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Home My WebLink AboutCRA-R-06-0005 Omni Redevelopment Plan_Final DraftOMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY .1 i. - rii- .fin- _- hr.• 1� - nJ o� r- �, tP ler :OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 FINAL DRAFT 01/30/06 Omni CRA Redevelopment Plan FINAL DRAFT ACKNOWLEDGEMENTS The Omni CRA Plan Update has been prepared by Zyscovich, Inc. with support from George Henry George Partners, David Plummer and Associates, Gunster, Yoakley & Stewart, P.A. and Greater Miami Neighborhoods. The team extends our sincere thanks and appreciation to the many people who devoted their time, energy, intelligence and imagination to developing a renewed vision for the Omni CRA. CRA Board of Directors Johnny L. Winton, Chairman, Commissioner, District 2 Angel Gonzalez, Commissioner, District 1 Tomas Regalado, Commissioner, District 4 Joe Sanchez, Commision Chair, District 3 Michelle Spence -Jones, Commisioner, District 5 City of Miami Officials Joe Arriola, Chief Administrator/City Manger Alicia Cuervo-Schreiber, Chief of Operations/City Manager Mary Hanlon Conway, Director of Capital Improvements & Transportation/City Manger Miami Community Development Agency and Staff Frank K. Rollason, Executive Director James Villacorta, Assistant General Counsel Eric Shaw, Planning Administrator Omni Steering Committee Julie Grimes, Doubletree Hotel Eugene Rodriquez, Big Time Productions Gill Terem, Gili's Cafe Ronald Cantwell, Omni Advisory Board Gary Donn, Florida Department of Transportation Dana Nottingham, Downtown Development Authority David Martin, Terra International Development LLC Avra Jaine Stanley Krieger, Braman Management Carole Anne Taylor, Performing Arts Center Julian Linares, The Grand Condominium Omni CRA Redevelopment Plan FINAL DRAFT ACKNOWLEDGEMENTS • Also, special thanks to: Omni Advisory Board City of Miami Planning and Zoning Department City of Miami Department of Economic Development City of Miami Department of Capital Improvements and Transportation Omni CRA Redevelopment Plan FINAL DRAFT TABLE OF CONTENTS EXECUTIVE SUMMARY 1. INTRODUCTION 1.1 Purpose 1 1.2 Planning Process 2 1.3 CRA Location and Regional Context 3 Omni CRA Location; Transportation Assets; Job Centers; New Development Performing Arts Center/Entertainment Districts 2. EXISTING CONDITIONS 2.1 Existing Land Use 8 Vacant Land and Surface Parking 2.2 Future Land Use 10 2.3 Existing Zoning 11 2.4 Existing Land Ownership 13 Major Stakeholders 2.5 Urban Form 14 Urban Barriers; Development in Process 2.6 Existing Infrastructure 16 2.7 Transportation 17 Planned Projects; One-Way/Two-Way Streets; State/County Roads 2.8 Parking 23 2.9 Existing Greenspace 24 2.10 Existing Streetscapes/Pedestrian Network 25 3. MARKET ANALYSIS SUMMARY 3.1 Retail Market Analysis 26 Convenience Goods and Services; Shoppers' Goods Retail; Food and Beverage Retail Entertainment Retail 3.2 Office Market Analysis 28 3.3 Hotel Market Analysis 29 3.4 Residential Market Analysis 30 Omni Housing Submarket; Population/Household Trends and Character Housing Trends and Character; Demand/Need for Housing 1 Omni CRA Redevelopment Plan FINAL DRAFT TABLE OF CONTENTS 4. REDEVELOPMENT PLAN OVERVIEW 4.1 Historical Form 35 Historical Context 4.2 Redevelopment Vision 38 4.3 Revisions from the Original Plan 40 1986 Omni Land Use Plan; 1986 Omni Transportation Network 4.4 Plan Objectives 41 4.4.1 Connectivity 43 4.4.2 Sustainable Regional Destination 50 4.4.3 Variety of Housing 51 4.4.4 Improvements to the Public Realm 52 4.4.5 Promote Public/Private Development 53 5. PROJECTS AND STRATEGIES 54 5.1 Public/Private Development Strategies 55 Omni Mall; Miami Herald Properties; City of Miami and School Board Properties Potential Convention Center Facilities 5.2 Regulatory Strategies 67 Proposed Zoning Changes; Media/Entertainment District Expansion Design Guidelines 5.3 Improving the Public Realm 77 Neighborhood Greenspace; Baywalk; Streetscapes; Historic Preservation 5.4 Transportation and Infrastructure 91 Miami Streetcar; Street Reconstruction; Bayshore Drive Extension; 17th Street/FEC Crossing; 2-Way Conversions; Water and Sewer Upgrades 5.5 Social Needs Strategies 98 Implicit Goals; Principle Underlying Strategies; Strategies for Improvement 5.6 Project Priorities and Action Items 103 High Priority Items; Medium Priority Items; Low Priority Items 6. CAPITAL IMPROVEMENT COSTS AND PRIORITIES 107 6.1 Omni Mall Redvelopment 108 6.2 Miami Herald Properties 109 6.3 City of Miami and School Board Properties 110 6.4 PAC Parking 111 6.5 Convention Facilities 112 6.6 Baywalk 113 6.7 Streetscapes 114 6.8 Historic Preservation 115 6.9 Neighborhood Greenspace 116 II Omni CRA Redevelopment Plan FINAL DRAFT TABLE OF CONTENTS 6.10 Miami Streetcar 117 6.11 17th Street/FEC Crossing 118 6.12 Street Reconstruction 119 6.13 2-Way Conversions 120 6.14 Water and Sewer Upgrades 121 6.15 Storm Water Sewer Upgrades 122 6.16 CIP Cost Summary 123 7. FINANCING PLAN 124 7.1 Market Oriented Economic Development Strategy 125 Places and Infrastructure; Development Opportunities Areas; People 7.2Assessing the Financial Needs for Plan Implementation 130 Public/Private Development Initiatives; Public Realm Improvements Supporting Transportation and Infrastructure 7.3 Establish The Redevelopment Financing Principles 135 Use a Multiple Funding Approach; Tax Increment Leveraged Bond Financing Maximize Public/Private Financing; Optimize Flexible Funding Approach Provide for Maintenance of Improvements 7.4 Identifying Funding Sources and Tools 137 7.4.1 Miami -Dade County Economic Resources and Incentives 138 Tax Increment Financing; Enterprise Zones; Property Tax Abatement Refund of Impact Fees; Economic Development Transportation Fund (Road Fund) 7.4.2 City of Miami Economic Resources and Incentives 141 Tax Exempt Districts 7.4.3 Federal Funding Sources 142 CDBG Funding; Home Investment Partnerships (HOME) Program HUD Section 108 Loan Guarantees; Economic Development Administration EDA Investment Programs; EDA Partnership Planning; New Market Tax Credits 7.4.4 Florida Economic Resources and Incentives 151 State Housing Initiatives Partnership (SHIP) Program; State Department Incentive Loan (SHIP) Program Miami -Dade Empowerment Zones; Bond Financing 7.5 Funds Sources and Uses 155 Streetscapes; Street Improvements; Public/Private Projects; Infrastructure Affordable/Workforce Housing; Business Loans; Sources and Uses Matrix 7.6 Sample Project Financing Strategies 160 Retail Development; Office Development; Hotel Development III Omni CRA Redevelopment Plan FINAL DRAFT TABLE OF CONTENTS 8. NEIGHBORHOOD IMPACT 8.1 Acquisition, Demolition and Relocation 166 8.2 Traffic Circulation 167 8.3 Environmental Quality 168 8.4 Community Facilities and Services 169 8.5 Effect on School Population 170 9. PLAN MANAGEMENT 9.1 Powers of the Omni CRA 171 9.2 Modifications to this Redevelopment Plan 177 9.3 Safeguards and Assurances 178 Safeguards to Ensure Financial Accountability Safeguards to Ensure Proper Implementation and Project/Program Accountability Providing for a Time -Certain and Severability APPENDICES: APPENDIX A: Legal Description APPENDIX B: Infrastructure Inventory APPENDIX C: Housing Market Data APPENDIX D: Boundary Expansion APPENDIX E (Under Separate Cover): Proposed Boundary Expansion: Finding of Necessity APPENDIX F (Under Separate Cover): Omni Housing Policy and Housing Plan APPENDIX G (Under Separate Cover): Omni CRA Redevelopment Plan Market Analyses APPENDIX H (Under Separate Cover): Housing Needs of Central Miami by Submarket Areas APPENDIX I (Under Separate Cover): Miami Downtown Transportation Master Plan IV EXECUTIVE SUMMARY OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT EXECUTIVE SUMMARY ES INTRODUCTION The 2004 update to the Omni Area Redevelopment Plan, (herein after referred to a the "Plan Update" or "Redevelopment Plan"), has been developed in accordance with Florida Statute Chapter 163, Part III, Community Redevelopment (Community Redevelopment Act of 1969). The Plan Update was commissioned by the City of Miami Omni Community Redevelopment Agency (CRA), because the previous 1986 plan has been largely ineffective in facilitating redevelopment and solving issues of slum and blight within the Omni Area. The Plan Update provides a conceptual framework and redevelopment guide for the Omni CRA consistent with smart growth urban planning principles and provides a series of redevelopment objectives, projects and strategies to ensure the reinvigoration and future sustainability of the Omni area. The Plan Update has been coordinated with numerous major city and county planning initiatives, including the Southeast Overtown Park West Redevelopment Plan, to ensure a cohesive and coordinated redevelopment effort for the City of Miami CRA's. UMW EIM1111. *NMI II siiim...imum ;Rl�1#rail s ll.I4 mann 1.! Iraq -ter 1:1 1".11117 llEng ■ .�'�41 IN au : i r� 1 m1 l ! "ef.�� jinn! �.�ilp os � .. �"']11 uB_la. . It a Nom 11111 ENE. ��tumeNer w..,aIlrl� s. on i lk _-II.r�0� NEMIINaga= ma NOINNIMIIIIIii. lei AO 1wawa skt OMNI CRA amp MIN NNENSiiik "INN Mal �a ��IIIm [a �II�� -70 a INNOINVNIA Nal Biscayne Bay Of Omni CRA Regional Location 1 Omni CRA Redevelopment Plan FINAL DRAFT EXECUTIVE SUMMARY ES 1-95 Construction Historically, the Omni area has transformed from a dignified low -density residential neighborhood, to a series of regional shopping, educational and light industrial districts, to its present day condition as an area bifurcated by urban barriers, the development of high -density luxury condominium development and areas of slum and blight with relatively low development interest. Currently, the City of Miami is in the midst of a development boom which may prove to be the greatest growth period in its history. Given the Omni area's regional location and proximity to important centers of activity, major transportation systems, and within its boundaries, the construction of the Miami Performing Arts Center, the Omni area is well situated to receive enormous redevelopment activity in the coming years. The Plan Update serves to steer those efforts and support the creation of a cohesive urban neighborhood with a unique identity and strengthened regional importance. Historic NE 2nd Avenue 11 Omni CRA Redevelopment Plan FINAL DRAFT EXECUTIVE SUMMARY ES PLAN OVERVIEW AND OBJECTIVES The vision for the redevelopment of the Omni CRA is based on fundamental principles to (1) effectively diminish the negative impact of existing urban barriers, (2) to establish the area as a regional hub for cultural and entertainment uses and to (3) provide for the development of sustainable mixed income neighborhoods. Within the Plan Update, diminishing the impact of existing urban barriers is of primary importance. Redevelopment efforts must overcome a number of past developments, such as the construction of the 1-395 expressway and the development of the Omni Mall, which have diminished the connective urban fabric of the area with its neighbors and serve to bifurcate the area into a series of districts with similar uses, but lacking a cohesive character, quality and connective public space. As a cornerstone of the redevelopment effort, the Plan Update seeks to build on the anticipated success of the Performing Arts Center by providing a framework for the creation of a sustainable cultural, media and entertainment district which will catalyze the redevelopment of those western areas most affected by slum and blight conditions. This effort, coupled with improvements to the public realm, will serve to reconnect those areas towards the east and Biscayne Bay, and in turn, create desirable conditions for the development of adjacent neighborhoods with new opportunities for the development of a mix of housing choices. In order to achieve these principles the Plan Update defines the following guiding objectives (further explained in Section 4) to serve as a benchmark for redevelopment projects and the overall management of the CRA: A.) Connectivity Provide for greater connectivity by diminishing the impact of existing urban barriers to redevelopment and promoting regional transportation; B.) Sustainable Regional Destination Create a sustainable regional destination and identity by capitalizing on the development of the Performing Arts Center and the Media/Entertainment District; C.) Variety of Housing Provide incentives for the development of a variety of housing choices; D.) Improvements to the Public Realm Create opportunities for new development through improvements to the public realm; and E.) Strategies for Public/Private Development Provide incentives and strategies for public/private development. 111 Omni CRA Redevelopment Plan FINAL DRAFT EXECUTIVE SUMMARY ES PROJECTS OVERVIEW OBJECTIVES Connectivity Sustainable Regional Destination Variety of Housing Improve to the Public Realm Public Private Development SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The Plan Update identifies a series of projects that serve to meet the objectives of the plan. The projects and strategies are further identified and explained in Section 5 of this document. A) Strategies for Public/Private Development Public/Private development projects range from an ambitious vision for the redevelopment of the Omni Mall to strategies for the development of PAC parking and educational facilities to general improvements to the public realm. B) Regulatory Strategies Regulatory strategies range from simple amendments to the zoning atlas to the creation of new zoning overlays and design guidelines to the development of an inclusionary housing ordinance to secure mixed -income housing in the area. C) Improving the Public Realm Improvements to the public realm include streetscape and greenspace enhancements, historic preservation of building and an ambitious solution for the creation of a continuous Baywalk. D) Transportation and Infrastructure Transportation and Infrastructure projects ranges form the construction of the Miami Streetcar project to recommendations on traffic flows to upgrades to the water and sewer infrastructure. Additionally, the Plan Update proposes the expansion of the existing CRA boundaries toward the west, effectively "closing the gap" between the Omni and Southeast Overtown Park West CRA's. The proposed expansion area clearly meets slum and blight conditions as defined by Florida Statute 163, and the inclusion of this area will serve to mitigate those conditions while also providing additional opportunities for the development of affordable and workforce housing. The boundary expansion proposal is provided in Appendix D. Public/Private Development Regulatory Strategies Improvements to the Public Realm IV Omni CRA Redevelopment Plan FINAL DRAFT EXECUTIVE SUMMARY 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 6) Media/Entertainment District 7) Baywalk 8) Streetscapes 9) Historic Preservation 10) Neighborhood Greenspace 11) Variety of Housing 12) Neighborhood School ES V INTRODUCTION • !• • • • r.2 _ 4401. r. , Cr -e•P T" :t ;•- V"; • : OMNI AREA COMMUNITY REDEVELOPMENT PLAN AS AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 1.1 PURPOSE A The purpose of this document is to update the Omni Area Redevelopment Plan approved in 1986 and amended in 1987. Because the 1986 Plan has been largely ineffective in facilitating redevelopment and solving issues of slum and blight within the Omni Community Redevelopment Area, the City of Miami Community Redevelopment Agency (CRA) commissioned this update in accordance with Chapter 163 of the Florida Statutes. The intent of this document, herein after referred to as the "Plan Update", is to guide the redevelopment of the Omni Area and to remove existing conditions of slum and blight by providing clear objectives and strategies to: 1) Capitalize on current investments and development interest; 2) Provide for capital improvements to area infrastructure and the public realm; and 3) Facilitate future public/private development. The Plan Update represents the initial phase of work in a two-phase effort. The second phase will build upon the recommendations found within this document and will develop regulatory documents to enforce the Plan Update. This potentially will include new zoning classifications, zoning overlay districts, and design guidelines and standards. The Plan Update recognizes that the redevelopment effort will occur over the course of many years and that there will be inevitable changes within the development environment and practical limitations on the implementation of redevelopment projects. Therefore, the diagrams and illustrations within the document are intended to serve only as a visual aide to understanding the intent and implementation of the many redevelopment objectives and strategies. To some degree, variations in project implementation and execution should be expected and supported, provided that the general intent and objectives of the Plan Update are met. 7 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 1.2 PLANNING PROCESS A The Plan Update is governed by the Florida Statutes Chapter 163 Part 3 and must be approved by the CRA Board, the City of Miami Commission, and the Miami -Dade County Commission. Florida Statute 163.362 lists the required contents of the community redevelopment plan, as follows: 1) Legal description (see Appendix A) 2) Plan diagram including open space, street layout, limitations on building envelopes, density, and properties intended for capital improvement projects (see Sections 4 and 5) 3) Relocation plan for low and moderate income housing if applicable (see Section 8) 4) Description of capital projects (see Sections 5 and 6) 5) Safeguards to implement the plan (see Section 9) 6) Assurances for replacement housing for displaced residents (see Section 8) 7) Cost projection (see Section 6) 8) Schedule for completing redevelopment activities (see Section 6) The CRA staff directed the consultant team to exceed these criteria and create a redevelopment plan to identify private investment opportunities as well as public opportunities. This was accomplished through a public participation process that included numerous individual meetings with Omni area stakeholders and various neighborhood advisory committees. In addition, the CRA Board established the Omni Steering Committee (OSC), chaired by City of Miami Commissioner Johnny Winton, to provide guidance and input to the consultant team on a regular basis. The OSC was composed of neighborhood business and property owners, representatives of the Performing Arts Center Trust, and the Florida Department of Transportation (FDOT). The OSC was instrumental in identifying impediments to attracting new development as well as opportunities for neighborhood improvements. The Plan Update was presented at publicly advertised meetings in April and May of 2005, with time allotted for an exchange of ideas, comments and general feedback. Furthermore, the CRA extended invitations to any interested party to have a "one-on-one" meetings with the CRA staff and the planning consultant to address any concerns they may have. 2 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 1.3 CRA LOCATION and REGIONAL CONTEXT Omni CRA Location The Omni CRA is part of an inner city neighborhood which, typical to many redevelopment areas, is physically and visually isolated from its surrounding environs by a series of urban barriers. Located within the City of Miami, the Omni CRA is just north of the Central Business District (CBD) a second CRA, the Southeast Overtown Park West (SEOPW). The area encompasses approximately 270 acres of land bounded by Interstate 395 on the South, the Florida East Coast Railway on the West, NE 20th Street on the North and Biscayne Bay on the East, illustrated below. 1 II li '7 = isrilf�7 --- ir ,iiiii: a inionim-mmemo -'. L -- nu sown* 1 '19I ilk Uri it minim. lif lice a� M � 1r > T OMNI �►%11_rip CRA �lllS. '\I4w: Ell a lift 40 ikiei nilAra t=1�j f � p y11t1 eir!mului ` ". 1__ AnFimireboaokaI s si m II.on in��inNM -, �n.i>Win � ill ni no omen Willi,n OSInMO nilll�lr� �I 01101:1 in On Onlirk. .. 1..1-11011 .�. rr 4 - Naul Julia Tuttle Cswy. Biscayne Bay 3 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 Metromover/School Board Station Transportation Assets 1.) Interstate 95 2.) Interstate 195 3.) Biscayne Boulevard 4.) Interstate 395 5.) Venetian Causeway 6.) MacArthur Causeway 7.) People Mover 8.) Metrorail Given the location of the Omni CRA within the region, there are several assets which should benefit the area's overall redevelopment, including proximity to major transportation infrastructure, significant job centers and the current residential development boom that Miami is experiencing. Regarding transportation, the Omni CRA is directly accessible from Interstate 95 vial-395 and indirectly via 1-195 and Biscayne Boulevard. Also included are two of the three area causeways which connect Miami to Miami Beach: the MacArthur Causeway (1-395) and the Venetian Causeway. In addition the area is serviced by the Miami-Dade's Metromover, which in turn, provides accessibility to the regional Metrorail system. --moo rw =ivIwna� =� MIN 1MOMP i.P_s.Maltr.� �. �I---.==� mat l91 MN .'1 1 . 11 II 'o nilidl -- . i 1011=m11111 • + oe�r,- Mil %Li1 Ia ,mIIL1 i,re�OMNI CUiff•_.�.�il,ioir CRA sli � �EIi41. ,I.. 1 Venetian Cswy Ititi 11 a/Nil11 Cam! P11,1 "Oa trarilf 11,11 ! III 41 ■ 111! 'm{' I. itlia■ ice■ . 1111111,..r. � II IIII� rOOur II I01a Iil1 I1tf fiff 111 ao.1 I II 1 :,ojl 1 ii IUfi,jj' I WITH 111 P f li 11.. ii. 11 RAW W 11 IIII II 1lldf 111111111 11 O/ jIIIII'.� I! {Jid :24,11I.111111ll u,,u 11•rr' fi IffIp, 4 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 HIP 11.Ho Jackson Memorial Hospital Job Centers 1.) Midtown Miami 2.) Jackson Memorial Hospital 3.) Port of Miami 4.) Downtown Miami Central Business District 5.) Miami Beach Regional job centers within proximity to the Omni CRA include the Civic Center/Jackson Memorial Hospital, Downtown Miami, the Port of Miami and Miami Beach. Also, within the Omni and downtown areas, the City of Miami, Miami -Dade County, the Miami Herald and Miami -Dade College are significant employers. These job centers employ a large amount of the local workforce and present opportunities for the development of stable and sustainable residential communities within the Omni area. The development of a variety of housing choices is a fundamental component of the Plan Update. M1 sgp d.... -- M, 'a M: lim =I o • 011ra_.4 .4- ...imp tam- I om N N_ Nis __-�11," 11111i1Y8 ,J :i.i.„...„,„=„......z ......_______ 7 . 74_ = . 4 . I-sigi5a Roo 0's 4ll III _Ma_. 1a011o[Eil99 0.-1 El 0 la ill III ili u.. 1.1..11111111 m Ii smg�g4 ollq �� _. a,m r loaoal�a,� Pii FilO 111111 l■1ttl11■ alai■ .10.-aeoaoop.di y� Ai iimala�i �Ie III tug -. "-�a�i�o{{�oolt��aTyraillAn -1 � R at�hl`am i Ma mum iiimim �r -.r. ��r+_{2 ��p•�osipoll r.pYY ■a.ao.as.r JUI AiOMIM} ,.1 .� sla- nuns* SalF p P �'a� Yl YUd O��iii PIr ,Ri1� vs%� %4pa.-- lam: 4*,47oo�oa# t! Julia Tuttle Cswy. Biscayne Bay ILJ» I*'■[■ i■' LU iII 1 III ' •!IIJ INIIIiiiii 1I�'11fi 't'i--t►. r. it 11" �,!�11 I.F��r1�j I r liilIN r I m ■l IIII Ijl I II 1!y_1w1T J IU❑■IDS Il1l ljr r ... ❑■ml I i 111 IIIIIIII' lir,� III II111111 , 11!III IIl1Il1u rll mII 11, 1 Ire ®11110 711 MI Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 Quantum Construction and Fingers Project Miami is experiencing a significant amount of new development in and around the Omni CRA that is currently under construction or in various planning stages. The majority of the developments are occurring to the north and south of the Omni area but there are a significant number within the CRA itself. These new developments are primarily oriented toward a luxury residential 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 will greatly increase providing market demand for new commercial and office uses. New Development . I Complete Under Construction • Planned Ens.• gI 11 SR IMO M" �+liii1 iY A a illEillielan • j." !='•as inn,=•_.•• / iaroma JO:— . Stoll_-- — -ni — TWO• .Mo-Wm -- ,,E, 14 gi ,a, I,. MI MIMZia i illl�!i�1i1A9iiati. Nim Ill Al al �o o.� — 111` j('. Ip000nrq■ ■rs , if- ua9 w rd . : ■1�. MIW. 1� ..id ` Imiw istrE IX MEdA IP�f*,r 1r! mo=Im -al IIME■ if o,Y e1 o4odr In EN r. Yr.Min Apfmk exdaigiwiiai rd La• 'A ! IIi I' IILiY dilin .■' 1111IiIII1 ' eIQI _ Ii r NMI I I 1: 114 II "flit 1l{JT^ 111111A 1W mmmmlF.I: 11m11rt.► m [I mate m. � 111111 II 1V4-17 Rag ❑.[DII 1 111l I II11111111 PIgit a111111U'IIIIv]i��jj 1LI I1nil IIIIpriia4 ® mm f11: �Id]11 ►1�r*. •III it 6 Omni CRA Redevelopment Plan FINAL DRAFT INTRODUCTION 1 Performing Arts Center Performing Arts Center/ Entertainment Districts Performing Arts Center Florida Opera House Entertainment Districts The most significant development within the Omni CRA in many years is the construction of the Performing Arts Center (PAC). Scheduled for completion in late 2006, the center will consist of a 2,500 seat opera house and 2,200 seat symphony hall. Coupled with the adjacent development of the Florida Opera House to the north, the center will become a cultural cornerstone for the Omni area and will benefit the further development of the existing media and entertainment districts. The Omni CRA currently contributes $1.43 million dollars annually toward the retirement of the construction bonds for the PAC. v ,0 a alo ma d a` iollIII II, o __Iola_ poorgmr/rq Alf l..p6.6,"i /iIalap ➢o➢ 0' AI➢➢; d9ae i4vm,o1mm '1 1 .m, 1_;aIv�CY�p ma� _� �I�MIiii II�+ate W 10,Oli l� -p�Yv9 tu ' yr icium rya ,,d 1d. Pr A imi R0uii•.-' _�� -1•—l� iarm i o■■o -d .."t amwimmaiii ii Ili di .�; 2:mate. YPrp= -1.- swig/ w+iiefew4�� o R % s44s��s4a Julia Tuttle Cswy. Biscayne Bay 7r, ■ ■,lit: 11a/. I�III1 NAM W�4 r■Ii■.7.�' 1111�11111'j,11 Ali ^9940r',' Ili' 1iUMi[r IIII i+Y; r m■••II1IIII IP/ E [Q❑■IIIIiijiiiY r WE■IIII1III Nflj IIIlmmmml IIIag[I)I sal� It.CIImum iii ifir: �rri► r171, fd I' 7 EXISTING CONDITIONS • V,t07_4141.., • • 4-411 tr.r. , . 4 "ki 3 • -'47-7 Y.' • -2 • : OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.1 EXISTING LAND USE Existing Land Use 1) Biscayne Boulevard = Cemeteries Communications . Utilities, Terminals . Plants ▪ Industrial _ Institutional 1 ,. Low -Density Multi -Family L_.f Multi -Family, Migrant Camps ▪ Office Parks {including Preserves & Conservation) ` Shopping Centers, Commercial, Stadiums. Tra 1-1 Single -Family Streets/Roads, Expressways. Ramps = Townhouses Transient•Residential (HotelslMotels) ▪ Two -Family (Duplexes) L. .J Vacant Unprotected I Water P Y As indicated in the 1986 Plan and the graphic below, several different categories of land uses are present in the Omni CRA. East of Biscayne Boulevard, land uses are rapidly changing with the boom of high density residential development, but of particular interest is the amount of vacant land and lack of residential uses west of Biscayne Blvd. These areas are of primary interest in the redevelopment effort and reaching the housing objectives of the Plan Update. 8 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Vacant Land and Surface Parking 1) NE 2nd Avenue Vacant Land Surface Parking Parking Garages Within the Omni CRA, there currently exists a substantial quantity of vacant and underutilized land (surface parking), particularly west of NE 2nd Avenue. These properties contain significant opportunities for catalytic redevelopment projects. L-19{�L:�l..l#11— 4i =-F-A% Venetian Cswy. MacArthur Cswy. 9 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.2 FUTURE LAND USE CITY OF MIAMI City of Miami Future Land Use 1) NE 2nd Avenue Restricted Commercial General Commercial High Density Res. Institutional/Public CBD Duplex Residential PR The Miami Comprehensive Neighborhood Plan (April 2004) designates the future land uses for the Omni area as primarily Restricted Commercial (C-1) east of NE 2nd Avenue and General Commercial (C-2) west of NE 2nd Ave. The primary differences between these two designations is that C-2 allows a lower residential density and allows for a wider range of commercial activities than that of C-1. Additionally, the comprehensive plan designates the Omni CRA as a specially designated area allowing for a residential density of 500 units per acre. NI L 11 i I • 1117 L • • k ■; • M • • is • —• As r 3 It 1 a — • ■ • • • r li iiiiio • NE 17th St. Q 500 Units/Acre 4 Ai L M I ri NE 14i .. il. .th St. •• co1111 j • ..• 1 -in • m • • • V 111 -`- i in lea I-395 • • f14J • • .v ��• .•ir�fir1 ii-•_i urth, 4, Venetian Cswy. MacArthur Cswy. 10 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.3 EXISTING ZONING I Existing Zoning 1) NE 2nd Avenue Gil Government / Institutional C-1 Restricted Commercial C-2 Liberal Commercial CBD Central Business District PR Parks/ Recreation R-2 Two Family R-3 Multi -family Medium Density R-4 Multi -family High Density SD-8 Central Commercial Res SD-6.1 Central Commercial Res SD-19 Designated FAR Overlay 0 SD-20 Edgewater overlay Existing Zoning Districts in the Omni are, again, largely defined by NE 2nd Avenue with higher densities and restricted commercial uses on the east and lower densities and a wider array of commercial uses on the west. The Plan Update proposes a number of zoning change projects in the "Projects and Strategies" section of this document and the regulatory (zoning) components of these changes will be accomplished in the second phase of work. City Cemetery 17th St 11,th St 1 144h St lath St 113th.St. Margaret Pace Park 11 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Existing Zoning Summary Below is a summary of the allowances and entitlements of the Omni area existing zoning districts. ZONING DISTRICT INTENT AND USES DENSITY UNITS/ACRE* HEIGHT FLOOR AREA RATIO C-1 RESTRICTED COMMERCIAL Office, mixed -use or commercial activities which generally serve the daily retailing and service needs of the public. Residential as per R-4. 150 *500 Unlimited 1.72 C-2 LIBERAL COMMERCIAL Commercial activities which serve the needs of other businesses, require extensive loading facilities, and often benefit from proximity to industrial areas. Residential as per R-3 or higher by special exception. 65 or Higher *500 120' or 10 stories 1.72 CBD CENTRAL BUSINESS DISTRICT Mix of uses ranging from high -density multi -family residential to high -intensity office uses with retail uses on the lower floors. 1000 Unlimited Unlimited 0 OFFICE Permanent and transitory residential facilities such as hotels and motels, general office uses, clinics and laboratories and limited commercial activities incidental to principal uses, limited services and supporting facilities. 150 *500 Unlimited 1.72 G-I GOVERNMENT AND INSTITUTIONAL Facilities for federal, state and local government activities, major public or private health, recreational, cultural, religious or educational activities, major transportation facilities, public utilities, and public and private cemeteries. 150 *500 Unlimited 1.72 PR PARKS, RECREATION AND OPEN SPACE Public and private parks, recreational facilities, educational and cultural facilities, marine and marina facilities, entertainment facilities, social and health related facilities, public safety, and City of Miami administrative facilities. - - - R-2 TWO-FAMILY RESIDENTIAL Two-family or duplex residential. Supporting services such as places of worship, primary and secondary schools, daycare, community based residential facilities and convenience establishments. 18 25' 0.6 R-3 MULTI -FAMILY MEDIUM DENSITY RESIDENTIAL Multi -family structures including low-rise apartment structures. Supporting services such as places of worship, primary and secondary schools, daycare, community based residential facilities and convenience establishments. 65 50' 0.75 R-4 MULTI -FAMILY HIGH DENSITY RESIDENTIAL Multi -family structures including high-rise apartment structures. Supporting services such as places of worship, primary and secondary schools, daycare, community based residential facilities and convenience establishments. 150 *500 Unlimited 1.72 SD-6 & 6.1 CENTRAL COMMERCIAL RESIDENTIAL Provide supporting and complementary high -density residential, office and major retail and entertainment to the Central Business District. (6.1) Promote development of a mixed -use complex, including a public performing arts center. 500 Unlimited Varies Up to 8.4 * The Miami Comprehensive Neighborhood Plan allows for a residential density of 500 units per acre 12 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.4 EXISTING LAND OWNERSHIP Although there are numerous property owners in the Omni area, there are several major stakeholders who will undoubtedly play a large role in the redevelopment effort, due to the fact that they have a concentration of land holdings or control very large parcels. These stakeholders include the City of Miami, the Miami -Dade County School Board, the Miami Herald, the Performing Arts Center Trust and the owners of the Omni Mall. A number of the redevelopment strategies within the Plan Update are based on the public/private redevelopment of these holdings. Major Stakeholders iL 'I J 1 4 1 L I a L II 1n City of Miami School Board PAC Miami Herald Omni Mall all •• • • Kars r ■_� -- 1 :J NE 17th St. ir O NE 14th St. r —1 1-395 IIt ill 1' - • Venetian Cswy. MacArthur Cswy. 13 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.5 URBAN FORM Urban Barriers 1) Florida East Coast Railway 2) Biscayne Boulevard 3) Omni Mall 4) Miami Herald 5) 1-395 One of the greatest challenges of the redevelopment effort will be to overcome existing visual and physical barriers and reestablish a consistent urban fabric with surrounding environs. Urban barriers in the Omni area not only to segregate the area from neighboring portions of the City, but also segregate the Omni CRA area within its own boundaries. These barriers include the Florida East Coast Railway, the elevated 1-395 expressway, mega -structures such as the Miami Herald and the Omni Mall and, to a lesser degree, Biscayne Boulevard. The Plan Update proposes strategies to mitigate these barriers by establishing a greater level of connectivity within the CRA. C • NM • Oa ■s u , 3111� ■I 1111 '1 1 I ow .i • ■ M • NIM • NM• . . r- . „ ri4 Existing Building Footprints kir lair Venetian Cswy. MacArthur Cswy. 14 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Development in Process 1) Cite 2) Quantum on the Bay 3) 1800 Club 4) Opera Tower 5) Biscayne Tower 6) Ellipse 7) Potential School 8) Bayview Marketplace 9) Parc Lofts 10) Cardinal Symphony 11) The Filling Station 12) Florida Opera House 13) Performing Arts Center A number of developments are currently under construction or in various planning stages in the Omni area. They are primarily composed of high -end residential condominiums (east of Biscayne Boulevard), but a major new retail complex composed of "stacked" vertical "Big Box" stores should add an important retail component to the area. Also, the potential for new schools in the area would further the viability of sustaining a mix of households. The construction of the Performing Arts Center is largely responsible for the renewed development interest and should serve as a regional destination anchor. 31.--1-11-161EL 1,71 h.11 l�1Nil 1� e1'71 I,• 1-395 - 111 I-11M Venetian Cswy. MacArthur Cswy. 15 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.6 INFRASTRUCTURE I Existing Infrastructure 1.) AT&T Fiber Optic Cable Network 2.) Communication Network Data Route 3.) FPL Fiber Optic Facilities 4.) MCI Western Union Conduit 5.) QWEST Fiber Optic Cable Network 6.) Sewer (Gravity) Lines 7.) Signalized Intersections 8.) Tenco People Gas 9.) Water Mains As part of the Plan Update process, the existing infrastructure in the Omni area has been inventoried and is illustrated below (and further in Appendix B). The inventory includes fiber optic facilities and data routes, water and sewer lines, natural gas, and signalized intersections. I,III JI=UJ]J Jrll, -: s w'fir ,.. Drill UNE 'Id If I, 14',1Elti E t .. fir fr' liV7��` it Int �p f ,SIM WI ,,n LID 16 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.7 TRANSPORTATION 1 Streetcar, Portland, OR Planned Projects: Streetcar & Baylink Interstate 95 People Mover Metrorail Biscayne Boulevard Future Baylink Future Streetcar As indicated in the introduction, the Omni area is well situated with respect to regional transportation including direct interstate access, a major county bus terminal and the People Mover system (providing access to Metrorail). Projects that are currently in planning stages and would benefit the regional connectivity of the area include the Miami Streetcar and future modifications to the 1-395 expressway. The proposed Miami Streetcar is similar to light rail, except that it operates directly on the street and is mixed with traffic, is somewhat smaller than typical light rail systems and is much less expensive to build and operate. At the time of this writing, a feasibility study for the Miami Streetcar has been completed and a preliminary alignment has been established. Within the Omni CRA, the Streetcar is planned to operate primarily on NE 1st and 2nd Avenues. Aside from providing a safe, attractive alternative transportation mode, the Streetcar could play a major role in attracting and shaping development in a sustainable manner and will contribute to establishing an identity for the Omni area. .r----- +Il oII1r f-.- -1----,----..- ff �. _-. ic,. if �'do �- -I--ro �r I OM UM I11 I. �rs,�a. 111' wilt �,----i - . I 1 'MN Ill 1•1.11MBMIt= o --- MP if1l a.�+.� — 11a. ice,--rr1��, Ir 1... • • 1 MO=='. HI o 11, RP I • 1 n'1190 • rigri11 » . .„. 11�lImo, 1Ir J.®oo. l'jy,� 1111l I:IIOr IAI ��. � '1! � 11'11 st-- _ `IE 1r11.- I.r ■I•I L VI1 . #ple. 1 mime 1`rII- i a gip - ri 01•1111 . NNrw la■ meal r I , . .7I�iinP1 dm Et . rIr!I 9paili I r•i ' L. ��p1 YI •i ■ : a.. fir ,fir b1 I1 1 • • �l... II 11 r M IN ie. 71 MI Algt ▪ mr.t_ 411. =riuu•1r. ,ate 14 ar01momim sM-M•iri rrtiMi W,E • - Venetian •Cswl 1F°`'_ ! II 11 mall dUUrliin .ifs/w _=_!am ■;i i iI. I'i pill Fiji 1 10r NY ��i id 1li 1 Marl ir 1 i fi it 1 I11I111 f' I IN iipPJ 1 I II II II II,III iii- ilifi"i111f�4r is .