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HomeMy WebLinkAboutCRA-R-25-0055 Backup14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 September 3rd, 2025 Commissioner Damian Pardo Chairman Omni Community Redevelopment Agency 1401 N Miami Ave, 2nd Floor Miami, FL 33136 Mrs. Isiaa Jones Executive Director Omni Community Redevelopment Agency 1401 N Miami Ave, 2nd Floor Miami, FL 33136 Re: Proposal to Fully Restrict the '14th Street Development' Project (the "Project") at Different Affordable and Workforce Housing Levels From 60% to 140% of Area Median Income (AMI). Request for Additional Assistance. Dear Commissioner Pardo and Mrs. Jones: On October 28, 2021, the Omni Redevelopment District Community Redevelopment Agency ("CRA") approved OMNI CRA Resolution CRA-R-21-0044 (the "Resolution"), which authorized an allocation of funds of $15,000,000 for the Project. The Project which sits on the corner of NE 15th Street and N Miami Ave, adjacent to the School Board Station of the Metromover, within the boundaries of the CRA consists of a mixed -use 31-story skyrise comprising 398 residential units, of which 120 would be affordable units restricted at 60% and 80% AMI. Per the original plans and CRA allocation of funds, the rest of the units would remain at Market Rates. This will become NR Investments' fourth development within the CRA's community, following the 81-unit apartment building Filling Station Lofts (2014); the 513-unit Canvas Condominium tower (2019); and the fully restricted, 252-unit UNI Tower, which was completed in August 2024 and is now approaching 95% occupancy, reflecting the strength of the full restriction model at 60%-140% AMI. Following the approval of the Resolution, on March 28, 2022, the CRA's Executive Director executed the Forgivable Project Loan Agreement; the Economic Incentive Agreement; the Declaration of Restrictive Covenants; the Mortgage and Security Agreement; the Rent Regulatory Agreement; the Disbursement Agreement; and the Promissory Note (CRA Funds) for 14th Street Development, LLC (the "Agreements"), which established the terms under which the $15,000,000 fund allocation would take place. The Agreements confirmed the composition of the income - restricted units within the 398-unit Project: 120 units, or approximately 30% of the Project, would be restricted at 60% and 80% AMI; the remaining 278 units, or approximately 70% of the Project, would have market rates. 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 Instead, what we propose through this request is for the Project to replicate the income restrictions of UNI Tower wholly restricted at 60%, 80%, 100%, 120%, and 140% AMI in order to maximize the public benefit. This request builds upon prior consideration by the Omni CRA Board, as it was already included on the Agency's agenda of February 8, 2024, when our request to fully restrict the building and for additional economic support was first brought before the Board, in the amount of $15,000,000. Since that time, Miami -Dade County has demonstrated decisive support for the Project by awarding it a $3,000,000 Surtax allocation on August 30, 2024, as authorized by Resolution No. R-254-24 of the Board of County Commissioners. In light of the County's substantial participation, our present request to the CRA is in the reduced amount of $12,000,000, down from the $15,000,000 originally sought. UNI Tower: The Success of the Full Restriction Model Comprising 252 units wholly restricted at the entire target income range (60%, 80%, 100%, 120%, and 140% AMI), UNI Tower has become the first fully restricted affordable and workforce housing mixed -use high-rise in the City of Miami, and includes amenities, finishes, and features comparable to those of neighboring market -rate apartment buildings. UNI Tower completely changes the paradigm of what affordable and workforce housing can and should be: not peripheral, but within one of Miami's most coveted areas; not just "good enough", but with the material quality of the market -rate skyrises in the same neighborhood. Crucially, because it is mixed income and focuses on the entire target income range from 60% to 140% AMI, UNI Tower allows its residents to move up in their incomes without having to move out of the area, deepening their residents' ties, attachment, and commitment to the CRA's community. UNI Tower's strong results demonstrate that residents embrace this model of centrally located high -quality attainable housing. It has already reshaped Miami's housing landscape: within the city's core, and not merely functional, but comparable in quality to market -rate buildings. UNI Tower has enabled residents to move upward economically without having to move out of the area, building stronger, longer -term community ties. Moreover, UNI Tower to become a crucial recruitment and retaining tool for businesses, organizations, and institutions of our community, by allowing them to provide their employees with the housing they urgently need and deserve. UNI+DOS: Building on the Success of UNI Tower Fully restricting the 14th Street Project (or `UNI+DOS', as we have named it) will add 398 more attainable units across the entire AMI spectrum, bringing the combined total with UNI Tower to 650 affordable and workforce housing units within the Omni CRA and Downtown 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 Miami. This would represent a decisive and unprecedented impact on Miami's housing affordability crisis. Moreover, it will do so while allowing its residents to move up in their incomes without having to move out of the community: or, in other words, by not penalizing them for getting a better paying job or advancing in their careers. As stated before, this will prove crucial in creating a less transient, more committed community of neighbors within the CRA. The Project will also bring variety. While UNI Tower only includes Studios and 1-Bedrooms, the Project will add a substantial share of 2-Bedroom units, thereby serving families and creating a more diverse community in terms of household size, income, and profession. In terms of progress, the Project is currently undergoing the master building permit process under number BD25-010853-001, with our team actively responding to comments from City of Miami reviewers across multiple disciplines. Additionally, the Project has already received a formal invitation to apply for a firm commitment with the U.S. Department of Housing and Urban Development (HUD), which we subsequently submitted. We expect to receive this firm commitment within the next 30 days, underscoring both the public -private partnership nature of the Project including federal government participation