Downtown Miami Fully approved hotel development site
NE 1st Street
Confidential offering memorandum Downtown Miami | Hotel Development Site | 139 NE 1st Street, Miami, Florida Table of contents
01. Executive summary 3
02. Property overview 8
03. Market overview 25
04. Area overview 29
2 01. Executive summary
Introduction
Investment highlights Downtown Miami | Hotel Development Site 01. Introduction 139 NE 1st Street Miami, FL 33132
Avison Young is pleased to exclusively offer for sale the historic Dade Commonwealth Building (“the Property”), an existing office building and fully site plan approved hotel development site located in the heart of Downtown Miami, Florida.
Permits have been approved to demolish the existing structure (with the exception of the façade for the first 3 stories), and permits for the construction of a17-story, 163-key hotel are pending approval, with approval expected in July of 2021. A hotel on the site would benefit from the excellent location of the Property, within short walking distance to some of Downtown Miami’s major office buildings, dining and nightlife spots and cultural attractions, offering the ability to cater to both business- and leisure-oriented travelers.
The Property is located just 400 feet from the First Street MetroMover Station, which offers rail access throughout Downtown Miami and Brickell, and a short walk from the Government Center MetroRail Station, which offers rail access throughout Miami-Dade County. It is also located near some of Downtown Miami’s top-performing luxury hotels, including the Hyatt Regency, the Kimpton EPIC, the InterContinental Miami, the JW Marriott Marquis, and the Hotel Beaux Arts.
Originally built in 1925, the Dade-Commonwealth Building’s Neo-Classical architecture made it a pioneering development in Downtown Miami, and one of the area’s most iconic buildings. Because of its rich history as a landmark building within Downtown Miami, the Property has been awarded historic status, qualifying for a Federal Historic Rehabilitation Tax Credit.
With in-place full-demolition permits and pending construction permits in place, an excellent location in the heart of Downtown Miami offering walkability to Miami’s major business, cultural and entertainment destinations, proximity to three different rail transit systems, and favorable tax credits, the Property is an excellent hotel development opportunity. A Master Construction Permit is in process and expected to be issued by July 2021. NE 1st Street
Avison Young | Confidential offering memorandum 4 Downtown Miami | Hotel Development Site 01. Investment highlights 139 NE 1st Street Miami, FL 33132
Existing approvals
• The Property has rare in-place approvals from the Historic Preservation Board and the City of Miami for the demolition, leaving the original front three-story façade, and reconstruction of Miami’s historic Dade-Commonwealth building into a brand new 17-story upscale hotel. 7,505 square feet • Fully approved plans, with permits pending request have been filed, and are pending, for the construction of a17-story, 163-key hotel, with approval anticipated by July of 2021. In conjunction with the demolition approvals, these will accelerate a project significantly, allowing a developer to break ground months faster than could be achieved at other sites.
Core Downtown Miami location
• Property is located in the heart of Downtown Miami, just steps from some of the city’s landmarks including American Airlines Fully approved for Arena, Bayfront Park and Amphitheater, Bayside Marketplace, the Frost Science Museum, and Brickell City Centre. 17 stories & 163 key hotel • The overwhelming majority of Miami’s Central Business District offices, located in Downtown and Brickell, can be reached in a ten-minute walk from the Property.
• Stations serving three different modes of rail transportation can be reached within a fifteen-minute walk. The First Street Metromover station offers free access to rail serving Downtown Miami and Brickell. The Government Center MetroRail Station offers access throughout Miami-Dade County, including to Coconut Grove, the University of Miami, and the Miami International Demolition permit for Airport. And the MiamiCentral Brightline Station offers express rail access to Fort Lauderdale, Palm Beach, and soon to Orlando. existing building Tax credits and Historic Designation
• Historical designation under the Downtown National Register Historical District means the Property is entitled to the Ad Valorem Tax Exemption for Historic Properties.
• Further, the Property is qualified for theFederal Historic Rehabilitation Tax Credit, which offers a tax credit of 20% for qualified rehabilitation of historic buildings. Qualified expenses include all direct and indirect costs of construction in renovation of the T6-80-O zoning building. TDR’s and TDD’s Favorable Zoning
• The Property is aggressively zoned as T6-80-O, Miami 21’s most intense zoning designation. The zoning permits construction of up to 80 stories at a Floor Lot Ratio (FLR) of 24 by right, and offer unlimited height and FLR via public benefit bonuses.
