HomeMy WebLinkAboutR-79-0064•RESOLUTION NO•...
A RESOLUTION AUTHORIZING THE CITE' MANAdER TO
RETAIN A SPECIAL CONSULTANT TO STUD' THE
.ECONOMIC DEV'ELOPMEN1 PLAN AND PEASIBILITt
STUDY FOR A WORLD TRADE CENTER AND PREPARE
AN ECONOMIC ANALYSIS OF SAID REPORT WITHIN
THIRTY DAYS USING FUNDS FROM THE CONVENTION
CENTER DUND.
WHEREAS, the City Commission authorized by Motion No. 77-619
the undertaking of a feasibility study for the possible development
of a World Trade Center in Downtown Miami by Miami World Trade Center,
Inc.; and
WHEREAS, the City Commission received by Motion No. 78-725
the Development Pla_Z an Feasibility, Study for a World Trade Center; and
WHEREAS, the City Commission instructed the City Manager by
Motion No. 78-725 to reco,mtend to the City Commission at least two
independent firms that could study the report and render an economic
analysis of the report;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to negotiate
and execute a contract with Huater Moss, of the firm of Moss/Fleming
Company, and if not successful, with Peat, Marwick, Mitchell & Co.,
to study the aforesaid. report and render a written economic analysis
of the report within thirty (30) days.
Section 2. The fee for providing these professional services
is not to exceed six Thousand ($6 000 , OO) Dollars.
Section 3. Funds are to be made available for the payment
of the professional fee for this analysis from the Convention Center
Fund. "DOCUMEMLINDEX
ITEM NC;_��.��'''
CITY COMMISSION
MEETING OF
JAN 1 81919
,,.,,l.....
PASSED AND ADOPTED THIS iath daft Of J NOOY 1979
MALIRICE. A, 'ERRS..
MAURICE A. FERRE
MAYOR
OBERT F. CLARK
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
GEORGE F. KNOX,'JR., CITY ATTORNEY
7 9 • 6 4
tb: Joseph It. crassie
City Manager
F. Gunderson
irector of Finance
bt MAW i`'L €tihd
INtttlieW iet mtme mi>,NbUM
bkri January 1i, 1950
ueirct
ist+ L.0,ic L:i
City of Miami/university of fiiiattii
James L. 1 night Intertiat Tonal Centet
LNCIr; J t .
A meeting was held Monday, January 8, 1979, personnel from the. City,
Brown, Wood, Mitchell & Ivey, (Bond Counsel), Municipal Leasing Corp.
and Smith Barney (Brokerage House)
Alternative methods to Hind the remaining financial needs for the
City of Miami/University of Miami James L. Knight International
Center Were discussed.
It was determined that the most expeditious method would be to use a
leasehold note. This method obviates the delays .inherent in revenue bond
issues, but the source of payment is identical; that is, the revenues
derived from the leasing for the facility will be pledged to pay for the
leasehold note. Smith Barney & Co. will assume the responsibility for
marketing the leasehold note. The interest rates will be identical to a
revenue bond issue.
The time frame for completing this transaction should encompass no more than
forty-five days. It is anticipated, however, that the paper work will be
presented to you for the City Commission action in February.
JEG:nsm
diti, OF MIAMI. rLbkibA
Etl, i=Fidi ME1,,le5# ANbU1.M
Joseph R. Orassie
City Maria
Jaiites J ntrol l y
Project Director
e,, I January 18; - 1 07§
tuon.ct World Trade Center and
Conference Center Garage
4MQ1.cog UVC:
The "Preliminary Development Plan" prepared by Miami World Trade Center, Inc. was
presented to and received by the Commission on December 14, 1978.
The developers, a joint venture of Worsham Brother's firm, Miami Center Associates,
Ltd. with Miami World Trade Center, Inc. have expressed very positive reaction to
this study and are ready to proceed immediately with this development subject to
the approval of the City Commission.
A feasibility report has been prepared for the City's Conference Center Garage by
the consultants of the Off -Street Parking Authority,
Discussions have been held with the Off -Street Parking Authority, its staff and
its consultants. As a result of these discussions it has been determined that
the City can finance and construct its own Conference Center Garage with the
Authority wishing to retain the right to operate it for the City.
The City of Miami, in separate agreements with the University of Miami and Miami
Center Associates has agreed to furnish, when necessary, 300 and 500 parking
spaces respectively. In addition adequate parking is required for the City's
Conference Center and the possible World Trade Center.
