HomeMy WebLinkAboutSEOPW-CRA-R-00-0098RESOLUTION NO. SEOPW/CRA R-00-98
A RESOLUTION OF INTENT OF THE BOARD OF
DIRECTORS OF THE COMMUNITY REDEVELOPMENT
AGENCY ("CRA") TO AUTHORIZE THE OWNER OF
THE ARENA SQUARE APARTMENTS, JOINTLY WITH
THE CRA, TO DEVELOP A PLAN FOR A $900,000.00
GRANT TO THE ARENA SQUARE APARTMENTS
BASED ON A FIVE TO ONE LEVERAGE RATIO TO PAY
FOR IMPROVEMENTS TO THE ARENA SQUARE
APARTMENTS IN A MANNER CONSISTENT WITH THE
THIRD AVENUE BUSINESS CORRIDOR AND THE
OVERTOWN CHARRETTE SUBJECT TO THE
IMPLEMENTATION OF AFFORDABLE HOUSING
DEED RESTRICTIONS WITH RESPECT TO THE
ARENA SQUARE APARTMENTS.
WHEREAS, the City of Miami approved and adopted the Southeast
Overtown/Park West Community Redevelopment Plan pursuant to
Resolution Nos. 82-755 and 85-1247 (the "Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out community
redevelopment activities and projects in the Southeast Overtown/Park West
Redevelopment Area (the "Redevelopment Area") established pursuant to the
Redevelopment Plan; and
WHEREAS, the CRA desires that the owner of the Arena Square
Apartments, jointly with the CRA, develop a plan for a $900,000.00 grant to
the Arena Square Apartments based on a five to one leverage ratio to pay for
improvements to the Arena Square Apartments in a manner consistent with
the Third Avenue Business Corridor and the Overtown Charrette subject to
the implementation of affordable housing deed restrictions with respect to
the Arena Square Apartments.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to
this Resolution are incorporated herein as if fully set forth in this Section.
Fps
sywlc
Section 2. The Board of Directors of CRA hereby authorizes the
owner of the Arena Square Apartments, jointly with the CRA, to develop a
plan for a $900,000.00 grant to the Arena Square Apartments based on a five
to one leverage ratio to pay for improvements to the Arena Square
Apartments in a manner consistent with the Third Avenue Business Corridor
and the Overtown Charrette subject to the implementation of affordable
housing deed restrictions with respect to the Arena Square Apartments.
Section 3. The resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 25th day of September, 2000.
t t; 4-�w7� - ft, - �
Arthur E. Teele, Jr., Chairman
ATT
alter4—FiIe"man, City Clerk
.
APPROVED AS TO FORM
AND CORRECTNESS:
Holland & Knight LLP
CRA Legal Counsel
MIA1 #972505 v1
�40— 9
New Arena Square North & South Ltd.
1023 N.W. 3 Avenue
Miami, Florida 33136
Tel. (305) 372-1383
Fax. (305) 374-4451
September 18, 2000
City of Miami Community Reinvestment Agency
Mr. Arthur E. Teele Jr., Chairman
300 Biscayne Boulevard Way, Suite 430
Miami, Florida 33131
Re: New Arena Square Development
Dear Mr. Teele:
Thank you for the meeting and attention that you and your staff dedicated to the idea of
upgrading the design plans for the buildings located on the Third Avenue corridor.
As explained in our meeting the Equity Partners (Guilford Capital Corp., Montgomery
Al.) has committed a total investment of approximately $14,000,000.00 to the complete
redevelopment of the 12 buildings of New Arena Square, which together with
$1,550,000.00 approved by City of Miami Economic Development takes it to a grand
total of $15,550,000.00 (Holland & Knight document enclosed).
The two buildings located on the third avenue corridor are 268 N.W. 11 St. and 275 N.W.
10 St. with an as is combination of 162 apts. mainly one bedroom units and
approximately 7500 sq. ft. of small stores fronting third avenue.
Our original plans are for 100% gutted rehabilitation, with everything new in the
apartments and a change to 124 unit mix composition with 76% two and three bedroom
units, and a budget of $4,045,268.00 (cost breakdown enclosed) for both buildings
covering only the housing portion of the properties, without any changes in the exterior
(besides painting) or any repairs in the commercial area.
When the announcement of development plans of the Third Avenue corridor, we thought
that being our property at the South entrance of the corridor, it would be great for the area
and the community to come up with additional plans on a design that would completely
change the image of Overtown and would make a statement of how future development
should set the standards from and that is what we are submitting herewith.
