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Ordinance 2025-4751 North Beach Oceanfront Overlay District — LDR Amendments (Amended for Second Reading) ORDINANCE NO. 2025-4751 AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING THE RESILIENCY CODE OF THE CITY OF MIAMI BEACH, BY AMENDING CHAPTER 7, "ZONING DISTRICTS AND REGULATIONS," ARTICLE II, "DISTRICT REGULATIONS," SECTION 7.2.6, "RM-3 RESIDENTIAL MULTIFAMILY, HIGH INTENSITY," SUBSECTION 7.2.6.3, "DEVELOPMENT REGULATIONS (RM-3)," TO REFERENCE MODIFIED DEVELOPMENT REGULATIONS FOR THE NORTH BEACH OCEANFRONT OVERLAY, FURTHER AMENDING CHAPTER 7, "ZONING DISTRICTS AND REGULATIONS," ARTICLE III, "OVERLAY DISTRICTS," BY CREATING SECTION 7.3.11, ENTITLED "NORTH BEACH OCEANFRONT OVERLAY DISTRICT," TO ESTABLISH DEVELOPMENT REGULATIONS THAT INCENTIVIZE DEVELOPMENTS INCLUDING THE PARTIAL RECONSTRUCTION OF CONTRIBUTING BUILDINGS ON CERTAIN EXISTING OCEANFRONT LOTS WITHIN THE NORTH BEACH RESORT LOCAL HISTORIC DISTRICT; AND PROVIDING FOR CODIFICATION, REPEALER, SEVERABILITY, AND AN EFFECTIVE DATE. WHEREAS, the City of Miami Beach (the "City") has the authority to enact laws which promote the public health, safety, and general welfare of its citizens; and WHEREAS, Lot 44, Block 1 of the Amended Second Oceanfront Subdivision is one of the largest single ocean front lots in the City, and the largest lot in the North Beach Resort Local Historic District; and WHEREAS, the City seeks to create regulations for the development of Lot 44, Block 1 of the Amended Second Oceanfront Subdivision that promote the public health, safety, and general welfare of the public; and WHEREAS, Lot 44, Block 1 of the Amended Second Oceanfront Subdivision was previously developed with a hotel known as the Deauville Beach Resort that was classified by the City as a contributing building within the North Beach Resort Historic District; and WHEREAS, the Deauville Beach Resort substantially contributed to the heritage and culture of the City; and WHEREAS, the City seeks to encourage the partial reconstruction of the original Deauville Beach Resort, as approved by the Historic Preservation Board in accordance with the City's Certificate of Appropriateness criteria, while balancing the need for resilient design and pedestrian friendly public frontages; and WHEREAS, the City seeks to appropriately limit residential density and hotel unit counts; and WHEREAS, the City seeks to encourage development of cohesive residential and mixed- use communities with low density long-term residential uses; and 1 WHEREAS, the amendments set forth below are necessary to accomplish all of the above objectives; and WHEREAS, these regulations will ensure that the public health, safety and welfare will be preserved. NOW THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: Section 1. Chapter 7, "Zoning Districts and Regulations", Article II. "District Regulations," Section 7.2.6.3 entitled "Development Regulations (RM-3)" is amended as follows: CHAPTER 7 ZONING DISTRICTS AND REGULATIONS • ARTICLE II. DISTRICT REGULATIONS * * * 7.2.6 RM-3 RESIDENTIAL MULTIFAMILY HIGH INTENSITY * * * 7.2.6.3 Development Regulations (RM-3) a. The development regulations in the RM-3 residential multifamily, medium intensity district are as follows: DEVELOPMENT REGULATIONS TABLE (RM-3) Maximum FAR Lot area equal to or less than 45,000 square feet 2.25 (1) (2) Lot area greater than 45,000 square feet 2.75 (1) (2) Oceanfront lots with lot area greater 3.0(1) (2) (11) than 45,000 square feet Maximum Density (Dwelling Units per acre) 150 DUA (80% bonus for workforce or affordable units) (11) MINIMUM UNIT SIZE (SQUARE FEET) Single Family Detached House 1,800 SF (7) Apartments/Multi-family Units New Construction 550 SF 2 Non-elderly and elderly low and moderate income housing 400SF Workforce Housing 400 SF Rehabilitated Buildings 400 SF Lodging and Hotel Units 150%: 300 SF-335 SF (8) 85/o: 335 SF + (8) Hotel units within rooftop additions to contributing structures in a historic district 200 SF and individually designated historic buildings MINIMUM AVERAGE UNIT SIZE (SQUARE FEET) Single Family Detached House N/A Apartments/Multi-family Units New Construction 800 SF (9)(10) Non-elderly and elderly low and 400 SF (9)(10) moderate income housing Workforce Housing 400 SF (9)(10) Rehabilitated Buildings 550 SF (9)(10) 3 DEVELOPMENT REGULATIONS TABLE (RM-3) Lodging and Hotel Units N/A LOT OCCUPATION Minimum Lot Area (square feet) 7,000 SF Minimum Lot Width (feet) 50 feet Maximum Lot Coverage (%) N/A BUILDING SETBACKS NON- Front Setback® OCEANFRONT OCEANFRONT Subterranean 20 feet 50 feet (For lots A and 1-30 of the Amended Plat Indian Beach Corporation Subdivision and lots 231-237 of the Amended Plat of First Ocean Pedestal Front Subdivision) (MAP EXHIBIT-4) (11) 20 feet + 1 foot for every 1 foot increase in height above 50 feet, to a maximum of 50 feet, then shall remain constant. Tower 50 feet (For lots A and 1-30 of the Amended Plat Indian Beach Corporation Subdivision and lots 231-237 of the Amended Plat of First Ocean Front Subdivision) (MAP EXHIBIT-4) (11) Side, Facing a Street Setback Ea, OCEANFRONT NON OCEANFRONT Subterranean Pedestal 7.5 feet or 8% of lot width, whichever is greater Sum of the side yards shall equal 16°A) of lot width Minimum (11) Tower • Side, Interior Setback © OCEANFRONT NON OCEANFRONT Subterranean 7.5 feet or 8% of lot width, whichever is greater Sum of the side yards shall equal 16% of lot width Pedestal Minimum (4) (11) 4 The required pedestal setback plus 10% of the height Tower of the tower portion of the building. The total required setback shall not exceed 50 feet. (4) (11) Rear Setback D OCEANFRONT OCN- EANFRONT Subterranean 20% of lot depth or 50 feet from 10% of lot depth the bulkhead line whichever is (4)greater. (4) (11) ( ) 25% of lot depth or 75 feet Tower minimum from the bulkhead line 15% of lot depth whichever is greater. (4) (11) (4) DEVELOPMENT REGULATIONS TABLE (RM-3) I• , . i I � a) V) co a, U Co u_ I a) (41) A 5 Front BUILDING HEIGHT Maximum Height `E, 150 feet (5) (6) Oceanfront lots 200 feet north of 23rd Street; 150 feet south of 23rd Street Architectural district, New Construction 120 feet (5) (11) Ground floor additions (whether attached or detached) to existing structures on 50 feet (3) (11) oceanfront lots DEVELOPMENT REGULATIONS TABLE (RM-3) 6 200 fed 150 feet 120 feet 50 feet DFE(BFE*Freeboard)• 8FE Future Croon of Road (1) Notwithstanding the above, oceanfront lots in architectural district shall have a maximum FAR of 2.0 (2) Notwithstanding the above, lots which, as of the effective date of this ordinance (November 14, 1998), are oceanfront lots with a lot area greater than 100,000 square feet with an existing building, shall have a maximum FAR of 3.0; however, additional FAR shall be available for the sole purpose of providing hotel amenities as follows: the lesser of 0.15 FAR or 20,000 square feet. (3) Except as provided in section 7 (4) Notwithstanding the foregoing, rooftop additions to contributing structures in a historic district and individually designated historic district buildings may follow existing nonconforming side, interior pedestal setbacks. (5) Notwithstanding the above, oceanfront lots located in the Miami Beach Architectural District shall be permitted to construct detached additions at a height not to exceed 25 feet and shall have setback requirements as follows: 1. Side, interior: 5 feet. 2. Side, street: 5 feet. 3. Rear: 10 percent (10%) of lot depth or the western edge of the Oceanfront Overlay, whichever is greater. (6) In the Morris Lapidus/Mid-20th Century Historic District the following shall apply: Roof-top additions, whether attached or detached, may follow the established lines of the interior side setbacks of the existing structure on the site, subject to the review of the historic preservation board, (7) Excluding Accessory Building. (8) For contributing hotel structures, located within an individual historic site, a local historic district or a national register district, which are renovated in accordance with the Secretary of the Interior Standards and Guidelines for the Rehabilitation of Historic Structures as amended, retaining the existing room configuration and sizes of at least 200 square feet shall be permitted. Additionally, the existing room configurations for the above described hotel structures may be modified to address applicable life-safety and accessibility regulations, provided the 200 square feet minimum unit size is maintained, and provided the maximum occupancy per hotel room does not exceed 4 persons. (9) The number of units may not exceed the maximum density set forth in the comprehensive plan. (10) See section 7 1 5 2 for eligibility for average unit size exception. (11) See Section 7.3.10 North Beach Oceanfront Overlay regulations. SECTION 2. Chapter 7, "Zoning Districts and Regulations", Article III. "Overlay Districts," is amended to add Section 7.3.10, as follows: Sec. 7.3.10 Development Regulations for the North Beach Oceanfront Overlay a. Location and Purpose (North Beach Oceanfront Overlay District). The overlay regulations of this section shall apply to oceanfront lots within the North Beach Resort Historic District, which, as of January 1, 2025, are oceanfront lots with a lot area greater than 8 140,000 square feet and a minimum lot width of 450 feet and are proposed to be developed with the partial reconstruction of a previously existing contributing building, as determined by the Historic Preservation Board. Within this Overlay, partial reconstruction shall mean reconstruction of certain contributing architectural elements of the pedestal of the contributing ing. as determined b the Historic Preservation Board. and development of a tower that references,even though it may not recisely reconstruct. elements of the original contributing building such as the tower's orie tation, general massing location within the site elevations, and other significant exterior architectural features and elements of the original contributing building as determined by the Historic Preservation Board. For the avoidance of doubt, the term partial reconstruction does not require reconstruction of the original setba�, height, elevations, floor rea density or use of the contributing building, and shall be construed liberal v to encourage an architecturally and historically appropriate. resilient. and hiiah-quality design. b. Development Regulations. Notwithstanding the development regulations contained in Section 7.2.6, the following regulations shall govern proposed development within the boundaries of this overlay district. These regulations, including, but not limited to bonus FAR and bonus building height, shall require the partial reconstruction of a previously existing contributing building, as defined herein and subject to the review and approval of the Historic Preservation Board. In the event of any conflict between the overlay regulations and the requirements of the Resiliency Code, these regulations shall control: 1. Floor Area and Height Bonuses: As a voluntary development incentive, subject to the property owner's strict compliance with the conditions of this subjection, projects within the overlay shall be eligible for the following floor area and height bonuses: a_) The base maximum floor area ratio in the overlay shall be 3.0. New construction limiting density to a maximum of 200 residential, units shall receive a floor area ratio bonus of 0.25, up to a Anita: New construction limiting hotel unit count to a maximum of 2GG 14Q hotel units shall receive a floor area ratio bonus of 0.25. d) A property that elects, at the owner's sole discretion, to voluntarily execute a restrictive . covenant running with the land, in a form approved by the city attorney, affirming that no residential unit on the property shall be leased or rented for a period of less than six months and one day, shall receive a floor area bonus of 0.50. The covenant shall expressly provide that an affirmative vote of six-sevenths of all members of the City Commission shall be required in order to release the covenant or to modify the covenant in such a manner as to impose a less stringent restriction after it is executed. A property that provides pedestrian pathways from Collins Avenue to the beach walk on the north and south sides of the property for public beach access in perpetuity shall receive a floor area bonus of 0.50. Such pathways shall be subject to the review and approval of the Historic Preservation Board, and at least one of the pathways shall be located at ground level. The minimum width of each pathway shall be no less than 15 feet for the entirety of the pathway, except that stairs or other areas required to access the pathways may be a minimum of 8 feet in width. 9 f) For projects that satisfy all floor area bonus criteria in subsection 1(a)-(e), an additional floor area bonus of 1.0, and not exceeding 166,500 square feet of additional floor area, shall be available for the sole purpose of partially reconstructing the pedestal of a contributing building on the site, in a manner to be approved by the Historic Preservation Board. 2. Height Bonus: The maximum building height shall not exceed 200 feet. A project that meets the criteria for floor area bonuses in subsection (1)(a)-(f)shall be permitted a building height bonus of up to 140 100 additional feet, provided the maximum building height for the property does not exceed 380G 300 feet. 3. Setbacks: The setbacks for the partially reconstructed pedestal of the contributing building may.follow the same or greater setbacks as the original footprint of the contributing building, except that the pedestal shall be set back a minimum of 30 feet from the north interior side property lines, and a minimum of 20 feet from the south interior side property line. New construction located above the partially reconstructed pedestal of the contributing building shall be permitted in accordance with the following setbacks: i. Front Setback: 1. Pedestal: 0 feet 2. Tower: 40 feet. ii. Side Interior Setback 1. Tower: 30 feet 2. Sum of Side Yards: There shall be no sum of side yard requirement in the overlay. iii. Rear Setback: 1. Pedestal: 0 feet 2. Tower: 50 feet iv. Driveways: 0 feet from side property lines. v. An enclosed loading and/or raised public beach accessway may be set back 0 feet from side property lines. A raised public beach accessway or screened enclosure may be constructed up to 40 feet in height, as measured from Base Flood Elevation plus freeboard to the top of the required hand railing. Walls, fences, privacy screens, pergolas, or other architectural elements providing privacy or shade, and as approved by the Historic Preservation Board, may be permitted as part of the raised public beach accessway. 10 4. Allowable encroachment into required yards: q) Balconies may project into any required yard for a distance not to exceed 10 feet. Fences, walls, and gates along a side property line shall not exceed 7 feet in height, as measured from Design Flood Elevation. c_) The entirety of all pathways providing public beach access from Collins Avenue, including elevated pathways and all vertical circulation elements, may be located within any required yards. d) Architectural projections and supporting columns, pergolas, trellis structures, or other shade structures that are at least 50% open to the sky and located over public beach accessways may encroach the required side yard setback. In addition, streetscape furniture, fixtures, bicycle racks, public art, or other similar streetscape elements may be located within required yards. 5. Ground Floor Addition: An attached or detached addition with a rooftop pool not exceeding a height of 30 feet measured from the minimum elevation required by the Florida Building Code shall be permitted. In addition, a canopy at a maximum height of 12 feet from the roof of the addition shall be permitted. The setbacks for the ground floor attached or detached addition are as follows: a_) Front: 75 feet 12) Side, Interior: 15 feet q) Side, street: 5 feet Rear: 10 feet. 6. Off-Street Parking: Hotel and accessory uses within and above the footprint of the partially reconstructed pedestal of the contributing building, shall be exempt from all applicable off-street parking requirements, including any areas used for outdoor seating or rooftop seating. ) Subterranean parking levels, whether fully or partially below grade, shall be permitted and may follow the same setbacks as the partially reconstructed contributing building pedestal. The Historic Preservation Board may waive minimum setback requirements for subterranean parking levels, in accordance with the certificate of appropriateness criteria in chapter 2, article VIII. 7. Drive Widths: Drives within the overlay shall have a minimum width of 20 feet for two-way traffic. 11 8. Mechanical Parking: g) Within the overlay the minimum off-street parking requirements may be satisfied using mechanical or robotic parking systems. Such mechanical or robotic parking systems shall be exempt from the requirements of Section 5.2.11, and Planning Board approval shall not be required for the use of mechanical or robotic parking systems within the overlay. 