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HomeMy WebLinkAboutM-86-0276� CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM 51 Honorable Mayor and aAtE: March 26, 1986 PLC, 460.01 Members of the City U, ; - -. Commission suwEct: Watson Island/Selection of Miami Marine Exposition, Inc. Proposal FROM: Cesar H. Odio REFERENCES: For City Commission Meeting "• City Manager of April 10, 1986 ENCLOSURES: Resolution It is recommended that the City Commission adopt the attached Resolution accepting the recommendation of the City Manager for the selection of the Miami Marine Exposition, Inc. proposal for the Watson Island Unified Development Project located on an approximately 68-acre City-owned land parcel, specifically excluding helicopter services as a part of the Miami Marine Exposition Inc. proposed lease area, subject to Miami Marine Exposition, Inc. providing the City, within six months of the date of adoption of this Resolution with written evidence, in content and form �n satisfactory to the City Manager, of its ability to finance and develop the proposed project; authorizing the City f4.;. Manager to negotiate a contract with Miami Marine Exposition, Inc. subject to the condition that the contract terms result y. in a fair return to the City based on two independent appraisals; and further directing the City Manager to present the negotiated contract to the City Commission �- for approval prior to execution. By Resolution 84-52, the City Commission authorized the issuance of a Request for Proposals (RFP) for the development of cultural, recreational and entertainment facilities to be located on an approximately 68-acre land parcel on City -owned Watson Island. On March 28, 1985, the City Commission selected the certified public accounting firm of Touche Ross & Co. with minority participation of W.B. Koon & Co. and Sanson, Kline, Jacomino & Co. and appointed members of a review committee to evaluate the proposal submission. /1'9 fJ 1 ON SG-'2'76. 0 Honorable Mayor and Members of the City Commission March 26, 1986 Page Two On February 28, 1985, the published date of receipt for proposals, one proposal was received by Miami Marine Exposition, Inc. The certified public accounting firm and the review committee evaluated the proposal based on specific evaluation criteria and percentage weights contained in the RFP as follows: 1. Experience of the development team, including specific experience on similar projects 20% 2. Overall project design 20% 3. Financial capability, level of financial commitment 30% 4. Financial return to the City 20% 5. Extent of minority participation (Latin Black) 10% 100% The review committee, after extended analysis and deliberations, unanimously voted to recommend to the City Manager that the Miami Marine Exposition, Inc. proposal be selected by the City Commission to continue through the UDP process. The certified public accounting firm, after completing a financial evaluation of the -proposal, awarded 78 points overall of a possible 100 points to the developer. Taking into consideration the findings of the certified public accounting firm and the review committee, I hereby recommend that the Miami Marine Exposition, Inc. proposal be selected for the development of Watson Island. Helicopter services are specifically excluded as a part of Miami Marine Exposition, Inc.'s proposed lease area. This recommendation is subject to the condition that Miami Marine Exposition, Inc. provide the City Manager, within six months from the date of adoption of this Resolution with written evidence in content and form satisfactory to the City, of its ability to finance and develop the project. Upon Miami Marine Exposition's demonstration of its ability to undertake the development of Watson Island, the Resolution further authorizes that the Manager negotiate a contract, subject to the condition that the terms of the contract result in a fair return to the City based- on two independent appraisals, and that the negotiated contract be presented to the City Commission prior to its execution. 8V- C. CITY OF MIAMI. "RICIA INTER -OFFICE MEMORANDUM Honorable Mayor and Members of the City Commission °art` April 3, 1986 ALE` sUOJCCT: Item 51 on City Commission i Agenda of Aprt1 10, 1986/ Watson Island UDP FROM: Cesar H. Odio REMPENCEl: City Manager ko ENCLOBUREf: Four (4) Enclosed for your information are supporting materials for Item 51 scheduled for the City Commission meeting of April 10, 1986. Item 51 is a Resolution accepting the recommendation of the City Manager for the selection of the Miami Marine Exposition, Inc. proposal for the Watson Island Development unified development project, subject to certain conditions. Enclosures include: 1. Review Committee Final Report to the City Manager 2. Financial Evaivation of Proposed Watson Island Development, prepared by Touche Ross & Co. 3. Assessment of Proposer's Market Analysis, and Conclusions, prepared by Touche Ross & Co. 4. Miami Marine Exposition, Inc. proposal submission and supporting documents. CC: City Manager City Attorney City Clerk I W �A T S 0 N I S A N D FERRE'S PROJECT, XAVIER'S BACKING Special interest groups pretend that the Mayor and Commissioners approve the "gift" of the most valuable property in the City of Miami, WATSON ISLAND, to private enterprises... 68 acres of land, where our families, children, senior citizens, enjoy the shadow of the trees, the breeze; a tranquil place to sit and enjoy peace and quiet, watching the boats go by, in the center of our downtown, in a paradise place called Japanese Park. During Ferre's term, the historic Bayfront Park was des- troyed upon the approval of a "gift" of those lands for the ex- clusive benefit of the corporation in charge of a project called Bayside. Xavier now intends to outdo his predecessor. Time has come to stop the Mayor and Commissioners who, "irresponsibly...(?)", give away our city; time has come to stop special interests and corporations from depriving our city of, valuable propertyand sources of revenue. In this case, WATSON ISLAND is worth no less than 300 million dollars. "NO ONE GIVES AWAY SOMETHING FOR NOTHING"; when City pro- perty is given away, one can't help but think about hidden inter- ests behind. Is anyone getting a free lunch? Remember the Cable; if the scandal of the Cable was big, Watson Island's will be enormous. MIAMIANS: Protect your rights and your city =• be alert tc what may happen on Thursday, April loth, at the Commission meeting Observe and remember each individual vote, so that later on you may either favor or punish with your vote at re-election time.' WATSON ISLAND, YES! For everyone's enjoyment, not for th benefit of a few. r- HISPANIC POLITICAL ACTION COMMITTEE ORLANDO MORALES Al C Tl e A/ Secretary lk WA T S 0 N I S L I A N D FRDYECT'O ELUCU$RADO EN EL PERIODO DE- FERRE,_HEREDADO pOR XAVIER Se pretende que el Alealde y los Comisionados aprueben "regalar" a una corporacion privada la propiedad mas valiosa de nuestra ciudad de Miami, la ISLA WATSON. . . 68 acres de terreno donde actualmente nuestras familias, nuestros hijos, nuestros anc•ianos, concurren a respi- rar el'aire puro del mar, a disfrutar de la sombre de los erboles, a sentir la placidez de un lugar tranquilo donde merendar y calmar los ner- vios mirando pasar los barcos, en pleno corazon de nuestro "downtown", en el paradisiaco lugar llamado Parque Japones. Anteriormente, en el funesto perfodo de Ferree., se llevo a Cabo la monstruosidad de destruir el histoiico Bayfront Park, o Parque de las Palomas, al ser aprobado el "regalo" de esas tierras pare beneficio ex- clusivo de la corporacion que maneja el proyecto denominado Bayside. Basta ya de permitir que el Alcalde y los Comisionados, "irresponsablemente. . . (?)" continuen regalando el patrimonio de nues- tra ciudad; basta ya de darles "patente de corso" a corporaciones pars que burlen impunemente el fisco, al no pagan impuestos sobre la propie- dad, on este caso, los terrenos de la Isla Watson, quyo valor actual sobrepasa los 300 millones de dolares. CIUDADANO: "NADIE REGALA ALGO POR NADA"; cuando se regala la propiedad de todos, piensa en los intereses ocultos que puedan estar detras de todo proyecto de este tipo. Recuerda el escandalo del Cable, algo muy turbio que fue en detrimento de nuestra ciudad. Si grande fue el escandalo del Cable, incalculable ser Z el de la Isla Watson. CIUDADANO: Defiende tus derechos y el de to ciudad; mantente atento a to que sucedera el proximo Jueves 10 de Abril en la Comision de Miami; observa y recuerda el voto de cada uno, pars que despues puedas favorecer o sancionar con to voto la re-eleccion de cada uno. ISLA WATSON, SI! Para el disfrute sano y desinteresado de todos, no par& el beneficio de unos cuantos. COMITE HISPANO DE ACCION POLITICA ORLANDO MORALES Secretario 1. 2. 3. 4. W A T S 0 N I S L A N D MIAMI, FLORIDA INDEX STATUS REPORT AND PROJECT SUMMARY MATERIALS LAVENTHOL & HORWATH MARKET REPORT LAVENTHOL & HORWATH FINANCIAL PROJECTIONS THE "WATSON TRUST" - SUMMARY OF MINORITY PARTICIPATION PLAN 5. ORIGINAL PROJECT SUBMISSION A h, i r r_ j ,. Ot " mp M Proposed Miami Marine Exposition Center at Watson Island, Miami, Florida ll.� 1h . —" Ll WAN MAPJW EXPOSMON IMAIN RAMN of wats" hwd %OGSITWK LTD WMNAPONAL WRPORA710i4 :Slq§Akl ASSOOATES. We pegional Vehicular 0 i 2 3 (WES) W Y a z rr r d D cc O J LL TO KEY WEST Transportation L TO FT. LAUDERDALE TO MAINE PALM BEACH 1 MIAMI MARINE EXPOSITION r4TEANA710NAl CORSK7AAT10N u.k VMW MAa&ex._. s. ,.w .. ATE �aN.wc At bYtttHott IYtant! sAs�uAssocurEseV- W, TO THE BAHAMAS r ruw R11_.. 2 J 32 31 24 33 0 351 WAW dd� LEGEND ICWW A GOVERNMENT CUT a OTHER CHANNELS 2 • TURNING BASINS (30 FT A DEEPER) -- _ —SAY, 10' DEPTH BAY, 6' DEPTH i COMMERCIAL BOAT AND DOCKS CORAL GABLES WATERWAY A PRIVATE BOAT AND YACHT CLUBS'''. B PUBLIC DOCKING FACILITIES COMVIEIERWYE YARRIA DEVELOPIENT STUDY PREPARED BY CITY OF MAW, FL .GREEN LEAF TELESCA, FEBRUARY 1979 MARINE EXPOSITION �MIAMI At Watson Island M,IMIMARINE EXPOS IM.INC. A13 IS VET BUP ONWORY 1' a � y TO KEY WEST AROUITECTONICA INTERNATIONAL CORPORATION C011Y O\t♦[\ [10110\ SASAKI ASSOCIATES. INC. ., vii.n ffMlY rar.[..f . W.lIM f4�/r[C 1\ wl U[l lMiN/q COIY 6\\LL\ [10110\ _. l'i'affic Circulation 0 E� ISO TL. Soo i ROADWAY SECTIONS MC MINA CAMWAT R.O.W. VARIES Ito' TO too' . % ��MiEMsoE . S♦ i Ilit SECTION A -A SECTION B-8 SECTION C-C E2j ,. RAI�P""flow, ENTR�E BRIDGE 7A P BRIDGE��� Vvv l �\ ROE �r-n ./RAMP wk EXR RAMP GOVERNMENT CUT TO MIAW BEAC MIAMI MARINE EXPOSITION "R°U'E`T°`" """"°""= ""ON °" , TI MSAMMAMfEEXPOSITX)kWC. At Watmon Island . ». �.�..._.. ,..ti..SASAM ASSOCIAMS,W. Pedestrian Circulation f o +so rI„ aoo WE — LEGEND =C= PEDESTRIAN WALKWAYS ......... BICYCLE PATHS Q PEDESTRIAN ACTIVITY AREAS y-. PAOUMTONCA WTVV"n0ML CONIMAM It MIAMI MARINE EXPOSITION �• W— At Watson island SA$MA550MT% OW UN" E%P4SMON. W. .<.� .wo...n ra.nc� u�re. aauo+ Master Land Use Plan Q 0 160 1� 300 SCHEDULE OF LAND USES A. MAMMAS 0. HARBOUR RESTAURANT A-1 LARGE YACHT MARINA 80 SLIPS E. EXPOSITION RESTAURANT A-2 MAMMA $50 SLIPS A-3 LARGE YACHT EXPO 20 SLIPS F. SHIPS CHANDLERY A-4 EXPOSITION MARINA 100 SLIPS G. JAPANESE GARDEN A-5 OUTBOARD CLUB MARINA 75 SLIPS A-8 MIAMI YACHT CLUB 75 SLIPS H. DADE HERITAGE TRUST TOTAL 1.000 SLIPS 1. ADMIRALS CLUB B. MARINE EXPOSITION HALL AND COVERED PARKING 500,000 GSF J. At HELICOPTER SERVICE n�nv wn _ netu r nre MIAMI MARINE EXPOSITION MLW MARINE EXPDSMM. INC. At Watson Island 10,000 GSF L. OPEN SPACE 10,000 GSF (SEE CULTURAL PUBLIC MAP) 70.ODO GSF M. CHALKS AVIATION N. MAJOR VEHICULAR CIRC. M MAJOR PEDESTRIAN CIRC. * WATERTAXI PORTS AROUTFCTONICA INTERNATIONAL CORPORATION uc..nrn.,vµwtn uf. wf.as r,�f ».... r.,..., .r,,. , S SAKI ASSOCIATES,,! M. C(1µ fJ�L1! �tf.AOr a f-, Conceptual Utilities 160 O0 7J., 300 LEGEND 1XISSANITARY SEWER TORE"MAAIN ETO SERC-LOCATED WATER SUPPLY ""••`•• ELECTRIC S TELEPHONE '�•""' NATURAL GAS TO MIAMI CONNECTIONS GAS a111011� • ■NCI` SEWER �.�.. 1� • iA2rtARY SEWER --_ --_ WATER, ••1.• � \� FORCE MAR1 • • �`. 4 .+"• SANITARY SEWER •••S' ,� E..._ y SANITARY SEWERr y E)USTIN FORCE MAIN --� -�//� • • T^ CONNECTION TO ' �/ ••...•••••'•' • ' "1Y = { STER PUMP STATION ••. •• WATER MAIN MIAMI-DADE WATE ••. _ SYSTEM •'•� ..•• �'• . • r —ElflSTINO 20' �� , I IIFT STATION ATESEAN WATER MAIN T,"t; (TO SE RE-1*1 ATEDI v` 1J.(e• S' SANITARY SEWER r r�—E:I ITNG 12' r,+,•` MDWAIN WATER MAIN ' E - f i (TO BERE-LOCATEDI RE-LOCATlD^---- •�rt WATER MAINS'. i ' •: S' SANITARY SEWER i., - • _ �t�.. 12' WATER MAIN .� • 12' WATER MAIN ••''•••••••.•••• • 1• MIAMICH. _ —. .— EXISTING 20*IN •..i•'� .J R �. WATER REMAIN) ••. ••. E AI STING 12"----- MOWASA WATER MAIN ITO REMAIN) C F Q > y GOVERNMENT CUT 1 ITO I ARABS S1EA:.'M MIAMI MARINE EXPOSITION AROUTEC7C)NCAMEIWATgNALC�K1pN MIA S MAREe EXPOSMON, NC. At Watson Island ...� •.....�.n�r. WEST ELEVATION 11 Ilk, III II�� i:' ic EAST ELEVATION SECTION A -A SECTION it MM'MARM EXPOSITION WAVA W~ gxrosmao, LTD ARQIATECTONICA INTERNATIONAL CORPORATION SASAKI ASSOCIATES, INC. TABLE OF CONTENTS I. THE PROJECT II. THE LOCATION - WATSON ISLAND III. THE DEVELOPMENT CONCEPT - INTERNATIONAL MARINE CENTER IV. THE MARINE INDUSTRY AND FLORIDA V. BACKGROUND ON THE SELECTION OF MIAMI MARINE EXPOSITION INC. (MME) VI. DEVELOPMENT TIMETABLE VII. PROJECT COSTS AND FORECAST RETURNS VIII. FINANCING TIMETABLE XI. PUBLIC REACTION AND ECONOMIC IMPACT ,,� X. PROJECT TEAM 1 I. PROJECT DESCRIPTION A. The Watson Island Marine Exposition Center will be an i international showplace for the Marine, Leisure and Recreation industries. The marine industry, a US $13 billion business, is a core part of the rapidly expanding and goemetrically larger leisure and recreation industries. These industries, grouped together in a purpose built center, will create a major international tourist attraction. The Center s striking "shipsail" design was conceived to underline the prominent role that Watson Island will have in the boating industry. South Florida, and Miami in particular, are at the epicenter of Florida*s marine world and have invaluable water -related assets, both commercial and environmental. This project capitalizes on the natural and indigenous marine attributes of our community. Because of this, Miami will emerge as the "boating and marine capital of the world," with Watson Island as one of the largest, and most modern and complete marine centers in the world. B. The Island facilities have been conceived to create a year round business, leisure, educational and entertainment environment. AM Easy vehicular, air and water access make Watson Island a natural site for a complementary and synergistic range of marine oriented facilities. 1. An Exposition Center on land and water with up to 500,000 square feet. 2. A Hotel with 300-500 rooms with a private yacht basin, shopping, helicopter, seaplane, water -taxi services, acres of landscaped amenities; an oasis within a city. 3. One of the largest marina's on the East Coast of the United States, containing 300-1000 slips, central to bay or ocean sailing, able to accommodate the largest pleasure boats, with full complement of marine services, land and air transportation and direct access to the world-wide choice of boats and equipment at the Exposition Center. 4. Retail and Restaurant facilites with 90,000 square feet designed as a Seaport Village. 5. To round out these core activities the island plan contains a number of other amenities that will make it a "local" use project, oriented towards the needs of the Miami Community. Some of the amenities helping to create this unique urban environment are: Chalks Seaplane, servicing the Bahamas Helicopter Service to Miami, the Keys and the Bahamas Water Taxi to Bayside, the Port of Miami and other waterfront attractions Japanese Garden Axial Sculpture Garden Dade Heritage Trust Grounds Miami Yacht Club Outboard Club of Miami Water Gardens and Promenades C. The Island has been master planned to create an environment that will be an active, exciting and functional place to visit. 1. The land use schedule for 86.7 acres. In summary it consists of: a -New building footprints, 4.04 acres b-Open space, including the Exposition pavilion, 41.5 acres c-Island drives, 14.25 acres. d-Current uses at Mac Arthur Causeway, 17.9 acres 2. Maps for land use, traffic circulation, utilities and pedestrian circulation follow this summary. 40� 3. MME is presently reviewing proposals for site development. ,.t MME believes a carefully considered organization of all Island facilities will be a key factor of success. D. Watson Island is owned by the City of Miami. MME expects to acquire development rights. 1. In 1982 the new City Charter (Section 53c) adopted procedures which are known as the Unified Development process. MME met the guidelines for this process (see Section V for fuller description), was unanimously endorsed by the Blue Ribbon Selection Committee, and has been recommended to the City Commision for approval by the City Manager of Miami. 2. Due to operating and financing characteristics of the project, MME expects to negotiate: a) A long term lease for exclusive development rights; b) Lease payments tied to revenue (with a modest minimum) commencing when the project is operational; c). Rights of sublease and, d) Subordination of the lease to project finacing. A_ INN lm II LOCATION: WATSON ISLAND DESCRIBED AS A "JEWEL". A) Size - The island is 86.7 acres of flat undeveloped land bisected by MacArthur Causeway, a six lane freeway connected to the South Florida highway system and linking Miami to Miami Beach. B) A recent photograph of Watson Island is included. In the background of this photograph is downtown Miami (a five minute drive from the Island) and the Port of Miami, the world's largest cruise ship port (2.5 million passengers per annum). In the upper right hand corner is the Miami International Airport (second busiest in the USA with 19.3 million passengers annually and six miles from Watson Island). The upper left corner shows the edge of Biscayne Bay (25 miles of protected water). Between Watson Island and the Port of Miami is Covernment Cut, the major deep water access to the Atlantic Ocean and the sport fishing of the Gulf Stream. To the right of the Island is the beginning of the intracoastal waterway leading to Maine. On the Island the outline of Chalks Hydroplane Service (to the Bahamian Islands) heliport and existing yacht marinas can be seen. C) The major site attraction of Watson Island is its central position for water and vehicular access. 14,000 vehicles per day cross Watson Island. To the north on I-95 are Fort Lauderdale 32 miles, Boca Raton 40 miles, and West Palm Beach 70 miles. The Island has convenient access from Dade, Broward and Palm Beach counties with 4 million permanent residents, growing to 5.1 million by 1995 and currently representing the loth largest regional marketplace in the U.S. Watson Island is particularly well suited to provide for quick access to either protected or deep sea sailing. III. THE DEVELOPMENT CONCEPT MME's objective is to unite proven commerical activites (exposition center, hotel, retail, marina) with the marine and recreation industries at an important market center (South Florida). A) Waterside developments tied to retail and hotel operations are on the front edge of popularity. B) Industry "marts" have proven commercial viability and are particularly successful for larger consumer oriented industries with highly diversified manufacturing distribution and product. "N VIN ^1, C) Tourist centers attract disposable income and a marginally higher degree of volume spending on luxury items. D) The creation of a tourist attraction introduces "new buyers" to the marine and recreational industries. E) South Florida is one of the largest pleasure boat markets in the world. F) Cultural, educational, and recreational amenities greatly enhance retail reliabity and success. IV THE MARKET INDUSTRY AND FLORIDA - Both the marine industry and Florida are growing. A) Coming out of the 1980 to 1982 doldrums the US marine industry has grown to $13 billion in 1985 and is projected to be an almost $15 billion retail industry in 1986. BOATING AT A -GLANCE CROSS RETAIL SALES 14.0 13.0 12.0 9.0 8.0 � 7.0 "-:�,::.*:3+s.�"�.`•�t"i.i►.?)�.y}zL^.;�1(kTi:�^il✓'4�7#kj;��'�44'Cy!:'�!s•w�.l_°r z 6.0 ��•�-c:..:is1`•.�i..�R��„yc�'��(}`,.`r�?'r7�"��rr; 1r+Vo^.s'+.�:.��-:.t.SI :»l'ii: �, •,. 5.0 ��Y-��. �Giyy.-0.':���. 1{YM1 f'a�•6Ysi�K r��s f:_ , '80 181 '82 'W '84 185 188 Projected BOATING INDUSTRY / SEPTEMBER 1985 B) Unit sales for boats, engines and trailers are projected to maintain their upward growth. The parts and accessories industry grew 25% form 1983 to 1984 and is expected to be $1 billion industry by 1986. UNITS seLn BOATS ENGINES TRAILERS 700.000 625.000 400,000 675.000 600.000 375.000 650.000 575.000 350,000 625.000 550,000 325.000 600.000 525,000 300,000 575.000 500,000 w 275,000 550,000 475,000 250,000 525.000 450.000 w A 225,000 F 500.000 425,000 200,000 475.000 400,000 175,000 sr ... 450.0D 375,000 ' " 150.000 425.000 325.000 125,000 400.000 300,000 100.000 '82 '83 '84 '85 '86 f 82 '83 '84 '85 '88 I '82 '83 '84 '85 '86 0rAi1%^#A f DM6i faif ornianfad BOATING INDUSTRY / SOnEWER ion C) Import/export performance was not atypical from the performance of other US manufacturing businesses. 1. From 1983 to 1984 imports increased 372 to $274 million, while exports decreased 9% to $65 million. 2. In certain categories imported boats have important market share: a) Inboard motor cruisers in the $100,000 range -10% m.s. b) Auxilliary powered sailboats over 31 feet 40% m.s. c) Outboard motors - 36.6% m.s. d) NMMA estimates that all imported boating products now account for 109-12% of the total market or $1.3 billion. Watson Island expects to draw significant foreign marine manufacturers plus international vistors, particularly from Latin America and Europe. D) Alexander Grant & Company ranks Florida third in the nation as the best manufacturing climate based on 22 factors. E) Florida plays a significant role in the recreational marine and boating industry: 1. Number 1 among all states in boat building and repairs, 2. 14.4% of national sales, 3. Ranked fifth in boat registrations by state, 4. Dealers average sales are 30% higher than the national average. F) South Florida (Dade, Broward and Palm Beach Counties) has 45.5% of total state marine sales and 35% of the dealers. G) Dade County alone has 88,841 registered boats or 18% of the state total. Dade dealers sales average $1.7 million, double the state wide dealer sales and significantly above the national average. IN �m n H) Boat Shows have grown to become a major sales outlet for the industry and Miami is the U.S. industry leader. 1974 1984 Boat Shows 45 139 Marine Related Shows 11 19 The annual Miami International Boat Show is the largest in the U.S.A.: National Average Miami Exhibition Space 240,000 500,000 (sq ft) Number Exhibitors 397 760 Attendance 110,000 300,000 Admission Price $4 - $6 $ 6 Rent/sq.ft. $1.35 - $6.50 - $10.00 $9..,00 J) Laventhol & Horwath prepared a comprehensive market analysis with the following major conclusions: 1) "Based on our research and analysis, we believe that there is strong market support for the Miami Marine Exposition Complex and the major components that are integral parts of the complex, at Watson Island, Miami, Florida. 2) "South Florida is characterized by a high income, water recreation -oriented population with high ownership of boats..." 3) "Substantial expressions of interest in obtaining space in the proposed project were received from key segments of the industry." 4) For the hotel...."assuming a 1989 Phase I opening concurrent with the opening of other components of the project, a 70% occupancy is estimated upon stabilization with an average room rate of $65 (1985 dollars)." 5) For the 90,000 square feet of Retail..."It can be anticipated that there will be significant pre - leasing of this retail space at $22.50 per square foot (in 1985 dollars), with the space being fully leased by the end of the first year of operation." r ~ K) The Miami Marine Exposition Center has unique advantages for marine manufacturers, dealers and distributors: 1) Adjacent land and in -water enhibition space. 2) A strong regional market enhanced by a strong tourist industry. 3) Higher customer traffic per expenditure dollar than any comparable retail outlet. For example a seven day boat show costs $7.00/sq. ft. rent or $360.00/sq. ft per annum. Rent levels are justified by the 300,00 people attracted to a show and the relative low absolute cost per retail visitor. Watson Island can expect almost double this visitor cost ratio as shown in the following example: Typical trade show: 1000 sq ft @ 7.00/sq ft = $7,000 rent/ 300,000 visitors = .023 cost/visitor Watson Island: 1000 sq ft @ $15.00/sq ft = $15,000 rent/ 1,200,000 visitors - .012 cost/visitors V BACKGROUND ON THE CITY*S SELECTION OF MME.k A) Over the years various proposals were submitted for development of the Island. They focused on putting an amusement park on the Auk Island, were controversial, and met with opposition from many sectors. Finally, in 1980 the City of Miami adopted a new charter which prescribed procedures for development of City owned property. This became known as the Unified Development Process, established in City Charter section 53c. B) The City accepted MME's proposal: 1. In February 1984, the City issued a Request for Proposals (RFP) which identified parameters for development. Qualified bidders were invited to submit proposals, together with a $50,000 application fee. The City offered three development options: a. Marina development b. Attraction development C. Marina development and attraction development 2. The RFP deadline was November 1984. After requests for extenstion, the deadline was reset to February 281, 1985. At that time MME, a joint venture of Arquitectonica and First Miami Development Co., submitted a proposal to the City. Several bidders requested additional extensions but the City Commission voted unanimously not to extend the deadline; instead they approved processing the proposal of MME. 3. The City appointed Touche Ross to review the proposal. A favorable preliminary report was issued to the Selection Committee. 4. The City Commission appointed a 12 member Blue Ribbon Selection Committee composed of public and private officials. Their responsibility was to review the submissions, select the best project and recommend it to the City Manager. The committee voted unanimously to approve the project. The City Manager has further recommended this project to the Commission for approval. 5. The City Commission (a five member publicly elected group chaired by the Mayor) must now vote on the recommendation of the Selection Committee and City Manager. VI DEVELOPMENT TIMETABLE: A) The project has been scheduled for two phases: 1. Phase I includes all major project components as well as infrastructure and amenities: a. Exhibition structure - 500,000 sq. ft. b. Retail structure - 90,000. sq. ft. C. Hotel - 300 rooms n. d. Marina - 300 slips 2. Phase II includes: a. Hotel expansion to 500 rooms 07 b. Marina expansion to 1,000 slips B) Phase I has the following estimates scheduled: Months Probable Range Probable Completion Lease negotiations with City Regional Planning Council Drawings and Permitting Construction 1 - 3 2.5 Jun 1986 4 - 7 6.5 Dec 1986 6 - 12 9.0 Sep 1987 24 - 30 24.0 Sep 1989 35 - 58 42.0 The Regional Planning Coucil has already reviewed a prior plan for Watson Island, a Development Order has been issued by the State of Florida, and the City is anxious to move forward to stimulate downtown development. Environmental and permitting agencies have reviewed the concept on a preliminary basis and favorable final permitting is expected. V1t PROJECT COSTS AND FORECAST RETURNS A) The acquisition of Watson Island development rights from the City of Miami under lease with payments linked to gross revenues. B) . Phase I budgeted costs are $84 million (1985 dollars) over a two year construction period (including interest costs of 11.5%). C) The construction budget for Phase I is summarized on the following page. D) A Financial Projection and Economic 'impact Analysis" prepared by Laventhol & Horwath in April 1985. E) The following is a summary of estimated financial returns to the City of Miami through lease payments and Real Estate Taxes: (In Millions) City Portion Lease Payments of Real Estate Years (2% of Gross Revenue) Taxes Total 1-5 $3.37 $3.31 6.68 6-10 6.55 5.71 12.26 11-15 9.15 6.89 16.04 16-20 12.24 8.00 20.24 TOTAL 31.31 23.91 55.22 WATSON ISLAND BUDGET (Phase I) In Thousands (000's omitted) 1986 constant dollars Hardcosts __---------_ Hotel - structure ( 300 rooms @ $42,000 and F F & E @ $9,000 ) 15,300 Marina ( 300 slips @ $10k ) 3,000 Exposition - structure ( 500,000 sq. ft. @ $34 and deck @ $13 ) 23,500 Retail - structure ( 70,000 sq. ft. @ $55 and 20,000 sq. ft. @ $65 ) 5,150 Roads and parking ( 3,600 spaces ) 1,600 Boardwalk ( 4,800 feet * 10 feet @ $20 ) ' 960 F Cultural and public amenities, landscaping 4,000 6 Roadways and bridges 2,500 C Site work, relocation, demolition 4,000 V Contingency 3,990 r--------------- c t Total hard costs 64,000 a--------------- Soft costs P h 7 Architectural and engineering ( 4% of hard costs ) 2,560 C Development ( 4`5 of total costs ) 3,040 Financing and closing costs ( 1% of total costs ) 760 Project administrative ( 7% of total costs ) 5,320 Contingency 320 8 --------------- r Total soft costs 12,000 E --------------- f Total project costs w/o interest 76,000 Construction period interest ( 2 yr. construction period ) 8,067 Total project costs with financing --------------- 84,067 iGS�LGC�LLiaLC9 Interest rate 11.50% Disbursement of funds: Year Constant dollars Inflated dollars ------------------------------------ 1987 33,627 35,644 1988 50,440 56,675 •-------------- --------------- Total 84,067 92,319 sssassssasssas ssassarassssass Inflation factor 6.00% = VIII PROJECT FINANCING TIMETABLE: The financing schedule is divided into four segments; A) "Pre -acquisition" costs have been financed by MME. They include design and planning, market and economic impact; analysis, financial forecasts, legal and administrative costs, and presentations to various public bodies. Costs incurred for this phase are at $750,000 - $1,000,000. B) Subsequent to City Commission approval, and precedent to construction, satisfactory lease and component subleases will be negotiated, regional impact studies completed and processes, design and construction plans finalized, building permits obtained, and premarketing/leasing programs substantially B underway. Costs for this phase are forecast to be approximately H _ $2,000,000. vC) Phase I construction costs (including interest) of $92 million I; (current dollars) will commence in 1987. The interest costs and c debt/equity ratio will be affected byy market conditions during athe latter part of 1986, the level ci pre -lease committments and the financial arrangments with component subleases. Banking p institutions will be the primary source of this interim financing. 4 D) Long term financing from public and institutional markets will C be arranged in 1987/88. The cost and level of debt/equity will ii be subject to similiar criteria as the construction financing a and may replace interim funding requirements depending on market h conditions in 1987/88. 8 a IX PUBLIC AND PRESS RESPONSE i The project has received widespread community support. A) After 10 years of rejected development proposals, the Miami community and press have consistently supported MME's mixed use Marine Exposition Center . B) The local economic impact has been projected by Laventhol and Horwath to generate: 1. 900 to 1,000 new jobs 2. $100 million in incremental payroll, purchases and material supply during construction and start up periods. 3. Per annum fiscal revenue (including 5% State of Florida Sales tax) of nearly $4 million to State and local authorities. 4. International Marine publications have prominently featured ta Miami's proposed project. tw X THE PROJECT PARTICIPANTS First Miami Development Co. has drawn together an experienced and diverse project team: A) The predevelopment project team includes local and internationally recognized specialists in the various key components. 1. PROJECT DEVELOPMENT: FIRST MIAMI DEVELOPMENT CO. is headed by J. K. Meyer, age 40 „ who prior to founding the First Miami Group was with Exxon Corporation Treasurer's department for seven years and the treasurer of Exxon Chemical Company of Brazil. Subsequent to that he was Executive Vice President for five years of a B private diversified real estate firm based in Coral Gables, N Florida. 2. ARCHITECTURE AND DESIGN: ARQUITECTONICA is a Miami based C architectual firm headed by Bernardo Fort -Brescia and ILaurinda Spear. Since 1977 the firm has designed a diverse c range of buildings, received numgrous awards and has been t widely published in professional journals. a 3. PROJECT MANAGEMENT CONSULTANT: BECHTEL INTERNATIONAL P CORPORATION of San Francisco is one of the largest is r engineers/constructors in the world; the firms diverse R projects range from the Los Angles Olympics to World c Trade Centers. 4. MASTER PLANNING: SASAKI ASSOCIATES INC. are nationally i recognized leaders in landscape, master planning and design of new communities, corporate and institutional facilities. 5. CONSTRUCTION MANAGEMENT: HARRISON ENTERPRISES INC. : is a Miami based construction company with diversified building experience on over 95 construction projects in the last five years. 6. MARKET ANALYSIS AND FINANCIAL FORECASTS: LAVENTHOL AND HORWATH, a national firm of Certified Public Accountants with speciality experience in market assessments and analysis for the hotel, leisure products, and retail industries. 7. URBAN DEVELOPMENT CORPORATION OF GREATER MIAMI has developed the Watson Trust, a unique minority participation plan for the project. The firm is headed by John Hall, Harvard MBA, and former President of Mark Battle Associates, a Washington D.•C. based consulting firm. 8. FINANCIAL ADVISOR: DEAN WITTER REYNOLDS a New York based Ak investment banking firm, is one of the largest financial underwriters of public and privately placed financings in the world. 9. LEGAL COUNSEL: Specialized legal services have been provided by: a. Broad and Cassel b. Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A. c. Sparber, Shevin, Shapo and Heilbronner, P.A. 10. TRAFFIC CONSULTING: DAVID PLUMMER ASSOCIATES is a recognized industry leader in traffic consulting and analysis. •,�u Christ said _.. I B) He ce wt In ch to a prt isl. Mt cal G, 1rr as ht: an w as In w ilttr`r� 1 • ..� i� � s �� I Ord .� � � + 0� C jolt mt iti Friday, March 1, 198,E Batson boating center proposed By NEIL BROWN Herald Staff Writer Watson Island, envisioned by Miami's leaders for more than a decade as a site for everything from a government center to a Disney -style theme park, would become a huge boating exposition center and marina under the latest plans submitted to the city Thursday. "It's a beautiful project," said Miami Mayor Maurice Ferre. "It's going to make Miami the marine capital of the world." W- aason complex r2roposed WATSON/front ID mously to rece,%e the bid. and rejected requests from two other firms, including one headed by New Orleans Superdome devel- oper A.N. Pritzker, that the com- mission extend the deadline and accept bids over the next several months. City Attorney Lucia Dou- gherty explained that the city did not have that authority Earlier this week Disney, which had been courted by Ferre. decided against submitting a proposal The centerpiece of the develop- ment will be a 500,000 square•foot exposition center in which boats and related marine equipment will be on display. "lt will be like having a pertna- nent boat show. a year-round exhibition." said Bernardo Fort. Brescia. the project architect And the center won't be en- closed in concrete. Instead. Fort - Brescia envisions a giant tent. covered by a fabric roof shaped like the sails of a vessel. The theme is strictly marine: the shopping area will include a ship'• ehandelry. selling marine related ?""' "ores for all types of vessels And the island will have a cater taxi service. to cart patron. he- tween the island. Miami Beach and other parts of Miami, including the yet -to -built liaysidc center at Mia- marina. "We see this prujt,ct as really being the magnet for downtown Miami development." Meyer said If the city commission approves the plans later this month, construction could begin in a year and be finished between one and two years after that. When the 2 p.m. Thursday deadline passed to submit bids to develop the 87-acre island between Miami and Miami Beach, city officials had received only a single proposal. It came from a development team headed by First Miami Development Co., whose president is John Meyer. -it calls for spending $130 million to build a TO MIAMI MAC ARTHUR CSWV - 300•slip marina that can be expanded to 1.000 slips, a 300•room resort hotel, a marine exposition center, two restau- rants and 90,000 square feet of shopping. "It's a logical, indigenous marine theme park that fits with the character of Miami," said lawyer Arthur Teele, a member of the development team. "It's not an amusement park. It fits in with the character of Miami." The city commission voted unani- I lease turn to WATSON / 20 . y � M M. w,. +• 04. ,•'. 1 • sd wto t �. 10 ,O MiAMI BEACH This is the plan for a marine exposition center on Watson Island. The developers art, not asking fur any tax dollars to be spent. On Thursday, at the suggestion of the commission, Meyer said a financial study will be done to show the city how the project will he financed and uperated Because marina facilities arc in heavy demand in Miami there should be little trouble finding financial backers, Meyer said. John Gilchrist, the city's Watson Island project manager, said Mey. er's bid must be reviewed in the next week by an independent accountant and review committee of city staff and local business leaders. The committee will make a recommendation to the city commission, which will decide later this month whether to up- prove the development. If it's approt.ed, the developers and the city must appear before Gov. Bob Graham and the Florida Cabinet on April l and submit the financial feasibility study. It they report is satisfactory, the Cabinet will issue a final order permitting development of the island. GO- christ said 1 News A Cox Newspaper Friday, March 1, 1985 40 Pages Foe gives cautious OK to Watson Island plan BILL GJEBRE W.Mi NOW& RMMNr A chief opponent to develop- ment of Watson island has given cautious approval to a new $130 million proposal that includes a 299-boat marina, a four-story ho- tel and a tent -like, 500.000- square-foot exhibition area — but no Coney Island rides. "I'll give 50 percent approval until I see more, said Florence Shubin, a Miami Beach resident who has long battled against an amusement park on the island. "At least it's water -oriented," Shubin said yesterday. "It sounds better than an amusement park." The proposal was presented to the city by Miami Marine Exposi- tion Inc. — the only firm that sub- mitted a proposal by yesterday's deadline. A number of other firms had shown interest, including Walt Disney Productions, but they didn't submit a proposal. Miami Marine is a joint venture of John K. Meyer, president of First Miami Development Co., and Bernardo Fort -Brescia, president of Arquitectonica, a highly praised architectural firm that has de- signed several Brickell Avenue buildings. Miami city commissioners yes- terday, after learning of the bid, declined to extend the submission deadline, although they had been requested to do so by several po- tential bidders, including a Chica- go investor, A.N. Pritzker. "It's terrific, dynamite," Miami Mayor Maurice Ferre said of the bid. Ferre, who has long champi- oned the development of Watson Island, located at the west end of the MacArthur Causeway, added, "It's water -oriented and will make Miami the marine capital." The lack of amusement rides, said Ferre, might diffuse opposi- tion. Miami Marine also is proposing to develop a 90,000-square-foot re- tail area and two waterside restau- rants on the 87-acre island. They and the 300-room hotel — not to be taller than 57 feet — would be on the island's southerly portion. The exhibition hall, which would be for marine craft, would be on the northern portion of the Island. "' The boat slips would be located all around the island, he said. Attorneys Arthur Teele and Ronald Shapo, representing the developers, said the existing ten- ants on the island would remain, although there possibly would be some relocation. Shapo said plans call for trying to provide minority contractors with 30 percent of contruction work and providing minorities at least 30 percent of the permanent jobs. Meyer, who estimated the proj- ect cost at $130 million, said the bid offers the city an annual mini- mum payment of $100,000 or 2 percent of gross revenues. The company is proposing a 99-year lease. The city v ill be appointing a committee of private and govern- ment leaders to review the propos- al and make a recommendation to the city manager and the commis- sion by the end of March. r By B fferald W cente woul Insid checl to lot a sto props islant Marit capita T1 Gabb imag as a A husb and with as a Intel wau the �i�.mi Kerala Suncla%, 1larch 1n, I9s.i Mu..., u4: a.-�-.1��-` �YK3`/Z r'i•�9, ri.;.:4 �� _�.'.1.,•+ ._ t... 'y `^.. ..J-f� • __. _ ` - t J� �rtl'•►W'I = ��^ :1 ��'�'t a•e• � ti���hR'7 s'•`.�i�.i pia sa . .... � y_ �_ _ /fir. :.1Y%:.%�, + , ��_ �' �r.�—►.y�,t�_ �- ': 4 The latest plan for Watson Island calls for 299 boat slips and 4,500 parking spaces. Watson Island proposal too much of a good thi ng By BETH DUNLOP Herald Architecture Critic • Cruise ships glide by on their way to points afar. Seaplanes splash down and helicopters hover overhead. On a sunny Saturday, small boats encircle Watson Island. It is 87 bedraggled acres. dirt and scrub, and yet it is Miami's jewel, in a way — an island between downtown Miami and Miami Beach overlooking the seaport and the city skyline. Watson Island is also Miami's last piece unclaimed, undesigned urban water- nt, and as such it is bound to be a t.,introversial place. The mayor of Miami, Maurice Ferre, wants Watson Island to be a theme park, a tourist attraction, That, • historically, has been an unpopular idea. but It has nonetheless prevailed over bureaucratic, legal and political opposi- tion. On Tuesday, a panel of private citizens and public officials will examine a proposal to turn Watson Island into a giant marine exposition center, In essence a permanent boat show. The committee i*ill have a difficult task. For starters, there is the still unan- swered question of whether to build on Watson Island at all — and that Is a ;question that must be addressed, even - in the face of this proposal. I admit to .coming into this with a bias toward doing 'very little on Watson Island, in the belief that some parts of this overdeveloped city Should simply be left alone. I find great eleasure in Watson Island's impromptu pkture, Its unself-consciousness and even Ji its frayed edges. a. Engaging idea •-� Yet I also am engaged by the exposition center Idea and its architec. ture. The proposition by Miami Marine Exposition, Inc. — a joint venture of developer John K. Meyer and the princi. pals of the Coral Gables architecture firm Arquitectonica — came in response to the city's call for proposals for Watson Island. It would include a vast canvas -roofed, open-air exposition center, a 300-room hotel, docking for 299 boats and parking for .1,500 cars. The idea is ambitious, and the architec- ture is splashy. Altogether, it is a better proposal than the city — for its misbegot- ten idea of turning Watson Island into a theme park — deserves. It shows an understanding that Watson Island, if its destiny is to have anything to do with its history, must be devoted to air and sea transportation. There is a great scenic advantage in 0"l�e Miami Kerala Friday, March 1, 1985 Watson design stresses the nautical By BETH DUNLOP Herald Architecture Critic Watson Island's proposed marine exposition center would have a white canvas root that would rise aloft like a regatta of sailing ships. Inside, boats would be displayed on a checkerboard -patterned deck amid palm trees to look almost as it they had washed ashore in a sNm. ges abound in the architecture of this propusal to turn 87 mostly dusty acres of island into what the principals of Miami Marine Exposition Inc., envision as the boating capital of the world. The architects, the widely renowned Coral Gables firm of Arquitectonica. chose the imagery to make sure this island is perceived as a place devoted to pursuit of the nautical. Arquitectonica — the partners are the husband -wife team of Bernardo Fort -Brescia and Laurinda Spear — are business partners with developer John K. Meyer in this venture. as well as the designers, so imagination and Intellect have been granted a free hand here. Thus a pink hotel undulating along the water's edge, conceived as a kind of homage to Review the artist Christo, who wrapped a dozen Biscayne Bay Islands in frangipani -pink poly- propylene for a fleeting few weeks in the summer of '83. The plan envisions two restaurants, one on the north shore and one on the south. Both would perch far out over the water's edge to give a sense of being on the prow of a ship. The institutions of Watson Island — the Japanese Garden, Chalk's Airline, the heliport. Miami Outboard Club and the Miami Yacht Club — would all stay put, although under this plan the venerable yacht club would have to be relocated. In the proposed design, there would be a perimeter roadway to allow autos to circum- navigate the island and a walkway dotted with bayside benches and decorated with sculpture and other artworks. Fort -Brescia envisions this as a kind of "cultural vita course, where you can drive, walk, stop, look at the art, then look at the view." There would be two other major pedestrian paths through the island. One, a fanciful formal garden, would cut a 50-foot-wide swath through the island. It would be what the architects call "a series of garden rooms showing the history of flora in Florida." Visitors to Watson Island could parade through an orange grove, then sawgrass, then coconut palms, among others. The other, conceived of as a "water garden," would begin in the lobby of the pink hotel and end as a lagoon in the center of the giant marine exposition center, meandering in between them through acres of parking. In fact, all that parking poses the primary weakness of this plan. Even though 20 acres are devoted to park and park -like activities, parked cars will sprawl across the island. Meyer and Fort -Brescia are conscious of this, though, and say they are endeavoring to minimize both the visual and actual impact of the parking lots. Any effort in this direction is worth it; there's far too much good seeing — the skyline, the ships, the planes, the helicopters — on Watson Island to let it become a sea of parked cars. s Ttw 144&ami News Tuesday Afternoon, April 16, 1985 r Impact of Watson Island project called 'substantial' aILL GJEBRE M1@M1 N@" R-PWg The marine -oriented complex proposed for Watson Island "will generate substantial eco- nomic and fiscal impacts," ac- cording to an updated report by a consultant for the firm that is proposing the project. The report by Laventhol & Horvath was done for Miami Marine Exposition Inc. and pres- ented to Miami city officials yes- terday. Miami Marine was the sole bidder making an offer to the city for development on Watson Island. The firm wants to build a 500,000-square-foot, tent -like marine mart exhibition complex; a marina to accommodate 299 boats initially and an additional 700 in the second phase; a four- story, 300-room hotel, with 200 more rooms added in the second phase; a 90,000-square-foot re- tail area that would include sev- eral restaurants and 4,500 parking spaces. An earlier report by Laventhol and Horvath on behalf of Miami Marine Exposition said the proj- ect would be economically feasi- ble. A review committee is scheduled to evaluate both re- ports April 23 and 24. Details listed In the report yes- terday included: ✓ Construction — $108,657,- 000 total costs of phase I and 11, with $70,627,000 for construc- tion, labor and benefits, and $38,030,000 for materials. ✓ Operation impact — cre- ation of 1,021 full-time jobs, beo with annual salaries and wages totaling $14,649,000. ✓ Hotel room tax — $403,000 annually. ✓ State sales tax — $3,932,- 000 a year, based on projected gross sales of $78,648,000. ✓ Marine mart — total gross revenues are expected to be $6,- 057,000 in the first year of oper- ation (1989). increasing to about $15,184,000 in the loth year. Operating expenses are project- ed at $1,892,000 for the first year and $3,197,000 in the loth year. ✓ Marina — total anticipated revenues in the first year (1989) will be $3,024,000, with costs and other charges expected to total $1,836,000. Both revenues and costs would gradually in- crease until the loth year when revenues would reached an an- ticipated $19,690,000, and costs $10,928,000. ✓ Hotel — total hotel rentals and related revenues in the first year are projected at $11,115,- 000, with anticipated expenses and costs expected to be $8,467,- 000. Revenues and expenses would gradually increase and would reach $34,409,000 and $22,986,000 respectively in the loth year. ✓ Retail — total revenues are projected at $2,469,000 in the first year, with expenses expec- ted to be $349,000. ✓ Parking — total revenues In the first year are projected at $1,336,000 compared to antici- pated expenses of $945,000. r The proposed Arquitectonica design for Watson Island A marine park for Watson Island Project would have boat exhibit, restaurants, marinas By PAT BRODERICK Although Miami Marine Ex- position, Inc. was the sole ap- plicant to respond to the City of Miami's Request for Proposals to develop Watson Island, its selection will not be automatic. The firm's proposed $128 million project may lack competition, but won't lack for intense scrutiny from a city -appointed review committee, the Miami Com- mission, and the Florida Cabinet, acting as the Land and Water Adjudicatory Commission, \%hich will study the proposal to make sure the state will not be herd financially liable if the project fails. John Gilchrist, assistant city manager, said that if the proposal is rejected, the city would have to be the process all over again. -Watson Island clevelopnlent pla,., to be executed by First Miami Development Co., project developer, in conjunction with the innovative architectural firm, Arquitectonica International Corp., Coral Gable%, calls for: -- A 500.000"1,11.-11. open-ait c\posilion hall, covered ,%nh a lenl- like leflon-coaled fabric, housing: a permanent hued .darn%. This "ill hou%c displa}s ol' major national and inlernalional nunnlfaclntcl :Intl Ihcir supplies. Addilitnrll space \%ould he :nailablc for cullmal u%c, including \%alcr displays, an aanphithcatre and water -oriental dctttowtralions. Parking would be provided I'or 3,000 vehicles, three-quarters ol'thc spaces contained bencatli flecks. The proposal includes a possible expansion to 4,500 vehicles. %%ith government approval. Air con- ditionitlg is nog considered necessary, because the building would be designed Io funnel southca%t breezes into the hall. An opening to the sky would allo%% hot air to escape. ,'We wanted 10 lake advantage of the tropical setting and the breezes." said John \lever, president, First Nliami Develop- ment Co. "We can save $2 million in energy costs this way." — A marina, constructed on both sides of the island, would nffer 299 boat slips, will' The proposal includes a possible expan%ion to 1,000 slips, again pending government approval. The southwest basin would be designed to accommodate yachts up to 200 feet long. The north and northeast marinas would be for smaller craft up to 45 feet. A centrally located marina is propo%cd for displays of large craft by boat manufacturers. — 70,000 sq. ft. of boating - oriented retail support facilities, which would mark the main en- trance to the hall. Two major restaurants are planned, one across from the retail center, with a panoramic view of the marinas. It would contain 10,000 sq. ft. of interior air-conditioned space, and outdoor, covered dining tcrraces. The other restaurant would be located at the southern end of the island, %Sigh a view of downtown and the port. It also would have 10,000 sq. ft. of interior air- conditioned space, and dining terraces overlooking the bay. — A marina hotel with tennis courts, swimming pool, convention facilities, retail facilities and .1. 1W overlooking the cruise ships and drn%nto\%n \luami. -- T\k'cnt\ acres learttring a "Board%%.4 of the Americas" and cultural e\hi[its from other countries, pos%ibily marinc- oriented. A Iran would pro%ide ride% around the entire island. Also planned is a 25 fool-\S ide pedestrian waterfront walk%%ay along the perimeter of the island. — Chalk's International Airline, a Miami hydroplane landmark, \kould be relocated to the cast of its prc%ent location; the helicopter lernlinal \kould he relocated north of the chills',, terminal; the Miami Yacht Club would be moved next to the \liami Outboard Club, which \\ould be kept in its present loc:lnon, as %%ould the .lapane%c Garden; it nc%% Watsoll Island Yacht Club [will on the southsidc marina, west of the hotel; and the hi,toric lb(mn house rcoorcd.to ,e\'c ;t, the (lock master's offices. include pro%i%ion% for \kaier la\IS, conncclitttt Stich \I4ltlti %%atcr-orlctlled atlraclions it, Ke\ Ifi,cavne, \Nandi (leach, and the planned Ilay%ide Specialty C'entcr. Richard 0ISen, c\ccttli%c %icc- plesidcnt of ( halk's• recently ntct \kiIll :I representative of ArfluiIccIo11ica. "It'% the I'irsI opporuuuly I've haft to ha\c it close up look at the plan,.' he said. "I Ihink this plan makes the nio%t sense of any to date." 1 he water theme fit% in to e\crything ;\Miami represent%," he said. "And I Ihink the parking planned \%ill he more Than aftequate." \\'h;tt aboul the increased traffic and congestion'? "It doc%n't appear to present a problem," he said. "A tllcnte park would have [cell well worse." Bill wan, general manager of C'halk'%, said he has yet Io sec the plan, but has reservation%. ,"Tile marina is a good concept, hill •I major fleveloprrlenl with a hotel could lake away the beauty alld all the congestion could hurt us," he said. "This i% one of the few places \vhcre you can conic and un\\'ind. Nobody likes Io be pushed around by big crowds." "As far as being relocated, is the developer going to pay for it?" he asked. "it would be a very ex- pensive move." 1 L The 1%N__M1 news A Cox Newspoper - March 24, 1985 40 Pages Planners say Watson Island project will extensively involve minorities BILL IGJEBRE "low bM no wlw Minorities will have extensive •construction, employment and ownership opportunities in the proposed $128 million Watson Is- land project, officials of the com- pany proposing the plan said to. day. Teele, attorney for Mi- Imi Marine Exposition Inc.. said 0 percent to 40 percent of the construction contracts will go to minority subcontractors and an equal percentage of the 1,000 per- manent jobs to be created would also go to minority employees. In addition, Teele said, the firm Intends to set aside 15 percent of t the project ownership to minori• I ties, with about half of that going I to individuals and the other half to community -based groups. Teele and Miami Marine Off- class made the comments while outlining the firm's proposal to a city -appointed committee review- ing the project. wor 441. The committee of private and government officials will make a recommendation to City Manager Sergio Pereira on whether the city should negotiate a contract with Miami Marine. The company is proposing a project that includes, in the first phase: a 500,000-square-toot, ten- tlike boat exposition area; a 299- boat marina; a 300-room hotel; a 90,000-square-foot retail area to Include several waterfront restau- rants; and a water -taxi service from the island to the city's pro- posed Bayside specialty center in Bayfront Park. In his address to the city, Teele said the project will create a "world -class marina." lie added, "We believe It will upgrade an un- der-utilized area." Teele said that the development team has met all or most. of the major criteria required by the city when It sought bids from develop- ers. Miami Marine was the only bidder. City officials also received a pre- liminary report from the account- ing firm of Touche Ross & Co. which made a financial analysis of Miami hl9rine's proposals. The re- port gave the firm 73 out of a pos- sible 100 points, but said Its report was incomplete and expected to supplement it with information on the market analysis. and economic feasibility of the proposed devel- opment. Teele said he expects the compa- ny to receive an even higher grade In Its subsequent evaluation be- cause Miami Marine was not cred- ited with several aspects of Its proposal. He said the firm would receive extra points once It sub- mitted its financial statement. According to the Touche Ross report, Miami Marine will make an "equity contribution" of $38.2 million, covering the amount the company Itself will give.for the project. The report added that "no financial dependence on the city is indicated." Chalk's is in an unusual position as a user on the island. Since it located there in the'20s, Mr. Olsen said, there has been no lease agreement with the city, as there is with the other businesses. Chalk's, he said, does not pay rent to anybody. "We've always cooperated with the city since day one," he said. Does this mean he'd be willing to relocate the business? "I never cross a bridge until 1 get to it. But if we do agree to relocate, the developer would have to pay for it. There could be a problem il' vc do move, though. It could change our status with the city." Mr. Meyer said he has contacted all of the businesses that would be affected by the proposal. "In most cases, we'll be responsible for the expense of relocating," he said. "But we haven't worked out life details with Chalk's 1-cf." He explained Ilr,i; if the proposal is approved, "The city could remain the landlord, \sc would become a tenant of the island, alld we would sublease to the other users." What if a user objecn to moving? "They wouldn't he in a position to say no," he said. "fill[ I'm sure we'll be able to work it all out." Financing for the project would not involve oily funding, but rather is expected to include a mix of private capital investment and loans, tax 1'rce revenue hotuds, state and federal funding, including IIrh;t11 1)exclupntew Actions (iranls from the U.S. I)eparlment of Dousing and Urhan Devclop- Incnl (DIJI)), lease income and convcnlional bank financing. Projected annual net operating income, hclore debt servicing and income la\es, k c,timated et $l 1.4 million. l-his includes: -- Ilolel: (,In„ le%cnue. togelhct \\ilh Income slob all other ,hct;tlional ,mlice" e,tnr;ued al $40,000 pet n,tlnr, aith operating co,[, ;r\craginc 75 per Celli t1! lctcnuC,, for a total S5 million annual nct opetating incollic. - \I'llina,: / %clage slip re\enitc, Including! 1ndilecl rc\cnues front docking opewIit'll $3,500 a year, olletmvip oisl, 44 pet cCtll of Ic\.'1111C, Ior ,t Iot;r) oil S1.9111illion. — Retail: lclail tcnull roles for prime \lsuni Iocanons, incltnhtle t\alcr+isle tcsldutaltls, average S25.00 pet square tool, wllh 25 per cent tit pioss to ether operating C\pcnse,, for it total $I .6 trillion. — Boal C\prniliort hall: Scvcnl\- I'i\e per ccnl of maul ,pace at the hall is occupied permanently at $15 a square foot, \\ilh 50 per cent of re\cnue ahsonccd h\ operating C\pellses, 25 per cent of space transitory and htcalc\cn, for it toull S2.9 million. 1 he lea,c conid run Ciotti 4n to 99 years, dcpcndinc 1111 the tetfuircmenls of the financiers, \Ir. (iilcfrisl c\plained. the city \\tnlld he guartntecd a minimum of S100,000 pet yc;tr hl'glnllillC al the cnd of the first full ycal of operations, and escalating annually by five per ccnl or the increase in the Consumer Price Indc\, �� hichc\ ct i, IYss. The cily's share of gross revenue \\ould be 1\vo per cent, beginning in the second full year of operations, whichever is greater. Minority participation %%ill in- clude 36 per cent of *tile sub- conslractors, a significanl portion of the management scants and at least 30 per cent of permanent employment opportunities. The developer expects to raise the majority of ethnic equity outside Miami. "Willi life magnitude of this project, it's not realistic to raise that sorl of money within the city," Mr. Meyer said. Mr. Meyer of Mianli Marine E\position, Inc., and Bernardo Fort -Brescia, Arquiiectonica, listed as director/secrclary, holds equal shares in Miami Marine Exposition Ire. There arc no other shareholders at this time, Mr. Meyer said. Miami Marine Exposition Inc. The review committee Miami Marine Exposition, Inc., the company recently formed to develop Watson Island, includes the following principals: — John K. Meyer, president, First Miami Development Co., 1 SE 15th Rd. (Another team headed by John K. Meyer recently was selected by the citizens review committee to redevelop the historic Fire Station No. 4, 1100 South Miami Ave.) A graduate of Georgetown University Graduate School, Mr. Meyer was in the management development program at Harvard Business School. He spent seven years with Exxon's treasurer's department and five years as a chief financial officer and executive vice president of the Stadler Corp., a diversified Dade County real estate firm. He chairs the Economic Development and Coordination Committee of the South Florida Coordinating Council and is on the board of Homes for South Florida, a non- profit organization to foster economic growth in inner•chy areas. — Bernardo Fort -Brescia, a foundig principal with Arquitectonica International Corp., 4215 Ponce de Leon Blvd., Coral Gables, architecture and planning. Mr. Fort-Brescia's local projects include The Square at Key Biscayne, 260 Crandon Blvd.; The Palace, 1541 Brickell Ave., The Atlantis, 2025 Brickell Ave.; and the Decorative Arts Plana, at Ponce de Leon and Aragon, Coral . Gables. The award -winning firm, founded in 1977, is internationally known for innovative design. — Arthur E. Tecle, Jr. and Ronald A. Shapo of Sparber Shevin Shapo and Heilbronner, One SE Third Ave.; Alberto R. Cardenas, Broad and Cassell, Miami, co -general counsel. — George Botner, Sasaki Associates, 353 Alcazar Ave., Coral Gables, landscape, marine, civil, and environmental engineering. The firm's marine/harbor projects include Charleston (S.C.) Waterfront Park; Long Wharf, Boston; Milwaukee Lakefront and Summerfest Development; and Sea Pines Plantation, Hilton Head Island, S.C.- - John C. Harrison, Jr., M.R. Harrison Construction Corp., 5820 Blue Lagoon Drive, Miami. The firm's projects include Miamarina, Miami Beach Marina, Reflections on the Bay and Ziegficld's. — David S. Plummer, David Plummer and Associates, Inc., 4225 Salzedo St., Coral Gables, traffic planning. — M. Chase Burritt, Laventhal and Horvath, 201 Alhambra Circle, Coral Gables, market analysts and feasibility con- sultants. Members of the committee to review the proposed development at Watson Island are: Carlos Arboleya, vice- chairman, Barnett Bank; Theodore Etzel, vice-president, Bailey and Casey, real estate, and chairman of a Chamber of Commerce sub -committee on Watson Island development; Herb Leeds, consultant for specialty center development; Richard McEwen, retired board chairman, Burdines; William D. Parkhurst, board chairman, Ensign Financial Corp.; Dan Paul, attorney, Clyde Pettaway, administrator, James E. Scott Community Association; Ralph Sanchez, producer of the Miami Grand Prix; Richard Taylor, attorney; Roger Carlton, executive director, Department of -`1 i on Off -Street Parking; Donald Cather, director, Miami Public Works Department; Annette DeLara, economic research supervisor, city manager's office; Roy Kenzie, executive director, Downtown Development Authority; Adrienne Macbeth, assistant to the city manager; and Sergio Rodriguez, director, Miami Planning Department. Former City Manager Howard Gary had submitted another slate of names to City Commission last year. David Weaver, developer, was designated chairman of it, but later resigned. "He didn't think his presence would be advantageous to the committee," Mr. Gilchrist said. The new committee includes some members from the original committee plus other members, 0 w and Daily i review Vol. 59 No. 210 Wednesday$ April 10, 1985 National Newspaper Association award winner: Best Business and Economic News Miami Marine complex approved by accountants Artist's conception shows the completed Marine Exposition Center at Watson Island A $128 million marine complex proposed recently to the city of Miami has received a strong endorsement from the national accounting firm of Laventhol and Horwath. The marina, hotel, marine mart, shops and restaurants for the proposed Miami Marine Exposition Complex on Watson Island 'would represent an important regional attraction. Watson Island, by virtue of its location and physical attributes is uniquely well -suited;' according to the detailed 41-page market study. The $128 million project is a joint venture of First Miami Development Co. headed by John K. Meyer and Arquitectonica International Corp., whose principals are Bernardo Fort -Brescia, AIA and Laurinda Spear, AIA. The Laventhol & Horwath survey said, "the proposed project offers an excellent opportunity for enhancing the city's waterfront amenities and increasing opportunities for public enjoyment. Included in the plans for the 86.7-acre island are a 300-room, four-story hotel; a 299-slip marina expandable to 1,000 slips; a 500,000-square-foot marine exposition center and another 90,000 square feet for restaurants and marine -related specialty shops. South Florida s preeminence as a boating capital of the world lays a solid foundation for the successful estab- lishment of a marine theme park here, according to the Laventhol & Horwath study. The report pointed out what it called the "significant overall growth over the past five years" of the recreational boating and marine products industry which, it said, would make the pavilion -like marine mart a year-round attrac- tion as a one stop permanent showroom for both dealers and the buying public. Laventhol & Horwath said that "substantial expres- sions of interest in obtaining space in the (exposition center) were received from key segments of the industry:' It also predicted that the retail space in the marine theme park would be fully leased by the end of the first year of operation of the complex. The accounting firm also said it believed the 300-room hotel planned for the project could be a major support element for the marine theme park. The report said it would draw 34 percent of its trade from tourists, 23 percent from commercial travelers and 42 percent from group reservations and others. The study also predicted a 70 percent occupancy for the hotel by the end of the first year's operation. Major Florida boat dealers in Dade, Broward and Palm Beach counties had an average sales volume per estab- lishment of $889,000 compared to a national average of $696,000 in the most recent year for which figures were available, the report found. The marine -oriented nature of the region is evidenced, according to the study, by the fact that 40 to 60 percent of boats 26 feet to more than 110 feet long registered in the state of Florida are owned in South Florida. • - South's Largest Black Weekly ABC-Circulation.40 •:..' _ - _ _Serving Greater Miami Since 1923 ' - _ .. Zempore Mummur Et Nos Muternur In Bits � .25c uses 341 • 360 ti•-./ - : ' _� OUTSIDE DADE 30 CENTS VOLUME 63, NUMBER24 MIAMI, FLORIDA, THURSDAY, FEBRUARY 20,1996 52 PAGES. ;1 � n� Island.,:'-Develo ors Begin To'Woo Bhicks`.,--,_. By Starla Vaughns Miami being one of the fastest growing cities in the - Southeast, it is no wonder the ' City of Miami will begin development of one of its natural resources called Wat- son Island. Originally planned to be an amusement park and after 10 vears of on -again off -again . plans for development, the ci- ty has signed developer John K. Meyer of First Miami Development and architect' Bernardo Fort -Brescia of Ar- quitectonica in a joint venture, under the concept of Miami_ _ Marine Exposition, Inc. JOHN A. HALT. Miami is also one of the - - mostethnicallymixedcitiesin that the developers make an the Southeast, and it was early effort to recruit an ex - essential the developer plan perienced manager in minori- for- minority participation in ty participation and im- thr•business venture. plementation. -Not taking chances, Miami "Our minority participation Marine Exposition has started plan is a unique one. We are three years prior to opening to requiring the submission of pave the way for smooth and .pre•bid qualifications, said significant minority participa- Hall; "This will enable us to tion,. signing John A. Hall of possibly match entrepreneurs the Urban Development Cor• in joint ventures-, having them poration of Greater Miami. to apply early is one of the most develop the minority par- critical factors in awarding ticipation plan. • construction contracts on Hall says it is a key point large jobs. The more informa- e tion the general contractor cording to a study done by ac- has, he is better able to counting firm Laventhol and breakdown the subcontracts HorwaUL . . into managable levels for Plans call for a 500,000sq. ft. minority firms." marine exposition center, - The $130 million project is 90,000 sq. ft. in retail space, expected to be fully completed two major waterfront by the year 1995. Phases one restaurants, a 300 to MO -room and two combined are ex- hotel, an expanded 300 to 1.000 pected to generate about slip marina, and an 88.7 acre $198.1 million in construction extensively landscaped theme cost,1,000 permanent jobs and nearly BOB temporary jobs, at- Continued on page :• i -- THE AUAMI TIMES — Thursday, February COI 19$6 - Developers- Woo -'.Blacks.'