• The Miami 21 zoning code permits historically designated properties the sale of excess buildable square footage and density via a Core Downtown Transfer of Development Rights (TDR’s) and Density (TDD’s), which will assist an investor in reducing their cost basis on the project. Miami location
Avison Young | Confidential offering memorandum 5 Downtown Miami | Hotel Development Site 01. Historic Designation 139 NE 1st Street Miami, FL 33132
History & Restoration
The Dade-Commonwealth Building (the “Property”) built in 1925 was originally a seventeen-story steel frame skyscraper constructed in the Commercial Style of architecture embellished with Neo-Classical features and was a pioneer as one of the first skyscrapers to be constructed in downtown Miami. The building opened its doors in March of 1926, following a year of expansion and mass migration of businesses to Miami. Among the new businesses attracted to the region was the Meyer-Kiser Bank of Indiana that financed as well as become a tenant in the building, ultimately coining the building the Meyer-Kiser Bank Building. As time went on, the Meyer-Kiser Corporation found quarters elsewhere and several other companies become prime tenants, one of which the Dade Commonwealth Title and Abstract Co. in 1936. Although the company has been long gone, the historic building still carries the Corporation’s name.
The Dade Commonwealth Building was damaged during the 1926 hurricane and was reduced to 7-stories due to the damage. Approved plans call for the reconstruction of the original 17-story height, as well as restoration of the building’s storefront level front façade and original columns, pilasters, and entablature.
Tax Exemptions
The subject Property is located within the Downtown National Register Historic District and has been approved to benefit from the Ad Valorem Tax Exemption for Historic Properties. The Federal Historic Rehabilitation Tax Credit (“HTC”) program is intended to incentive the preservation of the nation’s historically significant buildings, structures, and landmarks. The HTC program provides a tax credit of twenty percent (20%) for qualified rehabilitation of eligible structures or buildings of historic significance of structures or buildings built prior to 1936.
Qualified rehabilitation expenses include all direct and indirect costs of construction in renovation of the building and architectural, engineering, surveying, legal, insurance, development fees, and related costs may be capitalized in relation to qualified rehabilitation expenses. Many HTC projects partner with tax credit equity investors in order to monetarily realize the benefit of the HTCs without directly utilizing the tax credits against individual taxable income. Typically a HTC transaction must have a chosen twenty-four month period for measuring qualified rehabilitation expenses, with the exception for phased construction projects allowing up to a sixty month period. Additionally, HTC’s are subject to a five-year compliance period and prohibits the Property being sold or transferred during the first five years following the Property in service.
Avison Young | Confidential offering memorandum 6 Downtown Miami | Hotel Development Site 02. Zoning summary 139 NE 1st Street Miami, FL 33132
Transfer of development rights & density
The Property’s T6-80-O zoning permits tremendous intensity and density - more than can be constructed on the site’s 7,505 SF footprint. Fortunately for developers, the Miami 21 code permits historically designated properties the sale of excess buildable square footage via a Transfer of Development Rights (TDR), and sale of excess buildable units via a Transfer of Development Density (TDD). Use of TDRs and TDDs will permit a developer to reduce their basis in the project. The Property is pre-qualified for sale of these excess development rights, per Chapter 23, Article I, Sec. 23-6 of the Miami Code of Ordinances (available at this link). The remaining development rights available for sale after construction of the hotel project are shown in the table below.
