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Home My WebLink Aboutsubmittal - 3SLIDE PRESENTATION IN OPPOSITION OF A MAJOR USE SPECIAL PERMIT FOR THE TERRAZAS RIVER PARK VILLAGE PROJECT LOCATED AT APPROXIMATELY 1861 NORTHWEST SOUTH RIVER DRIVE, MIAMI, FLORIDA, TO BE COMPRISED OF TWO BUILDINGS (ONE 20-STORY AND ONE 27-STORY) HOUSING 324 TOTAL MULTIFAMILY RESIDENTIAL UNITS AND 522 TOTAL PARKING SUBMITTED INTO THE PUBLIC RECORD FOR ITEM PZ3ON 7---O.� oy-o c�,z i- o., d,..tZtD-3 SPACES July 22, 2004 Submitted by: River Club Condominium Association 1901 NW South River Drive, #29 Miami, FL 33125 How does this protect and conserve our neighborhood, our natural and coastal resources? How is this not a degradation of a park's natural amenities? 2 al 'i M • !i ! II _ II El t1t _ 1.as -3 1! 5 g `�"4It 1 13 • 11 !l u ail ! 11 11i! �! X 11 1 !! 1 s YYla Y YY �. +1 ..1 1 This is a significant natural resource of the city. How is this not an encroachment of incompatible land use? How is this not an adverse impact or degradation of a park's natural amenity? How does a large scale, high density, high rise project reinforce the identity and cohesiveness of this area? Neighborhood Height Scale Terrazas Single River SR Bahia Family Club 836 Condo Home VISMWZIVAMaidie.e. Stirr.a.M. &R. .21114r.4,1SOIR.12:Z2M4'01T1-11124. "V.21 MIDDLE RIVER PROTOTYPE Miami River Corridor Urban Infill Plan ECONOMIC AFFORDABILITY STUDY Information from B&B Development Key Plan and Temporary Price Ranges as of March 8th 2004. Units Monthly Living per Description space size Level Unit Type A B C D E 1B/1B Loft Conv/2B Loft Conv/2B 2B/2B 3B/3B 724 1009 1062 1270 1780 1 2 3 3 1 Levels 18 18 18 18 18 Average Price Total Units in thousands 18 36 54 54 18 180 200 245-290 315-375 309-360 443 Maintenance @0.35/SgFt 253.40 353.15 371.70 444.50 623.00 Monthly Property Tax 393.75 495.00 652.50 639.00 940.50 Percentage of 2+ bedrooms & convertible to 2 bedrooms 90% The following income requirement estimates are based on: Generally accepted loan ratios of: 28% of Gross Income for Principal, Interest, Taxes, Insurance (PITI) and 36% of Gross Income for PITI plus Other Revolving Debt DO NOT INCLUDE the cost of insurance due to its high variability, ergo Gross Income is underestimated Uses property tax mil rate of .027 and homestead exemption of $25,000 Include the monthly maintenance as part of PITI at a rate of $0.35 per sqaure foot of living space. Based on a 30 year fixed loan at 6.00% using the average price, or lowest average price for the unit. Uses the monthly amount of $500 as Other Revolving Debt for calculating loan ratio at 36%; (Car Payments, Credit Card(s), Other loans) Price 200000 245000 315000 309000 443000 Calculated yearly Gross income required at: Median Household Income for City of Miami * Median Household Income for Miami -Dade County 10% down $73,755.94 $92,724.93 $116,377.26 $117,538.06 $168,943.52 $ 23,483.00 $ 35,966.00 *Source: Florida Department of Labor and Employment Security, January 2001 as quoted in the City of Miami FY2004 Budget 20% down $68,642.50 $86,460.97 $108,323.60 $109,637.80 $157,617.25 Census Household Income figures for the City of Miami. Average household Income by Quintile 1st Quintile 2nd Quintile 3rd Quintile 4th Quintile 5th Quintile 1999 Miami $ 4,294 $ 13,179 $ 24,252 $ 42,125 $ 125,933 Source: Brookings Institution analysis of Public Use Microdata Sample, U.S. Census Bureau Source: Brookings Institution Center on Urban and Metropolitan Policy • Growing the Middle Class: Connecting All Miami -Dade Residents to Economic Opportunity 2004 How does this not impact a park's aesthetic quality & natural resource? NW13THSI! NW 12TH ST:= SR 836 OFF RAMP l tiW sTH SsT- W, STiTER, `, Traffic Analysis These intersections are critical to the flow of traffic in the area, especially given the proposed drastic increase in density. Therefore, all developments projected for this area should include analysis of all these intersections. All projections should include the additional traffic generated from nearby developments. This is our current, long standing, land use pattern. How do large scale, high rises maintain this pattern? How is this suddenly in someone's backyard not a negative impact? NEIGHBORHOOD CONTEXT AND CHARACTERISTICS* 1 Defined by the boundaries of SR836 on the South, Miami River on the North, NW 20th Ave on West, NW 17th Ave on East Approximate total area in sq ft 1,870,000 Land Use # of % of Square % of Properties Properties Footage Sq Ft Conservation 2 2.63% 468,216 25.04% Single Family Residences 63 82.89% Two Family Residence 1 1.32% 1,218,561 65.16% Medium Density Residential 7 9.21% High Density Residential 0 0.00% 0 0.00% Marine Activity 3 3.95% 183,223 9.80% 76 100% 1870000 STATEMENTS OF FACT There are currently only two structures of four floors in height. Remainder of residential neighborhood is single and two story homes. Over 80% of the total neighborhood is single family homes Over 25% of the total area is a Conservation Zone - Sewell Park Over 90% of the total neighborhood is medium density or Tess. *Information obtained from Miami Dade Property Appraiser, miamidade.gov/pa This development, and others like it, is out of scale with the area. Bank of America Line represents Terrazas height using BofA building as reference point Terrazas will be exactly 1/3 the height of the Four Seasons Hotel Towet Terrazas will clearly be out of scale with the surrounding area. Cedars Hospital 15 floors Orange Bowl Is this the future plan for the river? How can a building that can be seen above the Coral Gables business district from 6 miles away... View from SBS Tower (formerly Terremark Building), 18th floor MIA Control Tower Terrazas a • ...be within scale of this? Terrazas will clearly be out of scale with the surrounding area. Cedars Hospital 15 floors Orange Bowl How is this to scale with the surrounding environment? Miami River The Miami River tomorrow?... Our Sewell Park Today... Sewell Park today... Sewell Save our Neighborhood!