Allapattah Multi-Family Development Opportunity

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ALLAPATTAH MULTI-FAMILY DEVELOPMENT OPPORTUNITY

1575 NW 14th St. Miami, FL 33125

Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified 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. Marcus & Millichap 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, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the 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 Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. ALLAPATTAH DEVELOPMENT OPPORTUNITY T6-8-R URBAN CORE ZONING

EXCLUSIVELY LISTED BY Anthony R. Baldaccini

5201 Blue Lagoon Dr. Miami, FL 33126 Direct: (786) 522-7068 | Mobile: (786) 444-1539 [email protected] License FL 3397450

OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM T6-8-R URBAN CORE ZONING ALLAPPATTAH DEVELOPMENT OPPORTUNITY 1575 NW 14TH ST. MIAMI, FL 33125

TABLE OF CONTENTS

EXECUTIVE SUMMARY CONCEPTUAL RENDERINGS SECTION 1 SECTION 3 01 Investment Overview • Investment Highlights 17 Renderings

ZONING CODE MARKET OVERVIEW SECTION 2 SECTION 4 11 Property Details • Survey • Zoning Code 49 Location Overview • Demographics

EXCLUSIVELY LISTED BY: SUMMARY OF TERMS INTEREST OFFERED

Fee Simple PROPERTY TOURS Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agent.

f PERMITTED DENSITY 150 UNITS/ACRE

g This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap ACT ID ZAA0390734 EXECUTIVE SUMMARY

ALLAPATTAH DEVELOPMENT OPPORTUNITY

1 OFFERING HIGHLIGHTS

1575 NW 14TH ST ALLAPATTAH DEVELOPMENT OPPORTUNITY

1575 NW 14th St. Miami, FL 33125

OFFERING PRICE ZONING $1,449,000 T6-8-R URBAN CORE

VITAL DATA Price $1,449,000 Zoning T6-8-R Urban Core Buildable Stories 8 / (12 Wth Public Benefits) Density 38 Units / (150 Units Per Acre) Price/SF $133 Gross Square Feet 10,900 SF Acre(s) 0.25

2 3 INVESTMENT OVERVIEW Marcus & Millichap is pleased to present 1575 NW 14th St., a 0.25 acre parcel for development in the highly sought after Allappat- tah Submarket. The property is zoned T6-8-R Urban Core which permits multi family developments up to eight stories high (twelve with public benefits) at a density of 150 dwelling units per acre max. The buildable square footage is 54,500 square feet. Situated centrally in one of the largest market drivers in South Florida; Allapattah is home to the Health District; the center of the city’s medical, research and biotechnology industries and known as the largest concentration of medical-research facilities after Hous- ton, with more than with more than 40,000 employees, 160,000 annual visitors to the Civic Center; 45,000 doctors, researchers, scientists, lawyers, judges and support personnel working around the clock in world-class research institutions, hospitals, medical schools, science labs and the Miami-Dade Court system. Located in the heart of Miami’s Civic Center, the location has the best of two worlds: It is along the nascent Miami River District and steps from the Civic Center’s Health District. The District, located in one of South Florida’s densest employment centers, is at the intersection of Interstate 95 and State Road 836, (or Dolphin Expressway.) The District is west of Brickell, Downtown Miami and less than a mile from Miami International Airport, one of the busiest airports in the world. MIA handles more than 20 million passengers a year. One of its major advantages is proximity to downtown Miami and access to all major thoroughfares. Across the street, River Landing is said to be the largest retail project now under construction in Miami. River Landing will become a dining and shopping destination for the more than 45,000 professionals working in The District and more than 160,000 visitors who come to the District every year. The 2 million-square-foot development along the Miami River is the first large-scale retail project to enter the neighborhood. River Landing’s waterfront restaurants will enhance the reputation of the Miami River District as Miami’s hottest chic dining destination. Some of the world’s finest restaurants adopting the river as their new home include American Social, London’s Duck & Waffle, Sushi Samba, Modern Garden, Seaspice, The River Seafood & Oyster Bar, Garcia’s and Casablanca. This vibrancy is reviving the same river that gave Miami its origin more than 200 years ago. With medical schools, hospital facilities and the court, the area around the Miami River has long drawn one of the one of the largest daytime populations in South Florida. The project will cater to area workers with 412K SF of retail space, 529 market-rate apartments, 2,200 parking spaces, boat tie-ups and green space. Tenants already on board with River Landing include Publix, Burlington, T.J.Maxx, West Marine, Ross Dress for Less, AT&T and Hobby Lobby. The development is expected to open in early 2020. Promoters say the Allapattah area is joining the likes of other hot neighborhoods. They cite comparisons to areas such as Brickell, the urban area that in modern times has evolved into one of the nation’s largest financial districts, and also near-downtown areas of Edgewater and Wynwood. The latter is a former industrial district known today for its variety of shops, entertainment district and artwork. Adjacent Edgewater is generally viewed as a dominant residential neighborhood with population-swelling high-rises that have helped draw retailers. The Health District is home to world-renowned facilities such as: Jackson Health System: The nation’s third largest teaching hospital with 1,550 beds. Jackson is undertaking an $830 million renovation of its multiple facilities. Holtz Children’s Hospital: The largest children hospital in the Southeast with 254 beds and a leading hospital for treating heart disease and transplants for children. University of Miami Miller School of Medicine: Home to 1,500 medical school faculty members, 8,200 employees and 1,500 ongoing projects funded by over $200 million in federal grants. Sylvester Cancer Center: Treats more than 6,000 national and international cancer patients each year. University of Miami Life Science and Technology Park: Consists of 2 million square feet of planned science labs and research facilities. The first 252,000-square-foot building opened recently and is fully occupied. The Miami River is a burgeoning dining and entertainment destination that is attracting significant developer interest. INVESTMENT HIGHLIGHTS

