SKYRISE MIAMI MARKET AND FINANCIAL ANALYSIS June 6, 2016 June 6, 2016
Mr. Jeff Berkowitz President and Founder Berkowitz Development Group, Inc. 2665 South Bayshore Drive, Suite 1200 Miami, FL 33133
Dear Mr. Berkowitz,
Conventions, Sports & Leisure International (“CSL”) is pleased to present this market and financial analysis related to the development and operations of SkyRise Miami (“SkyRise”) in downtown Miami, Florida. The attached report summarizes our research and analyses and is intended to assist Berkowitz Development Group, Inc. (“BDG”) with making informed decisions regarding the development of SkyRise, including demand for general and VIP observation decks and attractions.
The information contained in this report is based on estimates, assumptions and other information developed from research of the market, knowledge of the sports and entertainment industry and other factors, including certain information BDG has provided. All information provided to us by others was not audited or verified and was assumed to be correct. Because procedures were limited, we express no opinion or assurances of any kind on the achievability of any projected information contained herein and this report should not be relied upon for that purpose. Furthermore, there will be differences between projected and actual results. This is because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report.
We sincerely appreciate the opportunity to assist you with this project, and would be pleased to be of further assistance in the interpretation and application of the study’s findings.
Very truly yours,
CSL International
Conventions, Sports & Leisure International 7501 Lone Star Drive, Suite 200 • Plano, TX 75024 • Telephone 972.491.6901 • Facsimile 972.491.6903 TABLE OF CONTENTS INTRODUCTION...... 1
LOCAL MARKET...... 3
COMPETITIVE MARKET ANALYSIS...... 20
COMPARABLE FACILITIES...... 52
INTERCEPT SURVEY RESULTS...... 82
FINANCIAL PROJECTIONS...... 105
3 INTRODUCTION INTRODUCTION
Conventions, Sports & Leisure International (“CSL”) was engaged by the Berkowitz Development Group, Inc. (“BDG”) to conduct a market and financial analysis related to the development and operations of SkyRise Miami (“SkyRise”) in downtown Miami, Florida.
As a means of assessing demand, CSL conducted (1) an assessment of the local and regional market conditions; (2) an evaluation of the existing and planned sports and entertainment facilities/attractions in the local and regional market to determine their potential impact on the operations of SkyRise; (3) an analysis of the physical and operational characteristics of comparable attractions located throughout the world in order to provide a benchmark from which to assess the potential operations of SkyRise; and, (4) completed 381 intercept surveys at various locations within Miami-Dade and Broward Counties, including 97 residents and 284 visitors in order to understand participant’s interest in admission packages at the proposed SkyRise Miami development.
Research results were used to determine demand for the planned observation decks admission bundles and attractions, and to estimate the revenues and expenses associated with the operations of the observation decks, attractions, and other events hosted at the facility.
This report outlines the key findings of the feasibility analysis and is designed to assist project representatives in making informed decisions regarding the development of SkyRise. The report should be read in its entirety to obtain the background, methods, and assumptions underlying the findings.
2 LOCAL MARKET LOCAL MARKET
It is anticipated that the majority of annual visitors to SkyRise Miami will consist of international and domestic tourists to South Florida. However, local residents will make up a portion of the target market for the various attractions. The ability for local residents to support the observation deck will be important for initial success in ticket sales, but more importantly, will serve as a base for free and impactful marketing. A local population familiar with and excited about SkyRise Miami will be a key component to the ongoing success of the observation deck.
A key measure of success for any major attraction is the extent to which the attraction is well-known and popular within the local market. Additionally, corporate and private sector support for the envisioned music and event spaces may be primarily supported by local Miami companies and residents. Considering the likely importance of partnerships with area corporations, which often book spaces for events and purchase admissions, advertising and sponsorship at an attraction, it is critical to understand the community’s corporate base. The analysis will include an overview of the Miami market to assess the area’s ability to accommodate added event activity and support tourist interest in the observation deck. For purposes of this study, the Miami market is defined as the Miami-Fort Lauderdale-West Palm Beach, FL Core Based Statistical Area. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the U.S. Office of Management and Budget based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. Characteristics discussed in this section include:
- Local & Regional Market Characteristics - Transportation Access - Tourism - Comparisons to North American Markets with Observation Decks & Towers - Summary
The remainder of this section will summarize details specific to the Miami area, as well as South Florida as a whole, and also compare local demographic characteristics to peer markets with observation decks and towers. This comparison is conducted to illustrate potential opportunities and possible weaknesses of the Miami market relative to markets with existing observation decks and towers.
4 LOCAL & REGIONAL MARKET CHARACTERISTICS
The anticipated local and regional market for the proposed SkyRise Miami development includes the Miami-Fort Lauderdale-West Palm Beach, FL CBSA and the South Florida region, which is presumed to include Miami-Dade, Broward, Martin, Monroe and Palm Beach Counties.
The map to the right depicts the anticipated local and regional market areas. As shown, the Miami metropolitan area makes up the majority of the South Florida region, extending from Palm Beach County to Miami-Dade County. The inclusion MIAMI of Monroe and Martin Counties to the Miami metropolitan area makes up the METROPOLITAN region known as South Florida. AREA SOUTH FLORIDA Specific demographic and socioeconomic information that can provide an indication of a market’s ability to support an attraction such as the proposed SkyRise Miami structure includes population, age distribution, household income and corporate base, among other variables. SKYRISE The table on the following page summarizes the key demographic characteristics MIAMI for the Miami CBSA and South Florida as compared to the U.S. as a whole.
5 SOUTH DEMOGRAPHIC VARIABLE MIAMI CBSA U.S. TOTAL FLORIDA LOCAL MARKET 2010 Population 5,564,635 5,784,043 330,622,575 2015 Population 5,776,200 6,000,738 318,536,439 2020 Population 6,083,472 6,317,788 330,622,575 CHARACTERISTICS Historical Annual Growth Rate (2010 to 2015) 0.7% 0.7% 0.6% Population Projected Annual Growth Rate (2015 to 2020) 1.0% 1.0% 0.8% The 2015 population of the Miami metropolitan area and South Florida are approximately 5.8 million AGE: and 6.0 million, respectively. The Miami metropolitan area is the eighth most populous metro area Median Age 40.8 41.1 37.9 in the U.S. Age Distribution: Under 20: 22.9% 22.7% 25.6% At 1.04 percent, the projected annual population growth rate from 2015 to 2020 in the Miami 20 to 34 20.0% 19.8% 20.8% metropolitan area and South Florida are both higher than the U.S. population annualized growth 35 to 54 27.1% 27.0% 26.0% rate of 0.8 percent. 55 & Over 30.0% 30.5% 27.6% HOUSEHOLD INCOME: Age Adjusted Median Household Income1 $46,258 $46,517 $53,217 The median ages of the Miami metropolitan area (40.8 years) and South Florida (41.1 years) residents Income Distribution: are higher than that of U.S. residents (37.9 years) as a whole. $0 to $24,999 26.4% 26.2% 22.8% $25,000 to $49,999 24.3% 24.3% 23.1% Household Income $50,000 to $74,999 17.6% 17.6% 18.5% Median household income levels in the Miami metropolitan area and South Florida (approximately $75,000 to $ 99,999 10.8% 10.9% 12.4% $46,000) are approximately seven to eight percent lower than the national median of $53,217. $100,000 to $149,999 11.0% 11.1% 13.1% $150,000 and Over 9.9% 10.0% 10.1% Any discussion of household income should consider the cost of living characteristic of an area, CORPORATE INVENTORY: which indicates how expensive or inexpensive an area is relative to the nation as a whole. Compared Total Corporate Base 4,894 5,049 260,486 to the national average of 100, the cost of living index of the Miami metropolitan area is 106.0, By Sales: indicating that the Miami area is approximately six percent more expensive than the U.S. as a whole. $5.0MM to $9.9MM 1,928 2,014 95,829 $10.0 MM to $49.9MM 2,154 2,216 118,573 Corporate Base $50.0MM to $499.9MM 696 704 38,978 For purposes of this study, corporate base includes companies with at least $5 million in annual Over $500.0MM 116 115 7,106 sales and 25 employees. Source: Esri , Hoovers (1) Median Household Income is adjusted to factor in cost of living in the Miami CBSA or South Florida relative to the United States as a whole There are 4,894 companies in the Miami metropolitan area and 5,049 in South Florida, the majority of which reported annual sales of $50 million or less. 6 TRANSPORTATION ACCESS
Transportation accessibility impacts the ability of patrons from local and regional markets, as well as national and international visitors, to access a destination, and is therefore critical to the success of any major attraction. The map to the right illustrates major transportation arteries in Miami’s local and regional markets.
Miami is accessible via I-95, I-75, I-195 and I-395. Interstate 95 connects the northern and southern tips of the East Coast of the U.S., running from Miami to Jacksonville, Savannah, and further north. From Miami, I-75 runs east across the Everglades to the Gulf Coast and then north to Tampa, Tallahassee and further north from Atlanta. Interstates 195 and 395 both run east to west and provide access to Miami International Airport and Miami Beach.
Public transportation in Miami consists of four systems operated by Miami-Dade Transit and South Florida Regional Transportation Authority. Tri-Rail is a commuter rail that services 18 stops in the metropolitan area and runs from Miami International Airport to West Palm Beach. Metrorail, the area’s rapid transit system, connects central Miami to the suburbs with 23 stations over 24.4 miles. Metromover, a free, elevated transit system, services 21 stations across greater downtown Miami with three lines. Metrobus, Miami’s bus system, connects Miami-Dade County and portions of Broward County with over 90 bus routes. SKYRISE MIAMI Expected to open in 2017, All Aboard Florida is a high-speed passenger rail service that will connect Miami to Orlando, with stations in Fort Lauderdale and West Palm Beach. Construction is estimated to cost approximately $1.5 billion.
Miami is the southernmost point of Amtrak’s Atlantic Coast railway services. Two Amtrak lines, both of which terminate in New York City, service Miami.
7 TRANSPORTATION ACCESS
The primary airport in the Miami metropolitan area and South Florida is Miami International Airport. The busiest airport in Florida and the second-largest entry point for international visitors to the United States (behind New York City’s John F. Kennedy International Airport), Miami International services a total of 153 domestic and international destinations via 101 airline carriers. Miami International brings 70 percent of all international visitors to Florida and offers the most flights to Latin America and the Caribbean of any U.S. airport. An average of approximately 1.0 million passengers passed through Miami International weekly for a total of 52.6 million total passengers in 2015.
In addition to Miami International, the Fort Lauderdale-Hollywood International Airport is located approximately 20 miles north of Miami and is popular among tourists bound for cruises in the Caribbean due to its proximity to cruise line terminals in Port Everglades. The airport is Spirit Airlines’ largest base and carried 26.9 million passengers in 2015. The Miami area is more accessible by air than it is by car, and air travel is consistently the most common mode of transportation to the area. A number of people passing through area airports visit the Miami area for a short period of time on layovers from air travel or in conjunction with a cruise departing from the ports.
PortMiami is the largest cruise ship port in the world and is often referred to as the “Cruise Capital of the World” and “Cargo Gateway of the Americas”. Located in Biscayne Bay near downtown Miami (in proximity to the SkyRise Miami development site), the port facilitates the travel of over 4.9 million cruise passengers annually. Miami is the home to the headquarters of Carnival Cruise Lines, Celebrity Cruises, Norwegian Cruise Lines, Oceania Cruises and Royal Caribbean International.
Another major port in South Florida is Port Everglades, located in Broward County approximately 30 miles north of the proposed SkyRise Miami development site. Port Everglades is the third busiest cruise port in the world and serves as the main seaport in South Florida for receiving petroleum products. Approximately 22.1 million tons of cargo and approximately 4.0 million travellers pass through Port Everglades annually.
The proposed location of SkyRise Miami in downtown Miami, just across the channel from PortMiami and approximately seven miles from Miami International Airport, could provide a major opportunity to attract those visitors both remaining in and passing through the Miami area. The visibility and ease of access of SkyRise Miami from the point of departure and return for cruise ships may prove critical in drawing the entertainment dollars of transient visitors who are in the area for a short time and want to stop at nearby, prominent attractions before or after a cruise or air departure.
8 TOURISM - MIAMI It is anticipated that tourism, with effective marketing, will serve as an integral Notably, 91.9 percent of total visitors in 2015 indicated a “very likely” to “definite” factor in the overall success of the proposed SkyRise Miami development, intent to return to Miami, a 2.6 percent increase from the previous year. This especially considering the status of the Miami market as a point of entry and exit increase in overall likelihood to return coincides with a nearly 3.2 percent increase for many travelling to the United States from South and Central America and from in people who indicated they were “very” to “extremely” satisfied with their stay in PortMiami and Port Everglades on cruises or to other international destinations. Miami (97.7 percent of all visitors).
The number of visitors to Greater Miami (defined by the Greater Miami Convention The five most popular features of the Greater Miami area among tourists are & Visitors Bureau as encompassing Miami-Dade County) has been steadily consistently the beaches, the weather, the South Beach/Ocean Drive area, increasing for the past five years, with the total number of tourists increasing by shopping, and restaurants. The popularity of these items could prove to be nearly 23 percent from 2010 (12.6 million) to 2015 (15.5 million) and a five-year beneficial in drawing visitors to an observation deck attraction in the downtown average annual increase of 3.7 percent. In 2015 there were an estimated 15.5 Miami area, especially considering the high concentration of attractions such million overnight visitors to Greater Miami, generating approximately $24.4 billion as parks and museums, beaches and shopping districts within a radius of in direct spending, nearly 70 percent of which can be attributed to international approximately five miles, and the open-air and outdoor entertainment elements visitors. The origin of visitors is split nearly evenly between international (48.4 of the proposed SkyRise Miami development. Additionally, SkyRise Miami would percent) and domestic visitors (51.6 percent). Of domestic visitors to Miami, the be located in the same complex as Bayside Marketplace, a popular outdoor majority come from the northeast region of the United States (3.9 million), followed shopping center that attracts approximately 23 million visitors annually. Though by the southern (2.0 million) and midwestern (1.4 million) regions. The region the majority of visitors indicated they disliked nothing about their visit to Greater with the lowest occurrence of visitors to Miami is the western United States, with Miami, the least popular elements among domestic and international visitors just 740,000 visitors, which can be directly attributed to travel distance. were traffic and prices, which will be important to consider when setting prices for SkyRise Miami. Latin American visitors accounted for the highest percentage of total visitors to Miami in 2015 (approximately 34 percent), with Central and South America and the Downtown Miami was the fifth most visited part of Miami in 2012, 2013 and 2014 and Caribbean contributing a combined 5.2 million visitors to the area. Europe and the fourth most visited in 2010, 2011, and 2015 (35.0 percent of all 2015 visitors). Canada contributed approximately 1.5 million and 697,000 visitors respectively, The most popular areas among all Miami visitors are the Art Deco District/South with other international visitors numbering approximately 140,000. Beach, the beaches, Lincoln Road and Aventura Mall.
The primary purpose for visiting in 2015, according to research conducted by the Greater Miami Convention & Visitors Bureau, was leisure/vacation (81.9 percent), followed by business/conventions (8.3 percent), cruises (6.6 percent) and personal/other reasons (3.1 percent). Nearly half of all overnight visitors chose to stay in the Miami Beach area, with approximately 19 percent choosing to stay downtown, approximately 12 percent near the airport, approximately 11 percent in North Dade/Sunny Isles Beach, and the remaining dispersed between South Miami-Dade, Coral Gables, Doral, Key Biscayne, and Coconut Grove. 9 TOURISM - SOUTH FLORIDA
In addition to tourism in the local Miami area and the beaches, it is important to acknowledge the tourist destinations of Broward and Palm Beach Counties, both of which are expected to be a regional source of visitors to SkyRise Miami.
Fort Lauderdale serves as the seat of Broward County and is a popular destination for visitors to the South Florida region. Fort Lauderdale is approximately 30 miles north of Miami and consists of 560 hotels and motels with approximately 35,000 rooms, which were occupied at a rate of 79.1 percent in 2015. The city and its suburbs feature over 4,000 restaurants and over 130 nightclubs. Also a hub for yachting, Broward County has 100 marinas and over 45,000 resident yachts. In 2015, over 15.4 million domestic and international visitors to Broward County spent an estimated $14.2 billion according to the Greater Fort Lauderdale Convention & Visitors Bureau. Fort Lauderdale-Hollywood International Airport, the 21st busiest airport in the United States, carried 26.9 million passengers in 2015.
Located approximately 70 miles north of Miami, West Palm Beach is the seat of Palm Beach County. The hotel occupancy rate for West Palm Beach was 73.3 percent in 2015. Though the number of annual college visitors has declined over recent years, Palm Beach is known as a popular destination for college spring breakers and attracts over 10,000 students annually. In 2015, there were over 6.9 million domestic and international visitors to Palm Beach County, which is an increase from approximately 6.24 million in 2014.
