City of Miami Presentation
June 12, 2014
Soaring 1,000 feet in the air, a beacon of the New Miami, the iconic SkyRise Miami will redefine the city’s skyline. Perched on the shore of Biscayne Bay, SkyRise Miami will be Miami’s most distinctive and visible building for decades to come. Location A BUILDING LIKE NO OTHER Designed to withstand wind speeds of 186 mph (1,700 year Wind base shear = 23 million 3-second gust) pounds(1,500+ elephants)
Over 30,000 tons of reinforcing and structural steel (more than 3 Eiffel Towers) . high
1.15 million ft. of post-tension cable (218 miles or 425 tons of 0.6’’ strand) 1,000 ft 1,000
Driving 130 piles 150 ft. deep to support the tower
100,000 cubic yards of concrete (a 4 ft. wide sidewalk from Miami to Tallahassee) SKYRISE MIAMI AT THE EPICENTER OF THE NEW MIAMI
BAYSIDE MARKETPLACE 23 MILLION ANNUAL VISITORS PORTMIAMI 4 MILLION+ ANNUAL VISITORS CRUISE CAPITAL OF THE WORLD AMERICAN AIRLINES ARENA 820,000 ANNUAL VISITORS HOME OF THE MIAMI HEAT ADRIENNE ARSHT CENTER 450,000 ANNUAL VISITORS FOR THE PERFORMING ARTS PÉREZ ART MUSEUM MIAMI 200,000 PROJECTED ANNUAL VISITORS MIAMI SCIENCE MUSEUM 550,000 PROJECTED ANNUAL VISITORS BAYFRONT PARK 500,000 ANNUAL VISITORS MIAMI BEACH & SOUTH BEACH MILLIONS OF ANNUAL VISITORS Pier Park Pier Park Pier Park SkyRise Miami The View The View 40 Mile View SKYRISE MIAMI ENTERTAINMENT
SKYRISE SKY HIGH CLUB Miami and South Beach are already known for the finest, most exclusive private clubs anywhere. But the SkyRise’s Club, perched almost 1,000 feet above the glittering skyline, will be one of the most exclusive in the world.
SKYRISE OBSERVATION DECKS Miami’s skyline and ocean views are already some of the most beautiful in the world. Now imagine how those views will be magnified by the soaring height and unlimited vistas of the SkyRise’s three observation decks.
SKYRISE RESTAURANT If fine dining is an experience, then the new SkyRise Restaurant will rival the finest dining anywhere. The only difference? This experience will begin almost 1,000 feet above Miami’s incredible views.
SKYRISE NIGHTCLUB All of the elegance and excitement of Miami’s club scene will now be topped by this ultimate nightclub perched almost 1,000 feet above the earth.
SKYRISE BALLROOM Major events in South Florida and the Americas will be planned in the SkyRise Ballroom , where each elegelegantant event promises to be out of this world. SKYRISE MIAMI MEMBER’S CLUB AND OBSERVATION DECK SKYRISE MIAMI MEMBER’S CLUB AND OBSERVATION DECK SKYRISE MIAMI MEMBER’S CLUB AND OBSERVATION DECK SKYRISE MIAMI MEMBER’S CLUB AND OBSERVATION DECK SKYRISE MIAMI CONCEPTUAL RENDERING MAIN INDOOR AND OUTD OOR O BS ERVATIO N DEC K S SKYRISE MIAMI ATTRACTIONS
SKY PLUNGE Sky Plunge can be described as base-jumping using a sophisticated bungee-like safety system by which jumpers are attached to a high-speed controlled-descent wire . Or it can be described as, “WhooHoooooo”
SKYRISE DROP Just like parachuting out of an airplane, riders will experience the thrill of free fall followed by the jolt of extremely rapid deceleration. SkyRise Drop Miami is destined to become one of the most exciting rides in the world.
