Investment Opportunity Offering Memorandum Wynwood Norte Development Opportunity
401-413 NW 34th St, Miami NW 34th Street
Virgilio Fernandez Associate +1 305 613 4507 [email protected]
NW 5th Avenue
NW 35th Street Investment Opportunity | Offering Memorandum Wynwood Norte Development Site
Confidentiality & Disclaimer Offering Procedure
Statement Offers should be submitted in the form of a standard non-binding Letter of Intent, which can be found on the Colliers International Document Center, and must specify the following: Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum • Price (Call for pricing guidance) contains brief, selected information pertaining to the business and affairs of • Length of Inspection Period the Property and has been prepared by Colliers International Florida, LLC, • Length of Closing Period primarily from information supplied by the Owner. Although this confidential • Amount of earnest money deposit at execution of a Purchase and Sale memorandum has been reviewed by representatives of the Owner, it does Contract NW 34th Street not propose to be all-inclusive, nor does it contain all the information which a • Amount of additional deposit upon expiration of Inspection Period prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its Virgilio Fernandez Mitash Kirpalani, CCIM contents, and no legal liability is assumed or is to be implied by any of the Associate Director aforementioned with respect thereto. Prospective offers are advised to verify +1 305 613 4507 +1 786 271 5598 the information independently. The Owner reserves the right to change the [email protected] [email protected] price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum Julian Zuniga Gerard Yetming shall not be deemed an indication of the state of affairs of the Property or Associate Executive Managing Director the Owner, nor shall it constitute an indication that there has been no +1 786 547 0153 +1 786 517 4995 change in the business or affairs of the Property or the Owner since the date [email protected] [email protected] NW 5th Avenue of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part Colliers International Florida, LLC NW 35th Street of the contents to any other person, firm or entity without prior authorization 2121 Ponce de Leon Blvd, Suite 1250 from Colliers International Florida, LLC. Coral Gables, FL 33134 colliers.com Table of Contents
Executive 05 Summary
Property 07 Information NW 3rd Avenue
Market 16 Overview NW 34th Street Executive Summary
NW 34th Street
NW 5th Avenue
NW 35th Street Offering Memorandum Wynwood Norte Development Site Executive Summary
Wynwood Norte is a unique multi-generational 207-acre neighborhood, which is centrally located within the downtown Miami The property’s strategic boundary in proximity to transit, schools and job centers. It is in the area north of 29th St nestled between Wynwood, Midtown, positioning offers the Allapattah, and I95/Buena Vista. Wynwood Norte is 10% of the total urban core area in Miami. The subject site is on the verge following advantage: of realizing a significant up zoning of density as well as other benefits for redevelopment. Currently, it features a duplex, which provides income while reducing risks during planning for development. Please do not disturb existing tenants. • Increased job accessibility Lot size: 14,300 SF (.32 Acres) • 82% of households are renters Zoning: Pending an up-zoning to High-density multifamily residential on Feb. 28, 2021 • More than 4 major schools nearby Proposed buildable units: 65-150 units per acre • Close proximity to Interstate 95 Asking Price: $1,000,000 and Interstate 195. • Quick access the shops, retail and restaurants in Wynwood and Midtown. • Close proximity to Downtown Miami, Miami Beach and Port Miami. • Scarcity of inventory in Miami- Dade marketplace • Central location in Miami-Dade County
Wynwood Norte Development Site | Investment Summary | 5 Property Information
NW 34th Street
NW 5th Avenue
NW 35th Street Offering Memorandum Wynwood Norte Development Site Property Location
The subject property is centrally located in Miami-Dade County on South Florida’s East Coast, positioned directly on NW 34th Street, which is two blocks from NW Second Avenue, a major north-west arterial road in the area. The site is just east of Interstate 95, which connects to all major roadways in South Florida allowing easy access to area amenities.
