HomeMy WebLinkAboutSubmittal-Michael Abati-Olympia Hotel Social Enterprise Proposal Presentation5732 - Submittal -Michael Abati-Olympia
Submitted into the public
Hotel Social Enterprise Proposal record for item(s) 131.5, On
Presentation 7/11/19, City Clerk
1 G.
7
MO now
- ____
New Urban International proposes a
public/private venture with the City of Miami
to convert the Olympia Tower into an
independent boutique hotel whereby over
50% of net revenues are distributed to local
charity organizations.
CONFIDENTIALITY & DISCLAIMER
THIS PRESENTATION CONTAINS SELECTED INFORMATION ABOUT
NEW URBAN INTERNATIONAL ("NUI") AND ITS AFFILIATES. THIS
PRESENTATION HAS BEEN PREPARED AND IS BEING FURNISHED
SOLELY FOR INFORMATIONAL PURPOSES AND SOLELY FOR USE BY
YOU IN PRELIMINARY DISCUSSIONS WITH NUI. THIS PRESENTATION
CONTAINS PRELIMINARY INFORMATION ONLY, IS SUBJECT TO
CHANGE AT ANY TIME AND IS NOT, AND SHOULD NOT BE
ASSUMED TO BE, COMPLETE OR TO CONSTITUTE ALL THE
INFORMATION NECESSARY TO ADEQUATELY MAKE A
PARTNERSHIP DECISION. NO REPRESENTATION IS MADE AS TO THE
ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH
HEREIN. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE
CONSTRUED AS LEGAL, REGULATORY, BUSINESS, ACCOUNTING
OR TAX ADVICE. YOU SHOULD CONSULT YOUR OWN ATTORNEY,
BUSINESS ADVISOR, ACCOUNTANT AND TAX ADVISOR AS TO
LEGAL, REGULATORY, BUSINESS, ACCOUNTING AND TAX ADVICE.
THIS PRESENTATION IS CONFIDENTIAL. ANY REPRODUCTION OR
DISTRIBUTION OF THIS PRESENTATION, IN WHOLE OR IN PART, OR
THE DISCLOSURE OF THE CONTENTS HEREOF, WITHOUT THE PRIOR
WRITTEN CONSENT OF NUI, IS PROHIBITED. BY RETAINING THE
PRESENTATION, YOU ACKNOWLEDGE AND REPRESENT TO NUI
THAT YOU HAVE READ, UNDERSTOOD AND ACCEPT THE TERMS OF
THIS PRESENTATION AND ACKNOWLEDGE AND AGREE THAT THE
PRESENTATION IS CONFIDENTIAL, NON-PUBLIC AND/OR
PROPRIETARY INFORMATION. YOU HEREBY AGREE TO RETURN THIS
PRESENTATION TO NUI PROMPTLY UPON REQUEST. {
Submitted into the public
rr�.wj record for item(s) 131.5, on
WIWI 7/11/19, City Clerk
TABLE OF CONTENT
PROJECT OVERVIEW
Project Summary
Project Location
Repositioning Highlights
Design Highlights
LEASE PROPOSAL
Lease Terms
Structure Overview
FINANCIALS
Project Costs
Hotel Operational Proforma
Project Returns
Preservation Fund
Community Fund
Submitted into the public
record for item(s) D1.5,
on 7/11/19, City Clerk
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New Urban International, LLC
11U1, WWW. NUINTL.COM NUI
Submitted into the public record for P ROJ ECT S U MMA R Y
item(s) 01.5, on 7/11/19. City Clerk
Built in 1926, the Olympia Tower and
Gusman Theatre is an irreplaceable
piece of Miami's history that is
currently in need of $15 million in
repairs. New Urban International has
created a short and long term plan
that will ensure it's legacy for the next
100 years.
New Urban International plans include
a renovation of the theatre and a
repositioning of the residential tower
into an upper mid -scale independent
boutique hotel.
NUI will upgrade rooms, corridors,
lobby, life safety systems, and ground
floor retail within 12 - 24 months of
acquisition with an estimated budget
of $5 million. Upon stabilization, over
500 of the net profits will be disbursed
to local non -profits that specialize in
housing and food insecurities, special
needs, and education within the City
of Miami.
