SMITH & WOLLENSKY PPT1
Smith & Wollensky is a Firmly
Established Luxury Brand of
Quality, Hospitality & Integrity
•The only national steakhouse brand committed to dry-aging
and hand-butchering USDA Prime steaks in house.
•Known for its world-famous American hospitality and
NewYork-style swagger.
•Classic American steakhouse heritage with decades of
knowledge, major-market penetration and international brand
awareness.
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Unique Provenance Behind the
Iconic Brand
•The famous green & white 49th Street NYC exterior is echoed
in elements of the brand and is renowned throughoutthe
world.
•Featured in classic American blockbuster films such as
“Devil Wears Prada” and “The Breakup.”
•Famous restaurant reviewer Ruth Reichl for the New York
Times, calls Smith & Wollensky “A steakhouse to end all
arguments.”
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NYC
Rare & WellDone
•Smith & Wollensky’s commitment to quality remains relevant
to today’s educated consumer and is scalable for allmarkets
to include local steakhouse favorites.
•Constantly seeking partnerships with premium producers
around the globe: “Both our USDA Prime Steaks and
Signature Filets are sourced from a network of small family
farms and sustainably produced by Double R Ranch.”
•Smith & Wollensky also prides itself on a varied selection of
premium seafood, award winning wines (American, new and
old world) and house-made desserts.
•Supplier partners share in Smith & Wollensky’s commitment
to quality, traceability and sustainability of the entire supply
chain.
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The NewYorkTimes 5
America’s Most Iconic Steakhouse -
Expanding Globally, Reinvesting Locally
•Established in 1977, the first Smith & Wollensky opened in
New York City. Now after 43 years, this location remains one
of NYC’s top grossing restaurants in the highly competitive
environment, once known as “Steakhouse Row.”
•Smith & Wollensky Restaurant Group now a boutique
collection of iconic steakhouses across the US & abroad,
strategically headquarted in Boston, MA .
•June 2015, the first international Smith & Wollensky opens in
the landmark Adelphi Building near London’s popular Covent
Garden, now one of UK’s topsteakhouses.
•Major Renovations (interior & exterior) in Columbus, Miami
Beach, Boston & Chicago in 2015 thru 2017.
•May 2018, Smith & Wollensky announces the opening of its
first suburban location in Wellesley, MA just 20 miles outside
of Boston.
•March of 2019, the brand returned to the Las Vegas Strip
with an all-new two-story restaurant in the Grand Canal
Shoppes at The Venetian and The PalazzoResort.
•New partnerships under development across Asia & Middle
East - Taipei, Taiwan openedDecember 2018.
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Refreshed Contemporary Furnishings, Polished Decor and Luxurious New Finishes
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Columbus
Reinvestment in Iconic Locations Across the Greatest Cities in the US
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Miami Beach
Pioneering Commitment to the Long-
Term Success of Miami Beach
•Smith & Wollensky had the vision and determination to make a
long-term commitment to the City of Miami Beach and the
future of South Pointe Park, decades ago.
•Despite a series of failed restaurant concepts in City owned
South Pointe Park, Smith & Wollensky saw an opportunity.
•South Pointe Park has changed over the years as the City and the
community have fought to improve the amenities that this
important location offers visitors and residents alike.
•Smith & Wollensky believed in the potential of this special place
and were willing to invest when others were less enthusiastic.
That belief continues to this day as we look to the future.
•Smith & Wollensky Miami Beach is part of the community and
wishes to continue to play an important role in supporting its
neighbors and contributing for decades to come.
•Our commitment to the City of Miami Beach and its residents
remains unwavering and as we have battled the pandemic our
resolve remains steadfast.
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Refreshed Expression of America’s
Steakhouse inMiami Beach
•Smith & Wollensky Miami Beach is the company’s most
successful restaurant and the second to undergo major
renovations in recent years with the help of long-time
collaborators Peter Niemitz Design Group and Shawmut Design
and Construction, both based in Boston.
•The now iconic Miami Beach restaurant opened in 1997 and has
served USDA Prime steaks and premium seafood to locals,
celebrities and international tourists from around the globe,
averaging nearly 170,000 guests annually.
•The upgrades have increased private event capacities, allowing
for larger groups and partial buyouts.
•The first-floor main bar has been transformed into an expansive
racetrack marble-top bar with 36 seats spanning two full rooms,
no longer divided by walls. Barstools, dining chairs and other
furnishings have been modernized throughout with new
textures and vibrant colors. Floors, wall coverings and lighting
have been refinished and upgraded as well.
•Smith & Wollensky Miami Beach has been proud to be part of
this special community for over 2 decades and looks forward to
continuing to serve the community for decades to come.
