HomeMy WebLinkAboutBack-Up DocumentsCFFYOFMIAMI
Site Selection and
Cost/Benefit Analysis
For the New Administrative Facility
City of Miami CBRE
Miami Riverside Center
Replacement Facility Site Selection and Cost / Benefit Analysis
EXECUTIVE SUMMARY
The Department of Real Estate and Asset Management ("DREAM") and CBRE have analyzed
various sites upon which the new City of Miami administrative building may be located. To help inform
the study and ensure the right specialties were represented, CBRE's team included experts in their public -
sector, office, valuations and architecture and construction management practice groups. In preparation
of this report, DREAM and CBRE compiled a list of City -owned properties potentially available for this
project, short-listed the top-ranked sites based on a detailed scoring rubric, then prepared a highest and
best use and financial analysis of each. The following summarizes the benefits, challenges, and financial
implications associated with the short-listed sites.
Importantly, City owned sites were also assigned land value. While the City may not have to
purchase the property, there is an opportunity cost associated with the property if chosen as the site for
the administrative facility. This opportunity cost is the market value if the parcel were sold and/or
redeveloped under a ground lease. Forthat reason, it is important to understand both the land value and
associated tax revenue each site could generate if owned and developed to its highest and best use by
the private sector.
NEXUS SITE
Benefits Challenges
Centrally located in Downtown Miami Small site/minimal flexibility
Delivery timing (most ideal) Potentially higher development cost
Vacant Opportunity cost of potential tax revenue
Amenity base
Familiarity for Employees and Citizens
Prominence along 1-95/gateway to City
Surrounding public parking
Financials
Estimated Property Value $19,000,000
Potential City Tax Revenues $8,179,499
Estimated Development Budget $146,926,009
Comments
The site's location is ideal for the new administrative building. It is adjacent to the current site and near
mass transit, while maintaining the downtown location and remaining one-step removed from traffic
in Miami's Central Business District ("CBD"). The site is familiar to employees and visitors, is the only
site able to continue use of needed FDOT additional parking, and the only site that would ensure strict
developer adherence to continuity of service and expedient timing of delivery.
December 2018 Page 1
01w 01
�l
City of Miami
��- Miami Riverside Center
Replacement Facility Site Selection and Cost / Benefit Analysis
L — ■_
MARLIN'S SITE
Benefits Challenges
Proximity to City Hall Subject to agreements for support parking
City -owned Traffic congestion/logistic concerns on game days
Vacant No public transportation
Adjacent to SR -836 Outside of downtown
Limited amenities
Financials
Estimated Property Value $17,500,000 (combined parcels)
Potential City Tax Revenues $2,175,488 (combined parcels)
Estimated Development Budget $130,897,724 (if built on parcel 1)
$123,773,436 (if built on parcel 2)
$125,824,368 (if built on parcel 3)
Comments
The site is not ideal, presenting various limitations, resulting in significant parking, construction, and
spatial concerns that would ultimately provide lesser value to the City. The site is comprised of three
separate parcels that individually would fail to accommodate the City's density and parking
requirements. At least two of the parcels must be combined to accommodate the City's requirements,
but this could present other challenges such as delayed timing. The Marlins would have third -party
rights in the development process. The site would provide more economic and public benefit to the
City as future affordable housing/residential development site.
AT&T SITE
Benefits Challenges
Centrally located in Downtown Miami Small site (limited flexibility)
City -owned Limited on-site parking
Vacant Traffic congestion
Amenity base (adjacent to Miami World Center) Potential cost to acquire adjoining air rights
Proximity to County offices Potentially higher development cost
Surrounding public parking Timing to relocate Fire Station No. 1
Proximity to major thoroughfares
Adjacent to transportation hub (Miami Central)
Financials
Estimated Property Value $12,000,000
Potential City Tax Revenues $2,122,125
Estimated Development Budget $142,147,093
Comments
While this site's CBD location provides major transportation and amenity benefits, it also presents
major economic and logistical challenges, including spatial, parking, and traffic, that diminish the City's
potential benefit and economic return.
December 2018 Page 2
01w 01
�l
City of Miami
��- Miami Riverside Center
Replacement Facility Site Selection and Cost / Benefit Analysis
L — ■_
BISCAYNE PARK SITE
Benefits Challenges
Centrally located in Downtown Miami Traffic congestion
City -owned Not centrally located
Vacant Limited amenities
Cost efficient design possibilities Limited access to major roadways
Large site, master plan flexibility Interest from other City Departments
Financials
Estimated Property Value $50,000,000 (entire site)
$8,624,502 (portion of site)
Potential City Tax Revenues $3,109,216 (portion of site)
Estimated Development Budget $129,844,735 (portion of site)
Comments
This site presents a rare opportunity to develop adjacent to downtown CBD but falls short due to its
limited access. The site is better utilized by the City of Miami's Police Department ("MPD"), in tandem
with a sale or long-term lease of the current MPD headquarters, as the centralized location for their
new headquarters due to MPD's locational and logistical requirements. The site has the potential to be
subdivided and could accommodate multiple uses, including private development and tax generation.
MELREESE SITE
Benefits
Challenges
City -owned
Limited amenity base
Vacant
Potential environmental concerns
Large site, master plan flexibility
FAA height restrictions
Adjacent to transportation (Miami Intermodal)
Not centrally located
Outside of Downtown
Timing
Soccer complex limitations
No net loss policy/cost to replace park space
Financials
Estimated Property Value $18,000,000 (portion of site)
Potential City Tax Revenues $944,328 (portion of site)
Estimated Development Budget $142,987,424 (portion of site)
Comments
This is one of the least beneficial of the short-listed sites, this site presents multiple unknown variables,
including the potential for environmental cleanup, its non -CBD location, and its impact on adjacent
residents and businesses. This will inevitably result in greater expense, less benefit, and could
potentially delay the development beyond what is practical and necessary given the site's other
potential development.
Based on the results of this analysis, as further detailed below, DREAM and CBRE recommend the
Nexus Site as the site for the development of the new administrative facility.
December 2018 Page 3
01w 01
x\* M. City of Miami CBRE
I - Miami Riverside Center
/ " " X Replacement Facility Site Selection and Cost / Benefit Analysis
BACKGROUND
In February 2016, CBRE, on behalf of the City of Miami issued a two-part competitive solicitation
to (1) sell the current Miami Riverside Center ("MRC") site and (2) construct a replacement City
administrative facility. The competitive solicitation offered a few different City -owned parcels as potential
sites for the new administrative facility. The sites included a portion of Marlins Park, as well as "Block 45,"
an SEOPW CRA -owned parcel. Additionally, proposers could offer sites in their control. In August 2016,
both parts of the competitive solicitation were awarded to The Adler Group d/b/a Lancelot, L.L.C.
("Lancelot"). Lancelot's proposal offered to build the new facility on any of the following: Marlins Stadium
site, "Block 45," or the Link at Douglas Station. Throughout the negotiation and Best and Final Offer
process, Lancelot also offered the site immediately adjacent to the current MRC, which they own and
control.
On July 26, 2018, the City of Miami Commission passed a resolution allowing the disposition and
redevelopment of the City -owned MRC property to be placed on the November 2018 ballot. Since the
voters have approved the item, the City of Miami now needs to select the new site for its new
administrative facility. As a result of the legislation passed at the July 26, 2018 Commission meeting, the
City Commission directed DREAM and CBRE to analyze the various properties available for the new
location of the City's administrative facility. This report reviews and compares sites which have been
considered and recommends the ideal location to develop the new administrative facility.
METHODOLOGY
The City compiled a list of all City -owned properties greater than two acres to review as potential
sites. Thereafter, various properties were removed based on their unfeasibility. This included, for
example, deed restrictions limiting the use of the sites, long-term lease agreements, and other aspects of
the sites rendering them impracticable for the new City administrative facility.
Thereafter, the remaining sites were evaluated and ranked according to the below -listed criteria.
Once the ranking was completed, the top six sites were short-listed for further, in-depth evaluation. CBRE
reviewed the short-listed properties and prepared the following for each site: (1) a site analysis
considering the potential zoning, development opportunities, and corresponding property value; (2) a
detailed development budget; and (3) estimated taxes associated with the development of each site.
Please note that CBRE prepared this analysis to determine the relative values and costs associated with
each of the properties, and that the analysis is subject to change based on the various assumptions
regarding property values, anticipated zoning, market interest rates, construction costs, and other
fluctuating variables. Using the information and projections provided, a site was ultimately
recommended.
December 2018 Page 4
Olt 01
x\* M. City of Miami CBRE
I - Miami Riverside Center
/ " " X Replacement Facility Site Selection and Cost / Benefit Analysis
CRITERIA & SCORING RUBRIC
1. Size: Given the required square footage of the new facility, and assuming no shared parking, the site
must be no less than two acres. The motivation for the issuance of a competitive solicitation, for the
disposition of the MRC and development of the new administrative facility was due to the City's
growing needs and MRC's limited space. The City of Miami engaged Gensler, a global architecture,
design, and planning firm, to prepare a space planning study. The Gensler study determined the
current spatial and parking needs of the City. The study determined the City requires an, approximate,
287,500 square foot facility. Accordingly, with few exceptions, all sites less than two acres were
removed from consideration.
2. Ease of Access: With this category, the site's proximity to major thoroughfares and public
transportation is considered. Perhaps the most important role of the new administrative facility is to
provide services to City of Miami residents. Being located on a site where residents may easily access
is, therefore, a crucial factor in the analysis.
3. Site Preparation Cost: In order to yield a greater return on investment, project -ready sites were given
a higher score. Within this context, a project -ready site would be one which required little or no site
preparation; demolition of existing structures; utilities installation, etc. Parks, zoned CS, were
assigned zero points due to the City's "No Net Loss" policy (i.e., cost to replace park land and to
relocate park facilities).
4. Centralized Location: Just as with "Ease of Access," above, the new administration facility's location
is highly relevant to City residents. Those seeking access to the City of Miami's administration will
require the facility to be in a familiar and centralized location. The MRC is well known for its location
in the City's downtown area. Therefore, sites closest to the current location are assigned a higher
score to reflect optimal continuity of services.
5. Timing of Building Delivery: Sites which allow for the quickest delivery have been assigned higher
scores. Due to the dual nature of the solicitation, a major factor of this analysis is the development
timeline for each shortlisted site. Various factors which would affect timing have been reviewed,
including but not limited to, relocation of facilities; site control; present zoning and land use;
referendum and other charter requirements, etc. Parks were assigned a score of one, in this category,
due to the additional time it will take to replace park space and relocate facilities.
6. Zoning/land use changes: Sites which require less change have been assigned greater scoring values.
Sites which require changes to zoning and/or land use designations inevitably come with significant
delays and other political considerations that would ultimately provide greater complications.
Therefore, those sites which require little or no zoning/land use changes have been ranked higher.
7. Current Use: Finally, each short-listed site's current use has been evaluated. In particular, sites which
are heavily utilized by members of the public are deemed less desirable. Parks have not been assigned
any points, for this category, due to the nature of the use for the benefit of the community.
December 2018 Page 5
Olt 01
�l
City of Miami
��- Miami Riverside Center
Replacement Facility Site Selection and Cost / Benefit Analysis
L — ■_
Based on the above criteria, the following scoring rubric was created with 0 being the lowest score and 4
being the highest in terms of site relocation functionality and desirability:
December 2018 Page 6
0
1
2
3
4
Less than 2
Size
2— 3 acres
3— 4 acres
4— 5 acres
5 +acres
acres
More than 10
10 minutes or
8 minutes or
5 minutes or
5 minutes or
less to
min from major
less to
less to
less to
Ease of Access
highways and
thoroughfares
highways
highways
highways
walkable to
and/or transit
and/or transit
and/or transit
and/or transit
transit
Site Preparation
Very High
High
Moderate
Minimal
Undeveloped
Cost
20 + minutes
15 — 20 minutes
10- 15 minutes
5 — 10 minutes
Less than 5
Centralized
from current
from current
from current
from current
minutes from
location
facility
facility
facility
facility
current facility
Timing of
Site available
Building
Very Long
Long
Moderate
Minimal
immediately
(5+ years)
Delivery
(vacant)
Extensive Land
Zoning/land use
Use/Zoning
No changes
Significant
Moderate
Minimal
changes
changes
required
required
Current Use
Very high
High
Moderate
Minimal
None
December 2018 Page 6
City of Miami
Miami Riverside Center
Replacement Facility Site Selection and Cost / Benefit Analysis
RANKING
CBRE
Common Name
Size
Ease of Access
Site Preparation
Cost
Centralized
Location
Timing of
Delivery
Zoning/ Land
Use Changes
Current Use
TOTAL
SCORE
Nexus Site
0
4
4
4
4
3
4
23
Marlins Stadium Parking
4
3
3
3
3
3
3
22
AT&T Site
0
4
4
3
4
3
4
22
Biscayne Park
4
2
4
2
4
4
0
20
Melreese Golf Course
4
4
3
1
3
0
3
18
Vehicle GSA Service Center
4
4
1
2
1
4
1
17
Link at Douglas Station
0
4
1
1
4
3
4
17
Police Central Station
4
4
0
4
0
4
0
16
Fire Station 5
4
4
0
2
0
4
0
14
Range Park
4
3
0
2
1
4
0
14
Lummus Park
4
4
0
4
1
0
0
13
David T. Kennedy Park
4
4
0
2
1
0
0
11
Theodore Gibson Park
4
3
0
3
1
0
0
11
Williams Park
4
3
0
3
1
0
0
11
Curtis Park
4
3
0
2
1
0
0
10
Dinner Key/Regatta Park
4
4
0
1
1
0
0
10
Douglas Park
4
4
0
1
1
0
0
10
E.G. Sewell Park
4
3
0
2
1
0
0
10
Fern Isle Park
4
3
0
2
1
0
0
10
Grapeland Park
4
4
0
1
1
0
0
10
Moore Park
4
3
0
2
1
0
0
10
Jorge Mas Canosa Park
2
3
0
3
1
0
0
9
Juan Pablo Duarte Park
4
2
0
2
1
0
0
9
Little Haiti Park Project
4
3
0
1
1
0
0
9
Roberto Clemente Park
3
3
0
2
1
0
0
9
Dorsey Park
1
3
0
3
1
0
0
8
Kenneth Myers Park
4
2
0
1
1
0
0
8
Robert King High Park
4
3
0
0
1
0
0
8
Shenandoah Park
4
1
0
2
1
0
0
8
Virrick Park
3
3
0
1
1
0
0
8
West End Park
4
3
0
0
1
0
0
8
Antonio Maceo Park
2
3
0
1
1
0
0
7
Lemon City Park
1
3
0
2
1
0
0
7
Coral Gate Park
2
1
0
2
1
0
0
6
Kinloch Park
2
3
0
0
1
0
0
6
December 2018 Page 7
* t-,
*�
01,
O a °
City of Miami
CBRE Miami Riverside Center Replacement Facility Site Selection and Cost / Benefit Analysis
SHORT LIST ANALYSIS
Based on the above criteria, the top-ranked properties separated for more detailed analysis were the following:
Nexus Site
The Adler -owned Nexus Site ("Nexus Site") is
located at 230 SW 3rd Street, adjacent to the current City
of Miami administrative building. The site is approximately
1.6 acres. The new administrative building would use a
portion of the 1.6 -acre site and would have shared parking
with the new Nexus development contemplated by the
Adler Group on the current MRC property.