It is recommended that the City accept the feasibility report; authorize the
City Manager to negotiate with the Developers of the World Trade Center; accept
the consultant's recommendations as to the land acquisition required; establish
the need and direct the City Attorney to institute proceedings for the acquisi-
tion of such land.
In addition, it is recommended that the Commission authorize the. City Manager to
submit an application to HUD for a U.D.A.G. grant to augment financing of the
City's portion of the proposed Miami World Trade Center.
iti, OP MIAML t t_ ttibA
It4ttkiotFitt MtM(5 ;, PdbUM
Charles L. Crunptft
Assistant City Hatiaget fay
Administrative Services
Gunderson
Director of f'itlatice
By. Memorandum
the appraisal
The appraisal
Location
126 S. E. 2 Street
(Lawyer's Building)
134 S. E. 2 Street
(Butler Building)
br.;I January 11, 1070
surJir:'
ConVentift Center
Barking Garage
,011..E.
from the City Manager, authorization was given to proceed
for the subject property.
value for the respective parcels
is set forth below:
Appraisers Appraisal bate
Leonard Bisz 4-10-78
Robert Quinlivan 7-18778
Leonard Bisz 4-10-78
Robert Quinlivan 7-,18-78
By Motion No. 78725, the City Commission authorized the City Manager to
the acquisition process either by negotiation or condemnation. Letters
prepared to the two owners of the subject parcels stating the City's.
contemplated interest in acquiring their property and requesting an appointment
to discuss the matter further. Contact has been made with one owner,
Air. Raymond Butler, by telephone and an appointment has been set for January 11, 1979.
We are awaiting reply from the second owner,
k1Lt
Value
$285,000.00
$360,000.00.
$270,000.00
$330,000.00.
begin
were
• - Joaeph 11.. Grassie
..'City Manager
•' ,amen d. ' nnolly
(.Ptoject Wirector (yam
t:I t? OF #•1 I F w+ "", t U A
January i., 19-§
Proposed World Trade Center
Consultants' Background
Information
Attached herewith is the professional background information
on the two firms recommend to study the Preliminary bevelopment
Plan and Feasibility Study for the Proposed Miami World Trade
Center.
Hunter Moss of the Moss/Fleming Company is well known and
regarded the field of Real Estate Market and Investment analysis.
Formally operating out of the City of Miami, he relocated to
Boca Raton several years ago.
Peat, Marwick, Mitchell & Co., have of course been previously
retained for auditing purposes by the City of Miami.However,
as can be seen from the attached information, they also have
extensive consulting experience in preparing feasibility studies
and economic analysis.
1
THI MOSS / rilmING COMPANY
RPM, Pttc_)Pt tt`t'V Stet (:tAt istS
Mr, James Connolly
City of Mi.aini
l2th Floor, 150 S.E, 2nd Ave,
Miami, Florida 351.31
-n t P.4110.tftf F••tii; Rt .fc3
(? tiot a .lion: Tluritl:i 1•i
Tt•liklffitititk•: 4itrij i''t.8144
January 11) 1979
Dear ,Iim
I am enclosing the brochure on The Moss/Fleming Company
which will give to you a bit of the background of the
company but I would like to comment particularly on that
portion of our activities that relates to Community De=
lt'elopment. You will note that I have listed four clients
and I would like to discuss briefly the work that we did for
each,
In the case of the Greater Baltimore Committees we did two
separate jobs for them, the first being an analysis of the
wholesale food operation in flaltimore and the secondacting
as a consultant on a study conducted by Real Estate Research
on the dot:ntohn retail center ofthe city.
For the City of Miami, we prepared an in-depth study of the
housing, Commercial and Industrial Needs and Resources of
the city. That was prepared in 1965 Part of this was
updated in 1975 and 1976 when we worked as a consultant to
WMRT in their Miami Comprehensive Neighborhood Development
Plan.
For the Corning Glass Works, we were part of a team that
included RTKL of Baltimore, planners and architects and Alan
Voorhees $ Associates, traffic engineers of McLean Vir-
ginia, making an analysis of the City of. Corning looking
towards the development of guidelines for the growth of the
city which had been designated as the corporate headquarters
for the Corning Glass Works.
For Nuns' Island Holdings in Montreal, we made the original
market study that led to the final residential and com-
mercial development of Nuns' Island located in the St.
Lawrence River close to downtown Montreal.
- Page One
i'. amos C<'it111oi1y
4 Page Ttso.
Jahiiaty 11, 101 .
