OFFERING MEMORANDUM

THE OHIO FLATS 1068 NW 5TH ST., FL 33128 The Ohio Flats

CONTENTS

01 Executive Summary 04 Sale Comps 08 Additional Information Investment Summary 3 Sale Comparables 27 Spring Garden 38 Unit Mix Summary 5 Sale Comparables Summary 30 River Landing Project 39 Location Summary 6 Sale Comparables Charts 31 Walk 40 Sale Comparables Map 32

02 Property Description Property Features 7 Aerial Map 8 05 Rent Roll Parcel Map 9 Rent Roll 33 10 Common Amenitites 11 Property Images 12 06 Financial Analysis Income & Expense Analysis 34

03 Rent Comps 07 Demographics Rent Comparables 15 Demographics 35 Rent Comparables Summary 24 Demographic Charts 36 Rent Comparables Map 26

Exclusively Marketed by:

Rafael Fermoselle Sharif Bula Managing Partner Managing Broker (305) 299-4136 (305) 244-3880 Lic: BK3057657 [email protected] [email protected]

801 Sw 23 Ave Miami, FL 33135

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. The Ohio Flats Investment Summary | 03

OFFERING SUMMARY 4 Completely Remodeled Buildings ADDRESS 1068 NW 5th St. Impact Windows & Doors Miami FL 33128 COUNTY Miami-Dade Central Air Conditioning MARKET Little Havana Modern Updated Interiors BUILDING SF 4,032 SF Centrally Located to Employment Centers LAND SF 5,000 Short-term Rental or Monthly rental options NUMBER OF UNITS 8 YEAR BUILT 1924 YEAR RENOVATED 2018-9 APN 01-4102-005-0780 OWNERSHIP TYPE Fee Simple

FINANCIAL SUMMARY OFFERING PRICE $1,425,000 PRICE PSF $353.42 PRICE PER UNIT $178,125 OCCUPANCY 98.00 % NOI (CURRENT) $83,835 NOI (Pro Forma) $88,916 CAP RATE (CURRENT) 5.88 % CAP RATE (Pro Forma) 6.24 % ElevenTrust RE Services is proud to present Ohio Flats of Little Havana. Located on a corner lot at 1068 NW 5th Street. Originally built in 1924, the DEMOGRAPHICS 1 MILE 3 MILE 5 MILE units retain the charm of the go go 1920’s era, but also the feature the 2018 Population 59,186 323,634 551,325 modern conveniences of newly built building, as these units have been completely renovated from floor to ceiling, with new central A/C, impact 2018 Median HH Income $19,817 $37,096 $37,986 windows, electrical, and plumbing. 2018 Average HH Income $31,427 $62,052 $65,540 Simple yet smart interiors that draw in potential tenants featuring new kitchens with granite countertops and stainless-steel appliances. Adjacent to the Miami River & Health District with easy access to the sought-after destinations of Downtown, , MIA, Miami Beach, and Calle Ocho, a perfect location for those want to live and work in the urban core. The Ohio Flats Investment Summary | 04

Ohio Flats is composed of 4 buildings each containing a 1-bedroom and 2- bedroom floor, for a total of 8 living units. A convenient phone app operated laundry room is located onsite. The units have the flexibility of being operated in a traditional long-term lease scenario or part of the growing short-term rental market which is thriving within Miami’s Little Havana neighborhood. The Ohio Flats Unit Mix Summary | 05

Actual Market Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Income Market Rent Market Rent PSF Market Income 2 bd + 1 ba 4 513 $1,450 $2.83 $5,800 $1,500 $2.92 $6,000 1 bd + 1 ba 4 513 $1,250 $2.44 $5,000 $1,300 $2.53 $5,200 Totals/Averages 8 513 $1,350 $2.63 $10,800 $1,400 $2.73 $11,200 The Ohio Flats Location Summary | 06

