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Home , Culmer station, Greater Downtown Miami, Margaret Pace Park, MIA Mover, Opera Tower, Quantum on the Bay

1768 NE 2ND COURT - FL 33132

CONFIDENTIAL OFFERING MEMORANDUM www.cbre-miami18.com Affiliated Business Disclosure Disclaimer MIAMI 18 OPPORTUNITY CBRE, Inc. operates within a global family of companies with many This Memorandum contains select information pertaining to the Property and 6 subsidiaries and related entities (each an “Affiliate”) engaging in a broad range the Owner, and does not purport to be all-inclusive or contain all or part of the of commercial real estate businesses including, but not limited to, brokerage information which prospective investors may require to evaluate a purchase services, property and facilities management, valuation, investment fund of the Property. The information contained in this Memorandum has been management and development. At times different Affiliates, including CBRE obtained from sources believed to be reliable, but has not been verified for 12 DEVELOPMENT REQUIREMENTS Global Investors, Inc. or Trammell Crow Company, may have or represent clients accuracy, completeness, or fitness for any particular purpose. All information who have competing interests in the same transaction. For example, Affiliates is presented “as is” without representation or warranty of any kind. Such or their clients may have or express an interest in the property described in information includes estimates based on forward-looking assumptions relating this Memorandum (the “Property”), and may be the successful bidder for the to the general economy, market conditions, competition and other factors 20 EXISTING LEASE Property. Your receipt of this Memorandum constitutes your acknowledgement which are subject to uncertainty and may not represent the current or future of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate performance of the Property. All references to acreages, square footages, has an obligation to disclose to you such Affiliates’ interest or involvement in and other measurements are approximations. This Memorandum describes the sale or purchase of the Property. In all instances, however, CBRE, Inc. and certain documents, including leases and other materials, in summary form. its Affiliates will act in the best interest of their respective client(s), at arms’ These summaries may not be complete nor accurate descriptions of the full 24 OPPORTUNITY ZONE length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. agreements referenced. Additional information and an opportunity to inspect and its Affiliates will conduct their respective businesses in a manner consistent the Property may be made available to qualified prospective purchasers. with the law and all fiduciary duties owed to their respective client(s). You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent 28 SURROUNDING AREA & MIAMI MSA Confidentiality Agreement legal and financial advisors, and carefully investigate the economics of this Your receipt of this Memorandum constitutes your acknowledgement that transaction and Property’s suitability for your needs. ANY RELIANCE ON THE (i) it is a confidential Memorandum solely for your limited use and benefit in CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. determining whether you desire to express further interest in the acquisition 36 TRANSPORTATION of the Property, (ii) you will hold it in the strictest confidence, (iii) you will The Owner expressly reserves the right, at its sole discretion, to reject any or all not disclose it or its contents to any third party without the prior written expressions of interest or offers to purchase the Property, and/or to terminate authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) discussions at any time with or without notice to you. All offers, counteroffers, you will not use any part of this Memorandum in any manner detrimental to and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner the Owner or CBRE, Inc. shall have any legal commitment or obligation except as set forth in a fully 44 PARKS & CULTURE If after reviewing this Memorandum, you have no further interest in purchasing executed, definitive purchase and sale agreement delivered by the Owner. the Property, kindly return it to CBRE, Inc.

50 DEMOGRAPHICS CONTACT INFORMATION MIAMI 18 WEBSITE Christopher Wood Jason Spalding www.cbre-miami18.com +1 954 745 5852 +1 954 331 1719 [email protected] [email protected] 54 OFFERING PROCESS

© 2019 CBRE, Inc. All Rights Reserved. TABLE OF Contents MIAMI 18 OPPORTUNITY MIAMI 18 The allowable density under the adopted Miami 21 – Omni designated area is 500 units / acre, thus equating to 735 units, however with the potential density bonuses it is estimated that a project size of 1,102 units is achievable. Reference the Development Requirements OPPORTUNITY section of the OM for further details. The Miami 18 development may include multi-family , residential condo, senior living, hotel / lodging, office, and retail components along with a 10% open space requirement (6,422 sf).

CBRE IS PLEASED TO PRESENT MIAMI 18, A 1.47 ACRE (64,217 SF) The neighborhood has recently transitioned into an area of high demand given:

HIGH-RISE DEVELOPMENT OPPORTUNITY, SITUATED WITHIN THE •• It’s proximity to both the district’s arts hub, just to the west, as well as the Midtown district’s big box retail shopping destinations and Design District’s high-end retail stores just to the north. EDGEWATER NEIGHBORHOOD AT 1768 NE 2ND COURT IN MIAMI, FL. •• The local market requirements to provide more housing closer to major employment centers in , Miami and . •• Ease of access to all major highways (I-195 to the north, the to the east, I-395 to the south, and I-95 to the west). The property consists of nearly an entire city block and is well situated within an existing opportunity zone, just one •• Accessibility to local and regional rail transportation (’s Adrienne Arsht Center Station, Metrorail’s , block west of Biscayne Blvd and three blocks north of the Venetian Causeway. ’s Virgin MiamiCentral Station, and proposed Baylink monorail).

The Miami 18 property is designated with a T6-36B Open zoning under the Miami 21 Zoning Code and it has a Miami The Miami 21 property provides for a development opportunity to create your own high-rise vision positioned just three blocks west of Comprehensive Neighborhood Plan Future Land Use designation of Restricted Commercial. The property and any the and under a favorable deal structure given the considerable savings allowed under the U.S. Treasury Department’s proposed buildings can be developed: Opportunity Zone tax incentive regulations.

PARCELS TABLE AS OF RIGHT WITH BONUSES TOTAL MAP ID FOLIO ADDRESS AREA (AC) AREA (SF) MAX HEIGHT 36 STORIES Additional 24 stories 60 stories 1 01-3231-003-0950 1790 NE 2ND COURT 0.27 11,550 LOT SIZE 64,217 sf 2 01-3231-003-0960 210 NE 18TH STREET 0.27 11,550 3 01-3231-003-0970 1775 NE 2ND AVENUE 0.12 5,250 MAX FLOOR AREA RATIO (FLR) 22 Additional 40% 4 01-3231-003-0980 1772 NE 2ND COURT 0.12 5,250 MAX GROSS FLOOR AREA* 1,412,774 sf 565,110 sf 1,977,884 sf 5 01-3231-003-0990 1773 NE 2ND AVENUE 0.20 8,573 6 01-3231-003-1000 1753 NE 2ND AVENUE 0.16 7,177 * Max Gross Floor Area = Lot Size x FLR 7 01-3231-003-1010 1768 NE 2ND COURT 0.12 5,250 Max Gross Floor Area includes all floor area of each slab, including mechanical and parking areas. Leaseable / Sellable Area as a percentage of Gross Floor Area may vary depending on parking requirements, or reductions. 8 01-3231-003-1020 231 NE 17TH TERRACE 0.13 5,775 Lot Size is inclusive of vacated alley ways. SUBTOTAL 1.39 AC 60,375 SF VACATED ALLEY WAYS 0.09 3,842 TOTAL 1.47 64,217 SF 6 MIAMI 18 MIAMI 18 OPPORTUNITY 7 FUTURE DEVELOPMENT / VACATED ALLEY WAYS In addition, on June 5th, 2019, the City of Miami Planning, Zoning, and Appeals Board approved that three internal alleys, outside of and adjacent to the parcels, could be closed and vacated for the purposes of future development. Combined, the three internal alleys comprise 0.09 acres (3,842 SF) of additional property. Reference PZAB Resolution PZAR-R-19-0320. Requires final county platting approval.

