River Lofts Apartments

OFFERING MEMORANDUM | 43 UNIT WATERFRONT MULTI-FAMILY PORTFOLIO - UPPER EAST SIDE

500-522 NE 78 Street Miami, FL 33138 River Lofts Apartments

CONTENTS

01 Executive Summary 05 Rent Roll 08 Additional Information Investment Summary 4 Rent Roll Details 42 River Lofts- Financial Analysis - Short 53 Unit Mix Summary 6 Term Rental FINAL Location Summary 7 AIR DNA Summary - River Lofts - FINAL 54 Triton Center 56 06 Financial Analysis T4R Zoning Table 58 02 Property Description Income & Expense Analysis 47 T5 Zoning - Miami 21 60 Property Features 9 Miami 21 - Waterfront Design Guidelines 63 Aerial 10 07 Demographics Permitting Procedures 72 Zoning Map 13 Demographics 49 Transit Oriented Development Map - 73 Miami 21 Transit Hub 14 Demographic Charts 50 79 Street Train Station 74

03 Rent Comps Rent Comparables Summary 16 Rent Comparables Map 33

04 Sale Comps Sale Comparables Summary 35 Sale Comparables Charts 39 Sale Comparables Map 40

Exclusively Marketed by:

David Fermoselle Jose Ramos Rafael Fermoselle Associate Associate Director of Multi-Family Sales 305-299-4124 7865565515 305-299-4136 License # 3306806 License # SL3344854 [email protected] [email protected] [email protected]

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. RIVER LOFTS APARTMENTS LOFTS RIVER

Executive Summary Investment Summary Unit Mix Summary Location Summary ...... 01

River Lofts Apartments | Executive Summary River Lofts Apartments Investment Summary | 04

OFFERING SUMMARY Value Add / Development Opportunity in Miami's Upper East Side ADDRESS 500-522 NE 78 Street Miami FL 33138 Waterfront Property COUNTY Miami-Dade Current Cap Rate: 3.4% MARKET Miami SUBMARKET Upper East Side Pro Forma Cap Rate: 6% BUILDING SF 19,526 Short Term Rental Pro Forma Cap Rate: 9.8% LAND SF 41,575 Zoning: T4-R with opportunity up zone to T5 (Build NUMBER OF UNITS 43 5 stories/61 units)

YEAR BUILT 1936/1949 Minutes Away from Miami Ironside District, YEAR RENOVATED 2018-2019 Wynwood/Design District, Miami Beach and Downtown Miami APN 01-3207-040-0211 OWNERSHIP TYPE Fee Simple New Hurricane Impact Windows Walking distance from 79th Street/Biscayne Blvd. FINANCIAL SUMMARY Commercial Corridor OFFERING PRICE $7,750,000 Walking Score: 92 / Transit Score: 54 / Biking Score: PRICE PSF $396.91 69 PRICE PER UNIT $180,233 Close Proximity to 79 St. Transit Hub (Tri- Rail/Amtrak/Bus) OCCUPANCY 85.00 % NOI (CURRENT) $265,726 New Mini Split HVAC Systems

NOI (Pro Forma) $475,870 New Roofs CAP RATE (CURRENT) 3.43 % CAP RATE (Pro Forma) 6.14 % GRM (CURRENT) 13.91 GRM (Pro Forma) 10.58

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2017 Population 25,631 172,067 502,953 2017 Median HH Income $34,139 $37,376 $37,914 2017 Average HH Income $57,822 $60,255 $62,922 River Lofts Apartments Investment Summary | 05

Another option for an owner/developer can take advantage of this rare waterfront site and combine both parcels, request a zoning change to T5, and build a new five (5) story mixed-use development project with 61 apartment units.

Eleventrust is proud to present, its newest exclusive listing, the River Lofts Apartments, located at 500-522 NE 78th Street, in the Upper East Side neighborhood of Miami, Florida. The waterfront property is centrally located and is in close proximity to Miami Beach, Mimo District, Wynwood Arts District, Ironside District, Design District, and Downtown Miami/Brickell Financial District.

The opportunity allows for an investor to acquire a portfolio of four (4) buildings, with a total of 43 apartment units, on two (2) contiguous parcels, facing Little River. All buildings are two- stories, and have been renovated over the past 18 months (featuring hurricane impact windows, new kitchens, new bathrooms, new floors and new mini split HVAC systems). The apartments range in size between 460-690 square feet. The units are currently generating between $700 and $1,300 a month ($1.52 - $2.83 a sq. ft.) in gross rental income at a cap rate of 3.43%.

Market rate rents in the area are currently at $2.44 -$2.91 a sq. ft. for new or recently renovated units. With a well implemented capital improvement plan, the Net Operating Income can be improved from $265,726 to $475,870 at a cap rate of 6.03% (if operating as traditional multi-family). Assuming 43% of the property is operated as a short-term rental (Air BNB), conservative estimates show a potential to generate $766,989 in net operating income at cap rate of 9.8% (see detailed Short- Term Rental Financial Analysis). River Lofts Apartments Unit Mix Summary | 06

Actual Market Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Market Rent Market Rent Market Income PSF Income 2 bd / 1 ba 1 690 $1,300 $1.88 $1,300 $1,450 $2.10 $1,450 1 bd / 1 ba 6 650 $1,150 $1.77 $6,900 $1,425 $2.19 $8,550 Studio / 1 ba 34 470 $925 $1.97 $31,450 $1,380 $2.94 $46,920 1 bd / 1.5 ba 2 625 $1,222 $1.96 $2,444 $1,475 $2.36 $2,950 Totals/Averages 43 507 $979 $1.94 $42,094 $1,392 $2.79 $59,870 River Lofts Apartments Location Summary | 07

Regional Map

UPPER EAST SIDE / 79 STREET CORRIDOR / BISCAYNE CORRIDOR River Lofts Apartments is located in the intersection of two large commercial corridors in Miami's Urban Core - Biscayne Boulevard (from North to South) and 79th Street (from East to West). At the intersection of these two corridors is the Upper East Side neighborhood of Miami, which has been going through a major renaissance in recent years.

RESTAURANTS, GALLERIES, AND BOUTIQUES There is no shortage of things to do in the Upper East Side. The shops, restaurants, boutiques, cafes and bars in the Mimo District, Ironside District, and 79th/Biscayne Corridor are all within a short distance of River Lofts. Ironside Pizza Citadel Food Hall Sherwoods Bistro & Bar Starbucks Bank of America CVS You Fit T Mobile Soykas Locator Map Andiamo's Pizza Bar Meli 69 Cross Fit Chase Bank Tropical Supermarket

UPCOMING DEVELOPMENT PROJECTS The Upper East Side has been drawing continued interest from locals, tourists and investors/developers who are seeing the future potential of this eclectic sub market. Here are a few projects coming to this transitioning neighborhood:

Triton Center (Mixed Use Hotel, Apartment, Office and Retail development immediately in front of subject property) 79th Street Transportation Hub - Virgin Trains/Brightline & Tri-Rail Legion Park Apartments Shorecrest Place Apartments Bayshore Point Metronomic Place Dos RIVER LOFTS APARTMENTS LOFTS RIVER

Property Description Property Features Aerial Map Parcel Map Additional Maps ...... 02

River Lofts Apartments | Property Description River Lofts Apartments Property Features | 09

Site Description NUMBER OF UNITS 43 BUILDING SF 19,526 LAND SF 41,575 LAND ACRES 0.95 YEAR BUILT 1936/1949 YEAR RENOVATED 2018-2019 # OF PARCELS 2 ZONING TYPE T4-R BUILDING CLASS C LOCATION CLASS C NUMBER OF STORIES 2 NUMBER OF BUILDINGS 4 NUMBER OF PARKING SPACES 21 WASHER/DRYER Common Areas

FEES & DEPOSITS SECURITY DEPOSIT 1100 PET FEE $200.00

MECHANICAL HVAC Wall Units & Mini Split HVAC Systems

UTILITIES WATER Landlord TRASH Landlord ELECTRIC Tenant

Rent Comps Rent Comparables Rent Comparables Map ...... 03

River Lofts Apartments | Rent Comps River Lofts Apartments Rent Comparables Summary | 16

Unit Mix and Rent Schedule 1 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 524 $1,378 $2.62 Total/Avg 1 524 $1,378 $2.62

Unit Mix Breakdown

The Corridor 760 NE 85 Street, Miami, FL 33138 Comparables Rent Analysis

Property Summary 1 bd / 1 ba $1,150 - $1,818 UNITS 1 LOW HIGH YEAR BUILT 2018 OCCUPANCY 100.00 %

Notes 2018 new construction. Modern Kitchen (granite counter tops, new appliances), modern bathroom, new tile floors, in unit washer/dryer, parking and impact windows/doors. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 17

Unit Mix and Rent Schedule 2 Unit Mix # of Units Square Feet Rent Rent per SF Studio + 1 ba 1 533 $1,450 $2.72 Studio + 1 ba 1 558 $1,450 $2.59 Studio + 1 ba 1 640 $1,350 $2.10 Total/Avg 3 577 $1,417 $2.47

Unit Mix Breakdown

8101 Biscayne Boulevard, Miami, FL 33138

Property Summary UNITS 3 Comparables Rent Analysis YEAR BUILT 1968 OCCUPANCY 100.00 % Studio / 1 ba $925 - $1,450 LOW HIGH Notes [Data for Apt. R-510, R-612, R-203] DOM: 38, 42 & 8] (Leased: June 15, August 1 & November 29, 2018). Unit features: Industrial style lofts with polished Studio / 1 ba $925 - $1,450 concrete floors, modern kitchen (cabinets, stainless steal appliances including dishwasher, granite LOW HIGH countertops), Central HVAC, Impact Windows, in unit washer/dryer, updated modern bathroom (including finishes). Amenities: Elevator, Key card Studio / 1 ba $925 - $1,450 entry system, gym and rooftop deck with spa. Parking: Yes. Sub-market: Upper East Side. LOW HIGH Waterfront: No. River Lofts Apartments Rent Comparables Summary | 18