SKYRISE THEATER The dream of flying comes to life in our motion-based simulator. That only starts to explain the thrill of flight that theater-goers will enjoy in the SkyRise Theater. Similar to Soarin’® at Disney World’s® Epcot®, the SkyRise Theater will make dreams a reality. SKY PLUNGE
• 570Ft. Thrill Ride • Only Plunge in the World Inside a Building
• Reaching Speeds of 55 MPH SKY PLUNGE
570Ft Height Inside the Tower SKYRISE DROP
• 650 Ft. Drop • Tallest/Longest Drop in the World • 12 Passengers • 100 MPH Speed SKYRISE DROP
• 650 Ft. Drop • Tallest/Longest Drop in the World • 12 Passengers • 100 MPH Speed SKYRISE DROP SKYRISE THEATRE
• Capacity 72 Riders • 6 Minutes Duration • Movie will Feature the Best Views of South Florida and Miami SKYRISE THEATRE SKYRISE THEATRE SKYRISE THEATRE TOP FIVE AMUSEMENT/THEME ATTRACTIONS IN FLORIDA
MILLIONS OF VISITOR PER YEAR
907907907 WALT DISNEY Acres WORLD ORLANDO
UNIVERSAL 235 Acres235 Acres ORLANDO
SEAWORLD 200 Acres200 Acres ORLANDO
BUSCH GARDENS 335 Acres335 Acres TAMPA
1.85 SKYRISE Acres MIAMI
ESTIMATED 3.2 MM VISITORS PER YEAR Largest A ttract io n in South Flo ri da Largest A ttract io n in South Flo ri da SkyRise Miami: Miami’ s Eiffel Tower
BACK FAMOUS OBSERVATION TOWERS OF THE WORLD FAMOUS OBSERVATION TOWERS OF THE WORLD
| | | | EIFFEL TOWER SKYRISE MIAMI TOKYO SKYTREE ORIENTAL 250 MILLION+ Projected TOWER PEARL TOWER Visitors Since 1889 3.2 Million Currently Currently Currently Averaging Annual Visitors Averaging Averaging 7.0 Million 6.4 Million 4.0 Million Annual Visitors Annual Visitors Annual Visitors FAMOUS OBSERVATION TOWERS OF THE WORLD
A Beacon of the 21st Century Global Cities
GUANGZHOU, CHINA TOKYO, JAPAN KUALA LUMPUR, MALAYSIA Canton Tower Tokyo Skytree Menara Tower
SHANGHAI, CHINA MACAU, Oriental Pearl Tower CHINA Macau Tower FAMOUS OBSERVATION TOWERS OF THE WORLD
EIFFEL EMPIRE TOOOKYO NYC WORLD ORIENTAL TOWER STATE SKYTREE TRADE PEARL 250 M + Visitors BUILDING TOWER CENTER TOWER Since 1889 117M+ Visitors Currently Averaging Projected Currently Averaging Currently Averaging Since 1931 6.4 MM 3.8 MM 4MM 7MM Averaging 4MM Annual Visitors Annual Visitors Annual Visitors Annual Visitors Annual Visitors Envisi on ed by DDA The Power of an Image The image alone creates recognition A place brand creates a narrative about a locality in order to make it recognibltizable to outidtsiders Concept is utilized by Major US Cities to create recognition Globalization (competition for global recognition has intensified) What’ s the Eiffel Tower worth to Paris?
1. Eiffel Tower , Paris 576. 24 Billion
2. The Coliseum, Rome 120.96 Billion
3. Th e S agra de F amili a C a the dra l, Barce lona 119. 28 Billion
4. The Duomo Cathedral, Milan 109.2 Billion
5. The Tower of London 94.08 Billion
6. The Prado Museum, Madrid 77.28 Billion
Study by Italy's Monza and Brianza Chamber of Commerce SKYRISE MIAMI
An Economic Engine for the City of Miami Economic Impact
• SkyRise Miami will be a game-changing asset of the Entertainment and Visitor Industry in Miami-Dade Country.
• Sky Rise Miam i presence will enhance the Sta te an d Miami -DdDade Coun t’ty’s global brand as a top entertainment and leisure destination for both domestic and international visitors, creating thousands of jobs in a variety of industries.
• SkyRise Miami strengthens the Economic Development Strategy of Miami–Dade and Florida in the targeted Entertainment and Visitor cluster of industries, that has been selected by The Beacon Council’s One Community One Goal plan for additional expansion.
• SkyRise Miami will also be a top economic development generator for Miami- Dade by supporting the recruitment of new visitors to the area. Summary of the Economic Impacts of SkyRise Miami During the Construction Phase to the City of Miami
Source: The Washington Economics Group, Inc. August 2013 (WEG). Summary of the Recurring Economic Impacts of SkyRise Miami During Operations on theCityofMiamithe City of Miami
Source: The Washington Economics Group, Inc. August 2013 (WEG). BENEFITS TO THE CITY OF MIAMI
ANNUAL RECURRING REVENUES
• Guaranteed Minimum Rent - $1,059,082 o Escalation – annual CPI increases with a 3% cap, plus as an adjustment every 10 years based on an appraisal process with a 10% cap over the immediate preceding year’s minimum rent. • Percentage Parking Revenues – 6% of gross parking revenues for spaces located underneath the Tower. • Percentage Rent – 1% of actual gross revenues over $55 Million, excluding parking revenues for spaces located underneath the Tower. • City’s portion of real estate taxes on Tower improvements – estimated at $1.4 Million after construction. • TkihTower parking surcharge – 15% o f gross revenues estima te d a t $337, 500 in first year of operations. ADDITIONAL BENEFITS TO THE CITY OF MIAMI
