614-2015 RDA-1A RESOLUTION NO. 614-2015
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY (RDA), ACCEPTING THE
RECOMMENDATION OF THE CITY'S FINANCE AND CITYWIDE
PROJECTS COMMITTEE, AND APPROVING, ON SECOND AND FINAL
READING OF THIS RESOLUTION AND FOLLOWING A DULY NOTICED
PUBLIC HEARING, A LEASE AGREEMENT, SUBSTANTIALLY IN THE
FORM ATTACHED TO THIS RESOLUTION, BETWEEN THE RDA
(LANDLORD) AND CUBICHE 105, LLC (TENANT), IN CONNECTION
WITH THE USE OF SUITE NOS. 1-3 AT THE ANCHOR SHOPS,
LOCATED AT 1555 WASHINGTON AVENUE, MIAMI BEACH, FLORIDA
(PREMISES), FOR A TERM OF NINE (9) YEARS AND THREE
HUNDRED AND SIXTY FOUR (364) DAYS FROM RENT
COMMENCEMENT, WITH TWO (2) RENEWAL OPTIONS, FOR FIVE (5)
YEARS EACH, AT THE TENANT'S OPTION; FURTHER WAIVING THE
COMPETITIVE BIDDING REQUIREMENT IN SECTION 82-39(a) OF THE
CITY CODE, FINDING SUCH WAIVER TO BE IN THE BEST INTEREST
OF THE CITY/RDA; AND FURTHER APPROVING THE COMMISSION
AGREEMENT WITH KONIVER STERN GROUP, INC.
WHEREAS, the Miami Beach Redevelopment Agency (RDA) and BBQ Beach, Inc. (BBQ
Beach) were parties to a retail lease dated March 1, 2006, for 6,217 square feet of restaurant
space, located at 1555 Washington Avenue, Suites 1-3, Miami Beach, Florida 33139 (Premises),
for a period of ten (10) years, commencing March 1, 2006 and ending February 29, 2016, with one
(1) renewal option for an additional ten (10) years; and
WHEREAS, on April 13, 2015, the RDA and BBQ Beach entered into a Settlement Agreement
and Release whereby BBQ Beach agreed to various terms and conditions, including relinquishing
possession of the Premises, and payment arrangements for back rent for the period ending
February 28, 2015, in the amount of$137,776.00; and
WHEREAS, the Administration secured a fair market rental appraisal and thereafter marketed
the Premises for lease, identified the entity now known as Cubiche 105, LLC (Tenant) as the most
qualified restaurant operator, and ultimately negotiated material terms and conditions for a new
lease agreement; and
WHEREAS, the Administration, through its Executive Director, submitted the agreed upon
terms and conditions to the Finance and Citywide Projects Committee (FCWPC) at its May 20,
2015 meeting, and the FCWPC recommended approving a new lease agreement with Tenant, for
a period of nine (9) years and three hundred and sixty four (364) days, with two (2) renewal
options, for five (5) years each, based upon certain essential terms, including a Basic Rental Rate
of $60.00 per square foot, with three percent (3%) annual escalations, and Operating Expenses
estimated at $3.00 per square foot.
WHEREAS, the RDA met on June 10, 2015 and unanimously adopted RDA Resolution No.
614-2015, which approved the proposed lease on First Reading and advised the Administration to
review the figure for Operating Expenses, and further directed the Administration, prior to Second
Reading, to negotiate the payment terms of the commission, so that the full commission payment
would not be due up front; and
WHEREAS, based upon the direction from the RDA, the Administration and the Tenant have
negotiated the Base Rental Rate and Operating Expenses, including the remaining essential terms
which had previously been recommended by the FCWPC, and is recommending a new lease
agreement with Tenant, for a period of nine (9) years and three hundred and sixty four (364) days,
with two (2) renewal options, for five (5) years each, based upon the following essential terms:
Basic Rental Rate: $56.00 per square foot, with three percent (3%) annual increases.
Operating Expenses: Estimated at $8.81 per square foot for 2015, subject to adjustment
annually, based upon actual expenses incurred by Landlord.
Basic Rental Rate
For Renewal Term: Basic Rental Rate, and annual increases, will adjust to fair market
rate at the commencement of each renewal term.
Rent Commencement: 210 days following lease execution or completion of construction,
whichever occurs sooner.
Deposit: $115,523.83 Personal Guaranty plus $231,047.65 Letter of Credit for
the first year, reducing to $231,047.65 Letter of Credit for the second
year and $115,523.83 for the remainder of the lease, plus first and
last month's rent, all due upon lease execution.
Tenant Investment: $500,000 in hard construction costs
Commission: 3% of the aggregate Annual Base Rent over the initial term of the
lease, in the amount of $137,318.93, payable 25% within 30 days
from Lease execution; 25% payable when Tenant begins operating
and pays first month's rent; and 50% payable the 13th month
following Rent Commencement (20th month following Lease
Commencement).
WHEREAS, pursuant to Section 1.03(b)(4), of Article I of the City Charter, leases of City-
owned property, of ten (10) years or longer, including renewal options, require the approval by a
majority of 4/7th vote of all members of the Planning Board, and 6/7th vote of all members of the
City Commission; and
WHEREAS, the Planning Board met on June 23, 2015 and unanimously recommended in
favor of the proposed lease; and
WHEREAS, pursuant to Section 82-38 of Article II of the City Code, the approval of this Lease
requires a planning analysis; and
WHEREAS, on June 10, 2015 the Planning Department prepared a planning analysis for this
Lease and found that the proposed use was consistent with the goals, objectives, and policies,
and would not generate a negative impact upon the surrounding area; and
WHEREAS, pursuant to Section 82-39(a) of Article II of the City Code, an advertised public
bidding process, or the waiver of same by a 5/7th vote of the City Commission will be required,
and the Administration recommends the waiver of competitive bidding as being in the best interest
of the City/RDA; and
WHEREAS, pursuant to Section 82-37(a)(2) of Article II of the City Code, the approval of this
Lease has been considered at two separate readings, on June 10, 2015 and July 8, 2015, with the
second reading being accompanied by a public hearing; and
WHEREAS, the Administration recommends the approval of a new lease agreement
containing the essential terms set forth herein, subject to final review and approval by the City
Attorney's Office, substantially in the form attached hereto as Exhibit A; and the approval of the
Commission Agreement with Koniver Stern Group, Inc., substantially in the form attached hereto
as Exhibit B.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairperson and
Members of the Miami Beach Redevelopment Agency (RDA) hereby authorize the Chairperson
and Secretary accept the recommendation of the City's Finance and Citywide Projects Committee,
and approve, on Second and Final Reading of this Resolution and following a duly noticed public
hearing, a Lease Agreement, substantially in the form attached to this Resolution, between the
RDA (Landlord) and Cubiche 105, LLC (Tenant), in connection with the use of Suite Nos. 1-3 at
the Anchor Shops, located at 1555 Washington Avenue, Miami Beach, Florida (Premises), for a
term of nine (9) years and three hundred and sixty four (364) days from rent commencement, with
two (2) renewal options, for five (5) years each, at the Tenant's option; further waiving the
competitive bidding requirement in Section 82-39(a) of the City Code, finding such waiver to be in
the best interest of the City/RDA; and further approving the Commission Agreement with Koniver
Stern Group, Inc.
PASSED and ADOPTED this 7 day of if 2015.
ATTEST:
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REDEVELOPMENT AGENCY ITEM SUMMARY
Condensed Title: a SECOND READING/PUBLIC HEARING
A Resolution Of The Miami Beach Redevelopment Agency(RDA), Accepting The Recommendation Of The City's Finance
And Citywide Projects Committee, And Approving, On Second And Final Reading And Following A Duly Noticed Public
Hearing, A Lease Agreement, Substantially In The Form Attached To This Resolution, Between The RDA (Landlord)And
Cubiche 105, LLC (Tenant), In Connection With The Use Of Suite Nos. 1-3 At The Anchor Shops, Located At 1555
Washington Avenue, Miami Beach, Florida (Premises), For A Term Of Nine (9) Years And Three Hundred And Sixty Four
(364) Days From Rent Commencement,With Two (2) Renewal Options, For Five (5)Years Each, At The Tenant's Option;
Further Waiving The Competitive Bidding Requirement In Section 82-39(A) Of The City Code, Finding Such Waiver To Be
In The Best Interest Of The City/RDA;And Further Approving The Commission Agreement With Koniver Stern Group, Inc.
Key Intended Outcome Supported:
N/A
Supporting Data(Surveys, Environmental Scan,etc.):
N/A
Item Summary/Recommendation:
The Miami Beach Redevelopment Agency(RDA) and BBQ Beach, Inc.were parties to a retail lease dated March 1, 2006,
for 6,217 square feet of restaurant space, located at 1555 Washington Avenue, Suites 1-3, Miami Beach, Florida 33139
(Premises),for a period of ten (10)years, commencing March 1,2006 and ending February 29,2016,with one(1) renewal
option for an additional ten (10) years. BBQ Beach breached its lease by failing to remit rent for the months of April 2014
through December 2014 and on or about October 27, 2014, was served with a Three (3) Day Notice, by the City, as a
precondition to filing an eviction lawsuit. On April 13, 2015,the RDA and BBQ Beach entered into a Settlement Agreement
and Release whereby BBQ Beach agreed to various terms and conditions, including the payment of $137,776.00, in
twelve equal installments of$11,480.00, representing back rent for the period ending February 28,2015.
Subsequently, the Administration secured a fair market rental appraisal, marketed the Premises for lease, identified
Tenant as a prospective user,commenced negotiations and, ultimately agreed to terms and conditions for a new lease.
The terms and conditions of the new lease agreement include an initial tern for a period of nine (9) years and three
hundred and sixty four(364)days, and an additional two(2) renewal options for five(5)years each,at market rent.
Pursuant to Section 1.03(b)(4), of Article I of the charter of the City of Miami Beach, leases of City-owned property, of ten
(10) years or longer, including renewal options, require the approval by a majority of 4/7th vote of all members of the
Planning Board and 6/7th vote of the City Commission.
Pursuant to Section 82-38 of Article II of the City Code, a planning analysis is required. The Planning Department
performed said analysis and concluded: the proposed use for the site is consistent with the goals, objectives and policies
of the City; the use will generate no negative impacts for the surrounding area and the property would continue to serve
the public interest. Pursuant to Section 82-39(a) of Article II of the City Code, an advertised public bidding process, or the
waiver of same by a 5/7th vote of the City Commission will be required. Pursuant to Section 82-37(a)(2) of Article II of the
City Code, the approval of this lease will require two readings, with the second reading to be a accompanied by a public
hearing.
The RDA met on June 10, 2015 and unanimously adopted RDA Resolution No. 614-2015, which approved the proposed
lease on First Reading. The Planning Board met on June 23,2015 and unanimously recommended in favor of the lease.
The Administration recommends the approval of a new lease agreement containing these business terms, subject to final
review and approval by the City Attorney's Office, and further recommends approval of the Commission Agreement with
Koniver Stern Group, Inc.
Advisory Board Recommendation:
The Administration submitted the agreed upon terms and conditions to the Finance and Citywide Projects Committee
(FCWPC) at its May 20, 2015 meeting, and the FCWPC recommended approving a new lease agreement with Tenant,for
a period of nine (9) years and three hundred and sixty four (364) days; and further recommended allowing an additional
two(2) renewal options for five(5)years each.
Financial Information:
Amount Account
Source of Funds: 1 N/A
Financial Impact Summary: Base Rental Rate is$56.00 PSF, plus Operating Expenses of$8.81 PSF. Over the 10 year
term of the lease Annual Base Rent totals$4,577,298, Rent and Operating Expenses are projected at$5,205,450.
City Clerk's Office Legislative Tracking:
Max Sklar, ext. 6116
Sign-Offs:
Departm: ;►ir: tor® / Assistant City Manager City Mai, r
MAS . KGB JLM 41[I
T:\AGENDA\2015\July\TCED\1555 Washington Avenue-New Lease Agreement\1555 WashingtonAvenue SUM.•• x
AGENDA ITEM I �1
MIAMIBEACH� DATE 1 g— 5
MIAMIBEACH
City of Miami Beach, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
REDEVELOPMENT AGENCY MEMORANDUM
TO: Chairperson and Members of the Mia i Beach Re4evelopment Agency
FROM: Jimmy Morales, Executive Director . 1
DATE: July 8, 2015
SECOND READING / PUBLIC HEARING
SUBJECT: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY (RDA), ACCEPTING THE
RECOMMENDATION OF THE CITY'S FINANCE AND CITYWIDE
PROJECTS COMMITTEE, AND APPROVING, ON SECOND AND FINAL
READING OF THIS RESOLUTION AND FOLLOWING A DULY NOTICED
PUBLIC HEARING, A LEASE AGREEMENT, SUBSTANTIALLY IN THE
FORM ATTACHED TO THIS RESOLUTION, BETWEEN THE RDA
(LANDLORD) AND CUBICHE 105, LLC (TENANT), IN CONNECTION
WITH THE USE OF SUITE NOS. 1-3 AT THE ANCHOR SHOPS,
LOCATED AT 1555 WASHINGTON AVENUE, MIAMI BEACH, FLORIDA
(PREMISES), FOR A TERM OF NINE (9) YEARS AND THREE HUNDRED
AND SIXTY FOUR (364) DAYS FROM RENT COMMENCEMENT, WITH
TWO (2) RENEWAL OPTIONS, FOR FIVE (5) YEARS EACH, AT THE
TENANT'S OPTION; FURTHER WAIVING THE COMPETITIVE BIDDING
REQUIREMENT IN SECTION 82-39(a) OF THE CITY CODE, FINDING
SUCH WAIVER TO BE IN THE BEST INTEREST OF THE CITY/RDA;
AND FURTHER APPROVING THE COMMISSION AGREEMENT WITH
KONIVER STERN GROUP, INC.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
BACKGROUND
The Miami Beach Redevelopment Agency (the "RDA") and BBQ Beach, Inc. were parties to a
retail lease dated March 1, 2006, for 6,217 square feet of restaurant space, located at 1555
Washington Avenue, Suites 1-3, Miami Beach, Florida 33139 (the "Premises"). The lease was
for a period of ten (10) years, commencing March 1, 2006 and ending February 29, 2016, with
one (1) renewal option for an additional ten (10) years.
BBQ Beach breached its lease by failing to remit rent for the months of April 2014 through
December 2014. On or about September 16, 2014, BBQ Beach was served with a Notice of
Termination of Tenancy wherein the RDA requested payment of rent or termination of the
tenancy. Having failed to cure the default, on or about October 27, 2014, BBQ Beach was
served with a Three (3) Day Notice, as a precondition to filing an eviction lawsuit. The parties
agreed it would be in their best interests to resolve and settle any and all claims which were, or
could have been, asserted in a commercial eviction action.
Redevelopment Agency Memorandum
1555 Washington Avenue-New Lease Agreement
July 8, 2015
Page 2 of 6
On April 13, 2015, the RDA and BBQ Beach entered into a Settlement Agreement and Release
whereby BBQ Beach agreed to various terms and conditions, including the payment of
$137,776.00, in twelve equal installments of $11,480.00, representing back rent for the period
ending February 28, 2015.
ANALYSIS
In anticipation of the Premises being vacated by BBQ Beach, the City, on behalf of the RDA,
began marketing the space for lease in November 2014. In order to obtain current and accurate
market rental data, the City procured the services.of a certified appraiser to provide a Market
Rent Analysis, dated March 27, 2015 (the "Analysis"), which is attached hereto as Exhibit A
(Market Rent Analysis). As contained in the Analysis, the current market rent for comparable
space is $59.00 per square foot, on a triple net (NNN) basis, with operating expenses averaging
$15.58 per square foot.
Also, in order to obtain an accurate drawing of the Premises, and to verify the size of the
Premises, the City procured the services of a licensed architect to provide an updated drawing
of the retail area, dated April 21, 2015 (the "Floor Plan"), which is attached hereto as Exhibit B
(Floor Plan). As contained in said Floor Plan, the Premises contains 7,130 total square feet,
consisting of 6,342 square feet of ground floor space and 788 square feet of 2nd floor space.
The Administration identified the following three (3), primary leasing objectives in procuring a
new tenant for the Premises: 1) a user which would provide a positive impact on the Anchor
Shops property and the Washington Avenue & 16th Street area overall, 2) a user with a
successful track record and a high likelihood of being successful at the Premises and 3) a lease
agreement which includes terms and conditions providing the greatest financial return to the
City.
The City received substantial interest in the Premises, including five (5) proposals, ranging from
the entire Premises (7,130 square feet) to a portion of the Premises (+1- 1,600 square feet).
The Administration was not satisfied with the type of prospects which were expressing an
interest in the Premises as none of them, in the Administration's view, satisfied the established
leasing objectives. For this reason, the Administration, via a piggyback of the State of Florida
Department of Management Services contract, was in discussions with CBRE, a national, full-
service real estate provider, to market the space on a national basis.
Prior to finalizing the listing agreement with CBRE, the Administration identified Tenant as a
prospective user which satisfied all of the established leasing objectives. Tenant is a newly
formed joint venture, comprised of the principles of two local restaurants, which will offer Latin
cuisine in a fine dining setting. A business plan for Tenant is attached hereto as Exhibit C
(Business Plan).
The Administration commenced negotiations and, ultimately agreed to terms with Tenant, as
further described in the executed Letter of Intent, dated April 28, 2015, attached hereto as
Exhibit D (Letter of Intent). As contained in the Letter of Intent, the Base Rental Rate was
$60.00 per square foot, with three percent (3%) annual increases over a term of ten (10) years.
The Operating Expenses for the retail portion of the Anchor Shops building were estimated at
$3.00 per square foot for 2015. Subsequent to executing the Letter of Intent, staff negotiated for
an additional security deposit. Tenant agreed to increase the security deposit from six (6)
month's gross rent to nine (9) month's gross rent, consisting of: 1) a Personal Guaranty equal to
three (3) month's gross rent and 2) a Letter of Credit equal to six (6) month's gross rent, for the
first year of the lease. The security deposit shall be reduced to six (6) month's gross rent after
Redevelopment Agency Memorandum
1555 Washington Avenue-New Lease Agreement
July 8, 2015
Page 3 of 6
the first year. After the second year of the lease, and for the remainder of the lease thereafter,
the security deposit shall be reduced to three (3) month's gross rent.
The Lease Agreement, in substantial form, subject to final review and approval by the City
Attorney's Office, is attached hereto as Exhibit E (Lease Agreement).
Lease Commission
Tenant is represented by Koniver Stern Group, which shall be paid a leasing commission, by
the RDA, in accordance with a separate commission agreement. The leasing commission shall
be equal to three percent (3%) of the aggregate Annual Base Rent over the initial term of the
lease. Accordingly, Koniver Stern Group shall be paid a leasing commission in the amount of
$137,318.93, as illustrated in the following chart:
Koniver Stern Commission Calculation
Aggregate Base Rent Rate Commission
$4,577,297.73 • 3.00% $137,318.93
Renewal Options
In addition to the initial term of nine (9) years and three hundred and sixty four (364) days, the
Lease Agreement contains two (2) additional renewal options, for an additional five (5) years
each, at the then current fair market rent.
Leases of City-owned property, of ten (10) years or longer, including renewal options, require
the following Administrative approvals:
1. Pursuant to Section 1.03(b)(4), of Article I of the charter of the City of Miami
Beach, this proposed lease will require the approval by a majority of 4/7th vote of all
members of the Planning Board and 6/7th vote of the City Commission.
2. Pursuant to Section 82-38 of Article II of the City Code, a planning analysis is
required. The Planning Department performed said analysis, attached hereto as
Exhibit E (Planning Analysis), and concluded: the proposed use for the site is
consistent with the goals, objectives and policies of the City; the use will generate no
negative impacts for the surrounding area and the property would continue to serve
the public interest.
3. Pursuant to Section 82-39(a) of Article II of the City Code, an advertised public
bidding process, or the waiver of same by a 5/7th vote of the City Commission.
FINANCE AND CITYWIDE PROJECTS COMMITTEE
At the May 20, 2015 Finance and Citywide Projects Committee (FCWPC) meeting, the
Administration presented the terms and conditions set forth above. The FCWPC considered
this matter and recommended approving a new Lease Agreement with Cubiche 105, LLC, for a
period of nine (9) years and three hundred and sixty four (364) days; and further recommended
allowing an additional two (2) renewal options for five (5) years each.
Redevelopment Agency Memorandum
1555 Washington Avenue-New Lease Agreement
July 8, 2015
Page 4 of 6
PLANNING BOARD
Pursuant to Section 1.03(b)(4), of Article I of the charter of the City of Miami Beach, the
Planning Board met on June 23, 2015, and unanimously recommended in favor of the proposed
lease.
FIRST READING
The RDA adopted Resolution No. 614-2015, which approved the subject lease on First
Reading, referred the item to the June 23rd Planning Board meeting pursuant to Section
1.03(b)(4), of Article I of the charter of the City of Miami Beach, and scheduled this item to be
heard on Second Reading and Public Hearing for July 8, 2015. During discussion of the item a
question arose concerning the pass-through operating expenses and the brokerage commission
for Koniver Stern Group.
Staff has continued to review the operating expenses for the facility and has since recalculated
the operating expenses at $8.81 per square foot, broken down as follows:
Property Taxes: $7.44
Insurance: $0.54
Maintenance: $0.83
TOTAL: VL8L1
Tenant negotiated for a decrease in rent to offset the increase in estimated operating expenses
($5.81 PSF) and staff ultimately agreed to reduce the Base Rental Rate by $4.00 PSF.
Accordingly, the revised terms stipulate the Base Rental Rate is $56.00 PSF, which is 95% of
the appraised value of $59.00 PSF stipulated in the Market Rent Analysis, with three percent
(3%) annual increases. The Operating Expenses for the retail portion of the Anchor Shops
building are estimated at $8.81 per square foot for 2015. The schedule of Base Rent and
Operating Expenses due over the initial ten (10) year term is illustrated in the following chart:
Square Feet:' 7,130
Rent PSF: $56 , -- - - --- - - - - - - - - - -- --- - _ ---
- -Increases: 3% --- -- -- -- - ------
' PSF Monthly Annual PSF Monthly Annual Monthly Annual
Year Rent Rent Rent OEX OEX OEX Rent&OEX Rent&OEX
1 $56.00 $33,273.33 $399,280.00' $8.81, $5,234.61 $62,815.30: $38,507.9: $462,095.30
2 $57.68' $34,271.53 $411,258.40 $8.81 $5,234.61 $62,815.301 $39,506.14 $474,073.70
3 $59.41, $35,299.68' $423,596.15 $8.81 $5,234.61, $62,815.30; $40,534_29; $486,411.45
4 $61.19' $36,358.67 $436,304.04 $8.81 $5,234.61 $62,815.30, $41,593.28; $499,119.34
5 1 $63.03' $37,449.43 $449,393.161 $8.81 $5,234.61. $62,815.301 $42,684.04; $512,208.46
6 $64.92 $38,572.91 $462,874.95. $8.81 $5,234.61 $62,815.30, $43,807.52 $525,690.25
7 $66.87: $476,761.20 $8.81 $5,234.61 $62,815.30; $44,964.71! $539,576.50
8 ' — $68.87 $40,922.00 $491,064.04. $8.81 $5,234.61 $62,815.30; $46,156.61' $553,879.34
9 ' $70.94 $42,149.66, $505,795.96 $8.81, $5,234.61 $62,815.30 $47,384.27 $568,611_26
10 $73.07 $43,414.15 $520,969.84, $8.81 $5,234.61 $62,815.30: $48,648.76; $583,785.14
— _— —
$4,577,297.73 $52,346.08 $628,153.00; $433,787.56 $5,205,450.73
Redevelopment Agency Memorandum
1555 Washington Avenue-New Lease Agreement
July 8, 2015
Page 5 of 6
Staff has also continued to negotiate with Koniver Stern Group on terms of payment for the
commission. City staff proposed a leasing commission, equal to three (3%) percent of the
aggregate base rent, in the amount of$137,318.93, to be paid as follows:
1. The commission for years 1-5 of the Lease, in the amount of $68,137.45, shall accrue
and be due and payable at the commencement of the Lease term, as follows: 1. twenty-
five percent (25%) ($15,898.74) shall be due within sixty (60) days from execution of the
Lease by both parties; and 2. the remaining seventy-five percent (75%) ($47,696.21)
shall be due: 1) within sixty (60) days from the date that Tenant begins conducting
business at the Premises and 2) upon the City's receipt of the first month's rent payment
(not including pre-paid rent which is due upon lease execution).
