downtwon Miami has population within the between 20 and 44 years million on all retail in 2016. income for 2016: $91,989 Downtown Miami increased by more than neighborhood are highly old. significally exceeds 30% and is pr ojected educated, young working >> Workers and visitors >> Average household that of the City of Miami. to increase an additional professionals. spent $1.7 billion in 2016. income for 2016: $111,305 20% by 2021.

“Younger Employees, which are the fastest growing segment of the U.S. workforce, prefer urban neighborhoods and easy access to alternate transportation” - The Miami Herald

40 41 Confidentiality & Disclaimer Statement

Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers

International South Florida, LLC.

CLICK HERE FOR OUR INTERACTIVE MAP themiamilink.com Contact Information themiamilink.com MIKA MATTINGLY CECILIA ESTEVEZ JACK LOWELL Executive Managing Director Senior Associate Senior Associate 786 486 4391 786 942 4503 305 542 8979 [email protected] [email protected] [email protected]