Everglades National Park spans 1.5-million acres of wetland nature preserve on the southern tip of Florida, west of Miami-Dade, Broward and Palm Beach Counties. In 2015, the park attracted 1.1 million recreational visitors and approximately 1,400 non-recreational visitors.
10 COMPARABLE NORTH ATTRACTION CITY COUNTRY CN Tower Toronto Canada AMERICAN MARKETS Skylon Tower Niagara Falls Canada 360 Chicago Chicago United States In order to estimate the potential of an observation deck to attract Willis Tower Chicago United States visitors from the local and regional resident and tourist markets, it is Stratosphere Tower Las Vegas United States important to understand the market and tourist industry characteristics Bank of America Tower New York City United States of locations with comparable observation decks. Empire State Building New York City United States The table to the right summarizes the list of 25 comparable attractions One World Observatory New York City United States presented in the upcoming section. In order to assure standardization Statue of Liberty New York City United States of the demographic and socioeconomic variables collected, this section Top of the Rock New York City United States will focus on markets with comparable observation decks and towers Space Needle Seattle United States in North America, shown to the right in blue text. Gateway Arch St. Louis United States Canton Tower Guangzhou China The remainder of this section will present the visitor base, number of Oriental Pearl Shanghai China attractions, population, median age, median household income, cost Eiffel Tower Paris France of living and corporate base of the Miami metropolitan area relative Macau Tower Macau Hong Kong to corresponding characteristics of the metropolitan areas of Niagara Tokyo Skytree Tokyo Japan Falls (Ontario), Toronto, Chicago, Las Vegas, New York City, Seattle Menara Tower Kuala Lumpur Malaysia and St. Louis in order to understand Miami’s ranking relative to other Sky Tower Auckland New Zealand comparable North American markets. Glasgow Tower Glasgow Scotland Etihad Towers Abu Dhabi United Arab Emirates Burj Khalifa Dubai United Arab Emirates Blackpool Tower Blackpool United Kingdom The Shard London United Kingdom Spinnaker Tower Portsmouth United Kingdom
11 ANNUAL % TOTAL CITY VISITOR BASE VISITORS VISITOR BASE NEW YORK CITY 56,400,000 The table to the right summarizes the annual visitor base for North American Empire State Building 4,060,000 7.2% cities with comparable attractions, as well as the number of annual visitors Statue of Liberty 3,750,000 6.6% to each attraction. One World Observatory1 2,700,000 4.8% Top of the Rock 2,500,000 4.4% As shown, the annual visitor base of North American cities with comparable CHICAGO 50,170,000 observation decks ranges from a low of approximately 14.3 million in Toronto Willis Tower 1,500,000 3.0% to a high of approximately 56.4 million in New York City. Miami ranks toward the bottom of comparable cities, with approximately 15.5 million visitors to 360 Chicago 600,000 1.2% Greater Miami and the Beaches in 2015 (30.8 million when Broward County LAS VEGAS 41,126,512 is included). The average annual visitor base for comparable cities is Stratosphere 2,000,000 4.9% approximately 31.0 million, while the median is approximately 26.0 million. NIAGARA FALLS 28,000,000 In terms of specific attractions, New York City’s Empire State Building and Skylon Tower2 n/a n/a Statue of Liberty have the highest annual visitations, while the Gateway Arch ST. LOUIS 23,900,000 in St. Louis has the lowest. Gateway Arch 1,000,000 4.2% SEATTLE 19,200,000 Penetration rates are used to show the percentage of a city or area’s annual Space Needle 1,300,000 6.8% visitor base that attends a certain attraction in the area. As shown, Toronto’s TORONTO 14,300,000 CN Tower has the highest penetration of any comparable North American CN Tower 1,380,000 9.7% attraction, with approximately 9.7 percent of all visitors to the Toronto area City Average 30,957,464 also visiting the tower. New York’s Empire State Building and Statue of City Median 25,950,000 Liberty and Seattle’s Space Needle also have penetration rates above the North American average (5.3 percent), attracting 7.2 percent, 6.6 percent Attraction Average 1,886,564 5.3% and 6.8 percent of their market visitor bases, respectively. The lowest visitor Attraction Median 1,440,000 4.9% base penetration rates belong to Chicago’s Willis Tower (3.0 percent) and Miami 15,496,300 360 Chicago at the John Hancock Center (1.2 percent). Miami & Broward 30,896,300 SkyRise (Miami) 821,304 5.3% SkyRise (Miami & Broward) 1,637,504 5.3% Source: Individual Convention & Visitor Bureaus, attraction annual reports, CSL research (1) Attendance information for One World Observatory represents projected 2016 attendance (2) Attendance information unavailable for Skylon Tower 12 ATTRACTIONS
The number of attractions in a particular market provides a good indication of the level of competition a venue may face in terms of attracting visitors. Cities such as New York City, Las Vegas and Chicago CITY # OF ATTRACTIONS have a large number of attractions that cater to tourists. Cities with observation decks and towers often contain hundreds of attractions, Niagara Falls 52 which can impact the number of visitors a single venue can attract. St. Louis 138 Attractions are defined as things or places that draw visitors by providing something of interest or pleasure, and can include such destinations as Seattle 207 museums, theme parks, zoos, parks, monuments, observation decks, Toronto 300 sports facilities and other culturally significant community fixtures. Chicago 363 The table to the right summarizes the number of attractions in North American cities with comparable observation decks and towers. Miami 485 Las Vegas 560 According to CSL research, the average number of attractions in North American cities with comparable observation decks and towers is New York City 834 approximately 350, while the median is approximately 300. New York Average (excluding Miami) 351 City ranks highest with approximately 830 attractions, while Niagara Median (excluding Miami) 300 Falls (Canada) ranks lowest with approximately 50 attractions. Miami ranks third among comparable markets with approximately 490 Source: CSL research attractions throughout Greater Miami and the beaches. Attractions in the Miami market include parks, museums, zoos and aquariums, arts and culture destinations, and culinary and nightlife destinations, among others.
13 POPULATION
The size and characteristics of the population of the local market will have a direct impact on the ability of SkyRise Miami to attract visitors CORE BASED STATISTICAL AREA on an annual basis. The table to the right summarizes the population 2020 FIVE-YEAR and anticipated population growth of Miami compared to other North CITY 2015 POPULATION POPULATION GROWTH RATE American markets with comparable observation decks and towers. New York City 19,987,000 20,525,000 0.53%
As illustrated, SkyRise Miami would operate in the fourth most populous Chicago 9,557,000 9,694,000 0.28% market of comparable North American markets with approximately 5.8 million residents in the Miami CBSA; compared to an average of 7.4 Toronto 6,056,000 6,975,000 1.20% million and a median of 4.8 million residents among other markets. Miami 5,776,000 6,083,000 1.04% The Miami CBSA is anticipated to grow at an overall rate of 1.04 percent over the next five years, which is higher than the comparable average Seattle 3,630,000 3,867,000 1.28% of approximately 0.84 percent. St. Louis 2,798,000 2,823,000 0.18%
Las Vegas 2,084,000 2,231,000 1.38%
Average (excluding Miami) 7,352,000 7,686,000 0.84%
Median (excluding Miami) 4,843,000 5,421,000 1.04%
14 MEDIAN AGE
The age distribution of a market’s population base can be indicative of the types of programming that may be successful at an attraction and of the attraction’s ability to draw visitors. Age can influence local CITY MEDIAN AGE interest in the attraction, the schedule and time availability of local residents to attend attractions and the financial means of residents to Las Vegas 36.3 pay for admission and add-ons at an attraction. The table to the right Chicago 36.6 illustrates the median age of the Miami market compared to North American markets with comparable observation decks and towers. Seattle 37.6 New York City 38.4 As shown, the proposed SkyRise Miami would operate in a market characterized by a relatively high median age. Specifically, the median Toronto 38.6 age of Miami residents is 40.8, compared to the average comparable market median age of 37.8 years. St. Louis 39.0 Miami 40.8
Average (excluding Miami) 37.8
Median (excluding Miami) 38.0
15 HOUSEHOLD INCOME
Household income provides an indication of the ability of residents MEDIAN HOUSEHOLD within a certain market to purchase tickets, merchandise, parking and CITY INCOME other items at an attraction. The table to the right summarizes the median household income of residents of the Miami CBSA relative to Seattle $68,802 comparable markets with observation decks and towers. New York City $65,898 The median household income of Miami is approximately $49,000, which ranks last among comparable North American markets. The peer set Toronto $64,032 of markets has an average median household income of approximately $61,000, which is approximately 25 percent higher than that of Miami. Chicago $60,085
St. Louis $54,317
Las Vegas $52,541
Miami $49,033
Average (excluding Miami) $60,946
Median (excluding Miami) $62,059
16 COST OF LIVING
It is important to consider the cost of living index when comparing MEDIAN ADJUSTED household incomes of different geographic regions. The cost of living COST OF LIVING CITY HOUSEHOLD HOUSEHOLD INDEX index for the Miami metropolitan area is 106.0, compared to the national INCOME INCOME average of 100.0. The table to the right summarizes the cost of living in St. Louis $54,317 90.4 $60,085 comparable North American markets as well as the adjusted median household income for each market, which factors in the cost of living Seattle $68,802 121.4 $56,674 in a particular market. Toronto $64,032 121.8 $52,571
As shown, the cost to live in the Miami metropolitan area is approximately Las Vegas $52,541 101.9 $51,561 six percent above the national average, 14 percent below the average Chicago $60,085 116.9 $51,399 cost of living in comparable markets and 11 percent below the comparable median. It will be important to take into consideration the Miami $49,033 106.0 $46,258 relative cost of living when determining a price model for an observation New York City $65,898 185.8 $35,467 deck attraction in Miami. When adjusted for cost of living, the median household income of residents in the Miami CBSA ($46,258) ranks sixth Average (excluding Miami) $60,946 123.0 $51,293 out of seven comparable markets. Median (excluding Miami) $62,059 119.2 $52,066 Note: Sorted by Adjusted Household Income
17 CORPORATE BASE
The depth and breadth of the local corporate market will impact the operations and programming of the proposed SkyRise Miami. CITY CORPORATE BASE Companies often book spaces for receptions and banquets, stockholder meetings, trade shows, job fairs, team building, training and other New York City 18,954 activities and purchase admissions, advertising and sponsorships within an observation deck and its rental spaces. Chicago 10,443
The table to the right summarizes the corporate base of Miami relative Toronto 5,282 to other comparable North American markets. For purposes of this study, only companies with annual revenue of at least $5 million and at Miami 4,894 least 25 employees were counted. Seattle 3,082 As shown, SkyRise Miami would have a base of approximately 4,900 corporations with at least $5 million in annual revenue and 25 employees St. Louis 2,780 from which to draw. Miami’s corporate base is nearly 30 percent below the average of approximately 7,000. In terms of corporate base, Miami is Las Vegas 1,241 the fourth largest market among comparable North American markets, behind Toronto, Chicago and New York City, and ahead of Seattle, St. Average (excluding Miami) 6,964 Louis and Las Vegas. Median (excluding Miami) 4,182
18 SUMMARY
The average rank of the Miami market amongst peer cities in market LOCAL MARKET VALUE MIAMI RANK characteristics was fifth, ranging from fourth (annual visitors, CHARACTERISTIC population, and corporate base) to last (median age and median household income). Among Miami’s most favorably ranked market Annual Visitors 28,600,000 4 characteristics are its annual visitors, population and corporate base. The least favorably ranked characteristics, however, are the number of Attractions 485 6 annual visitors, median age and median household income. These peer 2015 Population 5,776,200 4 comparisons indicate that, while the Miami market may have a large population with a significant base of corporations and attractions, the 2020 Population 6,083,472 4 relatively low median household income of the local market indicate that an observation deck will need to effectively penetrate the visitor Median Age 40.8 7 market in order to reach attendance goals. Median Household Income $49,033 7 With a high cost of living and low median household income, the Miami market may face challenges in terms of attracting the disposable Cost of Living 106.0 5 income of its residents. However, the Miami and South Florida tourism Adjusted Household Income $46,258 6 industry continues to grow and will prove critical to attracting visitors to the proposed SkyRise Miami development. Visitors to downtown Miami Corporate Base 4,894 4 and Miami Beach, along with transient visitors who depart on cruises from PortMiami or air travellers on a layover from Miami International Average 5 Airport may be a significant source of visitors to SkyRise Miami. Note: All values are ranked on a scale of largest to smallest with the exception of Median Age, which ranks from youngest to oldest (smallest to largest).
19 COMPETITIVE MARKET ANALYSIS DISTANCE FROM ATTRACTIONS SKYRISE (MI) COMPETITIVE MARKET Bayside Marketplace 0.0 Bayfront Park 0.0 ANALYSIS Ultra Music Festival 0.0 Island Queen Cruises 0.0 Patricia and Phillip Frost 0.9 The operations of SkyRise Miami will be affected, to some degree, by the number and type Museum of Science of major attractions and facilities in the local and regional market that could compete for Pérez Art Museum Miami 0.9 the entertainment dollars of local and regional residents and area visitors. The local and Adrienne Arsht Center for the Performing Arts 1.1 regional Miami area is home to a variety of museums, festivals, attractions and sports HistoryMiami 1.1 venues. Some facilities in the marketplace will compete directly for local, visitor and Miami Children’s Museum 2.1 corporate spending, while other facilities are not expected to directly pose significant Jungle Island 2.4 competition. The table to the right summarizes the top attractions in the area and their Vizcaya Museum and Gardens 3.1 respective distances from the proposed SkyRise Miami development. The venues range South Beach / South Pointe Park 5.0 from a distance of less than one mile up to approximately 30 miles from the site. Miami Seaquarium 5.7 Art Basel - Miami Beach 6.6 The location of the proposed SkyRise Miami development in downtown Miami could be Miami Auto Museum at the Dezer Collection 11.0 advantageous to the venue’s popularity in that it is surrounded by landmark destinations Fairchild Tropical Botanic Garden 11.4 and event sites that attract a substantial amount of people to the area annually. However, Zoo Miami 20.0 the heavy presence of popular attractions in the area would suggest that there is a Hollywood Beach Broadwalk 21.1 substantial amount of competition in the market. American Airlines Arena, Marlins Park, Coopertown Airboats 26.1 South Beach, performing arts centers and several popular museums all lie within a five- Monkey Jungle 26.7 mile radius of the proposed SkyRise Miami development site. Flamingo Gardens 28.5 Coral Castle 31.7 The remainder of this section will provide an overview of local facilities that may provide SPORTS VENUES competition to SkyRise Miami. American Airlines Arena 0.0 Marlins Park 2.7 Sun Life Stadium 15.1 Homestead Miami Speedway 28.7 BB&T Center 31.8
21 COMPETITIVE BBT CENTER
MARKET FLAMINGO GARDENS
ANALYSIS HOLLYWOOD BEACH BOARDWALK
The map to the right shows the competitive facilities located in Greater SUN LIFE Miami. STADIUM
MIAMI AUTO MUSEUM AT THE DEZER COLLECTION
Competitive facilities located in or around downtown Miami and Miami Beach shown in the map COOPERTOWN on the following page. AIRBOATS
FAIRCHILD TROPICAL BOTANIC GARDEN
ZOO MAMI MONKEY JUNGLE
CORAL CASTLE HOMESTEAD MIAMI SPEEDWAY 22 PÉREZ ART MUSEUM MIAMI COMPETITIVE MIAMI BEACH ARSHT CENTER FOR THE (ART BASEL) PERFORMING ARTS MIAMI CHILDREN’S MUSEUM
MARKET JUNGLE ISLAND PATRICIA AND PHILLIP FROST MUSEUM OF SCIENCE ANALYSIS BAYSIDE MARKETPLACE, AMERICAN AIRLINES ISLAND QUEEN CRUISES MARLINS ARENA PARK BAYFRONT PARK (ULTRA MUSIC FESTIVAL) The map to the right shows the competitive HISTORY facilities located in or near downtown Miami MIAMI and Miami Beach.
SOUTH BEACH / SOUTH POINTE PARK
VIZCAYA MIAMI MUSEUM AND SEAQUARIUM GARDENS
23 BAYSIDE MARKETPLACE
Bayside Marketplace is located in Downtown Miami on Biscayne Bay, the proposed location of SkyRise Miami. Opened in 1987, the outdoor shopping center was built to complement an existing marina. The marketplace is owned and operated by General Growth Properties, Inc.
The two-story, 228,000-square-foot mall features over 140 stores, shops and restaurants, as well as an adjacent covered parking garage with capacity for 1,200 vehicles.
According to its ownership group, Bayside Marketplace welcomes approximately 23 million resident and tourist visitors annually.
