OFFERING MEMORANDUM 701 NW 6Th Street Fort Lauderdale, FL 33301 TABLE of CONTENTS

OFFERING MEMORANDUM 701 NW 6th Street Fort Lauderdale, FL 33301 TABLE OF CONTENTS

04 PROPERTY SUMMARY

06 PROPOSED PROJECT

12 INVESTMENT HIGHLIGHTS

14 ABOUT THE NEIGHBORHOOD

16 DEMOGRAPHICS

18 MARKET DRIVERS

20 MARKET COMPARABLES

Contact Information

MIKA MATTINGLY BRADLEY ARENDT Executive Managing Director Director + 1 786 486 4391 + 1 773 343 4695 [email protected] [email protected] PROPERTY SUMMARY 701 W Sistrunk Blvd Address: Fort Lauderdale, FL

Current Status: Vacant Land

Approvals: Fully Entitled Downtown Fort Lauderdale, Florida Zoning: NWRAC-MUw

Neighborhood: Progresso Village

Lot Size Acres: 3.65 Acres olliers International Urban Core Division is pleased to Cpresent The Adderley. A fully entitled residential project Future Units: 452 on 3.65 acres. The Adderley is located in the Progresso Future Retail: 14,807 SF Village neighborhood of Downtown Fort Lauderdale, at the southwest corner of Sistrunk Boulevard and Avenue of the Arts. The project is located in a Qualified Opportunity Zone.

NW 6th Street NW 7th Terrace

4 5 PROPOSED PROJECT

THE ADDERLEY The development is fully entitled & targeted towards young people looking for their first property and for anyone looking to live near the CBD of Fort Lauderdale. The Progresso Village neighborhood is just west of the Flagler Village neighborhood, the fastest growing downtown neighborhood in Fort Lauderdale with many new developments including apartments, restaurants, pubs and commercial venues. The Adderley will have a unit mix from studios to townhome units. The amenities are the fundamental part of this project: Workstations, dog wash, fitness center, electric charge parking, pool, pet park, yoga room and bicycle storage are some of the common areas that this fantastic development will offer.

PROJECT DETAILS

Total Building Area: 645,146 SF

Two six-story residential Total Floors: structures 452 (consisting of Total Rental Units: apartments and townhomes)

Leasable Commercial Space: 14,807 SF

6 story parking structure Parking: with 527 spaces

UNIT MIX

Studio: 86

One Bed: 280

One Bed + Den: 11

2bed / 2bath: 73

Townhouse: 16

Total: 455, 46 are affordable

6 7 Parking Garage XX,XXX Gross SF PROPOSED 600 Parking Spaces/ 6 levels Parking Garage PROJECT 224,946 Gross SF 527 Parking Spaces / 6 Levels GROSS AREA RESIDENTIAL RSF UNITS RETAIL PARKING AREA PARKING SPACES

