HomeMy WebLinkAboutM-86-0628t5,
TO.,, Honorable Mayor and Members of DATE:
the City Commission
FROM: Roger M. t
on "SUBJECT:
Director,Departmenttreet Parking
AA
T_n
July 11, 1986
DISCUSSION OF FLAGLER LANDMARK
ASSOCIATES PROPOSAL FOR REDEVELOP-
MENT OF THE OLYMPIA BUILDING AND
GUSMAN CULTURAL CENTER
In June, 1984 the City Commission approved a Request for Proposals for
restoration of the Olympia Building and Gasman Cultural Center. One proposal
was received from. Flagler Landmark Associates for restoration of Gunman
Cultural Center and expansion of the Olympia Building to convert it to first
class office space. The proposal also included an entertainment center with
restaurants and a cabaret. A detailed analysis of the proposal from Flagler
Landmark 13 attached as Exhibit A.
The Off -Street Parking Board reviewed the proposal on May 169 1986 and
determined that the financial return to the City/Department of Off -Street
Parking must be no less than it had been in the past and that rental rates
charged to the Department of Off -Street Parking and City tenants must be
comparable to market rates in similar buildings. Flagler Landmark Associates
reacted to this position in a positive manner which is documented in
Exhibit B. The Off -Street Parking Board is scheduled to reach a position on
the Flagler Landmark Associates proposal in their regular meeting of July IT,
1986.
Based upon the unique status of the Olympia Building, which is owned by the
City of Miami but operated by the Department of Off -Street Parking, the
recommendation of the Off -Street Parking Board has been scheduled for
discussion during the Committee of Whole portion of the July 24, 1986 City
Commission meeting. The input from the City Commission will allow the
Department of Off -Street Parking and City staff to work with Flagler Landmark
Associates over the summer to make a final recommendation to the City
Commission and the Off -Street Parking Board in September.
Exhibits: 2
cc: Cesar Od io
Al Ruder
4 EXH ' A
�A
TO: Honorable Chairman and Members
of the Off -Street Parking Board
DATE: July 11, 1986
FROM: Roger on SUBJECT: PRESENTATION FROM FLAGLER LANDMARK
Director �_ . ASSOCIATES: OLYMPIA BUILDING
Department o f�treet Parking REDEVELOPMENT PROPOSAL
Background
In September , 1975 an agreement was reached between the City of Miami, the
Department of Off -Street Parking, and philanthropist Maurice Gusman in which
Mr. Gusman donated the Olympia Building to the City of Miami which in turn
established an operational relationship with the Department of Off -Street
Parking. Since that time the Department has operated the Olympia Building/
Gusman Center for the Performing Arts as an enterprise fund (G & 0 Enterprise
Fund).
Between 1976 and 1981 utilization of the Center was reduced dramatically as a
corollary to public perception regarding downtown security. The Olympia
Building maintenance was less than desirable with the only improvement being
Interior renovation for the City Attorney's Office. On the positive side
sufficient earnings were achieved by the Olympia Building to cover the losses
incurred by the operation of Gusman Center for the Performing Arts. The
financial performance of the Gusman and Olympia Enterprise Fund during the
five year period was as follows:
G & 0 Enterprise
OlympAa Building.
Gusman Center
Net Revenue
FY
76/77
$56,207
$(29,422)
$26,785
FY
77/78
679273
(32,501)
34,772
FY
78/79
84,603
(42,515)
42,088
FY
79/80
98,686
(43,296)
55,390
FY
80/81
929818
(90,242)
2,576
During FY 81/82 it became apparent that the Olympia Building would no longer
be competitive with similar older buildings which were being renovated and
with the abundance of new office space being completed. The cost of
! operation was also increasing due to insurance, utilities, maintenance and
the Metromover Tax District which were expenses beyond the control of the
Department. It was further clear that Gusman Center for the Performing Arts
could no longer rely on its traditional passive role as a venue for private
promoters since major acts could perform once at the newly opened James L.
Knight Center with an audience which was 2.5 times the size of the audience
potential for Gusman.
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The financial implications of these developments as well as reduced City of
Miami tenancy in the Olympia Building were as follows:
G & 0 Enterprise
Olympia_Building
Gusman Center
Net Revenue
FY 81/82
$1040041
$(110,508)
$ 2,576
FY 82/83
1360004
(1339237)
(6,467)
FY 83/84
1739142
(253,252)
29767
FY 84/85
188,821
(230p492)
(800110)
(41,671)
Modified
Budget
FY 85/86
1509198
(2970493)
(1479295)
Budget
FY 86/87 145,622 (1390471)
6,151
With these evolutionary developments in mind it was apparent that an
aggressive program of restoring the Olympia Building and converting Gusman
Center to a role of producing it's own events was necessary. In November,
1981, the Off —Street Parking Board adopted a recommended redevelopment
program which included short term improvements for the Cultural Center,
creation of "galleria" type retail facilities in the Olympia Building and
production of events in Gusman Center (Exhibit 1). Subsequent to acceptance
of the program by the Board, the following results have been achieved:
o Technical and artistic improvements were made to Gusman Center for
the Performing Arts with the assistance of $230,000 in Legislative
Grants received in 1983 and 1985. A third grant in the amount of
$200,000 has been approved by the Legislature during the current
session. The City of Miami assisted with loans in the amount of
$100,400 to replace the roof and complete safety related repairs.
o Darrell Calvin was retained after serving as the Producing
Director for the New Hampshire Performing Arts Center at the
Palace Theatre, Manchester, New Hampshire, an Historic 'theatre,
with an understanding that Gusman would present its own cultural
series which would demonstrate the viability of Gusman to other
promoters, presenters, and entrepeneurs to increase utilization.
During the past four years the number of events has increased to
130 performing dates from 45 performing dates. The community
i perception of the Gusman Center has been improved dramatically and
Gusman has encouraged resident companies to utilize the Gusman
Center as its home. The Center serves five community resident
companies: Miami Dade Community College —Lunchtime Lively Arts
Series, Miami Film Festival, Story Theatre, Miami City Ballet, and
the Golddiggers.
o A redevelopment program utilizing the City of Miami Charter
mandated Unified Development Process was adopted by the Off —Street
Parking Board in July, 1983 (Selection Committee and Certified
Public Accountant were approved) and the City Commission approved
the redevelopment process conceptually in June, 1984. Subsequent
to that date, the firm of Borrelli and Associates was selected to
prepare a feasibility study (Exhibit 2). The study recommended
2 96-s629
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two alternative plans which included redevelopment of the Olympia
Building and Gusman or redevelopment of Gusman and the Olympia
Building including expansion of the Olympia Building to include
the National Shirt Shop property to the west. The Off -Street
s;r..
Parking Board accepted the study in February, 1985 and recommended
that the City Commission hold the required Unified Development
4-
Process public hearing. The Public Hearing was held on July 18,
-_
1985 and the City Commission authorized distribution of a Request
for Proposals.
I-
o The Request for Proposals was distributed to over 100
architectural/development/financial planning firms in July 1984
with one bid being received from Flagler Landmark Associates in
November 18, 1985. A letter of interest was received from Earl
Worsham Company which was later withdrawn.
o The Selection Committee, chaired by Tom Spencer of Spencer
Bernstein Seeman Klein Perlstein, met on three occasions to review
the oral and written proposal from Flagler Landmark Associates as
well as the independent analysis from Peat Marwick Mitchell
(Exhibit 3). The Selection Committee report (Exhibit 4)
recommended negotiations with Flagler Landmark Associates with
certain concerns which basically were to improve the financial
return to Gusman Cultural Center and to ensure that the Department
of Off -Street Parking rental was close to market rate.
FlaglerLandmark Associates Proposal
The Flagler Landmark Associates proposal provides two alternatives. Option A
envisions the restoration of the Olympia Building and Gusman Center for the
Performing Arts with an estimated cost of $4, 614, 223• Option B includes
Option A plus a ten -story expansion, of the Olympia Building utilizing the
National Shirt Shops property at an estimated cost of $8,637,906. Option B
would allow the creation of an entertainment center including restaurants and
a cabaret which is not possible under Option A.
Flagler Landmark Associates is a newly created corporation with the
principles and their percentage equity as follows:
Percentage
Name of Equity
James B. D. Beauchamp 40.0%
Jaime E. Borrelli 13.3%
Arthur J. Hill 20.0%
Alberto R. Cardenas 13.3%
Harry V. Sasson 13.3%
The financial parameters of the project are documented in the Peat Marwick
Mitchell Study. Of utmost significance was the agreement by the Department
of Of Parking to rent 26,000 square feet at approximately $21.00 per
square foot and invest $1.3 million in the project to receive a 33 percent
share of the net cash flow which is estimated to be $1.24 million within the
first ten years of the lease.
3 ss"sz15
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Flagler Landmark Associates will make a verbal presentation regarding the
At
proposal during the May 160 1986 Off -Street Parking Board meeting. The
original Flagler Landmark Associates Proposal included approximately 1000
pages. Flagler Landmark Associates presented a clarification of their
proposal at the February 249 1986 Selection Committee meeting.
44"
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General Observations
To achieve the restoration of the Olympia Building and Gusman Center for the
Performing Arts will require extremely skillful negotiations with Flagler
Landmark Associates and support from the City of Miami. The following
observations are offered for consideration by the Off -Street Parking Board as
minimum requirements for your authorization to pursue the negotiations:
o Flagler Landmark Associates must commit that it will be flexible in
terms of either rent to be paid by the Department or equity to be
received such that the net cost per square foot is defensible in
this extremely competitive office market.
o The City of Miami could determine that its interim downtown office
facility will be the Olympia Building. A creative lease could be
developed which would allow the 20,884 square feet of office space
not needed by the Department to be rented by the City for an amount
which is equal to a fair market rental rate or the budgeted annual
deficit of Gusman Center for the Performing Arts whichever is less.
This would ensure the financial viability of the Flagler Landmark
w'
Associates proposal and would present the City of Miami with
sufficient potential savings to commit to rent the balance of the
space not needed by the Department of Off -Street Parking.
o Negotiations with the owner of the National Shirt Shop site must be
completed prior to final lease negotiations with Flagler Landmark
Associates to ensure that the property is available for Option B.
o An understanding must be achieved with the arts community regarding
the soon to be completed Performing Arts Center Study commissioned
by the New World Center Foundation. The preliminary conclusion is
that a $15 million investment in Gusman Center for the Performing
Arts which would allow many technical improvements, including
deepening the stage, would be sufficient to designate Gusman Center
as the community symphony hall for the foreseeable future. To
achieve the deepening of the stage would require the acquisition of
the Urmey Hotel and contiguous properties. This acquisition could
y~�
be achieved with legislative funding support and a second Unified
Development Request for Proposals process to either restore the
Urmey Hotel or demolish the facility and build a parking garage with
potential retail and air rights.
Conclusion
To achieve the Olympia Building/Gusman Center for the Performing Arts
redevelopment program requires a great deal of creativity and flexibility on
the part of all participants. The result has the potential for being quite
outstanding as evidenced in the restoration of other historic theatres.
4 86-w62G
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I
r.XHIBIT 1
4ove
The decision to pursue this project requires far more than a simple financial
analysis. The community$ City Commission, and Off —Street Parking Board are
considering the survival of a building which is on the National Register of
Historical Places. Policy makers are reviewing the potential for creating
night life on Flagler Street with the resultant improvement to the retail
community which is in serious trouble. Policy makers are reviewing the
future of an artistic entity which requires nurturing and financial support.
Finally we are seeking a method to solve an administrative office need of the
Department which is nearing crisis proportion.
The private sector has responded to these challenges through establishment of
the Friends and Founders of Gusman which is rapidly growing in stature and
fundraising ability. It is most important that a determination be reached
regarding the future of the Olympia Building/Gusman Center for the Performing
Arts and that the decision be an aggressive redevelopment program in
partnership with the private sector.
