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HomeMy WebLinkAboutExhibit A SUBCITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Arthur Noriega V DATE: February 18, 2025 City Manager FROM: Victor Turner Director BACKGROUND SUBJECT: District 2 MFE Allocation of $7,200,000 to Collaborative Dev. Corporation The City of Miami ("City") created the Miami For Everyone ("MFE") Program to assist communities facing the long-term complications resulting from declared emergencies and to address the specific needs of the most vulnerable residents and businesses, through a strategy of focusing the provision of support towards priority areas of need that will further stabilize economic conditions within City Districts. In early February 2025, the Collaborative Development Corporation (or "CDC") submitted a Miami For Everyone application (attached as Exhibit "B") requesting funds for the proposed acquisiton of the properties listed below in Coconut Grove, with the goal of developing a mixed -use affordable housing project ("Project"). The Project will feature: (54) affordable housing apartments ranging from 70% to up to 100% AMI (or Area Median Income), as published annually by the United States Department of Housing and Urban Development and Florida Housing Finance Corporation. It is expected that CDC will rent these apartments although they may convert these units to homeownership units in the future. THE COLLABORATIVE DEVELOPMENT CORPORATION CDC is a non-profit organization that has been rooted in community development throughout Miami -Dade County since 2008 (Sunbiz.org, attached as Exhibit "A"). CDC carries out its mission through the acquisition, redevelopment, and development of affordable live -to -work housing projects for extremely -low and low-income residents. In 2016, CDC secured $9M of bond funds from Miami -Dade County to develop Gibson Plaza working alongside with the Theodore Gibson Memorial Fund and Pinnacle Housing. Gibson Plaza is a 53-unit Bahamian type development in the heart of West Coconut Grove. CDC has requested MFE funds in the amount of Seven Million Two Hundred Thousand and 00/100 Dollars ($7,200,000) to fund the acquision of the subject properties located at: - 3710 Grand Avenue — (Folio # - 01-4120-007-0200) 3735 Washington Avenue — (Folio # - 01-4120-007-0010) 3714 Washington Avenue — (Folio # - 01-4120-007-0810) 3718 Washington Avenue — (Folio # - 01-4120-007-0820) 3719 Thomas Avenue — (Folio # - 01-4120-007-0780) 3424 SW 37 Avenue — (Folio # - 01-4120-007-0800) 3442 SW 37 Avenue — (Folio # - 01-4120-007-0790) CDC will then re -develop these properties as a mixed -use project that will contain no less than (54) City - assisted residential rental units. The (54) household units are projected to be set aside for a mix of households earning between (70%) AMI and up to (100%) AMI. HOUSING AND LOAN COMMITTEE REVIEW STATUS The City's Housing and Commercial Loan Committee ("HCLC") has not yet reviewed a completed proposal for the Project in order for the Project to be awarded MFE funds and, therefore, any City Commission approval is contingent on the approval of the Project by HCLC and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set forth in the HCLC Approval. RECOMMENDATION The City's District 2 Commissioner ("Commissioner") has reviewed the MFE Application attached and wishes to provide funding from the Commissioner's share of MFE funding in an amount not to exceed Seven Million Two Hundred Thousand and 00/100 Dollars ($7,200,000) to Collaborative Development Corporation. The terms of the loan will be dictated by the final HCLC Approval. In light of the above stated, approval of a waiver of the formal requirements of competatitve sealed bidding methods as not being practicable or advantageous to the City as set forth in the City Code of Ordinances, as amended, specifically Section 18-85 (A), and the affirmation of these written findings and the forwarding of the sarw to the City Commission for ratification by a fourth -fifths vote is respectfully requested. aN APPROVED/ DISAPPROVED DocuSigned by: artILIAr 1414it February 18, 2025 