Location Summary Regional Map Located in the heart of Little Havana, surrounded by an amazing • cultural richness, vibrant storefronts, and exciting restaurants within walking distance of Marlins Park & Stadium Centrally located with easy access to MIA, 836, I95, US1, Downtown, Brickell, and Coral Gables. Little Havana is the hottest destination for young professionals, couples and families. Every day more and more people are choosing Little Havana for several reasons, besides the strategic location and is very close to Miami River Landing a new development that will be situated along the Miami River on the edge of the city's Health District. River Landing will be a 5-story power center situated on 8 acres of land offering nearly 430,000 square feet of commercial space with open-covered walkways and ample tropical green spaces. The project will offer an eclectic mix of restaurants, retail shopping, recreational entertainment and residential units. Great schools, Moments away from leading pre-schools, numerous private elementary, middle and high school academies Sports Leadership & Management Middle/High School (SLAM) The Miami Riverwalk along the Miami River, Miami Riverwalk is a pedestrian walkway located in Downtown Miami, . It extends along the north side of the Miami River and Biscayne Bay. Locator Map Less than 2 miles from Key Biscayne, Midtown Miami and Vizcaya. Only 5 miles to Coconut Grove and Miami Beach. 15 minutes to Miami International Airport. Walking distance from nearly 50 restaurants, from everyday casual to the most elegant in Miami, serving authentic cuisines from all over the world. Close to dozens of shops and boutiques offering unique and sophisticated fashions, jewelry, accessories, artwork and gifts. The Ohio Flats Property Features | 07

PROPERTY FEATURES NUMBER OF UNITS 8 BUILDING SF 4,032 LAND SF 5,000 LAND ACRES 0.11 YEAR BUILT 1924 YEAR RENOVATED 2018-9 # OF PARCELS 1 ZONING TYPE T4-R NUMBER OF STORIES 2 NUMBER OF BUILDINGS 4 LOT DIMENSION 50x100 WASHER/DRYER Coin Operated

UTILITIES WATER Paid by Owner TRASH Paid by Owner ELECTRIC Paid by Tenant

CONSTRUCTION FOUNDATION Concrete FRAMING Concrete Blocks EXTERIOR Stucco ROOF Flat & Gable LANDSCAPING Trees & Grass The Ohio Flats Aerial Map | 08 The Ohio Flats Parcel Map | 09 The Ohio Flats | 10 The Ohio Flats | Common Area Amenities

Common Amenitites » Washer & Dryer Room The Ohio Flats Property Images | 12

Living Area Living Area

Kitchen Living Area The Ohio Flats Property Images | 13

Dining Room 2nd Bedroom

Master Bedroom Bathroom The Ohio Flats Property Images | 14

Bathroom Bathroom The Ohio Flats Rent Comparables | 15

Unit Mix and Rent Schedule 1 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 550 $1,400 $2.54 2 bd + 1 ba 1 550 $1,400 $2.54 Total/Avg 2 550 $1,400 $2.54

Unit Mix Breakdown

1160 NW 4th St., Miami, FL 33128

Property Summary Comparables Rent Analysis UNITS 16 YEAR BUILT 1937 2 bd + 1 ba $1,400 - $1,850 DISTANCE 0.1 miles LOW HIGH

2 bd + 1 ba $1,400 - $1,850 LOW HIGH The Ohio Flats Rent Comparables | 16

Unit Mix and Rent Schedule 2 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 888 $1,750 $1.97 2 bd + 1 ba 1 888 $1,650 $1.85 Total/Avg 2 888 $1,700 $1.91

Unit Mix Breakdown

1822 NW 4th St. , Miami, FL 33125

Property Summary Comparables Rent Analysis UNITS 2 YEAR BUILT 1924 2 bd + 1 ba $1,400 - $1,850 OCCUPANCY 100.00 % LOW HIGH DISTANCE 0.9 miles 2 bd + 1 ba $1,400 - $1,850 LOW HIGH The Ohio Flats Rent Comparables | 17

Unit Mix and Rent Schedule 3 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 674 $1,650 $2.44 2 bd + 1 ba 1 674 $1,850 $2.74 Total/Avg 2 674 $1,750 $2.59

Unit Mix Breakdown

1460 NW 2nd St. , Miami, FL 33125

Property Summary Comparables Rent Analysis UNITS 3 YEAR BUILT 1930 2 bd + 1 ba $1,400 - $1,850 OCCUPANCY 100.00 % LOW HIGH DISTANCE 0.6 miles 2 bd + 1 ba $1,400 - $1,850 LOW HIGH The Ohio Flats Rent Comparables | 18

Unit Mix and Rent Schedule 4 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 3 450 $1,250 $2.77 Total/Avg 3 450 $1,250 $2.77

Unit Mix Breakdown

736 NW 22nd Ct. , Miami, FL 33125 Comparables Rent Analysis Property Summary UNITS 3 1 bd + 1 ba $1,200 - $1,400 YEAR BUILT 1935 LOW HIGH OCCUPANCY 100.00 % DISTANCE 1.5 miles The Ohio Flats Rent Comparables | 19