12) Notwithstanding the exemption in subsection (a), the mechanical/robotic parking system must satisfy the conditions provided in Section 5.2.11(f), and a restrictive covenant stipulating that a valet service or operator must be provided for as long as the mechanical/robotic system remains in use. 9. Resiliency and Adaption Standards: Projects within the overlay shall be exempt from the long frontage standards provided in Section 7.1.2.2(f)(2), except that development within the overlay shall comply with the minimum ground floor elevation requirements in Section 7.1.2.2(f)(2)(C), and shall, to the greatest extent practicable, provide a circulation zone adjacent to portions of the pedestal of the partially reconstructed contributing building, subject to approval by the Historic Preservation Board in accordance with the certificate of appropriateness criteria in chapter 2, article Vili. Projects within the overlay may seek waivers from the Historic Preservation Board of any applicable requirement of Section 7.1.2 of the Resiliency Code. Notwithstandin• the fore•oin• a maximum of 1 750 s•uare feet of non-residential habitable space fronting Collins Avenue within the pedestal of the partially reconstructed contributing building shall be exempt from the minimum ground floor elevation requirements, provided that the nonresidential habitable space provides a minimum floor to ceiling height of 12 feet, measured from the elevation of the finished floor to the underside of the ceiling slab. 10. Oceanfront Overlay: Development within the overlay shall be exempt from the requirements of Section 7.3.1.2. However, in order to provide enhanced resiliency and mitigate impacts of development east of the bulkhead line, development within the overlay shall: Provide landscaped open space throughout the property. For purposes of this subsection, landscaped open space shall include landscaped areas above a concrete slab and landscaped areas located above the ground floor; and 121 Provide resiliency elements for enhanced capture or filtration of stormwater including, but not limited to systems such as: i. cisterns or other rainwater harvesting systems, or ii. bioswales, or jii. green roofs, or iv. rain gardens, or 12 v. Injection wells; or vi. Permeable driveways/walkways. • 11. Maximum floor plate. The maximum tower floor plate size., whether used for hotel or residential purposes, exclusive of projections including unenclosed balconies, is 25,000 square feet per floor. have a maximum floor plate of 10,000 square feet, per floor, cxclusivc of allowable . This restriction shall not apply to any part of the partially reconstructed pedestal hotel tower. SECTION 3. REPEALER. All ordinances or parts of ordinances and all section and parts of sections in conflict herewith are hereby repealed. SECTION 4.CODIFICATION. It is the intention of the City Commission, and it is hereby ordained, that the provisions of this Ordinance shall become and be made part of the Code of the City of Miami Beach, as amended; that the sections of this Ordinance may be re-numbered or re-lettered to accomplish such intention; and that the word "ordinance" may be changed to "section" or other appropriate word. SECTION 5. SEVERABILITY. If any section, subsection, clause or provision of this Ordinance is held invalid, the remainder shall not be affected by such invalidity. SECTION 6. EFFECTIVE DATE. This Ordinance shall take effect ten days following adoption. PASSED and ADOPTED this 27 day of Tune 25. ATTEST: J U L p 2 2025 'tip\B yen Meiner, Mayor e E. Granado, City Clerk • APPROVED AS TO .�NCOR� OKAYED; = FORM AND LANGUAGE REGIS BARBOU ' 4" & FOR TION City or ey Date Verified By: Thomas R. Moo y, AICP Planning Director T:\Agenda\2025\06 June 25,2025\Planning\North Beach Oceanfront Overlay-LDR Amendments-Second Reading ORD.docx 13 020aS_ (I-7s) Ordinances - R5 D MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Eric Carpenter, City Manager DATE: June 27, 2025 2:05 p.m. Second Reading Public Hearing** TITLE: NORTH BEACH OCEANFRONT OVERLAY - LDR AMENDMENT AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING THE RESILIENCY CODE OF THE CITY OF MIAMI BEACH, BY AMENDING CHAPTER 7, "ZONING DISTRICTS AND REGULATIONS," ARTICLE II, "DISTRICT REGULATIONS," SECTION 7.2.6, "RM-3 RESIDENTIAL MULTIFAMILY, HIGH INTENSITY," SUBSECTION 7.2.6.3, "DEVELOPMENT REGULATIONS (RM-3)," TO REFERENCE MODIFIED DEVELOPMENT REGULATIONS FOR THE NORTH BEACH OCEANFRONT OVERLAY, FURTHER AMENDING CHAPTER 7, "ZONING DISTRICTS AND REGULATIONS," ARTICLE III, "OVERLAY DISTRICTS," BY CREATING SECTION 7.3.11, ENTITLED "NORTH BEACH OCEANFRONT OVERLAY DISTRICT," TO ESTABLISH DEVELOPMENT REGULATIONS THAT INCENTIVIZE DEVELOPMENTS INCLUDING THE PARTIAL RECONSTRUCTION OF CONTRIBUTING BUILDINGS ON CERTAIN EXISTING OCEANFRONT LOTS WITHIN THE NORTH BEACH RESORT LOCAL HISTORIC DISTRICT: AND PROVIDING FOR CODIFICATION, REPEALER, SEVERABILITY, AND AN EFFECTIVE DATE. RECOMMENDATION The Administration recommends that the Mayor and City Commission (City Commission) adopt the ordinance. BACKGROUND/HISTORY The subject application was submitted on August 6, 2024 by TMG 67 Communities LLC with respect to the property located at 6701 Collins Avenue. This is a private application filed pursuant to Sections 2.4.1 and 7.1.10 of the Resiliency Code. The application proposes to create the North Beach Oceanfront Overlay within the City's Future Land Use Map, the text of the City's 2040 Comprehensive Plan, and the City's Resiliency Code. The Deauville name has a long history dating back to 1926. The original Deauville hotel at 6701 Collins Avenue was constructed in 1926, modified in the early 1930's, and totally demolished in 1956. The former Deauville hotel, which was demolished in 2022, was constructed in 1956 and designed by noted Miami Beach architect Melvin Grossman, in the Post War Modern (MiMo)style. The former hotel was also classified as a contributing building in the Miami Beach Historic Properties Database and the site is located within the North Beach Resort Local Historic District. One of the most noticeable features of the former building was its dramatic porte-cochere, comprised of sweeping intersecting parabolic curves, creating a defining entry point for this once all-inclusive resort. Stepped horizontal planes rose from the street to the 2nd floor lobby entrance along the building's facade, providing shelter and a clear pedestrian procession from Collins Avenue. This lobby entrance was one of the three main differentiated architectural features of the building. 169 of 430 The former 2-story structure on the south side of the property contained ground level retail spaces with a two-story height ballroom space above, made legendary by the 1960s appearance of the Beatles on the "Ed Sullivan Show." An elongated honeycomb pattern of ornamental hollow clay blocks formed a distinctive screening mechanism for the ballroom facade on Collins Avenue. The hotel portion of the former building rose 15 stories at the north end of the property and contained continuous horizontal windows and projecting concrete eyebrows. After a fire in the former Deauville's electrical room, the building was closed on July 25, 2017. The city took extensive action to attempt to ensure that the former building was not demolished by neglect through enforcement action by the Building Department and by filing action in Circuit Court to attempt to force the property owner to meet its obligations with respect to the 40-year building re-certification process and pursuant to a 2018 Unsafe Structures Board Order, among other relief intended to prevent the building's demolition by neglect. One of those obligations was for the owner to provide a Structural Condition Assessment Report from a licensed engineer. After years of enforcement action and litigation, the owner provided the required Structural Condition Assessment Report. Unfortunately, that report (which the Building Official verified) established that the building was unsafe and could not be saved due to structural defects in the building. The building was demolished in November 2022. ANALYSIS Planning Board and City Commission Review Requirements The application submitted herein is in accordance with Section 7.1.10.2(a) of the LDRs, which requires the following 3-step process, prior to the review by the City Commission: a. Step One— Planning Board Preliminary Review. The Planning Board, at a duly noticed public hearing, shall perform an initial review of the proposed ordinance. Notice of the Planning Board preliminary review hearing shall be given in accordance with the applicable provisions in Chapter 2, Article IV of the Land Development Regulations. If the proposed ordinance involves less than ten (10) contiguous acres. the notice requirements for the preliminary Planning Board review shall also include a minimum 30-day mail notice for all properties within 375 feet of the properties subject to the proposed floor area or FAR increase, and a 30-day published notice. Prior to the Planning Board's preliminary review stage, the Administration, either internally or with the assistance of an outside consultant, will perform an impact analysis of the proposed FAR increase: and such impact analysis shall include, but not be limited to, the following: 1. Calculation of the actual square footage increase for affected properties such as, for example, the maximum allowable square footage for residential, office, retail, hotel or other uses resulting from the FAR increase. 2. An infrastructure analysis regarding potential impacts on traffic/mobility, parking, water, sewer, resiliency, parks and open space, as well as any other area of concern identified by the City Commission or the Administration. 3. Massing studies, which illustrate the volume and location of the area associated with the proposed increase in FAR. For private applications, the applicant shall be required to provide all data and exhibits related to the above noted impact analysis as part of the application submission. The findings of this impact analysis shall be presented to the Planning Board at the preliminary review stage. b. Step Two — Community Outreach Meeting: Subsequent to the Planning Board's preliminary review meeting, the City shall facilitate a 170 of 430 public meeting for all affected stakeholders, in order to solicit additional input and feedback, as well as for City staff to address any outstanding issues or questions. A reasonable effort shall be made to ensure that such public meeting is held no later than 45 days from the date of the preliminary review by the Planning Board. Courtesy notice of the meeting shall be given by the applicable City department, in coordination with the Planning Department, in a manner consistent with the City's courtesy notices for other community meetings, workshops, or presentations. c. Step Three - Planning Board Transmittal: At a second duly noticed public hearing, which is separate and apart from the preliminary review hearing, the Planning Board shall consider and transmit the proposed ordinance to the City Commission with a recommendation. Notice of this transmittal hearing shall be given in accordance with the applicable provisions in Chapter 2, Article IV of the Land Development Regulations. After transmittal to the City Commission, the review requires a similar 3-step process: a. Step One - First Reading Public Hearing: After transmittal of the ordinance by the Planning Board. the City Commission shall hold a first reading public hearing. Notice of the first reading shall be given in accordance with the applicable provisions in Chapter 2. Article IV of the Land Development Regulations. If the proposed ordinance involves less than ten (10) contiguous acres, the notice requirements for first reading shall also include a minimum 30-day mail notice for all properties within 375 feet of the properties subject to the proposed floor area or FAR increase, and a 30-day published notice. b. Step Two - Community Workshop: Subsequent to the approval of the ordinance at first reading, and prior to second reading. at least one additional community workshop, which is separate and apart from the first reading public hearing, shall be held. This additional community workshop shall be considered a courtesy meeting, and open to participation by all affected stakeholders, including residents, property owners, or businesses in the surrounding area that may be affected by the proposed floor area or FAR increase, as determined by the City Commission. Such community workshops may be held in a virtual, in-person or hybrid formats, at the discretion of the City Commission, and shall be noticed in a manner to be determined by the City Commission. c. Step Three - Second Reading / Adoption Public Hearing: After the community workshop described above, the City Commission shall hold a second reading public hearing to consider final adoption of the proposed ordinance. Notice of the second reading shall be given in accordance with the applicable provisions in Chapter 2, Article IV of the Land Development Regulations. Proposal The applicant is proposing to create a new overlay, entitled the North Beach Oceanfront Overlay district, as well as amend the RM-3 development regulations specific to 6701 Collins Avenue, the site of the former Deauville Hotel. A separate, companion ordinance, proposes to amend the comprehensive plan. Collectively, these amendments would enable the construction of an apartment hotel development, with the following uses and amenities: • 140 hotel rooms; • 200 residential apartment units: • 7,300 square feet of retail: • 34,000 square feet of food and beverage service; • 24,000 square feet of ballroom/banquet space; 171 of 430 • A 7.500 square foot spa; • A 5,300 square foot gym: and • 98 parking spaces. The subject site is 166,500 square feet and the former Deauville Hotel previously contained 566 hotel rooms. The proposal includes up to 416,250 square feet of bonus floor area (2.5 bonus FAR). When combined with the current maximum allowable floor area of 499,500 square feet (3.0 FAR), up to 915,750 square feet of floor area would be permitted, which would equate to an overall FAR of 5.5 for the property. The maximum zoned FAR for the property would remain at 3.0. Additionally, the applicant is proposing up to 100 feet of bonus building height, which will result in new towers constructed with a total height of 300 feet. The maximum zoned building height for the property would remain at 200 feet. The applicant is also proposing to modify the minimum setback requirements in a manner specific to the property. The following is a summary of the proposed modifications to floor area, building height and setbacks, as compared to the current requirements of the LDRs: Current Required or Max Proposed Difference FAR 3.0 FAR / 499,500 SF 416,250 SF Bonus +416,250 SF / +2.5 5.5 FAR / 915,750 SF Note: each 1.0 increase in FAR results in an addition of 166,500 SF to the site. Height 200 Feet 100 bonus feet +100 feet (300 feet total height) Front Setback Pedestal 20 Zero feet -20 feet Tower 50 feet 40 feet -10 feet Side Setback Pedestal 40 feet 30 feet (N) -10feet 20 feet (S) -20 feet Side Sum 80 feet None -30 feet Tower 50 feet 30 feet -20 feet Note: The current setbacks reflect an overall height not to exceed 200 feet. Other proposed amendments include modifications to the allowable setback encroachments, as identified in the attached ordinance. These include up to a zero-foot side setback for certain structures, as well as modifications to the rear setback requirements. Additionally, a reduction in the minimum off-street parking requirements is proposed, along with the allowance for subterranean parking and mechanical parking without the review of the Planning Board. Lastly, a substantial exemption from the requirements of the long frontage standards is also proposed. In accordance with the requirements noted above for FAR increases, the following are required to be provided as part of the application submission: 1. Impact analysis of the proposed FAR increase. The current maximum permitted floor area for the site is 499,500 square feet and a maximum of 915,750 square feet is proposed. 172 of 430 The draft ordinance includes an FAR bonus of up to 416,250 square feet. 2. Infrastructure analysis regarding potential impacts on traffic/mobility, parking, water, sewer, resiliency, parks and open space. The applicant submitted the attached analysis prepared by Schwebke, Shiskin & Associates, which was based upon the previous breakdown of residential and hotel uses. This analysis addresses water, sewer, and fire flow requirements. Additionally. the attached traffic and parking impact statement for the proposed development, was based upon the previous breakdown of residential and hotel uses was prepared by Kimley Horn. As it pertains to parks and open space, the preliminary analysis was based on the addition of 140 residential units and would result in a deficiency in basketball courts and tennis/pickleball courts. This will require the payment of concurrency mitigation fees at the time of building permit. Based upon the revised distribution of hotel and residential units, further analysis of the infrastructure components will be required. However, the revisions to the mix of units is not expected to result in infrastructure impacts that are insurmountable. 