HomeMy WebLinkAboutO-09191AMENDMENT NO. 22 TO ORDINANCE NO. 9019
ORDINANCE NO. r) Y 9 x
11
AN ORDINANCE AMENDING SECTION 1 OF ORDINANCE 140. 9019,
ADOPTED NOVEMBER 8, 1979, THE CAPITAL IMPROVEMENT
APPROPRIATIONS ORDINANCE FOR THE 1979-80 FISCAL YEAR,
AS AMENDED, BY AMENDING PARAGRAPH XII. (PARKING
CAPITAL PROJECTS FUND) ITEM B.1. TO TOTAL THE FUNDING
IN THE AMOUNT OF $175,000 FROM A LOAN FROM THE
CAPITAL IMPROVEMENT FUND FOR PARKING STRUCTURES IN
THE DOWNTOWN GOVERNMEI4T CENTER; CONTAINING A REPEALER
PROVISION AND A SEVERABILITY CLAUSE; AND DISPENSING
WITH THE REQUIREMENT OF READING SAME ON TWO SEPARATE
DAYS BY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE
MEMBERS OF THE COMMISSION.
WHEREAS, the City Commission adopted Ordinance No. 9019 -
on November 8, 1979, establishing resources and appropriations
for the implementation of capital improvements in the City of
Miami, .Florida for the fiscal year ending September 30, 1980; and
WHEREAS, the City Commission adopted Ordinance No. 9093
on April 24, 1980, appropriating funds for a feasibility study
regarding new multi -story public parking facilities in the
Downtown Government Center; and
WHEREAS, the consulting firm of Barton-Aschman Associates,
Inc., has determined that there is a public need and that a
multi -story public parking facility is economically feasible
in the Downtown Government Center; and
WHEREAS, it is in the best interest of the City to
proceed immediately with the design phase and to arrange for
funding the project; and
WHEREAS, it is estimated that $175,000 will be required
to cover the cost of obtaining professional consulting design
services and the cost of professional financial consulting
services necessary to arrange for the funding of the project; and
WHEREAS, an amount of $175,000 is available in the Capital
Improvement Fund and can be transferred on a loan basis to the
Parking Capital Projects Fund; and
WHEREAS, said transfer of $175,000 will also replace the
prior funding of $60,000 from Retained Earnings; and
WHEREAS, the amount of $175,000 will be repaid at 6% interest to
Capital Improvement Fund from funds derived from the sale
of revenue bonds that will be used to develop this project;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF
THE CITY OF MIAMI, FLORIDA:
Section 1. Section 1 of Ordinance 9019, adopted
November 8, 1979, as amended, is hereby further amended
l/
in the following particulars: —
"Section 1. The following appropriations hereby
made by fund and project title include previously
authorized projects and fund appropriations for
implementation of all municipal capital improvements
of the City of Miami, Florida. The sources of
revenue to support the herein appropriations are
hereby identified by fund and project:
k 4e
XII. Parking Capital Projects Fund
e A. Resources:
��em-�e�e�Re�-£erR#Rgs
A loan from the Capital
Appropriations
(in thousands of $)
6A.9
Improvement Fund 175.0
- TOTAL RESOURCES 6A-A 175.0
B. New Projects
1. Peasti�ffftp-and-Peefgn-6tudfe9
fer-Perkfng-6truetu�e8-�n-+�i�e
Goverment-eenter.
- ff--�he9e-6tudtee-are-te-be
eendeeted-under-the-supervialen
ef-the-Aff-Street-Perking-Autherity
Parking Structures in the Downtown
Government Center 145.0
TOTAL APPROPRIATED 68-A 175.0"
Section 2. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this ordinance are hereby repealed.
l/ Words and/or figures stricken through shall be deleted.
Underscored words and/or figures constitute the amendment
proposed. The remaining provisions are now in effect and
remain unchanged. Asterisks indicate omitted and unchanged
material. All figures are rounded to the next hundred dollars.
Aft
Section 3. If any section, part of section, paragraph,
clause, phrase, or word of this ordinance is declared invalid,
the remaining provisions of this ordinance shall not be affected.
Section 4. The requirements of reading this Ordinance on
two (2) separate days is hereby dispensed with by a vote of not
less than four -fifths of the members of the Commission.
PASSED AND ADOPTED this 30th day of October 1980.
ATTEST:
Ralplk,G. gie, City Clerk
PLANNING REVIEW:
m Rea.d, Directcft
Tanning Department
FINANCE REVIEW:
WMA C--f-
os Garcia, Acting Director
Fi ance Department
BUDGETARY REVIEW:
Mano ar Sa, Acting Director
Dept of M.ana ent and Budget
LEGAL REVIEW:
Robert F. Clark
Asst City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
George Knox, r. ity Attorney
-3-
Maurice A. Ferre
MAURICE A. FERRE M a y o r
il ft,
M
.17Y ':;F ?,11AMI. FLORIDA
To: Richard Fosmoen
City Manager
Morris IKaufmann
Assistarft to the City Manager
A V U October 17, 1980 "Ir
Proposed Ordinance Amending
Ordinance No. 9019, Appropriating
Funds -to the Parking Capital
Projects Fund on a Loan Basis
�eFer�a`+cr_� for the Downtown Government Center
Parking Facility Project
It is recommended that the City Commission eu
adopt the proposed Ordinance amending o r7
_Ordinance No 9019 transferring funds from O .�
the Capital Improvement Fund to the Parking C17) -"
Capital Projects Fund on a loan basis in
order to continue with the development of ►�
o the Downtown Government Center Parking_
Facility Project.
r
The City Commission by Ordinance No. 90-93, dated April 24, 1'W80,
approved transfer of funds from the Capital Improvement Fund to the
Parking Capital Project Fund in the amount of $30,000. The City
Commission on the same date approved Resolution No. 80-303 in which
the most qualified architectural/engineering firms were approved
for professional services in connection with parking structures
project to be undertaken by the City and which authorized the City
Manager to negotiate an agreement for feasibility studies in the
Downtown Government Center. Subsequently, the City Commission by
Resolution No. 80-375, dated.22 May 1980, approved the agreement
between the City and Barton-Aschman Associates, Inc., whereby the
latter would prepare a study on the public need and economical
feasibility of constructing a public, multi -story parking facility
in the Downtown Government Center.
During the course of Barton-Aschman's investigations it was
determined that an additional study was required to test the
feasibility of., incorporating retail space in the proposed facility.
The City Manager entered into a professional services agreement
with The Allen Morris Company, Inc., for such purpose.
Both studies indicate that there is a public need for the parking
and retail space and that the project is economically feasible.
Richard Fosmoen
October 17, 1980
Page 2
To proceed with the further development of the project it will be
necessary to obtain drawings, specifications and a construction
cost estimate produced by a qualified architectural/engineering
firm and to arrange for the sale of revenue bonds' using the services
of a qualified financial consultant. It is estimated that $115,000
will be required to obtain such services.
The proposed Ordinance amends Ordinance No. 9019, Section XII,
Item B.1., by transferring the amount of $175,000 from the
Capital Improvement Fund to the Parking Capital Projects Fund,
on a loan basis. This amount will cover the previously allocated
funds of $60,000 plus the $115,000 necessary for the above -mentioned
services, for a total loan of $175,000.
It is recommended that the City Commission adopt the proposed
Ordinance, including dispensing with its reading on two separate days.
MIKsbf
FEASIBILITY STUDY
for incorporating
RETAIL SPACE
in the proposed
DOWNTOWN
GOVERNMENT CENTER
PARKING FACILITY
Prepared for the
CITY OF MIAMI
J�z
�� jr Imo'
•
�1U:hilnBlii'�n'.J)_Y�.t'�:iK'�Y.•ii�L �-G�ee6.. _
I
SUITE 2600 • ONE BISCAYNE TOWER
2 SOUTH BISCAYNE BOULEVARD
MIAMI, FLORIDA 33131 . (305) 3*1000
RE'ALTORS•
COMMKRCIAI, A INDUSTRIAL.
Df.VELOPMF.NT, SALES, LRASLVO
'i October 17, 1980 AND MANAGTMF.NT
Mr. Morris I. Kaufmann
Assistant to the City Manager
City of Miami
3500 Pan American Drive
Miami, Florida 33133
Dear Mr. Kaufmann:
In accordance
with our Agreement dated September 16, 1980, we
are enclosing
our Feasibility Study For Incorporating Retail
Space in the
Proposed Downtown Government Center Parking
Facility.
In the attached report, we have analyzed the Downtown Miami
Retail Market
and determined the costs involved with incor-
porating retail
space in the Parking Facility. The report
concludes that
inclusion of 20,000 square feet of retail
space in the
Downtown Government Center Parking Facility is
feasible.
We appreciate
the opportunity of preparing this Feasibility
Study for the
City of Miami and are pleased to be able to
help in your
contribution to the redevelopment of Downtown
Miami and the
development of the Government Center.
Sincerely yours,
THE ALLEN MORRIS COMPANY
aNf c'donald West
Vice President
Enclosures
MW/ljt
I
NATIONAL. ASSOCIATION0FRhALTORSS....SOCIETYOFINDUSTRlei l, REA1.TORSO •- IA'DIVIp(lei I, 11EA111FRS1l/P
I11011TCAlililiA:\'KIi125:155C7C'l:l'I'!O,\'... AC'CRlil)l"I'F.D.11:1,\'ACiF.'.1!!e,\"1'ORrA,\'lI.ATIO,\'®... Rh.AlJORSNA770NAL SIARAFTING INSTITC''!'F�
AAIERICAN SOCIETY OF REA1. IiSTATE C'OUNSHLORS... A.1IERICAN SOCIETY OF APPRAISERS... l,YS77TU7'E OF RFAI. I ;STATI: 31ANAGESIF.NT
INFI-NNATIONA I. RHA1. ESTATE FED RATION... AUII.DIA'Ci 0IVNER.S AND AIA,\AGERS ASSOCIA770A'
TABLE OF CONTENTS
Page
PURPOSE OF STUDY
1
CONCLUSIONS
1
METHOD OF APPROACH
2
DESCRIPTION OF PROPERTY
2
DOWNTOWN MIAMI CHARACTERISTICS
3
DOWNTOWN MIAMI RETAIL SPACE
4
GOVERNMENT CENTER DATA
5
SITE DATA
7
COST ANALYSIS AND OPERATING COSTS
8
LIST OF EXHIBITS
10
E14CLOSURE - CITYNEWS 3/80
11
EXHIBITS 1 THROUGH 15
12 - 26
0
:etti�a;Jf2�%�'�:ai�sv±i 17:�e:�t=n:arr�•....:.._ae:e
I
hi PURPOSE OF STUDY
This study has been made in accordance with the Agreement between
the City of Miami and The Allen Morris Company dated September 16,
1980.
The purpose of this report is to determine the feasibility of in-
corporating retail space in the proposed Downtown Government
Center Parking Facility. This report has been prepared in conjunc-
tion with Barton-Aschman Associates, Inc., report on the financial
feasibility analysis of the proposed Downtown Government Center
Parking Facility.
This study is made as of October 17, 1980.
CONCLUSIONS
This report determines that there is minimal need for retail space
in the Government Center in its present early stages of construc-
tion. However, by 1983 after the Downtown Government Center Park-
ing Facility is complete, along with other buildings in the
Government Center, the need for retail space will have increased.
By the time the Government Center, Metrorail and Downtown People
Mover are all completed in about 1988, the need for retail space
will have increased substantially.
Therefore, this report concludes that the new Downtown Government
I
:S.d:C.liftiULYY�Lt.N/i1::lvuc:�i�i[eai..4c�.1..cwt.l..� .r •••
i�
Parking Facility should be designed to enable retail space to be
constructed on 20,000 square feet of the ground floor. Leasing
of this space should commence prior to completion of the Parking
Facility. Also, completion of the retail space should be phased
in two 10,000 square foot phases thus enabling the supply of
retail space to keep pace with the increasing demand. Meanwhile,
the undeveloped retail space will produce income from parking.
IMETHOD OF APPROACH
In making this study, it has been necessary to take a look at the
need for retail space around the
Project at the time the proposed
parking facility is scheduled to
be operational in mid 1982. The
need for retail space has then been equated to rat.es presently
being obtained for similar space
in the Downtown Miami Area. A
market survey of existing retail
space has been conducted which
highlights the vast range in lease rates presently being charged
for stores in the Downtown Miami
Area. It also explains the
reasons behind the wide range of
lease rates.
The market survey and other information
exhibited .in this report
has been combined with practical
experience of leasei.ng, manage-
ment and real estate development
to obtain the conclusions and
recommendations reached in this
feasibility study.
aDESCRIPTION OF PROPERTY
The Project is rectangular, measuring approximately 177 feet by
270 feet and comprises the center third of City Block 108N which
is bounded by Northwest Second Street on the north, Northwest
A
rl,
Third Avenue on the west, Northwest First Street on the south,
and Northwest Second Avenue on the east.
FDOWNTOWN MIAMI CHARACTERISTICS
The subject property is located on the west side of the Downtown
Miami Central Business District (see aerial photograph - EXHIBIT 1).
III During the past decade, Downtown Miami has been transformed from a
city suffering from severe downtown "blight". 'Today, the downtown
area is undergoing major redevelopment as graphically illustrated
by the enclosed Citynews 3/80, prepared by the Downtown Development
RJJ Authority. Some $1.65 Billion of redevelopment work is planned
totalling 60 proposed projects. This rapid redevelopment has been
brought about by the growth in trade with South America, the Energy
Crisis, and the population growth of Dade County which has
increased from .1.2 million in 1970 to over 1.7 million in 1980, a
growth in excess of. 40%.
Miami has recently received much publicity resulting from the May,
1980, racial riots. In addition, Downtown Miami has received pub-
licity resulting from increased crime accredited to some of the
;t! Cuban refugees living in Downtown Miami's Tent City. it appears,
however, that these problems are being cured by political pressure.
Tent City has been dismantled, and the racial problems have been
generally quiet since Sumner. As the Government Center and
Downtown continues to be redeveloped, .it .is our opinion that the
new look will. continue to encourage poeple to visit the area, es-
pecially during daylight hours.
1
i
I'
DOWNTOWN MIAMI RETAIL SPACE
f
During the past decade, the Downtown Miami Retail Space market has
also gone through a rapid change. Today, Flagler Street, which is
the heart of the Downtown Retail District, is bustling with shop-
pers, many of whom are tourists from South America. Due to the
high inflation in many South American countries, inhabitants of
these countries have found that shopping in Miami is economically
advantageous, especially when combined with a business or pleasure
trip. Consequently, the stores on Flagler Street have mainly be-
come high -volume discount stores selling electronic products,
jewelry and clothing.
Owners of these stores have capitalized upon the unusual market
conditions. At the east end of. Flagler Street, owners are charging
rates averaging $80.00 per square foot (EXHIBITS 2 and 3), and in
some cases running as high as $110 per square foot for ground level
Flagler Street frontage (EX.HIBIT 4). It should be noted, however,
that rental rates drop rapidly as one progresses westward on
Flagler Street. From the stores leasing at $110 per square foot,
one has to travel only four blocks west on Flagler Street to be
able to rent stores for $10 q
per square foot and .less. The Downtown
p
Government Center Parking Facility will be located two blocks north
of this low rent district. Furthermore, there are no stores in the
immediate vicinity of the Project.
In view of this somewhat unusual market situation for retail
store lease rates, our survey area was extended to indicate more
1 -4-
'
"normal" lease rates for stores in other locations within Dade
County. In EXHIBITS 5 and 6, a range of lease rates has been ob-
I�
tained for stores in the areas of Southwest Eighth Street, Miracle
Mile, Omni Mall and its surrounding vicinity. From this Exhibit,
it can be determined that a more normal lease rate for well -
located retail stores ranges between $10 and $15 per square foot.
Despite the high rental rates being charged on the east end of
Flagler Street, we have determined that these rates have no bearing
on the Project as it is over one quarter of a mile outside of this
high -volume discount store district. Furthermore, we have
i
determined that the long-term stability of the East Flagler Street
Retail Market caused by South American tourists is "delicate", and
could fall at any time resulting from a change in import taxes,
international air fare rates, etc.
GOVERNMENT CENTER DATA
The growth and development of the Downtown Government Center has
already commenced. At present, three buildings have been com-
pleted:
1. City Miami Police headquarters (140,000 feet)
of square
2. State of Florida Regional Center (169,000 square feet)
3. City of. Miami Administrative Building (67,000 square feet)
Construction is already underway for the Metro -Dade Cultural Center
which will contain a library (204,000 square feet), an art museum
(27,600 square feet), a historic,museum (37,200 square feet) and a
restaurant. Other developments are planned for completion by 1983
1 -5-
(see EXHIBIT 7). By 1988, five years later, all major buildings
�+ in the Government Center are planned for completion along with the
Metrorail and Downtown People Mover (EXHIBIT 8), Further details
of the proposed buildings are contained in EXHIBITS 9 and 10.
It is important to note that an estimated 5,500 employees will be
working within a 500 foot radius of the proposed parking facility.
In addition, an estimated 7,600 visitors will be traveling daily
to buildings within the 500 foot trade area (EXHIBIT 11). EXHIBIT
12 gives a further breakdown of: employees and visitors within the
entire Government Center development,
r With these numbers of employees and visitors in mind, it is
evident that there will be a need for retail space incorporating
restaurants, convenience stores, banks, etc.
The Metro -Dade Administrative Building located one block east of
the Project has plans to develop 40,000 square feet of retail space.