1 16:46:12 EST "-850CF6C372DD42A... Arthur Noriega V City Manager Exhibit A DIVISION OF CORPORATIONS �Ir r11J PArrrioll� an official Strut of Florida sveb ire Department of State / Division of Corporations / Search Records / Search by Entity Name / Detail by Entity Name Florida Not For Profit Corporation COLLABORATIVE DEVELOPMENT CORPORATION Filing Information Document Number N02000001976 FEI/EIN Number 03-0406037 Date Filed 03/19/2002 State FL Status ACTIVE Last Event AMENDMENT Event Date Filed 07/23/2018 Event Effective Date NONE Principal Address 3640 Grand Avenue ATTN: Joseph King Miami, FL 33133 Changed: 04/30/2024 Mailing Address 3640 Grand Avenue ATTN: Joseph King Miami, FL 33133 Changed: 04/30/2024 Registered Agent Name & Address KING, JOSEPH 3640 Grand Avenue ATTN: Joseph King Miami, FL 33133 Name Changed: 07/23/2018 Address Changed: 04/30/2024 Officer/Director Detail Name & Address Title D GIBSON, THELMA 3661 FRANKLIN AVE COCONUT GROVE, FL 33133 Title D RIVERS, BRENDA 3627 SW 37 AVE #15 COCONUTGROVE, FL 33133 Title DP FALES, GORDON 6818 PALLAZZO ST CORAL GABLES, FL 33146 Title CEO King, Joseph 3646 Grand Avenue Miami, FL 33133 Annual Reports Report Year Filed Date 2022 04/29/2022 2023 04/28/2023 2024 04/30/2024 Document Images 04/30/2024 --ANNUAL REPORT 04/28/2023 --ANNUAL REPORT 04/29/2022 --ANNUAL REPORT 06/10/2021 --ANNUAL REPORT 06/30/2020 --ANNUAL REPORT 04/29/2019 --ANNUAL REPORT 07/23/2018 -- Amendment 02/05/2018 -- Amendment 01 /24/2018 --ANNUAL REPORT 12/20/2017 -- Amendment 05/01 /2017 --ANNUAL REPORT 04/29/2016 --ANNUAL REPORT 04/30/2015 --ANNUAL REPORT 02/06/2014 --ANNUAL REPORT 04/15/2013 --ANNUAL REPORT 04/30/2012 --ANNUAL REPORT 04/26/2011 --ANNUAL REPORT 08/20/2010 -- Name Change View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format U5/04/2010 --ANNUAL REPORT 05/14/2009 --ANNUAL REPORT 10/14/2008 -- REINSTATEMENT 07/30/2007 --ANNUAL REPORT 07/06/2006 --ANNUAL REPORT 12/27/2005 -- Amendment 06/15/2005 --ANNUAL REPORT 04/28/2004 --ANNUAL REPORT 03/13/2003 --ANNUAL REPORT 03/19/2002 -- Domestic Non -Profit View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format Florida Department of State, Division of Corporations CDC - 3710 Grove Landing Community Housing Development COLLABORATIVE DEVELOPMENT C OR POR .A 7 r 0 N 3644 GRAND AVENUE MIAMI, FL 33133 305.788.541 2 ;king@cdc-fl.org Exhibit B 3 710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT WITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP A mixed -income, rental and ownership, community housing model prioritizes local residents bringing local benefits to both individuals and the wider community City of Miami Miami For Everyone Program Funding Request Form CONTACT INFORMATION: Contact Person: Joseph King Title: President/CEO Phone number: 305-788-5412 Email Address: iking@cdc-fl.org Name of Person completing this form: Joseph King Legal Name of Organization: Collaborative Development Corporation Address (Street, City, State, zip Code): 3644 Grand Ave Miami, FL 33133 Executive Director of Organization: Joseph King Executive Director email: Jking@cdc-fl.org Executive Director Contact Phone Number: 305-788-5412 The organization is a registered and active State of Florida Corporation (select one): ElFor -profit organization Not -for profit organization {501(3)(c)} EiLocal governmental unit riState governmental unit EiEducational and academic institution City of Miami department, office of elected official, agency or board Page I of 6 Return this form to: gbrito@miamigov.com (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form ORGANIZATION AND PROGRAM/PROJECT INFORMATION Organization History and Background Information: Collaborative Development Corporation (CDC) is a private, 501©3 nonprofit community development organization whose mission is to plan, coordinate and execute neighborhood revitalization projects, expand affordable housing availability, and increase culture, tourism, business and employment opportunities in impoverished and under -served communities. We are redefining housing for residents, who are typically low -Income families, seniors, individuals, and