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HomeMy WebLinkAboutSubmittal- Presentation-Vol. 3Volume 3 ISLAND GARDENS Major Use Special Permit Presentation June 24, 2004 011,1,1'1 \ „111,1,,110, VII , , loam ofo0,0„, ( 4144,4, v.,µ00.1)11M0, ,4,010 City Of Miami SU BM ITTED INTO THE PUBLIC RECORD FOR ITEM Pz.02,0N 4 oRLI-01 ISLAND GARDENS MAJOR USE SPECIAL PERMIT PRESENTATION Table of Contents VOLUME 3 Response to Request for Proposal from City of Miami, submitted by Flagstone Island Gardens, LLC, dated July 13, 2001 695240-1 FLAGSTONE Properties Friday, 13 July 2001 Honorable Mayor Joe Carrollo And Members of the City of Miami Commission 3500 Pan American Drive Miami, Florida 33133 Re: Island Gardens at Watson Island RFP Ladies & Gentlemen: Flagstone Properties is proud to offer this proposal to the City of Miami for Watson Island. We want to create a waterfront garden village on Biscayne Bay that will become one of the finest destinations in the region. We have assembled a diverse team of professionals skilled in the development, design, construction, and operations of on -going waterfront destinations around the world. Most notable among these award -winning specialists are Bayraktar Holdings (holdings in Automotive, Food Products, Banking & Real Estate Development), The Continental Companies LLC, (for the Hotel Development -management); Camper & Nicholsons, (Marina Development management and operations), Jones Lang LaSalle, Americas (Development & Project Management for Hotels and Retail), Eric R. Kuhne & Associates, (Architecture, Landscape, Urban Design, and the Civic Arts), Spillis Candela DMJM (Architects and Engineers), EDSA (Landscape Architects), Beers Construction (Construction Management) and Shutts & Bowen (Legal Counsel). In addition, we have formed alliances with the Fairchild Tropical Garden and The Historical Museum of South Florida for the cultural components of Island Gardens including the new Continental Garden Rooms and the new Maritime Museum Gallery for Watson Island. We have met with the Fish Markets (Pescaderia and Casablanca) and have promised to incorporate their businesses into the master plan and operations of Island Gardens. Throughout the development process, Flagstone Properties will maintain a Stakeholder's Council to give voice to the diversity of interested groups in the long-term accessibility and prosperity of Island Gardens and to ensure public contribution to its development. During construction Flagstone Properties will maintain a Skills Training Center as part of its extended support of the Miami First initiative, and will convert this Center to an Employment Career Center for hospitality, retail, marine, and leisure advancement. We are committed to the life-long learning of the projected 2500 employees at Island. Gardens. F4gstone Properties. Lk. 506 CeLebrationAvenxe, Cehbration, Florida, 34747 United Stars 407-566-9331 phone 407-566-9332fax nonscf4gttoncpropertus.com 1140 FLAGSTONE rgonsiu Honorable Mayor Joe Carrollo And Members of the City of Miami Commission Island Gardens at Watson Island RFP Friday, 13 July 2001 Page 2 Remarkably, 63% of the area of the site has been set aside for public accessibility. This includes the 100' right-of-way along the seawall as a Palm Tree Promenade, extensive gardens around the site, and an innovative roof garden to conceal the parking structure. Financing will involve a consortium of local and international banks and property funds. Yet the most inventive aspect of this is the CivicArts Endowment Trust that will endow the operations of the public space of Island Gardens. Island Gardens will integrate its cultural and festival calendar into the diversity of celebrations and annual rituals in the Miami area. In addition to six new festivals planned for the project, we will dovetail our operations to support all related festivals throughout the region. Finally, an aggressive CivicArts program will be built into the project to restore the story -telling qualities of architecture. The rich and diverse maritime history of Miami will be recorded in sculptures, friezes, mosaics, fountains, epigrams, and murals throughout the development. We have engaged Jose Bedia, Maria Martinez Canas, and Michele Oka Doner to create prestigious works of art throughout Island Gardens. Flagstone Properties is committed to creating a 'touchstone' of the spirit of Miami, a maritime gateway to the Caribbean, a threshold to Biscayne Bay, and a partner in the expansion of Miami as one of the finest international cities in the world. Respectfully, Mehmet Bayraktar, Chairman of the Board encl: Competition Response to RFP for Island Gardens Capsheet Book of Island Gardens MB/pb Flggstone Properties. LIc. 506 CekbrationAvenue, Celebration, Florida, 34747 United States 407-566-9331 phone 407-566-9332 fax swvjlegstonepmperfies. om Book One T A 6 L E 0 F C 0 N T E N T BOOK ONE 1. Executive Summary A Charter 1.1 B. Public Purpose 1.1 C. Project Plan 1.2 D. Operating Plan 1.3 E. Maintenance Plan I.4 F. Financial Plan I.4 G. Financial Feasibility 1.5 H. Development Entity 1.5 1. Development Timetable L6 J. Payments to City 1.7 1l. Project's Public Purpose A. Introduction IL 1 B. Cultural Facilities IL 3 C. Open Spare and Recreation II.7 D. New Fish Market I1.9 E. Maritime Recreation I1.9 F. Education 11.10 G. Employment Opportunities 1111 H. Political Public Liaison 11.12 111. Vision, Goals and Objectives of Project 11I.1 - 111.3 1V. Projec► Plan A. Narrative Description 117.1 1. Mega Yacht Marina IV7.1 2. Public Amenities 11<5 3. Cultural Components IV8 4. Hotels 117..10 5. Retail Avenue and Arcades 11/12 6. Dining II! 16 7. Infrastructure 1I7..17 8. Gardens IV.19 Letters of Commitment from Cultural Component of Island Gardens B. Narrative Description Boards 1. Biscayne Bay View 2. Site Program Analysis 3. Island Gardens Site Plan 4. Island Gardens Ground Floor Site Plan 5. Island Gardens Proposed Landscape Plan 6. Island Gardens Marina Plan I S L A N D 11<24 A R D E N S T0(1 T A a L E 0 F C 0 N T E N T S 7. Lighthouse Hotel Section and Plans 8. Wave Hotel Section and Plans 9. Island Gardens Retail Plans 10. Biscayne Bay View 11. Watson Island Skyline 12, Retail Gardens Village View 13. Island Gardens Bay Site Plan 14. Civic Art Island Gardens C. Island Gardens Project Summary IV.39 V. Operating Plan A Mission Statement V.1 B. Management Team 141 C. Management Concept V.2 D. Management Plan Start Up 1' 2 E. Reporting V:3 F. Operation Entities V.5 G. LaSalle Investment Management 1:'.5 H. Camper Nicholsons Marinas, LTD Mega -Yacht Marina Operating Plan V.6 I. Hotels: Regent International Hotel & Resorts V.9 J. Retail and Dining Room Operating Plan 1423 K. Affirmative Action Program V.26 L. Letters of Commitment V35 BOOK TWO VI. Marketing Plan .S.umnrary T 7.1 1. Market Analysis VI._3 2. Requirements VI.7 3. Objectives • VI. 9 4. Strategies VI. 10 5. Tactics VI,13 6. Special Tactical Approaches for Individual Components of Island Gardens VI. 15 Vil. Market and Economic feasibility A. Market Analysis B. Alga -Yacht Marina Market and Feasibility C Hotel Market & Feasibility D. Retail e' Restaurant Feasibility 1i. Projected Development Phasing Schedule !-: Narr✓tire Identifying '1 ota/ Cost on Permanent Improvement T71.1 T 71.8 1 '11.9 111.15 1-'11.25 T71.i-1 I S L A A R D E N S roc 2 T A 4 L E 0 F C 0 N T E N T S Vlll. Financial Plan A. Overview VII.1 13. Preliminary Ohserrations VII.1 C. Lender Profile L'll.5 1� Higb Equity Structure Summary 1.'IL 5 L. Indicative Financing Structure and Lending Term.r V11.5 IX. Financial Feasibility A. Project Overlie»: IX.1 B. Income Capitalization - Retail IX.4 C. Income Capitalization - Resiauranl.r IX.7 D. Assumptions (Retail and Restaurants) IX.101 1 s. I ,eosin, and Capita/ Costr IX.11 F: Cash How IX.12 G. Discount Rate [2 .1 2 H. I.)iscount Cash Flom Conclusion fX.13 I. Financial Return to the City IX.14 BOOK THREE X. Development Entity 1. Table of Orrnani.zation jor Dere/opment bntity X.2 ?. Resumes and Other 1.)oc7rmcnts as to I;.2perience and C-apability X.3 3. Re/erence>s forAIl Deielopment Team :Member.; X.62 4. I imnses and Corporate Rej i.rtrations X.63 BOOK FOUR XI. Financial Capacity XII. Development Schedule XI.1-3 XII.1-7 XIII. Required RFP Response Forms A. Deptilrpment Team 1-•orm - Team Ocer,ien- XIII? 13. A-finorit)y/ Inmen 13usiness Affairs fairs ,mil f jida, it XI I 1.3 C. Affirmative Action Form for all Team Members XIII.4 D. References Form XIII.5 XIV. Attachments I S L A N D G A R D E N S TOC3 1 E X E C U T 1 V E S U M M A R. Y EXECUTIVE SUMMARY I. Flagstone Properties is proud to respond to the City of Miami's request for development proposals for Watson Island. These documents detail the intent of Flagstone Properties to create one of the most intricate contemporary waterfront developments. Over the past decade, Miami has gained international recognition as a leader throughout Latin America and the Caribbean. Flagstone Properties' experience with Mega -Yacht Marinas (operating one of the few 5-Gold-Anchor Marinas in the world in Atakoy, Turkey in the Mediterranean) brings unique experience combined with Camper & Nicholsons Marinas, Ltd. as international operators, designers and brokers of Mega -Yacht Marinas (who are currently developing one of the few other Mega -Yacht Marinas in Malta). The village intimacy of Island Gardens belies the intricacy of mixed -uses on one of the last pieces of Miami's waterfront and is designed to be one of the finest mixed -use purpose built Mega -Yacht Marinas in the world, including retail, leisure, hospitality and entertainment components. A. CHARTER: Flagstone Properties is committed to providing one of the finest landmark, waterfront developments in the world on Watson Island. To this charge, Flagstone Properties will bring a team of international professionals together with extraordinary local development expertise and leadership to provide a highly customized and personalized development reflecting the unique aspects of Miami's culture. This quest for authenticity comes from an international record of excellence in developments that celebrate the unique character of a region instead of imposing a fixed style on a community. Island Gardens will become a touchstone of Miami's rich maritime culture and one of the few destinations designed for an all -day -out experience for a family or group of friends. B. PURLICPURPOSE: Island Gardens is dedicated to maintaining public access to the development site. Over 60% of the footprint of the 10.3 acres is set aside for public access (and this doesn't count the interior lobbies of the hotels). This includes alliances with some of Miami's most prestigious cultural institutions: • Maritime Gallery for The Historical Museum of South Florida. • Continental Garden Rooms with Fairchild Tropical Garden designing salt water gardens commemorating the five continents from which people have come to Miami. • 100' Promenade: a grand landscape promenade along the sea wall under a canopy of Palms and Royal Poinciana trees extending behind the Convention and Tourism Center & Chalks Airlines to connect with the old right-of-way of Macarthur Causeway along the south end of the island. • New Fish Markets: Flagstone Properties has contacted the Pescaderia, and Casablanca Fish Markets and is committed to including them into the total development. • Maritime Recreation: full public access to Biscayne Bay with tours, taxis, ferrys and charters. • Employment Opportunities: there will be over 2,500 jobs created, and Flagstone Properties is dedicated to Miami First Initiative and establishing a Skills Training Center and Employment Center for both construction and operations. • Festival Calendar: Flagstone Properties will integrate all of its leisure and entertainment events into the festival and cultural calendars of Miami and Miami Beach. I S L A N D G A R D E N S 41 E X E C U T 1 V E S U M M A R Y C. PROJECT PLAN Island Gardens is a mixed -use development combining hotels, retail, dining, entertainment, gardens and a selection of cultural facilities and civic art as an intimate village adjacent to one of the finest purpose built mega yacht marinas in the world. The success of this development is linked to the critical mixture of all these facilities and follows a tradition of mixed -use waterfront developments around the world. • Mega -Yacht Marina: Camper & Nicholsons Marinas, Ltd. will engineer, market and manage the marina as part of Island Gardens. Slips for 48 mega -yachts with 6 ceremonial and exhibition docks within a permanent breakwater will make Island Gardens one of the most advanced Mega -Yacht Marinas in the world. • Hotels: Working with The Continental Companies, LLC and Jones Lang LaSalle, Americas, Flagstone Properties has secured letters from Conrad Hilton Group (225 rooms) and the Regent Hotel Group (300 rooms) for the project. • Retail: International branded boutique retail predominately new to the Miami market so as not to cannibalize or compete with existing retail businesses. • Dining: collection of international restaurateurs bringing a mix of cuisine, atmosphere and price points to a critical mass of offer (over one dozen dining facilities) to make this a dining destination in and of itself. • Entertainment: an aggressive festival program will integrate the leisure and entertainment events into the festival calendar of Miami. • Continental Gardens: working with Fairchild Tropical Garden, Edward D. Stone, Jr. & Associates will create a collection of botanically relevant salt water gardens representing the 5 continents from which people have immigrated to Miami. Roof gardens will supply all of the hospitality amenities for the hotel guests. • Fountain of Sails: in the roundabout in front of the Convention and Tourism Center, a powerful piece of civic fountain sculpture will commemorate the beauty of the sail. • Boating Model Yacht Pond: a large reflecting pond adjacent to the Entry Boulevard will create a children's recreational center under the canopy of trees across from the Children's Museum • Maritime Memorial Fountain: The "Lost at Sea" fountain will be a memorial to all who have lost their lives at sea in the Miami area. • Fish Market: expanded and enhanced as an integral part of the Island Gardens' development strategy. • Civic Art: Island Gardens will be flush with a collection of civic art describing the historical legacy of Miami and the seas. The authenticity of this story will be conveyed in sculptural panels, mosaics, friezes, murals and carved epigrams from Miami's rich literary history. • Cultural Diversity Fountain: sculptures representing the diversity of faiths, ethnicity, race, creed, profession, emphasising the strengths through diversity of Miami's international community. It will be dedicated to all those who have immigrated to Miami in search of a new home, new nationality or freedom. • Ferry Service and Water Taxi Service: Flagstone Properties is dedicated to helping restore the water taxi service and an expanded ferry service to connect Island Gardens with the American Airlines Arena, cruise ship terminals, Bayside Marketplace and Bicentennial Park. ! S L A N D G A R D E N S 1-2 E X E C U T I V E S U M M A R Y • Crescent Water Gardens: generous fountain pools along the edge of the Crescent Dining Terrace providing ambitious displays of water fountains for all who visit and dine at Island Gardens. • Promenade Gardens: as required in the RFP, the 100' right-of-way has been converted into a grand landscape promenade along the sea wall under a canopy of Palms and Royal Poinciana trees. (Note on the master plan Flagstone Properties has shown this extended behind the Convention and Tourism Center & Chalks Airlines to connect with the old right-of-way of Macarthur Causeway along the south end of the island.) D. OPERATIONS NAM Flagstone Properties partners include The Continental Companies LLC (hotels), Conrad Hilton (Wave Hotel), Regent Hotel (Lighthouse Hotel), Camper & Nicholsons (marina), Jones Lang LaSalle, Americas (retail and dining), and its own experience in operating mixed -use facilities. In addition, alliances with Fairchild Tropical Garden and The Historical Museum of South Florida will ensure that the cultural liaisons we have established will be maintained. • Asset Management: Asset Management brings a long-term perspective to day to day facilities management. In this way, the quality of the operations is seen as a long-term protection of the viability of the development instead of just a physical maintenance strategy. Furthermore, it allows for changes in the operations geared to shifts in the marketplace. • Integrated Management: to capitalize on the shared mixed -use operations of the hotels, retail, dining, parking, marina, servicing and cultural facilities. • Investment Management: combination of long-term strategic investment planning with market -responsive management of the portfolio shares of investors. • Marina Management: coordinated by Camper & Nicholsons Marinas, Ltd. to include management, engineering, marketing and brokerage operations. • Retail & Dining: Jones Lange LaSalle will provide operations management for the retail and dining facilities including all maintenance, servicing, security, marketing, training, customer services and reporting systems. • Logistics: all roads, servicing, parking, intermittent construction, security, storage and transportation modes will be coordinated under an integrated management division for the entire Island Gardens development. • Public Space Management: all the public space management shall be coordinated separately so as to ensure that the events, festival calendar, spectacles and weekly public space entertainment operate directly to Flagstone Properties and not under the control of any of the other primary tenants. (Note that part of the funding for this will come from a `common area maintenance' charge and an additional funding will be provided by the CivicArts Endowment Trust). • Affirmative Action Program: Flagstone Properties is committed to full cooperation with Miami's Affirmative Action Plan for all the constituent components of the development. It includes pledging to the Miami First Source Hiring Agreement. • Customer and Guest Services: Flagstone Properties follows a strategy of treating all of its customers and visitors as guests and its customer relations as fine concierge services. In this way, the quality of a resort experience is brought to the routine of daily life. I S L A N D G A R DE N S 43 i E X E C U T i V E S U M M A R. Y • Extemal Operations Management: Flagstone Properties will cooperate with all entities in the Biscayne Bay basin including, but not limited to, the Cruise Ship Terminal Operations, Chalks Seaplane Operations, Convention & Tourism Center Operations, Children's Museum, Parrot Jungle, Bayside, American Airlines Arena, Port Authority, Maritime Authority, Coast Guard and related County, State and Federal Agencies whose jurisdiction includes Watson Island. • Stakeholder's Council: Flagstone Properties will operate a Stakeholder's Council to give a voice to all the residents, users and businesses related to the successful development and operations of Island Gardens. (See Stakeholder's Constellation). • Ambassadors for Miami: likewise the 2,500 staff of Island Gardens will be trained in the cultural history of the area so that they will become ambassadors for the community to all who they encounter: • Sustainability: finally, all advanced engineering, materials handling, facilities management and building systems will be geared to sustainable development during both construction and operations. E. M.4RK171NG PLAN. the entire marketing plan is based on continuous research and monitoring of the market catchment area, the customers, trends in the tenant industries and visitor profiles. Marketing is an on -going asset management component to ensure the fit -to -market of Island Gardens as the development ages and becomes a benchmark of excellence in Miami. • Research Strategy: yearly updates of the profiles of the community, customer psychographics (lifestyle patterns), and monitoring of competition will ensure that Island Gardens maintains a fresh and permanent niche in the marketplace. • Brand Management: primary strategy here will be to keep the public ownership of Island Gardens secure. • Authorities Liaison: on -going partnerships and alliances with government authorities, trades and employment in the Miami area. However, because of the international profile of Island Gardens, Flagstone Properties will also maintain equal alliances with State, Federal and International organizations who will be connected to Island Gardens. • Public Relations: finally, current public information will be maintained to continuously integrate Island Gardens into the daily life of Miami. This will stretch far beyond the normal press releases and will include educational programs in the schools, cross -promotion with travel agencies and the tourist industry, and a fully functional web site for global inquiries. F. f/NANCMIL PLAN: The unique aspects of the financing of this $281,000,000 development are based on a high equity position by Flagstone Properties, whereby the developer will contribute and raise 40% of the total project costs ($112,000,000). This is distributed through Flagstone Properties (16%), Hotels Equity Contribution (11%), and Bayraktar/Alliance financing (13%). Balance of financing (60% = $169,000,000) will be through an investment syndicate of local and international banking institutions including SunTrust Bank & Union Planters Bank, along with qualified investors through the LaSalle Capital Markets Group. I S L A N D G A R D E N S N ( E X E C U T i V E S U M M A R Y 1 1 G. PIANAKIAL FEASIBILITY: the financial analysis compiled by Jones Lang LaSalle, Americas documents the solid financial feasibility of Island Gardens. Based on treating each of the major components as profit centers, the marina, hotels, retail and dining, all return a significant contribution to the development. Moreover, due to the profound percentage of public space in the plans and their operation, the successful maintenance of these public spaces from a capital and operating standpoint are all apportioned to the primary financial centers. • Combined Development Feasibility: the entire financial operation of Island Gardens is based on combined financial integration of discrete profit centers. This includes using shifts in market demand over the course of the year and seasonal cycles to be shared between all operations to assure continuity of quality and service and financial return. • Public Domain: the robust collection of public spaces and civic places along with the Maritime Gallery and Continental Garden Rooms will require special financial care to maintain their successful offer. Since the very brand of Island Gardens is tied to these alliances, Flagstone Properties has included operational and capital budgets for each of these. • CivicArtsTM Endowment Trust: finally, Flagstone Properties is committed to providing a CivicArtsTM Endowment Trust funded out of Net Operating Revenues each year to provide an on- going endowment fund to support both the capital and operational needs of the public spaces of Island Gardens. This revolutionary financing scheme is based our experience elsewhere to provide for continuous and fiscally responsible leadership for the public domain. The Island Gardens CivicArtsTM Endowment Trust will be managed by a Board of Directors which will include members from the board of Flagstone Properties, the City of Miami, and all alliance partners such as Fairchild Tropical Garden and The Historical Museum of South Florida. H. DEVELOPMENT ENTITY: Flagstone Properties is a newly formed development group made up of an international team of developers in retail, leisure, hotel and marina projects. Led by Mehmet Bayraktar, Chief Executive Officer and Chairman of the Board, the board members include Sherwood Weiser of The Continental Companies, LLC and Eric R. Kuhne of Eric R. Kuhne & Associates, Architecture, landscape, Urban Design and the Civic Arts. These three have been involved in award -winning, landmark, waterfront development projects around the world and include Atakoy Marina, Turkey (1000 berths); Carousel Shopping Center, Istanbul; Galleria Shopping Center, Istanbul; The new Ritz -Carlton, Key Biscayne; Darling Park, Sydney, Australia; Bluewater, England; and Headwaters Park, Fort Wayne, Indiana. • Development Team: the diversity of the project's components has enlisted the finest professionals around the world for the development team. Their roles and responsibilities are outlined on the following page: l S L A N D G A R D E N S 1' •E X E C U T 1 V E S U M M A R Y Flagstone Properties, LLC Development, Asset Management and Property Management Jones Lange LaSalle, Americas Development Consultants Project Management Consultants Camper & Nicholsons Marinas, Ltd. Mega Yacht Marina Development, Management, and Brokerage The Continental Companies, LLC Hotel Development and Asset Management Conrad Hotels Wave Hotel Development and Operations Management Regent International Hotels Lighthouse Hotel Development and Operations Management Jones Lang LaSalle, Americas Retail and Dining Leasing and Operations Shopping Centre Solutions Retail and Dining Market Research Allcas Retail Consultants Retail Management • Eric R. Kuhne & Associates Concept Architect, Research, and Design Spillis Candela DMJM Architects and Engineers DMJM+Harris Hydraulics and Marine Engineers Captain Yilmaz A. Dagci Marina and Environmental Consultant Camper & Nicholsons Marina Design and Engineering Beers Construction, Inc. Construction Management Shutts & Bowen, LLP. Attorneys at Law David Plummer Traffic Engineering Edward D. Stone, Jr. & Assoc. Landscape Architects Fairchild Tropical Garden Cultural Affiliate, Gardens The Historical Museum of South Florida Cultural Affiliate, Maritime Gallery Kiskinis Communications, Inc. Public Relations & Communications Media Consultants Espresso Holdings Food & Beverage Consultants I. DEVELOPMENT TIME1AILE: Flagstone Properties will proceed immediately to documentation and permits and press for an early opening of the total development. This includes an estimated award of building permits fourteen months to two years after execution of the lease, two years for construction until certificate of occupancy, and stabilized operations shortly thereafter. I S L A N D G A E X E C U T 1 V E S U M M A R. Y PAYMENTS TO OTT, Flagstone Properties will make payments to the City of Miami based on the following schedule: $2,000,000 per year as an annual payment. In addition, this base payment will be followed by an additional upside of 1% of gross revenues paid to the City beginning after three years of operations. Separately, during the construction period, between release of the building permits and certificate of occupancy, Flagstone Properties will pay $1,000,000 per each year of construction. In addition, proceeds from the licensing of timeshare units.will be paid to the City of Miami at 2.5% of gross revenues from licenses. 1 S L A N D G A R D E N S 1-7 2 P U II L 1 C PROJECT'S PUBLIC PURPOSE II. P U R P 0 S E A. INTRODUCTION Developed and designed as an international resort destination, Island Gardens will be much more than merely a port for yachts of the rich and famous. This piece of land is public domain and as such must remain accessible to the public. If selected, Island Gardens will not only prove to be the City of Miami's crown jewel, it will ensure the public's right to the land as required by the Deed Restrictions imposed upon it by the State of Florida in 1949. Island Gardens will accomplish these goals by providing for civic education, recreation and entertainment for the public through its partnership with Fairchild Tropical Garden, The Historical Mu- seum of South Florida, the relocation and enhancement of the current Fish Market and the provision of wide open plazas for public entertainment and enjoyment of Miami's riches. Public vs. Civic. Some may make a distinction between these two words. Public, deals with the basic rights of a citizenry and visitors to a particular place. It responds to the clarity of laws, ordinances and regulations creating a community level of freedom, equality, accessibility, employment and trade. Civic, on the other hand, deals with the pageantry of life. The festive, robust, buoyant and extreme qualities of what define the ethos of a commu- nity. It places emphasis on the celebrations, parades, banquets, festivals, fairs, and the outpouring of emotions. Island Gardens is part of both these worlds. All great civic spaces are defined by one clear and unmistakable quality, they are commonplace in the purest sense of the word. Neutral places where people of all incomes, faiths, education, aspiration and lifestyle can mingle freely, secure in knowing that their variety and differences are what makes the place work, not their homogeneity or monotonous similarities. We believe this most passionately and that Island Gardens will be one of the few "day out experiences" for a family or group of friends. Island Gardens will be an oasis that promotes and stimulates tourism, employ- ment, education, entertainment and involvement by the general public allowing the Board of Trustees of the Internal Improvement Fund of the State of Florida to grant a full waiver of the restrictions mentioned above. We are confident of this in light of current Florida law where it is well established that the promotion of tourism is a public purpose. The courts have found that tourism is a competi- tive business and that sand, sun, and water alone are not sufficient to attract those seeking a vacation and or recreation destination. Florida court rulings envision private entity involvement for a public purpose project to ensure success of that project where a municipality or government entity might not be able to accomplish that same success. Although that benefit to the public may only be indirect, it must be present and sufficiently strong Island Gardens will directly provide a benefit to the public and our community. Great civic spaces are places where people of all incomes, faiths, education, aspiration and lifestyle can mingle freely. Flagstone Properties is committed to providing an inviting, stimulating environment which will appeal to the spectrum of individuals who make up our great city. Provided is a comprehensive diagram and narrative explaining how Flagstone Properties will achieve its goal. I 5 L A N D G A R D E N S 11-1 c ISLAND • GARDENS • PUBLIC• PURPOSE CA(<IYral ski/ bridle, jobs Open Space & Recreation New Fish MOFk.ts Maritime Recreation` �r ",' i ,er rT _ P tram*, and qt- k ig Visaed & Pufsnrdq Am Faditiu damMia i relocation eta, � irlig Fub Markets merdina7dea of frell pubic amen to ,°cr - F t r 1 } b. as part 0f road b Masi GininU aidcinema* of tbrmaritime faille: Land Garduu WIWI ad patties td;r faditier { . CAW WOK Maritime Godley Made/Yacht Burin Performance Bar is Marisa Bois Reef Garden Fa/bb far *salaries Seebemao Garda CatieudGarden Rahn egad tits aril &mini Prantadr forpria ptrr6rwaaraknt water sake (20,000 s100709 Gallas for read ate SerOser Garden CbiNan'i playground Historical di phey of rgiaa i history through chic aft in wadr. Memorial Formai Gardens Lap to Primary Ana Cnbao/Foditier. • Perform* Ara Cater - Murrain ofArr - Sane M,rua w (prop.) • Amwiaea Airfene Am,, • Historical M aar of So,ah Fbdds - Biaaknerid Park R.e..►b. Faint►.= Extims Gndnu Claim's Bak; Pad Prima* e 'Polar for full pod* oalit of a waters" of Buaryne Bay. OatierEat Fadb'ties Performance Stage Linage to AA-Amra Cow>ecia b Bianm,mal Park Remised Tan of Mega Yachts Exsaded Rarm'q Pa/u amid all of bPata I:lad Foothill Tomas Taws Squat gaga for all pnmaryfua'hab w project -Am-Gakirg - Music - National - Fad - Sporn - Harvest - Amiga- Rites • Croft:- Ettmie - Fig - Bating N.r kbad Garda fewMrali, -WWan*: - Midrange. Nigh? i Futial • Wai t ds - Floridness - Festival of Lgbts • of the e Sear PrWatFibNaleb Matta HalOpamiat Ram-laem FisbMi ket ae L'prfeiitiu EayAran fr Pabic Swedes Amu to Markus • urging & t fang Park.ry adieu S eaaaiaaw Gaaealaa b 100' r/w Hsidayr aoltbm. A Mks Fdrbitg Cbaan Boating Oran Mga Yaabt Tears Exhibitive Yalta Maritime Gary Exotic Beat Shaw Harbor Tarr Vair Taxer Camscia to Cndu Ships Afars m the L/adr with Chan! 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Gamine edmaion work Joh.a/uefby..r LetedJek for 1500 people Csaaawaiaa Jobs Clik at'r Semite: Rota/E uupigreu r Had Espkyset Reeaa as Assailer Horpdtaity far grat Miami -Fine Jab Offer 1obs•S eg O utraim Auedaasar Trade Asrsdaias sritbWau.dt Tames Candi - Had Option -RadfTa r • Reteeregar: Mega Yacht Mashie Heir Poser 61111116111 & Teo,ua AMsbr Operates & Msgruer Maiaaar sa Osier: & Peuegrr Miitiet Asada ateiroamatr/Agoras Mar Trait Came Ship Fee, Pantrig °prat= Ste Plena Bon Pawn Sens &Deiury Citizens & Reddens Public Space EmPbFment Public Space Ba nieg &Pond Yarba - Pith Makrbs • The W'dJen - Sady Piaisn laoeenaeiaod liaise= Cerildeen • Gad Amway - Swab Await -bear Nelms • Id/Mas ar Orgwfiaaaaf • Ewewwav/Org Opeadat Saidodt • S•G.Id-AwbwActa • Mariaam Agrerar - Unita Nam Again in nonfat DersipmemAga loweigraua Grams ISLAND GARDENS Remo Deaipeer, Mier 18 Jets. 2001 & CULTURAL FACILITIES: The public purpose of Island Gardens will indude expanding the cultural offer to the entire community. This will be done through expansive public gardens, galleries, events and programs oriented to children, adults and families. We have already established outline partnerships with FairchidTtopi- cal Garden and The Historical Museum of South Florida. These cultural linkages to the public are notedbelow: 1. Fairchild Tropical Garden •Extensive Gardens. As part of the development, the work with Fairchild Tropical Garden will provide`` - some of the most innovative salt -water gardens in the region. These gardens are seen to be as much a part of the educational and cultural components of public access provided by Island Gardens as they are recreational. •Saltwater Gardens. Taking inspiration from our work with Fairchild Tropical Garden, we will coordinate with their executive staff to develop a unique series of Saltwater Gardens to showcase the delicate ecosystem. of salt water planting. Since gardening is one of the most aggressive leisure activities in Miami and South Florida, Island Gardens plans to feature gardens as a primary public experience. Its Biscayne Bay location and vulnerability to salt water spray make this an ideal spot to develop educational and scientifically accurate gardens which thrive in these conditions. •Roof Garden Follies. As part of the development of the Car Park Roof Garden, Island Gardens will offer small performance pavilions to function like the bandstands of traditional parks. These structures will also be available. for private functions and be part of the public park facilities of the entire development. •Continental Garden Rooms. In between the retail. arcades, Island Gardens will create a series of five (5) Retail Continental Garden Rooms which will celebrate the five continents from which people have immigrated to Miami. Africa, Latin America, Asia, Europe and the Caribbean. These rooms will offer gardens planted with indigenous plants that have already been introduced to Florida. Working again with Fairchild Tropical Garden, these garden parterres will be developed to provide public access to the diversity of plant specie. Following the archetypal work at Bal Harbour Shops and The Falls, both of which create a provocative alternative to the traditional retail malls. •Sculpture Gardens. The extensive gardens of Island Gardens will be designed to accommodate an evolving investment in civic sculpture as part of its commitment to the richness of experience for those who work, visit and stay at the development. This initiative, however, will not be trivial, as a selection of the sculptures will be based on primary themes relating to the culture and heritage of Miami as an international gateway and the capital of Latin America and the Caribbean. *Memorial Fountain. In addition to the rest of the gardens, memorial gardens dedicated to those who have perished at sea will be part of the formal gardens along The Promenade. This memorial will include and commemorate those who have lost their lives in the commercial shipping trade, pleasure craft, mili- I S L A NDOG A R DENS 114 P U D L I C P U R P 0 S E tary vessels and immigration. Following the tradition of the Holocaust Memorial on Miami Beach and the Ellis Island Walk of Names in New York, this will be an on -going cultural symbol of Miami's inextricable ties to the sea. 2. The Historical Museum of South Florida *Maritime Gallery. Working together with the Historical Museum of South Florida, Island Gardens will provide gallery space for the display of artifacts and information about the rich maritime history of Miami. Research provided by the Historical Museum of South Florida includes a comprehensive survey of the educational material that would form the basis of the curatorial initiative for the project. Working with the museum executive staff, Island Gardens will make this gallery one of the finest displays of maritime experiences anywhere in the region. In addition, it will seek to form international partnerships with the maritime galleries in Sydney, Cape Town, the Americas and the Mediterranean. 3. Public Adivily •The Promenade. The 100' right of way of the waterfront promenade is designed to accommodate thousands of people for the spectacles of fireworks displays, tall ships arrivals and the cascading concerts of the music world. Designed to a capacity of nearly 20,000 people, this Promenade will be part of an extended waterfront right of way which will reach along the entire south end of Watson Island. •Model Yacht Basin. In the spirit of the Mega Yacht Marina, Island Gardens will include a model yacht basin as part of the entry boulevard to the entire development. This reflecting pond will follow the specifi- cations of the Central Park Boating Pond and the Loeb Boathouse which have long created some of the most intimate adult/children experiences in New York City The design of the Maritime Gallery's Terrace intersects this pond and integrates the curatorial exhibitions with the boating pond activities. Likewise, the positioning of the Children's Museum across the Entry Boulevard places a prime emphasis on children's experiences as a prime tenet of Island Gardens. •Children's Playground. Not intended to be a trivial experience, the design and operation of the Children's Playground will be integrated into the cultural fabric of the development. This will include custom playground equipment that will be part of the sculptural program of the project. Access to this playground will be open to the public and follow the tradition of the great play- grounds in Central Park which provide room for not only the children, but shaded spaces for the parents and other care givers. 4.Arl Three Miami -based artists with international reputations have been included on the project team to address the uniqueness of the community and the project. Jose Bedia, Michele Oka Doner and Maria Martinez - Callas will create Civic Art pieces that will enrich the experience of visitors to Island Gardens while highlighting Miami's maritime history and diversity. S L A N DOG A R D E N S 11-4 P U 6 L I C Midi& Oka Dover P U R P 0 S E Jail &dia MariaMaruhet-Caias •Historical Display of Region's History Through Civic Art. Island Gardens will restore the story- telling qualities of art and architecture through an extensive civic art program that will incorporate sculp- tural panels, epigrams, sculpture, information displays and murals into the architectural ornament of the overall development. *Galleries for Visual Arts. Each of the hotel lobbies, the public space surrounding the retail arcades, the interiors of the restaurants and the civic gardens of Island Gardens will be treated as public art galleries. Paintings, murals, mosaics, stained glass, along with sculpture and the various crafts, will become one of the finest collections of art on public display. A civic art committee will be created to coordinate and maintenain of all of the exhibitions at Island Gardens. •Linkages to Primary Cultural Facilities. The development of Island Gardens will endeavor to act as a host to neighboring facilities in the Biscayne Bay area, including the American Airlines Arena, the future Performing Arts Center, proposed entities at Bicentennial Park, The Historical Museum of South Florida and Fairchild Tropical Garden. 5. Festival Terraces and Events. •Current Festival Calendar. Island Gardens will include an extension of the current festival calendar for Miami and provide for the celebration and promotion of the arts, music, food, different ethnic heritage, National Holidays, antiques and crafts. Aside from adding to the prolific cultural experience of Island Gardens, these festivals will provide "leisure" to the public at large. "Leisure" is long recognized by devel- opers and property managers as a method of improving the experience and viability of resort, hospitality, retail and dining establishments during slack periods of patronage. •Six New Annual Festivals. Island Gardens will promote and extend the current Miami calendar of events introducing six new annual festivals. FESTIVAL OF THE WINDS: on the autumnal equinox, the summer season ends with the annual Festival of the Winds which celebrates the conclusion of the hurricane season. As the annual Kite Flying Competition brings kite aficionados from around the world to Miami, it signals the beginning of the high - I S L AND G A R. D E N S 11-5 Mad Aver Om D,.eb V Melia Arn Marro Grand Prix, Homesbtl Motorsports Complex Foam INBh one Beaks Merrom° Donal Ryder Open Gal Tournament Dads County Youth Fair and E,osNonn, Falr Expo Canter anY.a! Miami Festiva Cale Oche Open Had., LW* Han.ma Upton Tennis Championship 1 WATERFEST, island Ordans. Watson bland South Beach FamNal Itadan Renalsaanee Festival Groat Sunrise Saloon Race Arabian Nights Froths! Cocoon Grow Bad Race Miami International Hone & Garden Show Memorial Day Miami / Bahamas Gocmday Faalval, Coconut Grow Sant Ronda Boat Show, Adam! Beach Carrvsnalon Center IODSUMa1ER S EYE FES? WAL, island Gardens, Watson Miami Americas Birthday Bash, Baylrom Park tndapendrnce Day I nth of July Extravaganza, Blmnore Hotel International Mango Fesdw4 FdreNid Tropical Garden Colombian Festival 1 Annual Male Reggio Festival. Bayfront Park Mont Horns Design & Remodeling Show, Miami Beech Convention Center Lebo, Oey Festivel Miami, University of Miami FESTIVAL OF THE WINOS, Wand Gardena, Watson Lend Fonda Marine Aquarium Show West Indian American Day Carnival Extravaganza Caribbean C.miv.I I Hispanic Heritage FiuWel Coral Gables Oktobertest Columbus Dry I • Columba. ay Regatta international Woman's Show, Miami Beach Convention Center Nabobs.% Melrozoo Election ay FLOAMDE. Wand Gardena, Watson Wand a Fairchild Tropical Gardena Rambla-A Garden Fee4Mj, Fairchild Tropical Carmen South Florida Auto Shaw, Mani Basch Convention Center South Miami A Naval, Sunset Drive Veterans ay Jelly lobo Miami. Homestead Mlenni Bookllir Intemational, MDCC November Home Show Thanksgiving Herv.sf Amaral, FeirFipo Ca. Puerto Rican Festival, Bsyaont Perk Miami Laias Country Holiday & Crafts Show FESTIVAL OF LIGHTS, Ward Derdans, Watson Ireland. Worlds Largest Indoor Flea Merkel, Miami Beach Convention Canter King Mango Strut, Coco Grow The Nutcracker. Jackie Gleason Theatre Junlel Orange BoVA Chrism.. ay Santa's Enchanted Forest Orange Bowl Parade I Big Orange New Years Eve Cekbndon New Years Day I FedEx Grange Bach Classic iWien Arts Fogevsl I Alt Deno Waskend CALENDAR LEGEND ISLAND GARDENS FESTIVAL (new to men Cultural Crrnda) Miami Area Festival LAarage to Wad Gardens Events MMnd Ares Festival N Currant Calendar National & Public Holiday LedC.r.r hard Genet nano bind C. o40. Ry.rl hoer yNara Pre r v &E:r R 16e. C.Aural. Gamy e y (A offs. Tn.1 Naw.L 27 /.. 2001 1* Tame of the Grove. Peacock Pak Martin Luther King ay Bssue Arts Fastlwl of the Arta. Lows AA &Mwm International Mao Fair, HMSF Coconut Grow An Festival Horne Weir & Remodeling Show FESTIVAL OF THE SEAS, Mend Garden& WA Miami Mteow& nal Boot Show and Safi Boat Saw, Miami Beach Converabn Center President. ay 1 Male Film Festiva. Gunman Carrier P U 6 L I C P U R P 0 S E season on the beach as well. Innovations of design in kite aeronautical engineering and a rich corporate sponsorship will bring international acclaim to this annual spectacle. MID SUMMER'S EVE FESTIVAL: following the majesty of the South Florida Boat Show at the Miami Beach Convention Center, the Summer Solstice Celebration of the longest day of the year, will create a day -long festival of song, dance, outdoor dining and sun -worship coinciding with the Summer Solstice. It marks the highpoint of summer and the mid -point of the migration of visitors back to Miami for the autumn and winter seasons. WATERFEST: marking the end of the prime season in Miami and coinciding with the South Beach Festival, Waterfest will be a water symphony at Island Gardens dedicated to the classical, jazz, blues and contemporary water `compositions', set to a background of water canons and fountain displays in Biscayne Bay and the marina harbor. FLORIATUM: Flagstone Properties partnership with Fairchild Tropical Garden will include a grand floral display of exotic garden plants installed in place of the grass parterres of the rooftop gardens atop the car park at Island Gardens. It will feature the finest installations of nurseries from around Florida and become a showcase of the best in design, arrangement, natural and hybrid plant stock, and a visual display of the rich and varied inventory of plants available to all Floridians. It will be likened to the Ramble of Fairchild Tropical Garden and will close out the best of the growing season with a majestic display of color and fragrances. FESTIVAL OF LIGHTS: beginning mid -December and culminating on the winter solstice, this festival will be an ecumenical celebration of different faiths, identified on Jewish and Christian calendars around the religious holidays. However, its secular focus will be to include the diversity of faiths at a time of year when people are enjoying the spirit of the season. Extraordinary lighting techniques, accentuated architectural lighting, Tivoli lights in the trees, luminaries and pulsing lighting effects will bring Island Gardens to life as an evening spectacle. FESTIVAL OF THE SEAS: coinciding with the International Boat Show and Sail Boat Show at Miami Beach Convention Center, Island Gardens will develop a Festival of the Seas that celebrates the diversity of oceanic life, sustenance, trade and travel. It couples with the International Map Fair and The Historical Museum of South Florida as part of the linkage to the Maritime Gallery and the display of advances in navigation, nautical design and cartography. C. OPEN SPACE AND RECREATION: Island Gardens will hold passive aquatic recreation and access to formal sporting venues as part of its operations and marketing strategy. Recreation at Island Gardens, however, will be completely dedicated to access by the public, and will endeavor to create one of the finest destinations for families to spend a day together. These recreational facilities are based on spontaneous and unorganized recre- S L A ND G A R.D E N S 11-7 0 S E ation instead of formal spectator sports. They will include: •Promenade Observatory. Although not part of the site plan for Island Gardens, the overall Island Master Plan suggests an extension of the promenade down to the southeast end of Watson Island. There already is a strong contingent of visitors to the old treed boulevard from the original road alignment of MacArthur Causeway. Watching the Cruise Ships, watching the seaplanes of Chalk Airlines, watching the Charter Fishing Boats are all part of aweekend's recreation for hundreds of Miami's citizens. Island Gardens wants to honor these visitors to Watson Island and suggests extending the landscaped promenade down to the existing trees along the water's edge of Government Cut. •Promenade of Palms. Anyone who has experienced Lincoln Road and Ocean Drive knows that one of the prime modes of recreation in Miami is `promenading'. A curious phenomenon that appeals to the social curiosity in us all. With the diversity of dining, shopping and hospitality facilities, and the magic of the mega yachts as a magnet, walking along the 100' right of way of Island Gardens will be one of the most attractive aspects of its civic space. In addition, the view of the downtown Miami both by day and at night will be one of the most majestic sights to behold. Moreover, the safe illumination and policing of the yachts, restaurants, water pools, hotels and gardens will make this one of the finest places for families and friends to congregate in Miami. •Children's Boating Pond. As previously noted, the large reflecting pond along the Entrance Boulevard will serve as a Model Yacht Pond for children and adults. •Outdoor Event Facilities. No finer recreation than an outdoor concert, and the performance stage anchoring in the marina will provide for an extensive calendar of musical performances throughout the year. First organized as a complementary extension of existing festivals, Island Gardens will provide yet another venue for the expansion of the musical festivals for Miami and Miami Beach which will include the development of an International World Music Festival linked to the Putumayo and Rough Music Guide anthologies of music so popular in the stores. •Peilormance Stage. In addition, the floating stage will also be available for theatrical performances, presentations and fairs/markets (arts, music, food, harvest, kites, ethic cooking, national holidays, sports, antiques, crafts, flower, marine and fishing festivals). •Walking, Running and Bicycle Paths Around Watson Island. Complementary path systems will be provided around the development for people who enjoy walking, jogging or cycling. These paths will be tied to the master plan of Parrot Jungle and the development of the Children's Museum. •Mega Yachts Tours. Part of the innate curiosity of the rich and famous includes occasional access to their lifestyles. As part of the management of the Mega Yacht Marina, Island Gardens will organize discrete tours of some of these yachts as part of the recreational offer. Camper & Nicholsons Marinas Limited, S L A N D 4I G A R. D E N S 11-8 0 S E who will manage the marina facility, will coordinate these tours as part of their overall marketing strategy and security for the entire marine development. •ferry Network in Biscayne Bay. Island Gardens intends to develop a waterfront ferry which circulates between Bicentennial Park, American Airlines Arena, Bayside, Cruise Ship Terminals and, eventually, a connection to a future Miami Art Museum and Science Center of the Americas proposed as part of the Bicentennial Park Development. This will allow for the recreational use of transportation as a way to experience Biscayne Bay and provide integration to recreational facilities across the harbor. D. NEW FISH MARKETS: Flagstone Properties is including a re- working of the current fish market's physical facilities to main- tain and improve operations without imposing onerous rents on the fishermen's overhead. The new location will be north of the marina, with new docks for the fishing fleet at the end of the 100' right-of-way, landscaped with colorful bougainvillea. •Accessibility. Access will be adjacent to the new proposed Coach Parking in the shadow of the MacArthur Causeway Bridge and will be accessible to those wishing to side-step Island Gardens insuring that operations are not contingent upon passing through Flagstone Properties' development. •Security. The Fish Markets, although independent from Flagstone Properties' development, will fall under the safety, security, lighting, landscaping and operations of Island Gardens. E. MARITIME RECREATION: Maritime activities are central to the identity of Island Gardens. As such, this recreational component deserves special mention. The Mega Yacht Marina will become one of the only 5-Gold- Anchor Marinas in the world. It will draw some of the world's most unique and distinctive yachts, and in doing so will provide the most extraordinary display of boating imaginable. Camper & Nicholsons with Flagstone Properties, will operate this marina as they have other marinas around the world. However, this marina will be one of the most intricately integrated marine facilities including hotels, dining, retail, cultural and public access. Island Gardens will operate all of these as part of the public's access to its maritime facilities. •Maritime Gallery. Again, the linkage of the maritime theme to the entire development will include the proposed Maritime Gallery with the Historical Museum of South Florida. This gallery will help display the unique cultural history and heritage of the region and tie this to the quality of the sail and motor yachts visiting Island Gardens. *Fishing and Boating Charters. Upgraded fishing charters will be part of the public engagement of the marina as a public facility more than just a berth for the rich and famous. S L A N D G A R. D E N S 11-9 PUBLIC P U R.P O S E •Mega Yacht Charters. Mega yachts will also be available for charter and use by the citizens and visitors to Island Gardens. These charters will be for short or extended bookings throughout the Caribbean. •Mega Yacht Tours. As noted above, the limited supervised access to tours of some of these boats will be part of the public recreational services provided by Island Gardens. •Harbor Tours. Another recreational service will be short-term, economical Harbor Tours that will encourage people to experience Biscayne Bay and the incredible Marina facility. *Exhibition Yachts. Often a part of successful ports and harbors, the Marina will feature exhibition craft, ships and yachts. Visiting tall ships, exclusive ceremonial yachts and the eccentrically designed yachts often sustain themselves with fee -paying visits by residents and guests of the locations they tour. Island Gardens will have full accommodations and facilities for such experiences. •Exotic Boat Show. The current boat show in Miami is one of the highlights of the entire season. However, Island Gardens will focus on the display and exhibition of the great yachts. As much as the boat show deals with the contemporary boating manufacturers and markets, Island Gardens will dedicate its operation to the eccentric, exotic, historic and classic yachts. •Water Taxis. An extensive network of water taxis will be part of Island Gardens' commitment to develop a transportation system linking all of the other harbor facilities along Biscayne Bay. Like the ferries, which will offer scheduled service, the taxis will provide a more personalized origin and destination. Island Gardens is committed to work with all agencies and organizations to improve the transportation alternatives to Watson Island. L AIKATION:Island Gardens is committed to life-long learning as part of its overall development strategy. This encompasses not only the construction jobs skills and operational training of the employees who build and operate the development; it also includes the diversity of opportunities it can create for the citizens, guests, visitors and customers of the project. SLAND I GARDENS i1-10 ( P U Q L I C P U R P 0 S E *Learning Center at Island Gardens. The development will set up a learning center as part of the construction on the site. This center will be part of the contract for general construction and will be directed toward adding to primary construction initiatives. It will have as its purpose the training of some of the chronically unemployed to teach them marketable construction skills. In addition, it will be focused on providing construction certificates for trained construction professionals who want to engage in new skills or trades, thereby enhancing their own marketability within the construction industry. •Operations Skills Training. In addition, the Learning Center will provide operational skills training for the staff of the completed Island Gardens. This will include hospitality, retail, leisure, dining, catering, events management and maritime training for all who work at Island Gardens. It will be part of the investment in the personnel for continued employee development as much as a'marketing tool to lure talented personnel to work at Island Gardens. •Certified Training Facilities. Island Gardens will seek qualified instructors and IT-network/internet connection to related certified professionals dealing with subjects related to the operations of the development. •Coordination of Education Programs with Cultural Facilities. Ties to the cultural fabric of Miami are seen as primary to the educational value of Island Gardens. This will include educational tours of Parrot Jungle, The Children's Museum and our proposed Maritime Gallery (as part of The Historical Museum of South Florida). Liaison with the new Performing Arts Center at the end of Biscayne Boulevard will be a logical extension of the education programs of Island Gardens and our attempt to integrate the development into the overall cultural educational strategy for Miami. •Link to Fairchild Tropical Garden. Finally, an extension of the education program for Fairchild Tropical Garden will be extended to the salt -water formal gardens of Island Gardens. This linkage will be tied to benchmark levels of excellence in the garden's design and maintenance, but will feature the unique plants of the salt water and air landscape. G. EMPLOYMENT OPPORTUNITIES: The accessibility of the residents of Mi- ami -Dade County and Miami Beach to Island Gardens is essential for the success of the development. The comprehensive cultural, entertainment and commercial facilities on Island Gardens will have free and open access to all of the civic and public spaces between these components, and small entrance fees for the events and galleries. More importantly, though, is that it will provide jobs for over 2,500 people during full operation and thousands of construction jobs during the construction phase of the project. *Employment Opportunities. As a major mixed -use development, —Nand Gardens will provide permanent jobs for over 2,500 people in Miami. Following the Miami -First Initiative, Island Gardens will seek to find citizens of Miami as its primary source of employees. This work opportunity will begin with the extensive IS L A ND '' G A R DENS II-11 P U 6 L I C P U R P 0 S E work force needed to build Island Gardens. Estimated to provide almost 10,000 construction jobs over the life of the project, all of these individuals are potential visitors, guests, customers and, eventually, ambassadors for Island Gardens. •Children's Services. Daycare for employees will be a fundamental part of the services for the construction and operation of the development. IL POLITICAL PUBLIC LIAISON: Island Gardens is committed to providing public voices for all its constituents and those of Watson Island. We plan to accomplish this through the creation of Stakeholder Council that would include representatives of all who would be touched or affected by our development. Authority and responsibil- ity in balance is the key to this system of advice and consent. Drawn as a constellation, the chart that follows this section describes our vision in detail on the next page: I S L A ND 1 G A R DE N 5 11-12 P U R P 0 S E P U Q L 1 C ©TY OF MIAMI FLAGSTONE PROPERTIES STAKEHOLDER CONSTELLATION: the Council is organized to give a voice to all the consitutents of Watson Island and Island Gardens. S L A N D G A R. D E N S 11-13 3 VISION GOALS AND OBJECTIVES VISION, GOALS AND OBJECTIVES III. Island Gardens has been designed to become one of the finest marina destina- tions in the world. Offering integrated resort hotels, retail, dining and leisure gar- den development engaging the skyline of Miami and the setting of Biscayne Bay, Flagstone Properties will develop a landmark destination as unique as the incred- ible site which it shall inhabit. The integrated mixed -use development plan, featur- ing animated civic space, educational, cultural facilities and the only waterfront marina in North America built specifically for mega yachts, will create an interna- tional gateway into Miami by air, land and sea. Flagstone Properties' international team of professionals, combined with the finest Miami professionals, will ensure a balance between global benchmarks of excellence and the spirit of Miami's unique multicultural ethos. GATEWAY ICON FORMIAMI: Island Gardens is designed and developed to become a gateway icon for Miami's role as an international threshold to the Caribbean and Latin American cultures in North America. FINEST MARINA IN NORTHAMERICA: Flagstone Properties, in partnership with Camper & Nicholsons Marinas Limited, will build the finest 5-Gold-Anchor Marina in North America. Planned to become one of the top mega yacht marinas in the world, it will follow the tradition of great marinas such as Atakoy Marina in Turkey and Brighton Marina in England. S L AND t G A R. D E N S 111-1 VISION GOALS AND OBJECTIVES EXPANSIVE CIVIC SPACE: Not only is over 20% of the site preserved as public space, these extensive open areas will be upgraded with the pageantry of tropical gardens, terraces, pergolas and animated with the vitality of commerce to bring the place to life day and night. The master plan includes a rendering of the landscape and civic spaces for the rest of the island. TROPICAL LANDSCAPE GARDEN EXPERIENCE: Working in partnership with Fairchild Tropical Garden, Island Gardens will feature extraordinary salt -water gardens from each of five continents from which Miami's citizens have emigrated. In addition, the site will be treated as garden architecture in the tradition of the great public gardens of Miami such as Viscaya. CONTEMPORARY HOTELS: Under the direction of Sherwood 'Woody" Weiser, Continental Hospitality Hold- ings, LLC, will develop two boutique hotels creating over 500 rooms of the finest integrated resort, retail, dining, and entertainment offer in Miami. The Wave Hotel, under the Conrad Hilton flag, will offer a fashion- able, contemporary boutique hotel. And the Lighthouse Hotel, under the Regent flag, will offer an elegant, professional, business and meeting -suite facility INTERNATIONAL RETAIL MIX: Instead of cannibalizing retail, Island Gardens will provide a rich mix of European and Latin American retail to complement the existing merchandising mix of Miami. COMPREHENSIVE DINING AND CATERING OFFER: Full mixed menu and price points will create a diverse and international selection of dining experiences for residents and visitors alike. With a critical mass of over 12 restaurants, Island Gardens will become one of the finest dining destinations in Miami, featuring top, award - winning restaurateurs from Asia, Europe and Australia. INTEGRATED CIVIC ARTS PROGRAM: Island Gardens is working with three internationally acclaimed artists for major installations of civic art. Flagstone Properties is proud to bring the magic of Jose Bedia, Maria Martinez- Cafias and Michele Oka Doner together to create a memorable artistic experience. The architectural ornaments and the civic arts of Island Gardens will celebrate the historical legacy of Miami's maritime heritage, and tell a rich story as part of an on -going education program for the children of Miami. ENVIRONMENTAL LEADERSHIP IN MARINE AND LAND DEVELOPMENT: Island Gardens will establish bench- marks of land and marine ecology for the sustainability of the entire development of Watson Island. Flagstone Properties will work with international organizations and local environmental groups to create initiatives and achievements which will set future standards of excellence. CULTURAL PARTNERSHIPS: Island Gardens will be integrated into the Cultural Calendar of Miami through association with the visual and performing arts. Professional agreements have been established between Island Gardens and The I-Iistorical Museum of South Florida & Fairchild Tropical Garden. Flagstone Properties will also add six new annual festivals to the existing community calendar. EASE OFACCESSIBILITY: Aside from providing comprehensive parking and vehicular access, Island Gardens will work to integrate alternative modes of transportation including bus, coach, ferry, small craft, water taxi, shuttle and the projected light -rail system master plan for Miami and Miami Beach. ISL AND fi i G A R. D N S I0-2 I 1 VISION GOALS AND OBJECTIVES LEARNING ENTERPRISE INITIATIVES: Agreements between enlightened educational facilities will provide for long term vocational training of trade workers, operations personnel, learning as part of Flagstone Properties' commitment to Miami. STAKEHOLDER PARTNERSHIPS: Essential to our desire that the ownership of Island Gardens be a part of the entire community, we will endeavor to include the full range of stakeholders as part of our development strategy. This will encompass everyone from those who picnic on the water's edge each Sunday, the Fish Market operators, to the children who will be visiting Parrot Jungle and the Children's Museum, to the Cruise Ship passengers and Chalks Airline commuters. Our vision includes the utilization of the site by day and by night, from your sunrise visitors to Biscayne Bay to a post performance venue of choice for the new patrons of the Performing Arts Center. Giving a voice to these unique members of Miami, will grant them ownership in the success of Island Gardens. STORY TELLING THROUGH HISTORICAL AUTHENTICITY: Combining an aggressive research program with com- prehensive civic art, the final initiative will be to restore the story -telling quality of the City within the art, architecture and landscape of Island Gardens. Celebrating the rich maritime heritage of Miami and Southern Florida, Island Gardens will feature the largest secular installation of sculpture in the State. This work will tell the 500-year history of exploration, settlement, colonization, commerce, trade and tourism. The story will be told through the sculptures, architectural ornament, gardens and educational plaques throughout the develop- ment. CORPORATE COVENANT: Flagstone Properties is devoted to creating landmark projects throughout the world. We measure the success of our work through the partnerships we build, far beyond the buildings themselves. We are committed to developing mixed -use projects which become day -out experiences for families and friends that capture the ethos of a community. We seek to re-create the pageantry of civic life by restoring people's belief in the genius of this City as the greatest work of art. ISL AND G A R. DENS III-3 4 p AM P R 0 J E C T P L A N PROJECT PLAN IV. L NARRATIVE DESCRIPTION Island Gardens is an intricate mixed -use develop- ment built around a 5-Gold Anchor Marina Mega -Yacht Marina. It will include compelling public spaces and gardens, boutique hotels, retail, dining and leisure facilities designed to enhance the experience of each individual visitor to Watson Island by land, sea or air. The diversity of these uses will not only bring a remark- able mix of commerce to the site, but it will create an air of activity and vitality that will last both day and night. Through the comprehensive programming of festivals, exhibitions, galleries, retail, dining and hospitality services, Island Gardens will quickly become one the richest encounters the City of Miami will have to offer.After its completion, no other contemporary marina in the world will be able to boast of such a comprehensive and well -integrated design, amenities, cultural facilities and pubic space offering. On the following page, we have provided a diagram encompassing all of the project components and an anno- tated diagrammatic perspective of the project. However, the major components of the project are listed below, each with an array of their own components. 1.Mega-Yacht Marina 2.Public Amenities 3 Hotels 4. Retail 5. Dining 6. Infrastructure 7. Gardens 1. MEGA YACHT MARINA Designed to look like a navigational compass, the Island Gardens Mega -Yacht Marina will provide an inviting basin and destination for the maneuvering and docking of the great ocean liners. THE WORLD IS DESPERATELY SHORT OF MEGA YACHT BERTHS. However, with the construction of this marina, as designed by Flagstone Properties and Camper & Nicholsons Marinas Limited, the City of Miami will be able to boast that it offers the only 5-Gold Anchor Mega -Yacht Marina in North America. I S L A N D G A R. D E N S IV•1 ISLAND GARDENS Component Organization Ea fiaa Ogg [T naN MOTELS =TAIL -1TINULitS MANN =:d 1110 PM;Warliar EMI alf maw +mxNKrc ESI m EEI IOWAN • [parr ;iRLpuLn., =ARM 1.- L� �i.wrayr... *TAM • tnrtne41.4' Wain Weetqlx. YM mammal LQ OLVCUR 1 LMILT4IM1 NMLq :maims •parr{• IN ~le"fKw11T/, f" . S7N pcN', ire, �g L IIRLYYI Ml lYLVINI. ES ma mew rocarraC /Yflt: � I11101'!Y{Yi .WLLt. ' aNeun Llxc yr(: 1M NK riLIOKI II. - NAN iM A • "11R1Y11L! Eal NW ROM IKRRIr1 I P R 0 J E C T P L A N Flagstone Properties will provide one of the finest Mega -Yacht Marinas in the world and will benchmark its excellence against the international standards set up by the Yacht Harbour Association of London. These requirements will include all environmental concerns and the stringent standards of the Environmental Protection Agency, United States Coast Guard, other international marine environment protection associa- tions (MEPAs) and International Maritime Organization (IMO) as the highest maritime authority of the United Nations concerning worldwide maritime activities. Marina Layout and Services Provided Aside from offering comprehensive services, the 48-slip marina, with additional docking space for 6 mega - yachts along the breakwater, will have an unusual landscaped pier system and floating garden finger slips. Designed in the shape of navigational caliper and compass, the two permanently fixed piers will flare out from the shore. Planted with pairs of palm trees along the entire length, each pier is an extension of the Garden Promenade bringing the beautiful tropical gardens provided on shore to the front step of each yacht, as well as bringing the public to the water's edge. Summarized below, are more specific details of the marina, its design and services that will be provided to visitors: •There will be two permanent piers extending Southwest into Biscayne Bay, but within the designated real estate set aside for the Mega -Yacht Marina by the City of Miami. These piers will be commemorative piers named after Henry Flagler and Julia Tuttle, two early pioneers of the City of Miami. Flagpoles and monumental sculptures will serve as the gateposts to the Marina and will be located at the threshold of the Breakwater. Statues of Flagler and Tuttle will sit atop these flagpoles greeting those who enter the Marini as well as all others cruising in and out of the Port of Miami. •The piers, outstretching from the shore, will be built of concrete on concrete pilings with inset timber boardwalk decking. The width of the piers varies from 30' at the foreshore to 18' at the tips. Design elevation of the piers is 9'-6", clear of the king tides and gale surges. •Public promenading along the piers will be provided and assisted by a 3-foot separation between the pier elevation and the mean water level elevation of the fingers. Pavilions will be provided at the end of each pier for public viewing of the City's skyline and passing ships. These overlook pavilions are designed as traditional park gazebos, offering cover and open sides for views to Biscayne Bay and the Miami Skyline. 1 $ L A ND G A R. D E N S N-3 P R 0 1 E C T P L A N •There will be double floating finger slips designed parallel to the shoreline which will provide room for 40-45 ships. Width of slips will be 16' width and 60' long; the draft of basin will be 16'. Based on current inventory of contemporary yachts, the Marina will be able to service up to 90% of existing mega -yachts. The necessity of deeper births to improve marketability in the future will be analyzed later in conjunction with the City of Miami. •The Valdemar Breakwater is designed as a permanent breakwater for the protection of the yachts from prop wash caused by high-speed pleasure crafts. •A double row of palms will be planted to provide a majestic avenue of trees from the shore to the end of the piers. Garden plots will be planted at the edge of each slip, not only to conceal the utility pedestals, but also to provide personal green area for each guest. •A floating Ceremonial Pier and Performance Barge will be located in the center of the marina. This platform will provide an open terrace for major festivals, performances, displays and gatherings of people for overlooking the marina's harbor. In addition, the arrival of extraordinary crafts will be anchored to this centerpiece, to allow full viewing by the public as well as the private maintenance required after a long voyage. •Architectural lighting of the promenade will be part of Miami's spectacle of lights that will define the public spaces of the marina each night. •A full aquatic concierge service will be provided to each vessel mooring in the Marina. Trained seamen in small crafts will be available to assist every yacht upon their arrival and departure. Functioning like a bell- hop or concierge in a 5-star hotel, these individuals will be available to the yacht owners for all routine service of their ships: mooring, maintenance, cleaning, rubbish removal, baggage services, deliveries, etc. •Full services and utilities, meeting U.S. standards, will be conveniently located next to each yacht. Ser- vice ports will include: mono and 3-phase electricity, phone, fax, cable, internet lines, potable and adequately pressurized water for washing and maintenance. Storage bins will be provided for the exclusive use of each slip and will be located under the piers. Service and emergency vehicular access to the piers will be permitted on an attendant authorized basis only. •Emergency services will also be built into the utilities of the piers. Security will be controlled at the gate to each of the slips so that the public may stroll the piers and have complete access to the water's edge. •The marina's operating times will allow for public accessibility from 8:00 am to 10:00 p.m. From 10:00 to 8:00 a.m. the marina will insure privacy and security for its mega yacht guests and their vessels. •Foreshore piers on either side of the great Piers will be set aside for small crafts, emergency services (police, fire, ambulance and environmental protection) and fishing vessels currently using the site. *Fueling will be handled with a self-service location along the seawall with convenient access to fuel tankers to supply fuel to the mega yachts. In addition, floating tanker barges shall access the mega yachts while mooring in their slip. IS L A ND G R. D E N S IV-4 P R 0 l E C T P L A N •Security will be provided by a stand alone state of the art electronic system linked to the central security system for Island Gardens. Bridges connecting the piers to the foreshore will be policed and closed after dark to ensure the safety and security of the yachts and their inhabitants after midnight. •The Marina will provide complete accessibility meeting all design standards of the Americans With Disabilities Act (ADA). There will be full wheelchair access to the piers and facilities around the yachts. All ramps, gangplanks and bridges will comply with ADA regulations. 2 PUBLIC AMENITIES Public Space. Flagstone Properties is committed to creating the finest waterfront space and making that space available to all who live and play in Miami. In all, Flagstone will provide over 6.5 acres of space on the site for the full and total enjoyment by the public. This space has been designed and/or treated as either a park, garden or landscape opportunity and it has been coordinated with the master plans for Parrot Jungle, the Miami Children's Museum and the Greater Miami Visitors' and Aviation Center. Listed below are all of the components that will work together to provide one of the most pleasant outdoor experiences in all of South Florida — Island Gardens. • Entry Boulevard • The Fountain of Sales • Promenades • Maritime Memorial Fountain • Model Yacht Basin • Children's Playground • Outdoor Event Facilities • Exercise Paths • Fish Market • Guest Services a. Entry Boulevard Coming by land, a visitor's experience to Island Gardens will begin its manifestation as he or their way from Macarthur Causeway to the site. Edward D. Stone, Jr. and Associates (EDSA) has designed a magnificent boulevard of trees that will introduce the visitor to the spectacular views of Biscayne Bay and the City of Miami's skyline while drawing the visitor deeper into the tropical paradise. she makes The Entry Boulevard will begin at Macarthur Causeway and wind around to the Southwest corner of the Watson Island, passing the Children's Museum, the Greater Miami Visitors' and Aviation Center and end at a traffic roundabout with a large fountain in its center — The Fountain of Sails. The Boulevard will be lined with Royal Palms and ornamental trees, decorated with a Bougainvillea plant- ing, and adorned by 12' high lampposts spaced on 30' centers. Beginning with the Boulevard, and continu- ing throughout the entire development, a combination of aggregate and colored binders will be used to create a burgundy tint to the streets of Island Gardens. This has been used to great effect in the Mall in London between Trafalgar Square and Buckingham Palace, and the formal Boulevard Entrances to the primary department stores at Bluewater, Dartford, England. IS L A ND C A RDE N S IV-S P R 0 I E C T P L A b. The fountain of Soils In the center of the main roundabout at the intersection of the Entry Boulevard and the Retail/Leisure Avenue, Flagstone Properties proposes a grand fountain which will most likely become the symbol of Island Gardens. This fountain is designed to portray three sails, fully rigged, resting on a tilting teak timber platform and a gimble mount allowing the winds to turn the platform and tip the deck into the prevailing breeze. The dynamic quality of this fountain is in its use of traditional rigging masts and sails of a powerful ship in a display of natural winds and climate. Changing with the winds and breezes, and enjoying all the sounds and visual majesty of sails, this fountain will become one of the primary pieces of civic art in the entire development. c. Promenades The Promenade: One of the most compelling parts of the RFP has been the requirement to maintain a 100' right-of-way along the entire sea wall. This space has been set aside for the free and unencumbered use of the citizens of Miami and other visitors to ensure use of the island and access to its sensational views. Flagstone Properties has embraced this easement as a chance to develop a grand promenade that will become one of the finest landscaped waterfronts in Florida and one of the most attractive aspects of Island Gardens and its civic space. With the diversity of dining, shopping and hospitality alternatives offered and the magic/allure provided by the mega -yachts, walking along The Promenade will provide the public a wonderful first-hand opportunity to experience Biscayne Bay, tropical flora and fauna, an active port and one of the most majestic sights to behold, the Miami Skyline. Moreover, the safe illumination and policing of the yachts, restaurants, water pools, hotels and gardens will make this one of the finest places for families and friends to congregate in Miami by day and by night. Marina Piers and Breakwater: Two permanent piers, 469' long, splay out into the waters of Biscayne Bay. The Henry Flagler and Julia Tutde Piers are spread like a navigational caliper open to the Bay. The Prinz Valdemar Breakwater (named after the famous ship which floundered on the shoal around the first landfill of Watson Island) curves from the tips of the piers to an open gate- way in the middle of the harbor. This is a permanent breakwater with wave screens underneath to protect the boats from prop wash of the recreational crafts that ply Biscayne Bay. Two tall masts mark the entrance to the marina with statues of Flagler and Tuttle and finger -slips work off of each pier providing docking facilities for over 48 mega yachts. Each pier is landscaped with a double row of palm trees along the edges, providing shade for those promenading around the Marina. Likewise, the fin- ger -slips have tubs with ornamental trees and decorative planting in them on the piers' decks providing small welcome gardens to the large ships docking at Island Gardens. IS L AND G A R D E N S IV-6 P R 0 J E C T P L A N d. Maritime Memorial Fountain At the northwest edge of the Promenade, a Maritime Memorial Fountain will stand as a dedication to those who lost their lives at sea and will be a symbol of the City's maritime bond and homage to those individuals. Designed as 12 figures, each representing the different cultures, faiths, nations and creeds of Miami's diversity of citizens, the fountain will be poised above misting clouds and water ponds. e. Model Yadi Basin In the spirit of the Mega Yacht Marina, Island Gardens will include a model yacht basin as part of the entry boulevard to the entire development. This reflecting pond will follow the specifications of the Central Park Boating Pond and the Loeb Boathouse which have long produced some of the most intimate adult/chil- dren experiences in New York City. The design of the Maritime Gallery's Terrace intersects this pond and integrates the curatorial exhibitions with the boating pond activities. Likewise, the positioning of the Children's Museum across the Entry Boulevard places a prime emphasis on children's experiences as a prime tenet of Island Gardens. f. Children's Playground Not intended to be a trivial experience, the design and operation of the Children's Playground will sit within the cultural management of the development. This will include custom playground equipment that will be part of the sculptural program of the project. Access to this playground will be open to the public and follow the tradition of the great playgrounds in Central Park which provide room for not only the children, but shaded spaces for the parents and other care givers. g. Outdoor Events facilities No finer recreation than an outdoor concert, and the floating performance stage anchored in the marina will provide for an extensive calendar of musical perfor- mances throughout the year. Throughout its 1,500 square feet of public space, Island Gardens will plan, organize and host outdoor musical, theatrical and sport- ing events throughout the year. b. Exercise Paths Complementary path systems will be provided around the development for people who enjoy walking, jog- ging or cycling. These paths will be tied to the master plan of Parrot Jungle and the development of the Children's Museum to provide complete access around all of Watson Island. i. Msh Market Long standing operations of the Fish Market and Bait Shop on Watson Island will be maintained and improved as part of the development of Island Gardens. In order to accommodate their fragile economies, Flagstone Properties is including a re -working of the physical facility, without imposing onerous rents on their overheads. A new location north of the marina, with new docks for the fishing fleet and a distin- guished location will be at the end of the 100' right-of-way under the shade of bougainvillea covered I S L A N D C A R D N S IV-7 P R 0 J E C T P L A N pergolas. The Fish Market will have a pride of place that will allow wholesale and retail fish sales and casual dining to flourish. Access will be adjacent to the new proposed Coach Parking in the shadow of the MacArthur Causeway Bridge. The Fish market will therefore be accessible to all who want to side-step Island Gardens and will ensure that their operation of the Fish Market is not contingent upon walking or driving through Island Gardens. However, the Fish Market will fall under the safety, security, lighting, landscaping, and operations of Island Gardens to create the finest atmosphere for its continuous operations. Guest Semites: Island Gardens makes a distinction between visitors and tourists in that visitors are part of the routine and frequent repeat visits tourists who are infrequent guests who are geared to high expecta- tions of customer service and hospitality. Friends vs. Guests is another way to clarify these two public groups who will visit Island Gardens and Watson Island. i. Full Visitor Amenities. Accessibility to information, security, restroom facilities, ease of access, emergency services, assistance with parking and packaging, special equipment for the handicapped, child -minding, elderly and infirm. This is the basis of customer service expected by high -end hotels, but applied to the casual visitor and infrequent tourist. Island Gardens will establish a new level of customer service that will honor all who visit the development. ii. Information Center. Information about the components of the project is expected. However, Island Gardens will expand this to include books and brochures about all of the as- pects of Miami and Miami Beach as a powerful destination to visitors and tourists. This will include consolidated history of the region, maps and information which promote the entire region instead of merely Island Gardens. All of the cultural and festival attractions in the area will be on display, and the personnel will be trained to treat Island Gardens as an international gateway. iii. Visitor Concierge Services. Personnel will be trained as concierge for the Miami area. These ambassadors of the region will provide bookings for dining, events and services not only in Island Gardens, but also for the rest of Miami and Miami Beach. 3. CULTURAL COMPONENTS No contemporary mixed -use development can sustain itself as a des- tination without the authenticity of fine cultural institutions. At Is- land Gardens, Flagstone Properties has formed liaisons with The His- torical Museum of South Florida and Fairchild Tropical Garden in order to create some of the most complementary experiences for all who visit Watson Island. Internationally known, Miami -based artists Jose Bedia, Michele Oka Doner and Maria Martinez -Callas will create site specific artworks and, in addition, the Performance Barge and Festival Terraces will provide for cultural events as part of the overall "public purpose" promise by Flagstone Properties I S L A N D G A R. DE N S IV-8 ( P R 0 ) E C T P L A N a. Maritime Gallery With the Historical Museum of South Florida, Flagstone Properties is working to develop an exciting three story Maritime Gallery that will feature the history of Miami's maritime heritage. Because of the promi- nence of Watson Island in the development of the harbor and Government Cut, the loss of the Prinz Valdemar, the presence of Chalk Airlines and the connection to Miami Beach, this site is particularly suited to the development of the first stage of what we hope will become a comprehensive Maritime Museum in the future. This Maritime Gallery will feature the diversity of craft from the commercial, transportation, tourist, resort, fishing, immigration and pleasure industries that have used Miami's harbor as part of its economic, cultural and social history. b. Art Civic Art. The provision of an extensive civic arts program into the architectural ornament of Island Gardens will restore the story -telling qualities of architecture for all who visit Watson Island. Based on precedents of Cockle Bay Wharf and Darling Harbour in Sydney, Bluewater in England and Terminal A at the Miami International Airport, this civic art program will capture the spirit of Miami's heritage in sculp- tures, murals, mosaics and epigrams. Jose Bedia will turn the buildings into architectural books that will speak to the evolution of Miami from an aboriginal land to one of the strongest industrial, commercial, agricultural and tourist centers in the world. Art Galleries. Each of the hotel lobbies, the public spaces surrounding the retail arcades, the interiors of the restaurants and the gardens of Island Gardens will be treated as public art galleries. Paintings, murals, mosaics, stained glass, along with sculpture and the various crafts, will become one of the finest collections of art on public display. The coordination and maintenance of all of these exhibitions will fall to the Civic Arts Committee of Island Gardens, which will be created by Flagstone Properties. c. festival Terrace Following the tradition of Headwaters Park, developed by Eric R. Kuhne & Associates and the Headwaters Park Commission in Fort Wayne Indiana, full design of the Festival Terraces around the site will permit the conversion of some of the open space to covered tent festivals throughout the year. These festivals, which will include arts, crafts, antiques, food, ethnic, flower, music and flea markets, will all be part of the open space conversion into a destination space through cultural activities. See Festival Calendar in Section II. d. Performance Barge What the Festival Terraces are to the land, the performance barge is to the harbor. Designed to handle a floating band shell and ac- commodate a full 110-piece orchestra and 100-member choir for major concerts, this barge is shown on the master plan anchored at the center of the Palm Tree Promenade between the two Piers of the Mega Yacht Marina. Again, full utilities, amenities, lighting and access will be provided for major performances with the backdrop of the skyline of Miami as a suitable vista for the thousands who will gather for these concerts. (Note: performance barge will not be available for unsupervised public access.) I S L A N D G A R D E N S IV-9 P R 0 J E C T P L A N e. Continental Garden Rooms In between the retail arcades, Island Gardens will create a series of five (5) Retail Continental Garden Rooms which will celebrate the five continents from which people have immigrated to Miami. Africa, Latin America, Asia, Europe and the Caribbean. These gardens will be planted with indigenous plants that have already been introduced to Florida. Working again with Fairchild Tropical Garden, these garden parterres (flower beds) will be developed to provide public access to the diversity of plant specie. The character of these retail garden rooms will follow the archetypal work at Bal Harbor Shops and The Falls, both of which create a provocative alternative to the traditional retail mall. 4. HOTELS Over the past five years there has been an unusual explosion of hotel development in Miami that has lifted the primary pitch of hospitality to the world stage. Development and construction of the Mandarin Oriental, Ritz -Carlton Key Biscayne, The Shore Club, and now the Four Seasons has redefined the market and benchmark quality of hotel rooms available in the area. Island Gardens will add to this growing mix of hotel offer, but not in a duplicative or competitive manner. Location alone will separate Island Gardens from the congestion and exotic qualities of Miami Beach and the reserved, business presence of Brickell Avenue. The hotels of Island Gardens are positioned to offer compelling alternatives to these two centers of hospitality. More than location, the integrated development of Island Gardens will provide some of the most highly integrated resort hotel developments anywhere in the world. Boutique retail shops, expansive and diverse dining opportunities, cultural facilities, astonishing gardens, purpose built MegaYacht Marina, and the ro- bust vitality of some of the finest public space in Miami make this development unique in North America and one of the finest destinations in the Caribbean. Each hotel is pitched to a specific market segment, both are anchored in burgeoning hotel markets yet will satisfy a preferential desire for guests to find the best offer in their aspirations. Letters of interest from The Conrad (the upscale division of the Hilton Hotel chain) and the Regent Group (operating some of the finest hotels in Asia, Oceania, and Europe) will bring two extraordinary flags into the Miami marketplace. These two groups have vast expe- rience with mixed -use development sites, waterfront sites, and the sophistication of international gateway cities like Miami. a. WAVE HOTEL: The sweeping curve of the Wave Hotel, adding grace to its architectural form, will be one of the two elegant silhouettes on island Gardens. Designed to capture the metaphor of a yacht's canvass in full sail, the glass balco- nies are all pitched to the downtown skyline of Miami and the harbor traffic of Biscayne Bay. 200-rooms on seven floors, 50 units of suites (structured within the time-share parameters defined in the RFP) on 7 floors, and four floors forming the podium of meeting rooms, administration, reception, and lobbies that bring the hotel entrance up to the amenities of the roof garden level. Designed around a double - I S L A N D G A R. DENS IV-1O P R 0 J E C T P L A N loaded corridor, the south -facing rooms and their balconies catch views of Miami Beach to the east, Dodge Island and Key Biscayne to the south and the skyline of Miami to the southwest Smaller framed windows offer vantage points on the north facade of the Venetian and Julia Tuttle Causeways and the expansive portion of north Biscayne Bay. The lobbies of the Wave Hotel will be furnished with a restrained elegance and simplicity capturing the aesthetics of contemporary oceania fusion interiors and combining the cultural icons of Asian style with a tropical airiness. Most successfully demonstrated in the elegance of the Adrian Zecha developments in • Indonesia, there is an authenticity to the stone and timber materials with subtle joinery that makes these spaces so remarkably contemplative. Furnishing the entire collection of vestibules, lobbies, reception rooms, lounges, galleries and ceremonial rooms with an extraordinary collection of sculpture and tapestry from the Caribbean, this will become one of the finest arts and crafts galleries in Latin America. Museum quality lighting, precision display and educational signage will convert this array of artifacts dealing with the mixture of faiths, mysticism, festivals, rituals and celebrations of the Caribbean, into one of the milestones of authen- ticity of Island Gardens civic art. Individual rooms will be adorned with engravings and artwork from the artists that are on display in the public spaces of the lobbies. The decor will be driven by soft tinted whites, bleached timber joinery, and deep saturated accent colors on feature walls. Linen and upholstery will be derived from ghosted images of the artists' patterns woven into the fabrics of the interiors. Entering this development from the Causeway, one will pull into a circular courtyard on the north side of the hotel. Upon entering the lobby, will be welcomed by a Large wall of glass opening to the left into the continental garden room of Latin America and some of the finest boutique retail shops available. To the right, the commanding vista of the skyline of Miami framed by the forest of palm tree trunks and a foreground of the mega yachts will tantalize the viewer into exploring the rest of Island Gardens. b. LIGHTHOUSE HOTEL- Providing the most elegant business hotel offer in Miami, the Lighthouse Hotel will establish itself quickly as a clear alternative to the formality of the Brickell Avenue collection of hotels. Regent's legacy of precise elegance in international hotel development will create one of the most original hotel destinations in the center of Miami. Honoring a tradition of the maritime artistry of nautical architecture, this hotel will become a museum of the nautical arts. The interiors of the Lighthouse hotel will be inspired by the fine joinery work of the classic yachts of the 20's and 30's. These rich timber interiors, sculptural wood detailing, brass and stainless steel fittings, and precision instruments will establish the character of being a guest in a great yacht. The cartography of nautical maps, the tools of naviga- tion, and the models of the builder's art will all be part of the exploration of the craftsmanship of great yachts. 