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HomeMy WebLinkAboutBackup Documents SUB• ■ ■ N▪ Eurnimmin IMmummom banummem immenumma rmralsmmiam n omunimme w wwieftwie moommimmo e ftwommmi * IncIIFIIA1€I ♦C, it II r0R�© l 15-01562 Backup Documents SUB REQUEST FOR PROPOSALS (RFP#14-15-O24) FOR A LEASE OF CITY -OWNED RIVERFRONT PROPERTY miGogli';or, --- 1111°—"1-171 SEPTEMBER 14, 2015 { „'irP• •r11. ■g 191i'Il'.- . ip, _ ■p , a a • a THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. A TABLE OF CONTENTS SECTION A: TABLE OF CONTENTS 2 SECTION B: EXECUTIVE SUMMARY 3 SECTION C: VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT.., .,..,. 1 0 SECTION D: COMMUNITY BENEFITS 14 SECTION E: PROJECT PLAN 16 SECTION F: OPERATIONAL PLAN 42 SECTION G: MARKET ANALYSIS AND ECONOMIC FEASIBILITY 44 SECTION H: FINANCIAL PLAN 46 SECTION I: FINANCIAL FEASIBILITY 47 SECTION J: FINAL RETURN TO THE CITY 49 SECTION K: ATTACHMENTS 50 RFP REGISTRATION FORM (EXHIBIT A) 50 RFP SUBMISSION FORM (EXHIBIT B) 52 THRESHOLD QUALIFICATIONS & STANDARDS 79 CERTIFICATION (EXHIBITD) 119 DISCLOSURE/DISCLAIMER (EXHIBIT E) 120 PROPOSER'S ORGANIZATION HISTORY/STRUCTURE & CHART 122 ADDITIONAL INFORMATION 123 CITYOF MIAMI FIRMS 123 LEASE AGREEMENT AFFIDAVIT 124 Request for proposals for A Lease of City -Owned Riverfront Property 2 :4, • a� a +rr arg ugrar Y15 1▪ f NC sita n ow -1111 l�Z ti ■i THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. SMlflnffn1l1fb .•••�iYf RlAlf f11n1 S1N31NOD 318'd1 1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. A TABLE OF CONTENTS SECTION A: TABLE OF CONTENTS 2 SECTION B: EXECUTIVE SUMMARY 3 SECTION C: VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT......... 1 0 SECTION D: COMMUNITY BENEFITS 14 SECTION E: PROJECT PLAN 16 SECTION F: OPERATIONAL PLAN . 42 SECTION G: MARKET ANALYSIS AND ECONOMIC FEASIBILITY 44 SECTION H: FINANCIAL PLAN 46 SECTION I: FINANCIAL FEASIBILITY 47 SECTION J: FINAL RETURN TO THE CITY 49 110 SECTION K: ATTACHMENTS 50 RFP REGISTRATION FORM (EXHIBIT A) 50 RFP SUBMISSION FORM (EXHIBIT B) 52 THRESHOLD QUALIFICATIONS & STANDARDS 79 CERTIFICATION (EXHIBIT D) 119 DISCLOSURE/DISCLAIMER (EXHIBIT E) 120 PROPOSER'S ORGANIZATION HISTORY/STRUCTURE & CHART 122 ADDITIONAL INFORMATION 123 CITY OF MIAMI FIRMS 123 LEASE AGREEMENT AFFIDAVIT 124 Pequest for proposals for A Lease or y-Owned Rlverfront Property 2 [:1 Lel 1__P_P. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY A. THE PROJECT Riverside Wharf, a $18M waterfront re -development project will be Miami's center of gravity for dining and entertainment, along the Miami River. AERIAL VIEW LOOKING EAST Riverside Wharf will consolidate under one single unified seamless urban experience, the development of the City of Miami's Property, hereinafter "Property", subject of this RFP, alongside with properties either owned or controlled by the Proposer, Riverside Wharf, LLC. hereinafter "Rw". SfTE BREAKDOWN NW RIVER ORM Request For proposals for A Lease of City -Owned Riverfront Property 3 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY The Property consists of 32,000 sq. ft. of land, with approximately 264 lineal feet of frontage along the Miami River. On the City property we plan to develop a new Garcia's Seafood Restaurant and Raw Bar conceptwith approximately 4,000 sq. ft. of dining space; and, a fish market. Garcia's will be the cornerstone of the development; and rightly so, given their historic presence along the Miami River for more than 50 years. In many ways, Riverside Wharf is not just about Miami's future, but also about preserving our past. CURRENT GA RCIA'S RESTAURANT Alongside Garcia's will be a 11,000 sq. ft. restaurant, which will be custom built to the needs of the restauranteur in order to attract the highest caliber of qualified operators to the site. It is our vision that the restaurant concept should dictate the architectural look and feel of the space. On either side of the City Property, RW either owns or controls properties immediately to the North and South of the City's property. This in a nutshell is the key value of this Proposal to the City of Miami, which is the ability to carry out a harmonious and unified riverfront development from 1-95 on the South to NW 1st Street Bridge on the North. Together the RW properties add an additional 27,000 sq. ft. and 278 lineal feet of riverfront to the assemblage, for a total land area of 59,000 sq. ft. and 599 lineal feet of frontage as depicted in Figure # 1 below. More importantly, the abutting property increases it's frontage along North River Dr. from 54 linear feet. Effectively increasing it's street frontage by 7 times. This eliminates the largest obstacle to a development of the City Parcel which it's lack of a reasonable street frontage to provide propes ingress and egress and proper view corridors. JIGURE I- LANDSCAPE PLAN %rl'C( / I /Frfri/ r.�fe c' Request for proposals For A Lease of Gay -owned Riverfront Property 4 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY RW is committed to developing both its property and the City Property with low-rise development that will be at or under 75 feet in height, with a focus an pedestrian areas, plazas, breezeways and view corridors. AERIAL VIEW LOOKING NORTHEAST Combined with the City Property, this public/private partnership will bring four (4) unique restaurant operations to the Miami River, helping to create Riverside Wharf as Miami's premier seafood dining destination. The combined four (4) restaurants with a combined air conditioned space of 33. 703 sq. ft. , with a seating capacity in excess of 1,200 seats; is projected to generate 300 permanent jobs and more importantly, save 30 fishing jobs. These jobs in the F&B indusfry will be an opportunity for the local and minority community. 6. THE PROPOSER: RW-MIAMI ENTREPRENEURS, WITH A PRESENCE IN THE AREA AND COMMITTED TO PRESERVING THE PAST The Proposer, Riverside Wharf, LLC, consists of Alex Mantecon and Guillermo Vadell two Miami hometown raised entrepreneurs that are living the American Dream. After graduating from College, Alex worked in the financial and real-estate markets as theVP of a multinational $1.6 bin Hedge Fund; and in 2008 started MV Real Estate Holdings LLC together with the help of long-time friend Guillermo Vadell. Guillermo has been acquiring, managing and disposing of real-estate for 15 years and has successfully transacted on over 300 properties. Following the collapse of the real estate market Alex and Guillermo, focused their financial skills on the opportunities presented by South Florida's distressed real estate market; and started acquiring properties in the region. One of these properties abuts the City Property, on its Northern boundary; and, they also control under a long-term lease the property that abuts the City`s property on its Southern border. Just as important, they are finalizing construction across the street on a 100,000 sq. ft. mixed -use 9 story retail, restaurant and self storage facility, where they have actively involved FIU and its art students in a public mural as part of the project. This building is slated to house an amazing 11,000 sq. ft. rooftop restaurant with some of the Request for proposals for A Lease of City -Owned Riverfront Property 5 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY most breathtaking views of the Miami River and the downtown skyline and further cementing Riverside Wharf as a culinary destination in Miami. The proposers are also having the Garcia brothers as part of their bossiness team. Esteban Garcia & Luis Garda are involved in the day-to-day operations of all aspects of Garcia's Restaurant. They aim to continue to evolve the dream and the aspirations of their father, to be the very best seafood in the city. Today, they continue to offer a steady supply of their locally caught seafood, prepared to perfection. C. THE DEVELOPMENT TEAM: BERMELLO, AJAMIL & PARTNERS - ARCHITECTS AND ENGINEERS RW's development team consists of an all-star cast, consisting of the architectural/engineering firm of Bermello, Ajamil and Partners, Inc. ("B&A"), headquartered in Coconut Grove, where they have had an enormous influence in the City's urbanscape with award winning design projects stretching from Coconut Grove to Brickell, and north of the Design District. MCM GENERAL CONTRACTORS Joining B&A is MCM General Contractors, the largest Hispanic contractor in the United States with a $1 Billion dollars bonding capacity, and a broad experience ranging from civil works including sea walls, marine piers and bridges, to multi -story mid and high-rise buildings. Working jointly with B&A, MCM recently completed the County's Terminal "D" at Port of Miami, which has been recently certified LEED Silver; and MCM is currently building the mid -rise mixed -use "retail and self -storage complex" across the street form the subject property. GREENBERG-TRAURIG - LEGAL RW's legal counsel for land use, RFP compliance and lease negotiations, is the renowned national law firm of Greenberg Traurig. KONIVER STERN GROUP - RESTAURANT/RETAIL BROKER Rounding out the RW development team is Lyle Stern, of Koniver Stern Group, one of South Florida's premier commercial brokers, specializing in food/beverage and restaurant experiences. Their mandate is to bring along with the future Garcia's Restaurant Oyster Bar and Fish Market, the most enticing complex of dining and entertainment experiences to Riverside Wharf. OCEAN CONSULTING,LIC - MARINA DESIGN Ocean Consulting, LLC establishes its integrity in the environmental consulting world by providing strategic solutions to complex environmental projects in the coastal & waterfront marketplace, both domestically and internationally. Ocean Consulting has realized the visions of numerous clients through thoughtful, aggressive, cutting -edge strategies that provide sustainable solutions to environmental and engineering hurdles in the most cost-effective manner possible. Request for proposals for A Lease of City -Owned Riverfront Property 6 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY Note: Riverside Wharf. Garcia's Restaurant, 8&A and MCM are majority owned by Hispanics; and all are headquartered in South Florida. Please refer to the Organizational Chart found in Section K for additional information regarding our Local and Minority Representation. D. THE RIVERSIDE WHARF DESIGN FEATURES MAIN ENTRANCE LOOKING NORTHWEST The design of Riverside Wharf by B&A is a striking architectural statement which presents a juxta position of maritime industrial vocabulary to recall the area's past, within a modern framework of sculptural steel, sheet metal, concrete and glass. The theme recalls the origins of the "working river" and as such, makes an iconic statement along the riverfront. RI VERFRONT OPEN SPACE RIVER CROSS SECTION Request For proposals for A Lease of City -Owned Riverfront Property 7 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY The design features four (4) 2-story restaurants with roof top gardens, creating the wharf along the Miami River, enclosed by a fish market at the East, but characterized by its low density and openness, consisting of plazas, breezeways; and, promenades, Over 60% of the combined land area is usable open space. E. COMMUNITY BENEFITS The proposal by RW will be a "community driven" development, where instead of focusing on the highest and best use, RW and its development team focused on the "most appropriate use and highest public benefits" while still being economically feasible. If approved by the City of Miami, RW's proposal will result in the following public benefits: ►REAp1EA1mOWM- SRE5 A 2 AREA UREM{D 4M. GAF 1 AREA INTFAKDOMM.WE2 TOTAL ORP!&&MD0i0: TOTAL 9ROl00T1E TOTALOROLNP FLOOR TOTAL OPENAREA: 37.M9 OF 50.105:1 SF 30.450.1 SF PE ft TN RESTAURANT Ei SLESM!L? Riruw[ra GROu10 3.419 SF GROUND- 0.715 SF SEOOIQ 1,057 SF SECOND 1.450 SF TOTAL &ill SF TOTAL 10,T06 SF GROUNEl SECOND'. TQTAL, ZOOS SF ORWIND- 2.000 9F SECOND 5.500 SF TOTAL: SS55 SF 5.531 Sr 15,510 IF GROUND LEVEL SITE PLAN • Garcia's Seafood Restaurant & Raw Bar concept will be the centerpiece of the development along with Garcia's Fish Market, thus preserving the City's rich historic past in the Maritime industry. • A continuous riverfront promenade that will extend from 1-95 to NW 1st Street Bridge. • Three (3) plaza and breezeways entries will provide exciting "view corridors" to pedestrians and motorists along North River Drive. RIVERFRONT CONTINUITY 7..!! y:rrre / IRWER • RIVERFRONT VIEW CORRIDORS 6'4 4111" e I Request for proposals for A Lease of City -Owned Riverfront Property THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. B EXECUTIVE SUMMARY • Over 60% of the combined land area will be usable open space, available to the public. In addition, the central plaza will have an interactive water feature, plus a fish weighing station for fishing boats; and a Riverside Wharf selfine-stand for visitors and tourists to have their photo taken. • Temporary docking for over ten (18) leisure yachts will be provided for, along the continuous 599 ft. bulkhead from the combined properties • Riverside Wharf will be low rise in character, with no building or structure exceeding three (3) stories or 75' in height. • RW and MCM is committing to 100% local hiring in terms of subcontractors; hired laborers and vendors. In addition, each of the four (4) restaurants will attempt to achieve 30% minority hiring goal: and a 100% local labor hiring goal, except for the hiring of the "chef" and "sous chef" positions which will be open to the best available candidate. (Please see the Additional Information in Section K for more information on our program and outreach goals.) F. REVENUE/RETURNS TO THE CITY Pursuant to RW's commitment to preserve a marine character, fish market and row density development, while dedicating to more than 60% of the consolidated properties footprint to usable open space, enhancing public access and enjoyment of the waterfront, ultimately limits the revenue potential of the property. Notwithstanding. RW's offer to the City will almost double the City's current ground rent on the property, and provide the City with a minimum guaranteed rent in excess of $22 million over the life of the lease while accomplishing the following tangible benefits to the City: • The City's Property will undergo on improvement in excess of $6 Million taking into account the new Garcia's Restaurant & Oyster Bar + Fish Market: and the neighboring 11,000 sq. ft_ restaurant and entertainment complex. • The Riverfront shoreline currently in need of major repair will be replaced with a code and FEMA compliant seawall, bulkhead and riverfront promenade. • The adjoining properties, currently vacant, will be similarly improved with another $6Million improvement in the other two (2) restaurants on private property. The modest contribution to the City's tax base would not be taking place, if not for this City initiative. Ref t Y}tr(t' / t #NI" Request for proposals for A Lease of City -Owned Riverfront Property 9 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, 'ft -z--- m THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. C VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT The area immediatelysurrounding the proposed project has historically been an underdeveloped and blighted area in the City of Miami despite it's proximity to Downtown Miami and its strategic location on the Miami River. This section of the Miami River has historically been associated with seafood operations and restaurants with businesses such as The East Coast Fisheries which had fishing operations and a restaurant, Miami River Lobster which is directly across the Miami River and on the abutting parcel just south of the property. Seafood restaurants such as Garcia's Seafood and Grille, Casablanca and most recently Sea Spice have helped brand this river district as a gastronomical destination. The City of Miami Property subject of this RFP, has been occupied via a month -to -month lease by the Garcia Family which owns and operates Garcia's Seafood Grille & Fish Market for decades. Garcia's has used the Property as a staging area for lobster traps and as an unloading dock for fresh seafood that is caught in our local waters in order to cook and sell them in their restaurant and fish market just down the street. The Proposer'svision is to develop the Property CIS the riverfronts premier destination for dining and entertainment: and to revitalize the immediate area in a way that is compatible and respectful of the character of the Miami River and the area's history. We propose to incorporate the City of Miami's Property into a larger assemblage of waterfront land alongside with a riverfront parcel currently owned and controlled by the Proposer in an effort to create Miami's first "Fisherman's Wharf". The Proposer will develop four (4) waterfront restaurants (2 of which will be built on the City Property) and lease the restaurant spaces to qualified restauranteurs. In addition, the Proposer's Team will develop and operate a Fish Market and commercial fishing operation, that will buy fresh seafood from local fishermen, Garcia's Seafood and Grille will open a new Request for proposals for A Lease of City -Owned Riverfront Property 10 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. C VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT concept restaurant / oyster bar which will revolve around the fresh catches of the day and celebrating the seasonal local catches such as stone crabs, lobster, blue crabs, swordfish, tuna, etc... Riverside Wharf will be a "River Centric" development focused on seafood, boating, dining, entertainment and water activities, providing both public accessibility to the waterfront while energizing the river's edge with activities for dining and entertainment. PERSPECTIVE VIEW LOOKING NORTH We intend to see this vision thru by successfully achieving the following goals and objectives as outlined below: 1. Support the local fishing community - Proposer's team will own and operate a local fish market that will sell locally caught fish, lobster, shrimp, crab and other seafood to residents and visitors of the City of Miami. This Fish Market will also act as a localized distribution point to the various restaurants that we will develop on the Property and the abutting parcel that we currently own. The ultimate goal is to provide a true Sea -to -Table dining experience in which the seafood is prepared in each restaurant's unique style and interpretation. This allows us to NOT displace the local fishermen and actually create new opportunities for them. Request for proposals for A Lease of City -Owned Riverfront Property 11 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. C VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT 2. Create a waterfront promenade that is connected to the rest of the Miami River Riverwalk - We, as Proposers, currently own and / or control the abutting properties immediately North and South of the City of Miami Property. We intend to not only build the Riverwalk along the River's edge, but we will also build the Riverwalk on the abutting parcels which we control and thus complete the missing links of the Riverwalk. 3. Create a seafood centric dining destination that is unrivaled in Miami - We will develop the Municipal Property, in conjunction with our abutting properties in order to create a world class waterfront dining destination that will attract some of the top restauranteurs in South Florida. 4. Create a boating dining destination - With all the water frontage and coastline that Miami has, there is an extremely limited number of options for transient dockage, in which a boater can dock for a couple of hours and enjoy a nice meal. We will unify the Property's seawall together with our abutting sea wall in order to offer approximately 600 feet of continuous marina dockage. The patrons will be able to dock and enjoy a meal after a day of boating. PERSPECTIVE VIEW LOOKING SOUTH YACHT LAYOUT 5. Provide a unique "Miami River" experience - We have designed the project with the character and experience of the Miami River to be front and center. This can be seen in everything from the materials used far the construction to the shapes and styles of the architecture. We have also incorporated (3) large view corridors as well to provide visual connectivity between the river and the view from either the road, or surrounding neighborhood. We have designed the restaurant experience to be open with an inside/ outside connection to the water with large outdoor terraces and plazas. Thus making the Miami River the main focus of the development. %'r r', r.rrt' l t Aarr�/ Request for proposals for A Lease of City -Owned Riverfront Property 12 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. C VISION, GOALS AND OBJECTIVES OF PROPOSED PROJECT 6. Revitalize the area - The area surrounding the City Property is currently blighted and in disrepair. We will revitalize this stretch of riverfront land by unifying the City Property together with the abutting parcels which the Proposers already own and control. The Proposer will leverage each of the property's strengths in order to achieve a development that will be more than the sum of its parts. The Proposers will also invest in improving and beautifying the public right of ways and surrounding ground -level parking lots in order to not only improve the area, but also convert it into a destination. LANDSCAPE PLAN /\ f Request for proposals for A Lease of City -Owned Riverfront Property 13 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Fr pir " - - IIP 111, ir - N, 11811 miti7,T THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. D COMMUNITY BENEFITS Riverside Wharf has a great potential to be a strong generator of jobs for the residents of the City of Miami while at the same time creating a public space that can be enjoyed by all residents of the City of Miami as well as tourists and visitors. The entire Riverside Wharf Development is slated to create 310 temporary jobs during construction; and a total of 150 long term permanent jobs estimated to be on the City's Property. A detailed analysis of the anticipated economic impacts can be found in the attached Market Analysis prepared by INTEGRA. In summary, Riverside Wharf will provide the following Community Benefits: 1. A Fish Market that will employ local fishermen and preserve the local fishing community. Our development takes into account the current local fishing jobs. We intend to maintain and preserve the existing maritime jobs. We will be providing the existing local fishermen that are on the Property and others, a venue in which they will be able to unload and sell their daily catch. The fishing vessels currently moored on the property will be relocated to other properties owned by the Proposers' team further up the River. 2. Continuity of the Miami River Walkway. Riverside Wharf will commit to build the Riverwalk on the Property and on the two (2) abutting parcels in order to provide full Riverwalk continuity from the 1-95 right of way to the NW 1st Street Bridge. By doing this, the Riverwalk will then be fully interconnected Southeast up to Biscayne Bay and North to the new Sushi Samba restaurant currently under construction past the lst Street Bridge. The Proposer currently owns the property immediately north of the Property: and has an Option to Lease on the property to the South - effectively controlling the missing pieces necessary to connect the Riverwalk at both ends of the Property. RVVERFRONT CONTINUITY Request for proposals for A Lease of City -Owned Roverfront Property 14 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. COMMUNITY BENEFITS 3. View / Access Corridors. This Property currently has very little frontage (54 Feet) along SW North River Dr. In order to achieve a view corridor while still providing for a valet drop-off area, we have included 2 view / access corridors in our abutting property on North River Dr. The Valet drop-off area and pedestrian sidewalks will be interconnected with the view / access corridors in order to provide unfettered public access to the Riverwalk and the Miami River from North River Drive via the various public corridors, breezeways and plazas. 4. Frontage to the Miami River. Riverside Wharf will develop the entire 264 linear feet of the Property's Frontage an the Miami River. In addition, as Proposer we also commit to develop our abutting property's frontage along the Miami River, which consists of 335 linear feet for a total Frontage to the Miami River of 599 linear feet. 5. Improvements to the streets. Riverside Wharf will improve and beautify the surrounding streetscapes as depicted herein with decorative street paving; light bollards; street trees and festive decorative street lighting . These improvements are estimated to cost in excess of $750,000.00 in public streetscape improvements. 6. Low Scale Development. The proposed development will be a low scale development, maximum 3 levels with a maximum height of 75 ft. We are committed to creating an "'outdoor experience" that is people friendly, accessible and memorable. 7. Relocation plan of existing fishermen. The Proposer's team will be relocating the lobster trap storage and fishing vessels currently residing on the City property to a property secured by the Proposer's team at 710 & 722 NW 7th Avenue inside the City of Miami and with capacity to house all the existing boats and lobster traps on -site. This will allow the fishermen to continue working without any interruption throughout the development process and not lose a very valuable employment base in our community and with only an extra 5-minute commute up the River. Request for proposals for A Lease of City -Owned Riverfront Property 15 3 NOI1D3S THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. THIS DOCUMENT I5 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. E PROJECT PLAN NARRATIVE DESCRIPTION Riverside Wharf is a $18Million riverfront re -development project consisting of a restaurant and entertainment complex along the Miami River, extending southward from NW 1st Street Bridge to the 1-95 Expressway Right of Way. The project consists of four 2-story restaurants with roof top gardens; and a fish market with docking for fishing boats to unload their catch for processing. Riverside Wharf consolidates from a planning perspective the City Property, subject of this RFP, together with 2 adjoining properties, one owned and the other controlled by the Proposer RW, thus creating a seamless unified development project, which will provide the remaining link to complete the Riverwalk's connection to Biscayne Bay. The following is a development summary of the proposed project: A. LAND AREA a. City of Miami Property/RFP (Site 2) 31,949 sq. ft. b. Parcel owned by RW (Site 1) 26,837 sq. ft. c. Land Lease by RW 1,631sq. ft.* d. City of Miami Property/Not part of RFP 4,018 sq. ft.* e. Total Land Area 64,435 sq. ft. *These areas will be landscaped and beautified by RW to provide Riverwalk Promenade continuity and enhance public access. On part of the City's parcel, FOOT will extend the bulkhead, fill and build the NW 1st Street Bridge Head House and Equipment Room. B. RIVER FRONTAGE CONTINUITY a. City of Miami Property/RFP (Site 2) 265 LFT b. Parcel owned by RW (Site 1) 278 LFT c. Land Lease by RW 56 LFT* d. City of Miami Property/Not part of RFP 87 LFT* e. Total Land Area 686 LFT 1 I 011e// Request for proposals for A Lease of City -Owned Riverfront Property 46 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. E PROJECT PLAN C. RESTAURANTS, BARS, ENTERTAINMENT & FISH MARKET Restaurant Bar & Entertainment a. City of Miami Property/RFP (Site 2) 14,441 Sq. ft. b. Parcel owned by RW (Site 1 ) 17,534 Sq . ft. c. Land Lease by RW N/A d. City of Miami Property/Not part of RFP N/A e. Total Building Area 31,975 Sq. ft. 088611 RIVER MIA a Ali 1 as 53881a knorrFF 5REY MEd 81563340108811E2 TOTAL O108685I351•52 MAP EF T]rµ001067108: I4V*0 8F WEAL I MMO FLOOR: ! g, TOTAL OPAIAps. Y 5F IMSBUOMILI $12118061E3 GROUPED 3801 8' GROUND 5308 88 '9Eccm 031009E SEI3350: 30088 TOME 'A® SF MALE I*8 IV 1anl1._N.T5 ali_A1A_ANTA OROW10. 5. 77 SF OROO/m 18E5 Sr 5KO014 I .WO SF SELI34. LEW SE TOTAL 5SM O TOTAL., I0.16 88 GROUND FLOOR SITE PLAN Fish Market 1,728 Sq. ft. N/A N/A N/A 1,728 Sq. ft. D. TRANSIENT DOCKING & FISHING BOATS As shown in the graphic below, the entire riverfront frontage is designated for transient dockage with up to 9 berthing positions assuming yachts in the 42 ft. category; and three (3) designated berthing positions at the south end and adjacent to the fish market. YACHT LAYOUT %rrrxeh 1 1 krv, Request For proposals For A Lease of City -Owned Riverfront Property 17 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. E PROJECT PLAN E. PARKING PLAN Given the nature of the property's narrow depth and limited land area, it is impossible to provide "on -site" parking as part of the development. Consequently, RW initiated discussions with Mr. Art Noriega and the Miami Parking Authority to enter into shared use agreements for weekday lunchtime valet service on Lot 15, where MPA has 269 spaces; and a shared use agreement for nighttime use by restaurant patrons at Lot 17 where MPA has 124 spaces. In addition, Lot 14 which is a bit more remote has 187 spaces available for I'overflow". Considering the D3- Waterfront Industrial Parking Requirement prescribes a minimum parking requirement of three (3) parking spaces for every 1,000 SF of commercial space, RW will, at all times exceeded the 102 required spaces. The following diagram shows the distance relationship between Riverside Wharf and Lots 15, 16 and 17. NW RIVER WIVE • r r NOT PART OF RFP j PARKING DIAGRAM %r r°i3v 11 id,/ PARKING LOT #15 PROPERLY VOWED BY PROPOPEO FOR RegOVOICE ONLY. MOT PART OF TIE RFP 244' RFP • CITY OF MIAPA PARCEL PALMA RIPER PARKING LOT #16 PARKING LOT #17 PROPS CONTR BY PRO Request For proposals for A Lease of City -Owned Riverfront Property 18 W FLAGLER ST �a 3AV H15 MS CONTEXT PLAN SW 2ND ST SW 4TH ST W FLAGLER ST SW 2ND ST THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Barr.. Aprod S Feduors, Inc ba LANDSCAPE THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. .rrrolb A�nmtl 6 PO ers Inc ba W FLAGLER ST ri \ 0 0 968 4 0 0 SW 1ST ST 0, 0 o 1P1)4, \TOlAk' ‘60, CI, (4 e el SW 2ND ST JOSE MARTI PARK \ 11 SVV 3RD ST SW 4TH ST RIVERFRONT CONTINUITY LS 95 95 PAR G 95 95 0 0 • * 0 P- ARKING 0 0 SW 3RD ST VV FLAGLER ST SW 1ST ST SW 2ND ST () 0 m THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. o • rn 21 Bermealo Lornd 6 Farmer. Inc ba 0 966 W FLAGLER ST C4 SW 1ST ST SW 2ND ST \ 4 \\ 4 kiagirrio 41° OA. MIAMI RIVER JOSE MARTF %-71.6 PARK JD SW 3RD ST SW 4TH ST RIVERFRONT VIEW - CORRIDORS 04% \\Q 95 .0 ere HI 95 PA 95 95 r,‘Q. "-A Ci0c. VV FLAGLER ST QL.1 1E1EL-1141111 omp 0 SW 1ST ST amp,_---- rSW 2ND ST 7 111 m ()C4 SW 3RD ST 0 1,3 THIS DOCUMENT IS A SUBSTITUTION TO ORIGNAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • 0 0 0 0 cn m Qr 22 Berme. 4436. 