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Bayfront Downtown Miami Towers FULLY ENTITLED COVERED LAND PLAY IN HEART OF BAYFRONT DOWNTOWN MIAMI TOWERS OFFERING MEMORANDUM 255 NE 1ST STREET, DOWNTOWN MIAMI, FL DOWNTOWN MIAMI BAYFRONT <<< TOWERS TABLE OF CONTENTS 4 THE OFFERING 6 APPROVED PROJECT 18 INVESTMENT HIGHLIGHTS 18 MARKET DRIVERS 30 MARKET OVERVIEW 36 MARKET COMPARABLES BAYFRONT TOWERS MIKA MATTINGLY BRADLEY ARENDT CECILIA ESTEVEZ Executive Managing Director Director Associate +1 786 486 4391 +1 773 343 4695 +1 305 602 5020 [email protected] [email protected] [email protected] THE OFFERING olliers International Urban Core Division is pleased to offer the opportunity to acquire Bayfront Towers, an approved Cmulti-phase plan to develop two towers encompassing over 800 apartment units and 120 hotel keys. The existing structure is currently a parking garage generating significant income from monthly parking passes and transient income. Developers will have the ability to benefit from the substantial cash flow while planning for future development. Downtown is emerging as the next trendy neighborhood. It is the hole in the doughnut, poised to be the next investment darling in Miami, with billions of dollars being spent on major infrastructure projects. Development opportunities in Downtown Miami continue to shrink as the current wave of growth expands. EXISTING GARAGE 255 NE 1st Street Address: Miami, FL 33130 Building Size: 257,712 SF Lot Size: 37,500 SF Zoning: T6-80-O Parking Spaces: 863 Levels: 7 NOI 2019: $1.1M 4 5 ENTITLED BAYFRONT TOWERS DEVELOPMENT <<< PROJECT ayfront Towers is a unique, mixed-use development project featuring a vibrant mix of 800 apartment units, B120 hotel keys and 7,205 SF of retail. It’s location, in the geographic center of the downtown central business district, provides walkable access to shops, restaurants, and offices, along with the convenience of being surrounded by NORTH TOWER SOUTH TOWER multiple forms of public transportation. Bayfront Towers sits PHASE 1 PHASE 1 perfectly located to get anywhere quickly. STORIES:: 54 STORIES:: 62 GROSS: 441,203 SF GROSS: 495,979 SF SELLABLE: 272,846 SF SELLABLE: 271,918 SF RETAIL: 7,205 SF HOTEL KEYS: 120 UNITS: 417 UNITS: 383 COMBINED TOWERS GROSS: 937,182 SF SELLABLE: 544,764 SF RETAIL: 7,205 SF UNITS: 800 HOTEL KEYS: 120 6 7 BAYFRONT ENTITLED DEVELOPMENT Bayfront Towers is zoned T6-80 O, South Florida’s most liberal and aggressive zoning code. TOWERS Allowing up to 1,000 units per acre and 80 stories in height. Under this code, the developer is allowed to build up to 860 residential units. The entitled plans maximized the allocated density by building 800 condominium units and an additional 120 hotel keys. IMPROVEMENTS ARCHITECT'S PROPOSED MASSING Property Type Apartment Condominium Number of Buildings 1 Podium + 2 Towers Number of stories 54 & 62 Gross Building & Parking Area 917,238 SF Structured Parking Podium 140,900 SF Net Rentable / Sellable Area- Residential 475,614 SF Net Rentable / Sellable Area- Hotel 44,072 SF Net Rentable / Sellable Area- Retail 7,205 SF Total Net Rentable / Sellable Residential, 526,891 SF Hotel & Retail Area Number of Residential Units 800 Units Average Residential Unit Size 595 SF Number of Hotel Keys/Rooms 120 Rooms Average Hotel Room Size 367 SF Year Built Proposed Proposed Floor Lot Area (FLR) 24.46 Structured parking garage Proposed Parking Improvements podium with stackers Proposed Parking Spaces 560 Parking Ration (spaces/1,000 - SF) 1.06 ARCHITECT'S NORTH TOWER SOUTH TOWER PROPOSED PHASING PHASE I PHASE II Number of Stories 54 Stories 62 Stories Gross Building & Parking Area 433,961 SF 483,277 SF Structured Parking Podium 70,494 SF 70,406 SF Net Rentable/Sellable Area- Residential 260,083 SF 215,531 SF Net Rentable / Sellable Area- Hotel N/A 44,072 Net Rentable / Sellable Area- Retail 7,205 SF N/A Total Net Rentable / Sellable Residential, 267,288 SF 259,603 SF Hotel & Retail Area Number of Residetial Units 417 Units 383 Units Average Residential Unit Size 624 SF 563 SF Number of Hotel Keys/Rooms N/A 120 Units Average Hotel Room Size N/A 367 SF Proposed Parking Spaces 280 280 Parking Ration (spaces/1,000 SF) 1.05 1.08 8 9 BAYFRONT TOWERS PROPOSED RESIDENTIAL UNIT MIX NORTH TOWER PHASE I UNIT MIX/TYPE NO. UNITS % OF TOTAL UNIT SIZE (SF) NRA (SF) Studio 80 19.20% 450 36,000 1BR/1BA 270 64.70% 630 170,100 2BR/2BA 67 16.10% 806 53,983 Total/ Average 417 100% 624 260,083 SOUTH TOWER