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MarinaPark_to_City Commission_June24Marina Park MIAMI BEACH 1. Summary of Public Meetings and Community Outreach 2. Summary of Community Benefits 3. Summary of Fiscal Benefits 4. Marina Park: Program 5. Marina Park: Site Plan 6. Marina Park: Concept Design Renderings Presentation to City Commission June 24, 2020 This Summary does not include hundreds of individual outreach meetings, Zoom meetings, telephone conferences, and responses to individual requests for further information received via email and website. Marina Park: Summary of Public Meetings and Community Outreach March 18 City Commission Referral April 17 Finance Committee Presentation April 22 Miami Beach Housing Authority Presentation to Staff and Board Chairperson April 24 MB Chamber - Executive Committee Presentation April 29 South of Fifth Presidents Council Presentation May 5 MB Chamber – Board of Governors Presentation May 6 Land Use Committee Presentation May 9 Friends of South Pointe Elementary Presentation May 12 Miami Beach Housing Authority Presentation to Full Board of Commissioners May 22 Finance Committee Presentation and Recommendation May 26 Land Use Committee Presentation and Recommendation June 4 Miami Beach Housing Authority Update Presentation to Staff and Board Designee June 10 City and SOFNA Virtual Town Hall Meeting June 10 Public Launch of Marina Park Website: www.MBmarinapark.com June 10 Public Opening of Marina Park Community Information Center (M-TH 2-5pm) June 15 Posting to Website of 45 FAQs from Town Hall Meeting June 16 MB Chamber Presentation to Construction and Development Council June 22 Miami Beach Housing Authority Board Meeting June 23 Planning Board Presentation June 24 City Commission First Reading UPCOMING July 7 Murano Grande Residents Presentation July 29 City Commission Second Reading The proposed marina lease extension and mixed-use project will generate the following near term benefits: Summary of Community Benefits Marina Park Creating a new bayfront park and additional green space. Marina Taking the Miami Beach Marina to the next level Baywalk Enhancing a Treasured Community Asset Lifestyle Reprogram Existing Retail into a Neighborhood Amenity Resiliency Improving site resiliency, addressing sea level rise and enhancing stormwater management The short term economic and fiscal benefit will exceed $260,000,000 Increased Rent, Increased Property Tax Revenue, and Sale of Air Rights (through Year 32 only) $260 Million+ in Short Term Economic and Fiscal Benefits $147 Million Increased Financial Return to City Summary of Fiscal Benefits The proposed marina lease and Marina Park project will generate the following near term benefits: The project will invest $50,000,000 in capital improvements over 30 years $35M + $15M Capital Investment Capital payment to city for upland development rights $55 Million Payment to City The Marina redevelopment will generate $9,000,000 in property taxes ($3 Million to CMB) $9 Million Annual Taxes 2,372 Total Jobs Created (2,111 non-recurring jobs/ 261 recurring jobs) CURRENT LEASE CURRENT PROPOSAL Minimum Annual Guaranteed Rent $320,000 $1,900,000 ($250K Allocated to Parking) + CPI Annual Increases Annual Percentage Rent The Sum of: 1) 10% of Gross Receipts; 2) $.02 per gallon of fuel The Sum of: 1) 10% of Gross Receipts + 2) $.04 per gallon of fuel; + 3) 35% of Parking Facility Revenues Capital Improvements None $35M in marina improvements over 30 years Air Rights Purchase N/A + $55M + $15M in uplands infrastructure and resiliency improvements over 30 years Marina Lease Project: Improved Financial Lease Terms Gross NPV New Lease - Total Projected Revenue $115,831,196 $61,922,406 New Lease - RE Tax Revenue (City share)$130,554,806 $70,552,184 New Lease - Sale of Air Rights $55,000,000 $55,000,000 New Lease - Total Projected Revenue $301,386,002 $187,474,590 Current Lease - Total Projected Revenue $71,867,275 $40,668,113 Increased Revenue to City thru 2051 $229,518,727 $146,806,477 Marina Lease and Marina Park Project: Overall Increased Revenue to the City Marina Park Program 57, 0 0 0 S F 45, 0 0 0 S F 57, 0 0 0 S F 45, 0 0 0 S F Marina Park will Reduce the Overall Existing Square Footage of Retail Current Retail Scheme Proposed Retail Scheme 21% Reduction in Retail Square Footage Marina Park will Reduce the Overall Site Intensity and Contribute to Traffic Mitigation • 21% Reduction in Retail/Office Square Footage • Only 60 Residential Units • 40% Reduction in P.M. Peak Hour Trip Generation, per the Traffic Mitigation Study Submitted to the City Taking the Miami Beach Marina to the Next Level Marina 11 /11 Marina Park Proposes Significant Resiliency & Capital Upgrades to an Important City Asset, the Miami Beach Marina $35 million committed to capital improvements to enhance resiliency and to rebrand and reposition the Marina. Existing Miami Beach Marina “Functional” Elements Fire Hose Storage Fire Hydrant Bike Racks Benches Tree Planters Tree Planters Planter Pots Fences + Gates Boat Fueling Station High Voltage MeterMarina Equipment Storage Piers Vehicular Signage Baywalk Signage Lighting Trash Cans Bollards 13 /13 Proposed Marina/Waterfront Capital Improvements - Inspiration Images Floating Docks Improved Lighting New Gates and Security Improvments Bollards Bike Rack Planter Pots Signage Enhancing a Treasured Community Asset Baywalk Location MapMarina Park Proposes to Upgrade Portions of the Miami Beach Marina’s Existing Baywalk Conditions Marina Park will Restore and Enhance the Marina Baywalk Experience - Inspiration Images Cohesive Design Language Seamlessly Integrated with Landscape Enhance Green Edge of Baywalk Reprogram Existing Retail into a Neighborhood Amenity Lifestyle Location MapMarina Park Proposes to Convert Existing Retail into a Neighborhood Amenity Retail Outdoor Bar Counter Office Building Retail Marina Shop Large Capacity Restaurants Marina Park Reprograms Site Retail into More Resident-Oriented Retail - Inspiration Images Neighborhood Market Neighborhood Friendly Retail Fitness Dive Shop Bay View Dining Boutique Marine Store Juice Bar Coffee Shop/ Cafecito Improving site resiliency, addressing sea level rise and enhancing stormwater management Resiliency Marina Park Proposes Significant Resiliency and Sustainability Features Site Stormwater Management -Water Quality INCREASED STORMWATER RETENTION AND MANAGEMENT RESULTING FROM: • Reduction of site pavement • Increased public green spaces including a 1-acre park • Proper site containment and filtration of stormwater, and • Avoidance of discharge of contaminated stormwater into the bay Neighborhood Flood Risk Mitigation ENHANCING CAPACITY TO MANAGE STORMWATER RUNOFF FROM ADJOINING NEIGHBORHOODS BY: • Providing cistern tanks to capture stormwater runoff • Expanding capacity of site water and sewer infrastructure, and • Reducing loads on neighborhood stormwater pumps Alton Road Right of Way Resiliency Enhancements INVEST IN ALTON ROAD RESILIENCY IMPROVEMENTS INCLUDING: • Addition of bioswales • Enhancing greenscape • Creation of improved pedestrian and cycling mobility along and across Alton Road, and • Reducing width and intensity of existing curb cuts Marina Park Site Plan SLENDER DESIGN CONCEPT OPEN VIEWS TO MARINA SIGHTLINES FROM MURANO GRANDESIGHTLINES FROM SOFI COMMUNITY Marina Park Revised Concept Design Preserves Open Views to Marina AXONOMETRIC VIEW LOOKING WEST 165’ AL T O N R D 185’ 270’ 292’ 313’ MURANO GRANDE REBECCA TOWERS 12 0 ’ Marina Park Revised Concept Design Preserves Important Air & Light Corridors for the South of Fifth Neighborhood Marina Park Detailed Site Plan Marina Park Concept Design Renderings Marina Park: Concept Design Marina Park: Alton Road Detail Marina Park: North Plaza Marina Park: South Plaza and Park Marina Park: Concept Design • Approval on First Reading of Comp Plan Amendment • Approval on First Reading of Land Development Regulations Amendment • Approval on First Reading of the Development Agreement City Commission First Reading Thank you! For more information, please visit our website at: www.mbmarinapark.com. We also welcome you to visit our Marina Park office located at: 300 Alton Road, Suite 112 in Miami Beach (immediately adjacent to the Miami Beach Baywalk) Our office will be open: Monday - Thursday | 2pm to 5pm