HomeMy WebLinkAboutCRA-R-17-0021 Excerpts from Omni Redevelopment PlanOmni CRA Redevelopment Plan FINAL DRAFT
EXISTING CONDITIONS
Although there are numerous property owners in the Omni area, there are several major stakehold-m
who Vill undoubtedly play a large role in the redevelopment effort, due to the fact that they have
concentration of land holdings or control very large parcels. These stakeholders include the City
Miami, the Miami -Dade County School Board, the Miami Herald, the Performing Arts Center Trust a
the owners of the Omni Mall. A number of the redevelopment strategies within the Plan Update a
based on the public/private redevelopment of these holdings.
Major Stakeholders
City of Miami
School Board
PAC
JIL Miami Herald
Omni Mall
13
SUPPORTING PROJECTS
Publict.Private Strategies
Miami Herald
City of Miami Properties
School Board Properties
PAC Parking
Convention Facilities
Regulatory Strategies
Entertainment District Expansion
Zoning Strategies
Design Guidelines
Improving the Public Realm
Baywalk
Streetscapes
Historic Preservation
Neighborhood Greenspace
TransRortationlInfrastructure
Miami Streetcar
17th Street/FEC Crossing
Street Reconstruction
2-way Streets
Water and Sewer Upgrades
Infrastructure
REDEVELOPMENT PLAN OVERVIEW
Perhaps the most important strategy in the redevelopment of the Omni area is the pursuit of public/
private partnerships to promote new development, new infrastructure, and to resolve existing
deficiencies. Numerous projects are candidates for this type of development, including transportation
and parking facilities, the redevelopment of the Omni Mall , Miami Herald properties, the Wynwood
Free Trade Zone and Industrial use land west of the FEC, and improvements to the public realm.
Additional opportunities for public/private and public/public partnerships exist given the land holdings
of the Miami -Dade School Board and the City of Miami. The School Board owns many vacant or
unimproved properties within the Omni west area. These properties are ideal candidates for new
affordable and workforce housing and for parking facilities which would serve the Media/Entertainment
District and the PAC. Additionally, several of these properties exist in areas that have tremendous
development potential which may be leveraged in public/private partnerships to provide educational
and other public facilities.
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Targeted Public/Private Development Opportunities
52
City of Miami & School
Board Properties
PAC Parking
1) Performing Arts Center
2) Public/Private Development
including PAC parking
POTENTIAL DEVELOPMENT
100,000+ SF Commercial/Retail
75,000+ SF Office
800 Residential Units
PAC Parking
Omni CRA Redevelopment Plan FINAL DRAFT
One potential project is the development of a mixed -use parking structure west of the PAC. Such a
development would require a partnership of the Miami -Dade School Board, the Performing Arts Center
Trust and private property owners and developers. Numerous alternatives have been studied for this
project by the Urban Land Institute Technical Assistance Program (May 2004) and the Downtown
Development Authority (DDA). Based on cooperation of adjacent private property owners and zoning
changes, this project could provide almost 1,500 parking spaces which could be shared among the
PAC, Miami -Dade School Board and other venues within the Media/Entertainment district. Coupled
with the development of parking on the Miami -Herald properties, this project could satisfy the parking
needs of all parties involved.
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Overall Priority: High
(See Section S. 6)
Omni CRA Redevelopment Plan FINAL DRAFT
CRA funding and support for the redevelopment of the City of Miami and School Board Properties
could augment the efforts of the private developer, the City of Miami and the Miami -Dade School
Board. Such support should be applied, in whole or in part, to public components of the project provided
that redevelopment efforts support the objectives of the Plan Update.
Category
#
Project
SubProject
linear Ft (LF)
Unit cost W1
At*&
Unk Cost (SF)
Eslimete I d Cog
Public/Private
Development
3 & 4
City of Miami/Miami-Dade
School Board Properties
Potential Public
Components
Description:
Includes Skills Center Redev elopment
Capture perking for Entertainment (District
2.4ffordable/Worldorce Housing Projects
Potential New School Facilities
3A
New Streets
370
$2,000
$740,000
38
Streetscapes
370
$750
$277,500
3C
Housing Parking: 60
spaces'
21,000
$40
$840,000
31)
Skills Center Parking: 60
spaces
21,000
$40
$840,000
3E
New School Facilities
70,0001
$190
$13,300,000
3F
Infrastructure
3701
$4501
1
$166,500
i<eintroouce street trirougn ,cnooi tsoara Property Assumes 10% of parking total Fume XVID-TOW - $1b,1b4,U0U
Ass
20% Contingency $3,232,800
Parking trust be available to the general public Public TOW $119,396,800
Private Components
3G
Retail (Skills Center Only)
32,800
$75
$2,460,000
3H
Residential: 528 units
633,600
$140
$88,704,000
31
Office (Skills Center Only)
140,000
$80
$11,200,000
3.1
Parking: 1060 Spaces
371,000
$40
$14,840,000
Privet* Ula-Tolld $117,204,000
20% Conillngency $23,440,800
htva* row 11MR-or
Project total 11140,0411,606
Related Public Projects Description I Start Data JApmey "d9W
Omni CRA Redevelopment Plan FINAL DRAFT
As discussed in the following Financing Plan, current cost estimates indicate that approximately $213
million in public funds would have to be raised to support the projects for which cost estimates are
available . Of this amount approximately $31.5 million would be needed to fund joint public -private
initiatives. Another $49.54 million would be needed to support the implementation of public realm
project initiatives and approximately $50.87 million would be needed in public funds for transportation
and infrastructure projects.
Project Category
I #
1
2
Project
Muni Wtxald Properties
l public
$12,822,000
"It -ale
$920,640,000
Projecitotal I
$933,462,000
Public/Private Development
3&4
City of Miami/Miami-Dade School Board Properties
$19,396,800
$140,644,800
$160,041,600
5
PerfomrZg Arts Center Parking T
$9,600,000
$222,840,000
$232,440,000
6
Convention Facilities
$0
$0
$0
Regulatory Strategies
7
Entertainment District Expansion
No Capital Cost
�l
No Cap+al Cost
No Capital Cost
8
Zoning Strategies: Amendments
9
Zoning Strategies: Affordable and Workforce Housing
Incentives
10
Zoning Strategies: Parking Reductions
11
Design Guidelines: Media/Entertainment District
12
Design Guidelines: PAC Area Guidelines
13
Design Guidelines: Biscayne Boulevard Design Guidelines
14
Design Guidelines: NE 2nd Avenue Design Guidelines
Public Realm
16
16
BaywaSc
Streetscapes
$21,260,2v01
$26,958,000
$0
3,41,646,000
$211,290,2W
f68,6d$,000
17
Historic Preservation
$4,800,000
$0
$4,8004000
1i
Neighborhood Greenspace
l2,568.000
$0
52,508,a 0
Sub -Total
1t65,546,200
$41,646,000
f97,192,2110
Transportation & Infrastructure
19
Miami Streetcar
520,4W,000
$0
$20,400,000
20
17th Street/FEC Crossing
$396.0 00
$0
$396,000
21
2nd Avenue Reconstruction
$19,248,000
$0
$19,248,OD0
22
2-wayConversions
T7,743,600
=� $0
$7,743,6,D0
_
23
Water and Sewer Upgrades
3�3,082,840
$0
$3,082,849
24
Infrastructure
TBD
$0
TEID
— -
Sub -Total
$60,870,440
$0
$50,870,410
total cost
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Total
$271,760,440
UAV.326,61I0j
$4JWk088,04f1
118