6 PhrtrAh4. In ba 968 W FLAGLER ST (4 0 OQO C4(4 -- WRIVER 0) m SW 1ST ST • oQ'oQ1 SVV 2ND ST SW 3RD ST SWATH ST RIVERFRONT OPEN SPACE 3/1V H.LV MS 0 • • 01 koio on' MIAMI RIVER ; JOSE MARTI, PARK 0 acD ist 95 Ole 3 .4/ 95 P V 1111111111 95 PAR G RC,versi4 95 • SW 3RD ST z rr () (40(401 W FLAGLER ST QL—j=1 SW 1ST ST 1-7—°A1-4KI SW 2ND ST 0 m THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT "THE END OF THIS DOCUMENT. 23 Borrneloo Narrul& Partriare, Inc ba • 0 Q Q C7 NW RIVER DRIVE / CITY OF MIAMI PARCEL. NOT PART OF RFP • • SITE BREAKDOWN PROPERTY OWNED BY PROPOSER FOR REFERENCE ONLY. NOT PART OF THE RFP SITE 1 26,836 S.F. MIAMI RIVER THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. `N J i4 Wi-yr RFP - CITY OF MIAMI PARCEL SITE 2 31,949 S.F. V ap Tf 40' BV NE) 24 6ermelb Marna 6 Partners. Inc ba • ,LCITY9E.MIAMIyARCEL. NOT PART OF RFP • • PARKING DIAGRAM PARKING 0 LOT #15 NW RIVER DRIVE PROPERTY OWNED BY PROPOSER FOR REFERENCE ONLY. NOT PART OF THE RFP THIS DOCUMENT IS ASUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MIAMI RIVER PARKING LOT #16 PARKING LOT # 17 PROPER j CONTROLL BYPROPOS R 0' 10' 20' 40' 20 N69 ba 25 a�m,eam Mam� a n, • • w/ �ti CO a 44 co co co ?o ti MIAMI RIVER • YACHT LAYOUT RCEL UNOER ,65E, PO PROPOSER o zv as ea NEi3i THIS DOCUMENT ISA SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 6 R tmPNn kaml S Peevem. Inc ba AERIAL VIEW LOOKING EAST THIS DOCUMENT ISA SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Bemnsb D4.nd & Parole's Inc ha AERIAL VIEW LOOKING NORTHEAST 14) men r d-- :P- -EII 41' ■• -- xilp. Fes• THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 28 Bormallo Nonni 6 Partners. Inc b MAIN ENTRANCE VIEW LOOKING NORTHWEST THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 29 ®ermak /tlmd s Pamva hoc PERSPECTIVE VIEW LOOKING NORTH THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. moa Apr. s a 0 eaar ers. Mc ba PERSPECTIVE VIEW LOOKING SOUTH THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Bemnb Nana 6 Pamnern. Inc ba BRIDGE VIEW LOOKING SOUTHEAST THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. -- 32 Bemym deend G Raft.ru Inc ba i co AcP 14,4.1 CITY OF MIAMI PROPERTY NOT PART OF RFP AREA BREAKDOWN- SITE 1 & 2 RESTAURANTI NW NORTH RIVER DRIVE MIAMI RIVER AREA BREAKDOWN- SITE 1 TOTAL GROSS BUILDING: 33,703 SF TOTAL GROSS SITE: 58,785.7 SF TOTAL GROUND FLOOR: 20,305 SF TOTAL OPEN AREA: 38,480,7 SF • RESTAURANT 1 RESTAURANT 2 GROUND: 2,808 SF GROUND: 5,305 SF SECOND: 2,800 SF SECOND: 6,621 SE TOTAL: 5,608 SF TOTAL: 11,926 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: GROUND LEVEL SITE PLAN 8,113 SF 17,534 SF 26.836.6 SF RESTAURANT2 RESTAURANT AREA BREAKDOWN- SITE 2 RESTAURANT 3 RESTAURANT 4 GROUND: 3,477 SF GROUND: 8,715 SF SECOND: 1,987 SF SECOND: 1,990 SF TOTAL: 5,464 SF TOTAL: 10,705 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: 12,192 SF 16,169 SF 31,949.1 SF PARKING RESTAURANT 4 RCELUNDER VASET TO FROPOSER • 10 2V 40' BC' THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. NE) 33 Rernbb Al." 6 444 .4e. Inc ba • co co c CITY OF MIAMI PROPERTY NOT PART OF RFP' AREA BREAKDOWN- SITE 1 & 2 TOTAL GROSS BUILDING: 33,703 SF TOTAL GROSS SITE: 58,785.7 SF TOTAL GROUND FLOOR: 20,305 SF TOTAL OPEN AREA: 38,480.7 SF • 2ND LEVEL SITE PLAN RESTAURANT 'I NW NORTH RIVER DRIVE MIAMI RIVER AREA BREAKDOWN- SITE 1 RESTAURANT 1 RESTAURANT 2 GROUND: 2,808 SF GROUND: 5,305 SF SECOND: 2,800 SF SECOND: 6,621 SF TOTAL: 5,608 SF TOTAL: 11,926 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: 8.113 SF 17,534 SF 26.836.6 SF RESTAURANT AREA BREAKDOWN- SITE 2 RESTAURANT 3 RESTAURANT GROUND: 3,477 SF GROUND: 8,715 SF SECOND: 1,987 SF SECOND: 1,990 SF TOTAL: 5,464 SF TOTAL: 10,705 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: ,k4)_ersi4 12,192 SF 16,169 SF 31.949.1 SF PARCEL UNDER LEA O PROPOSER a• Iv 2a w en N� THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba Bart,eb Aaml 6 Partners Inc —^------------- ---1—.--- r : • SITE 1 NOT PART OF RFP. FOR REFERENCE ONLY. RESTAURANT 1 & 2 SECOND FLOOR GROUND FLOOR a• 20. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 35 Eerrat.aa heal s Partner. Inc ba SECOND FLOOR • RESTAURANT 3 AREA BREAKDOWN RESTAURANT 3 GROUND: 3,477 SF SECOND: 1,987 SF TOTAL: 5,464 SF GROUND FLOOR Nt5) 90 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. P Berman Aland & eBeannre. Inc ba SECOND FLOOR • RESTAURANT 4 AREA BREAKDOWN RESTAURANT 4 FISH MARKET GROUND: SECOND: 6,995 SF 1,990 SF GROUND: 1,728 SF TOTAL: 10,705 SF GROUND FLOOR THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 469 37 Bamako Nam++ 6 moo. Ir. • • • SECTION 1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba 38 Bertneb loon 5 Partners. Inc • • • SECTION 2 0' 10' THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 3 BBnn,o M & aa Nvw..c • • SECTION 3 GRAPHIC SCALE: 0' 10' • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 40 penngN (yemtl & Partne.+s. Inc ba ,o • RIVERWALK SECTIONS P tl THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. miPa THIS DOCUMENT l5 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • d NO11D3S E►.rrrLTA kL*1��:1: r[i] THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. F OPERATIONAL PLAN OPERATIONAL PLAN The Proposers have assembled a world -class team to oversee every aspect of this project. Every detail of the plan has been vetted, validated and carefully thought out in order to ensure that it will be a world -class project that the Proposers, as well as the residents of the City of Miami, will feel proud to have in their "backyard". Similarly, the Proposers have paid attention to assembling a similarly talented team to oversee the operations of the project. Fish Market, Commercial Fishing Operations and Seafood / Raw Bar Concept This will be managed by Luis and Esteban Garcia who have been involved with Restaurant operations, a fish market and commercial fishing for the better part of their lives. Garcia's Fish Market will be a retail venue which will sell all types of locally caught fresh seafood. The Fish Market will operate from 11 am to 9 pm 7 days a week with a staff of six (6) employees. The nature of the commercial fishing industry is that most commercial fishermen operate as independent contractors. Garcia's personally own and operate various boats but they are looking to expand their business by employing more commercial fishermen. Our vision is to establish a direct channel between the commercial fishermen, that are mostly established further up the river, and the general public which longs to have a location in which they can be sure that they are getting the freshest seafood possible. The commercial fishing operation which will be built on -site will be able to handle thousands of pounds of fresh fish, lobster, stone crab, blue crab and shrimp and process it to be sold at the on -site Fish Market straight off the boats. This wit allow the fishermen to get higher prices for their hard fought catch due to the elimination of a "middle -man" and costly packaging and transportation from distributors. The hours of operation for the commercial fishing operations will vary due to the varying seasons of the various types of seafood and the hours in which they are caught off -shore. The focal -point of the project will be a new Garcia's Row Bar concept which will also act as a venue to sell the local catch in an indoor / outdoor restaurant setting, This concept will be separate and distinct from the existing Garcia's restaurant just down the street and will seek to complement each other. The hours of operation for the Garcia's Row Bar concept will be from 11 am to 11 pm on Sunday through Thursday and until 2 am on Fridays and Saturdays. The restaurant & Fish Market component should cause an additional 45 jobs to be created. /LJ. pq4 : / l hay/ - Request for proposals for A Lease of City -Owned Riverfront Property 42 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. F OPERATIONAL PLAN Additional Restaurant The Proposal also has an additional restaurant on the South end of the property. The Proposers are currently in active discussions with various world -class restaurant operators which must remain confidential due to ongoing negotiations. Lyle Stern from Koniver Stern Group is the Restaurant Brokerage consultant who is attracting top -tier restaurateurs to the waterfront. Lyle has brought some of the most prestigious names in the restaurant industry to Miami and the Proposers are confident that this will be the case an this site. Recently Mr. Stern has recruited to South Beach, Starbuck's Coffee Company, Yard House, Meat Market & II Mulino. In addition, Stern has been responsible for representing World-renowned Restaurateurs Emeril Lagasse, Michael Chow (Mr. Chow) and Costas Spiliadis (Estiatorio Milos) in locating their restaurants in Miami Beach as well as bringing Chef Daniel Boulud to downtown Miami. Based on the square footage of the planned building, it is estimated that this additional restaurant will create an additional 104 jobs based on standard industry norms. I�i,r..rr;le 1 l idi Request for proposals for A Lease of City -Owned Rrverrront Property 43 r THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 0 NOIIJRS • ! THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. G MARKET ANALYSIS AND ECONOMIC FEASIBILITY MARKET ANALYSIS AND ECONOMIC FEASIBILITY Riverside Wharf is the culmination of many hours of planning in order to create a destination that may not necessarily be the highest and best use FINANCIALLY for the developer, but it certainly is the highest and best use for the residents of the City of Miami. The Proposers had the ability to Propose a development on the site in excess of 150,000 sq ft of building on 80% lot coverage with 123 feet of height and without the requirement to construct a Riverwalk due to its Marine industrial zoning. Instead, the Proposers are proposing less than 20,000 sq ft of building on Tess than 40% lot coverage with a rnax height of 75 feet and a Riverwalk with view corridors from the street. This was only achievable by leveraging on the efficiencies afforded by creating a larger assemblage and simultaneously developing the abutting parcel. This larger assemblage also helped to mitigate some of the shortcomings of the site such as its irregular shape, proximity to 1-95 and only 54 feet of frontage on North River Dr. Notwithstanding the above, the Proposal is a conservative and economically viable project whose financial model has been carefully thought out, and vetted and achieves the market rent which the City's independent appraiser has determined to be fair market value for the property. The Proposers engaged one of South Florida's top real estate development advisors. Integra Realty Resources has reviewed the proposal and has provided a comprehensive Market and Marketability Study which can be found in Appendix I. Breakdown of Total Investment on the Property Estimated Cost of Construction Amount $4,458,995 Demolition & Site Work $1,140,567 Soft Costs - A/E & Permitting $615,952 Contingency $279,978 Fees & Insurance $188,854 Construction Phase Interest $309,640 Construction Phase Land Lease $292,500 Total Investment $7,288,485 Ree -ret" / I kiln Request for proposals for A Lease of City -Owned Riverfront Property 44 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. G MARKET ANALYSIS AND ECONOMIC FEASIBILITY SCHEDULE The projected schedule for the project is 18 rnonths from Notice to Proceed (NTP) to occupancy. Some activities will run overlap and the breakdown of durations by activity are as follows: • Design Development &Construction Documents 6Months • Permitting and Pre -Con 4.5 Months • Seawall Improvements 1 Month • Earthwork /Site Improvements 1 Month • Core & Shell Structure 4 Months • Core & Shell Finishes 3 Months • Tenant Improvements 3 Months • Onsite/Offsite Hardscape & Landscape 3 Months - l II /irr./ Request For proposals for A Lease of City -Owned RiverFront Property 45 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. H NOI103S i THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. H FINANCIAL PLAN FINANCIAL PLAN Riverside Wharf has looked at numerous complex financing structures but in the end has chosen to move forward with a tried -and -tested simple financial plan. Riverside Wharf, via its two partners (Alexis Mantecon and Guillermo Vadell) is investing $5.5 million in equity and has obtained full commitment for the additional $12.7 million in additional funds needed. The $18.2 million is in - line with our construction estimate provided by MCM as can be seen below. Riverside Wharf's financing commitment from Stonegate Bank can be found in Tab K. The Proposer is investing heavily in the area due to its belief that through its hard work and investment, this area will one day be a dining destination in the City of Miami with no equal. As an example of this, the principals of the Proposer are completing in October of this year a $15 million, 100,000 sq ft mixed - use building with a rooftop restaurant right across the street from the proposed development. All -in, the proposers are investing over $32 million dollars throughout all of the abutting parcels in the area not including the Tenant Improvements to be performed by the tenants which should add an additional $15 million in improvements. All -in the Proposers will be directly responsible for close to $50 million in investment in the area. It is because of this belief that the Proposer is willing to achieve a lower rate of return in the short-term than is typical. As the area gets defined, they will be able to achieve higher returns which are more in line with industry standards. Below is a table showing the sources and uses for the entire Riverside Wharf project as a whole and breaking down the components corresponding to the City of Miami Parcel. Rijie ;sci{e 114,-1.1 Sources and Uses Sources Uses Total City of Miami Parcel Abutting Parcels Equity Investment $ 5,500,000 Land Cost! Value 5 5,000,000 5 $ 5,000,000 Senior Secured Loan $ 12,623,962 Estimated Cost of Construction $ 8,656,585 $ 4,458,99S $ 4,197,590 Demolition & Site Work 5 1,616,609 $ 1,140,567 $ 476,042 Soft Costs - A/E & Permitting $ 1,139,051 $ 615,952 $ 514,100 Contingency 5 513,650 $ 279,978 $ 233,682 Fees & Insurance S 346,479 $ 188,854 $ 157,625 Construction Phase Interest $ 568,078 $ 309,640 $ 258,439 Construction Phase Land Lease $ 292,500 $ 292,500 $ Total Sources 5 18,123,962 Total Uses 5 18,123,962 $ 7,286,485 5 10,837,477 R er'td / 1 et Request For proposals For A Lease of City -Owned Riverfront Property 46 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE EEN AT THE END OF THIS DOCUMENT. 1 1 fi 1 1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 1 FINANCIAL FEASIBILITY As part of the Proposer's analysis of the project, they have created a detailed cash flow analysis which shows the viability of the project. The cash flow analysis integrates the rental revenues that the Proposer will be achieving from the proposed restaurants as well as the common area expenses, taxes, insurance,etc... It also shows the forecast rents that the City will be receiving for the Property. The Cash Flow analysis can be found on the following page. I „.-eu/e 1I 4.0/ Request For proposals for A Lease of City -Owned Riverfront Property 47 • FINANCIAL FEASIBILITY Cash Flow Analysis Rental Income Development Period (18 Months) Year 1 Year 2 (1st 6 Mths Year 2 (2nd 6 Mths Year 3 Year 4 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Year 5 Year 6 Year 7 Year 8 Year 9 Year 30 Garcia's Restaurant and Fish Market $ - $ - $ 126,780 $ 253,560 $ 253,560 $ 253,560 $ 253,560 $ 253,560 $ 285,880 $ 294,456 $ 303,290 Restaurant #4 $ $ - $ 275,863 $ 551,725 $ 568,277 $ 585,325 $ 602,885 $ 620,971 $ 639,600 $ 658,789 $ 678,552 Gross Rental Income $ $ - $ 402,643 $ 805,285 $ 821,837 $ 838,885 $ 856,445 $ 874,531 $ 925,480 $ 953,245 $ 981,842 Vacancy $ $ - $ - -$ 64,423 -$ 65,747 -$ 67,111 -$ 68,516 -$ 69,963 -$ 74,038 -$ 76,260 -$ 78,547 Total Rental Income $ - $ $ 402,643 $ 740,862 $ 756,090 $ 771,774 $ 787,929 $ 804,569 $ 851,442 $ 876,985 $ 903,295 CAM Fees $ $ $ 122,329 $ 244,659 $ 251,770 $ 259,095 $ 266,640 $ 274,411 $ 283,384 $ 291,886 $ 300,642 Marina Fees $ - $ - $ 34,219 $ 68,438 $ 70,491 $ 72,605 $ 74,784 $ 77,027 $ 79,338 $ 81,718 $ 84,169 Gross Income $ $ $ 559,191 $ 1,053,958 $ 1,078,351 $ 1,103,475 $ 1,129,352 $ 1,156,006 $ 1,214,164 $ 1,250,589 $ 1,288,107 Property Taxes $ 6,229 $ 3,208 $ 69,000 $ 138,000 $ 142,140 $ 146,404 $ 150,796 $ 155,320 $ 159,980 $ 164,779 $ 169,723 Insurance $ - $ - $ 11,250 $ 22,500 $ 23,175 $ 23,870 $ 24,586 $ 25,324 $ 26,084 $ 26,866 $ 27,672 Maintenance $ - $ - $ 30,000 $ 60,000 $ 61,800 $ 63,654 $ 65,564 $ 67,531 $ 69,556 $ 71,643 $ 73,792 Management Fee $ - $ - $ 12,079 $ 24,159 $ 24,655 $ 25,167 $ 25,693 $ 26,236 $ 27,764 $ 28,597 $ 29,455 Marina Employees $ - $ $ 22,500 $ 45,000 $ 46,350 $ 47,741 $ 49,173 $ 50,648 $ 52,167 $ 53,732 $ 55,344 Land Lease - City of Miami $ 195,500 $ 100,683 $ 100,683 $ 207,406 $ 213,628 $ 220,037 $ 226,638 $ 233,437 $ 240,440 $ 247,654 $ 255,083 Total Expenses $ 201,729 $ 103,890 $ 245,512 $ 497,065 $ 511,748 $ 526,872 $ 542,450 $ 558,496 $ 575,992 $ 593,272 $ 611,070 EBITDA -.$ 201,729 -$ 103,890 $ 313,679 $ 556,894 $ 566,602 $ 576,602 $ 586,902 $ 597,511 $ 638472 $ 651,317 $ 677,037 Debt Service Perm Loan) $ - $ - -$ 192,993 -$ 385,985 -$ 385,985 -$ 385,985 -$ 385,985 -$ 385,985 -$ 385,985 -$ 385,985 -$ 385,985 Capital Investment -$ 7,286,485 Net Cash Flows -$ 7,488,214 -$ 103,890 $ 120,686 $ 170,908 $ 180,617 $ 190,617 $ 200,917 $ 211,525 $ 252,187 $ 271,332 $ 291,052 Assumed Annual Lease Rates ($ / Sq Ft) - All NNN Garcia's Restaurant and Fish Market Indoor Occupied Space Outdoor Dining $ 40.00 $ 40.00 $ 40.00 $ 40.00 $ 40.00 $ $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 40.00 $ 45.00 $ 35.00 $ 40.00 $ 46.35 $ 47.74 41.20 $ 42.44 Restaurant 84 Indoor Occupied Space $ 45.00 $ 45.00 $ 46.35 $ Outdoor Dining $ 35.00 $ 35.00 $ 36.05 $ 47.74 $ 49.17 $ 37.13 $ 38.25 $ 50.65 $ 52.17 $ 39.39 $ 40.57 $ 53.73 $ 55.34 41.79 $ 43.05 Request for proposals for A Lease of City -Owned Riverfront Property 48 r_L ram-773,4444n.4 Lam— Mlx-2 r liar Via-" i 1 r THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ' 3H1 •1 NdflJTdl 1VNl 3 1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. .,� FINAL RETURN TO THE CITY FINAL RETURN TO THE CITY Riverside Wharf will pay to the City of Miami the greater of: a. A minimum, guaranteed rent of $195,500 or b. 15%of the total rental income from the various restaurants and retail tenants on the Property. Throughout the life of the lease, this translates to aver $22 Million in guaranteed minimum Rental proceeds to the City of Miami. Besides the above stated rents, the City of Miami is anticipated to receive roughly $5.5 million in capital improvements to the property or $7.2 million when taking into account all the relevant soft costs. The City is anticipated to receive a significantly higher tax base and permit fees. But most importantly, the City will get a new waterfront dining destination with yacht access in an area that is currently blighted and run- down. All of this while still maintaining the commercial fishing jobs that currently exist and creating an additional 300 local jobs. The Proposer's have performed numerous hours of due diligence regarding the highest and best use for the property, both financially and for the residents of the City of Miami. Our conclusion is that the proposed use of the sites as outlined in this proposal are financially feasible and will truly be an amazing destination for the residents of the City of Miami. However, we believe that the City of Miami and the Residents of Miami will be much better served if the entire assemblage were to be developed as a mixed -use site consisting of Restaurants, Retail and Hospitality. Our vision for the site would include a small low-rise boutique hotel of 8 stories and 120 rooms and 2-3 restaurants while still incorporating the Commercial fishing elements and fish market, The development would be built with the character of the Miami River and its history being of the utmost importance in selecting the materials and design of the structures, it is our opinion that the hospitality use would truly activate the site and the area in a much more deserving fashion and would allow the Proposers to pay a higher base rent. Should the City Initiate and successfully rezone the assemblage to a zoning that would allow a hospitality use such as T6-8, the Proposers are willing to increase the base rent being proposed to $250,000 per year plus increases for the life of the lease. The Proposers would then commit to the construction of o 120 room, 8-story boutique hotel with 2-3 restaurants and maintain the Garcia's Raw Bar and local Fish Market tied to the "Fisherman's Wharf"' concept. As per the City of Miami Charter, Riverside Wharf acknowledges that it agrees that the annual lease payments shall meet fair market value, at a minimum, if its proposal is accepted by the City. Imo! 1 e'i:GIs e' f 1 ka0/ Request for proposals for A Lease of City -Owned Riverfront Property 49 w THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. H H 1 m Z THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. SIN3WH3VIIV 11E:[imo[i ► . aam . d T 7 I9IHXE THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS EXHIBIT A REGISTRATION FORNI RFP REGISTRATION FORM Exhibit A /5 ditrevr") yip In order to register for North River Property• Request for Proposals (RFP) No. 14-15-024, please complete the following registration form and submit a cheek in the amount of 5150.00 made payable to the City of Miami in person or by mail to the following address: Jacqueline Lorenzo Properly 4lanagement Specialist 444 SW 2nd Avenue, Suite 325 Miami, Florida 33130 Failure to submit the registration deposit will disqualify you and/or the Proposing Entity from bidding on this RFP and from receiving any Addenda to this RFP. Registration Form Name: Alexis Mantecon Proposing Entity's Legal Name: Riverside Wharf LLC Physical Street Address: 2950 NW 71„ Ave City/Zip Code: Miami. Fl 33127 Telephone Numbers: (Work)305-233-1539 (Cell) 305-984-4861 Facsimile: 786-513-2398 E-mail Address: Alcr "cf reh.com AURA iCOM RABIES. FLOCIERR FOR ."�srCOSA.910N1r"_V _F3►z_-Q'? ii- R`N.) c?—%'D]'A2aRF 000137lie t:Q670L572Lit: 11:13 3 2 al ""' MV REAL ESTATE HOLDINGS. LLC 13943 SW 140 STREET MIAMI FL 331 E6 PAY TO THE ORDER OF DATE rk / 7 A S ■em STCINEGATE ii BANK 1371 1 \5•o� DOLLARS f jt'!Ytd 11;at Request for proposals for A Lease of City -Owned Riverfront Property 50 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP REGISTRATION FORM Earnest Cheek -' I'?+E Of TIT4,17 T*YE WDI.IMPRATE A CM' STONEGATE Official Check BANK JF< Date: 9/11/15 AEMi11ER MV REAL ESTATE HOLDINGS, LLC, PAY EXACTLY **100, 000 AND 00/100 DOLLARS TOME ORDIROF **CITY OF MIAMI** RIVERSIDE WHARF LLC — DEPOSIT FOR RFP 14-15-024 E Din.70 1 MIAI CLWAHf EE'S3So 1:DLLo070901:01L0❑iL3a?ssoi+ - %`reWit 4 i l Irrrr Request for proposals for A Lease of City -Owned Riverfront Property 51 SIN31'4HDV11V THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS ❑OCUMENT. ing rn_ AIL 111, 11 11 11 Ii 11 i! i0i C •I- �i Via+ THIS DOCUMENT i5 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM Exhibit B1 EXHIBIT "BI" RFP SUBMISSION FORM I, PROPOSER'S LEGAL NAME: Riverside Wharf LLC 1L PROPOSER'S CONTACT INFORMATION CONTACT NAME: Alexis Mantecon TELEPHONE NO.: (Landline) 305-233-1539 (Cellular) 305-984-4861 FACSIMILE: 786-5 1 3-2398 ELECTRONIC MAIL ADDRESS: Alex@mvreh.com PROPOSER'S FEDERAL TAX ID NO.: 47-4976449 III. LEGAL ENTITY OF PROPOSER o Individual N Limited Liability Company o General Partnership ❑ Corporation a Limited Partnership a it. Venture Other (Please specify): Legal Entity of Proposer: Please be advised that, at the time of submission of the RFP responses, the Proposer must be a legal business entity (partnership, limited liability company or corporation, for example) and authorized to do business in the State of Florida, Miami -Dade County and the City of Miami under the proposal entity's legal name. IV. PROPOSER'S PRINCIPALS (Please attach a separate page for additional individuals). 1. Alexis Mantecon (as manager of Riverside Wharf LLC and MV Real Estate Holdings) 2. Guillermo Vadell (as manager of Riverside Wharf LLC and MV Real Estate Holdings) 3. MV Real Estate Holdings (as sole member of Riverside Wharf LLC) Please be advised that any principals included on this RFP Submission Form may not be substituted or withdrawn from participation after the Submission Date unless the City Manager specifically authorizes in writing a request for substitution. Request for proposals for A Lease of City -Owned t2iverfront Property 52 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, K ATTACHMENTS RFP SUBMISSION FORM V. PERSON(S) AUTHORIZED TO NEGOTIATE AND SIGN THE LEASE AGREEMENT: Alexis Mantecon and Guillermo Vadell VI. PROPOSED LIST OF CAPITAL IMPROVEMENTS TO PROPERTY Proposers intend to demolish all existing improvements on the property and will construct 2 (two) stand-alone restaurant sites and a fish market. The buildines will encompass roughly 16,000 square feet of indoor space and the remainder of the open areas will all be finished to high standards in order to create a beautiful promenade. The proposers will also build a Riverwalk along the Miami River to City of Miami standards and will also interconnect it to the two abutting parcels on either side which the props}veers alsta intend to improve. The proposers will also improve the existing sea wall cap and provide a marina for transient dockage for restaurant patrons as well as commercial fishing vessels. ATTACH $ 'W' x 11" SKETCH SHOWING PROPOSED REMODELLING, RENOVATION BUILD -OUT IMPROVEMENTS OF PROPERTY. ALL COPIES MUST INCLUDE COPIES OF THIS SKETCH. VII. PROPOSED DOLLAR ($) AMOUNT OF CAPITAL IMPROVEMENTS $ 4,458,995 VIII. PROPOSED RENT — Greater of: PROPOSED BASE RENT: 195,500 Or PERCENTAGE RENT: 15%ofGross Rental Income rr�tirWe' I id,/ Request for proposals for A Lease of City -Owned Riverfront Property 53 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM Rite/ ill%r i IX. DEFAULTS ON CITY CONTRACTS: Please state whether: A. The Proposer or any principals comprising the Proposer was ever in arrears to the City for any debt or obligation within the past ten (10) years; Yes X No B. The Proposer or any principals comprising the Proposer have had uncured defaults or have failed to perform under the terms of any agreement or contract with the City within the past ten (10) years; [] Yes X No C. The Proposer or any principals are in default under any agreement or contract with the City on the date and time the proposal is due; Q Yes \ No D, The Proposer or any principals have caused fines to be levied against the City within the past ten (10) years: D Yes \ No E. The Proposer or any principals have initiated any current. pending or past litigation against the City within the past five (5) years; Q Yes X No F. The Proposer or any principals have any litigation or a legal dispute involving a real estate venture within the past ten (10) years; 0 Yes \ No ** SEE ATTACHED LETTER OF EXPLANATION G. The Proposer or any principals have current, pending or past bankruptcies or foreclosures within the past seven (7) years on projects the Proposer or the Proposer's principals have owned or controlled: *" SEE ATTACHED LETTER OF EXPLANATION H. The Proposer or any principals have caused any city -owned land or improvements to incur environmental damage, environmental contamination liability or any other liabilities. Yes X No ()Yes \ No Request for proposals for A Lease of City -Owned Riverfront Property 54 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM September 7, 2015 City of Miami Office of the City Manager 444 SW 2'd Ave Miami, FI 33130 Re: F) The Proposer or any principals have any litigation or a legal dispute involving a real estate venture within the past ten (10) years; G) The Proposer or any principals have current, pending or past bankruptcies or foreclosures within the past seven (7) years on projects the Proposer or the Proposer's principals have owned or controlled; Letter of Explanation The Principals of Riverside Wharf LLC, Alexis Mantecon and Guillermo Vadell, are Real Estate Investors and as a standard course of business engage in the acquisition of distressed notes, properties, subordinate liens, tax liens, etc... As a result of this, there have been various litigation and /or foreclosure actions against some of the assets we have acquired in this format. NONE of the foreclosure actions have ever been against any notes, liabilities or obligations which we incurred. Neither Guillermo nor Alexis have ever filed for bankruptcy or defaulted on a single debt under any of our names or related entities in which we control or own. All foreclosures filed against assets under our control have been on obligations incurred by third parties prior to Alexis or Guillermo having taken control of the property via a forced sale, note purchase or assignment of interest from a junior lienor. Sincerely, Alexis Mantecon Manager - Riverside Wharf LLC Request for proposals for A Lease of City -Owned Riverfront Property 55 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM Notwithstanding the foregoing, any Proposer or principals of the Proposer who disputes the City's claim or demand for any debt or obligation, may, during the pendency of the dispute, deposit the amounts the City claims are due in an escrow account, subject to an escrow agreement negotiated with the City prior to responding to this RFP and seek a judgment from a court of competent jurisdiction. Any such escrowing of funds shall allow a Proposer to qualify to respond to this RFP and the funds shall be held in escrow until the dispute is resolved. If the City has quantified a dollar amount attributable to a failure to perform under (ii), above. a Proposer disputing such claim or demand may also avail itself of the escrow provisions. .r. Failure to Disclose Information The Proposer shall be automatically disqualified from further consideration in this RFP process if the Proposer or Proposer's principals fail to disclose information relating to the following: i) outstanding arrearages or indebtedness with the City; ii) uncured defaults or the failure of any of the above to perform under the terms of any agreements or contracts with the City contracts within the past ten (10) years; iii) any default with the City under any agreement or contract on the date and time the proposal is due; iv) any tines any of the above have caused to be levied against the City; v) any current, pending or past litigation against the City within the past five (5) years; vi) any litigation or legal dispute involving a real estate venture within the past ten (t t) years; vii) current, pending or past bankruptcies or foreclosures within the past seven (7) years on any projects any of the above have owned or controlled; viii) the role of any of the above in causing any city -owned land or