Unit Mix and Rent Schedule 3 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 554 $1,350 $2.43 1 bd + 1 ba 1 554 $1,350 $2.43 Total/Avg 2 554 $1,350 $2.43

Unit Mix Breakdown

436 NE 77 Street Road, Miami, FL 33138

Property Summary Comparables Rent Analysis UNITS 1 YEAR BUILT 1926 1 bd / 1 ba $1,150 - $1,818 OCCUPANCY 100.00 % LOW HIGH

Notes Leased: May 14, 2018 (DOM: 28). Unit features new 1 bd / 1 ba $1,150 - $1,818 kitchen (granite counter tops, new appliances, new cabinets) new bathroom, hardwood floors,in unit LOW HIGH washer/dryer, central a/c, key card entry. Sub market: Ironside District. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 19

Unit Mix and Rent Schedule 4 Unit Mix # of Units Square Feet Rent Rent per SF Studio + 1 ba 7 500 $1,250 $2.50 Studio + 1 ba 14 500 $1,300 $2.60 Total/Avg 21 500 $1,275 $2.55

Unit Mix Breakdown

7504 NE 6 Court, Miami, FL 33138

Property Summary Comparables Rent Analysis UNITS 2 YEAR BUILT 1938 Studio / 1 ba $925 - $1,450 OCCUPANCY 100.00 % LOW HIGH

Notes [Data for Apt. 7 & Apt. 14] DOM: 45 & 50 (Leased: July Studio / 1 ba $925 - $1,450 2, 2018 & December 1, 2018). Unit features: Updated modern kitchen (cabinets, stainless steal LOW HIGH appliances, granite countertops), Central HVAC, in unit washer/dryer, updated modern bathroom (including finishes), tile floors, alarm system. Parking: Street. Sub-market: Upper East Side. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 20

Unit Mix and Rent Schedule 5 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 742 $1,818 $2.45 Total/Avg 1 742 $1,818 $2.45

Unit Mix Breakdown

7950 NE Bayshore Court , Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 1 bd / 1 ba $1,150 - $1,818 YEAR BUILT 2015 LOW HIGH OCCUPANCY 100.00 % River Lofts Apartments Rent Comparables Summary | 21

Unit Mix and Rent Schedule 6 Unit Mix # of Units Square Feet Rent Rent per SF Studio + 1 ba 1 550 $1,300 $2.36 Total/Avg 1 550 $1,300 $2.36

Unit Mix Breakdown

694 NE 76 Street #1, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 Studio / 1 ba $925 - $1,450 YEAR BUILT 1927 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 164 (Leased: January 1, 2019). Unit features: Updated kitchen (cabinets, stainless steal appliances), Impact Windows, Central HVAC, updated bathroom. Parking: Yes. Sub-market: Upper East Side. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 22

Unit Mix and Rent Schedule 7 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1.5 ba 1 631 $1,350 $2.13 Total/Avg 1 631 $1,350 $2.13

Unit Mix Breakdown

7825 NE Bayshore Court #405, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 1 bd / 1.5 ba $1,222 - $1,600 YEAR BUILT 1970 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 57 (Leased: February 5, 2019). Unit features: Kitchen/bathroom in good condition, Central HVAC, tile floors, in unit washer/dryer. Amenities: Gym, pool and controlled access. Parking: Yes. Sub- market: Upper East Side. Waterfront: Yes. River Lofts Apartments Rent Comparables Summary | 23

Unit Mix and Rent Schedule 8 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1.5 ba 1 741 $1,600 $2.15 1 bd + 1.5 ba 1 741 $1,600 $2.15 1 bd + 1.5 ba 1 858 $1,550 $1.80 Total/Avg 3 780 $1,583 $2.03

Unit Mix Breakdown

7899 NE Bayshore Court, Miami, FL 33138

Property Summary UNITS 3 Comparables Rent Analysis YEAR BUILT 1974 OCCUPANCY 100.00 % 1 bd / 1.5 ba $1,222 - $1,600 LOW HIGH Notes [Data for Apt. 4F, 4G & 4B] DOM: 23,16 & 42] (Leased: May 15/December 1, 2018 & March 11, 2019). Unit features: Modern kitchen (cabinets, stainless steal 1 bd / 1.5 ba $1,222 - $1,600 appliances including dishwasher, granite countertops), Central HVAC, Impact Windows, LOW HIGH updated modern bathroom (including finishes). Amenities: Laundry (common areas) Elevator, gym, gated access. Parking: Yes. Sub-market: Upper East 1 bd / 1.5 ba $1,222 - $1,600 Side. Waterfront: Yes. LOW HIGH River Lofts Apartments Rent Comparables Summary | 24

Unit Mix and Rent Schedule 9 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 752 $1,550 $2.06 Total/Avg 1 752 $1,550 $2.06

Unit Mix Breakdown

645 NE 77 Street #11, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 2 bd / 1 ba $1,300 - $1,550 YEAR BUILT 1953 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 91 (Leased: January 4, 2019). Unit features: Fully renovated, modern kitchen (cabinets, stainless steel appliances including dishwasher, granite countertops), Central HVAC, vinyl wood floors, updated modern bathroom (including finishes). Amenities: Gated access, key card entry. Parking: Yes. Sub-market: Upper East Side. Waterfront: Yes. River Lofts Apartments Rent Comparables Summary | 25

Unit Mix and Rent Schedule 10 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 $1,400 $0 2 bd + 1 ba 1 826 $1,400 $1.69 Total/Avg 2 826 $1,400 $0.85

Unit Mix Breakdown

7820 NE Bayshore Court #101, Miami, FL 33138

Property Summary Comparables Rent Analysis UNITS 1 YEAR BUILT 1970 2 bd / 1 ba $1,300 - $1,550 OCCUPANCY 100.00 % LOW HIGH

Notes DOM: 82 (Leased: November 15, 2018). Unit features: 2 bd / 1 ba $1,300 - $1,550 Unit in good condition but unit has not undergone major renovations, Central HVAC, tile floors. Sub- LOW HIGH market: Upper East Side. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 26

Unit Mix and Rent Schedule 11 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 665 $1,500 $2.25 Total/Avg 1 665 $1,500 $2.25

Unit Mix Breakdown

665 NE 83rd Terrace #302, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 2 bd / 1 ba $1,300 - $1,550 YEAR BUILT 1972 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 59 (Leased: January 29, 2019). Corner unit. Unit features: Updated kitchen (new cabinets, granite countertops, stainless steel appliances including dishwasher), Central HVAC, crown moldings, new paint, balcony, vinyl wood floors. Amenities: Sub-market: Upper East Side. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 27

Unit Mix and Rent Schedule 12 Unit Mix # of Units Square Feet Rent Rent per SF 2 bd + 1 ba 1 855 $1,350 $1.57 Total/Avg 1 855 $1,350 $1.57

Unit Mix Breakdown

422 NE 82 Street, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 2 bd / 1 ba $1,300 - $1,550 YEAR BUILT 1945 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 9 (Leased: May 1, 2018). Corner unit. Unit features: Partially renovated. Updated kitchen (new cabinets, granite countertops, new appliances), Wall unit HVAC. Amenities: None. Parking: Yes. Sub- market: Upper East Side. Waterfront: No. River Lofts Apartments Rent Comparables Summary | 28

Unit Mix and Rent Schedule 13 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 562 $1,400 $2.49 Total/Avg 1 562 $1,400 $2.49

Unit Mix Breakdown

665 NE 83rd Terrace #304, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 1 bd / 1 ba $1,150 - $1,818 YEAR BUILT 1972 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 18 (Leased: March 22, 2019). Unit features: Updated kitchen (new cabinets, stainless steel appliances, granite counter tops) updated bathroom, tile floors. Sub-market: Upper East Side. Waterfront: No.

Amenities • Elevator • In Unit • Central HVAC Washer/Dryer • Balcony • Assigned Parking River Lofts Apartments Rent Comparables Summary | 29

Unit Mix and Rent Schedule 14 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 600 $1,700 $2.83 Total/Avg 1 600 $1,700 $2.83

Unit Mix Breakdown

268 NE 80th Terrace, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 1 bd / 1 ba $1,150 - $1,818 YEAR BUILT 1925 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 11 (Leased: March 25, 2019). Unit features: Completely remodeled: New kitchen (new cabinets, stainless steel appliances) updated bathroom, tile floors and impact windows. Sub-market: Little River. Waterfront: No. (Inferior location to subject).

Amenities • Patio • All expenses • Private parking included (electricity, lawn service, etc.) River Lofts Apartments Rent Comparables Summary | 30

Unit Mix and Rent Schedule 15 Unit Mix # of Units Square Feet Rent Rent per SF 1 bd + 1 ba 1 608 $1,275 $2.09 Total/Avg 1 608 $1,275 $2.09

Unit Mix Breakdown

531 NE 82nd Terrace #4, Miami, FL 33138 Comparables Rent Analysis Property Summary UNITS 1 1 bd / 1 ba $1,150 - $1,818 YEAR BUILT 1960 LOW HIGH OCCUPANCY 100.00 %

Notes DOM: 5 (Leased: March 31, 2019). Unit features: Completely remodeled: New kitchen (Italian cabinets, stainless steel appliances), central HVAC, polished terrazo floors, bathroom not updated. Sub- market: Mimo. Waterfront: No. (Inferior location to subject). River Lofts Apartments Rent Comparables Summary | 31

Unit Mix and Rent Schedule 16 Unit Mix # of Units Square Feet Rent Rent per SF 0 $0 1 bd + 1 ba 1 650 $1,300 $2 Total/Avg 1 650 $1,300 $1

Unit Mix Breakdown

1030 NE 80th Street #6, miami, FL 33138

Property Summary Comparables Rent Analysis UNITS 1 YEAR BUILT 1962 1 bd / 1 ba $1,150 - $1,818 OCCUPANCY 100.00 % LOW HIGH

Notes DOM: 116 (Leased: March 1, 2018). Unit features: Completely remodeled in 2018: Central HVAC, polished terrazo floors. Sub-market: Upper East Side. Waterfront: No.

