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Home My WebLink AboutCRA-R-21-0019 Exhibit AKimley»>Horn MEMORANDUM To: Sue Trone, AICP Chief, Comprehensive Planning City of Miami From: John J. McWilliams, P.E. Cory Dorman, P.E., PTOE Date: April 12, 2021 Subject: Southeast Overtown/Park West Development of Regional Impact (SEOPW DRI) Overall Development Credit Rebalancing Analysis The purpose of this memorandum is to summarize the proposed rebalancing of the Southeast Overtown/Park West (SEOPW) Development of Regional Impact (DRI) development program using the land use exchange rates defined in the governing documentation from Increment III of the DRI. The current development program balances within the DRI include both surpluses and overages of development credits with the land uses. The land use exchange rates from Increment III of the DRI were utilized to convert development credits from land uses with surplus credits to land uses with overages in credits while identifying credits needed for future anticipated development. The following sections summarize the rebalancing of the Southeast Overtown/Park West development program. CURRENT DEVELOPMENT PROGRAM The current status of development credits within the SEOPW DRI was provided by City of Miami staff. Table 1 summarizes the development credit balances for each land use within the SEOPW DRI. As Table 1 indicates, there is an overage of 741,785 square feet of office space, 280,521 square feet of retail space, and 18,123 square feet of conference center within the west section of the SEOPW DRI. There are surpluses for all land uses within the east section of the SEOPW DRI. Table 1: Current DDRI Development Program Land Use Type Units East West Total Current Credit Balance Total Credits Provided Used and Anticipated Credits Current Credit Balance Total Credits Provided Used and Anticipated Credits Current Credit Balance Office square feet 2,553,000 138,914 2,414,086 753,000 1,494,785 (741,785) 1,672,301 Retail square feet 1,017,100 523,587 493,513 567,100 847,621 (280,521) 212,992 Hotel rooms 2,500 535 1,965 600 - 600 2,565 Residential units 6,000 5,525 475 6,000 1,984 4,016 4,491 Attractions seats 16,000 - 16,000 16,000 1,250 14,750 30,750 Conference Center square feet 200,000 - 200,000 18,123 (18,123) 181,877 kimley-horn.com 8201 Peters Road, Suite 2200, Plantation, FL 33324 954 535 5100 Kimley»>Horn Sue Trone, AICP, April 12, 2021, Page 2 INCREMENT III EXCHANGE RATES Land use exchange rates for Increment III were provided by City of Miami staff. Table 2 shows the land use exchange rates for each of the land uses, with the exception of the attractions land use. Table 2: SEOPW DRI Increment III - Land Use Exchange Rates(') Land Uses Net External PM Peak Hour Trip Rates To Office Retail Hotel Residential Conference Center ksf ksf room du ksf 0.9870 2.3632 0.5985 0.3446 4.1083 From Office ksf 0.9870 1.0000 0.4177 1.6491 2.8642 0.2402 Retail ksf 2.3632 2.3943 1.0000 3.9485 6.8578 0.5752 Hotel room 0.5985 0.6064 0.2533 1.0000 1.7368 0.1457 Residential du 0.3446 0.3491 0.1458 0.5758 1.0000 0.0839 Conference Center ksf 4.1083 4.1624 1.7384 6.8643 11.9219 1.0000 (1) Note that no exchange rate is provided for the attraction land use. The land use exchange rates defined in the governing documentation from Increment III of the DRI are included in Attachment A. PROPOSED DEVELOPMENT PROGRAM Based on input from City of Miami and SEOPW Community Redevelopment Agency (CRA) staff, the land use exchange rates were utilized to rebalance the development credits between land uses in order to eliminate overages in the west section of the SEOPW DRI and provide development credit surpluses for future anticipated development. The exchanges are summarized below: • 2,115,216 square feet was exchanged to Office (west) from Office (east), Hotel (east), and Hotel (west) • 778,318 square feet of Retail (west) was exchanged from Retail (east), Hotel (west), and Residential (west) • 318 Hotel (west) rooms were exchanged from Residential (west) • 347 Residential (east) units and 6,432 Residential (west) units were exchanged from Office (east), Office (west), Hotel (east), and Conference Center (east) • 118,123 square feet of Conference Center (west) was exchanged from Hotel (west) and Conference Center (east) Detailed exchange calculations are provided in Attachment B. Table 3 compares the current credit balances and the proposed credit balances for each of the land uses. kimley-horn.com 8201 Peters Road, Suite 2200, Plantation, FL 33324 954 535 5100 Kimley»>Horn Sue Trone, AICP, April 12, 2021, Page 3 Table 3: Rebalanced SEOPW DRI Development Program Land Use Type Units East West Total Proposed Credit Balance Current Credit Balance Proposed Credit Balance Current Credit Balance Proposed Credit Balance Office square feet 2,414,086 180,202 (741,785) 718,868 899,070 Retail square feet 493,513 63,513 (280,521) 497,797 561,310 Hotel rooms 1,965 213 600 483 696 Residential units 475 822 4,016 7,717 8,539 Attractions seats 16,000 16,000 14,750 14,750 30,750 Conference Center square feet 200,000 - (18,123) 100,000 100,000 Note that the proposed exchanges involve allocating development credits between the east and west sections of the DRI. It is our understanding that legislative action may be required to officially implement these transfers. CONCLUSION The SEOPW DRI development program was rebalanced using the land use exchange rates defined in the governing documentation from Increment III of the DRI. The land use exchange rates were utilized to convert development credits from land uses with surplus credits to land uses with overages while identifying credits needed for future anticipated development. Based on input from City of Miami and SEOPW CRA staff, the proposed rebalanced development program includes an increase of 1,460,653 square feet of Office (west), 778,318 square feet of Retail (west), 347 Residential (east) units, 3,701 Residential (west) units, and 118,123 square feet of Conference Center (west) and a reduction of 2,233,884 square feet of Office (east), 430,000 square feet of Retail (east), 1,752 Hotel (east) rooms, 117 Hotel (west) rooms, and 200,000 square feet of Conference Center (east). K:\FTL_TPTO\042258251 - DRI Rebalancing\Correspondence\SEODRI Technical Memorandum.docx kimley-hom.com 8201 Peters Road, Suite 2200, Plantation, FL 33324 954 535 5100 Attachment A Land Use Exchange Matrix Exhibit B-1- Southeast Overtown Park West DRI Increment III - Land Use Exchange Rates Net External PM Peak Hour Trip Rates 1 TO: Office Retail Hotel Residential Conference Center Land Uses Units KSF KSF Rooms DU KSF FROM: 0.9870 2.3632 0.5985 0.3446 4.1083 Office 0.9870 KSF 1.0000 0.4177 1.6491 2.8642 0.2402 Retail 2.3632 KSF 2.3943 1.0000 3.9485 6.8578 0.5752 Hotel 0.5985 Room 0.6064 0.2533 1.0000 1.7368 0.1457 Residential 0.3446 DU 0.3491 0.1458 0.5758 1.0000 0.0839 Conference Center 4.1083 KSF 4.1624 1.7384 6.8643 11.9219 1.0000 1 The calculation of the net external PM peak hour trip rates are provided in Exhibit A-2 and are per KSF, DU or Room. 2 Example 1- The exchange rate between office and retail is 1 KSF of office for every 0.4177 KSF of retail, where 1000 SF of office is equivalent to 417.7 SF of retail. 3 Example 2 - The exchange rate between hotel and residential is 1 hotel room for every 1.7368 DU, where 100 hotel rooms is equivalent to 173.6 DU. 4 Example 3 - The exchange rate between office and residential is 1 KSF of office for every 2.8642 DU, where 100,000 SF of office is equivalent to 286.42 DU. Exhibit B-2 - Southeast Overtown Park West DRI Increment III - Net External PM Peak Hour Trip Rates Use Scale Units Gross PM Vehicular Trips Internal Capture Transit Capture Net External PM Vehicular Trips Net External PM Person Trips Net External PM Vehicular Trip Rates Residential 4,000 Units 1612 161 73 1378 1681 0.3446 Retail 1,250,000 SF 3,455 346 155 2,954 3,604 2.3632 Office 2,300,000 SF 2,655 266 119 2,270 2,769 0.9870 Conference Center 200,000 SF 961 96 43 822 1,002 4.1083 Hotel 2,100 Rooms 1,470 147 66 1,257 1,533 0.5985 Total 10,153 1,015 457 8,681 10,591 [Rates per KSF, DU, Room] Attachment B Detailed Exchange Calculations SEOPW DRI Exchange Summary Land Use Type Units SEOPW Side Units of Office Equivalence From Office Units of Retail Equivalence From Retail SEOPW East and West Equivalence From Units of Units of Hotel Hotel Residential Equivalence From Residential Units of Conference Center Equivalence From Conference Center Total Credits Exchanged Existing CreditsBl Total Existing CreditsBI Proposed CreditsBl Total Proposed CreditsM Office s.f. East West (1,884,784) 2115216 - - - - (1,000) (1875) (349,100) (654,563) - - (2,233,884) 1460653 2,414,086 (741,785) 1,672,301 180,202 718,868 899,070 Retail s.f. East West - - (430,000) 778,318 - - - - - - - (430,000) 778,318 493,513 (280,521) 212,992 63,513 497,797 561,310 Hotel rooms East West (115,216) (115,216) (190) (190) (30,521) - (121) - 318 (2,712) (1,562) - (18,123) - (124) (1,752) (117) 1,965 600 2,565 213 483 696 Residential East - - - 347 - 347 475 4491 822 7,717 8,539 units West - (317,797) (2,179) (318) (552) 5240 100000 1192 3701 4,016 Attraction seats East West - Exchange Rate Not Provided Exchange Rate Not Provided - - 16,000 14,750 30,750 16,000 14,750 30,750 Conference Center East - - - (200,000) 118,123, (200,000) 118,123 (200,000) 118,123 200,000 (18,123) 181,877 100,000 100,000 s.f. West - - - - INPUT INPUT INPUT INPUT INPUT Balanced 'minced Note P'&htIn`and propceed balance. Indudceantldp t.d/phnned development 'All calumny mud be b.hnced 10,nLirtaW»t-nNedobe Mtaeene Credit m m21s[anN Creek amaennev Balanced Balanced 'minced