The site is adjacent to 1-95, and contiguous with
the current MRC facility. The nearest metro station is the
Government Center Station, which is less than half a mile
or a 10 -minute walk from the site. The site is zoned T6 -36-
B-0 according to the Miami 21 Zoning Code.
The Adler Group is the owner of the site, having
purchased it with the intent to develop a separate project.
Upon the issuance of the OM/RFP and subsequent
approvals, they have elected to keep the site vacant until
the City decides whether to purchase the site for the new
administrative facility.
Based on the current zoning and the potential development opportunities on the site, the Nexus site was valued
at approximately nineteen million dollars ($19,000,000). By including the market land value together with anticipated
development costs, a preliminary development budget was prepared, and determined to be approximately one hundred
and forty-six million nine hundred and twenty-six thousand and nine dollars ($146,926,009). Additionally, CBRE calculated
the potential tax revenues to the City to be approximately eight million one hundred and seventy-nine thousand four
hundred and ninety-nine dollars ($8,179,499) in the event the property is developed to the maximum potential
contemplated based on the current zoning and used for non-governmental purposes. For greater detail, please refer to
the appendices included herein.
The Nexus Site provides the most seamless transition and best timing of delivery because the site is directly
adjacent to the current site and is completely vacant. Additionally, the site is centrally located in an area familiar to
employees, residents, and visitors of the administrative building. The site also allows the City the continued use of the
MPA parking lots under the 1-95 highway. Additionally, there are benefits associated with the adjacency to the new Nexus
development, including an increased amenity base. The challenges presented with the site are related to the integrated
nature of the development. Particularly, due to the limited size of the site, there is minimal flexibility in the design and
requirements to enter into cross access agreements for parking.
December 2018 Page 8
CBRE
City of Miami
Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
Marlin's Stadium Surface Parking
The Marlin's Stadium Surface Parking site consists of
three parcels located at 1680 NW 5th Street, 1610 NW 6th
Street, and 1600 NW 7th Street. The three parcels are
adjacent to each other but are separated by roadways. The
largest parcel on the south is approximately 2.8 acres, the
center parcel is approximately 1 acre, and the northern -most
parcel is approximately 1.6 acres, for a total of 5.4 available
acres of land.
This site is less than five minutes from the Dolphin
Expressway (SR 836) but has no major transit options nearby.
The property is currently being used for surface parking in
support of the Marlin's stadium. There are no structures on
the site that would require relocation or demolition.
The property is located within 10 minutes west of the
current MRC. All three parcels are zoned Civic Institution
according to the Miami 21 Zoning Code, which would support
an administrative facilit The site is surrounded b T6 -8-O to
4
T
I
P..1
.a di
Y ' y I
w��T'�'^
the North, T5 -L to the South, and T3-0 to the West.
It is important to note that the property is subject to an agreement between the City and County which provides
that the parcels will be available for parking for the baseball stadium. Should the City elect to use the property for the new
administrative facility or otherwise convey or lease the property, the agreement would need to be amended to reflect a
release of that obligation.
Based on the potential rezoning and the potential development opportunities on each of the three sites, the
Marlin's site was collectively valued at approximately seventeen million five hundred thousand dollars ($17,500,000). By
including the market land value together with anticipated development costs, a preliminary development budget was
prepared, and determined to be approximately one hundred thirty million eight hundred ninety seven and seven hundred
and twenty four dollars ($130,897,724) if built on the northern -most parcel, one hundred and twenty-three million seven
hundred and seventy-three thousand, four hundred and thirty-six dollars ($123,773,436) if built on the center parcel, and
one hundred twenty-five million eight hundred and twenty four thousand and three hundred and sixty-eight dollars
($125,824,368) if built on the southernmost parcel. However, none of the three sites individually could accommodate the
City's density and parking requirements, and combining the parcels could present other challenges, such as planning and
zoning limitations and delayed timing of delivery.
Additionally, CBRE calculated the potential tax revenues to the City to be approximately two million one hundred
and seventy-five thousand four hundred and eighty-eight dollars ($2,175,488) in the event all three parcels were
developed to the maximum potential contemplated based on the potential rezoning and used for non-governmental
purposes. For greater detail, please refer to the appendices included herein.
December 2018 Page 9
Park (N W.
4
T
I
P..1
.a di
Y ' y I
w��T'�'^
the North, T5 -L to the South, and T3-0 to the West.
It is important to note that the property is subject to an agreement between the City and County which provides
that the parcels will be available for parking for the baseball stadium. Should the City elect to use the property for the new
administrative facility or otherwise convey or lease the property, the agreement would need to be amended to reflect a
release of that obligation.
Based on the potential rezoning and the potential development opportunities on each of the three sites, the
Marlin's site was collectively valued at approximately seventeen million five hundred thousand dollars ($17,500,000). By
including the market land value together with anticipated development costs, a preliminary development budget was
prepared, and determined to be approximately one hundred thirty million eight hundred ninety seven and seven hundred
and twenty four dollars ($130,897,724) if built on the northern -most parcel, one hundred and twenty-three million seven
hundred and seventy-three thousand, four hundred and thirty-six dollars ($123,773,436) if built on the center parcel, and
one hundred twenty-five million eight hundred and twenty four thousand and three hundred and sixty-eight dollars
($125,824,368) if built on the southernmost parcel. However, none of the three sites individually could accommodate the
City's density and parking requirements, and combining the parcels could present other challenges, such as planning and
zoning limitations and delayed timing of delivery.
Additionally, CBRE calculated the potential tax revenues to the City to be approximately two million one hundred
and seventy-five thousand four hundred and eighty-eight dollars ($2,175,488) in the event all three parcels were
developed to the maximum potential contemplated based on the potential rezoning and used for non-governmental
purposes. For greater detail, please refer to the appendices included herein.
December 2018 Page 9
VAN (U. I
F��
' City of Miami CBRE
..... . Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
Positive features of the site include the fact that the property is already controlled by the City, is centrally located,
and is easily accessible. It is also beneficial that the site contains no major structures to demolish. However, the site
presents some significant challenges as well, including the limitations set forth by the current agreement with the County
as well as the adjacency to the Marlins stadium, which may provide logistical/traffic concerns during games and delayed
timing of delivery. Additional issues with the site include the limited amenities in the area, lack of public transit, and that
the property is not located in downtown.
December 2018 Page 10
VAN (U. I
F��
' City of Miami CBRE
..... . Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
AT&T Site
The AT&T site is made up of two contiguous parcels
of irregular shape located at 610 NW 1 Avenue and 53 NW 6
Street. Together the parcels are 0.77 acres in size. Although _
most sites less than 2 acres were removed from
consideration, this site in particular presented various
benefits which merited consideration.
I
The property is currently vacant and is being I` ,
reviewed for re -platting. It is partially zoned T6 -60A-0, and
partially not yet zoned. The site is less than 5 minutes from
I-95, adjacent to a major transit facility, and less than 10 I
minutes North of the current MRC facility. i
Based on the current zoning and the potential
development opportunities on the site, the AT&T site was
valued at approximately twelve million dollars `
($12,000,000). By including the market land value together
with anticipated development costs, a preliminary
development budget was prepared, and determined to be 1 �N
e.
tr rp Iflrptllltt 1
F!!t'I!''!t!F'►rrFlKIF� 1
Fptlr r'r!!!M PFItFr rrl j
q!r!P t!e!l► cltlrPttle �!
{�r�r�►rFh��<<ti�F !r
T.
W
approximately one hundred forty-two million one hundred
and forty-seven thousand and ninety-three dollars =A-&
($142,147,093). Additionally, CBRE calculated the potential tax revenues to the City to be approximately two million one
hundred and twenty-two thousand one hundred twenty-five dollars ($2,122,125) in the event the property were to be
developed to the maximum potential contemplated and used for non-governmental purposes. For greater detail, please
refer to the appendices included herein.
Among the greatest benefits of the site, is its central, highly -coveted location within Downtown Miami. The site is
adjacent to Miami Central, a major transportation hub consisting of the Brightline, Metromover, Tri -Rail, and Metrorail.
The property is also adjacent to the future Miami World Center, which would provide a major amenity base from which
employees and visitors alike would benefit. Other positive features of the site include that the City has control of the site,
it is vacant and unused, and is near to the current facility and major thoroughfares.
Challenges include the site's small size and irregular shape, limiting construction and design efficiencies, and
requiring the new administrative building to have a smaller footprint and greater height. Parking would also be challenging
and would likely require shared parking agreements with adjacent sites. The City would need to use the entire site and
would make efforts to coordinate with adjoining land -owners to expand, where possible; this could include the purchase
of air rights prior to design and construction. Additionally, the site was intended to be used as a temporary facility for the
Fire Department while Fire Station # 1 is developed. If we are unable to find another site for the temporary facility, this
will result in significant delays while the temporary facility is built, the new fire station redeveloped, the temporary facility
torn down, and the site prepared for construction. All this would have to occur prior to the development of the new
administrative facility on this site. Should an alternative site for the temporary fire station be identified, this timing concern
would not be an issue.
December 2018 Page 11
CBRE
City of Miami
Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
Biscayne Park
The Biscayne Park site is located at 150 NE 191h Street
and consists of approximately 7.3 acres. Although the entire
parcel is just over 7 acres, the City would only need to use a
portion of the property for the new administrative building.
The site is less than 5 minutes from 1-95 and US -1, and
10 -15 minutes North of the current MRCfacility. The nearest
metro station is the Adrienne Arsht Center Metromover
Station, which is about half a mile or 15 minutes from the site.
The site is made up of open recreational space, a
parking lot provided to Temple Israel through a Revocable
License Agreement, and a 2,000 SF structure which houses a
non-profit community organization commonly known as
PULSE, which is also subject to a Revocable License
Agreement. Although most of the site is used recreationally
as open space, it is not dedicated as a Park. The site is zoned
Civic Institution according to the Miami 21 Zoning Code,
which would support an administrative facility. The site is
surrounded by T6-8-0 to the North, D-2 to the West, and T6-
3613-0 to the East.
M%_r'.'I
Based on the potential rezoning and the potential development opportunities on the site, the entire Biscayne Park
site was valued at approximately fifty million dollars ($50,000,000); while the portion required for use was valued at
approximately eight million six hundred twenty four thousand five hundred and two dollars ($8,624,502). By including the
market land value together with anticipated development costs, a preliminary development budget was prepared, and
determined to be approximately one hundred twenty-nine million eight hundred forty-four thousand seven hundred and
thirty-five dollars ($129,844,735) for construction on a portion of the site. Additionally, CBRE calculated the potential tax
revenues to the City to be approximately three million one hundred and nine thousand two hundred and sixteen dollars
($3,109,216) in the event the property were to be developed to the potential contemplated based on the potential
rezoning and used for non-governmental purposes. For greater detail, please refer to the appendices included herein.
One of the most notable benefits of this site, is its large size, which would provide the City with greater flexibility
in design. Other benefits include that the City has control of the site, it is located in the Edgewater/Wynwood
neighborhood, and it is near to the current facility and major thoroughfares.
On the other hand, the site also provides some challenges, including nearby traffic congestion, reduction of
recreational usage, and limited access. Additionally, other departments and agencies have expressed interest in the use
of the site. Given the lack of available contiguous parcels of this size and proximity to Wynwood, this site would also
provide the City with an excellent sale or private sector ground lease redevelopment opportunity.
December 2018 Page 12
VAN (U. I
F��
' City of Miami CBRE
..... . Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
Melreese Golf Course
The Melreese golf Course site is located at 1400 NW
37th Avenue and 1802 NW 37th Avenue. This property is
estimated to total approximately 150 acres, although the City
would only use a small portion of such land.
Currently zoned as Civic Space, the site is presently
used as a golf course with a few structures currently used by
the Melreese Country Club in connection with a Professional
Services Agreement with the City. The site is 15 — 20 minutes
from the current MRC facility. The site is adjacent, on the
north, to the Miami Intermodal Center which is an
intermodal rapid transit, commuter rail, intercity rail, local
bus, and intercity bus transportation hub. Miami
International Airport is located to the west of the property.
To the south and east of the property there are primarily
residential properties.
Also notable is the City Commission's approval, and
subsequent voter approval, of a new soccer stadium
complex. The designs are still conceptual and the agreements
W1
for such soccer complex are still pending approval by City ^ _+W'2\1 MNNE-71W�W`1Ln E6 -m
Commission, but the terms proposed included using only a portion of the land available — the remaining land would be
used for open recreational space.
Based on the potential rezoning and the potential development opportunities on the site, the portion of land
required for use at the Melreese site was valued at approximately eighteen million dollars ($18,000,000). By including the
market land value together with anticipated development costs, a preliminary development budget was prepared, and
determined to be approximately one hundred forty-two million nine hundred eight seven thousand four hundred twenty-
four dollars (142,987,424). Additionally, CBRE calculated the potential tax revenues to the City to be approximately nine
hundred forty-four thousand three hundred twenty-eight dollars ($944,328) in the event the portion of the property were
developed to the potential contemplated based on the potential rezoning and used for non-governmental purposes. For
greater detail, please refer to the appendices included herein.
Among the benefits of the property is the large size, which would provide the City with maximum flexibility in
design and construction, and the minimal development on the site, which would expedite timing of delivery. Due to its
proximity to the Miami Intermodal Center, the property is also ideal for those wishing to use mass transit to commute or
visit the site. Access to major highways is also a positive trait, as the site is adjacent to SR -836 and SR -112.