Assuming it is a well -planned retail development, these stores will
p p
be better located and should have greater appeal than those in the
Downtown Government Center Parking Facility. The Metro -Dade Adminis-
trative Building retail space will have a direct draw from the 3,200
employees and 4,000 daily visitors to the Administrative Building.
i' Also, the stores will be immediately adjacent to the Metrorail
Government Center Station and the Downtown People Mover Station
which may include retail space in their future design. However,
present plans call for the Metro -Dade Administrative Building to
a
1 -6-
be completed during the year following the proposed completion
date for the Cityof Miami Parkin Facility.
g Y.
it SrTR nnIPA
13XIIIBIT 13 indicates the lroposed Layout for the parking facility
and indicates the retail space to be built on the ground floor
level. Approximately 116 feet of the space will be fronting on
Northwest First Street and 270 feet will be facing the middle of
the block between Northwest First Street and Northwest Second
Street. An office building is planned for future development
immediately east of the stores fronting the center of the block.
r
In light of the information contained in this report, we are of
the opinion that there will be a need for retail space on the
ground floor of the parking facility. However, due to the pioneer-
ing nature of this retail space, and due to the competition from
the retail space planned in the Metro -Dade Administrative Build••
ing, we propose the development and leasing of the 20,000 square
feet of retail. space should be phased as shown in EXHIBIT 13.
Two 10,000 square foot phases are proposed, the first phase front-
i.nq Northwest First Avenue, and the second phase facing east from
the center of the City Block.
The parking structure should be designed to enable the ground
floor area to he changed from parking spaces to retail space
including restaurant facilities. Leasing of the retail space
should C.OmmenCO before comploti.on of construction for the Down-
town Government Center Parking Facility, and the stores should be
Fl -7-
-:.�ut.n•,i-iY4z.alldti`ItlT-eeif� - etM.nSi'isY
r.ompl.eted in th(- two 10,000 square foot phases as the market
i; demand dictates. This will provide a conservative approach to the
need for retail space and will enable the uncompleted retail
1
r
:-;[face to be used for parking i.f the need for retail space remains
[nw.
COST ANALYSIS AND OPERATING COSTS
Assuming that. the Government Center is developed generally in
accordance with the outline contained in EXHIBIT 10, and that the
Downtown People Mover all(-] Metr.or.a:il are completed .in 1985 and
1.986, respectively, we have projected that 10,000 square feet of
the proposed retail space could be leased in 1983 and the balance
by 1 984 . In EXHIBIT BIT 1.5, we have prepared a Projected income
Analysis based on 1.981 constant dollars. We project that average
rates of $:1.0 per square foot could be obtained based on
ht 'c—y� ar le.asc�s. 1.1y 1.986, with the: Government Center nearing
compl.c.-t.ion, we project that. the stores fronting Northwest first
;Str� at could bring $.1.5 I)irr. Square foot, and the remaining stores,
$1-1.50 per square foot upon rt.ne-wal of the leases. We have
lls,�umod tilat stores will be rented oil a net lease basis, where the
tor:-rnt gays f.or all. e ;pens s except structural repairs. 'thus, we
haVu est.i.nrated the exponsrs for leasing, management and mainte-
nance as noted l,il LX11II31.'1.' 15.
[n I XIi [B.[`1' .14, we have dctormined the additional construction cost
for building 20,000 s+luafc <. t of retail space over and above the
cost for the proposed barking space. After allowing for financing
(::cysts, an Additional $-)9.3, 30U W bond money is required, or an
-8-
G
IF,
annual debt service of $30,300 for 28 years at a 9.5% bond rate.
This rate is as stated in the Barton-Aschman Report,
1', Applying these figures to EXHIBIT 15, a net income after debt
service is shown at $70#400 in 1983 increasing to $204,800 by
1987. These figures represent a return on investment of 466% in
1983 increasing to 676% by 1987.
In summary, the provision of 20,000 square feet of retail space
in the proposed development of the Downtown Government Center
Parking facility is considered to be financially feasible, assum-
ing the project is aggresively leased and well managed.
In making this reportk we have used reasonable efforts to base
our opinion on accurate information and facts as obtained from
various sources which we believe to be reliable. The opinions
expressed in this report represent the consensus of the members
of our staff who have reviewed such facts and information. We
cannot, however, guarantee that such facts, information or
opinions will actually prove to be correct.
. I
� 9
LIST OF EXHIBITS
ENCLOSURE - CI`I'YNEWS 3/80
11
1
AERIAL
12
2
DOWNTOWN MIAMI GROUND FLOOR RETAIL SPACE SURVEY
1.3
3
LEASE RATES FOR GROUND FLOOR SPACE
14
4
COMPARISON OF RETAIL LEASE RATES-FLAGLER STREET MALLS
15
jA
5
AVERAGE LLASE RATES OF OTHER MIAMI LOCATIONS
16
6
TYPICAL LEASE RATES
17
7
PROJECTS COMPLLTI: BY 1.983
18
8
PROJECTS COMPLETE 13Y 1988
19
9
PROPOSED GOVERNNIF;NT CENTER DEVELOPMENT
20
10
GOVERNfIENT CENTER DLVELOPMENT SCHEDULE
21
1.1
UI:,VF;LOP MENTS WITHIN 500 FT 'TRADE AREA
22
�*
12
ESTIMATED GOVERNHENT CENTER DEVELOPMENT SIXES
23
13
PHASED OCCUPANCY OF RETAIL SPACE
24
14
PROJECT COSTS
25
15
INCOME, ANALYSIS
26
P
R
Oj"ev Q 3/80
The Downtown Development Authority - Suite 2099 • one Biscayne Tower a Miami, Florida 33131
-11-
1919
EXHIBIT 2
DOWNTOWN MIAMI
GROUND
FLOOR RETAIL
SPACE
SURVEY
DOWNTOWN MIAMI
a
GROU14D FLOOR RETAIL SPACE SURVEY
AVERAGE
AVERAGL
SUB
LEASE
AREA
AREA*
LOCATION BLOCK
RACE
S.F.
A
EAST FLAGLER 0
$40.00
1,200
100
$42.00
1,500
200
$80.00
11000
300
$60.00
800
B
WEST FLAGLER 0
$20.00
2,000
r
r
100
$10.00
1,000
1
200
$ 4.00
1,500
300
$ 2.50
1,000
r
C
NORTH MIAMI AVENUE 0
$25.00
1,000
100
$ 6.00
1,500
200
$ 6.00
1,200
400'
$ 5.00
1,500
D
N. W. First Street 100
$ 6.00
4,500
N. W. First Court 200
$ 5.00
500
300
1,000
$10.00
*
Lease Rates include air-conditioned retail
space "shell",
but
exclude tenant improvements, utilities and
maintenance.
SOURCE: THE ALLEN MORRIS COMPANY, REALTORS
-13-
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T� A7M IryH ! 1b7g7 15V]; t J0 N ~_
-
17
tl M1J R I M•
IJ AVAII•Y A S0 1SY7
I M N 3A I M S•
VI n 1. N • �h,• � /
1. Inn .--,._L— �.A�
96-1N1
R �
�"�� Iowrcoi do ,%llort
I
COMPARISON OF RETAIL LEASE
RATES
OF
FLAGLER STREET MALLS
•�
LOCATION BLOCK
AVERAGE;
LEASE RATES
ON STREET INTERIOR
INTERIOR
INTERIOR
INTERIOR
1ST FLOOR 1ST FLOOR
2ND FLOOR
3RD FLOOR
4TH FLOOR
EAST FLAGLER 0
$ 50.00 $30.00
$10.00
$10.00
$9.00
100
$ 42.00 $21.00
$10.00
$10.00
NONE
200
$110.00 $25.00
$11.00
$10.00
NONE
300
$ 75.00 $20.00
NONE
NONE
NONE
NOTE: LEASE RATES COVER SAME; ITEMS NOTED IN EXHIBIT 1
SOURCE: THE AI.,LEN MORRIS COMPANY, REALTORS
r
-15-
EXHIBI`t' 5
AVERAGE
LEASE RATES OF OTHER MIAMI LOCATIONS
'f-
AVERAGE
LOCATION
RANGE
LEASE RATE
S. W.
8TH STREET
2700 BLOCK THROUGH 3700 BLOCK.
$ 5.00/S.F.
MIRACLE
MILE
0 BLOCK THROUGH 3700 BLOCK
$14.00/S.F.
OMNI
MALL
INTERIOR SHOPS
$35.00/S.F.
OMNI
MALL VICINITY:
BISCAYNE
BOULEVARD
1300 BLOCK THROUGH 2100 BLOCK
$11.00/S.F.
N.
E. 2ND AVENUE
1300 BLOCK THROUGH 2100 BLOCK
$11.00/S.F.
I
r�
NOTE:
Average Lease
Rates include air-conditioned retail
space "shell",
but exclude tenant
improvements, utilities & maintenance.
SOURCE:
THE ALLEN MORRIS COMPANY, REALTORS
-16-
EXH I i3I'I' 6
TYPICAL LEASE RATES
TYPICAL LE•.ASE RATE
LOCATION: ROYAL TRUST HANK BUILDING
701 S.W. 27th AVENUE
TYPE STRUCTURE: MULTI -USE BUILDING: PARKING,
OFFICES, RETAIL SPACE ON GROUND
r FLOOR OF PARKING FACILITY
r' SIMILAR TO PROJECT
r GROUND FLOOR RETAIL LEASE RATE: $14.75 to $18.75 PER SQUARE
FOOT
r
r
t
r
r
NOTE: Lease Rates include air-conditioned retail space "shell",
but exclude tenant improvements, utilities & maintenance.
r
r
1S X11 1. 13 IT�}
�• . \ram t \ .;�,`� <: )� PROJECTS COPfPL
BY 1983
� 7
bo
JI
14
��`�. �� . V! S'/ �ii ,r �• ,� ♦•hex. a-:L 1 , •� �.
,, / � Y \ (\ �`a� fY�` c'�+� ( � \„/ �?��, , f 1 ���\\`IJ` •,''� i •��il Z ., 1v F r
a r \ 1 L 4 4 � , ♦•
• �U r- i �• / • 1
• �'r
�\' '� !�% h r ,l ��.r•,.y (/ l") �y. + t mot, .�� __: _..-./,j .;,
,
ova
�'' • \ �' �,, ��^ !� '•may ' � - v, �'' `
• \ L �/A,�}��,^: '^'T"�'J� .•_ _~/ :. (� -` - •W /•� 1` it •'�'� � � � !+
'\ ` 1 '1 t ��`J�• � �r���\\�'•r;• „ ' „K. r•': << �i Ii 11 F � .� � �r'' ' 1� � {.31 W � � Q•1
• �� v� ,'fit � (/•� ��; v��'�,��f ���. ���•
\\ y
•' �•\ �.\ Mwr\�' •� \'J i'�,1! 'fir 1'`�� fry mil. \ � [�
r
• ` •�•�< ice% � y : \j\`�� `rt\v S ��,,•.r � � W � N � N �p '�M
�, '�)'fv'�,. vim, 14 �. .. �• 4 ,"!'14 Ct, �i'+�,�' �\• �l - �1';i--� /;1 ',1
>.1 F
l i ,
����k� V1 .•�•' •t�/,e+,� ,; �. _� EXHIBIT 8
/:.. ,,• �NftY��% `f '� — ' ,,' ; PROJECTS COMPLETL
BY 1988
J , �, ti
t • •, 1
{ � •1r) `��. a it 5 �. �Ii- >t. a) .?t �� •t
� °+` .�. � �� � �.�•! /r� ' l� f �a(,.'i� /r� \•1 +�+�` tit T M. •'t',►�.
' l'•?� / 1 J tom• , S > ... �.
t t✓ �! i \
,t �;; �� ��� ��,• O
i M �
a
ill 44
p ,Y O r-1 10 M tf' tf1 O r-4 N r-4 N M
r •',., •• �'+ `•, . '� •• ,'`irk :t N N N d' �!' t7' U1 lf1 Ul kD l0 %.O
IS
r_
SITE LOCATION
r
PROPOSED GOVENR-MENT
CENTER DEVELOMENT
'c� U LJ J L
ww fw fnett
rw w� ft�gt
u uu�uu ❑
&a It""
all yr vat"
Q 0�
CD
F-1a
Site: Garage Site E: Existing D: Definite F: Future
(1): Development (See Table 1)
SOURCL;: BARTON-ASH.NAN ASSOCIATES, INC.
r FROM: FINANCIAL FEASIBILITY A14ALYSIS OF PROPOSED GOVERNVENT CENTER
PARKING FACILITY, OCTOBER, 1980
-20-
PROIDSED DE%TLO11M]E%T SaMILE IN GDVERIVEW
Use
Size
Planned Schedule
1. City of Miami Police Headquarters (B1. 7S N)
_ 140,000 Square Feet
(1,000 employees)
May, 1976
(now open)
(400 N.W- Second Avenue')
2. State of Florida Regional Center (B1. 76 N)
169,000 Square Feet
September, 1978
(401 N.K. Second Avenue)
(620 employees)
(now open)
3. State of Florida Offices (Bl. 76 N)
457,000 Square Feet
Future (indefinite)
4. City of Miami Administrative Building
67,000 Square Feet
Summer, 1980
(N-11. 'third Avenue and N.W. Third Street)
(450 employees, 600 visitors/day)
S. City of Miami (B1. 9S N)
133,000 Square Feet (800 employees,
Future (indefinite)
1,000 visitors/day)
6. Metro -Dude Cultural Center (B1. 114 N)
Library: 204,500 Square Feet (250 employees,
Construction started
(►lest Flagler)
3,000 visitors/day)
May, 1980; to open
Art Museum: 27,600 Square Feet
January, 1982.
Historical Museum: 37,200 Square Feet
Restaurant:
7. Metro -Dade Administrative Building (Bl. 107 E)
Office: 600,000 Square Feet (738,000
Estimated completion.
(N-W. Second Avenue and N.%. First Street)
square feet, 3,200 employees, 4,000
January, 1983.
m
visitors/day)
r
Retail: 40,000 Square Feet
m
Metrorail: 60,000 Square Feet
8. Dude Offices (B1. 96 E)
400,000 Square Feet
Future (indefinite)
9. Central Support Facility (Bl. 103 N)
Emergy Management (620-space garage)
Construction to start
(Flagler at N.K. Second Avenue)
(few employees)
in 1981.
10. Goverment Office Building (B1. 108 N)
200,000 Square Feet
Future (indefinite)
11. Government Office Building (BI. 88 N)
200,000 Square Feet
Future (indefinite)
12. Government Office Building (Bl. 87 E)
400,000 Square Feet
Future (indefinite)
C7 L1
Note: See Figure 1 for locations of proposed developments. G C
to to
r�
0 3 t9
�M x
s
Z � H
N �
� H
to ty
ii � E
SOURCE: BARTON—ASH!-,Ai3 ASSOCIATES, IiIC. t' m
11LYSIS OF PP.OpOSED GOVErWIENT CENTER
FROri: FINANCIAL FEASIBILITY AN
PARKING FACILITY, OCTOBE:R, 1980 t"
r7
SITE `7' TE" J�
7! CF pROFQSED pKIN 'OPEj3EEINITE FUTt}RE
FT TEE RREA DAILY EXISTING -`
gSENTS SITE>I`1 '00 aYEES vls--� 1980
DEVELCp Ei1P�.,I r,00
450 0
(1) - istrative Bulle�.ng 250 3,00
BEILD1�,GS t of Lliaml Aamin Center 3,200 �,0p0
Ci Y
4. aletro-Dade Cultures trative BullC J 20 (2) 0
o-Daae Adminls and Garage g00 �2)
7 _ LAetr Support Faoili tY _-""
1 n ?)
9 - Central
tzt G i £ loe wailai g 0
520
10- Go�ernm ent office
Building 5
Go�erna
11.
i
c.=
e
No in E bibit
10
ted
efer to Buildlncs eopl-ogees
i:ote (11 Estimated nu�er o RF-ALTDgS
(21 �.r,,,
f C��
i
sODRCg"
�I
19g2
19g3
19g3
Indeflnite
Indefinite
lowav,00000
ESTIlL:AT M f"VED%%f Vf rwkrrvn DEVCiA
i P.1VT SIZFS
Average
Development Area (sq.ft)
Employees
Daily Visitors
Existing
1.
City of Miami Police Headquarters
140,000
1,000
2.
State of Florida Regional Center
168,750
620
4.
City of Miami Administrative Building
679000
4S0
600 -
Definite
6.
Metro -Dade Cultural Center
a. Library
200,600
2S0
30000
b. Historical Museum
37,200
40
1,000
c. Center for Fine Arts
37,600
26
800
N 7.
Metro -Dade Administrative Building
7389000
3,200
4,000
w 9.
Central Support Facility (and 620-space garage)
7S9000
None
Indefinite
3.
State of Florida Offices
457,850
S.
City of Miami Offices
133,000
800
19000
S.
Dade Offices
400,000
10.
Government Building
200,000
11.
Government Building
200,000
12.
Government Building
400,000
c�
C-2 H
OY
:s to
r-i v
SOURCE: Barton-Aschman Associates, Inc_
H G�
0
FROM:
Financial Feasibility Analysis of Proposed
Government
Center Parking
Facility,
October, 1980
N:V
nz
01 y
M
2
y
C1
C•'!
z
1 1 0 MM
EXHIBIT 13
PHASED OCCUPANCY
OF RETAIL SPACE
PHASED OCCUPANCY OF RETAIL SPACE
PARKING FACILITY SITE: 177' x 266'
,vW td� tr Sri �� etesee)
150
1
'
\
PHASE
II
•
\
■
r
w
■
�\
PHASE
j
o"""`to
llluliluuulllul
lU
PHASE I 10,000 S.F.
II 10,000 S.F.
^o
I
� O
I
;:
i Sr
I
I
I
SOURCE: Barton-Aschman Associates, Inc.
FROM: Financial Veasibil.ity Analysis of Proposed Government
Center Farking racility, October, 1900
-24-
EXHIBIT 14
PROJECT COSTS
PROJECT COSTS
1. Additional Cost to build retail space over
r11 and above parking space 20,000 s.f. @ $11/00/s.f. (1) $220,000
�2. Financing Costs (2) $ 73,300
3. Additional Bond Issue Required $293,300
4. Level Debt Payment per year (3) $ 30,300
I
!"
r
M_
r
NOTES: (1) The $11.00/s.f. estimated cost includes the outside shell
of the store with provision for plumbing, electrical and
r air conditioning services. Interior store finishes will
be by the tenant. The $11.00/s.f. is based on 1981
constant dollars (i.e. 1980 dollars plus 1% per month in-
flation).
