www.54Flagler.com Development Opportunity in the Center of Downtown offering memorandum offering Welcome to Downtown MIAMI INVESTMENT CONTACTS MIKA MATTINGLY BRADLEY ARENDT CECILIA ESTEVEZ COLLIERS INTERNATIONAL Executive Vice President Vice President Associate SOUTH FLORIDA, LLC +1 786 517 4996 +1 773 343 4695 +1 786 942 4503 801 Brickell 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 Flagler Street 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 BISCAYNE BAY 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 NEW WORLD TOWER 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.