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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 Contents 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 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 T base 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 CLICK HERE FOR OUR INTERACTIVE MAP 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
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