1 S L A N D G A R. DENS IY-11 P R 0 1 E C i P L A N Featuring the ships and crafts which have sailed from Miami, the nautical charts of navigation channels, lost ships and the science and engineering drawings of these great vessels, the civic rooms of the Light- house Hotel will bring the specialist tools and drawings of the great yachts to the guests and citizens of Miami alike. Work with the Historical Museum of South Florida will ensure the quality and diversity of the artifacts on display and will follow closely the character of the research made available through that partner- ship. Appointments to the 300 hotel rooms and the 50 suites (structured within the time-share parameters de- fined in the RFP) will carry these interior finishes to the same level of refinement as the public spaces. Drapery fabrics, upholstery, linen and bedding will all reflect the subtle weaves and refined stitching of the sailmaker's art. However, the most remarkable display of the entire development will be the thin -cavity aquarium construction of the walls to the circulation corridors of the meeting rooms. These rooms will be designed with 'windows' of aquariums that separate their interiors from the public spaces. Exotic fish from all over the world will be on display as part of the character of these rooms (Optimal privacy will be afforded with drapery if required.) Again, the quality of these interiors will create yet another captivating interior to the civic rooms of Island Gardens. Each place being so accessible that they become part of the public domain and desti- nations in and of themselves. 5. RETAIL AVENUE AND ARCADES a. Retail Avenue at Island Gardens will provide over 137,000 square feet of retail space and 84,000 square feet of dining space positioned to offer an exclusive international mix of tenants not currently represented in Miami. Island Gardens Retail — Leisure Center will become one of the most shopping destinations in South Florida. compelling Building on the precedence of the Shops at Bal Harbour and The Falls, a rich landscape program has been allocated for all of the retail shops in Island Gardens. All residual spaces between the shops will be developed with a luscious canopy of trees to provide filtered light into the shopping experience, and a complementary set of understory planting which will create a compelling floral and landscape experience while wandering around the shops. This is essential to distinguish the Island Gardens Retail experience. The heavy landscaping of the arcades, sidewalks, and central median will make this environment more than just a shopping experience. The character of the architectural finishes will be based on the detailing of great classic interiors including, polished chrome fittings, and sculpted corners. The level of detailing will follow the tradition of classic European Arcades such as the Burlington Arcade & Royal Arcade in London, the Royal Arcade in Norwich and the Touchwood in Solihull England, for a more contemporary feel. The development strategy for the proposed merchandising mix is not to bring in tenants that will cannibalize 1 S L A N D G A R D E N S IV-12 P R O 1 E C T P L A N existing high -end tenants in the area, but to add to the overall retail offer in Miami. In conjunction with this strategy, Flagstone Properties chose to design its retail area in order to create an appealing "environment" for these shops and its customers. Architectural plans include the design of two-story shopfronts facing the Marina and Biscayne Bay, extensive covered arcades and colonnades, rich landscaping, dramatic bridges and vistas as part of the overall shopping experience. Restoring the idea of a high quality avenue, it borrows heavily from the unique shopping street character of Palm Beach's Worth Avenue, as well as playing careful homage to the newly successful work in City Place of West Palm Beach, and the very successful design of the Bal Harbour Shops. This joint strategy will prove to make Island Gardens a world -class shopping destination. b. Major Design Components The design for Retail Arcades will include 5 radiating arcades from the Retail Avenue. Listed below is a brief outline noting the major components of the Retail Arcades. •12'-wide walkways, or Arcades, will provide vaulted ceilings, ceiling fans and suspended flower baskets. The arcade pavement shall be exfoliated stone within the width of the colonnade. The sidewalk pavement will be the same pavers used in the avenues to form a seamless connection from arcade to arcade. •A series of elevated walkways, designed to create a fluid movement of shoppers, will connect the parking garage with the upper level of shops. As covered extensions of the upper level arcades, these bridges are linked to the position of the same passages in the Roof Garden above. •The Roof Garden is a luscious landscape terrace atop the car park structure that will provide leisure amenity to all who visit Island Gardens. Swimming pools, grass lawns, formal walks, pavilions, kiosks and furniture will accommodate up to 1,000 people. •The Storefront Cabinet Display Windows will incorporate contemporary sculptural glass details with the precision joinery. These storefronts will exude a look of refinement, elegance and prestige resembling the feel of interiors found on classic timber yachts with all their fittings, bent -wood, and natural staining. Part of the signature look of Island Gardens will be the elegance of these very storefronts, distinguishing them from the traditional ones. Each store's threshold will contain the name of the store engraved in the stone borders to the pavement. •Upper level Balustrades will provide the same elegance and details as the storefronts. The balustrades will incorporate glass panels, timber rails and a stainless steel system of support. •The Bulkhead above the shops will be dressed stone and exterior grade timber veneer panels with re- cessed lighting which complete the architectural forms of the storefronts. I S L A N D G A R D E N S IV-13 P R 0 J E C i' P L A •24" stone Bollards placed throughout the Retail Avenue will serve to establish protected pedestrian traffic patterns. Used instead of curbing, these casual seating areas will create a measured traffic flow of shoppers. •Sun shading will be provided by a canvas street covering that will extend from parapet to parapet. Retractable sun shading canopies, which can be pulled over the street during period of high heat and sun, will provide extra protection. This system, based on the canvas canopy system used in the Alfonso Hotel in Seville, Spain, follows a proven mechanical system for the easy and ready deployment of this canopy on a daily basis. Additionally, permanent louvers will be used to provide shading for shoppers and storefront displays. However, as part of the overall design, the reflection of the sun will be garnered from the lattice pieces used throughout tenant and public spaces to provide extraordinary illumination throughout each day. • Lighting concealed around the perimeter of the soffits of the vaulted ceilings and down lights in the oculus of the vaults will create both ambient atmospheric lighting and bright illumination of the footpath. • Signage: All signage will be within the storefront envelope, not on the building or architecture of the colonnade. Blade Signs above the store fronts will be permitted so long as they follow the overall design criteria for the character of the architectural ornament and civic art component. w Retail Gardens Arcade Radiating from the Retail Avenue, five (5) Retail Gardens will open to commanding views of the harbor, yachts, Miami's Skyline, dining terraces, Crescent Pool and the Promenade Gardens along the shore. The permeability; the openness, of this space will be one of the Most striking features of the retail development. The Retail Garden Rooms, as part of the overall design of Island Gardens, will be dedicated to celebrating the diversity of plants brought to Miami from the continents around the world from which the residents of Miarni have immigrated - Africa, Asia, Europe and the Americas. Flagstone Properties, working together with Fairchild Tropical Garden, provide distinctive garden experiences and ensure the accurate selection and employ of plant species, has designated these rooms as the Continental Garden Rooms. These rooms will convey the combination of the tropical verdant luxury of well -tended gardens with the upscale merchandise of the retail tenants. Specifically, the garden rooms will possess the following attributes: • All common space found along the shopfronts will be treated as a public garden exuding the feel of the Channel Gardens at Rockefeller Center in New York, and the fountain pools found at Bal Harbour and The Falls in Miami. Additionally, the design of these gardens is based on the character of intimate reflecting ponds associated with contemplative gardens. • Following the rich tradition of the great resort sun porches, large colored -canvas panels will be lowered during the peak sun hours to protect the storefronts from direct sunlight. These sunshades will provide a colorful change to the environment beginning at mid -day and extending throughout the afternoon and early evening. • Running through each of the Continental Garden Rooms, a water -channel will provide contemplative pools of ornamental fish, small fountains and aquatic wildlife. These pools will cascade to the Crescent Dining Terrace and be surrounded by plants and sitting areas adorned with a collection of sculpture repre- senting each continent. 1 S L A N D G A R. DENS IV-14 P SZ 0 J E C T P L A N • Creative lighting of the garden rooms will accentuate their distinctive feature planting, add evening atmospheric character to the shops and make visiting the Retail Avenue at night as extraordinary an experi- ence as it will be during the day. d. Retail and Dining (nascent The Retail Avenue will spill on to the Crescent Dining Terrace overlooking the Marina and the Bay. Flagship retailers will be inter -mixed with flagship restaurants providing each guest a gentle conclusion to the retail development and introduction of Island Gardens' dining experience. These key merchants will be part of the branded "look" of the facade of the Retail Avenue onto the public space of Island Gardens. Distin- guished by 2-story storefronts and enough interior height to allow for dramatic mezzanine retail display, these stores will occupy the most commanding retail location in all of Miami. Moreover, they will create a sense of the new international retail identity for both Island Gardens and the City of Miami. e. Hospitality Retail Both the Wave and the Lighthouse Hotels will offer hospitality retail: gift shops, news agents, amenities shops, and book stores. However, the expanded retail for the hotels will be included in the merchandising mix of the Retail Avenue. It is important to note that this full integration of a retail destination and hotel environ- ment is unusual, but an essential part of the mixed -use development strategy of Island Gardens. Another distinguishing feature that Island Gardens will offer to the local retail composition is its provision of guest welcome halls and concierge centers. These areas, providing personal amenities, rest areas, communi- cation and banking centers, will be located at each entrance point to the retail development and will act as a gateway between the parking garage and the retail colonnades. Wel- come Halls, first experienced as part of Bluewater, a "re- sort shopping experience" created in England have rede- fined the retail experience. Our Welcome Halls will pro- vide each guest with a complete, fully staffed, customer service facility prior to entering or leaving the retail envi- ronment. 6. DINING Essential to the success of Island Gardens, will be the creation of a dining precinct that will cater to the rich and varied tastes of her guests. Modeled after Cockle Bay Wharf in Sydney and the expansive dining facilities at Bluewater in England, Island Gardens will have a collection of over 80,000 square feet and 4,500 seating capacity in the restaurant space. Organized into fourteen (14) restaurants, Island Gardens will provide its guests with a diversity of menu and price range selection that will appeal to a broad selection of visitors. A critical mass offering is the most important ingredient in this development which will allow people to know that they can arrive at Island Gardens without a dinner reservation and still obtain a meal to meet their expectations. Competing against the other dining districts in Miami, it is easy to see how such an integrated development I S L A N D G A R D E N S IY•1S P R 0 ] E C T P L A N will offer such a unique point of difference to the other dining spots of Miami and Miami Beach. Currently, Lincoln Road, Ocean Drive, Bayside, and to a lesser extent, the Brickell Avenue collection of restaurants, provide a full -range of competition to Watson Island as a dining destination. However, none of these areas alone will be able to compete with the diversity of experiences that will be offered by Island Gardens: MegaYacht Marina, boutique hotels, international retail, luxuriant gardens, festivals and compelling public and civic space. a. Guest Dining Crescent Dining Terrace. All of the primary dining establishments will be located on the Crescent Dining Terrace and are designed to have compelling views of the Marina and Biscayne Bay. Overlooking the Crescent Pools, the Palm Tree Promenade, the yachts and Miami skyline, these restaurants, cafes and coffee bars will have some of the most prestigious views anywhere in Miami and, one may even say, South Florida. With western sunsets, harbor views with commanding ship traffic, and the full complement of cultural facilities, Island Gardens will provide `pride of place' as a dining destination. Roof Garden Dining. Overlooking the Crescent Dining Terrace are five roofgarden restaurants which will sit above the tree line for great vistas across Island Gardens, the Mega -Yacht Marina and Biscayne Bay. These are the destination restaurants where branded kitchens/chefs will provide the more elegant dining in beautifully designed spaces above the vitality of the street cafes and bistros along the terrace below. Addi- tionally, these restaurants will connect to the Roof Garden atop the parking garage for strolling and taking in the scenery, as well as providing dining alternatives to Island Gardens' hotel guests. Hotel Dining. Within each of the resort hotels, there will be a collection of food services and kitchens that will cater to the needs of the hotel's normal operations. In addition, the exclusive dining facilities that will need to be branded to the hotel's operation, will be directly related spatially to their lobbies and recep- tion areas. Banquet Facilities. Hotel banqueting facilities will be established and shared by the two hotels as part of their general management and extension of each hotel's facilities. Both hotels will be host to the Miami community and its conferences, receptions, banquets, events, etc. that will accommodate parties up to 900 persons at one time. b. Hospitality Dining Kiosks. Small convenience kiosks will be spotted around the public spaces to provide drinks, refreshments and snacks for those visiting Island Gardens. These are planned as comfort stations ::ore than actual dining experiences, providing basic drinks and nourishment. Aside from providing basic sustenance how- ever, these vendors, well versed and trained in the history of the site, will be part of the information system for Island Gardens and Watson Island. Public/Parking Dining. The expansive public space will permit another quality of eating at Island Gardens: the carry -out picnic hamper for having a picnic along The Promenade, beside the Yacht Pond Reflecting Pool, on the Roof Garden or as catering for any of the boat or fishing charters. I S L A ND G A R. D E N S IV-16 P R O ) E C T P L A N 7.INFRASTRUCTURE Improving the infrastructure of the off -site roads to enhance the capacity of the system to handle traffic to Island Gardens. a. Access. Current access to the site is restricted only to Macarthur Causeway. Handling much of the primary traffic to Miami Beach, the Causeway, as I-395 in the interstate network is the extension of I-95 to South Beach. Traffic will be increased with the full development of Parrot Jungle, Children's Museum, Convention and Tourism Facility, Chalk Airlines, and of course, Island Gardens. Increased access to the site is anticipated with a re -configured road network illustrated on the site plan. This plan includes in- creased capacity for acceleration and deceleration lanes on the southside of the Causeway. It anticipates two future transportation plans: the cargo tunnel to the Port of Miami, and the proposed light rail system along the center of the MacArthur Causeway. b. Parking. Provision for nearly 2000 cars follows all City of Miami criteria for allocation of spaces by use. Configuration of the parking garage include 4-levels above ground and one level below ground com- bined with a service level underneath the retail/hotels/dining. Design of the garage is based on honoring the character of Island Gardens commitment to create a tropical garden experience. As such, the garage is designed with the intent to conceal its mass behind extensive landscaping planting. This includes planter boxes on the higher reaches of the decks similar to the heavily landscaped facade of the parking garage at 6th and Collins in Miami Beach. On the top of the parking garage, there is a roof garden which converts the entire top floor over to grass parterres, shade trees, swimming pools, garden follies and all the amenities for the resort hotels. c. Yachts. Accessibility to Island Gardens from megayachts includes full and clear navigation down Government Cut to the MegaYacht Marina of Watson Island. This manna is a fully equipped 5-Gold- Anchor marina facility with slips for over 48 mega -yachts. In addition, there are ceremonial docks for tall ships and distinguished craft off the Valdemar Breakwater and the performance barge in the center of the Marina. Flagstone Properties estimates that 4-6% of the visitors to Island Gardens will come from yachts, pleasure craft, local leisure boats, and related personnel to service the megayachts. d. Airlines. Unique to Watson Island are the Seaplanes that operate out of Chalks Airlines. This facility is expanded as part of the new Convention and Visitors Center by the inclusion of waiting rooms and immigration /customs offices. Full access to Chalks is shown on the Island Master Plan drawings including additional parking, and the landscaped 100' right of way along the back of the landing and taxi apron. Flagstone Properties estimates between 1-2% of the visitors to Watson Island and Island Gardens will come from Seaplane passengers. However, their families and awaiting passengers may double this atten- dance figure. e. Buses and Coaches. Provision for coach parking underneath the bridge is already illustrated on the Master Plan. However, additional parking for Buses and Coaches will be required for the full use of public transit and long haul charter coaches as part of the modal split for the development. Flagstone Properties estimates that there will be up to 10% of visitors to Island Gardens coming by either Bus or Coach. Current plans are to use the Entry Boulevard Roundabout as the primary drop-off point for all transit passengers. I 5 L A N D 0 G n RDENS IV-17 P R 0 j E C T P L A N f. Helicopter. Action Helicopters is currently operating at the site. This tourist operation is both fascinat- ing and adds a bit of eccentricity to the development. It also brings a small bit of traffic into the area. Flagstone Properties would like to retain this operation as it will provide comfortable access to remote parts of Miami for the megayacht inhabitants who wish to travel fast without concern for budget. However, the critical factor in all of this is based on the willingness of the City of Miami to include this transportation mode as part of the continued development of Watson Island. Should it be possible, Island Gardens may be able to accommodate a landing facility atop one of the hotels, with modification of the penthouse floors. All of this is subject to FAA approval. Flagstone Properties estimates that <1% of the visitors to Island Gardens will come from Helicopter Services. g. Ferry Service. Island Gardens is committed to developing a Ferry Service between all principal desti- nations around Biscayne Bay. This includes Bayside, Bayfront Park, American Airlines Arena, Bicentennial Park, Overseas Passenger Ship Terminal and Watson Island. This Ferry Service will be unpretentious in its operation, for passengers only, and will follow the successful operation of the Ferry Fleet in Cape Town's Waterfront. Providing an attraction for tours of the harbor as much as a transportation mode, it is designed to offer a comprehensive and quick trip across Biscayne Bay for a nominal fee. As a regularly scheduled service, it could help provide alternate parking locations for people wishing to visit Watson Island, while including a tour of the Bay as part of the visit. In addition, it will help include Island Gardens in the options for those with limited time visiting Miami such as the Cruise Ship Passengers. Flagstone Properties estimates that 5% of the visits to Island Gardens will come by such a Ferry Service. h. Water Taxi. Operating on a demand -call basis, the water taxi system is patterned after the successful water taxis at Darling Harbour in Sydney adjacent to Cockle Bay Wharf. This service is very easy to use and has increased dramatically as the restaurants of Cockle Bay Wharf have created extensive demand for these water taxis as a mode of transportation around Sydney's Harbour. Successful sponsorship of a water taxi service will require coordination with multiple agencies and destinations. However, Flagstone Properties is committed to bringing this operation to success. Flagstone Properties estimates that 2-3% of its visitors could use this service initially, and eventually could expand to 5% of the visitors to the development. i. Cruise Ships. The ocean going passenger Cruise Ships are delivering millions of people to Miami every year. Yet their access to the City and its amenities is limited by a short stay in port. Island Gardens will sit front and center in the full view of the port side of these ships once they have docked; on arrival the starboard cabins will have view as the ships use the turning basin to position themselves for departure. Flagstone Properties anticipates that there is a good proportion of these passengers who would like to visit Watson Island and estimates that 10% of these passengers could visitlsland Gardens if access is quick and easy access were to be provided. Either Water Taxi, Ferry, and/or a Shuttle Bus will make possible that quick trip across Biscayne Bay. j. Future Light Rail. Several suggestions of a light rail system between Miami and Miami Beach have been mentioned. Flagstone Properties is committed to assist in the development of this alternative trans- portation system along the MacArthur Causeway. The suggested location of the Watson Island Station would be in the middle of the Causeway, elevated above the traffic with bridge connections to Parrot Jungle and the Entry Boulevard between Island Gardens and the Children's Museum. Flagstone Properties sees this transit system as the most sophisticated alternative to automobile transportation to Watson Island. I S L A N D G A R DE N S N-18 P R 0 ) E C T P L A N Successful planning of both origin and destination strategies are essential for this plan to work effectively. Potential passenger use of this could reach up to 5%. & GARDENS The selection of the name "Island Gardens" was not by happenstance or folly. Flagstone Properties from the start set out to plan the creation of one of the finest mixed - use developments in the world. The integration of land- scape, architecture and art are the tools with which Flag- stone Properties will achieve that goal. Today, a successful development is characterized more by the experience provided rather than its buildings and/or operations. In a tropical environment such as Miami, the benchmark measurement of great experiences is always tied to the finest hotels and resorts in the area that pro- vide resort gardens as part of their experience. i.e. Fisher Island, the Ritz-Carlton's Properties, the new Four Sea- sons, the Mandarin Oriental, The Delano, The Biltmore, and The Breakers. This criteria is also the benchmark measurement of all great resort experiences worldwide. With the MegaYacht Marina as a global facility, it was therefore essential that the design of the Island Gardens reflect this elegant and powerful design symbol of excel- lence. Flagstone Properties, Fairchild Tropical Garden and Edward D. Stone Jr. & Associates have worked to- gether to develop a comprehensive garden design and maintenance program that will ensure that the gar- dens, proposed to engulf all of the amenities of Island Gardens, will provide that symbol of excellence and endure as a central part of the development. Here is how Island Gardens will fold its gardens into its master plan. • Marina Gardens • Retail Gardens • Continental Garden Rooms • Crescent Water Gardens • Roof Gardens • Entry Boulevard Gardens • Maritime Gallery Gardens • Entry Boulevard & Parkway Gardens • Promenade Gardens I S L A N D G A R DE N S IV-19 P R O J E C T P L A N a. Marina Ga.dens:. One of the most startling features of Island Gardens, these gardens will be the extension of the gardens along the piers of the Marina. Two rows of palm trees will line the edges of the piers as they dart out into Biscayne Bay. These rows are intended to create a very strong architectonic cadence from the Promenade Gardens out to the water's edge. The paired spacing has been selected over a central avenue of trees so that the views and visual easements will be maintained along the center of the piers. b. Retail Gardens: Building on the precedence of the Shops at Bal Harbor and The Falls, a rich landscape program has been allocated for all of the retail shops in Island Gardens. All residual spaces between the shops will be developed with a luscious canopy of trees to •provide filtered light into the shopping experi- ence, and a complementary set of planting which will create a com- pelling floral and landscape experience while wandering around the shops. This rich landscaping plan will distinguish the Island Gar- dens Retail experience from the rest of the shopping in Miami. Small ponds, pools, streams and cascades will flow from the Retail Avenue down to the Crescent Pools. Places to dine, sit, rest, read and enjoy the quality of the gardens will be as much a part of the Retail/ Leisure experience as anything at Island Gardens. c. Continental Garden Rooms: There are five (5) Garden Rooms in between each of the retail colonnades. Each of these will be de- signed to commemorate the five continents from which people have come to Miami. Representing Africa, Asia, Oceania, Europe and the Americas, these Continental Garden Rooms will become the showcase of the diversity of plants which have been well established as part of the character of the landscape of Miami. As such, it will provide provocative examples for people in the region to see how to plant their own gardens in the salt -water ecosystem of the eastern seaboard of Florida. The educational aspect of these gardens will be extended with all of the plant species identified for botanical and educational research. d. Crescent Water Gardens The streams and channels of water from the Continental Garden Rooms will flow down to the large Crescent Water Gardens bringing the water deep into the development As the alignment of the 100' right-of-way separates much of the project from immediate contact with the harbor, these pools bring Biscayne Bay closer to the dining terraces, retail gardens, hotels and leisure facilities of Island Gardens. These pools are remarkable in that they are recycled salt -water pools. Not having enough depth to sustain any swimming, they are purely for the water displays with which to mark the local experi- ence of the dining terraces. Additional attributes of the Crescent Water Gardens include: • Cascade Fountains coming from the five Continental Garden Rooms, will slide under the dining terrace and spill into the pools through carved sculptural motifs representing each of the five continents. • Fountain Jets will shoot out a great water -arc sweeping the entire crescent and becoming part of the water show and display for the dining terrace. These jets will be controlled by an anemometer, a wind speed indicator that controls the height and frenetic activity of the fountains, in order to control any over spray from the fountain. S L A N D G A R. D E N S IV-20 f P R 0 J E C T P L A N • Turquoise Blue Tiles, to match the color of Biscayne Bay, will create the visual connection between the bay and the wading pools. • Civic Art Mural. Precious Objects Lost will adorn the bottom of these pools treated by artist, Michele Oka Doner as a grand underwater tapestry. This work will be similar to her work at the expansion terminal at the Miami International Airport titled, Walk on the Beach. The object of this mural will be to create a collage of the lost precious objects and artifacts lost at sea. • Salt Water Fish Aquaria will be provided for the display of common, as well as, unusual tropical fish in captivity. • Misting Jets will be provided along select locations to provide for cooling mist around dining terraces and pavilions during various parts of the year. • Evening Illumination will be provided to enhance and bring the pools to life after dark, making them part of the total entertainment experience at Island Gardens. e. Roof Gardens. The positioning of this Roof Garden is to permit the Island Gardens' `fifth facade,' the. roof to be front and center for all who are coming across the MacArthur Causeway allowing them to experience Island Gardens in its complete concept. The top of the parking garage, on third level of the Hotels, will become an expanded Roof Garden that will accommodate much of the exclusive recreational, spa and leisure amenities to the entire development. Available to hotel and marina guests, these amenities will also be available to other guests on a fee -admission basis. Laid out as formal gardens, the roof garden will contain three pools: one for lap swimming, the other for casual play, in addition to a small supervised children's pool. The rest of the gardens are set up as a series of Garden Rooms which can be leased and used as exterior meeting room space under the delicate canopies of tents and marquees for special occa- sions. The design depth of these gardens is only 3 feet. After the success of the Darling Park Roof Gardens in Sydney, we know that we can achieve a remarkable success in sustaining plants atop large parking garages. The rooftop garden created in Sydney is over one acre in size and sits atop a massive car parkfor the 1.2 million square foot development on Cockle Bay and Darling Harbour. Finally, night time illumination, like every other component of Island Gardens, will be treated with delicate night time lighting to make this place as alluring during the night as it is during the day, making the drive -by view on the MacArthur Causeway that much more pleasant. /. Morulime Gallery Gardens: These gardens are defined more by the large and long Reflecting Pool instead of the landscape as a focal point. The Reflecting Pool is surrounded by tightly spaced trees forming a strong canopy for the grassy edges of the pool. However, the space between the trees is left open so that breezes can blow through to catch the sails of the model yachts. Based on the Boating Pond at Central Park's Loeb Boathouse, this pond will become one of the finest places for children and adults to experience the land- scape and leisure facilities of Island Gardens. I S L A N D G A P. D E N S IV.21 P R 0 ) E C T P L A g. Entry Boulevard it PolkwayGardens: As the primary access to the site, the entry boulevard is designed as a formal garden with double rows of treed avenues along each side of the curbs. This formal planting, intended to establish the ceremonial framework for the south -side of Watson Island, will provide access to Island Gardens, the Children's Museum, the Convention and Visitors Center, and the Seaplane Airline. Palm trees, ornamental trees, and bougainvillea for understory planting, will adorn the Roundabout Foun- tain of Sails and the long Reflecting Pond of the Maritime Museum Gallery. Additionally, arranged in a picturesque setting style, a collection of trees will be assembled to screen the buttresses of the MacArthur Causeway Bridge, as well as soften the extent of concrete around the north -end of the site. b. Promenade Gardens: Provision of filtered light through abundant shade is the primary directive of this garden room. The procession of palm trees is established solely to provide adequate shade (mostly during the afternoon) for all who visit The Promenade. Virtually no understory planting is anticipated so as not to interfere with the large crowds who will be walking this 100' right-of-way along the waterfront of Island Gardens. In addition, these trees will serve to frame views of the megayachts and soften the collage of white painted hulls gathered in the marina basin. S L A ND � C A R D E N S IV-22 I P R 0 J E C T P L n N LETTERS OF COMMITMENT FROM CULTURAL COMPONENTS OF ISLAND GARDENS 1. Faichild Tropical Garden T. The Historical Museum of South Florida 3. Visual Artists a. lose Bedia b Michele Oka Doner c. Maria Martinez-Canas IS L A ND A G n RDEN s IV-23 ( FAIRCHILD TROPICAL GAR JM May 24, 2001 Mr. Mehmet Bayraktar Flagstone Properties, LLC 506 Celebration Avenue Celebration, Florida 34747 RE: Mixed Use Development and Mega Yacht Marina at Watson Island Dear Mehmet, This letter is to confirm that Fairchild Tropical Garden has committed to working with your team of professionals and consultants in the development of the gardens which are an integral part of your proposed project at Watson Island. Fairchild's involvement will encompass lending its expertise in selecting the most spectacular, yet appropriate, plants, flora and vegetation for the site while meeting your goal of providing a world - class destination. We are very excited about the proposed gardens and the facilities that the plan provides for incorporating the Fairchild name and reputation into your world class development. If the City of Miami selects your project, we would like to explore the possibility of a cooperative effort to create an ancillary facility for Fairchild Tropical Garden on Watson Island. Doing so would allow us to reach a larger population of individuals in our quest to introduce and educate the public on the beauty and delicacy of our environment. Once again, thank you for contacting Fairchild Tropical Garden. We are very excited about your proposal for the site and we wish you the best with your application to the City of Miami. Bruce W. Greer President, Board of Trustees 10901 Old Cutler Road, Miami, FL 33156-4296 USA Telephone (305) 667-1651 Fax (305) 661-R953 hrlp://www.ftg.org email: mail(tifg.org A Florida Nonprofit (.o poratirm THE HISTORICAL. ASSOCIATION OF SOUTHERN FLORIDA 11oial�. ......,Z,4.01.4, liTilki-kat:il I AN .t 'CIATNrY of PEOPLE 9PARPM; AN rn rsxesr IN mr utcroNY Or .an•nt PUNU>A AND Orr: CARPNnr w CHAIR Williun Ho FIRST VICE CHAIR Richard A. Wood SECOND VICE CHAIR Edward A. Swakon TREASURER Neil A. Burell SECRETARY William H. Holly PAST CHAIR Robert B. Bartle Andrew Albury 1a R. Bellamy is Campbell tge Cano Donnalee E. Corredera Xavier Cortada Robert G. David Edward H. Davis, Jr. Michael Falke Gregg Guilford Mark Karns John Knight Linda Lubin. Bruce Matheson Arsenio Milian Lewis F. Murphy Dorothy C. Norton Dr. Edmund I. Parnes Scott A. Poulin Lorraine Punancy-Stewart Raul R. Suarez Dr. Michael N. Rosenberg Dinizulu Gene 5. Tinnie Judy Wiggins J. Andrew Brian President May 21, 2001 Flagstone Properties c/o Judith A. Burke Shutts & Bowen, LLP 1500 Miami Center 201 S. Biscayne Blvd. Miami, FL 33131 Miami -Dade Cultural Center 101 Went Railer street r. Florida 33130-1504 ,ne: 305.375.1492 J05.375.1609 hasf@historical-mureum.org www.historical-museum.org Fwn4/ en 1940 — Arered.ud by d,r American Aaarll,len 'Museum; Dear Judith: The Historical Museum of Southern Florida, an IRS Sec 501 (c)(3) private, non-profit corporation, is quite interested in participating in your proposed Marina Gardens of Watson Island project. We have reviewed the site plan for the proposed project including the location and design of the facility that will house our exhibit. An initial draft of the site plan is attached to this letter as an exhibit. We are impressed with the design of the overall project as well as the proposed museum facility. As you are aware, we run a regionally based museum that deals with the history of South Florida and the Caribbean. We maintain one of the largest collection of materials relating to subject in this area and regularly develop interpretive exhibits that utilize this material that educates and entertains our local residents and tourists. The Historical Museum is willing to work with your group to develop and implement an interpretation as part of a proposed development. We, however, would reserve our right to work with others if your proposal is not accepted. The human presence in South Florida has always been influenced by the water surrounding us and the hemispheric crossroads it has created for the exchange of people, ideas and commodities. A better setting could not be had to include these elements for our South Florida residents and visitors to enjoy. We look forward to working with you in this development. Sin -I t Andrew Brian resident cc: Mr. William Ho, Chairman Enclosure fr 15 June 2001 Mehmet Bayraktar Flagstone Properties 506 Celebration Avenue Celebration, Florida 34747 Dear Mr. Bayraktar, Thank you so much for inviting me to participate in the design and development of the civic art aspects of your project at Watson Island. Island Gardens sound like it will be an exciting new landmark for all the people of Miami and I am pleased to accept your invitation to participate as a member of your team. 1 wish you the best of luck in the submission of your proposal. Please feel free to contact me if 1 may be of any assistance in the selection process. I look forward to working with you and your team. Sincerely, Jose Bedi 6501 SW 59 St Miami, Florida 33143 cc Fredric Snitzer Gallery Maria Martinez-Canas 2011 SW 10 Street Miami, Florida 33135 Phone 305.643.1201 Fax 305.643.0888 June 20th, 2001 Mr. Mehmet Bayraktar Flagstone Properties 506 Celebration Avenue Celebration, Florida 34747 Re: Island Gardens at Watson Island Dear Mr. Bayraktar, Thank you for inviting me to join you and your team for the project you would like to develop at Watson Island. I know this project could be an exciting addition to our community. I accept your invitation and wish you the best of luck in the submission of your proposal. Please let me know if there is any way I can assist with your submission to the City of Miami. look forward to hearing from you. Sincerely, -4/a�/,.1, Maria Martinez-Canas cc: Fredric Snitzer Gallery MICKeL[ OKA DONEp '� RK.r r•Mr '•er.r • rW w)saa.14.r la?ide41 Ptiatqnehineti- 7hr unupli tnc,ak.G�i— Gt/a iTi�J .ZIl�rn� 6� d e16 Pa7rhv, fhpuAwand Ip�IG� rovadllot Pornart yen/ �xc�fin ,rQm /oek;n% f►►!Wiu'd lo 'oinin9 - f�,e learn at CPta�i�n Wor,�� OtAr�-��'ttiry ti qn°1, t�lancco(.eye%man gefl`/l9ardl, • • ISLAND GARDENS adwm*L BAT VANTAGE POINE rwpy .d far+ d0. wILjobanoNwbHard • malop•ot the dj#E.r. Sprawl caper pin of d r Mp Yabi Maim wd r armd l o.a6rOk r mor•brim.•.. bi.BryJ bio mobil prrrctren And aim maim •.draw+ am4 • mdwtl.do alloy q rb.P4 .g4 .rta.mb, mods. rung lo10M4 Nlbnu. owe; my .. W wdrbim dab q Pd. Red ',glamor and C..Ii•• swa Tlir u the rbr..rq Lind Godsa•pod. dipado ronfimw Ti sosOinvoltow•/bi••swim sad Ir m boo, tit i.tmy q rheP.b4M•o• mak nwlsbb o then aim .d• Foos, Lbrd E•.s the ..m•ddkg& q d 100' •ghe foil q the oa • Pom^ad . In.Rbr do. 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P.M, tp. o Gs* MAN+if. . • Imbee rr. .l.Told • bip4•14e4 IN FLAGSTONE PROPERTIES ISLAND' GARDENS Flat P pas Dwbyo, Oriel. foe Lq La6Asari,m. To D.eoly se Mwga a166 Cara/ HyadlEats I.. H•rlDa6pra C....61 q Mat* pm Lot LAO/h HelG,q, HID.wiPw•r Coosa. Miami Eric 0. X.W. 4Awdae L.6. 4 Nor Yanks Cana & Rwni Anna Sias Cs64 DARN Aaron; •d Etas. Mind E6mlI Der, f.bAvae4, odor}. Asia. Few L idle DM/M.Hmwt Ma Drina 4 Honda Egiam G.wk.t4 Mimi Dail Paws Toffir Etas, Ali.s C41.. Y6gA. Dap M.iw no Barran Cookson Mao D.ysn. 0...h4 Cop ei N.N .,, Maw Dots, Etir.iq, 4Mstr a, S..6ape.. Ali.e Skop't Case G.tbiq, Snsbd JMppq Craft J6d.; Roil Pawn &Man Ronk, Le.M, Bata G.A... la, G.nmss Galan Orimi San 4 Boo L L, Anions a Les Mien 146. .¢y spew: POO Awaits Wish 6:6*. y 6 Mp Yea Mat.. wore 6. al loam . Et alma 6 •• s de 16. pae l ef Ma* 6* 61•b en wan 6 Mai Bud. hie those ..16,.•so•nfi,, as Ba'l. 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INa lid at, * ail ). ed 84'w lama • ,. prawu6 .s6.6 p•4.1 p"y NMiMNC' Point NC.*w STAGE•pny6 ToeA t•6waw mwb y 146.E y anMl4 ad G•ds; 9416eV solo •d .mind s11747, poll arrow• *RM red/oilssob it w 6 flat 6•tb l ad Cadse ,y. siNM 6 wai .d is rasa solo. fat &paiu ..J r...n.,J C641, 6 San 6 opens. ,wborsy Wan. TOO WAIT Nora 22J pw nuµ IR floors, 321' 45 .ill • an y maim saw; 6n Mayo Md*6.,, 6 soda s y obi Jr asas 66 M..6r Cawsy TM dotal it big. Iy. peat,* rs..r ON 6 p4 Ml6 rM ma y rl. 64Yy ROOF GARDENS: 2.3/4 as (121,3E0+f prey dopar/iq bk•fs& Amer of ord. a Odom. . 66. ,w,*t jai •f .d rue)smn p,6s, .J ell A. bak6 e*I l .0efeakwfir The tanMama At of Au l/Ml- AL fat 6r enut is Mario Canary 804 RLSTAORWI PAYNIONS, 84,012 s f rib„k dw 6 ail sab amd'q war •f 6 a•., be.aso, of 6 eta y Mimi 6s fwr /614 6p1 n6..ae pit paaie d.q fr war MOO lab ek N•rit INNING PANOOM, n on of 66dgp...e y 6 wr:: `•`-cy pdou, 6s Awgpilau .11as r 66.e 6*t s to ter yeMp to. GUCENT WATER GARDEN, see y 6. ran p. j l/...4 of nod Gw6u a 6 nano.n f Or Oka. y sows sane aJ Olson* mesa did Miy16 .wri.r 6 bin of 6 6n4wa we eke ea ass doe PAIRING DEar 6 slam y ISW all la 6Na*NM b. ,.r ln••Aro ..14h sorb dtlM en.dy 4.6yigm •11 eau m/pw6 nary au m dsew+*Obis Lod Ca6u. (101,146 al ewe? ha4) 11 MORMA NGAWRY.• 4,h4 .i6 6 Henna' Maas y Son Pisa, 14.J Carlos *N ,ate .6•/s, fr ,unit rM disent 6 oath • . w67 ofat. M t es par yea and oessaint le tit an D..rip4 IM sib y • ,bP, 6r lb. f•M,'•Aaron Oa *f0aiR 6mr6 J/atm *than ya.4 iota (1.000,f) PMM.101EYARO, u thea.r2 SOWN r Intro 1,66A .4. 4 dams sill 4Nt3616 e � i3J$rrt' *F i'dAllee saner .1 •,ear 6 fi(:'6 y 6WI M'lLi. at w k. W 6 n1P^wvR &...-f Mot Omr U%y 6rw. 6m beanie ••1 d. '. ;op Bad ✓•,woes, Awed dl Cannot Ck ' 6..y, the -,•_1�'... dp..., rem.m/ .444 saw cams sit iLpe y 6 Heal CNNORENS'BOATING.REHEaING-POND, •n.yb.seary Mw.a efts el, CMNa.i Musa. •..0 6. a.d rW p..J. )6ir floatp.l rgqu rM Mono Ge60 dD rM pan. l alago Mans noon y pa. 'wad, 6pang ink ../fr.iq 6 tunoo Yana! •au i ISLAND GARDENS doing donna die w i.... B..ipe r rppnaitin,b War 64d Ent.J Mmrd.rPoriay, the women,p4 *Penn frock it ,la. INAig tte fenig k Pi. Cent The PWfee* CYNan'Monet a i.Mme jog teeth d rtr mr Enron Rnr..d (.w the de ran tf in .nunn ha tree hind i. enyr.. (•e--emend leaky tag tingle a Waw bid, or do d* the Chilean' Afton. It cgs l n an). Add r ton in NO C.....ti.n enTan n O. (*god yslab Gda).nark*mewl f J no* Chalk Sgi.0 d tk droinarark.d mdy fee W.tn. bad Monet doer: worm at .nJudnlp4* north raakelomen fr Mani, d ado,' al. Lind Carnes iyh anima this isrip nen*gaVl pasr•o.kdprk;mili- tia to War lend Ad6.i,Y is tin pinion of the RFP limn.rd ytb Ciq.f Midi, FilmNudist In .,. el ingress' .a `_�d T Mat titanr, rlrra.r4 trig ding, d. art n.g.J f.Krpnhm d nit pleat aa,e.dr or d hk font Mtn Yarn Mow, is d wilt Do ndlb.J bad Gain WI errs in- set* hen& now; flutedrO niw_l mitt the An Plan C..an., en Rpd Prainee inn spin eiwd dr.esbn e. aunt fir nit hart t tle a.n'Ip Wit. Min.[ Of tl. 103.au If di, 6n.iprnt, 60i rlipayr:rt hn Snae sniped /nMd wool Genet, prorated., Eno &.undo R Jkeq Par4 Cram Ding Tinton Foment P.4 Reef Gavial, d di, pm A W Mr). YwdorMerin pndnp.M. MOH n me* 6J es, (285,443 4) 5 p ;No. Ewe d emu i point y4.kq bind Gniart iar the reed y n 4 War Irked d4pdiq fr wee 1,500 glen. Eua.r/ar farm Ole nil adlkp pad o.. newt.r -'4 ..IL A/..g1M's. dn.rh I. &iq.r R7 mind adh kern /Fnee 4Jyak, d 6 or model tredr.a ..myna Gomm n sin kw auks Vt, d dr rent arannn.4 trod^ fir), d whored initial of Idea Garnet Mt • situ* g• .r dot sill ohne q.ylretJ.¢6 tkogd..l d. yr. Yn it mill k ttrp.,mnhip old Penn Inge. d. Children' Motion aria Sapient d di, Garin nit Turin Cone tle.il Nur nirp.4 LeM.dnol amidpray bit, Minn. • Mid, 29 fn t 2001 omen eon M1 nr.r. mr.rur+ wmrm�r., ISL A ND G A R D e N S A N N O T A T a D - I r C A N D•I 1- A N ri+In.r.11»:h•••:. h raW... pa....�ri..- , o.er..0 .:`etoton... I. Tr Nee. 2.0, MNG.w Hi AT Rif ,•d ). 14rIII.4 HW 44 14.5414.044 II .sd. .. Rood. 44 Rrz 41•olio rM ¢ rotawl. rya ,.luau D+w nra r i 8,012 y d•s•. p.y.rr _s_1. 4 r Rwl tau i"w. lawn p..rq.:u r*4:uvy.+ c..,. r.7rsa Imago •prior) ,o. Mos tsrM.,..p. mwr ..wee. Id, N, rmrn•••••1 Pee'in lei word **red .om d nor .d G....w.y 0 Cm..Magp. 1101,rs Orpint m pad Ira Reed Gee* nee. poi Olr.r./ m,yr.rmy H. M4Spa b WowRuda, . .mil Imland pia NM • NM ttin,t/.9+aA r). 1+16wy.r.. 1,1007 y tYCW HIU.Yr,N.. •rb.. f.y•Y.4 my,hl drR/I•••••, CLL. Lao r.S*✓.end Caw Vnl re. d r.r r' .ram.✓I+Yom• A LYd . Er-, l L..rYv C folk ALL • L.W G...!✓4 wL E y1r.HN°LI F...,R—nrrLHN L V..HMI+Iy , H t.gR. Hr uy L PoLq Li, (AL 110 amd LLur r1hl.vmLN goo.rh . 0111.4 .-..rf 1Rly IL GRf N IL Y.Y,* • PLY V. vI ..OILg y Q CLL.&n.LCL. C.Le ILL IL u o...ridca.n... Orr L. v Lug* dvil ILL ALL . , X 1.1r. bGrrALL Y^.rrhirILL. Loor rLe L. me LL811r , LL n//r. /Fr 0.+r •.v mama. a ISLAND G A R DEN S GROUND FLOOR SITE PLAN .r..9.•••• a+...h r.MYn v.WrLE..ONVILL �� ISLAND GARDENS LANDSCAPE PUN: 0J ell Ne ambnrr a LI d Gorda, the nett *Meg U. the baa.wnD e the pennon *mein. Flynn Proper* 'San .ie Fars/rill Tnfia(Contra ,, a y.yd prone ettnlor# end be*** trios 1 newel r en* a *n, a ware patex rem the ewe ping .J the a ebpenn Earned D. Stew, Ir. O.Arn. (EDSA) w laden* *kern n/ Mir then arow.i'nery .:pnnN 1I r w the /wenp:eg./ hind Gee.. Their honk n Bed Heiner Shy*, Tat. Fab. and lorry, the At/.sit Been tY Cathie w P..en bind or t e B.bsw .i/ewhin..it tin de.* hod ewbpe.t INN r butt e/ the ntk.t/ad.. comma at IliadGwen. The CelstalGord. Ater w e, Rend Gee. V/gr 're nein ?et the fire (5)r.. wrenJt.. .dvbppa awe heir.d b Minn Hert reAatr4ere.t rter.rnlg See AwnM, AJ4r., Ana Esp, ad Ores. hill *awe the roe. d cad yin i tdrn weal , glary bete bee. .trwn.'anAfiew1 Bwwd bgary. Ahp the Perkily Gentle, • A.ygp Cade .d/ b nee the pinny lam pa#/w th4.ar ./then nite, te tin Its d ligbtb n Hnb. Abg the 100• egMyl-., yt the Palo Tin Pronen *, o *ken d P Carman* end Rex(Pax.* erne sill.* e/n.d trte esely 1 glom iik..d*kW nor tie Cn,rn, Ding Toren d &rand Pennon* .big the nee/ Tk Eery Bee** .e/hen alma .my' PI* rho,. INN ktb Me C....be. d To..i.. Cie*, end .i/nomad the Mi ig Abele/Yak Awl kith *own the Mahe Goer, A/e ehe r.adt,mvneig bled Gwen n/ be am* a* alma* bweaybg ten thew i.b Gee. Ala. ". nit laubrapig f/wr .i/help anon/the 4... . ehae.0 the d kq. .aeikb Warn Wend w . iami pork mad agai err Tidi.b tire heaping Arm J'* rb Ckldeu•M.na., Cb lkt' S.y.kw ym, d dr &next* had T.eie. Ceti,, Wind Gores WI =On rb e.mrpbx ie. f rTMd Moen aeudinn .p.# #neap. Flu* the wpsa.a e ti *tiled *elm* pie. re a aw e nm,J an*.pdw nem 4.trn a smiler d **elk a The bat e tat pater*. w the Mir. het the anal n4MJis the *.Dypnt 0. e.bewhle. The Amu ee de #.*rgig f* V. Mon Cereal hid he a bee it is i.w jmrd is the awn* pr., .J Amk'ld Tnpiad Cade eat the CMbbei Mennen - Mew, 29Iww /001 .e�Rnee. Per. 1•1,1461 pywram,r.. S k A ND C, A A DE N 5 PROPOSED LANDSCAPE PLAN r4�b.e..14r..hr 4I+r+ „yv �. ow n +r. wen y.ysrr. �,..n.r.. Gen �r. .ryry..y T✓ PNe P P,r, Sma Nat Corp, Conly r.,..tnr f. r .. t. R.,.ara. r.. .. T+-^v a...... ram, Deg AY ,ofenm r No, .T Ryh:i..e I . GI..I DJ„y Furoyea II Mew* rop.rdin tf. R.fyP.lplaid Y..P..r N. I*C.. ktedr.>W AIN N.. Rd.. tP. S.P.J..1..a'M. afar ors Ted.N. Gr•W C /Iql. N. Crf.a }.. CommlialWToeis C.r PN. P. MgtYe4fMNN N. IN R.rlaa FN. N. CrY C..,d. UN/MOUSE NOR/ DfTAIU: Utdr h flg f Real Had, the Lgdd*vt Hod bar 400 m., (JJO bare room ad FO,.du) a 21/b•n. Banda m to teed is from the Red! Add me o amdp.a where. Le..r dad of do bell•dd m•.m bey, *wag roved hod f bat and ddw,fl4. edg .deb adde kisfee a yam and de A Laby ..ede base., f the Eeary Oadxrd ddtbe Norma erg de moa04 Mid York Morita Amen • ad the dime Sala* irrt . dada t d..l d .deb *tear • dde of pee .a.T.. 4.4 erdam.,dthe maddpoet pima m dm roof f depea, gorge Garde •Falk. Ad de neai/men Limy .oe.e ad the pod&der de*itmieeorder sod a f theR.f d.dp•mt an Upp+keel ado •t, Melia Goiry a de fed d. &f G.dr. Peeing* the Hotel it y met odd dl/d.w some ya,for doe geed a to boor eel, f rd.p..bg e°rUa ArraInd de le* • de type lad f nail a deb mode dngb h *dead •dared, f to dal mood did mom day• d. b.ahwy - Made, 29)m 2001 Meatime arm rwtie.a „ 4' Few., w I ��%%G,.ee. rea odmmi . damp o....nt.ew.a t�T.a�LY.u✓u✓...4. erMaw aumr. S t AND G A R D f N LIGHTHOUSE HOt51. SECTION 0' PLANS d.Nbt4.•rT.I.4tH,y .ya 0.4ILA. .. *. Ma UM Mmea.. •..... rrr ymeraJ,ta 1a+N J 4,r,..a YYe1J uredtt er.w rrtrr cars �� mIWL FLOOR CONFIGURATION: Tie •Jam f tie opied /d..0 hood w, wedge - In bar *mamion fee de reams, eargig r1-rm.r peeped ad a ddd *der (de for de hod edone far foradd new uaupe- nd rod). The daddy fh fop & a and'melba y the /fire/ bdg f tbe fide aid bohemia dot b.ad4tr bet.,. eta odd dor is. ovoid m bug tbe ben bnldg ae. Tem demean Iddir h f h Lgb.M.. Hem sod w.ldpmud pm. marl sad =coe.dm.tg. pods • ear to Deeded. ROOF GARDEN UYEL The deader Wlar 4os a• di wild• do Ref Gard. Added f dm pod; men bade a.r, lmujaded; dad a, del mare ► to Merida Gadp Taw bp.. rymet m traded ido td .f the *den thee .ippada .,r..ro/ndaomdwe the Medd de ad a ami- de f the art g rod ad eau f.ad fret bed eurr{m6'g the retail dome u.....114•1btY r1•4111ft WAVE NOMFL GRAILS: User eeflag y CONRALI M put. y to Haw H.d Gay, en Wee H.a(.il Maw W fain, .1.14, ti b.( 464 G. Appwk y. to i+6e ad k N.aw, anon a M. i Inn Hest set hen a mauve pity kw/ y 6144 sib wry the fen mediae y C.'bbe. Ara .dCrete . Arpin is be 'ones.. roast IWj, ad wwai craw. Tor arb.ady y tbi, 6Leln ad woke elm tear fm, y re waw lbat eta yte Mat pane ofLets Arne.. wed Cranes ayao ••l .den . to Ties. Cwgad y 171 menu sitb 10 ,.:n, phs•fill saws y wet* Mow tad swim row,, Le, alma a tbe bode e./ MGeie Parkas, a a ta.6apdJaimwt L. es the rend Ayr env le Meeting ester y tEr RANT Plewrk, the Map YesMann, .Itaa._ Bnroy.. Boy a the elgekw y Mies.. AMU N to Rey God. aasaiu u from the AirdJkw. lsa..wdowfiner ra.n•dr seeing raw; sd..ni.ea., k•6 y bsa,L rd,apprt senior. T4verse .4 wgfaw bee y e benseek eft The Retail Geode Y,Bgr M66 nsai/Aye wed remor tb cessation eon to Gaels Awn Tb. r. 4 beimq! rep. y +brf4th a the meek y M bekwk, lee beg bee sou et eon, .a.mN, NONE( tbe nm, a k... w Viler teen a ,.ease. meow. den sawn wyR.rs ims Al tdr Do Healer e Sky Geis en preside . Of. i wok, paw a swish the Boy finer • awe y t.,. TM ran -3 oilbe aaibbbfe de ..dam. a t wee Abe 6r swig 'iJ' MEM N. 6a aY . Mee Hot eMby bndo ak Rwa/Awnw ad mom di'•+nl a re Reef Gerdes The Hes waJ to wars }athpe.' a tb Rend owl peek aamw, for to Na.. ddymr frm Genie Pekes, • Miami, 79 J.. 7001 .4.1 ter Vary 4Nr4rh are••.• Mow. ..r.sr.... sa..w..y *NW —.•sew uu.wrrrrerN L.4Me.a4le.l..ww ara0.a.dfiw•1. TWICAL ROOD CONEIGIRA110N1: TIN sneak byes y to Opitelfee. be.dw ,g ls,e etreld id n6 e 6.1604. y rb 644- at fen*. Ala 6 et Am, Aar y the Ina Hogg tbe babe.., eeeh all y fbo threw a ,tape( N. elkwgfwmaN. Al the betel Awl taper tee Jai 4,po kcal, ,be p.oe' MN., become tl.fenny ANN rod seek as differ - toned, ,)pu a d.v byes:. A .ik no RIM betb room, Nd ypr keel mac Penh es to north facade an set MUTING ROOM LEVEL: b.ee/ e y tbe Wee Heel .. AID .r,be prow.., mwNZ row flow mite JAI teen a .e Reef Gees en es perky! GeeEo. Tbe,e reset bewpmnon .at •J the Boy e.d,yk.e y Mine. Tbdr a.fjlr. -. ak.fr,wa'afad nanidaad rte. Omen/ bakerya waiessta puaKJ .cams fw swnmbg tb Real Gees i Ls? 't U+ t.M.a..n.w. S L n ND G A R. DENS LIGHTHOUSEHOTEL SEC d PLAN, e.b+9h�M•rIN4I... SECTION H.•D.r ., t. met.'.... ams�e ...4r. yarn.1*..rrse,uer.. a+ar•w Lod cram •a•taaes ae...w w1Y.11ewrr t i i RETAIL GARDEN VILLAGE: The mrrrbwl.gob. f Red the Mal God. Viler , if wmmfr.ted dog •rem ram f pm pith t.pfrom m bah rider f toe mix The I, Iwo ease ee Oft shop?., hr4', pith r/k.ys tr bripdad the ypr ha& pith the pmkiay le ge mood the reef proem oboe too own rbu'mm'rf ntol;m6dr ray modrogeg le. for rat f too axon, anon Ho&teppepg wood from ear gainer gnu the arm r odor nrfroatt fin redsgprden now f reed shone feller tie f too Croon ,.T. Thew rhos bolt. go sr pfmpg ••.: or the Fm Cwtheoml Ror Grader Amu Erb Y '. f them ,u.h..., mates ep bath fro et the Real Amon emu tbo Mgr Yoder Maw bdgdyp doe rkf.r'l • fM. )D...00.. Rutrm.rt warn melt f `.• the nod lido bed boobp4the Gear D. T nth Ire 41 q%n songµ wed W. (The deni- er tern nob air mthe floor neat men far, frikd l Thor "nod hr(utj1hmmb bag k/ r the Imdrged Ammo emriolg the Comm Pet A red moo, f ou Mein C imam, load Rod Pneon) piIp.bf, the our uomwet wooin n o to-dnrbrd Upper kW dn'g d atm* fk'n ear m too R. f Garde keel end option the dairy f the noir bde.db bob f.. ,andwm.wr Idiana, mend to do eery ono m too pe.kg prcr. Diog Artebo.r io dr Croon Ash me theme o *road heel pm wb =bona lag paw over - Ambits mo.rprfthe pm&and the .oar d Rine.. Be" Mr totem sm.e f ..r( limn, dog, and mbnevoat .au boron.. balaresiforiall rb.gbwee too drib old her rums f ?mum and ndmntr r Mimi The lobos of iwoape.dbo & pith haraorrbn silos/el trio arm f roe mmtpent. nee ebbing ad ring ocarinas re the Runt 137,,216 / Rmmm.w 1e,012 of. (000 mats) Pmheg 1509 pan • Mind, 29J 2001 M.rr, lee• r/n-.r.....r-.- 44 rare.. row my amp micm�--. lTwrl••DININL•ILANr reNmr RETAIL GARDEN VILLAGE: ADdd=d Tbe ridkrr f the Roar Garde. V do r is brined m uwdtory real in the Road Garda Rom eel rend keel thew, deg the Real Amnon All the fret magi arm ter Cnn..:Di ,6 T., me notary rbba SW the moraine thew so tit p4.. Then off pi1/none. interwar lvpal bmrnm, het rifle compares senior( mmebo irirg obi b pry than and reee-ethry tempera fntbr fbgeb;p retailers. I. addition the darker area mono inker heb't a. the goo bo-tmy ter =rpm robed pm for her &pig naam.v mpg the Crane Ding T. The, oil permit venial ope- rable coot lima p;a old hem. glen or xi0 o6vpr rondo sang dee;g peek pen. Noe that the one shoo o. the Lgbrbr.. HodImage dht- t .pee a stepped zealot fee mist the Rta(Awr or .ell m snob rmmpd...o ion fr*me odOne front i.p'kry. RETAIL GARDEN 'ALUM: R..l4wol The then prlu&dented tef .b old fend dieing. Ably the Croon Drug Torero on that oryml d ing paaboer sit coop the real bake and company bong team mew the bdagmg f the Air Tar Proofread, the Manna, and man &rapes R%'r the n4}kre f Ar. Is.o Miami Each of rhea rarma.ft bar a r.y,..bye owl better roof Mir* .bg root& h*.. h.&mpd ardor long pram, mend gong, obi hel- m oeerkok;g the dtir.rpdq Wow Trie heel the aromas to the wee d'nited .rag f thy bathe' mono, e,d bmy.Ng,... with the arme muse? aft ./ per mar she bade.. elan WNW MP 4m.ramme.a t, r l, , r F r r t p.m lmp=rlM.eeeswlam r r4 hew nrt'v. ngr�rr 1 *.4 owe. r" .... -. Cm, W. Vic': T ISLAND GARDENS $ISUTI! IWT A4p: wit/ el tbl.mrpin d r.r.yw.y6rlesora apiet w. r / fs maad., t6 r Orr *sole y nut* Id.d fro oionlyd *KM so ow the muOleo .a wind ail a,raddknwap.ott i Mimi. T6 seer Also of Pant fsek thou Um mrrm eJ Nr swab >ol rJ M.wti. Carom, r • MI bre* d Pon Can y.w e. It oil r6j r:f. tbl&Wynn!r nsob t rrlfiwpoaakm w conks, nora iu more War.. In t6 a.Isig Riot Abs. R AB oath kwdp..a eJ do Vine Lied it. T6 ',maw*. aid Tema, Omar if ,e. aaire i de Boy &raw!ynrr.J ^r'oe Amelia)ma 4 y Sitar Cede cc, dtb Mrpi.ryso.. r de,}& fMim 6 dial., tbo Clam? Morton dobrr yArdsn:m boy 1..,rbmNr t o Alm, so tbl E. 8.6nd /obrsoehir aq w ith so egaN.opos *We orsop.dso for Aaa a ary,.riv ao,:m+. i pioo a o wl( ad. amimmr."swim apre rJ R p.Mir emu m nominal Mole m Noe* Be Lfood Calm, rr • Ion retie ,p,bl Nth M grpd..iup n wig oot into ➢iarm Belle mow oIb WO''(o6'¢M po...A .dole liar ( ,wale mrdi..a ammo ✓a bra. Tb kya eJ Mood Gorda, a too V. Mime* polo :6p tot/ a rid minor, of i.rr. memo(wl. mod nu .r tor. Chary alibi i. do /ma ar ab,endlme wf the gain, Hillgt .d;oak emu .is/ oil Mar so UMW° N&fora..fi dreg wnt Lid Genial/ Olemr Rung. Skip lw air arka eJ tbl Rump. T.r...(m Do* blood brieng.wr 3.25 main our, r Wood mayor. TA Aerimn Aai.0 Timm/dkb M, Maim the pent a Mimi) poor wrarp 'tor Po blot of do d...r.• if, paid "par blood G.ol., nat r Bimrreie(P.,A wick& Me mumu air n. bone for lb, M.w.reJAf ..dA. Sham Mao... Pnraay B.yb a.! Below pork ,.opkr amrrd'.q k.l5armt.J Biaq., B" a do mWpr of Mimi) oa.Jrat Man* Neu.,pmpeivamaim!rb,q dude ofspwdor drawn elI der Be 6m wort Cs** Belk, do Arm, Beae.WPork Omuta Power Twwrso/r Lid G-do, &Von, oil /u :drfmt. l .rig Op wood tar Be oonse do flout msnfiutnpoiaw a Floid, rem, . Mimi. i9 Jon 200! Ife••nrwbfe.rp '`1 8r�i�mwmw�.rr am.r4Y4•ar�•NIAA. .e 5 l A ND G A R DENS H a MAP v/!. ..OA ..•n.rr. [A Ma Cy.rwr. r.r I.y b'.m. h Wool ,. 0+or I. . e.L 1. V1we. Car r. u. lid Habra Nor 1. rw.0 Awn. .i:e.Arm. Agitlf It er`rlb.! Char Aiffirs O. A...dwp4 fin bait a. e.r e:y A Dolfvemo f Ir. tlriA4 4... Iwo sep_r.ydy renI. i.. Cq owe... V. crmwrr a. i}. rued. }i. YwMwr �Nwr...r. .�. a .• s.••r� ISL A ND G AR DENS • A t I O N IILAND I R Y f. INS �relr..+�►•r•<ei.r w»>r MO.r vN.r.i.r ardo drammol r r r oo..w. -y.ti-- ISLAND GARDENS RETAIN OMEN VIWl6E VIEW: Main acmes the fpw.f Lad C.si.f — rhea flu war that ets6e6wd Hisyr Big ad t6 llyba,f Mini le the lemma err W C..c.ard Goa Ram ali..eq the fro pawn that prpl bit a thew p Miwa' (Sorb Anmia. Aftia E.rpr.A.e..d 040144). T6A1.i awe f thr Crum, Day Tana fad with pameap ea! a bt swat .aMo ja& thew Min l, the tins of to Mg. Yra Mona. Amur the fiat r/ thr tar 6r4pat thaw the IOW rj bbefr°l' f the Path Pranged, with m mane ads myth rJ Pau.. Comma ad boy! Rause Tor a,, 16 awe fart tin 4.4e p tbr Cabaa. ..d Te.is Cron. TMP,Jrna. Bop ix for bather it award p the mesa rabaft, &reap. fathom j mart throwfi Wlaa'r.b of Mon ea bard Cara Oaa mob Bey 16 drat eJ i. Mee Y.da Mena math le 16 Arad Kama Brahma. Cher e the a. ,par aid tbr raw f fade Tah emu* H Mak from the Math i,p the amino aria 1. tia album, .a f the rise that oar s ritabnEf• r6 coatom r the .4pha e Atha is tiM.rad g..4 the thaw. toe. Via b .wtpaefd6 alas" ir the ma within rf pal& r tithe peers b.,.Bhr i. 4h ail Ihw tram r bar d rho 'rah mama. re* fieataer, threat rbob that erbiat i e6 Dry r *kb tha tamed r .veadM itthem wilppdi they meal- d4 rr/rerbig salgrpi.b It waub r6 m.ibl bait d Binpe Bry u ipgi ear gi.a r6 barb" d Maher abe m Ansa t6 .rh( Flgms Prysar her Magog hat, b rbr; r arena,.. yin with easrrdisay maxim blewµ at wear fps thew tat f ith Maw b4rdp.np r a .e. Mead Gdrda oath ea alrap Wier j rero4 bag, 6tppkry, laem pdtvn, wed/ i. tin. taioat rbr eirmad Ab as of thin ma maxi dm.d.r ',seen io tog own At •(WNW" a mob Ca.44.4, tb a,MM a AEA, but for Warr Bp taut ea exa eaaeq taro, iNpJl rpann with r6 t1Me/6rrery ix mob rwww.dfy Mead Camas NI hart a J Fh'4i tea arras lad • Mimi, 19 An 1001 — t.w`.`..re.rmo.'mo - wYrMnlMoani.t.+Y ✓J�� w•p S L A NO G A R D E N 1 C A Y 1,1 a V t E r .44e.M4441.4•4•114. Al..4. .Mtx I. Too Ho ). r.N✓Cain./ MN fiw n.f .—w t.4eata H.rawrl Had 114.1100 non}, 414444.1 4. Amid/ Crisp VA. (IA H1 m e...1. dye 1 1.4•104q/i.Y4. m.td d ma .✓rota b hey 1. gam...G.Aa.em fin ttwiiwGJa 61 p.r..y wit e. ... _ ..M.mo. tine Mort 1,000 y..ura. fear) .. Dry, 1. CalaGeld=bow M1••b4 w re:.11112.40•11 G.br z...a, d Image it 4,44 r..N�Y.bw.ap 1e rrM.s r1 momo,.d .1JM.4i. rr.t.•4n.mo•44i O .' *No, wrrp,..t ••�d tii.r +Cr...n rain Ca./ nnl:g} mow moo b.me.a inn fmo.) rf. Bind car, limo. pi PN,fn y --,......d put«1y. 1.1earn d NuY .as. Ye r .i.. NM U. / as am Tad alma., • 1,471,441y WATSON MAID AEU YA(NTAl NA: AtwPy d. Jar plat yr tbafpdk lads Adiw'S boa, WAIN Wad gm* adq a el pas y to ek man of Haag. B. E6e tbmkY b the G.iMMw, wd tb fibres* Moon; the miAdg kowtow Mi.. rd d awa adpm.rais naea ./ Mira' &soh that tb, taiga,. the GO IJ Mari. Au as Ma Ma at aide at • AAg• Yak Mara goat. •a na% tk.Pea leabonow Ago dent doe . , a North Aqaba, awl be CmM.w Flyra Papaws swat to ate. w .atnan6.ry a>.•dae babp.ae rkel bleed Goyim Tao Maagee Meb elgst gag •/.tl urge a tAeg waif4mm .goo blab rbk, tad 'wag man dtlrab at .a y rk swtaaamw . d aimed pieta .) .aregrmg ogre.. g the Hart .bmrmill Ng LIeJGwiu a 6Je sitl k bee*do gam A lay 100'pnr.•a deg tk.am, la 16 mar V baa,riac tag peat agora Insole boat soma,, nee* gads, bad reaseratig, aura. •9•t ad are, ad man..'a.Amebae ail am • mint gook • . der e/•/ mg. so liar tad MAO Mini Yet gas wire,/J.abau own. do not • rot ay r•M. Tar tbdbga Ffgaaw YI•p.ou miltoms are y d•,6at waryan y ties at again hoax motheaten ten pat •f ex Aaeia. Bombed he tertemotag tb• r saAN* 500- Ywrier &toye epee•/ Raab, we silt met • aOmae .J y/Mier, adpar a,/.wra4 Mb n4fg(ietn weedfirraa dad »aeigatomic do oil al tl. gory 9 Mr lig fnib Aiwa.,/ mufW Ina a bear ar.f &k erma sa.r.d gibers tM week 7'h'r idiMo• b tad. a44 kiV s /b tabard elieesig eJ AGJai.r, peas 6 M¢ emir Abia.'t . said.,/ Ilk C 'bkw, sat • bap. ebe Mad Ganieu *St Maas OS, '..bass a ..a aanaa.dabaft tk exam t•wssodgt P{gnw NI).* mill Ado IsktulGwa•, a dater ds/a ndd..S dame, ad peg ab.M. Ton s a•r•aI.mem e • dearth. dam m •Siig a Isar. tbe rote ch at etbu .J is w sb.n. Lewd Gain will &,/ rt Air mate a Oameada.t:m MA ail alas te•amok, rd lard, b<dgv, tad gar nkbaly a lb: tea - Miwi, YPfiat TQOI P.....r.y. . I�..s.yl.sa.. _ . Co..6.._•. "E.G... I.. SI A ND G A P. D • AY SITS PLAN ,tr sow E N 5 .y,.•.. r g4tm_I.ai..r....r.r. si,+ sex, �..a r ••.••.••••• rw.Iw. r, e. I... Ws, A*. . .. K.* Gar, r Lau, J. V,.Oa G.,.p a sir Lila ,. ,au., ter a. Oroweu Puler T*I 1. A..r A.IvA,.v mow spun a. aa.wslM IL a.ayyb 1•cy»oils Ia. Ilya. Ie, area Daly I). D..m.•Moi .I. PApve¢.ae Aso GAP u. cyr aMa G.ra.e1 Trig Cm. tr. LI..I Gallop at. »aP Y.aaA•• Dedicated to ROUNDABOUT restoring the storytelling quality of architecture and cities, Island Gardens will sponsor an extensive program of dvic and public ad to chronicle the authentidty and experience of living in Miami. These sculptures, mosaics, friezes, fountains, murals, engravings, and epigrams will describe the rich history of Miami's mar- itime legacy and establish once again that the Or is the greatest work of art. - Eric R. lfuhne In t�i-Aiaalo of 100 antral Roundabout at the rote section of the entrance boulevard and the meal avenue, a rymbohic fountain designed to cekbmte the art of sail sits atop a rotatinggimble mount so that the teak deck can dip into the roiling amen as the sails catch the brazes and tip the fountain into the prevailing winds. Rigging, saiLr deck,and furniture are all derivative from the actual hardware used on classic raangyachts. The scab of the fountain is 36 feet in diameter and the deck of the sae pture is 24 feet in diameter. Highest sail rises 50 feet above the deck GOWAN OMURAI 5,722115117the 100' promenade of palms is a fountain which marks for intarreaion of the access to the Wave Hotel ;.itb the foreonin to the Fish Market Tnlhi This figural fountain has r1-fsgures who represent the diversity of nun, needs, faith, professions, purpose, and hopes of dealing teeth the meantime kgary of Miami's relationrbip to the sea SOOyears of history recorded through the individuals who have contributed to what makes Miami what the is today. A R T SI010,0,E ANEwA narrative of the Maritime History of the region, the Stu/tare panels will lend an air of authenticity to the historical story of Miami's 500 year kgasy. Documenting the evolution of this pan of the Caribbean from a struggling frontier to one of the world sgreat centers of commons, industry agriculture, and tourism, these stone scupture panels will chronicle the evolution of Miami as 'Captia/ of the Caribbean". Located on the bulk- heads above the shops in the Reta'Avenue, these panels will be kgi- bk to all as a continu- ous frieze. One panel for each generation of people from the aboriginal inhabitants to the immigrants who haw made Miami one of the most &'verse cultural centers in the world ISL AND EPIGRAMS Of LI TERARY FLORIDA: rring the tart resources of the k'trrature of the region, Flagstone Properties will make selections of these writings to extract quotations about the experience of bngpart of the sear, aaans, river, lakes, and everglades. These literary excerpts sill be carved in stone and scattered throughout the entire development. Intended to remind guests of the diversity of waiting inspired by this place, the me m will include Indian insaipewns, poems, noµ dr,, music fn'a, and sereenwriting scores. All an hoped to convey a depth of feeling about life in Miami, and about how those who haw visited and lived hen convey their experiences to the rest of the world At 1 boKbom of the crescent pool by the Crescent Dining Terrace, a colkaion of treasured obJias scattered and embedded in the bottom of the pool will capture the *gag of heirloom; luggage, and pricelers artefacts lost at sea Installed hey Michele Oka Dour this detritus of our lives will provide a giant mosaic of the things which represent the character of our k'ws. Mirrors, combs, silverware, china, buckles, bolt, hinges, frames, doll;, watches, docks, umbrellas, toys, trophies, elc will all be strewn across the pool bottom amidst a scattered cloud of seashells. As constellations of our k've,, these cast aluminum artefacts will ell a story of those reaching for the promised land only to fall short of their destination. ,TOWERING FIGURES: C bwennggateposts as sentinels to all who enter the Mega Yacht Marina harbor will have one of two fegienheadr atop each mast Julia Trade e will top the southern mast within her hand an outstretched orange blossom and Henry Flagkr atop the northern tower with a role of plans for his railroad linking down to Miami These figures will be part of an overall civic arts scuptsere program that veil/ commemorate all who'have personified the rich history of Miami. Created by some of Miami's most provocative contemporary sapbr1 these figures will become irons of not only Island Gardens but of the spirit of Miami herself A R D "LOST AT SEA" LLEGACYMEAIIORIAL: s one all t most heart -wrenching experiences at Island Garden; the 'Lost At Seer Legary Memorial Fountain will be dedicated to those who haw loss their lives against the seas of the Caribbean and Miami. This fountaan commemorates all of those lest at sea whether they be fishermen, sailers, passengers, immigrant; or expknn. Following the deeply touching installation of the Holocaust Memorial in Miami Beach, this fountain wall become a secular version of this moving memorial and haw a similar majesty to the Vietnam War Memorial in Washington, DC. E CONTINENTAL GARDENS: Working with the Fairchild Tropical Gardens, Flagstone Properties will create the fete (5) Continental Garden Rooms at Island Gardens. These miniature gardens will represent the colkaion of plants unique to each continent that people have left to come to Miami African, Asian, South American, European, and Oceania will all haw selections of the unique floral types that have found their way into the best of South Fkridian gardens. These rooms wed also become a testimonial to the diwrsiry of adheres who now make up Miami's dtizen s And it carries the idea of disc art into the Nwi M.wq G.• landscape part of Island Gardens. C000ib.ran to the Chi` Ara Nana ee 1,lm,d Gamlen, nilt ind.b batMuna frank AStheb Oka Done I Baba Mara Mammy Caa .nth the rhino dr dn"rfrom Fairchild Trap'm1 Gaits a.d the mart and mwhuaa Erie R Wm d•Asmaawr. Spilti Candela DMIM That airs sill foam tlx &atheism ntab1hd try Deei'ig Park ,in Sib y ad B! ,.mr.. Mead oath of bohith ha, f aj ix:grmd a% or.a.nt nod o ji ate atme.f the mod grmtaie and p.iramprrgramt,n fide m..enul dnebpaant on oath of th.n manemr. in fad, both comsat the lava aatadaaon e an« art d. d.i Mow&im. Joe e:14ae. Aw. Pr pond Fbgmm Propmam 29 pare 2001. P R 0 ) E C T P L A N C ISLAND OAR= ROJECT SUMMARY Mega -Yacht Marina Total Docking Space 54 Manna Facilities/ Office 6,593 SF Lighthouse Hotel 300 Rooms 250 Rooms 50 Suites 277,964 SF Wave Hotel 175 Rooms 50 Suites 239,986 SF Retail 137,216 SF Restaurants 4500 Seats 84,012 SF Maritime Gallery 4,000 SF Parking Garage 602,436 SF Roof Garden 121,580 SF Total Square Footage 1,473,787 SF Public Space & Gardens Includes Open Air Fish Market (10,629 SF) 285,443 SF 6.5Acres Parking Required 1,376 spaces Provided 1,509 spaces ISL AND G ARDEN s IV-39 5 • 0 P L R A T 1 N G P L A N OPERATING PLAN V. working with positive effect on the City and surrounding municipalities. Specifically, Flagstone Properties will set out to meet the basic underlying objectives listed below: L MISSION STATEMENT. The key to the successful operation and continued viability of a project, after its design and construction, is the adoption of a fully integrated management and operations plan. Flagstone Properties, together with the project team identified below, proposes a plan based on the concept of clearly defined responsibilities and direct lines of communication to allow the proper and timely dissemination of information regarding operational and marketing issues. This line of communication will provide the team the resources to react and plan accordingly. Additionally, Flagstone Properties is committed to the City of Miami to ensure that Island Garrlemq will be both successful and have a • Maximize equipment and system reliability, and occupant comfort while minimizing operating expenses and safety risks. • Coordinate the interior construction process to ensure new tenants are moved in on time and disruptions to existing tenants are minimized. • Identify projects/methods that can either physically improve the property, lower operating expenses, improve occupant satisfaction and/or streamline operations. • Implement the appropriate environmental programs and procedures to ensure the safe and proper maintenance of all components. • Implement the appropriate programs and procedures to control and assist emergency personnel in situations that arise to protect tenants, property employees, guests and physical assets. • Implement sound purchasing and inventory control practices. • Implement energy accounting and management systems to ensure energy efficiency. B. MANAGEMENT TEAM. Flagstone Properties' Operations Team includes the finest international and local professionals for each of the project's primary components. They include: Flagstone Properties, LLC. 4 Overall asset and property management Camper & Nicholsons Marinas Limited 4 Mega —Yacht Marina Continental Hospitality Holdings, LLC. 4 Hotel Development & Asset Management Conrad Hotels 4 The Wave Hotel Regent International Hotels 4 The Lighthouse Hotel Jones Lang LaSalle Retail Group 4 Retail and Dining S L A N D G A R D E N S V.1 O P E R A T 1 N G P L A N In addition and aside from the design and construction of the public amenities at Island Gardens, the entities listed below will collaborate with Flagstone Properties in the on -going management of the Maritime Museum Gallery, landscaped public areas and salt -water pools: Fairchild Tropical Garden 4 Gardens & Salt Water Pools at Island Gardens The Historical Museum of South Florida 4 Maritime Museum Gallery C. MANAGEMENT CONCEPT. The Chief Executive Officer for Flagstone Properties will be responsible for all aspects of property management including: Providing overall management and integration of all project components. Ensuring bottom line performance of the property by developing a plan to add value to the property both the long and short term Managing all on -site personnel Overseeing the provision of any necessary support services Reporting to the Chief Executive Officer for . ind Ger iriv; will be individual specialty General Managers for each of the project components. These managers have the requisite industry experience to operate and maintain Islund Garden.+ well within the management objectives. Jones Lang LaSalle Investment Management will provide its expertise as Flagstone Properties' Asset Manager Advisor. Moreover, Jones Lang LaSalle, who currently manages approximately six million square feet of commercial real estate in Florida alone, will assign a dedicated General Manager to this project to assist in the development of a customized management plan for the property. This plan will also include a subcontracting plan to reduce costs and improve services. D. MANAGEMENT PLAN START-UP. A successful start-up will set the performance tone for this project. During the start-up period, Flagstone Properties, in cooperation with Jones Lang LaSalle, will work to ensure that property management, operations and leasing, goals and objectives are identified and addressed. Information gathered from these efforts will be used to develop strategies for meeting all specified requirements and objectives. Specific areas of attention will include the following: 1. Property Personnel Develop a Staffing Plan that will specifically meet objectives and interview current staff to assess their suitability for the positions. Develop a cohesive, motivated, well -trained, service -oriented property team. I S L A N D G A R D E N S V-2 0 P E R A T 1 N G P L A N 2. Accounting/Administration Implement financial/accounting controls, systems and procedures. 3. Contract Services B REPORTING. As part of its management function, Flagstone Properties will develop and implement a comprehensive plan and reporting system. These systems will include the following: 1. The Strategic Plan. Summary of information about Island Gardens (size, unique characteristics, capital improvement history, use, etc.), including the results of a thorough asset evaluation, and provides critical information for the property team to use in deciding the strategic direction of the property. Management Plan. This plan establishes the goals and objectives for the property, reviews the assumptions made in development and provides a written summary of operating procedures. 3. Annual Operating and Capital Budget. A zero -based budgeting philosophy will be established for the property whereby each component of all budget accounts and sub -accounts must be justified and a detailed month -by -month breakdown of all expense components and explanatory note will be provided. The capital budget will incorporate those projects identified and scheduled for implementation to meet the strategic objectives. 4. Quarterly Report. On a quarterly basis (or other frequency), each General Manager will be required to prepare and submit to Flagstone Properties a detailed report, which will include the following reports for each of the project components: Management Report Budget to Actual Variance Analysis Property Operating Statements Accounts Receivable Reports Accounts Payable Reports Schedule of Capital Expenses 5. Operational Reports. The Operational Report will report on the following programs/activities: Preventive Maintenance Program Inventory Controls and Monitoring Program Tenant Services Program I 5 L A N D G A R. D E N 5 V-3 O P E R A T I N G P L A N Energy Management and Monitoring Program Life Safety Program Environmental Programs 6. Monthly Financial Report. The monthly financial report will assess: Budget to Actual Variance Analysis Property Operating Statements Accounts Receivable Reports Accounts Payable Reports Schedule of Capital Expenses 7. Preventive Maintenance Reports. A monthly preventive maintenance report will be prepared documenting the maintenance performed on the property and will be kept as permanent building records. 8. Tenant Service Reports. Smooth interaction between the tenants and the operations and maintenance team is essential. In recognition of the importance of quality service, Flagstone Properties will implement a standard procedure for responding to requests. Each month the calls are reviewed and summarized to identify any problems or trends and develop solutions. Valuable management reports will be produced to summarize requests by type of service, by tenant, by trade and by status of service request. 9. Energy Accounting Report. This computer -based energy accounting tool will be used to track and trend utility consumption which will allow for easy retrieval and sort data to produce custom reports and graphs. This tool can also be used as an input to the annual energy budget process and will assist the operations and maintenance team in projecting and systematically analyzing energy consumption, analyzing energy cost factors and creating programs for improvement. Trend analysis and evaluation of environmental factors affecting consumption will be consolidated into an energy report for monthly distribution to the General Managers. 10. Life Safety Inspection Report. As part of the monthly preventive maintenance report, the status of Life Safety Maintenance and inspections will be documented to keep the General Managers apprised of the status of important life safety equipment. 5 L A N D G A R D E N S V.1 0 P E R A T I N G P L A N F. Opeirilion Entitles. The table below summarizes services to be outsourced and services to be handled with reimbursed staff. 1n-huusr Sub-( :tract Property Management Operating Budgets Development Capital Budgets Development Financial Management Vendor Management Call Center/Help Desk Contract Administration Accounts Payable Quality Assurance Information Management Engineering/Operations (large sites) Engineering/Operations (mobile workforce) General Building Maintenance Building Operations Manuals ADA Compliance Branch Service Audits Procurement of Materials/Supplies Inventory Management Landscaping, plantscaping Janitorial/Custodial Services/Day Porter Pest control Water treatment Elevator/Escalator Maintenance Metal Maintenance Annual chiller maintenance Window/Curtain Wall Washing Trash removal Locksmith Service Generator maintenance UPS systems maintenance Life safety and fire alarm maintenance Building automation systems Major painting/decorating Parking lot cleaning Roofing repairs Food Services 6. LA SALLE INVESTMENT MANAGEMENT. LaSalle Investment Management will act as an advisor to Flagstone Properties as its Asset Management Advisor. The Asset Management Team will be comprised of two individuals. The first individual will serve as the Portfolio Manager with overall responsibility for evaluating the performance of ss1imd Gardens. The second individual will be an Asset Manager, assisting the Portfolio Manager in gathering and synthesizing macro and micro information. The three essential components to Asset Management Services include: ■ Disciplined strategic planning Pro -active execution ■ Effective communication I S L A N D G A R D E N S 11-5 0 P E R A T 1 N G P L A N H. CAMPER II NICHOLSONS MARINAS LTD - MEGA -YACHT MARINA OPERATING PLAN. The marina will be designed, constructed, equipped and operated to the highest international standards respecting the environment, concerns of local interest groups and complementing the visions and goals of Island Gardens. The marina management will ensure the highest standards of service, maintenance, convenience, safety and • security along with attentive and personable service. Island Gardens' Marina will be marketed as North America's finest purpose-built mega yacht marina. Its objective will be to attract world cruising yachts of all nationalities and to become a recognized base for leading national and international yachting and other maritime events. In the context of this narrative "a yacht" means a vessel used primarily for leisure, whether propelled by motor or sail. In the yachting industry "super -yacht" means a yacht with a length in excess of 100 feet (30m) and "mega -yacht" generally means a yacht with a length in excess of about 160 feet (50m). The super -yacht sector is enjoying a period of unparalleled growth with 400 super -yachts currently on order or in build. In North America, Florida is viewed as the center of super -yachting considering its proximity to the Bahamas and the Caribbean. Florida is also the most popular arrival and departure point for yachts going to and from the Mediterranean with its numerous social functions, yachting events and its thriving charter market. At present, Florida does not have sufficient yacht berths to satisfy current demand. I 5 L A N D G A R. D E N S 11-6 0 P E R. A T I N G P L A N 1. Organizational Chart & Staffing Plan The marina will be a self-contained business coordinating its activities with the other entities of Island (Gardeir... Flagstone Properties' Operations Team Camper & Nicholsons Marinas Limited (Marin Manager) General Manager Marina Manager General Managers Of Island Gardens' Retail, Restaurant and Hotels Office Management 1 Accounting & Admin Staff 1 Secretarial & Reception Staff Dock Masters Fue Berth Attendants Maintenance Staff Security Staff I S L A N D G A R D E N S V-7 0 P E R. A T 1 N G P L A N The Dock Masters are the front-line operations staff and their duties include tie-up assistance, monitoring of mooring lines, fenders and utilities, garbage collection, badinage, pier wash -down and general customer services. The General Manager of the marina will report directly to Camper & Nicholsons' Headquarters on a daily basis. He will at all times carry on in accordance with the guidelines set out in the company's Management Manual, as supplemented by the instructions, policies and business plans approved by the Island Gardens Operations Team. Staff will receive job specific training including, VHF radio, First Aid, boat handling, mooring techniques, fire fighting and hazard assessment. 3. Operating Procedures The marina will be staffed and operated 24 hours a day, 365 days a year. Standard operating procedures will be put into place for all routine, day to day activities. In addition, there will be an Emergency Response Procedures (ERP) manual to cover such events as evacuation, fire, sinking, public order disturbance, severe weather and oil spillage. A Daily Log, supported by checklists for individual elements of the operation and supported by berthing data and other office records, will leave an operations audit trial. All use of the marina will be subject to the Marina Rules. Camper & Nicholsons has been managing marinas for over 35 years and their Marina Rules have become an industry standard in many parts of the world. The Rules are extremely comprehensive and include a Health & Safety Policies binding all marina users, including contractors and suppliers. The Rules ensure the safe and smooth management of the marina. Close liaison will be maintained with the Port of Miami and all other relevant authorities. 4. Management Plan & Team Camper & Nicholsons Marinas Ltd, successors to the Camper & Nicholsons that was established in 1782, will direct the management of the marina. They will work closely with the associate company, Camper & Nicholsons International, known as world leaders in the brokerage, charter and management of super yachts. 5. Maintenance Plan Maintenance is closely linked to health and safety. A routine function within the marina's standard operating procedures will be hazard assessment. This takes the form of carefully inspecting, testing and repairing of the Marina's infrastructure and equipment. Maintenance, whether by servicing, repairs or replacements, will be in the marina's annual business plan (budget), thus ensuring that the marina remains up to standard in terms of safety, serviceability and facility quality. I S L A N C C A R D E N S V4 0 P E R A T 1 N G P L A N 1. HOTELS: REGENT INTERNATIONAL HOTELS AND RESORTS. 