Positioned approximately four miles from Downtown Miami, six miles from Miami International Airport and 4 miles to Port Miami, the property offers unmatched accessbility to surrounding submarkets. Miami International Subject Site Airport The property’s proximity to local demand generators and major roadways is shown below:
Downtown Property Location Miami Distance Drive Time Midtown 0.5 miles 4 minutes Allapattah 1.0 miles 4 minutes Buena Vista 1.2 miles 5 minutes Miami International Airport 6.4 miles 12 minutes Downtown Miami CBD 4.7 miles 11 minutes Wynwood 0.5 miles 3 minutes I-195 0.6 miles 5 minutes Port Miami 4.2 miles 16 minutes Miami Beach 6.5 miles 23 minutes
North
Wynwood Norte Development Site | Property Information | 7 6.2.c
NE I
L About Wynwood Norte PZ-20-8431
ROAD L 09/11/20
AI Buena Vista R C
FE The Subject Property is positioned in the Miami neighborhood of Wynwood Norte with a clear redevelopment opportunity into multifamily to provide housing. The Design District City of Miami Commissioners recently approved the Wynwood Norte revitalization 195 plan which aims to protect the neighborhood’s character, improve housing Subject Site options, and creating economic opportunities for small businesses through mid- Midtown rise and boutique-sized redevelopments. The main focus of the new zoning is WYNWOOD to allow additional housing that will be in the character and scale of the existing NORTE 95 neighborhood. More flexible parking requirements will make it easier to build two-
N Miami Ave Miami N and three-story apartment buildings and small retail spaces; under new zoning, a fourth story could be approved for projects with 20% affordable housing. For pure residential, the new zoning would allow up to five stories, or eight stories for 29th St NW mixed-use development.
Wynwood Overview Allapattah Wynwood Edgewater The renaissance of the Wynwood Art District has seen the neighborhood evolve from a desolated industrial zone to a flourishing center for art, fashion, and creative enterprise. Located due north of Downtown Miami and just east of Interstate 95 with direct accessibility to the CBD, the area is alluring to millennials and has developed into a hub for a young, urban creative workforce and population.
A new wave of large-scale mixed-use developments has been underway to support
Overtown the growing office and housing needs of its youthful, innovative, and creative population. Wynwood currently has 1.5 million square feet of existing office O MN I space, 414,800 square feet of office space under construction, and an additional 1.5 million square feet of office space proposed. Significant multifamily and retail developments have been in the works as well, with 3,327 existing multifamily units, 446 multifamily units under construction, and more than 5,000 proposed
multifamilyY units. To accompany the growing office and multifamily inventory, A
B
340,000 squareE feet of retail space has been proposed to join the existing 3.6
N
Y A Attachment: 7851 - Application and Supporting Documentation (7851 : Land Use Neighborhood Revitalization District (NRD-2) Various
million square C feet of retail space. The area has something to suit everyone, with S S Wynwood Norte boundary I retail attractionsB like Wynwood Walls, Wynwood Arcade, the luxurious Design Urban Core boundary © 2019 PLUSURBIA LLC Downtown wynwoodDistrict, norte | 9 the Shops at Midtown Miami, North Mami Avenue, and Northwest Second Points of Interest Packet Pg. 295 Avenue, offering a range of restaurants, galleries, bars and boutiques.
Wynwood Norte Development Site | Property Information | 8 34.1% 6.2.c 29.1%
24.5%
6.2.c
6.4% 5.9% PZ-20-8431 Proposed Zoning 0% 09/11/20 PZ-20-8431 CI CS T3 T4 T5 T6-8 09/11/20 PROPOSED *Out of the total neighborhood area of 207 acres.
T6-8-O
T5-L
SubjectT5-L Site CS
T6-8-L T5-L T4-R T5-O 3 T5-L O+
T4-R T5-
CI T5-L T5-L T5-L CI CS T5-O+3 T5-O+3
T5-O +3 CI CS T6-8-O T6-8-O Attachment: 7851 - Application and Supporting Documentation (7851 : Land Use Neighborhood Revitalization District (NRD-2) Various T6-8 Urban Core T5 Urban Core (150 DUA) T4 General Urban (65 DUA) CI Civic Institutional O: Ground level Commercial O: Ground level Commercial only R: Residential only CS Civic Space / Parks L: Limited commercial L: Limited commercial max 50% Packet Pg. 326 ground
