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Home , 1010 Brickell, 1100 Millecento, Arquitectonica, Biscayne Bay, Biscayne Beach, Brickell

miami report AN IN-DEPTH ANALYSIS OF SOUTH ’S NEW CONDOMINIUM MARKET

2020

NEWTHE “MIAMI IS ENTERING A NEW GOLDEN AGE OF GROWTH.” - ISG PRINCIPALS PHOTOGRAPH BY GLEASON WAITE ROMER

MIAMI, FL | CIRCA 1950 2 6 5 10 Geneva London Beijing New York Miami 4 - GLOBAL SURVEY - GLOBAL 1 9 7 3 8 High Net Worth Individuals US $30 MIL + Individuals US $30 MIL High Net Worth MOST IMPORTANT NOW IMPORTANT MOST HNWI –

THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH WWW.THEWEALTHREPORT.NET

WEALTH REPORT WEALTH y AND WEALTH oPERT oN PRIME oBAL PERSPECTIVE PR AS SEEN IN AS THE GL THE CITIES THAT MATTER TO HNWI’S HNWI’S TO MATTER CITIES THAT THE NEW CONSTRUCTION PIPELINE AS OF FEBRUARY 2014 TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012

DeveloperDEVELOPER Units UNITSSold SOLD DEVELOPER UNITSDeveloper UNSOLD Units Unsold

1010 Brickell 50% SOLD 900 BRICKELL 352 UNITS Bond 60% SOLD BRICKELL 323 UNITS Brickell CityCentre I & II 820 UNITS BRICKELL (release date TBD) 50% SOLD * 358 UNITS BRICKELL 100% SOLD 374 UNITS BRICKELL 70% SOLD 180 UNITS BRICKELL 128 UNITS Le Parc 62% SOLD BRICKELL 390 UNITS Nine at Mary Brickell 55% SOLD BRICKELL 382 UNITS Millecento 100% SOLD BRICKELL 192 UNITS 100% SOLD MyBrickell BRICKELL 450 UNITS SLS Brickell 100% SOLD BRICKELL

*Tower 1 only (other tower currently unavailable) 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS BISCAYNE CORRIDOR DOWNTOWN MIAMI, , MIDTOWN & DESIGN DISTRICT TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012

DeveloperDEVELOPER Units UNITS Sold SOLD DEVELOPER UNITS UNSOLDDeveloper Units Unsold

800 Baltus House 93% SOLD 167 UNITS DESIGN DISTRICT 23 100% SOLD 96 UNITS EDGEWATER Bay House 65% SOLD 164 UNITS EDGEWATER Club 55% SOLD 399 UNITS EDGEWATER The Crimson 50% SOLD 90 UNITS EDGEWATER 300 UNITS Icon on the Bay 100% SOLD EDGEWATER Paraiso Bay 33% SOLD 720 UNITS EDGEWATER 400 UNITS *Hyde Midtown (release date TBD) MIDTOWN 85 UNITS 1000 Museum 18% SOLD DOWNTOWN MIAMI Centro 70% SOLD 350 UNITS DOWNTOWN MIAMI

*CONDO UNITS ONLY - RELEASE DATE TBD 2,771 UNITS TOTAL • 1,416 UNITS SOLD • 1,355 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS NEW CONSTRUCTION SUMMARY

TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, GROVE, & SINCE JAN. 2012 Project Units (Total) Developer Units Sold Developer Units Unsold

TOTAL NEW NEW CONSTRUCTION NEW CONSTRUCTION CONSTRUCTION SOLD UNITS UNSOLD UNITS UNITS 10000

Project Units (Total) 10,329 60% Developer Units Sold 6,065 SOLD SINCE JAN. 2012 Developer Units Unsold 4,264

AVG ABSORPTION: 4,615 UNITS ANNUALLY OVER THE LAST 10 YEARS 10 YEAR ANNUAL ABSORPTION ANALYSIS

FOR CONDOS BUILT FROM 2003-2013 SUBMARKETS CONSIST OF BISCAYNE CORRIDOR ( DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES,Average HALLANDALE Yearly Absorption & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, & KEY BISCAYNE SINCE JAN. 2012 4,615 AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2003-2013 PER YEAR

