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Home My WebLink AboutBack-Up DocumentCITY OF MIAMI Site Selection and Cost/Benefit Analysis For the New Administrative Facility City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis EXECUTIVE SUMMARY CBRE The Department of Real Estate and Asset Management ("DREAM") and CBRE have analyzed various sites upon which the new City of Miami administrative building may be located. To help inform the study and ensure the right specialties were represented, CBRE's team included experts in their public - sector, office, valuations and architecture and construction management practice groups. In preparation of this report, DREAM and CBRE compiled a list of City -owned properties potentially available for this project, short-listed the top -ranked sites based on a detailed scoring rubric, then prepared a highest and best use and financial analysis of each. The following summarizes the benefits, challenges, and financial implications associated with the short-listed sites. Importantly, City owned sites were also assigned land value. While the City may not have to purchase the property, there is an opportunity cost associated with the property if chosen as the site for the administrative facility. This opportunity cost is the market value if the parcel were sold and/or redeveloped under a ground lease. For that reason, it is important to understand both the land value and associated tax revenue each site could generate if owned and developed to its highest and best use by the private sector. NEXUS SITE Benefits Challenges Centrally located in Downtown Miami Small site/minimal flexibility Delivery timing (most ideal) Potentially higher development cost Vacant Opportunity cost of potential tax revenue Amenity base Familiarity for Employees and Citizens Prominence along I-95/gateway to City Surrounding public parking Financials Estimated Property Value $19,000,000 Potential City Tax Revenues $8,179,499 Estimated Development Budget $146,926,009 Comments The site's location is ideal for the new administrative building. It is adjacent to the current site and near mass transit, while maintaining the downtown location and remaining one-step removed from traffic in Miami's Central Business District ("CBD"). The site is familiar to employees and visitors, is the only site able to continue use of needed FDOT additional parking, and the only site that would ensure strict developer adherence to continuity of service and expedient timing of delivery. December 2018 Page 1 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE MARLIN'S SITE Benefits Challenges Proximity to City Hall Subject to agreements for support parking City -owned Traffic congestion/logistic concerns on game days Vacant No public transportation Adjacent to SR-836 Outside of downtown Limited amenities Financials Estimated Property Value $17,500,000 (combined parcels) Potential City Tax Revenues $2,175,488 (combined parcels) Estimated Development Budget $130,897,724 (if built on parcel 1) $123,773,436 (if built on parcel 2) $125,824,368 (if built on parcel 3) Comments The site is not ideal, presenting various limitations, resulting in significant parking, construction, and spatial concerns that would ultimately provide lesser value to the City. The site is comprised of three separate parcels that individually would fail to accommodate the City's density and parking requirements. At least two of the parcels must be combined to accommodate the City's requirements, but this could present other challenges such as delayed timing. The Marlins would have third -party rights in the development process. The site would provide more economic and public benefit to the City as future affordable housing/residential development site. AT&T SITE Benefits Challenges Centrally located in Downtown Miami Small site (limited flexibility) City -owned Limited on -site parking Vacant Traffic congestion Amenity base (adjacent to Miami World Center) Potential cost to acquire adjoining air rights Proximity to County offices Potentially higher development cost Surrounding public parking Timing to relocate Fire Station No. 1 Proximity to major thoroughfares Adjacent to transportation hub (Miami Central) Financials Estimated Property Value $12,000,000 Potential City Tax Revenues $2,122,125 Estimated Development Budget $142,147,093 Comments While this site's CBD location provides major transportation and amenity benefits, it also presents major economic and logistical challenges, including spatial, parking, and traffic, that diminish the City's potential benefit and economic return. December 2018 Page 2 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE BISCAYNE PARK SITE Benefits Challenges Centrally located in Downtown Miami Traffic congestion City -owned Not centrally located Vacant Limited amenities Cost efficient design possibilities Limited access to major roadways Large site, master plan flexibility Interest from other City Departments Financials Estimated Property Value $50,000,000 (entire site) $8,624,502 (portion of site) Potential City Tax Revenues $3,109,216 (portion of site) Estimated Development Budget $129,844,735 (portion of site) Comments This site presents a rare opportunity to develop adjacent to downtown CBD but falls short due to its limited access. The site is better utilized by the City of Miami's Police Department ("MPD"), in tandem with a sale or long-term lease of the current MPD headquarters, as the centralized location for their new headquarters due to MPD's locational and logistical requirements. The site has the potential to be subdivided and could accommodate multiple uses, including private development and tax generation. MELREESE SITE Benefits Challenges City -owned Limited amenity base Vacant Potential environmental concerns Large site, master plan flexibility FAA height restrictions Adjacent to transportation (Miami Intermodal) Not centrally located Outside of Downtown Timing Soccer complex limitations No net loss policy/cost to replace park space Financials Estimated Property Value $18,000,000 (portion of site) Potential City Tax Revenues $944,328 (portion of site) Estimated Development Budget $142,987,424 (portion of site) Comments This is one of the least beneficial of the short-listed sites, this site presents multiple unknown variables, including the potential for environmental cleanup, its non-CBD location, and its impact on adjacent residents and businesses. This will inevitably result in greater expense, less benefit, and could potentially delay the development beyond what is practical and necessary given the site's other potential development. Based on the results of this analysis, as further detailed below, DREAM and CBRE recommend the Nexus Site as the site for the development of the new administrative facility. December 2018 Page 3 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis BACKGROUND CBRE In February 2016, CBRE, on behalf of the City of Miami issued a two-part competitive solicitation to (1) sell the current Miami Riverside Center ("MRC") site and (2) construct a replacement City administrative facility. The competitive solicitation offered a few different City -owned parcels as potential sites for the new administrative facility. The sites included a portion of Marlins Park, as well as "Block 45," an SEOPW CRA-owned parcel. Additionally, proposers could offer sites in their control. In August 2016, both parts of the competitive solicitation were awarded to The Adler Group d/b/a Lancelot, L.L.C. ("Lancelot"). Lancelot's proposal offered to build the new facility on any of the following: Marlins Stadium site, "Block 45," or the Link at Douglas Station. Throughout the negotiation and Best and Final Offer process, Lancelot also offered the site immediately adjacent to the current MRC, which they own and control. On July 26, 2018, the City of Miami Commission passed a resolution allowing the disposition and redevelopment of the City -owned MRC property to be placed on the November 2018 ballot. Since the voters have approved the item, the City of Miami now needs to select the new site for its new administrative facility. As a result of the legislation passed at the July 26, 2018 Commission meeting, the City Commission directed DREAM and CBRE to analyze the various properties available for the new location of the City's administrative facility. This report reviews and compares sites which have been considered and recommends the ideal location to develop the new administrative facility. METHODOLOGY The City compiled a list of all City -owned properties greater than two acres to review as potential sites. Thereafter, various properties were removed based on their unfeasibility. This included, for example, deed restrictions limiting the use of the sites, long-term lease agreements, and other aspects of the sites rendering them impracticable for the new City administrative facility. Thereafter, the remaining sites were evaluated and ranked according to the below -listed criteria. Once the ranking was completed, the top six sites were short-listed for further, in-depth evaluation. CBRE reviewed the short-listed properties and prepared the following for each site: (1) a site analysis considering the potential zoning, development opportunities, and corresponding property value; (2) a detailed development budget; and (3) estimated taxes associated with the development of each site. Please note that CBRE prepared this analysis to determine the relative values and costs associated with each of the properties, and that the analysis is subject to change based on the various assumptions regarding property values, anticipated zoning, market interest rates, construction costs, and other fluctuating variables. Using the information and projections provided, a site was ultimately recommended. December 2018 Page 4 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CRITERIA & SCORING RUBRIC CBRE 1. Size: Given the required square footage of the new facility, and assuming no shared parking, the site must be no less than two acres. The motivation for the issuance of a competitive solicitation, for the disposition of the MRC and development of the new administrative facility was due to the City's growing needs and MRC's limited space. The City of Miami engaged Gensler, a global architecture, design, and planning firm, to prepare a space planning study. The Gensler study determined the current spatial and parking needs of the City. The study determined the City requires an, approximate, 287,500 square foot facility. Accordingly, with few exceptions, all sites less than two acres were removed from consideration. 