Unit Mix and Rent Schedule 5 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 800 $1,400 $1.75 Total/Avg 1 800 $1,400 $1.75

Unit Mix Breakdown

876 SW 2nd St., Miami, FL 33130 Comparables Rent Analysis Property Summary UNITS 2 2 bd + 1 ba $1,400 - $1,850 YEAR BUILT 1928 LOW HIGH DISTANCE 0.7 miles The Ohio Flats Rent Comparables | 20

Unit Mix and Rent Schedule 6 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 600 $1,450 $2.41 Total/Avg 1 600 $1,450 $2.41

Unit Mix Breakdown

1727 NW 4th St., Miami, FL 33125 Comparables Rent Analysis Property Summary UNITS 2 2 bd + 1 ba $1,400 - $1,850 YEAR BUILT 1926 LOW HIGH DISTANCE 0.8 miles The Ohio Flats Rent Comparables | 21

Unit Mix and Rent Schedule 7 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 569 $1,200 $2.10 Total/Avg 1 569 $1,200 $2.10

Unit Mix Breakdown

978 NW 3rd St., Miami, FL 33128 Comparables Rent Analysis Property Summary UNITS 12 1 bd + 1 ba $1,200 - $1,400 YEAR BUILT 1936 LOW HIGH DISTANCE 0.2 miles The Ohio Flats Rent Comparables | 22

Unit Mix and Rent Schedule 8 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 500 $1,400 $2.80 1 bd + 1 ba 1 500 $1,350 $2.70 1 bd + 1 ba 6 500 $1,249 $2.49 1 bd + 1 ba 1 500 $1,250 $2.50 1 bd + 1 ba 1 500 $1,299 $2.59 Studio + 1 ba 1 350 $1,150 $3.28 Studio + 1 ba 2 350 $1,149 $3.28 Studio + 1 ba 1 350 $1,100 $3.14 Total/Avg 14 444 $1,243 $2.85

Comparables Rent Analysis

1 bd + 1 ba $1,200 - $1,400 402 NW 12th Ave., Miami, FL 33128 LOW HIGH

Property Summary 1 bd + 1 ba $1,200 - $1,400 UNITS 26 LOW HIGH YEAR BUILT 1923 DISTANCE 0.2 miles 1 bd + 1 ba $1,200 - $1,400

Unit Mix Breakdown LOW HIGH

1 bd + 1 ba $1,200 - $1,400 LOW HIGH

1 bd + 1 ba $1,200 - $1,400 LOW HIGH The Ohio Flats Rent Comparables | 23

Unit Mix and Rent Schedule S Unit Mix # of Units Square Feet Rent Summary Rent per SF 2 bd + 1 ba 4 513 $1,450 $2.83 1 bd + 1 ba 4 513 $1,250 $2.44 Totals/Averages 8 513 $2,700 $2.63

Unit Mix Breakdown

The Ohio Flats 1068 NW 5th St., Miami, FL 33128

Property Summary Comparables Rent Analysis UNITS 8 2 bd + 1 ba $1,400 - $1,850 YEAR BUILT 1924 LOW HIGH OCCUPANCY 98.00 % 1 bd + 1 ba $1,200 - $1,400 Amenities LOW HIGH • Washer & Dryer Room • Washer & Dryer Room The Ohio Flats Rent Comparables Summary | 24

Rents shown in ascending order. The Ohio Flats Rent Comparables Summary | 25

Rents shown in ascending order. The Ohio Flats Rent Comparables Map | 26

# Address City S 1068 NW 5th St. Miami 1 1160 NW 4th St. Miami 2 1822 NW 4th St. Miami 3 1460 NW 2nd St. Miami 4 736 NW 22nd Ct. Miami 5 876 SW 2nd St. Miami 6 1727 NW 4th St. Miami 7 978 NW 3rd St. Miami 8 402 NW 12th Ave. Miami The Ohio Flats Sale Comparables | 27

1 TOTAL UNITS 21 Price/Unit Range $150,000 - $295,238

YEAR BUILT 2016 LOW HIGH SALE PRICE $6,200,000

PRICE/UNIT $295,238

PRICE/SF $149.31

BUILDING SF 41,523

CLOSING DATE 11/19/2019

Auroa Apartments DISTANCE 1.2 miles 900 SW 7th St. Miami, FL 33130

2 TOTAL UNITS 12 Price/Unit Range $150,000 - $295,238

YEAR BUILT 1926 LOW HIGH

SALE PRICE $2,300,000

PRICE/UNIT $191,667

PRICE/SF $265.22

BUILDING SF 8,672

CLOSING DATE 11/6/2019

DISTANCE 1.3 miles 628 SW 16th Ave. Miami, FL 33135 The Ohio Flats Sale Comparables | 28