1. GENERAL The Regent International Hotel and Conrad Hotel have provided letters of commitment to Flagstone Properties for the operation of two 5-star hotels at Pshtiul Gnrdt rrs. Please see letters at the end of this section. Both hotels will have a warm and welcoming atmosphere. Employees smile, make eye contact and nod in acknowledgment of all guests. Personal welcoming is important. From curbside arrival to check -in and check-out, services are expedient and efficient, meeting standards as specified. When making guest contact, employees are smartly attired in well -fitting uniforms, neatly groomed with appropriate shoes and appropriate make-up and jewelry for female employees. Professional demeanor is a must for all employees. Hotel public areas create ambiance and peaceful atmosphere. Housekeeping and engineering maintenance are of the highest quality throughout the building in order to create proper ambiance and good safety issues. Excellent security services are provided for guests and employees. FRONT DOOR • 16 hours a day Doorman coverage - minimum • 24 hours a day when Lobby/Front Desk and Front Door too remote to permit proper coverage • Early morning coffee service in lobby between 6:OOam and 8:OOam • Bottled mineral water and towels available to joggers in the morning and evening RECEPTION • 24 hour a day coverage • VIP and Return Guest to be pre -registered • Currency exchange board to be visible at Front Desk/Cashiering Area • Safety Deposit Box available BELLMAN/ROOM ESCORT • 24 hour Coverage i S L A N D G A R D E N S 9-1 O P E R A T I N G P L A N CONCIERGE/GUEST SERVICES • 16 hour a day coverage • Concierge speaks multiple languages • Top grade bellman's carts • Messages: o Typed or written neatly on good stock in envelope o Deliver to room within 30 minutes o Message light in room lit o Follow-up on guests who have checked out without receiving messages. Caller informed if possible o No charge for incoming faxes • Paging system is available • Area maps are available (showing attractions) • Bonded professional babysitting services are available • Dictaphone, tapes, typewriter, fax, computer, pager, VCR, modem adapters PARKING • 24 hour valet hiker coverage • Hotel supplies or controls uniforms/orientation, even if subcontractors • Readily available: o Battery jumper cables o Tire pump o Gas/oil o Maintenance o Windshield washer fluid PUBLIC AREAS • Appropriate fresh -cut flower arrangements • No silk flower arrangements • All public areas are always "welcoming", well maintained and free of litter • Furnishings are always properly in place • Public washrooms are well stocked and maintained at all times • Signage is in good condition and visible • Carpets are not soiled or stained and are always in good condition (no "patching" visible) • Elevator cabs clearly mark non-smoking floors FURNITURE • Quality case goods, soft goods, fixtures and special finishes as specified and approved by interior design consultants • Appropriate background music system in various public and outlet locations I S L A N D G A R D E N S 11-10 0 P E R A T 1 N G P L A N • Lighting is always set at predetermined levels • Placement of furnishings is predetermined and maintained or returned to original setting BEDROOMS • Doorbells on suites • Luggage rack • Fire procedures and fire safety video • Collateral: o Guest Service Directory o Regent Hotels brochure o Telephone instructions for long distance calling o Fax, voice mail and modem instructions o Comment card on desk • Closet: o Tie rack or hook o Appropriate number of non -captive hangers • Pillows: o 4 King size feather pillows on each king/queen bed (20" x 36") o 2 King size feather pillows on each twin bed • Ice bucket, 2 hi -ball glasses • Mini -bar in all rooms, where allowed, to be replenished daily • Guestrooms to have "double lock", safety chain and peephole • In -room safe • Television: o Network identification on TV bookmarker o Concealed wires, shielded tuners o Remote control, on/off switch o Cable o TV Guide, or quality alternate, one per room o TV Guide and remote control to move to night table on turndown • Good quality desk folder, stationery and envelopes • Jogging Map • Highest quality local publication to be in the room • Shoeshine, laundry/dry cleaning bags • "Do Not Disturb" service cards • Full-length mirror in all rooms • Wastebasket, with line if applicable • Upgraded video/audio equipment for suites S L A N D G A R D E N S V•11 0 f' E R A T 1 N G I' L A N • Ashtrays: o Ashtrays with matches appropriately placed on desk, coffee table and bathroom in regular rooms o No ashtray on night tables o In suites ashtrays to be appropriately placed, depending upon setup of furnishings • Q„ality of room bed linen minimum 50/50 polycotton -BATHROOM • 2 Bathrobes in every standard room, tied and hung on hooks in bathroom - 100% cotton terry, kimono style, standard robes 53: long • Amenities - I in every room: o Shoe mitt o Shower cap o Bath gel o Hair dryer (not fixed to wall) o Facial tissue with cover o Hand and bath soap o Shampoo o Conditioner o Soap dish o Moisturizer o Cotton ball jar with Q-tips and cotton balls • Amenities placed in wicker basket or porcelain tray • Two toilet paper rolls • Make-up mirror • Bathroom scale (optional) • Bath rug, bathmat, appropriate number of washcloths, hand towels and bath towels o Quality bath rug - 100° o cotton pile, duck -backing 24" x 42" '/4" pile o Bathmat 100%cotton terry - 20" x 36" o Bath towels - 100% cotton terry carded cotton - 30" x 60" o Hand towels - 100% cotton terry - 20" x 36" o Washcloths- 100% cotton terry - 13"x 13" HOUSEKEEPING • AM Housekeeping service • PM Housekeeping service LAUNDRY/DRY CLEANING • 12 hour coverage for dry cleaning • One hour pressing service - 7:00am to 8:00pm minimum • Overnight pressing service 7 days a week for hotels with in-house valet service I S L A N D G A R D E N S Y-13 0 P E R A T 1 N G P L A N • Four hour laundry service turnaround offered if in-house operations • Return by 6:OOpm at latest, for same day service • Laundry returned in wicker baskets/tissue paper, neatly packaged • No surcharge for express or overnight service SHOESHINE SERVICE • Shoeshine service available overnight and 24 hours upon request (bag on door) TELEPHONE • 24 hour coverage • Guest and administrative voice mail • Fax - separate fax machines available for guest rooms and incoming guest fax traffic • Guestrooms: o One phone in bathroom o One phone on night table o One phone on desk • Phones to have two lines, hold button and speaker phone capability • Pen/Pencil with memo pad at all house phones • No charge for toll -free and credit card calls • No charge for incoming faxes • Dedicated fax and modem outlet • Long distance mark-up to be competitive in marketplace RESERVATIONS • Acceptance of non -guaranteed reservations before 6:OOpm arrivals BUSINESS CENTER • 16 hour coverage minimum • Secretarial service available, reasonably priced • Fax, phones, copier, PC, Dictaphones, periodicals, newspapers • 'Translation services available • Coffee to be available CLUB FLOORS • Minimum 16 hour coverage (6:OOam - 10:OOpm) • Complimentary breakfast (hot and cold) available • Complimentary snacks, coffee, soft drinks and liquor available throughout the day • Liquor to be premium brands • Hot and cold hors d'oeuvres available every evening I S L A N D G A R. D E N S V-13 0 P E R A T I G P L A N • Complimentary newspapers, periodicals, magazines and books HEALTH CLUB • 15 hour coverage, minimum (6:OOam - 9:OOpm) • First class exercise equipment (unless convenient tie-in to outside Health Club) • Televisions • Fitness equipment available on a complimentary basis: Shoes Shorts Socks Shirts Bathing suites Toiletries Hair dryer Combs Walkman • Current selection of newspapers and magazines, decent lighting and chairs, coffee until 10:OOam Drinking water (in cooler or bottled), towels available SECURITY • 24 hour coverage by Hotel Security Department • No working dials on any house phone • Alarm systems at cashier's desk and general cashier's desk • No "Please Make Up Room" card • Security Officers: o Uniformed with blazers or "set" o Radio earplugs • Fire and emergency manual and procedures available • I-Iotel and master keys in strict control • Regular fire drills with hotel employees • Compliance of all safety regulations as dictated by law and hotel HUMAN RESOURCES • Management and line employees to wear nametags • Staff does not use guest elevators • Employee training program in effect • Organizational charts, in place, posted • Good employee relations program • Safety awareness program • Grooming standards in place • High quality of uniforms • Sufficient quantity of uniforms in circulation per employee • Employee locker rooms • Employee entrance always in excellent condition I S L A N D G A R D E N S r-t4 0 P E R A T 1 N G P L A N • Employee dining standards for food quality, ambient quality • Employee communications programs in place • Employee recognition programs in place • Employee training programs in place • Employee uniform programs in place • Employee opinion survey (feedback) programs in place ADMINISTRATION AND GENERAL • Administration telephone coverage by secretary during all business hours, 8:30am to 5:30pm, Monday through Friday • Saturday coverage (9:00am to 5:OOpm) in Sales and Catering, adequate to handle walk-in business and inquiries • TA commission payment to be paid within 72 hours • a guest comment cards to have response within two business days, by telephone or in writing • Effective guest complaint handling/glitches in place SALES AND MARKETING • National corporate rate always accepted when hotel is "open" • ]0° o commission paid on total room revenue to bonafidc travel agent (does not apply to wholesalers) within 72 hours • Accurate information available without delays, call -holds response within one minute • Professional demeanor of entire office staff • Use of prospect's surname by entire staff • Sufficient information obtained to follow-up on call • Salesperson able to quote prices ENGINEERING DEPARTMENT • 24 hour coverage • Energy conservation program in effect • Preventative maintenance program of building and furnishings in effect • Safety issues addressed as priority and corrected immediately • Strict observation and adherence of all laws and regulations pertaining to OSHA and building codes • Engineering employees to be competent and efficient in their duties • Fire and Safety issues in full compliance • Immediate guest response and all interaction with guests to be professional and ethical I S L A N D G A r. D E N S 11-13 0 P E K A T I N G P L A N GENERAL FOOD & BEVERAGE COMPETITIVE STANDARDS • Hotel to offer minimum of two restaurant dining options - informal and specialty. This could also be achieved with innovative design whereby one restaurant has two distinctive sections. • Lounges to offer full lunch service and food'available throughout hours of operation • Lounge or bar to offer evening entertainment • 24 hour room service • Not to lease food and beverage spaces to operators other than compatible with 5-star hotel. Need approval from Carlson. • Banqueting furniture to be of superior quality • To date audio visual equipment to be available • A manager always to be on duty during business hours in any public outlet • Employees to have superior quality and well -fitted uniforms • English speaking service employees in Food and Beverage outlets in non-English speaking countries • All food items to be prepared in-house. The use of precooked or convenience foods is to be avoided. • Hotel to use fresh food only. Premium beef cuts (striploin, tenderloin), poultry, lamb, veal, always to be of superior grade and fresh. •.Salmon, tuna, snapper, bass, lobster oysters and other locally available fish to be fresh • All smoked fish to be fresh • Frozen squid, scallops, lobster tails, shrimp is acceptable • Hotel to produce own breakfast breads such as croissants, danish and muffins • Hotel to produce own desserts, selected pastries and cakes • Hotel to offer assortment of specialty breads • Food production areas to be inspected by an independent Food Safety and Sanitation Analyst MAJOR POINTS • Breakfast in the restaurant and room service must be superb • Quality of catering product must be excellent (drives profitability and positioning of hotel restaurants in he local community) 1 $ L A N D G A R D E N S Y-li 0 P E R A T 1 N G P L A N REGENT TIME SHARE Introduction The Fractional Share concept, which Regent International Hotels refers to as a Regent Time Share ("RTS"), was born over a decade ago in the Rocky Mountains as a concept that combined the advantages of shared luxury resort home ownership with services and amenities of a fine hotel. In recent years, the concept has gained sophistication and acclaim as world- renowned hotel companies such as Regent began offering a branded PRC component as part of its mixed -use resorts. The program of offering these fractional interests will be structured to comply with the City of Miami requirements for development of the Watson Island project. Overview of Club Program With the baby boom generation entering its peak earning years, a growing desire for vacation home ownership, the RTS product has dramatically expanded the resort real estate market. Unlike whole ownership, the convenience and worry free benefits of RTS's has made the product a sought-after lifestyle solution versus an investment decision. Although governed by the same laws as traditional, weekly timeshare, RTS's can be very different in terms of how they axe marketed, sold, used and operated. More akin to a private country club, Regent Time Share focuses on membership versus time. Traditionally, Regent Time Share members are not locked into a specific week or weeks, and are not limited to the number of days they can lodge at their club (similar to access to tee -times at a private country club - subject to availability and reservations procedures). Typical RTS services include airport transportation, concierge services, long-term personal storage and pre -arrival grocery shopping. Add to this the high level of personal service and attention that is a hallmark of Regent International Hotels and Regent Time Share membership is truly a unique and valued experience. Benefits of Regent Time Share Membership The real estate offering in Regent Time Share appeals to affluent buyers who can afford a second, third or fourth home, for many reasons including the following: • Cost justification when compared to the amount of time the accommodations will actually be used. • Simplicity in ownership by limiting hassles, especially at locations far away from their primary residence. • Annual owner fees that are significantly less than association dues, property taxes and operating costs associated with typical luxury vacation homes. • Luxury services and amenities that are the hallmark of The Regent Experience, which they would not normally receive even with the most expensive vacation home. • Flexibility of not feeling anchored to one vacation home. A R D E N S 11-17 0 P E R A T 1 N G P L A N Components of a Successful Regent Time Share Unlike traditional timeshares, which are often purchased in order to be exchanged for other destinations, Regent Time Share projects are developed in prime areas where the residential real estate market is strong. Successful PRC's should feature the following elements: • A prime location at a prestigious resort with access to leisure activities on a preferred basis. • Luxurious, spacious and well-appointed residences. • A fewer number of units and low membership ratios that preserve the exclusive feel of the Regent Time Share. • Attentive and personalized club management delivered by Regent International Hotels. • A low key, relationship -based marketing approach to selling Regent Time Share memberships. I S L A N D G A R D E N S Y-111 0 P E R A T i N G P L A N CLUB REGENT PROGRAM SUMMARY 1. Program Features Core Offering Residential Club * Underlying Real Estate Offering May be sold as Right -to -Use or members may own an interest in a trust or corporation that owns the Club and facilities. Ownership of Common Areas and Amenities Members may own an undivided interest in all of a Club's common areas and amenities, or the common areas and amenities may be owned by the Clubs Homeowners' Association for the benefit of its members Maximum Number of Members per Club Unit The number of memberships sold is dependent on the market's demand characteristics and ranges anywherr from 6 to 12 limes each unit, with a preference for fewer members to allow for space available use. Member Use Rights (Generally) Floating time within a unit type. Pre -reserved rights for high season occupancy on a rotational basis. Weeks are typically NOT fixed (for example Christmas week) as this is too much like timesharing. Price Range of Memberships Generally established by benchmarking against the existing second home market on a square footage basis — or roughly 1.5 to 2 times•the cost of equivalent whole ownership. Most memberships sold in the six -figure range. Estimated Average Annual Assessment per Member $5,000/year — vary depending upon unit size Rental Program Unsold member inventory will be rented in the Regent Reservations System according to Regent yield management decisions. Direct rentals by members are permitted only for pre -reserved inventory. Exchange Program Internal exchange among Club Regents permitted — to be developed. External exchange to other clubs either directly or through Interval International is not permitted currently, although may be at some point in the future. Any exchange benefit will not infringe on members -only access to unoccupied inventory, so most likely will be limited to one of the pre - reserved weeks. Member Access beyond Guaranteed Use Rights Permitted on a space -available basis, 7 days prior to check in. Member Access to Club when Not in Residence Permitted year round. I S L A N D G A R D E N S 0 P E R A T I N G P L A N 2. On -Property Services & Amenities for Club Members On -Site Restaurant Preferred In -Villa Dining/Room Service Required Concierge Yes LaundryNalet Service Required Golf Valet with Personal Lockers Preferable On -site Full Service Spa/Fitness Center Required Front Desk 24-Hour Coverage Required Pre -Arrival Grocery Service Preferable Daily Housekeeping (AM) Required Daily Housekeeping (Evening) Preferable Members' Lounge Preferable Children's Game Room Preferable • Activities Room Preferable Meeting/Banquet Room(s) Preferable Changing Rooms for Early/Late Arrival Preferable Golf Discounts Preferable Preferred Golf Access Preferable Pool and Clubhouse Required Business Services Required Gift/Sundry Shop Preferable I S L A N D G A R D E N S V-20 0 P E CZ A T I N G P L A N 3. Design and Construction Requirements Project Configuration Mixed -use hotel and Clubs preferred. Project Size Minimum number of units: 30 (depends on market characteristics) Maximum number of units:100 (depends on market characteristics) Unit Types 2 BR to 4 BR, penthouses encouraged Minimum Unit Sizes 2BR — 1500 square feet 3BR — 2000 square feet 4BR — 2500 square feet- Lockoff Unit Not allowed. Kitchen Features Gourmet kitchen with Double Sinks, Granite Counters, High -end appliances including range, oven, microwave, refrigerator and dishwasher Bathroom Features Jacuzzi/Oversize Tub, double sinks and separate shower required in Master Suite and preferable in Guest Bathroom(s). Private water closet required in Master Suite. All bathroom flooring to be stone. Entertainment Center Features TV's DVD's CD players, additional specifications to be determined FF&E Specs Summary To be determined. Washer/Dryer Required. Prefer full-sized, side -by -side versus stacked appliances. Multi -Thermostat Controls Required Formal Dining Area Required Multi -Line Telephones Required Fax and Data Ports Required Internet Access Preferred I S L A N D G A R D E N S V.21 0 P E R A T 1 N G 1' L A N 4. Sales, Marketing and Operations Requirements Product Focus • Focus is on an exclusive membership in a Club versus the number of weeks that a member has access to at a Club. (Similar to a country club membership where the focus is membership and not tee times.) Target Market Regent -level clientele with Household Incomes in excess of $300, 000. Club Location Requirements In major resort and urban destinations where the market for second/third home ownership is strong. Competitive Product Offering Second/third home ownership. Not timeshare. Sales Process Low key, experience -based sales process. Traditional 90-minute tour format of typical timeshare sale is not permitted. Sale should .focus on potential member's desire to be in that particular location, and not on exchange, rental or resale. Off Property Contact Traditional "OPC" not permitted. Offsite Sales Not permitted. Association with Third Party Affinity Groups Not permitted (Such as ClubCorp, Relais et Chateau, etc.) Sales and Marketing Agent Regent approval required. Any sales and marketing agent must have previous experience selling luxury residential product(). Property Management . Regent management required on mixed -use projects (hotel and Club) and preferred on stand-alone Clubs. 'Please note that the term Residential Club is the name Regent International Hotels uses to desaibe their interval ownership, or timeshare program, sold through licenses and is neither a residential unit nor a private dub. S L A N D G A R D E N S Y-22 0 P E R A T I N G P L A N J. RETAIL AND DINING OPERATING PLAN. 1. Introduction Flagstone Properties' primary goal in managing the retail and restaurant operations within Island Gardens will be to provide optimum levels of service, safety and convenience for its customers and tenants. Flagstone Properties' rigorous maintenance of these high standards will also add financial merit to the center in the same way that the presence of world -class retailers will add value, and will ensure that I.Iand Gardens will be a destination of first choice for the world traveler, as well as the local shopper. Espresso Holdings, an exemplary traditional fine cuisine in Sydney, Australia, and SVS, parent company of the restaurant division Circus, have provided letters of commitment to Flagstone Properties for the operation of dining operations in Island Gardens. Please see letters at the end of this section. 2. Operating Procedures. Jones Lang LaSalle will establish the highest management and operation standards for the retail and dining component of I.hrnd Gardens. A full retail property management team and staff will be in place well before the grand opening consisting of a general manager, a marketing manager, an operations manager, a specialty -leasing manager, a property accountant and all necessary administrative support. On site staff will also provide high quality, comprehensive, property management and supervision, which will include day-to- day management, long-term planning, cost effective and efficient operations, creative marketing and accounting services. The on site staff will also play an important role in specialty leasing. The three cornerstones of the ongoing management effort are operations, marketing/sponsorship and specialty leasing. More specifically, the following operational aspects will be overseen by Jones Lang LaSalle in conjunction with Flagstone Properties: • Plan a special grand opening event that involves the community, create a marketing program for the retail component prior to the grand opening and extend efforts beyond opening day. • Enlist retail tenant and restaurant promotions in conjunction with l.rlrrrrr( Gtrr:I. s:s marketing efforts prior to the grand opening and solicit tenant and community participation in the event. • Place a fully staffed management and operations team on site at least 180 days prior to grand opening to assist in marketing the comprehensive project and the grand opening promotion. • Closely monitor the activities of all contract service providers (such as security, housecleaning, landscape maintenance, repairs) and their agents and employees, to ensure professional conduct and that the comfort, convenience, safety and security of shoppers and visitors is not impaired in any way. • Determine through close observation of business activity and customer feedback, the optimum hours of business for the property, and ensure that all retailers and restaurants remain open during the established business hours. S L A N D G A K D E N S Y-TI 0 P E R A T I N G P L A N • Analyze all available retail shopping center data and practices related to the management of retail shopping centers and establish and enforce the "best practices" available in the industry related to customer service, security, common area maintenance and day-to-day operations. • Develop five year capital plans to ensure that operating budgets are adequately funded to keep physical plant items such as parking lot lighting, graphics, landscaping, roofs, common area furnishings, flooring, doors, walls, painted surfaces, stairways, restrooms, elevators, escalators and other public items are fresh, clean and in good repair and operating order. 3. Marketing and Sponsorship Island Gnrdvlrs will enjoy a unique mix of domestic and international visitors and shoppers. The importance of reaching these potential retail customers in meaningful and effective ways cannot be understated. One of the most important functions of the on site marketing manager and the entire on site staff, is to work together with the retailers to effectively market the retail presentation both domestically and internationally. Flagstone Properties recognizes that for a unique and special retail presentation with an international flair, such as /slor;d Gurde.rs, the marketing effort must effectively penetrate the local surroundings while at the same time, reaching out to Miami -bound travelers worldwide. Not only must the presence of lslur;rl Gardens be strongly enforced in the local market, but a compelling reason to take the time to. visit must be presented persuasively and effectively to those planning to visit Miami. And, it is very important that the I.+buid Gur;lens marketing effort work hand in hand with retail tenant marketing efforts in order to create maximum strength and synergy in conveying a central message and achieving results. The highly focused Marketing Manager, with strong assistance from the General Manager and staff will work closely with domestic and international marketing, advertising and public relations consultants and the retail tenants. The Marketing Manager will: • Interface with all retail and restaurant tenants, and their marketing professionals, to create a powerful international and local marketing strategy that will give Isl.;r:rl Gurdens immediate presence in targeted markets and demographics. • Work with specific retail tenants and restaurants to target specific shoppers and create exciting joint promotions unique to Isirn:rl Garden::. • Utilize electronic media, including radio and television, in both domestic and international markets to promote retail, but with heavier emphasis on print media in newspapers and magazines that can more readily target certain potential shoppers — such as passengers who read airline magazines on international flights, and certain other popular commercial magazines. • Implement Internet and on-line marketing initiatives, and develop a multi-lingual web site to add a new advertising dimension for both domestic and international visitors. The existence of the web site will also be promoted in electronic and print media to specific markets and demographics. • Foster strong community relationships, programs and partnerships with local businesses, schools and public interest groups to help establish a sense of propriety and civic pride in the property. I S L A N D G A R D E N S Y-ft 0 f' E R A T I N G f' L A N • Evaluate opportunities for initiating customer loyalty programs, promotions with retailers, gifts with purchase, frequent shopper incentives and membership programs with exclusive benefits. • Implement sales tracking and customer survey programs that measure the impact of marketing efforts, both domestic and international, and provide up to date information regarding customer preferences, brand loyalty, desired stores or restaurants, or specific merchandise. • Maximize corporate sponsorships and partnerships with national and international brand names that will promote Island Gardens on a broad level in association with highly regarded and respected national and international companies and organizations. • Plan, organize and promote special events, art shows, fashion shows, concerts and celebrity appearances in conjunction with civic and charitable events and benefits. 4. Specialty Leasing The third cornerstone of management and operations is specialty leasing. Flagstone Properties sees this type of leasing as an opportunity to provide a special ambiance and to enhance the retail and restaurant presentation at Island Gut -dens. It will also strengthen local community "buy -in" by giving small retailers the opportunity to sell unique and unusual, but high -quality food, gifts and merchandise in the retail component of the property. Specialty leasing utilizes smaller pushcarts, kiosks and retail merchandising units to provide a wider variety of merchandise to shoppers on a somewhat more intimate, merchant to customer level. These smaller specialty leasing units are typically very colorful and of innovative design, but will come under very close design scrutiny and must be compatible with the architectural design of 1..'rnd Gil/We/is. Their placement must be strategic, so as to promote a festive retail environment, but not create clutter in the open public spaces. And finally, their merchandise, while unique, must be of high quality in keeping with the service levels that will be central to Island (.;u ?• ;r.. "retail and dining presentation. A specialty leasing manager on the on site staff, supported by the general manager, will be responsible for the specialty leasing program. Every effort will be made to diversify the tenant and merchandise mix, retaining a quality approach. Although a growing number of well known national and international retailers are entering markets today, via specialty leasing units, specialty leasing unit merchants more typically carry a wide variety of merchandise, much of which cannot be found in traditional retail stores. Anything from special types or brands of apparel (ties, gloves, hats, sweaters), to packaged food items, to all types of jewelry and fine leather goods can be found. At Island Gardens, the specialty leasing program will focus on providing a unique variety and local flavor, carefully avoiding trendy or faddish merchandise. The standards of cleanliness, presentation and organization that will apply to the retail presentation at Island Gardens will apply particularly to the specialty leasing units. Along with additional income, specialty leasing opportunities provide a hidden benefit to retail centers in that they serve as incubation and development vehicles for new retailers. Successful specialty leasing retailers can be developed into permanent long-term tenants with merchandise that can bring a unique and special touch to a shopping environment. And, because specialty leasing units are let on the basis of short-term licensing I S L A N D G A R D E N S V-25 O P E R A T I N G P L A N agreements (not leases), specialty leasing tenants who are not successful, or who do not add to the retail presentation or atmosphere can easily be closed without protracted efforts or litigation. By closely monitoring and controlling the specialty unit design, the quality and type of merchandise sold, and the location of the units, Flagstone Properties will ensure that the specialty retailing units at Island Gardens will add to the festive and unique atmosphere of the property. It AFFIRMATIVE ACTION PROGRAM. Flagstone Properties is committed to employing a diversified personnel for the overall operation of Island Ge,rd,,rs and all of its components. Enclosed in Section 13 of this response are Affirmative Action Plan's for all of the team members. In addition, Flagstone Properties is willing to enter into a Miami First Source Hiring Agreement with the City of Miami to ensure the success of its efforts. Beginning on the following page, is a draft of a proposed agreement between Flagstone Properties, LLC and the City of Miami for the City's consideration. I S L A N D G A R D E N S V-26 0 P E R A T I N G P L A N MIAMI FIRST SOURCE HIRING AGREEMENT THIS AGREEMENT is made this _ day of , 2001, by and between the City of Miami, a municipal corporation of the State of Florida (the "City") and Flagstone Properties, LLC, a Florida limited liability company ("Flagstone"). RECITALS: A. On , 2001 the Commission of the City of Miami approved the issuance of a Major Use Special Permit to develop a mega -yacht marina, two(2) hotels consisting of approximately rooms, square feet of retail space, and a Maritime Museum (the "Project") on a parcel of land located on Watson Island, in the City of Miami (thc "Property"). B. The Project is in the vicinity of certain City of Miami Community Development Block Grant target areas which currently have significant unemployment. C. In order to help reduce such unemployment, Flagstone has agreed to comply with Section 18-105 of the City of Miami Code to foster participation in the construction and operation of the Project by unemployed and underemployed residents of the City of Miami, including, but not limited to those who are participants of City training and employment programs and other residents of the City. NOW, THEREFORE, in consideration of ten dollars ($10.00) and other 'good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. Recitals. The recitals to this Agreement are true and correct and are hereby incorporated herein by reference and made a part hereof. 2. Construction. 2.1. The City acknowledges that Flagstone has not as yet entered into an agreement with a contractor (the "Contractor") with respect to the construction of the Project. Flagstone agrees to utilize its diligent, good faith efforts to cause the Contractor, each of the subcontractors retained by the Contractor, and each of the sub -subcontractors to first give every employment opportunity generated by the Project to qualified unemployed and underemployed s L A N D G A R. D N S ry 0 P E R A T I N G f' L A N residents of the City of Miami, including, but not limited to those who are participants in the City's training and employment programs, providing first priority to residents of the Community Development Block Grant target areas in the City before extending the opportunities to other City of Miami residents. Flagstone's obligation to use its diligent, good faith efforts shall include, without limitation, requiring the Contractor and its subcontractors to do the following: 2.1.1. Utilize the assistance of the Office of Workforce Development (the "OWD") as the screening and referral source for employment for the Project. After each subcontract is awarded, the Contractor shall be required to inform OWD of the number of positions needed and the minimum qualifications required for each position identified to the Contractor by each subcontractor at least five (5) business days in advance of the commencement of work required under the subcontract. In addition, the Contractor shall be required to inform OWD of the number of positions needed and the minimum qualifications required for each position required by the Contractor at least five (5) business days in advance of the date the Contractor will require such personnel; 2.1.2. In the event that City of Miami residents are to be replaced during the course of the Project, Flagstone will require the Contractor to contact OWD for assistance in identifying the replacements that are required. OWD shall make its referral to the Contractor within three (3) business days; I S L A N D G A R D E N S Y-2S O P E R A T I N G P L A N 2.1.3. Cause the Contractor to advertise in local minority media and NET 9, the City of Miami community television channel, seeking to attract unemployed and underemployed residents of the City of Miami to seek employment at the Project; and 2.2. In the event that OWD is unable to identify qualified persons to fill all the positions identified by the Contractor within the respective time frames provided for in Sections 2.1.1 and 2.2.2 above, any unfilled positions may be filled by any qualified person, irrespective of their residence. 2.3. The City acknowledges that all employees of the Project will be required not only to have the required employment skills but also comply with the requirements of the Project insurance policy, including, without limitation, requirements for a drug free workplace. In addition, the City acknowledges that various employment opportunities may require union membership. 2.4. To the extent feasible, OWD shall assist the Project in upgrading the skill level of the City of Miami residents. 2.5. To the extent that the procedures set forth in this Section are in conflict with the procedures implemented by the Contractor in order to comply with the applicable federal, state and local laws, the Contractor may substitute other procedures in order to accomplish the purpose and intent of this Agreement. 3. Permanent Job Placement. I S L A N D G A R D E N S V-2 0 P E R A T 1 N G P L A N 3.1. Upon completion of construction of the Project, and for such time as Flagstone is in control of the Project, Flagstone shall make diligent, good faith efforts and shall make good faith effort to first give every new employment opportunity generated by the Project with respect to the Project's operation to unemployed and underemployed residents of the City of Miami, including, without limitation, those who are participants in the City's training and employment programs, providing first priority to residents of Community Development Block Grant target areas in the City before extending the opportunities to other City of Miami residents. This objective is specifically designed to increase the number of skilled and semi -skilled employment positions available first to residents of Community Development Block Grant target areas in the City, and second to other City of Miami residents. Flagstone's diligent, good faith effort shall include but not be limited to: 3.1.1. advertising employment opportunities in the local minority media and NET 9, the City of Miami community, television channel; 3.1.2. utilize the assistance of the Office of Workforce Development (the "OWD") as the screening and referral source for employment for the Project. Flagstone shall be required to inform OWD of the number of positions needed and the minimum qualifications required for each position as soon as possible, but in no event less than five (5) business days in advance of the commencement of the work required; 3.1.3. in the event that City of Miami residents are to be replaced, Flagstone shall contact OWD for assistance in identifying the replacements that are required. OWD shall make I S L A N D G A R D E N S Y-3e 0 P E R A T I N G P L A N its referral to Flagstone within three (3) business days; and 3.1.4. make every reasonable attempt to advise OWD of its hiring needs prior to the completion of the Project to enable OWD the opportunity to develop appropriate training programs. 3.2. In the event that OWD is unable to identify qualified persons to fil all the positions identified by Flagstone within the respective time frame provided for in Section 3.1.2 and 3.1.3 above, any unfilled positions may be filled by any qualified person, irrespective of their residence. 4. Monitoring. 4.1. Construction. OWD, as agent for the City, shall visit the Project site monthly, or as needed, to review Flagstone's progress relating to meeting its construction hiring objectives. OWD, as agent for the City, shall have access to all records pertaining to employment by the Contractor and subcontractors on the Project. 4 2. ,Management and Maintenance Operations. OWD, as agent for the City, shall visit the Project monthly during the period that Flagstone is in control of the Project, to review Flagstone's progress relating to meeting the Project's operating objectives. OWD, as agent for the City, shall have access to all employment records of Flagstone relating to the Project's operation. 4.3. Acknowledgment. Flagstone, or its designee, shall be required to sign the monitoring forms acknowledging that the Project was monitored. If Flagstone determines that the findings of the monitor as recorded on the forms does not actually reflect the level of participation in the Project, Flagstone shall submit a written statement stating its objections to the City within ten (10) business days from receipt of the form in question. 5. Governing Law. This Agreement shall be governed by the laws of the State of Florida. I $ L A N D G A R. D E N S Y-31 0 P E R A T 1 N G P L A N 6. Conflicts of Interest: City Representative is Not Individually Liable. No member, official, representative, or employee of the City or the City Manager shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, representative or employee participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is directly or indirectly, interested. No member, official, representative or employee of the City or the City Manager shall be personally liable to Flagstone or any successor in interest in the event of any default or breach by the City or the City Manager or for any amount which may become due to Flagstone or successors or on any obligations under the terms of this Agreement. 7. Notice. A notice of communication under this Agreement by the City or the City Manager on the one hand to Flagstone, or, on the other hand, by Flagstone to the City or the City Manager shall be sufficiently given or delivered if sent by registered or certified mail, postage prepaid, return receipt requested or given by hand or otherwise actual delivery to such party as follows: If to Flagstone: Flagstone Properties, LLC 506 Celebration Avenue Celebration, FL 34747 Attn: Mehmet Bayraktar With a copy to: Shutts & Bowen LLP 201 South Biscayne Boulevard Suite 1600 Miami, Florida 33131 Attn: Judith A. Burke ' If to City: City Manager 3500 Pan American Drive Miami, Florida 33133 I S L A N D G A R D E N S V-22 O P E R A T 1 N G P l A N With copy to: Office of Workforce Development 1313 N.W. 36th Street 2nd Floor, BankAmerica Building Miami, FL 33142 Attention: or if such notice is addressed to such other way in respect to any of the foregoing parties as the party may, from time to time, designate in writing, dispatched as provided in this Section 7. 8. Titles of Articles and Sections. All titles of the several parts, articles and sections of this Agreement, are inserted for convenience of reference only and shall be disregarded in construing or interpreting any provisions of this Agreement. 9. Successar_S and Assigns. All the covenants, conditions and obligations contained in this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 10. Records. Flagstone shall maintain its records in the City of Miami to enable the City to monitor Flagstone's performance under this Agreement and will permit the City to inspect such records upon reasonable notice. 11. No Termination of Existing Employees. Neither Flagstone nor any Contractor, subcontractor or sub -subcontractor shall be obligated to terminate any employees to comply with the terms and provisions of this Agreement. 12. Entire Agreement. This Agreement and its attachments constitute the sole and only agreement of the parties hereto with respect to Chapter 18-105 of the City of Miami Code and correctly sets forth the rights, duties and obligations of each to the other as of its date. I S L A N D G A R D E N S V.33 0 P E R A T 1 N G P L A N Any prior agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force and effect. 13. Termination. This Agreement shall remain. in full force and effect until construction of the Project is complete and Flagstone has relinquished control of the Project. 14. Amendments. No amendment to this Agreement shall be binding on either party unless in writing and signed by both parties. IN WITNESS WHEREOF, Flagstone and the City executed this Agreement the day and year first above written. Witnesses: FLAGSTONE PROPERTIES, LLC, a Florida limited liability company Attest: By: Mehmet Bayraktar THE CITY OF MIAMI, a municipal corporation of the State of Florida By: City Clerk Carlos Jimenez, City Manager Approved as to form and correctness: Alejandro Vilarello City Attorney MIADOCS 427752.1 L2R I 5 L A N D G A R D E N 5 V-34 0 P E R A T 1 N G P L A N L LETTERS OF COMMITMENT: o Regent International Hotel o Conrad Hotel o Espresso Holdings o SVS I S L A N D G A R D E N S V-35 0 f E R. A T I N G P L A N REGENT INTERNATIONAL HOTELS July 3, 2001 John Paccione Senior Vice President Jones Lang LaSalle Americas. Inc. 390 North Orange Ave, Suite 1875 Orlando, FL 32801 Dear John: Thank you for inviting Regent International hotels to be a part of the Island Gardens development team. We would like to express our sincere interest in participating in the project that you have proposed. We respect Jones Lang LaSalle and believe you and your client have assembled a team that will certainly be capable of developing a luxury level project that will meet the needs of the City of Miami. Many divisions of The Carlson Companies are excited about the project - Regent Hotels, Carlson Vacation Ownership, Carlson Wagonlit TraveL Carlson Marketing and our restaurant division. In fact, we rarely see projects that so perfectly compliment the strengths of The Carlson Companies. These strengths are highlighted in the attached information. By way of introduction, Regent is a 5-star brand of twelve open hotels and resorts, two Club Regents - our lavish private residence club - and four hotels under development. It is considered one of the best known and admired international luxury hotel brands. Regent's U.S. based hotels in Manhattan, Las Vegas and Beverly Hills and our Asian Regents are representative of our typical dynamic markets, uncompromising service levels and unsurpassed product leveL Our hotels arc vibrant and unique and attract the comfortably wealthy who appreciate genuine, luxurious service without stodgy formality. We have expanded selectively so that quality has not been compromised. The Island Gardens development with its "Mega Yacht" marina and proximity to Miami is exactly the type of location and project that Regent seeks to be a part of. The Regent team welcomes the opportunity to meet with you to discuss this truly exciting project further. Sincerely. Ruth A. Ormsby Director Develop Development, Americas cc: Luis Acosta i s L A N D G A ( D E N s 9.3 O P E R A T I 0 N P L A N Hilton June 26, 2001 Mr. Gregory Rumpel Senior Vice President Jones Lang LaSalle Hotels 2655 South Le Jenne Road Suite 303 Coral Gables, Florida 33134 Dear Mr. Rumpel: Greg S. Diekhena rice President Managed Development, South Cenind Region Thank you for taking the time to introduce me to the Island Gardens project on Watson Island in Miami. Hilton Hotels Corporation would be very interested in pursuing the opportunity to manage the 150-room Boutique Hotel (Wave Hotel) and the 250-room Lighthouse Hotel. Hilton is very familiar with the Miami market and has extensive experience working with municipalities on similar development projects. Most recently, Hilton was selected to manage the 1,200 Hilton Americas — Houston in Houston, Texas and the 800-room Hilton Austin in Austin, Texas. Both of these projects are City sponsored developments involving a similar RFP process. Based on the information you provided, the Conrad and Hilton brands would be an excellent fit with the quality of development you are proposing. 1 would recommend that the 150-room Boutique Hotel be branded a Conrad Hotel and the 250-room Lighthouse be branded a Hilton Hotel. The Conrad brand is Hilton Hotel Corporation's luxury brand. Conrad Hotels & Resorts are located in 13 international locations including, Hong Kong, Singapore, Brussels, London, and Dublin. Hilton recently announced the conversion of the 180-room Walforf Towers at the Waldorf=Astoria Hotel in New York City to a Conrad Hotel. The Waldorf Towers represents the first Conrad Hotel in the United States and Hilton Hotels Corporation is very excited about the opportunity to expand the Conrad brand in major international and domestic locations such as Miami. As you are aware, Hilton Hotels Corporation has two Hilton hotels in the Miami market, the 500-room Hilton Miami Airport & Towers and the 1,206-room Fontainebleau Hilton Resort & Towers on Miami Beach. Hilton does not have a hotel in the Downtown market that may be competitive with the Island Gardens hotels and is eager to enhance our representation in the market. I look forward to working with you on this exciting project. 1 have attached some additional information on Hilton and Conrad. If you have any questions, please feel free to give a call. Best Regards, Greg S. Dickhens Hilton Hotels Corporation World Headquarters 9336 Civic Center Drive, Bemis Hills, CA 90210 Tel: +1 310 205 3310 Fax: +1 310 205 4092 email: Sreg_diekhensQhilton.com Reservations: www.hiltoo.eom or 1-800-HILTONS I 5 L A N D G A R D E N S V-37 0 P E R. A T I 0 N P L A N ESPRESSO HOLDINGS 6'" July 2001 Mehmet Bayraktar Flagstone Properties 506 Celebration Avenue Celebration, Florida 34747 USA Dear Mr Bayraktar We are pleased to be included in your response to the Watson Island development opportunities and the exciting proposal you and your team have assembled for Island Gardens. After establishing an exemplary tradition of fine cuisine in Sydney, we are currently developing international opportunities in gateway cities around the world. Miami offers premium opportunity for our range of offer. We have created fully integrated food, beverage, performance, boutique retail and lifestyle facilities in Sydney. Having been selected as Restaurant of the Year last year, our work has continued to expand t o include internationally published books on fine dining and cooking and we have developed an association with British Airways to enhance their menus First Class on their Australasian routes. As a leader in the Sydney market for the past ten years, we have been able to create innovative dining experiences across divergent market segments and price points. Our award -winning chefs continue to receive international applause for their innovative menus and cuisine. Yet, our most enduring success has been in developing integrated lifestyle environments with world class hospitality partners. Our restaurants and bars located in the heritage General Post Office building in the heart of Sydney includes a bar, a New York -style steakhouse, a brasserie and crustacea bar, a sushi train, espresso bars I S L A N D G A R D E N S V-311 0 P E R A T 1 0 N P L A N ESPRESSO HOLDINGS and a retail culinary outlet which has become the 'corner store' for business executives in downtown Sydney. Just a few biocks away is our award -winning Restaurant of the Year, Banc, as well as it's sister operations, Mint Room and Wine Banc, one o1 the most elegant and progressive wine bar/jazz club venues in Australia. We wish to express interest in at least three of the restaurants you have designated in Island Gardens. One of the roof -top facilities with a grand prospect of Miami's skyline will become our signature operation. We will work to develop a family restaurant on the mezzanine level, and a cafe/bar on the ground plane as part of the Crescent Dining Terrace. In addition, we are interested in one of the retail shops in order to run a fresh produce outlet, similar to what we currently operate in Sydney. We would be keen to investigate if a fresh seafood component could be incorporated here, taking advantage of the Fish Markets so close at hand. Finally, we would like to reserve a spot for an elegant nightclub alternative to the offer along Miami Beach. The elements of our business, from concepts, development and design to operations, management and consultancy, have been our success factors for more than a decade, and it is this strength that we will bring to your market. Furthermore, our experience with the extraordinary harbour of Sydney and the lure it provides to some of the finest yachts in the world fits well within the spirit of the Mega Yacht Marina at Island Gardens. We appreciate your interest in our work and operations. We are proud to be part of your team and to contribute to the successful winning of the competition for the site. I S L A N D G A R. D E N S 11-31 0 E A T 1 0 NL A ESPRESSO HOLDINGS Sincerely yours Stan Sarris Managing Director A R. D E N S V-4O 0 P E R A T I 0 N P L A N SVS Dt{ Tic. ve Turizm Igletmecilik A.$. Talalpa a Mahallesi Emugazi Cadges) Zumrut Sokak N0 12 80270 Okmeydanrl STANBUL TURKEY Tel.: (90-2121 220 80 42 Fax : (90 212) 221 27 89 web : www.sys-Iurkey.com e-!Pail: info@$ x.wrkey.corn July 06, 2001 FLAGSTONES PROPERTIES LLC MIAMI Dear Sirs. We. as SVS Dn; Ticaret ve Turizm A.S. active in the importation of foreign nine and running restaurant and providing catering services in Istanbul. Turkey. have studied the Island Gardens Project in the past month. We, hereby would like to express our interest in taking part in the subject project once it is in progress with our restaurant division -Circus. Hoping that this initial intention will be the seeds of a long lasting business relation in the future, we wish you all the success and hope to hearing from you soon. Yours sit /ftnuEROL rman Dlg Ticaret ve Turizm Iglctnucilik A.S. Attachments: Circus media coverage in 2001 I S L A N D G A R D E N S V41 ISLAND GAIKDENS FLAGSTONE PKOPEKTIES Book Two T A fi L E 0 F C 0 N T E N T S BOOK ONE L Executive Summary /I. Charter 1.1 B. Public Purpose 1.1 C Project Plan 1.2 D. Operating Plan 1.3 1:. Maintenance Plan 1.4 F. Financial Plan 1.4 G. Financial Feasibility I.5 II. Development Entity I..> I. Development Timetable I.6 J. Payments to City 1.7 II. Project's Public Purpose /1. l ntroduction 11.1 13. Cultural Facilities 1 I. 3 (1. Open Space and Recreation II.7 D. Ncn' Fish Market 11.9 E. Maritime Recreation II.9 P. Education 11.10 G. I:rrrpioyme nt Opportunities 11.11 H. Political Public 1 iaraon .1 1.1? 111. Vision, Goals and Objectives of Project 111.1 - 111.3 IV. Project Plan A. Nan -acre Description IT 1. .\1etia Yacfit Marina II :1 ?. Pu171t: Amenities I i 1 5 .3. Cultural Components IT :1+' t. Hotels l 1. ':10 5. Retail 11,enue and .''l rcacles I ! ': 1 ? 6. Dining 11.'":16 7. Infrastructure 11 :17 8. Gardens IT .19 Letters of Commitment from Cultural Component of Island Gardens B. Narra/ice De.scrtption Boards 1. Biscayne 13ay I 'ienn 2. Site Program /I nalysis 3. Island Gardens Site Plan 4.. Island Gardens Ground Floor Site Plan 5. Island Gardens Proposed Landscape Plan 6. Island Gardens Marina Plan i S L A N D IT'24 A 2 D c N S TOC1 T A D L E 0 F C 0 N T E N T S 7. Lighthouse Hotel.Seition and Plans 8. Waie Hotel Section and Plans 9. Island Gardens Retail Plans 10. Biscayne 13ay I ieum 11. Watson Nand Skyline 12. Retail Gardens Village View 13. Island Gardens Bay Site Plan 14. Gitrc Art Island Gardens C: Island Gardens Project Summary II' 39 V. Operating Plan /1. Alission Statement 1 .1 13. Management Team C. ManaLement Concept V.? O. Management Plan Start L p I2 l:. Reporting I ': 3 P Operalion Entities G. LaSalle InrestmeniManagement I'. 5 I1. Camper Nieholson.s Marinas, LTD Mega -Yacht Marina Operating Plan 17.6 1. Hotels: Rt'ent International Hotel c Resorts 119 J. Retail and Dining Room Operating Plan I '.23 K. ,llfjirmatire Action Program 1 26 1 Letters of Commitment V35 ROOK TWO VI. Marketing Plan Summary t'1.1 1. Market Analysis VI.3 2. Requirements VI.7 3. Objectives VI.9 4. Strategies VI.10 S. Tactics VI.13 6. Special Tactical Approaches for Individual Components of Island Gardens VI. 15 VII. Market and Economic feasibility A Market Analysis V1I.1 B. Mega -Yacht Marina Market and Feasibility VII.8 C. Hotel Market ei" Feasibility VII.9 D. Retail & Restaurant Feasibility I/7I.15 E. Projected Development Phasing Schedule VII.25 F. Narrative Ident6ting Total Cost on Permanent Improvement V77.5=1 I S L A N D G A R D E N S TOcl T A Q L E 0 F C 0 N T E N T S Vlll. Financial Plan A. Overview VII.1 B. Preliminary Observations VIL 1 C Lender Profile VIL5 D. High Equity Structure Summary VIL5 E. Indicative Financing Structure and Lending Terms VIL5 IX. Financial Feasibility A. Project Overview IX.1 B. Income Capitalization - Retail IX.4 C. Income Capitalization - Restaurants IX 7 D. Assumptions (Retail and Restaurants) IX.10 E. Leasing and Capital Costs IX.11 F. Cash Flow IX.12 G. Discount Rate IX.12 H. Discount Cash Flow Conclusion IX.13 I. Financial Return to the City IX14 BOOK THREE X. Development Entity 1. Table of Organization jor llere pment J ntit)y X.? 2. Resumes and Other 1)omunentr as to 1: \perience and Capability X..3 3. References forAll Development .cum Members X.62 -1. Licenses and Corporate litistration.r X.63 BOOK FOUR Xl. financial Capacity XI. 1 - 3 XII. Development Schedule .x11. i XIII. Required RFP Response Forms /1. Development Team Form - 7 eam Ovvenien" XIII. 2 B. Minority/ L omenBusinessAffairsA/fidarrt XIIL3 C,: Affirmative Action Form Jiff all Team Member XII L 4 D. References Form XIIL 5 XIV. Attachments ! S L A N D G A R D N S 1OC 3 6 ow M A R K L T 1 N G P L A N MARKETING PLAN VI. SUMMARY. Flagstone Properties aims to create a rare and unique mixed -use development centered around a mega -yacht marina. The Marketing Plan for such a complex encompasses the multi faceted features of the marina, hotels, retail and restaurants, public areas and the leisure oriented components. The relevant points in the plan are to be grouped under five main divisions, namely: 1. Market Analysis 2. Requirements 3. Objectives 4. Strategy 5. Tactics These sections will be interconnected to each other via a feedback mechanism of ongoing research so that proper modifications and revisions may be made. This Marketing Plan, developed for l.rl.u, (,curacr,.., is based on establishing a partnership with all of the potential constituents of the development. (See Marketing Plan Chart on the next page.) This Plan was developed using an aggressive and on -going research program which constantly updates the community profile of customers, residents, visitors and tenants. It includes a continuous brand -management strategy to create an image of interwoven with that of Miami and as a primary "destination." Flagstone Properties will establish a Stakeholders Council giving a voice to all who will use or come in contact with :..'., ;:' f ::; These include cultural institutions, commercial associations, neighborhood groups, transportation entities, marine and environmental authorities, the City of Miami and tourism councils. In addition, l-.L:a. J_i.r will have an International Attache who will maintain Isbn,i Cardc!; in the spirit of global benchmark for excellence. Finally, the public relations component will be primarily used as an information gathering strategy instead of an advertising effort to disseminate appropriate information to all stakeholders. It will also include a positive educational program for Miami's children. I 5 L A N D G A R D r N 5 11I-1 M A A N DEVELOPMENT MARKETING PAN ISLAND GARDENS ML4M1'S R:4TEEsR0NT V7Z 4CE 7M 2E04w1s Pe,, 70• TSL•4TJL'G4 rENI_ bald w sly 44S a en.Eh0 rnb all p a iol ..stera2t ./ toe dNarof.renl. The aAa ts.'ra.So nunSOIV /NAwrei"S ,Harsh frreewa .h:,A wa:rv.:h /Arta the ogoonnonlyya le sl! .AT,.T. rR2e2. and ,ex:4 l . L mode.a o env alM'.o.: nnl one oft e dalosn,o. in anniryyr. me ws. Fi aeon a,.R.r.a o.d/ a:obah n StA:t4.42 :..xAaisi,.ns a teat!a el' nW .Tr:% noerna rdh 3:n,rd i,A.,inLN Tar.nci. Nti •nRi I.:e,I.rlo,a .4a/nnl s.u. I:esr'AL.daw1 T,Naq nraA Ent.-,ss. !hi foil loran fi,raao...1 and the To.ra. ... AA«tn n. nsuIHN P:ra'T.a o'er oinato,;., no Aathore. nn ril lark di ON ml'M.e. andi v so toeri«.: ow! ,In;Wawa mo .4NArbl r:.o riS,a.Nrn4r Lend 4.:.2irev ,,, lW nrn e. SeM/ i..hr.AT�t it wxd'enee. FnnN7r. Poil::;oe:;..a r✓.' is n or AN .,rf/nint«. III/ IS l.m,ePatna' of on n.4.1..1 e§r. ',bob .d' rtv«.,nNN. vrtartn. .n/Inaer,.e to nle ereanbolam. ..T,,.:ed t. set .nl,..a.. .Mot Lend Gs,ntea to all Nnad Fi.S,oya. L n4o ..d:.dee A pendia da«tN,rnl �.wnx.n.,rer as/iRx rn !I« C.. SI AKENCLDCRS .uTNOfto LIaSON _ Pleu[ R4.TION! —{ CULTURAL COtN,ERC 4 RESIDENTIAL FaIRCHILD NISTDRICAL 2USEMIX ---� INsTITUTION� TROPICAL I I SWTN FLORIDA GARDEN ! Cutrw41 vISUA: PENFORNING I R ASSOC T5 ARTS ISM tMTUAL PARTIERSNIFS LIDTSEL SDC COHVRMITv GROUPS IIETAIL assOC NE,GNDORS I MINE ASSOG 1 SPORTS 1 GARDEN CCn2UnOTv ASSOCIATIONS I •- TRANSPORTATION I ALrTC T1t[RRx15 1- 11 ,' NAFINE AUTIIM it EnvIRON4N. AL DO6C eus6 GUESTS I— TOURIST HLOC. 1 .UTNOR:TIES1 TRADES ni.lna CRUISE SNIP SECUR.Tv I DIGNITARIES I CONVENTION Wbsn AireCAMT CONSTRUCTION I SERVICC F FrMLOVNEM HI66 FIRST DaOF JOGS SRIL_INi NONELESS 1 RF6IONAL/ STATC NAT IONA SEACN HOUSE NOSPITAIITv GOLF CLUN I ASSOC I LIGHT RAIL LI CIYIR6 vACIR S IROPCS[D I . SEAPLIrNES TD MAMAS DELIVER' UNIONS :0.5,0007ION •SSDCIITIDN STATE T WNIS2 ICONOI'IIC AUTHORITY D[.IOMEM INTERNATIONAL NATIONS ENVIRONMENTAL PROTECTION REGIONAL ENVIRONITENTAt ANNING PRDTECION UTNCRITv •6ENCv IIRl NANINE LINGANIbATIDNs 4IITED NATION! CANIDDEAN ATIN AMERICAN ENVRION MEDIA I— PUDLIC INFIRMATION SCHOOL I PROGRAM ELECTRONIC INFORNATO DIIIIEAU ONOVERTSHIS EDUCATIONAL I VISITS NATIONAL AL ADVENTISING IIRVGRATICN F--i tuSTCITS sour« AMERICAN NTK ' 1 t[1--' �1IOP[RATIDNS S-GOLD ST*ND•R05 ANCHOR ASSOC VFS SITE IN% HATERFRONT OEVELOPNEM 6LOD*L DIFFUSION MRS INL ADVERTISING RAVEN Ral 1 AGENCN GENCIES RFEERVATIDM6 PROMOTIONS STSTEH PERFDRIMNCE ATTENDANCE LOCAL ADVERTISING 6ARNET NIG I PMHERS S L A N D G A R D E N S 1142 M A R. IC E T I N G P L A N 1. MARKET ANALYSIS The Island Gardens' offer will be analyzed and distinguished using the following attributes: o 5 Anchor Marina Primarily for Large Vessels o Hip Upscale Hotels with Time Share Availability o Fine Exclusive Boutiques & Specialty Shops o Exquisite Cafes and Worldwide Restaurants o Gardens, Promenades & Avenues o Historical & Artistic Features o Infrastructure & Service Units I S L A N D G A R D E N S VI-3 o A R IC E T I N G P L A N COVERING A WIDE SPECTRUM FROM MASS APPEAL TO EXCLUSIVE... Retail Options Bal Harbour The Falls Mass Appeal Exclusive I S L A N D G A R D E N 5 YH M A R IC E T 1 N G P L A N ENHANCING COMMERCIALIZATION IN REGARD TO COMPETITION.... 's lusive `piddle fiddle Island Gardens Target Market Positioning Age S L A N D G A R. D E N S VI-5 M A R Y. E T I N G P L A N Aggressive and Ongoing Research The purpose for research in Idand Carrion will not only be for assuring profitability, but to also manage the multiple project components in such a way that all relevant stakeholders will be served appropriately and in a timely manner. This approach will benefit the community by ensuring that all stakeholders will embrace and take ownership of the project. Within this context, aggressive and ongoing research will concentrate on: o Community Profile o Customer and Competition Analysis o Industry Trends Miami - Dade County Resident Population (000's) 3.000 2.500- 2.000-- 1.500 --' 1.000 500 1950 1960 1 70 1980 1990 2000 2010 2020 70+ 60-69 50-59 40-49 30-39 21-29 10-20 <10 6 Miami Age Profile (%) 8 10 12 14 16 ■ u.s. ■ Miami Miami Household Income ($000's) 120.000 100.000 -% 80.000 --- 60.000 40.000 20.000 0- • $ 500+ ■ $ 250-499 O 5 125-149 ❑ $ 150-249 ■ $100-124 ■ $ 75-99 Miami Employment (°/a) Executive Prof Support Sales Other less Service Skilled Miami ■ U.S. i S i_ A N D G A R D E N S YH A N Population Growth 1980-2005 (%) 2 REQUIREMENTS TO CREATE 1.11 1:\'i) C1.'1R1?1:.\ 1 AS A: o Widely recognized, strong and well-built brand image, o Unforgettable experience duc to its unique special features, o Development attracting repeat customers and extended -stay guests o Frequently visited destination with high spending amounts The marketing plan will eventually include all the necessary attributes to fulfill the above requirements for the marina, hotels, retail and dining along with all the planned public, cultural, artistic and educational uses within the complex. i. Theme, Name, Brand and Image will be built around the idea of a waterfrnntgarden village. With a dense mixture of retail, dining and hospitality amenities open to the public, Island C.;ardens will quickly become one of the few day -out experiences in Miami. The festivals, celebrations and performances will integrate Lelia/ Gardens into Miami's cultural calendar. As a public amenity, 1.,kri'd /,,m/ .« will host a mingling of all the ethnic, cultural, diversity of faiths and incomes. o Theme for L./aecI Garden, is to create a global reference point destination and gateway icon for the City of Miami and to provide an exclusive and special experience by docking, staying, visiting, shopping, dining, promenading, jogging or cycling, watching, listening, witnessing, learning and working in an unforgettable and extravagant ambiance. I S L A N D G A R D E N S VI-f M A R IC L T 1 N G P L A N o The philosophy behind the name, !SL'L\'1) GAR • Easy to remember "Iskind Gardens" • Pinpoints the location "Island" = Watson Island • Tells our story "Gardens" = A Paradise Experience o Branding Concepts will be developed to be: Synergistic as a whole for the entire Island (,anlen.r concept while Simplistic in its approach for each of the components. o Image Building by Special Planning will also be coordinated as one of the best-known names in yachting, hotel, retail and dining brands along with all the cultural, artistic and educational aspects to be attained within the entirety of the project. ii Identification of Primary and Secondary Markets for Each Component To establish the most effective messages, means and media coverage for each type of facility and service proposed, the proper definition for primary and secondary markets in terms of location, demographics and psychographics is needed. In this way, strategics and tactics to be used for attracting and strengthening those markets can be developed. Based on ongoing research, continuous revisions will be made to define primary and secondary markets. I S L A N D G A R D L N S YI-d M A R K E T i N G P L A N Miami — The International Destination 100% 80% 60% 40% 20% 0% Main Purpose Of Visit (%) International CI Special Events • Cruise Trip C Visiting Friend/Family II Business/Convention ■ Vacation/Pleasure • Miami International Airport receives 34 million passengers a year. • Greater Miami attracts 10 million overnight visitors per year — over half of these visitors are international travellers. • 7 out of 10 international visitors come from Europe or Central and South America. 3.0DJEC77VES: Miami Domestic Visitors 11% 23% 42% 24% ■North East ■Sotliem 1:16edi, t °Western Greater M iami Overnight Visitors 44% 56% IMIntemational DOomeshc Miami International Visitors 17% 11% 46% 26% \Central/South America OEurope {3 Canada OOther As depicted in the "Stakeholders Constellation" chart (See Section 11), a clear marketing objective is to meet the needs of all of L;lr;;;i C> r,l,r.,' stakeholders. Meeting this objective will ensure the profitability of the project and the establishment of (r!/r/;ri (, /ra ar as a premier destination. These objectives will be achieved through the combined effect of the plan's attributes: o Economical Rental revenue for the City of Miami along with profitability for the capital, service and goods providers will be realized through the commercial operations within the Lrlc/r d Car -dens mixed -use development. I S L A N D G A R D E N S Y141 +i1 A F. o Tourism K E T t N G L A N Tourist figures, amounts spent by the national and international tourists from all parts of the country and the world will increase along with wider market recognition. 3.500 3.000 2.500 2.000 1.500 1.000 500 0 91 Miami International Visitors By Region (000's) 93 95 97 ■ Europe Canada ■ Latin America South America t7 Central America ® Caribbean o Social & Communal A new venue will be created providing public space and facilities to satisfy the needs of the following: • Educational • Cultural & Ethnical • Historical • Civic Art 0 Image A world -class monumental landmark located in the heart of Miami for its residents, visitors and tourists adding excitement and joy for all those visiting Island Gardens. 4. STRATEGY Island Gardens aims to present a new and different approach as a mixed -use development using the variety of aspects listed above. As part of its strategy, Is/and Gardens does not intend to cannibalize existing similar components in surrounding areas. On the contrary, Is/and (,ardens will create a synergistic effect between Watson Island, Downtown Miami and South Beach. By bringing a mega -yacht marina, new hotel and retail brands, world -class dining and catering, along with the artistic, cultural, historical and educational aspects of the project, Island Gardens will establish an additional alterative for residents and visitors. And as stated throughout this plan, these same attributes and partnerships with the stakeholders will ensure success. I S L A N D G A R. D E N S tn.10 M A R K E T i N G P L A N Target Merchant Mix Local EEveryday Incubators Local Stars New Nationals New Internationals Leisure Target Cluster Groups Yachting Conventioners Darlings City Slickers Young Sophisticates Local Promenaders Target Merchandise Mix Gifts Lifestyle Semmes Fashion Family Favourites Young Fashionables i. Consideration & Satisfaction of Stakeholders By establishing the strategy within the partnership concept, l;r_u:d Gar -du- will provide proper consideration and the utmost possible satisfaction to all of its stakeholders. As a natural flow of this strategy, a win -win situation will evolve for all parties involved. ii. . Appeal to the Needs of Stakeholders by focusing on the main objectives: • Provide economic returns to the City and investors • Develop a landmark for Miami • Provide additional reasons to visit Miami /Watson Island • Preserve & enhance Fish Market • Provide services to tourists / passengers of cruise ships, sea planes & helicopters • Provide adequate parking for all related components I S L A N D G A R D E N S VII•tt M A iii. Cater to the Expectations of Stakeholders L A N In harmony with the satisfaction of the objective put forward in the marketing plan, the following expectations required by some of the stakeholders will also be met. • Employment Opportunities • New Venue for Leisure & Entertainment • Public use of land • Access to cultural events and exhibits • Educational & historical facilities iv. Developmental and Operation Team Members All team members associated with I i;r; t i ;,, - ;., are well aware of these underlying objectives. At this stage, the following parties have already committed their efforts and experience to the development, design and implementation of the project with the objective of providing a voice to all stakeholders. Developer Chairman of the Board Member of the Board Member of the Board Development Manager Mega -Yacht Marina Hotel Development Manager Hotels The Wave Hotel The Lighthouse Hotel Retail & Dining Cultural Botanical Concept & Design Project Architect Landscape Architect Traffic Engineer Shopping Center Consultant Retail Consultant Restaurant Consultant Attorneys 1 S L A Flagstone Properties, LLC Jones Lang LaSalle Americas, Inc. Camper & Nicholsons Marinas, Ltd. Continental Hospitality Holdings, LLC Conrad Hotels The Regent International Hotels Jones Lang LaSalle Retail Group The Historical Museum of South Florida Fairchild Tropical Garden Eric R. Kuhne & Associates Spillis Candela DMJM Edward D. Stone & Associates (EDSA) David Plummer & Assoc. Alkas Shopping Center Consulting Shopping Center Solutions Dining & Catering Shutts & Bowen, LLP N D G A R Mehmet Bayraktar Mehmet Bayraktar Sherwood M. Weiser Eric R. Kuhne John A. Paccione Simon Arrol Sherwood Weiser John A. Paccione Andrew Brian Bruce Greer Eric R. Kuhne Julio Grabiel Paul Kissinger David Plummer Avi Alkas David Beale Stan Saris Judith A. Burke D E N S V1-12 M A R K E T 1 N G P L A N 5. Ulrn[s i. Staffing • Marketing Director will report to the General Manager and direct all the marketing efforts as indicated within the marketing plan. • Events Coordinator will be hired to coordinate all event related activities. • Secretarial/Administrative Staff will be hired depending on the necessity and concentration of marketing activities. • Outsourcing Agencies on the following disciplines will be engaged: • Advertising • Public Relations ii. Pre -Launch Campaign Even prior to obtaining a building permit, a series of marketing tactics will be implemented to enhance the theme, name, branding concepts and irnage of the project. With an increasing tempo towards the grand opening, marketing teams will be hired at the appropriate time to coordinate the marketing efforts and preparations for each of the components: marina, hotels, retail, dining and cultural. Creating expectations and awareness of the novelties & new features • PR coverage through Press Conferences / Press Releases • Celebrity Appearances • Attending Major Shows / Conferences • Specialized and Targeted Advertising 1. Direct mailing 2. Private Invitations • Site Educational Visit Tours 1. Students 2. Professional 3. Volunteer groups 4. Potential employees • Special Contests for the Public to Patronize the Project • Names and Icons for Certain Components 1. Parking Deck Floors 2. Access Roads 3. Hotel Meeting Rooms • Skill Development Programs for Recruitment • Social Welfare Programs for Employment /Fund Raising S L A N D G A R L' N S Y413 1 A IZ IC E T 1 N G P L A N Grand Opening • Teaser Campaign • Outdoor Advertising • Celebration Program • VIP Party • Public Festive Opening • Branded gift items iii. Ongoing Comprehensive Efforts for all the Components • Advertising o Periodicals, Magazines o Outdoor o Handouts, Brochures, Maps o Trade specific publications • Joint Activities and Cross Promotion of Individual Components o Marina — Iotel o Marina — Retail — Catering o Hotel — Retail — Dining o Private and Non profit cooperation for educational and commercial purposes • Promotional o Seasonal Campaigns for individual or all components o Special Cooperation with Neighboring Facilities ■ Beach • Golf Club • Equestrian & Polo Club • Airlines / Helicopter operators o International Global Connection Programs • Worldwide Time Share / Vacation Ownership Programs • International Marina & Yachting Associations o Frequent Yachtsmen / Guest / Shopper / Diner Programs o Special Tourist Incentives • Individual • Organized Tours o Specialized Merchandising o Temporary Cultural / Historical Exhibits o Regular Art Performances / Exhibitions • Daily • Weekly ■ Monthly • Seasonal o Regular Seasonal Activities I S L A N D G A R D E N S III-14 M A A N • Decorations • Offerings o Special Events • Festival Calendar • Festival of the Winds April • Midsummer's Eve Festival June • Waterfest September • Floriade November • Festival of Lights December • Festival of the Seas February • Sponsorships • Sea sports tournaments, cups, trophies • Golf and Equestrian tournaments • Concerts & Performances • Social Campaigns 6. SPECIAL TACTICAL APPROACHES FOR INDIVIDUAL COMPONENTS OF ISLAND GARDENS i. Marina Primary Market The marina will be targeted almost exclusively within the super -yacht and mega -yacht market. There are reportedly 400 superyachts on order or in build which will put additional pressure on the shortage of current large berths. (, ,r, ; is the only planned, purpose-built super -yacht marina of such scale presently planned for development anywhere in the world. As evidence of the berth shortage, it is interesting to note that Monaco is scheduled to start building an extension to its harbor. However, the cost of this extension will be enormous due to mandatory construction of breakwaters and quays strong enough to withstand the full force of Mediterranean storms. Secondary Markets Two other markets will be targeted. First, J :';,1 (, Jn/e1/ will encourage short-term and overnight visits in smaller yachts, as these will provide additional animation to the waterfront and bring business to the retail and restaurant facilities. Second, will be available to host local, national and international yachting and other maritime events. These may take the form of: • Regattas and other competitive events for sail and power boats. • Visits of Tall Ships and other heritage vessels. • Start and finish port for trans -Atlantic races. • Stopovers for round -the -world races like the Volvo Regatta. I S L A N D G A R D E N S VI -IS M A R IC E T I N G f L A N • Maritime festivals. • Events of these events attract hordes of visitors. For example, Camper & Nicholsons is involved with two major events in its home port of Portsmouth: The Tall Ships race usually attracts about 500,000 spectators and the International Festival of the Sea about 300,000. Branding The management of l.rLind (.;arile=r,.; marina will be handled by Camper & Nicholsons Marinas, Ltd. The Camper & Nicholsons name is one of the strongest brand names in the world of yachting, representing a 200+ year heritage of craftsmanship and service, particularly to the rich and famous. The brand name is recognised across three sectors: • Marinas • Building, refit & repairs • Brokerage, charter & management The various Camper & Nicholsons companies co-operate closely in order to maximize brand image and benefit from co -marketing synergies. This world renowned brand strength will be of immeasurable value to Island Gardens and to the City of Miami. The brokerage, charter and yacht management company, Camper & Nicholsons International, already has offices in Miami and Palm Beach and wishes to relocate to I, _,; as soon as possible. This will further add to the attraction of superyachts, captains and owners. To conclude, the Camper & Nicholsons name will bring immediate, long-lasting and international credibility to the manna in a way that no other yachting name can. Marketing Activities Camper & Nicholsons companies exhibit at many of the world's leading international boat shows including Monaco, London, Dusseldorf and Fort Lauderdale. L;;:;:::;' _, r;;'1.: ; would be featured at all of these. Advertisements would run in the yachting magazines, focusing on trade specific publications that cater to the super -yacht and mega -yacht markets (e.g. Boat International, ShowBoats International, Yacht Capital). Additionally, assisted by the credibility of its brand name and reputation, Camper & Nicholsons Marinas Ltd. will achieve regular editorial features, invariably more influential than paid advertising. Direct contact with super -yacht and mega -yacht owners and captains will be maintained through informal meetings at boatshows, regattas and through the company's database. Brochures will be distributed at various maritime events. For example, last Spring, Camper & Nicholsons's brochures were hand delivered to about 6,000 Mediterranean based yachts of 60 feet and longer. , will be featured on the Camper & Nicholsons Marinas Ltd. web site (www.cnmarinas.com). I 5 L A N D G A R D E N S Vl-16 ✓1 A R K E T I N G P L A N The brokers of Camper & Nicholsons International can be relied upon to promote the marina due to the shortage of berths for the big boats in which they deal. Nevertheless, other brokers and yacht agencies, both in the USA and overseas, will be fully briefed and encouraged to promote Nand (nude• . The ultimate goal is to promote the 5 Gold Mega -Yacht Marina as a prime tourist destination in North America. Finally, in order to attract the maximum number of events to the marina, a Event Manager will be hired to contact event organizers, race directors, commercial sponsors etc., to develop and promote maritime activities. The Even!. Manger will work in tandem with the uplands Event Manager to coordinate all "onshore" and "offshore" activities to attract the maximum number of visitors while ensuring smooth operations. ii. Hotel Reservations System A state-of-the-art reservations infrastructure is to be attained to provide interfaces with all major Global Distribution Systems (GALILEO-Apollo-Galileo Canada, SABRE/Fantasia, SYSTEM ONE, WORLDSPAN-Abacus/Infini, AMADEUS, BOOKHOTEL, SAHARA/Gabriel, AXESS), and toll - free telephone coverage in many of the world's major markets. Direct Sales Support Business from key corporate travel agencies, wholesalers and trade and professional association accounts will be solicited in the Americas, Europe, Australia and Asia. Regent International Hotels has worldwide sales people located in New York, Los Angeles, Tokyo, London, Frankfurt, Hong Kong, Singapore and Sydney. Trade Show Program Representation at industry Trade Shows will provide opportunities for hotel -based sales and operations management personnel to meet customers from business, leisure and group market segments. Advertising and Public Relations The image and message is to be continually communicated through advertisements in targeted media outlets. An aggressive program of public and media relations is aimed at reinforcing a high level of awareness among luxury market travelers, luxury positioning and our new locations. Partner Marketing Opportunities Ongoing promotional opportunities with airline, credit card, car rental and other marketing partners will be implemented. S L A N D G A R D E N S VI-17 A R K E T 1 N G f' L A N Training All staff will undergo a training program to thoroughly familiarize themselves with proper quality standards. Ongoing training and educational opportunities in marketing, reservations and quality standards will be pursued. Ongoing Consultation on Product, Service and Marketing Issues A Regional Director will be assigned by each hotel to work closely with Flagstone Properties' General Manager. The role and goal of the Regional Director is to focus on continually improving the hotels: • Total revenue per available room • Room revenue per available room • Central reservation systems contribution • Measures of guest satisfaction and loyalty The Regional Director will become the primary contact and will work to understand Flagstone Properties' organization, marketing plan and customer mix. Responsibilities include functioning as a member of the team and keeping all related staff updated about all hotel activities. iii. Retail / Dining / Leisure Leasing Coordination A special leasing program will be developped to attract the desired brand names in harmony with the initial studies. A special leasing kit along with personalized web access through the user designed web site will be put into effect immediately upon selection, without waiting for the ground breaking. Deal Making / Conference Attendance Participation in industry specific deal making conferences, seminars and speaking engagements by leading members of the Development Team will provide opportunities for increased recognition to meet potential worldwide tenants. Advertising and Public Relations As explained in the comprehensive approach for f. i;;;l (; r,2lr:,' as a whole, similar activities will be put into place for the creation of the brand image starting from the early stages of the project. Cross Promotional Efforts Every promotional opportunity with airlines, major credit cards, car rental and other marketing partners will be established to enhance marketing efforts. Recruitment & Training Based on the professional development and career building standards for retail and catering, a special training program will be prepared for all employees upon recruitment to establish the best service spirit and familiarize them with proper managerial approaches to serve the needs of retailers and tenants and fulfill the expectations of the shoppers and patrons. I S L A N D G A R D E N S VMS M A R K E T I N G P L A N Role of Property Manager A property manager appointed by Flagstone Properties' General Manager will specifically be responsible for all the operations aspects of the retail and dining units. The job description of the Property Manager will naturally be concentrated on improving: • Total sales per square foot of the retail and catering units • Rental improvements along with bettering net operating income • Contribution on tenant relations improvement • Visitor/Shopper satisfaction towards customer loyalty With the expertise of all the team members drawing•upon their experience and eagerness to operate and manage the relevant components, a successful marketing approach will be attained in accordance with the plan detailed above, making ',law. profitable and beneficial to all of its constituents. I 5 L A N D G A R D E N S 111.19 7 II M A R $ E T AND E CONOMIC F EASIBI LITY MARKET AND ECONOMIC FEASIBILITY VII. variables £ MIAMI MARKET AlburSIS 1. Miami's Economit Outlook - Summary The continuous stable growth experienced by Miami is expected to continue. Immigration will continue to occur at a slightly higher rate than the above national average and the population is expected to increase. Miami's economy is also expected to witness positive growth in the near term as international trade and services take on an ever- increasing role as the generator of revenue. All socio-economic considered, Miami is well positioned for the development of an upscale mixed -use development based on the following: • The population will continue to grow through births and immigration and is expected to reach 2.4 million people by 2005. By 2020, the population is expected to increase to almost 3.0 million people. • Miami International Airport (MIA) is the nation'.r number one most active handler of international cargo, and is ranked third in terms of international passenger traffic. By 2007, MIA will handle 48 million passengers peryear. If the current percentage of international travelers remains constant (53%), the airport will handle 22.3 million international travelers by 2007. • Tourism is the second largest industry and source of job growth in Miami, generating more than $11 billion in revenues and supporting an employment base of 250,000. The Port of Miami is the largest port -of -call for cruise ships in the nation, handling over 3.2 million passengers annual/-. • Should the current number of overnight viritors, domestic and international (10 million), increase at the same percentage rate as international airline passengers (16 million to 22.3 million), there wil/ be a 39% increase in overnight visitors by 2007, half of those being international travelers. • Positive office market conditions in Miami's Central Business District have resulted in rental rates increasing significantly over the past five years, with the first quarter 2001 rates standing at approximately $22.00 per square foot, an increase of 17.0 percent over the first quarter of 2000. • Miami's Gross Metro Product will increase firm $68.5 billion in 2001 to $77.8 billion in 2005, a 13.6% increase. Ovenv' ew o/ the Economy. After a mild slow down in the second half of 2000, Miami's economy is charging forward again. The area's job growth is twice the pace of the nation as a whole, and is related to the ever -strengthening international links in trade, finance and tourism, which is less affected by the U.S. business cycle. Currently, more than half of Miami's economy revolves around international trade, banking and commerce. The city's projected 2001 Gross Metro Product (GMP) of $68.5 billion is expected to increase by 13.6% to $77.8 billion in 2005. Employment is also expected to grow steadily within that same period by 6.0% to 1,092,600 total jobs. I S L A N D C A R D E N S VM11 MARK E T AND E CONOMIC F E A S 1 3 I LITY O. Population. Miami has been one of the fastest growing cities in the U.S. having developed from only 500,000 residents in 1950 to 1 million in 1965 and 2 million in 1995. As of year-end 2000, the Miami area had a population of close to 2.2 million, indicative of a compound annual growth rate (CAGR) of 1.3 percent since 1990, while the 2005 population is expected to also grow by 1.3 percent to 2.4 million people by 2020, Florida is projected to be the nation's third most populous state, larger than New York and just behind Texas and California, {According to projections by the U.S. Census Bureau} with a proposed population of 2.8 million. 3,000 2,500� 2,000— 1,500— 1,000�' 500� Miami -Dada County Resident Population (000's) Ii0 /OW 1010 1020 I000 lens 1000 nn 200 2001 2010 20!S 1 The Beacon Council's Miami Business Profile states that the median age of Miami -Bade County residents is 34.2 years, in comparison to the statewide median of 36.4 years. One additional note is the fact that a significant portion of Miami's population is comprised of people of Latin American decent. This was largely due to the substantial Cuban migration of the 1960s, transforming Miami into the "northernmost city of Latin America. This across the board growth is also buoying the area's commercial and high -end residential real estate market and pushing up housing prices. The average price of a home has increased from $84,000 in 1985 to $160,000 in 1999. This is an increase of 91% within a period of 14 years, or an average steady growth of 6.5°%o per year. This is another solid indicator of economic and social growth in any area. b. Towisnr. Recognized for its physical beauty and warm tropical climate, Miami has long been a highly desirable tourist destination. Founded on tourism, this historical vacation and retirement destination has now become a global visitor and tourist destination. In 1980, nearly 75 percent of all tourism was domestic, more recently, domestic tourism accounts for only 50% of the total. Today, Miami attracts over 10 million overnight visitors per year. Approximately one-half of these visitors are international travelers, 70% of which come from Latin America and Europe. These visitors, together with the area's diverse population, culture, languages, architecture, physical beauty, desirable climate and global businesses, have given the city a distinct cosmopolitan flavor. Approximately 25% of the population is black, and 60% of the area's entire population has some degree of Latin origin. ( S L N D G A R D E N S 1111-2 MARK E T AND ECONOMIC F EASIBILITY Greater Mani Ore nigtt Visitors 1110 ■Intersticeal Dcmastic 56% Miami is a Florida destination that has traditionally been able to weather tourism downturns. This is both the result of a strong brand identity associated with Miami's world -class cache' and a large Latin American tourist base that is less affected by U.S. business cycles. Considered the international trading hub of the Americas, Miami is well served by its close proximity to Central and South America, the Caribbean and by its growing airport and excellent seaport services. Miami's desirability as a tourist destination also enhances its appeal as a business destination. As business has grown, particularly global trade and finance with Latin America, tourism generated from these areas has grown as well. Tourism is now the second largest industry in Miami generating more than $13 billion in revenues (19% of the current GMP). Since Miami has been deemed the gateway to Latin America and the link to the Hispanic market for foreign firms, business is also helping to drive the tourist industry. A profile of visitor demographics is provided in the following table, highlighting the above -average mean income of tourists corning to Miami -Dade County. Tourist Demographics Average Size of Party 2.3 Average Length of Stay 6.6 nights Mean Age 43 Mean Income $86,100 Male 67.9% Female 32.1% United States Resident 55.9% Non -USA Resident 44.1 Source: Greater Miami Convention & Visitors Bureau As presented in the following chart, Miami Beach houses more tourists (39 percent) than any other area of Miami -Dade County. Additionally, South Beach attracts over seven (7) million tourists from the region, making it one of the most popular tourist destinations in the State of Florida. Of Miami Beach's 20,000 hotel i S L A N D G A R D E N S VII-3 M A R. IC E T AND E CONOMIC F EASIBI LITY rooms, approximately 9,000 are in South Beach, constituting a unique cluster of hotel inventory that has created a critical mass with considerable growth potential. Where Tourists Stay In Miami -Dade County Grove/Gables/Key South Dade Biscayne 8% 9% — ��e Miami Beach 39% Airport Area 18 "/ North Dade 14% Downtown 12% Source: Greater Miami Convention & Visitors Bureau Along with millions of regional visitors, the seven million tourists that visit South Beach and its Art Deco Historic District, make the area the number one attraction in South Florida, and the second most popular in the state following Disney World. These visitors are the catalyst for the economic prosperity of Miami Beach contributing over $11 billion to the economy each year. Downtown Miami is characterized by numerous attractions and venues, namely the Gusman Center for the Performing Arts, Miami -Dade Cultural Center, The Historical Museum of Southern Florida and the American Airlines Arena. In very close proximity to Watson Island, Downtown Miami, offers shopping with a cosmopolitan flair. Department stores and emporiums selling clothes, electronics, sporting goods, jewelry and more, fill the Historic Downtown Miami Shopping District. c. Entertainment. After international trade and tourism, Miami's entertainment industry has been the next most significant source of economic growth. According to the Florida Film Commissioner, the Miami area television and cable business brought in $1.7 billion in 1999 (latest available data). During that same period, motion picture and video work accounted for $510 million, with the music industry at $185 million and other entertainment -related fields at $142 million — for a total of $837 million. Overall, the entertainment industry in South Florida directly employed 14,000 people, pumping more than $2.5 billion into the economy in 1999. In particular, Miami has become the center for entertainment companies with a Latin focus, boasting the headquarters for Sony Discos, BMG, US Latin, Universal Music Latino and Wea Latina (Warner), to name a few. I S L A N D G A R D E N S VIH MARK E T AND ECONOMIC F EASIBILITY d. Transportation Industry 1. Miami International Airport. The steadily improving and growing Miami International Airport is a key component of Miami's success as an international (and domestic) tourism and business destination. Approximately seven (7) miles away from Watson Island via expressway, it currently serves over 150 airlines and handles 3,000 flights per week to and from international and domestic locations. During 2000, MIA handled 33.6 million passengers, of which 16.2 million were international and 17.4 million were domestic passengers. While these numbers show a slight decline from previous years, international traffic is rebounding and went up 3.6 percent in 2000. Approximately 48 % of passengers were on international flights, and by 2007 it is expected that more than half of. total passengers will be on international flights. A $6.0 billion expansion is currently under way at MIA which will ultimately add a total of 4.7 million square feet of passenger terminals and concourses, provide 47 new gates and an additional 3.3 million square feet of air cargo handling and storage capacity. A fourth runway will be completed in 200, and the World Gateway Terminal is also now under construction and scheduled for completion in 2007. Projections used for planning purposes predict passenger traffic will climb to 48 million by 2010. On the freight side, cargo is projected to grow to 3.3 million tons by 2010, compared with 1.8 million in 2000. Air traffic is expected to grow to 48 million annually, a 41`A, increase within a space of six years. Applying the current domestic and international traveler percentages noted above, by 2007 there will be over 24 million international travelers arriving and departing from Miami International Airport. ii. Port of Miami. The Port of Miami is another major component of Miami's international status. Considered the "Cruise Capital of the World" it is home to 17 cruise ships and boasts the largest year- round cruise ship fleet in the world. It also handles more ships capable of transporting 3,000 or more passengers at one time than any other port worldwide. The number of cruise ship passengers has grown steadily since 1981. In the year 2000, more than 3.3 million cruise ship passengers used the Port — the highest number recorded to date. ii1. Regional Transportation. In addition to world -class air and seaports, extensive roadway and public transportation systems also service Miami residents. An inventory of 5,640 miles of roadway is available for utilization by the citizens of Miami -Dade County. The major north -south arteries include Interstate 95, Interstate 75, the Florida Turnpike and the Palmetto Expressway (SR-826), while SR-112 and SR-836 are the commonly utilized east -west thoroughfares. Access to Watson Island is via the Macarthur Causeway, which is easily accessible from Downtown Miami and Interstate 95. e. Miami Office Madrid. Miami has a considerable office market. With approximately 35 million square feet of inventory, Miami-Dade's vacancy and absorption rates have experienced positive trends. At year-end 2000, the vacancy rate for the overall Miami -Dade office market stood at nearly 12 percent. More specifically, the 8-million-square-foot Miami Central Business District (CBD) office vacancy rate was 11.2 percent for the first quarter of 2001, compared to 12.6 percent in 2000. I $ L A N D G A R. D E N S 1111-5 MARK E T AND ECONOMIC F EASIBILITY Tighter office market conditions in Miami's CBD have resulted in rental rates increasing significantly over the past five years, and this trend has continued through the first quarter 2001. Office rental rates in the Miami CBD are approximately $22.00 per square foot, an increase of 17% of the first quarter of 2000. Confidence in the local economy remains strong, with new deliveries for 2001 expected to total almost 1.8 million square feet, of which almost 30 percent is pre -leased. Contributing to the confidence in this market's economy are the increasingly close ties to Latin America and the Caribbean, a strong investment environment, a growing telecom industry and continued growth in Miami's tourism base. In fact, Miami landed the top spot in America Economia's 2000 list of best places to locate Latin American businesses. f. Convention Centers. The City of Miami's Convention Center, the primary convention hall for Downtown Miami, contains 503,000 square feet of meeting space and 70 meeting rooms, ranging from 100 square feet to over 21,000 square feet in size. The Miami Beach Convention Center contains over 1 million square feet of meeting space, including four 125,000-square-foot halls that may be combined to create up to 500,000 square feet of contiguous space. The number of attendees to the Miami Beach Convention Center averages approximately 800,000 per year, with the number of conventions, trade shows and meetings averaging close to 70 per year. Attracting over 900,000 convention delegates per year, in the last two years the number of room nights generated is approximately 2.5 million nights. g. International Trade. Miami's transformation has been possible because of its continuously expanding sea transportation and airports, its multilingual workforce, its cultural diversity and strategic location. As a focal point for many domestic and foreign businesses, the area has established itself as a major trade nexus and international gateway. Due to its large Latin American population and strong trade ties, more than one-third of all U.S. trade with Latin America and the Caribbean passes through Miami. Miami -Dade County is an international trading crossroads with imports and exports rising rapidly. Total trade through the Miami Customs District (which includes all Florida seaports and airports south of Tampa) average $52 billion per year, with some $30 billion in exports and $22 billion in imports. As of year-end 2000, over 1.8 million tons of cargo was traded through Miami International Airport. Of note is that the airport is currently at capacity, explaining the stabilization in cargo transported over the last two years. la Employment As of year-end 1999 (latest available data), approximately 984,000 people were employed in Miami's non-agricultural industries, indicating a compound annual growth rate (CAGR) in employment of close to 1.4 percent per year since 1980. This growth is projected to continue with employment levels surpassing 1.17 million by 2015. I S L A N D G A R D E N S V14 MA R. K E T AND E CONOMIC F EASIBI L I T Y 12.0% 6.0% 4.0% 2.0% 0.0% Miami -Dade County Unemployment Rate 1980-1999 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Source: Florida Department of Labor and Emplgyment Security, and Bureau of Labor Market Information As highlighted, the unemployment rate in Miami -Dade County has been declining steadily since 1997, indicating the strengthening and diversification of the underlying economy. Since 1997, the majority of the job increases occurred in the services and the transportation sectors. The table below displays non - manufacturing employment by industry in Miami -Dade County. Miami -Dade County Non -Agricultural Employment Industry Employed (in 000s) Percent Share (%) Manufacturing 75.1 7.6% Non -Manufacturing Construction 34.2 3.5% Mining 0.3 0.0% Transportation 86.3 8.8° o Trade 255.7 25.9% F.I.RE 66.1 6.7% Services 329.3 33.5% Government 137.0 13.9% Total 984.0 100.0% Source: Florida Department of Labor and Employment Security and Bureau of Labor Market Information I S L A N D G A R. D E N S Y1I-7 M A R IC E T AND E CONOMIC F EASIBI LITY Miami's largest private sector employers include primarily a concentration of leisure and business services. Miami's major manufacturing industries include biomedical, printing, publishing, furniture, film, entertainment and electronics. Miami's new face as an international city is further substantiated by the fact that it is currently home to over 360 multi -national corporations. It also boasts more foreign banks within its boundaries than any other city, outside of New York. Currently, close to 130 banking and finance institutions have offices in the city. Miami is becoming increasingly well positioned as the premier U.S. city for international business, particularly Latin America. Ten Largest Private Employees in the Miami Area Employer No. of Employees Sector 1. Spherion Corp. 80,000 Temporary Staffing 2. The Wackenhut Corp. 76,000 Security Services 3. ADP TotalSource 41,000 Staffing/Payroll 4. AutoNation, Inc. 33,000 Car Dealerships 5. Ryder System, Inc. 30,000 Truck Rental 6. Burger King Corp. 26,000 Fast Food 7. Carnival Corp. 26,000 Cruise Lines 8. ANC Rental Corp. 23,000 Car Rentals . 