■unii d fa IlllltiIi - 11IIIIrl1IV •��■i11J't ,,I+f, 17 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Planned Projects: 1-395 Options Existing conditions under 1-395 The 1-395 expressway is perhaps the most significant urban element that impacts the Omni area and its connectivity with downtown Miami and adjacent neighborhoods. Over the last few years, a number of proposals have been set forth to reduce its impact on both the Omni and SEOPW redevelopment districts and the CBD. The proposals include two basic scenarios, horizontally shifting the alignment or splitting the facility, with variations for each. The options for the vertical alignment vary from a depressed open cut, an at -grade boulevard or a super -elevated option. Each of these options poses a different future for the facility's surrounding properties and development options. The FDOT is currently conducting a PD&E process to determine the most feasible option, a process which typically requires several years. Given this, and the fact that the facility is technically not within the limits of the Omni CRA, the Plan Update focuses on proposals for improving the at -grade cross connections and presenting solutions which are applicable regardless of the final facility alignment. • Y r72,011L OR DEVELOP ENT ama-1 r? Option for realigning 1-395 and constructing an open trench or super elevated facility .;.: -+,-V. 1• kin Option for super elevated "split" facility 4._11 i 18 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 One-Way/Two-Way Streets One-way Streets Two-way Streets As identified in the Miami Downtown Transportation Master Plan (MDTMP), the western portion of the Omni CRA area has many one-way streets that make vehicular circulation cumbersome and confusing. The Plan update, as well as the MDTMP, proposes that a number of these streets be converted to two- way traffic to provide a greater level of connectivity, calmer traffic conditions, greater pedestrian safety and comfort. it IiLaCJ.I I�R=-1.. it 1.1 110-41 18T Oa 1395 1 dPiLam:1 I Ma ■ Venetian Cswy. MacArthur Cswy. 19 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 State/County Roads State Roads County Roads The graphic below identifies the State and County roads within the district, and thus identifies the entities with which coordination will be required to improve these facilities. Currently, both Biscayne Boulevard and portions of NE 2nd Avenue have improvement projects in the planning stages initiated by the Florida Department of Transportation (FDOT). The Plan Update provides a vision for these improvements within the Omni area. IM F • IN la- MacArthur Cswy. 20 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Miami -Dade Public Works has identified a county -wide network of improvements for bicycle facilities. Within the Omni area, the bicycle network is planned to be connected primarily along Bayshore Drive and the Venetian Causeway. Planned Projects: r �_ ��i �1 1 i� , - II me_ �i i ��I V r ■ ■ s I l — County Bike Route • 1-395 r i • r—fl1 Venetian Cswy. MacArthur Cswy. 21 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 Planned Projects: Water Taxi In January of 2003, the Miami -Dade MPO completed a study entitled "Feasibility of Utilizing Miami -Dade County Waterways for Urban Commuter Travel". The Omni are is in close proximity to identified potential routes within Biscayne Bay and could possibly include a water taxi stop near the Omni area hotels, Margaret Pace Park or the Venetian Causeway. figt lsr:F gra I 7/UZI TIOVr1/ .11J,•1.111-DADI c.OUN7 }' 1I:17ERWAYS FOR( "MAN :11.91' k• POTF. N7L.91. ROUTFS BISCAYNE BAY AREA FROM GOLDEN BEACH TO CORAL GABLES Jr -- -�Il�t � mai 1 ' 1111l1�11lir Rr��"... Rol ,JIIi. 610 �' ng �r�g1<l<l11l17ll:�14.r► ■ Bo f WAringaingIC�1 r■w l6i �1�liiii'�,■iwaso dry! r frr� ..rs wl}RAiu' , C iyrrra>•e� Illiffighlia— II'. rnrM�l f ��Ivh' r , . �11NI1!` MITI r` S ` r%iI)■��r��nEgML ■■ C611111 Pr ;I: Id (1111;6 Seri iitirt. '� Paws w.e.. -�.o.. Lc... yaw.. norewP • nnr. e., 0 9.... ew orr • e,d+..n. w.. ®amp Gown 3.11 — War RM. - e,a,u aw B1 coop co. St ft.. BISCAYNE BAY B7 S Gannett Fleming a a 22 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.8 PARKING AI Existing Parking Surface Parking Parking Garages Planned Parking (Miami Parking Authority) As discussed in the existing land use section, there are a number of surface parking lots and garages in the Omni area. However, given the development of the Performing Arts Center and the increased activity in the SEOPW entertainment district, there is currently a lack of available parking in the area. In addition to the proposals identified in this Plan Update, the Miami Parking Authority is currently constructing a series of surface parking facilities under the 1-395 expressway to serve both the SEOPW entertainment district and the developing Media/Entertainment District in the Omni CRA. 11▪ II o r i ■ • 3C it 3 PI l iirr =H 1r wy rIra la Venetian CswY• MacArthur Cswy. 23 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.9 EXISTING GREENSPACE Existing Greenspace 1.) Florida East Coast Railway 2.) Miami Cemetery 3.) Baseball Field 4.) Fire Station no. 2 Park 5.) Bicentennial Park (future Museum Park) 6.) Biscayne Park Margaret Pace Park The Omni area has one primary greenspace where the recreational needs of area residents can be met. Margaret Pace Park was recently renovated with great success and is heavily used. The renovation of the park can also be credited for spurring development surrounding the park as it has become a true asset to the community. The park is continually being improved thanks to the CRA and neighborhood organizations such as the Omni Advisory Board. However, with the amount of upcoming development in the area, the park will soon become overcrowded and the Plan Update identifies potential locations for new greenspace. The Miami Cemetery, a historical landmark, is classified as greenspace but, given its primary purpose, does not meet the recreational needs of the community. Adjacent parks include Bicentennial Park (future Museum Park) and Biscayne Park. Iti r II • :IA_ f . le: _____,,,s.Clf_tel ■al i i � `r. it M •.1�lJ • _—IL__ Ini.!r rii.-f--', 4 Existing Greenspace • 1-395 1 �. I`C:yjII 11 Venetian CswY• MacArthur CswY• 24 Omni CRA Redevelopment Plan FINAL DRAFT EXISTING CONDITIONS 2 2.10 STREETSCAPES/ PEDESTRIAN NETWORK 1 Aside from issues of connectivity and efficient circulation, the streetscapes within the Omni area are, for the most part, in poor condition. Generally, sidewalks in the CRA are in poor condition or in disrepair. Landscaping is either inconsistent or nonexistent and lighting is also poor. Improvements to these fundamental components of the public realm are one of the simplest ways to improve the urban quality and are necessary to achieve redevelopment of the Omni CRA in its entirety. NE 2nd Avenue looking south, with the new PAC on the left. N Miami Avenue looking south NE 14th Street looking east, with the new PAC on the right and the Miami Herald in the background. Typical residential/light industrial street (N Miami Court) looking south with People Mover in the backgound. 25 MARKET ANALYSIS !• • • = • ..., 11° 4401 -F.,' • ° ^ - • 1 2-.51; : OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 3.1 RETAIL MARKET ANALYSIS Existing Grocery Store Convenience Goods and Personal Services Presented below are the findings of the existence of market support for increased retail development in the CRA. The demand was determined through an examination of the overall Miami -Dade County retail market, which consists of several retail sub -markets, with particular focus on the Miami/Miami Beach sub -market. The reason for this focus is twofold - position and competition. First, the convenience goods and personal services, as well as shoppers' goods primary retail trade areas, are located in the Miami/Miami Beach retail sub -market. Most customers tend to patronize retail establishments within a certain distance from their residences and workplaces; these distances, as well as the retail establishments within them, are covered by the assigned trade areas. Furthermore, it is reasonable to assume that patrons of current and future retail establishments in the CRA will emanate from these areas. The second reason for focusing on this specific retail sub -market is that most of the retail competition to any potential developments in the CRA are located within the Miami/Miami Beach sub -market. Further information on the analysis methodology is contained in Appendix E (under separate cover): • Omni CRA Redevelopment Plan Market Analysis: June 2004. The demand for retail services in the Omni district will continue to increase, in part, because of growth in the number of households and household incomes, which is largely attributable to the development of luxury housing units in the Omni district. Increased development of office space and hotels in the areas proximate to the Omni district also will contribute to the increased demand for retail. There is market support for approximately 116,000 square feet of net new convenience retail space in the Omni district by 2008. Another 56,000 square feet of net new supportable space could be developed by 2018. . The plan recommends the development of one new 60,000 square foot supermarket and one new 10,000 square foot drug store. 26 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 Shoppers' Goods Retail Food and Beverage Retail It is projected that the Omni district will be able to support a total of 726,000 square feet of net new shoppers' goods space by 2018. The development potential for such space is more long term and will be influenced by the development of competitive shoppers' goods retail in areas proximate to the Omni district. There is market support for approximately 297,000 square feet of net new shoppers' goods retail space in the Omni district by 2008. Another 429,000 square feet of net new supportable space could be developed by 2018. Total consumer demand for food and beverage retail in the Omni district in 2008 will be an estimated $53 million and is projected to reach $77 million by 2018. The upside potential of the food and beverage market analysis shows market support for the development of 20 new restaurants between 2008 and 2018 in the Omni district. More conservative estimates show market support 14 new restaurants in the Omni district. Entertainment Retail : The are four identified competitive entertainment retail destinations, which included Bayside Marketplace, CocoWalk, Miami Beach, and Main Street Mall in Miami Lakes. Retail Market Summary: Convenience Goods and Personal Ser- vices: • 116,000 sf of net new convenience re- tail space by 2008; an additional 56,000 sfby2018. • One new 60,000 sf supermarket. • One new 10,000 sf drugstore. Shoppers' Goods Retail: • 297,000 sf of net new shoppers' goods space by 2008; an additional 429,000 sf by 2018. Food and Beverage Retail: • Potential for 20 new restaurants be- tween 2008 and 2018. Entertainment Retail: • Opportunity to establish an activity . center oriented towards the arts, spe- • cialty shopping, eating and drinking. Because Bayside Marketplace, a successful entertainment retail complex that has received national attention, is less than a mile away from the Omni district, it would seriously hinder the opportunities for entertainment retail development of a similar ilk within the district. On the other hand, there is an opportunity for the Omni district to establish itself as an activity center oriented towards the media and performing arts, specialty shopping, and eating and drinking. To this end, the City has designated three entertainment district within and in close proximity to the Omni CRA, including the Omni Media Entertainment District, the Park West Entertainment District, and the Overtown Entertainment District. In this context, the extent to which such a strategy would be successful is highly dependent upon resolving the policy issue regarding the extent to which a rental housing mix should be included as part of the overall redevelopment plan. 27 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 3.2 OFFICE MARKET ANALYSIS Office Space Class Description: Class A: Newer properties of 100,000 sf or larger in prime business districts offering many business amenities and good access Class B: Typically smaller and older properties that have been renovated and are in prime locations. Newer Class B offices are not in prime locations. Class C: Older properties that have not been renovated. Office Market Summary: • 409,800 sf of new office space between 2009 and 2018. The demand for existing office space and the potential for developing new office space focuses on three office sub -markets: the Biscayne Boulevard Corridor, Downtown Miami and Brickell Avenue. This is due to location a competitiveness. First, the Omni district is located within the Biscayne Boulevard Corridor office sub -market. Moreover, the downtown Miami and Brickell Avenue sub -markets are located in close proximity. Second, the downtown Miami and Brickell Avenue sub -markets, which are two of the most competitive office sub -markets in the county, are directly competitive with the Biscayne Boulevard sub -market; therefore, they will pose direct competition to any potential class A office space development within the CRA. As of 2003, there were approximately 853,475 square feet of office space in the Omni area, which was • approximately two percent of the total inventory in Miami -Dade County. Less than 20 percent of the inventory identified in the Omni area sub -market was Class A office space. Most of the office space in the district is Class B and Class C. The conclusions about the future development potential of office space in the Omni district is based on four, critical underlying assumptions. Under these assumptions, and using the methodology described in the report, we have concluded that between 2009 and 2018 an estimated 409,800 square feet of new office space could be absorbed in the Omni district office market. 28 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 3.3 HOTEL MARKET ANALYSIS M Hotel Market Summary: • 200 room hotel by 2015. The demand for hotel space within the CRA focuses on the Miami -Hialeah market, which consists of several sub -markets including: Downtown/North Miami, Miami Beach, South Miami and the Airport. There are three hotels within the Omni district hotel market. The total number of hotel rooms and suites in the Omni district as of December 2003 was 1,279. The hotels in the district include the Radisson Hotel Miami Downtown, the Marriott Biscayne Bay Hotel & Marina, and the Doubletree Grand Hotel. There are a number of new high profile mixed -use hotel developments in the areas around the Omni district. At least four new projects that include hotel rooms are anticipated for completion in the next five years with 1,334 rooms. By 2015 the Omni hotel market could support an additional 200-room hotel. Such a hotel would be • closer in size to the Double Tree rather than the two other larger scale hotels in the Omni district. The introduction of a new hotel in the Omni sub -market should be looked at as part of a longer -range plan for the Omni district. Our analysis suggests the period of 2015 to 2022 depending upon occupancy rates and market capture factors. • The inclusion of a new hotel in the long range plan would help to foster a synergy of land uses that will be driven by a diversified mix of housing, retail, eating and drinking. The analysis suggests that a smaller boutique hotel could be introduced almost immediately once the image of the area is enhanced by the completion of the Performing Arts Center, streetscape improvements, and the attraction of additional food and beverage establishments. 29 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 3.4 RESIDENTIAL MARKET ANALYSIS i Omni Housing Submarket In the study of the Housing Needs of Central Miami by Submarket Areas, conducted by Reinhold P. Wolff Economic Research, Inc., (a source we will be using as a reference in this document), a broader area, define the Central Miami Area, is examined to determine its current and anticipated future need for additional housing. Reinhold Wolff divides the Central Miami Area into seven submarket areas, examining their demand for housing individually. The seven submarket areas are: East Omni, West Omni, Overtown, Civic Center, Core Downtown, North Brickell, and Northwest Brickell. The submarket area comparable to the Omni CRA area are the East and West Omni submarkets, which boundaries are: for East Omni, South of 36'" Street to 20'" Street, East of North Miami Avenue to Biscayne Bay, and for the West Omni, South of 36'" Street to 20'" Street, Dolphin Expressway, east of 1-95 to North Miami Avenue. Throughout this section and this section only, Statistical Analysis Overview, we will be referring to the study areas as East Omni and West Omni, maintaining a similarity with the study hereby referenced. It should be noted that a very small percentage of housing exists in the Omni area between NE 2nd Avenue and the Florida East Coast Railway highlighted in the graphic below. iiiljtmirg ooeo. nrdroolf � 'pm,' _srlsgyp i. OMMill 1,.Sea t. ifippE toaC o=CmImo rim • `er,„\i" #OY7multi Numo = •'�. .isii,..,,,,...„....,...,..u., slinit a pis um sr moo pPP RI. --.o rd Y P ono- —. —_. 'Pd00+ 0ECfLP 'IBM .P�P pmP� 1 -iiammN,girrl�i a -7 ,r.-� mmm L' 30 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 Population/Household Trends and Characters It is estimated that as of 2003, the East and West Omni areas combined had a total population of 18,343, dominated by persons of Hispanic origin. When analyzed separately, the West Omni submarket has experienced a steady decline in population since 1980, compared to the East Omni, among other submarkets in the Central Miami Area, which has experienced a strong improvement in its growth. The median age of residents in both submarkets is in the 30-year range. For these residents, the character of employment falls under three main categories: management, professional and related, service occupations, and sales and office occupations. . The East Omni submarket is one of the Central Miami Areas with the highest income per household, at • $36,547, compared to the West Omni submarket, which has the second lowest median income in the Central Miami Area, at $14,560 per household. The East Omni submarket has both the second highest median renter and ownership household incomes, each at $23,219 and $49,099, respectively. The West Omni submarket, once again, has the second lowest renter and ownership household incomes, at $9,275 and $19,012 respectively. The average rent in the East Omni area is at $649, compared to $492 at the West Omni area. The average value of a home in the East Omni area is at $195,807, compared to the value of a home in the West Omni area, which is only $83,925. The median rent affordable to a resident of East Omni is $580. This is the second highest median rent affordable for the Central Miami Area submarkets. For the West Omni area, the median rent affordable is $232, found at the second lowest in the Central Miami Area. The median price affordable to an East Omni household for an ownership unit is $119,802. The median price affordable to a West Omni household for an ownership unit is $43,853, second lowest median price affordable in the Central Miami Area submarkets. 31 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 Housing Trends and Character Housing Market Conditions The East Omni area has one of the largest housing supplies in the Central Miami Area, with 6,939 units. Nevertheless, the West Omni area has experienced a steady decline in the number of available units during the past two decades (from 1980 to 2000), having only 2,151 housing units. The West Omni area has the oldest housing units from all the Central Miami Area submarkets, with a median of 42 years. More than 75% of the units in the West Omni submarket are at 30 or more years old. Current development in the East Omni Area is ownership oriented and, more specifically, condominiums. The developments are upscale in character with rental apartments ranging from a low $880 to over $2,800 per month. Ownership housing prices range from a low of about $193,000 to as high as two million for a penthouse unit. As of December 2003, 3 rental developments were completed in the East Omni Area, totaling 948 units (Bay Parc Plaza, Porta Di Oro, and Pinnacle View). Two developments were under construction, 1800 Club and Village on Bayshore, totaling 885 rental units. One development, Opera Tower Apartments, was under planning, with an expected 635 rental units. Only one rental, low income housing tax credit development was being developed, in the West Omni Area, with a total number of units of 128, targeting rents between $504-574. For ownership housing, as of December of 2003, 10 developments were under construction in the East Omni Area, totaling 1,823 units. Prices range from the low $200s up to $2 million. When analyzing the housing market conditions in its study, Reinhold Wolff analyzes in depth the Central Miami Area as a whole, providing more of a general view rather than analyzing each sub market as an individual area. Some specific references are made to sub market areas like East and West Omni, where current market conditions are of higher impact on the Central Miami Area than sub markets, such as East and West Omni. The vacancy rate in apartment developments throughout the Central Miami Area appears to be subject to considerable fluctuations, especially in the western sector. In part, this may be due to the relatively small number of units in developments large enough to be included in a regular survey. A notable change in the occupancy status of one development can have measurable impact on the vacancy rate of the area as a whole. 32 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 Apartment vacancy rates in the Central Miami Area have been impacted over the past two years by the economic recession. As the economy continues to gradually recover, the vacancy rate, overall, is declining. The Central Miami Area is a highly developed urban area with few sites available for new development. New development in the area almost always replaces existing land uses. Most of the new rental units have been built in the western sector of the Central Miami Area. Apartment rents within the Central Miami Area vary notably among the different submarkets and from one development to another. This situation results from the diverse character of the area and developments. The developments range from luxury bay front projects in the North Brickell and East Omni areas to small subsidized and lower -income affordable tax credit funded developments in the Overtown and Core Downtown areas. All of the new ownership housing units sold in the Central Miami Area since 1990 have been in the form of condominiums. Throughout a 12-year period ending in June of 2003, there was an average of 78 new condominium units sold annually in this area. Condominium unit sales in this area have been limited by the number of units built. During the year 2003 there has been an increase in completed condominiums in the area and sales during the first half of the year are at a pace equal to 304 units for the year. In addition, condominium resales have increased in the Central Miami Area in recent years, a trend largely resulting from record low mortgage interest rates and increased buying by investors looking for alternatives to the financial markets. 33 Omni CRA Redevelopment Plan FINAL DRAFT MARKET ANALYSIS 3 Demand/Need for Housing The analysis of future demand potential has been calculated focusing on growth prospects based on both the potential to supply additional housing and the potential for such housing assuming that an adequate supply of the character desired were offered. This analysis has been further complicated by the recent surge in investment purchases of ownership housing stimulated by the historically low mortgage interest rates and investors seeking alternatives to the financial markets. The East Omni area has an estimated total demand potential for884 homeownership units, and 1,178 rental units for a total of 2,064 units. The bulk of the demand is in the moderate and upper middle ranges. The West Omni area, contrary to East Omni, shows a very low demand for new units, with an estimated total demand potential for 105 ownership units and 298 rental units, for a total of 394 new units. The existing demand for ownership housing covers a broad range of price groups form low price through upper price. The bulk of the demand, however, is in the moderate price range. The largest share of demand for rental apartments in the West Omni Area is in the very low rent range with the balance in the low rent range. It should be noted that developers who are pursuing development opportunities that exceed the projected demand noted in the Reinhold Wolff study will be bringing in people from outside of the community to fill those units. It becomes the developer's risk that they will be able to build the market for the units in excess of projected need. 34 REDEVELOPMENT PLAN OVERVIEW OMNI AREA COMMUNITY REDEVELOPMENT PLAN AS AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.1 HISTORICAL FORM Historical Context: "New" Land for Miami Development Original Shoreline . Margaret Pace Park . Omni Area Hotels Miami Herald Bicentennial Park American Airlines Arena Prior to creating a redevelopment vision, it is first important to understand the historical "form -givers" of the area. Several components of Miami's historical development provide insight on the current urban form of the general Omni area. The first, the creation of waterfront property by landfilling the shoreline, can be traced to the early 1920's with the creation of Bayfront Park. This "creation" of property continued northward from downtown Miami into the Omni district and eventually produced Bicentennial and Margaret Pace Parks and the current sites of the Miami Herald, the Grand and Marriott Hotels. Prior to the creation of a new shoreline, Biscayne Boulevard and Bayshore Drive were "waterfront" streets. Miami's historical shoreline and landfill development Above: The newly created Bayfront Park, Miami's `Front Yard" (1929). Below: "New land" creation 35 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Historical Context: The birth of "Mega" structures Existing Streets Streets "lost" due to Development The second component was the effort to create Miami's first "suburban" commercial destination, which began with the development of Sears at 13th Street and Biscayne Boulevard in 1929. Later developments would include the Jordan -Marsh department store in 1953, complete with its entrance oriented toward a rear parking lot with 3,000 spaces. The Jordan Marsh building would eventually evolve into the Omni Mall in the late 1970's. The Omni Mall, the Miami Herald Building (completed in 1960 )and the area hotel development on the waterfront all play a role in segregating the remainder of the area from Biscayne Bay through the overall scale of the buildings and their physical and visual obstruction to Biscayne Bay. Omni area historical street grid Sears (1929) Omni Mall and area hotels Miami Herald Building 36 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Historical Context: 1-95 Construction The third component occurred in the 1960's with the development of Interstate 95 and the 1-395 connector to Miami Beach. These two roadways played a large role in the demise of the Overtown neighborhood and served to sever the Omni district from downtown Miami. The result of these three components is a series of urban barriers which serve to isolate the Omni area and diminish redevelopment potential. Therefore, a major underlying theme within the Plan Update is improving connectivity by reestablishing a more consistent urban fabric and thus improving the potential for future redevelopment of the Omni area. 1-95 Construction NE 2nd Avenue prior to 1-395 construction 1-395 at Biscayne Boulevard Under 1-395 37 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.2 REDEVELOPMENT VISION II OBJECTIVES Connectivity Sustainable Regional Destination Variety of Housing Improve to the Public Realm Public Private Development SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The Plan Update provides a series of objectives, projects, strategies and regulatory proposals with the goal of reinvigorating the Omni CRA as a vibrant and sustainable urban neighborhood. The vision reflects a strategical analysis of the area's historical development, existing conditions, regional importance and redevelopment potential; and was established in coordination with neighborhood organizations, various agencies and departments of the City and County, the Omni Steering Committee and the public at large. Fundamentally, the vision for redevelopment is threefold: 1) To effectively diminish the impact of existing urban barriers on future redevelopment; 2) To establish the Omni area as a regional hub for cultural and entertainment uses; and 3) To provide for the development of sustainable mixed income neighborhoods. Diminishing the impact of existing urban barriers is of primary importance. As illustrated in subsequent sections, the Omni area has endured a number of developments which have effectively segregated the area from neighboring parts of the city and from one of the area's greatest assets, Biscayne Bay. The redevelopment vision provides a series of practical strategies and projects to diminish the impact of these barriers and to reestablish a consistent and attractive urban fabric. The vision also seeks to build on the anticipated success of the Performing Arts Center and looks to reinvigorate this part of the city by providing a framework for the successful development of a regional cultural and entertainment district. Projects include improved regulatory components and incentives that will ensure the Omni area has a sustainable future as a regional destination. And finally, the Plan Update seeks to create sustainable neighborhoods by providing a variety of housing choices and improvements to the public realm. Such neighborhoods will reinvigorate development potential in nonresidential markets by providing a permanent resident population base necessary to support such development. 38 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 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 6.) Media/Entertainment District 7.) Baywalk 8.) Streetscapes 9.) Historic Preservation 10.) Neighborhood Greenspace 11.) Variety of Housing 12.) Neighborhood School 4 39 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.3 REVISIONS FROM THE ORIGINAL PLAN 1986 Land Use Plan 1986 Transportation Network As stated in the Introduction, the Plan Update replaces the redevelopment proposals in the original 1986 Plan. However, the 1986 Plan contains a number of sound conceptual guidelines and redevelopment objectives and, as such, applicable objectives have been incorporated and are embodied in the Plan Update objectives in following sections. On the other hand, proposals within the 1986 plan that do not support and would, potentially, counteract the updated vision for the area, are detailed below and therefore, not included in the Plan Update. The 1986 plan proposes to divide the Omni CRA into two general sub -areas, delineated by NE 2nd Avenue. Generally, the plan proposes high intensity residential/commercial uses to the east and lower intensity commercial/industrial uses to the west. While the Plan Update recognizes the appropriateness of the division of development intensities, the proposed segregation of uses is problematic. Given the recent explosion of high end/luxury residential development along Miami's waterfront and the regional proximity of major employment centers, a fundamental component of the Plan Update is the promotion of the development of a variety of housing types (and pricing) within the western portions of the CRA. To relegate this area solely to nonresidential uses would be a missed opportunity in achieving mixed - income, sustainable neighborhoods. The 1986 Plan promotes the closure of a number of streets in order to promote site assembly and presumably, the development of mega -projects which were popular at the time of the Plan's inception. As is the case with the existing Omni Mall, these projects, more often than not, have proved to deteriorate the existing fabric of the city and often become barriers to further redevelopment. A fundamental component of the Plan Update is to diminish the impact of existing urban barriers and to promote connectivity within the area. While there are certain cases where street closures may be appropriate, the Plan Update does not support the magnitude of closures illustrated in the 1986 Plan, as they would be counterproductive to the overall vision. 40 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4 PLAN OBJECTIVES The overall goal of the Plan Update is to provide a strategic framework which provides guidance for the CRA Board and Staff when making decisions impacting the redevelopment of the Omni area. The following objectives, including components of the 1986 Plan, have been developed to reach that goal and should be the basis for future redevelopment efforts and CRA support: A. Connectivity •. Provide for greater connectivity by diminishing the impact of existing urban barriers to redevelopment . and promoting regional transportation. This objective embodies the following objectives provided in the 1986 plan: E-1. Resolve existing and future transportation conflicts; E-2. Set priorities within the transportation network for pedestrians, cars, service and transit vehicles; E-3. Improve access to existing and planned major activity areas such as the Central Business District and Civic Center; and E-5. Provide adequate parking to serve the needs of area residents, visitors and employees. B. Sustainable Regional • Create a sustainable regional destination and identity by capitalizing on the development of the Destination . Performing Arts Center and the Media/Entertainment District. This objective embodies the following objectives provided in the 1986 plan: • B-3. Create economic magnets to draw more businesses to the Omni area to compliment established activities in the surrounding area; B-4. Promote concentrations of similar business activities that reinforce each other and improve the area -wide economic climate; and D-5. Provide employment opportunities and upward job mobility for residents. C. Variety of Housing Provide incentives for the development of a variety of housing choices, including affordable, special; . needs and workforce housing. This objective embodies the following objectives provided in the 1986 plan: D-1. Maximize conditions for residents to continue to live in the area; D-2. Achieve rehabilitation of the maximum number of housing units; and D-3. Provide incentives for construction of new housing to attract downtown workers. 41 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 D. Improvements to the Create opportunities for new development through improvements to the public realm. Public Realm This objective embodies the following objectives provided in the 1986 plan: A-2. Eliminate conditions which contribute to blight; C-1. Provide adequate public utilities and services for the area's residents and businesses; C-2. Provide a system of public open spaces; C-3. Maximize access and views to Biscayne Bay; C-4. Encourage preservation and restoration of historic buildings; and C-5. Enhance the area's visual attractiveness to businesses and residents. E. Strategies for Public/ Provide incentives and strategies for public/private development. Private Development This objective embodies the following objectives provided in the 1986 plan: A-1. Provide incentives for redevelopment of blighted properties; A-3. Promote rehabilitation and maintenance of existing viable uses and structures; A-4. Achieve orderly and efficient use of land; B-2. Reinforce the property tax base; and D-7. Minimize condemnation and relocation. 42 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4.1 Connectivity Urban Barrier: 1-395 Expressway Improving connectivity within the CRA is of primary importance in fostering redevelopment of the Omni area. Since the 1960's, a series of urban barriers have been introduced to the Omni area which have effectively segregated the Omni CRA from other parts of the city and from, perhaps, its greatest asset, Biscayne Bay. These barriers include the elevated 1-395 expressway and past developments such as the Omni Mall and the Miami Herald whose necessity and usefulness has since expired. View south along NE 2nd Ave. (with streetcar) and Biscayne Blvd. in the vicinity of todays 1-395 expressway. The photograph illustrates a consistent urban fabric connecting the Omni area with downtown Miami. (1929) 43 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: 1-395 Expressway SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The existing 1-395 expressway, which connects the SR 836 (Dolphin Expressway) with the MacArthur Causeway to Miami Beach, is perhaps the most obvious urban barrier. As previously noted, the facility was constructed in the 1960's and contributed to the downfall of its surrounding neighborhoods by separating them from one another. Coinciding with the recent development of the Performing Arts Center, the expressway has been the subject of numerous recent planning efforts to discover alternatives for reconstructing this facility. Currently, the Florida Department of Transportation is conducting a PD&E study to evaluate alternatives which include options for horizontal and vertical realignment and may include the acquisition of significant properties. This project has the potential to significantly reduce the negative impacts of the facility on the surrounding areas and is supported by the Plan Update. Although technically not within the geographic limits of the CRA (the southern boundary of the Omni CRA is defined by the northern edge of the expressway), the Plan Update proposes a number of improvements, not to the expressway facility itself, but to elements within the CRA that will contribute to lessening the expressway's impact as a barrier. 