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HomeMy WebLinkAboutfunds - 2Midtown Miami Developers Investment The Shops @ Midtown — DDR Midtown Miami — BDP • Retail: 600,000 sq. ft. Tower # 1: 374,500 sq. ft. / 338 units Rest./Bar: 12,000 sq. ft. (Tower) Office: 150,000 sq. ft. (24,000 Rest./Bar) Parking and Plaza (Public): 2,914 spaces 8302.9 million Phase 11 Retail: 30,000 sq. ft. • Apartments: 454 units Tower #2: 357 units Rest./Bar: 18,500 sq. ft. Hotel: 200,000 sq. ft. / 350 rooms Spa: 35,000 sq. ft. $197.2 million Phase III Tower # 3: 357 units Tower # 4: 357 units Retail: 24,000 sq. ft. Rest./Bar: 2,250 sq. ft. $192.8 million ( Phase IV Tower # 5: 357 units Retail: 12,000 sq. ft. $103.4 million Phase V Tower # 6: 357 units Rest./Bar: 12,000 sq. ft. Tower # 7: 357 units Rest./Bar: 12,000 sq. ft. $224 million Phase VI Tower # 8: 357 units Rest./Bar: 12,000 sq. feet $120.6 million • DDR responsible for the development of the marked projects. All others are to be developed by BDP. Total Phase Construction Value $1.2 Billion Investment Generates real property tax revenue of $702.5 million over 30 years Revenues @ 14.375 mills w/ 3% rate of inflation Community Development District Issue Bonds $76,705,000 Includes principal, cost of improvements, cost of bond issuance, capitalized interest and reserves Cost of Servicing Bonds Paid by CDD from City/County EIP and Ad Valorem Total Debt Service $170.2 million City of Miami Department of Economic Development Fund Infrastructure Improvements 2,914+ Integrated and surface parking and Midtown Plaza (Public) To be constructed by BDP J Net Revenue To ter and county #532,3 mlf ton Net proceeds to City of Miami $314.5 million Net proceeds to County $217.8 million As of 4/29/04 Schedule I Economic Incentive Payments (E.I.P.) Development Components By Phases Phase I Components must be Issued a Certificate of Occupancy no later than December 31, 2006 Retail Integrated and Surface Parking Spaces Midtown Plaza (Public) Condo Twr #1 w/ Rest - Bar (374,500sq. Ft.) 90% CO Issued' Phase 11 Components must be Issued a Certificate of Occupancy no later than December 31, 2007 Hotel/Spa (235,000 sq. ft.) Apartments (292,000 Sq. FI.) Office Condo Twr #2 w/ Rest. -Bar (395,500 sq. ft.) Total Phase 11 Cumulative Phase II 90% CO Issued" Phase III Components Condo Twr #3 w/Rest: Bar (395,500 sq. ft.) Condo Twr #4 w/Rest: Bar (395,500 sq. ft.) Total Phase III Cumulative Phase III Phase IV Components Condo Twr #5 w/Rest: Bar (395,500 sq. ft.) Total Phase IV Cumulative Phase IV Phase V Components Condo Twr #6 w/Rest: Bar (395,500 sq. ft.) Condo Twr #7 w/Rest: Bar (395,500 sq. ft) Total Phase V Cumulative Phase V Phase lV Components Condo Twr #8 w/Rest: Bar (395,500 sq. ft.) Total Phase VI Cumulative Phase VI Total Cumulative EIP Total Cumulative Debt Service Upon Construction Completion of Phases Year '2008-2013 2014 2015 2016 2017 2nia E. I. P. per E.I.P. Devp. Devp. Unit Per C.O. Sq.FtJ Units Unit Phase C.O. Devp.Component 600,000.00 600.00 2,914.00 258.56 