(2) Covers capitalized interest during constructions under-
writer's discount (two percent); legal, financing and
issuance expenses; and contingencies. Estimated to total
25% of bond issue (See Barton-Aschman Report Table II).
(3) Based on 28-year term at 9.5 percent. Rounded to nearest
F $50.00.
Source: The Allen Morris Company, Realtors
-25-
ECTED INCOME ANALYSIS
.7 PgO3 By PHASES
TAIL SPACE
FOR 20,000 S.F. RE
RIOD � By PE
INCO``87
3911-11 1911,
1_985
1_9116
_
AVERAGE Ati3OUNT 1983 1�
$1p0 Opp
LEASE RATE 0,000
f. $100,000 $10 $100,000
PHASE $1p0,000 $150r000 $15d'000
10' d00
1) $1Q0,000
$150,OOd
10,000 s.f. $�25,000
I $14.00 $12� _ �--r-
ZZ t $15,Q0 (2) 10,0fl0 s-f. Q00 $275r000
�' $275,
ed Nt'3 1s 1---J $25d,p00 13j800
I (Renew 10,000 s-f. $200,000 13,g00 26.1p0
St. Frontage) 200,000 12,5Q0
$12.50 $ 26,100
$100,000 10,000 23.g00
ZZ Renewed INCOME 10, 000 19.000 $2 3 GROSS 5,000 19,000 l ` $235,100.300
00
9,500 f $213,300 3f
�--- $171, 00
(5$) 171. 30,
VACANCZES14AN NT & 'SHELL" $ 8 $ 3300 3 1a $20� $203
LESS: LEASING, AGENIE00
ANCE t3)
MAINTENDebt $ervicelT 14) 15 40 700 $1400 0, �"r 676%
It Income Dcbt service tEXHIB $ $� a 6050 676$
I Less: 464�
464�
NET INCOrtz 4 6 6
for inflation de area
per month the trade
I TMEi`IT (5) 1% P further
ars Plus more em)l°fees in being
RETt3R'y Oil INVES 0 DO le Mover
(i.e- 198 rates due to ntown peoP s:
T DOLLARSct her Dow
w 3t e%pense p
Based on 1981 CONS higher and
ed leases refle Metro tang staff
_is1 Presumed to be �
n renew ent Center, st
gas exis
NOTES= {2} Increases from the Governm the City Miami
xPe ses 2�` the Pro3ect
o f;� N
resulting an Report
completed- be Performed shell main C ty owned. Barton'Aschm Rep �o-rc+3
Leasing to expenses 5$` taxes being ad3usted an N r
(3) management real estate come m
t fromparking ice
exemP t far loss in dbt
(4} Adjustmen divided by t $100 TORS
income rounded to nearer S COMPANY, REAL
It5) Figures noun ALLEN ti1ORRI ��
(6) SOT�T) � _hi
0"
REALTORS•
Miami: One Biscayne Tower, Two South Biscayne Boulevard,
Miami, Florida 33131 (305) 358-1000
Fort Lauderdale: 300 Third Avenue, Fort Lauderdale, Florida 33301
(305) 764-1000
West Palm Beach: 1645 Palm Beach Lakes Boulevard, West Palm Beach,
Florida 33401 (305) 684-1000
Atlanta: 100 Colony Square, Suite 2301, Atlanta, Georgia 30309
(404) 892-1100
BROKERS • PROPERTY MANAGERS • DEVELOPERS
I
r,.
I
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It
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16. cavad "a
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28. 1 BFVA
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23. -fmv*cew WO
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ppoke ,ms
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31.ftCommul" ,ill
6. canbas lw12DiC0"I
S. o*
pel "oO0"9e0"jq.CCRpoOofWAsAwROd
Sic"Wwwvow
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2S.SRM*
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13. .sorn
14-Downwom
7.SOCWCWM
Y"3
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-711
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06.
so
00001,
it 5G-80*wwdswp
50. GovefnMe"t Cen"f Mofoflo� 57- PlazaWON, Plws* 11
Daft couwrt S&AO Board
45. MewDode MO*iW Station memail 58.
.. . .. . .. . .. . .. . 00-�Oft"*Gr i0wisualiftomm
JgO-WoddTfQftC1"' summ amnerMWEducdk"
UWOSWtesCOudI"seAnw'( 41 - Fart Down PO* ptase It AS- Poll'" College Sldfioft Mom. SW 1 59. AaaO ceam
Rivet Walkway- 52. I)Owntavin Pe OP* :FdimmWkGb-O-M SOVII
CmMouse Complex 42-00101 47. WW*DOft Cm"mw- Motional 60 - cownJOVIRPNOWNOW.
u * S- - pa* Note 93- CeOOI SUP"d Fac" and pra"JI'sula"11, 53. Omni 111te
MOM jur4w ctiumb Pa.&,, 60,04je 48 OdOft Mug" Talm 54.Plaza Venet'O'phOeI Starej,Ujjfftd g plaza Hotel ptow I do phase MetwOOft 04tufat Centet 49- POKWOf 55- jeffemOWS DepOdmeW
cew,
BOTIM09
Wodd Tfaft cenw pwtnoGarage
rip
�wr+.....�iea+aila�iTd�n�ila!�Spt : :
The Downtown Development Authority • Miami, Florida # (305) 579.6675
1.65 BILLION DOLLARS
;.•.•ena,.�.-:-^fir_ uK:::.""�::'�!'.� , ' ",/i
--71 11 y�
----0---'1'��iv T1! t..jt1',3�i 11 ��yU ►'� Lr+ �j`-�:..�n-�
BRK:KEII AREA
._,.:.•t1.�111 �°7����'��_ ,..",Y�VyV w+mil "����eS J'.. �• i.T1.'•�':'�:.
CORE AREA
�ac;xb w •+i ;;::� `� _ ..ram.„,•
.—w+.ai. csr..w...m�•«'��"tp..-� _. .tR.A �..i•"j::i.".'�'. ...�-.111�.w.1..�.7,J.1%
VMNI AKCM
!A SYNOPSIS
OFPROb.J�RREtdT
PROPOSED
FOR
uowNTOW'N
MIAM111
THESE EXCITING PROJECTS
REPRESENT A SUMMARY OF PUBLIC
AND PRIVATE INVESTMENT IN A CITY
THAT IS UNDERGOING MONUMENTAL
TRANSITION, THESE DEVELOPMENTS
IN PROGRESS, OR ALREADY
COMPLETED, ADD TO THE BRICKELL,
CORE AND OMNI AREAS OF
DOWNTOWN 4.5 MILLION SQUARE
FEET OF OFFICE SPACE, 5000
RESIDENTIAL UNITS, 3000 HOTEL
ROOMS, AND 900,000 SQUARE FEET
OF RETAIL SPACE.
PROJECT
nEVF.In^' '•)A(A DESCRIPTION
COST/STATUS
AREA
'1
r„%t'►IVL.L.L.
COMPLETED
1 Office Budding
Hialeah Associates 4 story office building with 21,600 sq 4 of space
$2 8 f,fimon
I339 S W I st Avonuo
Frago, Alonso and Fedo
COmp eteJ March, 1980
2 Flagship Center
777 Br!ekoll Avenue
Nashor Company 13 story office building with 280.000 sq it of office space.
Ilellmuth, Obata, Kassabaum, Inc a 6lane auto banking facility and 765 parking spaces
$20 i""Ilon
Crmpletecl March, 1980
UNDER CONSTRUCTION
3 Intercontinental Bank
Intercontinental Bank Properties Co 9 story office building with 42,000 sq ff of space
Watson, Deutschman, Krause, Lyon
S5 Million
Esi rna'od completion February,
1300 Brickell Avenue
1981
4 Intenorra
1200 Brickell Avenue
lntorterta, Inc 19 story mixed -use complex with 187,466 sq ft of o",ce
Skidmore, Owings & Merrill 'p, 32,700 sq III of retail space and 650 pa!Fmg
ace
$22 Million
Esit maied completion April, 1981
5 Canbank Tower
848 Brickell Avenue
6 Burnett Centre
800 Brickell Avenue
7 Brickoll Coolie
799 Brickell Plata
8 Holiday Inn Hotel
495 Brickell Avenue
9 BoCkoll Key • Phase I
Claughton Island
10 Nashor Confer
Brickell Avenue at S E 91h Street
I I Folio Plato
1 100 S Boyshore Drive
12 Brickell Key, Phase It & III
Claughton Island
Banac Development Corporation
Ferundino, Grattan, Spills & Candela
Intercap Investments, Inc
Forendino, Grafton, Spolis & Candola
Doran Jason Company
Ted Roux & Associates
Johnson Properties and MWOps 3 Ltd
John H Summer & Associates
Swiro. Chee2em, Ltd
RTKL Associates
p
13 story office building with 86.000 sq IT of odbce so ice
and 270 parking spaces
15 story office budding with 190 000 sq I' of office space
20,000 so If of retod Space and 560 p(pFnig gp. mci:s
10 glory office buddutq with 88 Or)O sq r of office space
and 300 parking spocos
17 s19ry ho+ei With 600 1001!15
Multi pha,ad dev+'iopmanr on 33 59 oc'-t , Phnsc I vnii
consist of n 21 story wwlenhnl loWur 011301
condonunun units and 16 000 sq It of office space
$10 Million
Estimated completion September,
1980
S30 Million
Estimated completion January, 1981
$4 5 Million
Estimated completion June, 1980
S32 Million
Estimated completion September,
1981
$35 Million
Phase I estimated completion mid
1981
ANNOUNCED
Nastier company Motid-uge devaioprnent art 4 8 nctes A 12 story Office $24 Million
Hellrnuth. Obata. Kassnbaum Inc for foie and entertainment With 226 usetanldc1,300 parking
spaces
Developments study underway
regional Impact
Forte N006 tors. Inc
Felipe E Deleon & ASSOCICAS
%vire Ct i,eyn n l' I
13 Backell Moucrad Station Melio•Dade County
SW I sl Avenue between S W I Oth and Russell, Martinez & Holt With Finch,
I 1 th Streets Alexander, Barnes, Rothchild &
Paschal
14, Downtown People Mover, Slag!) II ConsubdntsCGannen Flemming S83, a
joint venture
16 story oniCe budding with 139 000 sq IT of office space
rind355 onrvmg snncos
Pr aSe, Ii a+t t m,, n„ , i , ;P' •.b., ,omen! h0h 754
A 3 level Melrorall transit station that will serve over 8,000
patrons daily
South log A 1.14 mile, two way shuttle system with 8
stations
$ 10 Million
Construction eshmaled to begin mid
1 r18o
$138 Million
Consauct!on estimated to begin mid
1980, estimated completion late
1082
$3 88 Mallon
Construction estimated to begin May,
1981
$46 8 Million
Construction subject to funding
COMPLETED
15
Burdines Department Store
Federated Department Stores Inc
Fletbort Johnson & Associates and The
Renovation of a 6 story department stator including 2 now
restaurants and a now facade
Estimated $6 Million
Completed March. 1980
22 East Flagler Street
Walker Group Intonors
16
Capital Malt
Puerto do las Amoncas, lid
Aduplive rwuso of 40.000 sq It movie awaler into 40 rolnil
S4 7 Million
145 East Nagler Street
Oscar Sklar
shops and a restautanf
Completed May 1979
17
Gallona Inlomacional
Mairritia Ri/ikow, Argom Florida
Renovation of 45.000 sq It building into 05 shops and
$4 7 Million
257 East Flagler Street
Corporation
Millon Rodeo & Associates
boutiques
Completed June, 1978
18
Gollona Europa
Euiapo(in Deverepmenf and Investrnonf
Renovation of 10 000 sq it into 16 rutan shops find a
$1 Million
121 S E 3rd Avenue
Corporahon
William C Murphy & Associates
rustnurunt
Completed December, 1978
19
City of Miami Police Headquarters
Government Center
City of Miami
PancoaslArchitects and BouhHso
5 story police hondquarfufs with 140 000 sq It of spacu tot
uppronrnatolyt.000Ornployeas
$ 7 Million
Completed May,1970
400 N W 2nd Avenue
Borom Albaisa Archdocls Plannws.
Inc
20
C!ry of Miami Police Iluadquartots
City of Miami
fionew
City of Miarni Pal 'co Ilorldquurlers parking are0pe with 598
$2 Million
Parking Garage
& Albnisa
parking spaces and ion auranlative surv!co?ncnity
Completed May, 1976
Gavemmanl Center
400 N W 2nd Avenue
21 State of Flonda Regional Service Center State of Florida 10 story 0111CO buudinq with 169 000 sq ff of athCIT space $6 4 Million
Oovemmenf Cantor Russun Madnol & Hall for nppt0x rnaluly 620 oniployous Completed September. 1978
401 N W 2nd Avenue
22 Dupont Plata hotel Romodul!ng
300 Biscayne Boulevord Way
Bay View Associates
L [ Sed2 Arrhdeel
Rulti b!shrnunt ut Rill hotoi s roam ballroom incluoin0 an
all lass SOulh wait 0011001iing the Miami River find
$800.000
Completed Match, 1970
Louis Hinc1 DOCOfaiar
Biscayne Boy
UNDER CONSTRUCTION
23 City at Miarni Univefsity 01 Miami Janlus
L Knight International Center and
Joint dovoloprnont City of Munro
University of Miarni. Miami Confer
Multi use dovolopmont with a 19 story, 608 room try(,"
Hotel. a 400 000 sq ff coniuiunco comer and a 5 000 seat
$109 Million
IFshrnatod completion October 31,
Hyah Hotel
400 S E 2nd Avenuo
Associates
Forondino Grnnon. Spol!s & Condula
(I Milonurn 26 000 %(1 h of rolnil space and 30.000 sq It
at exhibit spocii
I98I
24 United Stores Justice Building
Fonda Cast Consl Propo!tms
Hotaart Johnson Ft Associales
I4 glory Office budding with 11b 000 sq tt at spacu
$15 Million
Avenue of S E 2nd Slwot
E shnuUuil completion Apnl. 1980
ZPZ 'ON ANd3d
Plod 91501SOd 'gn
hVd mina 4t
PROJECT DIVE LOPERARCHITECT PROJECT DESORIPTION COST/STATUS
COMPLETED
53 Omni Intornational
I601 Biscayne Boulevard
Intornalional City Corporation
Toombs. Amisano & Walls
Mullf•use me asttucturo on 10 5 acres Includes two major
department stores, two level retail mall with 165 shops, a
$76 Million
Completed February, 1077
550 roryom Omni Hotel, and parking lot 2,700 cars
54 Ploi a Venetia. Phase I
1756 N Bayshore Drive
Florida East Coast Properties
William Dorsky & Associates
33 donhaillion
6U0100 oshotel s ales 60 000 sq Itltol?alall
ros
Completed March. Ifl80
space, health spa and restaurants. 415 parking spaces and
a 300 slip manna
55 Jefferson's Department State
1600 Biscayne Boulevard
Joflersons Slates. Inc
W E Carroll & Associates
Addition of 36,000 sq It of retail space, a now 2 story
parking garage with 380 spaces and a 12-boy autornotivo
$5 Million
Completed May 1979
sorvico conloc
UNDER CONSTRUCTION
56
Boulevard Shcps
1401 Biscayne Boulevard
Biscayne Proponws, Inc
Boutorso, Parer and Fabrogas
Restoration and adaptivo rouse of 15,000 $q It building
into 14 high fashion boutiques, restaurant and art gallery
$2 Million
Estimated complotion April, 1980
ANNOUNCED
57
Pfara Venetia Phase II
Florida East Coast Properties
Two towers with 800 hotel rooms and 810 residential units
$200 Million
N Bayshoro Drive al 161h Street
Toombs, Amisano & Walls
retail space and 2000 parking spaces
Construction ostirnaled to begin July,
1980
58
Dade County School Board
Dade County School Board
130,000 sq h office building lot 700 urnployees
$9 Million
Adminisffativu Offices
Yaros Timor & DMJM
Construction ostinupod to begin May.
1400 Block of N E 2nd Avenue
1980
69
Anna Bionnor Mayer Educational
Dade County School Board
2 story, 52,000 sq It radio and TV studio facility for WERN
$3 2 Mahon
Toleeommunicalions Center
Yaros. Frcvier & DMJM
Construction oshrnatod to begin May,
N E I sl Avenue unit N E 151h Street
1980
60
Downtown People Mover Stage II
Mulro Dade County
North leg a I I Milo two way shuffle system with 5 stations
$42 6 Million
Consultants Gannett Flominq 583. a
Construction subject to funding
joint venture
DOWNIOWN DEVIU)nMENt AUNiDR11Y DESIGN WORKSHOP INC
JG Sun kok Nulhan Rok 6.800 sq II building with Space for 3 retail shops. $500,000
11,13E I sf Avenue Oscar Sklar Estimated complahon May. 1980
.6 lay olMwmi Admirn.^•livbon nnddmq City ai tduiritrdur. n
Governrnotif CoWw r"7
N W aid Aw,mi,. 4u' m JuiY 1980
29, Everglades Horel
244 Biscayne Boulevard
30. Everglades Center
282 N E. 2nd Street
31. MiambDade Community College
Exppansion — Phase 11, Building II
101 N E. 4th Street
32. United States Coudhouse Annex
300 N E I st Avenue
33. U.S. Courthouse Complex
300 N. E. I sf Avonuo
New f:vetgladus,lI%
D K Houston
new%:onterenc� ruedit.
Nothan Rok
3 story, 51,000 sit II retail canter wilh 20 shops and
Moisos ChorowSki
boutiques
Miami Dade Communityty College
Academtcradministrabve complex with 134,000 sq h of
Ferondmo, Grafton, Spiliis & Candola
space lot classrooms, faculty Offices and laboratory space
United States Government, G.S.A. Adaptive rouse of former United States Past Office Interior
Smith, Korack, Hayel Haynie renovation or 59,000 sq ft into three courtrooms and
Partnership judicial suites,
United States Government, G S A I I story tower to house judicial chambers and courtfooms
Ferandino, Grafton, Spillis & Candela Two, 3 story wings to house ancillary junctions.