and the seriousness and advanced stage of its development. The Project and the Crisis of Housing Unaffordability The Project will directly tackle the most pressing issue facing the City of Miami: the urgent crisis of housing unaffordability. This scarcity of attainable housing has already impacted economic growth and public services: • Businesses and government struggle to recruit and retain quality employees. • Miami has suffered population decline due to unaffordability for the first time in decades (Wall Street Journal: 'Miami Sees Its First Population Drop in Decades": https://www.wsj .com/articles/miami-sees-its-first-population-drop-in-decades-e 181171f). Police departments, fire firefighters and rescue workers, schools, the public defender's office, and the state attorney's office, among others, are experiencing serious staffing shortages due to their employees' inability to access adequate housing, with the consequent impact on City services and on our community's human capital. They are joined by businesses, large and small, and organizations of our health care sector, for which unaffordable housing has become a key obstacle to their efforts to expand or relocate. These challenges underscore why we have received letters of support from the State Attorney's Office, the Public Defender's Office, the Miami Association of Firefighters, and SEIU 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 Healthcare Florida, representing 6,800 nurses and medical staff at Jackson Health System. Their endorsement highlights how critical these units are for the community's essential workforce. Comprising 398 units of high -quality, market -rate standard affordable and workforce housing proposed to be fully restricted at 60%, 80%, 100%, 120%, and 140% of AMI the Project will allow teachers, civil servants, government employees, law enforcements professionals, fire fighters, and nurses, among others, to live in, or next to, the neighborhoods they serve: 'real life influencers' that will help create a stronger, healthier, and more sustainable CRA community, diverse in incomes, professions, and household sizes. It will enrich the fabric of the neighborhood and have a hugely positive impact for its residents and businesses. Proposed New Income Restrictions In order to completely fulfil this innovative approach to building affordable and workforce housing, and fully realize the benefits listed above, we propose to restrict the Project's total housing component along the entire target income range, as follows: 14th Street Development Proposed Income Restrictions Number of Units Percentage of total units Studios 1-Bedrooms 2-Bedrooms Total Units 398 100% 24 280 94 Affordable to Residents at 60%AMI 19 5% 1 14 4 Affordable to Residents at 80%AMI 39 10% 2 28 9 Affordable to Residents at 100%AMI 60 15% 4 42 14 Affordable to Residents at 120%AMI 81 20% 5 56 20 Affordable to Residents at 140%AMI 199 50% 12 140 47 Request for Additional Economic Assistance With the proposed new restrictions, we respectfully request that the CRA amend the Agreements to provide additional economic assistance in the amount of $12,000,000. This support will serve two critical purposes: 1. Partial Rent Loss Reimbursement: Fully restricting all 398 units at 60%-140% AMI results in estimated rent losses through 2056 (the expected year when the rent restrictions will be lifted) of $86,577,750 an increase of $34,385,834 compared to the already approved mix, as shown in the analysis attached to this letter. In other words, with current restrictions through 2047, rent losses amount to $52,191,917. This was calculated with the Project's partially restricted unit mix, where 30% of units would be at or below 60% and 80% AMI, and the remaining 70% of units at market rates, and with restrictions staying in place until 2047. Fully restricting the building from 60% to 140% AMI and extending the restrictions through 2056 increases these losses to $86,577,750, resulting in additional losses of $34,385,834. With the Project's total TIF capped at $13.6 million, net losses 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 to the Project from fully restricting the unit mix and extending the restrictions jump to $72,977,750 (this reasonably assumes restrictions to last through 2056). Additional CRA assistance is essential to partly offset this impact and replicate the UNI Tower model, which has already shown strong results. 2. Construction Cost Increases: Since the original Resolution in 2021, the Project's total costs have grown from $149,574,950 to $185,176,500, an increase of $35,601,550, as shown in the cost comparison attached to this letter. Labor, materials, supplies, and interest rates have all experienced substantial upward pressures in the last 4 years beyond the Project or the CRA's control which have coincided with the highest rate of inflation in decades. This continues to be reflected in soaring construction and labor costs, including the cost of virtually all trades employed through the construction process. Financing costs have grown in particular, from HUD rates of around 3% when the Resolution was approved, to current rates in the range of 6-6.5%. This rise in costs places a huge pressure on the Project's underwriting and financial viability. Rising labor, materials, and financing costs, therefore, make the CRA's additional assistance indispensable to maintain financial feasibility. Conclusion With these two factors in play increased rental loses of $34,385,834 through 2056 and higher construction costs of $35,601,550 we request the CRA to amend the Agreements in order to provide additional economic assistance in the amount of $12,000,000. This assistance will allow us to compensate for much higher construction costs while, crucially, applying the full restriction model specified above targeting the entire affordable and workforce housing income range from 60% to 140% AMI. In light of UNI Tower's demonstrated success and nearing 95% occupancy, we are eager to replicate this model in UNI+DOS. Together, UNI Tower and UNI+DOS will deliver 650 high - quality, fully restricted attainable housing units in Miami's urban core — a transformative step toward solving the city's housing affordability crisis. We remain proud of our partnership with the CRA and hopeful that, with your support, we can continue to build a revitalized, diverse, and sustainable Downtown Miami community. Sincerely, Nir Sh — 14th Street Development, LLC 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 Exhibit — Construction Cost Increases COST COMPARISON UNI+DOS COSTS October 2021 September 2025 Land $ 25,000,000 $ 28,500,000 Hard Costs $ 100,266,950 $ 124,000,000 