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S&W Miami Beach
Performance Since Reopening
•We were closed for 10 weeks last year and, upon reopening,
complied with occupancy reductions. To date, we continue to
maintain such reductions in order to ensure patron safety in the
restaurant.
•Business continues to struggle.
•Revenue has been severely reduced due to the pandemic.
•Sales are currently projected to be down by 40% – 50% year over
year.
•In December 2020, we made a payment of approximately $150,000
to the City despite the postponement of rent payments for City
tenants.
•The entire Smith & Wollensky family is dedicated to restoring our
business and ensuring we rebuild performance.
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Lease Renewal Priorities - S&W Miami Beach
•Renew existing leasefor similar duration.
•Replicate twenty-year term with two 10-
year options, which is the same term as the
original lease.
•Rent to be adjusted for new term based on
two (2) independent appraisals.
•S&W will consider paying new amount
while existing lease is still in effect.
•No downtime or reducing risk.
•Recognition of past & future investments.
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Lease Renewal Priorities - S&W Miami Beach
Proposed Expansion of Concession Area
•Existing Concession Area is outlined in red;
proposed expansion is outlined in blue.
•Expanding the Concession Area will
increase rental revenue to the City and
will enlarge a popular favorite seating
area for customers.
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SMITH & WOLLENSKY MIAMI BEACH
SCHEME BOARD
Please note that the following presentation is preliminary in nature and subject to revision.
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Layout Plan
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Smith & Wollensky, Miami Beach
Layout Plan
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South
Property Aerial
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FURNITURE FEATURELIGHTING
LooseFurniture BoothSeating FeatureLights Upholstery Greenery PottedPlants
MATERIALS/TEXTURES
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Smith & Wollensky, Miami Beach
Layout Plan 18
FLOORING CANOPY JOINERY&METALDETAILS
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MATERIALS/TEXTURES
StairsStyle PlantingtoSteps FloorStyle CanopyLook&Feel CanopyStyle BarCounterStyle
Smith & Wollensky, Miami Beach
Layout Plan 19
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Smith & Wollensky, Miami Beach
Scheme Board 20
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Smith & Wollensky, Miami Beach
Layout Plan 21
Southern Facade
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Smith & Wollensky, Miami Beach
Layout Plan 22
Southern Facade
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Smith & Wollensky, Miami Beach
Layout Plan 23
Eastern Terrace Facing South – New Seating
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Smith & Wollensky, Miami Beach
Layout Plan 24
Patio Dining Southern Facade
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Smith & Wollensky, Miami Beach
Layout Plan 25
Eastern Terrace
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Smith & Wollensky, Miami Beach
Layout Plan 26
Eastern Terrace Facing North – New Seating
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Smith & Wollensky, Miami Beach
Layout Plan
Service Area- Existing Conditions
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Service Area- Proposed Visual
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Service Area- Proposed Visual
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Existing Parking Location
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Support from All Abutting Condominium Associations
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Community Proffers
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•Installation of electric gates at entry to park parking lot at a
cost not to exceed $60,000.
•Annual funding for increased police presence at the park in a
cost-share with City (to be determined).
•Monthly free lunch for Rebecca Towers residents.
•Monthly mentorship program for Miami Beach start-up
restaurants and bars
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MIAMI BEACH PRELIMINARY RENOVATION ESTIMATE
Category Estimate
Construction Hard Costs 1,884,070$
Food Service Equipment 632,400$
Technology Costs 127,000$
FF&E Costs 202,500$
Consultants 260,000$
Contingncy 200,000$
TOTAL 3,305,970$
33* See next slide for breakdown.
Estimates are preliminary and subject to adjustment.
Work estimated to be done over the first 5 years after lease extension
approval and sequenced to minimize guest disruption.
*
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MIAMI BEACH PRELIMINARY HARD COST ESTIMATE
Category Estimate
General Conditions 149,000$
Concrete 184,000$
Metals 359,000$
Roof 275,000$
Woodwork 161,000$
Waterproofing 29,000$
Mechanical 149,000$
Electrical 98,000$
Overhead Profit 130,000$
Misc & Contingency 350,000$
TOTAL 1,884,000$
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Estimates are preliminary and subject to adjustment.
Miami Beach Charter Requirements
– Referendum Required
•Section 1.03(b)1. of the City Charter:
•The sale, exchange, conveyance, or lease of
ten (10) years or longer (including option
periods) of City-owned park, recreation, or
waterfront property shall require approval
by a majority vote of the voters in a City-
wide referendum.
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NEW LOCATIONS
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Las Vegas, London and Taipei
Las Vegas
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London
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Taipei
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Thank you
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