Amenities • In unit • Gated • Parking washer/dryer River Lofts Apartments Rent Comparables Summary | 32

Unit Mix and Rent Schedule S Unit Mix # of Units Square Feet Rent Summary Rent per SF 2 bd / 1 ba 1 690 $1,300 $1.88 1 bd / 1 ba 6 650 $1,150 $1.77 Studio / 1 ba 34 470 $925 $1.97 1 bd / 1.5 ba 2 625 $1,222 $1.96 Totals/Averages 43 507 $979 $1.94

Unit Mix Breakdown

River Lofts Apartments 500-522 NE 78 Street, Miami, FL 33138

Property Summary UNITS 43 OCCUPANCY 85.00 % Comparables Rent Analysis 2 bd / 1 ba $1,300 - $1,550 LOW HIGH

1 bd / 1 ba $1,150 - $1,818 LOW HIGH

Studio / 1 ba $925 - $1,450 LOW HIGH

1 bd / 1.5 ba $1,222 - $1,600 LOW HIGH River Lofts Apartments Rent Comparables Map | 33

# Property Name Address City S River Lofts Apartments 500-522 NE 78 Street Miami 1 The Corridor 760 NE 85 Street Miami 2 8101 Biscayne Boulevard Miami 3 436 NE 77 Street Road Miami 4 7504 NE 6 Court Miami 5 7950 NE Bayshore Court Miami 6 694 NE 76 Street #1 Miami 7 7825 NE Bayshore Court #405 Miami 8 7899 NE Bayshore Court Miami 9 645 NE 77 Street #11 Miami 10 7820 NE Bayshore Court #101 Miami 11 665 NE 83rd Terrace #302 Miami 12 422 NE 82 Street Miami 13 665 NE 83rd Terrace #304 Miami 14 268 NE 80th Terrace Miami 15 531 NE 82nd Terrace #4 Miami 16 1030 NE 80th Street #6 miami RIVER LOFTS APARTMENTS LOFTS RIVER

Sale Comps Sale Comparables Sale Comparables Charts Sale Comparables Map ...... 04

River Lofts Apartments | Sale Comps River Lofts Apartments Sale Comparables Summary | 35

1 TOTAL UNITS 8

YEAR BUILT 1969

SALE PRICE $1,290,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $161,250 LOW HIGH PRICE/SF $223.03

CLOSING DATE 5/12/2017 DOM Range

LOW HIGH

8045 NE 1st Avenue Miami, FL 33138 Notes Deferred maintenance at the time of purchase; Property has undergone upgrades and has been stabilized by a professional property management group during the last several months; Class C building; T5-0 zoning.

2 TOTAL UNITS 4

YEAR BUILT 1960

SALE PRICE $558,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $139,500 LOW HIGH PRICE/SF $232.79

CLOSING DATE 8/15/2018 DOM Range

LOW HIGH

521 NE 62 Street Miami, FL 33138 Notes Unit Mix: Four 1BR/1BA (599 SF), Cap Rate, interior unit conditions and Occupancy Percentage at the time of transaction unknown; Parking spaces: 4; Submarket: Upper East Side; Zoning: T4 R. River Lofts Apartments Sale Comparables Summary | 36

3 TOTAL UNITS 8

YEAR BUILT 1937

SALE PRICE $1,150,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $143,750 LOW HIGH PRICE/SF $305.69

CLOSING DATE 9/4/2018 DOM Range

LOW HIGH

570 NE 68 Street Miami, FL 33137 Notes Unit Mix: Eight 1BR/1BA (470 SF) studios; Cap Rate, interior unit conditions and Occupancy Percentage at the time of transaction unknown; Wall unit A/Cs; NOI: $66,800. Parking spaces: 5; Submarket: Upper East Side; Zoning: T5 L.

4 TOTAL UNITS 5

YEAR BUILT 1948

SALE PRICE $750,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $150,000 LOW HIGH PRICE/SF $272.53

CLOSING DATE 6/5/2017 DOM Range

LOW HIGH

570 NE 69 Street Miami, FL 33138 Notes Unit Mix: Five 1BR/1BA (550 SF) studios, Cap Rate, interior unit conditions and Occupancy Percentage at the time of transaction unknown; Laundry facilities on site; Parking spaces: 5; Submarket: Upper East Side; Zoning: T5 L. River Lofts Apartments Sale Comparables Summary | 37

5 TOTAL UNITS 45

YEAR BUILT 1956

SALE PRICE $5,585,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $124,111 LOW HIGH PRICE/SF $289.12

CLOSING DATE 3/19/2018 DOM Range 60 - 171 DAYS ON MARKET 171 LOW HIGH The Boutique Apartments 8000 NE Bayshore Court Miami, FL 33138 Notes DOM: 171; Unit Mix: 45 Studios (429 SF); Cap Rate: Unknown, Occupancy Percentage: Unknown; Recently fully renovated with condominium finishes. Wall Unit A/C; Exterior also recently remodeled; Amenities: Pool, laundry facilities; Parking: 50 spaces; Submarket: Upper East Side; Waterfront: No; Zoning: T5 R.

6 TOTAL UNITS 14

YEAR BUILT 1963

SALE PRICE $2,175,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $155,357 LOW HIGH PRICE/SF $267.53

CLOSING DATE 7/27/2018 DOM Range 60 - 171 DAYS ON MARKET 60 LOW HIGH

519 NE 83 Street Miami, FL 33138 Notes DOM: 60; Unit Mix: Eleven 1BR/1BA and Three 2BR/1BA - 14 total units; Occupancy Percentage: Unknown; No recent renovations; Wall unit a/c; Parking: 13 spaces; Submarket: El Portal; Waterfront: No; Zoning: RU-4A. River Lofts Apartments Sale Comparables Summary | 38

7 TOTAL UNITS 6

YEAR BUILT 1961

SALE PRICE $1,050,000 Price/Unit Range $124,111 - $180,233 PRICE/UNIT $175,000 LOW HIGH PRICE/SF $169.46

CLOSING DATE 7/28/2018 DOM Range 60 - 171 DAYS ON MARKET 111 LOW HIGH

1001 NE 80th Street Miami, FL 33138 Notes DOM: 111; Unit Mix: Six 2BR/1BA (1,033 SF); Occupancy Percentage: Unknown; Central A/C; Laundry facilities on site; Parking: 6 spaces; Submarket: Upper East Side; Waterfront: No; Corner Lot: Yes; Zoning: T5 R.

S TOTAL UNITS 43 Cap Rate Range 3.43 % - 3.43 %

ASKING PRICE $7,750,000 LOW HIGH

PRICE/UNIT $180,233 Price/Unit Range $124,111 - $180,233 PRICE/SF $396.91 LOW HIGH CAP RATE 3.43 %

GRM 13.91

OCCUPANCY 85.00 % River Lofts Apartments 500-522 NE 78 Street Miami, FL 33138 River Lofts Apartments Sale Comparables Charts | 39 River Lofts Apartments Sale Comparables Map | 40

# Property Name Address City S River Lofts Apartments 500-522 NE 78 Street Miami 1 8045 NE 1st Avenue Miami 2 521 NE 62 Street Miami 3 570 NE 68 Street Miami 4 570 NE 69 Street Miami 5 The Boutique Apartments 8000 NE Bayshore Court Miami 6 519 NE 83 Street Miami 7 1001 NE 80th Street Miami RIVER LOFTS APARTMENTS LOFTS RIVER

Rent Roll Rent Roll Details ...... 05

River Lofts Apartments | Rent Roll River Lofts Apartments Rent Roll Details | 42

Unit Square Unit Mix Monthly Rent PSF Market Rent Move-in Date Notes Feet 1 690 2 bd / 1 ba $1,300 $1.88 $1,450 2/1/2019 500 NE 78th Street, #1 - Renovated kitchen/bathroom. Wall Unit HVAC system. 2 460 Studio / 1 ba $700 $1.52 $1,380 11/1/2018 500 NE 78th Street, #2 - No renovations. Wall unit HVAC system. 3 460 Studio / 1 ba $950 $2.07 $1,380 12/11/2017 500 NE 78th Street, #3 - Renovated kitchen/bathroom. Wall Unit HVAC system. 4 460 Studio / 1 ba $950 $2.07 $1,380 9/1/2018 500 NE 78th Street, #4 - Renovated kitchen/bathroom. Wall Unit HVAC system. 5 460 Studio / 1 ba $0 $0.00 $1,380 500 NE 78th Street, #5 - Vacant; Renovated kitchen/bathroom. Wall Unit HVAC system. 6 650 1 bd / 1 ba $1,150 $1.77 $1,425 12/1/2018 500 NE 78th Street, #6 - Renovated kitchen/bathroom. Wall Unit HVAC system. 7 460 1 bd / 1 ba $1,000 $2.17 $1,380 12/1/2018 500 NE 78th Street, #7 - Renovated kitchen/bathroom. Wall Unit HVAC system. 8 460 Studio / 1 ba $950 $2.07 $1,380 12/15/2017 500 NE 78 Street, #8- Renovated kitchen/bathroom. Wall Unit HVAC system. 9 460 Studio / 1 ba $0 $0.00 $1,380 500 NE 78 Street, #9 - Vacant; Renovated kitchen/bathroom. Wall Unit HVAC system. 10 460 Studio / 1 ba $950 $2.07 $1,380 11/1/2018 500 NE 78th Street, #10 - Renovated kitchen/bathroom. Wall Unit HVAC system. 11 650 1 bd / 1 ba $1,200 $1.85 $1,425 11/1/2018 500 NE 78 Street, #11 - Renovated kitchen/bathroom. Wall Unit HVAC system. 12 650 1 bd / 1 ba $1,150 $1.77 $1,425 8/1/2018 500 NE 78 Street, #12 - Renovated kitchen/bathroom. Wall Unit HVAC system. 13 460 Studio / 1 ba $1,000 $2.17 $1,380 12/27/2017 500 NE 78 Street, #13 - Renovated kitchen/bathroom. Wall Unit HVAC system. 14 460 Studio / 1 ba $1,000 $2.17 $1,380 8/1/2018 500 NE 78 Street, #14 - Renovated kitchen/bathroom. Wall Unit HVAC system. 15 460 Studio / 1 ba $950 $2.07 $1,380 12/1/2018 500 NE 78 Street, #15 - Renovated kitchen/bathroom. Wall Unit HVAC system. River Lofts Apartments Rent Roll Details | 43