. Continued from page i park-, Existing facilities `on Vat - son island, such as the Chalk International Airlines,, Heliport, the city's Japanese Garden, an outboard and yacht dub, an early Miami mansion, and the Brown House, all will be renovated and retained in their present locations. The six-month pre -bid qualification period is not only an information clearing pro- cess, but: will also enable con- tractors who qualify to apply for the bond guarantee fund. The bond guarantee fund will increase up to 25 percent a contractor's already existing bond..,",- - This will boost the ability of minority contractors to qualify for larger jobs. . Two other unique qualities in the minority participation program are its 15 percent -equity participation, and joint - venture training program;. This 15 percent equity is not limited to single equity owner- ship, but also includes community -based organize - Lion ownership. This could be an excellent opportunity for minorities to combine resources and own a piece of Watson Island, the developers fed. Hall is excited about the op- portunities presented in the development of Watson island. He is not a novice in planning minority participa. tion programs. He has worked with Metropolitan Atlanta Rapid Transit -Authority, NTA of Houston and the Pennsylvania Avenue Development in Washington - Because there are relatively no Black owned marine - oriented businesses in Dade County, Hall's expertise was especially needed and the developers are assuring there will be a minimum of five joint ventures within the Watson Island exposition center. The Developers have com- mitted themselves to establishing a special en- trepreneurial training pro- gram to train 30 Black and Hispanic entrepreneurial can- didates over a three-year period." Also through Dade County Public Schools, the minority participation plan calls for vocational adult training in hotel and food service trainees. Minorities throughout Dade are targeted to learn and gain employment through this opportunity. Many of the minority par- ticipation components of the Watson Island Development have not been solidified. They are still pending approval by the city commission, which is expected to finalize the plan by Feb. 271h Hall is optimistic about the outcome. - - - "The developer has taken great pains to plan for the special characteristics of ­ Dade County's minority com- munity," hesaid. "We know it is difficult but we will stretch to get minority participation. goals up to 30 to 40 percent of construction contracting, 45 percent retail leasing, 25 per- cent of the exposition hall leases, 51 structio employe equity o cent of ej go to Bia Hispanic r MARKET ANALYSIS MIAMI MARINE EXPOSITION COMPLEX AT WATSON ISLAND MIAMI, FLORIDA APRIL 1985 Laventhol &Horwath 201 Alhambra Circle Coral Gobles, FL 33134 cxrtffied PubBc AocovrOM (305) 442.2000 Telex: 264822 April lr 1985 Mr, John K. Meyer First Miami Development Co. Miami, Florida This report summarizes our preliminary. market findings pertaining to the proposed Miami Marine Exposition Complex. It is prepared pursuant to our discussions and scope of services as out- lined in our confirmation letter dated March Sr 1985. The report includes a brief summary of major conclusions regarding potential market support for the project and its prin- cipal commercial components. Following the summary of conclusions, a project description and site analysis are presented. The balance of the report summarizes our findings regarding the boat and marine related products industry including, boating and water -related rec- reational activities on national, state and regional levels. The results of our interviews with boat manufacturers, boat show promot- ers, regional boat dealers and brokers, accessory retailers and .": other marine -related companies are also summarized. For the hotel, marina, and retail components of the Complex, comparable and com- petitive properties in South Florida and the nation were surveyed. Operators, management companies, marina dockmasters, leasing agents and developers were contacted. Data compiled and analyzed to sup- f: port our preliminary conclusions are provided in the Appendix sec- `- �Y tion of the document. in accordance with our engagement letter, .we did not as- z.: certain the legal and regulatory requirements applicable to this project, including zoning, other state and local government regula- tions, permits and licenses. No effort has been made to determine the possible effect on this project of present or future federal, state or local legislation, including any regarding environmental =r or ecological matters. Ok 1 The report is based on information developed from research of the market as of April 1, 1985, knowledge of the industry ,and meetings with you during which you provided us certain information. The sources of information and bases of the estimates and assumptions are stated in the body of this report. We have no responsibility to update this report for events or circumstances occurring after the date of this report. A member of Horwath be Horwach Ince.macional with affiliated offices worldwide. U Mr. John K. Meyer First Miami Development Co. -2- April 1, 198S The accompanying projections are based on estimates and assumptions, which are stated in the report. Some assumptions inevitably will not materialize, and unanticipated events and cir- cumstances may occurs therefore, actual results achieved during the projection period will vary from the projections and the variations may be material. The report and projections included herein are prepared for your information and for use in connection with discussions with governmental officials involved with the review of the proposed project and an application for financing the proposed project. They should not be relied on for any other purpose. Neither the report nor its content may be teferred to or quoted in any loan or other agreement or document without our prior written authorization. s Mr. John K. Meyer First Miami Development Co. -2- April 1, 1985 The accompanying projections are based on estimates and assumptions, which are stated in the report. some assumptions inevitably will not materialize, and unanticipated events and cir- cumstances may occurs therefore, actual results achieved during the projection period will vary from the projections and the variations may be material. The report and projections included herein are prepared for your information and for use in connection with discussions with governmental officials involved with the review of the proposed project and an application for financing the proposed project. They should not be relied on for any other purpose. Neither the report nor its content may be teferred to or quoted in any loan or other agreement or document without our prior written authorization. K=f., Mr. John K. Meyer First Miami Development Co. -2- April 1, 1985 The accompanying projections are based on estimates and assumptions, which are stated in the report. Some assumptions =f inevitably will not materialize, and unanticipated events and cir- cumstances may occurs therefore, actual results achieved during the projection period will vary from the projections and the variations may be material. , The report and projections included herein are prepared for your information and for use in connection with discussions with governmental officials involved with the review of the proposed project and an application for financing the proposed project. They should not be relied on for any other purpose. Neither the report nor its content may be referred to or quoted in any loan or other agreement or document without our prior written authorization. . I /" ,, e. " e /"; 9t W a; e. C MIAMI MARINE EXPOSITION COMPLEX AT WATSON ISLAND0 -1- PRELIMINARY MARKET ANALYSIS INTRODUCTION We were retained by First Miami Development Company to analyze potential market support for key components of a Marine Ex- position Complex proposed for development on Watson Island. The de- velopment concept, program and phasing plans were defined by First Miami Development Company. This report presents, in summary form, conclusions drawn from research and analyses we conducted to determine the extent of market support for the project and the major components. Analyses and conclusions presented herein provide the bases for preliminary projections of project financial performance and economic impacts which are addressed in separate documents. Detailed reports ad- dressing market and financial assumptions, estimates and projec- tions for each component will be prepared prior to project imple- mentation. Research tasks and methodologies employed are variously described throughout this report. We utilized the most current statistics and source data available in each subject area included in our analysis. In -some cases, 1984 statistics were available, and in some cases the most current information was for prior years. -2- SUMMARY OF MAJOR CONCLUSIONS Based on our research and analysis, we believe that there is strong market support for the Miami Marine Exposition Complex and the major components that are integral parts of the Com- plex, at Watson Island, Miami, Florida. The proposed development program includes two phases. The first phase includes a 500,000- square foot Marine Mart and 299-slip Marina with a supporting 300- room first class Hotel and 90,000 square feet of marine -related specialty shops and restaurants. The second phase, as proposed, in- cludes a 200-room expansion of the marina -related hotel and approxi- mately 700 additional marina slips. The following paragraphs summar- ize key supporting conclusions. The site of the proposed Complex, with its central location, direct access to the City of Miami and points in South Florida via interstate roads, and excellent visi- bility are supportive of the proposed project. Given the Watson Island loca- tion, the proposed project offers an ex- cellent opportunity for enhancing the City's waterfront amenities and increas- ing opportunities for public enjoyment. Florida is a leading State in the re- creational marine and boating industry and predominates in several categories. In 1982, Florida was ranked number one of all states in the total number of boat builders and repairers. It was one of the.top states in the number of boat dealers and in related retail sales, out -performing the national average of gross sales per establishment in 1982. Major Florida boat dealers had an aver- age sales volume per establishment of $889,000 compared to the national aver- age of $696,000. h - 3 - South Florida, the immediate market area of the proposed Complex at Watson Island, significantly contributes to Florida's leading national role. In eight of nine major industry categories, South Florida predominates. According to i984 statis- tics, it contributed 47.4 percent of the state's total in gross sales of motor- boats, yachts, accessories and marine parts. Major South Florida boat dealers and marine retail establishments in the three counties exceed the State's high sales volumes per establishment. South Florida is characterized by a high income, water recreation -oriented popula- tion with a high ownership of boats, fea- tures which are supportive of the proposed Marine Exposition Complex. The region had ' an estimated 39 percent of all registered boats that are 26 to 40 feet long, 42 per- cent that are 40 to 65 feet long, 62 per- cent that are 65 to 110 feet long and 61 • percent that are over 110 feet long in 1984. In the region, Dade County predomi- nates in the size categories of 26 to 40 feet long and greater than 110 feet. Dade, Broward and Palm Beach Counties, com- prising the South Florida region, show steady rates of growth in population, employment, income and retail sales, which are support- {Y ive of the proposed Complex. The region sur- x,='' passed the State's median amount per house- hold in household income, effective buying IW:. !, income, total retail sales and sales in eat- ing and drinking places. The proposed Marine Mart component, which would function as a year-round marketplace for boats and marine -related products, is ,a considered to be conceptually viable based a on merchandising trends evidenced in this industry and the magnitude of the recrea- tional boating industry and marine industry in South Florida. Substantial expressions „k of interest in obtaining space in the pro- posed project were received from key seg- ments of the industry. -4- The proposed 299-slip marina planned to open in 1989, with the possible expansion of an additional 700 slips by 1992, is market sup- portable. The Complex and residents of the region will generate sufficient demand for the marina. Potential users include: dealers and brokers, who will be tenants of the Trade Mart, visitors to the marina -related hotel and retail components, as well as boat owners, particularly residents of Dade and Broward Counties. The proposed first phase 300-room hotel, with planned 200-room addition, will be an in- tegral part of the marina as well as a crit- ical component in establishing the overall Complex as an international center for boat- ing and the marine industry. Assuming a 1989 Phase I opening concurrent with the opening of other components of the project, a 70 per- cent occupancy is estimated upon stabilization with an average room rate of $65' (1985 dollars). The proposed marina -related retail component of 90,000 square feet will include two 10,000- square foot restaurants. It can be anticipated that there will be significant pre -leasing of this retail space at $22.50 per square foot (in 1985 dollars), with the space being fully leased by the end of the first year of opera- tion of the Complex. In summary, we conclude that Watson. Island by virtue of its locational and physical attributes is uniquely well -suited for the proposed Complex. The site's location within one of the nation's major concentrations of recreational boating and marine products merchandising activity, coupled with the availability of both on - land and in -water facilities with direct deep water access and high visibility afford unique opportunity for the proposed development. The key components of the project are considered highly interdepen- dent. Our conclusions with respect to any one component assume integrated operation of all components. Our conclusions also assume aggressive marketing and management of the overall project and its -5- key components by personnel with appropriate experience and success- ful track records. PROJECT DESCRIPTION The proposed Miami Marine Exposition Complex in Florida is a unique concept. The Complex will be a marine -related, mixed - use center including boat and marine -related products, cultural, entertainment and supporting lodging and retail facilities that i will provide public access to Miami's waterfront. Plans for the initial phase of the project defined by the client include a 500,000-square foot Marine Mart, 300-room first-class Hotel, 2990 slip Marina and 90,000 square feet of marine -related specialty retail shops and restaurants. Ultimate plans envision a 200-room expansion of the supporting marina -related hotel and approximately 700 additional marina wet slips. The complex on Watson Island, sited between the City of Miami, an international financial and ' banking center, and Miami Beach and adjacent to the Port of Miami, ' with the highest volume of cruise passengers in the world, will be highly visible and would represent an important regional attraction, i as well as maintain Miami's image as a major world class boating center. SITE ANALYSIS Watson Island, the site of the project, is an 86.7-acre island located between the Cities of Miami and Miami Beach. Given its location and accessibility, it offers an excellent opportunity for a major regional, marine -related complex. r6- The location of Watson Island in Biscayne Bay is excellent. It is directly north of the Port of Miami cruise passenger terminals and is adjacent to the deep channel and turning basin for the cruise liners. This location provides direct access to a deep channel of 38 feet from the site to the Atlantic Ocean. The site is divided'by Interstate 395 (I-395) which pro - video direct access to downtown Miami; Interstate 95 (I-95), the north -south East Coast expressway; Miami International Airport; and major residential and commercial centers in West Dade, Fort Lauderdale, Boca Raton and the Palm Beaches. To the east, I-395 provides direct access to Miami Beach. Development plans for the Complex include roadway improvements to ensure easier accessibility to both sides of the site. Watson Island is also accessible by air. Helicopter and sea plane services are on the Island. Chalk's is the oldest sched- uled airline in the world. In addition, a water taxi service to major city activity centers is also planned as part of the Complex. The Intracoastal Waterway, a continuous waterway along the Eastern Seaboard from the Florida Keys to New Jersey, passes on the west side of the island. Its depth is approximately ten feet with a width of 125 feet. A marina on the west side of the island will be attractive due to the direct access to the Intracoastal Waterway and Atlantic Ocean. A marina .on the eastern side of the island is more limited by depths of six to seven feet and the MacArthur Causeway Bridge, with a 35-foot clearance. The activity level related to the Port and the Intracoastal Waterway is very - -7- high, contributing to the excellent recreational viewing potential of the proposed project. From northern points on the island, the Marriott Hotel and Plaza Venetia are visible to the east and high-rise luxury condo- miniums and single-family homes on islands directly north and to the west predominate. Distances from selected, major points in South Florida from Watson Island are listed below: Miles from Watson Island Downtown Miami 2 Miami Beach 3 Rey Biscayne 7 Coconut Grove 7 Miami International Airport 6 Hialeah 7 Port Lauderdale 32 West Palm Beach 70 Bahamas (Bimini) 55 Site features are supportive of the proposed Complex with the Marine Mart and marina and' marina -related hotel and retail components. It offers an excellent opportunity for enhancing the city's waterfront amenities and providing increased opportunities for �! public enjoyment. -8- 14ARINE AND BOATING INDUSTRY OVERVIEW The recreational marine and boating industry is a signifi- cant economic and leisure time component in Florida and South Florida economies. Nationally, the industry includes manufacturers, dealers and related service firms that directly supply products and services to final consumers. Our research indicates that within the United States domestic merchandising network, the marine and boating in- dustry is unlike other major industries with large wholesale net- works. It is dissimilar to the furniture or apparel industries, for example, which utilize merchandise marts exclusively for whole- saling activity. In the marine and boating industry, international, national and local boat dealers and brokers and other sectors deal I directly with the consumer. This arrangement is supportive of a predominately retail -oriented mart. The major sectors comprising the national recreational marine and boating industry are: Powerboat and sailboat sales. Marine accessory sales. Marine parts sales, and . Marine services, including: financing, insurance, fuel, mooring and launching fees, and club membership fees. • - 9 - in 1984, annual sales for the industry were reported by Boat in -a -Industry Magazine (1985) to be $12.3 billion, a 10.4 per- cent annual compound increase over a five-year period. With the national economic recovery, growth rates have been over 16 percent in 1983 and 30 percent in 1984, indicative of the potential for strong annual sales in the future. The major sectors comprising the industry have demonstrated strong performances. In the powerboat and sailboat sales category, sales of new outboard motorboats have increased 14.6 percent during the 1979-1984 period. The average retail sale value in 1984 was $3,148. For new inboard/outdrive boats the average retail sale in 1984 was $13,352,-a 7.5 percent annual increase over the five-year period. Auxilliary powered sailboats of 30 feet or longer had an average retail sale value of $79,140 in 1984, increasing 6.9 percent compounded annually over the five-year period. The marine accessory sales sector comprises 10 percent •of. all industry -related sales. In 19840, total sales were $1,23 billion. Accessories include: marine hardware, cordage and coatings, electronic equipment, marine controls, trailers and trailer equip - meet, propulsion equipment, heating and air conditioning, sailboat hardware, electrical equipment, •sanitation equipment, pumps and safety equipment. 0 ' -10- Export and import activity in the recreational marine and boating industry contributed over $280 million in 1983, as reported by Boating industry Magazine (1985). The strengthening of the dol- lar and the increasing competitiveness of foreign -built yachts in t the United States market contributed to a 39 percent increase in the value of imported boats in 1983 over 1982. Simultaneously, the dollar has made United States -built boats less competitive in foreign markets, with exports decreasing 37 percent during the same year. The top countries from which boats are imported to the United States are: ` Taiwan Singapore Canada* Italy* France* The Netherlands Great Britain* Sweden Hong Kong Australia Japan *These countries are also the major markets for United States exports of pleasure boats, based on the U.S. Chamber of Commerce (Boating Industry Macazine,1985) The distribution of marine and boating products and ser- vices is based on a national network of manufacturers, dealers, retailers, marinas, and service .companies. In the United States, there are an estimated 11876 boat builders and repairers and 41125 boat dealers as reported by the United States Bureau of the e -11- Census, Census of Manufacturers -- 1982, and Census of Retail Trade -- 1982. At the end of 1984, Boatina Industry Maaazine (1985) reported that there were 5,789 marinas, boat yards and clubs in operation. Boat clubs comprised 1,300 of the total. The total declined in 1984 by two percent from the 1983 total of 5,919. The decline in marinas can be primarily attributed to the sale of marinas for waterfront condominiums and other income property. Florida's marine and boating industry is dynamic and highly 4 competitive in the national market. South Florida significantly contributes to that leading role. In 1982, Florida was ranked number one of all states in the total of boat builders and repairers. In 1982, there were 466 boat dealers in Florida (U.S. Cen- sus, Census of Retail Trade, 1982), or 11.3 percent of all dealers nationally. Repotted sales were over $4.14 million or 14.4 percent i of total dealer sales in the United States. Reported sales in the State have increased 8.9 percent, compounded annually over the 1977 to 1982 period. For major boat dealers and marine -related retail estab- lishments (defined by 20 employees or more), Florida outperformed the national average of gross sales per establishment in 1982. Major Florida boat dealers had an average of $889',000 compared to the national average of $696,000. Among marine -related retailers, major Florida establishments had average sales of $815,000, com- v -12- pared to $781,000 nationally (U.S. Bureau of Census, Census of Retail Trade, 1982). South Florida, comprised of Dade, Broward and Palm Beach Counties, significantly contributes to the high performance levels i of the industry in Florida. i South Florida comprises 47.4 percent of the State total in gross sales of motorboats, yachts, accessories and marine parts. in 1984, the Florida Department of Revenues y reported total gross sales in Florida to be approximately $511,649,000 with an annual com- pound rate of growth of 7.5 percent between 1979 and 1984. Dade County contributed 14.4 percent of the State total, Broward 26.3 per- cent and Palm Beach 6.7 percent in 1984. In eight of nine major industry categories, South Florida had 45 to 73.7 percent of all manufacturers and distributors providing boats and marine -related products in the `C State in 1984. The categories where the re- gion predominated include: powerboats, on - inset powerboat equipment, sailboat equip- -- went, marine electronics/navigation, apparel, fishing equipment and miscellaneous hard- ware and equipment. "{ South Florida has 35.6 percent of all boat dealers in the State, with a total of 166 reported in 1982. Dade County reported 58 establishments, Broward County 79 and Palm Beach, 29. The performance of major South Florida boat dealers and marine retail establishments exceeded the State's high levels in almost all areas. Boat dealers in Dade County re- ported sales of $1.67 million and Broward of $980,000, exceeding the State's total of $889,000 in 1982. -13- s Retailers in all three counties had aver- age sales per establishment exceeding the State's $815,000, with Dade County at $835,000, Broward County at $91S,000 and i Palm Beach County at $871,000 in 1982. Marine -related retail sales in South Flor- ida comprised 46.1 percent of sales state- wide with sales increasing at an annual compound rate of 11 percent over the five- year period (1977-1982). Boat Registrations 1 The highly competitive position of Florida in the national marine and boating industry is supported by the high level of rec- reational boating activity throughout the State, and particularly in South Florida. In 1983, Florida ranked fifth among all states in the num- ber of total boat registrations, both commercial and pleasure craft. Although its population in 1983 was 4.6 percent of the estimated national total, it had 6 percent of all registered boats in the United States. Even during a major recessionary period, 1978-1983, while population of the State increased 2.95 percent, recreational boat registration increased at a similarly strong rate of 2.8 per- cent annually. Statewide, boat ownership continued to increase, with 47.1 registered boats per thousand persons in 1983. Statewide, more than half the registrations were of boats less than 16 feet long. Boats this size, or generally less than 26 feet, can be stored and moved on trailers and do not require marina slips. -14- South Florida had almost 18 percent of all recreational boats registered in the State, with 88,841 in 2983. In 1983, Dade County had 22.9 boats per thousand persons. Broward County had 27.2 boats per thousand and Palm Beach had 31.1 boats per thousand. Al- though Dade County had a slower rate of growth in boat registrations over the 1978-1983 period, of 0.95 percent, Broward and Palm Beach 1 Counties had rates closely approximating the States, 2.88 percent { and 2.41 percents respectively, in the same period. In 1983, total ' registered recreational boats in Dade County were 39,195, in Broward, 29,338 and in Palm Beach, 20,308, resulting in the total of 88,841 registered boats in South Florida in 1983. This total excludes transient or permanently docked boats registered in other states. This growth in boat registration and ownership in South Florida is predominately in larger, high value powerboats and sail- boats, compare#4 to the State. South Florida has an estimated 39 t !. percent of all state -registered boats 26 to 40 feet long, 42 per- cent 40 to 65 feet long, 62 percent 65 to 110 feet long and 61 ! percent over 110 iset. long. Dade County has a predominate share of South Florida's registered boats in the size categories of 26 to -40 feet long and greater than 110 feet long, with Broward County predominating in the remaining two categories. i. Based on the growth in population and boat registrations, it is estimated that by 1990, there will be an estimated 109,000 recreational boats registered in South Florida, an increase of more than 20,000. boats, or a 2.92 percent increase annually over the seven-year period, 1983-1990. Boat Shows One area of expansion in the marine merchandising system is in boat show activity. The dramatic growth in recent years of y participation in boat- or marine -related shows nationwide indicates that the increase in exposure and marketing potential has generated higher levels of revenue for the industry. i In 1974, there were 45 boat shows in this country and an additional 11 marine -related shows. According to Successful Meetings,, Conventions and Trade Shows Directorv, there were 139 boat shown in the United States and 19 additional boating or marine -related shows in 1984. In 1974, Trade Show Week published its first *Trade Show 150 listing the 150 largest trade shows in the United States. There were no i boat shows among the top 150. By 1981, three trade boat shows, IMTEC (International Marine Trader Exhibit and Conference), New Orleans Workshop and Atlanta Boat Show, were listed !• among the top 150 and currently these boat trade shows are ranked llth, 26th and lllth. Internationally, we have identified 19 major boat shows, several of which are as large or larger than the major shows in this country. Boat 185, for example, held in Dusseldorf, Germany during January 19 through 27, 1985, reported exhibit space usage of 1.4 million net square feet with more than 1,600 exhib- itors from around the world. Attendance was estimated at 320,000 including public and trade. This compares to IMTEC in Chicago with 432,000 net square feet of exhibits and 815 exhibitors, the llth largest trade show in this country. Boat show activity is relatively evenly distributed across the United States, although the largest and most heavily attended shows are concentrated in major metropolitan markets proximate to boating areas (Southern California, Great Lakes, Northeast,.New York, Washington D. C., Boston, and South Florida). The majority of United States boat shows occur during the months of January, Febru- ary, March, September and October. This pattern of seasonality is consistent with foreign shows which are most heavily con- centrated in the months of January, Febru- ary, March and September. The size of United States boat shows varies widely. Among the top twenty shows includ- ing both public and trade events, the size of shows ranges from 100,000 net square feet up to 432,000, averaging about 240,000 net square feet. This factor,'however, reflects to some extent the space constraint of avail- able exhibit halls. Among the eleven largest shows (trade and public) in this country, the Miami Beach International Boat Show with 760 exhibitors ranks second only to Chicago's IMTEC in ` terms of numbers of exhibitors. The range for the eleven major shows for which this information was available was 200 to 815, ' with an average of 397 exhibitors. Reported attendance among the major shows in the United States ranges from approxi- mately 100,000 to 400,000 for shows ranging in length from 3 to 15 days. Overall aver- age attendance for 51 shows reported was 110,000, representing an average daily at- tendance of just over 17,000. However, for twenty of the major shows, attendance aver- ages 236,000, representing an average daily attendance of 35,000. Admission fees among' the major shows range from $3.50 to $7 for adults and $1 to $3.25 for children under 12 years of age. Addi- tionally, it was reported that for a major- ity of the selected major boat shows children under six were admitted free of charge. -16- I -17- Among the fourteen selected major shows, the rates per square toot charged to ex- hibitors ranged from $1.15 to $10. The Miami Beach International Boat Show, with an average, rate per square foot of $7, ranked second only to the National Boat Show in New York. -18- GENERAL MARKET CHARACTERISTICS OF SOUTH FLORIDA South Florida is characterized by a high income, water recreation -oriented population with a high ownership of boats, which was discussed in the Marine and Boating Industry section. These characteristics are supportive of the proposed concept of the Marine Exposition Complex with a marine trade mart, marina and marina - oriented hotel and retail components. Demographic and economic con- ditions in South Florida are summarized below and are major indi- cators of potential market support for the proposed Complex. South Florida is composed of Dade County, Broward County and Palm Beach County, and includes the major cities of Miami, Fort Lauderdale and West Palm Beach. Market Profile IV Dade County, the largest population center in the State of Florida, had a population of 1,625,700 people in 1980 and experienced an annual compound rate of growth of 2.52 percent between 1970 and 1980. In comparison, Broward County, with a 1980 population of 1,018,000 increased at 5.08 percent annually between 1970 and 1980 and Palm Beach County, with a population of 576,800 in 1980, grew at an annual compound rate of 5.15 percent during that same ten-year period. According to State figures, the population of Dade County is projected to grow at an annual compound rate of 1.54 percent between 1980 and 1990, the population of Broward County at 2.48 percent and the population of Palm Beach County at 3.84 percent. In 1990, the total population for the South Florida E -19- region is estimated to be 4,035,100, com- prised of Dade County's 1,8940500, Broward County's 1000,100 and Palm Beach County's 840,500. Nonagricultural employment distribution of South Florida is generally similar to that of the State. Trade is one of the major sectors and it should continue to be a dominant economic force in South Florida, by virtue of the continuing appeal of the area's quality residential and business areas as well as its attractiveness to tourists. The 1984 annual average unemployment rate in Dade County was 7.8 percent, a figure that exceeds the State's rate of 6.3 per- cent. Broward County and Palm Beach County recorded annual average unemployment rates of 5.0 and 6.4 percent, respectively, for the same period. Preliminary 1985 figures for the month of January indicate that the State of Florida's unemployment rate of 6.5 percent is well below the United State's ' figure of 8.0 percent. Dade County had a 7.9 percent unemployment rate in January 19851 in comparison,'Broward County and Palm Beach County had 5.5 percent and 5.6 percent unemployment, respectively. Median family income for the State of Florida was considerably lower than that recorded for each of the three counties in South Florida, illustrating the fact that South Florida is a high income area. The State had a median family income of $ 17,280 in 1979 dollars. In comparison, Dade County recorded $18,642, Broward County recorded $19,592 and Palm Beach County recorded $19,817 (all in 1979 dollars). Median household Effective Buying Income (EBI) in the South Elorida area has re- mained higher than the State between 1978 and 1983. In 1983, the State's median household EBI was $20,794 as compared to Dade County at $21,756, Broward County at C -20- $23,815 and Palm Beach County at $24#514. This is attributable to the area's growth r as.the international trade and finance mar- ketplace of Florida, highly skilled labor force, primarily in the managerial and pro- fessional categories, and its residential quality. i Total retail sales displayed a 3.0 per- cent annual compound growth rate between 1978 and 1983 in the State of Florida. In comparison, the three counties recorded growth rates of 3.8 percent in Dade County, 5.2 percent in Broward County and 2.1 per cent in Palm Beach County. r , Eating and drinking place sales includes the sales of all establishments selling prepared food and beverage products for consumption on the premises or for take out, as well as lunch counters and stands selling for immediate consumption. Eating and drinking place sales per house- hold in 1983 were higher in South Florida ' than in either Florida or the United States. Broward County experienced the highest sales i with $1,764 per household. Palm Beach County and Dade County reported $1,499 and $1,448, respectively. In comparison, Florida had S1,411 of eating and drinking sales per j household and the United States had $1,387 per household. The tourism industry is a significant part of South Florida's economy. This can be attributed to a variety of factors includ- ing, but not limited to, the area's year- round warm climate, sandy beaches, interna- tional flavor and recreation opportunities. The data presented on the following page is indicative of the role of South Florida as an international tourist center and, more importantly, of the continued growth of tourism. _ Tourist arrival statistics are indicative of the importance and general growth trends of tourism in Dade, Broward and Palm Beach Counties and in Florida. Over the past six years, Dade and Broward Counties have ex- perienced a 3.23 and 4.03 percent- dezline in total tourist arrivals# respectively, while Palm Beach County has experienced a 3.18 percent increase in total tourist arrivals over the same period. These sta- tistics represent interstate travel pat- terns, and do not present the strong levels of intrastate travel which is evident dur- ing the summer months. Total air traffic at Miami International Airport increased at a compound annual rate of 3.3 percent between 1978 and 1983. During this period there was a compound annual growth of 3.2 percent in domestic passenger traffic and 3.6 percent in inter- national passenger traffic. in terms of total'passenger traffic, Miami internation- al Airport ranks eleventh in the nation. According to Dade County Port of Miami estimates, the Port of Miami accommodated approximately 2,170,100 cruise ship pas- sengers in 1984. The number of cruise ship passengers leaving from Miami has increased steadily in the five-year period from 1979 to 1984, showing a 10.52 percent annual compound growth rate. The Port of Miami is ranked first worldwide with re- spect to total cruise passengers, handling over three times more cruise passengers than the second busiest port, Los Angeles. OS - J. -21- -22- MARINE MART COMPONENT r Central to the proposed development concept for Watson Is- land is a marine mart component. As proposed, the mart would com- prise land -side space of approximately 500,000 gross square feet in a pavilion -like structure for the display and merchandising of boats and marine -related products on a year-round basis. The mart pavilion ' would be complemented and. supplemented by wet slips in the project's i ' marina for in -water display of boats. r The fundamental concept is to provide a permanent showroom and marketplace for the marine and boating industry including a complete selection of dolnestic and foreign manufactured boats and marine -related products within a unique environment where recrea- tional boating is the central theme. i i t The market orientation of the proposed mart would be to the public, as well as members of the trade, unlike conventional mer- chandise marts which are restricted to members of the trade. How- ever, the operating philosophy of the mart would be similar to that of conventional merchandise marts in that management would assume a lead role in planning, organizing, promoting and sponsoring special events year-round. For example, a special promotion one week might feature a particular class of sailboat, while another week it might be marine electronics, boat furniture or boating apparel. The objective, of course, would be to promote and maintain interest -23- in recreational boating and related activities and to attract visita- tion to the facility. Methodology _ The methodology we employed in researching and analyzing market potential for the marine mart concept at Watson island in- cluded: Assembly and analysis of statistics on recreational marine and boating industry to determine its overall size, scope, geographic distribution and the scope of this industry in South Florida rela- tive to the nation. Identification and evaluation of marketing and merchandising systems utilized by this industry to determine the compatibility of the proposed concept with industry trends. Research to identify precedents or com- parables which might provide indications or evidence of the basic validity of the con- cept. . Finally, having identified prospective ten- ant groups, we directly interviewed busi- nesses within each major category to obtain their opinions regarding the concept and ascertain their potential interest as'pros- pective tenants. -24- Key Research Findings As described at some length earlier in our overview of the industry, we found that: The recreational and boating and marine - related products industry has experienced significant overall growth over the past five years. Florida is one of several major centers for the industry in this country in terms of the numbers of manufacturers, dealers, related facilities, boat owners and boating activity in general. r Florida, in fact, contains.the greatest con- centration of boat builders and repairers and has 11.3 percent of all dealers nation- ally. The State records higher volumes of sales in a number of marine products cate- gories than most states in this country. i South Florida, comprised of Dade, Broward and Palm Beach Counties, predominates in eight of nine major industry categories: power boats, engines, power boat equipment, sailboat equipment, marine electronics/navi- gation, apparel, fishing equipment and mis- cellaneous hardware and equipment. In terms • of average gross sales, as pointed out ear- lien, major boat dealers and marine product retailers in South Florida out -perform by substantial volumes dealers elsewhere in the State and throughout the nation. The volume of imports of foreign manufac- tured boats, particularly sailboats and large motorcraft to the United States is becoming an increasingly significant seg- ment of the market. Foreign manufacturers are actively seeking improved merchandising channels to reach the U.S. market as evidenced by increased participation in U.S. boat shows. -25- Consumer marketing and merchandising sys- tems of the recreational boating and related marine products industry are characterized by three principal channels: 1) dealer es- tablishments; (2) mail order supply houses; and 3) boat shows. The process of shopping for a boat or any significant item (equipment or accessory) for the consumer typically involves a time consuming process involving special trips to a number of dealer establishments which are physically remote from one another. Comparison shopping on the part of the con- sumer is difficult at best due to the geo- graphic dispersion of boat dealers and re- lated product suppliers noted above. This may in fact be one of the prime factors that have contributed to the significant f growth of boat show activity throughout the country. Individuals involved in and knowledgeable of the industry have unofficially estimated that from 15 to 20 percent of total boat sales annually in this country are derived from boat shows. Even if show -related sales represented only 10 percent of total annual sales, this would be a dramatic statistic considering that, in any given market, major boat shows include from three to fifteen days out of the entire year. There are no known projects which have been designed and organized with the full comple- ment of facilities envisoned for Watson Is- land. However, there are cases where marine dealers,. brokers, related retail and service businesses have clustered together at major marina facilities. Prime examples identified in our research include projects such as The Watergate in Clear Lake City, Texas and Marina del Rey, California. In both cases noted above, our interviews with operators, tenant dealers and brokers indicate that a boat/marine products center effect is achieved. Resident dealers and brokers indicated to us that they experience greater market exposure and sales volumes (4- than would otherwise be possible if located independently. It was indicated also that the concentrations of boats in these environ- ments attracted visitation by the public just to view the collection. Statistics concerning dealer sales experience indicate that marina -oriented dealers report higher sales on avera9e than dealers as a whole. It is reasonable to assume based on comment from tenants in dealer cluster situa- tions such as Clear Lake City and Marina del Rey, that the synergy of multi -dealer environ- ments enhances traffic, facilitates consumer comparison shopping and contributes to greater total sales. - Key Conclusions t Prospective tenants for the proposed Marine Mart at Watson Island have been identified to include: .. Dealers -- carrying single or multiple lines of boats and related equipment and accessories. .. Brokers -- engaged in the handling and resale of boats (many dealers are also engaged in brokerage). �. .. Marine products distributors -- relatively limited in this industry to foreign lines and selected domestic product categories. .. United States manufacturers -- boats and marine -related products. .. Foreign manufacturers -- boats and marine - related products seeking increased ex- posure to the U.S. market. Interviews with prospective tenants in each category revealed generally strong positive response to and interest in tenancy, parti- cularly on the part of dealers within South Florida and foreign manufacturers. z6- -27- We received responses from 34 of the 40 dealers and brokers surveyed. Of the 34 respondents, approximately 68 percent were located in Dade County, 26 percent in Broward County, 3 percent in Palm Beach County and the remaining 3 percent in other counties within the State. Of the 34 respondents, 19, or approximate- ly 56 percent responded favorably to this unique concept, indicating they would be interested in leasing space. Positive responses were received from 55 percent of those contacted in Dade County and 67 percent of those contacted in Broward County. In addition, one dealer located in both counties expressed an interest in leas- ing space. Of those dealers/brokers indicating positive interest in the project, estimated indoor space requirements ranged from 100 to 8,000 square feet, averaging approximately 1,100 square feet per respondent. Open air space requirements ranged from 0 to 10,000 square feet. For respondents re- quiring open air space, the average was ap- proximately 5,600 square feet. The availability of boat slip space proved to be attractive to many dealers and brokers, as larger boats tend to show better in the water and would allow for the demonstration of boats to potential buyers. Of the 37 per- cent interested in leasing slip space, slip demand ranged from two to ten slips, with an average requirement of approximately six slips per dealer/broker. Of all responses, both favorable and unfavor- able, current rental rates ranged between $4 and $12 per square foot in Dade County and $3 and $12.50 per square foot in Broward ' County. Of the positive respondents, how- ever, current rates per square foot ranged between $3 and $5.75. -28- eased on the interviews with manufacturers, dealers and brokers and the survey of major boat shows, a gross area of 500,000 square feet representing net showroom area of ap- proximately 355,00 0 square feet is not an unreasonable amount of space•fbr the presen- tation of a comprehensive collection of boats and marine -related products. This is further supported given the average physical size of major boat shows in the United States and, particularly, considering the potential mag- nitude of the demand from foreign product manufacturers. In'summary, we have concluded that the proposed concept, while innovative, is not inconsistent with marketing and merchan- dising trends within the recreational marine and boating industry nationally and internationally. Miami, and Watson Island specif- ically, afford a unique opportunity for the development of the proposed concept. There have been direct expressions of interest in obtaining space in the project from key target market segments. f1 aaieiaK tplNoslTKU t7DlPtJs11 1�10R Gt�ftll rasus� law lirriaa d� antis, .at orientation Av*ra0r � tads. iilr s+rnt.t rateai tt rrmarty aamsrehip A� lllt[q Wet alive o00 �l ji ialJE#' WA 2St,I[t. Gnassrci4l. hoot a -PION C,r.G,N.t.l, IasRe! rsstr�raat. orris tnu�tys ; Marriott Misri.r 226 i0t '� SOt 40t 40 4lrwstit laa*a► Gasarrotal A.C.a.R.LG.N.trt.a,L 163 so 75 2S 0S is 3SO 23JfJf#. 4q{sf[t. MSr1* take so 50 3s'-40' MIA 3[!/Et.. O�associd fi,s.C,s,R,R.i3,M,1 iisrriii stwims s0 100 !S S U(noty 1S 3S iS 3C.-Of 2'SlElhost-[t. 42-'11�,/[t loam [War City C.A.R.fi.M.t.K Tcatssar'• 170 low as 7S 40' Yi101tt. city alsaser Key 374 (l) IN so 20 1S 1A Wit. 1711/tt. ttaasrrcial 00m Kuiia siaceyssr us 100 00 S iS 3S 35, 2540t. s0/Vft. tsaa* Eros City C,t1.r.Gd1.t.L Marl h"Ch 431 350 36 441 10 30 SO SO 4S• 3wit. 4011t. 00 WA WA 40• 1401t. 11A 6jent. 4ke/It. t,uw can City . Noaraslaa 215 60 (S) 20 3SQ MwIt. awit. cmmnty, A.O,Cer.G,ltr1.K,4 Ccasstbn Pack 220 100 !S S 0 SD 3S' brit. s 2unt. OoradY 6.C,r.G.N,1,J,4 Ksttaaoa a— ck 2% IN iH i 2S 7S Total 2.10 is d Gamtys 300 7S 25 WA 4i1 WA f0-Swet. commmial. hntot C-00a C.E,r.G.B.1. butet r4ataucaat asd sasdt bar facilities pier 142 100 0 roar WA 17l WA 40-9wit. 13s.�+reial, 1wt*1 aaplas c,RA.M,t. bast reatomaat aaack tar facilities Bahia tirr Marina 350 100 10 911 70 30 and Total t92 WA - rwt 4pltasble. idA - i ve 4(rsrcd. leas*, trans t on a +Drily or *antiay b" . 41t ftmeaasst La donned as rental rotas as es 0"1 (21 550 Pt"wed to *pan in b000. 43) "Od March 1, INS. with 50 astatlap Slips, a total of 306 wet dips is Ptansad. 441 eor 250 ,ups, With 4rrrb I, aftarsata0 date, 364. contnwticn duria0ail Of the tiww eJo.prsy 'a saysi.la 51 in, l tr d1VI&wd for a two -yarn period ttoot Grate nLSEty :61 Minirw is a 4S-1oot boat. ill Biaiaus is a 30-foot boat. t*rnitias kevs A - Lift a - sopairs - Static G- ice J - Grocery *tars L a _ N R C - Fuel pop R - pick-W i i4sauer*City _ Snack Inc sources taventhol 4 Moasath. . 29.. MARINA COMPONENT The survey of major competitive and comparable marinas in- cluded those in the City of Miami and Dade County and hotel -related marinas in Broward County, totaling 10 marinas and 2,109 slips in Dade and 492 wet slips in Broward County. The Dade County survey comprised approximately 50 percent of the total wet slips available. It is estimated, using a 1976 s base of 3,345 slips as indicated in the Comprehensive Marina Develop- • ment Study prepared for the City of Miami by Greenleaf -Telesca in February 1979, and taking into account 1,125 slips added by major commercial and public marinas, that there are an estimated 4,470 wet slips. During the 1985 through 1990 period, the Army Corp of Engineers and our survey of selected marinas indicate that three t major additions will occur: Dade County's Blackpoint in South Dade with 150 slips will open this year; Dade County's planned 173-slip marina in Homestead; and the Dinner Rey Marina expansion of 176 1 slips. Miami Beach Marina is expected to complete the facilities with 136 slips, bringing its total from 250 in 1985 to 386 slips in 1986. Thus, over the projection period, an estimated 635 wet slips can be expected to be added to the current supply of 4,470, excluding the proposed project. Based on this preliminary research, discussions with dock - masters and marina operators, the following performance characteris- tics were identified (see chart) and are summarized below% The marinas surveyed ranged in size from 50 to 374 wet slips. I -30- in 8 of the 12 properties surveyed, annual occupancy rates were 100 percent or greater. Annual rates ranged from 60 to 104 percent. Rates over 100 percent are a result of slips being leased while the permanent lessee is on long -sailing trips. The occupancy rates below 100 percent were where transients made up a large proportion of the total. The low Mia-marina occupancy rate (60 percent) re- flects the situation that boaters will be dis- placed for two years because of the Bayside Specialty Center construction expected to begin this spring. The Miami Beach Marina officially opened March 1, 1985, with its 50 existing slips fully leased and 40 slips leased during the first part of March. Much of the site is under construction, so that the 36 percent occupancy rate does not reflect an an- nual performance level. Where marinas were fully occupied, dockmasters indicated waiting lists of several days to three years. The length of the wait was affec- ted by the size of the boat, with the average size boat having a long wait. In additiont marinas that did not keep waiting lists indi- cated that potential users call daily to know if a slip has become available. Distribution of permanent and transient slips varies considerably. A majority of marinas report that 70 to 95 percent of total wet slips were leased on a permanent basis. Marinas that were part of a hotel complex had up to 50 per- cent that was reported to be on a permanent, annual lease basis.' The average boat size is 40 feet long with an average range of 35 to 45 feet. Typical slip lengths range from 30 to 100 feet, with walls for docking boats over 100'feet long. Rental rates for permanent dockage in an annual basis range from $0.18 to $0.30 per foot, and is typically $0.24 per foot. For transient dockage (not hotel -related), daily rates ranged from $0.25 to $0.79 per foot. The predominate rate is $0.40 per square foot. In hotel -related marinas, the rates were $0.40 to $0.90 per foot, with seasonal rates between $0.40 -31- to $0.60 per foot in the summer and rates of $0.60 to $0.90 per foot in the winter. Assuming 122 days in winter at $0.90 and 244 days in summer at $0.60, the average annual rate would be $0,70. Marinas as part of a hotel complex have additional amenities available, including a pool, access to hotel restaurants and facilities and room discounts at the hotel for visitors, for which transients are willing to pay a premium. . Absorption of now slips is estimated to range from 50 to 120 slips per year. . Based on the survey of boat dealers and manufacturers, potential tenants of the t proposed Marine Mart, preliminary in- . water requirements are one slip for every 500 square feet of interior space at a f minimum and optimally, one slip for every 335 square feet. Given a 500,000-square .F !" foot complex with an estimated 25 percent being interior space, the minimum require- 4` meet is 250 slips and the optimal, 370. Based on the survey of hotel -related ' marinas, there is a ratio of approximate- ly one slip to 1 to 2.6 rooms of a marina - related hotel. This provides an approxima- tion of the demand for premium dockage. 6• All marina projections and calculations were based on an analysis of competitive and comparable marinas and current mar- ket conditions as well as industry statistics. Revenue and expense categories utilized are explained below. 4 Slip Revenues Sliprevenue is based on our projections of daily rental • rates, estimated occupancy for each scenario, 299 slips or 1,000 ,/' slips, and an average size boat of 40 feet. Ott;: -32- Daily rental rate slip catecorY per foot` Exposition $0.24 Transient - Hotel 0.70 F' Permanent 0.24 i Live board (L/A) surcharge 0.06 Transient (non -hotel) .0.40 Phase 1: Total of 299 slips Year l: 87 percent average annual occupancy Year 2: 100 percent average annual occupancy'',,� ems; Phase 2: Total of 1,000 slips Year l: 42 percent average annual occupancy Year 2: 75 percent average annual occupancy Year 3: 96 percent average annual occupancy Year 4: 100 percent average annual occupancy Fuel and Oil Sales The projections consider the average annual occupancy for each slip category, the mix of motor boats to sailboats (70 percent to 30 percent), and requirements for fuel and oil and pricing, in- . cluding: Motor boats require150 gallons per fill up, 16 times per year (permanent and tran- sient categories). -33- Sailboats require 30 gallons per fill up, six times per year (permanent and transient). Boat mart -related boat fuel and oil re- quirements are based on each boat's util- ization for demonstration. Average fuel price is $ 1.40 per gallon. Average oil cost is $120 per boat annual- ly. The absorption pace takes into account the hotel -related marina area, attractive to transients willing to pay a premium for hotel amenities: pool, restaurants, snack bars and services, in- cluding rooms for guests, the Marine Mart slip requirements dater - mined by interviews with boat dealers and brokers, and non -hotel transients who will be attracted to the marina. I Phase 1 - It should be noted that the 299 slips would li it the optiman number of slips required by the groups identified above. Given the limitation, only half of the minimum slip require- ments of the Marine Mart dealers and brokers and the hotel -related transient business, are assumed to be addressed first, with the re- maining space leased to permanent boat owners. Phase 2, providing 1,000 slips, would accommodate the pro- jected demand for all groups, with absorption taking three full years. r -34- r other relevant bases and percentages for the projections ' for the marina component are as follows: i' Accessory sales 5 percent of dockage ( (bait, tackle, miscellaneous) revenues Cost of sales - fuel 87 percent of fuel sales Cost of accessories - 50 percent of accessory sales Payroll and related - salaries and wages based on detailed staffing schedule and benefits comprised of ' 20 percent of salaries !' Administrative and general - 6 percent of dockage revenue Marketing - 2 percent of dockage revenue ' Energy costs (utility, 001§' water) 12 percent of dockage revenue &VOWS, Repairs and maintenance - 3 percent of dockage revenue Property insurance - 3 percent of dockage revenue Security - 2 percent of dockage revenue Reserve for replacement - 1 percent of dockage revenue The proposed marina can be expected to be a significant fac- tor in marketing the Marine Trade Mart and the overall Complex. Sur- veys of potential tenants of the Mart indicated that the availability of slips* for in -water model demonstrations would be a major factor in their decision to locate in the Mart. Other major groups goner- ' sting demand for marina slips and indicative of the substantial mar- ket support for the marina, include: visitors to the marina -related hotel and retail components of the Complex and residents who are boat owner§ in the South Florida region. HOTEL COMPONENT We have prepared preliminary market analyses and projec- tions of operating performance for both phases of the proposed hotel component, as follows: • An initial 300-room first-class property (opening 1989) . A 200-room expansion, totalling 500 rooms (opening 1992-93) The proposed Hotel is expected to be developed as an integral com- ponent of the marina and in conjunction with the proposed Marine Exposition Complex. The hotel, although a small part of -the overall complex, is critical to the projected performance of the other major components. Our projections are based on various assumptions related to the project -and its concept, our knowledge of the leisure time igdustry, understanding of the South Florida lodging market and dis- cussions with the management of marina -related hotels and merchan- dise mart complexes. A summary of the bases and assumptions utilized in our projections is below: Although the concept of the Hotel is unique, as well as its relationship with the Marine Mart'and marina facili- ties, for the purposes of conducting a competitive field analysis, we iden- tified the supply to include downtown properties. We believe that for cer- tain segments of demand, the proposed Hotel will be competitive with down- town hotels. -36- The downtown Miami lodging market con- tains four first-class hotels% ... Omni International Hotel. ... Holiday Inn Brickell Point. Hyatt. ... Biscayne Bay Marriott. ;! Our analysis excludes the Pavillion Hotel due to its variable operating status and financial circumstance. The four properties account for 2,373 available rooms. In 1984, they were estimated to achieve a 59 percent oc- cupancy or 511,000 occupied room nights. Market area occupancies are low due to the 75 percent increase in available rooms that occurred since 1982. How- 00;Z�, ever, absorption of the additional ho- tel rooms into the market has been very strong, reflected by the compound an- nual increases in occupied room nights of over 40 percent. Based on our analysis of the downtown lodging market as well as the proposed Hotel's concept and positioning with the Marine Mart Complex, we have identified four potential market segments that would be attracted to the proposed Hotel, as follows: .. Tourist r .. Commercial .. Group .. Other (such as cruise and contract demand). Within each segment, the competitive advantages and disadvantages of .the pro- posed Hotel in the marketplace were evaluated. In addition, the effect of the Marine Mart activities and marina facilities anticipated with regard to generating lodging demand for the pro- posed Hotel were analyzed. Based on the above factors, the projected performance for the initial 300-room phase is estimated to be 70 percent in a stabil- ised year (subsequent to 1989) with a $65 average room rate (1985 dollars). We also projected the absorption of an additional 200 rooms assuming commencement of opera- tions in 1992-1993. Projected mix for the proposed Hotel is as follows: Tourist - 341 Commercial - 23 Group - 36 other 7 100% It should be noted that these projections are based on the Hotel as an integral part ` to the total Complex. C'r other relevant bases and percentages for the projections for the supporting Hotel component are as follows: Rooms revenue - Food revenue - Beverage revenue - Telephone revenue - Minor operated depart- ments, net - Rentals and other income - Rooms payroll and related - Rooms♦ other - Food and beverage payroll and related - Food cost of sales - -3 7- 701 occupancy and $65 average annual room rate (1985 dollars) 60 percent of room sales 50 percent of food sales $5.00 per occupied room $2.50 per occupied room $3.00 per occupied room $10.00 per occupied room $5.00 per occupied room 30 percent of food and beverage sales 34 percent of food sales • S I I -38- Beverage cost of sales - 20 percent of beverage sales Food and beverage, 10 percent of food and other - beverage sales Telephone cost of sales - 95 percent of telephone sales Administrative and general payroll and related - 4 percent of total sales Administrative and general, other (includ- ing management fees) - 6 percent of total sales Marketing payroll and related - 2 percent of total sales Marketing, other - Energy - Property, operation and maintenance, payroll and related - Property operation and maintenance, other - Insurance - �' Replacement of fixed assets - 3 percent of total sales $6.25 per occupied room 1.87 percent of total sales $2.50 per occupied room 0.9.percent of total sales 1.5 percent of total sales The proposed marina -related hotel component will be an in- tegral part of the Complex, as well as a critical component in estab- lishing the overall Complex as an international center for boating and the marine industry. Projections indicate that the initial phase of the hotel, as a component of the Marine Exposition Complex, could achieve a 70 percent occupancy rate and a $65 average annual room rate (in 1985 dollars) in the stabilized year (third year of operation -- 1991). T -39- RETAIL COMPONENT The retail component of the Marine Exposition Complex is expected to contain approximately 90,000 square feet of rentable area for marine -oriented specialty shops and boutiques attracted to the unique center. Restaurants are planned to comprise 20,000 square feet of the total. Interviews with boat dealers and marine accessory retailers, as well as our knowledge of specialty retail centers, with particular f ocus on waterfront locations, and knowledge of the retail industry in South Florida, the State and nationally, are the bases for our preliminary findings of the market support for the proposed retail component. Examples of major comparable/competitive centers are: The Omni at 1601 Biscayne Boulevard, ap- proximately two miles northwest of the site. Rents range from $15 to $55 per square foot with an average of $23 per square foot on a triple net basis. Approximately 95 percent of the 325.185 square feet of retail space, exclusive of J.C. Penney and Jordan Marsh, in the mix -use complex is leased. Estimated sales volume averages are $240 per square foot. . The office/retail complex at Miami Beach Marina, approximately two miles southeast of the site, is preleasing 39,400 square feet. Asking rents that are being achieved are $15 per square foot for a 9,500-square foot restaurant and $22.50 triple net for the retail space. Tenants are small, typ- ically 700 to 800 square feet. Approxi- mately 20 percent is preleased. Rouse Company's proposed Bayside Specialty Center is planned to be opened in late 1986. The 234,000 square foot festive marketplace will accommodate upscale boutiques, special- ty shops, restaurants, fast-food snack bars, green grocers and kiosks selling flowers, crafts and other merchandise. Rents are pro- jected to range from $27 to $80 per square foot, and average $42 to $49 in 1987 dollars. -a0- in addition, our surveys of boat dealers and brokers in the South Florida area addressed retail requirements and rents cur- rently paid. in the Bahia Mar retail area in Fort Lauderdale, a comparable project, rents are reported to be $12 per square foot. Based on our preliminary analysis of specialty retail centers, surveys and understanding of the competitive position 'of the Marine Mart Complex on Watson Island with its marine orienta- tion, we estimate that rents will average.S22.50 per square foot (in 1985 dollars) on a triple net basis with all operating expenses prorated to the tenants. The historical and current leasing activity in South Flo- rida waterfront and specialty retail shops indicate that approxi- mately 15,000 to 25,000 square feet are preleased annually in a retail project. Assuming a professional and aggressive marketing program, it can be assumed that within a two-year preleasing period, 50,000 square feet of the proposed retail component will be preleased. The restaurant space of an additional 20,000 square feet is market sup- portable and can be expected to be preleased before the complex is opened. Therefore, the annual occupancy rates for the proposed retail component can be expected to be: -41- ! j S - "j Average 1z annual occupancy Year 1 88# � ti • Year 2 100% E The relevant bases and percentages for the projections vYX for the retail component are as follows: 'n# Revenue$: Average rental rate - $22.50 Other income - Expenses and charges prorated to tenants vacancy and rent loss - 5 percent of gross rental revenue beginning in the first full year • of operation -�. Operating expenses: General building - $0.65 per square foot of occupied net leasable area Administrative - $0.15 per square foot of occupied net leasable area Insurance - $0.15 per square foot of net leasable area Common area charges - $0.50 per square foot of net leasable area Management fee - 3 percent of gross rental revenues Leasing expense - 5 percent of total lease value amortized over a five-year lease term The marina -related retail component of 90,000 square feet, including two 10,000-square foot restaurants, can be expected to prelease an estimated 70,000 square feet, and be fully leased by the end of the first year of operation of the Complex. SUPPORTING TABLES r ANNUAL SALES IN THE RECREATIONAL BOATING INDUSTRY i A Total annual Year sales Annual change 1979 S 7, 500, 000, 000 r 1980 7 ,300 ,000 ,000 ( 2.671) 1981 8,200,000,000 12.33 1982 8 11100 11000 0.000 ( 1.22 ) 1983 9,400, 000, 000 16.05 19,84 12 ,300 ,000 ,00 0* 30.85 t Compound annual growth (1979-1984) 10 *Components of the recreational boating industry sales for 1984 consist of: Powerboat and sailboat sales Marine accessory sales Marine parts sales Marine services, including: financing insurance, fuel, :mooring and launching fees and club member- ship fees 0 7, 995, 000, 000 1,230 400 ,000 615, 000, 000 2 ,460 ,000 ,000 $12 ,300 ,000 ,000 Source: The Boating Industry Magazine, January 1980-1985, and Laventhol a Hoswa th. M ItldhilD OM IN IRE Outboard Home V:..�. Al 1982 3983 M Total units sold 3756000 MAN' ' 318,000 293,000 337,000 4" 000 ftblu whoa 8396,i00,000 1334,400,M "98,010,000 9734 JM AM 8963,820,000 $1,293,828,000 p rapa vsiN 81, 590 $1, 760 m its MS" 82, 860 $2,148 LmatMsa In vauw I I - 10.71 24.74 U ." 10.44 10.14 I anna1 gym tab (1979-19941 On�d >)et 14.6f 7 tsl units add 322, 000 29% 000 281,000 236,000 273,000 317,000 Mau raLn i469,479vM 9408,320,000 $431,335 WO 8408,732,000 9501,501,000 1708,178,000 I gigs "0 91,458 81,408 81,S33 $1,732 91,837 12,234 Lm=a In value OMRPaund - (3 d41 9.04 12.84 6.14 21A4 seaaal p rats (1979-11841 8.94 inbostd�tlutdriva soar. TOW Wilts add 891000 S6, 000 Sl, 000 SS, 000 79,000 108,000 ratau valna 9827,200,000 $US 000 AM 9652,S45,000 "IS .850oM 6974,860,000 91,442,016,000 A swaps va]us 99,294 $11,000 $22.795 $12,470 $12,340 $13,352 L1Craaaa In valor 1s d1 16 is (2 S4) (1.04) 8.24 armak tsts 197l�19W ra~t1.e 7.54 Total units Gold 274,000 176,000 190,000 260,000 184,000 200,000 ratan vahn 8141,4001000 s96A"0000 99819"0000 s99,360,000 9121,624,000 $146,900,000 Avemp "a 8512 In In vaiva 7.04 _ (4 is) 19.24 6 At 11.0 f1979-1984) 7.5% non saaeino Indislt5►_ Mamina, Jau nty 1980-1985, and SALffi O! Amtusm ROiM SAtf,BOMM 30 rm 116a UHM . LAM MVZLZW XxIM SAum= 30 pw Ano Om sM Narlo.e.e aauheats tall mum) 1!1! ,� 39d1 • 19Q2 1 83 q,�l�. Total ndto sold 47,000 691000 731000 50,000 40,000 36,600 30tan taLr N34,971A0O 5181,177AO0 5185A55,0O0 $12L,000,000 XM,040A0O SLnAOS Ooo { Aaasage retail unit M 313 52, 626 $2.333 M 420 s2. 876 63,227 'f.G.�ear �y��� Y� ini�.Yfii Cast - 13.314 (3.3%) (4.31) 16.81k 12.2% ' grafth raft (2979r1m 4.9% AMMUAU8ailhas T Pasau:ad 30 lost and wdw j T*Ad units m d Lem 1,100 10280 24060 1,290 10100 Mail vuhn 548,S10A0O 132,23OA00 $41,658AN 134,5980000 $33,900400 533,827,O00 Masa08 sated unit Coat IM 200 629, 300 532, 545 $32, 640 527, 829 530,752 ' Lsasswa in urtail i Goat taospessd .esa+ai 16.31 IL11 .34A (14.7%) 10.50 Omwex NNW jwmuPoland 8aa laoa�ta 30 he and mw TOW units ;old 29975 3►000 2,820 2,340 2,450 3,050 lfstail w,Ws 5168,831A00 52O6.S00 A00 5736 AB2 A00 $294,522 40O 5211,765 A00 5241,.M A0O Assla08 satail unit{ Coat $56,750 "91500 SB3,930 $63,300 586,435 $79,140 I� in retail { Ocopud anal- =31 20.90 (.n) 3.40 (8.44k) gra( 79-IM 6.94 8auums Boating Industry ftmins, Jamaary LOBO-1985, and Lfffenthol s 9osuatd. Year 1978 1979 1980 1981 1982 1983 R f l EXPORTS/IMPORTS-IN THE BOATING INDUSTRY i FOR UNITED STATES 1978-1983 Exports - Value cKange S 88, 724,112 - 142 ,148 ,702 60.21 154, 842, 274 8.9 145 ,136 ,693 ( 6.3 ) 113, 661, 000 (21.7 ) 71,537 ,000 (37.1 ) Compound annual growth rate 1978-1983 ( 4.20) Imports Value $ ch _ e $1050,657,112 - 134,541,117 27.38 128, 233, 550 ( 4.7 ) 164,712,949 28.4 151, 225, 000 ( 8.2 ) 210 ,202 ,000 39.0 Sources Boatins Industry Magazine, January 1985, and ven o a Horwatn. 14 BOAT -BUILDERS AND REPAIR TL NUMBER OF ESTABLISHMENTS Percentage distribution Number of of Florida establishments establishments 1982 1982 United States 10.876 Florida 337 100.0% Dade County 66 19.6 Brawa. rd County 42 12.5 Palm Beach County 13 3.9 South Florida total 121 33.9 *The State of Florida has 188 of the total establishments -in the United States. P-1, L Source: U.S. Bureau of the Census, Census of Manufacturers, 1982, and Laventhol & Horwath. BOAT DEALERS - mmBEFt of ML ESTABL ISHMWS AND RETAIL SAGES UNTIED STATES i FWRIDA i DADE, BRAMM FAIN BEACH UOMMES AND SOUM FIMD& 1977 AND 1982 Percentage Percentage distribution distribution of Florida of Florida Number of establishments establishments Retail sales ($000'8) retail safes GrcwtF Groot 1977 1982 rate 1977 1982 1977 1982 rate 1977 1982 United States 4,673 4,125 ( 2.5%) • * . $2,512,973 $2,870,326 2.71 - - Florida 458 466 .3 100.01 100.0E 270,963 414,240 8.9 100.04 100.0% Dade County 53 58 1.8 11.6 12.4 38,786 96,852 20.1 14.3 23.4 Broward County 80 79 ( .3 j 17.5 17.0 65,033 77,406 3.5 24.0 18..7 Palm Beach County 22 29 5.7 4.8 6.2 9 A48 16,762 12.1 3.5 4.0 Scuth Florida totpi 155 166 1.4 33.9 35.6 113,267 191,020 11.0 41.8 46.1 conpound annual growth (1977-1982) fthe State of Florida accounted for 9.8% and 13.3% of the U.S. market. Source: U.S. Bureau of the (bnsus, 03nsus of Retail Wader 1977 and 1982 and Laventhol 6 tlorwath. i 11174 cif. �..K .,t wwnw ,rrrwww � ' 1 E'� �I llli � Il�q ► � � li In ly PA w GIDS SMM OF MMUROMB, YAWTS, MARINE PARTS AND AOCEB90RIES trual A f mm, BRmARD .AND BALM BBACH 00tKnES AND SO= FLORIDA 1979-1984 Pslw South t of Waward • of Batch ! of Florida t of Fiscal year Florida Dade oxnty Florida Oounty Florida ObxntY Florida area 000 s) Florida ($00018) ($00018) ($00018) 00000e) 1978/1979 $ 762,675 $129,660 17.07E 195,690 25.7E $30,776 4.Ot $356,126 46.7E 1979/1980 796,407 146,543 18.4 200,048 25.1 33,125 4.2 379,716 47.7 1980/1981 845,301 135,385 16.0 249,324 29.5 39,760 4.7 424,469 50.2 1981/1982 972,991 154,075 15.8 2460404 25.3 47,235 4.9 447,714 46.0 1982/1983 901,353 129,257 14.3 269,251 29.9 40,586 4.5 439,094 48.7 1983/1984 1,080,082 155,173 14.4 283,790 26.3 72,686 6.7 511,649 47.4 Annual COUPMA growth rate 7.2E 3.71 7.71E 10.81 7.5% Sources Florida Departmnt of Revenues iaventhol 6 Hocwath. Y. a 411.' vA.z II w., �0 ..Pv�:Xo 4.- , W1. 1978 1979 1980 1981 1982 1983 United States 8,034,905 8,278,723 8,S77,857 8,905.r097 9 ,073 ,97 2 9 ,165 ,094 State of Florida 434, 818 456, 035 466, 775 485, 921 480, 384 499, 364 Dade Ommty 37 ,373 39 ,277 39 ,007 38,323 38 ,026 39 ,195 Bromard County 25,458 280,858 29,271 29,638 29,637 29,338 Palm Basch Oaxity 18,029 191'561 190,616 19,337 19,286 20,308 South Florida area 80, 860 87,696 871,894 87, 298 860-949 88, 841 Source: Florida Departrant of Natural lbsources. s 1 NUMBER Of BOATS PLR TROUSAND PERSONS FOq! FWRIDA a DADS. BROMARD AND PAL! BEACR COUNTIES AND SOUTR FLORIDA RECIOR f f 1978., -1983 Nuaber of Aogisterod boats par pleasure thousand Peculation boats_ Rissons Florida: 1976 9,156,700 434, 818 47.5 1979 9 ,448 ,500 456 ,035 48.3 1980 9,746,000 466,775 47.9 1981 10 ,106 ,000 485,921 48.1 1982 10,375, 300 480,384 46.3 1983 10,391,700 499,364 47.1 Compound annual growth (1979-1983) 2. 95% 2. 