Miami Report

WORLD miamiWORLD report AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET WORLD

2020

FEBRUARY 2014 FROM THE ISG PRINCIPALS

“MIAMI IS ENTERING A ISG is proud to publish its much awaited new Miami Report. This has been the most comprehensive report we have assembled NEW GOLDEN AGE OF in what is now our fifth year producing this highly sought after GROWTH. ” and widely relied upon publication.

In this report we have attempted, in addition to the assemblage of the factual data on the current market, to also take a forward look at the plans and activities in place that will shape and define South Florida’s future position as a center for International Commerce. Miami is no longer just a great resort destination, but is evolving into a city of significant world stature.

The cosmic shift from a sell-off of distress assets to the introduction of New World Class preconstruction buildings is creating an amazing transformation of our cosmopolitan city. From design to culture, great restaurants, dynamic shopping, sports, weather and the best of Miami’s secret sauce – our International Clientele, we are entering a new golden age of growth.

In this issue we have expanded our view of the impact factors that will have a lasting effect on the evolution of our coastal metropolis.

With the Panama Canal Expansion, the retrofitting of the Port of Miami to accommodate the larger ships, high speed rail service, a tunnel to speed commerce and ease traffic and road expansions improving east and west commuting, along with significant growth at both international airports, South Florida is preparing to address our region’s growth.

How these factors impact the real estate industry and influence our growth is the subject of our report. We have reviewed the submarkets and monitored activity across the new construction spectrum. Our reach to International Markets and their turmoil and/or growth are reflected in our targeted efforts to offer our premier properties to the world.

Enjoy this information and use it to succeed in today’s competitive environment with the support of the entire ISG World organization.

Sincerely,

Craig Studnicky & Philip Spiegelman Michael Ambrosio ISG Principals ISG President FEBRUARY 2014 FEBRUARY MIAMI REPORT 40. 20. 30. 45. 34. 26. 28. 25. 38. 16. 18. 6. 8. SOUTH FLORIDA 2020 ISG CITYWATCH MIAMI HIGHW PANAMA EFFECT MIAMITROPOLIS MIAMI 21 SOUTH AMERICANMARKETREPORT ANALYSIS DAYS ONTHEMARKETMLS MLS -RESALE INVENTORY STARCHITECTS ANALYSIS 10 YEARANNUAL ABSORPTION NEW CONSTRUCTION PIPELINE WEALTH REPORT

CONTENTFort Lauder Dor Biscayne C Brickell D FOR Panama CanalExpansion o wntown Miami al T LAUDERDALE AY EXPANSIONS orridor dale PHOTOGRAPH BY GLEASON WAITE ROMER WAITE BY GLEASON PHOTOGRAPH MIAMI, FL | CIRCA 1950 FL | CIRCA MIAMI, MIAMI WEALTH REPORT

THE CITIES THAT MATTER TO HNWI’s - GLOBAL SURVEY

AS SEEN IN

Following the economic downturn, Miami, London and New York came to epitomise the so-called safe haven market, with overseas THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH buyers looking to escape currency, “economic, political and security crises

by putting equity into tangible assets THE GLoBAL PERSPECTIVE oN PRIME that appeared safe from government PRoPERTy AND WEALTH sequestration. This trend gathered MOST IMPORTANT NOW pace in 2012. London 1New York Then Russians, long an important Singapore 2 driver of the London market, became 3 Hong Kong a growing force in both New York and 4 Geneva Miami, alongside ever-rising demand 5 Shanghai from Latin America. Dubai 6 - Knight Frank Wealth Report 2013 7 Miami

8 9 Paris WWW.THEWEALTHREPORT.NET " Beijing10 6 | ISG MIAMI REPORT HNWI – High Net Worth Individuals US $30 MIL + BRICKELL TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012

DeveloperDEVELOPER Units UNITSSold SOLD DEVELOPER UNITSDeveloper UNSOLD Units Unsold

1010 Brickell 50% SOLD 900 BRICKELL 352 UNITS Bond 60% SOLD BRICKELL 323 UNITS Brickell CityCentre I & II 820 UNITS BRICKELL (release date TBD) 50% SOLD *Brickell Heights 358 UNITS BRICKELL Brickell House 100% SOLD 374 UNITS BRICKELL Echo Brickell 70% SOLD 180 UNITS BRICKELL 128 UNITS Le Parc 62% SOLD BRICKELL 390 UNITS Nine at Mary Brickell 55% SOLD BRICKELL 382 UNITS Millecento 100% SOLD BRICKELL 192 UNITS 100% SOLD MyBrickell BRICKELL 450 UNITS SLS Brickell 100% SOLD BRICKELL new construction pipeline AS OF FEBRUARY 2014 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS

*Tower 1 only (other tower currently unavailable) 8 | ISG MIAMI REPORT BISCAYNE CORRIDOR AVENTURADeveloper Units Sold Developer Units Unsold DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 200

190 UNITS DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD Echo Aventura 75% SOLD AVENTURA

Developer Units Sold Developer Units Unsold Bellini 64% SOLD 70 UNITS AVENTURA

800 Baltus House 93% SOLD 167 UNITS DESIGN DISTRICT Prive 34% SOLD 160 UNITS AVENTURA 23 Biscayne Bay 100% SOLD 96 UNITS EDGEWATER Bay House 65% SOLD 164 UNITS 420 UNITS TOTAL • 242 UNITS SOLD • 178 UNSOLD EDGEWATER AVG ABSORPTION : 200 UNITS ANNUALLY OVER THE LAST 10 YEARS Biscayne Beach Club 55% SOLD 399 UNITS EDGEWATER The Crimson 50% SOLD 90 UNITS NORTH MIAMI, KEY BISCAYNE & EDGEWATER 300 UNITS COCONUT GROVE Icon on the Bay 100% SOLD Developer Units Sold Developer Units Unsold EDGEWATER TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 Paraiso Bay 33% SOLD 720 UNITS EDGEWATER DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 400 UNITS *Hyde Midtown (release date TBD) 500 MIDTOWN 85 UNITS 1000 Museum 18% SOLD DOWNTOWN MIAMI Marina Palms Towers I & II 63% SOLD 468 UNITS NORTH MIAMI Centro 70% SOLD 350 UNITS DOWNTOWN MIAMI