2. The commission for years 6-10 of the Lease, in the amount of $73,723.98, shall accrue
and be due and payable on the first day of the commencement of the sixth year of the
Lease (Sixth Year Commencement Date), and only if Tenant is in good standing (no
uncured defaults under the Lease exist as of the Sixth Year Commencement Date) as of
the Sixth Year Commencement Date. Koniver Stern Group shall provide City with an
invoice for said commission payment and Owner shall pay same within thirty (30) days
from receipt of said invoice.
The payment schedule described above is further illustrated in the following chart:
Koniver Stern Payment Schedule
3% Due at Due at Due at Start
Years Aggregate Base Rent Commission Lease Execution Rent Payment of Year 6
1-5 $2,119,831.75 $63,594.95 $15,898.74 $47,696.21 -
6- 10 $2,457,465.99 $73,723.98 - - $73,723.98
$137,318.93
Koniver Stern Group would agree to accept twenty-five percent (25%) of the total commission
within thirty (30) days of execution of the Lease by both parties, twenty-five percent (25%) of the
total commission within thirty (30) days of the City's receipt of the first month's rent payment
(estimated as month eight of the lease) and the remaining fifty percent (50%) at the start of the
second year of rent payments (estimated as month twenty of the lease), as further illustrated in
the following chart:
Koniver Stern Payment Schedule
3% Due at Due at 1st Month Due at 13th Month
Years Aggregate Base Rent Commission Lease Execution of Rent Payment of Rent Payments
1- 10 $4,577,297.73 $137,318.93 $34,329.73 $34,329.73 $68,659.47
$137,318.93
Redevelopment Agency Memorandum
1555 Washington Avenue-New Lease Agreement
July 8, 2015
Page 6 of 6
CONCLUSION AND RECOMMENDATION
The Administration recommends the RDA approve the attached resolution on Second Reading
and Public Hearing.
Additionally, the Executive Director recommends waiving competitive bidding, as being in the
best interest of the City/RDA.
J LM/KGB/MAS//M MIV1 G�
Exhibits:
A Market Rent Analysis
B Floor Plan
C Business Plan
D Letter of Intent
E Lease Agreement
F Planning Analysis
T:\AGENDA\2015\July\TCED\1555 Washington Avenue-New Lease Agreement\1 555 Washington Avenue MEMO(Final).docx
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COUNSELING REPORT
MARKET RENT ANALYSIS FOR RETAIL SPACE
The Anchor Shops at South Beach
1555 Washington Ave. Suite 1-3
Miami Beach,FL 33139
Report 201516
PREPARED FOR
City of Miami Beach
Mark Milisits
Asset Manager
Tourism, Culture and Economic Development Department
Office of Real Estate
1755 Meridian Ave.
Miami Beach,FL 33139
PREPARED BY
BLAZEJACK& COMPANY
172 W Flagler Street,Suite 340
Miami,Florida 33130
Phone: (305)372-0211
Fax: (305)374-1948
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
March 27,2015
City of Miami Beach
Mark Milisits
Asset Manager
Tourism,Culture and Economic Development Department
Office of Real Estate
1755 Meridian Ave.
Miami Beach,FL 33139 •
Re: Appraisal of Real Property-201516
Market Rent Analysis
The Anchor Shops at South Beach
1555 Washington Ave.Suite 1-3
Miami Beach,FL 33139
Dear Mr.Milisits:
•
At your request,we have completed an analysis of the market rent of the above referenced property,to various -
Assumptions and Limiting Conditions set forth in the accompanying report. The physical inspection and analysis •
that form the basis of the report has been conducted by the undersigned.
Our analyses have been prepared in compliance with the standards and regulations of the Uniform Standards
of Professional Practice(USPAP). The accompanying report includes pertinent data secured in our investigation,
exhibits and the details of the processes used to arrive at our conclusion of value.
As a result of the examination and study made, it is my opinion that the Market Rent of the retail property,
subject to economic conditions prevailing,as of March 27,2015,the date of the analysis is.
Retail Space:$59.00 per square foot Rentable on a net basis.
Total Operating Expenses:$15.58/SF Rentable
Respectfully submitted, •
•
BLAZEJACK&COMPANY
I^'Digitally signed by Soh n Blazejack
John Blazejack, DNcn---John Blazejacko.ou,
email=John @Blazejackcom„U5
Date:2015 7:11-0400'
John Blazejack,MAI,CRE,FRICS Jose Wong .
Partner Senior Consultant
Cert Gen RZ-0093 Cert Gen RZ-2797
•
172 W FLAGLER STREET,SUITE 340,MIAMI,FLORIDA 33130•PHONE(305)372-0211 •FAX(305)374-1948
1555 Washington Ave
REPORT 201516
SUMMARY OF FACTS AND CONCLUSIONS
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Property Name: The Anchor Shops at South Beach
Property Type: Retail
Location: 1555 Washington Ave.Suite 1-3 Miami Beach
FL 33139
Parcel Identification 02-3234-919-1090
Source:Miami Dade Public Records
Owner: City of Miami Beach
Client: City of Miami Beach
Interest Appraised: Market Rent
Date of Appraisal: March 27,2015
Dates of Inspection: March 23,2015
Date of Report: March 27,2015
Property Size: Approximately 6,217 SF
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
1555 Washington Ave
REPORT 201516
Highest and Best Use:
As Vacant: Mixed-Use Building Development
As Improved: Continued use as Mixed-Use Building
Value Indication,as of March 27,2015:
Retail Market Rent: $59/Square Foot Rentable on a net basis.
Total Operating Expenses: $15.58/Square Foot Rentable on a net basis.
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
1555 Washington Ave
REPORT 201516
TABLE OF CONTENTS
CERTIFICATE OF VALUE 1
ASSUMPTIONS AND LIMITING CONDITIONS 2
MARKET RENT ANALYSIS 3
IDENTIFICATION OF THE PROPERTY 4
PURPOSE DATE AND FUNCTION OF THE REPORT 5
SCOPE OF THE ASSIGNMENT 6
PROPERTY HISTORY 6
LEGAL DESCRIPTION 6
DEFINITIONS OF VALUE AND INTEREST APPRAISED 6
MARKET RENT ANALYSIS 8
CONCLUSION 13
ADDENDA
Exhibit A Subject Photographs
Exhibit B Comparable Rent Photographs
Exhibit C Engagement Letter
Exhibit D Qualifications of the Appraisers
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
1555 Washington Ave
REPORT 201516
CERTIFICATE OF VALUE
I certify that,to the best of my knowledge and belief,
• the statements of fact contained in this report are true and correct.
• the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions,and are my personal,unbiased professional analyses,opinions,and conclusions.
• We have no present or prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved.
• We have performed no services regarding the property that is the subject of this report within the three-
year period immediately preceding acceptance of this assignment.
• We have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
• Our engagement in this assignment was not contingent upon developing or reporting predetermined
results.
• our compensation for completing this assignment is not contingent upon the development or reporting of
a predetermined value or direction in value that favors the cause of the client, the amount of the value
opinion,the attainment of a stipulated result,or the occurrence of subsequent event directly related to the
intended use of this appraisal.
• Our analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity
with the Uniform Standards of Professional Appraisal Practice.
• Jose Wong have made a personal inspection of the property that is the subject of this report.
• No one provided significant real property appraisal assistance to the persons signing this certification.
• The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representative.
• As the date of this report John Blazejack has completed the continuing education program of the
Appraisal Institute. Jose Wong has completed the requirements of the education program established by
the State of Florida.
BLAZEJACK&COMPANY
John Digitally signed by John Blazejack
DN:cn=John Blazejack,o,ou,
lazejack r1 email=Jo rfQS81• ja , US
/ Daft: +15.03.2 1e5:57:41 ck.com-04c'0=0'
John Blazejack,MAI,CRE,FRICS Jose Wong
Partner Senior Consultant
Cert Gen RZ-0093 Cert Gen RZ-2797
BLAZEJACK & COMPANY 1
CERTIFICATE 1
1555 Washington Ave
REPORT 201516
ASSUMPTIONS AND LIMITING CONDITIONS
The appraisal is subject to the following assumptions and limiting conditions:
1 No survey of the subject property was undertaken.
2 The subject property is free and clear of all liens except as herein described. No responsibility is
assumed by the appraisers for matters, which are of a legal nature, nor is any opinion on the title
rendered herewith. Good and marketable title is assumed.
3 The information contained herein has been gathered from sources deemed to be reliable. No
responsibility can be taken by the appraisers for its accuracy. Correctness of estimates, opinions,
dimensions, sketches and other exhibits which have been furnished and have been used in this report
are not guaranteed. The value estimate rendered herein is considered reliable and valid only as of the
date of the appraisal, due to rapid changes in the external factors that can significantly affect the
property value.
4 This study is to be used in whole and not in part. No part of it shall be used in conjunction with any
other appraisal. Publication of this report or any portion thereof without the written consent of the
appraiser is not permitted.
5 The appraisers herein, by reason of this report, are not required to give testimony in court with
reference to the property appraised unless notice and proper arrangements have been previously made
therefore.
6 The value estimate assumes responsible ownership and competent management. The appraiser
assumes no responsibility for any hidden or in apparent conditions of the property, subsoil, or
structures,which would render it more or less valuable. No responsibility is assumed for engineering,
which might be required to discover such factors.
7 Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations, news, sales or other media without the written consent and approval of
the authors,particularly as to valuation conclusions,the identity of the appraisers or firm with which
they are connected,or any reference to the Appraisal Institute.
8 Any exhibits in the report are intended to assist the reader in visualizing the property and its
surroundings. The drawings are not intended as surveys and no responsibility is assumed for their
cartographic accuracy. Any drawings are not intended to be exact in size, scale,or detail. Areas and
dimensions of the property may or may not have been physically measured. If furnished by the
principal or from plot plans or surveys furnished by the principal,or from public records, we assume
them to be reasonably accurate. No responsibility is assumed for discrepancies, which may become
evident from a licensed survey of the property.
9 The Americans with Disabilities Act(ADA)became effective January 26, 1992 sets strict and specific
standards for handicapped access to and within most commercial and industrial buildings.
Determination of compliance with these standards is beyond appraisal expertise and, therefore, has
not been attempted by the appraisers. For purposes of this appraisal,we are assuming the building is
in compliance; however, we recommend an architectural inspection of the building to determine
compliance or requirements for compliance.
BLAZEJACK & COMPANY 2
ASSUMPTIONS AND LIMITING CONDITIONS
1555 Washington Ave
REPORT 201516
MARKET RENT ANALYSIS
BLAZEJACK & COMPANY 3
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
IDENTIFICATION OF THE PROPERTY
The property under analysis in this report, a retail space, is located at 1555 Washington
Ave. Suite 1-3 Miami Beach, FL 33139, at the SEC of Washington Avenue and 16th Street. The
building comprises a total of 261,000 SF on a 1.513 acre lot according to Public Records of
Miami Dade. The building contains four-story garage and retail spaces on the first floor. The
subject property under analysis is about 6,217 SF retail space in two levels. This part is a
preexisted art deco building that was incorporated into the new building in 1998 when the new
retail and parking was built. The first level comprises 5,917 sf of space, the second level 300 sf.
The subject includes three small buildings that are connected. The building that is in the corner
has two levels. The other two spaces were used as a 213-seat restaurant. The space has high
ceiling. The restaurant has walking refrigerator, washing areas, storage, restrooms, bar furniture
with an old decor style. The property can be subdivided for lease.
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BLAZEJACK& COMPANY 4
MARKET RENT ANALYSIS
1
1555 Washington Ave
REPORT 201516
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PURPOSE DATE AND FUNCTION OF THE REPORT
The purpose of this report is to estimate the market rent for the retail space. The date of
the analysis was March 27, 2015. It is understood that the function of this report is for internal
asset management for lease negotiations.
BLAZEJACK & COMPANY 5
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
SCOPE OF THE ASSIGNMENT
This is a summary analysis presented in a narrative report. The scope of this analysis
was to inspect the property, consider market characteristics and trends, collect and analyze
pertinent data, develop a conclusion and estimate the property's market rent. During the course
of this assignment, we developed and analyzed current retail space rents located in the Miami
Beach area.
The extent of verification consisted of assembling and analyzing raw data gathered from
a variety of sources including public records data services, news periodicals, broker or
knowledgeable third parties when available,and in-houses files.
PROPERTY HISTORY
The property is held in the name of City of Miami Beach according to the Public
Records of Miami Dade County. We are not aware of any transfer of the property or purchase
listing or offering within the past five years.
LEGAL DESCRIPTION
Lots 8,9, 10, 11, 12 and 13,Block 57, Fisher's First Subdivision of Alton Beach,according to the Plat thereof,as
recorded in Plat Book 2, Page 77 of the Public Records of Dade County, Florida,together with all of 16th Street
(Avenue"C"),less and except the following described parcel:
BEGINNING at the Southwest corner of Block 54 of said Fisher's First Subdivision of Alton Beach Plat; thence
North 88°0'53"East along the South line of said Block 54,a distance of 443.08 feet, to the Southeast corner of
said Block 54; thence South 07° 35'04"West, a distance of 96.26 feet, to a point of cusp with a tangent curve
concave to the Southwest; thence along the arc of said curve to the left, having a radius of 25.00 feet and a
central angel of 90°00'00",an arc distance of 39.27 feet,to a point of tangency;thence North 82°24'52"West,a
distance of 24.75 feet; thence South 88° 00' 53° West along a Ilne 8.00 feet North of and parallel with, as
measured at right angles to the North line of Block 57 of said plat, a distance of 382.18 feet to a point on the
Easterly Right-of-Way line of Washington Avenue; thence North 01° 59' 11" West along said Easterly
Right-of-Way line,a distance of 62.00 feet to the Southwest corner of said Block 54 and the Point of beginning.
Said lands lying and being in the City of Miami Beach and containing 65,910'square feet(1.5131 Acres)more or
less.
DEFINITIONS OF VALUE AND INTEREST APPRAISED
According to the Code of Federal Regulations, Title XI of the Financial Institutions
Reform,Recovery and Enforcement Act of 1989 ("FIRREA"), and according to the 12th Edition
of The Appraisal of Real Estate,market value is defined as follows:
BLAZEJACK& COMPANY 6
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
Market Value
The most probable price, which a property should bring in competitive and open market under
all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:
1 Buyer and seller are typically motivated.
2 Both parties are well informed or well advised,and acting in what they consider their own best
interests;
3 A reasonable time is allowed for exposure on the open market.
4 Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto;and
5 The price represents a normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
Fee Simple Interest
Absolute ownership unencumbered by any other interest or estate,subject only to the limitations
imposed governmental powers of taxation,eminent domain,police power,and escheat.
Leased Fee Interest
An ownership interest held by a landlord with the right to use and occupancy conveyed by a
lease to others; usually consists of the right to receive rent and the right to possession at
termination of the lease.
Market Rent
The rental income that a property would most probably command on the open market;indicated
by current rents paid and asked for comparable space as of the date of the appraisal.
Source: Appraisal Institute,The Appraisal of Real Estate, 13th Edition,(Chicago,2008)
BLAZEJACK & COMPANY 7
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
MARKET RENT ANALYSIS
Retail Market
We are estimating the market rent of the subject property, therefore a rent survey of the
Miami Beach area was conducted. The basis for classification was location, design, and quality
of construction,quality of interior finishes,age,and condition.
The rent comparable selected give an indication of the level of rent that could be
commanded by the subject if offered in the open market. The restaurant rent survey, a location
map,and a table of adjustments can be found following.
All the restaurant rates in our survey are asking rates. Leasing agents interviewed in
gathering rental data indicated that no concessions are provided although some terms are
negotiable depending on the size of space and length of the lease. In most cases, the rates
actually achieved in leases are near the asking rates.
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BLAZEJACK & COMPANY 8
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
Comparable Restaurant Listing Rents Summary-Miami Beach-March 24,2015
No. Property Name Vacant Year Quoted Rent Comment
Location (RSF) Built Rates Type
1 1787 Purdy Ave 4,000 1940 $60 NNN Fully-built restaurant space in the hip"Sunset Harbour Neighborhood"of South Beach.f/k/a"PB Steak"
Miami Beach and"Joe Allen's". First floor has 3,150 SF.Second floor has 850 SF,office&dry goods storage.Tenant
FL 33139 can convert roof over dining(3,000 SF) into an outside deck overlooking the bay. The building has
average/good construction finishing quality,and is in good condition.
2 445 Espanola Way 1,250 1925 $53 NNN Second generation restaurant space in the heart of Espanola Way.This space is a turn key opeati on that has
Miami Beach all the necessary equipment to run a successful operation.Buyer can take over existing operation or start
FL 33139 their own concept. Espanola Way is now a full pedestrian walkway where cars are no longer allowed
which just adds to the charm of this street. "The Historic Spanish Village"was modeled after romantic
Mediterranean villages of France and Spain.The street now consists of restaurants,bars,art galleries,and
boutique shops that draws tourists and locals alike.The building has average/good construction finishing
quality,and is in good condition.
3 1542 Washington Ave. 5,500 1940 $83 NNN Turnkey restaurant space offered for rent for 60 months.It has approximately 3,000 SF exterior courtyard.
Mani Beach It has 3 parking spaces.Built out as a high-end two story restaurant/club/private club.Fully-equipped,All
FL 33139 new construction,100%brand new kitchen.Granite sculpture,water walls,pools,reclaimed barn wood
and granite floors.
4 1234 Washington Ave. 4,400 1961 $60 NNN This is a fully built out restaurant and bar that was formally the home of the famous Irish Pub,Waxy
Miami Beach Oconnor's. The space has a full kitchen,walk in,hood,and grease trap. The former owners spared no
FL33139 expense with the built out. There is on-site parking behind restaurant. It is located on the SWC of
Washington Avenue and 12th Street.The building has average/good construction finishing quality,and is in
SUBJECT:
Anchor Shops 6,217 1998 NNN This restaurant space is vacant at present. It has average/good quality contniction finishing and is in
1555 Washington Ave average/good conditi on.
Suite 1-3
Miami Beach
BLAZEJACK&COMPANY 9
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
Retail Map Comparable
RKI'AIL RENT COMPS ADJ US fMENT GRID
Rent 1 2 3 4
$/SF $60 $53 $83 $60
Location 10% 15% 0% 5%
Building Quality 0% 0% -15% 0%
Condition -5% -5% -10% -5%
Size 0% 0% 0% 0%
Others 0% 0% 0% 0%
Overall Adjustment 5% 10% -25% 0%
Adjusted Rent $63 $58 $62 $60
Average All Comps: $61
Average 2,3&4: $60
Chosen Retail Rent($/SF)for Subject I $59 NNN I
Base on comparison with the market data we concluded that the market rent for the
subject retail space (6,217 SF) to be $59 per square foot rentable net per year for vacant space.
We have considered that the market rent includes a 5-year term rental lease.
The total rent for the subject retail space is$366,803 (6,217 SF x$59/SF).
As information secondary data have presented a table below with contract restaurant
rents,and also a table with retail asking rents in the subject area.
BLAZEJACK& COMPANY 10
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
CON'ARABLE RFSTA1.72ANT CONTRACT RENTAL SUMMARY
Property Name Size Year Restaurant Tenant Quoted Tenn Date Rent Finish CAM %
No. Location SF Built Tenant Size/SF Rates Type Allowance Rent SF Rent
I 11795 Pines Blvd. 5,525 1995 Pines Ale House 5,525 $55.64 Lease extended from Jan 2011 to Jan 2016. Jan-1l Net None
Miramar One option of 5 more years to Jan 2021.
Sales Volume:2011 Sales$4,437,000
2 2710 South Dirie Hwy 4,928 1994 Polio Tropical 4,928 $47.28 N/A Feb-12 Net None
Miami,FL
3 2200 Collins Ave. 3,985 2010 Bagatelle 3985 $94.00 Contract is for 15 years.It began in 11/02/2012. Feb-12 Net $502/SF Iavi 500
Miami Beach,FL Option fort addditional term of 5 yin each.
4 17355 Biscane Blvd. 8.053 Houston's 8,035 $96.45 5%increases every 5 years Jan-14 Net N/A
Miami,FL
5 Cocowalk
Grand Avenue 164,707 1990 Cheescalae Factory 6,186 $32 to$35 Net Negotiable $17.00
Miami. rtertainment Fat Tuesday 3,867
Cafe Med
Cafe Tu Tu Tango
Hooters 4,049
6 Rivergate Plaza 395,395 1986 The Capital Gile 10,271 $16.55 10yrs beginning 1996 F/S UK $3.00 5.5%
444 Briclaell Avenue Office Four/5yroptions
Miami
7 Minter Park
Federal Hwy&2nd Street 156,715 1990 Marl's at the Park 5,680 $37.13 l7yrs beginning 1991 Net Minimal $15.00 5.0%
Boca Raton,Palm Beach County Mometella's 6,169 $26.00 15yrs beginning 1990 Net $15.00 5.0%
Ruby Tuesday 5,517 $26.00 15yrs beginning 1990 Net $15.00 5.0%
Mats Gill 5,680 $28.22 17yrs beginning 1991 Net $15.00 3.4%
8 Axis Condominiums 19992 2008 Irish Pub 5,484 $32.00 $35 Year2.CPI increase(3%nin-7%max)9mont Jul-10 Net N/A
Miami. Spanish Restaurant 8220 $32.00 $35 Year 2.CPI increase(3Vonrin-7%nrax)9 wont Jul-10 Net N/A
Celato&Coffee Bar 1,587 $35.00 CPI Incmase(3% in-7%max)8 months flee Aug-10 Net N/A
9 55 Miracle Mile 65,242 2004 Tarpon Bend 6,500 $34.00 increase&7%of sales over 6MM(food&liqua Jun-11 Net N/A
Coral Cables etail+Office CIBO Wine Bar 7,076 $28.00 3%annual increase Oct-12 Net N/A
BLAZEJACK&COMPANY 11
MARKET RENT ANALYSIS
1555 Washington Ave
REPORT 201516
Comparable Retail Listing Rental Summary-Miami Beach-March,2015
No. Property Name Vacant Year Quoted Rent Operat. Continent
Location (RSF) Built Rates Type Exp
S/SF
1 1616 Washington Ave. 2,209 $75 NNN $15.00 Twenty feet of frontage along Washington Avenue. Space consists of a
Miami Beach ground floor and mezzanine level for a total of 2,209 SF.It's located next
FL 33139 to Subway. Co-tenancy with McDonald's, Foot Locker, Radio Shack.
Fritz Skateshop.