Exhibits*. 4
5
.. •
z%HIBIT 1
TO: honorable Chairman and Members DATE: November 19, 1981
of the Board
SUBJECT: Gutman Cultural Center/
FROM: Olympia Building Redevelop-
ment Program
Roger M. Carlt
Director
Deoartment offreet
arkinq
ow attached report has been reviewed and recommended by the Gutman
Cultural Center Advisory Committee In their meeting of November 19.
198).
AM,
1 ° •
TO:
1 FROM:
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,f
� _
Honorable Chairman and Members DATE: November 17, 1981
Gusman Cultural Center Advisory
Committee
SUBJECT: Gusman Cultural Center!
Olympia Building Redevelop -
Roger M. Car n ment Program
Director
Department tre Par ing
U°-
Recommendation
„-.
It is recommended that the Advisory Committee adopt a redevelopment program
with the goals of establishing a solid financial base, increased utilization
}
of Gusman Cultural Center, and redevelopment of the Olympia Building to
^°
modern functional standards while preserving its architectural tradition.
kBackground
The Gusman Cultural Center and Olympia Building was donated by Maurice Gusman
`.'
to the City of Miami in 1975. Simultaneously, an agreement was approved b y the
City Commission in which the Off -Street Parking Board agreed to operate the
facility as an enterprise fund. The Gusman Cultural Center Advisory Com-
,,;:;
mittee was established to advise the Off -Street Parking Director and Board
s<1
in the operation of the Cultural Center.
While Mr. Gusman was extremely generous in y g providing private funds to renovate
the Cultural Center prior to turning it over to the City, a substantial amount
of work remains to be done both in the Cultural Center and the Olympia Building.
Financially, the net operational proceeds of the Olympia Building have been .
r
used to subsidize the operating loss of Gusman Cultural Center. A four year
analysis in Attachment "A" demonstrates that previous surpluses generated by
the operation of the Olympia Building will no longer be sufficient to subsidize
_
Gusman at the and of Fiscal Year 1981-82.
This problem is caused partially by increasing operating costs for the Olympia
Building particularly in the area of utilities and private security services.
Numerous deferred maintenance items and the need for major. noderhization have
become limiting factors in our ability to increase rents in order to generate
greater revenues. The major factor, however, Is that marketing the Gusman
Cultural Center in light of the image of Downtown after hours and the lack of
parking in proximity to the Center has been extremely difficult. Therefore,
revenues of the Cultural Center have been trending downward while operational
costs have been increasing.
—=
There are a number of factors which are positive in this situation. These
=—
factors include: '
_
• 'the short term decline in retail sales experience during the
Sumner as a result of the strengthing of the u. S. dollar seems
to have abated.
86--*62 i
s. i
• the Downtown Hotel Association has expressed an interest in the
{,
production of a continuing show with a Miami "Memispheric" theme
which would increase utilization of the Cultural Center and enhance
5:,• i
its role in Downtown tourism.
i The Tourist Development Council staff has expressed an interest in
reconvnending that the tourist tax fund a feasibility study required
¢Y.
as a prerequisite for financing required architeptural improvements.
e Negative publicity in the worldwide press regarding the crime
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problem in Miami has created a new consciousness on the part of
the tourism industry. Gusman is a unique resource which is
vastly under utilized and with creative redevelopment could be
part of the solution.
Analysis
There are three segments to the redevelopment plan for the Center and the
Olympia Building. The first is short term improvements to operational
procedures for Gusman Cultural Center. These include:
t,
e Create a full time ticket office capable of being used by Flagler
Street pedestrians. This office would sell Gusman tickets, as
well as, tickets for other theaters on a commission basis.
• Utilize Garage No. 4/5 to serve theatre patrons through allowing
promoters to advertise parking included with the ticket price.
The promoters would guarantee a minimum payment to the garage in
exchange for parking privileges.
• Establish a lower rate structure for non-profit and educational
Institutions willing to accept less desirable dates.
• Assume responsibility for the snack concession and obtain a
liquor license in order to be comparable to the Dade County
Auditorium and Miami Beach Theatre of the Performing Arts.
• Copramote events where desirable.
e Develop now and expanded promotional materials. The theatre could
be advertised in trade journals in order to increase promoter
awareness.
a Initiate special events in selected areas of the theatre. e.g.
fashion shows, art shows, and catered dinner theatre combination
packages.
Cooperate with the Downtown hotels and the Tourist Development
Council (2 percent resort tax) in the production of a live stage
show expressive of the "Hemispheric" destiny of Miami. This
show would run weeknights and be geared predominantly to hotel
guests seeking evening entertainment. The hotels would guarantee a
sufficient number of tickets to ensure that the theatre met its
operational costs.
R�-
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a Cooperate with the various convention bureaus to snake the
facility available as an adjunct to the new James L. Knight/
University of Miami Civic Center.
The second asajor segment of the program is upgrading the Olympia Building
In order to increase earning capacity. Major improvements include:
• Replace manual elevators with modern automated equipment.
• Renovate all office tower public areas and office entrances.
• Create a two story retail "Gallerla" on Hagler Street and SE
Second Avenue. This shopping/restaurant complex would relate
architecturally and functionally to Gusman to order to create
a pedestrian oriented area where visitors are able to shop, eat,
'^
and attend events to a unified space. The shopping area could
F...
be open at night since security is provided at Gusman Hall and
the Olympia Building.
The third major category is renovations necessary to protect and enhance
the Gusman Center. These are not mandatory at this time, but would be
necessary if utilization increases as a result of the redevelopment pro-
gram. Examples of these activities include:
• Carpet replacement in the lobby areas.
• Stage flooring replacement.
• Dressing room refurbishment.
• Installation of handicapped restroom facilities
• Various artistic improvements including lighting and sound
system upgrades.
x -
The estimated cost for the entire program is in excess of $2.0 million.
Clearly, a revenue bond or private sector participation will be necessary
to accomplish the program over the next three years. The effort will
require coordination with the City of Miami as the owner and with the
existing tenants where leases extend through the next three to eight years.
The following preliminary time table demonstrates the major activities
necessary to accomplish the redevelopment program:
• Authorization to proceed granted by the Gusman Cultural Center
Advisory Committee and the Off -Street Parking Board .
November 1981.
i Presentations to the City of Miami. Downtown Development
Authority, New World Center Action Committee. Downtown Hotel
Association. and Tourist Development Council December 1981
••
and January 1982.
-3-
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• Funding cOMlttments for the Miami "Hemispheric" show received
from the Downtown Hotel Association and funding committments
for the "Galleria" and other renovations feasibility.study
received fro% the Tourist Development Council February
1982
• "Galleria" fMsibility study completed : July 1982
o Production if the "Hemispheric" show completed . . . August
1982
e Premiere hifyi "Hemispheric" show . . . September 1982
• Bond sale (if feasible) or private lease bidding for the
Gal leria ... September 1982
e Constructidecomplete in the Olympia Building . . . September
1983
o RenovatiOnSANd upgrades in the Gusman Cultural Center . .
1984 and bep,,,d
Conclusion
The Gusman Cultural inter/Olympia Building facilities provide a unique
opportunity for creme redevelopment. Through enhancing the earning
power of the Olympiabdlding; the financial base of the Gusman Cultural
Center will be estabAthed. With the* addition of a permanent "Hemispheric"
show and agressive MWeeting, Gusman will fulfill its role as a tourism
and cultural resourOL These concepts have been discussed on a preliminary
• and tentative basisfkh various Downtown interests and their support has
been verbally exprQW. Therefore, your approval and authorization to
proceed to obtain g"s to develop the "Hemispheric" show and prepare a
feasibility study iSecommended.
Att.
-4-
.
WIBIT 2
1
r<"
Gusman Cultural Center
Olympie Building
Combined Net Revenues
Gusman Cultural Center
Olympia Building
Combined Net Revenues
Gutman Cultural Center
Olympia Building
* Excluding depreciation
of $37,917
Gusman Cultural Center
Olympia Building
Combined Net Revenues
#* Approved 1981/82 Budget
excluding depreciation
of $37,220
ATTACHMENT "A"
FY 79
FY 79
TY 79
Revenue
Expenses
Net
$ 86,567
$129,082
$(42,515)
261,652
177,04q
84.603
S34$.2t
S3o6.t _,
42 088
FY 80
FY 80
FY 80
Revenue
Expenses
Net
$126.876
$170,172
$(43,296)
285,071
. 195,364
89,707
411 =
1365,5536
4,� b.4t1
FY 81
FY 81*
FY 81*
Revenue
Expenses
Net
$ $7.310
302•r0
$177.552
209,687
$(90,242)
92,818
$389,815
FY 82**
FY 82**
FY 82**
Revenue
Expenses
Net
$121.050
310,550
$197,813
227.8-87
$(76.763)
82.663
431
$425,700
,S 5.900
H6-62fi
OLYMPIA OFFICE BLDG.
akrn REDEVELOPMENT
BORRELLI AND ASSOCIATES'
SHEPARD ASSOCIATES
DE ZARRAGA- DONNELL-DUOUESNE
ELLIS SNYDER ASSOCIATES
architects
planners engineers
S6 -"626
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ASOCCIA`y` ES
ANCHI T ECTE
PLANNE148
I*" (I* **^Va. sun wo
asAMI OL00400A ssf.l
♦ALA M/ 666•06f! 641•N91
February 22, 198S -
Mr. Roger M. Carlton
Director, City of Miami
Dept. of Off -Street Parking
290 NE. 3rd Street
a9 Miami, Florida 33132
s RE: Olympia Office
Building Redevelopment
t.' Dear Mr. Carlton:
Enclosed herewith are three copies of our preliminary cost
forecast and preliminary market overview relevant the above
referenced project.
R
As previously discussed and agreed, this report is based on
conceptual design sketches prepared by our firm intended to
allow approximate cost dollar values necessary to determine
If the contemplated project scope is financially within
realistic parameters. This report should not be construed
to be of a definitive nature until further extensive
analysis can be achieved based on more complete design
studies and solutions.
We trust this information will assist you in the decision
process concerning the re-developraent of the Olympia
Office Building and adjacent facilities, and anxiously
await your comments and our decision on this matter.
We remain available at your convenience to answer any
questions concerning this report as well the continuing
of our professional services for this most important
project.
Sincerely,
Jame E. Aorrelii, A.I.A.
JEB/mr
t
• . . •
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C=
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PREFACE
When John Eberson designed a spectacular new Miami theatre back
in 1925, he perhaps realised that besides being a picture palace,
the building could incorporate other functions which -would work
togeather with the theatre symbiotically. So in addition to the
theatre# there were shops at the ground level, and an office
building above. The success with which it incorporated these
varied functions is perhaps the reason that it has survived.
Other movie theatres which didn't have the ancillary functions of
the Olympia Building, fell upon hard times after the advent of
television, and most closed. Some were later'gutted and converted
into commercial mini -malls. The special grandeur of the Olympia's
interior may have given it a place in the hearts of Miamians, but
as the theatre became unprofitable, the owners seriously
considered demolishing it to build a bank or even a parking lot,
while leaving the offices and most of the shops. For many years,
rents from the offices and shops paid for the theatre.
The Olympia Theatre will celebrate its 60th birthday on February
18, 1986. As it approaches age 60, it is appropriate to plan
Improvements for its continued use, and to study how its use
might be enhanced with additional functions. In an era when
public subsidies to the arts are being reduced, the future
prosperity of the theatre may depend on income from other
functions which are part of the building.
Income from the other functions would prevent an unsuccessful
show or a dissapointing season from being a financial disaster.