As you :now 1 was hail2nan of the Planning Council of the
dreatet Baltimore Co11inittee brick in my Baltimore days which
created Charles Center and 1 was also vice-chairman of the
Baltimore Urban lcncl;`al and Housing Agency,
l am enclosing a copy of our recent survey of office space
in+
the Greater Miami Ara which we have prepared for the
last ton ) cars. It gives us a constant tie-in with the
entire city with particular attention to the Downtown core..
1 hope that this information will be helpful to you in
presenting our name as a reviewconsultant on the Miami
Vo'ld. Trade Center
Thank you for getting in touch with us.
1ii/rg
Sincerely
Hunter Moss
o'?.,iW�.'wn'si'R.Ffi'rJ�.4w:Mwe!�i�a!uiun:�n��..•! W.vxssmi�a'rv:
;I't(.()Vtt'At'
lt� rec-tignrt hire of the grow irig 'ed fret spec i.itii tI
servitcs in ire handling of real property cipporiunitie's
litobletr 5, I ltitttt•t Mors anti:John l letttirtg
formed the !stossIlettling Cinnpart}• by Merging e
operations of the tEvo ctlrnpanies that they founilt•d,
These two trtilt.tnies 1-tidier Moss and "Conil.any
aticl I iorida Financial Marketing Services represent
act forty five years of collective experience in teal
estate iles•cltaprnr•nt, Marketing, iitin i repent, inure"=
gage financing, market rescarcli and consulting.
The Moss/ l ietnitig Cc,nil>. iy provides it) a single orga-
ttizationthe expertise requited to catty riot' the frill
shectrtim of real estate t'Isls"ttut itics (torte complicated
feasibility studies to difficult equity and inortt;age
financing atrattgetnents.
THE 1'EOPt.0
Both 1!linter \fuss and John rivaling have original
backgrounds in mortgage financing and development
and their company, The \toss/Fletning Company. will
specialize heavily' in asset management by the analysis
of teat property rot investors, lenders and owners who
are intetested in yield t)n investment; security, market
trends and costs of management' and ownership.
SERVICES
The \tossfFlt:ining Company with its team of highly
qualified real estate specialists operates in a broad area
from Canada to Venezuela, east of the Mississippi
Rts'er, and in all fields of real estatC _including vacant
land, resort development and income producing p'rop-
erties.
PROFESSIONAL. DESIGNATIONS
One or more of the officers of the eornpany are Members .
of the follnwing professional organizations:
American Society of Real Estate Counselors (CRF)
American institute of Real Estate Appraisers (NIA!)
Society of Real Estate Managcnienr (CP,\I)
in addition I bunter Muss is a Past President of 1 LI-the.
Urban Land Institute' and the Ectinnntic Society of
South Florida.
the scope t ee activities or tttittr 1rAs raid Jnhti
tletnin;-ts lwst iliitsttatt41 by a setecttd tilt nfclients,
grouped by the type of speciatized service perthrtiied.
'Investment and ,ttiatyis
L.S. Ayres/ intlianapolis, tnttiamt
first stational Brink of It. t.audcrdale/lt. Lauder,
dale, Fla.
t'irst Wisconsin ,Mortgage Co. /\1il•.i;iokee, \ iscoti=
sin
Nurthwestt.tn Mutual .life Ins. Co. / ,A'tilwatikee,
Wisconsin
ilort){,tge andEquity Financing
American t:) ress Company/New lurk, Ncw lutk
The cnntiect ii tit Bank & Trust Co. / West l tilitford,
Conti.
Maryland National Bank /Baltimore, Maryland
Metropolitan Life Insurance Co, / New luck, New
Turk
Marketing anti Management
Chase Manhattan Bank/ New lurk, New lurk
t idelco/ Philadelphia, Pennsylvania
First National Bank of Atlanta/ Atlanta. Georgia
Housing Investment Corp. / \tianti; Florida
Land Analysis
Arnistrong Cork Co. / Lancaster, Pennsylvania
Citibank / New lurk. New York
Continental Oil Company/ Nev York, New fork.
Riegel Paper (.:umpany/Greenwich, Connecticut
bet eh puient Feasibility
E.I.duPnnt Co. / Wilmington, Delaware
Charles (:enter -inner Harbor \ianagetaent / Balti-
more, Maryland
Gulf Life Insurance Co. / Jacksonville, Florida
Southeast Bat)) orponu ion / \ti.lmi, Florida
Community 1)es elopunent
The Greater Baltimore ('otn:nittce/ Baltimore,
Maryland
Cite of Miami, Florida
(', c,siug glass ::'+.4ti,s`(,• !ring. New li,tk
Nlt0S', Island Holdings, 1 tci.' '.1t4rlrtt•al, Canada
to tttCtigEilttr)n of t11t' t;rtK+trig tit riit <f+t•ti;tli%t'd
srt't ices itt the hAtidtiitg or trail _prtfl.t rly ulYl;crt`turiitie3
and problems, I luster :s't,iss and John Fleming have
fotrncd The \1osa'I letnint; t o np.iny Ihy inrtging the:
ril.tr,ttions t)f the two companies that they founded.