The challenges presented with the site include height restrictions imposed by the FAA due to its proximity to the
airport, the fact that the site is not centrally located, and the limited amenities provided in the area (note the available
amenities are expected to increase with the development of a new soccer complex and supporting retail). Additionally,
the design of the new administrative building may be limited by the design and construction plans associated with the
soccer complex conceptually approved by voters. The site also may present environmental concerns that may affect
December 2018 Page 13
VAN (U. I
F��
' City of Miami CBRE
..... . Miami Riverside Center
H ° Replacement Facility Site Selection and Cost / Benefit Analysis
timing. Also relevant is the site's current zoning as Civic Space and the resultant requirements that the City provide
alternative park/CS space in accordance with the City's "No Net Loss" policy.
Further, although the site is City -owned, the property is currently subject to an existing Management Agreement
of the Golf Course which is set to expire in 2021. The agreement provides that it may be cancelled without cause subject
to a payment to the provider for "the balance of all amounts that would be paid to Provider during the remaining term of
this Agreement without any reduction or set-off of any kind." While the applicability of this language may be a question
for the Office of the City Attorney, this should nevertheless be considered relevant to the potential cost and time
associated with this site. The way in which the site is incorporated into the overall soccer stadium redevelopment is also
an unknown and it may take years to have an overall project master plan, which would ultimately delay the construction
of a new administrative facility.
RECOMMENDATION
Based on the above ranking and analysis, the most ideal location for the City's new administrative
headquarters is the Nexus site. The Nexus site offers the most seamless and efficient transition for the new administrative
building. The location is one that residents and employees have become accustomed to and allows the City to continue
providing services just down the street from other City and County services. The location of the site is also ideal for its
accessibility to highways, transit, and general ease of access. Although the amount to be financed for the development
would be higher than the other sites, the other sites could be sold or leased to offset the cost, thereby allowing the City
to retain this ideal location. Considering the value the other sites could provide the City if sold or leased, the total
development budget for the Nexus site is not significantly higher than the other sites considered, the challenges presented
with the site are minimal, and the benefits are considerable.
December 2018 Page 14
E Via J, 41
Hypothetical Site Development
A
N
Ground Level to 81h (Parking)
�s
PARKING
(110 CA__ T
RS)
9-10 Level (Parking)
ATQ_T CITC.
1L/Ll/LUly
AT&T SITE: [TOTAL LOT SIZE: 33,368 S.F.]
• CURRENT ZONING: T6 -60A-0
Office (16,500 S.F.)
• PROPOSED ZONING: T6 -60A-0.
Office (16,500 S.F.)
• FLOOR LOT RATIO: 11 / 50% ADDITIONAL PUBLIC BENEFIT.
• MAX FLOOR RATIO:
33,368 X 11 = 367,048 S.F.
• 50% BONUS:
367,048X50% =183,524 S.F.
Office (16,500 S.F.)
TOTAL S.F. = 550,572 S.F. (REQ. 1,652
Office (16,500 S.F.)
CARS)
• MAXIMUM BUILDABLE (LOT COVERAGE): 80% (26,694.4 S.F.)
PARKING REQUIREMENTS:
Office (16,500 S.F.)
• 3 CARS PER
1,000 S.F. '
• PARKING CAN YIELD:
750 CARS
• PARKING REQ.:
891 CARS
• 30% PARKING REDUCTION
624 CARS
(PROXIMITY TO PUBLIC TRANSPORT)
!
SUMMARY:
18 Floors Office @ 16,500 S.F.: 297,000 S.F.
OFFICES
(297,000 S.F.)
i
i
i
i
1111 — 2811 (Office) 10'
Office (16,500 S.F.)
28
27
26
25
24
23
22
21
20
19
18
17 i o
15
15 I N o
14
13
12
11
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Office (16,500 S.F.)
Parking (55 Cars)
10
9
i
8
7 c
6 c
5 Y
`o
q y
3
2
1 1
Parking (55 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
Parking (80 Cars)
CBRE I HEERY
A _
N
-- - - -- RETAIL SPACE I
50, 000 S. F.
I
PARKING
(375 CARS)
I
Ground Level (Retail & Parking)
Level 2-8 (Offices & Parking)
PUBLIC OFFICE FLOORS PUBLIC
AREA 30,000 S.F. AREA
---- ------
Level 9-24 (Offices)
BISCAYNE PARK SITE:
12/21/2019
BISCAYNE PARK SITE.: [TOTAL LOT SIZE: 318,859 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTIONAL)
• PROPOSED ZONING:T6-24B.
• FLOOR LOT RATIO: 16140% ADDITIONAL PUBLIC BENEFIT.
• MAX FLOOR RATIO: 318,859 X 16 = 5,101,744 S.F.
• 40% BONUS: 127,543X50% = 127,543 S.F.
TOTAL S.F. = 5,229,287 S.F. (MAX BUILDABLE)
• MAXIMUM BUILDABLE (LOT COVERAGE): 80% (255,087 S.F.)
PARKING REQUIREMENTS:
• 3 CARS PER 1,000 S.F.
• PARKING CAN YIELD: 3,000 CARS
CI I KA RA A DV •
RETAIL:
50,000 S.F.
N
830,000 S.F.
TOTAL:
— ---------------------------
OFFICE FLOORS I
50,000 S.F.
,
PARKING
I (375 CARS) —_--
Level 2-8 (Offices & Parking)
PUBLIC OFFICE FLOORS PUBLIC
AREA 30,000 S.F. AREA
---- ------
Level 9-24 (Offices)
BISCAYNE PARK SITE:
12/21/2019
BISCAYNE PARK SITE.: [TOTAL LOT SIZE: 318,859 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTIONAL)
• PROPOSED ZONING:T6-24B.
• FLOOR LOT RATIO: 16140% ADDITIONAL PUBLIC BENEFIT.
• MAX FLOOR RATIO: 318,859 X 16 = 5,101,744 S.F.
• 40% BONUS: 127,543X50% = 127,543 S.F.
TOTAL S.F. = 5,229,287 S.F. (MAX BUILDABLE)
• MAXIMUM BUILDABLE (LOT COVERAGE): 80% (255,087 S.F.)
PARKING REQUIREMENTS:
• 3 CARS PER 1,000 S.F.
• PARKING CAN YIELD: 3,000 CARS
CI I KA RA A DV •
RETAIL:
50,000 S.F.
OFFICE:
830,000 S.F.
TOTAL:
880,000 S.F. (REQ. 2,640 CARS)
Office (30,000 S.F.) 24
Office (30,000 S.F.) 23
Office (30,000 S.F.) 22
Office (30,000 S.F.) 21
Office (30,000 S.F.) 20
Office (30,000 S.F.) 19
Office (30,000 S.F.) 18
Office (30,000 S.F.) 17
Office (30,000 S.F.) 16
Office (30,000 S.F.) 15
Office (30,000 S.F.) 14
Office (30,000 S.F.) 13
Office (30,000 S.F.) 12
Office (30,000 S.F.) 11
Office (30,000 S.F.) 10
Office (30,000 S.F.) 9
Parking (375 Cars)
Parking (375 Cars)
Parking (375 Cars)
Parking (375 Cars)
Parking (375 Cars)
Parking (375 Cars)
Parking (375 Cars)
Retail (50,000 S.F.) Parking (375 Cars)
8
7 w
6 U
5 =
4 M a
3
2
1
CBREI HEERY
N
r
j
Ground Level (Retail & Parking)
I J
j OFFICE
(FLOORS)
!' 110,000 S.F.
I
I
Level 2-5 (Parking)
" rl'
BONUS FLOORS
30,000 S.F.
(120, 000 S.F.)
PUBLIC
AREA
Level 6-8 (Offices) Level 9-12 (with Bonuses)
MARLINS BALLPARK SITE 1:
12/19/2019
SITE —1: [TOTAL LOT SIZE: 68,900 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTION).
• PROPOSED ZONING CHANGE TO:'T6-8'.
• FLOOR LOT RATIO: 5125% ADDITIONAL PUBLIC BENEFIT.
a) MAX FLOOR RATIO: 68,900X 5 = 344,500 S.F.
b) 25% BONUS: 344,500X25% = 86,125 S.F.
• MAXIMUM LOT COVERAGE: 80% [55,000 S.F.]
• MAXIMUM BUILDABLEABOVE 8T" FLOOR: 30,000 S.F. PER LEVEL.
PARKING REQUIREMENTS:
• 3 CARS PER 1,000 S.F.
SUMMARY:
CBRE I HEERY
RETAIL:
23,100 S.F.
OFFICE:
110,000 S.F.
BONUS OFFICE: 86,125 S.F.
TOTAL:
219,225 S.F.
Office (21,531 S.F.) 12 o
i
Office (21,531 S.F.)
Office (21,531 S.F.) 10
i
Office (21,531 S.F.) 9 N
Office (54,400 S.F.
s O o
$ o
Office (54,400 S.F.)
7 d
Parking (125 Cars)
6
5 c
Parking (125 Cars)
0
4
Parking (125 Cars)
tm
3
Parking (125 Cars)
0
2 a
Parking (125 Cars)
1
Retail (23,100 S.F.) Parking (60 Cars)
'0
10%
CBRE I HEERY
A
N
W
I Q
a �
PARKING V)c
(80 CARS) W
i
Ground Level (Retail & Parking)
A
N
OFFICE
(FLOORS)
108,000 S.F.
L
evel 4-6 (Offices)
MARLINS BALLPARK SITE 2:
12/19/2019
Level 2-3 (Parking)
SITE - 2: [TOTAL LOT SIZE: 45,000 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTION).
• PROPOSED ZONING: 75'
• FLOOR LOT RATIO: NIA
• MAX LOT COVERAGE: 80% (36,000 S.F.)
SUMMARY:
RETAIL: 5,000 S.F.
OFFICE: 108,000 S.F.
TOTAL: 113,000 S.F. (REQ. 339 CARS*)
*REQUIRES PARKING COVENANT ORAGGREEMENT FOR
SHORTAGE TO PARK IN ADJACENT PARKING GARAGE.
Bonus Office (36,000 S.F.)
6
Office (36,000 S.F.)
5 _
Office (36,000 S.F.)
4 i c
Parking (120 Cars)
3 _
x
Parking (120 Cars)
- a
Parking (80 Cars) Retail (5,Oa7S.F.
1 I
CBRE I REEDY
RETAIL SPACE
25,000 S.F.
; N
PARKING
(270 CARS)
10%
-
uj�
Ground Level (Retail & Parking)
Level 2-5 (Parking)
SITE - 3: [TOTAL LOT SIZE: 120,000 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTION).
• PROPOSED ZONING: 75'
• FLOOR LOT RATIO: NIA
• MAX LOT COVERAGE: 80% (96,000 S.F.)
• MAX HEIGHT: 5 STORIES
SUMMARY:
RETAIL: 25,000 S.F.
OFFICE: 242,000 S.F.
TOTAL: 267,000 S.F. (REQ. 801 CARS)
N
i
Office (96,000 S.F. 5
Office (96,000 S.F. 4
Office (25,000 S.F.) Parking (270 Cars) 3
Office (25,000 S.F.) Parking (270 Cars) 2
Retail (25,000 S.F.) Parking (270 Cars) 1
J
1Q' 10%
Level 6-8 (Offices) Level 9-12(with Bonuses)
MARLINS BALLPARK SITE 3:
12/19/2019
CBRE I HEERY
_ I
1Q N
OFFICE
SPACE F o I
o
(24,000 S.F.) o I
I
PARKING
(840 CARS Total)
Ground Level (Retail, Parking & Office)
I N
OFFICE
SPACE I
(30,000 S.F.)
I -
I _
PARKING
(840 CARS Total)
I
0
I �
2-8 Level (Parking)
MELREESE SITE:
12/21/2019
JA
r
.�
Entire Site (Proposed Location)
MELREESE SITE : [TOTAL LOT SIZE: 2,109,175 S.F.]
• CURRENT ZONING: CI (CIVIC INSTITUTIONAL)
• PROPOSED ZONING: T6-8.
• FLOOR LOT RATIO: 5125% ADDITIONAL PUBLIC BENEFIT.
• MAX FLOOR RATIO: 2,109,175 X5 =10,545,875 S.F.
•
25% BONUS: 10,545,875X25% =2,636,468 S.F.
TOTAL S.F. =13,182,343 S.F.
• MAXIMUM BUILDABLE (LOT COVERAGE): 80% (1,687,340 S.F.)
PARKING REQUIREMENTS:
• 3 CARS PER 1,000 S.F.
• PARKING CAN YIELD: 840 CARS
• PARKING REQ.: 840 CARS
SUMMARY:
8 Floors Office @ 30,000 S.F.: 280,000 S.F.
6
Parking (150 Cars)
Parking (150 Cars)
c I 5
, 4
o
Parking (150 Cars)
i 3
Parking (150 Cars)
2
Parking (150 Cars)
Parking (150 Cars)
1
Im
■m
Retail (6,000 S.F.)
Office (30,000 S.F.) 8
i
Office (30,000 S.F.) 7
Office (30,000 S.F.) 6
�i
Office (30,000 S.F.) 5
0
i oho `
Office (30,000 S.F.) 4N
Office (30,000 S.F.) 3
i
Office (30,000 S.F.) Z
Office (24,000 S.F.) 1
4
CBRE I HEERY
A
N
RETAIL
% (20,000 S.F.)
1 PARKING
(50 CARS) ,
Ground Level (Retail & Parking)
A------
N-- --- -- ---
PARKING
(150 CARS)
i
INK
2-8 Level (Parking)
NEXUS SITE:
12/21/2019
NEXUS SITE: [TOTAL LOT SIZE: 68,900 S.F.]
• CURRENT ZONING: T6-3613-0.
• PROPOSED ZONING: T6-3613-0.
• FLOOR LOT RATIO: 22140% ADDITIONAL PUBLIC BENEFIT.
• MAX FLOOR RATIO: 68,900 X22 = 1,515,800 S.F.
• 40% BONUS: 1,515,800X40% = 606,320 S.F.
TOTAL S.F. = 2,122,120 S.F. (REQ. 6,367 CARS)
• MAXIMUM BUILDABLE (LOT COVERAGE): 80% (55,120 S.F.)
PARKING REQUIREMENTS
• 3 CARS PER
1,000 S.F.
