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1 7 6 8 N E 2 N D C O U R T 4 M I a M I F L 3 3 1 3 2 1768 NE 2ND COURT - MIAMI 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 apartment, 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 Edgewater neighborhood has recently transitioned into an area of high demand given: HIGH-RISE DEVELOPMENT OPPORTUNITY, SITUATED WITHIN THE • 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. EDGEWATER NEIGHBORHOOD AT 1768 NE 2ND COURT IN MIAMI, FL. • The local market requirements to provide more housing closer to major employment centers in Brickell, Downtown Miami and South Beach. • Ease of access to all major highways (I-195 to the north, the Venetian Causeway 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 (Metromover’s Adrienne Arsht Center Station, Metrorail’s Culmer Station, block west of Biscayne Blvd and three blocks north of the Venetian Causeway. Brightline’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 Biscayne Bay 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 BISCAYNE 2 1 3 4 5 6 7 8 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.
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