Zoning T6-80-O TDR’s Calculation
Lot Area 5,000 sf minimum 7,505 sf
Floor Lot Ratio 24 by right 180,120 sf
Proposed Building Total Gross Square Footage 95,283 sf
Remaining buildable square footage 84,837 sf
Individual historic resource multiplier 2.25x
Transfer of development rights (TDR's) 190,883.25 sf
Zoning T6-80-O TDD’s Calculation
Lot Area 5,000 sf minimum 0.17 acre
Density as-of-right 1,000 units per acre (Downtown CBD) 170 units
2 hotel keys per residential unit 340 keys
Proposed Building Total hotel keys planned 163 keys
Remaining buildable hotel keys 177 units
Equivalent number of residential units 88 units
Transfer of development density (TDD's) 88 units
Avison Young | Confidential offering memorandum 7 02. Property overview
Property aerials
Floorplans
Flagler Street
Renderings
Local amenities Downtown Miami | Hotel Development Site 02. Aerials | looking northeast 139 NE 1st Street Miami, FL 33132
Watson Island Arts & Entertainment District Miami Worldcenter Macarthur Causeway | 85,500 AADT
American Airlines Arena PortMiami
Bayside Marketplace Miami Dade College
Subject site
N Miami Ave Downtown
NE 1st Street
Flagler Street Miami Tower
Avison Young | Confidential offering memorandum 9 Downtown Miami | Hotel Development Site 02. Aerials | looking southwest 139 NE 1st Street Miami, FL 33132
Downtown Miami Tower Miami Dade Courthouse
Subject site
Vizcayne North
NE 1st Avenue
Miami Dade College
Biscayne Blvd X Miami
Avison Young | Confidential offering memorandum 10 Downtown Miami | Hotel Development Site 02. Aerials | looking northeast 139 NE 1st Street Miami, FL 33132
Subject site
SE 1st Avenue NE 1st Street
Flagler Street
Avison Young | Confidential offering memorandum 11 Downtown Miami | Hotel Development Site 02. Aerials | looking northwest 139 NE 1st Street Miami, FL 33132
Subject site
NE 1st Street
East Flagler Street
NE 2nd Avenue
Avison Young | Confidential offering memorandum 12 Downtown Miami | Hotel Development Site 02. Floorplan | 1st floor 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 13 Downtown Miami | Hotel Development Site 02. Floorplan | 2nd floor 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 14 Downtown Miami | Hotel Development Site 02. Floorplan | 4th - 16th Floors 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 15 Downtown Miami | Hotel Development Site 02. Floorplan | 17th floor 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 16 Downtown Miami | Hotel Development Site 02. Accessibility 139 NE 1st Street Miami, FL 33132
Macarthur Causeway
Watson Island
American Airlines Arena
Biscayne Blvd.
Miami River
PortMiami
Exit Ramp Downtown
Brickell Brickell Key
Avison Young | Confidential offering memorandum 17 Downtown Miami | Hotel Development Site 02. Flagler Street 139 NE 1st Street Miami, FL 33132
Flagler Street Beautification Project
The vision of the Flagler Street Beautification Project states: Flagler Street shall reclaim its proud and distinctive heritage as the City of Miami’s iconic main street…A vibrant, walkable and historic shopping district.” The main purpose of the project is to return Flagler Street into Miami’s pedestrian-oriented historic main street. Moreover, by drastically improving the street corridor, it will bring more people to the downtown area and act as a catalyst to attract more private dollars and redevelopment.
The construction and beautification project, budgeted at $27 MM due to design improvements, will proceed east to west in 5 sections over 2.5 years. Aged utility lines will be replaced, in addition to upgraded drainage along the historic street. The implementation of larger sidewalks and removed on-street parking should transform the corridor into a pedestrian friendly environment with a focus on walking and strolling and social interaction.