2. Ease of Access: With this category, the site's proximity to major thoroughfares and public transportation is considered. Perhaps the most important role of the new administrative facility is to provide services to City of Miami residents. Being located on a site where residents may easily access is, therefore, a crucial factor in the analysis. 3. Site Preparation Cost: In order to yield a greater return on investment, project -ready sites were given a higher score. Within this context, a project -ready site would be one which required little or no site preparation; demolition of existing structures; utilities installation, etc. Parks, zoned CS, were assigned zero points due to the City's "No Net Loss" policy (i.e., cost to replace park land and to relocate park facilities). 4. Centralized Location: Just as with "Ease of Access," above, the new administration facility's location is highly relevant to City residents. Those seeking access to the City of Miami's administration will require the facility to be in a familiar and centralized location. The MRC is well known for its location in the City's downtown area. Therefore, sites closest to the current location are assigned a higher score to reflect optimal continuity of services. 5. Timing of Building Delivery: Sites which allow for the quickest delivery have been assigned higher scores. Due to the dual nature of the solicitation, a major factor of this analysis is the development timeline for each shortlisted site. Various factors which would affect timing have been reviewed, including but not limited to, relocation of facilities; site control; present zoning and land use; referendum and other charter requirements, etc. Parks were assigned a score of one, in this category, due to the additional time it will take to replace park space and relocate facilities. 6. Zoning/land use changes: Sites which require less change have been assigned greater scoring values. Sites which require changes to zoning and/or land use designations inevitably come with significant delays and other political considerations that would ultimately provide greater complications. Therefore, those sites which require little or no zoning/land use changes have been ranked higher. 7. Current Use: Finally, each short-listed site's current use has been evaluated. In particular, sites which are heavily utilized by members of the public are deemed less desirable. Parks have not been assigned any points, for this category, due to the nature of the use for the benefit of the community. December 2018 Page 5 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE Based on the above criteria, the following scoring rubric was created with 0 being the lowest score and 4 being the highest in terms of site relocation functionality and desirability: 0 1 2 3 4 Size Less than 2 acres 2 — 3 acres 3 — 4 acres 4 — 5 acres 5 + acres Ease of Access More than 10 min from major thoroughfares and/or transit 10 minutes or less to highways and/or transit 8 minutes or less to highways and/or transit 5 minutes or less to highways and/or transit 5 minutes or less to highways and walkable to transit Site Preparation Cost Very High High Moderate Minimal Undeveloped Centralized location 20 + minutes from current facility 15 — 20 minutes from current facility 10 - 15 minutes from current facility 5 — 10 minutes from current facility Less than 5 minutes from current facility Timing of Building Delivery Very Long (5+ years) Long Moderate Minimal Site available immediately (vacant) Zoning/land use changes Extensive Land Use/Zoning changes required Significant Moderate Minimal No changes required Current Use Very high High Moderate Minimal None December 2018 Page 6 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis RANKING CBRE Common Name Size Ease of Access Site Preparation Cost Centralized Location Timing of Delivery Zoning / Land Use Changes Current Use TOTAL SCORE Nexus Site 0 4 4 4 4 3 4 23 Marlins Stadium Parking 4 3 3 3 3 3 3 22 AT&T Site 0 4 4 3 4 3 4 22 Biscayne Park 4 2 4 2 4 4 0 20 Melreese Golf Course 4 4 3 1 3 0 3 18 Vehicle GSA Service Center 4 4 1 2 1 4 1 17 Link at Douglas Station 0 4 1 1 4 3 4 17 Police Central Station 4 4 0 4 0 4 0 16 Fire Station 5 4 4 0 2 0 4 0 14 Range Park 4 3 0 2 1 4 0 14 Lummus Park 4 4 0 4 1 0 0 13 David T. Kennedy Park 4 4 0 2 1 0 0 11 Theodore Gibson Park 4 3 0 3 1 0 0 11 Williams Park 4 3 0 3 1 0 0 11 Curtis Park 4 3 0 2 1 0 0 10 Dinner Key/Regatta Park 4 4 0 1 1 0 0 10 Douglas Park 4 4 0 1 1 0 0 10 E.G. Sewell Park 4 3 0 2 1 0 0 10 Fern Isle Park 4 3 0 2 1 0 0 10 Grapeland Park 4 4 0 1 1 0 0 10 Moore Park 4 3 0 2 1 0 0 10 Jorge Mas Canosa Park 2 3 0 3 1 0 0 9 Juan Pablo Duarte Park 4 2 0 2 1 0 0 9 Little Haiti Park Project 4 3 0 1 1 0 0 9 Roberto Clemente Park 3 3 0 2 1 0 0 9 Dorsey Park 1 3 0 3 1 0 0 8 Kenneth Myers Park 4 2 0 1 1 0 0 8 Robert King High Park 4 3 0 0 1 0 0 8 Shenandoah Park 4 1 0 2 1 0 0 8 Virrick Park 3 3 0 1 1 0 0 8 West End Park 4 3 0 0 1 0 0 8 Antonio Maceo Park 2 3 0 1 1 0 0 7 Lemon City Park 1 3 0 2 1 0 0 7 Coral Gate Park 2 1 0 2 1 0 0 6 Kinloch Park 2 3 0 0 1 0 0 6 December 2018 Page 7 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE SHORT LIST ANALYSIS Based on the above criteria, the top -ranked properties separated for more detailed analysis were the following: Nexus Site The Adler -owned Nexus Site ("Nexus Site") is located at 230 SW 3rd Street, adjacent to the current City of Miami administrative building. The site is approximately 1.6 acres. The new administrative building would use a portion of the 1.6-acre site and would have shared parking with the new Nexus development contemplated by the Adler Group on the current MRC property. The site is adjacent to 1-95, and contiguous with the current MRC facility. The nearest metro station is the Government Center Station, which is less than half a mile or a 10-minute walk from the site. The site is zoned T6-36- B-O according to the Miami 21 Zoning Code. The Adler Group is the owner of the site, having purchased it with the intent to develop a separate project. Upon the issuance of the OM/RFP and subsequent approvals, they have elected to keep the site vacant until the City decides whether to purchase the site for the new administrative facility. Based on the current zoning and the potential development opportunities on the site, the Nexus site was valued at approximately nineteen million dollars ($19,000,000). By including the market land value together with anticipated development costs, a preliminary development budget was prepared, and determined to be approximately one hundred and forty-six million nine hundred and twenty-six thousand and nine dollars ($146,926,009). Additionally, CBRE calculated the potential tax revenues to the City to be approximately eight million one hundred and seventy-nine thousand four hundred and ninety-nine dollars ($8,179,499) in the event the property is developed to the maximum potential contemplated based on the current zoning and used for non -governmental purposes. For greater detail, please refer to the appendices included herein. The Nexus Site provides the most seamless transition and best timing of delivery because the site is directly adjacent to the current site and is completely vacant. Additionally, the site is centrally located in an area familiar to employees, residents, and visitors of the administrative building. The site also allows the City the continued use of the MPA parking lots under the 1-95 highway. Additionally, there are benefits associated with the adjacency to the new Nexus development, including an increased amenity base. The challenges presented with the site are related to the integrated nature of the development. Particularly, due to the limited size of the site, there is minimal flexibility in the design and requirements to enter into cross access agreements for parking. December 2018 Page 8 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis Marlin's Stadium Surface Parking The Marlin's Stadium Surface Parking site consists of three parcels located at 1680 NW 5th Street, 1610 NW 6th Street, and 1600 NW 7th Street. The three parcels are adjacent to each other but are separated by roadways. The largest parcel on the south is approximately 2.8 acres, the center parcel is approximately 1 acre, and the northern -most parcel is approximately 1.6 acres, for a total of 5.4 available acres of land. This site is less than five minutes from the Dolphin Expressway (SR 836) but has no major transit options nearby. The property is currently being used for surface parking in support of the Marlin's stadium. There are no structures on the site that would require relocation or demolition. The property is located within 10 minutes west of the current MRC. All three parcels are zoned Civic Institution according to the Miami 21 Zoning Code, which would support an administrative facility. The site is surrounded by T6-8-O to the North, T5-L to the South, and T3-O to the West. CBRE It is important to note that the property is subject to an agreement between the City and County which provides that the parcels will be available for parking for the baseball stadium. Should the City elect to use the property for the new administrative facility or otherwise convey or lease the property, the agreement would need to be amended to reflect a release of that obligation. Based on the potential rezoning and the potential development opportunities on each of the three sites, the Marlin's site was collectively valued at approximately seventeen million five hundred thousand dollars ($17,500,000). By including the market land value together with anticipated development costs, a preliminary development budget was prepared, and determined to be approximately one hundred thirty million eight hundred ninety seven and seven hundred and twenty four dollars ($130,897,724) if built on the northern -most parcel, one hundred and twenty-three million seven hundred and seventy-three thousand, four hundred and thirty-six dollars ($123,773,436) if built on the center parcel, and one hundred twenty-five million eight hundred and twenty four thousand and three hundred and sixty-eight dollars ($125,824,368) if built on the southernmost parcel. However, none of the three sites individually could accommodate the City's density and parking requirements, and combining the parcels could present other challenges, such as planning and zoning limitations and delayed timing of delivery. Additionally, CBRE calculated the potential tax revenues to the City to be approximately two million one hundred and seventy-five thousand four hundred and eighty-eight dollars ($2,175,488) in the event all three parcels were developed to the maximum potential contemplated based on the potential rezoning and used for non -governmental purposes. For greater detail, please refer to the appendices included herein. December 2018 Page 9 .1p OF