The net area inclusive of the vacated alley ways and after the required right-of-way dedication is 1.47 acres (64,217 sf). BISCAYNE BAY

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EAST VIEW – NE 17TH TERRACE

8 MIAMI 18 MIAMI 18 OPPORTUNITY 9 DEVELOPMENT REQUIREMENTS BUILDING CONFIGURATION AS OF RIGHT WITH BONUSES** TOTAL MAX HEIGHT 36 STORIES Additional 24 stories 60 stories DEVELOPMENT REQUIREMENTS LOT SIZE 64,217 sf MAX FLOOR LOT RATIO (FLR) 22 Additional 40% MAX GROSS FLOOR AREA* 1,412,774 sf 565,110 sf 1,977,884 sf The Miami 18 property is designated with a A developer can also potentially obtain the be applied to public benefit projects within a * Max Gross Floor Area = Lot Size x FLR. Max Gross Floor Area includes all floor area of each slab, including mechanical and parking areas. Leaseable / Sellable Area as a percentage of T6-36B Open zoning, a highly favorable and following bonus building design configurations number of categories, including: Gross Floor Area may vary depending on parking requirements, or reductions. ** Potential bonuses available via contributions to the Miami 21 Public Benefits Program. desirable zoning designation under the Miami by making contributions through the Miami 21 OPEN SPACE REQUIREMENTS 21 Zoning Code. It has a Miami Comprehensive Public Benefits Program. •• Affordable/Workforce Housing Neighborhood Plan Future Land Use •• Brownfields AREA (AC) AREA (SF) REQUIRED % OPEN SPACE AREA (SF) designation of Restricted Commercial. •• An additional 40% of buildable area, equating •• Civil / Civic Support 1.47 64,217 10% 6,422 to additional 565,110 sf and thus a total of •• Green Building Open Space: Any parcel of area of land or water essentially unimproved by permanent buildings and open to the sky; such space shall be reserved for public or private use. Open Space The T6-36B Open zoning designation allows for: 1,977,884 sf of buildable area. •• Parks & Public Space may include parks, greens, squares, courtyard, gardens, playground, paseos (when designed predominantly for pedestrians), and pedestrian paths or associated landscaped areas. •• An additional 24 stories for development, •• Historic Preservation LOT COVERAGE •• A Floor Lot Ratio (FLR) of 22 as of right, thus a total of 60 stories. allowing for 1,412,774 sf of development. For further detail regarding the Miami 21 Public AREA (AC) AREA (SF) FLOORS MAX % •• Maximum height limit of 36 stories. Such public benefit contributions can consist Benefits Program please visitwww.miami21.org 1.47 64,217 1 - 8 80% •• A density of 500 units / AC under the Omni of on or off-site public improvements or direct In addition, a developer may also increase the Lodging / Residential Use 9+ N/A designated boundary of residential density payments into the Miami 21 Public Benefits unit density by 50%, from 735 units up to 1,102 Commercial / Office Use 9+ N/A increase areas. Trust Fund that allows for the development units, as long as they have the required as-of- Lot Coverage: The area of the lot occupied by all buildings, excluding structures such as decks, pools, and trellises. and funding of specified projects. They can right residual square footage. DENSITY PROPERTY DETAILS AREA (AC) DENSITY UNITS (AS OF RIGHT) UNITS (WITH BONUSES) AREA (AC) AREA (SF) FLU ZONING NEIGHBORHOOD PLAN 1.47 500 Units / AC 735 1,102 1.47 64,217 Restricted Commercial T6-36B Open OMNI (500 Units / AC) In addition, subject to any residual as-of-right Gross Floor Area, ownership has the option to increase unit density by 50%. With the potential bonuses it is estimated that a project size of 1,102 units is achievable. Additional units will have to be acquired and paid for. Estimated cost is approximately $10,000/unit but the pricing can vary.

PARKING REQUIREMENTS BUILDING SETBACKS DEVELOPMENT / USE REQUIRED PER EVERY ADDITIONAL PER EVERY STREET FRONTAGE FLOORS SETBACK FLOORS SETBACK Residential Use 1.5 spaces 1 Dwelling Unit 1 Visitor Space 10 Units NORTH NE 18th Street Primary Front 1 - 8 10’ - 0” 9+ 20’ - 0” Micro Dwelling Units* Exempt Exempt 1 Visitor Space 10 Units EAST NE 2nd Court Secondary Front 1 - 8 10’ - 0” 9+ 20’ - 0” Lodging / Hotel Use 1 space 2 Lodging Units 1 Visitor Space 15 Units SOUTH NE 17th Terrace Primary Front 1 - 8 10’ - 0” 9+ 20’ - 0” Office Use 1 space 800 sf of office space SOUTH - Side 1 - 8 0’ - 0” 9+ 30’ - 0” Commercial / Retail Use 3 spaces 1,000 sf of commercial space WEST NE 2nd Avenue Primary Front 1 - 8 10’ - 0” 9+ 20’ - 0” *As per Miami 21 Zoning, Micro Dwelling Units are defined as having less than 400 SF. WEST - Side 1 - 8 0’ - 0” 9+ 30’ - 0” Additional shared parking reductions may be available. Cannot exceed 50% of required total. May be reduced from 0% - 30% via waiver. May be reduced from 30% - 50% via waiver and payment into a transit enhancement Trust Fund, as established by Chapter 35 of the City Code. Parking may be provided by ownership or lease offsite within 1,000 feet by process of To be verified by planning department. Additional setbacks may be required due to monument billboard on north side. waiver, except when site is within 500 feet of T3. Micro Dwelling Units = 275 sf minimum. Only permitted within a TOD area. Permitted by Warrant. Prohibited on a Lot Abutting T3.

12 MIAMI 18 DEVELOPMENT REQUIREMENTS 13 TRANSIT ORIENTED DEVLOPMENT (TOD) – POTENTIAL DENSITY BONUSES

In addition to the as-of-right allowable density, the City of Miami City Under Chapter 23, the Transfer of Development Density (TDD) is defined Commission adopted Ordinance No. 13787 on September 13th, 2018 as as the sale of the unused development density to another party upon a part of the Miami 21 Zoning Code. The legislation provides for the potential binding written commitment that results in the restoration, rehabilitation, transfer of density from historically designated sites to certain properties and/or preservation of the historic resource for the public benefit. There situated within Transit Oriented Development Zones. are set fees and market rate costs associated with such transfers. RESIDENTIAL DENSITY INCREASE AREAS The ordinance allows for up to a fifty percent (50%) increase above The Miami 18 property is situated: allowable density for properties with T4, T5, and T6 zoning designations •• 0.24 miles northwest of the Adrienne Arsht Center Metromover Station and is permitted through the Historic Preservation Transfer of •• 0.91 miles northeast of the Brightline Virgin MiamiCentral Station Development Density program established in Chapter 23 of the City •• 1.22 miles northeast of the Culmer Metrorail Station Code. This increase is allowable within three-quarters (0.75) of a mile of any transit station. Density transfer into properties with a T4 zoning Thus a fifty percent (50%) increase above the as-of-right allowable density designation is allowed also by exception with City Commission approval. of 735 units, equates to 1,102 units.

TOD - DENSITY BONUS AREA UNITS (AS OF ALLOWABLE ALLOWABLE INCREASE UNITS (WITH DENSITY (AC) RIGHT) INCREASE (%) (UNITS) BONUSES) 1.47 500 Units / AC 735 50% 367 1,102

TRANSIT ORIENTED DEVLOPMENT (TOD) MIAMI 21 ARTICLE 4. Note: The Official Miami 21 Residential Density Increase Areas Diagram is maintained in the Office of the City Clerk. DIAGRAM 9 14 MIAMI 18 DEVELOPMENT REQUIREMENTS 15 HISTORIC PRESERVATION – S&S DINER

One of the parcels within the Miami 18 opportunity contains the former S&S Diner building. The building’s physical address is 1757 NE 2nd Avenue and it falls with the 0.16 AC parcel which has an address of 1753 NE 2nd Avenue (Folio Number 01-3231-003-1000) TRANSIT ORIENTED The S&S Diner building is approximately 1,072 sf and it was DEVLOPMENT (TOD) constructed in 1937. The building has been designated as a historical site by the City of Miami Historic & Environmental MIAMI 21 ARTICLE Preservation Board (HEPB). The board passed and 4. DIAGRAM 11 adopted a resolution (Resolution HEPB 2006-56) on June 6th, 2006 which allowed for the partial demolition of the building. Any future work is required to be consistent with the historic and architectural character of the building in terms of the size, scale, design, and materials which also must comply with the Secretary of the Interior’s “Standard For Rehabilitation”.