This income could potentially allow a reduction in ticket prices,
or provide increased funding for theatre equipment and
maintenance of the building. Ideally, the complex as a whole
could generate a surplus of funds which could subsidise other
City programs and operations.
At this time, certain changes are required for the safety of the
occupants. Other changes would increase comfort and convenience
vJ
r,3>m in the building, make it easier to maintain, improve its energy
efficiency and allow for an increase in rents.
Now functions such as restaurant and bar facilities, and a
cabaret would help to maintain a critical mass of activity, and
give the facility additional sources of revenue. Additional
office space and improved retail areas would also help in this
respect.
86-62&
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When considered as a
part of a downtown poised on the verge of
greatness, the future
of the Olympia Building becomes even more
important. The Metrorail and People Mover transit systems will
soon provide much of
Dade County easy access to downtown Miami.
But unless there are
special evening activities, the City will
u..
continue to be deserted by the hundreds of thousands of office
workers after dark.
The Olympia Building - Gusman .Cultural
Center, a new cabaret
and fine restaurant, would help give office
workers a reason to remain downtown, and could entice others to
come into the City by
offering them something unique.
The concept of a downtown cultural district has worked in other
major cities and Miami now seems to have nearly all the right
ingredients for success. Recently the New World Center
krt;. Foundation, a nonprofit organisation, joined with the Dade County
Council of Arts and Sciences to push for a downtown arts complex.
B forthcoming planning study requested by those groups is
expected to recommend wether a single large Kennedy Center -like
complex should be built or if facilities can be provided in
separate locations.
f The Olympia Building could become the core of a theatre and
cultural district which would encompass the Knight Center, the
Metro Cultural Center, Miami -Dade Community College, and a new
¢'? a �Bfront Park am hitheatre. If ,. y p properly organised, activities at
N
these public facilities would be a catalyst for the private
sector to join in and create additional small theatres and places
for nightime entertainment. The benefits to the downtown
commercial economy would be great. With crowds of people on the "
streets, shops might stay open later, and the area would seem
safer. Such a rich urban environment might also be an incentive
to create nearby housing for those who wish to regularly
,participate in an area with so such to offer.
40
�• PRELIMINARY COST FORECAST, FEB. 22, 1985
Introduction
Costs identified in this preliminary forecast are based on
sketches of a conceptual design solution, the work specifically
mentioned herein, and other information gathered in -the field
regarding the building's general condition. A complete
maintenance study has not yet been conducted and the exact
requirements for bringing the building up to code have not been
determined. We have made assumptions based on our knowledge of
the scope of the work at this time. This cost estimate should not
be construed to be of a definitive nature nor is it intended to
provide either an upper or lower limit. It is intended to be an
approximate dollar sum necessary to determine if the proposed
work is financially feasible. Other design solutions could cost
either more or less. Tenant finishes except as noted are not
included. Prices will be subject to unknown field conditions,
special requirements such as phasing or uninterrupted service,
and market conditions at the time of bidding. Prices may escalate
from the date of this report.
EXPLhNATION OF COST BREAKDOWNS
General
In the conceptual design which is now proposed, it is difficult
to totally separate construction costs for different occupancies
within the overall 9
"Olympia Buildin ", although this has been
P 9
attempted to a limited extent. Various building systems and
equipment are used by more than one function, and items such as
stairways and circulation paths are shared. The requirements of
one area of use sometimes requires modifications,, 'and therefore
costs, in other areas of use. It is beyond the scope of this
estimate to completely asses the cost impact which different
areas have upon each other. The retail areas, office areas,
restaurant, lounge* kitchen and cabaret are mutuallydependant,
with numerous shared elements and systems. In the breakdown which
follows, the "Existing Office Building i Shops" and "Now
Building" are listed separately. The theoretical dividing line is
taken to be at the west wall of the existing Olympia Building.
F.
Costs for elements and systems which are shared are generally
pro -rated.
The separation of construction costs for the retail areas from
the rest of the building has not been attempted in this analysis.
It was assumed that the remodeling of existing Olympia Building
shops will be financed as part of the existing office building
and that the new retail area on the National Shirt Shop site,
will be financed as part of the new addition.
In terms of construction costs, the Most easily separated area of
use within the building complex is the theatre. !lost building.
systems and elements of the theatre are independant of other
areas. Although the area of the theatre overlaps the area of the
existing office building and shops, and the new building, a
8s- 628%
f ' PRELIMINARY COST FORECASO PES. 22, 1985
logical line of demarcation can be drawn. because of its large
volume and complexity of levels, calculation of the floor area of
the theatre for use as a basis in evaluating costs is not
realistic. We believe that a number for the gross floor, area of
the theatre would be meaningless. Rather than being based on a
square foot coati most prices for work within the theatre are
based on an estimate of known scope of the work.
The demarcation line between the theatre and the retail areas at
ground level is fairly clear. on the east side of the building,
the exit lobby is part of the theatre. On the north side, the
central entrance which is now part of the theatre, remains as
art of the theatre, even though it may also be used for access
{; to the office building and the retail areas. At the second floor,
the demarcation between the new restaurant and the theatre is
taken at the wall of the mezzanine lounge which is currently the
entrance to the ladies room. The double high space of the theatre
lobby remains part of the theatre, but costs for new openings in
the north wall at the second level would be part of the
restaurant.
Except for modifications to the existing basement below the
stage, costs for moving the dressing rooms from the second floor
of the existing office building to the basement of the new
building are assigned to the new building. Demolition costs for
the existing dressing rooms and the connecting bridge have been
assigned to the rennovation of the existing office building.
Chilled water for air conditioning the new dressing rooms will be
provided by the existing theatre system, but piping modifications
and new equipment costs for those dressing rooms are assigned to
the new building.
The existing emergency generator and fuel tank in the basement of
the theatre are to be removed. Costs for a new emergency power
generator are assigned to the existing office building and the
new building. Costs for modifications necessary to connect
electrical service for the new building to the existing
electrical room and transformer vault in the theatre basement are
assigned to the new building.
41
Backstage areas on the north side at the second and third floors
which would no longer be useful to the theatre would be captured
by the the new building at the second and third floors. Costs for
modifications of these areas, are assigned to the new building.
Above the second level the theatre and existing building share a
small section of a common interior wall and the fire stair on the
north. side of the theatre from the third floor down. So costs are
expected for these common elements. With the above exceptions and
the Second Avenue stores, the theatre exterior is clearly a
separate physical entity. Cost for its restoration and
maintenance are' listed with other Guzman hall costs.
86- 628r
PRELIMINARY COST VORECAST, PES. 221 1985
Gusman Hall - Explanation of Item Numbers
#14 - Architectural Woodworks Misc. new casework at south
dressing roams, new replacements for wood items damaged beyond
repair, new poster frames, vanity tops at restrooms.
015 - Waterproofing: Waterproof basement walls.
#16 -. Roofings New roof at east side of theatre, new roof at low
areas adjacent to fly loft, patch and recoat existing main
theatre roof, seamless applied liquid membrane at roof slabs
between theatre a office building.
017 - Sealants: Sealant at fire escape supports, around all
doors, windows a louvers.
#18 - Metal Doors a Framess New fire doors to basement stair,
fire doors to organ loft, new metal attic access doors, misc.
replacement doors.
#19 - Wood Doors: New restroom doors, closet doors, dressing room
:[y
doors, repair exterior french doors at balconies.
t ;
#20 - Entrances: New wood entrance doors and surrounds at east
.;...
entrance and north entrance.
=.
#21 - Metal Windows: Repair and/or replace 21 existing galv.
steel windows, including wire glass a repainting.
#22 - Wood Windows: Repair 18 existing wood windows, incl.
reglating as required, repainted.
#23 - hardwares Replace hardware for balcony french doors,
misc. window hardware, hardware for new entrances, hardware for
new wood a metal doors, replace damaged hardware on existing
doors, new thresholds.
#24 - Lath a Plasters Misc* stucco patching, rework plaster
j"3'i ceiling around lighting coves, repair ceiling in restrooms.
#25 - Decorative Plaster: Repair decorative plaster mouldings,
grilles a ornament, restore missing ornament.
#26 - Gypsum Wallboard a Partitions: Partitions in basement,
bathrooms a lighting coves.
#27 - Ceramic Tiles Restore ceramic the in vestibule, lobby a
east entrance, new the for bathroom walls a floors.
028 - Carpetings Approx. 2909 sq. yds. of custom weave carpeting
to match original design for theatre auditorium, interior stairs,
tunnel a mezzanine lounge.
029 - Suspended Ceilings: Backstage and south dressing rooms, new
toilet rooms.
._/
AAARRR"'333���"' .k
'W
1
PRELIMINARY COST FORECAST, FEB. 22, 1985
Gusman Ball - Explanation of Item Numbers
#1 - Demolitions Demolish east entrance doors a ceramic wall
tile, demolish east theatre marquis, demolish theatre director's
office finishes i partitions, demolish men's restroom finishes,
remove misc. finishes, furnishings, equipment i debris,. demolish
toilet rm. at a.w- corner of building, remove spiral stair, cut
new openings in foundation walls below stage, cut slab for sound
board pit, remove north marquis, cut ceiling for light cove,
remove theatre seats for storage as required, remove carpeting 6
misc. flooring, remove stair from stage to second level at north
side.
t
#2 - Excavations Hand dig unexcavated earth in basement below
>'
stage for sound,board pit.
#3 - Shorings Shore up slab during excavation of basement areas.
#4 - Concrete Works New slabs, walls and structure in basement,
.new sound pit, fill in spiral stair opening a misc. openings.
#5 - Concrete Repair: Repair spalled concrete slabs in basement,
attic a below monumental stair, repair balconies at projection
booth level, all using hand troweled material.
C.
#6 - Brick Masonry Repair: Repair crack at joint between theatre
office building, repair brick removed for inspection of
structure a adjacent to terra Gotta repair.
#7 - Terra Cotta Repair: Replace cracked terra cotter around
projection booth, replace cracked mouldings, replace missing
moulding at alley.
#8 - Masonry Cleanings Hand scrub and power wash using mild
detergent all brick work and terra eotta.
#9 - Structural Steel# Steel supports to replace bearing walls at
basement, reinforce roof trusses for support of new transverse
catwalk for lighting cove.
#18 - Metal Fabricationss New steel stair to basement, repair
fire escape elements, railings for fire escapes, new metal
catwalk with hangars and railings, new stair extension from fire
escape to lighting catwalk.
#12 - Ornamental Metals: Repair wrought iron balconies on east
fascade, misc.* wrought iron gates to restrooms.
#12 - Finish Carpentrys Misc. shelves, install new wood items.
#13 - Wood Restoration a Treatments Rpoxy injection, new veneers,
termite a fire resistive treatment for wood elements including
wood copings at balcony stairs, catwalk in proscenium, wood
grilles, wood mirror frames, misce wood furnishings, theatre
organ a player piano.
es- 626.
' PRELIMINARY COST fOREC , FEB. 22, 1985
Gutman Hall _ Explanation of Item Numbers
#30 - Exterior Paintings Power wash �
g paint stucco surfaces,
white metal sandblast 6 epoxy paint fire escapes, paint existing
metal louvers, i exterior doors.
#31 - Interior Paintings Repaint auditorium ceilings, touch-up
_w
ornamental areas to match as required, clean all surfaces,
9,z
'
repaint interiors doors a woodwork, misc. painting backstage,
basement 6 dressing rooms, misc. painting of ceilings etc.
t
#32 - Louvers i Ventes Repair stage ventilator louvers, misc.
.,,
attic vents.
�
#33 Identifying Devises: Signage for room
doors, cautionary
s ignage .
#34 - Toilet Bath Accessories: Toilet partitions, mirrors,
towel & soap dispensers, handicap grab bars, restrooms i toilet
rooms.