PARTIAL 16,056 SF N/A N/A N/A 16,056 SF 39 BASEMENT PARKING

GRADE ENTRY / 98,892 SF 18,275 SF 26 14,807 SF 25,422 SF 46 RETAIL

RESIDENTIAL 99,993 SF 49,783 SF 63 N/A 24,867 SF 58 AMENITY TERRACE

RESIDENTIAL 99,094 SF 49,769 SF 85 N/A 32,929 SF 81

RESIDENTIAL 102,894 SF 53,082 SF 90 N/A 32,929 SF 81

RESIDENTIAL 104,544 SF 54,798 SF 94 N/A 32,929 SF 81

ROOF PARKING 26,885 SF N/A N/A N/A 26,885 SF 60 TOP LEVEL

EastEAST Elevation ELEVATION

WESTWest ELEVATION Elevation 8 9

Parking Garage 10 DEVELOPMENT RENDERINGS

11 <<< Downtown Fort Lauderdale INVESTMENT HIGHLIGHTS

• Proximity to Downtown and Flagler Village

Flagler Village Brightline Station • Great mixed-use NWRAC zoning

• Rectangular site lays out nicely for development

• Good frontage on Ave of the Arts + NW 6th St

• In a Qualified Opportunity Zone

• Selling as approved project

• Proximity to Brightline Train Station

N Avenue of the Arts NW 6th Street SITE

12 13 14 of peopleandtheir petscometoexperience music,foodandfun. art,crafts, also home to the original artwalkinFort Lauderdale where adiverse crowd home to techies, artists, designers, and creative professionals. FATVillage is downtown historic warehouse district,burgeoning withproductivity and district just North of Broward Boulevard and East of the train tracks is the Known asDowntownFort Lauderdale's creativeenclave.The four-block FATVILLAGE West Palm Beach,andsoonBocaRaton, Aventura, Port MiamiandOrlando. to the Virgin Trains Fort Lauderdale stationproviding toMiami, connectivity work-play neighborhood, FlaglerVillageisclosetodowntownandhome one ofthe fastestgrowing neighborhoods inFlorida.The epitomeofalive- reborn intowhat israpidly becoming Fort Lauderdale’s trendiestspot and What wasonceaneglectedwarehouse andresidentialdistrict,has been FLAGLER VILLAGE Zone sitesinSouthFlorida. Trains Fort Lauderdale Station,butalsoinsideoneofthe hottest Opportunity and growth ofastrongly rooted that community isnotonlyclosetothe Virgin developers andbusinessowners looking totake partinthe redevelopment and smallapartmentcomplexes. Progresso Villageisaprimelocationfor 1,400 homes, townhouses residents and mostly comprised of single-family is catching the ofinvestors attention across the country. Currently home to HistoricSistrunkNestled between andFlaglerVillage,Progresso Village PROGRESSO VILLAGE FORT LAUDERDALE NEIGHBORHOODS dining andentertainment. become the next greatdistrictinFort Lauderdale forliving,working, shopping, the recentlycompleteofficebuildingat550Andrews,SoLO is expected to new development. With several and apartmentbuildingsalreadyunderway State Road 84;andiswhere investors have beensecuringlandsitesprimefor District alongthe Tarpon Riverextending alongAndrewsfrom Las Olasto knownbetter as"SoLO." SoLO isthe southern borderofthe Central Business A surge indevelopment spreadtothe districtSouthofLas OlasBoulevard or SOLO class museums,andmoreunderconstruction. over 30alfrescodiningoptions,10 majorinternationalartgalleries,3world cafes andbars, the Corridor featuresmorethan 120 retailshops, specialty to the beach.From fashion boutiques,artgalleries,restaurants andsidewalk views ofthe NewRiverandprovides connectionfrom aprimary downtown “”must visit””destinationinSouthFlorida,butitiswell-positionedtoenjoythe of Fort Lauderdale. Auniqueandeclecticshopping anddininghubs anda The Las OlasCorridor (Spanishfor“the waves”)has beenthe heart andsoul LAS OLAS areas providing anevening ofart,music,foodtrucks, andentertainment. galleries andvariousvenuesdotthe streetsof4thAvenue andsurrounding to the monthly MASS where local District Artwalk independent, one-of-a-kind, growthin community andeconomicdevelopment through the arts.Alsohome withcreativesandbusinessessharingunique artcommunity avestedinterest The known “Music&ArtsSouthofSunrise”district,better asMASS, isa MASS DISTRICT

15 <<< DEMOGRAPHICS The 1-mile area surrounding The Adderley, in Progresso Village has more than 7,100 multifamily units across 30 buildings with 1,825 units currently under construction. The market rent per unit is currently $1,751, with studio and one bedrooms asking around $1,600, two bedrooms asking around $1,800, and three bedrooms asking around $2,100. Over the past 5 years, the area has added 2,000 unitsDe andm otheg raeffectivephic askingand Incrate ohasme increased Profile 9.3 percent over the same period of time as demand keeps pace with supply.70 1 W Sistrunk Blvd, Fort Lauderdale, Florida, 33311 Prepared by Colliers International 3 mile radius ring Latitude: 26.129591 Longitude: -80.150794