3. Massing Studies. The previous maps and massing studies that illustrated the volume and location of the area associated with the proposed FAR increase were based on a different tower configuration than what is currently being proposed. 4. Although not technically required, the applicant has also provided the attached Economic Impact Analysis, prepared by the Washington Economics Group. As part of the initial Planning Board review of the application, the following concerns were noted by staff and all have largely been addressed: 1. Reconstructed floor area. Staff previously noted inconsistencies with the plans submitted to the Historic Preservation Board in 2013 for the redevelopment of the subject property, including a new tower on the site, which indicated that the existing Deauville Hotel structure contained approximately 309,000 square feet of floor area. This issue has largely been addressed in the current submittal; however detailed FAR drawings will be required as part of the building permit review process in order to fully substantiate the prior FAR for the site. 2. Massing Studies. The original massing study provided was inadequate, as it only included one basic site diagram, along with one axonometric drawing with 'ghosted' towers. More detailed floor plans, a section drawing, and various renderings were provided. 3. Exemption from long frontage standards. Previously the applicant requested full exemption from the requirements of the long frontage standards, with no explanation as to why compliance cannot be achieved. As these frontage standards are required to ensure the long- term resiliency of the site staff was concerned with a blanket waiver without adequate supporting documentation. The ordinance has been revised to include more specific language relative to the waivers, including for the required circulation zone. Waivers from the Resiliency Standards may also be sought from the Historic Preservation Board (HPB). 4. Deauville Reconstruction. As noted above, only the pedestal is now considered as a partial reconstruction, and due to changes to the overall design and massing of the hotel tower, including a substantial increase in the rear setback, the hotel tower is no longer considered as a partial reconstruction, and will be a re-interpretation of the original design. To date. the applicant has not provided a revised design for this re-interpreted hotel tower. However, approval of all new construction at the site will be subject to the approval of the HPB at a future date. Comprehensive Plan Amendment and Review Process The proposal requires an amendment to the Comprehensive Plan for the proposed changes to the maximum intensity requirements for the property. A separate, companion ordinance is 173 of 430 proposed for the required comprehensive plan amendments. PLANNING BOARD REVIEW On November 26, 2024, the Planning Board held a public hearing, reviewed the proposed ordinance and continued it to the January 7, 2025, meeting. On December 17, 2024, a public workshop was held after the first review of the Planning Board and additional input was received from the workshop participants. On January 7, 2025, the Planning Board continued the proposed ordinance to a date certain of February 4, 2025, at the request of the applicant, with no substantive discussion. On February 4. 2025, the Planning Board held a public hearing and transmitted the proposed ordinance to the City Commission with a favorable recommendation (6-0). UPDATE/SUMMARY The subject ordinance was approved at First Reading on March 19, 2025, with the following additional amendments (in bold), as recommended by the Administration: Sec. 7.3.11 -- Development Regulations for the North Beach Oceanfront Overlay • b. Development Regulations. Notwithstanding the development regulations contained in Section 7.2.6, the following regulations shall govern proposed development within the boundaries of this overlay district. These re_ulations, including, but not limited to bonus FAR and bonus building height, shall require the partial reconstruction of a previously existing contributing building, as determined by the Historic Preservation Board. and-in In the event of any conflict between the overlay regulations and the requirements of Resiliency Code. these regulations shall control: 11. Maximum floor plate. All floors of the residential towers containing residential units shall have a maximum floor plate, exclusive of projections, unenclosed balconies, of 9,500 square feet, per floor. These amendments were incorporated into a draft ordinance that was set for Second Reading on May 21, 2025. Additionally, the proposed amendments to the LDRs and the Comprehensive Plan are tethered to a separate development agreement that was approved by the City Commission at First Reading on April 23, 2025. On May 21, 2025. Second Reading of the subject LDR amendment. the companion Comprehensive Plan amendment and the development agreement, were all opened and continued to a date certain of June 25, 2025. After the May 21, 2025 City Commission meeting, the applicant provided revised versions of the LDR and Comprehensive Plan amendments, which contained the following changes to the proposal: 1. Previously, the applicant requested a height bonus of 180 feet, which increased the maximum building height from 200 feet to 380 feet. The requested height bonus has now been reduced to 100 feet, which would increase the maximum building height from 200 feet to 300 feet. 2. The floor plates of the revised towers are proposed to be increased from 10,000 square feet per floor to 25.000 square feet per floor, to accommodate the proposed reduction in building height. 3. To accommodate the lower building height, the applicant has proposed to modify the previous requirement to substantially reconstruct the former Deauville by allowing for the 174 of 430 reinterpretation of the original tower portion of the hotel and redistribute the allowable FAR within 2 new towers that have been relocated within the site. 4. The applicant has limited the overall density of the project not to exceed 200 residential units and 140 hotel units. Additionally, at the request of the City Commission, the attached economic analysis was prepared by Miami Economic Associates (MEA) regarding the value of the additional FAR and height contemplated in the proposal. This analysis was conducted under the original proposed building height of 380 feet, Although the applicant has indicated they do not agree with the findings in this analysis, the Administration believes that the substance of the analysis should be considered by the City Commission. Finally, for the LDR and Comprehensive Plan amendments. as well as the development agreement, to be considered for adoption together, the applicant has requested that the City Commission waive the annual zoning cycle restriction for the subject LDR amendment, pursuant to Section 2.3.2 of the LDRs. Absent a waiver of the annual zoning cycle, the subject LDR amendment would not be eligible for adoption until October 29, 2025. The reconstruction of the former Deauville, including the reinterpretation of the tower, are important as the significant height and FAR bonuses proposed were conceived and predicated upon the faithful recreation of an important architectural landmark in North Beach. As indicated by the applicant, these bonuses are intended to offset the costs associated with the reconstruction of the former Deauville hotel. The Administration is not opposed to the proposed reduction in the height bonus, nor the lowering of the maximum height of the project. However. the applicant's proposal to modify the previously proposed reconstruction of the tower portion of the former Deauville hotel must be looked at cautiously. In this regard, the applicant has studied and agreed to tangible options to re-introduce the original tower portion of the former Deauville hotel. However, should this proposal move forward, it will be incumbent upon the applicant to faithfully re-interpret the exterior design, as well as the location, orientation and footprint of the original Deauville hotel tower. To this end, the Historic Preservation Board will play a critical role in ensuring a successful project from an architectural and appropriateness standpoint. FISCAL IMPACT STATEMENT No Fiscal Impact Does this Ordinance require a Business Impact Estimate? No (FOR ORDINANCES ONLY) If applicable, the Business Impact Estimate (BIE) was published on: 3/24/2025 See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meetinq-notices/ FINANCIAL INFORMATION Not Applicable CONCLUSION The Administration recommends the following: 1. The City Commission adopt the ordinance. 2. Pursuant to Section 2.3.2 of the LDRs, the City Commission waive the annual zoning cycle 175 of 430 restriction for the subject amendment. Applicable Area North Beach Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond pursuant to City Code Section 2-17? Project? Yes No Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No If so, specify the name of lobbyist(s) and principal(s): Department Planning Sponsor(s) Private Applicant Co-sponsor(s) Condensed Title 2:05 p.m. 2nd Rdg, NB Oceanfront Overlay-LDR Amendment. (PrivApp) PL 6/7 Previous Action (For City Clerk Use Only) Continued from 6/25/2025 - R5 D 176 of 430 ASCHWEBKE SHISKIN + ASSOCIATES Nernando 1 Maras.PCIVIL ENGINEERS w° Leon.'` Mork S lonnfm.P S M 'LAND SURVEYORS Alberto A.AEPce,P Ronald A Fnu,P S 01 CountN 3240 CORPORATE WAY•MIRAMAR.FLORIDA 3302$ R+Ymond f MOM.P S M ARonfo C TeMu.P E.P S M FMONE:(9541435 7010•FA%.(954)436-32$$ MKMe&1 Alley.►S.M July 11, 2024 Ms. Cristina Ortega Castineiras, P.E. ENV SP City Engineer City of Miami Beach Public Works Department 1700 Convention Center Drive Miami Beach, Florida 33139 cristinaortegaamiamibeachfl.gov Re: 6701 Collins Avenue (Deauville Development) (Folio No. 02-3211-007-0420) Water Demand Calculation, Fire Flow Requirement & Sanitary Sewer Load) Dear Ms. Ortega Castineiras, The Deauville site is proposed to be re-developed. The previously existing facilities are tabulated in the attached exhibit "A". As per said exhibit "A", the site had a water demand of 84,679 GPD for both water use (not accounting for irrigation) and sanitary sewer generation. The proposed re-development is tabulated below and in exhibit"B". I. Water Demand: 1. 140 apartment units @ 135 GPD (gallons per day)/unit = 18,900 GPD 2. 280 hotel rooms @ 115 GPD (gallons per day)/room= 32,200 GPD 3. 7,300 SF (square feet) Retail @ 10 GPD/100SF= 730 GPD 4. 8,528 SF of lounge/bar @ 20 GPD/100SF= 1,706 GPD 5. 25,235 SF of full-service restaurant @ 100GPD/100SF= 25,235 GPD 6. 24,244 SF of ballroom/banquet hall @ 10GPD/100SF= 2,424 GPD 7. 7,450 SF of wellness/spa/sauna @ 20 GPD/100SF= 1,490 GPD 8. 5,255 SF of fitness/gym @ 10 GPD/100 SF= 526 GPD (Total water demand excluding irrigation (items 1 to 8) = 83,211 GPD) 9. The irrigation demand is estimated to be 10,400 GPD 10. Fire demand will be 3000 GPM 190 of 430 Ms. Cristina Ortega Castineiras, P.E. ENV SP City Engineer Page 2 of 2 Based on the current Miami-Dade WASD flow generation/demand chart, this development will require a total water demand of 93,611 GPD and a fire flow requirement of 3,000 GPM @ 20 psi for 3 hours. II. Sanitary Sewer Load: As per the proposed development program, the anticipated sanitary sewer flow generation (load) will be 83,211 GPD. Please note that is less than the previous sanitary sewer load (84.679 GPO). Attached please find a copy of the preliminary water& sewer plan for the proposed development (exhibit"C") showing the proposed points of connection to the City's system along Collins Avenue. Please review and provide acceptance to the proposed points of connection. Respectfully submitted, If Sc 4.4k1 hiski •' Associates, Inc. Pii"' i He an••o J. Navasl P.E. No. 50635 Date: 07-11-2024 Principal (CA#87) P • nos ITEM HAS BEEN MITALLY SINNED AND SEALED BY HERNANDO J NAVAS,P E O......•N"7 ON TIE DATE ADJACENT TO TIE SEAL PRM TED COPES OE THIS DOCUMENT ARE [- NOTON AN EEL D SSID ONIC SAND SEALED AND THE SIGNATURE MUST BE YEW ED ��;' C E S n••941 • Digitally signed by No. 50635 Hemando J Navas * ' Date: 2024 07.11 'a'• STATE OF .I c 09:36:18-04'00' A O4 �4 O R tO p.•G\�2 `-'2/ONA1.E" 191 of 430 CO CO N V Q) N C` N c0 O co 0 Q) 00 co (0 O N C` U') (e) !- n. •K! �t N in Q) C- — (c) on (0 C.1 Cn N CO O I E 0 Cl) o o ` 0 d 0 0 0 0 0 0 0 0 to 0 `o '- o (y - .- C) (y o O 0 0 •— o 0 0 0 03 -- � ,� 0 z ,5 c o = 0 o g U c .. co C _ p o CO U W N I-- c0 CO0 CO 0) N C N N LU '- ON U. 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I I I i 1 I I I I ' • ;t ; 194 of 430 Kimley )> Horn July 29, 2024 Grant Webster City of Miami Beach Transportation & Mobility Department 1700 Convention Center Drive Miami Beach, FL 33139 Re: Deauville- 6701 Collins Avenue (PB24-0693& TRN24-0014) Code Amendment Trip Generation Statement Dear Mr. Webster Kimley-Horn and Associates, Inc. has prepared a trip generation statement for the proposed Code Amendment related to the application located at 6701 Collins Avenue in Miami Beach, Florida. Based on the currently permitted floor area, the maximum site development potential would include 977 hotel rooms, including accessory uses. However, as part of the proposed Code Amendment, the maximum site development potential would include 280 hotel rooms and 140 multifamily residential units, including accessory uses. A conceptual site plan and location map are provided in Attachment A. TRIP GENERATION Trip generation calculations for the existing and proposed maximum development potentials were performed using Institute of Transportation Engineers' (ITE) Trip Generation Manual, 11' Edition. Trip generation calculations were prepared for the weekday A.M. and P.M. peak hours. The trip generation for the existing maximum development potential was determined using ITE Land Use Code (LUC) 310 (Hotel). The trip generation for the proposed maximum development potential was determined using ITE LUC 310(Hotel) and LUC 222 (Multifamily Housing [High-Risel). Multimodal Reduction A multimodal (public transit, bicycle, and pedestrian) factor based on US Census Means of Transportation to Work data was reviewed for the census tracts in which the site is located. A multimodal factor of 17.4 percent (17.4%) was determined and applied to the external trip generation calculations. It is expected that a portion of residents, guests, patrons, and employees will choose to walk, bike, or use public transit to and from the site. Transit Route Information Two (2) Miami Beach Trolley routes and three (3) Miami-Dade County Department of Transportation Public Works (DTPW)routes currently operate in close proximity(within %=mile) to the site during the weekday A.M. and P.M. peak hours. Detailed transit route information is included in Attachment B. • Miami Beach Trolley Collins Express Route operates along Coffins Avenue in the vicinity of the project site with the nearest stop located south of 671h Street. This route operates with approximately 20-minute headways in the northbound and southbound directions during the weekday A.M and P.M. peak hours. • Miami Beach Trolley North Beach Route operates along Collins Avenue in the vicinity of the project site with the nearest stop located south of 67'" Street. This route operates with approximately 20-minute headways in the northbound and southbound directions during the weekday A.M and P.M. peak hours. kimley-horn.com 2 Alhambra Plaza. Suite 500. Coral Gables. FL 33134 305 673 2025 195 of 430 Ki m l ey ,>> H o r n Grant Webster.July 29. 2024. Page 2 • MDT Route 79 operates along Collins Avenue in the vicinity of the project site with the nearest stop located south of 67'^ Street. This route operates with approximately 15-minute headways in the northbound and southbound directions during the weekday A.M and P.M. peak hours. • MDT Route 100 operates along Coffins Avenue in the vicinity of the project site with the nearest stop located south of 67'^Street. This route operates with approximately 7.5-minute headways in the northbound and southbound directions during the weekday A.M and P.M. peak hours. • MDT Route 279 operates along 71' Street in the vicinity of the project site with the nearest stop located east of Indian Creek Drive. This route operates with approximately 24-minute headways in the eastbound and westbound directions during the weekday A.M and P.M. peak hours, Internal Capture Internal capture is expected between the complementary land uses within the project Internal capture trips for the project were determined based upon methodology contained in the ITE's Trip Generation Handbook, 3'd Edition. Internal capture rate of 1.0 percent(1.0%)for the P.M peak hour trip generation is expected for the proposed Code Amendment. Net New Project Trips As shown in Table 1, the proposed Code Amendment is expected to result in a reduction of 246 net new vehicle trips during the weekday A.M. peak hour and a reduction of 379 net new vehicle trips during the weekday P.M. peak hour. Trip generation calculations are included as Attachment C. Table 1:Proposed Net New Trip Generation A.M.Peak Hour(P.M.Peak Hour) Future land Use Entering Exiting New External (IITE Code) kale Trips Trips Trips Existing Code Amendment Hotel 977 222 175 397 (310) rooms (292) (282) (574) Proposed Code Amendment Hotel 280 61 49 ! 