374,500.00 235,000.00 292,000.00 150,000.00 395,500.00 395,000.00 395,000.00 374.50 1,233.06 1,109.76 235.00 292.00 150.00 395.50 1,072.50 2,305.56 2,075,01 395.00 395.00 790.00 $2,075.87 $2,306.52 $2,602.12 $2,891.25 $2,559,680.00 $2,559,680.00 gym' "s?1 arm " $5,999,360.00 $5,999,360.00 3,095.56 $1,937.53 $5,997,760.00 X Yu,+bxAr a,,.teAWW 395,000.00 395,000.00 395,000.00 395,000.00 Devp. Unit 4,675.56 4,675.56 4,675.56 4,675.56 395.00 395.00 3,490.56 395.00 395.00 790.00 4,280.56 395.00 395.00 4,675.56 $1,718.05 $1,400.89 $1,282.49 per Total EIP Devp.Comp. per Year $32,546,730.00 $1,282.38 $5,995,860.00 $1,283.22 $5,999,760.00 $1,282.70 $5,997,360.00 $1,282.98 $5.998.660 on $5,996,960.00 MSS Debt Service $2,559,680.00 $5,999,360.00 $5,997,760.00 $5,996,960.00 $5,996,610.00 $5.996,610.00 $5,996,360.00 $5,996,360.00 $32,546,730.00 var Total Debt Service per yr. $32,546,730.00 $5,995,860.00 $5,999,760.00 $5,997,360.00 nno cam.,.... $32,546,730.00 Development Matrix Phase Retail Integrated & Surface Parking Midtown Plaza (Public) Condo Tower #1 338 Units & 12,000 sq. ft. Retail) Phase II Hotel/ Spa (Hotel 200,000 sq.ft.- 350 Room, Spa 35,000 sq. ft.) Apartments (454 Units & 30,000 Retail) Office (24,000 sq. ft. Retail) Condo Tower #2 (357 Units & 12,000 sq. ft. Retail Phase III Condo Tower #3 (357 Units & 24,000 sq. ft. Retail) Condo Tower #4 (357 Units & 2250 sq. ft. Retail) Phase IV Condo Tower #5 (357 Units & 12,000 sq. ft. Retail) getk Phase V Condo Tower #6 (357 Units & 12,000 sq. ft. Retail) Condo Tower #7 (357 Units & 12,000 sq. ft. Retail) Phase VI Condo Tower #8 (357 Units & 12,000 sq. ft. Retail) Total Construction Biscayne Developers Partners Midtown Total Diversified Development Miami CDD 600,000 sq. ft. $93,492,186 $93,492,186 2914 Spaces $51,204,019 374,500 sq. ft. $94,775,000 235,000 sq. ft. $96,347,500 292,000 sq. ft. $68,100,000 $68,100,000 150,000 sq. ft. $32,572,500 $32,572,500 395,000 sq. ft. $104,805,178 $104,805,178 $94,775,000 395,000 sq. ft. 395,000 sq. ft. 395,000 sq. ft. 395,000 sq. ft. 395,000 sq. ft. 395,000 sq. ft. $112,344,186 $112,825,771 $120,887,684 $126,793,318 $132,968,134 $139,505,196 $96,347,500 $112,344,186 $112,825,771 $120,887,684 $126,793,318 $132,968,134 $139,505,196 $51,204,019 $1,286,620,672 $161,592,186 $1,073,824,467 $51,204,019 Best Case - All Constru 'on • m •feted Note Construction Costs Only Have Been Used Construction Cumulative City and County Inflation AT Taxes Debt Service 3% 14.37500 59.10% 40.90% City Only City Only City Only City Only PV Net Taxes Debt Service Net 5% 2008 302,987,769 302,987,769 302,987,769 4,355,449 2,559,680 1,795,769 2,573,881 1,512,660 1,061,221.51 $127,226,443.72 2009 173,656,285 476,644,054 485,733,687 6,982,422 5,999,360 983,062 4,126,308 3,545,361 580,946.75 2010 192,791,211 669,435,265 693,096,909 9,963,268 5,997,760 3,965,508 5,887,858 3,544,415 2,343,442.85 2011 103,868,041 773,303,306 817,757,857 11,755,269 5,996,960 5,758,309 6,946,853 3,543,943 3,402,910.37 2012 223,923,557 997,226,863 1,066,214,150 15,326,828 