3 TOTAL UNITS 7 Price/Unit Range $150,000 - $295,238

YEAR BUILT 1920 LOW HIGH SALE PRICE $1,470,000

PRICE/UNIT $210,000

PRICE/SF $327.32

BUILDING SF 4,491

CLOSING DATE 8/24/2018

DISTANCE 0.5 miles 1059 SW 3rd St. Miami, FL 33130

4 TOTAL UNITS 18 Price/Unit Range $150,000 - $295,238

YEAR BUILT 1927 LOW HIGH

SALE PRICE $2,700,000

PRICE/UNIT $150,000

PRICE/SF $220.17

BUILDING SF 12,263

CLOSING DATE 8/24/2018

DISTANCE 0.3 miles 1129 NW 3rd St. Miami, FL 33128 The Ohio Flats Sale Comparables | 29

5 TOTAL UNITS 28 Price/Unit Range $150,000 - $295,238

YEAR BUILT 1926 LOW HIGH SALE PRICE $4,600,000

PRICE/UNIT $164,286

PRICE/SF $271.63

BUILDING SF 16,935

CLOSING DATE 4/11/2019

DISTANCE 0.6 miles 971 West Flagler St. Miami, FL 33130

S TOTAL UNITS 8 Cap Rate Range 5.88 % - 5.88 %

YEAR BUILT 1924 LOW HIGH

ASKING PRICE $1,425,000 Price/Unit Range $150,000 - $295,238 PRICE/UNIT $178,125 LOW HIGH PRICE/SF $353.42

CAP RATE 5.88 %

OCCUPANCY 98.00 %

The Ohio Flats BUILDING SF 4,032 1068 NW 5th St. Miami, FL 33128 The Ohio Flats Sale Comparables Summary | 30

PROPERTY Units Built Sale Price Price/Unit PSF Close Date DISTANCE (mi)

1 900 SW 7th St. Miami, FL 33130 21 2016 $6,200,000 $295,238 $149.31 11/19/2019 1.20

2 628 SW 16th Ave. Miami, FL 33135 12 1926 $2,300,000 $191,667 $265.22 11/6/2019 1.30

3 1059 SW 3rd St. Miami, FL 33130 7 1920 $1,470,000 $210,000 $327.32 8/24/2018 0.50

4 1129 NW 3rd St. Miami, FL 33128 18 1927 $2,700,000 $150,000 $220.17 8/24/2018 0.30

5 971 West Flagler St. Miami, FL 33130 28 1926 $4,600,000 $164,286 $271.63 4/11/2019 0.60

AVERAGES 17 1943 $3,454,000 $202,238 $246.73 SUBJECT 8 1924 $1,425,000 $178,125 $353.42 The Ohio Flats Sale Comparables Charts | 31 The Ohio Flats Sale Comparables Map | 32

# Property Name Address City S The Ohio Flats 1068 NW 5th St. Miami 1 Auroa Apartments 900 SW 7th St. Miami 2 628 SW 16th Ave. Miami 3 1059 SW 3rd St. Miami 4 1129 NW 3rd St. Miami 5 971 West Flagler St. Miami The Ohio Flats Rent Roll | 33

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent 1 513 1 bd + 1 ba $1,250 $2.44 $1,300 2 513 1 bd + 1 ba $1,250 $2.44 $1,300 3 513 1 bd + 1 ba $1,250 $2.44 $1,300 4 513 1 bd + 1 ba $1,250 $2.44 $1,300 5 513 2 bd + 1 ba $1,450 $2.83 $1,500 6 513 2 bd + 1 ba $1,450 $2.83 $1,500 7 513 2 bd + 1 ba $1,450 $2.83 $1,500 8 513 2 bd + 1 ba $1,450 $2.83 $1,500 Totals/Averages $10,800 $2.63 $11,200 The Ohio Flats Income & Expense Analysis | 34

INCOME CURRENT PRO FORMA REVENUE ALLOCATION Gross Potential Rent $129,000 $134,400 Laundry Income $1,200 $1,200 Gross Potential Income $130,200 $135,600 Less: General Vacancy $2,580 $2,688 Effective Gross Income $127,620 $132,912 Less: Expenses $43,785 $43,996 Net Operating Income $83,835 $88,916