#35 - Artificial Plants i Birds: Orange trees, flowers and birds
for auditorium, as originally intended.
#36 - Statuary: Replace missing fingers, hands arms and heads,
'
marbelized paint treatment if required.
.{.=
#37 - Plumbing i Fire Protections Piping for new restrooms,
plumbing fixtures, sprinklers behind proscenium arch, at
gridiron, basement areas, public restroome, projection booth, and
dressing rooms, halon for theatre organ.
_a
.a
#38 - H.V.A.C. -Rework air conditioning system for new restroom,
_
minor work in basement, temperature a humidity control for organ
loft•
)yam ;� 1`�._•
#39 - Electrical •a Lightings Now lighting in basement areas i
restrooms, rework control locations for house lights,, power to
restrooms, connect to generator, power to lighting coves, new
a3
ha
step lights at balcony, exterior lighting upgrade.
#40 - Lighting Fixture Repairs Clean a relamp ornamental lighting
fixtures, repair cameo and cracked panes in stained glass
fixtures.
#41 - Marquis Restorations Reconstruct original marquis at north
theatre entrance.
0
F! yt
'a
PRELIMINARY COST FORECAST,
FEB. 22, 1985
Existing Office Building Shops ` Explanation
of Item Numbers
u
#1 - Demolitions Demolish storefronts & store
interiors, dressing
rooms at 2nd i 3rd floors, office interiors,
aluminum windows,
bridge to backstage, including flooring,
patitions, doors,
suspended ceilings, air conditioning systems 4 Buctwork,
electrical equipment, plumbing 6 plumbing
fixtures, cut new
�N4r
openings in slabs and walls, properly remove
all items not
salvagable from site.
#2 - Excavations Excavate new mechanical
room floor 6 new
elevator pit.
#3 - Concrete Works New mechanical room slabs
and walls, elevator
pit, misc. patching and triming of openings
in slab, readjust
slabs at new ground level corridors.
#4 - Brick Masonrys New brick masonry around storefronts and
entrances.
#5 - Brick Masonry Repairs Repair crack between theatre and
office building, repair misc. cracks, minor repointing and
removal of extraneous metal attachments.
#6 - Concrete Unit Masonrys Mechanical room enclosure, rear of
F; C.
stores at corridors, misc. partitions.
#7 - Terra Cotta Repairs Repair/replace damaged terra Gotta
ornament, reconstruct decorative surround for office building
entrance.
#8 - Stone Masonry: Granite plinths for storefronts, marble
wainscoate for office building lobby.
#9 - Masonry Cleanings Clean brick i terra Gotta with power
washing and hand scrubbing with mild detergent.
#10 - Structural Steels New edge beams at cuts thru existing
slab, mechanical room mezzanine support structure.
#11 - Metal Fabrications: Misc. lintels, shelf angles and bracing.
#12 - Ornamental Metals: New wrought iron grille above office
Y .Y
building entrance, cast iron elevator surrounds at office
building lobby, refinish mailbox i mail chute.
gw
x-x #13 - Wood trim around new office corridor doors, anise. shelving
in closets, counter tops in restrooms, new windows from
restaurant to theatre grand stair.
#14 - Wood Restoration i Treatments Salvage
corridor doors for reuse internally and repair.
#15 - Waterproofing: Waterproof new mechanical room basement,
elevator pits.
86-62Fi-
t PRELIMINARY COST FORECAST, FEB. 22, 1985
Existing Office Building i Shops _ Explanation of Item Numbers
#16 - Roofing: Complete new roofing for existing office tower
`
including penthouses, flashing 4 equipment curbs.
a _
#17 - Sealants: Sealant for perimeter of storefronts and entrance
doors, perimeter of all windows, doors louvers.
#18 - Metal Doors i Frames: New louvered doors to mechanical room
a'
at ground floor, fire doors to electrical rooms, mechanical rooms
and stairways at office floors.
#19 - Wood Doors: Office corridor doors, restroom doors.
#20 - Special Doors% Sliding fire door at office building lobby,
coiling grilles at public corridors at ground level.
#21 - Storefronts i Entrances: Entrance doors to office building
lobby, new storefronts at shops shop entrance doors, storefront
at west wall of restaurant.
#22 - Metal Windows: Repair existing metal windows at south -
''
elevation and at interior stair, including new wire glass where
required and painting.
#23 -Wood Windows: Repair existing wood windows, replace
aluminum windows with wood,.including painting.
r
#24 - Hardware: For all doors new windows.
#25 - Lath Plaster: Ceilings of ground floor corridors. stucco
-
repairs i patches, flat ceiling at office building lobby, plaster
exposed concrete masonry units at ground floor corridor.
#26 - Decorative Plaster: Repair i reconstruct ornamental plaster
at office building lobby, repair any damage to theatre vestibule
entrance ceiling from installation of sprinklers.
#27 - Gypsum wallboard, Partitions: Office corridors and
restrooms, common walls in stores.
#28 - Ceramic Tile: Stoops at shop entrances, office building
lobby, new public corridor at ground level, restroom floors
walls.
#29 - Carpeting: Office floor public corridors.
#30 - Suspended Ceilings: Office public corridors i restrooms.
#31 - Exterior Paintings South fascade a penthouse, exterior of
doors, louvers.
#32 - Interior Painting: Ground level corridor, office building
lobby, office floor public corridors, doors.
86--628.
PRELIMINARY COST FORECAbTs Me 221 1985
lexisting Office Buildi Explanation of item Numbers
_nS Shops
#33 Security Shutters: For storefronts directly on street.
#34 Louvers 4 Vents: Penthouse 6 ground floor mechanical, fresh
air make up for stores.
#35 Identifying Devices: Building directory, door plaques.
#36 Toilet i Bath Accessories: Toilet partitions, mirrors, soap
towel dispensers* handicap grab bars, for floors 2 10 and for
each shop.
#37 - Elevators: New cabs and controllers for 2 existing
elevators, new cab doors & ornamental hoistway doors, update to
all current code requirements including machine room. New 3 story
hydraulic elevator.
#38 - Plumbing & Fire Protection: New supply & drain piping
throughout except rain water leaders, toilet room at each store,
new restrooms at floors 2 - 10. Sprinkle building throughout.
#39 - H-V.A.C-% Chilled water system throughout including stores,
including main and flexible ducts, diffusers and returns, air
handlers, v.a.v. boxes and controls,, smoke purge. Radient heat
panels and beat strips.
#40 - Electrical: New feeders, wiring, breakers, etc.,
distribution to coiling junction boxes* lighting in all public
corridors and in restroomas emergency generator and lighting.
New Building Explanation of Item Numbers
#1 -Demolition: Comlete removal of existing 3 story wood
masonry structure.
#2 Soil Borings: To determine bearing capacity of soil.
#3 Excavations 4000 cu. yards at $4 *a.
#4 - Shoring Adjacent Structures: Sheet piling and backbracing
sides of excavation.
#5 - Dewaterings Removal of ground water and rainwater.
#6 - utilities: Now storm sewer and sanitary sewer connection to
Flagler Street.
#7 - Foundations & Concrete Works Complete structural shells
"PSI" system., .
#8 - Brick Masonry: North fascade veneer.
86-62S
PRELIMINARY COST FORECAaf, FEB. 22, 1985
New Building ` Explanation of Item Numbers
#9 - Concrete Unit Masonrys South & west walls, backup to brick
veneer, penthouse walls, misc. partitions & fire walls. .
#10 - Terra Cott& Masonry: Mouldings & cornice on north-fascade.
#11 - Stone Masonry: Granite base for storefronts, misc. clading.
#12 - Structural Steel: Elevator hoist beam, misc. steel
structure at captured theatre space.
413 - Metal Fabrications: Steel stairs, misc. lintels for
brickwork.
#14 - Ornamental Metals: Stair railings, railings at bridge
between restaurant & lounge, misc. ornament.
#15 - Finish Carpentry: Counters and shelving in dressing rooms,
trim at office corridor doors, interior window trim.
#16 - Architectural Woodwork: Misc. casework in dressing rooms.
$17 - Waterproofing: Basement floor, walls and ceiling.
#18 - Insulation: Thermal at exterior walls and roof, misc. sound
insulation.
#29 - Roofings Built-up for office building, including fashing &
equipment curbs.
#20 - Sealants: Perimeter of storefront, exterior doors, windows,
louvers, expansion joint between new & existing building.
#21 - Metal Doors & Frames: At basement and penthouse, exit from
stairs at ground floor, mechanical room at ground floor.
#22 - Wood Doors: Office corridor doors, dressing room doors.
#23 - Special Doors: Coiling grille at gound level mall.
#24 - Storefronts S Entrances: Ground floor retail space, lounge
entrance, cabaret entrance.
#25 - Metal Windows: Aluminum fixed & double bung for offices,
lounge & cabaret.
#26 - Hardware: For all doors.
#27 - Curtain Wall: North fascade
#28 - Lath & Plasters Plaster ceilings at shower rooms, stucco
finishes.
86-62S
tI PRELIMINARY COST FORECAST, FEB. 22, 1985
New Building _ Explanation of Item Nub
#29 - Gypsum Wallboard, Partitionss Stair enclosures, dressing
rooms, office corridors. .
#30 - Ceramic Tiles Ground level "mall" area, floors & ceilings
in dressing room toilet & shower rooms.
#31 - Resilient Floorings At dressing rooms 6 service elevator.
#32 - Carpeting: Office floor public corridors.
#33 - Suspended Ceilings: Dressing rooms & office floor public
corridors.
#34 - Exterior Painting: Stucco surfaces at south & west
fascades and penthouse, misc. at ground level.
#35 - Interior Paintings Dressing rooms, stairway, office
floor public corridors.
#36 - Louvers & Vents: At penthouse.
#37 - Identifying Devices: At dressing rooms, office corridor
door plaques.
#38 - Fire Extinguishers & Cabinets: Dressing rooms, kitchen,
stair entrances, cabaret, penthouse.
#39 - Toilet & Bath Accessoriess Partitions, mirrors, etc. at
dressing room areas.
#40 - Dumbwaiters Between kitchen & cabaret, stacked
compartments.
#41 - Service Elevators Standard size, traction with durable
finishes, cab doors on 2 sides.
#42 - Plumbing & Fire Protection: Roof drainage, dressing room
piping, fixtures & ejection system. Stub outs to kitchen.
Sprinklers throughout. Integral with existing office building
system (pro -rated)
#43 - S.V.A.C.: Chilled water throughout, including all egipment
and distribution. Chilled water for dressing rooms supplied by
theatre. Kitchen hood system, smoke purge, v.a.ve boxes and
controls. Central chillers on roof, integral with existing office
building system (pro -rated).
f #44 - Electrical & Lightings Now service from theatre transformer
vault, distribution to ceiling junction boxes. Lighting in
dressing rooms, corridors, stair, ground level etc.
1
8s-sz8=
'
p�,tM1NARY UiD9'r IORF�Sr
1"F,Es. 22, 1985
Cius m Hail collars
itmn 4 ------
...�
'
...�-•-
1 denolition
40000
loom -
2 excavation
3000
3 sharing
15000
4 oonffete work
5 concrete repair
5000
uf6060
6 brick mm*n Y repair
15000
y terra 00ttaa rneivir
70M
X ;
8 masonry cleaning
5000
i.
