OFFERING MEMORANDUM Miami, FL 33131 235 SE 1St Street Themiamiplaza.Com

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OFFERING MEMORANDUM Miami, FL 33131 235 SE 1St Street Themiamiplaza.Com THE P LA ZA themiamiplaza.com MEMORANDUM 235 SE 1st Street Miami, FL 33131 OFFERING THE P LA ZA THE P LA ZA 235 SE 1st Street THE OFFERING Miami, FL 33131 he Plaza is a 81,000 SF office building Ton a 20,000 SF corner lot located in the heart of Downtown Miami and its most prominent corner. The site benefits from the most liberal mixed-use zoning in all of South Florida, T6-80-O, allowing up to 489,600 SF of development and 470 residential units. The Plaza is an amazing add value office building with tremendous future uses for development. Developers will benefit from the ability to receive temporary cash flow while waiting on the next cycle or plan approval. THE CORNER OF DOWNTOWN MIAMI THE P LA ZA PROPERTY SUMMARY + + Address: Lot Size: Building Size: Zoning: FLR Allowable FLR Allowable +Bonus Building Height: Building Height +Bonus: Allowable Units: Folio: 235 SE 1st St. 20,400/ 81,382 SF T6-80-O 489,600 SF Unlimited 80 Unlimited 470 01-0112-000-1020 Miami, FL 33131 0.47 Acres 6 7 FOUR SEASONS BRICKELL CITY INVESTMENT CENTRE ICON BRICKELL HIGHLIGHTS SOUTHEAST FINANCIAL CENTER WELLS FARGO CENTER MIAMI TOWER ASTON MARTIN JAMES L. KNIGHT RESIDENCES CENTER MET SQUARE CINEPLEX WHOLE FOODS CENTRO Covered Land with In-Place Income he Plaza is a prime opportunity to repurpose or add value to an existing Tclass C office building located in Downtown’s most highly trafficked corridor. The property is positioned to capture an already active-large tenant base with over 175,000 employees existing within Downtown’s LA EPOCA Central Business District. The site also has tremendous development SE 3rd Ave upside to construct a highly dense structure of up to 80 stories while receiving temporary cash flow throughout the plan approval process. 50 BISCAYNE Flagler Street THE P LA ZA 8 9 INVESTMENT HIGHLIGHTS Strong Multifamily Absorption Rates The number of full time residents has surged as young professionals and families move in to the newly built towers. The current condominium projects in Downtown offer pricing across the pricing spectrum, from well below $500,000 to over $6 Million, the average unit pricing at 1000 Museum. This reflects a maturing downtown that is attracting a wide range of buyer profiles. Downtown Miami remains a bargain compared with Miami Beach, and has pricing that is in line with Coral Gables and Aventura. Renter demand continues to grow as new households are formed through population growth, urban migration, and millennials transitioning from living at home as new urban options emerge. Rental volume increased almost 20% compared to 2016, with 325 per month in 2017. Demand for living in Downtown Miami is at an all time high with residential projects such as Yotel selling 95% of units before breaking ground, Paramount selling 90% of its units before completion and XMiami leasing 40% of units before opening. Extensive Neighborhood Growth Development opportunities in Downtown Miami continues to shrink as the current wave of development continues. The billions of dollars invested in major infrastructure projects will continue to catapult Miami into global relevance. The daytime population swells to over 250,000 thanks to the high concentration of commercial office space, government and judicial centers, retail districts and the largest community college in the country. New services and developments continue to pour into downtown Miami to meet the needs of the shifting demographics. “THE NEW GLOBAL CITY” THE P LA ZA - The Wallstreet Journal 10 11 DEVELOPMENT See page 32 for development scenarios POTENTIAL DENSITY The maximum density is 1000 units per acre. 0.47 x 1000 = 470 units Miami 21, adopted May 20, 2010, represents a significant departure from the previous zoning regulations. Since INTENSITY Miami 21 incorporates form-based principles, some of the changes are directed towards the design and form Intensity is governed by Floor Lot Ratio, “FLR”, and is based on the next lot area of the structures, rather than their uses or general intensities. Such changes include requirements for orientation, property. This property has an FLR coefficient of 24. design, fenestration, pedestrian openings, etc. The T6-60a zoning of the Property would permit several uses The formula is as follows: as of right, including residential, hotel, office and retail. Net Lot Area x FLR coefficient + Public Benefit Bonus= Building area permitted. Provided below is the calculation of what’s permitted on the property: PUBLIC BENEFIT ZONING FLR COEFFICIENT BASE SF PARKING BONUS Miami 21 permits shared parking for developments with mixed uses. Residential parking T6-80-O 24 489,600 Unlimited is not required for T6-80-O sites that are within 1,000 feet of a Metromover or Metrorail station. Lodging uses require one parking space for every two lodging units and one additional visitor space for every fifteen lodging units. Office and commercial uses require three parking spaces for every 1,000 square