► Close Proximity to Wynwood, Edgewater, Midtown, Downtown Miami and Brickell

► River Landing Anchor Tenants incude a Publix (New 40 Year Lease), Burlington, T.J.Maxx, West Marine, Ross Dress for Less, AT&T and Hobby Lobby

► Over 613,657 People Within A Five Mile Radius

► Access To All Major Thouroughfares

► Located In The Miami Health District Which Encompasses 153 Acres And Features Two Million Square Feet Of Laboratories And Research Facilities

► Land Acquisition Price Per Square Foot Representing A Significant Discount To Recent Land Transactions In Miami’s Urban Core As the river district becomes a favorite for urban living, residential development along the historic waterway is boom- ing and reshaping its landscape. More than 5,000 residential units are planned and under construction along the Miami River District, already home to more than 4,000 multifamily units. Some of the residential developments built recently and in the planning stages includes Terrazas River Park, River Oaks Marina, Flagler on the River, One Miami, Edge Brickell, One Brickell, River Landing and Miami Riverwalk.

Terrazas River Park River Oaks Marina Flagler On The River

One Miami Edge Brickell One Brickell

River Landing Miami Riverwalk

Subject Property

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap ACT ID ZAA0390734 ZONING CODE

ALLAPATTAH DEVELOPMENT OPPORTUNITY

11 PROPERTY DETAILS

ALLAPATTAH DEVELOPMENT OPPORTUNITY Property Address 1575 NW 14th St. Miami, FL 33125 Buildable Units 38 Buildable Stories 8 (12 With Public Benefits Program) Buildable Square Feet 54,500 Sqft (Additional Square Footage Permitted) Zoning T6-8-R Urban Core Lot Size 0.25 Acres / 10,900 sf Type of Ownership Fee Simple Parking 1.5 Spaces Per Dwelling Unit / (Reduction Permitted) FLR 5 (25% Additional With Public Benefits Program) Density 150 Dwelling Units Per Acre Max

1012 13 14 15 PUBLIC BENEFITS PROGRAM (Build An Additional Four Stories And A 25% Increase In FLR) The intent of the Public Benefits Program established in this section is to allow bonus Building Height and FLR in T6 Zones in exchange for the developer’s contribution to specified programs that provide benefits to the public. The bonus Height and FLR shall be permitted if the proposed Development contributes toward the specified public benefits, above that which is otherwise required by this Code, in the amount and in the manner as set forth herein.