24 BAYFRONT PARK
Bayfront Park, a 32-acre, urban public park, was created in 1925 in downtown Miami on Biscayne Bay. The park hosts the annual New Year’s Eve ball drop in Miami (70,000 annual attendees), America’s Birthday Bash Independence Day celebration (60,000 annual attendees) and other holiday celebrations, concerts and tours around the bay. The Bayfront Park Amphitheater, operated by Live Nation, has a seating capacity of 10,000 with 2,672 bench seats and space for 7,328 on the lawn. The Tina Hills Pavilion holds 200 in fixed seating and 800 in lawn seating. The Lee & Tina Hills PlayGround features a pirate ship and ocean wave sculpture and is open daily to children and their guardians from sunrise to sundown.
In addition to large events such as the New Year’s Eve ball drop and Ultra Miami, Bayfront Park hosts an average of seven daily events and activities throughout the year, including free and donation-based yoga classes (which attract over 100,000 people per year), a sculpture exhibit, educational activities, fitness bootcamps and flying trapeze school.
On average, Bayfront Park hosts one to four major concerts and music festivals on an annual basis. Bayfront Park Amphitheater hosted 10 concerts in 2015 and is scheduled to host three in the summer of 2016.
25 ULTRA MUSIC FESTIVAL
Founded in 1999, Ultra Music Festival is a three-day, outdoor electronic dance music festival that occurs every March in downtown Miami at Bayfront Park.
Tickets to Ultra range from $300 to $350 for general admission three-day tickets, depending on time of purchase (approximately $108 per day). VIP three-day packages cost $1,250 and include access to VIP platforms and seating, preferred viewing areas, artist meet and greets, shaded areas, premium concessions and restroom trailers, among other amenities. Table service is also available for purchase by advance request to a limited number of guests.
More than 300,000 people attend Ultra Miami each year, and there are several other Ultra Music Festival events in international locations including Johannesburg and Cape Town, South Africa, Ibiza, Spain, São Paulo, Brazil, Buenos Aires, Argentina, Santiago, Chile, Seoul, South Korea, Bali, Indonesia and Tokyo, Japan.
26 ISLAND QUEEN CRUISES Headquartered in Bayside Marketplace, Island Queen Cruises operates a variety of narrated tour cruises in and around Miami and Miami Beach, including the Millionaire’s Row Cruise, Miami Skyline Cruise, Bayside Blaster, Jet Boat Miami, fishing cruises, dance cruises, Thriller Miami speedboat tours, Miami River Cruise, Stiltsville Cruise, sunset cruises and Water Taxi Miami.
The Millionaire’s Row Cruise, the most popular cruise in Miami, is a 90-minute yacht tour featuring an enclosed, air-conditioned lower deck, open-air upper deck and light refreshments for purchase. The cruise guides riders on a tour of celebrity homes on islands in Biscayne Bay. Jet Boat Miami is a thrilling boat ride with high-speed cruising and 360-degree turns. Thriller Miami offers a 45-minute speedboat tour with views of downtown Miami, the Atlantic Ocean, celebrity homes, Key Biscayne, Miami Beach and South Beach. Water Taxi Miami transports travellers from mainland Miami to Miami Beach. Miami River Cruises are offered in partnership with HistoryMiami and take patrons on a three-hour historic tour of the Miami River.
Most cruises depart daily, weekly or on weekends only, while a few (including fishing cruises and Miami River cruises) depart only on select dates throughout the year. Special offerings include corporate outings, birthday parties and wedding parties, as well as a wide selection of holiday brunch and dinner cruises. The company also operates bus, jet ski, parasailing and seaplane outings.
The average price for a single-passenger ticket for a regularly scheduled cruise is $30 for adults and $20 for children (under 12). Holiday cruises average $114 per person for adults, ranging from $69 for Valentine’s Day cruises to $220 for New Year’s Eve Dinner. The average holiday cruise ticket for children costs $42. 27 PÉREZ ART MUSEUM MIAMI Opened in its current downtown Museum Park location in 2013, Pérez Art Museum Miami (PAMM) is a contemporary art museum that was originally founded in 1984 as the Center for Fine Arts.
Since the 2013 relocation of the museum from its former location in the downtown Miami-Dade cultural center to the new Museum Park along Biscayne Bay, the museum has seen an increase in attendance from an average of 60,000 attendees annually to approximately 300,000 in its first year.
The museum is open from 10:00 am to 6:00 pm Tuesday through Sunday and until 9:00 pm on Thursdays. Admission is free to those with a donation-based membership (minimum $40 for a one-year, individual membership), military, Miami-Dade-based professional artists, Florida K-12 educators and children under six. Admission costs $12 for students, seniors and youth and $16 for adults. The museum also offers free admission to the public every first Thursday and second Saturday of the month. Parking in the PAMM lot costs $2.00 per hour during museum hours.
PAMM offers daily public tours that are free with museum admission and private tours on varying museum themes that can be reserved for $22 to $25 per person (10 to 25 people). The museum also offers a casual restaurant, Verde, which features indoor and outdoor seating with views of the bay and a quick-service coffee bar.
The entire museum can be rented for events for $18,000 and can hold 6,000 at an extra charge of $5.00 per person over 400 people. This option is required for all weddings and groups over 300 people. Specific rooms and areas can also be rented ranging from $3,500 for smaller spaces to $13,500 for the East Portico. 28 ADRIENNE ARSHT CENTER FOR THE PERFORMING ARTS
The Adrienne Arsht Center for the Performing Arts was opened in 2006 and is Florida’s largest performing arts center. The Center is located in downtown Miami and comprises several venues: the 2,400-seat Sanford and Dolores Ziff Ballet Opera House, the 2,200-seat John S. and James L. Knight Concert Hall, the Carnival Studio Theater, which can accommodate up to 300 seats, the 270-seat Peacock Rehearsal Studio and the Peter and Vann Thomson Plaza for the Arts, an outdoor social and performance space between the two main buildings.
Across its several venues, the center hosts over 400 performances and events annually, including shows representing genres such as jazz, Broadway, classical music, ballet, opera and family shows, among others. The center also features a selection of visual arts exhibits and installations throughout the buildings. Approximately 450,000 people visit the Arsht Center annually. Ticket prices vary greatly depending on the type and caliber of performance, but prices can range from $16 to $180. Dining options include Brava!, a fine-dining experience in the Ziff Ballet Opera House, a casual café and the Miami Farmers Market, which runs Mondays from 4:00 pm to 8:00 pm in the plaza.
Venues at the center can be rented out for galas and other events. The box office is open from 10:00 am to 6:00 pm Monday through Friday, from 12:00 pm to curtain time on Saturday and Sundays when there are performances and two hours before every show. Free guided tours of the center are provided Mondays and Saturdays. 29 HISTORYMIAMI Opened in 1979, HistoryMiami is a museum located in downtown Miami dedicated to the history of South Florida, the Greater Miami area, the Florida Keys and the Everglades. The 40,000-square-foot building features two floors of exhibit space with one floor dedicated to a permanent exhibition on South Florida and the other featuring rotating exhibits and a gift shop. The museum also houses an archives and research center and several classrooms.
In addition to tours of the museum itself, HistoryMiami periodically runs tours of the City and the Miami area via boat, bike, walking, bus and eco-history tours. The museum is open Monday through Saturday from 10:00 am to 5:00 pm and Sunday from 12:00 pm to 5:00 pm. The archives and research center and special collections are open from 10:00 am to 4:30 pm Monday through Friday.
HistoryMiami members are admitted free (minimum $40 annual membership), along with children under 6 years old and active-duty military personnel and their families (Memorial Day through Labor Day only). Otherwise, admission costs $10.00 for adults, $8.00 for seniors and students, $5.00 for children ages 6-12 and $8.00 to access the archives and research center.
Museum spaces available for event rentals include the sculpture garden, cultural plaza, lobby, theater and all classroom/meeting spaces. The museum draws approximately 100,000 visitors annually.
30 MIAMI CHILDREN’S MUSEUM
Opened in 1983, the Miami Children’s Museum is a non-profit education organization and facility located on Watson Island in Biscayne Bay, near downtown Miami. The facility includes 14 galleries with permanent educational exhibits, multiple classrooms, a parent/teacher resource center, educational gift shop, a 200-seat auditorium and a Subway sandwich shop.
Admission to the museum costs $18.00 for general admission and $14.00 for Florida residents. Members, children under one year of age, military personnel and veterans are admitted for free, and families of military personnel pay $6.00 for admission. Annual memberships start at $125, which includes unlimited admission for eight people. The museum is open daily from 10:00 am to 6:00 pm.
In addition to its daily and weekly educational events and museum tours, the Children’s Museum offers after-school classes in fitness, cooking, literacy and music and dance, with prices ranging from $234 to $300 per semester. The museum also offers summer, spring break and winter break camps (approximately $200 per week) and occasional day camps ($45 to $80).
Museum space can be rented for birthday parties from $400 to $1,000 (plus $50 for a theme) and for corporate events. Approximately 430,000 patrons visit the Miami Children’s Museum annually.
31 JUNGLE ISLAND Opened at its current Watson Island location as Parrot Jungle Island in 2003, Jungle Island is an interactive zoological park where visitors can interact with a wide variety of animal life including parrots, orangutans and lemurs and view other wildlife such as kangaroos, penguins, flamingos and Hercules the liger.
Single-day park admission costs $39.95 for adults, $32.95 for children and $37.95 for seniors, with an additional $10.00 fee for parking. The park offers annual passes which start at $52.95, as well as premium annual passes, which start at $72.95 and include unlimited animal interactions and discounts on concessions, merchandise and guest passes. Daily add-ons include Lemurs! Up Close and Hanging with Sloths, each for $29.95.
The park features bird, big cat and reptile shows, several themed animal exhibits, a petting barn, a recreated Everglades habitat, a playground and Parrot Cove, Miami’s only private beach, which offers visitors access to a bouncy water playground and aqua jetpacks and flyboards for an additional fee of $15.00 to access the water playground, $69.95 to use a flyboard and $89.99 to use an aquajet.
Jungle Island offers several educational programs for children, including an annual winter camp for children ages 5 to 12, which costs $135.00 for three days, school field trip programs for a minimum of 10 people, a jungle outreach program, which, for $235.00 to $315.00 per 25-minute presentation depending on location, brings interactive animal experiences to school groups, and Jungle Slumber, a $70.00-per- person overnight field trip with two-day park admission, meals, crafts, animal interactions and other activities included. Jungle Island is open daily from 10:00 am to 5:00 pm and attracts approximately 800,000 annual visitors.
32 VIZCAYA MUSEUM AND GARDENS Vizcaya Museum and Gardens is a public attraction owned by Miami-Dade County that was once the villa and estate of 19th century industrial executive James Deering. Located on Biscayne Bay in the Coconut Grove neighborhood of Miami, approximately three miles south of downtown, the early 20th century estate sits on 50 acres of native bayfront forest land and includes Italian Renaissance-inspired gardens, over 70 rooms with antique furnishings, an open-air courtyard, a historic village surrounding the main estate and a pool. The museum is listed by the National Trust for Historic Preservation as one of the most endangered historic places in America.
Vizcaya has been utilized for various high-profile events, including the Summit of the Americas, has been featured in several movies and music videos, and is a popular location for weddings and other special occasions. Approximately 213,000 people visited the Vizcaya estate in 2014.
With the exception of Tuesdays, daily tours of the estate are available to the public from 9:30 am to 4:30 pm. Admission costs $18.00 for adults, $6.00 for children ages 6-12, $12.00 for seniors, $10.00 for students and visitors using wheelchairs, and is free for veterans and active duty military personnel and children under five years old. Members of the National Trust for Historic Preservation receive a $2.00 discount. There is a café and gift shop available to visitors. The estate periodically holds special programs, such as moonlight tours and film viewings.
The estate can be rented for an evening for a base price of $7,500 during the week and $12,500 on weekends and Tuesdays, subject to additional fees for group size and length of rental. Garden ceremonies require a rental fee of $1,500 and personal portrait photography costs an average of $214. Commercial filming rights cost $20,000 for the day, and commercial still photography can cost from $2,500 to $10,000 for the day, depending on the size of the shoot. 33 PATRICIA AND PHILLIP FROST MUSEUM OF SCIENCE The Patricia and Phillip Frost Museum of Science, established in 1949, will open its new location in Museum Park in the summer of 2016. The museum’s previous Coconut Grove location, which closed in August of 2015, attracted approximately 250,000 visitors annually, while the new location is expected to bring over 600,000. The new location will be a state-of-the-art, 250,000-square-foot facility with advanced technology and innovative features. Visitors can experience the Living Core, an indoor/outdoor area which features various wildlife and habitats, including the spherical Gulf Stream Aquarium with deep-sea marine life that can be viewed from above or from inside the building.
Spacious galleries and exhibition spaces in the Exploration Center will feature new exhibits on health and food, technology, physics, communication and nature. The high-tech, full-dome planetarium will offer immersive multi-media experiences. The center will also feature sun and moon decks, an outdoor Energy Playground, the Knight Foundation Learning Center for education and research and a 10,000-square-foot gallery space for travelling exhibitions.
Ticket prices for the new location have not yet been made public.
34 SOUTH BEACH/ SOUTH POINTE PARK
South Beach is a section of Miami Beach, located on a barrier island between mainland Miami and the Atlantic Ocean. With hundreds of restaurants, shops, nightclubs, bars, beaches and hotels, South Beach is a prominent entertainment destination for residents and visitors to the Greater Miami area. Approximately 11 million visitors to the Miami area visited South Beach in 2014.
Opened in 1979, South Pointe Park is a 17-acre urban park located at the southern tip of Miami Beach. The park features a restaurant, concessions, playground, dog park and outdoor showers and is a popular destination for photo shoots and filming. The park is operated by the Miami-Dade County Parks and Recreation Department, is open year-round and is free to the public.
35 MIAMI SEAQUARIUM
Opened in 1955, Miami Seaquarium is an oceanarium and educational facility located on Virginia Key, an island in Biscayne Bay. The park operates daily shows and exhibits of its marine mammals, sharks, fish, sea turtles, birds, reptiles and manatees, as well as overnight camps and group programs.
Visitors can watch a show of sea lions, dolphins or killer whales, play on the playground, participate in the three-story ropes course, view wildlife exhibits, or interact with marine life in one of the animal encounters experiences such as Dolphin Encounter and Seal Swim. The Seaquarium features one gift shop and five concessions outlets.
The Seaquarium is available to rent for special occasions such as birthday parties, which cost $35 per person for the day or $60 per person overnight.
Single-day admission passes are $43.99 for adults and $34.99 for children, with annual passes costing $59.99 and $49.99. Standard animal encounter experiences range from $99 to $210, while the Trainer for a Day dolphin experience costs $495. Approximately 500,000 people visit Miami Seaquarium annually.
36 ART BASEL – MIAMI BEACH Art Basel is a modern and contemporary art show hosted each December in Miami Beach. Other iterations of the festival are located in Basel, Switzerland and Hong Kong. The show provides space for artists, performers and gallery owners to exhibit works. In Miami Beach, 267 galleries from all over the world present visual art in the form of sculptures, installations, photographs and films, and large- scale performances, works and films are shown outside in one of the surrounding parks.
Events surrounding Art Basel form Miami Art Week and include receptions, shows, performances and other cultural events in Miami Beach such as Design Miami. Guided tours of the main venue are available during show hours, and a free kindergarten and playroom is run for the convenience of parents.
The main collection of galleries is at the Miami Beach Convention Center and is open to the public the first Thursday through Sunday of December from 3:00 pm to 8:00 pm on Thursday, 12:00 pm to 8:00 pm on Friday and Saturday and 12:00 pm to 6:00 pm on Sunday. Day tickets cost $47.00 for adults and $30.00 for seniors and students. Four-day passes cost $100, and admission for those under the age of 16 when accompanied by an adult. Approximately 75,000 people attend Art Basel each year.
37 MIAMI AUTO MUSEUM AT THE DEZER COLLECTION Located in North Miami, the Miami Auto Museum at the Dezer Collection is the world’s largest privately owned museum of transportation. Two buildings house rare collectible cars as well as cars made famous by celebrities and pop culture, rare motorcycles, bicycles, mopeds, boats, planes, micro cars and military vehicles.
The museum is split into eight sections: Hollywood Cars of the Stars, featuring over 80 vehicles that played critical roles in famous films and TV shows; the James Bond Exhibition, which is the largest collection of James Bond props and vehicles in the world; American Classics; European Classics; Bicycles, Motorcycles & Scooters; Military Vehicles; Micro Cars; and the Dezer Showcase, a 75,000-square-foot event space that serves as an art gallery by day. Also available for events are the 2,000-square-foot Wine Emporium, 15,000-square-foot James Bond Gallery & Lounge, Batman Gallery & Lounge, 50s-style diner, a mega arcade and a drive-in movie theater.
A year-long family membership to the museum can be obtained for $500. Daily admission costs $10.00 for children ages 6 to 12, $25.00 for adults and $15.00 for seniors for each of the two buildings, with two-building combos available for $15.00 for children, $40.00 for adults and $25.00 for seniors. Children ages 5 and under are admitted for free.