City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE Positive features of the site include the fact that the property is already controlled by the City, is centrally located, and is easily accessible. It is also beneficial that the site contains no major structures to demolish. However, the site presents some significant challenges as well, including the limitations set forth by the current agreement with the County as well as the adjacency to the Marlins stadium, which may provide logistical/traffic concerns during games and delayed timing of delivery. Additional issues with the site include the limited amenities in the area, lack of public transit, and that the property is not located in downtown. December 2018 Page 10 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis AT&T Site The AT&T site is made up of two contiguous parcels of irregular shape located at 610 NW 1 Avenue and 53 NW 6 Street. Together the parcels are 0.77 acres in size. Although most sites less than 2 acres were removed from consideration, this site in particular presented various benefits which merited consideration. The property is currently vacant and is being reviewed for re -platting. It is partially zoned T6-60A-O, and partially not yet zoned. The site is less than 5 minutes from 1-95, adjacent to a major transit facility, and less than 10 minutes North of the current MRCfacility. Based on the current zoning and the potential development opportunities on the site, the AT&T site was valued at approximately twelve million dollars ($12,000,000). By including the market land value together with anticipated development costs, a preliminary development budget was prepared, and determined to be approximately one hundred forty-two million one hundred and forty-seven thousand and ninety-three dollars ($142,147,093). Additionally, CBRE calculated the potential tax revenues to the City to be approximately two hundred and twenty-two thousand one hundred twenty-five dollars ($2,122,125) in the event the property CBRE I !r, ttrrp IttrrIPlit lrtr'1r''t►lh►rrr 1Y ih tprrr r`r!PPl PIIrFrrrlP owl; rllllr•,ItIrPlrE F�Frlh��rlti lllr€�r- q yitre 4 7 4.1% Wilkie� i gu so St riti o�� million one were to be developed to the maximum potential contemplated and used for non -governmental purposes. For greater detail, please refer to the appendices included herein. Among the greatest benefits of the site, is its central, highly -coveted location within Downtown Miami. The site is adjacent to Miami Central, a major transportation hub consisting of the Brightline, Metromover, Tri-Rail, and Metrorail. The property is also adjacent to the future Miami World Center, which would provide a major amenity base from which employees and visitors alike would benefit. Other positive features of the site include that the City has control of the site, it is vacant and unused, and is near to the current facility and major thoroughfares. Challenges include the site's small size and irregular shape, limiting construction and design efficiencies, and requiring the new administrative building to have a smaller footprint and greater height. Parking would also be challenging and would likely require shared parking agreements with adjacent sites. The City would need to use the entire site and would make efforts to coordinate with adjoining land -owners to expand, where possible; this could include the purchase of air rights prior to design and construction. Additionally, the site was intended to be used as a temporary facility for the Fire Department while Fire Station # 1 is developed. If we are unable to find another site for the temporary facility, this will result in significant delays while the temporary facility is built, the new fire station redeveloped, the temporary facility torn down, and the site prepared for construction. All this would have to occur prior to the development of the new administrative facility on this site. Should an alternative site for the temporary fire station be identified, this timing concern would not be an issue. December 2018 Page 11 City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis Biscayne Park The Biscayne Park site is located at 150 NE 19th Street and consists of approximately 7.3 acres. Although the entire parcel is just over 7 acres, the City would only need to use a portion of the property for the new administrative building. The site is less than 5 minutes from 1-95 and US-1, and 10 -15 minutes North of the current MRCfacility. The nearest metro station is the Adrienne Arsht Center Metromover Station, which is about half a mile or 15 minutes from the site. The site is made up of open recreational space, a parking lot provided to Temple Israel through a Revocable License Agreement, and a 2,000 SF structure which houses a non-profit community organization commonly known as PULSE, which is also subject to a Revocable License Agreement. Although most of the site is used recreationally as open space, it is not dedicated as a Park. The site is zoned Civic Institution according to the Miami 21 Zoning Code, which would support an administrative facility. The site is surrounded by T6-8-O to the North, D-2 to the West, and T6- 36B-O to the East. CBRE 1 -: H�:ER• 'EZTTH!' a4.N E 1 • I. Based on the potential rezoning and the potential development opportunities on the site, the entire Biscayne Park site was valued at approximately fifty million dollars ($50,000,000); while the portion required for use was valued at approximately eight million six hundred twenty four thousand five hundred and two dollars ($8,624,502). By including the market land value together with anticipated development costs, a preliminary development budget was prepared, and determined to be approximately one hundred twenty-nine million eight hundred forty-four thousand seven hundred and thirty-five dollars ($129,844,735) for construction on a portion of the site. Additionally, CBRE calculated the potential tax revenues to the City to be approximately three million one hundred and nine thousand two hundred and sixteen dollars ($3,109,216) in the event the property were to be developed to the potential contemplated based on the potential rezoning and used for non -governmental purposes. For greater detail, please refer to the appendices included herein. One of the most notable benefits of this site, is its large size, which would provide the City with greater flexibility in design. Other benefits include that the City has control of the site, it is located in the Edgewater/Wynwood neighborhood, and it is near to the current facility and major thoroughfares. On the other hand, the site also provides some challenges, including nearby traffic congestion, reduction of recreational usage, and limited access. Additionally, other departments and agencies have expressed interest in the use of the site. Given the lack of available contiguous parcels of this size and proximity to Wynwood, this site would also provide the City with an excellent sale or private sector ground lease redevelopment opportunity. December 2018 Page 12 .1p OF City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis Melreese Golf Course The Melreese golf Course site is located at 1400 NW 37th Avenue and 1802 NW 37th Avenue. This property is estimated to total approximately 150 acres, although the City would only use a small portion of such land. Currently zoned as Civic Space, the site is presently used as a golf course with a few structures currently used by the Melreese Country Club in connection with a Professional Services Agreement with the City. The site is 15 — 20 minutes from the current MRC facility. The site is adjacent, on the north, to the Miami Intermodal Center which is an intermodal rapid transit, commuter rail, intercity rail, local bus, and intercity bus transportation hub. Miami International Airport is located to the west of the property. To the south and east of the property there are primarily residential properties. Also notable is the City Commission's approval, and subsequent voter approval, of a new soccer stadium complex. The designs are still conceptual and the agreements for such soccer complex are still pending approval by City Commission, but the terms proposed included using only a portion of the land available — the remaining land would be used for open recreational space. CBRE N nftrVOIW Based on the potential rezoning and the potential development opportunities on the site, the portion of land required for use at the Melreese site was valued at approximately eighteen million dollars ($18,000,000). By including the market land value together with anticipated development costs, a preliminary development budget was prepared, and determined to be approximately one hundred forty-two million nine hundred eight seven thousand four hundred twenty- four dollars (142,987,424). Additionally, CBRE calculated the potential tax revenues to the City to be approximately nine hundred forty-four thousand three hundred twenty-eight dollars ($944,328) in the event the portion of the property were developed to the potential contemplated based on the potential rezoning and used for non -governmental purposes. For greater detail, please refer to the appendices included herein. Among the benefits of the property is the large size, which would provide the City with maximum flexibility in design and construction, and the minimal development on the site, which would expedite timing of delivery. Due to its proximity to the Miami Intermodal Center, the property is also ideal for those wishing to use mass transit to commute or visit the site. Access to major highways is also a positive trait, as the site is adjacent to SR-836 and SR-112. The challenges presented with the site include height restrictions imposed by the FAA due to its proximity to the airport, the fact that the site is not centrally located, and the limited amenities provided in the area (note the available amenities are expected to increase with the development of a new soccer complex and supporting retail). Additionally, the design of the new administrative building may be limited by the design and construction plans associated with the soccer complex conceptually approved by voters. The site also may present environmental concerns that may affect December 2018 Page 13 .1p OF City of Miami Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis CBRE timing. Also relevant is the site's current zoning as Civic Space and the resultant requirements that the City provide alternative park/CS space in accordance with the City's "No Net Loss" policy. Further, although the site is City -owned, the property is currently subject to an existing Management Agreement of the Golf Course which is set to expire in 2021. The agreement provides that it may be cancelled without cause subject