2 Lincoln Place 823 $60 NNN $22.00 Located on the northeast corner of Washington Avenue,one block south
1601 Washington Ave. 3,094 $60 of Lincoln Road, one fourth block west of Collins Avenue. Within
Miami Beach walking distance of retail shops and restaurants. Tenant has to pay for
FL 33139 turn key. The retail has average quality construction finishing and is in
good condition Space 101 and 105 are available.Operating Expenses
3 1425/1427 Washington Ave. 2,800 $65 NNN N/A 2,800 SF turn key space totally renovated.50 feet of frontage.
Miami Beach
FL 33139
4 1452 Washington Ave. 736 1938 $70 NNN N/A Five spaces from 736 SF to 1,928 SF are available at$70/SF.Space A is
Miami Beach 1,169 in the corner, with 2,702 SF at $75/SF NNN. Four spaces can be
FL 33139 combined for approx 6,000 SF. Ideal for fast casual reaturant, bistro.
salon. Ifs located across the street from Five Guys Burger and Fries.
Two blocks from Lincoln Rd,and just a few steps from Espanola Way.
5 1203 Washington Ave. 8,500 $50 NNN This retail is adjacent to Starbucks, across the street from Municipal
Miami Beach building and the Miami Beach police station. It has very good visibility
FL 33139 from high pedestrian traffic corner intersection on Washington Avenue
and 12th Street. Frontage on Washington Avenue. It has high ceilings,
approximately 20'. There is a private operational office on the ground
floor and an additional mezanine level. Existing bar in place as space
was previously operated as nightclub.
SUBJECT:
Anchor Shops 6,217 1998 NNN This restaurant space is vacant at present It has average quality
1555 Washington Ave-Suite 1-3 contruction finishing and is in average condition
Miami Beach
BLAZEJACK&COMPANY 12
MARKET RENT ANALYSIS
it
1555 Washington Ave
REPORT 201516
Operating Expenses
The annual operating expenses of the subject property were projected in this analysis
based on similar properties.
RETAIL
OPERATING EXPENSES STATEMENT
March 2015
EXPENSES: Per SF
FIXED EXPENSES
Property Taxes $2,900 $4.02
Insurance $830 $1.15
TOTAL FIXED EXPENSES: $3,730 $5.17
VARIABLE EXPENSES
Administrative&General $1,100 $1.53
Repairs/Maintenance $570 $0.79
Utilities $1,200 $1.66
Cleaning $227 $0.31
Others $4,300 $5.96
Reserves $108 $0.15
$7,505 $10.41
TOTAL,EXPENSES %11,235 £L 5&
Our estimated total stabilized Operating Expenses for the stabilized year is $15.58 per
square foot of rentable area.
CONCLUSION
Market Retail Rent is based on a triple net lease basis, where the tenant pays all
expenses, including utilities,water,electricity,common areas,cleaning,taxes,and insurance.
The market rent for the subject located at 1555 Washington Avenue in Miami Beach as
of March 27, 2015 is $59 per square foot of rentable area net. Operating expenses are $15.58/
per square foot of rentable area.
BLAZEJACK& COMPANY 13
MARKET RENT ANALYSIS
ADDENDA
.
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Exhibit A
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Exhibit C
Engagement Letter
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
Mark
March 19,2015
Mark Milisits
Assct Manager
Tourism,Culture and Economic Development Department
Office of Real Estate
City of Miami Beach
1755 Meridian Ave—Suite 300
Miami Beach,FL 33139
Office: 305-673-7193
Email: markmilisits @miamibeachfl.gov
REF: Market Rent for retail property located at
1555 Washington Ave.,Suite 1-3,Miami Beach,FL 33139
Dear Mr.Milisits;
This letter will serve to confirm our proposal for a Market Rent analysis in the above referenced real property. We
will prepare a PDF copy of a market rent in a complete summary format setting forth our findings and conclusions.
The purpose of the report is for management decision in the negotiation of a new lease. Our analysis will consider
the physical aspects of the property and assess its competitive position in the market. We will employ the traditional
valuation techniques considered appropriate to this valuation problem. Our analyses and report will conform to the
Uniform Standards of Professional Appraisal Practice (USPAP), the Supplemental Standards issued by the
Appraisal Institute. We request that the following items (more may be required later) be made available for our
review:
1. Copy of any existing lease;
2. The name and phone number of the contact for inspection.
We anticipate completion of the assignment within 5 business days assuming prompt receipt of the requested
materials. The total fcc will be$2,500 upon delivery of the report. Our fee for court testimony is based on$250 per
hour. This proposal is submitted based on our current schedule of commitments. It may be necessary to alter the
completion date unless the assignment is authorized in the near future. You may authorize this assignment by
signing and returning a copy of this letter. We thank you for calling on us and we look forward to working with
you.
Sincerely,
BLAZEJACK&COMPANY A;s eed and Acce• ed
John A.Blazejack,MAI,CRE T' my L.Morales
Partner rate: 3( Zv��r
State Certified Gen.R.E.Appraiser No.RZ 093 I
172 W FLAGLER STREET,SUITE 340,MIAMI,FL 33130-3008(305)37Z-0211;FAX(305)374-1948
BLAZEJACK & COMPANY
REAL ESTATE COUNSELORS
LOCATION:
172 W.Flagler Street,suite 340 Tel. (305)372-0211
Miami,Florida 33130 Fax: (305)374-1948
Email: john @blazejack.com
TECHNICAL STAFF:
John A.Blazejack,MAI,CRE Jose Wong,Consultant
Thomas.1.Blazejack,MAI,CCIM Joseph G.Blazejack,Consultant
Jay Mliner,MAI Elizabeth Padalino,Consultant
REAL ESTATE VALUATION AND CONSULTING SERVICES:
Blazejack & Company has been involved in the valuation of income producing properties since 1987. The
staff has extensive experience in the valuation of multi-tenant office buildings, apartment and industrial
complexes, community and regional shopping centers, and hotels. Services provided include real estate
valuation for mortgages and investments, real estate counseling, litigation advisory services, market,
feasibility,and highest and best use studies,and property tax appeals.
TERRITORY:
The primary area is South Florida and the Caribbean;however,consulting and valuation have been performed
in other parts of the U.S.
CLIENTS HAVE INCLUDED:
Bank of America First Union
Barnett Bank J.P.Morgan
Chase Real Estate Finance Group Principal Financial Group
Citicorp Real Estate Prudential Insurance
ERE Yarmouth(Equitable) Teachers Insurance&Annuity
First National Bank of Chicago The Balcor Company
PROFESSIONAL MEMBERSHIPS:
Appraisal Institute
American Society of Real Estate Counselors(CRE)
Member of The Miami Board of Realtors
The CCIM Institute(CCIM)
OBJECTIVE:
Our goal is to serve our clients by providing an analysis of the commercial real estate market, not only with
current data,but also through experience and judgment to draw meaningful conclusions from the data.
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
QUALIFICATIONS
JOHN A.BLAZEJACK,MAI,CRE,FRICS
Partner
Blazejack&Company
Academic
Florida State University,B.A.
Florida International University-M.S.M.Real Estate
Most Recent Courses
1992-Level II Course 520-Highest and Best Use and Market Analysis
2000-Level II Course 530-Advanced Sales Comparison and Cost Approaches
2008-Member of review team for revised course on Market Analysis&Highest&Best Use
2008-Member of the review team for new course on Advanced Market Analysis&HBU
2010—Valuation for Financial Reporting
2012—Member of review team for Marketability Studies and Advanced Marketability Studies seminars
Experience •
Mr.Blazejack,President of Blazejack&Company,has been active as a real estate counselor since
1970. His experience includes residential and income property appraisals,market and feasibility
studies,and acquisition and disposition reports. The work has been for a wide range of property
types including office,industrial,commercial and special use properties,hotels and recreational
facilities. These assignments have been conducted in over twenty states and extensively throughout
Florida.
Mr.Blazejack is a qualified expert witness who has testified in Federal district and lower courts.He
is an approved instructor of both the Appraisal Institute(AI)and the American Bankers Association.
Mr.Blazejack is a past president of the Greater Miami Chapter of the Society of Real Estate
Appraisers and was the 1992 President of the South Florida Chapter of the AI.
Designations and Licenses
MAI Member,Appraisal Institute,Certificate Number 6089,currently certified.
C RE Member,American Society ty of Real Estate Counselors, Certificate Numbe r 113 1.
FRICS Fellow of the Royal Institute of Chartered Surveyors Number 1250175
Registered Florida Real Estate Broker
State-Certified General Real Estate Appraiser,License Number RZ93.
Affiliations
Mr.Blazejack is the past President of the Real Estate Counseling Group of America(RECGA).
Published Articles
The Appraisal Journal,Spring,2011
Price versus Fundamentals—From Bubbles to distressed Markets
By Stephen F.Fanning,MAI John A.Blazejack,MAI and George R.Mann,MAI
Real Estate Issues,Volume 34,Number 1,2009
When Will the Miami Condominium Market Recover?
By Richard Langhorne,CRE,FRICS and John A.Blazejack,MAI,CRE,FRICS
BLAZEJACK& COMPANY
REAL ESTATE COUNSELORS
Exhibit D
Qualifications of the Appraiser
I
QUALIFICATIONS
JOHN A.BLAZEJACK,MAI,CRE,FRICS
Partner
Blazejack&Company
Academic
Florida State University,B.A.
Florida International University-M.S.M.Real Estate
Most Recent Courses
1992-Level I1 Course 520-Highest and Best Use and Market Analysis
2000-Level II Course 530-Advanced Sales Comparison and Cost Approaches
2008-Member of review team for revised course on Market Analysis Sc.Highest&Best Use
2008-Member of the review team for new course on Advanced Market Analysis&HBU
2010—Valuation for Financial Reporting
2012—Member of review team for Marketability Studies and Advanced Marketability Studies seminars
Experience
Mr. Blazejack,President of Blazejack&Company,has been active as a real estate counselor since
1970. His experience includes residential and income property appraisals,market and feasibility
studies,and acquisition and disposition reports. The work has been for a wide range of property
types including office, industrial,commercial and special use properties,hotels and recreational
facilities. These assignments have been conducted in over twenty states and extensively throughout
Florida.
Mr.Blazejack is a qualified expert witness who has testified in Federal district and lower courts.He
is an approved instructor of both the Appraisal Institute(AI)and the American Bankers Association.
Mr.Blazejack is a past president of the Greater Miami Chapter of the Society of Real Estate
Appraisers and was the 1992 President of the South Florida Chapter of the AI.
Designations and Licenses
MAI Member,Appraisal Institute,Certificate Number 6089,currently certified.
CRE Member,American Society of Real Estate Counselors,Certificate Number 1131.
FRICS Fellow of the Royal Institute of Chartered Surveyors Number 1250175
Registered Florida Real Estate Broker
State-Certified General Real Estate Appraiser,License Number RZ93.
Affiliations
Mr.Blazejack is the past President of the Real Estate Counseling Group of America(RECGA).
Published Articles
The Appraisal Journal,Spring,2011
Price versus Fundamentals—From Bubbles to distressed Markets
By Stephen F.Fanning,MAI John A.Blazejack,MAI and George R.Mann,MAI
Real Estate Issues,Volume 34,Number 1,2009
When Will the Miami Condominium Market Recover?
By Richard Langhorne,CRE,FRICS and John A.Blazejack,MAI,CRE,FRICS
QUALIFICATIONS
JOSE WONG
Blazejack& Co.
e-mail: jose @blazejack.com
Academic
• Appraisal Institute
Course 110: Appraisal Principles
Course 120: Appraisal Procedures
Course ACE 2150: Attacking and Defending an Appraisal.
Course 310: Basic Income Capitalization
Course 320: General Applications.
Course 410: Standards of Professional Practice. Part A(USPAP)
Course 420: Business Practice and Ethics.
Course 510: Advance Income Capitalization
Course 520: Highest& Best Use
Course 530: Advance Sales Comparison&Cost Approaches.
Course 540: Report Writing.
Course 550: Advanced Applications.
Course 610: Alternative Uses & Cost Valuation of Small Mixed-Use
Properties.
Course 620: Sales Comparison Valuation of Small Mixed-Use Properties.
Seminar: Argus Training.
Seminar: Effective Appraisal Writing.
Seminar: A Comprehensive Guide to Valuing Improved Subdivisions.
Seminar: DEMO General Demonstration Appraisal Report Writing
• Various appraisal seminars.
• He's pursuing the Appraisal Institute MAI designation. He's taken all the courses
required for the MAI designation.
• Ricardo Palma University(Lima,Peru).Bachelor of Science in Civil Engineering.
Experience as Appraiser
Commercial Appraiser at Blazejack & Co. September 2007 — present. He's worked 12 years in
this company. Commercial appraisals on many property types in Florida and USA. His
professional experience includes Highest and best use analysis, commercial appraisals on
numerous property types such as warehouses, apartment complexes, condominium buildings,
office buildings, shopping centers, retail, special purpose properties,and vacant lands.
Commercial Review Appraiser at Bayview Lending Group LLC, May 2007 — August 2007.
Review Appraisals on different property types in Florida.
He worked as head of the Commercial Appraisal Review Department at Greenpoint Mortgage.
He covered the South West,Central and Northeast area of Florida. April 2006—February 2007.
His professional experience in the state of Florida and the Caribbean include highest and best use
analysis, commercial appraisals on numerous property types such as warehouses, apartment
complexes, condominium buildings, office buildings, shopping centers, retail, restaurants, special
purpose properties, and vacant lands. He worked as a commercial appraiser at Blazejack &
Company March 1999-Ap.2006.
Between 1987 and 1998 (11 years), prior to conducting work in Florida, he conducted
commercial and residential appraisals on houses,retail outlets,hotels,apartments,condominiums,
offices,warehouses, factories,and hospital in Peru.
Mr. Wong has experience using a variety of software programs like Microsoft Word, Excel,
database IRIS, Data Comp 3.5, Street Atlas USA 6.0 (mapping), Marshall & Swift (Cost
program),Argus(Cash Flow Analysis), Co Star,and MLS.
Experience as Civil Engineer
He has worked both in the private and public sector as a Civil Engineer for approximately 14
years. He worked as Supervisor Engineer and Superintendent Engineer in different civil
engineering jobs in Peru. Responsibilities included subdivisions, installation of water, sewer,
lighting, roads,and massive construction of houses,apartment buildings,condominium buildings,
retails,warehouses, and factories. He constructed and managed the financial arrangements for the
construction of condominium buildings in Peru. He made studies of costs and budgeting for the
construction of these jobs.
Designations and Licenses
Real State Certified General Appraiser,License Number RZ2797
General Associate Member,Appraisal Institute
Member, Engineer Association of Peru.
•
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Exhibit B
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Exhibit C
CONFIDENTIALITY STATEMENT AND UNDERSTANDING
All financial and other information ("Information") that currently is, and will be subsequently
submitted as requested, is confidential and presented to the Miami Beach Tourism, Culture,
& Economic Development Department and will not be disclosed to any other individual or
entity without our prior written consent.
Business Plan
Summary
CVI.CHE 105 / YUCA FUSION will be an exciting, iconic, and upscale offering in South Beach
presented by some of today's South Florida's most innovative young and suscessful
restaurant entrepreneurs; Juan Chipoco, Luis Hoyos, and Janet Suarez, creators and owners
of CVI.CHE 105, Pollos y Jarras, and YUCA. The CVI.CHE 105 / YUCA FUSION will be owned by
a Florida Limited Liability Company.
Juan Chipoco & Luis Hoyos started the concept of CVI.CHE 105, a Peruvian restaurant,
opening on September of 2008. CVI.CHE 105 has become one of the best Peruvian
restaurants of South Florida.
YUCA, an acronym for Young Urban Cuban-Americans, is widely known as being South
Florida's original upscale Cuban restaurant featuring Innovative Nuevo Latino Cuisine or as
the locals call it "Nuevo Latino." This style of cooking includes traditional Latin ingredients such
as a plethora of textures, colors, and flavors that when combined creates a cuisine that is
unique to anything offered outside of the Caribbean and Latin America.
Objectives
Best of friends, some of the best innovative young South Florida restaurant entrepreneurs
want to come together and offer a unique iconic dining experience.
Accolades / Keys to Success
JUAN - •
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CHIPOCO
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r ur• •E• 1".• F ...I nor to i*u'ne."..*.. :� . .. i;,,,s,RCI• ceviche&sleek space with eclectic art.'
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CONCEPTS _
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'This modern Peruvar restaurant situated Downtown-serves its guests top-notch organic white meat rotisserie paired with fries and salad but we say ZAGAT
for the ultimate indulgence.opt for a side of habit-forming golden fried potatoes' RATED
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APPETIZERS • TACU L0140. leers
Deli-Stub a dirt Pwee'aaard urn canary I,na•a-tie arc Prruvie,peppr•a.Sieved with firxra
of routcad co with onions,tuna :,red Po•uvian yellow pepper,Next put on the fire wit,
• PAPAS A LA FAJANCA�IA 6.96
our v:g V Port/akin Pis.,IA 5 and rommc:flour enamelsour ir.
•Avaaabe weh Cnidwr,Stoked,Shrimp,Miasd,Lusgslo•Mark(Mu
A IrJSt ur the senses:%sauna tutored with Anduun w.rn-rn I k,cheese.Pcrtvi.a yellow
more anul tlu'wvre;b tar Hntan'aw.*Patens tie itra a at W:ancalna-Mar rat Prrcr • LOMO AL FERROCARRIL• 19.95
• CAUSA CON AH LEIMO DE POLLO 7.95 Soh pkems of steak,bright tamatars.Pcrwlan p iOnw sxrppnr and tai o- .:waif'in fiery
*Altar palate cake into fed o the lard m:a rotas.VAT PerNan yellow pepper arts magbal wok,mounted with 1 fried eggs sec tie tines sweet pls;ntein,.
rune.gut fed with crrckmaalad and veegetablesx.15atecwkha cram 4nuchtostralyotattet:rt. • MIFAVOCIITO,IV LO DICE JUAN'. 21.95
t intuits with atenil.4 nail:aidherdnPer1.VianA:iiiaeatenr•,rarer:ims«:x:r,:uerurlfcanirsiwi1rt
• CAUSA DE LANQOSTlNOS CON AALTA 10.95 n Jltirysrf ter,e:t.,mt<M stns x.*Tonnes a to planeha-Maikwt Pri4P
fhr•famo,pram dish omit.nrzta>tyshrimp,PaDahan.i.,xXliand"Pc Meters-aWinne
and role:A'4iveri • RAVIOLE9ANDakiOri' 2295
• CAUSA PiONTI1L]A CON iWJLPLTOML OLIYO lotion's loin%Itma ePutuviatt.re:iuisalulledwith:tjdeGrNina,Sewdrttasu•t!Lo•nuSalta.k.
Greco:aus portion chows.served with Wig/baled ndnpu.beam:ina snit:ream mace of • R15OTTO FILLET, 3295
Mark Rola olives from cruet n Pciu, Huanca'sa'eduction.'emu're are pepper and tress P!rcrolse rend crease accompanied
• CAUSA DE CANGifl6J0 CON pALTA 49,93 bb k y aces or ideal rriurtu n its u Iu•nu s.t du neduttiun pepped•rich Arrq�tun tenure ar d
Cu•fsvxite potato*ism stuffed wth delicious rfai•reeat and ounta avocado,bar of in • JUAN 01-5P000'IRON HAW 38.95
succulent Peruvian yellow pepper setce.
"ender pieces of le:manor%Jumbo she mss and tar tcallcas cooked In a dery wok,
•
ANfICUCHOS'ESTADIO NACIONAL"" 9.95 combined wit,matte:torn%onions.turrratoes and cilantro in spy MI e,wine and Pisan LOS.
Parris ofvP:heart madly in Inaar.bey:-te in a sn-n't maenad..milt fr,i rJ._r a•rw'rhet,chewarti Ai:rampan ied cry An:1mm:rut ahw•c.•'canape'r run.mil arrievi in Rukt then.e.Served wit t
in wild sugarcane ate Orauft-tto a smok ap,fire. Petty ail yrliOw,eraperchirrirhurri,
• CHORIuw* kti CHALkCA LIit∎rev il.,f"" ,Tani FROM THE PERUVIAN SEA
S tramM muvade with it w:ndnrfM rxrt:^ry rpalaet an ate part of fallen,tuadr q*rttruiprol
manna,ro.nstm.!,(M'pm,.1.11c0 and Juan'.*penal tnurh.U nbennthlel
• TAMALES DE POLLO O C ERDO 7.95 • 2AtEA REAL 16.95
Mar:hec Mato corn wrappe d in barsirea la:tom•r:w1 wit,nu.and Sonja olw,..Strvpd with Criia p eraswi fish and finely snl,-,eted mixed sec toad,wit,an unmatrhed taste,acrempanind
salsarritake nnkw,pepper and lemon.Adelight' byrioidencasi eve,tartarsauce ere topped with soseanala-onion, per,lrmonandtomato,
• CONCHITAS A LA RARMESANA 15.95 'fish Mee,Carererrl ham Shrimp tares-Market Price
Se,n eels usseted seas,our se-naliurpil white sauce and parmesa]'Pirate. • SOPA PARIHUB-A'LA LEVANTA MUERTOS" 1695
• BiTRAfJA COMBINADA• 19.9$ A!marring and aphmdir:iaril snup/trim tare as,that aril!win yet.With its arks c ianfl:snr and
the casaba of sturdy crass and mixed seafood snout'wth i'isoo 10a.
rho perfect trio!-anlallx.Huancaina potatoes and fresh cevtdae€x a-whole neavemerencel
• SUDADO DE PESCADO 1395
CEVICHES I TIRADITOS I CARPACCIOS Swathe*rk•trt fresh Ii.,rrmlesistouryirc,rat:mt.fir-axed rrelha•-thrntorfel.rrna run.ars.
tender Arronipan orti- ."iortadn UM.)-tArrkt t erten
• PESCADO A LA MACHO 16.95
• CEVICHEPUCUSANA1o5'NUE5TRO PLATO NACIONAL'• 1t05 Guide*mu ul Hall and linty PisaA5wiaupec in a sever.neduwd crow Try lama that urdy
M;zr.1tad fish in Intsh Chulucanas'f mejul...-ri'd wit,lrequidun wrions ctartro ace a .2 chat Knows how to.prepare.'Yatg*Entero a b Macho•Masai Price
mu.,of•rxafo prriytrr:'sstlow pepper sauce o>r'eantn reaurtinr-Market Prue • ARROZ CON MARIhCCti 13.95
• CEVICI•E ANCONER0* 13.95 Sates ed et a het p r!tntIs bath fru'..of th sea and d:aural sat.cew tit
Mar rated fish m fresh:hulucanes'I rie Race,T sad watt wequroan mock.cda eta inc tupopoeeyfa+sfl j AIDr,Ich of p RI.O0n meals..
sptinkes wih natie•n a;i limo.•Cuvidte Aeexnav Mixta-Warfare Price • ARROZ ESPECIAL CON MARiiCO@ 13.95
• CEVICHE RQJILSLANCO' 13.95 Seicted antra and noo di Hfoodflsmbaeadn our sec rvltUSSAMS011 sadrnac■am'OCream
Tmdiional fish crwirfwr...waived-n a virgin and mends satiate.Atrlhttaetn nm'smarm or tam and a seafood reductdwy,shkhe de Juta.deli bier,vegetables and a touch of salsa crlolla.
and flip ref my Pent•^aaYM PIMA*nen Mt1tn-Market Pena
• AF RO7 CNAUFA D6 peARISCos 13.95
• CEVICHEENCREMADEPISCO105' 18.95 nesestvenceandse cdcockedrai and sai,teedwkhabrowvtedts7ottof soy sesane
Mannalec fah in fresh chihlcataas'tete mice miuec vv.,Arequipa r or,lore,,c larunelaild a oil and o.STer sa.ce.•A xilikk withChidnt Steak,Swine.1.thei WNtl4 thwalian-Market Nice
touch o`Nlsco W.UM s.km your m out,And to perfectly w th metoptatoesat'bffllayt • •CHINO SANO'" 2695
'tench, ewtoCe Germ De Pico:p5-Market Prier rinvo-Andran rardpa.PanaipngtlnnainaruimUlrorirtic:maim:apateaavt p;nmarrwituto
• CEVICHE ORCIA DE MARISCOS• 1495 we-idaaet:corm pass cinlru&and Campton fe tow pomp•Awi ea.with perirp-MnlatPri.e
hi aed and ma•inated raw seafood sari mrri rre in"Lathe de Tigre.Plenty ufte dursandMow • CORVINA"MAMA a E" 7099
In anion,stn wrairns we.-rr>„kd met even tell.