The city has calibrated the zoning code of Wynwood Norte in order to encourage private sector reinvestment and improvement to evolve the area into a truly integrated urban neighborhood. This re-urbanization will involve a variety of housing, improvement of The average job Of all the households 25% of the total units in infrastructure and public spaces as well as transformation into a accessibility in Wynwood in the neighborhood, the area are considered walkable neighborhood and transit oriented community. Norte is 98,897 jobs per 82.1% of them are rental affordable while the city sq. mile properties. of Miami only has 5% Attachment: 7851 - Application and Supporting Documentation (7851 : Land Use Neighborhood Revitalization District (NRD-2) Various
T5-O + 3 T6-8 © 2019 PLUSURBIA LLC zoning | 49 Wynwood Norte Development Site | Property InformationPacket | 9 Pg. 335 Local Area Map View
Interstate 195
The ShopsTarget at Midtown 2 Midtown
Roberto Clemente Park Subject Site Hyde Midtown Miami
Tar-
NW 34th Street
Midtown 5
NW 3rd Avenue Avenue 3rd 3rd NW NW
NW 2nd Avenue Avenue 2nd 2nd NW NW
N Miami Avenue Avenue Miami Miami N N
NW 31st Street
North
Wynwood Norte Development Site | Property Information | 10 Property Aerial Marlins Park Brickell Downtown Miami Hospital District
Wynwood
I-95
Wynwood Norte
NW 5th Avenue
NW 34th Street NW 3rd Avenue
North
Wynwood Norte Development Site | Property Information | 11 Property Aerial
Design District I-95
I-195
NW 35th Street
NW 34th Street
North
Wynwood Norte Development Site | Property Information | 12 Property Aerial Edgewater
Miami Beach
Design District The Shops at Midtown
I-195
NW 3rd Avenue
NW 34th Street
NW 35th Street
Wynwood Norte Development Site | Property Information | 13 Proposed Future Land Use Plan
Subject Site
Wynwood Norte Development Site | Property Information | 14 Market Overview
Offering Memorandum Wynwood Norte Development Site “The Cruise Capital of the World”
Located along the southeastern tip of the Florida peninsula, Miami-Dade County is the most populous metroplitan area with 2.8 million residents and part of the second-most populous metropolis in the southeastern U.S.
According to the Census Bureau, Miami’s metro area is the eighth-most populous in the U.S. with a population of around 6.1 million. Often referred to as the Gateway to Latin America or the Manhattan of the South, Miami-Dade is a major center and leader in tourism, finance, commerce, culture, media, entertainment, the arts, and international trade.
Miami-Dade Attracted by the premier business climate, friendly tax environment, startup activity, impressive job growth and structural assets, nearly 12,800 companies have begun County Overview operations in Miami in the last 10 years. The region is home to 1,400 multinational companies drawn by Miami’s international platform for business growth. Miami continues to be attractive to U.S. companies since tax reform changes were TOURISM announced as executives seek favorable tax terms and a tropical climate. The Miami • PortMiami is the #1 cruise port in the world region has consistently ranked among FDI’s Top 10 Major American Cities of the • #1 Airport (MIA) in US for International Freight Future for its connectivity and business friendliness. • #3 Airport (MIA) in the US for International Passengers • Highest RevPAR and Occupancy in the nation, second highest ADR (trailing only Miami-Dade County is a global leader in tourism featuring the world’s largest cruise Oahu Island, HI) YTD June 2020 terminal, PortMiami, lending to the reference to Miami as the “Cruise Capital of the World.” PortMiami welcomes nearly 6 million cruise passengers each year, more INTERNATIONAL TRADE than any other port in the world, accommodating some of the world’s largest cruise • #1 airport (MIA) in the US for international freight ships and operations. • #1 East Coast port to Be Ready for Post Panamax Ships • International trade supports over 100,000 jobs in Miami-Dade County Miami-Dade is also home to one of the busiest airports in the world, Miami • Miami Customs District total merchandise with the rest of the world has in- International Airport, transporting approximately 46 million passengers in 2019. creased 62% over 5 years Furthermore, Miami International Airport ranks as the number one airport in the • Miami Customs District remains one of very few districts that enjoy a trade U.S. for international freight fueling the County’s strong industrial market. surplus in the U.S.
