HomeMy WebLinkAboutSubmittal-Mike McShea-Site Analysis MRC PowerPoint PresentationCITYOFM/AMI
SITE SELECTION ANALYSIS &
RECOMMENDATION
JANUARY 10, 2019
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BACKGROUND 3
SITE EVALUATION PROCESS 4
SITE REVIEW PROCESS AND GRADING CRITERIA S
SHORT-LISTED SITES 6
RECOMMENDATION 8
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Submitted into the public
In February 2016 CBRE issued a competitive solicitation to: record for item(s)
•Sell or lease the current Miami Riverside Center ("MRC") site, and on City clerk
• Build a replacement City administrative facility on either:
o City -owned parcels, or
o Proposers could offer sites in their control
In August 2016, the bid was awarded to:
• The Adler Group d/b/a Lancelot, LLC
At the July 26, 2018 City Commission meeting:
• Commission passed a resolution allowing the disposition and redevelopment of the City -owned
MRC property to be placed on the November 2018 ballot, and
• Asked DREAM to analyze all City owned sites
Voters approved on November 6, 2018
Today's meeting:
• Present site options and select the new location for the City's administrative facility
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Step 1 Considered all the City -owned sites greater than 2 acres (with limited exceptions)
Step 2 Ranked them considering size, ease of access, site prep, centralized, timing of delivery, zoning, and
current use
Step 3 Considered top five sites for further review including financial and intangible analysis
Step 4
CBRE where necessary) a
Hypothetical Site Development using potential construction of office (and retail
at capacity
CBRE prepared land values for each site considering the hypothetical site development
Step 5 (Property value of city owned sites if they were sold or redeveloped (based on market comparables and highest & best use density))
density))
CBRE prepared Preliminary Development Budget based on hypothetical density, land value, and
Step 6 market construction costs
(Highest and best use at the likely approved re -zoning (based on surrounding uses))
CBRE prepared estimated tax value (if privately used rather than used by City) based on hypothetical
Step 7 development & land value
(Tax revenue based on the highest and best use densities)
Participants:
CBRE
• Valuation and Advisory Services
• Heery International
• Public Institutions and Education Solutions
City of Miami
Department of Planning & Zoning
• Department of Real Estate and
Management
Asset
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record.for item(s)
The City compiled a lists of all City -owned properties greater than 2 acres (with a few exceptions) to review
as potential sites, then considered the following factors:
Size: space programming determined the City needs approximately 287,500 square feet
Ease of ►access: proximity to major thoroughfares and public transportation is preferred
Site Preparation Cost: project -ready sites were given a higher score
Centralized Location: sites closest to the current location are assigned a higher score because it minimizes
disruption to citizens and staff
Timing of Building Delivery: sites that minimize project delivery risk were assigned higher scores
ZoningZland use changes: sites that require little or no zoning/land use changes were assigned higher scores
Due to the City's "No Net Loss" policy (i.e., cost to replace park land and to relocate park facilities) parks were
assigned lesser points
Current Use: short-listed site's current use was evaluated. i.e. existing commitments / use agreements impact
certain sites
5
AT&T SiteMelreese Golf Course Site
610 NW 11t Avenue &
53 NW 6th Street
1 Sow
Marlins Stadium
Surface Parking
1680 NW 5th Street,
1610 NW 6th Street, &
1600 NW Th Street
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4!1 and 1802
Avenue
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Biscayne Park
150 NE 19th Street
Riverside Center
230 SW 3rd Street
Analysis concludes that Nexus Riverside is the optimal location for the following reasons:
• Delivery timing
• Less risk/ more certainty
• Location familiar to citizens and employees
• Proximity to major roadways and public transportation
• Central location in the City
• Long term property value appreciation
• Cather city owned sites could be sold or redeveloped to a higher and best use and associated tax
revenue realized
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