110 (310) rooms (74) (73) !_ (147) Multifamily Housing(High-Rise) 140 11 30 41 (222) dwelling units (30) (18) (48) 72 79 151 Subtotal: (104) (91) (195) Net New Project Trips -150 -96 -246 (-188) (-191) (-379) PARKING EVALUATION As part of the forthcoming land use board application, the required and provided number of parking spaces will be provided based on the proposed development program. Note that the parking requirement associated with the reconstruction of the original Deauville Hotel will be exempt, however, the project will comply with the applicable parking requirements for all new construction. kimley-horn.com 2 Alhambra Plaza. Suite 500. Coral Gables, FL 33134 305 673 2025 196 of 430 Kim ley>>>Horn Grant Wet:4W July 29,2024,Pape 3 CONCLUSION As the proposed Code Amendment is expected to recut in a reduction of 246 net new vehicle trips during the weekday A.M peak hour and a reduction of 379 net new vehicle trips during the weekday P.M.peak hour,further analysis is not proposed.Please note that a site plan traffic study methodology and traffic impact analysis wil be prepared as part of the forthcoming land use board application. Should you have any questions or require additional information,please do not hesitate to contact our office. ,titumntm� Sincerely. �.�`�`I O f DOR'''�., The aYn Ms bon tspf Wy Mod by Coq KIMLEY-HORN AND ASSOCIATES,INC. � `O v•�E N SF sired,' Damon.Ps.E•PTOE on ow less noposnt to!no Nor.t4 seat. " ....s, 't * ♦_ ry Dorman Cary D.Dorman,P.E.,PTOE "4 STATE OF ' w+w °apes of the ••'. 0 R 1 O .•;•1�' ctnsttlwed .,pun ant Attachments '��..SS/ONAl1 ,%%tt � ' pes Cory D Dorman,P E,PTOE Florida Registration Number 85462 Kimley-Hom and Associates.Inc. 2 Alhambra Plaza,Suite 500 Coral Gables,FL 33134 KtfTL TPTOioUY030t 7 29 2024 Cosi oie Cods Amin:Mont Trip OMrYon 9utrwtt-noa 197 of 430 Attachment A Conceptual Site Plan and Location Map 198 of 430 c. a 1 ! it g; ;; I, ,; il ! 111! iii ii; i ; IL .i i I g ,_r7.__________._._.-7.-_______________I__ _T__f_-_ Li al I I I I I i— + —► J- - I — i rr � - =r� zo 1 1 � 1 I i i1 11' ii • i i 1 , t I Ii 1g i 11 I I 1 ! i Ii I 1 I 1 1 1 i t --1-- q-,- viYOb�I ( 1 I 1 _ � — III I I I I i 1 I I 1 I I — i 1 1 199 of 430 utt at t t ttt s =;i 8 � 4 ki G ,ni �a ,: w wee N 'JIM 1 1 / I i ! 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I.., I is C yr a iift 1 201 of 430 Attachment B Transit Service Data 202 of 430 City of Miami Beach Trolley Routes 203 of 430 COLLINS EXPRESS .A" nn lit 1 s ;3s I � 0 On' Inn, 0 es os as W E TROLLEY CONNECTIONS COLLINS EXPRESS COLUNS MIDDLE EXPRESS © BEACH LOOP ist SOUTH 3 REACH LOOP COLONS O SOS" EXPRESS LOOP ft OA 17 is x' d n4 SS aII 1I51 EfII t, Mar 4Latax -11 ef E 1'J xy p •4 4 rA all Is1.1mAR �. VC Iis unman i OW a ) uiw1 TRW NII - r 11A I 11711a I/II p UII f 1W 9Y ov 204 of 430 \,...,..,) 0 NORTH BEACH LOOP FT as mi.!!........... _..-00 8SA I ---- - 117951 / ©!lA TROLLEY CONNECTION NORtH COLLINSdEACM EXPRESS ti! LOOP nA 1 Oil SS 0 i In 111,7 © © *A N � iig i w E ' 6SA s 205 of 430 DTPW Routes and Headways 206 of 430 1-:!,-.,-,.;,,, s• pi n 3: 0 ,„. _ . _ *, '/1 C jil E' c ', 1-1Y,'' ' gi '..: 3 7 i - Z S I 1 41 ! o a < ..0 ti Z .3 W ° E Y Q z° sg! xx o 2 U 3 4 4i S y i SIB € i • ° • {QN L• rQ (N> ga. c ° • t oza; ,-;2-,`i. 1i. 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I I , ! a ! ! !s | ! , .1a11 §■ J� ` A,' I I § k„, ..'.a C' ..)._ ; ----„,,..?..0-;,---... a.o,. - ,.o,I . 214 0 430 I 5 " e t 1is' 5 0 sl if W sgR E as tt t I + p >�t`o a �wttco o i 73 Jg g ,3 igg FFz c 1 O O O C = 1 lip 1„ n "* aR aR fi U ar" i s > sR j E > sAR a t ` Q =W Y!'o I o o �f-- ev 0 tC¢'� {ye g tY rsj �t r �� 1 y cc is Fb iu IT.g b Q O O z e N a Z O iw ,� ; Z W g aR fi W o Ice C7 , - 1pfA.= u LU a W + O. m i E a a !fa i My >- a0 1? ax 5 0 -a 3$m 0 � 4 w o O w sA il j0r r` 1 Q F 11 " I o 14a4; w y c, 2 w gi s:T: a ii `1 tfl did CI' 11 q : 1 �t�3 � .�P 1t3R11 'i4Y g L R t t ..o 1 gs -n n a.....s z1..... O K 0 z 6 - o o 1. N 215 of 430 Internal Capture Reduction Calculations Methodology for A.M.Peak Hour and P.M.Peak Hour based on the Trip Generation Handbook,3rd Edition,published by the Institute of Transportation Engineers Methodology for Daily based on the average of the Unconstrained Rates for the A.M.Peak Hour and P.M.Peak Hour SUMMARY (PROPOSED) GROSS TRIP GENERATION A M Peak,-our P.M.Peak Hour Land Use Enter Ext 1 Enter Exit F— Office 0 0 0 0 p Retail 0 0 0 0 d Restaurant 0 0 0 0 — Cinema/Entertainment 0 0 0 0 Residential 11 30 30 19 Hotel 61 49 75 73 72 79 105 92 INTERNAL TRIPS land Use A.M.Peak Hour P.M.Peak Hour Enter Exit Enter Exit p Office 0 0 0 0 a. Retail 0 0 0 0 H Restaurant 0 0 0 0 ~ Cinema/Entertainment 0 0 0 0 Residential 0 0 0 1 Hotel 0 0 1 0 0 0 1 1 Total%Reduction 0.0% 1.0% _, 1— Office _ p Retail d' Restaurant D Cinema/Entertainment Q Residential 0.0% 2.0% Hotel 0.0% 0.7% EXTERNAL TRIPS Land Use A.M.Peak Hour P.M.Peak Hour Enter Ext Enter Exit D Office 0 0 0 0 O. Retail 0 0 0 0 H Restaurant 0 0 0 0 OGnema/Entertainment 0 0 0 0 Residential 11 30 30 18 Hotel 61 49 74 73 72 79 104 91 216 of 430 61+4;24.9:51 AM 80830' MEANS OF TRANSPORTATION...-Census Bureau Table United States MEANS OF TRAN j(249+98+79+16+203+18)/(2,436+1,991-209-411)= 17.4% I Census .M.•.T..*.•..•.rA.d.rr of the ov..s i.M•a•.w.r•d by•ti u 0 Co..*..•s its n•.......a r er.. d 00w0..4y 0..0.•....04000...0.0.0 ws•.•0,rq•.r ia*.• C..i•it..M..44i1,44.!.r.•w.e. C ...i.r•M 1...rr.0.0•Ca.....I... [M...r• .ran r Imo I . ......../Inr V:•ao.J ._ •0.1.0.i... :`C r ••.CO.,Arr. . < • ••r••.ar.m[aye . i V•A•.e04•1e•M..`1r..044.W.W !M .MI 9. 40 S. 30 .OSI. .aa 110.001.•wr•0.1 a •4 Cl •Y .rtd{Or•r•..Y Vl.....•r 0 .4 C +4 ••••w Y•w.•r r her.01.016i00..0,,,..v,0., 0 ..I a .4 ...vs. O 04 •4 :a.a.e a .m n .. Mew era* u • o •4 Mari IN 4i31 •I •m W..v IO all • .4 *awn.s....0 n7I •V. •.. .r. • HO:0 imprOY4 Otis{Oar Ch htpsl/data.census.gov/table/ACSDT5Y2019.B08301'q=8083013q=1400000US12086003914.12086003921 1/2 217 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach V. Recurring Annual Economic Impacts The recurring economic impacts of the Deauville redevelopment project extends beyond the direct operations of the hotel and retail spaces, encompassing substantial off-site spending by the 148 condominium residents and the hotel's guests.Each year,the combined economic activity from property operations and the external spending of residents and visitors is projected to generate a total economic impact of$36 million.This impact,measured through direct,indirect, and induced effects, supports employment across multiple sectors, increases household earnings,and bolsters the local economy's stability The direct impact of$32.5 million is driven by the property's hotel and retail/restaurant operations and the local spending of residents and guests. This activity sustains 218 permanent hospitality, retail, and property management jobs, providing workers $10.5 million in annual earnings. The regular flow of visitors to the Deauville and condominium resident spending significantly supports local businesses, including restaurants, entertainment venues,and personal services throughout Miami Beach. The indirect impact of$522,570 arises from the project's demand on local suppliers and service providers, benefiting industries that support hotel and condominium operations, such as food and beverage suppliers, maintenance services, and utilities. This ripple effect amplifies the project's influence on the local economy, creating secondary benefits for businesses along the supply chain and reinforcing Miami Beach's service sector. The induced impact, which is estimated at $3 million annually, captures the spending of employees and suppliers in the broader community.As earnings from Deauville-related jobs are spent on housing, groceries, healthcare, and other services, they create additional demand within the local economy, particularly in the retail, dining, and healthcare sectors. This induced effect further strengthens the financial health of Miami Beach's local businesses and contributes to the vibrancy of the North Beach community. The Deauville redevelopment generates a recurring annual economic impact of$36 million, including 236 sustained Jobs, $11.9 million in earnings, and $20.5 million In GDP contributions. The ongoing operations, resident spending, and visitor activity provide a steady and diversified economic foundation for Miami Beach, enhancing community vitality and supporting sustainable growth in North Beach for years to come. Thc',Vasl r tor,L.unomiLs(;) ),Int.(WEG) Pa.e 17 218 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo.ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Summary of the Recurring Annual Economic Impacts of the Deauville Hotel Redevelopment in Miami Beach Impact on: Direct Indirect Induced Total Im act Employment(Jobs) 218 4 14 236 Earnings/Household Income(S'000) S10532.160 S201,379 S1,130838 $11,864,378 GDP/Value Added(S'000) 518.351,463 S269,229 $1,551,815 $20,172,507 Total Economic Impact(S'000) S3.575,730 $51.961 S296.200 S3,923,891 Federal,State&Local Fiscal Revenues($'000) $32,459,353 $522,570 $2,978,853 S35,960,776 Note:Total may not equal the sum of all due to rounding. Source' BusinessFlare from the Input-Output Model. Annual Spending by Residents and Hotel Guests Transportation S3.R33,71,i Entertainment S1.15'1,457 Food Services&Drinking Places 1111111.111111111 S3,0771)19 • Nonsture Retailers $332.99S Miscellaneous Store Retailers S2,011,5R9 General Merchandise Stores _ $527.572 Sporting Good.!lobby.Musical Instrument.and. 15.55,716 Clothing and Clothing Atsessones Stores $148,154 Gasoline Stations - $412,809 Health and Personal Care Storrs I S89,881 Food and Heverage Stores - S644.752 Uldg Material&Garden Equipment&Supplies Dealers 111 $153,494 Elea ti onies and Appliance Stores I $39,932 Furniture and home Furnishings Stoles 1 5124.655 Motor Vehicle R Part.Dealers OM $344.088 S0 $1.000,000 $2.000,000 J3.000.000$4.000.000 Source: BuslnessFlare from the Input-Output Model. Total Annual Recurring Jobs Once operational,the Deauville redevelopment is projected to sustain 236 jobs annually.The hospitality sector will benefit the most,accounting for 37.5%of these jobs,followed closely by commerce sectors such as retail and wholesale trade(49.2%),indicating that the project will continue to support a thriving visitor economy. The Washln on Economics Grou.,Inc G Pig, I I. 219 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Total Annual Recurring jobs Supported by the Deauville Hotel Redevelopment in Miami Beach industr% lobs Supported "io of Total Construction 1 1% Commerce 116 49% Finance,Insurance and Real Estate(FIRE.) 11 4% Professional Services 8 4% Health Care&Education 2 1% Hospitality 88 38% Other 9 4% Total 2:37, 1 000,0 Note:Total may not equal the sum of all due to rounding. Source:BusinessFlare from the Input-Output Model. Total Annual Recurring jobs Supported 4% 1% •Construction •Commerce •F.I.R.F.. •Professional Services •Health Care&Education •Hospitality •Other 1% t4% 3% Source: BusinessFlare from the Input-Output Model. Why This Matters: Ongoing job creation in hospitality and commerce reinforces Miami Beach's identity as a tourist destination, fostering a steady source of employment and community vitality. I he',1'.,tihui tun !f nnumn•1 r n.; In. C.I E{.) Pae.c 17 220 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach One-Time lob Creation by Demographic ;(I 2n IS Iu 11111111111 N, 1> '1> tiA '1.� �R "5 )a hR bk o+a+ oq ,k `M `q. t,L 1,� by �y may. ^y. Ay g 45by 4. 4'5 24. sae ��e �a�Fe�a`� 4" fee 4" F0. 4`'�e�eee 4" �cee +,fie Qe01' 4' Source: BusinessFlare from the Input-Output Model. Total Annual Recurring Household Income/Earnings Annual earnings from these jobs are projected at $11.9 million, with hospitality workers capturing 41.8%of this amount,followed by employees in commerce(39.4%).This earnings distribution highlights the importance of service and retail roles in sustaining economic activity. Total Annual Recurring Household Income/Earnings of the Deauville Hotel Redevelopment in Miami Beach Industry Earnings ul total Construction $65,752 1% Commerce S4,670,175 39% Finance,Insurance and Real Estate(F.I.R.E.) $636,663 5% Professional Services 5553,823 5% Health Care&Education $123,055 1% Hospitality S4,957,775 42% Other S857,135 7% total S11,864,378 100°/u Note:Total may not equal the sum of all due to rounding. Source:BusinessFlare from the Input-Output Model. The Washin•.•n Economics Grou.,Inc. C Pa:e 18 221 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Total Annual Recurring Household Income/Earnings 194, Supported 7% I •Construction •Commerce c i •FARE. •Professional Services 42% ■Health Care&Education •Hospitality 111!1:166.) •Other 1% 5% Source: BusinessFlare from the Input-Output Model. Why This Matters: High earnings potential in these key sectors supports a robust consumer base,which will,in turn,benefit local businesses and contribute to a self-sustaining economic ecosystem. Total Annual Recurring Gross Domestic Product (GDP/Value Added) Recurring annual GDP contributions are expected to reach $20.5 million, with hospitality alone responsible for nearly half(48.3%) of this figure. This indicates that the project will have a lasting positive effect on the local economy,well beyond its initial construction. Total Annual Recurring GDP(Value-Added)Impacts of the Deauville Hotel Redevelopment in Miami Beach Industry GDP "/,of Total Construction S76,374 0% Commerce $7,701,403 38% Finance,Insurance and Real Estate(F.I.R.E.) $948,328 S% Professional Services S414,500 2% Health Care&Education $71,381 0% Hospitality S9,916,492 48% Other $1,392,190 7% Total S20,520,601 100°,0 Note:Total may not equal the sum of all due to rounding. Source:BusinessFlare from the Input-Output Model. Thu il',1.1:.1 ;tor"i._,u:.;mi.., ;,,.; I.t 222 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues.Miami Beach Total Annual Recurring GDP/Value Added Impacts • 094 Supported a •Construction •Commerce •F.I.R.E. •Professional Services •Health Care&Education 48% 11 , �� •Hospitality •Other S°li, 0% 2% Source: BusinessFlare from the Input-Output Model. Why This Matters: This consistent GDP contribution underscores the project's role in long- term economic stability for North Beach, attracting additional commercial investment and enhancing quality of life for residents. Total Annual Recurring Economic Impact (Output) Once operational, the Deauville redevelopment is expected to generate a total recurring economic impact of $36 million annually. This impact encompasses direct, indirect, and induced effects that support a wide range of industries in Miami Beach, sustaining local employment,earnings,and economic output year after year. The direct impact of$32.5 million represents the ongoing economic activity generated by the daily operations of the Deauville property and its associated businesses.This direct activity includes hotel operations, retail sales, and hospitality services within the complex, supporting approximately 218 permanent jobs in the hospitality, retail, and property management sectors. Annual earnings from these direct jobs amount to $10.5 million, providing stable income to workers in Miami Beach's vital tourism and service industries. The property's presence as a major hospitality hub attracts visitors, who contribute to the local economy by spending on accommodations, dining, and entertainment within the facility. The indirect impact, totaling $522,570 annually, arises from the supply chain effects associated with the Deauville's ongoing operations. This impact reflects the economic The Washin: •n Economics Grou..Inc. EG Pa: 20 223 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach activity generated by the demand for goods and services necessary to sustain hotel and retail activities, including food and beverage suppliers, utility providers, and maintenance and cleaning services. Local suppliers benefit from regular orders for goods such as linens, food products, and cleaning supplies, which are essential to the day-to-day functioning of the property. Additionally, professional services, such as legal, marketing, and financial management, play a vital role in supporting the Deauville's ongoing needs, creating secondary economic benefits that spread across various industries. The induced impact, estimated at $3 million annually, is driven by the spending of earnings by employees directly and indirectly supported by the Deauville's operations. As workers from the Deauville and its suppliers spend their income locally on housing,groceries, dining, and other personal expenses, they stimulate economic activity in various sectors within Miami Beach. This induced spending particularly benefits the retail and service industries, with workers'expenditures flowing into local stores, healthcare providers, restaurants,and recreational facilities. This continuous cycle of consumer spending amplifies the project's economic reach, reinforcing the sustainability of local businesses and the vibrancy of the North Beach community. In total, the recurring economic impact of $36 million annually from the Deauville redevelopment represents a reliable source of economic activity for Miami Beach. The project's operations will sustain hundreds of jobs, support a network of local suppliers,and drive consumer spending throughout the region. As a result, the Deauville project strengthens the economic stability and attractiveness of North Beach, establishing a steady foundation for future growth and community development in Miami Beach. Total Annual Recurring Economic Impact(Output)of the Deauville Hotel Redevelopment In Miami Beach Industry Output %of Total Construction $157,818 0% Commerce $13,737,562 38% Finance,Insurance and Real Estate(F.I.R.E.) $1,759,995 5% Professional Services $1,075,238 3% Health Care&Education $215,904 1% Hospitality S16,516,580 46% Other $2,497,679 7% Total S33,960,776 100% Note:Total may not equal the sum of all due to rounding. Source:BusinessFlare from the Input-Output Model. i , ire 1Whi, P;,c _. 