New Urban International will also
project manage the much needed
exterior preservation. NUI's plan is to
sell the existing development rights
attached to the Olympia Theatre to
establish a historic preservation fund.
Construction time is estimated to take
18 months at a cost of $15 million. Any
remaining funds will benefit future
renovations to the Olympia and other
historic assets within the City of Miami.
itR `'.'
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Address: 174 E Flagler Street
Miami, FL
Lot Size: 21,477 Sq. Ft.
Zoning: T6-80-0
Year Built: 1926
Tower Area: 74,582 Sq. Ft.
Theatre 13,598 Sq. Ft.
Area:
Total Hotel 80
Suites:
Average Unit 385 Sq. Ft.
Size:
Total Theatre 1,500
Seats:
Total Event 5,500 Sq. Ft.
Space:
Total Retail 3,800 Sq. Ft.
Space:
Est. TDR's: 493 Units
Submitted into the public record for P ROJ ECT O V E RVI EW
item(s) D1.5, on 7/11/19. City Clerk
HOTEL OVERVIEW
The New Urban Initiative will raise the required capital to convert the
residential units into a lifestyle boutique hotel with an industrial urban feel
and modern technologies. The tower will undergo $5 million renovation in
rooms, corridors, retail, and lobby renovations. The current floor plans are
well suited for hospitality and will require little to no demolition. The room
mix will consist primarily of studio suites and one floor dedicated to shared
accommodations. The ground floor will have a small lobby with easy
access to new food and beverage outlets to include a cafe and bakery.
New Urban International will asset manage the project through it's entirety.
SOCIAL ENTERPRISE OVERVIEW
The hotel will be operated on a triple bottom-line platform which includes
new well paid job openings, reduced carbon footprint, local non-profit
support, and an increase in city revenues. New operations will create an
estimated 10 full-time jobs and 5 part-time jobs. Our management will look
to hire at least 40% or more of those employee from within city limits. In
addition, operations will commit an additional two percent (2%) of gross
revenue to a historic preservation trust and three percent (3%) to an
emergency community fund focused on the City of Miami.
Lastly, over 500 of annual operating profits will be dispersed to local non-
profit organizations through NUI's parent company the New Urban
Initiative. Charitable proceeds will go to supporting local organizations who
focus on housing, hunger, special needs, and education.
RENOVATIONS & TRANSFERABLE RIGHTS
NUI plans to sell the excess development rights attached to the Olympia
Theatre to fund the theatre and exterior fagade repairs estimated at $15
million. NUI estimates that there are 413 unused dwelling rights with an $11
million market value. NUI will sell the units and place the proceeds into a
historic preservation fund to be used for current and future Olympia
preservation renovations.
WYNWOOD r�
MIDTOWN
RAIARAI Mr -At -1 I
Submitted into the public
record for item(s) D1.5, on
7/11/19, City Clerk
0 A"
C 0 M P E T A T I V E
M
Hotel Name
# Rooms
Meeting
Amenity
TA Rating
Last
Space
Level
Renovated
Olympia Hotel
80
1500
3 Star
NA
2019
Holiday Inn
200
1270
3.5 Star
72/128
2012
Yve Hotel
243
1000
3.5 Star
83/128
2013
Langford Hotel
126
1076
4 Star
42/128
2016
Courtyard
233
3000
3 Star
43/128
2016
REPOSITIONING HIGHLIGHTS
➢ Convert to Upper
Midscale Hotel
➢ Fully renovate all
rooms, corridors, and
lobby with a chic
industrial design
➢ All new safety systems
➢ F&B will consist of a
coffee and pastry
cafe
➢ Maintain current
footprint
➢ All studios with
kitchenettes
➢ Three ADA rooms
➢ Independent
branding affiliation
Submitted into the public
record for item(s) 1131.5, on
7/11/19, City Clerk
f
➢
Modern industrial
design
➢
Design elements
include reclaimed
wood, cast iron, and
live walls
➢
Inspirational art
➢
Cozy lobby feel
➢
LEED certified
➢
Energy efficient
systems
➢
SMART Systems
➢
Latest Technology
Submitted into the public
record for item(s) 131.5,
on 7/11/19, City Clerk
DESIGN HIGHLIGHTS
W4
OPPORTUNITY HIGHLIGHTS
New Urban International, LLC
nui WWW.NUINTL.00M
ANUI
Submitted into the public record for LEASE TERM S
item(s) D1.5, on 7/11/19. City Clerk
NUI and the Initiative will convert the 10 -story apartment building into a for-
profit independent boutique hotel and execute a long term land lease with
the City of Miami. The partnership will spend upwards of $5 million on energy
efficient system upgrades along with rooms, corridors, and lobby renovations.