80% South Florida region Seta s: 1978 3,029,100 801860 1979 3,128,200 87,696 1980 3,220,800 87,894 1981 3,321,000 87,299 1982 3,434,000 86; 949 1983 3,471,500 88,841 Compound annual growth ' (1978-1983$ 2.76% 1.901 Dade County: 1978 115611000 37,373 23.9 1979 1,597 ,400 39,277 24.6 1980 1,625,700 39,007 24.0 1981 1,718,500 38,323 22.3 1982 1,729,100 38,026 22.0 1963 1,738 ,500 39,193 22.9 Compound annual growth (1978-1983) • 2.18% 0� Broaard County: 1978 953,300 25,458 26.7 1979 908,100 28,858 28.7 1980 1,018,300 29,271 28.7 1961 1,047 ,300 29,638 28.3 1982 1,067,000 29,637 27.8 1983 1,080 ,400 29,338 27.2 Compound annual growth (1978-1983) 2.331 2.88% Pals Beach County: 1978 514,800 18,029 35.0 1979 542 *700 19 ,SRl 36.0 1980 576,800 19,616 38.0 • 1981 615,200 19,337 31.4 1982 637,90Q 19,2R6 30.2 1983 652,600 20,308 31.1 Compound annual growth (1978-1983) 4. R61 2.411 Sources Florida Statistical Abstract, University of Florida Bureau of Business and Economic Statistics. Laventhol i Rorwath. DAD0p BROWARDy PALM BEACH COUNTIES BOAT REGISTRATIONS AS PERCENT OF STATE TOTAL (Rounded) South Size of boat (feet), Dade Broward Palm Beach Florida < 12 71 5% 3% 13% 12-16 3 3 3 9 16-26 12 a S 25 26-40 17 is 7 39 40-65 17 is 7 42 65-110 is 30 17 62 > 110 38 23 - 61 Source: Laventhol G Horwathe 1, ! i DARED BROWARDP PALM BEACH COUNTIES BOAT REGISTRATIONS AS PERCENT OF STATE TOTAL (Rounded) South Size of boat (felt) Dade Broward Palm Beach Florida < 12 70 5% 3% is% 12-16 3 3 3 9 16-26 12 8 5 25 26-40 17 is 7 39 40-65 17 is 7 42 65-110 is 30 17 62 > 110 38 23 61 Source: Laventhol Horwath. �lil��i�l�. hl� ��I�IYI IW��Wil��l��t I �Y��II _rtW��ll9 ���I�� ��I I�III I I� I I � �II�� I IIIIII IIIIII III �I January Ebbruary Mardi Nprii 11ay .lute .duly Aunt Septembor October November December Total GMGRAQMICAL NO Siy►902M DISTRIBUTION OF BOAT MM - UNIM SfJ1m ND UnWRTIO!" 1Utianai ad lrtional Internatiansl international United States legiona seasonal seasonal Total seasonal 'metal pmentage Major paromtays nsticnal and percentage Southeast Northeast Central Central Best U. S. distribution international distribution international distribution 6 S 6 4 7 29 200 4 211 32 20% 7 10 4 3 7 31 22 2 i1 33 20 2 6 7 S 4 21 17 1 S 2S 16 - 2 2 - S 9 6 1 S IQ 6 3 S ! 1 5 6 4 3 2 1 2 1 - 1 S 4 1 S 6 4 1 7 4 2 4 is 13 7 37 2S 16 3 6 - 1 2 12 9 1 S 13 e 4 - - - - 4 •3 - - t 3 27 39 24 15 34 139 loot 19 ION MA 1000 Geographical distribution by region 191 261 17% lit 25% loot Sources listing Industry Magazine, Beat Stow Calendars; Mrectnr of Qxwm bons, Suooeseful Meotlttgst Laventhol i Ibn ath 4 �.... �..: ..{At .. 4 i PROFILE OF EXHIBITION SIZE AND NUMBER OF EXHIBITORS OF SELECTED MAJOR BOAT AND MARINE SHOWS Total net square Boat show footage IMTEC 432, 000 Chicago Boat Show 310,000 National Boat Show, New York 200, 000 Houston international Boat Show 225 ,000 Miami International Boat Show 200, 000 Sailboat Show, Southern California 250,000 Dallas Boat Show 225, 000 Greater Michigan Boat Show 250,000 Southern California Boat Show 2751000 San Antonio Boat Show 100 ,000 Philadelphia Boat Show 140,000 Average 240 ,000 Source: Laventhol a Horwa th. Number of exhibitors 815 400 400 350 760 250 200 270 500 220 202 397 Total Length Average daily Boat shows attendance of show attendance aya n thousands) y Chicago Boat Show 400 ,000 5 806,000 National Boat Shaw, New York 400, 000 11 36s,000 Houston International Boat Show 380, 000 9 42, 000 , San Francisco Boat Show 380 ,000 10 38 ,000 Da EC 320, 000 3 106, 000 Miami International Boat Shaw 300, 000 7 43, 000 New England Boat Show 300 ,000 9 33 ,000 Sailboat Shows, Southern { Ca lifornia 300, 000 9 33,000 Dallas Boat Show 250 ,000 9 28,000 Sailboat Show, North Atlantic 250, 000 4 63o,000 Boston Boat Show ` 205,000 9 23 ,000. Miami Dinner Rey Boat' • e�F. Shaw 200, 000 5 40s,000 Greater Michigan Boat Show 175, 000 9 191000 Indianapolis Boat Show 150 ,000 10 151000 U. S. Sailboat Show 150, 000 4 33j.000 Southern California Boat Show 140, 000 i5 90,000 Seattle National Boat Show 113, 000 10. 11,000 San Antonio Boat Shaw 100 ,000 6 170,000 Philadelphia Boat Show 100, 000 9 11, 000 x ' international Boat Show, x. ;.�. New Orleans 1000000 7 14, 000'k- Average 236 ,000 8 - 35 ,000 Source: Successful Meetings, Directory of Conventions. Laventhol & Horwath. r ADMISSION FEES OF SELECTED MAJOR WAT AND MARINE SHOWS Boat show Chicago Boat Show National Boat Show, New York Houston International Boat Show Miami International Boat Show Sailboat Show, Southern California Dallas Boat Show Boston Boat Show Greater Michigan Boat Show U. S. Sailboat Show Southern California Boat Show Seattle National Boat Show San Antonio Boat Show Philadelphia Boat Show Source: Laventhol & Horwath. Admission fees Adult_ Child $5.00 $1.00 6.00 2.00 3.50 3.25 6.00 2.00 4.75 2.00 3.75 3.25 5.00 2.00 5:00 2.50 7.00 3.00 4.75 2.00 4.00 2.00 4.00 2.00 6.00 2.00 EXHIBITION RATES OF SELECTED MAJOR BOAT AND MARINE SHOWS Average Rates per rate per Boat shows square foot square foot Chicago Boat Show $3.10 - $ 5.25 $4.18 National Boat Show, New York $7.50 - $10.00 $8.00 Houston international Boat Show $1.15 $1.15 Miami international Boat Show $6.50 - $ 9.00 $7.00 Sailboat Show, Southern California $3.50 $3.50 Dallas Boat Show $1.35 $1.35 Sailboat Show, North Atlantic $2.75 - $ 5.25 $4.00 Boston Boat Show $2.75 - $ 4.00 $3.38 .Greater Michigan Boat Show $2.40 $2.40 U. S. Sailboat Show $3.70 - $ 9.00 $6.35 Southern California Boat Show $3.50 $3.50 Seattle National Boat Show $2.00 $2.00 San Antonio Boat Show $4.50 $4.50 Philadelphia Boat Show $2.72 - $ 5.50 $4.11 Source: Laventhol & Horwath. : r Projected pouulation Dade County# 1983 (basal 1,738,S00 1989 1,873;300 1990 1,994,500 1991 1,923,900 Compound annual growth (1983-199011 Broward County* 1983 these) 1,080,400 1989 112671600 1990 1,300,100 1991 1,3S3,800 Compound annual growth 11983-1990)s Palm Beach Countyt 1993 (base) 652,600 1989 810,000 1990 640,500 1991 002,100 Cowlvound annual growth 11983-1990)s South Florida Regions 1983 (base) 3,471,500 1989 3,951,700 1990 4,015,100 1991 4,1S9,800 Compound annual growth (1983-1990)s PROJBCTRD POPULATION A)1D BOAT RBOIBTRATIONS FOR DADR, BRONARD AND PALM SUCH COUNTICS AND Tug MM FLORIDA R6OION 1999, 1990 AND 1991 Number of boats per thousand _ persons 22.9 23.3 23.3 23.3 27.2 27.9 27.9 27.9 3l.1 33.6 33.6 33.6 Total projected pleasure boat registrations. 39,195 43,648 44,142 44,627 1.721 29,334 35,366 36,273 37;771 3.081 20,309 27 243 28,241 29,638 4.820 88,941 106,257 188,656 112,236 2.921 Sources University of Florida, Bureau of Economic Statistics. Laventhol s Norwath. Protected boat realstratlons by six* Lass cnan 260 W -40' 40'-650 Over 6S, 34,766 3,S26 627 274 38,716 3,920 699 106 39,154 3,973 706 l09 39,762 4,034 717 314 25,172 30,344 31,122 32,401 18,501 24,414 2S,728 27,000 78,439 93,i78 94,004 99,170 3,403 704 59 4,102 949 71 4,208 871 72 4,341 906 76 1,483 1,969 2,061 2,163 9,413 10,019 10,242 10,578 30S 409 424 445 1,636 1,956 2,001 3,069 20 27 28 30 3S3 404 409 420 POPULATION GROWTH COMPARISONS DADE, BROWARD AND PALM BEACH COUNTIES,. STATE OF FLORIDA AND THE UNITED STATES 1970, 1979, 1980, 1984, _1990* Year 1970 1979 1980 1984(1) 1990* Compound annual growth rates: 1970-1980 1979-1984 Projected compound growth rate (1980-1990) Dade Bras rd Countz, County 1, 267, 800 6 20,100 1,597,400 988 ,100 10,625,700 11,0181,000 1,744 ,100 1,100 0,800 1, 894, 500 1, 300,100 2.52% 5.08% 1.779 2.18% 1.549 2.48% Palm Beach State of Un i ted County F1` States 349,000 6,7911000 205,156,000 5420700 9 ,448 ,500 224 ,567 ,000 576,800 9,746,000 226,545,800 682,600 10 ,930 ,400 236 ,937 ,000 840, 500 12, 623, 900 249, 731, 000 5.151 3. 68 % 1. 00% 4.69% 2.96% 1.08% 3.841 2.62% .98% *Projected. (1) Represents annual population estimation through 12/31/8 4. Source: U.S. Bureau of Gensus. University of Florida, Bureau of Business & Econondc Research. 1978 1979 1980 1981 1992 1983 I>Adls Ocxs►ty% Total 1$000) $ 10,470,023 $ 12,194,349 $ 13,794,616 $ 15,612,781 8 15.830,511 $ 17,380,516 median mount per household 15,19S 17,403 17,573 19,779 19,716 21,756 increase per household - 14.50 1.01 12.6% (0.31) 10.21 ampo%nd annual growth rate (1978-1983) 7.41 Broward Clo nty% Total (S000) $ 6,800,000 $ 7,666,777 $ 9,479,620 $ 11,120,111 $ 12,122,30S $ 13,188,329 median amount per household 15,053 16,977 17,025 19,904 21,S66 23,81S Increase per household - 12.6% 5.01 11.71 8.41 10.41 Omgvound annual growth rate (1978-1993) 9.61 Palo Beach Qountyt Total ($000) $ 3,893,970 $ 4,624,150 $ 5,885,776 $ 6,917,477 $ 7,384,226 $ 0,295,532 median amount per haxweahold 15,234 17,441 18,380 20,317 22,182 24,514 Increase per ldausehold - 14.51 S.41 10.51 9.2% 10.51 omgxxM annLol growth rate (1978-1983) 9." State of Florida% Total ($000) $ 5S,156,298 $ 63,889,6S2 $ 74,347,623 $ 85,768,756 $ %,751,913 $ 106,985,550 median amount per household 13,173 14,915 15,359 17,044 19,007 20,794 Increase per household - 13.21 3.01 11.01 11.51 9.41 Coma( and annual growth rate 41978-1983) 9.61 United States% Total ($000) $1,439,815,449 $1,618,642,884 $1,914,166,915 $2,012,116,899 $2,169,679.437 $2,329.209,992 median amount per household 16,231 17,924 19,146 20,764 22,000 23,420 'Increase per household - 10.41 6.6% 8.5% 6.0% 6.51 Cxmpound annualrwth (1978-19837 7.69 rate Sources Sales G Marketing msneucuent - Mtvey of Buying labor (1979-1984). not :. ��. x��, e4 n f�� = a � h �,',#�W,-�: � . »!, r s �«1 . 07 d� I41}�:, pllubfhla.,i,l�, i�Iwlli�Y�rIVI�,16�1p11llI1N�fI��OdllIll III 1llIljjjillilf♦N� )i IjAI III 1 I1il� III 1 III I IIIII� I �I 111111111, if lj U I Iiili�i hill it i I I Ill 100 - 1978 1979 1990 1981 1"2 1983 tticfs Orarttyt Total ($000► $ 7,034,75S $ 7,170,416 f 6,168,167 $ 9,224,729 $ 9,434,151 $ 9,803,281 Mullen amount per ' household 12,576 12,615 12,827 14.407 14,543 15,178 Increase per household - .31 1.70 12.31 .9% 4.4% am wound annual growth rate 41978-1983) 3.8% . OroMard Countyt Total ($000) $ 4,490,181 $ 5,333,105 f 6,135,624 f 6,793,441 $ 6,789,624 f 7,310,323 Median amount per household 12,24S 14,142 14,217 14,980 14,430 15,775 Increase per household - 15.51 .51 5.41 43.7%) 9.30 Corm annual growth rate (1978-1993) 5.20 Palm reach (ountyt Total ($OOO) $ 2,666,079 $ 2,675,991 $ 3,090,880 $ 3,551,253 $ 3,723,446 $ 4,061,6:0 Median aeolnt per household 13,270 13,815 12,741 13,76S 13,709 14,710 Increase per household - 4.10 (7.81) 8.01 (.41) 7.3% Compound annual growth rate (1978-19931 2.1% State of Florldat Total 0000) $ 40,521,735 $ 41,774,016 $ 47,387,758 $ 53,491,914 $ 54.671,728 $ 59,092,749 Median aunt per household •12,113 12,170 12,221 13,285 13,145 14,067 Increase per household - .51 .4% 8.71 (1.111 7.0% Compound annual growth rate (1978-1983) 3.00 United Statest Total ($000) $817,815,449 $887.518,635 $965,745,665 $1,056,106,658 $i,100,749,749 $1,186,387,251 Median amount per household 10,630 11,142 11,792 12,630 12,940 13,645 Increase per household - 7.4% 3.30 7.1% 2.59 7.00 (kmanound annual growth rate 11978-1993) 5.41 rxxurcet Sales i Marketing Management - %jrvoy of Buyinq Power 11979-1964). IN 1979 1979 1901E 1901 il02 1963 hlede CbuntYi $ 674#429 f 70,573 $ 845,659 i 941,124 $ 935,409 Total t6000► f 772,290 Median amount per 1,381 I,U7 1,171 1,321 2,45t l,0h1 1,40 t.2ti household increase, per household - (14.1%) (1.31) I2.0t Crimpound annual Oc+ae.tb i_�0% rate (197049031 araward OoWtyt $ 556,659 f 626,443 $ 711,103 $ 704,114 f 017,572 Total t$�) $ S410161 Median amxmt per 1,4T6 1,476 1,451 1,560 1,667 6.39 I'm 5.81 household (1.7%) 0.1% Increase per household - Compound annual �� 3.it rate t1978-19031 Calm, Beach 0XK*Yi f 202,519 $ 333,032 $ 306,504 f 413,743 Total (5000). $ 206,532 $ 241,314 Median mount per 1,066 1,201 1,165 1 294 1,423 18.01k23 1,499 5.31 household increase per household - 12.71 (3.0t) 11.0 . Compound annual growth 7.10 rate (1978-1993) state of riorlda: $ 3,060,411 $ 4,343,399 $ S,h)12,044 $ 5,597,i69 $ 5,927,799 Total ($OW) $ 3,906,012 Median amount per 1,192 1,127 1,120 1,245 1,346- 0.10 1,411 4.60 heKwo old - ISM) (.6t) 11.2t Increase per household araRvxM annual growth 3.40 rate (1970-1983) united States: $76,750,667 $07,309,502 $96,417,426 $107,403,762 $110,934,921 Total ta000► $71,602,620 1,264 1,387 madlan amount per 931 90I 1066 , I,I53 9.6t 9.7% household Increase per h ous"ld - SAS 8.66 0.2t OmRwxxd annual growth 0.31 rate (1979-1993) >ourcet Sales & Marketing Man-arA gent of Ouylrm3 lower (1979-1904). PRWM"TID EM?LM-ME U IN NON-AMCVL-AML ES`MMISAMWM DAIS COi0 = 1980 (AiCMAL) . 1985 AND 1990 1980 (Actual) 1985 1990 Classifications Number Percent Number Percent Number Percent Manufacturing 101,500 14.0% ll5,200 13.5% 123,100 13.0% Contract construction 38,400 5.2 41,000 4.8 420,600 4.5 Tansportation, oam- munication and utilities 71,900 9.9 810100 9.5 85,300 9.0 Wholesale and retail trade 188,900 26.0 2210800 26.0 246,300 26.0 Finance, insurance and real estate 52,700 7.3 64,800 7.6 80,500 8.5 services; mining and miscellaneous 176,900 24.3 215,000 25.2 246,300 26.0 Government 96,600 13.3 114,300 13.4 123r200 13.0 Total 726,900 100.0% 853,200 100.0% 947,300 100.0% Source: Florida Department of Labor Statistics. Laventhol & Horwath. I 11 1 111 1111 11111, l 111 1 111 1111 1 I 1111 Ilk I I I I I I I I - I ' �817C 'plO1fR1 a8M1111Y f7fF- 1 wlf , ierat me lllllll er" oo111frlfs me im mu or rlaamA (ogrwnd In tnotrrattda of tourists) _ Dads -�1 Orarard lain Oast state at fiaclds Air Aulrrs • Aap.anaw r Ask • "TotsAvg. amw r a an.ra Air • 76ta Alrg,anny Yeas activists arrivals arrivals 1 dttstae arrivals arrivals arrivals S dtattoa arrivals arrivals arrivals S Shwe arrivals arrivals arrivals S SLOM ills 2,921 1,2/1 4116S - 2,00 1,7% 1,754 - 920 "1 1,901 2.7% 10,109 21,060 12.169 - 1979 1.611 989 4,602 10.495 2,266 1,044 1,110 111.1111 916 630 /0565 417.7 1 10,216 IS,817 26,071 (19.S111 19" 1,376 1,022 41,319 1 5.60 1 2,286 102" 1,SS2 7.1 1,094 6S2 1,766 11.5 11,905 20.619 32,522 11.7 1981 1,274 771 4,044 1 9.05 1 2,134 1,220 1,1S4 f 5.6 1 10158 741 1.920 9.9 11,160 20./71 11.599 1 2.9 1 1982 3,1t15 725 1,610 1 S.10 1 2.092 1,174 1,268 1 2.6 1 1,202 679 1.881 ( 2.0 1 12,288 21,011 13,301 S,6 1981• 2,8%; 677 1,S1S f 7.70 1 2,052 I,O" 7,OS6 1 11 1 1,400 821 2,223 19.2 11,217 21.891 15.110 5.4 Averays alumni miprn,ru1 yrwth cater (0.q�t1 (11./61► (1.21S► 1.0411 110.0651 4.011 11.085 11.0f11 1.101 5.10% LISS) 1.641 Mast Cott ti'ear infnnsatlat available. Aatrc.rt rinrida It!Mrtsmend Of 717Urle L mom MIAMI AIRPORT AIIt = MSSENC R TRAFFIC 197._ 3 (IN TmtrmDS ) Percentage Percentage Percentage Year International chance nnewstic _ diance Total diange 1978 50939 - 10,459 - 16,397 - 1979 7,484 26.0 12,144 16.1 19,628 19.7 1980 8,438 12.7 12,067 ( .6 ) 20,505 4.5 1981 7,983 ( 5.4 ) 11,865 ( 1.7 ) 19,848 ( 3.2 ) 1982 70589 ( 4.9 ) 11, 798 ( .6 ) 19,387 ( 2.3 ) 1983 7,082 ( 6.71) 12,240 3.7% 19,322 ( .3% ) Cmpound anrual growth sate (1978-1983) 3.60 3. 2% 3. 3% Source: Dade County Departaent of Aviation. PORT OF MIAMI CRUISE PASSENGERS 1979-1984 ( Rounded) (1) Percentage Year Passengers change 1979 1,334,000 - 1980 1,466 ,600 9.941 1981 10, 576, 700 7.51 1982 1,760 ,300 11.64 1983 2, 002, 700 13.77 1984 2,170,000 8.36 Average annual compound growth rate (1979-1984) 10.22% (1) Based on fiscal year ending September 30. (2) Dade County Port of Miami estimate. Source: Dade County Port of Miami. `' DEALIIt/$RhtOrit SURVEY RESPONSES 1985 Indoor Open air Percent of sqw f to sq. f t. Slip space Ozmnt ',me= Y3ents requirement reguiremmt requirement* rental rates Dade County 68.0% 100-8 ,000 0-10 ,000 2-8 $4.00-$12.00 Braward County 26.0 250-10700 0- 4, 750 2-10 83.00-512.50 Palm Beach County 3.0 - - - r Other counties 3.0 - - - - Total 100.0% 12,750-170,750 46,450-48,450 36-48 *Based an those respondents interested in leasing slip space. Source: Laventhol Boswath. 90> I• • AT WATXN ISLAM MIAM= I FLCR=A• __ APRIL L"5-- r OW, !II ?AL ppoye=ONS AND =N M= VGP= AN► MTS ACCCCUM TO 'I9MW A@A=33 r MZW M&JM ©WMKX ON OCMP EX AT WRZM MUM Arm 1965 : r' Lwenthol &Horwath, Certified Public Account OW PR Lavmthol & Horwath ral �r• ale Cmr� �e �aooemm�a Coal Gables, FL 33134 PTda� 254 zz April 4, 1995 Mr. John K. Meyer First Miami Development Co. Miami. Florida This addendum report summarizes our preliminary projec- tions of financial performance and economic impact pertaining to the proposed Miami Marine Exposition Complex. it is prepared pur- suant to our discussions and scope of services as outlined in our confirmation letter dated March 5, 1985. This addendum is to be presented solely in conjunction with our original study dated April 1, 1985, and entitled "Market Analysis, Miami Marine Exposi- tion Complex at Wiktaon Island, Miami, Florida" and, as such, is not intended as a stand alone document. In accordance with our engagement letter, we did not as- certain the legal and regulatory requirements applicable to.this project, including zoning, other state and local government regula- tions, permits and licenses. No effort has been made to determine the possible effect on this project of present or future federal, state or local legislation, including any regarding environmental or ecological matters. The addendum is based on information developed from re- search of the market as of April 4, 1985, our original market study as discussed above, knowledge of the industry and meetings with you during which you provided us certain information. The sources of information and bases of the estimates and assumptions are stated in the body of this addendum. We have no responsibility to update this addendum for events or circumstances occurring after the date of this addendum. The accompanying projections are based on estimates and assumptions which are stated in the original market study as well as this addendum. Some assumptions inevitably will not materialize, and unanticipated events and circumstances may occurs therefore, actual results achieved during the projection period will vary from the projections and the variations may be material. A member of Har wuh &. Ho math Inomacontal with aifiliaaed of m warkivide. 4%. Mr. John K. Meyer First Miami Development Co. m2- April 1, 1985 The addendum and projections included herein are prepared for your information and for use in connection with discussions with governmental officials involved with the review of the proposed project and an application for financing the proposed project. They should not be relied on for any other purpose. Detailed supporting data and analyses will be presented in our final document. Neither the report nor its content may be referred to or quoted in any loan or other agreement or document without our prior written authorisation. W e .01- INTRODUCTION In the following pages, we have provided an addendum to the report dated April 1, 1985, entitled "Market Analysis, Miami Marine exposition Complex at Watson Island, Miami, Florida." The addendum addresses the projected financial performance and economic impact for the proposed development as it was described in our orig- inal study. The projections provided in this addendum report are based on the information and analysis discussed in the original study, as well as other data and assumptions presented herein, and, therefore, should be considered solely in conjunction with the April 1, 1985 market analysis. FINANCIAL PROJECTIONS Projections of annual operating results for each of the four principal components of the proposed Miami Marine Exposition Complex have been prepared for the ten-year projection period from 1989 through 1998. The projections were based on the re - salts and analysis of competitive and comparable project components, interviews with management of marine -related facilities and pro- ducts, industry statistics, current market conditions and assumptions tjjt L2 -2- regarding the environment in which the proposed development would operate. The latter includes the basic assumptions that each of • the components of the proposed development will be managed and staffed by competent personnel and that it will be professionally advertised •and promoted to the public. The projections were pre- pared in current (inflated) dollars and, therefore, do include the interim effects of inflation. The comments and assumptions con- tained in our original study, as well as this addendum, are an in- tegral part of these projections. MARINE MART COMPONENT The Marine Mart facility is expected to contain approxi- mately 500,000 square feet•of space, providing 145,000 square feet of common area and 355,000 square feet of gross leasable area, which will be configured by the architect into interior sales room and covered exterior showroom areas. On the following page are the relevant bases and percen- tages utilized in the financial projections and, for comparative purposes, are represented in 1985 constant dollars: -3 - Occupancy projectionst Occupancy Derc` ace 1989 (opening year) 55i 1990 85 ' 1991-1998 100 Revenues: Gross rental revenues - $15.00 per square foot, on a gross leasable basis, with expenses paid directly by the tenant. Rents may range from 36 to $24 per square foot. This range reflects the pay- ments made by brokers and dealers for current showroom space and man- ufacturers for boat show space Admission revenues - $3.77 admission charge per person on average attendance of 130,000 for four shown annually Miscellaneous revenues - 4 percent.of gross rental revenue Vacancy and rent loss - 7 percent of gross rental revenue Operating expenses: Payroll and benefits - Based on a detailed staffing sched- ule and benefits at 22.5 percent • of total payroll. Administrative and ' related - $0.35 per square foot of gross • leasable area. ' utilities - $0.65 per square foot of common area. •The rate reflects the energy savings estimated by the developer and assumes that tenants will be separately metered. Building and equipment maintenance - $0.65 per square foot of gross area, ' Advertising and promotion - $6,40 per square foot of gross leasable area. Insurance - $0.11 per square foot of gross area. Miscellaneous expenses - $0.25 per square toot of gross area. -4 - Exhibit A, on the following page, is a statement of pro- jected cash flow from the Marine Mart operations available for city lease, debt service and income taxes for the ten-year projection period from 1989 through 1998 in current (inflated) dollars. The inflation rate assumed herein was six percent, All amounts are rounded to the nearest thousand dollars. M3AM1 MMtIIMB bQa4M M AT WO►T W ISLAND t2O S= A mum MAR! COMBCNRRT SDl'imOM Cr am rEm "M CPEPA't10N6 AVAUAKE FM Cm LLMM, OmT svfv= AND vCm � WPM= III MLUM= Q CORReM (MLA7W) ODLEM 1989-1996 g 1�9O. L911 1"2 , 19l3 M 199s MG t2etsss rw�tal es.eners $3,688 $6,037 S 7,334 S 8,007 S 6,487 S 8,996 S 9,336 $10,108 $1O,713 IU,358 Adtiaslon tswnoes 2,474 2,623 2,790 2,947 3,124 3,311 3,510 3,721 3,944 4,181 Misoallanaaus es�enuas �19• 233 ... t �334 ". 373 . - 3" 421 .`47 474 TOW 4roms sws "m 6,328 8,932 10,60 i1,268 11,M 12.663 13,444 14,251 15,1O6 16,012 lime nae4ncy wd tont lam `. 443 53O ___23 $18 �696 .� 699 .,._ M 781 _.. 928 T ai eswroor 6.057 8.491 10,M 10,704 11.347 12,027 12,749 13,314 14,323 15,184 alp p 11 and tits prywo• 800 648 899 9s3 1,010 1.071 1,133 1,2D4 1,276 1.352 A�d••tstsstiw ad routed IS! 1" 176 IN 198 209 222 233 25O 264 Matti" Ut 126 133 141 20 159 168 178 189 200 pwm avalntmewics 410 436 441 499 328 549 so 617 6S4 693 Aftfo t"" aid 9e010DeLan 179 190 201 214 226 240 254 2" 286 303 ' irearanoe N 74 78 83 dt 93 96 104 111 117 MLoal3an.oms soe;enome .., " �167 `177 �128 Mill 24 237 .�232 267 1J • ^ TML apseea jm a•ysnaee I.M 2.006 2,326 2,254 2.369 2,333 2,"4 2,846 31016 3,197 cub Lloe• !ss apaastla w aerailabls ew dty leer, debt service and fnwm taper 349US $6,489 57,972 S 2,450 S 6,957 S 9,495 $W,065 SIO,668 511,3O9 531,487 us aownts and asaaeptlaea contained tn this t'apox • arts as Integral part at these pe o wted statasonta. lots my not add dLo to eanedlM. 4W -5- MARINA COMPONENT The proposed Marina is expected to be a full -service facil- ity containing the following amenities: Access to all of the proposed develop- sent's services and amenities. Fuel/service station. Utility and sewage hookups. Sanitation services. Initially, as part of Phase I, 299 wet slips are expected to be availabler in 1995, development of Phase II is assumed to have been completed providing an additional 701 wet slips, for a total of 1,000 available slips by 1994.. The following bases and assumptions were utilized in our •financial projections and, for comparative purposes, are represented • in 1985 constant dollars: slip Revenue Slip revenue is based on our projections of daily rental rates, projected occupancy and an* average boat size of 40 feet. (Bases for these projections are provided in our original study.) Average daily rental rates per foot are as follows: -6- Daily rental rate Slip category per foot txposition $0.24 Transient - Notel 0.70 Permanent 0.24 Live aboard (L/A) surcharge 0.06 Transient - Non -hotel 0.40 Projected occupancy estimates are as follows: Number of available occupancy Year slips percentage 1989 299 871 1990-1994 299 100 1995 11000 42 ' 1996 10,000 75 1997 1,000 96 1998 10,000 100 The absorption pace takes into account the hotel -related marina area, which will be attractive to transients willing to pay a premium for hotel amenities, including the pool, restaurants, snack bars and services, and roams for guests; the Marine Mart slip requirements determined by interviews with boat dealers and brokers, residents of Dade County and others seeking permanent dockage, and ton -hotel transients who will be attracted to the �:= marina. -7 - Fuel and Oil Sales The projections consider the average•annual occupancy for each slip category, the mix of motor boats to sailboats (70 percent to 30 percent), and fuel and oil requirements and pricing, includ- ing: . Motor boats require 150 gallons per fill - up, 16 times per year (permanent and tran- sient categories). . Sailboats require 30 gallons per fill up, six times per year ( permanent and tran- sient) . Marine Mart -related boat fuel and oil re- quirements are based on each boat's utili- sation for demonstration. . Average fuel price is $1.40 per gallon. . Average oil cost is $120 per boat annually. Other relevant bases and percentages for the projections for the Marina component are as follows: Accessory sales . S percent of dockage slip (bait, tackle, miscellaneous) revenues Cost of sales - fuel/oil Cost of sales - accessories Payroll and related - 87 percent of fuel sales 50 percent of accessory sales salaries and wages based on detailed staffing schedule and benefits comprised of 20 percent of salaries Administrative and general - 6 percent of slip revenue \� Marketing - Energy costs (utility, water) Repairs and maintenance - Property insurance - Security - Reserve for replacement - 2 percent of slip revenue 12 percent of slip revenue 3 percent of slip revenue 3 percent of slip revenue 2 percent of slip revenue 1 percent of slip revenue -8- Exhibit B, on the following page, is a statement of pro - jetted cash flow from Marina operations available for city lease, debt service and income taxes for the ten-year projection period 1 d from 1989 through 1998 in current (inflated) dollars. The infla- tion rate assumed herein was six percent. All amounts are rounded to the nearest thousand dollars. MIA a Mutum 1Ti0M AT NPa" MMM KOD" smi = a G!l+OMlM StRrZM M Ot CA91 ttOM MR CPEPAMT MS AVAMAKX !O! CM Ldl4l. 08M SCRWTCE AND TAXES CWYAM 9 IN TROLSM= OF M MM (INlRXrMl WUAM M9-1998 Ilnseaw� ■ mg 1990 1"1 1992 1993 1994 1� 99S 1 9G 199� 1998` ENDO,tim Siips 8 W S SU S SU 9 116 S 1,548 S 2,190 S 2,321 S 2,460 1 2,A08 S 2.764 a tal tawwtmt M 1,572 1,667 2,073 3,666 4,749 9,491 51820 60169 6,340 N�nent Live aboard (psa mwnt) 261 276 293 S47 1.117 I,S70 1.797 6 7 7 14 29 39 48 1,862 Sl 1,974 S4 2,092 58 'Ptan.isn! (ntemtmotsl) .�� �.�. �2, 00 !65 �13 �$54 �1�8 `623 TOW slip sarwuea 1.7: 2.442 S88 3,672 6_82SS 9`00 10,140 10,748 --U.393 u,or riwo l Mies 1.146 1.368 1.4S0 1,776 30377 4,906 S,890 602" 6,618 7,01 Aooasaory salsa �.� �1,i3.�..-... _183 341 453 S07 $37 369 60 Total salsa 1.236 LM �1 g- 1,959 3_ .71s � 9.399 6 797 6,781 7,188 7.619 Total 3.034 3*931 4i li7 5.631 106543 14,399 16,337 17,529 18,581 19,69 Oast of sales RIDWOU AoOeasoeies 'local Mot of man Payroll and esd p ssperrea� Jlddniresaeiw aid general mgkstu4 Dow Comm ftpaism and MLints mmn Toeal 4999WA0 MOMMON in=* batons fixed d cow tnma=m . esolltiCy lbaeew toe replaamunt Total lined dmgw Cash floc tsoa Waeationa aaailmla toe City leaes, debt asewiae and inm a taaea 997 1.I90 1.261 1,346 2,937 4.20 9,124 5.431 5.757 6,102 `M 62 ` 3 �.92 171 �2, . -253 268 2 4 301 1,251 1`326 1.637 3,109 4.4% 11376 9� .6" 61041 4,403 279 2% W 332 510 S41 $63 915 970 10028 107 147 1" 221 410 S42 609 645 684 725 35 46 u 72 237 I81 202 us 227 241 215 293 3u 441 SO 1,085 1,226 1.289 1.366 1,448 53 74 78 110 204 272 304 323 342 363 6" 838 __a 1,176 2,090 2,620 3,195 1387 3,390 3,805 �:.1.293 L,822 1.931 2.818 S.39S 7,283 7.9" 8,444 8,950 i 9,487 �,. 54 74 78 130 204 2" 304 323 342 363 35 SO 52 74 137 in 202 21S 227 241. �18 24 16 36 69 ` 1 102 108 us 122 HIV IV 1% 220 � 410 542 609 645 684 723 t1,186 S1,67S SI MS S2,398 S 4,946 S 6,741 S 7.357 S 7,798 S 8.266 S 8.762 The cOmmts and aswsPtia» contained in this report eta aA 'at* ' Peet Of thOw projected statements. Totals my not add dw to rounding. a . 9- HOTEL COMPONENT The proposed first-class Hotel is expected to contain 300 roams upon its opening in 1989, and to increase by 200 rooms in 1995, the first operating year of Phase I1 of the proposed Marina expansion. Facilities and amenities to be included in the Hotel component includes . Swimming pool . Tennis courts . Various food and beverage outlets . Adequate meeting space v . Gift shop/sundry shop. The following bases and assumptions (in constant 1985 dol- lars) were utilized in the analysis of the financial performance for the Marina -related Hotel component of the proposed project: Roams revenue - Food revenue - Beverage revenue - Telephone revenue - Minor operating depart- ments, net - Based.on occupancy and aver - room rate projections as indicated in the statistics section of the projected financial statements. 50-60 percent of room sales .40-50 percent of food sales $5.00 per occupied room $2.50 per occupied room -10- Rentals and other income, net- $3.00 per occupied room Rooms payroll and related - S9.70-S10.20 per occupied room Rooms, other - 84.68-S2.26 per occupied room Food cost of sales - 33 percent of food sales Beverage cost of sales - 20 percent of beverage sales 1 Food and beverage 28-31 percent of food and bev- payroll and related - erage sales Food and beverage, other - 10-11 percent of food and bev- erage sales Telephone cost of sales - 95-96 percent of telephone sales Administrative and general payroll and related - 2.75-4.3 percent of total sales Administrative and general, ' other (including management ! fees) 5.35-6.4 percent of total sales Marketing payroll and related - 2.0-2.2 percent of total sales Marketing, other - 1.5-3.2 percent of total sales Energy - $4.90-$6.38 per occupied room Property, operation and maintenance, payroll and related - 1.85-2.02 percent of total sales Property operation and maintenance, other - 1.85-2.02 percent of total sales Insurance - 0.63-0.9 percent of total sales Replacement of fixed assets - 1.5 percent of total sales Management fee - 3.0 percent of total sales Exhibit C, on the following page, is a statement of pro- jected cash flow from hotel operations available for city lease, debt service and income taxes for the years 1989 through 1998 in current (inflated) dollars. All amounts are rounded to the nearest thousand dollars. MIAFCI Mkr4m TCI0l4 Ar wxrmm ISLAND t70in= C STATE MS OF CASH FROM FROM OPERICCIORS AVAILABLE FOR CITY L"St, DW SERVICE: MO VCOP * TAXES F t2a IN TWUSMW OF CORKER! (INFLCMI DOLLARS 1989-1998 �989� 1990 1"1 1992 1993 1994 1995 19% 1997 199 Reteamss Iboue i 9,391 6 6,191 S 7,068 1 7,699 S 8,239 1 8,898 $14,446 513,763 s17,186 $19,484 Food and bworagm 4,a52 5,372 6,361 6,926 7,413 8,009 10,112 11,034 L2,030 12,939 Tolopwro 415 476 S44 592 634 664 1,111 1,213 1,322 1,422 sty, net 207 238 272 2% 321 342 356 606 661 711 Rentals and atlroe In n, not 249 286 326 333 383 411 6" 728 793 853 Tbtil 4. M 44 4.40 Copmetamneal cons aid eeponmemt roams 1,283 1,4S2 1,642 1,777 1,901 2,026 3,293 3,342 3,808 4,067 load and bswegs 3,439 3,892 4482 4,750 S,092 3,417 6,928 7,504 8.124 Telephone GULL Cam U=m ���.,� �. 4� �� ... ... � �807,0,6, 14,11�3 apMl MLng 9.030 0�65 9.397 10.750 13.615 17.146 18.805 20,286 adianuuted aposatirq mspmremst Adaioistsative ad gonseal 1,167 1,315 1,472 1,602 1,706 1,814 2,236 2,427 2,610 2,787 "Aammina 600 6" 743 809 861 915 1,004 1,067 1,13S 1,204 Nnmw abed us 613 02 754 809 $60 1,146 1,223 1,309 1,393 lropoety apoeaticn and tenth. twmwd a total 445 443 539 S87 634 679 11,�1,SO i� � � � 4. SF556 112220 5.946 1�3.1,0, 6.363 1,393 7rTrr Comb nor ava+ t abl a tie bated ah�aepmm, tspiaowmnt at arced awe", em pent tee, City Lamm, debt /E seeviom and iaorar times 3,238 3,882 4r3" 3,013 Sew S,982 10,OS8 11,199 12,442 13,507 Fired dopes, inomm oa 100 106 U.2 �U9 L26 .i 3 193 194 209 219 Cub nor aral3abLe toe tsplaomantt ae tiasd meet., ansp ownt tee, City lsmes, debt mety ad ittocoe tales 3,139 3,779 4,472 4,894 5,261 5,848 9,876 11,006 120237 13,290 AtpLINNEW 09 tired anou IV 191 219 �238 `23S 27S 403 440 480 516 Cub ear araliaWA tat eengmmrr 0 f m, City Few, debt savioe and prod.. ease. 2,972 3,583 4,254 4,654 5,006 5,573 9,472 10,566 11,757 12,774' P. too 221 388 458 SOl 539 598 1.006 1.120 1.244 1,351 Carob ear available toe City lease, date seeviom ad inmie tiles 6 2,648 S 3,197 S 3,799 S 4,15S 5 4,467 S COS S 8,467 5 9.446 310.S13 S11,423 WwAwAcst Paramoccoge agamagonLy (lauded) 40s 65% 701 721A 731 741 68% 701A - 721 73% Nu bor all aawpled ram 6S,700 71,200 76,700 78,700 79,500 81,000 124,1A0 127,800 131#400 133,300 moscapm roam cote (rasded) ' ii2 i87 $92 1" i104 $13A s116 sin 5131 5139 Nam 1. PW=ntapmm at dmpssWWWAl mspmrwm are to departmental rrmmnt all other poLvwmagm at7 to total rswnw. 2. Vmw pc'oiect+ed sutmments are mtgtsssms I is as TWM 198E dollars ad thoastatm, do inolada the interim *netts of t' CUMiCr . Pwjoeted statements whLc h do not inowpoeate away ed rates at intlatian arm included as Cdublt A ad this cepam The aamenri and amnaptianm contained Ln this op=* we an integral part of eltmam projected starmerms. totals my not add dw to touading. -11- RETAIL COMPONENT The Retail component of this project is expected to contain 90,000 square feet of space, providing 70,000 square feet of marine - related specialty retail shops. The remaining 20,000 square feet of space is anticipated to be occupied by two food and beverage fa- cilities. The following bases and assumptions were utilized in the projections and, for comparison purposes, are represented in 1985 constant dollars: Occupancy projections: Average Year annual occupancy 1989 889 1990-1998 1008 Revenues: Average rental revenues - $22.50 per square foot, triple net basis Other income - Expenses and charges prorated to tenants Vacancy and rent loss - 5 percent of gross rental revenue beginning in the first full year of operation ft Operating expenses: General building - Administrative and related - Insurance - Common area !- Management fee - Leasing expense - -12- $0.65 per square foot of occupied net leasable area $0.15 per square foot of occupied net leasable area $0.15 per square foot of net leasable area $0.50 per square foot of net leasable area 3 percent of gross rental revenues 3 percent of total lease value amortized over a five-year lease term Exhibit 0, on the following page, is a statement of pro- jected cash flow from Retail operations available for city lease, debt service and income taxes for the ten-year projection period from,1989 through 1998 in current (inflated) dollars. The inflation rate assumed herein was six percent. All amounts are rounded to the nearest thousand dollars. els -12- Operating expenses: General building - $0.65 per square foot of occupied net leasable area Administrative and related - $0.15 per square foot of occupied net leasable area Insurance - 50.15 per square foot of net leasable area Common area - $0.50 per square foot of net leasable area Management fee - 3 percent of gross rental revenues 1 ! Leasing expense - 5 percent of total lease value amortized over a five-year I lease term Exhibit D, on the following page, is a statement of pro- jected cash flow from Retail operations available for city lease, debt service and income taxes for the ten-year projection period from.1989 through 1998 in current (inflated) dollars. The inflation rate assumed herein was six percent. All amounts are rounded to the nearest thousand dollars. kevenuess Gross rental revenues other income Total gross revenues Less vacancy and rent loss Total revenues Operating expenses: General building cost Administrative and related Insurance Common area Management fee leasing expense Total operating expenses Cash flow from operations available for city lease, debt service and income taxes MIMII MODE CaMITION AT WATSON ISLAND RETAIL CCMFONENr 6MTD;WIS OF CASH FUN FROM OPERATIONS AVAILABLE FOR CITY LEASE, DEBT SUMCE AND INCOME TAXES EXPRESS® IN UMSANDS OF CURRENr (INFLATED) ATED) DOLLARS 1989-1998 1989 1990 1991 1992 1993 1994 1995 1996 EXHIBIT D 1997 1998 $2,250 $2,710 02,873 $3,045 $3,228 $3,421 $3,626 $3,844 $4,074 $4,319 349 383 399 415 434 331 350 270 392 416 2,599 3,093 3,272 3,460 3,662 3,752 3,976 4,114 4,466 4,735 130 155 164 173 183 188 199 ' 206 223 237 2,469 2,938 3,108 3,287 3,479 3,564 3,777 3,909 4,243 4,490 65 78 83 Be 93 99 105 111 118 125 15 l8 19 20 22 23 24 26 ' 27 29 17 18 19 20 22 23 24 26 27 29 57 60 64 68 72 76 81 85 91 96 67 81 86 91 97 103 109 115 122 130 128 128 128 128 128 7 7 7 7 7 349 383 399 415 434 331 350 370 392 416 $2,120 $2,555 $2,709 $2,872 $3,045 $3,233 $3,427 $3,538 $3,851 S4,082 The comments and assumptions contained in this report are an integral part of these projected statements. lbtals may not add due to rounding. -13- PARKING FACILITIES The Miami Marine Exposition Complex, as planned, will re- present a significant public recreation and entertainment offering within the context of intensely developed urban areas of Miami and Miami Beach. Based on the scope and quality of the project as an attraction and the corresponding need for substantial parking facil- ities, the developer proposes fee parking for visitors and commer- cial tenants. Parking facilities planned for the project include r a combination of uncovered and covered surface areas with a total of approximately 4,S00 spaces. ' Parking Revenue The parking fees proposed by the developer would include a flat $ 2.00 per car charge for visitors and a monthly rate of $40.00 per space for marine mart and retail tenants. Tne rate structure proposed is comparable to parking -entrance fees typically charged at public park facilities with developed amenities and oper- ations such as the Matheson Hammock Park. Proposed fees are moderate relative to current rates at commercial parking facilities in the downtown Miami area. r' Based on our analysis of.the proposed project, and sub- ject to more detailed facility design, events programming and mar- keting, we have estimated stabilized annual visitation to the �1 project at approximately 1.1 million persons. we have assumed, for -14- the purpose of projections, that 95 percent of visitors will arrive via automobile and that the number of persons per car will average 2.0. These estimates and assumptions are held constant throughout the projection period. Employees of mart and retail tenants are estimated at ap- proximately 666. We have assumed that 80 percent, or approximate- ly 534, of these employees will utilize personal automobiles on a daily basis, with the remaining 20 percent arriving via public trans- portation. it is further assumed that 30 percent of those arriving i by automobile will car pool at an average rate of 2 persons per car, resulting in a total daily requirement of 454 parking spaces. Parking Facility Operating Ex enses Based on our discussions with parking facility operators, there are a number of major factors which may affect operating ex- penses, including: Layout of parking spaces, ramps, exits and entrances. Leasing arrangement - whether the facil- ity is leased to an operator or managed by the developer. Type of operation - 'park and lock' or valet service. Security. Equipment - electronic entrance and exit units. . Hours of operation and corresponding personnel requirements. I� -15- Subject to detail parking facility design for the project which, as noted, may significantly affect the various factors noted above, we have assumed the following for the purpose of preliminary financial projections: Payroll and related employee expense: 4 manned exit stations. - 20 full-time or equivalent employees including cashiers, security and clean- ing personnel. - Average annual salary and related ex - pens* of $16,200 per employee. Utilities - lighting and equipment operation expense of $120 per enclosed space (3,100 spaces) per year. Cleaning equipment:. - 4 sweeper units. Amortized cost and operating expense (fuel and maintenance) of $4,500 per unit per year for five years. Insurance - 2 percent of gross revenue. Management fees - 1 percent of gross revenues in stabilized year (1991) and 3 percent of annual gross revenue over that base subject to negotiation. All of the above estimates and assumptions are stated in 1985 constant dollars. For the purposes of projected cash flow statements of operating income available for city lease, debt ser- vice and income taxes presented as Exhibit E, we applied an annual inflation factor of six percent to all revenues and expenses. The assumed first full year of operation is 1989. Revenues: visitors Tenants Total Expenses: Payroll and related utilities Cleaning equipsent and operation Insurance Management fees Total Cash flow from operations available for city lease, debt service and income taxes MIAMI MARINE 0MOSITION Ar WE" I.S[3lt+D EXHIHPr E PARKING ODHPONENr STATE NDUS OF CASH FM FROl1 OPERIrIONS AVAILAWA KW CITY LEASE, DMIr SERVICE AND INCOME TAXES EXPRESSED IN THOUSANDS OF CURRW (INFEJWM) OOIdARS 1989-1998 1989 1990 1991 1992 1993 1994 1995 1996 1997 1990 S1,318 $1,453 $1,579 $1,706 $1,843 $1,990 $2,154 $2,330 $2,517 $2,728 18 . 23 26 28 29 31 33 35 37 39 1,336 1,476 11?605 1,734 1,872 2,021 2,187 2,365 2,554 2,767 409 434 460 488 517 548 581 616 653 692 470 498 528 560 593 629 667 707 749 794 23 23 23 23 23 30 30 30 30 30 27 30 32 35 37 40 44 47 51 55 16 16 _16 20 24 29 33 39 45 51 945 1,001 1,059 1,126 1,194 1,276 1,355 1,439 1,528 1,622 $ 391 $ 475 $ 546 $ 608 $ 678 $ 745 $ 832 $ 926 $ 1,026 $1,145 The ccownts and assumptions contained in this report are an integral part of these projected statements. Totals may not add due to rounding. -16- SUMMARY OF FINANCIAL PROJECTIONS Exhibit F, on the following page presents for the five principal components of the proposed Miami Marine Exposition Com- plex a projected statement summarizing total revenues and expenses and cash flow from operations available for city lease, debt ser- vice and income taxes for the ten-year projection period from 1989 through 1998 in current (inflated) dollars. The inflation rate f assumed herein was six percent. All amounts are rounded to the nearest thousand dollars. •i q MIAMI MARINE ES80STNION Mr WRTSnN IStNID MARINE MART, MARINA, WYrEL, RETAIL AND PARKINS aDM[aoNWS SrATEMMIS (W CAM FUN FROM OPk'RArNSS AVAIW3tE FOR CITY LEASE, DWr SERVICE AND INWHE TAXES EXPRESSEp IN THOt WDS OP CURRENT i INFIMEDI MU ARS 1989-1998 4KY 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Revenues: Marino mart $ 6,0S7 $ 8,491 $10,098 $10,704 $11,347 $12,027 $12,749 $13,S14 $14,32S $15,184 Marina 3,024 31931 4,167 5,631 10,543 14,399 16,537 17,529 18,581 19,695 Hotel 11,1i5 12,763 14,S70 1S,864 16,992 19,344 26,692 29,343 31,993 34,409 Retail 2,469 2,938 3,108 3,287 3,479 3,564 3,717 3,908 4,243 4,498 Parking 1,336 1,476 1,605 1,734 1,872 2,021 2,187 2,36S 2,554 2,767 Total 24,001 29E599 33,548 37,220 44,233 50,355 62,142 66,659 71,696 76,553 Expenses: Marine mart 1,892 2,006 2,126 2,254 2,389 2,S33 2,684 2,846 3,016 3,197 Marina 1,838 2,256 2,391 3,033 S,598 7,658 9,180 9,731 10,315 10,933 Hotel 8,467 9,566 10,775 11,710 12,525 130369 18,42S 190897 210480 22,986 Retail 349 383 399 415 434 331 350 370 392 416 Parking 945 1,001 _ 1,059 1,126 1,194 1,276 1,355 1,439 1,528 11622 Total 13,491 15,212 16,750 18,538 222s 140 25,167 31,994 34,283 36,731 39,154 Cash flaw from operations available for city lease, debt service and income taxes: Marine mart 4,165 6,485 7,972 8,450 8,957 9,495 10,065 10,668 11,309 11,987 ' Marina 1,186 1,675 1,775 2,598 4,946 6,741 7,357 7,798 6,266 8,762 Hotel 20648 38197 3,795 4,155 48467 4,975 80467 91446 10,513 11,423 Retail 20120 2,555 2,709 2,872 3,045 3,233 3,427 3,538 3,851 4,082 Parking 391 475 546 606 678 745 832 926 1,026 1,145 $10,510 $14,387 $16,798 $18,682 $22,093 $25,188 $30,148 $32,376 $34,965 $37,399 The comments and assumptions contained in this report are an integral part of these projected statements. Totals may not add due to rounding. -17- ECONOMIC IMPACT ANALYSIS The proposed Miami Marine Exposition at Watson Island will generate substantial economic and fiscal impacts. Although the main objective of our analysis is to isolate and define quanti- f cable impacts in terms of employment, payrolls and taxes, these factors may not fully reflect the ultimate value of this project to the community. All financial figures in this section are stated in constant 1985 dollars. Along with defined factors outlined in the following par- agraphs, evaluation of the impact of the proposed development should ' include consideration of the project's overall value as a public amenity and addition to the area's tourist facility infrastructure. The proposed development represents'a unique attraction for South Florida which would complement existing and planned area attrac- tions as opposed to merely supplementing area facilities. In our judgement, this distinction is an important one. An'attraction which actually enhances the scope and qual- ity of the area's amenity base can contribute significantly to the revival, maintenance and potential expansion of Miami's position as a tourist destination area amidst increasing competition from other parts of the State. We have defined the direct economic and fiscal. impacts associated with the proposed first phase of the development program and the total program envisioned upon completion. This analysis does not include consideration of parking facility operations. In addition to defined direct inpacts, employment and spending associ- ated with the project will generate substantial indirect impacts through, 4% the local economy which have not been addressed within the scope of this analysis. Financial factors are expressed in 1985 constant dollars and operation -related factors assume stabilized operation. CONSTRUCTION IMPACT The on -site construction -related employment generated by the proposed Complex is a direct function of the level of the in- vestment in the development. As provided by the general contrac- tor, Phase I Improvements, are expected to total $89,521,000 and Phase II improvement costs are estimated at $108,657,000. Employ- ment, payroll and material expenditures as they relate to construc- tion of the project are shown below: Phase I Phase I and II Total improvement costs 589,521,000 $108,657,000 Labor factor 65% 65% Estimated construction labor expenditures' $58,18 9,000 S 70,627,000 Average annual wage $ 311200 $ 31,200 Total man-years of labor 1,022 1,240 Total material purchases $31,332,000 $ 38,030,000 'Includes labor and labor benefit expenditures. Source: Harris Construction Corporation. -19- OPERATION IMPACT Impacts derived from the operation of the Marine Exposi- tion Complex are a result of increased on -site employment as well as increased visitor expenditures. Based upon our experience and knowledge of the various components comprising the proposed project, personnel required to operate the Complex are estimated below: Marine Mart Marina Hotel Retail Total Number of Full Time Equivalent Positions Phase I Phase I and II 355 355 16 43 187 312 _. 311 869 1,021 Based on an assumed mix of shills among Complex employ- ees, total annual salary and wages are estimated at $12,367,000 and $14,649,000 under Phases I and II, respectively. On -site visitor expenditures represent spending by indi- viduals who are accommodated on Watson Island. in determining vis- itor expenditures that are derived by the proposed project, we con- sidered the following: Room nights generated by those visitors not currently in the marketplace. -20- Double occupancy percentage and average length of stay to determine total visi- tor days for each market segment. Average daily expenditures per tourist in Dade County of $88.72 (1983 dollars), as provided by the Dade County Depart- ment of Tourism. Based upon these expenditure patterns, our findings indi- cate that annual visitor expenditures for Phase I and Phase II are approximately $1,517,000 and $2,757,000, respectively. FISCAL IMPACTS The development of a marine exposition complex on Watson Island will generate direct tax revenues for the City of Miami, Dade County and the State of Florida. The major sources of these revenues are identified and quantified for stabilized years of op - oration. It should be emphasized that the direct revenues project- ed here refer to tax revenues produced on -site and do not include taxes resulting from off -site spending by employees of the complex or complex attendees. Hotel Room Tax Hotel room tax is applied to room revenue and is levied at a rate of 5 percent accruing directly to Dade County. The total assessment is comprised of two components. The first is a 2 per- cent room revenue tax assessed to all hotel facilities in Dade County. The revenue generated from this tax benefits Dade County by i supporting funds specified for advertising, promotion, renovation -21- and development of special cultural events carried out by the Dade County Department of Tourism. The second is a 3 percent room rev- enue tax that all hotel facilities in Dade County are assessed. The funds generated from the hotel room tax are earmarked as fol- lows: . Two-thirds are designated to expand the Miami Beach Convention Center. . One-third is designated for the develop- ment of a new cultural center in the City of Miami. In summary, total annual hotel room tax revenues accruing directly to Dade County from the proposed project are estimated and distributed as follows: Rooms Revenue Tax Assessment Hotel Rom Tax Revenues: City of Miami City of Miami Beach Dade County Total Sales. Tax Phase I $4,982,000 59 50,000 99,500 99,500 S 249,000 Phase I and II $8,067,000 5• 81,000 1610000 161,000 S 403,000 Sales tax in the State of.Florida is 5 percent and is as- sessed directly to the sale of recreational boating equipment, mari- na slips and accessories, hotel accomodations and marine -related products. Assumptions used in determining the sale of goods and ser- vices related to operations of the proposed project are as follows: r� dop, -22- Total Marine Mart rental revenues of $7,119,000 were obtained from the fi- nancial projections found on Exhibit A. Slip rental revenues and accessory sales from the Marina component were obtained from the respective financial projections found on Exhibit B in the amount of $1,916#000 and 85,942,000 under Phase I and I and II, respectively. Total hotel revenues in the amounts of $10,271,000 and $15,016,000 were obtained from the respective financial projections found on Exhibit C. Total retail rental revenues of $2,202,000 were obtained from the financial projec- tions found on Exhibit D. • Sales per square foot of interior space in the Marine Mart component were esti- mated at $250 per square foot. • Sales per square foot of marine -related retail space are estimated at $240 per square foot. • Sales of food and beverage facilities were estimatd at $443 per seat for a total of 720 seats. Based on our analysis-, the projected gross sales gener- ated from the proposed project are $69,427,000 under Phase I and $78,648,000 under Phase II. Thus, tax revenues accruing directly to the State are expected to total $3,471,000 and $3,932,000, re- spectively. -23- Unem loyment Tax Unemployment tax is applied to each employee's salary up to a maximum level of $7,000. The assessment is levied at a rate of 2.7 percent accruing directly to the State. In determining the impact of this assessment, the portion of payrolls from construction and operation of the proposed project that would be subject to the unemployment tax paid by the employer was analyzed. our findings resulted in an estimated payroll basis of $7,778,000 and $8,841,000 under Phase I and 1I, respectively. Thus, tax revenues accruing to the state from construction and oper- ation payrolls are estimated at $210,000 and $239,000, respectively. Retail Fuel Tax The retail fuel tax utilized in the State of Florida for off -road usage is 5.7 cents per gallon and is assessed directly to the sale of diesel fuel. For the purpose of this analysis, the re- tail fuel tax is applied to fuel sales derived from the marina com- ponent of the proposed project. Thus, tax revenues accruing to the State from fuel sales are projected at $41,000 and $134,000 under Phase alone, and Phase I and 11 together, respectively. -24- OTHER FISCAL IMPACTS In addition to the substantial tax benefits accruing to the county and state governments, the federal government will share in tax revenues generated by construction and operation of the Ma - nine Exposition Complex. However, for the purpose of this analyses, the impact of federal tax revenues are not included. On the following page, we have provided a summary of the economic and fiscal impacts created by the proposed Miami Marine Exposition Complex. -25- MIAMI MARINE EXPOSITION AT WATSON ISLAND ECONOMIC AND FISCAL IMPACT SUMMARY Phase I Phase I and II Economic impacts (direct) Constructions Employment: Man Years (1) r 1,022 1,240 Payroll $44,761,000 $54,329,000 Material purchases within Florida 31,332,000 38,030,000 . Operations ' Employment (full time equivalent positions) (2) 869 1,021 Payroll $12,367,000 $14,649,000 Visitor expenditures (3) 10517,000 2,757,000 Fiscal Impacts ' Hotel room tax -accruing to Dade County $ 249,000 S 403,000 Sales tax. -accruing to the State of Florida (2) 3,471,000 3,932,000 Fuel tax -accruing to the ' State of Florida 41,000 1340000 ' unemployment tax -accruing to the State of Florida 210,000 239,000 (l) Man Years is defined as the number of years for one individu- al. As provided by the general contractor, it is estimated that 30-40 supervisory permanent positions and just over 200 temporary positions would be available. (2) Does not include consideration of Parking Garage operations. (3) Overnight visitation generated by the project. The comments and assumptions contained in this report are an integral part of these projected statements. Sources Laventhol G Horvath y i. { t.. � .._.a Ot.... .r � .... �S .� .._ 4 � ... (r ....e. r. y.,:.. .._.. ... ,. ., t... .. .. £ .... i.k i.., i, a .s .. ++F. ..��(�y "�. ;y'k �' f'f ;� Ol ` H :� it 010111R A. "ALL r 500"W T URBAN i)EVEXAMMENT CORPORATION OF GREATER MiAMi "WATSON TRUST" THE MINORITY PARTICIPATION PLAN FOR WATSON ISLAND I-aAmi MARINE EXPOSIT10b, INC•.,, has developed an extraordinary plan for substantial participation of minorities in the development of Watson Island.• "Stretch" minority participation goals are set at 25% to 50% of construction contractingp retail leases, exposition hall leases, and construction and permanent employment Half of each minority goal is to go to blacks and half to Hispanics., The construction budget for the proposed project will exceed $100 million, and achieving the goal of awarding 15% to 20% of construction contracts to Hispaniclowned businesses is expected to be achieved with little difficulty., However, achieving an identical goal for blac"wned businesses is expected to be challenging., Reportedly, there are only a handful of black, -owned firms in the area with the bonding capacity to compete for construction contracts exceeding even $1,000,000..,00•., Additionally, the theme of the park is to be marine -;oriented, yet there are reportedly very few black,-Iowned marine,7oriented businesses located in Dade County.• The magnitude and uniqueness of the Watson Island Marine Theme concept requires a special commitment by the development team., Several special programs were tailored to meet the specific characteristics of the minority communities in the Greater Miami areas MANAGEMENT: Emphasis on minority participation began in the early stages of development, starting with executive level participation by experienced minorities on the core development team to create and execute the plan; "PRE;MQUAL": A six-month pre bidding phase will allow more minority contractors to qualify for construction contracts through the submission of a pre;bid qualification package.. The packages will assist the general contractor to break down the size of subcontracts, allow vendors to qualify for the Bond Guarantee Fund (see below), and provide the information required to assist in matching jointiventure partners; "BONDGAR": A bond guarantee program will increase the bonding capacity of qualifying minority construction contractors; "GROUPS": Equity ownership will be offered to communityrbased groups, not just to minority individuals; Real Estate Development Bueinesa Development Development Packaging 1 Southeast Myth Rd. Miami, Florida 3:3131 (305) :371--2080 "JO;IVEN"t Florida Memorial College is now considering the implementation of a joint;zventure program, which expands on the Entrepreneurial Institute Consortium of Universities. The program matches minority entrepreneurs with experienced joint venture partners; "VOCAT"s Vocational adult training programs for hotel and food services employees will be developed with the Lindsey Hopkins Technical Education Center of the Dade County Public Schools., The entire plan includes a total of fourteen major components, including the special programs described above,. All components are briefly described below, followed by detailed descriptions of each. PLAN DESIGN AND IMPLEMENTATIONS 1. The plan is being ibplemented by experienced managers on the development team with a track record of civic and community involvement. John Meyer, President of FIRST MIAMI DEVELOPMENT COMPANY, is Chairman of the Board of Greater Miami Neighborhoods, a private sector initiative to develop low-income housing in Miami., He is a member of the South Florida Coordinating Council and serves as Chairman of its Economic Development Coordination Committee, a member of the Beacon Council and a Director of Homes For South Florida. He served as Treasurer of Exxon Chemical Company of Brazil and as Executive Vice President and Chief Financial Officer of STADLER CORPORATION, a diversified real estate company., In an adaptive renuse of the historic firestation in the Brickell Avenue area, FIRST MIAMI DEVELOPMENT COMPANY, as the developer, is projecting more than 50% minority participation among construction contractors., John Hall, President of Urban Development Corporation of Greater Miami, has managed the development and/or execution of more than twenty projects in minority participation and business development, including minority participation plans for the Metropolitan Atlanta Rapid Transit Authority (MARTA), MTA in Houston and Pennsylvania Avenue Development Corporation in Washington, D.C. Mr., Hall served for twelve years as President of Mark Battle Associates in Washington, D., Co, 2w The development team will expand its base and is to be advised and monitored by The Advisory Committee. X, Applicable minority participation ordinances and regulations have been carefully complied with. OWNERSHIP BY COMMUNITY GROUPS AND INDIVIDUALSt 4., "GROUPS" is a special program providing for equity ownership in Watson Island by existing community, -,based groups that stimulate entrepreneurship and job creation in minority communities. �-� Sw "EQUITY": Opportunities are available for the purchase of equity in Watson Island by minority individuals.. MINORITY BUSINESSES: 6„ "EARLY;iWARNING": An outreach program to notify minority r"*N entrepreneurs and firms for tenant and concession opportunities on Watson Island up to three years in advance of opening. Te, "PREnQUAL": A six;Vnonth pre: -,bidding phase is provided during which minority construction contractors can improve their chances for successfully bidding on Watson Island construction opportunities through the submission of a prenbid qualification package., The packages will assist the general contractor to break down the size of subcontracts, allow vendors to qualify for the Bond Guarantee Fund (see below), and provide the information required to assist in matching joint..1venture partners; 8„ "FUNDS": A $3 to $7 million Minority Capital Fund is being structured to assist minority firm participation with bond guarantees, loan guarantees and equity investments. 9., "BONDGAR"t The plan provides for a special Bond Guarantee Fund to expand by up to 25z, the bidding capacity of minority construction firms already covered by a bona,-3fide bonding company.. 10., "TECH, -AID": Technical assistance will be provided for minority businesses in business packaging, bidding, and estimating from Contractor's Training and Development, Inc.jand the accounting firm of Laventhol & Horwath., 11., "TENANT": The plan provides opportunities for minorities to ,^ lease up to 50% of the retail spaces and up to 25% of the exposition spaces, Half of the opportunities will be available to blacknowned businesses and half to Hispanic —,owned businesses. 12.., "JO„VEN": Over a three year period, an existing institution, such as Florida Memorial Colleges will provide, through a special entrepreneurship training program, thirty (30) black and Hispanic entrepreneurial candidates for five (5) joint venture projects on Watson Islandm The training provider will also assist in packaging the joint ventures., JOBS: 13•9, "PIC�AID": Fifty percent (50%) of the permanent jobs on Watson Island are to go to minorities; this includes developer controlled employment (such as security and grounds maintenance), as well as new jobs created by tenants., The developer and all employers are to sign a First Source Agreement with the Private Industry Council of South Florida (PIC), through which the PIC will recruit, screen and refer to employers, minority candidates for new, entrynlevel jobs on Watson Island" PIC has also agreed to fund a special training programs to be operated by an existing organization to train minorities in Marine Product Sales" 14,., "VOCAT": Training programs are provided for hotel and food services employees at the Lindsey Hopkins Technical Education Center and other training centers of the Dade County Public School System., mononSAL. FOR WATSON ISLAND 0 e h� MIAMI MARINE EXPOSITION, INC. February 26, 1985 Mr. Randolph B. Rosencrantz City Manager City of Miami P.O. Box 330708 Miami•, Florida 33133 Dear Mr. Rosencrantz, Miami Marine Exposition, Inc. is pleased to submit herewith its proposal to the City of Miami for the development of Watson Island. In accordance with the terms of the RFP, a check for $50,000.00 is enclosed. We have identified a use which is commercially viable and does not require capital outlays by the City of Miami. At the same time our unique concepts and design create a marine theme park which will serve as a symbol to the world that Miami is the boating and water recreation capital of the world. We look forward to working with you to achieve a new world class status for Miami with a project that speaks to the very character of our city. Sincerely, •John K. Meyer President enclosure cc: John E. Gilchrist JKM/nbm One S.E. 15th Road Miami. Florida 33131 305/371.7200 x L-1 0 I . Ii. DEVELOPMENT TEAM A. Proposer: A newly formed Florida corporation: Miami Marine Exposition, Inc. B. Project Development: C. Co -General Counsel to The Joint Venture: Arthur E. Teele, Ronald A. Shapo Sparber, Shevin, & Heilbronner, Miami, Florida D. Architecture and Planning: E. Landscape, Marine, Civil and Environ- mental Engineering: F. Construction: G. Traffic Planning Services: H. Market Analysts and Feasibility Consul- tants: SPECIFIC EXPERIENCE A. See qualifications Exhibit A. John K. Meyer First Miami Development Co. Miami, Florida Jr. Alberto R. Cardenas Broad and Cassel Shapo Miami, Florida P.A. Bernardo Fort -Brescia, A.I.A. Arquitectonica International Corporation Coral Gables, Florida George Botner, A.I.A. Sasaki Associates Coral Gables, Florida John C. Harrison, Jr. M.R. Harrison Co., Miami, Florida David S. Plummer David Plummer & Associates, Inc. Miami, Florida M. Chase Burritt Laventhal and Horvath Coral Gables, Florida statements attached hereto as B. The development team has expertise in areas of design, construction, project financing and leasing and will be coordinating and engaging additional skilled professionals in these areas. For example, marina and hotel operators may be hired for these operations; an investment banking firm may be engaged for the financing, etc. -1- III. DEVELOPMENT PLAN - METHOD OF OPERATION The proposed development plan for Watson Island encom- passes six complementary mixed uses that are compatible with the economic and development objectives of the City of Miami for this project and the new Bayside project. The project will be the truly indigenous South Florida theme park featuring an international marine -oriented and year round "Boat Exposition Hall," and including a Marina and Marina - Hotel as follows: A. The Exposition Hall shall house a permanent boat show, similar to Chicago's Merchandise Mart, Broward County's proposed Ecumed, and Atlanta's Furniture Mart. Displays of all major national and interna- tional manufacturers and their supplies will be housed in a 500,000 square foot open air, tent -like covered showcase, creating also an architectural sculpture for the City. Ample additional space will be available for cultural use, including water displays, an amphitheatre and primarily water - oriented demonstrations, and there will be ample landscaped space for parking. (See Note 1.) B. A full service world class tsarina► capable of handling initially 300 slips and being increased.in Phases to a maximum of 1000. (See Note 2.) O C. Boating oriented retail support facilities of 90,000 square feet, to include two major water oriented restaurants. 01 D. A class A marina -hotel with tennis courts, swimming pool, convention facilities, retail facilities and restaurants, all established to support the marina and Exposition Hall facilities. The marina -hotel will house visitors and users of the Exhibition Hall and Marina, and their guests and invitees. The hotel will be developed in phases, commencing with approxi- mately 300 rooms and expanding to a maximum of approximately 500 rooms overlooking the cruise ships and downtown Miami. E. Over 20 acres of cultural showpieces and art objects, including a "Boardwalk of the Americas" and tram ride surrounding the entire island. F. Additional tourist oriented activities are strongly emphasized in the plan, all of which focus on the marina theme. Not only do Chalks Airline, a Miami -2- hydroplane landmark, and the Japanese Garden remain, but provision is made for water taxis which can connect all of Miami's water -oriented attractions, such as Key Biscayne, Miami Beach and the proposed Bayside project. In sum, the park will provide a diverse water -based recreational experience for persons of all ages. The proposed plan for Watson Island embodies the essence of Miami's finest recreational asset - the water. No better physical site could be found to embody water recreation and the world of boating. Through this facility Miami will emerge as the boating showcase of the world. For a more complete architectural description of the Project, please see Exhibit B attached hereto. IV. FINANCIAL FEASIBILITY A. General. The proposed development plan is commercially viable and financially feasible because it relies primarily on products for which a proven market exists. The conclusion of the Proposer's independent consultant, Laventhal and Horvath, that the project is indeed a viable one, is attached hereto as Exhibit C. Commercial uses focus on the boating industry, an eco- nomic sector well established in Miami. Watson Island is undoubtedly the premier geographic location for a commercial/ tourist oriented boating complex. The RFP refers to Watson Island as the "focal point of marine oriented recreational devel- opment and public access to the'heart of Biscayne Bay". Financial viability is further enhanced because a key component of the project is a world class marina, a product that is already in short supply. Data published by the Marine Council ("Dock Projection and Dockage Requirements, Dade County, Florida") show an unsatisfied demand in 1985 of 6500 slips, after taking into consideration unorganized private slips. While it is not a condition of this Proposal that the City of Miami provide any funding for the development of Watson Island, it is an element of this Proposal that this Proposer be afforded the opportunity to seek CDBG financing, Urban Development Action Grants and any other form of financing or government assistance which this Proposer believes to be a viable funding source for the project, and the City of Miami shall agree to lend its full cooperation to this Proposer if such financing should be sought. Such cooperation shall be deemed to include the City's support of any application by this Proposer to seek the issuance of tax exempt revenue bonds in any amount(s) permitted by -3- applicable law provided only that the Proposer and/or other acceptable related entities shall be responsible for debt guar- anty and repayment. In sum, the funds necessary to construct the Project will most likely not come from one source, but feasibil- ity is significantly enhanced by the exempt financing. There will be a careful balancing of private capital investment and loans, coupled with one or more of: tax free financing, state and federal or private foundation loans or grants, lease income, together with conventional bank financings. The Proposer would further anticipate utilizing the City's offer that it "accept a secondary position of lease payments (page 16 of the RFP)". B. Income Summary. Summary Economics - Project Income (1985 Dollars) Annual Net Operating Income* Hotel Operations: Gross revenue, together with income from all other operational sources, is estimated at $40,000 per room. Operating costs average 7S% of revenues. $51000,000 Marina Operations: Average slip revenue, including indirect 40 revenues from docking operations is $3,500 per annum. Cost of operations, including fuel and TBA, is 441 of revenue. $1,960,000 Retail Operations: Average retail rental rates for prime Miami locations, including waterside restaurants, average $2S.00 per sq. foot, with 2S% of gross to cover operating expenses. $1,687,500 Boat Exposition Hall 75% of mart space is occupied permanently at $15.00 per sq. foot, with 50% of revenue absorbed by operating expenses. 25% of space is transitory and breakeven. $2,812,500 Annual Net Operating Income: $11,460,000 * Annual Net Operating Income is defined as that income before debt servicing and provision for income taxes. -4- E Please see Exhibit D attached hereto which sets forth ten (10) years of pro forma income and expense statements. IC. Sources and Uses of Funds. 1. Sources. It is presently estimated that the final— project will require approximately $128000,000.00 to complete. The projected sources for such funds are set forth in IV.A. above. 2. Uses (Costs of Development). Please see Exhi- bit E attached hereto which sets forth the projected "hard costs" required to develop the Project. In addition, the Proposer currently estimates that it will incur approximately $20,000,000.00 in "soft costs." D. Financial Capability. For your consideration, please see Exhibits F and G which are letters from Florida based financial institutions attesting to the credit worthiness of John K. Meyer; and Exhi- bit H containing a financial statement of the Proposer. Since the Proposer intends to engage Harrison Construction Co, or a subsidiary thereof, on a fee basis to advise and assist the Proposer in choosing subcontractors, the Proposer has not engaged surety bond companies which will negotiate directly with such subcontractors. V. FINANCIAL RETURN TO THE CITY AND GENERAL CONTRACT TERMS A. Lease Term: The 'term of the lease shall be the lesser o 99 years or the maximum otherwise permitted by law, but in no event less than 40 years. B. Return to City: 1. Minimum guarantee: $100,000 per annum commenc- ing at the end of the first full year of opera- tions and escalating annually by the lesser of 5% or the increase in the Consumer Price Index, or 2. Share of gross revenue: 2.0% of gross revenues, commencing in the second full year of opera- tions, whichever is greater. 