000
' mrd,xt COrR,iebOn Apta. 1980
;6 Minton
I_slimalyd complahon hldreh, 1981
$2 5 Million
Estimated completion March, 1980
S 14 6 Million
Estimated completion August 31,
1981
$500,000
On hold pending additional funding
$14 5 Million
Foundation complete; superstructure
on hold pending additional funding
34,
Marino Park Hotel
Marina Park Associates
10 story hotel renovation with 200 refurbished hotel rooms
$4 Million
340 Biscayne Boulevard
Sanlos,Rmmundoz
and exterior Improvements
Estimated completion June, 1980
35
United Methodist Church
United Methodist Church
450•seat church, including space for social and office
$ I.5 Million
400 Biscayne Boulevard
W W Baggeson
functions
Estimated completion Juno, 1980
36
El Plata Hotel
Mil -So Enterprises, Inc In affiliation
Renovation of Dolphin Hotel with 52 single rooms and 26
$2 2 Million
100 N E I Oth Streel
with Bast Western, Inc
deluxe suites, swimming pool and parking
Estimated completion May, 1980
Taquechol Associates
ANNOUNCED
37.
Miami Center, Phase I & Phase 11
Holywell Corporation
Phase I A mixed -use development with a 630 room hotel, a
Phase 1 $1 16 Million
Miami River, Biscayne Bayy, Biscayne
Pietro Belluschi, Vlostimll Koubak
750,000 sqq It. office tower with 45,000 sq. B. of stall
Phase 11 $60 Million
Boulevard and Chopin PJazo
space and 2,365 parking spaces.
Construction estimated to begin April
Phase 11. A residential lower with of 330 condominium units
1980
and townhouses.
38
Southeast Banking Corporation
Gerald D. Hines Interests
Corporate headquarters building with between 700,000 to 1
$70 Million
S E 3rd Avenue and S E. 3rd Street
Skidmore, Owings & Morrill
million sq,ft. of office space.
Preliminary design underway.
Construction estimated to begin
1981
39•
World Trade Center Pothing Garage
S 2nd Street I Avenueg
CIN of Mlaml/Universl of
Mi
A 1,600 space parking garage to serve file Convention
$15 Million
E. at st
omllMlaml Center Associates
Center, Hyatt Hotel and World Trade Center. Parking shucture
for air rights development of Ito World
Site acquired, preliminary design
underway. Construction estimated
will serve as platform
Trade Center,
to begin May 1980
40
p;,q ;p,,,a ihl.d
S31 5 Million
S L 2nd Street at isl Avenue
;nil eaue ogµunzaliuns
Preliminary design development at
regional Impact study underway
41
Fort Dallas Park
City of Miami
22, 500 sq tl Iraq at land designated for flit, dovelopment of
$200,000
Miami River botwoon S E I sf Avenue and
To be selected
a nvertiont park
Site Occurred, design phase
N Miami Avenue
42
M;omi Pivot Walkway, Phase 11
laity of Miami
1,2001moor fool of landscaped walkway along the north
$525,000
North bank of Minna Rival tram S E 2nd
Connell, Metcalf and Eddy
bank of the Miami River
Protmunary design underway,
Avenue to Fort Dallas Park
construction oslmtored to begin
January, 1981
43
Central Support Facility and Parking
Metro Dodo County
A muurusa tacihry, a 600 car parking sbucluro vUografed
S 15 Million
Garage
Ferondmo, Grollon Spills & Condom
wilh the Energy Managoment Canter Security and
Preliminary design, silo acquired,
Government Center
maintenance functions will also be included
construction estimated to begin
Flagler Street at N W 2nd Avenue
1981
44
Molro•Dade Cultural Center
Metro•Oado County
Cultural complex includes a Main Library with 204,500 sq
S25 Million
Government Center
Phillip Johnson and John Burgee with
ft, Art Museum with 27,600 sq it, Historical Musoum with
Construction estimated to begin May,
West Roger Street between N W 3rd and
Connell, Mofcall & Eddy
37,200 sq It, and a central plaza and restaurant.
1980
bill Streets
45
Morro -Dade Administration Building
Melro•Dode County
50 story administrative center with 600,000 sq f1 of office
$54 5 Million
Government Center
Hugh Stubbms Associates and
spaco. 40,000 sq ll of retail space and 60,000 sq ft for
Estimated completion Januory, 1983
N W. 2nd Avenue and
Collaborative 3
Motrorail and telecommunications equipment
NW ISIStreet
46
Parking Garage
CIN of Miami Off-street Parking
Municipal parking garage with 695 splices
$5 4 Million
180 N E 3rd Sheet
uthanty
Construction estimated to begin April,
Conrad Associates East
1980
47
Miami -Dodo Community College, Phase
Miami -Dade Community Collage
80,000 sq ft budding with a gymnasium, offices,
$8 5 Milton
11, Building III
Ferondmo, Grafton, Spills & Candela
classrooms and art galtary
Preliminary dustppn construction
S E Comer of N E I st Ave and N E 31d
estimated to start July, 1981
Street
48
Elderly Housing Tower
Molro-Dodo MUD
150 unit senior citizen housing center with space for Wild
$4 1 Million
N E 2nd Avenue and N E 51h Street
Ferguson, Glaskow and Schuster, Inc
and social functions.
Site acquired. preliminary design
underway, estimated completion
January, 1982
49
Park West
Developer undetermined
Nosed ro•devolopment area 85 acre silo with potential lot
$250,350 Million
Planning area bounded on the North by
Consultants Wallace/Roberts & Todd
3000.4000 residential units
Consultant study to be completed
1.395, East by Biscayne Boulevard
American City Corporation
July, 1980
and on the South and West by FEC
and Parsons BrmckerhoN
Railway frocks
bO
Govemmunt Cantor Motrorail Station
Molro Dade County
Threo•loval Government Center Station to be built adjacent to
$7.1 Million
West at N W I st Avenue between N W
Cambridge 7 Associates with Hernando
Meho•Dado Administration Building Projected to solve over
Construction eshmatod 10 begin May,
I sl and 2nd Streets
Acosta & Associates
50,000 patrons daily
1981
51
Washin ton heights Meuomil Station
West of FFC trucks between N W 6fh and
Melro-Dado County
Ilateher. Zeigler, Gunn & Associates
Two-leval Irunsil station serving the Ovodown Neighborhood
to the West and the proposed Park West community to the
$3 67 Million
Construelion estimated 10 begin May,
81n Spools
with Hoory & Healy
east
1081
52
Downtown People Mayor Stage I
Marro Dade County
COD Loop a 19 mile two way loop systorn with 10
S75 Million
Consultants Ganoll Flaming S03, a
stations
Preliminary Engineering
joint venture
Construelion oslimted to begin
mid • 1982
DRAFT
FEASIBILITY ANALYSIS
PROPOSED PARKING STRUCTURE
DOWNTOWN GOVERNMENT CENTER
MIAMI, FLORIDA
PREPARED FOR THE
CITY OF MIAMI
BY BARTON-ASCHMAN ASSOCIATES, INCH
EVANSTON, ILLINOIS
OCTOBER, 1980
f
CONTENTS
SUMMARY OF FINDINGS AND CONCLUSIONS
1
PURPOSE AND SCOPE
4
BACKGROUND
5
METHODOLOGY
6
THE PEOPLE -MOVER AND INTERCEPT PARKING
g
ESTIMATED PARKING GENERATION IN GOVERNMENT CENTER
12
DESCRIPTION OF ALTERNATIVE GARAGE CONCEPTS ON SITES 1 AND 3
18
PRELIMINARY ESTIMATE OF GARAGE CONSTRUCTION COST
22
ESTIMATED STABILIZED GROSS REVENUE FROM ALTERNATIVE SITES
23
STATUS OF GARAGE SITE 1
25
ESTIMATED ANNUAL DEBT SERVICE
27
ESTIMATED FINANCIAL PERFORMANCE
28
ESTIMATED IMPACT OF INFLATION
28
TABLES 1-14
31-44
FIGURES 1-7
45-51
f,
f
ii
iJd'i+S',"�it:cirkGiYi� ilYW-..t14 ' •
SUMMARY OF FINDINGS AND CONCLUSIONS
The purpose of this report is to evaluate the economic feasibility of park-
ing structures in the Downtown Government Center. After examining three
alternative sites,the one estimated to have the best economic potential
was analyzed in greater detail to develop guidelines for its implementation
and to prepare a pro forma under certain assumed conditions.
When the proposed Downtown Government Center development plan is completed,
it is to contain 10 office buildings, the Cultural Center, and a major
rapid transit -people mover station. At the present time, three of these
facilities are in operation --the City of Miami Police Headquarters, the
City of Nflami Administrative Office Building, and the State of Florida
Regional Center. Construction was begun in the summer of 1980 on the Metro -
Dade Cultural Center. 71te latter facility is to be opened in 1982. The
Metro -Dade Administrative Building and the Central Support Facility are to
be started in the near future with anticipated completion dates of 1983.
With the recent occupancy of the City of Miami Administrative Building there
was a total of approximately 375,000 square feet of government offices open
in Goverronent Center. With completion of the Metro -Dade Administrative
Building and the Central Support Facility the amount of office space would
more than triple to 1.2 million square feet. In addition, with completion of
the Nictro-Dade Cultural Center there will be a major demand for visitor park-
ing and some employee parking.
This report examines the feasibility of three sites that the Government Cen-
ter master plan proposed as future parking garage locations:
1
If
Site 1: Between MV First Street, MV Second Street, I-95 and MV Second
Avenue.
Site 2: Immediately northeast of the intersection of MN Third Avenue
and MV Third Street, (Between the police garage and the new
city administrative building.)
Site 3: Between MV 11iird Street, MV Fourth Street, MV First Court and
the proposed alignment of the rapid transit and the people -mover.
The feasibility of developing a parking garage on each site was tested by
evaluating the future development and hence parking demand that might exist
within a 500-foot radius. Parking demand was classified according to the
current status of the proposed developments: existing, programmed, or in-
definite. On the basis of estimated parking demands within each of the trade
I
areas and gross income that each location could generate from parking patron-
age, it is concluded that Site 1 should be considered as the first parking
project in the Downtown Government Center. The garage would be used by
i�► visitors and employees of Government Center and "intercept parkers" who would
1 transfer to the people -mover to visit the CBD.
The garage concept evaluated in this study for Site I is a five and one-half
level facility that would include approximately 20,000 square feet of retail
on the ground level. The retail facilities would serve employees and
visitors of Government Center. In the initial years of operation --until
approximately 1990--the garage would contain approximately 60 percent standard
size spaces and 40 percent compact spaces in accordance with the recent zoning
modifications approved by the City Commission. The total capacity of the
garage in these initial years would be approximately 840 spaces. By
2
K�Gi,Silk.'stad,:ti'Si'�'+_.',2'^-"^--�'Z't•�'ia.^'.Y:�i.re ��,.,- ��
1
approximately 1990, it is estimated that the demand for standard -size
parking spaces will be at such a low level that the entire garage can be
Converted to compact spaces, At that time the capacity of the garage would
increase by approximately 100 spaces, It is estimated that the garage
could be constructed in 1981 for approximately $4,8 million,
Assuming that the garage would
be financed with City of Ntiami
revenue bonds
to be repaid over 28 years at a
9.5 percent rate of interest,
the level
debt
payment would be $657,800
per year, commencing in 1983,
Interest only
would be capitalized the first
two years after the bonds are
sold in approxi-
mately mid-1981, It is assumed
that the garage would open in
mid-1982.
;r
Operating under parking fees considered appropriate in 19821 it is
estimated that the proposed garage should generate stabilized parking
rcvenuee, in terms of constant 1982 dollars, of approximately $948,600 per
year within three years after opening. By 1990, when the garage capacity
could be increased beCause of the changeover to exclusively small spaces,
revenues are expected to Increase to an annual level of $1,039,000,
'rho
estimated gross revenue Coverage of the garage, in terms of constant
1982 dollars, is placed at 1,44 with a mixture of large and small spaces or
1,58 with small spaces alone. Net revenue coverage is estimated at 0.93
in the earlier years and at 1,01 with the anticipated changeover in 1990.
Net income from the rotail space would increase these coverages.
'rho potential effect of Inflation was exmmined by assuming that both gross
revenues and maintenance and operating costs would be inflated at seven
percent a year, Under these conditions, the gross revenue coverage would
3
"ifkt 1 '1ll'. ".��d ^�'�—•:sCltu'urm_u�tait_.
1
increase from the 1.42 level in 1983 to 1.99 by 1988 and to 2.48 by 1990.
The estimated effect of inflation on the net coverage ratio is to increase
1 coverages from 0.91 in 1983 to 1.28 by 1988, and to 1.58 by 1990.
If the proposed 20,000 square feet of retail in the garage generates net
revenues of $5.00 per square foot per year, the coverage ratios would be
enhanced. It is estimated that this level of net retail revenues would
provide a net coverage ratio of 1.06 by 1982, assuming the previously
discussed inflation of garage revenues and maintenance and operating costs.
This coverage estimate does not assume inflation of the retail revenue. By
1987, the estimated net revenue coverage of the garage --assuming inflation
of garage parking revenues and maintenance and operating costs but not of
retail revenues --is placed at 1.35.
a
In summary, the proposed development of a garage containing 900-1,000 spaces
on Site 1 with associated retail space is estimated to be financially
feasible from user revenues.
PURPOSE AND SCOPE
The purpose of this report is to evaluate the feasibility of constructing
multi -level public parking structures in the Downtown Government Center,
bounded by {Vest Flagler Street, \,IV'Third Avenue, MV Fifth Street and
MV First Avenue, Miami,Florida.
This study was prepared in accordance with an agreement with the City of
Miami,dated May 1, 1980. At the meeting of April 24, 1980, the Commission
E
_ F�y:glti tr+�i,+ham:
approved Ordinance No. 9093 and Resolution No. 80-303. The ordinance
approved the expenditure of funds from the Parking Capital Projects fund
to cover the cost of the feasibility and design studies for parking
structures in the Downtown Government Center. Resolution No. 80-303
approved the City Manager's recommendation of the firms to provide pro-
fessional services for the project.
BACKGROUND
Government Center, occupying approximately 12 blocks in the northwest corner
of the Miami Central Business District, is being developed as the focus of
city, county and state office buildings. The area is to contain the Metro -
Dade Cultural Center including a library, art museum and historical museum.
The principal rapid transit -people -mover station is to be located on the
east side of Government Center. Figure 1 indicates the locations of the
various developments that now exist and those planned for future implementa-
tion.
With full plan implementation, Government Center area is to contain lO office
buildings, the Cultural Center, a central support facility and the new
transit station. At the present time, three of the buildings are in
operation --the City of Miami Police Headquarters, the City of Miami Adminis-
trative Office Building, and the State of Florida Regional Center. Construc-
tion was begun in the Summer of 1980 on the Metro -Dade Cultural Center.
This latter facility is to be opened by 1982. The Metro -Dade Administrative
Building and the central support facility are to be started in the near future
with anticipated completion dates of 1983.
1�
.ilii�;FYwsGSYii2fFi�:;i1A_td.`1=.. -• t �,5c'-�:.�sv'G`.�.
The principal mode of travel to Government Center of both employees and
visitors is expected to be the private automobile. With completion of the
proposed rapid transit system and the people -mover, it is estimated that
approximately 70 percent of the person -trips to the area will be by
private automobile, 30 percent by public transportation including the new
modes and continuation of the existing bus system. Even thotigh use of
public transportation in future years is expected to be between two and
three times as great as today, it is clear that a large amount of parking
space must be provided to accommodate persons traveling by automobile.
` Following the recent occupancy of the City of Miami Administrative Building,
there was a total of approximately 375,000 square feet of government offices
open in Government Center. With completion of the Metro -Dade Administrative
Building and the central support facility the amount of office space will
more than triple to 1.2 million square feet. In addition, with completion
of the Metro -Dade Cultural Center, there will be a major demand for visitor
parking and some employee parking.
This report evaluates potential parking generation according to location in
the Center and examines the financial feasibility of building a new garage
to accommodate parking demand from development which appears to be definite.
Financial feasibility has been examined in terms of the assumption that
I�
revenue bonds would be used to finance the parking improvement.
METHODOLOGY
F` The master plan for the Government Center area proposed three sites as being
f� appropriate for future garage development. These are identified in Figure 1
as;
G
Site 1: Between MV First Street, MV Second Street, I-95 and MV Second
Avenue.
Site 2: Immediately northeast of the intersection of MV Third Avenue
and MV Third Street.
Site 3: Between MV Third Street, MV Fourth Street, MV First Court and
the proposed alignment of the rapid transit and the people -
mover.
In brief, a four -step approach was used to select the most promising site
for the first garage construction project:
1. The amount of potential parking demand within the trade area of each
garage site was estimated. This step eliminated Site 2 from further
consideration since there appears to be no appreciable parking shortages
within its trade area in the next few years. (The parking demand near
each garage site includes both the parking from new buildings and
"intercept parking" that might accrue to a garage in Government Center
i
because of the availability of the people -mover system in approximately
1984 . )
I� 2. A suitable parking garage concept was developed to fit the physical size
�I and shape of Sites 1 and 3. The garage concept reflected the fact that
the city recently changed two requirements that will lower the relative
cost of constructing new garages: a reduction in the sizes of parking
stalls and the proportion of compact spaces that may be included in a
new garage. The former requirement for a standard parking stall of
7
!ykY%^,�:rfsu�LrG'45 �StI1��S�Pn •.3Y�:u�em:�,•.onr•.v. -
I
9' x 20' was reduced to 9' x 191. The requirement for compact stalls
was reduced from 7.5' x 17' to 7.5' x 161. The maximum number of small
stalls was increased from 30 percent to 40 percent of garage capacity.