In exchange for capital improvements and project management, NUI is
asking for a three year rent abatement on a 99 year lease.
The partnership will also project manage the full restoration and repair of the
Gusman Theatre and exterior facade. With an estimated $15 million in repairs,
$3 million has already been provided and the remaining balance will come
from the sale of excess TDD and TDR rights attached to the property. NUI will
manage the sale of unit and will be compensated a reasonable fee.
NUI will also implement a new business strategy and third -party management
of operations. Management will coordinate with hotel sales & marketing staff
for smaller daytime events along with local non-profit organizations and
education institutions in order to maximize revenues.
Term:
49 years
Extensions:
5 10 ear
Base Rent:
$80,000 $1,000/Unit
Rate Increases:
Rate increase to begin in Year 6 based on Consumer
rice index not to exceed 3% annually.
Rent Abatement:
Three years
Historic
Upon stabilization, 2% of gross revenue will be held in an
Preservation Fund:
interest-bearing account for restoration projects
throughout the City of Miami.
Community Fund:
Upon stabilization, 3% of gross revenue held in trust and
distributed to local non-profit organizations within the
City of Miami.
Employment:
NUI will employ 40% of it's employees from within city
limits paid above minimum wage with benefits. An
estimated 15 full-time and 5 part-time positions will be
created.
Parking & Theatre
The City will donate 100 nearby parking spaces to hotel
Deficits:
operations for the cost of $1 /space/month. Parking
proceeds will go to cover any fiscal deficits from the
Theatre while any remaining funds will be disbursed back
to the city parking authority.
Equity Source
Non -Profit
Asset Manager
For -Profit
MANAGEMENT
SANDER
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SOUTH FLORIDA
STRUCTURE OVERVIEW
Submitted into the
public record for
item(s) D1.5, on
7/11/19, City Clerk
DEVELOPMENT
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New Urban International, LLC
nui WWW.NUINTL.00M NUI
Submitted into the public record for
item(s) D1.5, on 7/11/19. City Clerk
PROJECT COSTS
• -
-
$ per
Acquisition Costs
% Total
Amount
Room
Purchase Price
1.80
$100,000
$1,250
Closing Costs
0.9%
50,370
630
Acquisition Fee
0.0%
0
0
Total Acquisition Costs
2.7%
$150,370
$1,880
Project Costs
Guestrooms / Guestrooms Floors
18.90
$1,036,889
$12,961
Lobby Floor
4.8%
265,000
3,313
Conference Facility
0.0%
0
0
Building Systems
17.0%
932,000
11,650
Building Envelope & Exterior
7.20
395,000
4,938
Administration & Other
40.9%
2,243,745
28,047
Other- Outside of Renovation
0.0%
0
0
Total Project Costs
88.8%
$4,872,634
$60,908
Total Costs before Financing
91.6%
$5,023,004
$62,788
Financing Costs
Loan Origination Costs
1.9%
$102,942
$1,287
Interest Reserve
6.60
359,452
4,493
Total Financing Costs
8.4%
$462,394
$5,780
Total Costs
100.0% $5,485,398
$68,567
Submitted into the public record for
item(s) D1.5, on 7/11/19,
City Clerk
HOTEL
OPERATION
S
Olympia Hotel
Mim
610
2019
2020
2021
Number of Rooms
80
80
80
Days Open
366
365
365
Available Rooms
29,280
29,200
29,200
Occupied Rooms
14,640
21,900
24,820
Var
Var
Var
Occupancy
50.0% -16.67%
75.0%
50.00%
85.0%
13.33%
Average Daily Rate
$140.00
47.37%
$151.20
8.00%
$157.25
4.00%
RevPAR
$70.00
22.81%
$113.40
62.00%
$133.66
17.87%
REVENUES
%
PAR
POR
%
PAR
POR
%
PAR
POR
Rooms
$2,049,600
84.0% $25,620 $140.00
$3,311,280
85.9% $41,391 $151.20
$3,902,895
79.9% $48,786 $157.25
Food & Beverage
0
0.0%
0
0.00
0
0.0%
0
0.00
372,300
7.6%
4,654
15.00
Telecommunications
2,196
0.1%
27
0.15
3,393
0.1%
42
0.15
3,961
0.1%
50
0.16
Parking / Transportation
128,100
5.2%
1,601
8.75
197,374
5.1%
2,467
9.01
230,401
4.7%
2,880
9.28
Retail Leases
120,000
4.9%
1,500
8.20
123,600
3.2%
1,545
5.64
127,308
2.6%
1,591
5.13
Other
$65,880
2.7%
824
4.50
101,507
2.6%
1,269
4.64
118,492
2.4%
1,481
4.77
Events ace
75,000
3.1%
938
5.12
115,875
3.0%
1,448
5.29
130,491
2.7%
1,631
5.26
Total Revenue
$2,440,776
100.076 $30,510 $166.72
$3,853,028
100.0% $48,163 $175.94
$4,885,847
100.0% $61,073 $196.85
DEPARTMENTAL EXPENSES
Rooms
409,920
20.0%
$5,124
$28.00
$631,596
19.1%
$7,895
$28.84
$737,283
18.9%
$9,216
$29.71
Food & Beverage
0
0.0%
0
0.00
0
0.0%
0
0.00
0
0.0%
0
0.00
Telecommunications
29,280
1333.3%
366
2.00
45,114
1329.7%
564
2.06
52,663
1329.7%
658
2.12
Parking / Transportation
128,100
100.0%
1,601
8.75
197,374
100.0%
2,467
9.01
230,401
100.0%
2,880
9.28
Retail Leases
12,000
10.0%
150
0.82
12,360
10.0%
155
0.56
12,731
10.0%
159
0.51
Other
23,058
35.0%
288
1.58
33,497
33.0%
419
1.53
41,472
35.0%
518
1.67
Event Space
48,750
65.0%
609
3.33
75,319
65.0%
941
3.44
84,819
65.0%
1,060
3.42
Total Departmental Expenses
$651,108
26.7%
$8,139
$44.47
$995,260
25.8% $12,441
$45.45
$1,159,369
23.776 $14,492
$46.71
GROSS OPERATING INCOME
$1,789,668
73.3% $22,371
$122.25
$2,857,768
74.276 $35,722
$130.49
$3,726,478
76.376 $46,581 $150.14
UNDISTRIBUTED OPERATING EXPENSES
Administrative &General
$366,116
15.0%
$4,576
$25.01
$346,773
9.0%
$4,335
$15.83
$439,726
9.0%
$5,497
$17.72
Credit Card Commissions
56,138
2.3%
702
3.83
88,620
2.3%
1,108
4.05
112,374
2.3%
1,405
4.53
Management & Branding Fees
112,745
4.6%
1,409
7.70
181,396
4.7%
2,267
8.28
213,387
4.4%
2,667
8.60
Sales & Marketing
97,631
4.0%
1,220
6.67
154,121
4.0%
1,927
7.04
244,292
5.0%
3,054
9.84
Utility Cost
109,800
4.5%
1,373
7.50
169,178
4.4%
2,115
7.73
197,487
4.0%
2,469
7.96
Repairs & Maintenance
124,440
5.1%
1,556
8.50
191,735
5.0%
2,397
8.76
223,818
4.6%
2,798
9.02
Total Undistributed Operating Expenses
$866,870
35.5% $10,836
$59.21
$1,131,821
29.4% $14,148
$51.68
$1,431,085
29.376 $17,889
$57.66
GROSS OPERATING PROFIT
$922,798
37.876 $11,535
$63.03
$1,725,947
44.8% $21,574
$78.81
$2,295,393
47.076 $28,692
$92.48
FIXED EXPENSES
Insurance
$35,000
1.4%
$438
$2.39
$75,000
1.9%
$938
$3.42
$78,000
1.6%
$975
$3.14
