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LTC 239-2013 Miami Beach Convention Center - Revised LOI's MIAM[BEACH' OFFICE OF THE CITY MANAGER NO. LTC #239 -2013 LETTER TO COMMISSION TO: Mayor Matti Herrera Bower and Me bers of t e City Commission FROM: Jimmy L. Morales, City Manager .� f DATE: July 10, 2013 SUBJECT: Miami Beach Convention Center — Revised LOI's THIS LTC REPLACES LTC #232 -2013, DATED JULY 8, 2013, IN ITS ENTIRETY: In order to continue to be completely transparent with regard to the ongoing Convention Center LOI negotiations, and in order to continue to treat both teams equally with respect to the information both were asked to provide as part of the amended LOI submittal, the City Attorney's Office and the City Manager's Office have determined that information submitted by Portman CMC on July 8, 2013, should not be considered. The reason for the Administration's decision is based on the following: 1. The City requested that both teams provide their amended LOI submittals by the close of business on July 5, 2013; 2. Following receipt of Portman's July 5, 2013, amended LOI, a member of the city team evaluating the proposal contacted Portman to request a clarification with regard to their proposed lease payments for the 17 street garage; 3. As a result of being contacted by the City with respect to the requested clarification, Portman submitted a revised amended LOI on July 8, 2013, which reflected different lease payment numbers than the July 5 amended LOI. The Administration believes that the contact between the City and Portman following the July 5 submittal deadline was not intended to benefit Portman or prejudice Tishman. However, Tishman has raised concerns that this contact was improper. Based on, this concern (and in order to keep the playing field level) the Administration has decided to consider Portman's original July 5, 2013 amended LOI and not consider any subsequent submittals /clarifications. The following team - responses, reflecting what each team proposed in the amended LOI's of July 5, 2013 are summarized below. i Miami Beach Convention Center - Revised LOI's July 10, 2013 Page 2 of 2 , Portman Tishman Hotel The greater of 4% of gross The greater of 4% of gross revenues or a fixed annual revenues or the following fixed payment of $2.95m, payments: increasing 2% annually. , • Year 1: $1.5m Beginning in year 31 (after the City bonds are retired) • Year 2: $3.Om and every 10 years thereafter, the fixed payment . Year 3 -10 $3.51VI is adjusted to be 3% of gross revenues. • Year 11 -20 $4.5m, increasing 10% every 10 years Retail in 17 Street The greater of 25% of gross The greater of 25% of gross Garage revenues or a fixed annual revenues or a fixed annual payment of $28.40/sf (upon payment of $65.00 /sf (upon opening in 2018), increasing opening in 2018), increasing 2% annually. 10% every 10 years. The fixed payments equate to The fixed payments equate to $1,988,240 in the first year $4,550,000 in the first year open. open. Proposes the same adjustment as outlined above beginning in year 31. Retail North of 17 The greater of 25% of gross The greater of 25% of gross Street revenues or a fixed annual revenues or a fixed annual payment of $17.33/sf (upon payment of $30 /sf (upon opening opening in 2017), increasing in 2018), increasing 10% every 2% annually. 