Public Benefits Program

Parking Standards

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0390734 CONCEPTUAL RENDERINGS

ALLAPATTAH DEVELOPMENT OPPORTUNITY

1725

28 29 30 31 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0390734 NEARBY DEVELOPMENTS ALLAPATTAH DEVELOPMENT OPPORTUNITY

33 Nearby Developments River Landing River landing shops and residences will offer 2 million square feet of retail and residences on 8.14 acres along the Historic Miami river in the heart of Miami’s Health District. Located at 1400 NW North River Drive, the mixed-use development is within walking distance of Miami’s Civic Center area, home to the second largest health district in the United States, and the judicial hub of Miami Dade County’s court system. River Landing is designed to transform one of South Florida’s most densely populated employment centers into a thriving full-service community that will feature a myriad of retail, dining and entertainment choices. The national trend of urban centers driving retailers growth is on full display at River Land- ing. The $300 million project is attracting national and regional tenants by offering 426,000 square feet of retail and restaurant space in addition to 475 luxury apartments, 2,200 parking spaces, green space for enjoyment and a 1,500 lineal-foot riverfront park. As the world’s attention focus- es on Miami’s exciting transformation of its urban cores, River Landing Shops and Residences take center stage. The 2 million-square-foot mixed- used development will convert Miami’s largest employment center – the Civic Center -- into a ‘full-service’ community, where people will work, live and play. Set along the historic Miami River, River Landing will revive the active role the river has played in the lives of our predecessors. Once again, folks will gather on the banks of the Miami River to socialize and explore this hidden treasure that has nourished our city for centuries. A lineal riverfront park and green areas will connect the scenic waterway to River Landing’s upscale restaurants, shops, residents and the community. River Landing will be a dining and shopping destination to the more than 160,000 annual visitors to the Civic Center and 45,000 doctors, researchers, scientists, lawyers, judges and support personnel working around the clock in world-class research institutions, hospitals, medical schools, science labs and the Miami-Dade Court system. The shops and restaurants will provide an incentive to stay and play in The District. River Landing’s waterfront restaurants will enhance the reputation of the Miami River District as Miami’s hottest chic dining destination. Some of the world’s finest restaurants adopting the river as their new home include American Social, London’s Duck & Waffle, Sushi Samba, Modern Garden, Seaspice, The River Seafood & Oyster Bar, Garcia’s and Casablanca. This vibrancy is reviving the same river that gave Miami its origin more than 200 years ago. River Landing is scheduled to open in early 2020 and the retail tenants include a TJ Maxx, Ross Dress for Less, Publix, Burlington Stores, Chase Bank, GNC, AT&T, and Hobby Lobby. 35 36 37 Miami Produce Center

An architecturally distinctive project that would redevelop the old Miami Produce Center in Allapattah could become the city’s latest big development. Robert Wennett wants to redevelop the three warehouses at the Miami Produce Center, once a bustling location for the wholesale produce trade, and build eight buildings. Much like Wennett’s marquee project, the 1111 Lincoln garage in Miami Beach, this one also would be architecturally unique. The Miami Produce Center will have residences, offices, a hotel, retail and educational space — with the buildings stand- ing on stilts reaching heights up to 19 stories. Danish architect Bjarke Ingels of the Bjarke Ingels Group, who is known for nontraditional takes, designed the Miami Produce Center. The 8.25-acre site is bounded by Northwest 22nd and 21st streets and 13th and 12th avenues. Located in the center of the industrial district of Allapattah, Miami Produce creates a new destination for the city while retaining the neighborhood’s industrial character. The architecture is conceived as a three-dimensional urban framework, designed with large industrial-sized floor plates to provide maximum programmatic flexibility. The site will be activated by urban farming, restaurants, storefronts, co-working offices, co-living apartments and educational uses. At the ground floor, a series of existing produce warehouses will be restored to create a vibrant public realm while preserv- ing the industrial spirit of the neighborhood. Between the warehouses, three public spaces will exhibit a variety of lush landscapes that create diverse microclimates and allow the buildings’ programs to extend outdoors. A stack of linear buildings will float above the existing warehouses, generating a large urban courtyard at the center while forming gateways that open to the surrounding context. On top of each building, pro- grammed ‘roofscapes’ extend the public realm vertically and capture stunning views of downtown Miami and surrounding neighborhoods.