improvements to incur environmental damage, environmental contamination or any other liabilities. Request for proposals for A Lease of City -Owned Riverfront Property 5$ THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM X. BUSINESSIFINANCIAL REFERENCES FOR PRINCIPAL —.ilex il.antecon Please provide three (3) Business References for each of the Principal(s) and one (I ) financial reference. Attach additional pages as necessary. BUSINESS REFERENCE 1: Frits Lieuw-Kie Song / Global Credit Analyst Narne/Title Rogge Global Partners Company Name 444 Madison Ave, 37th Floor, NYC 10022 Address 786-457-6180 /fritsrogge lobal.com Telephone No./Email BUSINESS REFERENCE 2: Camille Chee-Awai Name/Title Cari Bloom Holdings / President Company Name 1370 NE 103rd St, Miami, F133138 Address Raul Rodriguez Name/Title National Health Transport Company Name 305-606-3249 Telephone No./Email BUSINESS REFERENCE 3: 215 SW 125 Aye, Miami, Fl 33184 Address 305-479-3471 I raul@luarllc.com Telephone No./Email FINANCIAL REFERENCE I: .Fuan Carlos de O►aa I Senior Vice President Name/Title Stonegate Bank 786-413-1264 /deon _ as tonegatebank.com Bank/Financial Institution Name Telephone NoJEmail 121 Alhambra Plaza, Suite 1515, Coral Gables, F133134 Address of Bank/Financial Institution PLEASE BE ADVISED THAT THE FINANCIAL REFERENCE MUST BE ACCOMPANIED BY A LETTER OF COMMITMENT ON THE FINANCIAL INSTITUTION'S LETTERHEAD. / r'ci:,1,4, / l krlr� Request for proposals for A Lease of City -Owned Riverfront Property 57 • • K ATTACHMENTS RFP SUBMISSION FORM Financial Reference letter for Alex Mantecon , STO N E GATE BANK September 8, 2015 Re: Mr. Alexis Mantecon To whom it may concern: Mr. Alexis Mantecon is an excellent client of Stonegate Bank and we highly value his banking. relationship, Mr. Mantecon has been banking with Stonegate Bank since June of 201 l and has always handled his banking affairs accordingly. He currently has net assets in the middle seven figures. Mr. Mantecon is a pleasure to work with and has only displayed the highest morals and ethics. if you need any additional information, please do not hesitate to contact me directly at (786)4134264. Best regards, J.C. de Ona, M.B.A. Senior Vice President 121 Alhambra plaza, Suite 1515 Coral Gables, Florida 33134 phone- 786.413.12no fax: 722.412.1279 VWVW.STCNEGATE9ANK.COM Request for proposals for A Lease of City -Owned Riverfront Property 58 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS RFP SUBMISSION FORM X. BUSINESS/'FINANCIAL REFERENCES FOR PRINCIPAL — Guillermo Vadell Please provide three (3) Business References for each of the Principal(s) and one (1) financial reference. Attach additional pages as necessary. BUSINESS REFERENCE I: Diego Rovito /Logistics Director Name/Title World Threads in.ldha Eherjey (305)318-1620 Company Name Telephone No./Email 3300 NW 41 Street Suite IE, Miami, FL 33142 Address BUSINESS REFERENCE 2: Cong P. Vo / CEO Name/Title CVO Wealth Management Inc (305) 773-4820 Company Name Telephone No./Email 2301 Collins Avenue, Suite 819, Miami Beach, FL 33139 Address BUSINESS REFERENCE 3: Jorge Perez / Principal NamelTitle Perez & Partners, Inc. (786) 543-9093 Company Name Telephone No./Email 7720 SW 89 Court„ Miami, FL 33173 Address Request for proposals for A Lease of City -Owned Riverfront Property 59 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, K ATTACHMENTS RFP SUBMISSION FORM FINANCIAL REFERENCE 1: Juan Carlos de Ona I Senior Vice President Name/Title Stonegate Bank (786) 413-1264 Bank/Financial Institution Name Telephone No./Email 121 Alhambra Plaza, Suite 1515, Coral Gables, FL 33134 Address of Bank/Financial Institution PLEASE BE ADVISED THAT THE FINANCIAL REFERENCE MUST BE ACCOMPANIED BY A LETTER OF COMMITMENT ON THE FINANCIAL INSTITUTION'S LETTERHEAD. XI. PROPOSER'S SIGNATURE CZ,Z2 _ 09/ 11 /2015 Signature Date Alexis Mantecon / Manager Print Name/Title Riverside Wharf, LLC. Company Name RI_I A:*fr/c' I 1 Rao/ Request far proposals for A Lease of City -Owned Riverfront Property 60 • • • K ATTACHMENTS RFP SUBMISSION FORM Financial Reference letter for Guillermo Vadell STONEGATE BANK September 8, 20I5 Re: Mr. Guillermo Vadell To whom it may concern: Mr. Guillermo Vadell is an excellent client of Stonegate Bank and we highly value his banking relationship. Mr. Vadell has been banking with Stonegate Bank since June of 2011 and has always handled his banking affairs accordingly. He currently has net assets in the middle seven figures. Mr. Vadell is a pleasure to work with and has only displayed the highest morals and ethics. If you need any additional information, please do not hesitate to contact me directly at (786)4 t 3-1264, Best regards, J.C. de Ona, M.B.A. Senior Vice President 121 Alhambra Plaza, Since 1519 Coral Gables. FI rides 33134 phone_ 722.413.1280 fax: 788.413.1279 " VVVVWV.STONEGATEBANK.COM Request for proposals for A Lease of City -Owned Riverfront Property 61 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMITMENT Exhibit B2 September S, 2015 Callateraf Address: Borrowers: Riverside Wharf 114 & 2365W North River Drive Miami, FL 33130 Riverside Wharf, LLC 8TJNEGATE BANK We are pleased to offer you a Construction to Permanent First Mortgage loan commitment subject to the following terms and conditions, including those listed on Exhibit 8. Product: 10 year construction to permanent term loan with a 25 year amortization — Interest Only far the first 2 years then Principal and Interest for the remaining term. Loan Amount: Up to S12,700,000.00 initial tnterest Rate: 4.5% for the first five (5) years Re -priced interest Rate: 2.75% over the 5 year T-Bill with a floor of rate of 4.5% Index: Treasury Bill Constant Rate, as established by the U.S. Treasury and published in the Federal Reserve Statistical Release FI15(519) or similar publication of the United States government. Loan Term (in months): 120 Debt Service Coverage Ratio: 1.25x Loan Origination Fees: %% of Loan Amount This Commitment is for a first Mortgage Loan. No secondary financing is allowed in connection with this closing without the Lender's written consent. The interest rate in this commitment is available only to the Borrowers as they reflected above. The Lender may change the rate of interest upon commitment interest rate expiration and/or transfer of title and declare the loan balance due and payable if title is transferred without the Lender's written consent. This Commitment expires 60 days from the date shown above. If the loan does not close by the expiration date, through no fault of Lender, the loan may, at the Lenders discretion, be closed thereafter at the Lender's then prevailing rates and terms. if you have any questions, or require specific information about this Loan Commitment, please contact LC. de Ona at 786-413.1264, email jcdeonatfustoneeatebank.com 121 Alhambra Plaza, Su'ta 1515 Coral Gables. Florida 33134 phone: 7EB 413 126❑ fax. 755.413.1279 WWW.STCINEGATEBANK.COM Request For proposals For A Lease of City -Owned Riverfront Property 62 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMITMENT STONEGATE MOW BANK THE FOLLOWING UNDERWRITING CONDITIONS MUST BE MET OR MS COMMITMENT WILL BECOME NULL AND VOID Conditions to be cleared by Underwritiqg Department:: 1. Project Review: Lender to review and approve (i) Insurance; (ill corporate documents and by-laws; (lii) plans and permits; (iv) City of Miami lease and related documents. 2. Lease Review: Lender's Counsel to review and approve all leases. 3. Document Review: Lender's counsel to review and approve Articles of Incorporation and Operating Agreements of Borrower entities, Other Conditions 1. Approval of Final contractor. 2. All insurance, including windstorm coverage, endorsed to Stangate Bank. 3. Lender's review and approval of Phase 1 Environmental Report. 4. Lender's review and approval of Lender -ordered Appraisal with loan not to exceed 7096 LTV. S. Review satisfactory to the bank of all documents pertaining to the development of subject property and City of Miami lease. 6. Project must be bonded. 7_ Al! draws to be approved by bank appointed engineer. Closine Conditions: 1. Borrowers' execution and delivery of any and all documents prepared by Lender or its Counsel evidencing and securing the loan. STONEGATE BANK, a Florida Banking Corporation J.C. de Ona -- Senior Vice President The undersigned hereby acknowledge the terms and conditions of this Commitment on behalf of the Borrower Entities and also acknowledge receipt of Exhibits A and B to this Commitment Letter. Riverside Wharf,LLLCCyy By: f2S ,ram - Its: Alexis Mantecon f Manager 121 Alhambra Reza, Suite 1515 Coraf Gables, F!or+da 33134 phone: 722.413.1260 fax- 726.413.1279 VVVVWSTONEGATEBANK.CQM Request For proposals for A Lease of City -Owned Riverfront Property 63 THI5 DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMITMENT S T GNEGATE BANK EXHIBIT A TO LOAN COMMITMENT FOR RIVERSIDE WHARF, LLC Legai Description See Title Commitment 121 Alhambra Plaza, Suite 15T5 Coral Gables. Flor,da 33134 perch e; 708.413.12€ 0 fax 7P6.413.1279 IMANV.STONEGATEBAN K.CQM Request for proposals for A Lease of City -Owned Riverfront Property 64 THIS DOCUMENT !S A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMITMENT B T +NEGATE BANK EXHIBIT B TO LOAN COMMITMENT FOR RIVERSIDE WHARF, LLC LOAN FEESjPOINTS, INCLUDING COMMITMENT FEES Does not include such Borrower loan costs as Lenders attorney's fees (payable by Borrowers), document recording fees, state documentary stamps and intangible taxes, prepaid interest, escrow items, credit report, appraisal fees, courier or handling fees. Document preparation fees, title update fees, title search, title insurance, settlement fees, survey fees, roof inspections report, wood destroying organism inspection reports, final inspection fees, underwriting lees, etc., CREDIT DOCUMENTS Credit documents expire 90 days from approval date. If the loan has not dosed by this date, documents will have to be updated and re -submitted for approval. FINANCIAL STATUS No adverse material change in the financial status of the Borrowers from the date of the loan application to the date of closing. APPRAISAL The loan is subject to appraisal report ordered by the Lender's appraiser and meeting al! the rules and regulations of the OTS, USPAP, and Lender's Lending Policies. TITLE Mortgagee titre insurance commitment covering all of the subject collateral property certified to a current date acceptable to Lender's attorneys or agents, and if requested, copies of all instruments noted in Schedule B of such commitment. The commitment must be delivered to Lender's counsel with a reasonable time before the proposed dosing date. All title insurance agents or companies must be approved by Lender. The mortgage title insurance policy must be delivered to Lender and Lender's attorney within thirty (30) days of the settlement date. Borrowers are responsible for payment of the title insurance premium and all title related costs and fees, INSURANCE Policy or certificate of insurance as evidence of FIRE AND EXTENDED COVERAGE on all property serving as collateral, written by a local agent on a U.S. insurance company in the amount of building replacement cost. The insurance company you choose must have at least an A class VI rating in the most recently published BEST'S KEY RATING GUIDE. The following insurance forms are acceptable as evidence of property insurance: Accord Forms 27 & 24 Certificate of insurance as evidence of FLOOD INSURANCE coverage on the subject property, written by a local agent on a U.S. insurance company in the amount equal to the Fire and Extended coverage or the maximum that can be obtained through the National Insurance Program. HO-6 Condominium dwelling Insurance or DP-2 or DP-3 Betterment and improvement, including, Windstorm Coverage, (minimum coverage: 20% of appraised value or $1S,000 whichever is higher). I `.re • fHC 121 Alhambra Plaza, Suite 115 Cora, Gables. Florida 33134 plane: 7a41312EC fax 7ge 413127E WVWWSTON♦<GATESANK.COM Request for proposals for A Lease of City -Owned Riverfront Property 65 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMI 1 MEN BTO N E GATE BANK NOTE: Lender requires that its agents be furnished the necessary evidence that the Insurance coverage as. indicated above are in force and that the first year's premiums are paid in full The mortgagee clause should be endorsed as follows: 3tonegate Bank 1SAOA, A71MA Attn: Loan Operations P.O. Box 4678 Fort Lauderdale, Florida 33338 PROPERTY TAXES Proof of payment of all taxes due & applicable to the real property to be mortgaged & proof of payment of all certified improvement lien, if any, or proof there are no certified improvement liens affecting the property. EXISTING MORTGAGES Pay-off letters for ali existing mortgages, if any, and from any judgment holders, if any, in a form acceptable to Lender's counsel. A:rferrrYfe' C E L11) 121 Alhambra Plaza, Suce 15'15 Coral Gables. f'Iprir_ya 33134 panne: 786.41312BC Fax: 799 413.1279 4 WVV,STONEGATE®ANIC.CONS Request For proposals for A Lease of City -Owned Riverfront Property 66 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LETTER OF COMMITMENT September 4, 2015 SOUTH FL'DRIOA'S FRESHWT SEAFOOD 91NCE 18015 SEAFOOD GRILLE & FISH MARKET Mr. Alexis Mantecon Riverside Wharf LLC 2950 NW 7Ave Miami, FL 33127 Re: City of Miami Request for Proposal Number 14-15-024 Dear Mr. Mantecon, This letter shall serve as evidence of our commitment to Riverside Wharf for inclusion in the RFP Response Riverside Wharf is submitting to the City of Miami for its Request for Proposal No. 14-15-024. We are granting Riverside Wharf LLC the right to include Garcia's in its response to the RFP and propose Garcia's as the fish market, commercial fishing operator and restaurant / oyster bar operator for the redevelopment. Garcia's stands committed to continuing commercial fishing operations and opening a fish market on the proposed site, subject to the selection of Riverside Wharf as the winning proposer. We look forward to the opportunity to be part of the transformation of the riverfront commercial area along the Miami River. erely Luis G Garcia's & Fish Market ti. 398 N.W. NORTH RFVER DRIVE • MIAMI, FLORIDA 3312e •TEL: 305.375.0765 • FAX: 305.375.0167 W W W.GARC IASEAFOOD.COM Rir'3't31r6.' l I idyl Request for proposals for A Lease of City -Owned Riverfront Property 67 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS 8.5 X 11 SKETCH Exhibit B3 Proposers must add as an attachment to Composite Exhibit "B" an 8 'Iz x 11" sketch showing the proposed design, remodeling, renovation/build-out improvements to be made by the Proposer as Exhibit "B3". PLEASE SEE THE ATTACHED PAGES. Request for proposals for A Lease of City -Owned Riverfront Property 68 LANDSCAPE THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba AERIAL VIEW LOOKING EAST THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba AERIAL VIEW LOOKING NORTHEAST THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. MAIN ENTRANCE VIEW LOOKING NORTHWEST THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. PERSPECTIVE VIEW LOOKING NORTH THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. BRIDGE VIEW LOOKING SOUTHEAST ba • co co, ❑r IMAM PROPER r r MO1 P*Wi Of RFP AREA BREAKDOWN- SITE 1 & 2 TOTAL GROSS 'BUILDING: 33,703 SF TOTAL GROSS SITE: 58,785.7 SF TOTAL GROUND FLOOR: 20,305 SF TOTAL OPEN AREA: 38,480.7 SF • NW NORTH RIVER DRIVE MIAMI RIVER AREA BREAKDOWN- SITE 1 RESTAURANT RESTAURANT GROUND: 2,808 SF GROUND: 5,305 SF SECOND: 2,800 SF SECOND: 6,621 SF TOTAL: 5,608 SF TOTAL: 11,926 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: GROUND LEVEL SITE PLAN 8.113 SF 17,534 SF 26.836.6 SF PARKING AREA BREAKDOWN- SITE 2 PARKING RESTAURANT 3 RESTAURANT 4 GROUND: 3,477 SF GROUND: 8,715 SF SECOND: 1,987 SF SECOND: 1,990 SF TOTAL: 5,464 SF TOTAL: 10,705 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: 12,192 SF 16.169 SF 31,949.1 SF -Ei-RNng 1.4.640 io PrtaPOSea a 10' 07 40. ev THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba NE • • A. Ce A. 444C2 A.. 7 co f 703 AREA BREAKDOWN- SITE 1 & 2 TOTAL GROSS BUILDING: 33,703 SF TOTAL GROSS SITE: TOTAL GROUND FLOOR: TOTAL OPEN AREA: 58,785.7 SF 20,305 SF 38,480.7 SF 2ND LEVEL SITE PLAN CD NW NORTH RIVER DRIVE MIAMI RIVER AREA BREAKDOWN- SITE 1 RESTAURANT 1 RESTAURANT 2 GROUND: SECOND: 2,808 SF GROUND: 5,305 SF 2,800 SF SECOND: 6,621 SF TOTAL: 5,608 SF TOTAL: 11,926 SF TOTAL GROUND FLOOR: TOTAL BUILDING GRASS AREA: TOTAL SITE AREA: 8,113 SF 17,534 SF 26,836,6 SF AREA BREAKDOWN- SITE 2 RESTAURANT RESTAURANT 4 GROUND: 3,477 SF GROUND: 8,715 SF SECOND: 1,987 SF SECOND: 1,990 SF TOTAL: 5,464 SF TOTAL: 10,705 SF TOTAL GROUND FLOOR: TOTAL BUILDING GROSS AREA: TOTAL SITE AREA: i<L,Persii‘ 12,192 SF 16.169 SF 31,949.1 SF o PaoPcs€n THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba , Nam. • SECTION 1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba • • • MIAMI RIVER SECTION 2 Co Co z J RIVERWALK MIAMI RIVER 15' SETBACK rMr17111117". 0' 10' RESTAURANT 3 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. ba THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS ❑OCUMENT. • TH1S DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Exhibit Cl EXHIBIT "Cl" BUSINESS TEAM EXPERIENCE FORM For each member of your Project Team, please list the name and role of the individual for example. Principal/CEO, Operations Manager, Architect. General Contractor, etc.), License No. (if applicable), number of years of experience in their respective field and the LEED Certification Status of the individual (as applicable). (Attach additional sheets if necessary). Name/Role List of Five (51 Similar Projects By Project Name & by Location Type of Project Project Completion Time Total Project Cost Alexis Mantecan — Manager 1. The East Coast Building Location: Miami, FL 2. Stadium Professional Mixed use — Commercial and 2015 2013 2008 2008 $15 Million $1.6 Million Restaurants Office and Restaurant Multi -Family Portfolio -120 units Building. Location: Miami, FL 3. Palm Court Apartments Location: Homestead, FL $ 7.5 million Riverside Wharf ' $2 Million 4. El Capitan Luxury Residential Location: Istamorada, FL and Dockage Ongoing $7.2 Million S. Mixed use Portfolio Location: Miami, EL Residential, Industrial and Marina Guillermo Vadell—Manager 1. The East Coast Building Mixed use — 2015 $15 Million Location; Miami, FL 2. 5tadium Professional Building Commercial and 2013 Ongoing $1.6 Million $ 7.2 million Restaurants Office and Restaurant Location Miami FL 3. Mixed -use Portfolio Location: Miami,, FL 4. Location Residential, Riverside Wharf Industrial and Marina 5, Location / 1'r'l.+IYFi I klrl f Request for or000sals for A Lease of City -Owned Riverfront Property 79 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Name/Bole List of Five (5) Similar Protects by Project Name & by Location Type of Project Protect Completion Time Total Project Cost Luis Garcia 1. Garcia's Seafood Grille & Restaurant Ongoing N/A Fishmarket Location. Miami, FL 2. Location 3. Location 4. Location 5. Location Esteban Garcia 1. Garcia's Seafood Grille & Fishmarket Location: Miami, FL Restaurant Ongoing N/A 2. Location 3. Location 4. Location 5. Location Willy A. Bermello. NA AICP Chairman of the Board, Principal -in-Charge 1. Triptych Location: Miami, FL Mixed -Use 2016 2008 2004 1998 2007 $120 M 2. Embassy Suites Hotel Commercial $40_45 M $225 M Location: Miami, FL 3.Four Seasons Hotel&Tower Commercial/Residential Location: Miami FL 4. Douglas Grand Mixed -Use $17 M $78 M Location: Miami Beach, FL 5. 1800 Club Location: Miami, FL Mixed -Use 1 id,/ Request for proposals for A Lease of City -Owned Riverfront Property 80 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Name/Role List of Five 1511 Similar Projects by Project Name & by Location Type of Project Project Completion Time Tom Project cost Raul Carreras Partner, 1. Lakeview Center Mixed -Use Commercial TBD 2008 2013 2014 2007 $240 M $40 - 45 M Location: West palm Beach, FL 2.Embassy Suites Hotel Location: Miami, FL Commercial $11.5 M 3.Miami Entertainment Project Manager Complex Location: Miami, FL Municipal $12M 4. Pinecrest Community Cntr Location: Miami FL Municipal $8.1 M 5. Palmetto Bay Park Location: Miami, FL James R. Bowers, AIA, 1. Triptych Mixed -Use Mixed -Use 2016 TBD TBD 2008 On -going $120 M $55 M Location: Miami, FL 2. NE 2"9 Street Location: Ft, Lauderdale, FL 3. Palacio de Bahia Mixed -Use $180 M NCARB, LEED AP Architect Location: Panama City, Panama 4.Dubai Maritime City Mixed — Use -Waterfront $5 Billion TBD Location: Dubai, UAE Masterplan 5. Jumeriah Beach Mixed -Use - Residential Development Location: Dubai, UAE Randy P. Hollingworth VP, 1. George Brurnmer Park Location: Pompano Beach,_ FL 2. Mina Rashid Municipal Mixed -Use Municipal 2012 2009 2009 $2.5 M $4 Billion $1.4 M Location. Dubai UAE 3. James Archer Smith Park Director of Planning & Location: Homestead, FL Landscape 4. Harry 5. Truman Park Location; Key West, FL Mixed -Use - Waterfront On -going on -going $23 M $397 K 5. Sullivan Park Municipal Location: Deerfield Beach, FL Request for proposals for A Lease of City -Owned Rjverfrant Property 81 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Name/Role List of Fire (5} 5ilnllar Projects Ely Project Name & by Location Type of Project Project Completion Time Total Project Cost Erick Valderrama 1. EDS( Coast Building Commercial 10/2015 510537,100 Location coral Gables, FL Aviation 10/2012 5155.595,736 2 MIA Airport 756AD N. Terminal Location Miami,FL Education 2005 532,11013000 3. FIU School of Law Location Miami, FL Educallon 1998 525,000;000 Pre -Construction Manager 4. riu tLbrary Expansion Location Miami, FL Eduralion 2002 540,000,000 5 university of Miami COmrecali0n Center Location Miami, FL Armando Perez 1, East Coast Building Commercial 10/2015 510,357,100 Location ca+al Gables. Ft Educational 11/2013 S43.073,423 2. Miami 5enioa High School Location Miarru, FL Municipal 10/2012 57,700,090 3 Port Miami Cruise Terminal D Expansion Estimator Location Miami, FL Municipal 10/2012 S155,695,736 4 salA asacn r.rrel Hradgwrtsr.6 Aydnplym Location Miami, FL Aviation 08f2009 $6 603 340 5.1r11A Int Airport 7564,0 N. Terminal Location Nam IL I /ri�rrer it%' 1 hal Request For proposals for A Lease of City -Owned Riverfront Property 82 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Ruben Bravo 1, Our Lady of Guadalupe Faith Based 10/2015 $9,400,000 LocationMaami, FL Municipal 10/2012 67,700,404 2Port Miami Cruise terminal D Expansion Location Mlaml, rL High End Commercial 2004 690,000,000 3. Mall Florida Center Sustainable Design & Location La Serena, Chile High End Commercial 2002 $25,000,000 4. Mall Puerta Del Mar Construction Manager Location La Serena, Chile Educational 09/2013 55,026,800 Westminster Christian 5. Elementary School. Location Miami, FL Manuel Escasena Least Coast Building Commercial 10/2015 $10,375,100 S6,900,000 Locatiancoral Gables, FL Healthcare 12/2014 2 University of Miami Hospital Hardening Location Miami, FL Healthcare 6812Qia S2,200,000 University of Miami Hospital Emergentl 3Renovataons & Expansion Project Manager LocationMiama, FL Healthcare 06/2014 61,100,000 University of Miami Hospital Radiation 4 Oncology&Gamma Knife Renovations Location Miami, FL Healthcare 06/2013 61,500,000 U mversity of ,Miami Cox Science 5. Lab Renovation Location Miami, FL I �r r'r't:rrrfe' 1 Ilgr' Request For proposals For A Lease of City -Owned Riverfront Property 83 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Name/Role List of Five IS) Similar Projects by Project Name & by Location Type of Project Project Completion Time Total Project cost Angel Cisneros 1, East Coast Building Commercial 10/2015 510,357,100 Location Coral Gables, FL Class A Office Building 01/2011 $20,000,000 Z Cima Corporate Center Location Miami, FL High End MultiFamily 04/2011 $18,700.000 3, Residences at Vizcaya General Superintendent Location Miami, FL Luxury Hotel 2008 $96 p40 000 4 Boca Beach Club Resort Location Boca Raton, FL Luxury Hotel 2007 532,000,000 $ Ll Conquistador Resort & Golden Doors Location Fajardo, Puerto Rico Diana Pinerio East Coast Building 1. Commercial 10/2015 $10,357,109 Location Coral Gables, FL Municipal 09/2015 $32,578,241 2. Ravenswood Bus Maintenance Facility Location Dania, FL Educational 09/2013 55,026,800 Westminster Christian 3. ElememavScheal Project Engineer Location Palmetto Bay, FL Municipal 10/2013 $3,876,473 Aventura Government Center 4 Parking Expansion Location Aventura, FL Multifamily 12/2013 510.000,000 5) Ioe Moretti Development Location Miami, Ft i:Pei :r 1 2 kr./ Request for proposals for A Lease of City -Owned Riverfront Property 84 • • Request for proposals for A Lease of City -Owned Rrverfront Property Request for Proposals Qualifications of Development Entity/Team instructions This form is to be completed and submitted in accordance with the RFP requirements to which your firm is responding. Do not leave any blanks or fail to provide any information or details that are required. Failure to submit this form or the use of any other form will result in the rejection of a proposal as non -responsive. The failure to provide the information or details required by the form may result in the rejection of a Response a non- responsive. RFP # 14-15-024 RFP Solicitation No.: RFP Title: LEASE OF CITY -OWNED RIVERFRONT PROPERTY Riverside Wharf, LLC. Name of Proposer: Name of Firm Office Location: City/State Discipline(s) ID be provided License No. LEED Certified Staff Berme lo, Ajamil & Partners. Inc. Miami, FL Architectural AAC000412 Yes 2 No ❑ Berme lo, Ajamil & Partners. Inc. Miami, FL Engineering 6304 Yes ❑ No L Berme lo, Ajamil & Partners, Inc. Miami, FL Landscape Architecture LC0000261 Yes ❑ No MCM Miami, FL Construction Management CUC056898 Yes Q No ❑ Page 1 of 3 Yes ❑ No ❑ Yes ❑ No ❑ Yes ❑ No Yes ❑ No ❑ Yes ❑ No ❑ Yes O No ❑ RI, Or ? D ilQuLix3 S1N3 W HDV1IV SQRivaNv1S '8 SNOIIVJI Il'dfa G10HS3dH1 SEEN AT THE END OF THIS DOCUMENT. THIS DOCUMENT IS A SUBSTITUTION TO • N 0 T3 fa a 0 v N CD 0 uoJJJhAId paUMQ Request for Proposals Qualifications of Proposer's Team Key Personnel Only include personnel who will play a key role in the Work. Do not include personnel for positions such as CADD Technicians, Inter or Associate level staff, and other similar support personnel. As stipulated in the RFP a 1 page resume is to be included for each of the key personnel. For Miscellaneous Services Agreements the Project Manager will be the lead point of contact for the City. Name Role Name of Firm License No. Years Years LEED Experience with Firm Certified Alexis Mantecon Manager Riverside Wharf. LLC, 15 7 Yes ❑ No Guillermo Vadell Manager Riverside Wharf, LLC. 27 7 Yes ❑ No ❑ Willy A. Bermello Principal in Charge Bermello Ajamil&Partner 0007200 38 38 Yes ❑ No Raul Carreras Project Manager Bermello Ajamil&Partner 26 8 Yes 0 No James R. Bowers Architect Bermello Ajamil&Partner AR94133 13 5 Yes ❑x No 0 Randy P. Hollingwonh Director of Plann.ILands Bermello Ajamil&Partner 35 7 Yes ❑ No ❑x Manuel Escasena Project Manager MCM 13 2 Yes [ No ❑ Erick Valderrama Pre Con. Manager MCM FLE #49ET183 23 5 Yes ❑x No 0 Armando Perez Chief Estimator MCM FLPE C28026 41 12 Yes ® No D Ruben Bravo LEED Manager MCM 15 8 Yes ❑ No Angel Cisneros General Superintendent MCM 20 1.5 Yes [] No Diana Pineiro Project Engineer MCM FLPE #78253 8 3 Yes ❑ No [ Lyle Stern Brokerage Koniver Stern Group 23 23 Yes 0 No ❑x Page 2 of 3 RFP-4T S1N3WHDVl1V 1vJldnvno a-1OHS3 1H± aaVGNV±S SNO 01 NQ11f1111S8f1S V SI IN3VNflJ0Q SIH1 • • • Request For proposals for A Lease of City -Owned Ruverfront Property Request for Proposals Qualifications of Proposer's Team Key Personnel Only include personnel who will play a key role in the Work. Do not include personnel for positions such as CADD Technicians, Inter or Associate level staff, and other similar support personnel. As stipulated in the RFP a 1 page resume is to be included for each of the key personnel. For Miscellaneous Services Agreements the Project Manager will be the lead point of contact for the City. Name Anthony Graziano Kirk Lotgren Luis Garcia Esteban Garcia Page 3 of 3 Role Name of Firm License No. Years Years LEED Experience with Firm Certified Appraiser Integra Realty Resource 234.5Yes Cl No 0 Marina Design Ocean Consulting 13 8 Yes ❑ No LI Restaurant Operations Garcia's Seafood 25 25 Yes ❑ No x❑ Restaurant Operations Garcia's Seafood 25 25 Yes ❑ No Yes ❑ No❑ Yes ❑ No ❑ Yes ® No ❑ Yes ❑ No ❑ Yes El No❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes No RFP 4T S1N3 W HDY1IV Sa IVaN'f1S Request for proposals for A Lease of C Jadoad ;uoJfaanga pauMp- a • MANAGEMENT TEAM • PROPOSER LOCAL MINORITY Alexis Mantecon Manager LOCAL MINORITY Development/ Property Management Alexis Mantecon Guillermo Vadell LOCAL MINORITY Restaurant Operations Garcia's Seafood Luis Garcia Esteban Garcia LOCAL MINORITY DESIGN TEAM Guillermo Vadell Manager LOCAL MINORITY Architecture, Engineering & Landscape Design Bermello, Ajamil & Partners, Inc. Willy A. Bermello LOCAL MINORITY Marina Design Ocean Consulting Kirk Lofgren Firms identified as Local are City or Miami Firms CONSTRUCTION TEAM General Contractor MCM Erick Vaiderrama MINORITY CONSULTANTS Independant Appraiser Integra Realty Resources Anthony Graziano, MAI. CRE Restaurant Brokerage Koniver Stern Group Lyle Stern Legal Team Greenberg Taurig LOCAL £� I!q!gx3 SIN] HDVl1V ciHVQNV1S 18 SNOIIVD1drit lD ©1OHS3dH1 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • a. Experience TH15 DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS A. Experience Riverside Wharf, LLC. is a real estate development venture whose sole managers are Alexis Mantecon and Guillermo Vadell. As per the Threshold Qualifications and Standards, the Proposers meet the following experience requirement: ii) Proposer shall possess and have a minimum of five (5) years' experience directly involved in the ownership and day-to-day operation of a business establishment substantially similar to that proposed during the last ten (10) years. as can be seen below: Alexis Mantecon was born in Miami, Florida on April 11, 1979 and has been in the real estate business since 1998 when he obtained his Realtors license at the age of 18. At Florida International University, Alexis graduated Magna Cum Laude with a Bachelors of Science in Finance and International Business. In 2005. Alexis obtained his CFA charter designation. Upon graduating from FIU, he worked for a multi -national hedge fund with offices in Florida, Toronto, Hong Kong and Montreux, Switzerland which invested in various types of asset classes including real estate. At the hedge fund, Alexis moved up the ranks and ultimately became Vice President responsible for generating and overseeing investment opportunities across multiple asset classes including real estate investments. He oversaw 14 analysts across the various offices. The real estate portfolio included multifamily, commercial, and industrial as well as real estate backed securities such as CMBS's, CDO's and MBS's and derivatives such as Credit Default Swaps. In 2007, Alexis left Epsilon and founded M&M Property Ventures in 2007 and co-founded MV Real Estate Holdings LLC in 2008. After leaving Epsilon in 2007, Alexis (personally or through various entities) has purchased and sold over 150 different properties across various asset classes including single-family residential, multi -family, commercial office buildings, industrial land, telecom towers and various others asset classes. Alexis currently manages 174 residential units (140,000 Sq Ft) throughout South Florida with a portfolio occupancy rate of 97%. He has also fully rehabbed over 150 multi -family apartment units and partially rehabbed over 125 single family homes and condos. He also built and oversaw all aspects of construction on a $2 million luxury waterfront home. Guillermo Vadell was born in Santiago de Cuba, Cuba, May 19th, 1968. He came to the United States at the age of twelve, and has lived in the US ever since. He graduated from Florida International University, with a Bachelors degree in Electrical Engineering, in 1994. Subsequently, he worked for Coulter Electronics in the field of Bio Electrical Engineering for four years, Thereafter, he joined Newstech Corp, where he served as a Computer Engineer and Manager, and conducted multiple business endeavors with Latin American countries and Europe. After that, he worked for Level 3 Communications, for four years where he served as a TAM/OSP (Technical Account Manager and Outside Plan Manager). He was responsible for the construction of the A:LAY:4de ! 