Property Tax
66,000
2.7%
825
4.51
68,640
1.8%
858
3.13
71,386
1.5%
892
2.88
Leases & Other Charges
0
0.0%
0
0.00
0
0.0%
0
0.00
0
0.0%
0
0.00
Asset Management Fee
244,078
10.0%
3,051
16.67
385,303
10.0%
4,816
17.59
488,585
10.0%
6,107
19.69
City of Miami Community Fee
0
0.0%
0
0.00
0
0.0%
0
0.00
48,858
1.0%
611
1.97
Historic Preservsation Fee
0
0.0%
0
0.001
0
0.0%
0
0.00
48,858
1.0%
611
1.97
Total Fixed Expenses
$345,078
14.1%
$4,313
$23.57
$528,943
13.7%
$6,612
$24.15
$735,687
15.1%
$9,196
$29.64
NET OPERATING INCOME
$577,720
23.7%
$7,222
$39.46
1 $1,197,004
31.17. $14,963
$54.66
$1,559,706
31.976 $19,496
$62.84
Submitted into the public record for HOTEL O PERATIO NS
item(s) D1.5, on 7/11/19, City Clerk
Olympia Hotel
2022
80
2023
80
2024
80
Number of Rooms
Days Open
365
366
366
Available Rooms
29,200
29,280
29,280
Occupied Rooms
24,820
24,888
24,888
Var
Var
Var
Occupancy
85.0%
0.00%
85.0%
0.00%
85.0%
0.00%
Average Daily Rate
$161.97
3.00%
$166.82
3.00%
$171.83
3.00%
RevPAR
$137.67
3.00%
$141.80
3.00%
$146.05
3.00%
REVENUES
%
PAR
POR
%
PAR
POR
%
PAR
POR
Rooms
$4,019,982
79.9% $50,250 $161.97
$4,151,926
79.9% $51,899 $166.82
$4,276,484
79.9% $53,456 $171.83
Food & Beverage
383,469
7.6%
4,793
15.45
394,973
7.6%
4,937
15.87
406,822
7.6%
5,085
16.35
Telecommunications
4,079
0.1%
51
0.16
4,202
0.1%
53
0.17
4,328
0.1%
54
0.17
Parking/Transportation
237,313
4.7%
2,966
9.56
245,102
4.7%
3,064
9.85
252,455
4.7%
3,156
10.14
Retail Leases
131,127
2.6%
1,639
5.28
135,061
2.6%
1,688
5.43
139,113
2.6%
1,739
5.59
Other
122,047
2.4%
1,526
4.92
125,708
2.4%
1,571
5.05
129,479
2.4%
1,618
5.20
Event Space
134,405
2.7%
1,680
5.42
138,438
2.7%
1,730
5.56
142,591
2.7%
1,782
5.73
Total Revenue
$5,032,423
100.076 $62,905 $202.76
$5,195,409
100.076 $64,943 $208.75
$5,351,272
100.076 $66,891 $215.01
DEPARTMENTAL EXPENSES
Rooms
$759,402
18.9%
$9,493
$30.60
$784,327
18.9%
$9,804
$31.51
$807,856
18.9% $10,098
$32.46
Food & Beverage
0
0.0%
0
0.00
0
0.0%
0
0.00
0
0.0%
0
0.00
Telecommunications
54,2431329.7%
678
2.19
55,8701329.7%
698
2.24
57,546
1329.7%
719
2.31
Parking/Transportation
237,313
100.0%
2,966
9.56
245,102
100.0%
3,064
9.85
252,455
100.0%
3,156
10.14
Retail Leases
13,113
10.0%
164
0.53
13,506
10.0%
169
0.54
13,911
10.0%
174
0.56
Other
42,716
35.0%
534
1.72
43,998
35.0%
550
1.77
45,318
35.0%
566
1.82
Events ace
87,364
65.0%
1,092
3.52
89,984
65.0%
1,125
3.62
92,684
65.0%
1,159
3.72
Total Departmental Expenses
$1,194,150
23.776 $14,927
$48.11
$1,232,787
23.7% $15,410
$49.53
$1,269,771
23.776 $15,872
$51.02
GROSS OPERATING INCOME
$3,838,273
76.37o $47,978 $154.64
$3,962,622
76.37o $49,533 $159.22
$4,081,501
76.37o $51,019 $163.99
UNDISTRIBUTED OPERATING EXPENSES
Administrative & General
$452,918
9.0%
$5,661
$18.25
$467,587
9.0%
$5,845
$18.79
$481,614
9.0%
$6,020
$19.35
Credit Card Commissions
115,746
2.3%
1,447
4.66
119,494
2.3%
1,494
4.80
123,079
2.3%
1,538
4.95
Management & Branding Fees
219,789
4.4%
2,747
8.86
226,983
4.4%
2,837