9 structural steel
65000
10 metal. fabrications
50M
11 ornamental metals
30M
12 finish Carpentry
treatment
15000
25000
14 architectural woodwork
2000
2OW
15 waterproofing
30000
16 roofing
8000
17 sealants 18 metal doors rr frames
40�
5000
19 wood doors
2.0 W
20 ernts'anoes
10000
21 metal windows
30M
22 wood wises
am
23 hardware
40000
24 lath D Piaster
25000
}
25 decorative plaster
26 wallboard, partitions
4M
gypsum
27 ceramic file
14000
4MM
28 carpeting
2OW
24 susPerx#ed ceilings
50000
30 exterior �
MM
31 interior
6000
32 1wxvers 4 vents
U"
33 identifYir�9
20008
34 toilet i bath aoasssories
7000
35 artificial plants i birds
5000
37 plu AM i fire pr otec." ►
39 electrical i Lighting
Isom
40 lighting fixture repair
loom
41 marquis r4storation
tlrb Totalge
9800k�
general conditions 10%
cwaxt�ead 6 profit 10g
1078 M� .
ContractorIa
cantir►guncy
1185808W
mtal
1304300
i • •
t
item � ExistingOffice 20wer i
dollars
....
13W"
1 demolition
%W
2 excavation
15000
3 concrete work
50M
5 beick fiasonrY repay'
5000
110000
6 concrete unit masonry
50000
7 terra ootta repair
7"
a stone masonry
25000
9 vag=wy cleaning
s .uctural steel
10000
40M
11 metal fabrications
50M
12 metal metals
3000
33 finish carpentry
restoration a treatment
WM
20M
14 wood
15 wnteYprO"f
20000
16 roofing
15000
17 sealants frame
doors
_
15000
19 wood doors
10000
20 special doors doors
21 storefronts and entrance
45000.
?1"
22 metal windows
30000
24 bardware
14000
25 lath & piaster
am
26 daoorative plaster
27 gypaun v allboard, p0irtitiona
20M
200M
28 igWc tale
10000
29 Crpeting
5000
30 suspanded, ceilings
150M
31 exterior painting
130M
32 interior painting
12000
s
34 louvers its
20M
35 identifYing devioss
36 toilet i bath acoessoras
35000
220M
37 elevators
38 P1 6 fire protection430M
28MW
39 b.v.a.c.
40 electr
28MM
6vb Zbtal 28440M
164"
general 60
ertwona � i profit 29% �124
contingency 10$
,Mta,'1 2454364
Mi
item New Building
dollars
_
2000a
1 demolition
2 sail borings
2i0t�i9i0
1600
3 eXMveticn
adjacent structures
9000
Iwo
� ��
2io00
6 utilities a concrete work
7 foundations
36 0000
9 tXrtcncre n'as°rurY
4000
lfb terra catta masonry
2l000
11 stare perry
` steel-30M
5E1t�0
12 strWtnral
13 natal fabrications
lfd0k30
14 6JUMMtal Metals
15 finish �P�try
woodwwck
5000
IM
1bb00
1ardsitectura1
17 vaterpV00fin9
18 insulation
90M
4d00
19 roofing
20
s 4 ts frame
O
15000
ww
?211
�
23 spell doors
5000
low
24 entrances i stJor efrants
5000
5000
25 metal wcinclw
ww
2267 �in wall
710000
28 lath & plaster
29 gyp"y,aliboard. prtitions
10"
5000
30 ceramic the
ww
31 resilient flooringq4M
32 carPsting
60fd0
34 �pgs
4000
35 interior
- 36 IDQvsr ip�tn9
37 identifying cabinets
1fs00
20M
4000
38 fire ext'aguishers
&
10MM
145M
42 Pp a fare pca�teR"K'iion
5
43 hlec electrical a Ughtir'9
.........---
i motal 132MO
13UN
conditions lot 00
�, profit 10� 1159720
caltrac
contic►g�=Y 10� ..--------
Total 1756920
E
c.
i�
smvs Off' G0m dollars
ousman ball 1304380
Ocisting Office Tower i Shops 2454364
New Building 1756920
Total 5515664
itan # At. DW NCES collars
1 Restaurant finishes i furnishes 400000
2 Kitdien equipment 250"
3 Cabaret finishes 6 furnishings So"
4 Cabaret equipment 50000
5 Parking Authority Offices
finishes, furnishings & equipment 25W"
6 Theatre Offices
finishes, furnishings i equipment 3W"
7 Olympia Building Office
finishes, furnishings i equipment 5000
Total 1035000
GROSS AREAS (Not including Theatre)
Existing Office Building i Shops
Basement
1st
Floor
2nd
Floor
3rd
Floor
4th
Floor
5th
Floor
6th
Floor
7th
Floor
Sth
Floor
9th
Floor
10th
Floor
Penthouses
TOTAL.
N.A.
Commercial
Restaurant
Office
Office
Office
Office
Office
Office
Office
Office
Mechanical
5350
s.f.
4730
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
5320
s.f.
1240
s.f.
53860 s.f.
New Building
Dressing Rm.
Commercial
Kit./Lounge
Cabaret
N.A.
Office
Office
Office
Office
Office
Office
mechanical_
3000
s . f .
3000,s.f.
3000
s.f.
3360
s.f.
3000
s.f.
3000
s.f.
3000
s.f.
3000
s.f.
3000
s.f.
3000
s.f.
750
s.f.
31110 s.f.
s
PANNELL
KERB
.. FORSTER
*ebrusry 26. 198S Certified Public Accountants
Mr. Jain* B. Borrelli, A.I.A
Sorrelli and Associates
7000 S.V. 62nd Avenue
Suite 520
viasi, tlorids 33143
1101 Wickell Avenue
soft 000
Miami. FL-33131
Telephone (305) 358.1616
Telex W3055
Cable PANKERR MIAMI
r_ a
Dear Mr. Borrelli:
Ve have reviewed your preliminary renderings of the Olympia Office Building
Complex and have prepared tentative revenue and expense estimates for the
Olympia, the proposed new adjoining tower and the proposed restaurant/cabaret.
Our eatisates are based on general industry averages, current average rental
a
rates, and your estimates of available leasable areas. We have not performed
t
a lark*t feasibility study for the protect, nor should our estimates be
construed as numbers that night actually be achieved.
For purposes of our initial estimates, we have wade the following assumptions:
The restored Olympia offices, the new tower, and the restaurant and
cabaret would be first class apace. equivalant to other new apace in the
downtown Miaai area.
• The restaurant would be a bigh.quality operation with experienced,
Professional sanagement.
e Retail ter',anta would be those currently in the building, with leases
aiailar to those already in existence.
+� Offices to be occupied by the Theater Manager or the Off-street Parking
Autbority, are considered as regular tenant apace in the building, sub3ect to
the same rental rates as private tenants.
e The overall protect, excluding Gussan Hall. will be a 3oint venture
between the parking Authority and the owner of the National Shirt Shop
ff building.
l_
e The private investment will include not only the land under the new
towere but also some additional equity contribution and a co-signiture on
borrowed funds.
86--626
1
''a parking Authority offices, would be located, as such as possible, in the
mtw, tower rather than in the restored Cuaaan apace.
a A conventional 10-year loin, with 20 percent equity, at a rate of one
46 point over the current 10.5 percent prise rate, will be used to finance the
protect.
Va
t Y::
�q.
t
�i
7
j
•i
* Wail and office common area, maintenance and other chargea are
asaused to be equivalent to operating expenaes. Thus base rentals -are asauaed
to represent funds available for dabt service.
•
Our estimates of lease income and restaurant incoae are presented in the
following schedules. we would be pleased to discuss these in sore detail
with you and the Parking Authority.
2
j
ncerely
hs R. Crow
Manager
B6-629
J
X,
PRELIMINARY
OFFICE SPACE REVENUE
ESTINATIS
RESTORED OLYMPIA VITH ADDITIONAL
NEW SPACE
Olyspid
270000 sq.it.
4 922/ft
base rout
S594,000
New tower
6 22
276o000
Total
a 8690000
musausumm
COMMON AREA,
NAINTERANCE AND OTHER
CHARGES FOR
THE OFFICE SPACE
279000 it. 0 07
9 1696000
129500 it. 9 07
676500
Total
0 276,500
mmftssmm
PRELIMINARY RETAIL SPACE RENTAL REVENUE EST.
RESTORED OLYMPIA VITH ADDITIONAL NEW SPACE
TEMAXTS SQ.FT. AVG. RATE ANNUAL RENT
Olvapia 3450 039.75 0 137o000
Now Tower 1925 39.75 77,000
0 214*000
ssssssssssss
CONNOR AREA, RAINTSMANCE An OTHER
CHARGES FOR THE MAIL SPACE
24SO It. 8 67 8 24o1SO
1926 13,475
s 37.625
mmftnmssswmm
86-628-
q
L
i
&:
ter=
FLAGLER AVENUE AREA OFFICE RENTAL RATES
building Size Rates
A.I. Dupont
200.000 sq. it.
0 22
blacayse
132,000
14-16
Downtown Center
120,000
14-25
Ingraham
160,000
15-17
Peninsula
132,000
18
Blasi World Trade Ctrs
549,000
25-35
Metromall
2320000
12-35
33
880000
18-24
Weighted avg. using old -rate $22.99
OVERALL DOWNTOWN MARKET
Class a Existing Space Class A New Space
bi $28 Ei 034
Avg 24 Avg 30
Lo 18 Low 26
Sources: Gunter No" i Co./Pannell Kerr Forster
Caldwell banker
-/
r
�o
Notes to five-year Bash flew statement
k'
(1)
Astute, 90% occupancy in 1986, 100% thereafter
(2)
Aasuse 15% utilisation in 19860 90% in 198y, and 100% thereafter
(3)
Based on a 04,205,000 (80% of bard costs) loan at 11.6%-for 10 years,
(4)
Depreciation is straight line for 16 years, on building, 6 years on
furnitum fixtures* and equipment
t z
(5)
8ssus* 0100,000 preopeniaq for reatsurant,.smortised over 30 sonths
(6)
Assume 4x of food and beverage sales for a restaurant reserve for
='
replacement of furniture* fixtures and equipment
_tx
�ayey�
,ti
v ?
r
t
Y
+ 86-628
-r
' i d
I Imp I
R
JI IIyIIjI , :r
Yw"�y�
.
r
i
i
riot TEAR cm tt oY roR TRt ot.TRpt& Dyne Nf WING
M TOYER. Ale C1TT ERTERTA wnr cn,
Ull C1IRRERT COLLARS)
19Ai
(10000)
1987
fa000f
9aa
(l000)
i�d!
1990
ineeme beta* leteraet, de/reeisttaa.
(l000f
(SIMO)
aowtlsaUM and locang tins
Olympia office (if
Olympia retail
535
137
S"
SQL
594
Now Towr Office al137
137
S"
am Town retail
24a
27S
137
i37
EutKtaamwmt Canker (b
77
77
77
275
27S
141
170
i"
ift
77
Total income WWWO interest. AmpreMattan
`-"
-----
tan
amor'ttsatieN and Income tames
1.130
1,253
1.271
1.271
1.271
Depreciation
442
410
374
333
•NortismtteN of preepeN'my
2Ri
286
286
286
286
empemme (s)
40
40
~�
20
.
=ace.. selen tacsao tlacea
"----
_
add)
Lei
-�
ass
Gil
652
Depreclause
ANW2ai
ilatlae at PlropMiN
2a6
2d6
286
2d6
Deduct:
40
40
ZO
for "Olaceaemt of faraituro,
.
_
fianderes
peipmmt (6)
f�
Debt aseetlsatioe
41
SO
ss
ISS
Caab Liar from operations
238
-----
267
--
— -
336
..�_.
