RESOLUTION 85-18047 RESOLUTION NO: 85-1804 7
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH APPROVING IN PRINCIPLE THE APPLICATIONS
FOR URBAN DEVELOPMENT ACTION GRANTS (UDAG) FROM THE
U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
FOR THE FOLLOWING PROJECTS: CONSTRUCTION OF A NEW
TEN (10) STORY 328,000 SQUARE FOOT OFFICE, RETAIL AND
RESTAURANT COMPLEX LOCATED AT 280 - 41ST STREET,
ONE FINANCIAL PLAZA ASSOCIATES; CHASE ENTERPRISES; AND
RENOVATION OF THE JEFFERSON HOTEL AND
BANCROFT HOTEL AND CONSTRUCTION OF A NEW HOTEL
TOWER AT 121 - 15TH STREET AND 1501 COLLINS AVENUE IN
ORDER TO PROVIDE A TOTAL OF 321 FIRST-CLASS HOTEL
ROOMS, NEW RESTAURANTS, RETAIL SPACE, AND MEETING
FACILITIES BY DECO REDEVELOPMENT CORPORATION.
WHEREAS, the City of Miami Beach is desirous of participating in the
UDAG program to enable private/public partnerships to join in the economic
development of the City; and
WHEREAS, public hearings were scheduled and held on March 18th and
March 19, 1985 to provide additional opportunity for citizen comment and input
regarding these UDAG applications; and
WHEREAS, it is deemed important to the success of these projects to apply
for an Urban Development Action Grant from the U. S. Department of Housing
and Urban Development;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, that the City Commission hereby
approves the filing of applications for Urban Development Action Grants for the
following projects: Construction of a new ten (10) story 328,000 square foot
office, retail, and restaurant complex located at 280 - 41st Street,
One Financial Plaza Associates; and renovation of the Jefferson Hotel and
Bancroft Hotel and construction of a new hotel tower at 121 - 15th Street and
1501 Collins Avenue in order to provide a total of 321 first-class hotel rooms,
new restaurants, retail space, and meeting room facilities by Deco
Redevelopment Corporation; and further authorizes the City Manager to execute
and file said application in a timely manner, providing for compliance with
applicable regulations, and allowing for adjustments to the final UDAG
application.
PASSED and ADOPTED this 20th day of March , 1985.
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MAYOR
ATTEST:
FORM APPROVED
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CITY CLERK
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CITY OF MIAMI BEACH
DEPARTMENT OF ECONOMIC DEVELOPMENT
URBAN DEVELOPMENT ACTION GRANT
S UMMAR Y
1) Application Date : March, 1985
2 ) Name of Project : One Financial Plaza
3) Type of Project : The project ( "Project") consists
of a 10-story mixed use building
which contains approximately
328 , 000 square feet of space .
4) City Contact : Stuart L. Rogel , Director
Department of Economic
Development
1700 Convention Center Drive
Miami Beach, Florida 33139
5 ) Project Developer: One Financial Plaza Associates
Chase Enterprises
One Commercial Plaza
Hartford , Connecticut 06103
6) Project Consultants : Gutierrez E Bravo
First Corporate Enterprises , Inc.
7) Location : The site ( "Site") is located at
the intersection of the southerly
side of Arthur Godfrey Road and
the easterly side of Pine Tree
Drive .
• 8) Zoning : C-4 : Business District
9) Total Project Cost : $30 , 000, 000. 00
10) UDAG Request : $ 5 , 000 , 000. 00
11 ) Private Leverage Ratio : 5 : 1
12) Number of Jobs Created : a) 370 Construction Jobs
b) 1065 Permanent Jobs
13) Site Control : Site leased Pine Tree forty-one
Corp, option to purchase lease
and fee held by Project Developer.
14) Project Schedule : Final Working Drawings 7/85
Final Bids 9/85
Demolition of Existing Bldg. 12/85
Construction Start 4/86
Completion of New Building 4/87
15) New Taxes Generated
Per Year $470, 500. 00
16) Taxes Per UDAG Dollar . 094
ONE FINANCIAL PLAZA
The Project , One Financial Plaza , will be located on Arthur Godfrey
Road (41st Street) where it intersects with Pine Tree Drive . The
Site is bounded on the East by Indian Creek, on the West by Pine
Tree Drive on the North by Arthur Godfrey Road and on the South by
an adjoining lot currently occupied by the All Souls Episcopal
Church.
When the Project is completed , structure will contain a retail
component , an office component and parking facilities.
The first floor of the building will consist of approximately 30, 000
square feet of space designed for use as retail shops and other
commercial facilities. The first floor will also contain parking.
In addition to the parkingon the k •
first rst f loon, there will 1 be parking
on the second, third and fourth floors of the building. This will
provide approximately 300 parking spaces for use by the occupants of
the Project , their customers and vistors .
The fifth through ninth floors will contain approximately 190, 000
square feet , in the aggregate , of office space. The roof of the
Project will contain a penthouse and the mechanical areas necessary
to operate the Project .
The Project is designed to provide much needed office spacealong
g
Arthur Godfrey Road , a major commercial and retail corridor in the
City of Miami Beach. The building is designed as a modern, class A
office building , that will attract users from other than the City of
Miami Beach who have not found suitable accommodations in the City
of MiamiBeach to expand their operations. In addition, because of
its proximity to Mount Sinai Medical Center, St. Francis Hospital ,
and the Miami Heart Institute , the facility will offer office space
to member of the medical profession who require suitable space in
proximity to the City ' s major hospital centers.
The Project is anticipated to generate 370 jobs during the
demolition of the existing structure and the construction of the
Project are 1065 new permanent jobs after completion of construction.
Because of the Site ' s location along Indian Creek, sitere aration
P P
not normally associated with an office building of this size must be
done in order to construct the building. This underground work
includes piling and other special structural supports. In order to
provide parking for the Occupants of the Project and for their
respective customers and visitors and in order to comply with the
regulations of the City of Miami Beach, the Project Developer will
construct a multi -level parking garage as part of the Project. This
will add approximately $3, 000, 000. 00 to the cost of the Project.
Further, in order to continue the retail character of Arthur Godfrey
Road , compliment the $4, 000 , 000 of publicstreet improvements
performed and paid for by the State of Florida and the local
property owners , and to provide a pedestrian linkage between Arthur
Godfrey Road and the depressed Fiesta Beach Resort Hotel area , the
developer, at the request of the City, has agreed to develop the
street level retail component and a restaurant component described
above as part of the Project .
The requested UDAG funds will be used to offset the additional
development cost imposed on the Project by poor site
characteristics , the parking requirement to the City of Miami Beach
and the construction of the additional retail and restaurant space.
ORIGINAL
RESOLUTION NO. 85-18047
(Approving in principle the applications
for Urban Development action grants(UDAG)
from the U.S. Department of Housing and
Urban Development for the following pro-
jects:
ro-
jects: construction of a new ten (10)
story 328,000 square foot office, retail
and restaurant complex located at 280
41st Street one financial plaza associate
chase enterprises; and renovation of the
Jefferson Hotel and Bancroft Hotel and
construction of a new hotel tower at 121
15th Street and 1501 Collins Avenue in
order to provide a total of 321 first-clan
hotel rooms, new restaurants, retail space
and meeting facilities by Decl Redevelop-
ment Corporation)