AIn developing the garage concept, two non -parking uses were considered
as joint -use possibilities: office and retail. It was concluded that
the development of office space in conjunction with the garage project
would be too difficult to coordinate and probably should not be con-
sidered at this time for the first garage development. On the other
hand, the possible inclusion of retail space on the ground level of the
garage appears to have genuine merit and could provide necessary services
to visitors and employees of,Government Center and could also enhance the
financial feasibility of the project. 'Phis report assumes the inclusion
of approximately 20,000 square feet of retail space in the garage concept
used to test feasibility, but does not address the question of net revenue
N� that the retail space might generate. A separate but parallel study is
'i�fi
investigating the financial potential of including the retail facilities.
i
3. A preliminary estimate of gross revenues was then made for Sites 1 and 3
using the capacity of the concept garage, potential patronage and
appropriate future fees. On the basis of this step, Site 1 was selected
as the best choice for the first parking garage project to be developed
in Government Center by the City of Miami.
4. The pro forma of a garage on Site 1 was developed by estimating annual
costs --maintenance and operating expenses and amortization costs.
Revenue bonds were assumed as the basis for estimating the debt service
requirements. The estimated development cost was prepared in terms of
H
,3YW:itiSL� 'mi1/�le -. y�}:Y y41.•+ti.0 1..
n
L
1980 dollars and then escalated at one percent a month to reflect
conditions that might exist in approximately one year when the garage
bids would be received. The development costs also reflected 25 per-
cent of the bond issue to cover bond financing or so-called "soft -
costs" since these are part of a normal revenue bond issue. Pro forma
was tested tinder two garage capacity assumptions: the years from opening
until about 1990 when there would be a mixture of large and compact
stalls and the years after 1990 when it is believed the garage would be
converted to compact stalls exclusively.
THE PEOPLE -MOVER AND INTERCEPT PARKING
r Following several extensive studies, local government adopted a plan to imple-
ment a downtown people -mover (DPM) system. The full system would serve as an
efficient distributor system, eventually connecting the Brickell, central
business district and the Omni areas. This 4.1-mile route, as adopted by the
City and County Coimnissi.ons on March 9, 1979, is estimated to cost $165 million
upon completion. A total of 20 DPM stations have been designated at approxi-
mately 1,000-foot intervals. The base system, or the central business
district loop, is to be constructed and operational by 1984, based upom UWA's
funding commitment. The proposed north leg of Omni and the south leg to
Brickell are contingent upon future federal funding. However, completion of
preliminary engineering on this phase should be accomplished within the year.
ii The principal station serving the people -mover and one which interfaces with
the proposed rapid transit system (now under construction) is located at
Government Center, As indicated in Figure 1, the station is to be located at
9
- �:s*S:;L:!S.r'.x••.i:�+:t1;d.SGti'S1.• .d.4 -
the east side of Government Center (just west of MV First Avenue) and is to
extend in a north -south direction from approximately MV Hirst Street to
MV Third Street. The combined rapid transit and people -mover station is to
be interfaced vertically. Both the rapid transit and the people -mover are
to operate above grade. At the Government Center Station, the people -mover
guideway is to be located above grade but below the rapid transit tracks.
Escalators are to provide vertical transportation for passengers.
The people -mover loop connecting Government Center with the balance of the
central business district generally follows an alignment around the
periphery of the CBD between MV Third Street, Biscayne Boulevard, SE Third
Street, and the eastern edge of Government Center along MV First Avenue.
The people -mover is to provide rapid interconnection between the Government
Center Station and other parts of downtown along its route. The round trip
time is estimated to be 11 minutes for the entire loop. The system is to
provide tracks in two directions so that a passenger can ride either
direction in order to minimize travel time. Under this configuration, the
estimated travel time between Government Center Station and any other point
along the downtown alignment would be less than six minutes.
In view of the excellent transportation that the downtown people -mover is to
provide between Government Center and the balance of downtown, and consider-
ing the increasing development taking place downtown along with the inherent
slow movement on downtown surface streets, it is believed that the proposed
parking facilities in Government Center would attract a number of parkers
who would then continue their trips to the central area via the people -mover.
These "intercept parkers" are expected to provide additional patronage to the
proposed parking facilities in Government Center.
10
.u;sLLFY•�"t:Y1t:+'• :+fin• .nxeu_4m_re�ttl�"
The preliminary engineering report for the downtown people -mover issued in
July, 1979, estimated that the annual ridership on the people -mover in
1985--the first full year of operation --was expected to range between 9.3
and 9.7 million persons. Steady growth was indicated so that by 19959
ridership was estimated to reach the range of 11.1 to 11.6 million annual
riders. The report also indicates that during the morning peak hour (as
of the early years), a total of some 3,600 passengers would use the system.
Slightly more than S0 percent of these passengers are expected to board at
Government Center Station. Many of these patrons would be workers of the
central area. In addition, persons visiting the central area for non -work
business and retail trips are expected to board at Government Center Station.
In the typical peak hour, 1,961 persons are expected to board at Government
Center Station.
On the basis of the estimated ridership volumes and patterns developed in
i
the downtown people -mover study and considering the scarcity and slow access
to parking facilities located in the heart of the downtown area, it is
estimated that at a minimum, approximately 200 intercept packers would choose
to park in the proposed parking garage in Government Center in the peak hour
of a typical weekday. Considering the probable turnover characteristics of
these parkers, it is estimated that they would represent some 360 parkers
throughout a typical weekday including 110 work trips and 250 non -work trips.
It is estimated that intercept parkers would accept somewhat longer walking
distances than would parkers destined to buildings in Government Center. The
following section estimates the parking demand that would accrue to each
garage site from Government Center buildings. A later section combines the
No types of parkers--destined to Government Center and the CBD--to derive
total potential parking demand.
1 11
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IJ
ESTIMATED PARKING GENERATION IN GOVERNMENT CENTER
The purpose of this section is to derive estimates of the potential parking
generation that would exist in Government Center in future years. In
preparing these estimates the proposed developments in Government Center were
reviewed to establish their size, nature, and planned development staging.
The estimates were then used to evaluate the potential parking usage that
would accrue to the three parking sites to be evaluated in this study. The
three sites as shown in Figure 1 are:
rSite 1: Between NW First Street, NW Second Street, I-95 and NW Second
Avenue.
Site 2: Immediately northeast of the intersection of NW Third Avenue
and MV Third Street.
Site 3: Between MV Third Street, MV Fourth Street, MV First Court and
the proposed alignment of the rapid transit and the people -mover.
As illustrated in Figure 1 and detailed in Table 1, there are a total of 12
public buildings planned for ultimate development in the Downtown Government
Center. Three of these, the City of Miami Police Headquarters, the City of
Miami Administrative Office Building, and the State of Florida Regional
Center, are now completed and occupied. (They are identified as Developments
1, 2 and 4 in the illustration and the table.) In addition, four of the
developments are definitely planned and/or now under construction. Included
in this latter group are the Metro -Dade Cultural Center (Development 6)
which includes the library, the art museum and the historical museum.
F 12
tint. tkflY' . 4.Lif.%• _is�:iA.L'.. tCia
Construction on this complex began in May, 1980, and is planned for comple-
tion in 1982. The Metro -Dade Administrative Building (Development 7) and
the central support facility and parking garage (Development 9) are
scheduled for completion one year later, in 1983.
Other proposed projects in Government Center have an indefinite start and
completion date.
In order to estimate parking demand that could accrue to the three alternative
sites under study, the developments within a 500-foot radius of each site were
stratified according to existing, definite or future. A summary of this
analysis is provided in Table 2 and the basis for this table is provided in
Figures 2, 3 and 4. The sketches show a 500-foot radius from the corner of
each proposed parking garage site to indicate the land -uses that would be
within a reasonable walking distance of each garage.
The estimated building sizes in terms of square footages, employees and
average daily visitors relating to each, including those already built, those
that are definite, and those that are indefinite are summarized in Table 3.
Using the information in this table as a basis, parking generation is
allocated according to the three garage sites in Table 4 and in turn the
estimated parking generation is summarized in Tables 5 and 6.
Table 5 provides an estimate of the parking generation that will be created
by the Cultural Center --the library, the historical museum and the art center.
The estimates of annual visitations shown in this table are based on meetings
with the directors of each respective center. The library is expected to
13
�l
attract about 3,000 person -trips each typical day, the historical museum
approximately 1,000 person -trips, and the art center an average of 500
person -trips. The estimated average daily parkers, reflecting the typical
characteristics of this type of visitor, the local automobile usage
patterns and the estimated impact of the rapid transit and the people -mover
project is also shown in Table S. It is estimated that the average daily
parkers generated by the three cultural facilities will be 300 to the
library, 267 to the museum and 100 to the art center for a total of. 667
parkers, This is an average figure --there will be days in which the parking
generation will exceed this number and other days in which it will be less.
Using estimated turnover factors, the number of peak -hour parkers has been
estimated at 100 for the library, 107 for the museum and 40 for the art
center. 'Thus the peak hour parking requirements of the Cultural Center
(occurring during several hours of a day) are placed at 247 spaces.
1�
The Cultural Center is to have an estimated 316 employees including 250 at
the library, 40 at the museum and 26 at the art center. It is estimated, as
shown in Table 5, that the total peak hour parking requirements of these
employees will be 134 spaces.
In order to estimate the parking generation of the other facilities planned
for Government Center, the following factors were applied:
A. harking Spaces Per Employee
1. It is estimated that on a typical weekday 85 percent of the
employees will be present, 15 percent absent because of vacations,
travel or illness.
14
2. It is estimated that during the peak midday hours of an average
day 90 percent of the employees will be present, 10 percent out
of the area for local travel or other reasons.
3. It is estimated that 70 percent of the employees will travel
to work by automobile, 30 percent will use transit mode. This
estimate of transit mode reflects conditions that are expected
when the transit system is improved with the addition of the
rapid transit and the people -mover system.
4. The average occupancy of each
employee's car is assumed to be 1.4
persons. This is slightly higher than the current 1.3 value,
reflecting the fact that increasing motor fuel costs are tending
to increase car occupancies.
S. On the basis of the above asstanptions it is estimated that each
100 employees will generate a
parking demand for 38 peak hour
spaces. (0.85 x 0.90 x 0.70)
divided by 1.4 - 0.3825. In
addition to each long-term or
employee space it is estimated that
each employee will generate a
need for 10 to 11 percent short-term
rr
PI
parking spaces to accommodate
visitors. Therefore, in total, each
100 employees is estimated to
generate 42 parking spaces, including
38 for long-torm use and four
for short-term use.
B. parking Spaces Per 1,000 Square Meet of Office Building
In those cases where the proposed development in Government Center is
provided in terms of office area a different procedure has been used to
estimate parking genoration. In this instance it is assumed that each
F 15
I
employee will occupy approximately 250 square feet and, therefore,
there would be four employees per 10000 square feet of office area.
By applying the factors discussed above (parking spaces per employee)
it is estimated that each 1,000 square feet of office space will
generate the following parking demand during peak hours of a typical
day.
Long -Terns Space: 1.52 spaces per 1,000 square feet
Short -Term Space: 0.16 spaces per 1,000 square feet
Total: 1.68 spaces per 1,000 square feet
Through an application of the above generation factors the peak hour parking
generation of Government Center was developed as shown in Table 6. Again,
the parking generation is stratified according to garage sites (1, 2 and 3)
t'!
and by existing, definite and future.
In order to estimate the patronage that might accrue to a garage on any of
the three subject garage sites it is necessary to estimate the amount of
parking that now exists or is planned and which would remain and, in effect,
represent competitive facilities. As summarized in Table 7 and illustrated
in Figure 5, there are now some 2,093 parking spaces in the Government
Center area. Approximately one -fifth of these spaces--472--are related to
the Police Headquarters in Block A and are not available to the general
public. Out of the remaining 1,621 spaces it is estimated that 1,112 will
be lost as the development of Government Center proceeds. Table 7 indicates
the estimated developments that would eliminate these facilities. The net
remaining capacity in Government Center is placed at 1,584 spaces that may
16
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be available to the general public. It should be noted that this number does
not include the 442 spaces in Block A in the police garage. However, this
number does include the anticipated construction of a 620-space county
garage in Block M in connection with the proposed central support facility ,
which is scheduled for initiation in 1981.
By comparing the parking generation estimated within the trade area of each
garage site with the amount of parking space that is likely to remain in
the future it is possible to estimate the parking demand that might accrue to
each garage. This analysis is summarized in Table 8. In preparing this
estimate, parking demand is classified according to existing, definite and
future. In summary, it is estimated that the definite parking generation
accruing to Site 1 should approximate 882 spaces during the peak hours of a
typical day including 620 long-term spaces and 262 short-term spaces. In
future years, as the other elements of the Government Center are developed
(those that are indefinite at the present time), this peak -hour requirement
could increase to 1,890.
Estimated parking generation accruing to Site 2 is .far less when only definite
projects are considered. It appears that the trade area of Site 2 would be
approximately in equilibrium with only the addition of definite projects to
those existing Government Center buildings. In other words, in the foreseeable
future there would be no unsatisfied parking demand in the trade area of this
garage site. In later years, as the future offices may be built, the short-
age in the trade area of the garage could increase to a range of about 1,100
spaces.
17
With regard to Site 3, it is estimated that the existing and definite
projects would create a parking shortage of about 1,910 spaces during the
peak hours of a typical weekday including 1,728 spaces of a long-term nature
and 182 of a short-term nature.
Based on this estimate of parking shortages, it appears that only Sites 1
and 3 should be evaluated further. Within the foreseeable future there appears
to be no shortage of parking space within the 500-foot trade area of Site 2.
This situation can change, however, if some of the projects proposed for
Government Center that are now classified as "indefinite" become programmed.
It should be noted that the estimated parking potential does not include any
City of Miami employees who now work in Downtown Government Center (building
No. 4) or who may work in the future in proposed building No. 3. The stated
policy of the city is to develop a surface lot of approximately 425 spaces
in the area west of Route I-95 for employee parking.
DESCRIPTION OF ALTERNATIVE GARAGE CONCEPTS ON SITES 1 AND 3
As indicated in the previous section and based on estimated parking shortages,
it appears that only Sites 1 and 3 should be evaluated further, Because
Site 1 has a location that could attract a higher proportion of short-term
parkers--from the Cultural Center --its economical potential is somewhat greater
than would be Site 3. This point will be reviewed in greater detail in a
later section.
18
11
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As a basis for determining the revenue potential of Sites 1 and 3 several
alternative garage concepts were developed. The garage concepts reflect two
considerations:
1. The garage should contain approximately 1,000 spaces.
2. The garage must conform to the available site.
Garage Site No. 1 is located in Block 108 N and Garage Site No. 2 is located
in Block 87 E.
Site 1: The available garage footprint is approximately 270 feet north -
south by 180 feet east -west.
Site 3: The available footprint for garage construction is approximately
150 feet east -west by 300 feet north -south. The east -west
dimension could be increased depending on whether or not the
right-of-way of NW First Court on the west side of the site
could be included.
Because of the physical similarities of these two sites identical garage
development concepts are assumed for evaluation purposes.
There are three garage development concepts that might be considered on either
site.
1. An office building could be incorporated in the garage design. There are
pros and cons to this approach. There is likely to be a problem in
staging the two projects, however. The City of Miami would like to move
quickly on the parking garage development. On the other hand, there are
no definite plans at this time to start either the office building
19
adjacent to Site 1 (building No. 10) or on Site 3 (building No. 12).
!'
There is also the possibility that combining a parking and office
project would lead to problems in financing inasmuch as different methods
and sources of funds would be required, Because of these potential
problems this study assumes that office uses and parking uses will not
be combined on either Sites 1 or 3.
2. Another joint -use possibility is the incorporation of retail space. The
inclusion of 20,000 square feet or so of retail space on the first level
should not pose any particular problem. The cost of retail could be
included in the garage financing and both uses could be constructed at
the same time. The inclusion of retail could enhance the overall finances
of the project and could provide needed services to the visitors and
employees of Government Center.
3. The final approach to garage construction would be a freestanding garage
that provides parking only.
Three alternative garage concepts compatible with the size and configuration
of Sites 1 and 3 were explored.
Alternative A: Involves a site to accommodate a freestanding garage measuring
248 feet north to south by 168 feet east to west. The pre-
liminary design developed for analysis purposes could provide
some 715 spaces--414 standard spaces plus 301 compact spaces --
in approximately five and one-half levels. The narrow site
M width requires 60-degree parking initially when both standard
1 20
1
and compact spaces must be provided. In approximately 19900
'
it should be possible to convert all spaces to compact size
(90-degree) and thereby increase the capacity to an estimated
904 spaces.
I
Alternative B: This concept also represents a freestanding garage measuring
248 feet north to south by 177 feet east to west. The
functional design would be similar to Alternative A with the
exception that exclusive 90-degree parking would be provided
at the outset. Therefore the width must be increased to 177
feet. This approach would provide an estimated 811 spaces in
the initial years with the 60 percent of capacity devoted to
standard spaces and 40 percent to compact spaces. In
approximately 1990, with all compact spaces, the capacity
L
would increase to approximately 904 stalls.
Alternative C: This concept represents a freestanding garage measuring 270
feet north to south by 177 feet east to west. A key feature
of this garage would be the proposed inclusion of about
20,000 square feet of retail area on the first level. With
an initial mix of approximately 62 percent standard spaces
the capacity is estimated at 836 spaces in five and one-half
levels. When the garage converts to exclusively compact
spaces the capacity would increase to an estimated 934 spaces.
A common feature of Alternatives A, B, and C is that each would contain three
bays and that the change of grade would take place on a sloping ramp on the
21
fy
west side of the site. The other two bays would be level, Figures 6 and 7
illustrate each of the garage concepts, Although the illustrations are placed
on a base representing Site 1, a similar design could be superimposed in
Site 3.
The commercial area as shown in the sketch would have an IT' shape, Area A
non the east side of the structure would be located under one of the level bays.
Area B to the south could fit beneath the upward sloping ramp on the west side
n of the structure. The L-shaped commercial area can be compatible with the
assumed parking configuration.