376
before ieeome tames
�
�
3"
fte eempwTie! Notes
0
tl I i�Y��'�I iVi1����II�Y�����ll�ll�di i III i ill
�i
1. 1
•r, it
1 1
1
r 1 • r � k.
l 1 •
a
I 1
pbf.IMRART NO AND W MCt REVEM RST1 MC$
CITY ERTERTAINNOT CRATERIOL"PIA BVILDINC
00t6RT a Or SEATS
ATERA6E CE
•astssrant 120
tW 9.00
lD) 19.00
Cabaret 130'
to 9.00
(0) 29.00"
TV Roos 40
W 9.00
to) 19.00
s s0
Tetal rood and movesRuwesae
*haled" bewrap sales Jres all Outlets
so Includes 610.00 for entertainment
read sad la ersys Revenues
MRADR a
ARROAL SALES
DAILY COVEW"
AxNVM, COVERS
PER OWMET
JA0 tS deya)
461i00
234,000
60 (7 days)
21,840
327.600
s0 49 days$
19.600
78.000
90 (4 days)
18,720
468,000
30 (2 days)
3,120
15,600
3S 43 days)
6,460
81.9oo
356.300
4 1,561,400
EntelLaisaMt Revenues
total seventy
Costs et reed call severe" Sales 434% of tab rovesam)
Payreil and Direct Operatial Expenses 446% of tab rep.)
Eatertaiament Costs t9Sx of ent. revenues)
sent amd Other Coe -patios Costs 47% of !ab revenue)
=scene We" dopreciatios,
@aartisatiss. isterest. and
1soase taxes
11,374,200
1679200
1,561,400
4467,0003%
4632,000),
t176,0003�
(96,000
• lea,400
C7
f
is Z",Aro, WKteU s tLJ0&S1Z
t; ►�t�x; Er,r�r.:EFS
131 Mo M 51M 2M
CM& GAR B, Fib 33134
46M14465B5E 144&7214
February 26, 1985
Borrelli and Associates, Architects & Planners
7000 S. W. 67th Ave.
So. Miami, Florida 33143
Re: Olympia Building and Gusman Hall
Development Project
Comm. No. 8503
Gentlemen:
We have conducted two general structural inspections
of the existing Olympia Building and Gusman Hall.
No existing structural drawings are available. From
the architectural drawings it is noted, that the basic
structure of the building is a structural steel frame
with concrete slabs, with clay the infills.
The portion of the structure that was exposed appears
to be in good condition. A crack is apparent on the
east elevation at the joint between the office building
and the theatre.
It appears that necessary repairs will be of a minor
nature and that we will be able to effect them within
the program budget constrains.
Very truly yours,
de Zarraga, Donnell 8 DuQuesne
Gasto de Zarraga, E.
Manag ng Partner
GDZ/ed.
86-628
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86-62fS
U•rnfted States Depzrtm lot
of the Interior -
nai Park Service for tips usi only
' `, wCo L! Q.ri�C�.f C��C�I�f�ii t`�!�`►f Ot't C'� CAS re` eiva:d
f In1.IGi:�tit3r'�,,--yCv�ii9in nUon Voisi1`i date entered
See instructions in Now to Complete National Register forms
Type all entries--comptete sppticable sections
Mama
blstorie Olympia Theater and Office Building �P • '
and or common Maurice Cusman Cultural Center
2. Location
street it number ' 178 East Flaqer Street N/A— not for publication
city. town Miami tl/A_ vicinity of
state Florida code
12 county
Dade
code 025
3a Classification
'
Category Ownership
Status
Present Use
district x public
x
x occupied
, agriculture
.._ museum
51
building(s) — private
unoccupied
L- commercial
_ park
structure ` both
work in progress
_.._ educational
._._ private residence
site Public Acquisition
Accessible
x— entertainment
_, religious
object in process
C
x yes: restricted
_ government
-.._ scientific
being considered
— yes: unrestricted
— industrial
-,_- transportation
N/A
_ no
_ military
_ other:
4. owner of Property
r
tome City of Miami
street t number 3500 Pan American Drive
city. town Miami N/,- vlclnity of state Florida
5. Location of La- gal Description
courthouse. registry of deeds. etc. _„pag ^ct►�ty eouLtbQys_
street A number _ 73 lest FWAgr StLgpg
city. town Miami state Florida
- - _...
76•ncG��ac����1'a� c�� F'i:�.'aK7:7E,j' sS.au' o- ys
Oade County Historic survey has this p►oparty been determined eligibtet _ yos ..a.. no
ut�Cit:.yr. of :Miami Heritage Consermation
1978
rdate 19infcdoral state >< - county . x- Iota+
::etrd-Dide Couzmunity and Es.-u+uoxie Mvolgw-ant
depositoryforsurvey records City of Mianri Planning Rgpa[t=rpt__ _
clty`t0" yia01 state Flo
ridm
%hP one Check one
tnt .,, deteriorated — unaltered _X. original site
...t. good `, ruins _.x_ altered — moved date ------
unexposed
w"
crib& the present and original (it known) physical appearance
The Olympia Theater and Office Building is a ten story commercial building located
A.
In the heart of downtown Miami. Of ;steel frame construction, the building is faced with
brick and is embellished with a variety of terra cotta and wrought iron detailing charac-
teristic of the Mediterranean Revival style. The theater itself is contained in an elaborai
four story wing which extends to the south of the building. Designed in the atmospheric
mode, the theater creates the illustion of an amphitheater set in the courtyard of a Spanis)
villa. Overhead, the dark blue ceiling duplicates the evening sky with twinkling stars
and rolling clouds. Both the exterior of the building and the interior theater spaces
reamin essentially intact, and alterations during the Olympia's 58 year history have not
Compromised the building's integrity.
Sitting on the southwest corner of one of downtown Miami's busiest intersections,
the Olympia Theater and Office Building occupies a prominent location. The building is
a rectangular structure with nine bays across the north (front) facade and five bays across
the east facade. The theater wing is also rectangular in plan and features seven bays
across the east facade. The building is faced with pressed brick in running or stretcher
bond and is topped with a flat roof with parapet. The theater wing also features a
parapet wall, behind which is a gable roof.
The north (front) facade is symmetrical in composition and is vertically separated
into three main division containing three bays each. Original windows are wooden double
bung sash with one -over -one lights; however, approximately one-third have been replaced
with fixed sheet glass. Large, molded terra cotta beltcourses divide both the first and
second stories and the ninth and tenth stories, while a smaller beltcourse separates the
second and third stories. Decorative terra cotta detailing on the tenth story supplies
iC.office building's major ornamentation. Elaborate terra cotta window heads are enriched
with shaped pediments and feature a shield -shaped cartouche in the center. Brick pilasters
topped with terra cotta urns separate windows on the and bays and also mark each corner.
A small terra cotta beltcourse forms the capitals. The building's entablature, with its
decorated arbesque frieze, is broken in the center three bays by a recessed curvilinear
gable. Two twisted columns separate the center windows and extned to the top of the gable
Vhere they are topped by urns. Large brick pilasters, each topped by two urns, flank the
center bays. Located within the galbe and is one large shield-shapped cartouche, with a
caller one over each window.
i"
The east facade of the office building is virtually identical to the north facade
in its detailing. Here, however, the bays are evenly spaced, and the entablature is
—
s
unbroken. An additional design element on this facade is the presence of a decorated
window in the center bay of the second story. This window is embellished with terra cotta
surrounds containing pilasters, scrolls, and an enriched cornice window head. It is
t
fronted with an ornamental iron grille. A similar facade treatment extneds only as far as
'-
the first bay on the south facade. The rest of the south facade and the west facade
are finished in stucco and are void o: decoration.
In contrast to the office building, the theater wing if highly ornamental and features
a sys-metrical cc. -position with slightly projecting and bays. The center five bays on the
second story contain large, shaped arched windows. Those winds s feature pulti-light koodor
easomont sash with transoms :And ornamental iron balconets. Similas winJo.rs are located
(See Continuatio:. Sheet)
L
8s- i2h.
Vntted btates WUP"O
al park Service
Ucrt`lC3cy!t±Ct'l�G�ii�f � �ls�r�rlC �����5 received
t.
date entered
Continuation sheet Two Item number 7 page 2
The auditorium itself was designed to create the illusion of an amphitheater set in
a Spanish garden and enclosed on three sides by the walls of an imposing villa. The ceili
painted dark blue, duplicates the Florida sky with rolling clouds and twinkling lights
to suggest stars. The theater originally seated approximately 2110 lieople.
The proscenium arch is highly decorated with ornamental plaster and is topped with
a bracketed gable roof supported by engaged Corinthian columns. The roof is covered with
plaster tiles and also features a balustrade topped by urns. Located in the center of the
balustrade is a round arched niche containing a plaster statue. The north wall of the
auditorium is comprised of three graduated arches surmounted by an arcade which is su;i•-ort
by twisted columns with a balustrade above. This side wall also features a tiled gable
roof and an arcaded tower. The south wall of the auditorium is more elaborate and fe..ture
a shaped gable with towers on either side. The lower level contains a round arched openin
flanked by two smaller arches. Above is a large shaped arch which screens the organ. A
balcony projects from the base of the arch, and grilled openings are located on either
side. The balance of the south elevation reflects the opposite wall. Other decorative
features throughout the auditorium include a series of decorative niches with plaster
statues under the balcony and a wooden pergola above.
The auditorium was renovated in 1972, and, at this time, all new seating was installe
and the stage was reconstructed. The basic form of the auditorium, however, was not al:zt
and the ornmental plaster detailing remains undisturbed. In contrast to the theater, the
interior of the office building, including the lobby, has been completely modernized and
does not retain its original architectural features.
C
-„
••:ad
Areas of Significancy --Check and justify below
,.. eaistarie
..._� archrology•prlo�Noric
— tommunity planning
._._ landscape architecture..�
religion
..r 000- 1492
ateheotogy•his._.ic
___. conservation
`. law—
._,,_ science
1Sgli-1S911
agriculture
— economics
— flit its
.,,_._ sculpture
-- 1600-1690
architecture
— education
_ military
_ social'
I 1700-1799
C te0o-1899
art
_t:_ commerce
engineering
.._. exploration settlement
_._ music
____ philosophy
humanitarian
_.Z_ theater
x 1900-
_ communications
— industry
— politics government
_ Uanspori: lion
invention
other (spvcily)
specific dates 192S Builder�Architect George A. Fuller Co./Jahn Eberson
``, I Statotnent of Significance (in one paragraph)
The Olympia Theater and Office Building is significant as an outstanding example
of atmospheric theater design and is noted for the quality of its details, materials,
and craftsmanship. Designed by John Eberson, one of America's foremost theater l
tip
architects, the Olympia is regularly cited as one of the finer examples of his works.
The Olympia is Miami's largest and most outstanding theater, and, together with the
Tampa Theater in Tampa, is said to be one of only two atmospheric theaters which
y
survive in Florida* The Olympia Theater and Office building is also significant
as a unique example of the application of Mediterranean Revival style detailing
to a ten story commercial building and, as such, is a landmark on the Miami skyline.
Construction on the Olympia Theater and Office Building began in May 1925 during
the height of Miami's boom period, and the grand opening took place on February 16,
1926. Built for Paramont Enterprises, Inc. at a cost of approximately $1,500,000,
the Olympia Theater replaced the Airdome, an open-air theater which had occupied
the same site.3 Paramont sought to build one of the most elaborate theaters in
the South and, accordingly, selected as its architect John Eberson, who had designed
his first atmospheric theater, the Majestic Theater in Houston, just two years
before. In his almost startling departure from the accepted style in theater
decoration, Eberson created in Miami one of the region's most beautiful and elaborately
equipped theaters. Unlike the Majestic, the Olympia was designed with a r conditioning
3
and is said to have been the first air conditioned theater in the South.
John Eberson originated the concept of the atmospheric theater in 1923. His
intention was to create for the audience the illusion of sitting in `a magnificent
amphitheater under a glorious moonlit sky ... an Italian garden, a Persian court,
a Spanish patio, or a mystic Egyptian temple -yard...where friendly stars twinkled
and wisps of clouds drifted.'S In the Olympia, patrons were treated to a large
Spanish garden which was closed in on three sides by the walls of an imposing
_
castle or villa. A duplication of the Florida sky appeared overhead.
