www.54Flagler.com

Development Opportunity in the Center of Downtown offering memorandum offering Welcome to Downtown

INVESTMENT CONTACTS

MIKA MATTINGLY BRADLEY ARENDT CECILIA ESTEVEZ COLLIERS INTERNATIONAL Executive Vice President Vice President Associate SOUTH , LLC +1 786 517 4996 +1 773 343 4695 +1 786 942 4503 801 Avenue, Suite 850 [email protected] [email protected] [email protected] Miami, FL 33131

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, rep- resentations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2018. All rights reserved. CONTENTSCONTENTS

THE OFFERING 01 PROPERTY OVERVIEW 02 WALKABILITY & CONNECTIVITY 03 MARKET DRIVERS 04 MARKET COMPS 05

PAGE 3 Investment Summary

ADDRESS: 54 W Miami, Florida

FOLIO: 01-0112-030-1060

LOT SIZE: 18,000 Square Feet

PRICE: To be determined by Market OFFERINGOFFERING

Colliers International Urban Core Division is pleased to present the opportunity to acquire a 18,000 square foot development nestled in the core of Downtown Miami.

In the last three years 2.9 Billion dollars has transacted just in the central business district of downtown. Institutional and international buyers have become part of the mix. Downtown is poised to become a thriving international neighborhood.

This prime site is situated across the street from the Miami Dade Courthouse, steps from Miami Central station and a few blocks from Miami Dade College.

This prime property represents the best of Downtown’s district, and is uniquely positioned to take advantage as the area transforms into a thriving neighborhood where residents live and work, in addition to play.

PAGE 5 ZONINGZONING

The 54 Flagler site is zoned T6-80 O under the Miami 21 zoning ordinance. The 18,000 SF site is subject to the following restrictions:

FAR The Floor Area Ratio may not exceed twenty-four (24) times the gross lot area . Unlimited additional Public Benefit Bonuses square footage is permitted.

DENSITY 1,000 units per acre.

HEIGHT The maximum height for T6-80 zoned land is eighty (80) stories, there is no height restriction with Public Benefits Bonuses.

OFF STREET PARKING REQUIREMENTS Parking for residential uses located within 1,000 feet of a Metrorail or Metro mover station shall not be required.

For lodging uses, a minimum of one (1) parking space for every second lodging units is required and one (1) additional visitors parking for every fifteen (15) lodging units.

For office and commercial uses, a minimum of three (3) parking spaces for every 1,000 square feet of office use is required.

BUILDING SETBACKS Principal Front - 10 ft. min. Secondary Front - 10 ft. min. Side - 0 ft. min. Rear - 9 ft. min.

OFFERING MEMORANDUM PAGE 7 CONVENTION CENTER HOTEL

I 95

MIAMI CENTRAL STATION

OFFERING MEMORANDUM MIAMI WORLD CENTER

MUSEUM PARK

BAYFRONT PARK

AAA ARENA

FLAGLER STREET MIAMI DADE COLLEGE

METRO MOVER

NORTH MIAMI CENTRAL STATION

CENTRO

WEWORK

FLAGLER STREET

OFFERING MEMORANDUM BRICKELL CITY CENTER

MIAMI COURTHOUSE

SOUTH OFFERING MEMORANDUM WALKABILITYWALKABILITY

In the late 1800s, industrialist Henry Flagler opened Miami’s first hotel, catering to the wealthiest families in America. It grew into the city’s first main street and thrived until the late 1920’s’s, when war, depression, massive hurricane and suburban malls left Flagler Street like a Rip Van Winkle sleeping.

A hundred years later a new breed of millennials flocking to the city center seeking a pedestrian lifestyle woke the sleeping urban core, poising Downtown for a drastic rebirth. There are only a few neighborhoods in Miami that allow for a true live work play environment and downtown meets all the criteria.