9. Royal Caribbean Cruises 23,000 Cruise Lines 10. Fresh Del Monte Produce 20,000 Fruits Source: IHoover's Online B. MEGA -YACHT MARINA MARKET AND FEASMILITY In preparing the marketing plan for the Mega Yacht Marina, Camper & Nicholsons Marinas, Ltd. reviewed the economic feasibility study prepared by Thomas J. Murray and Associates, Inc. that was provided with the Request For Proposal (RFP) issued by the City of Miami. That study, titled Recent Growth, Current Activity and Economic Impacts of Mega Yachts in South Florida, mirrored the research conducted by Camper & Nicholsons for this region and is similar to the conditions that exist in the international market place, where Camper & Nicholsons is a prime player. The essence of the market and economic feasibility of the marina is highlighted in the data indicating that at the end of 1997 there were 279 mega -yachts under construction worldwide. That information has been updated through the end of 2000, with a total of 400 mega -yachts on order or in build. This increase will put additional pressure on the shortage of large berths that already exist and make L;;t;n,l (, ,14.11.; a guaranteed success. I S L A N D G A R D E N S YIH M A R IC E T AND E CONOMIC F EASIBILIT Y Mega Yachts Under Construction Worldwide 1991 - 2000 400 97 92 93 9t 95 96 97 O No. of Yachts ! C. HOTEL MARKET i FEASIBILITY 1. Overview. Increasingly recognized as the capital of the Latin American entertainment industry and a playground for the rich and famous, Miami is undergoing a dramatic transformation. At the forefront is the city's lodging industry. With Miami's significant growth in tourism in the last ten years, the city's supply of quality rooms is insufficient for the influx of visitors. As a result, a surge in hotel development is underway throughout Miami and Miami Beach. The majority of new development is in the first-class and luxury segments, raising the overall profile of the city's lodging product. Furthermore, the opening of high -end hotels such as Four Seasons, Mandarin -Oriental, and Ritz -Carlton, amounting to some $2 billion in investments, has forced many existing properties to spend millions of dollars to upgrade and reposition their operations to remain competitive. The Miami hotel market is ranked 8th nationally in terms of average daily rate (ADR) as highlighted below. Top Ten Lodging Markets Luxury and Upscale Hotels Ranking City 2000 ADR 1. New York $270 2. Boston $206 3. San Francisco $186 4. Phoenix $176 5. Chicago $174 6. San Diego $171 7. Washington, DC $165 8. Miami $160 9. New Orleans $154 10. Atlanta $145 Source: Smith Travel Rerearch and Deutsche Bank flex. Brown I S L A N D G A R D E N S Y11-9 M A R. K E T AND ECONOMIC F EASIBILITY 2. New Supply. Given the strong performance of the Miami lodging market, as evidenced by strong average daily rates, many hotel properties are currently under development or proposed. Such developments throughout the Miami area have helped boost the image and marketability of this popular and trendy destination. While much of the new supply is needed to serve first-class leisure and commercial travelers, the new rooms entering the Miami market are expected to induce demand currently served in other corporate, leisure and convention markets. The distinctive nature of Miami's sub -markets, combined with a focus on defined market niches, should prevent overcrowding. In addition, it is expected that the current wave of development will be fully absorbed by the market by 2003/2004, and the area will be able to accommodate further new supply by 2005. The following table summarizes current and proposed hotel developments in the Miami area. Miami Primary New Lodging Supply Development Location Rooms Status/Opening Year Loews Miami Beach Hotel South Beach 800 Opened 1998 Mandarin Oriental Brickell Avenue/Downtown 329 Opened 2000 J.W. Marriott Brickell Avenue/ Downtown 300 Opened 2000 Shore Club South Beach 325 Opened 2001 Ritz -Carlton DiLido South Beach 385 Under Construction/2001 Marriott Resort South Beach 230 Under Construction/2001 Royal Palm Crowne Plaza Resort South Beach 424 Under Construction/2001 Ritz -Carlton Coconut Grove 250 Under Construction/2001 Four Seasons Hotel and Tower Brickell Avenue/Downtown 222 Under Construction/2001 Ritz -Carlton Key Biscayne 350 Under Construction/2001 Grand Bay Towers Key Biscayne 243 Under Construction/2002 The Setai South Beach 60 Under Construction/2002 Carillon Hotel South Beach 700 Planned/Unknown S L A N D G A R D E N S YI410 MARKET AND ECONOMIC F EASIBILITY 3 Competitive Set. Nind C;i,r / ,/ , with its unique location between Miami Beach and Downtown Miami/Brickell Avenue, will be positioned as an international marina, garden, retail and high -end lodging resort. The proposed lodging component of Watson Island is expected to be competitive with a diverse group of high -end properties in the Miarni area. To this degree, the competitive set is comprised of the luxury -lodging products offered within a 15-mile radius surrounding Watson Island. The competitive set for the proposed upscale hotels at Watson Island consists of the following ten hotels. They are all nationally recognized hotels that compete for the same echelon of transient and group business. These ten hotels range in size from 60 to 659 rooms and collectively contain an aggregate of 2,678 rooms. Miami Luxury and Upscale Lodging Market Property Sub -Market Rooms Year Opened Mandarin Oriental Brickell Avenue/Downtown 329 2000 J.W. Marriott Brickell Avenue/Downtown 300 2000 Delano Hotel South Beach 208 1995 Preferred Mayfair House Coconut Grove 179 1995 Fisher Island Club Resort Fisher Island 60 1989 Mutiny Hotel Coconut Grove 115 1998 Tumberry Isle Resort Aventura 340 1987 Grand Bay Wyndham Hotel Coconut Grove 181 1983 Sheraton Hotel Bal Harbour Bal Harbour 659 1980 Sonesta Beach Resort Key Biscayne 307 1969 Total Rooms 2,678 In terms of market performance for the upscale competitive set, the following chart indicates the strong average daily rate (ADR) performance exhibited in recent years, representing a compounded growth rate of 6.8 percent over the five-year period 1996 to 2000. I S L A N D G A R. D E N S YIl-ft MARNE T AND E CONOMIC F EASIBI LITY $250.00 $240.00 $230.00 $220.00 $210.00 $200.00 $190.00 $180.00 $170.00 $160.00 $150.00 Miami Upscale and Luxury Lodging Market 1996-2000 ADR 1996 1997 1998 1999 2000 Source: Smith Travel Research The average annual occupancy of the competitive set has averaged approximately 72 percent over the last five years, with room revenue per available room (RevPAR) showing a healthy growth rate of 4.5 percent per annum. a. The Downtown Miami/Brickell Hotel Market. Watson Island is strategically located between Miami Beach and the Downtown Miami/Brickell Avenue area, both experiencing dynamic development. As Miami's central business district (CBD), the Downtown Miami/ Brickell area is the focus of various new upscale projects, primarily mixed -use developments that fuel lodging demand from the commercial segments. Newcomers to the Brickell area will primarily include the redeveloped Espirito Santo Plaza, Barclays Financial Center, the prestigious Four Seasons Hotel and Tower and the 329-room Mandarin Oriental which opened in 2000. b. Downtown Miami/Brickell Residential Market area continues to be developed into a center of cosmopolitan, urban life. Along with new office and hotel projects, various new residential projects are also entering this upscale sub -market. These include high-rise condominium projects such as Three Tequesta Point Tower on Brickell Key and the Metropolitan on Brickell Avenue. The Related Group, Florida's largest apartment builder, has plans to develop 400 apartments and some 500,000 square feet of office space in a $250million mixed -use project on one of Downtown's last vacant waterfront parcels. Moreover, the hotels planned near this sub -market should benefit from a strategic location within .walking distance of major financial centers during the day and supporting retail/entertainment establishments at night. 6 Miami Beach Hotel Market. The proposed lodging facilities of Watson Island will be situated less than two miles from Miami Beach, the epicenter of the area's boutique market. Miami Beach has experienced significant growth in visitation since the beginning of the 1990s, primarily due to the i S L A N D G A R D E N S 1,11-12 NIA R. K E T AND ECONOMIC F EASIBI LITY revitalization of South Beach and the Art Deco District. South Beach has become known as "ground -zero" for glamorous -chic lifestyles and tropical excitement. The total room inventory in the Miami Beach district is approximately 20,000, with some 9,500-hotel rooms provided in South Beach. Given the success of the existing boutique hotel inventory, research indicates that there is need for more upscale rooms. While much of the new supply is needed by current first-class leisure and commercial travelers, new rooms are also expected to induce demand currendy being served in other corporate and convention markets. The probable immediate effect of the new supply will be a short-term weakening in occupancy, although a rebound is expected long-term as Greater Miami matures both as a city and as a first- class commercial and leisure destination. It is expected that neighboring Miami Beach will see less weakening than other areas, given the uniqueness and diversity of the existing product. Any new upscale projects entering the area are expected to expand the city's overall markets and increase its market share. 4. Proposed Watson Island Hotels. The lodging component for the i ::' - <,. ,;. r; . development will include a 225-room five-star hotel with a linear orientation, and a 300-room five-star property with a vertical orientation, both catering to upscale leisure and corporate travelers. The 225-room property will be introduced to the market as The Wave Hotel, while the 300-room property will be known as The Lighthouse Hotel. The following table provides a summary of the development program for the two proposed hotels, upon which our cash flow projections are based. Watson Island Summary of Lodging Development Program Component Wave Hotel Lighthouse Hotel Product Type/Positioning High -End Five -Star High -End Five -Star Construction Style Linear Vertical Number of Stories 11 (Seven of guestrooms) 21 (18 of guestrooms) Number of Rooms 225 300 Number of Suites Included 50 50 Average Room Size 450-500 sq. ft. 450-500 sq. ft. Spa Facility 10,000 sq. ft. - Health Club - Yes I S L A N D G A K D E N S VII-13 M A R. K E T AND E CONOMIC F EASIBI LITY Meeting Space 4,000 sq. ft. 15,000 sq. ft. Restaurant 110-seats 140-seats Source: Jones Lang LaSalle a. Demand Profile. The lvur;; C;:Ir;l, n, lodging components will be positioned at the high -end of the Miami hotel market in terms of product. In terms of demand, the two hotels are expected to attract high net worth leisure and corporate travelers who are currently staying at properties in the Miami Beach and Downtown Miami/Brickell Avenue area, as well as in other outlying sub -markets such as Coconut Grove and Key Biscayne. The psychographics of the 300-room Lighthouse Hotel will be a combination of the following variables/attributes, with an appreciation for: • Luxury, intimate, high#perronaliied hotel accommodations • Traditional cuisine • 'Old money" value • Being part of the `lifestyles of rich and famous" In turn, the psychographics of the 225-room Wage Hotel will be a combination of the following variables/attributes, with an appreciation for: • Sleek individual -stele hole/ accommodations • Modern art, fashion, design and cutting -edge technology • 'Happening" and `hip "gourmet restaurant scenes • Urbane -chic retail shopping • Bring part of the new corporate "intelligensia" b. Etonomic Feasibility. In order to determine the economic feasibility of the 300-room Lighthouse Hotel and the 225-room Wave Hotel, we first completed ten-year cash flow projections of operating performance for each property. Our estimates of cash flow projections were based on an analysis of similarly situated and sized properties operating in the Miami area. We then related the projected income stream of the two hotels to their respective budgeted construction costs in order to determine the economic feasibility of each property. Our cash flow projections are provided at the end of this section, with the following table summarizing the development program's parameters of economic feasibility. Watson Island Summary of Lodging Development Program Economic Feasibility Parameters Variable The Wave Hotel The Lighthouse Hotel Opening Date January 1, 2005 January 1, 2005 Number of Rooms 225 300 5 L A N D G A R. D E N S YO-14 MARKET AND E CONOMIC F EASIBILITY Stabilized Occupancy Level 75% 72.0% ADR in 2005 (Opening Year) $316.00 $292 Stabilized Gross Revenues in 2001 Value $s $26,278,000 $30,018,000 Stabilized Net Operating Income $ (1) $8,578,000 $9,435,000 Net Operating Income Ratio 32.6% 31.4% Budgeted Construction Cost $75,273,000 $83,330,000 Budgeted Construction Cost per Key (Rounded) $335,000 $278,000 Valuation Upon Completion in 2001 Value $s $76,500,000 $84,300,000 Valuation per Key (Rounded) $340,000 $281,000 Discount Rate Applied (Unleveraged) 14.5% 14.5% Internal Rate of Return (Unleveraged) 14.6% 14.6°10 (1) NOI after management fees, ground rent and reserves for replacement, but before interest, taxes on income, depreciation and amortization — presented in 2001 value dollars. Source: Jones Lang LaSalle D. RETAIL & RESTAURANT FEASIBILITY 1. Overview. The first critical indicator of the acceptance and success of new retail development is an area's economic vitality and continued growth. All statistics and market indicators show that Miami is, and will continue to be, an economic powerhouse. The second key indicator is the existence of an already thriving retail presence that gives strong evidence to the retail opportunities available — provided there is enough economic and population growth to prevent over -storing. By any definition, Miami has a dynamic, thriving and ever-growing retail feel and excitement. All of the critical elements for retail growth and development are present and accounted for in Miami: • A strong, stable and growing economy • A growing population • Strong employment growth, reliable transportation and distribution systems • An already thriving retail presence driven by a domestic and international fashion and lifestyle consciousness in touch with its trendsetter status Miami is a city perfectly positioned economically, and socially, for successful retail growth and development. It is an international city on the cusp of world -class greatness. The anticipated international, cultural and economic growth trends will one day allow Miami to achieve an international status reserved to only a few cities renowned for their world wide retail market penetration. In such cities, retail opportunities are constantly being renewed by the influx of new people, fashions, ideas, customs, cultures and goods from all over the world. Not only are the local residents extremely well served — those who relish their international, I S L A N D G A R D E N S 111415 M A R. I. E T AND ECONOMIC F EASIBILITY retail fashion and trendsetter status, but also the citizens of the world, who come in great numbers to do business, vacation, sightsee, dine and, of course, shop. 2. Location, Access and Surrounding Attractions. Hard (,,.r'dcre.,, a high -end international marina, garden, retail, dining and lodging resort, will be in a strong position to take advantage of its unique, and excellent location on Watson Island. /.slap,/ Garen is seven (7) expressway miles and approximately 20 minutes from Miami International Airport, and less than one mile by car from the Port of Miami. Accessible via the Macarthur Causeway, which has a car count of 86,000 cars per day, Is/.U;r/ (,., Jn, r is less than one mile from the Downtown Miami Central Business District (CBD), which has an average weekday work force of 100,000 people. The Macarthur Causeway is the primary artery linking Miami to South Beach and is easily accessible from 1-95. The South Beach area houses more tourists (39%) than any other area in Miami -Dade County. Approximately 14 million people visit the South Beach area and the Art Deco Historic District (SoBe) each year. Attracted by the area's Art Deco charm, Atlantic Ocean vistas and varied nightlife, these visitors continue to seek out the famed ultra hip, hot and young boutiques, hotels, restaurants and nightlife. They are also attracted by the tremendous choice of dining and entertainment opportunities available on nearby Lincoln Road. Consisting of roughly seven (7) million local and regional visitors and seven (7) million international and national tourists, this group of tourists makes SoBc, located approximately 2 miles from Watson Island, the number one tourist attraction in all of South Florida. In a survey of Miami visitors where they were asked to identify the venues that they had visited and shopping . scored as the highest attraction. Attraction Score of Venues Listed Areas % Generics % Shopping % Other South Beach 67.9 The Beaches 661 Bayside 59.9 Seaquatium 10.2 Dammam mn Mani 4L6 Met Clubs 29.9 Cownut Grove 49.4 AA Arena 10.1 Lincoln Road 17.0 M eurr s 13.1 Aventura Mal! 333 Vizcaya 3.1 Key Biscayne 17.0 Golf 9.6 International Mall 13.0 Mletrozoo 3.0 Little Havana 8.7 Cornetts 5.7 Bal Harbour 10.2 rvkcosulcee 5.9 I.)ideland Mlall 9.1 The Everglades 2.3 Sass Mills 8.4 Mall of the Arr edcas 6.3 Mall at 163rd Street 5.7 The Falls 4.8 Total 160.4 Total 124.4 Total 200.1 Total 26.4 I ::;;;i G.t ,/,•!; is ideally located to take advantage of the most frequented shopping venues in Miami — Bayside (opposite the site) and Coconut Grove. I 5 L A N D G A R D E N S trs-is MARKET AND ECONOMIC F EASIBILITY In another survey, 50% of the respondents considered Miami's weather and beaches as their favorite attributes; 35% considered shopping facilities as their next most popular recreational venue; nightlife was the third most favorite venue at 32°%o, with the Ocean Drive and restaurants close behind. Miami Visitor Favorite Attributes {%) 0 5 10 15 20 25 30 35 40 45 50 55 The ideally positioned and very accessible Watson Island location will provide with a unique opportunity to present Miami visitors with many of their favorite reasons for visiting mild weather, extensive shopping, beautiful beaches, diverse nightlife and exquisite dining. In addition, 1 'i',,; Garden,' convenient and accessible location will enable smooth integration with its local environment and become synergistic with the Downtown and South Beach economies. Its integration will be facilitated by a number of / ferries that will connect it directly to nearby surrounding attractions. S L A N D 0 A R. D E N S 11417 MARK E T AND E CONOMIC F EASIBI LITY 3. Miami detail Market Island Gardens - Integrating With Its Local Environment Ferries Osi Shopping Ce mire SoM ons Re identia 1 a. Market. Some of the best regional and specialty shopping centers in the U.S. are located in Miami. There are six shopping centers in the city already producing annual small shop sales of $400 to $1200 per square foot — and one under construction that will produce comparable sales. Annual sales of $400 per square foot arc considered to be very strong production in the shopping center industry. • Bal Harbour Shops, an exclusive collection of high fashion, internationally renowned shops and boutiques anchored by Saks and Neiman Marcus department stores, produces estimated sales of $1,200 per square foot out of approximately 200,000 square feet of small shops. • Dadeland Mall, a 1.4 million square foot regional shopping center anchored by Burdines, Saks, JC Penney and Lord &Taylor department stores, and with 330,000 square feet of small shops, produces annual sales of $700 per square foot. • Bayside Marketplace, a 227,000 square foot specialty center directly across from Biscayne Bay and Watson Island has 128 shops and restaurants with annual sales estimated in the range of $650 per square foot. f S L A N D G A M A R K E T AND ECONOMIC F EASIBILITY • Cocowalk, a 162,000 square foot specialty center in Coconut Grove anchored by a theater, produces annual sales estimated to be $625 per square foot. • Aventura Mall, a 1.5 million square foot regional mall in northern Miami anchored by Burdines, Macy's, Bloomingdale's, JC Penney, Lord & Taylor and Sears department stores, and a movie theater, has over 500,000 square feet of small shops producing estimated annual sales of $530 per square foot. • The Falls, an 816,000 square foot open-air center in south Dade County anchored by Bloomingdale's, Macy's and a theater, with 361,000 square feet of small shops, produces annual small shop sales at an estimated $400 per square foot. • The Village at Merrick Park, a high -end open air center now under construction in Coral Gables, will open in September of 2002 anchored by Neiman Marcus and Nordstrom department stores, and will produce sales comparable to those of the other centers listed. The above sampling represents an exceptional collection of Miami shopping centers. A mix that reflects the level and quality of stores, shops, boutiques and restaurants that will define retail and dining at I,/'!! / Because of the very special nature of the project, its unique location and access, the audience it will serve and the synergies that will be created by the mega -yacht marina, the contemporary boutique hotels, the tropical gardens and the international appeal of its shops and wide variety of restaurants, it is estimated that Island Gardens will produce annual sales comparable to those in the sampling above and in the range of $630 to $750 per square foot. b. The Tourist Fodor. Shopping center space available today in the Miami MSA measures 39.2 million square feet. It serves a population of 2.2 million for an average of 17.8 square feet of shopping center space per capita. The U.S. average is 20.0 square feet per capita, a full 2.2 square feet greater than the Miami average. While this number is significant, it does not take into account the 34 million passengers arriving annually at the Miami International Airport (seven miles from Watson Island), nor the 10 million annual overnight visitors who come to vacation, conduct business, and shop (39(Yo of whom are very likely on their way to South Beach via the Macarthur Causeway and Watson Island). To further illustrate the impact of these numbers, the latest figures show that tourists spend approximately $13.4 billion annually in Miami, and approximately 20% ($2.68 billion) of that amount is spent on retail goods and services. Keeping in mind that Miami's shopping center space per capita is a statistic based solely on the resident population, this analysis indicates a tremendous opportunity for additional retail growth and development in Miami. Because the local economic and population growth figures projected for Miami are alone sufficient to drive a significant amount of new retail growth and development, the opportunity is greatly magnified for those who are well -positioned and seek to serve a much wider retail audience. On a more practical level, the City of Miami takes the CBD, Coconut Grove, Coral Gables and Key Biscayne as a whole statistical unit and reports that 6 out of every 10 shoppers is' a tourist and that there is approximately a 50/50 split in dollars spent between the two categories. Coconut Grove receives approximately 10°4, of the tourists who visit Miami, but has a retail capture rate of almost 50% for those who I S L A N D G A R D E N 5 1111-19 MARK E T AND E CONOMIC F EASIBI LITY stay three days or longer. Bayside Marketplace also reports a 60/40 split between tourists and local shoppers, but tourists spend a full 80% of the dollars spent there. And finally, Dadeland Mall, located in south Dade County, markets heavily to South and Central America and reports 54% tourists among its shoppers, who spend 40% of the dollars. And, remember, $2.86 billion tourist dollars is spent annually in Miami on retail goods and services Miami Household Income ($000's) 12000 j 100, 000 80, 000 60, 000 400 000 20,000 0 MS 500« •S 25Od99 OE 125-149 IOS 150249 Ip$1oo-124 INS 75-99 G Residenlial Markel. Although Miami is a tourist mecca growing in reputation and stature as an international destination, the local resident market, should not be ignored. The projected local economic and population growth is a clear indicator of the retail growth opportunities even without the tourist factor. d. Population. Within a 10-mile radius of Watson Island, the local population is estimated to be 1,056,895. Wthin a 5-mile radius, the population is estimated at 422,570. This is a very dense urban population largely due to the tremendous number of high-rise residential units along the beaches and the Intercoastal Waterway. The population density illustrates that a very significant number of people live, work and play within a 30 minute drive to Watson Island, and there is an efficient highway transportation system to help speed them on their way. Notably, Miami's car ownership levels are in line with the national average with 84% of all homes having one or more automobiles. And, almost half of all households own 2 or more cars. e. lMMO. There are 388,926 households within a 10-mile radius, and 36% of those have household incomes in excess of $35,000 per year, with 11% having household incomes in excess of $75,000. The average income per household within the radius is $42,371, and almost half of all housing units within 10 miles (44.6%) are owner occupied. Within the Miami MSA, there are 115,000 households with annual incomes in excess of $75,000. I. Age and Gender. Although Miami has a somewhat higher age profile than the national average due to its larger proportion of retired residents, within 10 miles of Watson Island, 51% of the resident population (approximately 539,000) is under the age of 40, and 65% is under the age of 50. This is the targeted local retail audience for 1 :!, :, (,.er Within the entire MSA, 27% of the population (approximately 594,000) is under the age of 40, so it is very clear that the vast majority of the population targeted for L;4;c,i lives I S L A N D G A R D E N S 1,1410 M A R. IC E T AND ECONOMIC F EASIBILITY within 10 miles of Watson Island. From a retail aspect, 41% of residents within a 10-mile radius are females under the age of 35, and 63% are females under the age of 50. Contrary to the perception that Miami is a "retirement" destination, residents within 10 miles of Watson Island have a median age of 41 years. These figures differ slightly from the tourist demographics that indicate a mean age of 43 years, mean annual income of $86,100, with 68% male and 32% female. g. Employment. White-collar employees make up almost 50% of the Miami population with 25% being executives and professionals and 21% in support roles. 28% of the population works in sales and other 70+ 60 -6 9 50-59 40-49 30-39 21-29 10-20 <10 6 Miami Age Profile (%) 10 12 14 16 illU.S. I■Miami services. The balance of the population is made up of less -skilled service employees. I S L A N D G A R D E N S YI4l1 M A R. K E T AND E CONOMIC L EASIBILITY Miami Employment (%) 30 25 20 15 10 5 0 Executive Prof. Support Sales 111111Miami ■ U.S. Other Service Less Skilled The local population's density and its close proximity to Watson Island, coupled with the median age and proportionate representation of gender, create the ideal resident market for the retail and restaurant offerings that will be presented at 1..' .:r 1;,;; ! r'•. Because Miami's per capita allocation of retail space is less than the national average, and because tourists and visitors have a tremendous impact on retail sales in Miami, I chin,/ will be well -positioned, physically and demographically, to serve the retail/fashion consciousness and needs of the resident market, as well as an ever-growing domestic and international tourist clientele. Within this two level structure, approximately 120,000 square feet of retail shops and boutiques will be placed, many of which will be new to the Miami area. These stores will sit within open-air and arcades and a promenade anchored by hotels on the first level and smaller anchor stores on both the first and second levels. A series of beautiful continental gardens will separate the arcades, which will provide shoppers with fleeting views of the marina, the harbor and the Miami skyline. Potential new retailers such as Louis (of Boston) Stanley Korshack (of Dallas), Zara and Mango, along with potential umbrella brands of retailers such as Prada, Louis Vuitton, Gucci and Armani, together with new brands, Hilfiger, Christian Lacroix, Cacharel and I 5 L A N D G A R D E N S VI4f MARKET AND E CONOMIC F EASIBI LITY Tommy Hilfiger, Christian Lacroix Cacharel, Hugo Boss The Best Of: Naples, Palm Beach Umbrella of brands: Prada, Louis Vuitton Gucci, Armani, Todds Hugo Boss, are prospective tenants in this elegant waterfront setting. In addition, high quality essential U.S. retailers such as the Gap, Banana Republic and J Crew will round out the merchant mix. This merchandising approach, which will target the potential retailers noted and many others of equal reputation and stature, will provide a rich European, Latin American and North American retail shopping experience. With the heavy influence of the boutique hotels, their lounges, restaurants, young and hip clientele and the spectacular array of available dining choices, ! ;; c will be a very special place to visit and to shop, for the residents of Miami as well as domestic and international visitors. 4. Hotels as Anchors. The boutique hotels will set the tone for !r;,r,;,' A hot, hip, young and chic quotient, very much in sync with the nearby South Beach attitude, will be projected by the hotels (and their anticipated clientele) into the retail presentation, and to some extent, into the restaurant offerings. The hotels will serve as anchors for the retail and dining uses in much the same way that department stores and larger retailers help to set the tone of regional shopping centers. The primary market segment targeted for l.n:ur,( Cardel,.r is the "younger shopper." The young and hip shopper will be drawn by the synergy of the hotels, retail and restaurants to shop and dine even if not planning to take a room for the evening. i.::n;;i < ;n;i, r, r, greatly advantaged by its physical location between the CBD and South Beach, will have a unique opportunity to impact the market and attract the targeted 21 to 39 year old retail audience. By properly merchandising the retail and the dining to complement the hotels, the retailers and restaurants will enhance and add synergy to the mix of uses in the center. !lbw' (,.;niells will then be positioned to take competitive advantage as a shopping alternative slightly below the exclusivity and price points of Bal Harbour, yet still close enough to attract shoppers seeking the higher -end retailers and quality A R D E N S Y1423 MARKET AND ECONOMIC F EASIBILITY restaurants. Additionally, Laa/hi ttc will also attract and accommodate the upper to moderate shoppers, in the targeted 21 to 39 age bracket, who typically shop at the regional malls and specialty centers and are seeking to be a part of Miami's young and hip scene. 5. The Restaurant and Dining Pavilions. With a critical mass of fourteen restaurants occupying 80,000 square feet of space, lsl u;d Gardens will have the most in-depth variety of continental cuisine available in one location in all of south Florida. The array of restaurant offerings available at Island (,arde i will make it one of Miami's finest dining destinations. Moreover, a wide mix of menus and price points will create a diverse and international selection of dining experiences for residents and visitors alike. From world famous chefs to elegant dining to casual family fare, Island (rarden.c will have something for everyone. Upscale restaurants may include several continental restaurants with varied experiences and food categories such as Le Palme d'Or or the Palm and occupy approximately half of the available space. For more casual lunches and dinners, approximately 30,000 square feet will be dedicated to a themed or specialty approach. Approximately 15,000 square feet of space will be dedicated to family oriented dining at more moderate price points and in less prominent locations within the project. In this category, expanded fast food concepts and mall food court type tenants would be mixed together with family style theme restaurants. 6. Financial Feasibildy. Based on the information discussed above, Lretail tenants and restaurants will produce annual sales in the range of $630 to $750 per square foot. From that number, along with certain other market driven factors (e.g. location, size and wealth of the trade area, and condition of the shopping center) the annual rent and net operating income (NO1) is derived. Then, from the estimated annual NOI, an acceptable amount of development and construction costs can be determined. Of course, the development and construction budget should be at a number that allows the developer to receive a reasonable amount of annual return on the capital investment. An important factor in the process is the determination of the tenant's annual occupancy cost as a percentage of sales. The total occupancy cost consists of the annual rent and additional shopping center common area maintenance (CAM) charges, which may or may not include real estate taxes. Total occupancy costs in the range of 10% to 15% of a tenant's sales are common today, depending upon the quality of the location, the quality of the shopping center and its trade area. The higher the projected sales, the higher the rent and the more that can be spent on development and construction while still receiving an acceptable return. With estimated tenant sales of $630 per square foot, a retail tenant could reasonably be expected to pay a total occupancy cost of 13% or $82 per square foot, and perhaps more, to be located in a retail environment of the caliber of Isa;;i (,ar en . This amount would include both an acceptable average rent of $56 per square foot, and reasonable CAM charges. When related to the budgeted development and construction costs for this project, the developer will realize an acceptable, annual, stabilized, cash on cost return of 12% after paying ground rent to the City of Miami. Note that these numbers .are averages as tenants will produce more or less sales and have differing tolerances for total occupancy costs. Note also that projecting the cash flow stream will produce an internal rate of a return greater than 12%. I S L A N D G A R D E N S VII-24 MARKET AND E CONOMIC F EASIBI LITY Conclusion. An outstanding opportunity exists today to develop new retail and restaurants on Watson Island in conjunction with a mixed -use master plan. This highly visible and very special location provides one of the finest opportunities available for the creation of a world -class, signature development, as well as an extraordinary marriage of commerce with civic culture and pride. • Watson Island is ideally located to take full advantage of the local and international transportation infrastructure. • i .I r% . r; : i; r. will be strategicaly positioned between the top two tourist areas, the buy Miami CBD and the much - visited South Beach, and will be easily accessible to local residents and tourists by highway and ferry boats from Downtown attractions, the Port of Miami and the Miami International Airport. • Miami currently has less retail shopping center space per capita (17.8 square feet) than the U.S. national average (20.0 square feet), and Miami is one of the most visited cities in the nation with 10 million tourists and visitors per year. This number is expected to increase dramaticaly over the next 5years. • Tourists visiting Miami .spend approximatey $2.7 billion annualy on retail goods and services. This sales number will annually increase as the number of tourist increases. The "tourist factor" hence greaty increases the potential number of retail shoppers present in Miami at any given time and the dollars spent on retail goods and services above those spent by local residents. • The local resident market has tremendous economic titaliy and much growth potential as Miami increases in stature as an international ciy and as the gateway" to the Caribbean and Latin America. • The population around Watson Island is quite dense, with 51 % of residents within 10 miles are under the age of 40. The median age of residents within a 10-mile radius is 41. • Based upon the economic and demographic indicators, merchandise presentation, location and the sales performance of retail developments and shopping centers comparable in quality. to that anticipated for ; l .,;::; c , annual average sales per square foot for retailers and restaurants are estimated to be in the range of $630 to $700 per square foot. • Based upon the estimated annual sales volumes, the quality and cost of the development, the anticipated tenant and merchandise mix and average rents, this project as planned is frnancialy feasible. E. Projected Development Phasing Schedule The following schedule is a brief timeline for the construction activities on this project. The project will require approximate construction duration of two years± and require complicated scheduling and logistical coordination due to the location and site constraints. We have broken the project up into three-month intervals, or quarters, to illustrate the phasing and sequential activities as follows: I S L A N D G A R D E N S VU-2S M A R. K E T AND ECONOMIC F EASIBILITY a. Year One First Quarter 1) Mobilize site office compound 2) Mobilize and begin seawall construction 3) Begin site -work including site excavation and balancing, relocation of site utilities and buy out major contract items Second Quarter 1) Continue seawall construction 2) Continue site -work, utilities and infrastructure, excavation and rough grading 3) Begin mobilizing piling contractor to Lighthouse Hotel area 4) Begin mobilizing dredging contractor 5) Continue buyout of major components and long lead items Third Quarter 1) Install piling at Lighthouse i-Iotel 2) Begin pile -caps, spread foundations and lower floors on tower 3) Begin piling work at wave building 4) Begin dredging operation 5) Complete site rough -in and infrastructure 6) Complete seawall construction 7) Begin foundations for parking and retail structures Fourth Quarter 1) Continue structure on Lighthouse to level 10 2) Begin rough -in MEPFP on Lighthouse lower levels 3) Begin exterior skin and walls at Lighthouse 4) Begin structure on Wave Hotel 5) Complete foundations and begin structure on retail and parking structures 6) Continue dredging operations b. Year Two First Quarter 1) Nearing completion on upper level structure of Lighthouse 2) Continue rough -in of MEPFP on Lighthouse mid levels 3) Begin interior walls and build -out at Lighthouse 4) Continue exterior skin and walls Lighthouse mid levels 5) Nearing completion on Wave structure 6) Begin rough -in on MEPFP at Wave Hotel lower levels 7) Begin exterior skin and walls at Wave Hotel 8) Continue structure on parking and retail areas 1 S L A N D G A R D E N S YIII-26 M A R. K E T AND E CONOMIC F EASIBI LITY 9) Begin rough -in on MEPFP at parking and retail areas 10) Complete dredging operations 11) Begin marina and dock facility construction Second Quarter 1) Top out structure for Lighthouse 2) Continue rough -in on MEPFP at Lighthouse upper levels 3) Continue interior walls and build -out on Lighthouse mid levels 4) Begin interior drywall and finishes at Lighthouse 5) Continue exterior skin, walls and roof at Lighthouse 6) Complete Wave structure 7) Continue rough -in MEPFP on Wave mid and upper levels 8) Continue exterior walls and skin on Wave Hotel 9) Begin interior walls and build out Wave Hotel 10) Complete structure on retail and parking areas 11) Continue MEPFP rough -in at parking and retail areas 12) Begin interior build -out on retail areas 13) Continue marina and dock construction 14) Begin site finish road Nvork, hardscape, landscape/irrigation near end of this quarter Third Quarter 1) Complete interior rough -in on MEPFP at Lighthouse - all levels 2) Continue interior walls, drywall and finishes on Lighthouse 3) Complete exterior skin on Tower —building dry-iii on Lighthouse 4) Begin MEPFP fixtures and trim Lighthouse 5) Complete MEPFP rough -in on Wave Hotel 6) Complete exterior walls and skin on Wave Hotel 7) Continue interior walls, drywall and finishes on Wave building 8) Continue interior build -out on retail including drywall and finishes 9) Complete parking deck perimeter cables, screening and amenities 10) Nearing completion of the dock and marina area construction 11) Begin finishes and trim on marina and yacht services areas 12) Continue site work concentrating on finished roads, hardscape and landscape/irrigation Fourth Quarter 1) Complete interior finishes and trim on Lighthouse 2) Punch -list and clean-up on Lighthouse 3) Complete interior finishes and trim on Wave Hotel 4) Punch and clean Wave Hotel 5) Complete build out and finishes on retail and parking areas 6) Punch and clean retail and parking areas 7) Complete marina, dock and yacht services areas 8) Punch and clean marina and dock areas S L A N D G A R. D E N S VII-17 MA R IC E T AND E C O N O M! C F EASIBILITY 9) Complete site roads, hardscape, landscaping and irrigation 10) Punch and clean site amenities Project closeout could be completed after buildings are finalized and site is demobilized and while tenants and public begin use of the finished product. i S L A N C G A R. C E N S YI4li Island Gardens Planning & Design Schedule ID 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Task Name Duration Planning & Design 260 days Public Referendum 1 day Lease Negotiations with City of Miami 40 days Design & CM Contract Negotiations 40 days Site Verification Study 30 days Market Confirmations 40 days Develop Marketing Materials 60 days Programming / Planning Phase 60 days Establish Overall Development Budget 30 days Schematic Design Phase 65 days 1st Budget Review 30 days Design Development Phase 65 days 2nd Budget Review 30 days Finalize Construction Documents 70 days Qtr 4, 2001 Oct 1 Nov [ Dec 7,1 Qtr 1, 2002 Jan I Feb I Mar Qtr 2, 2002 Qtr 3, 2002 Apr 1 May 1 Jun Jul 1 Aug j Se Qtr 4, 2002 Oct ( Nov 1 Dec Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Florida Island Gardens Permitting Schedule ID Task Name I r Duration Qtr 1, 2002 Qtr 2, 2002 Qtr 3, 2002 Qtr 4, 2002 Qtr 1, Dec Jan I Feb LMar Apr 1 May LJun Jul T Aug Sep I. Oct Nov Dec Jan 1 PERMITTING 260 days -C ' 2 Federal 80 days 3 Army Corps of Engineers - Dredge & Fill Permit 80 days 4 State 260 days 5 DRI 260 days 6 Environmental Resources Permit 120 days 7 Deed Restrictions waiver 80 days 8 FDOT approval if state road improvements needed 60 days 9 County 150 days 10 Shoreline Development Review Committee Approval 60 days Dredge & Fill Permit - Department of Environmental 80 days 11 Resources Management "DERM"/DEP 12 Fuel storage tank permit - DERM 40 days f l: 13 Class I DERM Permit for construction of Marina 60 days 14 DERM Marina Operating Permit 80 days 15 Public Works Approval if county road improvements 25 days needed 16 City of Miami 260 days , • 17 MUSP(Major Use Special Permit) 120 days 18 Staff Meeting to go introduce plans 15 days 19 Pre -Application Meeting 15 days 20 Large Scale Development Review 15 days 21 Urban Design Review Board 15 days 22 MUSP application 15 days Zoning Board 15 days r- 23 24 Planning Advisory Board 15 days 25 City Commission 15 days 26 Waterfront Advisory Board 25 days 27 Parks Advisory Board 25 days 28 Building Permit 60 days 29 MISC 60 days 30 Port Authority/FAA Permit for access in a aircraft landing 60 days area . Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Florida Island Gardens Construction Schedule ID 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Task Name Duration Construction 545 days Mobilize Site 20 days SeawaN Construction 180 days Sitework 185 days Project Buyout 120 days Infrastructure 180 days Piling - Lighthouse Hotel 120 days Dredging 180 days Pile -caps & Foundations Lighthouse 60 days Hotel Lighthouse Hotel Structure 220 days Piling - Wave Hotel 60 days Wave Hotel Structure 170 days Foundations - Parking and Retail 60 days Structures MEPFP rough -in on Lighthouse Hotel 240 days Exterior skin and walls - Lighthouse 220 days Parking Structure 150 days Interior Walls & Bulldout at Lighthouse 180 days Tower MEPFP rough -in on Wave Hotel 180 days Exterior skin and walls - Wave Hotel 180 days MEPFP rough -in parking and retail areas 120 days Marina and Dock Construction 180 days Interior drywall and finishes - Lighthouse 120 days tower Interior walls and buildout Wave Hotel 120 days Interior buildout - Retail 135 days Finish Roadwork 120 days Hardscape - Landscape 180 days MEPFP fixtures and trim Lighthouse 60 days Hotel Finishes and trim Marina Area 40 days Punch and Clean Lighthouse Hotel 60 days Punch and Clean Wave Hotel 60 days Punch and Clean Retail and Parking 45 days Punch and Clean Marina and Dock Area 30 days Punch and Clean Site Amenities 45 days Commission Building Systems 50 days Demobilize Site 40 days Project Closeout 90 days Final Inspections 60 days C.O. all buildings 30 days Qtr 1, 2005 Qtr 1, 2003 Otr 2, 2003 Q11 3, 2003 Qtr 4, 2003 Qtr 1, 2004 Qtr 2, 2004 Qb 3, 2004 Otr 4, 2004 Dec I Jan I Feb I Mar_ Apr I Mad Jun Jul ] Aug I Sep _ Oct I Nov I Dec Jan j Feb 1 Mar Apr I May 1 Jun Jul I Aug 1 Sep Oct I Nov I Dec Jan Feb Mar C. • • Flagstone Properties, LLC Island Gardens Mired Use Development Miami, Florida Island Gardens Retail and Restaurant Leasing Schedule and Hotel Occupancy Schedule , 2 Qtr 1, 2003 Qtr 2, 2003 . Qtr 3, 2003 Qtr 4, 2003 1, 2004 Qtr 2, 2004 Qtr 3, 2004 Qtr 4, 2004 `Qtr ID Task Name Duration Dec Jan Feb Mar r Ma )Jun Jul Au Sep Oct Nov Dec _Qtr Jan Feb Mar May Jun Jul Sep Oct Nov Dec Jan 1 Retail and Restaurant Leasing 530 days 2 Complete Marketing Materials 65 days J Preparation 3 Establish Anchor Tenants 120 days 4 Lease Negotiations with Anchor 120 days _._, `- Tenants 5 Design of Lease Spaces 60 days 6 Permitting 50 days 7 Interior Buildouts 180 days 8 9 ' 10 Hotel Occupancy 535 days 11 Selection of FF&E 60 days L 1 12 Budget Confirmation 30 days ff 1 13 FF&E Procuremnet 90 days L 14 Hotel Room Completion 180 days 3 15 Punchlist 45 days 16 Install FF&E 45 days 17 Occupancy 15days (" Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Florida M A R. IC E T AND E CONOMIC F EASIBILITY F. M analysis of projected revenues and operating expenses broken out for each major component covering at a minimum he first ten years of operation. I S L A N D G A R D N S VI4ii Island Gardens, Miami, Florida Section VIl Flagstone Properties, LLC Net Rentable Area (SF) Combined Portfolio N!a><e Lighthouse ItitaIL ReIait au . is Hotel jiosj Markle AttOri491 116,634 84,012 239,986 277,964 5,000 723,596 Constructon Begin Date Jan-03 Jan-03 Jan-03 Jan-03 Jan-03 Jan-03 Construction End Date Dec-04 Dec-04 Dec-04 Dec-04 Dec-04 Dec-04 Total Project Cost' $58,858,161 $49,370,433 $72,197,001 583,034,455- $17,800,512 8281,250,662 Hard Costs $47,002,051 539,907,971 $61,926,271 $71,831,815 $16,033,647 $236,701,755 Soft Costs' $11,856,109 69,462,462 $10,270,730 511,202,640 51,766,865 544,558,808 Project Cost/ SF S504.64 5587.66 $300.84 $298.72 3,560.10 WA Equity Requirement' 523,543,264 $19,748.173 $28,878,800 $33,213,782 $7,120,205 $112,504,225 Construction Loan Amount' $35,314,896 $29,622,260 $43,318,201 349,820,673 $10,680,307 8168,756,337 Net Rental Rate/SF/LF Yield on Cost' Basis Year for Yield on Cost Calc. N.O.1. Stabilized" $56.00 $65.00 $247.48 3305.00 $2.00 11.68% 12.71% 12.02% 11.36% 33 86% 2005 2005 2006 2006 2009 56,875,945 $6,274,998 58,678,000 $9,435,000 $6,253,000 NA NIA NIA • Excludes Construction Financing Costs " At project stabilization, projected to be 2005 NOTES: Above tabulations for Hotels and Marina ere hard keyed entries. RNANed413-AS9UMPTION9 (Retail and Restaurants Only) Loan to Value Ratio 60.00% Loan Rata 8.00% Total Project Cost $ 110,922,970 Construction Loan $ 66,553,782 Equity Requirement $ 44,369,188 STABILIZED NOI (Retail and Restaurants Only) Retail Restaurants S 6,875,945 $ 6,274,998 Total Total Project Cost $ 110,922,970 Total Project ROI 11.66% $ 13,150,943 RESIDUAL SALE (Retail and Restaurants Only) Gross Sales Price Cost of Sales (2%) Net Sales Proceeds Total Project Cost Profit 6, $138,430,983 ($2,768,629) $135,662,363 ($110,922,970) $24,739,393 Residual Sale Hypothetical Residual Sale Year 2005 Cap Rate 9.500% Sales Costs 2.00% Market Rates Retail Lease $56.00 Per S.F. Retail T.I. $200.00 Per S.F. Retail O.E. $26.25 Per S.F. Restaurants $65.00 Per S.F. Rest. T.I. $250.00 Per S.F. Rest. O.E. $26.25 Per S.F. Cap. Reserves $0.25 Per S.F. Notes: Financing Assumptions Include Construction Loan kderest whereas Summary Table above does noL Stabilized Net Operating Incomes for Retail and Restaurant portions ere based on one year from stabilization end we calculated "above the tine" escludtq Capital Rowers Jorsea Lang L.S.I. Americas, Inc. 7/11/01 Island Gardens, Miami, Florida Section VII Flagstone Properties, LLC mini Dun aowsw11rmrpnr..wnrswsn.w,kiAolm Island Gardens (Retail) Summary of Assumptions Development Leasing Economics costs Me Barking Net Rentable Square Feel 116,634 Tenancy Hard Cost Contingency 2.5% HC Gross Square Feet 137.216 Vacancy/Cred6 Loss (% of Rental Revenue) 10.00% ME Fees 6.0% Total 14C Loss Factor 15.00% Development Fes 5.0% ToW HC Growth Rates Sort Cost Contingency 4.0% Total Son Costs Retail Absorption Base Rent 3.00% Binders Risk Insurance 0.00% Total HC Speculative Boutique 5034 SF Inflation 3.00% Site Work $30.51 VIC P1a1see Anchor 75,000 SF Boutique 3.00% InfrasWdwe Costs 50.00 HC Release Buulque 12500 35,000 SF Anchor 3.00% Parking Structure Slags Required 457 Annual Absorption 13,266 5F Market Rates agOc,,,gpld, ggl6ngg9 Stabilization 6 months Lease Rate 856.00 556.00 Tenant Improvements ((51 Generation) $200,00 $200.00 Financing Construction Coals Copilot Reserve $0.25 $0.25 Constructor, Low Sl.baned Operating Expenses 528.25 $2625 Loan To Value Rat. 60.00% PEE Total C 1s14 %of Total Stabling Real Estate Taxes 58.75 $5.75 Loan Rale 5.00% Ground Luse 53.16 33.1E Loan Fees 1.00% LAM 50.00 s0 0.00% Conanlssions/Leaskg Fees $227,258 S3,76e 715 Commissions Per S.F. $34.26 534.26 Stabilized NOD $ 1,575,945 11AR0 COSTS Lease Rate per Garage Park Space/Day 35.20 15.20 ease Bulking 557.43 $12,003,036 20.39% 1st Gangrene,. its $200.00 $23.376.800 39.63% Residual Sale Parking Structure $15,397.57 57,036,527 11.96% Intrastrudwe Cosl $0.00 30 0.00% Residual Sale Year 2005 See Work 530.51 $3.415.95 5.93% Cap Rate 9.500% Sub -Total $393.16 545.555,660 77,91% Saks Costs 2.00% Hag Cost Contingency 39.63 51,145,381 1.95% TOTAL PROJECT HARD COSTS $402.99 547,002,051 79.86% Dates grtFT COSTS Design Begin Jan-02 12 Architect 6 Engin.erig 520.55 $2.620,123 4.70% Land Deal Executed Jan-03 Pewits 30.00 s0 0.00% Design End I Canatnrdion Begirt Jan-03 24 rests 6 Inspections 6 Surveys $0.43 859.003 0.10% Construction End / Lease -up Begin Dec-04 Impad Fees 33.00 5411,646 0,70% St.begallon I Lease -up Jun-05 J.405 Legal 32.50 5343,040 0.55% Sale Dote Jul-05 Butler', Risk insurence 30.00 50 0.00% Lease Up Commencement Jan-05 MaANirg $2.00 1274.432 0.47% Real ESN. Taxes During Cant. 64.50 3617,472 1.05% land Cost Spreading Cormt.alnno /Leasing Fees 534.26 $3,905,003 6.79% Land Advisory Fee 50.00 s0 0.00% Not Acreage 2 625523 Net Acres NM End Itmalb1 O.veloprsr.nt Fee $17.13 52,350,103 3.99% 114,36$ Square feel Parking Structure D1A3 12614 24 Cb.kg10R0EMInement Costs $1.25 $171,520 0.29% Land Value .l Date of Purchase 50.00 Base Bulking 01103 12/04 24 Real Esale Taxes up to CnrW. $0.60 $52,330 0.14% $0 1st Generation Trs As 'wants move In. Loan Fees 52.00 8274,432 0.47% Parking Siroculre Area Added to Net Acreage SIe wok 07/02 02/03 1 SubTalal $97.74 S11,400,105 19.37% Foolprkd of Parking Slnxdure 91,122 Archaic( 6 Engineering 01/02 03/03 15 Son Cosl ContInmcy 83.91 5456,004 0.77% a or spaces alai/led 10 this use 457 Permits 01/03 0)403 1 TOTAL PROJECT SOFT COSTS $101.65 SI 1.556,109 20.14% % of total Parting Sluices .located to this use 45.75% Tests 6 Inspection. 6 Surveys 01M3 01/03 1 Land Area Alocaled to Parking Footprint 41,654 Impact Fees 01/03 01103 1 Legal 01r02 06.B5 42 1 otal Project Costs 5504.64 559,656,161 100.00% First Year Annual Lease Payment to City of Mia $361,111 Builder's Rbk Insurance 01/03 01A3 1 Msrkeleg 01/03 06A5 30 Construction Loan 3302.75 $35,314 n96 60.00% Reel Bate Taos Ourag Consf. 01/03 12/04 24 Commissions / Leasing Fees As tenants move In. Emily Regrrkement S201.55 S23.543,264 40.00% Development Fee 01/03 /2/134 24 Real Estate Tames up to Cons(. 51/03 0(103 / Loan Fees 01/03 01/03 1 Notes: SW work Includes allocation of Museum 00uga.n1 of 31.364. Parma* and Builder Risk.s.enal Included in Contractors end for Base Building Year 2003 6 2004 employ 50% of the Lag art during this mnslrud.n period. ,bees Lana usd. Americas, Inc 7111101 Island Germ 'iami, Florida Flagstone Pro, dies, LLC m VII /stand Gardens (Rere/0 Annum Cash Flow Projection 5002 2003 2004 2495 2.000 2(102 REVENUES Speculative 0 0 0 263.149 382,649 394.129 405.052 418.131 430.675 443,595 456.903 Pre -Lease Aie58o, 0 0 0 4,200000 , 4,326,000 4,455,780 4,589,453 4,727,137 4,668.951 5.015,020 5,165 470 Pre-l985e Boutique 0 0 0 1,960.000 2,016,600 2,079364 2,141,745 2.205,997 2,272,177 2.340,343 2.410.553 Recoveries 0 0 0 4,391,215 4,599,252 4,737,229 4,879,346 5,025,726 5,176,496 5,331,793 5.491,747 Vacancy Allowance 0 0 0 (1081,438) (1,132,670) (1,166,650) (1,201,650) (1,237,699) (1,274,830) (1.313,075) (1,352,467) Pre -Stabilized Vacancy Allowance 0 0 0 531,597 D 0 0 0 0 0 0 Garepe Insane 0 0 0 1,326,664 1649,064 1,349 064 1,349,064 1,349,064 1,349,064 1,349064 1,349,064 TOTAL REVENUES 0 0 0 11,591,208 11,543,095 11,646,916 12,163,911 12,466,357 12,822.535 13,166,739 16521670 EXPENSES Relae Operating Expenses 0 0 0 (3061,643) (3,153,492) (3,248,097) (3,345,539) (3,445,906) p,549,283) (3,655,7e1) (3,7e5,34) Re(a9 Reet Eslale Taxes 0 D 0 (1,020,548) (1,051,164) (1,082,699) (1,115.180) (1,148,635) (1,163,096) (1,216,587) (1,255,145) Real Ground Lease 0 (180,556) (185,972) (383,103) (394,596) (406,434) (416,627) (431,186) (444,121) (457,445) (471,186) TOTAL EXPENSES 0 (160.556) (185,972) (6465,293) (4,599,252) (4,737,229) (4,870,348) (5,025,726) (5,176,498) (5,331,793) (5,491,747) NET OPERATING INCOME not Oak: Commissions Capital Reserve Mentions CASH FLOW 0 (180,556) (185,972) 7,125,915 6,9 3,643 7 111,686 7,284.565 7,462630 7,046,037 0 0 2,825,370 4,050,575 0 0 0 0 0 0 0 0 O D O 0 0 29,159 30,033 30,934 O 0 0 7,334,946 O 0 0 0 31,862 32,818 33)303 34,817 O 0 8.029.523 0 0 35,861 0 0 0 0 (150,556) (185,972) 7,096,756 6,913 610 7.060.752 7252,703 , 7,429,612 7,812,234 7,800,130 7,6173,661 Net land Purchase 0 HARD COSTS Base Building 1st Genenllon TVs Petting Structure Inlraltn, dun Cost Sae Work Sub -Total Hat' COSI Conte104ncy TOTAL PROJECT HARD COSTS O 0 0 0 6,001,519 6,001,519 0 O 0 0 23.326.600 O 3,516.413 8516413 0 0 0 0 0 2,616,746 872,249 0 0 O 0 0 0 D 0 0 0 O 0 0 0 0 0 0 0 O 0 .0 0 2,616,746 10,392,181 9,519,932 23,326,800 85,419 259,605 237,993 583.170 O 0 0 0 O 0 0 0 2,682,165 10,651,966 9,757,931 23,909,970 0 0 0 0 0 SOFT COSTS ArcMect 8 Engineering 2,256,096 564,025 0 0 0 0 0 0 0 0 0 Permits 0 0 0 0 0 0 0 0 0 0 0 Tests B inspections & Surveys 0 59.003 0 0 0 0 0 0 0 0 0 Wiped Fees 0 411,64a 0 0 0 0 0 0 0 0 Lome 98,011 98,011 98 011 49.006 0 0 0 0 0 0 0 80&ders Risk Msurance 0 0 0 0 0 0 0 0 0 0 0 Marketing 0 109,773 109,773 54,606 0 0 0 0 0 0 0 Real ESN' TWOS During Coml. 0 300,736 309.736 0 0 0 0 0 0 0 0 Consrissbm 7 Leasing Fees 0 0 (3) 3,996,007 0 0 0 0 0 0 0 Lend Advtsory Fee 0 0 0 0 0 0 0 0 0 0 0 Developmei9Fee 0 1,175,051 1,175,051 0 0 0 0 0 0 0 0 CloskryDR0EnUllemed Costs 0 171,520 0 0 0 0 0 0 0 0 0 Reel Estate Tugs up to Coast. 0 62,330 0 0 0 0 0 0 0 0 0 Loa9Fees 0 274,432 0 0 0 0 0 0 0 0 0 8u0.10141 2,354,110 3,254,529 1,691,589 4,099,1199 0 0 0 0 0 0 0 Soil Cost Contingency 94,104 130.1111 67,863 163,998 0 0 0 0 0 0 0 TOTAL PROJECT SOFT COSTS 2,448,274 3,384,710 1,759,222 4,263.895 0 0 0 0 0 0 0 TOTAL PROJECT COSTS 5,130,439 14,036,895 11,517,162 21E173,865 0 0 0 0 0 0 0 Jones Lane LaSerte Americas. Inc. 7111101 Island Garde iami, Florida >n VII Flagstone Prot,orties, LLC 2013 2914 2Qt5 2411 2917 2211 2019 TOTAL REVENUES SpaculalM 470.610 184,726 499,270 514,218 529,678 645.566 561,973 6,801,216 Pn-Lease Andes 5.320.434 5!60,047 5,6N!19 5.e17.752 5,968,tee e,10T,e42 6,351,977 78,(15,438 Pn•Lease Boutique 2,/82,869 2,557,355 2.634,076 2,713,096 2,791,191 2976,326 2,964,676 36,453,871 Recoveries 5,fi56,199 5 626,194 6.000.980 8,181 010 8,366,440 6,557,477 6,754,t66 82,975.518 Vacancy Abwahce (1,393,041) (1.434,833) (t!77,878j (I 522,211) (1,567,880) (1,611917) (1,803,364) (20,434,604) PriSlab6ted Vacancy Allowance 0 0 0 0 0 0 0 531,597 Gaa9e Income 1,349,064 1,719,OW 1.349,061 1,719,1IW 1,349,p61 1349,061 1,349,084 20,2(3,560 TOTAL REVENUES 17,888,136 14,262,557 11,619,%2 15,046989 15,459,986 15.883,314 16.319,342 204,656,615 EXPENSES Retail °parolig Expenses (3,878,397) Rates Rea) Estate Taxes (1,292,799) Retai Ororrnd Lease (485.303) TOTAL EXPENSES (5,656.499) (3,996749) (1.331,583) (499,062) (5,626,191) (4,111,592) 11,371,531) (514,858) (8,000,960) (4,238,029) (1,412,e76) (530,304) (6,181,010) (4,365,170) (1.455957) (546,216) (8,366,440) (4,496,125) (1,498,708) (582,599) (6,557,433) (4,631,009) (56,943,225) (1,543,e70) (18,981,076) (570.4771 (7,491,824) (6,754,15e) (83,416,124) NET OPERATING INCOME ndnb 8,229,937 8,436,363 8,648,982 8,867,979 9,093,547 9,325.661 9,565,1 e6 121,240,491 0 0 0 0 0 0 0 6,875,945 Commissions 0 Capkal Reserve 36.937 A3enibns 0 O 0 0 0 0 0 0 36,045 39.187 40.382 41,573 42.820 44,105 542,316 O 0 0 0 0 0 0 CA194FLOW 8,192,999 6,396,317 1,609,795 8,627,617 9,051,074 9,263,061 9,521,081 120,698,175 Not Land Purchase 0 0 0 0 0 0 0 0 HARD COSTS One Building 0 0 0 0 0 0 12,003,038 1st Generation TI's 0 0 0 0 0 0 0 23,326,803 Parking Stnrdwe 0 0 0 0 0 0 7,036,827 lnnasirodure Cosi 0 0 0 0 0 0 0 Site Work 0 0 0 0 0 0 3,488,996 Subleta) 0 0 0 0 45,855,660 Hard Cost C9dkgency 0 0 0 0 1,146,391 TOTAL PROJECT HARD COSTS 0 0 0 0 47,002,051 SOFT COSTS Architect A Engineering 0 0 0 0 0 0 0 2,420,123 Pem16s 0 0 0 0 0 0 0 0 Tests & lnspeaiwrs A Suroeys 0 0 0 0 a 0 0 59,003 Inged Fees 0 0 a 0 0 0 0 411,648 Le9aI 0 0 0 0 0 0 0 343,040 Builder's Risk Insurance 0 0 0 0 0 0 0 0 Marketing 0 0 0 0 0 0 0 274,432 Reel Bete Texe3 Owing Coast 0 0 0 0 0 0 0 617,472 Commiesbne / Leasing Fees a 0 a 0 0 0 0 3,996,004 Lard Mummy Fee 0 0 0 0 0 0 0 0 De9ebptneo(Fee 0 0 0 0 0 0 0 2,350,103 Clo610tORVEM6rmem Costs 0 0 0 0 0 0 0 171,520 Real ESIM* Tans 9p to Cons4 0 0 o a 0 0 0 82,330 teen Fees o 0 0 0 0 0 274,432 WOW 0 0 0 0 0 0 11,400,108 Son Cost Ca9kgarcy 0 0 0 0 0 0 456,004 TOTAL PROJECT SOFT COSTS o 0 0 0 11,856,111 TOTAL PROJECT COSTS 0 O 0 0 56,658,162 .Inner I anti I.ASalle Americas. Inc. 7111101 Island Gardens, Miami, Florida Section VII Flagstone Properties, LLC nt Nr n9 eefpwP5•400ryNhe. Mod rYe 1 1 Y..1 050 5 Island Gardens(Restaurants) Summary of Assumptions Development Leasing Economics Costs The Building Net Rentable Square Feel 54,012 Tenency Nat/ Cost Contingency 2.5% NC Gross Square Feet 54.012 Vacancy/Credit Loss (% of Rental Revenue) 10.00% NE Fees 6.0% Total HC Loss Fedor 000% Development Fee 5.0% Tote HC Growth Rates Soo Cost Contingency 4.0% Teal Soy Costs Restaurant Absorption Base Rent 3.00% Solders Risk insurance 0.00% Total 14C Speoolstive Space 34.012 SF Inflation 3.00% Site Work $30.51 HC Pre -Leese 50,000 SF SpecdalNe Space Inflation 3.00% Inleslnndum $0.00 NC Pre -Lease Intielion 3.00% Pinking Slruclure Slab Requited 542 Market Rates Stabilization 6 months Lease Rate $65.TA Tenant Improvements (1st Generation) 3250.00 Flnencing Construction Costs Capital Reserve 30.25 Constrtrcfion Lan Stabilized Operating Expenses $26.25 Loan To Value Ratio 60.00% PS5Q95$E Tmal Costs %yfjpM 31abi ized Real Estate Taxes $5.75 Loan Rale 1.00% Ground Lease $3,1e Loan Fees 1.00% (akin 30.00 s0 0.00% Commissions/easing Fees S3,340.829 Commissions Per S.F. S39.77 Stabilized NOI 5 6,274,911 I4ARD COSTS Lease Rate Per Garage Space/Day 00 20 - • Base Susdkq $98.13 $8.244,039 16.70% tat Generation T. $250.00 $21,003,000 42.54% Residual Sale Parld g Struck. $15,397.67 56,145,646 16.90% In/restructure Cast $0.00 $0 0.00% Site Work $30.51 S1,341,922 2.72% Residual Sale Year 2005 Sub-TotN $463.44 $36.934,606 71.86% Cap Rafe 9.500% Nand Cost Contingent, $11.59 5973,365 1.97% Sales Costs 2.00% TOTAL PROJECT HARD COSTS 3475.03 539.907,971 soars Dates LOFT cOeTS A0CNlsd 3 Engineering us SO $2,394,475 4.85% Oesrgn Begin Jan-02 12 Permits 30.00 $0 0.00% Land Deal Executed Jan-03 Tests 6 Inspections 6 Surveys $0.43 536,125 0.07% Design End / donsbuclion Begin Jan-03 23 Impact Fees $3.00 1252,036 0.51% Construction End l Lease -up Begin Dec-04 Legs/ 32.50 $210,030 0.43% SlablzNlon I Lease -up Jun-05 Jul-05 Beliefs Risk Insurance $0.00 30 0.00% Sale Dale Ju1.05 Jul-08 Mekelkg 52.00 $168,024 0.34% Leese Up Commencement Jen-05 Real ESNs Taxes During Cont. $4.50 $376,054 0.77% Cost Speeding COnenhelors! Leeskg Fees $39.77 13,340.929 8.77% Land Land Advisory Fee $0.00 30 0.00% ems' Egg traumas Development Fee 523.75 $1,995,399 4,04% Net Acreage 1.009517 Net Acres Parkkng Slructum 01/03 12/04 24 C1osinglORlEnllan0nl Costs $1.25 $105,015 0.21% 43.968 Square leer Base Building 01/03 12104 24 Reel Estate Taxes up 10 Coal. $0.60 $50,407 0.10% Land Value al Date of Purchase $0.00 1st GensrNlon Tlb As lends move In. Loan Fees $2.00 $1e8,024 0.34% 3o Sae Wait 01/03 0153 3 Sob -Total 3105.30 39,096,521 15.43% Arthlted 6 Ergneerkg 01102 03103 15 Solt Cost Contingency $4.33 $363,941 0.74% Parking Slrumae Area Added to Net Acreage Permits OIA3 0003 1 TOTAL PROJECT SOFT COSTS St i2.63 $9.462.482 1e. 17% Footprint or Parking Structure 91,122 Tests 6 Inspections 6 Surreys 01103 01/03 1 a of specea aitnule/ to this use 542 tinned Fees 01/03 01/03 1 % of total Parking Spares aeotaled to this use 54.25% Legal 01N2 07/05 43 Thiel Projed Costs $507.66 049,370,433 100.00% Land Atea Alocaled to Perking Footprint 49,435 Bu94efs Risk Insurane 01n03 01/03 1 Marketing 01/03 06/05 30 Construction Lan $352.60 $29,622.260 60.00% First Year Annual Lease Payment to Cry or Mia $135.559 Real Beale Taxes During Const. 01/03 12/04 24 Commissions / Leasing Fess As 'merits move In. Equity Requirement $235.06 S19,746,173 40.00% Development Fee 01/03 12/04 24 Real Estate Taxes up to Coast. 01873 01/03 1 Loan Fees 01/03 01/03 1 Noise: Site Work includes allocation of Museum component of $1.351. Novels and Malden Risk Insurance Included in Connectors Bit for Belie Building Years 2003 6 2004 employ 50% of the Land Lease Rate during this construction period. Joss tang laSaM Mist+ t1 Asa m91OS • Island Gar '3mi, Florida Flagstone Pro4,.,,res, 1LC • 7 VII Island Gardens(Restaurants) Annual Cash Flow Projections 2202 2203 2174 2031 21206 2002 224 2501 2021 2011 gnu REVENUES 99e066a06e 0 0 0 1.750.201 2.277,103 2,345,417 2,415,779 2,466,252 2.562.900 2,639.7117 2,718681 Pre -Lease 0 0 0 3,250.000 3,347,500 3647.925 3,551,363 3,657,904 3,767,641 3.100.670 3697,090 Recoveries 0 0 0 2,827.335 3,160,400 3,275,812 3,374,087 3,470309 3,570,569 3,686656 5,797,564 Vacancy A60we06e 0 0 0 (752,754) (860.500) (906.915) (934,123) (962.147) (991,0111 (1,020.741) (1,051.363) Pre-Slaoslced Vacancy Allowance 0 0 0 355.325 0 0 0 0 0 0 0 Gwege Income 0 0 0 (465036 1,599.954 1,599,984 1699,954 1.599,954 1,599,9114 1,590,964 1.599,984 TOTAL REVENUES 0 0 0 6.665.145 0,524,487 9,782,222 A0.007,090 10,259.303 10.519.082 10.7116.655 11,062.255 0 EXPENSES Reta60perait% Expenses 0 0 0 (2.205.315) (2,271.474) (2,339,619) (2.409,507) (2.482,101) (2,556,565) (2,633,261) (2,712,255) Retail Real Estateiaxes 0 0 0 (735.105) (757,158) (776873) (807,269) (627,367) (652,166) (677,754) (904.066) 606e6 Ground Lease 0 (69.444) (71.526) (147.347) (151.758) (156321) (181,010) (165,841) (170616) (175.940) (161,210) TOTAL EXPENSES 0 (69,444) (71,528) (3087.767) (3,180,400) (3275,812) (3,374,087) (3,475,309) (3,579,569) (3,686.956) (3.797664) O (69,444) (71,526) 5,777,375 5,344,057 6,456,410 6.633,003 6,703.993 6,939,514 7,099.700 7.264.891 NET OPERATING INCOME 0 0 0 3,102,955 3,172.044 0 0 0 0 0 0 not cab 0 0 0 0 0 0 0 0 0 0 0 Corniesbos 0 0 1.803 22,212 72.951 23.630 24,348 25,015 25,766 20641 27.336 Capital Reserve 0 0 0 0 0 0 0 0 0 0 0 A6eralions 0 0 0 0 0 0 0 0 0 0 0 O (69,444) (73,331) 5,755,096 6,321,136 6,462,771 6,606,655 8,758,076 6,913,745 7,073,158 7,237,353 CASH FLOW 0 0 0 0 0 0 0 0 0 0 0 Net Land Purctrase HARD COSTS Base Bolding 1st Gwgnlbn Tee Parking Structure 1rdr9skuclure Cosl She Work SuthTot, Herd Cost Cw61r99ray TOTAL PROJECT (HARD COSTS 0 0 0 0 0 0 0 4.122,019 4,122,019 0 0 0 0 0 O 0 0 21,003.000 0 0 a 0 O 4,172,823 4,172,823 0 0 0 0 0 O 0 0 0 0 0 0 0 O 1,341,922 0 0 0 0 0 0 0 0 0 0 0 0 0 O 0 0 0 O 0 0 0 O 9,636,764 6,294,542 21,003,000 0 0 0 0 0 a O 240,919 207,371 525,075 0 0 0 0 0 0 O 9,877,683 8,502,213 21,526,075 0 0 0 0 0 0 SOFT COSTS Architect & Engineering 1,915,583 476,696 0 0 0 0 0 0 0 0 0 Pen19s 0 0 0 0 0 0 0 0 0 0 0 Tests & Inspections & Surveys 0 36.125 0 0 0 0 0 0 0 0 0 Impact Fees 0 252.038 0 0 0 0 0 0 0 0 0 Legal 58,613 56.613 58,613 34,191 0 0 0 0 0 0 0 Builders Risk Insurance 0 0 0 0 . 0 0 0 0 0 0 0 Marketing 0 67,210 67,210 33,605 0 0 0 0 0 0 0 Red Essig Taxes 0wk19 Canal 0 169.027 169,027 0 0 0 0 0 0 0 0 Commissions / Leasing Fees 0 0 0 3640,929 0 0 0 0 0 0 0 Lard Advisory Fee 0 0 0 0 0 0 a 0 0 0 0 Development Feb 0 997,699 997,699 0 0 0 0 0 0 0 0 Ckpir91DRUENmeme, Costs 0 105,015 0 0 0 0 0 0 0 0 0 Real Este Taxes up to Coml. 0 50,407 0 0 0 0 0 0 0 0 0 Loan Fees 0 160,024 0 0 0 0 0 0 0 0 0 Sub -Total 1,974,196 2,403052 1,312,549 3401.725 0 0 0 0 0 Solt Cow Coilir9enry 78,96e 06,122 52,502 1311,340 0 0 0 0 TOTAL PROJECT SOFT COSTS 2,053,183 2,499,174 1,385,051 3,545,074 0 0 0 0 0 TOTAL PROJECT COSTS 2,053,163 12,376.657 9,167.264 25073,149 0 0 0 0 0 0 Jones Lang LaSalle Americas, Inc. 7111101 Island Garu,.. ami, Florida Flagstone Pro(. _,,.es, LLC 2013 2a1! 2915 2415 2017 2018 2419 TOTAL REVENUES SpeadMivi 2,800,550 Pa -Lease 4.117,003 Recoveries 3,911 491 Vacancy Anowsno. (1,0e2,904) Pre-St.0ie5ed Vacancy Allowance 0 Garage Income 1,599,964 TOTAL REVENUES 11.346.124 EXPENSES Retail Operating Expenses Retie Real Estate Taxes Rna9 Ground lease TOTAL EXPENSES 2,884,566 4,24os11 4,028,836 (1.115,392) 1,599,964 11,638.508 2,971,103 4,367,728 4,149,701 (1,148,853) 0 1,599,984 11,939,663 3,060,237 4,498,760 4,274 192 (1,183,319) 0 1,599,984 12,240.054 3.152.044 4,633,723 4,402,41a (1,218,616) 0 1.599,984 12,569,350 3,246,605 4,772,735 4,534,490 (1,255,383) 1,599,954 12,898,431 3,344,003 40,657.528 4,915,917 60.446,470 4,670,525 57,168,686 (1,293,044) (15,827,268) 0 355.326 1,599.984 23,804,012 13.237,384 166,665.554 (2,793,627) (2,577,436) (2,963,759) (3,052.872) (3744.252) (3,238,579) (3.335,737) (41,016,464) (931,209) (959,145) (967,920) (1,017,557) (1,046,084) (1,079,526) (1,111,912) (13,672,155) (196,855) (192,255) (198,022) (203,963) (210.062) (219,384) (222,878) (2,881,472) (3,911,491) (4,026,636) (4,149,701) (4,274,192) (4.402,415) (4,534,490) (4.970,525) (57,570,090) 7,434,632 . 7,609,672 7,789,962 7,975,862 8,166,932 8,3113,941 5,566,859 109,095,464 NET OPERATING INCOME 0 0 0 • 0 0 0 0 6,274,998 not ono 0 0 0 0 0 0 0 0 Canmisslons 25,758 29,002 29,573 30.759 31,692 32.643 33.622 415.446 cavil! Reserve 0 0 0 0 0 0 0 0 Ateratbns 0 0 0 0 0 0 0 0 7,406,475 7,550.669 7,760,090 7,944,893 6,135,240 8,331,298 5,533,237 108,680,01a CASH FLOW 0 0 0 0 0 0 0 0 NM Land Purdrase 0 HART) COSTS Base 0uIdsg 1s1 Oenenlion Trs P.raeg 8lfudun Inf931Ndure COS( See Work Sib Tmsl Hard Cost Contingency TOTAL PROJECT HARD COSTS 0 0 0 O 0 0 0 0 0 0 8,244.039 O 0 0 21,003,000 O 0 0 8,345,646 O 0 0 0 O 0 0 1,341.922 0 0 O a o 38,934,606 0 0 0 973,365 O 0 0 39.907,971 SOFT COSTS Ardl8ed a Engineering 0 0 0 0 0 0 2394,478 Permits 0 0 0 0 0 0 0 Testa a Inspections a Surveys 0 0 0 0 0 0 38,125 Impact Fees 0 0 0 0 0 0 0 252,036 Legal 0 0 0 0 0 0 0 210,030 8ue6er's Risk Insurance 0 0 0 0 0 0 0 0 Mahe) np 0 0 0 0 0 0 0 168,024 Real Erne Tam During Coml. 0 0 0 0 0 0 0 378,064 commission. 7 Leasing Foos 0 0 0 0 0 0 0 3,340,929 Land Advisory Fee 0 0 0 0 0 0 0 0 Development Fee 0 0 0 0 0 0 0 1,935,399 C194b 9/0R1(Ent9Mrnent Costs 0 0 0 0 o a a 105,015 Real Estate TIM M up l0 Const. 0 0 0 0 0 0 0 50,407 Loan Fees 0 0 0 0 0 0 0 168,024 Sit•T.(N 0 0 0 0 9,098,521 sot Cost COollag.ncy 0 0 0 0 363,941 TOTAL PROJECT SOFT COSTS 0 0 0 0 0 0 9.462.462 TOTAL PROJECT COSTS 0 0 0 0 49,370,433 Jones Lanq LaSalle Americas, Inc. 7111 01 Island Gardens, Miemi, Florida Section VII Flagstone Properties, LLC in MI 0015 /410MDI IC41/af a •10/19YMeeelr••Yerat Island Gardens (Wave Hotel) Summary of Assumptions Development 77re au-6rg Nel RaM.Ote Square Feel Grins Square Feel Loss Factor Constnlctlen Costs 239.986 239.913 0.00% tMQ Pera4RSF Total V Oche % oLTotot S0.00 50 0.00% Leasing Economics Costs Markel Rates Average Daily Rate F F.a E. Ground Lease HARO COSTS Best, Marino 5184.14 044,191,022 61.21% F.F, & E. 837.50 58,999,475 12.47% Parking Structure $15,397.87 $3.341.338 4.63% Residual Sale S247.48 337 50 $5.89 Infrastructure Cost 50.00 S0 0,00% Ole Wort 830.51 S3,884 030 5.38% Residual Sale Year 2005 Sub -Total $251.75 860.415,874 83.68% Cap Rate 9.500%. Hard Cast Contingency $6.29 81,510,397 2.09% Saks Costs 2.00% TOTAL PROJECT HARD COSTS $258.04 561,926271 85 77% Hard Cost Contingency 2.5% HC NE Fees 6.5% Total RC DevebpmeM Fee 5.0% Total HC Son Cost Contingency 4.0% Total Soo Costs Builders Risk Insurance 0.00% Total HC Site Work $30.5t HC Inlraslrudure 80.00 HC Parking Structure Stags Required 217 Financing Consaudion Loan Loan To Value Ratio Loan Rate Loan Fees 60.00% 8.00% 1.00% SLH-LASTS Dales Architect S Engineering $11.97 82,872,418 3.98% Design Begin Jan-02 12 Petrils $0.00 10 0.00% Land Deal Executed Jan•03 Tests a Inapedam 8 Surveys 50.43 $103,194 0.14% Design End / Construction Begin Jan-03 23 Impad Fees S3.00 $719,958 1.00% Consln lion End 1 Lease•up Begin Dec•04 Legal $2.50 1599,965 0.83% StaotBsrlon / Lease -up Jun.05 Jul-05 Strides Risk Insurance $0.00 80 0.00% Sale Dale Ju405 Jul-06 MrkHng 82.00 $479,972 0.68% Lease Up Commencement Jan•05 Real Esate Taxes During Const. 14.50 11,078.937 1.50% Cost Spreading Commissions I Leesig Fees 80.00 80 0.00% Land Land Advisory Fee $0.00 S0 0.00% Man Ed lm91018 Develop/seta Fee $12.00 S3.098.314 4.29% Nel Acreage 2.922600 Net Acres Parking Structure 01r03 12/04 24 CrakgIDRVEn%lenurnt Costs 01.25 8299,983 0.42% 127317.168 Squire Mel Best, Building 01/03 12/04 24 Root Estale Tura up to Caul. 50.80 $143,992 0.20% Land Value at Cele of Purchase $0 00 F.F. & E. 01/03 12/04 24 Loan Fees 52.00 S479,072 0.86% • S0 See Work D1/03 03/03 3 Sub.Talal 841.15 $9,875,702 13.8a% Archaera 6 Engineering 01/02 03/03 15 Solt Cast Corakgency $1.85 3395.028 0.55% Parking Sllacutre Area Added to N5 Acreage Pemdls 01/03 01/03 1 TOtAI PROJECT SOFT COSTS 142.80 $10.270,730 14.23% Footprint of Parking Structure 9t.122 Tests a Jaspedbns a Savage 01/03 01/03 1 e of spaces allocated to this use 217 Impart Fees 09/03 01/03 1 % of total Parking Spaces alocaled l0 this use 32.20% Legal 01/02 07/05 43 Totem Project Costs S300.84 172,197,001 100.00% Lend Area Allocated to Parking Footprint 29.337 Bolden Risk Insurance 01/03 01/03 1 Marketing 01/03 06/05 ' 30 Construction Loan $160.50 $43.318.201 60.00% First Year Annual Lease Payment to City of Mia 8750.000.00 Real Esate Taxes During Const. 01/03 12/04 24 First Year Forest % Revenue $262,780 Commissions / Leasing Fees As tenons move In. Equity Requirement $120.34 $28,878,000 40.00% Development Fee 01103 12/04 24 Real Estate Taxes up 10 Const. 01/03 01/03 1 Loan Fees 01/03 01/03 t Notes: Sle Work Includes aloWion of Museum component el $1,3M. Permits and Buiders Risk Insurance Included kn Contradas Bit for Base Belding Jones Lang Leas* Americas. Inc. 7111101 44, Island Gardens, Miami, Florida Section Vil Flagstone Properties, LLC Proposed Watson Island Wave Hotel Representative Year of Operation Total Number of Hotel Units: Numbs of Standard Had Guestmans: Number of Two -Bedroom Tam Bathroom Suites: Number of Annual Roan Mailable: Number or Reams Occupied - Overall Annual Occupancy. Overall Avenge Daily Rate (ADR): Standard Had Guosucom ADR Two-Bedrean, Two-eatl000rc Suites ADR Overall Revenue Pa Available Room: Revenues Roams Food Banqueting/Meetings Telecommunications Garage rind Parkins (Net) Sp. Raids and Other Income Taal Revenues DepaMrental Expenses Rooms Food Burqucting(Moninss Telecommunications Sp. Taal Depart ncntal Expenses DeputrnaNal Profit Uodistribaed Expenses Adminisuame & Omani Marianna Franchise Fess Property Opestian and Maintenance Utility Costa Taal Undistributed Operating E paNes Gross Operating Profit Base Mann /sant Fa Fixed Eagemes Property Tema Instance Gonad Rae (S730,000 Base Rat 4 1 0% of Tad Roatms) F.oaiLanera tea Total Fixed Expenses FriE Reserve (Net Operating Income Staled in 2001 225 175 30 82,125 61,590 75 0% S330 5258 S585 S247 Dollar Amount Ratio Per Room P.O.R. 120,375000 2,464,000 554,000 301,000 462,000 1,157,000 301,000 26,278,000 77,3% 9.4% 2.1% 1.2Yr 1.1% 7.1% 1.2% 100.0% S90,333 10,951 I,462 1,369 2,053 /153 1,369 116,191 0330.00 40.01 1.99 5.00 7.50 30.15 5.00 426.66 4,878,000 1,971,030 388,000 139,000 1,485.000 8,861,000 24.0% 80.0% 70.0% 45.1% 80.0% 33.7% 21,680 1,160 1,724. 611 6,600 39,712 79.20 32.00 6.30 2.26 24.11 143.87 17,411,000 1 66 3% L 77,409 i 282.79 1,606,000 6.1% 7,138 26.08 1.013,000 3.9% 4,50/ 16.45 610,000 2.3% 2,711 9.90 563,000 2.1% 2,50I 9.14 354,000 2.1% 2462 8.99 4,346,000 16.5% 19,316 70.36 13,011,000 49.7% 1 58,093 212.23 1,051,000 1 4.0% 4 6711 17.06 900,000 5.436 4.000 14.61 90,000 0.3% 400 1.46 1,013,000 3.9% 4,302 16.45 25,000 0.1% 111 0.4) 2,024,030 7.736 9,013, 3293 1,314,000 5.0% S1401 21.33 51,671,000 1 33.0% 1 S38 5691 • S140.90 Jones Lang LaSalle Americas, Inc. 7/11/01 Island Gardens, Miami, Florida Flagstone Properties, LLC Section VII Proposed Wabon bland Wave Hotel Projected Operating Results Calendar Years J Total Number of Hotd Units: Number of Stadad Ikiel Gmaonnn: Needier of Two -Bedroom Two Ballroom Suites; Number of Amami Roam Available. Number of Room Occupied: Ovadl Alined Occupancy: Ova.11 Avenge Daily Rate (ADR). Sanded Had Grestmoe ADR Two-Uedroao, Too-Behoom Suites ADR: Overall Revenue Per Available Room: Revalues Roam Food Ba quetinglAalings Telecommunications Gage ad Perking (Net) Sps Rentals and Otter beano Taal Revenues Departmental Expenses Reams Food B.hhquetirg/Meetinga Teleco m unieaiau Sp. Total Deparbntaul Expense, Departmental Profit Undistributed Expenses Administrative .1 General Marketing Franchise Fees Property Operation and Madawne Ulilin• Cone Taal U distribuid Operating amnia Grose Operating Profit Base Maueancnt Fee Fixed Expenses Property Taxes Imam= Grand Rem (6130,000 Base Rent 4 1.0% of Taal Revenues Staling 2006) Equilma4 have Total Fixed Expand FF&E Resave Net Opaauoo hp"' 2005 223 175 30 82,125 53,380 65.0% $316 S247 S573 S205 Amount Ratio S 16.861,000 2.511,000 624,000 300,000 431,000 1,903,000 3130,000 23,036,000 73.2% 11.2% 2.7% 1.3% 2.0% 1.3% 1.3% 100.0% 4,769,000 2,110,000 437,000 135,000 1,524,000 8,995.000 211.3% 82.3 % 70.0% 45.0Y. 80.0% 39.01. 14,041,000 1 61.0% 1,676,000 1,267,000 506,D00 760000 649,000 73% 5.9% 2 rt. 3.3% 2.8% r 4,955,000 9,083,000 21.5% 39.4% 921.000 I 1,013,000 101,000 750,000 28,000 4.4% 0.4% 3. 3% 0.1% 1,192,000 6.29: 461,001) 2.0% 55,109,000 1 25.2Y.I 2006 225 175 50 82,115 36,670 690Y. 5343 3269 S617 5238 Amount Ratio S19,551,000 2,742,000 643,000 321,000 493,000 2,038,000 328 000 74.6% 10. 5% z5% 1.3% 19% 7.1% 13% 26,123,000 100.0% 5,174,000 2,230,000 450 000 141,000 1,631,000 9.633,000 26.5% R1 3% 70.0% 45.1% 80.0% 369% 16,490,000 r 63 1 %] 1,774,000 1.291,00D 587,000 717,000 650,000 6.8% 4.9% 2 2% 2.7 % 2.55: 5,019,000 19.2% 11 471,000 43.9% 1,045,000 1 4.0% 1,043,000 104,000 773,000 29,000 1,919,000 40% 04% 3.0% 01% 7.5% 7E4,000 3.0% 1. 67,693,000 1 29.4%I 2007 225 175 50 12,125 61,590 750% 5394 3301 2699 6296 Anunl Ratio S24,266,000 2,124,000 662,000 368,000 552,000 2,217,000 368,000 31,257,000 77.6% 9.0% 2.1% 1.2% 1.1% 7.1% 12% 100.0% 5,624,000 2,297,000 463,000 165,000 1,774,000 10,523,000 24.0% 11.3% 69.9% 441% 80.0% 33 7Y. 20,731 000 1 66.3% 1,915,000 1,209,000 721,000 672,000 609 000 6.1% 39% 2.3% 2.1% 1.9% r 5,133,000 15,601,000 16.4% 49.9% 1,250 000 1 4.05:I 1,075,000 107.000 796,000 30,000 3.4•,. 0.3% 2.5% 0.1% 2,001,000 6.4% 1,563,000 1 5.0% 610,760,000 1 34.5%1 2006 225 175 50 82.125 61,590 75.0% 6406 6317 5720 6305 Amount Ratio S25,006,000 2,909,000 682,000 379,000 5611,000 2,284,000 379.000 77.6% 9.0% 2.1% 1.2% I.8% 7.1% 12% 32207,000 100.0% 6,000,000 2,366,000 477,000 170,000 I.827,000 10,640,000 24.0% 81.3% 69.9% 44.9% 10.0% 33.7% 21,367,000 ► 66.3%1 1,972,000 1245,000 750,000 692,000 627,000 6.1% 3.9% 2.3% 2.1% 1.9% 5,2116,000 16.4% 16,081,030 j 49.9% 1,216,000 1 4.0%1 1,107,000 111,000 1,142,000 31.000 3.4% 0.3% 3.3% 0.1% 2.391,000 7.4% 1.610,000 5.0% S 10.792,000 1 33.59] 2009 225 173 50 12,125 61,590 75.0% $118 6327 6741 6314 Meant Ratio $25,745,000 2,996,000 702,000 390,000 515,000 2,352,000 390,000 33,160,000 77.6% 9.0% 2.1% 1.2% 1.8% 7.1% 1.2% 100.0% 6,179,00D 2,437,000 492,000 176,00D 1,882,000 11,166,000 24.0% 81.3% 70.1% 45.1% 80.0% 33.r/. 21,994,0001 66.3% 2,031,000 1,283,000 772000 713,000 616,000 6.1% 39% 2.3% 2.2% 1.9% 5,443,000 164Y. 16,549,000 49.9%1 1.326,000 1 4.0% 1,140,000 3.4% 114,000 0.3% 1,176,000 3.5% 32,000 0.1% 2,462,030 7.4% 1,651,000 5,0% ( 811,103.000 I 31.5%1 Jones Lang LaSalle Americas. Inc. 7/11ro1 Island Gardens, Miami, Florida Flagstone Properties, CLC Section VII Proposed Waban Island Wave Hotel Projected Operating Results Calendar Years -Taal Nmaber of Hold Units: Number ofStadard Hotel Gumtroono Number of Tao -Bedroom, Two Bathroom Suite. Humber of As..*I Rooms Available: Numba of -Rooms Noble : Overall Anneal Ooc omy (basil Average Daily Rae (ADR): Si/indeed Hotel Guewoom ADR: runBedamu.., Two•Badeoom Suites ADR OwsJ1 Revenue Pa Available Room: Revalues Rooms Food Bonquetinerketligs Te4mmwiraliwa Garage and Perking (Na) Spa Reads and Odle Weise Total Revamp Deparm,mlal Evper,o Reams Food Ratgoetindldeetings Telsemuouniadiom Spa Total Departmental Expenses Departmental Root Undistributed Expenses Administrative it General MaWing Franchise Fees Property Operation end Maimmon = UWity Cab Total Undistributed Operating E.poua Gross Operating Profit 1 Base Mamgm,em Fa Fixed Expenses Prepay Tana Inseams Gaud Roo (1750,000 Base Rea • 1.0%of Total Revenues) Equipment tans Total Find Emerson FFtE Reserve 1Net Opam6m beam 2010 223 175 50 82,125 61 590 75 0% Sall 5337 5763 S323 Amount Ratio 526,545,000 3,016,000 723,000 402,000 603,000 2,421,000 402,000 34,184,000 77.7% 9.0% 2.1% 1.2% 18% 7.1% 1.2% 100.0% 6,368.000 2,310,000 506,000 111,000 1,931,000 11,503,000 24.0% 41.3% 70.0% 45.0% 30.0% 33.7% 22,681,000 1 66.3061 2,093,000 1,321,000 796,000 734,000 663,000 5,609,000 6.1% 3,9% 2.3% 2.1% 1.9Y. {64% 17 072,000 49.9% 1,367,0001 4.0'/. r 1,174,000 117,000 1,2/ 1,000 33,000 2,535,000 1,709.000 L 3.4% 0.3% 3.5% 0.1% 7.4% 5.051 1 $11,461,000 1 33 5501 2011 225 173 50 12,125 61,590 75.0% S443 5347 $786 5332 Amount Ratio 527,234.000 3,179,000 745,000 414,000 621,000 2,495,000 414,000 77.6% 9.0.4 21% 12% 1.8% 7.1'/. 1.2% 13,152,000 100.0% 6,552,000 2,515,000 521,000 116,000 1,996,000 24.0% 11.3% 69.9% 44.9% 80.0% 11,840,000 377% 23,312,000 1 66.3% 2,114,000 1,361,000 119,000 756,000 615,000 5,775,000 6.1 % 3.9% 2.3% 2.2% 1.9% 16.4% 17,537,000 49.9% 1,406,000 1 4 0% 1,210,000 121,000 1,247,000 34,000 2,612,000 3 4'/. 0.3% 3.5% 0.1% 7.4% 1 7511,000 5.0% 1 $11,761,000 1 33.3961 2011 225 175 50 12,125 61,590 750% $457 5357 5110 5343 Amount Ratio 521,147,000 3,274,000 767,000 426,000 639,000 2570,000 426.000 77.6% 9.0% 2.1% 1.2% 1.8% 7.1% 1.2% 36,249,000 100.0% 6,754,000 2,663,000 537,000 192,000 2,056,000 17,202,000 24.0% B13% 70.0% 45.1% 10.0% 33.7% 24,047,0001 66.3% 2,220,000 1,402,000 844,000 779,000 706 000 6.1% 3.9% 2.3% 2.1% 1.9% 5,95 ,000 16.4% 11,096,000 49.9% t 430,000 ) t 1.246,000 125,000 1,283,000 35,000 2,69 ,000 1012,000 3.4% 0.3% 3.5% 0.1% 7.4% 5.0% 1 512,143,000 1 33.5%1 2013 225 175 50 82,173 61,590 75.0% 5470 5361 5834 5353 Amaze Ratio 523,947,000 3,372,000 790,000 439,000 659,003 2,641,000 439,000 77.6% 9.0% 2.1% 1.2% 11151, 7.1% 1.2% 37,293,000 100.0% 6,951,000 24.0% 2,743,1703 11.3% 553,000 70.0% 193,000 43.1% 2111000 10.0% 12593,000 33.754 24,730,000 66.3% 2,216,000 1,444,000 861,000 802,000 727 000 6.1% 3.9% 2.3% 2 2% 1.9% 6,127,002 16.4% 11,603,000 49.9% 1,492,000 1 4.0%1 1,211,000 1211,000 1,323,000 36,000 2,770.000 3.4% 0.3% 3.5% 0.1% 7.4% 1,6653000 5.0% 112,476,0001_ 33.5%1 2014 225 175 50 12,125 61590 75.0% S485 5379 5859 1364 Ama4d Ratio 529,171,000 3,473,000 814,000 452,000 671,000 2,727,000 452,000 31,467 000 777% 90% 2.1% 12% 1.3% 7.114 11% 100.0% 7,166,000 2,823,000 570,000 204,000 2,111,000 1;946,000 24.0% 11.3% 70.0% 43.1% 10.0% 33.7% 25,521,000 1 663%1 2.355,000 3,417,000 896,000 826,000 749,000 6,313 000 6.1% 3.9% 2.3% 2.1% 1.9% 16.45 19 201,000 49.9% 1,539 000 1 4.0%1 1,322,000 132,000 1,363,000 37,000 3.4% 0.3% 3.3% 0.1% 2,154,000 74% 1.923,000 30% 1 512,892000 1 33.3%1 7/11/01 Jones Lang LeSerte An7eglw,-. Island Gardens, Miami, Florida Flagstone Properties, LLC Section VII ananlata eooesoeaernpa... laird 1..raYMarwaal.aAva. Island Gardens (Lighthouse Holel) Summary of Assumptions Development Leasing Economics Costs rho Bedding Nat Rentable Square Feel 277,964 !lard Cost Contingency 2.5% HC Gross Sutter, Feel 277,964 A/E Fees 5.4% Total HC Loss Factor 0.00% Development Fee 5.0% Total HC Sob Cost Contingency 4.0% Tola1 Soft Costs Bu4de(s Risk Insurance 0.00% Tula( HC Sea Work $30.51 HC Infrastructure $0.00 HC Parking Structure StoOs Repotted 268 ConsinrctIon Cops Market Rates Avenge Da4y Rate F.F. 8 E. Ground Lease Est/ME To1si Costs % of TqM s0.0o s0 0.00% LLARD COSTS Base Building $178.66 S49.160,713 59.21% F.F. 8 E. 540.47 $11.249,203 13.55% Parking Skuclu.. S15,397.87 $4,126,629 4.07% Residual Sale 5305.00 S40 47 $4.13 In5askuciure Cost $0.00 50 0.00% age Work 530.51 $5,543,274 6.68% Residual Sale Year 2005 Sub -Total $252.12 S70.079,1119 84.401L Cap Rate 9.500% Herd Cost Contingency $6.30 $1,751.995 2.11% Saks Costs 2.00% TOTAL PROJECT HARD COSTS $258.42 sliest,615 06.51% Financing Cons0uo0an Loan Loan To Value Ratio Loan Rate Loan Fees 60.00% e.00% 1.00% SOFT LDSTS Dales Amtied 8 Engineering $9.55 82.654,924 3.20% Design Begin Jan-02 12 Pemels $0.00 SO 0.00% land De& Executed Jan-03 Teats 8 Inspection 8 Surveys S0.43 $119,525 0.14% Design End / Construction Begin • Jan-03 23 Inlaid Fees $3.00 $833,892 1.00% Conslrudlon End / Lease -up Begin Dec-04 Legal $2.50 $694,910 0.114% 51a0rsc41'on / Lease -up Jun-04 Jul-04 Builde(s Risk Insurance 50.00 S0 0.00% Sate Dale Jut-05 Jul-06 Marketing $2.00 5555,926 0.67% Leese Up Commencement Jan-05 Real Estate Taxes Dora%Const. $4.50 i1.250,636 1.51% Cost Spreading Commissions / leasing Fees $0.00 S0 0.00% Land Land Advisory Fee $0.00 $0 0.00% Deals ELIO Development Fee $12.92 $3,591,591 4.33% Net Acreage 4.171400 Net Acres Perking Structure 01/03 12/04 24 Closig/DRS/EnteNment Costs $125 3347,455 0.42% 181.706 Square feel Base 6u6dkg 01/03 12/04 24 Real Eslete Taxes up to Coat. $0.60 5166,776 0.20% Land Value al bale of Purchase s0.00 F.F. a E. 01/03 12/04 24 Loa. Fees 52.00 $555,928 0.67% SO 5ile Work 01/03 03/03 3 Sub.Totel $3E.75 $10,771.769 12.97% Architect 8 Engineering 01/02 03/03 15 Solt Cost Contingency $1.55 $430,671 0.52% Parking Slrvcutre Area Added to Net Acreage Permits 01N3 01/03 / TOTAL PROJECT SOFT COSTS $40.30 $11,202.640 13.49% Footprint or Perking Sln/dure 91,122 Teals 8 Iropedlonl 8 Surveys 01/03 01/03 1 e of spaces allocated to the use 268 knead Fees 01/03 01/03 1 % PI total Parking Spaces allocated Io this we 38.97% Legal 01/02 07/05 43 Total Prnjed Coals $208.72 $83.034,455 100.00% Land Ares Allocated to Parking For/1P nl 33,684 Bulders Risk Insurance 01/03 01/03 1 Mar .plop 01103 06/04 16 Combatton Leen 3179.23 549,820,673 60.00% Fist Year Annual Lease Payment to City of MN $750,000.00 Real Esele Toes During Corot 01A3 12/04 24 Firs' Year Forcasl % Revenue $300,180 commissions / Leaskg Fees AS boards mow in, Equity Regotremenl S119.49 233,2f3,7e2 40.00% Development Farr 01/O3 12/04 24 Real Estate Taxes 1p to CMS*. 01A3 01103 1 Loan Fees 01/03 01/03 1 Notes: See Work includes allocation Of Museum component of S1.3M. Permits and Builders Risk Insurance inducted in Contractors Bid tor Base Building Janes Lang LaSalle America, Inc. 7n 1101 Island Gardens, Miami, Florida Section VII Flagstone Properties, LLC Proposed Watson island Lighthouse llolel Representative Year of Operation Total Number of Hotel Units: Number of Standard Hotel Gunuoam: Number of Two-Ded,00m, Ton Bathroom Suites: Number of Annual Rooms Availabk. Number of Rooms Occupied: Overall Annual Occupancy Overall Average Daily Rate (ADP). Stand./ Hotel Guntroorn AD* Tutu-Bodrome Too -Bathroom Suites ADR: Overall Revenue Per Available Room: Revenues Rooms Food & Beverage Banqueting/66=6nm Tcleconammications Garage and Puking (Net) Rentals and other Income Tout Revenues Departmental Eopnucs Rooms Food & Beverage Banquehng/Masings Teleoomopmkstioru Taal Deparuncnlal Expenses lDso.nn,anal Prolit Undistributed Expenses Administrative & General Marketing Franchise Fes Property Operation and Maintenance Utility Costs Total Undistributed Operatin6Exp.ues IGrms Operating Profit Base Management Fe Fixed Expanses Property Taxes Insurance Ground Rent (5750,000 Base Rent + 1.0% of Taal Revenues) Equipment leases Total Fixed Expanses FF&E Remove INet Operdina Income Stated in 2001 Dollars 300 250 50 109,500 78,140 72.0% 5303 1249 $5/1 S220 Amount Ratio Per Roan P.O.R. 524,046,000 3,154,000 1.419,000 394,000 611.000 394,000 30,018,000 10.1% 10.5% 4.7% 1.3% 2.0% 1.3% 100.0% S/0,153 10,513 4,730 1,313 2,037 1,313 100,060 5305.00 40.01 18.00 5.00 7.75 3.00 310.75 6,492,000 27.0% 21,640 12.34 2,523.000 80.0% 1410 3200 993,000 70.0% 3,310 12.60 177,000 44.9% 590 2.25 10,185,000 33.9% 33,950 129.19 19,833,000 1 66.154 1 66,110 I 251.56 2,100.000 7.0% 7,000 26.64 1,050,000 3.55'. 