5,996,610 9,330,218 9,057,489 3,543,736 5,513,753.41 2013 120,623,801 1,117,850,664 1,218,824,375 17,520,600 5,996,360 11,524,240 10,353,913 3,543,588 6,810,325.02 2014 1,117,850,664 1,255,389,106 18,046,218 5,995,860 12,050,358 10,664,530 3,543,293 7,121,237.89 2015 1,117,850,664 1,293,050,780 18,587,605 5,999,760 12,587,845 10,984,466 3,545,597 7,438,869.07 2016 1,117,850,664 1,331,842,303 19,145,233 5,997,360 13,147,873 11,314,000 3,544,179 7,769,821.36 2017 1,117,850,664 1,371,797,572 19,719,590 5,998,660 13,720,930 11,653,420 3,544,947 8,108,473.13 2018 1,117,850,664 1,412,951,499 20,311,178 5,997,960 14,313,218 12,003,023 3,544,534 8,458,489.41 2019 1,117,850,664 1,455,340,044 20.920,513 5,994,910 14,925,603 12,363,114 3,542,731 8,820,382.51 2020 1,117,850,664 1,499,000,246 21,548,129 5,999,160 15,548,969 12,734,007 3,545,243 9,188,764.36 2021 1,117,850,664 1,543,970,253 22,194,572 5,999,660 16,194,912 13,116,027 3,545,538 9,570,489.09 2022 1,117,850,664 1,590,289,360 22,860,410 5,996,060 16,864,350 13,509,508 3,543,411 9,966,097.36 2023 1,117,850,664 1,637,998,041 23,546,222 5,998,010 17,548,212 13,914,793 3,544,563 10,370,230.23 2024 1,117,850,664 1,687,137,983 24,252,608 5,999,460 18,253,148 14,332,237 3,545,420 10,786,817.15 2025 1,117,850,664 1,737,752,122 24,980,187 5,994,710 18,985,477 14,762,204 3,542,613 11,219,591.31 2026 1,117,850,664 1,789,884,686 25,729,592 5,998,410 19,731,182 15,205,070 3,544,800 11,660,270.90 2027 1,117,850,664 1,843,581,226 26,501,480 5,999,160 20,502,320 15,661,223 3,545,243 12,115,979.79 2028 1,117,850,664 1,898,888,663 27,296,525 5,996,260 21,300,265 16,131,059 3,543,529 12,587,530.24 2029 1,117,850,664 1,955,855,323 28,115,420 5,999,010 22,116,410 16,614,991 3,545,154 13,069,836.88 2030 1,117,850,664 2,014,530,983 28,958,883 5,996,010 22,962,873 17,113,441 3,543,381 13,570,059.48 2031 1,117,850,664 2,074,966,912 29,827,649 5,996,560 23,831,089 17,626,844 3,543,706 14,083,137.68 2032 1,117,850,664 2,137,215,919 30,722,479 5,994,260 24,728,219 18,155,649 3,542,347 14,613,302.20 2033 1,117,850,664 2,201,332,397 31,644,153 5,998,060 25,646,093 18,700,319 3,544,593 15,155,726.04 2034 1,117,850,664 2,267,372,369 32,593,478 5,996,210 26,597,268 19,261,328 3,543,499 15,717,828.87 2035 1,117,850,664 2,335,393,540 33,571,282 5,997,660 27,573,622 19,839,168 3,544,356 16,294,811.83 2036 1,117,850,664 2,405,455,346 34,578,421 5,995,660 28.582,761 20,434,343 3,543,174 16,891,168.79 2037 1,117,850,664 2,477,619,007 35,615,773 (250,940) 35,866,713 21,047,373 (148,295) 21,195,668.09 1,117,850,664 Worst Case - Phases I and II only 687,171,437 170,234,620 516,936,817 406,088,442 100,601,259 305,487,184 City and County City Only Inflation AT Taxes Debt Service City Only City Only City Only PV Construction Cumulative 3% 14.37500 Net Taxes Debt Service Net 5% 2008 302,987,769 302,987,769 302,987,769 4,355,449 2,559,680 1,795,769 2,573,881 1,512,660 1,061,221.51 $34,752,871.19 2009 173,656,285 476,644,054 485,733,687 6,982,422 5,999,360 983,062 4,126,308 3,545,361 