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent Move-in Date Notes 16 460 Studio / 1 ba $1,000 $2.17 $1,380 5/1/2018 500 NE 78 Street, #16 - Renovated kitchen/bathroom. Wall Unit HVAC system. 17 650 1 bd / 1 ba $1,100 $1.69 $1,425 12/1/2018 500 NE 78 Street, #17 - Renovated kitchen/bathroom. Wall Unit HVAC system. 18 650 1 bd / 1 ba $1,100 $1.69 $1,425 12/1/2018 500 NE 78 Street, #18 - Renovated kitchen/bathroom. Wall Unit HVAC system. 19 460 Studio / 1 ba $910 $1.98 $1,380 2/1/2018 500 NE 78 Street, #19 - Renovated kitchen/bathroom. Wall Unit HVAC system. 20 460 Studio / 1 ba $900 $1.96 $1,380 2/1/2019 500 NE 78 Street, #20 - Renovated kitchen/bathroom. Wall Unit HVAC system. 21 460 Studio / 1 ba $950 $2.07 $1,380 6/1/2018 500 NE 78 Street, #21 - Renovated kitchen/bathroom. Wall Unit HVAC system. 22 460 Studio / 1 ba $1,100 $2.39 $1,425 12/1/2018 500 NE 78 Street, #22 - Renovated kitchen/bathroom. Wall Unit HVAC system. 23 460 Studio / 1 ba $950 $2.07 $1,380 5/1/2018 500 NE 78 Street, #23 - Renovated kitchen/bathroom. Wall Unit HVAC system. 24 470 Studio / 1 ba $1,100 $2.34 $1,380 10/1/2018 522 NE 78th Street, #1 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 25 470 Studio / 1 ba $1,000 $2.13 $1,380 4/1/2019 522 NE 78 Street, #2 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 26 470 Studio / 1 ba $1,100 $2.34 $1,380 9/1/2018 522 NE 78th Street, #3 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 27 470 Studio / 1 ba $1,150 $2.45 $1,380 6/1/2018 522 NE 78th Street, #4 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 28 470 Studio / 1 ba $1,100 $2.34 $1,380 5/1/2018 522 NE 78 Street, #5 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 29 470 Studio / 1 ba $1,150 $2.45 $1,380 7/1/2018 522 NE 78th Street, #6 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 30 470 Studio / 1 ba $1,100 $2.34 $1,380 3/1/2018 522 NE 78th Street, #7 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. River Lofts Apartments Rent Roll Details | 44

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent Move-in Date Notes 31 470 Studio / 1 ba $1,100 $2.34 $1,380 4/10/2019 522 NE 78th Street, #8 - Renovated kitchen/bathroom. Mini split HVAC system. Impact windows. New roof. 32 625 1 bd / 1.5 ba $1,270 $2.03 $1,475 6/1/2018 528 NE 78th St. #1 - Renovated kitchen/bathroom. Wall unit HVAC system. 33 625 1 bd / 1.5 ba $1,200 $1.92 $1,475 4/10/2019 528 NE 78th St, #2 - Renovated kitchen/bathroom. Wall unit HVAC system. 34 575 Studio / 1 ba $1,175 $2.04 $1,400 9/1/2018 528 NE 78th St, #3 - Renovated kitchen/bathroom. Wall unit HVAC system. 35 575 Studio / 1 ba $1,200 $2.09 $1,400 2/1/2018 528 NE 78th St, #4 - Renovated kitchen/bathroom. Wall unit HVAC system. 36 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St, #1 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 37 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St, #2 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 38 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St, #3 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 39 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St., #4 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 40 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St., #5 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. River Lofts Apartments Rent Roll Details | 45

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent Move-in Date Notes 41 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St., #6 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 42 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St.,#7 - Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. 43 470 Studio / 1 ba $0 $0.00 $1,425 534 NE 78th St., #8- Under construction. New kitchen, new bathroom, new appliances, new floors, new mini split HVAC system, new impact windows and new roof. Completion: Fall 2019. Totals/Averages $34,905 $1.59 $60,270 RIVER LOFTS APARTMENTS LOFTS RIVER

Financial Analysis Income & Expense ...... 06

River Lofts Apartments | Financial Analysis River Lofts Apartments Income & Expense Analysis | 47

INCOME CURRENT PRO FORMA REVENUE ALLOCATION Gross Potential Rent $543,660 $719,280 Laundry $13,416 $13,416 Gross Potential Income $557,076 $732,696 Less: General Vacancy $81,549 $35,964 Effective Gross Income $475,527 $696,732 Less: Expenses $209,801 $220,862 Net Operating Income $265,726 $475,870

EXPENSES Per Unit CURRENT Per Unit PRO DISTRIBUTION OF EXPENSES FORMA Real Estate Taxes $3,030 $130,280 $3,030 $130,280 Insurance $825 $35,475 $825 $35,475 Management Fee $553 $23,776 $810 $34,837 Repairs & Maintenance $200 $8,600 $200 $8,600 Water / Sewer $140 $6,020 $140 $6,020 Landscaping $23 $1,000 $23 $1,000 Licenses/Permits $12 $500 $12 $500 Florida Power & Light $67 $2,900 $67 $2,900 Waste $29 $1,250 $29 $1,250 Total Operating Expense $4,879 $209,801 $5,136 $220,862 Reserves $200 $8,600 $200 $8,600 Expense / SF $10.74 $11.31 % of EGI 44.12 % 31.70 % RIVER LOFTS APARTMENTS LOFTS RIVER

Demographics Demographic Details Demographic Charts ...... 07

River Lofts Apartments | Demographics River Lofts Apartments Demographics | 49

POPULATION 1 MILE 3 MILE 5 MILE HOUSEHOLDS 1 MILE 3 MILE 5 MILE 2000 Population 24,739 159,424 449,686 2000 Total Housing 11,245 62,116 186,677 2010 Population 23,776 156,234 459,947 2010 Total Households 9,932 56,455 170,860 2017 Population 25,631 172,067 502,953 2017 Total Households 10,582 62,169 187,226 2022 Population 26,833 182,694 533,595 2022 Total Households 11,023 66,060 199,124 2017 African American 12,973 91,115 201,782 2017 Average Household Size 2.40 2.72 2.62 2017 American Indian 79 651 1,875 2000 Owner Occupied Housing 3,684 24,602 72,002 2017 Asian 331 2,102 6,293 2000 Renter Occupied Housing 6,077 30,804 89,203 2017 Hispanic 8,650 59,822 234,886 2017 Owner Occupied Housing 2,980 22,978 70,504 2017 White 10,207 65,738 255,078 2017 Renter Occupied Housing 7,602 39,191 116,722 2017 Other Race 971 6,579 21,497 2017 Vacant Housing 1,569 8,929 36,727 2017 Multiracial 1,062 5,820 16,221 2017 Total Housing 12,151 71,098 223,953 2017-2022: Population: Growth Rate 4.60 % 6.05 % 5.95 % 2022 Owner Occupied Housing 3,218 25,172 76,957 2022 Renter Occupied Housing 7,806 40,887 122,167 2017 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE 2022 Vacant Housing 1,660 9,105 37,604 less than $15,000 2,528 13,195 38,727 2022 Total Housing 12,683 75,165 236,728 $15,000-$24,999 1,582 9,024 26,370 2017-2022: Households: Growth Rate 4.10 % 6.10 % 6.20 % $25,000-$34,999 1,265 7,180 21,940 $35,000-$49,999 1,296 8,168 26,161 $50,000-$74,999 1,538 9,510 28,047 $75,000-$99,999 860 5,408 15,865 $100,000-$149,999 764 5,184 15,540 $150,000-$199,999 320 2,056 5,913 $200,000 or greater 428 2,443 8,658 Median HH Income $34,139 $37,376 $37,914

Average HH Income $57,822 $60,255 $62,922

Source: esri River Lofts Apartments Demographic Charts | 50

2017 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2017 Population by Race

1 Mile Radius 3 Mile Radius 5 Mile Radius River Lofts Apartments Demographic Charts | 51

2017 Household Occupancy - 1 Mile Radius

2017 Household Income Average and Median

Average Income Median Income RIVER LOFTS APARTMENTS LOFTS RIVER

Additional Information Term Rental FINAL River Lofts- Financial Analysis - Short AIR DNA Summary - River Lofts - FINAL Triton Center T4R Zoning Table T5 Zoning - Miami 21 Miami 21 - Waterfront Design Guidelines Permitting Procedures Transit Oriented Development Map - Miami 21 79 Street Train Station ...... 08

River Lofts Apartments | Additional Information River Lofts Apartments River Lofts- Financial Analysis - Short Term Rental FINAL | 53