9.12
214,051
4.0%
2,676
8.60
Sales & Marketing
301,945
6.0%
3,774
12.17
207,816
4.0%
2,598
8.35
214,051
4.0%
2,676
8.60
Utility Cost
203,411
4.0%
2,543
8.20
210,087
4.0%
2,626
8.44
216,390
4.0%
2,705
8.69
Repairs & Maintenance
230,533
4.6%
2,882
9.29
238,099
4.6%
2,976
9.57
245,242
4.6%
3,066
9.85
Total Undistributed Operating Expenses
$1,524,342
30.37o $19,054
$61.42
$1,470,068
28.37o $18,376
$59.07
$1,494,428
27.97o $18,680
$60.05
GROSS OPERATING PROFIT
$2,313,931
46.0% $28,924
$93.23
$2,492,554
48.0% $31,157 $100.15
$2,587,073
48.3% $32,338 $103.95
FIXED EXPENSES
Insurance
$81,120
1.6%
$1,014
$3.27
$84,365
1.6%
$1,055
$3.39
$87,739
1.6%
$1,097
$3.53
Property Tax
74,241
1.5%
928
2.99
77,211
1.5%
965
3.10
80,299
1.5%
1,004
3.23
Leases & Other Charges
80,000
1.6%
1,000
3.22
82,400
1.6%
1,030
3.31
84,872
1.6%
1,061
3.41
Asset Management Fee
503,242
10.0%
6,291
20.28
519,541
10.0%
6,494
20.88
535,127
10.0%
6,689
21.50
City of Miami Community Fee
100,648
2.0%
1,258
4.06
155,862
3.0%
1,948
6.26
160,538
3.0%
2,007
6.45
Historic Preservsation Fee
100,648
2.0%
1,258
4.061
103,908
2.0%
1,299
4.181
107,025
2.0%
1,338
4.30
Total Fixed Expenses
$939,900
18.776 $11,749
$37.87
$1,023,287
19.7% $12,791
$41.12
$1,055,601
19.7% $13,195
$42.41
NET OPERATING INCOME
$1,374,031
27.3% $17,175
$55.36
$1,469,268
28.3% $18,366
$59.04
$1,531,472
28.6% $19,143
$61.53
Submitted into the public record for
item(s) D1.5, on 7/11/19. City Clerk
roperty Taxes
ase Rent
:ommunity Fund
reservation Fund
Tax
I Return
otal Revenue
otal Expenses
let Operating Profit
Total City
Contributions
3%
2%
6%
PROJECTED RETURNS
2019
2020
2021
2022
2023
2024
$66,000
$75,000
$78,000
$ 81,120
$84,365
$ 87,739
$ -
$-
$ -
$ 80,000
$82,400
$ 84,872
$ -
$-
$48,858
$ 100,648
$155,862
$ 160,538
$ -
$-
$48,858
$ 100,648
$103,908
$ 107,025
$122,976
$198,677
$234,174
$ 241,199
$249,116
$ 256,589
$188,976 $273,677 $409,891 $ 603,616 $675,651 $ 696,764
Total
$ 472,224
$ 247,272
$ 465,907
$ 360,441
$1,302,73C
$2,848,574
2019 2020
2021 2022
2023
2024
Total
$0 $697,630
$999,369 $4,431,423
$490,806
$543,680
$7,162,90
20% 0 -$139,526
-$199,874 -$886,285
-$98,161
-$108,736
-$1,432,582
$0 $558,104
$799,495 $3,545,138
$392,645
$434,944
$5,730,32
$188,976 $831,781 $1,209,386 $4,148,754 $1,068,296 $1,131,708 1 $8,578,9011
Submitted into the public
record for item(s) D1.5, on COMMUNITY FUND
7/11/19, City Clerk M i a m i C h a p i e r
New Urban International is committed to effective community change and
will dedicate up to 3% of gross revenues to the Transportation Trust Fund of
Miami. The Community Fund is a non-profit fund that focuses on the
immediate needs of the community. The board consists of three members
including Mario Abati and Francisco Rodriguez of NUI and a third board
member appointed by the Transportation Trust Fund. The mission of the
Community Fund is to address immediate and ongoing transportation needs
of the city to include emergency and natural disasters.
TRANSPORTATION TRUST FUND
The Transportation Trust Fund's mission is to enhance and facilitate the
creation, operation, and maintenance, including capital and operating
costs, of mass transit and other transportation facilities within the city. Funds
will go towards, fixed mass transit routes, the city's trolley system, waterborne
mass transit, and public parking garages for transit enhancement purposes.
It is further intended that the transportation trust fund money may be
expended as the city's share of the cost of an eligible project undertaken or
developed by other governmental entities or through a public-private
partnership.
Community
Fund
Proceeds
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total
$0
Mario Abati
$0 $47,225 $97,284 $150,653 $151,568 $446,729
Board of Directors
i
Francisco Rodriguez - TTF Appointee
Executive Director
Francisco Rodriguez
New Urban International is committed to historic preservation and will
dedicate up to 2% of gross revenues to the Preservation Fund of Miami. The
Preservation Fund is a non-profit fund that focuses on historic properties
within the City of Miami. The board consists of three members including
Mario Abati and Francisco Rodriguez of NUI and a third board member
appointed by the historic preservation board. The mission of the fund is to
address immediate and long term renovation needs of iconic properties.
MIAMI HISTORIC PRESERVATION
The historic preservation program promotes the identification, evaluation,
rehabilitation, adaptive use, and restoration of the City's historic,
architectural, and archeological heritage. The preservation program is
regulated in Chapter 23 of the City Code. The board established standards
that encourage the retention and preservation of historic buildings by
respecting architectural design, materials, and workmanship.
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total
Preservation
Fund $0 $0 $47,225 $97,284 $100,435 $101,045 $345,989
Proceeds
Board of Directors
Francisco Rodriguez H Mario Abati H HEPB Appointee
Executive Director
Mario Abati
Submitted into the public
record for item(s) 131.5, on
7/11/19, City Clerk
ABOUT THE
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i
The New Urban Initiative was started in Miami Florida by husband and wife
philanthropists Mario and Ilanit Abati. After decades of volunteer work, they
recognized more was needed and a social enterprise was born that
combines a for-profit operation with a non-profit mentality. The Initiative
aims to build lasting measurable change within the community while
creating a cultural change in how business can be done.
The Initiative's mission is to acquire cash flowing properties located in dense
urban markets whereby over 50% of operating profits go to supporting other
local non -profits focused on food and housing insecurities, special needs,
and education. Public organizations include Feeding South Florida, Camillus
House, Lighthouse for the Blind, Miami Rescue Mission, Jewish Community
Services, and more. The initiative raises capital through donations and
crowdfunding sources . The Initiative also accepts real estate donations.
The ultimate goal is have properties throughout the top 50 U.S. markets with
a stabilized annual cash flow of over $4 million with asset classes that include
hospitality, apartments, retail, and office.
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Mario and Ilanit Abati will be board members with a third to be determined.
Mario Abati will also hold the position of Executive Director. The New Urban
Initiative will maintain a high degree of transparency, accountability, and
efficiency audits and annual filings with the IRS. Budgets are based on
previous year revenues with operational budget limited to no more than
20%.
Our ultimate goal is acquire and maintain 10 properties throughout the top
50 US markets with an estimated $4M in annually contributions to local
markets. Miami Florida is the first Initiative with stabilization expected in 2022.
The first five target markets are Miami, Fort Lauderdale, Orlando, Atlanta, and
Nashville.