Oceana 100% SOLD 154 UNITS KEY BISCAYNE

Grove at Grand Bay 82% SOLD 97 UNITS COCONUT GROVE

2,771 UNITS TOTAL • 1,416 UNITS SOLD • 1,355 UNSOLD 719 UNITS TOTAL • 527 UNITS SOLD • 192 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS AVG ABSORPTION : 215 UNITS ANNUALLY OVER THE LAST 10 YEARS *CONDO UNITS ONLY - RELEASE DATE TBD THE BEACHES SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012

DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD Developer Units Sold Developer Units Unsold Developer Units Sold Developer Units Unsold

400 Sunny Isles 100% SOLD 230 UNITS 400 300 SUNNY ISLES 321 Ocean 81% SOLD 250 UNITS MIAMI BEACH 21 UNITS Armani Residences SUNNY ISLES (release date TBD) Beach House 8 13% SOLD 8 UNITS Chateau Beach 98% SOLD MIAMI BEACH SUNNY ISLES 84 UNITS Edition Residences 54% SOLD 26 UNITS Jade Signature 50% SOLD MIAMI BEACH SUNNY ISLES 192 UNITS 72% SOLD 47 UNITS Faena Muse 15% SOLD 68 UNITS MIAMI BEACH SUNNY ISLES Glass 30% SOLD 10 UNITS Parque Towers 80% SOLD 320 UNITS MIAMI BEACH SUNNY ISLES Marea 87% SOLD 30 UNITS Mansions at Aqualina 95% SOLD 79 UNITS MIAMI BEACH SUNNY ISLES 50 UNITS One Ocean 100% SOLD Porsche Design Tower 82% SOLD 139 UNITS MIAMI BEACH SUNNY ISLES 114 UNITS 85% SOLD 39 UNITS Peloro on the Bay 90% SOLD Regalia SUNNY ISLES MIAMI BEACH 58 UNITS 84 UNITS Chateau Ocean 50% SOLD *Beach Walk 100% SOLD SURFSIDE 150 UNITS HALLANDALE 100% SOLD 49 UNITS *Surf Club Residences*Surfside 40% SOLD Apogee Beach SURFSIDE HOLLYWOOD 98% SOLD 40 UNITS 30% SOLD 239 UNITS *Hyde Beach Oceana Bal Harbour HOLLYWOOD BAL HARBOUR 24 UNITS Sage Beach 67% SOLD HOLLYWOOD

2,351 UNITS TOTAL • 1,491 UNITS SOLD • 860 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS

*CONDO UNITS ONLY FORTDeveloper LAUDERDALE Units Sold Developer Units Unsold TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012

DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 100

Paramount 8% SOLD 95 UNITS

Aquavita Las Olas 50% SOLD 22 UNITS

117 UNITS TOTAL • 19 UNITS SOLD • 98 UNSOLD AVG ABSORPTION : 350 UNITS ANNUALLY OVER THE LAST 10 YEARS NEW CONSTRUCTION SUMMARY

TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012

Project Units (Total) Developer Units Sold Developer Units Unsold

TOTAL NEW NEW CONSTRUCTION NEW CONSTRUCTION CONSTRUCTION SOLD UNITS UNSOLD UNITS UNITS 10000

Project Units (Total) 10,327 60% Developer Units Sold 6,063 SOLD SINCE JAN. 2012 Developer Units Unsold 4,264

AVG ABSORPTION : 4,615 UNITS ANNUALLY OVER THE LAST 10 YEARS 15 | ISG MIAMI REPORT 10 YEAR ANNUAL ABSORPTION ANALYSIS FOR CONDOS BUILT FROM 2003-2013 SUBMARKETS CONSIST OF BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012 Average Yearly Absorption

AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2003-2013

4,615 PER YEAR

1,900 PER YEAR 1,300 1,300 PER YEAR PER YEAR 215 200 350 PER YEAR PER YEAR PER YEAR Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale Total North Miami \ Key Biscayne & Coconut Grove

Sources: Integrated Realty Information Systems (Iris); Miami-Dade & Broward County Property Appraiser And Multiple Listing Service (MLS). 16 | ISG MIAMI REPORT 17 | ISG MIAMI REPORT Nich Bern ola ado s F Gr or im t- s B h re a s w c i STARCHITECTS a ARQUITECTONICA

Frost Museum P SLS Brickell E of Science R A NEW STANDARD OF MIAMI ARCHITECTURE U SkyRise Miami E N Port Of Miami G L A N D Tunnel Gateways Brickell Heights One Brickell City er ost F id ls er an ad Center ge ei m H In M r a e rd o h k a N a r h Z Icon Bay ja ic B R Hyde Midtown Faena House 1000 Museum Parasio Bay Marina Lofts The Surf Club E N G Collins Park I Chateau Ocean Grove at U L R D . A A E S N Garage Q Grand Bay N . A D Bath Club Estates M A . R K Resorts World Miami

He Enri rzog Ca qu & R Si rl e d em ege os N e K r O o M o + t rt e o S t e u lh u n r a a o s re n z

Design 41 Jade Signature Echo Aventura Faena Arts Center 1010 Brickell S Perez Art Sage Beach M One Ocean W I N U E T Museum E Faena Bazaar Brickell House R X Z T U Echo Brickell I C 321 Ocean E R H & Artists-in- U G O L A E S A Marea Beach U A N D R Residence + Y *Muse L A C N D S U B A *Muse Faena Park 1100 Millecento Prive

STARCHITECTS MAKE THEIR STAR ARCHITECTS LEAVE ARCHITECTS ART BASEL -- AND REAL ESTATE MARK IN MIAMI A MARK ON MIAMI TRANSFORMING PROJECTS -- BRING STAR ARCHITECTS “Six years after Miami’s last property bubble burst the “Over the last decade, Miami has undergone SOUTH FLORIDA TO MIAMI market is booming again, and this time developers are massive development, but notable recent “The South Florida real estate scene has “Now a corps of star-caliber architects from around the globe has set upon another prosaic staple of Miami’s urban landscape. And the luxury condo looking to international stars of architecture to create successes by well-known international architects become a hotbed for ambitious and cutting- edge designs from local and international may never be the same again.” landmark buildings.” have turned the city into a magnet for the who’s architects.” who of architecture.”