You can find more information at www.flaglerstreetmiami.com
Avison Young | Confidential offering memorandum 18 Downtown Miami | Hotel Development Site 02. Renderings 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 19 Downtown Miami | Hotel Development Site 02. Renderings 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 20 Downtown Miami | Hotel Development Site 02. Renderings 139 NE 1st Street Miami, FL 33132
Avison Young | Confidential offering memorandum 21 Downtown Miami | Hotel Development Site 02. Local amenities 139 NE 1st Street Untitled map Miami, FL 33132
Untitled layer
139 NE 1st St
Avison Young | Confidential offering memorandum 22 Downtown Miami | Hotel Development Site 02. Drivetimes 139 NE 1st Street Untitled map Miami, FL 33132
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139 NE 1st St MIAMI DESIGN DISTRICT Miami Design District 10 MINUTES Wynwood
Miami World Center Community Development District MiamiCentral Station AmericanAirlines Arena WYNWOOD Brickell City Centre 8 MINUTES
14 MINUTES Adrienne Arsht Center for the Performing Arts of Miami- Dade County
ADRIENNE ARSCHT CENTER 7 MINUTES
AMERICAN AIRLINES ARENA MIAMI CENTRAL 6 MINUTES 7 MINUTES
MIAMI WORLD CENTER 7 MINUTES
BRICKELL CITY CENTRE 9 MINUTES
Avison Young | Confidential offering memorandum 23 Downtown Miami | Hotel Development Site 02. Neighborhood map 139 NE 1st Street Miami, FL 33132
1. DOWNTOWN - SUBJECT PROPERTY LOCATION Downtown Miami is home to South Florida’s Central Business District, with dozens of major firms operating Latin American headquarters out of the neighborhood’s 13M SF of office space. It also contains many of Miami’s major cultural highlights, including the American Airlines Arena where the Miami Heat play, Bayfront Park which frequently hosts the popular Ultra music festival, and two recently-constructed world-class museums, the Perez Art Museum and the Frost Science Museum. Accessibility is excellent via I-95 and as well as the Brightline and MetroRail rail systems, and the neighborhood is located just 15 minutes from the Miami International Airport as well as the Port of Miami, one of the Downtown Miami busiest cruise terminals in the world.
1 2. BRICKELL - 2 MINS FROM PROPERTY Brickell is one of Miami’s most desirable neighborhoods, home to its financial district and a large and growing portion of its luxury condominium stock. South of the Miami River from Downtown Miami, Brickell is bounded to the north by the Miami River, by I-95 to the west, and Biscayne Bay to the east. Popular areas within Brickell include Brickell City Centre, a climate-controlled outdoor mall home to some of Miami’s best retailers, and Mary Brickell Village, an outdoor shopping and nightlife with tremendous pedestrian traffic. It also houses some of the best hotels in Miami, including the Conrad, East Miami, the JW Marriott Miami, and the Mandarin Oriental Hotel. Access is excellent, with quick drive times to Downtown Miami, the Miami International Airport, Key Biscayne, Little and South Beach. Havana 3. LITTLE HAVANA - 2 MINS FROM PROPERTY 3 Little Havana serves as a tribute to the American dream pursued by the hundreds of thousands of Cubans who fled to Miami after Fidel Castro came to power in 1959. One only has to visit this neighborhood to experience the sights, sounds and smells of Brickell classic Miami. The stretch of Calle Ocho is vibrant, providing a place to indulge in authentic food, hand-rolled cigars, and a strong 2 Cuban-style coffee. In the evening its commercial establishments are energetic and great for leisurely dining and entertainment.
Avison Young | Confidential offering memorandum 24 03. Market overview
Miami hospitality markets
Comparables Downtown Miami | Hotel Development Site 03. Market overview 139 NE 1st Street Miami, FL 33132
Miami-Dade hospitality market Greater downtown Miami hospitality market
After a world-wide slowdown in hospitality markets during the COVID-19 shutdowns The Greater Downtown hospitality market is characterized by large, high-end hotels, in 2020, the Miami hospitality market is in the early stages of a recovery. While with more than half of the existing stock falling within the luxury or upper upscale pre-pandemic occupancy levels were consistently above 75% over the past decade, category. This submarket contains many of Miami’s primary tourist draws aside from the shutdowns and travel restrictions over the course of the pandemic caused South Beach, and draws a significant portion of its visitation from leisure travelers, occupancy rates to dip to an average of 44.8% over the past year. ADR and RevPAR a group expected to return to normal travel patterns more quickly than business fell accordingly, to $168 and $75 respectively, across