3,500 13.32 721,000 2.4% 2,403 9.15 720,000 2.4% 2,400 9.13 710,000 2.4% 2.367 9.01 5,301,000 17.7% 17,670 67.24 14.532000 41.4% 4/4401 111.32 1 201.000 1 4.0% 4.003 1 15.23 1,200,000 4.054 4,000 15.22 120,000 0.1% 400 132 1,050,000 3.5% 3,500 13.32 25,000 0.1% 13 0.32 2,395,000 1.054 7,913 _ 30.31 1,501,000 5.0% 5,003 L 19.04 59,435,000 J 31,4% 1 S31,150I S119.671 Jones Lang LaSalle Americas, Inc. 7111/01 Island Gardens, Miami, Florida Flagstone Properties, LLC Section VII Proposed Watson island Lighthouse Hotel Projected Operating Results Calendar Years Total Number of Hold Units: Numbs of Standard Had G.egrooan: Number of Two -Bedroom, Tam Bathroom Suites: Number of Annual Rooms Available: Number of Rooms Occupied: Overall Annul Occupancy. Overall Avenge Daily Rate (ADR): Sanded Had Coatroom ADR: Too -Bedroom, Tivo•B.11.000 Suites ADR Overall Revenue Pa Available Roan: Revenues Rooms Food & Beverage Barpueti grMeaings Tekcamwucations Grimm and Parking (Na) Roasts and Odra income Total Revues Departmental Espcnsra Rowm Food & Beverage Banqueting/Meetings Tekeow.r.nkations Taal Departmental Expenses (Departmental Profit Undistributed Eireann Administrative & General Marketing Franchise Fee Property Operation and Maintenance Utility Costs Total Undistributed Operating Es Gross Operating Profit J Basc Maomerneml Fa: Fixed Eaten.. Property Tutu Insurance Ground Rent (3730,000 Base Rea + 1 0% of Taal Revenues Sawing 2008) Equipment (rues Total Fixed Expenses FFd6 Reserve JNd Operettas Income 2005 300 250 50 109,500 71,130 65.M/. S292 523E S568 $190 Amount Ratio S20,785,000 3,377,000 1,597,000 401,000 621,000 401,000 27,1/2,000 76.5% 12.4% 5.9% 1.5% 2.3 % 1.5% 100.0% 6,460,000 2,757.000 1,118,000 180,000 10515,000 31.1% 81.6 % 70.0% 44.9% 38.7% 16,667,000 J 61.3%J 2,232,000 1.411.030 624,000 972.000 165.000 A 2% 5 2v/. 2.3% 3.6% 3.2% ' 6,111,000 22.5% 10,536,000 38.8% 1,087,000 1 4.0%J 1.351,000 135,000 750.000 21.000 2,264,000 5.0% 0.3% 2.8% 0.1% 8.3% 544,000 2.055 S6,661,000 1 24.3%J 2006 300 250 50 109,500 73,370 67.0% S313 5259 5612 S213 Amount Ratio 323,332,000 3,529,000 1.645.000 425,000 659,000 425,000 30,015,000 77.N. 11.8% 5.5% 14% 2.2% 14% 100.0% 6,913,000 2,864,000 1,152,000 191,000 11,120,000 296% 81.2% 70.07. 44.9% 37.0% 18,895,000 1 63.0% 2.339,000 1.339,000 700,000 918,000 842,1100 6,138,000 7.8% 4.5% 2.3Y. 3.1% 2.8% 20.4% 12,7.57,000 42.3% 1,201,000 I 4.D% 1,391,000 139,000 773,000 29,000 2,332 000 4.6% 0.5'/. 2.6% 0.1% 7.8% 900,000 3.0% S8,324,000 I 27.7%1 2007 300 230 50 109.500 78,840 720Y. S364 3297 S694 5262 Amount Ratio S28,691,000 3.635,000 1,695,000 471,000 730,000 471,000 10.4% 10.2% 4.7% 1.3% 2.0% 1.3% 35,700,000 100.0% 7,750,000 2,950.000 1,186,000 212.000 27.0% 81.2% 70.0% 45.0% 12,098.000 33.9% 23,602,000 1 66.1% 2,505,000 1,254,000 861,000 860,000 713,000 6168,000 7.0% 3.5% 24% 24Y. 2.2% 17.6% 17,334,000 L 41.6% 1,428,000 t 4.0%1 1,433,000 143,000 796,000 30,000 2,402,000 40% 0.4% 2.2% 0.1% 6.7% 1,735,000 3.0% 311 719,000 1 32.3%1 200/ 300 250 50 109,503 78,340 72.0% 3373 $306 5714 S270 Amount Ratio S29,365,000 3,744,030 1,745,000 483,000 751,000 485.000 00.4% 10.2% 4.7% 1.3% 2.0% 1.3% 36,775,000 100.0% 7,914,000 3,031.000 1,222,000 211,000 12,462,000 27.0% 11.1% 70.0% 44.9% 33.9% 24,313,000 1 66.1% 2,580,000 1,291,000 117,000 886,000 812,000 7.0% 3.5% 2.4% 2.4% 2.2% 6,436,000 17.6% 17,857,000 43.6% 1471,0001 4.0%1 1,476,000 141,000 1,187,000 31.000 4.0% 0.4% 3.2% 0.1% 4142,000 7,7Y. 1,839 000 5.0% 311,705,000 I 31.1001 2009 300 230 30 109,300 78,340 72.0% 8316 3315 5736 5271 Amount Ratio 330,432,0000 3,156,000 1,791,000 499.000 774,000 499,000 37151,000 /0.4% 10.2% 4.7% 1.3% 2.0% 1.3% 100.0% 1,221,000 3,129,000 1,238,000 27.3,000 12,833,000 270% 11.1% 70.0% 43.1% 33.9% 25,025,000 66.1% 2,657,000 1,330,000 913,000 912,000 136,000 6,641,000 7.0% 3.3% 2.4% 2.4% 2.2% 17.6% 18,177,000 1 48.5%J 1,314,000 I 4.0%J 1,520,000 132,003 1,223,000 32,000 2,927,000 4.0% 04% 3.2% 0.1% 7.7% C 1.093,000 5.0% 312,043,000 I 31.1%1 Jones Lang LaSalle An7en081s, Inc. 7/11/01 Island Gardens, Miami, Florida Flagstone Properties, LIC Section VII Proposed Wabon Island Lighthouse Hotel Projected Operating Results Calendar Years Total Number of Hot Units: Number of Slondard Nod Gn. trooro: Number of Two -Bedroom, Tam Ballroom Suites: Number of Amael Room Mailable: Nanbn of Rooms Ooapied: Green Animal Occupancy: Over,II Average Duly Rare (ADR). Standee 11ak1 Gumuauo ADR: Too -Bedroom, Tno-Bathroom Suite ADR: Overall Revenue Pa Araikblc Roan: Revenue Rooms Food & Beverage Banqueting/Mectings Telecommunications Gray sod Puking (No) Rentals and Other Income Taal Rewaas Departmental Eepenses Room Food & Beverage Barquetingadeaings Telecomauinlmns Taal Deprtmem.l Expenses 1Departsmuol Profit Undistributed Expenses Administrgive & Gomal Marketing Franchise Fees Property Operation and Maintenance Utility Coo Tad Undistributed 0pmlint Eeperal Gross Operatino_Prolit Base Managanent Foe Fi<ed Expenses Property T.os Insurance Grand Rent (3750,000 Base Rem + 1.0%of Tad Revenues) Ewipma.I Leases total Find Expense FF&E Reserve INet Operating Income 2010 300 250 50 109.500 78,340 72.0% 5398 S325 S7511 S287 Amount Ratio 531,378,000 3,972.000 1,852,000 514,000 797,000 514,000 39,027,000 80.4% 10.25: 4.75' I3% 2.0% 1.3% 100.0% 1472,000 3,223,000 1 296,000 231,000 27.0% 81.1% 70 0% 44.9% 13,222,000 339"/. 25,805,000 I 66. I% 2.731,000 1,370,000 941,000 939,000 862,000 6,850,000 7.0% 3 55: 2.4% 2.4% 2.21: 17.6% 18,955,000 486% 1. 1,561,000 1 4.U% 1,566.000 157,000 1,260,000 33,000 3.016,000 4.0% 0.4% 3.2% 0 15: 7.7% 1,951,000 5.0% 312,421,000 I 318541 2011 300 250 50 109.500 78,840 72.mn S410 S334 $781 5295 Amount Rat o 532,324,000 4,091,000 1,907,000 530,000 821,000 530,000 40,203,000 80 4% 102% 4.7% 1.3% 2.0% 1.3% 100.0% 8,726,000 3,320,000 1,335,000 238,000 27.0% 81 2% 700% 44.9% 13,619.000 33.95: 26,514,000 I 66.1% 2,820,000 1,411,000 970,000 968,000 887,000 7,056,000 70% 3.5% 2.4% 2.4% 17.6% 19.5211,000 48.6% 1,604,000 1 40%J 1,613,000 161,000 1,298,000 34,000 4.0% 0.4% 3.7% 0.1% 3,106,000 7.7% I,010,000 s.o%J S 12,604,000 I 31.tt%f 2012 300 250 50 109,500 78,840 72.0% S422 S344 3604 5304 Amount Ratio 333,270,000 4,214,000 1,964,000 546,000 846,000 546,000 80.4% 102% 4.7% 1.3% 2.0% 1.3% 41,386,000 1000% 8,985,000 3,420,000 1,375,000 246,000 27.0% 11.2% 70 0% 43.1% 14,026,000 33.9% 27,360,000 I 66.1%1 2,904,000 1,453,000 998,000 997,000 914,000 7.0% 3.3% 24% 24% I.rti 7266,000 17.6% 20,094,000 48.6% 1,653,0001 40% 1,661,000 166,000 1,336,000 35,000 40% 0.4% 32% 0.1% 3,198,000 1.7% 2,069,000 5.0% 313 172,000 1 31.1561 2013 300 250 50 109,500 78,1140 72.0% 3435 S355 5128 5313 Ratio 334,295,000 4340,000 2,023,000 562,000 471,000 562,000 42,653,000 80.4% 10.2% 4.7% 1.3% 2.0% 1.3% 100.0% 9,256,000 • 3,522,000 1,416,0170 253,000 27.0% 11.2% 70.0% 45.0% 11,449,000 33.9% 21.201.000 1 66.1%1 1,992,000 1,497,000 1,029,000 1,027,000 941,003 7,416,000 7.0% 3.5% 2.1% 2.4% 2.254 17.6% 20,718,000 48.6% 1,706,000 I 4.0% 1,711,000 171,000 1,377,000 36,000 3,295,000 4.0% 0.4% 3.2% 0.1% 7.7% 2,133,000 5.0% S 13,5114,000 I 31.8561 2014 300 250 50 109,500 78,140 72.0% 5441 S365 5833 S323 Amount Ratio 335,320,002 4,471,000 2,084,000 579,000 897,000 579.000 10.4% 10.2% 4.7% 1.3% 2.0% 1.3% 43,930,000 100.0% 9,335,000 3,628,000 1,459,000 261,000 14,113,000 27.0% 81 1% 70.0% 45.1% 33.9% 29.047.003 1 66.1%1 3,081,000 1,542,000 1,060,000 1,057,000 970 000 7,710,000 7.0% 3.5% 2.4% 2.4% 2.254 17.6% 21.3370001 48.6% 1,757,000 I 4.0%1 1,762,000 176,000 1,418,000 37,000 4.0 0.4% 32% 0.1% 3393,000 7.7% L 7 197,000 5.0% 313,990,000 1 31.t%1 Jones Lang LaSelle Americas. Inc. 7/11101 Islarla --is, Miami, Florida Flagstone perties, LLC Discount Rate Terminal Cap Cnn;nruaion Cher 14.5% 12.07. 343,1134,455 0 Year 0 Lighthouse Hotel UN -LE\ MGEp 2005 2006 2007 2003 2009 2010 2011 2012 1 2 3 4 5 6 7 8 wtlon VII 2013 2014 2015 9 10 11 Acquistion 33 Renovation 53 NOI- Operation Sale Less Sales Costs Net Cash Flow ERR Total Project Cost 383,034,455 Loan 349,820,673 LTV 60.0% IR 9.0% Discount 14.5% Terminal Cap 12.0% Year -583,034.455 $6,661,000 $8,324,000 311,719,000 S11,705,000 $12,043,000 512,427,000 S12.804,000 S13,172,000 S13,584,000 313,990,000 134,384,000 S119,566,667 2.0%-32,397,333 S117,469,333 -583,034,455 56,661,000 38,324.000 011,719,000 511.705,000 512,043,000 512,427,000 512,834,000 313,172,000 313,584.000 313,990,000 3131.853,333 14.9% LBYERAGED 2005 2006 2007 2008 2009 2010 2 3 4 5 6 2011 2012 2013 2014 2015 7 8 9 10 11 Equity-533,213,782 NOI -Operation 56,661,000 38,324,000 011,719,000 311,705,000 312.043,000 S12,427,000 S12,804,000 513,172.000 313,584,000 313,990,000 314.3E4,000 Debt Service-55,057,679-15,457,679-55,457,679 45451,679 -55 457,679-55,457,679-55,457,679-05,457,679-55,457,679 45,457,679-05,457,679 NO1 Alter Debt Service 38.926.321 , Sale 5119.866,667 Less Sales Costs 2.0% -3'2,397,333 Balloon Loan Payment-343,992,651 Proceeds From Sale 373,476,683 Net Cash flow -533,213.782 S1,203,321 52,866,321 $6,261 321 56,247,321 S6,585,321 S6,969,321 57,346,321 37,714,321 38,126,321 38.532,321 382,403,004 IRA 19.6% DCR 1 22 153 2 15 2.14 2.21 2.28 2.35 2.41 2.49 2.56 2.64 Jones Lang LaSalle Americas, Inc. 7/11/01 Island Gardens, Miami, Florida FlagslOne Properties. LLC • anal elm ageeeipeaela/MINImm m,rroW a v.. e,ar,rsre. Island Gardens (Marina) Summary of Assumptions Dewfoprtlent The Building Net Rentable Square Feel 5000 Gross Square Feel 5,000 Loss Factor 0.00% Number of 5kps 40 Constmc5on Costs LNQ Leafing Economics Costs Market flares Average Dairy Rate F.F. 6 E. $7 00 S000 Hard Cost Contingency 3.5% HC NE Fees 5.1% Total HC Development Fee 5.0% Tong HC Soft Cost Contingency 4.0% Told 5011 Costs Builder's Risk Insurance 0.00% Total HC See Work $0.00 HC Innaslruciure 50.00 HC Pettirq Structure 5tens Required 25 Fln�ncing Can.Wucrion (ban Loan To Value Ratio 60.00% Err s5o Inialgssl. .. LILI1I Loan Rate 5.00% Loan Fees 1.00% S0.00 30 0.00% jifRD CO5T5 Base 511u04006 $377,662.46 515,106,499 64.6734 F.F. 5 E. $0.00 50 0.00% Parking 611udure 515,397.57 $364,947 2.16% Residual Sate In1astmdraa Cost $0.00 S0 0.00% See Work 50.00 SO 0.00% Residual Sete Year 2005 SobTotal 53,096.29 $15.491.446 67.03% Cap Rate 9.500% Herd Cost Contingency $108.44 $542,201 3.05% Saks Costs 2 00% TOTAL PROJECT HARD COSTS 33.206.73 $16.033,647 90.07% 2107T COSTS Dales Architect & Engineering 5163.17 5615,626 4.56% Design Begin Jan-02 12 Permits 50.00 S0 0.00% Land Deal Executed Jen-03 Tests & inspections & Surveys 50.43 12.150 0.01% Design End / Construction Begin Jen-03 23 Mpsd Fees 53.00 515.000 0.06% Construdlen End / lease -up Begin Dec-04 Legal 52.50 S12.500 0.07% Sleb0zalkn l Lesse-up Jun.04 Jul-04 Widen Risk Insurance $0.00 30 0.00% Sete Date Jul-05 Jul-06 Marketing 52.00 $10.000 0.06% Lease Up Commencement Jsn.05 Reel Ewes Taxes wig Con6t. $4.50 S22.500 0.13% Cost Spreading Commissions / Leasing Fees $0.00 S0 0.00% Land Land AdWory Fee $0.00 S0 0.00% fissile End Lomas Development Fee 5160.34 $601,662 4.50% Nal Acnepe 0.000000 Net Acres Parking Stnucure 01/03 12104 24 CkakglDRIIEnWMgent Costs 31.25 56,250 0.04% - Square reel Base Structure 01/03 12/04 24 Real Ealsle Taxes up 10 Const. $0.60 $3.000 0.02% Land Value et Dale of Pumhaso $0.00 F.F. 6 E. 01/03 12/04 24 Loan Fees SZOO $10000 0.06% SO See Work 01/03 0103 3 Sub-Tdal $339.76 $1,596A09 9.54% AmMeci 6 Engineering 01/02 03/03 15 Soil Cost Contingency $13.59 $87.956 0.35% Parking Slnrartle Area Addnd to Net Acreage Permits 01/03 01103 1 TOTAL PROJECT SOFT COSTS S353.37 $1,766.905 2.93% Footprint of Parking Structure 91.122 Tests & Inspections 6 Surveys 01103 01/03 1 0 of spaces allocated to this use 25 Impact Fees 01/0.3 01513 1 % of total Parkkg Spaces allocated to this use 5 19% Legal 09N2 07/05 43 Total Project Costs $3.560.10 $17,600,512 100.00% Land Area A9ouled to Parking Footpnnl 4,726 Bulder's Risk Insurance 01/03 01/03 1 Marketing 01/03 0104 16 Construction Loan 52,136.06 $10.690,307 60.00% Fkst Year Annual Lease Payment la City of War 50.00 Real Esate Tams During Genet. 01/03 12/04 24 Commissions l Leasing Fees As tenants mass W. Equity Requirement 51,424.04 S7,120.205 40.00% Development Fee 01/03 12/04 24 Real Estate Taxes up to Cant. 01/03 01/03 1 Loan Fees 01/03 0/103 1 Jones Lang LaSaN Aii*SCas, Inc. Section VII 7/11i 1 CASE:3.0 1.0 SALES Camper and Nicholsons Marinas Ltd Island Gardens Project - Miami, Florida USA. Flagstone Properties LLC Profit and Loss Predictions - Marina Operations Only DATE: Jody I1, 2001 USD 3000's Year 1 Year 2 Year 3 Year 4 Years ...lyear6 Year Year 8 Year, Year l0 1.1 Berthing Revenues Ave. occupancy (%) I 20 35 50 65 70 70 70 70 70 70 Basal on a nominal berth capacity of 7000 linear fret. Dolly Tariff (Pen101 32.00 32.50 53.00 33.50 14.00 54.10 54.20 34.30 54.40 54.30 Supos arhl berthing (all) 1,022 2,236 3333 5,813 7,154 7,333 7,512 7,691 7,669 2048 Small yacht berthing (permanent & semi•permanent) 2D 50 100 150 160 170 180 110 I80 180 Small yeti's daily visitor berthing 0 5 15 30 S0 70 90 90 90 90 1.2 Technical Services Equipment Supplies to Yachts In House Services end Repairs Washdown and Pumpouts etc. Other 13 Andiliary Service Revenues Year I - 25 Vessels bunkering 30,000 galls p.a. Fuel Sales •Diesel ®51.00/gall 750 975 1263 1,522 1,750 1,925 2,117 2,223 2,334 2,451 Fuel Sales • Petrol Outboards and small engines only 50 55 61 73 84 93 102 107 112 11t Luba Oils Estimared 60 66 73 88 101 111 122 128 134 141 Potable Water Av 1,000,000 galls/season r@D 30.05/gall 50 55 61 77 84 93 102 107 112 118 Electricity Estimated 225 248 272 326 375 413 454 477 501 526 Telecoms Estimated 150 165 182 218 251 276 304 319 335 332 1,042 2,291 15.0% 100 115 75 16 15 17 5 6 3,948 15.0% 132 99 20 8 5,993 In.on 145 109 22 9 7,364 lomc 160 120 24 10 7,573 t00% 176 132 27 I 7,782 10.0% 193 145 29 12 7,961 sox 203 152 31 12 8,139 Slr% 213 160 32 13 8,318 SAY. 224 16B 34 4 195 224 259 285 313 345 379 398 418 439 1.4 Other Sales Agency Commissions On site Agents turnover commission Service Company Concessions Payments for Concessions to work on site Brokerage Commissions 2% commission from boat sales on mains Advertising Flags, bonnets and billboards Events and Sponsors Use of marina for PR and events Laundry and Valuing Service Estimated if in-house operation Office Services Communiques and business assistance Misc. Sales of Goods Branded goods etc. Total Sales 2.0 COST OF SALES 2.1 Fuel Sales S. Margin Diesel 13 % Petrol 10 % Lobes 5 % 2.2 TechniW Services Equipment Supplies to Yachts In House Services end Repairs 23 Utility Sales Electricity Potable Water Telecoms 2.4 Other Sales Laundry and Valuing OAtee Services Mist. Sales of Goods Total Cost of Sales Grou Margin Est est. 25% 1285 100% 70.0% 20.0% 15.0r7 10.0% I0.1n4 5.0% 3.0% 5.0% 1,564 10.05'. 5 6 10 11 10 11 5 20 15 3 S 22 17 3 6 1,917 2.5% 6 12 12 6 23 17 3 6 2,300 2.5% 6 12 12 6 24 17 3 6 2,645I 2,910 2.5: 6 13 13 6 24 18 3 6 2.5% 6 13 13 6 25 18 3 6 3,201 2.5% 7 13 13 7 25 19 3 7 3,361 2.5% 7 14 14 7 26 19 3 7 3,529 2.5% 7 14 14 7 27 20 3 7 3,706 2.554 7 14 14 27 20 4 7 73 82 85 87 89i 92 94 96 99 101 2,595 4,161 6,209 8,665 10,412 10,919 11,456 11,816 12,185 12,564 10.0% 100% 10.(00 10.0% 10.0% 10.0% 675 878 1141 1,255 1,381 1,519 1,671 45 50 54 59 65 72 79 55 61 67 74 81 89 98 10.0st 1,538 B7 10B 10.0% 10.0% 2,021 2223 96 105 119 131 775 B0 60 140 989 10.0% 88 66 154 1,262 1,388 1,527 1,680 1,848 2,032 2,236 2,459 10.0% 11.1.0% 10.0% 10.0% 10.0% loth% I0D15 10.0% 97 107 117 129 142 156 172 189 73 80 BB 97 107 118 129 142 170 187 206 226 249 274 301 331 10.0% 10.04 10.tns loll% 10.0Y. t0.0% 12.5% 200 220 242 266 293 322 354 12.5% 45 50 54 60 66 72 80 120 132 145 160 176 193 213 I n.071. 390 88 234 to.mt 429 96 257 10.0% 472 106 283 365 402 442 486 534 588 647 711 782 861 loll% 5.mt 5.0% 5.0% 5.0% S.Ins 8 9 9 9 10 10 11 1 1 1 1 1 1 1 2 2 2 2 2 2 2 S.1%s SD% 2 1 l 3 Sass 13 3 11 12 12 13 13 14 ISJ 15 16 17 1,291 r 1.304 1,557 1.886 2,074 2.280 2,508 2,758 3,033 3,335 3,668 2,604 4,323 6,591 8,132 8,411 8,698J 8,783 8,850 8,896 3.0 OPERATING EXPENSES USD 3000'e Year Year 2 Year 3 Year Year 5 Y. Year 7 Year$ Year 9 Year 10 3.1 Sufi' Salaries - Administration 33% 3.5% 3.3% 3.5% 3.3% 3.5% 13% 33% General Manger 55 57 59 61 63 65 68 70 P.A. Secretary 30 31 32 33 34 36 37 38 Finacial Controller 40 41 43 44 46 41 49 31 Accounts Clerk 30 31 32 33 34 36 37 38 3.2 Staff Salaries - Operations Berthing Manager Technical Manager Technicians x 2 Dock Nesters x 5 Fuel Bath Attendants x 2 Labourers/Cleaners x 3 Laundry/Washroom Attendants x 2 3.3 Staff Cosu Salary Related Cons Health Insurance Overtime and Bonuses 3.4 Repairs and Maintenance Quays and Main Infrutructu re Utility Services Moorings Office and Washrooms Landscaping 3.5 Legal and Professional C&N fees, royalty & expenses (1% of GM) Audit Legal Advisors Insurance 3.6 General Expenses Office Equipment and Supplies IT Upgrade end Maintenance Print and Stationery Postage and Courier Telephone, Fez and 1SP Cleaning Materials Refuse Removal Motor Vehicle Leases x 2 Uniforms and Protective Clothing Safety Equipment and Tools Sundries and Misc. 3.7 Promotion Boat Shows and Events Advertising Brochures and Yearbooks Total Operating Expenses 4.0 SUMMARY Soles Cost of Ulm Cress Operating Profit Operating Expenses Profit before depreciation, finance charges & tax Cash Flow Analysis 155 160 33% 40 41 40 41 70 72 150 155 50 52 60 62 31 30 166 13% 43 43 73 161 54 64 32 172 178 3.5% 3.5% 44 46 46 80 172 57 69 34 44 71 166 55 67 33 440 4551 4711 488, 505 184 3.M 48 48 13 171 59 71 36 523 191 3.3% 49 49 86 184 61 74 37 541 197 33% 51 51 19 191 64 76 31 560 72 40 53 40 204 33% 75 41 33 41 21]] 337s 3.9% 53 55 53 35 92 95 193 204 66 61 79 t2 40 41 579 600 3.5% 3.5% 3S% 33% 33% 3.5% 33% 1.5% 33% I50 155 161 166 172 178 184 191 191 204 15 16 16 17 17 18 18 19 20 20 50 52 54 55 57 59 61 64 66 68 215 223 230 238 247 255 264 274 283 293 5.05, 50*/. 1 5 5 5 6 1 2 3 3 3 3 5 5 5 6 2 3 3 3 3 1 2 2 2 61 17 181 19 5.v4 6 6 2 2 20 5 0% 6 4 6 4 2 211_ 22 5.0% 6 4 6 4 3 5.0% 7 4 7 4 3 5.0% 231 24 7 4 7 3 25 5.0% 5.1rf: 50% 5.0'/. 30.4 SD% SA% 104 208 346 527 651 673 696 703 700 712 10 10 12 13 11 14 15 15 16 17 50 IO 12 13 13 14 IS 15 16 17 75 80 85 89 94 98 103 108 114 120 I 239[ 3011 455T 6421 7711 7991 8281 8421 8541 1651 L 10 4 3 10 48 31r/. 3 3 3 3 3 3 4 4 3 3 4 4 3 4 4 4 5 6 6 6 2 2 2 2 2 3 3 3 10 10 II 4 4 4 3 3 3 10 10 11 51 53 56 50 50 50 50 30 30 30 30 20 20 20 20 1001 1001 1001 100 n4 5.0% 5.04, 517% Sox 3 3 4 4 4 4 5 5 5 5 4 5 5 5 5 4 5 5 5 5 7 7 7 8 8 2 2 2 3 3 3 3 4 4 4 II 12 12 13 13 4 5 5 5 5 3 3 4 4 4 II 12 12 13 13 58 61 64 68 71 50.6 4 6 6 6 3 4 14 6 4 14 731 50 75 75 75 75 75 30 40 40 40 40 40 20 35 35 35 35 35 100 1501 1501 1501 1501 1501 ,2 5 ,3 5 94 7 4 ,8 8 ,9 2,060 2, 3 2, 66 2,2 9 2,595 4,161 6,209 8,665 10,412 10,919 11,456 11,116 12,185 12,564 1,291 1,557 1,886 2,074 2,280 2,508 2,758 3,033 3,335 3,668 1,304 2,604 4,323 6,591 8,132 8,411 8,698 8,783 8,850 8,896 1,205 1,315 1,494 1,714 1878 1.993 2,060 2,113 2,166 2.219 99 1,289 2,829 4,877 6,253 6,418 6,638 6,670 6,684 6,677 Loan Payback 1 Interest (8,5% p.a.) 1.5% Cash Flow Difference 1.335 1,335 1335 1,335 1.335 1,335 1,335 1333 901 901 901 906 794 611 567 434 310 227 -809 311 587 2,634 1,121 4,402 4,735 4,811 5,009 5.115 Total Cosy Co,atruction Loan Equity S17,800.512 510,610,000 60'/. 2 yr Gnoe Period with 1 Year Payback 37,I20,512 10% 9,745 1,010 6,675 5,340 4.0115 2,670 1.335 794 611 567 454 340 227 113 1 MARKE T AND ECONOMIC G. Narrative Identifying Total Cost on Permanent Improvement F EASIBILITY 1. Pricing Narrative The I fland C,ur,len pro forma includes cost analysis for four main cost categories: Mega Yacht Marina, Hotels and Retail and Restaurant areas. Within each of these pro forma categories are several additional functional items, either as a portion of the larger scope or items allocated to each of these items. These additional categories include the Lighthouse and Wave Hotels, the Fish Market Marina Offices, Site work, Parking, Performance Spaces, Offsite improvements and a Maritime Museum. a. Marina The seawall adjacent to the marina will be constructed of sheet piles with a decorative concrete cap. Dock construction will be topped precast planks on concrete piling. Wave suppressors will be suspended beneath the docks to prevent boat wakes and prop wash from interfering with the moored boats. Each slip will have a dedicated power supply, water, sanitary, CATV and telephone service. Decorative lighting will illuminate the docks. The marina will be dredged to a depth of 18' MSL accommodating a 12' draft. Dolphins will be placed in strategic locations to protect the yachts from the concrete docks. A small floating dock will be moored to the seawall in front of the performance area. A tunnel will lead from the lower portion of the performance area into the hotel back -of -house areas providing a service corridor to the floating dock. A separate Marina Office and Fish Market will support the Marina and will include appropriate facilities. This will be a single story structure of load bearing masonry constructed on spread footings. Finishes will be consistent with the use of the building. b. Hotels Two hotels are located at opposite corners of the development. The mid -rise Wave Hotel includes 125 rooms with 50 suites for a total of 225 rooms, a level of meeting rooms, lobbies, a restaurant and associated support spaces. The structure will be a reinforced post -tensioned concrete frame supported on deep foundations. The exterior wall is constructed of stucco on masonry with sliding glass doors leading to private balconies. The balconies will have a decorative railing that creates a unique feel to the hotel. Room finishes will be top -end and will include upgraded plumbing fixtures with stone finishes in the bathrooms. Public space finishes will emphasize the uniqueness of the hotel and will include custom trim, moldings, paneling and stone on walls, floors and ceilings. The Lighthouse Hotel is a twenty level high-rise structure including 250 hotel rooms with 50 suites for a total of 300 rooms. It is a post -tensioned concrete frame bearing on deep foundations. It includes room finishes and lobby finishes on the same scale as the Wave Hotel. However, materials and installations will be significantly different to create a different unique feel to this project. Exterior wall construction will be similar including the use of a different custom railing system at the balconies. There will be no separate meeting space in the Tower Hotel; both hotels will use meeting space in the Wave Hotel. Mechanical systems for the hotels will consist of a chilled water system with a remote chiller plant and cooling towers located on the roof. This will minimize noise, provide an efficient cooling system and reduce the need I S L A N D G A R D E N S VII.51 MARKET AND ECONOMIC F EASIBILITY for roof -mounted equipment on the low-rise portions of the project. Separate emergency generators and electric fire pumps will be provided for each hotel. c. Retail and Restaurant The Retail and Restaurant areas comprise the low-rise portion of the development. They form a connector between the two hotels, the parking garage and the garden in front of the Marina. The Retail areas start in the lower level of the parking garage and become a focal point for the lower level of parking. As you move up into the Retail/Restaurant promenades, you encounter a mix of retail and restaurant spaces. These spaces encompass the lower levels of the hotel building. The upper level of the low rise is exclusively restaurant space. Construction consists of a concrete structure supported by deep foundations. The exterior wall is storefronts along the walkways and a mixture of windows and stucco along the walls fronting the Marina. Stucco and stone features will create a unique architectural look for the exterior wall. Potted plants and decorative light fixtures will accent the exterior loaded walkways. A custom metal railing will enhance the unique look of the retail spaces. Pedestrian bridges connecting the parking garage to the restaurant/retail areas provide additional circulation area and create an open airy feel to the spaces. These bridges will span over the main entry drive. Restaurant and Retail Spaces will be constructed as "shell and core" spaces ready for Tenant Improvements. Improvement allowances are included in the financial analysis. This will optimize the use of each space and allow the retailers to build -out their spaces as they see fit. d. Parking Garage The six level parking garage includes all parking spaces required by code for the mixed -use development. It consists of one level below grade and five levels above grade. One floor above the last parking deck is the amenity area for the hotels. The parking garage starts at elevation 5 National Geodetic Vertical Datums (NGVD) and is approximately two feet above the high water mark. The lower level retail areas separate the parking area from the main service drive and the Hotel support areas. The main access drive is four feet lower than the hotel level to allow for high truck clearance and loading docks at the hotel. The main entry thoroughfare is above this service drive. This lower truck circulation area will be constructed as a fully structured system to resist hydrostatic groundwater pressures during times of high water. A single two-lane speed ramp provides access to all levels of the parking garage. The Garage is screened from view through decorative precast panels and landscaping. The structure is cast -in -place concrete supported by deep foundations. It is fully sprinkled, well lit and includes a comprehensive security system. A total of six elevators serve the Retail, Restaurant and parking garage areas. e. Site work The site work scope of the project covers all of the work on grade between the proposed structures. It includes relocating existing utilities, mass excavation for the buildings and parking garages, installation of new utilities, paving, hardscape and landscaping. I S L A N D G A R. D E N S 111455 M A R IC E T AND ECONOMIC F EASIBILITY A new main circulation drive will be constructed to provide on -grade access to the hotel lobbies, ground floor retail areas and the landscaped portion of the project. As mentioned earlier significant portions of this main drive will be elevated over the lower level of parking. All elevated roadways will meet loading requirements mandated by FDOT and/or the State Fire Marshall. A landscaped divider will separate the two lanes of traffic on this entry drive. Pavers will accent building entrances and pedestrian walkways. The walkways connecting the at -grade retail and restaurant spaces will continue to form a series of intimate courtyards. Separate seating areas will be constructed in these courtyards. A series of shallow ponds and upgraded hardscape areas will accent these courtyards. Landscaping will provide shade and privacy for these areas. The walks will open into a larger promenade area fronting the Marina. This promenade will have upgraded paver systems, a series of decorative streetlights, benches and a sound system. A series of low steps will create an outdoor performance space and will provide the elevation transition from the ground level to the marina level. This elevation transition is approximately four and one-half feet. Landscaping along the promenade and performance spaces will be low to enhance the views of the marina and Miami's skyline. The three restaurants and retail Kiosks located in the promenade will have the appearance of floating on an island and will be surrounded by shallow ponds. All ponds will be constructed with pond liners to allow for simple free -form designs. Specimen landscape features and two elaborate water features will accent Main entries. Storm water retention will be in a series of exfiltration trenches located underneath the landscaped and hardscaped areas. Over flow for the exfiltration system will be provided through a series of deep injection wells. f. Amenities Deck The roof over the parking garage will serve as an amenities area for the hotels. It will be approximately 90,000 square feet of plaza, pools and landscaped areas. A freeform pool will be adjacent to the Wave Hotel and a long rectangular pool will serve the Tower I-Iotel. There will be a common restroom and service building to accommodated both pools. A series of hardscaped walkways will radiate out from the pool deck areas to highlight Miami's skyline. These walks will be surfaced with decorative pavers and will be bounded by landscape planters. The planters will vary in depth from two to six feet deep to accommodate trees and other types of landscaping. g. Maritime Museum We include a "shell and core" structure for a future maritime museum as part of our project scope. Interior fit -up allowances are not part of our program. 2. Pricing Pricing for this extensive development is based on current construction costs in the Miami -Dade County area and is reflective of all special permitting requirements. We have allowed for additional items anticipated in the new code scheduled to be implemented in October of 2001. Construction costs have been escalated to reflect a start in the third quarter of 2002. Unit costs are based on historical data from Beers Construction and quantity surveys of selected building systems. I S L A N D G A Z D E N S Y145� Preliminary Construction Cost Model Island Gardens Quantity Unit Unit Cost Total Cost Retail 137,216 sf $ 87.48 $ 12,003,043 Hotels 517,950 sf $ 167.68 $ 86,852,404 Wave Hotel Lighthouse Hotel 239,986 sf 277,964 sf $ 157.05 $ 37,690,558 $ 176.86 $ 49,161,846 Restaurant 84,012 sf $ 98.13 $ 8,244,042 Marina $ 15,106,499 Marina Fish Market Marina offices 40 slips 1,593 sf 5,000 sf $ 14,354,427 106.86 $ 170,225 116.37 $ 581,847 Parking 1509 spcs $ 15,397.87 $ 23,235,391 399 602,346 sf Sitework 10.8 acre $ 12,958,181 Recreation Deck 121,580.0 sf $ 6,500,564 Offsite Infrastructure 1.0 Is $ 350,000 Maritime Gallery 4,000.0 sf $ 325.00 $ 1,300,000 Grand Total 1,473,697 sf 166,550,125 7/9/01 Summary Page 1 of 12 Preliminary Construction Cost Model Marina Offices 5000 sf 116.36934 $581,847 Island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 5,000 sf $ 0.50 $ 2,500 2 Demolition 5,000 sf $ - 3 Earthwork 5,000 sf $ 0.75 $ 3,750 4 Foundations 5,000 sf $ - 5 Reinforced Concrete 5,000 sf $ 7.50 37,500 6 Cement Finish 5,000 sf $ 0.75 _$ $ 3,750 7 Precast Conrete 5,000 sf $ - 8 Masonry _ 5,000 sf $ 12.00 $ 60,000 9 Natural Stone 5,000 sf $ 1.50 $ 7,500 10 Structural Steel & Misc. Metal 5,000 . sf $ 1.00 $ 5,000 11 . Rough Carpentry 5,000 sf $ 12.50 62,500 12 Millwork 5,000 sf $ 6.00 $ 30,000 13 Waterproof & Caulking 5,000 sf $ 0.25 $ 1,250 14 Roofing & Sheetmetal 5,000 sf $ 4.50 $ 22,500 15 Hollow Metal 5,000 sf $ 1.00 $ 5,000 16 Wood Doors 5,000 sf $ 1.00 $ 5,000 17 Special Acting Doors 5,000 sf / - 18 Finish Hardware 5,000 sf sf $ 1.00 ' $ 5,000 19 Glass, Glazing & Storefront 5,000 $ 4.00 . $ 20,000 20 Lath, Plaster & Stucco L 5,000 5,000 5,000 5,000 5,000_, 5,000 5,000 5,000- sf sf sf sf sf sf sf sf sf sf sf sf sf sf sf $ 3.00 $ 15,000 21 22 Drywall $ 8.00 $ 8.00 $ 40,000 Ceramic Tile 1 $ 40,000 tile floor 23 Acoustical $ 1.25 $ 1.00-r-$ $ 1_501 I 0.50 r $ 0.50 $ 0.50 $ 2.00 $ 6,250 24 25 26 27 Resilient Flooring 5,000 - Painting & Wall Covering 4_ Special Flooring $ 7,500 $ - - - - -^- Miscellaneous Specialties I $ 2,500 $ 2,500 $ - $ $ 2,500 $ 10,000 28 Toilet Partitions & Accessories 5,000 29 Equipment 5,000 5,000 5,000 1 5,000 L 5,000 I 5,000 30 Si Casework Furnishings - 32 Special Construction fabric awnings 33 Conveying Systems Mechanical Systems $ 14.50 $ - } $ 72,500- i $ 45,000 34 35 36 Electrical Systems __ General Items Permits, Insurances & Bonds L. 5,000 520,000 551,200 sf $ 9.00 6% 1.5% $ 31,200 $ 8,268 Fee 559,468 sf 4% $ 22,379 Total 5,000 $ 116.37 $ 581,847 7/9/01 Marina Offices Page 2 of 12 Preliminary Construction Cost Model Fish Market 1593 sf 106.85839 5170,225 Island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 1,593 sf $ 0.50 797 2 Demolition 1,593 sf _$ - 3 Earthwork 1,593 sf _-J $ 0.75 $ 1,195 4 Foundations 1,593 sf $ - 5 Reinforced Concrete 1,593 sf $ 7.50 $ 11,948 6 Cement Finish 1,593 sf $ 0.75 $ 1,195 7 Precast Conrete 1,593 sf $ - 8 Masonry 1,593 sf $ 12.00 $ 19,116 9 Natural Stone 1,593 sf $ - 10 Structural Steel & Misc. Metal 1,593 sf $ 1.00 $ 1,593 11 Rough Carpentry 1,593 sf $ 12,50 $ 19,913 12 Millwork 1,593 sf $ 2.00 $ 3,186 13 Waterproof & Caulking 1,593 sf $ 0.25 $ 398 14 Roofing & Sheetmetal ' 1,593 sf $ 4.50 $ 7,169 15 Hollow Metal 1,593 sf $ 1.00 $ 1,593 16 Wood Doors 1,593 sf $ 1.00 $ 1,593 17 Special Acting Doors 1,593 sf $ - 18 Finish Hardware 1,593 sf $ 1.00 $ 1,593 19 Glass, GlazinL& Storefront 1,593 sf $ 4.00 $ 6,372 20 Lath, Plaster & Stucco 1,593 sf sf j i sf sf sf si $ 3.00 $ 6.00 $ 4,779 21 Drnwall 1.593 1,593 1,593 1,593 1,593 $ 9,558 22 Ceramic Tile $ 8.00 $ 12,744 tile floor 23 24 Acoustical Resilient Flooring $ 1.25 , $ 1.50 $ 0.50 $ 1,991 $ - $ 2,390 $ - $ 797 ' $ 797 25 26 Painting & Wall Covering Special Flooring Miscellaneous Specialties 1,593 1,593-I 1,593 1,593 sf sf sf sf sf sf i sf I sf 27 28 Toilet Partitions & Accessories $ 0.50 29 Equipment _ $ _ 0.50 r $ 2.00 $ - $ - $ 797 Coolers y TI - 30 Casework I 1,593 1,593 1,593 31 Furnishings 32 S•ecial Construction $ 3,186 fabric awnings 33 Conveying Systems 1,593 $ - 34 Mechanical stems i T 1,593 1,593 i sf sf $ 14.50 $ 9.00 $ 23,099 $ 14,337 35 Electrical Systems 36 General items Permits, Insurances & Bonds i 152,132 161,259 6% $ 9,128 $ 2,419 1.5% Fee , 163,678 sf 4% $ 6,547 Total 1,593 $ 106.86 $ 170,225 7/9/01 Fish Market Page 3 of 12 Preliminary Construction Cost Model Wave Hotel 239,986 sf $ 157.05 $ 37,690,558 island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 239,986 sf $ 0.50 $ 119,993 2 Demolition 239,986 sf $ - 3 Earthwork 239,986 sf $ 0.75 $ 179,990 4 Foundations 239,986 sf $ 4.50 $ 1,079,937 5 Reinforced Concrete 239,986 sf $ 17.50 $ 4,199,755 Basement Walls 3936 sf $ 25.00 $ 98,400 6 Cement Finish 239,986 sf $ 0.75 $ 179,990 7 Precast Conrete 239,986 sf $ 1.00 $ 239,986 8 Masonry 239,986 sf $ 2.50 $ 599,965 Skin 132,000 sf $ 8.00 $ 1,056,000 Cores 56,000 sf $ 7.00 $ 392,000 9 Natural Stone 239,986 sf $ 1.00 $ 239,986 10 Structural Steel & Misc. Metal 239,986 sf $ 1.25 $ 299,983 Railings ' 3,936 If $ 325.00 $ 1,279,200 11 Rough Carpen_yr 239,986 sf $ 1.75 $ 419.976 12 Millwork 239,986 sf $ 4.00 $ 959,944 13 Waterproof & Caulking 239,986 sf $ 1.00 $ 239,986 14 Roofing & Sheetmetal 239,986 sf $ 1.25 $ 299,983 15 Hollow Metal 239,986 sf __$ _ 2.75 659,962 16 Wood Doors 239,986 sf $ - 17 Special Acting Doors 239,986 sf $ 0.15 A 35,998 18 Finish Hardware 239,986 l sf $ - 19 Glass, Glazing & Storefront 80000 4500 239,986 sf sf sf $ 85.00 $ 6,800.000 $---- $ 659,962 T $ 1,559,909 Atrium $ 2.75 �$ 6.50 20 Lath, Piaster & Stucco 21 Drywall 239,986 sf sf 22 Ceramic Tile 239,986 $ 2.50 1.00 $ 599,965 $ 239,986 23 Acoustical 239,986 sf 24 25 Resilient Flooring 239,986 sf sf J 2.50 $ 599,965 _ Painting & Wall CoveriN 239,986 $ 2.50 $ 599,965 26 Special Flooring 239,986 239,986 sf sf sf sf sf $ - 27 Miscellaneous Specialties $ 1.00 $ 0.85 _ $1,500,000.00 $ 239.986 $ 203,988 $ - 28 29 Toilet Partitions & Accessories Equipment 239,986 239,986 239,986 30 Casework $ - $ 1,500,000 31 Furnishings 1--1 I/s sf Lobby Finishes 32 Special Construction 239,986 $ - 33 Conveying Systems 239,986 sf $ 4.75 1,139,934 incl's lobby & length thru retail 34 Mechanical Systems 239,986 sf $ 18.00 $ 4,319,748 35 Electrical Systems 239,986 sf $ 11.00 $ 2,639,846 36 General Items 33,684,284 6% $ 2,021,057 Permits, Insurances & Bonds 35,705,341 1.5% $ 535,580 Fee 36,240,921 4% $ 1,449.637 Total 239,986 $ 157.05 $ 37,690,558 7/9/01 Wave Hotel Page 4 of 12 Preliminary Construction Cost Model Lighthouse Hotel 277,964 sf 176.86 $ 49 Island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 277,964 sf $ 0.50 $ 138.982 2 Demolition 277,964 sf - 3 Earthwork 277,964 sf 0.75 __$____ $ 208,473 4 Foundations 277,964 sf $ 7.50J 2,084,730 5 Reinforced Concrete 277,964 sf $ 25.00 $ 6,949,100 Large lower plates sf $ 17.50 Medeium middle laces sf $ 17.50 Small top Plates sf $ ' 17.50 BOH Basement 277,964 sf .$ - Basement Walls 3936 sf $ 25.00 98.400 Shearwall premium small plat 54900 sf $ 22.50 _$ $ 1.235,250 6 Cement Finish 277,964 sf $ 0.75 $ 208,473 7 Precast Conrete 277,964 sf $ - Masonry 277,964 sf 1.00 $ 277.964 Skin 209,000 sf 8.00 1,672,000 Cores 60,000 sf $ . 7.00 420,000 9 Natural Stone 277,964 sf $ 2.00 $ 555,928 10 11 Structural Steel & Misc. Metal 277,964 sf L$ 0.75 $ 325.00 208,473 1 1,980,225 Railings - _ Rough Carpen> _ 6,093 If sf ' 277,964 $ 1.50 $ 3.00 $ 416,946 $ 833,892 12 Millwork 277,964 sf 13 Waterproof & Caulking 277,964 sf r $ 1.25 $ 347,455 14 Roofing & Sheetmetal 277,964 sf 1 sf $ 0.65 $ 180,677 15 Hollow Metal 277,964 1 $ 2.75 $ 0.10 85.00 ----------- 35,00 $ 1.75 764,401 16 Wood Doors 277,964 1 277,964 277,964 sf sf sf $ - 17 �} Special Acting Doors $ 27,796 18 Finish .Hardware $ - 19 Glass, Glazin & Storefront Roof Screen 70,0751 4300 277,964 sf sf sf $ 5,956.375 __$.-----150,500 $ 486,437 20 Lath, Plaster & Stucco 21 Drywall Ceramic Tile Acoustical 277,964 277,964 277,964 277,964 277,964 277.964 4 277,964 277,964 277,964 27.7,964 - 1 sf sf sf sf sf sf Lsf sf sf sf Vs $ 6.50 $ 1,806,766 22 23 $ 0.35 $ 0,65 $ 2.50 $ 2.50 1 I $ 180.677 r $ 694,910 24 Resilient Flooring 25 Painting & Wall Covering $ _ 694,910 $ _ - 26 _ 27 28 29 30 Special Flooring Miscellaneous Specialties Toilet Partitions & Accessories Equipment_ _ Casework $ 236_269 $ 180,677 $ - $ 1,500,000 31 32 Furnishings Lobby Finishes Special Construction 277,964 sf $ - 33 Conveying Systems 277,964 sf $ 5.50 $ 1,528,802 34 Mechanical Systems 277,964 sf $ 26.00 $ 7,227,064 35 Electrical Systems 277,964 sf $ 16.50 4,586,406 36 General Items 1.. 43,936,245 6% $ 2.636,175 Permits, Insurances & Bonds 46,572,420 1.5% $ 698.586 Fee 47,271,006 i 4% $ 1,890,840 Total 277,964 $ 176.86 $ 49,161,846 7/9/01 Lighthouse Hotel Page 5 of 12 Preliminary Construction Cost Model Retail Island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 137,216 sf $ 0.50 $ 68,608 2 Demolition 137,216 sf $ - 3 Earthwork 137,216 sf $ 0.75 A 102,912 4 Foundations 137,216 sf $ 2.50 $ 343,040 5 Reinforced Concrete 137,216 sf $ 22.50 $ 3,087,360 Walkways & bridges 18,475 sf $ 22.50 $ 415,688 6 Cement Finish 137,216 sf $ 0.75 $ 102,912 7 Precast Conrete 137,216 sf $ 1.00 $ 137,216 8 Masonry 137,216 sf $ 0.50 $ 68,608 Skin 53,220 sf $ 7.00 $ 372,540 Cores 25,000 sf $ 7,00 175,000 9 Natural Stone 137,216 sf $ 1.00 _$ $ 137,216 10 Structural Steel & Misc. Metal 137,216 sf $ 1.25 $ 171,520 Railings 2635 If $ 300.00 $ 790,533 11 Rough Carpentry_ 137.216 I sf $ 0.25 $ 34,304 Flat Roofs 12 Millwork 137,216 sf $ 0.50 $ 68,608 W/TI 13 Waterproof & Caulking 133,050 sf $ 0.50 $ 66,525 14 Roofing & Sheetmetal 137,216 sf $ 3.00 $ 411,648 15 Hollow Metal 137,216 sf $ 2.50 $ 343,040 16 Wood Doors 137,216 137,216 sf sf $ w/hm 17 Special Acting Doors 18 Finish Hardware 137,216 137,216 17,740 53,220 sf _ sf sf sf $ 0.50 $ - $ 68,608 w/hm 19 20 _ Glass, Glazing & Storefront Storefronts Lath, Plaster & Stucco r $ 32.00 $ 567,680 $ 3.50 $ 186,270 21 Soffits 18,475 sf $ 22.50 $ 2.75 $ 415,688 Drywall Ceramic Tile 137,216 4- 137,2164 137,216 137,216 137,216 137,216 sf sf sf ` sf sf sf sf r sf $ 377,344 22 $ 1.00 $ 137,216 Includes exterior walks 23 24 Acoustical $ 0.10_ L $ 0.10 $ 1.35 $ 0.25 $ 0.15 $ 13.722 - Resilient Flooring __ $ 13,722 - - 25 26 Painting & Wall Covering Special Flooring $ 185,242 $ --- - $ 34,304 $ 20,582 Stucco, minor interiorsw - - - -- - -`- 27 _28- 29 Miscellaneous Specialties Toilet Partitions & Accessories Equipment 137,216 137,216 137,216 _ __ _ i sf $ - $ - - 30 Casework 137,216 137,216 sf sf 31 F Furnishings 32 Special Construction 137,216 sf $ 1.25 $ 171,520 Awnings/Canopies 33 Conveying ystems 137,216 sf $ 0.85 $ 116,634 2 hydros, 4 w/parking 34 Mechanical Systems 137,216 sf $ 6.75 $ 926,208 Shell w/equip allocation 35 Electrical Systems 137,216 sf $ 3.50 $ 480,256 L Lighting Allowance 25 poles $ 4,000.00 $ 100.000 36 General Items 10,632,854 6% $ 637,971 Permits, Insurances & Bonds Fee 11,370 825 1.5% $ 170,562 11,541,388 sf 4% $ 461,656 Total 137,216 $ 87.48 $ 12,003,043 7/9/01 Retail Page 6 of 12 Preliminary Construction Cost Model Restaurant Island Gardens Item r Description Quantity Unit Rate Cost Comments 1 Sitework 84,012 sf $ 0.50 $ 42.006 2 Demolition 84,012 sf $ - Earthwork 84,012 sf $ 0.75 $ 63,009 4 Foundations 84,012 sf $ 2.50 $ 210,030 5 Reinforced Concrete 84,012 sf $ 22.50 $ 1,890,270 Walkways & bridges 21,425 sf $ 22.50 $ 482,063 6 Cement Finish 84,012 sf $ 0.75 $ 63,009 7 Precast Conrete 84,012 sf $ 1.00 $ 84,012 8 Masonry 84,012 sf $ 0.50 $ 42,006 Skin 53,220 sf $ 7.00 $ 372,540 Cores 25,000 sf $ 7.00 $ 175,000 9 Natural Stone 84,012 sf $ 1.00 $ 84,012 10 Structural Steel & Misc. Metal 84,012 sf $ 1.25 $ 105,015 Railings 1298 If $ 300.00 $ 389,367 11 Rough Carpentry 84,012 sf sf $ 0.25 $ 0.50 $ 21,003 Flat Roofs 12 Millwork 84,012 $ 42,006 W/TI 13 14 Waterproof & Caulking __ Roofing & Sheetmetal 133,050 84,012 sf $ 0_50 $ 66,525 sf $ 3.00 $ 252,036 15 Hollow Metal 84,012 sf sf sf sf $ 2.50 $ 210.030 16 17_ 18 19 Wood Doors Special Acting Doors Finish Hardware Glass, Glazing & Storefront 84,012 ___ 84,012 84,012 $ - w/hm $ 0.15 $ 12,602 $ - w/hm 84,012 sf $ 0.50 $ 42,006 20 21 22 23 24 25 Storefronts Lath, Plaster & Stucco _ - Soffits Drywall Ceramic Tile 17,740 _ 53,220 sf sf sf sf sf r sf sf sf S1 sf sf sf $ 28.00y$ $ 3.50 $ 22.50 496,720 $ 186,270 $ 482,063 21,425 84,012 84,012 1 84,012 84,012 84,012 --84,012-1- 84,012 84,012 $ 2.75 $ 1.00 $ 231,033 $ 84,012 Acoustical Resilient Flooring Painting & Wall Covering Seecial Flooring_ -- Miscellaneous Specialties Toilet Partitions & Accessories 0.10 $ 0.10 $ 1.35 - $ 0_25 i $ 0.15 $ 8,401 $ 113,416 $ - - $ 21,003 $ 12,602 $ - Stucco, minor interiorsw 26 _ 27 28 29 Equipment 84,012 30 Casework _.._.- _ __ _84,012 Special Construction P 84,012 84,012 84,012 sf sf sf sf - 31 _Furnishings 32 $ 1.25 $ - $ 105,015 Awnings/Canopies 2 hydros, 4 w/parking 33 Conveying Systems $ 0.85 $ 71,410 34 Mechanical Systems 84,012 sf $ 6.75 $ 567,081 Shell w/equip allocation 35 Electrical S rystems 84,012 sf $ 3.50 $ 294,042 Lighting Allowance 10 poles $ 4,000.00 $ 40,000 36 General Items 7,330,015 $ 6% $ 439,801 Permits, Insurances & Bonds Fee 7,809,816 $ 1.5% $ 117,147 7,926,964 $ 4% $ 317,079 Total $ 8,244,042 7/9/01 Restaurant Page 7 of 12 Preliminary Construction Cost Model Parkin 2 sf 38. Island Gardens Item Description Quantity Unit Rote Cost Comments 1 Sitework 602,346 sf $ 0,65 $ 0.75 $ 15.00 $ 4.00 $ 15.00 $ 25.00 $ 8.00 $ 25.00 $ 0.65 $ 35.00 $ 7.00 $ 7.00 $ - $ 0.25 $ 17.50 $ 0.01 $ $ 0.50 $ 3.00 $ 0.50 $ 0.05 $ 1,200.00 $ - $ 3,500.00 $ 0.00 $ 0.03 $ 5.00 $ - $ - $ - $' - $ 0.25 $ - $ 0.07 $ 0.25 $ - $ - $ I $ 12,000.00 ; $ 1.70 $ 1.05 l $ 1.75 $ 391,525 2 Demolition 602,346 sf J - . 3 Earthwork 602,346 sf 451,760 Excavate Basement 20.222 cy _$ $ 303,333 4 Foundations 602,346 if $ 2,409,384 5 Reinforced Concrete 602.346 sf $ 9,035,190 Sacrifical SOG Basement Walls 54,270 sf $ 1,356,750 depressed road &parking 53,000 sf J 424,000 Walls for above 34,500 sf $ 862,500 6 Cement Finish 602.346 sf 391,525 7 Precast Conrete 16,200 sf 567,000 Spandrel at perimeter of deck 8 Masonry 19,200 sf I 134,400 Light Wells sf $ - 9 Natural Stone 602,346 sf - 10 Structural Steel & Misc. Metal 602,346 sf j 150,587 no metal screens Cable Rails 2.880 If ° J 50,400 11 Rough Carpentry 602,346 sf $ 3,074 12 Millwork 602,346 sf - 13 Waterproof & Caulking. 602,346 sf $ 301,173 Basement Waterproof 88,770 144,000 _ sf 1 sf _$. 266,310 , $ 72,000 SOG Waterproof 14 Roofing & Sheatmetal 602,346 sf $ 30,117 Stairs, Elevators 15 16 Hollow Metal _ ___,_ Wood Doors 60 l ea sf IA 72,000 /_ - 17 Special Acting Doors _ _ 3 -_I ea a sf sf sf sf sf _ _ sf sf _ sf sf _ sf sf sf sf sf _ -sf stops r sf ~ sf $ 10,500 18 Finish Hardware $ - 19 20 21 22 Glass, Glazing & Storefront Lath, Plaster & Stucco Drywall 602,346 10_000 602,346 602,3461 602,346 20,560 k 50,000 $ - __ Ceramic Tile 23 Acoustical _- _ - 24 Resilient Flooring 602,346 _- _ 602,346 602,346 _ 602,346 602,346 602,346 602,346 602,346 - - 602,346 30 25 _ 26 _ _ _27 28 29 30 31 32 33 Painting & Wall Covering i- Special Flooring Miscellaneous Specialties Toilet Partitions & Accessories Ec_upment Casework $ 150,587 $ - unpainted deck $ 39,794 $ 150,587 booths, arms, pates - Fumishing_s_ Seeaal Construction Conveying Systems _./__ $ L__ - ___ __ 4 elevators - $ 360.000 34 _ 35 Mechanical Systems Fire Protection Electrical Systems General Items _ _ 602.346 r 602.346 1,023,988 Plumbing, underdroins $ 632,463 602,346 20,765,612 st 1,054,106 $ 1,245,937 6%' Permits, Insurances & Bonds 22.011,548 j 1.5% $ 330,173 Fee 22,341,722 I 4%I $ 893,669 Total 602,346 $ 38.57 $ 23,235,391 Parking Allocution $ 15,395 Wave $ 3,344,641 Lighthouse $ 4,118,258 Retail $ 7,041,631 Restaurants $ 8,345,977 Marino $ 384,884 Total $ 23,235,391 7/9/01 Parking Page 8 of 12 Preliminary Construction Cost Model Marina 40 Slips $ 358,861 $14,354,427 Island Gardens Item Description Quantity Unit Rate Cost Comments t Sitework $ - Sea Wall 935 If $ 1,100.00 $ 1,028,500 incl's piles/18' depth/low water Dredge ditto Shallow 38,000 cy $ 18.00 $ 684,000 Deep 220,000 cy $ 20.00 $ 4,400,000 Mitigation 5,084,000 $ 20% $ 1,016.800 Main Dock, 25' wide, 23,000 sf $ 65.00 $ 1,495,000 Highway Loads Side docks, 8' Wide 8,640 sf s_ 35.00 $ 302,400 Front Docks, 8' wide 10,080 sf $ 35.00 $ 352,800 Floating Dock 500 sf $ 25.00 $ 12,500 Pavillions 2 ea $ 25,000.00 $ 50,000 Ramps 2 ea $ 7,500.00 $ 15,000 Wave suppressors 1,760 If $ 350.00 $ 616,000 Dolphins 12 $ 25,000.00 $ 300,000 Misc Hardware/fenders 41,720 sf If $ 12.00 $ 500,640 32 Special Construction 100 $ 1,750.00 $ 175,000 Tunnel to_aarage Planters Potted Plants 80 ea $ 1,500.00 $ 120,000 1 1 1 40 Is Is Is sf L$ 60,000.00 $100,000.00 I- $ 60,000 Statues/Artwork $ 100,000 $ 100,000 100,000 Fueling system 35 Electrical Systems $ - CATV, Data, Com 40 slips $ 1,500.00 $ 60,000 120/208 60hz power to each 40 sips ales ea slips $ 1.5,000.00 $ 5,000.00 $ 3,000.00 _ $ _10,000,00_4 6%_1 1.5% 4 $ _600,000 _$ 200,000 --- -- -- $ 240,000 Lighting 40 Power Poles Sanitary and water 80 40 ---------------.-------- • $ 400,000 $ 769,718 $ 203,975 $ 552,093 General Items 12,828,640 13,598,358 Permits, Insurances & Bonds Fee i 13,802,334 _I_ 4% Total 40 slips $ 358.860.68 $ 14,354,427 7/9/01 Marina Page 9 of 12 Preliminary Construction Cost Model Sitew acre Island Gardens Item Description Quantity Unit Rote Cost Comments 1 Sitework sf Paving 20,000 sy 15.00 $ 300,000 Pavers 20,000 sf I 16.00 320,000 Elevated Road 25,000 sf $ 40.00 J L$ 1,000,000 Elevated Plaza above Parking 28,000 sf $ 35.00 $ 980,000 Planters 18,300 sf $ 12.00 j 219.600 Hardscape, Premium 14,274 sf $ 20.00 $ 285,480 Hardscape, upgraded 7,686 sf $ 16.00 $ 122,976 Vertical drops 4,500 sf $ 45.00 $ 202,500 Landscape 183,000 sf $ 3.00 $ 549,000 Special trees 75 eo $ 10,000.00 750,000 Specimen Plants 1 Is _5 $ 200,000.00 $ 200,000 Irrigation 5 acres 25,000.00 $ 125,000 Pots w/Plants 100 ea _$ $ 2,000.00 $ 200,000 Water features 3 eo $ 150,000.00 450,000 Ponds 10,000 sf $ 15.00 $ 150,000 5@2000sf eo Yacht Pond 1 Is $ 75.000.00 $ 75,000 Crescent Water Gardens Benches Trash Cans 1 60 60 ' Is ea ea 150,000.00 4,000.00 2,000.00 150,000 120,000 2 Demolition 1 I/s sf $ 250,000.00 l $ 250,000 3 Earthwork $ - clear/grub 11 acre $ 3,500.00 $ 38,500 Erosion Control - 11 acre $ 15,000.00 $ 165,000 Dewaterinq 6 mos $ 50,000.00 300,000 Mass Excavation 67,000 cy _ 1_ 12.00 $. 804,000 sheeting/shoring_ 1 _ Is I/s I/s 1/s I/s acre _ ea sf $, 100,000.00-j $ 500,000.00 $__250,000_004 150,000.00 _$ 350,000.00 $: 500,000.00 $ _ 35,000.00 _I $ 125,000.00 $ 25.001 $ 100,000.00 $ 5,000.00 $ . 100,000 Relocate existig utilities 1 1 __-1-----Is 1 1 _._ __.. 1 T -----11 _- 3 1,000 I $ 500,000 $ 250,000 _____ __ _ 35 Sanitary_ .__ _.._--------.--. __.---.----. Domestic Water Fire Water Undergroundretention_________. Storm Drainage- _ _ Injection Wells ___ __ Trellis 150,000 350,000 $ 500.000 $ 385,000 - ' $ 375,000 $ 25,000 �$ 100,000 $ $ 500,000 - Boulevard at Museum 1 I/s _ _ poles bollards ' eo Is Electrical. Systems Site Lighting 100 Landscap-e Lighting SoundSystem _ 175 - 175 __$_ 500.00 350.00 J 200,000.00 $ 87,500 61,250 r I $ 200,000 _ -- - _- `- _- __ Sculptures/Artwork 1 General Items 11,580,806 6% 1.5% $ 694,848 Permits, insurances 8 Bonds T 12,275,654 $ 184,135 _ Fee I 12,459,789 4% $ 498,392 Total 11 acre $ 1,178,016 $ 12,958,181 $ 27.54 Hotels Retail Restauronts Museum Allocation 100% 10.8 acres Gross 66% 7.1 acres Hotels 25% 2.69 acres Retail 9% 1.01 ocres Restaurants 470,450 sq. ft. 309,023 sq. ft. 117,176 sq. ft. 43,997 sq. ft. Site Allocation 66% $ 853.927 41.2% Wove 127,245 $ 3,504,858 0.0% $ - 58.8% Lighthouse 181,778 $ 5,006,941 25% $ 325,000 Retail 117,176 $ 3,227,522 9% $ 117,000 Restauronts 43,997 $ 1,211,863 $ 1,300,000 Total 470.196 $ 12,951,185 7/9/01 Sitework Page 10 of 12 Preliminary Construction Cost Model Recreation Deck 1580 sf Island Gardens Item Description Quantity Unit Rate Cost Comments 1 Sitework 121,580 sf $ - Elevated Plaza above Parking 93,252 sf $ 22.50 J 2,098,170 Planters soil 15,000 cy $ 22.00 $ 330,000 Planter Walls 32,245 sf $ 12.00 J 386.940 Masonry Deck Waterproofing 93,252 sf $ 3.00 $ 279,756 Planter waterproofing 32,245 sf $_ 3.00 $ 96,735 Structural secondary slabs 59,947 sf $ 12.50J 749,338 Hardscape, upgraded 59,947 sf $ 8.00 $ - 479,576 Landscape 33,305 sf $ 6.00 $ 199,830 Special trees 20 ea $ 10,000.00 $ 200,000 Irrigation 1 acres $ 25,000.00 $ 25,000 Tree tiedowns 20 ea $ 1,000.00 $ 20.000 Water features 1 ea $ , 25,000.00 $ 25,000 Pools 3 ea $ 125,000.00 $ 375.000 Benches 20 ea 1 2,000.00 40,000 Trash Cans 20 ea $ 500.00 $ 10,000 Storm Drainage Pool Baths 91,000 2 1.21,580_ 25 75_poliar� ; sf ea sf poled_$ I ea $_ - 1.75 67,500.00 5,000.00 159,250 i 135,000 35 Electrical Systems Lighting__ Landscap-e Lighting Sound System 50 5,809,595 6,158,170 $ 37,500 General Items $ 348,576 Permits, Insurances & Bonds $ 92,373 Fee 6,250,543 4% $ 250,022 Total 121,580 sf $ 53.47 $ 6,500,564 Wave $ 6,500,564 Lighthouse $ - 7/9/01 Recreation Deck Page 11 of 12 4 Preliminary Construction Cost Model Island Gardens Level Fish Market / Lighthouse Unit Unit Marina Maritime Recreation Area By Hotel Count Wove Hotel Count Comments Retail Restaurant Office Parking Gallery Deck Level 27th 10,606 4 10.606 26th 10.606 4 10,606 25th 10.606 6 10,606 24th 10.606 6 10,E 23rd 10,606 6 10,606 22nd 10,606 6 10,606 21st 10,606 6 10,606 20th 10.606 6 10,606 191h 10,606 6 10.606 181h 10,606 16 14.723 5 25,329 17th 10,606 18 14,723 5 25,329 16th 10,606 18 14.723 8 25.329 15th 10,606 18 14,723 8 25,329 14th 10,606 18 14,723 8 25.329 13th 10,606 18 14.723 8 25.329 12th 10.606 18 14,723 8 25,329 llth 10,606 18 14.723 19 25,329 loth 10,606 18 14.723 26 25.329 9th 10,606 18 14.723 26 25,329 8th 10,606 18 14.723 26 25,329 7th 10,606 18 14,723 26 25,329 61h 10.606 18 14,723 26 25.329 5th 10.606 18 14,723 26 25,329 4th, pool deck 10,606 14.723 Heolih/Meeting 121,580 146,909 3rd, 6th goroge 60.453 93.252 153,705 5th garage 93.252 93.252 2nd, 4th Garage 75.904 9,924 93.252 179.080 3rd garage 93.252 93.252 lst. 2nd garoge 6,840 3,700 47,992 13.635 6593 93,252 4,000 176.012 Bosement,lstgar. 16,580 15,441 BOH 13.320 136,086 181.427 r Totals 277,964 300 239.986 225 137,216 84,012 6.593 602,346 4,000 121.580 1,473,697 Required Parking 168 Hotel Rooms 117 Hotel Rooms 457 542 25 1.509 Spoces 100 Suites 100 sf/room/floor 663 589 sf/car 399 sf/room/gross 927 1,067 7/9/01 Areas Page 12 of 12 8 NI 4r F I N A N C I A L P L A N FINANCIAL PLAN VIII. A. OVERVIEW Flagstone Properties has identified a capital structure for the development of Island Gardens that it believes is highly achievable in the current debt capital market and optimal for the City of Miami. This capital structure envisions a high level of contributed equity equal to 40% of total construction costs (requiring lower loan -to -cost or loan -to -value levels), or the "High Equity Structure". This structure would seek to minimize or eliminate many of the risks associated with securing larger construction loans for mixed -use project developments. A few of the benefits of this type of capital structure include: • Provides wide market appeal across all lender -types, including domestic commercial banks, foreign commercial banks, life insurance companies and Wall Street firms. • Results in optimal terms and pricing due to wide market appeal. • Allows for single source provider of development and permanent financing. • Provides greater repayment flexibility and less fees than more complicated loan structures. • Reduces dependence on mezzanine debt providing for reduced development costs. • Ensures lower loan -to -cost or loan -to -value structures providing sufficient cash flow to meet City of Miami lease payments 8. PRELIMINARY OSBERVATIONS A realistic assessment of the development project is required by any lender prior to the commencement of the financing process. Identification of the strengths and weaknesses of the project will help in the formation of the optimal financing strategy, as well as reducing the potential for unforeseen adverse developments during the financing process. 1. Development Strengths: • Unparalleled location • Strong demographics • Strong real estate fundamentals • Tourist destination • Downtown Miami appeal • Strong roster of retail tenants • Mega -Yacht Marina with 5-Gold Anchor rating • Synergies of mixed -use development I 5 L A N D G A R D ° ` 5 nIA-1 F 1 N A N C 1 A L P L ^ N •Upside from restaurant/entertainment concepts •Internationally recognized hotel brands 2. Development Weaknesses: •Market supply concerns • Competitive marketplace • Limited access 3. Financial Strengths : • Excellent sponsorship • Significant cash flow expected from retail pre -leasing • Strong economic and demographic metro area • Well-known flag hotels • Substantial equity contributed • Diversification of lending risk • Size of offering • Option for lender to provide construction and permanent financing • Low loan to value 4. Financing Weaknesses: • Size of offering • Few underwriting comparables • Multiple development components • May require presale of individual Development components 5 L A N D G A R. D f_ N 5 nn-t F I N A N C 1 A L p L A N C. LENDER PROFILE Commercial banks, life insurance companies and Wall Street firms are viable sources for both construction and traditional first mortgage financing with lower loan -to -value features (Loan to Value, or Loan to Cost less than 70%). These lenders have, once again, become very competitive in their pricing, terms and leverage loans offering a level of flexibility to a borrower. Lenders will typically offer shorter -term loans with floating rate debt and no prepayment penalties. These lenders are well equipped to handle larger transactions (above $50 million) due to their ability to syndicate portions of the loan to other institutions. However, these lenders adhere to stringent reporting requirements which can be an administrative and financial burden for the borrower. Currently, the borrower can benefit from the current lower cost of floating rate debt in exchange for interest rate risk. D. HIGH EQUITY STRUCTURE SUMMARY Project Cost • $281,000,000 Equity Contribution • 40°;0 of cost • $112,400,000 Loan Amount • 60° o Loan to Cost • $168,600,000 Term • Construction: 2 years • Permanent: 7 years Interest Rate • Construction: LIBOR + 2.50% • Permanent:8.00°'0 £ INDICATIVE FINANCING STRUCTURE AND LENDING TERMS Ownership Structure: A single -purpose bankruptcy remote entity. • Security: A first lease hold mortgage, an assignment of subleases and leases and security in any cash collateral and reserve accounts. 1 S L A N D G A R D E N S YYI-s F I N A N C 1 A L P L A N • Proceeds: In the current low interest rate environment, loan -to -value, loan -to -cost and debt service coverage ratio tests are the primary economic factors capping the funds provided by lenders. Currently, lenders are requiring a minimum (20) percent equity investment. • Recourse Provisions: The loan will be fully recourse during the construction period. During the stabilization period, the recourse features of the loan will bum off as certain performance tests (i.e. DSCR and LTV) are met. At asset stabilization, the loan will be fully non -recourse except for standard carve -outs. • Terms: Domestic Banks & Life Insurance Companies: Three to five years (2 year construction/1-3 year mini -perm). Foreign Banks: Seven to nine years (2-3 year construction/5-7 year mini -perm). • Pricing: Banks and life companies have become increasingly competitive on pricing. Their typical structure is a LIBOR -based, floating rate loan that would be interest -only during the construction and stabilization periods. Most active lenders have sophisticated capital market structuring capabilities, therefore a variety of swaps, caps and other options are available to reduce or eliminate the interest rate risk to a borrower. Once the asset reaches stabilization and rolls into the term portion of the loan, amortization based on a 25 to 30 year schedule would be required. Indicative pricing parameters are summarized below: Loan -to -Value Spread Debt Service Coverage Ratio 50% to 65% 175-250 bps. 1. 50x 65% to 80% 250-325 bps. 1.35x • Loan Fees/Other Costs: Up -front fee of .50-1.25 percent of the total proceeds. Other transaction costs will include legal, appraisal, environmental, title, survey, etc. An additional cost not found in other structures is an annual loan administration fee of $5,000 to $10,000. • Hedging Requirements: The purchase by Flagstone Properties of some type of interest rate protection by the borrower, either an interest rate swap from a floating rate to fixed rate or a cap or collar if a floating rate is preferred, may be required for loans with terms beyond five years or a high loan to value and a low debt serve coverage ratio. The cost of these structures will vary with term, amount hedged and the amount of risk transferred to the swap counter -party. • Timing: The timing of a transaction should follow these general guidelines: Receive bids 30 days Finalize bids and choose finalist 7 days Negotiate loan application 7 days Underwrite Project and receive Loan commitment 30 days Document and close 03 days 100-120 days I S L A N D G A R D L N S 111114 F I N A N C 1 A L P L A N In practice, this process can be shortened slightly if there are involved pressures. Some lenders will only close subject the successful syndication of a portion of a loan. It is to the borrower's benefit to complete a transaction with one lending institution and require the bank to take any syndication risk. • Timing of Rate Lock: Lenders will not commit to a rate lock on the first mortgage loan, rather it will lock a spread over the appropriate floating rate index at time of commitment. • Prepayment: No penalty. The borrower, however will bear the cost of unwinding any interest rate hedge instruments. • Escrows/Guarantees: Lenders, whether domestic or foreign, will require certain guarantees for the Development in connection with a loan of this nature. These will include a completion guarantee, and a guarantee of full repayment of principal and interest until the Development achieves stabilization and meets certain performance benchmarks. • Financial Covenants: A debt service coverage ratio test calculated based upon a negotiated debt service constant, rather than the applicable rate for the loan, is typically required. With the increase in competition, many lenders have lowered the negotiated constant used in the ratio to remain competitive. A loan to value test based upon an annual appraisal is also required. If these tests are not met, the lender will usually require that the loan be amortized down to a level that is considered acceptable. • Non -Financial Covenants: Typical non -financial covenants include: • No sale, assignment or pledging of interests • No additional indebtedness taken on by ownership entity • Lender approval of major leases and contracts CONCLUSION The High Equity Structure proposed will make available numerous third -party financing sources for Flagstone Properties and the development of Island Gardens. The most competitive sources of financing are likely to be commercial banks (both domestic and foreign), life insurance companies and major investment banks. The most competitive source will depend on Flagstone Properties' objectives and preferences with respect to term, pricing, flexibility and proceeds. In general, this project will consistently draw the attention of construction lenders for the following reasons: strong sponsorship, strong real estate fundamentals and the high level of equity proposed. I $ L A N p G A P D E N S VI111-5 I 9 o no FINANCIA L F E N 5 I 13 l L I T Y FINANCIAL FEASIBILITY IX. A. PROJECT OVERVIEW While detailed floor plans depicting the retail and restaurant components of Island Gardens are still in the design stages, our description contained herein is meant to provide a foundation for understanding the quality of the space and ultimately the types of hotel operation, retail and restaurant tenants Flagstone Properties is attracting to the project. The description is also necessary for understanding the market economics and ultimately the financial feasibility of the separate components of the Island Gardens project. It is imperative to understand that each component of Island Gardens has been considered both individually and within the context of the larger mixed -use project. Although the synergy created by a project as dynamic as Island Gardens is critical, it is just as important for the success of each component to be self sufficient and economically viable. The Island Gardens Mega -Yacht Marina will provide an inviting basin and destination for the maneuvering and docking of the great ocean liners. Flagstone Properties will provide one of the finest mega -yacht marinas in the world benchmarked against the international standards set up by the Yacht Harbour Association of London. The Marina will provide berthing for 54 mega -yachts offering all amenities and services of a 5 gold - anchor marina. The lodging component for the Island Gardens development will include a 225-room five-star hotel with a linear orientation, and a 300-room five-star property with a vertical orientation, both catering to upscale leisure and corporate travelers. More than location, the integrated development of Island Gardens will provide one of the most highly integrated resort hotel developments anywhere in the world. Each hotel is designed to appeal to a specific market segment providing clear alternatives to the Miami market. Please refer to the Project Site Plan, preceding this section of the proposal, for a visual representation of the configuration and location of the retail space within Island Gardens. The retail improvements will consist of a two-story space overlooking and adjacent to the entertainment component of the project. The improvements will contain several uniquely configured bays of varying sizes, designed to accommodate a number of tenants. The buildings are considered highly irregular in configuration, by current standards, but typical of exclusive shops found in many international destinations. Again, please refer to the Project Site Plan, preceding this section of the proposal, for a visual representation of the configuration and location of the retail space within Island Gardens. The restaurants will consist of several single -story pods strategically integrated within the development to maximize exposure and views of the surrounding downtown skyline, harbor and mega -yacht marina, while providing efficient use of the space. As is the case with the retail component, the restaurants will each be uniquely designed with varying configurations and themes. Several will have glass roofs enhancing the garden feel of the project and welcoming the outdoors into distinctive eateries. I 5 L A N D G A R D E N S 11-1 FINANC I A L F E A S I B ! L I T Y We have also been careful in our design of the other uses within the Island Gardens development, paying particular attention to understanding the overall elevation and how the retail and restaurant components will compliment other uses within the project, most notably the public space, parks and hotels. There are three traditional approaches typically employed by valuation experts in the estimation of market value and ultimate feasibility of a project. The techniques are: Cost, Income Capitalization and Direct Sales Comparison approaches. All three techniques are based on the premise that an informed, rational investor/purchaser would pay no more for an existing property than it would cost to reproduce a substitute property with the same or similar utility without undue delay. The Cost Approach is the sum of the land value and the cost of the improvements less any accrued depreciation, which may be present at the project The Income Capitalization Approach estimates the present value of the net income that the property is capable of producing. This amount is capitalized at a rate, which should reflect risk to the investor and the amount of income necessary to support debt service for the mortgage requirement. Additionally, for multi -tenant income producing properties subject to leases, discounted cash flow analysis is typically applied. The Sales Comparison Approach is the process for comparing prices paid for properties having a satisfactory degree of similarity to the Island Gardens project, adjusted for differences in economic elements of sale as well as location and other physical characteristics. Each of the approaches discussed above has been used in our valuation, evaluation and support of the economic feasibility of the Island Gardens project. As per the RFP, we have employed the Discounted Cash Flow Analysis model for the Island Gardens components to report herein. It should also be clearly understood that both the Cost and Sales Comparison Models were employed, but simply not reported herein. 1. CASH ROW ANALYSIS The cash flow analysis integrating revenues, operating expenses development costs and debt service is provided in Section VII. 2 WAIL 6 DINING 1. Overview. Exotic one of a kind elevation, with unique designer storefronts, ornate and decorative street signage and lighting will add to the ambiance of the experience and create an immediately identifiable style for the project. Ample garage parking immediately adjacent to the retail and restaurant components will ensure easy ingress/egress to the spaces, as will the layout and proximity of specialty tenants to one another, both complimenting the development and creating a unique shopping and dining experience. Careful attention has been paid to pedestrian walkways within the space, ensuring a delightful un-congested feel to the shoppers, diners and "promenaders" designed away from any public visibility, without jeopardizing the ability of merchants to ship and receive merchandise. I S L A N D G A K D E N S 1I-2 FINANCIA L F EA S I 13 1 L I T Y The total leaseable area of these two components is estimated to be 221,000 square feet. The improvements are situated within three highly irregularly configured buildings, atop and below the restaurants, divided by several extensively decorated and landscaped pedestrian pathways. All spaces will provide exceptional visibility and access to the surrounding uses. Additionally, the space has been subdivided into smaller "boutique" spaces" for what is required by the marketplace. i. Type The retail component will have a total leaseable area of 137,000 square feet, with 457 dedicated garage parking spaces, resulting in a parking ratio of 300:1. Complimentary valet parking and concierge services will be offered to our retail and dining guests as well. The retail and restaurant components will be laid out in a recessed irregular configuration, with all three buildings facing west, offering spectacular views of the mega - yacht marina, harbor and downtown Miami. All of the spaces will enjoy proximity to both the pedestrian walkways as well as the vast public spaces within the project. ii. Age and General Condition The improvements will suffer no functional obsolescence, when complete and be considered "State of the Art" retail and restaurant for the United States. The improvements will be of exceptional condition and quality, and the property will be adequately maintained so as in order to retain the most discriminating retail shopping and dining experience. The lack of any apparent functional obsolescence is critical, especially in one -of -a kind projects, such as Island Gardens, from a market acceptance perspective. iii. Construction Quality The retail component of the Island Gardens project shall substantially exceed those often defined as Class "A" quality retail shops and restaurants, as classified by the Marshall Valuation Service, a nationally recognized cost estimator used by developers, appraisers and lenders throughout the country. iv. General Layout and Efficiency The arrangement of tenant spaces will be functional and consistent with international market standards. Although, the individual tenant sizes are not noted on the Site Plan, the buildings will be partitioned for multi tenant use. The size of the boutique shops is assumed to be generally consistent with both local market standards as well as those of the international community. Island Gardens will be designed with the flexibility to comply with the most sophisticated and discriminating tastes in layout design. The layout of the restaurant component is designed to be both architecturally appealing to the most discriminating of tastes, while conveying form and function to the individual tastes of each restaurateur. Maximizing visibility to the harbor, mega yacht marina and the downtown skyline are the most essential ingredients in the design of the spaces I S L A N D G A F 1 NANC I A L F E A S 1 D 1 L I T Y v. ADA Compliance The Americans with Disabilities Act sets strict and specific standards for handicapped access to and within most commercial buildings. Determination of compliance with these standards, both current and projected, is a part of our proposal and will be completed as part of our development process. We were also careful to ensure the gardens portion of the project is inviting to all local residents, creating a tremendous synergy for the project with all of the public spaces within the development. vi. Parking Facilities Island Gardens will provide ample paved parking spaces, meeting both existing zoning requirements and current market standards. There will be 999 paved parking spaces allocated to the retail and restaurant components including the appropriate number of spaces for handicapped parking. The parking is away from the harbor side and is positioned to conveniently serve both uses. vii. Development Costs Both hard and soft development costs for each of the components of Island Gardens has been independently evaluated by a third party construction company and discussed in other sections of this proposal. Similarly, construction and development timeframes have also been developed and analyzed by this same third party construction company and likewise are contained in other sections of this proposal. B. INCOME CAPITALIZATION - RETAIL The Income Capitalization Approach is a valuation technique incorporating an estimate of net income, which is quantified and qualified in terms of anticipated future income. Income and expenses subsequent to the date of valuation are projected on the basis of an assumed efficient operation of the property. This projection yields an income estimate that is then translated into value using either Direct Capitalization or a Discounted Cash Flon, Ana/ysis. Discounted cash flow analysis is most commonly used by purchasers of multi -tenant income producing properties like the retail and restaurant components of Island Gardens. In this analysis, income and expenses are projected on the basis of current (or projected) rental rates, pass -through, expenses and an assumed efficient operation of these components of the property. These cash flows have been derived using Excel software. The assumptions and factual data input will be discussed throughout this section. The estimated cash flows for the components over the projection period are then discounted using a present value factor, which is the estimated return required by typical investors and lenders for this property type. The holding period, or projection period, has been established by the City of Miami during the RFP process and has been included at 10 years herein. A capitalization rate, derived by using investment criteria and market information, translates the next year's (eleventh years) net operating income, after the final year of the projection period, into a value estimate of the property at the end of this holding period. This value estimate, less any sales and disposition costs, is then S L A N D G A R D E N S IX-4 FINANCIA L F E AS I (3 1 L I T Y discounted back to a present value. The sum of this discounted reversionary value and the discounted cash flows for the subject property over the estimated holding period result in a leased fee value for each of the components of Island Gardens via the Income Capitalization Approach. Note: The Excel spreadsheets produce monthly cash flow estimates, beginning on the first day of a specific month. Our analysis begins in January 1, 2003, the date of construction commencement. Prior to this date, permits from the various governing agencies are applied for and received for the project. It should be clearly understood that separate cash flow models were completed for each of the components within the Island Gardens project. However, in the interest of brevity, many of the assumptions contained herein will be discussed as one, given their similarity in their respective models. i. Potential Gross Income - Market Rent Estimate The first step in determining the economic feasibility of either of these components, via the Income Capitalization Approach, was to estimate the market rental rate for each of the components. To estimate the market rental rates, we conducted a rental survey of several projects in, and proximate to, the Island Gardens trade area. Please refer to the Retail and Restaurant Development Feasibility section of this proposal for detailed discussions pertaining to these local comparables. We have also expanded our search to other areas of the United States, paying particular attention to waterfront areas in large metropolitan areas such as San Diego, San Francisco, Baltimore and Boston. These areas were selected to support those findings from the local level and render additional support given the difficulty in comparing Island Gardens to projects in other regions. Information gathered from outside the immediate market was used as a test of reasonableness for those findings discovered during our local due diligence and analysis process. While surveying for market rental rates, information on typical terms, expenses and pertinent data relating to the operation of the retail and restaurant components of Island Gardens were found. The projected leases are compared to the market in order to estimate the value and viability of the project and ultimately the value of the leased fee interest versus the fee simple interest. If no significant difference between projected contract rent and market rent was evidenced, and therefore, the leased fee interest and the fee simple interest are considered similar, if not equal. One of these expenses associated with both components of Island Gardens discussed herein is the annual lease payment to the City of Miami. We have applied a residual technique wherein, a model using excel is first created to identify the return to the investors. An infusion of a lease payment to the underlying landowner is then inserted to quantify the impact on the overall project returns. Once this is complete, several iterations are completed prior to solving for a reasonable return, given the underlying rental payment for the land to the city. It should be clearly understood that the rental payment for the land is considered an "above the line" item. Above the line indicates the resulting cash flow, identified as the net operating income is translated into a value estimate known as either direct capitalization or a discounted cash flow analysis. I S L A N D G A R D E N S Q-S FINANC 1 A L F EASI B I L 1 T Y The result yields a net operating income attributable to each component of the project with a predetermined rental payment to the city for the land encumbering that portion or component of the project. The following is a summary of the pertinent terms we project for those retail leases within the Island Gardens project. This summary is based on careful and exhaustive research in the local regional and national scope. Following the summary of the retail component is a discussion regarding the restaurant component of Island Gardens. ii. Rental Rates Projected rental rates for boutique and retail anchor space range from S50 to $65.00 per square foot, depending on such factors as size, configuration and Iocation of the space both within the retail component as well as proximity to other retailers and complimentary uses within the project. These rates were supported by local market analysis as well as the national research conducted as part of this proposal. Please refer to the Retail Development Feasibility section of this report for further discussion on the merits of comparability of each similar project. iii. Tenant Expense Contributions (Pass -Through) The pass -through are pro forma'd to be quoted at approximately $35.00 per square foot inclusive of real estate taxes, insurance, and common area maintenance (CAM). This does not include any reserves for replacement. This S35.00 CAM expense has been allocated as follows: Operating Expenses Real Estate Taxes - $26.25/s.f. - 58.75/s.f. Inclusive in this amount is a Management fee of 3.5% of the Effective Gross Income. A Reserves for Replacement of $.25 per square foot has also been included herein, but is considered "below the Net Operating Income" line. Tenants will be billed for pass-throughs based on their pro rata share of space occupied. In our analysis, Year 1 is the first year of stabilized operation. Percentage Rents All tenants will eventually be subject to percentage rents that will be outlined in their leases. However, we have taken a conservative position and assumed no breakpoints will be achieved for this ten year analysis period. Based on competing centers worldwide, we perceive this to be an extremely conservative position. Lease Terms/Escalations The tenant bays are projected to have lease terms ranging from five to ten years, which is typical of this market, especially given the I S L A N D G R. D E N S IX-6 INANCI A L F E A S 1 6 I L ITY Concessions Absorption extensive tenant improvements which many tenants will be required prior to opening. Escalations are typically negotiated at 2% to 4%, or based on a CPI Index. We have assumed 3% per year throughout this analysis. Concessions are expected to be non-existent. For properties of this type, space is typically reserved months in advance of shops becoming available. No rent abatement is likely either. Based on market data, absorption of the space is likely to be fairly steady and rapid. For this analysis, we have projected the bays to be leased during a six-month period after construction is complete. However, we also anticipate substantial leasing activity during the construction. Based on our preliminary discussions with interested tenants, both here in the states and abroad, we believe this is a reasonable assumption. Hence, upon completion, we anticipate approximately 95% or 116,634± of the space will be leased. Therefore, the remaining 6,634± square feet should be leased during the following six-month period. COMMENTS Please refer to a discussion of rent comparables in the area of the subject property as well as other comparable areas in other sections of this proposal. Conclusion: Based on the analysis of the comparable leases and leases interest to date at Island Gardens, a blended market rent is estimated to be approximately $56.00 per square foot, depending on such factors as size and proximity of the space to other retailers and leisure space within the project. C. INCOME CANTAUTATION — RESTAURANT Rental Rates Tenant Expense Contributions Projected rental rates for restaurant space range from $60.00 to $70.00 per square foot, depending on such factors as size, configuration and location of the space both within the restaurant component as well as proximity to other restaurants and complimentary uses within the project. S L A N D G A I D E N S 01•7 FINANCI A L F E A S 1 3 1 L IT y (Pass -Through) The pass -through are projected to be quoted at approximately $35.00 per square foot for real estate taxes, insurance, and common area maintenance (CAM). As was the case with the retail component, the Operating Expenses are similarly divided between expenses and real estate taxes. Inclusive in this amount is a Management fee of 3.5% of the Effective Gross Income. A Reserves for Replacement of $.25 per square foot has also been included herein, but is considered "below the Net Operating Income" line. Tenants will be billed for pass-throughs based on their pro rata share of space occupied. In our analysis, Year 1 is the first year of stabilized operation. Percentage Rents Again, no percentage rents are included in our analysis. Lease Terms/Escalations Concessions Absorption The restaurants are projected to have lease terms of a minimum of ten years, which is typical of this market, especially given the extensive tenant improvements which many if not all of our tenants will be required prior to opening as well as the uniqueness of each concept and their worldwide acceptance in other similar marke ts. Escalations are typically negotiated at 2° o to 4° 0, or based on a CPI Index. We have assumed 3% per year throughout this analysis. Concessions are expected to be non-existent. For properties of this type, space is typically reserved months in advance of shops becoming available. No rent abatement is likely here either. Based on market data, absorption of the space is likely to be fairly steady and rapid. For this analysis, we have projected the bays to be leased during a six month period after construction is complete. However, we also anticipate substantial leasing activity during the construction. Based on our preliminary discussions with interested tenants, both here in the states and abroad, we believe this is a reasonable assumption. Hence, upon completion, we anticipate approximately 59.5% or 50,000± of the space will be leased. Therefore, the remaining 34,012± square feet should be leased during the following six- month period. 1 S L A N D G A R. D E N S 014 F I NANC I A L F E A S 1 6 1 L I T Y C ontract R ent/SF/Year -Retail Expense Basis Lease Term (Months) - R etail Free Rent Months E scalations - R etail Effective Rent/SF/Year' - Retail Tenant Im provements: New Tenants Tenant Im provem ents: R enewals Leasing C om missions: New Tenants Leasin . C om m issions: R enewals $50-$65 Triple Net 60-120 0 3.0 % $56.00 $200.00 $25.00 $34.20 $17.10 Effective rent is the average rent paid over the term, including escalations and rent free periods. D. Assumptions (R.ftll & Restaurant) i. Market Leasing Assumptions. Within the Discounted Cash Flow Analysis, the following market leasing assumptions have been modeled. Market Leasing Assumptions Type of Space Retail Restaurants Market Rent $50.00 - $65.00/SF $60.00 - $70.00/SF Market Rent (Renewals) $50.00 - $65.00/SF $60.00 - $70.00/SF Vacancy Between Leases 3 Months 3 Months Lease Term 5-10 Years 10 Years New Tenant Improvements $200.00 $250.00 Renewal Tenant Improvements $25.00 $25.00 Type of Lease Triple Net Triple Net Pass -Through Pro Rata Pro Rata Rent and Expense Increases 3% Annually 3% Annually Renewal Probability 75% 75% Leasing Commission (New) $34.26 $39.77 Leasing Commission (Renewal) $17.13 $19.89 ii. Total Base Rent S L A N D G A R D E N 5 IX-1 F I N AN C I A L F E A S I 6 I L I T y Multiplying each of the spaces by the actual and estimated market rental rates results in a total rninimum rental income for the property for each period of the Discounted Cash Flow Analysis. iii. Other Rental Income • Expense Reimbursements (Pass-Throughs) Retail and restaurant projects such as that as contained within the Island Gardens project usually collect an expense contribution (pass - through) from their tenants. A review of several surveys indicated that the majority of the prnjects charged for real estate taxes, insurance, qnd common area maintenance (CAM) on a pro rata basis for the space occupied by the tenant. Some also collected an additional fee for management and other miscellaneous expenses such as a Reserves for Replacement. Expense contributions at similar properties are in the range of approximately $30.00 to $40.00 per square foot. In our analysis, Year 1 is the first year of stabilized operation. In Year 1, real estate taxes, insurance, and CAM total $26.25 per square foot, implying a pass -through of the same amount. Since most expenses are projected to increase annually, it is expected the expense recovery will increase accordingly. • Miscellaneous Income was not included in this analysis. • Percentage Rents. Most tenants will likely be subject to percentage rents as sometimes outlined in leases; but for purposes of this analysis, we have not projected any percentage rents to be paid during the analysis period. This assumption is conservative, given the nature of the tenant mix likely to occupy Island Gardens. • Absorption. We anticipate Island Gardens being approximately 95% occupied at the time of completion. The remaining 6,634± square feet should be absorbed during the following six month period. Based on market data, absorption of vacant space should likely be steady. Based on historical market evidence, as well as current market trends, this assumption appears reasonable. • Potential Gross Income. As shown on the Prospective Cash Flows, total potential gross income is a line item labeled "Total Potential Gross Revenue". • Vacancy and Collection Loss. Based on property characteristics and a survey of the sub - markets an overall stabilized vacancy rate of 10% for both components is reasonable. Most of the truly comparables used in this analysis were far in excess of 90%, with most being in the range of 95%+. This rate would typically be applied in analyzing the subject's cash flows. Inclusive of this is a 2% collection loss that is being applied. Thus, the total vacancy and collection Loss is estimated at 10°° o. S L A N D G A R D E N S III-10 F 1 NANC I A L F E AS 1 1 I L I T Y • Effective Gross Income. The general vacancy and collection loss is applied to the total potential gross revenue, resulting in an estimate of "Effective Gross Revenue" • Operating Expenses. Operating expenses are escalated annually by an expense growth rate of 3%, unless otherwise indicated. This annual escalation is similar to the growth rate projected for income, which is also expected to increase at a similar rate of 3% annually. The following expenses are non -reimbursable and are not passed through to the tenants: Reserves for Replacement for similar project funds for continual upkeep of the paving, exterior walls, storefront roof cover, HVAC, landscaping, painting/pressure washing, etc. Based on similar properties and market data, we have estimated reserves at $0.25 per square foot in Year 1. • Total Operating Expenses. Total expenses in Year 1 are summarized as follows: Item Year 1 . Real Estate Taxes $8.75SF Insurance $0.15/SF CAM $26.25/SF Management 3.5% Reserves $0.25/SF The total estimated annual operating expenses in Year 1 are $35.00 per square foot. This estimate equates to a reasonable percentage of the effective gross income, which is in line when compared to similar properties. E. Losslny and Capitol Cosfs • Leasing commissions were estimated based on conversations with property managers and typical commissions being paid in the marketplace. New leasing commissions were estimated at $34.26 per square foot for the retail component and $39.77 for the restaurant component. • Tenant Improvements/Alterations (TI) are common in this market for new, second and third generation space. However, the allowance is usually substantially higher than typically what is found in newer projects. Usually, this allowance is sufficient to make floor covering, paint and minor I S L A N D G A R D E N S Q•11 FINANCI A L F E AS I B I LITY repairs. For new projects, many of these items are not required. For our analysis, we have estimated a tenant improvement allowance of $200.00 per square foot for the retail tenants and $250.00 per square foot for the restaurant tenants. • Capital Outlays have been considered in the reserves for replacement which was previously included as an operating expense. E. Cash Flow Subtracting leasing and capital costs from the net operating income results in an estimation of annual cash flow. This annual cash flow is before debt service and income tax. Typically, investors discount cash flows and capitalize net operating incomes. G. Discount Rafe. A Discount Rate is used to convert the NOI projections for each year into a present value estimate. A discount rate is essentially a'"return on" investment rather than a "return of" invested capital. It represents the relative risk level that an investor would attach to the likelihood of receiving a certain income stream. There are a number of techniques by which an appropriate discount rate can be estimated. The most common method which can be employed is to "build up" a discount rate by a simple band of investment technique, which attempts to measure the cost of borrowed funds, as well as the expected yield that an investor would attach to this property. A typical loan -to -value ratio is 65% to 75%. The current loan interest rate would be in the range of 7.75% to 8.25%. The mortgage yield was reported to be 9.2618%, based on an interest rate of 8.00°0, a 25-year term. According to nationally recognized surveys, equity yield rates sought by investors in this market during the first quarter of 2001, assuming conventional financing, ranged from 12.00% to 20.00%, with an average rate in the range of 16.5° o. In terms of its size and tenant mix, Island Gardens is considered to be a Class A, investment -quality property, and the equity yield rate for the subject should be somewhat lower than the "typical" average rate previously discussed. Utilizing the preceding parameters, the discount rate would be calculated as follows: .092618% Loan Yield @ 60% LTV .055571 15.00% Equity Yield @ 40% .060000 Indicated Discount Rate .115571 Say 11.55% Although this method is not technically correct due to changes in mortgage and equity positions as a loan is paid off, the resulting rate indication helps to demonstrate the reasonableness of the other discount rate derivations and this method is widely applied by market participants. We have also reviewed Investor Surveys, which indicated a reasonable rate would be in the range of 12%. Another indication for a capitalization rate is derived by application of the Debt Coverage Ratio Formula. Market data indicating the following results: I S L A N D G A R. D E N S IX.12 FINANCIA L F E AS p I L I T Y Debt Coverage Ratio Mortgage Constant LTV Qg$ 1.65 9.2618% .60 9.1692% = Say 9.2% The three sources of discount rates indicated the following: Band of Investment 12.00% Investor Surveys 11.55% Debt Coverage Ratio 9.20% Conclude 11.00% Reversion The next portion of the Discounted Cash Flow Analysis involves calculating the reversion. The reversion, or the amount for which the subject property is anticipated to be sold at the end of the holding period, is estimated by capitalizing the following year's (11 th year) net operating income. The best technique for estimating a capitalization rate to apply to the net operating income is to extract the rate from recent sales of similar or comparable properties. Unfortunately, there was an insufficient number of recent sale transactions that were sufficiently comparable to extract Overall Capitalization Rates from Therefore, this method was not employed in our analysis. Current capitalization rate criteria can also be cited by respondents to the two investor surveys. According to these surveys, "going in" cap rates ranging from 8.50°'o to 12.50%, with an average of 10.0%, and terminal cap rates ranging from 8.50% to 12.50%, also with an average of just over 10.00%. Sellers' disposition parameters include "going in" cap rates ranging from 7.500° o to 11.00%, and exit cap rates ranging from 8.50% to 11.50°%o. Greater weight is placed on the analysis performed, tempered by the results of recent surveys. Based on the preceding data and analysis, we have concluded that a current overall rate of 9.75% is appropriate for the subject property. In selecting a terminal overall rate, an upward adjustment is typically made to the "going in" cap rate, in order to account for the uncertainties involved in projecting income and market conditions 11 years into the future. The terminal capitalization rate also takes into consideration that the property will be 10 years older after .the holding period and, as such, is not as desirable as a newer project. We have added 50 basis points to the "going -in" rate of 9.75%, and concluded with a terminal capitalization rate of 10.25% for the Island Gardens project. H. Discounted Cash Flow Conclusion The final step in the Discounted Cash Flow Analysis is to add the present value of the reversion to the present value of the cumulative cash flows from operations. This results in a net present value indication for the retail and restaurant components of the Island Gardens project. I S L A N D C A 11.13 FINANCI A L F E AS I a I LITY Approximately 60% of the present value is attributed to the annual cash flows, with about 40% attributed to the future sale. This is considered to be an acceptable ratio under current investment parameters. A summary of our Discounted Cash Flow Analysis appears within this section. 