10 years. The fixed payments equate to The fixed payments equate to $346,600 in the first year $600,000 in the first year open. open. Proposes the same adjustment as outlined above beginning in year 31. Attachments: South Beach ACE amended LOI dated July 5, 2013. Portman CMC amended LOI dated July 5, 2013. JLM:MH I. South Beach ACE Tishman UTA OMA July 5, 2013 Dear Mr. Morales, Mayor Bower, Commissioners, and City Staff: On Tuesday, July 2nd, we received instructions to modify by Friday, July 5th the Letter of Intent we submitted to the City on May 3, 2013. The modification that the City has requested is in response to the City Manager's July 1st Memorandum regarding program components for the Miami Beach Convention Center Master Plan. Since May 3rd, the City staff and their consultants have been analyzing our Letter of Intent. With the limited time given to analyze the Memorandum's complex impact on the South Beach ACE master plan proposal, we answer the below questions to the best of the team's ability given the City's scheduled July 8th Special Land Use and Development Committee Meeting at which the Memorandum will be discussed. We continue to analyze the many effects of this Memorandum, and will keep the City Commission and City Staff aware of all changes that arise from the City's recent change in programming. We would also like to better understand the City's plans to finance the public components of the project as the success of the deal outlined below is dependent on the City's ability to secure the necessary funds. Please see our preliminary responses below: 1. Q. A statement as to your commitment to develop the project as proposed by the City Manager if the - Commission approves the program outlined in the Memorandum. A. Based upon our initial review of the City Manager's July 1 st Memorandum, South Beach ACE would like to express its continued interest in the redevelopment of the Convention Center District, subject to further discussions with the Commission and upon further review of the Memorandum's impact on the many elements of this project. Given our present understanding of the project and limited review time, we are committed to developing a project as proposed by the City Manager, if the Commission approves the program outlined in the Memorandum (subject to the aforementioned continued discussion with the Commission and subject to additional analysis). 2. Q. Hotel — Any changes to your proposed hotel lease fixed payments or percentage rent. A. The hotel's fixed payment remains as calculated in our LOI, while the percentage rent has been increased to 4% of Hotel Gross Revenues: Base Rent: Year 1 of Operations: $1,500,000 Year 2 of Operations: $3,000,000 Years 3 -10 of Operations: $3,500,000 Years 11 -20 of Operations: $4,500,000 Thereafter: Increases 10% every 10 years Percentage Rent: Years 1 of Operations and thereafter: 4.0% of Hotel Gross Revenues 3. Q. 17 Street Garage Retail — A revised fixed payment and percentage rent proposal assuming the approach in the Memorandum. Please provide the fixed rent on a per square foot basis for the opening year (stating the year) and the escalation formula. Percentage rent should be based on the rent received, excluding any pass through charges. A. Given the suggestion to demolish the existing 17 Street Garage, and to redevelop the garage as a last phase of the project, we propose to lease the retail shell space from the City for 99 years at the greater of (i) fixed rent of $65 per FAR sf increasing 10% every 10 years or (ii) 25% of rent received .