PHASE II UNIT MIX/TYPE NO. UNITS % OF TOTAL UNIT SIZE (SF) NRA (SF) Studio 75 19.60% 450 33,750 1BR/1BA 250 65.30% 550 137,500 2BR/2BA 58 15.10% 763 44,281 Total/ Average 383 100% 563 215,531 PROPOSED HOTEL ROOM MIX SOUTH TOWER PHASE II UNIT MIX/TYPE NO. UNITS % OF TOTAL UNIT SIZE (SF) NRA (SF) Lodging Units 120 100% 367 44,072 10 11 BAYFRONT TOWERS EXISTING PARKING STRUCTURE The existing asset is a 863 space parking garage with PRE-COVID occupancy rates of over 90%. Income is generated from monthly parking passes, transient income and valet services. Adjacent to the garage is YOTELPAD, a sold out condo hotel development with no parking, projected to open in 2021. NOI (PY Ending Dec 2019): $1,290,302 REVENUE PY Ending Dec 19 Total Gross Revenue $2,145,685.35 Florida Sales Tax -$136,056.38 Miami Surcharge -$262,964.90 Total Sales Tax -$399,021.28 Total Net Revenue $1,746,664.07 Total Payroll Expense $135,149.47 Total Administrative Expense $78,115.36 Total Operating Expense $95,522.17 Total Repair & Maintenance Expense $81,215.70 Total Management Fee Expense $23,388.74 Total Utilities Fee Expense $42,970.31 Total Expenses $456,361.75 Total Net Operating Income / (Loss) $1,290,302.32 *Not including taxes or property insurance 12 13 TOTAL RENT REVENUE SUMMARY - POST COVID # SPACES MONTHLY RATE PER SPACE PER/MTH Monthly Parker 888 $145.00 $128,760 BAYFRONT Transient Parker $54,680 Valet (Temporarily discounted to $8,000/ $15,000 TOWERS mth)(1) Total Monthly Revenue $198,440 Annual Income Escalation 3.0% First Escalation 10/1/21 OPERATING EXPENSES 2020 BUDGET % FIXED POST-COVID ASSUMPTIONS Payroll $148,800 90% Administrative $93,600 90% Bayfront Towers projected NOI for 2020 was $1.5M; however, the loss of transient parking and monthly passes Security $24,000 10% Other Operating Expenses $8,400 50% during Q2 and Q3 due to COVID-19, resulted in a projected net operating of income of $966,000 with a R&M - Pressure Washing $10,500 100% R&M - Sprinkler & Fire Protection $3,005 100% significant increase in revenue on year 2 and year 3 once the workforce returns to the office and the city returns R&M - Other $31,200 50% back to normalcy. Monthly parking passes in downtown range between $130 to $240 a month, per space. Management Fee - Base $15,000 100% Management Fee - Incentive $31,200 0% Utilities $33,600 100% TOTAL $399,305 Annual Expense Escalation 3.0% First Escalation 10/1/21 CASH FLOW PROJECTION FISCAL YEAR START 10/1/20 10/1/21 10/1/22 10/1/23 10/1/24 10/1/25 TOTAL ANALYSIS YEAR 1 2 3 4 5 6 REVENUE Monthly Parker $1,223,220 $1,606,925 $1,655,133 $1,704,787 $1,755,930 $1,808,608 $9,754,602 Transient Parker 464,780 675,845 696,120 717,004 738,514 760,669 4,052,932 DEC Valet Contract 159,000 185,400 190,962 196,691 202,592 208,669 1,143,314 TOTAL GROSS REVENUE $1,688,000 $2,282,770 $2,351,253 $2,421,790 $2,494,444 $2,569,277 $13,807,534 Florida Sales Tax 118,160 159,794 164,588 169,525 174,611 179,849 966,527 Miami Surcharge 253,200 342,415 352,688 363,269 374,167 385,392 2,071,130 TOTAL NET REVENUE $1,316,640 $1,780,560 $1,833,977 $1,888,996 $1,945,666 $2,004,036 $10,769,876.39 EXPENSES Payroll 141,235 153,264 157,862 162,598 167,476 172,500 954,935 Administrative 88,842 96,408 99,300 102,279 105,348 108,508 600,685 Security 13,019 24,720 25,462 26,225 27,012 27,823 144,261 Other Operating Expenses 6,265 8,652 8,912 9,179 9,454 9,738 52,199 R&M - Pressure Washing 10,500 10,815 11,139 11,474 11,818 12,172 67,918 R&M - Sprinkler & 3,005 3,095 3,188 3,284 3,382 3,484 19,438 Fire Protection R&M - Other 23,269 32,136 33,100 34,093 35,116 36,169 193,884 Management Fee - Base 15,000 15,450 15,914 16,391 16,883 17,389 97,026 Management Fee - Incentive 15,339 32,136 33,100 34,093 35,116 36,169 185,953 Utilities 33,600 34,608 35,646 36,716 37,817 38,952 217,339 TOTAL EXPENSES $350,074 $411,284 $423,623 $436,331 $449,421 $462,904 $2,533,638 NET OPERATING INCOME $966,566 $1,369,276 $1,410,354 $1,452,665 $1,496,245 $1,541,132 $8,236,239 14 15 SITE ACCESSIBILITY BAYFRONT TOWERS LEGEND 1 I-95 & I-395 2 Virgin Brightline Station 3 Metro Rail 4 Metro Mover 16 17 INVESTMENT HIGHLIGHTS CONNECTIVITY & WALKABILITY Bayfront Towers has quick, direct access to Biscayne Blvd and the First Street Metromover Station, and is just a few blocks away from MiamiCentral, a high-performance rail transportation hub with connections to Fort Lauderdale, West Palm Beach, and (soon) Orlando.
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