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Home My WebLink AboutSubmittal-Michael Abati-Olympia Hotel Social Enterprise Proposal PresentationOLYMPIA TOWER & THEATRE DOWNTOWN MIAMI 5732 - Submittal -Michael Abati-Olympia Hotel Social Enterprise Proposal Presentation Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International proposes a public/private venture with the City of Miami to convert the Olympia Tower into an independent boutique hotel whereby over 50% of net revenues are distributed to local charity organizations. New Urban International, LLC WWW.NUINTL.COM CONFIDENTIALITY & DISCLAIMER THIS PRESENTATION CONTAINS SELECTED INFORMATION ABOUT NEW URBAN INTERNATIONAL ("NUI") AND ITS AFFILIATES. THIS PRESENTATION HAS BEEN PREPARED AND IS BEING FURNISHED SOLELY FOR INFORMATIONAL PURPOSES AND SOLELY FOR USE BY YOU IN PRELIMINARY DISCUSSIONS WITH NUI. THIS PRESENTATION CONTAINS PRELIMINARY INFORMATION ONLY, IS SUBJECT TO CHANGE AT ANY TIME AND IS NOT, AND SHOULD NOT BE ASSUMED TO BE, COMPLETE OR TO CONSTITUTE ALL THE INFORMATION NECESSARY TO ADEQUATELY MAKE A PARTNERSHIP DECISION. NO REPRESENTATION IS MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, REGULATORY, BUSINESS, ACCOUNTING OR TAX ADVICE. YOU SHOULD CONSULT YOUR OWN ATTORNEY, BUSINESS ADVISOR, ACCOUNTANT AND TAX ADVISOR AS TO LEGAL, REGULATORY, BUSINESS, ACCOUNTING AND TAX ADVICE. THIS PRESENTATION IS CONFIDENTIAL. ANY REPRODUCTION OR DISTRIBUTION OF THIS PRESENTATION, IN WHOLE OR IN PART, OR THE DISCLOSURE OF THE CONTENTS HEREOF, WITHOUT THE PRIOR WRITTEN CONSENT OF NUI, IS PROHIBITED. BY RETAINING THE ' PRESENTATION, YOU ACKNOWLEDGE AND REPRESENT TO NUI THAT YOU HAVE READ, UNDERSTOOD AND ACCEPT THE TERMS OF THIS PRESENTATION AND ACKNOWLEDGE AND AGREE THAT THE PRESENTATION IS CONFIDENTIAL, NON-PUBLIC AND/OR PROPRIETARY INFORMATION. YOU HEREBY AGREE TO RETURN THIS PRESENTATION TO NUI PROMPTLY UPON REQUEST. Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk -41 New Urban International, LLC WWW.NUINTL.COM TABLE OF CONTENT Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT OVERVIEW Project Summary Project Location Repositioning Highlights Design Highlights LEASE PROPOSAL Lease Terms Structure Overview FINANCIALS �r Project Costs Hotel Operational Proforma Project Returns Preservation Fund Community Fund ABOUT THE TEAM New Urban Initiative New Urban International Hotel Operator ORO Contact Information New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT OVERVIEW New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT SUMMARY Built in 1926, the Olympia Tower and Gusman Theatre is an irreplaceable piece of Miami's history that is currently in need of $15 million in repairs. New Urban International has created a short and long term plan that will ensure it's legacy for the next 100 years. New Urban International plans include a renovation of the theatre and a repositioning of the residential tower into an upper mid -scale independent boutique hotel. NUI will upgrade rooms, corridors, lobby, life safety systems, and ground floor retail within 12 - 24 months of acquisition with an estimated budget of $5 million. Upon stabilization, over 50% of the net profits will be disbursed to local non -profits that specialize in housing and food insecurities, special needs, and education within the City of Miami. New Urban International will also project manage the much needed exterior preservation. NUI's plan is to sell the existing development rights attached to the Olympia Theatre to establish a historic preservation fund. Construction time is estimated to take 18 months at a cost of $15 million. Any