Flagler Street is currently undergoing a $13 million dollar ‘Beautification Project’ to regain its status as a major signature street that will rival the likes of New York’s Fifth Avenue. A pedestrian-friendly, landscaped streetscape will reclaim the street’s legacy as the vibrant retail and business core of Miami. In revitalizing and improving Flagler Street, the project will fulfill the expectations of over 80,750 downtown residents, 220,000 workers, and visitors who desire the advantages of a dynamic urban center.

PAGE 13 COURTHOUSECOURTHOUSE DISTRICTDISTRICT

The Courthouse District includes several courthouses, including the historic Miami-Dade County Courthouse and a U.S. District Court, the city of Miami police headquarters, City, Cuunty, and State offices.

The eponymous and most used county transit station, Government Center, serving Metrorail, Metromover, and Metrobus, is located in the bottom of the Stephen P. Clark Government Center building.

Directly south of this is the main branch of the Miami-Dade Public Library System, as well as the History Miami Museum.

The iconic Miami-Dade Courthouse has an estimated one million visitors per year with an additional 576 employees who work in the building.

Plans recently made for the redevelopment, use and maintenance of the new Miami-Dade County Courthouse with the restart of the bidding process for developers interested in building a new civil courthouse.

Miami-Dade County officials’ main goal for this project involves replacing the old facility with one that is more modern, clean, safe and in good condition.

OFFERING MEMORANDUM All Aboard Two blocks West of 54 Flagler is Miami Central Station, a massive transit hub that will connect all existing public transportation systems including All COURTHOUSECOURTHOUSE Aboard Florida / Brightline high speed MIAMI rail service. MIAMI DISTRICTDISTRICT CENTRALCENTRAL STATIONSTATION

PAGE 15 Rebirth of an THE NEW Urban Core DOWNTOWN

OFFERING MEMORANDUM THETHE NEWNEW DOWNTOWNDOWNTOWN

Downtown Miami is in the midst of a historic rebirth. The billions of dollars invested in major infrastructure projects will continue to catapult Miami into global relevance. These projects are transforming the urban fabric of this international destination, providing developers with a once-in-a-lifetime opportunity to capitalize on these new well-heeled customers or residents seeking an upscale urban lifestyle;e.

Downtown Miami has almost as many historic buildings as Miami Beach, which adds an authentic appeal, defining its sense of place. Population in the area has also exploded growing from 30,296 people in 2000 to 65.307 people today. This will serve as a solid foundation when developers begin to capitalize on the urban core’s generous zoning and launch vertical development.

PAGE 17 VACANT LOT

6,000 SF LOT / T6-80 O

$4,000,000 / $667 PSF

FEDEX DOWNTOWN MIAMI

51,561 SF LOT / ZONED T6-80-O

$37,250,000 / $722 PSF LAND

ASTON MARTIN SITE

48,298 SF LOT / ZONED T6-80-O

$125,000,000 / $2,588 PSF LAND

OFFERING MEMORANDUM 1000 MUSEUM SITE

40,918 / ZONED T6-80-O

$33,000,000 / $806 PSF LAND

UNITED METHODIST CHURCH

50,244 SF LOT / ZONED T6-80-O

$55,000,000 / $1,095 PSF LAND

COMPARABLE LAND SALES

LAND COMPSPAGE 19 900

900 BISCAYNE BOULEVARD

$70 PSF, NNN

CVS AT MARINA BLUE

888 BISCAYNE BOULEVARD

$57 PSF, NNN

35 NE 1ST AVENUE

35 NE 1ST AVENUE

$75 PSF, NNN

CENTRO

151 SE 1 STREET

$70 PSF, NNN

BRICKELL CITY CENTRE

701 S MIAMI AVENUE

$100 - $160 PSF, NNN OFFERING MEMORANDUM RETAIL COMPS ALFRED DUPONT BUILDING

169 E FLAGLER STREET

$55 - $70 PSF

WHOLE FOODS COMPARABLE RETAIL LEASES 40,921 SF COMPARABLE RETAIL SALES $19,630,000 / $479 PSF

LA EPOCA

46,912 SF

$19,500,000 / $415 PSF

RETAIL COMPSPAGE 21 HUNTINGTON BUILDING COURTHOUSE EAST TOWER 168 SE 1 STREET 22 NW 1ST STREET $37 PSF $22,000,000 / $391 PSF