to a payment to the provider for "the balance of all amounts that would be paid to Provider during the remaining term of this Agreement without any reduction or set-off of any kind." While the applicability of this language may be a question for the Office of the City Attorney, this should nevertheless be considered relevant to the potential cost and time associated with this site. The way in which the site is incorporated into the overall soccer stadium redevelopment is also an unknown and it may take years to have an overall project master plan, which would ultimately delay the construction of a new administrative facility. RECOMMENDATION Based on the above ranking and analysis, the most ideal location for the City's new administrative headquarters is the Nexus site. The Nexus site offers the most seamless and efficient transition for the new administrative building. The location is one that residents and employees have become accustomed to and allows the City to continue providing services just down the street from other City and County services. The location of the site is also ideal for its accessibility to highways, transit, and general ease of access. Although the amount to be financed for the development would be higher than the other sites, the other sites could be sold or leased to offset the cost, thereby allowing the City to retain this ideal location. Considering the value the other sites could provide the City if sold or leased, the total development budget for the Nexus site is not significantly higher than the other sites considered, the challenges presented with the site are minimal, and the benefits are considerable. December 2018 Page 14 APPENDIX A Hypothetical Site Development Ground Level to 8th (Parking) 9-10 Level (Parking) AT&T SITE : [TOTAL LOT SIZE: 33,368 S.F.] • CURRENT ZONING: T6-60A-0 • PROPOSED ZONING: T6-60A-0. • FLOOR LOT RATIO: 11150% ADDITIONAL PUBLIC BENEFIT. • MAX FLOOR RATIO: 33,368 X 11 = 367,048 S.F. • 50% BONUS: 367,048X50%=183,524S.F. TOTAL S.F. = 550,572 S.F. (REQ. 1,652 CARS) • MAXIMUM BUILDABLE (LOT COVERAGE): 80% (26,694.4 S.F.) PARKING REQUIREMENTS: • 3 CARS PER • PARKING CAN YIELD: • PARKING REQ.: • 30% PARKING REDUCTION (PROXIMITY TO PUBLIC TRANSPORT) SUMMARY: 1,000 S.F. 750 CARS 891 CARS 624 CARS 18 Floors Office @ 16,500 S.F.: 11th — 28th (Office) 297,000 S.F. Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Office (16,500 S.F.) Parking (55 Cars) Parking (55 Cars) 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) Parking (80 Cars) 8 7 6 5 4 3 2 1 oi- o v o, o = AT&T SITE: 12/21/2019 CBRE 1 HEERY RETAIL SPACE 50,000 S.F. PARKING (375 CARS) Ground Level (Retail & Parking) OFFICE FLOORS 50,000 S.F. PARKING (375 CARS) — fi• Level 2-8 (Offices & Parking) PUBLIC AREA OFFICE FLOORS 30,000 S.F. PUBLIC AREA Level 9-24 (Offices) BISCAYNE PARK SITE : [TOTAL LOT SIZE: 318,859 S.F.] • CURRENT ZONING: CI (CIVIC INSTITUTIONAL) • PROPOSED ZONING:T6-24B. • FLOOR LOT RATIO: 16140% ADDITIONAL PUBLIC BENEFIT. • MAX FLOOR RATIO: 318,859 X 16 = 5,101,744 S.F. • 40% BONUS: 127,543X 50% = 127,543 S.F. TOTAL S.F. = 5,229,287 S.F. (MAX BUILDABLE) MAXIMUM BUILDABLE (LOT COVERAGE): 80% (255,087 S.F. ) PARKING REQUIREMENTS: • 3 CARS PER 1,000 S.F. • PARKING CAN YIELD: 3,000 CARS SUMMARY: RETAIL: OFFICE: TOTAL: 50,000 S.F. 830,000 S.F. 880,000 S.F. (REQ. 2,640 CARS), Office (30,000 S.F.) 24 Office (30,000 S.F.) 23 Office (30,000 S.F.) 22 Office (30,000 S.F.) 21 Office (30,000 S.F.) 20 Office (30,000 S.F.) 19 Office (30,000 S.F.) 18 Office (30,000 S.F.) 17 Office (30,000 S.F.) 16 Office (30,000 S.F.) 15 Office (30,000 S.F.) 14 Office (30,000 S.F.) 13 Office (30,000 S.F.) 12 Office (30,000 S.F.) 11 Office (30,000 S.F.) 10 Office (30,000 S.F.) 9 Parking (375 Cars) Parking (375 Cars) 7 Parking (375 Cars) 6 o c) rn Parking (375 Cars) 5 § = :Y Parking (375 Cars) 4 M a Parking (375 Cars) 3 Parking (375 Cars) 2 Retail (50,000 S.F.) Parking (375 Cars) 1 BISCAYNE PARK SITE: 12/21/2019 CBRE1 HEERY Ground Level (Retail & Parking) Level 6-8 (Offices) 10 10% PARKING (700 CARS) Level 2-5 (Parking) BONUS FLOORS 30,000 S.F. (120, 000 S.F.) Level 9-12 (with Bonuses) SITE — 1: [TOTAL LOT SIZE: 68,900 S.F.] • CURRENT ZONING: CI (CIVIC INSTITUTION). • PROPOSED ZONING CHANGE TO:76-8'. • FLOOR LOT RATIO: 5125%ADDITIONAL PUBLIC BENEFIT. a) MAX FLOOR RATIO: 68,900X 5 = 344,500 S.F. b) 25% BONUS: 344,500X25% = 86,125 S.F. • MAXIMUM LOT COVERAGE: 80% [55,000 S.F.] • MAXIMUM BUILDABLE ABOVE 8TH FLOOR: 30,000 S.F. PER LEVEL. PARKING REQUIREMENTS: • 3 CARS PER 1,000 S.F. SU MMARY: RETAIL: 23,100 S.F. OFFICE: 110,000 S.F. BONUS OFFICE: 86,125 S.F. TOTAL: 219,225 S.F. Office (21,531 S.F.) Office (21,531 S.F.) Office (21,531 S.F.) Office (21,531 S.F.) 12 11 10 9 Office (54,400 S.F.) Office (54,400 S.F.) Parking (125 Cars) Parking (125 Cars) Parking (125 Cars) Parking (125 Cars) Parking (125 Cars) Retail (23,100 S.F.) Parking (60 Cars) 8 7 6 5 4 3 2 u p rn b a 10% MARLINS BALLPARK SITE 1: 12/19/2019 CBRE I HEERY Ground Level (Retail & Parking) Level 4-6 (Offices) Level 2-3 (Parking) SITE - 2: [TOTAL LOT SIZE: 45,000 S.F.] • CURRENT ZONING : CI (CIVIC INSTITUTION). • PROPOSED ZONING : 'T5' • FLOOR LOT RATIO: N/A • MAX LOT COVERAGE: 80% (36,000 S.F.) SUMMARY: RETAIL: 5,000 S.F. OFFICE: 108,000 S.F. TOTAL: 113,000 S.F. (REQ. 339 CARS*) *REQUIRES PARKING COVENANT ORAGGREEMENT FOR SHORTAGE TO PARK IN ADJACENT PARKING GARAGE. Bonus Office (36,000 S.F.) Office (36,000 S.F.) Office (36,000 S.F.) Parking (120 Cars) Parking (120 Cars) Parking (80 Cars) Retail (5000S.F. 1 10'1, MARLINS BALLPARK SITE 2: 12/19/2019 CBRE1HEERY RETAIL SPACE 25,000 S.F. 10% IP- PARKING (270 CARS) Ground Level (Retail & Parking) Level 6-8 (Offices) r OFFICE (25,000 S.F.) PARKING (270 CARS) L -J� Level 2-5 (Parking) Level 9-12(with Bonuses) SITE - 3: [TOTAL LOT SIZE: 120,000 S.F.] • CURRENT ZONING : CI (CIVIC INSTITUTION). • PROPOSED ZONING : 'T5' • FLOOR LOT RATIO: N/A • MAX LOT COVERAGE: 80% (96,000 S.F.) • MAX HEIGHT: 5 STORIES SUMMARY: RETAIL: 25,000 S.F. OFFICE: 242,000 S.F. TOTAL: 267,000 S.F. (REQ. 801 CARS) Office (25,000 S.F.) Office (25,000 S.F.) Retail (25,000 S.F.) Office (96,000 S.F., 5 Office (96,000 S.F.: 4 Parking (270 Cars) 3 2 1 Parking (270 Cars) Parking (270 Cars) 4 MARLINS BALLPARK SITE 3: 12/19/2019 CBRE 1 HEERY OFFICE SPACE (24,000 S.F.) PARKING (840 CARS Total) 11111111 Ground Level (Retail, Parking & Office) OFFICE SPACE (30,000 S.F.) PARKING (840 CARS Total) 2-8 Level (Parking) Entire Site (Proposed Location) MELREESE SITE : [TOTAL LOT SIZE: 2,109,175 S.F.] • CURRENT ZONING: CI (CIVIC INSTITUTIONAL) • PROPOSED ZONING: T6-8. • FLOOR LOT RATIO: 5125% ADDITIONAL PUBLIC BENEFIT. • MAX FLOOR RATIO: • 25% BONUS: 2,109,175 X5= 10,545,875 S.F. 10,545,875 X 25% = 2,636,468 S.F. TOTAL S. F. =13,182,343 S.F. • MAXIMUM BUILDABLE (LOT COVERAGE): 80% (1,687,340 S.F.) PARKING REQUIREMENTS: • 3 CARS PER 1,000 S.F. • PARKING CAN YIELD: 840 CARS • PARKING REQ.: 840 CARS SUMMARY: 8 Floors Office @ 30,000 S.F.: 280,000 S.F. 6 5 o' C.) I 4 O COq 2 1 Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Retail (6,000 S.F.) Office (24,000 S.F.) 81 6: W h 5 6 0 4: coo ` N 3 21 1 10' MELREESE SITE: 12/21/2019 CBRE 1 HEERY Ground Level (Retail & Parking) 1/ ( . VilitAilku �+ -14V6Via Et walla 2-8 Level (Parking) PARKING (150 CARS) NEXUS SITE: [TOTAL LOT SIZE: 68,900 S.F.] • CURRENT ZONING: T6-36B-0. • PROPOSED ZONING: T6-36B-0. • FLOOR LOT RATIO: 22140%ADDITIONAL PUBLIC BENEFIT. • MAX FLOOR RATIO: 68,900 X22 = 1,515,800 S.F. • 40% BONUS: 1,515,800X40% = 606,320 S.F. TOTAL S.F. = 2,122,120 S.F. (REQ. 6,367 CARS) MAXIMUM BUILDABLE (LOT COVERAGE): 80% (55,120 S.F.) PARKING REQUIREMENTS: • 3 CARS PER • PARKING CAN YIELD: • PARKING REQ.: SUMMARY: 1,000 S.F. 1,100 CARS 1,050 CARS 11 Floors Office @ 30,000 S.F.: 330,000 S.F. 9 —19 Level (Office) OFFICE SPACE (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) Office (30,000 S.F.) 19 18 17 11 10 9 Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Parking (150 Cars) Retail (50,000 S.F.) Parking (50 Cars) 8 7 6 5 4 3 2 1 y o ° NEXUS SITE: 12/21/2019 CBRE I HEERY APPENDIX B Preliminary Development Budget Preliminary Development Budget - MRC Replacement Facility All Sites Site Marlins 1 Marlins 2 Marlins 3 ATT Biscayne Park Melreese Nexus Site Size (Square Feet) 68,900 45,000 120,000 33,368 318,859 100,000 68,900 Existing Zoning CI CI CI T6-60A-0 CI CI CI Proposed Zoning T6-8 T5 T5 T6-60A-0 T6-24B T6-8 T6-36B-0 Maximum Development Density (Square Feet) 253,000 113,000 267,000 550,572 5,229,287 280,000 2,122,120 Cost per FAR (Note 4) Land Value (Based on Current Market Comparables) $ 9,600,000 $ 3,000,000 $ 4,900,000 $ 12,000,000 $ 8,624,502 $ 18,000,000 $ 19,000,000 Relocate Existing Occupants (Note 2) $ - $ - $ - $ - $ - $ 3,000,000 $ Subtotal $ 9,600,000 $ 3,000,000 $ 4,900,000 $ 12,000,000 $ 8,624,502 $ 21,000,000 $ 19,000,000 Construction Cost (Note 1) $ FFE $ Box and IT Move $ Subtotal $ 75,930,000 $ 75,930,000 6,900,000 $ 6,900,000 1,000,000 $ 1,000,000 83,830,000 $ 83,830,000 75,930,000 $ 79,726,500 $ 75,930,000 $ 75,930,000 $ 79,726,500 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 83,830,000 $ 87,626,500 $ 83,830,000 $ 83,830,000 $ 87,626,500 Soft Costs Per Schedule and Consultants $ 16,547,050 $ 16,547,050 $ 16,547,050 $ 17,249,403 $ 16,547,050 $ 16,547,050 $ 17,249,403 Project Contingency $ 11,287,705 $ 11,287,705 $ 11,287,705 $ 11,587,590 $ 11,287,705 $ 11,087,705 $ 12,237,590 Subtotal Loan Placement @ 1% (Note 3) $ 121,264,755 $ 114,664,755 $ 116,564,755 $ 128,463,493 $ 120,289,257 $ 132,464,755 $ 136,113,493 $ 1,212,648 $ 1,146,648 $ 1,165,648 $ 1,284,635 $ 1,202,893 $ 1,324,648 $ 1,361,135 $ 122,477,403 $ 115,811,403 $ 117,730,403 $ 129,748,128 $ 121,492,149 $ 133,789,403 $ 137,474,628 Interest During Construction Period (10 QTRS equal draw amount) $ 8,420,321 $ 7,962,034 $ 8,093,965 $ 8,920,184 $ 8,352,585 $ 9,198,021 $ 9,451,381 Grand Total $ 130,897,724 $ 123,773,436 $ 125,824,368 $ 138,668,312 $ 129,844,735 $ 142,987,424 $ 146,926,009 Improved Value (120%) Improved Value (Per Gross Building Square Foot) Amount to be Financed (Less Imputed Land Value) $ 157,077,269 $ 148,528,124 $ 150,989,241 $ 166,401,974 $ 155,813,681 $ 171,584,909 $ 176,311,210 $ 546.36 $ 516.62 $ 525.18 $ 578.79 $ 541.96 $ 596.82 $ 613.26 $ 121,297,724 $ 120,773,436 $ 120,924,368 $ 126,668,312 $ 121,220,233 $ 124,987,424 $ 146,926,009 Notes: 1) Development Budgets for illustrative purposes only. No representation are made to actual cost until such time and site specific design and construction cost estimates received. 