•'Muffs pwptgr sauce or•-n,MO raduttion-'await Price in roasted=rash COMM;vstn rabrneat,srrotherec in sntoky red rocolo atm red pepper
sauce,so:otrpanied vddr potato cake a.,gratin.
• � • CORVINA EN SALSA MIRAPLORES 20.9'a
Marinated oily pus in fiesta C t 1t cartes'lime.trice.mewl'wlt,Arequipa,'onlonn ch antra and Frreldy caromed cora*ra.seta,'rdn fine.hrktpi,viand-,mr r,hmrynsr white rrearry
a touch of rococo pepper.
Mfralnrrna extra and slnamwi vapsiras
• TRUAGIIA QE CEVICHES'PARA COMPARTIR"• 29.95 • CORYLNA SUDLADA AL E5RLfJ JUAN 2295
A platter rt our tarn mow prtpular ae Ichrn:air:r cream,yellow mappl_r cream and roomer
cream'tllk6ia de Cevkhes Wino-as Pr udhLdavina,si•vva',tomato...Aruquipe al o•u in a s.•dau d mother saute und Chilto nt
fish Frith,'eonnra M era ar este*Juan-Market Pre?
• TETRA DE CEVIOHES'PARA COMPARTIF"• 42.95 • CORVITM A l A CfiORftTtLANA'DE d10RRILLOS PARA B MUNOO' 2295
A placer or wur tour ovum,popular se-Aches.o raorta am.•fir a de c tpkj to seta al.91: Griped Lamina fillet in a reduaLibn item'on our delicious a' are,vhtr••r PEsw 1Qi c•u
cream,wallow popper ac:9P,a eaortc o arc•arxAo trod m Ta ra de CaYtthes W eta +(9.95 I P i+
Stvamud arc ;art'Whitt r c^,•caMna a(a Chorrillrta MIa1b, market Moe
• TIRADITO TRAD:C/QNAL.• 11.95 • TACO TACO EN SALSA DE MARLSCt7S 1595
Thinlyc.,tf'rnh'sn,h sires bronco,,our Chul,ta eat lime.uirc ano r,artilc m aji k,tr
0di* a Crispy puree based On canary beans.rite and Peruvian peppery,ba'ned in a
• TIRADITO A LA OREMA DE ROCOTO' 11.95 wtsncx•nkt county MI teal orrice in which wewcaad sat.p la si urlwhrate•our Peruvian t uft:re.
0-r•tot,evabont tinad'w I snnud,erwd ina del luus wtotoyeam W give hsup re s.
• TACU CORVINA EN SALSA LAMBAVECNIA 20.95
• TIRADITO INTI RAYPiI• 12.9b C•isnv puree tasec on canary sans.rte are Partvian peppers.Sawed with folcen fs•,
i caner tirodfn slants marinates:with the hrit Chtdttrarras'lime and bathed e nor Permit, L•ethic'J k l SOW.i t,t t.lerr:•u-uased sdut.e,tldtt••U.jute anc1 selected sleet IN, aittrerJ
5aaoa,esppor,'ram N wal malty srx.feel Ikea•cal inn Winn yr.h P i.co 106.
• TREIXXOIA DE TIRADITOS' 19.95 • TACU SALMON EN SALSA I-IANCAMAR' 2195
You might never be able LO mate,our creation Our ulaiIasare•areppeed in a fir."Par.vien c-:sov puree baseo on twerp beans,rice and Perucan oecte,t 5eived w th fresh;Tilled
*milk.pepper seat.roulu:soorosr usum and du.seuat vizi•r cicada. tarter,.coated with Pennies.Hw-taata sate.*and Pert ales Pavia cheese and filled van
• TIRADITO DE PULP'AL OLIVO 14 95 selecltxd relent Liu feud n rnta be•ith Plrau 3005.•.semi Nuancarnar Nudist enc.:
Shaved tender Places of baby octopus bat•cd ina Peruvian Botha olive se we • TACU PiiLLARES AL ESTILO NORTENO" 3295
oencio.s crispy puree based on Ws been,sweet ootatoii.rice NV Peruvian pepper
THE MOST TRADITIONAL drawled yards our noise seasoninng.l0tp.c`with a Esc delta piece ot sea 00SSandIaDSte'
all coveted wit,a genie Ira ductien of cilantro.chithe de.jor and P•tnaitan dark betty.Pure
nut them navnrl noun,Pallarri al walla Surelsa-Ma•let tine
• AM DE GALLINA'" 8-05 • TACU LOCRO ESCASECHADO• 36.95
rwariruts iAn-on of ihnxddnd rd•tiron n her.,lxtrrertxd in Pn'u aian ye ow pepper gamin,milk, This amt oral taro is U,.protagonist ht a lieu Sato neealon Lopped wa.r a delicious:raw of
P inthrradtat trsppedwithpernecunrims.Gttlnr,tr>turr.arylft,vrrinfillharmony. seaaas.lobaterleirannl•tnixase,
k 1 Sups over in duvet er:etc am:x
• ARROZ CON POLLO"' 8.05 • LLNOVINI 105" 23.95
A Peruyan iwn-ice with chit ken hagran.with Iouches of trash voriandec made to tie Jet nee Tender piecesof oiled churrasco steakand'eito sitn Nos puc l):P,'Iva win Paco 105 ar.d
try Tenn, triad ever lit u•',in a lraditiinal ItWrcttkia steam sauce heal en'et uvian peppers std
• FfiE101ES CON Sl-CO" 1293
irerd,Pp•ruvttn Pia&ease.
Tender phew,.c i ntwa'.cooked In a vaiety of Perutiar peppers.orders and sewer.•anbreee-Ls, • TRI3OTO DE MARISCOS 26.95
WO,tying you ina Mark new otpr•kr.,The derciuus beats oil Wave you sprettrle v.l Ver v an wheat n a Nuanefna sauce reduction and Penman Pana cheese.topped with Plsc0
• LOMO SALTADO• 13.95 105 flair hied starlupa and;rank.an,Maps.•!meta ■fa-v lama•Market Price
Soft pieces of steak.tighttorratoes.Peruvian Yelkn pellPerS and onions sauteedIrafIeuy t:pet•:testa:aa't.tiaratact:::a•us-o s..r.a w•.YoY..42:t1114.4.1n7 T1Y:.+•Ar
wuk.Sarxw;w lln front-f p retch tic is de i_en,S while tie. t:;er VC(II r:wl:rr t.n n N•,.1,1r VII•a fl;/ 1••:I.II,4.,,n:•N 0.1.nl::Ni
•AVarb tie wet l:nnctera,seafood,slump.lamad,worn Markr.Pear
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YUCA
Best Cuban Food in Miami
Posted by: : Issey SwannPosted on: January 26,2015
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YUCA Best Cuban Food in Miami
YUCA, an acronym for Young Urban Cuban-Americans, is widely known as being South Florida's original upscale Cuban restaurant
featuring Innovative Nuevo Latino Cuisine or as the locals call it"Nuevo Latino."
YUCA has become one of my favorite late spots on Lincoln Rd, great service and great location make YUCA standout, and the food is
incredible, during my last visit I tried the Salmon Mango for the 1st time a spectacular combination of Ocean fresh Salmon and tropical
Passion fruit and Mango,the touch of Caviar lifted the whole dish to a new level. Sweet, salty, sumptuous!
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The Guacamole- 100%best Guacamole ever
Frita Sliders-Quality Beef and a good inclusion in your order, YUCA is light and fresh so the sliders helped satisfy the hunger.
The Mojito-A little different with a new twist on the Mint,this is Miami's must have Mojito.
This style of cooking includes traditional Latin ingredients such as a plethora of textures, colors, and flavors that when combined
creates a cuisine that is unique to anything offered outside of the Caribbean and Latin America.
Yuca opened for business in 1989 and is now located on Lincoln Road in the heart of South Beach.We attract a wide variety of diners,
including many Europeans and other visitors to South Beach along with residents looking for a gastronomic adventure.
Yuca's continuous efforts had grown throughout the years, which is reflected not only in our popularity and great reputation but also in
our future plans to expand our culinary delights within the U.S. and abroad.
The Dinner Menu
Nut
YouNc URBAN CUBAN AMERICAN
V\W\S CALL e: O -to
GOAT CHEESE CROQUETAS GUACAMOLE HABANERO* HUMMUS DOMINO*
Caramelized onions,guava sauce Habanero pepper,plantain mariquitas, hummus dip.cuban style black beans with
ajilimojili sauce. plaintain mariquitas&crudites
EMPANADAS
Crispy empanadas,beef and chicken,jalapeno PIQUILLOS DE PEPIN YUCA GARDEN GREENS
chimichurri dipping sauce. Roasted Spanish piquilie peppers, chorizo. Mixed greens,Caribbean guava vinaigrette,
porcini mushrooms,creamy cabrales cheese white farmers cheese,yucca croutons
BACON WRAPPED DATES sauce.
Ground beef,chorizo,manct ego cheese,aji WATERMELON SALAD
amanllo sauce. DONA GLORIA'S FRIJOLES NEGROS Arugula,watermelon,onion,feta cheeese,
Cuban black bean soup,chopped scallions tomato and passion fruit dressing
CUBAN CALAMARI
Fred calamari,sweet-chili sauce. GAZPACHO ANDALUZ +
Chilled tomato and vegetable soup (8
P\TOS 'Pecienias
CROQUETAS DE LA ABUELA GUAVA BURRATA CAPRESE TUNA TATAKE*
Serrano,truffle,bechamel Bufala burrata,salmorejo sauce,guava Sliced seared tuna.fresh mango,avocado,
mixed greens and tropical vinaigrette
SUGAR CANE SHRIMP FRITA SLIDERS
Sugar cane skewered seared shrimp,guava- Mini Cuban hamburgers made with angus beef GRILLED SCALLOPS
chili glaze,malanga mash and chorizo,red pepper mayonnaise Truffle and goat cheese mashed potatoes
SALMON MANGO TARTARE* WARM GOAT CHEESE SALAD HAMACHI TIRADITO
Salmon,mango,avocado,caviar,passion fruit Grilled goat cheese,baby spinach,muted Sliced hamachl with yuzu dtronette,sweet
vinagrette strawberries,pumpkin peppers,shallots,and jalepenos
12
4-t4c\N1-\AIA ` TES
ENCHILADO DE CAMARONES* OXTAIL FETTUCINI BOLOGNESA POLLO CRIOLLO
Shrimp,white wine and tomato sauce Fettucini,Oxtail Bolognese Halt chicken,mojo sauce,tutu,buttered
Broccolini
YUCA'S CRAB CAKE YUCA RELLENA
jumbo lump crab,cabers,tomatoes,mixed Steamed yucca lightly fried,wild mushroom PU LPO A LA GALLEGA
greens salad picadilio Saute octopus,galician ajada and potatoes
CEVICHE PUTERIA* SAQUITOS DE HONGO DELICIAS DE ESPANA
Fresh grouper,shrimp,calamari,and octopus, Mushroom stuffed"Pasta purses",fresh Serrano Ham,Manchego Cheese,chorizo,
in a Tri-citrus marinade served with tostor:es spinach riccota sauce,goat cheese pantomaca
18
&evo Lot Jt JO
GUAVA BBQ BACK RIBS PLANTAIN COATED MAHI-MAHI TUNA CHINO-LATINO
Tangy guava blq sauce,yucca fries. Plantain crusted mahi-mahi,sweet plantain Asian marinade,sesame seed crusted,seared
fufu,black olive tartar sauce. rare,snow peas,carrots,green onions,sesame
CUBAN CORVINA vinaigrette.
Lightly fried corvine filet,avocado-coconut. RABO ENCENDIDO
roe,spicy tomato fondue Tender slow braised oxtail,fiery rioja wine ROPA VIEJA ANGUS
sauce,roast garlic-goat cheese malanga mash. Traditional ropa vieja slow braised angus beef,
PACO'S CUBAN PAELLA sweet plantain fufu,crispy red onions
Seafood paella,scallops,shrimps,dams, SALMON BALSERITO*
calamari,chorizo.alioli. Fresh salmon filet,organic vegetable guinea,
mango and whole grain mustard sauce.
PORK SHANK CRIOLLO
Carne fnta style,mojo sauce,arroz congri, 24
crispy onions.
'Available Gluten Free
TE-/ crro vs L Guerre 5
CHILEAN SEA BASS 34 FILET MIGNON* 32 ti JCA'S OWN LOBSTER MASH
,u ,- yrleir.shit..' AC. EEANS•
i�n pc tatmm =CAS' GARLIC MASH
49 48
•
Y L KA FRIES
CHURRASCO* 26 TOSTONES
WHOLE SNAPPER 38 MADUROS
= ,noct?imi_: _ �_ -- -^ �,coccreen_e, WHITE RICE
5ARL!C BROCCOLINI
RIB-EYE STEAK* 32 - -.. .r i SCE
The YUCA kitchen is headed by Executive Chef Francisco Javier Rodriguez who has been with the team since the beginning of 2011.
He started his training at Meson Casa Lavardero in Seville, Spain in 1992 and continued his apprenticeship at Casa Modesto in Seville
before moving north to Marbella to take over the position of sous chef at renowned Casino Marbella. After two years in Marbella,
Francisco decided to cross the Atlantic to South America where he traveled extensively and developed his love for South American and
Caribbean cuisine. He later came to North America where he dug his roots in Miami and continued to improve his skills in well known
restaurants such as Tapas y Tintos, Suva and Zuma along with positioning himself as Chef de Cuisine at Acuamare. Since joining
YUCA a year later, Francisco has set the bar with his passion, creativity and love for Cuban cuisine and continues to bring out amazing
dishes that keeps people coming back for more.
Chef Josefa Balbin serves Yuca as our exclusive pastry chef. Chef Josefa has been with Yuca since our inception and is the person
most responsible for inventing most of the dishes on our menu. Chef Josefa trained former master chef Douglas Rodriguez, (creator of
Nuevo Latino Cuisine)whose cookbook Nuevo Latino owes heavily to Balbin's instruction.
YUCA TO BE NAMED OFFICIAL CUBAN CORNER OF MIAMI BEACH
BY LAINE DOSS TUESDAY, MAY 28, 2013
•
Yuca:The Official Cuban corner of Miami Beach.
Yuca via Facebook
Yuca, one of the longest-running Lincoln Road restaurants, has seen a lot of changes to the pedestrian mall that it
calls home.
The restaurant, an acronym for "Young Urban Cuban American" opened in 1989 in Coral Gables, where a young
chef named Douglas Rodriguez earned two Beard nominations, before moving to Miami Beach in 1995.
The restaurant also serves as hangout for many Latin music stars who try out new material at the upstairs lounge
and club, most famously Albita Rodriguez. Still one of the most stylish restaurants on Lincoln Road, Yuca
continues to attract crowds, and is a magnet for politicians, celebrities, and locals who want to power-dine on
nuevo Latino cuisine.
To celebrate the restaurant, the City of M iam i Beach is designating Yuca as the "Official Cuban Corner of Miami
Beach" on Friday, May 31.
To celebrate the restaurant, the City of Miami Beach is designating Yuca as the "Official Cuban Corner of Miami
Beach" on Friday, May 31.
Starting at 7:30 p.m., the public is invited to celebrate with free mojitos and appetizers. The restaurant will also
host free Salsa classes, courtesy of Salsa Fever. In addition, several celebrities are expected to attend (although
only Willy Chirino's name has been released).
At around 10:30 p.m., Miami Beach Commissioner and Vice Mayor Michael Gongorra will present a
Proclamation to Yuca, officially declaring it Miami Beach's "Cuban Corner". Willy Chirino will also receive the
Key to the City.
Nn\nF(M,1RRF G; 2014
Yuca: una esquina latina en Lincoln Road
Dos decadas y media de prestigiosa trayectoria respaldan el presente de este emblematico restaurant-club ubicado en
una de as mas famosas calles de Miami Beach, Lincoln Road.
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•
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Cuando el grupo Palo! suena,Melanie Thomas y Vincent se dejan Ilevar por el ritmo. ALEX MATEO DE ACOSTA Especial/el Nuevo Herald
Eliana Silva
Especial/el Nuevo Herald
Dos decadas y media de prestigiosa trayectoria respaldan el presente de este emblematico restaurant-club ubicado en
una de las mas famosas calles de Miami Beach, Lincoln Road.
Yuca ya es sinonimo de salsa. Todos los viernes a las 8.30 p.m. comienza con clases de este ritmo, seguidas de una
fiesta con compas de bachata y variados bailes latinos.
El restaurante cuenta con dos salones amplios y elegantes decorados con detalles de aire cubano y otros del viejo
continente. En la parte superior, tiene un escenario donde los musicos pueden proyectar su arte haciendo use de la
tarima disenada para que de cualquier mesa se pueda ver el show. Alli mismo, los sabados el grupo Palo!, nominado en
la categoric de Mejor album de musica tropical para los Latin Grammys 2014, expone su funk afrocubano, que consigue
que cualquiera se pare de la silla.
El salon tiene capacidad para 140 personas sentadas y 200 de pie. Esta equipado con un bar completo, bano privado,
cabina de DJ, proyeccion e imagen con pantallas de video, iluminacion y sonido personalizado con unas vistas increibles
de Lincoln Road.
El comedor principal, en la planta baja, puede acoger 200 invitados. Otra opcion es al aire libre, en la misma Lincoln
Road con capacidad para 100 huespedes.
El open bar cuenta con una gran variedad de licores, vinos de diferentes paises y mojitos, desde el mas clasico hasta el
mezclado con mango o coco. Tambien ofrecen diferentes cervezas locales e internacionales.
Janet Suarez es la duena y encargada de que todo funcione a la perfeccion. El responsable de que hoy Yuca sea uno de
los sitios mas escogidos por los residentes y turistas de la Ciudad del Sol es Francisco Rodriguez, un simpatico espanol
nacido en Sevilla. Rodriguez reinventa la cocina tradicional con tecnicas de fusion en las comidas, mezclando lo
tradicional con lo moderno. Siempre manteniendo un objetivo, que los comensales se sientan como en su casa, ha
conseguido que sus platos sean absolutamente caseros. En la cocina no se utilizan ni polvos, ni congelados, ni batidoras,
todo se logra con el trabajo de excelentes chefs dispuetos a conquistar los paladares latinos y norteamericanos. La
presentacion de los platos causa asombro en los clientes, por el colorido, diseno y aroma.
El menu cuenta con mas de 35 opciones. Tapas, ensaladas, empanadas, ropa vieja y tambien un elaborado sea
bass con salsa de langosta, un churrasco marinado con chimichurri sobre una cams de pure de papas con salsa de ajo,
pico de gallo y jalapeno son algunas especialidades de la casa.
A la hora del almuerzo tambien se puede it a Yuca, con precios fijos de $24 y $29. Estos incluyen tres platos, refrescos,
to helado o cafe americano.
Es un lunch competitivo porque es ligero, liviano, en el que la variedad es la clave. Platos con muy bajo contenido graso y
una calidad suprema.
El menu es una combinacion de comida cubana, americana, espanola y argentina; todos quedan conformes por la gran
oferta.Sin duda, Yuca es uno de los mejores lugares para it a bailar salsa, probar una variedad de mojitos y disfrutar de
los sabores exoticos de la cocina latina.
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,Mian-1i Beach, FL 33139
r Phone 1.3051 532 982
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Financial Projections
CVI.CHE.105/YUCA FUSION
Proforma Financial Proyections
Year 1 Year 2 Year 3 Year 4 Year 5
Food Income $2,800,000 $3,400,000 $4,060,000 $4,550,000 $4,900,000
Beverage Income $1,200,000 $1,600,000 $1,740,000 $1,950,000 $2,100,000
Total Income $4,000,000 $5,000,000 $5,800,000 $6,500,000 $7,000,000
Cost of Goods Sold $1,000,000 $1,250,000 $1,450,000 $1,625,000 $1,750,000
Gross Profit $3,000,000 $3,750,000 $4,350,000 $4,875,000 $5,250,000
Payroll, including FICA, FUTA, etc $1,400,000 $1,750,000 $2,030,000 $2,275,000 $2,450,000
Administrative Expenses $40,000 $44,000 $48,000 $52,000 $58,000
Professional Fees $80,000 $88,000 $97,000 $108,000 $120,000
Utilities $80,000 $88,000 $100,000 $110,000 $121,000
Credit Card and Financial $120,000 $132,000 $145,000 $160,000 $176,000
Marketing $320,000 $400,000 $464,000 $520,000 $560,000
Maintenance, including Rent $500,000 $525,000 $550,000 $575,000 $600,000
Insurance $80,000 $88,000 $97,000 $108,000 $120,000
Other $100,000 $110,000 $121,000 $133,000 $146,000
Total Expenses $2,720,000 $3,225,000 $3,652,000 $4,041,000 $4,351,000
Net Income $280,000 $525,000 $698,000 $834,000 $899,000
7.0% 10.5% 12.0% 12.8% 12.8%
Exhibit D
s
— —1915'2015
City of Miami Beach, 1700 Convention Center Drive,Miami Beach,FL 33139,www.miamibeachH.gov
TOURISM,CULTURE AND ECONOMIC DEVELOPMENT DEPARTMENT
Office of Real Estate
Tel:305-673-7193/Fax:786-394-4539
April 28, 2015
Mr. Noah Fox Sent Via E-mail: noahramfox(cyahoo.com
Koniver Stern Group
1665 Washington Avenue, PH
Miami Beach, Florida 33139
Re: Revised Letter of Intent
1555 Washington Avenue, Suites 1-3
Miami Beach, Florida 33139
Dear Mr. Fox:
Pursuant to our conversation yesterday, the City of Miami Beach is pleased to extend
the following revised terms and conditions for the lease of the above referenced location:
Landlord: City of Miami Beach (the "City")
Tenant: A new joint venture with the principles consisting of Janet Suarez,
Luis Hoyos and Juan Chipoco. Tenant shall provide a written
business plan prior to May 11, 2015. Additionally, Landlord shall
be permitted to review a summary of Tenant's financial statements
prior to May 15, 2015. Said financial statements shall include the
funding of the new joint venture, a pro-forma for the new joint
venture, and profit/loss statements for the existing restaurant
entities of the principles.
Premises: 1555 Washington Avenue, Suites 1-3
Miami Beach, Florida 33139
Size: Approximately 7,130 rentable square feet, under air condition, as
contained on the attached floor plan.
Term: Nine (9)years three hundred and sixty four(364) days
Renewal Options: Two (2) renewal options for five (5) years each, subject to all
required approvals by the City of Miami Beach in its regulatory
capacity. The Base Rental Rate and annual increases shall be
adjusted to the then current fair market rate for each renewal
period.
w9;.JI'r,:'i.;t#i)l#[iFa:l;.i :# p.rf,s'. ?r,:e,_n S.'f&A. ,,vh;:i�!'s'r' v.':..j i:#flo rkr:,In i it vii:1'!ns,#;cif::C ij,historic c'i)rf n ut i
Revised Letter of Intent
1555 Washington Avenue, Suites 1-3
April 28, 2015
Page 2 of 4
Landlord's Work: Landlord shall perform waterproofing and painting of the exterior
of the building at which the Premises are located. Furthermore,
Landlord shall replace the exterior windows located at the historic,
north section of the Premises.
Rent
Commencement: The Rent Commencement Date shall be upon completion of
construction or two hundred and ten (210) days following lease
execution, whichever occurs sooner. In addition, the rent
abatement period will not begin until the Landlord has completed
the window replacement referenced above.
Base Rental Rate: $60.00 per rentable square foot, plus applicable sales tax. The
Base Rental Rate shall be increased by three percent (3%)
annually.
Lease Basis: The lease shall be on a Triple Net basis. Tenant shall pay its
proportionate share of Operating Expenses for the building (i.e.
real estate taxes, insurance and maintenance expenses). The
Operating Expenses are estimated at$3.00 PSF for 2015.
Securitization: Tenant shall provide an irrevocable Letter of Credit, from a bank
acceptable to the Landlord, equal to the first six month's gross
rent, in the amount of $224,595.00, upon lease execution.. After
the first year of rent payments the security deposit shall be
reduced to an amount equal to the first five month's gross rent.
Each year thereafter (for the next two years), the security deposit
amount will decrease by the equivalent of one month's rent. For
the remainder of the lease term a security deposit equal to three
(3) month's rent shall remain in the custody of Landlord to
guarantee the Tenant's performance under the lease.
Payment at Lease
Execution: First and last month's rent, plus sales tax, in the amount of
$91,731.27.
Utilities: Tenant shall be responsible for the cost of its utilities and trash
removal.
Construction
Allowance: Tenant shall accept the Premises in "as-is" condition, other than
the historic window replacement referenced above, which shall be
performed by Landlord.
Tenant Investment: As an added inducement to have City enter into the Lease, Tenant
covenants and agrees that it will invest, or cause to be invested,
no less than $500,000 in hard construction costs on/to the
Premises to insure that a first class restaurant is constructed.
We are•x fnrnil!ed to proi;dirht excellent public service and sales,in all who live.work and plcry in our vibrant,tropical,historic community.
Revised Letter of Intent
1555 Washington Avenue, Suites 1-3
April 28, 2015
Page 3 of 4
Construction
Escrow
And Guaranties: All plans and specifications for improvements shall be subject to
the approval of Landlord, as well as all the requisite regulatory
approvals. Following Lease execution, and issuance by the City
of Tenant's full building permit, and prior to commencement of
construction, Tenant shall execute a work letter and escrow
agreement, including a cash deposit, in the amount of the cost of
the work (as such amount is set forth in the construction contract
between Tenant and its General Contractor) for the build-out of
the Premises for the intended Use, which will be deposited into
Tenant's attorney's escrow account to guarantee the diligent and
timely prosecution of construction. At its sole discretion, the City
may also require that Tenant's General Contractor (G.C.) furnish
the City with a Construction Completion Guaranty, and/or require
Tenant's G.C. to furnish a Payment and Performance Bond (in a
form reasonably acceptable to and approved by the City),
guaranteeing the performance of the G.C. under the construction
contract. The City shall be named as a dual obligee under such
Bond. Additionally, Tenant shall be required to purchase Builder's
Rick insurance coverage.
Use: Fine dining restaurant
Agency Disclosure: Koniver Stern Group represents the Tenant exclusively in this
transaction and shall receive a commission from the City in the
event a lease is mutually executed and delivered, in the amount of
three percent (3%) of the total Base Rent obligation for the initial
Term. Said commission shall be paid in accordance with a
separate agreement which shall be subject to review and approval
by the City Attorney's Office.
Conditions: The terms and conditions of this Letter of Intent and any
negotiated lease will be subject to approval by the City of Miami
Beach Commission, and may require additional regulatory
approvals, depending upon the terms of said proposed lease.
This Letter of Intent is non-binding to either party, and may be
modified or withdrawn by the City, without notice, at any time.
Only a fully executed and delivered lease agreement, which shall
be negotiated in good faith by both parties, shall serve as a
binding agreement in this regard.
In addition, subject to the prior advance written approval of the
Landlord, and in the event that the commission adopts the
recommendations of the Washington Ave. Blue Ribbon Panel,
Tenant may include outdoor dining and may pursue valet parking
service in accordance with City code.
1'1%ore crnmil#e to(yowling cx:Cellent!_1lblic Service and safety to 1711 who live,work and play in cur vibrant,Iri;r•ico'l.historic communi!y. 0
Revised Letter of Intent
1555 Washington Avenue, Suites 1-3
April 28, 2015
Page 4 of 4
Financial Records: Landlord shall have the right to periodically review Tenant's
financial records and statement of operations no more than once
per year.
Please let me know if I can provide you with any additional information. I may be
reached at (305)673-7193.
Sincerely,
Mark M. Milisits, RPA
Asset Manager
Agreed to and Accepted by:
Tenant: A New Joint Venture With Principles Consisting Of:
Janet Suarez, Luis Hoyos and Juan Chipoco
c\\ % C,--Z ,
Sign: \ arn.)7 c )ti.to,LIA
Print:
Title: Pr i n o..-1' pa I
Date:
FARHCIMSALL\ECOM$ALIAASSETNAnchor_RetIBar-Be-Que Beach\Space For Lease(2015)1Revised Letter of Intent(4-
28-15).docx
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.
LANDLORD: Miami Beach Redevelopment Agency, a public body
corporate and politic
1700 Convention Center Drive
Miami Beach, Florida 33139
TENANT: Cubiche 105, LLC
501 Lincoln Road
Miami Beach, FL 33139
DATE OF EXECUTION: , 2015
i
ANCHOR_ SHOPS AT SOUTH BEACH ,
r; RETAIL LEASE
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EXHIBIT
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Anchor Shops Lease Agreement—Cubiche 105,LLC
(i)
LEASE SUMMARY
The following is a summary of basic lease provisions with respect to the Lease. It is an integral part of
the Lease, and terms defined or dollar amounts specified in this Summary shall have the meanings or amounts as
stated, unless expanded upon in the text of the Lease and its Exhibits, which are attached to and made a part of
this Summary.
1. Date of Lease Execution: , 2015.
2. "Landlord": Miami Beach Redevelopment Agency
3. Landlord's Address: Miami Beach Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Attention: Office of Real Estate
with a copy to:
City of Miami Beach
Miami Beach Redevelopment:Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Attention: Legal Department
4. "Tenant": Cubiche 105, LLC
5. Tenant's Address: 501 Lincoln Road
Miami Beach, FL 33139
6. "Guarantor": Cubiche 105, LLC (also see Section 17 of this Summary)
7. Guarantor's Address: 501 Lincoln Road
Miami Beach, FL 33139
8. Premises (section 1.1): 1555 Washington Avenue, Suites 1-3
Miami Beach, FL 33139
As shown on Exhibit"B"
9. Gross Rentable Area of
Premises (section 1.1): Approximately 7,130 square feet.
10. Gross Rentable Area of
Retail Space (section 1.1): Approximately 20,500 rentable square feet
11. Tenant's Proportionate
Share (section 2.4): 34.78%
12. Permitted Use of
Premises (section 3.1): Premises shall be used as a fine dining restaurant (and
subject to the prohibited uses described in Exhibit"D" to
the Lease).
Anchor Shops Lease Agreement—Cubiche 105,LLC
(ii)
i
13. Term of Lease (section 1.1): The Initial Lease Term shall commence on the date the
Lease is fully executed by Landlord and Tenant, as
contained on Page 1 of the Lease, ("Lease
Commencement Date") and shall end nine (9) years and
three hundred and sixty four (364) days following the
Rent Commencement Date, as defined below ("Lease
Expiration Date").
"Rent Commencement Date": The date Tenant's Work is
completed or two hundred and ten (210) days following
the Lease Commencement Date, whichever occurs
sooner. In addition, the rent abatement period will not
begin until the Landlord has completed the replacement
of the exterior windows located at the historic, north
section of the Premises.
"Renewal Options": Two (2) renewal options for five (5)
ears each, after t he,LeaserE-x iration Date of the:.Intial
, h
'fir �yK��v�is>>£ �,c'-'3r '��; }.y y lti: ,x,..r 9t u �h.�."�t r{,,�t>� .�.,.Sz.�` +. rti .fi
, th�>�4�x }� u £n . � Lease_Term. Tenant notify Landlord writing, no
}F rlA S g > r+a-e5., .Y :.{ Yr-:?.{v'�fi .-ra x-l ::w - t- ? r v i.
{<{ �, {p� later than one hundred- and eighty"(180�)_•days prior to
-: f]�•y Lease Expiration Date of its intention of exercising the
��{ -� �., ��°`. RRenewal Options) The Minimum Rent and annual
<>� ={ 'mg- :.a .increases shall be' adjusted to the then:current fair
't4 4 .market rate for each renewal period.
!..3:54._ �t}} `4�'-,vr'jy"f r f}+.. �' F '}{. it„,, �rv4' .>. ,*.-
- ..ve. i:.:r'• i {st .t7 rY} =3is'�' 4a:fF •. r,
14. '
"Minimum Rent2>2).1 �r p. �,
r - A` MONTHLY PAYMENT
=4` MONTHS A_. ANNUAL MINIMUM RENT •gti? (PLUS SALES TAB:
f: t r ry is-:6_- ,.. .ra.'.rr. ` ,1:1*::: s}>civ Rent:Commencement Date - {, �° �,
kim *Oar
I next su eding twelve months:0 � ; { ~'$399,280.001 111 $33,273 33
* Commencing on the first anniversary of`tlie Rent CommehcementDate, and at the beginning of each
succeeding year thereafter during the Term of the Lease, the Minimum Rent shall be increased annually in
increments of three (3%) annually.
15. Percentage Rental (section 2.3): N/A
I 16. Prepaid Rent(section 2.2): $93,257.67100,720.90 (includings applicable sales
tax) due upon execution of Lease; to be applied to first
and last full month's Minimum Rent due.
17. Security Deposit(section 2.7): Tenant shall provide an irrevocable Letter of Credit, from
a bank acceptable to the Landlord, equal to the first six
(6) month's gross rent (i.e. Minimum Rent and Cost
Pass-Throughs), in the amount of
$231,047.65249,799.55, upon lease execution.
Additionally, throughout the first year of rent payments,
the three (3) principals of Tenant (Janet Suarez, Luis
Hoyos and Juan Chipoco) shall provide a Personal
Guaranty, jointly and severally, equal to the first three (3)
month's gross rent (i.e. Minimum Rent and Cost Pass-
' Throughs), in the amount of$115,523.83124,899.78. So
long as Tenant has not been in default of the Lease,
Anchor Shops Lease Agreement—Cubiche 105,LLC
(iii)
after the first year of rent payments, the Personal
Guarantys shall be null and void and the remaining
Security Deposit shall be the Letter of Credit, equal to
the first six (6) month's gross rent (i.e. Minimum Rent
and Cost Pass-Throughs), in the amount of
$231,047.65249,799.55. So long as Tenant has not
been in default of the Lease, after the second year of
rent payments, the Letter of Credit shall be reduced to
three (3) month's gross rent (i.e. Minimum Rent and
Cost Pass-Throughs), in the amount of
$115,523.83124,899.78. For the remainder of the Lease
Term a security deposit equal to three (3) month's rent
shall remain in the custody of Landlord to guarantee the
Tenant's performance under the Lease.
18. Cost Pass-Throughs (CAM) (section 2.4): Proportionate share of Property Taxes, Maintenance and
Insurance on the Anchor Shops and Parking Garage.
i}! >. �' tip. *~ y 3 ` .��r✓ 4 }._..t fry } fir?.
'�i . ` COMMON AREA MAINTENANCE (CAM) <_
`n gg_zs{ zwr ,...., ... MONTHLY=/ANNUALK� :
LEASE YEAR:14. F COS r PER SQUARE D.®T* PAYMENT y
:IF lift
` 1 f r '` $6T8 110.07 = $5,234.61-,'_ "/
1 4;x , $62,815.30717912
,
':; 2-10 i' See Note(*) ' � w
See Note(*) :iYi
Renewal Periods{ . -See Note(*) }See Note(*) `
.' } :d� '. rte; ✓r _'- ._ '_
Note * The CAM rate shall be ad'usted onan annual basis to reflect the actual pro-rata share of Pro ert Taxes,
( )�r�: is� � Y.✓ s <�� ✓ .�. P P Y
Maintenance and Insurance costs incurred{.by the Landlord. during the previous calendar year. Controllable am
giAW expenses:, hereby defined as all expenses'other thanProperty Taxes, Insurance and utilities shallbe capped at
no more an a five4pe cent(5tarri.crease a ove theU evious year "
__...x { ham ,rr }
}_{ :3e tc.' z,r T.A� --::=:i:,1:_. - ._ ,.
19. Comprehensive General
Liability Insurance (section 6.1): $2,000,000.00
20. Monthly Promotional Charge
(section 13.1): N/A
21. Broker(s) (section 14.12): Koniver Stern Group represents the Tenant exclusively
in this transaction
22. Completion Date for Tenant's Work
(section 5.1): N/A
23. Trade Name (section 3.1): Cubiche 105
Anchor Shops Lease Agreement—Cubiche 105,LLC
(iv)
THIS LEASE (the "Lease"), dated the day of , 2015, is made between the
Miami Beach Redevelopment Agency, a public body corporate and politic (the "Landlord"), and Cubiche 105, LLC
a Florida limited liability corporation(the"Tenant").
RECITALS:
A. The Landlord is the fee simple owner of a certain facility (the"Facility") containing a
municipal parking garage and appurtenances containing approximately eight hundred (800) parking spaces
(the"Garage") and certain retail space (the"Retail Space") located in an area bounded by Washington and Collins
Avenues in the proximity of 16th Street, City of Miami Beach, Metropolitan Dade County, Florida, as more particularly
described in Exhibit"A,"attached hereto and made a part hereof(the"Land"). The Landlord is the fee simple owner
of the Land and the Facility.
B. Landlord and Tenant desire to enter into this Lease for a portion of the Retail Space, on
the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
hereby agree as follows:
ARTICLE I. TERM.
1.1 Grant; Term. In consideration of the performance by Tenant of its obligations under this Lease,
Landlord leases to Tenant, and Tenant leases from Landlord, for the Term, the "Premises." A site plan showing
the location of the Retail Space within the Facility, as well as the location of the Premises within the Retail Space,
is attached hereto and made a part hereof as Exhibit "B." The gross rentable area of the Premises and Retail
Space shown on the Lease Summary do not represent accurate measurements of the square footage contained
in the Premises or the Retail Space, but are mere estimates.
The "Term" of the Lease is the period from the Commencement Date as specified in the Lease
Summary, through the Expiration Date, as specified in the Lease Summary.
1.2. Landlord's Work. Tenant acknowledges and agrees that it is accepting possession of the
Premises in as-is condition and that, except as otherwise expressly hereinafter set forth, Landlord has no
obligation to furnish, render, or supply any money, work, labor, material, fixture, equipment, or decoration with
respect to the Premises. Notwithstanding the foregoing, Landlord shall replace the exterior windows located at
the historic, north section of the Premises. Furthermore, Landlord shall perform waterproofing and painting to
portions of the exterior of the Facility.
ARTICLE II. RENT.
2.1 Covenant to Pay. Tenant shall pay to Landlord all sums due hereunder from time to time from the
Rent Commencement Date without prior demand, together with all applicable Florida sales tax thereon; however,
unless otherwise provided in this Lease, payments other than Tenant's regular monthly payments of Minimum
Rent shall be payable by Tenant to Landlord within ten (10) days following written demand. All rent or other
charges that are required to be paid by Tenant to Landlord shall be payable at Landlord's address indicated on
the Lease Summary. Minimum Rent and additional rent (which is all sums payable to Landlord other than
Minimum Rent) for any "Lease Year" consisting of less than twelve (12) months shall be prorated on a per diem
basis, based upon a period of 365 days. "Lease Year" means the twelve(12) full calendar months commencing
on the Commencement Date. However, the final Lease Year may contain less than twelve (12) months due to
expiration or sooner termination of the Term. Tenant agrees that its covenant to pay rent and all other sums under
this Lease is an independent covenant and that all such amounts are payable without counterclaim, set-off,
deduction, abatement, or reduction whatsoever, except as expressly provided for in this Lease.
2.2 Minimum Rent. Subject to any escalation which may be provided for in this Lease, Tenant shall
pay Minimum Rent for the Term in the initial amount specified in the Lease Summary, which, except for the first
and last installment, shall be payable throughout the Term in equal monthly installments in advance on the first
day of each calendar month of each year of the Term, such monthly installments to be in the amounts (subject to
escalation) specified in the Lease Summary. The first and last monthly installments of Minimum Rent shall be
due upon lease execution. The Minimum Rent described above shall be adjusted during the Term of this Lease
as provided in the Lease Summary.
2.3. Percentage Rental. Intentionally Omitted.
2.4 Operating Costs; Taxes. Tenant shall remit together with regular monthly payments of Minimum
Rent, its proportionate share of Common Area Maintenance (CAM) payments as determined in Section 18 of the
Lease Summary.
2.5 Payment of Personal Property Taxes; Sales Tax Reports. Tenant shall pay, when due, all taxes
attributable to the personal property, trade fixtures, business, occupancy, or sales of Tenant or any other
occupant of the Premises and to the use of the Retail Space by Tenant or such other occupant. Tenant shall
provide Landlord with copies of Tenant's sales tax reports provided to the State of Florida, as and when such
reports are provided to the State. Landlord shall have the right to disclose such reports to any person or entity
having an interest or prospective interest in the Retail Space.
2.6 Rent Past Due. If any payment due from Tenant shall be overdue more than five(5) business
days, a late charge of five (5%) percent of the delinquent sum may be charged by Landlord. If any payment due
from Tenant shall remain overdue for more than fifteen (15)days, an additional late charge in an amount equal to
the lesser of the highest rate permitted by law or one and one-half(1 1/2%) percent per month (eighteen (18%)
percent per annum) of the delinquent amount may be charged by Landlord, such charge to be computed for the
entire period for which the amount is overdue and which shall be in addition to and not in lieu of the five (5%)
percent late charge or any other remedy available to Landlord.
2.7 Security Deposit. Landlord acknowledges receipt of a security deposit in the amount specified on
the Lease Summary to be held by Landlord, without any liability for interest thereon, as security for the
performance by Tenant of all its obligations under this Lease. Landlord shall be entitled to commingle the security
deposit with Landlord's other funds. If Tenant defaults in any of its obligations under this Lease, Landlord may at
its option, but without prejudice to any other rights which Landlord may have, apply all or part of the security
deposit to compensate Landlord for any loss, damage, or expense sustained by Landlord as a result of such
default. If all or any part of the security deposit is so applied, Tenant shall restore the security deposit to its
original amount on demand of Landlord. Subject to the provisions of section 2.4, within thirty(30) days following
termination of this Lease, if Tenant is not then in default, the security deposit will be returned by Landlord to
Tenant.
Notwithstanding the foregoing, for purposes of the security deposit described in the Lease Summary and
the above paragraph, Tenant, at its option, shall have the right to post an irrevocable, unconditional, and
transferable Letter of Credit, which Letter of Credit shall comply with the provisions of Exhibit "2.7," attached
hereto and made a part hereof. If Tenant delivers the Letter of Credit to Landlord, then Landlord will return the
cash security deposit promptly after Landlord's receipt of the Letter of Credit.
2.8 Landlord's Lien. To secure the timely construction and installation of all improvements to the
Premises by tenant and to secure the payment of all rent and other sums of money due and to become due
hereunder and the faithful performance of this Lease by Tenant, Tenant hereby gives to Landlord an express first
and prior contract lien and security interest on all property now or hereafter acquired (including fixtures,
equipment, chattels, and merchandise) which may be placed in the Premises and also upon all proceeds of any
insurance which may accrue to Tenant by reason of destruction of or damage to any such property. Such
property shall not be removed therefrom without the written consent of Landlord until all arrearages in rental and
other sums of money then due to Landlord hereunder shall first have been paid; provided, Tenant may operate its
business in the ordinary course and the removal of merchandise from the Premises by customers of Tenant shall
not be a default under this section. All exemption laws are hereby waived in favor of said lien and security
interest. This lien and security interest is given in addition to Landlord's statutory lien and shall be cumulative
2
thereto. Landlord shall, in addition to all of its rights hereunder, also have all of the rights and remedies of a
secured party under the Uniform Commercial Code as adopted in the State in which the Premises is located. To
the extent permitted by law, this Lease shall constitute a security agreement under Article 9 of the Florida Uniform
Commercial Code.
ARTICLE III. USE OF PREMISES.
3.1 Permitted Use. The Premises shall be used and occupied only as a fine dining restaurant, as
specified in the Lease Summary. The business of Tenant in the Premises shall be carried on under the name
specified in the Lease Summary and under no other name unless approved by Landlord in writing. Tenant shall
carry on its business on the Premises in a reputable manner and shall not do, omit, permit, or suffer to be done or
exist upon the Premises anything which shall result in a nuisance, hazard, or bring about a breach of any
provision of this Lease or any applicable municipal or other governmental law or regulation, or would otherwise be
inconsistent with a first-class retail center or incompatible with retail uses ancillary to a first-class convention
center hotel. Tenant shall observe all reasonable rules and regulations established by Landlord from time to time
for the Retail Space. The rules and regulations in effect as of the date hereof are attached to and made a part of
this Lease as Exhibit"C." Landlord will provide a copy of any amendments to the rules and regulations at least
seven (7) days prior to the effective date of any such amendments. Tenant shall display such name as Landlord
may from time to time designate for the Retail Space in its stationery used upon the Premises, and in material
which is given, visible, or available to customers of Tenant. Tenant shall promote such name in any
advertisements or promotional material published or initiated by Tenant in regard to its business from the
Premises. The names for the Retail Space and the project of which the Retail Space is a part, which Landlord
may from time to time adopt, and every name or mark adopted by Landlord in connection with the Retail Space
shall be used by Tenant only in association with the business carried on in the Premises during the Term and
Tenant's use thereof shall be subject to such reasonable regulation as Landlord may from time to time impose.
3.2 Compliance with Laws. The Premises shall be used and occupied in a safe, careful, and proper
manner so as not to contravene any present or future laws, rules, regulations, constitutions, orders, ordinances,
charters, statutes, codes, executive orders, and requirements of all governmental authorities having jurisdiction over
the Premises or any street, road, avenue, or sidewalk comprising a part of, or lying in front of, the Premises or any
vault in or under the Premises (including, without limitation, any of the foregoing relating to handicapped access or
parking, the local building codes, and the laws, rules, regulations, orders, ordinances, statutes, codes, and
requirements of any applicable Fire Rating Bureau or other body exercising similar functions), the temporary and/or
permanent certificate or certificates of occupancy issued for the Premises as then in force, and any and all provisions
and requirements of any property, casualty, or other insurance policy required to be carried by Tenant under this
Lease. If due to Tenant's use of the Premises repairs, improvements, or alterations are necessary to comply with
any of the foregoing, Tenant shall pay the entire cost thereof.
3.3 Signs. Tenant, at Tenant's expense, shall erect and maintain identification signage upon the
storefront of the Premises. The design and specification of such signage shall be subject to Landlord's sign
criteria as adopted from time to time and such design and specification (including camera-ready artwork) shall be
submitted for Landlord's prior approval. Except with the prior written consent of Landlord, Tenant shall not erect,
install, display, inscribe, paint, or affix any signs, lettering, or advertising medium upon or above any exterior
portion of the Premises or in or on Tenant's storefront or storefront window. Landlord's signage criteria is attached
hereto and made a part hereof as Exhibit"E."
3.4 Environmental Provisions.
(a) Tenant shall not knowingly incorporate into, use, or otherwise place or dispose of at the
Premises or in the Retail Space (or allow others to incorporate into, use, or otherwise place or dispose of at the
Premises or in the Retail Space) any Hazardous Materials, as hereinafter defined, unless (i) such Hazardous
Materials are for use in the ordinary course of business (i.e., as with office or cleaning supplies), (ii) notice of and
a copy of the current material safety data sheet is provided to Landlord for each such Hazardous Material (except
for Hazardous Materials used by Tenant in the ordinary course of business (i.e., as with office or cleaning
supplies)), and (iii) such materials are handled and disposed of in accordance with all applicable governmental
3
laws, rules, and regulations. If Landlord or Tenant ever has knowledge of the presence in the Premises or the
Retail Space of Hazardous Materials which affect the Premises, such party shall notify the other thereof in writing
promptly after obtaining such knowledge. For purposes of this Lease, "Hazardous Materials" shall mean:
(a)petroleum and its constituents; (b)radon gas, asbestos in any form which is or could become friable, urea
formaldehyde foam insulation, transformers or other equipment which contain dielectric fluid containing levels of
polychlorinated biphenyls in excess of federal, state or local safety guidelines, whichever are more stringent; (c)any
substance, gas, material or chemical which is or may hereafter be defined as or included in the definition of
"hazardous substances," "hazardous materials," "hazardous wastes," "pollutants or contaminants," "solid wastes," or
words of similar import under any applicable governmental laws, rules, and regulations including, but not limited to,
the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. §9061 et
seq.; the Hazardous Materials Transportation Act, as amended, 49 U.S.C. § 1801, et seq.; the Resource
Conservation and Recovery Act, as amended, 42 U.S.C. §6901, et seq.; the Federal Water Pollution Control Act, as
amended, 33 U.S.C. § 1251, et seq.; and Florida Statutes, Chapters 376 and 403; and (d)any other chemical,
material, gas, or substance, the exposure to or release of which is regulated by any governmental or
quasi-governmental entity having jurisdiction over the Retail Space or the operations thereon.
(b) If Tenant or its employees, agents, or contractors shall ever violate the provisions of
subsection (a), above, then Tenant shall clean-up, remove, and dispose of the Hazardous Material causing the
violation, in compliance with all applicable governmental standards, laws, rules, and regulations and repair any
damage to the Premises or Retail Space within such period of time as may be reasonable under the
circumstances afterwritten notice by Landlord, provided that such work shall commence not later than thirty(30)
days from such notice and be diligently and continuously carried to completion by Tenant or Tenant's designated
contractors. Tenant shall notify Landlord of its method, time, and procedure for any clean-up or removal of
Hazardous Materials under this provision; and Landlord shall have the right to require reasonable changes in
such method, time, or procedure or to require the same to be done after normal business hours or when the
Retail Space is otherwise closed (i.e., holidays) if reasonably required for the protection of other tenants or
occupants of the Retail Space.
(c) Tenant agrees to defend, indemnify, and hold harmless Landlord, and the City of Miami
Beach (the"City") against any and all claims, costs, expenses, damages, liability, and the like, which Landlord
may hereafter be liable for, suffer, incur, or pay arising under any applicable environmental laws, rules, and
regulations and resulting from or arising out of any breach of the covenants contained in this section 3.4, or out of
any act, activity, or violation of any applicable environmental laws, rules, and regulations on the part of Tenant, its
agents, employees, or assigns. Tenant's liability under this section 3.4 shall survive the expiration or any
termination of this Lease.
3.5 Hours; Continued Occupancy. During the Term, Tenant shall conduct its business in the
Premises, at a minimum, on all days and during all hours established by Landlord from time to time as store hours
for the Retail Space. Tenant may conduct business on the Premises, in addition to the foregoing times, in
Tenant's reasonable judgment in order to maximize sales from the Premises, at Tenant's sole expense.
However, Landlord shall not be responsible for providing common area or other services during such additional
hours. Tenant shall open the whole of the Premises for business to the public, fully fixtured, stocked, and staffed
within 60 days of the Completion Date set forth in item 22 of the Lease Summary, and shall continuously, actively,
and diligently carry on the business specified in section 3.1 on the whole of the Premises during the Term, during
such hours and upon such days as are herein required, except when prevented from doing so by force majeure.
Tenant acknowledges that its continued occupancy of the Premises and the regular conduct of its business
therein are of utmost importance to neighboring tenants and to Landlord in the renting of space in the Retail
Space, the renewal of other leases therein, the efficient and economic supply of services and utilities. Tenant
acknowledges that Landlord is executing this Lease in reliance thereupon and that the same is a material element
inducing Landlord to execute this Lease. Tenant shall not keep or display any merchandise on or otherwise
obstruct the common areas and shall not sell, advertise, conduct, or solicit business anywhere within the Retail
Space other than in the Premises. Tenant shall ship and receive supplies, fixtures, equipment, furnishings, wares,
and merchandise only through the appropriate service and delivery facilities provided by Landlord; and shall not
park its trucks or other delivery vehicles or allow suppliers or others making deliveries to or receiving shipments
from the Premises to park in the parking areas, except in those parts thereof as may from time to time be
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allocated by Landlord for such purpose. Tenant shall maintain available a substantial stock of goods, wares, and
merchandise adequate to ensure successful operation of Tenant's business, and shall employ and maintain sales
and other personnel sufficient at all times for proper service to customers.
3.6 Prohibited Uses. Notwithstanding any other provisions of this Lease, Tenant shall not use the
Premises nor permit them to be used for any of the following purposes: (A)for the sale by Tenant, as its principal
business purpose, of any merchandise which Tenant, in the course of its normal business practice, purchases at
manufacturers' clearances or purchases of ends-of-runs, bankruptcy stock, seconds, or other similar
merchandise; (B)for the sale of second-hand goods, war surplus articles, insurance salvage stock, fire sale stock,
• merchandise damaged by or held out to be damaged by fire, except merchandise damaged by fire or smoke
occurring in the Retail Space, and then only for thirty(30) days after the date of any such damage; (C) as an
auction or flea market; (D)for a bankruptcy sale or going-out-of-business sale or liquidation sale or any similar
sale, unless Tenant is in fact in bankruptcy or is going out of business or is in liquidation, in which case such sale
shall not continue beyond thirty(30) days; (E)a business primarily used for an order office, mail order office, or
catalogue store; or (F)any business in which Tenant is engaged in intentionally deceptive or fraudulent
advertising or selling practices or any other act or business practice contrary to honest retail practices.
3.7 Intentionaly Omitted.
3.8 Exclusive Use. So long as Tenant is in actual occupancy of the Premises and using the
Premises for the permitted use set forth in the Lease Summary, Landlord agrees not to enter into any leases for
space in the Retail Space with persons or entities whose primary business at the Retail Space would be the sale
of athletic and/or other types of sporting footwear, retail apparel and related general merchandise.
ARTICLE IV. ACCESS AND ENTRY.
4.1 Right of Examination. Landlord shall be entitled at all reasonable times and upon reasonable
written notice, not less than 24 hours (but no notice is required in emergencies)to enter the Premises to examine
them if Landlord reasonably believes that Tenant is not complying with any of its obligations hereunder; to make
such repairs, alterations, or improvements thereto as Landlord considers necessary or reasonably desirable; to
have access to underfloor facilities and access panels to mechanical shafts and to check, calibrate, adjust, and
balance controls and other parts of the heating, air conditioning, ventilating, and climate control systems. Landlord
reserves to itself(and others acting on behalf of Landlord including, without limitation, the City) the right to install,
maintain, use, and repair pipes, ducts, conduits, vents, wires, and other installations leading in, through, over, or
under the Premises and for this purpose, Landlord may take all material into and upon the Premises which is
required therefor. Tenant shall not unduly obstruct any pipes, conduits, or mechanical or other electrical
equipment so as to prevent reasonable access thereto. Landlord reserves the right to use all exterior walls and
roof area. Landlord shall exercise its rights under this section, to the extent possible in the circumstances, in such
manner so as to minimize interference with Tenant's use and enjoyment of the Premises and Tenant's property.
4.2 Right to Show Premises. Landlord and its agents have the right to enter the Premises at all
reasonable times and upon reasonable written notice not less than 24 hours to show them to prospective
purchasers, lenders, or anyone having a prospective interest in the Retail Space, and, during the last six(6)
months of the Term (or the last six(6) months of any renewal term if this Lease is renewed), to show them to
prospective tenants. Landlord shall exercise its rights under this section, to the extent possible in the
circumstances, in such manner so as to minimize interference with Tenant's use and enjoyment of the Premises
and Tenant's property.
ARTICLE V. INITIAL CONSTRUCTION; MAINTENANCE, REPAIRS, AND ALTERATIONS.
5.1. Tenant's Construction Obligations.
(a) Subject to the provisions hereof, Tenant shall, at its expense, cause the construction and
installation of all improvements to the Premises in accordance with Tenant's Plans, as hereinafter defined, and as
necessary to permit Tenant to occupy same and conduct normal business operations (such improvements being
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•
referred to herein as ("Tenant's Work"). The plans for such improvements shall be submitted to the Landlord for
the Landlord's prior written consent, which will not be unreasonably withheld or delayed. Tenant covenants and
agrees that it will invest, or cause to be invested, no less than $500,000 in hard construction costs on/to the
Premises to insure that a first class restaurant is constructed.
(b) All permanent (fixed) improvements to the Premises shall remain the property of the Landlord
upon termination of the Lease. Upon the lawful termination of the Lease, all personal property and trade fixtures
may be removed by the Tenant from the Premises without damage to the Premises.
(c) Any damage to the existing finishes of the Retail Space shall be patched and repaired by Tenant,
at its expense, and all such work shall be done to Landlord's satisfaction. If any patched and painted area does
not match the original surface, then the entire surface shall be repainted at Tenant's expense. Tenant agrees to
indemnify and hold harmless Landlord, its agents, and employees from and against any and all costs, expenses,
damage, loss, or liability, including, but not limited to, reasonable attorneys' fees and costs, which arise out of, is
occasioned by, or is in any way attributable to the build-out of the Premises or any subsequent improvements or
alterations by Tenant pursuant to this Lease. Tenant, at its expense, shall be responsible for the maintenance,
repair, and replacement of any and all items constructed by Tenant's contractor.
(d) Tenant shall not alter the existing fire alarm system in the Premises or the Retail Space. Tenant's
Plans shall include detailed drawings and specifications for the design and installation of Tenant's fire alarm (and
security) system(s) for the Premises. Such system(s) shall meet all appropriate building code requirements, and
the fire alarm system shall, at Tenant's expense, be integrated into Landlord's fire alarm system for the Retail
Space. (Landlord is not required to provide any security system.) Landlord's electrical contractor and/or fire alarm
contractor shall, at Tenant's expense, make all final connections between Tenant's and Landlord's fire alarm
systems. Tenant shall insure that all work performed on the fire alarm system shall be coordinated at the job site
with the Landlord's representative.
(e) Tenant will permit no liens to attach to the Premises arising from, connected with or related to the
construction of the improvements. Moreover, such construction shall be accomplished through the use of
licensed, reputable contractors who are acceptable to Landlord. Any and all permits and or licenses required for
the installation of improvements shall be the sole responsibility of Tenant.
(f) The above requirements for submission of plans and the use of specific contractors shall not
apply to improvements, maintenance or repairs which do not exceed $20,000.00, provided that the work is not
structural, and provided that it is permitted by applicable law.
(g) Landlord acknowledges that the Current Tenant has made improvements and had signage
installed prior to the execution of this Lease Agreement, and as such, said improvements and signage are
acceptable to Landlord, to the extent that same were properly permitted, and done in compliance with all
applicable building codes, and any other Municipal, County, State and Federal laws.
5.1.1. Tenant's Construction Escrow and Guaranties. Following Lease execution, and issuance by the
City of Tenant's full building permit, and prior to commencement of construction, Tenant shall execute a work
letter and escrow agreement, including a cash deposit, in the amount of the cost of the work (as such amount is
set forth in the construction contract between Tenant and its General Contractor)for the build-out of the Premises
for the intended Use, which will be deposited into Tenant's attorney's escrow account to guarantee the diligent
and timely prosecution of construction. At its sole discretion, the City may also require that Tenant's General
Contractor (G.C.) furnish the City with a Construction Completion Guaranty, and/or require Tenant's G.C. to
furnish a Payment and Performance Bond (in a form reasonably acceptable to and approved by the City),
guaranteeing the performance of the G.C. under the construction contract. The City shall be named as a dual
obligee under such Bond. Additionally, Tenant shall be required to purchase Builder's Risk insurance coverage.
5.2 Maintenance and Repairs by Landlord. It is hereby acknowledged and agreed that Landlord shall
maintain and repair certain portions of the Retail Space as delineated in Exhibit "F" hereto. Tenant will notify in
writing of any necessary repairs that are the obligation of Landlord. Landlord shall not be responsible for any
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damages caused to Tenant by reason of failure of any equipment or facilities serving the Retail Space or delays in
the performance of any work for which the Landlord is responsible to perform pursuant to this Lease.
Notwithstanding any other provisions of this Lease, if any part of the Retail Space is damaged or destroyed or
requires repair, replacement, or alteration as a result of the act or omission of Tenant, its employees, agents,
invitees, licensees, or contractors, Landlord shall have the right to perform same and the cost of such repairs,
replacement, or alterations shall be paid by Tenant to Landlord upon demand. In addition, if, in an emergency, it
shall become necessary to make promptly any repairs or replacements required to be made by Tenant, Landlord
may re-enter the Premises and proceed forthwith to have the repairs or replacements made and pay the costs
thereof. Upon demand, Tenant shall reimburse Landlord for the cost of making the repairs. Landlord shall
exercise its rights under this section in a manner so as to minimize any disruption or interference with the
operation of Tenant's business and property.
5.3 Maintenance and Repairs by Tenant. Tenant shall, at its sole cost, repair and maintain the
Premises, all to a standard consistent with a first class retail center, with the exception of base building,
mechanical and electrical systems, roof and foundation, which are the obligation of the Agency Landlord pursuant
to this Lease. Without limiting the generality of the foregoing, Tenant is specifically required to maintain and make
repairs to (i)the portion of any pipes, lines, ducts, wires, or conduits contained within the Premises; (ii)windows,
plate glass, doors, and any fixtures or appurtenances composed of glass (including, without limitation, interior and
exterior washing of windows and plate glass and the installation of hurricane shutters as provided by the
Landlord); (iii)Tenant's sign; (iv)any heating or air conditioning equipment serving the Premises ("HVAC") (which
shall include, without limitation, a preventive maintenance HVAC service contract. Such service contract shall
include, without limitation, preventive HVAC maintenance no less than quarterly); and (v)the Premises or the
Retail Space when repairs-to the same are necessitated by any act or omission of Tenant, or the failure of Tenant
to perform its obligations under this Lease. All repair and maintenance performed by Tenant in the Premises shall
be performed by contractors or workmen designated or approved by Landlord, which approval shall not be
unreasonably withheld or delayed. At the expiration or earlier termination of the Term, Tenant shall surrender the
Premises to Landlord in as good condition and repair as Tenant is required to maintain the Premises throughout
the Term, reasonable wear and tear excepted. Tenant shall also furnish, maintain, and replace all electric light
bulbs, tubes, and tube casings located within or serving the Premises and Tenant's signage, all at Tenant's sole
cost and expense.
5.4 Approval of Tenant's Alterations. Unless otherwise provided herein, No alterations (including,
without limitation, improvements, additions, or modifications to the Premises) shall be made by Tenant to the
Premises without Landlord's prior written approval, which, as to exterior or structural alterations may be withheld
in Landlord's sole discretion. Any alterations by Tenant shall be performed at the sole cost of Tenant, by
contractors and workmen approved by Landlord, which approval shall not be unreasonably withheld or delayed, in
a good and workmanlike manner, and in accordance with all applicable laws and regulations.
5.5 Removal of Improvements and Fixtures. All leasehold improvements and fixtures (other than
unattached, movable trade fixtures which can be removed without damage to the Premises) shall at the expiration
or earlier termination of this Lease become Landlord's property. Tenant may, during the Term, in the usual course
of its business, remove its trade fixtures, provided that Tenant is not in default under this Lease; and Tenant shall,
at the expiration or earlier termination of the Term, at its sole cost, remove such of the leasehold improvements
(except for improvements installed by Landlord prior to the Commencement Date) and trade fixtures in the
Premises as Landlord shall require to be removed and restore the Premises to the condition existing prior to such
removal. Tenant shall at its own expense repair any damage caused to the Retail Space by such removal. If
Tenant does not remove its trade fixtures at the expiration or earlier termination of the Term, the trade fixtures
shall, at the option of Landlord, become the property of Landlord and may be removed from the Premises and
sold or disposed of by Landlord in such manner as it deems advisable without any accounting to Tenant.
5.6 Liens. Tenant shall promptly pay for all materials supplied and work done in respect of the
Premises by, through, or under Tenant so as to ensure that no lien is recorded against any portion of the Retail
Space or against Landlord's or Tenant's interest therein. If a lien is so recorded, Tenant shall discharge it
promptly by payment or bonding. If any such lien against the Retail Space or Landlord's interest therein is
recorded and not discharged by Tenant as above required within fifteen (15) days following written notice to
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Tenant, Landlord shall have the right to remove such lien by bonding or payment and the cost thereof shall be
paid immediately from Tenant to Landlord. Landlord and Tenant expressly agree and acknowledge that no
interest of Landlord in the Premises or the Retail Space shall be subject to any lien for improvements made by
Tenant in or for the Premises, and Landlord shall not be liable for any lien for any improvements made by Tenant,
such liability being expressly prohibited by the terms of this Lease. In accordance with applicable laws of the
State of Florida, Landlord has filed in the public records of Dade County, Florida, a public notice containing a true
and correct copy of this paragraph, and Tenant hereby agrees to inform all contractors and material suppliers
performing work in or for or supplying materials to the Premises of the existence of said notice.
5.7 Utilities. Tenant shall pay to Landlord, or as Landlord directs, all gas, electricity, water, and other
utility charges applicable to the Premises as separately metered. Tenant shall, at its own cost, install, maintain
and repair, as required, its electrical meter for the Premises. In addition, Tenant's electrical equipment and
lighting shall be restricted to that equipment and lighting which individually does not have a rated capacity and/or
design load greater than the rated capacity and/or design load of the Retail Space. If Tenant's consumption of
electrical services exceeds either the rated capacity and/or design load of the Retail Space, then Tenant shall
remove the equipment and/or lighting to achieve compliance within ten (10) days after receiving written notice
from Landlord, or such equipment and/or lighting may remain in the Premises, so long as (a)Tenant shall pay for
all costs of installation and maintenance of submeters, wiring, air-conditioning, and other items required by
Landlord, in Landlord's reasonable discretion, to accommodate Tenant's excess design loads and capacities; and
(b)Tenant shall pay to Landlord, within thirty(30) days after rendition of a bill, the cost of the excess consumption
of electrical service at the rates charged to Landlord by Florida Power & Light, which shall be in accordance with
any applicable laws.
ARTICLE VI. INSURANCE AND INDEMNITY.
6.1 Tenant's Insurance. Tenant shall, throughout the Term (and any other period when Tenant is in
possession of the Premises), maintain at its sole cost the following insurance:
(A) All risks property insurance, containing a waiver of subrogation rights which Tenant's
insurers may have against Landlord and against those for whom Landlord is in law responsible including, without
limitation, its directors, officers, agents, and employees, and (except with respect to Tenant's chattels)
incorporating a standard New York mortgagee endorsement (without contribution). Such insurance shall insure
property of every kind owned by Tenant in an amount not less than the full replacement cost thereof (new), with
such cost to be adjusted no less than annually. Such,policy shall include as additional insureds Landlord and its
affiliates and any mortgagee of Landlord, the City, and any mortgagee of the Landlord in connection with a mortgage
on the Facility.
(B) Comprehensive general liability insurance. Such policy shall contain inclusive limits per
occurrence of not less than the amount specified in the Lease Summary; provide for severability of interests; and
include as additional insureds Landlord and its affiliates and any mortgagee of Landlord, the City, and any
mortgagee of Landlord in connection with a mortgage on the Facility.
(C) Worker's compensation and employer's liability insurance in compliance with applicable
legal requirements.
(D) Business interruption insurance, sufficient to insure Tenant for no less than one (1) full
year of loss of business, with the Landlord named thereon as loss payee to the extent permitted by applicable law.
(E) Any other form of insurance which Tenant or Landlord, acting reasonably, requires from
time to time in form, in amounts, and for risks against which a prudent tenant would insure, but in any event not
less than that carried by comparable retail establishments in Dade County, Florida.
All policies referred to above shall: (i) be taken out with insurers licensed to do business in
Florida and reasonably acceptable to Landlord; (ii) be in a form reasonably satisfactory to Landlord; (iii) be
non-contributing with, and shall apply only as primary and not as excess to any other insurance available to
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Landlord or any mortgagee of Landlord; (iv)contain an undertaking by the insurers to notify Landlord by certified
mail not less than thirty(30)days prior to any material change, cancellation, or termination, and (v)with respect to
subsection (A), contain replacement cost, demolition cost, and increased cost of construction endorsements.
Certificates of insurance on Landlord's standard form or, if required by a mortgagee, copies of such insurance
policies certified by an authorized officer of Tenant's insurer as being complete and current, shall be delivered to
Landlord promptly upon request. If Tenant fails to take out or to keep in force any insurance referred to in this
section 6.1, or should any such insurance not be approved by either Landlord or any mortgagee, and Tenant does
not commence and continue to diligently cure such default within two (2) business days after written notice by
Landlord to Tenant specifying the nature of such default, then Landlord has the right, without assuming any
obligation in connection therewith, to effect such insurance at the sole cost of Tenant and all outlays by Landlord
shall be paid by Tenant to Landlord as additional rent without prejudice to any other rights or remedies of Landlord
under this Lease. Tenant shall not keep or use in the Premises any article which may be prohibited by any fire or
casualty insurance policy in force from time to time covering the Premises or the Retail Space. Landlord
represents that Tenant's permitted use doesn't violate any policy carried by the Landlord.
6.2 Loss or Damage. Tenant acknowledges that the Landlord will be performing any maintenance
and repairs required of Landlord hereunder. Landlord shall not be liable for any death or injury arising from or out
of any occurrence in, upon, at, or relating to the Retail Space or damage to property of Tenant or of others located
on the Premises or elsewhere in the Retail Space, nor shall it be responsible for any loss of or damage to any
property of Tenant or others from any cause, unless such death, injury, loss, or damage results from the gross
negligence or willful misconduct of Landlord. Without limiting the generality of the foregoing, Landlord shall not be
liable for any injury or damage to persons or property resulting from fire, explosion, falling plaster, falling ceiling
tile, falling fixtures, steam, gas, electricity, water, rain, flood, or leaks from any part of the Premises or from the
pipes, sprinklers, appliances, plumbing works, roof, windows, or subsurface of any floor or ceiling of the Retail
Space or from the street or any other place or by dampness, or by any other cause whatsoever, unless resulting
from the gross negligence or willful misconduct of Landlord. Tenant agrees to indemnify Landlord and hold it
harmless from and against any and all loss (including loss of Minimum Rent and additional rent payable in respect
to the Premises), claims, actions, damages, liability, and expense of any kind whatsoever (including attorneys'
fees and costs at all tribunal levels), unless caused by the gross negligence or willful misconduct of Landlord,
arising from any occurrence in, upon, or at the Premises, or the occupancy, use, or improvement by Tenant or its
agents or invitees of the Premises or any part thereof, or occasioned wholly or in part by any act or omission of
Tenant its agents, employees, and invitees or by anyone permitted to be on the Premises by Tenant.
6.3 Waiver of Subrogation. Landlord and Tenant each hereby waives on behalf of itself and its
insurers (none of which shall ever be assigned any such claim or be entitled thereto due to subrogation or
otherwise)any and all rights of recovery, claim, action, or cause of action, against the other, its agents, officers, or
employees, for any loss or damage that may occur to the Premises, or any improvements thereto or the Retail
Space, or any improvements thereto, or any personal property of such party therein, by reason of fire, the
elements, or any other causes which are, or could or should be insured against under the terms of the standard
fire and extended coverage insurance policies referred to in this Lease, regardless of whether such insurance is
actually maintained and regardless of the cause or origin of the damage involved, including negligence of the
other party hereto, its agents, officers, or employees. Landlord and Tenant shall each obtain from their respective
insurers, under all policies of fire, theft, public liability, worker's compensation, and other insurance maintained by
either of them at any time during the term hereof insuring or covering the Retail Space or any portion thereof or
operations therein, a waiver of all rights of subrogation which the insurer of one party might have against the other
party, and Landlord and Tenant shall each indemnify, defend, and hold harmless the other against any loss or
expense, including reasonable attorneys' fees (appellate or otherwise) resulting from the failure to obtain such
waiver.
ARTICLE VII. DAMAGE AND DESTRUCTION.
7.1 Damage to Premises. Tenant acknowledges that if the Premises are partially or totally destroyed
due to fire or other casualty, any repairs to or rebuilding of the damaged portions of the Retail Space will be
performed by Landlord and in any event only to the extent that Landlord is required to repair or rebuild the Retail
Space. If Landlord repairs or rebuilds, Rent shall abate proportionately to the portion of the Premises, if any,
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rendered untenantable from the date of destruction or damage until the repairs have been substantially
completed. Upon being notified that the repairs have been substantially completed, Tenant shall diligently
perform all other work required to fully restore the Premises for use in Tenant's business, in every case at
Tenant's cost and without any contribution to such cost by Landlord, whether or not Landlord has at any time
made any contribution to the cost of supply, installation, or construction of leasehold improvements in the
Premises. Tenant agrees that during any period of reconstruction or repair of the Premises, it will continue the
operation of its business within the Premises to the extent practicable. If all or any part of the Premises shall be
damaged by fire or other casualty and the fire or other casualty is caused by the fault or neglect of Tenant or
Tenant's agents, guest, or invitees, rent and all other charges shall not abate.
7.2 Termination for Damage. Notwithstanding section 7.1, if damage or destruction which has
occurred to the Premises or the Retail Space is such that in the reasonable opinion of Landlord such
reconstruction or repair cannot be completed within one hundred twenty(120) days of the happening of the
damage or destruction, Landlord or Tenant may, at its option, terminate this Lease on notice to the other given
within thirty(30) days after such damage or destruction and Tenant shall immediately deliver vacant possession
of the Premises in accordance with the terms of this Lease.
In addition, if Landlord undertakes the reconstruction or repair, and does not complete same within
nine(9) months after the date of the fire or other casualty (subject to the time required to prepare plans for
reconstruction, to obtain building permits, to receive distribution of insurance proceeds, and to complete the likely
contract bidding process and all other relevant factors, but not to exceed an additional ninety(90) days), then
Tenant shall have the right to terminate this Lease by written notice to Landlord delivered within thirty(30) days
after the expiration of such nine (9) month period (or as extended), whereupon both parties shall be relieved of all
further obligations hereunder, except as otherwise expressly set forth herein.
ARTICLE VIII. ASSIGNMENT, LEASES, AND TRANSFERS.
8.1 Transfer by Tenant. Tenant shall not enter into, consent to, or permit any Transfer, as hereinafter
defined, without the prior written consent of Landlord in each instance, which consent may not be unreasonably
withheld. For purposes of this Lease, "Transfer" means an assignment of this Lease in whole or in part; a
sublease of all or any part of the Premises; any transaction whereby the rights of Tenant under this Lease or to
the Premises are transferred to another; any mortgage or encumbrance of this Lease or the Premises or any part
thereof or other arrangement under which either this Lease or the Premises become security for any
indebtedness or other obligations; and if Tenant is a corporation or a partnership, the transfer of a controlling
interest (greater than 50%) in the stock of the corporation or partnership interests, as applicable provided
transfers to family members and transfers to third parties of less than 50% of the stock of the Tenant are
permitted without Landlord consent. If there is a permitted Transfer, Landlord may collect rent or other payments
from the transferee and apply the net amount collected to the rent or other payments required to be paid pursuant
to this Lease but no acceptance by Landlord of any payments by a transferee shall be deemed a waiver of any
provisions hereof regarding Tenant. Notwithstanding any Transfer, Tenant shall not be released from any of its
obligations under this Lease. Landlord's consent to any Transfer shall be subject to the further condition that if the
Minimum Rent and additional rent pursuant to such Transfer exceeds the Minimum Rent and additional rent
payable under this Lease, the amount of such excess shall be paid to Landlord. If, pursuant to a permitted
Transfer, Tenant receives from the transferee, either directly or indirectly, any consideration other than Minimum
Rent and additional rent for such Transfer, either in the form of cash, goods, or services, Tenant shall, upon
receipt thereof, pay to Landlord an amount equivalent to such consideration. Landlord acknowledges that any
proceeds received in connection with the sale of Tenant's business (which sale shall include a corresponding
assignment of this Lease)shall belong exclusively to the Tenant and/or its principals).
ARTICLE IX. DEFAULT.
9.1 Defaults. A default by Tenant shall be deemed to have occurred hereunder, if and whenever:
(i)any Minimum Rent is not paid within 5 days from notice or demand for payment has been made by Landlord;
(ii)any other additional rent is in arrears and is not paid within five (5) days after written demand by Landlord;
(iii)Tenant has breached any of its obligations in this Lease (other than the payment of rent) and Tenant fails to
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remedy such breach within thirty(30) days (or such shorter period as may be provided in this Lease), or if such
breach cannot reasonably be remedied within thirty(30) days (or such shorter period), then if Tenant fails to
immediately commence to remedy and thereafter proceed diligently to remedy such breach, in each case after
notice in writing from Landlord; (iv)Tenant becomes bankrupt or insolvent; (v)any of Landlord's policies of
insurance with respect to the Retail Space are canceled or adversely changed as a result of Tenant's use or
occupancy of the Premises; or (vi)the business operated by Tenant in the Premises shall be closed by
governmental or court order for any reason.
9.2 Remedies. In the event of any default hereunder by Tenant, then without prejudice to any other
rights which it has pursuant to this Lease or at law or in equity, Landlord shall have the following rights and
remedies, which are cumulative and not alternative:
(A) Landlord may cancel this Lease by notice to Tenant and retake possession of the
Premises for Landlord's account, or may terminate Tenant's right to possession of the Premises without
terminating this Lease. In either event, Tenant shall then quit and surrender the Premises to Landlord. If Landlord
terminates Tenant's right to possession of the Premises without terminating this Lease, Tenant's liability under all
of the provisions of this Lease shall continue notwithstanding any expiration and surrender, or any re-entry,
repossession, or disposition hereunder.
(B) Landlord may enter the Premises as agent of Tenant to take possession of any property
of Tenant on the Premises, to store such property at the expense and risk of Tenant or to sell or otherwise
dispose of such property in such manner as Landlord may see fit without notice to Tenant. Re-entry and removal
may be effectuated by summary dispossess proceedings, by any suitable action or proceeding, or otherwise.
Landlord shall not be liable in any way in connection with its actions pursuant to this section, to the extent that its
actions are in accordance with law.
(C) If Landlord terminates Tenant's right to possession of the Premises without terminating
this Lease under subsection (A) above, Tenant shall remain liable (in addition to accrued liabilities) to the extent
legally permissible for all rent and all of the charges Tenant would have been required to pay until the date this
Lease would have expired had such cancellation not occurred. Tenant's liability for rent shall continue
notwithstanding re-entry or repossession of the Premises by Landlord. In addition to the foregoing, Tenant shall
pay to Landlord such sums as the court which has jurisdiction thereover may adjudge as reasonable attorneys'
fees with respect to any successful lawsuit or action instituted by Landlord to enforce the provisions of this Lease.
(D) Landlord may relet all or any part of the Premises for all or any part of the unexpired
portion of the Term of this Lease or for any longer period, and may accept any rent then attainable; grant any
concessions of rent, and agree to paint or make any special repairs, alterations, and decorations for any new
tenant as it may deem advisable in its sole and absolute discretion. Landlord shall be under no obligation to relet
or to attempt to relet the Premises, except as expressly set forth below.
(E) If Landlord terminates Tenant's right to possession of the Premises without terminating
this Lease under subsection (A) above, and Landlord so elects, the rent hereunder shall be accelerated and
Tenant shall pay Landlord damages in the amount of any and all sums which would have been due for the
remainder of the Term (reduced to present value using a discount factor equal to the stated prime lending rate on
the date of Tenant's default by Landlord's then existing mortgagee or, if there is no mortgagee, by Citibank, N.A.,
New York). Prior to or following payment in full by Tenant of such discounted sum promptly upon demand,
Landlord shall use good faith efforts to relet the Premises. If Landlord receives consideration as a result of a
reletting of the Premises relating to the same time period for which Tenant has paid accelerated rent, such
consideration actually received by Landlord, less any and all of Landlord 's cost of repairs, alterations, additions,
redecorating, and other expenses in connection with such reletting of the Premises, shall be a credit against such
discounted sum, and such discounted sum shall be reduced if not yet paid by Tenant as called for herein, or if
Tenant has paid such discounted sum, such credited amount shall be repaid to Tenant by Landlord (provided said
credit shall not exceed the accelerated amount).
(F) Landlord may remedy or attempt to remedy any default of Tenant under this Lease for the
account of Tenant and to enter upon the Premises for such purposes. No notice of Landlord's intention to perform
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such covenants need be given Tenant unless expressly required by this Lease. Landlord shall not be liable to
Tenant for any loss or damage caused by the reasonable acts of Landlord in remedying or attempting to remedy
such default and Tenant shall pay to Landlord all expenses incurred by Landlord in connection with remedying or
attempting to remedy such default. Any expenses incurred by Landlord shall accrue interest from the date of
payment by Landlord until repaid by Tenant at the highest rate permitted by law.
9.3 Costs. Tenant shall pay to Landlord on demand all costs incurred by Landlord, including attorneys'
fees and costs at all tribunal levels, incurred by Landlord in enforcing any of the obligations of Tenant under this
Lease. In addition, upon any default by Tenant, Tenant shall be also liable to Landlord for the expenses to which
Landlord may be put in re-entering the Premises; repossessing the Premises; painting, altering, or dividing the
Premises; combining the Premises with an adjacent space for any new tenant; putting the Premises in proper
repair; protecting and preserving the Premises by placing watchmen and caretakers therein; reletting the
Premises (including attorneys' fees and disbursements, marshall's fees, and brokerage fees, in so doing); and
any other expenses reasonably incurred by Landlord.
9.4 Additional Remedies; Waiver. The rights and remedies of Landlord set forth herein shall be in
addition to any other right and remedy now and hereinafter provided by law. All rights and remedies shall be
cumulative and non-exclusive of each other. No delay or omission by Landlord in exercising a right or remedy
shall exhaust or impair the same or constitute a waiver of, or acquiescence to, a default.
9.5 Default by Landlord. In the event of any default by Landlord, Tenant's exclusive remedy shall be
an action for damages or injunction, but prior to any such action Tenant will give Landlord written notice specifying
such default with particularity, and Landlord shall have a period of thirty(30)days following the date of such notice
in which to cure such default (provided, however, that if such default reasonably requires more than thirty(30)
days to cure, Landlord shall have a reasonable time to cure such default, provided Landlord commences to cure
within such thirty(30) day period and thereafter diligently prosecutes such cure to completion). Notwithstanding
any provision of this Lease, Landlord shall not at any time have any personal liability under this Lease. In the
event of any breach or default by Landlord of any term or provision of this Lease, Tenant agrees to look solely to
the equity or interest then-owned by Landlord in the Retail Space, and in no event shall any deficiency judgment
be sought or obtained against Landlord. It is expressly understood that the obligations of Landlord under this
Lease are solely corporate obligations, and that, except for conversion, fraud, or willful misconduct, no personal
liability will attach to, or is or shall be incurred by, the incorporators, stockholders, officers, directors, or
employees, as such, of the Landlord, or of any successor corporation, or any of them, under or by reason of the
obligations, covenants, or agreements of Landlord contained in this Lease or implied therefrom; and, except for
conversion, fraud, or willful misconduct, that any and all such personal liability, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer, director, or employee, as such, or under or by reason of the obligations, covenants or
agreements contained in this Lease or implied therefrom are expressly waived and released as a condition of,
and as a consideration for, the execution of this Lease.
ARTICLE X. ESTOPPEL CERTIFICATE; SUBORDINATION.
10.1 Estoppel Certificate. Within ten (10)days after written request by Landlord, Tenant shall deliver in
a form supplied by Landlord, an estoppel certificate to Landlord as to the status of this Lease, including whether
this Lease is unmodified and in full force and effect (or, if there have been modifications, that this Lease is in full
force and effect as modified and identifying the modification agreements); the amount of Minimum Rent and
additional rent then being paid and the dates to which same have been paid; whether or not there is any existing
or alleged default by either party with respect to which a notice of default has been served, or any facts exist
which, with the passing of time or giving of notice, would constitute a default and, if there is any such default or
facts, specifying the nature and extent thereof; and any other matters pertaining to this Lease as to which
Landlord shall request such certificate. Landlord, and any prospective purchaser, lender, or ground lessor shall
have the right to rely on such certificate.
10.2 Subordination; Attornment. This Lease and all rights of Tenant shall be subject and subordinate
to any and all mortgages, security agreements, or like instruments resulting from any financing, refinancing, or
collateral financing (including renewals or extensions thereof), and to any and all ground leases, made or
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arranged by Landlord of its interests in all or any part of the Retail Space, from time to time in existence against
the Retail Space, whether now existing or hereafter created. Such subordination shall not require any further
instrument to evidence such subordination. However, on request, Tenant shall further evidence its agreement to
subordinate this Lease and its rights under this Lease to any and all documents and to all advances made under
such documents. The form of such subordination shall be made as required by Landlord, its lender, ground
lessor, the City. Tenant shall, if requested by Landlord, or a mortgagee, owner, or purchaser, or by any person
succeeding to the interest of such mortgagee, owner, or purchaser, as the result of the enforcement of the
remedies provided by law or the applicable instrument held by Landlord, such mortgagee, owner, or purchaser,
automatically attorn to and become the tenant of Landlord or any such mortgagee, owner, purchaser, or
successor-in-interest, without any change in the terms or other provisions of this Lease; provided, however, that
Landlord, said mortgagee, owner, purchaser, or successor shall not be bound by (a)any payment of rent or
additional rent for more than one (1) month in advance, or(b)any security deposit or the like not actually received
by Landlord, such mortgagee, owner, or purchaser, or successor, or (c)any amendment or modification in this
Lease made without the consent of Landlord, such mortgagee, owner, purchaser, or successor, or (d)any
construction obligation, free rent, or other concession or monetary allowance, or (e)any set-off, counterclaim, or
the like otherwise available against Landlord, or (f)any act or omission of any prior landlord (including Landlord).
Upon request by Landlord, said mortgagee, owner, or purchaser, or successor, Tenant shall execute and deliver
an instrument or instruments confirming its attornment.
Notwithstanding the foregoing, any such subordination of this Lease shall be conditioned on the Landlord
obtaining a nondisturbance agreement in favor of Tenant from all mortgagees and ground lessors regarding any
financings or overleases entered into by Landlord with respect to the Retail Space, and no subordination shall be
effective without a corresponding nondisturbance agreement.
ARTICLE XI. CONTROL OF RETAIL SPACE BY LANDLORD.
11.1 Use and Maintenance of Common Areas. Tenant and those doing business with Tenant for
purposes associated with Tenant's business on the Premises, shall have a non-exclusive license to use the
common areas for their intended purposes during normal business hours in common with others entitled thereto
and subject to any rules and regulations imposed by Landlord. Landlord shall use reasonable efforts to keep the
common areas in good repair and condition and shall clean the common areas when necessary. Tenant
acknowledges that any common areas of the Retail Space shall at all times be under the exclusive control and
management of Landlord. For purposes of this Lease, "common areas" shall mean those areas, facilities, utilities,
improvements, equipment, and installations of the Retail Space which serve or are for the benefit of tenants of
more than one component of the Retail Space and which are not designated or intended by Landlord to be leased,
from time to time, or which are provided or designated from time to time by Landlord and/or the City for the benefit
or use of all tenants in the Retail Space, their employees, customers, and invitees, in common with others entitled
to the use or benefit of same. Tenant acknowledges that the Garage portion of the Facility is not a part of the
Retail Space, and that Tenant has no right or license to use the Garage pursuant to this Lease. Any use by
Tenant or its invitees of the Garage is subject to the rules and regulations in connection therewith imposed by
Landlord (or successor owner) and/or the operator of the Garage. No portion of the garage is under Landlord's
control or supervision, and Landlord shall not be liable for any damage to automobiles of any nature whatsoever
to, or any theft of, automobiles or other vehicles or the contents thereof, while in or about the Garage.
11.2 Alterations by Landlord. Landlord and/or the City may (but shall not be obligated to) (i)alter, add
to, subtract from, construct improvements on, re-arrange, and construct additional facilities in, adjoining, or
proximate to the Retail Space; (ii)relocate the facilities and improvements in or comprising the Retail Space or
erected on the Land; (iii)do such things on or in the Retail Space as required to comply with any laws, by-laws,
regulations, orders, or directives affecting the Land or any part of the Retail Space; and (iv)do such other things
on or in the Retail Space as Landlord and/or the City, in the use of good business judgment determines to be
advisable, provided that notwithstanding anything contained in this section 11.2, access to the Premises shall be
available at all times. Landlord shall not be in breach of its covenants for quiet enjoyment or liable for any loss,
costs, or damages, whether direct or indirect, incurred by Tenant due to any of the foregoing; provided, Landlord
shall exercise its rights under this section in a manner so as to minimize any disruption or interference with the
operation of Tenant's business and property.
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•
ARTICLE XII. CONDEMNATION.
12.1 Total or Partial Taking. If the whole of the Premises, or such portion thereof as will make the
Premises unusable for the purposes leased hereunder, shall be taken by any public authority under the power of
eminent domain or sold to public authority under threat or in lieu of such taking, the Term shall cease as of the
day possession or title shall be taken by such public authority, whichever is earlier ("Taking Date"), whereupon
the rent and all other charges shall be paid up to the Taking Date with a proportionate refund by Landlord of any
rent and all other charges paid for a period subsequent to the Taking Date. If less than the whole of the
Premises, or less than such portion thereof as will make the Premises unusable for the purposes leased
hereunder, the Term shall cease only as to the part so taken as of the Taking Date, and Tenant shall pay rent and
other charges up to the Taking Date, with appropriate credit by Landlord (toward the next installment of rent due
from Tenant) of any rent or charges paid for a period subsequent to the Taking Date. Minimum Rent and other
charges payable to Landlord shall be reduced in proportion to the amount of the Premises taken.
12.2 A ward. All compensation awarded or paid upon a total or partial taking of the Premises or Retail
Space including the value of the leasehold estate created hereby shall belong to and be the property of Landlord
without any participation by Tenant; Tenant shall have no claim to any such award based on Tenant's leasehold
interest. However, nothing contained herein shall be construed to preclude Tenant, at its cost, from
independently prosecuting any claim directly against the condemning authority in such condemnation proceeding
for damage to, or cost of removal of, stock, trade fixtures, furniture, and other personal property belonging to
Tenant and for Tenant's moving expenses; provided, however, that no such claim shall diminish or otherwise
adversely affect Landlord's award or the award of any mortgagee.
ARTICLE XIII. PROMOTION.
13.1 Promotional Fund; Merchants'Association. Intentionally Omitted.
ARTICLE XIV. GENERAL PROVISIONS.
14.1 Delay. Whenever a period of time is herein prescribed for the taking of any action by Landlord or
Tenant, as applicable, Landlord or Tenant, as applicable, shall not be liable or responsible for, and there shall be •
excluded from the computation of such period of time, any delays due to strikes, riots, acts of God, shortages of
labor or materials, war, or governmental laws, regulations, or restrictions in the nature of a prohibition or
moratorium, or any bona fide delay beyond the reasonable control of Landlord or Tenant, as applicable. The
foregoing shall not apply to any payments of money due under this Lease.
14.2 Holding Over. If Tenant remains in possession of the Premises after the end of the Term without
having executed and delivered a new lease or an agreement extending the Term, there shall be no tacit renewal
of this Lease or the Term, and Tenant shall be deemed to be occupying the Premises as a Tenant from month to
month at a monthly Minimum Rent payable in advance on the first day of each month equal to twice the monthly
amount of Minimum Rent payable during the last month of the Term, and otherwise upon the same terms as are
set forth in this Lease, so far as they are applicable to a monthly tenancy.
14.3 Waiver; Partial Invalidity. If Landlord excuses or condones any default by Tenant of any
obligation under this Lease, this shall not be a waiver of such obligation in respect of any continuing or
subsequent default and no such waiver shall be implied. All of the provisions of this Lease are to be construed as
covenants even though not expressed as such. If any provision of this Lease is held or rendered illegal or
unenforceable it shall be considered separate and severable from this Lease and the remaining provisions of this
Lease shall remain in force and bind the parties as though the illegal or unenforceable provision had never been
included in this Lease.
14.4 Recording. Neither Tenant nor anyone claiming under Tenant shall record this Lease or any
memorandum hereof in any public records without the prior written consent of Landlord.
14
•
14.5 • Financial Records. Landlord shall have the right to periodically review Tenant's financial records
and statement of operations no more than once per year.
14.6 Notices. Any notice, consent, or other instrument required or permitted to be given under this
Lease shall be in writing and shall be delivered in person, or sent by certified mail, return receipt requested, or
overnight express mail courier, postage prepaid, addressed (i) if to Landlord, at the address set forth in the Lease
Summary; and (ii) if to Tenant, at the Premises or, prior to Tenant 's occupancy of the Premises, at the address
set forth on the Lease Summary, with a copy to Training Camp, Inc. at 25 West 45th Street, New York, NY 10036.
Any such notice or other instruments shall be deemed to have been given and received on the day upon which
personal delivery is made or, if mailed, then forty-eight(48) hours following the date of mailing. Either party may
give notice to the other of any change of address and after the giving of such notice, the address therein specified
is deemed to be the address of such party for the giving of notices. If postal service is interrupted or substantially
delayed, all notices or other instruments shall be delivered in person or by overnight express mail courier.
14.7 Successors; Joint and Several Liability. The rights and liabilities created by this Lease extend to
and bind the successors and assigns of Landlord and the heirs, executors, administrators, and permitted
successors and assigns of Tenant. No rights, however, shall inure to the benefit of any transferee unless such
Transfer complies with the provisions of Article VIII. If there is at any time more than one Tenant or more than
one person constituting Tenant, their covenants shall be considered to be joint and several and shall apply to
each and every one of them.
14.8 Captions and Section Numbers. The captions, section numbers, article numbers, and table of
contents appearing in this Lease are inserted only as a matter of convenience and in no way affect the substance
of this Lease.
14.9 Extended Meanings. The words "hereof," "hereto," "hereunder," and similar expressions used in
this Lease relate to the whole of this Lease and not only to the provisions in which such expressions appear. This
Lease shall be read with all changes in number and gender as may be appropriate or required by the context.
Any reference to Tenant includes, when the context allows, the employees, agents, invitees, and licensees of
Tenant and all others over whom Tenant might reasonably be expected to exercise control. This Lease has been
fully reviewed and negotiated by each party and their counsel and shall not be more strictly construed against
either party.
14.10 Entire Agreement; Governing Law; Time. This Lease and the Exhibits and Riders, if any,
attached hereto are incorporated herein and set forth the entire agreement between Landlord and Tenant
concerning the Premises and there are no other agreements or understandings between them. This Lease and
its Exhibits and Riders may not be modified except by agreement in writing executed by Landlord and Tenant.
This Lease shall be construed in accordance with and governed by the laws of the State of Florida. Time is of the
essence of this Lease.
14.11 No Partnership. The parties hereby acknowledge that it is not their intention under this Lease to
create between themselves a partnership, joint venture, tenancy-in-common, joint tenancy, co-ownership, or
agency relationship. Accordingly, notwithstanding any expressions or provisions contained herein, nothing in this
Lease, whether based on the calculation of rental or otherwise, shall be construed or deemed to create, or to
express an intent to create, a partnership, joint venture, tenancy-in-common, joint tenancy, co-ownership or
agency relationship of any kind or nature whatsoever between the parties hereto. The provisions of this section
shall survive expiration of the Term.
14.12 Quiet Enjoyment. If Tenant pays rent and other charges and fully observes and performs all of its
obligations under this Lease, Tenant shall be entitled to peaceful and quiet enjoyment of the Premises for the
Term without interruption or interference by Landlord or any person claiming through Landlord.
14.13 Brokerage. Landlord and Tenant each represent and warrant one to the other that except as set
forth in the Lease Summary, neither of them has employed any broker in connection with the negotiations of the
terms of this Lease or the execution thereof. Landlord and Tenant hereby agree to indemnify and to hold each
15
other harmless against any loss, expense, or liability with respect to any claims for commissions or brokerage
fees arising from or out of any breach of the foregoing representation and warranty. Landlord recognizes the
broker(s) specified in the Lease Summary as the sole broker(s) with whom Landlord has dealt in this transaction
and agrees to pay any commissions determined to be due said broker(s).
14.14 Radon Notice. Chapter 88-285, Laws of Florida, requires the following notice to be provided with
respect to the contract for sale and purchase of any building, or a rental agreement for any building:
"RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building
in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that
exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding
radon and radon testing may be obtained from your county public health unit.
14.15 Execution. This Lease has been submitted for discussion purposes only and shall not be
deemed an offer by either party to the other to enter into this Lease unless and until this Lease shall have been
executed by both parties, indicating their acceptance of the terms and conditions contained herein.
14.16 PROHIBITIONS REGARDING SALE OR USE OF EXPANDED POLYSTYRENE FOOD
SERVICE ARTICLES OR PLASTIC STRAWS. Pursuant to Section 82-7 of the City Code, as may be amended
from time to time, effective August 2, 2014, the City has prohibited the use of expanded polystyrene food service
articles by City Contractors, in connection with any City contract, lease, concession agreement or Special event
permit. Additionally, pursuant to Section 82-385 of the City Code, as may be amended from time to time, no
polystyrene food service articles will be allowed in the right-of-way, and no polystyrene food service articles can
be provided to sidewalk café patrons.
Expanded polystyrene is a petroleum byproduct commonly known as Styrofoam. Expanded polystyrene is more
particularly defined as blown polystyrene and expanded and extruded foams that are thermoplastic petrochemical
materials utilizing a styrene monomer and processed by any number of techniques including, but not limited to,
fusion of polymer spheres (expandable bead foam), injection molding, foam molding, and extrusion-blown
molding (extruded foam polystyrene).
Expanded polystyrene food service articles means plates, bowls, cups, containers, lids, trays, coolers, ice chests,
and all similar articles that consist of expanded polystyrene.
Tenant agrees not to sell, use, provide food in, or offer the use of expanded polystyrene food service articles at
the Premises or in connection with this Lease. Tenant shall ensure that all vendors operating in the Premises
abide by the restrictions contained in this Section 14.16. A violation of this Section shall be deemed a default
under the terms of this Lease. This subsection shall not apply to expanded polystyrene food service articles used
for prepackaged food that have been filled and sealed prior to receipt by the Tenant or its vendors.
Additionally, Tenant agrees to comply (and ensure compliance by its vendors) with Section 46-92 (c) of the City
Code, which states that it is unlawful for any person to carry any expanded polystyrene product onto any beach or
into any park within the City or for any business to provide plastic straws with the service or delivery of any
beverage to patrons on the beach.
14.17 TRIAL BY JURY. LANDLORD AND TENANT EACH HEREBY WAIVES ITS RIGHT TO A JURY
TRIAL OF ANY ISSUE OR CONTROVERSY ARISING UNDER THIS LEASE.
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EXECUTED as of the day and year first above written.
ATTEST: LANDLORD:
MIAMI BEACH REDEVELOPMENT AGENCY, a public
body corporate and politic
By:
SECRETARY CHAIRMAN
(Print Name)
ATTEST: TENANT:
CUBICHE 105, LLC
By:
(Print Name)
(Print Name)
17
EXHIBIT"A"
Legal Description
Lots 8, 9, 10, 11, 12 and 13, Block 57, Fisher's First Subdivision of Alton Beach, according to the Plat thereof, as
recorded in Plat Book 2, Page 77 of the Public Records of Dade County, Florida, together with all of 16th Street
(Avenue "C"), less and except the following described parcel:
BEGINNING at the Southwest corner of Block 54 of said Fisher's First Subdivision of Alton Beach Plat; thence
North 88° 0' 53" East along the South line of said Block 54, a distance of 443.08 feet, to the Southeast corner of
said Block 54; thence South 07° 35' 04" West, a distance of 96.26 feet, to a point of cusp with a tangent curve
concave to the Southwest; thence along the arc of said curve to the left, having a radius of 25.00 feet and a
central angel of 90° 00'00", an arc distance of 39.27 feet, to a point of tangency; thence North 82° 24' 52"West, a
distance of 24.75 feet; thence South 88° 00' 53" West along a line 8.00 feet North of and parallel with, as
measured at right angles to the North line of Block 57 of said plat, a distance of 382.18 feet to a point on the
Easterly Right-of-Way line of Washington Avenue; thence North 01° 59' 11" West along said Easterly
Right-of-Way line, a distance of 62.00 feet to the Southwest corner of said Block 54 and the Point of beginning.
Said lands lying and being in the City of Miami Beach and containing 65,910 square feet (1.5131 Acres) more or
less.
Cubiche 105 Lease(DRAFT 6-30-15)
EXHIBIT "B"
Site Plan of Retail Space and Location of Premises
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EXHIBIT "C"
RULES AND REGULATIONS
1. Security. Landlord may from time to time adopt appropriate systems and procedures for the
security or safety of the Retail Space, any persons occupying, using, or entering the same, or any equipment,
furnishings, or contents thereof, and Tenant shall comply with Landlord's reasonable requirements relative
thereto.
2. Return of Keys. At the end of the Term, Tenant shall promptly return to Landlord all keys for the
Retail Space and Premises which are in the possession of Tenant. In the event any Tenant fails to return keys,
Landlord may retain $100.00 of Tenant's security deposit for locksmith work and administration.
3. Repair, Maintenance, Alterations, and Improvements. Tenant shall carry out Tenant's repair,
maintenance, alterations, and improvements in the Premises only during times agreed to in advance by Landlord
and in a manner which will not interfere with the rights of other Tenant's in the Retail Space.
4. Water Fixtures. Tenant shall not use water fixtures for any purpose for which they are not
intended, nor shall water be wasted by tampering with such fixtures. Any cost or damage resulting from such
misuse by Tenant shall be paid for by Tenant.
5. Personal Use of Premises. The Premises shall not be used or permitted to be used for
residential, lodging, or sleeping purposes or for the storage of personal effects or property not required for
business purposes.
6. Heavy Articles. Tenant shall not place in or move about the Premises without Landlord's prior
written consent any safe or other heavy article which in Landlord's reasonable opinion may damage the Premises,
and Landlord may designate the location of any such heavy articles in the Premises.
7. Bicycles, Animals. Tenant shall not bring any animals or birds into the Retail Space, and shall not
permit bicycles or other vehicles inside or on the sidewalks outside the Retail Space except in areas designated
from time to time by Landlord for such purposes.
8. Deliveries. Tenant shall ensure that deliveries of supplies, fixtures, equipment, furnishings, wares,
and merchandise to the Premises are made through such entrances, elevators, and corridors and at such times
as may from time to time be designated by Landlord, and shall promptly pay or cause to be paid to Landlord the
cost of repairing any damage in the Retail Space caused by any person making improper deliveries.
9. Solicitations. Landlord reserves the right to restrict or prohibit canvassing, soliciting, or peddling in
the Retail Space.
10. Food and Beverages. Only persons approved from time to time by Landlord may prepare, solicit
orders for, sell, serve, or distribute foods or beverages in the Retail Space, or use the common areas for any such
purpose. Except with Landlord's prior written consent and in accordance with arrangements approved by
Landlord, Tenant shall not permit on the Premises the use of equipment for dispensing food or beverages or for
the preparation, solicitation of orders for, sale, serving, or distribution of food or beverages.
11. Refuse. Tenant shall place all refuse in proper receptacles provided by Tenant at its expense in
the Premises or in receptacles (if any) provided by Landlord for the Retail Space, and shall keep sidewalks and
driveways outside the Retail Space, and lobbies, corridors, stairwells, ducts, and shafts of the Retail Space, free
of all refuse.
12. Obstructions. Tenant shall not obstruct or place anything in or on the sidewalks or driveways
outside the Retail Space or in the lobbies, corridors, stairwells, or other common areas, or use such locations for
any purpose except access to and exit from the Premises without Landlord's prior written consent. Landlord may
remove at Tenant's expense any such obstruction or thing caused or placed by Tenant (and unauthorized by
Landlord)without notice or obligation to Tenant.
13. Proper Conduct. Tenant shall not conduct itself in any manner which is inconsistent with the
character of the Retail Space as a first quality retail center or which will impair the comfort and convenience of
other Tenant's in the Retail Space.
14. Employees, Agents, and Invitees. In these Rules and Regulations, "Tenant" includes the
employees, agents, invitees, and licensees of Tenant and others permitted by Tenant to use or occupy the
Premises.
15. Pest Control. In order to maintain satisfactory and uniform pest control throughout the Retail
Space, Tenant shall engage for its own Premises and at its sole cost, a qualified pest extermination contractor
either designated or approved by Landlord, who shall perform pest control and extermination services in the
Premises at such intervals as reasonably required or as may be directed by Landlord.
•
EXHIBIT"D"
Prohibited Uses
1. In no event may the primary business at the Premises be a cocktail lounge.
2. In no event may the primary business at the Premises be the sale of clothing sold under the following
brand names: Dolce & Gabbana; Versace Jeans Couture; B.C.B.G.; Diesel; Replay; Polo Sport; Polo Jeans; and
Ralph Lauren; and shoes sold under the following brand names: Charles David; Calvin Klein; Kenneth Cole;
SoHo Shoes; Via Spiga; and Milano.
3. In no event may the primary business at the Premises engage in the sale of custom or designer
jewelry.
4. In no event may the primary business at the Premises engage in the sale of swimwear, beach attire or
related accessories.
5. In no event may the primary business at the Premises be the sale of athletic and/or other types of
sporting footwear, retail apparel and related general merchandise.
EXHIBIT"E"
Landlord's Signage Criteria
Tenant Sign Standards— 16th Street and Washington Avenue Frontages
Tenant signage is to be located in the 6'-0" wide transom panel above the entrance doors to each space.
One 15amp 110volt AC electrical circuit has been provided at the designated sign location above the entrance
doors for illuminated tenant signage. The area of the sign shall not exceed twenty(20)square feet.
Three(3)tubular aluminum mounting rails are provided on the transom framing, in front of the glass line. The
tenant sign shall mount to the rails and shall be composed of individual letters, symbols, or decorative elements.
The individual letters are encouraged to be neon illuminated.
No box signs are allowed so as to maintain maximum transparency of the storefront line.
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Receiving Door Signs
Each store shall have a sign identifying their receiving door, adjacent to the latch side of the their door.
Tenant shall provide acid etched aluminum panel with blind studs, silicone cemented to the wall at 5'-O"
above the finished floor. Tenant name copy shall be acid-etched and paint filled.
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T:\AGENDA\2015\July\TCED\1555 Washington Avenue-New Lease AgreemeOFUbiche 105 Lease(DRAFT 6-30-15).docx
KONIVER
STE 11Z1N GROUP
RETAIL REAL ESTATE&BROKERAGE
COMMISSION AGREEMENT
"OWNER": Miami Beach Redevelopment Agency
"PROPERTY": 1555 Washington Ave., Suites 1-3,Miami Beach, FL 33139
"RETAILER": Cubiche 105,LLC
The parties acknowledge that Koniver Stern Group, Inc. hereinafter referred to as KS (Broker) has
introduced, the Miami Beach Redevelopment Agency (the "Owner") to Cubiche 105, LLC (the
"Retailer"), and in the event a lease or other occupancy agreement or arrangement (the "Lease") is
consummated with Retailer, or any affiliated or related entityAt retailer, for all or any portion of the
Property described above, then the Owner agrees to pay a mmtssion (the "Commission") to KS as
follows: {
Amount of Commission: Three percent 3% df the aggregate base}rents, which shall accrue and be
due and payable during the primary term, pursuant to the below section
entitled "Payment Terms . There shall be no Commission due or payable
for any renewal terms. =The est hated (subject to re-measurement and
final rent total value of the{commission is one hundred thirty seven -
thousand Weehundred and eighteen dollars and 93/100 ($137, 318.93)
dollars, based on the premises consisting of approximately 7,130 square
feet, pursuant to. the Lease; Commission Calculation to be attached hereto
: and;incorporated herein as,Exhibit "A"•:413. the event the square footage or
•, {•rent.,payment is-=adjusted, the° total_ amount of the commission will be
z _ adjusted proportionately, Any changes=to the square footage shall be at the
} sole discretion of Owner.
y
Payment Terms:46aNk. be ;ue as follows: twenty-five percent (25%) of the
` } r W. Commission amount in the amount of $34,329.73, shall be due within
thirty (330)3 days from execution of the Lease by both parties; twenty-five ercent 25%o of the total Commission amount, in the amount of
34
$ .73, s all be due: 1) within thirty (30) days from the date that
Y-e
Retailer begins conducting business at the premises and 2) upon Owner's
receiptof the first month's rent payment (not including pre-paid rent which
k is due lease execution).
:The-'balance of fifty percent (50%) of the Commission amount, in the
amount of $68,659.46, shall be due and payable on the first day of the
Thirteenth month following Rent Commencement (20th month following
Lease Commencement), as said terms are defined under the Lease,
providing Retailer is not in noticed material default under the lease. If so,
the payment shall be due when default is reasonably cured.
With respect to each Commission payment due hereunder, Broker shall
provide Owner with an invoice for said Commission payment and Owner
EXHIBIT
• 1665 Washington Avenue, Penthouse, Miami Beach, Florida 33139
Telephone (305) 532-6100 Fax (305) 532-6101
shall pay same when due and within thirty (30) days from receipt of said
invoice.
KS hereby discloses to Owner and Owner acknowledges that KS has acted solely as the a transaction
broker in connection with this matter and is not the agent of the Owner notwithstanding the Owner's
obligations to pay the Commission that may be due in accordance with the terms hereof.
Should any part of the Commission not be paid within thirty (30) days from the date same is due and
Y1' P tYC ) Y
receipt of the invoice from Broker, said Commission payment accrue interest from the due date thereof
until paid at the maximum rate permitted by law. In the event that any party has to institute suit in order to
enforce the terms of this Commission Agreement, the prevailing party shall be entitled to collect
reasonable attorney's fees and court costs incurred at trial, appellate and post judgment collection efforts.
Each party hereby represents and warrants to the other party that they have full and complete right and
authority to enter into this Agreement, that all required action has been taken by it as is necessary to
authorize it to enter into this Agreement, that it is fully bound by the terms hereof, and that the person
executing this Agreement on its behalf is authorized to do so and does bind the undersigned hereto
without the or joinder or further approval of any other person whomsoever. This Agreement shall be
binding upon and enforceable against and its benefits shall inure to each of the parties hereto and their
personal representatives, heirs, successors and assigns, and shall specifically survive any such sale, transfer
or assignment. The Owner shall remain liable for payment of all Commissions due hereunder
notwithstanding any sale, transfer or assignment of the Property unless specifically released by KS in
writing.
The existence of this agreement shall be reflected in the lease document.
Each of the undersigned acknowledge receipt of a copy of this Agreement and further acknowledges that
they have read it and understand it and agree to the terms contained therein. This Agreement shall be
construed and interpreted in accordance with Florida Law.
Owner: The Miami Beach Redevelopment Agency Broker: Koniver Stern Group
By: By:
Philip Levine, Chairperson Print Name/Broker
Date: Date:
Witness (print& sign) Witness (print& sign)
Rafael E. Granado, Secretary Print Name/ Position:
Exhibit A
Square Feet: 7,130
Rent PSF: $56
Increases: 3%
PSF Monthly Annual
Base Base Base
Year Rent Rent Rent
1 $56.00 $33,273.33 $399,280.00
2 $57.68 $34,271.53 $411,258.40
3 $59.41 $35,299.68 $423,596.15
4 $61.19 $36,358.67 $436,304.04
5 $63.03 $37,449.43 $449,393.16
6 $64.92 $38,572.91 $462,874.95
7 $66.87 $39,730.10 $476,761.20
8 $68.87 $40,922.00 $491,064.04
9 $70.94 $42,149.66 $505,795.96
10 $73.07 $43,414.15 $520,969.84
$4,577,297.73
Koniver Stern Commission Calculation
Aggregate Base Rent Rate Commission
$4,577,297.73 3.00% $137,318.93
Koniver Stern Payment Schedule
3% Due at Due at 1st Month Due at 13th Month
Years Aggregate Base Rent Commission Lease Execution of Rent Payment of Rent Payments
1- 10 $4,577,297.73 $137,318.93 $34,329.73 $34,329.73 $68,659.47
$137,318.93
Exhibit F
MIAMI BEAC
PLANNING DEPARTMENT COMMISSION MEMORANDUM
TO: Jimmy L. Morales, City Manager
FROM: Thomas R. Mooney, AICP
Planning Director
DATE: June 10, 2015
SUBJECT: Analysis of Proposed Lease Agreement between the Miami Beach
Redevelopment Agency and Cubiche 105 for suite nos. 1-3 at the Anchor
Shops, located at 1555 Washington Avenue.
BACKGROUND
Section 82-38 of the Code of the City of Miami Beach requires that any proposed sale or •
lease of City-owned land be analyzed from a planning perspective so that the City
Commission and the public are fully apprised of all conditions relating to the proposed sale
or lease.
The proposal is to execute a lease agreement between the Miami Beach Redevelopment
Agency (landlord) and Cubiche 105, LLC (tenant), for the use of suite nos. 1-3 at the Anchor
Shops, located at 1555 Washington Avenue. The proposed use for the suites is for a
restaurant. The following is an analysis based on the criteria delineated in the Code.
ANALYSIS
1. Whether or not the proposed use is in keeping with city goals and objectives
•
and conforms to the city comprehensive plan.
Consistent — The future land use designation of the site is Parking (P). The
proposed use of the suites is consistent with the Parking designation which permits
the following:
Parking(P)
Purpose: to provide development opportunities for existing and new parking
facilities. Uses which may be permitted; Parking facilities and commercial
uses when located on frontage opposite a land use category that permits
commercial use.
The site is located on a frontage that is opposite of sites designated Medium
Intensity Commercial Category (CD-2), which allows for commercial uses,
therefore commercial uses are allowed within the subject site.
Analysis of Proposed Lease Agreement for suite nos. 1-3 at the Anchor Shops
June 10, 2015
Page 2 of 3
2. The impact on adjacent property, including the potential positive or negative
impacts such as diminution of open space, increased traffic, noise level or
enhanced property values, improved development patterns and provision of
necessary services. Based on the proposed use of the property, the city shall
determine the potential impact of the project on city utilities and other
infrastructure needs and the magnitude of costs associated with needed
infrastructure improvements. Should it become apparent that further
evaluation of traffic impact is needed, the proponent shall be responsible for
obtaining a traffic impact analysis from a reputable traffic engineer.
Consistent— No negative impacts are anticipated by the proposal, as the use of the
property will not change, since the suites are currently being leased to a restaurant
tenant. An additional concurrency review will take place should the tenant require a
building permit for any modifications that they may be making to the space.
3. A determination as to whether or not the proposed use is in keeping with a
public purpose and community needs, such as expanding the city's revenue
base, creating jobs, creating a significant revenue stream, and improving the
community's overall quality of life.
Consistent—This proposed use does keep with the public purpose and community
needs. The lease agreement expands the City's revenue base, the proposed
restaurant will generate jobs, and will encourage economic development along
Washington Avenue.
4. A determination as to whether or not the development is in keeping with the
surrounding neighborhood, will block views or create environmental
intrusions, and evaluation of the design and aesthetic considerations of the
project.
Consistent — The surrounding neighborhood will not be negatively affected, as no
additional structures will be constructed as a result of this lease agreement. The
tenant will be located in an existing structure.
5. The impact on adjacent properties, whether or not there is adequate parking,
street and infrastructure needs.
Consistent—The impact on adjacent properties should be minimal. The suites are
located within a public parking garage; therefore there is adequate parking to serve
the business.
6. Such other issues as the city manager or his authorized designee, who shall
be the city's planning director, may deem appropriate in analysis of the
proposed disposition.
Not applicable — The Planning Department has no other issues it deems
We are committed to providing excellent public service and safety to all who live, work, and play in our vibrant, tropical,historic community,
Analysis of Proposed Lease Agreement for suite nos. 1-3 at the Anchor Shops
June 10, 2015
Page 3 of 3
appropriate to analyze for this proposal.
CONCLUSION
The proposed use for the site is consistent with the Goals, Objectives, and Policies. The
use will generate no negative impacts for the surrounding area. The property would
continue to serve the public interest.
TRM/RAM
T:\AGENDA\2015\June\TCED\1555 Washington Avenue - New Lease Agreement\1555 Washington Avenue - Planning
Analysis(6-10-15).docx
We ore committed to providing excellent public service and safety to all who live, work, and play in our vibrant, tropical,historic community
•
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