R9B_West Lots DKPWEST LOTS
NORTH BEACH
A COMMUNITY INPUT DISCUSSION
West Lots are eight
city-owned lots
(half-blocks)
between
79th & 87th Street
on Collins
across from North Beach
Oceanside Park
WHAT ARE WEST
LOTS?
APRIL 30 TO MAY 3, 2018: PUBLIC WORKSHOP
75+ attendees
WHAT WE HEARD:
A TOP 5
1) Grow with consensus in ways that enhance North Beach’s uniqueness.
2) Provide active uses to support the passive park.
What’s the big idea for West Lots? North Beach Oceanside Park.
3) Higher-height (if needed) and revenue-generating uses, on edges.
4) Showcase resilience and sustainability
5) Don’t lose parking but improve transit access
Provide active uses to support the passive park.
Splash Pad
Market Hall
Other temporary uses which could become
permanent
(if they are popular)
Botanical Gardens
Outdoor Dining
Art Space Eco Hotel
Bike shop/coffee shops
Tulleries in Paris
Monstrum art/play parks
Showcase resilience
Resilience labs
Other temporary uses
which could become
permanent
(if they are popular)
Innovation Campus
Stormwater Bio-Park in Atlanta Water Square in Rotterdam
WHAT WE
HEARD:
THE VIEW FROM
THE BEACH
TALL
TALL
LOW
WHAT WE
HEARD:
THE VIEW FROM
THE BEACH
ACTIVE
USES FOR
THE
PASSIVE
PARK
Low-impact, active, civic/social
uses which compliment the
passive park on the mid-blocks.
WHAT WE
HEARD:
ACTIVE USES
FOR THE
PASSIVE PARK
?
WHAT WE HEARD:
TALLER NEAR THE
EXISTING CENTERS
?
NORTH
SHORE
HISTORIC
DISTRICT
ALTOS DEL MAR
HISTORIC DISTRICT
WHAT WE HEARD:
EVERYTHING MUST
RESPECT THE
HISTORIC DISTRICTS
OVERALL MAP
Collins Avenue
OVERALL ECONOMIC ANALYSIS SUMMARY
General ASSUMPTIONS
City will issue an RFP for any parcel with commercial viability
RFP will provide any constraints for social mission, as needed
Results do not include capital stack or financing
Ground leases set at 6-7.5% of estimated or appraised land value
NOI for ground lease calculation based on private sector NOI only
Land value uses a discount rate between 8-15%, depending on use and
risk
Until final sizing, costs and other factors that are currently unknown are
determined, ground leases reflect industry knowledge and judgment, but
will swing widely in value should key inputs change
Assumed lease rates are net to the developer. rates paid by users would be
the developers rate plus ground lease plus expenses passed through
(insurance, taxes, utilities and CAM)
The financial and economic analysis evaluates cashflow generation
potential for the lots as developed in concert with the city and public. With
the exception of Lot 8 (the Teen and Technology Center), the land values
and associated potential ground lease values reflect the net present value
of the cashflows, not appraised values
*The analysis is not final, additional validation is required to finalize the figures.
Total Value Created in Private Sector: $ 33,840,000
Total Investment in Public Sector: $ 26,170,000
LOT 1 Parking Garage & Cafe
Collins Avenue
Cafes & restaurants
7
9
t
h
s
t
Parking garage
Local shops
8
0
t
h
s
t
LOT 1 Parking Garage & Cafe L ot Data Economic
Projection
KEY ASSUMPTIONS
LAND USE TYPES LOT 1
retail & mixed use
20,240
Café & restaurants 20240
Market hall
Bikeshop & coffeeshop
Bohemian Artist & local food village
Concessions & Rentals
Retail & entertainment 30000
Community Technology & eco-sustainability Center
civic 4,335
Community & Teen Center
Public restroom and other amenities 1,000
Open Space 3,335
Vertical Farm
Eco-Laboratory
Tropical gardens
Innovation Campus
Parking SF 105,600
Parking Units 260
eco - hotel
Lot Area 46680
Total Open Space (sq ft) 3335
Total Building Square Footage 156,840
Open space percentage 7%
-City issues an RFP for identified uses for a fee developer for
the parking garage and developer owner for wrapped uses
-City retains parking structure and operations; private
developer leases land for wrapped uses from city
-Parking assumptions are stalls * 365 days * 24 hours/day *
$1 hour * 50% utilization
Value Created in Private Sector: $ 6,530,000
Investment in Public Sector: $ 10,330,000
Collins Avenue
LOT 2 Eco-Park & Active recreation
Stormwater detention pond
Parking
Outdoor
Gym
Picnic Park
L ot Data Economic
Projection
KEY ASSUMPTIONS
- Non-revenue use. Event uses not calculated.
- City develops and maintains.
LOT 2 Eco-Park & Active recreation
LAND USE TYPES LOT 2
retail & mixed use -
Café & restaurants
Market hall
Bikeshop & coffeeshop
Bohemian Artist & local food village
Concessions & Rentals
civic 46,014
Community Technology & eco-sustainability Center
Community & Teen Center
Public restroom and other amenities 500
Open Space 45514
Vertical Farm
Eco-Laboratory
Tropical gardens
Innovation Campus
eco - hotel -
Lot Area 46014
Total Open Space (sq ft) 45514
Total Building Square Footage 500
Open space percentage 99%
Value Created in Private Sector: -
Investment in Public Sector: $1,260,000
Collins Avenue
LOT 3 North Beach Yard
Parking
Bar
Food truck
Ship container retail
Outdoor
Seating
Collins Avenue
LOT 4 Water Square Parking
Water retention
pond
Laboratory
Main Entry Path with
seating and lighting
Boardwalk
L ot Data Economic
Projection
KEY ASSUMPTIONS
- Non-revenue use. Event uses not calculated.
- City develops and maintains.
LAND USE TYPES LOT 4
retail & mixed use -
Café & restaurants
Market hall
Bikeshop & coffeeshop 0
Bohemian Artist & local food village
Concessions & Rentals
civic 48,648
Community Technology & eco-sustainability Center
Community & Teen Center
Public restroom and other amenities
Open Space 46,848
Vertical Farm
Eco-Laboratory 1800
Tropical gardens
Innovation Campus
eco - hotel -
Lot Area 48648
Total Open Space (sq ft) 46848
Total Building Square Footage 1,800
Open space percentage 96%
LOT 4 Water Square
Value Created in Private Sector: -
Investment in Public Sector: $ 1,640,000
Collins Avenue
LOT 5 Eco-hotel & City Market
Outdoor
Art Space
Market Hall
Parking
Eco
Hotel
Dining
Bikeshop Coffee
Shop
Market
Hall
Dining
Rooftop Weddings
Picnic Park
L ot Data Economic
Projection
KEY ASSUMPTIONS
-City issues an RFP to develop a hotel; likely separate RFP for
food hall
-Assumed to be sold for NPV of uses proposed
-Because hotel is very small (25 rooms) and development
intensity low, land value is low. A larger hotel (possibly
including coffee and bike retail) would increase land value
-Hotel operations based on 29 rooms * 365 days * $225/night
* 75% occ; rooms expense and G&A estimated at 50% of
achieved revenue
LAND USE TYPES LOT 5
retail & mixed use 14,870
Café & restaurants
Market hall 8890
Bikeshop & coffeeshop 5980
Bohemian Artist & local food village
Concessions & Rentals
civic 32,148
Community Technology & eco-sustainability Center
Community & Teen Center
Public restroom and other amenities
Open Space 32148
Vertical Farm
Eco-Laboratory
Tropical gardens
Innovation Campus
eco - hotel 8,590
Lot Area 45738
Total Open Space (sq ft) 32148
Total Building Square Footage 23,460
Open space percentage 70%
LOT 5 Eco-hotel & City Market
Value Created in Private Sector: $ 6,910,000
Investment in Public Sector: $ -
Parking
Playground
Splashpad
Botanical Garden Tropical Gardens
LOT 6 Tropical Gardens & Playground
Collins Avenue
Innovation
Campus
Concessions
& rentals:
water,
souvenirs, kayaks &
boards
L ot Data Economic
Projection
KEY ASSUMPTIONS
LAND USE TYPES LOT 6
retail & mixed use 1,575
Café & restaurants
Market hall
Bikeshop & coffeeshop
Bohemian Artist & local food village
Concessions & Rentals 1575
civic 44,769
Community Technology & eco-sustainability Center
Community & Teen Center
Public restroom and other amenities
Open Space 34094
Vertical Farm
Eco-Laboratory
Tropical gardens 9100
Innovation Campus 1575
eco - hotel -
Lot Area 46344
Total Open Space (sq ft) 43194
Total Building Square Footage 12,250
Open space percentage 93%
LOT 6 Tropical Gardens & Playground
-City issues an RFP for identified uses for a fee developer.
-City retains land and building ownership. Leases buildings to
operators for below market rates (as close to market as
possible)
-Concessions building may pay highest rents, innovation center
may as well. Tropical garden is highly specialized, may need
subsidy for feasibility.
Value Created in Private Sector: -
Investment in Public Sector: $ 5,530,000
Parking
LOT 7 Bohemian Village
Collins Avenue
Lawn
Event hall
Artist & local
food village
8
5
t
h
s
t
Fire pit &
seating
Parking
Surf shop
Artist & local
food village
8
6
t
h
s
t
L ot Data Economic
Projection
KEY ASSUMPTIONS
LAND USE TYPES LOT 7
retail & mixed use 7,416
Café & restaurants
Market hall
Bikeshop & coffeeshop
Bohemian Artist & local food village 7416
Concessions & Rentals
civic 39,880
Community Technology & eco-sustainability Center
Community & Teen Center
Public restroom and other amenities
Open Space 39880
Vertical Farm
Eco-Laboratory
Tropical gardens
Innovation Campus
eco - hotel
Lot Area 47296
Total Open Space (sq ft) 39880
Total Building Square Footage 7,416
Open space percentage 84%
LOT 7 Bohemian Village
-City issues an RFP for identified uses for a developer/owner
-City retains land. Developer owns buildings. Buildings are
leased to operators at market rate.
-This parcel doesn't pencil out under likely development costs
or potential rental rates
-Will need additional iterations to find a path to viable
financials
-Operations may require city subsidies to be commercially
attractive to developers
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Value Created in Private Sector: $ 970,000
Investment in Public Sector: $ -
Collins Avenue
LOT 8 Community Eco-Tech Center & Teen Center
Community Technology and
Eco-sustainability
Labs Center
Rain Garden
Community & Teen
Center
Green
Roof Green
Roof
Collins Avenue
LOT 8 Community Eco-Tech Center & Teen Center
LAND USE TYPES LOT8
retail & mixed use 123000
Café & restaurants
Market hall
Bikeshop & coffeeshop 0
Bohemian Artist & local food village
Concessions & Rentals
Community Technology & eco-sustainability Center 123000
civic 161,704
Community & Teen Center 20000
Public restroom and other amenities
Open Space 18704
Vertical Farm
Eco-Laboratory
Tropical gardens
Innovation Campus
eco - hotel -
Lot Area 46680
Total Open Space (sq ft) 18704
Total Building Square Footage 161,704
Open space percentage 40%
L ot Data Economic
Projection
KEY ASSUMPTIONS
-- The city of Miami Beach will own and operate the Community
& Teen center portion of the development
-- To justify development at this scale, market paying tenants are
needed for the majority of the space
Value Created in Private Sector:$ 27,360,000
Investment in Public Sector: $ 7,420,000
REMEMBER:
THE UPCOMING GO BOND MAY BE USED…
…GO(general obligation) bond could be used as a way to finance some of the large
scale capital projects.
The public sector development in West Lots could be projects considered for the GO bond.
…the city is considering a referendum on the November ballot to authorize a GO
bond
The GO bond would likely fund between $300 million and $500 million in projects, the amount and list of projects have
yet to be finalized.
Total Cost of Development in Public Sector: $ 26,170,000
REMEMBER:
VOTER APPROVAL MAY BE NEEDED…
…to rezone from current government / residential district to a mixed-use district
Currently GU (Civic & Government Use); RM-1 (Residential Multi-family, low-intensity). Requires a ballot item to
change.
…to increase the Floor Area Ratio (FAR)
Current FAR is between 1.25 and 1.4; 3.5 approved for Town Center at 71st
…to lease more than 10 years or sell properties
THOUGH QUESTIONS REMAIN…
WEST LOTS
NORTH BEACH
A COMMUNITY INPUT DISCUSSION