R PRELIMINARY ESTIMATE OF GARAGE CONSTRUCTION COST '
In order to test the financial feasibility of garage construction on Sites 1
and 3, a preliminary estimate of construction costs was prepared by estimating
the unit costs that would currently apply to construction on grade and in the
elevated portions of the garages. In turn, the unit costs were applied to
the area of each alternative garage concept. The estimated unit costs are
$4.00 per square foot on -grade and $15 per square foot above grade. On this
basis it is estimated that the 1980 construction costs for the three garages
I would be approximately as follows:
Alternative A: $3,086,600
Alternative B: $3,193,500
Alternative C: $3,528,360
Current construction costs have been increased by 20 percent to cover fees and
contingencies. In addition, an inflation factor of one percent a month for
22
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I
12 months has been assuned in order to represent conditions in 1981 when
construction bids might be received. As shown in Table 9, the resulting
preliminary estimate of construction costs is placed at approximately
I
$4.2 million for Alternative A, $4.3 million for Alternative B, and $4.8
}�
million for Alternative C. On a unit basis in Phase I (both standard and
compact stalls), the costs are estimated to range from $5,340 for
Alternative B up to $5,854 for Alternative A. Alternative C has an
estimated cost of $5,723 per space. Looking forward to the time when all
spaces would be compact, the unit costs, in 1981 dollars, would drop by
nabout
$600 per space in Alternatives B or C and by approximately $1,200 per
space in Alternative A. (The greater reduction in case A is the result of
increased efficiency from angle to 90-degree parking with the transition
from large and small spaces to exclusive small spaces.) It should be possible
to develop an attractive, efficient garage in the range of costs discussed
above.
r Because Alternative C provides more capacity and additional potential revenue
from retail space, it is the alternative used for subsequent financial analysis
in this report.
r
ESTIMATED STABILIZED GROSS REVENUE FROP1 ALTERNATIVE SITES
Two estimates of potential garage revenues have been developed for analysis
purposes. These are stm narized in Table 10. In order to provide comparability,
f' the capacity of garage Alternative C (which includes retail space) has been
tested on Sites 1 and 3.
1 23
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{"
The upper part of Table 10 represents the early stabilized years when both
standard and compact stalls are provided in the garage. The bottom half of
this table reflects conditions in later years with the entire garage
converted to compact parking. It is estimated that the changeover can occur
in about 10 years, or around 1990.
Cross revenues were estimated by applying what is considered as appropriate
parking fees to the estimated parking generation that could accrue to each site.
The fee schedule used for this purpose, as shown in Table 10, is as follows:
Monthly employee rates, including intercept work -trip parkers: $60.00
Average fee paid by an office visitor and intercept non -work
parkers: $ 2.50
Average fee paid by a visitor to the Cultural Center: $ 2.00
By applying the indicated fee schedule to the estimated annual parking generation
the annual gross revenues were derived. The annual garage usage has been
estimated by applying appropriate turnover factors to estimated peak usage and,
in turn, annualizing this figure. As shown in the upper part of Table 10, it
is estimated that the 835-space garage on Site 1 would generate stabilized gross
revenues of $948,600, whereas a similar garage on Site 3 would generate
approximately $70,000 less per year. The main difference between these two
gross revenue estimates is that Site 1 is expected to attract almost half of
the visitor parkers generated by the Cultural Center. The high turnover
nature of these visitors produces more revenue than do monthly parkers.
Conversely, intercept parkers are expected to generate more revenue on Site 3.
24
In later years --possible by 1990--it should be possible to convert the entire
garage to compact spaces and thereby increase its capacity by approximately
100 spaces. The effect of this change, again using constant 1982 dollars,
would be to increase the estimated gross revenue on Site 1 to $1,0390200 and
on Site 3 to $969,200.
On the basis of the estimates shown in Table 10, only a garage on Site 1 is
examined in more detail to test its financial feasibility.
STATUS OF GARAGE SITE 1
The land comprising Garage Site 1 was conveyed to the City of Miami by Dade
County under a Land Exchange Agreement dated December 20, 1979. Section 5
of that Agreement identifies the site as follows:
"Upon request by the CITY following the COUNTY'S receipt of title
to the property described in Exhibit A of this Agreement, and after the
CITY has demonstrated to the COUNTY that it is prepared to construct
an approximately 1,000-space multi -storied public parking garage
and associated structures, the COUNTY shall convey to the CITY, by
County deed, the property known as a portion of BLOCK 108 N, DOWNTOWN
GOVERIWOI T CENTER, more particularly described by legal description
attached hereto and made a part hereof as Exhibit E. Said deed shall
contain language substantially similar to the following revertor pro-
vision:
A COUNTY grants all the real property noted in this deed
to the CITY so long as the CITY utilizes said property
for a multi -stories public parking garage. In the event
that the CITY does not use the property for a multi -storied
25
public parking garage, or if the CITY fails to comply with
the provisions of Paragraph 5 of the Land Exchange Agreement
between Dade County and the City of Miami dated December
1979, or conveys or attempts to convey all or a portion of
the property, then all the property described herein will
revert back to the COUNTY or its successors or assigns at the
option of the COUNTY.
"The CITY agrees that such an approximately 1,000-space multi -stories
11 parking garage and associated structures shall be designed and constructed
in conformance with the master plan for the Downtown Government Center
and shall be architecturally compatible with the other facilities con-
Fstructed or to be constructed in the Downtown Government Center."
The property described as Exhibit E in the above reference includes all except
the eastern 150 feet of the block bounded by: MV Second Avenue, proposed
Third Avenue extension, NW Second Street, and NW First Street. The north -south
distance between the property lines of MV Second Street and NW First Street is
approximately 300 feet; however, the north property line will be shifted and
the north -south width reduced by a triangular piece of property required by
the east -west people -mover extension. This triangular piece of property will
reduce the north -south dimension by approximately seven or eight feet on the
east end and by approximately 30 feet on the west end. The realigned NW Third
Avenue will move the western property line eastward by approximately 30 feet
and will also carve out a radius from the southwest corner. The east side of
the City site conveyed in the previously mentioned Agreement will be a
26
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right-of-way line located 150 feet west of the NW Second Avenue property line.
The piece of land retained by the County on the east end of the subject block
is the planned location of Building No. 10 shown in Figure 1.
In summary, the maximum rectangular footprint available for garage construction
on Site 1 will be approximately 270 feet north -south by 180 feet east -west.
ESTIMATED ANNUAL DEBT SERVICE
The estimated annual cost of developing the proposed garage on Site 1 is
summarized in Table 11. The estimates are based on the assumption that revenue
bonds would be used to finance the project.
The use of revenue bonds involves certain related financing costs. In this
instance the financing costs are estimated at approximately 25 percent of the
bond issue and would cover such items as capitalized interest during the first
24 months; underwriter's discount; legal financing and issuance expenses; and
contingencies. Using the estimated 1981 construction cost of $4,7840400, the
estimated financing costs amount to approximately $1,594,600. Thus the amount
of the bond issue would be $6,579,000. Assuming a level debt payment over
28 years at a 9.5 percent rate of interest, the annual costs to amortize the
Project are placed at $657,800,
The estimated debt service requirements during the early years of the project
are summarized in Table 12. Interest only would be capitalized during the
first 24 months after bond stile. The anticipated development schedule noted
in footnote 1 of 'fable 12 indicates that the bonds would be placed in the
Spring of 1981 and the garage opened in the Spring of 1982.
27
A
A
ESTIMATED FINANCIAL PERFORMANCE
The estimated financial performance of the garage under two alternative
stabilized conditions is summarized in Table 13. In the early years --prior
to 1990--and with a mix of standard and compact stalls and a total capacity
of 835 spaces, the following debt coverage ratios are estimated.
Gross Coverage 1.44
Net Coverage 0.93
r
After approximately 1990, with all compact stalls and a total capacity of
930 spaces, the debt coverage ratios are estimated to increase to the follow-
ing levels.
Gross Coverage Ratio 1.58
Net Coverage Ratio 1.01
r The estimates contained in Table 13 reflect an estimated annual maintenance
(1 and operating cost in the garage of $400 per space per year. This estimate
is based on costs which are now reported by the Off -Street Parking Authority•
It has been assumed that the Authority would operate the new facility in
Government Center when it opens.
I ESTIMATED IMPACT OF INFLATION
In the previous section dealing with estimated financial performance of the
project, all estimates were in terms of constant 1982 dollars. This approach
assumes that to the extent that inflation increases maintenance and operating
costs, there would be a comparable increase in the parking rate schedules
applying to the facility. The purpose of this section is to evaluate the
estimated impact that inflation might have on the parking garage pro forma.
28
For this analysis the assumption is made that there will be a seven percent
per year increase in the maintenance and operating costs and that gross
revenues would be inflated at the same rate. In both instances the rates
of inflation have been compounded.
Table 14 presents a summary of the estimated impact of inflation on the
financial performance of the proposed garage. It should be noted that the
previously estimated gross revenues (in constant 1982 dollars) represented
rstabilized
conditions expected to apply in approximately 1985. If the
effects of inflation were not considered, the first and second full years of
operation--1983 and 1984--would provide estimated gross revenues of approxi-
mately 92 percent and 95 percent, respectively, of the stabilized levels.
An additional point to note is that in 1990, revenues are expected to increase
over 1989 levels regardless of inflation because of the increase in the number
of spaces caused by the changeover from 40 percent compact stalls to 100
percent compact stalls. Both of these considerations are reflected in
A
Table 14.
By applying a seven percent rate of inflation to both gross revenue and
operating expenses, the gross coverage is estimated to increase from 1.42 in
1983 by approximately 10 points per year until reaching a level of 2.13 in
1989. In 1990, because of the increased capacity of the garage, the gross
coverage ratio is estimated to increase to 2.48.
Table 14 also indicates the estimated impact of inflation on net coverage
r ratios. The estimated level is expected to reach 1.04 by 1985. By 1989, the
`1 year before the changeover in stall sizes, the estimated net coverage ratio
R is placed at 1.37. In 1990,the estimated net coverage ratio is placed at 1.58.
t
29
P
M
The discussion of financial performance thus far has been based only on
estimated parking revenues. Ilowever, as described previously, the garage
would lend itself to the inclusion of approximately 20,000 square feet of
retail area. If the net income generated by the retail area amounted to
n $5.00 per square foot per year, the net coverage ratio would become an
estimated 1.06 in 1983 and increase by approximately seven percent a year
thereafter. By 1987, the estimated net coverage ratio with retail
R(uninflated) and parking fees inflated is placed at 1.35. If the assumption
is made that retail net revenues would also inflate, the coverage would exceed
r 1.35 by 1987.
R
R
R
r
In summary, the proposed development of a garage containing 900-1,000 spaces
on Site 1 with associated retail space is estimated to be .Financially feasible
:from user revenues. It is considered likely, however, that some sort of
guarantee would be needed to sell revenue bonds for the project in the current
bond market.
30
-79
Table I
PWPOSED DEITIORkE\T SGIELXU IN 031IRV-ENT CENTER
Size
Planned Schedule
Use
1-
City of ?Miami Police Headquarters (Bl- 75 S)
140,000 Square Feet
May, 1976
(now open)
(400 %-X_ Second avenue)
(1,000 employees)
_-
State of Florida Regional Center (B1- 76 -N)
169,000 Square Feet
September, 1978
(nor- open)
(401 S-ti_ Second Avenue)
(620 employees)
3.
State of Florida Offices (B1. 76 %1
457,000 Square Feet
Future (indefinite)
4_
City of Miami tbainistrative Building
67,000 Square Feet
Summer, 1980
Third avenue and \-:ti_ 'Third Street)
(450 employees, 600 visitors/day)
S_
City of ~Miami (B1. 9S
133,000 -Square Feet (800 employees,
Future (indefinite)
1,000 visitors/dav)
6_
Metro -Bide Cultural Cer_ter (Bl- 114 N)
Library: 204,500 Square Feet (250 employees,
Construction started
May, 1950; to open
(hest Flag
3,000 visitors/dzy)
,_
Art Attwetzn: � ,600 Square Feet
January, 1982_
Historical Mt.seun: 37,200 Square Feet
Restaurant:
-_
?ktro-Itade �inistrative Building (BI. 10- E)
Office: 600,000 Square Feet (73S,000
Estimated completion:
January, 1983_
r+
(�_Ii_ Secondavencx and X.it_ First Street)
ogre feet, 3,Zdt1 employees, 4,000
square
visitors/day)
Retail: 40,000 Square Feet
N%etrorail: 60,000 Square Feet
S_
Dade Offices (Bl. 96 E)
400,000 Square Feet
Future (indefinite)
9.
Central Support Facility (Bl. 103
EmerMrNtanagement (620-space garage)
Construction to start
in 19Sl-
(Flagler at ti_i►_ Second avenue)
(few employees)
10_
Govczmei:t Office Building (Bl- 108 N)
200,000 Square Feet
Future (indefinite)
11_
Government Office Building (B1. SS -N)
200,000 Square Feet
Future (indefinite)
12_
Government Office Building (BI_ S7 E)
400,000 Square Feet
Future (indefinite)
-Note: See Figure 1 for locations of proposed developments_
_7 -7 -7 7 7 7 7 7 ::M 7
Table
DEVEIAP4NM W17HIN TWE AREAS OF ALTERNATIVE GARAGE SITES
Opening Date
Site 1
4.
City of Miami Administrative Building
1980
6.
Metro -Dade Cultural Center
1982
7.
Metro -Dade Administrative Building
1983
9.
Central Support Facility and Garage
1983
10.
Government Office Building
Indefinite
11.
Government Office Building
Indefinite
Site 2
1.
City of Miami Police headquarters
1976
2.
State of Florida Regional Center
1978
4.
City of Miami Administrative Building
1980
�� 3.
State of Florida Offices
Indefinite
S.
City of Miami
Indefinite
10.
Government Office Building
Indefinite
21.
Government Office Building
Indefinite
Site 3
1.
City of Miami Police Headquarters
1976
2.
State of Florida Regional Center
1978
7.
Metro -Dade Administrative Building
1983
S.
City of Miami
Indefinite
3.
State of Florida Offices
Indefinite
8.
Dade Offices
Indefinite
21.
Government Office Building
Indefinite
12.
Government Office Building (joint use)
Indefinite
-7 _-7 .T1 7 .78 a 7 � ::M
?able 3
ESTIMATED OOVER;I kENr CENTER DLVELOPHWr SIZES
Average
Development
Area (sq.ft.)
Employees
Daily Visitors
Existing
1.
City of Miami Police Headquarters
140,000
1,000
2.
State of Florida Regional Center
168,750
620
4.
City of Miami Administrative Building
67,000
450
600
Definite
6.
Metro -Dade Cultural Center
a. Library
200,000
250
3,000
b. Historical Museum
37,200
40
1,000
c. Center for Fine Arts
37,600
26
800
t1; 7.
Metro -Dade Administrative Building
738,000
3,200
4,000
9.
Central Support Facility (and 620-space garage)
75,000
None
Indefinite
3.
State of Florida Offices
457,850
S.
City of Miami Offices
133,000
800
1,000
.8.
Dade Offices
400,000
10.
Government Building
200,000
11.
Government Building
200,000
12.
Government Building
400,000
twre
o ees
lsi
TgApE A1tFA
Defitu ees
iS_IMO s
ea
Table
FS'T U Stin s
ea
to ees3sztoY
�eveloPnt ea
4,80Q
N�nbeY
600
316
274.8 3,200
4 ,000
Nome
Sift l 6450
7.0
738.0
75.0
4
"�-
400.0
6
"�-
8,800
7
9 �-�
516
10087.81
11 450 6p0
' 67.0
Total'
457.9
800 11,000
5%te Z 1,000
140.0 620 600
133.0
Zoo.o
_----
1 169.0 450
67.0
2
1,000
800
a 2
4
.,,..�-
,�..�
990.9
3
0 �— 2 600
1.
11 3?6.0
1,0fl0
Total:
133.0
so4,000
Si--pe 40.0 1,000:
738.0
3,200
400. 0
1 i
2pQ.069.0 400.0
..�
— 000
i,
2
7
�_
�--�
"�-- 1,590.9
goo
S
�, 000
3
�!
738.0
3,200
�I I/
19620
�.
309.0
Total:
A
Table 5
ESTIMATED GENERATION OF CULTURAL, CENTER
Average Averrge
Daily
Daily
Peak
Facility
Persons
Parkers
Parkers
Turnover
Visitors
!!
■
Library
3,000
300(1)
100
3.0
f
Museum
1,000
267(2)
107
2.5
Art Center
500
1.00(3)
40
2.5
Total: 4,500
667
247
Employees
Library
250
117 4
106
1.10
Museum
40
19�
17
1.10
Art Center
26
12(4)
11
1.10
Total: 316
148
134
1 Assumes:
20 percent would
drive
in; average
car occupancy,
2.0.
(2)Assumes:
80 percent would
drive
in; average
car occupancy,
3.0.
!'
(3)Assumes:
50 percent would
drive
in; average
car occupancy,
2.5.
(4)Assumes:
70 percent would
drive
:in; average
car oCCllptlllCy,
1.4.
F
r
r
r
r
35
f
Table 5
ESTIMATED GENERATION Or CULTURAL CENTER
verage
Average
Daily
Daily
Peak
Facility
Persons
Parkers
Parkers
Turnover
I!
Visitors
Library
3,000
300(l)
100
3.0
Museum
1,000
267(2)
107
2.5
Art Center 500
1.00(3)
40
2.5
Total: 4,500
667
247
Employees
Library
250
117�4�
106
1.10
Museum
40
19
17
1.10
Art Center
26
12(4)
11
1.10
Total: 316
148
134
1 Assumes:
20 percent would
drive
in; average
car occupancy,
2.0.
(2)Assumes:
80 percent would
drive
in; average
car occupancy,
3.0.
(3)Assumes:
50 percent would
drive
in; average
car occupancy,
2.5.
(4)Assumes:
70 percent would
drive
in; average
car occupancy,
1.4.
F
r
r
r
r
M.