1-395 Urban Barrier View north along Biscayne Boulevard illus- trating the barrier effect between down- town Miami and the Omni area. (2004) 44 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: Biscayne Corridor Omni Mall View west towards Omni Mall ' Site illustrating the historical strip grid and 17th Street as a . "grand" connection to the . waterfront. (1929) • View east illustrating the Omni Mall and construction of the DoubleTree Grand Hotel on what was previously open space. Past developments along Biscayne Boulevard act as urban barriers in that they restrict connectivity between the east and west portions of the Omni area and to Biscayne Bay. The Omni Mall occupies an area equal to three city blocks that were once home to single family residences and beautiful streets connecting to the waterfront. The Mall is currently vacant aside from the Miami International University of Art & Design and the Radisson Hotel. Given the scale and character of this structure, it acts as a major barrier to east -west movement within the Omni CRA. Adjacent Historic Miramar Hotel and residences on the Omni Mall site (prior to the creation of Mar- garet Pace Park). Original Jordan -Marsh building with its primary entrance oriented towards Bayshore Drive and its back turned to Biscayne Boulevard. 45 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: Biscayne Corridor Miami Herald 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. n lf• mm m uO111- r 1 II "{I 1111 11 a 1 ,11111 11'II . ��11111 , -I li,. ��rm - 1 11 li 11 1 -,+ tiff 11 1 1 • flllagium. III WORM .- r® °•,—_ 1 Vet' ..if -,sue r 1111".= Y•r"'_-c, i a ' i =_.`S €oS has=1SaF Left: View east towards Biscayne Bay. The red outline indicates the future Miami Herald site, prior to filling. (1929) fii'rrire 111iI; f`��l! Illllliiul -- � I firrrrrif 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. 46 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: Biscayne Corridor Biscayne Boulevard In addition to the Omni and Herald buildings, Biscayne Boulevard currently acts as a barrier to east/ west pedestrian movement and restricts access to Biscayne Bay. The width of the Boulevard and the magnitude of traffic using the roadway poses a challenge for pedestrians along the corridor. The FDOT is currently examining options for improving this corridor. Streetscape improvements which allow for easier pedestrian movement and crossings are components of the Plan Update and should be coordinated with FDOT. Historic Biscayne Boulevard (1934) Present day Biscayne Boulevard near PAC 47 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: Biscayne Corridor SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The Plan Update proposes that the redevelopment of the Omni and Herald properties be supported by the CRA and the City of Miami, provided that the development solutions contribute to improved access and connectivity by establishing corridors through the sites and providing street level pedestrian oriented uses and architecture. CRA financial support may include aide for elements which contribute to the public good, including the development of new streets, infrastructure, public parking, public greenspaces/plazas, an improved Baywalk and streetscape improvements to Biscayne Boulevard. 17P.` _1 611411.' i a m on— I■II 1 Ii l s, ■ nr� I� 4 �,■ * olk jaw �• nil � l. �' L._ >IRV a Biscayne Corridor Urban Barrier 0.44.1111.4.+.a i&.al.lrALti Existing Miami Herald Building Potential Redevelopment 48 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 Urban Barrier: Florida East Coast Railway Historic FEC Railway SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The Florida East Coast (FEC) Railway has been an element of the Omni area since the beginning of Miami's development. Although instrumental in the birth of Miami, today the railway right of way is seldom used, is poorly maintained and acts as a depository for trash and other debris, thereby contributing to the CRA's overall character of blight and neglect. In addition, the railway, which acts as the western boundary of the CRA, may only be crossed at 14th and 20th Streets, the southern and northern limits of the CRA, respectively. This fact, coupled with the poor visual character, reinforce the railway as a barrier both visually and physically. The Plan Update proposes an additional crossing of the FEC, as well as the development of a program to keep the right of way maintained (in coordination with the FEC Railway). This will not only benefit the Omni area, but areas west which suffer from many of the same blight conditions as the Omni itself. 7.t1�, �!II_Iluazll� 1 BID iv ill 1_0_04:I AO 1 4 Florida East Coast Railway Urban Barrier Views along the FEC Railway from NE 20th Street. 49 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4.2 Sustainable Regional Destination SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The development of the Performing Arts Center (PAC) will contribute significantly to creating an identity for Omni area within the region, which has been lacking throughout its history. The Center is currently under construction and is scheduled for completion in the Fall of 2006. Coupled with the development of the Florida Opera House and adjacent Media/Entertainment District and the Entertainment Districts in Southeast Overtown Park West, there is great potential to reinvigorate the Omni area by establishing it as a cultural destination that includes a multitude arts and entertainment venues. Of primary importance is ensuring that the destination is sustainable over time. Such a destination will foster continued development in the area and will lead to interesting and vibrant surrounding neighborhoods. The PAC is partly responsible for current development in the area which largely consists of luxury residential condominiums. While this development is welcomed, future projects should be planned in anticipation of the area becoming a vibrant entertainment district and should be mindful of issues, such as noise and parking, associated with adjacent entertainment and residential uses. Additionally, it is important that the area be developed with a distinct character and identity, which can be accomplished through design guidelines for buildings and signage. 2_1115 ` ,ii. °iI' Cap vo. (i4." 1r CL.._ �� ih ■ r p j° ■�' ti i',�l 1144 Connecting Entertainment Districts a Above: Miami Performing Arts Center Below: Example Entertainment District (Beale Street, Memphis, TN) 50 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4.3 Variety of Housing SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades The Omni area, and Miami in general, is currently experiencing a boom in luxury residential development. This development is primarily in areas near the waterfront and the housing costs are generally at higher income market rates than those affordable by the primary workforce. Strategically located among major job centers in the Miami area, the western areas of Omni present an opportunity for the development of affordable, workforce and mixed income housing. Workforce housing refers to the ability of people who work in and around a community to be able to find housing that they can afford to live in within the community; while mixed income housing is a term used to describe developments that consist of units which are affordable to families with different income levels. Numerous strategies and programs, outlined in Appendix D: Omni Housing Policy and Housing Plan, may be implemented in order to attain these goals. The primary mechanism should be the implementation of inclusionary zoning in the area which provides regulatory incentives for development of built affordable and workforce housing units, both on a mandatory and voluntary basis. The inclusionary zoning (see section 5.2) must include some type of compensation to the developer in exchange for providing the desired housing units and types. W i + J • I_ n. 1 - - r - .. NAM s �I I_ 11 f3C i: twir m' ' - _ 11 Ain rt IN moor. • nommen kir I one. 'icr ■ �■ Targeted Housing Area 51 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4.4 Improvements to the Public Realm SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades In order to improve the Omni area's "livability" and as a desirable place for development, it is important to improve the overall image of the public realm. Visible public investment aides to promote private development interest. Omni area streetscapes and their related components such as sidewalks, crosswalks, landscaping and lighting are generally in poor condition and lack any discernible character and identity. Improvements to this important element of the public realm will serve to unify dissimilar elements, uses, and future development as well as provide coherence and enhance pedestrian and vehicular circulation and safety. The eventual design of these streetscapes will have a direct impact on the type and quality of future development and the resulting character of neighborhoods. Additionally, other than Margaret Pace Park and Bicentennial Park (outside the CRA boundaries) there is very little recreational opportunity within the CRA. Given the influx of new residential development east of Biscayne Boulevard and the potential for housing development in the western portions of the Omni area, there is a significant need for additional open space to provide recreational opportunities for new residents and to improve the "livability" of the community. Streetscapes and Greenspace Improved Streetscapes 52 Omni CRA Redevelopment Plan FINAL DRAFT REDEVELOPMENT PLAN OVERVIEW 4 4.4.5 Promote Public/Private Development SUPPORTING PROJECTS Public/Private Strategies Omni Mall Miami Herald City of Miami Properties School Board Properties PAC Parking Convention Facilities Regulatory Strategies Entertainment District Expansion Zoning Strategies Design Guidelines Improving the Public Realm Baywalk Streetscapes Historic Preservation Neighborhood Greenspace Transportation/Infrastructure Miami Streetcar 17th Street/FEC Crossing Street Reconstruction 2-way Streets Water and Sewer Upgrades Stormwater Upgrades Perhaps the most important strategy in the redevelopment of the Omni area is the pursuit of public/ private partnerships to promote new development, new infrastructure, and to resolve existing deficiencies. Numerous projects are candidates for this type of development, including transportation and parking facilities, the redevelopment of the Omni Mall and Miami Herald properties, and improvements to the public realm. Additional opportunities for public/private and public/public partnerships exist given the land holdings of the Miami -Dade School Board and the City of Miami. The School Board owns many vacant or unimproved properties within the Omni west area. These properties are ideal candidates for new affordable and workforce housing and for parking facilities which would serve the Media/Entertainment District and the PAC. Additionally, several of these properties exist in areas that have tremendous development potential which may be leveraged in public/private partnerships to provide educational and other public facilities. Uu g ;C •E ILA 51E rn I IS Ma^UI I III w_ _� ry I' 1 .^T�m 1 ;rl�a_ -lif � _ 11 Targeted Public/Private Development Opportunities Existing Omni Mall i II;I '1f �n � _ -•„_r ar Div Potential Omni Mall Redevelopment 53 PROJECTS AND STRATEGIES rg 7- 51.; °: • -I., _ • 4- - .e • I • la OMNI AREA COMMUNITY REDEVELOPMENT PLAN AS AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.0 PROJECTS AND STRATEGIES i The following section details the various projects and strategies which support the previously stated objectives of the Plan Update and will serve as building blocks to reinvigorate the Omni area. Below is a summary table of the proposals and the supported objectives of each. PROJECT CATEGORY PROJECTS # PROJECT COMPONENTS OBJECTIVES SUPPORTED AB CDE STRATEGIES FOR PUBLIC/PRIVATE DEVELOPMENT OMNI MALL 1 New Streets/Infrastructure/Streetscapes/Public Amenities x x x MIAMI HERALD PROPERTIES 2 Infrastructure/Streetscapes/Public Amenities x x x CITY OF MIAMI/ MIAMI-DADE SCHOOL BOARD PROPERTIES 3 New School Facilities x x x 4 Affordable and Workforce Housing Development x x PERFORMING ARTS CENTER PARKING 5 Parking x x x CONVENTION FACILITIES 6 Convention Center Facilities x x REGULATORY STRATEGIES ENTERTAINMENT DISTRICT EXPANSION 7 Zoning Amendments x x ZONING STRATEGIES 8 Zoning Amendments x 9 Affordable Workforce Housing Incentives & Guidelines x 10 Parking Reductions & Incentives x x 11 Media/Entertainment District and Noise Abatement Guidelines x x x DESIGN GUIDELINES 12 PAC Area Guidelines x x 13 Biscayne Boulevard Design Guidelines x x 14 NE 2nd Avenue Design Guidelines x x IMPROVING THE PUBLIC REALM BAYWALK 15 New Greenspace STREETSCAPES 16 Improved Sidewalks, Landscaping, Lighting and Street Furniture x x HISTORIC PRESERVATION 17 Restoration and Preservation of Historic Structures x x NEIGHBORHOOD GREENSPACE 18 New Greenspace and Improvements to Existing Greenspace x TRANSPORTATION AND INFRASTRUCTURE MIAMI STREETCAR 19 Track and Traction Power x x BAYSHORE DRIVE EXTENSION 20 Modified Biscayne Blvd, Bayshore Drive and 1-395 Intersection x 17TH STREET/FEC CROSSING 21 New FEC Railway Crossing and Infrastructure x STREET RECONSTRUCTION (2nd Avenue, NE/NW 141h Street, NE 171h Street, NE 1 7th Terrace) 22 Paving, Drainage, Sidewalks, Lighting, Landscaping and Street Furniture x 2-WAY STREETS 23 Miami Ave; NE 2nd Ave; 171h Street x WATER AND SEWER UPGRADES 24 Update/Replace Existing Infrastructure x STORM WATER UPGRADES 25 Update/Replace Existing Infrastructure x OBJECTIVES: A. CONNECTIVITY: Provide for greater connectivity by diminishing the impact of urban barriers to redevelopment and promoting regional transportation. B. SUSTAINABLE REGIONAL DESTINATION: Create a sustainable regional destination and identity by capitalizing on the development of the Performing Arts Center and the Media Entertainment District. C. VARIETY OF HOUSING: Provide incentives for the development of a variety of housing choices. D. IMPROVEMENTS TO THE PUBLIC REALM: Provide incentives for redevelopment through improvements to the public realm. E. PROMOTE PUBLIC/PRIVATE DEVELOPMENT: Provide strategies and incentives for public/private development. 54 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.1 Public/Private Development Strategies Omni Mall Conceptual Plan Diagram 1) New High Density Mixed -Use Development 2) Potential New Streets OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Redevelopment of the Omni Mall is of great importance to the overall redevelopment of the Omni CRA. The facility, which currently occupies an area equal to three city blocks (11.2 net acres) acts as a major barrier to connectivity between the east and west sectors of the CRA. The former mall contains approximately one million square feet of former retail space and the Radisson Hotel. A small percentage of the retail space is currently utilized by the Miami International University of Art and Design. Otherwise, the facility is vacant. Past redevelopment efforts have included converting the facility to a telecommunications center and seeking multiple level big box retail. 55 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 The Plan Update supports a redevelopment proposal that includes the reintroduction of streets through the site, thus reconnecting the site within the urban fabric and providing dramatically greater overall development opportunities. Compared to the existing one million square foot facility, the current zoning of the property (SD-6) would allow for up to five million square feet of mixed -use development including almost 5,600 residential units. Omni Mall Conceptual Aerial View (looking northeast) 1) New High Density Mixed -Use Development 2) New Streets 3) Biscayne Boulevard 4) People Mover 5) 18th Street POTENTIAL DEVELOPMENT 200,000+ SF Commercial/Retail 200,000+ SF Office 5600 Residential Units Hotel/Convention Facilities New Streets/Parking 56 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 In addition, there is potential for new public amenities such as convention related facilities as expressed by the adjacent hotel operators. Provided that redevelopment proposals support the objectives of the Plan Update, the CRA could enter a public/private partnership and provide financial assistance in developing these public amenities as well as new infrastructure, streets, public spaces and parking. Omni Mall Conceptual Street Level View (looking east from Bisacyne Blvd.) 57 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 The Miami Herald (Knight Ridder) properties are also key to the redevelopment of the Omni CRA. Currently the properties consist of the Miami Herald building, the historic Shrine Building (Boulevard Shops) and surface parking lots. Several of the properties were recently sold and are currently being planned for redevelopment. Redevelopment of these properties should focus on several objectives with the primary objective being extending NE 14th Street to Biscayne Bay for pedestrian access. Other objectives include providing development which supports street level pedestrian activity surrounding the PAC; providing parking alternatives for patrons of the PAC; and the preservation of the historic Shrine Building. Miami Herald Properties Conceptual Plan Diagram 1) Existing Printing Presses 2) Public Plaza/14th Street Connection to Baywalk 3) New Mixed -Use Development 4) Vacant Parcels for Development 5) Historic "Shrine Building" (Boulevard Shops) 6) Performing Arts Center 7) 14th Street Media/Entertainment District OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development 58 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 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. Miami Herald Properties Conceptual Aerial View 1) Existing Printing Presses 2) Public Plaza/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 59 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Assuming the Miami Herald building will remain in place for some time to come, a short term alternative to the 14th Street/Baywalk connection is illustrated below. The alternative utilizes Bayshore Drive and NE 15th Street in lieu of a direct connection from 14th Street. While this alternative is not the preferred alternative, it is supported by the Plan Update. Additionally, design guidelines should be established in order to enforce this as an important pedestrian connection to Biscayne Bay and the Baywalk. Miami Herald Properties Conceptual Alternative Plan Diagram 1) Existing Miami Herald Building 2) Vacant Parcels for Development 3) Historic "Shrine Building" (Boulevard Shops) 4) Performing Arts Center 5) 14th Street Media/Entertainment District 60 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Providing alternative parking options for PAC patrons should be considered in redevelopment plans. Distributing parking around the PAC, rather than providing parking in a singular location, will help alleviate traffic issues and will afford PAC patrons more convenient access to each of the two main PAC structures. Options should be considered and pursued with Miami -Dade Transit for joint development over the existing Omni Bus Terminal adjacent the Metromover and 15th Street. The increased development capacity may be provided as an incentive for providing the PAC parking. Miami Herald Properties PAC Parking 1) Miami Herald Properties 2) Existing Omni Bus Terminal (below) 3) Performing Arts Center 4) Existing Historic Building (Shrine Building) 61 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 City of Miami & School Board Properties 1) City of Miami Vacant Properties 2) Miami -Dade School Board Vacant Properties 3) Miami -Dade School Board Skills Center 4) City of Miami Fire Station No. 2 5) Miami -Dade School Board Parking OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development There are numerous opportunities for Public/Private partnerships for redevelopment of properties owned by the Miami -Dade School Board and the City of Miami. Opportunities range among the development of new housing with a focus on mixed -income, new educational facilities, and new parking facilities to support both the PAC and emerging Media/Entertainment District. The opportunities may be realized through an exchange of properties between the current owners and the CRA, public/private partnerships steered by the Miami -Dade School Board, and also through zoning incentives for private development. Itti•gti © I • 1� • lj lmiter( Awl 111,- City of Miami/Miami-Dade School Board Properties Venetian Cswy. MacArthur SWY• 62 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 City of Miami & School Board Properties PAC Parking 1) Performing Arts Center 2) Public/Private Development including PAC parking POTENTIAL DEVELOPMENT 100,000+ SF Commercial/Retail 75,000+ SF Office 800 Residential Units PAC Parking One potential project is the development of a mixed -use parking structure west of the PAC. Such a development would require a partnership of the Miami -Dade School Board, the Performing Arts Center Trust and private property owners and developers. Numerous alternatives have been studied for this project by the Urban Land Institute Technical Assistance Program (May 2004) and the Downtown Development Authority (DDA). Based on cooperation of adjacent private property owners and zoning changes, this project could provide almost 1,500 parking spaces which could be shared among the PAC, Miami -Dade School Board and other venues within the Media/Entertainment district. Coupled with the development of parking on the Miami -Herald properties, this project could satisfy the parking needs of all parties involved. City of Miami/Miami-Dade School Board Properties 63 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 City of Miami & School Board Properties Media/Entertainment District Parking POTENTIAL DEVELOPMENT 32,000+ SF Commercial/Retail 140,000+ SF Office Entertainment/Media District Parking Another opportunity for parking exists on the Miami Skills Center property, also owned by the School Board. This property should be developed to provide a capture parking garage for the Media/ Entertainment District, and should also include a mixed use component such as street level retail/ entertainment uses, offices, and possibly an educational component. The educational component could include a higher level school focused on media related skills such as production and advertising and would serve to meet the public goals of the Miami -Dade School Board. However, the development of an educational component must be mindful of the activities of the adjacent entertainment uses and the sale of alcoholic beverages. Potential redevelopment of the Miami Skills Center building 64 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 City of Miami & School Board Properties Housing 1) School Board Administration Building 2) Potential Public/Private Workforce Housing Development POTENTIAL DEVELOPMENT Typical Block: 264 Workforce Residential Units Parking In addition, the Miami -Dade School Board owns several properties which could potentially be developed with housing to serve the needs of the local workforce and lower income families. This type of housing could be accomplished through private development with land incentives and inclusionary zoning incentives such as density and height bonuses. Potential redevelopment of the Miami Skills Center building Workforce Housing Development 65 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Discussions with Omni area stakeholders and with the Omni Steering Committee indicate that there is potential for the development of convention related facilities within the CRA. While this particular market segment was not part of the market analysis conducted for the Plan Update, given the regional location of the CRA, the existing concentration of hotels and their proximity to the Performing Arts Center and the Media Entertainment District, it is reasonable to include a convention component as a part of a long range conceptual vision. Such facilities could be considered for a number of locations within the CRA and would support the objective of creating a sustainable regional destination. Potential Convention : In the short term, the City of Miami and the CRA may consider commissioning a specific market analysis Center Facilities • to gauge demand for such facilities. In the future, the CRA may play a vital role in supporting the • development of a convention facility. 66 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.2 Regulatory Strategies Zoning changes are important to stimulate the redevelopment of the CRA. The Plan Update recognizes that the City of Miami has recently initiated "Miami 21", an effort to substantially redefine the current zoning framework for the entire City. Given that the Miami 21 effort has only just begun (relative to the Plan Update), the regulatory strategies and proposals presented herein are necessarily put forth within the context of the current zoning framework and regulations of the City. It is intended that these proposals be considered by the Miami 21 effort and molded within the new regulatory framework with assistance and input from the CRA. Proposed Zoning Given the existing regulatory framework, the Plan Update proposes a number of zoning changes that Changes Overview include: 1) simple atlas changes, 2) the creation of a new special district (SD-6.2), 3) the development of inclusionary zoning for housing, and 4) the development of design guidelines and standards for areas of special interest. The execution of the proposed changes and the necessary completion of supporting documents is not within the scope of the Plan Update and will be coordinated with the City of Miami • and the Miami 21 effort in a subsequent phase of work. The following pages provide a conceptual overview and intent of the proposals. Given the need for a variety of housing within the CRA, especially within the western areas where the potential for mixed -income housing exists, there is a need for the creation of an inclusionary housing ordinance within the CRA. Because the areas to the west are generally zoned Liberal Commercial (C- 2), residential uses are permitted only by special exception. Those areas should be rezoned to not only allow residential uses by right, but to encourage it through inclusionary zoning incentives such as density and height bonuses. OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development 67 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 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 and 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) Inclusionary 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 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. SOS 4 of 1-395 68 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 The image below illustrates the potential full build -out of the Omni CRA, given the following parameters: 1) the implementation of proposed zoning changes, 2) the development of incentives and guidelines to induce affordable and workforce housing development, and 3) guidelines to develop and protect the scale and character of the 14th Street Media/Entertainment District. Proposed Zoning Changes 1) Change from C-2 to SD-6 2) Change from SD-6 to PR 3) Change from C-2 to SD-6.2 4) Inclusionary Zoning for Workforce/Mixed Housing 5) Media/Entertainment District Design Guidelines. Noise Abate- ment Strategies for Restricted Residential Development 6) Performing Arts Center Design Guidelines 69 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Proposed Zoning Changes: inclusionary Zoning Prototype Section Market Rate Units Workforce Units Parking A affordable and workforce housing inclusionary zoning overlay should be developed for targeted areas within the CRA. The focus of the overlay should be the production of built affordable and workforce housing units, rather than payment into a housing trust. In order to accomplish this, the overlay should offer bonuses which allow developers to realize additional profits while producing required units. Within the targeted area, it has been determined that current development is limited by allowable floor area ratio (1.72; 2.47 with existing bonuses) and by overall building height (120'). These limitations do not allow developers to realize residential densities which are supported by the Comprehensive Miami Neighborhood Plan (500 units/acre). Therefore, the inclusionary overlay should include the following standards for developments that produce built units: 1) Requirement for 10% affordable/workforce units; 2) Bonus Height (+/- 200' overall height); 3) Bonus FAR (+/- 3.0 maximum); • 4) Density Allowances (+/- 200 units/acre); • 5) Remove current allowable bonuses for payment into the Affordable Housing Trust. Prototype Ground Floor Plan Prototype Typical Floor Plan 2 bed 1 bad , bed 1 bad 1 . ,,e2 i s1 774 d 774 EA 774 d 2 bed. 1tad 1.363s, 909.0 2b d 070 81 tad 703d 1 �d 703 d 1 hpd 7e3 s1 207 t. 116 61 19 unlhn 13.639 s19 Prototype Tower Floor Plan 70 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Expansion of the existing Media/Entertainment district should be accomplished to provide continuity and synergy with nearby entertainment districts in the Southeast Overtown Park West CRA. This will help combine the economic energy and redevelopment potential of the PAC with broader opportunities in nearby Overtown, which has a long history of music and entertainment and can provide a logical complement to the larger arts and entertainment districts. Media/Entertainment District Expansion 1) Existing Media/Entertainment District 2) Media/Entertainment District Expansion 3) Fire Station No.2 Motion Picture District OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development 71 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Media/Entertainment District Expansion 1) Performing Arts Center 2) Miami Skills Center Building 3) Fire Station No.2 The proposed concept is to create a retail/mixed-use corridor which clusters various arts and entertainment uses between the PAC and the Florida East Coast Railway, with potential future expansion of the corridor westward to Overtown. The concept envisions a late night entertainment district which reinvigorates the area and has a symbiotic economic relationship with the Performing Arts Center. Beale Street, Memphis, TN 72 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 A comprehensive design guideline should be created to ensure the individual character development of the public realm appropriate to each target area within the Omni CRA while also ensuring a holistic, cohesive and connected district. Design guidelines should focus on the PAC, Media/Entertainment District, areas for new housing and the major transportation corridors. Design Guidelines 1) Performing Arts Center adjacent development guidelines 2) Biscayne Boulevard guidelines 3) 2nd Avenue guidelines 4) Housing guidelines 5) Media/Entertainment District guidelines OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development 73 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Design Guidelines Media/Entertainment District & 14th Street 1) Wide Sidewalks 2) Landscaping for Shade and Character 3) Pedestrian Lighting and Signage 4) Sidewalk Cafe Seating 5) Building Projections and Shade Devices 6) Media components/Wayfinding devices Design guidelines for the Media/Entertainment District (14th Street and connecting streets) should focus on general parameters for the development of streetscapes and components which impact the pedestrian activity, architectural scale and spatial quality of the public realm. The guidelines should include special elements (lighting, sidewalk treatments, landscaping and media installations) that contribute to a unique entertainment environment. Existing Conditions (Miami Avenue) Future Entertainment District Typical Street Streetscape Improvements Media Components & Infill Development 74 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Design Guidelines Media/Entertainment District & 14th Street 1) Additional Height 2) Large Setbacks Design guidelines should also make allowances for creative signage and lighting which contributes to the character of the District as a late night entertainment destination. In addition, building massing should be addressed to preserve the scale and character of the corridor by exchanging additional height allowances for greater setbacks along 14th Street. Signage examples Vol .11 11 palm 75 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Design guidelines for areas surrounding the Performing arts center should focus on ensuring a comfortable pedestrian environment with wide sidewalks, landscaping and lighting. Small greenspaces and pocket parks should be incorporated and have continuity with the streetscape designs. Additionally, ground floor pedestrian oriented retail and cultural uses should be required for all buildings and structured parking facilities. Design Guidelines Performing Arts Center 1) Performing Arts Center 2) Parks 3) Ground Floor Retail Uses 4) Ground Floor Cultural Uses 76 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.3 Improving the Public Realm 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 Given the influx of residential development and the objective to create additional residential opportunities in the west areas of the CRA, it is imperative that additional greenspace be developed to afford residents the opportunity for outdoor recreation and provide identity for neighborhoods. These greenspaces play an important role in attracting new residents and businesses. New greenspaces should vary in scale and character and should always be designed with priority towards public use. Greenspaces may be developed as a public initiative, jointly with private projects or may be mandated through zoning and design guidelines for new development. 77 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 The development of the Performing Arts Center (PAC) should be accompanied by the development of greenspace. The greenspaces or plazas should be integrated within the surrounding developments and preferably be oriented towards the primary entrances of the PAC. Properties south of the Ballet/ Opera House are owned by the County and are designated for this purpose. The Plan Update proposes an additional greenspace (or other treatment) north of the Concert Hall on properties currently owned by the Miami Herald. Future development of these properties should incorporate the new greenspace or plazas. Neighborhood Greenspace Performing Arts Center 1) Performing Arts Center 2) Public Greenspace 3) PAC Entrances 78 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Baywalk OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development In June 2004, the City of Miami, Florida Atlantic University and Walk Florida hosted a workshop to examine the creation of a continuous baywalk stretching from the Miami River on the south to Margaret Pace Park on the north. The resulting report, Miami Bay Walk, Reconnecting Miami to its Bayfront, cites several issues associated with the continuity of a baywalk, including issues with private property access and pedestrian crossing at NE 15th Street/Venetian Causeway. In addition, I-395 poses a serious obstacle to a continuous Baywalk. Given these obstacles, and in order to provide baywalk continuity, an extension of the baywalk through landfill or elevated structure should be considered as a long term solution. __J, )L Lr1� l 17.1. r� L 4 1 ... -rl wl� a — I.