Summary Census 2010 2020 2025 Population 145,605 160,133 173,214 Households 62,832 69,322 75,891 Families 29,485 31,417 33,531 Average Household Size 2.26 2.26 2.23 Owner Occupied Housing Units 30,644 28,807 29,654 Renter Occupied Housing Units 32,188 40,514 46,237 Median Age 39.7 41.2 41.5 Trends: 2020 - 2025 Annual Rate Area State National Population 1.58% 1.33% 0.77% Households 1.83% 1.27% 0.75% Families 1.31% 1.23% 0.68% Owner HHs 0.58% 1.22% 0.92% Median Household Income 2.22% 1.51% 2.70% 2020 2025 Households by Income Number Percent Number Percent <$15,000 9,612 13.9% 8,941 11.8% $15,000 - $24,999 6,683 9.6% 6,482 8.5% $25,000 - $34,999 6,936 10.0% 6,960 9.2% $35,000 - $49,999 9,108 13.1% 9,440 12.4% $50,000 - $74,999 11,499 16.6% 12,572 16.6% $75,000 - $99,999 7,262 10.5% 8,695 11.5% $100,000 - $149,999 8,159 11.8% 10,006 13.2% $150,000 - $199,999 3,684 5.3% 4,798 6.3% $200,000+ 6,379 9.2% 7,998 10.5%

Median Household Income $53,658 $59,896 Average Household Income $87,461 $99,117 Per Capita Income $37,912 $43,470 Census 2010 2020 2025 Population by Age Number Percent Number Percent Number Percent 0 - 4 8,417 5.8% 8,344 5.2% 9,078 5.2% 5 - 9 7,375 5.1% 7,986 5.0% 8,184 4.7% 10 - 14 7,366 5.1% 7,694 4.8% 7,996 4.6% 15 - 19 8,232 5.7% 7,585 4.7% 8,048 4.6% 20 - 24 9,689 6.7% 9,732 6.1% 10,458 6.0% 25 - 34 22,200 15.2% 24,828 15.5% 26,823 15.5% 35 - 44 21,126 14.5% 21,546 13.5% 24,254 14.0% 45 - 54 24,556 16.9% 22,341 14.0% 21,840 12.6% 55 - 64 18,785 12.9% 23,255 14.5% 23,642 13.6% 65 - 74 10,295 7.1% 16,445 10.3% 19,505 11.3% 75 - 84 5,454 3.7% 7,505 4.7% 10,062 5.8% N Avenue of the Arts 85+ 2,109 1.4% 2,871 1.8% 3,323 1.9% Census 2010 2020 2025 Race and Ethnicity Number Percent Number Percent Number Percent NW 6th Street White Alone 73,151 50.2% 74,845 46.7% 79,378 45.8% Black Alone 63,395 43.5% 72,440 45.2% 78,303 45.2% American Indian Alone 388 0.3% 495 0.3% 582 0.3% Asian Alone 1,961 1.3% 2,756 1.7% 3,471 2.0% Pacific Islander Alone 68 0.0% 108 0.1% 131 0.1% Some Other Race Alone 3,510 2.4% 5,209 3.3% 6,429 3.7% Two or More Races 3,132 2.2% 4,280 2.7% 4,920 2.8%

Hispanic Origin (Any Race) 17,580 12.1% 26,753 16.7% 33,938 19.6% Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census Summary File 1. Esri current and 5 year forecasts.