These two companies----i-ltintet Mtiss And t:onip;►ny;
and t ltititia Fiit.uui,il-Ntatketitig ,Setvicr5 rthtr'stn't.
over fitly rive yrat5 of-tcotit•c-tire:(::zt,trience in reit!
estate tlet-eirtptiu tit, rn;►tl.ctiiig, ttiaitagcttient, inort=
gage financing, market research and consulting,
The ,floss/I lernittg ("tttitp.ltt1' I:rtlt.itles in tt single nrgti-
niration the exptrtise required to 1:atry out the frill
spectrum of reti estate i)1'pt'rtunities from ct'titiplic.itc•d
feasibility studies to tlil'ticiilt equity and mortgage
financing lit t.rn ements.
THE PEOPLE
Both Hunter Moss and chit I Ietnirig have original
hackgrctunds in ntorigage,lti. ncing ;rota development
and their tt>mpany, The Muss/Flei»ing Company, will
specialize heavily in asset management by the analysis
of real property rot investors, lenders and owners who
are interested in yield tin investment, security, market
trends and costs of management and ow•netship.
SERVICES
The Moss/Planing Company with its team of highly
qualified real estate specialists operates in a broad area
frotn Canada to Venezuela, east of the Mississippi
Riser, and in all fields of,real estate including vacant
land, resnrt deeeloi.tnent and income produt int: prop.
trties.
PROFESSIONA1. I)ESiC;NATIONS
One or more oldie ufti(ers oft he company are members
of the follt>xing professional organizations:
American Society of Real Estate Counselors ((RE)
American Institute of Real Estate Ahprakers (MA1)
Society of Real Estate Manageinent (CP'1)
In addition 1lunter'Moss is a Past President of t11.1-the
Urban Land Institute and the Economic Society Of
South Florida:
111:;`4M
the .sccrlti't t it icimtits 'ter art"r►tt i Ntts's hirer 'Pit
i
Fleming Is tsest illustrated by it .stlectrtl list of clients,
grouped by the type Of specialized sett -ice ptrfornie•d.
ttivtsttttttit atitl Att.tle'sit
L.:s. Ay tes/ indiantpt>lis, Indiana
first National t''atik of Vt. t. tticicrtt:tfe / I t. l.cititlet
dale;
l its' Mortgage Co. /Mi1:t•.iit ee. \4ist:titi:
sill
'ortIntistern Nititual tire tns. Cu. / �tiltt iti ee,
\\"tsionstn
%loi•t;;.ige rider titluity l 11 itit ing .
Ainerii:.tii Express C:oinpany/Nov York, New York
The Connecticut iiastk &'Trust Co.'/\k st 1lartford,
Conn.
\taryland National B.rnk/Baltimore, Maryland
Mttrup.>litan Life tusutanre (To./ NOV '1i>rk,
Turk
Marketing and Management
(:hasc Manhattan 13ank/ `'ew Birk, New \brk
Fidclto/ Philadelphia, Pennsylvania
Fitst National Bank ofAtlanta/Atlanta, Georgia
Housing 1nctstmew Corp./Miami, Florida
Land Aii:alysiS
Armstrong Cork Co, / L.uicaster, 'Pennsylvania
Citibank/New York, New 1 rk
Continental Oil 'Ct)ntpany/New )'ork,-New York
Riegel Paper C:oinp,(nv/ Greenwich, Connecticut
lh•%eloi)tncnt 1:e.tsibility
f:.1. duPunt Co./\\'ilminyton Delaware
Charles Center -Inner Harbor ,%ianat. ement / Balti
more, Maryland
Gulf Lie insurance Co./ jackv>m•itle, Florida
Southeast Bancorporation/ Miami, Florida
Gtnttnunity 1)eetlt>pn1t nt
The Greater Baltimore Committee/ Baltimore,
'Maryland
City of Miami, Florida
Corning Glass \dirks/Corning, New Birk
Nuns' Island 1lnldings, Ltd./Montreal, Canada
HL MOSS / FLEMING , MPANY
ttt,iStitt:tAt.ts't'S
iSO IT. PaImt- in Park Road
IThra Raton, #Iroir i 13432
ieirphone: "(Th5) 341•$id$
hecet bef 1978.