people with special needs. Is your program/project providing direct services to residents of the City of Miami? Yes ❑No ❑ Number of residents your entity will serve: 48-54 Frequency of Service: Monthly/As Needed Age Group Served: 18-99 Is your program/project related to a declared emergency in the City of Miami? YesiNo D Name of Declared Emergency: Affordable Housing Crisis (August 8, 2022) Date of Official Declaration: AV G-3r 1 e22 Is your program/project impacting one of Miami's afflicted communities? Yes ❑E• Geographic Area Served (specific to this project/program) District Served (1, 2, 3, 4, 5, Citywide) City of Miami, District 2 Neighborhood/Community being served: Lithe Bahamas of Coconut Grove Program/Project Priority area (Select one): lJ Affordable Housing ElMortgage Replacement Program (See Appendix A) Educational Programs for children, youth, and adults nElderly meals, direct financial assistance, transportation, recreational and health/wellness related activities Direct financial assistance, food assistance (gift card programs, voucher programs) Return this form to: gbritoia miamigov.com (March 28, 2023) Page 2 of 6 City of Miami Miami For Everyone Program Funding Request Form nAt -risk youth or youth summer job programs ElTransportation services and programs ElJob development, retention and training programs nHomeless Services ElFood Distribution programs Climate Resiliency Improvements nEssential supplies, during a State of Emergency, natural disaster, or economic crisis nAllowable Infrastructure Improvement per program purpose and guidelines Return this form to: gbrito@miamigov.com (March 28, 2023) Page 3 of 6 City of Miami Miami For Everyone Program Funding Request Form Program/Project Title: 3710 Grove Landing Community Housing Development Project/Program Description' A Mixed Income Development With An Affordable Housing Preference Program CDC is using the City approved, Mixed Use Cultural District (MUCD) Overlay as a restrictive use overlay, to give a distinctive cultural character to Grand Ave and Douglas Rd. This district is of special and public interest to preserve, conserve and protect the heritage of the Village West Island District (Little Bahamas of Coconut Grove). Program Start Date: June 1, 2025 Program End Date: June 1, 2029 Please describe how this program/project and funding will assist the community overcome the adverse effects of the declared emergency: The development will have a minimum of 20% of the Units as Affordable Housing serving residents at or below (70%) of AMI as well as a minimum of 10% of the Units at (80%) of the AMI and an additional 60% at 95% of AMI totaling 90% affordability. There will be 90% building affordability under (100%) AMI and 5,000+ commercial space in the development and only 6 market rate units in total. IMPACT AND PERFORMANCE: Describe overall expected outcomes and performance measures for this project/program: Under the outlined Home Buying Program (same section): A minimum of thirty percent (30%) of the Dwelling Units will be offered to home buyers with income at levels ranging from the 70%, 80, 95% and a maximum of 120% AMI. There will be opportunities to rent, rent to own and home buying in this project, with a City covenant on the project for 30 years minimum. Please attach additional pages to the back of this packet, if the space above is not sufficient. Return this form to: gbrito@miamigov.com (March 28, 2023) Page 5 of 6 City of Miami Miami For Everyone Program Funding Request Form FUNDING REQUEST INFORMATION: Amount Requested: $ $7,200,000 Explain how the City of Miami's Miami For Everyone funding will be utilized: 100% of this funding will be for land acquisition utilizing the funding to build in the largest massed land still available within Little Bahamas of Coconut Grove. The project will be able to provide 48 community units and 54 total units, at minimum and the land cost ratio to units built, not factoring the commercial spaces into the cost allocation breaks down to; 48 community units totaling $150,000 build cost per unit and with the addition of 2 -3 retail