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West Avenue Development Agreement Presentation - Item R7 A - 6.9.25 Special City Commission MeetingDevelopment Agreement for 1250, 1247, 1255 West Avenue & 1234 13 Street June 9, 2025 Special City Commission Meeting - Item R7 A (1st Reading) Subject Properties 1250 West Ave Bikini Hostel 12TH ST 14TH ST 13TH STWEST AVE907 1 Timeline for Acquisition and Demolition of Hostel Site Acquire Bikini Hostel Property, ensure tenant relocation, and demolish existing improvements I. Deadline for Closing a)PSA Earliest Possible Closing Date: September 6, 2025 b)Development Agreement Closing Deadline: September 15, 2025 II. Deadline for Relocation of Tenants/Client a)Under PSA seller to deliver vacant site at closing b)If not, Developer uses $1,000,000.00 of seller proceeds for compassionate relocation to facility authorized to receive population under applicable law c)Development Agreement Deadline for Vacant Site: September 29, 2025 III. Deadline for Demolition a)Apply for demolition permit within 30 days of closing (by October 15, 2025) b)Commence demolition within 30 days of issuance of demolition permit c)Comply with vacant lot requirements after demolition within 30 days of demolition 1 Future Use of Hostel Site •Option 1 – Public Park: Developer builds passive public park •Option 2 – Other Public Use: City declines park and takes possession of vacant land + $1,500,000.00 •Timing: Administration has 24-month decision window to solicit input and consider possible alternative public use of Hostel Site •At closing, Declaration of Use recorded to prohibit nuisance uses (if not a park) Two (2) options – Public Park or other public use to be determined by City 1 Temporary Sales Center Mercedes-Benz Places in Miami Sales Gallery, Miami Monad Terrace Sales Gallery, Miami Beach Mercedes Benz Tower Sales Gallery, Brickell •Timing: During 24-month decision window + 30 months •All improvements retained by the City over and above park improvements •Landscaping •Parking spaces •Modular sales center structure •Improvements removed upon request by the City at Developer’s expense Activate vacant site with attractive sales center during development approval process 1 Mercedes-Benz Places in Miami Sales Gallery, Miami Mercedes Benz Tower Sales Gallery, Brickell Transfer of Hostel Site to City •Option 1 (Convey Park): Developer conveys property with fully developed park within 90 days of completion of park •Option 2 (Convey Vacant Site): Developer conveys property after temporary sales center use concludes Hostel Site must be conveyed to the City prior to TCO/CO for 1250 West Avenue project 1 Baywalk Segments – 800 West Ave, 1228 West Ave, 1450 Lincoln Rd Plan A - Developer Constructs: •Developer obtains easements, designs Baywalk consistent with concept plans, obtains permits, and constructs baywalk segments, including replacement docks Plan B - Alternative Option 1: •Developer obtains full bid construction contracts and assigns contracts to the City with cash payment for full value of contract + 15% contingency Plan C – Alternative Option 2: •Developer pays City’s estimated costs to develop Baywalk 1 Baywalk Timing Deadline to obtain Baywalk Easements from Adjacent Condominiums: •12 months from Effective Date of Development Agreement Deadline for Baywalk Permits: •30 months from Effective Date •City Manager may extend by 6 months if applications submitted Developer is diligently pursuing permits Deadline for Construction: •18 months from issuance of permit •City Manager may extend by 6 months if permit is issued Baywalk to be completed prior to TCO/CO. •City Manager must allow TCO only (not final CO) if Baywalk Segments are under construction and all other public benefits have been delivered 1 •Development Agreement voluntarily relinquishes any right to do LLA project •Upon issuance of TCO, Developer records a covenant that permanently eliminates LLA eligibility Live Local Act 200 S. Biscayne Boulevard Suite 300, Miami, FL 33131 www.brzoninglaw.com 305.374.5300 office 305.377.6222 fax Info@brzoninglaw.com Thank You Proposed Project Overview Proposed Project Overview Tower Footprint Tower Footprint Covered Building Loading Dock