Soft Costs $ 14,540,000 $ 16,260,000 I nterest Allocation $ 7,800,000 $ 14,150,000 Financing Costs $ 1,968,000 $ 2,266,500 TOTAL USES $ 149,574,950 $ 185,176,500 Difference $ 3,500,000 $ 23,733,050 $ 1,720,000 $ 6,350,000 $ 298,500 $ 35,601,550 14th Street Development LLC 1600 NE lst Ave, Suite 3800 Miami, FL 33132 Exhibit — Rent Losses Current Restrictions vs. Proposed Full Restriction TIF INCENTIVES VS RENT LOSS UNI+DOS Incentives/Rent Loss Analysis TIF to Developer TIF to Developer (PV) Total Rent Loss until 2047 / 2056 Total Rent Loss until 2047/ 2056 (PV) Net Gain/Loss to Developer: Net Gain/Loss to Developer (PV): Current Restrictions $13,600,000 $7,718,615 ($52,191,917) ($27,212,601) ($38,591,917) ($19,493,986) Fully Restricted 60-140%AMI $13,600,000 $7,718,615 ($86,577,750) ($39,764,974) ($72,977,750) ($32,046,359) Net Loss to Developer $0 $0 ($34,385,834) ($12,552,373) ($34,385,834) ($12,552,373) Exhibit — Rent Losses Current Restrictions Avg. Market Rent (Studio): $zpoo Target Market ent(1eo): $3,200 Target arket Rent(zeo): $4,000 Total Units Total Studio Units Max. studio Loss o R Studio Rent sP/U vearlySt d. Tot its Rent Studio ($1,0se) ($52,704) 32 $1,736 ($664) ($47,808) 64 $2,170 ($230) $o $2,604 $o $o $3,03e $o $o Totalstudio Rent Loss. ($100,512) Tax Years max.19O Rent leo Rent Yearly leo Rent Los: Totalnits L ($1,806) ($693,504) 4 1859 ($1,341) ($1,029,eee) 10 2324 $en) $o 0_ 2788 $4121 $0 3253 $53 $0 Total1eo Rent Loss. ($1,723,392) 2028 2029 2030 ($2148,048) ($2,191,009) (R0R0R0z0 z0 Annual Rent Loss: $2,234,829) ($2,27sszs, ($zbzs,116) ($zan,619) ($2,419,051) ($2Ae7,432) annual Rent Loss (P3): ($1,767,204) ($1,716,713) ($1,667,664) ($1,620,016) ($1,573,730) ($1s2e,766) ($1A05,007) 1$1A2,656L Valuation Loss ($42,960,960) ($43,820.179) ($44,696,183) ($45,590,51aTax ($46,502,325) ($a,A32,371) ($48,381,019) ($49.348,639 a..ears ma..:ao Rent :0o ReneLoss early zeo Rent Loss 1672 ($2,328) ($111,744) 2230 ($1,770) ($212p001 2787,5 ($1,213) $0 3345 $6ss) $0 3902 $o $0 oral zeo Rent Loss: 1$324,144� Annual ($2,516,781) ($2,567,6) ($2,618Ans9) ($2,670,828) ($2,724,244) ($z,e,,29) ($2,834,304) ($2,e90,9901 annnalRentLoss(P3) n ($1,401,438) ($1,361,397) ($1,322,499) ($1,204,714) ($1,248,008) ($1,212,350) ($1,177,712) 1$1,144,063L Valuation Loss ($50,335,612) ($51,342,2241 ($52,369,1711 ($53,416,554)($54,484,ee5) ($55,574,5e31 ($56,686,07j a) 1$s7,e15,7s6 Tax Years ($18,436,630) ($11a01,838) Total Annual $2,948,810) ($3,007,786) annual Rent Loss Loss: ($1,111,375) ($1,079,622) Valuation Loss ($58,976.192) ($60,111,716) Total Rent $52,191,917) Rota' Rent Loss Loss: ($27,212,601) �($3,067,941).— '�($3.129.300) ($1.048.771),- ($1,018,810) ($61,318,830) ($62,186,007) ($21,601A10) ($10,152,180) Total ,837) ($4,220,583) Exhibit — Rent Losses osed Full Restriction Avg. Market Pent (Studio): $2,600 Target Kolad(et Pent 111309: $3,200 Target Kolad(et Pent (2130}: $6,000 6056 19 TotalStudlo UnNs 8056 39 10056 GO 12056 81 16056 199 Nlax.Studlo Pent 4 Studio Pent Loss P/11 Yeadv Studio Pent Loss Total 1130 UnNs Max.1130 Pent 1130 Pent Loss Yearly 1130 Pent Loss Total 2130 UnNs Max.2130 Pent 2130 Pent Loss Yearly 2130 Pent Loss 1396 41,806) 4303,608) a 1672 42,328) ($111,766) 28 1859 41,1) ($650,576) 9 2230 41,770) ($191,160) $2,174 ($230) ($11,060) 62 2324 ($877) ($661,756) la 27875 ($1,213) ($203.00) $2,606 $206 $0 SG 2788 93,038 9638 $0 140 3233 TotalStudlo Pent Loss: ($60,152) 4612) ($276,866) 20 3365 4655) ($157,200) 953 $0 67 3902 698) 655,272) Total 1130 Pent Loss: ($1,472,604) . Total 2130 Pent Loss: ($719,076) Tax Years 2028 2029 Annual Pent Loss: ($2,231,832) ($2,276,669) Annual !lent Loss (PV}: ($1,836,134) ($1,783473) Valuation Loss ($66436,660) ($65,529,353) 2031 2032 2033 2030 2035 ($2,321,998) 42,368,438) 42,415,807) 42,464,123) 42,513,405) 42,563,673) 41,732,711) 41,683,205) 41,635,113) 41,588,396) 41,543,013) 41,498,927) ($66,639,960) 467,368,759) 468,316,135) 469,282.55) 450,268,106) 451,273.69) 'Sax 'fears 2036 2037 2038 2039 2000 2001 2002 2003 Annual Pent Loss: ($2416,967) ($2,667266) ($2,775,003) ($2,830,503) ($2,887,113) ($2,966,855) ($3,003,752) V1:732740:50:13 Annual !lent Loss (PV}: ($1,456,100) ($1,616,695) ($1,336,826) ($1,296,686) ($1,259,638) ($1,223,668) ($1,188,685) Valuation Loss 452,298,938) 453,366,915) 456,611,815) 455,500,05. 456,610,052) 457,762,253) 458,897,099) 460,075,06. 'Sax 'fears 2000 2005 Annual Pent Loss: ($3,063,827) ($3425406) Annual !lent Loss (PV}: ($1456,726) ($1421,732) Valuation Loss ($61,276,561) ($62,502,052) 2052 2053 Annual Pent Loss: ($3.89,762) ($3461,555) Annual !lent Loss (PV}: ($1,352,943) ($1,380,002) Valuation Loss ($71,795,236) ($73,231439) Total !lent Loss: ($86577,750) Total Pent Loss (POO: ($39.66,976) Net Gain/Loss to Developer: ($72,977,750) Net Gain/Loss to Developer WV): ($32,066,359) 2007 2008 43,187,606) 43,251,358) 43,316,85) 41,089,683) 41,058,549) 41,079,720) 463,752,114) 465,027,156) 466,327,699) 2055 2056 43,734,788) 43,809,484) 43,885,674) 41,407,602) 41,435,754) 41,464,469) 476,695,762) 476,189,655) 477,713,671) 2009 2050 2051 43,382,713) 43,450,367) 43,519,4) 61,101,314) 61,123,340) 41,145,807) (19,942449Ls.22477497) ($19455,745) ($13,301,170) Total ($22,444,008) ($10,548463) Total ($26,296,733) ($8,874,869) Total ($18,681,264) ($7,040,772) DANIELLA LEVINE CAVA MAYOR August 30, 2024 To: OFFICE OF THE MAYOR MIAMI-DADE COUNTY, FLORIDA Miami -Dade County Conditional Loan Commitment Nir Shoshani 14th Street Development, LLC. or related entity 1600 NE 1st Avenue, Suite 3800 Miami, FL 33132 Re: 14'h Street Development 1445 North Miami Avenue Miami, FL 33136 Type: New Construction - Multifamily Dear Borrower: We are pleased to advise you that on April 2, 2024, the Board of County Commissioners (BCC) approved a Conditional Loan Commitment for development activity at the above -listed property (the "Property"). The loan is conditionally committed for the payment of hard construction cost as a portion of the development costs to construct the affordable housing units on the Property. This Conditional Loan Commitment is made based upon FY 2023 Request for Applications requesting Documentary Stamp Surtax (Surtax), State Housing Initiatives Partnership (SHIP), Home Investment Partnerships (HOME) funds. Resolution No. R-254-24 conditionally allocated up to $3,000,000.00 of Surtax/SHIP program funds and is subject to the following terms and conditions: Borrower: 14'h Street Development, LLC, or related entity Project: Loan Amount: 14'h Street Development, a 398-unit, high-rise style affordable housing community located at 1445 North Miami Avenue in Miami -Dade County, FL 33136, in Commission District 3. The development will serve 120 households