2) Anticipated Settlement and Legal Fees for Existing Management Company 3) Loan Placement fees and Carry Costs during construction period 4) Of 318,000 SF of land area for Biscayne Park, only 55,000 SF or 17.25% of total estimate of value of $50,000,000 is needed for City Facility Estimated Interest Cost During Construciton Period M RC Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 137,474,628 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 Cumulative $ 13,747,463 $ 27,494,926 $ 41,242,388 $ 54,989,851 $ 68,737,314 $ 82,484,777 $ 96,232,240 $ 109,979,702 $ 123,727,165 $ 137,474,628 $ 171,843 $ 343,687 $ 515,530 $ 687,373 $ 859,216 $ 1,031,060 $ 1,202,903 $ 1,374,746 $ 1,546,590 $ 1,718,433 $ 9,451,381 ATT Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 129,748,128 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 Cumulative $ 12,974,813 $ 25,949,626 $ 38,924,438 $ 51,899,251 $ 64,874,064 $ 77,848,877 $ 90,823,690 $ 103,798,502 $ 116,773,315 $ 129,748,128 $ 162,185 $ 324,370 $ 486,555 $ 648,741 $ 810,926 $ 973,111 $ 1,135,296 $ 1,297,481 $ 1,459,666 $ 1,621,852 $ 8,920,184 Marlins Site 1 Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 122,477,403 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 Cumulative $ 12,247,740 $ 24,495,481 $ 36,743,221 $ 48,990,961 $ 61,238,701 $ 73,486,442 $ 85,734,182 $ 97,981,922 $ 110,229,662 $ 122,477,403 $ 153,097 $ 306,194 $ 459,290 $ 612,387 $ 765,484 $ 918,581 $ 1,071,677 $ 1,224,774 $ 1,377,871 $ 1,530,968 $ 8,420,321 Marlins Site 2 Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 115,811,403 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 Cumulative $ 11,581,140 $ 23,162,281 $ 34,743,421 $ 46,324,561 $ 57,905,701 $ 69,486,842 $ 81,067,982 $ 92,649,122 $ 104,230,262 $ 115,811,403 $ 144,764 $ 289,529 $ 434,293 $ 579,057 $ 723,821 $ 868,586 $ 1,013,350 $ 1,158,114 $ 1,302,878 $ 1,447,643 $ 7,962,034 Marlins Site 3 Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 117,730,403 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 Cumulative $ 11,773,040 $ 23,546,081 $ 35,319,121 $ 47,092,161 $ 58,865,201 $ 70,638,242 $ 82,411,282 $ 94,184,322 $ 105,957,362 $ 117,730,403 $ 147,163 $ 294,326 $ 441,489 $ 588,652 $ 735,815 $ 882,978 $ 1,030,141 $ 1,177,304 $ 1,324,467 $ 1,471,630 $ 8,093,965 Biscayne Park Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 121,492,149 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 Cumulative $ 12,149,215 $ 24,298,430 $ 36,447,645 $ 48,596,860 $ 60,746,075 $ 72,895,290 $ 85,044,505 $ 97,193,719 $ 109,342,934 $ 121,492,149 $ 151,865 $ 303,730 $ 455,596 $ 607,461 $ 759,326 $ 911,191 $ 1,063,056 $ 1,214,921 $ 1,366,787 $ 1,518,652 $ 8,352,585 Melreese Interest Rate 5% Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10 $ 133,789,403 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 Cumulative $ 13,378,940 $ 26,757,881 $ 40,136,821 $ 53,515,761 $ 66,894,701 $ 80,273,642 $ 93,652,582 $ 107,031,522 $ 120,410,462 $ 133,789,403 $ 167,237 $ 334,474 $ 501,710 $ 668,947 $ 836,184 $ 1,003,421 $ 1,170,657 $ 1,337,894 $ 1,505,131 $ 1,672,368 $ 9,198,021 Notes: Interest cost established for the purposes of developing preliminary development budgets. Actual cost will vary depending upon interest rate and draw schedule. APPENDIX C Site Valuation Land Value Land Value The following map summarizes the comparable data used in the valuation of the subject site. immor = _1u ]E \ e �rll ILL' 'NW 121Frpt NW 111h St �1if NW 10th St N h m 'P0 5 IVW uu II`st A, O a..::1 �i NPfr y .. I I�,� —� __II —0 �.,st St e CopYrldp1ni anW)1BMS—.2012 Microsoft Corporation s n 4bL�ppl All meats reserved i d St .1115 6. 2ale 501 Biscayne Blvd Miami, FL 33137 Sale 7 1801 NE 2nd Ave Miami, FL 33132 Sale 9 1900 Biscayne Blvd Miami, FL 33132 TB d re 41!II , 1Q "VI 1. up i-leemseemsennal _ PBicentennial Park „le—sr••11fi•Eljn 700 N Mam Ave tdiamn FLL 33136 Sale 5SS Miami Ave jW. 4 =Mb. t 'Miam FL 33136 111 ..ATT 50e 610MN1st Ave Mani, FL 33136 ]• le 8 Int‘. ve �y Fro inn Miami, NE Id 331 32 Pr .1111111, 11017101' "agile! 5 le 5 51 NE 1s1S1nem, FL 2 Piss,Pore Islands B i s c a y n e Bay Bv;vne SeelerW MacArthur Cal6eyiay trot Park Venetian Causeway Biscayne Bay Aquatic Preserve Watson Park* Watson Perk A1A Watson Island San Merino Iskind N Vanenan WaY San Marco Bland Blyd Tom¢ Pori of Miami 5. c, @any4a O Dodge Island Island Paha Island Miami Beach SUMMARY OF COMPARABLE LAND SALES - ATT SITE No. Properly Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price 1 Size (Acres) Size Price (SF) Per SF 1 700 North Miami Avenue Miami, FL 33136 2 555 N. Miami Avenue Miami, FL 33132 Sale Mar-17 T6-60a 0, Urban Core, $45,250,000 $45,250,000 4.71 205,353 $220.35 Open Sale Mar-17 T6-80 0, Urban Core $18,095,000 $18,095,000 0.83 35,992 $502.75 Transect Zone 3 1753 - 1775 NE 2nd Avenue Sale May-17 T6-24 0, Urban Core, $33,000,000 $33,000,000 1.39 60,375 $546.58 Miami, FL 33132 open 4 1900 Biscayne Boulevard Sale Sep-17 T6-36b 0, Urban Core, $18,400,000 $18,400,000 1.01 44,034 $417.86 Miami, FL 33132 5 151 NE 1st Street Miami, FL 33131 6 2501-2521 Biscayne Boulevard Miami, FL 33137 7 1801-1851 NE 2nd Avenue Miami, FL 33132 8 500 NE 1st Avenue Miami, FL 33132 Open Sale Nov-17 T6-80 0, Urban Core $9,270,000 $9,270,000 0.34 15,000 $618.00 Transect Zone Sale Feb-18 T6-36a 0, Urban Core, $22,700,000 $22,700,000 1.11 48,351 $469.48 Open Under Jul-18 Contrail T6-36b O, Urban Core, $30,000,000 $30,000,000 1.40 61,170 $490.44 Open Sale Jul-18 T6-80 0, Urban Core, $28,300,000 $35,200,000 1.83 79,848 $440.84 Open Subj. 610 NW 1st Avenue & 53 NW 6th Street, Miami, Florida T6-60a 0, Urban Core, Open 0.77 33,368 t Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number Transaction Type Transaction Date Zoning Actual Sale Price Adjusted Sale Price Size (Acres) Sae (SF) Density (UPA) Allowable Units Allowable Bldg. Area (SF) Indicated FAR Price Per SF Price Per Bldg. Area Price Per Unit 1 Sale 2 Sale 3 Sale 4 5 Sale Sale Mar-17 Mar-17 May-l7 Sep-17 Nov-17 T6-60a 0, Urban T6-80 0, T6-24 0, Urban T6-36b 0, T6-80 0, Core, Open Urban Core Core, open Urban Core, Urban Core Transect Zone Open Transect Zone $45,250,000 $45,250,000 4.71 205,353 300 du/ac 1,414 Units 2,258,883 SF 11.00 $220.35 $20.03 $32,001 $18,095,000 $18,095,000 0.83 35,992 438 du/ac 362 Units 607,560 SF 16.88 $502.75 $29.78 $49,986 $33,000,000 $33,000,000 1.39 60,375 500 du/ac 693 Units 966,000 SF 16.00 $545.58 $34.16 $47,619 $18A00,000 $18A00,000 1.01 44,034 4,243 du/ac 429 Units 439,765 SF 9.99 $417.86 $41 .84 $42,890 $9,270,000 $9,270,000 0.34 15,000 360,000 SF 24.00 $618.00 $25.75 6 7 Sale Under Contract Feb-18 T6-36a 0, Urban Core, Open $22,700,000 $22,700,000 1.11 48,351 483,510 SF 10.00 $469.48 $46.95 Jul-18 T6-36b 0, Urban Core, Open $30,000,000 $30,000,000 1.40 61,170 22.00 $490.44 $22.29 8 Sale Jul-18 T6-80 0, Urban Core, Open $28,300,000 $35,200,000 1.83 79,848 $4 10.8,1 Price ($ PSF) Property Rights Conveyed Financing Terms Conditions of Sale Market Conditions (Time) $220.35 0% 0% 0% 0% $502.75 0% 0% 0% 0% $546.58 0% 0% 0% 0% $417.86 0% 0% 0% 0% $618.00 0% 0% 0% 0% $469.48 0% 0% 0% 0% $490.44 0% 0% 0% 0% $440.84 0% 0% 0% 0% Subtotal $220.35 $502.75 $546.58 $417.86 $618.00 $469.48 $490.44 $440.84 Sae Shape Corner Frontage Topography Location Zoning/Density Utilities Highest & Best Use 30% -10% 0% 0% 0% 0% 0% 0% 0% 0% -10% 0% 0% 0% 0% -10% 0% 0% 0% -10% 0% -10% 0% 0% 10% 0% 0% 0% -10% 0% -10% 0% 0% 10% 0% 0% -5% -10% 0% -10% 0% 0% -10% 0% 0% 0% -10% 0% -10% 0% 0% 10% 0% 0% 0% -10% 0% -10% 0% 0% 10% 0% 0% 0% -10% 0% 0% 0% 0% -10% 0% 0% Total Other Adjustments 20% -20% -10% -10% -35% -10% -10% -20% Value Indication PSF of Site $269.42 $402.20 $491.92 $376.07 $401.70 $422.53 $441.40 $352.67 Value Indication PSF of FAR $24.04 $23.83 $30.75 $37.66 $16.74 $42.25 $20.06 Absolute Adjustment 40% 20% 30% 30% 35% 30% 30% 20% Subject T6-60a 0, Urban Core, Open 0.77 33,368 297,000 SF 8.90 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - ATT SITE $ PSF of Site Site SF Total $350.00 $400.00 $ PSF of FAR $38.00 $42.00 Indicated Value: 33,368 33,368 Proposed FAR 297,000 SF 297,000 SF (Rounded $ PSF) $1 1,678,800 $13,347,200 Total $1 1,286,000 $12,474,000 $12,000,000 $359.63 Compiled by CBRE Land Value B scayne Par Cemetery Sale 6 1801 NE 2nd Ave Miami, FL 33132 Land Value The following map summarizes the comparable data used in the valuation of the subject site. Sale 5 2501 Biscayne Blvd Mlaml, FL 33137 e 96 jtP!!!1 Iill"w� A R�1„A7 1111, -. - - a�❑� I �� NE 791h�-3 ' S St 4 'oio ` `, rPSTe7k II Ililt IOU _,‘,____Frif'r- �1t ]95 Sale 1 ]00 N Miami Ave Miami, FL 33136 3dE 27th sale 959 NE 24th St Miami, FL 33137 1910 Biscayne Blvd Miami, FL 33132 Margaret Pace Park Ma Earel Pace Park Sale 3 1753 NE 2nd Ave Miami, FL 33132 Bicentennial Park • Bicentennial Park SUMMARY OF COMPARABLE LAND SALES - BISCAYNE PARK e s c a y n e B a y Biscayne BPreser en Port of Miami N venetian Dr enetlan CauSBWNY Biscayne Island Island Palm Isla:, No. Property Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price 1 Size (Acres) Size Price (SF) Per SF 1 700 North Miami Avenue Miami, FL 33136 2 459 NE 24th Street Miami, FL 33137 3 1753 - 1775 NE 2nd Avenue Sale Miami, FL 33132 4 1900 Biscayne Boulevard Miami, FL 33132 5 2501-2521 Biscayne Boulevard Miami, FL 33137 6 1801-1851 NE 2nd Avenue Miami, FL 33132 Sale Mar-17 T6-24b 0, Urban Core, $45,250,000 $45,250,000 4.71 205,353 $220.35 Open Sale Mar-17 T6-36a L, Urban Core, $21,700,000 $21,700,000 1.99 86,523 $250.80 Limited May-17 T6-24 0, Urban Core, $33,000,000 $33,000,000 1.39 60,375 $546.58 open Sale Sep-17 T6-36b 0, Urban Core, $18,400,000 $18,400,000 1.01 44,034 $417.86 Open Sale Feb-18 T6-36a 0, Urban Core, $22,700,000 $22,700,000 1.11 48,351 $469.48 Open Under Jul-18 T6-36b 0, Urban Core, $30,000,000 $30,000,000 1.40 61,170 $490.44 Contract Open Subj. 150 NE 19th Street, Miami, Florida T6-24b 0, Urban Core, Open 7.32 318,859 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Sale Under Contract Transaction Date Mar-17 Mar-17 May-17 Sep-17 Feb-18 Jul-18 Zoning T6-24b 0, Urban T6-36a L, T6-24 0, Urban T6-36b 0, T6-36a 0, T6-36b 0, Core, Open Urban Core, Core, open Urban Core, Urban Core, Urban Core, Limited Open Open Open Actual Sale Price $45,250,000 $21,700,000 $33,000,000 $18,400,000 $22,700,000 $30,000,000 Adjusted Sale Price ' $45,250,000 $21,700,000 $33,000,000 $18,400,000 $22,700,000 $30,000,000 Size (Acres) 4.71 1.99 1.39 1.01 1.11 1.40 Size (SF) 205,353 86,523 60,375 44,034 48,351 61,170 Density (UPA) 300 du/ac 150 du/ac 500 du/ac 4,243 du/ac --- --- Allowable Units 1,414 Units 297 Units 693 Units 429 Units --- --- Allowable Bldg. Area (SF) 2,258,883 SF 477,626 SF 966,000 SF 439,765 SF 483,510 SF ######### Indicated FAR 11.00 5.52 16.00 9.99 10.00 22.00 Price Per SF $220.35 $250.80 $546.58 $417.86 $469.48 $490.44 Price Per Bldg. Area $20.03 $45.43 $34.16 $41.84 $46.95 $22.29 Price Per Unit $32,001 $73,064 $47,619 $42,890 --- --- Price ($ PSF) $220.35 $250.80 $546.58 $417.86 $469.48 $490.44 Property Rights Conveyed 0% 0% 0% 0% 0% 0% Financing Terms 1 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% 0% 0% Market Conditions (Time) 0% 0% 0% 0% 0% 0% Subtotal $220.35 $250.80 $546.58 $417.86 $469.48 $490.44 Size 0% -30% -30% -30% -30% -30% Shape 0% 0% 0% 0% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage -25% -10% -25% -25% -25% -25% Topography 0% 0% 0% 0% 0% 0% Location 0% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments -25% -40% -55% -55% -55% -55% Value Indication PSF of Site $165.26 $150.48 $245.96 $188.04 $211.27 $220.70 Value Indication PSF of FAR $15.02 $27.26 $15.37 $18.83 $21.13 $10.03 Absolute Adjustment 25% 40% 55% 55% 55% 55% Subject T6-24b 0, Urban Core, Open 7.32 318,859 480,000 SF 1.51 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - BISCAYNE PARK $ PSF of Site Site SF Total $150.00 $165.00 Indicated Value: x 318,859 = $47,828,850 x 318,859 = $52,611,735 $50,000,000 (Rounded $ PSF) $156.81 Compiled by CBRE Land Value NW 20th St �I NW 17ih 51 1� L ulna Own Land Value The following map summarizes the comparable data used in the valuation of the subject site. �t1 aPark 132NW 367, t 93rd l iME : nerd, FL 3319z I -mom no IIIIRWYiIgem liw,, i' ilr a� , Ilttt^ _41 .r,.., 5,..,1 immiimm,-.......... ■Fniur .1• = f0 on. 4' + w no �aIP rim rim 21. �tale 7 1690 NW North River Dr Miami, FL 33125 Sale 1 641 NW 12th Ave Mem!, FL33136 alSale 8 IOW NW 7th St Miaml, FL 33136 $ ��■ �' 1111i�� Miami _�jU U . �' III -- l -.