spaces on the main comer of 37th and Grand Ave., there are opportunities for live to work and as the development is in the mixed use cultural district, we will provide cultural opportunities. Itemize MFE funding related to expenditures below: Personnel Salaries & Wages: $0 Personnel Benefits $ 0 Space Rental: $ Utilities (Electricity, Phone, Internet): $ 0 Supplies: Equipment Marketing: Transportation (Participants): Meals (Participants): Professional Services (List each): $0 $ $0 so so $0 Construction (attach schedule of costs): $ 0 Other (please describe): Land Acquisition - $7,200,000 Other (please describe): N/A Mortgage Replacement (please describe): Return this form to: gbrito@miamigov.com (March 28, 2023) N/A Page 5 of 6 City of Miami Miami For Everyone Program Funding Request Form To be completed by the Entity/Recipient By signing below you agree to the guidelines and stipulate that the information provided on this form is accurate and complete. Completed by (Print & Sign): Joseph King Date: 02/11/25 Additional Comments: Please see added attachments for additional information This updated information is inclusive of and contains all updated information in the 2/11/25 MFE application To be completed by District Commissioner/Mayor's Office Recommended for funding: Yes1JNo1 Funding Recommendation: Commission Meeting Date: Additional Comments: Completed by (Print & Sign): Date: To be completed by the Department Received by (Print & Sign): Date: Additional Comments: Return this form to: gbrito@miamigov.com (March 28, 2023) Page 6 of 6 COLLA80RAT! VEt DJ VrL0PM ENT COR P O R ATION A 50103 CHARITABLE ORGANIZATION DLVLLOP LNT C 0 R r• 0 R A T i U N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES Organization: Collaborative Development Corporation Tax Exempt EIN: 03-0406037 Mailing Address: 3644 Grand Avenue City, State, Zip: Miami, FI, 33133 Contact Number: 305.788.5412 Name/Title/Email: Joseph King, CDC - C.E.O. - jking@cdc-fl.org 3710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT WITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP A mixed -income, rental and ownership, community housing model prioritizes local residents bringing local benefits to both individuals and the wider community C.OLLA1 ORATI\/L DLVLLOPM LNT C C? R Y ) F{ A i I o N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES WHO WE ARE AND THE NEED WE ADDRESS COLLAI ,ORATIVL DLV[LOPMlr_NT 1 c o R r o R A. i o N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES MISSION Collaborative Development Corporation (CDC) is a private, 501©3 nonprofit community development organization whose mission is to plan, coordinate and execute neighborhood revitalization projects, expand affordable housing availability, and increase culture, tourism, business and employment opportunities in impoverished and underserved communities. VISION CDC has historically achieved its mission by expanding and retaining local business operations, providing affordable homeownership and other housing opportunities, increasing employment opportunities, and helping to rebuild the civic fabric in South Florida communities. CDC's ongoing vision is to strengthen neighborhoods and communities where individuals and families are empowered with knowledge, skills and resources they need to move toward greater personal, social and economic growth and self-sufficiency. CDC BACKGROUND Collaborative Development Corporation (CDC) is a nonprofit organization that has been rooted in community development throughout Miami -Dade County since 2008. CDC operates exclusively for charitable and educational purposes to address at -risk communities and to promote housing stability. CDC reinforces its mission through the acquisition, redevelopment, and new development of affordable live to work housing projects for extremely low and low-income residents. We are redefining housing for low -Income families, seniors, individuals, and people with special needs. Organizationally we have participated in the development, preservation and funding of over 60 apartment and homes with affordable housing rentals, as well as building and home