with incomes at 60% to 80% of Area Median Income ("AMI"), 199 households with incomes up to 140% of AMI and 79 households will be unrestricted. See the conditions below regarding applicable AMI for residents based upon the source of funds for the Loan. The loan shall be in an amount of not -to -exceed $3,000,000.00 as approved by the BCC in Resolution No. R-254-24 for $3,000,000.00 and includes all terms and conditions of such BCC approval, including project scope, activity type and, for federal funds, national objective to be achieved (the "Loan"). The loan amount may be decreased as determined by the Mayor or the Mayor's designee, based upon Underwriting (defined below) and information and documentation provided by Borrower. Conditions: The Loan is conditioned upon the terms, conditions and requirements set forth below (the "Conditions"). The County shall not issue a final unconditional loan commitment, enter into a funding contract, close on the Loan or disburse the Loan funds until all the Conditions are met. Collateral: Upon satisfaction of the Conditions, Miami -Dade County (County) and Borrower will enter into a funding contract and loan agreement. The Loan shall be evidenced by a promissory 111 N.W. FIRST STREET I 29TH FLOOR I MIAMI, FLORIDA 33128-1930 I (305) 375-1880 I FAX (305) 375-2099 DANIELLA.CAVA@MIAMIDADE.GOV I I MayorDaniella I ©Mayorponiella ) MayorDLC Conditional Loan Commitment 2023 Surtax/SHIP/HOME Request for Applications Page 2 Interest Rate: note and secured by a construction/permanent mortgage with assignment of leases and rents, a collateral assignment of leases and rents, a collateral assignment of construction documents, a rental regulatory agreement (where applicable), and any other security or collateral as deemed appropriate by the Mayor or Mayor's designee, in his or her sole discretion, with approval of the County Attorney's Office. Borrower shall additionally be required to provide the County with an environmental indemnification agreement, a UCC-1, title affidavit, partnership affidavit (if applicable), corporate resolution approving the loan documents, opinion of counsel, certification of borrower to borrower's counsel, and title policy making the County an insured. The Collateral shall be determined based upon financial feasibility and subsidy layering underwriting to be performed by County staff in an internal process and by an independent underwriter and paid for by Borrower ("Underwriting") following review of a current title search. Additional forms of security may be required if liens, encumbrances, restrictions or covenants exist on the Property which the Mayor or Mayor's designee determines, in his or her sole discretion, threaten the County's Collateral. The Mayor or Mayor's designee shall determine, in his or her sole discretion and in consultation with the County Attorney's Office, whether the Collateral provided by Borrower is sufficient to close and disburse the Loan. Loan terms, including interest rates, are those set forth in the FY 2023 Surtax/SHIP/HOME Request for Applications (RFA), for all funding sources for multi -family rental projects. Those terms are 0% interest during construction - years 1 and 2-and 1% interest -only payments for years 3-30 from development cash flow, with another 1% interest accruing and due at maturity. Full principal is due at maturity; and as modified prior to closing by the Mayor or Mayor's designee in accordance with the results of Underwriting. Repayable: There will be no penalty for prepayment of the Loan (payment of Loan balance before the end of the repayment term). Repayment terms are those set forth in the FY 2023 Surtax/SHIP/HOME Request for Applications RFA for repaid loan funds in accordance with Section 17-02 of the Code. Terms are applicable for all funding sources listed in the FY 2023 Surtax/SHIP/HOME RFA. All terms may be modified prior to closing by the Mayor or Mayor's designee in accordance with the results of Underwriting. The prepayment of any Loan shall not affect the term of affordability set forth in the Rental Regulatory Agreement or in any of the other Loan Documents. Term: The Loan will be for 30 years, or as may be established prior to closing by the Mayor or Mayor's designee in accordance with the results of Underwriting. Conditions: 1. Underwriting, as explained above, shall include financial feasibility review, subsidy layering review, and credit review. Underwriting is performed to protect the County's scarce affordable housing funds and is performed to ensure that the Project has sufficient financing to be completed timely and that the Project is not over -subsidized, meaning the Loan is not needed or the Loan Amount is too high. The County reserves the right to reduce the Loan Amount subject to Underwriting. The County further reserves the right to refuse to issue a final, unconditional loan commitment to Borrower or to enter into a contract for the Loan or to close on the Loan in the event that Underwriting determines that the project is financially unfeasible or otherwise is unfeasible. The costs of Underwriting are to be paid by Borrower. 2. Borrower must prove control of the Property through purchase or lease, as evidenced by a deed or lease and recorded memorandum of lease in Borrower's name. Absence of any threat of foreclosure, taking by eminent domain, or pending bankruptcy are additionally required. 3. Borrower must provide the County with written financing commitments showing committed financing for the entire Development Cost of the Project, including any gaps between the Loan and the overall costs to develop the Project. The Development Cost of the Project means the total cost of completing the entire Project, from acquisition to the issuance of Certificate of Occupancy, including but not limited to Conditional Loan Commitment 2023 Surtax/SHIP/HOME Request for Applications Page 3 the costs for acquisition, design and planning, zoning and variances, financing costs, legal costs, construction, and permitting. In the event of a dispute as to what amount constitutes the actual Development Cost, Borrower and County will use the amount determined by Underwriting to be the Development Cost. 4. Conformance of the Project with the County legislation approving the Loan. 5. Complete plans and specifications of the Project. 6. Payment and performance bond in the amount of the entire construction budget or otherwise in conformance with applicable law. Where a payment and performance bond are not required by law, the Mayor or Mayor's designee may alternatively accept — at the Mayor or Mayor's designee's sole discretion — a letter of credit in an amount acceptable to the Mayor or Mayor's designee. 