- ! SV. NW E,ih � C.. _�i�= Sale3 nErilitIllii. ■ MA,Williiihrii 61 FL h Ave 160 M Site t • k MamFL 33L25 16o0 NW ][h Street lit ➢ NW 3rd St - 4I -- - ��;.111iiirtItill:.73:17-1_.!:;17r NW zrtd st i5t St 9fi8 � fii�I•�� 1N Hagler St 10� e:� HNT�n 1 irsi ��° I I, SW 3rd St III - t� ll.Wrllsl fi st atF Iu6sw lzm Ave �l �� .t— 1i a ,... wrWOM IMam. 12thAy I� f � � en2.1 33130 -�'�Fg7_ I7.1 501 SW 22nd Ave ■■ ■■ . rz.:l � Y L ma.v Mami FL 33135 I11' �I�� -I il j' Copnpkt O.and- (IT 0886201SM ff Corporation anforhs supple All rpktsa else"' W Q � - � r 18litila - s, MR -Zion .• irjWw l , !gum ia NW Sale N 65019W8th St M AL FL 33136 NE 814 St Pod Blvd 886 . Bay Front Park L#Management TR NErd St NE *St St N ar na N. E FIa SP 45 yfr0MPark 'SE°2nrsSt zA m a Perks Portion WTOprtons Div osPn Brhkell-. t 1 Key 9 0 n Bscayne Bay Aqual c n° c� Preeerve 972 0 0 Perk P Watson Park Port of Miamior SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #3 No. Property Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price Size Size Price (Acres) (SF) Per SF 1 641 NW 12th Avenue Miami, FL 33136 2 650 NW 8th Street Miami, FL 33136 3 61 NW 37th Avenue Miami, FL 33125 4 501 SW 22nd Avenue Miami, FL 33130 5 1362 NW 36th St Miami, FL 33142 6 216-228 SW 12th Avenue Miami, FL 33130 7 1690 NW North River Drive Miami, FL 33125 8 1001 NW 7th Street Miami, FL 33136 Sale Sale Sale Sale Feb-15 D1, Work Place & T6-8, $2,574,100 $2,574,100 0.76 32,945 $78.13 0, Urban Core, Open Mar-16 T6-8 0, Urban Transect $27,695,000 $27,965,000 8.61 375,098 $74.55 Zone, Open May-16 T6-8 0, Urban Core & $4,225,000 $4,225,000 T4 L, General Urban, Restricted Jul-16 T6-8 0, Urban Core $4,000,000 $4,000,000 Sale Jun-17 T6-8 0, Urban Core, $3,795,000 $3,795,000 Open & T5 L, Urban Center, Limited Sale Aug-17 T5 0, Urban Center, $1,300,000 $1,300,000 Open 1.13 49,010 $86.21 0.99 43,224 $92.54 1.20 52,245 $72.64 0.48 21,000 $61.90 Sale Feb-18 T6-8 0, Urban Core, $10,375,000 $10,375,000 2.38 103,540 $100.20 Open Sale May-18 T6-8 0, Urban Core, $26,000,000 $26,000,000 6.31 274,864 $94.59 Open Subj. 1600 NW 6th Street, T5 0, Urban Center, Miami, Florida Open 1.58 68,900 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number Transaction Type Transaction Date Zoning Actual Sale Price Adjusted Sale Price Size (Acres) Size (SF) Density (UPA) Allowable Units Allowable Bldg. Area (SF) Indicated FAR Price Per SF Price Per Bldg. Area Price Per Unit 1 Sale Feb-1 5 2 Sale Mar-16 3 Sale May-16 4 Sale Jul-16 5 Sale Jun-17 DI. Work Place & T6-8 O. Urban T6-8 O. Urban T6-8 O. Urban T6-8 O. Urban T6-8, 0, Urban Transect Zone, Core & T4 L, Core, Open Open General Urban, Restricted $2,574,100 $27,695,000 $4,225,000 $2,574,100 $27,965,000 $4,225,000 0.76 8.61 1.13 32,945 375,098 49,010 78,985 SF 3.71 $78.13 $32.59 $74.55 $86.21 Core Core, Open & T5 L, Urban Center, Limited $4,000,000 $3,795,000 $4,000,000 $3,795,000 0.99 1.20 43,224 52,245 164 du/ac 108 du/ac 163 Units 129 Units 3.69 $92.54 $72.64 $24,540 $29,419 6 7 8 Sale Sale Sale Aug-17 Feb-18 May-18 T5 0, Urban T6-8 0, Urban T6-8 0, Urban Center, Open Core, Open Core, Open $1,300,000 $10,375,000 $26,000,000 $1,300,000 $10,375,000 $26,000,000 0.48 2.38 6.31 21,000 103,540 274,864 62 du/ac 149 du/ac 1,106 du/ac 30 Units 355 Units 698 Units 430,000 SF 698,000 SF --- 4.15 2.54 $61.90 $100.20 $94.59 --- $24.13 $3725 $43,333 $29,225 $37,249 Price ($ PSF) Property Rights Conveyed Financing Terms Conditions of Sale Market Conditions (Time) $78.13 0% 0% 0% 20% $74.55 0% 0% -30% 15% $86.21 0% 0% 0% 10% $92.54 0% 0% 0% 10% $72.64 0% 0% 0% 5% $61.90 $100.20 0% 0% 0% 0% 0% 0% 5% 0% $94.59 0% 0% 0% 0% Subtotal $93.76 $60.01 $94.83 $101.79 $76.27 $65.00 $100.20 $94.59 Size Shape Corner Frontage Topography Location Zoning/Density Utilities Highest & Best Use -5% 0% 0% 0% 0% 0% -10% 0% 0% 30% 0% 0% 0% 0% 0% -10% 0% 0% 0% 0% 0% -10% 0% 0% -5% 0% 0% 0% 0% 0% -10% 0% 0% -10% 0% 0% 0% 0% 0% 0% 0% 0% -5% 0% 0% -5% 0% 0% 10% 0% 5% 0% 0% 0% 5% 0% 0% -25% 0% 0% -10% 0% 0% 10% 0% 0% -25% 0% 0% -10% 0% 0% Total Other Adjustments -15% 20% -15% -20% -5% 10% -30% -25% Value Indication for Subject Absolute Adjustment $79.69 $72.02 $80.61 $81.44 $72.46 $71.49 $70.14 $70.94 35% 85% 25% 30% 70% 25% 40% 45% Subject T5 0, Urban Center, Open 1.58 68,900 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - MARLINS SITE #3 $ PSF of Site Site SF Total $71 .00 $72.00 Indicated Value: x 68,900 x 68,900 (Rounded $ PSF) $4,891,900 $4,960,800 $4,900,000 $71.12 Compiled by CBRE Land Value Land Value The following map summarizes the comparable data used in the valuation of the subject site. Minr Ik miam soon Miami 9L .4p International ® 7 — ihmum sales � 91 132NW 36th St ° N W 93rd t� - . Miami, FL 33192 VI 153 L Pa'melake G 24N _F �� r �t� 1] _•.. ttttti 111 IA GI �F NW 27Y . 7NI 25th s NW 25th St rNW r + ' rot list St f rl —V ?!�■i■ �� IIY'■ NW 201h St IELM uartrr MOW �I 1690 NW North River Dr Miami, FL G Iii li 'sl'■LJLi •1�i. ■11j��■� a. Nw Ey�y1 iw .tkoC Nwsale2 I�-= ��Sale3 �r L C iC N fi50NW 8th St � ,��61 NW 37th Ave YkI�Y��fNina!Mami, FL 33136 Mamh FL 33125 MRCM St k2 6 ➢ NW 3rd S[ �, MN _ Ifi10 NW fith St riol-1ir � 1610 NV,, FL 33125 r NW 2nd St I! N � NNW 1st St -ii'MN 57-Rawe'ii= _. -- strM _=��"+a Fla ter St ssa 1' �� Illl�lllllB�y a * o 21 L] HNGfl T — _ ��Y7� _� 0�� - SW 3°rd St t�"zm F— � ��'13th10 .tF• �ofsale9��tr sot sw zz:Jhri • mi�9.. ➢Mam��FL 3ll� �li ndNr hs sup�- !AZ IMM 33125ilhA1 _.. '•o1: g RIM LAN r.e t • j1391� �rii'm Sale 1 641 NW 12th Ave Miami, FL 33136 Sale 8 1001 NW 7th 5t Miami, FL 33136 NE 805 St Porgy Blvd an, Bey Front Park y ➢¢ L#ManegemeM TR NE'2nd St 11 Ro tat St o Manama zoo o Flamm SP ,eavfrom Park SE°2n6,St o 0 ZA m ° Parks Rcdlon LPLOpdons 014 o Brkl[ell. st s Key �m 3 0 • c E Y °° c� PreeeNe 1e • 972 ° ° o WIalvd Watson Park 4. Watson Park SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #2 No. Property Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price 1 Size (Acres) Size Price (SF) Per SF 1 641 NW 12th Avenue Sale Miami, FL 33136 2 650 NW 8th Street Miami, FL 33136 3 61 NW 37th Avenue Miami, FL 33125 4 501 SW 22nd Avenue Miami, FL 33130 5 1362 NW 36th St Miami, FL 33142 6 216-228 SW 12th Avenue Miami, FL 33130 7 1690 NW North River Drive Miami, FL 33125 8 1001 NW 7th Street Miami, FL 33136 Feb-15 D1, Work Place & T6-8, $2,574,100 0, Urban Core, Open Sale Mar-16 T6-8 0, Urban Transect $27,695,000 Zone, Open Sale May-16 T6-8 0, Urban Core & $4,225,000 T4 L, General Urban, Restricted Sale Jul-16 T6-8 0, Urban Core $4,000,000 Sale Jun-17 T6-8 0, Urban Core, $3,795,000 Open & T5 L, Urban Center, Limited Sale Aug-17 T5 0, Urban Center, $1,300,000 Open Sale Feb-18 T6-8 0, Urban Core, $10,375,000 Open Sale May-18 T6-8 0, Urban Core, $26,000,000 Open $2,574,100 0.76 32,945 $78.13 $27,965,000 8.61 375,098 $74.55 $4,225,000 1.13 49,010 $86.21 $4,000,000 0.99 43,224 $92.54 $3,795,000 1.20 52,245 $72.64 $1,300,000 0.48 21,000 $61.90 $10,375,000 2.38 103,540 $100.20 $26,000,000 6.31 274,864 $94.59 Subj. 1610 NW 6th Street, Miami, Florida T5 0, Urban Center, Open 1.03 45,000 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number Transaction Type Transaction Date Zoning Actual Sale Price Adjusted Sale Price' Size (Acres) Size (SF) Density (UPA) Allowable Units Allowable Bldg. Area (SF) Indicated FAR Price Per SF Price Per Bldg. Area Price Per Unit 1 Sale Feb-1 5 2 Sale Mar-16 3 Sale May-16 4 Sale Jul-16 5 Sale Jun-17 DI. Work Place & T6-8 O. Urban T6-8 O. Urban T6-8 O. Urban T6-8 O. Urban T6-8, 0, Urban Transect Zone, Core & T4 L, Core, Open Open General Urban, Restricted $2,574,100 $27,695,000 $4,225,000 $2,574,100 $27,965,000 $4,225,000 0.76 8.61 1.13 32,945 375,098 49,010 78,985 SF 3.71 $78.13 $32.59 $74.55 $86.21 Core Core, Open & T5 L, Urban Center, Limited $4,000,000 $3,795,000 $4,000,000 $3,795,000 0.99 1.20 43,224 52,245 164 du/ac 108 du/ac 163 Units 129 Units 3.69 $92.54 $72.64 $24,540 $29,419 6 7 8 Sale Sale Sale Aug-17 Feb-18 May-18 T5 0, Urban T6-8 0, Urban T6-8 0, Urban Center, Open Core, Open Core, Open $1,300,000 $10,375,000 $26,000,000 $1,300,000 $10,375,000 $26,000,000 0.48 2.38 6.31 21,000 103,540 274,864 62 du/ac 149 du/ac 1,106 du/ac 30 Units 355 Units 698 Units 430,000 SF 698,000 SF --- 4.15 2.54 $61.90 $100.20 $94.59 --- $24.13 $3725 $43,333 $29,225 $37,249 Price ($ PSF) Property Rights Conveyed Financing Terms Conditions of Sale Market Conditions (Time) $78.13 0% 0% 0% 20% $74.55 0% 0% -30% 15% $86.21 0% 0% 0% 10% $92.54 0% 0% 0% 10% $72.64 0% 0% 0% 5% $61.90 $100.20 0% 0% 0% 0% 0% 0% 5% 0% $94.59 0% 0% 0% 0% Subtotal $93.76 $60.01 $94.83 $101.79 $76.27 $65.00 $100.20 $94.59 Size Shape Corner Frontage Topography Location Zoning/Density Utilities Highest & Best Use 0% 0% -10% -10% 0% 0% -10% 0% 0% 30% 0% 0% -10% 0% 0% -10% 0% 0% 0% 0% 0% -25% 0% 0% -5% 0% 0% 0% 0% 0% -25% 0% 0% -10% 0% 0% 0% 0% 0% -10% 0% 0% -5% 0% 0% -5% 0% 0% 0% 0% 5% 0% 0% 0% 5% 0% 0% -25% 0% 0% -10% 0% 0% 10% 0% 0% -25% 0% 0% -10% 0% 0% Total Other Adjustments -30% 10% -30% -35% -15% 0% -30% -25% Value Indication for Subject Absolute Adjustment $65.63 $66.01 $66.38 $66.17 $64.83 $65.00 $70.14 $70.94 50% 95% 40% 45% 20% 75 % 40% 45% Subject T5 0, Urban Center, Open 1.03 45,000 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - MARLINS SITE #2 $ PSF of Site Site SF Total $65.00 $70.00 Indicated Value: x 45,000 x 45,000 (Rounded $ PSF) $2,925,000 $3,150,000 $3,000,000 $66.67 Compiled by CBRE Land Value Land Value The following map summarizes the comparable data used in the valuation of the subject site. NW 22nd St NW 21s1 St NW 20th St NW 19th Ter NW 19th St NW 15th3St NW 14th Te NW NW 1PN 2nd Terrace. qN Ind St 6P.N 1s1 h1 w yy Flagler Fermi N fl:lyh, SI W F gler 51 64 SW 1-1 3t 51 SW 34 Si 1. SW 4th SI S5 h1h '1 Ctt�Lehlea F. SW 91h St 1Wraenedle Hr4 Aneille AXE. Sidenie Are a Err I S. 3 51 31 A T SW 3rd St NW l,1 31 17 SW in Fit 3W 6th St !7W 14Eh 511J 160 :R tiw 1.