■ 1—C SOS! • Mr— 1-395 MacArthur CswY. 79 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 The new Baywalk should incorporate a connection between the Omni area hotel properties and the Miami Women's Club and Margaret Pace Park; and should provide an improved pedestrian crossing at the Venetian Causeway and under 1-395 to Bicentennial/Museum Park. Additionally, the baywalk should incorporate uses such as restaurants and retail along its western edges, overlook and boardwalk areas, recreational green areas, and outdoor performance venues (potentially associated with the PAC). Existing condition at 1-395 and Bicentennial Park Baywalk 1) Connection to Margaret Pace Park 2) Incorporate Pedestrian Oriented Uses 3) Improved Pedestrian Crosswalk at 15th Street/Venetian Causeway 4) Incorporate Pedestrian Oriented Uses 5) Performance/Active Park Uses 6) Connection Under 1-395 7) Connection to Bicentennial Park (Future Museum Park) 80 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Currently, the portion of the existing baywalk adjacent the Miami Herald building is secured by fencing and does not allow public access. According to the Miami Bay Walk report, the baywalk was provided in exchange for a zoning bonus that allowed two additional stories to be added to the building and, therefore, there exists an obligation that the baywalk be opened and accessible to the public. Future redevelopment of the Miami Herald site should include retail and restaurant uses along the baywalk to encourage activity. Existing condition at Miami Herald Baywalk 1) Connection to Margaret Pace Park 2) Incorporate Pedestrian Oriented ' Uses 3) Improved Pedestrian Crosswalk at 15th Street/Venetian Causeway 4) Incorporate Pedestrian Oriented Uses 5) Performance/Active Park Uses 6) Connection Under 1-395 7) Connection to Bicentennial Park (Future Museum Park) 81 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 opeed Streetscapes PAC Pilot Project Primary Streets Secondary Streets OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Streetscapes are perhaps the most important component of the public realm and they have a direct impact on the type and quality of redevelopment and economic potential. They provide neighborhood character and identity and continuity from neighborhood to neighborhood. To some degree, practically all of the streetscapes within the Omni area are lacking in some respects, whether it be the condition or width of sidewalks; lack of landscaping, lighting and on -street parking; or poor pedestrian markings and crosswalks. Improving the streetscapes in Omni should be prioritized with an initial focus on streets surrounding the PAC. These improvements can serve as a streetscape pilot project and provide a design template for other improvements within the CRA, especially within the Media Entertainment District. Streets outside of the PAC and entertainment areas should be executed to achieve an overall consistency, but should not compete with creating a special character for the entertainment areas. irfl 1 (En ca... 82 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Primary Streetscapes Biscayne Boulevard DEVELOPMENT PROGRAM 3500 Linear Feet Reconstruction of Roadway and Drainage System New Sidewalks, Lighting and Landscaping Improved Pedestrian Crosswalks Landscaped Medians and Traffic Separators Biscayne Boulevard is the most significant roadway within the Omni area and is currently being evaluated for improvements by the FDOT. Improvements should focus on providing safer pedestrian crossings through improved markings and textured paving and the addition of a median component. Current sidewalk widths are generally ample and may be reduced slightly to accommodate a center median. The Boulevard should be further improved with consistent landscaping reflecting its grand character, improved lighting, and consistent sidewalk treatments. The CRA should augment the efforts of the FDOT to ensure these components are incorporated into their design plan. Option 1: Island Medians Option 2: Continuous Median 83 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Primary Streetscapes NW/NE 14th Street Entertainment District Lighting Character DEVELOPMENT PROGRAM 2700 Linear Feet Modify Travel Lanes to Single Lanes in Each Direction New Sidewalks, Lighting and Landscaping Improved Pedestrian Crosswalks Improvements to NW/NE14th Street are imperative to provide a safe and attractive front door to the PAC, to catalyze the redevelopment of the Media/Entertainment district to the west and to serve as a vital link between the two. In order to accomplish this link, the streetscape should incorporate similar elements that transition in scale and character from the formal character and traffic requirements of the PAC to neighborhood character of the Entertainment District. Given that the width of the right-of- way varies along the length of 14th Street, several conceptual options are presented that provide for appropriate transitions. In some cases, it will be necessary to implement a building setback to provide for appropriate sidewalk widths, landscaping and paving. These streetscapes should be further developed within a comprehensive set of Design Guidelines. 10' Setback 10' Setbc:.>. Typical Concept Plan West of NE 2nd Avenue (Right of Way Varies) 18 10'Setback 10'Setback Typical Concept Section (70' Right of Way) 60' Row 110' S etbac k Typical Concept Section (60' Right of Way) 84 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Primary Streetscapes N. Miami Avenue DEVELOPMENT PROGRAM 3100 Linear Feet 2-way Conversion (see project 22) New Sidewalks, Lighting and Landscaping Improved Pedestrian Crosswalks The Plan Update proposes that Miami Avenue be converted from one-way to two-way traffic circulation. If it is possible to maintain a 3-lane section, the sidewalks should be widened between 1-395 on the south and NE 15th Street on the north. North of NE 15th Street, the section should incorporate on -street parking. If a four lane section is required, additional right of way should be dedicated to increased sidewalk width. Finally, the streetscape should incorporate consistent landscaping and improved lighting. Typical Concept Plan and Section General CRA Sidewalk Paving Character 85 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Primary Streetscapes NE 2nd Avenue DEVELOPMENT PROGRAM 3500 Linear Feet Reconstruction of Roadway and Drainage System New Sidewalks, Lighting and Landscaping Improved Pedestrian Crosswalks It is anticipated that NE 2nd Avenue will act as a primary corridor for the Miami Streetcar and therefore will become a major magnet for transit and pedestrian oriented development. Given the right of way of 2nd Avenue and the insufficient sidewalk widths, zoning and design guidelines should mandate street level building setbacks to provide ample sidewalk widths and building awnings to provide shade. Street lighting should also be improved. 11 -6 7G RQN` 10'Setbock 10' 70. ROW (vanes] Typical Cencept Plan and Section 7 10'Setback General 2nd Avenue Landscape Character 86 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Primary Streetscapes Bayshore Drive • DEVELOPMENT PROGRAM 3500 Linear Feet New Sidewalks, Lighting and Landscaping Improved Pedestrian Crosswalks Bayshore Drive serves as an important connector between the PAC, Omni area hotels, the Venetian Causeway, transit stops and Margaret Pace Park. Additionally, this street will serve as an important pedestrian connection between the PAC and interim parking locations (potentially the Omni Mall parking garage). As such, this roadway should provide a grand character, while providing ample shade, wide sidewalks and improved lighting. Typical Concept Plan and Section General Bayshore Drive Landscape Character 87 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Existing Conditions Secondary Streetscapes Side Streets and Residential Areas Secondary roadways within residential areas should be improved with components that are harmonious with those of the primary roadways and should include greater sidewalk widths and defined on -street parking areas where such improvements are possible. However, these streetscapes should be executed so that special areas such as the PAC and Media/Entertainment District remain clearly distinguished as • special districts. Therefore, special entertainment related lighting fixtures and wayfinding devices should • be limited to the entertainment areas and a more standard, but harmonious, lighting scheme should be developed for residential areas and sidestreets. 30" Typical Concept Plan and Section General Side Street Landscape Character 88 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Historic Preservation 1) Miami Cemetery 2) S&S Restaurant 3) Fire Station No. 2 4) Citizens Bank 5) Shrine Building (Boulevard Shops) 6) Sears Tower 7) Miami Woman's Club OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Historical buildings within the Omni CRA should be restored. These buildings embody the heritage of the community and enhance the experience of the neighborhoods. The character they provide cannot easily be replaced once the buildings are lost to severe deterioration or demolition. Seven properties within the Omni CRA carry a historical designation and as such should be protected through restoration and thoughtful incorporation into future development plans. Surrounding development should recognize the scale and character of these properties and take measures to ensure that they remain community assets. Li ' r 3951111-111* ri 1.111 l�,i III Venetian Cswy. 89 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Historic Preservation Of the seven properties, those located at the intersection of N Miami Avenue and 14th Street (Fire Station No. 2 and Citizens Bank), are in significant disrepair. Given the importance of this intersection within the Media/Entertainment District, restoration and the incorporation of uses compatible with the entertainment district can serve as a development catalyst for the entire district. Above: Historic Fire Station No. 2 (1933) Below: Existing Fire Station Condition Above: Historic Citizens Bank (1926) Below: Existing Citizens Bank 90 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.4 Transportation and Infrastructure Miami Streetcar OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development The Miami Streetcar is a project sponsored by the City of Miami and is currently planned to operate primarily along NE 1st and 2nd Avenues. This project should be supported by the CRA and planned in conjunction with the reconstruction of NE 2nd Avenue. 91 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Street Reconstruction (NE 2nd Ave, NE/NW 14th Street, NE 17th Street, NE 17th Terrace) OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Portions of NE 2nd Avenue outside of the Omni CRA boundaries are slated for reconstruction by Miami - Dade County and the People's Transportation Plan. The portions within the Omni CRA should also be reconstructed and coordinated with the Miami Streetcar and other infrastructure improvements. Other streets that need reconstruction include 14th Street, 17th Street and 17th Terrace. va =I 0 �mg■ cam'. L� 1 sop 92 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Bayshore Drive Extension 1) Miami Herald Properties 2) Omni Area Hotels OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Although technically outside of the Omni CRA boundaries (but within the boundaries of the SEOPW CRA), the extension of Bayshore Drive to Biscayne Boulevard should be considered to provide greater access to the Omni area hotels and the future development of the Miami Herald properties. In addition, this connection could serve to improve the gateway to the City of Miami from 1-395 and also improve pedestrian access between cultural components, the Performing Arts Center and Bicentennial Park (future Museum Park). MacArthur Cswy. 93 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Bayshore Drive Extension Several options are available for the Bayshore extension, but the primary goals of the projects should be: 1.) Providing traffic calming measures for the access ramp to Miami Beach, and, therefore, a safer pedestrian condition; 2.) Clarifying access from the 1-395 exit ramp to Omni area hotels; and 3.) Providing a visual connection between Bicentennial/Museum Park to the Performing Arts Center. All potential solutions should be coordinated with the City of Miami Planning Department (Museum Park), the FDOT (1-395) and the City of Miami Transportation Department (Bayshore Drive). Above: Existing Conditions Below: Flyover Option Above: Re-route Traffic Option Below: Urban Intersection Option 94 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 17th Street/FEC Crossing 1) Existing 20th Street Crossing 2) Proposed 17th Street Crossing 3) Existing 14th Street Crossing 4) SEOPW Boundary Expansion OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development A new FEC crossing at NW 17th Street will serve to provide improved connectivity for Overtown areas west of the CRA and future SEOPW CRA expansion. This will aide in the future redevelopment of these areas and ensure the potential for the development of cohesive neighborhoods. la I 1_11Il` .1 1■ r 1-395� t 1��112 � 95 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 2-way Conversions 1) N. Miami Avenue 2) NE 1st Avenue 3) NE 2nd Avenue 4) NE 17th Street OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development Two-way streets provide better connectivity, calmer traffic conditions and a safer and more comfortable pedestrian experience. If engineering and capacity requirements can be met, segments of N. Miami, NE 1st and NE 2nd Avenues, as well as NE 17th Street and NE 17th Terrace should be converted to two-way traffic to improve connectivity to adjacent entertainment districts, neighborhoods, and future developments. /tor 3 96 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Water and Sewer Upgrades • OBJECTIVES SUPPORTED Connectivity Sustainable Regional Destination Variety of Housing Improvements to the Public Realm Public Private Development The CRA and the Miami -Dade Water and Sewer Department have established a plan to improve existing water and sewer facilities within the Omni CRA. That plan focuses on those areas west of Biscayne Boulevard and will better position the area for future redevelopment. Current cost estimates for the work indicate that water upgrades will cost approximately $2.8 million while sewer improvements will cost approximately $200,000. Graphic courtesy Miami -Dade Water and Sewer Department 97 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.5 Social Needs Strategies While not necessarily within the scope of the mission of the CRA, the following strategies are provided as a framework for improvements to the delivery of human services; providing employment opportunities and upward job mobility for residents; and to provide opportunities for minorities and women to manage and own businesses. These problems are difficult for the CRA to address because the CRA is generally not the direct provider of these services and to be effective the CRA will probably have to expand its engagement with the community. Implicit Goals .• Certain goals and objectives are implicit for the Omni District's human service delivery, employment/ • workforce and business development strategy. Among them are the following: 1.) Improve the physical and social environment of the Omni District as a means of making the area more attractive to outside investment and competitive residential expansion, and to improve the quality of life of existing residents. 2.) Increase the workforce competitiveness of the Omni District as it relates to other areas of the Miami • and Miami -Dade County. 3.) Maintain the integrity of the Omni community while positioning the neighborhood for new growth • and revitalization. Principle Underlying •. The strategy approaches that follow are designed to best address the human services delivery, employment Strategies . and women and minority business development goals identified here. The strategies are based on several important underlying principles. These principals are based upon some practical concepts that should underlie any attempts to address the social needs of the Omni District. These principles include the following: 1.) Identifying Employment Development Targets. To identity those industries and jobs for which Omni residents can effectively compete for employment within the City and the rest of the Miami -Dade County area. • 2.) Utilizing Assets. To make maximum use of the assets that the Omni District has within its boundaries — people, vacant land resources, and local government support. 98 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Strategies to Improve Human Services Delivery 3.) Removing Disincentive. To identify and remove the disincentives that discourage private businesses from investing in the area. 4.) Creating Incentives. To identify the high leverage incentives that will develop the critical momentum • needed to "jump start" development in the Omni District. The delivery of human services comes from a multiplicity of public, private and volunteer organizations all of which have their own delivery systems. Given the various complexities of these systems it becomes difficult for the human services provider to identify the people in need as well as for the people in need to access the appropriate service providers. Given these set of circumstances, the following three approaches have been identified: • 1.) Deliver human services in partnership with mediating structures, the City and County government; 2.) Raise the level of awareness and accessibility to the existing human services offered at the City and County level; and 3.) Create an advocacy position, such as an Ombudsperson, in the CRA. Mediating Structures The CRA should establish and maintain relationships with and use the resources of mediating structures. The first step in this process is to identify the meditating structures in Omni CRA. Such structures include entities that have closer relationships with the constituency than the government. Mediating structures include community service organizations, Churches, and other groups that have good knowledge of the constituency. Also, there are many mediating structures that are intangible; such as community leaders who do not belong to a formal organization and as such are without the resources of such. Although it is difficult to provide funding to these types of intangible entities, the CRA must identify ways to capitalize on these resources. Marketing the Availability of Human Services Another way the CRA could improve the delivery of human services is to raise the level of awareness and accessibility to the existing human services offered at the City and County level. There are several ways in which the availability of human services could be marketed to the residents of the Omni District. 99 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Strategies to Improve Employment Opportunities and Upward Job Mobility They include publication of such information in a CRA newsletter and website, radio advertisements, Church bulletin boards, and City bus advertisements. CRA as a Community Advocate The CRA could become an advocate for the residents of the Omni District to the human service providers. One way would be to create an Ombudsperson position in the CRA. The Ombudsperson would broker complaints from residents by facilitating access between the human service providers and the community through meetings sponsored by local Churches and community service groups. There are a variety of strategies that the CRA could employ to foster employment opportunities in the Omni District. These strategies are very much a matter of organizing the public and private resources within the City of Miami, and the County to maximize the potential of the Omni District. The CRA could: 1.) Identify new jobs being created within the County and disseminate that information to CRA residents . through a monthly newsletter and meditating structures; 2.) Co-sponsor bi-annual job fairs which they would promote aggressively; making particular use of the • resources of mediating structures and print media to facilitate the communication process; 3.) If permitted by law, establish preference requirements for Omni District residents within CRA contracts with vendors; and 4.) Function as a Business Angel, which are individuals with business experience, who invest in the first year of a company's existence. In addition to money, they bring experience, contacts, and time to the new entrepreneur. The strategies set forth above have been organized into two main categories: job generation, and • employment and training. Job Generation Strategies 1.) Enhance Service/Health Industry Employment. Initiate the expansion of the employment base of the CRA through the development of jobs in the service and health industries that meet the skill level of low-income residents. 100 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Strategies to Foster Minority and Women Business Development 2.) Enhance Office Employment. Initiate actions in the CRA designed to increase office employment. 3.) Encourage Small Business Developments. Expand efforts for small business development through the creation of financial resource pools and expanded business technical assistance to increase the birth rate of small businesses in the Omni District. . 4.) Provide office space for community groups or entrepreneurs within the CRA for a limited interim period (6 months to a year). Employment and Training Strategies 1.) Create Business Linkages. Create linkages between public, and private employment development activities and programs to train and place the unemployed and underemployed. 2.) Create Training Partnerships. Create joint efforts with the County school system to provide vocational and technical training in the Omni District in partnership with community organizations. In order for minority businesses to capture some of the present and future market opportunities, the Omni District will need a strategy that the City, County, and the private sector support. This section contains strategies that can build a minority business development system for the Omni District. None alone is new. Their strength is in integrating them with existing organizational resources to create a systematic approach. In short, it seeks to put together a formal system of resources that work cooperatively and that have at their core the mission of assisting the growth and development of women and minority businesses. There are a variety of strategies that the CRA could utilize to aid the development of women and minority businesses in the Omni District. The CRA could: 1.) Leverage government resources by attempting to create opportunities in the CRA contract, including women and minority businesses within the CRA. The development of minority businesses can best be fostered through joint ventures, and a strong partnership among government, the private sector and the minority business community; 101 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 2.) Make Omni District residents aware of resources and organizations, using print and other local media, as well as mediating structures; 3.) We also recommend utilizing the existing resources available at several of the business resource • centers in Miami -Dade County. These include, but are not limited to: The Florida Black Business Investment Board, Inc. (FBBIB) is a not -for -profit corporation that supports the creation and expansion of Florida black enterprises. In 2002, FBBIB broadened its programs and services to include all minorities. It is a public -private partnership that provides access to capital, technical assistance, and business opportunities. FBBIB partners with financial institutions and other public and private organizations to leverage state appropriated funds and create greater economic development impact. Its services are delivered to Florida constituents through eight regional black business investment corporations with locations including Miami. The South Florida Workforce is responsible for initiating state and federal funded workforce development programs in Miami -Dade County. They assist employers and job seekers with employment services, labor market information, and provide training for economically disadvantaged adults, youth, dislocated workers, individuals transitioning from welfare to work, and refugees. While promoting the advancement of underutilized workers, the South Florida Workforce stimulates the labor market by implementing policies such as business incentives, and provides valuable resources to South Florida's diverse community. All South Florida Workforce services and resources are available to everyone at no cost through a network of One -Stop Career Centers located throughout the region. 4.) Provide money to start-up women and minority businesses through revolving loan funds; and 5.) Facilitate joint ventures through the development of strong policies to insure the participation of local businesses in all aspects of the redevelopment process. These recommendations are meant to be practical ways in which the CRA can become a more active participant in addressing some of these issues without reinventing the wheel. They also require only minimum expansion of this existing staff capacity. 102 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 5.6 Project Priorities and Action Items HIGH PRIORITY ITEMS • • • The following is a summary of action items that the CRA should pursue in order to implement the projects and strategies outlined in the Plan Update. Action items are prioritized to take advantage of and build upon existing and future assets of the Omni area, which will, in turn, catalyze the redevelopment of the Omni CRA in its entirety. High priority items are those that will make a relatively immediate impact and serve to catalyze redevelopment efforts. Initial CRA efforts should be focused on improving the areas surrounding the Performing Arts Center, the Media/Entertainment District, and in general, areas west of NE 2nd Avenue. The redevelopment of these areas will provide the Omni area with a sustainable identity and will entice further projects from the private development community. This focus includes the following components: Infrastructure . Upgrade water, sanitary sewer and storm water sewer capacities to meet current standards and the development potential of the Omni CRA. (Projects 23 and 24) Upgrades should be focused on those • areas west of Biscayne Boulevard as these areas contain the greatest degree of slum and blight conditions • and the least amount of development interest. Upgrading these infrastructure items will serve to spark • development interest by reducing the amount of investment required by the private development community. Streetscapes Improve the Omni CRA streetscapes to provide a cohesive and inviting public realm and pedestrian environment. (Projects /6) The Performing Arts Center will act as a catalyst to the revitalization of the area and as such, improvement should initially be focused on those areas surrounding the PAC to help ensure its success. Additionally, the Media/Entertainment district, west of the PAC, will see increased development interest as the PAC nears completion and should also be prioritized. Streetscape improvements should be focused on providing a cohesive pedestrian network between the Media/ • Entertainment District, the PAC and the SEOPW Entertainment District to the South. Transportation Improve the transportation network by supporting City and Coun ty Agencies and their respective projects within the Omni CRA. (Projects 19, 21 and 22) This includes the Miami Streetcar project and the reconstruction of several streets. Additionally, it includes the conversion of one-way streets to two way traffic flow to improve overall connectivity in the area and to provide a cohesive link (under 1-395) to the SEOPW Entertainment District and west to the Overtown Entertainment District. 103 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 Public Parking • Provide off-street parking to support the PAC and the Media/Entertainment District. (Projects 2 and 5) The CRA should work with the Performing Arts Trust, the Miami -Dade School Board (14th Street properties), City of Miami, Miami -Dade County and private developers to create public parking facilities to support • the PAC and Media/Entertainment District. These facilities should be developed jointly with other • compatible mixed uses as capture parking. In turn, parking requirements for future development (media and entertainment uses) along 14th Street may be permanently relaxed, thus allowing the redevelopment of adjacent properties to comply with pedestrian oriented development objectives and making these developments more financially feasible. Historic Preservation . Support the preservation of the Fire Station No. 2 and the Citizens Bank. (Project 17) The CRA should focus on supporting the preservation of the Fire Station No. 2 (owned by the City of Miami) and the • Citizen's Bank building given their location at the intersection of 14th Street and N. Miami Avenue and • their potential to catalyze the redevelopment of 14th Street. Regulatory Work with the City of Miami (and "Miami 21 ") to implement zoning changes to incentivize and control redevelopment. (Projects 8, 9, 10, 1 1, 12, 13 and 14) Develop appropriate zoning ordinances to ensure that future projects contribute to the goals and objectives of the plan update, including: 1.) Media/ Entertainment District design guidelines to ensure a pedestrian oriented development pattern; 2.) Media Entertainment District residential development restrictions, special exceptions and noise abatement strategies; 3.) Media/Entertainment District parking reductions in conjunction with the development of off-street public parking facilities on nearby properties; 4.) Zoning changes adjacent the PAC to make the development of public parking more feasible; 5.) PAC area design guidelines to ensure pedestrian oriented and compatible adjacent uses; and 6.) Affordable and workforce housing incentives to ensure the development of a sustainable neighborhood with a mix of housing choices. 104 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 MEDIUM PRIORITY ITEMS • Medium priority items are those which will enhance private development efforts and serve to ensure • those efforts support the objectives of the CRA Plan Update. The CRA should focus on augmenting • private development efforts such as those on the Omni Mall and Miami Herald properties; and to support the redevelopment of publicly owned properties and facilities. CRA support should be in the • • form of funding components of those projects that serve the public good. Infrastructure . Upgrade water, sanitary sewer and storm water sewer capacities to meet current standards and the development potential of the Omni CRA. (Projects 23 and 24) Upgrades should be focused on those east of NE 2nd Avenue. Given the amount of existing and in process development, the CRA should • focus on supporting these upgrades on a project by project basis, rather than the holistic approach • required for the areas west of NE 2nd Avenue. Streetscapes : Improve the Omni CRA streetscapes to provide a cohesive and inviting public realm and pedestrian environment. (Project 16) The CRA should focus on streetscape projects which serve to connect the east and west areas of the Omni CRA, including proposals for new streets. In addition, The CRA should augment projects by other agencies (e.g.. FDOT Biscayne Boulevard Improvements) to ensure that the improvements are consistent in character with other CRA improvements. Transportation : Promote the improvement of transportation components that will improve overall regional access and connectivity to the Omni CRA. The CRA should, to the extent possible, promote the improvement of I- • 395 and its associated interchanges (e.g.. Bayshore Drive extension) which will help enforce and sustain the overall redevelopment efforts of the Omni CRA. Greenspace Augment private development projects by supporting the development of additional greenspace. (Projects 1, 2, 3, 4, 5 and 18) In order to provide a cohesive greenspace network within the Omni CRA, the CRA should support and encourage private developments to incorporate additional and meaningful • green and open spaces into their projects. Regulatory • Work with the City of Miami to expand the Media/Entertainment District. (Project 7) Once the Media/ Entertainment District begins to redevelop, the District should be expanded to support its relationship and connectivity with the SEOPW Entertainment District. 105 Omni CRA Redevelopment Plan FINAL DRAFT PROJECTS AND STRATEGIES 5 LOW PRIORITY ITEMS Transportation • Low priority items are those which will sustain redevelopment efforts or that necessarily have long lead • times with respect to their implementation. Given this, these items should have a relatively high priority with respect to beginning the implementation process. Work with the Florida East Coast Railway to secure a railroad crossing at NW 17th Street. (Project 20) The CRA should begin discussion with the Florida East Coast Railway and appropriate transportation agencies to secure an additional railroad crossing at NW 17th Street. This crossing will serve to sustain future redevelopment efforts of both the OMNI and SEOPW CRA's and the areas between the two. Greenspace Work with the City of Miami, the Department of Environmental Resources Management (DERM) and other appropriate agencies to provide a continuous Baywalk. (Project 15) The CRA should begin discussion with appropriate agencies to create a continuous Baywalk that will provide additional greenspace and improved connectivity with the remainder of the City's waterfront. Convention Facilities : Support the development of convention related facilities (Project 6) The CRA should support the • development of convention related facilities in so far as it meets the objective of creating a sustainable regional destination. 106 CAPITAL IMPROVEMENT COSTS & PRIORITIES • ..• • • • ,- 44, ' • '11; °: • g - . • OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.0 CIP and PRIORITIES Project Matrix Potential Funding Sources Tax Increment Financing Enterprise Zones Property Tax Abatement Refund of Impact Fees Economic Development Transporta- tion Fund Tax Exempt Districts Community Development Block Grants Home Investment Partnerships HUD Section 108 Loan Guarantees Economic Development . Administration • New Market Tax Credits State Housing Initiatives Partnership State Department Incentive Loan Program The following summarizes the projected capital improvement costs for the projects and strategies identified in the Plan Update. Estimates are provided for both public and private components, illustrating their interdependence and overall economic impact on the Omni CRA. Cost estimates provided for public and private development are order of magnitude estimates and should serve as guidance for the development of future CRA implementation strategies, management and leveraging of Tax Increment Funds (TIF) with other Federal, State and Local funding sources. PROJECT CATEGORY PROJECTS # PROJECT COMPONENTS PRIORITY HIGH MED LOW STRATEGIES FOR PUBLIC/PRIVATE DEVELOPMENT OMNI MALL 1 New Streets/Infrastructure/Streetscapes/Public Amenities MIAMI HERALD PROPERTIES 2 Infrastructure/Streetscapes/Public Amenities CITY OF MIAMI/ MIAMI-DADE SCHOOL BOARD PROPERTIES 3 New School Facilities 4 Workforce Housing Development PERFORMING ARTS CENTER PARKING 5 Parking CONVENTION FACILITIES 6 Convention Center Facilities REGULATORY STRATEGIES ENTERTAINMENT DISTRICT EXPANSION 7 Zoning Amendments ZONING STRATEGIES 8 Zoning Amendments 9 Workforce Housing Incentives & Guidelines 10 Parking Reductions & Incentives DESIGN GUIDELINES 11 Media/Entertainment District and Noise Abatement Guidelines 12 PAC Area Guidelines 13 Biscayne Boulevard Design Guidelines 14 NE 2hd Avenue Design Guidelines IMPROVING THE PUBLIC REALM BAYWALK 15 New Greenspace STREETSCAPES 16 Improved Sidewalks, Landscaping, Lighting and Street Furniture HISTORIC PRESERVATION 17 Restoration and Preservation of Historic Structures NEIGHBORHOOD GREENSPACE 18 New Greenspace and Improvements to Existing Greenspace TRANSPORTATION AND INFRASTRUCTURE MIAMI STREETCAR 19 Track and Traction Power 17TH STREET/FEC CROSSING 20 New FEC Railway Crossing and Infrastructure STREET RECONSTRUCTION (2hd Avenue, NE/NW 14th Street, NE 17th Street, NE 17th Terrace) 21 Paving, Drainage, Sidewalks, Lighting, Landscaping and Street Furniture 2-WAY STREETS 22 Miami Ave; NE 2hd Ave; 17th Street WATER AND SEWER UPGRADES 23 Update/Replace Existing Infrastructure STORM WATER UPGRADES 24 Update/Replace Existing Infrastructure PRIORITIES: HIGH: High priority projects are those that will make an immediate impact and serve to catalyze redevelopment efforts. MEDIUM: Medium priority projects are those that can support private development efforts and serve to ensure those efforts support Empowerment Zones the goals of the CRA Plan Update Bond Financing LOW: Low priority projects are those that necessarily have long lead times and would serve to reinforce and sustain redevelopment efforts. 107 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.1 OMNI MALL REDEVELOPMENT Overall Priority: Medium (See Section 5.6) CRA funding and support for the Omni Mall Redevelopment should augment the efforts of the private developer and the City of Miami. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category P ublic/Private Development 1 Project Omni Mall Redevelopment Sub Description: Demoliton of Omni Mall Segment property into 3 development blocks New Mixed -Use dev elopment New streets/streetscapes/infrastructure Potential Convention/Public Amenities Potential PAC/Public Parking Pubic Plaza lA 1B 1C 1D lE Linear Ft (LF) Potential Public Components New Streets 1,200 S treetsca p es 1,200 Parking: 500 spaces' Plaza/Greenspace Infrastructure 1,200 Assumes 10% of parking total Parking must be available to the general public Unit Cost (LF) $750 $450 Area UnitCost(SF) 175,000 3,000 Estimated Cost $0 $900,000 $40 $7000,000 $20 $60,000 $540,000 Public Sub -Total 20% Contingency $8,500,000 $1,700,000 Public Total $10,200,000 Private Components 1F Retail 240,000 $75 $18,000,000 1G Residential: 3600 units 4,320,000 $140 $604,800,000 1H Hotel: 300 rooms 170,000 $140 $23,800,000 11 Office 210,000 $80 $16,800,000 1 J Parking: 5000 spaces 1,912,750 $40 $76,510,000 Private Sub -Total $739,910,000 20% Contingency $147,982,000 Private Total $887,892,000 Project Total $898,092,000 Related Public Projects 1 Start Date Agency Budget (Description 108 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.2 MIAMI HERALD PROPERTIES Overall Priority: Medium (See Section 5.6) CRA funding and support for the redevelopment of the Miami Herald Properties could augment the efforts of the private developer and the City of Miami. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category P ublic/Private Development Project Miami Herald Properties Description: New mixed -use development Public access to Baywalk via 14th St/Public Plaza Streetscapes and infrastructure upgrades Potential PAC Parking Sub 2A 2B 2C 2D 2E Linear Ft (LF) Potential Public Components Public Plaza Streetscapes 900 Parking: 600 spaces' Infrastructure 900 Infrastructure 900 'Assumes 10% of parking total Parking must be available to the general public Unit Cost (LF) $750 $450 $450 Area UnitCost(SF) 40,000 210,000 Estimated Cost $20 $800,000 $675,000 $40 $8,400,000 Public Sub -Total 20% Contingency $405,000 $405,000 $10,685,000 $2,137,000 Public Total $12,822,000 Private Components 2F Retail 240,000 $75 $18,000,000 2G Residential: 3900 units 4,680,000 $140 $655,200,000 2H Office 230,000 $80 $18,400,000 21 Parking: 5400 1,890,000 $40 $75,600,000 Private Sub -Total $767,200,000 20% Contingency $153,440000 Private Total $920,640,000 Project Total $933,462,000 Related Public Projects Description Start Date Agency Budget 109 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.3 CITY OF MIAMI & SCHOOL BOARD PROPERTIES Overall Priority: High (See Section 5.6) CRA funding and support for the redevelopment of the City of Miami and School Board Properties could augment the efforts of the private developer, the City of Miami and the Miami -Dade School Board. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category Project Sub Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost Public/Private Development 3&4 City of Miami/Miami-Dade School Board Properties Potential Public Components Description: Includes Skills Center Redevelopment 3A New Streets 370 $2,000 $740,000 3B S treetsca p es 370 $750 $277,500 3C Housing Parking: 60 spaces' 21,000 $40 $840,000 Capture perking for Entertainment District 3D Skills Center Parking: 60 spaces 21,000 $40 $840,000 2 Affordable/Workforce Housing Projects 3E New School Facilities 70,000 $0 Potential New School Facilities 3F Infrastructure 370 $450 $166,500 Reintroduce Street through School Board Property 1 Assumes 10% of parking total Parking must be available to the general public Public Sub -Total 20% Contingency $2,864,000 $572,800 Public Total $3,436,800 Private Components 3G Retail (Skills Center Only) 32,800 $75 $2,460,000 3H Residential: 528 units 633,600 $140 $88,704,000 31 Office (Skills Center Only) 140,000 $80 $11,200,000 3J Parking: 1060 Spaces 371,000 $40 $14,840,000 Private Sub -Total $117,204,000 20% Contingency $23,440,800 Private Total $140,644,800 Project Total $144,081,600 Related Public Projects Description Start Date Agency Budget 110 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.4 CITY OF MIAMI & SCHOOL BOARD PROPERTIES PAC PARKING 1 Overall Priority: High (See Section 5.6) CRA funding and support for the redevelopment of the City of Miami and School Board Properties could augment the efforts of the private developer, The Performing Arts Center Trust, the City of Miami and the Miami -Dade School Board. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category P ublic/Private Development Sub Project Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost 5 Performing Arts Center Parking Potential Public Components Description: New Mixed Use Development New School Facilities PAC Parking 5A New Streets TBD $2,000 TBD 5B S treetsca p es TBD $750 TBD 5C Parking: 300 spaces' 105,000 $40 $4,200,000 5D Infrastructure TBD $450 TBD 5E New School Facilities 20,000 $0 'Assumes 10% of parking total Parking must be available to the general public Public Sub -Total 20% Contingency $4,200,000 $840,000 Public Total $5,040,000 Private Components 5F Retail 100,000 $75 $7,500,000 5G Residential: 800 units 960,000 $140 $134,400,000 5H Office 75,000 $80 $6,000,000 51 Parking: 2700 spaces 945,000 $40 $37,800,000 Private Sub -Total 20% Contingency Private Total $185,700,000 $37,140,000 $222,840,000 Project Total $227,880,000 Related Public Projects Description Start Date Agency Budget 111 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.5 CONVENTION FACILITIES Overall Priority: Low (See Section 5.6) CRA funding and support for the development of convention facilities could include public spaces and amenities and adjacent upgrades to streets and streetscapes, infrastructure and other components of the public realm. Project Category P ublic/Private Development Sub Project Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost 6 Convention Facilities Potential Public Components Description: Convention Related Facilities 5A Public Spaces TBD TBD TBD 5B S treetsca p es TBD TBD TBD 5C Parking' TBD TBD TBD 5D Infrastructure TBD TBD TBD Assumes 10% of parking total Parking must be available to the general public Public Sub -Total 20% Contingency $0 $0 Public Total $0 Private Components 5F Retail $0 5G Residential: 800 units $0 5H Office $0 51 Parking: 2700 spaces $0 Private Sub -Total 20% Contingency Private Total $0 $0 $0 Project Total $0 Related Public Projects Description Start Date Agency Budget 112 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.6 BAYWALK Overall Priority: Low (See Section 5.6) CRA funding and support for the redevelopment of the Omni shoreline and the creation of a continuous Baywalk could augment the efforts of private developers and property owners, the City of Miami and Miami -Dade County. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category # Project Sub # Linear Ft(LF) UnitCost(LF) Area UnitCost(SF) Estimated Cost Public Realm 15 Baywalk Potential Public Components 13A Shoreline/Seawall 4,360 $3,250 $14,170,000 13B Fill 520,000 $0 Description: New Baywalk including: Relocated seawall and Green and Hardsacpe Improved Street/395 Pedestrian lighting 13C Hardscape 90,000 $15 $1,350,000 13D Green Areas 430,000 $5 $2,150,000 fill 13E 15th Street Crosswalk 30 $450 $13,500 areas 13G Public Amenities/Furniture 50 $1,000 $50,000 crossings Public Sub -Total $17,733,500 20% Contingency $3,546,700 Street Furniture Public Total $21,280,200 Private Components 13H Retail $75 $0 131 Residential $140 $0 13J Office $80 $0 13K Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 1 Project Total $21,280,200 Related Public Projects 1 Start Date Agency Budget (Description 113 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.7 STREETSCAPES Overall Priority: High (See Section 5.6) CRA funding and support for the redevelopment of the Omni streetscapes could augment the efforts of private developers and property owners, the City of Miami, Miami -Dade County, and the Florida Department of Transportation. Such support should be supplemental to basic improvements and maintenance provided by responsible governmental agencies. Project Category # Project Sub # Linear Ft(LF) UnitCost(LF) Area UnitCost(SF) Estimated Cost Public Realm 16 Streetscapes Potential Public Components Description: Improve streetscapes and repair, including: Specail paving treatments Pedestrian lighting beyond 14A Biscayne Boulevard 3,500 $750 $2,625,000 14B 17th Street 1,510 $750 $1,132,500 basic maintenance 14C 16th Street 1,320 $750 $990,000 14D 15th Street 3,070 $750 $2,302,500 14E 14th Street 2,710 $750 $2,032,500 14F 13th Street 2,350 $750 $1,762,500 Landscaping 14G Miami Avenue 3,160 $750 $2,370,000 Street Furniture 14H 1st Avenue 2,100 $750 $1,575,000 SpecialSignage 141 2nd Avenue 3,560 $750 $2,670,000 Public Sub -Total $17,460,000 20% Contingency $3,492,000 Public Total $20,952,000 Private Components 14J Retail2 115,000 $75 $8,625,000 14K Residential2130 units 156,000 $90 $14,040,000 14L 0ff1ce2 150,000 $80 $12,000,000 14M Parking2 1,000 $40 $40,000 Street Development (exclusive of Skills Cente ) Private Sub -Total $34,705,000 20% Contingency $6,941,000 2 14th Private Total $41,646,000 Project Total $62,598,000 Related Public Projects Description Start Date Agency Budget SEOPW & OMNI B-30049 Street Maint. Program No Specific Scope 2009 City of Miami CIP Dept. $4,443,765 SEOPW & OMNI B-30050 Street Maint. Program No Specific Scope 2009 City of Miami CIP Dept. $3,535,421 SEOPW & OMNI B-30049 Street Reconstruction Improvement No Specific Scope 2006 City of Miami CIP Dept. $8,071,885 OMNI B-39911 Venetian Causway Improvements Improvements to Venetian Causeway 2008 City of Miami CIP Dept. $8,071,885 Biscayne Boulevard Improvements 13th Street to 38th Street TBD FDOT TBD 114 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.8 HISTORIC PRESERVATION t a■ r` kr _ „_,,,,,,,, ,..! .. L '# ,, Overall Priority: High (See Section 5.6) CRA funding and support for the preservation of historic structures in the Omni CRA could augment the efforts of the private developer and property owners, and the City of Miami. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category # Project Sub # Linear Ft(LF) UnitCost(LF) Area Unit Cost (SF) Estimated Cost Public Realm 17 Historic Preservation Potential Public Components Description: Restoration of Historic Structures 15A Miami Cemetery (City) $0 15B S&S Restaurant $0 15C Fire Station #2 (City) $2,000,000 15D Citizens Bank $0 15E Shrine Building $0 15F Sears Tower $0 15G Miami Woman's Club $2,000,000 Public Sub -Total $4,000,000 20% Contingency $800,000 Public Total $4,800,000 Private Components 15H Retail $75 $0 151 Residential $90 $0 15J Office $80 $0 15K Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 Project Total $4,800,000 Related Public Projects 1 Description Start Date Agency Budget 115 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.9 NEIGHBORHOOD GREENSPACE i Overall Priority: Medium (See Section 5.6) CRA funding and support for improvements to existing greenspace and the creation of new greenspace in the Omni CRA could augment the efforts of the private developer and property owners, the City of Miami, Miami -Dade County, and the Florida Department of Transportation (1-395 improvements). Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category # Project Sub # Linear Ft(LF) UnitCost(LF) Area UnitCost(SF) Estimated Cost Public Realm 18 Neighborhood Greenspace Potential Public Components 16A Land Acquisition TBD Market Description: Greenspace/Parks/Plazas 16B Fire Station #2 7,500 $20 $150,000 16C PAC North 12,000 $20 $240,000 16D PAC South 65,000 $20 $1,300,000 16E Workforce Housing 20,000 $20 $400,000 Public Sub -Total $2,090,000 20% Contingency $418,000 Public Total $2,508,000 Private Components 16F Retail $75 $0 16G Residential $140 $0 16H Office $80 $0 161 Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 Project Total $2,508,000 Related Public Projects Description Start Date Agency Budget OMNI B-35896 Margaret Pace Park Improvements Phase 11 Scope yet to be identified w/Parks Dept 2005 City of Miami CIP Dept. $1,435,559 116 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.10 MIAMI STREETCAR Overall Priority: High (See Section 5.6) CRA funding and support for implementing the Miami Streetcar could augment the efforts of the City of Miami. Such support should be applied, in whole or in part, to public components of the project provided that redevelopment efforts support the objectives of the Plan Update. Project Category # Project Sub # Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost Transportation & Infrastructure 19 Miami Streetcar Potential Public Components Description: Streetcar track and traction within the CRA limits 17A Track & Traction Power Single Track 2,344 power Double Track 5,639 $17,000,000 Public Sub -Total $17,000,000 20% Contingency $3,400,000 Public Total $20,400,000 Private Components 17C Retail $75 $0 17D Residential $140 $0 17E Office $80 $0 17F Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 Project Total $20,400,000 Related Public Projects 1 Description Start Date Agency Budget 117 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.11 17TH STREET/FEC CROSSING •• R 7 Overall Priority: Low (See Section 5.6) CRA funding and support for an additional crossing of the Florida East Coast Railway could augment the efforts of the City of Miami. Such support should be applied, in whole or in part, to public components of the project. Project Category Transportation & Infrastructure Sub Project Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost 20 17th Sheet/FEC Crossing Potential Public Components Description: New rail crossing at 17th Street 20A New Streets 90 $2,000 $180,000 20B RR Signal & Infrastructure 1 $150,000 $150,000 Public Sub -Total 20% Contingency $330,000 $66,000 Public Total $396,000 Private Components 20C Retail $75 $0 20D Residential $140 $0 20E Office $80 $0 20F Parking $40 $0 Private Sub -Total 20% Contingency $0 $0 Private Total $0 Project Total $396,000 Related Public Projects Description Start Date Agency Budget 118 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.12 STREET RECONSTRUCTION Overall Priority: High (See Section 5.6) CRA funding and support for the reconstruction of NE 2nd Avenue could augment the efforts of the City of Miami and Miami -Dade County in conjunction with the implementation of the Miami Streetcar. Such support should be applied, in whole or in part, to public components of the project. Project Category # Project Sub # Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost Transportation & Infrastructure 21 Street Reconstruction Potential Public Components 21A NE2nd Avenue 3,560 $2,000 $7,120,000 21 B NE /NW 14th Street 2,700 $2,000 $5,400,000 21C NE 17th Street 1,260 $2,000 $2,520,000 21 D NE 17th Terrace 500 $2,000 $1,000,000 Description: Public Sub -Total $16,040,000 20% Contingency $3,208,000 Paving, drainage, sidewalks, lighting, street furniture and signage Public Total $19,248,000 Private Components 21E Retail $75 $0 21F Residential $140 $0 21G Office $80 $0 21H Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 Project Total $19,248,000 Related Public Projects 1 Description Start Date Agency Budget 119 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.13 2-WAY CONVERSIONS Overall Priority: High (See Section 5.6) CRA funding and support for the 2-way conversions could augment the efforts of the City of Miami, Miami -Dade County and the Florida Department of Transportation. Such support should be applied, in whole or in part, to public components of the projects provided that redevelopment efforts support the objectives of the Plan Update. Project Category # Project Sub # Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost Transportation & Infrastructure 22 2-way Conversions Potential Public Components Description: Conversion of 1-way traffic flow streets to 2-way 22A 17th Street 1,510 $900 $1,359,000 22B Miami Avenue 2,160 $900 $1,944,000 22C 1st Avenue 2,100 $900 $1,890,000 22D 2nd Avenue 1,400 $900 $1,260,000 Public Sub -Total $6,453,000 20% Contingency $1,290,600 Public Total $7,743,600 Private Components 22E Retail $75 $0 22F Residential $140 $0 22G Office $80 $0 22H Parking $40 $0 Private Sub -Total $0 20% Contingency $0 Private Total $0 Project Total $7,743,600 Related Public Projects 1 Description Start Date Agency Budget 120 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.14 WATER AND SEWER UPGRADES i Overall Priority: High (See Section 5.6) The CRA should fund, in cooperation with Miami -Dade Water and Sewer Department, upgrades of water and sewer facilities. MDWASD has established a plan that focuses on those areas west of Biscayne Boulevard and will better position the area for future redevelopment. Project Category Transportation & Infrastructure 23 Project Water and Sewer Upgrades Description: Upgrade Water and Sewer Infrastructure Sub # Potential Public Components WL-1 8-inch water line W L-3 8-inch water line W L-4 8-inch water line W L-5 8-inch water line WL-7 16-inch water line W L-8 16-inch water line W L-9 8-inch water line WL-10 8-inch water line WL-11 8-inch water line WL-12 8-inch water line WL-13 8-inch water line WL-14 8-inch water line WL-15 8-inch water line WL-17 8-inch water line 24A Sewer Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost 600 $188 545 785 770 $188 $188 $188 275 1,500 890 470 $262 $262 $188 $188 1,120 $188 1,550 $188 1,540 830 500 $188 $188 $188 300 $188 Public Sub -Total $112,668 $78,868 $102,340 $147,407 $144,591 $259,136 $71,924 $392,310 $167,124 $88,257 $210,314 $291,059 $289,181 $155,857 $93,890 $221,580 $56,334 $200,000 $3,082,840 Public Total $3,082,840 Private Components 24C Retail $75 $0 24D Residential $140 $0 24E Office $80 $0 24F Parking $40 $0 Private Sub -Total 20% Contingency $0 $0 Private Total $0 Project Total $3,082,840 Related Public Projects Description Start Date Agency Budget 121 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.15 STORM WATER SEWER UPGRADES i Overall Priority: High (See Section 5.6) Need input from CRA Project Category Transportation & Infrastructure Sub Project Linear Ft (LF) Unit Cost (LF) Area Unit Cost (SF) Estimated Cost 24 Storm Water Upgrades Potential Public Components Description: U pgrade Storm Water Sewer Infrastructure 24A West of NE 2nd Avenue TBD $450 TBD 24B East of NE 2nd Avenue TBD $450 TBD Public Sub -Total 20% Contingency Public Total $0 $0 $0 Private Components 24C Retail $75 $0 24D Residential $140 $0 24E Office $80 $0 24F Parking $40 $0 Private Sub -Total 20% Contingency Private Total $0 $0 $0 Project Total $0 Related Public Projects Description Start Date Agency Budget 122 Omni CRA Redevelopment Plan FINAL DRAFT CAPITAL IMPROVEMENT COSTS & PRIORITIES 6 6.16 CIP COST SUMMARY i As discussed in the following Financing Plan, current cost estimates indicate that approximately $213 million in public funds would have to be raised to support the projects for which cost estimates are available . Of this amount approximately $31.5 million would be needed to fund joint public -private initiatives. Another $49.54 million would be needed to support the implementation of public realm project initiatives and approximately $50.87 million would be needed in public funds for transportation and infrastructure projects. Project Category # Project Public Private Project Total Public/Private Development 1 Omni Mall Redevelopment $10,200,000 $887,892,000 $898,092,000 2 Miami Herald Properties $12,822,000 $920,640,000 $933,462,000 3 &4 City of Miami/Miami-Dade School Board Properties $3,436,800 $140,644,800 $144,081,600 5 Performing Arts Center Parking $5,040,000 $222,840,000 $227,880,000 6 Convention Facilities $0 $0 $0 Sub -Total $31,498,800 $2,172,016,800 $2,203,515,600 Regulatory Strategies 7 Entertainment District Expansion No Capital Cost No Capital Cost No Capital Cost 8 Zoning Strategies: Amendments 9 Zoning Strategies: Affordable and Workforce Housing Incentives 10 Zoning Strategies: Parking Reductions 11 Design Guidelines: Media/Entertainment District 12 Design Guidelines: PAC Area Guidelines 13 Design Guidelines: Biscayne Boulevard Design Guidelines 14 Design Guidelines: NE 2nd Avenue Design Guidelines Public Realm 15 Baywalk $21,280,200 $0 $21,280,200 16 Streetscapes $20,952,000 $41,646,000 $62,598,000 17 Historic Preservation $4,800,000 $0 $4,800,000 18 Neighborhood Greenspace $2,508,000 $0 $2,508,000 Sub -Total $49,540,200 $41,646,000 $91,186,200 Transportation & Infrastructure 19 Miami Streetcar $20,400,000 $0 $20,400,000 20 17th Street/FEC Crossing $396,000 $0 $396,000 21 2nd Avenue Reconstruction $19,248,000 $0 $19,248,000 22 2-way Conversions $7,743,600 $0 $7,743,600 23 Water and Sewer Upgrades $3,082,840 $0 $3,082,840 24 Storm Water Upgrades $0 $0 $0 Sub -Total $50,870,440 $0 $50,870,440 Public Private Total Total Cost $212,948,440 $4,427,325,600 $4,640,274,040 123 FINANCING PLAN • • • F • _L._ . 4 : OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.0 FINANCING PLAN n Community redevelopment agencies nationwide often lack the full range or amount of financial resources needed to do the broad variety of housing, economic development, and infrastructure projects required to redevelop their areas. Given more recent demands on national financial resources created by homeland security and defense needs, local redevelopment initiatives are likely to require even more creativity than in the past as to how they are financed. This will require looking more to the private sector. At the same time, the creative use of public funding sources will continue to be the best way to leverage the private dollars that might be required. Attracting private sector funding will require a redevelopment plan that is based on a sound economic development strategy that can be embraced by the private sector. This Plan Update recognizes the need to achieve the public/private balance required though its recommendation of a series of development initiatives that are market oriented. It also establishes strategies for the introduction of workforce housing that will benefit low and moderate income families as a necessary component of the CRA redevelopment Plan Update. The Financing and Management Plan establishes the underlying assumptions for generating the resources • needed to implement the plan by: 1) Identifying the Market Oriented Economic Development Strategy 2) Assessing the Financial Needs for Plan Implementation 3) Establishing the Redevelopment Financing Principles 4) Identifying Funding Sources and Tools 5) Developing a Sources and Uses of Funds Matrix 6) Providing Prototype Project Financing Strategies 124 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.1 MARKET ORIENTED ECONOMIC DEVELOPMENT STRATEGY The OMNI CRA seeks strong, long-term economic growth for an area of the city that has still to maximize its asset value to the city. In order to improve its asset value, the strategy focuses on three major investment targets. These targets are: 1) Places and Infrastructure 2) Potential Development Opportunities 3) People The market oriented economic development strategy for the OMNI CRA has five fundamental objectives. These objectives are as follows: 1) To fully utilize the physical assets of the OMNI CRA to improve the quality of life for Miami and Miami - Dade County residents 2) To generate jobs for residents of the City and the CRA 3) To create strong and successful businesses in the CRA that will provide jobs for low skilled, and semi- skilled residents and professional workers. 4) To increase the tax base to support CRA and City Objectives including support for services and facilities required to enhance the quality of life. 5) To maximize the contribution of the OMNI CRA to the economy of the City of Miami and Miami -Dade County, Florida. In order to achieve these objectives the plan identifies a number of development opportunities that will result in new construction, new and expanded businesses, and employment opportunities. When fully implemented, projects undertaken in the plan will generate construction employment, office employment, retail employment, service employment, hotel employment, as well as maintenance jobs in both the public and private realm. 125 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Places and Infrastructure Place -based economic development is all about utilizing or reutilizing physical assets for either economic or economic support activities. In places where redevelopment is the dominant approach, place - based economic development seeks to improve the economic value of deteriorating physical assets through redevelopment. The net result of the redevelopment activity is an increase in the amount of place -based employment and aggregate tax base. However, place -based economic development often requires improvements in the support infrastructure for potential redevelopment sites. Much of this infrastructure often lies in the public domain. This plan update identifies specific places and infrastructure that need to be addressed to maximize the potential of the OMNI CRA. These include the following: 1) Performing Arts Center 2) OMNI Mall Infrastructure 3) Miami Herald Infrastructure 4) City of Miami Properties 5) School Board Properties 6) Bay Walk 7) Neighborhood Green Space 8) Streetscapes 9) Historic Building Preservation 10) Transportation Infrastructure Specific transportation infrastructure projects include the Miami Streetcar project, 2nd Avenue reconstruction, Bayshore Drive Extension, expansion of two way streets and the 1 7'" street/FEC Crossing. Advancing these recommendations or projects will aid in capturing the development opportunities that can help to maximize the OMNI area as a city asset. Within the context of the place -based economic development strategy are certain specific development opportunities that can be supported by market trends. 126 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Development Opportunities Areas The plan identifies a number of development opportunity areas that will have the potential to generate a significant number of jobs, increase the tax base, and enhance the quality of life in the OMNI area. A number of these opportunities are market driven. These are opportunities that can be initiated by the private sector because they can generate sufficient sales to provide a competitive return on investment. In almost all cases these are tax base enhancing and job generating development opportunities. . These development opportunity areas include the following: 1) Convenience Goods Retail Development 2) Shopper's Goods Retail Development 3) Hotel Development 4) Office Development 5) Entertainment Industry Expansion 6) Market Rate Housing Development 7) Media Industry Expansion However, there is also the need to support development opportunities, such as workforce and affordable ownership housing that may not provide competitive returns on investment. In this context, the redevelopment plan describes ways of dealing with areas where the market does not, or cannot itself deliver on the development opportunity proposed by creatively using zoning regulations or other incentives that can make workforce housing economically feasible. Economic development is all about improving the quality of life for people. Improving the tax base is a direct benefit to people because the tax base provides the financial support for municipal services, social services, and education. 127 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 People People are the most important target of any economic development strategy. This is both true for people who currently live in the area as well as for people who might be attracted to the area in the future. In this context, the economic development strategy seeks to improve the quality of life for people who reside in the OMNI CRA through the following initiatives: 1) Job Development 2) Providing access to job training resources 3) Providing access to employment services resources 4) Improving the overall physical environment 5) Expanding retail choices 6) Expanding service choices 7) Expanding entertainment choices 8) Expanding housing choices 9) Creating a supply of workforce housing 10) Creating a supply of affordable housing While an important social objective, the provision of workforce housing or affordable housing, given the economics of land cost in the OMNI area, is the most difficult of all socio-economic objectives to achieve. A part of the problem is that upper income housing is the most profitable for developers at this time. Given current market conditions and the scarcity of land resources, land prices are escalating at a very fast pace. This economic reality forces the use of incentives as the tool to help assure that replacement housing can be provided for families who may be forced to relocate as a result of redevelopment. It also calls for a reconsideration of the current boundaries of the CRA as a means of providing affordable and workforce housing as a part of the redevelopment program. 128 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 As a separate strategy, and to maximize the resources potential, the CRA could expand the OMNI CRA into a geographic area with lower land values, if such a location exist, were the economics of land cost may be more favorable for the development of workforce and affordable housing. Such an approach would target an additional blighted area to reclaim utilizing OMNI CRA authority and resources. In taking such an approach the CRA should take care to assure that projects within the current boundaries of the CRA continue to receive the highest priority for funding. The plan update has therefore been based on an economic development strategy for the OMNI area that recognizes it as an urban place, with some unique urban amenities such as the bay vistas, performing arts center, and entertainment district, and seeks to capitalize on these amenities by improving specific spaces, capturing market oriented development opportunities, and improving the quality of life for all of its residents. Our preliminary assessment indicates that with the full implementation of the plan between 5,000 and 6,000 new jobs would be created in the OMNI CRA over the next 15 years. 129 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.2 ASSESSING THE FINANCIAL NEEDS FOR PLAN IMPLEMENTATION Public/Private Development Initiatives The implementation of the OMNI Plan Update recommendations will require a substantial public and private financial commitment. Current projections indicate that total cost will exceed $2.3 billion. Additional financial resources will be needed to support the development of the Convention Center Project, Bay Walk improvements, and for neighborhood green space. • For purposes of this plan the cost for the redevelopment of the OMNI area has been allocated to three . funding categories. These categories include the following: 1) Public/Private Development Initiatives 2) Public Realm Improvements • 3) Supporting Transportation and Infrastructure The plan update identifies five public private development initiatives. These include the redevelopment of the OMNI Mall and Miami Herald properties, the development or redevelopment of properties currently owned by the City of Miami or the Miami -Dade Public School System, the development of parking support for the Performing Arts Center, and the development of a Convention/Conference Center facility. 130 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Table 1 below provides an estimate of the public and private costs to carry out four of the five initiatives. The concept for the convention center/conference facility has not, at this point, been developed sufficiently 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 1 N/A 1 N/A TOTAL $31,498,800 $2,172,016,800 $2,203,515,600 Table 1 shows that four of the identified public/private development initiatives will likely cost more than $2.2 billion. However of these costs only about $31.498 million will be required from the public sector. This suggests strong leverage of public dollars. In fact, every one dollar of public investment in these initiatives will generate nearly $69 of private investment. Since most of these public/private development initiatives will be financed by the private sector it will be important to work closely with the private development community to develop the financing plan for each project activity. 131 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Public Realm Improvements Public realm improvements are improvements that are oriented to the public landscape and which may require both public and private financing. The plan update includes projects in four categories. These include Bay Walk, streetscape improvements, historic preservation projects, and neighborhood green space. Table 2 provides an estimate of the public and private costs that will be required to carry out the improvements recommended for the public realm. It should be noted that the cost for the Bay Walk as well as the cost for neighborhood green space will require more specific concept definition before realistic estimates 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 $ 2,508,000 $ N/A $ 2,508,000 TOTAL $49,540,200 $41,646,000 $91,186,200 Table 2 shows that the total cost for Baywalk and streetscape improvements, historic preservation and neighborhood green space are expected to be approximately $91.186 million. Of this amount, $49.540 million will be needed from public resources to implement the Baywalk, streetscape, historic preservation and neighborhood green space recommendations of the plan update. 132 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Supporting Transportation and Infrastructure The supporting transportation and infrastructure project category is made up of seven project line items. These include the Miami Streetcar projection, the creation of a 17th Street/FEC Crossing, the reconstruction of 2nd Avenue, the completion of a 2-way street conversion 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 Upgrades $ N/A $ $ N/A TOTAL $50,870,440 $ $50,870,440 Table 3 shows that the total costs estimated for the Miami Streetcar project, 17th Street/FEC Crossing, the 2nd Avenue reconstruction, 2-way conversions and water and sewer upgrades will be approximately $50.870 million. 133 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Conclusion While the costs of all of the proposed initiatives are not currently available, current cost estimates indicate that approximately $213 million in public funds would have to be raised to support the projects for which cost estimates are available . Of this amount approximately $31.5 million would be needed to fund joint public -private initiatives. Another $49.54 million would be needed to support the implementation of public realm project initiatives and approximately $50.87 million would be needed in public funds for transportation and infrastructure projects. 134 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 public funding requirements should be based upon a set of principles established to achieve the following objectives: 1) Meet funding cycle objectives 2) Minimize the use of local tax dollars 3) Achieve maximum leverage of private funding 4) Minimize long-term public cost In order to achieve these objectives, six principles are recommended as a basis for establishing the public financing strategy for the OMNI CRA. These principles are as indicated below: The projects which have been identified to help improve the OMNI Area cut across a multiplicity of program and funding areas. In some cases agencies other than the CRA will be responsible for their implementation. This forces the need to recognize that many of the projects will be funded by different federal, state, and local programs and oft times through different agencies. Even in cases where the CRA will be responsible to provide the funding it should not rely on one source but seek to identify other local, state, and federal programs which can leverage its trust funds. The OMNI CRA should utilize the tool of revenue bonds to generate some of the financial resources needed to meet public funding obligations of the plan. The availability of such financing may provide the flexibility needed to have matching funds available for public -private initiatives while at the same time funding projects which must meet specific time schedules for implementation. Funding some of the projects early in today's dollars will also save cost given the inflated construction costs that may be experienced in later years. To the maximum extent possible, the OMNI CRA should strive to achieve the joint public/private financing of projects. This approach will allow for the greatest leverage of public dollars while at the same time assuring private sector participation. Since most of these initiatives are privately managed, they also reduce public management time requirements. 135 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Optimize Flexible Funding Approach Provide for Maintenance of Improvements While it is good discipline to have budgets, it is always good to keep in mind that development is a dynamic process. Opportunities that were not known yesterday can become available today. The financial strategy should be sufficiently flexible so that it can be modified if new opportunities present themselves. One approach would be to set aside reserve funds which could be used when new opportunities are presented. A second approach would be to have a relatively simple process for changing project priorities in the budget. In either case, an entrepreneurial approach to budget management is important. The OMNI CRA should require a maintenance plan, adequately funded, for all of its funded projects. The absence of a maintenance plan threatens the long-term viability of the project. By forcing consideration of maintenance requirements, the CRA will be helping to insure that public funds have been invested properly and that useful life will be extended. The incorporation of these five principles into the OMNI CRA financial planning and commitment process • will help to assure that funds from a variety of sources are efficiently used to achieve the public objectives. 136 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.4 IDENTIFYING FUNDING SOURCES AND TOOLS This planning process has required an examination of various federal, state, and local economic development programs, institutions and tools that are available to the Omni CRA to implement the Redevelopment Plan Update. This report identifies the most relevant federal, state, county, and local programs and incentives that the CRA can take advantage of for the purposes of economic and community redevelopment, and incorporates the details of funding procurement and allocation for these programs. It should also be noted that Florida has developed financial incentive programs to encourage partnerships between local governments and private investors to implement economic development projects in the State. Working together with private developers, the City of Miami has indicated that it will continue to apply for Urban Development Action Grants, and Housing Development Action Grants in areas where housing can be developed as a part of mixed -use projects. The City of Miami has also indicated that it will continue to provide incentives for commercial redevelopment and new construction in areas where such redevelopment will contribute to the improvement in the built environment. Such incentives may be offered through the building facade treatment program, CDBG funds, and other redevelopment assistance programs. 