7. Appraisal of the Property showing that the value of the Project and Property, when completed, exceeds the total amount of debt from all sources to be secured by the Project, unless waived by the Mayor or Mayor's designee. 8. A Phase I environmental report requiring no further action. 9. For CDBG and HOME/HODAG funds, if required, the cost of the HUD environmental assessment must be paid by the borrower. 10. Such other conditions which are customary and reasonable for a loan of this nature, such as adhering to all Federal, State and local regulations, ordinances, codes and standards. 11. Meeting all requirements of the State Housing Initiatives Partnership ("SHIP"), Documentary Surtax, Home Investment Partnerships Program ("HOME"), program, as applicable, and County resolutions and ordinances governing affordable housing development. 12. The Loan, if SHIP or Surtax funds, may only be used for the development of affordable housing for residents with household incomes not greater than 140% of AMI. The Loan, if HOME/HODAG or CDBG funds, may only be used for the development of affordable housing for residents with household incomes not greater than 80% of AMI. 13. Pursuant to the Miami -Dade Board of County Commissioners' Resolution No. R-34-15, Developers, its agents and/or representatives, shall provide written notice to the County related to the availability of rental opportunities, including, but not limited to, the number of available units, bedroom size, and rental prices of such rental units at the start of any leasing activity; requiring the developer advertise the information described in newspapers of general circulation. This Conditional Loan Commitment will expire in six (6) months if not extended by Miami -Dade County. An extension of this Conditional Loan Commitment may be granted at the sole and absolute discretion of Miami - Dade County. Any extension granted will be contingent upon compliance with and in accordance with Resolution No. R-232-14, as applicable and must be signed by the Mayor or Mayor's Designee to be valid. If the loan does not close prior to the expiration or extension of this Conditional Loan Commitment, the funds will be subject to recapture and allocated to other projects. This Conditional Loan Commitment is not assignable. This Conditional Loan Commitment is the sole and complete agreement between the parties as to the terms of the Loan described herein. The terms of this Conditional Loan Commitment may only be changed in writing in a document signed by the Mayor or the Mayor's designee. No representations, written or verbal, of Miami -Dade County employees, or others purporting to act on behalf of Miami -Dade County, may change the terms of this Commitment. Conditional Loan Commitment 2023 Surtax/SHIP/HOME Request for Applications Page 4 Miami -Dade County wishes to thank you for your proposal and the opportunity to provide financing for this development, and we look forward to closing this transaction. Sincerely, Miamounty - Cqf-GA 1 rcj(YS, j C5\'`1 t-r Da iella L Date: c: Cathy Burgos, Chief Community Services Officer Approvd as to Form, ar d Leg41 Sufficiency Assistant County Attorney Date g/tGl ZP z y KATHERINE FERNANDEZ RUNDLE STATE ATTORNEY KatherineFemandezRundle@MiamiSAO.com STATE ATTORNEY ELEVENTH JUDICIAL CIRCUIT OF FLORIDA E. R. GRAHAM BUILDING 1350 N.W. 12TH AVENUE MIAMI, FLORIDA 33136-2111 August 18, 2025 Ms. Isiaa Jones, Executive Director Omni Community Redevelopment Agency (Omni CRA) Via Email: isjones@miamigov.com Mr. Nir Shoshani, Principal NR Investments Via Email: nir@nrinvestments.com Dear Ms. Jones and Mr. Shoshani: TELEPHONE (305) 547-0100 www.miamiSAO.com Re: Recruitment and Retention of staff through workforce housing opportunities As the State Attorney for the 11 th Judicial Circuit of Florida, I am writing once again on behalf of my employees to express my support for the Omni CRA and NR investments' projects to provide workforce housing in Downtown Miami. This time I am writing in support of UNI DOS! The housing crisis has impacted our ability at the State Attorney's Office to recruit and retain qualified staff. Due to the housing shortage, and the rise in rents, our vacancy rate skyrocketed and our ability to recruit was affected. This impacted our community in a direct way as we are key players in ensuring safety to citizens and providing justice for victims of crime. The opening of UNI in downtown Miami, with 1 Bedroom units at workforce rates, made a substantial difference as we recruited new attorneys. The workforce rates made it possible for our employees to live and work in a beautiful setting close to the office. Over the last year NR Investments has worked with my office to place both incoming attorneys and support staff at UNI. It has been a successful partnership with the goal of providing affordable housing to those who serve the public's needs. The members of our staff living at UNI have been incredibly appreciative for the opportunity to live in beautiful housing at affordable prices, close to their work. We applaud and support your efforts to address this crisis and to bring workforce housing to the center of the city where people work. Your core concept: to provide a beautiful environment and high -quality housing for those who serve the public (our Hometown Heroes) is working! And is such a welcome solution to our housing crisis and truly fills a need for our staff. We look forward to working together in the future and to UNI DOS, which will provide 2 Bedroom units in addition to the studios and 1 Bedrooms. The fully restricted UNI DOS, which will add 398 units of affordable and workforce housing to Miami's downtown, will enable a larger group of staff to take advantage of this opportunity. Ms. Isiaa Jones, Executive Director Mr. Nir Shoshani, Principal August 18, 2025 Page 2 Thank you for your work to create much needed workforce housing and we look forward to the coming UNI DOS and the continuation of our collaboration. Sincerely, THERINE FERNAN'DEZ RUNDLE State Attorney xc: Ignacio Marquez, via email: imarquez@nrinvestments.com LAW OFFICES OF THE PUBLIC DEFENDER ELEVENTH JUDICIAL CIRCUIT OF FLORIDA Bennett H. Brummer Building 1320 NW 14th Street Miami, Florida 33125 CARLOS J. MARTINEZ 305.545.1900 PUBLIC DEFENDER www.pdmiami.com August 18, 2025 The Honorable Joe Carollo Commissioner, City of Miami Miami City Hall 3500 Pan American Drive Miami, FL 33133 Re: Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) Dear Commissioner Carollo, As the Public Defender for the 11th Judicial Circuit of Florida, and a resident of the City of Miami, I am writing to express my wholehearted support for the Omni CRA and NR