• PARKING CAN YIELD:
1,100 CARS
• PARKING REQ.:
1,050 CARS
SUMMARY:
11 Floors Office @ 30,000 S.F.: 330,000 S.F.
Office (30,000 S.F.) 19
Office (30,000 S.F.) 18
Office (30,000 S.F.) 17 ,
Office (30,000 S.F.) 15
Office (30,000 S.F.) 15
N __— _
---- - -
Office (30,000 S.F.) 14 '
iK
_ -----
Office (30,000 S.F.) 13 o
Office (30,000 S.F.) 12
OFFICE 1
Office (30,000 S.F.) 11
SPACE
(30,000 S.F.) I
Office (30,000 S.F.) 10
Office (30,000 S.F.) 9
3
Parking (150 Cars) $
Parking (150 Cars) 7
l
0
Parking (150 Cars) 5tm
v
Parking (150 Cars) 5
Parking (150 Cars) 4 ' \y°
Parking (150 Cars) 3
Parking (150 Cars) Z
S.
Retail (50,000 F.) Parking (50 Cars) 1
9 —19 Level (Office)
C B R E I NEER
APPENDIX B
Preliminary Development Budget
Preliminary Development Budget - MRC Replacement Facility
All Sites
Site
Site Size (Square Feet)
Existing Zoning
Proposed Zoning
Maximum Development Density (Square Feet)
Cost per FAR
Land Value (Based on Current Market Comparables)
Relocate Existing Occupants (Note 2)
Subtotal
Construction Cost (Note 1)
FFE
Box and IT Move
Subtotal
Soft Costs Per Schedule and Consultants
Project Contingency
Subtotal
Loan Placement @ 1% (Note 3)
Marlins 1 Marlins 2 Marlins 3
68,900 45,000 120,000
Cl Cl Cl
T6-8 T5 T5
ATT Biscayne Park
33,368 318,859
T6 -60A-0 Cl
T6 -60A-0 T6-2413
Melreese Nexus
100,000 68,900
Cl Cl
T6-8 T6-3613-0
253,000 113,000 267,000 550,572 5,229,287 280,000 2,122,120
(Note 4)
$ 9,600,000 $ 3,000,000 $ 4,900,000 $ 12,000,000 $ 8,624,502 $ 18,000,000 $ 19,000,000
$ 75,930,000 $ 75,930,000 $ 75,930,000 $ 79,726,500 $ 75,930,000 $ 75,930,000 $ 79,726,500
$ 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000 $ 6,900,000
$ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000
$ 83,830,000 $ 83,830,000 $ 83,830,000 $ 87,626,500 $ 83,830,000 $ 83,830,000 $ 87,626,500
$ 16,547,050 $ 16,547,050 $ 16,547,050 $ 17,249,403 $ 16,547,050 $ 16,547,050 $ 17,249,403
$ 11,287,705 $ 11,287,705 $ 11,287,705 $ 11,587,590 $ 11,287,705 $ 11,087,705 $ 12,237,590
$ 121,264,755 $ 114,664,755 $ 116,564,755 $ 128,463,493 $ 120,289,257 $ 132,464,755 $ 136,113,493
Interest During Construction Period (10 QTRS equal draw amount)
$
8,420,321
$
7,962,034
$
8,093,965
$
8,920,184
$
8,352,585
$ 9,198,021
$
9,451,381
Grand Total
$
130,897,724
$
123,773,436
$
125,824,368
$
138,668,312
$
129,844,735
$ 142,987,424
$
146,926,009
Improved Value (120%)
$
157,077,269
$
148,528,124
$
150,989,241
$
166,401,974
$
155,813,681
$ 171,584,909
$
176,311,210
Improved Value (Per Gross Building Square Foot)
$
546.36
$
516.62
$
525.18
$
578.79
$
541.96
$ 596.82
$
613.26
Amount to be Financed (Less Imputed Land Value)
$
121,297,724
$
120,773,436
$
120,924,368
$
126,668,312
$
121,220,233
$ 124,987,424
$
146,926,009
Notes:
1) Development Budgets for illustrative purposes only. No representation are made to actual cost until such time and site specific design and construction cost estimates received.
2) Anticipated Settlement and Legal Fees for Existing Management Company
3) Loan Placement fees and Carry Costs during construction period
4) Of 318,000 SF of land area for Biscayne Park, only 55,000 SF or 17.25% of total estimate of value of $50,000,000 is needed for City Facility
Estimated Interest Cost During Construciton Period
MRC
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 137,474,628 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463 $ 13,747,463
Cumulative $ 13,747,463 $ 27,494,926 $ 41,242,388 $ 54,989,851 $ 68,737,314 $ 82,484,777 $ 96,232,240 $ 109,979,702 $ 123,727,165 $ 137,474,628
$ 171,843 $ 343,687 $ 515,530 $ 687,373 $ 859,216 $ 1,031,060 $ 1,202,903 $ 1,374,746 $ 1,546,590 $ 1,718,433 $ 9,451,381
ATr
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 129,748,128 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813 $ 12,974,813
Cumulative $ 12,974,813 $ 25,949,626 $ 38,924,438 $ 51,899,251 $ 64,874,064 $ 77,848,877 $ 90,823,690 $ 103,798,502 $ 116,773,315 $ 129,748,128
$ 162,185 $ 324,370 $ 486,555 $ 648,741 $ 810,926 $ 973,111 $ 1,135,296 $ 1,297,481 $ 1,459,666 $ 1,621,852 $ 8,920,184
Marlins Site 1
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 122,477,403 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740 $ 12,247,740
Cumulative $ 12,247,740 $ 24,495,481 $ 36,743,221 $ 48,990,961 $ 61,238,701 $ 73,486,442 $ 85,734,182 $ 97,981,922 $ 110,229,662 $ 122,477,403
$ 153,097 $ 306,194 $ 459,290 $ 612,387 $ 765,484 $ 918,581 $ 1,071,677 $ 1,224,774 $ 1,377,871 $ 1,530,968 $ 8,420,321
Marlins Site 2
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 115,811,403 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140 $ 11,581,140
Cumulative $ 11,581,140 $ 23,162,281 $ 34,743,421 $ 46,324,561 $ 57,905,701 $ 69,486,842 $ 81,067,982 $ 92,649,122 $ 104,230,262 $ 115,811,403
$ 144,764 $ 289,529 $ 434,293 $ 579,057 $ 723,821 $ 868,586 $ 1,013,350 $ 1,158,114 $ 1,302,878 $ 1,447,643 $ 7,962,034
Marlins Site 3
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 117,730,403 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040 $ 11,773,040
Cumulative $ 11,773,040 $ 23,546,081 $ 35,319,121 $ 47,092,161 $ 58,865,201 $ 70,638,242 $ 82,411,282 $ 94,184,322 $ 105,957,362 $ 117,730,403
$ 147,163 $ 294,326 $ 441,489 $ 588,652 $ 735,815 $ 882,978 $ 1,030,141 $ 1,177,304 $ 1,324,467 $ 1,471,630 $ 8,093,965
Biscayne Park
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 121,492,149 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215 $ 12,149,215
Cumulative $ 12,149,215 $ 24,298,430 $ 36,447,645 $ 48,596,860 $ 60,746,075 $ 72,895,290 $ 85,044,505 $ 97,193,719 $ 109,342,934 $ 121,492,149
$ 151,865 $ 303,730 $ 455,596 $ 607,461 $ 759,326 $ 911,191 $ 1,063,056 $ 1,214,921 $ 1,366,787 $ 1,518,652 $ 8,352,585
Melreese
Interest Rate 5%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8 Qtr 9 Qtr 10
$ 133,789,403 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940 $ 13,378,940
Cumulative $ 13,378,940 $ 26,757,881 $ 40,136,821 $ 53,515,761 $ 66,894,701 $ 80,273,642 $ 93,652,582 $ 107,031,522 $ 120,410,462 $ 133,789,403
$ 167,237 $ 334,474 $ 501,710 $ 668,947 $ 836,184 $ 1,003,421 $ 1,170,657 $ 1,337,894 $ 1,505,131 $ 1,672,368 $ 9,198,021
Notes:
Interest cost established for the purposes of developing preliminary development budgets. Actual cost will vary depending upon interest rate and draw schedule.
APPENDIX C
Site Valuation
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
' V 2581 Escayn, Blvd
MlamiFL 3313] Paz.Pu
01
Mam,NFL]331132 � - blanch rr
Sale ,
D ��0
P�ateBPsrMvk
7Mar argil B i s c a y n e B a y
LJ�O�8rk axn. ery 190096 y Blvd
FL 33132
° So.. Mar.noL
1IL1/, ams
�� 5a1e3
1753 NE ❑233132
rd 1 AZe 6v«vne Vaneltarf WN,—, n o 0 Venetian Causee+ftY Sar. Marco hlaM Y
7
BP... fic
'] r� 1 Preserve
a988 - "1�� --1 am-' � - Q MZGArLhuY CBlReh"ay ps
-NW 1211rj as io m msl mroa..�.
�'- —i PB M nnlel Watson Park T blvW
S la t P k-
�l fNW 11th St e ]88N Miami Ave Watson
NW 11th 6'1 MiamIFL 33136 1a1e2 Perk P18
'VW �p - D sss N Mlami Ave _ waeunba
Mi—, FL 33136 paha hlmW
St- — : Miami Beach
-
NIMRc-Ir Ile
3
as
_ M m FL 33136 5a1e8 �7R
j 500 NE Lst
FL33132
� peR
Mam
e—ee Par n� ���� 'A a� day m"a Pen efMsmiS
Liu 7 = O-1
�� �-_. _ A
k
!� - sea s les
a avrront Park Or
�XX%999-777 I 151 NE 1,t St nudge hlmd
Co n M� 198201 f1 rosotl Urp—t,,endbr� l II - Ilis,esarvedi Si
SUMMARY OF COMPARABLE LAND SALES - ATT SITE
Transaction Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Zoning Price Price' (Acres) (SF) Per SF
1
700 North Miami Avenue
Sale
Mar -17
T6 -60a O, Urban Core,
$45,250,000
$45,250,000
4.71
205,353
$220.35
Miami, FL 33136
Open
2
555 N. Miami Avenue
Sale
Mar -17
T6-80 O, Urban Core
$18,095,000
$18,095,000
0.83
35,992
$502.75
Miami, FL 33132
Transect Zone
3
1753 - 1775 NE 2nd Avenue
Sale
May -17
T6-24 O, Urban Core,
$33,000,000
$33,000,000
1.39
60,375
$546.58
Miami, FL 33132
open
4
1900 Biscayne Boulevard
Sale
Sep -17
T6 -36b O, Urban Core,
$18,400,000
$18,400,000
1.01
44,034
$417.86
Miami, FL 33132
Open
5
151 NE 1st Street
Sale
Nov -17
T6-80 O, Urban Core
$9,270,000
$9,270,000
0.34
15,000
$618.00
Miami, FL 33131
Transect Zone
6
2501-2521 Biscayne
Sale
Feb -18
T6 -36a O, Urban Core,
$22,700,000
$22,700,000
1.11
48,351
$469.48
Boulevard
Open
Miami, FL 33137
7
1801-1851 NE 2nd Avenue
Under
Jul -18
T6 -36b O, Urban Core,
$30,000,000
$30,000,000
1.40
61,170
$490.44
Miami, FL 33132
Contract
Open
8
500 NE 1 st Avenue
Sale
Jul -18
T6-80 O, Urban Core,
$28,300,000
$35,200,000
1.83
79,848
$440.84
Miami, FL 33132
Open
Subj. 610 NW 1 st Avenue & 53 --- --- T6 -60a O, Urban Core, --- --- 0.77 33,368 ---
NW 6th Street, Open
Miami, Florida
t Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
ADJUSTMENT GRID
LAND SALES ADJUSTMENT GRID
Comparable Number
1
2
3
4
5
6
7
Transaction Type
Sole
Sole
Sole
Sale
Sale
Sole
Under Contract
Transaction Date
Mar -17
Mar -17
May -17
Sep -17
Nov -17
Feb -18
!u1-18
Zoning
T6 -60a O, Urban
T6-80 O,
T6-24 O, Urban
T6 -36b O,
T6-80 O,
T6 -36a O,
T6 -36b O,
01%
Core, Open
Urban Core
Core, open
Urban Core,
Urban Core
Urban Core,
Urban Core,
01Y
01%
Transect Zone
01%
Open
Transect Zone
Open
Open
Actual Sale Price
$45,250,000
$18,095,000
$33,000,000
$18AOO,000
$9,270,000
$22,700,000
$30,000,000
Adjusted Sale Price
$45,250,000
$18,095,000
$33,000,000
$18Aoo,000
$9,270,000
$22,700,000
$30,000,000
Size (Acres)
4.71
0.83
1.39
1.01
0.34
1.11
1.40
Sae (SF)
205,353
35,992
60,375
44,034
15,000
48,351
61,170
Density (UPA)
300 du/ac
438 du/ac
500 du/ac
4,243 du/ac
---
---
---
Allowable Units
1,414 Units
362 Units
693 Units
429 Units
---
---
---
Allowable Bldg. Area (SF)
2,258,883 SF
607,560 SF
966,000 SF
439,765 SF
360,000 SF
483,510 SF
#########
Indicated FAR
11.00
16.88
16.00
9.99
24.00
10.00
22.00
Price Per SF
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
Price Per Bldg. Area
$20.03
$29.78
$34.16
$41.84
$25.75
$46.95
$22.29
Price Per Unit
$32,001
$49,986
$47,619
$42,890
---
---
---
8
Sale
!u1-18
T6-80 O, Urban
Core, Open
$28,300,000
$35,200,000
1.83
79,848
$440.84
Land Value
Price ($ PSF)
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
$440.84
Property Rights Conveyed
01%
0%
0%
01/.
01%
0/
0%
01%
Financing Terms'
01/
01/
01/
01/
01/
0%
01%
01%
Conditions of Sale
0%
01%
01%
01%
01%
0%
0%
0%
Market Conditions (Time)
01%
01Y
0%
01Y
01%
0%
01%
01%
Subtotal
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
$440.84
Subject
T6 -60a O,
Urban Core,
Open
0.77
33,368
297,000 SF
8.90
Sae
30%
01/
0%
01/
-5%
0%
01%
01%
Indicated Value:
Shape
-10%
-101%
-10%
-10%
-101%
-10%
-10%
-101%
Corner
o%
01Y
0%
01Y
o%
0%
o%
01%
Frontage
01%
0%
-10%
-10%
-701%
-10%
-10%
01%
Topography
0%
01/
01/
01/
011.