The museum is open daily from 10:00 am to 6:00 pm, with the exception of certain holidays.
38 FAIRCHILD TROPICAL BOTANIC GARDEN
Located south of Miami near Coral Gables, Fairchild Tropical Botanic Garden is an 83-acre botanical garden, with a wide array of rare tropical plants. The park opened in 1938 and is home to the American Orchid Society.
The facility serves not only as a museum of nature and art but as a library, conservatory society, research facility and education institute. The garden hosts several annual events, including the International Mango Festival, International Orchid Festival and International Chocolate Festival. Exhibits include Wings of the Tropics, Tropical Plant Conservatory, Rare Plant House and Whitman Fruit Pavilion. Fairchild has 45,000 annual members.
The garden’s collections and exhibits are open daily from 7:30 am to 4:30 pm, while facilities, special exhibits and weekend festivals hold hours of 9:30 am to 4:30 pm. Admission to Fairchild, which includes all exhibitions and collections along with a guided tours and public events, are free for Fairchild Members (starting at $90 per year), $25.00 for adults, $18.00 for seniors, $12.00 for children ages 6 to 12 and free for children under 6 years.
39 ZOO MIAMI
Opened in 1980 in its current South Miami Heights location, Zoo Miami is a zoological park and garden and the only tropical zoo in the United States. Zoo Miami houses over 3,000 animals on 750 acres.
The zoo features many attractions and exhibits, including specific animal exhibits, animals by world region, feeding stations, animal shows, camel rides, water play zones and playgrounds, walking trails and botanical exhibits. The zoo also hosts periodic special events such as Dinner with Santa, the Polar Express Train Ride, and Zoo Lights. There are three quick-service cafés, vending carts and vending machines and one souvenir shop.
The zoo also hosts education efforts such as zoo camps, field trips, animal-based daytime education programs, Wild Night guided group tours and sleepovers. Educational experiences range from $15 to $100 per person. Birthday parties and other events can be planned for an average of approximately $30 per person. Zoo facilities can be rented for $50 to $300 in addition to group admission for daytime rentals and $4,500 to $6,500 for evening rentals.
Daily admission costs $19.95 for adults, $15.95 for children ages 3 to 12, and is free for children under the age of three and Zoo members (minimum $50.00 annually). Self-parking is free, but valet parking costs $8.00. Daily narrated tours cost an additional $5.95 per person. Approximately 900,000 people visit Zoo Miami annually.
40 HOLLYWOOD BEACH BROADWALK
The Hollywood Beach Boardwalk is a 2.5-mile stretch of beach, brick- paved paths and walkways, shops, restaurants and parks located in Hollywood, a town in Broward County between Miami and Fort Lauderdale. Along the Atlantic coast, the boardwalk features over 50 restaurants, over 30 shops and boutiques, three oceanfront resorts, nearly 30 hotels, three oceanfront parks, a free weekly live music series and a trolley service that runs daily.
Over 7.7 million people visit the Hollywood Beach Broadwalk annually.
41 COOPERTOWN AIRBOATS
Based in Coopertown on the edge of the Florida Everglades, Coopertown Airboats takes visitors on educational airboat tours of up to 30 miles of Everglades National Park. The company was founded in 1945.
Private tours for groups are offered at durations of one hour, 90 minutes and two hours and include scouting for alligators, access to areas only accessible by airboat and education about the various flora and fauna native to the region. Specialty tours include sunsets, picnic lunches and corporate outings. The original Coopertown Airboat tour operates on a first-come-first-served basis and covers approximately 9 miles of Everglades.
The company is also used regularly to facilitate safe transportation into Everglades National Park for groups wishing to shoot on location for television, film, print and online publications.
Tickets for an original tour cost $23.00 for adults and $11.00 for children ages 7 to 11. Children under the age of 7 are free. Private tours must be reserved in advance and are offered at a discounted group rate of $20.00 per adult and $10.00 per child. There is also an on-site restaurant and gift shop.
42 MONKEY JUNGLE
Located in the South Miami Heights neighborhood, Monkey Jungle is a zoological park in suburban Miami that serves as home to over 400 primates of 30 different species. The 30-acre jungle park was established in 1935 as a facility to study and exhibit endangered monkeys in a simulation of their natural habitat.
The science and education headquarters at Monkey Jungle, the DuMond Conservatory for Primates & Tropical Forests, offers educational opportunities to visitors and throughout the community. The park features several visitor experiences, including a wild monkey swimming pool, a Cameroon gorilla forest, a mock Amazonian rainforest habitat, a “Hangin with Orangs” orangutan presentation and a tropical birds exhibit. Outside of scheduled presentations, visitors can walk through the forest in caged tunnels and along walkways, experiencing opportunities to interact with the animals.
The Rainforest Adventure Tour is a comprehensive, guided tour of five acres of the park and includes admission to the entire Monkey Jungle, continuous shows and monkey food.
Monkey Jungle is open daily from 9:30 am to 5:00 pm. Admission costs $29.95 for adults, $23.95 for children ages 3 to 9 and $27.95 for seniors. Rainforest Adventure Tours cost $89.95 per person.
Monkey Jungle is also available for birthday parties and children’s events of 12 children or more. Parties include food, admission, presentations, monkey food, goody bags and t-shirts. Parties cost $21.95 per child. Two adults are admitted free, with each additional adult admitted for $16.95.
43 FLAMINGO GARDENS
Flamingo Gardens is an Everglades wildlife sanctuary, aviary and botanic garden on 60 acres of land in the Fort Lauderdale suburb of Davie, Florida. The gardens are home to over 3,000 species of rare and exotic tropical, subtropical and native plants and trees and serves as the home to the largest collection of Florida native wildlife. Animals living at Flamingo Gardens include alligators, bobcats, eagles, a bear, otters, panthers and flamingoes, among many more. There are specialized gardens around the main arboretum, including a Butterfly and Hummingbird Garden.
Attractions include the botanical gardens and Everglades wildlife sanctuary as well as the historic Wray Home Museum, the 1930s retreat of the founders of Flamingo Garden, wildlife encounter shows and narrated tours.
Flamingo Gardens is open daily from 9:30 am to 5:00 pm and offers tours every half hour starting at 11:00 am. Three wildlife encounter shows are offered daily. Admission costs $19.95 for adults and $12.95 for children ages 3 to 11. Flamingo Garden members are admitted free (minimum $50.00 annual membership fee), and discounts are available for senior citizens, members of the armed forces and college students.
The botanic gardens are available for class field trips and periodically offer adult education courses in fields such as Japanese bonsai care, watercolor and photography. The facilities on site can be rented for weddings and ceremonies, children’s parties and filming and photography production. Rental rates range from $200 to $3,000.
Among annual events held at and benefitting Flamingo Gardens are Gala in the Gardens and Flamingo Fest. The park also hosts 20 gourmet food trucks every first Friday of the month. Flamingo Gardens typically attracts an annual attendance of approximately 150,000. 44 CORAL CASTLE
Originally located in Florida City, Coral Castle is a collection of stone structures created from 1923 to 1951 by Latvian-American artist Edward Leedskalnin. The collection of massive sculptures is now a privately operated tourist attraction located in Leisure City outside of Homestead.
Tours of the museum are offered via audio stands and guides. The museum is open daily from 8:00 am to 6:00 pm during the week and until 8:00 pm on Friday and Saturday. Admission costs $15.00 for adults, $12.00 for seniors and $7.00 for children ages 7 to 12. Children younger than 7 are free.
Coral Castle is available to rent for group outings, parties and film and photo production.
45 AMERICAN AIRLINES ARENA Opened in 1999 in downtown Miami, American Airlines Arena is home of the Miami Heat of the NBA and frequently hosts other events such as concerts, professional wrestling and family shows, among many others. The facility is owned by Miami- Dade County and operated by Basketball Properties Ltd (Miami Heat).
The arena has a total seating capacity of 19,600 and can be configured to seat 16,500 without the upper levels or 5,000 to 20,021 for concerts and shows. Florida’s largest theater, the Waterfront Theater, is inside the arena and can seat up to 5,800 for concerts, family events, musical theater productions and other stage shows.
Average annual attendance for events at American Airlines Arena is approximately 3.0 million visitors, and the arena holds an average of approximately 80 total events per year. Tickets for concerts can range from approximately $15 to $280, whereas wrestling event tickets range from $20 to $350.
The Miami Heat drew a total attendance of approximately 800,000 in 2015, for an average per-game attendance of nearly 20,000 over 41 home games. Single- game tickets for Heat games range from $15 to $350, depending on the opponent and location. Season tickets range from approximately $1,275 to approximately $14,212 for bowl seats.
The arena has 28 suites, 54 loge boxes, and over 1,000 club seats. The Miami Heat lease suites for approximately $260,000 on a season basis, while loge and club seats cost an average of approximately $12,500 and $10,000 per seat, per year, respectively.
46 SUN LIFE STADIUM
The 65,000-seat Sun Life Stadium is located approximately 15 miles from downtown Miami in Miami Gardens, Florida. The stadium is home to the NFL Miami Dolphins and the University of Miami football program.
In its current configuration, the stadium features 216 luxury suites and 10,209 club seats. Set to be completed in 2016, a renovation will add an open-air canopy that covers much of the bowl, four new club seating concepts, including living-room style seats with personal TVs, loge seating, new concourses, new suites, upgraded club levels, large high-definition video boards in each of the four corners of the bowl, patio bars and new stadium seats.
In addition to hosting regular season Miami Dolphins and University of Miami football games, as well as the annual Capital One Orange Bowl, Sun Life stadium has hosted five Super Bowls, two World Series, four BCS National Championship football games, Wrestlemania, major concerts by artists such as The Who, Paul McCartney and Beyoncé, international soccer matches, Monster Jam and the Florida High School State Football Championships.
Single-game tickets for Dolphins games range from $65 to $760, and the Dolphins generate a total attendance of approximately 560,000 annually. Tickets to University of Miami football games range from $12 to $126 for a single game with bowl season tickets ranging from $70 to $760 and club season tickets ranging from $525 to $25,000, including donations. Average annual attendance for University of Miami football at Sun Life Stadium is approximately 300,000.
47 MARLINS PARK
Located in Little Havana, approximately two miles west of downtown Miami, Marlins Park is the home of the MLB Miami Marlins. The facility opened in 2012 and features a retractable roof and a total capacity of 37,442, including 36,742 fixed seats. The stadium is owned by Miami-Dade County and operated by the Miami Marlins. The building is LEED certified.
The ballpark features the Clevelander, a bar and nightclub located in the outfield that includes a swimming pool from which patrons can view the game, a wide variety of concessions options, state-of-the-art video boards, free Wi-Fi throughout the stadium and parking capacity for 5,600 vehicles. Marlins Park has approximately 5,500 club seats and 50 suites, including two megasuites. Premium amenities include the Bacardi 1st and 3rd Base Dugout Clubs, the Ricoh Diamond Club and the Lexus Legends Level of Hall of Fame Suites.
In addition to the 81 Marlins home games, the stadium also hosts soccer matches and other MLB events such as the 2013 World Baseball Classic and the 2017 All-Star Game. The facility can be rented for concerts, international sporting events, fundraising galas, trade shows, corporate events, weddings and receptions and other gatherings for varying rental fees. Guests can also take a full tour of Marlins Park for $10.00 per person on Monday, Wednesday, Friday and Saturdays from 10:00 am to 2:00 pm, barring the scheduling of events.
Single-game tickets for Marlins games range from $6 to $350, while season ticket packages range from $499 to $28,350. Approximately 1.8 million people visit Marlins Park annually.
48 HOMESTEAD MIAMI SPEEDWAY
Homestead Miami Speedway is a racing track located in Homestead, Florida, approximately 30 miles south of downtown Miami. The track has hosted NASCAR, Verizon IndyCar Series, Grand-Am Rolex Sports Car Series and Championship Cup Series. Opened in 1995, the speedway has bleacher seating for 65,000 and hosts the final race of the season for the three NASCAR series. The speedway features a 1.5-mile oval track and a 2.21-mile, full road course, with bleacher seating on one side of the outside of the oval and a 12-acre lake in the middle. The track includes several premium seating concepts, including a VIP box, pit box, Champions Club, Speedway Club and fan zone.
Entire tracks can be rented for events, as can the pit areas, garages, paddock area, media center, the lake and beach, grandstands and karting track. Typical events include private testing and driving experiences, driving school, product launches, car clubs, water sports, video/photo shoots, media and community events.
General admission tickets for NASCAR average $50.00, and children are typically admitted free or for half price. Approximately 200,000 people attend events at Homestead Miami Speedway each year.
49 BB&T CENTER
BB&T Center is located in Sunrise, Florida, approximately 32 miles northwest of downtown Miami, just east of the Everglades Wildlife Management Area. Opened in 1998, the indoor arena is home to the NHL Florida Panthers. The arena is owned by Broward County and operated by Arena Operating Company, Ltd. (Florida Panthers).
The arena has a seating capacity of 19,250 for ice hockey, but can be configured for basketball (20,737), end-stage concerts (15,207 to 21,371) or center-stage concerts (22,457). There are 70 suites and 2,623 club seats in the arena as well as parking capacity for 7,045 vehicles. Premium seat holders have access to Club Lexus and Club 93, all-inclusive, VIP clubs. Premium seating options also include a more affordable, all-inclusive sports bar setting in the Sky Club, and loge seating.
In addition to regular season ice hockey games, BB&T Center hosts the annual Orange Bowl Basketball Classic in conjunction with the Capital One Orange Bowl game held at Sun Life Stadium annually and has also hosted NHL and ABA All-Star games. Concerts are infrequent at the venue, but have featured performances by artists such as U2, Katy Perry and Celine Dion. The arena has also held other sporting events such as WWE, boxing and mixed martial arts events.
Single-game tickets for Panthers games at BB&T Center range from $10 to $400, depending on the opponent and seating area. Season tickets range from $516 to $8,557. Total attendance at Panthers games approximated 170,000 in 2014-15.
50 SUMMARY The table below summarizes the location, average ticket price and number of annual visitors at competitive attractions in Miami. Overall, the venues that were identified have an average single ticket price of approximately $65 and an average annual attendance of approximately 2.6 million. However, the average annual attendance is skewed by the outliers of Bayside Marketplace and South Beach, along with professional sports facilities. Average ticket prices range from free admission to approximately $240 for Miami Dolphins games.
Bayside Marketplace and South Beach lead the market for annual attendance with 23 million and 11 million annual visitors, respectively. Both are open to the public for no charge and have the highest annual attendance among competitive destinations. The majority of competitive tourist attractions average attendance of less than 1 million annual visitors.
The average ticket price for paid attractions is approximately $30.00, and attractions draw approximately 440,000 visitors a year on average.
