1400 NW 14th Avenue TH TH Miami, FL 33125 Development Site 14 +14

Offering Memorandum Table of Contents TH TH 05. Executive Summary 14 +14 07. Investment Summary 08. Health District Location 10. Transportation 12. Apartment Lease Comps Health District 18. Market Drivers 20. Employment Hub 22. Development Pipeline

Mast Capital Development

Miami River

TH TH Health District PAGE 3 14 +14 Offering Memorandum Executive Summary

Terrazas Miami International Airport Colliers International Urban Core River Landing + Division is pleased to present a 55,018 SF development site centrally located on the Western Border of Miami’s Miami River Health District & Civic Center, the second largest employment hub in the County.

The property has great transit + connectivity with the 836 Expressway and Civic Center Metrorail Stations only a few blocks east.

14th & 14th neighbors three + successful large apartment towers and is one block from the impressive River Landing Shops and Residences Mixed-Use Development with over 400,000 SF of shops and restaurants.

14th & 14th is on a prominent + intersection with great sight lines guaranteed because of the surrounding wide streets.

Development opportunity for an + apartment buildings or mixed-use project with apartments, extended stay hotel and ground floor retail.

TH TH Health District PAGE 5 14 +14 Offering Memorandum Investment TH TH 14 +14 Summary

Edgewater Downtown ADDRESS: 1400 NW 14th Street Miami, FL 33125

PROPERTY TYPE: Previously Developed Land with great Development Potential, one 1,104 SF building on site. Modern Miami Modera River House

ZONING: T6-12 O

Oak Plaza River Landing

DENSITY : 150 D/U

DEVELOPMENT POTENTIAL: 189+

LOT SIZE: 55,018 SF $ SALE PRICE: $9,600,000.00 CURRENTLY INCOME PRODUCING $12,000 PER MONTH FROM USE AS A STAGING AREA FOR CONSTRUCTION.

TH TH Health District PAGE 7 14 +14 Offering Memorandum Health District Location MIDTOWN

WYNWOOD ALLAPATTAH EDGEWATER

HEALTH DISTRICT VENETIAN ISLANDS A & E

SOUTH BEACH

DOWNTOWN

LITTLE HAVANA PORT OF MIAMI

BRICKELL

TH TH Health District PAGE 9 14 +14 Offering Memorandum

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8 2 10 min. Arts & walk 5 min. walk Entertainment

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r B Transportation The 836 Dolphin Expressway entrance + and exits are three blocks away, leading Downtown Miami + The Civic Center Metrorail Station is 10 minutes to the airport, and .5 miles to 1/4 mile away, connected to 22 other the East to I-95 stations along 25 miles, including the airport, + There are 12 local and regional express Downtown, and Brickell. buses that have stops within two blocks The new Miami Central Station is 2 miles + There are many major roads that lead away, and connects to Metro-Mover, Tri- + directly to the site. Additionally the Little Havana Rail and Brightline service which will go to Baywalk is just one block away. Orlando and beyond.

TH TH Health District PAGE 11 14 +14 Offering Memorandum Comparable Apartment Leases

Miami International Airport

Civic Tower Apartments

River Run Yacht Club

Tequesta Knoll + State Attorney + +

Oaks Plaza Modern Miami Somerset Tower Completed in 2013 Completed in 2013 Completed in 2008 1444 NW 14th Ave 1444 NW 14th Ave 1545 NW 15th Street Road 166 units sold for $47.45 M in Oc- One Bedroom - 800 SF One Bedroom - 793 SF tober, 2018. $1,449 to $1,500 $$1,400 to $1,700 Studio - $1.84 PSF average 401 SF $1.95 PSF average Two Bedroom - 1,128 to 1,213 SF $1,409 to 1,579 Two Bedroom - 1,092 SF

$1,600 to $1,730 $3.71 PSF average $1,810 to $2,120 One Bedroom - $1.44 PSF Average 556 SF to 954 SF $1.80 PSF Average $1,634 to $2,185 $2.42 PSF Average Two Bedroom - 1,116 SF to 1,148 SF $2,175 to $2,675 $2.14 PSF average

TH TH Health District PAGE 13 14 +14 Offering Memorandum Comparable Apartment Leases

Park West A & E Downtown Brickell 14TH+14TH Marlins Stadium

River Landing

Sewell Park + +

Apex Marina Terrazas Completed in 2010 1861 & 1871 NW South River Drive One Bedroom - 635 SF to 816 SF Hurricane Cove Marina $1,650 to $1,850 River Oaks $2.50 PSF average Completed in 2011 One Plus Den - 885 SF - 1,187 SF 199 units-purchased 09/18 for $56M NW North River Drive $2,000 - $2,280 1951 NW South River Drive $1.94 PSF Average One Bedroom - 720 SF to 739 SF Two Bedroom - 857 SF - 1,084 SF $1,700 to $1,750 $1,990 - $2,500 $2.36 PSF average $2.30 PSF average Two Bedroom - 1,050 SF to 1,065 SF Three Bedrooms - 1,429 - 1,580 SF $2,100 to $2,500 $2,800 - $4,000 $2.14 PSF Average $2.22 PSF Average Three Bedrooms - 1,260 SF $2,538 $2.02 PSF River Cover Marina Miami River