Investments' UNI and UNI+DOS projects to provide a total of 650 workforce units in Downtown Miami geared towards the City of Miami's and Miami -Dade County's workforce. I am keenly aware of the critical importance of our attorneys and support staff having access to safe, high -quality, and attainable housing options. The lack of workforce housing is the single biggest challenge my office and my hardworking staff of civil servants face. Finding affordable housing in the urban core, that is easily accessible from my offices, can be challenging due to high rent prices and limited availability. To address the affordable housing crisis that affects our civil servant employees, I urge you to vote in favor of the following item on your agenda: • approve the proposal to fully restrict all UNI+DOS 398 units from 60% AMI to 140% AMI, exactly as in the UNI building. This will result in substantially more income -restricted units in the area (650 total) plus the addition of 2- bedroom units along with Studios and 1-bedrooms. Re: Letter of Interest — Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) August 18, 2025 Page 2 Along with prosecutors and law enforcement, my office plays a crucial role in supporting a fair and just criminal justice system and the rule of law in our community. Providing our attorneys and support staff with access to safe, high -quality, and attainable housing options helps us recruit and retain talented attorneys and staff who might otherwise be priced out of the city. This housing opportunity makes our salary and benefit package much more competitive and attractive to law school graduates and other professionals who want to work in my office. The UNI+DOS affordable and workforce housing option in the heart of the city, will not only improve the quality of life, and the wellbeing of our support staff and assistant public defenders but also contribute to the social fabric of Downtown by creating quality housing for diverse levels of income and public service worker residents. We look forward to continuing working together to provide our attorneys and staff — who are serving the City's and County's residents and their families, fighting every day for a fair and just community — with the housing they need and deserve to thrive. If I can be of further assistance, please feel free to contact me at 305.545.1900 or cmartinez@pdmiami.com. Sincerely, Carlos J. Martinez Public Defender 11th Judicial Circuit of Florida CJM/hc cc: Nir Shoshani (UNI 17th Street LLC) LAW OFFICES OF THE PUBLIC DEFENDER ELEVENTH JUDICIAL CIRCUIT OF FLORIDA Bennett H. Brummer Building 1320 NW 14th Street Miami, Florida 33125 CARLOS J. MARTINEZ 305.545.1900 PUBLIC DEFENDER www.pdmiami.com August 18, 2025 The Honorable Miguel Angel Gabela Commissioner, City of Miami Miami City Hall 3500 Pan American Drive Miami, FL 33133 Re: Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) Dear Commissioner Gabela, As the Public Defender for the 11th Judicial Circuit of Florida, and a resident of the City of Miami, I am writing to express my wholehearted support for the Omni CRA and NR Investments' UNI and UNI+DOS projects to provide a total of 650 workforce units in Downtown Miami geared towards the City of Miami's and Miami -Dade County's workforce. I am keenly aware of the critical importance of our attorneys and support staff having access to safe, high -quality, and attainable housing options. The lack of workforce housing is the single biggest challenge my office and my hardworking staff of civil servants face, Finding affordable housing in the urban core, that is easily accessible from my offices, can be challenging due to high rent prices and limited availability. To address the affordable housing crisis that affects our civil servant employees, I urge you to vote in favor of the following item on your agenda: • approve the proposal to fully restrict all UNI+DOS 398 units from 60% AMI to 140% AMI, exactly as in the UNI building. This will result in substantially more income -restricted units in the area (650 total) plus the addition of 2- bedroom units along with Studios and 1-bedrooms. Re: Letter of Interest — Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) August 18, 2025 Page 2 Along with prosecutors and law enforcement, my office plays a crucial role in supporting a fair and just criminal justice system and the rule of law in our community. Providing our attorneys and support staff with access to safe, high -quality, and attainable housing options helps us recruit and retain talented attorneys and staff who might otherwise be priced out of the city. This housing opportunity makes our salary and benefit package much more competitive and attractive to law school graduates and other professionals who want to work in my office. The UNI+DOS affordable and workforce housing option in the heart of the city, will not only improve the quality of life, and the wellbeing of our support staff and assistant public defenders but also contribute to the social fabric of Downtown by creating quality housing for diverse levels of income and public service worker residents. We look forward to continuing working together to provide our attorneys and staff — who are serving the City's and County's residents and their families, fighting every day for a fair and just community — with the housing they need and deserve to thrive. If I can be of further assistance, please feel free to contact me at 305.545.1900 or cmartinez(a�pdmiami.com. Sincerely, Carlos J. rtinez Public Defender 11th Judicial Circuit of Florida CJM/hc cc: Nir Shoshani (UNI 17th Street LLC) LAW OFFICES OF THE PUBLIC DEFENDER ELEVENTH JUDICIAL CIRCUIT OF FLORIDA Bennett H. Brummer Building 1320 NW 14th Street Miami, Florida 33125 CARLOS J. MARTINEZ 305,545.1900 PUBLIC DEFENDER www.pdmiami.com August 18, 2025 The Honorable Christine King Commissioner, City of Miami Miami City Hall 3500 Pan American Drive Miami, FL 33133 Re: Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) Dear Commissioner King, As the Public Defender for the 11th Judicial Circuit of Florida, and a resident of the City of Miami, I am writing to express my wholehearted support for the Omni CRA and NR Investments' UNI and UNI+DOS projects to provide a total of 650 workforce units in Downtown Miami geared towards the City of Miami's and Miami -Dade County's workforce. I am keenly aware of the critical importance of our attorneys and support staff having access to safe, high -quality, and attainable housing options. The lack of workforce housing is the single biggest challenge my office and my hardworking staff of civil servants face. Finding affordable housing in the urban core, that is easily accessible