4 -5- C. Other Financial Benefit: The City of Miami stands to benefit economically in multiple ways from the project: * Job creation for initial construction and ongoing opera- tions. * New industry base brought to Miami that is currently not present. * Sales of goods and services, including tourism. * Significant improvement to City's infrastructure. (See Note 3.) D. Expected Return To City - Years 1-10 Minimum Share of Guarantee Gross Revenue Year 1 2 $100,000 $646,250 3 104,000 672,100 4 108,160 698,984 5 112,486 726,943 6 116,986 756,021 7 121,665 786,262 $ 126,532 817,712 9 131,593 850,421 10 136,857' 884,438 $6,839,131 Assumptions: 1. CPI increase of 4% p.a. 2. Gross revenues equal $32,312,500 for year two of opera- tions. Note: Subsequent lease years may be extrapolated. Gross reve- nue reflects operations at full capacity. Since the proposal contemplates *phases, it must be understood that actual revenues may vary from the above projections. -6- s E. General Contract Terms (See RFP, Page 38, Section VIII) 1. Lease term: See Section V.A. above. Standard lease provisions to apply, as appropriate and as agreed upon by Proposer and City. 2. Rent: See Sections IV.A.; V.B. and D. 3. Improvements: Developer will be, together with contractor, bonded to job completion. Approvals and permits will be subject to customary lease reviews. Improvements to be owned by Proposer, subject to rever- sion of certain property con- sistent with the RFP, upon expiration of the lease term. 4. Preparation of Premises: NA 5. Management of The Proposer intends to enter Premises: into a series of management agreements with operators of the marina, hotel, restau- rants and Exhibition Hall facilities. VI. MISCELLANEOUS A. Equity -Minority Participation. Due to the magnitude of the project, it is not possible to determine what the actual percentage of ethnic equity shall be. The predominant supply of equity funds most probably will be raised in capital markets external to the city. B. Contracting and Hiring Practices -Minority Participation. The project team shall target the following minority participations: 30% of its construction contract values to minority subcontractors, a significant percentage of the manage- ment teams and at least 30% of permanent employment opportuni- ties. The Proposer intends to utilize a M.B.E. coordinator to assist in the development of the Project. is -7- 40 The Proposer has engaged as an integral part of the ven- ture individuals of great integrity and professional standards. They are committed to honoring the minority participation goals of the City to the maximum extent possible as the project develops and opportunities arise to contract for services. C. Further Assurances. The Proposer hereby covenants and agrees to undertake programs to provide special business development opportunities for minorities, including outreach and training opportunities, and to otherwise comply with the specifications for the Project set forth in the RFP. D. Additional Documentation. Attached hereto as Exhibit I are certain additional documents which are part of this response and are hereby incor- porated herein by reference. E. Additional Benefit to the City of Miami. In addition to the financial benefits set forth above, the Proposer intends to develop the Project: (1) to further establish Miami as the water -theme capital of the United States, (2) to increase the utilization of the downtown Miami area, (3) to increase the utilization of the City's mass transit facil- ities and (4) to further enhance the City's reputation as a national and international center of commerce. F. Method of Operations. The Proposer intends tti engage at least one and possibly three entities experienced in the operation of hotels, marinas and exhibition halls and accordingly, the exact method of operat- ing the Project is subject to negotiation. For instance, although the Proposer will engage a firm to advertise the Project generally, the operators of the three facilities described above will also conduct separate advertising campaigns. VII. COMPLETION SCHEDULE Selection of Proposer: Finalization of Market and Design Analysis: Obtaining Funding Commitment: Design Documents Permits, Approvals: Construction to opening: TOTAL: 0 -8- 2 months 2 months 2 months 12 months 30 months 48 months Exhibits (incorporated herein by reference) A Qualification Statements B Architectural Description of Project C Laventhal & Horvath Letter D 10 Year Income and Expense Pro Forma Statements E Hard Costs f Letter re John Meyer G Letter re John Meyer H financial Statement of Proposer I Certain Additional Documents Architectural site plan, sections, elevations and perspective under separate cover are also incorporated herein by reference. OS-023-228/3* . 0 -9- NOTES Note 1. Expansion of Parking Facilities The Development Order issued by the City of Miami Commission provides for, among other things, the development of parking facilities for 3,000 vehicles on Watson Island. It is an additional element of this Proposal that the City of Miami shall grant to this Proposer the right to expand the parking facilities on the site to accommodate up to 4,500 vehicles, provided and conditioned upon this Proposer first obtaining all necessary state and other governmental approvals and permits applicable thereto. Note 2. Expansion of Marina Facilities The current "Request For Proposals" ("RFP") provides that all proposals shall include the marina facilities in sub- stantially the form shown on the "Watson Island Development Site Map" included within the preseht "Request For Proposals" invita- tion. Said site map reflects two proposed marinas with a total of 299 boat slips while the Development Order adopted by the City Commission reflects an expansion of the marina facilities to a total of 363 boat slips. In either event it is presumed that the RFP is intended to limit presently approved construction to 299 boat slips, but to include within the leased area all City -owned bay bottom lands which are adjacent and contiguous to the afore - described Marina Areas and to the north side of Watson Island between those areas designated as the "Yacht Club" and "Outboard Club" on the aforesaid Watson Island Development Site Map, all as shown on the Proposer's Site Plan submitted herewith. These additional bay bottom areas will be more precisely adjusted by survey to those owned by the City and will be used for the expan- sion of the marina facilities, as aforesaid (subject to the procurement of necessary state and other governmental approvals and permits therefore). To the extent that marina facilities described in the site plan are located in or over environmentally productive sea bottoms, the Proposer agrees to take action neces- sary to mitigate impacts of the marina facilities and/or relocate the marina facilities to less sensitive areas. It is an element of this Proposal that the City of Miami grant to this Proposer the right to expand the marina facilities to ultimately accommodate up to 1,000 boat slips; provided and conditioned upon compliance with applicable law, including this Proposer first having obtained all necessary state and other governmental approvals and permits applicable to such expansion. Note 3. City of Miami Construction of infrastructure At Proposer's expense, but with the City's active coop- eration and assistance, Proposer will complete the infrastructure necessary for the development of Watson Island, including but not limited to vehicular and pedestrian bridges, access and service roads, parking facilities, sanitary sewer connection to the main- land site utilities, land fill and landscape, marinas, docks and seawalls. 05-023-229/3* to -2 EXHIBIT A QUALIFICATION STATEMENTS 0 W PROPOSER Name MIAMI MARINE EXPOSITION, INC. Address for purposes of notica or other communication relating to the proposal ONE-S.E. 15th ROAD MIAMI, FLORIDA 33131 Telephone No. * (305 ) 371-7200 The proposer is a Sole Proprietorship ( ); Partnership ( ); Corporation 6c) ; or Explain: 24 I CORPORATION STATEMENT -10 If proposer is corporation, answer the following: I. When incorporated? 2/28/85 2. Where incorporated? Florida 3. Is the corporation authorized to do business in Florida? • Yes ( X) No ( ) 4. The corporation is held: Publicly ( ) Privately (X ) 5. If publicly held, how and where is the stock traded? n/a 6. List the following: Authorized (a) Number of voting shares: 7,500 (b) Number of non -voting shares: none (c) Number of shareholders: 2 (d) Value per share of Common Stock: Par $ 1.00 Book $ 1.00 Market $ n/a Issued Outstandina 10,000 6,500 7. Furnish the name, title, address and the number of voting and non -voting shares of stock held by each officer and director and each shareholder owning more than 5% of any class of stock. If more than S^b of any class of stock is held by one or more corporations, then each owner -corporation must also complete separate pages (type corporation narne on said pages and for identification purposes) and furnish the financial statement required on page. See Attached Adendun If said owner -corporations are owned by other corporations, then these other corporations must also complete separate pog--s (type corporation name on said • pages for identification purposes) and furnish the financial statement require on page. The Citr requires information on all corporations that directly or indirectly have an ownership interest in the proposer -corporation. 8. If an individual or corporation will be guaranteeing performance of the proposer - corporation, state name here and also complete pages and if corporation type corporation name on said pages for identification purposes), furnish financial statement required on page for the individual or corporate guarantor. 26 1 CORPORATION STATEMENT If proposer is corporation, answer the following: I. When incorporated:' 2/28/85 2. Where incorporated? Florida 3. Is the corporation authorized to do business in Florida? • Yes(x) No( ) 4. The corporation is held: Publicly ( ) Privately (X ) S. If publicly held, how and where is the stock traded? n/a 6. List the following: Authorized Issued Outstandina (a) Number of voting shares. 7,500 1, 000 61500 (b) Number of non -voting shares: none — — (e) Number of shareholders: 2 (d) Value per share of Common Stock: Par $ 1.00 Book $ 1.00 Market $ n/a 7. Furnish the name, title, address and the number of voting and non -voting shares of stock held by each officer and director and each shareholder owning more than 5% of any class of stock. If more than 5"0' of any class of stock is held by one or more corporations, then each owner -corporation must a!so complete separate pages (type corporation narne on said pages and for identification purposes) and furnish the financial statement required on page. See Attached Adendum If said owner -corporations are owned by other corporations, then these other corporations must also complete separate pag--s (type corporation name on said • pages for identification purposes) and furnish the financial statement require on page. The City.- requires information on all corporations that directly or indirectly have an ownership interest in the proposer -corporation. 8. If on individual or corporation will be guaranteeing performance of the proposer. corporation, state name here and also complete pages and if corporation type corporation name on said pages for identification purposes), furnish financial statement required on page for the individual or corporate guarantor. 26 ADDENDUM TO CORPORATION STATEMENT MIAMI MARINE EXPOSITION, INC. Response to question 7. 1. John R. Meyer One Southeast 15 Road Miami, Florida 33131 Director/President 500 shares 2. Bernardo Fort -Brescia One Southeast 15 Road Miami, Florida 33131 Director/Secretary 500 shares .0 PROPOSER'S EXPERIENCE STATEMENT Describe in detail the duration and extent of your business experience with special emphasis upon experience related to visitor attractions, retail developments, restaurants and marinas. Also state in detail the names and pertinent experience of the persons who will be directly involved in development and management of the business. List the names and locations of visitor attractions, retail developments, restaurants and marinas cur- rently owned and your percentage ownership, and any such facilities currently managed by you. In addition, please also provide photographs or other illustrative material depicting projects that will demonstrate your ability to complete a quality development for. the Watson Island Develop- ment. The name and address should be given for each project identified as well as persons familiar with the development who will respond to inquiries from the City. You should also identify your specific role in each project. PROPOSER'S FINANCIAL DATA FINANCIAL STATEMENT Proposer, owner -corporations of proposer, and any person or business entity guaranteeing the performance of the proposer must attach a complete report, prepared in accordance with good accounting practice, reflecting current financial condition.' The report must include a balance sheet and annual income statement. The person or entity covered by the statement must be prepared to substantiate all information shown. SURETY INFORMATION Has any surety or bonding company ever been required to perform upon your default? Yes( ) No 0). If yes, attach a statement naming the surety or bonding company, date, amount of bond, and the circumstances. surrounding said default and performance. BANKRUPTCY INFORMATION Have you ever been declared bankrupt? Yes( ) No (x ). If yes, state date, court jurisdiction, amount of liabilities, and amount of assets. PENDING LITIGATION Provide on attached sheets detailed information regarding pending litigation, liens, or claims involving any participant in the proposal. NONE 27 PgCPOSER' S RVERE"I'M 1.0 List four persons or firas with whom you have conducted business transactions during the past three years. At least two of the references named are to have knowledge of your debt payment history. At le=st one reference must be a financial institution. s Reference No. 1 Nare: Ted Hoe-ner Firm: Flaashi: Banks of Miarr.i Title: Chaff -ran and Chief Executive Officer Address: 777 Brickell Avenue Telephone: ( 305 ) 579-7409 Nature and ma"itude of purchase, sale, loan. business association, etc.: Established lines of credit, secured and unsecured borrowings and other norr-al banking relationships. Reference No. 2 Aare: David Blumberg Fir-% Planned Development Corporation Title: President �C:reSs: .1440 Brickell Avenue, Miami, 33131 Telephone: (305 ) 358-4100 and magnitude of purchase, sale, loan, business association, e:=.: Community and Civic Involvement - Beacon Council, South Florida Coordinating Council Pace , ate 35 r I Reference No. 3 Name: _ Stephen Arkv Firm: —Arky. Pried,Stearns- WatsoniGreer Title: Pa! -Leer Address: One Biscayne Tower, Suite 2800, Miami, Florida 33131 Telephone: ( 305 ) 374-4800 Nature and magnitude of purchase, sale, loan, business association, etc.: Legal Representation Reference No. 4 Name: _ Tor.. Huston Firm: Peat. Marwick, Mitchell Title: Part"_•• Address: 800 Brickell Avenue, Miami, Florida 33131 Telephone: ( 305 ) 358-2300 Nature and magnitude of purchase, sale, loan, business association, etc.: i Tax Representation ?age 36 • IIIIIIYW��r� John K. Meyer is the President and Chief Executive Officer of the First Miami Group of Companies and President of First Miami Development Co. He is an active member of the South Florida Coordinating Council, serving as Chairman of its Economic Development Coordination Committee. He is a member of the Beacon Council, Organizational Task Force, and is a Director of Homes for South Florida, a private sector initiative to develop low income housing in Miami. He is also active on the St. Hugh Church Parish Advisory Council and is past president of the Carrollton School Parents Association. He graduated with Distinction and first in his class at the Masters Degree Program of Georgetown University's School of Foreign Service. As an Army Officer he was both a Leadership graduate and Distinguished Military Graduate and went on to serve at The Pentagon as a Congressional Liaison Officer in charge of Congressional affairs. He joined Exxon Corporation Treasurers Department in 1972. During his 7 year tenure at Exxon he was selected for the Corporate Finance Program at Harvard Business School; he held managerial positions with Exxon in Rio de Janiero, Coral Gables, Houston, and New York. His last position was as the Treasurer of Exxon Chemical Company of Brazil, whose annual sales were $100 million. Subsequent to this he became Executive Vice President and Chief Financial Officer of the Stadler Corporation a diversified Dade County real estate firm. During the 5 years at Stadler he was responsible for numerous special projects as well as management of eight operating companies involved in 00 commercial and residential real estate, with over 250 employees and sales associates. a • � I1'Int Aii:nni I1cvCllgnllCnt Co. CONSTRUCHON MANAGEMPHT CAUCHITECTURF CLORMAMS1111G, IC T AtIIIInKlUTAGN, i•.t;i MATAGEMI'll'1'O CPUJIADVIERTISING, MARKUTIT1G, L.IC WILATIONs CAC.COUirrim Plums AUD FINANCIAL. INSTITUTIO113 PROJECT MAIiAGEMCNT Planning and Strategy nudget and Forecasting Contract Tlegotiatian Owner Approvals Coordination and Control Office and Office Park Itesidential Condominiums special Client Projects CAPITAL 11ARKET i GROUP Private Capital and Investors Construction Financing End Loan Financing Syndication Mortgage 1rokerage Portfolio, investment Analysis Tax Advantaged Structuring COMMM11CIAT. MARKETS GROUP Market Studies Leasing: Supervision 6 Liaison Brokerage: Property Management, Supervision s Liaison Deal Origination tkvrlupntrnt Co. Offices Purchased and renovated 100#000 s.f. office building and 88,000 s.f. adjacent assemblages In the heart of Coral Gables, Florida. Completed architectural studies with S.O.M.'s Chicago office, rezoned the property and sold interest to Prudential. Offices Constructed $1.5 MM in offices (2) - Dade County, Florida. Condominium Develo nt: Hired sales team and developed and managed marketing program for 2800 unit Port Bougainville Project, stopped by FDIC/Continental. Apartment Buildings: Participated in syndication, management, and refinancing of two apartment building projects. Turtle Eraalss The development, marketing, and sales of a 40 MM, 262 unit resort project in Marathon. Orlando: The development of a 120,000 high tech office complex in the Central Research Park at the University of Central Florida. Real Estate Pro ects _Commercial leasing and Sales Brokerages Sales of $20-$40 MM p.a. of commercial and industrial property and leasing of 50-100,000 s.f. p.a. of office. Property Managements Management of $40 MM of commercial property, including 300,000 s.f. of office, 130 apartment units, and retail shops. Real Estate Financin s Supervised $2.00 MM monthly in residential mortgage transactions; arranged $8.0 MM commercial office loan and other corporate and real estate financings totalling $5-10 MM. I PROPOSER'S ARCHITECT Name, address and telephone number of architectural firm: Arquitectonica International Corporation Name 4215 Ponce de Leon Boulevard Street Address 4215 Ponce de Leon Boulevard Mai I ing Address Coral Gables, Florida 33146 City, State, Zip Code 305/442-9381 Telephone Number Names of principals and their titles who will be chiefly responsible for the planning and design of the Watson Island Development: RArnar Fnrt-Am-,ri a- AT A Prinripal Name Title Laurinda Spear, AIA Principal Name Title Name Title Names, addresses and telephone number of other design consultants who will have a major role in designing the Watson Island Development: Sasaki Associates, Inc. Name of Firm Name of Firm 353 Alcazar Avenue treet Address Street Address 353 Alcazar Avenue Mailing Address Mailing Address Coral Gables, Florida 33134 _ City, State, Zip Code ity, State, Zip Code -345/443-2374 i elephone Number Telephone Number _Gaaroe Botner, Senior Associate Name of Principal Contact Name of Principal Contact 30 s L] �... NVA� GMMEEMMMEE.... AICMITICTURE PtANNiNG INTE1.01 of5.GN AR Q U I T E C TO N ICA Arquitectonica International Corporation Founded in 1977, Arquitectonica is a Miami -based architecture corporation offering complete architecture, planning and interior design services. The firm is known nationally and internationally for innovative design, has received many design awards, and has been widely pbulished. Currently. there is an exhibition assembled by the Dade County Center for Fine Arts of Arquitectonica conceptual drawings and models which is touring the United States and abroad. There are those critics who have said that Arquitectonica has put Miami on the architectural map. Buildings designed by the firm, whether condominium, office complex or retail center, have become landmarks and tourist attrac- tions. Listed below is Arquitectonica's retail and hotel experience: RETAIL For all retail projects, Arquitectonica was designer and produced the architectural working drawings. The Square at Key Biscayne, Key Biscayne, Florida 60,000 square foot specialty shopping center with restaurant Decorative Arts Plaza, Miami, Florida 53,000 square foot design showrooms The Vault Fur Department Store, Paramus, New Jersey 30,000 square foot specialty department store Better Home and Living Center, Houston, Texas 30,000 square foot mixed -use retail/office complex Northcross Shopping Center, Austin, Texas 32,000 square foot shopping center The Planets, Riverside, Texas 500,000 square foot office/retail complex with restaurants Javier Cervera Miami, Florida 305/361-6600 Bernardo Fort -Brescia Coral Gables, Florida 305/442-9381 Fred Schwartz New York, New York 212/736-8620 Mike Wilson Houston, Texas 713/952-1952 Mike Wilson Houston, Texas 713/952-1952 Bradley Bayoud Dallas, Texas 214/969-7222 4215 PONCE DE LEON BLVD. CORM GABLES. a 33146 1305) 442•9381 Arquitectonica International Corporation RETAIL, continued The Gables Shopping Center, Houston, Texas Mario Costantini 95,000 square foot shopping center with PAMA Joint Venture restaurants Houston, Texas 713/784-4142 The Zephyr Shopping Center, Houston, Texas Robert Tolmach Shopping Center with restaurant Houston, Texas 713/840-0981 Ponce and Aragon, Coral Gables, Florida Bernardo Fort -Brescia 12,500 square foot retail center with Coral Gables, Florida with restaurant 305/442-9381 HOTEL Arquitectonica provided architectural design for this project. The Helmsley Center, Miami, Florida 360-room luxury hotel • DESIGN PROFESSIONALS Phillip Blumenfeld New York, New York 212/880-0509 As with all projects undertaken by Arquitectonica, this project has been designed by the firm's principals, Bernardo Fort -Brescia and Laurinda Spear. Resume are included within this statement. iL l 10 REFERENCES OF PROPOSER'S ARCHITECT List two persons or firms for whom you have completed projects during the past three years. REFERENCE NO. 1 Name; Harry B. Helmsley Firm: Helmsley -Spear, Inc. Title: President Address: 60 East 42nd Street New York, New York 10165 Telephone: 212 /687-6400 Nature and magnitude of business association: Designed for Helmsley -Spear: The Palace, Miami, Florida, 41-story, 254-unit condominium. The Helmsley Center, Miami, Florida, an 1.8 million square foot mixed - use complex, including Master Plan. Panzirer Memorial, headquarters of REFERENCE NO. 2 the American Heart Association, Orlando, Florida. Name: Solomon Luger Firm: Stonecrest Development Ltd. Title: Partner Address: 809 Des Lauriers, Ville Saint Laurent Montreal H4N 1X3, Quebec, Canada Telephone: 514/866-5381; Miami 305/864-1300 Nature and magnitude of business association: Architectural and interior_ design of The Atlantis, a 96-unit condo- minium, Miami, Florida. Architectural design consultant for renovation of Poplar Square and Whitehaven—Square shopping centers in flempnis, Tennessee. Preliminary design of Riverbay, Miami, Florida, a mixed - use complex. 32 BERNARDO FORT-BRESCIA, AIA PRINCIPAL PROFESSIONAL REGISTRATION: Architect/Florida, Massachusetts, Connecticut, Texas, Georgia, New York, Pennsylvania, and NCARB EDUCATION: Master in Architecture, Harvard University, 1975 Bachelor of Arts in Architecture and Urban Planning, Princeton University, 1973 Magna Cum Laude PROFESSIONAL AFFILIATIONS: American Institute of Architects Architectural Club of Miami, Co-founder, President 1978 - 1980 PROFESSIONAL EXPERIENCE: Mr. Fort -Brescia is a founding principal of Arquitectonica and is involved in the design of all projects undertaken by the firm. These award -winning designs include the Overseas Tower office building, The Square at Key Biscayne, The Palace, The Atlantis, and the Spear House. In addition to his design abilities, Mr. Fort -Brescia 10 is also experienced in programming, space planning, project management, contract documents preparation and coordination, codes interpretation, and client liaison. He was a Visiting Professor in Architecture and Planning at the University of Miami from 1975 to 1977, and a Visiting Critic in Architecture at Miami University in Oxford, Ohio in 1981. Mr. Fort -Brescia is a frequent lecturer on Arquitectonica's architectural design to professional, civic and school groups as well as conventions and seminars. Current projects being designed by Mr. Fort -Brescia and his partners include the 350,000 square foot Banco de Credito Headquarters Building in Lima, Peru; 1401 Brickell Avenue Office Building in Miami; CreditBank Office Building in Miami; and 485 Fifth Avenue in New York City, a retail and office mixed -use project, and North Dade County Regional Courthouse. ft LAURINDA HOPE SPEAR, AIA PRINCIPAL PROFESSIONAL REGISTRATION: Architect/Florida, New York, and NCARB EDUCATION: Master in Architecture, Columbia University, 1975 Bachelor of Fine Arts, Brown University, 1972 PROFESSIONAL AFFILIATIONS: American Institute of Architects Architectural Club of Miami, Founding Member Dade County Historic Preservation Board PROFESSIONAL EXPERIENCE: Ms. Spear is a founding principal of Arquitectonica. In this capacity, she has participated in the design of every project produced by the firm. In addition, her special interest in form and color have been a major contributor to the "signature" of Arquitectonica designs. Typical projects range from highrise condominiums, office towers, residential additions and renovations, private houses, hotels, and retail complexes. The firm has received design awards from the American Institute of Architects and Progressive Architecture. She also has been a faculty member in charge of a design studio at the University of Miami School of Architecture, and is in demand as a lecturer by professional, civic, and school groups. Ms. Spear's concept drawings for various projects have been exhibited by art museums and galleries. Currently, an exhibition of these drawings and models of Arquitectonica projects are on tour of art museums throughout the United States and abroad. 40 A R Q U IT E C T ON I C A L] THE FIRM ARQUITECTONICA is an architecture corporation founded in 1977. The firm offers complete architecture, planning and interior design services from its headquarters in Miami, and branch offices in Houston and New York City. The principals' design experience includes office buildings, hotels, shopping centers, institutional and government buildings, apartment buildings, townhouses, and single family residences. Their innovative designs have received national recognition including Progressive Architecture De- sign Awards in 1975, 1978 and 1980, as well as six A.I.A. Honor Awards in 1982 and 1983. The firm's work has been widely published in professional journals such as Architec- tural Record, Progressive Architecture, Art in America, House Beautiful, House and Garden, Global Architecture (Tokyo), Architectural Design (London), Domus (Milan), and Connaissonce des Arts (Paris); as well as general interest pe- riodicals such as Time, The New York Times, Macleans (Can - ado), Life, The Wall Street Journal, Vogue and Newsweek. 4215 PONCE DE LEON BLVD., CORAL GABLES, FL 33146 / (305) 442-9381 11 GREENWAY PLAZA, SUITE 2220, HOUSTON, TEXAS 77046/ (713) 840.0981 170 FIFTH AVENUE, 10th FLOOR, NEW YORK, N.Y. 10010 / (212) 807-1700 1% THE PRINCIPALS BERNARDO FORT-BRESCIA, A.I.A. Bachelor of Arts in Architecture and Urban Planning, Princeton University Master in Architecture, Harvard University IAURINDA H. SPEAR, A.I.A. Bachelor of Arts in Fine Arts, Brown University Master in Architecture, Columbia University Rome Prize in Architecture, American Academy in Rome KEY STAFF SERGIO S. BAKAS, A.I.A., C.S.I., VICE-PRESIDENT Bachelor of Architecture, Wane University Master of Business Administration, Tulane University MARTIN J. WANDER, A.I.A., VICE-PRESIDENT Bachelor of Architecture, Cornell University Master of Architecture, University of California at Berkeley THOMAS F. BITTNER, A.I.A. Bachelor of Science in Architecture, The City College of New York School of Architecture Bachelor of Architecture, The City College of New York School of Architecture M. JENIFER BRILEY, A.I.A. Bachelor of Architecture, University of Southwestern Louisiana BILL J. HOLT, JR., A.I.A. Bachelor of Architecture, University of Arkansas ALISON L. SPEAR Bachelor of Architecture, Cornell University Master of Architecture and Urban Design, Columbia University ROBERTS. TOLMACH, JR. Bachelor of Arts, Rice University Bachelor of Architecture, Rice University CARL H. YOUNG, III, A.I.A. Bachelor of Architecture, Tulane University • 4b THE ATLANTIS Miami, Florida 96 unit, 20 story condominium apartment building at the edge of Biscayne Bay in downtown Miami. The tower rests on a two story, 200 car underground parking ga• rage. A 37 foot cube has been removed from the building at the 12th floor creating a sky court for the building residents. This sky court contains a jacuzzi, palm tree, and red circular staircase. The Mary Tiffany Bingham Mansion originally on the site has been restored to serve as the club house for the condominium. The project also includes a lap pool, tennis and squash courts, and health club. This building won a Progressive Architecture Citation in 1980 and a South Florida Chapter of The American Institute of Architects Award in 1983. ARQuiTECTONICA INTERNATIONAL CORPORATION 6 r� ��f�I.�I w.U�NI ww�www I,ti��� war w�www�w+�wwiwMwww THE IMPERIAL Miami, Florida 31 story,162 unit luxury condominium apart- ment building on Biscayne Bay. The tower rests on a three story underground parking garage for 330 cars. The project contains 5 duplex townhouses on ground level, a two story penthouse on top, and features wrap- around balconies in all units. Included in the project are swimming pool, tennis court, health club, and promenade broodwalk to an offshore island. AROUITECTC^JICA NTERNATIONAL CORPORATION �1% • • f .46 ,,„,,: ° aw .W w w wr . w w ♦ .• , s•w wr r w r wr ww . .• 1 .• V•I N •. . w r .. w � .• .. . w r « w .• w r w . A N •• .• s. a •. . ..• , .w ►. w w . w 1 M .. . �• w r w ♦ w w r w ..... --• ♦ w w . w •�•�' • . w r r r • ...p • • w r . w � +.: ... r • � .«w «mow • r .., -� • pope" ,, • r N .1 e.,..� �jy • `� r [' Noll c A • rwr �j awe' r� nn� r�r�•nN .>l�Ilr THE H ELMSLEY PALACE Miami, Florida 41 Story, 255 unit luxury condominium apartment tower located on Biscayne Bay in downtown Miami. The tower rests on a two level structure containing parking for 500 cars and boyside townhomes, and is topped by a three story penthouse. Typical floor plan contains three elevator cores, each core serving two thru apartments allowing for simultaneous views of downtown Miami and the Atlantic coastline. Amenities include health club, two tennis courts, swimming pool, and spa. This building won a South Florida Chapter of The American Institute of Architects Award in 1982. ARQUITECTONICA INTERNATIONAL CORPORATION 46 / w w / w w / •• 1 w• w ! w w / •• 1 �• w r w w / •1. 1 w w 1 w w / •• 1 M .! ♦ M .•. . O. 1 •• A � .. w 1 .• �•. N � M w . w 1 ...• !. .• w 1 w I �•. w , w r 1 w .. r 1 w I w w 1 w . •••• w r w w 1 w ••"�• .• I � w . w ••�'• � 1 w w 1 w •���' • I w w 1 +• •••_� • 1 w w / w • � . w wI M.Y 1 . ,. r • ' 1 w w r l . r• •rw �w r ww .1a ..� • •wwl w w :1 �i .� . not 11ty n1f rw .ew THE HELMSLEY PALACE Miami, Florida 41 Story, 255 unit luxury condominium apartment tower located on Biscayne Bay in downtown Miami. The tower rests on a two level structure containing parking for 500 cars and bayside townhomes, and is topped by a three story penthouse. Typical floor plan contains three elevator cores, each core serving two thru apartments allowing for simultaneous views of downtown Miami and the Atlantic coastline. Amenities include health club, two tennis courts, swimming pool, and spa. This building won a South Florida Chapter of The American Institute of Architects Award in 1982. AROUITECTONICA INTERNATIONAL CORPORATION .1% Ej THE HELMSLEY CENTER Miami, Florida 1.8 million square foot mixed -use complex on Biscayne Bay in downtown Miami. The complex has three towers, the tallest rising 65 stories and containing 300,000 square feet of office space and a 360 room luxury hotel. The other two towers are 39 and 55 stories respectively and contain 366 condo- minium apartments units. The buildings rest on a five story platform enclosing required parking. The boyside of the platform con- tains townhomes while the streetside forms a retail shopping arcade. The top of the plat- form provides space for a swimming pool, restaurant, forest of topiary trees, and two tennis courts. AROUITECTONICA INTERNATIONAL CORPORATION 6_........�`, Cam. 1 RIVERSIDE/"PLANETS" Dallas, Texas 544,000 square foot,11 block mixed -use de- velopment between downtown Dallas and Fort Worth. The project includes 264,000 i square feet of office space in two towers and 280,000 square feet of retail space in nine small city blocks. Retail users include a de- partment store, grocery store, restaurant complex, movie theatre, drug store, com- puter center, and a wide variety of bou- tiques and specialty shops. AROUITECTONICA INTERNATIONAL CORPORATION No HORIZON HILL CENTER San Antonio, Texas 1.4 million square foot mixed -use complex located on the highest point on the outskirts of downtown San Antonio. Four 45 story towers ore linked on the upper six stories cre- ating a monumental arcade and large, flexi- ble office space. Three of the towers provide 800,000 square feet of office space, the fourth is a 366 room hotel, apartment -hotel, and health club. The arcade rises from a 6 story platform containing a 200,000 square foot Retail Mall and parking for 2750 cars. On top of this platform are three restau- rants, a swimming pool, tennis courts, a run- ning track, and a lawn. ARQUITECTONICA INTERNATIONAL CORPORATION Y 14 Ll THE SQUARE AT KEY BISCAYNE Key Biscayne, Florida 60,000 square foot specialty shopping cen- ter located on the island of Key Biscayne. The Center contains 50 stores forming a horse- shoe with courtyard towers marking the in- ner corners. This building won a South Florida Chapter of The American Institute of Architects Award in 1982. ARCUITECTONICA INTERNATIONAL CORPORATION DECORATIVE ARTS PLAZA Miami, Florida Renovation of a single story 53,000 square foot warehouse into a Design Center serving as the centerpiece of the Miami Design Dis- trict. Project includes cobblestone piazza with free standing sculptural yet architec- tural forms, fountain, and gazebo. aRs,�irFC'C,'aC:. �^�iERNtir�C,r..gi ;_Cw�',aaT�Or. 1 BETTER HOME AND LIVING CENTER Houston, Texas 30,000 square foot retail and office building serving as a retail design center. The project contains ground level shops, plaza level res- taurants reached by a monumental stair- case, third level exposition center with indi- vidual display booths, and fourth level offices. -orrTMIJIT1111111 __. BETTER HOME AND LIVING CENTER Austin, Texas 39,000 square foot building including 13,000 square feet of retail space, a 4,000 square foot Savings and Loan on the ground floor, and 22,000 square feet of office space on the second floor. The project in- cludes two drive -through bank tellers. AROUITECTONLCA INTERNATIONAL CORPORATION CAPITAL PARK WEST Houston, Texas 3.3 million square foot office complex con- sisting of seven office buildings and two parking garages for 9,000 cars. Three of the buildings serve as landmark towers for ma- jor corporate users. The roof of one of the parking garage houses a 10,000 square foot health club complete with an exercise pool, running track, and tennis courts. The en- trances from the two major arteries bridge lakes flanked by gateway towers. I ✓ Y CREDITBANK TOWER Miami, Florida 76,000 square foot, 11 story condominium office building to serve as the downtown of- fice for a Miami bank. The ground floor is shared by the main lobby and the bank's branch office. Special offices with sweeping views are located within the monumental circular glass columns. The project includes three drive -up bank tellers. ALHAMBRA CIRCLE Coral Gables, Florida A 13 story office building in downtown Coral Gables containing 100,000 square feet of office space in 7 stories located above an in- tegrated 6 story, 300 car garage. The pro- ject includes a free standing structure serv- ing a branch bank with drive -up tellers. ARQUITECTONICA INTERNATIONAL CORPORATION In Manhattan, Arquitectonica faced the problem of considerably enlarging a seven -story brick apartment house with- out disturbing it. The solution: a slim, new, 35-story tower that straddles the old building. The new building is abruptly in- terrupted by a ldnd of roof garden with a domed swimming pool and a jogging track. Arquitectonica plans to deck out the building's facade in a bold, Mari- -mekko-like pattern of white glass, black marble and red -enameled metal. f the team has done nothing more, it has shown developers that new ideas can pay and that people will buy modern if it has more to offer than modernity. That big hole in the Atlantis condomini- um, for instance, not only serves the resi- dents as a delightfully dramatic patio, it also serves the developers. Under Miami's zoning regulations they were able to add the apartments that were cut out to the top of the building, where they command a better view and higher prices. The blue grid on the south side of the building adds not only color but also shade, in the man- ner of Le Corbusices famous brise-mleil, or sun baffle. "If you try to be different," says Fort -Brescia. "be sure that it func- tions righL My father was a developer. We know better than to fool around with costs and construction schedules." Fort -Brescia and Spear admit to being influenced by the Russian constructivists (like Vladimir Tatlin and El Lissitzky) and their predilection for staking archi- tecture a kind of artistic engineering. The team's use of bold . primary shades sug- gests the paintings of Mondrian's De Stijl. And some of its whimsy --such as the yel- low, £mike balconies that stick out of the Atlantis' glass facade to emphasize its an - trance —recalls Mirb. The main drawback of Arquitecton- ica's visually noisy modernism is that it does not get along easily with older, more urbane neighbors. One also shud- ders at the thought of mediocre imita- tions of Arquitectonica's audacity. It is inimitable. Only the young team's unique combination of skills could bring such fresh appeal and energy to the ar- chitectural scene. —BJr *wt Yon Edrardt Spew. Fo t4kescia Bad, at raw, Runway -'',,,saw \ TIMH.JULY 23. 1984 ARCHITECTURE Aoolside courtvard of Spear house: The neighbors railed against the shocking pink intruder Designu...Sly With Wit Youthful Arquitectonica turns convention on its head. when the shocking -pink and red fagade of the Spear house began to rise in Miami in 1977. the neighbors were shocked in turn. The houses on the city's genteel North Shore were all white, beige and gray, hiding discreetly behind green gardens. The Spear house towered over the road, as gar- ish. in the eyes of nearby residents, as a painted harlot. The long, narrow building stretched the length of the plot, right up to the waters of Biscayne Bay. More outrages Fort -Brescia, Spear: Stylish innovators lay ahead. As the house neared completion, the neighbors noticed that the small port- hole in the center of the fagade glowed azure blue at night. Why? Up close, the porthole proved to be a window overlooking a glori- ous swimming pool, perched high above the ground and surrounded by walls painted in soft pastel tones. North Shore residents be- gan to protest. NEIGHBORS SEE RED OVER PINK HOUSE, screamed one headline in the local press. The furor that greeted that swashbuck- ling debut of Arquitectonica (Spanish for architectural) —a team of brash young Miami architects —seems ancient history now. Designed by two of Arquitecton- ica's founders, Bernardo Fort -Brescia and Laurinda Spear (three other partners have since left to begin their own firms) the roseate house on the bay rapidly became the darling of design and architecture mag- azines all over the world and the winner of several prestigious awards. That eye-catch- ing venture was soon joined by bigger, equally iconoclastic buildings, one of them a 20-story electric -blue condominium on the city's busy Brickell Avenue. Named the Atlantis, it features a huge cubic hole gouged out of the center. Once again W the local press, worried about the build- ing's gaudy looks, attacked. Once again 4 the young designers triumphed. Within a year the Atlantis, too, became an archi- tectural icon, known around the world —and sold out on every floor. Today, Spear and Fort -Bres- cia, now married, are reaping the benefits of a meteoric rise to suc- cess that has been matched by few architects so young-34 and 33 respectively Since January 1984 they have completed, be- gun or planned buildings worth an impressive 5250 million —a healthy amount even for the most celebrated names in the field. The Miami establish- ment has compleiely surren- dered. Last year Arquitectonica won a competition to design a new courthouse, the kind of commission normally reserved for the staid eider statesmen of the profession. Now the city's respected Center for the Fine Arts has mounted an exhibition of their work that will travel to Minneapolis and Houston and eventually to Europe. it is sup- ported in part by a grant from the Southeast Banking Corporation Foundation. `Dteatns Without Uxwe: Ar- quitectonica's success is an in- triguing case study It has not only defeated the odds in Miami, where architects have ignored the colorful Span- ish-American styles that once flourished in Florida in favor of the gray -flannel esthetic of northern cities, it also has defied the international tastemakm- of architecture. In a decade in which an entire generation of architects has indulged in the glories of revivalism, rearing reinterpretations of Renaissance and classical icons, Arquitec- tonica has proclaimed its commitment to innovation. "We are modern," says Fort - Brescia. "We love to use new means made possible by technology. In the 20th century, you can express your dreams with- out limit." Fort -Brescia, who was born m Peru, pep- COMM, Dallas office building. Defying grarity '6 NEWSWEEKiFEBRUARY4, 1985 pers his sentences with hyperbolic adjec- tives like "fantastic," "unbelievable" and "amazing." He is legendary for his ability to inspire sober executives to flights of fancy. "Gentlemen," he announced to a panel of officials during an architectural competi- tion last year, "courthouse design is in a rut." When they got the North Dade Branch Courts Building com- mission, Arquitectonica quickly de- signed a boomerang -shaped struc- ture clad in pink marble and white glass laced with blue strips, and flooded with natural light. The de- sign delighted the judges who will preside there. Drawings: Yet another reason for Arquitectonica's success is Lau- rinda Spear's soft, romantic pencil sketches, which captivate cautious clients. In an age when "paper" ar- chitecture —drawings, models, pho- tographs —reigns supreme, Arqui- tectonica is a tactical master. But charm, romanticism and drawing alone do not explain its swift rise. Arquitectonica's critical asset —and poten- tialflaw—is its wit. In each of its impressive new projects, there is one brilliant punch line that lifts the building beyond theappeal of sheer technical virtuosity. In a massive new bank under construction in Lima, Peru, for example, a weighty white -marble pedestrian bridge hangs suspended between two of the building's wings, defying logic as well as gravity. A 15-story granite office building that will rise in Dallas seems to float in space. It is supported on one side by a slender glass tower that is virtually invisi- Houston town houses: Buildings that pack a visual punch ble, on the other by a rough-hewn "rock" (sculpted out of granite) that seems to be jammed accidentally in place. A 40-story condominium scheduled for Manhattan's Upper East Side will boast a three-story opening midway up. The cutout will reveal greenery, a running track and a heated, dome -covered swimming pool —an incon- gruous slice of "ground" in the midst of the sky. Inside each of the new Taggart town houses in Houston, there is another "small house" containing a kitchen, a bathroom and an upstairs study. Each of these sallies echoes the sly wit of the porthole in the Spear house and the fantastic "skycourt" in the middle of the Atlantis. Such surreal humor pokes fun at the mind -numbing boredom of big - city architecture and is as crucial to Arquitectonica's style as brilliant color and bold geometry. But it tuns great risks of offending civic scale. The $150 million Horizon Hill Center now rising in San Anto- nio will loom eerily over the captive audience passing on the nearby freeway. The center's four monu- mental 40-story glass towers will support nothing but a slim six -sto- ry corridor acting as a horizontal "bridge" across the -top—as if a massive giant were hoisting a feath- er beside the road. Seen over and over again from below, this poetic fantasy might well collapse into monstrous banality. Increas- ingly, the dreams —and the wit --of these talented young architects will be put to a rigorous public test. DOUGLAS DAVIS in Miami NEW51ti'EEKIVtAIRLAKY 4. N85 pers his sentences with hyperbolic adjec- tives like "fantastic," "unbelievable" and "amazing." He is legendary for his ability to inspire sober executives to flights of fancy. "Gentlemen," he announced to a panel of officials during an architectural competi- tion last year, "courthouse design is in a rut." When they got the North Dade Branch Courts Building com- mission, Arquitectonica quickly de- signed a boomerang -shaped struc- ture clad in pink marble and white glass laced with blue strips, and flooded with natural light. The de- sign delighted the judges who will preside there. Drawings: Yet another reason for Arquitectonica's success is Lau- rinda Spear's soft, romantic pencil sketches, which captivate cautious clients. In an age when "paper" ar- chitecture —drawings, models, pho- tographs --reigns supreme, Arqui- tectonica is a tactical master. But charm, romanticism and drawing alone do not explain its swift rise. Arquitectonica's critical asset —and poten- tial flaw —is its wit. In each of its impressive i new projects, there is one brilliant punch line that lifts the building beyond theappeal of sheer technical virtuosity. In a massive new bank under construction in Lima, 1 Peru, for example, a weighty white -marble L-1 pedestrian bridge hangs suspended between two of the building's wings, defying logic as well as gravity. A 15-story granite office building that will rise in Dallas seems to float in space. It is supported on one side by a slender glass tower that is virtually invisi- Houston town houses: Buildings that pack a visual punch ble, on the other by a rough-hewn "rock" (sculpted out of granite) that seems to be jammed accidentally in place. A 40-story condominium scheduled for Manhattan's Upper East Side will boast a three-story opening midway up. The cutout will reveal greenery, a running track and a heated, dome -covered swimming pool —an incon- gruous slice of "ground" in the midst of the sky. Inside each of the new Taggart town houses in Houston, there is another "small house" containing a kitchen, a bathroom and an upstairs study. Each of these sallies echoes the sly wit of the porthole in the Spear house and the fantastic "skycourt" in the middle of the Atlantis. Such sun,eal humor pokes fun at the mind -numbing boredom of big - city architecture and is as crucial to Arquitectonica's style as brilliant color and bold geometry. But it tuns great risks of offending civic scale. The S 150 million Horizon Hill Center now rising in San Anto- nio will loom eerily over the captive audience passing on the nearby y freeway. The center's four monu- mental 40-story glass towers will support nothing but a slim six -sto- ry corridor acting as a horizontal "bridge" across the -top —as if a :passive giant were hoisting a feath- er beside the road. Seen over and over again from below, this poetic fantasy might well collapse into monstrous banality. Increas- ingly, the dreams —and the wit --of these talented young architects will be put to a rigorous public test. DOUGLAS DAVIS in Kim NEWSWEEK'Fr•AIRLARY 4. I485 .7 I L- t His Best to". oa vrr 92-an -- usrness &inc�ustr_ ��� -Getters cs-.en &-Technolog - MUCationa. - - -ocialService politics&L--aw =4 12 Effertainmen Sports& Style -= 7LR517 -- - - - 19 s er InSearch - of thBest of - -_ - -. aGeneration -----_ =-_ The men and women honored in this issue were discovered and selected as the. result of an unprecedented national search. For more than two years sixtyeditors, reporters, and researchers _. _ _. - 7 probed deeply into all regions of the nation, looking for those people under forty years of age whose _. lives and work exemplified Americas highest qualities _ and values. Courage. Originality. Ingenuity. Vision. - Selfless service. Nominations were also solicited �- from the public at large through advertisements and through rnailings to sixty thousand influential citizens. The search, which consumed some 16,311 man-hours, yielded more than five thousand qualified candidates. - e editors of Es uire, aided by the expert counsel of a board of prominent advisers, then chose the 272 -" --- honorees whose unique stories are contained in these pages. This first annual edition of The Esquire - Register represents investigative ournalism at its best: the discovery of a new breed of American hero. C84jubzz 1 Ll W � Aarwmen lehn Adams Jan Aim K„ Andersen Lowe Andrsen Sh*bw Anderson Phrani f<n Aploi Needs AtwoO %W L B"a Mebod L Bdchelder Andrew Betoy ban on" Ind Soluble! Oho Rees Nkl ad L" Charlaa Million F u�k Andri Mo op Ship Members QewNwy Misi" Therm Booed Loon Mteteie Pad C. Michael !M� e wmm Mdp bw*" Dais DPW Fab IL Coddd John L Caobwen Richard L Cawsadr aimcmm Who Chandeley AN chowill Margaret Chow" Frei Funoter Conch Mary L Cisneres WDMm Cleo Ivy NorMmn CMton cone Claw Pinar A. 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NOW Frank L Wieisk Daher WNW Michael Winter Stosho G.Woulak John L J9mwrmarr 0% #0% Ddik 0 911, esi9xis on Miaffi The young partriers of ARQtMCTorRc,�have a blueprint farthecityof thefe brrAO&M BERNARDO FORT-BRESCIA STRODE RM THE DADE County Architect's ofices and looked the competi- tion judges in the eye. "Gentlemen,"he said. pacing about the room like some latter-day Clazrericx Dar- row, "courthoum design is in a rut,"Outside. repre- senta&e-s of some very well known Florida architectural firms, their evally well known con- sultants in tow, waited as Fort -Brescia. who had never designed anything remotely resembling a courthom ("I mean, we hadn't even done a police station'), presented his scheme for the stretch of mangroves that would soon include a building. The courthouse was a floating elliptical form shaped sort of like a hockey stick. The pearly punk marble did not enclow a grand stairway. columns, or any other stately architectural gesture normally associated with a quintessential American budd- ing type. It was more like a piece of horizontal llow sculpture. with AM blue �s forth from done hoof. pyramidal skylights that sprang EWUUWECEMBER M64 PATRICIA LEIGH BROWN iS a fealum tGRtfl at Mie Philadelphia tnyu n specurlid"g in dfstp. r �A•._ -..7W v�-04.,-- E7iv .. :', a;:1 1... •... �F..—� : .. ;ryt.". Lam•• •y.J ,.y��•.I.y� r•.. �o�•�: — .G_•'. i1• -,•: :i- Sri: •is, ..,, �JI !i�, ,�11r •� I -r r ...,� I .•A I FROM THEIR DRAWING BOARD COMES A bright, NEWtisionOF SHAPES AND COLORS w ESQUMUDECEMBER 364 4% )1% lob Co Kkm* h m design in Miami had also been in a rut. That was before Arquitec- tonica's Atlantis —a swaggeringly sur- maEstic structum most notable for its red triangular rooftop prism and the thirty- seven -foot cube that has been punched out of its middle: situated twelve floors up, this "skycourt," now something of an icon in architectural darks, is a bright -yellow oasis with a whirlpool bath, a red spiral staircase, and a palm tree ("That guy must have had smooth tongue to sell that one," remarks one Miami native). It was also before the Palace, a building in which one half: a red -stucco and glass "aggressor," crashes headlong into Its pe padiCulat other hall And it was before the Imperial. At the Imperial. residents seem oblivious to the fact that an entire side of their building is wondering whether to hang on for the ride or slide off peace- fully into Biscayne Bay. p�quitectanrca Interrratioral—partners Fort- > c+esda, Ia ninda Spear, and Hervin Romney —has greased the tracks of American architecture. At ages when their colleagues at large firms are still drafting stair elevations and bathroom de- tailing, the partners of Arquitectdfi a not only Crave reshaped a major portion of a major city but, often using materials found in your typical motel court, have also brought vigor to the ongoing debate con- cerning the nature of modern architecture. That this has happened in Miami —the so-called City of the Future —is no acci- dent; the nationalities of Arquitectonica's three partners (the word is Spanish for "architectural") constitute a paradigm for the city AselL Fort -Brescia, thirty -thee, is Peruvian; Romney, forty-three, is Cuban; and Spear, thirty-four. who is mar- ried to Fort -Brescia, is a rarity, a third - generation Miamian. Arquitectonica's brand of architectural chutzpah —avant- garde for the bottom line —seems custom-made for a city unencumbered by classical tradition. The sea -breezy op- timism that pervades their work is rooted im both what Miami has been and what Miami has became. Luke Miami Beach de- veloper Carl Fisher, who imported Rosie the Elephant to help level the sand dunes, the parttrem of Arquitectonica possess drive, imagination. and an ability to sell their ideas. "Architecture has to pump your blood," Fort -Brescia says. '"There were lots of buildings here, but they were buildings without a soul, that didn't really convey the spirit of this town-" Now it's on to skyscrapers in New York, shopping complexes and offices in Dallas, town houses in Houston. a major bank in Peru, and a multitude of other projects— induding the commission for the North Dade County Courthouse, the young firm's fast public building. These days the f rm's headquarters —on a boulevard appropriately named Ponce de Leon —is something Eke a bxEv W Oval Of - F.aQU6WECEWER W4 fire, with Fort -Brescia as shuttle diplomat: Monday —Fort -Brescia is in the office for staff meetings, going over work on drafting tables, explaining concepts, build- ing ideas with his hands. Occasionally he breaks out into a jog. The phone is ringing madly. Tuesday —He catches a 6:50 A. M. flight to visit the New York office, one of two Arquitectonica outposts. He then meets V now i The Pianes of the &Douse produceaplay of light and shade. It's ahouse that is at once both breezy and livable. with a developer to discuss a store in Pa - namus,NewJersey. He doesn't have lunch ("I hate lunch'). He reviews samples of materials, including a green marble for a boutique and a terrazzo for a shopping mall. He goes to Olympic Tower to meet with a potential client, who turns out to be the elder half brother of a classmate from Princeton. The meeting ends late. He meets with a brochure designer, then takes a taxi to the airport. He barely makes his flight. Wednesday —He's back in Miami re- viewing projects after the staff, who draft to music like "Tune Is on My Side," has had "one day of work without my bugging them." He makes phone calls --lots and lots of phone calls —to clients in Miami. That afternoon he flies to Marathon in the Florida Keys for a session with the land- scape architect of Turtle Kraals, a forty- seven -acre, 262-unit condominium and town -house community with a self-con- tained marina —a job Fort -Brescia was pleasantly surprised to get, because "we're not woodsy." Perhaps it was be- if4 cause of what he had said about the cur- rent buildings on the site: "I toll them it looked like the Bronx." Thursday —He drives to Boca Raton for a presentation. It doesn't go well —the de- veloper wanted tract houses. Friday —In Dallas. He meets with de- veloper Bradley Bayoud, a twenty- eight -year -old Washington -lobbyist - turned -painter -and -real -estate -developer, to talk about a huge shopping district lo- cated between Dallas and Fort Worth (called Planets, the project will visually live up to its name by sporting buildings with turquoise enamel curves, green met- al spheres, and confetti -colored bricks). They have lunch with an editor of the Brit- ish Vogue (a journalist —Fort -Brescia had to have lunch) who is writing a story for the Australian Vogue on "the new breed of youngsters running Dallas." Fort -Brescia then drives out to meet another client to discuss a new communications center. He goes to the airport, misses his flight. and spends the next forty-five minutes on the phone, yelling apt a contractor about stucco. Fort -Brescia comes across as a curious combination of Princeton and Peru. Neatly clipped bangs flying expressively across his forehead: he speaks in Spanish inflec- tions with the exuberance of someone who's just gotten his fender smashed, giv- ing the unpcession of being a part of his buildings. If Arquitectonica s ideas are too way-out for some ("Those people are rai- sins!'), the personal style of the good- looking kid in the button-down shirts seems to seduce far more often than it offends. While Fort -Brescia brings back business Spear and Romney are doing the less pub- lic, more nuts -and -bolts worst of architec- ture. Romney, a suave dresser who takes to wearing Yale bulldog ties, is the frrm's troubleshooter, specializing in complex zoning ordinances and the construction details that actually get things built. And Spear, quietly, designs. Many in the field suspect her of being the design genius behind Arquitectonica. "And it drives them crazy," one observes. "Her professors are all designing vacation houses, and here's this student with the colored pencils, building Miami and Houston. " That radical designs should come from a card-carrying member of the Junior League is one of the more intriguing as- pects of Arquitectonica. The daughter of a well -respected thoracic -surgeon father and a commercial realtor-actress mother, Spear comes from the kind of progressive family that always wore seat belts, ate nat- ural foods, and supported civil rights. Be- hind the sexy, slick images that are so much a part of Arquitectonica's buildings, there is a certain childlike naivetd, a little - girl -with -her -nose -pressed -up -against - the -glass quality that is perhaps the true spirit of Arquitectonica. 1 IN lob AMERICAN ARCHITECTURE, MIAMI VER- nacular in particular, is strongly associated with modernism, a movement that in its purest form had to do with the perfect - ability of the human condition through the quality of the built environment. American architects have in recent years rejected the austerity of glass -and -steel boxes while searching for personal, regional ex- pressions more deeply tooted in time and place. The most visible product of this soul-searching has been postmodernism. a catdmill word that has come to be associ- atedwith tlieuseof figurative,histotical, and stylistic references such as the cvriicued Chippendale roof atop Philip Johnson's AT&T Building in New York. The current cult of architectural celebrityhood, in which "the retrospective exhibition pre- cedes the midlife crisis," as critic Ada Louise Huxtable put it, tends to divert attention from what is actually a convulsive period, with the vitality of American archi- tecture spinning oft in all directions. But Arquitectonica has something dif- ferent in mririd. Flirtatious and audacious, its tropical hybrid is something the part- ners refer to as "romantic modernism" Arqukectonica's work is characterized by bold, modern. abstract geometric forms and primary colors but also by certain whimsical decorative motifs reminiscent of the postmodernist they love to hate. Arquitectonica's buildings capture, al- beit symbolically, the aspirations of Miami itself, Though the partners don't like to think of themselves as "Miami architects" (in part, one suspects, because they want to —and do —practice elsewhere), Ar- quitectonica's buildings are as appropriate to their city as shingle -style houses are to Connecticut. They fit the city snugly, bike some wayward architectural bikini. In the scant seem years of Arquitec- tonica's existence its buildings have al- ready become the stuff of urban lore. "Have you seen Scwface?" the cab drivers ask now as they drive past the Atlantis. a haunt of Brian De Palma's drug -dealing Tony Montana. The most glaring example of Arquitectonica's influence may be the Villa Regina, a singularly uninspired con- dominium located between the Palace and the Imperial. There, not to be outdone by Arquitectonica, the management flew in Israeli artist Yaacov Agam to paint three hundred thousand square feet of formerly beige stucco, turning the building into what the Miami Hcn dds architecture crit- ic called "a thirty -story paint sample." Some compare Arquitectonica's own blend of Beach Blanket Bauhaus to comic strips, but the works are really more hire video games. Roofs wrinkle, supergrids are held in suspended animation, amoe- boid shapes engage in peculiar acts of mitosis, and competing textures such as stucco aril nnirtured-glass collide. Open up the Atlantis and you've got pretty ordinary apartments. The tricks are outside —de- ESG1(1OWECEMBER c984 signed, as Spear says, "to play to a fifty- five -mile -pet -hour audience. " This has led some critics to dismiss Arquitectoruca's work as billboard architecture, gigantic one-liners that are immensely photogenic but "have more to do with graphic design than architecture." Romney, at the time of the firm's found- ing its only licensed architect, had worked for big -city firms in New York and Paris, Thehown fheAdan&had iLspracticatsde, enablagthe developer tnbtu7d more mifson ahigherflooi: having gotten his architectural education at Yale. Fort -Brescia had gone to Princeton and Harvard, Spear, to Brown and Colum- bia. Drawn to the city by family and by teaching posts at the University of Miami, they joined up with architects Andres Duany and Elizabeth Plater-Zyberk, who are also married and who have since started their own firm Arquitectonica offi- cially began after Romney got a commis- sion to design an apartment building in Quito, Ecuador. Lure many young architects. Laurinda Spear had returned home to design the proverbial house for her parents, a route that's launched many distinguished ca- reers. What Spear created on a vacant lot in Miami Shores was, however, more than a house: it was one of the more remarkable debuts in contemporary architecture. The Pink House, as it is known locally, had its origins in a 1975 scheme designed in conjunction with Rem Koolhaas. The plan won a Pmgrasiue Anchitectun award but was never built, After becoming in- volved with Fort -Brescia, who was teach- 121 ing at the University of Miami, Spear revised the scheme with him according to her mother's 325-page program '"That was the first time we designed anything together," says Fort -Brescia. "Three months later we were engaged." Although the Pink House is currently one of the most widely photographed houses in America (featured in ads for the state of Florida and Money magazine), pho- tographs don't prepare you for its impact. Wending your way down typically subur- ban -looking streets of white single -story houses, you suddenly come to a double - width lot along the bay. A line of royal palms sets the stage for what is essentially a simple idea: a two-story house organised by a series of five wall-like panels in se- quential shades of pink. The layers create abstract zones and corridors; there is no living room to speak of, The planes pro- duce a play of light and shade, voids and solids, that is made more dramatic by sur- realistic contrasts in color. Caribbean pinks set off against a blue swimming pool, the ocean, and the sky. It is a house that is at once breezy and livable. There is a bal- ance of form, light, and scale that is both powerful and moving. DESPITE WORLDWIDE ATTENTION GAR- nered from the Spear house, Arqui- fectonica might have been just another promising young firm if this hadn't been Miami in the late Seventies. At that time most of downtown Miami consisted of what one observer calls "mind -crumbling beige blocks" --and innovative architec- ture was hardly in demand. With the influx of foreign currency, how- ever, particularly from South America, the situation changed rapidly. Where once there was just a fledgling skyline. down- town boomed. As the international bank- ing community poured in (not to mention the cocaine business), the area of old man- sions formerly known as Millionaires' Row became home to scores of banks and thou- sands of condominium units. Unlike the American sun -seeking buyers from the North, their more sophisticated South American counterparts were looking for something different: in the Miami real estate community they called it "brass and glass. " Bernardo Fort -Brescia understood the wealthy South American buyers well: some of them were his relatives. It's a subject he doesn't like to tally about ("I don't want people to think I'm just some wealthy guy —I did this all by myself and have worked very hard to achieve what I've achieved', but the architect is the first to admit that his background— Fort-Bres- cia's families, the Forts and the Bmscias, are extremely prominent Peruvians — has helped enormously in understand- ing what buyers and developers want. His family never gave him direct finan- cial assistance, Fort Brescia says; they gave him something more valuable: "Every fright at the dining table we talked business, and I learned. I learned how to talk to a businessman; I learned to explain my ideas both artistically and financially so that a developer knows rm not throwing around his money. I understand them; I know what my dad and uncles would do." Given to utterances such as '"These are solid tenants" and "Politicians are sensible people," Fort -Brescia has a commercial understanding that eludes, or is shunned by, most architects. So when Fort -Brescia, then twenty- seven, discovered that the New York de- veloper Harry Helmsley planned to build a high-rise condominium in Miami — information gleaned during one of Fort- Bmscia's father's business meetings —he knew exactly what to do. He called him. After being told no thanks --that five "ex- perienced" firms were already competing for the job —Fort -Brescia flew to New York and checked into the Park Lane, a Harry Helmsley hotel. "He probably hiked that I was staying at the Park Lane. Maybe he thought. 'Gee, this guy means busi- ness.'" First thing Monday morning he called Helmsley's office and left a message to the effect that Mr. Helmsley should call to cancel if he couldn't meet him at the Park Lane at eleven. Helmsley called to confirm. Fort - Brescia made his pitch. Experience is not the only thing —.we can bring you innova- tion. Surely Helmsley had nothing to lose by adding a sixth entry to the cornpetimi. Helmsley agreed. An ebullient Fort -Brescia flew off to join Spear, at the time an Archi- tectsual Fellow at the American Academy in Rome. "We were so excited!" he recalls. "I mean, this was a big bodWn !" Two weeks later they showed Hairy and Leona Helmsley their design. Leona studied the plans and turned to her hus- band. "Honey,," she said, "the kids have done their homework." "It was very origi- nal, much more"mtaginative than the other architects'," Harry Helmsley recalls. "I didn't care for the buildings with the holes in them, so we compmm ised." Like other developers, the normally architecturally conservative Helmsley knew he needed something different in Miami. "Something more casual," he ventures, as if talking about a pair of slacks. There were more compromises await- ing Arquitectonica when Helmsley Be- dded to revise the firm's original concept, which had called for an open skycourt with a swimming pool on top of the building's lower wing. Originally the building was supposed to give the lion of two iaterpenetr=g slabs —two ships passing in the night —instead of looking like one sateen -story stepped structure crashing into a larger forty -one-story monolith. Still, the Palace was a breakthrough: Ar- gkdtectonia's designs seemed well suited to what Miami developers wanted Even the hole in the Atlantis (Fort -Brescia calls ESQUMMECEUM 19% it "an urban plaza that happens to be in the sky') had its practical side, enabling de- veloper Sol Luger to build more units on a higher floor. Much of Arquitectorrica's designing is now done by Spear and Fort -Brescia at home on weekends. The studio. on the top floor of their coral -cock house near Utopia Drive, is shared with their two children, two -year -old Sander and four -year -old Abotemoffice mplexthatis beingplanneriwM tower over a San Antonio highway with aoltnnns Of mumredglass. Marisa. It is an airy, skylit space lined with a rug from Peru and Spear's drawings, with a drafting table and two stools for the parents and a little round wooden table with two stools for the kids. The actual design process, Spear says, is "fairly intuitive" and done quite quickly. Marriage has its advantages. "It's very efficient," says Fort -Brescia. "There's no Team A or Team B or Team C hike in large firms. We can design at home, on week- ends, on the beach. even at the club" — referring to the Bath Club. an exclusive Miami Beach country club where many of the couple's friends, who tend to be doc- tors, lawyers, and stockbrokers, are members (I'hey won't get business from architects," remarks one). The original sketch for the Atlantis was done at a Cuban restaurant on a table napkin. ARQUITECTONICA IS AT AN INTERESTING juncture right now. Its partners, Having gotten more large-scale commissions by age thirty than most architects get in a lifetime, seem blessedly distant from the a cynicism that can pervade their profession. "Architects laser to be optimists, because they deal with the future all the time," volunteers Spear. But to look around America's cities is to see a built environ- ment that all too often seems remote from that spirit, far removed from the Argwtec- tonics notion that, as Fort -Brescia says, "modern architecture can be fun." Arquitectonica's willingness to make statements --to envisage palm trees in the middle of condos --is its greatest gift. 