224 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo a ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Total Annual Recurring Economic Impact(Output) Supported 0% •Construction •Commerce �" •F.I.R.E. ATZI •Professional Services •Health Care&Education •Hospitality t •Other S% 1% 3% Source: BusinessFlare from the Input-Output Model. Why This Matters: The recurring Total Economic Impact (Output) of the Deauville redevelopment underscores its role as a long-term economic engine for Miami Beach. By sustaining $36 million in annual economic activity, the project provides a steady source of Jobs, Household Income/Earnings,and spending that benefits local workers and businesses alike. The direct employment in hospitality and retail not only supports Miami Beach's tourism-driven economy but also contributes to the area's identity as a vibrant destination for visitors. Additionally, the project strengthens local supply chains by generating consistent demand for goods and services, which benefits a wide array of local industries, from food and beverage suppliers to professional service providers. Finally, the induced spending by employees circulates throughout the community, reinforcing the financial health of local businesses and enhancing the quality of life in North Beach. The Deauville redevelopment thus serves as a cornerstone for economic resilience, ensuring sustainable growth and stability in the area for years to come. Total Annual Recurring Federal, State and Local Taxes The project will generate $3.6 million in annual tax revenue, including contributions from city, county, and state taxes. This recurring revenue helps secure future funding for Miami Beach's public services and infrastructure. The Washin: on Economics Grou.,Inc. WEG P,igr 225 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo i ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Total Annual Recurring Tax Revenues of the Deauville Hotel Redevelopment in Miami Beach Industry Output %of Total Construction S15,692 0% Commerce $1,365,983 38% Finance,Insurance and Real Estate(F.I.R.E.) S175,004 5% Professional Services S106,915 3% Health Care&Education S21,468 1% Hospitality $1,642,312 46% Other $248,355 7% Total 53,575,729 100% Note:Total may not equal the sum of all due to rounding. Source:BusinessFlare from the Input-Output Model. Total Annual Recurring Tax Revenues Supported 0% i •Construction \ •Commerce •F.I.R.E. /�}�� •Professional Services ��i321 •Health Care&Education \1 •Hospitality \\ •Other 5% 1% 3% Source: BusinessFlare from the Input-Output Model. Why This Matters: Reliable tax inflows not only help offset the project's public costs but also support long-term community improvements, creating a lasting positive legacy for the Deauville redevelopment. The Washin: on Economics Grou.,Inc. G P•'ti`' -'; 226 of 430 — — _ _ The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redeveto.ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach f'ii _ r Mr i 1 f� 1, s Ii , r+ ,i •mp .5� y ~ ' ' ; ••••-..._„...,-' )..iil , . i V cif _ _ iii1 41 I . ' q\U .. it ' 4.."--IN , i C, ,•PC:` - e s, _ _ 4,: ' . ''''Iliai- . ' , r ‘tt 444—____ r �� , 2 • ° MI Y ��� �, . ' `e tea', a� g , \ .... .. _...,4 c• . , . _ . ___4 t ),) )- . --.), -____________ ,,_ __.tF...„„j .). . 0 , . i -...It The Washin:ton Economics Grout,Inc. WEG P.1—, = 227 of 430 The Comprehensive Et° a m(and Vista'Revenue Imparts Assessment fm the Retie%elo►mcnt of the Deauville Note)Site at 670J Collins Avctntcs,Miatnj Beath VI. Municipal Ad Valorem Real Estate Taxes and Tax Increment Revenue to the North Beach Community Redevelopment Agency The fiscal impact of the Deauville redevelopment evaluates the direct financial and revenue contributions to the City of Miami Beach and other taxing authorities, including the North Beach Community Redevelopment Agency (CRA). These projections are based on the anticipated increase in the property's taxable value following its redevelopment,operational commencement,and subsequent stabilization. The Deauville redevelopment is expected to significantly enhance the property's taxable value,rising from$72.3 million in 2024 to an estimated$1.8 billion by 2031 when the project is completed and to approximately$4.6 billion in 2051 when the CRA is scheduled to sunset. This growth represents a transformative increase in value that will generate substantial new ad valorem tax revenues for both the CRA and the City of Miami Beach, delivering fiscal benefits for decades. Tax Increment Revenue to the North Beach CRA As the property enters its operational phase in 2030/31, the North Beach CRA will receive 60%of the net new ad valorem tax increment revenue. In the first year of full operation,the CRA's tax increment revenue is anticipated to reach $3.7 million. When the CRA sunsets in 2051,this figure is expected to exceed $26 million annually. The cumulative tax increment revenues to the CRA will provide critical funding for reinvestment and redevelopment in North Beach. These funds can be directed toward enhancing public amenities, upgrading infrastructure, supporting local businesses, and improving residents' and visitors' overall quality of life. Over specific periods,the projected CRA revenue impact includes: • 10-Year Impact (2030-2040): Approximately $57.4 million in cumulative tax increment revenue, enabling short-term infrastructure improvements and community development projects. • 20-Year Impact (2030-2050): Over $366 million in total tax increment revenue, providing long-term financial support for transformational projects and sustainable growth. 1h,.11,r.J;p):.1.!;L i,nuna� `�rnr;•� Jlt. p 2,1 228 of 430 The Comprehensive Economic and Fiscal Revenue impacts Assessment for the Redevelo,ment of the Deauville hotel Site at 6701 Collins Avenues,Miami Beach Tax Revenue to the City of Miami Beach In addition to the CRA's share, the remaining 40% of the net new ad valorem tax increment revenue will flow directly to the City of Miami Beach. In 2030,the city is projected to receive $1.7 million, with annual revenues increasing to $10.3 million by 2050, and to over $26.9 million in 2051 after the CRA sunsets.These funds will support citywide priorities,including essential services, infrastructure maintenance, and community programs. The sustained growth in tax revenue underscores the Deauville's role as a fiscal asset for Miami Beach. Assumptions These projections are based on several key assumptions: • Capitalization Rate: 6.0% • Taxable Value Ratio: 70% (ratio of assessed/taxable value to market value) • Annual Growth Rates: 4.5% for non-homestead exempt properties, 3.0% for homestead exempt properties and hotel/retail sales. • Resale Premium and Turnover:A 6.0% resale premium and 7.0%annual turnover rate in the resale of condominium units. • Housing and Hotel Occupancy: 72.0% for condominiums and 78.0% for hotel operations. • CRA Share:The North Beach CRA receives 60%of net new ad valorem tax increment revenue. Construction Timeline Milestone Fiscal Year • Pre-Develoment 2025 • Pre-Construction 2025 • Construction Start 2026 • Under Construction 2027 • Under Construction 2028 • Under Construction 2029 • Construction Finish/TCO 2030 • Unit Closings 2031 • Ownership&Resales begin 2032 Fhc',Y.i.h;n t,n; i...n1,JtI _ Gnu,•),In.. 229 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redeveln intent el the Deauville lintel Site at 6701 Collins Avenues,Miami Beach Sales Value The sales value of the Deauville redevelopment is projected to experience substantial growth as the property transitions from pre-development through construction, completion, and eventual stabilization. This growth reflects both the scale of the redevelopment and the anticipated demand for its high-quality residential, hospitality, and retail offerings in the North Beach market. In 2024, the property's market value is estimated at $266.4 million, with an assessed value of$75.8 million and a taxable value of$72.3 million. This baseline reflects the property's current vacant status. As pre-construction and construction phases progress,the property's market value is projected to increase annually due to significant investment in market value. By the time construction is completed in 2030,the property's market value is anticipated to reach approximately $907.4 million, with a taxable value of $725.9 million. This sharp increase is driven by the completion of the hotel and condominium towers, reflecting the transition from an inactive site to a fully operational mixed-use development. The introduction of high-quality hotel accommodations and 148 luxury residential units positions the Deauville as a premier property in North Beach, adding significant value to Miami Beach's real estate market. Following the completion phase, the property enters a period of stabilization and sales activity for the condominium units. In 2031, as unit closings begin, the market value is projected to reach $1.55 billion, with assessed and taxable values reflecting the value of individual unit sales and the operational status of the hotel.This phase includes selling units to new residents, reflecting a 6% resale premium and a 7% annual turnover rate. By 2032, as condominium resales commence, the taxable value is projected to grow to $2 billion, supported by robust market demand and continued property appreciation. The sustained growth in sales value underscores the attractiveness of the Deauville redevelopment as a high-demand asset in Miami Beach.This growth is supported by strategic assumptions, including a 70% taxable-to-market value ratio, strong hotel occupancy rates, and market appreciation rates of 4.5%annually for non-homestead properties and 3.0%for homestead properties. In summary,the Deauville redevelopment transforms the property into a thriving mixed-use destination and generates significant long-term value for Miami Beach. The steady increase in sales value highlights the project's capacity to attract residents, visitors, and investors, reinforcing North Beach's position as a desirable location for high-quality development and the .1'.nhiai;t0n li.nnu:ni,ti,�ne:r Inc 'a'c 230 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beath economic activity-The resulting taxable value growth contributes to a sustained fiscal impact that benefits the City of Miami Beach and the North Beach Community Redevelopment Agency. Sales Value Projections oldie Deauville Hotel Redevelopment In Miami Beach Milestone Fiscal Year Market Value Assessed Value Non-HEX TV HEX TV Taxable Value 2024 $266,400,00 S75.767,500 $72,261,000 S72,261,00 Acquisition 2025 $278,388,00 $83,344,250 S79,487.100 _ S79,487,10 Pre-Construction 2025 $290,915,46 $91,678,675 $87,435.810 S87,435.81 Construction Start 2026 S304,006,65 5100,846,543 S96,179,391 S96,179,39 Under Construction 2027 5317,686,95 S110,931,197 $105,797,330 _ $105,797,33 Under Construction 2028 S331,982,86 5122,024,316 $116,377,063 - 5116,377,06 Under Construction 2029 S346,922,09 5134,226,748 S128,014,769 _ $128,014,76 Construction&Operating 2030 S907,412,50 $725,930,003 S725,930,003 $725,930,00 Stabilization and Unit Closings 2031 S2.448,145,78 S1.713,702,052 S1,713.702.052 - S1.713.702.05 Condo Resales Begin 2032 52,558,312,35 S1,790.818,645 51,790,818,645 5268,622,797 S2,059,441,44 'HEX=Homestead Exemption. Source:BuslnessFlare Economic Development Solutions. Ad Valorem Tax Revenue The Deauville redevelopment is projected to substantially increase ad valorem tax revenue for Miami Beach and the North Beach Community Redevelopment Agency (CRA). This increase reflects the dramatic rise in the property's taxable value as it transitions from a vacant site to a fully operational mixed-use development featuring a luxury hotel and two condominium towers. The resulting tax revenues will provide critical funding for local infrastructure,public services,and community reinvestment projects. In 2024,the property's taxable value is estimated at S72.3 million, generating S422,886 in city ad valorem taxes. As the redevelopment progresses through pre-development and construction, annual increases in taxable value reflect ongoing investments in site improvements,labor,and materials.By the time the project reaches completion in 2030,the taxable value is projected to rise sharply to S725.9 million, with city ad valorem taxes increasing to$4.25 million. Once the project is fully operational,annual growth in taxable value will continue to generate increasing tax revenues. By 2031,as condominium units close and sales activity begins,the taxable value is projected to reach $1.71 billion, producing S10 million in city ad valorem taxes.The inclusion of high-value residential units,coupled with the stabilized operations of 231 of 430 The Comprehensive F.cononuc and Fiscal Revenue Impacts:lssessment for the Redevelo•ment of the DeauviIIr Hotel Site at 6701 Collins Avenues,Miami Beach the hotel, supports robust growth in property value, driving sustained fiscal benefits for Miami Beach. By 2051, the taxable value is anticipated to exceed $4.6 billion, generating $26.9 million in city ad valorem taxes annually. Over the long term, this steady increase in taxable value reflects market appreciation and the continued demand for high-quality residential and hospitality offerings in North Beach.These revenues provide a reliable and growing funding source for redevelopment as well as essential city services and improvements. Over specific time horizons, the cumulative impact of ad valorem tax revenues further highlights the project's fiscal significance: • 10-Year Impact (2030-2040): The cumulative ad valorem tax revenue for Miami Beach is projected to total $55.6 million, providing critical short-term funding for infrastructure and public services. • 20-Year Impact(2030-2050):Total ad valorem tax revenues are expected to exceed $243 million,supporting long-term projects that enhance quality of life and economic resilience. • 30-Year Impact (2030-2060): Over three decades, cumulative tax revenues are anticipated to surpass $509 million, cementing the redevelopment's role as a cornerstone of Miami Beach's fiscal strategy. Distribution of Tax Revenues Much of the ad valorem tax revenues generated by the Deauville redevelopment will flow to the North Beach CRA, which receives 60% of the net new tax increment revenue generated in its boundaries.Starting in 2030,the CRAB share of the tax revenues is projected to be$3.7 million annually, growing to $26.8 million by 2050. These funds will empower the CRA to reinvest in North Beach through projects that improve public amenities, enhance infrastructure, and support community vitality. The remaining 40% of the net new tax increment revenue will benefit the City of Miami Beach, contributing to its general fund and supporting citywide priorities, including public safety,transit improvements,and community programs. The dramatic increase in ad valorem tax revenue driven by the Deauville redevelopment highlights the project's transformative fiscal impact on Miami Beach. Reviving a key North Beach property generates a reliable,long-term revenue stream supporting local and citywide initiatives. These revenues enhance the city's financial stability and provide the resources needed to sustain Miami Beach's position as a thriving,vibrant,and desirable community for residents and visitors alike. iu `,V,» 1un0ui:F_ nn ^i,:, ,r c,, in - Pa,c 232 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ntent of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Distribution of the Ad Valorem Tax Revenues Generated by the Deauville Hotel Redevelopment In Miami Beach Fiscal Year Taxable Value City Ad Valorem Net New AV County Tax Schools Tax Children's Tax 2024 $72,261,000 $422,886 - $330,522 $467,384 $36,131 2025 $79,487,100 $465,174 $463,150 $363,574 $514,123 $39,744 2025 $87.435,810 $511,692 $509,668 $399,931 $565,535 $43,718 