HomeMy WebLinkAboutExhibit A (OBSOLETE)OBSOLETE
Term Sheet
The following represents a nonbinding summary of the basic terms and conditions of a propose
lease (the "Lease"). No party is to be bound in any way unless and until final documents have b
upon, executed and delivered.
round
n agreed
Premises: The site of the existing Hyatt Regency Miami hotel and mes L. Knight
Center (Tract C and Tract B of Plat Book 119/36).
Landlord:
Tenant:
Referendum:
Lease Term:
Commencement:
The City of Miami, a municipal corporation of the ate of Florida.
HRM Owner, LLC, a Delaware limited liabil' company, or its wholly
owned single -purpose entity.
The Lease is contingent upon approval b the voters of The City of Miami
at public referendum ("Referendum"), •ntemplated for November 8, 2022.
The Effective Date of the Lease i the date that all of the following have
occurred: the Lease has been ap oved at Referendum and the parties have
executed and delivered the Le , se. The Agreement shall become effective
on the Effective Date and ; e Lease Term shall be for 99 years from the
Commencement Date, as . fined below.
Tenant shall be re• red to obtain (a) approvals from all applicable
governmental auth% ities that are required to construct the Minimum
Development (pr , ided Tenant may elect not to proceed in the event the
approvals are s4 .ject to unreasonable conditions that are not customarily
imposed on similar developments) and (b) a financing commitment to
finance th: cost of the improvements ("Commencement Conditions")
within 1 months following the Effective Date ("Commencement
Condi ens Deadline"). The Commencement Conditions Deadline shall be
exte ► • ed for force majeure or, at Tenant's option, for up to three (3) 6-
m ► th extension periods upon payment to Landlord of $250,000 for the first
-month extension period, $250,000 for the second 6-month extension
period, and $350,000 for the third 6-month extension period; provided,
however, that Tenant shall be entitled to the third extension period only in
the event that Tenant has invested a minimum of $20,000,000 in the
redevelopment of the Premises prior to the expiration of the second
extension period (Tenant shall provide verification of such expenditures in
a form reasonably acceptable to Landlord). In the event that Tenant fails to
satisfy the Commencement Conditions prior to the Commencement
Conditions Deadline, either Party may terminate the Lease on 30 days'
written notice to the other Party delivered at any time prior to Tenant's
satisfaction of the Commencement Conditions. "Minimum Development"
means the Podium, Tower 1, and Tower 2, meeting not less than the
specifications set forth on Schedule 1. Tenant's right to possession of the
1
Premises pursuant to this Lease shall commence on the "Commence • -nt
Date," which shall be the date that Landlord delivers the James L. . ight
Center ("JLK Center") to Tenant, free and clear of occupan 'es and
contracts or obligations for events, and otherwise as -is, with all ur own or
disclosed faults, with such delivery to occur no later than si (60) days
after Tenant's satisfaction of the Commencement Conditio . Prior to the
Commencement Date, Tenant shall continue to occupy t. - portion of the
Premises that is demised under the Existing Lease und, the terms of the
Existing Lease (which shall continue in full force and effect until the
Commencement Date).
Extension Options: None.
Property Expenses:
Condition of Premises:
Demolition &
Construction: Tenant m .t commence demolition of the existing improvements within
one hun• ed and twenty (120) days following the Commencement Date,
subjec only to force majeure. Tenant shall complete demolition of the
exis ng improvements, commence construction of the Minimum
D:. elopment, and complete construction of the Minimum Development, all
accordance with the longstop dates set forth in a project schedule, as
agreed upon by the Parties prior to execution of the Lease (the "Project
Schedule"), subject to the rights of lenders set forth in the Lease.
This shall be an absolutely net lease. Com ' encing on the Commencement
Date, Tenant pays all taxes, insurance, a % repairs, and bears all other risks,
expenses, and responsibilities, with li ed exclusions for expenses directly
attributable only to the City's owner ip of the fee (including, for example,
the City's administrative costs o debt payments on a fee mortgage) or
reversionary fee interest in e improvements. Tenant controls all
operations, leasing, tax pr ests, etc.; provided that prior to the
Commencement Date, Tena- t will be responsible for such obligations with
respect to the Existing Lee premises as set forth in the Existing Lease.