1,900 PER YEAR 1,300 1,300 PER YEAR PER YEAR 215 200 350 PER YEAR PER YEAR PER YEAR Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale Total North Miami \ Key Biscayne & Coconut Grove

Sources: Integrated Realty Information Systems (Iris); Miami-Dade & Broward County Property Appraiser And Multiple Listing Service (MLS). S Ca ieg rl er os + O Su tt a re STARCHITECTS z Echo Aventura A NEW STANDARD OF Sage Beach Brickell House U U R Echo Brickell S U G A Marea Beach U AY + C *Muse U B A *Muse els ng ier Prive I Me ke d r ar ja h B ic R

Re cia Marina Lofts m res The Surf Club Ko t-B ol or h F a o Grove at U s d D a E . n Grand Bay S r N . e M A B A R . K Faena Arts Center SLS Brickell

er N st Faena Bazaar Fo E n T SkyRise Miami a H & Artists-in- Herz rm E og o R Residence Port Of Miami P & N L A E de N D R M S Tunnel Gateways U e u Faena Park r o n Brickell Heights Faena House Miami Beach One Brickell City E Convention Center Jade Signature N G Center L A S Perez Art N W D Icon Bay I T Museum E Z nriq E R Hyde Midtown ue L N A N o D r te Parasio Bay n Nic d hol di as Ha G a Chateau Ocean ri h m a s Z h a Bath Club Estates Design 41 w Resorts World Miami M One Ocean E Frost Museum 1000 Museum X I 321 Ocean C of Science Collins Park I O R Garage A E N Q G L A N D

STARCHITECTS MAKE STAR ARCHITECTS LEAVE ARCHITECTS ART BASEL -- AND REAL THEIR MARK IN MIAMI A MARK ON MIAMI TRANSFORMING ESTATE PROJECTS -- BRING STAR ARCHITECTS TO MIAMI mls-resale inventory AS OF FEBRUARY 2014 BRICKELL New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active

Brickell MLS Inventory Analysis New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago, and Currently Active

Active Listings Price PSF $501 900 $485 $430 $600 800 $401 700 $500

600 $400 500 $300 400 805 690 300 $200 525 200 391 $100 100 $0 0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active BISCAYNE CORRIDOR DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active

Downtown Miami & Edgewater MLS Inventory Analysis New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago, and Currently Active

Active Listings Price PSF

1,000 $526 900 $501 $540 800 $520 700 $475 $500 600 $450 $480 500 927 $460 400 860 300 651 $440 200 425 $420

100 $400 0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active DAYS ON MARKET(DOM)Days On Market (DOM) ANALYSIS2011 vs 2013 MLS Analysis for Closed Sales MLS ANALYSIS FOR CLOSED SALES IN 2011 & 2013

2011 AVG DOM 2013 AVG DOM

Brickell 150 32 Biscayne Corridor 180 30 Aventura 115 34 The Beaches 120 39 Greater Fort Lauderdale 174 East Palm Beach 39 147 35 SOUTH AMERICAN MARKET REPORT As Politics Continue To Shift, South Americans Are Moving To Miami

Venezuela, , , Colombia, and Mexico continue to fuel the South Florida Real Estate market revival over the past two years. COLOMBIA Once again we see all Latin American Markets performing at the same time. As Miami continues BRAZIL to embrace the cultures and flavor PERU of our neighbors to the South, Miami Real Estate will continue to grow and prosper as we truly ARGENTINA become an International Gateway and World Class City. MIAMITROPOLIS

Miami’s growth in the world of the arts, dining, high-end retail and overall neighborhood transformations has officially placed the city within the ranks of the most culturally rich locales in the world. Here are just a few of Miami’s exciting new additions...