In addition:

•• The building has to be maintained as a restaurant. •• As a condition of the Major Use Special Permit (MUSP), any applicant is to provide for a new kitchen.

Note: The Official Miami 21 TOD Diagram is maintained in the Office of the City Clerk.

16 MIAMI 18 DEVELOPMENT REQUIREMENTS 17 EXISTING LEASE EXISTING LEASE MIGNONETTE DOWNTOWN FIRST ADDENDUM RESTAURANT A first addendum to lease was executed on August 7th, 2015 to include additional premises area which A 1,649 sf portion of the building situated at 210 NE 18th Street allowed for additional tenant rent of $2,000.00/ (Folio Number 01-3231-003-0960) is currently occupied by month ($24,000/annually). Mignonette Downtown, an oyster bar and seafood eatery which opened in 2014. The 1,649 sf is not inclusive of the additional premises as noted under the first addendum. EXERCISED OPTION TO EXTEND INITIAL LEASE On July 3rd, 2018, the tenant exercised their option The initial 60 month lease term commenced on February 1st, to extend the initial lease for an additional 60 month 2014 and was predicated upon a minimum tenant rent of the term. The option term commenced on February 1st, greater of $28.79/sf, or the following monthly / annual base rents, 2019 and expires on January 31st, 2024. inclusive of 3% annual increases year over year. In addition the tenant is required to pay their prorated share of real estate taxes, insurance premiums, and common area maintenance capped at a LANDLORD’S maximum of $4.19/sf, or $6,909.31 annually. RIGHT TO TERMINATE

BASE RENT - FEBRUARY 1ST, 2019 EXTENSION* Under the structure of the initial lease and subsequent first addendum, the ownership has the MONTH MONTHLY BASE RENT ANNUAL BASE RENT right to terminate the lease under the provision that 1 - 12 $4,587.25 + Sales Tax $55,046.99 + Sales Tax they provide the tenant at least 6 month’s prior written notice to the end of any term. In the event of 13 - 24 $4,724.87 + Sales Tax $56,698.40 + Sales Tax an early termination the tenant shall be compensated 25 - 36 $4,866.61 + Sales Tax $58,399.35 + Sales Tax one year’s rent.

37 - 48 $5,012.61 + Sales Tax $60,151.33 + Sales Tax

49 - 60 $5,162.99 + Sales Tax $61,955.87 + Sales Tax

* Not including additional premises area.

20 MIAMI 18 EXISTING LEASE 21 OPPORTUNITY ZONE OPPORTUNITY ZONE The Urban Institute developed a score of investment flows to census tracts factoring commercial lending, multifamily lending, single-family lending and small business lending. Data on existing equity flows is limited so debt flows are used The entire Miami 21 property falls within a designated Qualified OpportunityZone as a proxy for understanding access to local capital.

2017 TAX CUTS AND JOBS ACT QOZ Tract 12086002702 Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act(a.ka. tax reform]. The idea behind these zones is to attract investment Investment Score 8 (1 = low to 10 = high) capital,and more specifically, capital gains—into these designated areas. In return forthese investments, investors receive several tax benefits, which 2000-2010 Household Growth 5.80% varydepending upon the time capital remains invested in a Qualified OpportunityZone (Q0Z). Total Households 2010 1,064 1,803 In order to invest in a QOZ investors must utilize a specific investment vehicle: Qualified Opportunity Fund (QOF). To qualify for tax deferral Total Households 2018 benefits,investors must place capital gains into a QOF within 180 days of realizing thegain. Importantly, there is not a limit to the amount of capital gains 2010-2018 Household Growth 6.60% that can bereinvested through a QOF. Average Home Value 2018 $269,372 Median Household Income 2010 $32,151 REDUCTION OF DEFERRED CAPITAL GAINS Median Household Income 2018 $37,061 A QOZ investment allows for the reduction of deferred gains Census Tract 27.02 - Miami Tract #12086002702 Median Household Income Growth 2010 - 2018 15.30% from the sale orexchange of prior investments.

•• QOZ investments maintained for at l&ast 5 years by the end of 2026 will qualify fora 10% reduction of deferred capital gains tar liability (for theoriginal capital gain). •• If the gain has been invested in an opportunity fund for 7 years by the end of2026, the tar liability on the original gain is reduced by 15%. •• Consequently, in order to take advantage of at least some Census Tract 27.02 - Miami of these benefits,capital gains must be reinvested by Tract #12086002702 the end of 2021

Beyond the 5 year and 7 year periods, gains from investments in QOZs becometaxfree after an investment period of at least 10 years (this does not include the original gain reinvested in 2026 180 DAYS the QOZ and will apply to assets held until 2047). Investors can defer taxes on Capital must be placed in an capital until 2026 opportunity fund within 180 days As currently written, should Congress extend the 2026 due date for taxes original gains to at least 2028, it could be possible to erase tax liability for all gains. However, it is worth emphasizing Congressional action would be required for the 2026 date to be extended. 2021 180 DAYS 7 YEAR Must invest by 2021 to take Gain invested qualify for 10% reduction Gain invested qualify for 15% advantage of tax benefits in ammount of taxed gain reduction in amount of taxed gain 24 MIAMI 18 OPPORTUNITY ZONE 25 SURROUNDING AREA & MIAMI MSA SURROUNDING AREA

The Edgewater neighborhood area has recently transitioned into an area of high demand given it’s proximity to both the Wynwood district’s arts hub, just to the west, as well as the Midtown district’s big box retail shopping destinations and Design District’s high-end retail stores just to the north.

Although the Miami 21 property falls the northern portion of the Miami MSA, local market requirements have created a demand for more housing closer to the nearby major employment centers in Downtown Miami and South Beach.

The Edgewater submarket continues to evolve into Miami’s newest hotspot with a convergence of culture and commerce. With more businesses moving in, the walkability of the area makes for a perfect live, work and play environment for today’s working professional. The laidback and quaint charm of Edgewater truly sets it apart from the busier metro districts. MARKET SUBMARKET MAP

28 MIAMI 18 SURROUNDING AREA & MIAMI MSA 29 The immediate surrounding area within the Edgewater district contains a number of existing and proposed development projects.

PROPOSED PROJECTS MAP ID PROPERTY ADDRESS AREA (AC) STORIES PROPOSED FOR B Miami 18 1768 Ne 2Nd Court 1.47 36 735 units * 1 1836 Biscayne 1836 Biscayne Blvd 0.95 40 364 1 2 1825 Biscayne 1825 Biscayne Blvd 1.57 36 785 units * 2 3 Portico 1837 Ne 4Th Avenue 0.59 43 324 condos 4 1775 Edgewater 1775 Biscayne Blvd 1.05 53 400 condos, 200 key hotel, 65,000 sf office, 41,000 sf retail 3 C 5 Biscayne Place 1700 Biscayne Blvd 3.04 36 672 units, 500 key hotel, 300,000 sf retail * 6 Vib Best Western 79 Ne 17Th Terrace 7.22 10 200 key hotel A * As-of-right

EXISTING DEVELOPMENTS 2019 2019 MAP ID PROPERTY ADDRESS STORIES DEVELOPED ASK RENTS SALES AVG SALE D 195 condos A 1800 Biscayne 1800 Biscayne Blvd 22 (582 sf - 2,300 sf) $203/sf - $318/sf $267/sf $2.58/sf - $2.92/sf 698 condos B 1900 N Bayshore Drive 51 (594 sf - 2,011 sf) (2 Towers) $208/sf - $407/sf $335/sf $2.03/sf - $3.27/sf 469 condos C The 1800 N Bayshore Drive 42 (822 sf - 4,120 sf) $267/sf - $466/sf $346/sf $1.93/sf - $2.83/sf 648 condos D 1770 N Bayshore Drive 53 (813 sf - 2,362 sf) $297/sf - $805/sf $596/sf $2.77/sf - $2.92/sf 4 BISCAYNE BAY 471 apartments E E Bay Parc Apt. Homes 1756 N Bayshore Drive 39 (440 sf - 1,246 sf) - - $2.15/sf - $3.37/sf 635 condos F 1750 N Bayshore Drive 56 (401 sf - 1,048 sf) $253/sf - $457/sf $341/sf $2.24/sf - $3.73/sf F 6

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North View – Biscayne Blvd South View – NE 2nd Avenue

30 MIAMI 18 SURROUNDING AREA & MIAMI MSA 31 MIAMI OPERATES AS AN ESTABLISHED GATEWAY MARKET

With more than 70% of its population growth coming from international net migration, and among the top 10 highest Real Estate investment activity globally between 2016-2017, Miami has emerged as one of the world’s true gateway cities.