feet of office. The commercial parking requirement is 3 spaces per 1,000 SF of office or retail. In the designated central core areas, there is no parking requirement for residential and mixed- use projects meaning these types of projects are able to provide no residential parking and can provide off site- commercial parking by leasing parking spaces within 1,000 feet of the parcel. There are additional parking waivers for the subject site as it is located within a Transit Oriented Corridor. HEIGHT The maximum height permitted is 80 stories with unlimited height available through public benefit bonuses. SETBACKS The principle and secondary frontages require a 10 ft setback for the first 8 stories and a 20 ft minimum above the 8th story. The side and rear frontage require 0’ setback for the first 8 stories and a 30 ft minimum above 8 stories. LOT COVERAGE The first 8 stories allow up to 80% lot coverage, above 8th story allows for a maximum of 18,000 SF floorplate for residential and lodging uses and 30,000 SF floorplate for office and commercial uses. 12 13 MARKET DRIVERS THE P LA ZA SKYRISE MIAMI 1,000-foot entertainment and observation tower designed by Arquitonica ONE BAYFRONT PLAZA 902 apartments, 200 hotel rooms, 532,000 square feet of office space, 103,959 square feet of retail, and over 1,000 parking spaces. WALDORF ASTORIA YOTEL The Waldorf will rise 98 stories with 231 condos and 222 hotel rooms 140 hotel rooms and 400 condos. It in 31 stories) “95% pre sold before will be the tallest residential tower breaking ground” south of New York. 14 15 MARKET DRIVERS LA EPOCA 50,000 SF historic walgreens building - already fully leased by restaurants and breweries, will be a culinary and entertainment complex for all locals and tourists. FLAGLER STREET REVITALIZATION Flagler beautification project- Miami commissioners have approved the funding to widen sidewalks with café seating, add a centralized parking center and create a “curbless” streetscape, among other improvements. 16 17 SE 1ST STREET SE 1st Street is a tree-line promenade with many of the last remaining historical buildings in Miami. It stretches all the way east to Bayfront park and Biscayne Bay. Through the most recent years, there’s been a profuse organic growth of European cafes, restaurant and shopping. THE P LA ZA Downtown Miami’s Lower Eastside 18 19 OFFICE LEASE COMPS NEW WORLD WELLS FARGO THE TOWER P LA ZA CENTER 333 SE 2nd Avenue 100 N Biscayne Blvd Miami, FL Class B - Office Class A - Office Rent: $38-$42 Rent: $48 Full Service Full Service Lease Comp: $43-$48 Lease Comp: $34-$40 Full Service CITIGROUP DUPONT CENTER 169 E Flagler Street 201 S Biscayne Blvd Miami, FL Miami, FL Class B - Office Class A - Office Rent: $29-$35 Rent: $46-$50 Full Service + electric Lease Comp: $29-$35 Lease Comp: $43-$60 Full Service + electric SE 1st Avenue COURTHOUSE ONE FLAGLER TOWER 14 NE 1st Avenue 44 W Flagler Street Miami, FL Miami, FL Class B - Office Flagler Street Class B - Office Rent: $19.2-$35 Rent: $25-$31 MG Full Service Lease Comp: Lease Comp: $23.5-$39.68 MG $30-$32 Full Service 20 21 OFFICE & RETAIL SALE COMPS JUAN VALDEZ BANK OF AMERICA 101 NE 2nd Avenue THE P LA ZA 133 E Flagler Street Retail/Office Retail Bldg Size: 9,539 SF Bldg Size: 7,784 SF Lot Size: 5,245 SF Lot Size: 7,000 SF Price: $3,600,000 Price: $5,300,000 $377 PSF Bldg $681 PSF Bldg $686 PSF Land $757 PSF Land THE WHITE LA EPOCA BUILDING 201 E Flagler Street SE 1st Avenue 200 E Flagler Street Retail/Office Retail Bldg Size: 29,042 SF Bldg Size: 49,000 SF Lot Size: 14,000 SF Lot Size: 9,120 SF Flagler Street Price: $12,900,000 Price: $19,500,000 $444 PSF Bldg $398 PSF Bldg $921 PSF Land $2,138 PSF Land 22 23 RETAIL LEASE COMPS MUZE 300 SE 3rd Avenue Miami, FL Tenant: Silverspot Cinemas THE P LA ZA 3 Floors 4,800 SF CITIGROUP CENTER Rate: $85 PSF 201 S Biscayne Blvd Miami, FL Tenant: Tenant: Suite: 19th Floor Suite: 11th Floor 2,405 SF 1,150 SF Biscayne Blvd Rate: $50 PSF Rate: $50 PSF CENTRO MARINA BLUE 151 SE 1st Street 888 Biscayne Blvd Miami, FL Miami, FL Tenant: Crazy Poke Tenant: Bellamia Tenant: Tenant: Suite: 1st Floor Suite: 1st Floor Suite: 1st Floor CU 1,200 SF 1,000 SF 600 SF 600 SF Rate: $80 PSF Rate: $85 PSF Rate: $65 PSF Rate: $65 PSF 24 25 APT. RENTAL COMPS Studio Avg SF: 670 Avg Rent: $2,278 Avg Rent/PSF: $3.40 1 Bedroom Avg SF: 697 THE P LA ZA Avg Rent: $2,117 Avg Rent/PSF: $3.04 2 Bedroom Avg SF: 1,049 Avg Rent: $2,771 Avg Rent/PSF: $2.64 3 Bedroom Studio MONARC AT MET Avg SF: 1,452 Avg SF: 519 201 SE 2nd Avenue Avg Rent: $3,758 Avg Rent: $1,829 Miami, FL Avg Rent/PSF: $2.59 Avg Rent/PSF: $3.52 Biscayne Blvd 1 Bedroom Avg SF: 832 Avg Rent: $2,509 Avg Rent/PSF: $3.02 Studio Avg SF: 512 2 Bedroom Avg Rent: $1,845 Avg SF: 1,259 Avg Rent/PSF: $3.60 Avg Rent: $3,135 Avg Rent/PSF: $2.49 1 Bedroom Avg SF: 621 MUZE AT MET 3 Bedroom Avg Rent: $2,524 Avg SF: 1,410 Avg Rent/PSF: $4.08 340 SE 3rd Street Avg Rent: $3,911 Miami, FL Avg Rent/PSF: $2.77 X MIAMI 2 Bedroom Avg SF: 962 230 NE 4th Street Avg Rent: $2,905 Miami, FL Avg Rent/PSF: $3.02 40% leased before opening 26 27 APT.
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