(excluding any pass through charges), with lease payments beginning upon delivery of the retail shell and J full certificate(s) of occupancy to the Master Developer. The opening year is preliminarily estimated to be 2018. The aforementioned lease proposal is subject to further discussions with the City Commission and subject to further analysis of the impact the Memorandum has on the demand generated by the new limited Master Plan Program Components, the total amount of retail frontage available in the plan and the location of proposed retail. 4. Q. Retail North of 17` — A revised fixed payment and percentage rent proposal assuming the approach in the Memorandum. This component must be a separate lease proposal and not combined with the hotel lease. Please provide the fixed rent on a per square foot basis for the opening year (stating the year) and the escalation formula. Percentage rent should be based on the rent received, excluding any pass through charges. A. Given the suggestion to limit retail located north of 17` Street to 20,000 square feet of food & beverage and limited retail, with no establishment occupying more than 10,000 square feet, we propose to lease the space from the City for 99 years at the greater of (i) fixed rent of $30 per FAR sf increasing 10% every 10 years or (ii) 25% of rent received (excluding any pass through charges), with lease payments beginning upon delivery of the retail shell and full certificate(s) of occupancy to the Master Developer. The opening year is preliminarily estimated to be 2018. The aforementioned lease proposal is subject to further discussions with the City Commission and subject to further analysis of the impact this Memorandum has on the demand generated by the new limited Master Plan Program Components, the total amount of retail frontage available in the plan and the location of proposed retail. 5. Q. Other hotel — No need to propose anything related to this new element at this time A. N /A. 6. Q. Public Amenities — An order of magnitude estimate of the revised cost of Public Amenities (ie park areas) given the reduction of program. Please provide the gross cost, do not net out the Public Amenity Contribution. A. We do not propose to change the cost of public amenities due to the City Manager's Memorandum. The gross cost of public amenities (not netting out the Master Developer's contribution to public amenities) will remain at approximately $71.2M. 7. Q. Public Amenity Contribution — A revised proposal of your contribution to the Public Amenities. A. We do not propose to change the Master Developer's contribution to public amenities. It will remain at approximately $10.5M. 8. Q. A summary of any other change to the LOI driven by the change in program. A. The 348 parking spaces dedicated to the hotel, but located in the 1,388 shared convention center and hotel parking facility, will no longer be paid for by the City and the City will no longer keep the revenues associated with the hotel's 348 parking spaces. To reduce the overall public cost of development, Master Developer will pay for the construction of the 348 hotel parking spaces (which will continue to be located in the 1,388 shared convention center and hotel parking facility) and Master Developer will retain all revenues associated with the hotel's spaces. The cost savings to the City is estimated at approximately $14.5M. We welcome the opportunity to discuss in more detail with the City Commission and City Staff the impact of the Memorandum on our proposal as we continue to analyze its effects. We look forward to working through these issues with you post Master Developer selection. Sincerely, Tishman Hotel & Realty UTA Management OMA Dan Tishman Robert Wennett Rem Koolhaas 0 715 Lincoln Lane N Miami Beach, FL 33139 www.portmancmcmiamibeach.com July 5, 2013 Jeff Sachs Strategic Advisory Group 3848 Saint Annes Court Duluth, Georgia 30096 678 - 584 -0705 RE: LOI Revisions Based on City Manager's Proposed Program Changes, July 8, 2013 Memo to Land Use & Development Committee Dear Jeff, As requested, please see below in response to each numbered paragraph. 