ownership over the past several years.. VALUES Collaboration Harnessing the knowledge and expertise of our staff & board of directors, forging lasting partnerships with residents & stakeholders to achieve the best collective results Diversity Fostering an organizational culture of inclusion, where different experiences and perspectives of those we serve and those with whom we work are respected & valued Excellence Challenging ourselves to attain the highest quality standard and level of performance in order to achieve the greatest impact Innovation Seeking opportunities to continuously adapt & improve our services and work product, while advancing the industry in practice and policy to expand our collective impact Integrity Fulfilling our mission by conducting business in an open, honest and transparent manner, adhering to a code of moral convictions without having ulterior motive block bm. block COI_L f C)RATIVL D[NFL LOPMLNT C. 0 R P O R A 7 1 0 Pi TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES TOGETHER..... WE TRANSFORM NEIGHBORHOODS CDC not only helps provide quality, affordable housing programs to those in need, but we also link services which help improve the community one resident at a time • Did You Know • The national average salary is $2,600 a month ■ The average cost of a one -bedroom apartment in America is $1,800 a month • The average cost of a one -bedroom apartment in Miami -Dade is $2,450 a month • The average salary of our participants is under $2,250 a month ■ To afford rent in these circumstances, one would have to dedicate well over 70% of their earnings to housing, which can be crippling to their ability to use leftover funds towards education, healthcare, and other living expenses • Many of our participants are working two and three jobs TOGETHER WE TRANSFORM LIVES OF LOW-INCOME FAMILIES, SENIORS, AND INDIVIDUALS We help individuals and families learn skills and gain perspectives that make dreams of stability and hope a reality. • Did You Know ■ 70% of our residents are families 21% of our residents are seniors • 9% of our residents are people with special needs (people with HIV/AIDS, formerly homeless individuals, veterans, and people with physical and mental impairments Many assume that the government should deliver a solution, but this isn't so. In 2021, the U.S. government SPENT 50 BILLION toward alleviating the affordable housing dilemma, to no meaningful end. This is largely due to the residual impacts of neighborhood zoning, a practice that first came about in the 1920s. To regulate a rapid boom in urbanization, city governments mapped out zones for new housing construction, specifying that each residence must be built on individual lots of a certain size. What resulted were cities that dedicated large portions of the available area to single- family homes. With inflated land costs, reduced land stock and the need for affordable multi -unit developments, CDC began to work with majority land owners, developers and public & private funders to achieve a community model which ensures accessible, live to work, transit friendly, walkable, shoppable neighborhoods with SMART LIVING ACCESS block IN block OUR COMMUNITY CONTINUUM STRATEGY C )LL Ar5ORAT!VE DEVL_LOPMENT C 0 R r (1 R A 'r 1 0 N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES Safe affordable housing promotes health; home construction creates jobs & improves property values. Jobs provide income for paying rent or mortgage & other housing costs. Good health allows individuals & their caregivers to work. With land costs, reduced land stock and the need for affordable multi -unit developments, CDC began to work with majority land owners, developers and public & private funders to achieve a community model which ensures accessible, live to work, transit friendly, walkable, shoppable neighborhoods with SMART LIVING ACCESS Transitional Housing 3710 Grove Landing Addresses Afforda ble Home Ownership COLLA5C)RAT1VT DLVLLOF'MALNT C. OR r' 0 K A T 1 O W TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES RELATED TO THE IMMEDIATE COMMUNITY AND HOUSING STABILIZATION NEED What does % Area Median Income (AMI) mean? Miami -Dade County Workforce Median wage job: $45,243 per year, or 49% AMI for a household of 3. 