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HomeMy WebLinkAboutSubmittal-Mike McShea-Site Analysis MRC PowerPoint PresentationCITY OF MIAMI Submitted into the public record for iemjs on City SITE SELECTION ANALYSIS & RECOMMENDATION JANUARY 10, 2019 TABLE OF CONTENTS BACKGROUND SITE EVALUATION PROCESS SITE REVIEW PROCESS AND GRADING CRITERIA SHORT-LISTED SITES RECOMMENDATION :IU1P* l+� CO. F1,43 Submitted into the ublic 3 recor for item(s)on �� 1 O\ l City Clerk 4 5 In February 2016 CBRE issued a competitive solicitation to: • Sell or lease the current Miami Riverside Center ("MRC") site, and • Build a replacement City administrative facility on either: o City -owned parcels, or o Proposers could offer sites in their control In August 2016, the bid was awarded to: • The Adler Group d/b/a Lancelot, LLC Submitted into the public record for item,(s) FXt V - on Q111011 °1 City Clerk At the July 26, 2018 City Commission meeting: • Commission passed a resolution allowing the disposition and redevelopment of the City -owned MRC property to be placed on the November 2018 ballot, and • Asked DREAM to analyze all City owned sites Voters approved on November 6, 2018 Today's meeting: • Present site options and select the new location for the City's administrative facility SITE EVALUATION PRO tshmitted into the public or Itcm(s)i tz__A- It Clerk r 11E111. Step 1 Considered all the City -owned sites greater than 2 acres (with limited exceptions) Step Ranked them considering size, ease of access, site prep, centralized, timing of delivery, zoning, and current use Step 3 Considered top five sites for further review including financial and intangible analysis Step 4 CBRE where necessary)ppareda HypotheticalxSite Development using potential construction of office (and retail at capacity CBRE prepared land values for each site considering the hypothetical site development Step 5 (Property value of city owned sites- if they were sold or redeveloped (based on market comparables and highest & best use density)) density)) CBRE prepared Preliminary Development Budget based on hypothetical density, land value, and Step 6 market construction costs (Highest and best use at the likely approved re -zoning (based on surrounding uses)) CBRE prepared estimated tax value (if privately used rather than used by City) based on hypothetical Step 7 development & land value (Tax revenue based on the highest and best use densities) Participants: CBRE City of Miami • Valuation and Advisory Services • Department of Planning & Zoning • Heery International • Department of Real Estate and Asset • Public Institutions and Education Solutions Management SITE REVIEW PROCESS AND GRADING CRITERIA pinto the record for i em(s) on 0 fp rr „rt �1 . aVIP The City compiled a lists of all City -owned properties greater than 2 acres (with a few exceptions) to review as potential sites, then considered the following factors: Size: space programming determined the City needs approximately 287,5Da square feet Ease of Access: proximity to major thoroughfares and public transportation is preferred Site Preparation Cost: project -ready sites were given a higher score Centralized Location: sites closest to the current location are assigned a higher score because it minimizes disruption to citizens and staff Timing of Building Delivery: sites that minimize project delivery risk were assigned higher scores Zoning/land use changes: sites that require little or no zoning/land use changes were assigned higher scores Due to the City's "No Net Loss" policy (i.e., cost to replace park land and to relocate park facilities) parks were assigned lesser points Current Use: short-listed site's current use was evaluated. i.e. existing commitments / use agreements impact certain sites SHORT-LISTED SITES AT&T Site 610 NW lst Avenue & 53 NW 6th Street Marlins Stadium Surface Parking 1680 NW 5th Street, 1610 NW 6th Street, & 1600 NW 7th Street Submitted into the record or it m(s) on he Melreese Golf Course Site 1400 and 1802 NW 37th Avenue Submitted into the public SHORT-LISTED SITES 6i WWI MAP. YM-Ci'E I. - . il' " E44! d .4 4117 Biscayne Park 150 NE 19th Street record for 'it m(s) on Nexus Riverside Center 230 SW 3rd Street City eierk' * { d II{111 * 11{ifl 1 RECOMMENDATION Submitted into the record for i em(s) on 1 0 ublic Cl IF NNo:T Analysis concludes that Nexus Riverside is the optimal location for the following reasons: • Delivery timing • Less risk / more certainty • Location familiar to citizens and employees • Proximity to major roadways and public transportation • Central location in the City • Long term property value appreciation • Other city owned sites could be sold or redeveloped to a higher and best use and associated tax revenue realized