0%
01%
0%
Location
0%
01%
01%
01%
01%
0%
0%
0%
Zoning/Density
01%
-10%
10%
10%
-101%
10%
10%
-101%
Utilities
01%
0%
0%
01%
01%
01%
0%
01%
Highest & Best Use
0%
01/
01%
0%
0%
0%
0%
01%
Total Other Adjustments
20%
-20%
-10%
-10%
-35%
-10%
-10%
-20%
Value Indication PSF of Site
$264.42
$402.20
$491.92
$376.07
$401.70
$422.53
$441.40
$352.67
Value Indication PSF of FAR
$24.04
$23.83
$30.75
$37.66
$16.74
$42.25
$20.06
---
Absolute Adjustment
40%
20%
30%
30%
35%
30%
3O%
20%
' Adjusted sale price for cash eq.i-I.n y and/or development
costs (where applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - ATT SITE
$ PSF of Site Site SF Total
$350.00 x 33,368 = $11,678,800
$400.00 x 33,368 = $13,347,200
$ PSF of FAR
Proposed FAR
Total
$38.00
x 297,000 SF =
$11,286,000
$42.00
x 297,000 SF =
$12,474,000
Indicated Value:
$12,000,000
(Rounded $ PSF)
$359.63
Compiled by CBRE
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
am
b
MRC - eiscayne Park
150 NE 19th 5t 1900 B ""ne Blvd
rP MiamI, FL 33132 Miami,FL33132
11Lll 1 -
�' TIE 191h t a y n e a y
` ��,( peePdrlc 8 1 s c B
El
S[
areeaype
_ � gvr ser enc
�scayne Park Margaret
a
_gt Cemetery 1t Pace Park
_ '(. Sete 6
DID a bfk 31001 N 3332
CC lb
4 �1 3t Mlami FL FL 33132 1753 1]53NE 21,d Pve
r Mamie 833132 N VHYletell Dr sr hEx_.
am M - enetlan Ceu59waY, 1%taa�
n ^ B' LIaM
ll L�
1�114Fh $1 ``� Bl6 Gl�dn
/' � L� _ /=tet MacArmur Causeway
y III n`� / H1H
J� Y
'"xm.°hs ���pAET� e � ��II �BiceMenn el Perk Watson P
�Perk �cerrtenn el erk Watson Perk � K
LLL��� Sale 1 e'
U
a m I� Pee
NW NW Pa91h r 1,O M'ami Pve �� Wabon blend
Sf Mam; FL 33136 1 Z
I� 9 ae NE 91n si
m Nw acn
A °
opyra ht(l.. d(P� 1198&201211 osvtt 1o11—t andbrpp 11 All r q'ts raservletl� m r k88fi- Itodge 6len�l Hemi Y
SUMMARY OF COMPARABLE LAND SALES - BISCAYNE PARK
Subj. 150 NE 19th Street, --- --- T6 -24b O, Urban Core, --- --- 7.32 318,859 ---
Miami, Florida Open
1 Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
Transaction
Actual Sale
Adjusted Sale
Size
Size
Price
No.
Property Location
Type
Date
Zoning
Price
Price 1
(Acres)
(SF)
Per SF
1
700 North Miami Avenue
Sale
Mar -17
T6 -24b O, Urban Core,
$45,250,000
$45,250,000
4.71
205,353
$220.35
Miami, FL 33136
Open
2
459 NE 24th Street
Sale
Mar -17
T6 -36a L, Urban Core,
$21,700,000
$21,700,000
1.99
86,523
$250.80
Miami, FL 33137
Limited
3
1753 - 1775 NE 2nd Avenue
Sale
May -17
T6-24 O, Urban Core,
$33,000,000
$33,000,000
1.39
60,375
$546.58
Miami, FL 33132
open
4
1900 Biscayne Boulevard
Sale
Sep -17
T6 -36b O, Urban Core,
$18,400,000
$18,400,000
1.01
44,034
$417.86
Miami, FL 33132
Open
5
2501-2521 Biscayne
Sale
Feb -18
T6 -36a O, Urban Core,
$22,700,000
$22,700,000
1.11
48,351
$469.48
Boulevard
Open
Miami, FL 33137
6
1801-1851 NE 2nd Avenue
Under
Jul -18
T6 -36b O, Urban Core,
$30,000,000
$30,000,000
1.40
61,170
$490.44
Miami, FL 33132
Contract
Open
Subj. 150 NE 19th Street, --- --- T6 -24b O, Urban Core, --- --- 7.32 318,859 ---
Miami, Florida Open
1 Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
Land Value
ADJUSTMENT GRID
CONCLUSION
CONCLUDED LAND VALUE - BISCAYNE PARK
$ PSF of Site Site SF Total
$150.00 x 318,859 = $47,828,850
$165.00 x 318,859 = $52,611,735
Indicated Value: $50,000,000
(Rounded $ PSF) $156.81
Compiled by CBRE
LAND SALES ADJUSTMENT GRID
Comparable Number
1
2
3
4
5
6
Subject
Transaction Type
Sale
Sale
Sale
Sale
Sale
Under Contract
---
Transaction Date
Mar -17
Mar -17
May -17
Sep -17
Feb -18
Jul -18
---
Zoning
T6 -24b O, Urban
T6 -36a L,
T6-24 O, Urban
T6 -36b O,
T6 -36a O,
T6 -36b O,
T6 -24b O,
Core, Open
Urban Core,
Core, open
Urban Core,
Urban Core,
Urban Core,
Urban Core,
Limited
Open
Open
Open
Open
Actual Sale Price
$45,250,000
$21,700,000
$33,000,000
$18,400,000
$22,700,000
$30,000,000
---
Adjusted Sale Price'
$45,250,000
$21,700,000
$33,000,000
$18,400,000
$22,700,000
$30,000,000
---
Size (Acres)
4.71
1.99
1.39
1.01
1.11
1.40
7.32
Size (SF)
205,353
86,523
60,375
44,034
48,351
61,170
318,859
Density (UPA)
300 du/ac
150 du/ac
500 du/ac
4,243 du/ac
---
---
---
Allowable Units
1,414 Units
297 Units
693 Units
429 Units
---
---
---
Allowable Bldg. Area (SF)
2,258,883 SF
477,626 SF
966,000 SF
439,765 SF
483,510 SF
#########
480,000 SF
Indicated FAR
11.00
5.52
16.00
9.99
10.00
22.00
1.51
Price Per SF
$220.35
$250.80
$546.58
$417.86
$469.48
$490.44
Price Per Bldg. Area
$20.03
$45.43
$34.16
$41.84
$46.95
$22.29
Price Per Unit
$32,001
$73,064
$47,619
$42,890
---
---
Price ($ PSF)
$220.35
$250.80
$546.58
$417.86
$469.48
$490.44
Property Rights Conveyed
0%
0%
0%
0%
0%
0%
Financing Terms 1
0%
0%
0%
0%
0%
0%
Conditions of Sale
0%
0%
0%
0%
0%
0%
Market Conditions (Time)
0%
0%
0%
0%
0%
0%
Subtotal
$220.35
$250.80
$546.58
$417.86
$469.48
$490.44
Size
0%
-30%
-30%
-30%
-30%
-30%
Shape
0%
0%
0%
0%
0%
0%
Corner
0%
0%
0%
0%
0%
0%
Frontage
-25%
-10%
-25%
-25%
-25%
-25%
Topography
0%
0%
0%
0%
0%
0%
Location
0%
0%
0%
0%
0%
0%
Zoning/Density
0%
0%
0%
0%
0%
0%
Utilities
0%
0%
0%
0%
0%
0%
Highest & Best Use
0%
0%
0%
0%
0%
0%
Total Other Adjustments
-25%
-40%
-55%
-55%
-55%
-55%
Value Indication PSF of Site
$165.26
$150.48
$245.96
$188.04
$211.27
$220.70
Value Indication PSF of FAR
$15.02
$27.26
$15.37
$18.83
$21.13
$10.03
Absolute Adjustment
25%
40%
55%
55%
55%
55%
' Adjusted sale price for cash equivalency
and/or development costs (where
applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - BISCAYNE PARK
$ PSF of Site Site SF Total
$150.00 x 318,859 = $47,828,850
$165.00 x 318,859 = $52,611,735
Indicated Value: $50,000,000
(Rounded $ PSF) $156.81
Compiled by CBRE
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
Magnolia
°
641 NW 12th Avenue
[]
NW 33rd
1362 NW 3611 SL
Miami, FL 33192
D1, Work Place & T6-8,
$2,574,100
$2,574,100
�
0
LJ
Miami, FL 33136
Nua
t –..
O, Urban Core, Open
953
Pa'ma•lake�'.. NW 27t- - -
O
asm st
NW 25th St �-
day 24tH
Sale
El
o "
�
saw
NW
N
0
LJ
- _
•2 t Rt
NW 2Tst St f r
T o0
', Bkcayne Bay
Zone, Open
GY
NW 20th St
Margeret Pace Perk
3
, .aBm sem— —
s
::: "fns
Sale] a
R Biscayne Bay Aqua"ic Preserve
T6-8 O, Urban Core &
�iJ�J
nark -
St "
NW 17th St m - _
m
�...
L596 Nw North River or r
-mi, 4M 0
ElW�--
� DD —ven�� c��
49,010
$86.21
Miami, FL 33125
�4891er
L D
❑�'Gs
erl:
R
14th St—vt�—Ir'n�
AIA
Restricted
H
s Saleltgg1
.. SaleBi
NW 71h 51 ❑
Wabon
0 Ialvrd Watson
i
836 D 641 NW 12M Ave 111h St Miami, FL 33136
�`m Mlami,R33136
Perk 4
Watson Park
❑
Jul -16
'-'i-
Miami
m
-7]7 II II NV'J 8th St
� 'INE Stn St
0.99
43,224
$92.54
.=70 LJ - -
P h Blvd 886 /y
C
Sale 3 M a NW E,th
NW Sale2
650 NW 81h St
➢ _ 13 y Front Perk
61 NW 3]th Ave MRC Marlins Site #3
- Miami, FL 33136
➢ Q M egemer8 TR ktl
L# rnNO
mNE%d
Sale
Jun -17
Miami, FL 33125 1690 NW ]th Street
NW 3rd St
�r m 2nd St �I�n
_ St O!
1.20
0
$72.64
NW
SI
Pon or Miami
? NF' t StSpa
Open & T5 L, Urban
VV is[
966
Miamarma
°o E°Flamm
0
0 -,W `1,,,kr St
T
4,.,froMPark
�SE°nbSt o 0
I� ❑
-- SW 3rd St ��2A
/
�. ➢
sale 6 5t 4.