SOUTH FLORIDA “TECHNOLOGY CORRIDOR OF THE AMERICAS” • Nearly 80,000 information & communication technology workers • Home to the most startup activity in the U.S. • Almost half the population under 40
Wynwood Norte Development Site | Market Overview | 16 LARGEST DIVERSE MARKET • 2.7 Million Residents • More than 100 Countries Represented • 100+ Languages Spoken Market Overview • 39 Median Age TALENT PIPELINE • 250,000+ College Students • 2 Research Universities • 4th Largest School District in the U.S. • 1.4 Million in Labor Force
BUSINESS FRIENDLY • NO Personal Income Tax • LOW Corporate Income Tax • #2 Best State for Business, Chief Executive Magazine • Top 5 Most Competitive Metro Areas, CareerBuilder • #6 Small Business Activity in the U.S., Kauffman Foundation • One of the Most Competitive Cities in 2025, Citiforcities.com • Multi-Billion Dollar Infrastructure Investments
QUALITY OF LIFE • 800 Parks • 50+ Museums, Theatres & Cultural Centers • 76 Average Temperature • 4 Professional Sports Teams • #1 Healthy Lifestyle in FL and #4 in the U.S., Livability.com
GLOBAL BUSINESS HUB • #2 International Banking Center in the U.S. • #2 Foreign Consulates and Trade Offices in the U.S. • 1,000+ Multi-National Companies • #1 Container Port in Florida (Port Miami) • #1 International Freight (Miami International Airport) • #3 International Passengers (Miami International Airport)
Wynwood Norte Development Site | Market Overview | 17 Largest Employers - Miami-Dade County Market Overview Name Employees Industry 1 Miami-Dade County Public 33,477 Education Schools 2 Miami-Dade County 25,502 Local Governement
3 Federal Government 19,200 National Government
4 Florida State Government 17,100 State Government
5 University of Miami 12,818 Education
6 Baptist Health South Florida 11,353 Health Care
7 American Airlines 11,031 Aviation
8 Jackson Health System 9,797 Health Care
9 City of Miami 3,997 Local Government
10 Florida International University 3,534 Education
11 Carnival Cruise Lines 3,500 Hospitality and Tourism
12 Miami Children’s Hospital 3,500 Health Care
13 Mount Sinani Medical Center 3,321 Health Care
14 Homestead AFB 3,250 Military
Wynwood Norte Development Site | Market Overview | 18 Development Activity | Multifamily
The Subject Property is positioned in the Miami neighborhood of Wynwood Norte with a clear The main focus of the new zoning is to allow additional redevelopment opportunity into multifamily to provide housing, which will be in the character and scale of housing. The city of Miami Commissioners recently the existing neighborhood. More flexible parking approved the Wynwood Norte revitalization plan, which requirements will make it easier to build two- and three- aims to protect the neighborhood’s character, improve story apartment buildings and small retail spaces; under housing options, and creating economic opportunities new zoning, a fourth story could be approved for projects Under Construction for small businesses through mid-rise and boutique- with 20% affordable housing. For pure residential, the 14,644 Units sized redevelopments. new zoning would allow up to five stories, or eight stories for mixed-use development.
Proposed 77,455 Units
Inventory Units 212,282 Units
Vacancy Rate 7%
Data above is based on Miami-Dade County, 10 units+ The Wynwood Community Enhancement Association • 25% of the total units in the area are considered (Wynwood CEA) — comprised of residents, business affordable while the city of Miami only has 5% owners, property owners and established community- • 9.6% vacant and underutilized land that could be used based organizations like the Bakehouse Art Complex — shaped the plan and won support from local officials and for additional housing or activated public space the overall community over the past two years. • 82.1% of all households in the neighborhood are rental • Wynwood Norte is the area north of 29th properties (City of Miami average is 40.5%)
• The area within the Wynwood Norte boundary is 10% of the total urban core area in Miami
Wynwood Norte Development Site | Market Overview | 19 Development Overview
Multifamily Development Overview - within 1.5 mile radius
Building Building Size Number Name Address Submarket Style Status (SF) of Units 1 The Dorsey 252-286 NW Wynwood Mid-Rise Under 305,000 306 Construction Subject Site 29th St 2 Modera Biscayne Bay 411 NE 21st St Media & Hi-Rise Under 296,000 296 3 Entertainment Construction
7 10 District 1 5 3 Mosaico 1385 NW 35th Allapattah Mid-Rise Under 284,805 267 9 St Construction 8 4 4 Wynwood Square 2201 N Miami Wynwood Mid-Rise Under 274,096 257 2 Ave Construction 5 Wynwood 29 / 90 NW 29th St Wynwood Mid-Rise Under 323,057 189 6 Wynwood Green Construction 6 Father Marquess- 301 NW 17th Overtown Low-Rise Under 60,000 60 Barry Apartments St Construction 7 Midtown 7 3001 NE 1st Midtown Hi-Rise Proposed 391,000 391 Ave Miami 8 45 Wynwood 97-101 NW Wynwood Mid-Rise Proposed 365,000 370 24th St 9 Wynwood 28 127 NW 27th Wynwood Mid-Rise Proposed 163,277 152 St 10 Unnamed 3000-3050 Midtown Mid-Rise Proposed 1,016,916 843 Biscayne Blvd Miami Subject Property 401-413 NW Wynwood 34th Street
Wynwood Norte Development Site | Market Overview | 20 Local Neighborhoods
Little Haiti Wynwood Downtown Miami Performing Arts Little Haiti is one of Miami’s most Previously an industrial focused Downtown Miami is the heart of Miami District dramatically developing submarkets area, Wynwood was home to bottling and is undergoing one of the most far Home to the largest arts center in as gentrification and new development plants and garment factories but has reaching revitalizations in local history. Florida, the District was the first of a floods the area. Little Haiti has a undergone a transformation into Projects like SkyRise Miami, Miami long line of world-class amenities that complex and rich cultural history and Miami’s de facto art district starting World Center, Brightline Miami and has brought Miami to the world stage. has evolved into a colorful beacon in the early 2000’s. Wynwood now the PAMM/Frost Science Museum are The Arsht Center for the Performing in Miami’s arts communities. Small accounts for one of the largest open- all changing the way the community Arts, Ziff Ballet Opera House and Knight pop up businesses like record stores, air street-art installations in the world, perceives and interacts within the Concert Hall anchor the district. photography studios, galleries, and having more than 70 galleries and supermarket in a way never before authentic eateries have flourished here. museums, over 200 street murals. conceived.