1. Financial Return !o the City ! S L A N G A R. D E N S IX•14 Island Gardens, Miami, Florida Flagstone Properties, LLC Financial Return to the City Introduction: Flagstone Properties, LLC is pleased to respond to the City of Miami's request for proposal regarding a Mega Yacht Marina and mixed -use development on Watson Island, Miami, Florida. It is the commitment of Flagstone Properties, LLC to adhere to the City Charter requirement for compensation equal to fair market value. Tenant: Flagstone Properties, LLC Size: Approximately 10.8 acres of upland and 13.4 acres of adjacent submerged Iand. Lease Term: 45-year initial term and two 15-year renewable terms. Rental Rate: - No lease payment through public referendum and through development permitting and approval process. Current estimate for this period of time is 14 months. - Fixed guaranteed minimum annual rental payment of S1,000,000 per year, paid monthly, upon issuance of building permit and start of construction, through the receipt of Final Certificate of Occupancy. Current estimate for this period of time is 24 months. - Fixed guaranteed minimum annual rental payment of S2,000,000 per year, paid monthly, shall commence upon receipt of Final Certificate of Occupancy. This rental payment shall last the entire term(s) of the lease and shall have an annual escalation tied to the Consumer Price Index (CPI). - At the start of the 4th year of occupancy, a 1 % of Gross Revenue payment shall commence and continue throughout the term(s) of the lease. This Gross Revenue payment shall be in addition to the fixed guaranteed minimum annual rental payment and shall be paid at the end of each year of operation. Payments: See attached schedule outlining financial return to the City. Jones Lang LaSalle Americas, Inc. Island Gardens, Miami, Florida Flagstone Properties, LLC Schedule of Financial Return to the City Notes: Year 2002 is identified for development approval and permits Years 2003 & 2004 project Is under construction, during which time rental payment is 31,000,000 per year Percentage Increase of 3% is based on Internal estimates and historical CPI 1 % of Gross Revenues commences during 4th year of occupancy Estimate of Gross Revenue includes all project components Percentage Estimate of Additional Rent Increase from Guaranteed 1% of Gross Gross as % of Gross Total Annual Year Previous Year Rental Payment Revenues Revenues Revenues Rent Payment 2002 50 S0 S0 30 2003 $1,000,000 $0 $0 $1,000,000 2004 $1,000,000 SO 30 $1,000,000 2005 32,000,000 $73,801,353 $0 52,000,000 2006 3.00% $2,060,000 381,357,582 50 S2,060,000 2007 3.00% $2,121,800 394,138,138 SD $2,121.800 2008 3.00% $2,185,454 1.00% S98,458,001 $984,580 $3,170,034 2009 3.00% 32,251,018 1.00% $103,067,659 31,030,677 33,281,694 2010 3.00% 32,318,548 1.00% 3107,090,618 $1,070,906 33,389,454 2011 3.00% 32,388,105 1.00% S110,390,395 31,103,904 33,492,009 2012 3.00% $2,459,748 1.00% 5113,703,525 $1,137.035 33,596,783 2013 3.00% 52,533,540 1.00% 5117,083,559 51,170,836 $3,704,376 2014 3.00% 32,609,546 1.00% $120,638,065 $1,206,381 53,815,927 2015 3.00% $2,687,833 1.00% $124,257,207 $1,242,572 $3,930,405 2016 3.00% $2,768,468 1.00% $127,984,923 $1,279,849 54,048,317 2017 3.00% 32.851,522 1.00% $131,824,471 51,318,245 $4,189,788 2016 3.00% 32,937,067 1.00% 3135,779,205 S1,357,792 $4,294,859 2019 3.00% $3.025,179 1.00% 3139,852,581 $1,398,526 $4,423.705 2020 3.00% S3,115.935 1.00% $144,048,158 51,440,482 $4.556,416 2021 3.00% $3,209,413 1.00% 5148,369,603 $1,483,696 $4.693,109 2022 3.00% $3,305,695 1.00% 3152,820,691 51,528,207 34,833,902 2023 3.00% 53,404,866 1.00% $157,405,312 51,574,053 54,978,919 2024 3.00% $3,507,012 1.00% $162,127,471 $1,621,275 35,128,287 2025 3.00% 33,612,222 1.00% 3166.991,295 $1,669,913 35,282,135 2026 3.00% $3,720.589 1.00% 3172,001,034 .51,720,010 35,440,599 2027 3.00% $3.832,207 1.00% $177,161,065 31,771,611 35,603,817 2028 3.00% $3,947,173 1.00% $182.475,897 $1,824,759 55,771,932 2029 3.00% $4,065,588 1.00% 3187,950,174 81,879.502 35,945,090 2030 3.00% $4,187,556 1.00% 3193,588,679 31,935,887 36,123,443 2031 3.00% 34,313,183 1.00% 3199,396,340 31,993,963 36,307,146 2032 3.00% 54,442,578 1.00% $205,378,230 52,053,782 $6,496,360 2033 3.00% $4,575,855 1.00% 3211,539,577 $2,115,396 $6,891,251 2034 3.00% 54,713,131 1.00% 5217,885,764 $2,178,858 56,891,989 2035 3.00% $4,854,525 1.00% S224,422.337 32,244,223 S7,098,748 2036 3.00% 35,000,161 1.00% $231,155,007 32,311.550 $7,311,711 2037 3.00% $5,150,166 1.00% 3238,089,657 32,380,897 37,531,062 2038 3.00% $5,304,670 1.00% 3245,232,347 $2.452,323 57,758,994 2039 3.00% 35,463,811 1.00% S252,589,317 $2,525.893 57,989,704 2040 3.00% $5,627,725 1.00% $260,166,997 32,601,670 $8,229,395 2041 3.00% $5,796,557 1.00% $267,972,007 52,679,720 $8,476,277 2042 3.00% $5,970,453 1.00% 5276,011,167 $2,760,112 $8.730,565 2043 3.00% $8,149,567 1.00% 5284,291,502 32,842,915 38,992,482 2044 3.00% 36,334,054 1.00% $292,820,247 32,928,202 39,262,256 2045 3.00% $6,524,076 1.00% 3301,604,855 $3,016,049 $9,540,124 2046 3.00% 36,719.798 1.00% 3310,653,000 33.106,530 $9.826,328 2047 3.00% $6,921,392 1.0036 3319,972,590 $3,199,726 $10,121,118 2048 3.00% $7,129,034 1.00% 5329,571,768 33,295,718 310,424,751 Subtotal: $180,096,818 $8,193,119,370 379,438,223 3259,535,041 Jones Lang LaSalle Americas Inc. ISLAND GAKDENS FLAGSTONE PKOPEKTIES Book Three 0 F C 0 N T E N T BOOK ONE 1. Executive Summary /1. Charter B. Public Purpose C. Project Plan 10 Operating Plan E. Maintenance Plan F. Financial Plan G. Financial Feasibility II. Development Entity 1. Development Timetable J. Payments to City ll. Project's Public Purpose A. Introduction 11.1 13. Cultural Facilities 11.3 C.. Open .S)ace and Recreation 11.7 D. 1\;en Fish Markel II.9 E. Maritime Recreation 11.9 F. Education 11.10 G. 1 s.np/oymertt Opportunities 1 /.11 H. Political Public 1 iai.son 11.12 111. Vision, Goals and Objectives of Project 111. l - 111.3 IV. Project Plan A. Narrative Description 1. Mega "Yacht Marina ? PublicAmenitie.s 3. Cultural Components 4. Hotels 5. Retail Avenue and Arcades 6. Oining • Infrastructure 8. Gardens Letters of Commitment fmm Cultural Component of Island Carden B. Narratirr Description Boards 1. l3iscayne Bay 1 'iem 2. Site Pro'ram Ana?y is 3. Island Gardens Site Plan 4. Island Gardens Ground I~loor Site Plan .i. Island Gardens Proposed Landscape Plan Ii:24 I S L A N D TOC 1 T A 6 L E 0 F C 0 N T E N T 5 6. Island Gardens Manna Plan 7. Lighthouse Ilotel.Section and Plan" 8. Wave Hotel Section and Plans 9. Island Gardens Retail Plans 10. 13iscayne 13ay View 11. Watson Island SkyIine 12. Retail Gardens Village View 13. Island Gardens Bay Site Plan 14. Civic Art Island Gardens C. Island Gardens Project Summary II'39 V. Operating Pion A. Mission Statement 1'. 1 13. Manaernent Team C. :Management Concept 1 ".2 1). Management Plan Start Up I ':2 E. Reporting F. Operation Enti/iec i' 5 G. LaSalle Investment Management 1 :5 I1. Gamper Nic1.,o/sons Marinas, LTD Mega -Yacht MMarina Operating Plan 1/.6 I. Hotels: Regent International Hotel & Resorts I '9 J. Retail and Dining Room Operating Plan 1'. 23 K. Affirmative Action Program 1"'126 1.. Letter.,- o1 Commitment V.35 BOOK TWO V!. Marketing Plan .Ssrmmary T 7.1 1. Market Analysis VI.3 2. Requirements VI. 7 3. Objectives VI. 9 4. Strategies VI. 10 5. Tactics VI.13 6. Special Tactical Approaches for Individual Components of Island Gardens VI. 15 Vli. Market and Economic feasibility A. [Market Analysis 1 71.1 13. ,Mega -Yacht Marina Market and Feasibility C. Hotel Market &' Feasibility 1 '11.9 1D. Retail e% Rs;aurant Feasibility • 1 '11.1 i L. Projected Development Phasing .Schedule 1'11.25 1 IVarra/ire Idcn/i/join, Tidal Cosi on Permanent Improe.vemen/ 1 71. ?-1 S L A N D G A R D E N S TOC T A D L E 0 F C O N T E N T YIII. Financial Plan A. Over,.7en, B. Preliminary Observations C. Lender Profile D. High hguiy Structure Summary 1 i. Indicative Financing Structure and Lending terms IX. Financial Feasibility A. Project C)v r,.icn, B. Income Capitali-ution -Retail C Income Capitalization - Restaurants 1). Assumptions (Retail and Restaurants) !:. 1,earing and Capita/ Costs F-: Gash hlo,r G. Discount Rate 11. Di.r.ount Cash Plow Conclusion I. Financial Return to the City IX1 IX.4 IX.7 !X.10 1X.11 IX.12 JX.12 IX1.3 IX.14 BOOK THREE X. Development Entity 1. Table of Organization for Development Entity X.2 2. Resumes and Other Documents as to Experience and Capability X.3 3. References forAll Development Team Members X.62 4. Licenses and Corporate Registrations X.63 BOOK FOUR XI. Financial Capacity XII. Development Schedule XI.1- 3 Xll.1-7 XIII. Required RFP Response Forms A. Development Team horm - Team Overview XIII.2 B. Minority/Women Business Again- Aj/ida,it XIII.3 C: Aj%irmative Action Form /or all Team Members. XIII.4 D. References Form XII1.S XIV. Attachments 5 L A N D G A r. C N S rat 10 D E V E L 0 P M E N T E N T I T Y DEVELOPMENT ENTITY X. I S L A N D G A 2 D E N S X-1 DE V EL OPMEN T EN TIT V 1. TABLE OF ORGANIZATION FOR DEVELOPMENT ENTITY Developer Flagstone Properties, T .l' r Mehmet Bapaktar, CEO and Chairman of the Board Sberaood Weiser, Board Member Eric R Keihne, Board Member Development Manager LJones Lang LaSalle Americas, Inc. Architedere/Eaginering ; Concept Architect Landscape Ardrhecl Construction Maragr Spi&r Candela DM Jill j Eric R. Kuhne &Associates I Edward D Stone, Jr. &Assoc. i Been Comte -ram I � Legal Consehant Shuts &r Bowen, LLP Marina Consultant ! hank Consuhent Camper a NirboLrons Man'nat: LTD ( Daid L PInmmer dr Assoc. i CULTURAL AFFILIATES Fairdiild Tropkal Garden Bruce Greer Hotel Development Management The ContinentalCompantes, LLC ti The Historical Museum of South Florida AndrewBrian i Collaborating Artists Jasi Bedia Maria Martinet Caries Michele Oka Doner PROJECT AFFILIATES 1 Retail 80 Retail Estabithmenu Regan Informational Hotels Conrad Hotels i Dining & Entertainment i 141ndudeed Restaurants SPECIAL CONSULTANTS Marina Concept/ i Retail Consulfant/MarkMing Environmental j David C. Beale Caplan Yebnaw Dagri I Shopping Centre Saluaons R$aiV guaranty ty Consultant Ati Alkas Aiken Shopping Centers Consulting, LTD Editor Kendall Prins S L A N D iWG A DE V E L OP ME N T EN T I T Y 2. RESUMES AND OTHER DOCUMENTS AS TO IMMINENCE AND CAPABILITY 5 L A N D C A R D E N S x•3 DE V EL OP MEN T EN T 1 T Y MERMET BAYRANTAR Developer Flagstone Properties, LLC Chief Executive Officer and Chairman of the Board Education St.Vincent St. Mary High School, Akron, Ohio, 1979 University of Akron, Ohio, Business School, Majors in Marketing and Management, 1983. Role & Responsibilities for Island Gardens Development Mr. Bayraktar founded Flagstone Properties LLC in 2001 for the preparation and submission of a response to the City of Miami Request for Submission for the development of a Mega -Yacht Marina. Mr. Bayraktar, together with a staff of professionals for Flagstone Properties, will oversee the construction and development of Island Gardens, with the primary construction oversight performed by Jones Lang LaSalle. Prior Experience Mr. Bayraktar is Chairman and CEO of Bayraktar Holdings, a multi -million dollar company. Bayraktar Hold- ings is a conglomerate of diversified companies ranging from the manufacture and distribution of automotive components, food processing, banking/financial services to tourism and real estate development. Mr. Bayraktar's presence and influence on Bayraktar Holdings, has also included pioneering the growth of Turkey's modern retail sector through the development of the first contemporary American style shopping mall as well as the introduction of mixed -use developments to that area of the world. As Managing Director of Atakoy Tourism Co., Mr. Bayraktar oversaw the development of a mixed -use project including a 1000 berth 5-Gold Anchor Marina Regatta Entertainment & Dining Center located in Atakoy, a suburb of Istanbul, Turkey. Prior to his present position Mr. Bayraktar served as, 1989 — 1999 Vice Chairman & Executive Committee Chairman, Bayraktar Holdings, consisting of: Automotive Component Manufacturing & Distribution, Food Processing & Distribution, Banking Insurance & Financial Services, Tourism, Real Estate Development 1986 — 1989 Managing Director, Atakoy "Tourism Ca, Developing entity of mixed use complex housing, The Galleria (Turkey's first contemporary shopping mall), a 330-room resort & convention hotel operated by Holiday Inn Crown Plaza, 225-room Marina Hotel operated by Holiday Inn, 1000 berth 5-Gold Anchor Marina Regatta Entertainment & Dining Center. 1985 - 1987 Vice Chairman, Baytur Automotive and Components Distribution Company Additionally, Mr. Bayraktar serves or has served as chairman, vice chairman, board member of various compa- nies in diversified sectors: 1 c L A N D IOG A R D E N S X4 D E V E L 0 P M E N T E N T I T Y TITLE COMPANY SINCE Chairman Bayraktar Holding, 1999 Istanbul, Turkey Holding / and Executive Management Company for Bayraktar Group Companies Chairman Bayraktar Gayrixnenkul Gelistirme A.S., 1999 Istanbul, Turkey Property Development and Asset Management Company Vice Chairman Baytravel Turizm A.S. 1996 Istanbul, Turkey Vice Chairman Full Service Travel Agency Ege Endustri ve Ticaret A.S. Izmir, Turkey Brake and components manufacturer for light & commercial vehicles Board Member ADM Doysan Yag Sanayi ve Ticaret A.S. Istanbul, Turkey Crashing, refining and bottling of edible oils in partnership with ADM- Archer Daniel Midland 1995 2000 Board Member Ege Endiistri Holding A.S. 1990 Izmir, Turkey Holding Company for investment in Automotive Manufacturing and Distribution sector Board Member Ege Fren Sanayi ve Ticaret A.S. 1990 Izmir, Turkey Axle/housing manufacturer for light and heavy vehicles Board Member Turbay Turizm ve Ticaret A.S. 1987 Istanbul, Turkey Real Estate holdings and investments Board Member Baybank 1996 Baku, Azerbajan Commercial Bank operating in Azerbaijan Board Member Robank Bucharest, Romania Commercial Bank operating in Romania 1996 1 S L A N D lid u A R D E N S X-S D E V E L 0 P M E N T E N T I T y Associations, Organizations and Awards YPO Member of the Young Presidents' Organization, Dallas, TX Former Chairman of Education and Chapter Chairman, Istanbul Bosphorus Chapter 1993 ULI Member of Urban Land Institute, Washington, DC 1997 Member of ULI Mix Use Council, Blue Flight ICSC Member of International Council of Shopping Centers 1987 Board member of ICSC VGorldwide Commission Member of the ICSC's European Advisory Board Member of the ICSC's European Advisory Board NRF Member of the National Retail Federation, Washington, DC 1992 Member of International Advisory Committee TCSCR Founding Chairman of Turkish Council of Shopping 1994 Centers and Retailers GYIAD Former Chairman of Young Executives and Businessmen's 1987 Association in Turkey TUGIK Founding Chairman of Turkish Young Businessmen Confederation TUSIAD Member of the Turkish Industrialists and Businessmen's Association 1993 1987 i S L A N D G A X-6 D E V E L 0 P M E N T E N T I T Y 1 • I' :ram..11V FLAGSTONE PROPERTIES Flagstone Properites, LLC was founded by Mehmet Bayraktar in May 2001, in order to respond to the unique opportunity offered by the City of Miami to develop a mega -yacht marina and mixed -use project on Watson Island. Under the umbrella of Flagstone Properties, and assisted by his board members, Sherwood Weiser and Eric R. Kuhne, Mr. Bayraktar brought together a team of top professionals from throughout the world experi- enced in the development of mixed -use projects of similar scope and complexity. With this mix of highly skilled and motivated individuals, the company brings the perception, imagination and decisiveness of Mr. Bayraktar's parent company; Bayraktar Holding, one of Turkey's top conglomerates. Bayraktar Holding's extensive experience in the marina, hospitality, automotive, food distribution, banking, financial services, tourism and real estate industries have paved the way for Flagstone Properties to move into the U.S. market focusing on similar sectors. Flagstone Properties plans to grow through reinvestment of profits, accurate assessment of new opportunities and effective management of resources. A N D G A K D E N S 1t7 D E V E L OP M E N T E N T I T Y FLAGSTONE PROPERTIES Flagstone Properties is based on the principals and visions of Mr. Bayraktar's parent company, Bayraktar Hold- ing. Prior to 1980, Bayraktar Holding concentrated on its distribution business. However, foreseeing an increase in consumer demand in the early 1980s, the company entered the property development business. Its success in this area exceeded all expectations. Some completed projects over the last twenty years include: Galleria. The Galleria, the first modern shopping center in Turkey is located in Atakoy, a suburb of Istanbul. The center is ten minutes away from the Ataturk airport and has easy access to public transportation and scheduled ferries. Amenities include parking for 2000 passenger cars, business services, entertainment center, conference halls, movie theatres, ice-skating rink, bowling alleys and a food court. The Galleria features over 700,000 square feet, boasts 12 million visitors a year and features 134 retailers including, Lacoste, Levi's, Versace, Polo and Tommy Hilfiger. Carousel Shopping Center. Carousel Shopping Center, located in Bakirkoy, Istanbul, is an impressive shop- ping center that combines innovation and excellent shopping opportunities. With its colorful carousel that it was indeed named after, the center became an attraction point not only for shopping but also for entertainment for the area. Carousel received the ICSC marketing award in 1995. The 420,000sq ft center has 4 movie theaters, food court, parking capacity of 800 and 91 retailers such as Calvin Klein, Dexter, Scotch & Soda, Chicco, Burger King, KFC, L.C. Waikiki, Quiksilver, Reebok, Ellese, Tommy Hilfiger and Benetton. Izmit Outlet Center. Izmit Outlet Center, built in 1997, was the first outlet center in Turkey The development is built on a former landfill and includes an amphitheater, two movie theatres, bowling facilities, food court, a mega -supermarket and parking capacity for 2,300 vehicles. Over 7 million annual visitors enjoy over 200,000square feet of retail space with merchants such as Toys'R Us, Levi's, Calvin Klein, Ellese, Tommy Hilfiger and Benetton. Baku Park Residence. The Baku Park Residence, built in 1997, was constructed on the edge of the Caspian Sea in Azerbaijan as luxury housing for executives. Amenities include indoor/underground parking, 24-hour security & maintenance service, central heating and cooling systems, attractive landscaping and a playground for children. Holiday Inn Crowne Plaza. Located in Atakoy, a suburb of Istanbul, Turkey, this 5-star hotel has 298 rooms, tennis courts, a fitness club, sauna and indoor and outdoor pools. Holiday Inn — Marina. Adjacent to the Atakoy Marina, he Holiday Inn was completed in 1988 and is a 4-star hotel with 173 rooms, a 5-Gold Mega -Yacht Marina just outside of Istanbul. Hamdullah Pasha Hotel . Hamdullah Pasha Hotel is a condominium -style blue village rated hotel in Antalya in southern Turkey. The project was completed in 1980 and has a pool and other recreational amenities. Turbay Tourism. Built in 1980, the Turbay Tourism is a 4-star hotel with 192 rooms annd a swimming pool and interesting public spaces. Atakoy Marina. The Atakoy Marina, built in 1988, offers birthing capacity for 1000 yachts and more than 100 yachts on land in the slip area. It is equipped with many amenities including lifts, and repair facilities. It is the first private marina in Turkey. It is the second 5-gold anchor marina in Europe and provides a plethora of s A N D G A R D E N S 14 D E V E L 0 P M E N T E N T I T Y amenities such as showers, laundry service, a marine supermarket, a cafe, a first -aid center, a travel agency and parking facilities. Fame City. Fame City was built in 1989 as an entertainment center for all ages created as an anchor area in the Galleria shopping center. The facility includes the first video arcade, the first bowling alley and the first ice- skating rink in Turkey. Also present are mini -golf area, pool tables, restaurant and bars. Based on the success of the initial project, another Fame City was founded at the Hilton Center in Izmir. Atakoy Yacht Club . Completed in 1988, the Atakoy Yacht Club is a social club used by organizers of yacht races for social activities and for sailing classes. The facility includes an outdoor pool, reception hall and restau- rant. S L A N D G ARDENS X-9 D E V E L 0 P M E N T E N T I T Y SHERWOOD M. WEISER Hotel Development/Asset Management The Continental Companies, LLC Chairman and Chief Executive Officer Education, Ohio State University, School of Business Case Western University, School of Law Role & Responsibilities for Island Gardens Development Mr. Weiser will have leadership responsibilities for overseeing the design and development of the Wave and Lighthouse Hotels and will negotiate all construction contracts needed for both their development and contin- ued operation. Additionally, after completion of the facilities, Mr. Weiser will act as the asset manager of these hotels. Mc Weiser will also sit on the Board of Directors of Flagstone Properties where he will lend his expertise and understanding of the Miami market to the Development Team. Experience Mr. Weiser is the former Chairman and Chief Executive Officer of Carnival Resorts and Casinos, a hotel and gaming management and development firm headquartered in Miami. The company was sold to Penn National Gaming in April of 2001. Mr. Weiser is currently Chairman and CEO of Continental Hospitality Holdings, the hotel company remaining after the sale to Penn. Mr. Weiser has a history of over 30 years in the hotel industry, and has developed and/or operated over 100 hotels during these years. Some of The Continental Companies (TCC) best known local hotel developments are the Grand Bay .Hotel in Coconut Grove (Miami's first 5-star hotel) built in the early 1980's, the Sheraton River House at the Miami Airport. Additionally, TCC developed and operated the internationally acclaimed Grand Bay Resort in Manzanillo, Mexico and the Grand Bay Hotel in New York City. The most recent TCC development is the luxurious Ritz -Carlton Resort & Spa on Key Biscayne that opened earlier this year. i 5 L A N D G A R D E N S X-10 D E V E L OP ME N T E N T I T Y ERIC R. KUNNE Concept Architect Eric R. Kuhne & Associates Owner Education William Marsh Rice University, Houston, Texas, B.A. Architecture (1973) William Ward Watkin Fellow, B.A. Art (1973) Princeton University, Princeton, New Jersey, Master of Architerture (1983) Honors (Henry James Medal for academic and artistic excellence) Registration State of New York, Architecture (1983) Role & Responsibilities for Island Gardens Development Mr. Kuhne will develop the conceptual plan of Island Gardens, including the layout of the hotel, retail and restaurant elements as well as the promenades and public spaces. He will represent Flagstone Properties as chief researcher, architect designer, and artist.. Mr. Kuhne founded Eric R. Kuhne and Associates, a research and design firm, in 1983 as an international design consultancy dedicated to the reintegration of architecture, landscape and the civic arts. With ongoing projects in North America, Europe, Australia and the Middle East, he is renowned for his efforts to build great civic spaces in commercial office, retail, leisure, entertainment, public buildings, parks and gardens. He has offices in London and New York. Mr. Kuhne maintains an energetic lecture cicuit all over the world delivering his organization's latest research, ideas, and images of completed award -winning projects to professional colleagues and audiences including property investors, operations, management, development, and design professionals. Experience Mr. Kuhne has been working as an international designer and consultant for almost 30 years and is dedicated to applying a research and market oriented approach to design. I-Iis award winning projects span four conti- nents and include: Waterworks Park, 30-acre park at the confluence of the Three Rivers in Fort Wayne Fort Wayne, Indiana, USA 1983-1985 Courtyards Festival Marketplace, 450,000 sf Retail & Leisure Project Fort Wayne, Indiana, USA 1983-1986 S I_ A N D ,TA G A R D E N S 1-11 D E V E L O P M E N T E N T T Y Columbus Carscape Competition First Place Winner Columbus, Indiana, USA 1984 River Walk Civic Spaces (1150 residential units in a planned unit development on 480 acres) Chesapeake, Virginia, USA 1987-1992 This large planned unit development converted 480 acres of Virginia wetlands into one of the finest resi- dential communities in the State. Awarded a Progressive Architecture Deisgn Award for its landscape and civic spaces, River Walk continues to this day to have some of the highest retained ownership of homes in the Chesapeake Bay. Williamsburg Country Club Master Plan and Clubhouse Williamsburg, Virginia, USA 1989 Headwaters Park: 28-acre riverfront park, Fort Wayne, Indiana, USA 1990-1999 Begun as a flood control project, this 28-acre park has become a center for recreation, entertainment, and festivals in the heart of Fort Wayne's downtown. It restored 19 acres of land back to the flood plain of the river and currently hosts over 30 festival events on its two festival terraces. Its gardens, meadows, walks, and terraces are flooded with activity throughout the year. Summit Square Park Civic Design Fort Wayne, Indiana, USA 1990 Darling Park, Stages I & II: 1,100,000 sf watrfront development in Darling Harbour, Sydney Sydney, Australia 1991-1999 Darling Park is Australia's largest waterfront development. Two 30-story office towers (over 1,100,000 s.f. of space) sit atop seven freeways. The entire ground plane of the development has been restored to the citizens of Sydney as a grand array of gardens, restaurants, terraces, reception rooms, lobbies, and galleries dedicated to the Australian arts. It stands today as the largest corporately sponsored art gallery of Australian artists in the entire Country. The Waratah Garden alone is over one acre in size and covers the parking structure beneath a collection of garden rooms and sculptural fountain. The Civic Art of Darling Park illustrates the 300-year history of Commerce in Australia. The Star Court reception room between the towers has a large mural on its handkerchief dome with 728 fiber optic lights representing the stars of the southern hemisphere and the constellations drawn representing Australian and aboriginal myths and legends. Pyrmont Village Centre Sydney, Australia 1996 5 L A N D G A R D E N S I•12 DE V EL OP MEN T EN T I T Y Executive Offices, Lend Lease Corporation Sydney, Australia 1996 Plaza Building Executive Office Sydney, Australia 1996 Cockle Bay Wharf 80,000 sf dining and leisure development Sydney, Australia 1995-1999 Cockle Bay Wharf is the most successful waterfront development in Sydney. Containing 14 restaurants, it provides an ecumenical collection of menu selection and price points to residents and tourists of Darling Harbour. Designed with reworked wharf timbers, the boardwalks, trellises, rooftop gardens, pavilions all enfront a fig -tree covered dining terrace overlooking the promenade of Cockle Bay. Bluewater: 1,625,000 sf retail and leisure destination Dartford, Kent, UK 1994-1999 Bluewater, the largest shopping center in Europe is built in an abandoned chalk quarry in Kent. 320 shops, three department stores, cinemas, over 40 restaurants (with seating for over 8,000 people) and a full develop- ment of gardens and parkland around the project make this 240 acre development one of the most compre- hensive retail and leisure destinations in Europe. British-themed civic spaces, an exhaustive civic art pro- gram, integrated landscape features, and complex furnished interiors have made Bluewater a day -out experi- ence for over 27-million guests per year. It continues to exceed all performance records throughout Europe. Mr. Kuhne's role in this project was chief researcher, master planner, architect, landscape designer, graphic designer and civic artist. Whitecliffs-Eastern Quarry Dartford, Kent, UK 1997-1998 Stone Castle Dartford, Kent, UK 1997 Touchwood: 650,000 sf retail and leisure development Solihull, Warwickshire, UK 1998-2001 S A N D G A R D E N S X13 D E V E L 0 P M E N T E N T l T Y Touchwood is Solihull's new shopping and leisure destination, transforming surface car parks into thriving retail arcades, almost doubling the retail space currently found in this quaint Warwickshire village. The property has a sequence of retail arcades, more than a dozen restaurants, a 9-screen cinema and outdoor civic spaces including 4 parks and gardens honoring the village character of Solihull. Mr. Kuhne acted as chief researcher, master planner, architect, landscape designer and civic artist. Touchwood opens in September, 2001. Carlos III Centre Madrid, Spain 1998-1999 Town Centre Master Plan Milton Keynes, UK 1999-2000 Bar Juman Shopping Centre: 1,100,000 sf retail and leisure development Dubai, UAE 1999-present This expansion of the Middle East's most successful and exclusive retail centre will double the capacity of the existing facility to over 1.1 million square feet. The expansion is being done in partnership with Kohn Pederson and Fox, International and will include an office tower, two residential towers and a cinema com- plex atop a new roof garden and leisure villages. It promises to become the most sophisticated retail destina- tion in the Arab world. Currently under construction it s planned opening is in 2003. Chapelfield Norwich, East Anglia, UK 1999-present Royal Dutch/Shell Oil Corporation: 300,000 office, retail, leisure, dining development in London, and 250,000 sf office campus plan in The Hague. London, UK 2000-present As part of a re -branding of the corporate headquarters of Royal Dutch/Shell in London and The Hague, their two central offices are part of a master planning and design initiative to open their corporate facilities to access by the general public on the ground plane. This includes the addition of restaurants, galleries, gardens, and a new Energy Science Center that will communicate the diversity and economics of the Energy Economy to employees, clients, partners, stakeholders, and investors. Mr. Kuhne has led the research, master planning, design, and coordination of the architectural, landscape, and interiors of this corporate leader. i S L A N D G A R D L N S x•14 D E V E L 0 Associations, Organizations and Awards Mayoral Appointee to Board of Directors, Fort Wayne Public Transportation Corporation (1974- 1976) • Historic Preservation Review Board, Fort Wayne (1975-79) • Governor Appointee to Allen County Soil & Water Conservation District (1975-79) • American Institute of Architects (1985-present) • Regional Urban Design Committee, American Institute of Architects (1991) • William Ward Watkin Traveling Fellowship Design Excellence (1973) American Institute of Architects Henry Adams Gold Medal for Scholastic Excellence, Princeton University (1983) • Columbus Carscape Competition, First Place Winner (1984) • Courtyards Festival Marketplace, Architectural Citation, Progressive Architecture Magazine Annual Awards (1985) • Headwaters State Park, Urban Design Citation, Progressive Architecture Magazine Annual Awards (1988); Livable Cities designation, 1999; Indiana State Award for Urban Design and Redevelopment, 1999. Canon, Haskell Prize for Architectural Journal Design (1989) Monuments of Egypt, International Book Award, Germany (1990) River Walk Civic Spaces, Urban Design Citation, Progressive Architecture Magazine Annual Awards (1990) Darling Park, BOCA Best Practice Award, 1995; International Lighting Award, 1999, Energy Award, 1996 Cockle Bay Wharf, Sydney: International Council of Shopping Centers Award for Design Excellence, 2000. Bluewater, International Council of Shopping Centers Award for Design Excellence, European Award, 2000; International Lighting Award, 2000 I S L A N D G A IZ 1 E N S X-15 DE V E L OP MEN T EN T I T Y ERIC R. TONNE AND ASSOCIATES Eric R. Kuhne & Associates is a research and design firm founded in 1983 as an international design consultancy dedicated to the reintegration of architecture, landscape and the civic arts. With projects in North America, Europe, Australia and the Middle East, Eric R. Kuhne & Associates is renowned for its efforts to build great civic spaces in retail, leisure, commercial office, waterfronts, public buildings, parks and gardens. Each project claims a significant restoration of the story -telling qualities of architecture and the landscape through an aggressive civic arts program. ERKA's design projects are cross -professional in their integration, including major mixed -use projects incorpo- rating retail, commercial and leisure elements to intimate gardens to industrial and graphic design. With offices in London and New York, the firm currently offers services including research, development, master planning, architectural, landscape, industrial design, graphic design, interiors and civic art works. I S L A N D G A R D E N S I-16 D E V E L 0 P M E N T E N T 1 T Y ERIC R. KUHNEAND ASSOCIATES Bluewate r Kent, UK Size: 240 acres in an abandoned chalk quarry surrounded by 50 meter high cliffs. A total of 1,625,000 sf of retail and leisure. Construction: 380 million pounds ($570 million US) Client: Lend Lease Projects Opening date: 1999 Description A shopping center built in a former redundant chalk quarry. Europe's largest with 320 shops, food outlets, cinema and landscaped parkland and lakes. Bluewater opened for trade in March 1999, after 4 years of construction. The last leisure village was completed in June 1999. It includes a fully integrated retail, leisure, and dining destination and along with comprehensive gardens and parks as part of the experience. Designed as a retail `resort', it currently boasts the highest sales per square foot of any major retail destination in Europe and attracts over 27 million guests each year. Darling Park Sydney, Australia Size: 3.6 hectare area located between the Central Business District and Cockle Bay. A total of 1.4 million square feet with over 2000 feet of water frontage on Cockle Bay (see Cockle Bay Wharf below) Construction value: $950 million Australian ($675 million US) Client: Lend Lease Development Opening date: 1999 Description A mixed use project offering the only direct pedestrian access from the city center to Darling Harbor's foreshore. The master plan was developed to convert what was an abandoned, highway -splintered, eyesore waterfront site into a unique center of Sydney by restoring Darling Park's ground plane to a vibrant, land- scaped, multi -use professional and civic minded venue. Lobbies open to the public with a coffee bar, lounge seating and Australian art is one of the inventive elements to the property. In addition, a forecourt for civic venues with a painted dome ceiling and a garden designed with the Sydney Botanic Garden add to the uniqueness of the development. Cockle Bay Wharf: 80,000 sf dining and leisure development Sydney, Australia 1995-1999 Cockle Bay Wharf is the most successful waterfront development in Sydney. Containing 14 restaurants, it provides an ecumenical collection of menu selection and price points to residents and tourists of Darling Harbour. Designed with reworked wharf timbers, the boardwalks, trellises, rooftop gardens, pavilions all enfront a fig -tree covered dining terrace overlooking the promenade of Cockle Bay. I S L A N D G A R. D E N 5 X-17 D E V E L 0 P M E N T E N T 1 T Y Headwaters Park Fort Wayne, Indiana, USA Size: 22 acres of an initially suggested 200 acres Construction value: $16.7 million Client: Headwaters Park Commission and City of Fort Wayne Opening date: 1999 Description A public park designed originally as a flood control project, today reconnects the city to the rivers. Offering gateways to the city, hosting major festival events and commemorating the valiant efforts of everyday people, Headwaters Park today attracts nearly a million people a year. Research included documenting the 100-year history of plans and thematic ideas for riverfront develoments in the city, incorporating these evolutionary ideas into the finished park. Originally designed for operational capacity of 8 festivals a year, today Headwa- ters Park is hosting over 30 events on its festival terraces and garden rooms. An operations and maintenance endowment fund was created to protect the park, and today it is being operated as a separte entity from the City tax rolls due to the income surplus it is generating. Unique elements include: the Clinton Parade, a ceremonial, tree -lined boulevard with parallel prom- enades; the Crescent Overlook, a levee that protects the downtown from the 50-year flood; Festival Center, a new home for many of the major festival events; and, the Foliatum, a modern interpretation of the tradi- tional park pavilion and band stand. Touchwood Solihull, UK Size: 640,000 sq. ft. Construction value: 110 million pounds ($150 million US) Client: Lend Lease Projects Opening date: 2001 Description A new shopping center located in the town center developed on the site of a surface car park converts abandoned land behind the main street of the city into a collection of innovative retail rooms that connect the pedestrianised main street to the civic and commercial offices on the south edge of the site. Anchored by the John Lewis Partnership and a leisure precint, comprised of a nine-plex cinema, dining, bars, cafes, bookstores, music stores and housewares Touchwood will nearly double the amount of retail in Solihull while integrating the entire development with the town center. In addition, the development includes building four parks, gardens, terraces, and an amphitheater in addition to integrating the Town's Public Library and Drama Theater into the entire development. 1 5 A D G A R D E n 5 X-te D E V E L 0 P M E N T E N T I T Y JOHNA. PACCIONE Development Manager Jones Lang LaSalle Americas, Inc. Senior Vice President Education University of Miami, Bachelor of Architecture University of Central Florida, Masters of Business Administration Harvard University, Real Estate Development Certification Programs Urban Land Institute, Real Estate Development Certification Programs Registration State of Florida, Architecture (1985) NCARB Certification (1985) Role & Responsibilities for Island Gardens Development Mr. Paccione will have executive leadership responsibilities for the construction of Island Gardens. His role will include representing Flagstone Properties in their contractual relationships with all construction entities. He will have organizational responsibilities for the performance of the Jones Lang LaSalle resources commit- ted to this venture and will be responsible for delivering the project within the development schedule and project pro forma. Mr. Paccione is responsible for the Florida region of Jones Lang LaSalle's Project and Development Management Group. He is also a National Director of the Development Management Practice and provides leadership and oversight to projects throughout the United States. He is currently managing four projects in the State of Florida. Millenia, a 450-acre mixed -use (retail, hotel, office and educational) development, as well as Cypress Park East, a 60-acre, 980,000 sq. ft. industrial development park, both located in Orlando, Fl. Miramar Centre, a 94-acre, 1,340,000 sq. ft. office and business park is located in Miramar, Florida. Mr. Paccione also assists LaSalle Investment Management in their QPAM oversight of The Diplomat Hotel and Resort in Hollywood, Florida. Experience Mr. Paccione has overall responsibility for the design and construction phases of projects. I-Ic supervises the assigned project executive in handling major design decisions and in the management of the project budget and schedule. In addition, he has completed the following projects: RDV Sportsplex / Joint Venture of RDV Sports and Florida Hospital 365,000 s.f. Mixed -use facility for professional sport teams, athletic club for general public, administrative office space for RDV Sports executives and personnel, and office space for medical related services. Celebration Health / Florida Hospital 355,000 s.f. Mixed -use facility for physician office space, fitness/wellness center, and outpatient/inpatient related medical services. I S L A N D 141 G A r. D E N S x-19 D E V E L 0 P M E N T E N T l T Y Orlando Master Plan / Florida Hospital 3,000,000 s.f. Medical campus' master plan outlining property acquisition goals and projected development expenditures. College of Health Sciences / Florida Hospital 98,000 s.f. Master plan of new college campus and implementation of administrative and classroom buildings. Property Asset Management Program / Florida Hospital 4,100,000 s.f. Created and implemented computer assisted facilities management program for overhead cost allocation, engi- neering related utilities maintenance, land use analysis, and space planning. Oviedo Medical Plaza / Florida Hospital 24,000 s.f. Multiple building campus for physician and medically related office space. Walt Disney Memorial Cancer Center / Florida Hospital 174,000 s.f. Outpatient cancer diagnosis and treatment facility with overnight accommodations for patient and families, along with physician office space. Roof Replacement Program / Florida Hospital 1,100,000 s.f. (5 Campuses) Evaluation and replacement of roof surfaces for medical and office related buildings. Alden Road Parking Structure / Florida Hospital 1,500 cars (14 acres) Parking facility for employees and visitors. Associations, Organizations and Awards Member, Urban Land Institute Member, American Institute of Architects Member, Mid -Florida Economic Development Council I S I. A N D G X-20 DE V E L OP M E N T E N T I T Y I 1 M 1,4 !LIi'L JONES LANG LASALLE Jones Lang LaSalle (NYSE: JLL) is a real estate services and investment management firm, operating across more than 100 markets on five continents. With more than 7,400 employees, the company provides compre- hensive integrated expertise, including management services, implementation services and investment manage- ment services on a local, regional and global level to owners, occupiers and investors. To effectively address the local needs of real estate owners and occupiers, the Americas, Europe and Asia Pacific regions, Jones Lang LaSalle provides the full spectrum of integrated services. With a portfolio of approximately 700 million square feet of property under management worldwide, Jones Lang LaSalle is the industry leader in property and corporate facility management services. Supported by innovative products and services, a strong technology platform and sophisticated research, Jones Lang LaSalle is a unique single source for clients' comprehensive real estate requirements. Operating under a single organizational and ownership structure, Jones Lang LaSalle establishes a unified approach to its business activities by using and advancing the best practices of the world's most innovative companies to increase value for its clients. The company's investment management business, LaSalle Investment Management, is one of the world's largest and most diverse real estate investment management firms, with $22.5 billion of assets under management. LaSalle Investment Management offers both debt and equity funding and securitization, with core and specialty commingled funds and select separate accounts delivered globally. s L A N D G A fZ N S Lit DE V EL OPM EN T EN T I T Y JONES LING LASALLE University of Pennsylvania, Sansom Common Philadelphia, Pennsylvania Size: 295,000 s.f. Cost: $90 million Schedule: 25 months Completion Date: August 1999 Situation. Key elements of the Sansom Common development program include a 55,000 s.f university book- store and a 238-room first class hotel, housing a 100,000 s.f diverse, high -quality retail area offering a range of goods and services in addition to dining and entertainment options. Initiatives. Acted as Penn's representative in the development process and has full development responsibili- ties, including design, strategic planning, construction, interiors, FF&E, leasing and tenant representation. Analyzed and provided recommendations on the conceptual development program conceived by Penn. We also secured all entitlements and approvals, coordinated design process and handled construction documentation. Developed overall project budgets and schedules, reviewed construction budgets and schedules developed by the construction manager, and established ongoing monitoring and reporting formats. Managed competitive bidding, supervised subcontracted disciplines, assisted in the selection of and oversaw the work of an experienced retail management firm to refine Penn's retail strategy and prepare a marketing plan and lease or retain a broker to lease retail space. The project required extensive contact with local and state agencies, including the City Council, Redevelopment Authority, Fine Arts Commission, Affirmative Action Oversight Committee, and the Philadelphia Industrial Development Committee. Grand Central Terminal, New York, New York Sizc: 500,000 s.f. Cost: $197.3 million Schedule: 54 months Completion Date: October 1998 Situation. In 1988, the Metropolitan Transit Authority (MTA) undertook a study of Grand Central Terminal to develop a master plan for the redevelopment of the retail component to improve the service to transportation users and upgrade the quality of the merchandising maximize, as well as restore the historically sensitive aspects of the transportation concourse. Based on the subsequent plan developed and approved by the Board of the MTA, in 1993 the MTA selected a joint venture of Jones Lang LaSalle and Williams Jackson Ewing to undertake the retail redevelopment of the terminal. Work commenced in April 1994. I 5 L A N D G A R D E N s Z.22 D E V E L O M E N T E N T I T Y Initiatives For maximum efficiency, Jones Lang LaSalle combined the $65 million transportation concourse project with the $70 million retail project. To compliment the grandeur of the Terminal, 120,000 square feet of retail space and restaurants were added to serve residents, tourists and commuters. To comply with City regulations and guidelines and to further gain community support, Jones Lang LaSalle assisted in obtaining approvals from all governmental agencies and organizations, including New York's Land- marks Preservation Commission and the State Historical Preservation Office. Results. The mix of high -end destination and commuter -oriented stores averaged over $700 per square foot for 1999. Most importantly, Grand Central Terminal has been restored to its rightful status as the greatest train station in the world and one of the greatest public spaces in New York. Union Station, Washington, D.C. Size: 310,000 s.f. Cost: $170 million Schedule: 39 months Completion Date: September 1988 Situation. A partnership between Jones Lang LaSalle, William Jackson Ewing Incorporated and Benjamin Th- ompson Associates was awarded development rights for this large-scale renovation project as the result of a national competition among the country's most prestigious development firms. Initiatives. In addition to providing development advisory and management services throughout the entire reno- vation process, Jones Lang LaSalle arranged equity financing, the interim and permanent debt financing, coor- dinated construction management, directed office space leasing and presently is the on -going leasing and man- agement agent for the entire project. As part of this restoration and redevelopment project, a 1,500-space parking garage and 80-bus transit structure were added to the complex. More than 120 stores, restaurants, cafes and a nine -screen cinema were constructed, providing more than 210,000 s.f of retail space. The office section houses Amtrak's 100,000 s.f. headquarters. Results. The site serves as a hub for special events including Inaugural Balls, art exhibits, concerts, including a holiday show by the National Symphony Orchestra and other events that draw patrons into the station. DE V E L OP ME N T EN T I T Y Towson Commons, Towson, Maryland Size: 590,000 s.f. Cost: $75 million Schedule: 22 months Completion Date: May 1992 Situation. The developer had assembled a centrally located 73,000 s.f. site and had contracted to purchase an adjacent existing 1,000-car parking structure, but lacked the expertise and financial resources to implement the project, known as Towson Commons. Initiatives. Jones Lang LaSalle's scope of services included site acquisitions, rezoning/entitlements; development management; property management and leasing. The challenge was to combine shops, restaurants, movie theaters and offices into a unified, urban complex while maintaining the distinctive identities of each of these components. We met the challenge by locating retail spaces at street level and placing an internal food court and cinemas on an upper level. A feature space, called the Rotunda, unifies the uses, creating a signature for the building and a new landmark for Towson. Results. Towson Commons has become a catalyst for progress in a once -dying downtown. Oakland Federal Building Oakland, California Size: 1,132,000 s.f. Cost: $190.5 million Schedule: 40 months Completion Date: September 1993 Situation. The United States General Services Administration (GSA) selected the City of Oakland as the site for a high-rise office building that would house 3,300 federal employees. The GSA's goal was to build a state-of- the-art office and courthouse facility that was attractive to the community, efficient for the government and comfortable for the tenant employees. Jones Lang LaSalle took over management of the project from a previ- ously selected developer who could not provide the required financing Initiatives The design utilized twin 18-story towers connected at the base by a five -story glass rotunda. The design also included office space, court rooms, a training/conference center, a dining facility, telecommunica- tions room, retail space and underground parking. Results. The project was completed under budget and on schedule in 1993. Jones Lang LaSalle continues to manage the building for the GSA. Major tenants included the Department of Veterans Affairs, Internal Rev- enue Service, Department of Energy, Federal Bureau of Investigation and the US District Courts, as well as the General Services Administration. I $ L A N DOG 5 I-u D E V E L 0 P M E N T E N T I T Y Trump International Hotel & Tower, New York, New York Size: 650,000 s.f. Cost: $425 million Schedule: 24 months Completion Date: July 1997 Situation. Jones Lang LaSalle was engaged by General Electric Pension Trust (GEPT) to prepare a highest and best use study and pre -development feasibility study for the former headquarters of Paramount Communica- tions. Recommendation to GEPT that the building be converted to a mixed -use building containing super - luxury residential condominiums and a hotel. Initiatives Jones Lang LaSalle entered into a joint venture with GEPT and Donald J. Trump to redevelop the 650,000 s.f. building into a 168-suite hotel and 158 apartments. In addition to being a project owner/developer, we provided complete development management services, including a pre -development feasibility study, abate- ments and new mechanical, plumbing, electrical and HVAC systems. Results. The hotel and residential tower was completed on time and on budget. We sold both the residential apartments and the hotel units as condominiums and achieved the highest prices in US. history In addition we designed, constructed and completed a 175-seat restaurant in the building, which was awarded 4 stars from the New York Times. The restaurant also won the prestigious James Beard award for the best restaurant and best chef in the United States. The project has proven to be a tremendous success for GEPT. This adaptive re -use of an obsolete, inefficient, structurally flawed office building and its conversion into a hotel and super -luxury condominiums has been a winning solution for everyone involved. Harborside Financial Center, Jersey City, New Jersey Size: 1,800,000+ s.f. (Phase I and Il) Cost: $1.2 billion (Phase I and II) Schedule: 47 months Completion Date: November 1990 Situation. Jones Lang LaSalle was retained by the U.S. West Pension Fund to direct the renovation of an old industrial warehouse site on the Hudson River into mixed -use facility with modern office and retail compo- nents. Initiative.. As Owner's Representative, we oversaw the entire construction initiative, including pre -acquisition analysis, site analysis, program development, pre -construction services and construction management. We also managed core and shell renovations and tenant installations. I c L A N D G A R D E N S X-25 DE V EL OP M E N T EN T I T Y Phase I included the 1.8 million s.f. renovation of the former Pennsylvania Railroad Cargo Center into a first- class office and data center, as well as the addition of an 85,000 s.f. award -winning retail promenade. Phase II was comprised of a 400-room hotel on the south pier, a 200-unit condominium development on the north pier, three new high-rise office structures totaling 3.8 million s.f., new retail and atrium totaling 200,000 s.f., and a 1,400-car parking structure. Results. Specific renovation projects completed included twelve new passenger elevators, extensive cosmetic upgrades in all public areas and a new 1,000 person food court. Subsequently, we were retained to manage 450,000 s.f. of interior construction for a variety of financial and high-tech tenants. Four Seasons Hotel, New York, New York Size: 500,000 s.f. Cost: n/a Schedule: n/a Completion Date: 1992 Situation. A foreign developer, in association with a world -class hotel operator, had desired to build a super - luxury hotel in a major U.S. market. When a parcel of land became available, the foreign developer quickly acquired title to the land. The hotel design was a joint effort between the hotel operator and a world -class architect. Jones Lang LaSalle became involved with the project approximately 18 months into construction, after the hotel had been topped out. The project was significantly over budget. The developer was not control- ling the project; rather, the operator, architect and construction manager were making decisions and spending money without regard for budgetary considerations. Initiatives. A financial model was developed to analyze the highest return on investment. The super -luxury market niche was confirmed and th* design intent remained intact. A recommendation was made, however, to consider two alternate luxury -class operators with North American name recognition. This recommendation has been followed. Jones Lang LaSalle served as the focal point for integration of the new operator into the project. Results Saved approximately four months ahead of the original construction schedule and $30 million in project costs. Sun Microsystems, Broomfield, Colorado Size: 525,000 s.f. Cost: $84.4 million Schedule: 24 months Completion Date: March 1999 I 5 L A N D ( C A P D E N 5 X-26 D E V E L OP ME N T E N T I T Y Situation. In order to meet their growth requirements, Sun Microsystems retained Jones Lang LaSalle to acquire and develop a site within the mid -western region of the United States for the purpose of constructing their newest corporate campus. Incorporating its worldwide call service center, a cutting edge data center, a training center and other major corporate groups on an initial 72-acre site, plus securing a five-year option for an additional 50 acres, allowed Sun to develop a 525,000 s.f. building initially. The option parcel preserves flexibility to increase their occu- pancy by another 550,000 s.f. Initiatives. Jones Lang LaSalle provided land acquisition, development management, project management, FF&E/ move management and facility management services. Due to increased business pressures, Sun requested that the project team deliver an initial 200,000 s.f., some 6 months ahead of schedule. Jones Lang LaSalle was able to obtain approvals to start construction April 1, 1997, approximately 60 days ahead of schedule and prior to property closing in late May. Site specific measures were taken to enhance the project and take advantage of the excellent outdoor activities that will be available to the employees. All improvements were tested against a developer standard for cost and benefit as well as enhancing the exit strategy. Results. Jones Lang LaSalle managed a team of more than 20 professional consultants to deliver Sun a 525,000 s.f. Phase I building with parking for over 2,000 cars. Sun began move -in in July 1998 — five months ahead of schedule — and finished in March of 1999. 414 Water Street, Baltimore, Maryland Size: 400,000 s.f. Cost: $13 million Schedule: 14 months Completion Date: March 1990 Situation. Jones Lang LaSalle, on behalf of its Urban Site Venture II Fund, acquired a prime site for future development in downtown Baltimore, Maryland. Located just two blocks from the revitalized and immensely popular Inner Harbor area, which features Harborplace and the National Aquarium, the site occupies more than one-half of a city block. In order to maximize the interim use of the site, recapture a significant portion of the initial investment and provide Urban Site Venture subscribers with an acceptable interim operating return, Jones Lang LaSalle entered into a unique agreement with the City of Baltimore whereby Jones Lang LaSalle developed and, upon its completion, sold to the City an 11-level, 1,100-car parking facility. t A N D G A R D E N S X-27 DEVELOPMENT ENTITY Initiatives. Directed the planning and design of the parking facility so as to anticipate aesthetically, functionally, and structurally the eventual construction of an office tower over it. For example, the project includes an oversized deep caisson foundation and post -tensioned structural concrete members, upsized utility risers and connections, spaces for future elevator shafts and other commercial office building services, and a highly articu- lated pre -cast concrete exterior skin which complements the adjacent historic Custom House building and is unique for a parking facility. Results. Jones Lang LaSalle's Urban Site Venture II retains ownership of the land and air rights to construct up to 340,000 s.f. of space over the parking garage. Millenia Land, Orlando, Florida Size: 406 Acres Cost: $26 Million Schedule: 36 Months Completion Date: June 2001 Situation. Millenia Land is a 406-acre (1,643,024 m`) land development located within the limits of the City of Orlando and four miles south of the downtown area. Jones Lang LaSalle Development formed the joint venture to develop the property with DLJ Real Estate Capital Partners, Inc., who provided the capital for infrastructure improvements, and Schrimsher Properties of Or- lando, who contributed the land to the venture. Initiatives Jones Lang LaSalle planned for a 1,500,000 s.f. (139,355 m2) regional mall, 500,000 s.E (46,451 m2) of associated retail/commercial space, three hotel sites and over 2,000,000 s.f. (185,806 m2) of office space. Ar- ranged a bond finance package with the City of Orlando to finance construction of the new Interstate 4 interchange; and Managed the infrastructure construction and marketing of the project. Results. Within two years of the partnership formation in 1999, 80% of the land in the park has been sold or is under contract. Jones Lang LaSalle developed a build -to -suit facility for DeVry Institute's first educational facility in the State of Florida. The product is 72,000 sq. ft. and was ready for the school's first class in November 2000.. Jones Lang LaSalle is currently developing 400,000+ s.f. (37,161 m2) of market driven office development and two build -to -suits. IS L A ND G A I. D E N S =-m D E V E L 0 P M E N T E N T I T Y Miramar Centre, Miramar, Florida Size: 93.8 Acres 1.3 million sq. ft. Cost: $138 million projected Schedule: 60 to 72 months Completion Date: August 2001, 1st Phase Situation. Miramar Centre is a planned 93.8-acre office and business park located at the intersection of Miramar Parkway and Interstate 75 in Miramar, Florida. Developing this project as a joint venture with the current landowner. Initiatives. This master -planned office and business park provides for 1,300,000 s.f. of vertical development, including three (3) office buildings, six (6) office showroom buildings, and eight (8) flex office/warehouse buildings. Site infrastructure work includes roads, utilities, landscaping, plazas, fountains, signage and master drainage system. Initially, one office building, one office showroom building and one flex office/warehouse building have been constructed for the first phase. The office buildings will be four-story, 100,000 s.f. tile -wall buildings, and the business buildings will be single -story, tilt -wall, front office/rear load structures. The multi -phase project will be completed in five to six years. Results. Project cost is currently projected to be $138 million. Attracted Fortune 500 tenant to occupy entire 2nd Office phase and portions of 1st Office phase. S L A N D DE V EL OP ME N T E N T I T Y JULIO GRA8IEL, ALA Executive Architect Spillis Candela DMJM Principal -in -Charge, Leisure Sector Education Lawrence Institute of Technology, Bachelor of Science, Architecture, 1968 Registration State of Florida/Architecture/1971/AR0005460 Role & Responsibilities for Island Gardens Development As the Executive Architect for the Island Gardens project, Mr. Grabiel will guide and oversee the design and construction documents throughout development process. He will also assist in formulating the approval pro- cess in securing the necessary permits for this project. In over 30 years with Spillis Candela DMJM, Julio Grabiel has served as Principal -in -Charge for many of the firm's major projects. His background includes master planning, architectural design, renovation/adaptive reuse for a variety of projects including hospitality, retail and housing/condominiums. He is currently working on projects in the Middle East and Latin America. Experience Julio Grabiel has served as Principal -in -Charge for many of the firm's major projects including: Sandy Lane Hotel Barbados, Barbados, West Indies. The new hotel facilities will include a 12,000 SF Spa and multi level pools, 140 luxury keys hotel, new kitchen facilities and restaurants, new support facilities, a new central plant to support the hotel, meeting rooms, children's playground facilities, tennis courts and staff residences as well as site and road improvements. Eden Roc Hotel, Miami Beach, Florida A truly historical gem, the renowned 350-room resort has been a luxury destination since its 1950's hey day. Spillis Candela DMJM has been selected to complete a sensitive restoration updating the accommodations to present day standards. Magnolia Creek, Orlando, Florida Located in Orlando, Florida, Magnolia Creek resort and spa will house both a hotel and timeshare facilities. Phase I will consist of 500 rooms with approximately 80 timeshare units. Phase II will add an additional 300 units for a total of 800 units. Also included in this project are 70,000 SF of retail space bringing about a Town Center Theme. Spillis Candela DMJM is performing master planning and architectural services. Sheraton Gateway Miami International Airport, Miami, Florida The Sheraton Gateway catering to the International Business Travelers consists of 350 keys with 15,800 SF I S L n N D G A S X-30 D E V E L O P M E N T E N T I T Y of meeting facilities, 120-seat restaurant and a 75-seat lounge. The hotel is equipped with state of the art information technology equipment. Perico Island, Bradenton, Florida Perico Island is a gated, water oriented, resort style community of nearly 800 diverse residential units. Anchoring the community is a sheltered yacht basin with an adjoining full service marina. The ambiance of an "Old Florida" retreat has been created in the "Village Center" that sits on the shores of the yacht basin and provides residents with facilities for recreation, shopping and dining. Club Mediterranee Sandpiper, Port St. Lucie, Florida. A/E services for all phases of the project from schematic Design through Construction Administration for a beautifully landscaped country club styled resort village located on the banks of the St. Lucie River. 400 acres surround this wonderful resort which features two 18-hole golf courses and a golf academy, four swimming pools and two restaurants. The scope of work includes the complete renovation of the existing restaurant facilities and bar, a new lobby and back of the house facilities, and the addition of an outdoor entertainment area. Club Mediterranee Punta Cana, Dominican Republic. A new master plan for the 74 acre village added 300 additional hotel rooms to the existing 334 room resort in the Dominican Republic. The existing rooms were totally refurbished and a new multilevel pool, new restaurants and outdoor entertainment area were added to the complex. All hotel rooms will have direct access and view to the beach and a new children's activity area was incorporated into the resort. Caribbean Bay Club Resort Master Plan, Belize, Central America. A 450-unit resort community, including 300-room hotel, 200-boat slip marina yacht club and 18-hole golf course in Corozal District. The OMNI-Colonnade, Coral Gables, Florida. A mixed -use development, expansion and renovation including a 4-star, 151-suite hotel, 210,000 SF office building, support retail, and parking garage. Also included is a specialty restaurant, bar and grill, and swim- ming pool. James L. Knight International Center and Hyatt Regency Hotel, Miami, Florida. A multiuse facility including 615-room hotel, restaurants, retail shops and convention/conference facilities. LaSalle Aparthotel & Spa, Miami, Florida A 300-unit aparthotel with an executive business center, spa, gymnasium, youth entertainment center, restaurant/shops and parking garage for 600-cars. I S L A N D G A S X-31 DEVE L OP M E N T ENTITY SPILLIS CANDELA DMIM Spillis Candela & Partners, established in Miami in 1926, is one of the oldest and largest professional design firms in the southeastern United States. The firm's architects, engineers, interior designers and planners provide total design and construction administration services throughout the United States and abroad in a wide range of building types. The annual construction value of projects managed by Spillis Candela is approximately $500 million. Together with the firm of Daniel, Mann, Johnson, & Mendenhall (DMJM), Spillis Candela DMJM offers its clients an expanded workforce of 2,000 professionals and much broader national and international geographic capabilities. The firm also offers an expanded list of comprehensive planning and design services, as well as a variety of non -design oriented consulting services such as Program Management. In more than 75 years of professional practice, Spas Candela DMJM has enjoyed continuous growth in terms of size, experience and scope of services. Today the firm is directed by fifteen partners and employs approxi- mately 250 professional and technical personnel. Spillis Candela DMJM is headquartered in Miami and main- tains full service offices in Orlando and Arlington, VA, as well as a network of affiliate offices throughout Latin America and the Caribbean. The firm offers specialized experience in a variety of building types including a significant number of recent hospitality related projects. Within the past 10 years the firm has been involved in the planning and design of approximately 2,500 hotel rooms and 700 luxury condominiums. In recent years, Spillis Candela DMJM has also had the opportunity to be involved with numerous major retail projects including the 1,200,000 SF Pembroke Lakes Mall which was the recipient of a major design award from the International Council of Shopping Centers. Other major retail projects include Galaxy in Miami, Church Street Station and The Exchange in Orlando, Florida, Oaks Mall in Gainesville, Florida, the Plaza Caribe Mall in Puerto Rico and Puerto Marbella in Spain. Spillis Candela DMJM has received numerous awards from peers, users, and public agencies for design excel- lence over the years. Clients may also benefit from the latest CADD technology by having their project design and production completed quickly and efficiently on the firm's AutoCad or Intergraph system. IS L A ND4431G A K D N S x-== D E V E L 0 P M E N T E N T 1 T V SPILLIS CANDELA DMIM Bayside Marketplace, Miami, Florida Size: 235,000 SF / 1,200 Car Parking Garage Time Required for Completion: 46 Months Completion Date: 1987 Amount invested and Financed for the Project: N/A Description Spas Candela DMJM worked in association with Benjamin Thompson & Associates on this casual, welcom- ing, and dramatic, 235,000 SF festive marketplace that celebrates its waterfront site. The project pairs two sets of pavilions surrounding the open market shed, and continues with a promenade along the water's edge, a breezy walkway through the market areas, and an open waterfront plaza for special events. The development mixes a variety of elements: new commercial spaces, restaurants, open public gathering areas, small scale infor- mal retailing, and active and passive entertainment areas for events. Wherever possible, indigenous materials, forms, and details that respond to a subtropical climate were used. To minimize the use of air conditioning systems and to maximize energy efficiency, the project uses natural venti- lation, exterior breezeways, shaded open streets with fountains, porches with fixed sun louvers and Bahama shutters to control heat build-up. In addition to the new marina and festive retail, a 1,200 car parking garage was also designed to accommodate the tremendous parking demand of this award winning project. Museum Tower, Miami, Florida Size: 300,000 SF / 30-Story Office Complex Time Required for Completion: 1983 - 1987 Completion Date: 1987 Amount invested and Financed for the Project: N/A Description Serving an ever-growing and revitalized downtown area, this 30-story office building, in excess of 300,000 SF, reaffirms Miami's status as a thriving business community. The structure also contains a 12-story, 630-car parking garage. The precast concrete elevations on the east and west sides of the building appear in dramatic contrast to the glass facades on the north and south while simultaneously minimizing the significant solar heat gain on the west facade. A "bookend" effect results from the suspension of the glass wall between the strength and beauty of the massive architectural precast sides. The glass facade mirrors the shimmering images of surrounding buildings and draws the eye to the building from many points throughout the downtown area. The harmonious positioning of concrete, glass, and steel created a highly-Ieasable "image" building that was so important to the owner. A sophisticated security system is included, controlling access points to the tower and the parking garage. Security control is located on the ground floor, allowing central monitoring and constant visual surveillance. S L A A R D E N S X-33 DEVELOPMENT ENTITY Sandy Lane Hotel, Barbados West Indies Size: 140 Luxury Keys / 12,000 SF Spa / Restaurants Time Required for Completion:1997 - 2001 Completion Date: 2001 Amount invested and Financed for the Project: N/A Description Spillis Candela DMJM in conjunction with Richmond International was commissioned to provide full Architec- tural and Engineering Services for all phases of the project from Schematic Design through Construction Administration, including on -site civil engineering work for a five star luxury hotel in Barbados, West Indies. The scope of work includes demolition of existing facilities, refurbishing of existing structures and design of new hotel. The new hotel will include a 12,000 SF Spa and multi -level pools, 140 luxury keys hotel, new kitchen facilities and restaurants, new support facilities, a new central plant to support the hotel, meeting rooms, children's playground facilities, tennis courts and staff residences, as well as, site and road improvements. I S L A ND G A R DEN s X-34 D E V E L 0 P M E N T E N T 1 T Y PAUL D. KISSINGER ASLA Landscape Architect Edward D. Stone, Jr. & Associates, Inc. Associate Principal Education University of Michigan, Bachelor of Science and Natural Resources, 1986 Kansas State University, Master of Landscape Architecture, 1989 Registration Landscape Architect - Kansas #519 Landscape Architect — Florida #1611 Landscape Architect — Oklahoma #217 CLARB Certified Role & Responsibilities for Island Gardens Development Mr. Kissinger will be charged as the Project Designer and Project Manager for the landscape architecture for Island Gardens. These responsibilities will include collaboration with the Project Architects and Engineers to develop a unique garden experience within the development and along the waterfront. This collaboration includes involvement in the site planning of the project through master planning, schematic design, detailed design, permitting and construction administration services. Mr. Kissinger has been involved in a variety of projects including transportation -related planning and design, resort planning, community planning, urban design and environmental recreation planning. He currently serves as Project Designer and Project Manager for Riverfront Development project located in Owensboro Kentucky. The city of Owensboro currently is planning a redevelopment of their river frontage along the Ohio River. In addition, Mr. Kissinger is the Project Designer and Project Manager for the landscape planning and design for the Consolidated Rent -a -Car Facility at the Fort Lauderdale Hollywood International Airport. Experience Since joining the E D S A staff in 1989, Mr. Kissinger has been involved in a variety of projects including transportation -related planning and design, resort planning, community planning, urban design and environ- mental recreation planning. Mr. Kissinger's project experience includes: Kissimmee River 'Save Our Rivers', Kissimmee, Florida Mr. Kissinger served as Project Manager and Project Designer for this project. Responsibilities included devel- oping and applying the analysis methodology, preparing a conceptual land use and natural resource plan for resource -based recreation, generating interim and long term management plans and coordinating and preparing for public meetings. In 1996 The Kissimmee River Project was awarded a Naiional Merit Award from the American Society of Landscape Architects (ASLA) and a Florida Chapter ASLA Merit Award. f S L A N D G A fZ D E N S 145 D E V E L 0 P M E N T E N T I T Y Broward County Sunrise Boulevard CPTED, Fort Lauderdale, Florida A 4-mile urban corridor study of the hardscape and landscape improvements for street right-of-way with emphasis on crime prevention through environmental design. E D S A led a design team of professionals, including architects, engineers and a public artist to prepare conceptual design mater planning delineating streetscape enhancements. Preserve Model. Park, Hilton Head, South Carolina A new model park for an active adult community owned by the Del Webb Corporation. E D S A has completed planning through construction documentation for the Model Park for this master planned community. Mr. . Kissinger was involved in the preparation of construction documents and will be involved in the construction administration. Riverbend, Hilton Head, South Carolina A new active adult community owned by the Del Webb Corporation. E D S A has completed a design -build model park for this master planned community. Mr. Kissinger was involved in design and construction admin- istration. City of Fort Lauderdale Redevelopment Projects, Fort Lauderdale, Florida Mr. Kissinger served as project manager and designer for several redevelopment projects. Specifically, he was the Project Manager for the NW Progresso/Flagler Heights and Sweeting Estates land use and planning projects and conceptual design for the North Beach Redevelopment project, the last section of the Fort Lauderdale Beach to be redeveloped. Oklahoma City VIEW-Scape Master Plan, Oklahoma City, Oklahoma A View-Scape master plan for roadway corridor that spans 85 miles in and around the city. E D S A is working with the committee to produce a master plan, develop methods to support higher standards for interstate corridor appearance and concentrate on ways to beautify and enhance what drivers perceive of the metropolitan area from the interstate highway. Tri-County Commuter Rail Authority, Dade, Broward and Palm Beach County, Florida These projects include overall site planning design guidelines, station design guideline compliance, design re- view of other consultants' design work, construction administration and lead consultant responsibilities for the Sheridan Street Tri-Rail Station. He has also produced overall station site planning design guidelines for the 72- mile corridor, master planning of eight stations and completed the design construction of the Tri-Rail/Metrorail Transfer Station, Fort Lauderdale Station, the Sheridan Street Station and the Hollywood Boulevard Station. Associations, Organizations and Awards Greater Fort Lauderdale Chamber of Commerce Leadership Fort Lauderdale, Florida Selected as a leadership candidate in 1995, ViceChairman of the Curriculum Committee in 1998-99, Chairmen of the Curriculum Committee in 1999-2000 and ViceChair of the Leadership Advisory Committee in 2000-2001. American Society of Landscape Architects Associate Member since 1989 and Full Member since 1994 Price Waterhouse and South Florida Business Journal Up and Comers i S L A N D G A R D E N S x-K DEVELOPMENT ENTITY EDWARD D. STONE, JR. AND ASSOCIATES EDSA, established in 1960, is widely recognized for its abilities to deal with complex projects in the following market sectors: hotels and resorts, community planning, attractions and entertainment, urban design, resource planning and ecotourism. The EDSA staff consists of approximately 130 planners, landscape architects, graphic designers and support personnel. The firm provides complete planning, design, production and field supervision services from offices in Fort Lauderdale and Orlando, Florida, and Santa Monica, California. In addition, the firm employs an interdisciplinary approach to its projects and often collaborates with experts in other fields such as architecture, engineering, traffic planning, social sciences, ecology and economic research. Specific services offered by EDSA include, pre -development project management, land use programming and planning, site analysis and evaluation, project evaluation/renovation, development feasibility and cost/benefit analysis, detailed site development design, environmental graphics and graphic design. EDSA also offers its clients a comprehensive package of computer -based services to augment their on -going planning and design activities. The firm can supply drawing and data output to its clients in a range of formats including AutoCAD, Microstation and others as required. EDSA also employs the latest graphic design soft- ware and hardware. Video Imaging is another in-house capability EDSA utilizes, which simulates planning and design concepts using state-of-the-art computer programs. Each project is directed by a principal having similar project experience, and supported by a veteran staff of skilled professionals organized as a working team. This assures that each project will receive the highest level of design expertise and project management that is required. EDSA utilizes a design process, which begins by gaining a basic understanding of the client, project, site and end user. This process evolves through a series of steps into a very clear, viable and exciting vision of the solution. This includes frequent reviews and careful scrutiny from other EDSA principals and advisory con- sultants, close coordination with the client and an active public involvement program. L n ND G A R. DENS X-37 D E V E L 0 P M E N T E N T 1 T Y EDSA Riverwalk , Ft. Lauderdale, FL Size: 28-acres Completion date: 1994 Amount invested and financed for the project: $9 million A linear park that fronts the New River for a continuous mile through downtown Fort Lauderdale. The project created a total of 28 acres of public access to the riverfront, which boasts the nation's most intensive recre- ational boating environment. The development also features a performing arts center, museum, IMAX theater, entertainment center, restaurants, shops and offices. EDSA completed the master plan, design guidelines and construction documents for the project. Parrot Jungle and Gardens, Miami, Florida EDSA provided master planning services for relocation of this enduring tourist attraction from its present location of 50 years to an expanded home on Watson Island on Biscayne Bay. The existing facility includes a unique mix of tropical bird and animal habitats, formal gardens and performance venues. The project is home to more than 1,000 birds and boasts the nation's leading heliconia and bromeliad collections. The proposed project relocation will add outdoor theaters, a terrarium, educational facilities, a dinner theater and a ballroom for special events. 