35
r
r
f
Table 6
ISILTATU1 PENK HOUR PlRKM GE\TR-XTIO% BY G.aiLNGE MNDE AR) \
F_xisting
Definite
Future
ikrel
opmcnt
Persons
ar R rniZ
Lon
Perso
ar int
Persons
ar rnv '
Long Short
Long Short
Xwnbcr
area L�t,lo�ces
Visitors -
Tcr:a
Term
Area
�lorenes
Visitors -
Term
Term
Area
Fmnlorees
L'isiLors -r
rn
Site 1
-5
67.0
450
600
17IC4)
4S(7)
133-0
SOO
1,000
304(S)
32(6)
6
274.5
316
4,80o
134
2.17
73S_0
3,2011
4,000
1,2160)
32017i
10
5-0
Sono
25
11
200-0
200.0
304C5)
303(5)
3,C6)
32C6}
Total:
6?_0
450
b00
171
4S
1,087.S
2,516
S,800
1,375
W
400.0
S00
1,000
912
96
Site
1
1I0_0
1,00(t
3S(iili
„(a)
2
169 0
621,
'35(4)
-(6)
4
67.0
4S0
600
_
K I M
43
3
5
457.9
133.0
Soo
1,000
304(4)
73(6)
SO(7)
10
200.0
304(�)
)
3'(b)
)
1I
200.0
304(
32(
Total:
370.0
2,0 U
600
7S6
97
-
-
-
-
-
990.9
Soo
1,(1()0
912
217
Site 3
1
1_;0.0
1,000
-So(4)
22(6)
2
7
169-1)
620
-'35(4)
�'(6)
S
738.0
3,200
4,000
1,216(4)
320(')
133.0
S00
1,000
304(4)
SO(�)
3
8
457.9
696(5)
73C6)
II
400.0
200-0
608(5)
,04(5)
64(6)
31(6)
12
_
_
400.0
_
605(5)
64
Total-
309.0
1,620
61S
49
739_0
3,200
4,000
I,2I6
320
1,S90.9
S00
1,000
2,520
313
(1)area in thousands of square feet.
Arerage daily visitors.
(')Peak hour demand in long-term and short-term spaces-
(4)Peak-hour long-term parking estimated at 0_38 spaces per employee-
(S)Peak-hour long-term parking e=timated at 1-52 spaces per 1,000 square feet-
(6) Peak —hour short-term Parking -estimated at 0_16 spaces per 1,000 square feet-
(7)Peak-hour short-term parking estimated at O_OS spaces per visitor.
I
Table 7 ,
ESTIMATED STATUS OF EXISTING PARKING IN STUDY AREA
Probable Net to
Block(1) Existing Loss Remain Comments
A
(442)(2)
-
(442)(2)
For police headquarters
B
-
-
-
-
C
145
-
145
Serves State Regional Center
D
'
(.i0)(4)
-
(,)0)(2)
For police headquarters visitors
E
128
128
-
Site of Greenpark
F
250
250
-
Site of Building 12 and People
Mover
G
228
166
-
Site of Building 5 (City)
H
I
170
216
170
216
_
Site of Greenpark
Site of Building 8 and People
Mover
J
-
-
-
Site of Building 10 and garage
K
163
163
Site of Greenpark
L
19
19
Site of Building 7 and People
r
M
-
-
620(3)
Mover
Site of Building 9 and proposed
620-parking space garage
N
-
-
-
Site of Cultural Center
W
of I-95
302
-
302
Lots Nos. 11, 12, 13, and 32
under I-95 between NW-4 and
MV-1 Streets
tY
of I-95
-
-
(425)
Future lot for city employees
Total:
2,093
1,.11.2
1.,964
Total:(5)
1,651
1,112
1,584(4)
r
(1)See Figure 5 for block locations,
(2)Not available to the general public. The 17 curb meters on N.W. 2d will be lost.
(3)Represents an addition due to proposed county garage.
(4)1,651 minus 1,1.12 plus 1,045 = J.,584
(5)For public.
r
r 37
--I --I --i --I 7 --1 7 7 - --I 7 - - 7 - 9 --7 '7:� a =" 7M
Table 8
SO<r14RY OF SUPPLY A' D DB WND OF ALTERWR7E SITES
A. Parking Demand
Existing
Definite
Future
Site 1 Site 2 Site 3
Long Short Long Short Long Short
Term Term Total Tenn Term Total Term Term Total
171
48
219 786 97
883 615
49
664
1,375
567
1,942 -
1,216
320
1,536
Subtotal: 1,546
615
2,161
1,831
369
2,200
912
96
1,008 912 217
1,129 2,520
313
2,833
Total: 2,4 5S
7771
3,169 1,698 314
2,012 4,351
682
5,033
B. Parking Supply
Existing
648
1,226
1,116
w Definite (.tiek)
�
1,045
-
-
Subtotal:
1,340
353
1,693
1,091
135
1,226
929
187
1,116
Loss
- 414
-
_ 414
- 360
-
- 360
- 826
-
- 826
Net Supply:
926
353
1,279
731
135
866
103
187
290
C. Estimated Net Shortage
(Peal, I -burs
Future
1,532
358
1,890
967
179
1,146
4,248
49S
4,743
Definite
620
262
882
55
38(l)
17
1,728
182
1,910
MSurplus
W
to
Table 9
PRELIMINARY ESTININTE OF ALTERiNATIVE GARAGE COSTS ON SITE 1
Item
Alternative A
Alternative B
Alternative C(3)
Site Dimensions
168 x 248
177 x 248
177 x 270
Garage Area/Level (sq.ft.)
41,664
43,896
47,790
Levels
5-1/2
5-1/2
5-1/2
Construction, 1980 Costs(1)
$3,086,600
$3,193,500
$3,528,360
With Fees and Contingency
(20 percent)
$3,703,900
$3,832,200
$4,234,000
Construction, 1981 Costs(2)
$4,185,400
$4,330,400
$4,784,400
Nkmiber of Spaces, Phase I
Standard
414
499
520
Compact
301
312
316
Total: 715
811
836
Cost Per Space $5,854 $5,340 $5,723
Nknber of Spaces, Phase 2
All Compact 904 904 934
Cost Per Space $4,630 $4,790 $5,122
1 Assumes ground level cost at $4.00/sq.ft.; elevated at $15.00/sq.ft.
(2)Assumes inflation for 12 months at one percent per month. (X 1.13).
(3)Alternative C includes approximately 22,000 sq.ft. of retail space on the first level. Cost of
finishing the retail space is not included in the estimate.
■
e
Table 10
11
t'
ESTIMATED STABILIZED GROSS wim uS F-'Rom ALTERNATIVE GARAGES (BASED ON EXISTING AND
DEFINITE GENERATORS PLUS
INTERCEPT PARKERS)
it
Peak
Turn-
Annual
Average
Annual
Type of Parker
Use
over
Factor
Fee
Revenue
1. Early Years, Standard and Compact
Stalls(1)
A. Site 1
Employee
393
1.10
12
$60.00
$3110256
Office Visitor
142
2.50
250
2.50
221,875
Cultural Center Visitor
100
3.00
300
2.00
180,000
Intercept Parker
(work)
100
1.10
12
60.00
79,200
Intercept Parker
(non -work)
100
2.50
250
2.50
156,250
Total:
835(2)
$948,581
B. Site 3
Employee
403
1.10
12
$60.00
$319,176
Office Visitor
182
2.S0
250
2.50
284,375
Intercept Parker
(work)
150
1.10
12
60.00
1180800
Intercept Parker
(non -work)
100
2.50
250
2.50
1560250
Total:
835(2)
$878,601
2. Later Years, All Compact
Stalls
A. Site 1
Employee
Office Visitor
418
142
1.10
2.50
12
250
$60.00
2.50
$3310056
2210875
Cultural Center Visitor
100
3.00
300
2.00
1800000
Intercept Parker
(work)
ISO
1.10
12
60.00
118,800
Intercept Parker
(non -work)
120
2.50
250
2.50
1870500
Total:
930(2)
$1,039,231
B. Site 3
Employee
448
1.10
12
$60.00
$354 816
Office Visitor
182
2.50
250
2.50
284,375
Intercept Parker
(work)
180
1.10
12
60.00
1420560
Intercept Parker
(non -work)
120
2.50
250
2.50
187,500
Total:
930(2)
$9690251
(1 Approximately 60 percent standard size stalls.
! (2)Represents garage Alternative C as shown in Figuro 7. The estimated peak uses
assume that approximately 20,000-22,000 sci.ft, of the ground level would be used
as retail space. Tf: retail were not included, the garage capacity would increase
by 80 to 100 spaces. Retail income is not included in the revenue estimates.
40
R,
0
Table 11
ESTIMATED GARAGE DEVELOPMENT COSTS
(PRELIMINARY)
.
Item
Alternative C
Parking Spaces (initial)
836
Parking Spaces (all compact)
934
Retail Space (sq,ft.)
20,000
Construction Cost (1981)
$4,784,400
s
Financing Costs(1)
$1,594,600
I3ond Issue Amount
$6,379,000
r
Level Debt Payment(2)
$ 657,800
(')To cover capitalized interest (24 months); underwriters discount
(two percent); legal, financing
and issuance expenses; and contin-
gencies. Estimated to total 25
percent of bond issue.
(2)Based on 28-year term at 9.5 percent. Rounded to nearest $100.
41
4
Table 12
ESTIMATED DEBT SERVICE REQUIREMENTS
Year
Amount
1981(2)
Capitalize
1982
1983
Capitalize .
i
$657,800
1984
$6570800
1985
$6570800
1,
'Through 2010
$6570800
Assumed Development Schedule
Design Garage January -April, 1981
Receive Construction Bids May, 1981
Sell Bonds May, 1981
Construction June, 1981-March, 1982
Open Garage May, 1982
(2)Assinnes 30-year bonds with principal repayment over
28 years,
Interest only would be capitalized during the first
two years.
r
42
e
rt
Table 13
ESTIMATED STABILIZED FINANCIAL PERF0ILMNCE (GARAGE ON SITE 1)
Amount
A. Early Years, Standard and Compact Stalls
Parking Spaces
836
Retail Area (sq..Ct.)
200000
Level Debt Payment
$
657,800
Gross Parking Revenue(l)
$
948,600
Parking M$0 Exponse(2)
334,000
Net Parking Revenue
614,600
Gross Coverage Ratio
1.44
Net Coverage Ratio
0.93
B. Later Years, All Compact Stalls
Parking Spaces
934
Retail Area (scl.Ct.)
20,000
Level Debt Payment
$
657,800
Gross Parking ROVC11Ue
$1,039,200
Parking MF,O Expense(2)
372,000
Net Parking Revenue
667,200
Gross Coverage Ratio
1.58
Net Coverage Ratio
1.01
(')All revenue estimates are in constant dollars,
(2)Based on cost oC operating existing Garage No. 4 (793 spaces) at
$400 per space im constant 1981 dollars.
43
r
r
1111�1 rr���� IMI��1
'('able 14
ESTIMAITID
IMPACT 01' INPLATION ON PIMNCIAL PF.RPO11MANCE
I
Year
Gross �4)
MF;0�4�
Net
DS
Gross
Coverage
Net
Coverage
1983(1)
933.8
334.0
599.8
657.8
1.42
0.91
I!
1984
999.1
357.4
641.7
657.8
1.52
0.98
1985(2)
1,069.1
382.4
686.7
657.8
1.62
1.04
1986
1,143.9
409.2
734.7
657.8
1.74
1.12
1987
1,224.0
437.8
786.2
657.8
1.86
1.20
1988
1,309.7
468.5
841.2
657.8
1.99
1.28
1989
1990�3�
1,401.4
501.2
900.2
657.8
2.13
1.37
1,634.4
597.3
1,037.1
657.8
2.48
1.58
1991
1,748.9
639.2
1,109.7
657.8
2.65
1.69
1992
1,871.3
683.9
1,187.4
657.8
2.84
1.80
r
1993
2,002.3
731.8
1,207.5
657.8
3.04
1.84
1994
2,142.4
783.0
1,359.4
657.8
3.26
2.07
199S
2,292.4
837.8
1,418.6
657.8
3.48
2.16
IN 1 All dollar amounts are in $1,000s. Rounded to nearest $100.
(2)Stabilized conditions are estimated as of calendar vear 1985.
(3)Asstmes changeover to all compacts stalls in 1990.
r (4)Inflation asswied at 7.0 percent per year.
I
r
r
i
r
W
r
44
r
G
LJ J L
NW Ith UNIT
LL
GARAGE POLICE
0 U.1
E STATE (2)
E CRU L—j L--j
MIN odlh ybTRItT(3)
"14 111 1
—0j c J, M t —1
=
.............
lF► :M�4o �
w
SITE l
..........
L--j
NW. 3td StAill?
PW (81
GREENPARK
E
Pill E
(5) F
it CITY
H.W UA $11119T
(101 (7)
F
F D
nn
NW ill sing?
U.
(6)
D
FLAOLIP STPUT
fill
C�
� n
Ll
so M imill M
Garage Sites 50 -20
E Existing to 'Lo
D Definite
F Future Figure I
(I) Developmen
iSee Table 1)
GOVERNMENT CENTER PROPOSED DEVELOPMENTS
45
N.W. Sth St. 1 People Wver
1,044 iniluui
(3)
Garage
Police
(1) State
(2)
_ 'Site 3
Site 2 1 I 12
\ bov't I
IL
• \ I •.Go
City` _ 1 a ••� j�Gov't.J
City I '� a •
L --�
Site 1 j (10) 1 County
IGov'tl
rMuseum I
(9) ( Library ((6) ►- -----'
r--,
I I
I I I I L Arts 1
Figure 2
Site 1 Trade Area (500' Radius)
NA 4th St.
N.W. 3 d St.
1: N.W. 2nd St.
N.W. 1st St.
Dade
County
. 1 : W.
0
Gov't. s
1;
1
N.W. 5th St. 1 pc0 Dbver
•� Iww1/11111111/
Gara a ♦♦.(3)
Police State v�
(1)
�Z)
Site 2`
r
City
City
L ___
S jtg 1 w(105 1
�\ IGov'tt
1 I
\ J.
'Site 3V
12 \
\I �\
t
�Go
Gov't
( County `J
` (7)
_
1 (9) I I Library 1(6) L- -___i
I I i 1 r--�
1 JL
L Arta L J
Figure 3
Site 2 Trade Area (500' Radius)
r
N.W. 4th St.
N.W. 3 d St.
N.W. 2nd St.
N.W. 1st St.
Dade
County
W. Flagler St.
111111/�
L
a
N
N.W. Sth St.
•
'
ra a
(3)— �
v�
Police
State
.�1)
(2)
\
Site 2
; I
1(11)1
\
Gov't I
\
I
d o4
d d
City r
a
(4) �r-- `' ��
N w
City
Etej (10) 1
IGov'tl
'Site 3
K12
Gov.
I (a)
Gov_t.J
'' • • • • •r;CounO `)
l`
�(7)
%
1
1 Peo�ple Mover
1,41 ,61811U1
r (g) 1 Library 1(6) Museum I
r—_�
J I
I I L Arts i
Figure 4
Site 3 Trade Area (500' itadius)
�j
N.W. 4th St.
N.W. 3 d St.
V.W. ind St.
!N.W. lst St.
Dade
County
= W. Flagler St.
48 10 '
r
�n
C,
�
�
r
!
M
l
r- #13 1
r 68
I
LEGEND OF PARKING SUPPLY
00 - Existing to remain (for public)
(00) - Existing to remain (restricted use)
00*- Probable loss
N.W. Sth St.
`) N.W. 4th St.
N F(87N)
128*
z
N.W. 3rd St.
r G(95N) 1-1 1(96F)
I 1112 City 206
170* 10*
67 (166)
Proposed
+ (425) I (62)
I N.W. 2nd St.
.J(108N) K(107E)
I #11 163*
r 98
I �
11
w32 ``� _ N.W. 1st St.
69 ` M(103N) N(114N)
Proposed 66
620
IV, Flagler Street
A(75N): Block Number
FigUre S 0 100 200 N
r Existing Parking Conditions
1 49
i
s
y
+j r
LA
`I
II
I+ Garage Alternates A & n
NW LND Sr (re ee e4os rp)
Office I
100 x i I
� \ 248
l a
� I ;
\ I
� 13
` I i
�✓ 1 ___—__ _ 20 I
168 - 177 01
Garage A (5� Levels)
Site: 1681 x 248'
Initial: Standard 414
Compact 301
Total 77
Future: All Compact 904
I -figure 6
50
//W 1sr
Garage B (5' Levels)
Site: 177' x 248'
Tnitial: Standard 499
Compact 312
Total M
Future: All Compact 904
M
r
F
M
Garage Alternate C
Site: 177' x 270'
w t.vo sr (ry a& cc#soo)
gouge IV-150----_,
1
\
A
,
B
1
I
I Q
I
V
I
I N
I i
I
(
0 1
Commercial (Ground Level)
Area At 61 x 270 ■ 16,470 a.f.
Initial: Standard 520 Area 9t 50 x 116 5,800 s.f.
Compact 316 Total 22,270 a.f.