580,946.75 2010 476,644,054 500,305,698 7,191,894 5,997,760 1,194,134 4,250,097 3,544,415 705,681.51 2011 476,644,054 515,314,869 7,407,651 5,996,960 1,410,691 4,377,600 3,543,943 833,657.19 2012 476,644,054 530,774,315 7,629,881 5,996,610 1,633,271 4,508,928 3,543,736 965,192.02 2013 476,644,054 546.697,544 7,858,777 5,996,360 1,862,417 4,644,196 3,543,588 1,100,607.59 2014 476,644,054 563,098,470 8,094,541 5,995,860 2,098,681 4,783,522 3,543,293 1,240,228.94 2015 476,644,054 579,991,425 8,337,377 5,999,760 2,337,617 4,927,027 3,545,597 1,381,429.85 2016 476,644,054 597.391,167 8,587,498 5,997,360 2,590,138 5,074,838 3,544,179 1,530,658.96 2017 476,644,054 615,312,902 8,845,123 5,998,660 2,846,463 5,227,083 3,544,947 1,682,135.86 2018 476,644,054 633,772,289 9,110,477 5,997,960 3,112,517 5,383,896 3,544,534 1,839,362.02 2019 476,644,054 652,785,458 9,383,791 5,994,910 3,388,881 5,545,412 3,542,731 2,002,681.30 2020 476,644,054 672,369,022 9,665,305 5,999,160 3,666,145 5,711,775 3,545,243 2,166,532.11 2021 476,644,054 692,540,092 9,955,264 5,999,660 3,955,604 5,883,128 3,545,538 2,337,589.88 2022 476,644,054 713,316,295 10,253,922 5,996,060 4,257,862 6,059,622 3,543,411 2,516,211.17 2023 476,644,054 734,715,784 10,561,539 5,998,010 4,563,529 6,241,411 3,544,563 2,696,847.46 2024 476,644,054 756,757,258 10,878,386 5,999,460 4,878,926 6,428,653 3,545,420 2,883,232.89 2025 476,644,054 779,459,975 11,204,737 5,994,710 5,210,027 6,621,512 3,542,613 3,078,899.52 2026 476,644,054 802,843,775 11,540,879 5,998,410 5,542,469 6,820,158 3,544,800 3,275,358.36 :2027 476,644,054 826,929,088 11,887,106 5,999,160 5,887,946 7,024,763 3,545,243 3,479,519.87 -2028 476,644,054 851,736,960 12,243,719 5,996,260 6,247,459 7,235,505 3,543,529 3,691,976.53 2029 476,644,054 877,289,069 12,611,030 5,999,010 6,612,020 7,452,571 3,545,154 3,907,416.56 2030 476.644.054 903,607,741 12,989.361 5,996,010 6,993,351 7,676,148 3,543,381 4,132,766.55 2031 476,644,054 930,715,974 13,379,042 5,996,560 7,382,482 7.906.432 3,543,706 4,362,725.96 2032 476,644,054 958,637,453 13,780.413 5,994,260 7,786,153 8,143,625 3,542,347 4,601,278.12 2033 476,644,054 987.396,576 14.193,826 5,998,060 8,195,766 8,387,934 3.544,593 4,843,341.24 2034 476,644,054 1,017,016,474 14,619,641 5,996,210 8,623,431 8,639,572 3,543,499 5,096,072.53 2035 476.644.054 1,047,529,028 15,058,230 5,997,660 9,060,570 8,898,759 3,544,356 5,354,402.80 2036 476,644,054 1,078,954,899 15,509,977 5,995,660 9,514,317 9,165,722 3,543,174 5,622,547.49 2037 476,644,054 1,111,323,546 15,975,276 (250,940) 16,226,216 9,440,694 (148,295) 9,588,988.15 476,644,054 320,092,532 170,234,620 149,857,912 189.160,770 100,601,259 88,559,511 Best Note 90% Construction Costs for Commercial and Estimated As d Value on Condos Construction Cumulative 3% 14.37500 Net 59.10% 40.90% City Only City Only City Only City Only Taxes Debt Service Net 5% 2008 230,994,600 230,994,600 230.994,600 3,320,547 2,559,680 760,867 1,962,299 1,512,660 449,639.54 5180,077,726.04 2009 276,772,284 507,766,884 514,696,722 