Perks RCM'on
wT opnons oY ° Brhkell
Sale
i
4
6W"IF Ave -
1W
9t
ob' Ek
" Y
0.48
(j
,Q 5aie9
9"
_ Miami, FL31
11
99
L2 T
o � o
a
o o
953 90
501 SW 22nd Aver�F�
Miami, FL 33135
0 Y
JLJI Ll°o
L '
LL
B Yne
m
P Y Aquatic
e
�'
oplhgktO.and
r t ➢—
rl `@
(P)1988}2012M asvff Qorpvratia andNrhs suPNe Ilrpkts reservedW
➢
SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #3
Transaction Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Zoning Price Price' (Acres) (SF) Per SF
1
641 NW 12th Avenue
Sale
Feb -15
D1, Work Place & T6-8,
$2,574,100
$2,574,100
0.76
32,945
$78.13
Miami, FL 33136
O, Urban Core, Open
2
650 NW 8th Street
Sale
Mar -16
T6-8 O, Urban Transect
$27,695,000
$27,965,000
8.61
375,098
$74.55
Miami, FL 33136
Zone, Open
3
61 NW 37th Avenue
Sale
May -16
T6-8 O, Urban Core &
$4,225,000
$4,225,000
1.13
49,010
$86.21
Miami, FL 33125
T4 L, General Urban,
Restricted
4
501 SW 22nd Avenue
Sale
Jul -16
T6-8 O, Urban Core
$4,000,000
$4,000,000
0.99
43,224
$92.54
Miami, FL 33130
5
1362 NW 36th St
Sale
Jun -17
T6-8 O, Urban Core,
$3,795,000
$3,795,000
1.20
52,245
$72.64
Miami, FL 33142
Open & T5 L, Urban
Center, Limited
6
216-228 SW 12th Avenue
Sale
Aug -17
T5 O, Urban Center,
$1,300,000
$1,300,000
0.48
21,000
$61.90
Miami, FL 33130
Open
7
1690 NW North River Drive
Sale
Feb -18
T6-8 O, Urban Core,
$10,375,000
$10,375,000
2.38
103,540
$100.20
Miami, FL 33125
Open
8
1001 NW 7th Street
Sale
May -18
T6-8 O, Urban Core,
$26,000,000
$26,000,000
6.31
274,864
$94.59
Miami, FL 33136
Open
Subj. 1600 NW 6th Street, --- --- T5 O, Urban Center, --- --- 1.58 68,900 ---
Miami, Florida Open
' Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
ADJUSTMENT GRID
LAND SALES ADJUSTMENT GRID
Land Value
Comparable Number
1
2
3
4
5
6
7
8
Transaction Type
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Transaction Date
Feb -15
Mar -16
May -16
Jul -16
Jun -17
Aug -17
Feb -18
May -18
Zoning
D1, Work Place & T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T5 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-8, O, Urban
Transect Zone,
Core & T4 L,
Core
Core, Open &
Center, Open
Core, Open
Core, Open
Core, Open
Open
General Urban,
T5 L, Urban
Restricted
Center, Limited
Actual Sale Price
$2,574,100
$27,695,000
$4,225,000
$4,000,000
$3,795,000
$1,300,000
$10,375,000
$26,000,000
Adjusted Sale Price'
$2,574,100
$27,965,000
$4,225,000
$4,000,000
$3,795,000
$1,300,000
$10,375,000
$26,000,000
Size (Acres)
0.76
8.61
1.13
0.99
1.20
0.48
2.38
6.31
Size (SF)
32,945
375,098
49,010
43,224
52,245
21,000
103,540
274,864
Density (UPA)
---
---
---
164 du/ac
108 du/ac
62 du/ac
149 du/ac
1,106 du/ac
Allowable Units
---
---
---
163 Units
129 Units
30 Units
355 Units
698 Units
Allowable Bldg. Area (SF)
78,985 SF
---
---
---
---
---
430,000 SF
698,000 SF
Indicated FAR
3.71
---
---
3.69
---
---
4.15
2.54
Price Per SF
$78.13
$74.55
$86.21
$92.54
$72.64
$61.90
$100.20
$94.59
Price Per Bldg. Area
$32.59
---
---
---
---
---
$24.13
$37.25
Price Per Unit
---
---
---
$24,540
$29,419
$43,333
$29,225
$37,249
Price ($ PSF)
$78.13
$74.55
$86.21
$92.54
$72.64
$61.90
$100.20
$94.59
Property Rights Conveyed
0%
0%
0%
0%
01%
01%
0%
0%
Financing Terms '
0%
0%
0%
0%
0%
01%
0%
0%
Conditions of Sale
0%
-30%
0%
0%
01/6
01%
0%
0%
Market Conditions (Time)
20%
15%
10%
10%
5%
5%
0%
0%
Subtotal
$93.76
$60.01
$94.83
$101.79
$76.27
$65.00
$100.20
$94.59
Size
-5%
30%
01/
01%
01/
-5%
5%
10%
Shape
0%
0%
0%
0%
0%
01/6
0%
0%
Corner
0%
0%
0%
0%
o%
o%
0%
0%
Frontage
01%
0%
-101%
-10%
0%
10%
-25%
-25%
Topography
0%
0%
0%
0%
01%
01/
0%
0%
Location
0%
0%
0%
0%
0%
5%
0%
0%
Zoning/Density
-101/6
-101%
-5%
-10%
-5%
o%
-101%
-101%
Utilities
0%
0%
0%
0%
0%
01%
0%
0%
Highest & Best Use
0%
0%
0%
0%
o%
0%
0%
o%
Total Other Adjustments
-15%
20%
-15%
-20%
-5%
10%
-30%
-25%
Value Indication for Subject
$79.69
$72.02
$80.61
$81.44
$72.46
$71.49
$70.14
$70.94
Absolute Adjustment
35%
85%
25%
30%
70%
25%
40%
45%
Adjusted sale price for cash equi-lenry and/or development costs (where
applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - MARLINS SITE #3
$ PSF of Site Site SF Total
$71.00
$72.00
Indicated Value:
Compiled by CBRE
x 68,900
x 68,900
(Rounded $ PSF)
$4,891,900
$4,960,800
$4,900,000
$71.12
Subject
T5 O, Urban
Center, Open
1.58
68,900
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
°
NW 33rdlst�
Sale
Feb -15
❑'L
A
933
-��2 AIA
N W
Wabvn
❑
I Klvrd n
l
111h St -., FL 33136
4,
I Watson Park
m
]�\ Lr, 8th St
1L-J❑L] - � NW
Ar�porl�l
963
-
P�me•aawe NW 27�
Bl
Port vd 886 M
NWsale z
C1w e
fi50 NW 81h st
-. Miami, FL 33136
➢ m Bay From Park B7
➢ Q 4Management TR Tro ktl
_
N1ft Ztr , St
NW 26th St NW 24th1
IutJV 1st SI
968
RE �St n
El- t
0o Fla Spo Mlamallna PON of Miemi
o -,W Flagler St
T °
4, a,fr-Park
aS02nrb St o 0
WWI
n 8
Parks RCMlon
�� Wh N
N
�IR
21'SWL2[h Ave
Miami,R33130
Key
- _
•2 st Rt
�1W 3Tst st 9f�
o 9sy 4quelic
° c� Preeerve
9T2 0
NW 20th St
Gerry =
lNtTt=1�9t
J�4-
_� Curtis _
Park
St s -
Sale
16901
T6-8 O, Urban Core &
$4,225,000
$4,225,000
1.13
49,010
NW 17th St
Miami, FL 33125
T4 L, General Urban,
— etc
'I
uuiatn St
s Salel
876
D 641 NW 12th A
�` m Mlaml, R 33136
��
sale3
61 NW 37th Ave
Miami, FL 33125
zo Miami
N a NW
MRC Marlins Site k2
_„ 1619 Nw 6m st
SW 22nd Ave
ni�FL 33135
11 II F-4
Magnolia
NW 36th St
, FL 33142
IW Nor[h Rver mr . 6 u u Biscayne Bay Aquatic Preserve
FL33t25 4M El LJ
El
Sale
Feb -15
❑'L
A
933
-��2 AIA
. Sale 8
7th St
Wabvn
❑
I Klvrd n
l
111h St -., FL 33136
4,
I Watson Park
m
]�\ Lr, 8th St
1L-J❑L] - � NW
'INE 6tn St
Bl
Port vd 886 M
NWsale z
C1w e
fi50 NW 81h st
-. Miami, FL 33136
➢ m Bay From Park B7
➢ Q 4Management TR Tro ktl
NW 3rd St
NW 2nd St
St aOOr
IutJV 1st SI
968
RE �St n
El- t
0o Fla Spo Mlamallna PON of Miemi
o -,W Flagler St
T °
4, a,fr-Park
aS02nrb St o 0
_k sw 3rd sto2
,A
t �
n 8
Parks RCMlon
�
'"
516 51
wT opnonson o Brkkell
21'SWL2[h Ave
Miami,R33130
Key
❑d r j,
� o C o �asosyne
^^I
❑'� ❑ a
o 9sy 4quelic
° c� Preeerve
9T2 0
SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #2
Transaction Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Zoning Price Price t (Acres) (SF) Per SF
1
641 NW 12th Avenue
Sale
Feb -15
D1, Work Place & T6-8,
$2,574,100
$2,574,100
0.76
32,945
$78.13
Miami, FL 33136
O, Urban Core, Open
2
650 NW 8th Street
Sale
Mar -16
T6-8 O, Urban Transect
$27,695,000
$27,965,000
8.61
375,098
$74.55
Miami, FL 33136
Zone, Open
3
61 NW 37th Avenue
Sale
May -16
T6-8 O, Urban Core &
$4,225,000
$4,225,000
1.13
49,010
$86.21
Miami, FL 33125
T4 L, General Urban,
Restricted
4
501 SW 22nd Avenue
Sale
Jul -16
T6-8 O, Urban Core
$4,000,000
$4,000,000
0.99
43,224
$92.54
Miami, FL 33130
5
1362 NW 36th St
Sale
Jun -17
T6-8 O, Urban Core,
$3,795,000
$3,795,000
1.20
52,245
$72.64
Miami, FL 33142
Open & T5 L, Urban
Center, Limited
6
216-228 SW 12th Avenue
Sale
Aug -17
T5 O, Urban Center,
$1,300,000
$1,300,000
0.48
21,000
$61.90
Miami, FL 33130
Open
7
1690 NW North River Drive
Sale
Feb -18
T6-8 O, Urban Core,
$10,375,000
$10,375,000
2.38
103,540
$100.20
Miami, FL 33125
Open
8
1001 NW 7th Street
Sale
May -18
T6-8 O, Urban Core,
$26,000,000
$26,000,000
6.31
274,864
$94.59
Miami, FL 33136
Open
Subj. 1610 NW 6th Street, --- --- T5 O, Urban Center, --- --- 1.03 45,000 ---
Miami, Florida Open
t Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
ADJUSTMENT GRID
LAND SALES ADJUSTMENT GRID
Land Value
Comparable Number
1
2
3
4
5
6
7
8
Transaction Type
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Transaction Date
Feb -15
Mar -16
May -16
Jul -16
Jun -17
Aug -17
Feb -18
May -18
Zoning
D1, Work Place & T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T5 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-8, O, Urban
Transect Zone,
Core & T4 L,
Core
Core, Open &
Center, Open
Core, Open
Core, Open
Core, Open
Open
General Urban,
T5 L, Urban
Restricted
Center, Limited
Actual Sale Price
$2,574,100
$27,695,000
$4,225,000
$4,000,000
$3,795,000
$1,300,000
$10,375,000
$26,000,000
Adjusted Sale Price'
$2,574,100
$27,965,000
$4,225,000
$4,000,000
$3,795,000
$1,300,000
$10,375,000
$26,000,000
Size (Acres)
0.76
8.61
1.13
0.99
1.20
0.48
2.38
6.31
Size (SF)
32,945
375,098
49,010
43,224
52,245
21,000
103,540
274,864
Density (UPA)
---
---
---
164 du/ac
108 du/ac
62 du/ac
149 du/ac
1,106 du/ac
Allowable Units
---
---
---
163 Units
129 Units
30 Units
355 Units
698 Units
Allowable Bldg. Area (SF)
78,985 SF
---
---
---
---
---
430,000 SF
698,000 SF
Indicated FAR
3.71
---
---
3.69
---
---
4.15
2.54
Price Per SF
$78.13
$74.55
$86.21
$92.54
$72.64
$61.90
$100.20
$94.59
Price Per Bldg. Area
$32.59
---
---
---
---
---
$24.13
$37.25
Price Per Unit
---
---
---
$24,540
$29,419
$43,333
$29,225
$37,249
Price ($ PSF)
$78.13
$74.55
$86.21
$92.54
$72.64
$61.90
$100.20
$94.59
Property Rights Conveyed
0%
0%
0%
0%
01%
01%
0%
0%
Financing Terms '
0%
0%
0%
0%
0%
01%
0%
0%
Conditions of Sale
0%
-309%
0%
0%
0/
01%
0%
0%
Market Conditions (Time)
20%
15%
10%
10%
5%
5%
0%
0%
Subtotal
$93.76
$60.01
$94.83
$101.79
$76.27
$65.00
$100.20
$94.59
Size
0%
30%
0%
0%
0%
-5%
5%
lo%
Shape
0%
0%
0%
0%
0%
01%
0%
0%
Corner
-101%
01/
01/
01Y
01%
01/
0%
0%
Frontage
-101/6
-101%
-25%
-25%
-101%
01%
-25%
-25%
Topography
0%
0%
0%
0%
01%
01/
0%
0%
Location
0%
0%
0%
0%
0%
5%
0%
0%
Zoning/Density
-101%
-10%
-5%
-10%
-5%
o%
-101%
-101%
Utilities
0%
0%
0%
0%
0%
01%
0%
0%
Highest & Best Use
0%
0%
o%
0%
o%
0%
0%
o%
Total Other Adjustments
-30%
10%
-30%
-35%
-15%
0%
-30%
-25%
Value Indication for Subject
$65.63
$66.01
$66.38
$66.17
$64.83
$65.00
$70.14
$70.94
Absolute Adjustment
50%
95%
40%
45%
20%
75%
40%
45%
Adjusted sale price for cash equi-lenry and/or development costs (where
applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - MARLINS SITE #2
$ PSF of Site Site SF Total
$65.00 x 45,000 = $2,925,000
$70.00 x 45,000 = $3,150,000
Indicated Value: $3,000,000
(Rounded $ PSF) $66.67
Compiled by CBRE
Subject
T5 O, Urban
Center, Open
1.03
45,000
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
SUMMARY OF COMPARABLE LAND SALES - MARLINS SITE #1
Transaction Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Zoning Price Price ' (Acres) (SF) Per SF
1
641 NW 12th Avenue
Sale
Feb -15
D1, Work Place & T6-8,
$2,574,100
$2,574,100
0.76
32,945
$78.13
Miami, FL 33136
O, Urban Core, Open
2
650 NW 8th Street
Sale
Mar -16
T6-8 O, Urban Transect
$27,695,000
$27,965,000
8.61
375,098
$74.55
Miami, FL 33136
Zone, Open
3
61 NW 37th Avenue
Sale
May -16
T6-8 O, Urban Core &
$4,225,000
$4,225,000
1.13
49,010
$86.21
Miami, FL 33125
T4 L, General Urban,
Restricted
4
501 SW 22nd Avenue
Sale
Jul -16
T6-8 O, Urban Core
$4,000,000
$4,000,000
0.99
43,224
$92.54
Miami, FL 33130
5
1690 NW North River Drive
Sale
Feb -18
T6-8 O, Urban Core,
$10,375,000
$10,375,000
2.38
103,540
$100.20
Miami, FL 33125
Open
6
1101 W. Flagler Street
Sale
May -18
T6-12 O, Urban Core,
$11,187,500
$11,187,500
2.43
105,869
$105.67
Miami, FL 33130
Open
7
1001 NW 7th Street
Sale
May -18
T6-8 O, Urban Core,
$26,000,000
$26,000,000
6.31
274,864
$94.59
Miami, FL 33136
Open
8
805-861 West Flagler Street
Sale
May -18
T6-12 O, Urban Core,
$8,577,000
$9,077,000
2.20
96,000
$94.55
Miami, FL 33130
Open & T4 -R, General
Urban, Restricted
Subj.