AVERAGE ANNUAL SPORTS FACILITIES ATTRACTIONS - PAID LOCATION TICKET PRICE1 ATTENDANCE American Airlines Arena Downtown Miami $172* 3,000,000 Zoo Miami South Miami Heights $19.95 900,000 Marlins Park Little Havana $178* 1,750,000 Jungle Island Watson Island $39.95 800,000 Sun Life Stadium Miami Gardens $241* 860,0006 Patricia and Phillip Frost Museum of Science2 Museum Park TBD 600,000 Homestead Miami Speedway Homestead $50.00 200,000 Miami Seaquarium Virginia Key $43.99 500,000 BB&T Center Sunrise $205* 170,0007 Adrienne Arsht Center for the Performing Arts Downtown Miami $76.50* 450,000 Average (Paid Attractions) $28.22 441,000 Miami Children’s Museum Watson Island $16.003 430,000 Average (Free Attractions) n/a 13,909,000 Pérez Art Museum Miami Museum Park $16.00 300,000 Average (Annual Events) $78 188,000 Vizcaya Museum and Gardens Coconut Grove $18.00 213,000 Average (Sports Facilities) $169 1,196,000 Flamingo Gardens Davie $19.95 115,000 OVERALL AVERAGE $64.73 2,625,000 HistoryMiami Downtown Miami $10.00 100,000 Note: Sorted by annual attendance Island Queen Cruises Biscayne Bay $30.00 n/a Note: Attractions for which attendance information was unavailable are marked “n/a” 4 * Based on an average calculation of single-event ticket prices Fairchild Tropical Botanic Garden Coral Gables $25.00 n/a (1) Footnote: Showing adult General Admission for Average Ticket Price Coopertown Airboats Everglades $23.00 n/a (2) Annual attendance for Frost Museum of Science is a projection. Ticket prices for the new location have not been set Monkey Jungle South Miami Heights $29.95 n/a (3) Represents average resident $14 + non-resident $18 adult price (4) Fairchild Tropical Botanic Garden has 45,000 annual members. Coral Castle Homestead $15.00 n/a (5) Access to both buildings Miami Auto Museum at the Dezer Collection North Miami $40.005 n/a (6) Dolphins + U of M only attendance ATTRACTIONS - FREE (7) Panthers only attendance Bayside Marketplace Downtown Miami FREE 23,000,000 South Beach / South Pointe Park Miami Beach FREE 11,000,000 Hollywood Beach Broadwalk Hollywood FREE 7,728,000 Bayfront Park Downtown Miami FREE n/a ANNUAL EVENTS Ultra Music Festival Bayfront Park $108 300,000 51 Art Basel - Miami Beach Miami Beach $47.00 75,000 COMPARABLE FACILITIES COMPARABLE FACILITIES
GLASGOW TOWER
WILLIS SPACE CN TOWER TOWER BLACKPOOL NEEDLE TOWER
THE SHARD
TOP OF SKYLON SPINNAKER THE ROCK 360 CHICAGO TOWER TOWER
EMPIRE STATE BUILDING EIFFEL GATEWAY TOWER ARCH STRATOSPHERE ONE WORLD TOWER OBSERVATORY
STATUE OF LIBERTY
53 COMPARABLE FACILITIES
TOKYO SKYTREE
ORIENTAL BURJ PEARL KHALIFA
MACAU ETIHAD CANTON TOWER TOWERS TOWER
MENARA TOWER SKY TOWER
54 AVERAGE ATTRACTION CITY COUNTRY ATTENDANCE OVERVIEW TICKET PRICE 1 UNITED STATES CSL identified 24 attractions as comparable to the proposed Empire State Building New York City United States $32.00 4,060,000 SkyRise Miami. Observation decks and towers had an Statue of Liberty New York City United States $18.00 3,750,000 average annual attendance of approximately 2.2 million, Top of the Rock New York City United States $32.00 2,500,000 ranging from 270,000 to 7.0 million. Stratosphere Tower Las Vegas United States $20.00 2,000,000 Willis Tower Chicago United States $19.50 1,500,000 Among 42 total observation decks across 25 attractions Space Needle Seattle United States $22.00 1,300,000 (including SkyRise Miami), the decks of SkyRise Miami would Gateway Arch St. Louis United States $10.00 1,000,000 rank 18th, 21st and 30th in terms of height (see pp. 56). 360 Chicago (John Hancock Center) Chicago United States $19.00 600,000 One World Observatory New York City United States $32.00 n/a CANADA CN Tower Toronto Canada $26.60 1,380,000 Skylon Tower Niagara Falls Canada $13.91 n/a INTERNATIONAL Eiffel Tower Paris France $18.53 6,980,000 Tokyo Skytree Tokyo Japan $17.10 6,190,000 Oriental Pearl Shanghai China $34.42 3,000,000 Canton Tower Guangzhou China $24.00 2,000,000 Burj Khalifa Dubai United Arab Emirates $34.03 1,870,000 Spinnaker Tower Portsmouth United Kingdom $10.33 1,400,000 The Shard London United Kingdom $38.93 1,000,000 Menara Tower Kuala Lumpur Malaysia $12.18 900,000 Sky Tower Auckland New Zealand $18.29 415,000 Glasgow Tower Glasgow Scotland $7.07 270,000 Macau Tower Macau Hong Kong $17.55 n/a Etihad Towers Abu Dhabi United Arab Emirates $20.50 n/a Blackpool Tower Blackpool United Kingdom $58.11 n/a Average $23.17 2,217,000 Note: Annual attendance information not publicly available for attractions marked “n/a” (1) Average Ticket Price based on General Admission prices without add-ons
55 COMPARABLE FACILITIES HEIGHT HEIGHT ATTRACTION LOCATION DECK/FEATURE ATTRACTION LOCATION DECK/FEATURE (FEET) (FEET) Burj Khalifa Dubai, UAE 148th Floor Observation Deck 1,821 Top of the Rock New York City, NY 69th Floor Observation Deck 840 Canton Tower Guangzhou, China 488 Lookout 1,601 Top of the Rock New York City, NY 67th Floor Observation Deck 820 Burj Khalifa Dubai, UAE 124th Floor Observation Deck 1,483 The Shard London, UK The View from The Shard 802 Tokyo Skytree Tokyo, Japan Top Level Observation Deck 1,476 Stratosphere Tower Las Vegas, NV Observation Deck 800 Canton Tower Guangzhou, China 450 Lookout 1,473 Macau Tower Macau, Hong Kong Adventure Deck 764 CN Tower Toronto, Canada SkyPod 1,465 Macau Tower Macau, Hong Kong Observation Lounge 732 Willis Tower Chicago, IL Skydeck 1,352 Sky Tower Auckland, New Zealand Sky Deck 720 One World Observatory New York City, NY Sky Pod Elevator Summit 1,351 SkyRise Miami Miami, FL Main Observation Decks 690 One World Observatory New York City, NY Main Observatory 1,332 Gateway Arch St. Louis, MO Observation Deck 630 Empire State Building New York City, NY Top Deck: 102nd Floor 1,250 Sky Tower Auckland, New Zealand Main Observation Deck 610 Tokyo Skytree Tokyo, Japan Observation Deck 1,148 Canton Tower Guangzhou, China Skywalk 558 Oriental Pearl Shanghai, China Space Module 1,148 Skylon Tower Niagara Falls, Canada Observation Deck 520 CN Tower Toronto, Canada LookOut Deck 1,135 Space Needle Seattle, WA Observation Deck 520 CN Tower Toronto, Canada Glass Floor 1,122 Blackpool Tower Blackpool, UK Blackpool Tower Eye 505 Empire State Building New York City, NY Main Deck: 86th Floor 1,050 Spinnaker Tower Portsmouth, UK Open-Air Observation Deck 360 360 Chicago (John Hancock Center) Chicago, IL TILT 1,000 Glasgow Tower Glasgow, Scotland Observation Deck 345 Etihad Towers Abu Dhabi, UAE Observation Deck 1,000 Spinnaker Tower Portsmouth, UK Observation Deck 344 SkyRise Miami Miami, FL Sky Top Deck 906 Spinnaker Tower Portsmouth, UK Observation Deck 328 Eiffel Tower Paris, France Top of the Tower 906 Oriental Pearl Shanghai, China Sightseeing Floor 295 Menara Tower Kuala Lumpur, Malaysia Observation Platform 906 Statue of Liberty New York City, NY the Crown 265 SkyRise Miami Miami, FL VIP Sky Lounge 886 AVERAGE 851 Top of the Rock New York City, NY 70th Floor Observation Deck 850
56 MARKET PENETRATION
APPROXIMATE % TOTAL APPROXIMATE % TOTAL CITY CITY MARKET SIZE1 MARKET BASE MARKET SIZE1 MARKET BASE NORTH AMERICAN MARKETS Guangzhou 52,700,000 New York City 80,000,000 Canton Tower 2,000,000 3.8% Empire State Building 4,060,000 5.1% Dubai 15,500,000 Statue of Liberty 3,750,000 4.7% Burj Khalifa 1,870,000 12.1% Top of the Rock 2,500,000 3.1% Portsmouth 10,797,000 Chicago 60,860,000 Spinnaker Tower 1,400,000 13.0% Willis Tower 1,500,000 2.5% Kuala Lumpur 15,800,000 360 Chicago 600,000 1.0% Menara Tower 900,000 5.7% Las Vegas 43,177,000 Auckland 4,000,000 Stratosphere 2,000,000 4.6% Sky Tower 415,000 10.4% St. Louis 27,138,000 Glasgow 3,296,000 Gateway Arch 1,000,000 3.7% Sky Tower 270,000 8.2% Seattle 23,706,000 Space Needle 1,300,000 5.5% Market Average (excluding Miami) 31,959,319 Toronto 19,800,000 Market Median (excluding Miami) 29,906,500 CN Tower 1,380,000 7.0% Attraction Average (excluding Miami) 2,216,579 7.1% Attraction Median (excluding Miami) 1,500,000 5.5% INTERNATIONAL MARKETS Miami Market 34,600,738 Paris 34,510,000 SkyRise (anticipated - avg. penetration) 2,442,410 7.1% Eiffel Tower 6,980,000 20.2% SkyRise (anticipated - median penetration) 1,897,450 5.5% Tokyo 53,470,000 Source: Esri, Individual Convention & Visitor Bureaus, attraction annual reports, CSL research Note: Attractions with unavailable attendance information not included in this analysis Tokyo Skytree 6,190,000 11.6% (1) Approximate Market includes metropolitan area population and annual visitor base Shanghai 31,813,000 Oriental Pearl 3,000,000 9.4% London 36,100,000 The Shard 1,000,000 2.8% 57 EMPIRE STATE BUILDING
The Empire State Building is a skyscraper office building located in New York City, with observation levels on the 86th (1,050 ft.) and 102nd floors (1,250 ft.). The 86th floor is the Main Deck and offers a 360 degree open air terrace. The Top Deck on the 102nd floor offers a 360 degree view from a climate- controlled indoor gallery.
The Empire State Building has two exhibits available to visitors who have purchased admission to the observation decks. There are Empire State Building retail shops at the 80th floor and the lobby level. Other retail shops are available and located at the base of the building, including a Walgreens, FedEx, Bank of America, AT&T and others.
There are no restaurant options on the observation levels, but many food options are available at the lobby level of the building including Starbucks, The Empire Room, Heartland Brewery and others.
Available ticket packages are summarized in PRICING the table to the right. General admission to Main Deck Only (86th Floor) the Main Deck costs $32.00 per adult, while Adult $32.00 VIP access to the Main Deck is $65.00 for all ages. General admission to the Main Deck and Senior (ages 62+) $29.00 Top Deck costs $52.00 per adult, while VIP Child (ages 6-12) $26.00 access to both observation levels is $85.00 VIP Main Deck Express Experience (86th Floor—No Waiting) for all ages. The Empire State Building offers All Visitors (ages 6+) $65.00 discounted general admission tickets for Main Deck + Top Deck (86th & 102nd Floors) seniors and children. Adult $52.00 Senior (ages 62+) $49.00 The tower operates from 8:00 am to 2:00 am Child (ages 6-12) $46.00 and attracts approximately 4.1 million annual visitors. VIP Main Deck + Top Deck Express Experience (86th & 102nd Floors - No Waiting) All Visitors (ages 6+) $85.00
LOCATION New York, New York YEAR OPENED 1931 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 4.1 million
58 STATUE OF LIBERTY
A gift to the United States from the people of France, the Statue of Liberty is a 305-foot-tall copper statue that was dedicated in 1886 and designated as a National Monument in 1924. The statue is maintained by the National Park Service and is located on Liberty Island in New York City’s New York Harbor.
Visitors to Liberty Island must take a ferry that departs from mainland Manhattan. With the purchase of a ferry ticket to get to Liberty Island, entrance to the park and to access the base and pedestal of the statue is free. An extra ticket must be purchased to climb the 162 stairs to the crown of the statue. Visitors can also access the Liberty Island Museum and schedule park ranger guided tours and self- guided audio tours.
The first ferry to Liberty Island departs the mainland at 8:30 am and the last ferry departs the island at 5:00 pm. Approximately 3.8 million people visit the Statue of Liberty each year.
PRICING Ticket Pricing Children under 4 Children (4-12) Adults Seniors
Ferry Fee $0.00 $9.00 $18.00 $14.00
Pedestal Access $0.00 $0.00 $0.00 $0.00
Crown Access Restricted $3.00 $3.00 $3.00
Ranger Tours Included Included Included Included
Audio Tours Included Included Included Included
LOCATION New York, New York YEAR OPENED 1886 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 3.8 million
59 ONE WORLD OBSERVATORY
One World Trade Center opened in 2014 in downtown Manhattan, New York City. At 1,776 feet (104 stories), the building is the tallest skyscraper in the Western Hemisphere. One World Trade Center is an office building with a three-story observation deck.
Visitors to the three-story One World Observatory, which peaks at approximately 1,350 feet, are presented a foundations exhibit before ascending via the LED sky pod elevators. Along with the main observatory, there is a video presentation, a sky portal and an interactive skyline concierge system. There are three dining options on the observatory level, including two casual eateries and one formal restaurant. Up to 9,000 square feet of event space is available to rent for corporate and social gatherings of up to 300 guests.
The observatory is open every day from 9:00 am to 8:00 pm.
PRICING
Ticket Pricing Children under 6 Children (6-12) Adults Seniors
Standard $0.00 $26.00 $32.00 $30.00
Priority $54.00 $54.00 $54.00 $54.00
Day Flex $65.00 $65.00 $65.00 $65.00
Weekday Flex $85.00 $85.00 $85.00 $85.00
Weekend Flex $90.00 $90.00 $90.00 $90.00
Sunset Flex $59.00 $59.00 $59.00 $59.00
LOCATION New York, New York YEAR OPENED 2014 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE Not Publicly Available
60 TOP OF THE ROCK
The Top of the Rock observation deck is located atop Rockefeller Center in New York City. After undergoing extensive renovations, the three-tier observation deck known as Top of the Rock opened to the public in 2005.
Rockefeller Center is 850 feet tall and is the 10th tallest building in New York City. The observation deck offers views from the 67th(820 ft.), 69th (840 ft.), and 70th (850 ft.) floors of the skyscraper. Rockefeller Center offers a variety of retail, office and restaurant space. In the winter, Rockefeller Center hosts an outdoor ice skating rink.
The observation deck is open from 8:30 am to 12:00 am daily and attracts approximately 2.5 million visitors annually.
PRICING Adult Youth Senior Ticket Pricing (Ages 13-61) (Ages 6-12) (Ages 62+)
General Admission $32.00 $26.00 $30.00
Rock MoMA Combination $45.00 $45.00 $45.00
Sun & Stars $47.00 $36.00 $47.00
Rock Pass $44.00 $44.00 $44.00
LOCATION New York, New York YEAR OPENED 2005 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 2.5 million
61 STRATOSPHERE
The Stratosphere is a tower, hotel and casino located on the Las Vegas Strip. The hotel and casino are housed in a separate building from the tower. The top of the Stratosphere tower structure includes two observation decks at 800 feet, six conference rooms, a salon and spa, wedding chapels, nightlife venues, and a revolving restaurant.
The tower features four thrill rides including: 1) the Big Shot where passengers are propelled from a height of 921 feet up the tower’s mast to a height of 1,081 feet and dropped 160 feet back down; 2) the X-Scream which sends passengers head first over the edge of the tower; 3) Insanity which spins passengers on an arm extending from the tower; and, 4) the SkyJump, a bungee jump where visitors jump from a height of 829 feet.
As shown below, admission to the observation deck costs $20.00 for all ages. Visitors can ride the Big Shot, X-Scream or Insanity for $25.00 each. The SkyJump bungee jump costs $119.99.
The tower operates from 10:00 am to 1:00 am Sunday through Thursday and 10:00 am to 2:00 am Friday and Saturday and attracts approximately 2.0 million annual visitors.
PRICING Observation Deck All Ages $20.00 Big Shot, X-Scream or Insanity (one ride) All Ages $25.00 SkyJump All Ages $119.99 LOCATION Las Vegas, Nevada YEAR OPENED 1996 NO. OF THRILL RIDES 4 ANNUAL ATTENDANCE 2.0 million
62 WILLIS TOWER
The Willis Tower is a skyscraper office building that has an observation deck located on the 103rd floor known as the Skydeck. The building features the members-only Metropolitan Club on the 66th and 67th floors, which offers dining experiences and a fitness center. Designed for over 12,000 occupants, the building has a variety of amenities including casual and fine dining options, a hair salon, bank and post office.
The Skydeck at 1,352 feet offers views of up to 50 miles. Installed on the Skydeck level in 2009, The Ledge (no added admission cost) is comprised of all-glass boxes extending four feet out from the building to allow visitors to hover high above South Wacker Drive.
There is a flexible event space on the building’s 99th floor, which seats 50 to 300 guests or accommodates up 400 guests for non-seated receptions. Rates begin at $3,500 for a morning event for up to three hours.
As shown below, basic admission to the Willis Tower is $19.50 per adult. Visitors can pay $45.00 for fast admission with no line and $65.00 for early bird admission to the observation deck.
The tower operates from 10:00 am to 8:00 pm October 1 through March 31 and 9:00 am to 10:00 pm April 1 through September 30. It attracts approximately 1.5 million visitors annually to its observation deck.
PRICING Basic Admission Adult (Ages 12 and up) $19.50 Youth (Ages 3 to 11) $12.50 Fastpass Admission LOCATION Chicago, Illinois All Ages $45.00 YEAR OPENED 1973 Early Bird Admission NO. OF THRILL RIDES N/A All Ages $65.00 ANNUAL ATTENDANCE 1.5 million
63 SPACE NEEDLE
The Space Needle is a 605 foot tall observation tower located in Seattle, Washington. Originally built for the 1962 World’s Fair, the Space Needle is considered a historic landmark by the City of Seattle’s Landmarks Preservation Board.