MASSIVE FOREIGN INVESTMENT IN MIAMI MSA MAGNET FOR GLOBAL WEALTHY ELITE •• Between 2016-2017 global capital flows into South of • • 70 hedge and private capital funds have relocated to Miami, with $3.8 billion ranked among the top 10 in the US. headquarters for Universa, HIG Capital, ESL Investments, Fairholme Capital Management, and Trivest. GLOBAL LEADER IN TOURISM •• Miami named #8 on global survey of “Cities that Matter to High Net •• #1 & #2 Cruise Ports in the world - Port of Miami & Worth Individuals.” •• Port , respectively.2 •• 22 billionaires own units in the new Porsche Design Tower Miami alone. MIAMI MSA HIGHLIGHTS •• 2nd highest number of foreign visitors in the U.S. •• Art Basel Miami Beach: over 250 of the world’s leading galleries exhibit •• Miami is the fastest growing MSA for foreign tourism. $3 billion in art and attract record attendance of 75,000 people over 5 •• #1 airport in the Nation by percentage of internationaI flights and#2 days - the market’s biggest yearly event. THE MIAMI MSA HAS EXPERIENCED DRAMATIC POPULATION GROWTH in volume of international passengers (MIA). •• MIA/ NYC - #2 Private Jet Route in the World in 2013. OVER THE PAST 5 YEARS, ADDING 416,000 PEOPLE TO BRING THE •• 4th highest ADR & RevPAR in the Nation, trailing only New York, •• ranked #1 in the world for highest sales CURRENT TOTAL TO 6.2 MILLION. Oahu & . per square foot. •• Over this period, ’s growth ranked 4th among the 15 most populous MSAs. •• 71% of this was attributable to international net migration, led by the SURGING POPULATION •• 48,000 Latin Americans who relocate to Miami annually. MIAMI’S CBD IS BECOMING A MAGNET FOR THE WORLD’S TOP COMPANIES

OVER THE NEXT 5 YEARS, THE POPULATION IS PROJECTED TO CONTINUE ITS CLIMB BY 569,000 PEOPLE.

SIMILARLY, THE MIAMI MSA HAS EXPERIENCED ROBUST EMPLOYMENT GROWTH WITH 350,000 NEW JOBS ADDED OVER THE PAST 5 YEARS. •• #2 fastest growing employment market among the largest U.S. MSAs. •• #4 among 20 top MSAs in attracting the most educated labor force. ROBUST LABOR MARKET 182,000 INCREASE IN EMPLOYMENT PROJECTED OVER THE NEXT 5 YEARS. 32 MIAMI 18 SURROUNDING AREA & MIAMI MSA 33 TRANSPORTATION METROMOVER AUGUST 2018

NE 15 ST ADRIENNE ARSHT CENTER SCHOOL BOARD

I-195 MACARTHUR CSWY

ELEVENTH MUSEUM

N MIAMI AVE STREET PARK

BRIGHTLINE COLLEGE WILKIE D. NORTH FERGUSON, JR. TRANSFER TO TRANSFER TO BRIGHTLINE INNER LOOP NE 6 ST PORT BLVD COLLEGE METROMOVER BAYSIDE AUGUST 2018 TRANSFER TO OMNI LOOP BISCAYNE BLVD BISCAYNE NE 15 ST ADRIENNE ARSHT CENTER GOVERNMENT FIRST STREET SCHOOL CENTER BOARD TRANSFER TO METRORAIL FLAGLER ST METROMOVER KNIGHT I-195 MACARTHUR CSWY CENTER BAYFRONT AUGUST 2018 TRANSFER TO PARK INNER LOOP ELEVENTH MUSEUM