1680 NW 5Th Street,
---
---
T6-8 O, Urban Core,
---
---
2.75
120,000
---
Miami, Florida
Open
r Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
ADJUSTMENT GRID
LAND SALES ADJUSTMENT GRID
Land Value
Comparable Number
1
2
3
4
5
6
7
8
Transaction Type
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Transaction Date
Feb -15
Mar -16
May -16
Jul -16
Feb -18
May -18
May -18
May -18
Zoning
Dl, Work Place & T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-8 O, Urban
T6-12 O,
T6-8 O, Urban
T6-12 O, Urban
T6-8, O, Urban
Transect Zone,
Core & T4 L,
Core
Core, Open
Urban Core,
Core, Open
Core, Open & T4 -R,
Core, Open
Open
General Urban,
Open
General Urban,
Restricted
Restricted
Actual Sale Price
$2,574,100
$27,695,000
$4,225,000
$4,000,000
$10,375,000
$11,187,500
$26,000,000
$8,577,000
Adjusted Sale Price'
$2,574,100
$27,965,000
$4,225,000
$4,000,000
$10,375,000
$11,187,500
$26,000,000
$9,077,000
Size (Acres)
0.76
8.61
1.13
0.99
2.38
2.43
6.31
2.20
Size (SF)
32,945
375,098
49,010
43,224
103,540
105,869
274,864
96,000
Density (UPA)
---
---
---
164 du/ac
149 du/ac
150 du/ac
1,106 du/ac
---
Allowable Units
---
---
---
163 Units
355 Units
364 Units
698 Units
---
Allowable Bldg. Area (SF)
78,985 SF
---
---
---
430,000 SF
---
698,000 SF
---
Indicated FAR
2.40
---
---
---
4.15
---
2.54
---
Price Per SF
$78.13
$74.55
$86.21
$92.54
$100.20
$105.67
$94.59
$94.55
Price ($ PSF)
$78.13
$74.55
$86.21
$92.54
$100.20
$105.67
$94.59
$94.55
Property Rights Conveyed
0%
0%
0%
0%
01%
01/
0%
0%
Financing Terms'
0%
0%
0%
0%
0%
01%
0%
0%
Conditions of Sale
0%
-30%
0%
0%
01%
01%
0%
0%
Market Conditions (Time)
20%
15%
101%
101/
0%
01%
0%
0%
Subtotal
$93.76
$60.01
$94.83
$101.79
$10020
$105.67
$94.59
$94.55
Size
-10%
25%
-10%
-10%
0%
01%
20%
01/
Shape
0%
0%
0%
0%
01/6
0/
0%
0%
Corner
-10%
01%
01/
01%
0%
01%
01/
01/
Frontage
01%
01%
0%
-101%
-25%
-10%
-30%
-10%
Topography
0%
0%
0%
0%
01%
o%
0%
0%
Location
0%
0%
0%
0%
0/
01%
0%
0%
Zoning/Density
0%
0%
0%
0%
01%
-101/
0%
-101%
Utilities
0%
0%
0%
0%
0%
01%
0%
0%
Highest & Best Use
0%
0%
0%
0%
01%
01%
0%
0%
Total Other Adjustments
-20%
25%
-101%
-20%
-25%
-20%
-101%
-20%
Value Indication for Subject
$75.00
$75.02
$85.35
$81.44
$75.15
$84.54
$85.13
$75.64
Absolute Adjustment
40%
70%
20%
30%
25%
20%
50%
2091
'Adjusted sale price for cash equivalenry and/or development costs (where
applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - MARLINS SITE #1
$ PSF
Subject SF
Total
$75.00
x 120,000
= $9,000,000
$85.00
x 120,000
= $10,200,000
Indicated Value: $9,600,000
(Rounded $ PSF) $80.00
Compiled by CBRE
Subject
T6-8 O, Urban
Core, Open
2.75
120,000
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
SUMMARY OF COMPARABLE LAND SALES - MELREESE
Transaction Actual Sale Adjusted Sale Size Size Allowable Price Price Per
No. Property Location Type Date Zoning Price price' (Acres) (SF) Bldg. Area (SF) FAR Per SF SF (FAR)
1
3090 S. Douglas Road
Sale
Jun -15
T6-12 O, Urban Core
$10,100,000
$10,170,022
1.26
54,886
170,321
3.10
$185.29
SurrTan
r Mart) Jr
Nlla
e
Glen PPtl
Iberly Lemon Ty eysnore
NW EB[n 51 NW EBIn 51
2
Hldlea
Sale
Heig s
quare L'MIe HaR
$30,000,000
Sale fi
Sale ]
95,868
488,176
5.09
Br wnsaill J to son
R av s S Iv
9902 NW 8][h Pve8300
U NW 11"It
Miami27
SPnag,
as
Mlaml, FL 331]8
Miami, FL 33166
3
215 & 251 S. Dixie Highway
Sale
Oct -16
T6-24 O, Urban Core,
$60,250,000
$60,250,000
4.39
191,249
679,758
I,, l
$315.03
Loral Blvp
Virginia
Gertlens
Coral Gables, FL 33133
Bales Fila
28]5 NW 42nd Pve
Miami, FL 33192
an
2]012 Biscayne Elvd
FL 33137
ur Lady
IMercy
JC Bermu
Venderbitt Park
=
@ �,
2.
eme[ery
Pad;
F L O I U A�
$16,600,000
$16,600,000
MelSte
74,700
344,400
NJV Stn
_
Int
Sweetwater, FL 33174
171F P
A ort®
_M-i,FL 33125
1
�.
5
J
Sale
i
� �
0
� _ _N✓V 14tH
14th a �A
o n Mall Blvd
-.-•
-.•-..- �
_ q
0.68
$34.87
$51.58
838 N!N 6[n 51 _
e]I
a 838
Unlimited
3
2
I
II
xN+3H�'�-
`-'Is skhlae
_
H V
ss
- ro o Mio�ni
aaa Q ss
6
]90 SW 109M Pve
33179 FI ler
-
Mar -18
DMU, Downtown
$13,574,500
$13,574,500
2.02
88,166
Swee[weler
�
9 lamella west
$153.97
$68.06
Doral, FL 33166
� I
glans
snap Paean
Town Perk
Estates
W slchesrer
°
'IL1
30905Pl,,,I
.p'
7
8300 NW 41 at Street
Under
Jul -18
CPral Gables, FL 33133
3
B'
Tamlemi
Perk
4.00
174,240
359,637
2.06
$109.91
e71
oral Ga I �Sllver Bl ft
EPckell
oral sy
_
rsity
Perk
oral Way
vmagee
Mixed -Use
The P-% Esleles
'
�Eav Helghrts
_
Sale3
2155 Hwy
MFL
amie FL 33133
Pair ls3k Biscay ne Ba
Ter a
/yi
lymph
Ludlam
cnnat
HelgMeA
1' ee Mlaml
apical
Perk
BI : Rtl
�
Miem
`x 0
� �
Dmnee F:ey
Cn kt0 antl T'198&20,121.rerosott
n
Cor orston andNrds su
WT c3ry e a
� le .All kts,reeedetleJ
a
_Pr
V.'d
Nqu
E' scayne Bay etic eserve
SUMMARY OF COMPARABLE LAND SALES - MELREESE
Transaction Actual Sale Adjusted Sale Size Size Allowable Price Price Per
No. Property Location Type Date Zoning Price price' (Acres) (SF) Bldg. Area (SF) FAR Per SF SF (FAR)
1
3090 S. Douglas Road
Sale
Jun -15
T6-12 O, Urban Core
$10,100,000
$10,170,022
1.26
54,886
170,321
3.10
$185.29
$59.71
Coral Gables, FL 33133
2
2701 Biscayne Blvd.
Sale
May -16
T6 -36-1-&T6-36-0
$30,000,000
$30,000,000
2.20
95,868
488,176
5.09
$312.93
$61.45
Miami, FL 33137
3
215 & 251 S. Dixie Highway
Sale
Oct -16
T6-24 O, Urban Core,
$60,250,000
$60,250,000
4.39
191,249
679,758
3.55
$315.03
$88.63
Coral Gables, FL 33133
open
4
740 SW 109th Avenue
Sale
Dec -16
UC, University City
$16,600,000
$16,600,000
1.71
74,700
344,400
4.61
$222.22
$48.20
Sweetwater, FL 33174
5
2875 NW 42nd Avenue
Sale
Jul -17
IU -3, Industrial,
$2,600,000
$2,600,000
1.71
74,567
50,403
0.68
$34.87
$51.58
Miami, FL 33142
Unlimited
Manufacturing District
6
4402 NW 87th Avenue
Sale
Mar -18
DMU, Downtown
$13,574,500
$13,574,500
2.02
88,166
199,454
2.26
$153.97
$68.06
Doral, FL 33166
Mixed -Use
7
8300 NW 41 at Street
Under
Jul -18
DMU, Downtown
$19,150,000
$19,150,000
4.00
174,240
359,637
2.06
$109.91
$53.25
Doral, FL 33166
Contract
Mixed -Use
Subj. 1400NW 37th Avenue, --- --- CS, Civic Space/Parks --- --- 2.30 100,000 287,000 2.87 --- ---
Miami, Florida
' Adi-ted sale price for cash eq.ivalency and/or development costs (where applicable)
Compiled by CBRE
Land Value
ADJUSTMENT GRID
Size
0%
0%
LAND SALES ADJUSTMENT GRID
0%
0%
0%
Comparable Number
1
2
3
4
5
6
7
Subject
Transaction Type
Sale
Sale
Sale
Sale
Sale
Sale
Under Contract
---
Transaction Date
Jun -15
May -16
Oct -16
Dec -16
Jul -17
Mar -18
Jul -18
---
Zoning
T6-12 O, Urban
T6 -36-L & T6-
T6-24 O, Urban
UC, University
IU -3, Industrial,
DMU,
DMU,
CS, Civic
-30%
Core
36-0
Core, open
City
Unlimited
Downtown
Downtown
Space/Parks
0%
0%
0%
0%
Utilities
Manufacturing
Mixed -Use
Mixed -Use
0%
Actual Sale Price
$10,100,000
$30,000,000
$60,250,000
$16,600,000
$2,600,000
$13,574,500
$19,150,000
---
Adjusted Sale Price'
$10,170,022
$30,000,000
$60,250,000
$16,600,000
$2,600,000
$13,574,500
$19,150,000
---
Size (Acres)
1.26
2.20
4.39
1.71
1.71
2.02
4.00
2.30
Size (SF)
54,886
95,868
191,249
74,700
74,567
88,166
174,240
100,000
Allowable Bldg. Area (SF)
170,321 SF
488,176 SF
679,758 SF
344,400 SF
50,403 SF
199,454 SF
359,637 SF
287,000 SF
Indicated FAR
3.10
5.09
3.55
4.61
0.68
2.26
2.06
2.87
Price Per SF
$185.29
$312.93
$315.03
$222.22
$34.87
$153.97
$109.91
---
Price Per Bldg. Area
$59.71
$61.45
$88.63
$48.20
$51.58
$68.06
$53.25
---
Price ($ PSF)
$185.29
$312.93
$315.03
$222.22
$34.87
$153.97
$109.91
Property Rights Conveyed
0%
0%
0%
0%
0%
0%
0%
Financing Terms'
0%
0%
0%
0%
0%
0%
0%
Conditions of Sale
0%
0%
0%
0%
0%
0%
0%
Market Conditions (Time)
15%
101%
10%
101/
5%
0%
0%
Subtotal
$213.08
$344.22
$346.53
$244.44
$36.61
$153.97
$109.91
Size
0%
0%
10%
0%
0%
0%
10%
Shape
0%
0%
0%
0%
10%
0%
0%
Corner
0%
0%
0%
0%
0%
0%
0%
Frontage
0%
0%
-101/6
0%
0%
-10%
0%
Topography
0%
0%
0%
0%
0%
0%
0%
Location
-10%
-101/6
-30%
20%
0%
0%
0%
Zoning/Density
0%
0%
0%
0%
0%
0%
0%
Utilities
0%
0%
0%
0%
0%
0%
0%
Highest & Best Use
0%
0%
0%
0%
0%
0%
0%
Total Other Adjustments
-10%
-10%
-30%
20%
10%
-10%
10%
Value Indication PSF of Site
$191.78
$309.80
$242.57
$293.33
$40.27
$138.57
$120.90
Value Indication PSF of FAR
$61.80
$60.84
$68.25
$63.62
$59.58
$61.25
$58.58
Absolute Adjustment 25% 20% 60% 30% 15% 10% 10%
' Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - MELREESE
$ PSF of Site Site SF Total
$140.00 x 100,000 = $14,000,000
$190.00 x 100,000 = $19,000,000
$ PSF of FAR Proposed FAR Total
$60.00 x 287,000 SF = $17,220,000
$65.00 x 287,000 SF = $18,655,000
Indicated Value: $18,000,000
(Rounded $ PSF) $180.00
Compiled by CBRE
Land Value
Land Value
The following map summarizes the comparable data used in the valuation of the subject site.
35th St
Mth St
fi
1 Biscayne Blvd
R3313]
M. P k
Ovral B i s c a y n e B a y
O B Yne Park 5 4
.,8L11�St C mHerY �� 190108 BI d
�� 'VC7lriema NE 17 Mia I, FL 33132
b Park n
S'
I— t 1 5]s33N
ID
�� ❑ �1 ❑ � venenzn o1
I n
� Eznd ave S�nvaa San hs
— O -7 Mlam FL 33132 —IL; -b-
4
— z Llmd
'NW 15th ® IT
�L TIN( 1411t� a 14th-
Ht� Biscayne bay H9ua[IV Preserve933�_ IJ LS �` A°T q°ate
0
12 m
5 � 441 _.. [e Wabvn Llard
Y„ -ml�3o a menmal
m % NW 11th $t— ,�^^ NW sial �' Penc
NWW 11th Sf Watson Perk
1I Its 700 N Mami Ave
WNsvn
11th M mi rL 33136 Park
rry ) NW 5th SSSN M'aml Ave
�Y
bJ
I N� Mlam, FL 33136
INN! Bth'Ifru+�l I II NW 8th St
LJ LIQ 7th St Port H"d 886 N
tih„r
❑ O NW- " \`
I LA= 1 U.spWo'Y
❑❑ off. R, NW 114c, ❑ — Sale 8 ark
0
935!y ,p 500 NE 1st Ave n[ TP
Mam, O ✓G FL 33132
{ISI
�Il �� � MR sit 1 n as-kkma
Ie Uodg B3q
onl Perk bs
t ❑L�
_ 2305W 3rd St Sales eyfr
C—� ❑❑❑ ➢Miami, FL33130 I A c l
St Mn,
L331
1 151
I FL 3132
yW 1 1 St - SW
�Pv iakt0 a(P 19as9�ars 11 olrcomor lw5 nrorm auc.Ma au roma resew d --iSE 3rd Ste _.
Subj. 230 SW 3rd Street, --- --- T6 -36b O, Urban Core, --- --- 1.59 69,161 ---
Miami, Florida Open
' Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
SUMMARY OF COMPARABLE LAND SALES - MRC 1 SITE
Transaction
Actual Sale
Adjusted Sale
Size
Size
Price
No.
