Triptych Miami Design District

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Triptych Miami Design District Triptych Miami Design District Subject Property NW 36th Street North Miami Avenue BANKRUPTCY SALE | CALL FOR OFFERS: JUNE 24, 2021 Confidential offering memorandum 3601 North Miami Avenue, Miami, Florida | Mixed-use development sale Table of contents 01. Executive summary 3 02. Property overview 7 03. Market overview 24 04. Area overview 28 2 01. Executive summary Introduction Investment highlights Triptych Miami 01. Introduction 3601 North Miami Avenue Miami, Florida 33127 Avison Young is pleased to exclusively offer thebankruptcy sale of Midtown Triptych, a ±0.99 2020 Taxes AC (±43,057 SF) development opportunity comprising a full city block, located at the juncture of three of Miami’s best neighborhoods – Miami Design District, Midtown Miami and Wynwood. Parcel Number 2020 Taxes A. 01-3124-026-0010 $42,039.95 The site has in-place approvals from the Urban Development Review Board for the construction B. 01-3124-026-0030 $20,567.49 of a 297-key hotel, 45,000 SF of retail and 60,000 SF of office. $4.5M of soft construction costs C. 01-3124-026-0040 $20,704.59 have already been paid as well as impact fees totalling $260,000. Alternatively, the office portion D. 01-3124-026-0050 $20,718.30 of the site could be eliminated, reducing parking requirements. E. 01-3124-026-0170 $22,333.19 With entrance and exit ramps to I-195 located immediately adjacent to the Property, the site is F. 01-3124-026-0060 $19,086.61 supremely accessible from the Miami International Airport, Brickell and Downtown Miami, G. 01-3124-026-0160 $20,774.17 and South Beach. Excellent frontage on NE 36th Street, North Miami Ave and I-195 / SR-112 H. 01-3124-026-0070 $20,370.95 gives exposure to an enormous 182,000 passing vehicles each day. I. 01-3124-026-0150 $13,924.70 While a billboard easement currently exists on the site with 12 years of term remaining, the Total 2020 Real Estate Taxes $200,519.95 opportunity to buy out that easement and fully own and operate the signage could add tremendous value to the project. I-195 There are multiple opportunities to create significant value at the project. The first comes in the form of an approved rooftop terrace space, which will contribute to a highly lucrative F&B revenue component. Several of the country’s top restaurant operators from major cities in the North Miami Avenue northeast have expressed strong interest in the rooftop terrace. The high visibility of the building H I along I-195 would allow for potential naming rights that could result in additional revenue. Lastly, the parking at the project would allow for an additional income stream for the operator. F G The Class-A neighborhoods immediately surrounding the Property – the Design District, Midtown and Wywnood – are in the midst of an incredible explosion, driven by their status as D E arts districts, cultural hubs and nightlife hotspots. Developments have multiplied rapidly in recent years, and the daytime and residential populations of the area have exploded. A B C Opportunities to acquire sites of significant buildable scale are dwindling. The offering represents a unique opportunity to acquire a flexible, aggressively-zoned landmark site in the midst of Miami’s three most-dynamic high-growth neighborhoods. NW 36th Street Avison Young | Confidential offering memorandum 4 Triptych Miami 01. Investment highlights 3601 North Miami Avenue Miami, Florida 33127 Existing approvals • The in-place approvals from Urban Development Review Board permit the construction of a 297-key hotel, 45,000 SF of retail space and 60,000 SF of office space. Alternately, a developer could eliminate the office space component to reduce the project’s parking requirement and total construction costs. 0.99 acre site • The Property has in-place approvals for construction, and $4.5M of soft construction costs have already been paid as well as impact fees totalling $260,000. While developers may wish to alter or scale down the final construction plan versus the current plan, we believe the existing approvals will allow for an expedited and relatively inexpensive approval adjustment process. Approval for Favorable zoning 297 key hotel 45k sf retail and • In-place zoning at the Property is T6-12-O, a permissive zoning designation that allows the construction of vertical, mixed-use 60k sf office development to a height of 20 stories with public benefit bonuses. • The zoning designation permits a broad range of uses, including hospitality (300 du/ac), retail and office, as well as residential construction (150 du/ac), at a maximum Floor-Lot Ratio of 10.4, with public benefit bonuses. ±448k sf Superb location and access development potential • Triptych is located at the intersecton of the Miami Design District, Midtown Miami, and Wynwood - 3 of Miami’s fastest-growing neighborhoods with some of the city’s premier high-end shopping, dining and nightlife locations, and a rapidly-growing office node. • The Property is located within walking distance of the cores of Midtown Miami and the Miami Design District, and near the popular creative hub of Wynwood, thriving neighborhoods in Miami known for their creative arts, shopping and entertainment options. 