HomeMy WebLinkAboutExhibit 1Exhibit "A"
Project Descriptions for CRA Capital Projects Loan
• Lyric Place - Block 25 will be a mixed -use development project that will be built in two
phases on Block 25 within the Overtown community. Block 25 will be the site of two (2)
residential apartment communities that will each consist of approximately-200 not less
than 158 affordable units. Phase I will consist of between 90 98-100 units. 50% of the
units in Phase I will be dedicated for households at or below 60% of Area Media Income
(AMI), with the balance of the units not to exceed 120% of AMI. Approximately 5,000
square feet of storefront retail will be incorporated into Phase I in the ground floor of the
buildings that face NW 2nd Avenue. Phase II shall consist of between 90 and 120not less
than .60residential units and commercial space. 50% of the units in Phase II will be
dedicated for households at or below 80% of AMI with the balance not to exceed 120%
of AMI. Significant on -site amenities on Block 25 will be available to residents,
including appropriately sized tot lots, fitness centers, libraries with computers, as well as
a wide array of resident educational, health, and occupational programs. The funding
request for Phase I is $10,000,000.00. NeThe funding will-be-previedrequest for Phase
II is $7,000,000.00.
• Lyric Place - Block 36 Retail - Between 27,000 to 35,000 square feet of retail is intended
on Block 36 together with a 300 space Parking Garage. Retail parking will be on -grade,
including the ground floor of the Public Parking Garage. This essential element of Lyric
Place will be comprised of an approximately 300 space Public Parking Garage, of which,
not less than 250 spaces will be available for use by the public, including use by
members of the International Longshoremen's Association Local 1416 (for their daily
shifts), invitees of the Historic Lyric Theatre (for their performances and community
events) and residents of the neighborhood. The Gatehouse Group stands ready to build
the garage for the SEOPW-CRA, which will provide up to $3,000,000.00 to fund a
portion of the cost to construct the Parking Garage which will be owned by the SEOPW-
CRA. The Public Parking Garage would likely be managed by the Miami Parking
Authority.
• St. John Overtown Plaza will be a knot less than 90-unit new construction rental
housing and mixed -use development project to be located at NW 3rd Avenue and 13th
Street in the Overtown neighborhood of Miami, Florida. The commercial component is
projected to be 30,0008,000 square feet of commercial retail, restaurant, office,
community center and day care facility. With one, two and three bedroom units, SJCDC
is targeting families, primarily with incomes that do not exceed 80% AMI. This is a
critical need in the Overtown community, where homeownership is less than 3%.
Residential project amenities will include energy star equipment and appliances such as
central- air conditioning, dishwasher, microwave oven, garbage disposal, tankless water
heaters, laundry rooms, a mix of tile and carpeting, with sustainable design and materials
incorporated. Another component of the project will create 30,0008,000 square feet of
commercial retail space and create 30 jobs for community residents. The request for CRA
funding is $10,000,000.00.
• Island Living will be a mixed -use development located at 1201 NW 3rd Avenue in the
heart of the historic Overtown Commercial Corridor containing between 60-80
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residential units in an eight story building. The target market for this workforce housing
development with 50% of the units for residents earning 60% or less of AMI. The unit
mix of the residential component will be determined based upon market conditions and
community input. The development plan will incorporate a landscape plan which would
I stress pedestrian friendly walkways, playground areas for children, green space and
appropriate parking. The commercial component of the project will include
approximately 5,000 square feet of commercial space with will provide an opportunity to
locate more businesses that will create jobs. The funding request from the CRA is
$8,000,000.00.
• Culmer Center Housing Development - This project is a multi -year, multi -phase project
that will result in the transformation of 9 acre and 3 blocks along NW 3rd Avenue in
Overtown. Seven acres, at 1600 NW 3rd Avenue, are owned by Miami -Dade County and
currently serves as the site for the Culmer Neighborhood Service Center. Two acres, at
1490 NW 3rd Avenue, are owned by the City of Miami and currently serves as a retail
center and City offices.
Phase 1 will be not less than a 75-unit apartment building, reserved for persons earning
below 60% of the Area Median Income (AMI). This will be a 6-story building located at
the seuestnorthwest corner of the site, on NW 4th Avenue at the cul•-de-saeand NW
17`h Street. There will be a mix of one bedroom, two bedroom and three bedroom units
with average sizes of 650 SF, 850 SF and 1,050 SF respectively. There will be on site
management, as well as a fitness room, computer center, and multi -purpose space for
resident programs. In -unit features will include energy star appliances, tile floors
throughout, balconies and ceiling fans. CRA funds of $7,500,000.00 are requested for
this phase.
Phase 2 will be an 83-unit apartment building, also reserved for persons earning below
60% of the AMI. This will also be a 6-story building mid will be located at the northwest
comer of the site, on the comer of NW 4th Avenue at NW 17th Street. Unit mix, sizes,
programs and features will be similar to but will compliment those offered in Phase 1.
Phase 2 also includes a retail building of 5,000 square feet at the corner of NW 3rd
Avenue and NW 17th Street. Phase 2 also includes a new and attractive drop off loop for
the existing Head Start Center on the site, which will substantially enhance the 3rd
Avenue streetscape. No CRA funds are being requested at this time for this phase.
Phase 3 will be a brand new 3-story Culmer Center building on NW 3rd Avenue at the
intersection of NW 16th Street. Phase 3 will also include 8,000 square feet of retail space.
on the 3rd Avenue frontage. No CRA funds are requested for this phase.
Phase 4 will be a multi -story building constructed on the City site. This would replace
the existing 1 story retail use with new retail space, large enough to accommodate a
grocery store. Above the retail would be office and/or residential uses. The target market
for these units is undetermined at this time. No CRA funds are requested for this phase.
AFFORDABLE HOUSING - Rehab
• Town Park - The Town Park project will be a gut rehab of three separate
subcommunities. Town Park Village ("Village") was built in 1970 and has 151 units in
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20 buildings that are a combination of townhouses and garden apartments. Town Park
Plaza South ("South") was constructed a year later in 1971 and has 17 buildings with 116
units. Town Park Plaza North ("North") was built in 1973 with 20 buildings and 168
7units. The buildings suffer from deferred maintenance and patch work to long standing
problems that now are life safety concerns. Visible deterioration is present as evidenced
by structural cracks in some units, broken windows, loose railings on upper floors, sewer
backups, water leaks from decrepit plumbing, existence of mold, and wood rotting in
doors and fascia of roofs as well as outdated electrical wiring. A gut rehab would consist
of stripping all units down to bare walls to expose and replace the plumbing and electric.
New windows, doors, floors, bathrooms, kitchens, closets, fixtures, central air systems,
ceiling falls and appliances will be installed. On the exterior, roofs will be replaced where
needed, new stucco and painting for the building exterior, landscaping and sod, new
sidewalks, metal picket fencing with security features (key or card reader access), any
necessary utility upgrades like an increase in the size of water and sewer lines, better
drainage, and improved gas connections. Chose contractors for this project will have
responded to an open competitive bidding process. The funding request for this Project is
$15,000,000.00.
Payoff of the 1990 Bonds
Repayment of the Community Redevelopment Bonds totaling $11,500,000 (the "1900
real estate and financing of a 55,900,000.00 Section 108 Housing and Urban Development
Proms ory Note_
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