TH TH Health District PAGE 15 14 +14 Offering Memorandum Comparable Apartment Leases

TH TH Miami International Airport 14+14 River Oaks Terrazas River Landing

Sewell Park Health District

Civic Center Metrorail Station Robert King High Towers

836 Dolphin Expressway

RMK Merril North Yard

Winn Dixie NW 12th Ave

Modera River House + + + Completed in 2017 1170 NW 11th Street Studio - 506 SF - 588 SF Mast Capital Development $1,645 to $ 1,825 $3.25 PSF average One Bedroom - 664 SF - 788 SF $1,910 to $2,115 $2.77 PSF average Two Bedroom - 943 SF - 1,247 SF $2,195 to $2,585 $2.25 PSF average Residences at Riverwalk Three Bedroom - 1,233 SF $2,970 to $3,090 $2.46 PSF average Miami River

TH TH Health District PAGE 17 14 +14 Offering Memorandum River Landing

14TH+14TH

River Landing - Shops & Residences

+ 800’ away from 14th & 14th! + 850’ long, 50’ wide linear park along the river with additional large green spaces + 5 story vertical power center with Publix, Hobby Lobby, West Marine, Ross, Old + ‘Restaurant Row’ with 9+ restaurants Navy, TJ Maxx, and many more + The $424 million development is well 528 market rate apartments, and offices underway, completion expected early + 2020

TH TH Health District PAGE 19 14 +14 Offering Memorandum Spine Institute Jackson Memorial Hospital Miami VA Healthcare Bascom Palmer Dade County Court Early Beginnings Gordon Center for Eye Institute Academy Research in Medical University of Miami Lindsey Hopkins TH TH Education Miller School of Technical Education University of Miami 14+ Easter Seals Medicine Center 14 Hospital Miami Dade Miller School of College Miami Dade State Hussman Institute for Medical Highland Park Miami Dade County Public Defender Medicine Health Department Attorney’s Office Human Genomics Campus Pavilion Jackson

Metrorail

Employment Hub + Second largest concentration of medical + Jackson Hospital is in the midst of a $1.5 & research facilities in the country Billion, 10-year capital plan that includes new construction projects, renovations, and + The health District is also known as Civic infrastructure improvements Center for the many government offices, courts and civic buildings + There is room for additional development in and around the district, which is sure + Second largest employment center in to grow to meet the needs of the growing Miami-Dade County Miami-Dade County population

TH TH Health District PAGE 21 14 +14 Offering Memorandum Development Pipeline 2140 NW 12th Ave + Miami Produce Center 1.36M SF SAP Development Planned by Robert Wennett Designed by Bjarke Ingels

1855 NW 15th Ave Civic Tower Apartments Affordable Senior Housing Christine E. Lynn Rehabilitation Undergoing $45M Renovation Center - Jackson Hospital $174,000,000, Under Construction + + 1501 NW 13th Court Housing Trust Group Wagner Apartments - $23M Dev. with 73 affordable and workforce housing units

Miami Dade County Health + Department Expansion $20,000,000 +/- University of Miami Proton Ex- + pansion, Under Construction $100,000,000+ + + Park View Apartments 40 Units, Under Construction

Mill Creek - Modera Riverhouse + $11.5M for 2.54 Acre on 12/2015 292 units 1480 NW North River Drive River Landing $424 M mixed-use project with 528 apts., office, commercial + + Mast Capital Development 1480 NW North River Drive 6.31 Acres purchased for $26M RMK Merrill Stevens North Yard 688 units & 780 Spaces Planned New boat yard, 2,700 ton ship lift, 230’ dry berth, 450’ wet +

TH TH Health District PAGE 23 14 +14 Offering Memorandum Development Potential

Planning & Zoning Information Development Potential

Lot Disposition Transit & Parking Lot Coverage: 80% max = 44,014 SF 14th & 14th is one-quarter mile to the Civic Center Metrorail station and also has 12 local and regional bus lines that have stops Floor Lot Ratio: 8 + a 30% Additional Public Benefit 440,144 + 132,043 = 572,187 SF within 2 blocks, it falls within the D1 Transit Corridor Map. This can allow for a 30% parking reduction by waiver, or 50% reduc- Density: 150 du/ac max 189 residential units, or 378 lodging tion by payment into the Transit Enhancement Trust Fund. This property can become a vibrant Transit Oriented Development.

