1550 Ne Miami Place
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1550 NE MIAMI PLACE OFFERING MEMORANDUM CONTENTS PROPERTY SUMMARY 4 DEVELOPMENT SUMMARY 6 ZONING OVERVIEW 8 Contact Information MIKA MATTINGLY A& E DISTRICT OVERVIEW 10 Executive Managing Director + 1 305 602 5020 [email protected] OPPORTUNITY ZONE OVERVIEW 12 CECILIA ESTEVEZ Associate TRANSIT & DEVELOPMENT MAPS 16 + 1 305 602 5020 [email protected] MARKET OVERVIEW 20 CHRISTINA SEARLES Associate + 1 305 602 5020 SALES COMPARABLES 26 [email protected] Confidentiality & Disclaimer Statement Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers International South Florida, LLC. Miami Beach Property Summary Brickell Downtown Miami olliers International Urban Core Division, as exclusive marketing advisor is pleased to present Block E – a 37,000 SF development site located in the heart of the Arts and Entertainment district with designated CT6-24a O zoning and a density overlay of 500 units per acre. Miami’s Arts and Entertainment District has seen tremendous Port of Miami Grand Station growth over last 3 years with rising renter demand and surrounding residential projects leasing 100% of its units within Caoba Downtown 5th weeks of opening. PAMM The site is also positioned within 1,000 feet from the Metromover, Frost Museum of Science Miami World which provides connection to the Brightline station, Downtown Center Miami and Brickell. Under Miami 21, the proximity to the Melody Metromover frees a developer from any parking requirement for residential projects. This prime location creates new pathways of mobility so that employees and visitors can embrace the perks Art Plaza Tower of working, living, and Adrienne Arsht playing in the city. Center With developments on every corner, this site has become one of the few opportunities to develop in the vanguard of Miami’s multi- Arts & Entertainment billion-dollar world-class destination. District Signature Bridge Square Station Canvas Miami Miami Plaza Address Lot Size 1550 NE Miami Place 37,252 SF Miami, FL 33132 Density Zoning 500 D/U Per Acre = T6-24a-O 427 Residential Units Build up to 48 stories SITE or 854 Hotel Units w/Bonus NE 16th Street Parcel # Price 01-3136-008-0260 $21M N Miami Avenue 4 NE Miami Place Development Summary NE 16th Street Zoning: T6-24a O lock E is zoned T6-24a which NE Miami Court Buildable: 260,764 SF allows the developer to build up to 7 times the property land square footage Buildable with 338,993 SF or 260,764 SF and 48 stories (including bonuses). 30% Bonus: The property is an ideal candidate for undergoing rezoning approvals to T6-24b O. Rezoning to T6-24b O would increase the FLR from 7 to Units Allowed: 433 B 16, ultimately increasing the buildable from 260,764 SF to 596,032 SF with an additional 24 Stories or 40% bonus through the Public Benefits Program. The site is also conveniently located within the Omni Height: 48 with bonus density overlay which increases the residential density from 150 units per acre to 500 units per acre. 6 Height The maximum height is 24 stories with an additional 24 stories available through public benefit bonuses. Zoning Feasibility <<< DENSITY The maximum density is 500 units per acre. 0.87 x 500 = 433 units Setbacks The prinicipal and secondary INTENSITY Miami 21 frontages require a 10 foot Intensity is governed by Floor Lot Ratio, “FLR”, and is based on the next lot area of the setback for the first 8 stories and a 20 foot minimum above property. This property has an FLR coefficient of 7. Miami 21, adopted May 20, 2010, represents a significant departure the 8th story. The side and rear from the previous zoning regulations. Since Miami 21 incorporates frontage require 0’ setback for The formula is as follows: form-based principles, some of the changes are directed towards the first 8 stories and a 30 foot minimum abovve 8 stories Net Lot Area x FLR coefficient + 30% Public Benefit Bonus= Building area permitted. the design and form structures, rather than their uses or general intensities. Such changes include requirements for orientation, design, fenestration, pedestrian openings, etc. The T6-24a O zoning PARKING of the Property would permit several uses as of right, including +24 Stories as of Right Miami 21 permits shared parking for developments with mixed uses. Residential parking residential, hotel, office and retail. The first 8 stories allow up to 80% lot is not required for T6 Urban Core Zoned sites that are within 1,000 feet of a Metromover coverage, above 8th story allows for a or Metrorail station. Lodging uses require one parking space for every two lodging units maximum of 15,000 SF floorplate for Provided below is the calculation of what’s permitted on the property: residential and lodging uses and 30,000 SF and one additional visitor space for every fifteen lodging units. Office and commercial uses floorplate for office and commercial uses. require three parking spaces for every 1,000 square feet of office. The commercial parking ZONING T6-24a O requirement is 3 spaces per 1,000 SF of office or retail. In the designated central core areas, there is no parking requirement for residential and mixed-use projects meaning these types FLR COEFFICIENT 7 of projects are able to provide no residential parking and can provide off site- commercial parking by leasing parking spaces within 1,000 feet of the parcel. There are additional BASE SF 260,764 parking waivers for the subject site as it is located within a Transit Oriented Corridor. Open Space PUBLIC BENEFIT 78,229 BONUS (30%) 10% of net lot area HEIGHT TOTAL SF 338,993 The height permitted as of right is 24 stories with a maximum height of 48 stories available through public benefit bonuses. SETBACKS Parking The principle and secondary frontages require a 10 ft setback for the first 8 stories and a 20 Miami 21 permits shared parking ft minimum above the 8th story. The side and rear frontage require 0’ setback for the first 8 for developments with mixed uses. stories and a 30 ft minimum above 8 stories. Block E is located within 1,000 feet of public transportation and qualifies for no parking for residential or a 30% LOT COVERAGE reduction in parking for Mixed-use The first 8 stories allow up to 80% lot coverage, above 8th story allows for a maximum of projects. 18,000 SF floor plate for residential and lodging uses and 30,000 SF floor plate for office and commercial uses. 8 9 Signature Bridge at I-395 DESIGN BAY POINT Just 3 blocks south is the $800M Signature bridge, connecting I-395, SR 836 and I-95. The Fountain design DISTRICT spans over 1.2 miles with a state of the art control system for LED lighting scenes and a 55-acre public park underneath called Heritage Trail. is surrounded by iconic Miami Landmarks MIDTOWN The Arts & Entertainment District, WYNWOOD Perez Art Museum also known as the A&E District, is an emerging residential EDGEWATER neighborhood of Miami that is located north of the Central Frost Museum of Science Business District, South of Wynwood and west of Edgewater. The neighborhood has seen immense growth and beautification over the past few years with a number of residential projects breaking ground and nightlife entertainment. Miami Worldcenter OVERTOWN Just South of the signature bridge, sits Miami World Center The A&E District is home to several Miami landmarks and ARTS & - a 30 acre mixed-use commercial development and one of hot spots for tourists such as the Adrienne Arsht Center for the ENTERTAINMENT the largest private master-planned projects in the U.S. DISTRICT Performing Arts, Live Modern School of Music, the Perez Art Museum and the Patricia and Philip Frost Museum of Science, all located within a 5 minute walk from Block E. Adrienne Arsht Center for the Performing Arts PARK WEST MIDTOWN PORT OF DOWNTOWN MIAMI MIAMI FTX Arena BRICKELL 10 Investment Highlights In an Opportunty Zone Block E is located within the boundaries of the oppotunity zone.