'rhey bring out latent yearnings, " says thirty -nine -year -old Houston real estate developer and client Jerry Maba. "They're not giving the world a kick in the ass exact- ly, but a spark of life." The house Arquitectonica is building neat Rice University for Maba, one of sev- eral Maba projects, is such a spark. It is gray -and -white stucco on the outside; the inside is a great adventureland of cubes through which a free -form river/swimming pool flows. The house creates its own scenery via a series of courtyards sepa- rated by walls of different materials —pink marble, glass block, curtain wall. ceramic We. and cinder black. The river meanders through the courtyards, surrounding an Wand with a palm tree, and flows over underwater benches intended for din- ner by candlelight. New work on the boards is even more expressionistic. A house in Ecuador re- sembles a Kandinsky, a variety of ovoid forts falling onto the landscape like dice, seemingly at random. In New York City a skyscraper surface of black marble and red enameled metal is zigzaggy, designed to look lice fabric. A Houston apartment building with a cracked wall looks like Su- perman has been there. Some of the images are frightening: a hotel/office com- plex that is half 2001, half Stonehenge, a gigantic aqueductlike structure, towering over a San Antonio highway with four forty- five -story. columns of mirrored glass. The real question is, Will Arquitectonica play in New York? Miami, Houston. and Dallas are relatively new cities. To build in the older industrial cities of the North will require both the use of different materials and more attention to scale and context. It is likely, too, that the young architects will run into more of those rules and regula- tions that seem to age architects before their time. Still. what Arquitectonica really wants to design is the 1992 Chicago World's Fair, currently in the hands of the postmodern- ists. 'They've decided to recreate the 1893 world's fair!" Fort -Brescia says. "I mean. that's so depressing! Why do I want to see 1893 in 1992? A century has gone by! We're supposed to be expressing prog- ress! This plan was too conservative in 1893! It's the same old stuff!" Then Fort -Brescia brightens. After all. there is always the telephone, and a lot could happen between now and 1992. •� iie ii A� !nn&" A*mwm Aummm -.Mmd Ismomw -9vetw"memovv=t!=cam mw-,mwwowm ! �11MlltflWl �lllrlpl�l�IIS!"r"-'= � lw ♦rloofmdol s�a�■t ar �- rr/rr� KT _ P '{ _ --- r to ®�-sr'. ^^7 r •+ir` 1��'!«11 1,1 i� ���f^'1,tf,± - _ 4 ........... - j: N44tit �W4 AS NMANA*'; "Last year our construction volume was $68 'million, with $166 million on the boards; this At year those figures will double, " reports 30-year-old Bernardo Fort -Brescia, one of three partners in the five -year -old firm Arquitectonica. Some explanation is in order. Nobody bothered to tell Laurinda Spear, Bernardo Fort -Brescia, and Hervin Romney that "architecture is an old man's profession." And now, of course, it's too late. The venerable axiom has been unceremoniously buried beneath millions of dollars worth of new construction. But you can't really fault the three young architects, pallbearers to tradition though they are: it's hard to sit still at the "back room" drafting board, hunched over someone else's designs —especially it vaunting ambition, boundless energy, sheer moxie, and a surfeit of talent open other avenues ... Miami's fashionable Brickell Avenue, for instance, where the Mmillion Palace, the $18-million Imperial, the i11- million Atlantis, and the $1-million Babylon are preparing to open their collective doors to the eager rich and super rich who snapped up the condominiums like so many $100 tickets to a Frank Sinatra concert. And for those who arrived too late to pay upwards of $400,000 for late %Vearly'83 occupancy (in one case "too late" was 48 hours), construction is scheduled to begin next spring on the $Mmillion 2.1-million-square-foot Helmsley Center (axonometric left), which will be followed by the relatively modest(l) $24-million 5W.000-square-foot Riverbay (figure 11, overleaf). "All well and good," you say, "but aren't Spear, Fort -Brescia, and Romney limiting themselves to one building type; worse yet, to one building type on one street?" Never underestimate the vigor —and aspirations —of youth: the four residential projects, and the two mixed -use projects along Brickell Avenue represent but a fraction of their work, albeit a fraction which translates into $214 million worth of construction. A more respectable, and diverse, fraction is included herewith (following pages): though there wasn't space to include the amusement park in Nigeria, the townhouses in Houston, the theater in Key West, the art gallery in Philadelphia, the bank headquarters in Peru.. the 11 projects and three buildings compiled for this portfolio should suffice to persuade skeptics that Spear, Fort -Brescia, and Romney are quite serious about their firm name—"Arquitectonics International Corporation." While those with a low threshold for professional arrogance will balk at the unabashed immodesty of the "international" designation, success, somehow, renders us all more tolerant. The $64.000 question —or in this case, the near halt billion dollar question —is how. It started innocently enough. In I=, 2T-year-old Andres Duany, 25-year-old Bernardo Fort - Brescia, 26-year-old Elizabeth Plater-Zyberk, 36-year-old Hervin Romney, and 26-year-old Laurinds Spear picked up in Florida where they had left off back East. "The Miami Five," as they should have been dubbed, were all friends from architecture school —Harvard, Yale, Princeton, and Columbia: Duany and Plater-Zyberk were (and are) married; Fort -Brescia and Spear were (and are) married. Drawn south by the warm weather, family, and teaching posts at the University of Miami School of Architecture, the group officially congealed when Romney, the then only licensed architect among them, received a commission to design an apartment building in Quito, Ecuador, and, naturally, solicited a little help from his friends. It was then that "Arquitectonica," Spanish for "architectural," was born. Considering Miami's sizeable Cuban and South American population, the firm name is not unreasonable; besides, it's catchy. During their first year, the neophyte architects did what neophyte architects do —teach, cultivate clients, and work on modest -scale projects. And like a host of young architects before them, Spear and Fort -Brescia made a contribution to the "houses architects design for their parents" genre. Though credit for the much -publicized Miami house has frequently been mis- attributed to Dutch architect Rem Koolhaas with Laurinda Spear (an alliance and early design dating back to Spear's graduate schooling at Columbia), the Koolhass-Spear scheme was rejected, and according to Spear, it was "back to square one" with Fort -Brescia. (Well, perhaps back to square two; there are similarities.) Arquitectonica made its debut with the Spear House, and what a debut it was: the surreal waterside residence is a dazzling essay in abstract planes drenched in various intensities of hot to sizzling pink. It received worldwide attention, and Arquitectonica was dramatically launched into the galaxy of "rising stars." Like Taft in Houston, and Batey and Mack in San Francisco, it appeared that the Miamians would follow the logical and incremental upward spiral of bright young firms —promising, but pending. They didn't. They rose meteorically. The question, of course, is still how. The answer... In 1978, while acting as interpreter for his father at a Miami business meeting, Bernardo Fort -Brescia overheard that one Harry Helmsley from New York was planning a high-rise condominium for Brickell Avenue. The then 26-year-old architect left the meeting, dialed Manhattan information, requested a listing for "Helmsley, Harry," and simply gave the man who owns the Empire State Building a call. After offering Arquitectonics's design services, and being duly informed that five "experienced" architectural firms were already competing for the job, Fort -Brescia flew to New York and checked into the Park Lane Hotel: Harry Helmsley owns the Park Lane Hotel; Harry Helmsley lives in the Park Lane Hotel. Fort -Brescia redialed the "Helmsley, Harry" number, persuaded the septuagenarian real estate mogul that an interview was in order. and on the appointed day, in something less than an hour, walked away with a written invitation to enter the condominium "competition." It's almost anticlimactic to report that Fort - Brescia snared the commission for the Mmillion project. And that's how Arquitectonica gets work. (Contrary to popular misconception, Laurinda Spear is not related to the Spear of Helmsley's mega -company Helmsley -Spear, Inc.) Over the last four years, Fort -Brescia has made a lot of telephone calls, and snared a staggering number of multimillion dollar projects. Though he is quick to add that many projects never make it beyond the conceptual axonometric stage, among the 11 projects shown here, two are under construction, two are scheduled to begin this year, and three are scheduled to begin next year, the remaining four are progressing in dcsign development. (They will progress without Duany and Plater-Zyberk, who left Arquitectonica to start their own "more modest" firm.) But what happens when the adrenalin from Arquitectonica's phenomenal professional ascent subsides? What are we to make of these buildings that Fort -Brescia characterizes as "happy," perched up on their podiums, brazenly showing off their fins and their flourishes, their razzle and their dazzle? "We find no glory in ambiguity," ventures the young architem and indeed the buildings are articulate, if not outspoken: their forma may, as Spear suggests, be "inspired by the primitive architecture of Karnak and the radical modernism of Rio de Janeiro," but it it's Egypt and Brazil, it's Egypt and Brazil electrified by shrfll color and shrill juxtapositions. "We are playing to a 55 mph audience... we want our buildings to hold their place on the skyline," adds Spear. They at least do that. Thirty years ago, another young architect named Morris Lapidus startled his colleagues with the Sane Souci Hotel in Miami Beach. Reflecting on the now legendary hostelry, Lapidus wrote: "All of this might be called artificial and flamboyant by the purists, but who cared? It was colorful and exciting —it was fun." One has only to change the tense. Charles K. Gandee Ambitectural PAwrd Aupwt ton 113 Aa1 �\wwwr' �•} -�itr :-rn i,f Y.•r.+�r . I soop Sww" wwww"Wo olme it. *ow eosli8ar to bWWi%P *NAM IlUft To Gww ow iWood" 000spi" wow -Mw"It "Pow* A ty - OWS . , - Hamol" cootw (pop IM, M,MM Rokuja snwrw^ Im. wo maim ILI MOM 84A MM64M O-WK 401M Mwout-A rd4 prkilw- I swe Awd &%"* 80"Am 1% Ic ovw&pjf,Fr., Jood W%tW* $10 "ins; WOOD SQA vwiduv Aoppftcomu t MMqoqwo, ljobsew Gomm Mobs; tUN SqA 6*ub- Arm* hmw 4. dift, - O.JA D"gomw Cow $18 *as^- so,= IqA qfm and PON & 150 AAembre PW266 Mft"i: Mwim*4 N.V. Dsv*WPwt 0 ftwim xv,000 SqA offim a1w - pr - -;at at B?kk4 Miami; Hobos crmx ns miuim WOW ,qA hole-V wwomi*ftms (ZOU 7. 4mowk4 mis k Laos Mow w4 DOW MSPVIW*r UW'00-* itow QA qftm -W rMIL S. Mao,,Wjt home, Mum% D" mapsonw, moft 4.5W 19A ole.janov AOWL t. f"Ostjjr� DkPGGW C~- cmw AQA;�� 1w jou now SORM ffim rasa PW*if-4 to. Hoiscm min conw. so* AstowfiX Omh W04 l,w sm miuio%- &I miuiow sqA ,ind.un (k*A offim roa pwkffw- I L Rkvo bay. Mir'* Sol I'W". Sam Grwobwg SU MiUim SW -OW ,qA oltm rit�io*e+d• P-*'v AmWwewsl Rmwd Awfug IM US 4% The Oreraeat Toroer Miami. Florida Owsett The Ooertrat Finance Corporation Areikoft AngrieetoRion— Bernardo Fort Browns. Heroin AJL Roomy. UvrWa Spear. P *wigs a: Carl Yonne, prv*d nAMWr John noeiata Inc. (ttnretnraUmwhcmwWeeetrt a Plnntbh W Goo" er•trwter. Eduard J. Crafts A plane on the horizon Lih+e it punt &"*-iw +Rome rcrM spare) a*d ftumpWar pr wm (lobby gftw the law 'Adw I show hw to tit prornd Jioor bank! haw born do" The Owns• T~ tta%& att•ehed—in goo+netric tans, abetraMrowi t. Or of to the tthis � that 7r th. i,npreaion jmnt a ear As i i uiaiont NO the soon tnrorUnp U mph thronph the beak allow jor a drrve-in MUM vWW to iniretrid Pork near Miami the ptniusk beyond a ttvo-rtory /nter udiond Airport And then one terroa. and vortied rhgthrn. An wtiea that thinpt are not of two- oveneaW now"To-AW doorway di—ationd at they irtitiolly terva a entrance to the o,(Jim. ite appm. that a era• mum hernieyda brvht red canopy esteadt to greet (cis Am" of oPft%kWw 1� V llt AnWtatturrl Rerwd Anpatt 1Mr ow The decorators' shed IN The billboards along the Las Vey= strip have a kindred—jf ab~— spirit in Coral Goblet, Florida And though the canary yellow pyramid. the firs engine red pylons, and the Hoekwey green gateway adorning the parking lest of the Decorative Arlo Plaza look more like gaily, colored toys left out in the yard by a Brabdingnapian baby than sumags for The Sands; they sere the sems funetiou "Look of mil" 0 But what else do you do with a leas than glamorous 52,000 mquare-foot warehouse. Proprimmed for "to the trade"furniture showroomsgiven a M-per square -foot budget and a four -month construction schedule? And how better to jockey a baekromul bui ding —set away from the street —into a foreground position, to better compete unth the neighboring showrooms, than vivid and unabashed decoration! Decorative Arts Plaza Miami. Florida Ow"r. Decorative Arts Plaza, Ins. Arehlteet: Ar"itsctonfca— Bernardo Fort•Bresna. Herrin AA Romney, Lauriada Spear, principals Baeribma & Associates (structural). Franyie.Engineers, fun tmechani"Weleetrical/plumbing) Camataatt Jerry Peters & Associates (landscape) G e"ral contractor. Construction Resources of America Inc. Architectural Record Aug" t98f jig 4 t. �ry",�-'l' _� � - - - - - = = -_= '•..' _-. ---• �--ram � = -,.. -� �..::�r'.�..�►:.: "`'-?Y ::..�-. - - emu-.. � "f'.r...�, , mar«_. .__ . .r : y '� _'�,"�aC�..�-+' _+�S'1�.�.� • � �-L-'- • j-i bid 701:r4 �r1a=Y�f:.tic: -a'.���iw-5�on�.7�� :SYee\:+war►"� .�/ . c.+'iar .r?iQ:F.�y'J%..' � �:'-; j.'�1� /►= '-" r - r`�-y,v-y-y� -'�; ' '%r.� �-�..t-�-t .. �AM ,_ ILI - �+''- .. - - _ _: ..a.dS'^ �..: f''.6ei f� .L;e sa mac.<c� �?" - h�vit. ��w•F^'� � .?-.may . ; _ _ _.. 'IN 1% lot The Square at Key Biscayne Key Biscayne. Florida Owner. ,Malvdio. N.V. Architect: Ar quitedosica— Bernardo F'ort•Breuia. Hervis kit Romney, Laurinda Spear, principal# Bnt;iOMM Eseribano d Associates (strueturub; ,Mayartrlas d Awaciates tsreehosieuVelectrical) Genera! contractor. International Contractors of Hunt. Inc. IZD ArchiwWrat Reeord Aryad tart Tropical decorum "Orr +soak is sot abort quiet good taste. "confews A rquitedonieo partner Larrinda Spear. And we agree. "The Square, "however. is an elegant eseeption. The Sl.OWJL. square -foot specialty shoppinv center, located along the train thrrrougl`/are of ,Miami a Key Biseayse island employs a Lr- shaped Iva the more common L- shaped/ plan; consequently, this stodem"ay ag" ag*ars se(A tTawAN Hv,*j. Hw*WLWVHwnlre P"M contained and enclosed rather than ill-defined and exposed The t45- pe Nuare foot badge, was Spent wisely.' blreytloss tgsors shield the individual retail shops from Florida i relentless sun: a pair of hot pink pavilions anchor the far corners of the building; two plashing fountains cool things off.A detached colonnade sweeps the parking court —a non -utilitarian, but welcome. tie that binds .1% ARQUITECTONICA BIBLIOGRAPHY Rev. 12.13.84 1975 Progressive Architecture; January, 1975; *The 22ad P/A Awards - Award: A House on the Water Front in Florida (Spear House)*; PP. 46-47 tg78 Progressive Arehitee ure; January, 1978; "The 25th P/A Awards - Citation: Architectural Design - Arquitectonioa for The Babylon; P. 83 AMACADEMY - The Newsletter of the Azeriean Academy in Rome; June, 1978; Vol. 1, No. 1; *Fellows 1978-79: Laurinda Hope Spear"; p. 12-13 The Miami Herald - Neighbors Magazine; April 2, 1978; "Neighbors see red over pink house" by Jeff Birnbaum; p. 1 1979 Skyline; March, 1979; Vol. 1, No. 6; *Helmsley Hires Arquitec- tonica*; p. 12 House Beautiful; May, 1979 Vogue; June, 1979; "What Counts* by Lorraine Davis; pp.186-187, 241-244 Architectural Design; July 9, 1979; *Buildings in AD - Arqui- tectonica*; Vol. 49, NO-T; pp. 186-189 The Miami News; July 25, 1979; "Boom rises higher/Condo (The Palace) to tower 41 stories* by Larry Birger The Miami Herald - Business New.; July 26, 1979; *Briekell Highrise (The Palace) Goes Up" by Mike Clary & Steve Sidlo; PP• 1-2 The New York Times Magazine - HOME Design; September 30, 1979; "The Power of Color (Spear House)* by Marilyn Bethamy; PP• 18-23 Page 2 HQUAS Baautifu ; October, 1979, *Color Blazes a Trail" by Susan Grant Levin; pp. 158-163, 250 Pro_m`ressive Architecture; December, 1979; *Layers of Meaning* by John Morris Dixon; pp. 66-71 Young Architects; 1980; "Arquiteetonioa* by George Ranalli; p. 2 Proarannive Architecture; January, 1980; *The 27th P/A Awards - Citation: Architectural Design - Arquitectonica for The Atlantis; P. 109 TOP2n o Qiobe A Mail; April 10, 1980; "Flambloyant Miami Archi- tects" by Susan Doubilet 00/0entiemaAlm Quarterly; February, 1980; Vol. 50, No. 1; *The Greatest of Ease (Spear House)"; pp. 98-109 - Penton/_rPC Review; Quarter I, 1980; Vol. 51 No. 1; "Progessive Architecture Honors Architectural Innovators* The Miam{ Herald; March 2, 1980; *Planned Surrealistic Condo Gets Design Award for Excellence*; p.35H Vogue; April, 1980; "Legs, Legs, Legs (The Spear House)*; pp. 220-227 Real Estate nigest_ - M nm ; Spring/Summer, 1980; *Ultra -Luxury Condominiums - The Atlantis, The Imperial, The Palace, The Gemini"; pp. 34-54 Pra aesnivg Architecture; August, 1980; *Miami Downtown - Endless Wave?" "Arquitectonica on Brickell"; pp. 52-59 Residential Interj2rs; September/October, 1980; Vol. V. No. 5; *Miami Modern/Arquitectonica creates an urban sensibility in a suburban setting"; pp. 80-83 Souse Beautifults Auiiding Manual,; Fall 1980; "Color in Archi- tecture" by Susan Grant Levin; pp. 72-72; *New Dimension for form and function"; pp. 74-77 & cover 10 Page 3 PrOgresaive Architecture; December, 1980; "In Progress, The Overseas Tower, Miami, Florida"; p. 40 19A1 Arehitectural Record; January, 1981; *Suburban Renewal"; pp. 80-81 Domus; January, 1981; No. 613; *The Dream of a House" by Fulvio Irace; pp. 11-15 j,jjj; March, 1981; Vol. 41 No. 3; *Living Color: Today's Archi- tects Paint the Town Red. And Pink. And..."; pp. 62-65 A+U American Architecture: After Modernism; March, 1981 Extra Edition; Chapter 9 - *Work of Arquitectonica Group*; PP. 183-202; Guest Edited by Robert A. M. Stern House and Garden; March, 1981; "Women in Architecture: Breaking New Ground" by Suzanne Stephens; pp. 146-149 GA/Global Architecture Houses 8; May, 1981; "New Waves in American Architecture: Arquitectonica International Corpora- tion*; pp. 98-113 and cover The Miami Herald - Business Monday; July 20, 1981; *Coral Gables 'Kids' make their mark at Arquitectonica" by Larry Birger; p. 5 Art is Ameriea; Summer 1981; *Harbingers: Ten Architects" by Martin Filler; pp. 114-123 AIA Journal; September, 1981; *Journal's Photo Contest (The Spear House)*; p. 58 Iowa Architect; September/October, 1981; "Iowa Chapter of the American Institute of Architects 1981 Convention - (Work of) Arquitectonica*; pp. 27-29 Page 4 The Miami Heys; October 16, 1981; "The Architecture of the Future - Miami in the Making" by Jayne Merkel; pp. 1B, 4B The New York TimgA; • * �, November 12, 1981, My Son, the Architect.. Houses for Parents" by Joan Kron; pp. C1, C6 tg82 Persnecta IS - The Yale Architectural Journal; 1982; *Portfolio of Recent Works - Arquitectonica*; pp. 171-179 Decoration deyaIIidades 111; 1982 Special Edition; "La Casa de una Arquitecta"; pp. 112-115 The Miami Herald; April 41 1982; "Out of the Blue - Arquitec- tonica turns design into child's play* by Beth Dunlop; Pp. 1, 8 The Wall Street Journal; May 20, 1982; "Bustling Town - Builders, Banks, Ports Thrive in Miami as City becomes Trade Center" by L. Erik Calonius; pp. 1, 20 Skgline - The Architectural and Design Review; June, 1982; "Emerging Voices: Arquitectonica" by Richard Oliver; p. 9 and cover GO/Gentleman's Quarterly; June, 1982; "Designs New Spectrum" by Peter Carlsen; pp. 163-165 Progressive Architecture; July, 1982; "Peeping into Pandorafs Box* "The Palace - Miami, Florida"; pp. 82-8T House Beautiful; July, 1982; Vol. 124, No. T; "Great Kitchens: Soeko Colors adds playfulness to this new kitchen/family romm of a 1918 Florida House" by Susan Grant Levin; pp. 46-49 Decoration Internationale; July/August, 1982; "The Spear House" photograph by Donatella Brun; cover & p. 1 Arehiteetural Record; August, 1982; "Making it in Miami" by Charles K. Gandee; pp. 112-122 �1% Page 5 National Geograehio; August, 1982; Vol. 1629 No. 2; "FLORIDA - A time for Reckoning* by William S. Ellis";,pp. 172-219 SD/Snaee Design - A Monthly Journal of -Art A Architecture; August, 1982; No. 215; *Urban Contexts: Arquitectonica"; p. 126 The Now York Times - The HOME Section; September 16, 1982; *Design Notebook: Emerging Young Architects - Diversity and New Directions" by Paul Goldberger; pp. C1, C6 Florida Arehitert - Journal of the Flarid Chanter of the Ameri oan Tnrtitute of Architects; Fall, 1982; 91982 FA/AIA Awards for Excellence in Architecture* "A most extravagant core of glass wall (The Overseas Tower)... - Charles Gwathmey*; p. 11 Corporate Design; September/October, 1982; Vol. 1, No. 5; "Overseas Builds to be Remembered*; pp. 46-51 Residential Tnteriors; September/October, 1982; Vol. V, No. 5; "Miami Modern/Arquitectonica creates an urban sensibility in a suburban setting*; pp. 80-83 Arehiteetural nigea ; October, 1982; *Architecture: Houses of the Future* by Paul Goldberger; pp. 162-169 OTGA (Peru) - S manari de Aeutualidari; November 8, 1982; Vol. V, No. 100; *Personas: Limeno Fort Revoluciona con color el rascacielos*; pp. 40-41 The Tndeoendent Profeaaiona ; November, 1982; "Designing and Building Florida*; pp. 29 19 Newsweek; November 8, 1982; Vol. C, No. 19; "The Sky's the Limit" *Free Spirits" by Douglas Davis & Maggie Malone; pp. 66—T6 International Herald Tribune; December 4, 1982; "North American Real Estate*; pp. T-9 1 Q$3 The Miami Herald; January 15, 1983; "Bold Towering Center proves sky's the limit* by Beth Dunlop; P. 3B Page 5 National Geographic; August, 1982; Vol. 162, No. 2; "FLORIDA - A time for Reckoning" by William S. Ellis";,pp. 172-219 SDISnaee Design - A Monthly Journal of Art & Arehitec *•; August, 1982; No. 215; "Urban Contexts: Arquitectonica"; P. 126 The New -York Times - The HOME Section; September 16, 1982; *Design Notebook: Emerging Young Architects - Diversity and New Directions" by Paul Goldberger; pp. C1, C6 Florida Architect - Journal .,t the FIDE da nha2tor of the Amer can Institute et Architecei Fall, 1982; 41982 FA/AIA Awards for Excellence in Architecture" *A most extravagant core of glass wall (The Overseas Tower)... - Charles Gwathmey"; p. 11 Corporate Design; September/October, 1982; Vol. 1, No. 5; *Overseas Builds to be Remembered"; pp. 46-51 Residential Interiors; September/October, 1982; Vol. V, No. 5; "Miami Modern/Arquitectonica creates an urban sensibility in a suburban setting"; pp. 80-83 Architectural D{gee ; October, 1982; *Architecture: Houses of the Future" by Paul Goldberger; pp. 162-169 OTGA_(Peru) - Semanar`n de Acutualidad; November 8, 1982; Vol. V, No. 100; "Personas: Limeno Fort Revoluciona con color el rascacielos*; pp. 40-41 The Tndeoendent Professional; November, 1982; "Designing and Building Florida*; pp. 21 19 Newsweek; November 8, 1982; Vol. C, No. 19; "The Sky's the Limit" "Free Spirits* by Douglas Davis A Maggie Malone; pp. 66-T6 International Herald Tribune; December 4, 1982; "North American Real Estate*; pp. T-9 148a The Miami Herald; January 15, 1983; *Bold Towering Center proves sky's the limit" by Beth Dunlop; P. 3B Page 6 Progressive Arehiteeture; February, 1983; "Rich and Famous" by Pilar Viladas; pp. 99-19T 6 Cover Photo At Home with Arehiteetu e: "Contemporary Views of the House" .February 10,1983; "Spear House, Miami, Florida, 19770P pps 10-11; "Maba House, Houston, Texas, 1981", pps 12-13. The San Diego Union; February 27, 1983; "Futuristic Home Designers Hollering, 'Anything Goes'!" by Roger Shawley; p.F1 Florida Trend; March, 1983; Vol. 25, No. 11; "Arquitectonica: Designs for Living that Shake People Up" by Annetta Miller; pp. 36-39 ; March 1983; Vol. 27 No. 2; "Making It in Miami - Two young, Florida Architects are merging marrige, business, and careers that are rising as fast as the bold, new buildings they design" by Patricia Roberts; pp. 71-76 Diario Las Amerinas; March 12, 1983; "The Helmsley Center will be the colossus of Miami" by Enrique Llaca; p. 9B The Miami Herald; March 13, 1983; "Fort -Brescia Featured Speaker at The Flagler Museum"; p. 44H CLIC (Sweden); Spring 1983; "The New Skyscrapers" by Bobo garlsson; pp. 180-185. Florida Architect; Spring 1983; "Awards Program Dazzle in Mid - Florida and Florida South"; pp. 16-17 Diario Las Americas; April 3, 1983; "Soho Fashion Center in New York" by Enrique Llaca; p. 8D Miami Review and Daily Record; April 7, 1983; "Architect Firm dares to be different with free -spirited area buildings" by Lesa Richman; pp. 1, 5 Diario Las American; April 23, 1983; "Horizon Hill Center" by Enrique Llaca; p. 9B The Christian Sei,enee Monitor; April 29, 1983; "Architecture in pursuit of extremism" by Jany Holtz gay; p. 9 1% Is U Page 7 The Miami Herald; May 1, 1983; *People: Fort -Brescia Guest Speaker at International Convention of the Building Owners and Managers Association"; p. 26H House and Garden; June, 1983; *High -Rise Hotshots" by Martin Filler; pp. 120-129 Arnhitentural Record; July, 1983; *0noe Again - Primary Colors"; pp. 92-95 & Cover The Wall Street Journal; July 7, 1983; *Architectural Firm Alters Miami's Skyline And Calls National Attention to Its Designs" by L. Erik Calonius; Section 2, p. 1 The Miami Herald - Treeic Maaa� tine; July 31, 1983; *The Sky's the Limit" by John Dorschner; pp. 10-16 & Cover Brutus (Jananl; August 1, 1980; No. 70; "Neo Y1 Chromosome" by Tetsu Fukaya; pp. 144-145 GA/Glohal Architecture Document 7; August, 1983; "GA Interview: Arquitectonica"; pp. 4-12; "GA Document: The Imperial, The Atlantis, The Palace, The Babylon"; pp. 15-37; *GA Projects: 10 Projects"; pp. 38-67 and cover Florida South Chanter/Ameriean Tnatitu*e of Architects; August, 1983; *Buildings around town" by Lawrence E. Arring- ton A.I.A.; p. 2 House Beautifults Home Remodeling; Summer 1983; Vol. 20, No. 2; "Expanded to open a cramped Kitchen"; pp. 124-125 Connaisaanee_des arts; September, 1983; "Arquitectonica: Une agression totale de la forme" by Philip Johnson; pp. 85-87 Architecture California; September/October, 1983; CCAIA Vol. 5, Ko. 5; "G Street Mole Competition"; pp. 24-27 Houston Chroninle; October 9, 1983; "Splashy New Projects raise Eyebrows" by Mike Sheridan; Section 4, p. 1 1% Page 8 RLUSERINTS! pub? I cation of National_ H ing_ Museum; "Houston Stunned and Stunning" by Simone Swan; pp. &_9 Texas Architect; November/December, 1983; "TSA Design Awards - Twelve Buildings that represent the best of recent Texas Architecture"; pp. 58-59 The Miami) Herald - Neighbors Mafia . «+•; December 4, 1983; "NMB Office Complex may be just a start" by Seth Lebove; p. 2 and cover The Miami Herald; December 6, 1983; "4 Architects win Awards" by Beth Dunlop The Miami Herald; December 259 1983; "Building up, tearing down South Florida's 1983" by Beth Dunlop; P. TL The Miami News; December 26, 1983; "Commentary: Miami's Skyline" by Paul Goldberger; p. 9A ' CITE - The Architecture and Design Review of Houston; Winter, 1984; "CITElines: Arquitectonica Texas"; P. 3 2 Artograuh/Baruch College; 1984; i4; "Allegro quality of the Arquitectonica Group"; pp. 16-1T TeiasArehiteet; January -February, 1984; Vol. 34, No. 1; "Dallas to Hoat Condes '84" "The Mesa, Houston, by Arquitectonica"; P. 98 Aboard Viasa; January - April, 1984; "Art - The Modern Style"; pp. 40-45 The Miami Herald; January 8, 1984; "South Florida's buildings will shine on tour sponsored by Architects"; P. 30H The New York Timers; January 22, 1984; "Real Estate - Crowning Touch - Sterling Plaza/255 East 49th Street" Section 8 Progressive Architecture; February, 1984; "In Progress: Banco de Credito, Horizon Sill, and Capital Park West" U .1% E 1'0 Page 9 Manlean's_.= Canada's Wee 1v Newsmagazine; February 27, 1984; Vol. 97, No. 7; *Architecture: Miami's Brazen New Look" by John Dorachner; p. 62 Brutus (Japan); March 15, 1984; *Researcher of Asphalt"; pp. 121-123 The Miami Herald; March 25, 1984; "A new spirit for Arquitec- tonica* by Beth Dunlop; p. 52 CASA_Brutus* Architectural ,Stylebook Soeeial (Japan); Spring, 1984; *Dream Houses*; pp. 290-293 Metronolis - The Architenture and Design Magazine of New York; April, 1984; *Knights of Tropical Splendor: A youthful success in an old man's profession, the Miami -based firm of Arquitectonica is bringing its brash, unorthodox design to New York City* by Mori Miller; pp. 15-19, 30 & Cover Inflight; April - May, 1984; "Trio of Architects Win Acclaim By Defying the Traditional" by Barbara Johnson; pp. 14-15 The Dallas Morning News - Business; April 15, 1984; *Out of this world in the Grand Prairie: Modern Designers bring Innovation to mid -cities shopping centers* by Steve Brown; Section H, pp. 1, 3 The Orlando Sentinel; April 22, 1984; "Miami - a starlet on the Brink" by Jane Morse; pp. HI-H2 Dallas/Fort Worth Business; April 30, 1984; "Real Estate Activities (Planets - A Bedrock Development)"; p. 22 Architecture - The Journal_Qr the American Institute of Arnhitentm; Hap, 1984; Vol. 73, No. 5; *Seventh Annual Review of New American Architecture" *AIA Components/ Florida South Chapter/Atlantis on Brickell"; p. 149 Metropolitan Home; May, 1984; Vol. XVI, No. 5; *Stylesetters/ The Architects" "Arquitectonica: Miami Modern" by Robert Cooke Goolrick; P. iT9 NEXT Magazine; May, 1984; "Arquitectonica: A look at new works by Miami's gift to Modern American Architecture* by John O'Connor; p. 5-7 .1% 10 .W Page 10 Inland Arehiteet - The Midwestern Magazine of the Building Arts; May/June, 1984; "Modernism: Is it still Alive"; pp. 17-19 L'Arehitecture D'Aujourd'hui; June, 1984; No.233; "La Forme Libre - Centre de Mode, Soho, New York, Arquitectonica"; pp. 32-33 Marcuee - Sou��_F19r3da's Magazine; June, 1984; "Fame, Fortune and Arquitectonica" by Bill Hutchinson; pp. 31-35 The Miami Herald - Home and Design Section; June 39 1984; "Island Designs on Tour"; p. 26H Miami Record and Daily Review; July 5, 1984; "New Capital Bank Office designed by Arquitectonica"; p. 1B Houston Downtown; July 16, 1984; "Townhouse Trends" by Carmen Reltner; pp. 3-49 6, 8 b cover The lull Street Journal; July 17, 1983; Vol. CCIV, No. 11; "Architecture/ Arquitectonica: Miami's Architects of Upward Mobility" by Ellen Posner; p. 29 Miami Today; July 19, 1984; "Brickell Today"; p. 1 Rocky Mountain News (Denver, Colorado); "Town homes herald 'new wave' Architecture" "Architect calls work 'romantic'"; July 21, 1984; pp. 6H, 8H TIME; July 23, 1984; Vol. 124, No. 4; Design/"Jazzing Up The Functional" "A brash young Miami firm offers more than modernity"; pp. 91-92 MEMO - Newsletter of The American Institute of Architects; July 26, 1984; No. 671; "Octagon Fall Lectures to Highlight Design Trends" Architectural Record; August, 1984; Vol. 172, No.9; "Building Types Study: Multifamily housing" "Haddon Towahouses, Houston, Texas, Arquitectonica, Architects" by Margaret Gaskie; pp. 85-91 LI Page 11 The Tampa Tribune; August 5, 1984; "Arquiteetonica: Loudly reshaping America" by Greg Tozian; pp. 1H9'3H, 4H Neu York Magazine; August 6, 1984; Vol. 17, No. 31; *Getting Roofed* (Sterling Plaza) by Amy Virshup; p. 20 The Miami Herald; August 12, 1984; "Spirit and Splendor of South Florida's Architecture" by Beth Dunlop; p. IL-4L Arnhitectural Reeord; Record Interiors, Mid -September, 1984; Vol. 172, No. 11; "New Products: Guess whole coming to dinner" *Laurinda Spear - Miami Beach"; pp. 172-173 Vogue; October, 1984; *Cities/Miami" "Arquiteetonica..., becoming the talk of the country's architectural community" by Kathleen Madden; pp. 410-431 Vogue; October, 1984; *Living/Gazette" "Big -name architects create exciting table aeaessories* by Barbara Plumb; i� pp. 510 L I Arehiteatnra VASjjW:A_t.W t ; October, 1984; No. 235 ; *Arqui- tectonica. *:..v ets reoents. One Architecture Regionals"; pp. 66-81 Teas Homes; November, 1984; Vol. 8, No. 11; *Architecture: Breaking Now Ground, The Changing Face of Texas Architecture* *Taggart Townhousea, Houston* by Lisa Broadwater; pp. 114-119 Alas Inflight Orouo (Antillean Airlines, Faucett Peruvian Air- lines, COPA); *Architecture: Designs that Sizzle" "Arqui- tectura: Fantasia on el Diseno" by Elizabeth MacLean; pp. 6-14 Space Design (Japan); November, 1984; No. 11; *Arquiteetonica in Miami*; pp. 65-76 Esouire / The Esquire 1984 Register; December, 1984; Volume 102, No. 6; *The Best of the New Generation: Men and Women Under Forty Who Are Changing America* "Designs on Miami: Armed with colored pencils and architectural chutzpah, Arquiteo- tonica's partners are remoldeling the city of the future* by Patricia Leigh Brown; pp. 192-198 IW Ll Page 11 The Tampa Tribune; August 59 1984; *Arquiteetoniea: Loudly reshaping America" by Greg Tozian; pp. iH9*3H, 4H New York Magazine; August 6, 1984; Vol. 17r No. 31; *Getting Roofed* (Sterling Plaza) by Amy Virshup; p. 20 The Miami Herald; August 12, 1984; *Spirit and Splendor of South Florida's Architecture" by Beth Dunlop; p. IL-4L Architectural Record; Record Interiors, Mid -September, 1984; Vol. 172, No. 11; *New Products: Guess whots coming to dinner* *Laurinda Spear - Miami Beach"; pp. 172-173 Vogue; Ootober, 1984; *Cities/Miami" "Arquitectonica.... becoming the talk of the countryts architectural community" by Kathleen Madden; pp. 410-431 Vogue; October, 1984; 'Living/Gazette" "Big -name architects create exciting table accessories* by Barbara Plumb; pp. 510 LtArehiteeture D'Aujourdthui; October, 1984; No. 235; *Arqui- tectonic a. Projets recants. Une Architecture Regionale"; pp. 66-81 Texas Homes; November, 1984; Vol. S. No. 11; "Architecture: Breaking New Ground, The Changing Face of Texas Architecture* *Taggart Townhouses, Houston" by Lisa Broadwater; pp. 114-119 Alas Tnflight Group (Antillean Airlines, Faucett Peruvian Air- lines, COPA); *Architecture: Designs that Sizzle* *Arqui- tectura: Fantasia en el Diseno" by Elizabeth MacLean; pp. 6-14 Space DeLign (Japan); November, 1984; No. 11; "Arquitectonica in Miami"; pp. 65-76 Esouire / The Esquire 1984 Re¢ister; December, 1984; Volume 102, No. 6; *The Best of the New Generation: Men and Women Under Forty Who Are Changing America" *Designs on Miami: Armed with colored pencils and architectural chutzpah, Arquitso- tonica'a partners are remoldeling the city of the future* by Patricia Leigh Brown; pp. 192-198 it Page 12 Downtowns Renaissance Miami's Arts & Lifestvle'Maaazine; December, 1984; "Changing the face of Miami's Skyline" by Beth Katz; pp. 20-26 The Miami News; December 5, 1984; "New Design Elements" by Carol Comer; Lifestyle Section B, pp. 1-2 The Miami Herald; December 9, 1984; "Making a Show of Archi- tecture" by Beth Dunlop; pp. 1L, 12L Miami Sun Times; December 13, 1984; Cultural Scene; "Arquitectonica - " by Barbara Baer Capitman; p 11 Miami News; December 14, 1984; Miami Art Scene; "A bracing architectural tonic from Miami's 'Skylinebusters'" by Dr. Paula Harper; p 5c TIME, December 179 1984; "Their plates are smashing" by J.D. Reed reported by William Tynan, N.Y.: Design; p Trade Wind: Vol. 6, No. 4; "Designs that Sizzle" by Elizabeth MacLean; pps 6-8 1385 Center: A Journal for Architecture in America, Center for the Study of American Architecture, School of Architecture, University of Texas at Austin;; Volume 1, 1985; "A Proposed Retail District: Arquitectonica" & "The Land, The City and the Human Spirit: Building the Emerging American Landscape" by Larry Paul Fuller; pp. 64-69, 75 & 118-121 Arts and Architecture: Vol. 3, No. 3; "Houston Townhouses" by Stephen Fox; pps 60-65 Artograoh: Baruch College; No. 4 Massimo Vignelli; pps 16-17 Center For The Fine Arts: Miami, Florida, 1984; An exhibition of drawings, models, plans and photographs, 1977-1984; Catalogue produced and edited by Jan van der Marck; Center For The Fine Arts News: Winter/Spring, 1985; Communications Coordinator: Brenda Williamson; Editor: Beverly McFarland, Design: Jacques Auger Design Associates, Photographs: Rafael Salazar, Richard Johnson, William Steckley, Sharon Socol; p 11 Page 13 Center for the Fine Arts News; Winter/Spring 1985; "A Retrospective"; P11 Montrose Voice; January 11, 1985; "Arquitectonica--The city as art" by Jeff Bray; Montrose Art; P 14 La Razon: Buenos Aires, Argentina; January 159 1985; "Tres novenes transforman el perfil urbano de Miami; p 30 le:as Monthly: January 1985; "Strident Whimsy"; by Lisa .Germany; pps 124-129 New Woman: February, 1985, Volume XV, Number 2; Who's News; "Laurinda Spear: Architect Par Excellence" by Barbaralee Diamonstein; p 32 Interview: February, 1985; Volume XIV, Number 2; Architecture: Modern in Miami; "Arquitectonica" by Bradley Bayoud; pp 102-103 Texas Homes: Vol. 9 No. 2; Editor's Notebook; "Arquitectonica AO hits the Dallas homefront"; p 16 Squston Post: February 3, 1985; Houston, Texas; "The Zephyr arrives With fresh paint"; p 32 Newsweek: February 49 1985, Architecture: "Designing With Sly Wit" by Douglas Davis; pp 76-77 TIME: February 4, 1985; Design:."The Battle of *Starship Chicago'" by Richard Lacayo. Reported by Christopher Ogden/Chicago; p 84 DALLAS TIMES HERALD; February 7, 1985; "Unique building designed for Dallas" by Ruth Eyre; Business; pp B1 & B3; colored photograph of rendering p B1 Harrison Construction Management w, EXPERIENCE STATEMENT OF PROPOSERS 'rrt CONTRACTOR OR CONSTRUCTION MANAGER Describe in detail the duration and extent of your construction experience with special emphasis upon experience related to visitor attractions, retail developments, restaurants, and marinas . Also, state in detail the names and ., pertinent experience of the principals who will be directly involved in con- structing the Watson Island Development. In addition, please also include photographs or other illustrative material depicting projects that will demonstrate your ability to construct,o quality facility for the Watson Island Development. The name and address should be given for each project identified as well as for persons familiar with the development who will respond to inquiries from the City. You should also identify your specific role in each project. FINANCIAL DATA FOR PROPOSER'S CONTRACTOR OR CONSTRUCTION MANAGER FINANCIAL STATEMENT Attach a complete report, prepared in accordance with good accounting practice, reflecting current financial condition. The report must include a balance sheet and annual income statement. The person or entity covered by the statement must be prepared to substantiate all information shown. SURETY INFOR► iATION Has any surety or bonding company ever been required to perfrom upon your default? Yes( ) No ( x ) If yes, attach a statement naming the surety or bonding company, date, amount of bond, and the circumstances surrounding said default and per- formance. BANKRUPTCY INFORMATION Have you ever been declared bankrupt? Yes( ) No (x ) If yes, state date, court jurisdiction, amount of liabilities, and amount of assets. PENDING LITIGATION Provide on attached sheets detailed information regarding pending litigation, liens, or claims in which you are involved. 33 40 41, ,+�► Hanison .► O0ssnumom onvicES CITY OF Mimi WATSON ISLAND YL►EROART 28, 1983 In response to your request for construction experience we are including a copy of our Qualification Statement; AIA Document A305. Harrison has performed a wide range of project types including visitor attractions, retail, restaurants and marinas. Among our visitor attractions are various projects at the Orange Bowl, various projects at Seaquarium, Tennessee Williams Theatre of the Performing Arta in Rey West, and an athlectic stadium in Orlando. A separate copy of of our retail experience follows. In addition to restaurants constructed as part of other major projects we were the contractor for Reflections on the Bay, Ziegfields, various Sambos and Denny# as well as several cafeterias. Our marina work includes the Miamarina, Miami Beach Marina, Marbella Mariana in Boca Raton and Nobel Point Marina in Pompano. In response to surety and bankruptcy information, a bonding company has never been required to perform upon our default nor has our firm every declared bankruptcy. Resumes of key personnel are attached. THE AMERICAN INSTITUTE OF ARCHITECTS AIA Document A305 Contractor's ?Qualification Statement t 1979 EDITION Required in advance of consideration of application to bid or as a qualification statement in advance of award of contract. Approved and recommended by The American Institute of Architects and The Associated General Contractors of America. The Undersigned certifies under oath the truth and correctness of all statements and of all answers to questions made hereinafter. , SUBMITTED TO: CITY OF MIAMI ADDRESS: SUBMITTED BY: Corporation NAME: HARRISON ENTERPRISES, INC. Partnership ❑ ADDRESS: P. 0. Box 510215 Individual ❑ PRINCIPAL OFFICE: Miami, Florida 33151 Joint Venture ❑ Other Q 1.0 How many years has your organization been in business as a General Contractor? 64 years 2.0 How many years has your organization been in business under its present business name? 2.1 Under what other or former names has your organization operated? M. R. Harrison, Builder Copyright 1964, 1%9, 0 1979 by The American Institute of Architects, 1735 New York Avenue. N.W., Washington, D.C. 20006. Reproduction of the material herein or substantial quotation of its provisions without permission of the AIA violates the copy. right laws of the United States and will be subject to legal prosecution. AIA DOCUMENT A30S • CONTRACTOR'S QUALIFICATION STATEMENT • MARCH 1979 EDITION • AIAO 4D1979 • THE AMERICAN INSTITUTE OF ARCHITECTS, 173S NEW YORK AVENUE, N.W., WASHINGTON, D.C. 20006 A30S•1979 1 . 10 1 3.0 It a corporation answer the tollowing 3.1 Date of incorporation: March 9, 1936 3.2 State of incorporation: Florida 3.3 President's name: Maurice R. Harrison, III 3.4 Vice-president's name(s): Jobs C. Harrison, Senior Vice President John C. Harrison, Jr. John V. Pennington Randolph Flick Chairman and CEO: M. 11. Harrison, Jr. 3S Secretary's name:9.P._ Marie J. Blake 3.6 Treasurer's name: Robert S. sansen 4.0 If an individual or a partnership answer the following: 4.1 Date of organization: 4.2 Name and address of all partners ('State whether general or limited partnership): S.0 If other'than a corporation or partnership, describe organization and name principals: 6.0 List states and categories in which your organization is legally qualified to do business. Indicate regis- tration or license numbers, if applicable. List states in which partnership or trade name is filed. License Number for M. R. Harrison, Jr: CG C000173 License Number for Maurice R. Harrison, III: CG C006697 License Number for John C. Harrison: CG C000163 AIA DOCUMENT A30S • CONTRACTOR'S QUAWICATION STATEMENT • MARCH 1979 EDITION • AIAS t1979 0 THE AMERICAN INSTITUTE Or ARCHITECTS. 1735 NEW YORK A%INUE, N.W., WASHINGTON, D.C. 20M A303-1979 2 7.6 %%*e normally perform the following worm with our own Icnrces, Footing excavation, forming and pouring concrete. We do: Lay out, rough carpentry, Millwork. and hardware Installation, super -structure. 8.0 Have you ever failed to complete any work awarded to you? If so, note when, where, and why: No. 9.0 Within the last five years, has any officer or partner of your organization ever been an officer or partner of another organization when It failed to complete a construction contract? If so, attach a separate sheet of explanation. No. It 10.0 On a separate sheet, list major construction projects your organization has in process, giving the name 8 8 of project, owner, architect, contract amount, percent complete, and scheduled completion date. (See following pages) 11.0 On a separate sheet, list the major projects your organization has completed in the past five years, giving the name of project, owner, architect, contract amount, date of completion, and percentage of the cost of the work performed with your own forces. (See following pages) 12.0 On a separate sheet, list the construction experience of the key individuals of your organization. (See "PERSONNEL" section) AIA 00CUMErn7 A305 • CONTRACTOR'S QUALIFICATION STATEMENT - MARCH 1979 EDITION • AIM 019'9 9 THE AMERICAN INSTITUTE Or ARCHITELTS, 1735 NEW YORK AVENUE. NA1:, WASHIs'00N. D.C. 20006 A305-1979 3 13.9 Trade References: Farrey's Wholesale Hardware Co., Inc., P. 0. Box 601205, North Miami Beach. FL 3 Walton Context Building Products Co., 4237 Aurora Street, Coral Gables, FL 33146 Florida Steel Corporation, P. 0. Box 5688, Fort Lauderdale, FL 33310 Burke Concrete Accessories, Inc.. 15771 N.W. 16th Court, Miami, FL 33169 Oolite Industries. Inc., P. 0. Box 141881, Coral Gables, FL 33114-1881 Rinker Materials Corp., P. 0. Box 661033, Miami, FL 33166 Mr. Herbert K. Johnson, Johnson Associates/Architects, Inc., 4770 Biscayne Boule, Suite 600, Miami, FL 33137 Mr. Wahl Snyder, Architect, 1177 N.E. 79th Street. Miami, FL_ 33138 14.0 Bank References: Southeast Bank of Miami, N.A., 100 Biscayne Boulevard, Miami, FL 33131 15.0 Name of Bonding Company and name and address of agent: Seaboard Surety Company Baldwin Insurance Agency, 840 Biscayne Boulevard, Miami, FL 33132 41A ooCUME:\T A305 • CO%',-ACTOR-5 tIATOIENT • MARCH 1979 EDITION • 41AO t'9'! • THE 4MtRICAN INSTITL:i W 4RCH!TEC't.::35 %j•: AURA AVE%UE. N.W.. ►YASHINGTON, D.C.:0006 A305-19i9 4 16.0 Attach a financial statement, audited 11 availa'l,c Incivaing Contractor's lateso balance sheet anc income statement showing the following items A. Current Assets (e.g., cash, joint venture accounts, accounts receivable, notes receivable, accrues income, deposits, materials inventory and prepaid expenses): B. Net Fixed Assets: C Other Assets: D. Current Liabilities (e.g., accounts payable, notes payable, accrued expenses, provision for incomE taxes, advances, accrued salaries, and accrued payroll taxes): E Other Liabilities (e.g., capital, capital stock, authorized and outstanding shares par values, earned surplus, and retained earnings): :16 Name of firm preparing financial statement and date thereof: Coopers and Lybrand, dated February 28, 1983. Is this financial statement for the identical organization named on page one? Yes. If not, explain the relationship and financial responsibility of the organization whose financial state- ment is provided (e.g., parent -subsidiary). Will this organization. act as guarantor of the contract for construction? Yes AIA DOCUMENT A30S • CONTRACTOR'S OUALIFICATIo%, StkTE ,.!%T • MARCH 1979 EDITION • AIAC 01979 0 THE A0641RICAN INSTITUTE OF ARCHITECTS. 173S NEW 1'OE6: MINUE. N.W.. WASHINGTON. O.C. 2M A305-1979 C M 40 M. It. NARRU M COMIt'OUMCN CMn"T10M AM SM1s24RF CCM301•IDATID U ANt2X sMgM, February as, 1993 ad 1962 LtAltLtM8 AM HOCF1Q1 PAO SgnTJ Alit" 192 u{p Un CaRoo*m*tuatto payablesa, t tarlsi si* o$lmstely Wrreat *$$also 1 S1t.40T 435,00 2,800,004 lt.0.415 sail 11430.000 it nts#oaM µ�341,2l0 { 0.St2.il0 Coak Shut -torn took lovestmoets t,949,113 4,Si4,f03 9,124,343 due to wbcontrretsr• sable Otvtdeds payable 53,330 �41.4[2 49.100 311.s�1 Contract rocalvables (Mott 2) s,ecetxablee loss affiliates, officers 403,131 )t2,434 Aaatued Nsroll and bem.aN profitless far anticipated 1eo$ S9,144 and aai.tsyess costs and estimated coastal to outage of on contract (Note t) tatsue tau payable (Mori {) 319.500 ►1t11aa• an coarsest* is [rater• 294.401 103,544 saltless is rasa•• *f costa ad Ntlsutsd (Notes #end 3) list** receivable (Mot•• 1 and 4) It4,413 904.32d $0,033 403,651 sarninp *m entr*eee to parses* (Natao t asd 3t 3l1„s1i 3,032 l.l00.114 24,314 taeaoloonto to portsorobire Prepaid agon•u ono ath•r taeo•e taxes (Note 4) 201,103 ------ 314,3j4 N*t.. payable 484 sa$rud "vowed AeecuaA psnalaa pigs east (Mate 1) t 3) t20,3s1 ��-s-= t2i.42s 4}, Refundable U,40l,SSt Oafurad tmoaN tau (Metes and Total srrnat asset*f1.01T.lOS Total w[rwlt liabilities-�+�+� ,t�41LQ22 Commitment (Nato 10) lltoclsholdero' quityl Common steet. par value 110 for skuel outborisd 1.000 okeroe. Issued 3 6" 4,410 Property and •qutpoont met sl •etumulatoi 32d,p04 311,224 Up sod 441, respectively #louvred aarulnss dspretistl Othot asset rl Cask sucr•adu "too of officer$' life 1T{,1i1 109,360 Wu to*@ *or stook of 44 obNN, at sou 1_sty Insurance 7,TKS 31,611 2_1"-1,U Other —•--�^--�— f3.1�t.2,v ��� ti, . iat11 . Ai.,lti.tU ! 'tom='= -I e 0so asem.psayta0 auto 40. 11 io N. N, Imil0N am Sn"CR, INC. RALANCR aNfRT, Dosibw 1t. 19/1 (see Acoomits"O' Compilation Repast) UAR1LMS Ala Bf1CA060fRi' NQaI Man i#asrset asotsl 47.01/ Cortaet ltabtlittat Correa maturitta at Sala payable. badme art Cash short -tarn cast lmratm mes so attar (Note 2) CLrrat moterttiM of MRM payrle. e#abbeldmre Rocolvablat Trade rateivableop mot of otlsmaate for 332,923 (Noes 2) Accaa ll p8701e doubtful accounts of 130.000 Duo from affiliated coaptntaa (Note 3) d1.S00 Accrued oapossesr Mote receivable. 2% over prima 30.250 4,911 payroll lesuresta Leome to offteorm lame taus refundable ?.304 Pressor od other Emma propel& lasursace ad bpesits 30,14E Total earrset liabilities Patel emrrset asaeta "' Notes payable. barks ad stbar, less aurraet "tocittes plot* 2) prnpettt -4 equipment (Notes i ad 1)t 34.44 Lad Nell4loa topcovomento 13,?40 4d pole payable. stockholders. Is"auerwc Nsehtaacy sea equipment maturitta (Note 1) Lose accumistst 4a►remtstlee „2,241.141 Total liabilities 2,137.alf etaehbeldare• oqutty pots 1)1 Cornea stock, per Volvo oil 1.= other asestal ehorse awthertaed. S00 obarea Cash ourcoder value of effit*rs, 4.123 issued ed outstmadlas life tgoormaee fall -in capital Rattled sorataaa RN setompesyina Bata 1 211,091 2l0.01! 61.460 19.441 30.161 51 ! Uatec a: Miami. Florida 18.0 thi! 27th day of April 1984 Name Of Organization: M. R. W.R1S01 CON'STRUCTION CORPORATIO:: By: Maurice R. Harrison, III ' Title: President Mr. Maurice R. Harrison, III being duly sworn deposes at that hem is the President of M. R. Harrison Consti Corporation Contractor(s), and that answers to the foregoing questions and all statements therein contail true and correct Subscribed and sworn before me this 27th day of April 1 Notary Public: . My Commission Expires: NOTARY FaM VIlTE OF FLORIO& MY CONIC i>?�F.S W. 16. 1986 OOED tH16 fj= pa UNOERWRrTUL WA DOCUMENT AMS • CONTRACTOR'S Q;:AtIFICATION STATE :!EAT • AfARCH 1979 IDITIO% • AIAG ILI" 0 THE AMIRICAN INSTITUTE Of ARCH17E05, 17SS NEN' YORK MINUt. N.W., WASHMMON, D.C. 2M A30. i 10. PROJECTS IN PROGRESS Comp - Contract Percent pletion Pro ects Amount_ Complete Date — Phillips Point for Murray R. Goodman, West Palm Beach, Florida. Architect: Hellmuth, Obsta and Kassabaum $18,145,000 65 1984 Sand Lake Hotel Village for Overseas Properties (Central Florida), Inc. and Sand Lake Associates, Ltd., Orlando, Florida. Architect: Jose P. Benitoa, Jr. and Reynolds, Smith and Hills $ 6,160,000 25 1985 Orlando Plaza Suite Hotel for Mississippi !Management, Inc., Orlando, Florida. Architect: Fullerton+Associates $10,325,000 60 1984 First Nationwide Savings Exec- utive Center for 41st Street Associates, Miami, Florida. Architect: Emery Roth and Sons $ 8,325,000 95 1984 Gth Floor Addition for The Miami Herald Publishing Com- pany, Miami, Florida. Archi- tect: F3F/Fraga and Feito $ 3,400,000 90 1984 Lord and Taylor Specialty Store for Associated Dry Goods, Dade - land Shopping Center, Miami, Florida. Architect: Gilboy, Stauffer, Giombelli, Shibinaki and Bellante $ 3,625,000 5 1984 Lord and Taylor Specialty Store for Associated Dry Goods, Coral Square, Coral Springs, Florida. Architect: Gilboy, Stauffer, Giombelli, Shibinski and Bellante S 3,550,000 75 1984 0 10. PROJECTS IN PROGRESS (Continued) Comp - Contract Percent tion Projects Amount Complete Date Sid Package A and B, Buildings 112, 106, 107, and 108 for Racal Data Communications, Inc., Sunrise, Florida. $ 1,974,000 50 1984 Bid Packages C, D and E, Build- ings 102, 103, 106, 107, and 108 for Racal Data Communications, Inc., Sunrise, Florida. Arch- itect: Wolfberg, Alvarez, Tara- cido and Associates $ 4,350,000 60 1984 Bid Package "0" - 103 Interiors Racal-Milgo, Inc. Harrison Park - Florida. Architect: Albert A. Hoover and Associates and Wolfberg, Alvarez, Taracido and Associates $ 1,580,000 5 1985 South Florida Evaluation and Treatment Center for State of Florida, Miami, Florida. Arch- itect: ,Wolfberg, Alvarez,Tara- cido and Associates $19.700,000 7 1984 Overtovn Shopping Center for Overtovn Economic Development Corporation, Miami, Florida. Architect: Ronald E. Frazier and Associates Cost Plus 96 1984 Office Building and Research Center, for Cordis, Inc., Miami, Florida. Architect: J. S. Chen $16.000,000 Design 1986 Phase 0 11.0 PROJECTS COMPLETED IN LAST 5 YEARS Percent Comp - Contract Work By Ietion Projects: Amount Own Forces Date Ziegfield's Lounge and Kitchen Remodelling for Ian of Miami Lakes Roliday Inn, Miami, Florida. Architect: Fuller- ton+Associates $ 433,000 31 1984 Crown Oak Centre, Phase I, for She Crown Company, Longwood, Florida. Architect: Albers and Associates $ 2,557,000 26 1983 Building for Norman Brothers Datsun, Winter Carden, Florida. Architect: PPM Architects/ Planners $ 603,700 22 1983 Medical Building for Jose Luis Borrero, M.D., Altamonte Springs, Florida. Architect: R. A. McKellips Associates $ 225,000 25 1983 North Shore Medical Center Rad- iology Therapy Center, Packages A and B, for North Shore Medical Center, Inc., Miami, Florida. Architect: The Falick/Klein Partnership $ 900,000 27 1983 Sanctuary for Key Biscayne Pres- byterian Church, Key Biscayne, Florida. Architect: Lemuel Ramos $ 500,000 32 1983 Lord and Taylor Specialty Store for Associated Dry Goods, The Galleria, Fort Lauderdale, Flor- ida. Architect: Gilboy,Stauffer, Giombetti, Shibinski and Bellante $ 3,114,000 10 1983 U `t 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By lesion Projects Amount Own Forces Date `- Lord and Taylor Specialty Store for Associated Dry Goods, Aventurs Mall, North Miami Beach, Florida. Architect: Gilboy, Stauffer, Giombetti, Shibinski and Bellante $ 3,200,000 10 1983 Lord and Taylor Specialty Store for Associated Dry Goods, Cutler Ridge Mall, Cutler Ridge, Florida. Architect: Gilboy, Stauffer, Giombetti, Shibinski and Bellante $ 3,200,000 10 1982 Mercedes Sales and Service Building for Rudi Vuckovic, Winter Park, Florida. Architect: Duer and Associates $ 162,500 33 1983 The Imperial at Brickell, 32 story Condominium, for The Harlon Group, Miami, Florida. Architect: Arquit- ectonis. $20,815,000. 20 1983 Phase I (Alterations for 745 Comp- lex) and Phase II (Additions and Alterations to Hospital) for Boca Raton Community Hospital, Inc., Boca Raton, Florida. Architect: D. William Gerberich $ 4,260,000 35 1983 Buildings A, C, D and E for Bal Harbour Shops, Bal Harbour, Florida. Architect: Johnson Associates Architects, Inc. $11,100,000 35 1983 Retail Store and Attached Auto Ser- vice Center for Sears, Roebuck and Company, Miami International Mall, Miami, Florida. Architect: William F. Weber, Jr. $ 5,094,000 25 1983 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By lotion Projects Amount Own Forces Date Maitland West, Phase II, 1 story Office Building for Maitland West, td., Maitland, Florida. Architect: Albers and Associates $ 2,250,000 37 1983 Hospital, Bid Packages 2 and 3, Metal Building, for Orlando Gen- eral Hospital, Orlando, Florida. Architect: Vickrey, Ovresat, Awsumb Associates, Inc. $ 52,056 33 1983 Brickell Rey, Phase II, for Swire/ Cheezem, Miami, Florida. Arch- itect: Wilbur Smith and Assoc- iates $48,000,000 5 Project on Hold 41 4th Floor Alterations for Biscayne Kennel Club, Miami, Florida. Arch- itect: James W. Bird $ 170,000 50 1983 Bank Building for Southeast Bank, N.A., Winter Park, Florida. Arch- itect: Spillis/Candela and Part- ners, Inc. $ 171,000 23 1983 Brickell Key, Phase I, for Swire/ Cheezem, Miami, Florida. Architect: Wilbur Smith and Associates $43,000.000 5 1983 Training Center and Office Facil - ility for Florida Power and Light Company, Juno Beach, Florida. Architect: Ferendino/Grafton/ Spillis/Candela $16,306.000 10 1982 Office Tower and Parking Garage for Pan American Bank, H.A., South Miami, Florida. Architect: Abele and Forfar $ 5,373,000 30 1982 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By letion Projects Amount Own Forces Date Jordan Marsh Department Store for Allied Stores Corporation, Miami International Mall, Miami, Florida. Architect: William F. Weber,Jr. $ 3,400,000 10 1982 Biscayne Kennel Club Remodelling, Miami, Florida. Architect: Janes V. Bird $ 1,000,000 30 1982 Rome Office Building for Hollywood Federal Savings and Loan Associat- ion, Hollywood, Florida. Architect: James M. Hartley $ 4.670,000 15 1982 2nd Level Canopy, Sidewalks and Cutter Replacement for Dade County Aviation Department, Miami, Florida. Architect: Steward and Skinner Associates $ 3,400,000 30 1982 Racquetball South for Robert Sanderson, Orlando, Florida. Arch- itect: Blankenship Associates $ 66,300 15 1982 One Winter Park for One Winter Park, Joint Venture, Winter Park, Florida. Architect: Hunton, Shivers, Brady Associates. $ 2,275,000 17 1982 Maitland West, Phase I, for Mait- land West, Ltd., Maitland, Flor- ida. Architect: Albers and Associates $ 2,784,900 15 1982 Building for McDowell Inter- national Packaging Systems, Or- lando, Florida. Architect: Blankenship Associates $ 71,150 22 1982 �l • 11.0 PROJECTS COMPLETED IN UST 5 YEARS (Continued) Percent Comp - Contract Work By lotion Projects Amount Own Forces Date Jordan Marsh Department Store for Allied Stores Corporation, Miami International Mall, Miami, Florida. Architect: William F. Weber,Jr. $ 3,400,000 10 1982 Biscayne Kennel Club Remodelling, Miami, Florida. Architect: Janes W. Bird $ 1,000,000 30 1982 Rome Office Building for Hollywood Federal Savings and Loan Associat- ion, Hollywood, Florida. Architect: James M. Hartley $ 4,670,000 15 1982 2nd Level Canopy, Sidewalks and Cutter Replacement for Dade County Aviation Department, Miami, Florida. Architect: Steward and Skinner Associates $ 3,400,000 30 1982 Racquetball South for Robert Sanderson, Orlando, Florida. Arch- itect: Blankenship Associates $ 66,300 15 1982 One Winter Park for One Winter Park, Joint Venture, Winter Park, Florida. Architect: Hunton, Shivers, Brady Associates. $ 2,275.000 17 1982 Maitland West, Phase I, for Mait- land West, Ltd., Maitland, Flor- ida. Architect: Albers and Associates $ 2,784.900 15 1982 Building for McDowell Inter- national Packaging Systems, Or- lando, Florida. Architect: Blankenship Associates $ 71,150 22 1982 L:s T_ __ - __ - U 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Contract Work By Projects Amount Own Forces Building for Florida Power and Light Company for Realty Leas- ing Partnership, Daytona Beach, Florida. Architect: Theodore Roux $ 1,550,000 27 Building for Chatham Steel Corp- oration, Orlando, Florida. Architect: Thomas and Hutton Engineering Co. $ 959,300 28 Modifications and Expansion of Concourse "E", Phase I, for Dade County Aviation Department, Miami, Florida. Architect: SKBB, Inc. $ 2,260,000 35 Generator and Switchgear Build- ing, Wastewater Treatment Plant, for Miami -Dade Water and Sever Authority, Miami, Florida. $ 685,000 40 Operations Center for Sun Bank of Florida, Miami, Florida. Architect: Reynolds, Smith and Hills Century Plata Office Tower for Century Plata Associates, Ltd., Orlando, Florida. Architect: Hunton, Shivers, Brady Assoc- iates Addition to Miami Heart Insti- tute, Miami Beach, Florida. Architect: Heery and Heery Replacement of Buildings for Variety Childress Hospital, Miami, Florida �A $ 7,950,000 55 $ 8,467,000 23 Comp.. lotion Date 1982 1982 1982 1982 1982 1981 $43,000,000 1 1981 $25.000,000 3 1981 e 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By lotion Proiects Amount Own Forces Date Longwood Business Center for Morley Properties, Inc., Winter Park, Florida. Architect: Blankenship Associates $ 867,000 25 1981 Addition to Quip Systems, Alta- monte Springs, Florida. Arch- itect: Stevens Walton Assoc- iates $ 140,000 30 1981 Sterling Marine Building for Robert Ackerbloom, Orlando, Flor- ida. Architect: Alan Berman $ 101,000 30 1981 Renovations to Building for AmeriFirst Federal Savings and Loan Association, Orlando, Flor- ida. Architect: Hunton, Shivers, •Brady Associates $ 68,000 30 1981 Parking Facility for Southeast Properties, Inc., Orlando, Flor- ida. Architect: Vickrey/Ovresat /Awsumb Associates $ 105,000 26 1981 Jordan Marsh Department Store for Allied Stores Corporation, Cutler Ridge Mall, Cutler Ridge, Florida. Architect: William F. Weber, Jr. $ 3,899,000 22 1981 Florida Center Security Storage Buildings for Roack Management Corporation, Orlando, Florida. Architect: Alan Berman $ 577,000 20 1981 Buildings for Roack Management Corporation, Orlando, Florida. Architect, Alan Berman $ 577,000 30 1981 rA 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By letion Projects Amount Ovn Forces Date Building 3 for District Board of Trustees, Valencia Community Col- lege, Orlando, Florida. Arch- itect: Reynolds, Smith and Hills $ 3,354,000 30 1981 Adminstration and Warehouse Build- ing for Little England, Inc., Orlando, Florida. Architect: Herbert L. Banks $ 381,000 25 1981 Branch Office for AmeriFirst Fed- eral Savings and Loan Association, Kissimmee, Florida. Architect: Vickrey/Ovresat/Avsumb Associates $ 300,000 25 1981 Renaissance, Phase III, for R . D . C . , Inc., Pompano Beach, Florida. Architect: F. Louis T' Wolff Associates Architects S 5,617,000 25 1981 Building Renovations, Building No. 2121, Contract 3, for Rolls- Royce, Inc., Miami, Florida. Architect: Kunde, Driver, Simp- son and Associates $ 5,958,000 9 1981 Addition to Building B for Bal Harbour Shops, Bal Harbour, Florida. Architect: Johnson Associates Architects, Inc. $ 1,921.000 60 1981 Parking Garage for Bal Harbour Shops, Bal Harbour, Florida. Architect: Johnson Associates Architects, Inc. $ 3,000.000 65 1981 Satellite Building Users Im- provements, Phase B, for Dade County Aviation Department, Miami, Florida. Architect: Harry, Oppenheimer, Ross and and Associates $ 1,412,00Q 30 1981 11.0 PROJECTS COMPLETE 18 LAST 5 YEARS (Continued) Projects Percent Comp - Contract Bork By letion Amount Own Forces Date Mc Donald's Restaurant at Sat- ellite building, Miami inter- national Airport, Miami, Florida. Architect: Harry, Oppenheimer, Ross and Assoc- iates 1,921,000 60 1981 Air Conditioning and Renova- tions of Memorial and Merrick Buildings for University of of Miami, Coral Cables, Florida. Architects: Connell, Metcalf, and Eddy, Inc. $ 2.790,000 10 1981 Caribank Tower for BIC Manage- ment Corporation, Miami, Florida. Architect: Ferendino/Grafton/ Spillis/Candela $ 6,475,000 29 1981 New World Center, Miami -Dade Community College Downtown Campus Expansion for Board of Public Instruction of Dade County, Miami, Florida. Arch- itect: Ferendino/Grafton/Spillis/ Candela $11,900,000 10 1982 Terrarium I Residences for Pan Terra, Inc., Miami, Florida. Architect: James Deen $ 850,000 15 1981 Variety Childrens Hospital Re- placement Facility Study, Miami, Florida. Architect: Ferendino/ Grafton/Spillis/Candela $ 25,000,000 1 1981 Design Phase Services 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work by lotion Projects Amount Own Forces Date Third and Fourth Floor Comp- letion for National Childrens Hospital, Miami, Florida. Architect: Smith, Korach, Hayet, Rayne Partnership $ 1,500,000 12 1980 American Street Renovation for Chapman and Castello Advertis- ing, Orlando, Florida. Architect: W. R. Frizzell Architects, Inc. $ 391,500 45 1980 Oak Ridge High School Stadium for Orange County School Board, Orlando, Florida. Architect: W. R. Frizzell Architects, Inc. S 95,000 51 1980 46 Leasehold Improvements, 9th and 10th Floors, for Bradford,Wil- liams, McKay, Kimbrell,Hamann, Jennings and Kniskern, Miami, Florida. Architect: Wray C. Succop Associates $ 1,161,000 11 1980 163rd Street Shopping Center, North Miami Beach, Florida. Architect: Charles Comber Associates $16,500.000 13 1981 Design Phase Services Phase II Condominiums for Key Colony, Miami, Florida. Arch- itect: Sandy and Babcock $31,500,000 13 1980 Design Phase Services Jordan Marsh Department Store, Town Center, for Allied Stores Corporation, Boca Raton, Florida. Architect: William F. Weber, Jr. $ 3,500,000 15 1980 41 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By lotion Projects Amount Own Forces Date Tennessee Williams Fine Arts Center for Florida Keys Com- uunity College, Key West, Florida. Architect: Carr Smith and Associates $ 3,200,000 15 1980 Metro -Dade Cultural Complex for Metropolitan -Dade County, Miami, Florida. Architect: Phillip Johnson $24,200,000 13 1979 Design Phase Services Burdine's Department Store, The Calleria, for Federated Depart - .sent Stores, Fort Lauderdale, Florida. Architect:Reynolds, 46 Smith and Hills $ 9,000,000 14 1980 Addition to Miami Heart Instit- ute, Miami Beach, Florida. Arch- itect: Aeery and Heery $ 43,000,000 1 1981 Design Phase Services Biltmore Complex, Country Club Building, Renovations/Remodel- ling, for City of Coral Cables, Florida. Architect: Ferendino/ Grafton/Spillis/Candela $ 2,557,000 18 1980 High School Facility for 2,600 students, containing approximately 300.000 square feet. South Miami Relief High School for Dade County Public Schools. Architect: Edward Chezzi/Architects $11,600,000 100 1980 SC. Louis Church for the Arch- diocese of Miami, Miami, Flor- ida. Architect: Alfred Browning Parker Chartered Architect $1,200,000 2 1980 F" 11.0 PROJECTS COMPLETED IN LAST 5 YEARS (Continued) Percent Comp - Contract Work By letion Projects Amount Own Forces Date Primary/Ambulatory Care Fac- ility, Jackson Memorial Hosp- ital Complex, for Public Health Trust of Dade County, Miami, Florida. Architect: Fereadino/ Grafton/Spillia/Candela Senior High School for Dade County School Board, Home- stead, Florida. Architect: Smith, Rorach, Hayet, Haynie Partnership Branch Bank for AmeriFirst Federal Savings and Loan Assoc- iation, Longwood, Florida. Architect: Hunton, Shivers, Brady Associates Addition to Alamo Rent-A-Car, Orlando, Florida. Architect: Russell C. Chase Medical -Dental Park for Dr. A. R. MacPherson, Longwood, Florida. Architect: Herbert L. Banks Remodelling Building for Quip Systems, Altamonte Springs, Florida. Architect: Cape, Hopkins, Clement, Guthrie Airport Fire Station for City of Deland, Florida. Architect: City Engineer Redland Junior High School for Dade County School Board, Miami, Florida. Architect: Charles Harrison Pawley $ 7,000,000 17 1980 $ 9,500,000 10 1980 $ 195;000 13 1980 $ 110,400 12 1980 $ 221,700 13 1979 $ 21,000 15 1979 $ 75,000 16 1979 $ 4,100,000 7 1979 +� Hanison SHOPPING MALL AND DEPARTMENT STORE EXPERIENCE ORIGINAL DATE PROJECT CONSTRUCTION COST 1983 Buildings "A", licit "D" "E" for Bal Harbour Shops, Dal Harbour, Florida $ 6,300,000.00 1983 Retail Store and Attached Auto Service Center for Sears, Roebuck and Company, Miami International Mall, Miami, Florida $ 5,094,000.00 1983 Lord and Taylor Specialty Store for Associated Dry Goods, Coral Square, Coral Springs,Florida $ 4,200,000.00 1983 Lord and Taylor Specialty Store for Associated Dry Goods, Dadeland Shopping Center, Miami, Florida $ 4,200,000.00 1983 Lord and Taylor Specialty Store for Associated Dry Goods, The Galleria, Fort Lauderdale, Florida $ 3,100,000.00 1982 Jordan Marsh Department Store, Miami International Mall, Miami, Florida $ 3,568,000.00 1981 Lord and Taylor Specialty Store for Associated Dry Goods, Cutler Ridge Mall, Cutler Ridge,Florida $ 3,100,000.00 1981 Building ""B" for Bal Harbour Shops, Dal Harbour, Florida $ 2,000,000.00 1981 Jordan Marsh Department Store for Allied Stores Corporation, Cutler Ridge Mall, Cutler Ridge, Florida $3,100,000.00 1981 Parking Garage for Bal Harbour Shops, Bal Harbour, Florida $ 3,200,000.00 1980 Burdines Department Store for Federated Department Stores, The Galleria, Fort Lauderdale, Florida $ 9,000,000.00 1980 Jordan Marsh Department Store for Allied Stores Corp- poration, Town Center, Boca Raton, Florida $ 3,500,000.00 1980 Renovation and Addition to 163rd Street Shopping Center (Design Phase) for Nu -West Development Corp- ation, North Miami Beach, Florida $16,000,000.00 1979 Jefferson Store Addition, for Jefferson Stores, Palm Springs Mile, Hialeah, Florida $ 445,000.00 1979 Jefferson Store Number 4 Addition for Jefferson Stores, Miami, Florida $3,010,000.00 • • t� Hanison SHOPPING MALL AND DEPARTMENT STORE EXPERIENCE Page Two DATE PROJECT ORIGINAL CONSTRUCTION COST 1979 Department Store for Sears, Roebuck and Company, Broward Mall, Plantation, Florida $ 3,700,000.00 1979 Jordan Marsh Department Store for Allied Stores Corporation, Broward Mall, Plantation, Florida $ 2,264,000.00 1978 Burdines Distribution Center for Federated Depart- ment Stores, Miami, Florida $ 3,700,000.00 1973 Addition to Store for Sears, Roebuck and Company, Colonial Shopping Center, Orlando, Florida $ 854,000.00 1973 Store for Evelyn Byrnes, Bat Harbour Shops, Bal Harbour, Florida $ 100,700.00 1973 Alterations to Store for Saks Fifth Avenue, Bal Harbour, Florida $ 308,000.00 1973 Repairs to Warehouse and Showroom for Levitz Furni- ture Company, Miami, Florida $1,009,000.00 1972 Department Store for Sears, Roebuck and Company, Westland Mall, Hialeah, Florida $ 2,819,000.00 1971 Jordan Marsh Store for Allied Stores Corporation, Hollywood Fashion Center, Hollywood, Florida $2,100,000.00 1971 Department Store for Sears, Roebuck and Company, Cutler Ridge Shopping Center, Cutler Ridge, Florida $ 2,900,000.00 1970 Burdines Department Store and Garage for Feder- ated Department Store, Dadeland Shopping Center, Miami, Florida $ 2,800,000.00 1970 Jordan Marsh Distribution Building for Allied Stores Corporation, Miami, Florida $ 1,940,000.00 1970 Westland Mall for Monumental Properties, Hialeah, Florida . $ 5,000,000.00 1969 Dadeland Shopping Center Remodelling (Enclosing and Air Conditioning), for Monumental Properties, 10 Miami, Florida $1,800,000.00 1969 Store and Addition for Neiman-Marcus, Bat Harbour Shops, Bat Harbour, Florida $ 4,553,000.00 �r'I'7.SOf1 r of I* 0 SHOPPING MALL AND DEPARTMENT STORE EXPERIENCE Page Three ORIGINAL DATE PROJECT CONSTRUCTION COST 1969 Jordan Marsh Department Store for Allied Stores Corporation, Pompano Fashion Square, Pompano Beach, Florida $ 1,101,000.00 1969 Department Store for J. C. Penney Company, Pompano Fashion Square, Pompano Beach, Florida $ 3,140,000.00 1969 Burdines Department Store for Federated Department Stores, Pompano Fashion Square, Pompano Beach, Florida $ 1,830,000.00 1967— Bal Harbour Shops for Stanley Whitman, Bal Harbour, 1978 Florida $ 3,015,000.00 • 0 `+`Hams 1 1�0 WATSON ISLAND FEBRUARY 270 1983 MAURICE R. HARRISON, III POSITION : President, M. R. Harrison Construction _ Corporation EDUCATION : Bachelor of Science, Construction Engineering, Iowa State University PROFESSIONAL STATUS: Licensed General Contractor, Florida EXPERIENCE: Mr. Harrison literally grew up in the construction industry. While still in high school he began his career working as a laborer and later as an ironworker, work he continued to perform through college. After spending two years in the Army Corps of Engineers, Mr. Harrison returned to M. R. Harrison Construction Corporation as a Field Engineer. During the next 10 years as his experience increased, and in turn his level of responsibility, he contributed to such projects as the Avis Regional Headquarters Building, Westland ?Sall Shopping Center, The Citizens Federal Office Tower, all local projects. Of note is the American Institute of Architects (AIA) award in 1974 for outstanding concrete structure given for the Citizens Federal Building on Brickell Avenue. Preceediog Mr. Harrison's promotion to President of M. R. Harrison Construction Corporation in 1982, he founded Central Constructors, Inc. in Orlando, Florida. In the few years that have elapsed since 1977, when Central Constructors, Inc. was founded, it has grown to one of the largest local General Contracting firms. As President of M. R. Harrison Construction Corportion, Mr. Harrison has restructured and expanded the Harrison organi- zation under the umbrella of Harrison Enterprises. This has created and allowed entities such as Harrison Services to specialize and concentrate on specific services. I t� 0 0 PERSONNEL CITY OF Mimi WATSON ISLAND FEBRUARY 27, 1985 JOHN C. HARRISON. JR. POSITION : Executive Vice -President, M. R. Harrison Construction Corporation EDUCATION : Bachelor of Science, Engineering, Purdue University PROFESSIONAL STATUS: Licensed General Contractror, Florida EXPERIENCE: Mr. Harrison started with M. R. Harrison Construction Corpo- ration upon graduation from college. t+'hile he began in esti- mating and engineering he quickly became involved in project planning and management. This background in project delivery facilitated the founding of Harrison/CM in 1977, which he organized. Under Mr. Harrison's direction, Harrison/CM has completed more construction management projects than any other Florida based firm. The continued success of the firm is due to the innovative and responsive approaches he has established. After establishing and administrating Harrison/CM, Mr. Harrison became Executive Vice President for M. R. Harrison Construction Corporation. His extensive experience in planning, contracting and executing projects as a chief administrator has made him a key individual in the Harrison organization and a highly qualified project director. As a coomitted officer of the company, it is evident that deci- sions and direction can be immediately implemented, and the diversified available services organized and focused as needed. Mr. Harrison's aggregate experience in construction repre- sents some $500,000,000 in value, it is comprised of projects from a 20 story apartment in Boca Raton to a $43 million condominium on Key Biscayne. PROFESSIONAL ASSOCIATIONS: Associated General Contractors American Association of Cost Engineers `►. Harrison PWWOKNAL CITY OP xi"I VATSON ISLAND FIBRUARY 28, 1985 VILLIAM A. KANE POSITION: EDUCATION: PROFESSIONAL STATUS: EXPERIENCE: Chief Financial Officer, Vice President, Harrison Enterprises Master of Business Administration, Denver University Bachelor of Arts, Carroll College Certified Public Accountant, Florida Montana Certified Management Consultant Mr. Kane has had over 25 years experience in business planning and systems development, integrating management, operations and accounting for improved operating efficiency. Prior to joining Harrison Enterprises, Mr. Kane was partner -in -charge of the local office of a Big Eight accounting firm which provided management consultant services to a variety of large corporations. His extensive experience in diverse industries has enabled him to develop a practical, creative approach to financial management, problem solving, strategic planning and computerized system developments. It is this expertise and seasoned business judgement that he brings to Harrison Enterprises and the various projects. +` Harrison rt1SONREI. CITY Or Mimi VATSON ISLA" RANDOLPH FLICK FLBRIIAR? 