{
Although it is a one -of -a -kind theater in Miami, the Olympia bears a striking
•resemblance to the Tampa Theater, which was also designed by Eberson a short time
'.
later. Of the two, the Olympia is much larger in size, but both theaters exhibit
many of the same interior themes and details. The Olympia, hvwaver, is much more
elaborate of the exterior, due in part to its prominent corner location.
The Olympia Theater and Office Building is an outstanding and unique exw ple
of co:xaarcial architecture in downtown Miami. Daspite the :opularity of I diterrrnean
Revival architecture in South Florida, the style was not gcr.trally utilized on tall
buildings. The Olympia Theater, ho:revor, mskes wide use of t:_dit,:rrsr.can el4nints,
particularly in its elaborate window treatzents and application of terra cotra and
wrought iron detailing. Also unusual is the building's %sac of brick, an unc4::,mon
building r4torial in the :•:iami area.
The Olympia Tht:ater and Offica Building is generally recognized as a lanJr.zrk
In Miami, and the theater continues to be utilized for parfortaznces. The building
has remained relatively unaltered, both on the exterior :and in the theater spaces,
during its
history. The City of Miami, which currently owns the pro�rty will soon
seek a devalo�.ee to rehsbilitato the office building
, ?, and it is hoped tt>;st the
selected developer will be ahle to utilize the 2S parcen Tnvestmant Tax Credit
(Soo Continuation Shoot)
411111 86-62&
t
• Unitod C.tctes Departm�r of the interior
tional eark Service
�\i uT:ICnc�.I ra�C lStor of-� � 1.�',) tCyL'I rip
tc�t��r� �•r�c�Z�-- Cvt� anG cc:1 Vona
Far PIPS us3 only
rectived
idzle enl:red
Continuation sheet Three Item number 8 Page 1
as a long-term lessee. It is anticipated that any revenue generated from the lease
of the office building will be applied toward the future renovation of the theater.
FOOTNOTES `
1Den Hall, The Best Remaining Seats, 1961, p. 102; and Dennis Sharp, The Picture
Palace, 1969, p. 76.
2"Tampa Treater and Office Building," National Register of Historic Places,
National Park Service, U.S. Department of the Interior, 1978.
3"Theater to Be Opened," The Miami Herald, February 14, 1926.
4"Twenty-five-Year Old Theater Can Claim Firsts," The Miami Herald, February 24, 1951
SHall, p. 96.
�f
C
MW
:i (See Continuatiun Sheet)
100
Acreage of nominated property i.pCs than i
Ousdrangle name Miami Ouadrangle scale 1: 24, 000
._._
UT M References
"Ll s 121e151o17loto) e W
Zone fasting Northing Zone fasting Northing
c L.,t....l L I t l t l t l D Lij 1.11_1_�_�J I t l t I t t l
G L1J I t 1 t t l i r 1_�„y,LJ M LLJ 1 1 r
Vorbaf boundary description and justilication
Lots 1 and 2, and the southerly 55 fret of Lot 3, and the northerly 45 feet of Lots 16, 19
and 20, less the westerly 2 inches of the northerly 65 feet of Lot 2, of Block 121, of the
PISCASTNeas
at Miami North, as recorded in Plat Book 8 at age 41, of the Public Records of DadT
in FlInrida_1hiS_prpperry ip dtae All ei�ai an .etnrie, raen►lreAr A-zL=igtai L'It
nra er an ict: Atti in and counties for properi+es ovAipping state or county boundaries
state N/A code N/A county N/A code N/A
state N/A code N/A county N/A code N/A
11. t=oc�� C�j-enared Gy
namelhl*
Sarah Eaton/Michael F. 2imny, Historic Sites Specialist
Organization Division of Archives, History t Rec. Mgmt. date January 26, 1984
-
street fi number The Capitol telephone (904) 487-2333
ctty or town Tallahassee stale Florida
-' - 12. State C aistorie Preservation officer Certification
3M evaluated significance of this property within the state Is:
.v
s national . state local
As the designated State Historic Preservation Officer for the National Historic Preservation Act of 1966 (Public Law 89-
665).1 hereby nominate this propony for inclusion in the National Register and cattily that it has been evaluated
s� according to the criteria and procedures set forth by the N31ional Park Sonrice.
State Historic Preservation Officer signature 6<
../
-__ tttl• rcorge N. Percy. State Historic Prasorvation off 1cor '/+te �� �' -• •- , �� � `�
For SIPS usa only •
1 hereby certify that this pro?arty is Included to the Natlanal Register -
_ dAte
Koopat of tlto Hatienat Register -~
Attests dale
Cltiol of Registrallon
M AXV," WMELLGCuOAS%
CrAUMG ENG.IE%
February 26, 1985
Borrelli and Associates, Architects b Planners
7000 S. W. 67th Ave.
So. Miami, Florida 33143
Re: Olympia Building and Gusman Hall
Development Project
Comm. No. 8503
Gentlemen:
We have conducted two general structural inspections
of the existing Olympia Building and Gusman Hall.
No existing structural drawings are available. From
C the architectural drawings it is noted, that the basic
structure of the building is a structural steel frame
with concrete slabs, with clay the infills.
The portion of the structure that was exposed appears
to be in good condition. A crack is apparent on the
east elevation at the joint between the office building
and the theatre.
It appears that necessary repairs will be of a minor
nature and that we will be able to effect them within
the program budget constrains.
Very truly yours,
de Zarraga. Donnell 6 DuQuesne
Gasto de Zarraga, E.
Manag ng Partner
GDZ/ed.
w 131 WZAA RM ao3
CARAT GA3,8 FLUCR Mi3 4
4458MI446.5=1"7214
es-s2�
,
PEAT
MAMM►ICK
Mr. Roger M. Carlton
ssecutive Director
Department of Off -Street Parking
190 Northeast Third $treat
Miami. Florida 33132
Dear Mr. Carlton:
EXHIBIT 3
Pont, MatwW Mitd*v t Co.
Certified Public Aocouruanu
800 Brickel Avenue
Miami. Florida 33131
(30S) 358-2300
March ,10, 1986
At Tour request, Peat, Marwick, Mitchell 6 Co. has reviewed the revised
financial projections provided by Flagler Landmark Associates (n A) associated
with the Unified Development Proposal for the Olympia Building/Gunman Cultural
Center.
We have also reviewed the other material which was provided by Flagler Landmark
Associates to the Selection Committee on February 24, 1986.
This letter consists of our comments and conclusions relating the financial
viability. fiscal return, and economic feasibility of the proposed project,
and should be read in conjunction with our January 28, 1986 report.
FLAGLI t LARN1M ASSOCIATU
RKTIM FROJUI OVx1 SHIP STROCTURK
0
As described by the Developer at the Selection Committee Meetiag, FLA has
suggested an alternative method for sharing the cash flows from the project.
The alternatives were#
tax exempt financing at 9%1 in this scenario DOSP would receive
two-thirds of the cash flow from the project.
Y.
- financing at IM in this scenario DOSP would receive one-third
,.g
of the cash flow from the project.
Following are our comments and conclusions
1. PIJ1's rationale for the distribution percentages of one-third
i
and two-thirds has no logical basiai the sharing ratios are
-
probably open for discussion and negotiation.
2. The FLA projections result in DOSP's effective rent per square
foot. The projections howeverg do not include all of the elements
of cost and benefit that were included in our January 28, 1986
i
report. We have revised exhibit 9 from that report for the
9% and 112 financing scenarios (see attachments).
86-62H,
r
2
Mr. Boger M. Carlton
!larch 10, 1986
Page two
Based on the attached exhibits, DOSP's effective net rent per
square foot for year 1 under each scenerio is:
Financing
9% 11%
Plan A $17.11 $20.59
Plan B $24.01 $30.12
The square foot rents under the 11% financing option are not
significantly different from FLA's original proposal. The 9%
financing option provides significantly lower rents than in
FLA's original proposal.
3. Our analysis includes the offset of income DOSP would receive
if it leased its existing office space. If this element of
the analysis were omitted, the square foot rents would be
approximately $3.50 higher in year 1.
C'lBEt CONNEMM
AND CONCLOSIONS
Our January 28, 1986 report identified several areas which needed to be
_ clarified during discussions with FLA. The Developer responded to those areas
In a letter dated February 20, 1986, however some of those responses require
further clarification:
1. FLA indicated that "the initial capitalisation of Flagler Landmark
Associates is intended to be utilised as equity in the project."
However, the FLA financial projections do not reflect the
utilisation of the equity capital.
2. In response to our question relative to the rationale for the
Plan B rent rates and occupancy levels, the FLA letter states
that "rental rates were determined as a function of costs, and
not as a function of market rates which are currently depressed."
FLU also submitted a letter from the Doran Jason Property
Management Company (their proposed leasing agent) which indicates
"no problem in renting space in the $25.00 range" in the annex
building.
C
Mr. Roger M. Carlton
March 10, 1986
Page three
Neither FLA nor Doran Jason have addressed the reasonableness
of the 90% occupancy levels in the first few years of operations.
We believe that the combination of the relatively high rental
rates and high occupancy levels are critical assumptions in
V�:
the financial projections, and that the supporting rationale
for these assumptions is deficient.
If the project is not able to meet these projections the cash
flow return to the Department of Off -Street Parking could be
materially less than projected.
3. In response to our questions "If the operation of the building
creates operating deficits, how will Flagler Landmark Associates
fund them!, FLA indicated that "we will appropriately fund them
through financing and/or equity contributions."
FLA's existing capitalization is $50,000, which does not provide
such capability for funding operating deficits.
4. FLA submitted a letter from a financial institution which was
designed to meet the request for proposal requirement for "letters
from financial institutions documenting the proposer's ability
to finance the development."
Paragraph 8 of the letter describes the requirements to be met
by FLA in order to obtain a commitment for the financing. The
letter in clearly not a comitment to provide financing.
We have appreciated the opportunity to work with you and your staff on this
important assignment and are available to assist in your continued evaluation
of the alternatives for the Olympia Building/Gusman Cultural Center.
Very truly yours,
PEAT, MARWICK, MITCHELL & CO.
Walter Z. Whitney
Principal
WEW -. pr
8662h�
I
3
r��ll� �' _a�a.. .._... r.e .� _• ._..� r. .... .. ._ _ � .. ..,. _ do ._._.�
ENNtbtt 9
K"S60
OLYWIA WILOINO/00aMAN CULM L CENt"
FINANCIAL IMPACT TO tNE C/TT/O.O.B.►•
9% VIUMIN0
PLAN a
KmA .................................
................ (0)
.,......... tC)
(A)
(8)
(C) 0) pOtP Developer
00 OW . Psyeants
Cash
DOSP
Net Cash
Forelana
Interest
OOSP
MMet
Nyments Not Ceef+
Cab outflow Outflow to pOSP.
pintas
..`.._..
Tow
lneams
lntxw
outflow To twee ......._.
...... ........
•••• •' 9ST,3t4 264.931
.635.419
689.313
•••• ••
•.•..•..
/17.00D
........
100.000
161,253 491,16a
493.147 956,060 280,778
690.282
692.379
i
2
117.=
102.000
169 9a0 295,762
177 702 496,348 310 S16
6"•�
3
117,000
104-040
"1.090 194.181 685
i• ' SW,142 ,
674.312 4NS.tK9 1,014.579 325.564
647.772
4
117,000
117.O00
106,121
108.243
191.202 50•353 340.913
�+� 507.461 1•�•�
700.549
702,943
S
6
1/7,000
1i0 400
.