137 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.4.1 Miami -Dade County Economic Resources and Incentives Tax Increment Financing (TIF) Source: -- Regulation: COUNTY ORDINANCE 87-47 Local Administrator: CITY OF MIAMI COMMUNITY DEVELOPMENT DEPARTMENT, HOUSING DIVISION Finance Type: TAX CREDITS Cycle: YEAR ROUND Current Funding Status: ACTIVE Eligible Applicants: NON-PROFIT & FOR -PROFIT DEVELOPERS Eligible Activities: ECONOMIC DEVELOPMENT ACTIVITIES Program Contact: DIRECTOR OF COMMUNITY DEVELOPMENT Program Address: 444 SW 2ND AVENUE, 2ND FLR. MIAMI, FL 33130 Contact Numbers: PHONE: (305) 416-2080 Below is a description of resources that may be either directly or indirectly available from Miami -Dade County. Tax Increment Financing (TIF) utilizes the incremental increase in ad valorem tax revenue within a designated geographic area to finance redevelopment projects within that area. As property values rise above an established aggregate valuation (the "frozen" tax base), tax increment is generated by applying the millage rate to that increase in value and depositing in a trust fund an amount equal to such increased tax revenue. The trust fund is the source for repayment of indebtedness. Florida redevelopment activities are initiated by the governing body of a city or county adopting a resolution finding the existence of one or more slum or blighted areas or a shortage of housing affordable to low or moderate income persons within its jurisdiction. The resolution must also find that the "rehabilitation, conservation, or redevelopment, or a combination thereof," of the area is necessary. The governing body must further find the need for a community redevelopment agency ("CRA") to function within that local government's boundaries to carry out the purposes of the Redevelopment Act. The governing body by resolution may designate itself as the CRA, create a separate CRA by ordinance, or designate a pre-existing downtown development entity. Successful CRA/TIF Examples in South Florida In 2003, Margaret Pace Park was revitalized through the efforts of the City of Miami through a joint agreement with the Omni Advisory Board and the Omni CRA. Funding for the $4 million regional park was made possible through City of Miami Homeland Defense Neighborhood Improvement Bond Issue, the SAFE Neighborhood Parks Trust for Public Land, a FIND (Florida Inland Navigational District) grant, Parks Impact Fees, and an advance from the Omni CRA TIF funds. The City of Delray Beach jump-started its downtown planning in 1989 when voters approved a $21.5 million "Decade of Excellence of Bond" referendum that enabled the city to widen and brick pave sidewalks along East Atlantic Avenue, install new street lighting, and provide for extensive plantings. The Delray Beach's Community Redevelopment Agency (CRA) offers a variety of financial and technical assistance programs to downtown investors including small business loans, historic facade easements for exterior building improvements, and site development assistance. The CRA also engages in the acquisition and disposition of distressed properties and vacant parcels of land. Land assemblage for redevelopment purposes is perhaps the single most important function served by CRA's in South Florida. 138 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Enterprise Zones The City of Hollywood's CRA has been active in refurbishing their downtown. In 1987, the CRA spent $1.8 million in streetscape improvements to Hollywood Boulevard. Improvements included new sidewalks, brick pavers, median landscaping, streetlamps, and street furniture. Another $2.6 million was spent in 1996 for streetscape improvements to Harrison Street in the downtown. Those improvements included widening of the sidewalks to 15 feet, brick pavers, streetlamps, and landscaping. The CRA also provides low interest loans for building improvements in the downtown. Loans are available through local banks at the prime rate with the city subsidizing one half of the interest payment. To date, the CRA has leveraged nearly $3 million in loans for downtown building improvements. The Enterprise Zone program offers opportunities for entrepreneurial initiatives and small business expansions. Businesses locating in enterprise zones qualify for property, sales and corporate tax credits. The establishment of an Enterprise Zone is a precursor to the establishment of an Empowerment Zone. Only a portion of the Omni CRA falls within Miami's Enterprise Zone - that area which is west of Biscayne Boulevard, the areas east of Biscayne Boulevard are excluded because they do not meet the requirements of a distressed community. Propoerty Tax : If a business locates or expands in an Enterprise Zone, and increases real or personal property value, it Abatement could receive an abatement of 50% or 100%of property taxes levied by the County on the improvements to the property for up to five years. In addition to being located within an Enterprise Zone, the requirements of this abatement include that the business must create at least five new permanent full- • time jobs. While this incentive might be available to businesses located within the Enterprise Zone • portion of the CRA the use of this tool might not be good financial policy since the CRA is highly Refund of Impact Fees • dependent upon the use of tax increment resources. Such abatements should be granted on the merits on a case by case basis with a maximum abatement of 50% on the property improvements for the first five years. If a business locates or expands in an Enterprise Zone, it may qualify for a refund of applicable road, fire and emergency services, and police impact fees. A reimbursement of Impact Fees paid would lower • the cost of the relocation or expansion, resulting in a substantial savings to the business. To receive the • Impact Fee refund, the business must have been granted Property Tax Abatement, and execute a covenant to maintain the abatement for five years. If the business is located within a municipality in an Enterprise Zone area, both the municipality and the County have to first approve the ad valorem tax exemptions. To date, only the City of Hialeah has approved ad valorem tax exemptions. 139 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Economic Development Transportation Fund (Road Fund) The Economic Development Transportation Fund, commonly referred to as the "Road Fund," is an incentive tool designed to alleviate transportation problems that adversely impact a specific company's location or expansion decision. The elimination of the problem must serve as an inducement for a specific company's location, retention or expansion in Florida and must create or retain jobs. Up to $2 million may be provided to the local government based on the number of jobs created. Only businesses in target industries serving multi -state and/or international markets are eligible. The business must be able to locate in other states. 140 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.4.2 City of Miami Economic Resources and Incentives City of Miami Tax Exempt Districts The following is a discussion of resources and incentives for community revitalization and redevelopment that may be available from the City of Miami. Although the City of Miami has the resources of several programs including: CDBG, Section 108, HOME, SHIP, and TIF these resources are already spread thin among the city's other distressed neighborhoods. There is a general consensus that the city will be unable to contribute more than it already does to the implementation of the Omni CRA Redevelopment Plan. Therefore, it is our position that the CRA needs to rely not only on the traditional sources of funding, but also follow the example of other CRAs such as Miami Beach, which has found new and sophisticated ways to fund its redevelopment effort. The City of Miami recently approved a property tax exemption program for qualified developers and entrepreneurs willing to invest in underdeveloped areas of the city. The new program will provide incremental tax relief for a period of ten years on new commercial investment. 141 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.4.3 Federal Funding Sources �I CDBG Funding Source: TITLE I OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974 - U.S. HUD Regulation: SECTION 290, FS RULE CHAPTERS 9B-43, FAC AND FEDERAL RULE 24 CFR PART 570. Local Administrator: CITY OF MIAMI COMMUNITY DEVELOPMENT DEPARTMENT Finance Type: LOANS AND GRANTS Cycle: ANNUAL COMPETITIVE Current Funding Status: ACTIVE Eligible Applicants: PUBLIC & NON-PROFIT ENTITIES Eligible Activities: ACQUISITION, PUBLIC FACILITIES AND IMPROVEMENTS, R EH BI LITATIO N, HOMEOWNERSHIP ASSISTANCE, SPECIAL ECONOMIC DEVELOPMENT ACTIVITIES Program Contact: DIRECTOR OF COMMUNITY DEVELOPMENT Program Address: 444 SW 2ND AVENUE, 2ND FLOOR, MIAMI, FLORIDA 33130 Contact Numbers: PHONE: (305) 416-2080 HUD administers several programs that aid counties and local governments in their economic development efforts. The CDBG program provides a comprehensive and flexible source of funding to address local housing, economic and community development needs. Although the rehabilitation of affordable housing has traditionally been the largest single use of the grants, the program is also an increasingly important catalyst for economic development activities that expand job and business opportunities for lower income families and neighborhoods. The city of Miami utilizes its CDBG funds for housing and economic development activities including homeownership assistance, housing rehabilitation and facade improvements in targeted neighborhoods. Facade improvement grants of $4,000 are targeted to commercial businesses in CDBG eligible neighborhoods. Best practice case studies have shown that CDBG funds are most effective when leveraged with private capital resources. It is also important that CDBG resources be targeted to clearly defined neighborhood areas. Much of the funding for the city's individual programs, including community redevelopment and economic development programs comes from the United States Department of Housing and Urban Development (HUD). The City of Miami Department of Community Development administers the HUD funds. The four major funding sources from HUD that create the monies used for programs are the Community Development Block Grant (CDBG), the Emergency Shelter Grant, the Home Investment Partnerships (HOME), the Brownfields Economic Development Initiative Grant, and the Housing Opportunities for Persons with AIDS program. The most relevant of these programs to the implementation of the Omni CRA Redevelopment Plan Update will be discussed in this report — the CDBG and HOME programs. Several officials with the city and county cited a trend in declining funds to the city in general, and particularly for its economic development activities. The decline in HUD's funding to Miami was attributed, in part, to a decline in the city's population. As illustrated in the following chart, in the last five years funding to Miami through the U.S. Department of Housing and Urban Development's (HUD) Community Planning and Development grants and loan programs has steadily decreased. This decline in governmental funding to the city is even worse for the Omni CRA, which is in the midst of an extensive revitalization effort and will require a significant amount of financial resources, particularly public funding. 142 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 CDBG funds are shrinking, in real terms, and the local demands for them are growing all the time. The assessment, remediation, and interagency coordination aspects of community redevelopment projects pose an additional expenditure burden that make it difficult for them to compete with other local demands. Large-scale community redevelopment projects typically do not get funded unless they happen to be part of a high priority economic development or housing project that the city wants to take on anyway. However, city officials have indicated that the successful implementation of the redevelopment strategy in Omni District is a priority for the city. HUD's sources of funding are generally very well received and instrumental to any public redevelopment efforts, according to city officials. Many of the barriers to community redevelopment in the city and to the expenditure of HUD funds on redevelopment projects are local issues, including competing local priorities, market factors, and local policies. Because of competing demands for CDBG funds, local officials interested in community redevelopment are learning about and tapping other sources of funding. Several large cities and urban counties have used HUD's Section 108 loans as a supplement to CDBG funds that allows them to initiate more expensive, longer turnaround investments where private sector investment is expected. Since their precious CDBG allocation is held as collateral for the Section 108 loan, such projects are undertaken only if there is strong local confidence in the return on investment from the new intended use of the property. In addition, urban areas that have healthy real estate markets and good communications among public and private players have shown impressive leveraging of private funds for community redevelopment and economic development projects. As stated previously, although Miami's CDBG allocations have declined in recent years, the CDBG program is still one of the best potential sources for funding for some of the projects and programs outlined in the Omni CRA Redevelopment Plan. Moreover, as part of its role in promoting urban economic development, HUD's stated policy is to build partnerships with local officials, businesses, and neighborhood sectors to aid in its efforts. HUD wants to ensure that its programs and resources support State and local governments' economic development efforts and help leverage private -sector investment in America's urban communities. 143 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Successful Examples of CDBG Implementation Over the past decade, the city of Lenexa, Kansas has leveraged $980,000 in CDBG funds with more than $2.3 million in local funding. Combined, these funds were used to revitalize the Old Town area. Streets and streetlights were replaced and new sidewalks and storm water systems were constructed. As a result, other homeowners in the area began to spruce up their homes and the whole area was revitalized. The CDBG funds became the catalyst for saving an entire neighborhood, according to council member Diane Linver. $15,000,000 - $10,000,000 - $5,000,000 - $0 HUD CPD ALLOCATIONS: SELECTED PROGRAMS FY 2001-2005 $13,148,000 FY'01 FY'02 $10,132,000 FY'03 FY'04 140 FY 05 ❑ CDBG • HOME 144 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Home Investment Partnerships (HOME) Program Source: NATIONAL AFFORDABLE HOUSING ACT - U.S. HUD Regulation: SECTION 420.5089, F.S. RULE CHAPTERS 67-47, FAC HOME FINAL RULE 24 CFR PART 92 Local Administrator: CITY OF MIAMI COMMUNITY DEVELOPMENT DEPARTMENT, HOUSING DIVISION Finance Type: BELOW MARKET MORTGAGE LOANS Cycle: ANNUAL COMPETITIVE Current Funding Status: ACTIVE Eligible Applicants: PUBLIC ENTITIES, NON -PROFITS, FOR -PROFITS, PUBLIC AGENCIES Eligible Activities: HOUSING CONSTRUCTION, REHABILITATION Program Contact: DIRECTOR OF COMMUNITY DEVELOPMENT Program Address: 1313 NW 36TH STREET, 2ND FLOOR, MIAMI, FLORIDA 33142 Contact Numbers: PHONE: (305) 416-3135 The HOME program is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. Since 1992, more than a half million affordable housing units have been acquired, constructed or rehabilitated and nearly 70,000 tenants have received direct rental assistance. In addition, more than 200,000 new homebuyers have received assistance to purchase their first homes through the HOME program. Each year, approximately $2 billion dollars are allocated among states and hundreds of localities nationwide. The Florida Housing Finance Corporation (FHFC) administers the State's annual allocation of HOME funds as two separate programs: (1) a multi -family rental development loan program; and, (2) a second mortgage loan program for (a) single-family developments and (b) for first-time home buyers in conjunction with the FHFC's Single Family Mortgage Revenue Bond (SFMRB) Program. Construction loans have a term of 15 years for rehab and 20 years for new construction. The loans are non -amortized and have a simple interest rate of 0% for nonprofit and 3% for for -profit applicants with interest payments due annually. 145 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 HUD Section 108 Loan Guarantees Source: NATIONAL AFFORDABLE HOUSING ACT - U.S. HUD Regulation: SECTION 290, FS RULE CHAPTERS 9B-43, FAC AND FEDERAL RULE 24 CFR PART 570. Local Administrator: CITY OF MIAMI COMMUNITY DEVELOPMENT DEPARTMENT Finance Type: LOANS Cycle: ANNUAL COMPETITIVE Current Funding Status: ACTIVE Eligible Applicants: PUBLIC & NON-PROFIT ENTITIES Eligible Activities: HOUSING REHABILITATION, ECONOMIC DEVELOPMENT Program Contact: DIRECTOR OF COMMUNITY DEVELOPMENT Program Address: 444 SW 2ND AVENUE, 2ND FLOOR, MIAMI, FLORIDA 33130 Contact Numbers: PHONE: (305) 416-2080 Almost any community that receives CDBG funds has more community and economic development needs than it can possibly address with the amount of CDBG funds it receives through its annual entitlement grant. Therefore, a growing number of communities have taken advantage of certain leveraging approaches to get the maximum impact from the CDBG resources they receive. These options make it possible to fund special opportunities that may arise out of the normal planning cycle or when a high cost activity cannot be achieved with funds currently available. One such option, the Section 108 Loan Guarantees, provides HUD the authority to pledge full faith and credit of the U.S. Government as a means of guaranteeing loans under the CDBG program. According to officials, the Section 108 program has been growing, and the commitment level has been rising. Currently, there is $400 million committed to the program, and it is funded for the next 20 years. Successful Examples of Section 108 Implementation Many communities have applied Section 108 loan guarantees for neighborhood revitalization. HUD provides numerous examples of the diverse ways to use Section 108 loan guarantees for such endeavors. The City of Wichita, Kansas and Cessna Aircraft Company acquired a large site in a troubled neighborhood to undertake a two-phase project. The first phase included the construction of the Cessna Learning Work Complex, including a light assembly facility and a learning/day care facility to be used by Cessna trainees living in the neighborhood. Since construction, the 21" Street Corridor has seen substantial investment, including a new bank, senior center, police substation, Boys and Girls Club, library, and affordable housing complexes. Fremont Plaza represents a new and aggressive strategy in economic development for the City of Alhambra, California. The project is centered on a renovated former Sears retail building. The closing of the Sears store created an immediate loss of over 200 jobs and $180,000 in sales tax revenue from the City general fund. Initially the Alhambra Redevelopment Agency approached commercial developers, offering traditional subsidy, to redevelop the site. These developers declined to participate, and the Agency made a decision to develop the site itself using Section 108 financing. The City of Jacksonville, Florida used five Section 108 loans to finance development projects with five for -profit developers. The city used 108 financing in lieu of CDBG funds in order to keep those CDBG funds free for other low- and moderate -income uses, such as provision of services. The goal of the five projects is to create a total of 1,130 new jobs for the Jacksonville community. 146 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 In Portsmouth, Maine's Mariner's Village apartment complex was a substandard, 600-unit complex, of which only 220 units were still occupied. Through a partnership of local and federal government, as well as state and local housing agencies and the private sector, the complex was replaced with a mixed - use development designed to stabilize the neighborhood. A zoning change allowed the construction of 329 rental townhouses, half of which were affordable. Families not wishing to remain the area were relocated to other standard, affordable housing. Those who see the value of Section 108 say it is the only source of funding that is large and flexible enough for expensive community redevelopment projects and allows capital to be applied quickly when it is needed, but does not tie up current money in the meantime. These loans allow a community to undertake large-scale, often multi -million dollar, economic development projects that its CDBG allocation is too small to cover. Section 108 detractors see it as too large a risk because it uses the CDBG funds as collateral. One official interviewed noted that only projects believed to show a strong return on investment when the property is redeveloped should be proposed for Section 108 funding. 147 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Economic Development Administration (EDA) Source: PUBLIC WORKS AND ECONOMIC DEVELOPMENT ACT OF 1965, AS AMENDED Regulation: 42 U.S.C. 3141, SECTION 201, PUBLIC LAW 105-393; 112 STAT. 3596. Obligations: (INVESTMENTS) FY 2002 $249,956,037; FY 2003 EST $232,100,000; AND FY 2004 EST $232,100,000. Finance Type: PROJECT GRANTS Cycle: ANNUAL COMPETITIVE Current Funding Status: ACTIVE Eligible Applicants: STATES, CITIES, COUNTIES, ECONOMIC DEVELOPMENT DISTRICTS, AND PRIVATE OR PUBLIC NONPROFIT ORGANIZATIONS Eligible Activities: ACQUISITION, REHABILITATION, DESIGN AND ENGINEERING, OR IMPROVEMENT OF PUBLIC LAND OR PUBLICALLY-OWNED AND OPERATED DEVELOPMENT FACILITIES Program Contact: WILLIE TAYLOR Program Address: 401 WEST PEACHTREE STREET, N.W., SUITE 1820, ATLANTA, GA 30308-3510 Contact Numbers: PHONE: 404-730-3032 The Economic Development Administration (EDA) was established to work with states and localities to generate new jobs, retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas and regions of the United States. The purpose of its program investments is to provide economically distressed communities with a source of funding for planning, infrastructure development, and business financing that will induce private investment in the types of business activities that contribute to long-term economic stability and growth. EDA's investments are strategically targeted to increase local competitiveness and strengthen the local and regional economic base. The Commerce Department's Economic Development Administration has a $320 million budget, a fraction of the CDBG' allocation. Any programs that exist in the Commerce Department that encourage direct economic development to some of the most disadvantaged and blighted areas, those programs are dwarfed by HUD's programs. HUD programs have more of a community focus, while the Commerce Department's Economic Development Administration is more interested in economic growth. However, they are funding a lot of the same projects. EDA Investment Programs The Public Works Program empowers distressed communities to revitalize, expand, and upgrade their physical infrastructure to attract new industry, encourage business expansion, diversify local economies, and generate or retain long-term, private sector jobs and investment. Examples of Funded Projects (1) Infrastructure for industrial park development; (2) port development and expansion; (3) infrastructure necessary for economic development (e.g. water/sewer facilities); (4) renovation and recycling of old industrial buildings; (5) construction of vocational -technical facilities and skill centers; (6) construction of incubator facilities; (7) redevelopment of brownfields and (8) Eco- industrial development. Partnership Planning EDA's Partnership Planning programs help support local organizations (Economic Development Districts, Indian Tribes, and other eligible areas) with their long-term planning efforts and their outreach to the economic development community on EDA's programs and policies. 148 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 New Market Tax Credit Program Part of the Community Renewal Tax Relief Act of 2000, the New Markets Tax Credit Program is expected to spur approximately $15 billion in investments into privately managed investment institutions. In turn, these privately managed investment institutions, or Community Development Entities (CDEs), will make loans and capital investments in businesses in underserved areas. By making an investment in a CDE, • an individual or corporate investor can receive a tax credit worth 39 percent (30 percent net present value) of the initial investment, distributed over 7 years, along with any anticipated return on their investment in the CDE. The NMTC program permits taxpayers to claim a credit against federal income taxes for Qualified Equity Investments (QEIs) made to acquire stock or a capital interest in designated Community Development Entities (CDEs). These designated CDEs must use substantially all (defined as 85 percent) of these proceeds to make Qualified Low -Income Community Investments (QLICIs). The investor, or a subsequent purchaser, is provided with a tax credit claimed over seven years. The investor receives a tax credit equal to five percent of the total amount paid for the capital interest or stock purchase over the first 3 years. For the final four years, the value of the tax credit is six percent annually. The Community Development Financial Institutions Fund (CDFI Fund) certifies CDEs on an ongoing basis, and allocates NMTC Allocations annually to select CDEs through a competitive application process. Impact Seven is a qualified CDE, and is currently awaiting decision on its pending NMTC Allocation application, which will be facilitated through for -profit subsidiary CDEs created by Impact Seven specifically for its NMTC program. Businesses, investors, and communities will benefit from the NMTC. The NMTC program was designed to make investment capital available to businesses in qualifying low-income communities, to create jobs and spur additional economic development. The Federal Government created the 39 percent in NMTC as an inducement to private investors to open the flow investment capital into these communities. These tax credits, when considered along with the potential return on their investment in the CDE, create a substantial financial benefit for the investors as well. 149 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Impact Seven may finance or provide assistance to a wide range of private business enterprises in Qualifying Low -Income Communities with funds secured through NMTC investments. Examples of qualifying activities include: loans, equity or capital investments; purchase of certain loans made by other CDEs; financial counseling and related services to businesses. The focus of Impact Seven's NMTC program is the financing of manufacturing facility expansions and start-ups and real estate development and redevelopment projects, while it will consider sound projects of all types in a variety of economic sectors. NMTC may be used to finance community development projects such as community facilities. However, funds derived from NMTCs cannot be utilized in projects that are already subsidized by other federal tax subsidies, with certain exceptions. In the case of mixed -use developments, subsidization may be split between uses, allowing NMTC financing for parts of the project. 150 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.4.4 Florida Economic Resources and Incentives Source: WILLIAM E. SADOWSKI AFFORDABLE HOUSING ACT Regulation: SECTION 420 PART VII, F.S. RULE CHAPTERS 67-37, FAC Local Administrator: CITY OF MIAMI COMMUNITY DEVELOPMENT DEPARTMENT, HOUSING DIVISION Finance Type: GENERALLY SECOND OR BRIDGE LOANS, GRANTS Cycle: LOCAL GOVERNMENT CONTROL BASED ON ANNUAL LEGISLATIVE APPROPRIATION Current Funding Status: ACTIVE Eligible Applicants: NON -PROFITS FOR -PROFITS, PUBLIC AGENCIES, INDIVIDUALS Eligible Activities: GAP FINANCING, CONSTRUCTION, REHABILITATION, ACQUISITION, DOWN PAYMENT ASSISTANCE Program Contact: GEORGE MENSAH, SHIP ADMINISTRATOR Program Address: 1313 NW 36TH STREET, 2ND FLOOR, MIAMI, FLORIDA 33142 Contact Numbers: PHONE: (305) 416-1765 Following is a discussion of the resources that might be available through the state to carry out some components of the OMNI CRA Redevelopment Plan Update. State Housing Initiatives Partnership (SHIP) Program Florida Housing administers the State Housing Initiatives Partnership program (SHIP), which provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program was designed to serve very low, low and moderate -income families. SHIP funds are distributed on an entitlement basis to the City of Miami. Under the program, the minimum allocation is $350,000 and the maximum allocation is over $9 million. The City of Miami receives approximately $1 million annually in SHIP funding. While the overall budget of the SHIP program has steadily increased since 1993, funding to the City of Miami has been on the decline, according to officials. SHIP dollars are used to fund emergency repairs, new construction, rehabilitation, down payment and closing cost assistance, impact fees, construction and gap financing, mortgage buy -downs, acquisition of property for affordable housing, matching dollars for federal housing grants and programs, and homeownership counseling. SHIP funds may not be used to assist manufactured housing; however, manufactured buildings with the Florida Department of Community Affairs' insignia are eligible. Funds are allocated to the local government each month on a population -based formula. These funds are derived from the collection of documentary stamp tax revenues, which are deposited into the Local Government Housing Trust Fund. Total actual disbursements are dependent upon these documentary stamp collections. 151 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 State Department Incentive Loan (SAIL) Program Source: WILLIAM E. SADOWSKI AFFORDABLE HOUSING ACT Regulation: SECTION 420.5087, F.S. RULE CHAPTERS 67-48, FAC Local Administrator: FLORIDA HOUSING FINANCE CORPORATION Finance Type: GENERALLY SECOND OR BRIDGE LOANS Cycle: ANNUAL COMPETITIVE CYCLE Current Funding Status: ACTIVE Eligible Applicants: NON -PROFITS FOR -PROFITS, PUBLIC AGENCIES Eligible Activities: CONSTRUCTION, REHABILITATION Program Contact: JOYCE MARTINEZ, ADMINISTRATOR Program Address: 227 NORTH BRONOUGH STREET, SUITE 5000, TALLAHASSEE, FL 32301-1329 Contact Numbers: PHONE: 850-488-4197 The State Apartment Incentive Loan program (SAIL) provides low -interest loans on a competitive basis to affordable housing developers each year. This money often serves to bridge the gap between the development's primary financing and the total cost of the development. SAIL dollars are available to individuals, public entities, not -for -profit or for -profit organizations that propose the construction or substantial rehabilitation of multifamily units affordable to very low-income individuals and families. A minimum of 20 percent of the development's units must be set aside for families earning 50 percent or less of the area median income. Developments that use housing credits in conjunction with this program may use a minimum set -aside of 40 percent of the units for residents earning 60 percent of the area median income. Developments in the Florida Keys Area may use a minimum set -aside of 100 percent of the units for residents with annual household incomes below 120 percent of the state or local median income, which ever is higher. Loan interest rates are set at three percent for developments. Loans are issued for a maximum of 15 years unless housing credit syndication requirements or Fannie Mae requirements dictate longer terms. In most cases, the SAIL loan cannot exceed 25 percent of the total development cost and can be used in conjunction with other state and federal programs. 152 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Miami -Dade Empowerment Zones Bond Financing The State of Florida's Miami -Dade Empowerment Trust is authorized to issue up to $130 million in tax- exempt bond financing to new and existing businesses within its eight Empowerment Zone assemblies. Each neighborhood assembly will also receive an allocation of $1 million to finance local economic development and human service projects. The Miami -Dade Empowerment Trust is authorized to issue up to $130 million in tax-exempt bond financing to businesses located in or moving to the Empowerment Zone. These EZ Bonds are issued by a state or local government in a federally designated "Empowerment Zone." The bonds are sold in the public market or placed with investors by an investment-banking firm. The state or local government uses the proceeds received from the investors to make a loan to a qualifying business borrower to finance the cost of a commercial, retail or similar facility used by the borrower. The borrower must be an "Enterprise Zone Business" and the property financed by the loan must be a "qualified zone property." Benefits of EZ bond financing: Interest income received by investors from EZ bonds is not subject to federal income tax (and usually is also exempt from state and local taxes). The investor is willing to accept a lower interest rate because of the tax -exemption. This lowers the cost of borrowing for the EZ business. While there is no maximum limit on EZ Bonds, the minimum issue size is a function of market conditions. Generally, the break -event point, above which savings will be realized and below which conventional forms of financing may prove to be less expensive overall, is considered to be at least $1.75 million. Therefore, projects seeking bond financing from the Empowerment Trust, should be at least a million dollars in scope. The market for tax-exempt EZ Bonds is essentially confined to taxpayers who stand to gain a tax advantage by making investments, which will earn interest income not subject to federal income tax. To gain the maximum interest rate advantage, the borrower must usually structure an Industrial Development Bond (IDB) financing for sale into the national public bond market. EZ Bond Project Qualifications: 1 . New construction or purchase of existing property within the Empowerment Zone. Purchase of used equipment so long as it is the first in -zone use of such equipment. 2. Substantial renovation of in -zone property, including property that the business already owns, or property that is being purchased. Property can be originally used prior to zone designation or originally used outside of the zone. 3. No Private Activity Bond Allocation is required. 153 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Conclusion While a wide array of funding programs exists in support of urban economic development, many of these are housing subsidy programs designed for the purpose of developing affordable housing in urban communities. These programs may not prove as helpful in the OMNI CRA where land cost have made it extremely difficult to build affordable housing. While CBDG funds can also be helpful, HUD regulations governing their use for economic development make clear that the projects must benefit low-income residents. This requirement, combined with a decline in CBDG revenues to the city and strong demand for these funds from other qualifying neighborhoods suggest that no assumptions can be made regarding a long term flow of these funds. This has been further complicated by a recent proposal for a consolidation of community and economic development funds at the national level. The White House has proposed to save $1.6 billion by consolidating 18 community development grant programs administered by five Cabinet departments into a single program residing at the Commerce Department. The consolidation is one of 17 major overhauls of discretionary programs recommended by President Bush in his fiscal 2006 budget. President Bush's plan entails merging community development programs —three from Health and Human Services, seven from Housing and Urban Development, three from Treasury, one from Commerce and four from Agriculture —into a "Strengthening America's Communities Grant Program." While we do not expect this proposal to be approved by Congress, it still demonstrates a trend toward reduced resources from the federal government for urban development activities. Because of these uncertainties the approach of the CRA should continue to be the identification of priority projects, and the use of single project financing strategy. In the end, all revitalization and development is achieved one project at a time. 154 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.5 FUNDS SOURCES AND USES Streetscapes . The incentives and subsidies that may be available from the previously mentioned funding resources can be used to attract a pioneering land use to the area, to reduce the density of a project below that supported by the market and zoning, to increase the densities above market demand, or to enhance the overall quality of the project. The sources and uses of funds matrix can be used as a tool in the creative financing process to identify those financial resources that might be most helpful in putting together a financing strategy for a particular project. In putting the matrix together, local, state and federal resources have been identified for each project use category. In each case, only those resources which have been used substantially for that purpose have been identified. Municipal Bonds have been the traditional source of financing for streetscape improvements. However, when such traditional financing has not been available, creative urban and community developer financing strategist have turned to more innovative tools. As the matrix shows, among the most popular of these tools are the following: 1) Tax Increment Trust 2) Revenue Bonds 3) CDBG Funds While tax increment trust funds can be used for streetscape improvements in a CRA area, there is a lot of case history indicating that streetscape improvements are among the most popular uses. There is also a lot of case history supporting the use of revenue bonds, tied to special tax districts, as a tool in financing streetscape improvements. And, in both smaller communities and larger cities, CDBG funds are often used to fund such improvements, especially in lower -income minority or ethnic areas. Street improvement funding is generally financed by municipal bonds, or in tandem with State and Federal DOT resources. However, in selected instances the following sources might be used for gap financing. These sources are: 1) Tax Increment Trust 2) CDBG Funds 155 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Street Improvements • Public -Private Projects While different localities may have different policies governing the financing of street improvement projects, our view is that these funds should only be used for gap financing when street improvements are required as a component of a public -private project that will generate additional tax base and jobs for the community. Public -Private projects are defined herein as those private developments, either commercial or residential, which require some type of public subsidy or incentive to provide the developer with a sufficient return on investment to go forward with the project. In this context, the more creative that urban developments professionals can be in responding to a private developer's particular need, the more likely that a good portfolio of projects will get off the ground. There are a number of tools which can assist the urban development professional in this process. They are as follows: 1) Tax Increment Trust 2) Property Tax Abatement 3) EZ Bond Financing 4) Revenue Bonds 5) EDA Public Works 6) New Market Tax Credits 7) State DOT Funds 8) Federal DOT Funds 9) CDBG Funds In almost every case, private sector equity and financing will be the key tool in public -private development projects. However, the bottom line of these projects or their quality level can be enhanced through the creative use of other public financing tools. While some of the tools make good financing partners, others do not. For example, using property tax abatements in partnership with tax increment financing may not be a good policy choice. Federal DOT Funds can be especially helpful on projects on which all or some of the site might be determined to be a brown field site. Such funds have been effective in brown field redevelopment as a part of an overall smart -growth strategy. 