from my offices, can be challenging due to high rent prices and limited availability. To address the affordable housing crisis that affects our civil servant employees, I urge you to vote in favor of the following item on your agenda: approve the proposal to fully restrict all UNI+DOS 398 units from 60% AMI to 140% AMI, exactly as in the UNI building. This will result in substantially more income -restricted units in the area (650 total) plus the addition of 2- bedroom units along with Studios and 1-bedrooms. Re: Letter of Interest — Workforce Housing for the Public Defender's Office for the 11 th Judicial Circuit of Florida (Miami -Dade County) August 18, 2025 Page 2 Along with prosecutors and law enforcement, my office plays a crucial role in supporting a fair and just criminal justice system and the rule of law in our community. Providing our attorneys and support staff with access to safe, high -quality, and attainable housing options helps us recruit and retain talented attorneys and staff who might otherwise be priced out of the city. This housing opportunity makes our salary and benefit package much more competitive and attractive to law school graduates and other professionals who want to work in my office. The UNI+DOS affordable and workforce housing option in the heart of the city, will not only improve the quality of life, and the wellbeing of our support staff and assistant public defenders but also contribute to the social fabric of Downtown by creating quality housing for diverse levels of income and public service worker residents. We look forward to continuing working together to provide our attorneys and staff — who are serving the City's and County's residents and their families, fighting every day for a fair and just community — with the housing they need and deserve to thrive. If I can be of further assistance, please feel free to contact me at 305.545.1900 or cmartinez(cz�pdmiami.com. Sincerely, Carlos J. rtinez Public Defender 11th Judicial Circuit of Florida CJM/hc cc: Nir Shoshani (UNI 17th Street LLC) LAW OFFICES OF THE PUBLIC DEFENDER ELEVENTH JUDICIAL CIRCUIT OF FLORIDA Bennett H. Brummer Building 1320 NW 14th Street Miami, Florida 33125 CARLOS J. MARTINEZ 305.545.1900 PUBLIC DEFENDER www.pdmiami.com August 18, 2025 The Honorable Damian Pardo Commissioner, City of Miami Miami City Hall 3500 Pan American Drive Miami, FL 33133 Re: Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) Dear Commissioner Pardo, As the Public Defender for the 11th Judicial Circuit of Florida, and a resident of the City of Miami, I am writing to express my wholehearted support for the Omni CRA and NR Investments' UNI and UNI+DOS projects to provide a total of 650 workforce units in Downtown Miami geared towards the City of Miami's and Miami -Dade County's workforce. I am keenly aware of the critical importance of our attorneys and support staff having access to safe, high -quality, and attainable housing options. The lack of workforce housing is the single biggest challenge my office and my hardworking staff of civil servants face. Finding affordable housing in the urban core, that is easily accessible from my offices, can be challenging due to high rent prices and limited availability. To address the affordable housing crisis that affects our civil servant employees, I urge you to vote in favor of the following item on your agenda: ® approve the proposal to fully restrict all UNI+DOS 398 units from 60% AMI to 140% AMI, exactly as in the UNI building. This will result in substantially more income -restricted units in the area (650 total) plus the addition of 2- bedroom units along with Studios and 1-bedrooms. Re: Letter of Interest — Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) August 18, 2025 Page 2 Along with prosecutors and law enforcement, my office plays a crucial role in supporting a fair and just criminal justice system and the rule of law in our community. Providing our attorneys and support staff with access to safe, high -quality, and attainable housing options helps us recruit and retain talented attorneys and staff who might otherwise be priced out of the city. This housing opportunity makes our salary and benefit package much more competitive and attractive to law school graduates and other professionals who want to work in my office. The UNI+DOS affordable and workforce housing option in the heart of the city, will not only improve the quality of life, and the wellbeing of our support staff and assistant public defenders but also contribute to the social fabric of Downtown by creating quality housing for diverse levels of income and public service worker residents. We look forward to continuing working together to provide our attorneys and staff — who are serving the City's and County's residents and their families, fighting every day for a fair and just community — with the housing they need and deserve to thrive. If I can be of further assistance, please feel free to contact me at 305.545.1900 or cmartinez(a�pdmiami,com. Sincerely, Carlos J. Martinez Public Defender 11th Judicial Circuit of Florida CJM/hc cc: Nir Shoshani (UNI 17th Street LLC) LAW OFFICES OF THE PUBLIC DEFENDER ELEVENTH JUDICIAL CIRCUIT OF FLORIDA Bennett H. Brummer Building 1320 NW 14th Street Miami, Florida 33125 CARLOS J. MARTINEZ 305.545.1900 PUBLIC DEFENDER www.pdmiami.com August 18, 2025 The Honorable Rafael Rosado Commissioner, City of Miami Miami City Hall 3500 Pan American Drive Miami, FL 33133 Re: Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) Dear Commissioner Rosado, As the Public Defender for the 11th Judicial Circuit of Florida, and a resident of the City of Miami, I am writing to express my wholehearted support for the Omni CRA and NR Investments' UNI and UNI+DOS projects to provide a total of 650 workforce units in Downtown Miami geared towards the City of Miami's and Miami -Dade County's workforce. I am keenly aware of the critical importance of our attorneys and support staff having access to safe, high -quality, and attainable housing options. The lack of workforce housing is the single biggest challenge my office and my hardworking staff of civil servants face. Finding affordable housing in the urban core, that is easily accessible from my offices, can be challenging due to high rent prices and limited availability. To address the affordable housing crisis that affects our civil servant employees, I urge you to vote in favor of the following item on your agenda: • approve the proposal to fully restrict all UNI+DOS 398 units from 60% AMI to 140% AMI, exactly as in the UNI building. This will result in substantially more income -restricted units in the area (650 total) plus the