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Home My WebLink AboutSubmittal Plan OverviewSUBMITTED INTO THE PUBLIC RECORD FOR ITEM pzsoON Overall Vision Diagram 1.) Improved Connectivity 2.) Omni Mall Redevelopment 3.) Miami Herald and Surrounding Properties Redevelopment 4.) Performing Arts Center 5.) Area Capture Parking 8.) Media/Entertainment District 7.) Beywaik 8.) Streetscapes 9.) Historic Preservation 10.) Neighborhood Greenspece 11.) Variety of Housing 12.) Neighborhood School Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW In 4 High Density / High Rise Mixed Use within Existing SD-6 District Ti. ame • i 4` . 404 Workforce Media & Housing Entertainment Dist. Land Use Change from Liberal Commercial to Mixed Use SD-6 Expansion of SD-6 ubmltted Into the public ecord in connection ith 0{0 item . A Thompson r City Clerk Arts Center retail Pedestrian District Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 Quantum Corstruct;on and F nge.rs Project New Development Comc'ete :;rider Constrjctron Paned Submitted Into the public record in connection v ith item ?7,- 30 on Priscilla A. Thdmpson City Clerk J(# Miami 's experiencing a significant amoun- of new developmery 'n and around the Omni CRA hat 's currently under construction or in various planning stages. The maJor'-y of the develoomen`s are occJrring to the north anc sositn of the Omni area but there a•e a significant ns,rnber within he CRA itseh. These new ceveoprnents are primarily oriented toward a .uxury res'dential market and will provide a significant amount of tax increment to fund CRA improvements. In addition. as a result of this development, the area's local population wi greatly increase providing market demand for new commercial and office uses. ......---/rq al M M- o ..,.- r MI NW im JII _—r . — OBI A riili 1—Y. a rM� in, I. 11 111 .11a7lz'::::a ilk 1 1r i11r111 NOI '111. :• 1! 1 mitiammi,ia 1.: �. s.. tun, move% .4.- 11.111.11.11.170111k lei �!! r_ • MI■a■uw•1 .r �.1r "VI! 'n irk i �Ms _. .arm Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier. Biscayne Corridor Miami Herald Submitted Into the public record in connecti n w h item 1Z- o on cc" Priscilla A. Tho pson City Clerk The Miami Herald building also acts as a barrier to waterfront access. 14th Street, which will become a major pedestrian corridor due to the development of the PAC and the redevelopment of the entertainment district, is currently terminated by the Herald building. Opening this site to development will serve to connect this activity to Biscayne Bay. 11 i II II N 11•1 11 I• i1111111 111,111 Ai.... -- - ri1N11i1a1aipala t i441441N11441,414i466664i iaaaaNaiiiN/iNMaiiiaiaiaaiiii •. i• siiiaiiiiiiaiiiiiiiiiiiiiiilyri+iiai 444466a111116 ii 4444464111411i414646i666366 1i4$4444 Left: View east towards Biscayne Bay. The red outline indicates the future Miami Herald site, prior to filling. (1929) Above: View east along 14th Street towards Biscayne Bay, illustrating the barrier to the waterfront. (2004) Left: Miami Herald building (1963). The current building acts as a physical and visual barrier to access to Biscayne Bay. Al 46 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 d � pt.bi;c Submitted Into record in cofnec-U-on �cv : item-° Tb meson prisctlia A. City Clerk Miami Herald Properties Conceptual Aerial View • 1) Existing Printing Presses 2) Public Pfaza/Baywalk Connection 3) New Mixed -Use Development 4) Vacant Parcels for Development 5) Historic 'Shrine Building" (Boulevard Shops) 6) Performing Arts Center 7) 14th Street POTENTIAL DEVELOPMENT 200,000+ SF Commercial/Retail 200,000+ SF Office 3900 Residential Units PAC Parking Currently, the properties have three zoning classifications: SD 6, SD 6.1 and C-2 (Miami Herald building. Under these classifications, the potential exists for up to five million SF of development, including 4,000 residential units. The C-2 zoning of the Miami Herald building is inconsistent with existing zoning patterns and should be changed to better reflect the desired character of the area. Additionally, changing the zoning classification and, therefore, improving the development value of the property, should improve the chances of private redevelopment and providing the 14th Street/Baywalk connection. Provided the redevelopment objectives are met, the CRA may enter into a public/private agreement for improvements to public amenities, infrastructure and parking. Ar 59 Submitted lnIn the public • record in confection ith item son OV : Priscilla A. Thompson _ City 1) Atlas Change from C-2 to SD-6. 