Building Setback Hospitality Density Principal Front: 10 ft. min; 20 ft. min above 8th story Two Lodging units are equal to one residential unit, the density rights can also be utilized as a combination of both residential Secondary Front: 10 ft. min; 20 ft. min above 8th story and lodging, ex: 110 Residential and 158 Lodging (110 + 158/2 = 189) Side: 0 ft. min; 30 ft. min above 8th story Rear: 0 ft. min; 30 ft. min above 8th story Ordinance 1438 - Affordable and Attainable Program There are two levels in this program, that allow for either a 50% and 100% density bonus. Miami 21 Zoning Map - To achieve 50% density bonus 5% of the total units must be for Extremely Low-Income housing, 15% must be affordable up to 50% AMI, and the remaining 80% must be Workforce up to 140% AMI.

- To achieve 100% density bonus 10% of the total units must be for Extremely Low-Income housing, 10% must be affordable up to 50% AMI, and the remaining 80% must be Workforce up to 140% AMI.

Additional Benefits - Projects may receive additional height and FLR in exchange for Public Benefits, this is an available Public Benefit. (There are other ways to achieve the bonus height and FLR other than this program) - For T6-12 O, the height is 12 stories, or up to 20 with Public Benefit - For T6-12 O, the FLR is 8, or a 30% increase with Public Benefit Miami 21 Zoning Code Chapter 5.6 Urban Core Transect - Parking reductions of up to 80% in a TOD or 50% in a Transit Corridor - Relaxation on amount of stories, however there is a max on height BuildingBuildingBuilding Placement PlacementPlacement ParkingParkingParking Placement PlacementPlacement BuildingBuildingBuilding Height HeightHeight - Staff level design review, instead of Design Review Board Max. Max.Max. - Modification of setback requirement above the 8th Story Bene t Bene tBene t 20 2020 Secondary FrontSecondarySecondary Front Front Secondary FrontSecondarySecondary Front Front 1st 1st1st 1st 1st1st Height HeightHeight 20’ min. 20’20’ min. min.10’ min. 10’10’ min. min. - 30 year covenant with two automatic 10-year extensions Layer LayerLayer Layer LayerLayer 13 13 25’min. 25’min.25’min. 50% max. 50%50% max. max. Max. Max.Max. 13 2nd & 3rd 2nd2nd & & 3rd 3rd 2nd & 3rd 2nd2nd & & 3rd 3rd Height HeightHeight 12 1212 Layer LayerLayer Layer LayerLayer 55,018 SF of property has a 150 unit per acre Density = 189.45 Units by Right 10’ min. 10’ min. 10’ min. 0’ min. 0’0’ min. min. 0’ min. 0’0’ min. min. 30’ min. 30’30’ min. min. 9 99 20’ min. 20’20’ min. min. 25’ min. 25’25’ min. min. 8 88 This means the 189 units can become up to 284 units with: 30’ min. 30’30’ min. min. 7 77 - 5% are ELI, 15 units. - 15% are up to 50% AMI, 43 units. - 80% are up to 140% AMI. 226 units 6 66 15’ min. 15’15’ min. min. 30’ min. 30’30’ min. min. 5 55 4 44 0’ min. 0’0’ min. min. 0’ min. 0’0’ min. min. This means the 189 units can become up to 378 units with: 3 33 Max. Max.Max. - 10% are ELI, 38 units. - 10% are up to 50% AMI, 38 units. - 80% are up to 140% AMI. 302 units Height HeightHeight 2 22 0’ min. 0’0’ min. min. Principal Front Principal Principal Front Principal Principal Front Principal Principal Front Principal Principal Front Principal Principal Front Principal 1 11 1st 2nd 1st1st 2nd2nd 3rd 3rd3rd 1st 2nd 1st1st 2nd2nd 3rd 3rd3rd ABUTTING SIDE & REAR ALL ZONES EXCEPT T5, T4 & T3 Layer Layer LayerLayer LayerLayer Layer LayerLayer Layer Layer LayerLayer LayerLayer Layer LayerLayer ABUTTING SIDEABUTTING & REAR ALL SIDE ZONES & REAR EXCEPT ALL ZONES T5, T4 & EXCEPT T3 T5, T4 & T3 Additional Information Above the 8th Story, there is a max. 15,000 SF floor plate for residential and Lodging, and 30,000 SF max. for Office and Commercial.

TH TH Health District PAGE 25 14 +14 Offering Memorandum 14TH +14TH

Contact Details

Aaron DeMayo Commercial Associate [email protected] +1 305 842 9330

Mika Mattingly Executive Vice President [email protected] +1 786 486 4391

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information about 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 representatives of the Owner have reviewed this confidential memorandum, 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 standard non-binding Letter of Intent, which can be found on the Colliers International Document Center, and must specify the following: Price (Call for pricing guidance), Length of Inspection Period, Length of Closing Period, Amount of earnest money deposit at the execution of a Purchase and Sale Contract, and Amount of additional deposit upon expiration of Inspection Period.

Colliers International South Florida, LLC 801 Brickell Avenue | Miami, FL 33131 This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guaran- tees, representations 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.

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