RIVER LOFTS SHORT TERM RENTAL FINANCIAL ANALYSIS

Total Number of Units: 43 Total sf: 19,526 LOT: 41,575 Income Current Per Unit Pro‐Forma Per Unit GROSS POTENTIAL RENT - AIR BNB @ $98/Night- 20 Unit $705,600 $58,800 $828,000 $69,000 GROSS POTENTIAL RENT ‐ MF ‐ 23 Units $227,500 $5,291 $387,240 $9,006 Other Income Laundry Income: $13,416 $312 $13,416 $312 GROSS POTENTIAL INCOME: $946,516 $22,012 $1,228,656 $28,573 Vacancy ‐ AirBnb 23% ‐$162,288 ‐$13,524 ‐$190,440 ‐$15,870 Vacany ‐ MF 6% ‐$13,650 ‐$317 ‐$23,234 ‐$540

EFFECTIVE GROSS INCOME: $770,578 $17,920 $1,014,982 $23,604 EFFECTIVE GROSS INCOME ‐ Airbnb $543,312 $45,276 $637,560 $53,130 EFFECTIVE GROSS INCOME ‐ MF $213,850 $4,973 $364,006 $8,465 Expenses

Real Estate Taxes: $113,492 $2,639 $113,492 $2,639 Insurance: $40,000 $930 $40,000 $930 Airbnb Salary Manager: $25,000 $581 $25,000 $581 Water & Sewer: $8,050 $187 $8,050 $187 Repairs & Maintenance: $10,000 $233 $10,000 $233 Reserves & Replacements: $10,000 $233 $10,000 $233 Management Fee: 7.5% $16,039 $373 $27,300 $635 FPL: $2,900 $67 $2,900 $67 Waste Services: $1,250 $29 $1,250 $29 Advertising: $8,000 $186 $8,000 $186 Landscaping: $1,000 $23 $1,000 $23 Licenses: $1,000 $23 $1,000 $23

TOTAL EXPENSES: $236,731 $5,505 $247,992 $5,767 Expense per SF $12.12 $12.70 % of EGI 30.72% 24.43%

NET OPERATING INCOME: $533,847 $766,989

NET CASH FLOW BEFORE DEBT SERVICE: $533,847 $766,989 NET CASH FLOW AFTER DEBT: $175,858 $409,000 DCR: 1.49

Asking Price: $7,775,000 LTV: 75%

Price/Unit: $180,814 Loan Amount: $5,831,250

Price/sf: $398.19 Down Payment: $1,943,750

Cap Rate‐ Current: 6.87% Interest Rate: 4.50%

Cap Rate‐ Pro‐Forma 9.86% Amortization: 30

GRM‐ Current: 34.18 Payment: ($357,989)

GRM‐ Pro‐Forma 20.08 Cash on Cash: 9.05% River Lofts Apartments AIR DNA Summary - River Lofts - FINAL | 54

UPPER EAST SIDE/LITTLE RIVER/LITTLE HAITI SHORT TERM RENTAL MARKET PROFILE SOURCE: AIRDNA.COM

MARKET OVERVIEW

MARKET GRADE: A- (80 OF 100) RENTAL DEMAND: 70/100 REVENUE GROWTH: 23/100 SEASONALITY: 81/100 REGULATION: 66/100 INVESTIBILITY: 68/100 STATISTICAL DATA

AVERAGE DAILY RATE: $98 OCCUPANCY RATE: 77% HISTORICAL MARKET REVENUE: 32% Increase [$475,000 (March 2016) to $2,000,000 (December 2018) ACTIVE RENTALS: 489 (97% Single Family Homes, 2% Shared Room, 1% Private Room) River Lofts Apartments AIR DNA Summary - River Lofts - FINAL | 55

AVERAGE RENTAL SIZE: 2.4 Bedrooms / 6.5 Guests on Average AVERAGE AIR BNB RATING: 4.6 (83% Rated at least 4.5) REV PAR: $193 WEEKEND REVPAR: $274 AVERAGE ADR (LAST 6 MONTHS): $160 ACTIVE HOSTS: 489 BOOKING LEAD TIME AVERAGE: 42 Days

BOOKED PROPERTIES PER MONTH: 427 or 87% of Upper East Side/Little River/Little Haiti Air BNB Listings River Lofts Apartments Triton Center | 56

Planned redevelopment of former INS location in Miami draws $26M loan The developers plan to turn the property at 7880 Biscayne Blvd. into mixed‐use development with hotel rooms, apartments and commercial space

January 14, 2018 10:30AM River Lofts Apartments Triton Center | 57

Triton Center rendering Developers planning to redevelop a former home of the U.S. Immigration and Naturalization Service (INS) in Miami borrowed $26 million to finance the project. Three entities managed by Ye Zhang — Florida Fullview Immigration Building, Fullview Immigration Building I and Wealthy Delight — borrowed the money from an affiliate of Madison Realty Capital. In 2013, the developers paid $12.5 million for the former INS location at 7880 Biscayne Boulevard, which the federal agency vacated in 2008. The developers have razed the building the INS occupied and plan to turn the 1.4-acre property into a mixed-use development called Triton Center, designed by Stantec. Triton Center would encompass a 139-room Hilton Garden Inn hotel, 324 apartments, approximately 585 parking spaces, and 25,000 square feet of commercial space. [South Florida Business Journal] — Mike Seemuth River Lofts Apartments T4R Zoning Table | 58

MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - JANUARY 2018 T4 - GENERAL URBAN ZONE

RESTRICTED LIMITED OPEN

DENSITY (UPA) 36 UNITS PER ACRE 36 UNITS PER ACRE 36 UNITS PER ACRE

DWELLING UNIT Efficiency Dwelling Unit: 400 square feet min. Efficiency Dwelling Unit: 400 square feet min. Efficiency Dwelling Unit: 400 square feet min. One bedroom Dwelling Unit: 550 square feet min. One bedroom Dwelling Unit: 550 square feet min. One bedroom Dwelling Unit: 550 square feet min. Two bedroom Dwelling Unit: 650 square feet min. Two bedroom Dwelling Unit: 650 square feet min. Two bedroom Dwelling Unit: 650 square feet min.

BOATS Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats or house barges shall not be allowed except for those or house barges shall not be allowed except for those or house barges shall not be allowed except for those HOUSEBOAT specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance HOUSE BARGE #10932, adopted October 24, 1991. #10932, adopted October 24, 1991. #10932, adopted October 24, 1991.

BOAT HOUSE Maximum size: 20 feet wide, 40 feet long, 15 feet high. Maximum size: 20 feet wide, 40 feet long, 15 feet high. Maximum size: 20 feet wide, 40 feet long, 15 feet high.

BOAT SLIP Maximum coverage of waterfront setback: 35% Maximum coverage of waterfront setback: 35% Maximum coverage of waterfront setback: 35%

DOCKS Extension of docks or Piers into Biscayne Bay are limited Extension of docks or Piers into Biscayne Bay are limited Extension of docks or Piers into Biscayne Bay are limited to 35 feet . Further extension of docks or Piers into to 35 feet . Further extension of docks or Piers into to 35 feet . Further extension of docks or Piers into PIERS Biscayne Bay permitted by Exception, when required by Biscayne Bay permitted by Exception, when required by Biscayne Bay permitted by Exception, when required by applicable agency. applicable agency. applicable agency. Extension of docks or Piers into other waterways limited Extension of docks or Piers into other waterways limited Extension of docks or Piers into other waterways limited to 10 feet or 10% of waterway width, whichever is less. to 10 feet or 10% of waterway width, whichever is less. to 10 feet or 10% of waterway width, whichever is less. Further extensions permitted by Exception, when required Further extensions permitted by Exception, when required Further extensions permitted by Exception, when required by applicable agency. by applicable agency. by applicable agency. Only private pleasure craft may be docked or moored on Only private pleasure craft may be docked or moored on Only private pleasure craft may be docked or moored on property adjacent to T3-R, T4-R, T5-R, T6-R. property adjacent to T3-R, T4-R, T5-R, T6-R. property adjacent to T3-R, T4-R, T5-R, T6-R. Dock/ Pier Setbacks: 10 feet from any Abutting Dock/ Pier Setbacks: 10 feet from any Abutting Dock/ Pier Setbacks: 10 feet from any Abutting property property property Vessel setback: 5 feet from any Abutting property. Vessel setback: 5 feet from any Abutting property. Vessel setback: 5 feet from any Abutting property. Prohibited uses or appurtenances: davits in excess of Prohibited uses or appurtenances: davits in excess of Prohibited uses or appurtenances: davits in excess of 3 ton capacity, commercial vessels, commercial boat 3 ton capacity, commercial vessels, commercial boat 3 ton capacity, commercial vessels, commercial boat ramps, and commercial hauling and fueling. ramps, and commercial hauling and fueling. ramps, and commercial hauling and fueling.

COMMUNITY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. RESIDENCES 1-6 RESIDENTS

COMMUNITY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. RESIDENCES 7-14 RESIDENTS

ADULT FAMILY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. CARE HOME 1-5 RESIDENTS

VI.8 River Lofts Apartments T4R Zoning Table | 59

MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - JANUARY 2018 T4 - GENERAL URBAN ZONE

RESTRICTED LIMITED OPEN

DENSITY (UPA) 36 UNITS PER ACRE 36 UNITS PER ACRE 36 UNITS PER ACRE

HOME OFFICE Shall be located wholly within Dwelling Unit. Shall be located wholly within Dwelling Unit. Shall be located wholly within Dwelling Unit. Maximum size of Home Office shall be 25% of the size of Maximum size of Home Office shall be 25% of the size of Maximum size of Home Office shall be 25% of the size of the Dwelling Unit based on county property records. the Dwelling Unit based on county property records. the Dwelling Unit based on county property records. Home Occupations limited to individual tutoring; non- Home Occupations limited to individual tutoring; non- Home Occupations limited to individual tutoring; non- amplified individual instrument instruction; authors and amplified individual instrument instruction; authors and amplified individual instrument instruction; authors and composers; artists; designers; seamstresses; tailors; and composers; artists; designers; seamstresses; tailors; and composers; artists; designers; seamstresses; tailors; and uses similar in impact. Office uses, excluding medical uses similar in impact. Office uses, excluding medical uses similar in impact. Office uses, excluding medical and dental offices. and dental offices. and dental offices. Maximum of one client at a time. Maximum of one client at a time. Maximum of one client at a time. Maximum of two staff members, one of which must Maximum of two staff members, one of which must Maximum of two staff members, one of which must reside on premises. reside on premises. reside on premises. Hours of operation limited to Monday through Saturday Hours of operation limited to Monday through Saturday Hours of operation limited to Monday through Saturday 8:00 AM to 6 PM. 8:00 AM to 6 PM. 8:00 AM to 6 PM. No equipment or process shall be used which creates No equipment or process shall be used which creates No equipment or process shall be used which creates undue noise, vibration, glare, fumes, or odors detectable undue noise, vibration, glare, fumes, or odors detectable undue noise, vibration, glare, fumes, or odors detectable to normal senses off the property. to normal senses off the property. to normal senses off the property. Certificate of Use required. Certificate of Use required. Certificate of Use required.