50% AMI Ar.txjo in-corrie firtti t and hourly wage for househokt of 3 do-'W Renter households 546,450hrr 151,213 hit S22-33/hr (0-50% AMlj Job exontp.es, 7 -worker Job examples, 2-worker household how sehard Bookkeeper 1nsseance Sakes Agernt lfo rsekeepiny Supervisor 1 full.tinse worker and 1 pore-tiene 60% AMI S55,740 526.80 30,928 ISO-6O3o AMI) Tech Support Electrician LPN! 1 fvll.sinse worker and 1 pare -gene worker 2 minimum .Kaye w+trrikers 80% AMI S74,320 S35.73 56,419 165-80".•% AMI) Firefighter Aircraft Mectscnic Flight At:endarrt 2 Stockers Bookkeeper a. Casiier Secretory & Securfry Guard 1 20% AMI 5111,480 91,322 S53.60 180.1 20% ANtij Parts of this slide were part of the following: industrial &igir+eer Financliol Advisor Nurse Practitioner 2 Tech Supports Marsufocturing Sales Rep & Secretory Office Clerk $ Legal Assn Sac;cos: Florida !busing Finance Corporarort 2023 !income w+d item Limnsi Fkc+Gda Doprarernort of Commerce, 2022 Oecupiehtysai Errplorrnent oevd Wore Storares (revrerion wage by occupation its 2023 dokkarsl, SI*nberg Crafter for Hoyt:rig Stud':es, Ramol /0.0wiet Study. Re.r,ee, haw edwld coaxes eick,da ewer..fani ly. studera-hooded i.ouseh&ds.. f1.O .ILM COL_L A 5ORATIVr 1)LVLLOF'MLNT CUR 4' 4) R A r TRANSEORM INEsNEIG H 8.Q R_ H QO D5 TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY By working with our larger partners and combining public, private and not for profit partnerships, we seek to build a community and continuum of change for an underserved, underdeveloped and overlooked area within an affluent zip code. 4rts PRESERVATION • Create acquisition/rehab fund to preserve subsidized and unsubsidized housing • Form NPP - Not for Profit/ Public / Private Groups to prevent the Toss of subsidized properties • Partner with City CRA's to maximize vision and mission CDC VERSION OF P.A.L.M. RELATING TO THIS PRESENTATION C. ASSISTANCE FOR RENTERS • Use Continuum of Care and Case Planning Models, adding funds for continuum to reduce eviction and foreclosure • Provide 'planned' funding for housing assistance • Build housing stock incentives and 'STEP' community models • (See CDC Strategy) • LAND • Identify an initial inventory of parcels and pilot several deals on assemblages across those communities. • Use PRESERVATION strategy for the optimal deployment of publicly owned land. • Provide incentives to institutional landowners to build new affordable housing. • Activate Infill Stock reducing transportation Co MONEY FOR DEVELOPMENT • Fully fund the Sadowski Affordable Housing Trust Fund • Provide incentives and use PRESERVATION strategy for the optimal deployment of publicly owned land and to defray cost of Development • Tier covenants and other restrictions, as well as look at current land leases where County land can be leveraged COLLAf3C)RATIVE_ DLVLLOPMLNT C O R P O R A 1 1 tJ r; TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES HOW WE ADDRESS THIS NEED AND WHERE CCLIA1C)KAT1Vf DLVLLOPMrNT C iJ 3 F' OK AT 10 N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY - USING LOCATION AND OTHER UPCOMING DEVELOPMENTS, STRATEGIZE CULTURE, HOSPITALITY AND TOURISM INTO SPACES Coconut OROY CDC UNDERSERVED DEVELOPMENT FOCUS AREA 1 VIZCAYA MUSEUM & GARDENS 2 A C'S ICEES 3 MONTY'S RAW BAR 4 SHAKE A LEG MBAM; S GROVE BAY GRILL (FKA SCOTTY'S LANDING) b ELAN)GAN'S SEAFOOD BAR E. GRILL 7 HAPPY WINE CORAL BAGELS •3 MILAM'S MARKET To COCONUT GROVE SAILING. CLUB 11 COCONUT GROVE BRANCH LIBRARY t'7 WOMEN'S CLUB OF COCONUT GROVE 14 GLASS N VINE 15 HARRY'S {PIZZERIA 16 OM MOVEMENT 17 FIRE7+!AN DEREK'S TiAKE SHOP 1F3 MAYFAIR HOTEL & SPA 19130mBAY ()ABBAR 70 BOOKS A. BOOKS 71 HARE KRISHNA CULTURAL CENTER 22 KIRK MUNROE TENNIS CENTER 73 SANDBAR. SPORTS GRILL 74 BARRACUDA. TAPHOUSE h GRILL.. f=h x11 L,L It CIll-1P_E 26 EL 1AOU1TO 27 DHARMA YOGA 78 ATCHANAS HOMEGROWN THAT 19 THE LAST CARROT 30 BIANCO GELATO 31 GREEN STREET CAFE 37 LOIUSL 13 THE BARNACLE H+Si ORIC STATE PARK Ls ARIETE 35 TAU)4US BEEP AND WEIISK(E )Y