R7 A1_4 Marina Park PP Second Reading 7.27.2020 Final4 Companion Items
R7-A (1-4) R5-F,G
Second Reading –July 29, 2020
Agenda Items for
SECOND READING
1. The Development Agreement
2. The Sale of Residential Parcel (Referendum)
3. The New Marina Lease (Referendum)
4. The Vacation of the City’s Alton Right-of-Way
5. Proposed LDR and Comp Plan Amendments
The Project
Residential Tower
-Height: 385 Ft
-Units: 60
-SqFt. 275,000
New Marina Building
-45,000 Sqft.
-Restaurant, Retail,
Marina uses
Ground Level Park
-1 Acre (city owned/controlled)
-Resiliency Improvements
Public
Benefits
Upgraded new
retail/restaurant/office
tenant mix
New Marina Facility,
at no cost to City
Resiliency through
capital improvements
focused on
sustainability
1-acre park for
Miami Beach residents
Substantial New
Revenues for the City
Changes Since June 24, 2020 (First Reading)
•Increased minimum spends for Marina Park Project
•$22.5 M on Capital Improvements for commercial facility and park
•$17.5 M for the Commercial Facility
•$5 M for Public Benefit Improvements
•Increase from $35 M to $40 M for Marina Improvements
•City ownership and control of 1.0 acre park
•Updated Schedule of Performance for delivery of the Project and Final Payment of Purchase Price for Sale of Residential Parcel
Changes Since June 24, 2020 (First Reading)
•Liquidated Damages payable to City in the event Developer fails to meet
project milestones
•Lessee’s commitment to build a $22.5 million Alternate Replacement Facility in the event Development agreement is terminated
•Lessee’s agreement to specific Marina Standards for “world-class” Marina, with consolidated maintenance and operational obligations
•Lessee’s agreement to pay for portion of increases in rent owed to the State in connection with the Submerged Lands Lease
Marina Park Project
•Payment to the City of $55 million for the sale of the Residential Parcel;
•$5 M deposit, $1 M due on August 31, 2020 & $4 M on Jan 31, 2021;
•$5 M, on or before January 1, 2022;
•$5 M, on or before September 1, 2022; and
•$40 M balance, due upon Developer satisfying Construction Commencement Conditions
•Project restrictions to limit the building height to maximum 385 feet, and a maximum of 60 residential units.
•New Miami Beach Marina facility, at no cost to the City.
•Minimum of $22.5M for Marina facility improvements and additional public benefits.
•Delivery to the City of a 1.0 acre public park.