TO ALL BtJ 1 LD 1 Nc o1sNliti5 AND t,tANAGbt t\l t Atti A
Thank -you again rot supplying the information that makes
possible this Direst edition of our Greater Miami Office
Space Survey, 'There have been some significant changes in
the last year which are continuing and which Will 'affect
your ot4 n individual operations, 1 will surnmarite these for
the sake of easy reading,.
Perhaps most significant is the fact that the 1978 office
space occupancy of the 173 buildings with a total gross area
of 11,556,35E square feet shows an increase of 5.5 for a
total occupancy of 92,8% as compared to 87.3% a year ago,
Those areas with high occupancy of over 90% are as follows:
Miami, Downtown 93. 6 0
brickell Avenue 97.2%
Coral Gables 94.3%
Coral tray94, 2
North Miami Beach 97. 2 0
Miami Beach 97.10
Dadeland and North Kendall 95. 4 0
Palmetto Expressway 94 . 2 0
The only areas that are lagging are the followin
Biscayne Blvd. 82.8
Southwest 1st Street 87.3
North Miami 85.8%
Miscellaneous 86. 6 0
•
Most significant is the fact that 598,526 square feet of
space formerly vacant was occupied during the year leaving
only 834,948 square feet to be leased. It is quite obvious
that ,Miami is coming up with an office space shortage, which
fact has already been recognized by office building devel-
opers who have the following buildings either under con-
struction or ready to start:
Dadeland Towers North
Flagship Bank Building
Intaterra
140,000 sq.ft.
280,000 sq.ft.
125,000 sq.ft,
Total 545,000 sq.ft.
it iin .s been ou-to31t'eht ion £b ' a . iu iher yeat that
Greater Miami Ai•ea caii absorb 80b,000 sq.tal'e feet of new
-bffi'ce sIiaco per `eat and at this tithe the•area seems to ,be
in -a:.1 proximate- balance .with the el1.owihg totaltt
Vacant spate
Leased during the year
Under construction
834, 948 sca t.$
598,526 sq►fts
•
S45f000 sq►ft►
Health in any rental market is most often taken at the t o
vecancy level which means that the (reater Miami Area can
carry 576,800 square feet of Vacant space as a healthy
f gure ►
Along with increased occupancy, recital rates have been in-
creasing from a low of 25 per square foot on Miami teach to
$1,37 per square foot on grickell Avenue with the average
running roughly at 60 per square foot. Top rents have in-
creased dramatically which is an important encouragement for
further new construction. Listed below are the changes in
Certain key areas:
Area
M inm i Downtown
Brickell Avenue
Coral Gables
fladeland/N. Kendall
Palmetto Expressway
1977
$12.15/sq. ft.,
11.00/sq.ft.
11.25/sq.ft.
9..40/sq.ft.
9.00/sq.ft.
1978
$12.50/sq.ft.
14,50/sq.ft.
11.25/sq.ft.
12.00/sq.ft.
12.00/sq. ft.
Many new buildings -currently contemplated are on the drawing
boards and are predicating their success on average rents
for an entire building of between $12.00 and $14.00 per square
foot.
This is the 10th year of our office space surveys and it is
interesting to note the changes over the years. Percent oc-
cupied in Downtown Miami shows the following changes:
1969
1970:
1971
1972
1973
1974
1975
1976
197.7
1978
91.3%
96.60
97.7%
98.30
78.6%
79.4%
78,0%
75.50
84.40
92,80
THE MOSS/FLEMING COMPANY
E3OCA FAT ON. FLORIDA 33432
c !ti Ati.1 11AMI bPPtct•gi At •SIJI WI3Y•
°dcIbber/33ci wnb l' 1978 •
Area
Miami bowl town
Biscayne t3lvd,
i3ri��el1 Avenue
�ornl Cables
Coral 1tiay,
SW l'st Street
North Mi aini
North Miarni Beach
Miami Reath
South Miami
:badeland_and North Kendall
Palmetto E:xpresst,ay Area
Mi scel lancous
• OC>CUi'i1NW
1977 1978
84,4% 93,60
86.1% 82,8
94,9% 97.20
94.4 % 94 , 3 %
93,9% 94,20
72 90 87.3%.