1 2) Atlas Change from SD-6 to PR 3) Change from C-2 to SD-6.2* `Amending Sec. 606 (SD-6) to include SD-6.2 end provide a special intent, allowances and limitations. SD-6.2 should include incentives for facilities supporting the Performing Arts Center, Miami - Dade School Board, Media - Entertainment District and future Miami Streetcar. It should provide a transition in building mass between SD-6 and C-2. Additionally, SD-6.2 should have special requirements for building elements that front important public right of ways. 4) lnclusionary Zoning for Workforce/Mixed Housing 5) Media/Entertainment District Design Guidelines and Noise Abatement Strategies for Restricted Residential Development OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Areas along NE 2nd Avenue should be changed from C-2 to a new special district to 1) provide consistency and better reflect the zoning character of the rest of this important corridor; 2) to provide a transition in scale for neighboring districts (generally SD-6 on the east and C-2 on the west) and 3) to provide special provisions for developments supporting the Performing Arts Center, The Miami -Dade School Board, the Media/Entertainment District or the Miami Streetcar. Additionally, the current zoning of the Miami Herald building property (C-2) should be modified to better reflect the surrounding zoning and to induce the redevelopment of this property and provide public access to the bayfront. ' I r d■ .+ ID E 11 • w s +c Li is 1 1 r1 ■ MN • ■r. _.. ala .y a1 1-396 1111 68 Neighborhood Greenspace 1) Miami Cemetery (existing) 2) Margaret Pace Park (existing) 3) Baywalk (proposed) 4) Neighborhood Park (proposed) 5) Fire Station No. 2 park (existing) 6) PAC Ballet Opera Park (proposed) 7) PAC Concert Park (proposed) 8) Baseball Field (existing) OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development St — ' 1. —1� E. .� — -- r ■1• Submitted Into the public record in cony ect pn with item ?2.3a on 112rfq Prisciila A. Thompson City Clerk W i rk 1.• am I ■ R ■ r 0 C • ▪ .s ! — - ▪ e' /11 t i111 ✓ .R 31I r . � 1111 • o 11 3._ ILL 1 .4 •l of � . s 11E 1'- ins v. I • 1» -- Anr s Min .■ or EMI 1496 aims i# =4 1PM!. IAN. 77 Submitted Into the public record in connection ith item P2.•30 on Prisciii3 A. Th mpson City Clerk Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.3 ESTABLISH THE REDEVELOPMENT FINANCING PRINCIPLES Use a Multiple Funding Approach Tax Increment Leveraged Bond Financing Maximize Public/Private Financing The financing strategy for pub is funding requirements should be based ,,pon a set of principles established to achieve t^e follow'ng objectives: 1) Meet fund'ng cycle objectives 2) Miniri'ze he use of local tax do lars 3) A.cnieve maxim,im everage of or'vate funding .) Min'm'ze ong-term public cost a In order to achieve these objectives, six pr nciples are recommended cs a bass for establishing the public financing strategy for +he OMNI CRA. These princ'p es are as 'ndicated be ow: The protects wh'ch have been identified to he p improve The OMNI Area cut across a mu fiplicity of program and funding areas. In some cases agencies other than the CRA be responsble for their imp ementaticn. This forces the need to recognize that many of the protects will be funded by different federal. state; and local programs and oft times through different agencies. Even in cases where the CRA wil be responsible to provide The funding 't sho.;ld not rely on ore source but seek to identify other local, state, and federal programs which can leverage its trust funds. The OMNI CRA show ld utlrze tie tool of revenue_ bones to gererate some of the f'nancivl resources needed to meet public funding oc igat'ons of the pion. The availablity of such financing may provide ire aexi i y nee e o age rra c ping funds avagab1e for public -private irit'atives while at he same time funding projects which must meet spec'fc time scneddles for 'rrplernentafion. F,nding some of the projects ear y in today's dollars wi also save cost g'ven the "nflated construction costs teat may be experienced it later years. To the maximum extent possib e. the OMNI CRA shou c strive to achieve thejc'nt pup'c!er'vate financing of protects. Th's approach wil allow for the greatest leverage of public dollars while at the some time assuring private sector participation. S'nce most of these 'ritia-ives are privately managed, hey also reduce public management time requ'rements. Submitted Into the public record in connecti n w'th item P2.3o_c7 1 Q_ PrisaIa A. Thompson City Cleric Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Conclusion Wh'Ie the costs of all of the proposed initiat'ves are not currently