addition of 2- bedroom units along with Studios and 1-bedrooms. Re: Letter of Interest — Workforce Housing for the Public Defender's Office for the 11th Judicial Circuit of Florida (Miami -Dade County) August 18, 2025 Page 2 Along with prosecutors and law enforcement, my office plays a crucial role in supporting a fair and just criminal justice system and the rule of law in our community. Providing our attorneys and support staff with access to safe, high -quality, and attainable housing options helps us recruit and retain talented attorneys and staff who might otherwise be priced out of the city. This housing opportunity makes our salary and benefit package much more competitive and attractive to law school graduates and other professionals who want to work in my office. The UNI+DOS affordable and workforce housing option in the heart of the city, will not only improve the quality of life, and the wellbeing of our support staff and assistant public defenders but also contribute to the social fabric of Downtown by creating quality housing for diverse levels of income and public service worker residents. We look forward to continuing working together to provide our attorneys and staff — who are serving the City's and County's residents and their families, fighting every day for a fair and just community — with the housing they need and deserve to thrive. If I can be of further assistance, please feel free to contact me at 305.545.1900 or cmartinez@pdmiami.com. Sincerely, Carlos JCJ&lartinez Public Defender 11th Judicial Circuit of Florida CJM/hc cc: Nir Shoshani (UNI 17th Street LLC) LOCAL 1991 1011111111114 SEIU SEIU HEALTHCARE FLORIDA LOCAL 1991 1601 NW 8' Avenue • Miami • Florida 33136 PHONE: 305-620-6555 union@seiu1991.org • www.seiu1991.org Martha Baker RN David Woolsey Lisa Bush RN Magalie V. Pena President Vice President Treasurer Secretary August 28, 2025 Re: Affordable and Workforce Housing in Miami's Omni District To whom it may concern, As the President of SEIU Healthcare Local 1991, which represents over 6,800 members at Jackson Health System, I am expressing my enthusiastic support for NR Investments' UNI+DOS project, which will deliver 398 attainable apartments in Downtown Miami geared towards the City's and Miami -Dade County's workforce. The lack of high -quality attainable housing is one of the biggest challenges our hardworking members face. Finding affordable workforce housing in Miami's urban core which is easily accessible from the Jackson Health System, can be extremely challenging due to high rents and limited availability. These affordable and workforce housing developments are much needed for those individuals and families who are struggling to keep up with the rising cost of living. Specifically, I urge you to: ■ Approve the proposal to fully restrict all of UNI+DOS 398 units from 60% AMI to 140% AMI, as is the case in UNI Tower, NR Investments' sister project in the area. This will result in substantially more income -restricted units in the community (a total of 650, including UNI Tower's) plus the addition of 2-bedroom units along with Studios and 1- bedrooms. Given its location, amenities, and finishes, UNI+DOS will not only improve the quality of life and well-being of our members but will become essential tools to recruit and retain Miami's workforce. Sincerely, *44 Al oie Martha Baker, RN President Miami Association of Firefighters I.A.F.F. Local 587 • Organized October, 1938 Alex Cardenas, President • Akeem Donaldson, Secretary Raul Cernuda, Treasurer • Louis Marshall, Second Vice President International Association of Firefighters, AFL-CIO, CLC August 18th, 2025 To: Omni Community Redevelopment Agency (Omni CRA') and 14th Street Development LLC (UNI+DOS'), Re: Affordable and Workforce Housing for City of Miami Firefighters/Paramedics and employees in Downtown Miami- UNI+DOS(1445 North Miami Avenue) We write on behalf of the Miami Association of Fire Fighters, IAFF Local 587 in support of the Affordable and Workforce Housing project, UNI+DOS, that would provide an additional 398-units of living space in the Downtown Miami area geared to serve the City of Miami and Miami -Dade County's workforce. We represent over 800 hard-working individuals that would love nothing more than to be able to live in the same areas they proudly serve. In our field of work, we have a great sense of pride and devotion when it comes to serving our community. In doing so, we strive to build family -oriented relationships with the residents and visitors that reside within the areas of our "second homes", as we like to affectionately refer to our Fire Stations. We can't think of a better way of fostering that neighborly relationship than being able to have the opportunity to live where we work. One of the biggest challenges our Firefighters/Paramedics face today is accessibility to safe, high -quality, and attainable housing. We often find ourselves having to choose between renting or purchasing our first homes to start a family outside of the City - limits, simply because of affordability and availability issues. We believe that providing affordable and workforce housing opportunities such as these is not only the best way to demonstrate the importance of living where you work, but to also give the residents an extra layer of security and peace of mind that they have first responders living in their closest proximities that they can count on to render aid or assistance as they have come to expect and appreciate at all hours of the day. Not to mention, this would also assist in recruiting and retaining highly skilled Firefighters/Paramedics that would otherwise choose to work for another municipality where housing would be more affordable and accessible. Ultimately, this is why we are very excited to partner with NR Investments' UNI+DOS and the Omni CRA with the goal of providing housing options in the urban core of our great City for our Firefighters/Paramedics and other employees within the City of Miami and Miami -Dade County. By doing so, we believe we would inherently improve the quality of life of our employees, while also contributing to the social fabric that exists within the Downtown community by allowing for diverse levels of income and public service workers/residents to share in that existence together, not only as a workforce serving our community, but as neighbors. We look forward to seeing this project come to fruition and if there's any way we can be of assistance, please don't hesitate to reach out. Sincerely, Alex der Cardenas President Miami Association of Firefighters Local 587 2980 NW South River Drive, Miami, Florida 33125 • (305) 633-3442 • Fax (305) 633-3935 www.iaff587.org