EXPENSES Per Unit CURRENT Per Unit PRO FORMA DISTRIBUTION OF EXPENSES Real Estate Taxes $2,738 $21,900 $2,738 $21,900 Insurance $1,000 $8,000 $1,000 $8,000 Management Fee $638 $5,105 $665 $5,316 FPL $90 $720 $90 $720 Repairs & Maintenance $250 $2,000 $250 $2,000 Water / Sewer $388 $3,100 $388 $3,100 Landscaping $38 $300 $38 $300 Waste Services $270 $2,160 $270 $2,160 Licenses & Permits $63 $500 $63 $500 Total Operating Expense $5,473 $43,785 $5,500 $43,996 Reserves $250 $2,000 $250 $2,000 Expense / SF $10.85 $10.91 % of EGI 34.31 % 33.10 % The Ohio Flats Demographics | 35

POPULATION 1 MILE 3 MILE 5 MILE HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Population 52,120 246,621 449,713 2000 Total Housing 21,930 100,834 192,062 2010 Population 54,412 279,583 490,014 2010 Total Households 21,523 112,081 198,610 2018 Population 59,186 323,634 551,325 2018 Total Households 23,153 132,966 225,166 2023 Population 62,712 352,074 591,731 2023 Total Households 24,431 145,933 242,378 2018 African American 6,706 39,268 103,999 2018 Average Household Size 2.47 2.38 2.41 2018 American Indian 333 1,215 1,706 2000 Owner Occupied Housing 2,274 29,566 62,544 2018 Asian 272 3,935 6,302 2000 Renter Occupied Housing 17,827 61,721 110,246 2018 Hispanic 52,024 254,406 382,454 2018 Owner Occupied Housing 2,187 41,653 72,230 2018 Other Race 4,089 16,887 23,703 2018 Renter Occupied Housing 20,966 91,313 152,936 2018 White 45,527 252,357 400,008 2018 Vacant Housing 2,281 21,676 35,662 2018 Multiracial 2,251 9,893 15,474 2018 Total Housing 25,434 154,642 260,828 2018-2023: Population: Growth Rate 5.80 % 8.50 % 7.10 % 2023 Owner Occupied Housing 2,465 46,781 80,132 2023 Renter Occupied Housing 21,966 99,152 162,246 2018 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE 2023 Vacant Housing 2,387 24,736 39,165 less than $15,000 8,802 29,590 48,601 2023 Total Housing 26,818 170,669 281,543 $15,000-$24,999 4,674 18,566 30,940 2018-2023: Households: Growth Rate 5.40 % 9.40 % 7.40 % $25,000-$34,999 2,763 15,068 25,370 $35,000-$49,999 3,339 17,716 30,007 $50,000-$74,999 2,056 19,459 32,356 $75,000-$99,999 700 10,834 18,357 $100,000-$149,999 533 11,375 19,705 $150,000-$199,999 131 4,468 7,956 $200,000 or greater 155 5,881 11,864 Median HH Income $19,817 $37,096 $37,986 Average HH Income $31,427 $62,052 $65,540

Source: esri The Ohio Flats Demographic Charts | 36

2018 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2018 Population by Race

1 Mile Radius 3 Mile Radius 5 Mile Radius The Ohio Flats Demographic Charts | 37

2018 Household Occupancy - 1 Mile Radius

2018 Household Income Average and Median

Average Income Median Income The Ohio Flats Spring Garden | 38

Developer Robert Suris of Estate Investments Group completed an assemblage near Miami’s Health District , with plans to build a multifamily project. EIG is proposing a 251-unit rental building between eight and 11 stories tall on Spring Garden Road, just east of the Dolphin Expressway. The developer is aiming to go before the Miami Urban Development Review Board in March and break ground in the summer. EIG closed on the 24,708-square-foot lot at 1033 Spring Garden Road on Friday for $3 million. Miguel Pinto of Apex Capital Realty represented the seller, Ruben Diaz, as well as EIG. The site also includes adjacent lots totaling 38,115 square feet, which Spring Garden Apartments LLC acquired in 2017 for $3.5 million. Suris has rental projects throughout South Florida. His firm recently closed on a development site in a designated Opportunity Zone in Overtown with former LeFrak executive Michael Tillman’s PTM Partners. The partnership is expecting to break ground soon on a 360-unit, 18-story apartment building, Suris said. The Spring Garden project will be geared toward Health District employees, he said. Amenities will include a pool and gym. EIG is expecting to complete construction by the end of 2020. Nearby, Mast Capital and its joint venture partner AEW Capital Management recently closed on a $59.7 million construction loan for Miami River Walk, a 688-unit apartment complex planned for 1001 Northwest Seventh Street. That development is also targeting workers in the Health District.