all hotel product. Importantly, travelers. New construction is largely concentrated in the northern downtown though, the fall in these metrics was significantly less than what was seen in other corridor including Wynwood and Edgewater, as hospitality groups seek to gain a major metros, with the lowest rate-drop of the country’s top 25 hospitality markets. foothold in these rapidly growing neighborhoods. By March 2021, occupancy had returned to 72.7%, and ADR to $250. Most industry observers expect demand to return to pre-pandemic levels by 2024, and some believe that return will occur even more quickly. In support of that thesis, per-key pricing for luxury and upper upscale product held relatively constant over the past year, perhaps pointing to an expectation among investors than Miami’s hospitality market will quickly return to its recent strength. 12,610 $292 Keys of inventory 12-month ADR (Luxury)
60,383 4,577 72.7% Keys of Keys under Occupancy inventory construction rate 600 Zero Keys under Luxury projects construction under construction
$250 $461,000 Average daily rate Per key sale price (Luxury + Upper Upscale)
Avison Young | Confidential offering memorandum 26 Downtown Miami | Hotel Development Site 03. Hotel comparables 139 NE 1st Street Miami, FL 33132
Property Number of Rooms Year Built Occupancy Est. (2019) ADR Est. (2019) RevPAR (2019)
A JW Marriott Marquis Miami 313 2010 75% $242 $180.00
B Kimpton Epic Hotel 411 2009 70% $242 $164.50
C W Hotel Miami 146 2009 70% $282 $199.50
D Hilton Conrad Miami 235 2004 75% $223 $168.80
Hotel Inter-Continental E 653 1982 80% $203 $157.26 Miami
F JW Marriott Hotel Miami 296 2004 70% $243 $164.50
The Standard Spa G 100 1963 70% $202 $140.00 Miami Beach
Avison Young | Confidential offering memorandum 27 Downtown Miami | Hotel Development Site Untitled map 03. Hotel comparables | map 139 NE 1st Street Miami, FL 33132
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139 NE 1st St JW Marriott Marquis Miami Kimpton EPIC Hotel W Miami
Conrad Miami G
InterContinental Miami, an IHG Hotel JW Marriott Miami
The Standard Spa, Miami Beach
A E B C
F D
Avison Young | Confidential offering memorandum 28 04. Area overview
Miami
Economics
Points of Interest
Demographics Downtown Miami | Hotel Development Site 04. Miami | A growing city 139 NE 1st Street Miami, FL 33132
Known as the “Magic City,” the City of Miami is located in Southeast Florida, in Miami-Dade County on the Miami River, between the Florida Everglades and the Atlantic Ocean. Miami is one of the state’s – and the world’s – most popular vacation spots with over 15 beaches including South Beach, Bal Halbour Beach and Sunny Isles. Nearby cities include Ft. Lauderdale and Miami Beach. Busiest cruise port in the U.S. Miami is home to a huge business market, with countless company headquarters based out of the city including Bacardi, Benihana, Brightstar Corporation, Burger King, Carnival Cruise Lines, Holland & Knight, Inktel Direct, Lennar, Norwegian Cruise Lines, Perry Ellis International, Royal Caribbean Cruise Lines, Ryder Systems, Telemundo, U.S. Century Bank, and World Fuel Services.
Miami was ranked the fifth-most walkable of the largest cities in the United States in 2019, and consistently ranks among the th top cities in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. The 15 busiest airport city’s towering skyline is the third largest in U.S.A. In the U.S.
Miami’s cultural attractions draw millions of visitors every year. In addition to the major museums such as the Museum of Contemporary Art, The Miami Art Museum, The Frost Museum of Science and the Perez Art Museum, there are countless galleries in Miami. Miami is also the home to several performing arts companies, large entertainment venues and historic homes, buildings, and churches. 5th most walkable The Miami area offers something for everyone. Vibrant South Beach nightlife is famous for its revelers.Wynwood Walls and the city in the U.S. Design District are renowned amongst modern art and architecture fans. Little Havana brings culture and energy to the city of Miami and its visitors. And of course, Miami’s white sand beaches are famous around the world. The city is also known for its numerous high-end shopping areas and local sports teams including the Marlins, Dolphins and Miami Heat.
Its major entry points for trade, business and travel include Miami International Airport, the fifteenth busiest airport in the United States, and the Port of Miami, the busiest passenger seaport in the United States. With an on-going influx of domestic Annual visitors and international visitors and new residents, Miami appears set to continue its impressive track record for the foreseeable 23,000,000 future.