*MUSE - COLLABORATION 18 | ISG MIAMI REPORT BRICKELLBrickell MLS Inventory Analysis New Condos Built Since 2006 & AvailableNew for CondosSale 18 Months Built SinceAgo, 12 2006 Months & Available Ago, 6 Months for Sale Ago 18and Months Currently Ago, Active 12 Months Ago, 6 Months Ago, and Currently Active

Active Listings Price PSF $501 900 $485 $430 $600 mls resale 800 $401 - $500 700

600 $400 inventory 500 AS OF FEBRUARY 2014 $300 400 805 690 300 $200 525 200 391 $100 100 $0 0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active

BISCAYNE CORRIDOR DOWNTOWN MIAMI,Downtown EDGEWATER, Miami & MIDTOWNEdgewater MLS & DESIGN Inventory DISTRICT Analysis New Condos Built Since 2006 & Available forNew Sale Condos 18 Months Built Ago, Since 12 Months2006 & Ago,Available 6 Months for Sale Ago 18 and Months Currently Ago, Active 12 Months Ago, 6 Months Ago, and Currently Active

Active Listings Price PSF

1,000 $526 900 $501 $540 800 $520 700 $475 $500 600 $450 $480 500 927 $460 400 860 300 651 $440 200 425 $420

100 $400 0 12 Months Ago 6 Months Ago Currently Active 20 | ISG MIAMI REPORT 18 Months Ago Aventura MLS Inventory Analysis AVENTURANew Condos Built Since 2006 & Available for Sale 18 Months Ago, GREATERGreater FORTFort Lauderdale MLSLAUDERDALE Inventory Analysis New Condos Built Since 2006 & Available for12 Sale Months 18 Months Ago, Ago,6 Months 12 Months Ago, Ago, and 6 Currently Months Ago Active and Currently Active SUNRISE, PLANTATIONNew & Condos FORT Built LAUDERDALESince 2006 & Available for Sale 18 Months Ago, New Condos Built Since 2006 & Available for Sale12 18 Months Months Ago, Ago, 612 Months Months Ago, Ago, and 6 Months Currently Ago andActive Currently Active Active Listings Price PSF Active Listings Price PSF $435 900 600 $406 $450 $397 $500 $386 800 $371 $400 $351 $450 500 $312 $333 700 $400 $350 600 400 $350 $300 500 300 $300 536 $250 400 767 300 $250 200 372 $200 552 277 200 $200 100 178 $150 293 100 165 $150 $0 0 0 6 Months Ago Currently Active $0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago

THE BEACHES EAST PALMEast Palm Beach BEACH MLS Inventory Analysis SOUTH BEACH, MIAMI MiamiBEACH, Beaches SURFSIDE, MLS Inventory BAL HARBOUR, Analysis SUNNY ISLES, DELRAY BEACH, WESTNew PALM Condos BuiltBEACH Since 2006 & & AvailableBOYNTON for Sale 18 BEACH Months Ago, HALLANDALE & HOLLYWOODNew Condos Built BEACH Since 2006 & Available for Sale 18 Months Ago, New Condos Built Since 2006 & Available for Sale12 18 MonthsMonths Ago, 126 MonthsMonths Ago, 6and Months Currently Ago and Active Currently Active New Condos Built Since 2006 & Available for12 Sale Months 18 Months Ago, Ago, 6 Months 12 Months Ago, Ago, and 6 CurrentlyMonths Ago Active and Currently Active Active Listings Price PSF Active Listings Price PSF 450 $238 $245 3,000 $917 $940 400 $229 $240 $884 $920 2,500 350 $221 $235 $859 $900 300 $210 $230 2,000 $225 $824 $880 250 424 $220 1,500 $860 200 2716 $215 330 $840 150 $210 1,000 1888 100 $820 $205 178 152 500 50 $200 922 $800 675 $195 0 0 $760 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago 6 Months Ago Currently Active 23 | ISG MIAMI REPORT DAYS ON MARKET(DOM) ANALYSISDays On Market (DOM) MLS ANALYSIS FOR CLOSED SALES2011 IN 2011 vs & 2013 2013 MLS Analysis for Closed Sales

2011 AVG DOM 2013 AVG DOM

Brickell 150 32 Biscayne Corridor 180 30 Aventura 115 34 The Beaches 120 39 Greater Fort Lauderdale 174 East Palm Beach 39 147 35

ISGWORLD.COM ISG MIAMI REPORT | 25 SOUTH AMERICAN MARKET REPORT As Politics Continue To Shift, South Americans Are Moving To Miami MEXICO By Liliana Gomez, Director of International Sales Mexico’s economy is expanding at a rapid pace. There are a growing number of affluent Mexicans who have come to love Miami and all it has to offer. Unlike past generations who primarily invested only in their home country, the new generation is more apt to diversify their holdings between the United States and Mexico.

COLOMBIA

Although Colombia has been less active in the early stages of this new Real Estate cycle, new circumstances have renewed their interest and appetite for South Florida Real Estate.

There is a growing fear that their country could slip into a recession. These concerns are Venezuela, Argentina, Brazil, Colombia, Peru and encouraging investors to once again take refuge in the United States. Florida’s Real Estate is Mexico continue to fuel the South Florida Real becoming the primary focus of Colombians looking to protect their wealth. Estate market revival over the past two years. When Additionally, prices of Colombian Real Estate have soared in the past several years and the examining the data of these transactions, specific perceived value and security of the high end projects in South Florida are now attracting trends emerge indicating that each country’s Colombians in increasing numbers. preference for investment is as diverse as their respective cultures, economies and political climates.