LIVE WORK Shall be located within ground floor or Liner units. Shall be located within ground floor or Liner units. Maximum size of work occupation shall not exceed Maximum size of work occupation shall not exceed 50% of the size of the Dwelling Unit based on county 50% of the size of the Dwelling Unit based on county property records. property records. Live Work occupations limited to those allowed in Live Work occupations limited to those allowed in Transect Zone. Transect Zone. No equipment or process shall be used which creates No equipment or process shall be used which creates undue noise, vibration, glare, fumes, or odors detectable undue noise, vibration, glare, fumes, or odors detectable to normal senses off the property. to normal senses off the property. Certificate of Use required. Certificate of Use required.

BED AND BREAKFAST Subject to City Code Chapter 23.

DRIVE-THROUGH AND May only be permitted by Warrant. DRIVE-IN Available only when site’s Primary Frontage is along a County designated primary arterial road.

Whenever possible, all ingress and egress to and from the site shall be from a County designated primary arterial road.

Principal Frontage access may be allowed.

Reservoir parking spaces shall be required as follows: One (1) at window, three (3) before service window, one (1) after service window.

ADULT DAYCARE For 6 to 9 adults: For 6 to 9 adults: Minimum of 350 sq feet of indoor activity area. Minimum of 350 sq feet of indoor activity area.

PERSONAL WIRELESS Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. SERVICE FACILITY

CHILDCARE For 6 to 10 children maximum: For 6 to 10 children maximum: For 6 to 10 children maximum: Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor space per child on license. per child on license. per child on license. Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area per child. per child. per child. A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum standard of outdoor play area does not apply for children standard of outdoor play area does not apply for children standard of outdoor play area does not apply for children under one year of age. under one year of age. under one year of age.

VI.9 River Lofts Apartments T5 Zoning - Miami 21 | 60

MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - JANUARY 2018 T5 - URBAN CENTER ZONE

RESTRICTED LIMITED OPEN

DENSITY (UPA) 65 UNITS PER ACRE * 65 UNITS PER ACRE * 65 UNITS PER ACRE *

DWELLING UNIT Efficiency Dwelling Unit: 400 square feet min. Micro Dwelling Unit: 275 square feet min. Only permitted Micro Dwelling Unit: 275 square feet min. Only permitted within a TOD area. Permitted by Warrant. Prohibited on within a TOD area. Permitted by Warrant. Prohibited on One bedroom Dwelling Unit: 550 square feet min. a Lot Abutting T3. a Lot Abutting T3. Two bedroom Dwelling Unit: 650 square feet min. Efficiency Dwelling Unit: 400 square feet min. Efficiency Dwelling Unit: 400 square feet min. One bedroom Dwelling Unit: 550 square feet min. One bedroom Dwelling Unit: 550 square feet min. Two bedroom Dwelling Unit: 650 square feet min. Two bedroom Dwelling Unit: 650 square feet min.

BOATS Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats Occupancy of private pleasure crafts and houseboats or house barges shall not be allowed except for those or house barges shall not be allowed except for those or house barges shall not be allowed except for those HOUSEBOAT specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance specifically grandfathered and regulated by Ordinance HOUSE BARGE #10932, adopted 10-24-1991. #10932, adopted 10-24-1991. #10932, adopted 10-24-1991.

BOAT HOUSE Maximum size: 20 feet wide, 40 feet long, 15 feet high. Maximum size: 20 feet wide, 40 feet long, 15 feet high. Maximum size: 20 feet wide, 40 feet long, 15 feet high.

BOAT SLIP Maximum coverage of waterfront setback: 35% Maximum coverage of waterfront setback: 35% Maximum coverage of waterfront setback: 35%

DOCKS Extension of docks and Piers into Biscayne Bay are Extension of docks and Piers into Biscayne Bay are Extension of docks and Piers into Biscayne Bay are limited to 35 feet However, by Exception a 600 feet limited to 35 feet However, by Exception a 600 feet limited to 35 feet However, by Exception a 600 feet PIERS maximum extension of docks and Piers into Biscayne maximum extension of docks and Piers into Biscayne maximum extension of docks and Piers into Biscayne Bay may be allowed. Bay may be allowed. Bay may be allowed. Extension of docks and Piers into other waterways is Extension of docks and Piers into other waterways is Extension of docks and Piers into other waterways is limited to 10 feet or 10% of the width of the waterway, limited to 10 feet or 10% of the width of the waterway, limited to 10 feet or 10% of the width of the waterway, whichever is less. However, by Exception further whichever is less. However, by Exception further whichever is less. However, by Exception further extension may be approved, subject to approval from all extension may be approved, subject to approval from all extension may be approved, subject to approval from all applicable agencies. applicable agencies. applicable agencies. Only private pleasure crafts may be docked or moored on Only private pleasure craft may be docked or moored on Only private pleasure craft may be docked or moored on property adjacent to T3-R, T4-R, T5-R, T6-R. property adjacent to T3-R, T4-R, T5-R, T6-R. property adjacent to T3-R, T4-R, T5-R, T6-R. Dock / Pier Setbacks: 10 feet from any Abutting Dock / Pier Setbacks: 10 feet from any Abutting Dock / Pier Setbacks: 10 feet from any Abutting property property property Vessel setback: 5 feet from any Abutting property. Vessel setback: 5 feet from any Abutting property. Vessel setback: 5 feet from any Abutting property. Prohibited uses or appurtenances: davits in excess of Prohibited uses or appurtenances: davits in excess of Prohibited uses or appurtenances: davits in excess of 3 ton capacity, commercial vessels, commercial boat 3 ton capacity, commercial vessels, commercial boat 3 ton capacity, commercial vessels, commercial boat ramps, and commercial hauling and fueling. ramps, and commercial hauling and fueling. ramps, and commercial hauling and fueling.

COMMUNITY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. RESIDENCES 1-6 RESIDENTS

COMMUNITY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. RESIDENCES 7-14 RESIDENTS

ADULT FAMILY Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. Subject to the requirements of Section 6.2. CARE HOME 1-5 RESIDENTS

HOME OFFICE Shall be located wholly within Dwelling Unit. Shall be located wholly within Dwelling Unit. Shall be located wholly within Dwelling Unit. Maximum size of Home Office shall be 25% of the size of Maximum size of Home Office shall be 25% of the size of Maximum size of Home Office shall be 25% of the size of the Dwelling Unit based on county property records. the Dwelling Unit based on county property records. the Dwelling Unit based on county property records. Home Office occupations limited to individual tutoring; Home Office occupations limited to individual tutoring; Home Office occupations limited to individual tutoring; non-amplified individual instrument instruction; authors non-amplified individual instrument instruction; authors non-amplified individual instrument instruction; authors and composers; artists; designers; seamstresses; tailors; and composers; artists; designers; seamstresses; tailors; and composers; artists; designers; seamstresses; tailors; Office uses, excluding medical and dental offices. Office uses, excluding medical and dental offices. Office uses, excluding medical and dental offices. Maximum of one client at a time. Maximum of one client at a time. Maximum of one client at a time. Maximum of two staff members, one of which must Maximum of two staff members, one of which must Maximum of two staff members, one of which must reside on premises. reside on premises. reside on premises. Hours of operation limited to Monday through Saturday Hours of operation limited to Monday through Saturday Hours of operation limited to Monday through Saturday 8:00 AM to 6 PM. 8:00 AM to 6 PM. 8:00 AM to 6 PM. No equipment or process shall be used which creates No equipment or process shall be used which creates No equipment or process shall be used which creates undue noise, vibration, glare, fumes, or odors detectable undue noise, vibration, glare, fumes, or odors detectable undue noise, vibration, glare, fumes, or odors detectable to normal senses off the property. to normal senses off the property. to normal senses off the property. Certificate of Use required. Certificate of Use required. Certificate of Use required.

* Or as modified in Article 4, Diagram 9

VI.10 River Lofts Apartments T5 Zoning - Miami 21 | 61

MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - JANUARY 2018 T5 - URBAN CENTER ZONE

RESTRICTED LIMITED OPEN

DENSITY (UPA) 65 UNITS PER ACRE * 65 UNITS PER ACRE * 65 UNITS PER ACRE *

AUTO RELATED Car Wash: COMMERCIAL Subject to City Code Chapter 23 Self-service, semiautomatic, and automatic dragline shall provide for each of the first 3 wash stalls, 3 parking reservoir spaces before and 3 after. Beyond 3 stalls, 1 parking reservoir spaces before and 2 after each stall. Custom hand car wash shall provide for each wash stall, 1 parking reservoir space before each stall and 1 after, and 5 additional parking spaces. One (1) reservoir parking space may be reduced by Waiver. Gas Stations: Subject to City Code Chapter 23 Principal Frontage access may be allowed. Frontage requirement may be reduced maximum 30% by Waiver. Building Facade may be a colonnade. All vending machines shall be located indoors. Only vehicles awaiting service, permitted rental vehicles and staff vehicles parked while working shall be allowed. All repairs, change of tires, greasing/lubricating shall be conducted within building. Outdoor display of products incidental to normal refueling is prohibited closer to the street than pump islands. Outdoor display or storage of tires is prohibited. Vehicle Rental Facilities: In addition to the parking requirements in Article 4 Table 4 for lease or rental passenger vehicle facilities there shall be 10 parking spaces provided for first 10,000 square feet of Floor Area and 1 space for each additional 500 square feet . In addition to the parking requirements in Article 4 Table 4 for lease or rental cargo vehicle facilities 1 parking space per staff member and 1 space for each 8 vehicles stored on the premises. All access to site shall be from a County designated primary arterial road. Building designated for customer service must be located where it is easily accessible from site access point. All transactions must be conducted indoors. All vehicle storage areas must be lighted without causing spillover onto Abutting properties. On-site vehicle service must be conducted indoors and is limited to minor repairs and maintenance.