CHASE BUILDING

150 SE 2 AVENUE

$37 - $39 PSF, FS

MIAMI TOWER

100 SE 2 STREET

$220,000,000 / $355 PSF

200 BUILDING

200 SE 1ST STREET

$33,850,000 /$225 PSF

WELLS FARGO CENTER

333 AVENUE OF THE AMERICAS

$219,960,755 / $292 PSF OFFERING MEMORANDUM OFFICE COMPS

100 N BISCAYNE BLVD

$84,000,000 / $188 PSF

ONE BISCAYNE TOWER

2 S BISCAYNE BOULEVARD

$37 PSF, NNN

SUNTRUST INTERNATIONAL

1 SE 3 AVENUE COMPARABLE OFFICE LEASES $127,000,000 / $166 PSF COMPARABLE OFFICE SALES

SOUTHEAST FINANCIAL CENTER

200 S BISCAYNE BLVD

$516,000,000 / $421 PSF

OFFICE COMPSPAGE 23 YOTELPAD

215 UNITS / 31 FLOORS

30% SOLD AS OF JUNE 2018

Current inventory of units range from 417 square foot studios to 708 square foot two bedrooms that start in the $300s. The OKAN TOWER average asking price PSF is approximately $650. 385 UNITS / 76 FLOORS

10% SOLD AS OF JUNE 2018

Current inventory includes 362 con- do-hotel units, ranging in size from 447 square feet to 1,245 square feet, on floors 36–50 will be marketed at $695 per SF. Condo units, ran- ging from 698 square feet to 2,071, CENTRO MIAMI starting from the 50th floor will start at $1.9M. 151 SE 1ST STREET

352 UNITS / 248,576 SF BUILDING

BUILT 2016 / 706 SF AVG UNIT

AVERAGE RENT PER SF: $2.60

ONE RIVER POINT

350 UNITS / 60 FLOORS

20% SOLD AS OF JUNE 2018 ASTON MARTIN Current inventory is being marketed at between $700 to 391 UNITS / 66 FLOORS $1,150 PSF, with the cheapest unit being priced at $870,000. 35% SOLD AS OF MAY 2018 The average asking price PSF is approximately $1,125. Current inventory is being marketed at between $800 to $1,400 PSF, with the cheapest unit priced at $800,000. The average asking price PSF is approximately $1,000. OFFERING MEMORANDUM CONDO COMPS X MIAMI APARTMENTS

230 NE 4TH STREET

464 UNITS / 307,110 SF BUILDING

BUILT 2018 / 662 SF AVG UNIT

AVERAGE RENT PER SF: $3.25

MONARC AT

201 SE 2ND AVENUE MUZE AT MET 3 462 UNITS / 420,256 SF BUILDING

340 SE 3RD STREET BUILT 2018 / 910 SF AVG UNIT 391 UNITS / 365,951 SF BUILDING AVERAGE RENT PER SF: $3.11

BUILT 2018 / 936 SF AVG UNIT

AVERAGE RENT PER SF: $3.17 COMPARABLE ASKING RENTS

COMPARABLE CONDO SALES

CONDO COMPSPAGE 25 CONTACT DETAILS

MIKA MATTINGLY Executive Vice President +1 786 486 4391 [email protected]

BRADLEY ARENDT Vice President +1 773 343 4695 [email protected]

CECILIA ESTEVEZ Associate +1 786 942 4503 [email protected]

Colliers International South Florida, LLC 801 Brickell Avenue, Suite 850 Miami, FL 33131 +1 305 359 3690

Commercial Real Estate Services

THIS IS A CONFIDENTIAL MEMORANDUM 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.

OFFERING PROCEDURE Offers should be submitted in the form of a non-binding Letter of Intent and must specify the following: Price Length of Inspection Period Length of Closing Period Amount of earnest money deposit at execution of a Purchase and Sale Contract, and Amount of additional deposit upon expiration of Inspection Period