ISG took an in-depth look into why each country gravitates towards certain niches, price points for purchase and sub-markets. PERU Peruvians are investing in Miami because of its attractiveness as a destination – they simply love the city and want to be here. They know South Florida is growing and coupled with VENEZUELA the emergence of an increasing segment of young wealthy Peruvians, there is an increase in interest in the South Florida lifestyle. Many other Peruvians are buying homes here in order to Venezuelans are and continue to be a leader in South Florida Real Estate investment. send their children to American Universities – it’s more than a financial investment, it’ a lifestyle Their uncertain political climate, which has been on a constant march toward socialism, investment. has driven many wealthy Venezuelans to the safe haven of U.S. Real Estate. These investors tend to focus on higher end, somewhat larger units, looking at investment value, but also keeping in mind the possibility of moving into these homes should the political and economic climate in their country become untenable. Additionally an ARGENTINA increasing number of young, upwardly mobile Venezuelans are now looking to Miami Argentinians have invested over $2 billion in U.S. Real Estate in the current cycle, the major portion of as a second home. which is invested in South Florida. The weakening Peso, soaring inflation, and economic uncertainty have driven many affluent Argentines to invest their fortunes in U.S. Real Estate. BRAZIL The typical Argentine investor is less concerned with the property for his personal use as he is about securing an investment he deems safe, while realizing a modest return. These investors tend to focus Brazilians view Miami Real Estate as a commodity that gives them more value for less money in on lower to moderately priced real estate in the urban areas of Miami that attract a high rental demand. comparison to Brazilian Real Estate. Brazilians look for property in certain sub markets of Miami and Miami Beach that they can use for family vacations with much less emphasis on rental value or return on investment. Once again we see all Latin American Markets performing at the same time. As Miami continues to Inflation in Brazil continues to erode the buying power at a double digit annual pace and conversely embrace the cultures and flavor of our neighbors to the South, Miami Real Estate will continue to grow the stability of our Dollar are factors that entice affluent Brazilians to invest in South Florida Real Estate and prosper as we truly become an International Gateway and World Class City. now rather than wait and continue to see their domestic buying power decline.

26 | ISG MIAMI REPORT MIAMI 21 Your City, Your Plan

The Miami 21 code represents the “Miami of the 21st Century” and entails a holistic approach to land use and urban planning. It provides a clear vision for the City that is supported by specific guidelines and regulations so that future generations can reap the benefits of well-balanced neighborhoods and rich quality of life.

Miami 21 takes into account all of the integral factors that make each area within the City a unique, and vibrant place to live, learn, work and play.

Six major elements define the blueprint of the Miami21 plan:

• Zoning • Economic Development • Historic Preservation • Parks and Open Spaces • Arts and Culture • Transportation

“Miami 21 is more than a way to manage and guide growth; it is an expression of our shared values and aspirations - our desire for safe, livable spaces for human Since May 2010, all buildings within the city of Miami interaction, our desire for growth that nurtures our native environment, and our boundaries have had to abide by the Miami 21 zoning desire to create a climate of economic inclusion where all have access to the code. In April 2013, the code was updated. The Miami promise of prosperity and opportunity. It is where we lay the foundation for our 21 zoning code is guided by tenets of New Urbanism city’s future. Miami 21 is a product of a dialogue that includes the preeminent and Smart Growth Principles. - MIAMI21.ORG professional minds in the field of urban planning and of citizens that have added their voices through countless public hearings. This plan is the result of big dreams, of high aim in work and hope.” - MIAMI21.ORG

ISG MIAMI REPORT | 28 PÉREZ ART MUSEUM MIAMI (PAMM) MUSEUM OF SCIENCE Now open, PAMM - named after legendary condo king, Jorge MIAMITROPOLIS Currently under construction, Perez, is a modern and contemporary museum dedicated to the Patricia and Phillip Frost collecting and exhibiting international art of the 20th and 21st Museum of Science is set to In recent years, Miami’s real estate market has been under something of a centuries. In addition to the art itself, the $220 million PAMM open in early 2015. The $165 magnifying glass due to its widely publicized “boom-bust” cycle. Yet, in the features a waterfront bistro and state-of-the-art event space million, 250,000 square foot midst of all the commotion, the Magic City was simultaneously undergoing run by famed restaurateur Stephen Starr Events that will host complex will function as a unforgettable occasions of all sizes. - www.pamm.org a cultural explosion. Miami’s growth in the world of the arts, dining, high-end model of sustainability and retail and overall neighborhood transformations has officially placed the city innovative technology by within the ranks of the most culturally rich locales in the world. Here are just harnessing energy from water, a few of Miami’s exciting new additions... sun, wind and even people in ADRIENNE ARSHT CENTER order to conserve resources. Groundbreaking features of the Located on Biscayne Boulevard in the Omni neighborhood of facility include a 600,000-gallon Downtown Miami, the recently re-developed Adrienne Arsht aquarium, an indoor shark Center for the Performing Arts was a $470 million project PEREZ ART MUSEUM MIAMI tank, a 3D planetarium, state- and is one the largest performing arts centers in the United of-the-art digital dome, hands States occupying 570,000 square feet. The three venues on exhibits, interactive digital comprising the center are: The Sanford and Dolores Ziff Ballet technology and two additional Opera House, the John S. and James L. Knight Concert Hall wings of exhibition space with a and the Carnival Studio Theater. - www.arshtcenter.org learning center and cafes. - www.miamisci.org NEW WORLD SYMPHONY The New World Symphony is the United States' only full- time orchestral academy preparing musicians for careers in symphony orchestras and ensembles. In 2011, NWS opened the New World Center- a $160 million, Frank Gehry designed, 100,000 square foot acoustic masterpiece in the heart of South Beach between Lincoln Road and the historic Jackie Gleason Theatre. The New World Symphony has also become especially recognized for their seasonal WALLCAST - a free concert that allows patrons to experience the full symphony outdoors through a striking use of visual and audio technology on a soaring, 7,000 square foot projection wall. - www.nws.edu MUSEUM PARK

At the center of Miami’s artistic evolution is the reinvention of two major museums - The Miami Art Museum (MAM) - now the Perez Art Museum Miami (PAMM), and the Miami Science Museum, soon to be the Patricia and Phillip Frost Museum of Science. Together, these two landmarks are at the heart of an overall revamp of Downtown Miami’s Bicentennial Park - now known as Museum Park. The combination of two new museums and the park renovation will transform Museum Park into a worldwide destination.

30 | ISG MIAMI REPORT SHOPPING, DINING, & BRICKELL CITY CENTRE One of the largest and most exciting NEIGHBORHOOD GROWTH projects in Miami’s recent history is Swire Properties’ $1.05 billion mixed- use Brickell CityCentre, taking over four full blocks in Downtown Brickell. BCC will include an assortment WHILE MIAMI IS QUITE PROUD OF ITS GROWTH IN THE ART AND PERFORMANCE WORLDS, THE EXPLOSION OF of office and condominium space UPSCALE RETAIL AND NEIGHBORHOOD TRANSFORMATIONS BOTH EXISTING AND PLANNED ARE AN UNDENIABLE anchored by a 520,000 square foot SOURCE OF EXCITEMENT, INCREASED TOURISM AND FUTURE REVENUE FOR THE CITY. retail center.