DRIVE-THROUGH AND Reservoir parking spaces shall be required as follows: DRIVE-IN One (1) at window, three (3) before service window, one (1) after service window. One (1) reservoir parking space may be reduced by Waiver.

* Or as modified in Article 4, Diagram 9

VI.11 River Lofts Apartments T5 Zoning - Miami 21 | 62

MIAMI 21 ARTICLE 6. TABLE 13 SUPPLEMENTAL REGULATIONS (CONTINUED) AS ADOPTED - JANUARY 2018 T5 - URBAN CENTER ZONE

RESTRICTED LIMITED OPEN

DENSITY (UPA) 65 UNITS PER ACRE * 65 UNITS PER ACRE * 65 UNITS PER ACRE *

PUBLIC STORAGE Allowed by Warrant and subject to the following additional requirements: FACILITY Minimum distance requirement of 2,500 feet radius between proposed facility and another existing facility within any T5 or T6 Zone. Waiver for reduction in distance requirement is not permissible. Public Storage Facilities shall have ground floor retail along principal frontage. A minimum of 50% of the proposed ground floor retail shall be unrelated to the Public Storage Facility. The maximum size of any individual storage rental space shall be 400 square feet Controlled access and adequate security surveillance shall be provided throughout facility. Any boat or vehicle stored in these facilities shall not exceed an overall length of 25 feet and shall be stored within a completely enclosed and ventilated Structure. Hours of operation shall be limited to 5:00 am to 11:00 pm .

OPEN AIR RETAIL Access to site must be from a major Thoroughfare. Access to site must be from a major Thoroughfare. Distance separation of any Open Air Retail shall be a Distance separation of any Open Air Retail shall be a minimum of 75 feet measured from any property within minimum of 75 feet measured from any property within T3, T4-R, T5-R, or T6-R Zone. T3, T4-R, T5-R, or T6-R Zone. Operation limited to weekends and legal holidays for a Operation limited to weekends and legal holidays for a maximum of 3 consecutive days between the hours of maximum of 3 consecutive days between the hours of 7:00 AM and 7:00 PM. 7:00 AM and 7:00 PM. Provision of paving striping for stalls and parking Provision of paving striping for stalls and parking spaces. spaces. Provision of onsite restroom facilities. Provision of onsite restroom facilities.

ADULT DAYCARE For 6 to 9 adults: For 6 to 9 adults: Minimum of 350 square feet of indoor activity area. Minimum of 350 square feet of indoor activity area. For 10 or more adults: Minimum of 35 square feet of indoor activity area per adult.

COMMUNITY SUPPORT Assisted Living Facilities: Allowed by Exception and are Assisted Living Facilities: Allowed by Exception and are Assisted Living Facilities: Allowed by Exception and are subject to the following additional requirements: subject to the following additional requirements: subject to the following additional requirements: FACILITY Maximum number of residents 50. Maximum number of residents 50. Maximum number of residents 50. Minimum distance requirement of 2,500 feet between Minimum distance requirement of 2,500 feet between Minimum distance requirement of 2,500 feet between proposed facility and another existing facility. proposed facility and another existing facility. proposed facility and another existing facility. Minimum distance requirement of 1,000 feet between Minimum distance requirement of 1,000 feet between Minimum distance requirement of 1,000 feet between proposed Facility or Assisted Living Facility and any T3 proposed facility and any T3 or T4-R Zone. proposed facility and any T3 or T4-R Zone. or T4-R Zone.

PERSONAL WIRELESS Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. Subject to the requirements of Section 6.4. SERVICE FACILITY

CHILDCARE Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor space Minimum of 35 square feet of usable indoor floor space per child on license. per child on license. per child on license.

Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area Minimum of 45 square feet of usable outdoor play area per child. per child. per child.

A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor half of license capacity. In no event shall any outdoor play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum play area be less than 450 square feet. The minimum standard of outdoor play area does not apply for standard of outdoor play area does not apply for standard of outdoor play area does not apply for children under one year of age. children under one year of age. children under one year of age.

Minimum of 1 drop off parking space for every 10 Minimum of 1 drop off parking space for every 10 Minimum of 1 drop off parking space for every 10 children. Vehicular entrance must be within 300 feet children. Vehicular entrance must be within 300 feet children. Vehicular entrance must be within 300 feet of arterial road. of arterial road. of arterial road.

* Or as modified in Article 4, Diagram 9

VI.12 River Lofts Apartments Miami 21 - Waterfront Design Guidelines | 63

MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

TABLE OF CONTENTS

General Principles

Public access waterfront walkways shall: 5

Bulkheads or Seawalls 5

Natural Shorelines 6

Design Standards for Bulkheads or Seawalls 6

Design Standards for Waterfront Walkways 6

Safety Buffer Zone 6

Circulation Zone 7

Passive Zone 7

Transition and Security Zone 8

Standards and Guidelines for Design Elements

Landscaping 8

Lighting 9

Signage 9

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

AMENDMENTS TO MIAMI 21 ORDINANCE DATE APPROVED DESCRIPTION LEGISLATIVE ID 13235 11-18-2010 Minor and non-substantial modifications 10-00956zt throughout the Code

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

General Principles

Public access waterfront walkways shall:

1. Feel public. No one should feel as if he or she is intruding on private property. The public should feel welcome and at ease to move along the entire length of the waterfront. Signage should clearly establish the public’s right to use the walkway.

2. Be usable. Young and old, handicapped and joggers, lovers, fishermen, business and men and women, everyone should find the waterfront usable. Potential conflicts between active and passive users should be prevented through segregation of waterfront walk use zones. (See Design Standards below).

3. Provide visual access. The attraction is the water. All landscaping, furniture, lighting, guard rails and planters should be subordinated to enhance maximum visibility to the water. Simplicity of design is preferred. The views of adjacent private development should not be obstructed.

4. Enhance visual quality. Parking and service areas must be completely screened from the walkway. Materials, color and forms should complement the natural shoreline environment.

5. Connect to other public areas. Public parks, transit stops, thoroughfares, midblock walkways, shopping areas, and publicly accessible plazas should connect to the waterfront.

6. Take advantage of waterfront setting. Where practical, boating and fishing activities should be incorporated into waterfront designs. Elevated viewing areas, historically interpretive markers and signs are desirable. Boat access from the water to the land is encouraged.

Bulkheads or Seawalls

1. Bulkheads and Seawalls constructed on properties north of the Rickenbacker Causeway and along the Miami River or Biscayne Bay shall be constructed five (5) feet above National Geodetic Vertical Datum (NGVD). Bulkheads and seawalls constructed on properties south of the Rickenbacker Causeway and on Biscayne Bay shall be constructed six (6) feet above NGVD. All other bulkheads located in the City of Miami shall meet the minimum Miami-Dade County Standards.

2. Bulkheads or Seawalls shall be constructed eighteen (18) to twenty-four (24) inches in width at the top and meet all City of Miami departments’ requirements. The top of the bulkhead or seawall shall be at a constant elevation for the length of the bay / river walk.

3. Deviations to the requirements may be granted by the Director of Public Works to construct bulkheads or seawalls at a height other than the standard NGVD set by the City due to a justifiable request. Any deviations from the City standard bulkhead elevation where a waterfront walkway is being proposed would require the property owner to construct, on the applicant’s property, a connecting transition at a consistent A.D.A. compliant width and grade to the waterfront walkway on adjacent properties. All requests for a deviation to the mandated bulkhead elevation shall be made in writing to the Director of Public Works and

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

shall include all appropriate architectural and engineering or other documentation needed to make a determination.

Natural Shorelines

1. Walkways along a natural shoreline or rip rap shoreline may be set back from the edge of the shoreline and meander within the waterfront setback area.

2. Areas with natural shorelines must transition to adjacent properties in elevation and alignment to create a cohesive baywalk or riverwalk circulation.

Design Standards for Bulkheads or Seawalls

1. The top of the bulkhead or seawall shall be at a constant elevation for the length of the waterfront. It shall be eighteen (18) to twenty-four (24) inches wide at the top.

2. Safety ladders of stainless steel or galvanized steel shall be placed a maximum of 100 feet apart along the face of the seawall or bulkhead, to allow for climbing out of the water at low tide.

3. The top of the seawall/bulkhead shall be six (6) to eight (8) inches higher than the surface of the adjacent baywalk or riverwalk safety zone.

4. The inside edge of the seawall/bulkhead shall be beveled.

Design Standards for Waterfront Walkways

Waterfront walkway landscaped areas should be landscaped with native plant materials. Shade trees are required within the Passive/Transition Zones and may also be planted along the Safety Buffer Zone, in lieu of palms, to create an allee of trees. Shrubs, low shrubs, and groundcovers (low level plantings) should be planted at the base of trees and palms to enhance waterfront walkway aesthetics and to help buffer the walkway perimeters.

The following walkway zones are listed in order from the landward edge of the bulkhead cap and progressing landward towards the private property. NOTE: the top of the bulkhead cap shall be six (6”) to eight (8”) inches above the waterfront walkway elevation.