2026 $96,179.391 S562,861 $560,837 $439,925 $622,088 $48,090 2027 $105,797,330 $619,147 $617,123 $483,917 $684,297 $52,899 2028 $116,377.063 $681,062 $679,038 S532,309 $752,727 $58,189 2029 S128,014,769 $749,168 $747,144 $685,540 5828,000 $64,007 2030 $725,930,003 S4,248,288 14,246.264 $3,320,404 $4,695,315 S362,965 2031 $1,713,702,052 $10.028,927 $10,026,903 $7,838,473 511.084,225 $856,851 2032 $2,059,441,442 $12,052,263 $12,050.239 $9,419,885 513,320,467 $1,029,721 2033 $2.148,086,964 $12,571,035 S12,569,011 $9,825,350 $13,893,826 $1,074,043 2034 $2,240.600,656 $13,112,443 113,110.419 $10,248,507 514,492,205 S1.120,300 2035 $2,337,152,956 $13,677,487 $13,675,463 $10,690,138 $15,116,705 $1,168,576 2036 $2,437,921,869 $14,267,206 $14,265,182 $11,151,055 $15,768,479 $1,218,961 2037 $2,543,093,293 $14,882,691 $14,880,667 $11,632,109 $16,448,727 $1,271,547 2038 $2.652,861,379 $15,525,075 $15,523,051 $12,134,188 $17,158,707 $1,326,431 2039 $2,767,428,896 $16.195,547 $16,193,523 512,658,220 $17,899,730 $1.383,714 2040 $2.887,007,614 $16,895,346 $16,893,322 $13,205,173 $18,673,165 $1.443,504 2041 $3,011,818,707 $17,625,765 $17,623,741 $13,776,059 $19,480,443 $1,505,909 2042 $3,142,093,172 $18,388.158 $18,386.134 514,371,934 $20,323,059 $1,571,047 2043 $3,278,072,266 $19,183,935 $19,181,911 $14,993,903 $21,202,571 $1,639,036 2044 $3,420.007,966 $20,014,571 $20.012,547 $15.643.116 $22.120,612 $1.710,004 2045 $3.568,163,446 $20,881.606 $20,879,582 $16,320,780 $23,078,881 $1,784,082 2046 $3,722,813,577 $21,786,650 $21,784,626 $17,028,149 $24,079,158 $1.861,407 2047 $3,884,245,447 $22,731,381 $22,729,357 $17,766,539 $25,123,300 $1,942,123 2048 $4,052.758,908 $23,717,556 $23,715,532 $18,537,319 $26,213,245 $2,026,379 2049 $4,228.667,148 524,747,006 $24,744.982 $19,341,924 $27,351,019 $2,114,334 2050 S4,412.297,282 $25,821,646 $25,819,622 S20,181,848 $28,538,739 $2,206,149 2051 $4,603,990,974 $26,943,476 $26,941,452 521,058,655 $29,778,614 $2,301,995 2052 $4,804,105,093 $28,114,584 $28,112,560 $21,973,977 $31,072,952 $2,402,053 2053 $5,013,012,382 $29,337,151 $29,335,127 $22,929,519 $32,424,164 $2,506,506 2054 $5,231,102,176 $30,613,456 $30,611,432 $23,927,061 $33,834,769 $2,615,551 2055 $5,458.781,138 $31,945.879 131,943,855 $24,968,465 $35,307,396 $2,729,391 2056 $5,696,474,035 $33,336,905 $33,334,881 $26,055,672 $36,844,794 $2,848,237 2057 $5,944,624,544 $34,789,132 $34,787,108 $27,190,713 $38,449,832 $2,972,312 2058 $6,203,896,101 $36,305,270 $36,303,248 $28,375,706 $40,125,506 $3,101,848 2059 $6,474,172,782 S37,888.154 $37,886,130 $29,612,866 541.874,950 $3.237,086 2060 $6.756,560,224 $39,540,742 $39,538,718 $3C.904,506 $43,701,432 $3,378,280 2061 $7,051,386,591 $41,266,125 $41,264,101 $32,253,042 $45,608,368 S3.525.693 10-Year S55,602,060 S65,529,796 $43,457,815 $61.452,808 S4,750,526 20-Year $243,562,332 $243,094,918 $190,365,009 $269,191,273 $20,809,468 30-Year S509,321,117 S508,833,463 S398,078,464 S562,914,628 S43,515,355 Source.BuslnessFiare Economic Development Solutions. The Washin_.'n Economics Grou.,Inc. , 233 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redecelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Tax Increment Revenue As the project reaches completion and becomes operational, the North Beach Community Redevelopment Agency (CRA) will benefit significantly from new ad valorem tax increment revenue. Starting in 2030, the CRA's annual revenue is projected at approximately $3.7 million,growing to $9 million by 2051. This revenue source strengthens the CRA's ability to reinvest in North Beach,funding projects that enhance public amenities, infrastructure,and quality of life for residents and visitors. In addition to benefiting the CRA,the City of Miami Beach will receive the remaining 40%of the net new ad valorem tax increment revenue generated by the Deauville project.In the first year(2030),this amount is expected to be around $1.7 million,increasing to approximately $3.6 million by 2051.These funds will be allocated to broader municipal priorities,including citywide services and infrastructure improvements. New Ad Valorem Tax Revenues Increment Generated by the _Deauville Hotel Redevelopment in Miami Beach Fiscal Year NB CRA Net to City 2030 $3,740,390 S1,699,315 2031 $9,919,616 $4,011,571 2032 $12,082,464 S4,820,905 2033 $12,637,006 $5,028,414 2034 $13,215,746 $5,244,977 2035 $13,819,750 S5,470,995 2036 $14,450,132 S5,706,883 2037 $15,108,055 $5,953,076 2038 S15,794,733 56,210,030 2039 $16,511,436 $6,478,219 2040 $17,259,487 56,758,138 2041 $18,040,270 $7,050,306 2042 $18,855,231 $7,355,263 2043 S19,705,878 S7,673,574 2044 520,593,788 $8,005,828 2045 $21,520,607 $8,352,642 2046 $22,488,055 $8,714,660 2047 $23,497,927 $9,092,552 2048 $24,552,100 $9,487,022 2049 $25,652,533 $9,898,802 2050 $26,801,272 $10,328,658 Source:BusinessFlare Economic Development Solutions. 'ir 234 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Resort Tax Revenue The Deauville redevelopment is positioned to contribute substantially to resort tax revenue, generating over $18 million during the first 30 years of operation. This tax will capture economic activity related to hotel stays and dining, benefiting the city's budget for tourism- related projects and expenses. Resort tax contributions reinforce Miami Beach's ability to maintain and enhance tourism infrastructure,supporting a virtuous cycle of investment and economic vitality. Additionally, the project will contribute to other tax revenue sources that are important to the city, including Miami-Dade County's Convention Development Tax, one-penny local option sales tax which includes support for transit,and almost$40 million toward State sales tax over the first 30 years. Miami Beach Municipal Resort Tax Receipts 2,000,000 1,800.000 1.600,000 1,400,000 1.200.000 1,000,000 800,000 600,000 400.000 200,000 „,O „i' "e. �b .,0 a0 a'L as kb 0 4O �,,'1' <,a 0" 4' b0 b1. bDk bb b0 1 11' 1t. ,tio• ,1 -'. do do do do . 10 do do do do 1, .}o ,y do do do do do Source: BusmessFlare from the Input-Output Model. The Washin: on Economics Grou.,Inc. Pa•e 31 235 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Sales and Tourist Tax Receipts 4,000,000 4.500,000 3.000.000 2,500,000 2.000,000 1,500,000 1.000,000 iiliii . . I iiiiiillIl 500,000 ILLILLILLI1LUIIIIIIIIIIII A. ti,Alti„�A ti,,,b�,sp 0�,A����oub�O0 41,�41, ,,, ,1/4,�4a L���3°ti�,ble 0 ti�b,�010��^,moo^A •Resort Tax ■CDT •Local Option •State Sales Tax Source: BusinessFlare from the Input-Output Model. Resort Tax Revenue Generated by the Deauville Hotel Redevelopment In Miami Beach Fiscal Year Resort Tax CDT Local Option _State Sales Tax 2030 S479,160 $479,160 S165,315 S991,892 2031 S493,535 $493,535 $170,275 $1,021,649 2032 S508,341 $508,341 S175,383 S1,052,298 2033 S523,591 S523,591 S180,644 S1,083,867 2034 $539,299 $539,299 S186,064 $1,116,383 2035 $555,478 $555,478 S191,646 $1,149,874 2036 $572,142 $572,142 S197,395 $1,184,371 2037 $589,306 $589,306 $203,317 $1,219,902 2038 S606,986 $606,986 S209.416 S1,256,499 2039 $625,195 $625,195 S215,699 $1,294,194 2040 $643,951 $643,951 S222,170 $1,333,020 2041 S663,270 S663,270 $228,835 $1,373,010 2042 $683,168 $683,168 S235,700 $1,414,201 2043 $703,663 $703,663 S242,771 $1,456,627 2044 $724,772 $724,772 $250,054 $1,500,325 2045 $746,516 S746,516 $257,556 $1,545,335 The Washin: on Economics Grou.,Inc. l'a-c 32 236 of 430 1 he(multi ehensn e I nnuntit and I isral Revenue Impacts:\,se..ment tree the Iicdcvelu anent rat the llcauRille lintel Site at(,'OI Collins Avenues,Miami Beach 2046 5768,911 S768,911 $265,283 $1,591,695 2047 5791,978 $791,978 $273,241 $1,639,446 2048 S815,738 $815,738 $281,438 $1,688,629 2049 $840,210 $840,210 S289,881 $1,739,288 2050 5865,416 $865,416 $298,578 $1,791,467 2051 $891,379 $891,379 $307,535 $1,845,211 2052 $918,120 $918,120 $316,761 $1,900,567 2053 5945,664 $945,664 S326,264 $1,957,584 2054 $974,034 $974,034 $336,052 $2,016,312 2055 51,003,255 $1,003,255 $346,134 $2,076,801 2056 $1,033,352 $1,033,352 S356,518 $2,139,105 2057 $1,064,353 S1,064,353 $367,213 $2,203,278 2058 $1,096,283 $1,096,283 $378,229 $2,269,377 2059 $1,129,172 $1,129,172 $389,576 $2,337,458 2060 $1,163,047 $1,163,047 $401,264 $2,407,582 2061 $1,197,938 $1,197,938 $413,302 $2,479,809 2062 $1,233,877 $1,233,877 $425,701 $2,554,203 2063 $1,270,893 $1,270,893 $438,472 $2,630,830 2064 $1,309,020 $1,309,020 $451,626 $2,709,754 2065 S1,348,290 $1,348,290 $465,175 $2,791,047 2066 S1,388,739 $1,388,739 S479,130 $2,874,779 2067 S1,430,401 $1,430,401 $493,504 $2,961,022 2068 $1,473,313 $1,473,313 $508,309 $3,049,853 2069 $1,517,513 $1,517,513 $523,558 $3,141,348 2070 $1,563,038 $1,563,038 $539,265 $3,235,589 2071 $1,609,929 $1,609,929 $555,443 $3,332,656 2072 S1,658,227 S1,658,227 $572,106 $3,432,636 2073 $1,707,974 $1,707,974 $589,269 $3,535,615 2074 $1,759,213 S1,759,213 5606,947 $3,641,683 2075 $1,811,989 $1,811,989 $625,156 $3,750,934 10-Year S2,543,926 $2,543,926 $877,681 $5,266,088 20-Year $9,658,371 $9,658,371 $3,332,241 $19,993,445 30-Year $18,473,076 $18,473,076 $6,373,408 $38,240,446 Source:BusinessFlare Economic Development Solutions. Conclusion The fiscal impact of the Deauville Hotel redevelopment underscores its transformative potential for Miami Beach and the North Beach Community Redevelopment Agency (CRA). Revitalizing a vacant site into a vibrant mixed-use development generates significant long- term ad valorem tax revenues and other fiscal contributions that strengthen the community's fiscal foundation. .he ',ti',, th.:rL'; u I u,. ,I , II c I' .:� , 237 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Over the next three decades,the substantial increase in the property's taxable value—from $72.3 million in 2024 to an anticipated $4.6 billion by 2051—will drive consistent and growing revenue streams. These revenues will benefit the North Beach CRA, projected to receive more than $366 million in cumulative tax increment revenue over 30 years. This funding will empower the CRA to reinvest in the community,enhancing public infrastructure, improving the quality of life for residents, and fostering sustainable economic growth in North Beach. Simultaneously, the City of Miami Beach will receive significant fiscal benefits. These funds will support vital citywide services and initiatives, from public safety and infrastructure to cultural programming and tourism promotion. Beyond ad valorem taxes, the Deauville redevelopment will also contribute to resort tax revenues and other critical funding streams, reflecting its broad fiscal impact on Miami Beach's economy. Over 30 years, resort tax revenues alone are expected to exceed $18 million, directly supporting the city's tourism infrastructure and enhancing its competitive edge as a global destination. In conclusion, the Deauville redevelopment project not only revitalizes a key property in North Beach but also establishes a reliable and sustainable fiscal foundation for Miami Beach's future. The resulting tax revenues will catalyze reinvestment, enabling the city and the CRA to deliver long-term benefits that enhance the community,strengthen the economy, and secure Miami Beach's status as a vibrant and prosperous destination for residents, businesses,and visitors. Ih '.1,nitin_lut: ti. um:ni ,r u.' ha 238 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach ICzir- 111116 I - is 'VW ca�M ?J:11t • I The Washin.ton Economics Grou ,Inc. Pa:e 34 239 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the RedeveJo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach VII. Additional Economic and Community Benefits The redevelopment of the Deauville Hotel offers a unique blend of cultural, social, and economic benefits that extend well beyond quantitative economic impacts. This project embodies a rare opportunity to honor and preserve an architectural and cultural icon while injecting new life into the North Beach community. From re-establishing the Deauville as a cultural landmark to enhancing local quality of life and fostering community connections,the qualitative benefits of this project are broad, meaningful, and aligned with Miami Beach's long-term aspirations. Preservation of Cultural and Architectural Heritage The Deauville Hotel is iconic in Miami Beach's history and is recognized for its Miami Modern (MiMo)architecture and significant cultural legacy. Originally constructed in the 1950s, the Deauville exemplifies the postwar design aesthetic that defined Miami Beach's mid-century development. For decades, the Deauville symbolized Miami Beach's glamour and allure, hosting notable figures such as Frank Sinatra,the Beatles,and President John F.Kennedy.The redevelopment project saves this historic structure from further deterioration and restores its place as a cultural asset,ensuring that its architectural integrity and historic value remain accessible to future generations. This preservation effort reinforces Miami Beach's commitment to maintaining its unique architectural heritage, attracting architecture enthusiasts,historians,and visitors who appreciate Miami's rich cultural tapestry. Revitalization of North Beach The redevelopment of the Deauville is a pivotal project in the broader revitalization of Miami Beach's North Beach neighborhood.North Beach has long held potential as a thriving district, but the Deauville's closure left a notable gap in the area,both physically and economically.As one of the area's largest redevelopment projects, the Deauville brings renewed energy and foot traffic to North Beach,creating momentum for other businesses to open and thrive.The project's hotel, retail, and residential components combine to create a mixed-use development that attracts residents, tourists, and locals alike, offering amenities, public spaces,and gathering spots critical to a vibrant community environment. By attracting more visitors and creating a reason for residents to spend time in North Beach, the Deauville project helps stimulate local businesses, increase foot traffic, and enhance the area's economic resilience. The .VJ,hin' ,,E.nnun;iis Gr uc?.Jni Pa'v 3 240 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville lintel Site at 6701 Collins Avenues,Miami Beach Enhancement of Quality of Life Beyond the economic impacts, the redevelopment of the Deauville contributes to Miami Beach's quality of life by providing a variety of amenities and experiences that elevate everyday living for residents and visitors. The hotel's facilities, including dining, wellness, and entertainment options, will be open to the public, offering North Beach residents new leisure and recreational opportunities. Including condominium units will provide attractive housing options and cultivate a community of residents who contribute to the local economy through their everyday spending. Additionally, the project is expected to incorporate green spaces and pedestrian-friendly areas, creating welcoming, accessible public spaces that encourage community interaction and outdoor enjoyment. For Miami Beach residents,these new amenities represent an enhanced local experience that improves quality of life, fosters a sense of place,and makes North Beach an even more desirable area to live and work. Strengthening of Community Connections The Deauville redevelopment project will foster a renewed sense of community and social cohesion by reintroducing a shared space where people can gather, interact,and celebrate. With its historical significance and central location, the hotel becomes a natural focal point for North Beach residents and Miami Beach at large, offering public events, cultural programming, and opportunities for local engagement. Spaces within the development— such as cafes, lounges, and outdoor areas—are designed to be accessible to residents and visitors, providing informal gathering spots that facilitate social interaction. These spaces encourage diverse groups to engage with each other, whether for cultural events, casual meetups,or community celebrations. By re-establishing the Deauville as a community asset, the project strengthens neighborhood identity, promotes inclusivity, and creates a shared sense of belonging for all who visit and live in North Beach. Boost to Miami Beach's Tourism Appeal The Deauville redevelopment enhances Miami Beach's profile as a premier destination by restoring an iconic property that has long been synonymous with the city's tourism appeal. The hotel's restoration brings back a piece of Miami Beach history that holds deep nostalgic value for past visitors while offering a fresh, contemporary experience for new ones. The renewed Deauville will attract tourists who value the city's mid-century glamour and those seeking the modern luxury, service, and entertainment it will offer. In addition,the project's combination of hotel, retail, and residential elements enriches Miami Beach's tourism infrastructure, providing new accommodations,dining options,and cultural attractions that The%Vatihinwtor,E_onomi Grocn.IOL. Pa_e 3h 241 of 430 The Comprehensive Economic and Fiscal Revenue Impacts assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach enhance the visitor experience.By attracting a diverse array of visitors,the Deauville bolsters Miami Beach's competitive edge in the global tourism market, positioning the city as a destination that values both its history and its future. Contribution to Sustainable and Inclusive Development The Deauville redevelopment is planned with sustainability and inclusivity in mind,aligning with Miami Beach's broader goals of responsible development and environmental stewardship. The project minimizes environmental impact by repurposing an existing structure rather than opting for new construction while preserving a valuable piece of Miami's architectural legacy. Planned features, such as energy-efficient systems and green spaces, aim to reduce the project's environmental footprint and provide a model for sustainable urban redevelopment. Furthermore,including both luxury accommodations and more accessible public spaces ensures that the Deauville serves a broad audience, from Miami Beach residents and local businesses to global visitors. This inclusive approach to development reflects Miami Beach's commitment to creating spaces that are welcoming, environmentally responsible,and accessible to all. Summary of Qualitative Benefits of Redevelopment of the Deauville In summary, the qualitative benefits of the Deauville redevelopment extend far beyond its quantifiable economic impacts.By preserving an architectural icon,revitalizing North Beach, enhancing quality of life,fostering community connections, boosting tourism,and modeling sustainable development,the project offers Miami Beach a lasting legacy that aligns with the city's cultural enrichment, economic resilience,and community well-being goals. Cultural Legacy and Architectural Tribute • Rebuilds a modern version of the iconic Deauville Hotel,paying homage to its historical and cultural significance in Miami Beach. o Celebrates the legacy of the Deauville, once a gathering place for celebrities and a symbol of Miami's mid-century allure. O It honors the cultural impact of past events hosted on the site, such as the Beatles' 1964 performance, preserving Deauville's place in Miami Beach's storied history. • Reestablishes a recognizable architectural landmark that reflects the aesthetic spirit of the original building. o It will allow future visitors and residents to connect with Miami Beach's cultural past in a new, modern setting. the WaNhin'tun h_nnornics Gr(1c'),Inc, 242 of 430 The Comprehensive Fconomic and Fiscal Revenue Impacts Assessment for the Redevelu.ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach o Strengthens Miami Beach's brand as a city that respects and celebrates its unique history,attracting culture-focused visitors and residents. Revitalization of North Beach o Acts as a pivotal anchor for the broader revitalization of North Beach,bringing a renewed sense of purpose to the area. o Replaces a vacant site with an active, vibrant development that attracts foot traffic and economic activity. o Creates a new focal point for North Beach, driving traffic to local businesses and enhancing the overall neighborhood appeal. o Encourages the opening of new businesses in the vicinity by increasing the area's economic vibrancy. o Catalyzes North Beach's transformation into a thriving,economically resilient district. o Brings a mixed-use development that attracts residents, visitors, and locals alike,contributing to the area's dynamism. Quality of Life and Modern Amenities o Adds a variety of new amenities accessible to residents and the public. o Provides condominium residences, introducing high-quality housing options that increase housing opportunities in North Beach. o Establishes public spaces,green areas,and pedestrian-friendly walkways that enhance the outdoor experience. o Integrates lifestyle amenities that improve residents'quality of life,creating a destination that blends recreation with community. o Encourages local engagement by offering spaces where people can gather, dine,and connect in a scenic,accessible setting. • Reduces the need for residents to travel outside the neighborhood for entertainment and recreational activities. Economic Growth and Employment Opportunities • Supports approximately 236 recurring hospitality, retail, and property management jobs. • Provides steady employment opportunities in North Beach, benefiting local workers and strengthening the local economy. • Stimulates spending by hotel guests and condo residents,creating demand for local goods and services throughout Miami Beach. • Generates indirect employment opportunities through the project's need for ongoing goods and services from suppliers. p it;. ;z 243 of 430 FheComprehemiv'e Economic and Fiscal Revenue Impacts.assesunent for the Redevelo l ment ut the Deauville hotel Site at 6701 Collins avenues,Mianli Bea/.h • Boosts economic resilience by establishing a steady source of economic activity that supports North Beach's recovery and growth. • Encourages additional private investment by setting a precedent for successful redevelopment on Miami Beach's vacant sites. Tourism Appeal and Destination Enhancement o It reintroduces a modern Deauville hotel,which contributes to Miami Beach's tourism appeal,drawing nostalgic visitors and new travelers. o Reinforces Miami Beach's reputation as a city that respects its cultural past while embracing contemporary luxury and innovation. o Creates a new destination within North Beach that attracts tourists interested in Miami's historic legacy and modern amenities. o Enhances Miami Beach's tourism infrastructure by offering updated accommodations,dining,and entertainment options. o Supports Miami Beach's competitive position as a tourism destination that combines rich history with high-quality visitor experiences. o Adds a unique hotel experience that complements Miami Beach's hospitality landscape, attracting a broader range of tourists. Sustainable and Responsible Development o Utilizes a vacant site in an established neighborhood,minimizing urban sprawl and promoting efficient land use. o Incorporates energy-efficient systems and sustainable building practices that align with Miami Beach's environmental goals. o Plans for green spaces and landscaping, contributing to urban greenery and enhancing the local environment. o Sets a positive example for responsible development by blending modern needs with a commitment to environmental stewardship. o Aligns with Miami Beach's goals for resilient, sustainable development that considers long-term environmental impact. o Establishes a new national model for future redevelopment of vacant waterfront sites that emphasizes cultural respect and environmental responsibility. Community Connections and Social Engagement o Creates public spaces and shared areas where residents, tourists, and locals can gather,socialize,and engage. • Provides spaces for potential community events, fostering a sense of social cohesion and neighborhood interaction. ,, ,. r,, 244 of 430 The Comprehenso,e F:cnnnmrc,urd fiscal Revenue Impacts.Assessment for the Redevelo s ment of the Deauville Hotel Site at 6701 Collins:\venues,Miami Beach o Establishes informal gathering spots, such as cafes, lounges, and outdoor seating areas,where people can connect. o Increases the sense of community by establishing the new Deauville site as a welcoming, inclusive gathering place. o Enhances North Beach's social fabric by creating an accessible environment that invites interaction and cultural exchange. o Strengthens neighborhood identity by re-establishing the Deauville site as a central point of pride and connection for residents. Long-Term Economic Resilience o Generates recurring tax revenue that supports city services, infrastructure improvements,and community programs. o increases property values in the surrounding area, boosting North Beach's economic profile and appeal to investors. o Provides long-term economic stability by creating a steady source of spending and employment in North Beach. o Strengthens the North Beach Community Redevelopment Agency's ability to fund local initiatives through new tax revenue. • Demonstrates the potential for successful investment in North Beach, encouraging further redevelopment of other vacant sites. • Contributes to Miami Beach's long-term economic strength by diversifying the local economy and creating lasting assets. Cultural and Educational Opportunities o Provides a platform for cultural events, programs, and exhibits celebrating Miami Beach's history and artistic contributions. o Serves as a gathering place for arts, music, and cultural events, enriching Miami Beach's cultural landscape. o Encourages cultural exchange and learning, creating a vibrant venue for community-driven events and activities. o Enhances Miami Beach's status as a culturally rich and educationally engaging destination,attracting a diverse visitor base. The .V ishur 't„r::.on nnr, 245 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Appendix I: The Washington Economics Group, Inc. Project Team and Qualifications The Washin: on Economics Grou.,Inc. P : 41 246 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach M ` f J.Antonio Villamil Founder and Senior Advisor Tony Villamil is a nationally recognized economist, with over thirty-five years of a successful career as a business economist, university educator, corporate Board Director and high-level policymaker for both federal and state governments.Tony was selected in 2008 as the founding Dean of the School of Business of St. Thomas University, serving successfully until the end of 2013 at which time he resigned to return as senior advisor to the growing economic consulting practice that he founded,The Washington Economics Group, Inc. (WEG), a Florida-based firm established in 1993 upon returning to the State from his public service in Washington, D.C. Tony is the immediate past Chairman of the Governor's Council of Economic Advisors of Florida, and during 1999-2000, he was selected by Governor Jeb Bush as his first Director for Tourism, Trade and Economic Development.Previously,he was appointed by President George H.W.Bush as U.S. Undersecretary of Commerce for Economic Affairs, receiving unanimous U.S. Senate confirmation.Presently he is active on Corporate Board of Directors,including Pan American Life Insurance Group (PALIG) and Spanish Broadcasting System (SBS). At PALIG he serves as Chair of the Governance and Nominating Committee of the Board.Tony is currently Chair of the Board Compensation Committee at SBS.He also served in multiple bank boards for over 20 years. Among civic and professional leadership positions, he is currently a member of the Board of Directors of the Miami-Dade Beacon Council,the official eccnomic development organization of the County. He is also on the Board of Directors of the Greater Miami Chamber of Commerce. He serves as Senior Fellow of the James Madison Institute(JMI) of Tallahassee, Florida. He earned Bachelor and Master Degrees in Economics from Louisiana State University (LSU), where he also completed coursework for the Ph.D. Degree. In 1991, Florida International University (FIU) awarded Tony a Doctoral Degree in Economics (hc), for "distinguished contributions to the Nation in the field of economics." He frequently speaks to business, government and university audiences on the Florida economy, U.S. trade policy and economic development issues.. ,, .v.,,t:: 41n:. `..,i:1 ,:111:. ,..-r,., In, i'.I14 1 247 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo•ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach 1f KEVIN S.CROWDER,CEcD,EDP Founder, BusinessFlare®and Co-Founder of Street Economics'" Kevin S.Crowder is the founder of BusinessFlare®and co-founder of Street EconomicsTM,and is an IEDC Certified Economic Developer and an IEDC Certified Entrepreneurship Development Professional.Mr.Crowder has almost 30 years'experience planning and implementing economic development, including 15 years as the Director of Economic Development and Government Affairs for the City of Miami Beach and the Miami Beach Redevelopment Agency working out of the City Manager's office.Kevin is a veteran of the U.S.Army,where he served in intelligence. One of his career highlights is his time working for the City of Miami Beach and the Miami Beach Redevelopment Agency as the Director of Economic Development and Government Affairs, leading the City's economic development program and multi-jurisdictional lobbying efforts. He began his economic development career in 1994 with the South Beach Business Improvement Districts and the South Beach Marketing Council. Since leaving the City of Miami Beach and establishing the BusinessFlare® brand in January 2013, Mr. Crowder has used the BusinessFlare® approach to help more than 60 communities improve their economic condition ranging in size from 1,500 to over 600,000, and last year he performed economic and fiscal analysis on projects representing more than$5 billion in private sector investment. He has further co-founded Street Economics', an interactive economic platform for municipalities that provides actionable insights on the implementation of economic development. He is also the President of the BusinessFlare® Academy, a 501c3 not-for-profit dedicated to economic development education for local elected officials, and the co-founder of Goodnight's Red River Spice Company,a venture that celebrates American culture through food and flavor with a focus on healthy lifestyles.He has is currently integrating artificial intelligence into both his economic development and healthy lifestyle ventures. 1`tc'1..I;in_E n t:.unu n ;_, : nu:n Ire f>ire .}i 248 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo.ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach r .. - till t • . y 1111 161.0 Haydee M.Carrion Senior and Project Research Assistant Haydee M.Carrion has been Executive Assistant to Dr.Villamil since the firm's founding in 1993. She has senior level expertise in multi-media presentations and in the preparation and design of complex reports and documents for clients,utilizing the latest technologies. In 2012, WEG promoted her to Senior and Project Research Assistant to the firm, given outstanding performance in web-based research and in assistance to the firm's Principal in the preparation of audio-visual presentations for clients and in desktop publishing. Ms. Carrion is fluent in Spanish, with experience in the preparation of economics and business documents in the language. Ms. Carrion has been with WEG for 30 years. Ms. Carrion holds degrees in Business Administration and Office System Technologies from Miami-Dade College. The'ti,.uhutt:ton:F..un,,us rrcluT,,In, Pa:c 44 249 of 430 The Comprehensive Economic and Fiscal Revenue Impacts,1ssessment fur the Redevelo anent of the Deauville Hotel Site at 6701 Collins Avenues,Miami [leach The Washington Economics Groups has been successfully meeting client objectives since 1993 through economic consulting services for corporations, institutions and governments of the Americas. We have the expertise, high-level contacts, and business alliances to strengthen your competitive positioning in the growing marketplaces of Florida, Latin America and the Caribbean. Our roster of satisfied clients, over the past 28 years, includes corporations, financial institutions, public entities, and non-profit associations expanding their operations in the Americas. Exclusive Consulting Approach: Each client is unique to us. We spend considerable time and effort in understanding the operations, goals, and objectives of clients as they seek our consulting and strategic advice. We are not a mass-production consulting entity nor do we accept every project that comes to us. We engage a limited number of clients each year that require customized consulting services in our premier areas of specialization. These premier and exclusive services are headed by Founder and Senior Advisor I.Antonio(Tony)Villamil.Tony is a former U.S.Under Secretary of Commerce with over thirty-five years of experience as a business executive and as a senior public official of the U.S.and most recently of Florida. Premier Consulting Services: fcorjpmic Impact Studies highlight the importance of a client's activities in the generation of income,output and employment in the market area serviced by the entity.These studies are also utilized to analyze the impact of public policies on key factors that may affect a client's activities such as tax changes,zoning,environmental permits and others. Strategic Business Development services are customized to meet client objectives. Recent consulting assignments include customized marketing strategies, country risk assessments for investment decisions and corporate spokesperson activities and speeches on behalf of the client at public or private meetings. Economic Development Strategies.The firm supports cities,counties and states in developing targeted economic development plans and strategies to attract,retain and expand high-wage industries. Each plan is based on the factor endowments of the area, and in close coordination with public officials in charge of economic development. For a full description of WEG capabilities and services, please visit our website at: www.wcg.com Tl.r ,1',r•h;;t.4,;, 1. . r.n.rt;. Jn& Pa;,v 15 250 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo.ment of the Deauville hotel Site at 6701 Collins Avenues,Miami Beach The Washington Economics Group(WEG)Representative Client List 1993-2024 Multinanonat Corporations ALSTOM Ameritech International Lucent Technologies Bureau Verftu(BIVAC) MasterCard International timer MediaOne/AT&T Carnival Corp Medtronic Euo Inter-AmericaMerck Latin America FedEx Latin America Microsoft Latin America Gennng Group Motorola Hyatt PiicewaterhouseCoopers(PWC) IBM Phelps Dodge Joseph E Seagram&Sons,Inc.