In order to bring in some of the top retailers in the world - as well MIAMI DESIGN DISTRICT as circumnavigate Bal Harbour’s competing area rules, Swire has partnered with the Whitman family, In the past ten years, the Design District - just north of This transformation happened simultaneously as Miami’s who will serve as a crucial Midtown Miami, has gone from an underdeveloped niche Midtown - only blocks away - erected a massive multi-use co-developer in the massive project. design area to a nighttime destination and retail district structure that includes Target, Home Goods, Loehmans, - www.brickellcitycentreconnect.com visualized as a combination of SOHO and Rodeo Drive. residential towers, and hundreds of smaller retailers and Dacra, the real estate company owned by the visionary restaurants. Craig Robins partnered with L Real Estate, the Paris- The Design District growth has only just begun, though. based investment group funded by the Louis Vuitton DACRA + LVMH are set to add a $300 million open- Moet Hennessey (LVMH) in 2011 and have since begun a air luxury promenade by 2014-2015. Plans show up to transformation of the Design District. LVMH removed its 100 new stores as well as 10-15 new restaurants, two stores from Bal Harbour Shops in favor of establishing department stores, a boutique hotel, condominium tower freestanding locations for its brands in the Design and five parking garages. - www.dacra.com District. Other upscale retailers soon followed suit and today, Christian Louboutin, Marni, Cartier, Celine, Louis Vuitton, Agnona, Dior Homme and Prada are open as well as numerous new restaurants. BAL HARBOUR EXPANSION WYNWOOD WALLS

Just northwest of Downtown Miami lies a neighborhood that seems to have sprung out of the “woodworks”- the artistically infused, hip Wynwood District. Not to be outdone, Bal Harbor Shops was recently ranked the No. 1 mall Possibly in response to the in the world, according to Shopping Centers Today Magazine. Sales for gentrification of the Design the mall in 2012 hit a high of $2,555 per square foot, nearly seven times Disctrict, Wynwood has the national average. stepped in with edgy art galleries, casual bars and For over three decades, the mall has operated at 100% occupancy, restaurants, magnificent with a wait list to get in. Bal Harbor - owned by the Whitman family - art installations such as recently submitted plans for a large expansion of 250,000 square feet. Wynwood Walls, and live The expansion would add about 20 new shops as well as increase the music. In 2013, the Miami previous standard size for new retailers who would like larger spaces. New Times even moved its The open-air center is aiming for a 2016 completion of the new plans. headquarters to Wynwood. - www.balharbourshops.com - www.thewynwoodwalls.com PANAMAEFFECT MIAMI PORT EXPANSION TRADITIONAL SHIPS 4,400 TEUs (1,000 ft. lengths by 100 ft. widths) The multi-billion dollar expansion of the Panama Canal has EXPONENTIAL many port-cities scrambling to prepare for the massive new GROWTH CAUSED ships. Miami was one of the first to receive funding and BY INCREASED federal approvals, and has officially begun the $220 million DELIVERY CAPACITY dredge that will deepen the harbor to 50 feet. The dredge, AND ECONOMIES combined with a $2 billion infrastructure upgrade, will make OF SCALE POST-PANAMAX SHIPS 12,600 TEUs (1,400 ft. lengths by 160 ft. widths) Miami one of the first and only U.S. ports capable of housing the larger “Post-Panamax” ships, that carry two to three times the load of standard freighters.

EVEN BIGGER SHIPS BEING BUILT 18,000 TEUs (Currently being built in Asia)

*TEU | TWENTY-FOOT EQUIVALENT UNIT MILES 66 A SINGLE 18,000 TEUS SHIP WILL HOLD ENOUGH CONTAINERS THAT IF WE LINE THEM UP FROM END TO END WE COULD ALMOST REACH PALM BEACH FROM PORT OF MIAMI COMMERCE EXPANSION TRACKING FORCAST

Florida East Coast Railway (FECR) $50 Million COMPLETED in upgrades to the 351 miles of track from Miami to Jacksonville

Government cut dredging SCHEDULED SUMMER OF 2014

Port Tunnel opens for traffic SCHEDULED SUMMER OF 2014

Panama Canal Expansion Completion SCHEDULED SUMMER OF 2015

- www.daishocreative.com - www.pancanal.com/eng/expansion ISG MIAMI REPORT | 34

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1950 AS SEEN IN PORT OF MIAMI Bank of America Merrill Lynch Article TUNNEL PROJECT Bank of America Merrill Lynch Article

I-395 Bank of America Merrill Lynch Article “It will likely reshape global imports, exports and trade flows for years to come, TUNNEL affecting nearly every sector of the American

May 2013 May 2013economy.” GetGet Ready Ready for the Big Ships RAILROAD

for the Big Ships DEEP DREDGE INTERMODAL YARD Contents Executive summary WHARVES

In 2015, a little more than a century after the dramatic opening of the Panama Canal, Targeting 2015 completion . 2 STRENGTHENING

cargo ships the size of aircraft carriers will begin steaming toward American ports from Expanding logistics ...... 2

Miami to New York. The expansion effort represents a potential boon to East Coast The role of finance ...... 3

businesses and industries. Infrastructure investments . . 3 New gateways ...... 4