The Ohio Flats River Landing Project | 39

Edge, Sushi Samba, River Oyster Bar and Fox Hole Marketplace and Deli — are just some of the planned new eateries banking on the Miami River.

New restaurants, retail and increased public access along the Miami River were among the highlights of a development boat tour of the five-mile-long waterfront district on Thursday.

Developers and real estate professionals toured the river Thursday as part of an Urban Land Institute and NAIOP partnership. Brett Bibeau, managing director of the Miami River Commission, said that popular restaurants Seaspice (formerly Sea Salt and Pepper), Garcia’s Seafood and Casablanca have brought business to the area.

Among the restaurants awaiting permits or under construction are Sushi Samba, at 40 Southwest North River Drive; Edge at 39 to 55 Southwest Miami Avenue Road; a new location for the River Oyster Bar at 350 Flagler Street, and Fox Hole Marketplace and Deli at Latitude on the River, 615 Southwest Second Avenue.

The Miami River has increasingly drawn interest from developers who are embracing the river lifestyle.

“It’s a place that people don’t have to see as up and coming. It exists,” said Andy Hellinger, developer of the River Landing project, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk.

River Landing’s retail component will include a five-story vertical shopping center, with a different theme for each floor. Among them: restaurants and supermarkets, sporting goods and entertainment. Two acres of the project are dedicated to parks and pathways. Hellinger compared the linear park, with a 50-foot setback, to the Highline in New York.

River Landing recently applied for a seawall permit, and digging for the foundation will be complete in a few weeks, Hellinger told The Real Deal.

Cleaning up the water and building the riverwalk are both key to the area’s success. Bibeau said his organization, the Miami River Commission, sends clean-up crews to pick up trash, pressure clean and paint over graffiti.

“If the riverwalk is not maintained,” Bibeau said, “it will not live up to its potential.” The Ohio Flats Miami River Walk | 40

A month after the Miami River Commission approved Mast Capital’s plan for its 6.3-acre apartment complex on the riverfront, the city’s Urban Development Review Board gave the project a thumbs up.

Mast Capital, which is led by CEO Camilo Miguel, Jr., has a contract to buy a redevelopment site at 1001 Northwest Seventh Street where the company wants to put four buildings that will have a total of 688 one-bedroom and two- bedroom units.

The project, known as Miami River Walk, will also have 2,900 square feet of retail on the northwest side, 1,000 parking spaces and 1,000 feet of riverfront, according to documents submitted to Miami’s planning and zoning department.

The review board approved Miami River Walk 3-0.

Architect Albert Cordoves told The Real Deal that Mast Capital is proposing a structure that is smaller than what can be permitted under Miami 21, which allows for a building with a floor lot ratio of 1.7 million square feet, 946 units and 12 stories. “It is way under the permitted height and way under the permitted number of units,” Cordoves said. “We also created a view corridor of 327 feet.”

The Urban Development Review Board also approved the developer’s request to reduce the number of required parking spaces by 20 percent because Miami River Walk is located in an urban transit zone. Cordoves said he designed the building to fit into the context of the existing neighborhood and the surrounding marine industrial uses.

“It is a very contemporary approach that incorporates marine nautical themes,” Cordoves said. “It also articulates open spaces along a promenade and the Riverwalk.”

The Miami River Commission voted 12-3 in early December to approve Mast Capital’s plan after the firm agreed to remove a “sky lounge,” widen a proposed public riverwalk and create pedestrian paths leading to the riverfront. But Mast Capital backed out of an earlier promise to turn over a slice of open space to the river commission in order to preserve the 327-foot view corridor.

According to Mast Capital, the company is looking to break ground within 10 months and will offer apartments as “market-rate” affordable. The Ohio Flats

CONFIDENTIALITY and DISCLAIMER The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Eleven Trust and it should not be made available to any other person or entity without the written consent of Eleven Trust . By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Eleven Trust . This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Eleven Trust has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Eleven Trust has not verified, and will not verify, any of the information contained herein, nor has Eleven Trust conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

Exclusively Marketed by:

Rafael Fermoselle Sharif Bula Managing Partner Managing Broker (305) 299-4136 (305) 244-3880 Lic: BK3057657 [email protected] [email protected]

801 Sw 23 Ave , Miami, FL 33135 powered by CREOP