89.2% 85,8%
90.4% 97.2
92,0% 97.1
76.20 84x0o
92.6%
87.8
82.3%
o_ C is ii
9,20
• 3,3%
+ 2,3%
- 0,10
+ 0, 3 %
+14,4%
3,4%
6.80
+ 5,10'
+ 7.So
95. 4 0 + 2. 8%.
94.2% +6.4%
86.6% +4 30
TOTAL SURVEY 87.3%
92.8% +5.5%
THE MOSS/FLEMING COMPANY.
BOCA RA1 ON, FLORIDA 33432
•
It has beef our cof tea tioii rot numbet-Pt:yeatt that the
ftAtct Mat i ' A 'ca oat- absorb 00i 000 gquare cet o nog
bff ico space 'p0r year 'anA at this tit'o ..the 'axed seems tt•b
in apprexiinate balance with the foilo alig totals:
• vacant space
teased during .the• yeat
Under censtru'r tior.
Itcalth in ,any
vacancy level
carry 576)800
figure.
8,34 048 softi
598)52.6 sgsfts
54S,000 sq,fts
rental market is Ynost often taken at the 5%
which ,means that the Greater ;Miami Area. carp
square feet of, Vacant space as a healthy
Along with increased occupancy, rental rates have been in-
creasing from a low of 25 per square foot on Miami teach to
$1.37 per square foot on Brickell Avenue with the average
running roughly at 60 per square foot. Top rents have in-
creased dramatically which is an important encouragement for
further new construction, Listed below are the changes in
certain key areas,
Area
Miami Downtown
Fr ickell Avenue
Coral Gables
Dadeland/ITT. Kendall
Palmetto E:pressuay
1977
$12.15/sq.ft.
11.00/sq.ft.
11.25/sq.ft.
9.40/sq.ft.
9.00/sq.ft..
1978
$12.50/sg.ft.
14.50/sq.ft..
11.25/sq.ft.
12.00/sq.ft.
12.00/sq.ft.
Many new buildings -currently contemplated are on the drawing
boards and are predicating their success on average rents
for an entire building of between $12.00 and $14.00 per square
foot.
This is the 10th year of our office space surveys and it is
interesting to note the changes over the years. Percent oc-
cupied in Downtown Miami shows the following changes`.
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
91 3
96.60.
97.7%
98 .3 0.
78.6
79.40'
78.00
75.5%
84.40
92.80
THE "MOSS / FLEMING COMPANY BOCA RA1ON, FLORIDA 33432
t is our pretdirtion that there will be aht they twt t throb.
"good yeairs" •beroie oversupply W i main dripthe 6ttupatc
levels: 1 continues to be a di s,appoiitment too us that two'-
- of 'three developers try to setisf° the need for office spare
in the s; ne area sit the st0ne. time whieh Lan quickiy turn a
shortage into- a glut, It tan otily be hoped that the ientding•
, .. i
bostitUtions i�hith inake poss hle the office built in s ki11
mindful. Of Miami's•office` space• supply -ant} demand
figures,
have been caned in the past fog' figuies on •individual
buijdiings which •t,e have promised:to each of you %,re'-tai11 riot.
• give,• We.treat: the•infoirnation that you• have•supplied,con=
fidcntially although 1.e-t,dill give. out additional general
information. if you have need of- it.
Out �fiiaiiii telephone number is 445-9641.
HM:dm
rnc] osure
THE MOSS /FLEMING COMPANY
Punter Moss
BOCA RATON, FLORIDA 33432
6 ti Ami i - 41A'iI c PP1 815Att SURVtY
'Ottbbtr/Ndvcmbtt 1 18
Miami Downtown
$i5ca tie B1vdr
8r.i cke11 Avehtie
Coral Caiites
Coral Way
SW 1st Street
North Miami
North ;Miami Beath
Miami Beach
South Miami
Dadeland and North Kendall
Palmetto Expressway Area
Miscellaneous
tD Ctii'ANC1�-
1917 1978 0 shaft L
84.4 % 9.606 + 9. 2 0
86.10 82,8% -3.3%
94.9% 97.20 +2.3%
94.4 94.3% -0.10
93,9%
72.9%
89.2%
90.4 0
92.0%
76.20
92.60
87.8
82.30
94.2%
8' 7. 3 %
85.8%
97.2
97.1 %
84.0%
95.4 %
94.20
86.6
TOTAL SURVEY 87.3% 92.8%
+0.3%
14.4%
3.4%
• 6.So
+ 5.1%
+7.8%
+ 2,8%
+ 6.40
+ 4.3%
+5.5%
THE MOSS/FEEMING COMPANY
E3OCA RATON, FLORIDA 33432
ftP'l . k i`Ii)MI nM*1ti
Ottbber% oVe1ttbc
DPACt sUk ;
1978
kA'f1 $ Phk SQUAkk4 t00T (Mdldmuf _ Mcdia"1 fate
Loc t d i 1971 108 adJAg4
Miami Downtow i $ 8.625 $ 0.50 +4 0.875
13isca}fie toulevard 7.50 8. 00
.50
ki ickell Avenue 9.125 10,50 + 1.375
8.00 8.375 + 0.375
7.50 8.00 + 0.50
6.125 6.625
North Miami 7.00 7.50
North Miami Beach 7.00 7.475 + 0.475
Miami Beach 7.75 8.00
South ;Miami 7.00 8.00
D,adelr:nd/North Kendall 8.25, 8.75 + 0.50
Palmetto expressway 7.50 8.00 + 0.50
Miscellaneous 7.75 8.25 + 0.50
Coral Cables
Coral Way
S.W. 1st Street
$ 7.62
$ 8.25 +$ 0.63 ay.