remaining funds will benefit future renovations to the Olympia and other historic assets within the City of Miami. Address: Lot Size: Zoning: Year Built: Tower Area: Theatre Area: Total Hotel Suites: Average Unit Size: Total Theatre Seats: Total Event Space: Total Retail Space: Est. TDR's: 174 E Flagler Street Miami, FL 21,477 Sq. Ft. T6-80-0 1926 74,582 Sq. Ft. 13,598 Sq. Ft. 80 385 Sq. Ft. 1,500 5,500 Sq. Ft. 3,800 Sq. Ft. 493 Units New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT OVERVIEW HOTEL OVERVIEW The New Urban Initiative will raise the required capital to convert the residential units into a lifestyle boutique hotel with an industrial urban feel and modern technologies. The tower will undergo $5 million renovation in rooms, corridors, retail, and lobby renovations. The current floor plans are well suited for hospitality and will require little to no demolition. The room mix will consist primarily of studio suites and one floor dedicated to shared accommodations. The ground floor will have a small lobby with easy access to new food and beverage outlets to include a cafe and bakery. New Urban International will asset manage the project through it's entirety. SOCIAL ENTERPRISE OVERVIEW The hotel will be operated on a triple bottom -line platform which includes new well paid job openings, reduced carbon footprint, local non-profit support, and an increase in city revenues. New operations will create an estimated 10 full-time jobs and 5 part-time jobs. Our management will look to hire at least 40% or more of those employee from within city limits. In addition, operations will commit an additional two percent (2%) of gross revenue to a historic preservation trust and three percent (3%) to an emergency community fund focused on the City of Miami. Lastly, over 50% of annual operating profits will be dispersed to local non- profit organizations through NUI's parent company the New Urban Initiative. Charitable proceeds will go to supporting local organizations who focus on housing, hunger, special needs, and education. RENOVATIONS & TRANSFERABLE RIGHTS NUI plans to sell the excess development rights attached to the Olympia Theatre to fund the theatre and exterior facade repairs estimated at $15 million. NUI estimates that there are 413 unused dwelling rights with an $1 1 million market value. NUI will sell the units and place the proceeds into a historic preservation fund to be used for current and future Olympia preservation renovations. New Urban International, LLC WWW.NUINTL.COM TF1-1-1-1-1 WYNWOOD FL. PROJECT LOCATION I 1 _Li MIDTOWN IN 1111 -111 11111E. 1. 11:1AI111Ir MM IL --- MIAMI BEACH DOWNTOWN MIAMI Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International, LLC WWW.NUINTL.COM Submitted 'nto the public record for item(s) DI.5, on 7/11/19, City Clerk Hotel Name Olympia Hotel Holiday Inn Yve Hotel Langford Hotel Courtyard COURTYARD MARRIOTT # Rooms 80 200 243 126 233 Meeting Space 1500 1270 1000 1076 3000 COMPETATIVE SET Amenity Level 3 Star 3.5 Star 3.5 Star 4 Star 3 Star HOLIDAY INN YVE HOTEL LANGFORD HOTEL TA Rating NA 72/128 83/128 42/128 43/128 Last Renovated 2019 2012 2013 2016 2016 REPOSITIONING HIGHLIGHTS ➢ Convert to Upper Midscale Hotel ➢ Fully renovate all rooms, corridors, and lobby with a chic industrial design ➢ All new safety systems ➢ F&B will consist of a coffee and pastry cafe ➢ Maintain current footprint ➢ All studios with kitchenettes ➢ Three ADA rooms ➢ Independent branding affiliation Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International, LLC WWW.NUINTL.COM DESIGN HIGHLIGHTS ➢ Modern industrial design ➢ Design elements include reclaimed wood, cast iron, and live walls ➢ Inspirational art ➢ Cozy lobby feel ➢ LEED certified ➢ Energy efficient systems ➢ SMART Systems Latest Technology Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International, LLC WWW.NUINTL.COM �1 OPPORTUNITY HIGHLIGHTS Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk ➢ Limited competition ➢ High barrier to entry ➢ Large target audience ➢ Numerous demand drivers ➢ Significant upside potential Leasehold i gears nterest o High margin business platform Immediate Cash flow Reposition time of 12 - 24 months Local and federal tax credits available Prime corner location High visibility New Urban International, LLC WWW.NUINTL.COM rtnie CITY OF MIAMI PROPOSAL PilWr T 1 - Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk LEASE TERMS NUI and the Initiative will convert the 10-story apartment building into a for - profit independent boutique hotel and execute a long term land lease with the City of Miami. The partnership will spend upwards of $5 million on energy efficient system upgrades along with rooms, corridors, and lobby renovations. In exchange for capital improvements and project management, NUI is asking for a three year rent abatement on a 99 year lease. The partnership will also project manage the full restoration and repair of the Gusman Theatre and exterior facade. With an estimated $15 million in repairs, $3 million has already been provided and the remaining balance will come from the sale of excess TDD and TDR rights attached to the property. NUI will manage the sale of unit and will be compensated a reasonable fee. NUI will also implement a new business strategy and third -party management of operations. Management will coordinate with hotel sales & marketing staff for smaller daytime events along with local non-profit organizations and education institutions in order to maximize revenues. Term: 49 years Extensions: 5 (10 year) Base Rent: $80,000 ($1,000/Unit) Rate Increases: Rate increase to begin in Year 6 based on Consumer price index not to exceed 3% annually. Rent Abatement: Three years Historic Preservation Fund: Upon stabilization, 2% of gross revenue will be held in an interest -bearing account for restoration projects throughout the City of Miami. Community Fund: Upon stabilization, 3% of gross revenue held in trust and distributed to local non-profit organizations within the City of Miami. Employment: NUI will employ 40% of it's employees from within city limits paid above minimum wage with benefits. An estimated 15 full-time and 5 part-time positions will be created. Parking & Theatre Deficits: The City will donate 100 nearby parking spaces to hotel operations for the cost of $1/space/month. Parking proceeds will go to cover any fiscal deficits from the Theatre while any remaining funds will be disbursed back to the city parking authority. Equity Source Non -Profit nui Asset Manager For -Profit STRUCTURE OVERVIEW 070 oF4,�� f * !MCORP DRATED * 36 96 L 0 RN� Fee Simple OLYMPIA HOTEL, LLC Leasehold Interest For -Profit Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk MANAGEMENT DEVELOPMENT SANDER DR F OD WJE Iia.spotaL ejj .nsanayement, 330 E REVENUE DISBURSEMENT :: ;; FEEDINGR' SOUTH FLORIDA Camillus House RONALD MCDONALD HOUSE CHARITIES' LIGHTHOUSE for thcBLINf AND VISUALLY IMPAIRED Big Brothers Big Sisters AUTISM SPEAKS® New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk FINANCIALS New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT COSTS Project Uses $ per Acquisition Costs % Total $ Amount Room Purchase Price 1.8% $100,000 $1,250 Closing Costs 0.9% 50,370 630 Acquisition Fee 0.0% 0 0 Total Acquisition Costs 2.7% $150,370 $1,880 Project Costs Guestrooms / Guestrooms Floors 18.9% $1,036,889 $12,961 Lobby Floor 4.8% 265,000 3,313 Conference Facility 0.0% 0 0 Building Systems 17.0% 932,000 1 1,650 Building Envelope & Exterior 7.2% 395,000 4,938 Administration & Other 40.9% 2,243,745 28,047 Other - Outside of Renovation 0.0% 0 0 Total Project Costs 88.8% $4,872,634 $60,908 Total Costs before Financing 91.6% $5,023,004 $62,788 Financing Costs Loan Origination Costs 1 .9% $102,942 $1,287 Interest Reserve 6.6% 359,452 4,493 Total Financing Costs 8.4% $462,394 $5,780 Total Costs 100.0% $5,485,398 $68,567 New Urban International, LLC WWW.NUINTL.COM Olympia item(s) D1.5, on 7/11/19S City Clerk HOTEL OPERATIONS Hotel 2019 80 366 29,280 14,640 50.0% $140.00 $70.00 Var -16.67% 47.37% 22.81% 2020 80 365 29,200 21,900 75.0% $151.20 $113.40 Var 50.00% 8.00% 62.00% 2021 80 365 29,200 24,820 85.0% $157.25 $133.66 Var 13.33% 4.00% 17.87% Number of Rooms Days Open Available Rooms Occupied Rooms Occupancy Average Daily Rate RevPAR REVENUES % $ PAR $ POR % $ PAR $ POR % $ PAR $ POR Rooms $2,049,600 84.0% $25,620 $140.00 $3,311,280 85.9% $41,391 $151.20 $3,902,895 79.9% $48,786 $157.25 Food & Beverage 0 0.0% 0 0.00 0 0.0% 0 0.00 372,300 7.6% 4,654 15.00 Telecommunications 2,196 0.1% 27 0.15 3,393 0.1% 42 0.15 3,961 0.1% 50 0.16 Parking / Transportation 128,100 5.2% 1,601 8.75 197,374 5.1% 2,467 9.01 230,401 4.7% 2,880 9.28 Retail Leases 120,000 4.9% 1,500 8.20 123,600 3.2% 1,545 5.64 127,308 2.6% 1,591 5.13 Other $65,880 2.7% 824 4.50 101,507 2.6% 1,269 4.64 118,492 2.4% 1,481 4.77 Event Space 75,000 3.1% 938 5.12 115,875 3.0% 1,448 5.29 130,491 2.7% 1,631 5.26 Total Revenue $2,440,776 100.0% $30,510 $166.72 $3,853,028 100.0% $48,163 $175.94 $4,885,847 100.0% $61,073 $196.85 DEPARTMENTAL EXPENSES Rooms 409,920 20.0% $5,124 $28.00 $631,596 19.1% $7,895 $28.84 $737,283 18.9% $9,216 $29.71 Food & Beverage 0 0.0% 0 0.00 0 0.0% 0 0.00 0 0.0% 0 0.00 Telecommunications 29,280 1333.3% 366 2.00 45,114 1329.7% 564 2.06 52,663 1329.7% 658 2.12 Parking / Transportation 128,100 100.0% 1,601 8.75 197,374 100.0% 2,467 9.01 230,401 100.0% 2,880 9.28 Retail Leases 12,000 10.0% 150 0.82 12,360 10.0% 155 0.56 12,731 10.0% 159 0.51 Other 23,058 35.0% 288 1.58 33,497 33.0% 419 1.53 41,472 35.0% 518 1.67 Event Space 48,750 65.0% 609 3.33 75,319 65.0% 941 3.44 84,819 65.0% 1,060 3.42 Total Departmental Expenses $651,108 26.7% $8,139 $44.47 $995,260 25.8% $12,441 $45.45 $1,159,369 23.7% $14,492 $46.71 GROSS OPERATING INCOME $1,789,668 73.3% $22,371 $122.25 $2,857,768 74.2% $35,722 $130.49 $3,726,478 76.3% $46,581 $150.14 UNDISTRIBUTED OPERATING EXPENSES Administrative & General $366,116 15.0% $4,576 $25.01 $346,773 9.0% $4,335 $15.83 $439,726 9.0% $5,497 $17.72 Credit Card Commissions 56,138 2.3% 702 3.83 88,620 2.3% 1,108 4.05 112,374 2.3% 1,405 4.53 Management & Branding Fees 112,745 4.6% 1,409 7.70 181,396 4.7% 2,267 8.28 213,387 4.4% 2,667 8.60 Sales & Marketing 97,631 4.0% 1,220 6.67 154,121 4.0% 1,927 7.04 244,292 5.0% 3,054 9.84 Utility Cost 109,800 4.5% 1,373 7.50 169,178 4.4% 2,115 7.73 197,487 4.0% 2,469 7.96 Repairs & Maintenance 124,440 5.1% 1,556 8.50 191,735 5.0% 2,397 8.76 223,818 4.6% 2,798 9.02 Total Undistributed Operating Expenses $866,870 35.5% $10,836 $59.21 $1,131,821 29.4% $14,148 $51.68 $1,431,085 29.3% $17,889 $57.66 GROSS OPERATING PROFIT $922,798 37.8% $11,535 $63.03 $1,725,947 44.8% $21,574 $78.81 $2,295,393 47.0% $28,692 $92.48 FIXED EXPENSES Insurance $35,000 1.4% $438 $2.39 $75,000 1.9% $938 $3.42 $78,000 1.6% $975 $3.14 Property Tax 66,000 2.7% 825 4.51 68,640 1.8% 858 3.13 71,386 1.5% 892 2.88 Leases & Other Charges 0 0.0% 0 0.00 0 0.0% 0 0.00 0 0.0% 0 0.00 Asset Management Fee 244,078 10.0% 3,051 16.67 385,303 10.0% 4,816 17.59 488,585 10.0% 6,107 19.69 City of Miami Community Fee 0 0.0% 0 0.00 0 0.0% 0 0.00 48,858 1.0% 611 1.97 Historic Preservsation Fee 0 0.0% 0 0.00 0 0.0% 0 0.00 48,858 1.0% 611 1.97 Total Fixed Expenses $345,078 14.1% $4,313 $23.57 $528,943 13.7% $6,612 $24.15 $735,687 15.1% $9,196 $29.64 NET OPERATING INCOME $577,720 23.7% $7,222 $39.46 $1,197,004 31.1% $14,963 $54.66 $1,559,706 31.9% $19,496 $62.84 New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk HOTEL OPERATIONS Olympia Hotel 2022 2023 2024 Number of Rooms Days Open Available Rooms Occupied Rooms Occupancy Average Daily Rate RevPAR 80 365 29,200 24,820 Var 85.0% 0.00% $161.97 3.00% $137.67 3.00% 80 366 29,280 24,888 Var 85.0% 0.00% $166.82 3.00% $141.80 3.00% 80 366 29,280 24,888 Var 85.0% 0.00% $171.83 3.00% $146.05 3.00% REVENUES % $ PAR $ POR % $ PAR $ POR % $ PAR $ POR Rooms Food & Beverage Telecommunications Parking/Transportation Retail Leases Other Event Space $4,019,982 79.9% $50,250 $161.97 383,469 7.6% 4,793 15.45 4,079 0.1% 51 0.16 237,313 4.7% 2,966 9.56 131,127 2.6% 1,639 5.28 122,047 2.4% 1,526 4.92 134,405 2.7% 1,680 5.42 $4,151,926 79.9% $51,899 $166.82 394,973 7.6% 4,937 15.87 4,202 0.1% 53 0.17 245,102 4.7% 3,064 9.85 135,061 2.6% 1,688 5.43 125,708 2.4% 1,571 5.05 138,438 2.7% 1,730 5.56 $4,276,484 79.9% $53,456 $171.83 406,822 7.6% 5,085 16.35 4,328 0.1% 54 0.17 252,455 4.7% 3,156 10.14 139,113 2.6% 1,739 5.59 129,479 2.4% 1,618 5.20 142,591 2.7% 1,782 5.73 Total Revenue $5,032,423 100.0% $62,905 $202.76 $5,195,409 100.0% $64,943 $208.75 $5,351,272 100.0% $66,891 $215.01 DEPARTMENTAL EXPENSES Rooms Food & Beverage Telecommunications Parking/Transportation Retail Leases Other Event Space $759,402 18.9% $9,493 $30.60 0 0.0% 0 0.00 54,243 1329.7% 678 2.19 237,313 100.0% 2,966 9.56 13,113 10.0% 164 0.53 42,716 35.0% 534 1.72 87,364 65.0% 1,092 3.52 $784,327 18.9% $9,804 $31.51 0 0.0% 0 0.00 55,870 1329.7% 698 2.24 245,102 100.0% 3,064 9.85 13,506 10.0% 169 0.54 43,998 35.0% 550 1.77 89,984 65.0% 1,125 3.62 $807,856 18.9% $10,098 $32.46 0 0.0% 0 0.00 57,546 1329.7% 719 2.31 252,455 100.0% 3,156 10.14 13,911 10.0% 174 0.56 45,318 35.0% 566 1.82 92,684 65.0% 1,159 3.72 Total Departmental Expenses GROSS OPERATING INCOME $1,194,150 23.7% $14,927 $48.11 $3,838,273 76.3% $47,978 $154.64 $1,232,787 23.7% $15,410 $49.53 $3,962,622 76.3% $49,533 $159.22 $1,269,771 23.7% $15,872 $51.02 $4,081,501 76.3% $51,019 $163.99 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Credit Card Commissions Management & Branding Fees Sales & Marketing Utility Cost Repairs & Maintenance $452,918 9.0% $5,661 $18.25 115,746 2.3% 1,447 4.66 219,789 4.4% 2,747 8.86 301,945 6.0% 3,774 12.17 203,411 4.0% 2,543 8.20 230,533 4.6% 2,882 9.29 $467,587 9.0% $5,845 $18.79 119,494 2.3% 1,494 4.80 226,983 4.4% 2,837 9.12 207,816 4.0% 2,598 8.35 210,087 4.0% 2,626 8.44 238,099 4.6% 2,976 9.57 $481,614 9.0% $6,020 $19.35 123,079 2.3% 1,538 4.95 214,051 4.0% 2,676 8.60 214,051 4.0% 2,676 8.60 216,390 4.0% 2,705 8.69 245,242 4.6% 3,066 9.85 Total Undistributed Operating Expenses GROSS OPERATING PROFIT $1,524,342 30.3% $19,054 $61.42 $2,313,931 46.0% $28,924 $93.23 $1,470,068 28.3% $18,376 $59.07 $2,492,554 48.0% $31,157 $100.15 $1,494,428 27.9% $18,680 $60.05 $2,587,073 48.3% $32,338 $103.95 FIXED EXPENSES Insurance Property Tax Leases & Other Charges Asset Management Fee City of Miami Community Fee Historic Preservsation Fee $81,120 1.6% $1,014 $3.27 74,241 1.5% 928 2.99 80,000 1.6% 1,000 3.22 503,242 10.0% 6,291 20.28 100,648 2.0% 1,258 4.06 100,648 2.0% 1,258 4.06 $84,365 1.6% $1,055 $3.39 77,211 1.5% 965 3.10 82,400 1.6% 1,030 3.31 519,541 10.0% 6,494 20.88 155,862 3.0% 1,948 6.26 103,908 2.0% 1,299 4.18 $87,739 1.6% $1,097 $3.53 80,299 1.5% 1,004 3.23 84,872 1.6% 1,061 3.41 535,127 10.0% 6,689 21.50 160,538 3.0% 2,007 6.45 107,025 2.0% 1,338 4.30 Total Fixed Expenses $939,900 18.7% $11,749 $37.87 $1,023,287 19.7% $12,791 $41.12 $1,055,601 19.7% $13,195 $42.41 NET OPERATING INCOME $1,374,031 27.3% $17,175 $55.36 $1,469,268 28.3% $18,366 $59.04 $1,531,472 28.6% $19,143 $61.53 New Urban International, LLC WWW.NUINTL.COM Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PROJECT ED RETURNS CITY INCENTIVES 2019 2020 2021 2022 Property Taxes $66,000 $75,000 $78,000 $ 81,120 Base Rent $ - $- $ - $ 80,000 Community Fund 3% $ - $- $48,858 $ 100,648 Preservation Fund 2% $ - $- $48,858 $ 100,648 Bed Tax 6% $122,976 $198,677 $234,174 $ 241,199 2023 2024 $84,365 $ 87,739 $82,400 $ 84,872 $155,862 $ 160,538 $103,908 $ 107,025 Total $ 472,224 $ 247,272 $ 465,907 $ 360,441 $249,116 $ 256,589 $1,302,730 rota) Return $188,976 $273,677 $409,891 $ 603,616 $675,651 $ 696,764 $2,848,574 NEW URBAN INITIATIVE otal Revenue otal Ex.enses 20% $0-$139,526 -$199,874 -$886,285 -$98,161 -$108,736 Net Operating Profit otal City ontributions 2019 2020 2021 2022 2023 2024 $0 $697,630 $999,369 $4,431,423 $490,806 $543,680 Total $7,162,908 -$1,432,582 $0 $558,104 $799,495 $3,545,138 $392,645 $434,944 $188,976 $831,781 $1,209,386 $4,148,754 $1,068,296 $1,131,708 $5, 730, 327 $8,578,901 New Urban International, LLC WWW.NUINTL.COM TRARSPO TRUST i Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk COMMUNITY FUND Miami Chapter New Urban International is committed to effective community change and will dedicate up to 3% of gross revenues to the Transportation Trust Fund of Miami. The Community Fund is a non-profit fund that focuses on the immediate needs of the community. The board consists of three members including Mario Abati and Francisco Rodriguez of NUI and a third board member appointed by the Transportation Trust Fund. The mission of the Community Fund is to address immediate and ongoing transportation needs of the city to include emergency and natural disasters. TRANSPORTATION TRUST FUND The Transportation Trust Fund's mission is to enhance and facilitate the creation, operation, and maintenance, including capital and operating costs, of mass transit and other transportation facilities within the city. Funds will go towards, fixed mass transit routes, the city's trolley system, waterborne mass transit, and public parking garages for transit enhancement purposes. It is further intended that the transportation trust fund money may be expended as the city's share of the cost of an eligible project undertaken or developed by other governmental entities or through a public -private partnership. Year l Year 2 Year 3 Year 4 Year 5 Year 6 Total Community Fund $0 $0 $47,225 $97,284 $150,653 $151,568 $446,729 Proceeds Board of Directors Mario Abati i Francisco Rodriguez i Executive Director Francisco Rodriguez TTF Appointee MI MI Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk PRESERVATION FUND New Urban International is committed to historic preservation and will dedicate up to 2% of gross revenues to the Preservation Fund of Miami. The Preservation Fund is a non-profit fund that focuses on historic properties within the City of Miami. The board consists of three members including Mario Abati and Francisco Rodriguez of NUI and a third board member appointed by the historic preservation board. The mission of the fund is to address immediate and long term renovation needs of iconic properties. MIAMI HISTORIC PRESERVATION The historic preservation program promotes the identification, evaluation, rehabilitation, adaptive use, and restoration of the City's historic, architectural, and archeological heritage. The preservation program is regulated in Chapter 23 of the City Code. The board established standards that encourage the retention and preservation of historic buildings by respecting architectural design, materials, and workmanship. Year l Year 2 Year 3 Year 4 Year 5 Year 6 Total Preservation Fund $0 $0 $47,225 $97,284 $100,435 $1 O 1,045 $345,989 Proceeds Board of Directors IFrancisco Rodriguez H Mario Abati H HEPB Appointee I Executive Director Mario Abati Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk ABOUT THE TEAM New Urban International, LLC WWW.NUINTL.COM NEW URBAN INITIATIVE NUI The New Urban Initiative was started in Miami Florida by husband and wife philanthropists Mario and Ilanit Abati. After decades of volunteer work, they recognized more was needed and a social enterprise was born that combines a for -profit operation with a non-profit mentality. The Initiative aims to build lasting measurable change within the community while creating a cultural change in how business can be done. The Initiative's mission is to acquire cash flowing properties located in dense urban markets whereby over 50% of operating profits go to supporting other local non -profits focused on food and housing insecurities, special needs, and education. Public organizations include Feeding South Florida, Camillus House, Lighthouse for the Blind, Miami Rescue Mission, Jewish Community Services, and more. The initiative raises capital through donations and crowdfunding sources . The Initiative also accepts real estate donations. The ultimate goal is have properties throughout the top 50 U.S. markets with a stabilized annual cash flow of over $4 million with asset classes that include hospitality, apartments, retail, and office. Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk #( N1 i in iE kesere Misxion ArnnnrA Outreach Centers !�41AMI LIGHTHOUSE rwBUND i2Jewish Services OF SOUTH FLORIDA FEEDING SOUTH FLORIDA 47 Camillus House RONALD MCDONALD .HOUSE CHARITIES' NEW URBAN INITIATIVE NUI Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total Miami, FL # of Properties Fort Lauderdale, FL $1,200,000 $3,200,000 $4,000,000 $4,080,000 $4,161,600 $4,244,832 $4,329,729 $4,416,323 $4,504,650 3 # of Properties 0 Orlando, FL # of Properties Atlanta, GA 8 10 10 10 10 10 10 10 $ 800,000 $2,000,000 $3,200,000 $4,000,000 $4,080,000 $4,161,600 $4,244,832 $4,329,729 2 5 8 10 10 10 10 10 0 0 0 $ 800,000 $2,000,000 $3,200,000 $3,264,000 $3,329,280 $3,395,866 2 5 8 10 10 10 # of Properties 0 0 Nashville, TN of Properties Net Initiative Proceeds # of Properties 0 $ 800,000 $2,000,000 $2,040,000 $2,080,800 0 0 2 5 8 10 $- $- $- $- $- $ $ $ 800,000 $2,000,000 $34,537,134 10 $26,816,161 10 $15,989,146 10 $6,920,800 10 $2,800,000 $87,063,240 Mario and Ilanit Abati will be board members with a third to be determined. Mario Abati will also hold the position of Executive Director. The New Urban Initiative will maintain a high degree of transparency, accountability, and efficiency audits and annual filings with the IRS. Budgets are based on previous year revenues with operational budget limited to no more than 20%. 45 Our ultimate goal is acquire and maintain 10 properties throughout the top 50 US markets with an estimated $4M in annually contributions to local markets. Miami Florida is the first Initiative with stabilization expected in 2022. The first five target markets are Miami, Fort Lauderdale, Orlando, Atlanta, and Nashville. New Urban International, LLC WWW.NUINTL.COM NEW URBAN INTERNATIONAL New Urban International (NUI) is a real estate asset management company located in Miami Florida. NUI currently manages a $75 million dollar portfolio consisting of over 30 projects in various stages of development throughout Coconut Grove, Little Havana, and Shore Crest in Miami. NUI is the exclusive asset manager and logistical advisor for New Urban Initiative and is tasked with managing all property operations in an efficient and effective manner. This starts with an intense focus on top and bottom line financial performance of properties located in the top markets throughout the Americas. NUI's executive team has been engaged in hospitality since 2001 covering every aspect of hospitality and other asset classes from acquisitions and dispositions to management and branding. To date, our team has managed over $350 million in hotel assets including the Sagamore Art Hotel in Miami Beach, Sheridan Riverwalk Tampa, Sheridan Yankee Clipper Fort Lauderdale Beach, the Coco Key Hotel and Water Resort in Orlando, Cambria Suites in Miami, Commodore Place Hotel, and more. In addition to real life experience and an industry pedigree, our executive team holds an extensive collegiate track record that includes multiple graduate degrees and certifications from highly reputable institutions. Mr. Abati holds multiple degrees including graduate degree in International Business from Florida International University along with a Master Certificate in Hotel Revenue Management from Cornell University. MISSION STATEMENT Our mission is to manage urban real estate projects with people, planet, and profit as our top priorities. Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk SONDER Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk HOTEL OPERATOR NUI will create a strategic partnership with experienced hospitality operators to include Sonder Hospitality. Sonder master -leases and/or manages entire buildings or blocks of floors representing over $1.6 billion of prime assets. Sonder fully designs and outfits its spaces and host clients for stays ranging from a few nights to several months. Backed by over $200 million in debt financing and venture capital from Silicon Valley's best and most visionary investors, Sonder is transforming the future of hospitality. Each Sonder is purposefully selected, designed and maintained - customized to reflect the vibe of its neighborhood. Whether your stay is two days, two months or two years, in a studio or a six -bedroom, Sonder ensures a unique, yet consistent experience. And with 24/7 on -demand service, crisp linens, and over 200 other quality standards, Sonder is taking stay further for guests all around the world. Seattle Portland9 San Francisco San lase Mountain View 9 Los Angeles 99 1-'"V eels San Diego phoe ix 9 Current Markets 9 'Terri Markctr Denver 9 9' 9Montre M11Snneapalis Boston9 Tarvnto 9V New York City (like goDetroit di Philadelphia Washington R.C. 9 San Litci 97 Austin Houton 'lad- yi le Om rrrjjjppptte Memphis 9 New Orleans Asti9 hntlestan S avannan 9 Orlando 9 9 Copenhagen 9 aeriin 9 Amsterdam Londor 491 Madrid Lis rn n Ps Vienna 91 Milan ■ 9 Barcelona OLYMPIA TOWER & THEATRE DOWNTOWN MIAMI Questions or Comments? Mario Abati P: 305-788-0140 MarioAbati@NUIntl.com Submitted into the public record for item(s) DI.5, on 7/11/19, City Clerk New Urban International, LLC WWW.NUINTL.COM