As is, with all faults, :t Commencement Date. The Premises shall be free
and clear of all occ . • ancies and rights to occupy other than the occupancy
of Tenant pursua to the Existing Lease.
Letter of Credit:
Upon the Commencement Date, Tenant shall provide Landlord a Letter of
credit, in a form reasonably acceptable to Landlord, in the amount of
$500,000. The Letter of Credit shall be automatically renewable or
otherwise renewed or replaced by Tenant prior to its expiration date. The
Letter of Credit may be utilized by Landlord to address any defaults that are
not first addressed by Tenant under the Lease upon reasonable prior notice,
or that are so urgent that prior notice to Tenant is not possible. Tenant shall
be required to replenish the Security Deposit within thirty days after receipt
of written notice from Landlord, which shall include reasonable
2
Construction Bonds:
Capital Expense Fund:
documentation of Landlord's expenses. The amount of the Letter of Cr-dit
shall increase in the same fashion as the Minimum Rent.
Prior to commencement of either demolition or new construct .n on the
Premises, Tenant shall provide to Landlord a payment and ,erformance
bond, in a form approved by the City in its reasona . e discretion,
guaranteeing the payment of subcontractors and performa . e of such work
in accordance with the requirements of Section 255.0 , Florida Statutes.
Tenant may, at its option, commence the demoli on work upon the
provision of a bond securing only the demolition cork, and not the new
construction work, by providing to Landlord a le r of credit in the amount
of $1,000,000, which shall be forfeited to Land Ord in the event that Tenant
does not provide a bond securing the new ' onstruction work within 12
months following the commencement o demolition, and which shall
otherwise be released upon the issuan - of the bond securing the new
construction work. For the avoidance •f doubt, the forfeiture of the letter
of credit pursuant to the preceding s - ntence shall not relieve Tenant of its
obligation to provide a paymen and performance bond prior to the
commencement of the new cons ction.
Commencing five years aft: completion of construction, Tenant shall be
required to fund a capital , xpense fund, which shall be utilized by Tenant,
in Tenant's reasonab discretion, to fund any major repairs and
improvements to the remises required to maintain the Premises in the
condition required the Lease. The amount of the capital expense fund
shall be establish: 1 in the Lease and shall be less the amount maintained in
any substantia similar capital expense fund(s) required by any lender,
operator, or ; anager provided such similar capital expense fund(s) contains
the same r: . uirements for reinvestment as provided by the Lease.
Pre -Commencement Rent: Until e Commencement Date, Tenant will pay the annual rent and
perc tage rent (prorated for the applicable period) payable for such period
u er the existing lease between Landlord and Tenant for lease of the
isting hotel on a portion of the Premises ("Existing Lease").
Construction Rent:
Minimum
Starting on the Commencement Date, and until the Minimum Rent
Commencement Date, Tenant shall pay annual rent of $1,000,000 for the
first year, $1,250,000 for the second year, $1,500,000 for the third year, and
$1,750,000 for the fourth year (adjusted pro rata for any partial year prior
to the Minimum Rent Commencement Date).
Commencing on the issuance of a temporary certificate of occupancy
("TCO") for the Minimum Development (the "Minimum Rent
Commencement Date"), Tenant shall pay annual Minimum Rent (the
"Minimum Rent") of $2,500,000 per year.
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Fixed Adjustments to
Minimum Rent:
Participation Rent:
Affordable Housing
Trust Fund:
Transfer Fee:
On the fifth anniversary of the Minimum Rent Commencement Da the
Minimum Rent shall be increased by the percentage increas- in the
Consumer Price Index for All Urban Consumers for Mia • i - Fort
Lauderdale — West Palm Beach (Base: 1982-84=100), no seasonally
adjusted, over such five-year period; provided, however, tha e amount of
such increase shall not be less than 7.7% or more than 21. A. On the sixth
anniversary of the Minimum Rent Commencement D. e, and each year
thereafter, the Minimum Rent shall be increased by the percentage increase
in the Consumer Price Index for All Urban Cons ers for Miami - Fort
Lauderdale — West Palm Beach (Base: 1982-7,4=100), not seasonally
adjusted, over such annual period; provided, h ever, that the amount of
each such annual increase shall not be less th. 1.5% or more than 4.0%.
Commencing at Minimum Rent Comme • ement Date, Tenant will pay the
greater of (a) Minimum Rent or (b) the rticipation Rent. The Participation
Rent shall be equal to 2.5% of gros revenue actually received by Tenant
each lease year for all revenues ge ' erated on site, including but not limited
to room rentals, food and beve ge sales, multi -family rentals, and retail
sales; provided, however, th. the amount of the Participation Rent is
premised upon Tenant's ' evelopment of the Premises generally in
accordance with the Co eptual Plan, and if Tenant only develops the
Premises generally in ccordance with the Minimum Development, the
Participation Rent sh. 1 be increased to 3.0% of gross revenues. In the
event that the scale of the development falls between the Conceptual Plan
and the Minimu • D evelopment, the amount of Participation Rent shall be
established in . cordance with terms to be set forth in the Lease.
No later than sixty (60) days following TCO, Tenant shall contribute
$5,401,100 to the Affordable Houisng Trust Fund.
T ant shall share with Landlord an agreed portion of the net profits
alized in a transfer of a majority of its interest in the Lease (with
customary carve -outs for transfers to Affiliates or transfers made in
connection with bona fide financing agreements) ("Transfer Fee") or upon
a cash -out refinancing resulting in the distribution of proceeds to Tenant,
after the repayment of the loan being refinanced ("Refinance Fee"). The
amount of the Transfer Fee shall be one percent (1%) of the profits (as
defined in the Lease) realized by Tenant in connection with the transfer of
the Lease (which, for the avoidance of doubt, shall be based upon proceeds
received for both the leasehold interest and the improvements constructed
thereon). The Transfer Fee shall not apply to transfers to Affiliates,
transfers to or from lenders (or their designees or nominees) made in
connection with bona fide financing agreements (including leasehold
mortgages, mezzanine financing agreements, and preferred equity financing
4
Impositions:
Project Development:
agreements with mezzanine -style remedies, and specifically exclu
transfers by foreclosure or by deed or assignment in lieu of foreclosu
transfers from a lender (or its designee or nominee) that has obta.
leasehold interest by foreclosure or by deed or assignment
foreclosure), or the transfer of a portion or portions of the pr
an initial bifurcation of the Lease within two years aft
Refinance Fee shall be equal to the lesser of (x) two per
amount of the loan proceeds distributed to Tenant after t
loan being refinanced and (y) $2,500,000, which am
throughout the Term in the same manner as Minim
Fee shall not apply to financing or refinancing u
of construction or to the first permanent financi
g
ng
and
ed the
lieu of
ect through
TCO. The
ent (2%) of the
repayment of the
nt shall be adjusted
Rent. The Refinance
ized to finance the cost
after TCO.
Tenant shall be responsible for payment of . impositions (real estate taxes,
personal property taxes, assessments arising from and after the
Commencement Date. Prior to the C. mencement Date, Tenant shall be
responsible for payment of impositi • s imposed on either Party as a result
of the execution of the Lease, prio to Tenant's possession of the Premises
(due to a change in law or othe ise).
A conceptual plan for development of the Premises ("Conceptual Plan") is
attached as Schedule 2. U. on execution of the Lease, the Conceptual Plan,
in the form attached to e Lease, shall be deemed approved by Landlord,
in its proprietary cap. ity only, and Tenant. The Conceptual Plan may be
revised from time • time by Tenant with Landlord's approval, not to be
unreasonably witeld, but in no event shall provide for less than specified
in the ballot qustion or the Minimum Development parameters set forth in
Schedule 1. e Conceptual Plan will include, at a minimum, the Podium,
Tower 1, . nd Tower 2. The Conceptual Plan may show additional
improve : ents, including Tower 3. Tenant will construct the development
in acc . dance with the longstop dates set forth in the Project Schedule,
subj : ct only to force majeure and the rights of lenders set forth in the Lease.
T ant is entitled to increase or decrease the density and intensity of the use
f the site beyond the Conceptual Plans and to otherwise revise the
Conceptual Plans, subject to Landlord's approval, not to be unreasonably
withheld, conditioned, or delayed; provided, however, that the revised
Conceptual Plans must, at a minimum, provide the Minimum Development
parameters set forth in Schedule 1. Landlord shall be entitled to review
construction drawings, but only (in its proprietary capacity as Landlord) for
purposes of confirming the same conform with the Minimum Development
and then current Conceptual Plans, compliance with the terms of the Lease,
compliance with the ballot question, and compliance with applicable laws.
Landlord will cooperate with Tenant's development by signing easements
within the leasehold footprint (to the extent necessary to develop the
Premises in accordance with the approved Conceptual Plans), permit
5
Financing:
Casualty and
Condemnation: Tenan s responsible for restoration after casualty or partial condemnation,
subj ct to typical end of term exceptions. Neither shall terminate the Lease.
casualty and condemnation provisions shall be subject to typical
asehold mortgagee protections and requirements. Fee and leasehold share
condemnation proceeds shall be based on relative values of the two estates
considered as if no condemnation had occurred.
applications, etc., within reasonable limitations and subject to all applic
laws.
In no event shall the City's fee simple interest be mortgaged.
shall be senior to all mortgages. Landlord shall have no obligat
any leasehold mortgages or to subordinate the fee. No lim
mortgages, sub -leasehold mortgages, sub -sub lease
mezzanine financing or preferred equity; provided,
mortgage shall be cross -defaulted with any other
property outside of the Project. For the avoidance o
be entitled to utilize the Lease or the Improvem
loan concerning off site projects or improve
expressly agreed by the Parties in the Le
reasonable and customary leasehold mort
and mezzanine lender protections and
project of this nature, but in all events s
mortgagees, subleasehold mortgag
notice; opportunity to cure (but no
bankruptcy); control of amen
certain Tenant rights under the
the leasehold mortgage; ri
control of certain bankrup
protections. In the eve
discretion, to acquire
must meet all Te
construction obli
extensions of
Lease and th
e Lease
n to join in
on leasehold
ld mortgages,
owever, that no
oans encumbering
doubt, tenant shall not
is as collateral for any
ents except to the extent
e. The Lease will include
gee, subleasehold mortgagee,
equirements, consistent with a
jectto applicable laws. Leasehold
s, and mezzanine lenders receive
eed to cure "personal" defaults such as
ents, modifications, terminations, and
ease to the extent the same materially affect
t to a "new lease" if the Lease terminates;
y proceedings; and other normal and customary
that a leasehold mortgagee decides, in its sole
enant's leasehold interest, the leasehold mortgagee
nt's Lease obligations, including without limitation,
Lions under Lease, subject to reasonable and customary
e. Otherwise, a leasehold mortgagee must abandon the
improvements located thereon.
Dedications:
Use:
The City Manager shall have the dedicated authority to grant ROW
dedications required by any applicable governmental authority in
connection with granting of approvals, including widening of 4t' St and
radius clips.
Tenant may use the Premises for hotel, multi -family, conference center,
retail, office, restaurant, entertainment, co -working space, and ancillary
uses thereto, including parking and any other lawful purpose, provided that
Tenant may not eliminate any uses included in the Minimum Development
6
Assignment of Lease:
Subleases:
set forth in Schedule 1, Tenant may not convert any portion of the lease •ld
to condominium form of ownership that permits ownership of indi dual
residential units, and Tenant may not use the Premises for an of the
prohibited uses to be set forth in the Lease without the City's pr'.r written
consent.
Prior to TCO, Tenant shall not assign the Lease without La' i lord's consent,
which may be based upon an "acceptable developer" c • cept to be set out
in the Lease. Following TCO of each of the Mi mum Development
components set forth in Schedule 1, Tenant may ass':n the Lease subject to
delivery of customary lease assignment and . ssumption documents;
satisfaction of objective, reasonable, and easily sted criteria (e.g., financial
capability, no convicted felons and a mini . m experience level for the
assignee); and satisfaction of other conditio s within Tenant's control (e.g.,
cure of material defaults). If Tenant has .stained a TCO for the Minimum
Development components (except to • . nt improvements), then upon an
assignment the assignor shall be releed from any liability (except for such
liability incurred by Tenant prior o such date unless such liabilities are
expressly assigned to, and acce p ed by, the assignee). Notwithstanding the
foregoing, Tenant may assign e Lease to an Affiliate of Tenant of greater
or equal financial capabili at any time without Landlord's consent, but
with advance notice an• evidence of compliance herewith. "Affiliate"
means an entity that is c► trolled by, or under common control with, Tenant,
and that is at least ten ercent (10%) owned, directly or indirectly, by Tenant
or Tenant's princi ► As. Moreover, the Lease shall not restrict Tenant's
ability to transfe the ownership interests of Tenant, so long as Tenant
continues to m: -t the definition of "Affiliate," and no owner is a prohibited
party.
Tenant ' ay enter into subleases and space leases (such as, for example,
leases - ith residential tenants) without restriction. Landlord shall agree to
recognize and nondisturb subtenants and space lessees that satisfy
reonable objective criteria in the Lease.
Subject to Landlord's prior approval in accordance with parameters to be
established in the Lease, Tenant shall also be permitted to sublease portions
of its interest in the Lease to facilitate separate ownership, financing,
development, and/or operation of separate components of the development,
and Landlord shall enter into reasonable and customary recognition
agreements with such subtenants to facilitate subleasehold financing (which
agreements shall include, among other customary terms, Landlord's
agreement to recognize the sublessee in the event of an uncured Tenant
default on a portion of the project outside of the subleased premises);
provided, however, that if Tenant bifurcates the Lease in accordance with
the below provisions, such subleases may not be utilized to circumvent the
restrictions on bifurcation.
7
Bifurcation of Lease:
To facilitate the financing of each of the primary project compo ents,
Tenant shall be permitted to bifurcate the Lease in a manner that al •ws for
separate financing, ownership, and operation of each bifurced lease,
which shall each be a separate, direct lease with Landlor•, provided,
however, that no bifurcation shall be permitted unless each o the following
requirements is met, unless waived by the Landlord up. its reasonable
determination that its financial and other interests as Lan• ord are otherwise
adequately protected:
• No more than five (5) bifurcated leases shall be
• No bifurcation shall be permitted until after
construction of the Minimum Development
Landlord.
• Each bifurcated lease shall be indep
accordance with standards agreed up
Lease, or as otherwise approved by
• Base Rent paid by the bifurcated
required by the original Lease,
amongst the bifurcated lease
Parties and set forth in the
discussed above.
• The bifurcated leases s
• Prior to the bifurcati
the property that bi
association cha
elements of t
tenant to f
the appro
follow'
p itted.
substantial completion of
mponents, unless waived by
dently commercially viable, in
by the Parties and set forth in the
andlord in its reasonable discretion.
eases, in the aggregate, shall equal that
nd shall be equitably and fairly allocated
pursuant to a formula agreed upon by the
ease consistent with the independent viability
all not be cross -defaulted.
of the Lease, a declaration shall be recorded against
ds all present and future tenants and establishes a master
ed with the operation and maintenance of all shared
project, and the required contributions to be made by each
the master association. The declaration shall be subject to
1 of Landlord, in its reasonable discretion, and shall contain the
elements:
o The master association shall have sufficient reserves for a minimum
of 6 months of operational expenses for the shared elements and a
reserve fund to cover anticipated capital expenditures for the shared
elements. The amount held in reserve shall be subject to the
Landlord's reasonable approval.
o In the event any of the tenants fails to fund its portion of the master
association, the master association will have lien and other
customary enforcement rights.
o The declaration will grant certain cure/self-help rights to each of the
tenants in the event the master association fails to meet its
obligations for the shared elements, and certain cure rights with
respect to the defaults of the other tenants.
o The master association shall engage a qualified property manager in
accordance with criteria set forth in the Lease. The manager shall
be responsible for interfacing with the Landlord with respect to the
day-to-day administration of the bifurcated leases, including day-to-
8
Tenant's Right of First
Offer To Purchase:
day correspondence with Landlord and coordinating with Land •rd
regarding Landlord's inspection of the premises.
• Assignments of each bifurcated lease shall be subject to t - same
restrictions, approvals, and transfer fees contained in the origina ease.
• In the event of an uncured tenant default of any bifurcated lea -, subject to
the rights of lenders, Landlord shall have the right (but not e obligation)
before exercising its right to terminate the lease, to req 're the tenant to
transfer the lease to an unrelated party that is approves .y Landlord or is
otherwise a permitted transferee under the Lease.
If Landlord decides to transfer the fee estate .r if any equity owner of
Landlord decides to transfer its equity intere , Tenant shall have a right of
first offer (which Tenant must exercise s. waive before Landlord starts
marketing).
Recourse: After Tenant obtains TCO, Lease beowes entirely nonrecourse.
Parking: The Podium for Tenant's anti
number of parking spaces re
Lease shall not obligate La
within the G4 parking gar
reach a separate agree
third party for the pr
ated project will provide the minimum
ired by City Code to serve the project. The
ord to provide any off -site parking, including
ge, nor shall the Lease restrict Tenant's ability to
nt with the Miami Parking Authority or any other
ision of off -site parking.
Landlord's Approval: Landlord reserve the right to approve or deny, in its reasonable discretion,
any covenants easements, or similar agreements which encumber the fee
interest of ndlord (as opposed to just the leasehold estate) that are
reasonably required for Tenant's development and operation of the
Premise
Closing Costs: Ten- t is responsible for the cost and expense of title search and title
p miums, recording of the Memorandum of Lease, and its due diligence,
cluding, survey, environmental reports, and other due diligence it elects
to undertake. Each party bears its own attorneys' fees.
Ownership of
Improvements: Tenant shall own all improvements at the Premises during the term of the
Lease. Tenant shall be required to maintain the improvements pursuant to
the standards set forth in the Lease. Provided Tenant continues to comply
with the Minimum Development requirements, Tenant shall be permitted,
without the prior approval of Landlord, to renovate or alter the
improvements to the extent required to retain the market position of the
improvements (including, for example, periodic renovations of apartment
units or hotel rooms); provided, however, that a material reconstruction of
the improvements that exceeds sixty-seven percent (67%) of the
9
Indemnity:
Representations:
Due Diligence:
Permits/Inspections:
replacement cost of the improvements shall require the prior approv. of
Landlord, which shall not be unreasonably withheld, condition:4, or
delayed. At the expiration or termination of the Lease, Tent shall
quitclaim its interest in such improvements to Landlord, whic ' shall be
provided free and clear of any leasehold mortgage or oth: monetary
encumbrances unless otherwise approved by Landlord. 'nor to the
expiration or termination of the Lease, Tenant shall provi. - Landlord with
a report, prepared by a certified engineer, confirming th compliance of the
improvements with applicable building code re'p uirements and, if
applicable, the cost to repair the improvements o comply with such
requirements. In the event that the improvemen : do not meet applicable
building code requirements, and the estimateepair cost is greater than
sixty-seven percent (67%) of the appraised alue of the improvements,
Landlord shall have the option to requir- enant to demolish the then -
existing improvements.
The Lease shall contain a customary ndemnity provision whereby Tenant
broadly indemnifies Landlord f all matters arising from Tenant's
possession of the Premises to the -xtent not arising directly from Landlord's
gross negligence or intention. misconduct.
The Lease will include a •presentation that Landlord has no knowledge of
violation of environme al laws or other applicable laws at the ILK Center
portion of the Premis. , and other limited representations as agreed in the
Lease.
Subject to due diligence to be performed during pursuant to an access
agreement p i .r to the Commencement Date (the "Due Diligence Period"),
including ceipt of satisfactory leasehold title insurance policy, Phase I
environ ► ental assessment, and customary documentation mutually
satisfaory to the parties. Tenant may commence Phase II invasive testing
wi andlord's prior written consent at any time during the Due Diligence
P. iod in compliance with Landlord's reasonable instructions and
quirements.
City, in its capacity as sovereign, shall not be obligated to grant Tenant any
approvals of applications for building, zoning, planning or development
under present or future laws and ordinances. Recognizing the public and
private benefits afforded by the project, City agrees to use reasonable,
diligent efforts to facilitate the approval and permitting process through City
in order to expedite the development of each phase of the project as soon as
reasonably practicable in an effort to assist Tenant in achieving its
development and construction milestones for the Project. In furtherance
thereof, City has or will designate a designated representative to serve as
City's point of contact and liaison with Tenant in order to coordinate and
facilitate the submission of applications, authorizations, permit documents
10
Cancellation of Existing.
Lease
Access Agreement
and the like across all of the various departments and offices of the
which have the authority, right or responsibility to review and approv
on behalf of the City.
ty
ame
The Existing Lease will continue in full force and ef'-ct until the
Commencement Date, at which time the Existing Lease shbe terminated,
and shall be of no further force and effect, except for thos- obligations under
the Existing Lease that expressly survive termination.
Prior to the Commencement Date, Landlord and 'enant shall enter into an
Access Agreement to allow Tenant to perfor due diligence and review
materials, including environmental and geote nical diligence and also tests
and studies as may be required in connec on with the demolition of the
existing improvements, will full indemni cation of the City by Tenant.
11
Schedule 1
Specifications for Minimum Development Approvals
Area Use Matrix
PODIUM
Hotel + Serviced Apartment Lobby
Residential Lobbies
Hotel Restaurant + Lobby Bar
Hotel Pool Bar
Riverfront Retail
Coworking
Parking
Event (Meeting, Pre -function, BOH)
Total GFA Keys Units NIA
9,100 SF
9,700 SF
188,000 SF
PODIUM TOTAL 563,180 SF
TOWER 1
Hyatt Regency Room Floors
Serviced Apartments
TOWER 1 TOTAL
TOWER 2
Residential
SITE TOTAL
Hotel GSF
Hotel NSF
Total Residential NLA
Total Service Apt NLA
Total Riverfront Retail NLA
Total Coworking NLA
Total Parking Count
486,080 SF
338,400 SF
615 KEYS
264 KEYS
824,480 SF 879 KEYS
660,000 F
40SEATS
107 SEATS
12,216 SF
11,960 SF
746 SPACES
90,000 SF
257,520 SF
682 UNITS 518,400 SF
2,04 ,6605F 879 KEYS 682 UNITS
824,480 SF
598,919 SF
12
518,400 SF
257,520 SF
12,216 SF
11,960 SF
746 SPACES
Area Use Matrix
Schedule 2
Conceptual Plan
Iota G A. Kays lJ-its NLA
PODIUM
Hotel + Serviced Apartment Lobby
Residential Lobbies
Hotel Restaurant + Lobby Bar
Hotel Pool Bar
Riverfront Retail
Coworking
Parking
Event (Meeting, Pre -function, BOH)
PODIUM TOTAL
TOWER 1
Hyatt Regency Room Floors
Serviced Apartments
9,100 SF
9,700 SF
188,000 5 F
754,780 5 F
486,080 SF
338,400 SF
TOWER 1 TOTAL
615 KEYS
264 KEYS
874,480 SF 879 KEYS
TOWER 2
Residential
660,0O0
C SEATS
107 SEATS
12,216 SF
16,960 SF
1,056 SPACES
9O,00O SF
257,520 SF
682 UNITS 518,400 SF
TOWER 3
Residential 3:, r8,000 SF 850 UNITS 884,000 SF
SKYRRIDGE 1.5,300SF
SITE TOTAL
Hotel GSF
Hotel NSF
Total Residential NLA (Tower + Tower 3)
Total Service Apt NLA
Total Rverfront Retail N
Total 5kybridge NLA
Total Coworking N
Total Parking Cou
10,700 SF
3,372,560 SF 879 KEYS 1,532 UNITS
824,480 SF
598,919 SF
1,402,400 SF
257,520 SF
12,216 SF
10,700 SF
16,960 SF
1,096 SPACES
13