NE 15 ST ADRIENNE ARSHT CENTER N MIAMI AVE STREET PARK SCHOOL I-95 RAMP THIRD BRIGHTLINE PARK WEST STREET RIVERWALK BISCAYNE BLVD WAY BOARD COLLEGE TRANSFER TO WILKIE D. NORTH BRICKELL LOOP FIFTH STREET TRANSPORTATION FERGUSON, JR. TRANSFER TO FREEDOM TOWER TRANSFER TO BRIGHTLINE INNER LOOP I-195 MACARTHUR CSWY NE 6 ST PORT BLVD METRORAIL S MIAMI AVE COLLEGE (EIGHTH STREET) I-95 / I-395 / I-195 VENETIAN CAUSEWAY ELEVENTH BAYSIDE SW 8 ST DR Miami 18 is conveniently located 0.92 miles east of I-95, 0.48 miles In addition, Miami 18 is situated just 4 blocks north of the Venetian Causeway, MUSEUM TRANSFER TO OMNI LOOP TENTH STREET N MIAMI AVE STREET BLVD BISCAYNE north of I-395, and 1.27 mile south of I-195. providing direct access to the South Beach retail and dining destinations PARK PROMENADE GOVERNMENT FIRST STREET located along Alton Road, Purdy Lane, and . CENTER BRIGHTLINE PARK WEST TRANSFER TO METRORAIL BRICKELL FLAGLER ST TRANSFER TO METRORAIL KNIGHT I-95 Located at NE 15th Street just 4 blocks south of Miami 18. The roadway provides COLLEGE MIAMI AVENUE WILKIE D. CENTER BAYFRONT FINANCIAL DISTRICT I-95 is the main north / south expressway along the eastern U.S. an alternative access point to the beaches, connecting from U.S. 1 across the NORTH TRANSFER TO PARK FERGUSON, JR. TRANSFER TO INNER LOOP coast and has daily traffic counts of more than 300,000 vehicles / Biscayne Bay and Venetian Islands to Alton Road on South Beach. Given the FREEDOM TOWER TRANSFER TO BRIGHTLINE INNER LOOP NE 6 ST PORT BLVD day within the City of Miami. I-95 extends from the Rickenbacker scenic views many local residents use the Venetian Causeway’s pathways and I-95 RAMP THIRD LEGEND Causeway (Exit #1A) located 3.24 miles south of Miami 18, all the sidewalks for exercising, jogging, and bicycling. The MiamiSTREET 18 propertyRIVERWALK is situatedBISCAYNE BLVD 0.24 WAY miles northwest of the Adrienne Arsht Center MIAMI RIVER way north through Maine to Route 2 (Exit #305) near the border COLLEGE MetromoverTRANSFER TOStation. Metromover is a free mass transit automatedOMNI LOOP train BRICKELL LOOP FIFTH STREET crossing at New Brunswick, Canada. BAYSIDE system operated by Miami-Dade Transit. The Metromover operates on an overhead TRANSFER TO INNER LOOP OMNI LOOP 4.40 mile electrically-powered, track system and serves the Downtown Miami, Brickell, BISCAYNE BLVD BISCAYNE METRORAIL S MIAMI AVE BRICKELL CITY CENTRE BRICKELL LOOP PINEWOOD GOVERNMENT Park West and Arts(EIGHTH & Entertainment STREET) District neighborhoods. Major destinations include FIRST STREET SW 8 ST BRICKELL KEY DR CENTER the Miami-Dade County School Board, Adrienne Arsht Center,STATION MauriceSERVING SINGLE A. LOOP Ferré Park 95 TENTH STREET I-395 / SR 836 (Dolphin Expressway) TRANSFER TO METRORAIL (), AmericanPROMENADE Airlines Arena, , the Government Center, I-395 is the main east/west expressway to the south of Miami 18. FLAGLER ST and Brickell City Centre. STATION SERVING MULTIPLE LOOPS HIALEAH KNIGHT The 6 lane divided highway accommodates over 160,000 vehicles / MIAMI AVENUE BRICKELL CENTER BAYFRONT TRANSFER TO METRORAIL day and stretches for over 15.80 miles from the Turnpike in western BRICKELL AVENUE RECOMMENDED TRANSFER STATION BROWNSVILLE TRANSFER TO PARK FINANCIAL DISTRICT Miami-Dade County, east across along the MacArthur 27 INNER LOOP Causeway to Alton Road on South Beach. DIRECTION OF TRAVEL MIAMI 18 195 LEGENDLEGEND 1768 NE 2ND CT I-95 RAMP METRORAIL & BRIGHTLINE MIAMI INT'L 953 THIRD AIRPORT RIVERWALK BISCAYNE BLVD WAY OMNI LOOP ADRIENNE ARSHT CENTER STREET SCHOOL BOARD INNER LOOP BRICKELL LOOP MIAMI RIVER Serves Downtown Downtown to Brickell 395 TRANSFER TO (Central Business District) (South Extension) I-195 / SR 112 (Airport Expressway) 836 INNER LOOP MIAMI BEACH WILKIE D. BRICKELL LOOP ELEVENTH MUSEUM COLLEGE STREET FERGUSON, JR. I-195 is the main east/west expressway to the north of Miami 18. The FIFTH STREET PARK TRANSFER TO BRIGHTLINE NORTH BRICKELL LOOP WILKIE D. PARK WEST FERGUSON, JR. COLLEGE MIAMI COLLEGE TRANSFER TO BRIGHTLINE NORTH COLLEGE BAYSIDE 6 lane divided highway accommodates over 115,000 vehicles / day WILKIE D. TRANSFER TO OMNI LOOP NORTH COLLEGE FERGUSON, JR. TRANSFER TO FREEDOM TOWER TRANSFER TO BRIGHTLINE INNER LOOP BAYSIDE GOVERNMENT FIRST STREET STATION SERVING SINGLE LOOP TRANSFER TO OMNI LOOP CENTER and stretches for over 7.70 miles from the US Hwy 27 / Okeechobee TRANSFER TO METRORAIL COLLEGE GOVERNMENT FIRST STREET METRORAIL S MIAMI AVE BRICKELL CITY CENTRE BAYSIDE CENTER KNIGHT TRANSFER TO METRORAIL BAYFRONT AND BRICKELL LOOP CENTER Road at the northeast corner of the Miami International Airport, east TRANSFER TO PARK GOVERNMENT FIRST STREET MIAMI AVENUE INNER LOOP (EIGHTH STREET) STATION SERVING MULTIPLE LOOPS CENTER BAYFRONT KNIGHT PARK across the Causeway to Alton Road on South Beach. CORAL GABLES SW 8 ST BRICKELL KEY DR TRANSFER TO METRORAIL CENTER THIRD STREET RIVERWALK RECOMMENDED TRANSFER STATION KNIGHT FIFTH STREET TENTH STREET CENTER 1 THIRD BRICKELL CITY CENTRE STREET (EIGHTH STREET) TRANSFER TO BRICKELL LOOP PROMENADE TENTH STREET DIRECTION OF TRAVEL PROMENADE OMNI LOOP Downtown to Omni BRICKELL (North Extension) TRANSFER TO METRORAIL 0 10.5Miles ¯ BRICKELL METRORAIL & BRIGHTLINE FINANCIAL DISTRICT TRANSFER TO METRORAIL ADRIENNE ARSHT CENTER www.miamidade.gov/transit BRICKELL AVENUE SCHOOL BOARD 36 MIAMI 18 INNER LOOP BRICKELL LOOP INFORMATION : INFORMACIONTRANSPORTATION : ENFOMASYON 37 Serves Downtown Downtown to Brickell (Central Business District) (South Extension) 311 OR 305.468.5900 TTY/FLORIDA RELAY: 711 FINANCIAL DISTRICT WILKIE D. ELEVENTH MUSEUM COLLEGE STREET FERGUSON, JR. PARK TRANSFER TO BRIGHTLINE NORTH WILKIE D. PARK WEST FERGUSON, JR. COLLEGE COLLEGE TRANSFER TO BRIGHTLINE NORTH COLLEGE BAYSIDE WILKIE D. TRANSFER TO OMNI LOOP NORTH COLLEGE FERGUSON, JR. TRANSFER TO FREEDOM TOWER @GOMIAMIDADE MDT TRACKER • EASY PAY MIAMI TRANSFER TO BRIGHTLINE INNER LOOP BAYSIDE GOVERNMENT FIRST STREET TRANSFER TO OMNI LOOP CENTER TRANSFER TO METRORAIL COLLEGE GOVERNMENT FIRST STREET BAYSIDE CENTER KNIGHT TRANSFER TO METRORAIL BAYFRONT AND BRICKELL LOOP CENTER LEGEND TRANSFER TO PARK GOVERNMENT FIRST STREET MIAMI AVENUE INNER LOOP CENTER BAYFRONT KNIGHT PARK TRANSFER TO METRORAIL CENTER THIRD STREET RIVERWALK BAYFRONT PARK KNIGHT FIFTH STREET OMNI LOOP CENTER THIRD BRICKELL CITY CENTRE STREET (EIGHTH STREET) TRANSFER TO BRICKELL LOOP TENTH STREET PROMENADE INNER LOOP OMNI LOOP Downtown to Omni BRICKELL (North Extension) TRANSFER TO METRORAIL FINANCIAL DISTRICT BRICKELL LOOP www.miamidade.gov/transit INFORMATION : INFORMACION : ENFOMASYON STATION SERVING SINGLE LOOP 311 OR 305.468.5900 TTY/FLORIDA RELAY: 711

@GOMIAMIDADE MDT TRACKER • EASY PAY MIAMI STATION SERVING MULTIPLE LOOPS

RECOMMENDED TRANSFER STATION

DIRECTION OF TRAVEL

METRORAIL & BRIGHTLINE

ADRIENNE ARSHT CENTER SCHOOL BOARD INNER LOOP BRICKELL LOOP Serves Downtown Downtown to Brickell (Central Business District) (South Extension)

WILKIE D. ELEVENTH MUSEUM COLLEGE STREET FERGUSON, JR. PARK TRANSFER TO BRIGHTLINE NORTH WILKIE D. PARK WEST FERGUSON, JR. COLLEGE COLLEGE TRANSFER TO BRIGHTLINE NORTH COLLEGE BAYSIDE WILKIE D. TRANSFER TO OMNI LOOP NORTH COLLEGE FERGUSON, JR. TRANSFER TO FREEDOM TOWER TRANSFER TO BRIGHTLINE INNER LOOP BAYSIDE GOVERNMENT FIRST STREET TRANSFER TO OMNI LOOP CENTER TRANSFER TO METRORAIL COLLEGE GOVERNMENT FIRST STREET BAYSIDE CENTER KNIGHT TRANSFER TO METRORAIL BAYFRONT AND BRICKELL LOOP CENTER TRANSFER TO PARK GOVERNMENT FIRST STREET MIAMI AVENUE INNER LOOP CENTER BAYFRONT KNIGHT PARK TRANSFER TO METRORAIL CENTER THIRD STREET RIVERWALK BAYFRONT PARK KNIGHT FIFTH STREET CENTER THIRD BRICKELL CITY CENTRE STREET (EIGHTH STREET) TRANSFER TO BRICKELL LOOP TENTH STREET PROMENADE OMNI LOOP Downtown to Omni BRICKELL (North Extension) TRANSFER TO METRORAIL FINANCIAL DISTRICT www.miamidade.gov/transit INFORMATION : INFORMACION : ENFOMASYON 311 OR 305.468.5900 TTY/FLORIDA RELAY: 711