The Space Needle’s observation deck sits at 520 feet and is accessible via elevators that travel at speeds up to 10 miles per hour. SkyCity Restaurant is located in the Space Needle at 500 feet. Other features of the Space Needle include a SpaceBase retail store, SkyHigh Selfie cameras for photo-taking on the observation deck, and the Chihuly Garden and Glass Exhibition Hall, Glasshouse and Garden.
The tower operates from 10:00 am to 9:30 pm and attracts approximately 1.3 million annual visitors.
PRICING Adult Youth Senior Ticket Pricing (Ages 13-61) (Ages 6-12) (Ages 62+) General Admission $22.00 $13.00 $19.00 Space Needle + Chihuly Garden $36.00 $21.00 $32.00 Day/Night Space Needle Admission $32.00 $18.00 $29.00 Parking Rates General Valet $25.00 SkyCity Guests $12.00 Observation Deck Guests $16.00 Chihuly Garden and Glass Guests $16.00 LOCATION Seattle, Washington Each Additional Hour $3.00 YEAR OPENED 1962 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 1.3 million
64 GATEWAY ARCH
Opened in 1965, the Gateway Arch is 630 feet tall and is considered the tallest man- made monument in the U.S. The observation deck at the Gateway Arch is accessible via a four-minute enclosed tram ride up the side of the arch and offers views of Saint Louis up to 30 miles.
In addition to the arch itself, the grounds are home to the historical landmark Old Courthouse, “Monument to the Dream” movie showings beneath the arch, riverboat cruises, and the Arch Café.
The arch operates from 8:00 am to 10:00 pm daily in the summer and 9:00 am to 6:00 pm daily in the winter. Gateway Arch attracts approximately 1.0 million annual visitors.
PRICING Adults Children America the (16 and older) (3 to 15) Beautiful Pass Journey to the Top (Observation Deck, Facility Entry, $10.00 $5.00 $7.00 Documentary Movie) Arch-Entry Only $3.00 Free Free (Facility Entry, Documentary Movie) Captain’s Combo (Observation Deck, Facility Entry, $25.00 $11.00 $22.00 Documentary Movie, Riverboat Cruise) Sightseeing Cruise $18.00 $8.00 N/A (Riverboat Cruise only)
LOCATION Saint Louis, Missouri YEAR OPENED 1965 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 1.0 million
65 360 CHICAGO (JOHN HANCOCK CENTER)
Located on the 94th floor of the 1,128-foot John Hancock Center in Chicago, 360 Chicago (formerly the John Hancock Observatory) offers 360-degree views of the city and Lake Michigan.
The rebranded 360 Chicago observation area opened its new viewing platform, TILT, to the public in March of 2014. TILT is a moving glass platform that tilts up to eight visitors at a time out of the observation deck to overlook Chicago from 1,000 feet above city streets. In addition to TILT, the observation area features the Architect’s Corner Café and Bar, interactive technology and Sky School for kids. The screened-in Skywalk connects the main observatory to TILT, and is the only open-air skywalk in Chicago.
John Hancock Center is also home to private residences and the office space of many businesses and features a variety of retail and dining options.
360 Chicago is open year-round from 9:00 am to 11:00 pm.
PRICING Ticket Pricing Children under 3 Youth (3-11) Adults (12+) Admission FREE $13.00 $19.00 TILT $7.00 $7.00 $7.00
LOCATION Chicago, Illinois YEAR OPENED 2014 NO. OF THRILL RIDES 1 ANNUAL ATTENDANCE 600,000
66 CN TOWER
CN Tower is a communications and observation tower located in downtown Toronto. The tower has two observation levels, the LookOut deck at 1,135 feet and the SkyPod at 1,465 feet. The SkyPod has a 360 degree unobstructed view of Toronto, Lake Ontario, and the surrounding region. There are also a glass floor and outdoor terrace at 1,122 feet, a KidZone, gift shop, and the Maple Leaf Cinema.
The tower has three restaurant spaces, the 360 Restaurant, Horizons on the LookOut Level and Le Café located at the base of the tower. Horizons and the 360 Restaurant are available for private events, in addition to on-site meeting rooms and the Cinema.
CN Tower features the EdgeWalk, a hands free walk on a ledge at the top of the Tower.
As shown below, ticket prices vary based on activity and are offered as combination packages. Adult admission to the tower costs $26.60. Visitors may choose to access the SkyPod for an additional $9.12. The Premier Experience includes access to the LookOut, Glass Floor, and SkyPod levels, and attractions and costs $67.64 for all ages. Access to the EdgeWalk, as well as LookOut, Glass Floor, and SkyPod levels, and attractions costs $148.20 for ages 13 and up. Discounted general admission to the tower is available for seniors and children.
The tower operates from 9:00 am to 10:30 pm and attracts approximately 1.4 million annual visitors.
PRICING Tower General Admission Adult (13-64) $26.60 Senior (65+) / Child (4-12) $19.00 Premier Experience All Ages $67.64 LOCATION Toronto, Ontario Sky Pod YEAR OPENED 1976 All Ages $9.12 NO. OF THRILL RIDES 1 EdgeWalk + Complimentary Tower Experience + SkyPod ANNUAL ATTENDANCE 1.4 million (LookOut + Glass Floor + SkyPod + Attractions)
Ages 13+ $148.20 67 SKYLON TOWER
Skylon Tower is an observation deck that overlooks the American Falls (New York) and Horseshoe Falls (Ontario) waterfalls from Niagara Falls, Ontario in Canada. The 520- foot, three-floor building opened in 1965.
Along with its indoor and outdoor observation decks at the summit of the tower, Skylon Tower features a revolving restaurant, a 3D/4D movie about Niagara Falls, a glass blowing studio and gallery with glass blowing performances, a Family Fun Centre arcade and mini mall on the ground level and the Summit Suite Buffet. Admission to ride to the top and experience the observation decks is free when dining in the restaurant or buffet.
Skylon Tower is open year round from 8:00 am to midnight during the summer and 9:00 am to 10:00 pm during the winter, with 3D/4D movie showings and glass blowing performances running daily.
PRICING
Ticket Pricing Adult Child
Ride to the Top & Observation Decks $13.91 $ 8.11
3D/4D Falls Movie Legends of Niagara $11.59 $6.95
Combo Ride plus Movie $25.50 $15.06
LOCATION Niagara Falls, Ontario YEAR OPENED 1965 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE N/A
68 EIFFEL TOWER
The Eiffel Tower was erected in Paris, France, for the 1889 World’s Fair, and includes three levels of observation decks, which are at 189 feet, 380 feet and 906 feet above the ground. The tower has several dining spaces including the 58 Tour Eiffel, Le Jules Verne fine dining restaurant, two locations of Buffet Tour Eiffel and a Champagne Bar at the top of the tower.
The Eiffel Tower has the Gustave Eiffel Room located on the 1st floor, which can accommodate up to 300 people and operates from 9:30 am to 1:00 am. Rental fees range from $5,500 to $10,000, excluding tax, depending on time slot.
As shown below, admission to the 2nd floor observation level via elevator costs $11.99 and via stairs costs $7.63 per adult. A ticket to the top observation level by elevator costs $18.53 per adult. The Eiffel Tower offers discounted youth and child tickets.
The tower operates from 9:00 am to 12:00 am and attracts approximately 7.0 million annual visitors, making it the most visited ticketed vertical attraction in the world.
PRICING Lift entrance ticket (valid to 2nd floor) Adult $11.99 Youth (12 - 24 years) $9.27 Child (4 - 11 years) $4.36 Lift entrance ticket to top Adult $18.53 Youth (12 - 24 years) $15.81 Child (4 - 11 years) $10.90 Stairs entrance ticket (valid to 2nd floor) LOCATION Paris, Fance Adult $7.63 YEAR OPENED 1889 Youth (12 - 24 years) $5.45 NO. OF THRILL RIDES N/A Child (4 - 11 years) $3.27 ANNUAL ATTENDANCE 7.0 million
69 TOKYO SKYTREE
The second tallest structure in the world, Tokyo Skytree is a broadcasting tower, home to an observation deck, restaurant, and communications satellites. It is part of a larger commercial development called Tokyo Skytree Town which features an aquarium and planetarium.
The tower has two observation decks PRICING located at 1,148 feet and 1,476 feet. Fast Skytree Ticket Smooth admission without line for The top level can be accessed via a international visitors only transparent spiral staircase with audio effects and views down to the street Adult 18+ $23.41 level (Tembo Galleria). Ages 12-17 $18.76 Ages 6-11 $13.11 Skytree features a photo service, free Ages 4-5 $10.29 Wi-Fi, an art installation, high speed elevators, three Skytree Shops, the Tokyo Skytree Tembo Deck (1,148 ft.) Day Ticket (no time assignment) Sky Restaurant and two locations of the Skytree Café. Adult 18+ $17.10 Ages 12-17 $12.78 An adult ticket to the first observation Ages 6-11 $7.72 level can be purchased for $17.10 with Ages 4-5 $5.15 no time assignment and $21.33 with a day/time assignment. International Tokyo Skytree Tembo Deck (1,148 ft.) Advance visitors can purchase fast admission Purchase (day/time assigned) to the observation deck for $23.41. Adult 18+ $21.33 Admission to the top deck can be Ages 12-17 $17.10 purchased for an additional $8.55 per Ages 6-11 $11.95 adult visitor. Skytree offers discounted child tickets depending on age as Ages 4-5 $9.38 summarized to the right. Tokyo Skytree Tembo Galleria (1,476 ft.) Admission to top deck; available on the day only The tower operates from 8:00 am to Adult 18+ $8.55 LOCATION 10:00 pm and attracts approximately Sumida, Tokyo, Japan Ages 12-17 $6.81 YEAR OPENED 6.2 million annual visitors. 2012 Ages 6-11 $4.23 NO. OF THRILL RIDES N/A Ages 4-5 $2.57 ANNUAL ATTENDANCE 6.2 million
The Oriental Pearl Tower sits along the Huangpu River in Shanghai and features a colorful LED light show every night. It has 15 observatory decks located throughout the structure. The Space Module, the highest deck, is 1,148 feet high, while some of the lower levels, the Sightseeing Floor and Space City, sit at 863 and 295 feet respectively. The tower’s base houses the Shanghai Municipal History Museum, as well as a science fantasy city and arcade games.
Visitors travel up and down the tower in double decker elevators that have a capacity of 50 people and travel at a rate of 23 feet per second. The tower houses a hotel that contains 25 rooms and lounges. The pearl at the top of the structures contains shops, restaurants (including a rotating restaurant) and an observation deck.
The Oriental Pearl Tower features an indoor roller coaster at 295 feet and a revolving restaurant at 876 feet.
Available admission prices and packages PRICING are summarized in the table to the right. Admission to the Shanghai Municipal History Combo Ticket (upper sphere, Shanghai Municipal Museum is $5.48 for all ages. Access to the History Museum and Huangpu River Cruise) upper sphere, lower sphere and museum All ages $34.42 costs $25.03. Access to the upper sphere, museum and either a Huangpu River Cruise Space Module, upper sphere, lower sphere, or the lower sphere and space module costs and Shanghai Municipal History Museum $34.42 for all ages. All ages $34.42 The tower operates from 8:30 am to 9:30 Upper sphere, lower sphere and Shanghai pm and attracts approximately 3.0 million Municipal History Museum annual visitors. All ages $25.03 Shanghai Municipal History Museum All ages $5.48 LOCATION Shanghai, China YEAR OPENED 1994 NO. OF THRILL RIDES 1 ANNUAL ATTENDANCE 3.0 million
71 CANTON TOWER
Opened for the 2010 Asian Games, the Canton Tower PRICING is a 1,969 foot multi-purpose observation tower Admission Tickets: including Cloud Observation Deck & Star Observation Deck located in Guangzhou, China. From the base to 558 Adult $24.00 feet, Canton Tower includes exhibition spaces, a 4D Over 60 $19.20 cinema, a play-hall area, restaurants, coffee shops Children (3.9 to 4.9 feet) $12.00 and outdoor gardens with teahouses. Starting at 558 Cloud and Star Observation Decks & 450 Lookout feet is the Skywalk, the longest open-air staircase in Adult $36.48 the world, which features areas with a transparent Over 60 $33.60 floor. Above the stairway is a two-story rotating Children (3.9 to 4.9 feet) $18.24 restaurant and access to the observation levels. Cloud and Star Observation Decks & 450 Lookout & Bubble Tram or Sky Drop Adult $47.68 450 Lookout is an indoor observation deck at 1,473 Over 60 $47.68 feet, and 488 Lookout is an outdoor observation deck Children (3.9 to 4.9 feet) $23.84 at the top of the tower (1,601 feet). In addition, the Cloud and Star Observation Decks & Spider Walk & 450 Lookout & Souvenir tower features two thrill rides, the Sky Drop and Adult $78.08 the Bubble Tram. The Sky Drop is a 100-foot freefall Over 60 $75.20 starting at 1,591 feet, while the Bubble Tram is a 16 Children (3.9 to 4.9 feet) $39.04 passenger ride with glass “pods” that travel along a track around the rooftop for about 30 minutes. Cloud and Star Observation Decks & 488 Lookout & Spider Walk & Engineering Marvel Tour Hall & 450 Lookout & Bubble Tram & Sky Drop Adult $78.08 Ticket prices vary by activity and are available as Over 60 $78.08 combination packages as summarized to the right. Children (3.9 to 4.9 feet) $39.04 Adult admission to the observation decks costs 450 Lookout $24.00. Combination packages range in price from Adult $14.40 $36.48 for the observation decks plus access to the Children (3.9 to 4.9 feet) $7.20 450 Lookout to $78.08 for the observation decks plus Sky Drop access to the 488 Lookout, Spider Walk, Engineering Marvel Tour Hall, 450 Lookout, Bubble Tram, and Sky Adult $28.80 Drop. Canton Tower offers discounts for children and Children (3.9 to 4.9 feet) $14.40 seniors. Bubble Tram LOCATION Shanghai, China Adult $28.80 Children (3.9 to 4.9 feet) $14.40 YEAR OPENED 1994 The tower operates from 9:00 am to 11:00 pm and attracts approximately 2.0 million annual visitors. 488 Lookout NO. OF THRILL RIDES 1 Adult $44.80 ANNUAL ATTENDANCE 3.0 million Children (3.9 to 4.9 feet) $22.40
72 BURJ KHALIFA
The Burj Khalifa is located in Dubai and is the tallest free-standing structure in the world at 2,717 feet. The building features 160 habitable levels including residential floors, the five-star Armani Hotel, and corporate office space.
The Burj Khalifa has two observation levels including the At the Top Level (124th floor) at 1,483 feet and the Sky Level (148th floor) at 1,821 feet. The 124th floor has Tellscope electronic telescopes, which are digital telescopes the allow visitors to view and learn about the city’s landmarks in an interactive way.
Outside the building is the Dubai Fountain, which is illuminated by 6,600 lights and 50 projectors and shoots water 492 feet into the air. The Burj Khalifa is also surrounded by a park.
Tickets range in price based on activity PRICING and time of entry as summarized to the At the Top Level 124 non-prime (18h30 until closing) right. Access to the Top Level ranges in Adult (12 years +) $34.03 price from $34.03 to $54.45 per adult Child (4-12 years) $25.86 depending on time of entry. Fast access to the Top Level can be purchased for At the Top Level 124 during prime hours (16h30) $81.68 for all ages. Access to both Adult (12 years +) $40.84 observation levels ranges in price from Child (4-12 years) $32.67 $81.68 to $136.13 for all ages depending At the Top Level 124 during prime hours (17h00 – 18h00) on time of entry. Adult (12 years +) $54.45 The observation decks operate from Child (4-12 years) $43.56 8:30 am to 12:00 am Sunday through At the Top Level 124 immediate entry Wednesday and 8:30 am to 1:00 am All Ages $81.68 Thursday through Saturday and attract approximately 1.9 million annual At the Top Sky Level 125+148 non-prime visitors. (19h00 until closing) All Ages $81.68 LOCATION Dubai, UAE At the Top Sky Level 125+148 during prime hours YEAR OPENED 2010 (opening until 18h00) NO. OF THRILL RIDES N/A All Ages $136.13 ANNUAL ATTENDANCE 1.9 million
73 SPINNAKER TOWER
The 560 foot tall Emirates Spinnaker Tower opened in Portsmouth, England in 2005. Built as part of a revitalization of Portsmouth, Spinnaker Tower is owned by the Portsmouth City Council and operated by Continuum Leading Attractions.
The observation deck is three tiers and sits atop the tower. Two of the tiers, located at 328 feet and 344 feet, are enclosed and one tier, located at 360 feet, is open to the elements. There are preliminary plans to add a freefall ride to the tower but there is no expected date for opening.
In June 2015, naming rights for the tower was sold to Emirates on a five-year, £5 million agreement that included a repainting and rebranding of the tower.