Covered Residential and Retail Dropoff Proposed Project Overview Proposed Project Overview Tower Footprint Tower Footprint American Copper 111 West 57th Street JDS Portfolio Selects Walker TowerMonad Terrace The Fitzroy 111 West 57th Street American Copper Mercedes-Benz Places 888 Brickell Monad Terrace Mercedes-Benz Places JDS Portfolio Selects Proposed Alton Beach Overlay Boundary Existing Condition Bay Garden Manor Existing Units: 238 Short Term Rentals: Permitted Year Built: 1964 Original Use: Health Care Center Obsolete & In Poor Condition Historical Mold Structural Issues Notes: * Based on actual maintenance and special assessment schedules over the period ** Based on historical maintenance increases and completed reserve studies $974.62 $1,066.31 $1,497.82 $1,661.72 $1,955.58 $2,305.38 $2,363.05 $2,621.46 $2,685.86 $3,038.85 $0.00 $500.00 $1,000.00 $1,500.00 $2,000.00 $2,500.00 $3,000.00 $3,500.00 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Bay Garden Manor Average Monthly Carry Cost per Unit Including Maintenance, Existing Special Assessments, and Known Upcoming Capital Improvement Projects *100.65% increase between 2021-2025 **Additional 55.39% increase projected by 2030 As-of-Right Development Proposed Redevelopment Development Options 1 2 Units: 286 Short Term Rentals permitted Minimal setbacks required to distribute allowable floor area Short and squat arrangement leads to limited opportunities for architectural expression Units 286 Short Term Rentals Permitted Minimal setbacks required to distribute allowable floor area Short and squat arrangement leads to limited opportunities for architectural expression Floor Area & Use Breakdown As-of-Right DevelopmentOption1 Bulky, squat massing w/ minimal setbacks that obstruct views 420 FEET Previous Current Option 2 330 FEET Proposed Redevelopment: Height reduced due to community input A setback tower that allows for more light and air Opportunity to create true architectural landmark in respectful contextual manner Residential Units: 100-125 Average Sized Units: 2,000+ Sq Ft Family Sized Units Short Term Rental Units: Prohibited Proposed RedevelopmentOption2 Compact tower footprint allows for minimal view and shadow impacts Impact to Neighbors: Pedestal Setback Comparison As-of-Right Pedestal Building Footprint Proposed Pedestal: Tiered Setback Strategy Tier 2 Footprint Tier 1 Footprint42 feet 90 feet20 feet 130 feet Impact to Neighbors: Tower Setback Comparison Tower Footprint Internal Courtyard above pedestal Tower Footprint As-of-Right: Above 50 feet Proposed: Above 50 feet Tower Footprint 50 feet 197 feet63 feet 140 feet Impact to Neighbors: 1228 West Avenue As-of-Right Development (from West Ave)Proposed Redevelopment (from West Ave) Unsightly parking podium at the street Setback creates terraced approach to street and neighbors Impact to Neighbors: Monad Terrace As-of-Right Development (from Neighbor)Proposed Redevelopment (from Neighbor) Blocks views of neighborhood Preserves views and minimizes shadows West Avenue Context Proposed Legislation Summary 1.Uses Residential and accessory uses only, outdoor restaurant seating prohibited 2.Intensity Floor Area bonuses allowing up to 5.75 FAR (reduced from 7.75) 3.Height Height bonus allowing up to 330 feet (reduced from 420 feet) 4.Maximum Density 75 units per acre 4.Setbacks Modifies side interior setbacks 5.Setback Encroachments Modifies allowable setback encroachments 6.Mechanical Parking Streamlined administrative approval process for mechanical parking 7.No Short-Term Rentals Requires voluntary covenant prohibiting short- term rentals Reasons to Approve 1)Bikini Hostel will be extinguished 2)Reduced density reduces traffic and infrastructure burdens 3)Reduced impact to West Avenue street frontage and Biscayne Bay 4)Eliminates short term rental opportunity 5)Substantial economic benefits created for the City & neighborhood 6) Consistent with as-built height and FAR along West Avenue Corridor 7) Eliminates severe economic hardship unfolding for 1250 West Avenue unit owners 8) Reduced impact to views of Monad Terrace and Bay View Terrace (1228 West) 9) Bay Walk will finally be completed 10) Opportunity to create architectural landmark