Avison Young | Confidential offering memorandum 30 Downtown Miami | Hotel Development Site 04. Economics 139 NE 1st Street Miami, FL 33132
Employment and economic impact
The majority of Miami’s economy is centered around tourism, with its extensive beaches, luxurious hotels, and renowned shopping hotspots. The city is visited year-round, especially when northern snow birds flee to the south during the harsh winter months. However, trade has also helped stimulate the economy. The city’s location makes it a top domestic location for entities doing business in the Caribbean and Latin America. As a result, Miami’s employment numbers continue to be strong, with historically low 1.8% unemployment as of December 2019.
Region and population
Greater Downtown Miami is the largest metro area of the third most populous state in the United States. As of 2019, Miami-Dade has a population of over 2.7M residents, and Miami ranked 2nd overall among US cities in overall population growth in 2019. At current growth rates, Miami Dade county is gaining 225 residents per day. More broadly, South Florida’s population has boomed since 2010, driven in part by domestic immigration from the Northeast United States as mobile, affluent residents of high-tax states continue to relocate to the more favorable tax environment in Florida. Retirees and international immigrants from Latin America also account for a large portion of this growth.
Miami’s top 7 fastest-growing companies Corporate headquarters in Miami, Florida
Company Two-year revenue % growth Company Monat Global 758.86% Burger King Worldwide Pan American Zink 176.32% Carnival Corporation The Revenue Optimization Companies 131.82% Embraer North America SMP Pharmacy Solutions 80.21% FedEx North America Century Metals % Supplies 76.25% Lennar Corp City National Bank of Florida 66.27% Medtronic Latin America UniVista Insurance 64.62% UPS Latin America & Carribean Ryder System
Avison Young | Confidential offering memorandum 31 Downtown Miami | Hotel Development Site 04. Points of interest 139 NE 1st Street Miami, FL 33132
1. Miami Design District 6. Bayfront Park
An 18-square block creative neighborhood and shopping Bayfront Park is 32 acres of lush greenery which includes a small district dedicated to innovative fashion, design, art, architecture, sand beach, tropical rock garden and waterfall, playground, entertainment, and dining experiences. Historically a part of fountain, Light Tower, and many different monuments. Buena Vista neighborhood.
2. Wynwood 7. Adrienne Arsht Center
One of the most popular sites to visit in the heart of Miami, Set in the heart of downtown Miami and designed by world- Florida. Wynwood overflows with vibrant artwork, restaurants, renowned architect Cesar Pelli, the Adrienne Arsht Center for breweries, clothing stores, dance and club venues, among other the Performing Arts of Miami-Dade County is one of the world’s retail options. It is north of Downtown Miami and Overtown, and leading performing arts organizations and venues. adjacent to Edgewater.
3. Shops at Midtown Miami 8. Frost Museum of Science
The Shops at Midtown Miami is a 645,000-sf retail property The Phillip and Patricia Frost Museum of Science is a science featuring the largest critical mass of value-oriented retailers in museum, planetarium, and aquarium located in Museum Park the City of Miami. The Shops at Midtown Miami is situated near in Downtown Miami. The museum recently completed a $35M renovation and features a 500,000 gallon aquarium. the convergence of I-95 and I-195, just west of Miami Beach and north of downtown Miami.
4. MiMo Historic District 9. Perez Art Museum Miami
MiMo Historic District runs roughly from 50th Street to 77th Pérez Art Museum Miami (PAMM) is a modern and contemporary Street along Biscayne Boulevard. The area is filling up with stylish art museum located in Downtown Miami, dedicated to collecting shops, restaurants, bars, and boutique hotels. and exhibiting international art of the 20th and 21st centuries.
5. Brickell City Centre 10. American Airlines Arena
Brickell City Centre is a $1.05 billion shopping and mixed-use A sports and entertainment arena located in Downtown along project in Downtown Miami. Biscayne Bay. The Arena has 2,105 club seats, 80 luxury suites, and 76 private boxes and is home to the Miami Heat.