701.SS4 �•1� 1.OSS.668 357.009
20a,4/9 Sii,SSO 373.654
705.156
7
117,000
112.616
MAN 217.08 $14 960 1.06.69
7,81.096,213 39.15
707,662
a
1/7.060
111.00
114.869
117.166
74,4o�•,�s1a,430
522,959 1,120.11707,044
710,624
9
iD
117.E
9/8
•••. 10,263,326 3 34b.35b
6,99t.44a
•.......
i,m.000
1.094,472
4 470.1SS 3.O62.S3S
a...3S
6.957,662 ' assea■ems
s OW's estleate of the
Foraea+a lncersst interest ineam eaent Icy cantri6uNon of =1.300.000.
tA)
a
lr=w it currently erns (9%) an the Proposed OW feet of
O
squa
(6) OW estimates dut It could rentincrease
Wes sIt'sand tti"S1hate
Q:
office space for $10 Par
2% Oat' Tur• rest estate takes. inwnncs and emintarmnce.
(C) D06P's 0ross costs for rent. 7 Pion "'
6 (plan
from our report doted 1/28/86, Emhibits
We* Is Develops �)rw sod cash fta. prolactic" doted 2/25/66.
CD)Dowtapar Payments to 005P.
Dow
Effective Nat
Nent PM
..--Foot.
Plan A ►ten.< >
.•
17.1t 24.01
17.18 24.04
17.29 24.12
17.42 24.21
17.6024.30
17.69 24.40
17.82 24.48
17.94 24.56
10.07 24.66
18.22 24.75
-,. 101
0
1
BOOST 9
aEYtlEO
OLYiPIA aufLDI1001010MAM CIA"M I CENTER
►IMAM IAL WACT TO TIE CITYJ0.0-1-r-
Six ►iMAMC(M0
nAa a
KANA
.................................
tO
to)
(A)
(8)
OOSI'
(C)
DO
Osvetopsr
ODSP
0OSP
Cab
Devetopar
h7rmts
OOSP
Met Cash
►ore"M
interest
sweet
tab
Psfuento
Not Cash
Outflow
Outflow
To COSP
Outflow
TOW.......
lncosa
Income
Outf tow
...,....
to t10S►
........
ar.S46
.......«
abt,76a
_
• i«
117,000
..
•100.000
63S,4N
61.291
S97.537
937,314
956.460
97.351
an.7"
2
iiT,=
104,040
6ia,IV
65.590
69.3r3
604,6ST
975,161
104.731
803,410
a93.S66
3
417,000
104.040
661,090
674.312
73.012
619,853
99i,6t13
111.996
119,410
903.926
S
117.00D
11T.000
/06,121
10a.243
6a7,79a
76.702
4i9,6S3
1,Oti,i19
1.034•a70
126.9J0
914,492
6
11T,000
110,40
701,554
AD•"T
627,679
1.055•%e
134va"
925.04
T
11T.0o0
112.616
T1S.Sm
A4'922
88,713
•47
"3,255
1,06.679
143,096
935,714
916.009
a
11T.000
114,D9
T.eT
T4.41%
42Y�651.43
1.09a,27
151. 238
1S9.542
956,126
9
iiT,000
117,166
6S4 7%
1,120,177
-•---•••
_ "
10
11T,000
Sloes"7S9,3a5
•.•..
.....••
......
.........
10,263.326
1.23a,700
9.09r.574
1,170.000
1,0%,972
6,9ST•662
........
70.Tia
...••B
Boon..p
6,242.9T2 ....
so..
"""'■.
.8....n.
(A) forepm Internet interest incase reprasents OW's astimats of the
incoes it currently same (9%) on the prapneed "pity cantributlon of $1,300,000.
(a) 0osr estimates that it could rant it's sxistin0 101000 squers feat of
office space for s10 per Wore foot, end that the rants would increase
' 2i per year.
Q•j (C) wen orose costs for rant. rest estate taxes, insurance end wNMenwce,
t
from or report doted 1125186, Exhibits 6 (Plan A) and 7 tvlan M).
(0) Developer paYmant
s to OW. source Is oevetoWos revised cash flow projections fisted 2J23/Ob.
Doer
Effective Met
Mont Per
�)
$*we foot/
•
.
;ism A elan a
•20,59
30.12
20.01
30.43
21.06
30.77
21.32
31.12
21.59
ISM
21.s6
PAS
22.13
32.22
22.41
32.59
22.69
32.96
22.90
33.37
t
_q
} '
PANNELL
KERR
FORSTER
'
(
Codified Public Accountants
February 25, 1986
1101 9rKkell Awenue
s„t1e WO
tlMartu. fL 33131
TileOMM (3051388.1618
Twes W3o55
yr. Roger Carlton
Cable PANKERR MIAMI
Department of Off Street parking
190 N. L. 3rd Street
Niasi, Florida 33152
-+
RE. Flagler Landmark Associates
Olympia Building/Gusman Cultural Center
Unified Development Proposal for
7
°r...1
Miami Parking System
Dear yr. Carlton:
As promised, this letter is provided as a narrative to the complementary
j'
cash flow projections resented to the Selection Committee on February 24,
p j p y
1986.
},
For ease of analysis, a complete package of information has been attached
herewith. Added to the information previously presented is a summary of the
City's benefits under the various projections.
"}
In anilysing the four cash now distribution schedules (Schedules 2, 3, S,
and 6) the same explanations and instructions as listed below may be
„3
followed:
t'3
1. Unadjusted Annual Not Cash Flow Before Debt Service (3)
relates directly to the (3) on the respective aids A and a
cash flow projections as presented in the Return to City
section of the Unified Development Proposal.
2. The (1) and (2) on the cash flow distributions schedules also
relate directly to the respective cash flow projections as
indicated in (1) above.
3. As discussed at the Selection Committee meeting, due to the
"Joint venture" (City and Flagler Landmark Associates)
consideration, the unadjusted annual net cash flow before debt
service was modified by adding back the annual contribution
to Gusman Center and City lease payment to arrive at adjusted
_ cash flow in order to determine the available cash for debt
service and distrubtion to the joint venture partners.
4. Cash flow available for distribution is the adjusted cash
flow less the 'respective debt service attached to the
project.
r
-� 86-628
i
:+ Mr. loser Carlton - 2 ebruary 2S, 19%
S. The distribution percentage is weighted in favor of the joint
venture partner that is "at risk" for the project debt
service. Therefore, for illustrative purposes the city
distribution percentage on the 112 financing in bid A is 332
because Florida Landmark Associates has assumed the risk in
the debt service. Alternatively, if the City is "at risk" as
is the case with the 92 financing their distribution
percentage will be 67Z.
*t' 6. The effective square foot rent on the 26.032 square feet
being leased by the Department of Off Street parking is
x` calculated by subtracting the City's applicable percentage of
t
cash flog available for distribution from the proposed rent,
as illustrated in the cash flow projections from the Unified
Development Proposal. The result is divided by 26,032.
7. Cash flow distribution schedules do not include costs
necessary to acquire and carry the Rok property. These costs
would reduce proportionately, the cash flow distributions to
both the City and F.L.A..
P.
8. Schedule I does not include fees as was done in Peat Marwicks
' Exhibit 4 of their report dated January 28, 1986. These
fees, although some of which are able to entities to which
g Pay
the principals of F.L.A. are related should not be
considered as part of cash flow to F.L.A.. These fees should
be considered ordinary and necessary project expenses that
would be incurred regardless of who does the project.
I believe that the above explanations should assist the Selection Committee
in reviewing the cash flow distribution projections. Should you or Peat
' Marwick have an questions regarding this y q g g ,please feel free to contact at at
4r - your convenience.
Very truly yours,
PAWELL LERR FORSTER
aurence A. Berrup
Manager
LAB:bg
cc: 7alet'e'r
E. D. Eeauchamp
rtoR.Cardenas
'Whitney
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27661
27602
39134
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1 e••.w..elT laic •�. ease Itaele•s 3/31//11
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433937
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,23fii
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EXHIBIT B
FLAGLER LANDMARK ASSOC.
247 Minorca Avenue
Coral Gables, FL 33134
305-445-0819
May 28, 1986
Mr. David Weaver
Member of the Board
Department of Off -Street
Parking
190 N.E. 3rd Street
t Miami, FL 33132
RE: Renovations and Additions to the
Gusman Theater/Olympia Building
Dear Mr. Weaver:
Attached you will find an economic proforma we have completed this
date which revises the square foot rental rates, financing rates,
return to the City, equity participation and other items. We have
attempted to achieve in this economic scenario two primary objectives
as outlined by the Selection Committee: 1) that the financial return
to the City be equal to what it has been over the past; 2) that the
rental rates be similar to market rates but with consideration given
for the public areas.
It has been suggested that existing City tenants in the Olympia
-and/or other City agencies could be occupants for the office space
that DOSP does not use in the remodeled Olympia Building. Based on
this assumption, we indicate that a $22 full service lease will carry
the rented office space and the 9300 s.f. public space, and provide the
City with an equal return if proceeds are divided 40/60 between the
Owner/Developers and the Developers carry the financing.
Mr. Cardenas and I look forward to discussing this proforma with
you later today after you review it.
JBDB:ef
- - _ cc: tAoger
Carlton, DOSP
Yours trul.►,
FLAGLER LANDMARK ASSOC.
��tnaging
es B.D. Beauchamp
Partner
86--62h
a
"a
i
r
FLAGLER LANDMARK ASSOC.
247 Minorca Avenue
Coral Gables, FL 33134
305-445-0819
;} REVISED GUSMAN/OLYMPIA ECONOMIC PROFORMA
Renovation and Additions: Plan B
Project Costs: $
8,500,000
Sources of Funding:
F.L.A.
850,000
F.L.A. Financing
6,350,000
ii
D.O.S.P.
1,300,000
$
8,500,000
Annual Income:
T eater by City)
-0-
Lobby, Arcade, Public Areas (5,398 s.f.)
-0-
i
Basement Dressing Room Areas (4,024 s.f.)
-0-
(1) Retail Areas: Rok Site
-0-
s_'•:`.:.'t
3664 s.f. @37.57 existing
137,647
Percentage Rentals
17,156
D.O.S.P. (8-10 floors) 25,406s.f.@ 22 (Full Service)
558,932
a
Theater Management Offices Ord floor)
5135 s.f. @ 22 0011 Service)
112,970(2)
Office Space City of Miami (4-7 floors)
*` ?
30,962 s.f. @ 22 (Full Service)
681,164
Restaurant/Cabaret
75,000
Total Annual Receipts $
1,582,869
Annual Disbursements:
Vacancy Factor (10% of Retail i Restaurant/Cabaret only) 22,480
Management and Leasing @58 75,000
Legal and Accounting 15,000
Direct Operating Expenses:
Electricity
115,000
Janitor and supplies
125,000
Insurance: Fire, extended coverage, liability
30,000
Repairs, maintenance and reserves
75,000
Water and sewer
35,000
Security Guard Service
40,000
Exterminator, trash, gas
12,000
Miscellaneous
5,000
(3) Ad Valorem Taxes
11,250
(3) Real Estate Taxes
25,000
(3) Real Estate Taxes - Rok Property
21,000
Total Annual Disbursements
S 606,730
(1) Assumes that Rok site is developed with no arcade and that
existing retail areas are not reduced in size.
(2) Assumes that existing City of Miami tenants and other City tenants
can be located in the balance of the building at a similar rental
rate.
(3) Based on retail and restaurant/cabaret areas only.
8b-t) %6-
E
Net Operating Income:
Debt Service: $6,350,000 @ 10h% fixed
30 years (11% constant)
Cash Flow for Distribution:
Prior to Depreciat on and Income Taxes)
(2)Distribution:
40% City - $111,055 (4)
60% F.L.A. _ $166,583
$ 976,139
698,500
$ 277,639
(4) The return to the City from the Olympia Building during the
period 1976-85 averaged $111,225 annually.
tsb—bz