1. A statement as to your commitment to develop the project as proposed by the City Manager if the Commission approves the Recommendation. •, We stand by our commitment to the process and are prepared to proceed in accordance with the program recommended by the city manager in his memo dated July 8, 2013 to the city's Land Use & Development Committee. 2. Hotel - Any changes to your proposed hotel lease fixed payments or percentage rent. Per item 5 below, we've added 200 hotel rooms in lieu of the Washington Street residential • Lease Fixed Payment: $3,646,473 in the first twelve (12) full months of operations ($3,688,664 in the first full calendar year) increasing 2% for each twelve (12) month period thereafter. • Percentage Rent: 4% annually 3. 17th Street Garage Retail - A revised fixed payment and percentage rent proposal assuming the approach in the Recommendation. Please provide the fixed rent on a per square foot basis for the opening year (stating the year) and the escalation formula. Percentage rent should be based on the rent received, excluding any pass through charges. • Lease Fixed Payment: $28.40 PSF (2018) escalating at 2% i R 0 R_ TMAN =' CMC 715 Lincoln Lane N Miami Beach, FL 33139 mvvv_portmancmcmi ami beach. com • $1,988,240 in the first twelve (12) full months of operations ($2,021,267 in the first full calendar year) increasing 2% for each twelve (12) month period thereafter. • Percentage Rent: 25% annually 4. Retail North of 17 — A revised fixed payment and percentage rent proposal assuming the approach in the Recommendation. This component must be a separate lease proposal and.not combined with the hotel lease. Please provide the fixed rent on a per square foot basis for the opening year (stating the year) and the escalation formula. Percentage rent should be based on the rent received, excluding any pass through charges. • Lease Fixed Payment: $17.33 PSF (Year -End 2016) escalating at 2% • $346,558 in the first twelve (12) full months of operations ($347,694 in the first full calendar year) increasing 2% for each twelve (12) month period thereafter. • Percentage Rent: 25% annually 5. Other hotel — No need to propose anything related to this new element at this time. • We have added 200 hotel rooms in lieu of Washington residential 6. Public Amenities — An order of magnitude estimate of the revised cost of Public Amenities (i.e. park areas) given the reduction of program. Please provide the gross cost, do not net out the Public Amenity Contribution. • An increase of approximately 2 acres is anticipated, taking the total budget from $55.O1VI to $58.31VI 7. Public Amenity Contribution — A revised proposal of your contribution to the Public Amenities. • Original LOI Private Contribution: $32.11VI Less Residential Contribution: -$6.7M Less Pro Rata Retail Contribution: -$2.2M Add Additional Hotel Contribution: +$3.5M Proposed Private Contribution: $26.71VI 1 d_..i WC 715 Lincoln Lane N Miami Beach, FL 33139 wvvw.portmancmcmiamibeach. corn. 8. A summary of any other change to the L01 driven by the change in program. • Confirming the Arts Contribution remains the same • Confirming the BID share of gross private revenues remains the same The elimination of the residential along Meridian will simplify the ballroom and central plant phasing Best Regards, Roger Zampell Senior Vice President Portman - CIVIC CC: Jimmy Morales, Miami Beach City Manager Maria Hernandez, Advisor to the City Manager t MBCC PUBLIC DEVELOPMENT BUDGET 7/5/2013 - Miami Beach Convention Center - Miami Beach, Fiance Public Total ' CONVENTION PUBLIC PARKING PUBLIC Units New Structure 558,25 SOFT 558,225 SOFT Renovation SF 637,3331 SOFT 637,331 SOFT Stalls 2,543 Stalls 2,543 SOFT Above Grade Parking 788,182 SOFT 788,182 SOFT - Below Grade Parking 165,375 SOFT 165,375 SOFT Levered IRR Total Budget $519,586,626.5 $81,212,812.5 $600,799,4390 Hard Cost Per Unit $434 60 / SF $31,938 1 / Stall $279 6 / SF PROJECT SETUP STARTUP PHASE 1 Predevelopment Costs $868,79304 $692,93596 $1,501,72900 1.01 Predevelopment Costs $2,500,0000 Is 888,793.0 692,938.0 1,581,729.0 2 Land Purchase Cost $000 $000 $0,00 201 Ground Lease Negohahens no 00 00 00 - 202 Broker Fees no 00 00 00 3 Special or Additional Studies $182,44054 $145,51655 $327,963,09 301 Market Studies $250,0000 1s 86,8793 69,2936 156,1729 302 Geotechnical Survey 0 I 00 00 00 303 Environmental - Phasel &II 01. 00 00 00 304 Topograghy Study 0 I 00 00 00 305 Boudary Maps 01. 0.0 00 00 306 Traffic Study $250,000 0 Is 86,879 3 69,2936 156,1729 , 307 Drainage Study $25,0000 Is 8,6879 6,9294 15,8173 308 Flood Certification 01. 00 00 - 00 - 4 ErIM. ent Costs $1,740,207.71 $355,275.14 $2,095,48285 401 City Processing Fees 00 0.0 _ 00 402 Planning & Zoning Fees /Approvals 00 00 00 - _ 403 Land Disturbance Permit 025% Hard Cc 1,060,6139 173,6927 1,234,3066 4.04 Building Permit Fee separate sheet 679,5938 181,5825 801,1763 405 Development Impact Fee 00 00 00 406 Certificate of Occupancy 00 00 00 5 Misc Developer Site Setup Cost $38,226.9 $30,489.2 $68,718 1 501 Site Secunty $1,0000 Month 00 00 00 502 Fencing $100,000.0 1s 34,7517 27,717.4 62,4692 503 Project Identification Signage $10,0000 Is 3,4752 2,7717 0,246.9 504 Utility Distribution to Site included in shework 00 00 0.0 505 Easements for Utihty Distnbution me 00 11 00 506 Office Relocate, PreDev Costs $89,644 7 Is 00 0 0 00 507 Public Park PreDev Costs $1359977 023% 556658 18,158 6 73,8244 6 Financing $00 $00 $00 601 Loan Closing Coal 1.0% debt 00 00 0,0 602 Flood Certificate / Inspection Fees included in Loan CC 00 00 00 8.03 Appraisal Fee included in Loan CC 00 00 00 - 6 04 Loan Origination fees included in Loan CC 00 00 0.0 6 05 Lenders Tills Insurance / Title Policy ncluded in Loan CC 00 - 00 00 B4OB Construction Inspection Fees nclu'ad in Loan CC 00 00 00 607 Debt Placement Fee 07% debt 00 00 00 6.08 Equity Placement Fee 1.59 equity 00 00' 00 6.09 Interest Rate Swap /Cap Charges no 00 00 00 - TOTAL PROJECT SETUP COSTS $2,829,674.18 $1,224,216.84 $4,053,891.01 DESIGN PHASE 7 Design Consultants $29,167,114.0 $4,761,7391 $33,928,8531 701 Architect & Consultants 70 °6 Con 24,624,8410 3,794,6484 28,419,489.4 702 Design Reimbursables 0,5 91 Can 1,758,917 2 271,046 3 2,029,883,5 7.03 Design Contingency 50 %Design 1,231,2421 189,7324 1,420,9745 7.04 Office Relocation Design Costs $534,4442 Is 00 00 00 705 Public Park Design Costs $3,791,9809 650% 1,552,1137 506,3120 2,058,4257 - 8 Developer Design Phase Consultants $552,2746 $123,5708 $675,8454 801 Peer Reulews 2 9 Design 492,4968 75,8930 568,3898 802 LEED Consultant $0.00 /SF 00 0 0 00 803 Art Consultant $0.05 / SF 59,7778 47.6779 107,455 7 TOTAL DESIGN PHASE COSTS $29,719,388.59 $4,885,309 94 $34,604,698.53 CONSTRUCTION PHASE 9 Direct Corchuctien Cost $351,783,44321 $54,209,262,79 $405,992,706.00 901 Silewcrk Soo 00 00 0.0 g02 New Constiuction from schedule 204,839 L512 00 204,839,864,2 903 Renovation from schedule 131.184,0617 UC 141,184,6617 904 Above Grade Parking from schedule 00 43,350,014,2 43,350,0142 - 905 Off site Infrastructure 4,000,000. Is 4000,090,0 0.0 4,000,0000 _ 906 DELOS Certification 05% Can 1,758,9172 00 1,758,9172 907 Below Grade Parking from schedule 00 19,859,2486 10,859.2486 10 Indirect ConsWCtio, Costs $43,972,93040 $6,776,15785 $50,749,08825 10.01 Construction Contingency 30% 10,553,5033 1.626,277.9 1^2,179,7812 1002 General Conditions /Requirements 7.0 °'0 24,624,8410 3,794,6484 28,419,4894 10.03 Fee 2.5% 8,794,586.1 1,355,2310 10,149,8176 11 Specially Systems not included in Conshucbon $25,784,142.53 $7,805,541.73 $33,589,684.27 - 1101 Office Rel .cation Hard Costs $7,713,5035 Is 00 00 00 11 02 Public Park Hard Costs $54,399.075 4 93,27% 22,266,308 1 7,263,449 1 29,529,757,2 11 03 Telephone included in Construction 0 0 00 00 11.04 MATV /CATV included in Construction 00 00 00 1105 A/V Included in Construction 00 00 00 11.06 Security ncludedin Gomslruction 00 00 0.0 11 07 General Signage included in Construction 00 00 0 0 1108 Public Art 10% direct costs 3,517,8344 542,0926 4,059,9271 12 Developer Consultants dunng Conslrt/chon $2,705,0370 $686,1052 $3,391,1422 1201 Forensic Engmeenng 000% Con 00 00 00 . - 1202 B uilding Commissioning 065% Can 2,285,5924 352,3602 2,638,9526 12 03 Testing & Inspechons $0.25 / SF 2988890 238,389.3 537,278.3 1204 Admm Forensic Audit $' 1 5 119,555.6 95,3557 214,9113 12 OS Asbulll Professional Photography $0.20 / SF 239,111 2 190,711 4 4298226 - TOTAL CONSTRUCTION PHASE COSTS $424,245,553.12 $69,4]],08].56 $493,722,620.68 MBCC PUBLIC DEVELOPMENT BUDGET 7/5/2013 Mramr Beach Convention Center -„ Mramr Beach, Planes Public Total CONVENTION PUBLIC PARKING PUBLIC TRANSITION TO OPERATIONS PHASE 13 Purchasing Agent Fees $717,2121 $00 $717,2121 - 1301 Purchasing Agent Fees (FF &E) 27590 FF &E 717,2121 0.0 717,2121 13.02 Purchasing Agent Fees (OS &E) 275 %OS &E 00 00 00 14 Fixtures. Furniture & Equipment (FF &E) $26,080,440.00 $0.00 $26.080,440 00 1401 Convention Center $3800 /SF 23,080,440.0 00 23.080.4400 1402 Convention Center - Exhibit Space $000 /SF 00 00 00 1403 Convention Center - Other $000 /SF 0,0 00 00 1404 Hotel Guestrooms $35,000 0 / Key 00 0.0 00 1405 Hotel Public Space $5,0000 /Key 00 00 00 1406 General Common Areas 00 00 00 1407 Kitchen Equipment included above 3,000,0000 00 3,000,000,0 1408 Laundry Equipment included above 0.0 00 00 1409 Parking Equipment - included above 00 00 00 14.10 Cultural Center $2000 /SF 00 00 00 - 14.11 Multifamily $7,000 /1-nit 0.0 0.0 00 15 Operating Supplies & Equipment (OS&E) $000 $000 $000 15,01 Hotel Operating Supplies & Equipmei $10,000 0 / Key 00 00 00 1502 Convention Center $000 /SF 00 00 00 1503 Convention Center - Exhibit Space $0.00 SF 00 00 00 1504 Convention Center - Other $000 SF 00 00 00 1505 Cultural Center 00 00 00 15,00 Multifamily 0.0 00 00 16 Building Maintenance Equipment $00 $00 $00 1601 Trash Compactor Equipment included in FF &E 00 00 00 _ 10,02 Cardboard Bailer included in FF &E 0.0 00 00 16,03 Grounds Maintenance Equipment / Supplies included in FF &E 0.0 0.0 00 - 1604 Pool / Spa Maintenance Equi pment /Supplies included in FF &E 00 00 0.0 10 05 Building Engineer Supplies / Malnt. Equipment included in FF &E 00 00 00 10.06 Window Washing Equipment included in FF &E 00 00 00 - - 17 Business Operating Costs /Fees $00 $00 $00 1701 Business Licenses 00 00 00 1702 Operating Permits 00 0.0 00 1703 Technical Services Fee 00 0.0 00 1704 Technical Services Reimbursables 00 00 00 1705 Franchise Fees 0.0 00 0.0 18 Operating Deficit Reserve $00 $00 $0.0 180 1 OperdGng DeficM1 Reserve 0.0 00 0.0 19 Marketing /Sales Ofirce /Pre-Opening $00 $00 $00 1901 Hotel $1,5000 /Key 0.0 00 0.0 1902 Multifamily $1.000.0 Unit 00 0.0 00 1903 Entertainment $000 /SF 00 00 00 1904 Retail $100 / SF 00 00 00 19 06 Tenant Improvements (First 2 yrs) 00 00 1906 Leasing Commissions (First 2 yr,) 00 00 00 TOTAL TRANSITION COSTS $26,797,652.1 $0.0 $26,797,652.1 GENERA 20 Developer Overhead & Fees $15.587,5988 $2,436,3844 $18,023,9832 2001 Developer's Fee 2 %Dev 10,391,7325 1,624,2562 12,015,9888 2002 Developer's Overhead 100 %Dav 5.195,8663 812,128.1 6,007,9944 2003 Completion Guarantee 00% Dev 0.0 00 0.0 21 Use Disturbance Costs $5,195,8663 $812,128.1 $6,007,9944 2101 Public Parking Revenue Loss $2,600.0000 Is 00 00 00 2102 MBCC D/B oversight casts 1 %Overall 5,195.800.3 812,1281 6,007,994.4 22 Legal $100,0000 $00 $100,0000 2201 Legal 100,0000 00 100,0000 23 Insurance $4,719,1609 $753,4494 $5,472,610.3 2301 Builders Risk 050% Hard Cc 2,121.2278 347,3853 2,468,6131 23.02 General Liability 0,25% Overall 1,298,9600 203,0320 1,501,9986 2303 Professional Liabtilily 025% Overall 1,298,9666 :.03,0320 1,501,9986 24 Taxes $00 $00 $00 2401 Year2 2014 2X°. 9rd with 00 00 00 24.02 Year 2015 0,0 00 00 2403 Year 2016 00 0.0 00 2404 Years 2017 00 00 00 2405 YearO 2018 0.0 00 00 25 Working Capital $00 $00 $00 - 2501 Working Capital $500,0000 Is 00 00 00 20 General Contingency $10,391,7325 $1,624,2562 $12.015,9888 2601 Developers Project Contingency 20 %Overall 10.391,7325 1,624,256.2 12.015,9888 27 Escalation $00 $00 $00 2701 Escalation 00 00 00 - TOTAL GENERAL COSTS $35,994,358.5 $5,626,218.1 $41,620,57664 TOTAL PROJECT COST 519,586,626.5 81,212,812.5 600,799,439.0 R 7 M I "-- M C Portman-CIVIC Phasing Executive Summary Phasing will be an ongoing team discussion which starts with a project kick -off meeting with the following stakeholders at a minimum: • City of Miami Beach • Convention Center Board • Global Spectrum • Bureau • Architect • Contractor The events and construction will be coordinated through: • Weekly OAC Meetings (Owner, Architect, Contractor) • Daily Communications between the appropriate parties Portman -CMC Construction Milestone Events: • Constructions starts 1/2015 • NW portion with 40,000 square feet of meeting space is complete 10/2015 • No work inside the existing building until 10/2015 (after NW portion is complete) • New Exhibition Hall D (100,500 square feet) is complete 10/2015 • New Ballroom and meeting space (75,000 square feet) are complete 5/2016 • Construction Complete 6/2017 Phasing advantages resulting in schedule and cost reductions: • Constructing the ballroom on the adjacent parking lot • Saving and utilizing the west meeting room wing of the existing building 2015 -2017 MBCC EVENT SCHEDULE Ro RU _ " WITH PORTMAN -CMC CONSTRUCTION PHASE OVERLAY ? PORTMAN -CMC start Endbate Description Statics Type frorecastAMmdance PHASE ol(cts/i5 01 {12/15 Original Miami Beach Antique Show 431 ?tt 114tH PHASE 1A 01/18115 01/28/15 Mary 4y readership(pnference Ballroom and 01/Z9/15 02/04115 Jeweler`s Intematronal Showcase 2r ; ri' 8500 North Exhibit PHASE 1 Hall start after 102112/ 4 16 15 Miami International Boat Shaw 80404 Boat Show 2015 02j2.6/1S 02/28/15 Graphic of the Americas .- 20400 U3jog /1 ` 0116115 Pni -...._,.,...Real ....s5ates Conven n 2015 350Q ... . . 03/17/151 03129/15 Cruise tli*rtghiami I ® 11 t 03126115 03/30115 Arte 03/27%15 03130/15 Miami Harm Design & Rmlodel Shown „ 35004 04/12115 04/16/15 Aviation We& -- MRO hibition Q4j21 j15 04/23/15 Electronic Transactions Association Annual Meeting; 154►® PHASE 2 . CSI /25j15 04127115 Jewete9''s Tn mai€enal,Si tt 5ti4 04/ 25115 44/26/15 IBC 6,Heatth:& Fitness bw, 2500 "28A5 05/03/15 Asian American`hotel Owners Association Convesttdn $ c7ra, �. 3. 2600 . tt5/ /15- 45/10115 sumt r'M°rami Beach BM 05117115 45 /lE3i"i5 Intenrationai Cons of Esfttics 34410 06J17 /15.....06/191 15 - . i »tp.rrsatlork"si Aw Expo l 47/01/15 07106/15 National Education Association Cgarver€tityn 24000 0711$/15 47/22/15 2016 Swimwear Show. , 2nd Option 2500 08/05115 • 08107 /15, • FIME International 'Medical Expa :. _ , 3nd Option o :5004 T ..; PHASE 3 Loading, Parking 48120/15 48125/15' Miami Beaasty Show 2hdf Mori 5404 arid;West Meeting ,,/,4,,, ; 09408115 Miami Home Des jn 8e Remodeling Show + xy., 2rttf Option • . 35000 ; renovations begin �,. /29/15 r "09/30/15 :1 H D,Boutique 10108/15 10/12/15 Jeweler's International Showcase 104110 North Mee linq 14/18115 Miami Beach Antique Jewelry & h Show .. . 1000 and Exhibit 10122115 14129115 National Minority Supplier Development Council 3000 PHASE 4 Hall complete 10/24/15 10/23115 America's Food & Beverage Show 3000 10/301/15 11118115 45th Annual South Florida International Auto SHaw 125000 12/02115- 12/06/15 Art, Basel Miami Beads 400001, PHASE 5 2016 Start Date End Date Descriptkf Status forecast Attendance 01108116' 01114(16 Jeweler's International Showcase, Inc. 2nd 0 ti 01/20116 01122/16 2016'Fence Tech 02/11/16 02/15/16 Miami International Boat Show . . 84004 PHASE 6 03/05/16 03/07/16 International Congress of Esthetics ;ind opw 3000 03/15/16 03/17/16 Cruise Shipping Miami 10000. Exhibit Hall 04/41/16,.. , 04104/15- "ami l4ome Design S. Remodeling Shaw d ' 354W renovation start 04 12/16 04114116 IDEA 2016 Ballroom 05LZ3116 .05/25/16 American College of Obstetricians and Gynecologists Annual R ting (ACOG 06/01/16 06/14/16 Miami International Paw Wow 2016 5500 y i ° " " ' � complete �` 06/15/16 06/17/16 The Intl Roriculgare Expo 10040 Loading _� 7 47116 - 27 15 16 wFH -81 Ennui Meetl2j 241 Herss€s ilia ) 4500 complete 09102116 '09/06 }15 Miami Home Design & Remodeling Show a . 35400 09113/16 '09114116 H D ue. 3040 PHASE 7 P/22/16 - i0j43/16 Na&mai Bla& MBA Awn, Inc. $ ... „ , 120M 09123/16 10/02/16 TCf 2016 Spacial Event 12000 10113/16 10/24/16 National Minority Supplier Development Council ' � � 3004 14/14/16 10/17116 Jeweler's IntlerTotionai Showcase 10000 10128116 11/07/15 South Florida Auto Shaw r t 125000 11/13/16 1:2/15116 Intl Federation of Employee Berteflt Nam °.2016 Annual confers 11/30/16 12/04/16 .Art Basel Mtarrsl Beach 40000 , 2017 Start Date End Rate Descriptim Status Type Forecast Attendance west meeting spa /s1 crunptete befrure: l BoatS4tow24t7.", Hotel X46/06117,. 06116/17 Million Dollar Round Table.. 8000 complete CONSTRUCTION COMPLETE 6/2017 w ^ M D 00 Y W N P LU w Co N W 'n N W W N � F-- V CO L6 U Z O W z �G o w =Q - U o O (V w N U` �w ZZO Q O C7 O 3 °U z Ow O O u 3 o J ..Q� (� W ZLU �Z w Q N N W Z° N W J Z N O Z N Q n Q h Z W Q.nU = 0 Q ULL, m�V WIn� XO; UOZ O UJ W� WOE WOE Z O = w F- C I W J Q U Q J Q U O U w W d CD lz OL- , I f C I I , W No\ worn „ U Q , L _- --- ----------------- ---- - ----------------- - ..- _______ -- -- (7 O r I w , _ __ _ _ ----- _ { . 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