@GOMIAMIDADE MDT TRACKER • EASY PAY MIAMI to est Language Assistance: Miami-Dade Transit (MDT) is committed am ea HOURS OF FREQUENCY/FRECUENCIA/FREKANS to providing information about its transit services to passengers OPERATION ALL with limited English as part of its non-discrimination program. MDT ORANGE GREEN publishes route information in Spanish and Haitian Creole and offers to est est to am ea TRAINS METRORAIL HORAS DE LINE LINE assistance in both languages at our Call Center at 3-1-1 or 305- 468- PALMETTO2 OKEECHOBEE TRANSFER NORTHSIDE TODOS TRENES/ 5900. For more information, call MDT’s Office of Civil Rights & Labor NW 79 ST 79 ST CAUSEWAY TOUT TREN OPERACION / MIA PALMETTO Relations at 786-469-5486. EARLINGTON <--> <--> MEE DR. MARTIN ÈDTAN NAN HEIGHTS <--> DADELAND Miami-Dade County provides equal access and equal opportunity in ESTGATE LUTHER KING, JR. OPERASYON DADELAND SOUTH SOUTH employment and does not discriminate on the basis of disability in its 82 SOUTH programs or services. Auxiliary aids and services for communication HIALEAH are available with five days’ advance notice. For material in alternate TRI-RAIL MONDAY-FRIDAY / LUNES-VIERNES / LENDI-VANDREDI BROWNSVILLE format (audiotape, Braille or computer disk), a signlanguage interpreter or other accommodations, please contact: Miami-Dade Transit, Office of Civil Rights and Labor Relations, 701 NW 1st Court, IALEA MARET EARLINGTON HEIGHTS 5:00 a.m. - MAM TRANSFER BETWEEN 7.5 15 15 Suite 1700, Miami, FL 33136. Attention: Marcos Ortega. Telephone: 786- ORANGE AND GREEN LINES

SRGS BLVD BISCAYNE JULIA TUTTLE CAUSEWAY 6:00 a.m. min min min 469-5225, Fax: 786-469-5589. E-mail: [email protected]. RENTAL CAR MIA TERMINAL 112 195 Español: El Departamento de Transporte Público de Miami-Dade (MDT, CENTER su sigla en inglés) está dedicado a proveer información sobre sus MIAMI AIRORT 6:00 a.m. - 5 10 10 servicios a los pasajeros que no hablan inglés. MDT publica información OO sobre sus rutas de autobús en español y creole haitiano y ofrece NW 27 AVE NW 27 SANTA min min min 9:45 a.m. asistencia en ambos idiomas en nuestro Centro de Llamadas en el 3-1-1 CLARA 1 MIAMI o 305-468-5900. Para más informacion, llame la Ofi cina de Derechos INTERNATIONAL CIVIC Humanos y Relaciones Laborales de MDT al 786-469-5486. 9:45 a.m. - El Condado de Miami-Dade ofrece igualdad de acceso y de oportunidades AIRPORT CULMER MACARTHUR CAUSEWAY 7.5 15 15 CENTER MAM en el empleo y no practica la discriminación por discapacidad, en sus 8 395 EA 3:45 p.m. min min min programas o servicios. Los dispositivos y servicios de ayuda auditiva MIAMICENTRAL HISTORIC / LYRIC THEATRE O para la comunicación están disponibles previa solicitud, con cinco días TO ORT de anticipación. Para obtener materiales en formato alternativo (cinta MAM 3:45 p.m. - 5 10 10 de audio, Braille o disco de computadora), para solicitar un intérprete GOVERNMENT CENTER del lenguaje de las señas u otros servicios similares sírvase llamar a: TTE AVAA 6:45 p.m. min min min SW 8 ST / Transporte de Miami-Dade, Ofi cina de Derechos Civiles y Relaciones 1 Laborales, 701 NW 1st Court, Suite 1700, Miami, FL 33136. Atención: BRICKELL MERORIL CONNECING ERICE Marcos Ortega. Teléfono: 786-469-5225, Fax: 786-469-5589. Correo TE ROAS O L / S 6:45 p.m. - 7.5M 15 15 electrónico: [email protected]. ORA A L / S 8:30 p.m. minTR tri-rail.commin min Kreyòl Ayisyen: Miami-Dade Transit (MDT) angaje li a bay pasaje ak VIZCAYA konesans limite an Anglè yo tout enfòmasyon sou sèvis transpò piblik S S L gobrightline.com nan lang pa yo. MDT pibliye enfòmasyon sou trajè otobis yo an Espanyòl ak an Kreyòl Ayisyen epi li bay asistans nan toude lang yo nan Sant 8:30 p.m. - MIA M miami-airport.com

SW 27 AVE SW 27 S DIXIE HWY R T S 15 30 30 Repons nou an 3-1-1 oswa 305-468-5900. Pou plis enfòmasyon, rele 12:00 a.m. minS D Tmin min Biwo Dwa Sivik ak Relasyon Travay MDT la nan 786-469-5486. The Miami 18 property is situated 0.91 miles northeast of the S C M The Miami 18 property is situated 1.22 miles northeast of Konte Miami-Dade bay aksè ak opòtinite egal ego nan anplwa epi li pa fè diskriminasyon baze sou enfi mite nan pwogram li yo ak sèvis Brightline Virgin Miami Central Station. The first phase of the S C TR SATURDAY-SUNDAYthe Culmer /Metrorail SABADO-DOMINGO Station. / SANMDI-DIMANCH The Metrorail system is a 25 li yo. Aparèy ak sèvis kominikasyon pou moun ki pa tande/wè byen $3 billion Brightline rail transit system was completed in 2017. mile dual track train system with 22 stations that provides yo disponib ak yon preyavi senk jou. Pou jwenn dokiman nan lòt fòma ORA S C A (tep odyo, Bray oswa disk konpit), sèvis yon entèprèt ki pale lang siy The Virgin Miami Central Station offers dining options and retail GAES service5:00 a.m. to - Miami15 International 30 30Airport (MIA) and runs from S C oswa lòt akomodasyon, tanpri kontakte: Miami-Dade Transit, Biwo Dwa stores, and is the local hub for major public transit systems Kendall12:00 a.m. throughmin Southmin Miami, minCoral Gables, and Downtown Civil ak Relasyon Travay, 701 NW 1st Court, Suite 1700, Miami, FL 33136. UNIVERSITY Atansyon: Marcos Ortega. Telefòn: 786-469-5225, Faks: 786-469-5589. Imel: [email protected] (MetroRail, MetroMover, MetroBus, TriRail, and Brightline) within MERORIL CONNECING ERICE FREQUENCIESMiami; to ARE the APPROXIMATE Civic Center/Jackson & SUBJECT TO CHANGE Memorial Hospital area; the Government Center district of Downtown Miami. The train ASand NEEDED to Brownsville, LAS FRECUENCIAS Liberty SON APROXIMADAS City, Hialeah, Y and Medley in www.miamidade.gov/transit SOUTHO LMIAMI / S M SUJETAS A CAMBIOS SEGUN SEA NECESARIO / FREKANS YO 82 INFORMATION : INFORMACION : ENFOMASYON system currently connects the CBDs of Miami, Fort Lauderdale, L / S TR tri-rail.com APWOKSIMATIFnorthwest EPI Miami-DadeMATYE A NAN CHANJE County. JAN SA NESESE The trains run in 10 – 30 OR 305.468.5900 TTY/FLORIDA RELAY: 711 and West Palm Beach and will be extended to Orlando in SW 88 ST / minute increments depending on the time of day and fare 311 DADELANDS NORTH S L gobrightline.com the near future. KENDALL DR is $2.25STATION per trip. DETAILS There ON areBACK also multiple transit pass options MIA M miami-airport.com R T S DETALLES SOBRE LAS ESTACIONES EN EL REVERSO to available for regular riders. DADELAND SOUTH S D T DETAY ESTASYON SOU DO @GOMIAMIDADE MDT TRACKER • EASY PAY MIAMI it TRANSFER TO SOUTH DADE TRANSITWAY omestead orida S C MNORT 1 EREST S C TR 38 MIAMI 18 S C A TRANSPORTATION 39 S C MIAMI INTERNATIONAL AIRPORT (MIA) The Miami International Airport (MIA) is situated on 3,230 acres, and is located 4.70 miles west of the Miami 18 property, in-between I-395 / SR 836 (Dolphin Expressway) to the south and I-195 / SR 112 (Airport Expressway) to the north.