4 Capitalizing on strengths .... Contents Executive summary The takeaway ...... 5 “Some experts estimate that the expansion will 2 In 2015, a little more than a century after the dramatic opening of the Panama Canal, putTargeting shipping 2015 completion companies . in cargo ships the size of aircraft carriers will begin steaming toward American ports from reachExpanding of logisticsnearly ...... two-thirds2 THE BENEFITS OF THE PORT OF MIAMI TUNNEL INCLUDE Miami to New York. The expansion effort represents a potential boon to East Coast ofThe the role ofU.S. finance population ...... 3 .” IN 2010 IT WAS ESTIMATED THAT ROUGHLY 19,000 Providing a direct connection from the Port of Miami businesses and industries. Infrastructure investments . . 3 VEHICLES TRAVEL TO THE PORT OF MIAMI DAILY. to highways via Watson Island to I-395 New gateways ...... 4 The new tunnel, a $1 billion investment, is prepared to Keeping the Port of Miami, the County’s second 4 Capitalizing on strengths .... open next year and will allow daily business traffic to largest economic generator, competitive The takeaway ...... 5 double. Making downtown streets safer by reducing congestion “In Florida, the Port of Miami has partnered with the U.S. WHARVES STRENGTHENING Army Corps of Engineers to dredge its harbors and channels TUNNEL to a depth of 50 feet to accommodate new big ships” RAILROAD INTERMODAL YARD

-wwww.portofmiamitunnel.com ISG MIAMI REPORT | 37 MIAMI HIGHWAY EXPANSIONS

SR 836/I-395 PROJECT + A NEW BRIDGE! All Aboard Florida is the nation’s first privately owned, Florida legislators have budgeted for another exciting FDOT operated and maintained intercity passenger rail project just west of the Miami Port and Tunnel on I-395. The system, and it all starts right here in the Magic City. proposed plan seeks to rebuild part of I-395- an Interstate The rail system set to take off at the end of 2015, FAST FACTS: Principal Arterial and major east-west connector serving Project At-A-Glance is developed by Florida East Coast Industries (FECI), ALL ABOARD Miami Beach and the ports, in order to provide direct linkage which is headquartered in Coral Gables and founded by to I-95. In addition, a new “signature” bridge has been • Construction Cost - Henry Flagler. • Service is expected to commence $500 to $600 million in late 2015. approved, with a design striking enough to serve as the symbol of Miami. • New elevated ramps east bound and west bound that will link • The route will connect South I-395 and I-95 directly and Central Florida using 195 miles -www.fdotmiamidade.com of an existing rail that spans the • New I-395 “signature” bridge eastern portion of the state and 40 • Lengths and Limits - From west miles of new rail will be constructed of I-95 to the MacArthur Cswy to connect Cocoa Beach and the Bridge Orlando International Airport. JACKSONVILLE • Potential to create as many as 30,000 jobs PROPOSED ROUTE • The stations will be in Downtown Miami, Downtown Fort Lauderdale, Downtown West Palm Beach and at the Orlando International Airport’s future South Terminal ORLANDO • All Aboard Florida has proposed APROX. 3 HOURS to build a Grand Central Station at PROPOSED I-395 BRIDGE the Downtown Miami it will be a TAMPA multi-purposed mega project. PROPOSED ROUTE • All Aboard Florida will reduce the 836 + 826 RENOVATION FACTS number of cars on the road by 3 • Expected to be completed by 2015 million which not only alleviates 836 + 826 | RENOVATION traffic but will also increase • $560 million in improvement costs taxpayer savings by reducing State road 836 (The Dolphin Expressway) is also currently being highway maintenance and repairs. • Improving the commute for the 430,000 renovated and expanded with over $560 million in improvement costs WEST PALM BEACH daily motorists APROX. 1 HOUR for the 836 (Dolphin Expressway) - the 826 (Palmetto Expressway) • Installation of intelligent transporation interchange. The 836-826 expansion is expected to be completed by systems (cameras and sensors allowing for real-time traffic updates) FORT LAUDERDALE 2015, which will offer significant benefits to the movement of people • Reconstruciton of West Flagler Street APROX. 25 MIN and goods in Miami. • Installation of new signals, lighting and landscape FROM MIAMI

-www.826-836.com -www.allaboardflorida.com ISG MIAMI REPORT | 38 ISG CITY WATCH GREATER FORT LAUDERDALE FORT LAUDERDALE HOLLYWOOD INTL’ FORT LAUDERDALE HOLLYWOOD INTL’ AIRPORT FACTS AIRPORT (FLL) PROJECT

More than 23 million More than 600 flights fly in and out of the airport passengers fly through daily to more than 60 U.S. cities and international DUE TO INCREASED Fort Lauderdale- destinations in Canada, the Bahamas, the Caribbean, Hollywood International Mexico, Latin America, and Europe. GROWTH OF AIR TRAVEL Airport (FLL) annually, INTO SOUTH FLORIDA, ranking it the 22nd in Airport traffic has grown steadily from 6 million total passenger traffic annual passengers (MAP) in the year 1980 to 16 million FORT LAUDERDALE - annual passengers in the year 2000. The projected in the U.S. HOLLYWOOD INTL AIRPORT Airport traffic for the year 2020 is 27.5 million annual passengers. (FLL) AND BROWARD COUNTY HAVE EMBARKED ON A $2.3 BILLION MASSIVE FAA Terminal Area Forecast (TAF) PROJECT TO INCREASE CAPACITY. 2.7% 2.7% 3000000030,000,000 ANNUAL PASSENGERS 2.7% EXPECTED TO BE 2.9% 2.5% 2.9% COMPLETED END 0.4% 2.3% 0.6% 25,000,000 OF 2014 25000000

20,000,000 20000000 EXPANSION HIGHLIGHTS: 15,000,000 • A new expanded long-haul international terminal will be constructed, resulting 15000000 in a large increase of international traffic. Additional capacity to the other 2012 2013 terminals will increase gate capacity from a total of 66 to 97 gates. 2014 2015 2016 10,000,000 2017 2018 10000000 2019 2020 • An expanded south runway is underway. This expansion will reduce delays and increase capacity at FLL by about 50%

• Opening Date: End of 2014 • The runway is not the only expansion project taking place at FLL airport. THE FAA PREDICTS ACCELERATING GROWTH IN PASSENGER TRAFFIC AT THE AIRPORT IN 2014 Additional projects and investments are in progress totaling $2.3 billion