28, im POSITION: Vice -President of M. R. Harrison Construction Corporation EDUCATION: Building Construction, Miami -Dade Community College EXPERIENCE: Mr. Flick began his career in construction as a carpenter and has gained experience at each level of the construction industry. He has progressed through increasing levels of responsibility to his current position as Vice President of M. R. Harrison Construction Corporation. His "hands on" field experience gives him a thorough knowledge of construction, which allows him to direct rather than delegate the responsibilities of constructing a building. Since joining M. R. Harrison Construction Corporation he has been the project manager for 11 major projects and a general superintendent for { several more. Examples of his management experience are: Phillips Point, Parking Garage and Office Tower, West Palm Beach, Florida, $20,000,000. The Imperial at Brickell, a 32 story high rise condominium, which involved extensive dewatering and constructing a mat foundation as deep as ten feet below the water table, Miami, Florida, $20,000,000. The Rolls Royce Jet Engine Facility, a $7,500,000 renovation project involving the construction of a number of technically complex testing and production areas. The Sears Complex, Broward Mall. Five successive projects at the Miami International Airport. Mr.._Fliok's ability to manage a project is facilitated by his knowledge of systems management. He has been the prime implementer of our most recent automated project management and cost reporting systems. 0 t�Harrison pgg,SOXM CITY Op Mimi WATSON ISLAND JOHN F. SCULLY POSITION: EDUCATION: PROFESSIONAL STATUS: ERPEttIENCE : FEBRUARY 28, 1985 Manager, Harrison Services Bachelor of Science Univeristy of Delaware - Licensed General Contractor, Florida Mr. Scully is a senior manager with Harrison Services. His position is based on his years of project management experience on a variety of complex construction projects, experience in interior construction and construction management. Prior to joining the Harrison organization Mr. Scully was President and co-owner of a successful interior construction firm specializing in commercial and retail properties. The depth and diveristy of Mr. Scully's knowledge of the local construction industry is applied in establishing the cost, production and quality controls for all of our construction projects. His approach to aspects of his responsibilities such as value engineering, is to explore actual rather than theoretical results, and active field involvement. Among the projects Mr. Scully has had total responsibility for are: Barnett Bank Center, a fifteen story highrise in downtown Miami; Phase Four of Key Colony on Key Biscayne (Miami), consisting of 286 luxury apartment units; and the FBI Academy in Quantico, Virginia. 0 ` Harrison 9ERSONINKL CITY 0! MIAMI ' WATSON ISLAND FEBRUARY 28, 1985 GARRETT B. KUHL, AIA POSITION: Manager, Harrison Services, Inc. EDUCATION: Bachelor of Architecture, Industrial Design, Hofstra University PROFESSIONAL STATUS: Registered Architect, Florida EXPERIENCE: Mr. Kuhl has been a practicing Professional Architect in Florida for 10 years. The majority of this experience has been as Consulting Architect for large institutional and private building programs, in this capacity he has planned the delivery of some $350,000,000 in new reuse and renovation projects, including retail, commercial and institutional structures. Mr. Kuhl joined the Harrison Service staff to complement and expand the existing services. He currently supervises the technical reviews, scheduling and value engineering as they relate to the overall planning and execution of our projects. In addition, Mr. Kuhl contributes to budget management based on his experience in establishing and managing several multi million dollar building programs. Mr. Kuhl has been an Architectural Project Manager for numerous major projects with approaches ranging from turnkey to construction management. Several of these projects were high rise buildings, including a beach front condominium in Pompano, Florida. PROFESSIONAL ASSOCIATIONS: American Institute of Architects 0 ��► Harrison PERSON NZL - - — CITY OF Mimi WATSON ISLAND FEBROARY 27, 1985 WINCATE A. JACKSON, III POSITION : President, Harrison Construction Management, Inc. EDUCATION : Bachelor of Building Construction, University of Florida EXPERIENCE: Prior to being promoted to President of Harrison Construction Management , Inc. , Mr. Jackson was a project director for 4 years. As a project director, Mr. Jackson managed over a $100,000,000 in construction. He is well versed in the tools of construction management; value engineering, cost accounting, budgeting, estimating and scheduling with either the CPM or PERT systems. Mr. Jackson's background in project management is with two major contractors in South Florida. In addition, he spent • several years in the building products and service industry which gives him a broad working knowledge of the sources and processes of organizing a project. This has enabled him to coordinate the successful completion of several fast track projects on time and within budget. s �fTiS�O11 lEt50NNE% CITY 0! Mimi WATSON ISLAND nnuARY 2d, 1985 ROBERT L. McGILL, JR. POSITION: Project Manager EDUCATION: Bachelor of Science in Building Construction, Clemson University College of Architecture Mr. McGill is a licensed General Contractor in the State of Florida. EXPERIENCE: For the past two years, Mr. McGill has been Project Manager of the $24.5 million South Florida Evaluation and Treatment Center, where our firm is providing all management services for a 220 bed maximum security psychiatric facility which is being constructed by the Department of General Services and Department of Health and Rehabilitative Services. His prior experience with includes: Assistant Project Director of the $100 million Brickell Rey development, made up of a 22-story condominium tower, a 25-story condominium tower, low rise residential "Bayhomes", low rise condominium offices, site development and Infrastructures including seawalls, public utilities and streets. Project Manager of Caribank Tower, a 13-story office building on Brickell Avenue. Project Manager of St. Louis Catholic Church, a radically new concept in church design utilizing an unusual cantilevered precast concrete compression ring, laminated wood archs and segmented domes, all clad on the outside with approximately 9 tons of copper roofing. Project Manager for Jordan Marsh, a major department store at the Cutler Ridge Mall. Mr. McGill has been a Project Manager in South Florida for eleven years, during which time he has constructed numerous high rise and low rise residential and commercial projects totaling in excess of $150 million. ,,,�•� Harrison -- "r PE wsm CITY OF Mimi VATSON ISLAMD FEDRIIART 28, 1985 PROFESSIONAL AFFILIATIONS: Mr. McGill has served as an education committeeman for the Associated General Contractors of America, is a Charter Member of the Tan Chapter of Sigma Lambda Chi, national honorary construction fraternity, is a member of the Construction Specifications Institute, and is a member of the National Fire Protection Association. MILITARY SERVICE: Mr. McGill served with the U. S. Army for three years and received many decorations such as the Purple Heart, Bronze Star and Gallantry Cross. 0 ..�.�` Harrison P11SONNIL CITY OF MIAMI WATSON ISLAND TEBRUART 28, 1985 WILLIAM BOBADILLA POSITION: Project Manager EDUCATION: Bachelor of Science in Architectural Technology, Florida International University. Associate of Arts Degree, Miami -Dade Community College. Mr. Bobadilla holds a General Contractor's License in the State of Florida. EXPERIENCE: Mr. Bobadilla's duties with Harrison have included control and review of submittals and shop drawings; review, evaluation, and updating of contract drawings; inspections; progress reporting; review and approval of payment requisitions and change orders; preparation and updating of CPM schedules and project accounting reports; value engineering, and review and coordination of design documents; and coordinating the activities of various subcontractors. Before joining our firm, Mr. Bobadilla was involved with a wide range of construction projects and activities. Project experience includes residential and commercial buildings; remodeling; highrise apartments and office buildings, and hospitals. Work involvement includes electrical, plumbing, and HVAC systems design; routine construction labor and supervision; estimating; expediting and scheduling project; fire damage assessments; and client contact. Since joining Harrison Mr. Bobadilla has been involved in the following projects: Project Manager on $16,000,000 Laboratory, Research and Office Building for Cordis, Miami, Florida. Field Manager of the $24.5 million South Florida Evaluation and Treatment Center, Miami, Florida. Field Manager of the $100,000,000 Brickell Key Condominiums consisting of a 22-story tower housing 300 luxury units in Phase I, and a 25-story tower housing 330 luxury units in Phase II, a $6,000,000 Infrastructure and the restoration and reconstruction of a portion of the seawall protecting the island's bayside. PROFESSIONAL AFFILIATIONS: Member of the American Institute of Constructors REFERENCE OF PROPOSER'S CONTRACTOR OR CONSTRUCTION MANACER List two persons or firms for whom you have completed projects during the past three years. REFERENCE NO. 1 Name: _ awrCnnee 0. Goodman Firm: I_nrd & Taylnr Title: ni rertnr of rnnrtrurtina Address: 424 5th Avenue New York New York 10018 Telephone: 212/391-3199 Nature and magnitude of business association: We have completed four Lord & Taylor projects in Florida and Curren= have three under construction in Florida. REFERENCE NO. 2 Name: Frank Couts Firm: Florida Power & Light Title: — Project Construction Supervisor Address: 700 University Boulevard Juno Beach. Florida _33408 Telephone: 305/863-2863 Nature and magnitude of business association: training facility in Juno Beach 34 Sasaki Associates, Inc. AEFEREN...CE..... 10- T Watson Island Development MARINA/BARBOUR PROJECTS CHARLESTON WATERFRONT PARK Charleston, South Carolina Mayor Joseph Riley Phone: 903/577-6970 LONG WWW Boston, Massachusetts Mr. Philip 2eitler Phone: 617/722-4300 MILWAUKEE LAKEFRONT AND SUMMERFEST DEVELOPMENT Milwaukee, Wisconsin Ms. Jenann Olsen Phone: 414/278-2120 NEWBURYPORT WATERFRONT IMPROVEMENTS Newburyport, Massachusetts Mr. Jack F. Bradshaw Phone: 617/727-4050 PROMENADE PARK AND CBD URBAN DESIGN Toledo, Ohio Mr. Jay Michael Porter Phone: 419/243-6191 SEA PINES PLANTATION Hilton Read Island, South Carolina Mr. Charles Fraser Phone: 803/785-3333 .Ai Sasaki Associates, Inc. MARINA/HARBOR PROJECTS BOSTON WATERFRONT SOUTH - Boston, Massachusetts Preparation of a schematic master plan for the Boston waterfront area from Commercial Wharf south to Fort Point Channel and northeast to Anthony's Pier 4. The plan's two major emphases are to improve public pedestrian access to the water's edge and to suggest alternative locations for commuter/tourist/excursion boat terminals. Pedestrian access alternatives which can coexist with both land and water uses were also an important focus of this effort. Public input was solicited at several points during the course of study for review and comment on the alternatives generated. For the Boston Redevelopment Authority. BRISTOL WATERFRONT/DOWNTOWN DEVELOPMENT PLAN - Bristol, Rhode Island Preparation of a comprehensive physical plan and implementation =" program for the revitalization of Bristol's downtown business µ district and waterfront. Located on Narraganset Bay, 15 miles south of Providence, Bristol's heritage as a port, manufacturing and boat building center is significant, yet its downtown waterfront is now underutilized. Sasaki Associates, along with The Cross Croup, Inc., is carrying out an action - oriented planning process to show how to attract new life and activity to the waterfront and to provide guidelines for orderly and aesthetically compatible long range growth of the business district. The preservation of Bristol's sensitive and historic scale and character while seeking greater economic development for the downtown area is a major goal. Services include an assessment of market potentials and Physical constraints for waterfront development, formulation of land use, circulation, streetscape and rehabilitation proposals for the downtown and the formulation of a feasible financing and funding strategy for carrying out the development plan. Close interaction with public officials and extensive citizen participation are features of the planning process. For the Economic Development Commission and Planning Board, Town of Bristol, Rhode Island. CENTURY III RIVERFRONT PARK - Nashville, Tennessee Preparation of a master plan and phase one construction documents for a 6-acre waterfront park adjacent to Nashville's central business district. The project includes provisions for historic Fort Nashboro, improvements to the riverboat landing serving the Opryland tour boats, and development of outdoor performance and festival facilities. The project includes definition of potential linkages to the adjacent historic Sasaki Associates, Inc. warehouse district as well as connections along the Cumberland giver to other centers of recreational and commercial activity. For the Century III Special Projects Committee and in association with Miller/Wihry/Lee Inc. CHARLESTON WATERFRONT PARK - Charleston, South Carolina Preparation of a master plan and urban design and development guidelines for a seven -acre waterfront park and adjacent downtown. The park, located along the salt water portion of the Cooper River, will serve as a transition between the historic residential area to the south and tourist and shipping activities to the north. The park will include a fishing pier/wharf, viewing tower, riverside promenade, lawn and a formal, tree -shaded forecourt. For the City of Charleston. COFITOUR/SOUSSE NORD - Tunisia Master planning, site selection, and evaluation of six kilometers of coastline, including a 250-yacht marina for a $100,000,000 tourist hotel complex in Tunisia. Master plan and development studies include those for roads and for sanitary, 'F. water, and utility systems for the chosen site. For La Compagnie Financiere et Touristique. COLUMBUS VILLAGE - St. Croix, U.S. Virgin Islands Engineering for 3,000 feet of bulkhead and 100-boat marina as part of comprehensive master planning, design consultation, and engineering services for a destination resort on the north coast west of Christiansted. Three hotels, 500-condominium units, a golf course tennis courts, a shopping center, and a marina are planned for 130 acres. For Hamilton International Development Corporation. COSTA SERENA - Rio Grande, Puerto Rico Environmental impact study and master plan for three miles of coast- line including a 400-yacht marina for a 12,000-unit resort community east of San Juan. Site planning and landscape architectural services for a 650-acre residential and resort development including low- and high-rise units for a population of 40,000, three hotels, and shopping and recreational facilities. With SACMAG, Architects and Coastal Environmental Associates, Inc. For Boca Herreras Resort Development Corporation. sk Sasaki Associates, Inc. COSTAIN WATERWAYS - Dade County, Florida Sasaki Associates, Inc. prepared a master plan and pre -schematic architectural services for a 3,677-unit community on the Intracoastal waterway in Northeast Dade County, Florida. The plan for the 376-acre community was developed to permit the sale of individual parcel;, within the comprehensive master plan, to interested developers. The central design feature of Sasaki Associates' plan is a 20-acre boat basin and marina. The seven residential parcels ranging in density for 21-42 units per acre are oriented toward the marina. The density and massing of the residential parcels were planned to insure the maximum view potential of the marina and Intracoastal waterway which surrounds the site on three sides. A promenade lined with Royal Palms circles the marina and leads out to the Intracoastal waterway. The two commercial parcels included in the plan include a commercial center with hotel and club facilities. The recreational parcel includes a racquet club with ten racquet u; ball courts. For Contain Limited. KINGSMILL ON THE JAMS - York and James Counties, Virginia Development of a comprehensive master plan of three miles along the James River for a 300-boat marina and a permanent -home and recreational community on a 3,600-acre site near Williamsburg. For Busch Properties, Inc. KINGSTON WEST STRAND PARK - Kingston, New York Preparation of feasibility study, schematic master plans, and Phase One construction documents for the City of Kingston which was selected as one of fourteen pilot areas in New York State to undertake an Urban Cultural Park (UCP). The West Strand Park is Kingston's Early Action Project within the UCP program. The West Strand Park as proposed is a $1.75 million multi -phased passive urban park along Rondout Creek. The parksite is a major link between the adjacent West Strand Historic Landmark Buildings, the historic transportation corridor, and the historic neighborhood of Rondout. The major features of the park design include multiuse urban plaza, renewed bulkhead and pedestrian promenade, interpretive center, and passive waterfront park. For the City of Kingston Office of Community Development. E41 Sasaki Associates, Inc. KUWAIT WATERFRONT - Kuwait, Arabian Gulf In 1975, the Municipality of Kuwait held a competition among five international firms for the design of 21 kilometers of the waterfront of Kuwait City. Sasaki Associates, with Chazi Sultan, Architect and Kuwaiti Engineer's Office of Kuwait, was selected to prepare the detailed master plan. Kuwait has always had a close historical link with its waterfront in terms of commercial and recreational activities. The recent construction of a coastal highway along the city's water edge presented the opportunity to provide increased recreational facilities along this edge to meet the needs for the growing population, now approaching 750,000 inhabitants. The plan is characterized by the restoration of the juncture of land and water. The resulting area expands and contracts in response to the varying exposures'to the Gulf, to changing climatic conditions, to hydrodynamic and other ecological considerations and in relation to existing and planned functions, events, and activities. Landscape architectural and engineering design and contract documents are being prepared for the construction of the approved plan. THE LANDINGS AT SKIDAWAY ISLAND.- Savannah, Georgia Master planning and landscape%architectural services for a new community of 25,000 persons on a 3,500-acre site. The project includes single-family housing, condominium units, marinas, golf courses, commercial, office, and other community facilities. For The Branigar Organization, Inc. LONG WHARF - Boston, Massachusetts Preparation of concept and schematic plans and costs for a historic seaport park. Historical research, interviews with boating fleet operators and potential museum sponsors, and community workshops have supplemented planning and engineering analyses as a basis for formulating and testing alternative concepts. The study included an analysis and potential revamping of waterside uses as well as landside improvements. For the Boston Redevelopment Authority. LYNN HARBOR COASTAL ENERGY IMPACT PROGRAM (CEIP) - Lynn, Massachusetts As part of Sasaki Associates' continuing services on Lynn's Downtown/Waterfront revitalization program, the CEIP study was undertaken to formulate an action program and application for funding under the Coastal Energy Impact Program of the National Oceanographic and Atmospheric Administation (NOAA). This federal program provides assistance in the form of planning grants or low -interest construction loans to help coastal Sasaki Associates, Inc. states and local communities finance new or improved public facilities and services needed because of increased energy activities along the coast. The CEIP project plan in Lynn is a mixed -use development combining public and private investment on the waterfront. Program components include a 160-boat public marina, which is to be developed as part of the Commonwealth's Urban Heritage Park Program, plus a private 90-100 unit condominium and retail development overlooking the marina boat basin. The CEIP study and application included the preparation of a market analysis and financial plan, an environmental impact assessment and a preliminary engineering report for the marina facilities. The Lynn CEIP application was one of only three in the State of Massachusetts for which funding was approved by NOAA. For the Lynn Department of Community Development. MARENA RESORT - Maui, Hawaii Environmental and economic feasibility studies for a 1,000-acre coastal resort which includes two miles of coastline, an historic boat landing, and 6,000 hotel, apartment, and single-family units. The project also includes beach clubs, two golf courses, and riding and tennis facilities. For Seibu Real Estate Co., Ltd. MILWAUKEE LAKEFRONT AND SUKMERFEST DEVELOPMENT - Milwaukee, Wisconsin Preparation of a master plan for Milwaukee's Summerfest and long-range development planning of adjoining lakefront open space. Summerfest, sponsored by Milwaukee World Festival, Inc., is an annual three-week theme fair featuring music events and various local food vendors. Schematic design services were provided for the rehabilitation and design of the existing 40-acre Summerfest park site and adjoining parkland along Lake Michigan in the industrial/commercial area of downtown Milwaukee. The three-phase study concentrated on alternative development plans for the site. The first phase examined transportation, parking, adjacent land use and future growth patterns. The second phase determined short- and long-range development alternatives, and the final phase focused on preparing cost evaluations of the various development alternatives. NE BURYPORT WATERFRONT IMPROVEMENTS - Newburyport, Massachusetts Following Sasaki Associates' revitalization projects in Newburyport's central business district, the firm provided integrated urban design, civil engineering, and landscape architectural services for the city's waterfront area. Sasaki Associates, Inc. The first project was an engineering feasibility study and cost analysis for 1300 feet of new bulkhead along the Merrimac River. This was followed by more detailed engineering studies and the preparation of an environmental assessment to successfully obtain U.S. Army Corps of Engineers'permits and state environmental clearances and approvals for the proposed construction. Because of difficult foundation conditions, a sheet pile cell system and special toe bracing for the bulkhead were built. Along with the preparation of contract documents for the bulkhead and a marina, Sasaki Associates designed a waterfront promenade and park with pedestrian access to the downtown. The entire project was completed within a period of three years from concepts through construction within the initially programmed budget. The renovated waterfront area provided the opportunity for valuable private development parcels immediately inland. Sasaki Associates prepared developer kits to ensure preservation of the historic waterfront character and to provide maximum public access consistent with reasonable financial return for the city in the sale of these parcels. For the City of Newburyport, Newburyport Redevelopment Authority, and Massachusetts Department of Environmental Quality Engineering, Division of Waterways. 0 NEW SEABURY ON CAPE COD - Mashpee, Massachusetts Preparation of a major environmental study for the proposed development of 1300 dwelling units, 200,000 s.f. of commercial and retail space, and an 8-acre, keyhole harbor and marine to accommodate 200 boats on more than 400 acres of land on the south cape. The entire project area lies within a designated Area of Critical Environmental Concern and as such, special attention is being paid to such complex issues as the impact of development noise on locally rare and threatened species, coastal geomorphology, benthic disturbance and its potential effect on scallop breeding, further inland movement of the salt water/fresh water interface and flood control and flood damage protection. Sasaki Associates is the lead consultant for the study assisted by specialists is archaeology, shellfish, groundwater hydrology, and coastal dynamics. For New Seabury Corporation. OLD FORT BAY - New Providence, Bahamas Master plan for a new 600-acre destination resort community adjacent to Lyford Cay and Phase I architectural services for 60 midrise condominium units. The plan is designed to preserve the natural character and amenities of the beach which, in its entirety, is the principal recreation source for all of the residents of the resort community. Lightbourne Harbour will be Sasaki Associates, Inc. a mixed used marina village serving as the focal point of the project featuring marina, higher density housing, a hotel center, restaurants, and support commercial facilities. The rolling interior land will be used for an 18-hole golf course and tennis facilities with supporting single-family detached housing units. Sasaki Associates was selected to provide services as a result of an international competition. Donald Cartwright Associates, Nassau Associated Architects. For New Providence Development Company, Ltd. PERTH AMBOY WATERFRONT PARK - Perth Amboy, New Jersey Preparation of master development plan for 3,200 linear feet of Perth Amboy'3 Urban waterfront area. To be included are studies for renovation and reuse of a former U.S. Coast Guard, Armory building and an historic ferry terminal. Provisions for expanded boat basin and related facilities, waterfront promenade, parks and expanded parking areas are being explored. For the City of Perth Amboy under the New Jersey Department of Energy Coastal Energy Impact Program. PROMENADE PARR AND CBD URBAN DESIGN - Toledo, Ohio Sasaki Asso 2iates is currently providing services to the City of Toledo, Ohio for the design and construction of the 15-acre Promenade Park located along the Maumee River. The park design is being closely coordinated with the plans being prepared for the new Owens-Illinois headquarters which is to be constructed on an adjacent urban renewal site. The plans for the urban park call for the development of areas for recreational boat slips, outdoor musical performance facilities, picnicking and fishing areas, and multi -purpose plaza areas designed to accommodate the numerous festivals and civic events which are already an established tradition in the city. Preliminary cost estimates for the projected improvements total $8 million. SALEM SOUTH RIVER CHANNEL - Salem, Massachusetts Planning and urban revitalization services for a ten -acre block surrounding the South River Channel in downtown Salem. Specific study tasks include a structural evaluation of the existing granite seawall, property acquisition recommendations, architectural evaluation of the existing buildings, and recreational planning and park design. Program elements include a waterfront promenade, administrative offices for a small marina, interpretive displays indicating the maritime history of the channel, and the possibility of developing a marine studies institute to be affiliated with a local college. For the City of Salem. 3 Sasaki Associates, Inc. s SEA PINES PLANTATION - Hilton Head Island, South Carolina Sea Pines Plantation is a destination resort and retirement community developed by Charles Fraser on Hilton Head Island in South Carolina, In 1958, Sasaki Associates, Inc. prepared a caster plan which called for the sensitive adaptation of developed areas to the natural ecology of the land. Large open spaces were retained to preserve the natural character of the land. Waterfront properties were located behind the primary dunes preserving the beach edge and increasing the number of residences having access to the water frontage throught the use of pedestrian paths. Internal properties were related to golf courses, lagoons, marsh areas and other amenities. Harbour Town, which is built around the circular form of the principal marina, serves as a community and cultural center. Sasaki Associates designed the lighthouse tower as the visual and symbolic focus of the development. The attached building serves as the offices of the harbormaster and provides lounge and locker facilities for visiting yachtsmen. Sasaki Associates also designed Harbour House which contains shops, restaurants and outdoor eating terraces on the lower level, and professional offices, studios for artists, and aprartments on the upper floors. As part of the program to develop residential units around the harbor. Saski Associates designed Schooner Court, a complex of 38 condominium villas. The units are designed to reflect the scale and architectural character of Charleston. Extensive use is made of balconies to take advantage of excellent views of the harbor and the Intracoastal Waterway. SEWAREN WATERFRONT PARK - Woodbridge, New Jersey Preparation of master development plan for 38-acre Sewaren Penninsula. The plan includes a boat basin for 264 boats, a boat launch, harbormaster and sailing facilties, a waterfront park, a promenade nature study area and a restaurant site. For the Town of Woodbridge under the Department of Energy Coastal Energy Impact Program. SOUTH AMBOY WATERFRONT PARR - South Amboy, New Jersey Preparation of a master development plan for an 80-acre city owned riparian site created by dredged material. The plan includes, access roadways, a full service commercial marina for over 400 boats, yacht club, restaurant and waterfront commercial facilities, a waterfront park and recreation area, and a residential site for over 400 townhouse units. The physical plan is based on a financial plan that creates a balance between income from land leases and sales and the city's share of capital and operating costs. New Jersey Green Acres park funds are to be used for financing 50% of the cost of recreational facilities. With the Cross Group Inc., financial and development consultants. For the City of South Amboy under the New Jersey Department of Energy Coastal Impact Program. Sasaki Associates, Inc. WASHINCTON CHANNEL. PARK - Washington, D.C. Design and contract documents for a linear park in the redevelopment area along the Washington vaterfront. A 3/4-mile long pedestrian promenade and six Small plazas provide the primary open space components of the park. The project also Included the expansion of an existing marina and additional retail shops and restaurants. The park is under the jurisdiction of the National Park Service. For the District of Columbia Redevelopment Agency. lb ,0 Sasaki Associates, Inc. CEOACE BOTHER, ASLA Senior Associate Eduestion Cornell University, College of Architecture, Art, and Planning. Master of Landscape Architecture, 1976. University of Florida, College of.Architecture and Fine Arts, Bachelor of Landscape Architecture With High Honors, 1974. University or Florida, Co11ese of Arts And Sciences. bachelor of Arts in Psychology, 1969. Registrations Registered Landscape Architect: FL and SC. Certificate: Council of Landscape Architectural Registration Boards. Professional Affiliations American Society of Landscape Architects, Member' Presentations Institute an Condominium and Cluster Housing, Guest Lecturer South Florida Planning and Zoning Association, Guest Lecturer Awards Fellow, Cornell University Elan Hunnington Hooker Memorial Fellow, Cornell University Rapuano Memorial Prize, Cornell University American Institute of Planners National Research Award, Cornell University American Society of Landscape Architects Honor Award, University, or Florida American Society or Landscape Architects Merit Award, University of Florida American Society of Landscape Architects, Certificate of Merit, University of Florida Howard R. Sebold Memorial Award Role at Sasaki Associates, Inc. As a Senior Associate in the tire and Ma or the Florida Otfiee, Mr. Bother has an overview role in all phases or projects development through implementation. He serves as Project Manager for landscape architectural and land development proje Professional History Mr. BBotner's professional career spans a of 13 years, and encompasses a broad ran project experience. !Before joining Sass Associates in 1977, Mr. BBotner Worked on variety of residential and commercial W for landscape architecture firms in Cain and Coral Cables, Florida. He also was landscape designer for the City or Cain. - Department of Buildings and Grounds, in of designing new city parka. As an environmental planner for the Tompkins C Department or Planning in Ithaca, New T: BBotner developed a comprehensive master for the county. Project Experience Mr. BBotner has served as Project MansgeT project landscape architect for numerous projects including recreational and ras= facilities, hospitals and office buildin urban development areas. He provided*th landscape and irrigation design, the construction document preparation, and t construction supervision for The Hammock 1,100a ere planned unit development in Z County, Florida. Other planned communit which he has been Project Manager ineluc Village of Rainbow Springs, a 6,000-scri development in Marion County, Florida; 1 Bay, a 600-acre resort in the Bahama; B Waterways, a 3,700-unit high-rise commw North Dade County, Florida; Lakes-by-th 700acre mixed -use community in Sough 0 County, Florida; and Westinghouse Catew community, a 6000-acre new town in Fort Florida, which is expected to have 50.0 residents when completed. In addition, Mr. BBotner has served as P Manager for the North Miami Pilot Redev Project; the Omni International hotel/a center complex in Miami; The Lakes, a ? regional park in Lee County, Florida; 1 Dade County Downtown Government Center, 45-scre multijurisdictional urban comp) downtown Miami, Florida. V-4 -/,CoraLG'able!Alii,oFlorida Assocli-ItCs�. llc-?� ow L7 4b 0 7- t Office management team, left to right: Peter Thomas, George Botner, Richard Galehouse Sasaki Associates, Inc. has been committed to quality plan- ning, design and development in the Southeast since the firm began its work at Hilton Head Island 25 years ago. Recognized nationally as leaders in master planning and design of new communities, corporate and institutional facilities, and the revitalization of existing cities and neigh- borhoods, Sasaki Associates opened its Coral Gables, Flor- ida office in 1974 to serve a growing clientele throughout the Southeastern United States and Caribbean islands. Since then we have developed a record of regional design excellence and long term client relationships which the Florida office management team is proud to discuss. Sasaki Associates has provided City of St. Petersburg Gerald D. Hines Interests planning and/or project design Vinoy Hotel Redevelopment Kentucky Cultural Complex services to the following repre- St. Petersburg, FL Louisville, KY sentative list of clients, in addi- tion to those organizations whose City of Charleston Lee County projects are illustrated in this Charleston Waterfront Park The Lakes County Park brochure. Charleston, SC Lee County, FL Anheuser Busch Properties, Inc. City of Coral Gables Rockresorts Inc. Kingsmill-on-the-James Miracle Mile Redevelopment Dorado Beach Resort York and James Counties, VA Coral Gables, FL Puerto Rico Bellemead Development Costain Limited The Branigar Organization Corporation Costain Waterways Community The Landings on Skidaway Island Halifax Plantation Dade County, FL Savannah, GA Volusia and Flagler Counties, FL Dade County and Urban Mass Tulane University Cadillac Fairview South Dade, Transit Administration Master Plan Inc. Earlington Heights Station New Orleans, LA Saga Bay Properties Miami, FL South Dade, FL Photos t, 2, S, 6, 7. B by Alan Ward Del Lago Development Photo 3 by George Botner Corporation Photo 4 by Smith Aerial Surveys a Assoc., Inc. Planned Unit Development Manati, Puerto Rico Florida State University College of Business Tallahassee, FL w �-.-, � � 6 +' 5^�F 7� �•��•i'� ti' x s y �:.z y.'S�„'��,� .11�� S' .'�:; i. .. < i �j-�d ' e>3't„ '�+.. � �� . � i�. { �1 i� _ t �r..s� y "Li+�•{�4 k 4 _ Y p ,, •�,. _ ,yam , y �.. 7•+h _ � `l9 WN Sasaki Associates, Inc. professionals have gained interna- tional stature as designers of the built environment. We continue this firm -wide tradition of interdisciplinary design and management in our Florida office because we believe that it lends a special vitality to our design process. The 30- person staff in our Florida office provides a full range of professional planning and design services, drawing upon the additional expertise of principals and senior designers in the firm's Washington, D.C. office and Boston area headquarters. Serving both as general project coordinator and as consult- ing team specialist, Sasaki Associates is recognized for its particular ability to help clients bring difficult and complex projects to realization, from initial planning through site and building design and construction. Cover Harbour Town Sea Pines Plantation Company Hilton Head Island, SC Master Plan, Architecture, Landscape Architecture, Civil Engineering 1 Old Fort Bay Resort Community New Providence Development Company, Ltd., The Bahamas Master Plan, Architecture, Landscape Architecture 2 Quail Ridge Quail Ridge, Inc. Palm Beach County, FL Master Plan, Architecture, Landscape Architecture, Civil Engineering 3 The Omni Omni International Miami, FL Landscape Architecture 4 The Hammocks r Genstar Southern Development Corporation Dade County, FL Master Plan, Urban Design, Landscape Architecture 5 Le Rivage Condominiums Key Biscayne Development Associates Key Biscayne, FL Master Plan, Architecture, Land- scape Architecture t{ 6 is Downtown Government Center Dade County, Miami, FL Master Plan, Urban Design, Landscape Architecture 7 Little Havana Community Center City of Miami, FL Urban Design, Feasibility Study 8 North Miami Central Business District Revitalization City of North Miami, FL } Urban Design, Feasibility Study r J 6 a fir,}.;�}��:' �y '` t_ ai+1 �.";ix3. •� i5 yQlK•t' - � t. 1" C :.r` :`I St+•.._ � '� sC i t � i !+ b :» F F� •�F,� i4. /� � r �! � ;,4 .I � e / aY Rr;d� +� •xk- n¢r=�`w��s `-�� �'' A=',�.`�x: 'i;H�, ,�,,.�.4r;:�;;�1•'',m �;�%``;F;:^:r's=;�' „ti`s���'�' ;may<yik'�� '�4;' ''+ •,� . � �. ,'N £�rhr '�:_;.`. 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U y. . 4 s' ,�Qy pp ,rit f ,i w_ i s3• ,i 7rj. mA , r.i ,�F•: 7 .rr 'e`k' <, r. .t?v'1�'a, i' if... xt- �;:'(i u, vxkn: . c. jar' .'•t. 1 js+ 714 1.. g I -...r.,.(.'J-.:-•:+:'=.2-.tn=r',iL,:...y,,i,_.t,4...;,r,.,,.... ,th. I,i!' h. �t r.: 1 of ..14 c r'� .;,' •;n"� : iyS: ` .'Yt. ,w.:''�","`��b,,r. �'T M'. {i�'.?,.r y�:p �:' ,�, _¢.ter __ - !`,• .. ��.; :,.. , -RiAbt:,<, �.Ce..a' u, '.a'�, - _ s.X:`�".''-, :�''• �aST;�vr?•`_s1'ti:':»"•`J ✓r.:.=lr.G .eS;t�..,�: n {.,••. %tj�`.. '�i� .'i •''.. --.. .. „ .. .... _ .. - L +_ -7717"�7 -.,iI::i4 At Ah lil �a A 1.4 1 Ill, Ill I NT, pyq- . . . . . . . . . . . . . ----- i w 0, I� "'A Lh T , g,2i, OKI' a, revM� Mi aiN, eG 7 q J! i ' 4. _ : APRIL 19855 50$ Hilton Head�For a = :�-� So r--n t Welcome-Home,�vacatid "Sop., r,t,w � ., .. � - • fir,,. ' t� r � i{ 1'lilt • aa� aft Y ,, . r 0 dw kdhnSAIM091 f APRIL 19M 1UTONEEAD Welcomes You Home Over the past couple of decades, South Carolina's Hilton Head has become a vacation magnet. Residents, though, know it's a place to be savored year-round. by DIANNE YOUNG / photography BRUCE ROBERTS or the past few months or so, the beaches of Hilton Head Island have stayed mostly empty. The shorter days and sun's angled light brought little warmth to the wind -chilled dunes. The wan sunshine, then, fell on few visitors, silhouetting only an occasional beach- comber and the circling flocks of seabirds that patrol tide's edge. But look around. All that's beginning to change. The warming sun and the shifting breezes have transformed this landscape of solitude into a lively people place. Fathers fish alongside their sons in the glistening surf. Entire families —from grandparents on --lounge together on the beach. Parents stroll with their children over the hard -packed sands as dusk tints the ocean lavender and rose. This is the magic of spring on Hilton Head. As it sweeps in, it turns the beach, the whole island, into a family place. Much of the island's more than 40 square miles contain resort plantations, where visiting families and year-round resi- dents enjoy vacation amenities and planned activities, all woven into the fabric and landscape of the island. There are all sorts of accommodations. Yes, whole fam- ilies return yearly to enjoy the resort villas and rental homes at places like Sea Pines Plantation, Palmetto Dunes, Shipyard Plantation, or Port Royal Plantation. But the island also has a number of fine hotels, too, such as the Marriott, the Mariner's Inn, the Hyatt, and the Hilton Head Inn. Plus, the new Hotel Inter -Continental Hil- ton Head is scheduled to open this fall. (Right) Renal villas and shops surround Sea Pines Plantation's picturesque Harbour Town at the southern end of Hilton Head Island, South Carolina. (Below) Golf helped put Hilton Head on the vacation map. Today, the island boasts 17 courses, many of which are open to the public. Copyright by Southern Living, Inc., April, 1985. Reprinted With Permission. A standinK-room-onls croK d (if children and adults gathers at Harbour ToKn for summer evening performances I left i Still, with all the resorts and their facilities. Hilton Head retains a flavor all its own. Shaped something like a high-topped sneaker. the island steps off the South Carolina coast a tin to the north of Savan- nah. U.S. 278. the main road, makes a switchback through the island, skirting around the long and winding Broad Creek. The road first crosses Skull Creek \ia James F. Byrnes Bridge, heads down into the island's heel, anJ then curves lazily back toward the toes. intersecting with Pope Avenue at the island's instep. Smaller roads lead farther south. down to the shores of Cahbogue Sound. The road travels a changing landscape lei from ankle to toe. There are views of marsh. golden in the afternoon; manicured fairways punctuated by lush greens; clus- ters of busy shops and stores; lanes defined by majestic live oaks; and boats at rest in the harbors. It's nowhere near the same island that was named for English sea captain William Hilton in the 1fslNl's. He wasn't the first to discover it, but Hilton was the first to really describe it hack in London. A land laden with large trees, mostly pine, he wrote, "tall and good." Over the last couple of decades, though. Hilton's fair land has become something more. It's become an island home and a vacation tradition. A Bit of Yesterday Southern planters built the island's first plantations early on. By the time of the IF Signe Garda sits behind a plateful of Lest ,you forget Hilton Head is Craftsmen and artists, such as Gregg Russell has entertained her famous chocolate -chip cookies at a home, look around, and you Artie Wilton, sell their works at the visitors for eight years. He says, her Heaven Bound Bakery-CafA. might see familiar scenes like this. summer fair held at Shelter Cove. "I've watched some kids grow up.' Civil War, Hilton Head encompassed more than 20 such working concerns. In fact, long staple cotton, or sea island cot- ton as it's also known, was first introduced here by William Elliott at his Myrtle Bank Plantation on the island's north end. Hilton Head felt the brunt of the Civil War well before much of the South. The North decided it needed a place from which to blockade Southern ports, and they chose Hilton Head. So in November 1861, a Union armada sailed up to the island. In a surprise attack on Confederate Fort Walker, the Yankees landed 15,000 marines in what stood as the largest am- phibious landing of the American military until Normandy in World War II. A city of 50,000 sprung up around the Union's island -based Department of the South, but with war's end, the military and support personnel left the island ecologi- cally impaired and economically devas- tated. However, trees like those that Captain Hilton first spied returned again, tall and good; and by the 1950's, the Hilton Head Company came in to timber. That move marked the start of the island's mod- em era, because one of those involved was Charles Fraser. He founded Sea Pines Plantation Company, and Sea Pines, still an island centerpiece, put Hilton Head on the map. John Gettys Smith, who now runs his own public relations firm on the island, remembers the early years. He moved from his hometown of York, South Caro- lina, to join Fraser's company 22 years ago. "I came down for an interview. My wife came down. Then we moved two weeks later. In 1%3, there were 50 houses at Sea Pines, 12 year-round families, one 18-hole golf course, one tennis court, and Shelter Cove (left), part of Palmetto Dunes Resort, features shopping, rental villas, and a quiet harbor. an 80-unit inn. Sea Pines Company was very, very small —just a few people." This was the germ of Fraser's idea: To build a quality oceanside community. He meant to sell land, but he realized he had to have a place for folks to stay while they looked, so he built the William Hilton Inn (now the Hilton Head Inn). Fraser added the Ocean Course to attract golfers beyond the traditional beach season, and then he hit upon the idea of selling lots around the course. While other people were selling land, Fraser was selling vacations. There was also something new to the way Fraser was making his plans, recalls Smith. After studying such places up and down the Atlantic Coast, he contracted noted landscape architects Sasaki and Associates to develop a new concept, one that would let his community retain a sense of its place, a feel for its environment. Fairways were angled to save trees, points out Smith, and Sea Pines' main yacht basin, called Harbour Town, was carved out in such a way as to save one particularly venerable live oak from de- struction. (That tree, the Liberty Oak, remains a focal point of the harbor, which now also contains rental villas, shops, and the famous striped lighthouse.) "The island was unique." says Smith. "Sea Pines was unique, and it was defi- nitely trying to be architecturally aware." No billboards. No neon. No flashing lights. Everything was to blend in —a wash of warm pastels —earthy tones —all tucked (Above, left) Bicycling is a popular means of transportation at several of the island's vacation resorts. Many of the island's resort accommodations art entwined with the environment. Here, one young angler (above, right) casts into a pool only a few steps from his door. 0 Pki ( Left) During summer, the 12 miles of the island's level beach become the sunshine haven of varationing families Like Harbour Town. Shelter Cove (right) is a people place Wherefamilies gather and stroll during late afternoon and early evening behind dunes and among clusters of oak and pine. Fraser's idea set the tone for the entire island, and it started a whole new trend in such developments as well. Todav, the better resorts work within their environment, trying to emphasize the nat- ural beauty rather than alter it for their needs. That is the legacy of Sea Pines. A Lot of Today Hilton Head has become a resort mag- net, one that vacationers frequent and swear by as passionately as its enthusiastic residents. As one longtime visitor says, "Every spring about this time. I always begin to dream of Hilton Head." What makes it that way? Ambience, to start with. Despite a few glafing excep- tions, islanders have tried to maintain a sense of place. There are, to be sure, the full complement of stores, shops, and fast- food spots that naturally drift to summer beach places, but most buildings and the signs are tastefully done. There is little to jar the senses here, little of the stamp of transience that mars many a setting like this. Hilton Head is an island home, and that rings true to visitors and residents. Islanders voted to incorporate in 1983. and when they did, Hilton Head immedi- ately became South Carolina's second lar- gest town, in land mass, a town with special problems and needs. "What peo- ple wanted was development controls, land -use controls," says one local. Without Rose Hill Plantation House, built in the 1850's, is the area's only remaining antebellum showplace. Part of die Rose Hill Plantation development, the home is listed on the National Register of Historic Places and is open for tours. such codes, they feared their island could lose what sets it apart. As Signe Gardo puts it, she's grown up with the island. The thin blond moved here in 1%5 and eventually started what she calls a very personal business. "My name was on the door," she explains. And that door, which read "Signe's Harbour Town Bakerv-Cafe," has opened enough times to make Signe and her wholesome baked goods island bywords. Her first culinary hit was a 3-inch chocolate -chip cookie. From there, she moved on to pies, breads, and more. The cases of her compact Harbour Town store still carry many of those savory items. But she does her baking now in Signe's Heaven Bound Bakery -Cafe. The newer store is large, neat, brightly lit, and lined with long cases of tempting goodies. Sitting by one of the small cafe tables on a Saturday morning, she talks about the changes she's seen on the island. Behind her, a steadv flow of customers file through to look and buy. From a modest start. Signe now markets her products wholesale off the island. "I've watched Hilton Head grow," she observes. "and, thank heavens. I've grown with it." She lightly touches a stack of her now -leg- endary chocolate -chip cookies. "But this has not changed. Not once. We've had people for years who have said that the first thing they do when they get here is to H go down to arbour Town for a cookie." One taste and that's an easy tradition to come by. Obviously. the island's pace has changed, but she's not complaining. "We're a real community now. Before, we were just a resort island." Signe sees today's Hilton Head as a necessary and positive blend of visitor and resident. "What people are looking for when they come here and what they get glimpses of. that's what brings them back. There's peacefulness at Hilton Head." One spot that aptly demonstrates Hilton Head's peaceful appeal is Sea Pines' Har- bour Town. Sailboats, large and small. anchor here, riding the steady tides up and down in the shadow of the harbor's sym- bolic lighthouse. People come here to shop and to dine in one of several restau- rants, such as the Harbour Town Grill. CQ's, Cahbogue Seafood House, and Cafd Europa. Each has its own atmos- phere, some casual and some more dressy. Visitors crunch along oystershell paths and stop to watch the sun set over the dark. brooding form of Daufuskie Island. 041 Nlam sacahoners brine their children here around sunset, just in time for an- other isl.ind tradition —me of the summer e%crung pertormanecs under Harbour I oven's Libert% Oak 1ltose stavme on the plantation arrive by hike The ones who arnve b% car come a het earlier so theN can spend time walking and watching But by h p.m.. they"II all he gathered in front of the Oak to hear the songs tit Gregg Russell. An Alabama native with brownish hair and heard and John Denvensh good looks. Russell has become a part of many a Hil- ton Head vacation. This season will he his ninth He first arrived for a two -week stint, but it's been three months a summer even• vicar since Chatting before a show, he admits, "Audience participation is the keN " It's the chance to take to the stage with Russell that so enchants his manv wee tans and makes them so energetically vocal during his two-hour performance. Russell welcomes small performers one by one to give their songs or tell their jokes to the appreciative crowd. and he makes them the stars. "We've showcased literally thousands of children over the years. It's a small part of their vacation, but it gives them some continuity. I'ye watched some kids grow up." he reflects. Russell waves his hand across the ex- panse of the harbor, where lights are be- ginning to blink on in the fading light. "Harbour Town is meant to he a people place. There's a certain chemistry that makes Harbour Town the unique place it is. There's no other yacht basin like it on the East Coast. It's a wonderful place to live. It's just what it was meant to be —a small paradise." Shelter Cove, pan of Palmetto Dunes Resort, is another people place. Like Har- bour Town, it focuses around a vacht basin, which leads into Broad Creek. Here, the resort has constructed Mediter- ranean -style buildings with stores on the first level and rental condominiums above. It wears a different look from Harbour Town, but it shares Hilton Head's person- ality, a sort of ambling warmth. During the summer, Shelter Cove hosts what it calls a Waterfront Island Fair Tues- day through Saturday evenings. Thursdays attract the largest crowds. when the free event concludes with fireworks. Musicians and craftsmen selling their wares provide the core of the entertainment. Visitors also browse through the shops. The big- gest treat, though, comes simply from the people watching. Kids climb on the larger - than -life statue of Neptune that stands in the central plaza. Adults relax on benches and lean against the rails that line the harbor. Sailboats rock in a boat's gentle wake, and their halyards, slapping against the metal masts, ring out like wind chimes. There is a peace here, too. Shelter Cove may be the resort's newest addition, but like Sea Pines, Palmetto Dunes offers much more. Both have hotel Fran: Auer (front), chef at The Captain's Table, poses with his staff beside some of thetr dishes. and villa accommodations, a variety of restaurants, activity schedules, long stretches of beach, and fine golf and ten- nis. Palmetto Dunes even has a series of lagoons that webs its acreage. Flushed by the tides, the lagoons make for good canoeing and fishing. In fact, you'll find whole families lining the banks sometimes, fishing with shrimp for what- ever bites. One father, watching his two sons, says. "The kids just wanted to go fishing. We're staying right there." He points to a nearby villa. "So I said, 'C'mon.' If we catch something. fine. If not, that's fine too." Bicyclers are something you see a lot of on the island also. Several of the major resorts provide miles of paths for cyclists. They can pedal to their golf game or tennis match, or they can simply use the criss- crossing routes to explore. There are even a couple of stables around for those who would like to ride horses. But the primary resort activities —the two that put the is- land on television screens and sports pages —remain golf and tennis. Arnold Palmer's 1969 win of the first Heritage Golf Classic at Sea Pines set the trend. Now the famous tournament is part of what's been dubbed "Super April." Tice other part, also at Sea Pines, is the well- known Family Circle Magazine Cup Ten- nis Tournament, whose past winners in- clude Chris Even Lloyd and Martina W Two sailors practice tacking near Sea Pines' South Beach Marina. Navratilova. Hosts of other annual events fill out the island's calendar, such as the World Couples Tennis Tournament at Shipyard Racquet Club, the Dupont All - American Tennis Championship at Sea Pines, and the Mike Schmidt Golf Classic at Palmetto Dunes, all in the fall. If you prefer to do more than just watch, you've come to the right place, too. Guests have easy access to their resort's facilities, and some of the plantations also open their courses and courts to the public. Time, however, should be spent learn- ing about Hilton Head as well as enjoying it. Boat trips cruising through the marsh- land and over to nearby Daufuskie Island leave from a couple of marinas. Pockets of beautiful nature and fragments of history dot the island as well. Sea Pines has its nature preserve; plus, there's the Audu- bon -Newhall Preserve Nature Trails off Palmetto Bay Road. In the middle of the island you'll find the old Baynard Mauso- leum, whose antebellum memories have yielded to passing time. Hilton Head Plantation contains the ruins of the Union -built Fort Mitchell, near the Old Fort Pub and Skull Creek Restaurant, which are all open to the public. The plantation also is home to the Whooping Crane Conservancy, a pristine environment rich with native wildlife. Its boardwalk knifes through part of a 137- acre tract, and if you pause along it, the close countryside around you comes alive. There are no longer any whooping cranes here, but birds call from behind distant trees. A woodpecker circles overhead, as dragonflies flit about, hovering and dip- ping into the coffee -colored water. Gray- ing Spanish moss hangs from bent limbs in long, thin tendrils, and a carpet of bright - A family pauses to enjoy the sights and sounds along the boardwalk of the Whooping Crane Conservancy inside Hilton Head Plantation. green duckweed spreads across shallow pockets of water. Just off the island, on the mainland, the Rose Hill Plantation House is the area's only remaining antebellum showplace. A Gothic Revival home, it was built by the Kirk family in the 1850's. Now listed on the National Register of Historic Places, it stands like a white gingerbread dream of a house, exquisitely detailed and reminiscent of its opulent era. It's open for regular and special tours. Rose Hill offers another unusual diver- sion —polo in the spring and fall. On se- lected Sunday afternoons, people come by the carload for tailgate picnics and to watch the Rose Hill Polo Club in action. Island fife doesn't simply set with the sun, either. Hilton Head supports a legion of restaurants, old and new. As one fre- quent summer visitor confides, "We don't know whether to go back to the places we know we like or to try something new." Among the newer is the Crary Crab, which sits under the oaks beside Jarvis Creek. One of the old standbys is Hud- son's. First an ovster factory, it became Hudson's Seafood House in 1968, and two years ago the much larger Hudson's Land- ing was added. Hudson's Seafood House, with its simple decor, still runs on a first - come, first -served basis, but the wait along the docks is pleasant in the early evening air. There's a raw oyster bar, and a magi- cian entertains the kids while families wait their turn. And the food, from the she - crab soup to the stuffed flounder, is worth the wait. For coat -and -tie gourmet fare, The Cap- tain's Table heads most lists. Part of the old Treasure Cove, The Captain's Table opened in 1970. Austrian chef Franz Auer joined the restaurant more than 10 years ago, but he's been cooking on the island even longer. A small man, with brown eyes and mustache, he speaks with a slight accent and is upfront with his opinions. "We're the best fresh fish restaurant on the island," he declares. "Ten years ago, you could get away with two or three fish on the menu. Now I have six or eight different kinds of fish flown in. I am very strong on specials, too. I buy anything I can get, so I'm never limited to my menu." Auer, like other locals, has watched the change that has come to the island. To Auer it means steady business and keener competition, neither of which bothers him. Still, he prefers the quiet moments, he says, "When I can walk on the beach and there's nobody there." And if it comes down to it, really, it's just that —the beach —that keeps bringing people back to Hilton Head. During the day they revel in the sun and steady surf. But many delight in strolling the beach at night, too, when the moon edges the waves with silver and casts a sheen across the wet sand. Tall clouds sail overhead, obscuring for moments at a time wide patches of the sky. Flashlight beams dance along the dark beach like fireflies, and veins of lightning reach down to touch the far horizon. This may be the loveliest hour, a portrait of the natural peace that calls people back to the island each year, drawn finally by the sounds of the wind and the long rhythm of the sea. Hilton Head offers a wide range of ac- commodations, from resort villas and rental homes to hotel rooms. To learn more about island attractions, events, and accommodations, write to the Hilton Head Island Chamber of Commerce, Box 5647, Hilton Head Island, South Carolina 29938; or call (803) 785-3673. (Right) Lights twinkle around Harbour Town as dusk fades to gentle night. .+1.. � f a ��'r � 's..' � +,ak- • '4vw j Y �r .. �; Hw. �.. .v`'.a• 4�'r ? �. } .:� _:� ,•:�`i � �,I-- ._ � _ J _ �_ •_s L_. ~ �...—,�� .w�'S,�i, .,.t -- � Imo—,. - y��ti 1 _ 3]� _ r2 Boat Basin Part of 18•acre downtown waterfront New Construction area illustrating proposed ■ development outlines) in Sasaki Associates' master plan Preservation and Adaptive ■ Reuse of Existing Buildings Facade and Signage Improvements Streetscape Improvements Streetscape Improvements Bristol Master Plan Bristol, Rhode Island A team of planners, urban designers, landscape architects, civil and traffic engineers from Sasaki Associates, Inc. worked closely with public officials and citizen groups from Bristol to prepare a comprehensive master plan for the revitalization of 18 acres of the downtown and waterfront areas. The master plan for this community of 46,000 proposes to accomplish two major objectives. It outlines land use recommendations to attract new life and activity to the waterfront which historically has played an important role in Bristol's economy. It also establishes development guidelines which will preserve the town's historic character. The development plan, with a four -phase implementation program, includes: new marine service facilities; additional basin and dock areas for pleasure and fishing boats; the adaptive reuse of existing buildings; new infill construction; expanded parking and open space areas; renewed streetscapes; and improved vehicular and pedestrian circulation. Market feasibility studies were conducted as part of the master planning process to assess development opportunities and to formulate a funding strategy for a combination of public and private improvements. The comprehensive mix of land uses includes public, residential, retail, office and industrial facilities. Client: The Economic Development Commission and Planning Board, Bristol, Rhode Island Consultant: The Cross Group, Inc. I w'`vr- le ja i"[flTT1711 �a,oki Im. 0 .flv+v serr-M er�,auzn� I z�� QMSC ERM4AR !ilMlT QM11'AICM Based on technical studies, four types of waterfront edges were identified, and general design solutions for stabilization were proposed. Concept The guiding concept of the plan is the premise that the government intends to develop the Kuwait waterfront project area as a special public edge to Kuwait City, reflecting its importance as a cultural, commercial and international center; and that the waterfront should provide a wide variety of recreational facilities. The plan restores a pleasing juncture of land and water, creating a "new" shoreline along the coastal highway with nearly seven million cubic yards of beach sand, armor stone and stone fill. The proposed shoreline expands and contracts in response to varying exposures to the Arabian Gulf, climatic conditions, hydrodynamic and other environmental considerations, and in relation to existing and planned activities along the waterfront. Planning Studies The interdisciplinary project team undertook a broad range of studies to form a basis for design decisions. These studies covered population demographics and cultural research, and analysis of the existing man-made and natural environments. Technical studies were undertaken to analyze: geotechnical considerations, beach processes, hydrographic and sedimen- tological baseline data; existing and proposed land use; landscape character and vegetation; roadways and pedestrian circulation; traffic and parking requirements; utility services; recreational needs; and views and vistas. Implementation The Master Plan report includes a series of cost estimates for six categories of development, with a total cost of several hundred million U.S. dollars. Six development phases were defined, each focusing on a major activity area. Recommenda- tions for sequencing the phases were based on an evaluation of major use area location, capacity, project complexity, availability of resources, and relation of existing facilities. Sasaki Associates, Inc., with its subconsultants, has prepared contract documents for project implementation under separate contract with the Municipality of Kuwait. Master Plan Report Zone Site Plans. Development for twelve shoreline programs zones propose uses and facilities which respond to the rq His needs of adjacent inland neighborhoods and the physical characteristics of the coastline. - �� Major Use Areas. Seven activity centers were developed B . Renovated Dhow" htarbot and Market to create visual points of interest and concentrations of activity _ along the waterfront. Recreational facilities include: swimming Sejf Pleasure Dhow beaches and pools; piers and promenade walks; marinas _ _ _ Horbor.and.Plaza r and boat launch facilities; restaurants and cafes; a restored fishing harbor and boat museum; an aquarium; theaters; National AssT*ly Plaza ' 3 and various playgrounds and theme parks. `_ , - --, •. Modular Design Components. Prototypical design elements were established as unifying principles for the detailed design Slet a r _—' j �i5 Is aweikTi Children , of surface treatments, street furnishings, playgrounds and Water Park other special facilities, and architectural structures. Design Guidelines. Unifying design principles for such factors as plantings, graphics, lighting, color, texture and scale support four basic objectives: selection of appropriate, durable and economical materials and forms; consistent and attractive designs; settings for g g pedal features; and simplicity in construction. f I I Sharq Dhow Museum A new interpretive facility brings practicing dhow master builders back to the city. Dhow vessels are displayed on a covered platform offshore. Kloff* n 1 2 3 4 Mies - - 1 - - -- - - - 2 -- --3- Green Island Providing a key focal point from the shoreline, this intensively landscaped man-made island is the setting for a large recreational park and protected lagoon. Site Plan and Orori'vontory -- —' .~Swilmmlng Beaches Boat Launch _ GreemIsW&nd Theme Park and LaVpon ~ ` gDoha At Shaab Recreation Complex salm!ya-Island - .qu~_—',-- ` Doha At Shaab Recreation Complex Close to densely populated City districts, the facilities of an existing boating club are expanded for a major public yacht basin, with playgrounds, swimming pools, beaches, and restaurants. Salmiya Island Aquarium Anarrow underwater shelf along this exposed shoreline and adjacent deep water provide the rationale for locating anew offshore island aquarium park here. The island protects asmall boat harbor. hV A major project objective is clean-up and the restoration of an historic and still thriving fishing dhow harbor. j" Background I' In 1975, the Ministry of the Municipality of the Government 100mn+uJ^ . of Kuwait sponsored an invited design competition among five r international firms for the planning and design of 21 kilometers �.J of the Kuwait City waterfront. The Sasaki Associates, Inc. �; fvawJ^ team was selected to prepare the Master Plan, and has since been retained to develop detailed design and construction documents. During the planning process, previous plans were reviewed, extensive work sessions were held in Kuwait, and a series of meetings engaged representatives from many Ministries and communities. In July, 1977, the Master Plan was presented to �'�fwae4' the Amir of Kuwait, who approved the plan. Client: His Highness Shaikh jabar Al Ahmed Al Sabah, The Amir of Kuwait The Municipality of Kuwait Consultants: Ghazi Sultan, Architect, Planner Kuwaiti Engineers Office Research Planning Institute, Inc. Geotechnical Engineers Inc. Normandeau Associates, Inc. Keller Engineering ;•rj, v.s s':. -; .r Kuwait City has grown rapidly in the past few decades to a city of nearly one million people. A recently completed coastal highway created the opportunity for this waterfront development project. A V % T, W 2 40`L 4 flanning /Architecture / Landscape ArthltecWm / Utbah Nsign Civil tnginewing / tnvirommmtal Services mix Y6 N Pleasant Street,Watertown, MassachusM0.2172 617/9263300 Telex,92/24711.',�, '2910 M Street NW, Washington, District of Columbia 20W7 .202/362 9167 353 Alca7a Avenue, Coral G ables, Florida 33134 305/443 2374 h � L Planning /Atthitedum / Landstape Atthitetbre / Urban Design Civil bpe"ing / l:nvircinMefflal Services 'a i s ; RR 5 w'.wsn"�L� "!:.k,.oy RAJ 1'i hd Y `� 3 'nf t' '.j �' "``� 64 Pleasant Street, Watertown, Massachusetts 02172 617/926 3300 Telex 92/2471 °. 