156 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Infrastructure • Affordable/Workforce Housing For purposes of this report, infrastructure is being defined as water, sewer, bridges, bicycle paths, parks and other open space, and public transportation. The key sources that should be looked to when putting together a financing strategy for these projects, after maximizing traditional sources, should be the following: 1) Tax Increment Trust Funds 2) State DOT Funds 3) Revenue Bonds 4) EDA Public Works Funds 5) New Market tax Credits 6) Federal DOT Funds It should be noted that some of these sources may only be applicable to certain types of infrastructure projects. Other programs, such as new market tax credits, may still be in the process of fully defining the extent of their use for infrastructure projects. It has been pointed out previously that escalating land cost within the current OMNI CRA boundaries make the generation of affordable workforce housing extremely difficult. However the creative use of some subsidy resources and incentives might make some workforce housing possible in the context of a larger mixed -use development made up of market -rate housing, retail, and workforce housing. Among the tools that might help facilitate this effort are the following: 1) Tax Increment Trust 2) Zoning Incentives 3) New Market Tax Credits 4) Low -Income Tax Credits 5) SHIP Program 6) SAIL Program 7) Eminent Domain The skillful use of zoning incentives allowing for increased project density, combined with the use of tax increment trust funds, new market tax credits, and low-income housing tax credits, should be sufficient to offset the economic disadvantage of higher land cost. 157 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Business Loans The City of Miami or Miami -Dade County should also use the tool of eminent domain to efficiently assemble sites for the development of workforce and affordable housing. The need to provide housing for city employees, service industry, and tourism industry employees is critical to the growth of the city's economy. While we believe that sufficient authority for the use of this tool has been provided by the Redevelopment Act, this authority has been broaden by a recent Supreme Court decision. In a June 2005 ruling, the Supreme Court ruled in Kelo vs. City of New London, No. 04-108 that local governments may force property owners to sell out and make way for private economic development when officials decide that it would benefit the public, even if the property is not blighted and the new project's success is not guaranteed. While there is now some activity in Congress to create some boundaries around this ruling, at the current time the ruling stands. • Entrepreneurship is an important strategy component of the OMNI Plan Update. To the maximum extent • possible, the plan seeks to provide entrepreneurial opportunities for residents of the area, as well as • support expansion opportunities for existing businesses. In addition to the traditional financing tools of personal equity, bank loans, or venture capital, the following additional resources may be accessed to • help respond to this need. 1) SBA 7A Loan Guarantees 2) CDBG Funds 3) New Market Tax Credits Loans The skillful use of these resources in tandem with the local financial community resources could help • make possible the implementation of quality business enterprise projects. 158 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Sources and Uses Matrix Sources and Uses Matrix Sources Streetscape Street Improvements Public/ Private Projects Infrastructure Affordable Housing Business Loans IState and Local I Tax Increment Financing X X X X X X Property Tax Abatement X Refunds of Impact Fees X Miami/Tax Exemption Districts X EZ Bond Financing X Zoning Incentives X State DOT Funds X X X X IFederal Revenue Bonds X X X X X EDA Public Works X X X X New Market Tax Credits X X X SBA 7A Loan Guarantees X CDBG Funds X X X X X X Federal DOT Funds X X X LITC Housing Program X 159 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 7.6 SAMPLE PROJECT FINANCING STRATEGIES Retail Development In order to demonstrate the use of two of the key tools in tandem with private sector funding for public/private projects we have formulated three public/private development prototype projects. In each case, a purely private financing approach has been used in comparison with the public/private financing as a means of demonstrating the importance of the public financing tools in the redevelopment/revitalization process. The three prototypes include the following: 1) Retail Development 2) Office Development 3) Hotel Development • The proposed project is a 200,000 square foot retail development oriented to specialty shops. As Table 4 indicates total development costs are projected to be $35,000,000 which equates to $175 per square foot development cost. Construction costs are estimated to be $21 million, or approximately $105 per • square foot. As Table 1 shows there might be two different approaches to finance the project. In • Alternative 1, a private financing approach, we have assumed a 20% equity position on the part of a • private developers with the other 80% being financed by a private lending institution. Urban development projects are difficult because of the high cost of land acquisition and site preparation. When combined with the high cost of construction and untested markets, retail development for higher quality shopper's goods often becomes a challenge. However, the effective use of the available incentives tools can help to reduce some of the risk by helping to achieve lower rents while at the same time providing for competitive rates of return on equity to the developer. 160 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Retail Development Assessment Size of Development Total Development Cost Alternate 1. Private Financing • Developer Equity of $7 million • Bank Loan of $28 million 200,000 sq.ft. $35,000,000 Alternative 2.Public /Private Financing • NMTC Loan $12.8 million, 3%, 30 Year (Year 7 Take-out Refinance) • Tax Increment $4.2 million Land Write -down • Bank Loan, $11 million, 30 years, 8% • Developer Equity of $7 million In Alternate 2, a developer equity requirement of 20% has been maintained; however, the debt burden has been reduced using a New Market Tax Credit Loan and a land write -down made possible through the use of the Tax Increment Trust Fund. Table 5, below shows the significance of the public/private financing approach. Using a purely private sector financing approach it would not be possible to get the project off of the ground. The project would not have a sufficient debt coverage ratio to secure financing, nor would it generate a sufficient return to the developer. On the other hand, using the programs through Alternative 2, Public/Private Financing the debt burden has been reduced sufficiently to warrant strong consideration by a developer. There is a sufficient debt coverage ratio with the project showing and 11% return on investment after debt service. Financial Analysis Income: $7,220,000 Operating Expenses: $4,721,880 Net Operating Expenses: $2,498,120 Private Debt Service: $2,465,448 Public/Private Debt Service: $1,634,154 Private ROI: 0% Public/Private ROI: 11% 161 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Office Development The prototype office project is for a 100,000 square office building. Table 6 indicates total development costs are projected to be $15,000,000 which equates to $150 per square foot development cost. Construction costs are estimated to be $7.95 million, or approximately $79.50 per square foot. Table 3 shows two different approaches to finance the project. In Alternative 1, a private financing approach we have assumed a 20% equity position on the part of a private developers with the other 80% being financed by a private lending institution. Office development projects are important for redevelopment and revitalization because they bring employment and job opportunities. They also bring additional shoppers and home seekers who may become permanent residents of the area. Yet they can also be difficult because of the high cost of land acquisition and site preparation. However, a plan that takes advantage of the available incentives tools can help to make such projects possible. 162 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Office Development Assessment Size of Development 100,000 square feet Total Development Cost $15,000,000 Alternate 1. Private Financing • Developer Equity of $3 million • Bank Loan of $12 million Alternative 2.Public /Private Financing • NMTC Equity Position $4.3 million (Year 7 buy-out Refinance) • Tax Increment $4.2 million Land Write -down • Bank Loan, $3.5 million, 30 years, 9% • Developer Equity of $3 million In Alternate 2, a developer equity requirement of 20% has been maintained; however, the debt burden has been reduced using a New Market Tax Credit 7 year equity position, and a land write -down made possible through the use of the Tax Increment Trust Fund. Table 7, below again shows the significance of the public/private financing approach. Using a purely private sector financing approach the project would not generate a sufficient return to the developer. On the other hand, using the programs through Alternative 2, Public/Private Financing the debt burden has been reduced sufficiently to warrant strong consideration by a developer. There is a sufficient debt coverage ratio and the project shows a 14% return on investment after debt service. Office Financial Analysis Income: $2,025,000 Operating Expenses: $ 613,000 Net Operating Income: $1,412,000 Private Debt Service: $1,295,606 Public/Private Debt Service: $377,885 Private ROI: 4% Public/Private ROI: 14% 163 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Hotel Development The proposed project is a 150 room hotel project Table 8 projects total development costs to be $22,500,000 which equates to $150,000 per room. Construction costs are estimated to be $14,625,000 • million, or approximately $97,500 per room. Table 5 shows both a private and public/private financing approach. In Alternative 1, we have assumed a 25% equity position by the private developer with the other 75% being financed by a private lending institution. Since hotels projects are often viewed as far more risky as compared with office or retail project, the equity requirements has been increased. Hotel projects provide and important source of jobs for low skilled workers in urban areas. In addition they bring in both business travelers and tourist who increase the expenditure potential for food, other retail goods, and transportation services. Without an adequate market base, such projects may be meaningless, on the other hand with sufficient market base they can serve to drive the neighborhood economy. What is often required are the types of incentives used in this example to make such project work. Conclusion Given the uncertainties of the market, and fluctuations in the type of public financial resources that may be available at any given time, there can be no single long-term budget and strategy for all of the initiatives recommended in this plan update. At the same time, through creating a list of priority projects, promoting the ideas to the development community, and creatively using the public resources that are available, the OMNI CRA can get some projects off the ground that will send the message that the area is really turning itself around. This process has already been started by natural market forces, it only needs to be enhanced by the activities of the CRA. 164 Omni CRA Redevelopment Plan FINAL DRAFT FINANCING PLAN 7 Table 8 . Hotel Development Assessment Size of Development 150 Rooms Total Development Cost $22,500,000 Alternate 1. Private Financing • Developer Equity of $5.625 • Bank Loan of $16.875 Alternative 2.Public /Private Financing • NMTC Equity Position $7.25 million (Year 7 buy-out Refinance) • Tax Increment $3.375 million Land Write -down • Bank Loan, $6.250 million, 30 years, 9% • Developer Equity of $5.625 million In Alternate 2, a developer equity requirement of 25% has been maintained; however, the debt service burden has been reduced using a New Market Tax Credit 7 year equity position, and a land write -down made possible through the use of the Tax Increment Trust Fund. Table 6, below again shows the significance of the public/private financing approach. Using a purely private sector financing approach the project would not generate a sufficient return to the developer. On the other hand, using the programs identified in Alternative 2, Public/Private Financing, and the debt burden has been reduced sufficiently to obtain a developer commitment. There is a sufficient debt coverage ratio and the project shows a 10% return on investment after debt service. Table 8. Hotel Financial Analysis Income: $6.371,531 Operating Expenses: $4,358,127 Net Operating Income: $2,013,404 Private Debt Service: $1,821,946 Public/Private Debt Service: $674,784 Private ROI: 3% Public/Private ROI: 10% 165 NEIGHBORHOOD IMPACT OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT NEIGHBORHOOD IMPACT 8 8.1 ACQUISITION, DEMOLITION AND RELOCATION 1 It is the goal and intent of the CRA to retain, improve and increase the housing stock within the Omni Redevelopment area. Therefore, the Plan Update does not propose any specific project which would result in the acquisition or demolition of existing residential structures nor the relocation of current residents of the area. Any future project supported by the CRA and its financing mechanisms which requires the involuntary displacement of any resident, shall be accompanied by a Project Relocation Plan in accordance with Florida Statute 163 or other applicable regulations. The Project Relocation Plan must be approved by the CRA Board in a publicly noticed CRA Board meeting prior to receiving final approvals. If any future projects were to require relocation and CRA funding were to be "partnered" with Federal funds, the Omni CRA shall make it a condition of its participation that all provisions of the Uniform Relocation Assistance Act are met. This will assure that displaced residents will have access to safe, sanitary and decent replacement housing. 166 Omni CRA Redevelopment Plan FINAL DRAFT NEIGHBORHOOD IMPACT 8 8.2 TRAFFIC CIRCULATION A The street system within the study area consists of arterials, collectors and local roads that provide access and circulation within the Omni area. The main arterial is Biscayne Boulevard which provides north / south access. Access to and from the Omni area to other parts of the city is severely restricted by the 1-395 elevated expressway on the south limit of the study area and the Florida East Coast (FEC) railway on the west side. As part of this redevelopment plan, the following transportation improvements are being proposed: 1) Miami Streetcar (Project 19) 2) 17'" Street / FEC Crossing (Project 20) 3) 2"d Avenue Reconstruction (Project 21) 4) 2-way Conversion of One-way Streets (Project 22) In addition to these improvements and consistent with the approved Miami Downtown Transportation Master Plan the following improvements should also be considered: 1) Free -fare Transit Zone - the zero out-of-pocket cost is certainly an incentive for users to ride transit. There are also intangible benefits such as user's convenience and elimination of delays by not having fare box. 2) Improve Transit Amenities - amenities for transit users are a key element of an effective transit system. Elements contributing to a high quality environment include; comfortable shelters, protection from the elements, adequate lighting, as well as clean and safe vehicles. 3) Develop Pedestrian Corridors - a systematic effort should be arranged to not only "accommodate" but actively enhance pedestrian safety and promote a pleasant walking environment. 4) Develop a Baywalk- Margaret Pace Park presents an opportunity to create a baywalk that connects the park with Bicentennial Park to the south. The baywalk will provide recreational opportunities, increase connectivity between other areas of Downtown and provide an alternative for walking trips. 5) Reconstruct NE 2nd Avenue, NE/NW 14'" Street, NE 17th Street and NE 17th Terrace. Traffic capacity in the area is controlled by the Downtown Development of Regional Impact (DDRI) Increments I and II. The approved master development order specifies the total amount of development planned for each land use category but provides flexibility for development located anywhere within the DDRI area. Specific projects traffic capacity impacts are addressed via traffic studies conducted as part of the Major Use Special Permit (MUSP) process. 167 Omni CRA Redevelopment Plan FINAL DRAFT NEIGHBORHOOD IMPACT 8 8.3 ENVIRONMENTAL QUALITY II Redevelopment in the Omni CRA will improve environmental quality due to existing provisions in the City's building permit process. Miami -Dade County Department of Environmental Resource Management reviews all new construction permits to ensure health standards are followed. Asbestos testing is required for existing buildings that are to undergo renovation. The County's Health Department must also approve any water and sewer changes, restaurants, hospitals, clinics, and schools. Miami -Dade Water and Sewer Department provides water and sewage services and runoff drainage for the CGR area. The Department has upgraded their standards which means that most new construction and renovations within the CRA will require upgrades to the water service lines. 168 Omni CRA Redevelopment Plan FINAL DRAFT NEIGHBORHOOD IMPACT 8 8.4 COMMUNITY FACILITIES AND SERVICES Parks/Public Spaces Service, Meeting & Recreational Centers Churches Educational Entertainment Venues Community Services and Facilities in the Omni CRA and surrounding areas: • 1) Bicentennial Park 2) Margaret Pace Park 3) Bayfront Park 4) Biscayne Park • 5) Dorsey Park 1) Culmer/Overtown Neighborhood Center 2) The Overtown Youth Center 3) Freedom Tower 4) Accion Community Action Agency Center 5) Wynwood Neighborhood Center 6) Miami Arena • 1) Trinity Episcopal Church 1) University of Miami Medical Campus (Jackson Memorial Hospital) 2) Miami -Dade College, Wolfson Campus 3) The Culmer/Overtown Branch Library • 4) Main Library 1) Miami Performing Arts Center (future) 2) Miami Arena 3) American Airlines Arena 4) Bayfront Park and Amphitheater 5) Gusman Center • 6) Museum/Bicentennial Park (future) 169 Omni CRA Redevelopment Plan FINAL DRAFT NEIGHBORHOOD IMPACT 8 8.5 EFFECT ON SCHOOL POPULATION The Omni CRA is located within Region IV of the Miami -Dade School Board District. The Region includes the Cities of Miami, Coral Gables Key Biscayne and South Miami. As provided in the "Five -Year Capital Plan for Fiscal Years 2005-2009", the most pressing capacity issue within the region is the current development boom that Miami is experiencing. It is expected that, within the next 7 to 10 years, the potential exists for the development of approximately 48,000 residential units within the City, including the Omni CRA. Therefore, school capacity shortfalls are not only a concern for the Omni CRA, but the City of Miami as a whole. In addition, a recent constitutional amendment to reduce class size further impacts the capacity of Miami-Dade's school system. Within the School Board's Five -Year Plan, the overall projected 2014 enrollment for region is 48,969, which would result in a current capacity deficit of 6,696 seats. As a result of this analysis, the School Board has identified a series of projects within Region IV comprised of new facilities and additions to boost overall capacity by 9,037, therefore meeting the capacity demand and providing a surplus for future growth. Although the School Board is headquartered within the Omni CRA, currently there are no schools within the CRA boundary. As provided in the School Board Five -Year Plan and in this Plan Update, the School Board and City of Miami are working to secure a new middle school with a capacity of 1,241. This new school would serve to relieve the nearby Jose de Diego Middle School as well as provide capacity for the development within the Omni CRA and the City of Miami. 170 PLAN MANAGEMENT OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 9.1 POWERS OF THE OMNI CRA The Omni Redevelopment Plan shall be managed through the criteria provided in this section and shall conform to the statutory requirements of Florida Statute Chapter 163, Part III, Community Redevelopment (Community Redevelopment Act of 1969) . The Omni CRA is entitled to all activities provided for in Community Redevelopment Act of 1969, and subsequent modifications, regardless of their inclusion/ exclusion within this Plan Update. The powers of the Omni CRA are contained in Florida Statute 163.370, provided below: (1) Every county and municipality shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this part, including the following powers in addition to others herein granted: (a) To make and execute contracts and other instruments necessary or convenient to the exercise of its powers under this part; • (b) To disseminate slum clearance and community redevelopment information; (c) To undertake and carry out community redevelopment and related activities within the community redevelopment area, which redevelopment may include: • 1. Acquisition of a slum area or a blighted area or portion thereof. 2. Demolition and removal of buildings and improvements. 3. Installation, construction, or reconstruction of streets, utilities, parks, playgrounds, public areas of major hotels that are constructed in support of convention centers, including meeting rooms, banquet facilities, parking garages, lobbies, and passageways, and other improvements necessary for carrying out in the community redevelopment area the community redevelopment objectives of this part in accordance with the community redevelopment plan. 4. Disposition of any property acquired in the community redevelopment area at its fair value for uses in accordance with the community redevelopment plan. 171 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 5. Carrying out plans for a program of voluntary or compulsory repair and rehabilitation of buildings or other improvements in accordance with the community redevelopment plan. 6. Acquisition of real property in the community redevelopment area which, under the community redevelopment plan, is to be repaired or rehabilitated for dwelling use or related facilities, repair or rehabilitation of the structures for guidance purposes, and resale of the property. 7. Acquisition of any other real property in the community redevelopment area when necessary to eliminate unhealthful, unsanitary, or unsafe conditions; lessen density; eliminate obsolete or other uses detrimental to the public welfare; or otherwise to remove or prevent the spread of blight or deterioration or to provide land for needed public facilities. 8. Acquisition, without regard to any requirement that the area be a slum or blighted area, of air rights in an area consisting principally of land in highways, railway or subway tracks, bridge or tunnel entrances, or other similar facilities which have a blighting influence on the surrounding area and over which air rights sites are to be developed for the elimination of such blighting influences and for the provision of housing (and related facilities and uses) designed specifically for, and limited to, families and individuals of low or moderate income. 9. Construction of foundations and platforms necessary for the provision of air rights sites of housing (and related facilities and uses) designed specifically for, and limited to, families and individuals of low or moderate income. (d) To provide, or to arrange or contract for, the furnishing or repair by any person or agency, public or private, of services, privileges, works, streets, roads, public utilities, or other facilities for or in connection with a community redevelopment; to install, construct, and reconstruct streets, utilities, parks, playgrounds, and other public improvements; and to agree to any conditions that it deems reasonable and appropriate which are attached to federal financial assistance and imposed pursuant to federal law relating to the determination of prevailing salaries or wages or compliance with labor standards, in the undertaking or carrying out of a community redevelopment and related activities, and to include in any contract let in connection with such redevelopment and related activities provisions to fulfill such of the conditions as it deems reasonable and appropriate. 172 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 (e) Within the community redevelopment area: 1. To enter into any building or property in any community redevelopment area in order to make inspections, surveys, appraisals, soundings, or test borings and to obtain an order for this purpose from a court of competent jurisdiction in the event entry is denied or resisted. 2. To acquire by purchase, lease, option, gift, grant, bequest, devise, eminent domain, or otherwise any real property (or personal property for its administrative purposes), together with any improvements thereon; except that a community redevelopment agency may not exercise any power of eminent domain unless the exercise has been specifically approved by the governing body of the county or municipality which established the agency. 3. To hold, improve, clear, or prepare for redevelopment any such property. 4. To mortgage, pledge, hypothecate, or otherwise encumber or dispose of any real property. • 5. To insure or provide for the insurance of any real or personal property or operations of the county or municipality against any risks or hazards, including the power to pay premiums on any such insurance. 6. To enter into any contracts necessary to effectuate the purposes of this part. 7. To solicit requests for proposals for redevelopment of parcels of real property contemplated by a community redevelopment plan to be acquired for redevelopment purposes by a community redevelopment agency and, as a result of such requests for proposals, to advertise for the disposition of such real property to private persons pursuant to s. 163.380 prior to acquisition of such real property by the community redevelopment agency. (f) To invest any community redevelopment funds held in reserves or sinking funds or any such funds not required for immediate disbursement in property or securities in which savings banks may legally invest funds subject to their control and to redeem such bonds as have been issued pursuant to s. 163.385 at the redemption price established therein or to purchase such bonds at less than redemption price, all such bonds so redeemed or purchased to be canceled. 173 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 (g) To borrow money and to apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the Federal Government or the state, county, or other public body or from any sources, public or private, for the purposes of this part and to give such security as may be required and to enter into and carry out contracts or agreements in connection therewith; and to include in any contract for financial assistance with the Federal Government for or with respect to community redevelopment and related activities such conditions imposed pursuant to federal laws as the county or municipality deems reasonable and appropriate which are not inconsistent with the purposes of this part. (h) Within its area of operation, to make or have made all surveys and plans necessary to the carrying out of the purposes of this part; to contract with any person, public or private, in making and carrying out such plans; and to adopt or approve, modify, and amend such plans, which plans may include, but are not limited to: 1. Plans for carrying out a program of voluntary or compulsory repair and rehabilitation of buildings • and improvements. 2. Plans for the enforcement of state and local laws, codes, and regulations relating to the use of land and the use and occupancy of buildings and improvements and to the compulsory repair, rehabilitation, demolition, or removal of buildings and improvements. 3. Appraisals, title searches, surveys, studies, and other plans and work necessary to prepare for the undertaking of community redevelopment and related activities. (i) To develop, test, and report methods and techniques, and carry out demonstrations and other activities, for the prevention and the elimination of slums and urban blight and developing and demonstrating new or improved means of providing housing for families and persons of low income. (j) To apply for, accept, and utilize grants of funds from the Federal Government for such purposes. (k) To prepare plans for and assist in the relocation of persons (including individuals, families, business concerns, nonprofit organizations, and others) displaced from a community redevelopment area and to make relocation payments to or with respect to such persons for moving expenses and losses of property for which reimbursement or compensation is not otherwise made, including the making of such payments financed by the Federal Government. 174 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 (I) To appropriate such funds and make such expenditures as are necessary to carry out the purposes of this part; to zone or rezone any part of the county or municipality or make exceptions from building regulations; and to enter into agreements with a housing authority, which agreements may extend over any period, notwithstanding any provision or rule of law to the contrary, respecting action to be taken by such county or municipality pursuant to any of the powers granted by this part. . (m) To close, vacate, plan, or replan streets, roads, sidewalks, ways, or other places and to plan or replan any part of the county or municipality. (n) Within its area of operation, to organize, coordinate, and direct the administration of the provisions of this part, as they may apply to such county or municipality, in order that the objective of remedying slum and blighted areas and preventing the causes thereof within such county or municipality may be most effectively promoted and achieved and to establish such new office or offices of the county or municipality or to reorganize existing offices in order to carry out such purpose most effectively. • (o) To exercise all or any part or combination of powers herein granted or to elect to have such powers exercised by a community redevelopment agency. (p) To develop and implement community policing innovations. (2) The following projects may not be paid for or financed by increment revenues: (a) Construction or expansion of administrative buildings for public bodies or police and fire buildings, unless each taxing authority agrees to such method of financing for the construction or expansion, or unless the construction or expansion is contemplated as part of a community policing innovation. (b) Installation, construction, reconstruction, repair, or alteration of any publicly owned capital improvements or projects which are not an integral part of or necessary for carrying out the community redevelopment plan if such projects or improvements are normally financed by the governing body with user fees or if such projects or improvements would be installed, constructed, reconstructed, repaired, or altered within 3 years of the approval of the community redevelopment plan by the governing body pursuant to a previously approved public capital improvement or project schedule or plan of the governing body which approved the community redevelopment plan. 175 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 (c) General government operating expenses unrelated to the planning and carrying out of a community redevelopment plan. (3) With the approval of the governing body, a community redevelopment agency may: (a) Prior to approval of a community redevelopment plan or approval of any modifications of the plan, acquire real property in a community redevelopment area, demolish and remove any structures on the property, and pay all costs related to the acquisition, demolition, or removal, including any administrative or relocation expenses. (b) Assume the responsibility to bear any loss that may arise as the result of the exercise of authority under this subsection, in the event that the real property is not made part of the community redevelop- ment area. 176 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 9.2 MODIFICATIONS TO THIS REDEVELOPMENT PLAN Florida Statute 163.361 provides for the modification of community redevelopment plans as follows: (1) If at any time after the approval of a community redevelopment plan by the governing body it becomes necessary or desirable to amend or modify such plan, the governing body may amend such plan upon the recommendation of the agency. The agency recommendation to amend or modify a redevelopment plan may include a change in the boundaries of the redevelopment area to add land to or exclude land from the redevelopment area, or may include the development and implementation of community policing innovations. (2) The governing body shall hold a public hearing on a proposed modification of any community redevelopment plan after public notice thereof by publication in a newspaper having a general circulation in the area of operation of the agency. (3) In addition to the requirements of s. 163.346, and prior to the adoption of any modification to a community redevelopment plan that expands the boundaries of the community redevelopment area or extends the time certain set forth in the redevelopment plan as required by s. 163.362(10), the agency shall report such proposed modification to each taxing authority in writing or by an oral presentation, or both, regarding such proposed modification. (4) A modification to a community redevelopment plan that includes a change in the boundaries of • the redevelopment area to add land must be supported by a resolution as provided in s. 163.355. (5) If a community redevelopment plan is modified by the county or municipality after the lease or sale of real property in the community redevelopment area, such modification may be conditioned upon such approval of the owner, lessee, or successor in interest as the county or municipality may deem advisable and, in any event, shall be subject to such rights at law or in equity as a lessee or purchaser, or his or her successor or successors in interest, may be entitled to assert. 177 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 9.3 SAFEGUARDS AND ASSURANCES i To ensure redevelopment activities follow the redevelopment plan, the following safeguards shall be provided: 1.) The Omni CRA shall file an annual financial report by March 31 of each year with the Miami -Dade County Board of Commissioners, The Miami -Dade County Clerk's Office, the City of Miami Board of Commissioners, and the City's Clerk's Office. This report shall contain a programmatic overview of the public and/or public/private funded activities of the Omni CRA as allowed by the Redevelopment Plan. 2.) The Omni CRA shall file a Five Year Capital Program budget with the City of Miami, for inclusion in • the City's Five Year Comprehensive Plan, and update this budgeting document annually. 3.) The Omni CRA Board shall be fully subject to the Florida Sunshine Law and meet at least on a monthly basis in a public forum. 