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Home My WebLink AboutCRA-R-21-0006 BackupFebruary 17, 2021 To: Neil Shiver Executive Director Southeast Overtown/Park West Community Redevelopment Agency "SEOPW CRA" RE: SEOPW CRA Letter of Intent LargaVista Companies is pleased to offer the following terms and conditions for a proposed lease agreement (the "Lease") for a portion of the newly constructed 55,000SF 2-story building known as ("Lyric Point") or (the "Building") located at 101 NW 8th St. Miami, FL 33136. 1. Lessee: SEOPW CRA 825 NW 2nd Ave Miami, FL 33136 2. Lessor: Lyric Development, LLC and Noxxen Lyric, LLC TA LargaVista Companies 275 Madison Ave. 37th Floor New York, NY, 10016 3. Premises: Approximately 7000SF on the far west side of the 1st floor of Lyric Point. The Premises has direct access to Lyric Point's parking lot on the north and west side of the property and NW 8th St. to the south. 3. Parking: Five (5) parking spaces will be reserved for the sole and exclusive use of the Lessee. The balance of the parking shall be available on a first come, first serve basis. 4. As -is Delivery/Delivery Date: Lessor shall deliver the Premises in As -Is condition one (1) business day after the execution of a fully negotiated Lease. 5. Lease Effective Date: The Lease shall become effective and in full force on the date of execution of the Lease. 6. Term: The Term of the Lease shall be ten (10) years from Rent Commencement. Lessee will have the option to terminate the lease after seven and a half (7.5) years with six (6) months -notice in the sole event that the life of SEOPW CRA is set to expire or an agreement is not reached to extend the life of the CRA. 7. Rent Commencement: Rent Commencement will begin on the earlier of twelve (12) months following the Delivery Date or any opening for business. 8. NNN Rent: Year 1 Monthly Net Rent* Annual Net Rent $/SF/Yr $23,333.33 $280,000 $40.00 *Lessee shall be responsible for Miami Dade Sales Tax, if any. 9. Rent Increases: Rent will increase with consumer price index adjustments on the one (1) year anniversary of Rent Commencement and on each subsequent anniversary date until the Lease Term expires 10. Additional Rent: Lessee shall pay its proportionate share of taxes, insurance and common area maintenance based upon the enclosed square footage of Lessee's Premises as compared to the enclosed square footage of all leasable space at Lyric Point which equates to 12.72%. The annual controllable expense costs, excluding items such as real estate taxes and insurance, shall not increase by more than five percent (5%) per year. 11. Use/Sublet and Assignment: Lessee shall use the Premises or a portion thereof, as a food hall, restaurant, bar, offices, movie production space and/or training center, or for any other lawful use, not to be unreasonably withheld by Lessor, that doesn't interfere with the quiet enjoyment of other current or prospective tenants at Lyric Point. Lessee shall have the ability to subdivide and sublet the Premises to accommodate multiple uses. Lessor shall have no right of assignment. 12. Maintenance: With the exception of normal, routine maintenance of the Premises, which shall be performed by Lessee, Lessor shall make all repairs, replacements or improvements to the Building and appurtenances including but not limited to the roof, foundation, exterior walls, and sprinkler system, which are necessary to maintain the Premises in good condition and in compliance with all applicable laws, ordinances, codes and regulations, throughout the term of this Lease. Under no circumstances will Lessor be responsible for the purchase and maintenance of Lessee's HVAC equipment, ducts, lines, vents or grease traps that are exclusive to the Premises. 13. Signage: Lessee may install signage on the Premises related to the specific use, consistent with the design of other tenants' signage at Lyric Point, subject to applicable permits, zoning ordinances and restrictive covenants, and subject to Lessor's reasonable approval. The signage will be designed not to detract from the general appearance of the Building. The Lessor will not charge any additional fees for signage, and the purchase and installation for signage will strictly be at the cost of Lessee. Lessee will file and obtain any permit applications required for signage approvals by the City of Miami or any other governing agency. 14. Utilities/Cleaning: All utilities shall be separately metered to the Premises at Landlord's expense. Notwithstanding the above, water and sewer charges shall be separately billed by Lessor to Lessee based upon sub-meter(s) readings to the demised Premises and any further subdivisions. Further details will be provided in the Lease. Furthermore, Lessee shall be responsible at its own cost for all cleaning and pest control within the Premises. One (1) common loading bay will be provided for general building use. Within the loading bay, which has common access from the dedicated Building parking lot via an automatic garage door, Lessee shall store its dedicated trash and recycling container(s) and will contract directly with a licensed disposal company for waste removal services, which will be paid for directly by Lessee. 15. Lessor's Work: Lessor will provide openings through the 211 floor slab and to the roof in coordination with Lessee's engineers, architects, designers, and contractors for any of Lessee's required vents, ducts or HVAC lines, which should be designed such that they are located as close to any columns as possible, in order to minimize adverse impacts to the 2nd floor design. 16. Lessor Contribution: Lessor will pay Lessee $300,000 upon receipt of Lessee's final certificate of occupancy for the Premises. It is expressly understood by the parties that this letter shall serve only as an outline of the general terms and conditions under which the parties would consider entering into an agreement to Lease the Premises. This letter is not a contract, and the preliminary understandings expressed in this letter are subject to, and conditioned upon, the negotiation and execution of a Lease. This letter is an agreement to negotiate in good faith in a timely manner. Sincerely, Marcello Porcelli Chief Executive Officer LargaVista Companies AGREED AND ACCEPTED this day of , 20_ IN TITLE: SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY 4r4 • J ti,�',°�� r �� ,4l,. � gar ;'� �.� 4Wi �F .� ulU1 � k'i L i '� N (.✓nil" C++Yew .pp r � I IAiI I LYRIC POINT NW 8th Street & NW 1 st Court Miami, FL For more information contact: (��/) JLL Zach Winkler +l 305 704 1333 zach.winkler@am.jll.com \ �/ �'R �►r 411.' �� ►r PROPERTY FEATURES • ±7,400 SF remaining on ground floor • ± 28,220 SF on 2nd floor • Dedicated surface parking • Loading dock potential • Direct access to 1-95 - both northbound and southbound • Situated across the street from Virgin MiamiCentral, a mixed use development featuring two office towers, two residential towers, approximately 150,000 square feet of retail and restaurant space as well as the Miami terminal for the Virgin Trains USA line, connecting Miami to Fort Lauderdale, and West Palm Beach, with Orlando service starting soon R • Multiple division scenarios possible ♦ \ ♦ f. ♦• r0.� ♦ ♦ ♦ ♦ 0 / 1 . ♦ ♦ , , lum ♦♦ .♦ //.• ♦ 0 ♦41 a 0 FEE LU i b 2ND FLOOR: 28,220 S.F. LLJ LLJ 1h ° I z 0 0 v u uL cl o 0 a_ a ST FLOOR: 26,850 S.F. i i NW 8TH STREET LELA 2,143 @ i� 511,FT. i ❑ TO 1,043 SQ.FT. STORAGE o 0 0 245SQ.FT. KITCHEN SPACE 560 SQ.FT. LRISTAMAIT RETAIL SPACE 980 SQ.FT. SCALE: N.T.S, 1719 Promenade at LyriC DATE: 2021-03-16 \VA ., DRAWN BY: CZ LEVEL 1 LAYOUT STUDY FILE: KOBI KARP �k°eka,p�om SHEETNo.: SK-L1