7500 Biscayne Blvd Circa

DEVELOPMENT SITE FOR SALE OVER AN ACRE / MAIN CORRIDOR PROPERTY DESCRIPTION / ZONING Property Address: 7500 Biscayne Boulevard, Miami, FL 33138 Opportunity Description: Largest vacant lot on the Upper East Side portion of Biscayne Blvd, exposed to the open market for the first time in recent history. Lot Size: 46,695 Total Land SF (1.07 acres) Lot Dimensions: Zoning: T6-8-O 185 SF of frontage on Biscayne Blvd Max. Height: 35 ft. (per historic district) 285 SF of frontage on NE 75th St FLR: 5 Allowable Uses: Multi-family, condo, Buildable SF: 233,475 hotel, office, & retail Max. # of units: 160.5 (remaining BSF & density can be sold via TDD/TDR) TDR & TDD (Transfer of Development Rights & Density) Due to the 35 ft. height restriction imposed on the area between NE 50th St– NE 77th St & Biscayne Blvd from the Miami Modern/MiMo Historic District designation, a developer would be eligible to sell or transfer the Height & Density that can not be realized in a project on the subject site. In order to do so, they must first have an approved project with a building permit for the subject site. § About the Miami-21 TDR Program: purpose is to encourage the preservation of historic by creating a process Whereby the otherWise unusable development rights for historic resources may be converted into an asset that may be sold § Sellable TDR is calculated via the folloWing formula: § LOT SIZE x 5 – SIZE OF SUBJECT BUILDING x 1.75 = SELLABLE TDR (SF) § Suppose the building that gets approved is 112,068 SF (lot size x .80 coverage x 3 stories). You Would calculate 46,695 x 5 – 112,068 x 1.75 = 212,462 sellable TDR. § If TDRs are still happening at about $6/SF that’s approx. $1.3M that can be recouped and used to loWer the bottom-line (raise the cap rate) of the subject site project WE ARE MADE BY OUR HISTORY The MiMo “Miami Modern”/Biscayne Boulevard Historic District (also known as the Upper East Side) runs from NE 50th – NE 77th St & Biscayne Blvd § In the 1950s, the area experienced the greatest change When the personal automobile enabled mobility for the average citizen. In Miami, the consequences Were enormous, as millions took to the roads in search of exotic destinations. The result Was the building of hundreds of motels throughout the state, for Miami that identity has been characterized as Miami Modern, or MiMo. § The Word “motel” is derived from “motor” combined With “hotel”, inferring that these accommodations Were designed for the highWay traveler. § The success of a motel Was dependent on a series of factors. They included climate, access to highWays, and the attractiveness of the surroundings, sufficient parking space, and the proximity to tourist destinations. For each factor, the motels of Biscayne Boulevard excelled. § 7500 Biscayne Was purchased by its current oWners in 1996 as a vacant lot, but in the decades prior Was fully functioning as the Aloha Motel, described online by, “Private Pool, Free TV in rooms, Air Conditioned and Heated. Cocktail Lounge, Coffee Shop. Sound proofed rooms. Free parking on Premises. Telephone in eacH room. AAA Approved. Diners' Club, Phillips 66 and American Express cards accepted. A Quality Court.” Photo: 7500 Biscayne Blvd circa. 1960 THE FUTURE IS WHAT YOU MAKE IT LOCATION / LOCATION / LOCATION Ø Directly fronting Biscayne Boulevard Ø 4 blocks south of NE 79 St corridor & gateway into Miami Beach Ø 5 minutes north of the Design District, Midtown, Edgewater & Wynwood Ø 10 minutes north of Downtown Miami / Brickell ASKING PRICE / $15,000,000 Equivalent to approximately / $321 per Land Square Foot.

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