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Total
Miami, FL
$1,200,000
$3,200,000 $4,000,000
$4,080,000
$4,161,600
$4,244,832
$4,329,729
$4,416,323
$4,504,650
$34,537,134
# of Properties
3
8
10
10
10
10
10
10
10
10
Fort Lauderdale, FL
$ -
$ 800,000
$2,000,000
$3,200,000
$4,000,000
$4,080,000
$4,161,600
$4,244,832
$4,329,729
$26,816,161
# of Properties
0
2
5
8
10
10
10
10
10
10
Orlando, FL
$ -
$ -
MW
G$800,000
$2,000,000
$3,200,000
$3,264,000
$3,329,280
$3,395,866
$15,989,146
# of Properties
0
0
MW
0
2
5
8
10
10
10
10
Atlanta, GA
$ -
$ -
$ -
$ -
$ 800,000
$2,000,000
$2,040,000
$2,080,800
$6,920,800
# of Properties
0
0
0
0
0
2
5
8
10
10
Nashville, TN
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 800,000
$2,000,000
$2,800,000
# of Properties
0
0
0
0
0
0
0
2
5
5
Net Initiative Proceeds
$87,063,240
# of Properties
45
Mario and Ilanit Abati will be board members with a third to be determined.
Mario Abati will also hold the position of Executive Director. The New Urban
Initiative will maintain a high degree of transparency, accountability, and
efficiency audits and annual filings with the IRS. Budgets are based on
previous year revenues with operational budget limited to no more than
20%.
Our ultimate goal is acquire and maintain 10 properties throughout the top
50 US markets with an estimated $4M in annually contributions to local
markets. Miami Florida is the first Initiative with stabilization expected in 2022.
The first five target markets are Miami, Fort Lauderdale, Orlando, Atlanta, and
Nashville.
NEW URBAN INTERNATIONAL
New Urban International (NUI) is a real estate asset management company
located in Miami Florida. NUI currently manages a $75 million dollar portfolio
consisting of over 30 projects in various stages of development throughout
Coconut Grove, Little Havana, and Shore Crest in Miami. NUI is the
exclusive asset manager and logistical advisor for New Urban Initiative and
is tasked with managing all property operations in an efficient and effective
manner. This starts with an intense focus on top and bottom line financial
performance of properties located in the top markets throughout the
Americas.
NUI's executive team has been engaged in hospitality since 2001 covering
every aspect of hospitality and other asset classes from acquisitions and
dispositions to management and branding. To date, our team has
managed over $350 million in hotel assets including the Sagamore Art Hotel
in Miami Beach, Sheridan Riverwalk Tampa, Sheridan Yankee Clipper Fort
Lauderdale Beach, the Coco Key Hotel and Water Resort in Orlando,
Cambria Suites in Miami, Commodore Place Hotel, and more.
In addition to real life experience and an industry pedigree, our executive
team holds an extensive collegiate track record that includes multiple
graduate degrees and certifications from highly reputable institutions. Mr.
Abati holds multiple degrees including graduate degree in International
Business from Florida International University along with a Master Certificate
in Hotel Revenue Management from Cornell University.
MISSION STATEMENT
Our mission is to manage urban real estate projects with people, planet, and
profit as our top priorities.
Submitted into the public HOTEL O PERATOR
S O N D E R record for item(s) D1.5, on
7/11/19. City Clerk
NUI will create a strategic partnership with experienced hospitality
operators to include Sonder Hospitality. Sonder master -leases and/or
manages entire buildings or blocks of floors representing over $1.6 billion of
prime assets. Sonder fully designs and outfits its spaces and host clients for
stays ranging from a few nights to several months. Backed by over $200
million in debt financing and venture capital from Silicon Valley's best and
most visionary investors, Sonder is transforming the future of hospitality.
Each Sonder is purposefully selected, designed and maintained -
customized to reflect the vibe of its neighborhood. Whether your stay is two
days, two months or two years, in a studio or a six -bedroom, Sonder ensures
a unique, yet consistent experience. And with 24/7 on -demand service,
crisp linens, and over 200 other quality standards, Sonder is taking stay
further for guests all around the world.
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Questions or Comments?
Mario Abati
MarioAbati@NUIntl.com
Submitted into the public
record for item(s) D1.5, on
7/11/19, City Clerk