20 story potential • With a location on North Miami Avenue and directly bordering I-195 and SR-112, the Property is positioned with ideal access from adjacent on-off ramps near NW 37th Street and NW 38th Street. From those access points, motorists can reach the Miami International Airport in 9 minutes, Brickell and Downtown Miami in 10 minutes, and the core of South Beach in 15 minutes. • The Property will benefit from the newly approved extension for the MetroMover, a free train system operated by Miami-Dade County. T6-12-O zoning The extension will run along North Miami Avenue through six new stations, connecting the Miami Design District, Midtown Miami and Wynwood neighborhoods to the rest of Greater Downtown Miami. Two of the proposed Metromover stations will be within two blocks of the Property. • With strategic positioning at the convergence of the Design District and Midtown, a development at the Property will serve to bridge Close to Design District, these two neighborhoods, benefitting from the strong high-end retail, office and residential activity at both. Midtown and Wynwood Avison Young | Confidential offering memorandum 5 Triptych Miami 01. Bankruptcy sale 3601 North Miami Avenue Miami, Florida 33127 Offer solicitation process Offers should be presented to Avison Young in the form of a non-binding Letter of Intent delineating the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1. Purchase price 2. Due diligence and closing time frame 3. Earnest money deposit 4. Qualifications to close All offers are subject to bankruptcy court approval. If interested in being a Stalking Horse, please contact us. If interested in financing options for acquisition please contact George Vail on our debt team to discuss specific terms. Avison Young | Confidential offering memorandum 6 02. Property overview Property aerials Survey Accessibility Zoning summary Comparables Triptych Miami 02. Aerials | looking north 3601 North Miami Avenue Miami, Florida 33127 Design District | 22,000 AADT North Miami Avenue I-195 to Julia Tuttle Causeway | 146,000 AADT Exit Ramp 18,500 AADT 3601 North Miami Avenue NW 36th Street | 19,400 AADT Avison Young | Confidential offering memorandum 8 Triptych Miami 02. Aerials | looking east 3601 North Miami Avenue Miami, Florida 33127 Design District I-195 to Julia Tuttle Causeway 3601 North Miami Avenue NW 36th Street North Miami Avenue Avison Young | Confidential offering memorandum 9 Triptych Miami 02. Aerials | looking west 3601 North Miami Avenue Miami, Florida 33127 Exit Ramp I-195 to Julia Tuttle Causeway 3601 North Miami Avenue NW 36th Street Avison Young | Confidential offering memorandum 10 Triptych Miami 02. Aerials | looking south 3601 North Miami Avenue Miami, Florida 33127 Brickell Edgewater Wynwood NE 1st Avenue North Miami Avenue Avenue Miami Miami North North NW 36th Street Design I-195 to Julia Tuttle Causeway 3601 North District Miami Avenue Avison Young | Confidential offering memorandum 11 Triptych Miami 02. Survey 3601 North Miami Avenue Miami, Florida 33127 Avison Young | Confidential offering memorandum 12 Triptych Miami 02. Accessibility 3601 North Miami Avenue Miami, Florida 33127 Morningside North Miami Avenue Federal Highway Design District On ramp On ramp Julia Tuttle Causeway Off ramp Off ramp Biscayne Bay Biscayne Boulevard Wynwood Edgewater East Coast Avenue Avison Young | Confidential offering memorandum 13 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127 Avison Young | Confidential offering memorandum 14 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127 Avison Young | Confidential offering memorandum 15 Triptych Miami 02. Renderings 3601 North Miami Avenue Miami, Florida 33127 Avison Young | Confidential offering memorandum 16 Triptych Miami 02. Zoning summary 3601 North Miami Avenue Miami, Florida 33127 The Property is zoned T6-12-O, a permissive zoning designation which allows for the construction of mixed-use vertical product at a height of 12 stories by right, and up to 20 stories with public benefit bonuses. FLR for T6-12-O zoning is 8 by right, with an additional 30% public benefit bonus bringing the total to 10.4. Residential density in this designation is 150 dwelling units or 300 hotel keys per acre, and the designation permits a wide range of other uses including office and retail. It is well-suited for the proposed mixed-use project. Zoning T6-12-O Parcel Assemblage Lot Area 5,000 SF Min. ±43,057 SF Lot Width 50 Feet Min. ±0.99 AC Floors (by Right) 12 floors _ Floors (with Bonuses) 20 floors _ Lot Coverage 80% Max. ±34,446 SF Floor Lot Ratio 8 by Right ±344,456 FLR Bonus 10.4 with Bonus ±447,793 Frontage at Front Setback 70% Min.
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