4.) The Omni CRA shall provide adequate safeguards to ensure that all leases, deeds, contracts, agreements and declarations of restrictions relative to any real property conveyed shall contain restrictions and covenants running with the land and its uses, or other such provisions necessary to carry out the goals and objectives of the Redevelopment Plan. The Omni CRA shall further ensure that such conveyance comply with the requirements of Florida Statutes 163.380 5.) The Omni CRA may acquire property and convey such interest to developers and investors for redevelopment. 6.) The Omni CRA shall promote the use of Land Pooling to provide existing property owners with an opportunity to participate in the redevelopment of the Omni redevelopment area as an equity partner in return for the use of the private owners land for such development. 7.) The Omni CRA shall present a Regulatory Plan to the City of Miami for adoption and continue to • recommend zoning changes consistent with the Redevelopment Plan. • 8.) The Omni CRA shall request to the City that all proposals for new development, once reviewed by the City administration, shall be forwarded to the Omni CRA for review and consistency with the Redevelopment Plan. 178 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 Safeguards to Ensure Financial Accountability 9.) The Omni CRA shall request specific goals and objectives from developers that utilize Tax Increment Financing (TIF) funds. 10.) The Omni CRA shall require a Minority Participation Agreement for all development projects occurring • within its boundaries. 11) The Omni CRA shall, or will require the developer to provide existing business owners and business tenants within the redevelopment area preference for reentry into business within the redevelopment area provided the business is compatible with the uses, theme and quality of development in the redevelopment area and that the business owner or tenant has the financial ability to operate the business consistent with the overall integrity of the redevelopment district. 1) The Omni CRA shall maintain adequate records to provide for an annual external audit which shall be conducted by a knowledgeable Certified Public Accountant selected by the City of Miami Board of Commissioners. The findings of the audit shall be presented at a public meeting of the Board of the Omni CRA and such findings shall be forwarded to the City of Miami and Miami Dade County Board of Commissioners by March 31 of each year to the preceding fiscal year which shall run from October 1 through September 30. The annual Audit Report shall be accompanied by the Omni CRA's Annual Financial Report and shall be provided to the City of Miami Board of Commissioners, City Clerk's Office, Miami -Dade County Board of Commissioners and the Miami -Dade County Clerk's Office and be made available for public review. Legal notice in newspapers of general circulation, including but not limited to the Miami Today, Miami Times, Daily Business Review and/or the Miami Herald, shall be provided to inform the public of the availability for review of the Annual Audit and Annual Financial Report. 2) All Omni CRA tax increment financing (TIF) funds shall be held as required by Florida Statutes. 3) The Omni CRA shall request specific redevelopment objectives from developers that utilize Tax Increment Financing (TIF) funds. 179 Omni CRA Redevelopment Plan FINAL DRAFT PLAN MANAGEMENT 9 Safeguards to Ensure Proper Implementation and Project/Program Accountability Providing for a Time - Certain and Severability 1) The Omni CRA shall establish measurable goals and objectives for each activity it administers and/or funds. 2) The Omni CRA shall coordinate with related agencies, entities, community based organizations and stakeholders, specifically including the Water and Sewer Authority (WASA), the City and County Public Works, Capital Improvement Projects, and Planning & Zoning departments to ensure the proper planning, budgeting and implementation of projects. 3) The Omni CRA shall hold public hearings on the following at its monthly Board Meetings: a. Report and status on its programs and projects (the "Activities") b. Gather input from property owners, citizens and interested parties regarding redevelopment activities; • and c. Discuss strategies to resolve local redevelopment issues All redevelopment activities of a contractual, financial and programmatic nature shall have a maximum duration, or commitment of up to, but not exceeding, thirty (30) years from the date of adoption of the original 1986 Omni Redevelopment Plan by the City of Miami and Miami Dade County Board of Commissioners. 180 LEGAL DESCRIPTION th i 401 . In 4 4 '.4 P.. - • • : OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX A APPENDIX A: LEGAL DESCRIPTION I As provided in the 1986 Omni Area Redevelopment Plan, all that portion of the following listed record plats lying within the area bounded by the Florida Esat Coast Railway right of way on the West, the Northerly right of way of 1-395 on the South, the Westerly shore of Biscayne Bay on the East and the southerly right of way of NE 20th Street on the North: Plat Name The Causeway Fill First Addition to Serena Park Resubdivision of Pershing Court and Walden Court Serena Park Pershing Court Walden Court Walden Court First Addition Rickmers Addition Amended Windsor Park Third Amended Windsor Park Second Amended The Villa La Plaisance Boulevard Tract Belcher Oil Company Property The Garden of Eden Nelson Villa and Garden of Eden Resubdivision Nelson Villa and Garden of Eden Amended Amended Map of Nelson Villa Subdivision Biscayne Park Addition Amended Rice and Sullivan Subdivision Amended Plat of Miramar Plaza Miramar Third Amended Biscayne Park Addition Replat of a Portion of Nelson Villa Amended ASC Tract Margaret Pace Park Coral Park Resubdivision of Coral Park Plat Book Page 5 120 80 8 4 148 76 86 4 147 4 1481/2 6 23 4 149 4 145 4 123 4 114 100 65 34 29 4 12 9 174 30 20 4 81 4 22 4 64 33 18 5 4 2 24 56 69 89 21 (unplatted) 2 66 4 106 Al Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX A Plat Name Plat Book Page Grand Union Replat 76 78 Mary Brickell Subdivision B 9 Windsor Park 3 147 Rickmers Addition Amended 3 2 Alice Baldwin Addition 1 119 Alice Baldwin, Jenny M. & Charles E. Oxar Subdivision Amended B 87 Ward & Havlings Resubdivision 4 185 Charles E. Oxar Block 24 Amended 3 101 Charles E. Oxar Block 15 Corrected 3 58 Alice Baldwin Block 1 Corrected 6 43 Lindsey Hopkins Education Center 84 48 Heyn Prop. Inc. Resubdivision 6 93 North Miami A 49 1 /2 Lindsey Hopkins Educational Center North Parking Lot 93 90 T.W. Palmers Resubdivision 4 60 A2 INFRASTRUCTURE INVENTORY OMNI AREA COMMUNITY REDEVELOPMENT PLAN AS AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B APPENDIX B: INFRASTRUCTURE INVENTORY FPL Fiber Optic Facilities BLCENTENNIAL NEIIAN OSWY DOUGLAS HERALD PLAZA B1 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B MCI Western Union Conduit I L� r �9 1L BICENTENN1AL PARK u1 EHEILAN C5wr OOUGL A5 CEN HERALD PLAZA MCI Western Union Conduit B2 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B Communication Network Data Route DORS E PARK •� r i VEGI011i MU® YE Eh I - Sin BICENTENNIAL PARK feel 13] Cermurig1106 Ne1/pl. DU Wel E EiIAN CSwY DOUGLAS HERALD PLAZA B3 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B Sewer (Gravity) Lines Lt.] DORSEY PARK Y1 L Li 41 1a 1 ➢11■l11— • e • er ree rJ -�ti f TT 1—11 .ale L JI j Sevres IGrAvlly L ne1 BICENTENNIAL PARK IARGAR PACE = PARK V EH ENEl LAM CSWY DOLIGLAS HERALD PLAZA B4 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B Tenco Peoples Gas • BICENTENNIAL PARK MR RCA R#- 3 •PACE PA RI DOUGLAS H E g A L p PLAZA B5 Omni CRA Redevelopment Plan FINAL DRAFT Water Mains BICENTENNIAL PARK APPENDIX DOUGLAS N HERALD PLAZA B B6 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B AT&T Fiber Optic Cable Network BICENTENNIAL PA RA OOUGLA3 CIE RA L O PLAZA B7 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B QWEST Fiber Optic Cabel Network •MI L TE L� iNM MI L L 21 wrrrrill ■I I1 •1 111 1 L r I I k 1 r 111T bid ,„ I. 1•1) "f I" I1 "I ILTI• us l LL J 1] 2 1 MARGAR PACE PA RA BICENTE14N1AL PARK YENE1IAN C5WY i • GEN OULS HERAL0 PLAZA B8 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX B Signalized Intersections J DORSEY PARK AI 1 r 1 Rt L ■ Z L Ri so WI MN SI r •� I 1 1T L_ n II Ij 1 E 1•R1j11 }I{ I YR 411X. l I1 �. r ll 1 'LJJ U LLI _ WHOMlll�llfrfl�®WHOM k • l J .1 11. II[ ry f 1 I M 11 0,1DA • " P:::;00ort;2---'1w 19 7 Mh RCA Ri` PACE 7 PAR{ r BICENTENNIAL PARK GE NE1lAN CSWr ©OUGLAS HERALQ PLAiA. B9 HOUSING MARKET DATA OMNI AREA COMMUNITY REDEVELOPMENT PLAN AS AMENDED 2006 TABLE 1 HISTORICAL AND CURRENT POPULATION Miami -Dade County, Central Miami And The Omni CRA Area (1) 1980 - 2003 Population Estimate Submarket 1980 1990 2000 2003 Miami -Dade County 1,625,781 1,937,094 2,253,362 2,340,520 Central Miami 69,516 69,544 72,453 79,105 Omni CRA 12,621 11,082 10,316 10,955 Households Estimate Submarket 1980 1990 2000 2003 Miami -Dade County 609,830 692,355 776,774 806,800 Central Miami 29,797 26,786 28,533 31,329 Omni CRA 4,972 4,096 4,150 4,407 (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Population, 1980 - 2000; 2003 estimated by Reinhold P. Wolff Economic Research, Inc. based on trend analysis of submarket population as percent of Dade County and City of Miami and estimates by University of Florida, Bureau of Economic and Busines Research and Metro -Dade County Department of Planning, Development and Regulation. TABLE 2 AGE CHARACTER OF RESIDENTS The Omni CRA Area (1) 2003 Percentage Age Group All Persons Householders Under 20 27.1% 3.6% 20 - 24 8.2% 10.8% 25 - 34 16.6% 22.0% 35 - 44 19.3% 25.5% 45 - 54 12.3% 16.3% 55 - 64 7.4% 9.8% 65 + 9.1% 12.0% 100.0% 100.0% Median Age Median Age Miami Dade County Central Miami 32.9 Yrs. 39.3 Yrs 34.2 Yrs. 35.1 Yrs (1) The submarket area boundaries are shown on Map No. 1. 42.7 Yrs. 41.0 Yrs. Source: U.S. Census of Population, 2000 and analysis by Reinhold P. Wolff Economic Research Inc. TABLE 3 DISTRIBUTION OF PERSONS PER HOUSEHOLD Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Number Miami -Dade Central Omni Of Persons County Miami CRA 1 Person 23.3% 40.5% 39.3% 2 Persons 27.7% 26.5% 26.0% 3 Persons 18.3% 13.7% 14.2% 4 Persons 15.6% 9.2% 10.0% 5 Persons 8.5% 5.6% 5.0% 6 Persons + 6.6% 4.5% 5.5% TOTALS 100.0% 100.0% 100.0% (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Population, 1990 and 2000, 2003 estimated households by Reinhold P. Wolff Economic Research, Inc. TABLE 4 DISTRIBUTION OF RESIDENT HOUSEHOLD INCOMES Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Income Range Percent Of Households Miami -Dade Central Omni County Miami CRA Under $5,000 5.7% 14.0% 13.4% 5,000 - 9,999 6.1% 14.5% 13.9% 10,000 - 14,999 6.7% 10.9% 8.4% 15,000 - 24,999 13.0% 13.9% 13.4% 25,000 - 34,999 12.2% 11.2% 12.2% 35,000 - 49,999 15.6% 10.3% 12.4% 50,000 - 74,999 17.9% 10.1% 11.0% 75,000 - 99,999 9.5% 5.6% 6.7% 100,000 - 149,999 7.6% 5.0% 5.3% 150,000 - 199,999 2.4% 2.1% 2.1% 200,000 + 3.3% 2.4% 1.2% TOTALS 100.0% 100.0% 100.0% Median Income $41,096 $22,625 $25,737 (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Bureau of the Census, 1990 - 2000; updated to 2003 by Reinhold P. Wolff Economic Research, Inc. based on trend analysis of incomes from 1990 to 2000. TABLE 5 DISTRIBUTION OF RENTER HOUSEHOLD INCOMES Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Income Range Percent Of Households Miami -Dade Central Omni County Miami CRA Under S5,000 8.8% 19.8% 18.1% 5,000 - 9,999 9.4% 20.6% 18.7% $ 10,000 - 14,999 10.3% 10.9% 11.3% 15,000 - 24,999 20.0% 11.2% 13.4% 25,000 - 34,999 12.2% 9.0% 9.2% 35,000 - 49,999 10.9% 8.3% 9.4% 50,000 - 74,999 12.5% 8.1% 8.3% 75,000 - 99,999 6.6% 4.5% 5.1% 100,000 - 149,999 5.3% 4.0% 4.0% 150,000 - 199,999 1.7% 1.7% 1.6% 200,000 + 2.3% 1.9% 0.9% TOTALS 100.0% 100.0% 100.0% Median Income, Renter Households $26,153 $14,412 $16,394 (1) The submarket area boundaries are shown on Map No. 1. Source: Analysis by Reinhold P. Wolff Economic Research, Inc. of household incomes and U.S. Census, 2000 data showing renter household incomes versus all households. TABLE 6 DISTRIBUTION OF RENTER HOUSEHOLDS BY RENTS AFFORDABLE Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Percent Of Households Miami -Dade Central Omni Rent Range County Miami CRA Under $ 125 8.8% 19.8% 18.1% $ 125 - 249 9.4% 20.6% 18.7% $ 250 - 375 10.3% 10.9% 11.3% $ 376 - 625 20.0% 11.2% 13.4% $ 626 - 875 12.2% 9.0% 9.2% $ 876 - 1,250 10.9% 8.3% 9.4% $1,251 - 1,875 12.5% 8.1% 8.3% $1,876 - 2,500 6.6% 4.5% 5.1% $2,501 - 3,750 5.3% 4.0% 4.0% $3,751 - 5,000 1.7% 1.7% 1.6% $5,001 + 2.3% 1.9% 0.9% TOTALS 100.0% 100.0% 100.0% Median Rent Affordable $616 $501 $501 (1) The submarket area boundaries are shown on Map No. 1. Source: Analysis by Reinhold P. Wolff Economic Research, Inc. of renter household incomes and utilizing a rent -to -income affordability factor of 30.0%. TABLE 7 DISTRIBUTION OF OWNER HOUSEHOLD INCOMES Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Income Range Percent Of Households Miami -Dade Central Omni County Miami CRA Under $5,000 4.4% 11.5% 10.4% 5,000 - 9,999 4.8% 11.9% 10.8% $ 10,000 - 14,999 5.2% 9.0% 6.5% 15,000 - 24,999 10.1% 11.4% 10.4% 25,000 - 34,999 9.5% 11.2% 12.2% 35,000 - 49,999 12.2% 13.1% 16.0% 50,000 - 74,999 17.8% 12.8% 14.1% 75,000 - 99,999 15.0% 7.1% 8.6% 100,000 - 149,999 12.0% 6.3% 6.8% 150,000 - 199,999 3.8% 2.7% 2.7% 200,000 + 5.2% 3.0% 1.5% TOTALS 100.0% 100.0% 100.0% Median Owner Household Inco $55,304 $30,476 $34,753 (1) The submarket area boundaries are shown on Map No. 1. Source: Analysis by Reinhold P. Wolff Economic Research, Inc. of household incomes and U.S. Census, 2000 data showing owner household incomes versus all households. TABLE 8 DISTRIBUTION OF OWNERSHIP HOUSEHOLDS BY HOME PRICES AFFORDABLE Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Price Range Affordable Percent Of Households Miami -Dade Central Omni County Miami CRA Under $ 12,200 4.4% 11.5% 10.4% $ 12,200 - 24,399 4.8% 11.9% 10.8% $ 24,400 - 36,599 5.2% 9.0% 6.5% $ 36,600 - 60,999 10.1% 11.4% 10.4% $ 61,000 - 85,399 9.5% 11.2% 12.2% $ 85,400 - 121,999 12.2% 13.1% 16.0% $122,000 - 182,999 17.8% 12.8% 14.1% $183,000 - 243,999 15.0% 7.1% 8.6% $244,000 - 365,999 12.0% 6.3% 6.8% $366,000 - 487,999 3.8% 2.7% 2.7% $488,000 + 5.2% 3.0% 1.5% TOTALS 100.0% 100.0% 100.0% Median Price Affordable $130,062 $73,142 $83,407 (1) The submarket area boundaries are shown on Map No. 1. Source: Analysis by Reinhold P. Wolff Economic Research, Inc. of ownership household incomes and utilizing a price -to -income affordability factor of 2.44 revealed by U.S. Census, 2000 - median home value versus median ownership household income. TABLE 9 DISTRIBUTION OF RESIDENTS BY RACIAL/ETHNIC CHARACTER Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 Hispanic Submarket White Black Other Total Origin (2) Miami -Dade County 69.7% 20.1% 10.2% 100.0% 57.3% Central Miami 62.6% 24.1% 13.3% 100.0% 64.2% Omni CRA 35.1% 54.3% 10.6% 100.0% 29.3% (1) The submarket area boundaries are shown on Map No. 1. (2) Hispanic inlcudes persons of all races. Source: U.S. Census of Population, 2000; analysis by Reinhold P. Wolff Economic Research, Inc. TABLE 10 CHARACTER OF EMPLOYMENT Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 Type Of Employment Percent Of Employed Persons: Miami -Dade Central Omni County Miami CRA Management, Professional, And Related 23.8% 28.0% 30.6% Service Occupations Sales And Office Occupations 22.1% 26.2% 22.4% 26.2% 21.3% 22.4% Farming, Fishing, Anc Forestry 0.5% 0.5% 0.0% Construction, Extraction, And Maintenance 13.6% 14.8% 11.5% Production, Transportation, And Material Moving 13.8% 13.0% 9.3% TOTALS 100.0% 100.0% 100.0% (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Population, 2000. TABLE 11 MOBILITY PATTERN OF RESIDENTS Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 Percent Of Residents Miami -Dade Residence In 1995 (2) County Central Miami Omni CRA Area Same House In 2000 50.2% 42.8% 49.4% Different Housing In U.S. 40.0% 45.0% 42.8% Miami -Dade County 82.3% 83.0% 77.8% Outside Miami -Dade County 17.7% 17.0% 22.2% Abroad 9.8% 12.2% 7.8% TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% (1) The submarket area boundaries are shown on Map No. 1. (2) Relates to residence in 1995 or persons living in the area in 2000, 5 years old or older. Source: Reinhold P. Wolff Economic Research, Inc. of data from the U.S. Census of Population 2000. TABLE 12 GENERAL CHARACTER OF HOUSING Miami -Dade County, Central Miami And The Omni CRA Area (1) 1990 And 2000 Percent Of Housing Units Miami -Dade County Central Miami Omni CRA Character Of Housing 1990 2000 1990 2000 1990 2000 1 Unit (Attached/Detached) 50.1% 52.7% 12.7% 16.0% 12.8% 14.1% 2 Units (Duplex) 2.9% 2.6% 3.1% 3.4% 3.1% 2.5% Multi -Family (3 + Units) 43.2% 42.8% 82.6% 80.3% 82.5% 82.8% Mobile Home/Trailer 2.4% 1.8% 0.0% 0.2% 0.0% 0.2% Other (2) 1.4% 0.1% 1.6% 0.1% 1.6% 0.4% TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% (1) The submarket area boundaries are shown on Map No. 1. (2) Other includes campers, vans, houseboats, cars and similar quarters. Source: Analysis by Reinhold P. Wolff Economic Research, Inc. of U.S. Census of Housing, 1990 and 2000. TABLE 13 HISTORICAL AND CURRENT POPULATION Miami -Dade County, Central Miami And The Omni CRA Area (1) 1980 - 2003 Housing Estimate Submarket 1980 1990 2000 2003 Miami -Dade County 665,382 771,288 852,278 885,220 Central Miami 34,507 32,530 33,726 37,015 Omni CRA 5,964 5,273 5,303 5,631 (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Population, 1980 - 2000; 2003 estimated by Reinhold P. Wolff Economic Research, Inc. based on trend analysis of submarket population as percent of Dade County and City of Miami and estimates by University of Florida, Bureau of Economic and Busines Research and Metro -Dade County Department of Planning, Development and Regulation. TABLE 14 TREND OF RENTAL UTILIZED HOUSING Miami -Dade County, Central Miami And The Omni CRA Area (1) 1980 - 2003 Year Miami -Dade County Central Miami Omni CRA Number Percent Number Percent Number Percent 1980 302,763 45.5% 29,317 85.0% 5,236 87.8% 1990 352,479 45.7% 26,989 83.0% 4,646 88.1% 2000 359,661 42.2% 26,031 77.2% 4,274 80.6% 2003 (Estimate) 375,333 42.4% 28,292 76.6% 4,505 80.0% Average Annual Change: 1980 - 1990 +4,972 -233 -59 1990 - 2000 +718 -96 -37 2000 - 2003 +5,224 +754 +77 (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Housing, 1980 - 2000; 2003 estimate by Reinhold P. Wolff Economic Research, TABLE 15 TREND OF OWNER UTILIZED HOUSING Miami -Dade County, Central Miami And The Omni CRA Area (1) 1980 - 2003 Year Miami -Dade County Central Miami Omni CRA Number Percent Number Percent Number Percent 1980 362,619 54.5% 5,190 15.0% 728 12.2% 1990 418,809 54.3% 5,541 17.0% 627 11.9% 2000 492,617 57.8% 7,695 22.8% 1,027 19.4% 2003 (Estimate) 509,887 57.6% 8,723 23.4% 1,126 20.0% Average Annual Change: 1980 - 1990 +5,619 +35 -10 1990 - 2000 +7,381 +215 +40 2000 - 2003 +1,727 +343 +33 (1) The submarket area boundaries are shown on Map No. 1. Source: U.S. Census of Housing, 1980 - 2000; 2003 estimate by Reinhold P. Wolff Economic Research, TABLE 16 PERCENTAGE DISTRIBUTION OF RENTAL HOUSING BY RENTS PAID Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Rent Range Percent Of Households Miami -Dade Central Omni County Miami CRA Under S 300 7.8% 12.4% 7.0% S 300 - 399 3.2% 11.1% 19.1% $ 400 - 499 8.2% 19.8% 21.5% $ 500 - 599 14.9% 19.1% 15.6% $ 600 - 749 25.4% 16.7% 11.5% $ 750 - 999 26.0% 9.5% 15.4% $1,000 + 14.5% 11.4% 9.9% TOTALS 100.0% 100.0% 100.0% Median Rent Paid $693 $534 $514 (1) The submarket area boundaries are shown on Map No. 1. Source: Based on trend analysis by Reinhold P. Wolff Economic Research, Inc. of data revealed by U.S. Census of Housing data, 1990 and 2000. TABLE 17 DISTRIBUTION OF OWNERSHIP HOUSING VALUES Miami -Dade County, Central Miami And The Omni CRA Area (1) 2003 Value Range Percent Of Households Miami -Dade Central Omni County Miami CRA Less Than S 60,000 0.9% 18.2% 31.8% 60,000 - 79,999 4.8% 18.9% 16.5% 80,000 - 99,999 19.0% 18.3% 15.5% 100,000 - 149,999 37.0% 13.6% 11.5% 150,000 - 199,999 18.6% 11.6% 8.4% 200,000 - 249,999 6.5% 8.7% 3.3% 250,000 - 299,999 3.8% 3.0% 3.8% 300,000 + 9.4% 7.7% 9.2% TOTALS 100.0% 100.0% 100.0% Median Value $134,188 $94,097 $82,193 (1) The submarket area boundaries are shown on Map No. 1. Source: Based on trend analysis by Reinhold P. Wolff Economic Research, Inc. of data revealed by U.S. Census of Housing, 1990 and 2000. TABLE 18 RENTAL HOUSING DEVELOPMENT PROFILES (Including Recently Built, Under Construction, Planned/Proposed) Central Miami Area December, 2003 Unit Square Footage Name/Location # Units Mix Unit Type Livable Area Monthly Rent Rent Per Sq. Ft. Livable Area OMNI CRA - COMPLETE Bay Parc Plaza 471 32 Studio 410 Sq. Ft. $962 - $1,059 234.60 - 258.3¢ 1756 N. Bayshore Dr. 348 1BR/1B 650 $1,234 - $1,688 189.8¢ - 259.7¢ Miami 91 2BR/2B 910 $1,422 - $2,220 156.30 - 244.0¢ 305-374-5010 Comments: Completed 9/00; 52 units vacant; 38 stories; absorption rate 43.9; a market rate development. OMNI CRA - UNDER CONSTRUCTION 1800 Club 450 30 Studio 525 Sq. Ft. $943 179.6¢ NE 18th St. & N. Bayshore Dr. 200 1BR/1.5B 725 $1,223 168.70 Miami 200 2BR/2B 1,200 $1,929 160.8¢ 305-375-0090 20 3BR/2B 1,500 $2,375 158.30 Comments: Currently under construction, 38 stories. TABLE 18 RENTAL HOUSING DEVELOPMENT PROFILES (Including Recently Built, Under Construction, Planned/Proposed) Central Miami Area December, 2003 Name/Location Unit Square Footage Rent Per Sq. Ft. # Units Mix Unit Type Livable Area Monthly Rent Livable Area Village on Bayshore 435 TOWER UNITS NE 19th St Btwn. Biscayne 29 1BR/1B 724 $1,270 - $1,655 175.40 228.6¢ Blvd. & Biscayne Bay 26 1BR/1B 724 $1,270 - $1,430 175.4¢ 197.5¢ Miami 5 1BR/1B 752 $1,320 - $1,380 175.50 183.5¢ /86-367-9394 3 1BR/1B 925 $1,570 - $1,580 169.70 170.80 12 1BR/1.5B 994 $1,655 - $1,725 166.50 173.50 14 1BR/1B Den 989 $1,660 - $1,885 167.80 190.60 84 2BR/2B 1,080 $1,765 - $2,310 163.40 213.90 6 2BR/2B 1,145 $1,845 - $1,950 161.10 170.30 5 2BR/2B 1,115 $1,825 - $1,915 163.70 171.70 11 2BR/2B 1,100 $1,835 - $2,030 166.80 184.50 14 2BR/2B 1,230 $1,950 - $2,190 158.50 178.00 6 2BR/2B 1,174 $2,350 - $2,455 200.20 209.10 6 2BR/2B 1,122 $2,275 - $2,350 202.80 209.40 9 2BR/2B 1,370 $2,720 - $2,870 198.50 209.50 20 3BR/2B 1,394 $2,420 - $3,320 173.60 238.20 LOFT UNITS 5 Efficiency 529 $980 - $1,010 185.3¢ 190.9¢ 68 1BR/1B 701 $1,235 - $1,305 176.20 186.20 50 1BR/1B 783 $1,360 - $1,430 173.70 182.60 6 1BR/1B Den 1,084 $1,770 - $1,875 163.30 173.00 24 2BR/2B 1,114 $1,810 - $1,915 162.50 171.90 12 2BR/2B 1,324 $2,055 - $2,160 155.20 163.10 10 3BR/2B 1,417 $2,450 - $2,570 172.90 181.40 10 3BR/2B 1,357 $2,375 - $2,495 175.00 183.90 Comments: Currently under construction; 6 and 15 story bldgs. TABLE 18 RENTAL HOUSING DEVELOPMENT PROFILES (Including Recently Built, Under Construction, Planned/Proposed) Central Miami Area December, 2003 Name/Location Unit Square Footage Rent Per Sq. Ft. # Units Mix Unit Type Livable Area Monthly Rent Livable Area OMNI CRA - PLANNED Opera Tower Apts. 1744 N. Bayshore Dr. Miami 635 113 Studio 344 1BR/1B 178 2BR/2B 480 Sq. Ft. 800 965 Comments: Planned development, may start construction around the end of 2003. 58 stories. Source: Field survey by Reinhold P. Wolff Economic Research, Inc. $900 - $1,000 $1,300 - $1,800 $1,600 - $2,800 187.5¢ - 208.3¢ 162.5¢ - 225.0¢ 165.8¢ - 290.2¢ TABLE 19 OWNERSHIP HOUSING DEVELOPMENT PROFILES Central Miami Area December, 2003 Square Footage Base Price Per Development Name/Location Type # Units Unit Type / Mix Livable Area Selling Prices Sq. Ft. L/A OMNI CRA - UNDER CONSTRUCTION/SELLING Quantum 1900 N. Bayshore Dr. Hi Rise 750 2BR/2.5B Den 1,378 Condo 1BR/1B 651 PL Studio 583 1BR/1.5B 766 1BR/1.5B 838 2BR/2B 1,180 1BR/1B 794 1BR/1B 826 1BR/1B Den 884 2BR/2B 1,239 2BR/2.5B 1,400 1BR/1B Loft 600 2BR/2B Den Loft 1,275 2BR/2B Den Loft 1,329 1BR/1B Den Loft 763 1BR/1B Den Loft 811 1BR/1B Den Loft 816 2BR/2B Loft 1,014 1BR/1B Den Loft 817 2BR/2B Loft 1,119 3BR/3.5B PH 1,890 3BR/3.5B PH 1,951 2BR/2.5B PH 1,380 3BR/2.5B Den PH 1,907 3BR/2.5B PH 1,882 $443,800 $232,000 $242,000 $333,000 $259,500 $248,000 $425,000 $473,000 $336,000 General Information: 53 and 43 stories; sales started 2/03; @ 300 contracts; construction to start 1/04 with completion expected 2006. $ 322.06 $ 356.37 $ - $ - $ 288.78 $ 282.20 $ 326.83 $ 300.24 $ - $ 343.02 $ 337.86 $ - $ $ $ $ $ $ $ - $ 300.27 $ - $ $ $ $ TABLE 19 OWNERSHIP HOUSING DEVELOPMENT PROFILES Central Miami Area December, 2003 Development Name/Location Type Square Footage # Units Unit Type / Mix Livable Area Base Selling Prices Price Per Sq. Ft. L/A St. Agnes Villas SF 80 40 3BR/2B UNK $ 90,000 SWC 20th St. & 3rd Ave. UC 40 4BR/2B UNK $ 105,000 General Information: This development is currently under construction with 50 units sold; washer/dryer hookups. Parc Lofts Mid Rise 72 1BR/1B 835 $ 219,000 $ 262.28 35 NE 17th St Condo 1BR/1B 871 $ 229,000 $ 262.92 Loft 1BR/1B 1,203 $ 310,000 $ 257.69 PL 1BR/1B 1,267 $ 289,000 $ 228.10 2BR/2B 1,267 $ 485,000 $ 382.79 2BR/2B 1,203 $ 495,000 $ 411.47 2BR/2B 1,109 $ 285,000 $ 256.99 2BR/2B 2,739 $ 695,000 $ 253.74 General Information: 6 storIes; sales started 5/03; 50 contracts; absorption 10.0/mo.; construction to start 1/04; completion Summer 2005. OMNI CRA - PLANNED St. Johns Townhomes Thn 15 4 2BR/2B 1,350 $ 109,000 $ 80.74 1640 NW 1st Ave. PL 11 3BR/2B 1,450 $ 119,000 $ 82.07 General Information: This development is in bidding for a contractor; 2 levels with atriums; washer/dryer; pre -wired ceiling fans, gas appliances. Source: Surveys by Reinhold P. Wolff Economic Research, Inc. TABLE 20 FORECAST OF POPULATION Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 - 2010 Miami -Dade Central Omni Year Coun Miami CRA 2000 2,253,362 72,453 10,316 2003 2,340,520 79,105 10,955 2005 2,396,600 83,925 11,405 2010 2,548,200 97,250 12,586 Average Annual Change 2000 - 2003 +29,053 +2,217 +213 2003 - 2005 +28,040 +2,411 +225 2005 - 2010 +30,329 +2,665 +236 (1) The submarket area boundaries are shown on Map No. 1. Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on historical trends and analysis of shares of submarkets of Central Miami Area growth. TABLE 21 FORECAST OF HOUSEHOLDS Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 - 2010 Miami -Dade Central Omni Year Coun Miami CRA 2000 776,774 28,533 4,150 2003 806,800 31,239 4,407 2005 826,130 33,149 4,588 2010 878,385 38,441 5,063 Average Annual Change 2000 - 2003 +10,009 +902 2003 - 2005 +9,665 +955 2005 - 2010 +10,451 +1,058 (1) The submarket area boundaries are shown on Map No. 1. +86 +91 +95 Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on historical trends and analysis of shares of submarkets of Central Miami Area growth. TABLE 22 FORECAST OF HOUSING Miami -Dade County, Central Miami And The Omni CRA Area (1) 2000 - 2010 Miami -Dade Central Omni Year Coun Miami CRA 2000 852,278 33,726 5,303 2003 885,220 37,015 5,631 2005 906,430 39,328 5,863 2010 963,765 45,758 6,470 Average Annual Change 2000 - 2003 +10,981 +1,096 +109 2003 - 2005 +10,605 +1,157 +116 2005 - 2010 +11,467 +1,286 +121 (1) The submarket area boundaries are shown on Map No. 1. Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on historical trends and analysis of shares of submarkets of Central Miami Area growth. TABLE 23 DEMAND POTENTIAL FOR HOUSING BY TYPE AND SUBMARKETS 2003 - 2010 Ownership Rental Total Submarket Area Units Units Units Central Miami 2,841 5,902 8,743 Omni CRA 259 580 839 Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on analysis of trend of ownership versus rental utilized housing in by submarket area. TABLE 24 DEMAND FOR OWNERSHIP HOUSING BY SUBMARKETS AND PRICE GROUPS 2003 - 2010 (Seven Years) Upper Very Low Low Moderate Middle Under $53,218 - $85,148 - $127,722 - Upper Submarket Area $53,218 $85,147 $127,721 $159,651 $159,652 + Totals Central Miami 0 142 977 387 1,335 2,841 Omni CRA 0 13 61 26 159 259 Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on analysis of ownership household incomes and affordability data. Home values affordable based on income -to - value factor of 2.43 indicated in U.S. Census, 2000 for Miami -Dade County. Distributed into submarket areas based primarily on value character of existing housing. TABLE 25 DEMAND FOR RENTAL HOUSING BY SUBMARKETS AND RENT GROUPS 2003 - 2010 (Seven Years) Upper Very Low Low Moderate Middle Under $549 - $877 - $1,315 Upper Submarket Area $549 $876 $1,314 $1,643 $1,644 + Totals Central Miami 2,360 884 1,329 784 545 5,902 Omni CRA 227 73 173 78 29 580 Source: Forecast by Reinhold P. Wolff Economic Research, Inc. based on analysis of renter household incomes and affordability data. Rents affordable based on standard income - to -rent affordability factor of 30.0%. TABLE 26 HOUSING DEVELOPMENT OPPORTUNITIES (1) Omni CRA Area Product C1: % Unit Mix Unit T 10.0% 30.0% 45.0% 15.0% Eff./Studio 1BR/1B 2BR/2B 3BR/2B Base Price Base Price I Or Rent Or Rent Unit Size Potential Per S ' . Ft. L/A 550 Sq. Ft. 865 1,100 1,450 $158,000 $257,000 $306,000 $477,000 $287.27 $297.11 $278.18 $328.97 General Character: Highrise; river or city views; amenity/feature level 2. Product C2: 15.0% Eff./Studio 500 Sq. Ft. 30.0% 1BR/1B 920 45.0% 2BR/2B 1,400 10.0% 3BR/2B 2,100 $176,000 $294,000 $450,000 $685,000 $352.00 $319.57 $321.43 $326.19 General Character: Highrise; Bayfront views; amenity/feature level 1. Product C3: 35.0% 1BR/1B 50.0% 2BR/2B 15.0% 3BR/2B 800 Sq. Ft. 1,050 1,300 $59,500 $76,500 $87,500 $74.38 $72.86 $67.31 General Character: Mid -rise; no special views; amenity/feature level 2. Product C4: 25.0% 1BR/1B 40.0% 2BR/2B 35.0% 2BR/2B 850 Sq. Ft. 1,025 1,225 $105,000 $130,500 $150,000 $123.53 $127.32 $122.45 General Character: Low- midrise; no speical views; amenity/feature level 2. TOWNHOUSES Product Tl: 65.0% 2BR/2.5B 35.0% 3BR/2.5B 2,500 Sq. Ft. 3,200 $347,000 $465,000 $138.80 $145.31 General Character: Non-bayfront; 2 - 3 stories; unit feature level 1; amenities limited to community pool; garages. Product T2: 60.0% 2BR/2.5B 30.0% 3BR/2.5B 10.0% 4BR/2.5B 1,100 Sq. Ft. 1,250 1,350 $91,000 $101,500 $108,000 $82.73 $81.20 $80.00 General Character: Two-story townhouses; no special views; unit feature level 2; no amenities. RENTAL APARTMENTS Product R1: 15.0% 35.0% 40.0% 10.0% Eff./Studio 1BR/1B 2BR/2B 3BR/2B 500 Sq. Ft. 750 1,175 1,575 $1,045 $1,360 $1,935 $2,400 209.0¢ 181.30 164.70 152.40 General Character: Highrise; Bayfront views; amenity/feature level 1. TABLE 26 HOUSING DEVELOPMENT OPPORTUNITIES (1) Omni CRA Area Base Price Base Price I % Unit Or Rent Or Rent Mix Unit Type Unit Size Potential Per Sq. Ft. L/A Product R2: 10.0% Eff./Studio 30.0% 1BR/1B 45.0% 2BR/2B 15.0% 3BR/2B 600 Sq. Ft. 820 1,200 1,450 $925 $1,235 $1,700 $1,955 154.2¢ 150.6¢ 141.7¢ 134.8¢ General Character: Mid- to highirse; river of city views - away from Bay; feature/amenity level 1. Product R3: 4.0% Eff./Studio 6.0% 1BR/1B 10.0% 2BR/2B 16.0% Eff/Studio 24.0% 1BR/1B 40.0% 2BR/2B 400 Sq. Ft. 600 800 400 600 800 $264 $276 $324 $391 $411 $487 66.0¢ 46.0¢ 40.5¢ 97.8¢ 68.5¢ 60.9¢ General Character: Low- to mid -rise; no special views; tax credit affordable based on 35% and 50% AMI; amenity/unit feature level 3. Product R4: 4.0% Eff./Studio 8.0% 1BR/1B 7.0% 2BR/2B 1.0% 3BR/2B 16.0% Eff/Studio 32.0% 1BR/1B 28.0% 2BR/2B 4.0% 3BR/2B 400 Sq. Ft. 600 850 1,000 400 600 850 1,000 $307 $321 $379 $436 $475 $502 $596 $687 76.8¢ 53.5¢ 44.6¢ 43.6¢ 118.8¢ 83.7¢ 70.10 68.7¢ General Character: Mid- to highrise; no special views; tax credit affordable based on 40% and 60% AMI; amenity/unit feature level 2. Product R5: 14.0% 2BR/2B 4.0% 3BR/2B 2.0% 4BR/2B 56.0% 2BR/2B 16.0% 3BR/2B 8.0% 4BR/2B 850 Sq. Ft. 1,000 1,200 850 1,000 1,200 $270 $310 $338 $487 $561 $618 31.80 31.0¢ 28.2¢ 57.3¢ 56.10 51.5¢ General Character: Mid- to highrise; no special views; tax credit affordable based on 35% and 50% AMI; amenity/unit feature level 3. TABLE 26 HOUSING DEVELOPMENT OPPORTUNITIES (1) Omni CRA Area Base Price Base Price I % Unit Or Rent Or Rent Mix Unit Type Unit Size Potential Per Sq. Ft. L/A Product R6: 14.0% 2BR/2B 4.0% 3BR/2B 2.0% 4BR/2B 56.0% 2BR/2B 16.0% 3BR/2B 8.0% 4BR/2B 900 Sq. Ft. 1,050 1,250 900 1,050 1,250 $379 $436 $479 $596 $687 $758 42.10 41.5¢ 38.30 66.20 65.40 60.60 General Character: Mid- to highrise; no special views; tax credit affordable based on 40% and 60% AMI; amenity/unit feature level 2. (1) The development opportunities indicated in this table must be viewed as general indications of opportunity. The desirable development character and absorption potential may vary considerably depending on the exact location of the development site and other developments being marketed during the same period. Amenity/unit features levels are detailed in Table 63. Source: Reinhold P. Wolff Economic Research, Inc merican Police JJseumIHall of Fame '�r. �—u �L Ij• �� dt —p. 0�- 1 E. � r «re �f�1J. . i rn N.... I. -- I+ r G17i _; f N - vism ❑�Iml�i• jjjj jj''II V �L1}'■ ■..■ 11 �L75.J111 III11 Bl9II LJ LJ7 SI,11 �I I' . I1 0'II 0■O __ .. ......tea. .Ada I ■ �J� �I� Gd— �' lI • - MAP NO. 1 The Central Miami Area 1lucruzoilCom..0.11rlohk enrd. j k Biscayne Park Cemetery 1 Bicentennial Park Biscayne B ay _ 3netian Way MAP NO. lA The Omni CRA Area BOUNDARY EXPANSION OMNI AREA COMMUNITY REDEVELOPMENT PLAN As AMENDED 2006 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX D APPENDIX D: BOUNDARY EXPANSION Proposed Boundary Expansion The legal description for the proposed expansion area is as follows: Beginning at the intersection of the east side of the FEC ROW and the north side of the 1-395 ROW; continue west along the north side of the 1-395 ROW to the east side of N.W. 1st Ave; then north along the east side of NW 1st Ave to the north side of NW 14th Street; then west along the north side of NW 14th Street to the east side of NW 2nd Avenue; then north along the east side of NW 2nd Avenue to the north side of NW 17th Street; then west along the north side of NW 17th Street to the east side of NW 2nd Court; then north along the east side of NW 2nd Court to the north side of NW 20th Street; then east along the north side of NW/NE 20th Street to westerly shore of Biscayne Bay; then south along the westerly shore of Biscayne Bay to the southerly ROW of NE 20th Street; then west along the southerly ROW of NE/NW 20th Street to the east side of the FEC ROW; then south/southwest along the FEC ROW to the north side of the 1-395 ROW. As part of the Plan Update process, the Omni CRA boundary and its adjacent environs were evaluated to determine their appropriateness with respect to the overall Plan objectives and strategies. The evalu- ated areas included those north from NE 20th to NE 29th Street and West from the FEC to the SEOPW expansion boundary. It is recommended that the Omni CRA boundary be modified toward the west, effectively "closing the gap" between the Omni and Southeast Overtown Park West CRA's. The inclu- sion of the proposed expansion area within the CRA boundaries will serve to meet the objectives of the Plan update and the redevelopment efforts of the original boundary by allowing the expenditure of tax increment dollars 1) to improve connectivity between the Omni and SEOPW CRA's; 2) to provide a greater opportunity for the development of affordable and workforce housing, and 3) to provide im- provements to the public realm, additional greenspace and recreational areas. The proposed expan- sion area clearly meets slum and blight conditions as defined by Florida Statute 163 and as docu- mented in the "Omni CRA Proposed Boundary Expansion: Finding of Necessity". Celt I Proposed Expansion Area S r # CU Cemetery .7 PS 1117 kW DI Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX D However, it is also recommended that CRA improvements within the expansion area be relegated to subsequent phases of expenditures and occur only after a substantial number of improvements have been executed within the original Omni CRA boundary, especially those areas west of NE 2nd Avenue. Exceptions to this proposed phased execution should only be considered for projects that have no capital costs, such as zoning changes, and those providing affordable or workforce housing and pub- lic realm improvements which make those projects more feasible. Such exceptions should only be approved by the CRA Board. Projects and Phasing Future CRA projects within the expansion area should expand upon those detailed within the Plan Update, and should include (see Plan Update, Section 5, Projects and Strategies): 1) Zoning Changes a) Inclusionary zoning for affordable and workforce housing; b) Noise abatement strategies for properties adjacent the Media/Entertainment District; and c) Design guidelines for NW 14th Street and housing areas. 2) Affordable/Workforce Housing: The CRA should consider public/private partnerships with future projects to provide affordable/wrokforce housing. Additionally, the CRA should consider acquisition of proper- ties for these furture projects. 3) Neighborhood Greenspace: The CRA should consider public/private partnerships with future projects to provide additional greenspace and recreational amenities. Additionally, the CRA should consider acquisition of properties for public greenspace. 4) Streetscapes: Improvements to streetscapes should be an extension of the proposed improvements within the original boundary, with priority given to NW 14th, 17th and 20th Streets. Additionally, specific street intersections (as identified within the Finding of Necessity report) should be specially designed to improve the overall safety and connectivity of the area). 5) Historic Preservation: The CRA should support the historic preservation of the Dorsey Memorial Library. 6) 17th Street/FEC Crossing 7) Water and Sewer Upgrades D2 Omni CRA Redevelopment Plan FINAL DRAFT APPENDIX D Projects • 1) Zoning Changes 2) Affordable/Workforce Housing (not location specific) 3) Neigborhood Greenspace (not location specific) 4) Streetscapes 5) Historic Preservation (Dorsey Memorial Library) 6) 17th Street/FEC Crossing 7) Water and Sewer Upgrades (not location specific) D3