-www.broward.org/airport

ISG MIAMI REPORT | 40 ISG CITY WATCH PORT EVERGLADES GREATER FORT LAUDERDALE EXPANSION

I-595 EXPANSION PROJECT Finalizing 17 years of study and debate, the expansion Port Everglades is embarking plans for Fort Lauderdale’s Port Everglades is finally on three critical expansion The Expansion Includes: The state of Florida is currently underway with commencing. projects which are expected to be completed over the next 6 the LARGEST ROAD PROJECT IN FLORIDA 3 ground level reversible express toll lanes, serving express years. Due to the widening of the Panama Canal, Port Everglades HISTORY, the expansion of I-595. The project, traffic to/from the I-75/ Sawgrass Expressway from/ to east hopes to host bigger ships by 2017. The project costs an of S.R. 7, with a direct connection to the median of Florida’s The Expansion Includes: which began in 2010 and is 98% complete, is estimated $313 Million including a $131 Million investment Turnpike. scheduled to finish by the 3rd quarter 2014 by the Port. • Intermodal Container Transfer Facilty (ICTF) deadline. For a total project length along I-595 The addition of auxiliary lanes on I-595 along with combined ramps, cross road bypasses, and grade separated entrance In addition to the dredge expansion, the Port Everglades • Southport Turning Notch Extension of approximately 10.5 miles and a design and and exit ramps to minimize merge, diverge and weaving plans will make it possible for cargo containers to be construction cost of approximately $1.2 billion. movements. directly transferred between ships and railcars, thus • Deepening and Widening Navigational taking an estimated 180,000 truck-trips a year off Channels Widening/reconstruction of 2.5 miles of the Florida’s Turnpike The expansion will address the increase in local roads once completed. This extensive project will be mainline and improvements to the 1-595 Florida’s Turnpike completed over the next six years. area traffic as well as the future increase of Exchange. traffic from Ft. Lauderdale airport. Construction of the New River Greenway, a component of the Broward County Greenway System. 13 sound barriers providing noise abatement for 20 communities.

2010 2014

TODAY, I-595 CARRIES MORE THAN 180,000 VEHICLES A DAY, WITH UP TO 300,000 EXPECTED BY 2030

-www.i-595.com -www.porteverglades.net/expansion ISG MIAMI REPORT | 43 MIAMIVINTAGE

BRICKELL AVENUE

I-395 (MacArthur Causeway)

CURRENT LOCATION FOUR SEASONS

BISCAYNE BOULEVARD

CURRENT LOCATION AMERICAN AIRLINES ARENA

ALL PHOTOS COURTESY OF SKYSCRAPERCITY.COM BRICKELL | MIAMI, FL | CIRCA 1917

ALL PHOTOS COURTESY OF SKYSCRAPERCITY.COM MIAMI, FL | CIRCA 1997 47 |

SOUTH REPORT MIAMI ISG FLORIDA

2020 place taking expansion and construction extensive the With in our region, what will Greater Miami actually look by like the end this of decade? The following pages illustrate a broken neighborhood. down by variety “2020’s”, of DOWNTOWN MIAMI 2020

DOWNTOWN MIAMI: $10 BILLION IN NEW DEVELOPMENT*

MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting) Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft. 470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel, 1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail 4 Story Retail, and Civic Space, Design by & 41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential Restaurant All Aboard Florida to Port (Peebles) Casino Whole Foods Flagler on (Florida East Coast 2 Phases the River Industries) 150 Staybridge Hotel Room (MELO) Mixed use 9 Acres Suites 32 Stories 1.5 Million Sq. Ft. 635 Condos 300 Condos Office, Residential 60,000 Sq. Ft. Retail Residences Retail, and Hotel. 100,000 Sq. Ft. Office

MARLINS MIAMI RIVER DISTRICT STADIUM

GUSMAN CENTER

MIAMI DADE COLLEGE

FREEDOM TOWER

BAYSIDE MARINA AMERICAN AIRLINES ARENA

BISCAYNE BAY BISCAYNE BAY

WATSON ISLAND MARINA

CRUISE SHIP PORT

PORT OF MIAMI

While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATE BRICKELL 2020 BRICKELL: $5 BILLION IN NEW DEVELOPMENT*

Landscape Echo Brickell Le Parc Atton Hotel Brickell House SLS Brickell Panorama Millecento The Bond 1010 Brickell NINE Brickell Brickell My One Brickell Park (PMG & JDS) (ALTA & Strategic) 270 Rooms (New Guard) (Related) Tower (Related) (MDR) (Key International) at Mary Brickell Heights City Centre Brickell (Related) Public 180 Luxury 128 Boutique 12 Stories 374 Condos 450 Condos (Florida East Coast) 382 Condos 328 Condos 352 Condos (Starwood (Related) (Swire) (Related) 3 Towers Bayfront Park Residences Condos Design by 46 Stories 120 Hotel Rooms 821 Condos 42 Stories 43 Stories 47 Stories Capital & Lynd) 690 Condos 5.4 million sq. ft. 192 Condos 80 Stories Proposed 57 Stories 12 Stories Luis Revuelta 52 Stories 128 Hotel Rooms Design by Design by 420 Condos 48 Stories 2 Towers - 9 Acres 27 Stories 70 Stories Collaboration by Design by 81 Stories Carlos Ott + Sieger Suarez 48 Stories Design by 800 Condos 55 Stories Carlos Ott + Phillipe Stark 82,000 Sq. Ft. Retail Pininfarina Design by ADD Arquitectonica 93 Apartments 1,200 Condos yoo Studio 38,000 Sq. Ft. Office 243 Hotel Rooms 200 Hotel Rooms 520,000 Sq Ft. Retail 200,000 Sq.Ft. 240,000 Sq. Ft. Office Retail Proposed

CORAL GABLES

MARLIN’S STADIUM MIAMI RIVER DISTRICT

DOWNTOWN

BISCAYNE BAY BRICKELL KEY

BISCAYNE BAY

EDGEWATER, MIDTOWN & DESIGN DISTRICT: $2.5 BILLION IN NEW DEVELOPMENT*

The Filling National Young Arts Biscayne Line Wynwood Art Mbay Bay House The Crimson Icon Bay Paraiso Bay Hyde Midtown Dacra Station Foundation Public Bay Walk District Walls (Hyperion) (Melo) (Mckafka) (Related) (Related) (Related) Project (FLS Development) Proposed New Campus Proposed from Venetian Cswy On Going 129 Condos 164 Condos 90 Condos 300 Condos 2 Towers 40 Hotel Units (Craig Robins) 81 Condos Designed by Frank Gehry to Julia Tuttle Cswy Art Movement 39 Stories 38 Stories 20 Stories 42 Stories 720 Condos 400 Condos 540,000 Sq. Ft. at Historic Bacardi Building Proposed 55 Stories 31 Stories Luxury Retail *Midtown *Design District Proposed Biscayne New Public Beach Club & Private The District 36 Baltus (Eastview) Bayfront (Terra) House 399 Condos Marina 60,000 Sq. Ft. (Related) 51 Stories and Park High-End Home 167 Condos Furnishing Retail 15 Stories Proposed