Safety Buffer Zone

Safety Buffer Zone - A minimum three (3) to four (4) foot wide area adjacent to the bulkhead. (See Plan Detail- 3’ minimum where there is no planting, 4’ minimum where planting beds are provided.)

1. Since railings, walls and/or other barriers are not desirable along the water’s edge, waterfront users need to be warned when coming close to the water with a minimum three (3) foot wide safety buffer zone consisting of a rough textured surface that discourages walking.

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

2. Paving within the safety buffer zone shall be a type of cobble stone with “river rock,” approximately ¾ to 1 ½ inches in diameter, set in concrete leaving a relief of ¼ to ½ inches or similar aggregate pavers with ADA domes.

3. Planting beds shall be a minimum four (4) feet wide with trees or palms planted at grade providing shade to pedestrians and low level plantings provided at the base of the trees or palms. Landscape lighting may be provided to accentuate trees or palms in this area.

4. In areas between the planting beds, a minimum three (3) foot wide uniform exposed aggregate finish such as a river rock textured surface shall be provided to warn pedestrians of the water’s edge meeting Americans with Disabilities Standards.

5. Bollard lighting within the textured surface adjacent to the Circulation Zone shall be installed to provide pedestrian / pathway lighting.

Circulation Zone

Circulation Zone – A minimum fifteen (15) to sixteen (16) foot wide unobstructed linear pedestrian walkway. (See Plan Detail- 15’ minimum where adjacent plantings are provided in the Safety Zone, 16’ minimum where there are no plantings in the Safety Zone.)

1. The waterfront circulation zone shall consist of a linear pedestrian walkway or promenade and shall be a minimum fifteen (15) feet wide.

2. The walkway may meander along the shoreline; however all offsets in the alignment of the walkway shall not exceed six (6 ) feet and be spaced not less than fifty (50) feet apart.

3. Obstructions to movement (trees, bollards, lighting, etc.) within the circulation zone shall not reduce the clear width of the walkway to less than fifteen (15) feet at any point.

4. The Circulation Zone shall be constructed of non-slip paving materials with high aesthetic appearance and structural qualities to support emergency vehicle access.

5. Variable textures and materials may be used to surface the promenade.

6. The promenade surface shall be at a constant elevation, and shall be accessible to handicapped persons throughout the entire length of the waterfront.

Passive Zone

Passive Zone – A minimum three (3) foot wide area interspersed with shade trees, low level plantings, site furniture, lighting and accessories.

1. The area for sitting, accent landscaping and concessions shall be located along the inland side of the waterfront, and shall be not less than three (3) feet wide.

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

2. Short lengths of the passive zone may be elevated eighteen (18) to twenty-four (24) inches above the level of the promenade for enhanced bay and river views.

3. All benches shall have back rests, and their placement shall emphasize direct views of the water.

4. Site furniture may include overhead canopies, concessions, etc. and shall be confined to this zone. All furniture shall be permanently installed preferably by direct burial in concrete.

6. Accessories include benches, trash receptacles, drinking fountains, pedestrian scale light poles and landscape lighting. Appropriate additional furniture including overhead canopies or shelters, drinking fountains, etc., shall be confined to the passive zone.

7. The passive zone may be paved in plain concrete or the paver on the main circulation zone.

Transition and Security Zone

Transition Zone – A minimum three (3) foot wide area, immediately adjacent to the Passive Zone to buffer private development from the waterfront walkway and collect stormwater.

1. To buffer private development from the adjacent waterfront a minimum three (3) foot wide transition zone shall border the waterfront facility.

2. This visual and functional transition from public to private space shall generally be marked by low level shrubbery and overhead shade or ornamental trees.

3. Security to limit public access to private property may be provided by fences, grade changes or retaining walls. All screens and walls shall be landscaped to reduce their visual impact on the walkway.

4. For adjacent developments that serve the public (i.e., restaurants, shops, hotels, entertainment, etc.) provision of wide, visible and easy pedestrian access to the waterfront shall be assured.

5. In general, landscaping and security barriers shall not visually screen the waterfront from adjacent active uses, such as retail restaurants, or entertainment.

Standards and Guidelines for Design Elements

Landscaping

1. Palms may be used along either edge of the waterfront, but Coconut Palms or Sabal Palms are particularly appropriate for the water’s edge.

2. Raised planters, if used, shall be confined to the passive zone, and all planter walls shall double as sitting walls, fifteen (15) to thirty (30) inches in height.

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

3. Plant material shall be primarily native salt-tolerant species.

Lighting

1. Lighting at the water’s edge shall be confined to eight (8) inch diameter bollards, which shall be twenty-four (24) to thirty (30) inches high and spaced approximately twenty (20) feet on center.

2. Bollards shall be one hundred (100) watt MV with down illumination not extending beyond the bulkhead line.

3. Overhead lighting shall be confined to the passive zone and consists of down lighting with lamps not over fourteen (14) feet high, 175 watt MV, and spaced approximately fifty (50) feet on center.

4. Up lighting of landscaping is encouraged.

5. Mercury vapor, metal halide lamps or similar “white” light luminaires shall be used.

6. Colored lighting, except for private signs, shall not be used.

7. Simple contemporary fixture design shall be used as opposed to highly stylized, vintage or period designs.

Signage

1. All public access waterfront walks shall be marked with the standard “Public Shore” sign.

2. All major public access points, including park walkways, roadways, dedicated midblock walks and public plazas, shall be marked with “Public Shore” signs.

3. Adjacent accessible publicly oriented private development, such as cafes or shops, shall identify the use with signage in the transition zone.

4. Uniformly designed historic or environmental markers and descriptive plaques shall be placed in the passive zone.

5. Signage shall identify access points and adjacent activities (cafes, shops, etc.) for boaters.

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

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MIAMI 21 APPENDIX B: WATERFRONT DESIGN GUIDELINES AS ADOPTED - JULY 2012

A River Lofts Apartments Permitting Procedures | 72

MIAMI 21 ARTICLE 7. PROCEDURES AND NONCONFORMITIES AS ADOPTED - JANUARY 2018 DIAGRAM 14 PERMITTING PROCESS

PERMITTING PROCESS DIAGRAM

Applicant PD Planning Department CRC Coordinated Review Committee PZAB Planning Zoning and Appeals Board

Zoning Office Referral

Warrant By Right Waiver Exception Variance Zoning Change (Uses Only)

Preapplication Preapplication Preapplication Preapplication Preapplication

Submit to Submit to Submit to Submit to Submit to Zoning Office* Planning Department* Planning Department* Planning Department* Planning Department*

PD CRC CRC

Planning Department Planning Department Planning Department Planning Department Zoning Office Decision Decision Certification Certification Certification

File with Hearing File with Hearing File with Hearing Boards* Boards* Boards*

PZAB PZAB PZAB

Appeal Appeal PZAB PZAB

Appeal Appeal Appeal City Commission City Comm. City Comm. City Comm.

Building Building Building Building Building Building Permit Permit Permit Permit Permit Permit

VII.5 River Lofts Apartments Transit Oriented Development Map - Miami 21 | 73

MIAMI 21 ARTICLE 4. DIAGRAM 11 TRANSIT ORIENTED DEVELOPMENT - TOD AS ADOPTED - JANUARY 2018

Note: The Official Miami 21 TOD Diagram is maintained in the Office of the City Clerk. METRORAIL

FUTURE METRORAIL

METROMOVER

BUS ROUTES

STREETCAR

HEALTH DISTRICT CIRCULATOR

HEALTH DISTRICT STOPS

FUTURE TRANSIT SHEDS

1/2 MILE TRANSIT SHED

1/4 MILE PEDESTRIAN SHED IV.33 74 79 Street Train Station | Station Train Street 79 Existing plans support mixed-use and streetscape development area. in the station improvements in Community Located Area. Redevelopment Water New River/South Florida Management District parallels Canal connectivity creating the railway, issues east of the station. • • • • • • I AM I M

Street th Retail space east of the station east of the station Retail space redevelopment has long-term site potential. the to pedestrian access Poor NE 82nd especially from station, and NE 79th Street. Street infill opportunitiesfor new Few development. Large retail space directly space retail Large northeast a provides of the station opportunity. redevelopment • • • • proposed station community retail residential industrial vacant residential retail community station proposed • Weaknesses and Barriers • • Strengths and Opportunities • NE 4th Avenue and 79th Street Street 79th and Avenue 4th NE Station Area Today 79 River Lofts Apartments Lofts River

River Lofts Apartments 79 Street Train Station | 75 Tri-Rail Coastal Link Miami-Dade Getting Southeast Florida To Work Broward Palm Beach

Town Center

Station Area Tomorrow 1/2-Mile Station Area Jobs people employed (2018)** 5,230 new jobs*** 90

Housing total residents (2018)** 7,180 new housing units* 100 value of new housing* $5,200,000

New Commercial new development (sq. ft.)* 25,000 value of new development* $1,600,000

New Revenue ad valorem $89,000 non ad valorem $70,000

* Estimated for 2015-2025 Future Vision with station The 79th Street Station will bring riders to the town center and support ** FDOT SERPM Model (6.5.2) planned mixed-use redevelopment. *** Tri-Rail Coastal Service Station Area Market and •• Redevelopment plan will include additional retail, housing units, and office Economic Analysis, April buildings within walking distance of the station. 2013 •• 79th Street will become more pedestrian friendly and urban with redevelopment that is multi-story and mixed use, fronts the sidewalk, and has parking behind the building.

Future Vision taken from the South Florida East Coast Corridor Transit Study: Station Area Planning Workbook, 2012.

69 River Lofts Apartments

CONFIDENTIALITY and DISCLAIMER The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Eleventrust and it should not be made available to any other person or entity without the written consent of Eleventrust.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Eleventrust. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Eleventrust has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Eleventrust has not verified, and will not verify, any of the information contained herein, nor has Eleventrust conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

Exclusively Marketed by: