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Home My WebLink AboutExhibit A\r< GSA ALLAPATTAH UNSOLICITED PROPOSAL Prepared by NR Investments, Inc. Date: 05/23/2022 Cover Letter 03 Description of the Proposer, NR Investments, Inc. 05 Site Location 09 Scale Comparison 13 Aerial Views 15 Code Summary 16 Proposed Master Plan Program 17 Description of Proposed Development 18 Annotated Master Plan & Diagrams 23 Proposed Development Phasing 27 Perspective Views 35 Illustrations 38 Summary of Public Benefits 44 Economic Proposal 49 Mr. Arthur Noriega City Manager City of Miami 444 SW 2nd Ave Miami, FL, 33130 Ms. Jacqueline Lorenzo Assistant Director Real Estate Asset Management City of Miami 444 SW 2nd Ave Miami, FL, 33130 Unsolicited Proposal for the Development of City of Miami GSA Lot at Northwest 20th Street. Dear Mr. Noriega and Ms. Lorenzo: N. R. Investments, Inc. ("NR Investments") is pleased to submit the enclosed Unsolicited Proposal ("Proposal") to the City of Miami ("City") for the development of the City's GSA Lot located at Northwest 20th Street consisting of 18-acres of public land as depicted in this Unsolicited Proposal. Following the requirements in Section 18-119, of the City of Miami Code, the City's Unsolicited Proposal Ordinance, enclosed we include the application fee of $25,000.00 in the form of Certified Check No. 12591694 made payable to the City of Miami. We are confident that the City will find that NR Investments superior qualifications, financial capacity, and approach present the best value to the City and bring the most public benefits to the residents of Allapattah. As will be described in subsequent sections of this document, NR Investments' Proposal provides substantial economic returns to the City as well as numerous public benefits. If accepted by the City, the Proposal will result in payments to the City totaling approximately $1.5 billion over the course of a 99-year ground lease, as well as additional real estate tax revenue of about $3.2 billion over the same timeframe. In addition, the Proposal will result in significant community improvements, including: 1. Necessary environmental remediation. 2. Improvements to infrastructure, including roads, sidewalks, pedestrian pathways, and utility connections. 3. Approximately 5 acres of the development will be dedicated to interconnected green spaces fully accessible by the public, to include public art and different modes of activation. 4. 500-units of workforce housing (between 100% and 140% AMI). 5. Community spaces including a study house or library and a community market. 6. The relocation of the City's Fire Rescue Station 5 to allow the station and its personnel to become an integral part of the community's fabric. 7. Increase public transit ridership based on the proximity of the Santa Clara Station of the Metrorail ONFIDENTIAL & PROPRIETARY NR Investments recognizes the responsibility that comes with this Proposal and is committed to working with the City and the Allapattah community on prioritizing recreational and community gathering spaces as well as workforce housing. We respectfully request that the City treat this Unsolicited Proposal as confidential during the exemption period from Florida's Public Records and Sunshine Law requirements in Section 255.065(15) Florida Statutes concerning this Unsolicited Proposal and any discussions thereof. Florida's temporary exemption from public disclosure is necessary to protect the competitive solicitation process if the City decides to accept the Unsolicited Proposal, ensuring that other competitors do not gain an unfair competitive advantage by utilizing Proposer's work and information. We further respectfully request that we be notified if any person requests a copy of this Unsolicited Proposal so that we may respond to any legal arguments raised related to such disclosure. For any questions regarding this Proposal, you may contact Nir Shoshani and Ignacio Marquez, at 1600 NE 1st Ave, Suite 3800, Miami, FL 33132, or by calling 305-625-0949. Sincerely, Nir Shoshani Principal Cover Letter CONFIDENTIAL & PROPRIETARY 4 The Proposer— NR Investments NR Investments is a privately held, Miami -based real estate investments, management, and development firm, founded in 2001 by Ron Gottesmann and Nir Shoshani. The company has been based in Miami for the last +20 years. Since its founding, NR Investments has acquired, developed, repositioned, and/or managed millions of square feet of multifamily, commercial, and retail real estate assets in major markets. Through the years, NR Investments has invested more than a billion dollars in over 50 projects, comprising close to 5 million square feet of office space and approximately 6,000 multifamily units. The company's mission is to create neighborhoods, shaping cityscapes and creating value in formerly neglected areas, fostering along the way a sense of community among residents, businesses, and visitors alike. As such, the firm focuses on property and neighborhood revitalization by acquiring underperforming buildings or underdeveloped land in high visibility locations and rehabilitating or developing them to their full potential. For the purposes of the present Proposal, NR Investments will create an affiliate special purpose entity which will be controlled by the Proposer. 2001— 2007: South Florida Office and Residential Submarket During this initial period, NR Investments primarily focused on the South Florida area, accumulating an apartment portfolio of over 2,500 residential units, and acquiring eight office buildings totaling over two million square feet. The company commenced its operations with the acquisition of a single 22-unit apartment building located in North Miami. NR Investments quickly grew by acquiring many more low -and -middle -income multifamily communities in South Florida. In 2004, the firm changed its core business from low -and -middle -income multifamily communities to Class "B" office buildings. Applying a similar recipe for success, NR Investments successfully bought, renovated, and managed commercial property assets in the Miami and Fort Lauderdale areas. NR Investments successfully exited most of these South Florida assets by 2008, completely selling its remaining portfolio of office space by 2016. NR Investments Profile CONFIDENTIAL & PROPRIETARY 5 2007 — 2012: Class "A" Office Condo Developments in Pen During the economic downturn and financial crisis, NR Investments worked on leasing up its remaining portfolio and minimizing operating expenses, successfully honoring all the company's financial obligations, and never returning an asset to a bank. Moreover, the company invested in its employees and maintained 95% of the human capital in the North American operations in order to safeguard the know-how necessary to succeed in the next growth cycle. Simultaneously, NR Investments started researching international real estate markets, looking for countries and areas that showed high growth potential. That is how, starting in 2007, NR Investments successfully developed Qubo and Link Tower, over 850,000 square feet of Class "A" office space in Lima, Peru, and in the process opening neighborhoods up that were previously discarded by developers, introducing innovative concepts, features, and amenities in the Lima office space landscape. Project Square Feet Groundbreaking Delivered and Sold Qubo 370,000 2008 2010 (100% sold) Link Tower 478,000 2010 2012 (100% sold) 2010 — 2016: Acquisition, Renovation, and Management of Multifamily Complexes in Central Florida In 2010, NR Investments set its sights back on the United States multifamily residential market, and expanded rapidly in the submarket. This strategy went back to the beginning of the company. The firm acquired, capitalized, managed, and subsequently sold a portfolio totaling approximately 3,000 apartment units throughout Orlando, Tampa Bay and St. Petersburg. Riverside Palms Apartments 354 (315,494 SF) Tampa Lake Jasmine Apartments 336 (284,088 SF) Orlando Misty Oaks Apartments 251 (126,252 SF) Orlando Hidden River Apartments 212 (187,048 SF) Tampa Millenia West Apartments 202 (151,335 SF) Orlando Village at Rosemont Preserve Apartments 144 (130,584 SF) Orlando Enclave at Saba! Pointe Apartments 113 (143,730 SF) St. Petersburg In 2016, the company completed its 2010 business plan in selling off 100% of their apartment unit portfolio. 1 NR Investments Profile CONFIDENTIAL & PROPRIETARY 6 2014 — Present: Development of Miami's Arts + Entertainment District and Focus of Public -Private Partnerships Since 2015, NR Investments has been instrumental in the founding and activation of the Arts + Entertainment District of Greater Downtown Miami, investing approximately $2,000,000 in efforts to beautify the area, attract new businesses and retailers, and deliver high -quality arts, music, and community programming, hosting upwards of 150 free and open community events and drawing thousands of people to this formerly neglected neighborhood of Miami. Conceived by locals and for locals, respectful by the character of the area, and influenced by its neighboring communities, the Arts + Entertainment District provided for years a platform for local artists, businesses, institutions, festivals, and non -profits to grow their reach, expand their activities, and integrate more fully with the community at large. By "activating" a formerly dormant and derelict area of the city, while simultaneously fostering a sense of community that many felt had long - been lacking in Miami, NR Investments acted upon the belief that it could create real long-term value for the city, its residents, and entrepreneurs, while optimizing the conditions for financial success of its own real estate developments. These projects included: • The Filling Station Lofts, an 81-unit, high -end, loft -style rental property which it acquired and completed in 2012, and which the company owns and operates successfully to this day. An audacious concept that brings the neighborhood's arts scene from the outside in and which defied the expectations of what the area could and would support at the time; a property that's sophisticated yet bold and edgy in what was still the edge of town at the time of its opening. • CANVAS, a 513-unit, 38-story condominium tower delivered in January of 2019 under the concept of 'Affordable Luxury', bringing real density to the neighborhood while providing expansive amenities, emphasizing flexible financing products, and, crucially, targeting local, year-round end -user residents of Miami's urban core. Currently, NR Investments is developing approximately 1,400 residential units and thousands of square feet of retail and office space in projects in South Florida, Ohio, and South Carolina. The company presently focuses on creating public -private partnerships (PPPs) that advance the revitalization of communities and neighborhoods while enabling the construction of affordable and workforce housing to serve the people that serve their communities at large. 1 NR Investments Profile ONFIDENTIAL & PROPRIETARY 7 The company's leadership is convinced that by allowing teachers, nurses, EMT's, police officers, fire fighters, and municipal employees — in sum, some of the city's finest — to live closer to their jobs and within the communities they serve makes for a healthier, safer, better, and more sustainable place. NR Investments' present developments and PPPs include: • UNI Tower, the City of Miami's first fully income -and -rent restricted skyrise, comprising 252 residential units in the city's Central Business District for tenants making between 60% and 140% AMI, plus 10,000 square feet of office space, and 4,500 square feet of ground floor retail. • UNI-DOS, also within the City of Miami's CBD, comprising 398 multifamily units of which 30% will be dedicated exclusively to residents making between 60% and 80% AMI, plus about 8,500 square feet of ground floor retail. • SKY Building, in Oakland Park, Florida, where NR Investments will develop the city's new City Hall building as well as 134 units of workforce housing at 120% and 140% AMI, plus retail and live -work residences. • The Rockwell District, in Whitehall, Ohio, which consists of a multi -phased 50-acre master development adjacent to an 80-acre public park and nature reserve, to eventually comprise up to 1,500 residential units, 200,000 square feet of retail, and 200,000 square feet of office space. The Rockwell District' is Whitehall's largest development in half a century and will transform this Columbus - adjacent locality, currently one of the poorest ZIP codes in the country. Phase 1A of the project, currently under development, includes 250 residential units — 20% of which will be restricted at 80% AMI — 20,000 square feet of retail space, live - work studios, and extensive infrastructure, streetscape, and hardscape improvements as well as a public promenade and amphitheater. • The Gateway, in Greenville, South Carolina, a proposed development which will contain 300 units in the former site of Greenville's beloved Memorial Auditorium. The project is being envisioned as a catalyst for further economic and community growth by expanding Downtown Greenville, integrating the city's Cultural Corridor, and spurring the redevelopment and revitalization of the Gateway District to the East. NR Investments Profile ONFIDENTIAL & PROPRIETARY 8 1 Arta Ent4tainment ! strict I �.. DiS" j Y�y ENLL � 1 ionP kt II .. �"_ ate` 1 rf• Pa • to •- -,..y,,,,_ {J'=' t' {t%•!�- . "Se o .r e 'it Slir oripl..7 Ili q�M~ J •�! tP - •x-PFL ri, .„14r r" ® , . •' eDomveYSt�` Biscayne Bay •Jungle Wan Zoo Margaret Pate Park Perez Art Muesam FT%Arena 0 Site Location - Region CONFIDENTIAL & PROPRIETARY 20th St. i Curtis Park .14k:a kool j ( o] Miam' Medical C; er • sr_tx C2.1 axe e�:Y:t11 C'Lsrf.1 • Gibson Park O 0 200 400 800 1200 1600 2000 Feet Site Location -Vicinity CONFIDENTIAL & PROPRIETARY r O Site Location —Adjacent Context CONFIDENTIAL & PROPRIETARY 11 O 0 25 50 100 150 200 250 Feet Site Existing Conditions CONFIDENTIAL & PROPRIETARY 12 NW 14th Ave O 0 25 50 100 150 200 250 Feet Scale Comparison - Design District CONFIDENTIAL & PROPRIETARY 13 NW 20th Street O 0 25 50 100 150 200 250 Feet Scale Comparison — Lincoln Road, Miami Beach CONFIDENTIAL & PROPRIETARY 14 1. North View — 200ft Eye Alt.' 3. Southeast View — Do own 41.1141,,, 44444 Aerial Views from the Site CONFIDENTIAL & PROPRIETARY 15 BUILDING INTENSITY FLR Maximum Built Area Building Coverage Maximum Building Footprint Dwelling Units per Acre Dwelling Units Allowed Maximum Commercial Area Maximum Office Area Minimum Open Space HEIGHT LIMITATIONS (LEVELS) Total Building Height Principal Building Max Level (Podium) Principal Building Min. Level (Podium) Principal Tower Allowed Height 8 6,359,256 ft' 80 % 635,897 ft' 150 du/acre 2,738 units 6,359,256 ft' 6,359,256 ft' 10 % 30 Levels 8 Levels 1 Levels 22 Levels RESIDENTIAL Community Residence Multi Family Housing Dormitory Home Office Live - Work Work - Live LODGING Bed & Breakfast Inn Hotel OFFICE Office COMMERCIAL Food Service Estab Alcohol Beverage Sery General Commercial Open Air Retail Place of Assembly Recreation Establs. CIVIC Community Facility Recreational Facility Religious Facility R R R R R R R R R R R E R R E R w w R CIVIC SUPPORT Community Support Fac. Infrastructure and Util. Major Facility Public Parking Rescue Mission Transit Facilities EDUCATIONAL Childcare College / University Elementary School Learning Center Middle / High School Pre - School Research Facility Special Training / Vocational E w R R R R R R R R R R R R R w F N h Ngrt a Warrant Cy tango, Not Wend Miami 21 Code Summary CONFIDENTIAL & PROPRIETARY 16 PROPOSED RESIDENTIAL UNITS PROPOSED RETAIL PROPOSED HOTEL PROPOSED OFFICE PROPOSED GROUND LEVEL & ELEVATED GREENS, 2,500 100,000 sqft 300 keys 200.000 sqft - 5 acres Proposed Master Plan Program CONFIDENTIAL & PROPRIETARY 17 Description of the Proposed Development NR Investments is proposing a wholesale redevelopment and transformation of the subject site through a multi -phased development that will contain sizable components of multifamily housing, office and retail space, civic buildings, improvements of public infrastructure, and green space open to the public, plus hotel use. Importantly, the Proposer does not envision requesting any zoning modifications for the subject site, as all proposed uses as well as the proposed scope of the project's development program are allowed by land -use code regulation as -is. The Proposer has engaged world-renowned planning, urban design, and architecture firm DPZ CoDesign (https://www.dpz.com/) to help develop a transformative vision and project for the GSA site. The proposed development is the result of extensive, wide-ranging discussions over a multiday charrette workshop, conducted to define the site's best possible uses and features, with an eye on creating a living, breathing, vibrant new community and economic engine for Allapattah and the City of Miami as a whole. The proposed development program calls for, approximately: ■ 2,500 residential apartment units, of which 500 are anticipated to be workforce housing for residents making between 100% and 140% Area Median Income (AMI). ■ About 200,000 square feet of office space, which will dramatically increase business activity in the area and create a permanent center for job -creation. ■ Around 100,000 square feet of ground -floor retail distributed throughout the proposed development, facing both the site's existing external boundary roadways —substantively transforming and improving the retail and pedestrian experience on NW 20th Street as well as on NW 12th and 14th Avenues— as well as the future internal vehicular streets and green spaces. ■ About 5 acres of green open space fully accessible by the general public, including public art features and proposed activations that will create a functional, attractive, and dynamic park scene. ■ A hotel component consisting of around 300 rooms, which will, among other things, serve the VA Medical Center, Jackson Memorial Hospital system, and University of Miami Hospital complex. 1 Description of Proposed Development CONFIDENTIAL & PROPRIETARY 18 Furthermore, and as better and more extensively described in the `Summary of Public Benefits', the proposed development envisions the creation of certain civic buildings or community uses, such as: • A `Library' or `Study House' which will allow for —in association with local educational institutions— after -school and continuing education programs, job training workshops, mentoring opportunities, and study rooms, among other uses. • A `Community Market' or Open Gathering Area, with a stage fit for live music events and performing arts shows, public promenade and food and retail stands, with the objective of turning the site into an entertainment and leisure destination for Allapattah and its neighboring communities. • Approximately 5 acres of the site will be dedicated to activated green spaces, both at ground level and elevated, which will be fully accessible by the general public, and will include community squares, public art, dog park, kids' playground, community gardens, investments in hardscape, and potentially an urban farm, forming a public interconnected green `loop' that will act as a destination by itself. • Moreover, the proposed development envisions the relocation of Fire Rescue Station 5, currently on the northeastern corner of the site, to a more central location on NW 20th Street, and its fuller integration into the community by an internal -facing cafe or open space adjacent to the development's central green square. The Proposer anticipates that fairly extensive environmental issues affect the site given its current and previous uses. For that matter, the Proposer will embark on an integral environmental evaluation and subsequent remediation of the premises which will enable all proposed future uses for the project. It is expected for this remediation process to take place before ground is broken for any of the proposed future improvements. astiti tu►e aivejtr l Likewise, wide-ranging infrastructure investments will take place on the site, including, but not limited to, road, sidewalk, and pedestrian pathway construction; hardscape, streetscape, and landscape development; and utility connections, among others. These will effectively transform the site into a living, mixed -use community of residential, office, retail, civic, and green space uses. Banta CI a 664'JOH The proposed development will greatly benefit from the proximity of the Santa Clara Station of the Metrorail system, which is virtually adjacent to the site. The project will transform Santa Clara, currently the lowest ridership station in the Metrorail system, into a true transportation and connectivity hub for the neighborhood, enhancing the mobility of residents, visitors, and office dwellers alike, and facilitating the makeover of the site into an entertainment destination for the area and its neighboring communities. Description of Proposed Development • ONFIDENTIAL & PROPRIETARY 19 Proposer intends to enhance and modernize Santa Clara by improving the station's visual connectivity to the site. Multi -Phased Development Prograr Generally, the Proposer foresees developing the full project in four phases, subject to dividing the development in more or less phases or subphases as the project breaks ground and moves forward. As mentioned above, any work on these phases, including Phase 1, will be preceded by the environmental remediation of the site. Phases 1(a) and 1(b) —concentrated mostly on the SW corner of the site although extending towards NW 20th Street to the North— will center on building the first multifamily residential buildings of the site (estimated to contain around 350-500 dwelling units) as well as the initial network of parks and green open spaces, which are envisioned to include central community squares, children and dog parks, public art, and the urban farm component. Additionally, Proposer intends to include as part of these initial subphases some of the main civic or community facilities of the project, such as the `Library' or `Study House', and the `Community Market' and Gathering Space fit for retail, food & beverage stands, live music, performances, etc. on NW 20th Street. Substantial infrastructure improvements, including internal road and pedestrian pathway development, will be included in this phase, \\T along with the first portion of ground floor retail of the development (estimated at about 10,000-15,000 square feet), chiefly along NW 14th Avenue but also facing the proposed internal vehicular streets and pedestrian walkways within the site. In general, the Proposer's vision Phase 1 of the project is to include some of the most salient elements and uses of the full development, so that the community reflects from its onset the main features and public benefits as envisioned for the entire site. Phase 2 of the project —centered on the SE portion of the site— will incorporate the first office buildings of the project as well as its hotel component. Capitalizing on the prior completion of Phase 1 along with its multifamily, retail, civic, and green space elements, the Proposer believes that the community will be mature and economically dynamic enough at this point to support these far larger commercial facilities, which will in turn foster the further growth of the whole community in a virtuous cycle. As with Phase 1, it is intended for Phase 2 to increase the network of open green space within the site as well as add more square footage of ground - floor retail. The main buildings of Phase 3 —to be concentrated on the NE and central parts of the site— will likely consist of a mixture of multifamily and office space, which will dramatically increase the square footage of these uses towards achieving the total figures specified in the development program. escription of Proposed Development CONFIDENTIAL & PROPRIETARY 20 Phase 3 will also considerably increase the open park and green space footprint of the project, going a long way towards completing the interconnected green loop proposed for the site. More ground -floor retail space, both on the external boundary roadway of NW 12th Avenue as well as facing the internal greens and vehicular streets, will be added. Finally, Phase 4 —on the NW part of the site— will complete the development program by achieving the total number of dwelling units, office square footage, and retail space proposed for the site. Phase 4 will add to and complete the proposed open park acreage, effectively closing the interconnected network of elevated and ground -level green spaces, or 'Arts & Garden Loop', and will substantively enhance the retail experience on NW 20th Street and NW 14th Avenue. Phase 4 will also take on the repositioning of Fire Rescue Station 5 from its current location to the center -North portion of the site along NW 20th Street, and its integration to the community by its internal -and -park facing cafe or open space. Moreover, Phase 4 of the proposed development will have the flexibility of transforming a part or the entire 'Community Market' into an additional structure containing residential units or other uses. The Proposer estimates that completing all phases of the development and achieving the full development program, including the total green space acreage and civic facilities, will take about 10-15 years from the day of groundbreaking of Phase 1. It is envisioned that the construction period of each of the phases described above will take around 3 years. Proposer will have to go through the permitting and entitlement process, as well as undergo the environmental remediation of the site and demolition of existing structures, prior to Phase 1 breaking ground. Proposer estimates this process to take about 24 months. 1 Description of Proposed Development CONFIDENTIAL & PROPRIETARY 21 Financing To develop the several phases of the project, NR Investments intends use a combination of Proposer's equity and construction loans. Typically, the financing structure will consist, on the one hand, of Proposer's equity for 35% of the required sources, and, on the other, of 65% of sources in the form of a construction loan. Once each phase of the project is completed and its operation stabilized, Proposer's construction loans will be refinanced and replaced by longer -term debt. Proposer intends to essentially replicate the financing structure employed successfully in all its mixed -use developments. For these purposes, Proposer has engaged financial services firm Walker & Dunlop (https://www.walkerdunlop.comi), one of the largest lenders and loan originators nationwide, with which Proposer has an ongoing relationship since 2009. Over the years, Walker & Dunlop has secured financing sources totaling about $1 billion for the Proposer's acquisitions and developments, and currently is working on a pipeline of another $1 billion for NR Investments' current projects. 1 Description of Proposed Development CONFIDENTIAL & PROPRIETARY 22 NW 14 Ave 8 10 11 9 9 10 7 20th Street 14 4 5 8 3 10 10 8 8 8 NW 12 Ave Annotated Master Plan —Arts & Garden Loop 1. Fire Station with Cafe 2. Temporary Community Market / Flex Building 3. Activation Space 4. Community Square 5. Dog Park 6. Community Gardens 7. Urban Gardens 8. High-rise 9. Mid -rise 10. Flex Building: retail, office, civic, live -work 11. Low-rise 12. Library 13. Stage 14. Playground CONFIDENTIAL & PROPRIETARY NW 14 Ave 20th Street NW 12 Ave Total Green Space Area - 5 Acres Key ® Civic Bldgs Green Space (ground level) Green Space (upper level) Diagram - Open Space & Civic Bldgs CONFIDENTIAL & PROPRIETARY L 20th Street n fl NW 12 Ave Key Vehicular Street r i Potential Street Closure Arts & Garden Loop Diagram - Arts & Garden Loop CONFIDENTIAL & PROPRIETARY 25 Key ■ Parking Garage On -street Parking Diagram - Parking CONFIDENTIAL & PROPRIETARY Phasing —Phase la & lb CONFIDENTIAL & PROPRIETARY 1 Phasing Phase 2 CONFIDENTIAL & PROPRIETARY 1 Phasing — Phase 3 CONFIDENTIAL & PROPRIETARY 1 Phasing — Phase 4 CONFIDENTIAL & PROPRIETARY 1 3D Phasing — Phase 1 PeA All!! Af ATITAU CONFIDENTIAL & PROPRIETARY 31 3D Phasing — Phase 2 CONFIDENTIAL & PROPRIETARY 32 3D Phasing Phase 3 M._ CONFIDENTIAL & PROPRIETARY 33 3D Phasing — Phase 4 CONFIDENTIAL & PROPRIETARY 34 Perspective Views CONFIDENTIAL & PROPRIETARY 35 Perspective Views CONFIDENTIAL & PROPRIETARY 36 Concept for a "lean" market and entertainment destination, taking advantage of the proximity to National Produce. The site can evolve into something more permanent over time. ter Community Market I Open Gathering Space CONFIDENTIAL & PROPRIETARY 37 Illustration of Low and Mid -Rise CONFIDENTIAL & PROPRIETARY Illustration of the Community Gardens CONFIDENTIAL & PROPRIETARY 39 A.114 , IL I, tr C AVM 1i L!, it' iIiSki': • milli, it 41.41( Illustration View from Santa Clara Station CONFIDENTIAL & PROPRIETARY I I '''' " • . v . ,, , Illustration of the Library Entry Porch CONFIDENTIAL & PROPRIETARY Illustration of The Dog Park & Playground CONFIDENTIAL & PROPRIETARY NR Investments — Allapattah GSA Site Summary of Public Benefits 1. Environmental Remediation The project will undergo the integral environmental remediation of the site, which is currently used, among other things, as a dump facility and largescale auto repair shop for vehicles belonging to the City's fleet. The extensive environmental issues expected within the site will be addressed headfirst before its redevelopment. This will have a lasting positive impact for the community and will enable the wholesale transformation of the site into an economic engine and outdoors/green space hub for Allapattah and its neighboring communities. Substantial infrastructure improvements will be part of the site's redevelopment and revitalization, including road and sidewalk construction, pedestrian pathway building, largescale utility connections, and extensive, wide-ranging hardscape, streetscape, and landscape development. Effectively, the site will be converted from low -intensity industrial and commercial uses to a residential, commercial, and public parks hub fully integrated to Miami's urban fabric. 111. Arts & Garden Loop — Open Greens Approximately 30% of the site — +5 acres — will be dedicated to interconnected public green spaces fully open to the public, both elevated and at street level. This will create much needed breathing green space for Allapattah in an area that's currently heavy on industrial and warehousing uses, effectively replacing a dump and largescale auto repair shops. This new network of parks and greens will contain facilities such as a central community square, urban gardens, kids' playground, dog park, public art, and potentially a community garden / urban farm component for additional civic, family, and youth engagement activities. Furthermore, it is proposed that these greens be connected in a loop that will serve as a destination by itself, in a true, attractive, activated, and functional urban garden setting surrounded by housing and ground -level retail. IV. Workforce Housing The project will contain a 500-unit workforce housing component for residents making between 100% and 140% AMI which will enable teachers, nurses, EMT's, city employees, police officers, and fire fighters — the people that serve our City — to live within Miami's urban core, closer to their jobs, and integrated to the community's fabric. GSA Public Benefits Summary ONFIDENTIAL & PROPRIETARY NR Investments will leverage its experience working alongside the City to develop and incorporate workforce housing to their projects located within Miami's Central Business District, just a few minutes away from the GSA site. V. Study House — The Library' Central civic space centered around education and dedicated to, among other potential uses: • After school programs • Continuing/adult education • Job training workshops and programs • Talks and lectures • Mentoring/coaching opportunities • Study rooms This civic space will partner with Booker T. Washington Senior High School, Miami -Dade College, foundations, the Miami VA Medical Center or Jackson Memorial Hospital systems, and other non -profits to serve as a setting for the initiatives above, becoming a focal point for civic engagement and community development. VI. Community Market/Open Gathering Arer Influenced by, and taking advantage of, the neighboring produce distribution district, which feeds a substantial portion of the food consumed within the City of Miami, the project will create a market and entertainment destination for Allapattah and its neighboring communities in the form of a public promenade and outdoors space. This will be open to the public and include: • Events space & activation • Food court • Retail stands • Produce market • Gathering green • Stage for performing arts and live music • Improved hardscape and landscape The project will be a new magnet for jobs in Allapattah that will support the multifamily and retail components of the master development. The project's proposed office and hotel components will bring additional quality jobs to the area as well as foot traffic to the new businesses and community market on site. 1 GSA Public Benefits Summary ONFIDENTIAL & PROPRIETARY 45 The development of the site itself will create thousands of jobs and millions of dollars of tax revenue of jobs through the years. A more accurate estimation of permanent and temporary jobs created by the development will follow. Vlll. Transportation The Santa Clara Station of the Metrorail is adjacent to the site. Santa Clara, which is generally the lowest ridership station in the system, will transform into a modernized and enhanced transportation hub for the project, allowing for convenient connectivity with the rest of the City and County. This will not only improve the living experience of the project's residents, enabling higher mobility and access to and from the site, but will turn into a true amenity for the public park and destination components of the development, as well an asset for the businesses and job -creators on site. This will also have spillover effects for the community at large, by increasing Santa Clara's appeal and turning it into a central access point for businesses and institutions already in the neighborhood. IX. City of Miami Fire Rescue Station 5 Relocation of the existing City of Miami Fire Station on the corner of NW 12th Ave and NW 20th St, and integration to the community by internal -facing cafe or open space connected to central green spaces, along with the project's workforce component which will enable its personnel to live fully in the community. The proposed plan is that the Fire Station and its personnel will be an integral part of the community's fabric and not closed off or detached from it. This will create opportunities for civic engagement (`A Day with a Firefighter'), training programs, youth mentoring, etc. X. Community Transformation and Revitalization More holistically but surely as important as any of the specific preceding public benefits, the project will embark on a wholesale revitalization of a substantial part of Allapattah, constituting an economic accelerator for the area and a catalyst for further growth and development into neighboring communities. The project will connect Allapattah to the flourishing residential, commercial, and retail scenes centered around Wynwood, the Miami River, and Greater Downtown Miami. Furthermore, it will bring economic activity and growth, and create a dynamic, expanding community west of 1-95 that will have positive ripple effects northward to Liberty City and southward to Little Havana and Overtown, among other areas. GSA Public Benefits Summary CONFIDENTIAL & PROPRIETARY 46 In this way, the project has been conceived as becoming a central, beating heart of this section of Miami. NR Investments in convinced that creating a rich sense of place, instilling local pride, developing a hub for job creation, and, more broadly, providing a vision of a bright and inclusive future for this part of the City is just as crucial as any of the tangible benefits described before. GSA Public Benefits Summary CONFIDENTIAL & PROPRIETARY 47 Workforce -Housing • 500 units • At between 100% to 140°I° AMI • A home for teachers, nurses, general employees, police and tire Open Green Spaces A+' • ± 5 acres • Public art • Community squares • Urban Gardens • Kids playground • Dog park • Community Garden/ Urban Farm Infrastructure • Road/ Sidewalk construction • Hardscape • Streetscape • Landscape • Pedestrian pathways Transportation Modernizing Santa Clara Station as a mobility and connectivity hub. Community Transformation • Economic Accelerator • A catalyst for Growth and Development West of 1-95 • Sense of Place • Local Pride • Bright Vision for the Future PUBLIC BENEFITS Fire Station • Relocation • Integration into a community MI Job Creation Temporary and permanent • Office • Hotel Retail components ►,s Education • After school programs • Study rooms • Continuing adult education • Job training workshops and programs • Talks and lectures 9. Destination Community Markets • Gathering greens • Public promenade Stage for the performing arts Ivo Environmental Integral environmental remediation • Transformation of site • Economic Engine • Green Space hub GSA Public Benefits Summary CONFIDENTIAL & PROPRIETARY 48 Economic Proposal To secure the necessary property interests that will enable the subsequent development of the project, Proposer intends to enter a 99-year Ground Lease with the City of Miami for the roughly 18-acre site. ASSUMPTIONS Ground Lease Period 99 Years Percentaie Rent of Revenue 6% PERMANENT PERIOD POTENTIAL Proposer intends to pay lease payments equal to 6.00% of the gross revenues generated by each of the project's residential, commercial, hotel, and retail components. As per the proposed development program more fully described before, Proposer estimates that over the full 99-year course of the Ground Lease, lease payments to the City will total approximately $1.5 billion, as more fully seen in the estimate below. Moreover, Proposer further calculates that over the same period, the project will generate additional property tax revenue for the City in the amount of $3.2 billion. i se Residential Retail Hotel Office Units/SF Effective Gross Revenue 2,500 100,000 300 200,000 $76.058.357 $2,700,000 $18,000,000 $5,400.000 Annual Percents e Rent Annual Percents e Rent Per Unit/SF Total Pa ments until 2128 $4,563,501 $162,000 $1,080,000 $324,000 $1.825 $1.62 $3,600 $1.62 $1,100,523,514 $39,067.548 $260,450.317 $78,135,095 Total $1 02,158, 357 $6,129,501 $1,478,176,474 RE Taxes Paid i se Residential Retail Hotel Office Units/SF Est. Annual RE Taxes Total RE Taxes unit 2128 $2,588,431,305 $120,392,154 $252.823.523 $240,784,307 $ 3,202,431,289 2,500 100,000 300' 200,000 $10,750,000 $500,000 $1,050.000 $1,000,000 Total $13, 300, 000 J Economic Proposal CONFIDENTIAL & PROPRIETARY This brings total revenues to the City, in terms of Proposer's lease payments and expanded real estate tax base, to almost $4.7 billion. As mentioned before, Proposer expects substantial environmental remediation efforts prior to, and as a necessary condition before, breaking ground and developing the project. At this time, the total cost of said remediation is unknown, as is the full extent of environmental issues which will be faced on the site. Proposer will also incur substantial upfront infrastructure costs to adapt the site to the proposed uses. These investments will have a markedly positive effect for the community at large, by allowing the wholesale transformation of the site from its present uses. Given the broader societal benefits that will be brought about by the environmental remediation and infrastructure investments, NR Investments proposes to establish an agreed upon credit or reimbursement mechanism with the City that will enable the Proposer to face these unknown upfront costs and move ahead with the project. A mechanism as such will help reduce the Proposer's exposure to an acceptable risk level, especially as these costs will be fronted before breaking ground on Phase 1, which is arguably the riskiest of the development. It will also enable the Proposer to underwrite the project adequately and obtain the necessary financing to initiate Phase 1 and subsequently advance to the later stages of the project. \T Economic Proposal CONFIDENTIAL & PROPRIETARY 50