-Ie tthpyArhe 51 txi I of :!Maxd6Se rnporni . r ra enPPlers na ryhla " W 1r1 St III.inn Sale 5 6NNorth Pryer Dr FL 33125 IJL NVI ddh S1 ?' wnenoethsr ahr<n,1L #`St#yv 2nd rmr.n 7 .NW 1st 5t i _ in Nd Flaps'^s lnmr %e+v SW 3rd 'Si 5W 40, 31 iv, 50, Mlantl it; I SYY 22 iN Aye .1 5W9th St 11;Rh St 1 f ca 0 g p hiN 13th S1 n.k. t NW 141h St SI $ SW 141h Terrace SW 151h St snenanwala tiN i6th 51 1001 NW 7th St, Miami, FL 33.,, 1001 NW nth St Miami, FL 33136 N3 nh5 A am N 7 sale z is ',armor 650 W 8th 5t NW Niam FL 33136 ti3 F NW :An • E 1irk 51"-? 'm Sw 12ah SI 11W 13111 31 Pn° px Nw 10th 5t ee Idllzf..ora1 wart SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #1 No. Property Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price 1 Size Size Price (Acres) (SF) Per SF 1 641 NW 12th Avenue Sale Miami, FL 33136 2 650 NW 8th Street Sale Miami, FL 33136 3 61 NW 37th Avenue Sale Miami, FL 33125 4 501 SW 22nd Avenue Sale Miami, FL 33130 5 1690 NW North River Drive Miami, FL 33125 Sale 6 1101 W. Flagler Street Sale Miami, FL 33130 7 1001 NW 7th Street Sale Miami, FL 33136 8 805-861 West Flagler Street Miami, FL 33130 Sale Feb-15 D1, Work Place & T6-8, $2,574,100 $2,574,100 0, Urban Core, Open Mar-16 T6-8 0, Urban Transecl $27,695,000 $27,965,000 Zone, Open May-16 T6-8 0, Urban Core & $4,225,000 $4,225,000 T4 L, General Urban, Restricted Jul-16 T6-8 0, Urban Core $4,000,000 $4,000,000 Feb-18 T6-8 0, Urban Core, $10,375,000 $10,375,000 Open May-18 T6-12 0, Urban Core, $11,187,500 $11,187,500 Open May-18 T6-8 0, Urban Core, $26,000,000 $26,000,000 Open May-18 T6-12 0, Urban Core, $8,577,000 $9,077,000 Open & T4-R, General Urban, Restricted 0.76 32,945 $78.13 8.61 375,098 $74.55 1.13 49,010 $86.21 0.99 43,224 $92.54 2.38 103,540 $100.20 2.43 105,869 $105.67 6.31 274,864 $94.59 2.20 96,000 $94.55 Subj. 1680 NW 5th Street, Miami, Florida T6-8 0, Urban Core, Open 2.75 120,000 1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number 1 2 3 4 5 6 7 8 Transaction Type Sale Sale Sale Sale Sale Sale Sale Sale Transaction Date Feb-15 Mar-16 May-16 Jul-16 Feb-18 May-18 May-18 May-18 Zoning DI, Work Place & T6-8 0, Urban T6-8 0, Urban T6-8 0, Urban T6-8 0, Urban T6-12 0, T6-8 0, Urban T6-12 0, Urban T6-8, 0, Urban Transect Zone, Core & T4 L, Core Core, Open Urban Core, Core, Open Core, Open & T4-R, Core, Open Open General Urban, Open General Urban, Restricted Restricted Actual Sale Price Adjusted Sale Price Size (Acres) Size (SF) Density (UPA) Allowable Units Allowable Bldg. Area (SF) Indicated FAR Price Per SF $2,574,100 $27,695,000 $4,225,000 $4,000,000 $10,375,000 $11,187,500 $26,000,000 $2,574,100 $27,965,000 $4,225,000 $4,000,000 $10,375,000 $11,187,500 $26,000,000 0.76 8.61 1.13 0.99 2.38 2.43 6.31 32,945 375,098 49,010 43,224 103,540 105,869 274,864 --- 164 du/ac 149 du/ac 150 du/ac 1,106 du/ac --- --- --- 163 Units 355 Units 364 Units 698 Units 78,985 SF --- --- 430,000 SF --- 698,000 SF 2.40 --- --- 4.15 --- 2.54 $78.13 $74.55 $86.21 $92.54 $100.20 $105.67 $94.59 $8,577,000 $9,077,000 2.20 96,000 $94.55 Price ($ PSF) $78.13 $74.55 $86.21 $92.54 $100.20 $105.67 $94.59 $94.55 Property Rights Conveyed 0% 0% 0% 0% 0% 0% 0% 0% Financing Terms' 0% 0% 0% 0% 0% 0% 0% 0% Conditions of Sale 0% -30% 0% 0% 0% 0% 0% 0% Market Conditions (Time) 20% 15% 10% 10% 0% 0% 0% 0% Subtotal $93.76 $60.01 59483 $101.79 510020 $105.67 $94.59 $94.55 Size -10% 25% -10% -10% 0% 0% 20% 0% Shape 0% 0% 0% 0% 0% 0% 0% 0% Corner -10% 0% 0% 0% 0% 0% 0% 0% Frontage 0% 0% 0% -10% -25% -10% -30% -10% Topography 0% 0% 0% 0% 0% 0% 0% 0% Location 0% 0% 0% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% -10% 0% -10% Utilities 0% 0% 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% 0% 0% Total Other Adjustments -20% 25% -10% -20% -25% -20% -10% -20% Value Indication for Subject $75.00 $75.02 $85.35 $81.44 $75.15 $84.54 $85.13 $75.64 Absolute Adjustment 40% 70% 20% 30% 25% 20% 50% 20% Subject T6-8 0, Urban Core, Open 2 75 120,000 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - MARLINS SITE #1 $ PSF Subject SF Total $75.00 $85.00 Indicated Value: x 120,000 = $9,000,000 x 120,000 = $10,200,000 $9,600,000 (Rounded $ PSF) $80.00 Compiled by CBRE Land Value Land Value The following map summarizes the comparable data used in the valuation of the subject site. Temiami Park MN 53th 5t MN 551h 5t Sale 3 9902 NW 87th Ave Miami, FL 33173 Dora! eh, JC z Vanderbilt Park Park F L 0 Mc/ 5th Sale 7 8300 NW 41st St Miami, FL 33166 Ij Sale 5W 109th Aye Sweetwater N2r5f1y Park A73 I Flc•ler Town Park Estates W apical Perk 828 yi e Cata'iw Coy kt0 and P' 1981L20,121.licrosott Pm- or lion ankords su li IlrcAll kts5rfta Alameda 'West., Narlid Sun -Tan Vllla•e Cr Ma. 1nBr wnsaill Sales 2875 NW 42nd Ave Miami, FL 33192 M0.C- Melreese Site 1430 NW 37th Ave Mlami, FL 33125 MN 14th Glen Meg Sale 1 3093 S Douglas Rd Coral Gables, FL 33133 Sale3 215 5 Pixie Hwy Miami, FL 33133 own. roue Mlam °Liberty qua e Lemon Little Ha Sale 2 2701Biscayne Blvd Mlar. FL 33137 14th " 1 ShenrHaaan Pairls$k Biscayne Bay H�saayne Hay Aquatic Preserve ayshore SUMMARY OF COMPARABLE LAND SALES - MELREESE No. Property Location Transaction Actual Sale Adjusted Sale Size Size Allowable Price Price Per Type Date Zoning Price Price (Acres) (SF) Bldg. Area (SF) FAR Per SF SF (FAR) 1 3090 S. Douglas Road Sale Jun-15 T6-12 0, Urban Core $10,100,000 $10,170,022 1.26 54,886 170,321 3.10 $185.29 $59.71 Coral Gables, FL 33133 2 2701 Biscayne Blvd. Sale May-16 T6-36-L & T6-36-0 $30,000,000 $30,000,000 2.20 95,868 488,176 5.09 $312.93 $61.45 Miami, FL 33137 3 215 & 251 5. Dixie Highway Sale Oct-16 T6-24 0, Urban Core, $60,250,000 $60,250,000 4.39 191,249 679,758 3.55 $315.03 $88.63 Coral Gables, FL 33133 open 4 740 SW 109th Avenue Sale Dec-16 UC, University City $16,600,000 $16,600,000 1.71 74,700 344,400 4.61 $222.22 $48.20 Sweetwater, FL 33174 5 2875 NW 42nd Avenue Sale Jul-17 IU-3, Industrial, $2,600,000 $2,600,000 1.71 74,567 50,403 0.68 $34.87 $51.58 Miami, FL 33142 Unlimited Manufacturing District 6 4402 NW 87th Avenue Sale Mar-18 DMU, Downtown $13,574,500 $13,574,500 2.02 88,166 199,454 2.26 $153.97 $68.06 Dora!, FL 33166 Mixed -Use 7 8300 NW 41st Street Under Jul-18 DMU, Downtown $19,150,000 $19,150,000 4.00 174,240 359,637 2.06 $109.91 $53.25 Dora!, FL 33166 Contract Mixed -Use Subj. 1400 NW 37th Avenue, Miami, Florida CS, Civic Space/Parks --- --- 2.30 100,000 287,000 2.87 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number Transaction Type Transaction Date Zoning Actual Sale Price Adjusted Sale Price Size (Acres) Size (SF) Allowable Bldg. Area (SF) Indicated FAR Price Per SF Price Per Bldg. Area 1 Sale Jun-15 T6-12 0, Urban Core $10,100,000 $10,170,022 1.26 54,886 170,321 SF 3.10 $185.29 $59.71 2 3 4 5 6 7 Sale Sale Sale Sale Sale Under Contract May-16 T6-36-L & T6- 36-0 $30,000,000 $30,000,000 2.20 95,868 488,176 SF 5.09 $312.93 $61 .45 Oct-16 Dec-16 T6-24 0, Urban UC, University Core, open City $60,250,000 $60,250,000 4.39 191,249 679,758 SF 3.55 $315.03 $88.63 $16,600,000 $16,600,000 1.71 74,700 344,400 SF 4.61 $222 22 $48.20 Jul-1 7 IU-3, Industrial, Unlimited Manufacturing $2,600,000 $2,600,000 1.71 74,567 50,403 SF 0.68 $34.87 $51 .58 Mar-18 Jul-18 DMU, DMU, Downtown Downtown Mixed -Use Mixed -Use $13,574,500 $19,150,000 $13,574,500 $19,150,000 2.02 4.00 88,166 174,240 199,454 SF 359,637 SF 2.26 2.06 $153.97 $109.91 $68.06 $53.25 Price ($ PSF) Property Rights Conveyed Financing Terms Conditions of Sale Market Conditions (Time) $185.29 0% 0% 0% 15% $312.93 0% 0% 0% 10% $315.03 0% 0% 0% 10% $222.22 0% 0% 0% 10% $34.87 0% 0% 0% 5% $153.97 0% 0% 0% 0% $109.91 0% 0% 0% 0% Subtotal $213.08 $344.22 $346.53 $244.44 $36.61 $153.97 $109.91 Size Shape Corner Frontage Topography Location Zoning/Density Utilities Highest & Best Use 0% 0% 0% 0% 0% -10% 0% 0% 0% 0% 0% 0% 0% 0% -10% 0% 0% 0% 10% 0% 0% -10% 0% -30% 0% 0% 0% 0% 0% 0% 0% 0% 20% 0% 0% 0% 0% 10% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% -10% 0% 0% 0% 0% 0% 10% 0% 0% 0% 0% 0% 0% 0% 0% Total Other Adjustments -10% -10% -30% 20% 10% -10% 10% Value Indication PSF of Site $191.78 $309.80 $242.57 $293.33 $40.27 $138.57 $120.90 Value Indication PSF of FAR $61.80 $60.84 $68.25 $63.62 $59.58 $61.25 $58.58 Absolute Adjustment 25% 20% 60% 30% 15% 10% 10% Subject CS, Civic Space/Parks 2.30 100,000 287,000 SF 2.87 ' Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - M ELREESE $ PSF of Site Site SF Total $140.00 $190.00 $ PSF of FAR $60.00 $65.00 Indicated Value: x 100,000 x 100,000 Proposed FAR x 287,000 SF x 287,000 SF (Rounded $ PSF) • $14,000,000 • $19,000,000 Total • $17,220,000 • $18,655,000 $18,000,000 $180.00 Compiled by CBRE Land Value Land Value The following map summarizes the comparable data used in the valuation of the subject site. 1.1t W! == l__u [f NW Bth I� I— I ,.L .. NW 11th I Jai CED � t ke NW 11th St FprNW 10th St 4822 "°,45. a NW 7th St 1.2., SW 1st St I � _ -. CnpyriohtO ant (P19882201211 otttoryoratw es suppliers All rights reserved L_ 1 i�. I � l 95 �B 11 . �: q ■ o❑ Parks n tOl NW 14th Sale 7 1801 NE 2nd eve Miami, FL 33132 111. St 25th St h St Sale fi 2501 6lsrayne Blvd tMiami, FL33137 Margaret re POCe Park Margaret Parr Perk Biscayne Park '--t Sale 4 Cemetery H II 1900Biscayne Blvd r NE 57eMiami, FL3313 NW 15th IOW_ 4395 iv' LJ� M'1 *El r7 m�R n Bicentennial Park 4t4 M lelar: 'SSS N Miami Ave . Mlami FL 33136 NW Bth St LEI a ' I_ -J sa 'Mllt 1 ill NW NW 9th MCC - MRC Site 1 230 SW 3rd St Miami, FL 33130 11 Port Hlvd 886 Sale 8 503 NE 1st Ave man, FL 3313 S151. St manna ina Bayfr0nt PBrk <'i$E 3rd. St e aytralPerk Pace Picnic Islands B i s c a y n e Bay Disc Is lead Biscayne Bay Aquatic Preserve MacArthur �OOsg„ dY A9A Wabvn11,d *Watson Park Watson Park 4 eh a 0a e sa0Islandd Port of = Mlami `S Cr,,,e Dodge Island SUMMARY OF COMPARABLE LAND SALES - MRC 1 SITE No. Property Location Transaction Type Date Zoning Actual Sale Price Adjusted Sale Price Size Size Price (Acres) (SF) Per SF 1 700 North Miami Avenue Miami, FL 33136 2 555 N. Miami Avenue Miami, FL 33132 Sale Sale 3 1753 - 1775 NE 2nd Avenue Sale Miami, FL 33132 4 1900 Biscayne Boulevard Miami, FL 33132 5 151 NE 1st Street Miami, FL 33131 6 2501-2521 Biscayne Boulevard Miami, FL 33137 Sale Sale Sale 7 1801-1851 NE 2nd Avenue Under Miami, FL 33132 Contract 8 500 NE 1st Avenue Sale Miami, FL 33132 Mar-17 T6-36b 0, Urban Core, $45,250,000 $45,250,000 4.71 205,353 $220.35 Open Mar-17 T6-80 0, Urban Core $18,095,000 $18,095,000 0.83 35,992 $502.75 Transect Zone May-17 T6-24 0, Urban Core, $33,000,000 $33,000,000 1.39 60,375 $546.58 open Sep-17 T6-36b 0, Urban Core, $18,400,000 $18,400,000 1.01 44,034 $417.86 Open Nov-17 T6-80 0, Urban Core $9,270,000 $9,270,000 0.34 15,000 $618.00 Transect Zone Feb-18 T6-36a 0, Urban Core, $22,700,000 $22,700,000 1.11 48,351 $469.48 Open Jul-18 T6-36b O, Urban Core, $30,000,000 $30,000,000 1.40 61,170 $490.44 Open Jul-18 T6-80 0, Urban Core, $28,300,000 $35,200,000 1.83 79,848 $440.84 Open Subj. 230 SW 3rd Street, Miami, Florida T6-36b 0, Urban Core, Open 1.59 69,161 ' Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE Land Value ADJUSTMENT GRID LAND SALES ADJUSTMENT GRID Comparable Number 1 2 3 4 5 6 7 8 Transaction Type Sole Sole Sole Sale Sole Sole Under Contract Sole Transaction Date Mar-17 Mar-17 May-17 Sep-17 Nov-17 Feb-18 Jul-18 Jul-18 Zoning T6-60a 0, Urban T6-80 0, T6-24 0, Urban T6-36b 0, T6-80 0, T6-36a 0, T6-36b 0, T6-80 0, Urban Core, Open Urban Core Core, open Urban Core, Urban Core Urban Core, Urban Core, Core, Open Transect Zone Open Transect Zone Open Open Actual Sale Price $45,250,000 $18,095,000 $33,000,000 $18,400,000 $9,270,000 $22,700,000 $30,000,000 $28,300,000 Adjusted Sale Pricer $45,250,000 $18,095,000 $33,000,000 $18,400,000 $9,270,000 $22,700,000 $30,000,000 $35,200,000 Size (Acres) 4.71 0.83 1.39 1.01 0.34 1.11 1.40 1.83 Sae (SF) 205,353 35,992 60,375 44,034 15,000 48,351 61,170 79,848 Density (UPA) 300 du/ac 438 du/ac 500 du/ac 4,243 du/ac --- --- --- --- Allowable Units 1,414 Units 362 Units 693 Units 429 Units --- --- --- Allowable Bldg. Area (SF) 2,258,883 SF 607,560 SF 966,000 SF 439,765 SF 360,000 SF 483,510 SF ######### --- Indicated FAR 11.00 16.88 16.00 9.99 24.00 10.00 22.00 --- Price Per SF $220.35 $502.75 5546.58 $417.86 $618.00 $469.48 $490.44 $410.84 Price Per Bldg. Area $20.03 $29.78 $34.16 $41 .84 $25.75 $46.95 $22.29 --- Price Per Unit $32,001 $49,986 $47,619 $42,890 --- --- --- Subject Sale Jul-15 T6-36b 0, Urban Core, Open $14,250,000 $14,250,000 1.59 69,161 330,000 SF 4.77 $206.04 $43.18 Price ($ PSF) $220.35 $502.75 $546.58 $417.86 $618.00 5469.48 $490.44 $440.84 $206.04 Property Rights Conveyed 0% 0% 0% 0% 0% 0% 0% 0% 0% Financing Terms r 0% 0% 0% 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 0% 0% 0% 0% 0% 0% 0% 0% Market Conditions (Time) 0% 0% 0% 0% 0% 0% 0% 0% 20% Subtotal $220.35 $502.75 $546.58 $417.86 $618.00 $469.48 $490.44 $440.84 $247.25 Sae 30% -5% 0% 0% -10% 0% 0% 0% 0% Shape -10% -10% -10% -10% -10% -10% -10% -10% 0% Corner 0% 0% 0% 0% 0% 0% 0% 0% 0% Frontage 0% 0% -10% -10% -10% -10% -10% 0% 0% Topography 0% 0% 0% 0% 0% 0% 0% 0% 0% Location 0% 0% -25% 0% 0% 0% 0% 0% 0% Zoning/Density -10% -20% 5% 0% -20% 0% 0% -20% 0% Utilities 0% 0% 0% 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% 0% 0% 0% Total Other Adjustments 10% -35% -40% -20% -50% -20% -20% -30% 0% Value Indication PSF of Site $292.39 $326.79 $327.95 $334.29 $309.00 $375.58 $392.35 $308.59 $247.25 Value Indication PSF of FAR $22.04 $19.36 $20.50 $33.47 $12.88 $37.56 $17.83 $51.82 Absolute Adjustment 50% 35% 50% 20% 50% 20% 20% 30% Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION CONCLUDED LAND VALUE - MRC 1 SITE $ PSF of Site Site SF Total $250.00 $300.00 Indicated Value: x 69,161 = $17,290,250 x 69,161 = $20,748,300 $19,000,000 (Rounded $ PSF) $274.72 Compiled by CBRE APPENDIX D Potential Tax Revenues Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Marlins # 1 68,900 CI T6-8 Total Development Potential (Square Feet) 253,000 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 253,000 $ - $ 550.00 139,150,000 Estimated Assessed Value (Sale Value) 253,000 139,150,000 Assessed Value Reduction 20% 27,830,000 Estimated Assessed Value 111,320,000 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 754,082 24,490 3,562 14,193 15,407 4,909 52,020 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 827,831 66,068 52,109 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 519,519 44,528 31,615 MRC Property- Total 21.6523 2,410,334 City Tax Revenue - MRC Property Sales -11 Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 827,831 66,068 Total City Tax Revenue 8.4981 893,900 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". 5) Stand alone site does not accommodate existing requirement of city (287,500) and will require modification to comply with Miami 21. Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Marlins # 2 45,000 CI T5 Total Development Potential (Square Feet) 113,000 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 525.00 59,325,000 Estimated Assessed Value (Sale Value) 113,000 59,325,000 Assessed Value Reduction 20% 11,865,000 Estimated Assessed Value 47,460,000 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 321,494 10,441 1,519 6,051 6,568 2,093 22,178 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 352,936 28,168 22,216 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 221,491 18,984 13,479 MRC Property- Total 21.6523 1,027,618 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 352,936 28,168 Total City Tax Revenue 8.4981 381,104 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". 5) Stand alone site does not accommodate existing requirement of city (287,500) and will require modification to comply with Miami 21. Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Marlins # 3 120,000 CI T5 Total Development Potential (Square Feet) 267,000 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 267,000 $ - $ 525.00 140,175,000 Estimated Assessed Value (Sale Value) 267,000 140,175,000 Assessed Value Reduction 20% 28,035,000 Estimated Assessed Value 112,140,000 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 759,636 24,671 3,588 14,298 15,520 4,945 52,403 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 833,929 66,555 52,493 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 523,346 44,856 31,848 MRC Property- Total 21.6523 2,428,089 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 833,929 66,555 Total City Tax Revenue 8.4981 900,484 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". 5) Stand alone site does not accommodate existing requirement of city (287,500) and will require modification to comply with Miami 21. Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning ATT 33,368 T6-60A-0 T6-60A-1 Total Development Potential (Square Feet) 550,572 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 550,572 $ 600.00 330,343,200 Estimated Assessed Value (Sale Value) 550,572 330,343,200 Assessed Value Reduction 20% 66,068,640 Estimated Assessed Value 264,274,560 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 1,790,196 58,140 8,457 33,695 36,576 11,655 123,496 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 1,965,278 156,847 123,707 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 1,233,343 105,710 75,054 MRC Property - Total 21.6523 5,722,152 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 1,965,278 156,847 Total City Tax Revenue 8.4981 2,122,125 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Biscayne 318,859 CI T6-24B Total Development Potential (Square Feet) 5,229,287 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 880,000 $ - $ - $ 550.00 484,000,000 Estimated Assessed Value (Sale Value) 880,000 484,000,000 Assessed Value Reduction 20% 96,800,000 Estimated Assessed Value 387,200,000 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 2,622,893 85,184 12,390 49,368 53,588 17,076 180,939 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 2,879,413 229,803 181,248 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 1,807,024 154,880 109,965 MRC Property- Total 21.6523 8,383,771 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 2,879,413 229,803 Total City Tax Revenue 8.4981 3,109,216 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". 5) Of the total development potential of 318,000 SF - only 55,000 SF (or 17.25%) is needed for City building. Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Melreese 100,000 CI T6-8 Total Development Potential (Square Feet) 280,000 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 280,000 $ - $ - $ 525.00 147,000,000 Estimated Assessed Value (Sale Value) 280,000 147,000,000 Assessed Value Reduction 20% 29,400,000 Estimated Assessed Value 117,600,000 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 796,622 25,872 3,763 14,994 16,276 5,186 54,954 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 874,532 69,796 55,049 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 548,827 47,040 33,398 MRC Property - Total 21.6523 2,546,310 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 874,532 69,796 Total City Tax Revenue 8.4981 944,328 Notes: 1) All estimates for illustrative purposes only. 2) Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. 3) Improved value is an estimate based on prototypical development cost and site conditions. 4) Improved value reduced by 20% for expected "assessed value". Estimated Taxes Site Site Size (Square Feet) Zoning by Right Anticipated Zoning Nexus 68,900 CI T6-36B-0 Total Development Potential (Square Feet) 2,122,120 Projected Real Estate Taxes Use GSF Improved Value Office Other 1 Other 2 2,122,120 $ - $ - $ 600.00 1,273,272,000 Estimated Assessed Value (Sale Value) 2,122,120 1,273,272,000 Assessed Value Reduction 20% 254,654,400 Estimated Assessed Value 1,018,617,600 Estimated Ad Valorem Taxes (2017 Millage Rates) Description Tax Rate (Millage) Total Miami -Dade School Board: School Board Operating School Board Debt Service State & Other: Florida Inland Navigation District South Florida Water Mgmt District Okeechobee Basin Everglades Construction Project Children's Trust Authority 6.7740 0.2200 0.0320 0.1275 0.1384 0.0441 0.4673 6,900,116 224,096 32,596 129,874 140,977 44,921 476,000 Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 7,574,950 604,550 476,815 Miami -Dade County: County Wide Operating County Wide Debt Service Library 4.6669 0.4000 0.2840 4,753,786 407,447 289,287 MRC Property - Total 21.6523 22,055,414 City Tax Revenue - MRC Property Sales Description Tax Rate (Millage) Total Municipal Governing Board: Miami Operating Miami Debt Service Miami Miscelalaneous 7.4365 0.5935 0.4681 7,574,950 604,550 Total City Tax Revenue 8.4981 8,179,499 Notes: All estimates for illustrative purposes only. Actual revenue dependent upon permitted zoning, development potential (size), design for intended use, parking density, and timing. Improved value is an estimate based on prototypical development cost and site conditions. Improved value reduced by 20% for expected "assessed value"