17th Street Quay, Fort Lauderdale, Florida Size: 12-acres Completion date: 1988 Occupying 12 acres adjacent to Ocean World and the Fort Lauderdale Art Institute, this commercial/hotel/ office complex features a mixture of Old Florida and Mediterranean architecture. EDSA provided overall site planning and landscape design for the project. Angler's Club, Key West, Florida Size: 49 acres EDSA provided the concept master plan for this 49-acre private club, which included extensive marina develop- ment, executive golf, tournament quality tennis and three distinct cottage and townhouse compounds. The Royal Towers at Atlantis, Paradise Island, Bahamas Size: 30-acres Completion date: 1998 Amount invested and financed for the project: $450 million EDSA provided site planning, detailed design services and on -site construction observation for the second phase of the Atlantis Resort, including 1,208 new rooms, 30 acres of water -related amenities, and 4.5 million gallons of saltwater aquarium habitat. Also included is a 55-slip marina, 10 acres of new timeshare develop- ment, and a 10 tennis court sports center. Of special note the Royal Towers, a $450 million expansion to the existing 1138-room resort, makes it the largest island resort in the world. S L A ND $O G A R. DEN S x-3$ D E V E L 0 P M E N T E N T 1 T Y Disney's Caribbean Beach Resort, Lake Buena Vista, Florida Size: 200 acres Disney's Resort is a 200-acre hotel complex in Lake Buena Vista, Florida, featuring 2,112 rooms, commercial complex, lakeside recreation area, themed swimming pool, and playground. El Morro Tourist Complex, Puerto La Cruz, Venezuela Size: 1,800-salt flat -acres and 300-acre mountain island This resort consists of single and multi -family residences, a condominium hotel, a 36-hole golf course, a marina, and a themed commercial center; all within a water -oriented environment. All single and multi -family residences are accessible by water as well as by land connected by a major walkway, bicycle and cart system. EDSA undertook complete site design of the project, including all road alignment, shoreline and property line layout, and joint responsibility with the owner for coordinating local engineering firms. Fort Lauderdale Beach Revitalization, Ft. Lauderdale, FL Completion date: 1993 Amount invested and financed for the project:: $20.8 million Included the redevelopment of one and one half miles of the city's renowned beachfront. EDSA coordinated the consulting team through master planning and detailed design of $20.8 million of improvements, which include a world -recognized beach promenade, and provided the impetus for redevelopment of the entire beach distric t. 5 L A A P D E N 5 X.39 DE V E L OP M E N T EN T I T Y SIMON 1. ARROL Marina Operator Camper & Nicholson Marinas, Ltd Managing Director Education University of Manchester Institute of Science & Technology, Department of Civil and Structural Engineering Role & Responsibilities for Island Gardens Development Mr. Arrol will oversee the design, specification, marketing, commissioning, operation and management of the mega -yacht marina that forms the focal point of the Island .Gardens project. Mr. Arrol is Managing Director for the marina division of Camper e:N Nicholsons Marinas Limited, established in 1782 and reputedly the World's oldest yachting business. In this capacity he is responsible for many international marinas and waterfront projects, including those with an urban regeneration themes. Experience For over twenty years, Mr. Arrol has been working in the private and public sector on assignments in 22 different countries including Italy, Portugal, France, Malta, UAE, Greece, German); Lebanon, Argentina, Uruguay, Bermuda and the Caribbean. Some of the projects include: Yacht Club Puerto Madero Marina, Buenos Aires, Argentina In 1995 C&N was engaged to oversee the design, construction, installation of the first phase of the marina's pontoon system and to assist with the design of the large floating clubhouse. This was $5 million project followed by a preliminary international marketing campaign that quickly succeeded in attracting the BT Global Challenge, one of the premier round -the -world races, to make Yacht Club Puerto Madero its stopover in South America. Beirut Marina, Beirut, Lebanon SOLIDERE is a public company established to re -build the war -torn city and establish the marina as the focal point of the Beirut Central District. This is reputedly the world's most expensive urban regeneration project with a value of about $12bn. The project includes a new sea wall to enclose numerous hectares of land reclamation. The wall is a massive structure, over 0.5 mile long, built in waters up to 60 ft deep and designed to resist 24 ft high waves. Morgan's Point, Bermuda During 1996, C&N worked as part of an international professional team that included civil engineers, archi- tects, hotel consultants, and golf course designers. The final concept became Bermuda's first championship class golf course, a 5-star spa hotel, luxury villas, an international class yacht marina and a mixed -use village center. The anticipated value of the completed project is about $150million. I S L A N D G A K D E N S X-40 D E V E L 0 P M E N T E N T I T Y Associations, Organizations & Awards Member of Chartered Civil Engineers Fellow of the Institution of Civil Engineers S L A N D 10 G A Z D v N 5 X41 D E V E L 0 P M E N T E N T I T V CAMPER 3 NICNOLSONS MARINAS, LIMITED Camper & Nicholsons Marinas, Ltd. has considerable experience in major mixed -use developments and oper- ates in three main sectors: yacht building, refit and repair; yacht brokerage, charter and management; and mari- nas and waterfront real—estate development and management. Camper & Nicholsons Marinas, Ltd. has been in the forefront of international marina development since the 1960's. The company constructs the marina as an integral project element respecting the needs of the developer to achieve an aethestically pleasing, functional, high -quality and commercially viably product. And, during the past 6 years, Camper & Nicholsons Marinas, Ltd. has worked with leading public and private sector clients on new mixed schemes and urban regeneration in 20 different countries. The most recent new project is Grand Harbour Marina in Malta. This is located in the historic Vittoriosa waterfront and will provide berths for more than 20 super yachts (up to 255 feet long) plus about 250 smaller yachts. It is equally important that the operation of the project see a close cooperation between the management of the marina and the management of the commercial/retail uplands development. Careful management of the public waterfront bordering the marina is absolutely critical. Considerations include safety and security, cleaning and maintenance and the allocation of areas for exhibitions and events. S L A N D O G A iZ D E N S Xr2 D E V E L 0 P M E N T E N T 1 T Y CAMPER & NICHOLSONS MARINAS, LIM/1ED Yacht Club Puerto Madero Marina, Buenos Aires, Argentina. This was the first international class marina in Argentina and is located within the most important docklands regeneration project in the whole of South America. Four dock basins, each about 1800ft x 420ft and bordered by 19th century warehouses, have become the vibrant heart of the city and now house the capital's finest offices and restaurants. In 1995, C&N was engaged to oversee the design, construction and installation of the first phase of the marina's pontoon system and to assist with the design of the large floating clubhouse, representing a value of about $5 million. This was followed by a preliminary international marketing campaign that quickly succeeded in attracting the BT Global Challenge, one of the premier round -the -world races, to make Yacht Club Puerto Madero its stopover in South America. Beirut Marina, Lebanon SOLIDERE is the public company established to re -build the war -torn Beirut Central District ("BCD"). This is reputedly the world's most expensive urban regeneration project with a value of about $12 billion. The project includes a new sea wall to enclose many hectares of land reclamation. The wall is a massive structure - over 0.5 mile long, built in waters up to 60ft deep and designed to resist 24ft high waves. Before the Lebanese civil war, Beirut was the Middle East's commercial capital, and its waterfront was a magnet for the rich and famous in their yachts. C&N was retained by SOLIDERE from 1995 - 1997 to review the design of the new seawall and waterfront area in order to optimise the design of the marina and the amenity, aesthetics and vibrancy of the waterfront. The study included a yachting market survey of the eastern Mediter- ranean, as well as a full technical, commercial, operations and management study of the marina itself. Colonia Marina, Uruguay. The city of Colonia faces Buenos Aires across the River Plate. Its historic citadel, recognized by UNESCO as a heritage site, vas built by the Portuguese to counter Spanish influence in the region. Following a Government decision to invite proposals for the building of a yacht harbor and waterfront hotel, C&N was engaged by a developer to advise on and support his bid. Colonia is the first harbor en -route to the famous resort and yachting center of Punta del Este to the north, and the marina concept was modified by C&N to take into account yachts in transit to Argentina. Following a River Plate wave climate and water level analysis, the previously designed breakwater was substantially modified which resulted in substantial cost savings. Furthermore, a scheme was put forward to integrate the old port into the project in a sensitive yet financially viable way. C&N's client subsequently won the concession to build the project. Morgan's Point, Bermuda Following the closure of the US Naval Air Station at Morgan's Point, the Government issued a RFP for its redevelopment. The site comprises some 300 acres, much of it covered with old military buildings and suffers from oil and munitions pollution. S L A N D G A R D E N 5 x-+3 D E V E L 0 P M E N T E N T I T Y During 1996, C&N worked as part of an international professional team that included civil engineers, archi- tects, hotel consultants and golf course designers. The final concept became Bermuda's first championship class golf course, 5-star spa hotel, luxury villas, international class yacht marina and a mixed -use village center. The anticipated value of the completed project, is about $150 million. The Cottonera Waterfront Project, Malta In 1997, C&N responded to a Government RFP for the comprehensive redevelopment of the Cottonera area of Grand Harbour, a project estimated to be worth about $80 million. This area includes the historic fortified city of Vittoriosa which pre -dates the capital, Valletta, by hundreds of years and was at one time an arsenal and trading port as important as those of Venice and Genoa. The group led by C&N was short-listed from thirty applicants to one of three. Following a change in government, the project was divided between C&N and two other consortia, with C&N being awarded the rights to build and operate the marina under a 99-year concession. The other consortia are redeveloping the onshore elements that include many historic buildings such as palaces, galley stores, and a treasury. There will also be a casino and a deluxe boutique hotel. When completed in 2003, the marina is expected to be the largest super -yacht marina in the Mediterranean with 22 berths for yachts of 50m - 100m. There will also be another 20 berths for yachts of 28m - 35m, as well as some 250 pontoon berths for yachts up to 25m. Marina de Lagos, Portugal Situated in the Algarve, on the south coast of Portugal, Marina de Lagos is part of a larger real-estate develop- ment featuring some 400 apartments and 30 retail units. From 1994 - 96, C&N was engaged by the developers to commission the 450-berth marina and manage and promote it for its first two seasons of operation. Loano Marina, Italy Loano, a new 700-berth marina on the Ligurian Riviera, is being developed at a cost of about $30m with private sector funds under a government concession. Following the financial difficulties of the main shareholder, C&N was engaged in 1995 to carry out a technical and financial viability audit of the part -completed scheme. Certain changes to the infrastructure (e.g. quays, location of buildings) were suggested with a view to reducing costs and maximising rental income. Some time later C&N was asked to advise a would-be investor. EXPO 98, Portugal Working as part of a multi -disciplinary team, C&N reviewed a number of options for the development of the Expo waterfront, notably the historic Olivais Dock and the old oil -fuelling jetty. Considerations included the currents, tidal range and wave climate of the River Tagus, and the option of impounding the dock and equip- ping it with a yacht lock. A marina, a cruise ship berth and an aquarium were subsequently incorporated into these old facilities. I s A N D G R D E N S X-44 D E V E L O. Port Gocek, Turkey The small village of Gocek, which lies on the pristine southern coast of Turkey, has long been a mecca for yachtsmen. C&N was engaged in 1999, under a long-term management contract, to assist client Enternasyonal with the development of a new marina resort. The client is a subsidiary of Turkey's largest group of companies, and it owns tourism businesses including the Four Seasons Hotel in Istanbul, Pegasus Airlines, and a winter sports resort. Port Gocek Marina Resort comprises a 400-berth marina with its own Waterfront Village, a 50-bed 4-star hotel, canal -side villas, and a 200-bed 5-star deluxe spa hotel. The hotels and villas are under the management of Swissotel. All elements of the new marina, including staff recruitment and training, administration and operation systems, and tenancies in the Waterfront Village were commissioned by C&N during 1999/2000. The marina remains under C&N's management. Gosport Marina, England Gosport Marina, built in 1965, was one of the first marinas to be built in the UK. C&N was engaged to negotiate and project manage its $8m redevelopment and expansion to 575-berths, making it one of the ten biggest marinas in the UK. The work has entailed capital dredging, land reclamation over extremely soft and deep alluvium, pontoon installation, a floating fuelling station and new buildings. The project also features a number of firsts including new -style concrete pontoons and a capitainerie which is the result of an open design competition run by the Royal Institution of British Architects. Portsmouth Harbour Events Ltd ("PHEL"), England Portsmouth Harbour, the Royal Navy's main naval base, opens directly onto the Solent known as the UK's premier yachting area. In 1995, C&N conceived and began promoting what has since become PHEL, a public/private sector, not -for - profit company dedicated to attracting yachting and other maritime events to the Harbour. C&N also success- fully lobbied that an international yachting events center should be a mandatory inclusion in the redevelopment of a naval waterfront site. Even during the relatively short time it has been in existence, PHEL has been phenomenally successful in attracting events, from the Tall Ships and the Times Clipper RTW Race, to national and international regattas, championships and displays. And the waterfronts are increasingly becoming the focus of onshore events such as concerts, parties, open-air markets and rallies. The economic benefit to the community has been significant and is still growing, whilst the less tangible but no less important boost to the area's image and reputation has boosted property prices and local morale. I L A N D G A R. D N S 145 D E V E L 0 P M E N T E N T I T Y Port Ghalib, Egypt A major development is taking place on the Red Sea coast of Egypt under the name of Port Ghalib. Covering an area of about 2500 hectares, the project encompasses hotels, residential and commercial development. Fur- thermore, a new airport has been built nearby; this is able to handle wide -body aircraft. C&N have been retained since 1998 to advise on the marina and waterfront elements, including the many man- made canals that will provide the rationale for waterfront villas. Particular study has been made of the design of the quay walls, berth utilities, the capitainerie, water quality/circulation and preservation of the coral reef. C&N has set up a low-key management system to enable dive boats to begin using the part -built facility pending opening of the marina and the hotels in circa 2004. I S L A N D G A R D E N S X.46 D E V E L 0 David S. Plummer Traffic Engineer David Plummer Associates, Inc. Founder Education University of Arizona, Bachelor of Science in Civil Engineering Northwestern University, Master in Business Administration and Finance Registration State of Florida, Engineering (17976) State of Illinois (62-26484) Role & Responsibilities for Island Gardens Development Mr. Plummer will act as the chief consultant in engineering the most efficient roadway design for Island Gar- dens. His responsibilities will include the development of a Regional Impact Study, Support Traffic Studies and any roadway improvements to be mitigated for this project. For over thirty-five years, Mr. Plummer has provided a variety of engineering services with an emphasis on traffic and roadway design. Currently, he is working with Florida Department of Transportation, Miami -Dade County, City of Coral Gables and Miami International Airport. Experience Mr. Plummer has provided a variety of engineering services and some of his representative projects include: Dade County Rapid Rail System, Miami, Florida Mr. Plummer was part of the management team for the development of the Dade County Metro -Rail System. As part of the management team, he was responsible for technical decisions related to the system concepts. Mr. Plummer was also responsible for pre -development political funding of the transit referendum. Metropolitan Dade County Zoological Park, Miami, Florida Mr. Plummer was the Project Manager for master planning and design of the new zoological park. The Federal Government allotted Dade County 1,000 acres for the development of the zoological park. Mr. Plummer toured seven zoos in the United States and Canada to establish civil engineering design standards. He was responsible for the master plan and for the civil engineering design. Miami Seaquarium, Key Biscayne, Florida The Seaquarium expansion on Key Biscayne was a Florida Quality Development. This process, similar to the Development of Regional Impact Statement required all local agency approvals as well as the Florida Depart- ment of Community Affairs. Mr. Plummer's role was to create traffic studies and -civil related improvements. It took approximately 12 months to complete. Due to a variety of appeals by Key Biscayne, the project is still ongoing. I S L A N D d G A r` D E N S I-47 DEVELOPMENT ENTITY American Airlines Arena, Miami, Florida American Airlines Arena seats 20,000 patrons. The project included public agency approval of the site circula- tion plan as well as the traffic plans for the outside road system. It took approximately nine months to complete with occupancy in 1998. Associations, Organizations & Awards • Member, Urban Land Institute • Member, Institute of Transportation Engineers IS !. A ND G A R D EN S I� DE V EL OPMEN T EN T I T Y DAVID PLUMMER i ASSOCIATES David Plummer & Associates, Inc. (DPA) was incorporated in 1978 for the specific purpose of providing transportation oriented services to public sector clients throughout South Florida. Since that time, the firm has experienced a steady, yet controlled, growth. In 1983, the firm began providing services to the public sector in Lee County, Florida, which led to the opening, in 1985, of a second office in Fort Myers. In 1987, a third office was opened in Palm Beach County to serve the Treasure Coast. Most recently, offices were opened in Boca Raton and Fort Lauderdale to better clients in Florida. Initially, services emphasized transportation planning and traffic engineering design. The firm now offers complete transportation services from each office, includ- ing transportation planning, traffic engineering, highway design, minor structural engineering, signalization design, construction engineering inspection, as well as, environmental assessments. DPA has conducted planning, traffic operations and traffic safety studies for various government jurisdictions in South Florida. These services include, accident analysis, accident reduction, signal warrant studies and analysis, capacity analysis and cost benefit analysis. The firm's roadway design efforts range from minor inter- section design to signal design to highway design to major interchange design. Members of the firm have also been involved in numerous state and local committees concerned with the development of Level of Service Standards and Concurrency Implementation. With dozens of Comprehensive Plan Amendments and traffic circulation elements completed, DPA brings special insight and thorough knowledge of traffic analysis, planning, concurrence' and zoning issues to projects. Because of the firm's business approach, its principals are in tune with the balance between engineering and business. Consequently, DPA has a comprehensive understanding from the earliest stages as the team of archi- tects, planners, attorneys and finance officers help to shape and direct projects through the approval process and into implementation. Public clients have included the Florida Department of Transportation, Palm Beach County, Miami -Dade County, Broward County, Collier County, Lee County, St. Lucie County, Charlotte County and Monroe County, as well as the municipalities of Coral Gables, Palm Beach Gardens, Delray Beach, Sanibel Island, Miami, Homestead, Fort Lauderdale, Boca Raton and Fort Myers. I S L A N D ( G A R D E N S X49 • D E V E L 0 P M E N T E N T I T Y DAVID PLUMMER 3 ASSOCIATES American Airlines Arena American Airlines Arena seats 20,000 patrons. The project included public agency approval of the site circula- tion plan as well as the traffic plans for the outside road system. It took approximately nine months to complete with occupancy in 1998. Miami Seaquarium The Seaquarium expansion on Key Biscayne was a Florida Quality Development. This process, similar to the Development of Regional Impact Statement required all local agency approvals as well as the Florida Depart- ment of Community Affairs. Our role was traffic studies and civil related improvements. It took approximately 12 months to complete. Unfortunately, due to a variety of appeals by Key Biscayne, the project is still ongoing Village of Merrick Park Village of Merrick Park is an urban retail center in the City of Coral Gables. The project is dominated by retail uses but also has supporting residential and office facilities. Our responsibilities included the traffic responses for the Development of Regional Impact Statement as well as the traffic studies required by the City of Coral Gables. Upon approval we prepared all of the roadway construction plans for that project. The approval pro- cess was completed in the year 2000. The construction of the facility is expected in 2003. Fontainebleau Hotel The Fontainebleau Hotel will be expanded to include a combination of condominiums/hotel space and new hotel units. Our responsibility in the project is all of the traffic study approvals needed through the City of Miami Beach. We are now preparing the construction plans for the roadway improvements on SR AlA includ- ing construction monitoring The project is underway. Ft. Lauderdale/Hollywood International Airport We completed the traffic operational studies for the landside arrival and departure facilities at Ft. Lauderdale/ Hollywood International Airport. These studies concentrated on the ability to combine patron, bus, rental car and valet on those facilities. It provided the airport managers with methods to maintain efficient and safe access. The project was completed in 2000. S L A N D G A R D E N S X460 D E V E L 0 P M E N T E N T 1 T V LAMES K. COWDERY Construction Manager Beers Construction Company Vice President of Preconstruction Services Education University of Florida, Gainesville, Florida, Bachelor of Building Construction, 1983, Professional Registrations Adjunct Professor, Graduate School Florida International University, Miami, FL Licensed General Contractor State of Florida, 1986 Role & Responsibilities for Island Gardens Development Mr. Cowdery will serve as leader of the construction aspects of Island Gardens. In this position, he will provide the needed resources for constructing Island Gardens. He will be responsible for all preconstruction activities including scheduling and pricing the varied components of the project. He will further represent Flagstone Properties in negotiating and managing the subcontractor trades for the project. Mr. Cowdery is the Vice President of Preconstruction Services for the Florida office of Beers Construction. He is one Beers' top specialists and has generated a record of extremely accurate estimates, as well as exceptional conceptual constructability and value engineering capabilities. He has fourteen years of construction experi- ence, six of them in hospitality. Experience Jim Cowdery is one of Beers' top preconstruction specialists and has generated a record of extremely accurate estimates, as well as exceptional conceptual constructability and Value Engineering capabilities. He has created measurable preconstruction phase enhancements to several large programs and is adept at conceptually phasing large projects as well. Some of his relevant projects include: Fisher Island Condominiums, Miami, Florida $175 million, 12 buildings Pier 66 Hotel and Yacht Club, Ft. Lauderdale, Florida $9 million, expansion and renovation of the yacht club Total Systems Corporate Campus, Columbus, Georgia $47 million, 540,000-SF corporate campus with 160,000 s.f. parking deck. This project includes a cafeteria, kitchen, auditorium, computer rooms and conference center. Also included is a 54 million Riverwalk expan- sion. Noven/RPR Pharmaceutical Mfg. Facility, Miami, Florida $3 million phased renovation of facility i S L A N D G A K D E N S x-5I D E V E L 0 P M E N T E N T I T Y Miami Jewish Home for the Aged, Miami, Florida $12 million 130,000 s.f renovation of hospital's extended care facility. Cowdery reduced the cost by 5% through Value Engineering analysis during preconstruction and finalized the GMP. Hotel Cypress Creek, Ft. Lauderdale, Florida 400-key, 14-story hotel The Tequesta, Miami, Florida $28 million, 30-story apartment/condo U.S. Courthouse, Jacksonville, Florida $81 million, 15 floors, 457,000 SF, new U.S. Courthouse facility. The new courthouse facility will house the following agencies: U.S. District Court and Clerk of Court, U.S. Magistrate Court, U.S. Marshals Service, U.S. Attorneys office, U.S. Probation office, and non -court related Federal agencies. There will be eight (8) District Courtrooms, one (1) Circuit Courtroom, four (4) Magistrate Courtrooms and four (4) Bankruptcy Courtrooms. GA International Maritime & Trade Center, Savannah, Georgia $80 million, 350,000 SF trade center that features 100,000 SF of customizable exhibit space with 35-ft ceiling heights and clear spans of 90 ft by 120 ft. An additional 50,000 SF of meeting space can accommodate large general sessions or up to 17 smaller groups. Other facilities include a 25,000 SF ballroom; 400-seat amphithe- ater/auditorium with state of the art AV equipment; and four executive boardrooms. Universal Studios Escape Islands of Adventure, Orlando, Florida $55 million Marvel Super Hero Island project for Universal Studios. An extreme management challenge in terms of document control, coordination of fieldwork, engineering and construction of non-standard systems and one -of -a -kind buildings and rides. Facility consists of six buildings, three attraction rides, retail shops and multiple restaurants. Savannah College of Art Design, Savannah, Georgia $14.1 million, new student residence containing 290 dormitory units. Echelon at Cheney Place, Orlando, Florida $19.9 million, 303-unit apartment complex with 495 space parking garage Super Channel 55, Altamonte Springs, Florida $44 million, 18 story high profile class A office tower with 1,000 space parking garage partly underground and 30,000 SF television studio, ballroom convention area. Millenia Park One, Orlando, Florida $12 million, 163,000 SF six story office tower, 192,000 SF two level parking garage Lucent Technologies, Orlando, Florida $33 million, central energy plant S L A N D G A it D E N S X-52 4 DEVELOPMENT ENTITY Hard Rock Cafe Live, Orlando, Florida $31 million 120,000SF performance theatre and cafe Hard Rock Corporate Headquarters, Orlando, Florida $5.5 million, 80,000 SF Maitland Preserve Phase I, Orlando, Florida $14 million, 185,000SF 5-story, build to suit office building with 4-story parking deck Pembrook Commons, Orlando, Florida $7 million, 150,000SF 4-story spec office building Parrish Medical Center, Titusville, Florida $63 million, replacement hospital Park Summit, Coral Springs, Florida $17 million, 5-story Assisted Healthcare Living Facility with 20-bed extended care wing S L A N D G A R. D E N S 1-53 D E V E L 0 BEERS Beers Construction Company was founded in 1905 and is a full service general contracting firm headquartered in Atlanta, GA with 11 other offices throughout the Southeast and Puerto Rico. Beers provides general con- struction and construction management services for a diverse group of clients. The firm's current annual volume, including subsidiaries and active joint ventures, is in excess of $1.8 billion. The firm has had a presence in Florida since the founding of the company. From 1935 to 1965, Beers main- tained an office in Tallahassee and completed various projects including several for Florida State University, as well as adding thc first wings onto thc State Capital and constructing the Federal Courthouse. Over the years, Beers has maintained a modest presence in Florida and reentered the Florida market through the successful efforts of their Healthcare Group. In the early 1990s, Beers opened a regional office in Tampa to service this and other market sectors. The Tampa office has grown to over 100 employees, offering a myriad of construction services to Florida clients. Its 2000 construction volume exceeded $115 million. Due its success, Beers opened a second full service office in Orlando in the summer of 1996. In four years, the Orlando office grew to over 135 employees, with 2000 construction volume in excess of $140 million. Most recently, Beers opened an office in Jacksonville in the summer of 2000 and an additional office in North Palm Beach earlier this year. 5 L A n D G n R D E N s :-54 t DE V E L 0 P M E N T E N T I T Y BEERS CONSTRUCTION COMPANY Georgia Maritime Trade Center , Savannah, GA Time Required for Completion: 24 months Completion Date: June 2000 Amount Invested and Financed for the Project: N/A This $83 million development on Hutchinson Island consists of a 330,000 SF convention center. The facility was designed to revitalize the Savannah Waterfront entertainment district by combining a major destination five-star hotel/resort with a state-of-the-art convention and conference center. The development caps a decade - long crusade by a group of city, county and business leaders to reclaim the abandoned, silt -filled industrial docks on Hutchinson Island. The Savannah International Trade & Convention Center features 100,000 SF -of customizable exhibit space with 35-ft ceiling heights and clear spans of 90 ft by 120 ft. An additional 50,000 SF of meeting space can accommodate large general sessions or up to 17 smaller groups. Other facilities include a 25,000 SF ballroom; 400-seat amphitheater/auditorium with state of the art AV equipment; and four executive boardrooms. Westin Savannah Harbor Resort, Savannah, GA Time Required for Completion: 24 months Completion Date: January 2000 Amount Invested and Financed for the Project: N/A The Westin is a five-star luxury hotel and resort complex located on Hutchinson Island directly across the Savannah River from the Savannah Waterfront entertainment district. It is quickly becoming one of the premier Hotel destinations in the Southeast. The 16-story; 403-room hotel is located adjacent to the Georgia International and Maritime Trade Center, a new $83 million convention center recently completed by Beers. The 330,000-SF hotel complex includes a grand entryway and staircase with marble and granite floors; 1,000- seat ballroom, seven large meeting rooms, restaurant and bars, spas, recreational facilities and guestrooms including executive rooms with high -end interior finishes. Outdoor facilities include a marina area, as well as a landscaped garden area above a large underground parking garage. The Ritz Carlton Lodge at Reynolds Plantation , Oconee, FL Time Required for Completion: 19 months Completion Date: November 2001 Amount Invested and Financed for the Project: N/A Beers is building the $35 million Ritz -Carlton Lodge at Reynolds Plantation, a 238-room luxury resort on a wooded lake in central Georgia. The Lodge is an upscale property focused towards golf enthusiasts. Its is conveniently located near Adanta and Augusta, Georgia, and Hilton Head, North Carolina, making it perfect for visiting popular Southeast golfing destinations. S L A N D G A R D E N S 1-55 DE V EL OP ME N T E N T I T V Beers began construction on the Lodge May 8, 2000. When completed, it will feature luxury guestrooms, a restaurant, meeting and ballrooms, and administrative offices. High -end finishes include custom millwork in the lobby and guestrooms as well as a timber framing system in interior public areas for aesthetics. Also located on the property is a golf course, clubhouse and day spa facility. The Lodge is scheduled to be complete November 30, 2001. Beers faces many challenges to preserving the heavily wooded site's environmental integrity. In key parts of the building site, archeologists have identified three "cultural resource areas" containing important Native Ameri- can remains. Beers faces fines of up to $100,000 per occurrence if we disturb these areas. The Lodge's secluded natural beauty is important to its appeal. Therefore, tree save areas are vital for preserv- ing both the environment and the Lodge's unique character. Beers has helped the owner establish and maintain these tree save areas. The number of buildings under construction makes this effort especially difficult simul- taneously, including the main lodge building, the clubhouse and the spa. Beers is coordinating with the owner and with other contractors to ensure that these areas are not disturbed. The Swissotel , Atlanta, GA Time Required for Completion: 25 months Completion Date: January 1991 Amount Invested and Financed for the Project: N/A The $30 million, 328,000-SF Swissotel provides the Atlanta area with a 367-room luxury hotel and banquet facility. To accommodate visitors and meeting requirements, the project included a large banquet room, exten- sive meeting facilities, two restaurants with two kitchens (one to service banquet requirements), and parking for over 478 cars in addition to 70,000 SF of office space. The project was originally bid on scope or design development documents. Over budget by $2 million, the task of providing value engineering to the owner that would achieve architectural intent fell to Beers. Preconstruction phase work involved complete reprogramming and extensive change of the building skin, finishes and struc- ture. The project was constructed on a tight site. Located on the edge of a major exclusive shopping area, the project was extremely close to existing buildings and roads. Beers completed a deep excavation without impacting any offsite activities by working closely with adjoining property owners. 100 North Tampa , Tampa, FL Time Required for Completion: 22 months Completion Date: July 1992 Amount Invested and Financed for the Project: N/A This $44 million, 42-story, 900,000 SF high-rise office building is the tallest office tower on the West Coast of Florida. The unique concrete frame design by Dallas -based architectural firm HKS called for parking on the first 14 floors of the building (270,000 SF), and office space for the remaining 28 floors. Noteworthy features S L A N D 4 G A R D E N S X-56 D E V E L 0 P M E N T E N T I T Y include rare African wood veneer paneling in the entrance lobby, an auditorium and custom quarried Spanish granite for the exterior facade. Beers built the project on an accelerated 22-month schedule. The initial bid -estimate was $53 million — $9 million over budget. Beers worked closely with the owner and design team to value engineer the project back into budget. The high water table caused by the adjacent Hillsborough River required a large concrete mat pour to start the project. Beers coordinated the continuous pour by mobilizing all of the batch plants in the Tampa area and conducted the record -setting 9,000-cu yd pour in 14 hours. Use of stone from quarries in Spain was a significant logistics and planning challenge. The Beers team main- tained weekly contact with the quarry and suppliers to ensure quality and expedite deliveries, and arranged for phased transshipment by boat to Tampa and by truck to the job site. The stone installation was followed by a custom curtain wall system. S L A N D G A R. D E N S 1-57 DE V EL OP ME N T E N T 1 T Y JUDITHA. BURIN Attorney Shutts e3' Bowen, I .l ,P Chairperson, Land Use Practice Group Partner, Real Estate Development Education University of Miami, Bachelor of Business Administration and School of Law Role & Responsibilities for Island Gardens Development Ms. Burke will serve as legal counsel to Flagstone Properties and its consultants in the development of Island Gardens and be primarily responsible for obtaining all required permits and approvals for the construction of the project. Members of her firm will represent the developer in the negotiation of all contracts and leases for the hotel, restaurant and marina service components of the project. Specifically, Ms. Burke's representation will include, but is not limited to, obtaining approval from the State of Florida in the Development of Regional Impact (DRI) process, obtaining a waiver of the Deed Restrictions from the Board of Trustees for the Internal Improvement Trust Fund of the State of Florida, obtaining the Major Use Special Permit from the City of Miami in addition to handling all local, state and federal permitting for the construction of the marina and other project components. Judith A. Burke, Esq. chairs the Land Use and Zoning Practice Group at Shutts & Bowen LLP. The Group, as one of the firm's premier specialty areas, has extensive experience in a wide range of development including deep -water marinas, hotels, retail and entertainment projects. Although Ms. Burke concentrates her practice in land use and development issues, her experience as a transactional real estate attorney enables her to assist firm clients in all aspects of the development process. When representing developers, she often handles the acquisition of the property, zoning and related requirements, such as consistency with comprehensive plans, concurrency, site plan and platting approvals. Experience Ms. Burke's experience as a land use attorney, with previous experience in transactional real estate law, has enabled her to assist firm clients in all aspects of the development process. Projects include: American Airlines Arena, Miami, Florida While representing Basketball Properties, Ltd., Ms. Burke obtained all land use approvals required for the development of the American Airlines Arena. The representation obtaining a Major Use Special Permit from the City of Miami and a Notification of Proposed Change to the Downtown Development of Regional Impact, which was prepared on behalf of the Downtown Development Authority. Approval of the Notice of Proposed Change included negotiations with the State Department of Community Affairs and the State Department of Transportation. Moreover, Ms. Burke obtained the required approvals from the Dade County Shoreline Devel- opment Review Committee for the construction of the Arena. I S L n N D G A R D E N S X-se D E V E LOP M E N T E N T 1 T Y Bayshore Palms, Miami, Florida Obtained all land use approvals required for the development of two sixty-seven story residential towers in the Brickell Avenue area of the City of Miami. In addition to obtaining a Major Use Special Permit from the City, the representation required obtaining approval from the Dade County Shoreline Development Review Commit- tee, the Department of Environmental Protection and Army Corps of Engineers for seawall improvements and a boat dockage area. Jockey Club Marina, Miami, Florida In addition, to obtaining the necessary local municipal approvals for the renovation of a thirty-eight slip marina on Biscayne Bay, Shutts & Bowen negotiated a submerged lands lease with the Florida Department of Environ- mental Protection. The representation also included extensive negotiations with the Dade County Department of Environmental Resources Management for the operation of the Marina. Loehmann's Fashion Island, Aventura, Florida Represented Property Capital Trust, a Massachusetts business trust, in connection with the complete renovation of a regional shopping center. The renovation of Loehmann's Fashion Island, located in the City of Aventura, included the construction of numerous new buildings, relocation of ingress and egress access points to the property and other traffic related issues. The firm's representation also included, the negotiation of the full lease up of the shopping center including numerous built to suit improvements. NBC Studios, Miramar, Florida Represented National Broadcasting Stations Management, Inc. in obtaining all land use approvals required for the development of a state of the art television studio located in Miramar, Florida. The approvals required included Plat Note Amendments and water and sewer issues. Goldstar Partners, LLC, Miami, Florida Ms. Burke recently obtained all the required local and state approvals for the construction of two hotels and related amenities on Biscayne Bay in North Miami Beach. Representing Goldstar Partners LLC, Ms. Burke obtained approvals from the Dade County Shoreline Development Review Committee and the Department of Environmental Resources Management for a baywalk. In addition, Shutts & Bowen secured approvals from the South Florida Water Management District and Department of Environmental Protection in connection with establishing a conservation easement for a mangrove area and the completion of wetlands mitigation. Douglas Entrance, Coral Gables, Florida Represented the Louis Dreyfus Property Group in obtaining all land use approvals required for a mixed -use development known as Douglas Entrance in the City of Coral Gables. In addition to the local land use approvals required, Ms. Burke obtained Development of Regional Impact approval from the State of Florida. Douglas Entrance was the largest development of regional impact ever approved in the City of Coral Gables and included numerous transportation, water, sewer and historic property issues. 5 A N D fid G A r. D L N S Z. D E V E L 0 P M E N T E N T I T V LILLIAN A. SER Attorney Shutts & Bowen, I.I .P Associate, Land Use Practice Group Education University of Miami, Bachelor & Master of Business Administration and School of Law. Role & Responsibilities for Island Gardens Development_ Ms. Ser will assist as legal counsel to Flagstone Properties and its consultants in the development of Island Gardens and in obtaining all required permits and approvals for the construction of the project. Members of her firm will represent the developer in the negotiation of all contracts and leases for the hotel, restaurant and marina service components of the project. Specifically, Ms. Ser's representation will include, (FILL IN ) Experience Ms. Ser represents private property owners, developers and lenders in land use, zoning, real estate and environ- mental matters. She develops and maintains strong working relationships with staff in all levels of county, municipal and other government agencies to facilitate the initiation and completion of development projects and the resolution of issues relating to zoning, master plan amendments, permitting, historic preservation, due diligence and code enforcement. Prior to joining Shutts & Bowen, Ms. Ser was an Associate at Ruben, McClosky, Smith, Schuster & Russell in Ft. Lauderdale. She managed day to day litigation matters for commercial litigation clients. Her responsibilities included drafting of pleadings and preparation of motions, discovery and correspondence, negotiating settle- ment agreements, execution and collection of judgments, and client interaction. From 1986-1996, prior to obtaining her law degree, Ms. Ser was the Director of Student Account Services at the University of Miami. He responsibilities included the billing and collection of accounts receivable and mainte- nance of quality student financial services within applicable federal and state guidelines. Major office functions included financial enrollment (registration), student loan disbursement and administration, tuition financing plans, student accounts receivable, cashiering and managing thirty staff members. Associations, Organizations & Awards Member, City of Miami Beach Chamber of Commerce Member, Greater Miami Chamber of Commerce Member, Latin Builders Association •Member, Builders Association of South Florida Member, Dade County Bar Association Environmental and Land Use Committee I S L A N D G A R D E N S X40 D E V E L 0 f M E N T E N T I T Y SHUTTS & BOY/EN In 1910, Frank B. Shutts founded a law firm that would come to be known as Shutts & Bowen. That same year, with funds provided by the railroad builder, Henry Flagler, Shutts founded The Miami Herald on December 1, 1910 and he remained a guiding light of the publication for 27 years. Through his law firm and newspaper, Colonel Shutts, a title he came to be known as after serving a term as a Lieutenant Colonel for Governor Cary D. Hardee, was responsible for many of the significant events that transformed Miami from a small community of 5,000 to the internationally known City it is today. Colonel Shutts negotiated the acquisition of significant waterfront property by the City of Miami from the Florida East Coast Railway. A portion of that property, which was conveyed for $1,340,000, now constitutes Bayfront Park. He was instrumental in the construction of Tamiami Trail and Dixie Highway and through his personal efforts convinced Carl G. Fisher to help finance the development of Miami Beach. Colonel Shutts also promoted the development of a deep -water channel across Biscayne Bay to the Gulfstream. That channel, which borders Watson Island and is known today as Government Cut, allowed for the tremendous growth and success of the Port of Miami and its city. Today, the firm has over 150 attorneys in its five offices in the State of Florida and is a full -service law firm. Its attorneys have continued to be involved in the growth and promotion of Miami. The Shutts & Bowen's Land Use and Zoning Practice Group, headed by Judith A. Burke, Esq., is one of the firm's premier specialty areas. The Group provides its clients with comprehensive and effective representation in applying and interpreting land use regulations at local, state and federal government levels. 5 L A ND i G A 2 D E N S X41 DE V E L OP M E N 7 EN T 17 Y I REFEREN ESFORALL DEVELOPMENT TEAM MEMBERS 1 S L A N D G A R. D E N S 142 Development Team Member: References Flagstone Properties, LLC/Mehmet Bayraktar List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr. Adnan Nas Title: Chairman Business: Price Waterhouse Coopers, Turkey Address: BJK Plaza, Spor Caddesi No. 92 K: 9, Akaretler, Istanbul Turkey Telephone/Fax: +(90) 212-259-4980 / +(90) 212-259-4902 Nature and magnitude of business association: Acquaintance for many years within the business circle and viewed as leading audit.company in Turkey. Reference Number 2 Name: Mr. Koray Arikan Title: Vice President Business: JP Morgan / Chase Manhattan Bank Address: Emirhan Cad, No. 145 Atakule K: 11, Dikilitas, Istanbul Turkey 80700 Telephone/Fax: +(90) 212-326-8304 / +(90) 212-326-8380 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 3 Name: Mrs. Tuna Ibrahiuizade Title: Vice President, Private Banking Business: HSBC Address: Guyezeller Bank A.G., Geneva Switzerland Telephone/Fax: +(41) 228-187-861 / +(41) 223-106-065 Nature and magnitude of business association: Acquaintance for many years within the business circle. )1 \ I 1 (.)1",II 11 I VV, I 1 1 I! 1 1;1 Reference Number 4 Name: Title: Levert Yaveroglu Chairman Business: Deloitte & Touche Address: Bnynkdere Caddesi Y.K. Plaza B Blok K: 5, Levent, Istanbul Turkey Telephone/Fax: +(90) 212-283-1585 / +(90) 212-283-1593 Nature and magnitude of business association: Deloitte & Touche has been involved in auditing Bayraktar Holding since 1990. Reference Number 5 Name: John T. Riordan Title: President Business: International Council of Shopping Centers (ICSC) Address: 1221 Avenue of the Americas, 41 u floor, New York, NY 10020 Telephone/Fax: (646) 728-3800 / (212) 589-5555 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 6 Name: Jean Louis Solal Title: Chairman & CEO Business: Jean Louis Solal Investissment Address: 112 Avenue Kleber, Paris 75116 France Telephone/Fax: +(33) 144-343-160 / +(33) 144-343-169 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 7 Name: Charles Joye Title: Chairman & CEO Business: Retail & Development Services SA (RDS) Address: 1. Ch. De la Dime, Case Postale 10, CH-1294, Genthod, Geneva Switzerland Telephone/Fax: +{41) 227-742-424 / +(41) 227-741-988 Nature and magnitude of business association: Acquaintance for many years within the business circle. )1 \l 1 OI'\11 1 II \\I 1 Olt\I ICI I I I I `.( I Reference Number 8 Name: Jeremiah W. O'Connor, Jr. Title: Chairman & CEO Business: The O'Connor Group Address: 399 Park Avenue, New York, NY 10022 Telephone/Fax: (212) 308-7700 / (212) 308-7894 Nature and magnitude of business association: Acquaintance for many years within the business circle. I>I \'I I ()I'\1I \ I l l \\1 I OI:\l NI l I I l \(I ti Development Team Member: Jones Lang LaSalle References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Scott Geik Managing Director Harris Trust and Savings Bank 111 West Monroe Street, Chicago, IL 60690 Telephone/Fax: 312.461.5113 /312.293.4856 Nature and magnitude of business association: Reference Number 2 Name: Ben S. Caputo Jones Lang LaSalle has a $250 million dollar Revolving Credit Facility from a syndicate of 14 banks. As of December 31, 2000 the facility had an outstanding balance of $85.6 million. Harris Trust & Savings Bank serves as the administrative agent of the facility. Title: Senior Real Estate Officer Business: Northwestern Mutual Life Address: 10 South Wacker Drive, Suite 3400, Chicago, IL 60606 Telephone/Fax: 312.559.0700 / 312.559.0198 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: William C. Helm Northwestern Mutual Life was Jones Lang LaSalle's equity partner during the development of Cornerstone 1 and II, a 500,000 s.f. multi -tenant, Class A office complex in Warrenville, Illinois. Vice President DLJ/Real Estate Capital Partners 277 Park Avenue, New York, NY 10172 Telephone/Fax: 212.892.4652 / 212.892.7553 Nature and magnitude of business association: Jones Lang LaSalle formed a joint venture with DLJ Real Estate Capital Partners, Inc. to develop Millenia, a 406-acre land parcel in Orlando, FL. DLJ is providing the capital for infrastructure improvements. DI \ I I OI'\II Nl l 1. AiA1 I OI:Al I:I I I I:I \('I ti Reference Number 4 Name: Chris Carley Title: Chairman Business: The Fordham Company Address: 4 East Huron, Chicago, IL 60611 Telephone/Fax: 312.587.0900 / 312.587.8600 Nature and magnitude of business association: Jones Lang LaSalle is currently managing the development of Fordham Tower, a $120 million, 50-story residential high-rise, and 65 East Goethe, a $29 million, 140,000 s.f. super -luxury condominium development — both projects are located in downtown Chicago. The Fordham Company, a residential development company, is the developer for both projects. DEVELOPMENT TEAM FOR\1 REFERENCES svelopment Team Member: Spillis Candela & Partners, Inc. References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Telephone/Fax: Mr. Charles Lilygren Managing Director Bank of America 555 South Flower Street, 111 Floor, Los Angeles, CA 90071 213 228 2636; fax 213 623 1959 Nature and magnitude of business association: Current bank relationship between Bank of America and Daniel Mann Johnson & Mendenhall, who is Spillis Candela & Partners' parent company, consolidating all bank accounts and lines of credit. Reference Number 2 ame: Title: Business: Address: Telephone/Fax: Ms. Victoria F. Garrigo Vice President Northern Trust Bank 595 BiItmore Way, Coral Gables, FL 33134 305 529 7705 Nature and magnitude of business association: Prior banking relationship of all accounts and lines of credit in the magnitude of low seven figures. Reference Number 3 Name: Mr. Russell James Title: General Manager Business: T-Square Express Address: 998 West Flagler Street Telephone/Fax: 305 324 1234 ature and magnitude of business association: Vendor for the last 20 plus years providing full service reproduction and architectural supplies to our firm with monthly invoicing ranging from the mid to high 5 figures. DFV1.:LO1'\l1 Ni 'ILA FORM RFITR[.N('FS t.eference Number 4 Name: Title: Business: Address: Telephone/Fax: Yamile Barrera Vice President and General Manager Business Travel Advisors, Inc. 3750 N.W. 87th Avenue, Suite 100, Miami, FL 33178 305 594 2929 Nature and magnitude of business association: Provides travel arrangements for firm partners and employees with monthly invoicing ranging from low to mid 5 figures. DEVELOP\1[N1 "M:AN1 I OR\i RI:F[RIAC'ES nevelopment Team Member: Eric R. Kuhne, Architect, P.C. References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: James Monica Title: Partner Business: Schuhalter, Coughlin & Suozzo CPA Address: 575 Route 28, 2°d Floor, Raritan, NJ 08869 Telephone/Fax: Tel: (908) 707-1100 Fax: (908) 707-1070 Nature and magnitude of business association: Accountant Reference Number 2 Name: ' i'itle: Business: Address: Telephone/Fax: Robert McGeary Esquire Robert McGeary PC 14 Pine Hill Road, Annandale, NJ 08801 Tel: (908) 735-0229 Fax: (908) 735-7021 Nature and magnitude of business association: Lawyer Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Thomas Navin Owner Thomas Navin Architect 120 Cabrini Blvd., #98, New York, NY 10033 Tel: (212) 923-2813 Fax: (212) 923-2854 Nature and magnitude of business association: Contract Employee I)I V'1.IOI'11I NI 11 \\1 I(►I:AI ICI I I I I N(I ti Reference Number 4 Name: Title: Business: Address: Telepbone/Fax: Tony Cope Office Portfolio Manager General Property Trust Level 14, Tower Building, Australia Square, Sydney NSW 2000 Australia +(612) 9236-6003 / +(612) 9296-6020 Nature and magnitude of business association: Client and current asset manager for Darling Park. Reference Number 4 Name: Jeremy Collins Title: Project Director Business: Lend Lease Address: York House, 7`" floor, 23 Kingsway, London WC2B 6LU England Telephone/Fax: +(44) 207-379-0222 / +(44) 207-379-0219 Nature and magnitude of business association: Client and development director for Touchwood in Solihull. Reference Number 5 Name: Title: Business: Address: Geoff Paddock Executive Director Headwaters Park Alliance 110 West Berry Street, Suite 1600, Fort Wayne, Indiana 46802 Telephone/Fax: (219) 425-5745 / (219) 425-5155 Nature and magnitude of business association: Client and executive director of Headwaters Park Alliance 1)1N1.1.01)NIN 1I I I /\vI 1 01:N1 - IZI I'II:I.?:(•1•.. Nevelopment Team Member: References Edward D. Stone, Jr. and Associates, Inc. List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business:. Address: Telephone/Fax: James B. LaBate First Vice President Merrill Lynch 2611 E. Oakland Park Boulevard, Ft. Lauderdale, FL 33306 954/537-3825 / 954/566-1983 Nature and magnitude of business association: Banking, Lending and Consulting Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Carlos Castresano Senior Vice President AXA Advisors, LLC Cue Financial Plaza, #1200, Ft. Lauderdale, FL 33394 954/356-5558 / 954/356-5500 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Insurance and Benefits Consulting Steven Samuels Director Bachlin Cohen & Holtz 700 S.E. 3rd Avenue, Ft. Lauderdale, FL 33316 954/525-1040 / 954/525-2004 Nature and magnitude of business association: Tax, Accounting and Business Consulting Services DLVI,LUPMI:N1 .I I.;A\1 I UR\1 kr.NCI S Reference Number 4 Name: Title: Business: Address: Telephone/Fax: Larry R. Deetjan Manager City of Deerfield Beach 150 N.E. 2nd Avenue, Deerfield Beach, FL 33441 954/480-4200 / 954/480-4268 Nature and magnitude of business association: Landscape Architecture, Planning, Consulting and Project Management I)1.A I I O1'\11 N I I I \\l I�OI\\I IyI I I IyI N('I ti Development Team Member: Continental Hospitality Holdings, LLC References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Gerald Katcher Title: Chairman & CEO Business: Mellon United National Bank Address: 1399 SW 1 Avenue, 4t° floor, Miami, Florida 33130 Telephone: (305) 358-4333 Reference Number 2 Name: David S. Kenin Title: Partner Business: Greenberg Traurig Hoffman Address: 1221 Brickell Avenue, 22'a floor, Miami, Florida 33131 Telephone: (305) 579-0585 Reference Number 3 Name: Title: Business: Address: Telephone: Reference Number 4 Name: Title: Business: Address: Telephone/Fax: Aaron Podhurst Partner Podhurst Orseck and Park 25 West Flagler, Suite 800, Miami, Florida 33130 (305) 358-2800 Gene Stearns Partner Steams Weaver Miller 150 West Flagler, Miami, Florida 33130 (305) 789-3400 Development Team Member: Camper & Nicholson Marinas Ltd. References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Telephone/Fax: Jim Cunningham Manager Bank of Scotland 144/148 High Street, Southampton, SO14 2JF, England Tel +44 23 8053 1051 Fax +44 23 8053 1004 Nature and magnitude of business association: Bankers to Camper & Nicbolsons Marinas Ltd and its associate companies. Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Miss Sarah Martin -Hill Account Manager LEX Vehicle Leasing Ltd Crossgate, Cross Street, Sale, Cheshire M33 7FU, England Tel +44 161 905 4173 Nature and magnitude of business association: Has leased vehicles to Camper & Nicholsons since 1993 Reference Number 3 Name: John Chase Title: Partner Business: Burnett Swayne & Co Address: Charter Court, Third Avenue, Southampton, SO15 OAP, England Telephone/Fax: Tel +44 23 8070 2345 Fax +44 23 8070 2570 Nature and magnitude of business association: Auditors to Camper & Nicholsons Marinas Ltd and associate companies I )I \ I I (>I'\l I\ I 11 \\I I Ok \1 1:1 1 1 I I \('I ti Reference Number 4 Name: Title: Business: Address: TelephonelFax: John Preston Principal Artworks Ltd 9 Stoke Road, Gosport, PO12 1 LT, England Tel +44 23 92 502 028 Fax +44 23 92 511 645 Nature and magnitude of business association: Graphic designers, publishers, media communication agency services to Camper & Nicholsons Marinas Ltd and associate companies I)1.;A'LLO1)\11 \ 111 :A\1 101:11 R1:Ii: IAC'1-L 'evelopment Team Member: References Beers Construction Company List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr. Parker Hix Title: President Business: Allied Group of Companies Address: 11 Piedmont Center, Suite 700, Atlanta, Georgia 30305 Telephone/Fax: 404-842-9530 404-842-1411 Nature and magnitude of business association: Bonding representative. Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Mr. Jim Theiling Senior Vice President Bank of America 600 Peachtree Street, NE, Atlanta, Georgia 30308 404-607-5804 404-607-6343 Nature and magnitude of business association: Banking relationship. Reference Number 3 Name: Mr. John Dixon Title: President Business: Mallory & Evans, Inc. Address: P.O. Box 447, Decatur, Georgia 30031 Telephone/Fax: 404-297-1000 404-296-5838 Nature and magnitude of business association: Long-term repeat subcontractor. DEVLLOPMLN1 1 L \\1 FORM REFERENCES iteference Number 4 Name: Title: Business: Address: Telephone/Fax: Mr. Jim Overton Senior Vice President Cousins Properties 2500 Windy Ridge Parkway, Suite 1600, Atlanta, Georgia 30339 770-955-2200 770-857-2582 Nature and magnitude of business association: A long term, repeat client. ICEV'LLOI'\11 N I 1 LA\1 IOR\1 RI:F[RENCLS ' •velopment Team Member: References David Plummer & Associates, Inc. List four (4) persons or firms with whom business tra Mariano J. Rodriguez nsactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Telephone/Fax: Alex Barcenas Vice Assistant Manager SunTrust Bank, Miami 100 Miracle Mile, Coral Gables, FL 33134 Tel: (305) 442-3137 / Fax: (305) 441-9618 Nature and magnitude of business association: Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Mariano J. Rodriguez CPA Rodriguez, Trueba & Company 1985 NW 88 Court, Suite 101, Miami, FL 33172 Tel: (305) 593-2644 Ext. 108 / Fax: (305) 593-0390 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Galloway Office Supplies & Equipment 6802 S.W. 81 Street, Miami, FL 33143 Tel: (305) 665-2116 / Fax: (305) 665-3398 Nature and magnitude of business association: DEVELOPMENT TEAyi FORM RLI FRE CFS ,..eference Number 4 Name: Title: Business: Address: Telephone/Fax: Diego C. Alonso Systems Engineer Advanced Total Systems, Inc. 1150 NW 72 Avenue, Suite 501, Miami, FL 33126 Tel: (305) 477-4567 / Fax: (305) 477-9713 Nature and magnitude of business association: 1)EVLLOP111:NT 1 L,111 FOR11 REFERENCES svelopment Team Member: Shutts & Bowen LLP References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Telephone/Fax: Eric Woolworth President Basketball Properties, Inc. 601 Biscayne Boulevard, Miami, FL 33132 Tel: (786) 777-4007 / Fax: (786) 777-4082 Nature and magnitude of business association: Client/Developer of the American Airlines Arena. Reference Number 2 Name: Mr. Harvey Taylor ' Title: Business: Address: Telephone/Fax: President Taylor Development & Land Company 12000 Biscayne Boulevard, Suite 803, Miami, FL 33181 Tel: (305) 892-6800 / Fax: (305) 895-1101 Nature and magnitude of business association: Client/Developer of numerous mixed -use projects in the City of Miami. Reference Number 3 Name: Title: Business: George F. Psomopoulos First Vice -President & Regional Commercial Lending Manager, Commercial Lending Department SunTrust Bank Address: Mail Code Fl. — Miami Beach-6011, 1111 Lincoln Road, Miami Beach, FL 33139-5125 Telephone/Fax: Tel: (305) 674-5207 Nature and magnitude of business association: Banking relationship. DI:VFLOP111;N 1 "1 FAM FORM Rl:l I:IZLN( L:S iceference Number 4 Name: Title: Business: Address: Telephone/Fax: Ms. Marion Diamond Director of Florida Operations MDY Advanced Technologies, Inc. 4861 N. Dixie Highway, Suite 202, Ft. Lauderdale, FL 33334 Tel (954) 776-5678 / Fax: (954) 776-5782 Nature and magnitude of business association: Vendor. DEVELOPMENT ENTITY 4 LICENSE rAND (WORM REGISTRATIONS IS L A ND G A R D EN S X-u )✓•.1107,f:011/•%101.^.101r•.161i•.1.A'yl.li••t.O412,,C."LOi/,••,16V2.2 4111.i•ir_t�'�•.yi_'�_�1:•.• •'._��'i �• -tN N--'H ��l O• H H�'�N.�.N . N .'N �..N �.�N N •• ".H -i•• N � N N N-'N N._'N M N N H •4 •e. -....✓1i1�:y11.101C.•,C1';rhtirLF.41....0?:rii,�.i',Tr, 411•:;iiti,i1� :•':�� G �� • e _3 e _fini err- .0:: -- • Or • � t� • • Erpairtmeitt ztf 'tate y(sjf _ • _ ^C ' �JC ✓ 11,ti s ✓ • ✓ 7 , tit i •��ej+lj - 1/U • C ✓ 4 • - C (410 ✓ 1'J� • :(0 S (0 \�l✓v\1�✓ t,11 �1Jr�+�Jrti\11✓ti�11.rw4Jr^�1Ir�11)rV +✓^I,11r•.111,1.r lNI ✓•..( 111 ...I �.\1kr:1,11)�•.1/✓St11! -1�1�.111r .i11✓ti'•'r.',• ✓ .t1'i . 1._ 0 <N N -c N; (N ,N� M-��M !N _�N (N i`tN N� CN �f N� N0 0 00 ee 'M .(0e N N N H • ✓�•�h✓(11ti✓l1l ✓(•li;(•tN7r(1il7.-;i• llhrl•tea,•114(Ih✓1•+':ri•1•=✓11a;(01-71% ttitl�i�r111�=✓11,���11i✓(••i—c:r 1z:1•t�:ilhri••,S;+••r,;I•o. certify from the records of this office that FLAGSTONE PROPERTIES, LLC, is a limited liability company organized under the laws of the State of Florida, filed on May 14, 2001. The document number of this company is L01000007559. I further certify that said company has paid all fees due this office through December 31, 2001, and its status is active. CR2E022 (1-99) Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Sixteenth day of May, 2001 arrio !trtiterirte purris erretarg of $tzzde •• I ykI,ilrtill11rvNJ.�!tilll`}v1/1'1rstlJrvt111v4/%lI.!rv1rti�1r‘11)w,I1YVIllrti11•11✓�II1�,111l11���11 1JJv111!ti `•Ii\I1r%1•fr.',11w111h11)Y Ill/%II'1%111r ti��fN •• IN _ 00:N)�0'\Nl.:/-',�� M% 00N MN' N 00 N N _ Nam- N"NN.N N.-'N N"N Z. • Y•'111I<(�I%40\/1•1<li•\!1G111I•/`//,1//•1rid 1111/ I'lJl�''\!1 0 1\/i.,�I . `-, i\fib7",9rc,91\!191\I'I9Iff•11/i•1\!I •1-.II Fill,/1\I'i1.,.:I• .: a. - • - :Itl • if • • • 4)1 )>• S•• ' 71jR- ✓- • ti' y�l �y. v , 401< ?' ✓_�1V✓(, rV, r-+e-iv\lrtiU1^I i.ti I)rc 1 r\ I I r 1 ✓.ti 1 rs 1 fw I ✓ti 1 ✓s 1 .S 1)r 1 r �1t�lIJ�\�)✓\�Jr\IVe•)itiII, . �r F •• •�•\/•�) Vim\ ` t ^� 1 1 •%%\ /'��/�V-• O/'�'..1/�'�,�//'��wJ � ��/ //�00) > > '-'(\) (00Ulr•,�/I �. 0. N - - 7!i• R-4 1%//I-11!4/. 111,i/IN./411'r1l �iA-YI ' ?(11\-,I �ll'711 ��ti-i11 �1`t"41i1\7fi ;`_411RT(`1!M1A/l�l\..1,�1�1(1�f�1�\111(1R'•.!J1�1(',�1i 1l!—J(�I't'T�/1\ll/l'�'/,i/1'�Ji/ It 11 /',\!i/1\i'>/ \!1/ ti iltpartrntat of 'Mott I certify from the records of this office that JONES LANG LASALLE AMERICAS, INC., is a corporation organized under the laws of Maryland, authorized to transact business in the State of Florida, qualified on May 21, 1997. The document number of this corporation is F97000002688. I further certify that said corporation has paid all fees due this office through December 31, 2001, that its most recent annual report/uniform business report was filed on March 6, 2001, and its status is active. I further certify that said corporation has not -filed a Certificate of Withdrawal. Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Ninth day of May, 2001 r, / 1') CR2E022 (1-99) pa i is $PrrEfurr of tate %,141.,%•l11), 11 • 1t".2z1'. • • 0 )/ • %.` I • leI• 10• //sof // %1 • 4,%.1,• %101,!_:,,I • • • • • • z..-7-/ • /(• • ,C4 • 1z7.2/ in7;;1 • ,C.-71 • )\-,1 • l'-‘77, • • 1\-7, • • • • • .C:"/ • • ,% • 1%", • • .% ri • • e-7-4 • • 1,7/, • • -.7,', • '7,- Deportment of OM', I certify from the records of this office that SPILLIS CANDELA & PARTNERS, INC., is a corporation organized under the laws of Delaware, authorized to transact business in the State of Florida, qualified on May 18, 1999. The document number of this corporation is F99000002538. I further certify that said corporation has paid all fees due this office through December 31, 2000, that its most recent annual report/uniform business report was filed on May 1, 2000, and its status is active. I further certify that said corporation has not filed a Certificate of Withdrawal. CR2E022 (1-99) kfr %.l•)/ %ki),;!-Itt %l • ),f2;.14 •/,,,%‘ 4,1%, ',AO/4%A \ • ,:?%‘• le_1‘,&• /"%k • be %l • • a 00,,,00,,;;;00jr00,00Y,', 0100;%00 • aaa. 00 0.0 00 mo• • 411. 0101%-40 ";rii0 VW/ONA'. 1\7..,74).S7A'i5.10 2i,i'72101 • 7i, • ..;": Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Seventeenth day of May, 2001 arris itil1ErnEpzn-ris Errearg xrGState • • 1. • • • • • • • • • • • • f) • • • • • or • • • • : I • • • • • • • • • ft :•11 • • V; • • ;•• • • r; • • • • • • • 6 • • Certificate of Professional Registration MOW Y �PXw R 4. 1'"•KA^E fact -tii ii !,L 4,4 PARIIIThint CORM 0,411ILCH FL 33t342is .�Lt19 :fit SM AUliPERNINI D * t A1' AR ARUM •:,4- ' **VA' 1 ri :iNKIL.RY.-Sty 9 SECRETARY Certificate of Professional Registration - individual MEV" sreEE _ .DFS$4�b ,° i VLA,1ON 41'CiiZ TEC T. ORAZIAL 1E LICENE:D liPk4dO11 FEB 2B r 009022133 enciir 11t: DYlfblts n! Ch. 4 B OS AP.CH ECTURE • ENGINEERING • PLANNING • INTERIOR 4 08,31 /01 z cLC x':S7 V 7K V �MW f!' W!'9�lIM'vf tr.!r ..-esz• u.csa•3.y,i.g�.y�y s Zfje Einibeuitp of tfje6tate ofPeta pork THIS IS TO CERTIFY THAT QUALIFICATIONS FOR PROFESSIONAL PRACTICE IN NEW YORK STATE HAVING BEEN APPROVED THE STATE EDUCATION DEPARTMENT HAS REGISTERED 3716953 KUHNE ERIC ROBERT 50 WALKER ST NEW YORK NY 10013-3514 FOR PRACTICE IN_NEW YORK STATE AS A (N) :AR'CHIT EC.T +s REGISTR TION OD ENDS • L s RE OF REGISTRANT 017931-1 LICENSE/CERTIFICATE NO. COMMISSIONER OF EDUCATION J REGISTRATION CERTIFICATE - -- NOT A LICENSE 4 ta ti State of New York } ss: Department of State I hereby certify, that the Certificate of Incorporation of ERIC R. KUHNE, ARCHITECT, P.C. was filed on 12/05/1989, with perpetual duration, and that a diligent examination has been made of the Corporate index for documents filed with this Department for a certificate, order, or record of a dissolution, and upon such examination, no such certificate, order or record has been found, and that so far as indicated by the records of this Department, such corporation is a subsisting corporation. •••••••••••• •OFNEjV•• O' • * • • • • 200105110444 * 07 • • *: • Witness my hand and the official seal of the Department of State at the City of Albany, this loth day of May two thousand and one. Special Deputy Secretary of State • P.1 `0,111-flt,111.. 10, el/ %1 %t 11/1,1. 4,7./10),f%1•1/%1 • ,7,,,1•;/ %, • I? %‘ 41/%167/ %I 41/ so, .)/ 1/_1_.1e / •)%‘ • Jr..., • • 1, • •,t • ;, 4/0 0,—;/ • 1;t7,1 • ,',721 • v\--:7110 "i • • ,%771• • • • k..771 • ;',:;,1 • 1,72'4 • ,%":^i ,,T:-/( • • 1,7%i* • • • • • • (2), • (1!: • ,11, • • • Mb ' ref NO 411 lirpartntent of etatr I certify from the records of this office that EDWARD D. STONE, JR. AND ASSOCIATES, INC., is a corporation organized under the laws of the State of Florida, filed on July 8, 1969. The document number of this corporation is 601195. I further certify that said corporation has paid all fees due this office through December 31, 2001, that its most recent annual report/uniform business report was filed on February 13, 2001, and its status is active. I further certify that said corporation has not filed Articles of Dissolution. CR2E022 (1-99) Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Tenth day of May, 2001 X_Tiefertote., arris •!.atiiErirre Parris -tart ofc...tate we/ 114( 11414 114. • 11-4 1% 4( 114 . ‘...(110 I \ 1%, NA IN 4, • • • • • ;..l: • 7 • • 41; • ••• • • • • • • -; • • /P• - ?(, • • ;•-: • (.1 • - • 41 -(1 : • • 2.- • • 7;4 (S. • • .?( • ••- • - • . • • • • • • • • • • act‘043.04.1 .STATE OF FLI RfDA: ' DEFAR hKENT_: 131F r=BUSINESS AND- •PRZIOESSIONAL REGULAy' ry BOARD ,OF LANDSC"APE-ARCHT�TECtU ��4 • � , 990P53 L A ._ _OCS ;Gass • math avg:� a,S REQ; ; TEFh =tfirlderthe prortsteittof C ter' 481 Explratloe date: •NOV 30, 2001 CDOLMAN, CHARLES. D 1911 BAYVIEW DR FT LAUDERDALE JEB BUSH GOVERNOR 1C#'' 0 FL 33305-3627 DISPLAY AS REQUIRED BY LAW STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PRQFESSI,DNAL. RFGUL• ATI0N BOARD' OF LANDSCAPE ARCHITECTURE CYNTHIA A.` HENDERSON SECRETARY DATE I BATCH NUMBER 08%28/ 1.999 999004 76 LICENSE NBR LA 0001611 The - LANDSCAPE ARCHITECT Named below HAS REGISTERED "-ler the provisions of Chapter 461 FS. Iretion date: NOV 30 , 2001 KISSINGER, PAUUL DAVID 1636 N E 16TH AVE FT LAUDERDALE FL 23205 JEB BUSH GOVERNOR DISPLAY AS REQUIRED BY LAW CYNTHIA A. HENDERSON SECRETARY AC# 0019048 MIN .O_AII STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BOARD OF LANDSCAPE ARCHITECTURE SEQ# olo32eoo12 :1.1r.urt iumal LICENSE NBR 03/28/2001 00025359 LA 0001738 The LANDSCAPE ARCHITECT Named below HAS REGISTERED Under the provisions of Chapter 481 FS. Expiration date: NOV 30, 2001 HALL, MARC ANDREW 9257 ARBORWOOD CIRCLE DAVIE FL 33328 JEB BUSH RIM BINRLEY-SEYER DISPLAY AS REQUIRED BY LAW SECRETARY GOVERNOR STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BOARD OF LANDSCAPE ARCHITECTURE 1940 N. MONROE S T . TALLAHASSEE Ft_ 32399-07 a EDWARD C STONE JR & ASSOC INC 1512 E BROWARD BL•:D STE 110 FT LAUDERDALE -L 233C 1-21.9': DETACH HERE STATE OF FLORIDA. (S50) 488-6685 STATE OF FLORIDA Anil 46 33% DEPARTMENT OF B UB TNE8S AND PROFESS TONAL REG.ULAFTotr • i LC—0000001 08127/ 1999 999004- ;LANDSCAPE ARCHITECT BUSINESS DWARD D STONE JR & ASSOC- INC HAS REGISTERED under the provtsionso(Ch. 481 Expiration Date: NOV 30, 2001 DEPARTMENT GE BUSINESS AND. PROFESSIONAL REGIJLATI-c BOARD .OF LANDSCAPE ARCHITECTURE .. DATE BATCH NUMBER f� :999OO44a' LICENSE NBR =-C orrt000 L The IxiiSEr_APE ARCH I TEC C EUS1 NESS Namedineeiaw }As REQ I STERED . Under the pranslonss of Chapter 481 FS. Expiration:date: NOV30 2001 ED44ARD D STONE JR ?< ASSOC INC 1512 E IROWARD BL VD STE 110 FT LAUDERDALE FL 3330 1 —2199 JEB BUSH GOVERNOR DISPLAY AS REQUIRED BY LAW CYNTHIA A. HENDERSON SECRETARY 07/10/01 TUE 15:48 FAX [don State of Delaware Office of the Secretary of State PAGE 1 I, HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE DO HEREBY CERTIFY THAT THE SAID "HOSPITALITY HOLDINGS, LLC" FILED A CERT T FI CAT,,EsAFAMEN:814E4T,, CHANGING ITS NAME TO "CONTINENTAL HO§P,IV'i{AL;T ' 0I,DII S :}LL'p" ,_ `.b TIHE TWENTY-THIRD DAY ..i r' • 4.i �� J�Aie '•.:.- vx, �o�•k rk. `{t OF APRIL, A.; .r 2400A`T ,9,,0'' L'OCr„V.`, Y•. AND I. �DQ FIE I�EB . FURTHER CERTIFY THAT THE ,5"A .0 '? CONTINENTAL ri HOSPIT LITY-HOLDINGS, LLC", 15':THE LAST KNOWN"sL•�TcxfiZ OF RECORD OF ,: 45" THE AI~OR A LI T I.,IABIL:ITT,:.:COMPANY:. ` `..� AND: -I' DO HERE St'seFUR 'R' `CER'i.TFY'%mit, TEE AFORESAID 'LIMITED i .ta;:'F% ''Fi.• ; - GNP. :O.4 .. LIABILITY ;COMPANY IS;-D1I*Y i'OR'' . EE7 ~L•JNDEt TE E;:LAWS OF: THE STATE OF • DELAWARE• AND IS IN GQ015 STAIDI�iGG'AND, .ET3ks=?1A, :LEGAL EXISSS.TE117CE NOT .,:• .. HAVING , BEEN CANCELLED. '.OR ' D.l S. Qu,D1. SO ,FAR AS THE RECORDS OF THIS rx OFFICE SHOWAND I'S IjffLY'T .0R;ZZED;,TO TR BACT BUS.WESS: 3361682 8321 i_:.. s % .. . s ...; . •p '¢ Harriet Smith'Windsor, Secretary of Slate AUTHENTICATION: 1234794 010331585 DATE: 07-10-01 Revenue South East TO WHOM IT MAY CONCERN Date: 5 July 2001 Our ref: 486/74860 {i1332iSC T - Please quote this when contacting us. Your ref: CAMPER & NICHOLSONS MARINAS LTD REGISTERED NUMBER: 2764678 Portsmouth 2 Lynx House 1 Northam Road Cosham PORTSMOUTH PO6 3XB Direct Line: 023 9222 3622 (Fax: 023 9222 3699) E.Mail Ir.portsnosOginet.gov.uk Opening Hours Enquiry Centre: Mon -Fri 8.30am - 5pm Switchboard: Mon -Fri e.00am - 5pm Area Directors Alan R Hindle & Barrie Mawdsiey I confirm that the company Camper & Nicholson Marinas Ltd of Mumby Road, Gosport, P012 1AH is resident in the United Kingdom and has complied with its UK tax obligations for the 3 years to 31 March 2001 and from 1 April 2001 to date. s c -TLC Mrs S C Thomton HM Inspector of Taxes Inland Revenue South East: An Executive Office of the Inland Revenue 115SCr0507.doc Director: Tony Sleeman tik.le Le•k• •I • 1,,•‘ I 4)/ N141/ \ \ 1, rld• 1,1.%,'N' I 1/%1. 1/%1 %, • • • • I, go. oik. ••.; •:•-• •—• • ••• • 7'--( • rill INT:;11111';:-",' 1N--;"/ 1'T/7C \--;;/ • el • iN • I • ,C7111% • ON "( • ,N ."( • ,,77 r ;."7" c•-•::;•( $ * • ,;;;,,i j.7,-;;./ • • • • • ,c-", I • • • I • • I • • • • • • • • ?.11)5" -"" VC • • • • • •Zi 6 • • • • • • • , .0 , • • • • 4 V; • • • T, • ,j• ?-4 • _' • ZI 11/, Z(Sj5 MID - lb\ a.,•(or • %kV/ .1„,,f:,..„1,4)?_.1. :14 , , 4111N4 ri • N „.+1. 4(0 e'v, ,1 N.,(01,.-4/01% .1/0 vv#111IN 41C^7741-',77't 01K— iriel% 4(0 I\ "(0 ‘1, 4i IN (OP. 411 IN ,41-::,-27 • • • • • cs- Etpartnunit of Otatp I certify from the records of this office that DAVID PLUMMER & ASSOCIATES, INC., is a corporation organized under the laws of the State of Florida, filed on March 27, 1978. The document number of this corporation is 567705. I further certify that said corporation has paid all fees due this office through December 31, 2001, that its most recent annual report/uniform business report was filed on February 13, 2001, and its status is active. I further certify that said corporation has not filed Articles of Dissolution. CR2E022 (1-99) Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Tenth day of May, 2001 arris ritatiirrirte •siarris tatz EXPIRATION:. FEB 28, 2003. DETACH HERE DISPLAY AS REQUIRED BY LAW fate !.garb uf,. nl�r; Davidia . 1 _ iemlearrcvaatr frourari+ra Ji gam,IauZsv¢ta �,.ia 4 from/ l l Afiic Ze,"a coyiemai-ea, fimrC;;;,:i* tu.ou iim, jl�orzI seine car/ rn of EXPIRATION: FEB 28, 2003 AUDIT NO: 37 IX1ribtt Ex " EXz ci fes, Inc. CERTIFICATE OF AUTHORIZATION NUMBER:2690 DISPLAY AS REQUIRED BY LAW %,l111,%1 I l?.:.,,I II 1..f.1.: I %_e_.'z' 1 ,e..:1 Vel!' • 1,:f, • /e_1,1 • id-o . td-„,$)/14!,/2,161,c,1 Ce.1.11,4:21.1e1,‘,,i_:,,101/%1 . Les.‘ 111,!_:,, • ,e2_1 C.•_:,• I ,/%141.em.),-., 01,.... or,..,4,,..., • ,..2... I,. 6 , ••• 4... - ...... .... ..• ...." - 00 .... 00 ...... ..... .... ..... ...... MP. •• 000 - OHM OMB •• •• 0.0 W.. •• a.. 000ONO •• a.. .....• ..... .01. 3-ii. ,7,--,/,,,,;67./,11C;•41,•:%I.,\ "I .,%":0 v;::%....7.,/ • ,-.;"?, • i.:-..41 C.,,J • I% ei1,%//11%.., 01,-,, 0 ,,. 40 ,-,::-., e ;C.% • ,Cr, • , \ z, • ,....., I ..7i, • ,..-.":., • ,•:-.-, • .7.., • i.c".., • ,..-..., • -.-., e ..... r_..,,, ,:-.... • • • ---.1 .;FrIP1-: • • . • .. Z.& !P ..2 • '.• ....,,f€ • • -::1 : t::, r • v. ---,_,--- _ 11 -'. • ". 1 __,......, `,.. .`-j'f§ .- • -: 2_-I • '''. • • ... _co. • • Z-(:)) ".• : c •----......--- 1....... • • AtY-5 _ • • z-40 Department of Otatt -..,•.. - .70j,•3 (J::;. certify from the records of this office that BEERS CONSTRUCTION COMPANY, • • • ' " .10) MP is a corporation organized under the laws of Georgia, authorized to transact 05 .....-i\€ business in the State of Florida, qualified on March 9, 1984. - _•_. 9 , - : 1.1.. . . Ar; The document number of this corporation is P01172. - - I further certify that said corporation has paid all fees due this office through Opi December 31, 2001, that its most recent annual report/uniform business report was filed on March 30, 2001, and its status is active. 7_ . :., I further certify that said corporation has not filed a Certificate of Withdrawal. - - :'•1 . - . --, • :15 Given under my hand and the - - 401 40 Great Seal of the State of Florida Z(OD - at Tallahassee, the Capitol, this the le.46 Fourteenth day of May, 2001 ..`-c--.. • i - oo -------,..ili, .- . . WE TA atiteritte p arris -. . CR2E022 (1-99) c-trretztrg rif State • :. 1 t -;*k \(!,),,e,ite2t\41/,4,•,...W._,e....1,mviu,,...,1,;\ • 4,:_,\_,1111eZ,11 1..,‘ • ,,r1 jil le,..•:,1 • 1/...z.. ;_.. Zigtii\,,,477---74c--7.,47,rsis-,-/riv---:?-iii,c.,,•(1,-,-..ii),:--;,--4,-. ,,,-.7,-4,7-747iiiK-.;eri S'iliik-Wiir.iiiiii v'ciii\K:Vi SW/ •--T-i'r • ic:,-', 0 v"-,', * v-r-",/ • 1.•-c;'1 ifts-74 • hc:', 0 .: % �le N-1 00I1r��I1��t11✓,.i,1),•1��lih�l16r�1100-001�✓�+1•1iL11J✓��1)�0�11)?:211r0Il,�l1! rat11e�.,Ile•.l11✓�,•1.�1Il_�110.' Itr�.l•'i-0•'iti'•-•_.l1irk.'I',•sI . ��M�MI_M N Ni:'M„N-:••, •Mi.-�N :.M: M_, Mi N:_,N �:M �'.• M:,.`N N� �Mi-i•• <M-'..M-_M .• • M M • bi• 1S-•; i(11Cril,tirl1.aril,trllip✓(•1CrlhSr/Iltie.11iSr(Iiti✓illtitfl',cr(11tir(•itirjl, rlli.ril;Trllhr(Iitii(1,c✓,0,-:;.,9•,�✓i1�ri1 : I- -<• �%1 �$ 1� R i f � ;• -., _:: _ � 1 s 1. �' . r+',.; ��€ - limartmrnf of Otatr I certify from the records of this office that SHUTTS & BOWEN LLP is a Florida Limited Liability Partnership, filed on December 18, 1998. The document number of this registration is LLP980000339. I further certify that the status of said limited liability partnership is active. CR2E022 (1-99) Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capital, this the Fifteenth day of May, 2001 xf Prine Barris $£rrEtar7 nf$tat£ • • •• •• • •• •l : /1 �LI✓ti'Ilr�lJ�_rti‘11 V�1i0_:l1j,`4*/✓..,. )✓t`V"Vly t), $ Vrtivrt`IJr1���.ti`yr��1r.�1 r-.lyti��!✓til�.^111r_.,1Jr✓r=I - N t�M/G ,••J.(M, I*0) 0* ../ ( %' /: .* * •�.=/ OO/��j t��i\C� :�'\N/,'�(���/'�t Nj.: •00 6.0;,. N,:•�N) N .�M N' • r 1 i�.'4i 01%/,y 1%,/ • 1 e�q �r c pi 1 ltT/ 1 11 r(� 14'.�l l�'�"•!I 11ti'1�11'�-r� 1ti !�R J�(� 1'�Tl lti-l(1117��'V T� 14Jp 11 .!�1�S%!1 � 1'�-r�1 lh-✓(1 iti fl 1141 1�ti r1 • 1� /'I 1 A ✓I 1 1• rl 1 ,1 • ISLAND GAKDENS FLAGSTONE PIZOPEKTIES Book Four • T A 6 L E 0 F C 0 N T E N T S BOOK ONE 1. Executive Summary A. Charter 1, 1 B. Public Purpose 1.1 C. Project Plan 1.2 D Operating Plan 1.3 E. Maintenance Plan 1.4 F. Financial Plan L 4 G. Financial Feasibility 1.5 II. Development Entity I..5 I. Development Timetable L 6 Payments to City I. 7 II. Project's Public Purpose A. Introduction II. 1 13. Culturall~aczhttes II. 3 C. Open Space and Recreation II.7 D. New Fish Markel II.9 E. Maritime Recreation 11.9 F Education 11.10 G. Employment Opportunities I1.1 1 H. Political Public Liaison 11.12 lll. Vision, Goals and Objectives of Project III.1 - 111.3 IV. Project Plan _4. Narrative Description I1 .1 7. t11e{a Y"aclil Marina IT :1 2. Puhl cAmenilie.s 11,.5 3. C.ulturalCimponents 11-T8 4. Hotels I f :10 Retail Avenue and /l nudes I 1 : /2 6. Dining I V1 6 7. Infrastructure 1 i':17 8. Gardens II:19 Letters of Commitment from Cultural Component of bland Garden.; B. Narrative Description Boards II .24 1. 13ircuyne 13ay 1'icm 2. Site Program Analysis 3. Island Gardens Site Plan 4. Island Gardens Ground <~loor Site Plan 5. Island Gardens Proposed Landscape Plan 6. Island Gardens Marina Plan I S L A N D A R D N S TOC1 • T A [i L E 0 F C 0 N T E N T S 7. Lighthouse I foie! Section and Plans 8. Wade Hotel Section and Plans 9. Island Gardens Retail Plan.c 10. Biscayne Bay !lien) 11. Watson Island Wine 12. Retail Gardens Village View 13. Island Gardens Bay Sire Plan 14. C,itic An Island Gardens C.: Island Gardens Project Summary 1T'39 V. Operating Plan /l. ;1 fission Statement (.1 13. Mana ement Team 1. ; 1 C Management Concept 1 ;2 1.) Management Plan Start [ p l '2 1. Reporting f' 3 F. Operation Entities T ' , G. LaSalle Imes/men! Management 1•' S 11. Camper NiJ olron.r Marinas, LTD Mllega-Yacht Marina Operatic, Plan T '6 I. Hotels: Regent International Hotel Resorts J. Retail and Dining Room Operatic;; Plan 1.123 K. .'f ffirmatire Action Prqgam 1 ''1?6 L. Letters of Commitment V.35 BOOK TWO VI. Marketing Plan .Summary T 7.1 1. Market Analysis VI.3 2. Requirements VI. 7 3. Objectives VI 9 4. Strategies VI. 10 5. Tactics VI.13 6. Special Tactical Approaches for Individual Components of Island Gardens VI. 15 Vll. Markel and Economic Feasibility A. ,Market Analysis I71.1 B. Mega -Yacht Marina Markel and Feasibility 1.71.8 C. Hotel Market es, Feasibility l '11.9 D. Retail & Restaurant Feasibility l.'11.1; L. Projected Development Phasing Schedule F. Narrative Identif}ping Total Cost on Permanent Improvement 171. i-1 I S L A N D G A TOC 2 T A 6 L E O f C 0 N T E N T S Vill. Financial Plan A Overview L/II1 13. Prekminaty Observations 171I. C. Lender Profile 1'IIS 1). High 1.4uilty Structure ,Stemmary l'1I.5 L. Indicative 1-financing Structure and Lending Terms L IL5 IX. Financial Feasibility A. Prrtject 0terrzew IX 1 B. Income (apitakialion - Retail IX.4 C. Income Capitalization - Restaurants I3,'.7 D. Assumptions (Retail and Restaurant.) IX.10 E. Leasing and Capital Costs IX.11 curl,i/J)! IX1 G. Discount Rate IX.12 H. Discount Cash Hom Conclusion IX. 1 3 I. Financial Return to the City IX.14 BOOK THREE X. Development Entity 1. Table of Organization for L)erelopment Entity X. 2 Resumes and Other l.)ocrtments as to Experience and Capability X..3 I. Ref rences itirAll Doe/op/gent .1't,am Alembers X .62 4. Licenses and Corporate Registrations X.63 BOOK FOUR XI. Financial Capacity XI.1- 3 XII. Development Schedule XII.1-7 XIII. Required REP Response Forms A. Development Team Form - Team Overview XIII.2 B. Minority/Women Business AffairsAffidavit XIII.3 C. Affirmative Action Form for all Team Members XII1.4 D. References Form XIII.5 XIV. Attachments I S I_ A N O G A R D E N S 1OC3 11 F 1 N ANC I A L C A P A CI T y FINANCIAL CAPACITY xl. Flagstone Properties, a new company established in 2001 for innovative property development in the United States is owned by Mehmet Bayraktar, and connected to the diverse and immense financial wealth of the Bayraktar family and Bayraktar Group (including investments and businesses in automotive, banking, food and real estate developments). The creditworthiness of Mr. Bayraktar is well documented in the five (5) letters from Mr. Bayraktar's previous lenders and personal accountant and can be further attested to by the sited financial references on the following pages including renowned international accounting firms and financial institutions: PriceWaterhouseCoopers, JP MorganChase Bank, HSBC and Deloitte & Touche. (Unlike the United States, official credit reports are not used for individuals or privately owned businesses in the business community in Turkey. Therefore, none are available for Bayraktar Group. However, in order to technically comply with RFP submittal requirements, please fmd attached credit reports for Mr. Bayraktar, noting that Flagstone Properties, a recently established entity, does not yet have an official credit report). 1. The 2 properties below were developed by Bayraktar Group and are currently part of the real estate portfolio: a. Outlet Center, Izmit, Turkey Date Completed: 1997 Project size: 285,000 sf Current value: $58,000,000 Debt: 0 Role: Developer/Owner Ownership interest: 100% Occupancy Interest: 94% b. Baku Park Residence Date Completed: 1996 Project size: 80 units Current value: $35,000,000 Debt: 0 Role: Developer/Owner Ownership interest: 100% Occupancy Interest: 100% 2. The development history of Bayraktar Group's obtained financing commitments and project details can be found on the below chart: I S L A N D G A R D E N S XI-1 F 1 N ANC I A L C A P A CI T Y PROJ. NAME TYPE LOCATION CITY STATE DATE COMPL. PROJ. SIZE( g/a ) Total ENCLOSED DEVELOPMENT COST DEBT UTILIZED VALUE on Completion Gr. Ann. RENTAL INCOM ROLE OWNERSHIP INTEREST ;;C. RATE PROJ. NAME TYPE CITY STATE DATE COMPL. No of ROOMS / UNITS DEVELOPMENT COST DEBT UTILIZED VALUE on Completion ROLE OWNERSHIP INTEREST OCC. RATE SHOPPING MALLS GALLERIA CAROUSEL OUTLET C REGATTA CAROUSEL di BUCHAREST Regional /City Cente?Suburban OutletMarinaDining &Regional/ City Cent; Superregional/MixeduseMixed Use Center Leisure Center Mixed Use Atakoy Baklrkoy Bay Area Atakoy ISTANBUL ISTANBUL IZMIT ISTANBUL BUCHAREST TURKEY TURKEY TURKEY TURKEY ROMANIA 1988 1995 1997 1989 Under Develop 444,000 sf 280,000sf 285,000 sf 185,000 sf 280,000sf 1,100,000 sf 760,000sf 300,000 sf 200,000 sf 450,000sf $32,000,000 $30,000,000 $28,000,000 $12,000,000 $28,000,000 $15,000,000 NONE $14,000,000 $ 4,000,000 $85,000,000 $80,000,000 $40,000,000 $20,000,000 Not Completed $12,000,000 $13,500,000 $ 5,000,000 $3,500,000 Developer /Developer Leading Leading /Developer /Developer /Developer Leading / Shareholder Shareholder Owner Shareholder Owner 35% 35% 100% 35% 100% 100% 100% 94% 90% N / A HOTELS RESIDENCES H.PASA TURBAY HOLIDAY INN CROWN PLAZA HOLIDAY INN SUITES PARK RESIDENCE Resort VillageDeluxe Resort/ Deluxe Apartment Resort Hotel Condominium. HoteLBusiness Marina Resort Residence ALANYA ALANYA ISTANBUL ISTANBUL BAKU TURKEY TURKEY TURKEY TURKEY AZAIRBAIJAN 1990 1989 1992 1990 1996 750 450 330 225 80 $47,000,000 $18,000,000 $45,000,000 $27,000,000 $25,000,000 $18,000,000 $ 8,000,000 $20,000,000 $17,000,000 $15,000,000 $55,000,000 $24,000,000 $50,000,000 $30,000,000 $30,000,000 Owner / Owner / DeveloperDeveloper /Developer /Developer /Developer / / Operator Operator Owner Owner Owner 50% 50% 35% 35% 100% I S L A N D G A R D E N S XI-2 F I N A N C 1 A L C A P A C I T Y PROJ. NAME TYPE CITY STATE DATE COMPL. DEVELOPMENT COST DEBT UTILIZED VALUE on Completion ROLE OWNERSHIP INTEREST MARINA SPORTS / LEISURE / ENTERTAINMENT ATAKOY MARINA MARINA HEALTH CLUB MARINA YACHT CLUB FAME CITY ICE SKATING RINK Indoor Family 5 Anchor Marina Health f? Fitn. Club Private Yacht ClubEntert Center Indoor Rink ISTANBUL ISTANBUL ISTANBUL ISTANBUL ISTANBUL TURKEY TURKEY TURKEY TURKEY TURKEY 1990 1991 1990 1989 1988 $15,000,000 $2,000,000 $3,500,000 $8,500,000 $1,500,000 $15,000,000 $1,000,000 $1,500,000 $5,000,000 $1,000,000 $18,000,000 $1,500,000 $4,000,000 $10,000,000 $1,500,000 Owner / Owner / Owner / Developer / Owner / DeveloperDeveloper /Developer / Owner / Developer Operator 1 Operator Operator Operator / Operator 35% 35% 35% 56% 35% 3. Flagstone Properties was founded in order to respond to the unique opportunity offered by the city of Miami to develop a mega -yacht and mixed -use project on Watson Island. Consequently, the company has no other projects in the pipeline. Further, Mr. Bayraktar is not contemplating the development of any other projects within his other development companies at this time. Because of the size and complexity of island' Gardens, Mr. Bayraktar plans to devote his full attention to this endeavor. 4. Specific financing sources are sighted in the attached letters by Jones Lang LaSalle, SunTrust Bank and Union Planters Bank. 5. Neither Flagstone Properties nor Bayraktar Group have been involved in any litigation or other legal disputes regarding real estate during the last five years. 6. Since Flagstone Properties is a new entity, there are no audited financial statements to provide at this time. As stated above, it is not a required Turkish private business practice to have audited financial statements. Although, Mr. Bayraktar's certified accountant, Murat Tiryaki, has sent a certification of certain of Mr. Bayraktar's personal holdings. Note although the private holdings of Mr. Bayraktar and his family currently held in private trusts are not appropriate for disclosure in this document, please note that his personal assets in Turkey and Eastern Europe alone total in excess of $44 million. ! S L A N D G A R D E N S III-i )I \ 1 I (UI'\II \ I II \\1 1 ('I \I RI \('I Development Team Member. Flagstone Properties, LLGMehmet Bayraktar References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr Adnan Nas Title: Chairman Business: Price Waterhouse Coopers, Turkey Address: BJK Plaza, Spor Caddesi No. 92 K: 9, Akaretler, Istanbul Turkey Telephone/Fax: +(90) 212-259-4980 / +(90) 212-259-4902 Nature and magnitude of business association: Acquaintance for many years within the business circle and viewed as leading audit company in Turkey. Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Mr. Koray Arikan Vice President JP Morgan / Chase Manhattan Bank Emirhan Cad, No. 145 Atakule K: 11, Dikilitas, Istanbul Turkey 80700 +(90) 212-326-8304 / +(90) 212-326-8380 sure and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 3 Name: Mrs. Tuna Ibrahiuizade Title: Vice President, Private Banking Business: HSBC Address: Guyezeller Bank AG., Geneva Switzerland Telephone/Fax: +(41) 228-187-861 /+(41) 223-106-065 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 4 Name: Levent Yaveroglu Title: Chairman Business: Deloitte & Touche Address: Bnynkdere Caddesi Y.K Plaza B Blok K: 5, Levent, Istanbul Turkey Telephone/Fax: +(90) 212-283-1585 / +(90) 212-283-1593 Nature and magnitude of business association: Deloitte & Touche has been involved in auditing Bayraktar Holding since 1990. Reference Number 5 Name: Title: Business: Address: John T. Riordan President International Council of Shopping Centers (ICSC) 1221 Avenue of the Americas, 41E floor, New York, NY 10020 Telephone/Fax: (646) 728-3800 / (212) 589-5555 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 6 Name: Jean Louis Solal Title: Chairman & CEO Business: Jean Louis Solal Investissment Address: 112 Avenue Kleber, Paris 75116 France Telephone/Fax: +(33) ,14-343-160 / +(33) 144-343-169 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 7 Name: Charles Joye Title: Chairman & CEO Business: Retail & Development Services SA (RDS) Address: 1. Ch. De la Dime, Case Postale 10, CH-1294, Genthod, Geneva Switzerland Telephone/Fax: +(41) 227-742-424 / +(41) 227-741-988 Nature and magnitude of business association: Acquaintance for many years within the business circle. 1 )I \ I I OI'\1I \ I II .AVI I ( In I l I:i \(I ti Reference Number 8 Name: Title: Business: Address: Telephone/Fax: Jeremiah W. O'Connor, Jr. Chairman & CEO The O'Connor Group 399 Park Avenue, New York, NY 10022 (212) 308-7700 / (212) 308-7894 Nature and magnitude of business association: Acquaintance for many years within the business circle. TEKSTlLBANK 14 June 2001 TO WHOM IT MAY CONCERN , TEKSTIL BANKASI A.S. ,Si$Li $UBESI Abide - i Hurriyet Caddesi Ge9it Sok. No. 10 80270 $isli - ISTANBUL Tel : (0.212) 224 13 13 (20 Hat) Tlx ' 38380 txgs tr. Faks- (0.212) 232 96 18 We hereby inform that Bayraktar Group is our customer with a good reputation. During our relationship we had supported Bayraktar Group firms' projects and in the future we may support the projects that are agreeable with our Bank's policies. The letter is given upon the request of Bayraktar Group without any obligation and responsibility on our Bank's part. Your sincerely, TEKSTIL BANKASI A.$. $I$LI BRANCH 4d14 *(Z Haluk PONE' Se im AKAR Unit Manager Branch Manager 3:Garanti City of Miami Department of Real Estate&Economic Development Bayraktar Holding A.S. and Bayraktar group firms are among our customers . During our relationship, financing of the projects of Bayraktar group firms have been generally approved by the Bank and consideration of tasks for the financing of their future projects is possible provided that the Bank shall have aproved them . The letter is given upon the request of Bayraktar Group without any obligation and responsibility on our Bank's part. Yours Sincerely. T.GARANTI BANKASI A.S O4.07.2001 Istanbul Corporate Branch BenRKMAZER Acco nt Officer Burak TERTEMIZ Marketing Manager ALBARAKA TURK OZEL FINANS KURUMU A.S. ALBARAKA TURKISH FINANCE HOUSE Istanbul, 30 May 2001 To Whom It May Concern, We would like to express with pleasure that Bayraktar Group, one of the well-known and prominent market leaders in the field of mix -used developments, has been a credible client of Albaraka Turkish Finance House for years. We were happy to have served them by our financial facilities for the development of the very first factory outlet center in Turkey. The Center was built on 45 acres of lzmit Metropolitan Municipality land (a large portion of which has been reclaimed from the sea) and has been operating effectively in the last 4 years. In all our transactions with Bayraktar Group, we were truly satisfied from their fruitful relationship and prompt honoring of their obligations, which encourages us to plan for further business cooperation. This letter was given at the request of Bayraktar Group as a reference only. Albaraka Turkish Finance House assumes no responsibility and/or engagement on its part for the information provided hereabove which is confined to your office use only. Sincerely Yours, AL BARAKA TURKISH FINANCE HOUSE PROJECT & MARKETING DEPARTMENT / M. Ali VERcIN Vice -Manager i v ' et�al ROD LU Assistant Manager Tel: [+90] (212) 274 99 00 Fax: [+90] (212) 213 53 88 E-Mail: albarakaturk@albarakaturk.com.tr Buyukdere Cad. No:78 80290 Mecidiyekby/15TANBUL Tel: (0212) 274 99 00 Faks: (0212) 272 44 70 - 275 14 77 S.W.I.F.T.: BTFH TR IS httpi/www.atbarakaturk.com.tr a-mail:albarakaturk@albarakaturk.com.tr KOBANK To Whom It May Concern: 30/05/2001 Kocbank A.S. Yenikby $ubesi Yenikby Cad. No: 270 Yenikdy - Istanbul Telefon 0(212) 299 3911 Faits : 0(212) 299 39 13 H Bayraktar Yatinm Holding A.$. is one of our reputable companies has an account with us since 9/5/2000. In this regard, we would like to express that H Bayraktar Yatinm Holding A.$ is well -respected company considering the entire customer relations with our Bank. This information is given upon our customer's request without taking any responsibility on our part. Sincerely yours, KOQBANK A.S. YENIKOY BRANCH (N�-� Aysen VARDAR Branch Manager Nil ELGON Division Manager (C) JONES LANG LASALLE. July 9, 2001 Mr. Mehmet Bayraktar Chairman of the Board Flagstone Properties, LLC 506 Celebration Avenue Celebration, FL 34747 RE: Island Gardens Mixed Use Development Project Miami, Florida Dear Mr. Bayraktar: 390 North Orange Avenue Suite 1875 Orlando Florida 32801 tel + 1407 425 3491 fax + l 407 649 8796 Jones Lang LaSalle ("JLL"), serving as intermediary to Mehmet Bayraktar and Flagstone Properties, LLC, believes the construction loan terms outlined in this request for proposal to be representative for high -end, mixed -use projects in the current debt capital market environment. JLL, however, does not warrant or represent that such terms could be obtained for any new development project. Very truly yours, Richard Figueroa Vice President Capital Markets SunTrust Bank, Miami Mail Code 1038 777 Brickell Avenue Miami, Florida 33131 SUNTRUST July 12, 2001 Mehmet Bayraktar Flagstone Properties, LLC 506 Celebration Avenue Celebration, Florida 34747 RE: Island Gardens Project Dear Mr. Bayraktar: On behalf of SunTrust Bank, I would like to thank you for taking the time to meet with us and for allowing us the opportunity to review the Island Gardens Project in Watson Island. Both Bob Hummel and I were very impressed with your project and with the potential economic benefit that it could provide to the City of Miami. Based on the preliminary information you provided, we are pleased to inform you that the bank has an interest in continuing our discussions concerning the financing of the project. At this early stage , we are pleased with the qualifications of the development team that you have assembled and with your plans to bring in the necessary strategic partners that will enhanced the viability of the project. Please be advised that this letter is not a commitment for financing and cannot be relied upon as such. Any formal commitment by SunTrust Bank would be subject to a standard approval process and would require the submission of additional information. We look forward to the opportunity of working with you and on developing a mutually beneficial relationship. If you have any questions, please do not hesitate to call me at (305) 579-7323. Sincerely, Ruben Pedron First Vice President BUNION PLANTERS Angel Medina, Jr. President Miaml-Dade County July 12, 2001 City of Miami Re: Island Gardens Gentlemen: Union Planters Bank has been approached by Flagstone Properties' Chairman Mehmet Bayraktar to consider the construction financing of the proposed Island Gardens project to be located on Watson Island. Mr. Bayraktar has provided us information on this proposed development which consists of a mixed used hotel restaurant and retail project. It is with enthusiasm that Union Planters looks at this project and provided that the economics of the project are confirmed, as expected, Union Planters will be interested in being one of the financial institutions that provides construction financing for the proposed project. Once additional information is available on the project we will undertake to perform full due diligence and provide a more formal term sheet. Union Planters Bank considers itself the Real Estate Bank of Choice for Miami Dade County with over $1.2 Billion Dollars in Commercial Real Estate commitments. As a Corporate Citizen Union Planters is anxious to see Miami continue to become the tourist destination of choice in the United States and views this project as being complimentary to the City. If you need any additional information please feel free to call. AM: ea 2800 Ponce de Leon Boulevard • Coral Gables, Florida 33134 • (305) 774-5278 • Fax (305) 774-5289 MURAT TIRYAKI CERTIFIED PUBLIC ACCOUNTANT Office : Atasehir Mercan 9 D:27 81120 K.Bakkalki y — Istanbul Phone : 0216 455 22 91 Fax : 0216 455 91 18 E-mail : murattiryaki@superonline.com Chamber No : 349 License No: 34100693 City of Miami Department of Real Estate and Economic Development Miami, Florida Date: July 10, 2001 Dear Sirs, I have been performing the legal audits of Bayraktar Group's companies since March 1st 2001, which Mr. Mehmet Bayraktar has been a shareholder. Bayraktar Group and Mr. Mehmet Bayraktar is a reputable member of the Turkish business community. Below please find the summary report of the share stock and real estate holdings of Mr. Mehmet Bayraktar in Turkey, and East Europe. Assets Percantage Holding / Estimated Value (in USD.) Description of the specified percentage • Shares: • Laskay A.S. 17.97 % 8.951.921 Ege Endustri Holding A.S. 1.19 % 359.082 H. Bayraktar Yatinm Holding A.S. 27 % 4.272.939 Doysan A.S . 