1 krer Request for proposals for A Lease of City -Owned Riverfront Property 89 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Fiber optic backbone for a substantial part of the state of Florida. Other responsibilities entailed the management of projects exceeding over 20 million dollars in cost. In 2001, he founded First Home View Corp, a real estae investment company. Through different entities/Trusts, he has acquired and turned around over 300 properties in the South Florida area. In this role, he gained experience in various aspects of the Real Estate industry including, but not limited to property management, construction, acquisitions, marketing and selling. !n 2008, Alexis Mantecon and Guillermo Yodel! founded MV Real Estate Holdings LLC and have focused on the acquisition, management, and development of distressed and/or strategic assets in South Florida. They have acquired over 150 properties in South Florida and currently own and manage a portfolio of over $25 million in Real Estate assets. Alexis and Guillermo have owned and managed numerous types of asset classes including office buildings with a restaurant component, telecom towers, industrial land, multi -family apartment buildings, and a Marina. Alexis and Guillermo are currently completing the construction of a 9-story 100,000 square foot mixed use building in downtown Miami for which they obtained a $10,4 million construction loan that rolls into a permanent loan. The project includes roughly 90,000 sq ft of commercial space plus 2 restaurants totaling 13,000 square feet, �!"rl:trrir' I i'tfra Request For proposals for A Lease of City -Owned Riverfront Property 90 • b. Credentials, Resumes & Experience of Team that will operate Business THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS B. Creditials, Resumes & Experience of Team ALEXIS MANTECON 3267 Riviera Drive Coral Gables, Florida 33134 305-984-4861 ALE\@ia MVREH.COM Curriculums Vitae PROFESSIONAL QUALIFICATIONS 02/08 — Present My Real Estate Holdings LLC iiliami, Florida Managing ellerber / Owner Co-own and manage portfolio of real estate assets across various asset classes. • Invest in distressed real estate, restructure properties to maximize their value and develop signature properties in South Florida. • Have successfully acquired and either managed or disposed of over 150 properties since inceptions. 03/00 — 04/07 Epsilon Investment Management Boca Raton, Florida I ice President • Sourced deals and advised the principle of the hedge fund on a S1.6 billion portfolio of investments across various strategies including stocks, credit derivatives, bonds, options, private equity transactions and real estate related investments. • Responsible for the dad• -to -day operations of the company including the accounting, financial audits, currency exposures, SEC filings, position limits, etc.., • 'Managed a team of analysts and operations personnel in Boca Raton, Switzerland, Toronto and Hong Kong. 0 1 /99 —2000 Esslinger-Wooten-Maxwell, inc. Miami, Florida Licensed Read Estate Agent Listed and sold commercial and residential properties to investors and homeowners. Advised clients on real estate and financing decisions. EIDUCATION 1997 — 2000 Florida International University Miami, Florida B.S.B.A., Majors: Finance and International Business • Overall G.P.A.. 3.80 • Mayor G.P.A.: 4.00 • Graduation: April 2000 1990 — 1997 BcienJcsuit Preparatory School Miami, Florida Graduate • Overall G.P.A.: 4.28 PROFESSIONAL ASSOCIATIONS • CFA Institute • Community Advisory Board Member of Florida International University Honors College • National Association of Realtors ACHIEVEMENTS ■ FICA Torch Award Recipient • CFA Charter Holder Request for proposals for A Lease of City -Owned Riverfront Property 91 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS GUILLERM© D. VADELL OBJECTIVE To continue diversifying our portfolio in the market and expand our horizon onto more challenging, yet exciting and promising venues. EDUCATION 1991 - 1994 Florida international University Bachelor o[Science, Electrical Engineering (BSEE) • Specialization: Control Systems Miami, Florida 1988-1990 Miami -Dade Community College Miami, Florida Associate Degree in Arts [AA) PROFESSIONAL EXPERIENCE 2008 - Present MV Real Estate Holdings LLC. Miami. Florida Managing Member/Owner ♦ Have successfully acquired sold 1 rented over 130 properties since inception. Manage a portfolio of real estate: residential, commercial and industrial. Continue to invest in distressed real estate and restructure properties to maximize their value. 2001- 2008 First Home View Corp. Miami, Florida Owner • Through different entities/Trusts, I acquired and turned around over 300 properties in the South Florida area. In this role, 1 gained experience in various aspects of the Real Estate industry including, but not limited to property management, construction, acquisitions, marketing and selling. Became very successful and experienced in purchasing different types of properties, via foreclosure, tax deeds and HUD. 2001-2004 Level 3 Communications Miami, Florida Technical Acconnr / Ouivide Plan r4fanaget • Responsible for the constnrction of the Fiber optic backbone for a substantial part of the state of Florida. Other responsibilities entailed the management of multiple projects exceeding millions dollars. 1995 - 2001 NewsTech Co.fRovinter Inc. Miami, Florida Technical Services Manage)- * Responsible for managing the Technical Department in its everyday functioning. Further, provide knowledge and sales training to the sales team in order to enhance the profitability of the company. Been in charge of providing training in the usage of Imaging Equipment, Storage solutions, and Scanning, both in US and abroad. 1992-1995 Coulter Corporation Miami, Florida Bio Electronic Technical Design Engineer ► Responsible for targeting laser and calculation power formulas. Trouble -shoot light scatter pre -amps as well as RF pre -amps and Triple Transducer Modules (TTM). Ability to interpret drawings I schematics, both electrical and mechanical. LANGUAGES Fluent in English and Spanish REFERENCES •rrA ! l 441 References furnished upon request 4151 SW 141 PLACE, MIAMI, FL 33175 PHONE 788-260.14M ♦ E-MAIL GUILLERMO*MVREH.COM Request for proposals for A Lease of City -Owned Riverfront Property 92 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS 50cTh FLOpID.s'S,AESHESf SEAFOOD S:racE Ise SEAFOOD GRILLE & FISH MARKET Esteban Garcia Luis Garcia The Garda Brothers, eleven in total, were born into a family of fisherman in the province of Las Villas, Cuba. As early as the age of nine, the boys would join their father and head out to the sea, to lead the trade and help the family. They fished, they processed and they sold their catch -first in Los Villas and later expanding to neighboring province of Matanzas. In 1964, with Cuba in the grips of Castro's communist regime, and their business confiscated by the Government; Esteban Garcia, the second youngest of the boys headed to ;Miami to start a new life. The other would eventually follow. In 1966, Esteban Garcia Sr. started as a commercial lobster and stone crab fisherman. He helped the local fishing business by opening Garcia Bros Seafood Company, which still is operated by Esteban Garcia Ir. & brother Luis E. Garcia. Right here on the Miami River, fn 1979, the family evolved to retail the freshly caught fish, lobster, stone crab and shrimp. Those businesses were the foundation of what is currently Garcia's Seafood Grille & Fish Market. The Garcia family remains committed to providing the freshest local seafood available. By all accounts, the restaurant has been faithful to vision of the founding father. Esteban & Luis remain involved in the day-to-day operations of all aspects of the business, 4Ve aim to continue to evolve the dream and the aspirations of our father, to be the very best seafood in the city. 'Today, we continue to offer a steady supply of our locally caught seafood, prepared to perfection. Garda Brothers Wholesale Seafood has an estimated ten thousand (10,000) lobster traps and sixty five hundred (6,500) stone crab traps. We have 10 to 12 fisherman that catch an estimated , one hundred thousand (100,000) pounds of lobster and stone crab every season. At Garcia's Seafood we have between 40-45 employees and we sell every lobster and stone crab caught from our boats, in our restaurant. We would like to expand our brand to have a presence in the other areas of the Miami River. 1Ve look forward to carrying out our father's dream. 398 N.W. NORTH RIVER DRIVE • MIAMI, FLORIDA 33128 •TEL: 305.375.0765 • FAX: 305.375.0167 'VVWW.GARCIASEAFQOD.COM /'ire•, aide 11 /rrrr/ Request for proposals for A Lease of City -Owned Riverfront Property 93 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Willy A. Bermello, AIA, AICP Chairman of the Board. Principal -in-Charge YEARS OF EXPERIENCE: 38 YEARS WITH FIRM: 38 EDUCATION Master of Architecture, University of Pennsylvania. 1975 Master of City Planning. University of Pennsylvania, 1975 Bachelor of Architecture. University of Florida, 1973 REGISTRATION Registered Architect State of Florida, 1974 Reg. No. AR 0007200 PROFESSIONAL AFFILIATIONS American Institute of Architects American Institute of Certified Planners `I'e'r Ir 11 ha Professional Experience Mr. Bermello is Chairman of the Board and Principal of Bermello, Ajamil & Partners. Inc. He is a Florida -registered professional architect with over 30 years of experience in professional practice. His background includes a broad base of public and private projects, including development of large commercial facilities, educational Facilities, aviation, transportation and port related developments. Willy Bermello is recognized as one of the leading architects in South Florida. He has been involved with numerous state and local professional, civic and social organizations/institutions, typically at the senior level. He has received numerous honors and awards for his professional design work as well as his civic involvement within the community. EXPERIENCE Triptych, Miami (Design District), FL - Principal in Charge. Bermello Ajamil & Partners, Inc. (B&A) has been retained by a private developer to provide the design of Triptych, a mixed -use high-rise consisting of 2 levels of retail, 3 levels of office, and the rest consisting of a 20-floor hotel nestled between Midtown and the Design District in Miami. The retail portion of the development is approximately 40,000-SF: office is about 40,000-SF with an approximate gross square footage of 370,000. The building will also house a state-of-the-art mechanized parking system. This project is in the preliminary design stage. B&A is providing architectural, landscape architectural and civil engineering services on this project. LEED silver; COST: $120 M Chinaworld / Bayview Market, Miami. FL - Principal in Charge. Bermello Ajamil & Partners, Inc. (B&A} was commissioned to completely redesign the exterior and overall image and architecture of the project. B&A's vision incorporates a media arts video system integrated directly into new architectural elements; structural framing, decorative mesh, lighting, LED tubing and video systems. The combination of these elements creates a dynamic and ever -changing "kinetic arts" Facade with lighting, video and graphic art that brings the first "Times Square" style project to Miami. Four Seasons Hotel & Tower, Miami, Florida - Principal in Charge. Integrating a five- star hotel with luxury residential condominiums, timeshare units, a fitness facility, and Class A office space, is the multiple award -winning mixed -use 67-story Four Seasons Hotel & Tower; the tallest structure in the southeastern United States. The Tower is clad in a glass and metal skin, with a low-rise podium of stone and pre -cast panels enclosing the parking garage For 1000 spaces. The base acts as an elevated ground plane while providing for retail uses that energize the surrounding area. A 65.000 S.F. roof terrace with a pool and gardens designed by renowned landscape architect Dan Kiley provides magnificent private spaces for relaxing and socializing while the extraordinary Club and Spa sets a new standard for spaciousness. Amenities for residents include a private entrance, elevators and an exclusive lounge. Size° 1.8 Million SF- COST: $225 M Embassy Suites Hotel, Miami, Florida Douglas Grand, Coral Gables, Florida Oasis, Hallandale Beach, Florida Lakeview Center, West Palm Beach, Florida 404 Washington, Miami Beach, Florida The 1800 Club, Miami, Florida Gables Grand Plaza, Coral Gables, Florida Bally Resort, Miami, Florida Request for proposals for A Lease of City -Owned Riverfront Property 94 THiS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Raul Carreras Partner, Project Manager YEARS OF EXPERIENCE: 26 YEARS WITH FIRM: a EDUCATION Architectural Technology - Florida International University AA, Architecture - Miami Dade College la,/ Professional Design Experience Mr, Carreras has over 26 years of experience in the field of architecture with specialization in program management, project team and consultant coordination, and production of construction documents. As a project manager, Mr. Carreras collaborates on a variety of public and private sector projects including government facilities, park and recreational complexes and hospitality/commercial properties. EXPERIENCE Lakeview Center, West Palm Beach, Florida - Job Captain for a state-of-the-art, mixed - use specialty urban center anchored by a 250 key, 4-star Hotel Indigo and adjacent 317,633 SF office tower. The project was designed as a signature piece with sleek modern lines and glass facades intended to reflect the historic buildings that surround it. The project has 58,253 SF of ground floor retail and restaurant space as well as 350 private residence units. The ground floor retail is designed to complement the existing City Place development and provide a link to other retail corridors in the area. The design will be registered with the U.S. Green Building Council upon completion. Embassy Suites Hotel, Miami, Florida - Project Manager for the design of this 39-Story Downtown Miami hotel within the resurging Brickell Financial District. The project was developed to accommodate 251 guest suites and provides 3 floors dedicated to guest amenities including a private guest dining area and marketplace shop, conference and meeting rooms, banquet rooms, as well as an outdoor pool deck with adjacent day -spa, fitness gym and bar/lounge. The amenity floors have been linked by way of a shared three-story open atrium containing a monumental stair and foyer space at each level. The building was designed to provide seven controlled - access parking levels for 217 vehicles. Responding to this site's urban and dynamic downtown location, the ground floor of the hotel provides not only a pedestrian -level hotel lobby and inviting vehicular plaza entrance; it also contains sidewalk storefront retail space suitable for restaurant and/or retail use. B&A has completed the Schematic Design of the project and procured initial approvals from permitting and land -use entitlement authorities, including: Planning and Zoning, Urban Design and Land Development Design Review Committee, and aviation authorities such as the FAA and County {MDADI aviation department necessitated by the structure's height. The design will be registered with the U.S. Green Building Council upon completion of Design Development and is intended to achieve LEED Silver certification upon completion of construction. Pinecrest Community Center Master Plan, Village of Pinecrest, FL- Project Manager. Evaluation and Master Plan of the existing Pinecrest Community Center. The existing facility and 14,600 SF Community Center are approximately 5`/2 years old and well used by local residents. However, budgetary constraints at the time of design and a compromised planning stage has resulted in a facility now considered outgrown and undersized to serve the needs of the community. B&A was commissioned to evaluate the existing Community Center Building and surrounding facilities as well as currently offered programs and activities. In addition, B&A led a public outreach effort on behalf of the Village which included hosting three charrette-style Community Meetings, surveying residents and collecting public input. Miami Entertainment Complex Design Criteria Package, Miami, Florida Town Center Executive Plaza I & iI Office Buildings, Miami Lakes, Florida' Parkview Plaza Office Building, Orlando, Florida' SWISSCO Corporate Centre Office Building, Miami Lakes, Florida" Morgan Levy (formerly Doral Park) Park & Community Center, Doral, Florida Request for proposals for A Lease of City -Owned River€ronr Property 95 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS James R. Bowers, AIA, NCARB, LEED AP YEARS OF EXPERIENCE: 13 YEARS WITH FIRM: 5 EDUCATION Master of Architecture, New School of Architecture and Design, San Diego, California, 2002 Bachelor of Architecture, iTESO University, Guadalajara, Mexico. 2000 Pre -Baccalaureate, Unlversidad Veritas de San Jose, San Jose, Costa Rica, 1996 REGISTRATIONS Registered Architect, Florida, No. AR94133 Registered Architect, Mexico, No. 3285630 National Council for Architectural Registration Board Member Since 2007 Green Building Council LEED Accredited Professional Since 2008 NV:Pe 'srlr ! I lid./ Professional Design Experience James Bowers has more than 13 years of architectural experience with a variety of projects. His experience includes maritime terminals and mixed -use residential, campus, corporate and transportation projects for public and private clients. He has been responsible for design, production and coordination of construction, design development and schematic design documents, review of shop drawings. construction management, code research and specification research, EXPERIENCE Triptych, Miami (Design District), FL- Designer. Bermello Ajamil & Partners, inc. (B&A) has been retained by a private developer to provide the design of Triptych, a mixed - use high-rise consisting of 2 levels of retail, 3 levels of office, and the rest consisting of a 20-floor hotel nestled between Midtown and the Design District in Miami. The retail portion of the development is approximately 40.000-SF. office is about 40,000-SF with an approximate gross square footage of 370,000. The building will also house a state- of-the-art mechanized parking system. This project is in the preliminary design stage. B&A is providing architectural, landscape architectural and civil engineering services on this project. LEED silver; COST: $120 M NE 2nd Street, Fort Lauderdale, Florida - Designer. Project consists of a single residential tower with 170 units. This sleek, modern tower is fully integrated into a base containing 236 parking spaces, recreation deck and loft units. The ground floor includes approximately 4,500 SF of commercial/retail space and a residential lobby. The project successfully obtained bath DRC and Commission Approval in record time. Trl-Property Study, Fort Lauderdale, Florida - Designer. Residential / Mixed -use, 1,400,000 SF, 6.3 acres of urban infill, 4 residential towers ( 17 to 30 stories), 1300 residential units. 65.000 SF of retail. Palacio de la Bahia, Panama City, Panama - Designer. Residential / Mixed -use, 85 floors, 15 levels of hotel, 64 levels residential. two amenity decks, two grand lobbies, commercial / retails space and a rotating restaurant at the building pinnacle. Portside Office Tower, Fort Lauderdale, Florida - Designer for an 18 level, 400,000 SF office tower with a 7 level parking structure on a site with an existing 75,000 SF office structure. Currently submitted for City approval, Bharllya City, Bangalore, India - Architect. Planning of 547,639m2 of Hotel / Resort, Medical Offices, School, Hospital, Aquatic Park and 2 mixed use high end residential towers for o small city. Maritime Center Towers and Creek Plaza, Dubai Maritime City, Dubai, United Arab Emirates - Designer, Part of a 230-hectare reclaimed land area. Serves as the new center for maritime business and commerce. Incorporates over 45 mixed -use residential and office tower projects, retail areas, a marine academy and the industrial marine operations facilities. The total GFA for the project is approximately 3.2 million square meters, with facilities to support 125,000 people. Jumeiroh Beach Development, Dubai, UAE Utilities Field Services Complex, Pompano Beach, Florida Request for proposals for A Lease of City -Owned Riverfront Property 96 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Randy P. Hollingwarth YEARS OF EXPERIENCE: 35 YEARS WITH FIRM: 7 EDUCATION Master of Landscape Architecture in Urban Design, Harvard University, 1984 Bachelor of Landscape Architecture, University of Guelph, 1978 Professional Experience Randy Hollingworth has more than 30 years experience as an urban and landscape designer. His specialty is the design and development of mixed use projects and their integration within the urban fabric. With a comprehensive understanding of the needs and requirements of various land uses, Mr. Hollingworth has prepared development plans for a wide range of project types. He has developed master plans and design guidelines for commercial and retail areas. office parks and residential communities in numerous waterfront locations throughout Florida. In addition to his extensive urban design and planning experience, Mr. Hollingworth has worked on a wide variety of landscape design oriented projects. EXPERIENCE Redevelopment Plan, Clearwater, Florida' - Project Manager responsible for creating an overall Redevelopment Plan for the downtown area including open space, mixed use and a comprehensive traffic plan. Work was conducted through a series of workshops utilizing a visual preference survey which allowed residents to actively participate in the planning process. The plan was approved and adopted and is now being implemented based on various components of the Master Plan. Mina Rashid, Dubai. UAE - Project Manager responsible far the master planning and Development Control Regulations (DCR) outlining the urban and architectural design guidelines of this new 1200 acre waterfront community. The total size of the development is approximately 21,000,000 SM consisting of mixed -use office and residential, retail, and hotels, incorporating both land and water base mass transit systems. The project is designed to be the first Blue -Certified community in the world and will therefore call for the use of state-of-the-art technology and design methods to ensure environmental compliance. The Master Plan includes three large marinas and a comprehensive water oriented transit system to relieve pressure on the roadway system. The proposed land fill area of the project will include two large islands bisected with canals to serve as access -ways for water taxis. In addition, the northern portion of the project will serve as the new primary cruise ship facility for Dubai, berthing up to 6 ships simultaneously. The project, located between Palm Deira and Dubai Maritime City, in Dubai, offers a unique opportunity to take advantage of numerous water oriented developments with an extensive water transit system. Star Island at Dubai Waterfront, Dubai, UAE - Project Manager responsible for the development of the master plan and conceptual design. The program encompassed the creation of an island for a large multiuse entertainment complex to be located adjacent to The Palm in Jebel Ali, The development calls for a combination of resort hotels, entertainment activities, retail, office and private condominiums centered on a large tourist attraction in the form of a man made volcano. In addition, several large marinas are incorporated into the overall master plan to provide access opportunities from the numerous waterfront developments in close proximity. Harry S. Truman Presidential Park, Key West, Florida Sullivan Park, Deerfield Beach, Florida George Brummer Park, Pompano Beach, Florida James Archer Smith Park, Homestead, Florida Wittkop Park Master Plan, Homestead, Florida West Drive Park, North Bay Village, Florida South Treasure Drive Park, North Bay Village, Florida City Wide Parks Master Plan, Hallandale Beach, Florida Request for proposals for A Lease of City -Owned Riverfront Property 97 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Eric Valderrama, Pre -Construction Manager Summary of Qualifications Erick has 23 years of construction experience in the local South Florida market. He is a Civil Engineering graduate of Florida International University, is a Certified General Contractor and LEED Green Associate. He currently serves on Miami -Dade County`s Community Affordable Housing Strategies Alliance (CAHSA) Board, Florida International University Alumni Association Board of Directors, and is Executive Board of Director with the Latin Builder's Association. He has supervised a variety of large-scale projects. His diverse experience during his career includes management of construction operations, risk management, and estimating. Erick is currently the Preconstruction manager overseeing contract negotiations, estimating, and purchasing. He also collaborates with the project owner, government agencies, and architectural design teams. Relevant Project Experience Summary EAST COAST BUILDING, Miami, FL Cost: $10, 3 M Scope of Work: 95,000 SF, 9 story mixed -use storage facility with 831 storage units, ground floor retail space, mezzanine space & roof top restaurant tenant. Project consists of spread footing foundations & post tension slabs. Site is located adjacent to the Miami River where extensive dewatering will be required. FiU LIBRARY EXPANSION, Miami. FL. Cost: $25 M Scope: The FIU Library expansion included a fast track, phased construction to add 200.000 SF to the existing 70,000 SF library. The project included a structural retrofit to the existing three stories and addition of five additional floors (with future structural provisions for a total of fifteen floors). The project was carefully constructed allowing the existing library sophisticated computer systems and ongoing university and library operations to continue uninterrupted while all construction activities were ongoing. FIU SCHOOL OF LAW, Miami, FL Cost: $32 M Scope: The building consists of a multilevel 150,000 SF structure including a state accredited law library, auditorium, courtrooms, and classrooms that include instructional media and office spaces, WESTMINSTER CHRISTIAN ELEMENTARY SCHOOL, Palmetto Bay, FL Cost: $5 M Scope: This project consists of constructing a new building while the campus is in operations after coordination of the demolition of existing buildings. The new 50,000 SF building includes classrooms, music lab, arts lab, community center, learning center, dance room, conference rooms, faculty lounge and offices. Exterior recreational areas, landscaping and 41 new parking spaces wee also included in the project scope. MIAMI INTERNATIONAL AIRPORT 756AO NORTH TERMINAL, Miami, FL Cost: $155.6 M Scope of Work: This project consists of two Packages. Package 1 entails the General construction of renovations in the existing terminal building located in terminal areas B through C on 3 levels. The scope includes: removal of escalators and elevators and new structure slab fill in of floor openings, selective demolition of terminal interior finishes such as ceilings, flooring, partitions and millwork, and the removal and relocations of mechanical, electrical, fire sprinkler and plumbing utilities. Package 2 requires the General construction of renovations in the existing terminal building located in terminal areas A through D. The scope consists of: construction of new escalators and elevators, curtain walls, storefronts and automatic entrance doors, structural foundation and building framing, selective demolition and replacement with new terminal interior finishes such as ceilings, flooring. partitions, stainless steel wall panels and millwork, and the removal, relocations and installation of new mechanical, electrical, aviation specialty systems, fire sprinkler and plumbing systems. This Package primarily includes work on 4 levels, but there will be additional work required beyond the primary work floors, such as the new AHU room on the fifth level. Alf of this work required extensive planning and coordination with all airport groups and users for re-routing of passengers, construction of demising walls, pedestrian corridors and all life safety systems. %nv:.1 I I e JILDING EXCELLENu_ C Years of Experience 23 years % of Time on Project 100% (Precon) LEED AP Bp, Education Bachelor of Science in Civil Engineering, Florida International University 1995 Registrations & Professional Affiliations Certified Florida General Contractor # 060203 Certified Florida Engineering intern # 497ET183 ISO 9001:2008 IntAuditor • LEED Green Associate • OSHA 30 Hour Primavera P6 • Suretrack AutoCAD • Primavera Expedition • Meridian Prolog Manager Request for proposals for A Lease of City -Owned Riverfront Property 98 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Armando Perez, Chief Estimator Summary of Qualifications Armando Perez has over 41 years of comprehensive experience in Building Construction projects in the Municipal, Commercial, Aviation, Educational, and Residential market sectors. He is a graduate of Florida International University and is a licensed Professional Engineer. Armando is also a State of Florida Certified Uniform Building Cade Inspector, General Contractor and a LEED accredited professional. Relevant Project Experience Summary EAST COAST BUILDING, Miami. FL Cost: $10.3 M Scope of Work: 95,000 SF, 9 story mixed -use storage facility with 831 storage units, ground floor retail space, mezzanine space & roof top restaurant tenant. Project consists of spread footing foundations & post tension slabs. Site is located adjacent to the Miami River where extensive dewatering will be required. MIAMI SENIOR HIGH SCHOOL, Miami, FL Cost: $54.4 M Scope of Work: This project consists of extensive historical renovations, additions, and alterations to the oldest high school in South Florida. When completed in early 2014, the school's capacity was increased from 1.649 to 2,800 student stations. PORT MIAMI TERMINAL D EXPANSION, Miami, FL Cost: $7.7 M Scope of Work: Phased addition and renovation to existing Terminal D consisting of 27,000 SF of construction. Expansion of existing building includes structural steel frame, glass curtain wall installation, MEP tie-ins to existing system and all associated finishes. When this project was completed the addition met all LEED Certifications. JOE MORETTI DEVELOPMENT, Miami , FL Cost: $10 M Scope of Work: Preconstruction coordinator for this Miami -Dade Public Housing and Community Development (PHCD), affordable housing project, which consists of constructing a 13-story building with 116 apartment units of 583 SF each for a total of 98,024 SF. The first floor includes a lobby waiting area, fitness center, and back of house mechanical rooms. On the second floor, the residences will have use of a library room, computer room, TV room and a common laundry room. The building is a post tensioned concrete structure with masonry exterior walls and a stucco finish. The residences will be provided a surface asphalt parking lot for 73 spaces. AVENTURA GOVERNMENT CENTER PARKING EXPANSION. Aventura, FL Cost: $3.8 M Scope of Work: Preconstruction coordinator for the construction of new grand stand seating on the north side to match existing stadium. Scope included demolition of existing bleachers, new foundations and columns, steel beams and columns, club seats and benches. site work. utility tie-in to existing facility and remodeling of bathrooms. PORT MIAMI TERMINAL D EXPANSION, Miami. FL Cost: 57.7 M Scope of Work: Phased addition and renovation to existing Terminal D consisting of 27,000 SF of construction. Expansion of existing building includes structural steel frame, glass curtain wall installation, MEP tie-ins to existing system and all associated finishes. When completed the addition will pursue LEED Certification. FIU Football Stadium Expansion, Miami, FL Cost: $4.4 M Scope of Work: Construct the new North Stadium to match existing. Scope includes demolition of existing bleachers. new foundations and columns, steel beams and columns, club seats and benches, site work, utility tie in to existing facility, remodeling bathrooms. 