Midtown Design District Edgewater Brickell The embodiment of urban revitalization, The Miami Design District is a Primarily a residential neighborhood, Brickell is home to some of the world’s Midtown Miami is Miami’s equivalent of creative neighborhood and shopping Edgewater is home to many high- largest and most well-recognized New York’s Soho. High-rise residential destination dedicated to innovative rise, luxury residential towers. Major retailers and professionals. Leveraging towers with exposed concrete ceilings fashion, design, art, architecture, and developers such as The Related Group, Brickell City Centre, the profile of the and ground floor retail add to the dining. The District is home to more Melo Group and Missoni have been submarket has been elevated to one existing retailers and restaurants to than 120 high-end flagship stores active in the neighborhood finding comparable to the most iconic 24-hour form an open-air shopping center. like Balenciaga, Hermes, Fendi, Dior, value in its proximity and community cities across the world. Brickell offers Midtown Miami is also home to a hotel, Cartier, and more, making it one of the feel. The neighborhood is anchored by the ideal live-work-play environment two parks, and a few offices including world’s greatest shopping areas. The Margaret Pace Park, an 8-acre, bayfront through its high-rise residential and co-working operator, Buro. Design District also has some of the dog friendly park and is recognized as a office towers. best architecture in the county. Wynwood Norte Development Site | Market Overview | 21 Demographics - 3 Mile Radius
The surrounding area is experiencing excellent population growth, 20 percent over 278,974 Total the last ten years, and income growth given that large percentages of the area’s Population in 2020 residents are employed by white collar and services jobs.
The average annual household income is $62,033 which is projected to grow 14 percent over the next five years. Additionally, the area boasts an educated, skilled 110,339 Total Households in 2020 workforce with over 30 percent of the population having a college degree.
Additionally, most residents rent their homes, with renter occupied homes accounting for 65 percent of housing units while owner occupied homes account $62,033 Average for 23 percent. The area is ideal for housing professionals who want to work Household Income nearby in Wynwood, Brickell/Downtown Miami, or the Miami Beach area and who in 2020 are looking for close proximity but also affordable modern and centrally located housing.
Population 1 Mile 3 Miles 5 Miles Median Household Income 1 Mile 3 Miles 5 Miles 2020 Population 35,951 278,974 600,409 2020 Median Household Income $44,285 $35,654 $42,002 2025 Population 41,334 309,048 643,185 2025 Median Household Income $50,816 $40,150 $47,158 2020-2025 Annual Rate 2.83 2.07 1.39 2020-2025 Annual Rate 2.79 2.4 2.34 2020 Median Age 35.1 37 39.3 2020 Median Age 35.1 37 39.3
Households 1 Mile 3 Miles 5 Miles Average Household Income 1 Mile 3 Miles 5 Miles 2020 Total Households 13,242 110,339 239,866 2020 Average Household Income $62,024 $62,033 $70,650 2025 Total Households 15,359 123,898 258,213 2025 Average Household Income $70,462 $70,380 $78,926 2020-2025 Annual Rate 3.01 2.35 1.49 2020 Average Household Size 2.65 2.46 2.46
Wynwood Norte Development Site | Market Overview | 22 Investment Opportunity | Offering Memorandum Wynwood Norte Development Site 401-413 NW 34th Street, Miami, FL
Virgilio Fernandez Associate +1 305 613 4507 [email protected]
Mitash Kirpalani, CCIM Director +1 786 271 5598 [email protected]
Julian Zuniga Associate +1 786 547 0153 NW 34th Street [email protected]
Gerard Yetming Executive Managing Director +1 786 517 4995 [email protected]
Colliers International Florida, LLC 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, FL 33134 colliers.com
NW 5th Avenue
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