MIAMI INTERNATIONALAIRPORT

DOWNTOWN MIAMI MARLIN’S STADIUM

MIAMI RIVER DISTRICT WYNWOOD ADRIENNE ARSHT AMERICAN PERFORMING ARTS CENTER AIRLINES ARENA SHOPS AT MIAMI MUSEUM PARK MIDTOWN DESIGN DISTRICT

NEW PUBLIC LUXURY BAYFRONT & PRIVATE PARK RESTAURANT MACARTHUR CAUSEWAY TO MIAMI BEACH 1/2 ACRE VENETIAN CAUSEWAY TO MIAMI BEACH JULIA TUTTLE CAUSEWAY

TO MIAMI BEACH

DORAL: $2 BILLION IN NEW DEVELOPMENT*

Downtown Doral Bel Air Doral City Place Doral Oasis Park Trump National Vintage Estates The IVI Doral Modern Doral Midtown Doral Isles at Grand Paseo 5252 (Codina) (ZOM) (Related) (Optimus) Doral (Terra) 64 Condos (Terra) (Optimus) Bay Mixed-use Community 249 Condos 48 Acres 150 Condos $250 Million Renovation 28-acre Gated 12 Acre Development 3 Phases 3 Phases (Lennar) 1 Million Sq. Ft. (Office) Luxury Rental Complex 22 Million Sq. Ft. Single Family 100,000 Sq. Ft. Event Community 364 Condos Phase I + II 672 Condos 180,000 Sq. Ft. (Retail) Groundbreaking Aug. 2013 300,000 Sq. Ft. Retail Space 110 Residences Luxury Single Family 612 Condos Luxury Single 2,840 Condos 4.2 Acres Lakefront 280,000 Sq. Ft. Office New BLT Prime Restaurant Single-Family 27 acre Development Phase III TBD Family 1,000 Residences 150,000 Retail Space 150,000 Sq. Ft. Retail 90 acres

DOLPHIN AND INTERNATIONAL MALLS

While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATE FT. LAUDERDALE 2020 FORT LAUDERDALE: $2.8 BILLION IN NEW DEVELOPMENT*

RIVA Elan 16Forty Flagler Village 2nd Street Paramount Aquavita Crocker Tower French Quarter New River Marina Lofts New River Yacht South Andrews Airport and (Premier) (Greystar) The Pearl (Morgan) Residences (Encore Housing Las Olas (Crocker) 8th Avenue Village III (Asi Cymbal) Club Tower I-595 14 Stories 10 Stories 7 Stories (Ellis Diversified) and Kodsi) (Roy & Eisinger) 42 Stories (Rockefeller) (American Land 2 Towers (Related) (Fred Kern) $42.5 Million 100 Condos 261 Condos 331 Condos 30 Stories 18 Stories Two Waterfront 395 Condos 262 Condos Ventures) 28 - 30 Stories 26 Stories 37 Stories Expansion to Proposed 6,000 Sq. Ft. Henry Square 398 Condos 95 Condos Buildings Proposed 2,500 Sq. Ft. Retail 15 Stories 856 Condos 249 Condos Office, Hotel & I-595 Gym (Related) 2,200 Sq. Ft. Retail 22 Condos Proposed 209 Condos 29,000 Sq. Ft. Retail $36 Million Residences $791 Million 2,300 Sq.Ft. 6 Stories Proposed 2,245 Sq. Ft. & Restaurant Proposed runway Retail 382 Residences Restaurant Designed by renovation at Proposed 25,000 Sq. Ft. Retail Proposed Bjarke Ingles Ft. Lauderdale

Proposed Airport LAS OLAS BOULEVARD OLAS LAS SOUTH FEDERAL HIGHWAY

DOWNTOWN FORT LAUDERDALE

RIVER FRONT

BROWARD BOULEVARD

MUSEUM OF DISCOVERY AND SCIENCE BROWARD CENTER FOR THE *AMOUNTS ARE AN ESTIMATE PERFORMING ARTS ISG provides the most comprehensive and in-depth analysis of South Florida’s New Condominium Market

WORLD LIMITED EDITION PRINT EDITION miamiWORLD report miami report AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET miami reportUPDATED THROUGH SEPTEMBER 1ST 2013 UPDATED THROUGH DECEMBER 31ST 2012 miami reportth WORLD u pdA ted through April 3o 2012 AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM INVENTORY AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM INVENTORY An in-depth AnAlysis of south floridA’s new developer Condominium inventory RESEARCH

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5 PRINT EDITION MIAMI REPORT MiaMi RepoRt miami reportST T h UPDATED THROUGH DECEMBER 31 2011 miami report u pdATEd T h ROugh s E p TEm BER 30 2011 AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW DEVELOPER CONDOMINIUM INVENTORY An in-dEpTh AnAlysis Of sOuTh fl ORidA’s nEw dEvElOpER COndOminium invEnTORy The Real Estate Recovery The Real Estate Recovery TORONTO

MIAMI

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MEASURE UP DoeS it SAO PAULO miami BUENOS A l OOK AT T h E Compare? AIRES fu T u RE O f 2020

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t OWN MIAMI DOWNd O wnTOwn miA mi Quarterly Update, April 2010 January 2010

t URE OF FU 2020

ALSO: PRE-CONSTRUCTION inTROduCing dAy TOnA BEACh

MYTH VS REALITY MiaMi RepoRt Today at noon, THE SOUTH FLORIDA CONDO MARKET the isg miami report AS OF SEPTEMBER 2010. miami report AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW DEVELOPER CONDOMINIUM INVENTORY updAted through mAy 31, 2011 everyone downtownUPDATED THROUGH will DECEMBER be 31, 2010 An in-depth AnAlysis of south floridA’s new developer Condominium inventory perception vs. Reality

the NeXt ChAPteR BeGINS

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September 2009

58 | ISG MIAMI REPORT WORLD

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