41 Miami Riverwalk

Catering to the large number of health professionals working in the area, Mast Capital and AEW Capital Management’s Miami River Walk project broke ground at the beginning of this year. The joint venture secured a $59.7 million construction loan from PNC Bank for Mast’s largest ground- up project to date. Located on the south bank of the Miami River, in an urban transit zone, the development is set to feature 27 percent fewer units than allowed under the Miami 21 zoning code. the site’s large footprint and location provides the opportunity to offer unique amenities, including a private park for exclusive use by residents and a complimentary water shuttle to nearby restaurants and attractions that leverage the property’s distinct feature: its location within the burgeoning Miami River district, with over 1,000 linear feet of direct water frontage. Common threads across Mast Capital’s investments involve uncovering underserved market niches and opportunities to create what we call the “conve- nience factor,” which includes providing high walkability to nearby hotspots, offering thoughtful, experiential amenities for residents and their guests and being located near public transportation systems.

42 43

613,657 TOTAL POPULATION WITHIN 5-MILE RADIUS

ALLAPATTAH DEVELOPMENT OPPORTUNITY

47 CITY OVERVIEW | MIAMI, FLORIDA

The City of Miami, is an American city that is the seat of Miami-Dade County, and is the cultural, economic and financial center of South Florida. The city covers an area of about 56 square miles (150 km2) between the Everglades to the west and Biscayne Bay to the east. Miami is the sixth most densely populated major city in the United States with an estimated 2018 population of 6.1 million people, the second-most populous in the southeastern United States and the seventh-largest in the nation. The city has the third tallest skyline in the U.S. with over 300 high-rises, 55 of which exceed 490 ft (149 m). Miami is a major center and leader in finance, commerce, culture, media, entertainment, the arts, and international trade. The metro area is by far the largest urban economy in Florida and the 12th largest in the United States, with a GDP of $344.9 billion as of 2017. In 2019, Miami ranked seventh in the United States and 31st among global cities in terms of business activity, human capital, information exchange, cultural experience, and political engage- ment. According to a 2018 UBS study of 77 world cities, the city was ranked as the third-richest in the United States and the eighth-richest in the world in terms of purchasing power. Greater Downtown Miami has one of the largest concentrations of international banks in the United States, and is home to many large national and international companies. The Health District is a major center for hospitals, clinics, and the biotechnology and medical research industries. Miami is also a major tourism hub for international visitors, ranking second in the country after New York City. Miami-Dade County is a gateway to South American and Caribbean markets and a tourist destination. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by the Florida Keys. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. The metro has no local business or personal income taxes, which attracts businesses and residents to the area. Miami is home to one of the largest ports in the United States, the PortMiami. It is the largest cruise ship port in the world, and is often called the “Cruise Capital of the World” and the “Cargo Gateway of the Americas”. It has retained its status as the number one cruise/passenger port in the world for well over a decade, accommodating the largest cruise ships and the major cruise lines. In 2017, the port served 5,340,559 cruise passengers. Additionally, the port is one of the nation’s busiest cargo ports, importing 9,162,340 tons of cargo in 2017. Among North American ports, it ranks second to New Orleans’ Port of South Louisiana in terms of cargo tonnage imported from Lat- in America. The port sits on 518 acres (2 km2) and has seven passenger terminals. China is the port’s number one import country and number one export country. Miami has the world’s largest amount of cruise line headquarters. It accommodates the operations of such major cruise lines as Carnival, Royal Caribbean and Norwegian Cruise Line. It is home to the Symphony of the Seas, the largest cruise ship in the world. In 2014, the Port of Miami Tunnel was opened, connecting the MacArthur Causeway to PortMiami. As the “Cargo Gateway of the Americas”, the port primarily handles containerized cargo with small amounts of breakbulk, vehicles and industrial equipment. PortMiami is the busiest cruise port in the world in both passenger traffic and cruise lines.