7,398,765 5,999,360 1,399,405 4,372,349 3,545,361 826,987.74 2010 287,993,205 795,760,089 818,130,829 11,760,631 5,997,760 5,762,871 6,950,021 3,544,415 3,405,606.00 2011 173,055,622 968,815,711 1,015,730,376 14,601,124 5,996,960 8,604,164 8,628,630 3,543,943 5,084,686.92 2012 334,942,592 1,303,758,303 1,381,144,879 19,853,958 5,996,610 13,857,348 11,732,826 3,543,736 8,189,089.96 2013 180,506,582 1,484,264,885 1,603,085,807 23,044,358 5,996,360 17,047,998 13,618,214 3,543,588 10,074,625.88 2014 1,484,264,885 1,651,178,381 23,735,689 5,995,860 17,739,829 14,026,760 3,543,293 10,483,467.78 2015 1,454,264,885 1,700,713,733 24,447,760 5,999,760 18,448,000 14,447,563 3,545,597 10,901,965.86 2016 1,484,264,885 1,751,735,145 25,181,193 5,997,360 19,183,833 14,880,990 3,544,179 11,336,811.05 2017 1,484,264,885 1,804,287,199 25,936,628 5,998,660 19,937,968 15,327,420 3,544,947 11,782,472.51 2018 1,484,264,885 1,858,415,815 26,714,727 5,997,960 20,716,767 15,787,242 3,544,534 12,242,708.77 2019 1,484,264,885 1,914,168,290 27,516,169 5,994,910 21,521,259 16,260,860 3,542,731 12,718,128.46 2020 1,484,264,885 1,971,593,338 28,341,654 5,999,160 22,342,494 16,748,685 3,545,243 13,203,442.68 2021 1,484,264,885 2,030,741,138 29,191,904 5,999,660 23,192,244 17,251,146 3,545,538 13,705,61)7.77 2022 1,484,264,885 2,091,663,373 30,067,661 5,996,060 24,071,601 17,768,680 3,543,411 14225,269.59 2023 1,484,264,885 2,154,413,274 30,969,691 5,998,010 24,971,681 18,301,741 3,544,563 14,757,177.63 2024 1,484,264,885 2,219,045,672 31,898,782 5,999,460 25,899,322 18,850,793 3,545,420 15,305,372.97 2025 1,484,264,885 2,285,617,042 32,855,745 5,994,710 26,861,035 19,416,317 3,542,613 15,873,703.80 2026 1,484,264,885 2,354,185,553 33,1141,417 5,998,410 27,843,007 19,998,806 3,544,800 16,454,006.77 2027 1,484,264,885 2,424,811,120 34,856,660 5,999,160 28,857,500 20,598,770 3,545,243 17,053,527.74 2028 1,484,264,885 2,497,555,454 35,902,360 5,996,260 29,906,100 21,216,734 3,543,529 17,673,204.62 2029 1,484,264,885 2,572,482,117 36,979,430 5,999,010 30,980,420 21,853,236 3,545,154 18,308,081.50 2030 1,484,264,885 2,649,656,581 36,088,813 5,996,010 32,092,803 22,508,833 3,543,381 18,965,451.44 2031 1,484,264,885 2,729,146,278 39,231,478 5,996,560 33,234,918 23,184,098 3,543,706 19,640,391.39 2032 1,484,264,885 2,811,020,666 40,408,422 5,994,260 34,414,162 23,879,621 3,542,347 20,337,273.52 2033 1,484,264,885 2,895,351,286 41,620,675 5,998,060 35,622,615 24,596,009 3,544,593 21,051,416.50 2034 1,484,264,885 2,982,211,825 42,869,295 5,996,210 36,873,085 25,333,889 3,543,499 21,790,390.05 2035 1,484,264,885 3,071,678,180 44,155,374 5,997,660 38,157,714 26,093,906 3,544,356 22,549,549.85 2036 1,484,264,885 3,163.828,525 45,480,035 5,995,660 39,484,375 26,876,723 3,543,174 23,333,548.94 2037 1,484,264,885 3,258,743,381 46,844,436 (250,940) 47,095,376 27,683,025 (148,295) 27,831,319.65 1,484,264,885 897,115,382 170,234,620 726,880,762 530,156,186 100,601,259 429,554,927 Worst Case • Phases I and II only Construction Cumulative