Avison Young | Confidential offering memorandum 32 Downtown Miami | Hotel Development Site 04. Points of interest | map 139 NE 1st Street Untitled map Miami, FL 33132
Untitled layer
139 NE 1st St Miami Design District Wynwood
4 The Shops at Midtown Miami MiMo Garden Center Brickell City Centre Bayfront Park 1 Adrienne Arsht Center for the Performing Arts of Miami- 3 Dade County 2
Phillip and Patricia Frost Museum of Science Pérez Art Museum Miami 7 AmericanAirlines Arena 9 8 10
6
5
Avison Young | Confidential offering memorandum 33 Downtown Miami | Hotel Development Site 04. Demographics - 3 miles 139 NE 1st Street Miami, FL 33132
Population
2020 Estimated population 247,428
2025 Estimated population 276,693
2010 Census population 200,178
2020 Families 52,415
Projected annual growth 2020 to 2025 2.2%
Households
2020 Estimated households 108,290
2025 Estimated households 122,326
2010 Census households 84,870
Projected household growth 2020 to 2025 2.4%
Household income
2020 Estimated average household income $87,073
2020 Estimated median household income $52,741
Business and employees
2020 Total businesses 23,480
2020 Total employees 184,316
Employee / Resident Ratio (per 100 residents) 74/100 Population Growth by 2025 Total employees Avg. HH income Data provided by ArcGIS. 247,428 2.2% 184,316 $87,073
Avison Young | Confidential offering memorandum 34 Confidential information and disclaimer
Avison Young (“Agent”) has been engaged by Ownership (“Seller”) as the exclusive agent for the sale of dade By taking possession of an reviewing the information contained herein, the recipient agrees that (a) Commonwealth Building (the Property”). the enclosed materials and their contents are of a highly confidential nature and will be held and The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent makeno treated in a strictest confidence and shall be returned to Agent or Seller promptly upon request; and representations or warranties as to the accuracy of the information contained in this Offering Memorandum. (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding The enclosed materials include highly confidential information and are being furnished solely for the any aspect of the enclosed materials or the Property without the prior written approval of the Seller purpose of review by prospective purchasers of the interest described herein. Neither the enclosed or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without materials nor any information contained herein is to be used for any other purpose or made available the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/ to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to or Registration Agreement executed and delivered by the recipient(s) to Avison Young. Seller will receiving the enclosed, should be registered with Avison Young as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor”. The use of this Offering Memorandum and be responsible for any commission due to Agent in Connection with the sale of the Property. Each the information provided herein is subject to the terms, provisions and limitations of the confidentiality prospective purchaser will be responsible for any claims for commissions by any other broker or agreement furnished by Agent prior to delivery of this Offering Memorandum. agent in connection with a sale of the Property if such claims arise from acts of such prospective The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence, purchaser or its broker/agent’s authority to act on its behalf. If you have no interest in the property at for which it shall be fully and solely responsible. The material contained herein is based on information this time, please return this Offering Memorandum immediately to: and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries Avison Young contained herein any legal or other documents are not intended to be comprehensive statements of the Attn: Michael T. Fay terms of such documents, but rather only outlines of some of the principal provisions contained therein. Principal, Managing Director Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of 2020 Ponce de Leon Boulevard | Suite 1200 the information contained herein or any other written or oral communication or information transmitted Coral Gables, FL 33134 or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon 305.447.7842 the material contained herein. [email protected] Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right at their sole The information contained herein was obtained from sources believed reliable; however, Avison Young and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the presentation of this property is submitted subject to errors, omissions, change of price or conditions, market without notice. Agent is not authorized to make any representations or agreements on behalf of prior to sale or lease, or withdrawal without notice. Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by owner and any conditions to owner’s obligations there under have been satisfied or waived. If you would like more information on this offering please get in touch.
Broker Team
John K. Crotty, CCIM, Principal Michael T. Fay, Managing Director 305 447 7865 305 447 7842 [email protected] [email protected]
Keith Thompson, Principal Berkley Bloodworth, Associate 770 692 1605 954.938.1804 [email protected] [email protected]
David Duckworth, Principal Debt Equity Team 954 938 1806 [email protected] George Vail, Principal 305.447.7869 [email protected] Brian C. de la Fé, Vice President 305 476 7134 [email protected]
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© 2021 Avison Young – Florida, LLC. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young. 2020 Ponce de Leon Boulevard, Coral Gables, Florida | 305 446 0011