• 5,335 jobs during construction & 13,332 jobs during operations • One of the largest private employers, if not the largest, within the City of Miami (900) • Total Economic Impact during construction - $655 Million • Total Annual Economic Impact during operations - $1.039 Billion • Estimated $5 Million in permit / building fees to City of Miami • Transfer Fee upon sale or transfer: – 3% of gross selling price for first 5 years; – 2% in years 6-10 and 1.5% thereafter • 5,400 square feet fire sub-station and marina office (rent free) • Iconic waterfront structure per Downtown Development Authority’s master plan • Iconic structure that enhances the City’s global brand as a top entertainment and leisure destination • The largest attraction in South Florida • Terminal value of SkyRise Miami belongs to the City of Miami • Fully reimbursed for any marina loss revenues during construction • Millions of dollars of free marketing for the City of Miami
AT ZERO INVESTMENT BY THE CITY OF MIAMI City of Miami SkyRise Miami Revenues During Operations
Million $ Total 96 Years - $781.54MM 18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2, 000, 000
‐ Year 1 Year 10 Year 20 Year 30 Year 40 Year 50 Year 60 Year 70 Year 80 Year 90 Year 96 Property Taxes Base Rent Tower Percentage Rent Tower Parking Rent Tower Parking Surcharge Tower City of Miami Bayside and SkyRise Miami Revenues During 99 Year Term Million $ Total 99 Years - $1. 78 Billion $40,000,000
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$‐ Year 1 Year 10 Year 20 Year 30 Year 40 Year 50 Year 60 Year 70 Year 80 Year 90 Year 99 Bayside SkyRise Miami Surface Parking City of Miami Revenue Comparison During Operation Pier Surface Parking vs. SkyRise Miami
Millions Yearl y Av er age Millions 96 Year Lease 96 Year Lease 800 MM 8 MM $781,544,356 $8,141,087
96 year lease difference in Difference in average revenues revenues totals $717,242,334 of $7,471,274 per year
400 MM 4MM
65 MM 670K $64,302,022 $669,813
Pier Surface SkyRise Pier Surface SkyRise Parking Miami Parking Miami JOB CREATION/ECONOMIC IMPACT - IMMEDIATE
TIMELINE
JUNE 2014 OCT 2014 OCT 2015 DEC 2017
Commence Commence Commence OPENING Pilling Work Foundation Vertical Construction Construction The TEAM
Has built almost One Half a Billion sq. ft. of commercial and residential buildings. Shanghai Tower – 632 m Shanghai, China Doha Convention Center Tower – 426 m Doha, Qatar World Finance Tower – 212 m Shanghai, China One World Trade Center – 541 m New York City, USA Highcliff Tower – 252 m Dunedin, New Zealand Burj Khalifa – 828 m Dubai, United Arab Emirates COMMUNITY SUPPORT
“SkyRise Miami’ s presence will enhance the state “This project has the potential to provide necessary (Florida) and Miami-Dade County’s global brand as and significant investment capital to the South Florida a top entertainment and leisure destination among region. SkyRise Miami stands for Miami’s accession to both domestic and international visitors.” the world’s stage. I look forward to it assuming its prominent place in the Miami skyline.” BILL NELSON US SENATOR, FLORIDA JOE GARCIA MEMBER OF CONGRESS
“SkyRise Miami has the potential to enhance “The first MMRC project -SkyRise Miami- is expected Miami-Dade County’s profile as a top destination to create many thousands of permanent and for entertainment and leisure for both domestic construction jobs. I write to express my enthusiastic andid in terna tiona l v is itors. ” support for the deve lopmen t o f the SkyRi se Mi ami project. In our current economic environment, it is vital DEBBIE WASSERMAN SCHULTZ that we stimulate job creation and growth, and I MEMBER OF CONGRESS believe that SkyRise Miami will become Miami’s Eiffel Tower and a symbol of Miami’s growing stature as a 21st-century global city for business and leisure.”
CARLOS GIMENEZ MAYOR MIAMI-DADE COUNTY
LARRY K. WILLIAMS WILLIAM D. TALBERT III, CDME President & CEO, The Beacon Council President & CEO, Greater Miami Convention & Visitors Bureau
“Miami is a destination of superlatives- the largest boat show, the “Expansive new job creation coupled with the potential for richest art show, the biggest outdoor art festival, the best weather, significant new public-sector revenues that will be generated by the newest museums, the most beautiful people, the most exquisite the project make the SkyRise Miami project economically beaches. And now the destination everyone wants to visit will be compelling and a project supported by The Beacon Council.” home to the attraction everyone will want to visit. SkyRise Miami. It’s so Miami!”
BARRY JOHNSON ALYCE M. ROBERTSON President & CEO, Greater Miami Chamber of Commerce Executive Director, Miami Downtown Development Authority
“The SkyRise Miami project is consistent with and furthers the 2025 “Like the Eiffel Tower and the St. Louis Gateway Arch, SkyRise Downtown Miami Master Plan’s call for an iconic waterfront element Miami will be a strong, recognizable symbol and another element to along Biscayne Bay. We welcome you and SkyRise to an solidify Greater Miami’s leadership position among the top global increasingly vibrant Downtown Miami” destinations. And, it’s so Miami.” Make SkyRise Miami Part of Your Legacy… ELEVATING MIAMI TO NEW HEIGHTS