THE MOSS / FI.E;MING COMPANY
60CA RATAN, FLORIDA 3Y432
i
i
i
GREATER MIAMI OFFICE ,SPACE SURVEY
October/November 1978
Lease_ ate&
Area
No. of
31cigs .
Surveyed
Total net.
sq . t.
Surveyed
Leased
Space
(sq . f t .)
Percent
Leased i
Maximum
Median
S . n mum.
Nret:1;:
Range
Range
Miami Downtown
23
3,357,824
3,142,667
93.60
$7.00-$1:.50
$9.50
$6..u0-$10..50=
$5 ,
Biscayne c i311-d.
16
792,595
656,635
82.8%
$7..00-$10.03
$8.00
$6$0-$ &.*50.
T, ,
3rickell Avenue
15
1,347,796 ,
1.,309,990
97.2%
$8.50-.$14.50
10.50
' $5..00-512..00>
SST..6
Coral Gables
30
1,879,849
1,772,186
94.3'0
$6.50-$11.25
$8..375
$6=_0.0-$ 9r.5=0
57.:�
Coral Way
6
114,000
107,400
94.20
$7.00-$ 9.27
$5.00=
$&_50-$ 9F.V27
$S. 1
Sl' 1st Street
4
78,900
68,900
87.3%
$6.00-$ 7.00
S6..6Z5;
SS_50 S 7.0G
S6,
North Miami
7
144,000
123,605
85.8%
$5.25-$1 .50
S7.50
;)5..30-$11.0G
Sr7....
North Miami Beam
7
175,200
170,230
97.2%
$7.25-$- 9. 0
$7.475
$7_00-$ .9.10-
S7-0.
Miami Beach
5
353,614
343,100
97.10
$7.50-$ 9.50
$5_00
' $750-$ 9.50
57'.5
South Miami
7
294,000
246,985
84.0>
$7..30-$ 9.50
$8.00
$6.30-S 8.50,
Dadciand and
North Kendall
19
765,862
730,665
95.4% $7_50-$12.00
$8.75
$.7_25-S110.00-
SS7'-
Palmetto X- ,av
13
1,245,331
1,174,010
94.2% $7.50-$12.00
$8.00
$7.00-$I0.00=
57.S
Miscellaneous
21
986.885
855,035
86,6 $6.00-$15_00
$8_25
, $5-00--$ g_60,
5a.y0,
TOTAL
173 11,536,356 10,701,408 92.8%
THE MOSS/FLEMING COMPANY
■11
1
mit
PE:1';1 Etkttw,t.,cr ,:i•ttTGitF:t:fi.
FIRM BACKGROUND ,Alb 11112VAFJCATJON8
Peat, Marwick) Mitchell tY Co. (I tht&Co.) is a large and divetsi fied
international consulting and public accounting fitm that has provided
management consulting, audit and tax services to a wide variety of govern
merit, industry, comtnetcia1s financial and institutional clients slate
189/,
Because our firm was built on the full -service concept, out practice
is divided into three'main departments! accounting and auditing, tax, and
management consulting. To meet the needs of today's complex business World,
our personnel in each of these three departments atd futther divided along
industrylines in order to deal. with the different toblems uliar to each.
This specialixation results in an acute awareness of cutt-ent trade and accounting
problems within industry areas' and provides Further competence in serving our
clients.