Property Location
Type
Date
Zoning
Price
Price'
(Acres)
(SF)
Per SF
1
700 North Miami Avenue
Sale
Mar -17
T6 -36b O, Urban Core,
$45,250,000
$45,250,000
4.71
205,353
$220.35
Miami, FL 33136
Open
2
555 N. Miami Avenue
Sale
Mar -17
T6-80 O, Urban Core
$18,095,000
$18,095,000
0.83
35,992
$502.75
Miami, FL 33132
Transect Zone
3
1753 - 1775 NE 2nd Avenue
Sale
May -17
T6-24 O, Urban Core,
$33,000,000
$33,000,000
1.39
60,375
$546.58
Miami, FL 33132
open
4
1900 Biscayne Boulevard
Sale
Sep -17
T6 -36b O, Urban Core,
$18,400,000
$18,400,000
1.01
44,034
$417.86
Miami, FL 33132
Open
5
151 NE 1st Street
Sale
Nov -17
T6-80 O, Urban Core
$9,270,000
$9,270,000
0.34
15,000
$618.00
Miami, FL 33131
Transect Zone
6
2501-2521 Biscayne
Sale
Feb -18
T6 -36a O, Urban Core,
$22,700,000
$22,700,000
1.11
48,351
$469.48
Boulevard
Open
Miami, FL 33137
7
1801-1851 NE 2nd Avenue
Under
Jul -18
T6 -36b O, Urban Core,
$30,000,000
$30,000,000
1.40
61,170
$490.44
Miami, FL 33132
Contract
Open
8
500 NE 1 st Avenue
Sale
Jul -18
T6-80 O, Urban Core,
$28,300,000
$35,200,000
1.83
79,848
$440.84
Miami, FL 33132
Open
Subj. 230 SW 3rd Street, --- --- T6 -36b O, Urban Core, --- --- 1.59 69,161 ---
Miami, Florida Open
' Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
ADJUSTMENT GRID
LAND SALES ADJUSTMENT GRID
Land Value
Comparable Number
1
2
3
4
5
6
7
8
Subject
Transaction Type
Sole
Sole
Sole
Sale
Sale
Sole
Under Contract
Sole
Sole
Transaction Date
Mar -17
Mar -17
May -17
Sep -17
Nov -17
Feb -18
Jul -18
Jul -18
Jul -15
Zoning
T6 -60a O, Urban
T6-80 O,
T6-24 O, Urban
T6 -36b O,
T6-80 O,
T6 -36a O,
T6 -36b O,
T6-80 O, Urban
T6 -36b O,
Topography
Core, Open
Urban Core
Core, open
Urban Core,
Urban Core
Urban Core,
Urban Core,
Core, Open
Urban Core,
Location
0%
Transect Zone
-25%
Open
Transect Zone
Open
Open
0%
Open
Actual Sale Price
$45,250,000
$18,095,000
$33,000,000
$18AOO,000
$9,270,000
$22,700,000
$30,000,000
$28,300,000
$14,250,000
Adjusted Sale Price
$45,250,000
$18,095,000
$33,000,000
$18Aoo,000
$9,270,000
$22,700,000
$30,000,000
$35,200,000
$14,250,000
Size (Acres)
4.71
0.83
1.39
1.01
0.34
1.11
1.40
1.83
1.59
Sae (SF)
205,353
35,992
60,375
44,034
15,000
48,351
61,170
79,848
69,161
Density (UPA)
300 du/ac
438 du/ac
500 du/ac
4,243 du/ac
---
---
---
---
---
Allowable Units
1,414 Units
362 Units
693 Units
429 Units
---
---
---
---
---
Allowable Bldg. Area (SF)
2,258,883 SF
607,560 SF
966,000 SF
439,765 SF
360,000 SF
483,510 SF
#########
---
330,000 SF
Indicated FAR
11.00
16.88
16.00
9.99
24.00
10.00
22.00
---
4.77
Price Per SF
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
$440.84
Price Per Bldg. Area
$20.03
$29.78
$34.16
$41.84
$25.75
$46.95
$22.29
---
L$20604
43.18
Price Per Unit
$32,001
$49,986
$47,619
$42,890
---
---
---
---
---
Price ($ PSF)
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
$440.84
$206.04
Property Rights Conveyed
01%
0%
0%
0%
01%
0/
0%
01%
01/
Financing Terms'
01%
01/
01/
01/
01/
0%
0%
01%
01/
Conditions of Sale
0%
01%
01%
01%
01%
0%
0%
0%
0%
Market Conditions (Time)
01%
01Y
0%
01Y
01%
0%
01%
01%
20%
Subtotal
$220.35
$502.75
$546.58
$417.86
$618.00
$469.48
$490.44
$440.84
$247.25
Sae
30%
-5%
0%
01/
-101%
0%
01%
01%
01/
Shape
-101%
-101%
-10%
-10%
-101/
-10%
-10%
-101%
0%
Corner
o%
01Y
0%
01Y
o%
0%
o%
01%
0%
Frontage
01%
0%
-10%
-10%
-701%
-10%
-10%
01%
0%
Topography
0%
01Y
01/
01Y
011.
0%
01%
01%
01/
Location
0%
0%
-25%
01%
01%
0%
0%
0%
o%
Zoning/Density
-101%
-20%
5%
01Y
-20%
0%
01%
-20%
0%
Utilities
01%
0%
0%
01%
01%
01%
01%
01%
01/
Highest&Best Use
0%
0%
0%
0%
0%
0%
01%
01%
0%
Total Other Adjustments
10%
-35%
-40%
-20%
-50%
-20%
-20%
-30%
o%
Value Indication PSF of Site
$242.39
$326.79
$327.95
$334.29
$309.00
$375.58
$392.35
$308.59
$247.25
Value Indication PSF of FAR
$22.04
$19.36
$20.50
$33.47
$12.88
$37.56
$17.83
---
$51.82
Absolute Adjustment
507.
35%
50%
20%
50%
20%
20%
30%
' Adjasted sale price for cash eq.i-I.n y and/or development
costs (where applicable)
Compiled by CBRE
CONCLUSION
CONCLUDED LAND VALUE - MRC 1 SITE
$ PSF of Site Site SF Total
$250.00 x 69,161 = $17,290,250
$300.00 x 69,161 = $20,748,300
Indicated Value: $19,000,000
(Rounded $ PSF) $274.72
Compiled by CBRE
APPENDIX D
Potential Tax Revenues
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
Marlins # 1
68,900
CI
T6-8
253,000
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
253,000 $ 550.00
$ -
- $
139,150,000
-
-
Estimated Assessed Value (Sale Value)
253,000
139,150,000
Assessed Value Reduction
20%
27,830,000
Estimated Assessed Value
0.0320
111,320,000
Miami -Dade School Board:
Miami Operating
School Board Operating
6.7740
754,082
School Board Debt Service
0.2200
24,490
State & Other:
Florida Inland Navigation District
0.0320
3,562
South Florida Water Mgmt District
0.1275
14,193
Okeechobee Basin
0.1384
15,407
Everglades Construction Project
0.0441
4,909
Children's Trust Authority
0.4673
52,020
Municipal Governing Board:
Miami Operating
7.4365
827,831
Miami Debt Service
0.5935
66,068
Miami Miscelalaneous
0.4681
52,109
Miami -Dade County:
County Wide Operating
4.6669
519,519
County Wide Debt Service
0.4000
44,528
Library
0.2840
31,615
MRC Property- Total
21.6523
2,410,334
Municipal Governing Board:
Miami Operating
7.4365 827,831
Miami Debt Service
0.5935 66,068
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 893,900
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
5) Stand alone site does not accommodate existing requirement of city (287,500)
and will require modification to comply with Miami 21.
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
Marlins # 2
45,000
CI
T5
113,000
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
113,000 $ 525.00
$ -
- $
59,325,000
-
Estimated Assessed Value (Sale Value)
113,000
59,325,000
Assessed Value Reduction
20%
11,865,000
Estimated Assessed Value
0.0320
47,460,000
Miami -Dade School Board:
Miami Operating
School Board Operating
6.7740
321,494
School Board Debt Service
0.2200
10,441
State & Other:
Florida Inland Navigation District
0.0320
1,519
South Florida Water Mgmt District
0.1275
6,051
Okeechobee Basin
0.1384
6,568
Everglades Construction Project
0.0441
2,093
Children's Trust Authority
0.4673
22,178
Municipal Governing Board:
Miami Operating
7.4365
352,936
Miami Debt Service
0.5935
28,168
Miami Miscelalaneous
0.4681
22,216
Miami -Dade County:
County Wide Operating
4.6669
221,491
County Wide Debt Service
0.4000
18,984
Library
0.2840
13,479
MRC Property- Total
21.6523
1,027,618
Municipal Governing Board:
Miami Operating
7.4365 352,936
Miami Debt Service
0.5935 28,168
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 381,104
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
5) Stand alone site does not accommodate existing requirement of city (287,500)
and will require modification to comply with Miami 21.
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
Marlins # 3
120,000
CI
T5
267,000
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
267,000 $ 525.00
$ -
- $
140,175,000
-
Estimated Assessed Value (Sale Value)
267,000
140,175,000
Assessed Value Reduction
20%
28,035,000
Estimated Assessed Value
0.0320
112,140,000
Miami -Dade School Board:
Miami Operating
School Board Operating
6.7740
759,636
School Board Debt Service
0.2200
24,671
State & Other:
Florida Inland Navigation District
0.0320
3,588
South Florida Water Mgmt District
0.1275
14,298
Okeechobee Basin
0.1384
15,520
Everglades Construction Project
0.0441
4,945
Children's Trust Authority
0.4673
52,403
Municipal Governing Board:
Miami Operating
7.4365
833,929
Miami Debt Service
0.5935
66,555
Miami Miscelalaneous
0.4681
52,493
Miami -Dade County:
County Wide Operating
4.6669
523,346
County Wide Debt Service
0.4000
44,856
Library
0.2840
31,848
MRC Property- Total
21.6523
2,428,089
Municipal Governing Board:
Miami Operating
7.4365 833,929
Miami Debt Service
0.5935 66,555
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 900,484
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
5) Stand alone site does not accommodate existing requirement of city (287,500)
and will require modification to comply with Miami 21.
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
ATT
33,368
T6 -60A-0
T6 -60A-1
550,572
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
550,572 $ 600.00
$ -
- $ -
330,343,200
-
-
Estimated Assessed Value (Sale Value)
550,572
330,343,200
Assessed Value Reduction
20%
66,068,640
Estimated Assessed Value
0.2200
264,274,560
Estimated A. Valorem Taxes
(2017 Millage Rates)
Miami Operating
Description
Tax Rate
Total
Miami -Dade School Board:
0.4681
Total City Tax Revenue
School Board Operating
6.7740
1,790,196
School Board Debt Service
0.2200
58,140
State & Other:
Florida Inland Navigation District
0.0320
8,457
South Florida Water Mgmt District
0.1275
33,695
Okeechobee Basin
0.1384
36,576
Everglades Construction Project
0.0441
11,655
Children's Trust Authority
0.4673
123,496
Municipal Governing Board:
Miami Operating
7.4365
1,965,278
Miami Debt Service
0.5935
156,847
Miami Miscelalaneous
0.4681
123,707
Miami -Dade County:
County Wide Operating
4.6669
1,233,343
County Wide Debt Service
0.4000
105,710
Library
0.2840
75,054
MRC Property - Total
21.6523
5,722,152
Municipal Governing Board:
Miami Operating
7.4365 1,965,278
Miami Debt Service
0.5935 156,847
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 2,122,125
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Biscayne
318,859
CI
T6-2413
Total Development Potential (Square Feet) 5,229,287
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
880,000 $ 550.00
- $ -
- $
484,000,000
-
Estimated Assessed Value (Sale Value)
880,000
484,000,000
Assessed Value Reduction
20%
96,800,000
Estimated Assessed Value
0.0320
387,200,000
Miami -Dade School Board:
Miami Operating
School Board Operating
6.7740
2,622,893
School Board Debt Service
0.2200
85,184
State & Other:
Florida Inland Navigation District
0.0320
12,390
South Florida Water Mgmt District
0.1275
49,368
Okeechobee Basin
0.1384
53,588
Everglades Construction Project
0.0441
17,076
Children's Trust Authority
0.4673
180,939
Municipal Governing Board:
Miami Operating
7.4365
2,879,413
Miami Debt Service
0.5935
229,803
Miami Miscelalaneous
0.4681
181,248
Miami -Dade County:
County Wide Operating
4.6669
1,807,024
County Wide Debt Service
0.4000
154,880
Library
0.2840
109,965
MRC Property- Total
21.6523
8,383,771
Municipal Governing Board:
Miami Operating
7.4365 2,879,413
Miami Debt Service
0.5935 229,803
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 3,109,216
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
5) Of the total development potential of 318,000 SF - only 55,000 SF (or 17.25%) is needed for City
building.
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
Melreese
100,000
CI
T6-8
280,000
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
280,000 $ 525.00
- $ -
- $ -
147,000,000
-
-
Estimated Assessed Value (Sale Value)
280,000
147,000,000
Assessed Value Reduction
20%
29,400,000
Estimated Assessed Value
0.2200
117,600,000
Estimated A. Valorem Taxes
(2017 Millage Rates)
Miami Operating
Description
Tax Rate
Total
Miami -Dade School Board:
0.4681
Total City Tax Revenue
School Board Operating
6.7740
796,622
School Board Debt Service
0.2200
25,872
State & Other:
Florida Inland Navigation District
0.0320
3,763
South Florida Water Mgmt District
0.1275
14,994
Okeechobee Basin
0.1384
16,276
Everglades Construction Project
0.0441
5,186
Children's Trust Authority
0.4673
54,954
Municipal Governing Board:
Miami Operating
7.4365
874,532
Miami Debt Service
0.5935
69,796
Miami Miscelalaneous
0.4681
55,049
Miami -Dade County:
County Wide Operating
4.6669
548,827
County Wide Debt Service
0.4000
47,040
Library
0.2840
33,398
MRC Property - Total
21.6523
2,546,310
Municipal Governing Board:
Miami Operating
7.4365 874,532
Miami Debt Service
0.5935 69,796
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 944,328
Notes:
1) All estimates for illustrative purposes only.
2) Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
3) Improved value is an estimate based on prototypical development cost and site conditions.
4) Improved value reduced by 20% for expected "assessed value".
Estimated Taxes
Site
Site Size (Square Feet)
Zoning by Right
Anticipated Zoning
Total Development Potential (Square Feet)
Nexus
68,900
CI
T6 -36B-0
2,122,120
Projected Real Estate Taxes
Use
GSF Improved
Value
Office
Other 1
Other 2
2,122,120 $
- $
- $
600.00 1,273,272,000
-
-
Estimated Assessed Value (Sale Value)
2,122,120
1,273,272,000
Assessed Value Reduction
6.7740
201 254,654,400
Estimated Assessed Value
0.2200
1,018,617,600
Estimated A. Valorem Taxes
(2017 Millage Rates)
-71
Description
Tax Rate
Total
Miami -Dade School Board:
0.4681
Total City Tax Revenue
School Board Operating
6.7740
6,900,116
School Board Debt Service
0.2200
224,096
State & Other:
Florida Inland Navigation District
0.0320
32,596
South Florida Water Mgmt District
0.1275
129,874
Okeechobee Basin
0.1384
140,977
Everglades Construction Project
0.0441
44,921
Children's Trust Authority
0.4673
476,000
Municipal Governing Board:
Miami Operating
7.4365
7,574,950
Miami Debt Service
0.5935
604,550
Miami Miscelalaneous
0.4681
476,815
Miami -Dade County:
County Wide Operating
4.6669
4,753,786
County Wide Debt Service
0.4000
407,447
Library
0.2840
289,287
MRC Property - Total
21.6523
22,055,414
Municipal Governing Board:
Miami Operating
7.4365 7,574,950
Miami Debt Service
0.5935 604,550
Miami Miscelalaneous
0.4681
Total City Tax Revenue
8.4981 8,179,499
Notes:
All estimates for illustrative purposes only.
Actual revenue dependent upon permitted zoning, development potential (size),
design for intended use, parking density, and timing.
Improved value is an estimate based on prototypical development cost and site conditions.
Improved value reduced by 20% for expected "assessed value"