The tower operates from 9:00 am to 10:30 pm and attracts approximately 1.4 million annual visitors.
PRICING Ticket Pricing Standard Resident Online
Adult $10.33 $7.77 $8.81
Child $ 8.15 $6.14 $6.96
Child under 3 FREE FREE FREE
Senior $9.24 $6.96 $7.83
Student $9.24 $6.96 $7.83
Family $31.53 n/a $31.53
LOCATION Portsmouth, England YEAR OPENED 2005 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 1.4 million
74 THE SHARD
The Shard is located at London Bridge Quarter and includes a public piazza, office space, high-end residential apartments, the 5-star Shangri-La Hotel with spa and pool and international restaurants and viewing decks offering unprecedented 360 degree views of London. There are two observation decks, one indoors and one partially outdoors at 802 feet called The View from The Shard.
The View can be utilized as a private event space and ranges in price depending on time of day of the event, as well as season. Rental fees range from $9,000 to $30,000, excluding tax, depending on event timings.
Adult admission to The View is $38.93 when purchased PRICING in advance and $46.43 when purchased at the tower Advance On the Day on the day of the visit. For day and night access to The General Admission View, adult admission is $53.93 in advance and $61.43 on the day of the visit. For admission and a glass of Adult (16+) $38.93 $46.43 champagne, tickets cost $50.93 per adult. A family Student (only with valid student ID) $31.43 $38.93 package with admission for four (up to two adults) Child (4 - 15) $29.93 $37.43 can be purchased for $112.43 in advance and $119.93 Disabled Adult (One carer free) $32.93 $40.43 on the day of the visit. The Shard offers discounted tickets for students, children, and disabled individuals, Disabled Child (One carer free) $28.43 $32.93 as shown in the table to the right. Day & Night Adult (16+) $53.93 $61.43 The observation deck is open from 9:00 am to 10:00 Student (only with valid student ID) $46.43 $53.93 pm most of the year. Winter hours are Sunday to Child (4 - 15) $44.93 $52.43 Wednesday 10:00 am to 7:00 pm and Thursday to Saturday 10:00 am to 10:00 pm. The observation deck Disabled Adult (One carer free) $47.93 $55.43 attracts approximately 1.0 million visitors annually. Disabled Child (One carer free) $43.43 $47.93 Admission + a glass of champagne Adult (18+) $50.93 N/A Student (18+ with valid student ID) $43.43 N/A LOCATION London, England Disabled Adult (One carer free) $44.93 $55.43 YEAR OPENED 2013 Sunday Family Ticket (2 Adults + 2 Children OR 1 Adult + 3 Children) NO. OF THRILL RIDES N/A Family $112.43 $119.93 ANNUAL ATTENDANCE 1.0 million
75 MENARA TOWER
The Menara Tower has five sections: 1) the base consists of three basement floors with storage and maintenance capabilities; 2) the next section houses the administrative office, souvenir shops, a 479 foot pedestrian mall and cascading pools; 3) the tower shaft has 22 levels with four elevators and 2,058 stairs; 4) the tower head houses the observation platform at 906 feet and revolving restaurant, as well as broadcasting stations; and, 5) the antenna mast tops the tower and is utilized for broadcasting transmissions. Menara Tower features a theater and simulator for visitors.
As shown below, admission to the observation deck costs $12.18 per adult and admission to the open deck costs $24.59 for ages 13 and up. Guests may choose to add the XD Theater experience for $4.68 and the F1 Simulator for $3.04 per adult. Menara Tower offers discounted tickets for children.
The tower operates from 9:00 am to 10:00 pm and attracts approximately 900,000 annual visitors.
PRICING Observation Deck Adult $12.18 Child $7.26 Open Deck All Visitors (ages 13+) $24.59 XD Theater Adult $4.68 Child $3.75 F1 Simulator Adult $3.04 LOCATION Kuala Lumpur, Malaysia Child $2.58 YEAR OPENED 1996 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 900,000
76 SKY TOWER
Sky Tower is an observation and telecommunications tower located in Auckland, New Zealand. The Sky Tower offers several upper levels that are accessible to the public including the Level 50 Sky Lounge (597 feet), Level 51 Main Observation Deck (610 feet), Level 52 Orbit 360° restaurant (623 feet), Level 53 Sugar Club restaurant and Level 60 Sky Deck (720 feet).
The tower features two thrill rides including the SkyJump bungee jump and the SkyWalk along an open-air walkway at 630 feet.
Admission to the Sky Tower costs $18.29 per adult. Visitors can do the SkyJump for $146.99 and the SkyWalk for $94.73 per adult. Sky Tower offers discounted tickets for children and students as summarized below.
The tower operates from 9:00 am to 10:00 pm May through October and 8:30 am to 10:30 or 11:30 pm November through April and attracts approximately 415,000 annual visitors.
PRICING Sky Tower admission Adult $18.29 Child (6 - 14 years) $7.19 SkyJump Adult $146.99 Child (10 - 15 years) $114.33 Student $127.39 SkyWalk Adult $94.73 Child (10 - 15 years) $75.13 LOCATION Aukland, New Zealand Student $81.66 YEAR OPENED 1997 NO. OF THRILL RIDES 2 ANNUAL ATTENDANCE 415,000
77 GLASGOW TOWER
Opened in 2001 but closed to the general public for approximately 80 percent of its lifespan before July of 2014, Glasgow Tower is a 417-foot-tall, free-standing tower with capabilities to rotate a full 360 degrees around its base. The tower is part of the Glasgow Science Centre. Since its opening, the tower has struggled with structural engineering and safety issues which have caused it to close periodically.
The base of the tower features a tunnel with a museum detailing the history and design of the structure and the local area. A 2.5-minute elevator ride takes visitors to the tower’s 345-foot observation deck, featuring virtual panoramic views on iPads to compliment the natural views with archive images and information. In addition to the tower, Glasgow Science Centre features a planetarium, Science Mall and IMAX theater and is available for birthday parties.
The Centre is open Wednesday through Sunday from 10:00 am to 3:00 pm on weekdays and until 5:00 pm on weekends. The Centre has seen nearly 270,000 in annual attendance.
PRICING Ticket Pricing Adult Child Glasgow Tower $7.07 $7.07 Parking Rates GSC Visitors $3.26 Science Passport Holder $1.09 Cineworld Visitors (before 5pm) $3.26 Cineworld Visitors (after 5pm) $1.09
LOCATION Glasgow, Scotland YEAR OPENED 2001 NO. OF THRILL RIDES N/A ANNUAL ATTENDANCE 270,000
78 MACAU TOWER
The Macau Tower Convention & Entertainment Centre complex includes a 3D Movie Theater, retail shops, electronic games, a shopping mall and convention space.
The tower has a Level 58 Observation Lounge at 732 feet and Level 61 Adventure Deck at 764 feet featuring five thrill rides. A VIP Sky High ticket purchase includes access to an express lift to the Observation Lounge, access to the Adventure Deck, telescope access and complimentary snacks and drinks. Thrill rides include two bungee jumps, a tethered Skywalk along the outer rim of the tower, a mast climb where patrons can climb to the top of the tower’s spire and a climbing wall.
As shown to the right, general admission PRICING to the tower costs $17.55 per adult and VIP access costs $27.04 per adult. Visitors can Tower Admission Ticket choose from the variety of rides, which Adults $17.55 range in price from $32.50 for the climbing Senior Citizens (age 65 or above) $9.10 wall to $401.44 for the bungee jump Children (aged 3 – 11) $9.10 experience. VIP Sky High Ticket – Price (per person) The tower has several restaurants, Adult $27.04 including the 360° Café on level 60, and Children (aged 3 – 11) $14.30 operates from 10:00 am to 9:00 pm. Bungee Jump All Ages $401.44 Sky Jump All Ages $271.44 Skywalk X All Ages $102.44 Tower Climb All Ages $245.44 LOCATION Macau, China Climbing Wall YEAR OPENED 2001 All Ages $32.50 NO. OF THRILL RIDES 5 ANNUAL ATTENDANCE N/A
79 ETIHAD TOWERS
Etihad Towers is a five-building complex of towers in Abu Dhabi, United Arab Emirates. The buildings in the complex are used for hospitality, residential, office, retail and dining space. There is an observation deck at 1,000 feet on the 74th floor of Tower 2 that overlooks the Arabian Sea. The tallest of the five buildings, Tower 2 measures 1,002 feet.
Visitors can access the Tower 2 observation deck from 10:00 am to 6:00 pm daily. Admission is free for children under the age of 4 and hotel guests. Other visitors are charged $20.50 to access the observation deck.
PRICING
Ticket Pricing Children under 4 Hotel Guests Visitors
Admission FREE FREE $20.50
LOCATION Abu Dhabi, UAE YEAR OPENED 2011 NO. OF THRILL RIDES 1 ANNUAL ATTENDANCE N/A
80 BLACKPOOL TOWER
Blackpool Tower is a 518-foot tower with multiple attractions located in Blackpool, Lancashire, England. The tower’s design was inspired by the Eiffel Tower in Paris, France.
The tower features five attractions. The Blackpool Tower Eye is a 505-foot observation deck and 4D movie experience wherein visitors can walk out onto a glass viewing platform. The Blackpool Tower Circus sits at the base of the tower between the four legs and puts on regular circus shows and pantomimes. The Tower Ballroom hosts teas, dances, dance shows and competitions. Below the tower is the walkthrough, actor-led experience of the Tower Dungeon, featuring shows and special effects as well as a drop ride. Also within the tower is Jungle Jim’s, an indoor children’s adventure playground. Dining options include the Tower Burger Kitchen and Coffee Company.
The Blackpool Tower Eye is open from 10:00 am to 4:45 pm. Approximately 13 million annual visitors are drawn to the Blackpool beaches surrounding the tower.
PRICING Ticket Pricing Adult Child Group of 4 Toddler Tower Ticket $58.11 $44.57 n/a n/a Blackpool Tower Eye $14.68 $11.42 $46.97 n/a Circus Premium Ringside Seats $18.43 $15.17 $59.80 $15.17 Standard Stall Seats $13.59 $10.81 $43.49 $6.47 Dungeon $27.18 $21.20 $86.98 n/a Ballroom Ballroom Entry $10.82 FREE n/a n/a Ballroom with Afternoon Tea $21.69 FREE n/a n/a LOCATION Blackpool, England Jungle Jim’s FREE $7.07 n/a $3.26 YEAR OPENED 1894 NO. OF THRILL RIDES 1 ANNUAL ATTENDANCE N/A
81 INTERCEPT SURVEY RESULTS INTRODUCTION Conventions, Sports & Leisure International (“CSL”) was engaged by Berkowitz Development Group to conduct a feasibility analysis to determine demand for a new vertical attraction (“SkyRise Miami”) in TOTAL COMPLETED TOTAL ESTIMATED SURVEY GROUPS Miami, Florida. SURVEYS POPULATION
On May 6-7, 2016, CSL with the assistance of Customer Intercept Residents (Total) 97 1,069,145 Solutions (“CIS”) conducted intercept surveys at various locations within Visitors (Total) 284 6,911,073 Miami-Dade County and Broward County. The purpose of the survey was to collect feedback from residents and visitors within these two Vacation/Leisure 235 5,665,835 counties on the refined entertainment offerings and admission packages at the proposed SkyRise Miami development. Trained survey facilitators Business/Convention 33 574,193 conducted intercepts utilizing iPads to collect respondent feedback. Cruise 13 456,587 CSL collected a total of 381 responses, including 256 in Miami and 125 in Broward County. Among the respondents, 97 are residents of Miami- Other 3 214,458 Dade County and Broward County and 284 were visitors to the Greater Miami area, as summarized to the right. Total 381 7,980,218
The following slides present a summary of the data received.
83 RESPONDENTS
Are you a resident of South Florida or the surrounding Survey Respondent Origination area (i.e. Broward, Miami-Dade, Palm Beach Counties, etc.) or are you visiting?
69% 67%
Resident 25% 31% 33%
Visiting South Florida Resident Visitor 75%
Broward Miami-Dade
84 RESIDENT OVERVIEW
Please indicate which county you live in. Prior to this survey, were you aware of SkyRise Miami?
68%
Yes 29%
26% No 2% 4% 71%
Broward Miami- Palm Other Dade Beach
85 International Visitor Origin (59%) VISITOR OVERVIEW Colombia 13% Brazil 12% Domestic Visitor Origin (41%) Canada 10% Venezuela 9% Argentina 8% California 15% Chile 5% Georgia 9% Mexico 5% New Jersey 9% Peru 5% Texas 9% United Kingdom 5% Alabama 8% Cuba 4% New York 8% Ecuador 2% Florida 7% Germany 2% North Carolina 4% Honduras 2% Nicaragua 2% Arizona 3% The Netherlands 1% Ohio 3% India 1% Maryland 3% Trinidad 1% Virginia 3% Uruguay 1% Colorado 2% Barbados 1% Connecticut 2% Bolivia 1% Michigan 2% Dominican Republic 1% Missouri 2% El Salvador 1% Puerto Rico 2% France 1% Greece 1% Rhode Island 2% Haiti 1% Tennessee 2% Jamaica 1% West Virginia 2% Pakistan 1% Delaware 1% Panama 1% Hawaii 1% Poland 1% Louisiana 1% Puerto Rico 1% Montana 1% Spain 1% Suriname Pennsylvania 1% 1% 86 PURPOSE OF VISIT What is the purpose of your visit to South Florida?
Vacation 70%
Visiting family / friends 23%
Business trip 11%
In-Transit 10% (cruise ship departure, flight layover, etc.)
Conference / Convention 5%
School Trip 1%
Other 1%
87 VISITOR LODGING LOCATION Where are you staying during your trip to South Florida?
42% South Beach 31% 48% 28% Ft. Lauderdale 43% 21% 20% Other 28% 16% 19% Downtown Miami 18% Other Areas Mentioned 20% Kendall Hollywood Beach 13% Sunrise Florida Keys 12% Hialeah 13% 2% West Palm Beach 0% 3% Total Broward Visitors Miami-Dade Visitors
88 ACTIVITIES Which of the following activities have you participated in/are you planning to participate in during your visit to South Florida?
Beach/Swimming 88% 69% 48% Shopping 65% 25% Sightseeing/Visit Area Attractions 16% 16% Boat Cruise 24% 11% Sporting Events 11% 8% Fishing/Boating 11% 7% Watersports 13%
Other 1%
Concert/Family Show 8%
3% Broward Visitors Miami-Dade Visitors Did Not/Not Planning To Participate 6%
89 ATTRACTIONS VISITED & ATTRACTION PRICING Which of the following attractions have you visited/are you planning to visit during your stay in South Florida?
63% Bayside Marketplace 58% 46% South Beach/Ocean Drive 84% Bayfront Park 42% 39% Everglades 17% 26% Vizcaya Museum & Gardens 8% Average Adult Ticket Price: 6% $15.25 4% Miami Seaquarium Average Adult Ticket Price: 13% $47.00 Attractions Not Selected Miami Children’s Museum 4% Average Adult Ticket Price: 3% $15.00 Deering Estate Fairchild Tropical Botanical Garden 4% Average Adult Ticket Price: Jungle Island Freedom Tower 10% $52.50 Gold Coast Railroad Museum Miami Science Museum Other 6%
Average Adult Ticket Price: Zoo Miami 19% $33.33
Average Adult Ticket Price: Perez Art Museum 10% $20.00 4% Broward Visitors Miami-Dade Visitors None 3% 90 FACTORS INFLUENCING VISITATION OF ATTRACTIONS Which of the following activities have you participated in/are you planning to participate in during your visit to South Florida?
Crowd Volume 46% 23% Cost of Admission 33% 65% 21% Newness of Attraction/Exhibit 42% 13% Other Ancillary Amenities 39% Historical Significance 13% 3% 8% Parking Availability 45% Proximity to Lodging 4% 19% Freeway Accessibility 4% 35%
Security of the Area/Neighborhood 19%
Proximity to Public Transportation 13%
Proximity to Other Attractions 23%
Level of Security Required For Entry 29% Broward Visitors Miami-Dade Visitors 13% Other 10% 91 INITIAL INTEREST IN SKYRISE MIAMI How would you describe your potential interest in purchasing admission to the observation decks, attractions, and thrill rides offered at SkyRise Miami in the future?
Residents 38% 22% 33% 7%
Broward 62% 18% 20% Visitors
Miami-Dade 27% 28% 39% 6% Visitors
Definitely Interested Likely Interested Possibly Interested Not Interested
92 APPEAL OF POTENTIAL ATTRACTIONS Among the potential attractions and thrill rides that may be available at SkyRise Miami, please rate the overall appeal of each on a scale of 1 to 7, with “1” being “Not Appealing” and “7” being “Very Appealing”.