PEREZ ART MUSEUM MIAMI SHOPPING, DINING, & NEIGHBORHOOD GROWTH ADRIENNE ARSHT CENTER

BRICKELL CITYCENTRE PANAMAEFFECT COMMERCE EXPANSION TRACKING FORCAST Miami has commenced its $220 million dredge project combined Florida East Coast Railway (FECR) $50 with a $2 billion infrastructure Million in upgrades to the 351 miles of COMPLETED upgrade, that will make Miami track from Miami to Jacksonville one of the first and only U.S. ports capable of housing the new larger “Post-Panamax” ships SCHEDULED SUMMER OF 2014

Port Tunnel opens for traffic SCHEDULED SUMMER OF 2014

Panama Canal Expansion Completion SCHEDULED SUMMER OF 2015 Merrill Lynch Article

AS SEEN IN

Bank of America Merrill Bank of America Merrill Lynch Article Lynch Article

“It will likely reshape global imports, exports and trade flows for years to come, May 2013 May 2013 GetGet Ready Ready affecting nearly every sector for the Big Ships of the American economy.” for the Big Ships

Contents Executive summary

In 2015, a little more than a century after the dramatic opening of the Panama Canal, Targeting 2015 completion . 2 “In Florida, the Port of Miami cargo ships the size of aircraft carriers will begin steaming toward American ports from Expanding logistics ...... 2 Miami to New York. The expansion effort represents a potential boon to East Coast The role of finance ...... 3 . . 3 has partnered with the U.S. businesses and industries. Infrastructure investments New gateways ...... 4

4 Army Corps of Engineers Capitalizing on strengths .... Contents Executive summary The takeaway ...... 5 to dredge its harbors and channels to a depth of 50 In 2015, a little more than a century after the dramatic opening of the Panama Canal, Targeting 2015 completion . 2 feet to accommodate new cargo ships the size of aircraft carriers will begin steaming toward American ports from Expanding logistics ...... 2 big ships” Miami to New York. The expansion effort represents a potential boon to East Coast The role of finance ...... 3 . . 3 businesses and industries. Infrastructure investments New gateways ...... 4

Capitalizing on strengths ....4

The takeaway ...... 5 PORT OF MIAMI TUNNEL PROJECT

I-395

TUNNEL

RAILROAD

DEEP DREDGE

WHARVES INTERMODAL YARD STRENGTHENING

The new tunnel, a $1 billion investment, is prepared to open next year and will allow daily business traffice to double. JACKSONVILLE PROPOSED ROUTE • All Aboard Florida is the nation’s first privately owned, operated and maintained intercity ORLANDO passenger rail system APROX. 3 HOURS TAMPA • Passengers traveling PROPOSED from South Florida ROUTE to Orlando will have a commute of approximately 3 hours

WEST PALM BEACH • Service is expected APPROX. 1 HOUR to begin by the end of FORT LAUDERDALE 2015. APPROX. 25 MIN

FROM MIAMI MIAMIVINTAGE

BRICKELL AVENUE

CURRENT LOCATION FOUR SEASONS

BRICKELL | MIAMI, FL | CIRCA 1917 I-395

BISCAYNE BOULEVARD

1997 AMERICAN AIRLINES ARENA MIAMI SOUTH FLORIDA 2020 Over $25 Billion in new construction, government expansions and upgrades from Greater Miami to Fort Lauderdale

ISG MIAMI REPORT | 24 BRICKELL2020 * OVERBRICKELL $5 BILLION IN NEW 2020 DEVELOPMENT BRICKELL: $5 BILLION IN NEW DEVELOPMENT*