1 � � it�!'rrrr,yc^ / I 4.11- 161 IYI) fiUILDIM1IG EXCELLENCE Years of Experience 41 years % of Time on Project 100% (Precon) Education Bachelor of Science in Sructural Engineering, Ronda International University, 1976 Registrations & Professional Affiliations Registered Professional Engineer, Florida # 28026 - Florida Certified General Contractor # CGC009896 Florida Certified uniform Building Code Inspector LEED AP BD+C Request for proposals for A Lease of City -Owned Riverfront Property 99 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Ruben Bravo, LEED Manager Summary of Qualifications Ruben Bravo has 15 years of experience in the construction industry with a focus on sustainable construction. He is a LEED Accredited Professional. Green Advantage Certified, and served as the Green Schools Chair for the USGBC South Florida. He is deeply committed to the implementation of sustainable construction practices at all of MCM's projects and served as the LEED Manager on the GSA Trades Shop Facility which is the first LEED Silver certified building owned by Miami -Dade County, the GSA West Lot Mixed -Use Facility and the Port of Miami Terminal D Expansion project. All three of these projects achieved their LEED Certification goal with the later two projects exceeding the clients certification requirements. Relevant Project Experience Summary PORT MIAMI TERMINAL D EXPANSION, Miami, FL Cost: $7.7 M Scope of Work: Phased addition and renovation to existing Terminal D consisting of 27,000 SF of construction. Expansion of existing building includes structural steel frame, glass curtain wall installation, MEP tie-ins to existing system and all associated finishes. When this project was completed the addition met all LEED Certifications. MIAMI SENIOR HIGH SCHOOL, Miami, FL Cost: $54 M Scope of Work: This project consists of extensive historical renovations. additions, and alterations to the oldest high school in South Florida. When completed in early 2014, the school's capacity was increased from 1.649 to 2.800 student stations. MALL FLORIDA CENTER, Santiago, Puerto Rico Cost: $90 M Scope of Work: Pre -construction and construction phases. Construction of a new 5-story concrete frame structure totaling 2,755,000 sq ft. WESTMINSTER CHRISTIAN ELEMENTARY SCHOOL, Palmetto Bay. FL Cost: 55 M Scope of Work: This project consists of constructing a new building while the campus is in operations after coordination of the demolition of existing buildings. The new 50,000 SF building includes classrooms, music lab, arts lab, community center, learning center, dance room, conference rooms, faculty lounge and offices. Exterior recreational areas. landscaping and 41 new parking spaces were also included in the project scope. MIAMI-DADE ISD (FORMERLY GSA) TRADES SHOP FACILITY, Miami, FL Cost: $13 M Scope of Work: This design -build project was the first Miami -Dade County LEED Silver Certified facility utilized by County employees and is now home to the Internal Services Division, Design and Construction Services Division. The site had an existing warehouse that was demolished in accordance with LEED Requirements which outline recycling the appropriate construction and demolition materials such as concrete, asphalt, wood and steel. The facility contains 20,000 sq. ft. area of office space, lunch room; over 8,000 sq. ft. of stock room area, training room, record storage and a furniture warehouse facility all comprising 100,000 total square feet. Parking was also provided for 112 private and County vehicles, low emitting and fuel efficient vehicles and bicycles on the 5.5 acre property. NORMAN S. EDELCUP SUNNY ISLES BEACH K-8, Miami. FL Cost: $28.5 M Scope of Work: Construction Management at Risk of a new Multi -story K-8 Facility designed to house 1,642 student stations on 2.1 acres in the City of Sunny Isles. The school is organized on a "School -within -a -School" concept and totals approximately 145.000 gross square feet, including a 4 story classroom building. Additionally, a separate 3 story parking garage was also built. 0.0116VM B iLDING EXCELLENCE Years of Experience 15 years % of Time on Project Education M.S. in Construction Management. Florida International University, 2008 Master in Construction Management and R.E. Development, P. University Catholic of Chile, 1998 B.A. in Civil Construction Technology, P. University Catholic of Chile, 1996 Registrations & Professional Affiliations • LEED AP BD+C • Green Advantage Request for proposals for A Lease of City -Owned Riverfront Property 100 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Manuel Escasena, Project Manager Summary of Qualifications Manuel Escasena is a proactive, results -oriented Project Manager with 13 years of comprehensive experience in complex construction projects in the healthcare and education market sectors. Manuel is a graduate of both Florida International University and Loyola University, and is a LEED-accredited professional. He is responsible for overall project coordination and supervision and some of his specific project job tasks include, coordination of all logistics for project start-up, instilling and ensuring a safe project environment, assuring that all project documentation such as permits, daily reports, as-builts and shop drawings are kept and maintained, implementing checklists and guidelines to optimize quality and minimize rework, maintain updated project schedule, documenting impacts and changes bi-weekly, and attending regular meetings with the project owner to address critical items and maintain a positive and professional relationship. Manuel) takes pride in well managed and coordinated project operations, which has allowed his jobs to consistently meet schedule and budget objectives. Relevant Project Experience Summary EAST COAST BUILDING, Miami, FL Cost: $10.3 M Scope of Work: 95,000 SF, 9 story mixed -use storage facility with 831 storage units, ground Floor retail space, mezzanine space & roof top restaurant tenant. Project consists of spread footing foundations & post tension slabs. Site is located adjacent to the Miami River where extensive dewatering will be required. UNIVERSITY OF MIAMI HOSPITAL HARDENING, Miami. FL Cost: $6.9IV! Scope of Work: This project featured the complete replacement of all building fenestration components, including curtainwalls, storefronts and windows. UNIVERSITY OF MIAMI HOSPITAL EMERGENCY DEPARTMENT RENOVATION AND EXPANSION, Miami, FL Cost: $2.2 M Scope of Work: The scope involved the strategically -phased renovation of some 7.000 SF of active Emergency Department work space, as well as the new construction of an additional 2,000 SF of work space for the same. All work activities transpired amid standard hospital operations without any manner of safety or security incident. UNIVERSITY OF MIAMI HOSPITAL RADIATION ONCOLOGY AND GAMMA KNIFE RENOVATIONS, Miami, FL Cost: $1.1 M Scope of Work: The total project scope was defined by the renovation of 5,000 SF of offices, exam rooms and equipment control stations. Also included was the renovation of a nearly-2,000 SF linear accelerator vault, including new slab -on -grade and total equipment installation coordination. UNIVERSITY OF MIAMI HOSPITAL SPECT CT RENOVATION AND 9TH FLOOR UPGRADES, Miami, FL Cost: $750k Scope of Work: This diverse project included the renovation of 1,000 SF of exam rooms in preparation for the installation of new CT scan equipment. Additionally, the project scope included selective improvements to 5,000 SF of patient rooms and nurse stations. UNIVERSITY OF MIAMI COX SCIENCE LAB RENOVATION, Miami. FL Cost: $15 M Scope of Work: The scope of work For this project was defined by the near -total renovation of an approximately-3.000 SF chemical research laboratory. UNIVERSITY OF MIAMI GABLES ONE TOWER EXTERIOR UPGRADES, Miami, FL Cost: $1.6 M Scope of Work: This project called for the complete replacement of all fenestration components. - BUILDING EXC✓=LLCNCE Years of Experience 13 years % of Time on Project 100% (Precon) Education M.S. in Construction Management, Florida International University, 2010 B.S. in Business Administration Loyola University, 2004 Registrations & Professional Affiliations LEED Accredited Professional Building, Design & Construction OSHA 30 Hour Primavera P6 - Advanced User Training Request for proposals for A Lease of City -Owned Riverfront Property 101 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Angel Cisneros, General Superintendent Summary of Qualifications Angel Cisneros brings 20 years of construction experience to the MCM operations team. He has a wide variety of project experience in the Residential, Educational, Healthcare, Commercial market sectors. Angel works directly with the overall Project Superintendent providing assistance in the coordination and supervision of all field activities. Some of his specific project job tasks include, coordination of on -site functions, enforcing timely execution of work, maintaining updated as-builts and daily reports, monitoring compliance with MCM Safety Program. maintaining quality control, providing direction and instruction to subcontractors, dealing with inspectors and agencies having jurisdiction, and any additional field assignments required to ensure project success. Through Angel's hard work, dedication and commitment, he can assure the sound completion of any construction project on time and within budget. Relevant Project Experience Summary EAST COAST BUILDING, Miami, FL Cost: $10.3 M Scope of Work: 95,000 SF, 9 story mixed -use storage facility with 831 storage units, ground floor retail space, mezzanine space & roof top restaurant tenant Project consists of spread footing foundations & post tension slabs. Site is located adjacent to the Miami River where extensive dewatering will be required. CIMA CORPORATE CENTER, Miami. FL Cost: $20,000k Scope of Work: A 10 story, office building, with a total cost over $20 million dollars. In charge of the structural phase from foundations to top off. The office building consists of three stories of parking garage of an average of 7200 sq.ft. per floor and one floor underground averaging 9200 sq.ft. The ground floor is designed for a retail area and a luxurious lobby. Each of the garage levels are constructed of poured in place concrete with a post tension system. On the top five floors, above the garage, sit the offices with fancy terraces and planters. These floors are constructed of precast joists and reinforced concrete slabs averaging a total of 5500 sq.ft. RESIDENCES AT VIZCAYA, Coconut Grove, FL Cost: $18.7 M Scope of Work: Eighteen sophisticated condominium residences, located in the heart of Coconut Grove, Florida. With the fully renovated City of Miami Park and its beautiful Royal Palms, Live Oak trees align the views of this neighborhood street, adding to the grandeur of our property. Drive up the fully pavered rarnp to the second floor lobby and observe the ornate architectural finishes of natural keystone and detailed stucco workmanship; the marble covered lobby accompanied by the tranquil sounds of the interior fountains. The Condominiums are fully equipped with modern plumbing and lighting fixtures, communications equipment and appliances. Fourteen of these residences are enriched with breathtaking views of Biscayne Bay, and below, lies the properties own private marina. Thirteen infinity edged pools adorn the seven stories of post -tensioned slabs. BOCA BEACH CLUB RESORT, Boca Raton, FL Cost: $96 M Scope of Work: a $96 million addition to The Boca Beach Club Resort located right on the beach at the Boca Raton inlet. The post -tensioned concrete structure has two underground levels of parking garage consisting of approximately 60,000 sq.ft. and seven stories of condominium apartments, each floor having about 40,000 sq.ft, beach cabanas and luxurious grand lobby, EL CONQUISTADOR RESORT & GOLDEN DOORS, Fajardo, Puerto Rico Cost: $32 M Scope of Work: a 28,000 sq.ft. Ballroom with a 2000 sq.ft. men's and women's bathrooms. Also furnished with a 5200 sq.ft. kitchen and 6100 sq.ft. storage room to one side. Meeting rooms with two levels consisting of 15,000 sq.ft. each floor. Total estimated value $32 mil. and 50,000 sq.ft. of building. Structure is constructed of reinforced concrete and steel girders and bar joist roofs. Highly fashioned and elegant interior finishes and beautiful and exotic landscaping. BUILDING EXCELLENCE PIP Years of Experience 20 years of Time on Project 100% (Precon) Education Bachelor of Science in Construction Management, Florida International University, 2015 Registrations & Professional Affiliations • Certification of Management Building Information Modeling Autodesk Revit Architecture 2011 Essentials, 24 hr Autodesk Navisworks Manage 2013 Essentials, 16 hrs Request for proposals for A Lease of City -Owned Riverfront Property 102 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Diana Pineiro, Project Engineer Summary of Qualifications Diana Pineiro is a Project Engineer with 8 years of experience in the construction industry. Her areas of expertise include projects in the (list market sectors identified under areas of expertise) market sectors. Diana is a graduate of Florida International University, and just passed her Professional Engineer exam. She assists the entire project team, working directly with the Project Manager and Superintendent assisting in contract administration and coordination of work. Some of her specific project job tasks include, coordinating and reviewing all submittals for compliance with Contract Documents and schedule, generating and maintaining RFI's and meeting minutes, coordinating and monitoring material/equipment deliveries of long Lead items for compliance with schedule and approved submittals, reviewing and submitting all O&M Manuals and Close --Out Documents, assisting superintendent with quality control, and assisting Project Manager with schedule updates, preparation of requisitions and other duties as requested. Diana is a team player with great organizational and communication skills. who is dedicated to the successful on -time completion of her projects. Relevant Project Experience Summary EAST COAST BUILDING, Miami. FL Cost: $10.3 M Scope of Work: 95,000 SF, 9 story mixed -use storage facility with 831 storage units, ground floor retail space. mezzanine space & roof top restaurant tenant. Project consists of spread footing foundations & post tension slabs. Site is located adjacent to the Miami River where extensive dewatering will be required. RAVENSW000 BUS MAINTENANCE FACILITY, Dania Beach, FL Cost: $32.5 M Scope of Work: The scope of this project calls for the phased demolition of the existing. occupied Broward County Ravenswood Bus Maintenance Facility and the construction of 167,468 SF multi -story, multi -use double -tee parking structure and 47,320 SF bus maintenance facility. The 249 space parking structure was designed to minimize it's Carbon Footprint in order to satisfy the requirements for LEED Gold Certification. WESTMINSTER ELEMENTARY SCHOOL, Miami, FL Cost: $5 M Scope of Work: This project consists of an addition to one of the most prestigious family - oriented K-12 schools in Miami. The elementary campus addition involves constructing a new building while the campus is in operations after coordination of the demolition of existing buildings. JOE MORETTI DEVELOPMENT, Miami , FL Cost: $10 M Scope of Work: Preconstruction coordinator for this Miami -Dade Public Housing and Community Development (PHCD), affordable housing project, which consists of constructing a 13-story building with 116 apartment units of 583 SF each for a total of 98,024 SF. The first floor includes a lobby waiting area, fitness center, and back of house mechanical rooms, On the second floor, the residences will have use of a library room, computer room. TV room and a common laundry room. The building is a post tensioned concrete structure with masonry exterior walls and a stucco finish. The residences will be provided a surface asphalt parking lot for 73 spaces. AVENTURA GOVERNMENT CENTER PARKING EXPANSION, Aventura, FL Cost: $3.8 M Scope of Work: Preconstruction coordinator for the construction of new grand stand seating an the north side to match existing stadium. Scope included demolition of existing bleachers, new foundations and columns, steel beams and columns, club seats and benches, site work, utility tie-in to existing facility and remodeling of bathrooms /s ,'e,: ll• ,r I in./ Y C M 9UILDING EXCELLeNCC. Years of Experience 8 years % of Time on Project 100% (Precon) Education B.S. in Civil and Environmental Engineering Florida International University 2006 Registrations & Professional Affiliations • Florida Professional Engineer #78253 Primavera P6 Training Workshop Request for proposals for A Lease of City -Owned Riverfront Property 103 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Anthony M. Graziano, MAI, CRE Experience Senior Managing Director of Integra Realty Resources — Miami/Palm Beach. Mr. Graziano has actively counseled and advised clients on the safe, leasing, valuation, management, and development of commercial real estate assets throughout New Jersey and the northeast U,S. since 1992- Mr. Graziano served as the Managing Director of IRR-Coastal NJ from 1999-2011. Mr. Graziano was retained in 2012 to serve as Senior Managing Director of IRR - Miarni/Palm Beach. Mr. Graziano's unique professional perspective is a blend of his educational background which includes formal training in architecture, urban planning, macro and micro economics, real estate Finance, institutional asset management, and land development. His market experience in sales, leasing, management, and valuation disciplines combine to bring practical real world answers to complex planning and development projects. He has been actively involved as a consultant and/or member of a consultant team on various major redevelopment and /and use projects for public and private clients over the past 20+ years. Mr. Graziano has specialized in consulting and valuation assignments for corporate and private clients on a wide array of complex issues related to estate and condemnation matters, title defects, environmental contamination/damages, air rights, partial and fractional interests, contract disputes, and mediation/arbitration disputes. Mr. Graziano's experience in these matters provides a comprehensive framework For effective strategic real estate consulting. Professional Activities & Affiliations Member: Economic Roundtable - Miami Beacon Council (2012-present) Board of Director: Integra Realty Resources, Inc. (2011-present) Director: South Florida Chapter of the Appraisal Institute (2014-2015) Member: University of Miami Alumni Association Advisory Board Member: Urban Land Institute -South Florida Board Member: Builders Association of South Florida (BASF) Subject Matter Expert (SME). Appraisal Practice Board, Appraisal Foundation Member; Appraisal Institute (MAI) Member: Counselors of Real Estate (CRE) Fellow: Royal Institute of Chartered Surveyors (FMCS) (2014) International Association of Assessing Officers (IAAO) National Association of Realtors (REALTOR) Al Leadership Development Advisory Council, March 1998 - February 2001 Lifetime Member: National Eagle Scout Association (NESA) Licenses Florida, State -Certified General Real Estate Appraiser, R23510 New Jersey, State -Certified General Real Estate Appraiser, RG001261 Education University of Miami, Coral Gables, Florida 1988-1992 Degree: Bachelor of Science in Land Development and Planning, School of Architecture New York University Real Estate Institute, New York, New York 1993-1996 Degree: Master of Science in Real Estate Development and Investment Qualified Before Courts & Administrative Bodies Qualified and accepted as an expert before the Federal Bankruptcy Court {Newark & Southern District of Texas); US Federal District Court (Southern District of Florida); Florida Circuit Court (Miami - Dade and Broward Counties); NJ State Tax Court; NJ Superior Court - Chancery Division; NJ Superior Court - Law Division; Monmouth, Atlantic, and Ocean County Boards of Taxation; various municipal planning and zoning boards throughout New Jersey. amgraziano@irr.com - 305,670.0001 x320 I rid Integra Realty RaSOUrCe6 MiamijRalm Beach The Douglas Centre 2600 Douglas Road, Sue e dal Coral Gables, FL 3313.1 F 305:576.0001 f 305 670 2276 Request for proposals for A Lease of City -Owned Riverfront Property 104 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS KIRK LOFGREN THRESHOLD QUALIFICATIONS & STANDARDS Mr. Kirk Lofgren is an environmental professional with more than thirteen years of experience in the environmental science field as a consultant to industry and government. His areas of profession and interest include environmental permitting and compliance in the State of Honda, environmental assessment and monitoring of marine, estuarine, and coastal projects; restoration and mitigation of estuarine and marine ecosystems; as well as assessing and applying environmental rules and regulation.. Mr. Lofgren has both domestic and international experience in regulatory approvals & design for marina's and docking facilities, marine coastal development projects, outlining strategies and protocols for regulatory success, and in developing Environmental Assessments and Impact Statements in accordance with National and International guidelines and regulations. Recent project experience includes: • Flagstone Island Gardens (City of Miami) - Environmental permit acquisition & monitoring during construction. • Grove Harbour Marina Expansion (City of Miami) - Working through design and permitting stage. Construction scheduled to commence. • Coconut Grove Sailing Club (City of Miami) - Permitting and Initial Design for the new 175- slip mooring field. • Resorts World Bimini - Ferry Terminal Project (Bimini. Bahamas) - Environmental permitting. as well as compliance and monitoring during construction. • Sunny Isles Docking Facility (Sunny Isles Beach, Florida) - Design, and environmental permitting, for a 120-slip marina (36 wet slips / 54 dry slips). �,/a. {,Il'r'I rilr/r' rf I !!r1! Request for proposals for A Lease of City -Owned Riverfront Property 105 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. c. Proposer/Principals Role or Experience in the Successful Design/Renovation/Buildout of Projects THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF TI-lIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS C. Proposer/Principals Role or Experience in Successful Design/Renovation/Buildout of Projects The Proposers have successfully built and turned around numerous properties. Most recently, they have built a $15 million, 100,000 sq ft mixed use building at 123 SW N River Dr. The building is comprised of +1- 90,000 sq ft of commercial use and 13,000 sq ft of Restaurant Space. The Proposers assembled 2 parcels of land, upzoned the property from t6-8 to t6-12, and were intimately involved in the design, estimating, permitting and construction of the project. PLEASE SEE FOLLOWING PAGES FOR ADDITIONAL PROJECT EXPERIENCE Rzrer',/,,,- I 1 /WV Request For proposals for A Lease of City -Owned Riverfront Property 106 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Four Seasons Hotel & Tower Location: Miami, FL Completion date: 2004 Project Type: Commercial / Residential Cost: $225 Million 7 Zones Design Center Location: Kuwait City, Kuwait Completion date: 2008 Project Type: Commercial/Retail Ii•�,d� 11hny Society of Americon Registered Architects, Design Award. 2004 Request for proposals for A Lease of City -Owned Rlverfront Property 107 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Chinaworld 1 Bayview Market Location: Miami. FL Completion date: TBD Project Type: Commercial / Retail Triptych Location: Miami (Design District), FL Completion date: 2016 Project Type: Mixed - Use Cost: $120 Million • I rk•r&rrle I I dd./ Request for proposals For A Lease of City -Owned Riverfront Property 108 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & S IANDARDS 404 Washington China Grill Location: Miami Beach, FL Completion date: 1995 Project Type: Mixed - Use Gables Grand Plaza I Ruth Chris Steakhouse Location: Coral Gables, FL Completion date: 1998 Project Type: Mixed - Use Cost: $17 Million ;qsw:ill! 1 Ira./ Silver Award for Ara hilectura. Fi�`•.S Request For proposals for A Lease of City -Owned Riverfront Property 109 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS 2601 Braserie Location: Miami, FL Completion date: TBD Project Type: Restaurant r:n..e nior PI.. Lakeview Center Location: West Palm Beach, FL Completion date: TBD Project Type: Mixed - Use Cost: $240 Million Request For proposals for A Lease of City -Awned Riverfront Property 110 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Residences of Vizcaya Location: Miami, FL Completion date: 10/201 1 Project Type: Residential Cost: $18 Million 1 Miami Beach Patrol Headquarters & Auditorium Location: Miami Beach, FL Completion date: 08/2009 Project Type: Cost: $6.6 Million Request for proposals for A Lease of City -Owned Riverfront Property 111 THIS DOCUMENT I5 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Pacific Coral Way Office Building Location: Miami, FL Completion date: 09/2011 Project Type: Commercial Cost: $19 Million Miami Senior HS Renovations Location: Miami. FL Completion date: 03/2014 Project Type: Design -build Cost: $54 Million Request for proposals for A Lease of City -Owned Riverfront Property 112 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS Port of Miami Cruise Terminal D Expansion Location: Miami, FL Completion date: 11 /2012 Project Type: Design -Build Cost: $7.7 Million ■`l4pr:Wc' I I•. id Miami Intl Airport 756AD North Terminal Improvements Location: Miami, FL Completion date: 10/2012 Project Type: Design -Build Cost: $155 Million e Request For proposals for A Lease of City -Owned Riverfront Property 113 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • d. Proposer/Principals Similar Experience • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS D. Proposer/Principals Similar Experience The Proposers successfully obtained a $10.4 million loan for a $15 million, 100,000 sq ft rnixed use building at 123 SW N River Dr. The building is comprised of +1- 90,000 sq ft of commercial use and 13,000 sq ft of Restaurant Space. The Proposers assembled 2 parcels of land, upzoned the property from t6-8 to t6-12, and were intimately involved in the design, estimating, permitting and construction of the project. Request for proposals for A Lease of City -Owned Riverfront Property 114 • • THIS DOCUMENT 1S A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. e. Background Check THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS E. Background Check Background checks and consent forms are in a sealed envelope included with the original. err/• 1 l kir7 Request for proposals for A Lease of City -Owned Riverfront Property 115 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT ThIE END OF THIS DOCUMENT• f. Responsive & Responsible • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS F. Responsive & Responsible Refer to Tab "Attachments - Certifications Exhibit D'" Request for proposals for A Lease of City -Owned Riverfront Property 116 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. g. Financial & Business References • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS G. Financial & Business References Refer to Tab "Attachments - Exhibit B" for a Last of business & financial references for each principal including contact names, company and/or project names and contact telephone numbers of individuals who can attest to the projects with which the individual has worked on. In addition you can fund: • Financial reference letters • Exhibit B2 Letter of Commitment, which shows the Proposer's capacity to remodel/renovate/ build -out, maintain and operate the proposed business operations. ! I .r,1.1 Request For proposals For A Lease of City -Owned Riverfront Property 117 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • h. Sketch of Proposed Improvements THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS THRESHOLD QUALIFICATIONS & STANDARDS H. Sketch of Proposed Improvements Refer to Tab "Attachments - Exhibit B" for a 8 1/2 x 11 sketch of the proposed improvements. Request for proposals for A Lease of City -Owned Riverfront Property 118 MR dme THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS LIMITED LIABILITY COMPANY CERTIFICATION STATE OF Florida COUNTY OF Miami - Dade CERTIFICATIONS Exhibit D Members I HEREBY CERTIFY that a meeting of the Board-ofDirectors of Riverside WharfLLC: ("Limited Liability Company"), a Limited Liability Company existing under the laws of the State of Florida , held on September 11 , 20 15 , the following resolution was duly passed and adopted: "RESOLVED, that, as Riverside Wharf LLC of the Limited Liability Company, Alex Mantecon is hereby authorized to execute the Proposal dated, September 14 , 2015 , to the City of Miami and this Limited Liability Company and that the execution thereof, attested by an Officer of the Limited Liability Company and with a seal affixed, shall be the official act and deed of this Limited Liability Company." I further certify that said resolution is now in full force and effect. ide Wharf 0151 1' Managing Member/Owner Seal 4 1 AffiantTTitle f a IN WITNESS WHEREOF, the above was sworn to and subscribed before me this f r ' ' day of $gy m Cr 206, by Mari a aJ d4 , who is personally known to me or who had produced the following identification: I ir'rr-4We 1 1 kd Notary Public, State'&Florida My Commission Expires: FAILURE TO COMPLETE. SIGN, AND RETURN THIS FORM MAY' DISQUALIFY YOUR RESPONSE. PRIOR TO SELECTION, THE RESPONDENT BEING CONSIDERED FOR AWARD WILL HAVE TO SUBMIT A CERTIFICATION OF GOOD STANDING FROM THE FLORIDA DIVISION OF CORPORATIONS. Request for proposals for A Lease of City -Owned Riverfront Property 119 i 1 ■ IIIMImummumb ~fir ilWrImoggimin MIIMInumun IIMMINgumml THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. I gi 1:1•1711A7A (_I) n 0 Ul C m r- r 7 m X 1 W_ m THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS DISCLOSURE/DISCLAIMER Exhibit E EXHIBIT "E" PROPOSER'S DISCLOSURE/DISCLAIMER Any proposal deemed to be not responsible or non -responsive will be rejected. A responsible Proposer is one that has the capability in all respects to fully perform the requirements set forth in the proposal and the proposed Lease Agreement ("Agreement"). and that has the integrity and reliability which will assure good faith performance. A responsive Proposer is one that has submitted a proposal that conforms in all material respects to the Request for Letters of Interest ("RFP"). Thus, for example, a proposal that has not substantiated the financial capability of a prospective Proposer may be rejected. The City of Miami reserves the right to accept any proposals deemed to be in the best interest of the City, to waive any irregularities in any proposals, or to reject any or all proposals and to re - advertise for new proposals, in accordance with the applicable sections of the City Charter and Code. In its sole discretion, the City may withdraw the RFP either before or after receiving proposals, may accept or reject proposals, and may accept proposals which deviate from the RFP as it deems appropriate and in its best interest. In its sole discretion, the City may determine the qualifications and acceptability of any party or parties submitting proposals in response to this RFP. Pursuant to City Charter Section 29-A, the City reserves the right to reject all proposals and further, to terminate the RFP process and/or contract after a public hearing in the event of any substantial increase in the City's commitment of funds, Area, or services, or in the event of any material alteration of any contract awarded. This RFP is being furnished to the recipient by the City of Miami ("City") for the recipient's convenience. Any action taken by the City in response to proposals made pursuant to this RFP or in making any awards or failure or refusal to make any award pursuant to such proposals, or in any cancellation of awards, or in any withdrawal or cancellation of this RFP, either before or after issuance of an award, shall be without any liability of obligation on the part of the City and its advisors. Following submission ofa proposal, the Proposer agrees to deliver further details, information and assurances, including financial and disclosure data, relating to the proposal and the Proposer, including the Proposer's affiliates, officers, directors, shareholders, partners and employees as requested by the City in its discretion. Any reliance on these contents, or on any communications with City officials or advisors, shall be at the recipients' own risk. Prospective Proposers should rely exclusively on their own investigations, interpretations and analyses in connection with this matter. The RFP is being provided by the City and its advisors without any warranty or representation express or implied, as to its content, its accuracy or completeness. No warranty or representation is made by the City or its advisors that any proposals conforming to these requirements will be selected for consideration, negotiation or approval. I ii'u_„ r,t(r l 1 led,/ Request For proposals for A Lease of City -Owned Riverrront Property 120 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS DISCLOSURE/DISCLAIMER The information contained in this REP is published solely for the purpose of inviting prospective Proposers to consider the development opportunity described herein. Prospective Proposers should make their own investigations, projections, and conclusions without reliance upon the material contained herein. The City and its advisors shall have no obligation or liability with respect to this RFP and the selection and award process or whether any award will be made. Any recipient of this RFP who responds hereto fully acknowledges all the provisions of this disclosure and disclaimer and is totally relying on said disclosure and disclaimer and agrees to be bound by the terms hereof. Any proposals submitted to the City or its advisors pursuant to this RFP are submitted at the sole risk and responsibility of the party submitting such proposal. The offering is made subject to correction of errors, omissions, or withdrawal from the market without notice. Information is for guidance only and does not constitute all or any part of an agreement, Furthermore, until such time as an agreement is executed by the City, the selected Proposer shall not have any vested rights, nor title or interest in the subject Property or in the development proposed thereon. The City and the recipient will be bound only if and when a proposal, as same may be modified, and the applicable definitive agreements pertaining thereto, are approved by the Mayor and City Commission and then only pursuant to the tern -is of the definitive agreements executed among the parties. A response to this RFP, or all responses, may be accepted or rejected by the City for any reason, or for no reason, without any resultant liability to the City or its advisors. The City is governed by the State of Florida Sunshine Law and all proposals and supporting data shall be subject to disclosure as required by such law. All proposals shall be submitted in sealed bid form and shall remain confidential to the extent permitted by Florida Statutes, until the date and time selected for opening the responses. In the event of any differences in language between this disclosure and disclaimer and the balance of the RFP, it is understood that the provisions of this disclosure and disclaimer shall always govern. Further, any dispute among the City and the Proposer shall be decided by binding arbitration in Miami -Dade County, Florida, before arbitrators sanctioned by and in accordance with the rules of the American Arbitration Association, Accepted b Signature Riverside Wharf, LLG, Alexis Mantecon / Manager Printed Name/ Title 09/11/2015 Company Name Date Request for proposals for A Lease of City -Owned Riverfront Property 121 .„,.....„.,,.., - ' —......--......maalla. „moor .1._„r„r....eimmr,f, 1 rumor - - —r - THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • 3 W H VJ. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS PROPOSER'S ORGANIZATIONAL HISTORY/STRUCTURE & CHART The Proposer's Principals, Alexis Mantecon and Guillermo Vadell, are both Miami locals that share a vision and a passion for great spaces and properties in their hometown. They take great pride in everything they do and take on projects with the utmost attention to detail. Alexis Mantecon was born and raised to immigrant parents and was raised with very limited means. He attended Belen Jesuit Prep school and later went to FIU under 3 academic scholarships from which he received a bachelors in science in Finance and international Business. He then landed a prestigious job at a boutique hedge fund working 14-16 hour days as an analyst where he climbed the corporate ladder by proving himself and became the VP of a $1.6 bin hedge fund before the age of 30 and managed over 14 analysts in the US, Hong Kong, Toronto and Switzerland. At the fund, he gained invaluable experience in all types of asset classes including real estate, where he oversaw the real estate portfolio for the fund. Guillermo Vadell was born in Cuba and came to the United States at the young age of 12. In Miami, he attended Southwest High and later went to FIU where he obtained a bachelors degree in electrical engineering. Guillermo went on to work for various companies such as Newstech and Level 3 Communications where he was the project manager for projects over $20 million in scope. He always had an interest in Real Estate and in 2001 founded his own real estate company called First Horne View. From this point on, he has transacted on over 300 properties in almost every industry. In 2008, Alexis and Guillermo, long time family friends, combined their assets and founded MV Real Estate Holdings LLC. MV is the sole member of Riverside Wharf LLC and Alexis and Guillermo are the sole owners of MV. MV is focused on the acquisition, management, and development of distressed and/or strategic assets in South Florida. MV has acquired over 150 properties in South Florida since its inception and currently owns and manages a portfolio of over $25 million in Real Estate assets. Alexis and Guillermo truly understand the local Miami market and their diverse educational experience and work background create synergies that are invaluable to a project such as this one. Furthermore, they both share a similar passion for seeing the Miami River become a true destination in the City of Miami for people arriving by boat or by land. Organizational Chart can be found in Tab "Attachments - Threshold Qualications L Standards" as Exhibit C3. `rcd:+1,4' 1x Rrr� Request For proposals for A Lease of City -Owned Riverfront Property 122 THIS DOCUMENT i5 A SUBSTITUTION TO 11 ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS Riverside Wharf, LLC of W R[1AT111Gt10Rt L OFWMA.0KEwm1 1RF O11r w 441.047,s •euvnllk rut RICPP E R al INETCI w.[n 0AR0. N1At. [I [me 033i seAAElt0 miZr po ult0 EA, Om M 1P9 PFR4AyEHE TEO- R eECtrc[P Pim.., We dM AAe Maim. Yes Alm., I0TrQ P3Y MM. 0* .13N1.0Er 3M. el Om .al. W. 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Er ctle mown 1R1._1 F.1w1We ETZ Request For proposals for A Lease of City -Owned Riverfront Property 123 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. K ATTACHMENTS ADDITIONAL INFORMATION / ft/_ir,7 / 1' v/ Lease Agreement Affidavit September 11. 2015 County of: Miami -Dade Lease Agreement Affidavit I Alexis Mantecon, Managing Member/Owner of Riverside Wharf, LLC. hereby certify that accept the Lease attached to the RFP as Appendix 111. I understand that certain provisions of the lease shall remain non-negotiable, including. but not limited to, any and all items required by this RFP, as well as those provisions relating to indemnification, hold harmless, insurance, and guarantees. In the event of a conflict between the terms of this RFP and the form Lease included herein as Appendix III. the terms of this RFP shall govern, until such time that the Lease is negotiated and executed between the parties. Once the Lease is executed, the terms contained therein shall govern. The City may moke additional changes to the Lease prior 10 execution in order to ensure consistency with the terms of this RFP, subject to review and approval by the City Attorney. Alexis Mantecon Managing Member/Owner IN ItNIA ESS WHEREOF, thetpbove was sworn to and subscribed before me this LI day of 2025 by /'11LX/S MAlV &t AJ who is personally known to me or w o had produced the following identification; Notary Public. ate of Florida My Commission Expires: _$ NINA WHITE 1 Hose Public - Stile 01 norms 1 1Ay Comm. Expires Nor 21. 2015 Commission EE 220927 1 Request for proposals for A Lease of City -Owned Riverfront Property 124 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Integra Realty Resources Miami/Palm Beach Market and Marketability Study Miami Riverfront Restaurant Site(s) Retail Property 236 & 298 SW. North River Dr. Miami, Miami -Dade County, Florida 33130 Prepared For: Riverside Wharf LLC Effective Date of the Report: July 15, 2015 IRR - Miami/Palm Beach File Number: 123-2015-0201 irr • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 125 • • RENDERING fir rr l4 Miami Riverfront Restaurant Site(s) 236 & 298 SW. North River Dr. Miami, Florida • THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 126 • irr • • Integra Realty Resources In Miami In Orlando In Naples/Sarasota riharn, The Douglas Centre The Empire Building Horseshoe Professional Park Orlando 2600 Douglas Rd. 23 W- Central Blvd. 2770 Horseshoe Drive S. ictithwesf Florida Suite 801 Suite 300 Suite 3 Coral Gables, FL 33134 Orlando, FL 32801 Naples, FL 34104 www.irr.com (3051 670-0001 (407) 843-3377 (235)-643.6888 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. September 1, 2015 Alex Mantecon Managing Member Riverside Wharf LLC 13943 SW 140th Street Miami, FL 33130 SUBJECT: Market Value Appraisal Miami Riverfront Restaurant Site(s) 236 & 298 SW. North River Dr. Miami, Miami -Dade County, Florida 33130 IRR - Miami/Palm Beach File No. 123-2015-0201 Dear Mr. Mantecon:: Integra Realty Resources — Miami/Palm Beach is pleased to submit the accompanying market and marketability study of the referenced property. The client for the assignment is Riverside Wharf LLC. The subject is an existing property containing 3,240 square feet of gross leasable area. The improvements were constructed in 1939; however, the market study assumes that the improvements on the subject will be demolished and replaced with a planned waterfront restaurant. The site area is 0.70 acres or 30,509 square feet. This report is responsive to the City of Miami Request for Proposals (RFP#14-15-024) for "Lease of City -owned Riverfront Property" relative to item G "Market Analysis and Economic Feasibility", and the intended use is to address the elements of financial feasibility and the requirements of the RFP. Based upon our analysis, the site size is somewhat constrained, but the overall development plan contemplates low-rise multi -story, upscale development of two restaurant buildings, with offsite parking (by valet). The two buildings proposed for tenancy contemplate full service dining options, with the second building proposed for a seafood restaurant with retail food sales as a part of the project. 127 • • Alex Mantecon Riverside Wharf LLC September 1, 2015 Page 2 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Following our detailed study of the area and market, IRR Miami concludes that there are Few opportunities in Miami to locate a waterfront restaurant. The Miami River waterfront is a working waterfront, and does not maintain the sweeping views of bayside or oceanside waterfront dining. However, the location of the site along the proposed riverwaik, and the proximity to the downtown, which is growing significantly, are both positive drivers for the development of upscale dining. The feasibility of the project will be determined in large part by the underlying rental rates structured under the City land lease. IRR Miami has analyzed operational restaurant costs, and provides a recommended lease structure which meets the City requirements, but also contemplates that successful restaurants thrive based on their ability to manage costs. Based on market supply and demand, IRR concludes that 4,500 new middle and upper - income households will be introduced into the Downtown Miami market in the coming 36- 48 months. In addition, the waterfront restaurant market draws from the larger county -wide growth with a five-year projections of 64,000 households through 2020. This later estimate includes the 4,500 households downtown, representing 7% of total county growth in the downtown area. IRR Miami concludes that there is sufficient demand to support the development as proposed. To meet the market, the land lease rate structure should support an initial lease -up and stabilization period, and lease increases (over a base -lease) should be indexed as a percentage of landlord's rental revenue as proposed under the RFP to insure continued feasibility of the project. The phasing is not known at this point, but the project should be phased with a minimum of (6) months for development/planning/pre-leasing; a 12-18 months construction period with options to extend; and an additional 12 months in which to reach stabilized operations with consideration for a reduced or nominal land lease payment during the initial development phase to mitigate upfront development costs\risks. Based upon our study, we conclude that the base minimum rental rate as proposed under the RFP is initially high, but a participation rate of 15% of revenue will provide the City significant upside provided that the market forecasted rental rates (6%0-8% of gross sales) and restaurant revenue thresholds ($800/SF) are achieved. Or. 128 • • • Alex Mantecon Riverside Wharf LLC September 1, 2015 Page 3 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. We hope the report meets your needs. We are available for follow-up as additional questions may arise regarding the content of this report. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, Integra Realty Resources - Miami/Palm Beach Anthony Graziano, MAI, CRE Senior Managing Director Florida RZ3510 Telephone: 305.670.0001, ext. 320 Email: amgraziano@irr.com 129 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • Table of Contents Market Analysis and Economic Feasibility Executive Summary 2 General Information 4 Identification of Subject 4 Purpose of the Study 5 Scope of Work 5 Economic Analysis 6 Miami -Dade County Area Analysis Surrounding Area Analysis 13 Retail Market Analysis 22 Proposed Improvements Description and Analysis 27 Competitive Property Analysis 32 Feasibility Analysis 38 Analysis of Restaurant Operations and Projections: 38 Ratable and Employment Analysis 43 Addenda A. Consultant Qualifications Miami Riverfront Restaurant Site(s) 130 Market Analysis and Economic Feasibility Executive Summary 2 • • • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Market Analysis and Economic Feasibility Executive Summary 1. There is sufficient demand for retail and restaurant product along the Miami River owing to continued population growth in Downtown Miami and the region at large which the project will serve. 2. IRR Miami forecasts that the subject will compete with the growing concentration of restaurants and retail space along the Miami River, including Seaspice, Garcia's Seafood Grill & Fish Market, Casablanca Seafood Grill & Fish Market, Crust Pizza, and a planned SushiSamba and Duck & Waffle. 3. There area number of vacant/available restaurant spaces within existing condominium buildings, but these are not deemed directly competitive to a free standing location on the riverfront. 4. IRR Miami projects that the subject's current market rental rates (for improved restaurants) similar to the subject project would range from $30 - $50/SF of net rentable area as a base minimum rent, with percentage rent equating to 6%-8% of restaurant food and beverage sales. Restaurants generally can afford 6%-8% of gross sales for rental payments (before expenses) indicating a threshold level of sales at $350 - $850 per square foot. 5. Our analysis indicates that the development plan is not feasible (able to support the construction and site development costs) without a minimum rental rate for land and buildings at $50/5F, requiring $800 per SF in gross sales at minimum. 6. IRR's analysis of confidential restaurant sales volumes indicates that the $800/SF threshold is achievable at the subject location, although we note that sales over $500 per square foot require upscale use, and an active bar with high liquor sales. 7. Based upon these parameters, and our review of proposed construction costs, the subject is deemed feasible (based on the minimum land rental rate within the RFP) at gross restaurant sales of $800 per SF with rent at an equivalent 8% of gross sales. The minimum land rent as proposed is marginally feasible if restaurant sales are less than $800 per SF, or if the rental rate is less than 8% of gross sales. 8. IRR Miami recommends that the City consider upfront temporary abatement, or reduction in the base minimum rents during the leasing and construction phase to mitigate construction and stabilization risks. 9. IRR Miami concludes that at the base minimum rental rate specified in the RFP, the developer will be granting the City a much higher participation in revenues in the early years. However, IRR Miami concludes the overall project is feasible at the base minimum rental specified Miami Riverfront Restaurant Site(s) irr. 131 Market Analysis and Economic Feasibility Executive Summary 3 • THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE • • SEEN AT THE END OF THIS DOCUMENT. within the RFP, with future revenue participation on the part of the City at 15% of collected rental revenue to the landlord. Since the landlord's revenues will be indexed to the Gross Sales at the restaurant, this will allow the City to participate in rental growth over time. 10. IRR Miami's analysis of the potential tax revenue indicates the subject site development will likely generate an additional $200,000 in annual tax revenue. 11. IRR Miami's analysis of potential employment base expansion indicates addition of 100-160 full time employees (FTE) with average earnings at $28,000 - $45,000 per employee on average net of tips{gratuity income which is generally not included in the employer wage estimates. Miami Riverfront Restaurant Site(s) 132 General Information THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 4 • • • General Information Identification of Subject The subject is an existing property containing 3,240 square feet of gross leasable area. The improvements were constructed in 1939; however, the market study assumes that the improvements on the subject will be demolished and replaced with a planned waterfront restaurant. The site area is 0.70 acres or 30,509 square feet. Property Identification Property Name Miami Riverfront Restaurant Site(s) Address 236 & 298 SW. North River Dr. Miami, Florida 33130 Tax ID 01-0114-000-2010 and 01-4137-031-0010 Owner of Record CITY OF MIAMI-GARCIA BRO ASSET MANAGEMENT DIVISION Riverside Wharf LLC is bidding on the City RFP to land lease the referenced property for development in accordance with the RFP requirements. The site under study is captioned in red below: v a d r7 SITE BREAKDOWN 'v ONE PROPERTY MODS! PROPOSER FOR REFERENCE OILY. NOT PART OFSIEIFP Miami Riverfront Restaurant Site(s) SITE, i NSF. MINN I ,414/97- be 133 General Information THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 5 • • • Purpose of the Study The purpose of the study is to complete a market and financial analysis to satisfy the requirements of the City of Miami RFP #14-15-024 including an analysis of proposed uses based upon analysis of demand generators, competitive supply, market pricing, competitive position and anticipated market share/capture. The analysis should specifically provide the rationale for proposed marketing approaches for each targeted segment demand. Scope of Work IRR Miami has completed a Market and Marketability Study relating to a proposed restaurant with along the Miami River. The study includes specific analysis of the following areas: 1. Provide an overview of the Miami River restaurant market in Miami -Dade County; 2. Provide an overview of the waterfront restaurant market in Miami -Dade County; 3. Analyze comparable gross sales / rental rates of similar restaurant space in Miami -Dade County; 4. Project market rent and pro -forma (plans and specs to be provided) of the proposed project; 5. Provide a valuation and investment analysis of the participation rent to the City of Miami with applicable scenario testing of major assumptions (market rent & development costs). 6. Provide an analysis of the potential tax/ratable additions associated with the proposed development plan. 7. Provide an analysis of potential employment associated with the proposed development plan. We provide recommendations regarding the proposed project and its specific characteristics. The report will address the overall Miami and subject submarket areas, as well as the micro and macro trends within the market. IRR will analyze the likelihood of success of the proposed project compared to competitive projects within its market. Miami Riverfront Restaurant Site(s) Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 6 • • • Economic Analysis Miami -Dade County Area Analysis Miami -Dade County is located in southern Florida approximately 5 miles west of Miami CBD. It is 1,898 square miles in size and has a population density of 1,405 persons per square mile. Miami -Dade County is part of the Miami -Fort Lauderdale -West Palm Beach, FL Metropolitan Statistical Area, hereinafter called the Miami MSA, as defined by the U.S. Office of Management and Budget. Population Miami -Dade County has an estimated 2015 population of 2,666,776, which represents an average annual 1.3% increase ❑ver the 2010 census of 2,496,435. Miami -Dade County added an average of 34,068 residents per year over the 2010-2015 period, and its annual growth rate exceeded the State of Florida rate of 1.1%. Looking forward, Miami -Dade County's population is projected to increase at a 1.3% annual rate from 2015-2020, equivalent to the addition of an average of 35,060 residents per year. Miami -Dade County's growth rate is expected to exceed that of Florida, which is projected to be 1.2%. Population Trends Population Compound Ann. % Chng 2010 Census 2015 Est. 2020 Est. 2010 - 2015 2015 - 2020 Florida 18,801,310 19,897,507 21,068,301 1.1% 1.2% Miami -Dade County 2,496,435 2,666,776 2,842,074 1.3% 1.3% Miami 399,457 429,357 458,173 1.S% 1.3% Source: Claritas Employment Total employment in Miami -Dade County is currently estimated at 1,046,970 jobs. Between year-end 2004 and the present, employment rose by 39,513 jobs, equivalent to a 3.9% increase over the entire period. There were gains in empbyment in six out of the past ten years despite the national economic downturn and slow recovery. Miami -Dade County's rate of employment growth over the last decade surpassed that of Florida, which experienced an increase in employment of 0.3% or 21,743 jobs over this period. A comparison of unemployment rates is another way of gauging an area's economic health. Over the past decade, the Miami -Dade County unemployment rate has been generally lower than that of Florida, with an average unemployment rate of 6.5% in comparison to a 6.9% rate for Florida. A lower unemployment rate is a positive indicator. Recent data shows that the Miami -Dade County unemployment rate is 5.4% in comparison to a 5.5% rate for Florida, a positive sign for Miami -Dade County economy but one that must be tempered by the fact that Miami -Dade County has underperformed Florida in the rate of job growth over the past two years. Miami Riverfront Restaurant Sitels) irr 135 Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 7 • • • Employment Trends Total Employment (Year End} Unemployment Rate (Ann. Ave Miami -Dade % % Miami -Dade Year County Change Florida Change County Florida 2004 1,007,457 7,726,652 3.9% 4.6% 2005 1,023,160 1.6% 7,990,613 3.4% 3.2% 3.7% 2006 1,033,285 1.0% 8,128,744 1.7% 2.8% 3.2% 2007 1,033,503 0.0% 8,014,408 •1.4% 3.1% 4.0% 2008 1,004,798 -2.8% 7,585,913 -5.3% 4.8% 6.3% 2009 960,981 -4.4% 7,209,010 -5.0% 10.4% 10.4% 2010 973,323 1.3% 7,260,875 0.7% 11.1% 11,0% 2011 997,766 2.5% 7,368,030 1.5% 9.5% 10.0% 2012 1,021,527 2.4% 7,538,166 2.3% 8.3% 8.5% 2013 1.047,986 2.6% 7,741,539 2.7% 7.6% 7.3% 2014• 1,046,970 -0.1% 7,748,395 0,1% 6.8% 6.3% Overall Change 2004.2014 39,513 Avg Unemp. Rate 2004-2014 Unemployment Rate - February 2015 3.9% 21,743 0.3% 6.S% 5.4% 6.9% 5.5% 'Total employment data is as of5eptember 2014 unemployment rate data reflects the average of 12 months of 2014. Source: Bureau of Labor Statistics and Economy.corn, Employment figures are from the Quarterly Census of Employment and Wages (QCEWL. Unemployment rates are from the Current Population Survey(CPS1. The figures are not seasonally adjusted, Employment Sectors The composition of the Miami -Dade County job market is depicted in the following chart, along with that of Florida. Total employment for both areas is broken down by major employment sector, and the sectors are ranked from largest to smallest based on the percentage of Miami -Dade County jobs in each category. Miami Riverfront Restaurant Site(s) 136 Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 8 • • Employment Sectors - 2014 Trade; Transportation; and Utilities Education and Health Services ProfessionaI and Business Services Government Leisure and Hospitality Financial Activities Other Services Manufacturing Construction InformaPon 0% 5% 10% 15% 20% 25% 30% 20.7% 15.E0 14.9% 13.5% - 15.1% ■ Miami -Dade County • Florida Source: Bureau of LaborStatistics and Econorny.com Miami -Dade County has greater concentrations than Florida in the following employment sectors: 1. Trade; Transportation; and Utilities, representing 25.7% of Miami -Dade County payroll employment compared to 20.7% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. 2. Education and Health Services, representing 15.6% of Miami -Dade County payroll employment compared to 14.9% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Financial Activities, representing 6.9% of Miami -Dade County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. 4. Other Services, representing 3.6% of Miami -Dade County payroll employment compared to 3.2% for Florida as a whole. This sector includes establishments that do not fall within other defined categories, such as private households, churches, and laundry and dry cleaning establishments. Miami -Dade County is underrepresented in the following sectors: 1. Professional and Business Services, representing 13.5% of Miami -Dade County payroll Miami Riverfront Restaurant Sites) 137 Miami -Dade County Area Analysis THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, 9 • • employment compared to 15.1% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 2. Government, representing 12.9% of Miami -Dade County payroll employment compared to 13.4% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 3. Leisure and Hospitality, representing 12.2% of Miami -Dade County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 4. Manufacturing, representing 3.6% of Miami -Dade County payroll employment compared to 4.3% for Florida as a whole. This sector includes all establishments engaged in the manufacturing of durable and nondurable goods. Major Employers Major employers in Miami -Dade County are shown in the following table. Major Employers - Miami -Dade County Name Number of Employees 1 Miami -Dade County Public Schools 48,571 2 Miami -Dade County 29,000 3 Federal Government 19,500 4 Florida State Government 17,100 5 University of Miami 16,000 6 Baptist Health South Florida 13,376 7 Jackson Health System 12,571 8 Publix Super Markets 10,800 9 American Airlines 9,000 10 Florida International University 8,000 Source: Enterprise Florida Gross Domestic Product Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and services produced in a defined geographic area. Although GDP figures are not available at the county level, data reported for the Miami MSA is considered meaningful when compared to the nation overall, as Miami -Dade County is part of the MSA and subject to its influence. Economic growth, as measured by annual changes in GDP, has been considerably lower in the Miami MSA than the United States overall during the past eight years. The Miami MSA has declined at a 0.8% average annual rate while the United States has grown at a 0.9% rate. As the national economy improves, the Miami MSA has recently performed better than the United States. GDP for the Miami MSA rose by 2.4% in 2013 while the United States GDP rose by 1.8%. The Miami MSA has a per capita GDP of $45,145, which is 8% less than the United States GDP of $49,115. This means that Miami MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall. Miami Riverfront Restaurant Site(s) 138 Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 10 • • • Gross Domestic Product Year 2006 2007 2008 2009 2010 2011 2012 2013 Compound % Chg {2006-2013) GDP Per Capita 2013 ($ Mil) ($ Mil) Miami MSA %Change United States 277,591 14,612,582 278,527 0.3% 14,824,616 269,478 -3.2% 14,728,947 247,947 -8.0% 14,328,006 247,743 -0.1% 14,639,748 249,165 0.6% 14,868,836 256,900 3.1% 15,245,906 263,115 2.4% 15,526,715 -0.8% $45,145 $49,115 %Change 1.5% -0.6% -2.7% 2.2% 1,6% 2.5% 1.8% 0.9% Source: Bureau of Economic Analysis and Economy.com; data released September20/4. The release of state and local GDP data has a longer lag time than national data. The data represents inflation -adjusted "real" GDP stated in 2009 dollars. Household Income Miami -Dade County has a lower level of household income than Florida. Median household income for Miami -Dade County is $42,148, which is 8.7% less than the corresponding figure for Florida. Median Household Income - 2015 Median Miami -Dade County Florida $42,148 $46,183 Comparison of Miami -Dade County to Florida -8.7% Source:Claritas The following chart shows the distribution of households across twelve income levels. Miami -Dade County has a greater concentration of households in the lower income levels than Florida. Specifically, 43% of Miami -Dade County households are below the $35,000 level in household income as compared to 39% of Florida households. A lesser concentration of households is apparent in the middle income levels, as 30% of Miami -Dade County households are between the $35,000 - $75,000 levels in household income versus 33% of Florida households. Miami Riverfront Restaurant Site(s) Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL, BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 11 • • • Household Income Distribution - 2015 $500,000 and more $250,000 - 499,999 $200,000 - $249,999 $150,000 - $199,999 $125,000 - $149,999 $100,000 - $124,999 $75,000 - $99,999 $50,000 - $74,999 $35,000 - $49,999 $25,000 - $34,999 $15,000 - $24,999 Less than $15,000 Source: 0 a rites 1.0 1.0% 1.7% 1.3% 3.3% 3.4% 1.6% 6.4 %. 6.7% 10.7% 14.0"5 116, 11.0% 13.6"i 12.5% 14.1% 16.016 0.0% 5.0% 10,0% 15.0% ■ Miarrr.oa de C Lr y Florida 20.0% Education and Age Residents of Miami -Dade County have a slightly higher level of educational attainment than those of Florida. An estimated 27% of Miami -Dade County residents are college graduates with four-year degrees, versus 26% of Florida residents, People in Miami -Dade County are younger than their Florida counterparts. The median age for Miami -Dade County is 39 years, while the median age for Florida is 42 years. Education & Age - 2015 Percent College Graduate !Ward-0adr Carty Source: CI a rites Florida Median Age Miami Riverfront Restaurant Site(s) 140 Miami -Dade County Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 12 • • • Conclusion Miami -Dade County represents an economy which is largely driven by tourism, education, and healthcare services. The recessionary effects of 2008-2009 significantly impaired the local economy, including the substantial housing and construction sector. The resurgence of the condominium and multi -family development pipeline which commenced in earnest by 2012 has significantly revived the Miami -Dade economic climate, and the past three years, Miami -Dade and downtown Miami in particular have experienced significant economic recovery. National and regional improvements in the economy during this 2012-2015 timeframe have reinvigorated the tourism, education sectors; and healthcare sectors. Overall, Miami -Dade County is experiencing healthy growth, renewed positive employment in most sectors, and renewed investment and development interest. The improvements in the fundamental economy, coupled with an influx of tourism and related foreign investment capital, is strengthening demand for real estate in the broader market. Miami Riverfront Restaurant Site(s) 113 141 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 13 • • Surrounding Area Analysis Boundaries The subject is located in the Miami River corridor of Miami. This area is generally delineated as follows: North Approximately one block north of the Miami River South Approximately one block south of the Miami River East South Miami Avenue West Northwest 27th Avenue A map identifying the location of the property follows this section. Access and Linkages Primary access to the area is provided by Interstate 95, a major arterial that crosses the South Florida area in a north -south direction. Access to the subject from interstate 95 is provided by Northwest 3'd Avenue and travel time from the major arterial to the subject is about 5 minutes. Overall, vehicular access is good. Traffic reports available from FDOT indicate that 6,400 vehicles travel past the subject each day on Northwest North River Drive; however, the subject is visible from Interstate 95, which serves approximately 162,500 vehicles per day. Public transportation is provided by Miami -Dade Transit and the city of Miami and provides access to locations throughout Miami -Dade County. The nearest train station is located at Government Center, three blocks northeast of the subject. The local market perceives public transportation as good compared to other areas in the region. The primary rnodes of transportation in this area are diverse owing to its location at the edge of the Miami CBD. The subject is easily accessible by automobile, train, bus, and free trolley and is within walking distance of downtown Miami. The Miami International Airport is located about 7 miles from the property; travel time is about 12 minutes, depending on traffic conditions. The Miami CBD, the economic and cultural center of the region, is less than one mile from the property. Demand Generators Retail demand generators include a significant employment base, a densely populated trade area with diverse household income levels, a growing concentration of restaurant and other retail uses, and billions of dollars of investment in the greater downtown Miami area and Miami Health District that include the projects below: Miami Riverfront Restaurant Site(s) 142 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 14 • • • Greater Downtown Miami - Multi -Block Development Projects Announced 2013 or Eor6er 9D110istrrct ROWS bond Area Resldentgl for Sole Res tie! For Rent Non-Reskdential Resorts World Mami Bnekell City Centre Me ntral Station Paraiso Bay Miami World Center Design District Redevelopment A&E Bricks II CBD Edgewater CBD Outside DOA Planned Phase I topped out Early construction Phases 1 and 11 under construction Pie -construction Phase I and II complete DSO TBD, hotel component expected 773• 89 East hotel. shopping mall, offices 8t10 Retail, office, hotel 1,39d Limited retail 302{phase I] 429(phase I only) Taubman regional mall 76 (planned in phase Illy Si billion • in retail (phase I and 11) Annuunred Si nee 2013 Mona Flagler One Brickell Mona Wynwood Miami Riverwatk One Bricked East End Wynwood 'Thor Wynwood Miamii Innovation Oisenct Goldman Wynwood 2116 le Miami Are Brickell Heights and SLS Lux Thor Design District River Landing CBD 6riekell Wynwood Bnckell Brlckell Wynwood Wenw9od RISE Wynwood Wynwood Brlckell Outside DOA Outside DDA Acquisitions and leasing in progress- Planned special Area Plan to be submitted. Planned Planned Planned Planned Planned Planned Planned Phases I and II under construction Planned Planned Total 5acres 30n acres Scattered hies 1.27 acres 6.14 acres 1,151 1,318 unknown 'Unknown 530,660 SF retail 90D 500 Commercial expected 1,449 Office and retail 900 500 TBD 23,500. retail 264 Lip so 1.4 million SF entitled 2.4 m]RIonSF 11,0000 Office and street retail 72 31,000 5F retail. 70.0005F office.68 hotel rooms 163 79 hotel rooms, 12,407 SF retail 012 30.0131. SF retail Retail 475_2 million SF retail Total {since 2013t Grand -total % since 2613 6,455 1.974 1,606 3,292 85% 60% The Brickell, Miami CBD (Downtown) and Coral Gables Office markets represent roughly one third of all of the office space within Miami -Dade County. All of these submarkets have above average lease rates and below average vacancy rates, making them among the strongest and most stable submarkets in the state. These submarkets have a high concentration of financial institutions, banks, and international companies. Additionally, the Midtown/Wynwood/Design District area has become a major draw for artists, entrepreneurs and are a hub for the December art fair season, when two of the six largest art fairs in the world occur simultaneously in Miami Beach and Midtown. Exhibit 1: Top 10 Most Attended Art Fairs, >RAMIe ANT TM 2013-14 Season wrga OF VISITORS ' MUSK* or mlLtYo1 a1r1i1r1oa -- 1 ARCYSsh&d 104000 219 TRW a s AR awl 97:000 75i0120 ass 2511 1401 Crump Act Bad Alien.4e.at 3 gal Chrip 4 712-AF 74,000 ZA Ted F 1 1 PAC 73,741 M00 116 25B R. Exh4414aes B Art Mum Art Pam u.0 1 Fre4e laatdrt - MIX) 152 Hews ■ lheAmory how 65.000 65C00 222 Asetifkreise MEd B AR Omni tong Mora IaS °OUP 11 Prig Photo Raid Eatogra Jackson Memorial Hospital is located just north of the Miami River. It is an non-profit hospital with associations with the University of Miami School of Medicine. The hospital has of 1,500 beds and employs over 12,000 people directly. As was previously mentioned, this is a primary teaching Miami Riverfront Restaurant Site(s) Surrounding Area Analysis TH15 DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 15 • • • hospital for the University of Miami's Leonard M. Miller School of Medicine which means that there are additional doctors and medical professionals that are tied to the institution beyond the full-time employees. The hospital campus includes the Miami VA Medical Center, the University of Miami Hospital, the Miami Project to Cure Paralysis, the UM/Sylvester Comprehensive Cancer Center, the Bascom Palmer Eye Institute, the Diabetes Research Foundation, and the National Parkinson Foundation. It is the third -largest public hospital in the United States. The Miami International Airport employs over 36,000 people and contributes over 282,724 jobs directly and indirectly through its operations. The airport is a hub for American airlines as well as UPS Airlines and FedEx Express. The economic impact of the MIA and its supporting airports is $33.7 billion dollars on an annual basis, making it one of the primary demand drivers for Miami -Dade County and specifically the subject area. In 2014, the airport saw 40,941,879 passengers and has seen consistent growth in the number of passengers since 2009. Employment Base Major employment centers that generate demand for the residential communities surrounding the subject include the Miami Health District, the Miami CBD, and the Brickell financial district. In 2015 to date, companies including Silicon Valley giants Twitter and Uber have signed leases in the immediate vicinity. Demographics A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table.. Miami Riverfront Restaurant Site(s) 144 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 16 • • • Surrounding Area Demographics Miami -Dade 2015 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius County, FL Florida Population 2010 58,577 224,616 451,876 2,496,435 18,801,310 Population 2015 67,295 245,339 484,510 2,666,776 19,897,507 Population 2020 74,033 264,003 516,530 2,842,074 21,068,301 Compound %Change 2010-2015 2.8% 1.8% 1.4% 1.3% 1.1% Compound %Change 2015-2020 1.9% 1.5% 1.3% 1.3% 1.2% Households 2010 27,427 93,270 187,380 867,352 7,420,802 Households 2015 31,929 103,428 203,458 928,604 7,839,517 Households 2020 35,360 112,260 218.469 992.627 8,301,896 Compound %Change 2010-2015 3.1% 2.1% 1.7% 1.4% 1.1% Compound %Change 2015-2020 2.1% 1.7% 1.4% 1.3% 1.2% Median Household Income 2015 531,519 $30,330 531,811 $42,148 $46,183 Average Household Size 2.0 2.3 2.3 2.8 2.5 College Graduate % 39% 28% 28% 27% 26% Median Age 36 39 40 39 42 Owner Occupied % 17% 27% 33% 55% 67% Renter Occupied % 83% 73% 67% 45% 33% Median Owner Occupied Mousing Value $248,212 $264,104 $262,642 $229,386 $172,045 Median Year Structure Built 2000 1975 1970 1978 1986 Avg. Travel Tirne to Work in Min. 27 29 28 32 29 Source. Cla ritas As shown above, the current population within a 3-mile radius of the subject is 245,339, and the average household size is 2.3. Population in the area has grown since the 2010 census, and this trend is projected to continue over the next five years. Compared to Miami -Dade County overall, the population within a 3-mile radius is projected to grow at a faster rate. Median household income is $30,330, which is lower than the household income for Miami -Dade County. Residents within a 3-mile radius have a similar level of educational attainment to those of Miami -Dade County, while median owner occupied home values are considerably higher. Retail and Public Services The area immediately around the subject is currently transitioning from a marine industrial area to an entertainment retail and restaurant district. Since 2013, new restaurants including Seaspice and Crust have opened around and along the Miami River. Land Use In the immediate vicinity of the subject, land uses include a mix of restaurant, industrial, and residential, although much of it is occupied by an interstate highway interchange. Other land use characteristics are summarized in the following table. Miami Riverfront Restaurant Site(s) Orr 145 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 17 • • • Surrounding Area Land Uses Character of Area Urban Predominant Age of Improvements Various Predominant Quality and Condition Average Approximate Percent Developed 60% Infrastructure/Planning Average Predominant Location of Undeveloped Land Infill and waterfront redevelopment Prevailing Direction of Growth East of 1-95 and along the river Subject's Immediate Surroundings North Hagler an the River (Apartments and planned retail) South Waterfront industrial East Interstate 95 West Miami River and East Little Havana Development Activity and Trends During the last five years, development has been predominantly of residential and retail uses, and has included Hagler on the River, SeaSpice, and the under -construction MiamiCentral Station. Apart from the major expansion of retail in the downtown area, the majority of development is comprised of upscale residential condominiums and apartments. A summary of these projects is excerpted from IRR Miami's report prepared for the Miami Downtown Development Authority (DDA) Q2-2015 report on the following pages. Miami Riverfront Restaurant Site(s) 146 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 18 • Figure 2 Creater Downtown Miami Condo Market Size - Q2 2015 e Stdumerket Total Potential Cunard !Harlow. Current 7L Potential Unfit 9L Growth Pipeline Size Growth Growth Tana Growth Longterm A dt E 2,782 4,052 596 15% 2,186 54% Brickell 9,050 20,791 4,662 220% 4,757 23% CBD 7,875 6,2: s 975 16% 6,900 110% Edgewater 4,144 4,148 3,041 73% 1,433 35% Midtown 595 979 400 41% 195 20% Wyrrwood 404 100 11 11% 393 393% TORAL 24a850 38,357 9,685 27% 15,864 44% ' Current Growth is all Under Construction, Contracts and Reservations "" Long -Term Growth is the Remaining Conceptual units, net of current growth Figure 1 Current Greater Downtown Miami Condo Pipeline Q2 2015 Submarlost A&E Bricks]! CBD Edgewater Midtown 41/yrrwood TOTAL Complete Under Construction Contracts Ramervetione Proposed Totals 0 83 0 513 2,196 2,782 1,317 3,614 549 130 4,757 10,367 0 352 153 470 6,900 7,875 96 1,590 1,121 0 1,433 4,240 0 0 400 0 195 595 0 11 0 0 393 404 1,413 600 2223 1,113 15,864 26,263 Figure fi Average Condo Leasing Price - Greater Downtown Miami I" Studio 1 BR 2 BR 3 BR War ©vernr 5/Unit 5/SF 5/Unit 5/SF S/Unit $/SF S!Unit IMF 2012 $2.255 $1,421 $2.64 $1,804 $2.33 $2,625 $2.13 $4,340 $225 2013 $2,371 $1,504 $2.67 $1,926 $2.30 $2,819 $2.21 $4,427 $2.51 % Change 5e% 6% 1% 7% -1% 7% 4% 2% 1296 2014 % Change $2,481 5% $1,632 8% $2.92 9% $2,008 4°% $2.48 8% $2,908 3% $2.32 596 $4,346 -296 $2.60 4°% 2016 YID Q% Change $2,542 2% $1,677 3% $3.07 5% $2,110 5% S2.65 7% $2,938 1% $2.41 4% $4,544 5% $2.70 4°% Miami Riverfront Restaurant Site(s) LI1 147 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 20 • • • In comparison to other areas in the region, the area is rated as follows: Surrounding Area Attribute Ratings Highway Access Above Average Demand Generators Average Convenience to Supporting Land Uses Above Average Employment Stability Above Average Demographic Trends Above Average Property Compatibility Average General Appearance of Properties Below Average Appeal to Market Above Average Price/Value Trend Above Average Miami Riverfront Restaurant Site(s) 149 Surrounding Area Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 21 • • • Surrounding Area Map rra r +r R Gibson 'Ca'• Flagler on the River A. artment s Rank • --NW -14M- NW 12th Miami Riverfront Restaurant Site(s) 150 Retail Market Analysis THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 22 • • Retail Market Analysis Metro Area Overview The following information was obtained from CoStar, Southeast Florida's most followed commercially available information source for sales, leasing and market statistics. The subject would be classified as a general retail property within the Miami Retail submarket. In reality, the subject would be classified as "rverfront" retail because of its unique location. Miami -Dade County Retail Market The Miami -Dade County retail market did not experience much change in market conditions in the third quarter 2014. The vacancy rate for general and street retail was 3.1% in mid-2015, the lowest since 2.6% in 2007. Net absorption was positive 87,482 square feet, and vacant sublease space increased by 3,821 square feet. Quoted rental rates reached an all-time record of $38.40, up over $10 PSF from 2007. A total of 5 retail buildings with 41,190 square feet of retail space were delivered to the market in the quarter, with 509,264 square feet still under construction at the end of the quarter. General Retail Market Statistics F'rr.aa a 8.J,, rota' ,La:F l'Oral IF 201526 7,736 201516 7,733 20144c 7,724 2014 39 7,718 2014 2q 7,712 201416 7,705 c013 4q 7,698 T013 36. 7,689 2013.26 7,681 20131q 7,677 2012 7,669 2011 7.637 2010 7,607 2009 7,589 2008 7,563 2007 7,523 Sowen _cis .:esm. * wd-Year 2015 vac 4 Abxarpl.cn. k 61¢ro iv``-•x• -_A Y =.da: .,. •]L.S 58,815.080 1, '4.378 1,810,043 3.1% 87,482 5 41,190 15 509.264 58,764,670 1853,803 1,866.215 3.2% 249,679 10 325,097 88 . 533,734 537_71 58,461,7W 1829,1354 1,843,023 3.2% 180,654 8 114,867 24 831,266 53734 58,349,590 1 898,500 1,411.477 3.3% 505,4.79 10 520,466 27 88! 535.09 57,886,028 1,942,716 1,964,185 3.4% 11T 130,491 8 142,320 12 1 ,254 334.46 57,866.207 _ 2,073,906 L 2,084,055 3.6% 2 2 145,232 34L 1 308 333.40 57,739,669 v2,165,774 2,175,843 3.4% 191,si4 14 251,581 32 1,168,077 7 334.1r 57,578,193 2.193,162 2,206.181 3.3% 7{ 9,6gQp 263,720 38 7- 7,317,408 $33.67 57,314,473 2.050,792 2,063,611 3.69'. 68 .1 5 86,229 38 1 1 00006,910 ' 31.72 57,432,128 2.037,008 2,050,02_7 3.6% 156 56 10 84.470 27 ' 484,159 57,353,319 2,114,635 2,127 - 3.7% 173,442 _ 41 504.953 22 1 282,510 56.874,499 1,796,752 1,6i2706 lI 524.041 35 367,756 31 l< 459,585 324.23 56.536,172 1,956,697 2,000,420 3.6% 1.054,072 21 1,026,630 20 ' 251,255 523.72 55.544,837 2,044.378 2.071,157 , 3.71f. 1.139,289 28 1,398,307 id 007,713 523.96 54,150.651 1,786,796 1,816,260 _ 3.4% 397,946 44 834,462 21 1,264,330 327.36 53,334,113 1,397,273 1,.347.673 2.8% 1,617,843 41 831,677 29 610,171 527.00 {J: r .69 Net Absorption General retail net absorption was slightly positive in Miami -Dade County second quarter 2015, with positive 87,482 square feet absorbed in the quarter. In the prior two quarters, general retail net absorption was 299,679 and 180,654 square feet, reflecting a modest slowdown in appreciation. However, this quarter also saw a slowdown in deliveries that closely paralleled the slowdown in absorption, implying that most new space is absorbed almost immediately at completion. Miami Riverfront Restaurant Site(s) 151 Retail Market Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 24 597,322 square feet were completed in Q1 2015, 13 buildings with 262,672 square feet were completed in Q4 2014, and 15 buildings with 568,599 square feet were completed in Q3 2014, General Retail Properties The General Retail sector of the market, which includes all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 3.1% at the end of Q2 105. There was a total of 1,810,043 square feet vacant at that time. The General Retail sector in Miami -Dade County currently has average rental rates of $38.40 per square foot per year. There are 509,264 square feet of space under construction in this sector, with 41,190 square feet having been completed in the second quarter. In all, there are a total of 7,736 buildings with 58,815,980 square feet of General Retail space in Miami -Dade County. Miami River Overview The Miami riverfront from South Miami Avenue to Northwest 17th Avenue is seeing a resurgence in development across all product types, most notably restaurant but also including retail and residential uses. In the past four years, gourmet restaurants have opened along and immediately adjoining the waterfront. These include Crust Pizzeria, the newest venture of AAA Four Diamond Award -winning chef Klime Kovaceski, the Zagat-rated contemporary waterfront lounge Seaspice, and the new home of River Seafood and Oyster Bar, located in the new Flagler on the River apartment tower. A second phase of Flagler on the River will be a multilevel retail and restaurant complex anchored by SushiSamba and the Miami location of Duck & Waffle, a gourmet London restaurant that claims to be the "highest restaurant in the UK" with a months -long wait for reservations. in the nearby Miami Health District, a new retail building called Shops at Civica opened in 2015 that Includes popular chains like Jimmy John's and Smoothie King. Several further developments along the riverfront are likely to introduce even more retail and restaurant activity along with hundreds of residents. River Landing, planned for the former Mahi Shrine site just west of the Dolphin Expressway, will contain 475 luxury rental apartments as well as a 426,000 square -foot mall with national chains, a supermarket, and several restaurants. Further east, three large condominium/retail complexes are connecting downtown and Brickelf to the river. The Chetrit Group, a New York developer, has proposed four towers containing 1,600 residential units, commercial space, and a riverwalk just east of Interstate 95. Chetrit's project adjoins Brickell City Centre, a $1 billion -plus mixed -use complex whose first phase will deliver two condominium towers, a luxury hotel, two small office buildings, and a retail mall opening in 2016, Most recently, developer Kar Properties has filed for plans for a 60-story twin tower condominium designed by famed Uruguayan architect Rafael Vinoly. Continuing development in Downtown, Brickelf, and Little Havana such as Miami Worldcenter and the planned Beckham soccer stadium adjoining Marlins Park will continue generating demand for new riverfront developments. Retail Market Outlook and Conclusions Supply and demand trends in the region for the short term are expected to be positive. Rental rates are expected to increase, In comparison to the region overall, the Miami River submarket is rated as follows: Miami Riverfront Restaurant Site(s) 153 Retail Market Analysis THIS DOCUMENT f5 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 25 • • • Submarket Attribute Ratings Market Size/Stature Below Average Market Demand/Rental Trends Above Average Vacancy Trend Average Comparison of Retail Expenditures to Macro Average Areas Level of Competition from Similar Retail Below Average Barriers to Entry Above Average Miami Riverfront Restaurant Site(s) 154 Retail Market Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT 26 • • • Competitive Properties Map r 7° -9i 1F NW r1rl St ru F Miami Health District X NJIf 215t St.!---- __NLAypY_ 7 / _T r�- ;i 411 ie f �. �7- hrtAi t St I. LLD �•F �I 5t =- River Landing fr gter St 968 jfr . Miami 5t s (933'. SUBJECT PROPERTY rd St j=- - S' ' 3rd St 4-M11 bthL-- 1- _ V ICE 1 IL I r 11 th E 51J) - V Miami River Walk St ••A1 f NO 477 ❑L]L� {: DEO DEOF D L-� Miami Innovation District Miami World Center Miami C--ntral Station Mana Nagler y Aquatic Miami Riverfront Restaurant Site(s) 155 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 27 • • • Proposed Improvements Description and Analysis Overview The subject property is a proposed two-story, multi -building complex with 16,169 square foot restaurant complex located along the Miami River in Downtown Miami. It would be the southern of two parcels in the Riverside Wharf development and would contain (2) two-story buildings, encompassing two restaurants and a fish market. The subject property is outlined within the Riverside Wharf development as below, and the City -owned land is comprised of the two buildings to the right side of the rendering. LANDSCAPE ba Occupancy Status The property will be demised into two buildings and three tenant spaces. The first building will be a freestanding, two -level restaurant containing 5,464 square feet of rentable area over two levels. The other building will include one two-story restaurant as well as a single -level fish market with a total area of 10,705 square feet. The property has not yet been constructed or pre -leased. Improvements Analysis Quality and Condition Upon their completion, the improvements wild be of excellent quality construction and in new cond ition. Miami Riverfront Restaurant Site(s) O 156 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 28 • • The quality of the subject is considered to be superior to that of competing properties, and maintenance will be superior to that of competing properties. Overall, the market appeal of the subject is superior to that of competing properties, considering its two -level spaces, water views, and new construction. Functional Utility Based on our inspection and consideration of the foregoing, there do not appear to be any significant items of functional obsolescence, although the two -level configuration of the restaurants and the irregular shape of the demised spaces could limit their adaptability. Deferred Maintenance No deferred maintenance is apparent from our inspection, and none is identified based on the property's new condition. Planned Capital Expenditures No capital expenditures are apparent from our inspection, and none are identified based on the property's new condition. ADA Compliance Based on our inspection and information provided, we are not aware of any ADA issues. However, we are not expert in ADA matters, and further study by an appropriately qualified professional would be recommended to assess ADA compliance. Hazardous Substances An environmental assessment report was not provided for review and environmental issues are beyond our scope of expertise. No hazardous substances were observed during our inspection of the improvements; however, we are not qualified to detect such substances. Unless otherwise stated, we assume no hazardous conditions exist on or near the subject. Personal Property No personal property items were observed that would have any material contribution to market value. Conclusion of Improvements Analysis In comparison to other competitive properties in the region, the proposed improvements will be superior to surrounding area improvements, and above average to most surrounding competitive properties in the local neighborhood. Miami Riverfront Restaurant Site(s) 157 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, 29 • • • RENDERING 2 RENDERING 5 Ref:rill/kg .�La�rrvrfr� 1 'L �,7 ba be Miami Riverfront Restaurant Site(s) irr. 158 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 30 • • • RENDERING 1 W FAER SP SW2R0 el 11,:„ y SW ern 5 t --� J..