City and County City Only Inflation AT Taxes Debt Service 3% 14.37500 Net City Only City Only City Only PV Q Taxes Debt Service Net 5% 2008 230,994,600 230,994,600 230,994,600 3,320,547 2,559,680 760,867 1,962,299 1,512,660 449,639.54 539,178,881.91 2009 276,772,284 507,766,884 514,696,722 7,398,765 5,999,360 1,399,405 4,372,349 3,545,361 826,987.74 2010 507,766,884 530,137,624 7,620,728 5,997,760 1,622,968 4,503,519 3,544,415 959,103.73 2011 507,766,884 546,041,752 7,849,350 5,996,960 1,852,390 4,638,625 3,543,943 1,094,682.06 2012 507,766,884 562,423,005 8,084,831 5,996,610 2,088,221 4,777,783 3,543,736 1,234,047.64 2013 507,766,884 579,295,695 8,327,376 5,996,360 2,331,016 4,921,117 3,543,588 1,377,528.88 2014 507,766,884 596,674,566 8,577,197 5,995,860 2,581,337 5,068,750 3,543,293 1,525,457.87 2015 507,766,884 614,574,803 8,834,513 5,999,760 2,834,753 5,220,813 3.545,597 1,675,215.65 2016 507,766,884 633,012,047 9,099,548 5,997,360 3,102,188 5,377,437 3,544,179 1,833,258.33 2017 507,766,884 652,002,408 9,372,535 5,998,660 3,373,875 5,538,760 3,544,947 1,993,813.21 2018 507,766,884 671,562,481 9,653,711 5,997,960 3,655,751 5,704,923 3,544,534 2,160,389.69 2019 507,766,884 691,709,355 9,943,322 5,994,910 3,948,412 5,876,071 3,542,731 2,333,339.81 2020 507,766,884 712,460,636 10,241,622 5,999,160 4,242,462 6,052,353 3,545,243 2,507,110.37 2021 507,766,884 733,834.455 10,548,870 5,999,660 4,549,210 6,233,924 3,545,538 2,688,385.49 2022 507,766,884 755,849,488 10,865,336 5,996,060 4,869,276 6,420,941 3,543,411 2,877,530.64 2023 507,766,884 778,524.973 11,191,296 5,998,010 5,193,286 6,613,570 3,544,563 3,069,006.52 2024 507,766,884 801,880,722 11,527,035 5,999,460 5,527,575 6,811,977 3,545,420 3,266,556.72 2025 507,766,884 825,937,144 11,872,846 5,994,710 5,878,136 7,016,336 3,542,613 3,473,723.07 2026 507,766,884 850,715,258 12,229,032 5,998,410 6,230,622 7,226,826 3,544,800 3,682,026.61 2027 '507,766,884 876,236,716 12,595,903 5,999,160 6,596,743 7,443,631 3,545,243 3,898,3138.18 2028 507,766,884 902,523,818 12,973,780 5,996,260 6,977,520 7,666,940 3,543,529 4,123,410.88 2029 507,766,884 929,599,532 13,362,993 5,999,010 7,363,983 7,896,948 3,545,154 4,351,793.94 2030 507,766,884 957,487,518 13,763,883 5,996,010 7,767,873 8,133,856 3,543,381 4,590,475.25 2031 507,766,884 986,212,144 14,176,800 5,996,560 8,180,240 8,377,872 3,543,706 4,834,165.92 2032 507,766,884 1,015,798,508 14,602,104 5,994,260 8,607,844 8,629,208 3,542,347 5,086,861.28 2033 507,766,884 1,046,272,463 15,040,167 5,998,060 9,042,107 8,888,085 3,544,593 5,343,491.90 2034 507,766,884 1,077,660,637 15,491,372 5,996,210 9,495,162 9,154,727 3,543,499 5,611,227.71 2035 507,766,884 1,109,990,456 15,956,113 5,997,660 9,958,453 9,429,369 3,544,356 5,885,012.63 2036 507,766,884 1,143,290,170 16,434,796 5,995,660 10,439,136 9,712,250 3,543,174 6,169,075.61 2037 507,766,884 1,177,588,875 16,927,840 (250,940) 17,178,780 10,003,617 (148,295) 10,151,912.12 507,766,884 337,884,211 170,234,620 167,649,591 199,674,878 100,601,259 99,073,619