In June of 2019, the Miami-Dade County Board of County Commissioners adopted a new capital improvement program for MIA that will fund up to $5 billion in airport-wide modernization projects over the next 5 to 15 years, paving the way for future growth in passenger and cargo traffic projected to reach 77 million travelers and more than 4 million tons of freight by the year 2040.

•• MIA now offers more flights to Latin America and the Caribbean than any other U.S. airport. •• MIA is America’s third-busiest airport for international passengers, boasts a lineup over 100 air carriers, and is the top U.S. airport for international freight. •• MIA is also the leading economic engine for Miami-Dade County generating business revenue of $31.9 billion annually. •• MIA and it’s related aviation industries contribute 275,708 jobs directly and indirectly to the local economy.

2018 Ranking Among U.S. Airports 2018 Passengers 2018 Flight Operations 2018 Ranking Among Worldwide Airports RANKING TYPE TYPE PASSENGERS TYPE FLIGHTS RANKING TYPE 1st International Freight Domestic 23.2 million Domestic 220,657 11th International Freight 3rd International Passengers International 21.9 million International 193,068 41st International Passengers 4th Total Cargo (Freight + Mail) Total 45.1 million Total 413,725 14th Total Cargo (Freight + Mail) 4th Total Freight 12th Total Freight 15th Total Number of Operations 29th Total Number of Operations 13th Total Passengers 42nd Total Passengers

40 MIAMI 18 TRANSPORTATION 41 PARKS & CULTURE PARKS & CULTURE

MARGARET PACE PARK BAYFRONT PARK is an 8 acre urban park located within the Edgewater District Bayfront Park is a 32 acre property consisting of lush greenery, a small sand of Greater Downtown Miami. The park is located 3 blocks east of the Miami 18 beach, tropical rock garden, playground, fountain, Light Tower, and a variety of property at 1745 N Bayshore Drive. The facility includes a baywalk pathway fronting different monuments. The property is located 1.12 miles south of the Miami 18 on the Biscayne Bay, tennis courts, and volleyball courts. property at 310 Biscayne Blvd. The park recently underwent a renovation of its baywalk which runs along the edge of Biscayne Bay, throughout the park, and continues to Bayside Marketplace. The property also has an amphitheater with a capacity of 10,000 people and hosts a number of annual events, concerts, and weekly exercise classes. MAURICE A. FERRE PARK (FNA MUSEUM PARK)

Maurice A. Ferré Park (formerly Museum Park) is a 30 acre public, urban park in downtown Miami. The park is bordered on the south by the American Airlines WYNWOOD WALLS Arena and Bayside Marketplace, and on the north by the Perez Art Museum Miami The City of Miami has the colorful and artsy Wynwood District situated just and the Patricia and Museum of Science. The property is located 0.60 to the northwest of the Miami 18 property. Wynwood has become a haven miles south of the Miami 18 property at 1075 Biscayne Blvd. The park features a for aspiring painters, graffiti artists, creatives and young innovators alike. The waterfront baywalk and promenade from Biscayne Boulevard to Biscayne Bay that Wynwood District is a thriving neighborhood of boutique shops and amazing provides pedestrian access to the museums. restaurants centered around Wynwood Walls. Wynwood Walls is a collection of giant walls from six buildings, and become a blank canvas for famed artists from across the globe.

44 MIAMI 18 TRANSPORTATION 45 ADRIENNE ARSHT CENTER Situated near heart of Downtown Miami, and only 0.30 miles south of the Miami 18 property, the Adrienne Arsht Center for the Performing Arts is one of the world’s leading performing arts organizations and venues. Since opening in 2006, the Arsht Center has emerged as a leader in presenting innovative programming that mirrors South Florida’s WYNWOOD diversity as well as a catalyst for billions of dollars in new development in the downtown WALLS area. The Center presents nearly 400 events each year across its flexible, state-of-the-art performance spaces, and also programs the largest jazz series in South Florida, a major annual Flamenco Festival, and a robust program of new theatrical works. In addition, the facility hosts an arts education program that serves nearly 60,000 children each year.

FROST MUSEUM OF SCIENCE The Phillip and Patricia Frost Museum of Science opened in 2017 and is a leading science MARGARET museum dedicated to sharing the power of science, sparking wonder and investigation, PACE PARK and fueling innovation for the future. It is located 0.48 miles south of the Miami 18 property next to the Maurice A. Ferré Park. The facility offers a planetarium, aquarium and science museum within a 4 story, 250,000 sf building. Guests can explore the world ADRIENNE of science, technology, engineering and math (STEM) in an experiential setting with ARSHT CENTER interactive exhibitions and unique shows. The museum is also dedicated to education, PÉREZ ART MUSEUM MIAMI earning national awards for its summer camps and after-school programs. FROST MUSEUM OF SCIENCE

MAURICE A. FERRÉ PARK

PEREZ ART MUSEUM MIAMI (PAMM) Pérez Art Museum Miami (PAMM) opened in 2013 and is adjacent to the Phillip and Patricia Frost Museum of Science. PAMM is a modern and contemporary art museum dedicated to collecting and exhibiting international art of the 20th and 21st centuries. In addition to exhibitions and art displays, the 200,000 sf facility offers visitors waterfront dining at Verde restaurant, elaborate hanging gardens overlooking spectacular views of BAYFRONT PARK the Biscayne Bay, and a gift shop with a unique selection of art books, furnishings and handmade items.

46 MIAMI 18 TRANSPORTATION 47 DEMOGRAPHICS DEMOGRAHICS_MIAMI 18 - 09/20/2019 DEMOGRAPHIC BRIEF 1/3/5 MILE RADIUS Prepared For:Jason Spalding 210 NE 18TH ST Prepared By:Nathalie Serna

DEMOGRAPHIC BRIEF 1 MILE 3 MILES 5 MILES POPULATION 2019 Population - Current Year Estimate 37,569 270,110 530,621 2024 Population - Five Year Projection 46,883 297,680 570,589 2010 Population - Census 24,673 225,159 467,102 2000 Population - Census 17,996 195,945 434,050 5 MILES 2010-2019 Annual Population Growth Rate 4.65% 1.99% 1.39% 2019-2024 Annual Population Growth Rate 4.53% 1.96% 1.46% HOUSEHOLDS 2019 Households - Current Year Estimate 18,356 115,928 220,507 2024 Households - Five Year Projection 23,015 128,816 237,721 3 MILES 2010 Households - Census 11,625 93,707 192,293 2000 Households - Census 7,264 73,866 169,349 2010-2019 Annual Household Growth Rate 5.06% 2.33% 1.49% 2019-2024 Annual Household Growth Rate 4.63% 2.13% 1.51% 2019 Average Household Size 1.96 2.27 2.36 1 MILE HOUSEHOLD INCOME 2019 Average Household Income $83,810 $69,334 $69,427 2024 Average Household Income $97,284 $81,548 $81,106 2019 Median Household Income $57,288 $40,450 $40,690 2024 Median Household Income $67,510 $49,993 $49,131 2019 Per Capita Income $41,052 $29,847 $28,926 2024 Per Capita Income $47,804 $35,369 $33,861 HOUSING UNITS 2019 Housing Units 22,094 135,571 261,325 2019 Vacant Housing Units 3,738 16.9% 19,643 14.5% 40,818 15.6% 2019 Occupied Housing Units 18,355 83.1% 115,928 85.5% 220,507 84.4% 2019 Owner Occupied Housing Units 7,009 31.7% 34,311 25.3% 68,687 26.3% 2019 Renter Occupied Housing Units 11,346 51.4% 81,617 60.2% 151,820 58.1% EDUCATION 2019 Population 25 and Over 27,569 199,128 390,506 HS and Associates Degrees 11,269 40.9% 90,086 45.2% 186,035 47.6% Bachelor’s Degree or Higher 12,021 43.6% 66,591 33.4% 125,510 32.1% PLACE OF WORK 2019 Businesses 3,134 22,616 41,820 2019 Employees 22,315 188,835 337,212