%1j 41 RIVERFRONT CONTINUITY Miami Riverfront Restaurant Site(s) SW'ST St 159 Proposed Improvements Description and Analysis THIS DOCUMENT 1S A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, 31 • • • Floor Plans lindJG srriu TO ,n Miami Riverfront Restaurant Site(s) 160 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 32 • • • Competitive Property Analysis There is currently a large amount of retail development along the Miami River area as well as in the CBD, Brickell, and Arts & Entertainment districts to the east. The table below shows some of the major developments along the Miami River that will contain substantial retail components: Miami Riverfront and CBD - Retail Development Projects Brickell City Centre MiamiCentral Station Miami World Center Mana Flagler One Brickell Miami Riverwalk Miami Innovation District Goldman Wynwood River Landing East hotel, shopping mail, offices Retail, office, hotel, express rail, and TriRail linkages. Taubman regional mall anchored by Macy's and Bloomingdales 570,000 SF Retail TBA Office and retail Office and street retail 31,000 SF retail, 70,000 SF office, 68 hotel rooms 2 million SF retail These projects contribute to the vibrancy of the downtown and riverfront retail market in Miami. The table below shows general statistics on the Downtown Miami area as well as the Miami Riverfront and Health District submarkets: U/C and Proposed Area (SF) Existing Area (SF) Average Existing Properties > U/C and Proposed Asking Rents 100,000 SF Properties >100,000 SF Brickell 843,894 334,245 $83.71 Mary Brickell Village (277,983 SF) Brickell City Centre (505,000 SF) Miami River Walk (176,350 SF) CBD 2,373,985 969,050 $23.54 Macy's (487,000 SF) Bayside (792,421 SF) Galeria Internacional (162,435 SF) 5eybold Building (150,000 5F) Miami Worldcenter (750,000 SF) Met Square (113,508 SF) MiamiCentral Station (TBA SF mixed -use) A&E 1,142,942 0 $25.44 Omni (600,000 SF) None Miami River/Health 1,396,069 District 505,441 $18.71 None River Landing (430,000) Total 5,756,890 1,808,737 Source: CoStar Analytics and Miami -Dade Property Appraiser, compiled by Integra Realty Resources Currently, there are two restaurant spaces (one for lease at undisclosed rates, the other if a fully built - out restaurant offered for sale through Sperry Van Ness with an asking price of $450/SF0. Additionally, Miami Riverfront Restaurant Site(s) 161 Proposed Improvements Description and Analysis THIS DOCUMENT 1S A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 33 • • we researched for -lease offerings and leases to understand the general rent levels for existing restaurants. Summary of Comparable Rentals - Retail Lease Term No. Property information Description Tenant SF Start (Mos.) Rent/SF Escalations Lease Type 1 Mint Condo Development Yr Bit. 2009 N/A - Current Listing 1,798 Aug-1S - $28.60 Fixed Triple Net 92 SW. 3rd St. Stones: 56 Miami GLA: 1 Miami -Dade County Parking Ratio: - FL Comments: This is a ground -floor retail listing at the Mint, a riverfront condominium in Downtown Miami. Additional space is for lease adjoining the listing at the same price (528/1ffyr,l. _ 2 Fmr. foe Alien's Yr 811 1940 Speculative 4,000 Jun-15 - $60.00 Fixed Triple Net 1787 Purdy Ave. Stories: 2 Miami Beach GLA: 3,933 Miami -Dade County Parking Ratio: - FL Comments: This is the listing of a 4,000 square foot restaurant space that is located in Miami Beach, Florida. The initial asking rate is $60.00 per square foot triple net with negotiable terms. This property is currently vacant. The recorded owner is Purdy Partners 1787 LLC. and the Landlord Representative is Melissa Dunn with SRC Properties, tiC. 3 Bay Road Restaurant Yr Blr. 1968 Undisclosed 8,874 Jul-13 36 533,81 Fixed Triple Net 1800 Bay Rd. Stories: 2 Miami Beach GLA: 7,307 Miami -Dade County Parking Ratio: - FL Comments: This vacant resturant space is located on the northwest corner of 18th Street and Boy Rood. The improvements were constructed in 1968 and consists of 4,443 Sf on the ground floor, 2858 SF on the second floor, and 1,573 SF on the second floor rooftop terrace. The asking rent for the space is 533.81/SF/yr NNN. 4 East Coast Building Yr Bit_ - N/A - Current Listing 12,000 Jun-16 - 525.00 Fixed Modified Gross 139 SW. North River Dr. Stories: - Miami GIA: 12,000 Miami -Dade County Parking Ratio: - FL Comments: This Is a current pre -leasing listing for o top ;Door restaurant space with views of the Miami River across SW North River Drive. There Is also a 1,500 square tact street -level space that is being marketed either as retail or as office. Leasing broker is Berkshire Hathaway HomeServices Florida Realty. 5 Flagler on the River Yr Bit.: 2014 N/A - Current Listing 7,800 Aug-15 - $50.00 Fixed Gross 340 W. Flagler St. Stories: 32 Miami GLA: 1 Miami -Dade County Parking Ratio: - FL Comments: Asking rent of S50 PSF gross confirmed with Carolyn of Fortune International Realty as a gross lease. To date, none of the ground -floor spaces that Fortune are leasing hove been leased, although one (non -Fortune} space is currently leased to River Oyster Bar. This space is ground floor retail in a high-rise apartment tower on the western edge of downtown Miami. The developer, Melo Group is also planning a second phase across NW South River Drive that will include outposts of restaurants SushiSamha and Duck & Waffle. 6 495 Brlckell Yr Bit. 2009 Mexican Gastronomy 11,958 Mar-12 144 $28.35 Fixed Triple Net 495 8rickell Ave. Stones: - Miami GLA: 11,958 Miami -Dade County Parking Ratio: - FL Comments: This is a 12-year lease far a commercial unit that will be a high -end &lexicon restaurant. The 1st year's rent is abated with Year 2 being $339,000, Year 3 being 5350,000 and a minimum of 3% annual increases thereafter. The lease includes two (1) five-year renewals at minimum of 3% annual increases with actual increases tied to CPI. 7 Cipriani Downtown Yr Blt. 2009 Cipriani Miami 10,786 Feb-12 241 $27.81 Fixed Triple Net 465 Brickell Ave. Stories: 3 Miami GLA: 22,744 Miaml-'Dade County Parking Ratio: 1.1 /1,000 FL Comments: This is the lease of a commercial condo to Cipriani for a restaurant asp. The rondo was a vacant shell with the lessee investing approximately S5,00000011n the restaurant build -out, FF&E and opening. Miami Riverfront Restaurant Site(s) 162 Proposed Improvements Description and Analysis THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 34 • • • Market Rent Conclusions Based on the preceding analysis of comparable rentals, market rent is estimated for the subject as shown in the following table. Rental Analysis Summary - Retail Property Name; No. Tenant Overall Cornpariso n to Leased SF Rent/SF Subject Comments 1 Mint Condo Development 1,798 N/A - Current Listing $28.00 Inferior This is ground -floor retail space in an existing condominium along the Miami River. It does not have the same visibility as the subject but is in a superior building. 2 Fmr. Joe Alien's Restaurant 4,000 Speculative 560.00 3 Bay Road Restaurant 8,874 Undisclosed $33.81 4 East Coast Building N/A - Current Listing 12,000 $25.00 Similar This is a rooftop retail space along NW South River Drive. Although it is not directly on the waterfront, its high floor and 5 Flagler on the River N/A - Current Listing 7,800 $50.00 Superior This is street retail with comparable visibility in a brand- new building. Although it is not waterfront, it is located in a residential tower and has co- tenancy with Duck & waffle, River Oyster Bar, and Sushi Samba. 6 495 Brickell Mexican Gastronomy International, LLC 11,958 $28.35 Similar This is a restaurant space located directly on Brickell Avenue. It enjoys superior visibility and a prestigious address. 7 Cipriani Downtown Miami 10,786 Cipriani Miami Restaurant, $27.81 Superior This is a restaurant space located in Icon Brickell, a three -tower Miami Riverfront Restaurant Site(s) 163 THIS DOCUMENT IS A SUBSTfTUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE Proposed Improvements Description and Analysis SEEN AT THE END OF THIS DOCUMENT. 35 • • • Concluded Market Lease Terms Space Type Market Rent Measure Lease Type Retail $30 - $50 / SF $/SF/Yr Triple Net IRR-Miami has estimated the current rental rates for the subject as if it were constructed to the general finishes and quality described herein and expected in the submarket. Our interviews with retail leasing brokers indicate that most restaurant leases include a base rent provision, tenant pays all expenses, and then the restaurant reports sales and pays a percentage rent over a natural breakpoint (with credit for rent already prepaid). Within the market, this percentage "kicker" is scaled based on the starting rent. If starting rents are lower ($25-$35 per SF), then the kicker is higher, generally equivalent to 8% of sales. if the base minimum rent is higher, then the kicker tends to be lower (as low as 4%, but generally 6% of gross sales revenue). The position of the percentage rent is to insure that the restaurant owner\tenant can survive seasonality and thrive during non -peak months, but allows the landlord to participate in the upside. At the same time, if the landlord is taking a higher level base rent (relative to the market area), then the kicker (percentage rent) is negotiated lower in the market, The City of Miami RFP specifically excludes consideration for natural or artificial breakpoints, but this is contrary to market leasing conventions. IRR Miami will address this issue within the feasibility analysis. Miami Riverfront Restaurant Site(s) 164 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 36 • • • Land Lease Considerations In accordance with the analysis above, we have analyzed the feasibility of constructed the subject buildings based on our understanding of development costs locally and regionally, and considering the waterfront location and off -site requirements requested under the RFP. We have analyzed a pro -forma of the property assuming the property were developed, and then leased to a third -party restauranteur. From a real estate investment perspective, what could the land developer (who would be paying on the land lease) reasonably expect to pay for the land lease recognizing a reasonable investment return. Financial Feasibility Income At $30/SF At $50/SF Base Rent $485,070 $808,450 Vacancy & Collection Loss @ 8.0% -$38,806 -$64,676 Total Revenue $446,264 $743,774 Expenses Management Reserves Total Expenses Net Operating Income Cap Rate Project Value Developer Budgeted Hard Costs Demo/Soft Contingency $22,313 $37,189 $2,231 $3,719 $24,545 $40,908 $421,720 $702,866 7.5% 7.5% $5,622,931 59, 371, 552 -$4,458,995 -$4,458,995 -$2,534,991-$2,534,991 Land Residual ($1,371,055) $2,377,566 Land Cap Rate 0.05 0.05 Concluded Land Rent -$68,552.73 $118,878.32 Minimum Rent Specified by RFP ("Rent Requirements" requires a $195,500 Minimum Base Rent. This analysis demonstrates that Minimum Base Rent is not feasible at a 530/5F rental rate (<5500 ner 5F in salesi Development Costs provided by developer exclude land costs and "Construction Phase Land Lease" which renders feasibility even mare limited We sensitivity tested the subject development at a $30/SF and $50/SF NNN lease to a third party. We then deducted vacancy and collection and landlord expenses to arrive at a net operating income. We then capitalized these amounts to reflect the fee simple value of the building and land, and then deducted the proposed construction costs to reflect the residual "value" of the land under the development plan. Miami Riverfront Restaurant Site(s) eir 165 Proposed Improvements Description and Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 37 • • We then convert the land value back into a land rent payment using a capitalization rate (lower than the building capitalization rate because the overall rate considers recapture of building improvements, where the land capitalization rate does not require future capital input). This sensitivity analysis details that to achieve the City of Miami's minimum lease payment, the restaurant would need to command greater than $50/SF in NNN building rent, which means the owner -operator would need to be guaranteed a minimum of $700 - $800 in gross sales at the 6%-8% of sales ratio. Miami Riverfront Restaurant Site(s) 166 Analysis of Restaurant Operations and Projections: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 38 • • Feasibility Analysis Analysis of Restaurant Operations and Projections: IRR Miami has significant experience appraising restaurant properties, both as a going -concern and as real estate only. To determine operational projections, IRR Miami has surveyed market participants and identified (7) competitive Miami restaurant locations which reported sales figures; five of which maintained waterfront locations. 4 Coastal Florida Restaurant sale Data Water -front Event Space Sales Size (Sq. Ft.) Sales Per 5q. Ft. Restaurant 1 Yes Yes $19,000,000 7,000 $2,714 Restaurant 2 Yes. Yes $14,000,000 15,500 $848 Restaurant 3 Yes Yes 52.000,000 5,127 5390 Restaurant4 Yes No 53.260.000 5,273 $618 Restaurant 5 Yes No 52.850,000 2,639 $1,080 Restaurant 6 No No $3,600,000 6.700 5537 Restaurant 7 No No $3,600,000 8,640 $417 Saur:e: C3nfidential Informal interviews with Lyle Stern (Konover Stern) and other active leasing brokers in the Miami area indicate that most full service locations with barjrestaurant service experience significantly higher restaurant sales in Miami because of what's called "the fourth turn". The younger age of Miami residents, and the influence of the Latin market, tend to drive dining patrons to eat later, and to stay later. This allows Miami area restaurants to increase same -night sales over other areas of the country. Where typical national average restaurant sales are $400 - $600/SF, Miami consistently beats those ratios by 25%-40%. Based on our analysis if Miami restaurant sales as above, we forecast a likely gross sales estimate for the proposed project at $800 per square foot. The RFP requires a going -forward estimate of operations, and IRR Miami relies upon the industry standards of costs to develop a simplified pro -forma of restaurant operations. General ratios as a percentage of sales are reflected by IBIS World Reports as follows: Miami Riverfront Restaurant Site(s) 167 Analysis of Restaurant Operations and Projections: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT, 39 • • • Sector vs. Industry Costs FtrcenGage of revenue Average Costs of all Industries in sector (2015) 8 60 40 0 7.9 22.2 39.4 4.0 8.5 15.4 Industry Costs (2015) 34.4 38,9 • Pratt to Wages • Purchases • Depreciation • Marketing ▪ Rent & Utlkltles • Other SOURCE: watirniuswoRkacom Miami Riverfront Restaurant Sites) 168 Analysis of Restaurant Operations and Projections: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 40 Based on the total proposed size of the multi -building facility, we forecast revenues and expense as follows: Analysis of Forecasted Restaurant Performance Size 16,169 Year 1" Year 2 Year 3 Year 4 Year 5 Gross sales ($800/SF) w 5% $ 12,935,200 $ 13,581,960 $ 14,261,058 $ 14,974,111 $ 15,722,816 annual growth Cost of Goods (40%) $ 5,174,080 $ 5,432,784 $ 5,704,423 $ 5,989,644 $ 6,289,127 Wages {35%) $ 4,527,320 $ 4,527,320 $ 4,527,320 $ 4,527,320 $ 4,527,320 Utiiities\❑perations ($12/5F) $ 194,028 $ 199,849 $ 205,844 $ 212,020 $ 218,380 Building & Land Rent (6%) $ 776,112 $ 814,918 $ 855,663 $ 898,447 $ 943,369 TOTAL Expenses $ 10,671,540 $ 10,974,870 $ 11,293,251 $ 11,627,431 $ 11,978,196 Profit $ 2,263,660 $ 2,607,090 $ 2,967,807 $ 3,346,680 $ 3,744,621 Profit as a % of Sales 18% 19% 21% 22% 24% Forecasted Stabilized Year Potenital Gross Revenue $ 776,112 $ 814,918 $ 855,663 $ 898,447 $ 943,369 (Rent) Received by Landlord Allocation of Land $ 155,222 $ 162,984 $ 171,133 $ 179,689 $ 188,674 Contribution (15%) Amount Available to Amortize $ 620,890 $ 651,934 $ 684,531 $ 718,757 $ 754,695 Construction Costs The typical threshold for "operational profit" as a percentage of sales is a minimum of 20%1. What this analysis demonstrates is that at rent above 6%, and sales below $800 per SF, it will take more than (3) years to reach an acceptable profit threshold to the restaurant operator. This may require concessions in the early years on the part of the landlord. The reflected rent above equates to $48/SF (Year 1); and which is within the range of our study of restaurant leases which demonstrate that rents start in the $30/SF range with percentage "overages" to insure that the ownerjrestauranteur can service the other needs of the business and make a reasonable profit to justify operation of a very labor and time intensive business. However, provided that the landlord can structure a 6% of sales lease structure, the project is still not feasible using the City's minimum rent calculation at $195,500 per year. We would also note that the proforma is sensitive to real estate tax costs as well, which comprise a portion of the operations costs. 'The IBIS report concludes profit is 4% - 7%, but "Other" category generally includes owner salaries and perks, and Depreciation is a taxation issue, but does not affect cash profits; sa total is 12% plus some proportion of wages. Miami Riverfront Restaurant Site(s) 169 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE Analysis of Restaurant Operations and Projections: SEEN AT THE END OF THIS DOCUMENT. 41 • • Analysis of Forecasted Restaurant Performance - 8% Size 16,169 Year 1` Year 2 Year 3 Year 4 Year 5 Gross Sales ($800/SF) w 5% $ 12,935,200 $ 13,581,960 5 14,261,058 $ 14,974,111 $ 15,722,816 annual growth Cost of Goods (40%) $ 5,174,080 $ 5,432,784 $ 5,704,423 $ 5,989,644 $ 6,289,127 Wages (35%) $ 4,527,320 $ 4,527,320 $ 4,527,320 $ 4,527,326 $ 4,527,320 Utilities\Operations ($12/SF) $ 194,028 $ 199,849 $ 205,844 $ 212,020 $ 218,380 Building & Land Rent (8%) $ 1,034,816 $ 1,086,557 $ 1,140,885 $ 1,197,929 $ 1,257,825 TOTAL Expenses $ 10,930,244 $ 11,246,510 $ 11,578,472 $ 11,926,913 $ 12,292,652 Profit $ 2,004,956 $ 2,335,450 $ 2,682,586 $ 3,047,198 $ 3,430,164 Profit as a % of Sales 16% 17% 19% 20% 22% Forecasted Stabilized Year Potenital Gross Revenue $ 1,034,816 5 1,086,557 $ 1,140,885 $ 1,197,929 $ 1,257,825 (Rent) Received by Landlord Allocation of Land $ 206,963 $ 217,311 $ 228,177 $ 239,586 $ 251,565 Contribution (15%) Amount Available to Amortize $ 827,853 $ 869,245 $ 912,708 $ 958,343 $ 1,006,260 Construction Costs IRR Miami has conducted a second scenario using an 8% of gross sales formula. At the projected $800/5F rent, the project is able to feasibly achieve the minimum rent in Year 1. CONCLUSION: The project is feasible at $800/SF in gross sales after Year 5 using a 6% natural breakpoint, but cannot meet the City of Miami's minimum rent threshold in Year 1. Mathematically, to meet the RFP requirement paying $195,500 in base rent starting in Year 1, the landlord will be paying over 25% of gross revenues. If the landlord is successful in identifying tenants willing to pay 8% of gross sales revenue, the project is feasible in Year 1 at the City of Miami's minimum Base Rental Payment using the 15% of gross rental revenues, and then the City's revenues will grow going forward over the base minimum rent. The RFP requirement that the land rent is due upon signing and during the construction period is unusual. Land Rent is typically partially abated (at minimum 50%). This would mitigate start-up risks to the restaurant operators and the landlord prior to restaurant/operator commencement of lease. RECOMMENDED RENT STRUCTURE: To meet the RFP requirements, the base minimum rent is set at $195,500 per annum upon land (ease commencement. The RFP requires a direct percentage rent participation on the part of the City, and IRR Miami recommends that in consideration of the feasibility hurdles, the City's rent participation be structured at 15% of collected rent, with a minimum of $195,500 per annum, with a 1-year reduced Miami Riverfront Restaurant Site(s) 170 Analysis of Restaurant Operations and Projections: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 42 • • rental structure at 25%-50% of minimum base rent for 12-18 months during site and building development. The 15% of gross rental revenues would satisfy the RFP requirement for the City to participate in rental upside. In all likelihood, a successful restaurant operator(s) will achieve the $800/SF in sales breakpoint, with the potential to increase these revenues. This will result in increased rent revenue to the landlord, which will flow to the City in proportion to the contribution of the land to the overall project at 15% (once Minimum Rent Thresholds are satisfied), and at greater than 15% during the base minimum rent years in which the rent received by the landlord is Tess. The City of Miami is receiving the assurance of the base minimum rent (at a higher rent percentage), but as revenues grow, the City will benefit proportionally. Miami Riverfront Restaurant Site(s) irr.. 171 Ratable and Employment Analysis THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. 43 • • • Ratable and Employment Analysis In addition to the rental payments as previously discussed, the development of a successful restaurant complex at the site will also benefit the City of Miami in terms of an increase in the ratable base. The real estate taxes are the responsibility of the tenant(s), and represent revenue above and beyond the rental payment stream, The Property Appraiser's (PA) office will generally assess new properties based on a combination of Cost and Sales methods. However, given the limited number of waterfront restaurant sales, the PA office will likely base the initial assessment on Cost. Using the Costs as provided by the developer at $7,000,000 total (Site and Hard Costs), and the capitalized value of a $195,500 annual land lease at 5%, reflecting an implied land value at $3.9 Million, the total value of the proposed project is reflected at $10.9 Million. The PA office will generally assess at 80% of true market value, indicating a probable assessment level at $8,750,000 +/-. At the current tax rate of 23.1566/$1,000, the estimated tax revenue equates to $202,620 per annum, Say $200,000 in additional tax revenue annually. CONCLUSION: The proposed project could potentially add $200,000 annually in real estate tax revenue to City and County. Employment Base Expansion: The average size of a full -service restaurant staffing ranges from 25 employees per shift for a 5,000 (1 Full-time employee per 200 SF). 181E Industry averages per establishment in the US is 13 employees per establishment, but establishment sizes very widely, and this number tends to understate the employment gains. The number of furl time employees will also vary with the operating hours and shifts; but IRR Miami's experience is that a proper ratio is 1 Full Time Employee (FTE) per 100 SF. Using 100 — 150 SF per employee, the subject project at 16,000+ SF will likely generate 100 — 160 jobs. These jobs will vary in income levels from hostess, server, and bartender jobs who work for minimal salary with a high percentage of tips with average total salaries in the $50,000 - $75,000 range (including tips), to cooks, managers and others who are true salaried employees at $65,000 - $125,000, and lower salaried employees (busboys, washers, etc.) with average salaries of $23,000 - $30,000. Our wages estimate at $4.5 Million against 100 — 160 jobs equates to an average salary per worker at $28,000 - $45,000 per average FTE net of tips/gratuity splits which are generally not calculated as part of wages. For a full service upscale restaurant, this is within the range expected. CONCLUSION: The proposed project will add 100 —1660 full-time jobs at an average annual salary of $28,000 — 45,000. Miami Riverfront Restaurant Site(s) irr 172 Addenda THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • Addendum A Consultant Qualifications Miami Riverfrant Restaurant Site(s) 173 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • Anthony M. Graziano, MAI, CRE Experience Senior Managing Director of Integra Realty Resources — Miami/Palm Beach. Mr. Graziano has actively counseled and advised clients on the sale, leasing, valuation, management, and development of commercial real estate assets throughout New Jersey and the northeast U.S. since 1992. Mr. Graziano served as the Managing Director of IRR-Coastal NJ from 1999-2011, Mr. Graziano was retained in 2012 to serve as Senior Managing Director of IRR - Miami/Palm Beach. Mr. Graziano's unique professional perspective is a blend of his educational background which includes formal training in architecture, urban planning, macro and micro economics, real estate finance, institutional asset management, and land development. His market experience in sales, leasing, management, and valuation disciplines combine to bring practical real world answers to complex planning and development projects. He has been actively involved as a consultant and/or member of a consultant team on various major redevelopment and land use projects for public and private clients over the past 20+ years. Mr. Graziano has specialized in consulting and valuation assignments for corporate and private clients on a wide array of complex issues related to estate and condemnation matters, title defects, environmental contamination/damages, air rights, partial and fractional interests, contract disputes, and mediation/arbitration disputes. Mr. Graziano's experience in these matters provides a comprehensive framework for effective strategic real estate consulting, Professional Activities & Affiliations Member: Economic Roundtable - Miami Beacon Council (2012-present) Board of Director: Integra Realty Resources, Inc. (2011-present) Director: South Florida Chapter of the Appraisal Institute (2014-2015) Member: University of Miami Alumni Association Advisory Board Member: Urban Land Institute -South Florida Board Member: Builders Association of South Florida (BASF) Subject Matter Expert (SME): Appraisal Practice Board, Appraisal Foundation Member: Appraisal institute (MAI) Member: Counselors of Real Estate (CRE) Fellow: Royal Institute of Chartered Surveyors (FRICS) (2014) International Association of Assessing Officers (MAAO) National Association of Realtors (REALTOR) Al Leadership Development Advisory Council, March 1998 - February 2001 Lifetime Member: National Eagle Scout Association (NESA) Licenses Florida, State -Certified General Real Estate Appraiser, RZ3S1O New Jersey, State -Certified General Real Estate Appraiser, RG001261 Education University of Miami, Coral Gables, Florida 1988-1992 Degree: Bachelor of Science in Land Development and Planning, School of Architecture New York University Real Estate Institute, New York, New York 1993-1996 Degree: Master of Science in Real Estate Development and Investment amgraziano@irr.com - 305.670.0001 x320 Integra Realty Resources Miami/Palm Beach The Douglas Centre 2600 Douglas Road, Suite 801 Coral Gables, FL 33134 T 305,670.0001 F 305.670.2276 1.rr.rom 174 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • Anthony M. Graziano, MAI, CRE Qualified Before Courts & Administrative Bodies Qualified and accepted as an expert before the Federal Bankruptcy Court (Newark & Southern District of Texas); US Federal District Court (Southern District of Florida); Florida Circuit Court (Miami - Dade and Broward Counties); NJ State Tax Court; NJ Superior Court - Chancery Division; NJ Superior Court - Law Division; Monmouth, Atlantic, and Ocean County Boards of Taxation; various municipal planning and zoning boards throughout New Jersey. arngraziano@irr.com - 305.670.0001 x320 Integra Realty Resources Miami/Palm Beach The Douglas Centre 2600 Douglas Road. Suite 801 Coral Gables. FL 33134 T 305.670.0001 F 305.670.2276 irr.com 175 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. • • • R[ck SoATT, GOVERNOR KIN LAWSON. SECRETARY STATE OF FLORCA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER Named berm IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date NOV 30.2016 GRAZIANO. ANTHONY 2600 DOUGLAS ROAD11! OO CORAL GABLES FL 33134 �' �4`'• ISSUED i1/31Y2014 - DISPLAYAS REOUIRED BY LAW seas L141% OO62ER2 176 THIS DOCUMENT 15 A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Integra Realty Resources, Inc. • Corporate Profile Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in the United States with 61 independently owned and operated offices in 34 states and the Caribbean. Integra was created for the purpose of combining the intimate knowledge of well -established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra's local offices have an average of 25 years of service in the local market, and virtually all are headed by a Senior Managing Director who is an MAI member of the Appraisal Institute. A listing of 1RR's local offices and their Senior Managing Directors follows: A TLANTA, GA - Sherry L. Watkins., MAI, FRICS AUSTIN, TX - Randy A. Williams, MAI, SR/WA, FRICS BALTIMORE, MD - G. Edward Kerr, MAI, MRICS BIRMINGHAM, AL - Rusty Rich, MAI, MRICS BOISE, ID - Bradford T. Knipe, MAI, ARA, CC1M, CRE. FRICS BOSTON, MA - David L. Cary, Jr., MAI MRICS CHARLESTON, SC - Cleveland "Bud" Wright, Jr., MAI CHARLOTTE, NC Fitzhugh L. Stout, MAI, CRE, FRICS CHICAGO, IL - Eric L. EnIoe, MAI, FRICS CINCINNATI, OH - Gory 5. Wright, MAI, FRICS, SRA CLEVELAND, OH - Douglas P. Sloan, MAI COLUMBIA, SC - Michael B. Dodds, MAI, CCIM COLUMBUS, OH - Bruce A. Doubner, MAI, FRICS DALLAS, TX - Mark R. Lamb, MAI, CPA, ERICS DAYTON, OH - Gary S. Wright, MAI, FRICS, SRA DENVER, CO - Brad A. Wermon, MAI, FRICS DE TROIT, MI - Anthony Sonno, MAI, CRE, FRICS FORT WORTH, TX - Gregory 8. Cook, SR/WA GREENSBORO, NC- Nancy Tritt, MAI, SRA, FRICS GREENVILLE, SC- Michael B. Dodds, MAI, CCOM HARTFORD, CT - Mark F. Bates, MAI, CRE, FRICS HOUSTON, Ix - David R. Dominy, MAI, CRE, FRICS INOIANAPOLIS, IN - Michael C. Lady, MAI, SRA, CC1M, FR1CS JACKSON, MS - J. Walter Allen, MAI, FRICS JACKSONVILLE. FL - Robert Crenshaw, MAI, FRICS KANSAS CITY, MO/KS - Kenneth Joggers, MAI, FRICS LAS VEGAS, NV - Charles E. Jock IV, MAI LOS ANGELES, CA - John G. Ellis, MAI, CRE, FRICS LOS ANGELES, CA - Matthew J. Swanson, MAI LOUISVILLE, KY - Stacey Nicholas, MAI, MRICS MEMPHIS TN - J. Walter Allen, MAI, FRICS MIAMI/PALM BEACH, FL- Anthony M. Graziano, MAI, CRE, FRICS MINNEAPOLIS, MN - Michael F. Amundson, MAI, CCIM, FRICS NAPLES, FL - Carlton J. Lloyd, MAI, FRICS NASHVILLE, TN - R. Paul Perutelli, MAI, SRA, FRICS NEW JERSEY COASTAL - Halvor J. Egeland, MAI NEW JERSEY NORTHERN - Matthew S. Krouser, CRE, FRICS NEW YORK, NY Raymond T. Cirz, MAI, CRE, FRICS ORANGE COUNTY, CA - Larry D. Webb, MAI, FRICS ORLANDO, FL - Christopher Starkey, MAI, MRICS PHILADELPHIA, PA -Joseph D. Pasquarello, MAI, CRE, FRICS PHOENIX, AZ - Walter 'Tres' Winllus ill, MAI, FRICS PITTSBURGH, PA - Paul D. Griffith, MA!, CRE, FRICS PORTLAND, OR - Brian A. Glanville, MAI, CRE, FRICS PROVIDENCE, RI - Gerard H. McDonough, MAI, FRICS RALEIGH, NC Chris R. Morris, MAI, FRICS RICHMONO, VA - Kenneth L. Brown, MAI, CCIM, FRICS SACRAMENTO, CA - Scott Beebe, MAI, FRICS 5T. LOUIS, MO - P. Ryan McDonald, MAI, FRICS SALT LAKE CITY, UT - Darrin W. Liddell, MAI, CCIM, FRICS SAN DIEGO, CA -Jeff A. Greenwald, MAI, SRA, FRICS SAN FRANCISCO, CA -Jan Kleczewski, MAI, FRICS SARASOTA, FL - Carlton J. Lloyd, MAI, FRICS SAVANNAH, GA - J. Car! Schultz, Jr., MAI, FRICS, CRE, SRA SEA TTLE, WA - Allen N. Safer, MAI, MRICS SYRACUSE, NY - William J. Kimball, MAI, FRICS TAMPA, FL - Bradford L. Johnson, MAI, MRICS TULSA, OK - Owen 5. Ard, MAI WASHINGTON, DC - Patrick C. Kerr, MAI, SRA, FRICS WILMINGTON, DE - Douglas L. Nickel, MAI, FRICS CARIBBEAN/CAYMAN ISLANDS - James Andrews, MAI, FRICS Corporate Office Eleven Times Square, 640 Eighth Avenue, 15th Floor, Suite A, New York, New York 10036 Telephone: (212) 255-7858; Fax: (646) 424-1869; E-mail info@irr.com Website: www.irr.com • 177 SUBSTITUTED BACKGROUND INFOR CATIONTOBE DIS ' IBUTED