2910 M Street NW, Washington, District of Columbia 20007 202/362 9167 "x 353 Alcazar Avenue, Coral Gables, Florida 33134 305/443 2374 - • =a r.!F EXHIBIT 8 ARCHITECTURAL DESCRIPTION OF PROJECT EXHIBIT D 10 YEAR INCOME AND EXPENSE PRO FORMA STATEMENTS The exhibition hall will be a 500,000 square foot ten- sile structure. This sculptural tent -like structure will be translucent, allowing for natural light in all exhibit areas. Its fabric -like appearance will give it a soft and flowing qual- ity while providing the necessary rain protection for the exhibit areas. Due to the nature of the structure, air conditioning will not be necessary. instead, the shapeof the sail -like peaks of this structure will capture the prevailing southeast breezes and funnel them gently into the hall. A central opening to the sky will allow for hot air to escape. At night, the translucent fabric will be lit resulting in a soft glowing sculptural shape in the center of the bay. The interior of this exhibit hall will be landscaped with tall palms which will provide a unique tropi- cal setting for the displays. Within the exhibition hall, there will be areas allocated for a maritime museum as well as an amphitheatre for marine -related cultural activities. The exhibi- tors would build architecturally -controlled booths for their use, where applicable, with the intent of creating the feeling of a Caribbean village under a tent. The design is intended to respond to our tropical environment in a sensitive manner, taking advantage of the unique climate of the area. (ii) Retail Complex containing approximately 70400 square feet of shops will mark the main entrance to the exhibit hall. This courtyard -type structure will be raised on stilts to comply with the Federal Flood Criteria and allow for a covered drop-off area for the exhibit hall. This special retail center will be dedicated to marine products for the purpose of servicing the adjacent marinas. A bridge will connect this retail center to a convenience center on the first floor of a restaurant struc- ture at the point between the north and northeast marinas. (iii) Dining Ther6 will be two major restaurant facilities on the island. One will be located across from the above -described specialty retail center on the second floor of a two-story building on stilts. (The first floor of the building will contain the convenience center.) This restaurant will have =- a panoramic view of the two marinas including the display marina, as well as an eye level view of the tensile structure of the exhibit hall. It will contain approximately 10000 square feet of interior air conditioned space plus outdoor, covered dining terraces around it. These verandas will provide the visitors with shaded, open air dining. The other restaurant will be located at the southern point of the island and will enjoy a panoramic view of the Port of Miami and Downtown. Its crescent shape hugs and cantilevers over the point and emphasizes the {*, spectacular view. This restaurant also contains 10,000 square feet of interior air conditioned space plus additional dining terraces overlooking the bay. This restaurant is also raised on stilts in compliance with Federal Flood Criteria. It, therefore, creates a covered viewing area of the panoramic view for the nondining public. (iv) Marina -hotel is proposed for the southeastern portion of the island. The Project's marina convention -type hotel will contain 300 guest rooms with a possible expansion of 200 additional rooms. The 450,000 square foot hotel is elevated in compliance with Federal Flood Criteria and sits on a recrea- tion deck. The portion of the deck facing the marina contains a large lap pool which dramatically cantilevers on one end. It also contains an outdoor cafe overlooking the large boat marina. The northern portion of the deck contains a tropical garden with native Florida vegetation as well as six tennis courts and a large ballroom and meeting room pavilion which overlooks the exhibition hall. The main floor will also contain standard hotel facilities, amenities and services. The serpentine shaped hotel structure is interrupted at intervals by four story landscaped atriums which allow guests on the hotel corridors to view down- town and the exhibit hall simultaneously. At the center of the hotel structure there is an elliptical lobby atrium which con- nects the drop-off with the reception area. All the hotel rooms have individual open balconies. The hotel rises four stories over its base to a height of 57 feet, matching the height of Reflections on the Bay and the Bayside development across the bay. (v) Cultural Facilities will include over 20 acres of cultural showpieces and art objects,, including a "Boardwalk of the America's" surrounding the entire island. Other Amenities * The Chalks Airline hydroplane terminal is being relocated somewhat to the east of it's current location. The facility will continue to function out of Watson Island providing an additional viewing activity for visitors. * The helicopter terminal also will be relocated but kept as part of the project. It will occur directly north of the Chalks terminal. * The Miami Outboard Club will be kept in its current location. * The Miami Yacht Club will be given a new site next to the Miami Outboard Club. * A new Watson Island Yacht Club will be built on the south side marina directly west of the proposed hotel. * The historic Brown house will be restored to serve as the dockmaster's offices. -3- * The existing Japanese Garden will be improved and kept at its current location. Vehicular Circulation The intent of the vehicular network plan is twofold: To provide an uninterrupted flow of traffic along I-395 to and from Miami Beach, and to provide an internal circulation system which allows as much access to and view of the bay as possible. Accordingly, access to the proposed development on the island is via a split diamond type overpass intersection system, resulting in two vehicular bridges at each end of the island. This also will allow traffic to be taken -in early on and distributed quickly into parking areas. It also provides easy identification of departure points, as Miami Beach users would leave from their point of arrival and Miami users would do the same. A bayfront drive around the perimeter of the island will then distribute traffic to various open and covered parking areas while allowing views of the water and marinas. This drive will be lushly land- scaped to provide a shaded environment. Unlike Brickell or Collins Avenue, it does not occur behind major buildings, there- fore allowing the public to have direct contact with the water- front condition as well as providing the drop-off and unloading point to the piers, an important functional requirement of marina users. Parking Parking is provided in well -landscaped open parking areas as well as in covered parking areas under the hotel and exhibition hall decks. (These spaces need to be elevated in order to comply with Federal Flood Criteria regulations -- +13 feet MSL, which automaticallyprovide covered parking decks.) There will be parking for approximately 3,000 cars with an addi- tional 1,500 spaces planned for upon approval of the appropriate governmental authorities. All parking is entered from the perimeter bayfront x"w drive. None is accessed directly from I-395. Pedestrian Circulation A 25 foot -wide pedestrian waterfront walkway is provided along the perimeter of the island. This walkway will be land- scaped with shade trees and will provide substantial seating areas for users to enjoy viewing the cruise ships at the Port of Miami, Chalks Airlines activities, and the marinas that surround the island-. In addition, there will be sculpture by artists from North and South America lining this walkway, making it a truly cultural experience. There are two circulation organizers within the island. A waterway system begins at the lobby of the hotel, crosses through the tropical garden on the hotel deck, waterfalls to the parking area, meanders through the landscaped parking areas, and then penetrates the exhibition hall to die in a lake/fountain at its center. A pedestrian walkway runs adjacent to this waterway providing relief from the heat of the parking areas as well as orientation and direction towards the hotel and exhibition hall. There will be sculptures lining the walkways and waterways. The other pedestrian walkway occurs within a formal linear garden. This garden crosses the island at its widest point and connects the two restaurants. It is 50 feet wide and is subdivided into a series of garden "rooms". Each "room" is different than the next one. Rooms vary from topiary to jungle to orange grove to grass lawn to reflecting pond to water foun- tains to flower beds. These "rooms" also contain sculpture which adds to the uniqueness of the experience. . The two pedestrian systems cross 1-395 by means of high bridges which provide overlooks of the entire development. 05-023-230/2* A, Of 1* VIM odmum MWATM WSTER RM r i 'fir MAN IAA11MM EXPOSMON M W~ MYY .. wam •r.r"M in A•I,X•tIC/0R•CA PaIM AN)NO CO"WAlldl ..»... «.r.>r.. .« .mow ..., WW1 A;SOKIAt�f, •IC. ------------- illy! � •MV�.f ICIn� II..Yr..yCwMr •i- y� ,0 V r LK STRAVA MASTER KM / y, QD .r' ``` � , �� • � - r— � - ` �`: ! +{ti�'_ ` lit lop A IL do of -No ..♦I.Wf�.+•+ _ �( '� • Y"i �.f' . f ; r• , *' .4.y1Of /w..Irin 4/1..1. 1 ._�`� Fyn - . • �,M t;1 ,' .. � +� - ,�� � �� � i►'T sir' . t 'v • �,s•' )5,�„�,.,�..ru► . • n ARQIAtt_=A WVIW"TMM CORRMATCH SAS+W ASSOCNiIS,MG •«a...a.... ' ARCHITECTURAL DESCRIPTION The proposed master plan for the development of Watson Island is a result of the, natural site qualities evident in this unique piece of land in the middle of Biscayne Say. The site is a parallelogram -shaped island bisected by a major highway (I-395) which connects the City of Miami with the City of Miami Beach. It faces the Venetian Causeway and north Biscayne Bay to the north, the Port of Miami to the south, and the turning basin and downtown Miami to the southwest. The Project The Project subject, of course, to the approval of cer- tain governmental authorities, consists of six interrelated, uses: A. The Marina The marina to be built in phases, as permitted. The first phase shall contain 299 slips. There will be subsequent expansion up to a total of approximately 1,000 slips (including the initial 299). The marina will be built on both sides of the N� island. The southwest portion will be designed to accommodate large yachts of up to 200 feet in length, taking advantage of the fact that there is no bridge intersecting passage through Government Cut. The north and northeast marinas will be for smaller craft up to 45 feet. A curvilinear marina is proposed for the central point for dispfays of large craft by the various boat manufacturers. A water taxi terminal also is planned, where launches could transport hotel guests and visitors to and from the island and to nearby beaches and to the shops, restaurants and other attractions at the Bayside center the City is now developing with private enterprise near Miamarina: The proposed marina design is subject to boundary modifications upon receipt of final survey information. B. Marina Support Facilities. (i) A marine exhibition hall to serve as a permanent marine products and boat show for the marine manufacturing industry.-". This exposition hall would include booths and exhibit areas for sailboats and motor boats as well as boat -related accessories, such as motors, fishing equipment, naval interior design, naval architecture, boat accessories, yachting clothing, scuba equipment, water skiing equipment, windsurfing equipment, fighting chairs, and other marine related equipment and gear. Lxrenthol & Homvath CertdW Public Acuiumtanta I re Mr. John R. Meyer President First Miami Development Co. 1 S.E. 15th Road Miami, Florida Dear John: 201 Alhatnbn Circle Coral Gables, FL 33134 (305) 412-2000 Telex 26022 February 25, 1985 It was a pleasure to meet with you again and discuss your proposed development plan for Watson Island. As we discussed, the concept you've defined is one that appears to be viable and exciting. The idea behind a single -purpose merchandise mart that is boating -oriented is one that has been successfully tested by both the furniture and apparel industries in cities throughout the U.S. With both Hotel, marina and retail uses complimenting the mart, the potential appears strong. We look forward to becoming a member of your team and working with you on this exciting project. MCB/lrh ,e Bea per onal regards, M. Chase Burritt Manager Leisure Time Industries A number of Ha wash & Horwath Inwmational with affiliated offices worldwide. EXHIBIT C LAVENTHAL i HORVATH LETTER WEST EIEVAIM Ni•. ter. ...�4r� �h�iX� y'��i �i:'^ ':'r5��* ljR;n,,. ... . EAST EIEVATION SECTON A -A SECTION 8.8 AL L 1 _ it _1 mm K#~ " rs.�wara rr+� ta+Na.�1aa aw I A*QUMCTOW,4 NItMM110" COIPMAt10N .UMMMWMrM. �Y.1 {.YIIMW SASM ASSOMI f` W— �. ��wIt1E W11R..f W�MA. W FA W11�1 N� Mit MW 8XRISIT 8 HARD CASTS n 'r► Haf'!'tS011 ��` Gorier. scar Nlxrurr. 27 FEBRUARY 1985 WATSON ISLAND PRELIMINARY CONCEPTUAL ESTIMATE 1. amb....................... ........0... ........$17,750,000.00 2. MARINAS AND FUELING FACILITIES ............ ....... S15,750,000.00 3. PEDESTRIAN DECK ................ ...... ........... .S 6,500,000.00 4. FABRIC STRUCTURES................................$17,075,000.00 5. GRADE LEVEL PARKING / DRAINAGE ............ .... ....$ 1,925,000.00 6. RETAIL STORES ... ............... .......... ........ $ 3#430,000.00 7. RESTAURANTS . ... ................ ......... ....... ..$ 1p300,000.0O 8. SCULPTURE GARDEN (ALLOWANCE) .....................$ 2,000,000.00 9. VEHICULAR BRIDGES G APPROACHES ...................$ 2,450,000.00 10a. ASPHALT ROADWAYS i APRONS ........................$ 1,755,000.00 10b. OVERALL SITEWORK/DEMOLITION/RELOCATION OF SEAPLANE BASE/NEW AND RELOCATED UTILITIES ........$12,000,000.00 11. INTERNATIONAL BOARDWALK ..........................$ 2#080*000.00 12. CULTURAL ACTIVITIES ..............................$ 1,742,000.00 13. WATER FEATURE AND SCULPTURE ......................S 1,500,000.00 14. WATER TAXI BASE ..................................$ 400,000.00 1S&. SUBTOTAL.........................................$87,657,000.00 M. CONTINGENCY (12.S%)..............................$11,000,000.00 16. LANDSCAPE AND IRRIGATION.........................$10,000,000.00 17. GRAND TOTAL.....................................$108,657,000.00Ajj PREPARED BY: W.A. JACKSON, III / JOHN Co HARRISON, JR. SUBMITTED TO: ARQUITECTONICA DATE SUBMITTED: 2/27/85 2600 Douglas Road. Suite 1104. Coral Gables. Florida 33134 303 443-4333 Hanism 27 FLBRUARY 199S WATSON ISLAND .PRELIMINARY CONCEPTUAL ESTIMATE 1. HOTEL...........................................$17,750,000.00 2. MARINAS AND FUELING FACILITIES...................$15,750,000.00 3. PEDESTRIAN DECK ..................................$ 6,500,000.00 4. FABRIC STRUCTURES................................$17,075,000.00 5. GRADE LEVEL PARKING / DRAINAGE ....................$ 1,925,000.00 6. RETAIL STORES ............... ........ ...... .......$ 3,430,000.00 7. RESTAURANTS ........ ................. ......... ....$ 1,300,000.00 S. SCULPTURE GARDEN (ALLOWANCE) .....................$ 2,000,000.00 9. VEHICULAR BRIDGES & APPROACHES ...................$ 2,450,000.00 10a. ASPHALT ROADWAYS & APRONS ........................S 1,75S,000.00 10b. OVERALL SITEWORK/DEMOLITION/RELOCATION OF SEAPLANE BASE/NEW AND RELOCATED UTILITIES ........$12,000,000.00 11. INTERNATIONAL BOARDWALK ................... ....... $ 2,080,000.00 12. CULTURAL ACTIVITIES ..............................$ 1,742,000.00 13. WATER FEATURE AND SCULPTURE ......................$ 1,500,000.00 14. WATER TAXI BASE ..................................$ 400,000.00 15a. SUBTOTAL ........... ..... ................... ...... $87,657,000.00 15b. CONTINGENCY (12.S%)..............................$11,000,000.00 16. LANDSCAPE AND IRRIGATION ............. ..... .......$10,000,000.00 17. GRAND TOTAL ....... ........................ ..... .$108,657,000.00�� J PREPARED BY: W.A. JACKSON, III / JOHN C. HARRISON, JR. SUBMITTED TO: ARQUITECTONICA DATE SUBMITTED: 2/27/85 2600 Douglas Road. Suite 1104. Coral Gables. Florida 33134 305 443.4333 Financial -Feasibility Revenue and Operating Expenses Summary Economics 10 Year Protection S MM - Net Operating Income Hotel Marine Retail Exposition 1 5.00 1.96 1.69 2.81 2 5.20 2.04 1.76 2.92 3 5.41 2.12 1.83 3.04 4 5.62 2.20 1.90 3.16 5 5.85 2.29 1.98 3.29 6 6.08 2.38 2.06 3.42 7 6.33 2.48 2.14 3.56 8 6.58 2.58 2.22 3.70 9 6.84 2.68 2.31 3.85 10 7.12 2.79 2.41 4.00 Note: Year 1 is first year of full operations. Southeast Bank, N.R. February 26, 1985 John E. Gilchrist Office of Miami City Manager 3500 Pan American Drive Miami, Florida 33133 Re: Watson Island Development Dear Mr. Gilchrist: 'this letter is written at the request of Mr. John K. Meyer who is one of our valued customers. Mr. Meyer has been well and favorably known at Southeast Bank for a number of years. He has been responsible for borrowing relationships in seven figures and has always handled them properly. He currently maintains accounts with balances in six figures. These relationships are handled to the Bank's satisfaction. Wye are satisfied to recommend Mr. Meyer to you without reservation. We are certain he will not make any commitments which he cannot fulfill as agreed. If you need additional information please contact me. sincerely, Albert C. Little Vice President Private Banking ACL,/sr One Southeast Financial Center, Miami, Florida 33131 EXHIBIT G LETTER RE JOHN MEYER RAIGSNIP WKWAL G MK - - 777 Snekeli Avenue. Miami. Florida 33131 OF MIAMI February 27, 1985 John E. Gilchrist Contract Director Office of Miami City Manager 3500 Pan American Drive Miami, Florida 33133 Dear Mr. Gilchrist: This letter is written to inform you that Mr. John Meyer banks with Flagship National Bank of Miami both personally and through his business, First Miami Development Co. At the present time, total average balances of deposit accounts are in the moderate six figure range. This Bank has approv- ed lines of credit both to the company and personally, se- cured and unsecured. In the past, Flagship has extended credit in excess of eight million dollars to a real estate partnership, of which Mr. Meyer was a General Partner. This Bank has known Mr. Meyer for several years and thinks highly of his capabilities as a businessman and also in the Real Estate field. Additionally, his character and credit worthiness pass our most stringent requirements. I hope this letter provides sufficient reference for any of your possible needs. I can be contacted at (305) 577-5172 if any additional information is required. Sincerely yours, A�6' H. Monty Wei el Vice -President and Senior Commercial Banking Officer HMW/l.sd /r%� EXHIBIT H FINANCIAL STATEMENT OF PROPOSER Assets: balance Sheet Miami Marine Exposition, Inc. 1►s of February 28, 1985 Cash $500000.00 Deposit with City of Miami $501000.00 t100.000.00 Liabilities: None Net Worth: ' $100,000.00 Total Liabilities and Net worth S100,000.00 EXHIBIT I CERTAIN ADDITIONAL DOCDNENTS T WATSON ISLAND DEVELOPMENT REVIEW COMMITTEE FINAL REPORT TO THE CITY MANAGER March, 1986 m O Ti ri�V BE 11C F ICJ t I f February 26, 1986 Mr. Cesar H. Odio City Manager City of Miami P.O. Box 330708 Miami, FL. 33133 Dear Mr. Odio: A Request for Proposals for a Unified Development Project (UDP) for Watson Island Development was issued by the City of Miami for the development of cultural, recreational and entertainment facilities on the approximately 68-acre, City -owned land parcel. While the UDP process for Watson Island Development anticipated several proposal submissions in response to the Request for Proposals, the City received one proposal from Miami Marine Exposition, Inc. on February 28, 1985. The project concept of the Miami Marine Exposition, Inc. proposal_ includes *six -component uses chat comprise the marine -oriented proposed development. Proposed uses include a 500,000 sq.ft. marine products exposition hall; an initial 299-slip marina with subsequent expansion to 1,000 slips pending permit approval; 70,000 sq.ft. of specialty retail 'space plus two restaurants ac approximately 10,000 sq.ft. each; an initial 300-room hotel with a proposed expansion to 500-rooms; and over twenty acres of cultural showpieces and art objects displayed along a 25-foot wide boardwalk surrounding the entire island. The fifteen -member Review Committee appointed by the City Commission convened a total of four times and concluded its evaluation of the proposal on May 8, 1985.' The enclosed Final Report presents a summary of the' Committee's• deliberations and conclusions. In carrying out its responsibilities in .accordance with Section 53(c) of the City Cha,rcer and Code, the Review Committee evaluated the Miami Marine Exposition, Inc. proposal based on the evaluation criteria specified' in the Request for Proposals. Afcar extended analysis and discussion, the Review Committee voted unanimously to recommend that the Miami Marine Exposition, Inc., proposal be selected by the City Commission to continue r Mr. Cesar H. Odio February 26, 1986 Page Two through the Unified Development process. The Review Committee recommends the selection of the Xiami Marina Exposition, Inc. proposal contingent upon the proposer's ability to provide adeQw"e/ pro act financing. S i c url y , Ra p A. auchsz, Chairman W tsou Island Davelopment Review Committee i! 1 1 I 1 Ll u U Watson Island Development Members of the Review Committee Members of the Public: Ralph Sanchez, Chairman Carlos J. Arboleya W. Theodore Etzel, Jr. William D. Parkhurst Dan Paul Clyde Pettaway Richard G. Taylor Vijay Varki City Roger M. Carlton Donald W. Cather Annette DeLara Roy F. Kenzie Carl E. Kern Adrienne Macbeth Alfredo Rodriguez Miami Motorsports, Inc. Barnett Bank of Miami Bailey & Casey, Inc. Ensign Financial Corp. Paul & Burt James E. Scott Community Association Richard Taylor Law Offices IntrAmerica Investments, Inc. Off -Street Parking Department Public Works Department Finance Department Downtown Development Authority Parks and Recreation Department City Manager's Office Office of Marinas I Watson Island Development Members of the Review Committee Members of the Public: Ralph Sanchez, Chairman Carlos J. Arboleya W. Theodore Etzel, Jr. William D. Parkhurst Dan Paul Clyde Pettaway Richard G. Taylor Vijay Varki City Roger M. Carlton Donald W. Cather Annette DeLara Roy F . Kenzie Carl E. Kern Adrienne Macbeth Alfredo Rodriguez 11 Miami Motorsports, Inc. Barnett Bank of Miami Bailey & Casey, Inc. Ensign Financial Corp. Paul & Burt James E. Scott Community Association Richard Taylor Law Offices IntrAmerica Investments, Inc. Off -Street Parking Department Public Works Department Finance Department Downtown Development Authority Parks and Recreation Department City Manager's Office Office of Marinas ._.IN TABLE OF CONTENTS Page SUMMARY............................................... 2 PROCEEDINGS........................................... 3 EVALUATION METHODOLOGY ................................ 6 VOTING 6 PROCESS AND RESULTS ............................ DISCUSSION............................................. 7 Experience of the Development Team ............... 7 Overall Project Design ........................... 9 Finarcial Capability, Level of Financial Commitment ........................... 13 Financial Return to the City ..................... 15 Extent of Minority Participation ................. 17 APPENDIX A �J I U Summary Transcripts of Review Committee Meetings ............................. A-1 Public Testimony ................................. A-2 Staff Reports .................................... A-3 Review Committee Ballots ......................... A-4 I SUMMARY On January 19, 1984, by Resolution 84-529 the City Commission authorized the issuance of a Request for Proposals (RFP) for a Unified Development Project (UDP) for the development of cultural, recreational and entertainment facilities to be located on Watson Island, an approximately 68-acre, City -owned land parcel. By Resolution 85-345, adopted on March 28, 1985, the City Commission appointed fifteen members to a Review Committee to evaluate one proposal received in response to the RFP and to render a written report of its findings including negotiating considerations to the City Manager, as required by Section 53(e) of the City Charter and Code for Unified Development projects. While the UDP process for Watson Island Development anticipated several proposal submissions in response to the RFP, one proposal was submitted on February 28, 1985, the published date of receipt for proposals, by Miami Marine Exposition, Inc. In accordance with Section 53(c) of the City Charter and Code, the Committee evaluated the proposal based on the criteria specified in the RFP. Since the Committee's responsibilities entailed evaluating only one proposal, a recommendation would be formulated as to whether to proceed or not to proceed with the project. A final report would be prepared by the Chairman with staff assistance. The report would then be distributed to the Committee for modifications and approval. 2 The Review Committee unanimously voted to recommend to the City Manager that the proposal submitted by Miami Marine Exposition, Inc. be selected by the City Commission to continue through the Unified Development Project process. The contents of this Final Report include background information about the Review Committee, its proceedings, deliberations, and comments to be considered by the proposer as a part of the negotiations for a lease agreement that would be executed between Miami Marine Exposition, Inc, and the City of Miami. PROCEEDINGS Throughout the proceedings, the Committee observed requirements as set forth in the "Government in the Sunshine" Law and "Public Records" Act. A 10-day rule for public notice of scheduled meeting dates was observed. All meetings were duly recorded. Summary transcripts of the meetings are included in the Appendix, refer to A-1. The Review Committee held a total of four meetings. The meeting, held on March 14, 1985, concerned procedural matters. The Committee instructed staff to solicit comments from appropriate professionals to assist in its evaluation. Specifically, the Committee requested that the certified public accounting firm selected by the Commission, Touche Ross & Co. with the participation of W.B. Koon & Co. and Sanson, Kline, Jacomino & Co., present its findings at a subsequent meeting and that an 3 I P 110 independent traffic impact assessment of the proposed development be prepared. The second meeting was held on April 23, 1985, to hear a * presentation by Miami Marine Exposition, Inc. On April 24, 1985, the Review Committee convened for a third time is to conclude the presentation made by Miami Marine Exposition, * Inc. and to allow questioning of the proposer. In addition, the certified public accounting firm of Touche Ross & Co. presented t its preliminary evaluation of the proposal under review, as requested by the Committee. The opportunity was made available for the Committee to question Touche Ross & Co. regarding its preliminary findings and for the proposer to clarify information analyzed by Touche Ross & Co. A substantial amount of time was allocated at this third meeting for the Committee to hear public testimony. The following individuals made statements "for the public record" endorsing the proposed development while expressing their respective concerns. 1. Randall Benston, Friends of the Japanese Gardens; Asian American Chamber of Commerce; Asian American Federation r of Florida 2. Pat Peters, Miami Yacht Club 3. Tom Trump, Miami Yacht Club 4. Albert Velicky, Marine Council 5., William TerKeurst, Tropical Airways; Dade Helicopter Service Verbatim transcripts of the public testimonies are included in the meeting minutes, refer to Appendix, A-1. 4 Written statements distributed to the Committee by the above - mentioned individuals are included in the Appendix, refer to A-2. The Committee then requested the City Planning Department to review the proposal and report to the Committee at its next scheduled meeting date. Members of the Committee were instructed by the Law Department to submit in writing any remaining questions for response and/or clarification by the proposer prior to the next meeting. The fourth and final meeting of the Review Committee was held on May 8, 1985. Presentations were made by representatives of Wilbur Smith & Associates, traffic consultants to the City; the Planning Department; and the Parks and Recreation Department. Major issues raised and concerns expressed are incorporated in this report and included in the Appendix, refer to A-3. The opportunity was made available to all members of the committee to further question staff and the proposer. Additional public testimony was heard. Time was allocated for the proposer to further clarify any aspect of the proposal submitted and Ipresent concluding remarks. The remainder of the meeting was dedicated to the Committee formulating its recommendation by a vote of its members. 5 EVALUATION METHODOLOGY The City of Miami Charter and Code, Section 53(c), Unified Development Projects (UDP), requires the Review Committee to "evaluate each proposal based only on the evaluation criteria applicable to said Review Committee contained in the Request for Proposals." The applicable criteria and percentage weighting as issued in the RFP were as follows: 1. Experience of the development team, including specific experience on similar projects 20% 2. Overall project design 20% 3. Financial capability, level of financial commitment 30% 4. Financial return to the City 20% 5. Extent of minority participation (Latin Black) 10% In lieu of determining a project rank order based on the criteria and assigned percentage weights, the Committee determined that its responsibilities would entail formulating a recommendation as to whether or not to proceed with the one proposal under review. The evaluation criteria specified in the RFP was considered by each Committee member prior to the voting process. VOTING PROCESS AND RESULTS The Review Committee voted unanimously, 12-0, to recommend to the City Manager that the proposal submitted by Miami Marine Exposition, Inc. be selected by the City Commission and move forward through the Unified Development process. Committee member's ballots are included in the Appendix, refer to A-4. 0' Ir i IF In'.] �s r . U. Ll A A P. A As each member of the Committee cast their respective vote in favor of the project, the opportunity was made available to each to state any concerns and negotiating suggestions for incorporation in its report. DISCUSSION The following, organized by the evaluation criteria issued in the Request for Proposals, summarizes the Committee's reasoning substantiating its recommendation for acceptance of the Miami Marine Marine Exhibition, Inc. proposal. Comments and concerns specifically expressed when the final votes were tabulated are incorporated. It should be noted that the comments included in each subsection below do not reflect Committee action by a vote of its members, but are offered as topics for further. study during the final planning and design stages and for further discussion during contract negotiations. Refer to Appendix, A-1, Synopsis of May 8, 1985, Committee Meeting Minutes for statements made by each Committee member. Experience of the Develo ment Team Including_ S ecific Experience on im ar Projects. (2076) The Proposer was felt to have assembled a qualified and impressive development team. The team includes individuals with established track records in all phases of real estate development, planning, design, construction, development financing, and minority procurement. r, 7 r I r I i I I Ll A 4 A R A The proposer, Miami Marine Exposition, Inc., is a newly formed Florida corporation headed by John K. Meyer, President of First Miami Development Co., and Bernardo Fort -Brescia, President of Arquitectonica. First Miami Development Co. has developed and participated in projects throughout Florida that include office, office park, residential, commercial, industrial, and resort development. Arquitectonica is an internationally recognized Miami -based architecture and planning firm with design experience in hotels, shopping centers, offices, residential, institutional and government buildings. The development team includes Sasaki Associates with expertise in landscape architecture, marine, civil and environmental engineering and M.R. Harrison Co., with fifty years of construction experience on a wide range of project types that include visitor attractions, retail, restaurants, and marinas. David Plummer & Associates, Inc. is included on the team to provide traffic planning services. Market analysts and feasibility consultants to the development team include the accounting firm of Laventhol and Horwath. Broad and Cassel; Sparber, Shevin, Shapo & Heilbronner; and Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel are co -general counsel to Miami Marine Exposition, Inc. The project concept includes six component uses that comprise the marine -oriented proposed development. The proposed uses for the marine theme park include a marine exposition hall, a marina, r 8 boating -oriented retail spaces, a hotel, a cultural boardwalk, and additional tourist -oriented attractions. The development team has demonstrated experience in the planning, design and construction of all component uses. As stated in the proposal, operators for the marina and hotel components were not included as part of the development team, but would be added at a later date. The Committee noted that supporting letters of interest from potential operators of the major components would have been desirable as supporting documentation. Overall Project Design. (20%) The Committee found that the proposal submitted by Miami Marine Exposition, Inc. fulfilled the project development objective, as stated in the RFP. The RFP sought an integrated development package of cultural and entertainment facilities; restaurant and retail facilities; attractions; recreational facilities; marinas and marinas.support facilities; parking; open spaces; access and service roads; infrastructure improvements; recognition of view corridors; and a set -aside for "art -in -public places." The proposed plan for the development of Watson Island encompasses six component uses comprising a water -oriented park indigenous to South Florida. A 500,000 sq.ft. tensile sstructure is proposed to serve as a permanent marine exposition for boat and marine products. The sculptural tensile structure will be P9 p } translucent providing a soft, flowing appearance, taking CL advantageous of prevailing southeast breezes and natural light. .z A marina is proposed to be built in two phases, the first phase containing 299 slips with subsequent expansion to approximately 1 000 sli s *%A4 r 4- 1 A t f , pe i g pe mi approva wa er ront taxi terminal is also planned to transport visitors and hotel guests to and from the island to other nearby attractions. IThe proposal includes a specialty retail complex containing approximately 70,000 sq.ft. of shops oriented toward marine products and convenience services. Two restaurants, approximately 10,000 sq.ft. each, are proposed that include interior and outdoor covered terrace dining with panoramic views of each side of the island, the marina, the Port of Miami and �r Downtown Miami. i A marina convention -type ype hotel is proposed for the southeastern portion of the island. The hotel will contain 300 rooms with a proposed expansion to 500 rooms. The 450,000 sq.ft. hotel will contain an outdoor cafe . , a pool, a tropical garden, tennis courts, a ballroom and meeting rooms. Syr x. Cultural facilities proposed include over 20 acres of cultural showpieces and art objects displayed along a 25-foot wide boardwalk surrounding the entire island. This landscaped, shaded �.. pedestrian walkway will provide rest areas for waterfront viewing of all surrounding activities, including the cruise shops at the ., Port of Miami and Chalks Airlines seaplanes. A p second pedestrian 9 10 I I 50-foot wide walkway is proposed to connect the two restaurants, the Sculpture is crossing island at its widest point. also combined within this system. The two pedestrian circulation systems cross I-395 by high bridges serving as scenic overlooks. Vehicular circulation is accomplished by a split diamond type overpass intersection system with two vehicular bridges at each end of the island for access. An internal vehicular circulation Isystem for distribution of traffic and viewing is planned as a Sayf rout drive around the perimeter of the island. Parking for an initial 3,000 cars is proposed with an additional 1,500 spaces planned. Parking is provided in landscaped open parking areas and in covered parking areas under the hotel and exhibition hall decks. Miami Marine Exposition, Inc. proposes a 48-month development schedule for the Marine Exposition Center at Watson Island. The Committee unanimously endorsed the master plan and functional components of the proposal as being both appropriate and complimentary to Watson Island while recognizing that the plan is i; conceptual in nature. Overall ro'ect design project 6 suggestions were made by the Committee, incorporating requested staff input, as further refinements/modifications to the project concept. Committee comments are summarized as follows: Use 3f..FPK;.AA• '' - Encourage and create elements for active public usage of the island for the non -boating community, i.e. picnicking and fishing areas on the east side of the island. I - Consider the feasibility of including public park space. - Consider the feasibility of incorporating the Maritime Museum. Include in the lease agreement a provision enabling the City and the Developer to introduce additionally uses in the coming years, compatible with the master plan. Treatment of Existing Facilities - Consider the feasibility and desirability of consolidating the Miami Yacht Club and the Miami Outboard Club into one building, a side -by -side site location, or common shared facilities, with due consideration given to respective needs and requirements. - Provide for the protection, further development, and maintenance of the Japanese Gardens as an important community asset. - Restore the historic Brown House cooperatively with the efforts underway by Dade Heritage Trust. - Assess space requirements for club boat storage, mainte- nance and service areas of helicopter and seaplane services for the most appropriate use of valuable land, with due consideration given to respective needs and requirements. - Evaluate compatibility of helicopter pad site location and proposed adjacent development. Provide adequate green space (unpaved) for helicopter services. View Corridors - Endorse the construction of the tensile structure as an exemplary architectural statement building for Miami's waterfront. - Consider redesigning the hotel to preserve the view corridor from the Causeway and within Watson Island. - Evaluate the impact of the pedestrian/vehicular overpasses on the view from the Causeway to the Port. - Evaluate the impact of the hotel structure along the large yacht marina on the scenic vehicular perimeter drive views. F F12 :y y A� �,-fhb✓ }3 Y�U'1 Circulation - Assess the adequacy of the 300-feet entering ramp for preventing vehicle queuing onto the Causeway during peak periods. - Consider providing two lanes on the off -ramps so turns may me made both right and left without interruption. - Reduce the number of T-intersections proposed by eliminating those at the northeastern and southwestern ends of the perimeter drive. - Consider the redesign of the proposed entrance and exit points from the Causeway. - Assess the perimeter road set -back distance from the water for use as passive gathering spaces at the water's edge. Parking/Transit - Investigate opportunities/desirability for public management of parking facilities and shared parking with existing downtown facilities. - Reduce amount of asphalt; recommend open, green parking areas; specifically consider devoting parking area adjacent to Chalk Airlines to green open space with the potential for spillover parking during peak periods. - Recommend a provision be included in the lease agreement for an easement for public transit. Financial Capability, Level of Financial Commitment. (20%) Miami Marine Exposition, Inc. is a Florida corporation newly formed for the express purpose of the development of Watson Island. While the new corporation has no demonstrated development history, its principals' have been engaged in real estate projects for over five years. The financial statement submitted shows the newly formed corporation to be capitalized at $100,000. Letters from Southeast Bank N.A. and Flagship National Bank of Miami indicate a good banking relationship 13 L� I and a history of obtaining financing. Although the stockholders did not disclose their personal financial statements, the Committee was advised that a $500,000 line of credit had been made available for purposes of funding pre - Idevelopment expenses. The successful development of the Miami Marine Exposition Center is contingent upon the proposers ability to raise adequate equity and debt funds for project financing. In the absence of obtaining a commitment from the proposer, the financial analysis and assumption contained in the proposal should be viewed as tentative. The actual financing strategy may be altered due to changes in the financial markets and the availability of new funding sources. • The developer submitted to the Committee financial analysis that demonstrated the viability of the project assuming a 22% equity commitment, approximately $28 million. The City intends to provide no !!k direct funding to the project. However, the City may exercise its authority to issue tax-exempt revenue bonds in an amount not to exceed $35 million provided the developer assumes responsibility for revenue bond debt service and provide guarantees satisfactory to bond underwriters. At the time of the Review Committee meetings, the proposed financing strategy was not finalized and made available. The following summarizes the Committee's comments regarding the financial capability and the level of financial commitment towards Watson Island by Miami Marine Exposition, Inc. !►" 14 I r� - Recommend full disclosure by the proposer of its financing strategy - Recommend the City Commission's selection of the proposal be contingent upon the proposer's ability to provide adequate project financing. Financial Return to the City. (30%) The financial return to the City is based on a proposed minimum 40-year lease term. The minimum guarantee to the City is $100,000 annually for the first year, escalating annually by the lesser of 5% or the increase in the Consumer Price Index. The proposal offers the City 2% of gross revenues or the minimum guarantee, whichever is greater: The projected return to the City calculated for the first ten years of full operation for Phases I and II, based on these formulas, is as 4 follows: W., R F F F Year 1 3 4 5 7 8 10 Financial Return to the City Minimum 2% Share of Guarantee Gross Revenues $ 100,000 104,000 108,160 112,486 116,986 121,665 126,532 131,593 136,857 142,331 Total $1,200,610 $ 4809020 591,980 670,960 744,400 884,660 1,007,100 112429840 1,3339180 1,433,920 1,531,060 $9,920,120 Assumptions: CPI increase of 4% per annum. Gross revenues equal $24,001,000 for year two of operations. 15 I Projections based on a minimum 40-year lease term estimate the tminimum guaranteed return to the City to be a total of $9.98 million or as great as $147.5 million, calculating a 2% share of estimated gross revenues. In addition to the direct financial return received by the City, other economic and fiscal benefits derived from Phases I and II of the proposed development include: the creation of approximately 1,240 man-years of labor during the construction phases and approximately 1,021 permanent jobs provided by the ongoing operations of all components; creation of a new marine products industry base; a projected 1.1 million person annual visitation generated by the proposed uses; the generation of state sales tax revenues at a rate of $3.5 million per annum by 1991 and escalating to $3.9 million per annum by 1995 (1985 dollars); a contribution to t'art-in-public-places".amounting to $1.6 million; and the $108 million capital investment made by i the developer to City -owned property. The concerns expressed by the Committee are summarized as follows: - Evaluate the 2% of gross revenues offered to the City in terms of a fair return based on the value of the land. - As a negotiating consideration, determine the City's percentage share of gross revenues by each of the six component uses. or F 1 16 H 1 I I r I I I - Provide a mechanism in the final lease agreement for periodic evaluations to be conducted concerning the method for calculating financial return to the City, allowing the flexibility for readjustments to be made. Extent of Minority Participa. tioon. (10%) Miami Marine Exposition, Inc. has proposed a minority participation plan designed to provide opportunities for minority -owned businesses to participate in the development, leasing, ownership, and operation of the proposed Watson Island development. The plan meets, and in some instances, exceeds requirements set forth in City of Miami Minority Procurement Program Ordinance No. 9775. The composition of the eleven -member development team assembled by Miami Marine Exposition, Inc. includes four minority members, 36% of the team. Fifteen percent of the current equity in the development is available for minority investors and purchase by organizations that expand minority businesses. Al minority equity is to be available to blacks and latins on a 50/50 basis. A minority capital fund of $3-7 million is proposed for bond guarantees, loan guarantees and equity for minority businesses that would operate on the island. The proposed minority plan estimates 30-40% of construction contracts to be awarded to minority firms; 50% of retail spaces leased by minority -owned businesses, and up to 25% of marine exhibition spaces going to minority business enterprises. 1 17 The proposal provides opportunities for minorities to fill over 50% of the more than 1000 permanent job openings as well as 50% of the 1200 construction jobs to be created during that phases of the project. Miami Marine Exposition's proposal includes a program for creation of minority -owned businesses and onsite training for selected employees referred by organizations serving the needs of minority business enterprises. The development team emphasized its commitment to work with existing agencies and organizations to reach its minority participation goals.: The following suggestions were made by the Committee: Ensure that minority participation goals established, including level of minority equity participation, level of minority employment, and level of minority business ownershiD are met. Encourage the development team to involve alI existing organizations serving the needs of minority business in its efforts. 18 APPENDIX APPENDIX I I 11 on . . . . . ..... I i Synopsis of Watson Island Review Committee Meeting Tuesday, April 23, 1985 I. Meeting called to order, 9:20 am. Committee Members Present: (12) Ralph Sanchez, Chairman Theodore W. Etzel, Jr. William Parkhurst Dan Paul Clyde Pettaway George Varki Roger M. Carlton Annette DeLara Roy F. Kenzie Carl E. Kern Adrienne Macbeth Alfredo Rodriguez Committee Members Absent: (3) Carlos J. Arboleya Richard G. Taylor Donald W. Cather (represented by John Jackson) Staff Present: John E. Gilchrist, Office of the City Manager Juanita Shearer, Office of the City Manager G. Miriam Maer, Law Dept. Jack Luft, Planning Dept. Joyce Meyers, Planning Dept. II. Overview of Unified Development Project Process by John E. Gilchrist III. Comments by G. Miriam Maer: - Reviewed proposal and supplemental materials submitted by Miami Marine Exposition, Inc.: Committee may proceed to consider proposal Source of Income Statement: must be completed by all members from private sector and returned to Ms. Maer I - County Shoreline Ordinance: does not exempt proposal P1 under review PS, a e I A a I 6� IV. Presentation by Miami Marine Exposition, Inc. as outlined in the attached. (Presentation not concluded, continued to the following meeting.) V. Motion to continue meeting and reconvene on Wednesday, April 24, 1985, at 9:00 am, moved by Dan Paul, seconded by William Parkhurst. Motion Passed: 12-0 Vt. Announcements/Actions - Resignation received from two committee members: Richard W. McEwen Sergio Rodriguez - Planning Department will function as staff to Committee in lieu of committee membership - Preliminary Financial Evaluation Report by Touche Ross & Co. distributed.to Committee Members - Letter from Miami Marine Council distributed to Committee Members VII. Meeting adjourned, approximately 1:00 pm. r MIAMI MARINF EXPOSITIONS, INC• WATSON ISLAND PRESENTATION CARDENAS INTRODUCTION AND BACKGROUND TEELE CITY OF MIAMI DEVELOPMENT OBJECTIVES MEYER 1. DEVELOPS TEAM EXPERIENCE Ii. THE PROPOSED PROJECT MEYER CONCEPT BOTNER LAND USE PLAN PLUMMER TRAFFIC STUDY FORT DESIGN COLLINS ADVERTISING MEYER COMMUNITY RELATIONS FINANCIAL, PLAN & FEASIBILITY WERLEY MARKET STUDIES MEYER FINANCING PLAN _ILL._.. _RETURN TO CITY +� MEYER PROPOSED LEASE TERMS. MEYER ECONOMIC IMPACT STUDY V. MINORITY PARTICIPATION PLAN HALL DEVELOPMENT OPERATIONS MEYER SUMMARY I& Synopsis of Watson Island Review Committee Meeting Wednesday, April 24, 1985 I. Meeting called to order, 9:25 am. Committee Members Present: (13) Ralph Sanchez, Chairman ` Theodore Etzel, Jr. William Parkhurst Dan Paul Clyde Pettaway Richard Taylor George Varki Roger M. Carlton Annette DeLara Roy F. Kenzie Carl E. Kern Adrienne Macbeth Alfredo Rodriguez e° IN Committee Members Absent: (2) Carlos Arboleya Donald Cather(represented by William Parkes) Staff Present: John Gilchrist, City Manager's Office Juanita Shearer,City Manager's Office G. Miriam Maer, Law Dept Jack Luft, Planning Dept. II. Status Report on Development Order Issue by Allan Gold, Esq., Legal Council to Miami Marine Exposition, (MME) Inc.: If MME is selected by City Commission for the development of Watson Island, then MME will seek an amendment to the Development Order working through the South Florida Regional Planning Council. Once amended Development Order is approved, it would supercede the existing Order. In the interim, the City will seek an extension of the existing Order that expires May, 1985 based upon said compromise. This compromise would allow a new review by the South Florida Regional Planning Council. III. Continuation and Conclusion of Presentation by Miami Marine Exposition, Inc. I } IV. Presentation by Cynthia Cohen, Touche Ross & Co., Preliminary Evaluation of Proposal for City of Miami: Evaluation based on established criteria as outlined in Report distributed to Committee. • Miami Marine Exposition, Inc. received 73 of a possible 100 points. V. Questions regarding Touche Ross Report: W. Parkhurst: Did Touche Ross & Co. do a sensitivity analysis on the projections? C. Cohen: It is outside the scope of services. The projections have not been validated 3 by Touche Ross C. Pettaway: Based on criteria evaluated, intangibles are not included, still come up with only 73 points? C. Cohen: Things like traffic impact, employment, etc., fall outside the scope of the two objectives being evaluated. Evaluation based on quantifiables, specifically asked to look at return to the City. D. Paul: On what basis did you evaluate the tax C. Cohen: revenue: Met with Finance Department and discussed how it would be assessed. D. Paul: Did you assume project was subject to real property taxes? C. Cohen: Yes. D. Paul: On what basis would the County Tax + Assessor assess this leasehold? Tax revenue would be an important benefit/return to the City. J. Gilchrist: Will try to find out. A. Teele: Question could be very misleading. Question is really, "does the Tax Assessor put this property on the tax roll?" and that is an independent question being 'A decided in the courts. It's a very - complicated legal question that authorities are split on. D. Paul: We would do what we did in the Bayside project, that the Developer agree to pay these taxes so the legal arguments are irrelevant. J. Gilchrist: RFP required that the Developer pay all taxes as determined by the highest court of jurisdiction. J. Meyer: If the RFP requires us to assume this responsibility, we will. Our operating plan for the project is to sub -lease component parts of the property so we would be passing on these taxes to the ,.. tenants. C. Kern: Did Touche Ross evaluate the return to the City offered by this project versus other leases with the City? a C. Cohen: We made no comparison with other project going on in the City. R. Carlton: If we have to make a decision as to recommending proceeding with this project, that this entity is capable and viable of doing a project of this magnitude, do you conclude that? C. Cohen: Our conclusion, has this developer -- demonstrated the capability to finance this project, the answer is no. Our conclusion, is this a viable financing strategy, the answer is yes. The corporate entity has not demonstrated their capability to finance this project. What•you have is a newly formed corporation with no history and $100,000. R. Carlton: Lets assume that the problems that exist for a new entity can be worked out. Is the financial return proposed sufficient to justify this committee recommending further negotiations with this proposal? C. Cohen: We were not asked to evaluate the financial return. It is very difficult when you only have one developer. You only can say here's what is being offered to the City through lease payments. 1 F A. Macbeth: Regarding financing capability of the team, your comments seem to be not that they aren't capable, but that they have not provided the kind of information needed to evaluate this. C. Cohen: We have the balance sheet provided showing the net worth. Given that, it is not demonstrating financial capability. J. Gilchrist: We are going to take more questions, but now we have some members of the public who must leave and desire to give testimony for the record. VI. Public Testimony - Letter from Wilbur Smith and Associates read into the record by John Gilchrist (attached). - Testimony by Randall Benston representing Friends of the Japanese Gardens, Asian American Chamber of Commerce and Asian American Federation of Florida: Wholeheartedly support this development, suggest that this Committee adopt this proposal. Pat Peters, Commodore of and representing Miami Yacht s Club: Presented history of the Club established in 1927 Not opposed to concept of this plan, indeed favor it and support it, but concerned because Miami Yacht Club does not appear on the site plan. The proposers have verbally assured us. We want assurance that Miami Yacht Club is included and can continue. We need more acreage for both dry and wet storage. Have between 400-450 members, but serve many more persons. - Tom Trump, immediate past -Commodore of and representing Miami Yacht Club. Distributed letter to Committee for the record. - Albert Velicky, President of and representing the Marine Council. Read letter for the record in support of the proposal (distributed to the Committee). I 1 11 William TerKeurst, Chairman of the Board of and representing Tropical Airways and Dade Helicopter Service. . In support of the proposal with certain provisions. Heliport location, as shown in the proposal, is unacceptable. Also, size of heliport shown (1 acre) is not adequate. We suggest location be moved to another. The lease should not be a sub -lease, should remain a tenant of the City. The replacement of facilities lost should be paid for by Developer. . We suggest this Committee approve the proposal with these variations. Questions: D. Paul: I can understand the need fora helipad, but, not a heliport. Why can't a heliport be on some other remote location? W. TerKeurst: It's impossible to operate helicopter without facilities, there are no other locations. R. Sanchez: How long is your lease and how long have you been there? W. TerKeurst: We've been on the island 12-13 years. We have a use agreement whereby we return services to the City for the lease. It is open-ended and there's a cancellation clause. A. Macbeth: What's the minimum amount of land required? W. TerKeurst: 5 acres. VII. Questions of the Developer and Team Meyer: (Clarifying some of the concerns expressed.) .J. - Want to emphasize intent to keep Miami Yacht Club, and that we support their programs. - Helicopter Service- I have great concern for taking up waterfront property for helicopter service. We do intend to keep helicopter service on the island. - Touche Ross & Co. Report: Neglected to state in proposal the $1.5 million set aside for Art -in -Public Places. We did intend to and we do intend to set aside funds. - Japanese Gardens: We have funds provided for reconstruction of Garden. I - Maintenance: We intend to fully assume responsibility for maintenance of landscaping of overall island, estimated at $350,000/year and it includes maintenance of Japanese Gardens. - Financial Disclosure: We preferred not to disclose our personal financial information, but provided letters of reference from banks demonstrating financial capability. T. Etzel: Equity is $38 million plus. What is source of these funds? the J. Meyer: We have not identified at this point in time the source of equity dollars. _ T. Etzel: There appears to be a 3-4 year period of deficit, how would you cover this? J. Meyer: It will be provided by a set -aside to debt reserved for the start-up phase the or a set -aside of the equity funds. D. Paul: Is there anything specifically allocated for the Miami Yacht Club facility? J. Meyer: My feeling is there should be, but we would have to sit down with the Yacht Club and work this out. W. Parkhurst: (1) What do you feel is the likelihood of getting the permits for the so -important docks? (2) If you can get the permits only for 299 slips, what would that do to your ability to carry out the project? (3) Do you think you can find a major hotel operator, could you attract major manufacturers, and retailers with a more narrow scope? J. Meyer: My feeling is that the project will still attract a major hotel operator. It's j dependent upon more than just the 1000 slips. With respect to the economics of 299 versus 1000 slips - it would be detrimental to the project, but not so severe as to jeopardize _r the overall viability of the project. r With respect to the likelihood of getting permits for 1000 slips, the Regional Planning Council is supportive. The question comes up with DER, again we understand we could satisfy requirements for demonstrating need. Environmentally, we can physically accommodate 1000 slips without infringing on any environmental concerns. C. Pettaway: Minority Participation (1) I notice no black company from Miami represented on your team. When you begin to talk about PIC doing the training, you are automatically eliminating the black community. OIC is dying. Your intent ;is well-founded, but I suggest you have a local person from this community join you to put together a program as it relates to blacks. (2) Is there a return to the City and can ' you carry the project out? J. Meyer: In terms of promises vs. performances, this development team has a strong commitment to minority participation. We have engaged a }�. person full-time for this effort. We are trying to do our best. a A. Macbeth: Are there any minority stockholders in MME? J. Meyer: At this time, there are only two stockholders, _ Mr. Fort and myself. As part of our plan, shares will be made available to minorities. A. Macbeth: What's the nature of the City's and County's contribution to the minority fund? •._ J. Meyer: We would set aside up to $3 million for those programs whether it is matched or not. One of the core elements is to use existing organizations. We want to utilize and 7; include organizations already set up. G. Varki: Do you hope to have a private security force _ to police the island? J. Meyer: Yes, a private force funded by MME. R. Kenzie: Is it the intent of the Committee to come to a conclusion today? In Bayside, we had the Final Financial Report in hand and I A would find it helpful. J. Gilchrist: My recollection of Bayside was that we had a Draft. The Touche Ross report is intended to be what the City Manager will receive. Y The City did not contract with Touche Ross for a marketing study. u �T. r x , �z F J. Meyer: Laventhol & Horwath did an extensive analysis. J. Gilchrist: The Manager may request additional work, marketing,to be done. VII. General Discussion/Actions Motion moved by Dan Paul to hold another meeting for members to discuss Adrienne Macbeth. project in more detail. Seconded by Discussion: G. Varki: Touche Ross scope should be increased. A. Macbeth: I think we should make some specific recommendation to the Manager and take more time to do that. R. Sanchez: I think we could ask for more information and we would never be satisfied. This project is in its concept. We should look at whether we approve of the concept and make a recommendation as to whether we endorse it: Motion Passed: 13-0 D. Paul: When will the Final Financial Evaluation Report be finished? C. Cohen: To complete the Preliminary, 5 business days. If the City engages us to do a marketing report, then I would estimate 15 business days for that report. W. Parkhurst: Is it possible for this Committee to recommend a concept, and recommend that the City engage Touche Ross to do said report for the manager prior to the Manager making a recommendation to the Commission? M. Maer: The Committee can proceed with what Touche Ross has provided. The Charter does not require a CPA firm to provide this Committee with a Report. According to the Charter, the committee must - look at the evaluation criteria specified in the RFP, and render a report of its findings to the Manager. It could not be merely conceptual, but does not have to include what the CPA firm might render to the Manager in an independent report. R. Kenzie: I have concerns on the marketability and design of the project. I would like the Planning Department to present their concerns, suggestions, etc. Motion moved by Theodore Etzel for Touche Ross & Co. to proceed with marketing study and return to Committee with it and Final Report of Financial Evaluation. Seconded by William Parkhurst. Motion moved by Roy Kenzie, to amend motion, seconded, to request also that the Planning Department return and make a formal response to Committee. Motion Passed: 13-0. C. Cohen: The City could contract with us to do two other things: (1) assessing the Proposer's marketing analysis and, conclusions regarding the mix and scale of facilities. It is not a sensitivity analysis. The return to the City is exactly what is in the report. I do not see that changing, it is what is proposed by the Developer. The second task, as outlined in the RFP, is to (2) validate the assumptions, look at how assumptions were used in the projections, verify the correlation. It is not redoing the market analysis. J. Gilchrist: We, the City, have staff that could do some of the things this Committee desires, if requested and does not have to be part of a contract with Touche Ross. The Developer is in no way attempting to railroad this process and would welcome the additional opportunity to answer any questions and clarify outstanding issues. We, the City, will be before the Cabinet on ' May T, 1985, requesting a one-year extension of the Development Order. I would like to extend to the Committee any time it needs, but in an expeditious manner. W. Parkhurst: When Touche Ross does its evaluation of the economic feasibility, I suggest that you look # at it all the way through cash flow. Show us what the economics look like for the project overall. C. Cohen: You could ask the Developer, if the Committee desires, as clarification, to produce a projection schedule that takes it from contribution all the way down. Comment? it G. Maer: That would be acceptable. It must first come to the Law Dept. R. Kenzie: I have questions regarding the traffic analysis. I am asking for conclusion from Wilbur Smith & Associates. J. Gilchrist It is being prepared now and will be sent to t the Committee upon receipt. Motion moved by Annette DeLara, seconded, to have an interim meeting to hear the Planning Department's report and to discuss traffic analysis report prior to final meeting. Motion Failed: 6-6 (Roger Carlton not present) Motion moved, seconded, to send questions/concerns to Chair who will, through the Law Department, submit questions to the Developer for a response prior to the next and final meeting, continued from this meeting, to be held at 9:00 am, Wednesday, May 8, 1985, location to be established. Motion Passed: 12-0 (Roger Carlton not present) +� t VIII. Meeting adjourned, approximately 1:00 pm. x o- e 11 11 6 ATTACHMENT �%r'�ltim gmilA anal Adoet aced, Anc, d67S N. W. 33nd STREET, SUITE 210 CABLE WILSMITH EXECUTIVE CENTER DRIVE TELEX 57.3439 MIAMI, FLORIDA 33166 , PHONE (303) 592.0637 j, April 23, 1985 Mr. John E. Gilchrist Director, Special Projects City of Miami 2701 South Bayshore Drive, Suite 401 Miami, Florida 33133 Re: Traffic, Watson Island Project #186470 Dear Mr. Gilchrist: This is in response to our review and evaluation of the preliminary Traffic Impact_ Study prepared by David Plummer and Associates. Our review to dates Is limited to traffic impacts of the projected 1990 and 1995 Traffic plus the sight generated traffic. The projected Traffic Volumes reported by David Plummer and Associates in Exhibit 5 indicate that the MacArthur Causeway will operate at a level of service "C" or better. This is true for both the weekday and weekend peak periods for 1990 and 1995. Based on the assumption that the lane widths on the Causeway would be improved by 1990, there would be reserve capacity for through traffic. We will furnish additional information concerning the traffic impacts and circulation as further data is evaluated. Should you have questions con- cerning our preliminary findings please advise. Very truly rs, V' RM-Geor E. cOonald, P.E. Vice resident 10 TG/c cc: David Plummer 5 Assoc. X i� ALBANY, NY - ALLIANCE, OH - COLUMBIA, SC - CAIRO, EGYPT . FALLS CHURCH, VA - HONG KONG - HOUSTON, TX - KNOXVILLE .� KUALA LUMPUR, MALAYSIA - MT. STERLING, KY - MIAMI - NEW HAVEN, Cr - NEW YORK - P1773BURGH • PROVIDENCE, RI RALEIGH, NC - RICHMOND, VA - ROSELLE, lL - SAN FRANCISCO - SEOUL, KOREA - SINGAPORE - TORONTO - WASHINGTON, DC Watson Island Review Committee Meeting Wednesday, May 81 1985 I. Meeting called to order, 9:15 am. Committee Members Present: (12) Ralph Sanchez, Chairman Theodore W. Etzel, Jr. William Parkhurst Clyde Pettaway Richard Taylor George Varki Roger M. Carlton Donald W. Cather Annette DeLara Carl E. Kern Adrienne Macbeth Alfredo Rodriguez Committee Members Absent: (3) Carlos J. Arboleya Roy F. Kenzie (attended last 1/2 hr) Dan Paul Staff Present: John E. Gilchrist Arleen R. Weintraub G. Miriam Maer Jack Luft Anna Gelabert II. Announcements The State Cabinet approved a one-year extension of the development order by a unanimous 7-0 vote. III. Traffic Assessment Report prepared by Wilbur Smith & Associates, George MacDonald - letter distributed and read "into the record" IV. Urban Design Review by Planning Department, Jack Luft & Anna Gelabert - discussion of concerns and recommendations as expressed in letter distributed and included "in the record" V. Presentation by Parks and Recreation Department, Carl Kern discussion of concerns and recommendations as expressed in letter distributed and included "in the record" VI. Public Testimony Pat Peters, Commodore, Miami Yacht Club Met with developer and was assured that a satisfying solution would be found for Miami Yacht Club, supports concept of Watson Island development. - A. Veliky, Business & Finance Committee of Miami Riverfront Management Committee Where in this plan is a water taxi system incorporated? The Plan shows two service points where a water taxi system may occur. They are located at opposite ends of the island. VII. Clarification by Proposer of Remaining Issues R. Sanchez Did your plan address incorporating the marine museum? J. Meyer We have had discussions with those involved with the marine museum. We have not incorporated it into our plan at this time, but we would like to keep it in mind. It could physically be accommodated. '. D. Cather Was any consideration given to having one bridge crossing instead of two? K. Pinder: We feel it's necessary to have two; to get away from at -grade crossings on y MacArthur Causeway. A. Cardenas: A major factor in providing two was to provide access at both ends of the island to accommodate those coming either from Miami or Miami Beach. By having them at the ends seemed to best accommodate arrivals and departures from :;. the island. B. Fort: Traffic concentration is reduced by 50% due to provision of two. W. Parkhurst: Are you prepared to consider the issues raised by the Planning and Parks r m:= Departments? :;- B. Fort: I met with the Planning Dept. prior to IF this meeting. The points raised are w valid and the analysis is a good one. w,. The total concept is not affected. We have not presented detailed design drawings. We want to accommodate the y� `-emu details as we move into the design process. �`F, A. Cardenas: We have presented a concept and changes would not constitute a substantial deviation. Many modifications can be r' incorporated into the process in the spirit of cooperation. J. Meyer: In the process, we will work with many departments both in the City and County, to discuss many issues. We intend to work closely to further refine the project. C. Pettaway: How does this Committee know how much input other departments will have into this project, after its concept is approved? A. Cardenas: To protect the integrity of the process, we have to make our presentation based only on the original application. We can accomplish the task, but in the appropriate stages. R. Carlton: To clarify further, after this Committee makes a recommendation to the Manager, there is substantial negotiations of a contract and many iterations of design based on everyone's input. VIII. Closing Statements by Proposer J. Meyer: We feel this concept is a proper blend .. and a proper mixing of compatible uses, responsive to our climate and community, and also commercially viable. We have set aside a great deal of the island for :`..'