50 MIAMI 18 DEMOGRAPHICS 51

NAME LATITUDE LONGITUDE

210 NE 18TH ST 25.793316 -80.190468

©2019 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri ProjectID:491368 OFFERING PROCESS OFFERING PROCESS ASRR 18, LLC (the “Seller”) has retained CBRE on an exclusive basis prospective purchasers will use it only for the purposes set forth herein. •• Amount and timing of proposed deposits the Seller may request additional information from interested parties to arrange for the sale of Miami 18 situated within the Edgewater Upon request, the recipient will promptly return all material received •• Adequate evidence of the Purchaser’s financial ability to complete relevant to the transaction. Failure to provide such information on a neighborhood of Miami, FL from the Seller and CBRE (including the COM) without retaining any the transaction timely basis may result in termination of discussions. The Seller reserves copies thereof. In furnishing the COM, the Seller and CBRE undertake no •• A single point of contact including phone number, mailing address, the right to end the sale process or to cease discussions with any and OFFERING MEMORANDUM CONTENTS obligations to provide the recipient with access to additional information. and email address for the delivery of notices all parties at any time prior to entering into a PSA without liability. In its This Confidential Offering Memorandum (“COM”) is being delivered to The division of the COM into sections, paragraphs, sub-paragraphs sole discretion, the Seller reserves the right to remove the Property from prospective purchasers to assist them in deciding whether they wish to and the insertion or use of titles and headings are for convenience or PROPOSALS SUBMISSIONS the market and to alter the offering process described above and timing acquire the Property. This COM does not purport to be all inclusive or to reference only and shall not affect the interpretation of this COM. Neither the Seller nor CBRE make any representation, warranty, or thereof, at any time or times. contain all the information that a prospective purchaser may require in any agreement whatsoever, that the Seller will accept any of the LOI’s, deciding whether or not to purchase the Property. INDEMNIFICATION before or after negotiations, which may be extensive, or, that the Seller, A property website has been set up for this transaction within CBRE’s In exchange for specific good and valuable consideration provided by or CBRE, shall compensate any participant for any costs incurred in Deal Flow platform. Prospective purchasers can visit the website at: This COM is for information and discussion purposes only and does the Seller and CBRE, including without limitation, the delivery of this its participation in the process. Offers will be evaluated, among other not constitute an offer to sell or the solicitation of any offer to buy Interested parties are invited to submit a proposal that addresses the criteria, on the consideration offered for the Property, the prospective MIAMI 18 WEBSITE the Property. The COM provides selective information relating to requirements outlined below. From the submissions, one or more of the purchaser’s ability to complete the transaction and the proposed www.cbre-miami18.com certain portions of the physical, locational and financial characteristics proposals may be short listed to proceed to the next stage of the process terms of closing. of the Property. where it is the intent of the Seller to enter into a binding Agreement of Access to the due diligence and confidential information in both the Purchase and Sale for all or part of the Property. None of the submissions, Prospective purchasers are additionally advised of the following: website and Virtual Deal Room (VDR) is restricted to those who have The information on which this COM is based independent investigation regardless of their form and content, will create any binding legal executed a Confidentiality Agreement (CA). The website will contain and verification of the information provided herein, and should seek legal, obligations upon the Seller or CBRE. All participants in the process do so Proposals will be accepted at the following address: the following information relative to the Property where available and accounting, tax, engineering, planning and other advice as necessary. If of their own accord. Neither the Seller nor CBRE make any representation applicable. Additional documents and materials may be posted to the any information relating to the Property, in addition to the information or warranty, or any agreement whatsoever, that the Seller will accept any CBRE VDR over the course of the marketing process. provided in this COM, is provided at any time, orally or otherwise, by Agreement of Purchase and Sale, before or after negotiations, which may 401 East Las Olas Blvd., Suite 1500 the Seller or CBRE or anyone acting on their behalf, such information be extensive; that the Seller will accept the highest or any price offered Fort Lauderdale, Florida 33301 VIRTUAL DEAL ROOM (VDR) – DUE DILIGENCE is provided as a convenience only without representation or warranty or, that the Seller or CBRE, shall compensate any participant for any costs Attention: Chris Wood / Jason Spalding The Virtual Deal Room (VDR) contains the following information: as to its accuracy or completeness and such information should not be incurred in its participation in the process relied upon by prospective purchasers without independent investigation or via email to: •• DEMOGRAPHICS and verification. PROPOSALS / LETTER OF INTENT GUIDELINES •• MAPS The proposal should be in the form of a non-binding Letter of Intent Christopher Wood •• LEASE CONFIDENTIALITY (“LOI”). The Proposal should outline the terms for the purchase of the [email protected] •• REPORTS By accepting this Confidential Offering Memorandum (“COM”), Property and should include the following information: •• RESOLUTIONS prospective purchasers agree to hold and treat this COM and its contents Jason Spalding •• SURVEY in the strictest confidence. Prospective purchasers will not, directly or •• Purchase price [email protected] •• VACATED ALLEY WAYS indirectly, disclose or communicate or permit anyone else to disclose or •• Proposed closing date communicate this COM or any of its contents distributed, in whole or in •• An indication of any material terms or conditions required by Following the submission of the Proposals, the Seller and CBRE may part, to other parties at any time without the prior written consent of the Purchaser negotiate with the prospective purchaser(s) whose agreement(s) is SALE CONDITIONS the Seller and CBRE. It is made available to prospective purchasers for •• Names of the ultimate beneficial owners of the Property, including their judged to be most attractive to the Seller, in its sole discretion. At any The Property and any fixtures, chattels and equipment included with the information purposes only and upon the express understanding that such respective percentage interests time prior to entering into a Purchase and Sale Agreement(“PSA”), Property are to be purchased on an “as is, where is” basis and there is 54 MIAMI 18 OFFERING PROCESS 55 no warranty, express or implied, as to title, description, zoning, condition, cost, size, quantity or quality thereof and without limiting the foregoing, any and all conditions or warranties expressed or implied.

Any information related to the Property, which has been or will be obtained from the Seller or CBRE or any other person has been prepared and provided solely for the convenience of the prospective purchaser. Neither the Seller nor CBRE make any representation or warranty that such information is accurate or complete. Such information shall not form part of the terms of an agreement of purchase and sale, unless otherwise specifically agreed to in writing by the Seller.

PROPERTY TOURS Miami 18 is available for an area tour and viewing by advance appointment only. Please contact either of the following CBRE agents to schedule a property tour.

CBRE AGENTS All inquiries regarding the Property or any information contained in this COM should be directed to CBRE as exclusive agents for the Seller. For further information, please contact:

Christopher Wood First Vice President Transaction & Advisory Services O: +1 954 745 5852 E: [email protected]

Jason Spalding Senior Associate Transaction & Advisory Services O: +1 954 331 1719 E: [email protected]

56 MIAMI 18 OFFERING PROCESS 57 1768 NE 2ND COURT - MIAMI FL 33132

www.cbre-miami18.com

CONTACT INFORMATION

Christopher Wood +1 954 745 5852 [email protected]

Jason Spalding +1 954 331 1719 [email protected]