To accomplish the above in accordance to the additional plans and cost breakdown
enclosed, we are respectfully requesting a grant in the amount of $1,167,187.00 that will
cover all of the items not included in our original development budget.
We are very excited about the beautification of the third avenue corridor and strongly
believe that will be extremely helpful in turning around the image and the economy of the
Overtown Community.
Sincerely,
New Arena S uare rth & South Ltd.
Salom en
rOpWice,.
Law Offices
HOLLAND & NIGHT LLP
701 Brickell Avenue, Suite 3000
P.O. Box 015441(ZIP 33101-5441)
Miami, Florida 33131
305-374-8500
FAX 305-789-7799
www.hklaw.com
September 15, 2000
Mr. Salomon Yuken
1023 N.W. 3rd Avenue
Miami, Florida 33136
Atlanta
Orlando
Boston
Providence
Bradenton
St. Petersburg
Chicago
San Francisco
Fort Lauderdale
Seattle
Jacksonville
Tallahassee
Lakeland
Tampa
Los Angeles
Tokyo
Melbourne
Washington, D.C.
Mexico City
West Palm Beach
Miami
Rep wAbi veper:
New York
BMW Aims
Northern Virginia
Tel Aviv
LYNN C. WASHINGTON
305-789-7798
Internet Address:
lwashing@hklaw.com
Re: Confirmed Financing For New Arena Square North and South, Ltd.
Dear Mr. Yuken:
The purpose of this letter is to confirm the committed financing for the
rehabilitation of the buildings owned by New Arena Square North and South,
Ltd. (the "Partnership"). As of this date, the Partnership has committed
financing in the amount of $15,534,791 from the following sources:
1. City of Miami/CDBG
2. City of Miami/HOME
3. Guilford Capital Corporation
4. Guilford Capital Corporation
$300,000
$1,250,000
$1,213,791 (existing equity)
$12,771,000 (new equity)
If you need any further questions regarding this matter, please do not
hesitate to contact me.
Very truly yours,
HOLLAND & KNIGHT up
By: 9A' � � e -W.
Lynn Washington
MIAl #972282 vl
)
2921 N.W. 6th Ave.
�1 Miami, FL 33127
Tel. (305) 571-8353
Fax (305) 571-8357
Contractor's & Mortgagor's:
Cost Breakdown:
Schedules of values:
Date: April 11 ", 2000
Project Name:
New Arena Square Apts.
Location:
275 N.W. 101" St.
Builder:
Encore Builders, Inc.
Address:
,- 2921 N.W. 60' Avenue
Arquitect:
Forma Arquitect
Address:
3451 N.E. 160 St. —North Miami Beach, FL.
General Conditions:
Temporary facilities:
Site cleaning:
Conc. Cutting:
Excabations:
Clean-up & hauling:
Site Utilities:
Water supply & related items:
Sanitary sewer:
Electric service:
Storm sewer & drainage:
Site Improvements:
Fences:
Walls, columns:
Trash collection pad:
Road & Walks:
Curb & gutter:
Sidewalk:
Asphalt resurfacing:
Description: Cost:
Temporary toilet. 1680.00
Prepare & clean as needed. 7500.00
For new plumbing & elect. 10,500.00
As required. 5700.00
Remove & disp of all debri. 8000.00
Repair or provide & inst. New. 9500.00
Provide new as per plans. 750.00
Repair as needed. 4700.00
Repair as needed. 3500.00
Resurface existing. 6000.00
OEOPWICRA � 0 - . 0
Arquitectural & Structural:
Conc. Material:
Conc. Labor:
Lumber rough carpentry:
Lumber finish carpentry:
Door, jambs, & hardware:
Windows:
Window sills:
Cabinets, kitchen, others:
Ornamental iron:
Roofing & downspouts:
Plumbing rough:
Plumbing finish:
Electrical rough:
Electrical finish:
Air & heat rough:
Air & heat finish:
Framing lumber:
Framing labor:
Floors:
Finish floors:
Lath, plaster, sheetrock:
Tile work, bathrooms fls & walls:
Exterior stucco:
Interior painting:
Exterior painting:
Plumbing fixtures:
Electrical fixtures:
Closet shelves & rods:
Appliances:
Landscaping:
Concrete, asphalt, pavers:
Walks & exterior stairs:
Fire extinguishers:
Fire alarm:
Termite treatment:
Clean-up during & after const.
Mailboxes:
Security:
Pour all trenches & bathrms firs.
Excavate, prepare, pour & finish.
All necessary repairs int. & ext.
All int. & ext. finishes.
Provide & install new int. & ext.
Repair or replace as needed.
Marble window sills.
Kitchen & med. Cabinets.
Repair railings & rails.
Remove as needed.
Abandon existing re -pipe.
All finish inst. of fixtures.
Complete rewire & new meters.
All trim after drywall & paint.
New central air & heat (pump).
Prov. & inst all grills & thermt.
As needed per plans & specs.
As needed per plans & specs.
Gyperete 2"d & 3rd floors.
Vinyl tile entire unit.
Drywall/finish texture.
As required per plans & specs.
Repairs as needed.
Seal & paint all units.
Pressure clean & paint.
All fixtures & faucets.
Ceiling fans, lights.
As required.
Range, frig, w/heater, disposal.
Sod, shrubs & trees.
As per plans.
Repair as needed.
In each unit.
As req. by fire dept.
By tent method.
As needed.
Postal approved.
180 days @ 16 hrs @ 6.25.
16,000.00
25,000.00
33,000.00
63,515.00
70,444.00
40,202.00
4000.00
55,000.00
6000.00
50,000.00
120,927.00
33,758.00
224,263.00
37,533.00
93,410.00
31,758.00
24,436.00
38,870.00
25,984.00
60,000.00
95,273.00
65,000.00
18,660.00
36,458.00
26,561.00
63,515.00
32,000.00
19,050.00
56,000.00
11,550.00
8660.00
4330.00
1960.00
22,000.00
6200.00
16,000.00
1960.00
21,000.00
'47,C)PWICRA:
Sub Total:
Builders overhead & profit 25%:
Total Cost:
rr��PV�/CRAi
1,618,107.00
404,527.00
2,022,634.00
r
2921 N.W. 6th Ave.
Miami, FL 33127
Tel. (305) 571-8353
Fax (305) 571-8357
Contractor's & Mortgagor's:
Cost Breakdown:
Schedules of values:
Date:
April 14t', 2000
Project Name:
New Arena Square Apts.
Location:
268 N.W. I Vh St.
Builder:
Encore Builders, Inc.
Address:
2921 N.W. Oh Avenue
Arquitect:
Forma Arquitect,
Address: -
3451 NE 164t' Sf. - North Miami Beach, FL.
General Conditions:
Description:
Cost:
Temporary facilities:
Temporary toilet.
1680.00
Site cleaning:
Prepare & clean as needed.
7500.00
Conc. Cutting:
For new plumbing & elect.
10,500.00
Excabations:
As required.
5700.00
Clean-up & hauling:
Remove & disp of all debri.
8000.00
Site Utilities:
Water supply & related items: By owner.
Sanitary sewer: By owner.
Electric service: By owner.
Storm sewer & drainage: Site Improvements:
Fences: Repair or provide & inst. New
Walls, columns:
Trash collection pad: Provide new as per plans.
Road & Walks:
Curb & gutter:
Sidewalk:
Asphalt resurfacing:
Repair as needed.
Repair as needed.
Resurface existing.
, i OP t 14 CRA
9500.00
-0-
750.00
4700.00
3500.00
6000.00
tf _`
Arquitectural & Structural:
Conc. Material:
Pour all trenches & bathrms flrs.
16,000.00
Conc. Labor:
Excavate, prepare, pour & finish.
25,000.00
Lumber rough carpentry:
All necessary repairs int. & ext.
33,000.00
Lumber finish carpentry:
All int. & ext. finishes.
63,515.00
Door, jambs, & hardware:
Provide & install new int. & ext.
70,444.00
Windows:
Repair or replace as needed.
40,202.00
Window sills:
Marble window sills.
4000.00
Cabinets, kitchen, others:
Kitchen & med. Cabinets.
55,000.00
Ornamental iron:
Repair railings & rails.
6000.00
Roofing & downspouts:
Remove as needed.
50,000.00.
Plumbing rough:
Abandon existing re -pipe.
120,927.00
Plumbing finish:
All finish inst. of fixtures.
33,758.00
Electrical rough:
Cpmplete rewire & new meters.
224,263.00
Electrical finish: =
All trim after drywall & paint.
37,533.00
Air & heat rough:
New central air & heat (pump).
93,410.00
Air & heat finish:
Prov & inst all grills & thernits.
31,758.00
Framing lumber:
As needed per plans & specs.
24,436.00
Framing labor:
As needed per plans & specs.
38,870.00
Floors:
Gyperete 2H & 3d floors.
25,984.00
Finish floors:
Vinyl tile entire unit.
60.000.00
Lath, plaster, sheetrock:
Drywall/finish texture.
95,273.00
Tile work, bathrooms fls & walls:
As required per plans & specs.
65,000.00
Exterior stucco:
Repairs as needed.
18,660.00
Interior painting:
Seal & paint all units.
36,458.00
Exterior painting:
Pressure clean & paint.
26,561.00
Plumbing fixtures:
All fixtures & faucets.
63,515.00
Electrical fixtures:
Ceiling fans, lights.
32,000.00
Closet shelves & rods:
As required.
19,050.00
Appliances:
Range, frig, w/heater, disposal.
56,000.00
Landscaping:
Sod, shrubs & trees.
11,550.00
Concrete, asphalt, pavers:
As per plans.
8660.00
Walks & exterior stairs:
Repair as needed.
4330.00
Fire extinguishers:
In each unit.
1960.00
Fire alarm:
As req. by fire dept.
22,000.00
Termite treatment:
By tent method.
6200.00
Clean-up during & after const.
As needed.
16,000.00
Mailboxes:
Postal approved.
1960.00
Security:
180 days @ 16 hrs @ 6.25.
21,000.00
Sp_OPW / CRA
Sub Total:
Builders overhead & profit 25%:
1,618,107.00
404,527.00-
Total Cost: 2,022,634.00
� ,,OPWICRA
9 O
lk_.j V L
�I2't�DrrE ��.tt�EXS, �2'Ct.
2921 N.W. M Ave.
Miami. FL 33127
Tel. {3QlS) 571-WW
Fax 67/41367
September 18, 2000
New Arena Square North & South
275 N.W. l 0`h St.
Miami, FL 33136
Re: 275 and 268 Buildings
Attention: Mr. Salomon Yuken:
Addendum # 1 to original construction plan.
This addendum covers the area comprised of buildings -
268 N.W. 11 St. and 275 N.W. 10`h St. fronting 3`d ave_
Removal of interiors of existing commercial & residential units:
Shores & scaffolding as needed.
Clean up & hauling of all debris:
Structural & Arquitectural:
50,000.00
New addition to existing, commercial and
Residential rants as per plans & specs.
New foundations
New CBS walls
New tie beam & columns
New floor slabs
New roof 340,000.00
Front elevation along 3 d ave.
Construction of new entrance with arch & columns
as per plans &. specs.
� SOPW % M i r" �� r S
New store fronts and enlargement addition.
New stucco to entire faeade and sidcwa)ls.
Removal where needed of CBS overhang and refinish
as needed.
Construction of four decorative towers with Spanish file roofs.
Decorative crown roof & windows.
Two glass caps elevators.
Sub Total:
Profit & Overhead 25%:
Total
Addendum #2 Public Works:
a. Provisions for a temporary protected pedestrian walkway
With temporary lighting along 3d ave. from 10 street to. 11
Street. ,
b. Removal of existing sidewalk
c. Removal of existing curb & gutter.
d. Replace sidewalk with interlocking pavers.
e. Build new island planters as approved by D.O.T. and /or
Public Works Department.
£ Build new curb & gutter as required
Sub Total:
Profit & Overhead 25%:
Total
Thank you for your attention to this matter.
SUOPWICRA
425,000.00
815,000.00
203,750.00
1,018,750.00
118,750.00
29,697.00
148,437.00
0
CITY OF MIAMI, FLORIDA
TO: Chairman Teele and
Members of the CRA Board
FROM : Robert L. Tyler
Dir. Of Op., Admin. & Dev.
INTER -OFFICE MEMORANDUM
DATE . September 18, 2000 FILE .
SUBJECT: Arena Square Apartments
REFERENCES:
ENCLOSURES: Resolution and Letter of Intent
RECOMMENDATION
It is respectfully requested that the Board adopt the attached resolution authorizing the development of a
$900,000.00 grant to Arena Square Apartments owners issued jointly by the CRA & Miami -Dade
Empowerment Trust.
BACKGROUND
Resolution authorizing the owner of the Arena Square Apartments jointly with the Empowerment Trust
to develop a plan for a $900,000.00 grant to the Arena Square Apartments based on a five to one
leverage ratio to pay for improvements to the Arena Square Apartments in a manner consistent with the
Third Avenue Business Corridor and the Overtown Charette.
It is the intent of the CRA to partner with the Miami -Dade Empowerment Trust to provide a $900,000
grant to bridge the gap in the $5.5 million improvement plan for the New Arena Square Apartments.
For every one dollar of grant funds the owner must show five (5) dollars of other financing.
Funding Source: To Be Determined
Account Number: To Be Determined
SEOPW/CRA
in
Ion
Aw
Amw
Jw�x
rffu
- SEOFW! CI�A-
*- I
0
m
Aw
iT- L.
lip
SLOP-WICID-LA