(Vivendi) SBC Communications KPMG Telefonica Data Systems Lockheed Martin Visa International Construction and Real Estate Development Firms 1250 West Ave Owner LLC Florida Realtors Areas USA.Inc Inland Port Systems,LLC Barron Collier Companies Landstar Development Berkowitz Development Group LXR Luxury Resorts Boca Developers Miami Asset Management Company,Inc. CDS International Miapolis,LLC Century Homebuilders Odebrecht Construction,inc. Codina Realty Palazzo Las Olas Group,LLC 600 Hallandale Partners,LLC Tate Capital Chateau Group The Allen Moms Company Deauville Associates.LLC The Related Group,Inc. Empire World Towers,LLC The Rouse Company ES)Capital Partners The St.Joe Company Ferro Investment Group,LLC Trammel Crow Company Flagler Development WCI Development Companies Florida East Coast Realt Inc. Engineering,Planning and Design Firms AECOM(DMIM Hams) Kimley-Horn and Associates Atkins(PBS)) Parsons Brincherhoff CDM Smith(Wilbur Smith Associates) Redevelopment Management Associates(RMA) Golder Associates Business Flare HNTB Colleges and Universities Alabama State University Palm Beach Medical Education Corporation Barry University Rocky Mountain College of Art and Design Eckerd College San Ignacio College Embry-Riddle Aeronautical University Sistema tlniversitario Ara G.Mendez Florida Agricultural&Mechanical University St.Thomas University Florida International University University of Central Florida Full Sail University Univerndod Polit*cnica de Puerto Rico Keiser University University of Florida Los Angeles Film School University of Miami Miami-Dade College UM's Rosenstiel School of Marine and Atmospheric Science New Hampton School University of Soath Florida/ENLACE Northeastern Universe NEU Universe of South Florida law i tans Becker&Poliakoff Gloria Roa Bodin.Esq. Bllzln Sum berg Greenberg Traurig,LLP Carlton Fields Holland&Knigl't,LLP Colson Hicks Eidson Steel Hector&Cavis DLA Piper Tew Cardenas.LLP Dunbar&Dunbar Finanu.d:nsutuunns ABN-AMRO Bank Fiduciary Trust International Advantage Capital First Union National Bank(Wells Fargo) AMERANT(former Mercantil Bank N.A. Hemisphere National Bank Allen&Company HSBC/Marine Midland BNP Paribas International Bank of Miami(First United Bank) BAC Florida Lazard Freres&Co. Bank Atlantic Corp. Pan American Life insurance Group(PALIG) BankUnited,FSB PointeBank NA. Barclays Bank Seitlin Insurance Century Bank Sun Trust Corporation ESI Capital Partners The Equitable/AKA Advisors Espirito Santo Bank TD Bank.NA. FBA Union Planters Bank of Florida(Regions) FIBA The Washin_ton Economics Grou ,Inc. Pa:e 46 251 of 430 The Comprehensive Economic and Fiscal Revenue Impacts Assessment for the Redevelo ment of the Deauville Hotel Site at 6701 Collins Avenues,Miami Beach Florida-Based Companies AmericanAiritnes Arena Iberia Tiles Atlantic Sapphire International Speedway Corporation(ISC) BMI Companies Jungle Island Brightline(former All Aboard Florida) Lake Nona Communikatz Mercy Hospital CoreMessages Miami Dolphins Daytona International Speedway Nopetro LLC Dosal Tobacco Palm Beach Premier Drivers Club Miami Resorts World Miami(RWM) eMerge Americas Ron Sachs Communications Farm Stores Rolling Loud Fishldnd&Associates Synapse Florida Florida Hospital Sprint of Florida Florida Marlins The Biltmore Hotel Florida Power&Light The Heat Group Flo-Sun Sugar Corp. Ultimate Software Greater Miami Convention&Visitors Bureau Ultra-Music Festival Greater Ft.Lauderdale Alliance VICTUS Homestead-Miami S. • a Non-Florida-Based Institutions Darlington Raceway Richmond International Raceway Georgia Retail Federation RoadAmerica Illinois Retail Merchant Association Talladega Superspeedway Indiana Retail Council The Seed Foundation Kansas Speedway United States Tennis Association(IISTA) Martinsville Speedway Virginia international Raceway New Jersey Motorsports Park(NiMP) Washington Retail Association Pro: •ss Ene :s• Wations Glen International Public Institutions and Non•Profit Organizations Baptist Health South Florida Independent Colleges and Universities of Florda(ICUF) BayCare Health System Indian River County Chamber of Commerce Broward County Public Schools Inter-American Development Bank Career Source North Central Florida Jackson Health Systems Chapman Partnership Jacksonville Chamber of Commerce Citizens of Clean Energy Jewish Community Services City of Boca Raton Lakeland Regional City of Coral Gables Louisiana Committee for Economic Development City of Donal Miami Marine Stadium City of Plantation Miami Museum of Science City of West Palm Beach Miami-Dade County Public Schools Conservatives of Clean Energy Miami•Dade Expressway Authority Economic Development Commission of Collier County Miami Downtown Development Authority Economic Development Commission of Lee County Nicklaus Children's Health System Economic Development Commission of Mid-Florida Palm Beach International Agricultural Summit Enterprise Florida,Inc. Port of Miami Farm Share,Inc. SEIU Florida Florida Bankers Association South Florida Progress Foundation Florida Citrus Mutual Space Florida Florida Chamber of Commerce St.Marys Medical Center Florida International Bankers Association State of Florida Florida Institute for Commercialization of Florida Technology SW Florida Regional Chamber of Commerce Florida League of Cities Sylvester Comprehensive Cancer Center Florida Nursing Homes Alliance Tampa-Hillsborough Expressway Authority Florida Outdoor Advertising Association Tampa General Florida Ports Council The Beacon Council Florida Retail Association The Florida Bar Florida Sports Foundation The Florida Chamber Foundation Florida Venture Forum The Florida Coalition for Capital Friends of Miami Marine Stadium United Nations Economic Development Program Tampa Bay Chamber(former Greater Tampa Chamber of United Teachers of Dade Commerce) Visit Florida Greater Tallahassee Chamber of Commerce Zool cal Socie of Florida Allied-Domecq,Mexico Fonalledas Enterprises.Puerto Rico Association of Peruvian Banks Merrantil Servirlos Financ Bros.Venezuela Estudios Tecnicos Peruvian Management Institute(IPAE) Federation of Inter-Amencan Financial Institutions(FIBAFIN) The Brunetta Group of Argentina The Washin:ton Economics Grou ,Inc. Pi,: 17 252 of 430 Miami Economic Associates, Inc. May 20, 2025 Mr. Thomas Mooney Planning Director City of Miami Beach 1700 Convention Center Drive Miami Beach, FL 33139 Re: Deauville Dear Mr. Mooney: In accordance with our proposal dated April 28, 2025, which was accepted by the City of Miami via Purchase Order 20252654, Miami Economic Associates, Inc. ("MEAT") has performed an analysis to estimate the increased value that would be realized by TMG 67 Communities LLC (`the Developer") if the City of Miami Beach Mayor and City Commission approves an LDR amendment with respect to the North Beach Oceanfront Overlay District with the stated purpose of creating development regulations that incentivize developments including the partial reconstruction of contributing buildings on certain existing lots within the North Beach Resort Local Historic District. The referenced lots include the property on which the former Deauville Hotel was located ("the Subject Property"). The proposed LDR amendment would increase the allowable intensity of development on the Subject Property from FAR 3 0 to FAR 5.5 and the allowable height of development on the Subject Property from 200 feet to 380 feet. MEAT understands in return for the increased intensity and height, the Developer is proposing to partially reconstruct the historic podium of the Deauville Hotel and re-interpret the hotel tower with a 200-room structure. The Developer is also proposing: 1) to establish two public access points from Colins Avenue to the beach: 2) to create a public park on a triangle- shaped parcel at the intersection of 67"' Street and Indian Creek Drive, and 3) to make 150 parking space available to the City of Miami Beach in the Deauville garage on the southeast corner the intersection of 671. Street and Indian Creek Dnve. Finally, it will provide financial contributions to the proposed Byron Carlyle cultural center in the shuttered theater and to a nearby public school. The purpose of this letter is to provide you with the results of our analysis. The conclusions presented in this letter are based on the professional research and analysis of the undersigned whose personal resume accompanies this letter. 6861 S.W. 899, Terrace Miami, Florida 33156 Tel: (3051 669-0229 Fax: (8661 496-6107 Email: meainkdbellsouth.net 253 of 430 Mr. Thomas Mooney Planning Director City of Miami Beach May 20, 2025 Page 2 As indicated above, the Developer's current plans for the Subject Property. which are conceptual and subject to modification during design review and the permitting process, envision the partial reconstruction of the historic hotel podium, which will contain public spaces for the 200-room re-interpretated hotel that will rise above it as well as a small museum featuring exhibits with respect to architecture and resiliency. The plans also assume the development of two 380-foot towers containing a combined 140 condominium units. On an overall basis, the project would be developed at an intensity of FAR 5.5, which would allow total development of 915,750 square feet, which is 416,250 more square feet than could be built at an intensity of FAR 3.0. However, it should be noted the partially reconstructed podium will be developed under provision of what is referred to or the conceptual plans as legislative bonus will be comprised of 166,460, which equates to an intensity of FAR 1.0. The remaining 749,290 square feet, which equate to an intensity of FAR 4.5, would contain the towers containing the 200 proposed hotel rooms and 140 proposed condominium units. The hotel tower, which will be comprised of approximately 230,000 FAR square feet and 256,268 FAR square feet in the two condominium towers will be developed at a height under 200 and at a combined intensity less than the 499,527 FAR square feet that would equate to a project developed at an intensity of FAR 3.0. Accordingly, the remainder of this letter will focus on the 210,538 sellable square feet that will be in the 261,732 FAR square feet that will be located above a height of 200 feet. The Developer estimates that the total sellable square feet contained in the 140 proposed condominium units, which total 420,000 square feet, will achieve an average price per square foot of $3,000. It claims that that figure is based on the sales at the Perigon condominium project, which is now under construction at 5333 Collins Avenue and in which the units are under 200 feet in height. It further estimates that the 210,538 sellable square feet above 200 feet would achieve an average price per square foot of $3.500. Based on its own independent research. MEAT believes the average price per square foot at the Perigon is more likely $3,500, which would suggest that the units proposed in the Subject Project that are above 200 feet would likely sell for an average price approximating $4,000 per square feet, thereby producing gross sales proceeds in the amount of$842,152,000 To estimate the value of the bonus square footage above 200 feet to the Developer, it is necessary to estimate the cost to develop that square footage and subtract that amount from the gross proceeds just estimated. Based on interviews with architects, contractors and other developers. MEAT determined the total cost exclusive of the amount spent on site acquisition to construct luxury high rise condominiums is in the range of$1.000 and $1,300 per sellable square foot with a number of factors contributing to differences between projects including, among other, site conditions, the specific level of quality intended for the finished product, the existence of unusual design features, the cost of construction financing and commission rates paid. For this analysis. we are assuming the cost for 210,528 sellable square feet above a height of 200 feet would be $1,300 per square foot resulting in a total cost exclusive of the amount spent on site acquisition in the amount of $273,699,400. Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax: (866) 496-6107 Email: meaink@bellsouth.net 254 of 430 Mr. Thomas Mooney Planning Director City of Miami Beach May 20, 2025 Page 3 In summary. MEAT estimates the value of the condominium square footage above 200 to the Developer would be $568,452.600, minus the cost of the proffers discussed above_ Most prominent among them are the partial reconstruction of the historic podium and the re-interpretation of the historic hotel, which are consistent with the stated purpose of the proposed LDR amendment. MEAT has not been provided with an estimate of the total cost of those proffers. MEAT is available to respond to any questions you may have with respect to the contents of this letter Sincerely, Miami Economic Associates, Inc. Andrew Dolkart President Miami Economic Associates, Inc. 6861 S.W. 89th Terrace Miami, Florida 33156 Tel: (305) 669-0229 Fax: (866) 496-6107 Email: meainkg^bellsouth.net 255 of 430 Andrew Dolkart President Miami Economic Associates, Inc. Mr. Dolkart has provided real estate consulting services to developers, investors and governmental entities during a period of more than 50 years. His many consulting assignments have involved all major uses of real estate including residential, office, retail, industrial and hotel and resort development. His professional activities have been primarily focused on real estate projects in Florida, the Caribbean, Mexico, Central and South America Throughout his consulting career, Mr. Dolkart has performed many assignments involving market and financial feasibility analysis for all uses of real estate including residential. office, retail, industrial and hotel projects. He also has extensive experience analyzing destination resort projects in Florida, Arizona, New Mexico, Mexico and the Caribbean. Mr. Dolkart is considered one of the leading experts in the State of Florida with respect to the economics of community redevelopment and tax increment financing. In this regard, he assisted Miami-Dade County in formulating its policies and procedures for establishing new Community Redevelopment Districts within its jurisdiction Among the CRA's that Mr Dolkart has consulted in recent years has been the Southeast Overtown Park West CRA In this regard, he assisted in the preparation of the Application for Development Approval for Increment III of the Southeast Overtown Park West DRI and more recently assisted the CRA in preparing an application to Miami-Dade County to extend the life of the CRA itself. Mr Dolkart also assisted Brightline in obtaining the recently activated right-of-way between Cocoa Beach and Orlando and in obtaining its financing. In recent years, a substantial portion of Mr. Dolkart's practice has involved estimating the fiscal and economic benefits generated by new real estate projects. In this regard, he has done several engagements for Brightline. He has also worked on a proposed hotel adjacent to the recently renovated and expanded Miami Beach Convention Center and numerous privately developed multi-family, mixed-use and industrial projects throughout South Florida. Mr. Dolkart has also worked extensively for both public and private sector clients on issues relating to the provision of affordable housing. He chaired two task forces appointed by the Miami-Dade County Board of County Commissioners to address issues relating to affordable housing Mr. Dolkart is a graduate of Harvard College and received an MBA from Harvard Business School. He has served as a member of the Board of Directors of Habitat for Miami of Greater Miami and the Ransom Everglades School. 256 of 430 Andrew Dolkart Page 2 Education: 1963— 1967 Harvard College - Bachelor of Arts, Cum Laude 1967 - 1969 Harvard Business School - Master of Business Administration Previous Positions: 1991 — 1995 Kenneth Leventhal & Company - Director, Real Estate Advisory Services Florida/Caribbean 1988 — 1990 Laventhol & Horwath - Director. Real Estate Advisory Services Florida/Caribbean 1986 — 1988 GA/Partners - Vice President in Charge Florida Office 1983 — 1986 Gulfstream Land & Development Corp. - Director, Commercial Development 1980 — 1983 Laventhol & Horwath - Director. Real Estate Advisory Services Florida/Caribbean 1976 - 1980 Jandy, Inc. - Owner/President 1972 — 1976 Gladstone Associates - Senior Associate 1969 — 1972 U. S. Navy - Commissioned Officer, Office of Legislative Affairs 257 of 430 , i PP' gUl ; ' I $= O ~ io . . . ,Lit. i 4111 I! 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