6.6 6.5 6.4 6.4 6.3 6.2 6.0 6.1 5.9 5.9 5.9 5.8 5.8 5.8 5.7 5.7 5.8 5.8 5.6 5.5 5.5 5.4 5.3 5.3 5.1 4.9 5.0
Virtual VIP General SkyDrop Dark Ride SkyTheater SkyWay SkyCruise Observation SkyLedge Observation Reality Deck Deck
Residents Broward Visitors Miami-Dade Visitors 93 SKYWAY PRICE SENSITIVITY How would you describe your interest in purchasing admission to the SkyWay, a 20-minute ferris wheel experience reaching 1,045 feet above Biscayne Bay, at the following price points?
$25 29% 33% 29% 91%
Average # Tickets: Residents $20 51% 26% 18% 95% Adult: 2.5 Children: 1.9 $15 75% 17% 8% 100%
$25 34% 23% 26% 83%
Broward Average # Tickets: $20 47% 24% 22% 93% Adult: 2.1 Visitors Children: 3.5 $15 69% 15% 15% 99%
$25 30% 33% 30% 93%
Miami-Dade Average # Tickets: $20 40% 34% 21% 95% Adult: 2.5 Visitors Children: 2.0 $15 75% 16% 7% 98%
Definitely Purchase Likely Purchase Possibly Purchase 94 CUSTOM ADMISSION PACKAGE If given the opportunity to design a custom admission package, which potential observation decks, attractions, and thrill rides would you include based on the hypothetical per-person admission costs listed below?
49% General Observation Deck 36% 52% 47% Top Combination Selections SkyWay 61% -- General Observation Decks + VIP Observation Decks + 45% SkyWay + SkyTheater + SkyDrop + Dark Ride + Virtual 39% Reality Experience + SkyCruise [11%] VIP Observation Deck 56% 37% -- VIP Observation Decks + SkyDrop + SkyCruise [4%]
34% -- SkyWay + SkyDrop [3%] SkyCruise 39% 27% -- VIP Observation Decks + SkyWay + SkyTheater + 34% SkyDrop + Dark Ride + Virtual Reality Experience + SkyTheater 43% SkyCruise [3%] 46% -- SkyWay + SkyDrop + SkyCruise [2%] 28% SkyDrop 48% -- VIP Observation Decks + SkyDrop [2%] 39% -- VIP Observation Decks + SkyWay + SkyCruise [2%] Virtual Reality 27% 38% -- General Observation Decks + SkyWay [2%] 23% -- General Observation Decks + SkyWay + SkyCruise [2%] 22% Dark Ride 38% 16% None 8% 2% Residents Broward Visitors Miami-Dade Visitors 2% 95 BUNDLE PACKAGE INITIAL INTEREST Which bundled package(s) that could be available at SkyRise Miami would you be interested in learning more about?
47% 44%
36% 34% 33% 32% 28% 24% 24%
General Admission VIP Admission Would not be interested
Residents Broward Visitors Miami-Dade Visitors 96 GENERAL ADMISSION BUNDLE PRICE SENSITIVITY How would you describe your interest in purchasing a general admission “bundled” package at the following price points?
$75 13% 31% 28% 72%
Average # Tickets: $65 25% 22% 31% 78% Adult: 2.7 Residents Children: 1.6 $55 44% 22% 22% 88%
$75 31% 25% 13% 69% Broward Average # Tickets: $65 50% 22% 13% Adult: 2.3 Visitors 85% Children: 5.0 $55 72% 9% 19% 100%
$75 15% 14% 42% 71% Average # Tickets: Miami-Dade Adult: 2.7 $65 Children: 2.1 Visitors 19% 14% 40% 73% $55 39% 13% 37% 89%
Definitely Purchase Likely Purchase Possibly Purchase 97 GENERAL ADMISSION BUNDLE DEMAND
General Admission Annual Bundled Package Revenue Demand
2,400,000 $120,000,000 $105,000,000 $100,100,000 $97,900,000 2,000,000 $100,000,000
1,780,000 1,600,000 $80,000,000 1,540,000 1,400,000 1,200,000 $60,000,000
800,000 $40,000,000
400,000 $20,000,000
$75 $65 $55
98 VIP ADMISSION BUNDLE PRICE SENSITIVITY How would you describe your interest in purchasing a VIP admission “bundled” package at the following price points?
$75 37% 27% 20% 84%
Average # Tickets: $65 43% 30% 17% 90% Adult: 2.3 Residents Children: 1.8 $55 60% 27% 7% 94%
$75 22% 26% 35% 83% Broward Average # Tickets: $65 96% Adult: 2.5 Visitors 26% 35% 35% Children: 2.4 $55 48% 39% 13% 100%
$75 25% 20% 34% 79% Average # Tickets: Miami-Dade Adult: 2.6 $65 32% 27% 23% 82% Children: 2.2 Visitors $55 55% 23% 14% 92%
Definitely Purchase Likely Purchase Possibly Purchase 99 VIP ADMISSION BUNDLE DEMAND
VIP Admission Annual Bundled Package Revenue Demand
2,400,000 $150,000,000
2,000,000 $125,000,000
$101,700,000 $97,600,000 1,600,000 $100,000,000 $88,200,000
1,200,000 $75,000,000 1,220,000 1,260,000 1,130,000
800,000 $50,000
400,000 $25,000
$90 $80 $70
100 TRANSPORTATION ACCESS Which mode of transportation would you most likely utilize to access SkyRise Miami?
94%
86%
77%
19%
2% 2% 7% 1% 4% 2% 6% 1% 1% Drive Public Walk Taxi / Uber Bicycle Other
Residents Broward Visitors Miami-Dade Visitors 101 Overall, how would you characterize your attitude SPECIAL EVENTS AND towards the proposed location of SkyRise Miami?
ATTITUDE TOWARDS SKYRISE 46% Very Positive 75% How would you characterize your interest in hosting a meeting or special event at SkyRise Miami? 42% 27% Somewhat Positive 14% 26% Definitely 16% Interested Not 19% Interested Neutral 12% Likely 34% 28% Interested 10% 6% Somewhat Negative 0% Possibly 2% 68% to 89% of respondents have a Interested positive attitude towards the 37% 4% location of SkyRise Miami Very Negative 0% 2%
Approximately 66 percent of respondents expressed some level Residents Broward Visitors Miami-Dade Visitors of interest in hosting a meeting or special event at SkyRise 102 OBSERVATION DECKS ADMISSION DEMAND
DEMAND PRICE POTENTIAL ANNUAL REVENUE
RESIDENTS VISITORS (MIAMI-DADE COUNTY) VISITORS ( BROWARD COUNTY) TOTAL
HIGH MID LOW HIGH MID LOW HIGH MID LOW HIGH MID LOW HIGH MID LOW HIGH MID LOW PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE PRICE
Observation Decks 240,000 250,000 280,000 890,000 960,000 1,140,000 270,000 330,000 360,000 1,400,000 1,540,000 1,780,000 $75.00 $65.00 $55.00 $105,000,000 $100,100,000 $97,900,000
VIP Premium 260,000 280,000 295,000 625,000 650,000 670,000 245,000 290,000 295,000 1,130,000 1,220,000 1,260,000 $90.00 $80.00 $70.00 $101,700,000 $97,600,000 $88,200,000 Observation Deck
Total 500,000 530,000 575,000 1,515,000 1,610,000 1,810,000 515,000 620,000 655,000 2,530,000 2,760,000 3,040,000 $206,700,000 $197,700,000 $186,100,000
As shown, demand for the SkyRise Observation decks ranges from approximately 2.5 million to 3.0 million annually, depending on admission price.
103 ATTENDANCE COMPARISON
TOWER LOCATION TOWER ATTENDANCE Eiffel Tower Paris, France 6,980,000 Tokyo Skytree Tokyo, Japan 6,190,000 Empire State Building New York, New York 4,060,000 Statue of Liberty New York, New York 3,750,000 SkyRise Miami (High) Miami, Florida 3,040,000 Oriental Pearl Tower Shanghai, China 3,000,000 SkyRise Miami (Mid) Miami, Florida 2,760,000 SkyRise Miami (Low) Miami, Florida 2,530,000 Top of the Rock New York, New York 2,500,000 Canton Tower Guangzhou, China 2,000,000 Stratosphere Las Vegas, Nevada 2,000,000 Burj Khalifa Dubai, United Arab Emirates 1,870,000 Willis Tower Chicago, Illinois 1,500,000 CN (Canada National) Tower Toronto, Canada 1,380,000 Space Needle Seattle, Washington 1,300,000 The Shard London, England 1,000,000 Gateway Arch St. Louis, Missouri 1,000,000 Menara Tower Kuala Lumpur, Malaysia 900,000 Sky Tower Auckland, New Zealand 415,000
104 FINANCIAL PROJECTIONS SKYRISE MIAMI OPERATING FINANCIALS
PRE- REVENUES OPENING YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 REVENUE General Observation Deck $0 $81,278,332 $78,814,087 $81,178,510 $83,613,865 $86,122,281 $88,705,949 $91,367,128 $94,108,142 $96,931,386 $99,839,328 VIP Observation Deck 0 60,958,749 59,110,565 60,883,882 62,710,399 64,591,711 66,529,462 68,525,346 70,581,106 72,698,539 74,879,496 SkyPlunge 0 7,352,040 7,045,643 7,257,012 7,474,722 7,698,964 7,929,933 8,167,831 8,412,866 8,665,252 8,925,210 SkyDrop 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 Sky Theater 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 Photo 0 4,248,882 3,951,460 4,070,004 4,192,104 4,317,867 4,447,403 4,580,825 4,718,250 4,859,798 5,005,592 Audio 0 1,416,294 1,317,153 1,356,668 1,397,368 1,439,289 1,482,468 1,526,942 1,572,750 1,619,933 1,668,531 Merchandise 0 8,261,715 7,683,395 7,913,897 8,151,314 8,395,853 8,647,729 8,907,161 9,174,375 9,449,607 9,733,095 Sponsorship 0 4,500,000 4,635,000 4,774,050 4,917,272 5,064,790 5,216,733 5,373,235 5,534,432 5,700,465 5,871,479 Concessions 0 9,441,960 8,781,023 9,044,453 9,315,787 9,595,261 9,883,118 10,179,612 10,485,000 10,799,550 11,123,537 Private Catering Events 0 4,781,250 4,924,688 5,072,428 5,224,601 5,381,339 5,542,779 5,709,063 5,880,334 6,056,744 6,238,447 City Winery Concept 0 16,633,750 17,132,763 17,646,745 18,176,148 18,721,432 19,283,075 19,861,567 20,457,414 21,071,137 21,703,271 The Void - Virtual Reality 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 Parking 0 5,584,500 5,752,035 5,924,596 6,102,334 6,285,404 6,473,966 6,668,185 6,868,231 7,074,278 7,286,506 TV Station 0 1,560,000 1,606,800 1,655,004 1,704,654 1,755,794 1,808,468 1,862,722 1,918,603 1,976,161 2,035,446 TV Antenna 0 350,000 360,500 371,315 382,454 393,928 405,746 417,918 430,456 443,370 456,671 SkyWay 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 iFly 0 5,100,850 4,888,271 5,034,920 5,185,967 5,341,546 5,501,793 5,666,846 5,836,852 6,011,957 6,192,316 SkyLedge 0 7,352,040 7,045,643 7,257,012 7,474,722 7,698,964 7,929,933 8,167,831 8,412,866 8,665,252 8,925,210 Dark Ride 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 SkyCruise 0 10,159,791 9,851,761 10,147,314 10,451,733 10,765,285 11,088,244 11,420,891 11,763,518 12,116,423 12,479,916 Total Revenue $0 $279,779,111 $272,159,591 $280,324,379 $288,734,110 $297,396,133 $306,318,017 $315,507,558 $324,972,785 $334,721,968 $344,763,627 Less COGS: Merchandise 0 (2,891,600) (2,689,188) (2,769,864) (2,852,960) (2,938,549) (3,026,705) (3,117,506) (3,211,031) (3,307,362) (3,406,583) Concessions 0 (2,690,959) (2,502,591) (2,577,669) (2,654,999) (2,734,649) (2,816,689) (2,901,189) (2,988,225) (3,077,872) (3,170,208) Private Catering Events 0 (727,734) (749,566) (772,053) (795,215) (819,071) (843,644) (868,953) (895,021) (921,872) (949,528) City Winery Concept 0 (4,081,128) (4,203,562) (4,329,669) (4,459,559) (4,593,346) (4,731,146) (4,873,080) (5,019,273) (5,169,851) (5,324,947) Music 0 0 0 0 0 0 0 0 0 0 0 Gross Margin $0 $269,387,689 $262,014,683 $269,875,123 $277,971,377 $286,310,519 $294,899,834 $303,746,829 $312,859,234 $322,245,011 $331,912,361
106 SKYRISE MIAMI OPERATING FINANCIALS
EXPENSES PRE- OPENING YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 EXPENSES Variable Labor $0 $33,627,954 $32,637,843 $33,616,979 $34,625,488 $35,664,253 $36,734,180 $37,836,205 $38,971,292 $40,140,430 $41,344,643 Personnel Costs 2,686,788 7,463,300 7,687,199 7,917,815 8,155,349 8,400,010 8,652,010 8,911,571 9,178,918 9,454,285 9,737,914 Operating Costs General Observation Deck 0 20,238,305 20,771,915 21,395,072 22,036,924 22,698,032 23,378,973 24,080,342 24,802,753 25,546,835 26,313,240 VIP Observation Deck 0 15,178,728 15,578,936 16,046,304 16,527,693 17,023,524 17,534,230 18,060,257 18,602,064 19,160,126 19,734,930 SkyPlunge 0 1,749,786 1,794,375 1,848,206 1,903,652 1,960,762 2,019,585 2,080,172 2,142,577 2,206,855 2,273,060 SkyDrop 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 Sky Theater 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 Photo 0 0 0 0 0 0 0 0 0 0 0 Audio 0 0 0 0 0 0 0 0 0 0 0 Merchandise 0 560,139 564,551 581,487 598,932 616,900 635,407 654,469 674,103 694,326 715,156 Sponsorship 0 900,000 927,000 954,810 983,454 1,012,958 1,043,347 1,074,647 1,106,886 1,140,093 1,174,296 Concessions 0 1,321,874 1,347,368 1,387,789 1,429,422 1,472,305 1,516,474 1,561,968 1,608,827 1,657,092 1,706,805 Private Catering Events 0 640,406 694,381 715,212 736,669 758,769 781,532 804,978 829,127 854,001 879,621 City Winery Concept 0 3,734,224 3,846,250 3,961,638 4,080,487 4,202,902 4,328,989 4,458,858 4,592,624 4,730,403 4,872,315 The Void - Virtual Reality 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 Parking 0 753,908 776,525 799,820 823,815 848,530 873,985 900,205 927,211 955,027 983,678 TV Station 0 0 0 0 0 0 0 0 0 0 0 TV Antenna 0 0 0 0 0 0 0 0 0 0 0 SkyWay 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 iFly 0 1,555,759 1,596,948 1,644,856 1,694,202 1,745,028 1,797,379 1,851,300 1,906,839 1,964,045 2,022,966 SkyLedge 0 992,525 1,014,397 1,044,829 1,076,174 1,108,459 1,141,713 1,175,964 1,211,243 1,247,580 1,285,007 Dark Ride 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 SkyCruise 0 2,529,788 2,596,489 2,674,384 2,754,616 2,837,254 2,922,372 3,010,043 3,100,344 3,193,354 3,289,155 Total Expenses (excl. COGS) ($2,686,788) ($103,895,637) ($104,816,623) ($107,961,122) ($111,199,956) ($114,535,955) ($117,972,033) ($121,511,194) ($125,156,530) ($128,911,226) ($132,778,563) Operating Profit ($2,686,788) $165,492,052 $157,198,060 $161,914,001 $166,771,421 $171,774,564 $176,927,801 $182,235,635 $187,702,704 $193,333,785 $199,133,799 Legends Guaranteed Fee 0 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 CAM Charges 0 350,000 350,000 350,000 350,000 350,000 385,000 385,000 385,000 385,000 385,000 Rent on Land 0 8,393,373 8,164,788 8,409,731 8,662,023 8,921,884 9,189,541 9,465,227 9,749,184 10,041,659 10,342,909 Sales Tax on Land Rent 0 587,536 571,535 588,681 606,342 624,532 643,268 662,566 682,443 702,916 724,004 Adjusted Profit ($2,686,788) $150,661,143 $142,611,737 $147,065,589 $151,653,056 $156,378,148 $161,209,993 $166,222,842 $171,386,078 $176,704,210 $182,181,886 Legends Percent of Adjusted Profit 0 6,629,090 6,274,916 6,470,886 6,672,734 6,880,639 7,093,240 7,313,805 7,540,987 7,774,985 8,016,003 EBITDA ($2,686,788) $144,032,052 $136,336,820 $140,594,703 $144,980,322 $149,497,510 $154,116,753 $158,909,037 $163,845,090 $168,929,225 $174,165,883
107