Landscape Echo Brickell Le Parc Atton Brickell House SLS Brickell Panorama Millecento The Bond 1010 Brickell NINE Brickell Brickell My One Brickell Park (PMG & JDS) (ALTA & Strategic) 270 Rooms (New Guard) (Related) Tower (Related) (MDR) (Key International) at Mary Brickell Heights City Centre Brickell (Related) Public 180 Luxury 128 Boutique 12 Stories 374 Condos 450 Condos (Florida East Coast) 382 Condos 328 Condos 352 Condos (Starwood (Related) (Swire) (Related) 3 Towers Residences Condos Design by 46 Stories 120 Hotel Rooms 821 Condos 42 Stories 43 Stories 47 Stories Capital & Lynd) 690 Condos 5.4 million sq. ft. 192 Condos 80 Stories Proposed 57 Stories 12 Stories Luis Revuelta 52 Stories 128 Hotel Rooms Design by Design by 420 Condos 48 Stories 2 Towers - 9 Acres 27 Stories 70 Stories Collaboration by Design by 81 Stories Carlos Ott + Sieger Suarez 48 Stories Design by 800 Condos 55 Stories Carlos Ott + Phillipe Stark 82,000 Sq. Ft. Retail Pininfarina Design by ADD Arquitectonica 93 Apartments 1,200 Condos yoo Studio 38,000 Sq. Ft. Office 243 Hotel Rooms 200 Hotel Rooms 520,000 Sq Ft. Retail 200,000 Sq.Ft. 240,000 Sq. Ft. Office Retail Proposed

CORAL GABLES

MARLIN’S STADIUM DISTRICT

DOWNTOWN

BISCAYNE BAY

BISCAYNE BAY

While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATE DOWNTOWN MIAMI 2020 * DOWNTOWN$10 BILLION IN NEW MIAMI DEVELOPMENT 2020

DOWNTOWN MIAMI: $10 BILLION IN NEW DEVELOPMENT*

MET (MDM) Biscayne Boulevard Skyrise Miami CENTRO Port of Miami World 1000 Museum Adrienne Arsht Resorts World Omni JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) (Covin) 29 acres. Center Miami (Genting) Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Film Production Studio 14 acres Sq. Ft. 470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel, 1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos & Residences Office, Retail 4 Story Retail, and Civic Space, Design by & 41,000 Sq. Ft. Office, Residential Zaha Hadid Gateway Potential All Aboard Florida to Port (Peebles) Casino Whole Foods Flagler on (Florida East Coast 2 Phases the River Industries) 150 Staybridge Hotel Room (MELO) Mixed use 9 Acres Suites 32 Stories 1.5 Million Sq. Ft. 635 Condos 300 Condos Office, Residential 60,000 Sq. Ft. Retail Residences Retail, and Hotel. 100,000 Sq. Ft. Office

MARLINS MIAMI RIVER DISTRICT STADIUM

GUSMAN CENTER

MIAMI DADE COLLEGE

FREEDOM TOWER

BAYSIDE MARINA AMERICAN AIRLINES ARENA

BISCAYNE BAY BISCAYNE BAY

WATSON ISLAND MARINA

CRUISE SHIP PORT

PORT OF MIAMI

While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATE BISCAYNE CORRIDOR 2020 * OVERDOWNTOWN $2.5 BILLION IN NEWMIAMI DEVELOPMENT 2020

DOWNTOWN MIAMI: $10 BILLION IN NEW DEVELOPMENT*

MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting) Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft. 470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel, 1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail 4 Story Retail, and Civic Space, Design by & 41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential Restaurant All Aboard Florida to Port (Peebles) Casino Whole Foods Flagler on (Florida East Coast 2 Phases the River Industries) 150 Staybridge Hotel Room (MELO) Mixed use 9 Acres Suites 32 Stories 1.5 Million Sq. Ft. 635 Condos 300 Condos Office, Residential 60,000 Sq. Ft. Retail Residences Retail, and Hotel. 100,000 Sq. Ft. Office

MARLINS MIAMI RIVER DISTRICT STADIUM

GUSMAN CENTER

MIAMI DADE COLLEGE

FREEDOM TOWER

BAYSIDE MARINA AMERICAN AIRLINES ARENA

BISCAYNE BAY BISCAYNE BAY

WATSON ISLAND MARINA

CRUISE SHIP PORT

PORT OF MIAMI

While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATE