The URL can be used to link to this page

Home My WebLink AboutSubmittal-Anthony Barcena-Marinas PresentationSubmitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk City of Miami De-arent of Real Estate p 8432 Submittal -Anthony Barcena-Marinas Presentation Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Financial Opportunity 2019 NET OPERATING INCOME PROJECTED NET OPERATING (NOI) INCOME (NOI)* $6.15M $19.18M *based on revenues projected if proposed rates, proposed expansion, and proposed capital improvements are implemented (estimates provided at 95% occupancy). Complete Ongoing Projects Increase Dockage Rates Create Additional Revenue Generators Expand Marine Facilities Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Action Plan 0 CV 1-1 LC 3 Dockage Rates Transient Monthly Long Term Non-Liveaboard Liveaboard Commercial Uncovered Dry Mooring Overnight Monthly Utilities (Water) Non-Liveaboard Liveaboard Commercial Utilities (Electric) All Current $42/LF/mo $23/LF/mo $24/LF/mo $25/LF/mo $21 /LF/mo $27.25/LF/night $376/LF/mo N/A N/A N/A N/A Proposed $60/LF/mo $30/LF/mo $32/LF/mo $39/LF/mo $31 /LF/mo $29/LF/mo $31 /LF/night $500/mo (<40') $575/mo (>40') $15/mo (<40') $25/mo (>40') $40/mo $25/mo (>40') As per meter $20/mo (<40') $35/mo (>40') Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Marina All MIA DKM DKM All MSM DKMF DKMF DKMF MIA & DKM MIA & DKM DKM All DKM MIA MIA cv 0 cv Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Marine Facilities Considered Bayside MiaMarina Coconut Grove Dinner Key Marina & Mooring Field • Coconut Grove Sailing Club (privately operated) Virginia Key Marine Stadium Marina • Rickenbacker Marina (privately operated) Watson Island • Miami Yacht Club (privately operated) • Watson Island Mooring Field (in process) 0 5 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk MiaMarina Bayside Current Status • City -operated Marina • 156 wet slips (53 commercial) FY2019 Net Revenue: $1,262,632 • Current Projects: • Pier 5 • Projected NOI: $2.19M/year* *based on proposed rate increase; stabilized in year 2 0 6 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Dinner Key Marina & Mooring Coconut Grove Current Status • City -operated Marina and Mooring Field 587 wet slips (45 commercial) 250 Moorings FY2019 Net Revenue: $1,800,346 Current/Approved Projects • Restoration of all piers, gates, electrical improvements, Wifi, water improvements, pump -out • Fuel Dock • Ship's Store Projected NOI: $7.45M/year* *based on proposed rate increase and completion of above projects; stabilized in year 2 Coconut Grove Sailing Club Coconut Grove Current Status • Privately -operated • Expansion opportunity • Lease expires 2026 • Permitted Wet Slip/Dry Storage • 247 wet slips • 31 dry slips • FY2019 Rent: $228,720 o Base Rent $72,000 plus 10% gross revenue • Projected NOI: $1.02M/year* *based on proposed rate increase; does not include potential revenues from restaurant/bar operations; stabilized in year 1 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk A'' ;ow - .�r -� �� , �� - _ — ;-.° .,. :.•,- _-.III •, : — -r _'..1 _ =-- • " - ,01 IIMIC 8 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Marine Stadium Marina Virginia Key Current Status • City -operated Marina • 296 dry slips • FY2019 Net Revenue: $333,997 • Projected NOI: $1.86M/year* *based on proposed rate increase; stabilized in year 1 0 CV LC 9 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Marine Stadium Marina & Mooring Virginia Key Opportunities for Improvement • Proposed Capital Projects • Mooring field (97 Moorings) • Additional dry slips (approx. 50) • Concrete flooring throughout • Projected NOI: $2.64M/year* *based on proposed rate increase as well as all projects noted above; stabilized in year 3 • Additional Potential Projects • Potential Wet Slips to be discussed subject to regulatory approvals -APROXIMATE j! DEPTH SOUNDINGS 1 CAR TOM NAU>ICAL CHART 114g8 CRANNR j' 00600/00 0 00 4) 4) 4) 4) 0 s KQ 0 BQq � ° 0 0 0 Gir Qi oo d9," d FAIRWAY MOORING AREA 'A" - MIME STARIV ARIN LARRO%IMATE LIMITS OF FUTURE NR INIA K '1 MARIII MOURINC AREA •A' ciaoP b 600000 oci c�oo olooicrdiad9d9�� CENTER APROXIMATE LIMITS OF MIAMI BOAT SN( 0 10 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Rickenbacker Marina Virginia Key Current Status Privately -operated • Expansion Opportunity • Lease expired — Holdover tenancy via Settlement - Permitted Wet Slip/Dry Storage • 190 wet slips (8 commercial) • 378 dry slips • 20 liveaboards FY2019 Rent: $2,339,840 • Base rent $360,000 plus varying percentage rents • Includes $1.2M supplemental rent • Projected NOI: $4.97M/year* *based on proposed rate increase and expenses for additional personnel & equipment; stabilized in year 1 0 CV LC 11 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Miami Yacht Club Watson Island Current Status • Privately -operated • Expansion Opportunity • Lease expires 2026 • Permitted Wet Slip/Dry Storage • 40 wet slips • 172 dry slips • FY2019 Rent: $128,960 • Base Rent $60,000 plus 9% sales • Anticipated Capital Investments: • Construction of additional slips (to fill to permitted capacity) • Restoration of current facilities • Projected NOI: $903K/year* *based on proposed rate increase and expenses due to additional personnel and equipment; stabilized in year 3 • Potential for additional dry slips subject to regulatory approvals 12 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Watson Island Mooring Field Watson Island Current Status In progress (estimated completion Fall 2021) 100 moorings Projected NOI: $344K/year* *based on proposed rate increase and expenses due to required equipment; stabilized in year 3 LE1E (10) -60' VESSEL 0000ELVG 080' DLA.) (10) - 50' VESSEL -M.00RLti G (157 DIA. ) • (20)- 40' VESSEL S10011L'.:G(L0' DU.) (70) -30' VESSEL 000RD:G {90' DIAMETER) (30) -20' VESSEL 000RD fG {60' DLSI,ETER) ._ 010016LNG SYSTEM DETAEL ON S4) MOORING EELS) BOUNDARY CORNER LOCATION (SEE DETAEL ON 5-5) NOTE 100 TOTAL MOORING ANCHORS WATSTO MOORLNG AREA BOUNDARY COORDLIATE TABLE STATE PLANE, NAD S3, FLORIDA EAST 0901 CORNER NORTHING E45TING LATITUDE LONGITUDE A 529260.0267 9286,9.6873 1425.4714.46' WIO' 10' 18.52" B 529260.026, 930331.3274 N25'4723.93" W80.10.00.75" C 527810 _621 929959.3339 1425.4700.04' 4180' 10' 07..69" D J2,607.4,73 929683.4969 N25. 46. 58.03" WB0- 1007.65" E 527007.3014 929683.4969 3025' 46' 52.09' 0280' 10. 07.69" F 527007.3014 928983.6424 1,125.46. 52.13' 0280.10' 15 34" G 527807.7271 928983.6924 1425'47 00.06' 168075915.29" H 528035.026, 9286,9.6878 0,25' 470233" 4460' 10.18.60" 51 0' �. 66. 67, 63. 4.5 1 i ti 44' •i+ w°. at, 4 d" 47 48 49 5 1449'-9" HIBISCUS ISLAND 13 Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Summary of Proposed Capital Projects Marina Proposed Capital Project Est. Cost Repayment MiaMarina Grating $750,000 Can be paid in the first year and still have an NOI of $1.35M in year 1. Stabilized NOI of $2.19M in year 2. Marine Stadium Additional Dry Slips $250,000 Marina Concrete Flooring $750,000 Can be paid in the first year and still have an NOI of $795K in year 1. Stabilized NOI of $2.28M in year 2. Marine Stadium Mooring Mooring Field $315,000* Can be paid in full ($630k) by year 2, 50% refunded by FIND. Stabilized NOI of $385K in year 3. Miami Yacht Wet Slip Repair & $1,500,000 Can be paid in full by year 2. Stabilized Club Reconstruction NOI of $903K in year 3. Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk Summary of Revenues & Projections Marine Facility FY 2019 NOI Projected NOI (year 3) + Rate increase (no expansion) Projected NOI (year 3) + Rate increase + Expansion Projected NOI (year 3) + Rate increase + Expansion + Proposed Projects MiaMarina $1.26M $2.15M $2.15M $2.15M Dinner Key Marina & Mooring $1.80M $7.39M $7.39M $7.39M Coconut Grove Sailing Club $229K $229K $1.06M $1.06M Marine Stadium Marina & Mooring $334K $1.83M $1.83M $2.22M Rickenbacker Marina $2.40M $2.40M $5.12M $5.12M Miami Yacht Club $129K $129K $903K $903K Watson Island Mooring $0 $344K $344K $344K TOTAL $6.15M $14.48M $18.80M $19.18M Submitted into the public record for item(s) SP.2, on 05-06-2021, City Clerk