50 ICON HIGHLIGHT ICON HIGHLIGHT ICON HIGHLIGHT ICON HIGHLIGHT ICON HIGHLIGHT PLACED HERE PLACED HERE PLACED HERE PLACED HERE PLACED HERE 51 52 POPULATION 1 MILE 3 MILES 5 MILES HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES 2018 Estimate 2023 Projection 45,871 353,965 613,657 Total Population $250,000 or More 0.88% 2.14% 2.85% 2018 Estimate $200,000 - $249,999 0.32% 1.32% 1.58% Total Population 44,245 336,725 580,955 $150,000 - $199,999 0.84% 2.50% 2.89% 2010 Census $125,000 - $149,999 1.11% 1.97% 2.39% Total Population 39,496 302,979 526,460 $100,000 - $124,999 2.45% 4.59% 4.84% 2000 Census Total Population 36,225 270,253 484,678 $75,000 - $99,999 4.66% 6.88% 7.62% $50,000 - $74,999 10.88% 13.13% 13.61% $35,000 - $49,999 15.16% 13.05% 12.93% HOUSEHOLDS 1 MILE 3 MILES 5 MILES $25,000 - $34,999 13.71% 12.11% 11.74% 2021 Projection $15,000 - $24,999 17.88% 15.91% 15.04% Total Households 16,758 145,670 244,390 Under $15,000 32.11% 26.38% 24.49% 2016 Estimate Total Households 15,934 134,043 228,410 Average Household Income $54,704 $61,312 Average (Mean) Household Size Median Household Income $30,914 $33,765 2010 Census Per Capita Income $22,024 $24,305 Total Households 14,181 119,836 206,281

2000 Census 13,099 99,148 179,627 Total Households POPULATION PROFILE 1 MILE 3 MILES 5 MILES POPULATION PROFILE 1 MILE 3 MILES 5 MILES Population 25+ by Education

Population by Age Level 0 to 4 Years 6.51% 5.99% 5.81% 2018 Estimate Population Age 32,468 250,947 432,209 5 to 14 Years 9.66% 9.10% 9.37% 25+ 15 to 17 Years 2.59% 2.65% 2.73% Elementary (0-8) 23.51% 14.69% 12.58% 18 to 19 Years 1.84% 1.69% 1.74% Some High School (9-11) 12.49% 10.67% 10.52% 20 to 24 Years 6.02% 6.04% 5.94% High School Graduate (12) 32.64% 30.80% 29.87% 25 to 29 Years 8.12% 8.98% 8.32% Some College (13-15) 10.59% 10.96% 12.14% 30 to 34 Years 7.95% 9.17% 8.41% Associate Degree Only 5.31% 6.55% 7.37% 35 to 39 Years 6.89% 7.78% 7.40% Bachelors Degree Only 8.07% 14.90% 15.14% 40 to 49 Years 13.83% 14.15% 14.16% Graduate Degree 4.52% 8.90% 9.79% 50 to 59 Years 13.06% 13.22% 13.68% 60 to 64 Years 5.32% 4.93% 5.23% 65 to 69 Years 4.65% 4.27% 4.62% 70 to 74 Years 4.13% 3.77% 3.95% 75 to 79 Years 3.56% 3.17% 3.30% 80 to 84 Years 2.74% 2.37% 2.44% Age 85+ 3.14% 2.71% 2.87% Median Age 40.31 39.06 40.18 53

MIAMI METRO IS HOME TO AN ESTIMATED 6.1 MILLION PEOPLE AND GROWING RAPIDLY

58 ALLAPATTAH DEVELOPMENT OPPORTUNITY

EXCLUSIVELY LISTED BY Anthony R. Baldaccini

5201 Blue Lagoon Dr. Miami, FL 33126 Direct: (786) 522-7068 | Mobile: (786) 444-1539 [email protected] License FL 3397450