PM't:Co. serves its clients through 291 offices: 105 in the United States,
21. in Canada, 3 in Mexico, 10 in the. West Indies, 7 in Central America, 30
in South America, 39 in the British Isles, 20 in continental. Europe, 23 in
Africa and the Middle East, 17 in Asia and 15 in Australia. Through these
offices PMft.Co, server more than 50,000 business, government and institutional
clients including 635 corporations listed on stock exchanges,
Nationally, over 700 professionals devote full time to management con-
sulting. The majority of this staff hold advanced degrees in such disciplines
as marketing, finance, economics, business administration and industrial.
management.
FUNCTIONAL SERVICES
We provide a broa,! .spectrum of functional services to our public sector
clients, Anclllding the traditional are s of or 0 itti7.ation and management studies',
data processing systems design and implementation, and productivity improvetil.yttt,.
However, the disciplines most relevant to they Watson Island Project
described in the following paragraphs.
Land Use Plana in;
For developers, ].and owners, hotel operator:; and gov� rnwentd1 agOnc'1eS,
P!•1;l&Co. has participated in numerous land developments. Our:role in these
developments included (1) market reSear..h and nn;ilysis in cot,junctiott with
demographic and geographic anal.ys i s to i dettti.fy the best potential use for.
1
t'�
telated data, bcsetiptions of some of the methods develcped are available
in technical papets presented to and published by the Highway Iteseatch
Eloard, the Institute of Traffic Engineers, the Ameticatthstitute of
Elannets, the Transportation Research Forum, the Opetations Research Society
of America, the American Society of Civil Engineers and others,
EtE;SUME:S- OE'
SELECTED
$ CAE' E' PE RSCI.Zu:G
Mr, Powell is a partner it the Miami office of Peat,
cetrt i k, ptit hell
& co, die is a graduate of the University of Miami,Miami,i.s
a accountant it several -states, and has been involved With various aspeets
of the hospitality and real estate industries
ivthroughioutthis
career aer spantner.
accountant; consultant, and corporate
With PMM&Co, in February 1971, he served as executive vice president and
financial vice president of a NYSE -listed
ti.d leisure-timfor six yeroe rie tedprior tccompany
nittfor
two years, Ne practiced public accou
that company,
In addition to his auditing responsibilities, Mr.
Powell has performed
consulting engagements such as (1) market demand analyses and financial
projections for hotels, motels, apartment projects, and thetned amusement
marks; (including a financial feasibility studyfce eject in
Miami, Florida); (2) a corporate oriizatiorandma�aocretaitforma mationsystem
for..
review for a major hotel chain; and (3)
the analysis of .corporate goals
a large restaurant chain. His experience includes engagements in the south-
eastern U• S., Central America, and the Caribbean,
Mr. Powell has appeared as a guest speaker at Cornell University,
the
National Association of Hotel/Motel Accountants, and the Anicri.c.ln Hotel
and Motel Association.
Mr, tree is the Ptihclpai- tl Chatgo of meat-, Marwick, Mitchell & Co=ts
practice in the hospitality and tourism industry, Mt, lee_ has oiler nine yea
of experience in management consulting for hotels, teal estate firms; land
owners and deVelopetsi industrial firths and retail firms.
Me has concentrated, during the last five years, in the hospitality.
and tourism industry, luting this period he has performed and been responsi=
ble for numerous engagements in this industry, including.
The economic and financial feasibility aspects of the Philadelphia
1/6 bicentennials
Market research, economic feasibility analyses; development plans
and organization structures in support of land development programs
for land owners, developers; attd hotel operators.
The market potential and plans for evaluation of tourism development
for governmental agencies
Design of both manual and integrated, computer based, operating
systems for resorts, hotels, restaurants and travel agencies,
General management consulting in organization, methods and procedures.
Outside of the hospitality industry, Mr. Lee consulting experience has
included;
Reorganization of a major equipment manufacturer. This work tctttched
all facets of thcf client firan's operations, including new product
development, marketing and corporate planning.
Development of an MIS for and design and documentation of the major
portion of the management methodology of a completely new shipyard
complex.
Several market and economic feasibility studies leading to the
establishment of minority enterprises in the Watts area of Los
Angeles.
Prior to entering the consulting field, Mr. Lee held various positions
in industrialengineerIng, data processing ;and line management with a major
manufacturing concern.
Mr.. Lee is i Steller Sprier Lecturer on Destination Resort: Development
at the University of -Massachusetts. He also lectures on International
Tourism and Financial Analysis at the Cornell School of Hotel Administration..
Mr. Lee is a graduate industrial engineer from Georgia Tech and has
taken graduate courses in mathematics, operations research, and economics at
Claremont Graduate School,