. public use and enjoyment. At the same ,..., time, we have identified commercial - uses that make good economic sense. }, A. Cardenas: Conceptually, we feel our project deserves a green light from the Committee. {' We ask you to evaluate us on several areas, as our presentation addressed and your consultants reviewed as follows: traffic: parking is adequate, increased t traffic impact is moderate design & concept: throughout process we will work with the City and others to further refine the concept that has been so well received development team: team members, a local infrastructure, presented to you on the a`+ first day - minority participation: we feel we've x done an excellent job and will further follow through & will get specific as to the local people to be involved financial: in 'R F:1, y3:r�.rtsu -i Jr, ��T r rill,D '1A ` -Parking: -DRI: IX. Further Questions feasibility - our consultants, Laventhol & Horwath, have reported that our concept is feasible and makes sense strategy - the overall scheme makes sense commitment - we feel it is appropriate that this Committee recommend that specific financial commitments be made by the time the contract is executed we have provided 4500 spaces because that is what the facilities require. Pending the outcome of many factors, parking may be reduced The one-year extension of the development order was approved A. DeLara: What is the status of the Touche Ross report? J. Gilchrist: The recommendation by Touche Ross will be made directly to the City Manager. They are waiting until these proceedings have concluded to incorporate the clarification information. It is quite possible that the point system, as presented in the Preliminary Report, will be altered in the Final Report. J. Meyer: In request to the Miami Yacht Club, we intend to work with the club in reviewing their program requirements and how we might accommodate them. We have received from them the square footage and dockage requirements and the facilities lay -out. We will sit down with them with the objective and purpose of accommodating them on the island. We will do our best to accomplish this. We feel strongly about keeping them and working with them. X. Discussion of Voting Procedures J. Gilchrist: The unified development project process anticipated more than one proposal in response to the Request for Proposals for Watson Island. The RFP included evaluation criteria to rank each proposal. I think the Committee should take an action regarding how you want to proceed in light of the one submission under review. '.w An alternative to the Committee is to take a vote, yes or no, recommending to the City Manager whether this process should move forward. Upon a recommendation, a report must be prepared and I would suggest that all the suggestions put forth be incorporated within this report including as back-up the comments by the Planning and Parks Departments. R. Carlton: I think a good process would be to state our concerns "for the record," as we vote. This would be the substance of our report and fulfill the UDP requirement. Motion moved by R. Carlton to establish a voting process recommending "yes" or "no" to the Manager and each one •of us state as we vote our concerns, that the report incorporate statements and be d:-tributed to Committee members for final revisions before submission to the Manager. Seconded by T. Etzel. Passed: 12-0. M. Maer discussed evaluation criteria (score sheet distributed), as issued in the RFP, to be considered by each member prior to casting a vote. Specific evaluation criteria is to be (and was) considered when making an individual recommendation as a voting member of the Review Committee. XV. Voting Process R. Sanchez: Vote: Yes Comments: - Consider leaving as much green space as possible, including removing some of the lessor used parking areas. - Consider redesigning the hotel to protect the view - Leave heliport as green area (not paved) - Consolidate both clubs (Miami Yacht Club & Miami Outboard) into one building, taking into consideration respective needs & requirements - The beach area: swimming & boating do not go hand in hand - Fishing piers: there are other areas to fish - Exits & entrances to the island: redesign as suggested - City •Park: consider to provide picknicking and additional open space - Consider incorporating Maritime Museum as a compatible and complimentary use to project and island - Finance: must be finalized T. Etzel: Vote: Yes Comments: - During the process, any design problems can be worked out - A large amount of equity funds and a substantial amount of debt funds are required, I assume funds will be in place when Manager negotiates and the sources known R. Taylor: Vote: Yes Comments: - The public is going to be ousted to a certain extent. Those using the east side, where the launching ramps are located, will be ousted. - Concerned about leaving the Outboard Club alone and moving the Yacht Club. Private sector will move them and then lease it back. - Views: buildings can be attractive too. C. Pettaway Vote: Yes - Financial capability to carry out project must be looked at very closely - Financial return to the City must be looked at very closely - Minority participation must be looked at closely - Input by staff, Parks, Planning, etc., should play an integral isle. A. Macbeth Vote: Yes Comments: Concerns relate to level of minority equity participation to be established; level of minority ownership, management and employment of all facilities to be developed; the control of monitoring and implementation of the proposed minority funds; the public uses that will be maintained; and the proposed future uses. B. Parkhurst: Vote: Yes Comments: - Yes vote is contingent upon the Developer being able to raise adequate funds to carry project through - It takes a very fragile amount of decline in revenue for this project not W to work. As the Developer refines his plans, some of the proposed revenue items will change. Conceptually, the plan makes good sense. Economically, there is a way to go. D. Cather: Vote: Yes Comments: - Best use of Watson Island proposed to date - Concerns relate to financial guarantees, must be firm before the City commits in writing to the project. Must have very strict and hard rules as to the ability of the Developer to carry out the project in a timely manner. Adequate financing must be available before ground -breaking takes place - Comments by Planning and Parks Depts. should be taken into consideration, however unless sufficient funds are available for maintenance of the City Park proposed, then the money could be better spent elsewhere, perhaps Bayfront Park. - Japanese Garden should be very well protected and developed as an important asset to this community C. Kern Vote: Yes Comments: - This project will put an architectural element, the tensile structure, on our waterfront - Would like to see a public park within Watson Island, it would be a great success - Japanese Gardens should be protected and treated very sensitively - Consolidate two clubs, in view of land values, with fair treatment - Carefully look at storage of boats at clubs, and maintenance and service areas of helicopter services and Chalks - Site views - not too concerned about a brief, 30-second, interruption - Marine museum - perhaps floating exhibits in the water, moveable exhibits in the tensile structure, incorporated in the boat shows. R. Carlton Vote: Yes it is in to work. As the Developer refines his plans, some of the proposed revenue items will change. Conceptually, the plan makes good sense. Economically, there is a way to go. D. Cather: Vote: Yes Comments: - Best use of Watson Island proposed to date - Concerns relate to financial guarantees, must be firm before the City commits in writing to the project. Must have very strict and hard rules as to the ability of the Developer to carry out the project in a timely manner. Adequate financing must be available before ground -breaking takes place - Comments by Planning and Parks Depts. should be taken into consideration, however unless sufficient funds are available for maintenance of the City Park proposed, then the money could be better spent elsewhere, perhaps Bayfront Park. - Japanese Garden should be very well protected and developed as an important asset to this community C. Kern Vote: Yes Comments: - This project will put an architectural element, the tensile structure, on our waterfront - Would like to see a public park within Watson Island, it would be a great success - Japanese Gardens should be protected and treated very sensitively - Consolidate two clubs, in view of land values, with fair treatment - Carefully look at storage of boats at clubs, and maintenance and service areas of helicopter services and Chalks - Site views - not too concerned about a brief, 30-second, interruption - Marine museum - perhaps floating exhibits in the water, moveable exhibits in the tensile structure, incorporated in the boat shows. R. Carlton Vote: Yes Comments: - Parking: Recommend open, green parking r areas, to reduce the amount of asphalt. Parking should remain in public management. Have an opportunity to intercept parking, reduce densities downtown during the week and on A weekends the existing underutilized �- parking could support this project. With cooperation and management, there is an opportunity to maximize parking * resources and possible build less in r the future. - Everywhere in the world there is a # statement building. We have an opportunity here for excellence that will create an image in visitors mind i that will stay with them 1 I A. Rodriguez Vote: Yes i Comments: w - Recommend endorsing concept with its various components. We must look at return to the City in terms of each component. The 2% return overall is R very low, inadequate. There may be deviations in marina design when permitting agencies become involved. This has to be i recognized. s ' A. DeLara Vote: Yes Comments: The Committee should have had the final Touch Ross report, it would have been * very helpful since the financing is the backbone of the project. The financial risk to the public sector is low, but the risk of success does impact the City. 4 - Would have liked to have seen letters of interest from developers of the components: the hotel, the restaurants. Would like to see an emphasis on active =- public useage of the island, a very valuable resource. Encourage retaining and creating uses for the non -boating community. V. Varki: Vote: Yes Comments: Incorporate Parks and Planning Department's recommendations. Consider incorporating Maritime Museum in } if feasible. Recommend - including a provision in the f r lease giving the City the ability to enhance the island so long as future uses are compatible with the Island's plan. - Views: A change in the hotel design to open the view corridor should not be considered a substantial deviation. - Recommend a provision be included in the lease and in the replatting for an easement for public transit. - Any revenue this project generates is a plus for the City. Recommend provisions be included in the lease for the method of returning revenue to the Cityto be periodically p cally evaluated so that the City benefits from its success, in the event it is successful. - R. Kenzie (Did not vote, informal w vote: Yes) Comments: - Recommend the southeast quadrant of the island, proposed for parking, be oriented toward water -related, park - type uses to create more public open space. Informal uses there today are important to the citizens of Miami and are heavily used - Placement of hotel - The view crossing 4- the causeway is very short but very ;N beautiful of the downtown skyline. Consideration should be given to .; y. redesign of the hotel the hotel �r ■ placement to preserve the view Traffic: Consideration should be given to providing two lanes on the off ramps so turns may be made both right and t> i left. Some of the T-intersections could be eliminated, particularly the >.._s,..: northeastern and southwestern quadrants. Paved plazas: the plazas, "ti unlandscaped, related to the hotel seem •"' to be excessive. Financing: concerned about ability to secure permitting for additional slips and the impact upon the overall An ..+.' financial scheme. Total Yes votes: 12 (unanimous) aY XtI. Additional. Business • Written document must be prepared, all Committee members must sign a signature page • Time frame must be established to prepare document, distribute to Committee, revise if necessary, and submit to the City Manager. Motion moved, seconded, to allow two weeks for report preparation. Upon receipt, Committee members will review and return report within one week. Passed: 12-0 XI11. Meeting adjourned at approximately 11:30 am. r I" Fd w w 0 Public Testimony, April 24, 1985: The Marine Council Miami Yacht Club A- 2 EXECI1TM OMICTOR RICHARD L BRIGGS April 33, 1985 Members of the Watson Island selection- committee Res Miami Marine Exposition, Inc. Proposal Ladies and Gentlemen: Mari e— CouncilguamUm of the ffzdm community • Par.. Veygst tllaekatkr/ aPaeuu. tee. GEORGE M. GOOD, Vice PNL, Bndit GmuP Maee"Mm Coee.ttant RONALD J. FALKEY. Via Pr". CoewwtiW k LAW Gtoup tHta7ee. Speeal Preials AMr&Sre"w Dew Dock Co. 'The Hoard' of Dizsetors•of the Marine Coubei•i is in nR wARRFxJ.ar r,v �,Tatenie�t,p general support of the Matson Island development pro- A�Dan. v� ai>raMi"m posal submitted to the City of Miami by Miami Marine Rown" SeMalo(MAriidAtewsph'"`S"°'ce Exposition, Inc. Robert�� I J. Webartr Motel. Secretary Our support of the proposal is based on the following Prea••MiaaetShiprerdeCorr beliefs: I Any activity or facility that highlights our Com- OR munity's marine orientation addresses one of its greatest, yet, most frequently overlooked, assets. I Access to the bay by boat owners renters or w charterers and those who wish nothing more than a clear view of the bay should be encouraged... especially in the downtown urban area. I The development of Watson Island to include quality marinas, marine oriented hotels, the retention of Chalks Airlines and first class view restaurants can serve to attract tourists of all kinds. Among the M '''moat important of these .are the transient boaters, who •w�`siow••'avctdkfai�i�•becali'se�tif�'$.he`'avacilaoii�t ` "•ot�':�i-. perior facilities elsewhere, e.g. Ft.. Lauderdale. I Development of Watson Island should have as its overriding_guideline taking maximum advantage of its unique 3601" water surrounded setting. Structures, views and activity areas should relate to and be Is enhanced by the bayside setting rather than oppose it. I A strikingly designed marine exposition complex on Watson Island would serve as a special magnet to the millions of cruise ship passengers who would be in- duced to visit it...such visit serving as a possible prelude to visits to other area attractions. CTM Lv� t Diar. Mr.. Pew, b mk*. Sdiub a leemon • Inc. ROBERT E. ALBU RY Pm.. Albury k Co. ALM M.BALFE MernY•Stimm Dry Dock. Inc JACK W. BARNES Prer.. Athetie Mature fiat Yard. Inc. RICHARD J. BISCHOFF M.erpa. Le•ae sad Bodtita. Anoterm PETER CLEME.YTS PeterChuname and Aaenc.. Inc. 'D.SENNETTDUT LNHOFER Ckaietart i C ILO.. A.B. Gtow. Inc. VERNON C. HOLLOWAY ttis., tertsere Qaniecomi.n. JIMMY MERRILL III t sarnei.e Ytp Pro.. Mtetilt•Startan Dry Dock Co. ROBERT H. MCTAGUE Pas Cawmadeto. COMM Go" Saline dub FAY A. REGAIN pwadax.�t MaabAmod.tiat vier Cn..t.. T IP1111 rcataat�ea .t� JOHN H. THOMAS Ammer. Tkneaea h Raab. P.A. ALDEN M. TIBBETTS V'WtF s. Weecsh.%ar=QrP. Ref. O. JOHN (Skips WEBER Prm.. Ise. CnuamheP •drum. Inc. CHARLES S. WILSON Pau Commadare. Miami Yacht Club *� I Marine industry, which this permanent exposition will foster, should be nurtured wherever possible for the economic and recreational benefit of the community. I The Miami Yacht Club and the Miaini Outboard Club should be allowed to continue their valuable activi- ties on the island in return for their many civic, educational, public relations and recreational contri- butions. rtr5 Ic ,. IY 615 . 2ND AVENUE, MIAMI, FLORIDA 33130 TEL 856.0206 TRUSTEES PAUL L. Al DRE Pia. Peat L. Aadm Inearema. Inc. ALE[ M. BALFE Mand4tra s Dry Dock. Inc. RICHARD B. DOWLLYG Pm. LB. Gtore. Inc. ROBERT A. FIELDER ILcala Ue 1 Man, MM4 Lac. JOHN W. GREENLEAF, JR. Ckunne /C.F•O.. Gaamlw6Tdo=:L Aueeta. P� i Aeebiaaen FRANK KERDYK Owe. Fmk Itmdrk. PANkar C. FRASUER KNIGHT Ptea.. Peasant Kaki Ana na. An:Wtscte =S. LAWHORN Saioe Vice P1a. Swab" bask. N.A SPENCER B. MEREDI TH Phe.. Geese Rey.rims EDWIN S. MORRIS March h Rs.mlda, for—Ret. % GEORGE E. PATTERSON Pot Cceaaadae. Coal Ref Yalu Club WILLIAM G. SAWYER PM.. Mni es Em"prhea EDWIN H. UNDERWOOD Par Carata"MM Kay biiafae Yalu Club w F A • ,M iami ack C44 MEMBER FSA U$YRU 1001 MscARTHUR CAUSEWAY SORC MIAMI, FLORIDA 33132 TELEPHONE 13051 377.9977 April 24, 1985 Dear Member of the Watson Island Development Review Committee: The Flag Officers, Board of Governors and 450 members of the Miami Yacht Club wish to express our collective concerns regarding the proposed Watson Island Marine Exposition. Having been founded in 1927 and having been tenants on the island since 1947 we were very upset and concerned when the initial plans and proposals, which you are now considering, did not show the Miami Yacht Club remaining on Watson Island following development. Needless to say we immediately contacted the City of Miami and the developer John Meyer and they have verbally assured us that it ifj both the city's intention and the developer's that the Miami Yacht Club remain on and continue to serve the community from Watson Island. We are still very much concerned that we were not included in this initi-- proposal and seek your assistance in ensuring that our needs are .ad.iressed by both the City of Miami and the developer. The Miami Yacht Club is pleased to see the City of Miami considering expansion of its marine facilities and looks favorably on this proposal except for one very important item. The plan does not include the Miami Yacht Club, however, verbally we have been informed of the developer's wish to relocate our club next to the Miami Outboard Club on the southeast portion of the island. Such a re- location would drastically affect the Miami Yacht Club. The Miami Yacht Club is a "workingman's club". Our initiation fee ($150) and annual dues ($1SO) are probably the most reasonable of any yacht club in the nation for the services we offer. Our proximity to downtown residents and our reasonable dues structure along with our non-restrictive and non-discriminatory membership policies make our club the most likely to attract minority participation. Relocation of the club and the cost involved in doing so could drastically alter our dues structure placing membership out of reach of many individuals. The Miami Yacht Club provides both adult and youth sailing classes in club owned W boats for a nominal fee. These classes are open to the public. Relocation of the club and the construction of all the dockage envisioned by the developer on the east side of the island would impact on these club programs. The docks would inter- fere with the conduction of the pram sailing instruction and the adult instruction. As currently presented these docks would greatly reduce the sailable waters immedi- ately east of the club where our on -water instruction takes place. As part of the club's affirmative action program we are working cooperatively with the Dade County a► School Board providing practical sailing instruction to students from Miami Edison Senior High School. Reduction of safe sailing areas close to the club would adversely affect such programs. O or The Miami Yacht Club is predominantly made up of small boat sailors owning trailerable sailboats or boats small enough to be stored on racks. These boats necessitate a beach for launching and an uncluttered and open approach to that beach. Relocation of the club and the marina expansion as currently planned would again adversely affect our club. In discussions with the developer it has become evident that in the event the club would be relocated there would be at least a one year delay between vacating our old facilities and occupying new ones. Such a one year limbo would greatly strain the club and not be to its benefit. ■ Besides the previously mentioned programs the Miami Yacht Club also sponsors r numerous small boat regattas throughout the year; sponsors the Miami -Nassau Race of the Southern Ocean Racing Conference which is the "Grand Prix" of ocean racing; conducts the Miami -Key Largo Trophy Race which just celebrated its 29th year with the participation of 2SO boats; holds the Conch Cup Cat Challenge annually which benefits a local charity; and provides numerous other community functions at no cost to local taxpayers. We have met with representatives of the developer in order to make them aware of our various needs and concerns. They have been very accessible and we certainly appreciate that. However, as I have stated to them before,the Miami Yacht Club sees great merit in their development plans, however, we request that the club be allowed to remain where it is now and continue to serve the needs of the community as it has done so well in the past. We would greatly appreciate your consideration and support in this matter. Thank you. Sincerely, Thomas N. Trump Staff Commodore Staff Reports,* Wilbur Smith & Associates Planning Department Parks & Recreation Department Fie i � �Z��i'�,���2 �•:2c�� ccn� ��locra�e�, Inc. ,�.._-........-_-:r. -.. .. .,, r.:-wbiMwYfso.n+eswwwvuflns---s.[f414'�R�"-°.• . 8675 N. W. 53rd STREET, SUITE 270 CABLE WILS :11TH EXECUTIVE CENTER DRIVE TELEX 57.3439 MIAMI, FLORIDA 33166 r' PHONE (305) 592-0637 r ■ May 7, 1985 Mr. John E. Gilchrist Director, Special Projects City of Miami 2701 South Bayshore Drive Suite 401 Miami, Florida 33133 Re: Traffic, Watson Island Proposed Marine Exposition Center Dear Mr. Gilchrist: You have requested that we review the traffic consequences of this proposed improvement. We have done this with reference to: - 1. Report - Miami Marine Exposition Complex Traffic Impact Study April, 1985, David Plummer & Associates, Inc. 2. Telephone Conferences, April, 1985, Laventhal and Horvath. 3. Previous studies, Watson Island, Wilbur Smith and Associates. W,' 4. Proposal For Watson Island, Miami Marine Exposition, Inc. The Traffic Impact Study by Plummer responds to the developmental �i scenaries presented by the developer. We find that at this stage of know- ledge the analysis is a workmanlike exposition of probable peak traffic to be generated, done using customary and accepted techniques. Provided that � the vehicle occupancy assumptions used are attainable in practice, we agree !; that; even in the 30 days per year with highest attendance, MacArthur Cause- way will have reserve capacity at Level of Service C. The developer estimates the average daily attendance to be in the vicinity of 15 percent of the 30 peak.days. Thus, although vehicle occupan- cies may be less than during peak days, impact on MacArthur Causeway would be moderate. continue.... io? ALBANY, NY - ALLIANCE, OH - COLUMBIA, SC - CAIRO, EGYPT - FALLS CHURCH, VA . HONG KONG - HOUSTON, TX - KNOXVILLE KUALA LUMPUR, MALAYSIA - MT. STERLING, KY - MIAMI . NEW HAVEN, CT - NEW YORK - PITTSBURGH PROVIDENCE, RI RALEIGH, NC . RICHMOND, VA - ROSELLE, lL - SAN FRANCISCO - SEOUL, KOREA - SINGAPORE. TORONTO WASHINGTON, DC 1 FIN �. Mr. J.E. Gilchrist Traffic, Watson Island May 7, 1985 = Page 2 T r� t (` The traffic impact report is silent on the method used to accumulate the numbers of vehicles parked, and the maximum number to be parked at one time. The developer tentatively estimates that during peak days there may be a daily visitor turnover of three times. On that premise the 2,500 park- ing spaces estimated as required by the Exposition Hall is adequate. The circulation and access to MacArthur Causeway is presented in ' schematic form in the traffic impact -study. It provides for a split -diamond type of grade separated interchange, with two bridges over MacArthur Causeway, and a two-way peripheral road around the proposed development. Conceptually fi it is sound, and provided the geometric requisites of good design can be met, should be found acceptable by permitting agencies, including the Florida Department of Transportation. Y$ In the normal course of project development data and site descriptions become progressively refined, and traffic loadings are known with greater pre- cision, and improvements are designed to engineering, rather than conceptual scales. If this project should move forward, a statement of Developmental Impact on the Region will be required. This entails a traffic analysis in '_- specified detail. We would recommend that such further traffic studies in- clude, if not specified by the Regional Planning Council, additional concentra- tion on: 1. Justification of number of parking spaces proposed. r' 2. Adequacy of circulation proposed on Watson Island. a) Exit from and access to MacArthur Causeway. This to be compatible with proposed FDOT improvements to the Causeway. Vertical and horizontal geometry is critical. b) Internal circulation - visitors, service vehicles, police 19 and fire. s- 3. Traffic Generation by proposed development, by stages opened over the years. a) Daily averages by mode b) Turnover c) Parking build-up d) Peak arrivals/departures e) Visitors, numbers, vehicle occupancies .� f) Employees, numbers, vehicles, modes, by shift. G?�ilGu2 YmiAl and .doociafe,4 Mr. J.E. Gilchrist Traffic, Watson Island May 7, 1985 Page 3 g) Service Vehicles, high, and long loads, dimensions, clearances, manoeuvreability. i) Seasonal variations j) Peaks, when, percentages of averages 4. Normal Traffic, Affected Major Arteries a) Present b) Future through build -out of Watson Island c) Seasonal and diurnal variations d) L.O.S. and Vol/Capacities Ratios 5. Normal Plus Generated Traffic a) During construction b) By project phases put into service c) Averages, seasonal, and diurnal variations d) L.O.S. and Vol/Capacities Ratios Averages, seasonal, and diurnal variations 6. Improvements Required. a) Where b) Type c) When d) Cost e) Responsibility to finance If we can be helpful with more detailed comments, as developmental plans are refined, we should be pleased to oblige. Very truly yours, 7eA George E. Mac onald, P.E. Vice President GEM/c OMWee2 99mifli and .46iociafe.4 cITY or MIAMI. PLORIDA INTER -OFFICE MEMORANDUM John E. Gilchrist DATE: May 7, 1985 nLE: Assistant to the City Manager FROM: geryio Rodriguez, Director Planning Department r SUSIECT: Watson Island Design Review REFERENCES: ENCLOSURES: On April 24th, the Watson Island Selection Committee requested that the i' Planning Department present, at a special meeting on May 8th, a review of the site design and development plan proposals made by Miami Marine Expositions L.T.D. and embodied in the Illustrative Master Plan. The following comments summarize the proposal's primary strengths and issues of concern as we see them. Overall Concept Use The primary functional components of the development program are well conceived and appropriate to the island setting: marinas, marine exposition, hotel, restaurant, club activities and Chalks airlines. Issues of concern are: What considerations have been given to including the Maritime Museum currently considered for the FEC property s downtown? What considerations were given to maintaining present use of the island for outdoor events, major public gatherings and unstructured open recreation areas? How do present activities that are water related but non -boating relate to the plan? Fishing, swimming, picnicking, sight-seeing along Chalks/port edge? Views Excellent advantage of perimeter vistas is provided by the road encircling the island. The Baywalk, likewise, provides significant opportunity for public access to and views of the Bay and the City. x OW io 7 John E. Gilchrist May 7, 1985 Assistant to the City Manager Issues of concern are: How does the hotel affect the eastbound causeway view to downtown and internal site views to downtown? ps What is view impact of the Harbor restaurant on the F sculpture promenade vista to downtown? P* Pedestrian and vehicular overpasses will require lengthy approach embankments. How will these affect views from the causeway, particularly to the port? How will regular/linear roadway landscaping scheme affect the views from the perimeter drive, particularly tangential view angles? How will ships chandlery/tensile structure and parking deck impact on views from within the Japanese Garden? .• How will the parking structure/raised deck along the frontage of large yacht marina affect the malecon drive view of the Hotel/pedestrian baywalk views of hotel? Circulation Why was the vehicular entering movement from the causeway 'r subordinated to the overpass/crossover movement? During major event periods, will the 300 foot entering ramp preclude queues from backing onto the causeway, particularly in ' view of the T-intersection stop at the perimeter drive? Why were the T-intersections included at the north and south s ends of the perimeter drive? Why do they give -directional emphasis to driveways for the Admirals Club and Outboard Club? There are no major arrival points or entrances, particularly from the causeway. What will be the view and effect on orientation decisions for entering vehicles? How does the the baywalk connect across the causeway at the southern end of the island? The baywalk promenade appears to be no wider than 15 to 25 feet in all areas. Was consideration given to pulling the perimeter road back from the water in a few areas to provide OW larger passive soft -surface gathering spaces at'the water's edge? �r nr John E. Gilchrist May 1, 1985 Assistant to the City Manager The large parking area adjacent to Chalks Airlines is an average of 1200 feet from the Hotel/Marine Exposition uses, and will likely be the last to be used by visitors. Was consideration given to devoting this area to passive green open space with �- spillover parking potential during major event times? SR/JLL/ss O. CITY OF MIAMI. FLORIDA - INTER -OFFICE MEMOPANDUM 11' R r TOO Ralph Sanchez, Chairman DATE: May 8, 1985 �Lt: Watson Island Review Committee SU.JECT: Proposed Development Plans for Watson Island �:4 i Carl Kern, Director REFERENCES -Department of Parks and Recreation ENCLOSURES: of The Parks and Recreation Department, Design Division has reviewed } the proposed development plans for Watson Island submitted by Miami Marine Exposition, Inc. The Department recommends the following ,�. design modifications: • Public Park - The proposed development should be modified to include a public park. This park should be in the vicinity of the Japanese Garden on the northwest side of Watson Island. s- `' The park would be created by eliminating the marina and related parking adjacent to the garden. Additionally, the perimeter t-N - . r► road alingment would have to be altered. • Japanese Garden - The ship chandlery and exhibition structure are too close and dominant in relation to the garden. The structures need to be shifted to the east and perhaps reduced in size in order to fit on the site. �► • Perimeter Road - The perimeter road needs to be modified so at it doesn't divide the proposed park adjacent to the Japanese Garden. • The Outboard Club and Sailing Clubs should be combined into one facility perhaps with both groups occupying different floors or wings and sharing the common space. The related marina should likewise be equitably shared. Upland storage of boats and equipment should be minimized. ,�. • The Heliport should be moved to another location perhaps r adjacent to Chalk's. Adequate space should be planned for a number of helicopters but maintenance and service areas aw should be located off of Watson Island, Overall the proposed plan presents an exciting use of Watson Island and the Department endorses the basic concepts proposed. CK/mf IM .! i Review Committee Ballots A— 4 WATSON ISLAND DMLOPMENT RRVIRW COMMITTEE BALLOT Vote for one (1) Only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager Vote AGAINST Recommending Acceptance Q and Soiect�on of Proposal to City Manager u SiqUature _ Print Name J Date WATSOW ISLAND DEVELOPMENT REV2EW COMMITTEE BALLOT Vote for One (1) Only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager Vote AGAINST Recommending Acceptance and Se ec on of Proposal to City Manager F-1 WATSONISLAND DEVELOPMENT RMEN COMMITTEE BALLOT Vote for One (1) Only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager Vote AGAINST Recommending Acceptance a and Se ect on of Proposal to City Manager RF64Cd 2.a . •. pa.� e 'r' 0,0 .p,6/,G .ev -4rwA i4st''tO3 - �d6/�G Lvr►CE iS, C1 .7 S nature Print Name Date WATSON ISLAND DEVELOPMENT REVIEW COMMITTEE BALLOT Vote for One (1) only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager P1 s Vote AGAINST Recommending Acceptance a and Se3ecton of Proposal to City Manager 71 -- 43gnature w. ztn �vl-e Erz Print Name lop Date WATSOtq ISLAND DEVELOPMENT RSVT COMMITTU BALLOT Vote for One (1) Only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager El Vote AGAINST Recommending Acceptance ❑ and Se ect on of Proposal to City Manager Signature Print Name Date 'iwiiLiftl4A'A�1CSN3SiLHtnaaia'fii'aE c. n WATSON ISLAND DEVELOPMENT REVIEW COMMITTEE BALLOT Vote for One (l) Only Below: Vote FOR Recommending Acceptance and Select cn of Proposal to City Manager Vote AGAINST Recommending Acceptance and Se e� ct�on of Proposal to City Manager L-A a S na ure A47 Print Name � /';-tom+.. / ,• :�� Date /' WATSON ISLAND DEVELOPMENT REVIEW COMMITTEE BALLOT Vote for one (1) Only Below: Vote FOR Recommending Acceptance and SelecUon of Proposal to City Manager Vote AGAINST Recommending Acceptance a and -Se action of Proposal to City Manager I signature - %� (r C.1,4 - 7VQ Print Name /'r dy--, Date WATSON ISLAND DEVELOPMENT RSVIZK COMMITTEE BALLOT Vote for One (1) Only Below: Vote FOR Recommending Acceptance and Selection of Proposal to City Manager EEK. Vote AGAINST Recommending Acceptance and Se`rect3on of Proposal to City Manager Sign4sure v Prin4e Name Date WATSON ISLAND DEVELOPMENT RBVI$W COMMI-M BALLOT Vote for One (l) Only Below: Vote FOR Recommending Selection of Proposal 4 Vote AGAINST Recommending ceptance and Se ect on of propo"r to city Manager Q 5l.gnature Pr nt Name Date IM71 WATSON ISLAND DEVELOPMENT RBVIEN COMKITTEB BALLOT Vote for One (1) Only Below: Vote FOR Recommmending Acceptance and (j1' SelecUon of Proposal to City Manager tUJ Vote AGAINST Recommending Acceptance and Seeect�on of Proposal to City Manager S -nature r / RYA Print Name Date—r _ .mm - -- -- -- t 3 WATSON ISLAND DEVELOPMENT REVIEW COMMITTEE BALLOT i Vote for One (1) Only Below: Vote FOR Recommending Acceptance and 71 SeleCWn of Proposal to City Manager iG.. _y ..iJ. } Vote AGAINST Recommending Acceptance a and Se%tion of Proposal to City Manager I i JI S ature .:T /OAD �z P nt Name Date WATSON ISLAND GB pMENT ltzv%z P C0W%TTE$ BALLOT vote for On. (1) Only Below* ending Acceptance and LJ Vote FOR Reco�a sal to city manager Selection of Propo NST Recommending Acceptance r Vote ALAI City Manage and ge action of Proposal '7, k)0' � �iv r; Ignatu S. V�V ui pr nt Name i maA4rs O Date Pon ,� u Rcu t two ,1�., �►��"c,,t'�s ac� C��°� n i 1n4 i 0 :CmAlwry of flli�m; III gopOSED WATSON ISLAND DEVELOPMENT ASSESSMENT OF PROPOSERS MARKET ANALYSIS AND CONCLUSIONS January 169 1986 OToucheRoss /tj OTC dN 86-2'76ti u PROPOSED WATSON ISLAND DEVELOPMENT ASSESSMENT OF PROPOSERS MARKET ANALYSIS AND CONCLUSIONS January 16, 1986 0 Touche Ross I PROPOSED WATSON ISLAND DEVELOPMENT ASSESSMENT OF PROPOSER'S MARKET ANALYSIS AND CONCLUSIONS January 16, 1986 /0ToucheRoss THE CITY OF MIAMI PROPOSED WATSON ISLAND DEVELOPMENT ASSESSMENT OF PROPOSER'S MARKET ANALYSIS AND CONCLUSIONS JANUARY 16, 1986 TABLE OF CONTENTS Page I. CONSULTANTS' REPORT 1 II. PURPOSE, SCOPE AND APPROACH 7 III. EVALUATION OF MAJOR ASSUMPTIONS 8 I. CONSULTANTS' REPORT Troche Ross & Go CERTIFIED PUBLIC ACCOUNTANTS January 16, 1986 Mr. John E. Gilchrist Project Director Office of the Miami City Manager 2701 South Bayshore Drive Suite 401 Miami, Florida 33133 Dear Mr. Gilchrist: The accompanying Assessment of Proposer's Market Analysis and Conclusions was prepared to assist the City of Miami in evaluating the Proposal for Watson Island submitted by Miami Marine Exposition, Inc. This assessment reflects our analysis of the following reports and other documents submitted by Miami Marine Exposition, Inc. and their consultants, Laventhol & Horwath: Proposal for Watson Island, dated February 26, 1985 Market Analysis, Miami Marine Exposition Complex at Watson Island, dated April 1, 1985 Financial Projections and Economic Impact Analysis, Addendum to Market Analysis, dated April 4, 1985 Memorandum from Miami Marine Exposition, Inc. to Touche Ross regarding financial evaluation questions for clarification, dated April 15, 1985 Memorandum from Laventhol & Horwath (Craig A. Werley) to John K. Meyer regarding questions from Touche Ross, dated April 22, 1985 Letter from John K. Meyer to G. Miriam Maer, City Attorneys Office, regarding answers to Selection Committee questions, dated May 31 1985 Letter from John K. Meyer to G. Miriam Maer, City Attorneys Office, regarding answers to additional Selection Committee questions, dated May 61 1985 Laventhol & Horwath supporting documents and reports contained in their market analysis project workpapers. MIAMI CENTER - SEVENTH FLOOR -100 CHOPIN PLAZA- MIAMI, FLORIDA 33131- (305) 377-4000 Touche Ross & Co. Mr. John E. Gilchrist Office of the Miami City Manager Page Two of Four January 16, 1986 The Request for Proposals (RFP), City of Miami, Watson Island Development, February 1984 required the Proposer to include the following in the development proposal: "A market analysis justifying all aspects of the proposed facilities to be developed including a pro -forma statement of anticipated project income and expenses projected for 10 years." Our Assessment of Proposer's Market Analysis and Conclusion was completed in accordance with the evaluation criteria stated in the RFP, as follows: "Assess and evaluate the Proposer's market analysis and conclusions regarding scale and mix of facilities and to evaluate the economic feasibility of the proposed development." The Miami Marine Exposition, Inc. submitted a proposal for a "one of a kind" development with a unique combination of theme facilities. Because f of the unique nature of the proposed development, the Proposer may be successful in creating demand. However, after performing our Assessment of Proposer's Market Analysis and Conclusions, we conclude that the market analysis submitted by the Proposer does not adequately demonstrate that sufficient market demand for the development exists. Therefore, we conclude that the market analysis submitted by the Proposer does not demonstrate that the project is financially feasible. This does not mean that the project cannot be feasible; as indicated above, the "one of a kind" nature of the proposed development may create its own demand and the Proposer may meet or exceed his financial projections for the total f development. In conducting our Assessment, we focused on the significant assumptions that had a material impact on projected revenues and expenses, as follows: Rental revenue, including assumptions on occupancy rates (i.e., f demand or, and rental of, the facilities) and on rental prices Other earned revenue, including assumptions on attendance, admission pr cing, ood and beverage sales, and fuel/oil sales Ex nses, including operating and fixed expenses. Our evaluation of each of these significant assumptions is contained in Section III of this document and summarized in Exhibit I. The following paragraphs summarize our assessment and conclusions regarding the revenue projections, expense projections and the project's overall economic feasibility. r _2_ r I Toudw Ross & Co. W. John E. Gilchrist Office of the Miami City Manager Page Three of Four January 16, 1986 j� '1 Revenue Projections The revenue projections contained in the Financial Projections and Economic Impact Analysis, Addendum to Market Analysis, dated April 4, 1 1985, include assumptions regarding projected demand, such as occupancy and attendance, and anticipated pricing. In order to demonstrate that these revenue projections are attainable, each individual assumption must be supported by reasonable rationale and underlying data. A key factor in assessing each assumption is its achievability within the timeframe specified; for example, achieving occupancy percentages for the start-up year, 1989. As shown in Exhibit I, the two components where the primary revenues from rentals are not sufficiently supported are the Marine Mart and Retail Space components. These assumptions have a material effect on revenue '- projections. The Marine Mart alone represents over 40% of cash flow - from operations available for land lease payments, debt service, and real estate taxes in the first five years, as shown in Exhibit II. Revenues for the Marina, Hotel, and Parking components are either supported with reservations about their rationale, or are not sufficiently supported. Therefore, we conclude that the revenue projections are not reasonable given these assumptions, and this could have a material impact on the Proposers ability to generate sufficient cash flow to meet debt service payments in the first five years of operation. Expense Projections Our summary assessment of the significant expense projection assumptions for each project component is also contained in Exhibit I. Our assessment indicates that the Hotel assumptions are either supported with reservations about their rationale, or are not sufficiently supported. We further conclude that because of the lack of sufficiently demonstrated market demand for the project components, a major marketing campaign may be necessary to generate the required occupancy and attendance. If this approach were used, then the projected marketing expenses are understated. r Economic Feasibility Our evaluation indicates that the success of the total development is contingent upon the Marine Mart, Hotel, and Retail Space achieving their respective projected revenues in the timeframes assumed. Based on the lack of sufficiently supported revenue assumptions in these three components, we conclude that the financial projections submitted by the Proposer are not adequately supported and therefore the development may not be economically feasible. As previously indicated, this does not r mean that the project would not be feasible. -3- A I Toiche RDss & Co. 1 1 1 I I Mr. John E. Gilchrist Office of the Miami City Manager Page Four of Four January 16, 1986 The scope of this report is limited to an Assessment of the Proposer's Market Analysis and Conclusions. An evaluation of the financial projections presented by the Proposer has been prepared under a separate cover (titled "Financial Evaluation") and includes evaluations of: Financial capability, level of financial commitment - Financial capability of the team, including the equity commitment, financing strategy, and access to construction and permanent financing and proposed return to the City, including minimum guarantees and share of gross revenues, etc. Financial return to the City - Return to the City including minimum annual guarantee and share of gross revenues. - Any additional financial benefit to the City - Lease term. We have not audited the historical, financial and statistical data used to construct the assumptions and rationale contained in the reports and other documents submitted by the Proposer. Accordingly, we cannot, and r do not, express an opinion on such data. We have no responsibility to update this report for events and circumstances occurring after the date of this report. If you have any questions or comments regarding this report, please contact Mr. Ronald Chase, Mr. Rick Smith or Ms. Cynthia Cohen at (305) 377-4000. Very truly yours, r r r -4- r r r r- 1-1 II EXHIBIT I SUMMARY EVALUATION MATRIX PROJECT COMPONENT marine Retail Significant Assumptions Mart Marina Hotel Space Parkin Rental Revenue . Occupancy Rates X 9 • X • . Rental Pricing X 0 0 0 0 Other Earned Revenue: . Admission Pricing 0 . Attendance . Fuel/Oil Sales X . Foods and Beverage X Expenses: . Operating 0 0 • 0 0 . Fixed 0 0 = Proposer's assumptions appear supportable • = Proposer's assumptions appear supportable, with reservations as noted in Section III. X = Proposer's assumptions do not appear supportable. -5- r r EXHIBIT II PERCENTAGE OF TOTAL REVENUES Project Component Year 1 Year 2 Year 3 Year 4 Year 5 Marine Mart 25% 29% 30% 29% 26% Marina 13 13 13 15 24 Hotel 46 43 43 42 38 Retail Space 10 10 9 9 8 Parking 6 5 5 5 4 Total 100% 100% 100% 100=% 100% PERCENTAGE OF CASH FLOW FROM OPERATIONS AVAILABLE FOR LAND LEASE, DEBT SERVICE AND REAL ESTATE TAXES Project Component Year 1 Year 2 Year 3 Year 4 Year 5 Marine Mart 40% 45% 47% 45% 41% Marina 11 12 11 14 22 Hotel 25 22 23 22 20 Retail Space 20 18 16 16 14 Parking 4 3 3 3 3 Total 100% 100% 100%, 100: 100% Source: Computed using first five years of data contained on Exhibit F of "Financial Projections and Economic Impact Analysis; Addendum to 'Market Analysis Miami Marine Exposition Complex of Watson Island, Miami, Florida', April 1985." -6- II. PURPOSE, SCOPE AND APPROACH r I Purpose and Scope II. PURPOSE, SCOPE AND APPROACH The purpose of this engagement was to assist the City of Miami in evaluating the economic feasibility of the Watson Island development w project proposed by Miami Marine Exposition, Inc. 0 0 Hi The scope of the engagement included: Assessing and evaluating the Proposer's market analysis and conclusions regarding scale and mix of facilities Evaluating the economic feasibility of the proposed development based on information supplied by the Proposer. Approach Our approach consisted of the activities listed below: Analyze Proposer's marketing reports Develop a summary table to correlate the Proposer's "assumptions," "rationale for the assumptions," and "data sources" Develop a list of clarification questions, a request for source data, and a request for support materials to be provided by the Proposer Analyze the Proposer's source data and support materials Evaluate the degree to which the Proposer's conclusions are supported by reasonable rationale and underlying data Prepare a summary of findings and conclusions outlining whether the proposed project appears to be economically feasible or infeasible, or whether there is insufficient and/or inadequate supporting rationale in the Proposer's feasibility assessment to satisfactorily demonstrate financial feasibility Meet with the City Manager or his designee to review the findings. -7- r r III. EVALUATION OF MAJOR ASSUMPTIONS EVALUATION OF MAJOR ASSUMPTIONS - MARINE MART COMPONENT MAJOR ASSUMPTION 1. Occupancy rates 1. 1989 = 55% (195,250 sq. ft.) 1990 = 85% (301,750 sq. ft.) 1991 = 100% (355 ,000 sq. ft . ) I EVALUATION Proposer does not demonstrate a direct relationship between market research findings and the projected occupancy rates. 19 of 34 South Florida Brokers and Dealers surveyed by the Proposer responded that their interest was "favorable". This market survey approach does not sufficiently justify demand of the assumed occupancy, at the assumed rental rate, in the assumed time frame. 2. Rental price per 2. Projected rental price is over 100% square foot higher than the average current rental price paid by respondents to $15 per square foot the Proposer's survey. (1985) Average Respondent rental rate was $6.06 per square foot Respondent rental rates ranged between $3.00 and $12.50 per square foot. �J n w EVALUATION OF MAJOR ASSUMPTIONS - MARINE MART COMPONENT (Continued) MAJOR ASSUMPTION EVALUATION 3. Annual Marine Mart boat 3. Proposer's assumption requires area show attendance boat show attendance to almost double. 520,000 Annual Marine Current annual attendance at area Mart Attendance shows = 540,000 - 4 major shows - 130,000 per show - Miami Beach International: 3009000 - Miami Dinner Key: 200,000 - Miami Summer Boat Show: 40,000 4. Price per admission 4. Proposer's assumption appears =. supportable based on market research findings presented. 5. Operating expenses 5. Proposer's assumptions appear supportable based on market research findings presented. vk 1j . i r^ 4• �I �i q� -9 - EVALUATION OF MAJOR ASSUMPTIONS - MARINA COMPONENT I MAJOR ASSUMPTION 1. Occupancy rate Year 1 = 87% ( 260 slips) Year Year 2 3 = 100% ( = 100% ( 299 299 slips) slips) Year 4 = 42% ( 420 slips) Year 5 = 75% ( 750 slips) Year 6 = 96% ( 960 slips) Year 7 = 100% (1,000 slips) R F F R A2. Mix of occupants by type Percent of occupied slips - Hotel transient = 29% - Other = 71% Percent of total revenue - Hotel transient = 54% - Other = 46% 3. Slip charge per linear foot 4. Fuel/oil pricing EVALUATION 1. More than 76% of marine slip revenue is based on the direct relationship between required number of slips versus available exposition space and available hotel rooms. If demand for hotel rooms or exposi- tion space is lower than projected, the proposed number of slips may not be market supportable. Closely located marinas are less than fully occupied: - Miami Beach Marina: after 6 months of operation 150 slips are occupied, 250 slips are open as of November 1985 - Plaza Venetia Farina: after several years of operation, 186 slips are occupied, 40 slips are open as of November 1985. 2. If hotel demand is lower than projected, marina slip revenues are expected to decline by more than a proportionate amount because: Hotel transient slip charge is 123% higher than average charge for all other slip categories. 3. Proposer's assumptions appear supportable based on market research findings presented. 4. Proposer's assumptions appear supportable based on market research findings presented. -10- F�� N EVALUATION OF MAJOR ASSUMPTIONS - MARINA COMPONENT (Continued) MAJOR ASSUMPTION EVALUATION 5. Gallons of fuel and 5. Assumed gallons of fuel sold, and oil sold therefore total fuel revenue, appears higher than is supportable by Proposer assumes a mix Proposer's market research findings. of 70% motor boats and 30% sailboats. - Market research indicates an average mix of 50% motor boats and 50% sail boats. 6. Accessory sales, operating 6. Proposer's assumptions appear expenses and fixed charges supportable based on market research findings presented. -11- EVALUATION OF MAJOR ASSUMPTIONS - HOTEL COMPONENT MAJOR ASSUMPTION EVALUATION 1. Occupancy rates 1. Proposer's assumptions appear supportable, with the following 1989 = 60% reservations: 1990 = 65% 1991 = 70% Occupied room nights in downtown hotels have increased significantly. To achieve a stabilized 70% occupancy rate, the significant rate of increase must continue for the proposed hotel and each of its four major competitors (Omni International, Biscayne Bay Marriott, Hyatt Regency and Holiday Inn - Brickell Key) - Total occupied room nights 1984 = 511,000 - Total occupied room nights 70% = 683,000 - Required increase in occupied room nights to achieve a 70% average occupancy = 172,000 (+ 34%) . 2. Average room rate 2. Proposer's assumption appears supportable based on market research findings presented. 3. Food revenue 3. Assumption appears more optimistic than market research findings 60% of room sales reported by Proposer's consultant in 1984 Florida Lodging Industry. Food sales = 49% of room sales for hotels over 300 rooms. 4. Beverage revenue 4. Assumption appears more optimistic than market research findings reported 50% of food sales in 1984 Florida Lodging Industry Beverage sales = 37% of food sales for hotels over 300 rooms. n, ■ EVALUATION OF MAJOR ASSUMPTIONS - HOTEL COMPONENT (Continued) MAJOR ASSUMPTION 6. Food and beverage payroll and related expense 30% of food and beverage sales EVALUATION 5. Assumption appears more optimistic than market research findings reported in 1984 Florida Lodging Industry Food and beverage payroll and related expenses = 37.6% of food and beverage sales. 6. All other operating, 6. Proposer's assumptions appear administrative and general supportable based on market research expenses findings presented. -13- F EVALUATION OF MAJOR ASSUMPTIONS - RETAIL SPACE COMPONENT MAJOR ASSUMPTION EVALUATION 1. Occupancy rate 1. Pre -leasing activity and occupancy rates assumed by the Proposer do 70,000 sq.ft. (78% not appear to be supported by the of available space) market research findings, as indicated pre -leased by opening below: day 1989 = 85% Miami Beach Marina pre -leased r 1990 = 100% 6,400 square feet (20% of avail- able space) by opening day Proposer's research indicates 15,000 to 25,000 square feet are pre -leased annually in a waterfront specialty retail project The Omni, a 325,000 sq. ft. regional mall with a wide variety of stores and restaurants, is 95% occupied - This facility and its operating characteristics may :f not be comparable to the 4 proposed retail project. 2. Rental revenue per 2. Proposer's assumption appears square foot supportable based on the market research findings presented. 3. Other income 3. Proposer's assumption appears supportable based on the market research findings presented. 4. Operating expenses 4. Proposer's assumptions appear supportable based on the market research findings presented. N, 1 -14- t l EVALUATION OF MAJOR ASSUMPTIONS - PARKING COMPONENT MAJOR ASSUMPTION EVALUATION 1. Visitor parking volume 1. Proposer's assumption appears supportable based on market research findings presented, with the following reservation: Variations in demand for any of the other project components will affect visitor parking volume. 2. Tenant parking volume 2. Proposer's assumption appears supportable based on market research findings presented, with the following reservation: Variations in demand for any of the other project components will affect tenant parking volume. 3. Parking fees 3. Proposer's assumption appears supportable based on market research findings presented. 4. Operating expenses 4. Proposer's assumptions appear supportable based on market research findings presented. -15- "1 lK 7- oil rTlic�rTli III pRDpOSED WATSON L43LAND DEVELOPMENT FINANCIAL EVALUATION January 16, 1986 Cry ofi fTlic�m; u PROPOSED WATSON ISLAND DEVELOPMENT FINANCIAL EVALUATION January 16, 1986 0 Touche Ross THE CITY OF MIAMI PROPOSED WATSON ISLAND DEVELOPMENT FINANCIAL EVALUATION JANUARY 169 1986 TABLE OF CONTENTS PAGE I. CONSULTANTS' REPORT 1 II. PURPOSE, SCOPE AND APPROACH 4 III. SUMMARY EVALUATION 7 IV. FINANCIAL EVALUATION 8 V. DISCUSSION OF PROPOSAL ISSUES 13 APPENDIX A: MODEL FORMAT 15 I, CONSULTANTS' REPORT I Touc W Ross & Co. CERTIFIED PUBLIC ACCOUNTANTS IJanuary 16, 1986 Mr. John E. Gilchrist Project Director Office of the Mismi City Manager 2701 South 8ayshore Drive Suite 401 Miami, Florida 33133 Dear Mr. Gilchrist: The accompanying Financial Evaluation was prepared to assist the City of Miami in evaluating the Proposal for Watson Island submitted by the Miami Marine Exposition, Inc. This financial evaluation reflects our analysis of the following reports and other documents submitted by Miami Marine Exposition, Inc. and their consultants, Laventhol & Horwath: . Proposal for Watson Island, dated February 26, 1985 Market Analysis, Miami Marine Exposition Complex at Watson Island, dated April 1, 1985 Financial Projections and Economic Impact Analysis, Addendum to Market Analysis, dated April 4, 1985 Memorandum from Miami Marine Exposition, Inc. to Touche Ross regarding financial evaluation questions for clarification, dated April 15, 1985 Memorandum from Laventhol & Horwath (Craig A. Werley) to John K. from Touche Ross, dated April 16, 1985 Meyer regarding questions Memorandum from Laventhol & Horwath (Craig A. Werley) to John K. Meyer regarding questions from Touche Ross, dated April 22, 1985 Letter from John K. Meyer to G. Miriam Maer, City Attorneys Office, regarding answers to Selection Committee questions, dated May 39 1985 Letter from John K. Meyer to G. Miriam Maer, City Attorneys Office, regarding answers to additional Selection Committee questions, dated May 6, 1985. I -1- IMIAMI CENTER -SEVENTH FLOOR -100 CHOPIN PLAZA - MIAMI,FLORIDA 33131-(305) 377-4000 a I I I I I I L budie Ross & Co. Mr. John E. Gilchrist Office of the Miami City Manager Page Two of Three January 16, 1986 This Financial Evaluation was completed in accordance with the evaluation criteria described in the Request for Proposals, City of Miami, Watson Island Development, February 1984: "Financial capability, level of financial commitment. - Financial capability of the team, including the equity commitment, financing strategy, and access to construction and permanent financing and proposed return to the City, including minimum guarantees and share of gross revenues, etc. Financial return to the City - Return to the City including minimum annual guarantee and share of gross revenues. - Any additional financial benefit to the City. - Lease term." Based on our analysis of the proposal and supporting documents: The Proposer is awarded 28 of a possible 40 points (70%) for "Financial Viability/Level of Financial Commitment" The Proposer is awarded 51 of a possible 60 points (85%) for "Return to City." The primary reasons that less than full points are awarded are as follows: Sufficient financial information has not been provided to express an opinion regarding the financial strength of the Proposer The Proposer has not demonstrated access to construction and permanent financing Financial projections presented do not include a provision for real estate taxes. Projected cash flows and internal rates of return are therefore overstated. - Based on the City's assumption that this development is taxable under the current real estate tax rate structure, total City and County taxes are estimated to range between $1.9 and $2.7 million per year, depending on the tax status and valuation of the various improvements. -2- f A 1budre Ross & 0 Mr. John E. Gilchrist Office of the Miami City Manager Page Three of three January 16, 1986 The scope of this report is limited to an evaluation of the financial projections presented by the Proposer. An Assessment of Proposer's Market Analysis and Conclusions has been prepared under a separate cover and includes: An assessment and evaluation of the Proposer's market analysis and conclusions regarding the scale and mix of proposed facilities An evaluation of the economic feasibility of the proposed development. We have not audited the historical, financial and statistical data used to construct the assumptions and rationale contained in the reports and other documents submitted by the Proposer. Accordingly, we cannot, and do not, express an opinion on such data. We have no responsibility to update this report for events and circumstances occurring after the date of this report. If you have any questions or comments concerning this report, please contact Mr. Ronald Chase, Mr. Rick Smith, or Ms. Cynthia Cohen at (305) 377-4000. -3- Very truly yours, Tovc/.e_ )Cs 4 CZ. F G 1-1 h a f n F.- PURPOSEj_SCQPE AND APPROACH P f e f F I F F r II. PURPOSE, SCOPE AND APPROACH Purpose and Scope The purpose of this engagement was to assist the City of Miami in evaluating the financial viability of the Watson Island development project proposed by Miami urine Exposition, Inc. The scope of the engagement included: Evaluating the financial viability of the proposed development team and their proposed financing strategies Evaluating the short and long-range economic and fiscal return to the City. Approach Our approach consisted of the activities listed below and described in more detail in the Exhibit and Appendix that follow: . Create a model (Appendix A contains the model format) to summarize proposal information required to evaluate: - Viability of the development team and its ability to provide debt and equity capital adequate for the entire proposed project - Viability of the proposed financing strategy - Short and long-range economic and fiscal return to the City • Develop financial evaluation criteria - See Exhibit A: Financial Evaluation Criteria • Review proposal submitted by Miami Marine Exposition, Inc. • Develop a list of clarification questions and obtain responses from developer • Evaluate financial capability, level of financial commitment . Evaluate financial return to the City . Prepare and provide a preliminary evaluation . Attend oral presentations to the Selection Committee . Prepare a final report for the City Manager. -4- Exhibit A: Financial Evaluation Criteria 1. Financial Viability, Level of Commitment 1.1 Developer History - None = 0 -1-5yrs=2 - over 5 years = 5 1.2 Financial Capability of Team - Demonstrated (Y/N) - Operating record .. No bankruptcy .. No pending litigation .. No surety bond refusal 1.3 Proposed Financing Strategy - Equity Commitment .. 1-10% = 1 11-20% = 3 .. 21-30% = 5 over 30% = 7 - Interest Rates .. Level .. Achievability - Financing Method .. No dependence on City .. Potential for syndication/ equity investment - Access to construction/permanent financing Total Financial Viability, Level of Commitment -5- Total Points Available 5 7 1 1 1 7 2 2 4 5 5 40 r 11 I I I F r Exhibit A: Financial Evaluation Criteria (continued) 2. Return to City 2.1 Proposed Financial Projections - Consistency with market conclusions - Phasing - Cost contingency - Operating expenses - Vacancy allowance 2.2 Proposed Land Lease - Minimum guarantee - Proposed return exceeding minimum 2.3 Additional Financial Benefits to City - Incremental tax revenue - Maintenance of Japanese Garden - 1.5% "Art in Pubic Places" 2.4 Reasonableness - Guaranteed completion schedule - Project management plan - Project profitability Total Return to City Total Potential Points Total Points Available 3 3 3 3 7 S 11 2 2 5 5 5 60 100 F u R Ill.: SUMMARY EVALUATION A Fill i U R III. SUMMARY EVALUATION Financial Capability, Level of Financial Commitment . Proposer is awarded 28 of a possible 40 points (70%) . The financial capability of the Proposer has not been adequately demonstrated Proposer proposes $38.2 million equity contribution No financial dependence on City is indicated. Return to City Proposer is awarded 51 of a possible 60 points (85%) Proposer projects sufficient cash flow from operations to meet - lease obligation to City Cash flow calculations do not consider effect of real estate taxes - Total taxes are estimated to range between $1.9 and $2.7 million, depending on the tax status and valuation of the :f: * various improvements Y Proposer proposes minimum land lease payments of $100,000/year Lease payments projected by developer are: First 2 years of operation: $692 thousand - First 10 years of operation: $9.5 million. Overall Proposer is awarded 79 of a possible 100 points. F F., F r T r 11 I IV. FINANCIAL EVALUATION r IV. FINANCIAL EVALUATION Miami Marine Exposition, Inc. Total Points Points Criteria Available Awarded Comments 1. Financial Viability, Level of Commitment 1.1 Developer History 5 5 Principals have been engaged in real estate projects for over 5 years. 1.2 Financial Capability of Team 7 0 Financial disclosure information - Demonstrated Is not provided for all entities responsible for debt and equity ,c components of the project. - Operating record .. No bankruptcy 1 1 .. No pending litigation 1 1 .. No surety bond refusal 1 1 •'� 6`'-t .�a.-^f^""' fir, xaF.. �, 3', �� yius .tt aft ,,� E.;. �i ;.;., Y'i �t �, -+ki. ,i'7,;,•, sj IV. FINANCIAL EVALUATION Miami Marine Exposition, Inc. (continued) Total Criteria Points Available Points Awarded Comments 1.3 Proposed Financing Strategy - Equity commitment 7 5 Proposer proposes a total of 22% equity involvement. Construction: 12.5% floating - Interest rates 2 interest plus .. Level 2 2 points Permanent: 12% fixed interest +� plus 3 points Achievability 2 2 - Financing method .. No dependence on City 4 .. Potential for syndication/ 5 5 Proposer projects a 23.4% after equity investment tax internal rate of return on equity capital. - Access to construction/ 5 2 Access to total construction/permanent permanent financing financing requirements for this project is not fully demonstrated. Total Financial Viability, 28 Level of Commitment 40 IV. FINANCIAL EVALUATION Miami Marine Exposition, Inc. (continued) Total Points Points Comments Criteria Available Away 2. Return to City 2.1 Proposed Financial Projections - Consistency with market 3 2 Operating Pro forma for marina conclusions component is not consistent with assumptions provided. - Phasing 3 3 - Cost contingency 3 3 8.3% of projected constant 1985 dollar total costs. - Operating expenses 3 3 - Vacancy allowance 3 3 Marine Mart: 7% Retail component: 5% IV. FINANCIAL EVALUATION Miami Marine Exposition, Inc. (continued) Total Points Criteria Available 2.2 Proposed Land Lease - Minimum guarantee 7 - Proposed return exceeding 8 minimum 2.3 Additional Financial Benefits to City r ~ - Incremental tax revenue 11 - maintenance of Japanese Garden 2 - 1.5% ,Art in Public Places" 2 Points Awarded 7 $1oo,000 annually. g Proposed annual land lease payments range from $592,0W in Year 2 to $1,531,000 in Year 10. M F K IV. FINANCIAL EVALUATION Miami urine Exposition, Inc. (continued) Total Criteria Points Available Points Awarded comments 2.4 Reasonableness - Guaranteed completion schedule 5 2 Sufficiently detailed schedule not provided. No guarantees an completion schedule provided. - Project management plan 5 2 Proposer intends to engage entities experienced in the operation of hotels, marinas and N exhibition halls. The entities are not identified and a project management plan is not outlined. - Project profitability 5 3 Cash flow projections exclude real estate taxes Total - Return to City 60 51 Grand Total 10000 79 V. DISCUSSION OF pRnSAL ISSUES rF, F V. DISCUSSION OF PROPOSAL ISSUES The Proposer is awarded less than full points for "Financial Viability/ Level of Commitment" primarily due to the following factors: Financial disclosure information for entities guaranteeing performance of the Proposer, and/or letters from financial institutions documenting the Proposer's ability to finance the development were not provided, so the Proposer is awarded 0, rather than 7, points. Access to construction/permanent financing for this project is not demonstrated, so the Proposer is awarded 2, rather than 5, points. This does not necessarily indicate that the Proposer is either financially inviable or incapable of securing financing for the proposed project. Rather, the above points indicate that a demonstration of financial viability and access to financing has not been pro- ed. Therefore, we advise the City that a higher degree of risk is associated with awarding a contract under present circumstances than would be encountered if the Proposer had provided a demonstration of financial viability and access to financing. The Proposer is awarded less than full points for "Return to City" primarily due to the following factors: No indication is provided regarding whether the Proposer is, or is not, guaranteeing the completion schedule provided in the proposal, so the Proposer is awarded 2, rather than 5, points. No project management plan is provided, so the Proposer is awarded 2, rather than 5, points. Cash flow projections exclude consideration of real estate taxes, so the Proposer is awarded 3, rather than 5, points. Operating pro forma projections are incomplete, so the Proposer is awarded 2, rather than 3, points. As described above the discussion of Financial Viability, an award of less than full points is an indication of additional risk to the City: Without a guaranteed completion schedule, the City cannot be assured that lease payments will commence as projected. r -13- r Without a project management plan, the City cannot be assured that the project will be managed in such a way as to produce acceptable gross revenues. Because lease payments to the City are a percentage of gross revenues, the level and dependability of these payments are not assured. IJ R -14- v m m APPENDIX A: MODEL FORMAT -15- CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. Developer ViabilitY- 1.1 Form of Organization? - Sole proprietorship _ - Partnership - Corporation - Joint Venture _ 1.2 Number of years development organization has been .in operation? Years 1.3 If the development team was formed specifically for this project, how many years have the principal participants been involved in Real Estate Development? Participant Years Experience_ 7A CITY OF MIPMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. Developer Viability (continued) 1.4 Representative past projects? Type Location Size Value Completed MI - N 317N :=3W ALOF' I DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. De� veloPer Viability (Continued) r's past experience in related development and management? 1.5 Letters documenting the propose Type of Facility Satisfactory Performance Letter Author Confirmed b TR 1.6 Financial institutions documenting proposer's ability to obtain financing for the proposed development? Type of Financing Institution specifics Confirmed by TR CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. Developer Viability (Continued) 1.7 Financial structure: Reporting Period Audited Net Worth Project Cost Net Worth as a % of Project Cost Development team Principles (if applicable) I CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. Developer Viability (Continued) 1.8 Pending litigation? No: Yes: Type: Reason: Amount: 1.9 Previous retl►sal of surety bond? No: Yes: Surety/Bonding Co: Date: Amount of Bond: Circumstances: 1.10 Previous bankruptcy? No: Yes: Date: Court Jurisdiction: Amount of Liabilities: Amount of Assets: CITY OF MIPMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 1. Developer Viability (Continued) 1.11 Conclusions as to the apparent viability of the development team. CITY OF MIPHI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition,_Inc, 2. Proposed Financing Strategy 2.1 Total capital required for project? Prov ided Ov Public Pr va Equ y Total Finggcina Financing Contribution Cons truc tion — Capitalized Interest - t Soft Costs - N N Carrying Cos is Total - 2.2 Source, amount and terms of financing, by type? Source Amount Terms CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposon, Inc. Criteria Satisfied? 2, proposed Fina�hcing Strategy (continued) 2.3 Does the Developer propose to provide equity and debt capital adequate for the entire proposed development? 2.4. Does the Developer demonstrate satisfactory proof of the ability to assume responsibility for the bond venueunderbond nr�t service and provide guarantees satisfactory to 2.5 Does the proposal not include use of a municipal revenue band? 2.6. Is the use of Federal Grants, such as UDAG, not included in the proposal? CITY OF MIAMI - WATSON ISLAI! DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 2. Proposed Financing Strategy (continued) 2.7 Project Internal Rate of Return Primary Financing Strategy Total Total Cash Cash Net Year Outflows Inflows Cash _flow 1 2 3 4 .� 5 6 7 9 10 11 12 13 14 15 Internal Rate of Return Alternative Financing Strategy Total Total Cash Cash Net Outflows Inflows Cash flow min aM CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposon, Inc. 2. Proposed Financing Strategy {continued} 2.8 Conclusions as to apparent viability of the proposed financing strategy: N Ln 1 324 'A =� CITY OF MIPMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Project V iab ilitY (continued) 3.1 Do the proposed rental rates appear reasonable? Rental Rates Per standard Lhit Reasonable Attraction proposed Historical_ Hotel $ /roam $ /room Marine Mart $ /sq. ft. $ /sq. ft. Marina $ /11n. ft. $ /lin. ft Retail $ /sq. ft. $ /sq. ft. Restaurant $ /sq. ft. $ /sq. ft. CITY OF MIPMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Pro sect ,yj2L_i1_1_tj- (continued) 3.2 Do the proposed rent escalation rates appear reasonable compared to historical rate escalation? Escalation Rate Reasonable Attraction Pro oseH or ca Hotel Marine Mart Marina Re tail Restaurant CITY OF MIPMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Project Viabill�L (continued) 3.3 Do the proposed occupancy rates appear reasonable compared to historical data? cu n r ti c� or,.ca Reasonable Attraction Prop H. s Hotel Mar ine Mart -- --- t � Marina "- Retail Restaurant Criteria Satisfied? 3.4 Has a project management plan been developed? 3.5 Do the proposed project expenses include a contingency for cost overruns? 3.6 Are not less than 20 acres proposed to be allocated for cultural facilities? it I CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Project Viability (continued) Criteria Satisfied? 3.7 Does the proposed include 90,000 square feet, or less, of dining and retail facilities? 3.8 Does the proposed project include a provision for upgrading and long-term upkeep of the City's Japanese Garden? 3.9 Does the proposed project include: - improvements for vehicular access? N - service roads? �o , - parking facilities adequate for the proposed development? - air terminal and marina facilities? 3.10 Does the proposal include 1 1/2% of construction funds to be set aside for for "art in public places" as defined in City Ordinances? 3.11 Does the proposal include a provision for taxes on all improvements? 3.12 Are all aspects of the development plan described by development phase? 3.13 Does the proposal include information on how construction is to be contracted (i.e., proposer acting as contractor...)? Method? CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Project Viability (continued) Criteria Satisfied? 3.14 Has a construction cost estimate been furnished by use for the entire proposed complex? 3.15 Does the proposal include a schedule of approximate dates that each significant improvement is expected to be completed? 3.16 Does the description of the operation of the entire proposed complex include: - An organizational chart - Job description of key positions - A brief outline of operating procedures - How and where the complex will be advertised - Indication of which businesses are intended to be operated by the developer and which businesses are to be subleased or operated by management contractors? .. If independent management services are to be involved, are the applicable pages of the Proposers Questionnaire (Section VII of RFP) included? FM : 1% 3. Project Viability (continued) CITY OF MIAMI - WATSON ISLAND DEVELO13ENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc._ Criteria satisfied? 3.18 Do the assumptions and results of the project lO year operating pro forma appear reasonable? Emma am CITY OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Project Viability (continued) Criteria satisfied? 3.18 Do the assumptions and results of the project 10 year operating pro forma appear reasonable? w N Nam I i CITY OF MIAMI WATSON ISLAND DEVELOPMENT DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 3. Proiect_Viability (continued) Criteria Satisfied? 3.19 Is the proposal contingent upon any actions to be taken by Local, State or Federal Government? 3.19 Conclusions as to the viability of the proposed project: 1 Pro Forma: w N i sm =a EM 6= =7:31 =1 I— CITy OF MIAMI - WATSON ISLAND DEVELOPMENT DEVELOPER EVALIATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 4. Project Return to City 4.1 Present value of land lease payments? 4.2 Anticipated incremental tax revenue (first full year of operation)? Please refer to computer printouts on following page for documentation. 4.3 Does the Developer propose that City -owned property not be mortgaged or subordinated in any way as part of the lease agree�me_nTF 4.4 Does this project provide any additional benefits to the City? If so, please describe. 4.5 . Does the Developer propose that all improvements upon the site will revert to ownership by the City of Miami upon expiration of the lease term? CITY OF MIAMI - WATSON ISLAND DEVELOPMENT ;a DEVELOPER EVALUATION CRITERIA DEVELOPER: Miami Marine Exposition, Inc. 4. Project Return to City (continued) 4.5 Conclusions as to project return to City: