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Resolution 2022-32054 i r RESOLUTION NO.! 2022-32054 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE CITY MANAGER AND AUTHORIZING THE ADMINISTRATION TO COMMENCE NEGOTIATIONS WITH TWO OF THE FIRMS THAT SUBMITTED BIDS IN RESPONSE TO REQUEST FOR PROPOSALS (RFP) 2021-173-KB FOR MIXED-USE DEVELOPMENTS INCORPORATING CLASS A OFFICE SPACE WITH RESPECT TO CITY-OWNED PARKING LOTS P25, P26, AND P27; AND FURTHER, REFERRING THE PROPOSED PROJECTS AND ANY ACCOMPANYING AMENDMENTS TO THE CITY'S LAND DEVELOPMENT REGULATIONS ' TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE, THE LAND USE AND SUSTAINABILITY COMMITTEE, AND THE PLANNING BOARD FOR REVIEW, IN ACCORDANCE WITH THE REQUIREMENTS OF THE CITY CODE. WHEREAS, the City Commission has expressed an interest in diversifying the City's economy and its revenue sources by capitalizing on the economic growth opportunities presented by the current and projected business growth in the region, particularly by making a concerted effort to attract the financial services and technology industries; and WHEREAS, in furtherance of this objective, the City Commission has discussed the need to increase Class A office space inventory throughout the City; and WHEREAS, at its December 11, 2019 meeting, the City Commission discussed the possibility of making available surface parking lots North of Lincoln Road to developers to promote the development of Class A office space in the city center area; and WHEREAS, on October 9, 2020, the Administration issued Request for Letters of Interest 2021-029-KB (RFLI) seeking expression of interest from developers interested in building Class A office developments on the surface parking lots P25, P26 and P27 immediately North of Lincoln Road; and WHEREAS, the RFLI yielded significant interest, including expression of interest from eighteen (18) respondents, four(4) of which were companies based outside of Florida; and WHEREAS, based on the results of the RFLI, on February 19, 2021, the Finance and Economic Resiliency Committee (FERC) recommended that the Administration seek City Commission authorization to prepare a Request for Proposals (RFP) for ground leases and development agreements for the development of Class A office space on the three surface parking lots (P25, P26 and P27); and WHEREAS, on February 24, 2021, the City Commission also discussed the results of the RFLI and directed the Administration to include all three surface parking lots as well as the 17th Street parking garage (parking garage G5) in the forthcoming RFP; and WHEREAS, on March 17, 2021, the City Commission adopted Resolution No. 2021- 31617, authorizing the preparation of an RFP for mixed-use development incorporating Class A office space at three City-owned sites along Lincoln Lane North and the 17th Street parking garage (G5); and WHEREAS, on April 8, 2021, the Administration conducted a public industry meeting to promote the RFP and solicit industry input on the proposed projects; and WHEREAS, On June 23, 2021, the Mayor and City Commission approved the issuance of Request for Proposals (RFP) 2021-173-KB for mixed-use developments incorporating Class A office space on City-owned parking lots P25, P26, P27, and parking garage G5; and WHEREAS, RFP responses were due and received on January 12, 2022; and WHEREAS, the City received proposals from the following three firms; (1) Infinity Collective LLC; (2) Lincoln Road Holdings LLC, a joint venture between The Peebles Corporation, Baron Corporation and Scott Robins Companies, Inc. (for clarity, Lincoln Road Holdings LLC is referred to as TPC as TPC was the submitting firm); and (3) Lincoln Road Property Owners, L.P., a joint venture between Integra Investments, Starwood Capital, and The Comras Company (for clarity, Lincoln Road Property Owners, L.P. is referred to as Integra Investments, as Integra Investments was the submitting firm); and WHEREAS, the firms submitted proposals for the following options included in the RFP: Option 1 (Parking Lot P25)— Infinity Collective Option 3 (Parking Lot P27)— Integra Investments and TPC Option 4(Parking Garage G5)—TPC Option 5 (Parking Lots P25 and P26)— Integra Investments and TPC Option 6 (Parking Lot P27 and Parking Garage G5)—TPC Option 7 (Parking Lots P25, P26, P27 and Parking Garage G5)—TPC; and WHEREAS, on December 6, 2021, the City Manager appointed the following individuals to serve on an advisory Evaluation Committee to review and score the proposals submitted: Monica Beltran, Director, Parking Department; Ozzie Dominguez, Asset Management Division Director, Facilities and Fleet Management Department; Paul Freeman, Resident, Palm View Neighborhood; David Gomez, Assistant Director, Capital Improvement Projects Department; Rogelio Madan, Chief of Community Planning and Sustainability, Planning Department; Sara Patino, Treasury Manager, Finance Department; and Lyle Stern, President, Lincoln Road Business Improvement District; and WHEREAS, on February 1, 2022, the Evaluation Committee convened to consider the proposals received and for oral presentations by the bidders for each of the options submitted; and WHEREAS, the Committee was provided an overview of the project, information relative to the City's Cone of Silence Ordinance and the Government Sunshine Law; and WHEREAS, the Committee was also provided with general information on the scope of services and a copy of each proposal, and was further instructed to score and rank each proposal pursuant to the evaluation criteria established in the RFP; and WHEREAS, the evaluation process resulted in the proposers being ranked by the Evaluation Committee as indicated below: Option 1 (Parking Lot P25)— Infinity Collective, sole proposer. Option 3 (Parking Lot P27)—TPC, top-ranked, and Integra Investments, second-ranked. 2 Option 4 (Parking Garage G5)—TPC, sole proposer. Option 5 (Parking Lots P25 and P26) — Integra Investments, top-ranked, and TPC, second-ranked. Option 6 (Parking Lot P27 and Parking Garage G5)—TPC sole proposer. Option 7 (Parking Lots P25, P26, P27, and Parking Garage G5) — TPC sole proposer; and WHEREAS, after reviewing the various proposals submitted, the Evaluation Committee's process and rankings, and the assessments of staff and the City's consultant, the City Manager has determined that the best options for the City to pursue at this time are Option 3 (Parking Lot P27) with TPC and Option 5 (Parking Lots P25 and P26) with Integra Investments and has, accordingly, recommended that the Mayor and City Commission authorize the commencement of negotiations with these bidders; and WHEREAS, the development of Parking Lots P25, P26 and P27 and the agreements relating thereto require approval by a majority vote of the voters in a City-wide referendum; and WHEREAS, concluding contract negotiations with two different bidders on these complex projects within the timeframe necessary to meet the deadline(s) for obtaining final approval of the related agreements from the Mayor and City Commission and placing these items on the November ballot is ambitious but achievable with considerable dedication of staff resources; and WHEREAS, in order to mitigate against the risk that negotiations with one of the two firms reaches an impasse, the City Manager believes it would be prudent and in the best interests of the City for the Mayor and the City Commission to further authorize the Administration to pursue negotiations for both Options 3 and 5 with the other firm; and WHEREAS, the City has determined that it does not wish to engage in negotiations with TPC in respect of Option 4 (parking garage G5) at this time, but that it would be in the City's best interests to keep the RFP open with respect to Option 4 and subject to the Cone of Silence for a period of one (1)year. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission authorize the Administration (a) to enter into negotiations for a possible ground lease and development agreement with TPC in respect of parking lot P27 (Option 3) to include terms consistent with the requirements of the RFP and such other terms of TPC's bid for Option 3 as are acceptable to the City and, if the Administration is unable to agree on principal terms with TPC within a reasonable timeframe, as determined by the Administration in its discretion, to cease negotiations with TPC and commence negotiations in respect of parking lot P27 with Integra Investments; and (b) to enter into negotiations for a possible a ground lease and development agreement with Integra Investments in respect of parking lots P25 and P26 (Option 5) to include terms consistent with the requirements of the RFP and such terms of Integra Investment's bid for Option 5 as are acceptable to the City and, if the Administration is unable to agree on principal terms with Integra Investments within a reasonable timeframe, as determined by the Administration in its discretion, to cease negotiations with Integra Investments and commence negotiations with TPC in respect of parking lots P25 and P26; and, further, the Mayor and City Commission (c) refer the proposed projects and/or any accompanying amendments to the City's Land Development Regulations to the Finance and Economic Resiliency Committee, the Land Use and Sustainability Committee, and the Planning 3 Board for review, in accordance with the requirements of the City Code; and (d) direct the Administration to maintain the RFP open and subject to the Cone of Silence with regard to Option 4 (Garage G5)for a period of one (1)year from the date hereof. PASSED AND ADOPTED th• is 013 day of 6tu4vey 2022. ATTEST: / 3/31 I 011-1*. RAFAEL E. RANADO, CITY CLERK DAN GELBER, MAYOR 74" f 0.\. . p0 • APPROVED AS TO * 1 FORM & LANGUAGE • .INCORP GRATED: • & FOR EXECUTION • .•...... 3 y�11p1jCH `Z City Attorney D ate Resolutions-R7 B MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Alina T. Hudak, City Manager DATE: February 23, 2022 SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE CITY MANAGER AND AUTHORIZING THE ADMINISTRATION TO COMMENCE NEGOTIATIONS WITH TWO OF THE FIRMS THAT SUBMITTED BIDS IN RESPONSE TO REQUEST FOR PROPOSALS (RFP) 2021-173-KB FOR MIXED-USE DEVELOPMENTS INCORPORATING CLASS A OFFICE SPACE WITH RESPECT TO CITY-OWNED PARKING LOTS P25, P26, AND P27; AND FURTHER, REFERRING THE PROPOSED PROJECTS AND ANY ACCOMPANYING AMENDMENTS TO THE CITY'S LAND DEVELOPMENT REGULATIONS TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE, THE LAND USE AND SUSTAINABILITY COMMITTEE, AND THE PLANNING BOARD FOR REVIEW, IN ACCORDANCE WITH THE REQUIREMENTS OF THE CITY CODE. RECOMMENDATION It is recommended that the Mayor and City Commission approve the Resolution authorizing the Administration (a) to negotiate a ground lease and a development agreement with TPC (as defined in the Analysis section below) in respect of parking lot P27 (Option 3) to include terms consistent with the requirements of the RFP and such other terms of TPC's bid for Option 3 as are acceptable to the City and, if the Administration is unable to agree on principal terms with TPC within the required timeframe, directing the Administration to cease negotiations with TPC and commence negotiations in respect of parking lot P27 with Integra (as defined in the Analysis section below); and (b)to negotiate a ground lease and a development agreement with Integra(as defined in the Analysis section below in respect of parking lots P25 and P26 (Option 5)to include terms consistent with the requirements of the RFP and such terms of Integra's bid for Option 5 as are acceptable to the City and, if the Administration is unable to agree on principal terms with Integra within the required timeframe, directing the Administration to cease negotiations with Integra and commence negotiations with TPC in respect of parking lots P25 and P26. The Resolution also refers each item to the Finance and Economic Resiliency Committee and to the Land Use and Sustainability Committee for appropriate review Any final agreement will require approval by the Mayor and City Commission. • BACKGROUND/HISTORY Page 168 of 272 The City Commission has expressed an interest in diversifying the City's economy and its revenue sources by capitalizing on the economic growth opportunities presented by the current and projected business growth in the region, particularly by making a concerted effort to attract the financial services and technology industries. To do so, the City Commission has discussed the need to increase Class A office space inventory throughout the City. • While the definition of Class A office space is somewhat subjective and may vary depending on the source, the Building Owners and Managers Association International generally defines Class A office space as those office buildings that attract premier office users. Typically, Class A office space rents are above average for the area as the buildings offer high-quality finishes, state-of-the-art systems, top-notch amenities,and have a definitive market presence. At its December 11, 2019 meeting, the City Commission discussed the possibility of making available surface parking lots North of Lincoln Road to developers to promote the development of Class A office space in the city center area. To gauge interest from the development community, the City Commission directed staff to issue a request for letters of interest for the development of Class A office space on surface parking lots P25, P26,and P27. On October 9, 2020, the Administration issued Request for Letters of Interest 2021-029-KB (RFLI) seeking expression of interest from developers interested in building Class A office developments on the surface parking lots P25, P26 and P27 immediately North of Lincoln Road. The RFLI yielded significant interest, including expression of interest from eighteen (18) respondents,four(4)of which were companies based outside of Florida. Based on the results of the RFLI, on February 19, 2021, the Finance and Economic Resiliency Committee (FERC) recommended the Administration seek City Commission authorization to prepare a Request for Proposals (RFP) for ground leases and development agreements for the development of Class A office space on the three surface parking lots (P25, P26 and P27). On February 24, 2021, the City Commission also discussed the results of the RFLI and directed the Administration to include all three surface parking lots as well as the 17th Street parking garage (parking garage G5)in the forthcoming RFP. On March 17, 2021, the City Commission adopted Resolution No. 2021-31617, authorizing the preparation of an RFP for mixed-use development incorporating Class A office space at three City-owned sites along Lincoln Lane North and the 17th Street parking garage (G5). On April 8, 2021, the Administration conducted a public industry meeting to promote the RFP and solicit industry input on the proposed projects. Eighty-five (85)participants (excluding City staff and consultants)attended the industry meeting. The goals of the RFP included: (1) encouraging the development of Class A office space to meet the growing demand from targeted industries; (2)providing world-class commercial space in concert with increasing market demand; (3) maintaining parking capacity while providing alternative and sustainable transportation and mobility options; (4)transforming and activating North Lincoln Lane from a service alley to a vibrant and pedestrian-friendly street with amenities that will enhance the urban experience; and (5)connecting the Convention Center District with Lincoln Road. Page 169 of 272 The RFP allowed for proposals for the development of the following four sites (or a combination of sites as further defined below): Surface Parking Lot P25 Lot P25 is approximately 37,116 square feet (0.85 acres) and currently provides 86 public parking spaces. The land is zoned GU (Government Use)and, therefore, development capacity is based on the average of the zoning regulations (including height and FAR) in the surrounding zoning districts, in this case, CD-2 (Commercial Medium Intensity)and CD-3 (Commercial High Intensity). The FAR is dependent on the development's lot size and the mix of uses. The maximum height will also average CD-2 (max 60 feet) and CD-3 (max 80 feet) district regulations.As a standalone site, lot P25 is less than 45,000 square feet and, if developed as a standalone site, it would have a maximum FAR of 1.87 yielding 84,150 square feet in floor area and a maximum height of 70 feet. Surface Parking Lot P26 Lot P26 is approximately 48,863 square feet (1.12 acres) and currently provides 106 public parking spaces. The land is zoned GU (Government Use) and is limited by the adjacent zoning, CD-3 (Commercial High Intensity). Within the CD-3 zoning district, the maximum height is 80 feet, and properties larger than 45,000 square feet have a maximum FAR of 2.75. Therefore, development on the entire site could reach a maximum floor area of 134,373 square feet with a maximum building height of 80 feet. Surface Parking Lot P27 Lot P27 is approximately 60,202 square feet (1.38 acres) which offers a total of 151 parking spaces to the public. The land is zoned GU (Government Use) and is limited by the adjacent zoning, which is CD-3 (Commercial High Intensity). Within the CD-3 zoning district, the maximum height is 80 feet, and properties larger than 45,000 square feet have a maximum FAR of 2.75. Therefore, development on the entire site could reach a maximum floor area of 165,555 square feet 17th Street Garage(G5) 17th Street parking garage is approximately 2.9 acres and contains 1,460 parking spaces among five parking levels, including the rooftop. The property is zoned CCC, Convention Center District. The maximum FAR is 2.75, and the maximum height is 100 feet. The City's Parking and Sanitation Departments currently utilize portions of the garage for operations. The RFP allowed bidders to submit proposals for one or more of the following options: Option 1: Parking Lot P25 only Option 2: Parking Lot P26 only Option 3: Parking Lot P27 only Option 4: Parking Garage G5 only Option 5: Parking Lots P25 and P26 combined Option 6: Parking Lot P27 and Parking Garage G5 combined Option 7: Parking Lots P25, P26, P27, and Parking Garage G5 combined Some relevant requirements of the RFP include: Priority Uses. The proposed project must encompass Class A Office space for at least fifty percent(50%)of the available FAR for each Site Option. Project proposals must include a fully activated liner of Page 170 of 272 retail, restaurant, personal service, or similar active uses, along the entire ground floor portions of the project facing a street, sidewalk, or Lincoln Lane North. Such liner requirement shall have a minimum depth of 50 feet. The only exceptions to this liner requirement shall be access points for vehicles and emergency access for pedestrians. Displaced Parking. Existing parking spaces displaced by the development(s), in addition to any parking requirements in the City Code applicable to the proposed development, must be included in the proposal(s) submitted and detailed in a project phasing plan to avoid disruption. Developer should stage project schedule to minimize the number of parking spaces displaced during project development. Bidders may propose in-kind replacement parking available to,the public at municipal parking rates. Proposals, including Parking Garage G5 must demonstrate prioritized parking replacement as part of a project phasing plan. Voter Referendum Required for Approval of Lease(s). Pursuant to S+action 1.03(b)(2)and (3)of the City Charter,the possible lease of the surface lots (P25, P26, and P27)would require approval by a majority of the voters (i.e. greater than 50%) voting in a City-wide referendum (Referendum). The possible lease of the 17th Street Parking Garage (G5)would require approval by 60% of the voters voting in a Referendum. The City will not place the Referendum question(s) on the ballot until the development agreement and ground lease between the City and one or both Developer(s) in respect of the applicable` Option(s)are finalized and approved by the City Commission. The City anticipates including one or both Options on one or more Referendum questions to be included on the November 2022 election ballot. At the City Commission's sole discretion, the Referendum could potentially be scheduled for a special election on a different date, provided that (1) the development agreement and lease for the applicable Option(s) are finalized and approved by the City Commission and (2) the Developer pays its pro-rated share (based on total number of questions on the ballot) of the costs of a special election (approximately $400,000). Each applicable development agreement and ground lease shall be contingent upon voter approval in accordance with the City Charter. If the Referendum is not successful in respect of a particular Option, the corresponding development agreement and ground lease shall be null and void. Lease. The maximum lease term for any of the Options is 99 years and each ground lease would be structured as a "triple net" lease, with lessee to be solely responsible for all real estate taxes, utilities, assessments or other public charges, insurance, maintenance, and all other costs and expenses associated with the operation of the applicable Project. Prevailing Wages and Local Workforce Requirements. Pursuant to Section 31-27 of the City Code, the rate of wages and fringe benefits, or cash equivalent, for all laborers, mechanics, and apprentices employed by any contractor or subcontractor on any Project, shall not be less than the prevailing rate of wages and fringe benefit payments or cash equivalence for similar skills or classifications of work, as established by the Federal Register, in the City of Miami Beach, Florida. Pursuant to Section 31-40 of the City Code requires the demonstration of reasonable efforts to promote employment opportunities for local Miami-Dade County residents and seek to achieve a project goal of having thirty percent(30%)of all construction labor hours performed by Miami-Dade County and City of Miami Beach residents. Art in Public Places. Page 171 of 272 Developer shall comply with the City's Art In Public Places (Al PP)program requirements under Section 82-536 through 82-612 of the City Code, as applicable, and shall contribute to the City's Artr in Public Places Fund the total amount of 1.5% of the "construction cost' of the Project development costs, as such term is defined in Section 82-537 of the City Code, no later than date of execution of the Project General Contract by Lessee and the Project General Contractor, as required by the City Code. ANALYSIS On June,23, 2021, the Mayor and City Commission approved the issuance of Request for Proposals (RFP) 2021-173-KB for mixed-use developments incorporating Class A office space on City-owned parking lots P25, P26., P27, and parking garage G5. RFP responses were due and received on January 12, 2022. The City received proposals from the following three (3)firms: • Infinity Collective LLC. • Lincoln Road Holdings LLC, a joint venture between The Peebles Corporation, Baron Corporation and Scott Robins Companies, Inc. For clarity, Lincoln Road Holdings LLC is referred to as TPC and its proposal is referred to as the TPC proposal, as TPC is the submitting firm. • Lincoln Road Property Owners, L.P., a joint venture between Integra Investments, Starwood Capital, and The Comras Company. For clarity, Lincoln Road Property Owners, L.P. is referred to as Integra and its proposal will be referred to as the Integra Investments proposal, as Integra Investments is the submitting firm. The firms submitted proposals for the following options included in the RFP: Option 1 (Parking Lot P25)—Infinity Collective Option 3 (Parking Lot P27)— Integra Investments and TPC Option 4 (Parking Garage G5)—TPC Option 5 (Parking Lots P25 and P26)— Integra Investments and TPC Option 6 (Parking Lot P27 and Parking Garage G5)—TPC Option 7 (Parking Lots P25, P26, P27 and Parking Garage G5)—TPC No proposals were received for Option 2 (Parking Lot P26). On February 1, 2022, the Evaluation Committee appointed by the City Manager convened to consider the proposals received. The Committee was comprised of Monica Beltran, Director, Parking Department; Ozzie Dominguez, Asset Management Division Director, Facilities and Fleet Management Department; Paul Freeman, Resident, Palm View Neighborhood; David Gomez, Assistant Director, Capital Improvement Projects Department; Rogelio Madan, Chief of Community Planning and Sustainability, Planning Department; Sara Patino, Treasury Manager, Finance Department; and Lyle Stem, President, Lincoln Road Business Improvement District. The Committee was provided an overview of the project information relative to the City's Cone of Silence Ordinance and the Government Sunshine Law. The Committee was also provided with general information on the scope of services and a copy of each proposal. Each bidder provided an oral presentation to the Committee for each option submitted. The Committee was instructed to score and rank each proposal pursuant to the evaluation criteria established in the RFP (qualifications, programming, design & resiliency, public benefits, and financial proposal). Page 172 of 272 The RFP stipulated that proposals would be evaluated against other"like" proposals submitted for each Site Option. For example, proposals submitted for Option 1 would be evaluated against other proposals for Option 1, and Proposals submitted for Option 2 would be evaluated against other proposals for Option 2, and so forth. The RFP further stipulated that the award of any option would be at the City Commission's sole discretion. The evaluation process resulted in the proposers being ranked by the Evaluation Committee as indicated below(also see Attachment A). Option 1 (Parking Lot P25)— Infinity Collective, sole proposer. Option 3 (Parking Lot P27)—TPC, top-ranked, and Integra Investments, second-ranked. Option 4 (Parking Garage G5)—TPC, sole proposer. Option 5 (Parking Lots P25 and P26) — Integra Investments, top-ranked, and TPC, second- ranked. Option 6 (Parking Lot P27 and Parking Garage G5)—TPC sole proposer. Option 7 (Parking Lots P25, P26, P27, and Parking Garage G5)—TPC sole proposer. Note: for Options 4, 5, 6, and 7, TPC did not include Tab 3, the required section on programming. Although TPC was not deemed nonresponsive for this deficiency, it could not receive the 25 points available for this qualitative criterion. A summary prepared by Colliers, the City's consultant, of the options proposed by each firm is included in Attachment B. SUPPORTING SURVEY DATA In the 2019 Business Satisfaction Survey, the availability of parking was listed by respondents as the number one barrier to business prosperity in Miami Beach, with 47% of respondents selecting parking among their top choices. The 2019 Resident Satisfaction Survey found that Lincoln Road was the highest-ranking place in the city that residents enjoy visiting, with 60% of residents selecting it as one of their top choices. FINANCIAL INFORMATION .Preliminary details on the revenue proposals are included herein. Final financial information will be provided as negotiations are concluded and the final agreements are presented to the City Commission for approval. Amounts)/Account(s): CONCLUSION I have reviewed the submissions and the Evaluation Committee process and considered the assessments of staff and the City's consultant. The Evaluation Committee found the qualifications of the proposing teams to be impressive, particularly the qualifications of the Integra Investments and TPC teams which both have extensive experience in the development of Class A office space and are familiar with the Miami Beach economic and development landscape. The Evaluation Committee was also impressed by the world-class designs of the Integra Investments and TPC teams. Page 173 of 272 The Administration understands that the information presented herein is preliminary and based solely on the proposals received. As is typical in these developments, the City must undergo extensive negotiations with each proposer to arrive at final agreements. Further detailed information will be provided to the City Commission as the negotiations proceed. After reviewing the proposed options and considering the Evaluation Committee's process and rankings, I believe the best options for the City to pursue at this time are Option 3 (Parking Lot P27)and Option 5 (Parking Lots P25 and P26). In the Administration's opinion, Options 3 and 5 offer the best combination of Class A office space, retail space, and revenue, as well as probability for success in the required voter referendum. While the scores received by TPC and Integra from the Evaluation Committee for these options were close, TPC had an edge for Option 3, and Integra achieved a higher score in respect of Option 5. Accordingly, I believe the Administration should proceed with negotiations with TPC in respect of Option 3, and with Integra in respect of Option 5. Below is a summary of each option submitted by the top and second-ranked proposer for each option. Option 3 (Parking Lot P27) TPC Development(top-ranked) Integra Investments (second-ranked) Office: 77,944 SF Office: 101,082 SF Retail: 9,452 SF Retail:14,216 SF Residential:43 units—69,604 SF Residential: 0 SF Total SF: 157,000 SF Total SF: 115,298 SF Proposed Parking: 288 Proposed Parking: 310 Current Parking: 151 spaces Current Parking: 151 spaces. Rent Payments*: $1.75M Rent Payments: Greater of$500,000.00 or 5.00%of Effective Gross Revenues Rent Adjustment: 1.5% Rent Adjustments: Greater of 2%or CPI Other Payments: $0 Other Payments: $2M at referendum Parking Revenue: City receives net approval revenue for 151 spaces. Parking Revenue: City receives net *Abated through construction. revenue for 151 spaces. Option 5 (Parking Lots P25 and P26) Integra Investments (top-ranked) . TPC Development(second-ranked) Office: 109,517 SF (82%) Office: 99,154 SF Retail:23,437 SF (18%) Retail:23,206 SF Page 174 of 272 Residential: 0 SF Residential: 53 units—60,639 SF (in P26) Total SF: 1,32,954 SF Total SF: 182,999 SF Proposed Parking:427 spaces Proposed Parking: 353 spaces Current Parking: 192'spaces/109,417 SF Current Parking: 192 spaces Rent Payments: Greater of$500,000.00 or Rent Payments*: $150,000 (P25:$100,000, P26:$50,000) 5.00% of Effective Gross Revenues Other Payments: P25: 1%NOI, P26: Rent Adjustments: Greater of 2%or CPI 2%NOI , Other Payments: $2M at referendum Parking Revenue: City receives net approval revenue for 192 spaces. Parking Revenue: City receives net *Abated through construction. revenue for 192 spaces. Infinity Collective's lone proposal for Option 1 does not seem to maximize Class A office space compared to Option 5 and considering Option 1 would eliminate Option 5 from being considered. Additionally, the revenue yield proposed by the Option 1 proposal is significantly less in respect of P25 than the top-ranked proposer for Option 5. The other options for which proposals were received (Options 4, 6, and 7) include demolishing and rebuilding the 17th Street Parking Garage (Garage G5). It is important to note that the upcoming construction of the convention center hotel will require the garage to be utilized for construction worker parking during the day, so proceeding with this project before completion of the convention center hotel could create logistical and parking issues. Further, any Project involving Garage G5 would require approval by 60% of the voters and even if this is presented as a separate item and the Project would necessarily be phased, if voters are concerned about proceeding with Garage G5 at the same time the hotel is being constructed, this could jeopardize a successful referendum outcome for Options 3 and 5. Finally, only one team submitted proposals for any option that included the G5 Garage.As such, the Administration is • not able to assess, in a competitive manner, the best the market has to offer for the options that include the G5 Garage. Therefore, the Administration does not believe it is prudent to pursue Options 4, 6, or 7 at this time. Completing contract negotiations with two different bidders on these complex projects within the timeframe necessary to meet the deadline(s)for placing these items on the November ballot is very ambitious. The Administration suggests proceeding with both negotiations with the understanding that one will likely move first which may be the best result due to concerns related to taking all three lots out of service simultaneously. The Administration also recommends that if negotiations reach an impasse with one of the firms, then it should have the Commission's authorization to negotiate both Options 3 and 5 with the other firm. It is also important to note the TPC's Option 3 and Option 5 proposals incorporate residential units. Inclusion of a residential Page 175 of 272 element was not precluded by the RFP, but such an element was not contemplated in proposals from any of the other bidders. If the Mayor and the City Commission are inclined to allow for the negotiation of a Project that includes residential units, the Administration respectfully suggests that short term rentals must be entirely excluded the Project.Additionally, the Administration has considered that if both Projects are successful at Referendum, the Projects will need to be phased to limit the adverse impacts to parking availability in the area. Accordingly, I recommend that the Mayor and City Commission approve the Resolution authorizing the Administration, for Option 3, to negotiate with TPC Development and, if the Administration is not successful in negotiating an agreement with TPC Development, authorizing the Administration to negotiate with Integra Investments; and, for Option 5, to negotiate with Integra Investments and, if the Administration is not successful in negotiating an agreement with Integra Investments, authorizing the Administration to negotiate with TPC Development. The Resolution also refers an item to the Finance and Economic Resiliency Committee for a discussion on the status of the negotiations as a means of providing the Administration with direction during the negotiation phase. Any final agreement will require approval by the Mayor and City Commission. Applicable Area South Beach Is this a "Residents Right Does this item utilize G.O. to Know" item. pursuant to Bond Funds? City Code Section 2-14? Yes No Legislative Tracking Economic Development/Procurement Sponsor . Commissioner RickyAmola ATTACHMENTS: Description ❑ Attachment A ® Attachment B ❑ Resolution Page 176 of 272 .-- Ragout for Ploposall(RFP)2021173 KB for Iltied-Un Dmlapannts •. Incerparing Clan A Office Space on Nooks Solna Oasis CiontInguos Mold Gorr= Paul From= RollatIO Madan Sem Patina Lylo Morn 1 SISPOSteo I Clir01111S0 Mins Lab PA P26, I ,1 i I I I PV and',Atlas Gangs as-opnoti II , Total@ •1 ( QualRotloo Closotttotho Subtotal Qualltollto 1Cluantltillvo Sublotol QualtlatIva Quanatotho Subtotal avallttIava 1 QuaatItothro 1....Subtobil Cl ath oalltra Q tt uantativo Oubtolal Ctaltluattra tkontltottro Subtotol QualltoUvolQuaoStalltra I Subtotal .;. Intuit,Casaba al 0 81 1 91 0 91 Lt_ 80 a 80 1 75 75 t 82 ._ 0 82___... . 70 0 70 1 88 0 88 1 7 .L1_ - Ntri;,!:;',11,1q.q.41K.V.inVnir!iiiiaill6104112N:011,1111",i,$.Mte,4:N. 1.1•16=1•11•• Infinsly Co7serono ...woo.. ‘con•vms..., o o - -... •Page 177 of 272 .,. Papal kr Propcsids(PPP)2.321•173- , NB for Mud-UN Development' lcc cixer leg Class A 033:.Spice an lawalca Bean. OW,Domluguaa Maki Goma Paul Fawn. Rogollo Madan fan Patina. Lab alam ClIpOsmed Parkkig Lots P23,P25,1,27 I I i I e. Low 1 P1911918916 i 2 Totals and Padang Orige GIS•OPTION 3 Qualllative Quantltallve nlublotal Quantal!. Qua elnallinu !Waal Quantal!. Quaalltatl. 0u860te1 Qualaath• Ovantlewl. Subtotal Quantall. Quanatanws Bubtotal Quattual. Quaatiattna Subtotal Qualltativa Clawdllatl. Subtotal Integra Imeatmanle(Llroaln Roes 1 properly Owner.L.P.) 94 0 94 2 94 0 94 2 85 0 85 1 95 0 95 1 89 0 89 2 95 0 95 1 98 .,.._ 0 96 2 0 11 2 TPC Davalvi___wt.._rd LLC 98 0581 98 0 9B 1 BO 0 80 2 95 0 95 1 92 0 92 1 90 0 90 2 97 0 97 1, 8 L1 ,."'.":" Twat...um. Proloto• Vegen.Pe. (.1•Vmnri,) Integre Investmews(Lirculn Rood Properly Ownw.L.P.) TPC Development.LLC . 5 ) Page 178 of 272 • RaquwtlorPaopab(RCP)102147} KO Torrhod•ON Daaakpnaeb Incorporating Clan A OlBca 8plc•on wawa Beltran Our Domng6s6 David Oen s Paul Fineman Rog•II6 Medan Sara PNMo LN•elem 9E Lo ClfrOINW Potty Lob P7e.P7$P27 p d,1w ATy and PatlYl,Galp•05.OPIIOR 4 aa.6rene oa.nennM eceaul awnbm. Quantitative e•aonl O•.Mnl.. c•amnnn• Subtotal owla.6.. Oa.nulely. Subtotal m.ul.o.a oa..um.• Subtotal awamt.• aw•aro.o Subtotal Quantal/re caar.nmlw Subtotal TPC D•valopmM,LLC 75 0 75 1 75 75„ 1 50 0 50 1 75 0 75 1 67 0 67 1 70 0 70 1 73 0 _.. 73 11 7 1 v (<antvan.tn.) 7PC Dovolapnert.LLC • Page 179 of 272 • Itaggurtfot Proposals(RFP)2021-17} KIS ler litcsaUn Develcixperrto La. litecgadIng Ctors A Office Swoon •Monks[Winn Onala Dominem MOO Gonna Paul Fromm Ftogallo Madan ania Pallno Lyle Stem CIty4valed Puking Lota P20.P27 I ACWalle Totals Ind Parking%repo OS-OPTION 5 QualltatIv• Quaatitativa Subtotal Qualitative Quentitalle• Subtotal Qualitative Quantltellva Subtotal Quatttells. Citeuntlethot_ Subtotal Qualitative Quantitative_ Subtotal Chlaniath. Cillantlitattro Subtotal ,Quettal. Quantitative Subtotal Intruna investment.(Lincoln Road Property Owner,L.P.) 93 0 93 1 93 0 93 1 63 0 &36 100 0 100 1 86 0 88 1 95 0 95 1 97 TPC Oevelopmert LLC 73 0 73 2 74 0 74 2 50 0 2 75 0 75 2 62 0 62 7. 70 0 70 2 72 72 2 14 2 .•717:1117-MIMAFTRHATINSWIGNakERAVAMIMVIZT Prop., irreff•Pe. (Cov•V.M. • litegra Investment.(Uncein Read Property Owner,L.P. _ TPC Developmerd,LLC ° o • • • Page 180 of 272 Riot:MAR Proposals(RFT)2021•1TAKB for Iried-Use Developments Incocpatilng Clan .,., A Ms Space co attained Parilm Lola Monica Belt= Oalin Dominoes Dahl Gonna Paul Freemen Rogolb Madan Sara Pau* Lyle Stun '1 Loa PAPA%PIT vid Natty Gime CIS•crew 0 °eats Qualititive Quantitative Subtotal Quanta. Quantltative Subtotal Qualltatke atiaatitathe Subtotal Qualitative Quantitative Subtotal Quatitative QuantltatIva Amoco Qualitative Quint/14M Subtotal Cluailtdira CluttutItiitha Subtotal 7PC oavelopmem,LLC0 75 0 ' 75 I 74 74 1 55 0 55 1 75 0 75 1 65 0 65 1 70 .., 0 70 1 71 . 0 71 1%. 7 1 71aVVO:r7N7rrrPriRerSt4iiiiiifillialli"...T.MVIVP'077?{7 if...ratri. r4,.4444 V01•1,01.9.• COW•........, 7PC Dovolopment,LLC o a . . 1 Page 181 of 272 . , • Requartfer Proposals(RFP)2021.17.N®for -—'— — -- —'-- — T MhatFUaa DFNbpmsub �bcelpY � GIIN A Woo Specs on dpOamaO Parkins YonM Behan Cage Dominguez David Goo Paul Fraattro Roselle Madan Dam Patine Lyle Stain 1.i na lw 1 fi Sna+ta LoinPL'I,P1l,P27 and OPTIONT kls estop 05• 8 TtMaY Qualltatbe QuanmNre Subtotal QualeaOn Qaaettative Subtotal Quallttlin Qeatltita{t/e I Subtotal QualltRln Quantitative Subtotal Quellttlin Qoaatltative Subtotal Qualitative QueanWve Subtotal QuelitatIve Qagl5ttllve Subtotal ( TPC Development,LLC __. 75 . 0 75 1 74 ..,_ D 74 1 50_____ 0 55 1 75 u 0 75 1 85 ._..0 65 1 70 0 70_.__1 70 0 _ .73 1 T 1 ty tiT,7".,_°5-mMI:',17.f„5Vfiy-G-Wii ' —oSPII"v'P„cVTrrtega TPC Development,LLC • • • • Page 182 of 272 Colliers Miami Beach RFP 2021-173-KB Review • , ' Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development l ii Options-P25 Option 3-P27 Option Option 4-G5 ��,,yytlOption 6-P25826 Option 6-P25826 Option 6-P 278G5 Option 7-P 258 P268P 278G5 Class A Office:47,000 SF(73%) Class A Offices:101,082 SF(88%) Of"ce:77,944 SF(50%) O"ice:186,297 SF(53%) Cass A Offices:109,517 SF(82%) P-25: P.27: P-25: Retai:17,7765F(27%) Retai:14,216 SF(12%) Retal:9,452 SF(6%) Rem;:54,624 SF(15%) Retail:23,437 SF(18%) Reta-:11,189 SF Office:77,944 sr Retail:11,189 SF '• .• Tata SF:64,776 SF Iota SF:115,298 SF Res'denfa Un ts:43 units-69,604 SF Res dent a U.I.M.74 wits.112,078 SF Tota SF:132,954 SF O"ce:57,811 SF Reta':9,452 SF 0"ce:57.811 SF ::-'•", P'000sed Parking:224 Proposed Parking:310 Parking Spaces (44%) (32%) Proposed Parking:427 spaces P.26: Res:denta Units:43 units-69,604 SF P.26: ";I:i".j;: +..:.;; Current Parking:86 spaces (9 levels) Total SR 157,000 SF total SC 352,9995E Current Parking:192 spaces/109,417 SF Retail:12,0175E Retail:12,0175E ;��'s,ri'.%rf,'t }'T Max FAR:1.75 Current Parkin 151 s aces/131,066 SF Proposed Parkin 288 Proposed Parkin 1,/98 spaces Max FAR:1.55 Office:41,343 SF G5: Office:41,343 SF ht,{.;-:,Llts;,. 8 P P g p ' Max FAR:1.92 Current Parking:151 soaves Current Parking:1,460 spaces Residential Units;53 units 60,639 SF O`ice:186,29/SF Residential Units:53 units-60,639 SF Max FAR:2.61 Max FAR:2.78 Reta I:54,624 SF P.27: :Sr Tota 0"ce,99,154SF(54%) Res denta Units:74 un's-112,078 SF Reta':9,452 SF g 'm aF° ' Tota Retai,:23,306 SF(13%) 0'ice:77,944 SF iiii.6lii!I hI=: Residential Units:60,639 SF(33%) Tota Office:264,241 SF(52%) Residential Units:43 units-69,604 SF Total SF:182,999 SF Total Retail:64,076 SF(13%) G5: Proposed Parking:353 spaces Iota,ResidenGa'Units:181,682 SF Office:186,297 SF FN:.:k;,�`::e:. Current Pa'xin 192 spaces g: (35".5) Retail:54,624 SF s(' Max FAR:2.13 Tota SF:509,999 SF Res'denta Units:74 units-112,078 SF ,,;-•:T•^iwy-.ii: Proposed Parsing:2,086 spaces "'r4 ^j,`h1',, Current Parking:1,611 spaces Total Office:363,395 SF(52%) I,I Sit ( ,,1; ,, Max FAR:2.72 Total Retail:87,256 SF(13%) C.:.,r. Tatar Residential Un ts:170 units-242,321 SF ry ,.,:. (35%) Tota SF:692,972 SF e l r Proposed Parsing:2,439 spaces J :. .vz Coven[Parking:1,803 spaces t,'i"«`t'"Jil-L!',li Max'AR:3.70 , Floor plates w::Iota 9,400 SF • The arch'tectura,proposa'o"ot • The,v"s'on'0r NOLI Crossing • Has'our street'acing frontages. • A 45'n gn water'a'creates a coo"ng • Super,res'ence tn'ougn the • Linco n Lane N along GS Has Inc • In order to ru y activate the street a series P27 creates five leve s of office emoraces boonlic design. This cnaracteristic,a lows for micro-Ornate in the square,which 5 Imo ementation of green widest pup t space on any of tne of'our oui,d'ngs are extruded`tom the 'pi�ti•��r° N i•;• Mixed-use project with Cass-A floors,above a vibrant rota(ground a a complete program wrap both calming and visually stunning, infrastructure and toe application of four RFP sites.This a lows for a site boundaries. }'F t"'"' '. • offices,ground floor retail,and floor level that includes a public • Aprimarygoal of the project surrounding a core of parking. with an aural dimension that adds to a recent City of Miami Beach resiliency generous pubic space and provides - l _�;,,C a rooftop event space. part is to avoid any and all exposed Views and light are dedicated to full sensory street experience. codes: an opportunity to design a buy • Avoid any and a4 exposed Parking to be sE' '1'�- parsing to oe seen from the street. o"ice and residential orog'ams active oedest'ian ream Seen'roar the street -'••", • Commerc a spaces adorn • The existing oarsing to remain and Proposed deve ooment w nave ratner tnan parsing. • Lot P25 creates tnree eves o'o"ce • The vie dingo'a Parsing'ram eve �„,;;;eT.:.,!.e.-; Inc proposed sleek mixed- the new parking spaces required are sundects and green terraces,as f oo•s,and two and a ha.eve s of puo;ic rignt o`way,, • A prima oai o'the projectproposes garages with • �,; ryg parkto • It ro oe s es „Inpyi:.:i j,,:t4-^ use development five floors accommodated in a separate,nine- wet.as an abundance of outdoor • Inc office wrap extends along the parking above a vibrant retai.ground avoid any and all exposed parking to Habitable uses ';f*"-1"f""""""- dedicated solely towards office level parking structure designed recreationa'natures that promote facades directed along Lincoln Floor level that includes a public bike • Diversification of oro rams, be seen from the street.Proposed 74,-...l.:'•F,..:-.,,:i;ii tenants such as financiers, to be an'urban icon-with green activity. Lane,Pennsylvania Ave,and parking facility, including new categories of retail, develoomen[vri I have suridecks • P26 and P27 nave narrower alley "$rr.,:,;C..._:_:: law firms and techno ogy 'acades of vegetation that create a occupies ha'o'17tn Street. office and residential space; and green terraces,as we:as an conditions rea live to Inc other two RFP "': .'" enterorses,many ofwnom Wing screen wa:. • Tne ground'nor P27's • P26:creates tnree eves o'o'"ce avoidance o'outdoor'ereatona. sites.Tne•ero•e,Inc'0rrna'stepping s1fit' -'"ie are,poking to relocate from wrapped with a 50•retai band. • Residential is continued'rum 17th floors,with four eves of parking • Exoans•on n'pedestrian networks, features that promote actly:ty. gesture inward is important to al ow`or rl the North East and California. street through to the facade of above a vibrant retail ground floor nc udfing'ntensifcution of E-W maximum puo:c activation along the ,0�' T'" Euc Id Ave.Effectively,the two level that includes a public park. accessibility and N-S re-linking the • Ground floor wrapped with retail ground floor t'T^ ,;--:.!''+' Programs function as independent Convention Center,17tn Street and ou"dings with tie"own apples • Botn P25 and P26 accommodate Civic Center to Sorrel Beach through • Staging of Parting During Construction: _ and VT. puo'c paling as we:as the required more continuous u'nan'aor c: Several spaces have already peen '.'' "` office and reta'.parking in the bases o' identified to receive displacement packers ;;"flit,4l;)1�� lio,.,i,;;.11 • The frontages or GS are wrapped the new bui.dings. • Adaptive the of Lincoln Lane North inrudivg:420 Lincoln Road,1212 Lincoln with a raised pedestrian circulation as a mews.Roughly matching Road,1550 Coillns Avenue and 1623 arcade tnat a lows for retail the width of Esoano a Way,out Lincoln Road.If se,ected,the Respondent access above tie o%ected'pod can"gored d"erendy.Lincoln Lane w'create a robust oaring management y . � i;.. tine.Urban,o'ogrammaP e steps North is conceived as a map,new ._•`[{F?:;.. community n try a d Iota. with Ihe'mmedidte ,± �yr',:'-:•r mitigate Inc elevation change. attraction. community and Iota.ousinesses to ensure Ielij,;..P '-t;:b,nag.^ Lincoln Lane N becomes a shared �u;,,;;��lx.e,;eminimal disruption and the seamless r:u - pestrdestrians vertices, a and delivery of these transformational assets �.'•I':.;., pedestrians separated alonga common sur'ace at glade. •iii3�r};".ty,'<�,.;•� P000i83 of272 • • • Infinity Collective Integra Investments TPC Development TPC Development lntergra Investments TPC Development TPC Development TPC Development '•!, lWh` Option 1-P25 Option 3•P27 • Option 3-P27 Option4•65 Option s-P25826 Option 5-P25&26 Option 6-P 27&GS Option 7-P25&P268P27&G5 • The r propose'o.ows the • Intention o'qua iyng't'or tare LEED • A',structures are designed to FEMA • A'structures are designed to FEMA • Rase ground moor 1'-0'above • Provide tenants win worosoaces • A structures are designed to FEMA • A'structures are designed to FEMA '''d..1.1 .- design precepts o'the Living Gad designation, ease hood aevasion(8FE)•1;wtn case`:cod aaviation(BEE)-1;wtn +8'-0'NVUG for good m'tgat on mat are ef0cent tnereay reducing ease`.pod eevatior(BEE)-1;win base'Mod aevaton(BEE)-1:w'tn tee ';}.� Building Challenge initiative, the adaptive capacity`or BEE•5 in the adaptive capacity for BEE 5 in the tenants occupancy cost per the adaotive capacity`or 8FE•5 in adaptive capacity for BEE-.5 in the �f;!I • Use of greywater the future, the future. • App.y ful:5'0 Gee board employee over more traditional the future. future. '•• Electric vehicle charging stations allowance at Ground Level office design,while being open to • Low Few and touchless bathroom • Ali ground floor,driveways,and • Al ground Poor,driveways, the'ight and air and oromoting • A9 ground floor,driveways,and • All ground Roar,driveways,and garage E'5c'ent I IVAC systems and"ght fixtures garage ramping for new construction and garage ramping Mr new • Access to outdoor space'or hea tn`uness garage'among'or new construction ramp:ng for new construction are `xtures out to meet LEED and are designed a so to oe adaptao e to construction are designed a so au'ding occupants are desgned a so to oe adaotao e to designed a so to oe adaotao e to tne • WELL certifications • Automated light sensors and touch ens the raising of public^gets-o'-ways to oe adaptable to tne raising of • Acneve tne LEED Gold designation the raising or puu is rignts-of-ways raising of public r'ghts•of-ways and I`i!il(1:1,1.zi l: security,door and elevator systems. and adjacent land. public rights-of-ways and adjacent • Increased light and air to office and adjacent land. adjacent land. h;,Y;:a.• Green roof-top design land, workers • Help create a"green"and vital ;:c.F:• • On landscaped terraces and portions • The buId'ngs will meet or exceed the urban environment along its • Achieve Achieve the LEED Gold designation • Achieve the LEED Gold designation •j�' .'; • Project seeks to become a or is roo`te°wit also oe landscaped requirements o'the City o'Miami • Achieve the LEED Gold designation • Extensive ousting at al terraces surrounding streets,'ncuding e ii.•p-,. mode o'c'mate-conscious to provide for piste stormwater Beach Sustainab"ty and Res"ency and exte'na decal-o opti Lima o n Lane • Roo'PV crane sat P 25.26 and 21; • Roo`PV easels at P 25,26 and 27;PV urban o`fire developments retention /Green Building for Leadersn'p'n • o asters at G 5 and p 27 w'i make design pr nc'o es PV louvers at P 27 and ouvers and ouvers at P 27 and ouvers and p;anters 0y�f by everaging best-in-class Energy and Environmental Design the bui ding more energy efficient, • Address the issue of rising paste's at G 5 and p 27 wit.make at G 5 and p 27 wan make tne building ?''' L1.'t'7^'�''"I carbon reduction strata'es and (LEED)ordinance. reduce GHG emissions and • WELL design principles adoption sea levels providing onsite the enIdin more energyefficient, more energy efficient,reduce GHG a. :18:j?;`c; K� K P P P byP K g G aY `c.�o,„;i,,,:.; techno'oges reduce the operating costs of the stormwater retention reduce GHG emissions and reduce emissions and reduce the operating F1••, ,ill'• • For ons to solar eectric:ty buildings.G5 is a rut green roof • Green sedum roofs for the operating costs o'the buildings. costs o'the ou'Idings.G5 is a ful green production.Roo`PV ease sat P 25, park stormwater retention mitigation roo'oare and P25 is a green rim'deck '1...:.,`'r;2A.::. 26 and 27; measures • OS's a ru green too`oa-aand 27 with p asters.P26 and 27 wr nave ' =:,i,,'.`-n.,-."' • The green roof plaza on GS offers WI nave green'ma'componeets Been roof components.Tne green roof i lf i�!111t1 i Green roof components, a combinaton of economic, ,The green roof plaza on G5 plaza on G5 offers a combination of slF)i.1 ..rt:L., - environmental,and societal offers acombination o'economic. economic,environmental,and societal :i'E'•`'1- .:r • All ground floor,driveways,and benefits for tie pu-Id'ng itself and environme'ta,and soc eta°benefits benefits for the euild'ng itself and the garage ramping for new construction tne wider ureail environment 'or the bu:ding'tseand the wider wider urban environment. are designed a so to oe adaptao e to areas environment. '2 i ' tne raising of pubic•gets-o`ways • Address the issue of rising Address the issue of rising sea.eve s by ''hiR..' :n: and land sea levels byproviding ens to {;, 1W1•.';. adjacente 8 Addresspovidng'ons ties ormgsea levels providing onsite smrmwater retention. nr,,:..; slomlweter retention by providing onsite stormwater fah: "`"``i. retention. 1l':%:-•4+�,1. :''Months`or Constructi0n O`hce:13 Months for Construction:21 months Months for Construction:19 months Monts for Construction:25 months Months for Construction:19 months Months Srr Construction:19 months G5:Construct on WI take 19 months P-25:Construction wit!take 19 months and 'i"jii�"I x mantis oath pis Emu laneous and a Iota or 30 months t stab''ration. a rota o'30 months f-stab:`zat'on. .. • Mantis'or Staoi izat'on:24 months Montns'or Stan-ration:rota.0`30 Months`or Slaoi iza[ion:iota o'30 P-27:Construction vi•take 19 monhs P-26:Construction wi•take 19 months arid f1.iy1� Months for Construction garage 12 months months and a total of 24 months ti I stabilization. a total of 30 months III slabilization. (i months P-27:Construction will take 19 months and a total of 24 months till stao'lization. )r'r•' 'f:i J• G5:Construction will take 19 months and a 1��,qq ! rota o'30 months ti"stabTzaton. :?a.IS;. ;1 2`1•-.`Temporaryjobs: Tempo'ay(oos:1,060 TemporaryJobs:750 TemperaryJoes:1,966 TemporaryJobs:1,496 Temporary Jobs:1,000 Temoo•ar jobs:2,716 Temporary P ill Temporary ntjobs:3,716 :�llir8. tiir^.--i Permanent Jobs: Pennanen[Jop5:792 Permanent Jobs:50U - Permanen[Joos:1,241 Permanent jobs:790 Permanent Jobs:800 PermanenlJobs:1,741 Permanent Jobs:2,541 ..;J.6,'a, F r�r'aEr;.f.?".':�;Recurring Tax Revenue to Gty. Recurring Tax Revenue to City:property Recurring Tax Revenue to Cty Property Recurring Tax Revenue to City:prop Recurring Tax Revenue to City.Prop Recurring Tax Revenue to City..Prop Recurring Tax Revenue to City.property Recurring Tax Revenue to City:property tax i,ilia: ;•''property taxes 1:S100,000 taxes:Yr 1$2,306,860 in ad via orem taxes. tax in stabirized rest to be$762K tax stabilized est co be$2.M to taxes 1:$2.545M;$26.08 million tax in stabs lied est to en$9521/r to tax in stabil: (,ii;..r,„•., rry e Y Y' yr y' y zed o est to oe E2.7M to b tMa/y yr est to oe E3.7M/yr to City lv'v,�;,��;;__.,�'•. Recurring Tax Revenue(Genera g with Ise Cry o'Miami Beach co ieR:ng to City(E2.3Mly'tola). $6M-and Cty OM rota).NPV tax revenue o` N(°V over term of ease Cry(53M/yr Iota) City(SB.z M/y'Iota) 51I M/y total f.izia/..r. i F&B tax estimated to oe aeo'ox $721,124 Generates near ya quarter onion in $250M Recurring Tax Revenue(Genera): P25 and P26 create near y G5 creates a arge-sca e economic P25 and P26 generating nary E250MM v`"""" ' ''•' Y K ( ) Y driving K ( ) 1cyr. $10,000,000 in annual recurrin i„Nir(;(m;:rrii;p;8 s,.$60W r Recurring Tax Revenue General;FBB tax economic activity drivin ow[n and Recurring Tax Revenue General:F&B FRB tax est to oe E216 g tax revhalizaGon,pumping$78,000,000 in economic activity.P25 and P26 create d�}(J s is Public space:Encourage social est to be S127k/yr. recurring tax revenue la the City,County tax in stabilized yr S734ktyr Utility taxes and franchise fees, revenue and over 8110,000,000'n net in annual revenue into Miami Beach nearly 510,000,000 in annua•recurring .�4,.i/,'•�.,;.+,V.Te.l,:,r wellness thru common spaces, Utility taxes and franchise fees,permit and State. In stabs ized yr:sales tax:$2.SM/yr: oermit fees,local business taxes and present value alongside robust Ground Rent.The tax revenue and over E110,000,000 in ".•f:;; public spaces and events thatfees,ioca business taxes and stormwater Resort tax 5354dy'; stormwaterfees. Recurring Tax Revenue(General):F&B present va ue o'the tax revenue alone is net present value.These future benefits -htentiona ly'ad':'taxes social lees. Recurring Tax Revenue(Generaq:68B Pubic Sauce:G5 has the widest pubic MDC genera fund,debt service taxis stab'ized yr$354k/yr near y$250,000,000. w'•serve a myriad of needs for the Oty o' x%p;»,;=��(:. connections between coworaers, Pan is space: tax ih stao'�ized y est to oe slot06dyr space tn's a..ows for a generous `and and'o•ay'und wi co'�ect Saes tax ih slap'zed yr E2.SM/yr P27 and generates near y a quarter M'am:Beach. friends and neighbors.Inc'us've *An ennanced pub is realm has been Sales lox in slabs iced yrest be public space and provides an apprex$23.51 M on a present value ;resort tax psi to oe S354x/yr win bi llon'n economic activity driving growth P27 generates nearlya quarter ba Ion • j„i�r�l Wellness Programs•Weath integrated into the ground boor,including 51.3Mtyr;resort tax Slob 0 ortuni( to des n a tru active basis the taxes collected bygenerate S250MM in economic activity and recurringtax revenue to the City, in ecnomic activityrivin growth and- NYr• PP Y K Y 8 Y fY• driving• � .•:.>'::i of community/family activities the garage entry/exits points,drop-offs The project will result in significant new pedestrian realm.Wl0 Included the School District'or it operating Pubic space:Financed public realm County and State. recurring tax revenue le the City,County It R.nl, inc uding group fitness,cooking, and pike facilities that includes landscaped revenue for the City a Miami Beats, rooftop public park, fund and debt service`and wi I through a thoughtful garage design Recurring Tax Recenue(General):FRB and State. :f,.,ti,, music and aking classes,art and ouo is sdewa'ks,plazas,and green spaces. nc ud'ngtota one-time and ongoing aooioximate$30.2 M, that incomorates entry/exit points, tax in stao'l'zed yr SB40k/yr G5 nos a NPV of tax revenue of$250M F,:i•• i i music events,roo'too community •E ect%c car charging and rue-e`feent tax proceeds.fins revenue w suoport Puo'c space: drop-o"s and[ice'ac"Yes that sa es tax in stab"zed est to oe$6 M/ Recu%n Tax Revenue Genera).F&B tax r i:{ :=7.:,..'_i gatherings,nea to focused sevices parking spaces STEAM programs for students and •An ennanced public rea m has includes landscaped cup Ic sidewalks, resort tax$840 Y sterilized $1,195M yr 'h1jici '.%:;;+'. 'for neighborhood residents,to Miami Beach's ongoing resilience efforts. been integrated into the ground lazas,and green spaces. Pub is Space:WO include a rooftopsales tax stabil: I' ;I„'I I+y TTi:1ii'serveasaneighborhoodhealthand Public space: floor, the garage P g p zedyresttobeS8.6M/yr y :.4, , K K K Y public hark ughtfu g aged realm resort tax ce;195M r �`jg:i:_y.�r:�; ��-wellness recharging station for the •Central lawn and scuotu•e garden points,tiro-offs and bike facilities ry P through a Thought/ex garage design that Pubic heaths ughancga public realm �;�`,i3,:'•�-'� '�budding and nearby residents. - Family zone [ndUneudes andscaped puo'c 'ncoroorates entry/exit posts,drop- through a thoughtful garage design that y'.`-i •Fex/Mop-uo event o azas 5 dewa'ks,pares,and green spaces. o"s and ace'ac't es that'IC odes incorporates entry/exit points,drop "s -i :?, i.x•:,.. •Beer garden •Bike parking 6 Electric car cnarg ng ,andscaped pup is sidewalks o azas,and and rice`adlitien that includes landscaped Iti VI;i •Sports zone and fuel-efficient parking spaces wia y,,ky1, r...": •Food vendors green spaces. ouoiic sidewalks,plazas,and green spaces.; �,i,('tis,r1;,_.V.r.. Page r&�n2 be located throughout the garage. Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development Option 1-P25 Optlon3-P27 Option 3-P27 Option4-G5 Option 5-P 25&26 Option 5-P 25&26 Option 6-P27&G5 Optton7-P25&P26&P27&G5 835.6M $116.36M $117M $311.75M $147M $174M $390M $603M )S V I ...t , 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years ,,.°',_:"..-•. ' Rent Prior to CO.5100,000/year The minimum guaranteed rent upon Abated Rest through Const•uctuon Aoated Rent t'rougn Construction The minimum guaranteed rent upon Abated Rest tn•ougn Construction Aoated Rent tnrougn Construction floated Rent ti•ougi Construction -„",,,,:..;.,;'`-;.,`,;Rent After CO-E250,000lyear referendum approval's ca.cu ated as the Rent after construction:$7.750M Rent alter construction:$100,000 referentlust approval Is calcu ated Rent after construction:$150,000 Rent alter construction:f 1.BSM Rent_after construction:$2M f*III`I`Ir -(; greater of as the greater or:(a)$500,000.00 (P25-$100,000 a P26-$50,000) 0Y, . NPV @5%discount rate:849,570,372 NOI Participation 1% escalated annualy at the greater of G5:NOI Participation 1% P25:NOI Participation 1% I'd.�'�•r (a)$500,000.00 escalated annual at the NPV@5%discount rate$32,709,146 2.0 percent er CPI or 5.00%of P25:NOI Pertici ation 1% NPV@5%discount rate$32,709,146 NPV@5%discount rate$101,159,818 uy y`nT7 b;,a... Y P O P x::.t ... greater of 2.0 percent er CPI or Effective Gross Revenues throughout NPV @5%discount rate$10,159,818 ��;�•'•: • the term paid annua'y. P27:NOI Participation 0 P26:NOI Patcoaton 2% ti. putt. (o)5.00%of Effective Gross Revenues P26:NOI Participation 2% NPV @5%discount rate$49,570,372 NPV @5%discount rate$12,602,698 I �+p�4- throughout the term paid annualy. Over the r'e of tie ease,payments NPV @5%discount rate$12,602,698 i to the City exceed$609,78 P27:NOI n 0 i6 h5,'� 1 s1 kl, Over the life of the lease,payments to the million and will have a present NPV @5%discount 1prate$49,570,372 Ar4r:;riir';M;'','• '' City wi'I total$553,015,410 and will have a value,assuming a discount rate of hoh'.%''i -'r• •- present va ue,assume a discount rate of 5.0percent,approximate $36.79 • g B „:'•:••••` .; 5.0 oe•ceht,of f33,725,878. - m'"pn. • G5:NOI Part'c oatah 1% y .: NPV @5%dscount rate$32,709,146 I tFgr„;rti mail i4,•,t _None 82M once referrendum approved None None $2M once•eferrendum approved Nose None None sr a c tit Year 8:Rent increase to 8275,000r �yIt1s1;; year,then increase 10%every 5 Greater of 2.0 percent or CPI Rent Resets years 49&70 Rest Resets years 49&70 Greater of 2.0 percent or CPI Rent Resets years 49&70 Rent Resets years 49&70 Rent Resets years 49&70 ?7!7i y.;'. :.`years after is i,', ; <.•:r;,.xis ''�1li?11"ii'it;��l`,,,�,1,,�,,`kg",„,i,L:,11„City will collect the revenue from 100.00%of the net revenues colected 100.0096 of the her revenues co lected The City will receive the replacement, 100.00%of the net revenues The City WI.receive the replacement, The City will receive the replacement The CitywiII receive the replacement, Pl,°,'QF7Mi ..86 parking spaces(consistent with from the 151 public parking spaces from the 151 public parking spaces parking revenue net of proportional collected tram the 192 public parking parking revenue net of proportional parking revenue net of proportional parking revenue net of proportional j „.',',,'if3•' Vi'current rates) provided back to the City. provided back to the City. expenses spaces provided back to the City. expenses expenses expenses Collier 5 02012 colmerslnterrational Florida,LLC.The information contalred In thLs document has been obtained from sources believed reliable.While Colliers International Honlda,LLC does not doubt Its accuracy,Colliers International Florida,LLC has not verified It and nokes no guarantee.warranty or represertatlon about It.It Is your responsibility co Iruependendy confirm Its accuracy and completeness.Any projections,opinions,assumptions or estimates used are for example only and do nut represent the current or future perforrrarae of the property.The value of this transactlun to you oepends or tee and other factors which should be evaluated by your tar.hnarcial and legal advisors.You aro your advisors should conduct a careful Indeperdert irvestlgation or the property to determine to your satisracdon the suitability of the property for your neeas Pepe 185 81272 „,. :tr15,,., . 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