July 27, 2020

Page 3 of 6 17 MARKET SIX13 THRIVE N > DRIVERS Shoppes on Avenue of the Arts

SITE Sistrunk Marketplace

Fat Village

Brightline Station

Motif City/County Gov’t Campus BROWARD BLVD Tru by Hilton

18 ANDREWS AVENUE 19 N > MARKET COMPARABLES APARTMENTS SITE Property Name Property Address # of Units Unit SF Asking/PSF Year Built 1 1 The Six13 613 NW 3rd Ave 142 756 $2.55 2020

Motif at 2 500 N Andrews Ave 385 945 $2.44 2020 Flagler Village

3 Society Las Olas 300 SW 1st Ave 639 536 $3.43 2020

New River 4 400 SW 1st Ave 249 919 $2.69 2 014 Yacht Club The Rise 5 405 NE 2nd St 346 904 $2.48 2020 Flagler Village Pearl 2 6 400 NE 3rd Ave 350 934 $2.40 2 019 Flagler Village Eon at 7 421 NE 6th St 206 918 $2.61 2 019 Flagler Village 7

BROWARD BLVD 5

3 6 ANDREWS AVENUE

20 21 N > SITE

BROWARD BLVD

5 6

MARKET COMPARABLES LAND

Land Price 1 Property Name Property Address Zoning Sale Date Sale Price Area SF PSF

4 1 RiverParc Square 501 S Andrews Avenue 71, 792 RAC-CC 9/19/20 $16,250,000 $226

Courthouse 2 625 SE 3rd Avenue 47,000 RAC-CC 9/17/19 $12,050,000 $253 Shadows

3 OKO Assemblage 601-633 S Federal Hwy 290,980 RAC-CC 6/1/20 $62,590,000 $ 215 2 FEDERAL HIGHWAY 4 Next Las Olas 419 SE 2nd Street 66,667 RAC-CC 10/14/19 $16,800,000 $252

5 Fat City Site 300 N Andrews Avenue 117, 016 RAC-CC 1/18/19 $23,125,000 $198

3 6 Modera 555 555 NE 8th Street 87, 75 0 RAC-CC 7/24/19 $10,692,500 $ 12 2

22 23 DOWTOWN FTL 2.2 17,650+ 64,000+ 5,100+ 169 SQUARE TOTAL TOTAL TOTAL BARS & URBAN CORE. MILES POPULATION EMPLOYEES BUSINESSES RESTAURANTS

SUNRISE BOULEVARD DEVELOP • 19,950+ Residential units built and approved • 7.2 Million square feet of existing office space • More than 1,000 hotel rooms built and under construction since 2018 WORK BROWARD BOULEVARD • Supports 64,000+ employees

E LAS OLAS BOULEVARD • Headquarters to AutoNation, Convey Health Solutions, Kemet Corporation, SEACOR and Uniform Advatage • 66% of all office inventory is Class A space

LIVE • 17,650+ residents • 34% growth in population since 2010 DAVIE BOULEVARD • FTL joins the co-living development boom

EXPERIENCE SE 17TH STREET • Thriving arts, cultural and entertainment scene • Influx of entrepreneurial restaurants, bars and shops • More than 2.3 million square feet of retail space

STATE ROAD 84 VISIT • 4 existing hotels with 817 hotel rooms PORT EVERGLADES • 593 hotel units expected to deliver at 3 hotels in 2020 • Top 21 Destinations to Visit, Bloomberg 2019 FORT LAUDERDALE INTERNATIONAL AIRPORT

The DDA taxing district is highlighted in yellow, although the agency advocates for the Greater Downtown core, stretching from Sunrise Boulevard to the north, SE 17th Street to the south, 7th/4th Avenue to the west and US1 to the east, including 24 the East Las Olas area. 25 DOWNTOWN AT WORK.

5,136 49% Businesses of Downtowners age 25+ have a bachelor’s degree or higher

64,157 54% Employees of employees have a commute time of less than 30 minutes.

363 Employee to Resident Ratio 30mins (per 100 residents) With the Brightline train, commuters can travel to Downtown Miami or West Palm Beach in just 30 minutes, with additional stations planned at Boca Raton, Aventura, PortMiami and Orlando.

