HomeMy WebLinkAboutCase Study Appendix E Tenant Lease Agreement MemoKONIVER MEMO
STEDKIRouP
RETAIL REAL ESTATE & BROKERAGE
Date: February 3, 2014
To: Luis Pulenta
From: Lyle B. Stern
Re: Met Miami
I appreciate our conversation regarding the retail podium at Met Square however it is
extremely problematic and concerning. This project has been in the pre -development
stage for many years and has gone through many iterations in order to accommodate the
tenants that are currently committed. The Silverspot Theater has been meticulously
planned, re -planned and laid out in order to accommodate the complex structure required
in an urban envelope for a multiplex premium theater. This has involved physical theater
layout, infrastructure requirements, access, vertical transportation and emergency egress.
Stacking that box on top of the first two floors of restaurant and retail required extensive,
elaborate planning giving the tightness of the site and the vertical transportation and
interior connection between the floor plates that are required. Changing those floor plates
at this time will cause for the tenants currently committed to the site (Silverspot Theater -
100,000 SF; LDV Hospitality - approximately 20,000 SF) to terminate their relationship
with this project. The complexity is not only of transportation and access but also of
delivery, pedestrian circulation, customer circulation, interior restaurant configuration,
back of house, dining rooms, patios, etc. Again on a very tight site, it required almost two
years of extensive development planning.
The solutions that you have proposed would not be acceptable and would render the site,
from the retail/restaurant/cinema perspective, virtually unleaseable to these tenants.
Additionally the time delay being encountered is already posing the great potential for
SilverSpot to terminate their relationship with you. Paramount was your ability to deliver
by Fall 2015. That appears to be very much in jeopardy.
I am happy to discuss further at your convenience.
1665 Washington Avenue, Penthouse
Miami Beach, Florida 33139
T (305) 532-6100 F (305) 532-6101
www.koniversterngroup.com