14.44 % 1.444.000 Bayraktar Gayrimenkul GeliVirme A.S. 34.19 % 8.547.500 Baylas Otomotiv A.S. 7.20 % 1.080.000 Baytur A.S 32.28 % 3.873.600 RoBank S.A. 22.75 % 7.962.500 BayBank Commercial Bank 32.76 % 1.146.600 Subtotal : 37.638.142 Real Estate (All real estate is free of any lien and/or mortgage) Residential Building In Bebek - Istanbul Land in Alanya — Turkey Land in Mugla -Turkey 1/3 share 1.800.000 % share of 1,998 m2 100.000 % share of 57.500m2 4.750.000 Subtotal : 6.650.000 TOTAL : 44.288.142 0 12 DE V E LOPMEN T SCHEDUL E DEVELOPMENT SCHEDULE XII. Year One First Quarter The following schedule is a brief timeline for the construction activities on this project. The project will require approximate construction duration of two years± and require complicated scheduling and logistical coordination due to the location and site constraints. We have broken the project up into three-month intervals, or quarters, to illustrate the phasing and sequential activities as follows: 1) Mobilize site office compound 2) Mobilize and begin seawall construction 3) Begin site -work including site excavation and balancing, relocation of site utilities and buy out major contract items Second Quarter 4) Continue seawall construction 5) Continue site -work, utilities and infrastructure, excavation and rough grading 6) Begin mobilizing piling contractor to Lighthouse Hotel area 7) Begin mobilizing dredging contractor 8) Continue buyout of major components and long lead items Third Quarter 9) Install piling at Lighthouse Hotel 10) Begin pile -caps, spread foundations and lower floors on tower 11) Begin piling work at Wave Hotel 12) Begin dredging operation 13) Complete site rough -in and infrastructure 14) Complete seawall construction 15) Begin foundations for parking and retail structures Fourth Quarter 16) Continue structure on Lighthouse to level 10 17) Begin rough -in MEPFP on Lighthouse lower levels 18) Begin exterior skin and walls at Lighthouse I S L A N D G A R D E N S X11-1 DEV E L O PMENT SCHEDUL E 19) Begin structure on Wave Hotel 20) Complete foundations and begin structure on retail and parking structures 21) Continue dredging operations b. Year Two First Quarter 22) Nearing completion on upper level structure of Lighthouse 23) Continue rough -in of MEPFP on Lighthouse mid Levels 24) Begin interior walls and build -out at Lighthouse 25) Continue exterior skin and walls Lighthouse mid levels 26) Nearing completion on Wave structure 27) Begin rough -in on MEPFP at Wave Hotel lower levels 28) Begin exterior skin and walls at Wave Hotel 29) Continue structure on parking and retail areas 30) Begin rough -in on MEPFP at parking and retail areas 31) Complete dredging operations 32) Begin marina and dock facility construction Second Quarter 1) Top out structure for Lighthouse 2) Continue rough -in on MEPFP at Lighthouse upper levels 3) Continue interior walls and build -out on Lighthouse mid levels 4) Begin interior drywall and finishes at Lighthouse 5) Continue exterior skin, walls and roof at Lighthouse 6) Complete Wave structure 7) Continue rough -in MEPFP on Wave mid and upper levels 8) Continue exterior walls and skin on Wave Hotel 9) Begin interior walls and build out Wave Hotel 10) Complete structure on retail and parking areas 11) Continue MEPFP rough -in at parking and retail areas 12) Begin interior build -out on retail areas 13) Continue marina and dock construction 14) Begin site finish road work, hardscape, landscape/irrigation near end of this quarter Third Quarter 1) Complete interior rough -in on MEPFP at Lighthouse - all levels 2) Continue interior walls, drywall and finishes on Lighthouse 3) Complete exterior skin on Lighthouse— building dry -in on Lighthouse 4) Begin MEPFP fixtures and trim Lighthouse 5) Complete MEPFP rough -in on Wave Hotel 6) Complete exterior walls and skin on Wave Hotel 1 S L A N D G A P D E N S 11-2 DE V E LOPM EN T SCH EDUL E 7) Continue interior walls, drywall and finishes on Wave building 8) Continue interior build -out on retail including drywall and finishes 9) Complete parking deck perimeter cables, screening and amenities 10) Nearing completion of the dock and marina area construction 11) Begin finishes and trim on marina and yacht services areas 12) Continue site work concentrating on finished roads, hardscape and landscape/irrigation Fourth Quarter 1) Complete interior finishes and trim on Lighthouse 2) Punch -list and clean-up on Lighthouse 3) Complete interior finishes and trim on Wave Hotel 4) Punch and clean Wave Hotel 5) Complete build out and finishes on retail and parking areas 6) Punch and clean retail and parking areas 7) Complete marina, dock and yacht services areas 8) Punch and clean marina and dock areas 9) Complete site roads, hardscape, landscaping and irrigation 10) Punch and clean site amenities Project closeout could be completed after buildings are finalized and site is demobilized and while tenants and public begin use of the finished product. A R D E N S XI S Island Gardens Planning & Design Schedule ID 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Task Name Duration Planning & Design 260 days Public Referendum 1 day Lease Negotiations with City of Miami 40 days Design & CM Contract Negotiations 40 days Site Verification Study 30 days Market Confirmations 40 days Develop Marketing Materials 60 days Programming 1 Planning Phase 60 days Establish Overall Development Budget 30 days Schematic Design Phase 65 days 1st Budget Review 30 days Design Development Phase 65 days 2nd Budget Review 30 days Finalize Construction Documents 70 days Qtr 4, 2001 Qtr 1, 2002 Oct Nov Dec Jan Feb Mar Qtr 2, 2002 Apr J Ma Jun 1' Qtr 3, 2002 Jul Au • Sep Qtr 4, 2002 Oct j Nov 1 Dec Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Ronda Island Gardens Permitting Schedule ID Task Name Duration Qtr 1, 2002 Qtr 2, 2002 ' Qtr 3, 2002 Qtr 4, 2002 Qtr 1, Dec Jan ( Feb Mar Apr ( May ( Jun Jul ( Aug 1 Sep , Oct Nov L Dec Jan 1 PERMITTING 260 days 2 Federal 80 days 3 Army Corps of Engineers - Dredge & Fill Permit 80 days 4 State 260 days 5 DRI 260 days �'•�''i_ii�'='E�� t�sE2E2€t' €ES_E���i���-E��=[F�E�EE;i�•S�t�a[6:=:�E6EEE_-EE ;: g 6 Environmental Resources Permit 120 days 7 Deed Restrictions waiver 80 days 8 FDOT approval if state road improvements needed 60 days ff 9 County 150 days 10 Shoreline Development Review Committee Approval 60 days tt Dredge & Fill Permit - Department of Environmental 80 days 11 �" Resources Management'DERM"/DEP 12 Fuel storage tank permit - DERM 40 days 13 Class I DERM Permit for construction of Marina 60 days rffigiiiiigiigiiiiiii 14 DERM Marina Operating Permit 80 days 15 Public Works Approval if county road improvements needed 25 days . 16 City of Miami 260 days 17 MUSP(Major Use Special Permit) 120 days 18 Staff Meeting to go introduce plans 15 days MI 19 Pre -Application Meeting 15 days MB 20 Large Scale Development Review 15 days Ma 21 Urban Design Review Board 15 days 22 MUSP application 15 days Me 23 Zoning Board 15 days MI 24 Planning Advisory Board 15 days MN 25 City Commission 15 days 26 Waterfront Advisory Board 25 days 27 Parks Advisory Board 25 days " .1 28 Building Permit 60 days ....... .......... MISC 60 days 11.1MONMI. 29 30 Port Authority/FAA Permit for access in a aircraft landing area 60 days Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Florida Island Gardens Construction Schedule Qtr 1 2003 Qtr 2, 2003 Qtr 3 2003 Otr 4, 2003 Qtr 1, 2004 Qtr 2, 2004 Qtr 3, 2004 Qtr 4, 2004 Qtr 1, 2005 ID Task Name Duration Dec Jan Feb Mar Ma _ Jun Jul S • Oct Nov Dec Jan Feb Mar Ma Jun Jul S , Oct Nov Dec Jan Feb Mar 1 Construction 545 days 2 Mobilize Site 20 days _:;- . 3 SeawaN Construction 180 days _ �:: •:� E:i:i ii:�:::�•:'i:i�: _ _ ij �E •:�EEa �i�i� _'�� _i:��:i 4 Sitework 185 days 5 Project Buyout 120 days tt ) 6 Infrastructure 180 days 7 Piling - Lighthouse Hotel 120 days 8 Dredging 180 days _' ' :' `i ' : _ i:' _ = : E E ' ':_::: _ 1 9 Pile -caps & Foundations Lighthouse 60 days Hotel 10 Lighthouse Hotel Structure 220 days :. ................:. ...:.. ... .....:..::::: l 11 Piling • Wave Hotel 60 days 12 Wave Hotel Structure 170 days 13 Foundations - Parking and Retail 60 days ��--.........'.- '.� Structures 14 MEPFP rough -in on Lighthouse Hotel 240 days LiELL.:::ii.:::;;_•;:::;: 15 Exterior skin and wafts - Lighthouse 220 days f ..,.: . . . . 16 Parking Structure 150 days 17 Interior Walls & Buildout at Lighthouse 180 days lEi:f:`Ec^'-- E`fE::`E:E iEE`EE:=i3i=Siii:iiil Tower 18 MEPFP rough -in on Wave Hotel 180 days - • . - _ - 19 Exterior skin and walls - Wave Hotel 180 days r::EiE::;:::::::_:::;:;;;:;;;::;::;:::::::::::::::::E:E :::: 20 MEPFP rough -in parking and retail areas 120 days t Marina and Dock Construction 180 days 21 22 Interior drywall and finishes - Lighthouse 120 days tower 23 Interior walls and buildout Wave Hotel 120 days F- ^71 Interior buiidout - Retail 135 days i 24 tt ..........:..•.•.,......•:..••.•. 1.'l'=•i' ' Finish Roadwork 120 days 25 • - - - • . • g. Hardscape - Landscape 180 days 26 27 MEPFP fixtures and trim Lighthouse 60 days V- ..:•. .-.•.•.- Hotel Finishes and trim - Marina Area - 40 days 28 . Ei E�Er 29 Punch and Clean Lighthouse Hotel 60 days 30 Punch and Clean Wave Hotel 60 days :':i=i EE: E:=:,EE:E 31 Punch and Clean Retail and Parking 45 days _ : iE:E ; 32 Punch and Clean Marina and Dock Area 30 days : iii: Punch and Clean Site Amenities 45 days 33 :::; 34 Commission Building Systems 50 days M779 35 Demobilize Site 40 days f:E:E:'i:E::i 38 Project Closeout 1O days 37 Final Inspections 60 days 38 C.O. al buildings 30 days ____ Flagstone Propedbs, LLC Island Gardens Mixed Use Development Mani. Florida Island Gardens Retail and Restaurant Leasing Schedule and Hotel Occupancy Schedule 2 Qtr 1, 2003 Qtr 2, 2003 Qtr 3, 2003 Qtr 4, 2003 Qtr 1, 2004 Qtr 2, 2004 Qtr 3, 2004 Qtr 4, 2004 Qtr ID Task Name Duration Dec Jan Feb Mar . r May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar • • r Ma Jun Jul Au ! Se. Oct Nov Dec Jan 1 Retail and Restaurant Leasing 530 days 2 Complete Marketing Materials 65 days Preparation 3 Establish Anchor Tenants 120 days 4 a Negotiations with Anchor 120 days Lease eg Tenants 5 Design of Lease Spaces 60 days ............ . 6 Permitting 50 days Interior Buildouts 180 days 7 8 9 10 Hotel Occupancy 535 days 11 Selection of FF&E 60 days ............ 12 Budget Confirmation 30 days 13 FF&E Procuremnet 90 days ^.,�... 14 Hotel Room Completion 180 days -1 Punchlist 45 days 15 Install FF&E 45 days Q 16 17 Occupancy 15 days Flagstone Properties, LLC Island Gardens Mixed Use Development Miami, Florida 1 0 1� r K E Q U I IK E D R. F P P. E S P O N S E F O R M S REQUIRED RFP RESPONSE FORMS XIII. I S L A N D G A [i D E N S I111-1 REQUIRED R F P R. E S PONSE F ORMS A. DEVELOPMENT TEAM FORM - TEAM OVERVIEW I S L A N D G A R D E N S 1111-2 1)1 \ I.I 1 )I'\1I \ I I} \\H.( \ 1 (\ I I :\\l c )\ I I\ II \\ Provide the type of firm, names, addresses, telephone and email addresses, and fax numbers of the Development Team consultants. Duplicate form as needed. Name of Respondent: Flagstone Properties, LLC. Consultant: Company Contact Address Telephone Email Fax Development Manager Jones Lang LaSalle Americas, Inc. John A. Paccione 390 N. Orange Avenue, Suite 1875, Orlando, FL 32801 (407) 649-8796 john.paccione@am.joneslanglasalle.com (407) 566-9332 Consultant: Company Contact Address Telephone Email Fax Architecture & Engineering Spillis Candela DMJM Julio Grabriel, AIA 800 Douglas Entrance, North Tower, Suite 200, Coral Gables, FL 33134 (305) 337-4691 Grabrielj@SC.DMJM.com (305) 447-3588 Consultant: Company Contact Address Telephone Email Fax Concept Architect Eric R. Kuhne, Architect, P.C. Eric Kuhne 50 Walker Street, New York, NY 10013 (212) 966-6332 eric@civicart.com (212) 334-4392 Consultant: Company Contact Address Telephone Email Fax Marina Operator Camper & Nicholsons Marinas Limited Simon Arrol Mumby Road, Gosport, Hampshire PO121AH United Kingdom + (44) 239-252-4811 mail@cnmarinas.com + (44) 239-258-9541 Consultant: Company Contact Address Telephone Email Fax Landscape Architect Edward D. Stone, Jr. & Associates, Inc. Paul D. Kissinger, ASLA 1512 E. Broward Blvd. Suite 110, Ft. Lauderdale, FL 33301 (954) 524-3330 plcissinger@edsaplan.com (954) 524-0177 Consultant: Company Contact Address Telephone Email Fax Construction Manager Beers Construction Company Jim Cowdery 60 North Court Avenue, Orlando, FL 32801 (407) 839-2925 jcowdery@beerscc.com (407) 839-0717 Consultant: Company Contact Address Telephone Email Fax Hotel Development The Continental Companies, LLC Sherwood M. Weiser 3250 Mary Street Miami, Florida 33133 (305) 445-2493 weiser@crcholdings.com (305) 445-4225 Consultant: Company Contact Address Telephone Email Fax Attorneys Shutts & Bowen LLP Judith A. Burke, Esq. 201 S. Biscayne Blvd., Suite 1500, Miami, FL 33131 (305) 358-6300 jab@ shutts-law.com (305) 381-9982 1)1 \1-1O1'\11 \i ii \\11(WA1 II.A\1i1\I1 consultant: Traffic Engineer Company David Plummer & Associates Inc. Contact David Plummer Address 1750 Ponce de Leon Blvd. Coral Gables, FL 33134 Telephone (305) 447-0900 Email dpa@dplummer.com Fax (305) 444-4986 REQUIRED R. F 1' R. E S P O N S E FORMS IL M/NOBIfl'/WOMENIU$!NESSAffA/DSAff/DAl IT I S L A N D G A R. D E N S I011-0 DEVELOPMENT ANI FORM MINORITY/WOMEN I3l1SINI:SS AFFAIRS AFFIDAV11� ' . 'se this form for Corporations. Flagstone Properties, LLC Please Check One Box Only: Hispanic Female Black Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with .,they municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firrn in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: Print Name & Title Date STATE OF FLORIDA) COUNTY OF ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. DEVELOPMENT '117.AM Mini VIINORI1 Y;AV'OVI[ N Fit ISl 'l.SS �1F1 ;AIRS AI FII),VVI I "se this form for Corporations. Jones Lang LaSalle Americas, Inc. Please Check One Box Only: Hispanic Female Black Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of iviiami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; c) that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with .,ther municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) ) SS Print Name & Title COUNTY OF ) Date The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. 1)I;A'I:I.UP\11 \ 1 i l \\1 I ORNI MIt' ORI Y/AA O\1I:N Bl'S1\I:SS AFFAIRS All 111\VI"I se this form for Corporations. Eric R. Kuhne, Architect, P.C. Please Check One Box Only: Hispanic Female Black Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; ") that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with other municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. Al i hST: By: Print Name & Title Date STATE OF FLORIDA) COUNTY OF ) ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. DEVELOP\1LN1 11'.!\\I FORNI \11NORI1Y \VO\11:N [311SIN[:SS;AI:IT;AIRS \F[ I1),AVIT 'se this form for Corporations. Spillis Candela & Partners, Inc. Please Check One Box Only: I I Hispanic Female Black n Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; ') that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with .,they municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) Print Name & Title COUNTY OF Date ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. DEVELOP\1F.A'l i'LA\l 1.OR\1 \IiNORri V,AVO\il:N 13l']SINESS AFFAIRS AFFID:AV'1"i- se this form for Corporations. Edward D. Stone, Jr. and Associates, Inc. Please Check One Box Only: Hispanic Female i Black l X 1 Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a fum's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; -) that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with ,then municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) Print Name & Title COUNTY OF Date ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to• me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. I)I.\ I I.OI'\lI \ I I \\{ I ( \1 \1I\O1t1 i 1 ; \1O\11 \ II \I I \I.\I I I1) \\ II Ise this form for Corporations. Continental Hospitality Holdings, LLC Please Check One Box Only: I Hispanic Female 1 Black ( X I Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the. City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RP'P/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently ,verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; ") that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with other municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) ) SS Print Name & Title COUNTY OF ) Date The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. DI VF.LOPMFN TI \\I FORM MINORITY/WOMEN BUSINESS AFFAIRS AFFIDAV 1T ' se this form for Corporations. Camper & Nicholsons Marinas Ltd. Please Check One Box Only: Hispanic Female Black n Not Applicable If business is not 51 % minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with ,they municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) ) SS Print Name & Title COUNTY OF Date The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a He/she is personally known to me or who has produced who did (did not) take an oath. Signature of Notary Public Print Name Commission No. (state or place of incorporation) corporation, on behalf of corporation. (type of identification) as identification and DEVELOPMEN1 ILA\'1 FORM \11NORI 1 ) \VOMEN BtJsINLss Al l AIRS AI l'IDAVIC 'se this form for Corporations. David Plummer & Associates, Inc. Please Check One Box Only: Hispanic Female Black Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be snuck from the City of Miami's Master vendor's list with nu further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; ") that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with other municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: Print Name & Title Date STATE OF FLORIDA) COUNTY OF ) ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. 1)1 V1 OP\11 \'I 11 \\1 1 OR vI \IINORI I'Y'\V'mllA isiNkss All ;AJRS \FFIDAV'fl Ise this form for Corporations. Beers Construction Company Please Check One Box Only: Hispanic n Female Black Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; 5) that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with Jther municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: STATE OF FLORIDA) Print Name & Title COUNTY OF Date ) SS The foregoing instrument was acknowledged before me this day of , 2001 by (name of officer or agent, title of officer or agent), of (name of corporation acknowledging), a (state or place of incorporation) corporation, on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. Signature of Notary Public Print Name Commission No. (11'V11�.N1 I I.:.A1\I I (RNI \1INORI I V','\V'Oy11 N 131 `SIN1SS \lR :AII:II) :AVII se this form for Corporations. Shutts & Bowen LLP Please Check One Box Only: Hispanic Female Black X Not Applicable If business is not 51% minority/female owned, affidavit does not apply. If not applicable, notarization is not required. I (We), the undersigned agree to the following conditions: 1) that we have read Section 18-136, et. Seq. of the City of Miami Code and meet the fifty-one percent (51%) ownership and management requirement for minority/women registration status and will abide by all of the policies and regulations governing the City of Miami Minority and Women Business Enterprise Procedures; 2) that if at any time information submitted by the undersigned applicant in his/her Response/application should prove to be false, inaccurate, or misleading, applicant's name will be struck from the City of Miami's Master vendor's list with no further consideration given to this applicant; 3) that the City of Miami maintains the right, through award of RFP/Contract, to revoke the award, should it be found that false, inaccurate or misleading information or a change in the original information have occurred; 4) to notify the City of Miami within thirty (30) days of any change in the firm's ownership, control, management or status as an ongoing minority/women business concern as indicated on the Response or application, and that the City of Miami, upon a finding to the contrary, may render a firm's registration with the City null and void and cease to include that firm in its registered list of minority and women -owned businesses; 5) that the City of Miami has a right to diligently verify all information submitted by applicant in his/her Response/application to monitor the status of the Minority/Women Business Enterprise, once registered; "1 that the City of Miami may share a firm's registration information concerning its minority/women status and its capability with tether municipal or state agencies for the sole purpose of accessing the firm to their procurement opportunities, unless otherwise specified by the firm in writing. I (We) certify under the penalties of perjury that the information contained in any and all application documents submitted to the City of Miami is correct as per Section 18-136, et. Seq. of the City of Miami Code. ATTEST: By: Print Name & Title Date STATE OF FLORIDA) COUNTY OF The foregoing instrument was acknowledged before me this day (name of officer or agent, title of officer or agent), of corporation aclnowledging), a (state or place of incorporation) corporation, on ) SS of , 2001 by (name of behalf of corporation. He/she is personally known to me or who has produced (type of identification) who did (did not) take an oath. Signature of Notary Public Print Name Commission No. as identification and R E Q U l R E D R. F P R. E S P O N S E FORMS G AFFIRMAflVFACTION FORMS I S L A N D G A R D E N S Ilpd DEVLLOP\9LN1 11:;1\1 FOR\i S11ti1PLE 1i l 1RN1ATIVL AC1 ION POLi('1' AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Flagstone Properties, LLC to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Flagstone Properties, LLC is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 'lagstone Properties, LLC is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Flagstone Properties, LLC has assigned one of its principals as the Affirmative Action Director to monitor all activities of this program. Employees may contact Mehmet Bayraktar at (407) 566-9331 regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: Flagstone Properties, LLC Mehmet Bayraktar Managing Member May 18, 2001 419208-1 DEVELOP\II.N I IVAN' 1=OR\1 S;A\11'1.1'. Al-1'1R\lATIVE ACTION POLICY AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Jones Lang LaSalle Americas, Inc. to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Jones Lang LaSalle Americas, Inc. is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. "ones Lang LaSalle Americas, Inc. is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Jones Lang LaSalle Americas, Inc. has assigned one of its principals as the .ED c » Q; 14,v, to monitor all activities of this program. Employees may contact 5 at (3ig.• 22g .2 all regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: Jones Lang LaSalle Americas, Inc. JD�vI A , c=f1©t.e icy, 2.4, 26t71 DEVELOP\Il.ATTE;A\1 FOR\1 SSA\1PEE \1'I'IR\MAlIV'I'. rALI ION POLICY AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Eric R. Kuhne, Architect, P.C. to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Eric R. Kuhne, Architect, P.C. is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. :ric R. Kuhne, Architect, P.C. is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Eric R. Kuhne, Architect, P.C. has assigned one of its principals as the eb u t ►Y\1.43_p6ct; to monitor all activities of this program. Employees may contact pt_rdai i,Ac G at (211} t L26 —6 33 2_ regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: Eric R. Kuhne, Architect, P.C. 61,n4N-aY J. wc6e-�i 74-44:r‘?y'' DI NH OI'\1I N i I I .A\1 I OI:AI1 1.1111 tI \1,1 111'I'. A(' l lON POI.I('l' AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Spillis Candela & Partners, Inc. to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Spillis Candela & Partners, Inc. is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. Spillis Candela & Partners, Inc. is committed to take affirmative action and aggressively pursue activities that rill serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Spillis Candela & Partners, Inc. has assigned one of its principals as the (Affirmative Action Director) to monitor all activities of this program. Employees may contact (Name of assigned principal) at (telephone number) regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: Spillis Candela & Partners, Inc. \on/A a �o.✓ or ' Ilanic)11 2etcourc.c5. 5Z/-o/ EDSA 1512 E. Broward Blvd., Suite 110, Fort Lauderdale, FL 33301 t 954.524.3330 f 954.524.0177 www. edsaplan. corn AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT foil lau,! r(1alr ariando .fall/ ({ A1I117/fa It is the policy of Edward D. Stone, Jr. and Associates, Inc., to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Edward D. Stone, Jr. and Associates, Inc., is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. Edward D. Stone, Jr. and Associates, Inc., is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for arty individual, despite the full support of management. And so, to monitor our efforts, Edward D. Stone, Jr. and Associates, Inc., has assigned the Director of Human Resources to monitor all activities of this program. Employees may contact Cindy Eden at 954/524-3330 regarding this Affirmative Action Policy. COMPANY: Edward D. Stone, Jr. and Associates, Inc. NAME: Cindy Eden TITLE: Director of Human Resources 4-- SIGNATURE: UC DATE: coo F.'}IUMAN RESOURCES\AFFI R,.IATIVE ACTION. DOC lll�n;n,r, lan11srItn ,!)rirllr, I< gr,rllh# rlr,lfurl'f LA *0000001 AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Camper & Nicholsons Marinas Ltd. to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at of Camper & Nicholsons Marinas Ltd. is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. Camper & Nicholsons Marinas Ltd. is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Camper & Nicholsons Marinas Ltd. has assigned one of its principals as the Personnel Officer responsible for monitoring all activities of this program. Employees may contact Simon J Arrol CEng FICE at Camper & Nicholsons Marinas Ltd, Head Office, Gosport, Hampshire, P012 1AH, England regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: ')ATE: Camper & Nicholsons Marinas Ltd. Simon James Arrol Managing Director 2cs I)lA'ELOI'\1FN1 Tl.rA\1 FOR\l S,A\1I l li Ai:FIR\1 \TIv 1- :1( TION poi icy AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of David Plummer & Associates, Inc. to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at David Plummer & Associates, Inc. is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. )avid Plummer & Associates, Inc. is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, David Plummer & Associates, Inc. has assigned one of its principals as the Manager to monitor all activities of this program. Employees may contact Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: David S. Plummer at(301 447-0900 David Plummer & Associates, Inc. regarding this Affirmative Timothy J. Plummer Presiden 7 May 10,20.1 . DEVELOPMENT TEAM FORM — SAMPLE AFFIRMATIVE. ACTION POLICY AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It -is the policy of Beers Construction Company to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, -color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Beers Construction Company is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. leers Construction Company is committed to take affirmative action and aggressively pursue activities that ,vill serve to enable all employees and applicants' opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Beers Construction Company has assigned one of its principals as the Affirmative Action Director to monitor all activities of this program. Employees may contact Bernice Beech at (407-839-2925) regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: 418895-1 Beers Construction Company Bernice Beech Human Res roes Manager May 15, 2001 I)IxI:LOI' Il \\1 rOI?\1 ti,1\lI l I :AI,I.!R\1:Al1V'l \(' I ION 1'01.1(.l AFFIRMATIVE ACTION/EQUAL EMPLOYMENT OPPORTUNITY POLICY STATEMENT It is the policy of Shutts & Bowen LLP to base its hiring and promotions on merit, qualifications and competency and that its personnel practices will not be influenced by an applicant's or employee's race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. One of the management duties of all principals at Shutts & Bowen LLP is to ensure that the following personnel practices are being satisfied: 1. Take every necessary affirmative action to attract and retain qualified employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. 2. Maintain equitable principles in the recruitment, hiring, training, compensation and promotion of employees. 3. Monitor and review personnel practices to guarantee that equal opportunities are being provided to all employees, regardless of race, color, place of birth, religion, national origin, sex, age, marital status, veteran and handicapped status. lhutts & Bowen LLP is committed to take affirmative action and aggressively pursue activities that will serve to enable all employees and applicants opportunities available throughout this organization. Clearly, the above actions cannot be accomplished as a secondary duty for any individual, despite the full support of management. And so, to monitor our efforts, Shutts & Bowen LLP has assigned one of its principals as the Director of Human Resources to monitor all activities of this program. Employees may contact Arlene Drexler at (305) 358-6300 regarding this Affirmative Action Policy. COMPANY: NAME: TITLE: SIGNATURE: DATE: Shutts & Bowen LLP David A. Rubinstein Chief Operating Officer May 11, 2001 R. E Q U I R E D R F P P. E S P ONSE f ORMS D. REfEREAKES I S L A N D G A R D E N S 1ms Development Team Member. Flagstone Properties, LLC/Mehmet Bayraktar References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Mr. Adnan Nas Chairman Price Waterhouse Coopers, Turkey BJK Plaza, Spor Caddesi No. 92 K: 9, Akaretler, Istanbul Turkey Telephone/Fax: +(90) 212-259-4980 / +(90) 212-259-4902 Nature and magnitude of business association: Acquaintance for many years within the business circle and viewed as leading audit company in Turkey. Reference Number 2 Name: Mr. Koray Arikan Title: Vice President ' Business: JP Morgan / Chase Manhattan Bank Address: Emirhan Cad, No. 145 Atakule K: 11, Dikilitas, Istanbul Turkey 80700 Telephone/Fax: +(90) 212-326-8304 / +(90) 212-326-8380 Nature and magnitude of business association:' Acquaintance for many years within the business circle. Reference Number 3 Name: Mrs. Tuna Ibrahiuizade Title: Vice President, Private Banking Business: HSBC Address: • Guyezellex Bank A.G., Geneva Switzerland Telephone/Fax: +(41) 228-187-861 / +(41) 223-106-065 Nature and magnitude of business association: Acquaintance for many years within the business circle. \ I I OI'\II I II v\1 I O1 I I'I ! I I'! `.( I Reference Number 4 Name: Title: Levent Yaveroglu Chairman Business: Deloitte & Touche Address: Bnynkdere Caddesi Y.K. Plaza B Blok K: 5, Levent, Istanbul Turkey Telephone/Fax: +(90) 212-283-1585 / +(90) 212-283-1593 Nature and magnitude of business association: Deloitte & Touche has been involved in auditing Bayraktar Holding since 1990. Reference Number 5 Name: Title: Business: Address: John T. Riordan President International Council of Shopping Centers (ICSC) 1221 Avenue of the Americas, 41' floor, New York, NY 10020 Telephone/Fax: (646) 728-3800 / (212) 589-5555 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 6 Name: Jean Louis Solal Title: Chairman & CEO Business: Jean Louis Solal Investissment Address: 112 Avenue Kleber, Paris 75116 France Telephone/Fax: +(33)144-343-160 / +(33) 144-343-169 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 7 Name: Charles Joye Title: Chairman & CEO Business: Retail & Development Services SA (RDS) Address: 1. Ch. De la Dime, Case Postale 10, CH-1294, Genthod, Geneva Switzerland Telephone/Fax: +(41) 227-742-424 / +(41) 227-741-988 Nature and magnitude of business association: Acquaintance for many years within the business circle. )I \ I I OI' ,11 I II 1\1 I t 11;A1 !:II I ICI `.( I Reference Number 8 Name: Jeremiah W. O'Connor, Jr. Title: Chairman & CEO Business: The O'Connor Group Address: 399 Park Avenue, New York, NY 10022 Telephone/Fax: (212) 308-7700 / (212) 308-7894 Nature and magnitude of business association: Acquaintance for many years within the business circle. )I \ I I.( )I'\1I N 1 I I \\1 I OI:\I I:I I I I:I ' (I ti Development Team Member: Jones Lang LaSalle References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Scott Geik Title: Managing Director Business: Harris Trust and Savings Bank Address: 111 West Monroe Street, Chicago, IL 60690 Telephone/Fax: 312.461.5113 / 312.293.4856 Nature and magnitude of business association: Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Ben S. Caputo Jones Lang LaSalle has a $250 million dollar Revolving Credit Facility from a syndicate of 14 banks. As of December 31, 2000 the facility had an outstanding balance of $85.6 million. Harris Trust & Savings Bank serves as the administrative agent of the facility. Senior Real Estate Officer Northwestern Mutual Life 10 South Wacker Drive, Suite 3400, Chicago, IL 60606 312.559.0700 / 312.559.0198 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: Telephone/Fax: William C. Helm Northwestern Mutual Life was Jones Lang LaSalle's equity partner during the development of Cornerstone I and II, a 500,000 s.f. multi -tenant, Class A office complex in Warrenville, Illinois. Vice President DLJ/Real Estate Capital Partners 277 Park Avenue, New York, NY 10172 212.892.4652 / 212.892.7553 Nature and magnitude of business association: Jones Lang LaSalle formed a joint venture with DLJ Real Estate Capital Partners, Inc. to develop Millenia, a 406-acre land parcel in Orlando, FL. DLJ is providing the capital for infrastructure improvements. I \I I.O1'\II \I lI \\1 IOI:\I I:IJI I:I NCI ti Reference Number 4 Name: Title: Business: Address: Telephone/Fax: Chris Carley Chairman The Fordham Company 4 East Huron, Chicago, IL 60611 312.587.0900 / 312.587.8600 Nature and magnitude of business association: Jones Lang LaSalle is currently managing the development of Fordham Tower, a $120 million, 50-story residential high-rise, and 65 East Goethe, a $29 mullion, 140,000 s.f. super -luxury condominium development — both projects are located in downtown Chicago. The Fordham Company, a residential development company, is the developer for both projects. 1EVELOPMF.NT TFA\9 FORM REFFRENCES 1evelopment Team Member: References Spillis Candela & Partners, Inc. List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr. Charles Lilygren Title: Managing Director Business: Bank of America Address: 555 South Flower Street, 11th Floor, Los Angeles, CA 90071 Telephone/Fax: 213 228 2636; fax 213 623 1959 Nature and magnitude of business association: Current bank relationship between Bank of America and Daniel Mann Johnson & Mendenhall, who is Spillis Candela & Partners' parent company, consolidating all bank accounts and lines of credit. Reference Number 2 ame: Title: Business: Address: Telephone/Fax: Ms. Victoria F. Garrigo Vice President Northern Trust Bank 595 Biltmore Way, Coral Gables, FL 33134 305 529 7705 Nature and magnitude of business association: Prior banking relationship of all accounts and lines of credit in the magnitude of low seven figures. Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Mr. Russell James General Manager T-Square Express 998 West Flagler Street 305 324 1234 ature and magnitude of business association: Vendor for the last 20 plus years providing full service reproduction and architectural supplies to our firm with monthly invoicing ranging from the mid to high 5 figures. DLV'LLOI'\1E\T -FLAN.' FORM REFERENCES ,eference Number 4 Name: Title: Business: Address: Telephone/Fax: Yamile Barrera Vice President and General Manager Business Travel Advisors, Inc. 3750 N.W. 87t' Avenue, Suite 100, Miami, FL 33178 305 594 2929 Nature and magnitude of business association: Provides travel arrangements for fum partners and employees with monthly invoicing ranging from low to mid 5 figures. DEVLLOP11L;NT TEAM f:ORN1 R[F[RENC'LS `evelopment Team Member: References Eric R. Kuhne, Architect, P.C. List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Title: Business: Address: Telephone/Fax: James Monica Partner Schuhalter, Coughlin & Suozzo CPA 575 Route 28, 2ad Floor, Raritan, NJ 08869 Tel: (908) 707-1100 Fax: (908) 707-1070 Nature and magnitude of business association: Accountant Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Robert McGeary Esquire Robert McGeary PC 14 Pine Hill Road, Annandale, NJ 08801 Tel: (908) 735-0229 Fax: (908) 735-7021 Nature and magnitude of business association: Lawyer Reference Number 3 Name: Thomas Navin Title: Owner Business: Thomas Navin Architect Address: 120 Cabrini Blvd., #98, New York, NY 10033 Telephone/Fax: Tel: (212) 923-2813 Fax: (212) 923-2854 Nature and magnitude of business association: Contract Employee 1)1 \ IOI'\1I NI 1l :\\1 I OI:\1 I:I I I I:I \('I Reference Number 4 Name: Title: Tony Cope Office Portfolio Manager Business: General Property Trust Address: Level 14, Tower Building, Australia Square, Sydney NSW 2000 Australia Telephone/Fax: +(612) 9236-6003 / +(612) 9296-6020 Nature and magnitude of business association: Client and current asset manager for Darling Park. Reference Number 4 Name: Title: Business: Address: Telephone/Fax: Jeremy Collins Project Director Lend Lease York House, 7`" floor, 23 Kingsway, London WC2B 6LU England +(44) 207-379-0222 / +(44) 207-379-0219 Nature and magnitude of business association: Client and development director for Touchwood in Solihull. Reference Number 5 Name: Title: Business: Address: Geoff Paddock Executive Director Headwaters Park Alliance 110 West Berry Street, Suite 1600, Fort Wayne, Indiana 46802 Telephone/Fax: (219) 425-5745 / (219) 425-5155 Nature and magnitude of business association: Client and executive director of Headwaters Park Alliance 1)1�\'1_I.OI'\11I I I::A\9 I.OIZ\I IZ1_I1:R1.NCI S levelopment Team Member: References Edward D. Stone, Jr. and Associates, Inc. List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: James B. LaBate Title: First Vice President Business: Merrill Lynch Address: 2611 E. Oakland Park Boulevard, Ft. Lauderdale, FL 33306 Telephone/Fax: 954/537-3825 / 954/566-1983 Nature and magnitude of business association: Banking, Lending and Consulting Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Carlos Castresano Senior Vice President AXA Advisors, LLC One Financial Plaza, #1200, Ft. Lauderdale, FL 33394 954/356-5558 / 954/356-5500 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Insurance and Benefits Consulting Steven Samuels Director Rachlin Cohen & Holtz 700 S.E. 3rd Avenue, Ft. Lauderdale, FL 33316 954/525-1040 / 954/525-2004 Nature and magnitude of business association: Tax, Accounting and Business Consulting Services 1)I:1'1:1 OI'\11.N I 111\1 1 (1161 RI I:IZ1-N'('1:� Reference Number 4 Name: Title: Business: Address: Telephone/Fax: Larry R. Deet j an Manager City of Deerfield Beach 150 N.E. 2nd Avenue, Deerfield Beach, FL 33441 954/480-4200 / 954/480-4268 Nature and magnitude of business association: Landscape Architecture, Planning, Consulting and Project Management I )1 \ I I ( )l \1I \ I I I \\1 1 i il:\1 I:I 1 11:1 \c I ti Development Team Member: Camper & Nicholsons Marinas Ltd. References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Jim Cunningham Title: Manager Business: Bank of Scotland Address: 144/148 High Street, Southampton, SO14 2JF, England Telephone/Fax: Tel +44 23 8053 1051 Fax +44 23 8053 1004 Nature and magnitude of business association: Bankers to Camper & Nicholsons Marinas Ltd and its associate companies. Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Miss Sarah Martin -Hill Account Manager LEX Vehicle Leasing Ltd Crossgate, Cross Street, Sale, Cheshire M33 7FU, England Tel +44 161 905 4173 Nature and magnitude of business association: Has leased vehicles to Camper & Nicholsons since 1993 Reference Number 3 Name: John Chase Title: Partner Business: Burnett Swayne & Co Address: Charter Court, Third Avenue, Southampton, SO15 OAP, England Telephone/Fax: Tel +44 23 8070 2345 Fax +44 23 8070 2570 Nature and magnitude of business association: Auditors to Camper & Nicholsons Marinas Ltd and associate companies I \ I I (\ I II. \\1 I (1I:\1 l<I 1 I I:I \('I Reference Number 4 Name: Title: Business: Address: John Preston Principal Artworks Ltd 9 Stoke Road, Gosport, P012 1 LT, England Telephone/Fax: Tel +44 23 92 502 028 Fax +44 23 92 511645 Nature and magnitude of business association: Graphic designers, publishers, media communication agency services to Camper & Nicholsons Marinas Ltd and associate companies DIN ELOP\11 \ 1 1 \\1I:OR\1 RLFLRI:NU[S evelopment Team Member: References Beers Construction Company List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr. Parker Hix Title: President Business: Allied Group of Companies Address: 11 Piedmont Center, Suite 700, Atlanta, Georgia 30305 Telephone/Fax: 404-842-9530 404-842-1411 Nature and magnitude of business association: Bonding representative. Reference Number 2 Name: Mr. Jim Theiling Title: Senior Vice President Business: Bank of America Address: 600 Peachtree Street, NE, Atlanta, Georgia 30308 Telephone/Fax: 404-607-5804 404-607-6343 Nature and magnitude of business association: Banking relationship. Reference Number 3 Name: Mr. John Dixon Title: President • Business: Mallory & Evans, Inc. Address: P.O. Box 447, Decatur, Georgia 30031 Telephone/Fax: 404-297-1000 404-296-5838 . Nature and magnitude of business association: Long-term repeat subcontractor. DI.A L:I.OI'\11:Al 1 UR\1 RLI I:RI:A(1.S }reference Number 4 Name: Title: Business: Address: Telephone/Fax: Mr. Jim Overton Senior Vice President Cousins Properties 2500 Windy Ridge Parkway, Suite 1600, Atlanta, Georgia 30339 770-955-2200 770-857-2582 Nature and magnitude of business association: A long term, repeat client. n1:VFI OP\1L:NT TEAM FOR\1 RF.I ERFNCTS evelopment Team Member: References David Plummer & Associates, Inc. List four (4) persons or firms with whom business tra Mariano J. Rodriguez nsactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. jteference Number 1 Name: Alex Barcenas Title: Vice Assistant Manager Business: SunTrust Bank, Miami Address: 100 Miracle Mile, Coral Gables, FL 33134 Telephone/Fax:. Tel: (305) 442-3137 / Fax: (305) 441-9618 Nature and magnitude of business association: Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Mariano J. Rodriguez CPA Rodriguez, Trueba & Company 1985 NW 88 Court, Suite 101, Miami, FL 33172 Tel: (305) 593-2644 Ext. 108 / Fax: (305) 593-0390 Nature and magnitude of business association: Reference Number 3 Name: Title: Business: Address: Telephone/Fax: Galloway Office Supplies & Equipment 6802 S.W. 81 Street, Miami, FL 33143 Tel: (305) 665-2116 / Fax: (305) 665-3398 Nature and magnitude of business association: DEVELOP\iLN I TL,A\1 FORM RLFI RENC [S ,..eference Number 4 Name: Diego C. Alonso Title: Systems Engineer Business: Advanced Total Systems, Inc. Address: 1150 NW 72 Avenue, Suite 501, Miami, FL 33126 Telephone/Fax: Tel: (305) 477-4567 / Fax: (305) 477-9713 Nature and magnitude of business association: )I \'I I ( )I'\1I N. I I I \\1 I OI:11 IZI 11 R \('I ti Development Team Member: Continental Hospitality Holdings, LLC References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Gerald Katcher Title: Chairman & CEO Business: Mellon United National Bank Address: 1399 SW 1 Avenue, 4th floor, Miami, Florida 33130 Telephone: (305) 358-4333 Reference Number 2 Name: David S. Kenin Title: Partner Business: Greenberg Traurig Hoffman Address: 1221 Brickell Avenue, 22nd floor, Miami, Florida 33131 Telephone: (305) 579-0585 Reference Number 3 Name: Title: Business: Address: Telephone: Reference Number 4 Name: Title: Business: Address: • Telephone/Fax: Aaron Podhurst Partner Podhurst Orseck and Park 25 West Flagler, Suite 800, Miami, Florida 33130 (305) 358-2800 Gene Steams Partner Stearns Weaver Miller 150 West Flagler, Miami, Florida 33130 (305) 789-3400 DEVILOP\11:N I 1 L \\1 1 UR\I RLLLRLNC'I_:S evelopment Team Member: References Shutts & Bowen LLP List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Eric Woolworth Title: President Business: Basketball Properties, Inc. Address: 601 Biscayne Boulevard, Miami, FL 33132 Telephone/Fax: Tel: (786) 777-4007 / Fax: (786) 777-4082 Nature and magnitude of business association: Client/Developer of the American Airlines Arena. Reference Number 2 Name: Title: Business: Address: Telephone/Fax: Mr. Harvey Taylor President Taylor Development & Land Company 12000 Biscayne Boulevard, Suite 803, Miami, FL 33181 Tel: (305) 892-6800 / Fax: (305) 895-1101 Nature and magnitude of business association: Client/Developer of numerous mixed -use projects in the City of Miami. Reference Number 3 Name: Title: Business: Address: Telephone/Fax: George F. Psomopoulos First Vice -President & Regional Commercial Lending Manager, Commercial Lending Department SunTrust Bank Mail Code Fl. — Miami Beach-6011, 1111 Lincoln Road, Miami Beach, FL 33139-5125 Tel: (305) 674-5207 Nature and magnitude of business association: Banking relationship. ll`'1J�1S—el•�`,!$)/l11/\�J�1�1r����r�1�1��11Jr�'.�I/tilll��'�Irtillr���11Y�.�Il�til*J�1�r1�1�1�1✓�11$1!,`)$ !,illl�till]/�'.t1/_,�1i.1I!/_•'S1e ),M ^,My M, _�N> N -. 00 00 �N�,'N. M C.• 'Ni_.M`M� N .i00 - 00 M,'M M;_!M,N N� N.. '.N N M • r;q� 1(/`�'l//11/':01\11�11i�Iti///l1 /'(•i'c J�/,,77% 1J1�4\/�1 �J'�/,vri 1�1 •V\1i11\J(/'itir��'\!f/1\/il\'�/11�'�1�1 ��•�1 \1i•111i 11�l11 •111 /1\:/�-;-(1 \ � I• R 'L 1� loe . ✓ y• L v •lo • 4-0• - av fl partutrnt of Otaxt) I certify from the records of this office that FLAGSTONE PROPERTIES, LLC, is a limited liability company organized under the laws of the State of Florida, filed on May 14, 2001. The document number of this company is L01000007559. I further certify that said company has paid all fees due this office through December 31, 2001, and its status is active. CR2E022 (1-99) Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capitol, this the Sixteenth day of May, 2001 arris 11Erin1 dial is rrrrtartt uf$tafr U V^��•ti.y�.\*.J). /��..U!�t!r J==�U>U;rs11l V�.%WI "%II r.•s.,W !%'��J�LI� y U�S�r._�t�^��r�y •r^\e,/_-./ �S): /.,,,^4�./.rM).(M'.(N.\./^`NJ/44/M/-'M>/.,M.,M/�O•�M�•C.�\�,'�("M.�M7.M.�� We* • '41111\-41 � 1`R'"l a i'ti'J, IRJl iN,r, 1��!.'•41111-S7e10 J(� 1`l-? �iS.7101 y Y1 � IS',41%.r 1\ vie 1!�-li 1!�YI � F.7,;/ �R-J,�1 � 4\ 71 ��ti'7'l � l\-.7� � k-71115'll � l\-J(..1\ 1:i • 1- !!" 1's. 11 / 1'-/i 11� DEV'LLOPN11-.N I I LAN] I O1ZAI 1:11t-1ZLNL1:S .eference Number 4 Name: Ms. Marion Diamond Title: Director of Florida Operations Business: MDY Advanced Technologies, Inc. Address: 4861 N. Dixie Highway, Suite 202, Ft. Lauderdale, FL 33334 Telephone/Fax: Tel (954) 776-5678 / Fax: (954) 776-5782 Nature and magnitude of business association: Vendor. R. E Q U I R E D R F P R. E S P O N S E FORMS E. RESPOYDENTFORMS I S L A N D G A R D E N S 1UN-o RESPOND1 y I 1 (Rd1 D[C1.ARA 1 IO\ Use this form for Corporations. TO: Carlos A. Gimenez, City Manager City of Miami Submitted on this 18th day of May, 2001. The undersigned, as Respondent (herein used in the masculine, singular, irrespective of actual gender and number) declares that the persons interested in this Proposal are named herein, that no other person has any interest in this Proposal or in the Lease Agreement ("Agreement") to which this Proposal pertains, that this Proposal is made without connection or arrangement with any other person and that this Proposal is in every respect fair, in good faith, without collusion or fraud. The undersigned further declares that he has complied in every respect with the Request for Proposals requirements and instructions, that he has read all addenda, if any, and that he has satisfied himself fully with regard to all matters and conditions with respect to the Agreement to which the Proposal pertains. The undersigned herein acknowledges that this Proposal constitutes a firm offer and he will negotiate in good faith with the City in the event that the undersigned is the selected Respondent. The undersigned further acknowledges that if its Proposal is selected and the undersigned fails to execute the Agreement, the Initial Deposit shall be kept by the City as liquidated damages and not as a penalty. The undersigned understands that the Initial Deposit shall be kept by the City until a determination is made as to whether this Proposal is non -responsive or until an award is made by the City Commission to someone other than the undersigned. In the event the undersigned is selected by the City Commission, the Initial Deposit shall be kept by the City. The undersigned acknowledges that all costs related to the preparation and submission of the Proposal are the sole cost of Respondent and the undersigned understands and acknowledges that he will not be entitled to a refund or reimbursement of any costs incurred. The undersigned acknowledges that he is not in arrears or in default upon any debt or contract involving the City, a defaulter or surety otherwise, upon any obligation to the City, or has failed to perform faithfully any previous contract with the City. The Respondent states that the Proposal is based on the Request for Proposals issued by the City, dated February 2001 for the provision of planning and design, construction, leasing and management of the Northwest Quadrant of Watson Island in the City of Miami, Florida. ATTEST: By: Flagstone Properties, LLC Signatur Mehinet Bayraktar, lGlanaging Member Print Name & Title May 18, 2001 Date STATE OF FLORIDA) f.� ) SS COUNTY OF C ) The foregoing instrument was acknowledged before me this 18th day of May, 2001 by Mehmet Bavraktar, Managing Member of Flagstone Properties, LLC, a Florida Limited Liability Company on behalf of corporation. He/she is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. of Notary Public L Albk 1?-1 Sr IA,-> Print Name O1 UAL r4v1:ARY s aL LINDA ,1 Commission No. •i;r-TDh RESI'ONDi_N1 1.0161 \V`.AIVI I: INI) RFl.1 Use this form for Corporations. The undersigned Respondent understands that the City of Miami is relying on the information contained within this Proposal. The Respondent warrants that the information contained herein is accurate and that the Respondent has made all investigations adequate to satisfy Respondent about all matters related to its proposal. The undersigned Respondent grants the City the right to make any investigations regarding the Respondent, its officers, directors, partners, majority stockholders and managers, related companies, credit background, criminal background and any other areas as the City may decide. The undersigned Respondent waives confidentiality, release and holds harmless the City from any liability arising out of such investigation and waives any claims against the City in any action relating to such investigations. A 1Tk ST: Flagstone Properties, LLC By: l Signature ( U Mehmet Bayraktar, Managing Member Print Name & Title May 18, 2001 Date STATE OF FLORIDA) SS COUNTY OF1,1cpC ) The foregoing instrument was acknowledged before me this 18 day of May, 2001 by Mehmet Bayraktar. Managing Member of Flaestone Properties. LLC. a Florida Limited Liability Company, on behalf of the corporation. He is personally known to me or who has produced (type of identification) as identification and who did (did not) take an oath. of Notary Public 11,.) C i ,-1 si / J Print Name C C A1, NOTAPJSEAL Conunissio 1,iSaJn C1-1115z7_ N cO!,tme.aa a;. cO ti 9 my COMM19510N EX?. FEB. 22,2L`3 I:I H'W.,I)1 ` 1 1(W\l (()I:I'OI;AIIZ\I11k The Respondent, if a corporation, must be authorized to do business in the State of Florida, and must be incorporated under the laws of ne of the states of the United States. Name of Respondent: Flagstone Properties, LLC Federal Employer Identification: 59-3724046 Principal Office Address: c/o Mehmet Bayraktar 506 Celebration Aenue Celebration, FL 34747 Name of Contact for Respondent Mehmet Bayraktar Title: Managing Member Address (if different from Principal): Telephone/Fax: Email: Date of Incorporation: In What State: Tel: (407) 466-9331 / Fax: (407) 566-9332 Baynco(ajaol.com May 14, 2001 Florida !foreign, date of registration with Florida Secretary of State: N/A Name and address of Florida registered Office/Agent: Corporation Company of Miami If Publicly held, where is the stock traded? If a Subsidiary, what is the Parent Company? Names of all officers of corporation: N/A President 201 S. Biscayne Boulevard, Suite 1600 (JAB) Miami, FL 33131 N/A N/A Treasurer Vice President Secretary For publicly traded corporations, please provide the full name and address of each stockholder who holds (directly or indirectly) five percent (5%) or more of the corporation's stock N/A. Stockholder Name Stockholder Address % of Ownership For publicly traded corporations, please provide the following information: N/A Authorized Issued Outstanding Number of voting shares Number of nonvoting shares Number of shareholders Value per share of common stock Book Market If Corporation was created prior to this proposal, please provide the following for the Corporation, the shareholders listed here and its officials. N/A Surety Information Has any surety or bonding company ever been required to perform upon company's default? If yes, please complete the following: YES X NO Surety or Bonding Company Name Date Amount of Bond Circumstances Bankruptcy Information Has company ever declared bankruptcy? Dyes, please complete the following: YES X NO Date Court Jurisdiction Liabilities Assets Pendine Li¢ation Provide here or on attached sheets detailed information. regarding pending litigation, liens, or claims I )I,:\'I .I (>I'\11 \ I 1 ! \\1 l-OI:Al 1:1.1 1 RI •\(•I ti Development Team Member: Flagstone Properties, LLC/Mehmet Bayraktar References List four (4) persons or firms with whom business transactions have been conducted during the past three (3) years. At least three (3) of the references named must be able to provide financial references. Reference Number 1 Name: Mr. Adnan Nas Title: Chairman Business: Price Waterhouse Coopers, Turkey Address: BJK Plaza, Spor Caddesi No. 92 K: 9, Akaretler, Istanbul Turkey Telephone/Fax: +(90) 212-259-4980 / +(90) 212-259-4902 Nature and magnitude of business association: Acquaintance for many years within the business circle and viewed as leading audit company in Turkey. Reference Number 2 Name: Mr. Koray Arikan Title: Vice President Business: JP Morgan / Chase Manhattan Bank Address: Emirhan Cad, No. 145 Atakule K: 11, Dikilitas, Istanbul Turkey 80700 Telephone/Fax: +(90) 212-326-8304 / +(90) 212-326-8380 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 3 Name: Mrs. Tuna Ibrahiuizade Title: Vice President, Private Banking Business: HSBC Address: Guyezeller Bank A.G., Geneva Switzerland Telephone/Fax: +(41) 228-187-861 / +(41) 223-106-065 Nature and magnitude of business association: Acquaintance for many years within the business circle. I)1 \ I I OI'\11 N I 1I :\\1 I (►I: Reference Number 4 Name: Title: Levent Yaveroglu Chairman Business: Deloitte & Touche Address: Bnynkdere Caddesi Y.K. Plaza B Blok K: 5, Levent, Istanbul Turkey Telephone/Fax: +(90) 212-283-1585 /+(90) 212-283-1593 Nature and magnitude of business association: Deloitte & Touche has been involved in auditing Bayraktar Holding since 1990. Reference Number 5 Name: Title: Business: Address: John T. Riordan President International Council of Shopping Centers (ICSC) 1221 Avenue of the Americas, 41' floor, New York, NY 10020 Telephone/Fax: (646) 728-3800 / (212) 589-5555 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 6 Name: Jean Louis Solal Title: Chairman & CEO Business: Jean Louis Solal Investissment Address: 112 Avenue Kleber, Paris 75116 France Telephone/Fax: +(33) 144-343-160 / +(33) 144-343-169 Nature and magnitude of business association: Acquaintance for many years within the business circle. Reference Number 7 Name: Charles Joye Title: Chairman & CEO Business: Retail & Development Services SA (RDS) Address: 1. Ch. De la Dime, Case Postale 10, CH-1294, Genthod, Geneva Switzerland Telephone/Fax: +(41) 227-742-424 / +(41) 227-741-988 Nature and magnitude of business association: Acquaintance for many years within the business circle. I)I \'I l OI'\li N I l I\\1 1 OI:\1 PI I I I:I .\('I Reference Number 8 Name: Title: Business: Address: Telephone/Fax: Jeremiah W. O'Connor, Jr. Chairman & CEO The O'Connor Group 399 Park Avenue, New York, NY 10022 (212) 308-7700 / (212) 308-7894 Nature and magnitude of business association: Acquaintance for many years within the business circle. ARTICLES OF ORGANIZATION FOR FLORIDA LIMITED LIABILITY COMPANY ARTICLE I Name The name of the Limited Liability Company is: FLAGSTONE PROPERTIES, LLC ARTICLE II Address The mailing address and street address of the principal office of the Limited Liability Company is: c/o Mehmet Bayraktar 506 Celebration Avenue Celebration , Florida 34747 ARTICLE III Registered Agent, Registered Office, and Registered Agent's Signature The name and the Florida street address of the registered agent are: D« o r_ rr, Corporation Company of Miami =m z 201 S. Biscayne Boulevard, Suite 1600 (JAB) �i• ` Miami, Florida 33131 ,;;-� r=TX -, -u ; rtac. -,,- x C-3 -'2 N Having been named as registered agent and to accept service of process the.. above stated limited liability company at the place designated in these Artie; I hereby accept the appointment as registered agent and agree to act in this capacity. I further agree to comply with the provisions of all statutes relating to the proper and complete performance of my duties, and 1 am familiar with and accept the obligations of my position as registered agent as provided for in Chapter 608, F.S. 0001 By: Lalaine A. Landau, Assistant Secretary for Corporation Company of Miami (Registered Agent) ARTICLE IV Management (Check box if applicable) u The limited liability company is to be managed by one manager or more managers and is, therefore, a manager -managed company. (In accordance with section 608.408(3), F.S., the execution of this affidavit constitutes an affirmation under the penalties of perjury that the facts stated herein are true.) Date: flpist / !� , 2001 MIADOCS 418433.1 LAL -2- SIGNATURE: Mehmt Bayraktar Member 14 Ce11 to Cellular Toc (xyz) Kimberley Ayers — duplicate Keep together on one of the names (Henry Lewis I think) Names with tildes 4..-..r1os A. Gimenez Cily Manager CITY OF MIAMI Department of Reol Estate & Economic Development i44 S.w. 21 April 2, 2001 RE: Addendum II, Watson Island Mega Yacht Marina and Mixed Use Waterfront Development Opportunity Unified Development Project Dear Registered Respondents: This mailing is "Addendum II" and becomes an official addendum to the RFP document. All questions received about the project to date have been answered. Future questions will be answered in this same manner and forwarded as addenda until the proposal due date June 20, 2001. Enclosed please find the following items: • Questions and Answers • Zoning Ordinances • Parrot Jungle & Gardens Brochure Any questions received via certified mail will be answered within 10 days of their receipt. When sending correspondence, please address the original to the City of Miami Clerk's Office with a copy to the attention of the project designee at the City of Miami Riverside Center. Should you have any questions, please do not hesitate to write: Office of the City Clerk City of Miami, City Hall 3500 Pan American Drive Miami, FL 33133 Attention: Walter Foeman c: Walter Foeman, City Clerk . • AVENUE, MIA Miami Riverside Center City of Miami Department of Real Estate and Economic Development 444 SW 2nd Avenue, 3rd Floor Miami, FL 33131 Attention: Meredith J. Nation FL 33130 TEL 305. 4 t 6• 1 4 3 5 FAX 3 0 J I 2 1 5 c' c Watson Island Mega Yacht Marina and Mixed Use WaterfroL 4)evelopment Opportunity Request for Proposals Addendum I Corrections and Additions Q 1 Will timeshares be considered an allowable use for the project? A 1 The City is in the process of developing a defintion for Timeshare Projects to be utilized for this and future projects. The completed definition will be forwarded in a later addendum. Q 15 What is included as gross lot area in calculating the FAR? A 15 The Floor Area Ratio for the project will be determined in the C-1 area by calculating the lot area as it extends 70 feet into the bay and half of the width of any adjacent public right of way plus 70 feet into any other open space, which would include the highway and parks. Further discussion is found in the Zoning Ordinance Article 25 - definitions, enclosed. Q 28 Are a yacht club and marine facilities allowable uses on the land zoned Parks and Recreation (PR)? A 28 Private clubs shall not be considered acceptable in land zoned PR or C-1, as stated on page 17 of the RFP. A Major Use Special Permit (MUSP) is required to construct some uses in the land zoned PR. A description of the MUSP can be found on page 26 of the RFP. The PR zoning ordinance can be found on the appendices CD-ROM. Page 1. Water is zoned. The adjacent land zoning applies to water, in this case both C-1 and PR Zozung_.QTdi.nance Article 2, Section 200 and Article 3, Section 302 are enclosed. Issue Date: April 2, 2001 Watson Island Mega Yacht Marina and Mixed Use WaterfroL. Development Opportunity Request for Proposals Addendum II Q 36 Regarding the statement on page 18 of the RFP: "The setback from the waterfront of all structures shall be a minimum of 100 feet". Does the 100 foot setback prohibit construction of marina related facilities (i.e., restaurants, hotels) into the water? A 36 Yes. Q 37 Does the 100 foot setback only apply to the first floor of the structure? In other words, can we build a second, third or even fourth floor overhanging the 100 foot setback area? A 37 No. Q 38 Are there any FAA. height restrictions? A 38 Yes, the FAA height restriction is 710 feet as indicated on the Airport Zoning Area Map for Miami International Airport, Aircraft Arrival/Departure Districts, created by Miami -Dade County Ordinance 86-83, dated October 28th, 1986. The existing heliport is being relocated to the water's edge, southeast of the subject RFP property. It is not anticipated that proposed helicopter landing patterns will impact upland height restrictions of the subject RFP property. _ 39— -Regarding lie-Wafsonls a rMasfer Plan on page"9- over of tYr�-are�labeletl— - - - Open Space? A 39 The City of Miami. Q 40 What is the current use of the Open Space? A 40 The current use of the area is an open, grassy area with australian pines and a road bed (old Al A) adjacent to the water's edge . Visitors coming to the island frequently pull over in this area to watch the cruise ship, seaplane and helicopter activity and to look at the views back to the downtown skyline. Page 2 Issue Date: April 2, 2001 Addendum II • Watson Island RFP Q 41 How will the open space be used in the future? A 41 To be determined. Q 42 Is the Parrot Jungle project currently under construction? A 42 Yes, Parrot Jungle and Gardens of Watson Island is under construction on the north side of the island. A brochure is attached offering additional project information and renderings. Q 43 Will a concept that is complimentary to the proposed development, but does not contain the required Mega Yacht and upland development components be considered by the Review Committee? A 43 No. Such ideas should be discussed with other registered respondents or Watson Island project principals for possible inclusion in their development plans. Page 3 Issue Date: April 2, 2001 May 2, 2001 RE: Addendumn III, Watson Island Mega Yacht Marina and Mixed Use Waterfront Development Opportunity Unified Development Project Dear Registered Respondents: This mailing is "Addendum ID" and becomes an official addendum to the RFP document. All questions received via certified mail to date about the project have been answered. Future questions will be answered in this same manner and forwarded as addenda until the proposal due date June 20, 2001. When sending correspondence, please address the original to the City of Miami Clerk's Office with a copy to the attention of the project designee at the City of Miami Riverside Center. Future questions received via certified mail will be answered within 10 days of their receipt. Should you have any questions, please do not hesitate to write: Office of the City Clerk City of Miami, City Hail 3500 Pan American Drive Miami, FL 33133 Attention: Walter Foeinan c: Walter Foeman, City Clerk Miami Riverside Center City of Miami Department of Real Estate and Economic Development 444 SW 2nd Avenue, 3rd Floor Miami, FL 33131 Attention: Meredith J. Nation ADDENDUM III — Attachment 3 Mr. Kevin Stasiewicz Utility Section Florida Gas Transmission Co. 3561 NW 126 Avenue Coral Springs, FL 33065 Mr. Jorge A. Sainz Utility Section City Gas 933 East 25 Street Hialeah, FL 33013 Mr. James D. Leone, Chief Highway Division Miami -Dade County Public Works Department 111 NW 1 Street, Suite 1510 Miami, FL 33128 Mr. Virgil Springer Utility Section M.C.I. World Com 1940 Claire Avenue West Patin Beach, FL 33401 Mr. Lou Perez Utility Section Florida Power & light 122 SW 3rd Street Miami, FL 33130 Mr. George Alvarez Utility Section T.C.I. 1306 NW 7 Avenue Miami, FL 33101 Mr. Delio Castellanos, Director Utility Section Bellsouth, Inc. 9101 S.W. 24 St. Miami, FL 33165 Page I ADDENDUM III — Attachment 3 Mr. Jolm Bachelder Utility Section, MCUlnvestigations Dept. 2855 Local 642 2250 Lakeside Blvd. Richardson, TX 75082 Mr. Don Chander Utility Section F.D.O.T. 1000NW111Ave Miami, FL 33172 Mr. Artistides Rivera, P.E., P.L.S Utility Section Miami -Dade County Public Works Department 111 NW 1 Street, Suite 1510 Miami, FL 33128 Mr. Rick Herrera P.E., Chief Miami -Dade Water & Sewer Dept. P. O. Box 330316 Miami, FL 33233-0316 Mr. Angel Quant Utility Section People gas 16101 W. Dixie Hwy N. Miami Beach, FL 33160 Lt. W. G. Richardson Fire, Rescue & Inspection Services City of Miami 444 SW 2nd Ave, 4th Floor Miami, FL 33130 Mr. Jack Upton Utility Section World Com MFS 8830 NW 18 Terrace Miami, FL 33172 Page 2 ADDENDUM III — Attachment 3 OSP Manager Utility Section Next link 16563 NW 15 Avenue Miami, FL 33169 Mr. Tom Califano Utility Section AT&T 1340 NW 40 Avenue Ft. Lauderdale, FL 33313 Page 3 Q1 Al • Watson Island Mega Yacnt Marina and Mixed Use Waterfront ,Development Opportunity Request for Proposals Addendum III Wi11 timeshares be considered an allowable use for the project? No. A critical development objective for all of Watson Island is that of balancing publicly oriented uses with commercial development. Due to the varied alternatives for structuring ownership interest in a timeshare project, it has been determined that the public purpose objective cannot be guaranteed by this use. Therefore, after careful consideration, proposal submissions that include timeshares shall not be accepted. Q 44 What are the evaluation criteria for the RFP? A 44 The evaluation criteria are stated on pages 28-30 of the RFP. Q 45 May the structures listed below be constructed in the 100-foot setback? (a) Concrete walkways (b) Benches (c) Decorative and accent lighting (d) Roadways (e) Plazas (f) Gazebos (g) Surface parking (h) Signage A 45 (a) Concrete walkways - Yes (b) Benches - Yes (c) Decorative and accent lighting - Yes (d) Roadways - No (e) Plazas - Yes (I) Gazebos - Yes (g) Surface parking - No (h) Signage - Yes Page I Issue Date: Mav 2, 2001 Addendum I1I Watson Island RFP Walkways, benches, decorative and accent lighting are permitted and encouraged within the 100-foot setback. Lush landscaping, quality construction materials, and public art is also encouraged. The design of the project shall be critically assessed in the evaluation process and is subject to review and approval by appropriate City departments and/or agencies. Public access to the waterfront is of critical importance in the design of the project. Opportunities for the public to enjoy the entire project are essential. Q 46 Does the Cone of Silence extend to communication with "elected" officials? If it does, when in the process does the restriction apply? A 46 Yes, the Cone of Silence does extend to City of Miami elected officials. The Cone of Silence for this project went into effect on the date that the RFP was made available, February 1st, 2001, and will apply through the date that the City Manager signs a written recoznnlendation to the City Commission; provided, however, that if the Commission refers the City Manager's recommendation back to the City Manager or staff for further review, the Cone of Silence shall be reimposed until such time that the City Manager makes a subsequent written reconunendation. The City Manager is scheduled to make his written recommendation to the City Commission in early September 2001. Q 47 Do the current City parking regulations for PR and C-1 Districts apply? If yes, is strict compliance required or would the City consider variance requests or shared parking alternatives? Additionally, what type of bonus or parking credits are available? A 47 Yes, the current City parking regulations for property zoned PR and C-1 will apply to this project. The City, through the Major Use Special Permit (MUSP) process, considers all variance requests submitted. This project will require a MUSP, a zoning process that requires public comment at publicly advertised meetings and to advisory boards, including the Zoning Board. Acceptance of a proposal does not constitute approval of any parking variances. Required parking to serve the uses proposed for this project shall be provided on site. Specific bonus or parking credits will not be considered for this project. Q 48 Has the study provided in the RFP, Recent Growth, Current Activity and Economic Impacts of Mega Yachts in South Florida, 1997-1998, been updated? If so, how may we obtain a copy? A 48 No, the study has not been updated. Please find below contact information for the organizations responsible for the preparation of the study. Page 1 Issue Date: Mav 2 2001 Addendum III Watson Island RFP Thomas J. Murray & Associates, Inc. P.O. Box 1083 Gloucester Point, VA 23062 (804) 684-7190 tjm@virns.edu Thomas J. Munay, Principal Marine Industries Association of South Florida, Inc. 2312 South Andrews Avenue Fort Lauderdale, FL 33316 (954) 524-2733 Frank Herhoid, Executive Director The Broward Alliance 350 SE 2nd Street, Suite #400 Fort Lauderdale, Florida 33301 (954) 524-3113 (800) 741-1420 (954) 524-3167 Fax www.browardalliance.org Q 49 Regarding the Watson Island Mega -Yacht Marina Preliminary Study conducted by Bermello, Ajamil & Partners, Inc. and the Survey by Weidener Surveying & Mapping, P.A.: The perimeter of the docks in Figure 3 of the Bennello Study, when compared to page 2 of the Survey appears to be inside of the drawn easement lines of Figure 3 instead of the boundary of the submerged land lease parcel of the Survey. In particular the Bermello illustration goes inside of the easement lines, eliminating the submerged parcel boundary line labeled N 31° 03' 50" W and the submerged parcel boundary line labeled S 72° 47' 42" W. Please explain. Are development teams permitted to construct docks to the boundary lines of the submerged parcel or must dock construction stay within the 100' setback from the drawn limits of the turning basin and the other drawn line labeled S 49° 32' 57" W on the survey that appears to be the dock boundary in the plan as drawn by Bennello, Ajamil & Partners, Inc.? A 49 The Watson Island Mega -Yacht Marina Preliminary Study prepared by Bermello, Ajamil & Partners, Inc. was completed in October 2000 prior to the December 2000 completion of the Survey. The Survey is the prevailing document. The City of Miami requires no set backs and will permit development teams to construct docks within the submerged property boundary. Specific set backs or permit requirements may be required from the following agencies, who should be contacted directly. Page 2 Issue Date: May 2 2001 Addendum III Watson Island RFP Florida Department of Transportation District Six Secretary 1000 N.W. 111 Avenue Miami, Florida 33172 (305) 470-5197 Miami Dade County Department of Environmental Management (DERM) 33 SW 2nd Avenue Miami, FL 33130 (305) 372-6754 http://www.metro-dade.com/derm Unites States Army Corp of Engineers 400 West Bay Street Mail: P.O. Box 4970 Jacksonville, F132232-0019 (904) 232-2459 Florida Department of Environmental Protection (DEP) Southeast District Office 400 North Congress Avenue West Palrn Beach, FL 33401 (561) 681-6600 (561) 681-6755 fax littp://www.dep.state.fins Q 50 Please confirm that the gross lot area for the Cl portion of the site will be measured to the centerline of the right of way next to the property. We are unsure if this means the centerline of the access road (please see Option 1 attached) or the centerline of 1-395 (please see Option 2 attached). This will affect the maximum allowable square footage by a significant amount. A 50 The gross lot area for the C1 portion of the site will be measured to include the net area of the lot phis half of the adjoining street rights -of -way and an additional seventy (70) feet into any other public open space such as parks, lakes, rivers, bays, public transit right-of-way (such as I-395/MacArthur Causeway) and the like. Your options, provided here as Attachments 1 and 2 do not accurately depict this area. A correct drawing would depict Option 1 plus an additional 70 feet beyond the centerline of the access road extending into the MacArthur Causeway. J The net lot area is defined as the total area within the lot lines excluding any street rights -of -way or other required lot. Page 3 Issue Date: May 2.2001 Addendum III Watson Island RFP 51 Is there a restriction on the amount and Iocation of curb cuts from the access road to the site? If so what are they? A 51 The City of Miami has not unposed restrictions on the amount and location of curb cuts from the access road to the site, however; the Department of Public Works will review plans to ensure compliance with City Code Section 54-47, Approval of location and construction of driveways, etc. The Florida Department of Transportation may impose such restrictions. They should be contacted directly for an understanding of their restrictions. Florida Department of Transportation District Six Secretary 1000 N.W. 111 Avenue Miami, Florida 33172 (305) 470-5197 Q 52 Will a public yacht club be an acceptable use in the PR zoned portions of the site? If so, is there a maximum allowable area or height restriction for this use on the PR portions? ,52 It is understood that certain amenities to support the Mega -Yacht marina may be necessary. A yacht club that is open to the public would be an acceptable use in the PR zoned portions of the site. Community concerns have been previously expressed that a yacht club may limit public access to the site. The design of the project shall be critically assessed in the evaluation process and is subject to review and approval by appropriate City departments and/or agencies. There are no density restrictions for this use, however; Special Permits, Variances, Exceptions, City Commission Approval, or other zoning requirements may apply based on the architectural plans. Q 53 There is an 8.5"x11" format for the deliverables listed in the RFP. May we use 11 "x 17" format for the drawings and use a fold -out in lieu of limiting the drawing size to 8.5 "xl I"? A 53 Yes. All required drawings shall be submitted in the scale noted in the RFP (page 32) with one (1) original mounted on boards no larger that 24" x 36" and 24 copies reduced proportionately to an 11" x 17" format. A total of no more than 14 boards will be accepted. Models and photographs of models will not be accepted. Q 54 Are we able to build a marina to accommodate small cruiseliners? (i.e.:Cunard) ( ?�'54 The program requirements for the marina component of the project outlined in the RFP on pages 19-20 mast be met. Page 4 Issue Date: May 2. 2001 Addendum III Watson Island RFP 55 Is theground lease term extendable beyond 75years r e 45yearsplus two 15year renewals)referenced in Y ��..: the RFP? Given the fact that a longer lease term will be more financeable and more favorable to equity investors, is there an option to extend the lease term to 99 years? In lieu of an extension, will the City of Miami consider selling the land at some point? A 55 The lease tern shall not be extended beyond 75 years. The City of Miami will not consider selling the land offered for lease. Q 56 What is the impact of the sewer and water service pipes on the density of the building square footage of the C- 1 space? Will the existing location of the pipes affect potential uses and requirements of the RFP? A 56 Structures can be built up to the easement lines of the utilities as drawn on the survey. The existing utilities may be relocated at the sole cost and expense of the selected developer. Q 57 Is there Department of Transportation funding available for additional infrastructure and is it fair to assume that the Department of Transportation will be responsible for the maintenance of roads? ^,57 The City cannot comment on the availability of funding from other govenarnental agencies. The Florida Department of Transportation should be contacted directly to determine the types of projects for which funding may be available. Florida Department of Transportation District Six Secretary 1000 N.W. 111 Avenue Miami, Florida 33172 (305) 470-5197 The Florida Department of Transportation is responsible for I-395, the MacArthur Causeway, and the access roads that create a system of on and off ramps for the MacArthur Causeway. Roadways continuing beyond the termination of the existing access roads will be maintained by the City of Miami. Maintenance of roadways constructed within the leased parcel of the RFP project will be negotiated with the selected development team. Q 58 Will the Developer have any input on the Watson Island signage design? A 58 An island -wide signage system is being designed by a professional graphic design firm under contract with the City. Design concepts will be received by late summer 2000. Q 59 What is the plan/status/location of the tunnel that will be constructed to ease truck activity to the Port? Page 5 Issue Date: May 2 2001 Addendum III Watson Island RFP 59 The State of Florida and the Port of Miami, a department of Miami -Dade County Government, conducted a $10.3 million engineering study examining proposed construction of a direct tunnel link between the port and the interstate highway system to improve port access. The study involved the Metropolitan Planning Organization ("MPO"), Miami Dade Public Works, Florida Department of Transportation, Miami -Dade Transportation Authority, and the City of Miami. Future plans could include construction of a tunnel from Watson Island linking the Port of Miami with the interstate highway system to improve access. A funding partnership for the tunnel has been proposed to the MPO governing board by the Florida Turnpike Authority and is currently under consideration. In the meantime, a number of potentially lower cost interim proposals are being considered to mitigate problems of routing port traffic. The MPO should be contacted for additional Metropolitan Planning Organization Miami -Dade County Stephen P. Clark Center 111 NW First Street, Suite 910 Miami, FL 33128 (305) 375-4507 (305) 375-4950 fax httpi/www.metro-dade.com/mpo 50 Has there been any discussion regarding the possibility of extending the Metro -mover (tram) to Watson Island in order to provide public transportation to downtown and South Beach? A 60 There are no plans for an extension of the metromover to Watson Island. (The Metromover is a rubber -tired automated guideway 21 station transit loop that serves the downtown Miami core and business areas to the north and south of the core and is a distributor system for the Metrorail, a 21-mile/21-station heavy raii system.) However, the Miami Dade Transit Agency operates 6 bus routes with stops on Watson Island, all of which connect to Central Miami and Miami Beach. A study for a proposed light rail line to link Miami Beach with downtown Miami via Watson Island has been funded and the selection process is underway by the Metropolitan Planning Organization. The MPO should be Metropolitan Planning Organization Miami -Dade County Stephen P. Clark Center 111 NW First Street, Suite 910 Miami, FL 33128 (305) 375-4507 '` ' (305) 375-4950 fax http://www.rnetro-dade.com/mpo Page 6 Issue Date: May 2, 2001 r Addendum III Watson Island RFP 61 Do we have to identify a marina operator now with our initial submission? We would prefer to wait until the developer selection is made, because we are put at a disadvantage to have to negotiate a contract this early in the process. A 61 Yes, a marina operator must be identified and evidence of a commitment from the operator must be provided. Q 62 May we receive a copy of the following documents as a public record request from the City of Miami? Please advise of any costs associated with this request. - The request for proposals for the Pan-ot Jungle development on Watson Island. • The proposal submitted by the Parrot Jungle in response to the RFP. • The lease agreement between Parrot Jungle and the City of Miami. • The as built utility survey prepared by Edward Ensenat Surveying for Watson Island. A 62 Yes, these documents are available as a public record request, The City charges the following fees for copy services. $0.15 per page 8%" x 11" black & white $3.00 per 24"x"36 sheet Black and white copies may be requested and picked up by local firms. Firms located outside Miami may send a courier, Federal Express mailing Iabel or request that the item be placed in the U.S. mail by standard delivery. The charges for each document axe listed below. • The request for proposals for the Parrot Jungle development on Watson Island - 139 pages, $20.85 • The proposal submitted by the Parrot Jungle in response to the RFP - 268 pages, $40.20 • The lease agreement between Parrot Jungle and the City of Miami - 158 pages, $23.70 • The exact title requested does not exist. An "As Built Watson Island Water Main Project" survey was completed by Edward Ensenat Surveying on August 16, 1999 - 9 sheets, $27.00 Q 63 On page 31 of the above referenced RFP, it states, "Models and photographs of models will not be accepted." Please clarify if this means that submitted models will not be taken into account during the selection process or that the applicant will be applicant will be disqualified from the selection process for submitting a model and model photographs. —53 Models will not be accepted on June 20th, 2001 by the City Clerk or at any other time during the evaluation process. Page 7 Issue Date: May 2. 2001 Addendum III Watson Island RFP "�. 64 There are two existing major water lines on the southwestern side of the project. Can they be relocated within or outside of the project. A 64 Yes, the existing utilities may be relocated at the sole cost and expense of the selected developer. Q 65 -Is there any FDOT information regarding allowable access points along the frontage of the property? LC so, may we obtain this information? A 65 Please refer to number 51. Q 66 Does the City have permits with the Army Corp of Engineers, DERM or SFW vfD for the existing seawall? If so may we obtain copies of these permits? A 66 The City does not have pennits for the existing seawall. Q 67 Does the City have subsurface information on the site? If so, may we obtain copies of this information? ( 67 The City has conducted no geotechnical testing on this site. Q 68 May we contact the utility companies (telephone, electricity, cable, gas) for information on lines located on - site or possible relocations, or is the City responsible for providing this information. A 68 Yes, the Developer should contact the utility companies directly. A list of ulitilty contacts has been included as Attachment 3. Q 69 Is gas available to the site? A 69 There are currently no gas lines available on the island. Q 70 The site does not appear to have any platted parcels is this true? A 70 Correct, the site has no platted parcels. a1 We need to determine the water and sewer capacity availability. Will the City provide this information or should the Developer contact WASA? And, if this is the responsibility of the City, may we obtain this A 71 The Developer should contact WASA directly. Page 8 Issue Date: May 2. 2001 Miami -Dade Water And Sewer Department 3575 South Jejune Road Miami, FL 33146-2221 (305) 669-7702, New Business (305) 669-7658, Plans Review http://www.co.miarni-dade.ftus/wasd/ Page 9 Addendum I1I Watson Island RFP Issue Date: May 2, 2001 0 TO: C SHUTTS & BOWEN LLP ATTORNEYS AND COUNSELLORS AT LAW IA PARTNERSHIP INCLUDING PROFESSIONAL A3SOCIATlONS) t500 MIAMI CENTER 201 SOUTH BISCAYN2 BOULEVARD MIAMI, FLORIDA 33131 MIAMI (305) 358-6300 BROWARD (964) 467.8841 FACSIMILE (UM 381-9902 MEMORANDUM Via Facsimile Watson Island Development Team Mr. Mehmet Bayraktar Mr. Julio Grabriel Mr. Eric Kuhne Mr. John Paccione Ms. Kendall Pryles FROM: Lillian A. Se SUBJECT: City of Miami Addendum V DATE: May 23, 2001 Enclosed please find a copy of Addendum V issued by the City of Miami today. In it, the City further clarifies the prohibition of any type of timeshare estate. After reviewing the Florida Statutes cited in the Addendum and the City's response to question #77, the following interests are prohibited: - Timeshare estates, licenses or units - Condominium units - Cooperative units — Extended stays — Limited partnerships, corporations, etc. holding an equity interest in a hotel unit(s) or any of the other type of interests/units listed above. The only allowable residential use will be that of a standard hotel with rooms available to the public with no ownership rights. cc: Judith A. Burke, Esq. MIADOCS 421258.1 LAS AD45)ERDAM FORT LAUDERDALE LONDON MIAMI ORLANDO TALLA)HASSEE WEST PALM BEACH Page 1 of 2 John Pepper - Mailing Notice - Addendum V From: "Nation, Meredith J." <MNation@cLmlami.fLus> To: "Adrienne Pardo (E-mail)" <pardoa@gttaw.com>, "AIA Julio Grablel (E-mail 2)" <mestreh@SC.DMJM.com>, "AIA Julio Grablel (E-mail)" <grabielj@sc.dmjm.com>, "Albert F. Moscato Jr. (E-mail)" <AlMoscato@wcicommunities.com>, "Alfredo L. Gonzalez (E-mail)' <alg@adomo.com>, "Alice Moss" <moss@ripleys.com>, "Benjamin G. Rae III (E-mail)" <bgr3@lx.netcom.com>, "Brandy Iglesias (E-mail)" <biglesias@cd-pompano.com>, "Brian Street (E-mail)" <bstreet@bocadevelopers.com>, "Charles E. Cobb Jr. (E-mail)" <ccobb@cobbpartners.com>, "Charles H. Ratner (E-mail)" <ratner@Irevanspa.com>, "Claude Gersene (E-mail)" <cgersene@hotmaii.com>, "David Edelstein (E-mail 2)" <erose@tb-law.com>, "Day B. Dantzler (E-mail)" <dayd@grandthemehoteis.com>, "Ezra Katz (E-mail)" <ekatz@aztecgroup.com>, "Felix Lima (E-mail)" <gessla@camaweb.com>, "Frank Kurchlnski" <frankkurchinski@wcicommunities.com>, "Frank 0. Santa -Maria (E-mail)" <fsantamarta@ballyfrance.fr>, "Gabriel E. Nieto (E-mail)" <gnleto@steelhector.com>, "Gary Groenwoid (E-mail)" <westrecsrmty@prodigy.net>, "Gerard Rodriguez (E-ma i1)" <snpboats@aol.com>, "Greg Arnone (E-mail)" <carolewooley@vposner.com>, "Hakki Koruglu (E- mail)" <hakkl@koroglu-architects.com>, "Harvey Taylor (E-mail)" <harveytaylor@earthllnk.net>, "J. Megan Kelly (E-mail)" <mkeily@swireprops.com>, "James A. Royo (E-mail 2)" <sflconst@bellsouth.net>, "James A. Royo (E-mail 3)" <bettyacostasfi@yahoo.com>, 'James A. Royo (E-mail)" <jamesroyosfl@yahoo.com>, "Jay Miller (E-mail)" <jmiller@steiner.com>, "John A. Hinson (E-mail)" <kboc@bellsouth.net>, "John T Livingston (E-mail)" <livingst@tishman.com>, "John W. Stadler (E-mail)" <JSStadier@aol.com>, "Joseph Hassan (E-mail)" <info@jhic.com>, "Judith A. Burke (E-mail)" <jburke@shutts-law.com>, "Kathleen H" <kathleenh@steiner.com>, "Keen Chung Lee (E-mail)" <kdee@hq.psa.com.sg>, "Kristin Lynn Kautz (E-mail)" <kkautz@bamiaml.com>, "Lillian A. Ser (E-mail)" <Iser@shutls-law.com>, "Maurido Mendoza (E- mail)" <emperatorum@yahoo.com>, "Norman C. Powell (E-mail)" <npowell@bilzin.com>, "Percy R. Agulia Jr. (E-mail)" <aguila__percy@jpmorgan.corn>, "Pete A. Marrero (E-mail)" <pmarrero@crec.com>, "Peter B. Hoelzle (E-mail)" <phoeizie@Inrproperty.com>, "Philip E. Aarons (E-mail)" <paarons@miiienniumptrs.com>, "R. Dudley Webb (E-mail)" <dwebb69561@aol.com>, "Ralph Abercia Jr. (E-mail)" <rfaberda@aol.com>, "Richard J. Ramirez (E-mail)" <phmarina@bellsouth.net>, "Robert A. Mathias (E-mail)" <ram@zomusa.com>, "Robert Dean (E- mail)" <rdyachts@email.msn.com>, "Robert W. Christoph (E-mail)" <bobby40@hotmall.com>, "Roy Premer (E-mail)" <rapfla@yahoo.com>, "Ruby Huang (E-mail)" <huang@tishman.com>, "Rupert Connor (E-mail)" <rc@ftl.cnyachts.com>, "Russell Etling (E-mail)" <retling@miamiscl.org>, "Santiago D. Echemendia (E-mail 2)" <BDF@tewlaw.com>, "Santiago D. Echemendia (E-mail)" <SDE@tewlaw.com>, "Scott Line (E-mail)" <line@rlpieys.com>, "Scott W. Roth (E-mail)" <scottwroth@plaza-group.com>, "Sidney Atzmon (E-mail)" <s.atzmon@swerdlowgroup.com>, "Stan Johnson (E-mail)" <sjohnson@intlmarinagroup.com>, "Stephanie Theard (E-mail)" <stephanie_theard@bamlami.com>, "Thomas V. Eagan (E-mail)" <teagan@steelhector.com>, "Tibor Hoilo (E-mail)" <kathy@epmsinc.com>, "Yaromir Steiner (E-mail 2)" <rzoeller@steiner.com>, "Yaromir Steiner (E-mail)" <yaromir@stelner.com> Date: 5/22/2001 5:54 PM Subject: Mailing Notice - Addendum V CC: "Barry Abramson (E-mail)" <AbramsonAs@aol.com>, "Scott D. Berman (E-mail)" <maridel.verde@us.pwcglobal.com>, "Scott D. Berman (E-mail 2)" <scott.berman@us.pwcgiobal.com>, "Vilarello, Alejandro" <avilareilo@ci.miami.fl.us>, "Diaz, Rafael 0." <rdiaz@ci.mlami.fl.us>, "Maxwell, Joel E." <JEMaxwell@ci.miaml.fl.us>, "Bianchino, Dena" <DBianchlno@d.mlami.fl.us>, "Bogner, Stephen" <sbogner@d.mlami.fl.us>, "Carbonell, Javier" <JCarbonell@ci.rnlami.fLus>, "Haskins, Linda" <LHaskins@d.miaml.fl.us>, "Nachlinger, Robert" <RNachlinger@ci.miami.fl.us>, "Nunez, Enrique D." <EDNunez@ci.miami.fl.us>, "Robert Parente (E-mail)" <aldente@beilsouth.net> May 22, 2001 file://C:\Documents and Settings\jkp\Local Settings\Temp\GW}00001.HTM 5/23/2001 Page 2 of 2 To: All Registered Respondents RE: Watson Island RFP I am writing to Inform you that "Addendum V" was placed In the mall today. The package has been sent by United States Certified Mail with delivery expected in 1-3 days, longer for International delivery. Please call or email immediately If you do not receive the package by Monday. For your convenience a copy of the mailed items are included here as attachments. The documents were created In Microsoft Word and Excel 2000. Please print the entire workbook to review Addendum V. Thank you. «i.etter,IssueFJve.doc» «Flve.xis» Meredith Meredith J. Nation Business Development Supervisor Department of Real Estate & Economic Development City of Miami 444 SW 2nd Avenue Miami, FL.33131 305/416-1428 305/416-2156 fax mjnatlon@d.mlamiM.us file://C:\Documents and S ettings\jkp\Local Settings\Temp\GW}00001.1-ITM 5/23/200I May 22, 2001 RE: Addendum V, Watson Island Mega Yacht Marina and Mixed Use Waterfront Development Opportunity Unified Development Project Dear Registered Respondents: This mailing is "Addendum V" and becomes an official addendum to the RFP document. Please note that this addendum modifies 01 regarding timeshare proiects and responds to an additional _question received regarding this subject. The definitions offered in this addendum are reproduced from Florida Statute Chapter 721 and are referenced in order to provide legal terminology to uses previously discussed. Consistent with the RFP and all prior addenda, private clubs and/or residential uses are not permitted. All questions received via certified mail to date about the project have been answered. Future questions will be answered in this same manner and forwarded as addenda until the proposal due date June 20, 2001. When sending correspondence, please address the original to the City of Miami Clerk's Office with a copy to the attention of the project designee at the City of Miami Riverside Center. Future questions received via certified mail will be answered within 10 days of their receipt. Should you have any questions, please do not hesitate to write: Office of the City Clerk City of Miami, City Hall 3500 Pan American Drive Miami, FL 33133 Attention: Walter Foeman c: Walter Foeman, City Clerk Miami Riverside Center City of Miami Department of Real Estate and Economic Development 444 SW 2rd Avenue, 3rd Floor Miami, FL 33131 Attention: Meredith J. Nation Watson Island Mega Yacht Marina and Mixed Use Waterfront Development Opportunity Request for Proposals Addendum V Q 1 Will timeshares be considered an allowable use for the project? A 1 A critical development objective for all of Watson Island is that of balancing publicly oriented uses with commercial development. Due to the varied alternatives for structuring ownership interest in a timeshare project, we are concerned that the public purpose objective may not be guaranteed by this use. A "Timeshare estate," is defined by Florida Statute Ch. 721 as: "a right to occupy a timeshare unit, coupled with a freehold estate or an estate for years with a future iiiteiest iu a timeshare property or a specified portion thereof. The term shall also mean an interest in a condominium unit to pursuant to s.718.103, an interest in a cooperative unit pursuant to s.719.103, or an interest in a trust that complies in all respects with the provisions of s.721.08(2)(c)3." This use is prohibited in the RFP. When we authored Addendum I, we were attempting to permit what the Statute defines as a "Timeshare License," which is defined in Ch. 721 as "a right to occupy a timeshare unit, which right is neither coupled with a freehold interest, nor coupled with an estate for years with a future interest, in a timeshare property." Because we cannot be certain what proposals may contain, please note that a proposal which provides for a use which right is either coupled with a freehold interest, or coupled with an estate for years with a future interest, will be rejected. Please note that private clubs and residential uses shall not be considered acceptable, as stated on page 17 of the RFP. Q 77 Our proposal will include a hotel which will have an extended stay hotel as a component. Our proposal will create a hotel with a tremendous world wide reputation that together with a mega yacht marina, specialty retail and other amenities shall be open for public use subject to reservations and available space. The ownership proposal under consideration by our client will include having the Hotel owned by a corporation or limited partnership. The shareholders or limited partners (EquityHolders) as applicable of such entity would be entitled to the use of available Hotel units ("Rights") at discounted rates only on a strictly space available basis. The general public would then have priority as to access Hotel units at all times and the Equity Holders can use a Hotel unit only on a space available basis as of the day of the proposed use of the unit. To the extent that no units are available at the Hotel , the Equity Holder would have no rights. Would this proposed equity structure be considered an allowable use for the Project? Will your opinion change if the interest of the Equity Holders would have to be registered in the State of Florida as a time-share interest or unit? A 77 Please refer to Ql. Page 1 Issue Date: May 22. 2001