HOUSE 3> COCONUT GROVE FARMER'S MARKET 3J n.AOMA C.h ILLRY 38 SHORE TO 000R FISH MARKET 39 PLYMOUTH CONGRf C ATIONAL CIWRCN +ID THE KA)P0NG 41 MARJORY STONTMAN DOIJGLAS 1115.:TORIC HOME 42 COCOPLUM CIRCLE 41 CAS0LA'S PIZZERIA S SUB S. IOR 44 EL CARA.10 TAPAS & WINES 43 TFIE OR)GINAI. DAILY BREAD MARKETPLACE 47. PRESENTBAKERY )LLAJfORATIVE DLVC.LOPMLNT () R r' ORATION TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY— WHEN BUILDING HOUSING STOCK, CREATE COMMERCIAL SPACES PROVIDING REDUCED RENT TO HIRE TENANTS/RESIDENTS MIAMI-COCONUT GROVE OFFICE SUBMARKET MIAMI-COCONUT GROVE RETAIL SUBMARKET $56.00 9/ 88.7% $61.25 9.7% 974% Market Rent/SF Market Rent Growth Occupancy Rate Market Rent/SF Market Rent Growth Occupancy Rate 12Mo 12Mo PAST 10 YEARS $32.27 4% 91.6% $38.68 6% 96.2% Market Rent/SF Market Rent Growth Occupancy Rate Market Rent/SF Market Rent Growth Occupancy Rate 12 Mo 12 Mo 60 55 4` a �-� SO 4S 40 ▪ 35 & 30 2S 20 IS 10 s 0 2012 2013 2014 2015 261E 2617 201E 2010 2020 2021 0 1..t.. RcrtSF • Occ �x ry RKc 2022 101 91,67 8333 7S 66.67 5!]3 50 41.67 3333 25 16.67 033 60 40 30 2 20 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 262? • Itar4s1 ReeRS1 • Dccuoarcy Rife COLLA1ORATIVE DEVELOPMENT cc)Rr.oKArio N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES STEP BY STEP OUTLINE THE PLAN CC1_LAI5C)RATIVL I3LVLLCI>ML:N"I- 0 r. r• � f n Y 1 TRANSFORMING NEIGH BORIHQO45 TRANSFORMING LIVES INTRODUCING 3710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT WITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP IN THE HEART OF VILLAGE WEST'S LITTLE BAHAMAS OF COCONUT GROVE — City of Miami Legislative Ordinance Enactment #14261, File Number 12860, Final Action Date March 14, 2014 CDC is using the City approved, Mixed Use Cultural District (MUCD) Overlay, as a restrictive use overlay, necessary to give a distinctive cultural character to uses on Grand Avenue and Douglas Road. This district is of special and substantial public interest to preserve, conserve and protect the beauty and heritage of the Village West Island District (Little Bahamas of Coconut Grove) in order to improve the quality of the environment through identification, conservation and maintenance of neighborhoods, areas, sites and structures which constitute or reflect distinctive features of the Caribbean and Bahamian architectural, cultural, and social history. Under the City of Miami Commission approved Mixed Use Cultural District (MUCD) Affordable & Attainable Mixed -Income Housing Development Regulations outlined in Section 2.5.1.e.1.: Upon certification by the City's Housing and Community Development Department, the development will provide: A minimum of twenty percent (20%) of the Dwelling Units as Affordable Housing serving residents at or below seventy percent (70%) of AMI, a minimum of ten percent (10%) of the Dwelling Units above sixty percent 60%) of the AMI and at or below eighty percent ( 80%) of the AM!, a maximum of ten percent (10%) of the Dwelling Units at any price, and the remainder of the Dwelling Units as Workforce Housing above sixty percent (60%) of the AMI and at or below one hundred percent ( 100%) of the AMI. Under the outlined Home Buying Program (same section): A minimum of thirty percent (30%) of the Dwelling Units shall be offered to home buyers with income at a maximum of 120% AMI. Purchased Dwelling Units shall be created and conveyed subject to recorded covenants approved by HCD guaranteeing the long-term (30 years or more) availability of the Affordable Housing Dwelling Units for eligible households. The MUCD also allows for an Affordable Housing Preference Program: Affordable Housing Dwelling Units provided pursuant to subsections above may be rented or sold to eligible households, with preference given to NCD- 2 — West Grove residents and former NCD- 2 residents who experienced a no-fault eviction in NCD- 2 in the last forty-eight (48) months. THE PLAN (CONT'D) COLLAI5ORATIVE DEVtLOPMT NT COP PO N A l ! TRANSFORM_I_N_G_ NEIGH BORNOOOS TRANSFORMING LIVES EXPECTED UNITS FOR THIS PROJECT INCLUDE: 2 - 3 commercial spaces; totaling over 5,000sq ft 14 - Studios, w/ 650 sq. ft. living space 13 - 1BR, wi 950 sq. ft. living space 16 - 2BR, w/ 1250 sq. ft. living space 11 - 3BR, w11,650 sq. ft. living space AVG. OF 13.5 UNITS OF EACH SIZE (21 %@70%AMI, 14%@80% AMI, 57%@.5100% AMI) (23%@70%AMI, 7%@80% AMI, 62%@5100% AMI) (18%@70%AMI, 6%©80% AMI, 63%@<_100% AMI) (18%[a770%AMI, 18%IC7180% AMI, 55%(5i5100% AMI) (20%@70%AMI, 11 %@80%AMI, 60@100% AMI) RENTAL UNITS FOR THIS PROJECT WILL INCLUDE: 14 - Studios, w/ 650 sq. ft. 13 - 1BR, w/ 950 sq. ft. 16 - 2BR, w/ 1250 sq. ft. 11 - 3BR, w/ 1,650 sq. ft. ($1,392@70%AMI, $1,592@80% AMI, $1,889@.5-100% AMI) ($1,490@70%AMI, $1,703@80% AMI, $2,202@5100% AMI) ($1,787@70%AMI,$2,043@80% AMI, $2,426@5100% AMI) ($2,066@70%AMI, $2,361 @80% AMI, $2,804@5100% AMI) This community housing model helps address the challenges many residents face and provides attainable housing opportunities within the community. There will be a portion of the units which will be sold at a schedule, as new tenant applicants are qualified. SAMPLE STUDIO RENDERING FOR VISUAL AID — EST. 650' - 1 BA. VISUAL UNIT EXAMPLES SAMPLE 1BR RENDERING FOR VISUAL AID— EST. 950' - 1BA. SAMPLE 2BR RENDERING FOR VISUAL AID— EST. 1,250'— 1.5 BA. SAMPLE 3BR RENDERING FOR VISUAL AID — EST. 1,650' — 2 BA. COLLAf5ONATIVL DLVLLOPMLNT 0 R. f' P F< A _r 1i. TRANSFORM hNG_ NEIGH.BO RHOQD$ TRANSFORMING LIVES THE PLAN (CONT'D) Our mixed -income, rental and ownership community housing model prioritizes local residents and brings several benefits to both individuals and the wider community, providing: 1. A Pathway to Homeownership for Low -Income Residents This is particularly beneficial for people who are not yet financially ready to purchase a home but seek to become homeowners, eliminating high rental costs. For low-income residents, this offers a clear pathway to homeownership, allowing them to build equity while renting. 2. Flexibility and Time to Build Credit Our community model gives renters the opportunity to improve their credit scores and save for a down payment over time, making homeownership more accessible to those who may not have qualified for a traditional mortgage due to past financial difficulties. 3. Stable Rental Costs Our development has no requirement for rental increase and hikes, which in turn provides stability in housing costs and protects renters from unpredictable increases, something that is especially valuable in markets with rising rental prices. 4. Homeownership without Immediate Large Down Payment: A portion of our units allow renters to gradually save up for the down payment as part of their rental agreement, which can be less overwhelming than having to save a large lump sum upfront. For years, Miami -Dade County has been suffering from a serious affordable housing crisis, with 50% of all households cost -burdened. Most of these households earn lower incomes and in City of Miami, District 2, the Little Bahamas of Coconut Grove community has been one of the hardest hit and least affordable neighborhoods for low income residents to reside. These increases in neighborhood housing costs, specifically in Coconut Grove have driven prices up and community residents out. Rapid increases in the prices of homes and rent in West Coconut Grove have far outstripped increases in income. Residents across West Coconut Grove are finding fewer affordable housing options as land values rise and evictions are spreading across the community. CDC is working to give the people a safe and comfortable place to call home in their neighborhood even as Coconut Grove continues to increase in cost. These land cost issues, coupled by lack of affordable housing options both contribute to low-income residents in historic communities such as Little Bahamas of Coconut Grove lack of availability to remain and live in place. Rising land costs in historic communities create significant challenges for low-income residents, contributing to displacement, loss of cultural heritage, and economic inequality. Addressing these issues requires targeted policies that prioritize affordable housing, community preservation, and equitable development.