available. current cost estimates ind'ccte that approximately $213 mi.lion in public funds would have to be raised to support the projects for w:/rhicn cost est'rrates are available . Of tnis amount approx'mate y $31.5 mill-cn would be needed to fund :oint publ'c-pr'vate 'nitiatives. .Another $ :9.54 mi lion would be needed to support the imp ementat'cn of public red m project init'atives and approximately $53.87 m'Ilion would be needed in public funds for trcnspc-'ation and infrastructure projects. Omni CRA Redevelopment Plan FINANCING PLAN 7 Public Realm Pubic realm improvements are improvements that are oriented to the p. b is landscape and which Improvements mcy requ're both public and prvate financing. Tne p cn update Inc.;des protects in. our categories. These include Bay 'Y^:alk, streetscape improvements. historic preservat'on protects, ant neighborhood Submitted Into the public reen space. record in co mecti n itb item ?Z.30 onr11 c4able 2 provides an esfmate of the public and private costs that wi I be requ'red to carry o..,t the Priscilla A. Thompsoff provements recommended 'or the public: realm. It shoo d be noted that the cost for the Bay Welk as City Cler1 'ell as the cost for neighborhood green space will recOre more specifc concept definition before rea istic est'mates of cost can be made. Table 2: Public Realm Improvements, Cost Estimates Project Categories Public Private Project Total Bay Walk $21,280,200 $0 $21,280,200 Streetscapes $20,952,000 $41,646,000 $62,598,000 Historic Preservation $ 4,800,000 $0 $4,800,000 Neighborhood Green Space $_2 na 000 $ N/A $ 2,508,000 TOTAL $49,540,200 I $41,646,000 $91,186,200 Table 2 shows hat the total cost for Baywalk and streetscape improvements, histerc preservation and neignberhood green space are expected to be approximately $91.186 m" lion. Of this amount. $49,540 m' lion wi be needed from public resources to implement the Baywclk, streetscape, historic preservation and ne'gnbornood green space recomrnencations of the plan update. Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Supporting Transportation and Infrastructure public record with item ?? o on Priscilla A. Tho psen City Clerk The supporting transportation. and 'rfrasTructore project category is made up of seven protect lire items. These incluce tre M'arri Streetcar wro;ecfcn, the creafon of a 1 T" Street/FEC Crossing; the reconstruction of 2" Avenue.. the completion of a 2-way street convers'on program, water and sewer upgrades, and storm water upgrades. Table 3. Transportation and Supporting Infrastructure Project Categories Public Private Project Total Miami Streetcar $20,400,000 $ $20,400,000 17th Street/FEC Crossing $396,000 $ $396,000 2nd Avenue Reconstruction $19,248,000 $ $19,248,000 2-way Conversions $ 7,743,600 $ $ 7,743,600 Water and Sewer Upgrades $3,082,840 $ $ 3,082,840 Storm Water U • coracles $ $ N jA TOTAL $50,870,440 $ $50,870,440 Table 3 snows that the total costs estimated for he Miami Streetcar project: 17th Street/FEC Crossing. the 2-'= Avenue reconstr,;ctior, 2-way ccnvers'ons and water and sewer upg•cdeswill be approx'mately $50.87C million. 133 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN public pubL�b1s;i;:�?(� Into ��the}(.� record in cJi j .c c:ion w'th item Z• 30 onOv Priscilla A. Ti; mpson City Clerk 7 Table 1 below provides an estimate of the p..;b is and private costs to carry cut four of the five initiatives. The concept for -he convention cente-/conference facility has not, at This pein', beer developed suffciently so that costs can be estimated. Table 1: Public -Private Development/Estimations of Probable Costs Development Initiatives Public Private Project Total OMNI Mall $10,200,000 $887,892,000 $898,092,000 Miami Herald Properties $12,822,000 $920,640,000 $933,462,000 City of Miami/Miami-Dade School Properties $ 3,436,800 $140,644,800 $144,081,600 Performing Arts Center Parking 5 040 000 222 840 000 227 880,000 Convention Facilities N/A N/A TOTAL $31,498,800I I($2,172,016,800 $2,203,515,600 Table 1 shows t^at foJr of the identified pub ic!private deve opinent in'tratives wil I'kely cost more than $2.2 pillion. Hovvever of these costs on y about S31.498 m' iron w'il be required from the pubic sector. This sugge.s-s strong leverage of pubic dollars. In fact, every one dollar of public investment in these initict'ves wr I generate rea•y $69 of private investment. Since most of these public/o' vate deve oprrent 'nitiatives be financed by the private sector i- wil be impor'crt to wcr close y wilh the private development community to deve op tie firarcirg pan for each protect cctiv'ty. 131