Total 836 spaces
1 Future: All Compact: 934 spaces
Figure 7 S1
Garage C (5-1/2 levels)
Site: 177' x 270'
onstration
pco9 msab+{ita D
em
sing o,�,n Re" lion {nfil►
HOu2 O Ongoin9Acc►uisitton
M � for
� Cityp►h`nas 1{ �a dBuildin9s
0 usm2; Subs` Ong°in9
Np°emol►t►on °fOngo►n9 1opm�t the
707A CM -Wide heatWY f��eousin9 fotOng°►n9
Dorsey" uisd►on for —Phase f► A;41 sitionl
8025 80,27 Land nW nd
A� La
Monde► C p� ng P �u�'►si . tot 1 gl1
80` Moe c►typ p oo►n$n Great
S�f► p°tuaPat�tatti ao Ong A)uisition �090 n9
80 %e►g'At) Grove Latent prc � Ongoing
Sp31 (;04:nl De"��°nd ACAu uisition in Great
gWy�QOdrtC� Ongo►n9
9U3 Negh
RECREp?10N�autfica�on
AEp ee
and Strlacemen
CULTpack FacyAroat paw gullet► d Rep �, am
0 �tpatk ��a L►ghbn9 S' � �g1
i3o park
ODIS pa fic nL►9g ►h-o hgt n9pi 1
0019 W t ia► paw l
Op`p Ig
F1 bo-" n pod► ovs
Rd Lighbn9��s
�3 W. Pack gallfie►GV1" p
fit► V io,g�on ��
0f� �1 T ��� �n A�gtreet
Pa.teg1 plea—�`cra+' parts
004 Civic Thy pf Trangt Staghbofi°od
.n Gulmer�,a,elop00
rict Ill
pate Dist
aining paw ongoing 1e District ►V
70� A Imptove�nparlcs {°r �� g
erc►a►n►its" Oo g eop1e D►stt�N
7q�,1 IR nP��ning pa Ong° istrict Ill
1e D
70 �imPtOvpa+�ks tot
Pe g s Otw
Ren'a►n+ -1063 melds« Ong- Dr j n
0' 0g°in9 . park Ong°mom Deae►op' t
n G►ti u►si,
71),4 a ose park On96109nnt On9mr►9
7105 1n A aP a pl'ark , ►e1°On9 n I Study
7, p Um0 M� park S'viron and Cris
jM3 Wa' gFY 80,11 F► $ .g2
S dooms 1 SU-Singing8053 �Y
and ont park hoW M 1ey ProP� pmimeter
fir it►o'n of 1f Gou and
M �; S . V, �_Mmnin9de
PencmgtmP1Ov oin9. program.
BOT on paw On9seaut►ficat on
Le9t e Gately wauohcaton
9pp8 gpgt Ward fj 3p.g1
cowOstna9°ngg dTra�
b
aw-! A
cplatto n
9t*T ;.,ndPa"-sAoas
9D1z�s�la„tsPaG�ao9W;e"0v
g03 —Dougn park StAdnaons
9a14 �de.amReno�,VOCKGym
9p15 ongng Ongngo►no►o9 Ho�`n9
�, Z )Nest1 a niri►-gadc for pram andTree
9018 5we 15 O e plant►n9f�f S1432
9 Ba �l PSI
� sO�ng
906 M�ud�► i
9ws jjjv%;O�
.1
't
1980 -1986 CAPITAL
PUBLIC BUILDINGS AND FACILITIES
Public Buildings
0001 Fire Department Underground Fuel Storage
Ongoing
0017 Renovation of Public Works Department
Operations Division Office and Assembly
Room FY 8"1
0022 Day Care Centers Expansion FY 80$1
0026 New City Administration Building Employee
Parking FY W-81
0041 Solid Waste Operations Facility Employee
Parking FY 80-81
0043 Model City Crime Prevention Center
FY 8G-81
7084 Fire Training Facility and Closed Circuit
Television System Ongoing
8051 Communications Maintenance Shop
Addition FY 82-83
8058 Renovation of General Accounting
FY 80-81
9021 Facility Improvement Ongoing
9028 Consolidate Motor Pool and City Garage
FY 83-84
Stadiums and Auditoriums
0051 Bayfront Auditorium —Major Maintenance
FY W-81
0052 Miami Marine Stadium —Physical
Improvements to Facilitate Rock Concerts
FY 8G-81
7032 Velodrome' Ongoing
7035 Orange Bowl Improvements Ongoing
8069 Major Maintenance —Miami Stadium
FY 80-81
8080 Coconut Grove Exhibition Center —
Additional Work Ongoing
Marinas
8068 Major Maintenance —Dinner Key Marina
Ongoing
9011 Dinner Key Marina Expansion FY 8G-81
0039 Allapattah Transit Station Area —Pedestrian
Circulation Improvements and Beautification
FY 82-83
0040 Downtown Traffic Flow Improvements
FY 82-83
0045 Garment Center/Fashion District Street
Improvements FY 80-81
0046 Santa Clara Transit Station Area —Vehicular
and Pedestrian Circulation Improvements
FY 82-83
W47 Culmer Transit Station Area —Pedestrian
Circulation Improvements and Beautification
FY 81-82
0048 Culmer Transit Station Area —Development
of Plaza for Commercial Redevelopment
FY 83-84
0054 Allapattah NSA Street Improvements
FY 81-82
0055 Little Havana Street Improvements Within
Proposed NHS Area FY 82-83
0056 Latin Quarter Street Improvements —
Phase IV FY 81-82
0057 Downtown Flagler Street Pedestrian
Improvements FY 81-82
0062 Brickell Plaza Improvement FY 80-81
7003 Model Cities CO Street Improvements
Ongoing
7014 San Marco Street Improvements Ongoing
M15 SW 27th Avenue Sheet Improvement
FY 81-82
M16 Bird Road Street Improvements —Phase 1
FY 8142
M17 Downtown Street Improvemen s—Phase 11
FY 85-86
M18 Little River Commercial Center Street
Improvements FY 81-82 `
7019 North 29th Street Improvement FY 82-83
7020 Little Havana Street Improvements —Phase 1
FY 81-82
7021 Little Havana Street Improvements --Phase It
FY 84-85
7tn2 Manor Sftp* Improvements --Phase t
INII1111���1
park Improvemen -
FY 82-M
0049 Civic Center Transit Station Area —Street
Trees FY 81-82 ion A uisition
0050 and DevelopmentCulmer Transit f Neighborhood Park
FY 81-82
0053 Manor Park Renovations FY 80-81
0058 Downtown Tree Planting' FY 81-82
0060 Miami Springs Golf Course Renovations of
Greens* Ongoing
0061 Park Rehabilitation for Those With Special
Needs• Ongoing
7028 Miami River Walkway Development
Ongoing merit Street Trees and
7029 Community Develop
Tree Bank* Ongoing
7036 Virginia Key Recreation Area Development
FY 81-82
7037 Little Havana NeighborhOOd Facility
Renovation and Site Development
Ongoing
7040 Allapattah Mini -Park in Commercial Area
Ongoing
7042 Wynwood Mini -Park Acquisition and
Development Ongoing
7043 Lummus Park Development and Area
Beautification Ongoing
70" Coconut Grove Mini -Park Plaza Acquisition
and Development Ongoing
7048 Tacolcy Park Ongoing
7050 Dixie Park Development Ongoing
7051 Dorsey Park Development 0 goging
7053 West End Park Develop
7054 Curtis Park Development Ongoing
7055 Fort Dallas Park Development Ongoing
7056 FEC Park Acquisition Ongoing
7057 Latin Community Riverfront Park Ongoing
7058 Remaining Park for People District I
Improvements Ongoing
7059 Remaining Parks for People District II
Improvements Ongoing
N.W.36 ST.
S
-_ Site 16 Ongoing
9034 Citywide Tree Planting Program and Tree
_ Bank- FY W-81
Brickell Park ts FY 81-82
9Noguchi Earth Sculpture 038 e Ongoing
INTRAGOVERNMENTAL SERVICES
Communications and Computers
7074 Automatic Fingerprint ID System* Ongoing
7075 Police Phase IV System* Ongoing
7082 Computer Aided Dispatch System*
Ongoing
MW Ryder Building and Fire Station 12-TAC
Receiver Site Coverage Ongoing
8061 UpPg�rade Syst _
Fire Station
9019 Microwa Cceiverommunication SysteOngoing
Ongoing Telecommunication
9033 System* FY W-81de
*Project Not Mapped is scheduled to begin_
FY ?9-80—Year in which proiect
W
Q
N
3
Z
YJ
Additional Work Ongoing
Marinas
8068 Major Maintenance --Dinner Key Marina
Ongoing
9011 Dinner Key Marina Expansion FY 80-81
SEWER SYSTEMS
Sanitary Sewers
0011 Kirkland Sanitary Sewer Improvement
FY 80-81
0012 Koubek Sanitary Sewer Improvement
FY 80-81
0013 � mii Sanitary Sewer Improvement
-86
7091 Bicentennial Park Sanitary Sewers Ongoing
7092 Citywide Sanitary Sewer Extensions
Improvement* Ongoing
7098 Coral Sanitary Sewers Ongoing
7099 Auburn Sanitary Sewer Improvement
Ongoing
8047 Central Sanitary Sewer Improvement
FY 80-81
8048 Kinloch Sanitary Sewer Improvement
FY 80-81
8049 Flagler Sanitary Sewer Improvement
FY 82-83
8050 Fairlawn Sanitary Sewer Improvement
FY 84-85
9025 Englewood Sanitary Sewers Ongoing
9026 Lyndale Sanitary Sewers Ongoing
Storm Sewers
0014 Riverview Storm Sewers —Phase 11
Ongoing
0015 Riverview Storm Sewers —Phase I
Ongoing
0016 Lawrence Storm Sewers —Phase I
Ongoing
7100 Local Drainage Projects (Northern, Central,
Western, and Southern Districts)' Ongoing
8039 Tamiami Storm Sewers Ongoing
8040 Grapeland Storm Sewers FY 80-81
8041 Manor Storm Sewers FY 83-84
8042 Buena Vista Storm Sewers FY 85-86
W43 Shenandoah Storm Sewers FY 81-82
8079 Lawrence Pump Station Modifications
Ongoing
9027 Belle Meade Storm Sewers FY 83-84
9046 Orange Bowl Pump Station Modifications
Ongoing
TRANSPORTATION
Street Improvements
0004 Flti8n0Q$uarter Paving Project --Phase 1
0005 Latin Quarter Paving Project —Phase 11
FY 8"1
0006 Latin Quarter Paving Project —Phase III
7020 Little Havana Street 1mpruvessm.,w--..—_
FY 81-82
7021 Little Havana Street Improvements —Phase it
FY 84-85
7022 Manor Street Improvements —Phase I ;.
FY 80-81
7023 Allapattah Street Improvements —Phase II
FY 834K
7024 Rebuild Sidewalks and Streets' Ongoing
8001 Allapattah 23rd Street CD Paving Project —
Phase 11 Ongoing
8002 Buena Vista CD Street Improvements in
NSA Ongoing
8003 Allapattah CD Street Improvements in NSA
Ongoing
8005 Wynwood CD Paving Project Ongoing
8006 Coconut Grove CD Street Improvements
Ongoing
SW7 Little Havana CD Street Improvements and
Beautification near the Neighborhood
Facility Ongoing
8008 Allapattah Street Improvements —Phase I
FY 81-82
8009 Wynwood Street Improvements —Phase I
FY 83-84
8010 Buena Vista Street Improvements —Phase 1
FY 80-81
8012 Coconut Grove Village Center Street
Improvements FY 84-85
8013 Downtown Street Improvements —Phase 1
FY 83-84
8014 Manor Street Improvements —Phase III
FY 84-85
8015 West Trailview Street Improvements
Ongoing
8016 Belle Meade Island Bridge Ongoing
8018 Bird Road Street Improvements —Phase II
FY 82-83
8019 Manor Area Street Improvements —Phase I'
FY 82-83
8020 SW 32nd Avenue Improvement FY 83-84
9002 Allapattah CD Street Improvements —
NW 36th Street Ongoing
MW Dorsey -Wheatley CD Street Improvements
FY 80-81
9004 Little Havana/Lummus Park NSA CD Stre*
Improvements FY 81-82
9005 Buena Vista Street Improvements FY 85-8
9006 Momingside Street Improvements FY 85-8
9W7 North Baycrest Street Improvements
FY 85-16
Street Lighting
WM Citywide Residential Relighting Program'
Ongoing
90" West Flagler Mercury Vapor District
Ongoing
9045 Fairlawn Mercury Vapor Disfict Ongoint
Transit Systems
7031 Downtown People Mover Ongoing
Is
I
Mal
=■
ME
NEW,
!J
9.1
s
i
i
FLAGLE
0005 Latin Quarter Paving Project Phase 11
FY 80-81
oo06 Latin Quarter Paving Project Phase III
FY 80-81
0007 Buena Vista Street Improvements —Phase 11
FY 82-M
0008 Buena Vista Street Improvements —Phase 111
FY 84-85
0009 Wynwood Street Improvements —Phase 11
FY 85-86
0010 Allapattah Street Improvements —Phase III
FY 85-86
0027 Beautification and Improvements of NW 5th
Avenue FY 80-81
0028 Buena Vista East Street Improvements
FY 82-83
0029 Design Plaza Beautification and Street
Improvements FY 82-83
0030 Coconut Grove Transit Station Area —
SW 27th lane improvements FY 82-83
0031 Douglas Road Transit Station Area Street
and Pedestrian Improvements FY 80-81
0032 Coconut Grove Transit Station Area —
Industrial District Street Improvements
FY 82-83
0033 Coconut Grove Transit Station Area —
SW 28th Street Improvements FY 82-83
0034 Vizcaya Transit Station Area —Local Street
Closures, Sidewalk and Curb Modifications.
and Landscaping FY 82-83
0035 Brickell Transit Station Area —Sidewalks
and Landscaping Improvement FY 82-83
0037 Coconut Grove Station Area —SW 27th
Avenue Sidewalk and Landscaping
improvements FY 82-83
9045 Fairlawn Mercury Vapor District Ongonnc "
Transit Systems
7031 Downtown People Mover Ongoing
Parking Facilities
0021 Little Havana Public Parking Facilities'
FY 81-82
0059 Parking Facility in Omni Area' Ongoing ;
8071 Government Center Parking Garage , .
Ongoing '
8072 Coconut Grove Parking Garage- FY 83-I
9010 Garment Center Parking Garage FY 814
ECONOMIC DEVELOPMENT
Economic Development '
0038 Brickell Transit Station Area —SW 10th
Street Pedestrian/Transit Mall FY 82-83
7033 Watson Island Development Ongoing
7034 City of Miami/University of Miami Jamey' .
Knight International Center and Parking
Garage Ongoing
8W2 Overtown Redevelopment Ongoing
8033 Miami Riverfront Specialty Center Ongoi
8034 Garment Center/Fashion District Expansi
Ongoing
8036 Little River Commercial Center Beauti5cat
Ongoing
9024 Recycle Incinerator No-1 FY 83-84 a�
- i
LLI
�'T9044
S.W. 22 ST
a
r- I \1 11 11 VIII IIIII�A��
-
I
i
Im
Q
t�A
3.
co
PUBLIC BUILDINGS AND FACILITIES
G Public Buildings
S Stadiums and Auditoriums
M Marinas
SEWER SYSTEMS
V Sanitary Sewers
UL,w,w,w• Storm Sewers
TRANSPORTATION
r�
POINCIANA AVE,
r�"
TRANSPORTATION
T Street Improvements _
�=
T mass Street Lighting .. •
T ,,....,,.. Transit Systems _
T Parking Facilities
ECONOMIC DEVELOPMENT _
'
E Economic Development
E ,Elm Housing Programs
:c
0
CULTURE AND RECREATION
R e6eePark Facilities and
Street Beautification
INTRAGOVERNMENTAL SERVICES
C Communications and Computers
±f
7000-Project I.D. Number
MIAMI AVE. '
T`t I I41 1 1
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BISCAYNE SAN MARCO
ISLAND ISLAND
E
OP
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ISLAND
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GHTON ISLAND
CAPITAL
IMPROVEMENT
PROGRAM
1980 1986
CITY OF MIAMI PLANNING DEPARTMENT
94
% I
MIAMI REVIEW MCI
AND DAILY RECORD
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally
appeared Octelma V. Ferbeyre, who on oath says that
she is Supervisor, Legal Advertising of the Miami
Review and Daily Record, a daily (except Saturday,
Sunday and Legal Holidays) newspaper, published at
Miami in Dade County, Florida; that the attached copy
of advertisement, being a Legal Advertisement or
Notice in the matter of
CITY OF MIAMI
Re: Ordinance 9191
in the _. .. X X . X_ _ .. .... Court,
was published in said newspaper in the issues of
November 6,- 1980 _ . _. _ ..........
Affiant further says that the said Miami Review
and Daily Record is a newspaper published at Miami, in
said Dade County, Florida, and that the said newspaper
has heretofore been continuously published in said
Dade County, Florida, each day (except Saturday,
Sunday and Legal Holidays) and has been entered as
second class mail matter at the post office in Miami, in
said Dade County, Florida, for a period of one year next
preceding the first publication of the attached copy of
advertisement, and affiant further says that she has
neither paid nor promised any person, firm or
corporation any discount, rebate, commission or refund
for !be purpose of securin ih #0Wtisement for
pul^ation in the said ne ➢r��
...................... e..
i1 c iRda17QdR •emg,
1, Swotn to n � e re• tRS
6t� day of *November E10
i...t1 .....t... , 1 A `
r �....lari.,.
' 1. t G A L N O T I C E
All totereeted will take ootlet that on the 30th dal of October
19a0, the City Cowleeloa of Mtni, florid& Panted @ d 2116004 ttA
follovinli titled ordinance,
ORDINANCE 110. 4 9
AN ORDINANCE AMENDING SECTION 1 Of ORDINANCE NO. 9019,
ADOPTED NOVEMBER S, 1979, THE CAPITAL IMPROVEMENT
APPROPRIATIONS ORDINANCE FOR THE 197940 FISCAL YEAR,
AS AMENDED, BY AMENDING PARAGRAPH KII. (PARKING
CAPITAL PROJECTS rUNDI ITEM e.1. TO TOTAL THE FUNDIIiG
IN THE AMOUNT OF $175,000 FROM A LOAN PROM THE
CAPITAL IMPROVEMENT FUND FOR PPJtRING STRUCTURES IN
THE DOWNTOWN GOVE1114M M CENTERi CONTAINING A REPEALER
PROVISION AND A SEVEMBILITY CLAUSEa AND DISPENSING
WITH THE REQUIREMENT OF READING SAME ON TWO SEPARATE
DAYS SY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE
MEMBERS,OF THE COMMISSION.
F S
(r •Car etnr i}
e to RAIPR G. ONGIt
CLM
CITY of MIAMI, noKIDA
Publication of this Notice on the 6 day of November 19lf0.
11/6 M1*110655
.`,�. _
Not r tsriSS ,5fatenfAffyI f�b1 _
- My omr sfO%r�gxpi(ej Sgp�` ,4 �% .
(SEAL) ,te++++ittisitiittt
MR-91 '