26 27 28 350,000 visitors tothe area. area. Each year, the Convention Center holds more than 120 events bringing site, thus increasing convention business, tourism and the number of jobsin the feet of meeting space and an upscale 800-room headquarters hotel tothe The proposed $900millionexpansion project wouldadd525,000+ square square feetoffoodpreparation areaanda2,500-spaceparking garage. space, 101,276 spaceand22,000 squarefeetofpre-function/registration ballroom, 54,325foot anda20,000square-foot squarefeetofmeeting center contains200,000squarefeetofexhibit hall space,a33,000 square to double in size with the upcoming expansion. This convention three-story that a stunning 600,000 square foot facility is about conference center– The Fort Lauderdale Convention Center isSouthFlorida’s premierewaterfront FORT LAUDERDALECONVENTIONCENTER Olas Arts Festival and the Wine & Culinary Celebration among many others. Lauderdale InternationalFilm Festival, Fort Lauderdale Orchid Show, Las include the Fort Lauderdale AirShow, Fort Lauderdale A1AMarathon, Fort the nightlife. Other majorevents attracting thousands oftourists eachyear Spring Breakwhere anestimated10,000-12,000 visitors cometoenjoy Fort Lauderdale isalsothe nation’s second-mostpopulardestinationfor Florida, considerably morethan the SuperBowl. contribute approximately $857 milliontothe overall economyinthe stateof the Stateof Florida.The BoatShow’s annualeconomicimpactisestimatedto become the largest boatshow inthe worldandthe largest singleevent in The BoatShow startedasasmalllocalexhibition in1959 andgrewto 110,000 visitors annuallyandappealingtobuyers from alloverthe globe. events, the Fort Lauderdale International Boat Show, attracting more than Fort Lauderdale ishome tooneofthe world’s premierrecreationalmarine INTERNATIONAL EVENTS ABOUT FORT LAUDERDALE basketball. seat upto19,250 forhockey and20,000 forfamilyshows, concertsand such asconcerts,familyshows, andother majortouringacts.The Center can parking spaces. Aside from the Florida Panthers, the Center also hosts events cost of$185 million,totaling872,000 squarefeet,providing 7,200 on-site (NHL)’s FloridaPanthers. The Center wascompletedinthe late1990’s ata to Sawgrass Millsandisthe home venue forthe NationalHockey League indoorarenalocated nextBB&T Center (Sunrise,Florida),isa state-of-the-art BB&T CENTER galleries, 3worldclassmuseums,and75 fashion boutiquesandshops. area featuresover30alfrescodiningoptions,10 majorinternationalart developing a“must-visit”international diningandshopping destination.The to the beach.Designedtospur economicgrowth, the succeededin City of the but,the City Boulevard provides connectionfrom aprimary downtown well-positioned to enjoy the views of the New River that runs through the heart Lauderdale. Notonlyisthis uniqueandeclecticshopping anddiningdistrict Since the 1900’s, the Las OlasCorridor has beenthe heart andsoulofFort of housing withhundreds ofrestaurants, shops, attractions, andamenities. millionsquarefeetofClassAofficespaceandawidevariety over 4.7 offers & play”cosmopolitanenvironment. The Central BusinessDistricts(“CBD”) Downtown Fort Lauderdale has beentransformed intoawalkable “live,work DOWNTOWN FORTLAUDERDALE/LAS OLAS Top 10 Citiesinthe U.S.based Art Fort Lauderdale, Ranked #4inthe on businessesperpopulation - ApartmentGuide

29 <<< Confidentiality & Disclaimer Statement

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

South Florida, LLC.

30 31 Contact Information:

MIKA MATTINGLY BRADLEY ARENDT Executive Managing Director Director +1 786 486 4391 +1 773 343 4695 [email protected] [email protected]