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R9D-Discuss- Future Development Of An Intermodal Facility At 1100 5th Street--··-·----····-----------·-··--------------·. ~~~~~~~~- (9 MIAMI BEACH City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachR.gov COMMISSION MEMORANDUM TO: Mayor Philip Levine and Members of he City c/mmission Jimmy L. Morales, City Manager ~ FROM: DATE: March 5, 2014 SUBJECT: DISCUSSION REGARDING NEGO IATING WITH GATEWAY DEVELOPMENT, INC., FOR THE PURPOSE OF PU CHASING THE PROPERTY LOCATED AT 1100 5TH STREET, MIAMI BEACH, FLORIDA 33139, FOR THE FUTURE DEVELOPMENT OF AN INTERMODAL FACILITY. BACKGROUND As you know, in August 2013 the City and the Miami-Dade Metropolitan Planning Organization (MPO) began the "Beach Corridor Transit Connection Study" to study transit connections between the City of Miami Beach and City of Miami. The objective is to develop efficient and effective mass transit improvements that will enable commuters, residents, and visitors to more efficiently travel between the mainland and Miami Beach. The scope of service requires examination of a light rail alternative in the form of catenary-free (cable-less) electric streetcar system across the MacArthur Causeway. Although the Study is not yet complete, most of the alternative alignments under evaluation traverse the intersection of Alton Road and 5th Street; therefore, if a premium mass transit connection between Miami Beach and the mainland is developed at any point in the future, a transit intermodal facility at this critical junction in Miami Beach will be required to provide interface between more than one mode of transportation for the public. In 2000, the City hired Corradino to conduct an intermodal feasibility study. The study analyzed the following eleven (11) sites: • 5th Street and Michigan Avenue • 5th Street and Alton Road • West Avenue and Dade Boulevard • 17 1h Street and Washington Avenue • Convention Center Lot • City Hall Parking Lot • City Hall Lot East • Dade Boulevard and Pine Tree Avenue • Indian Creek and Collins Avenue • 83rd Street and Collins Avenue North • 83rd Street and Collins Avenue South The 51h and Alton Road area was one of the sites analyzed because it offers excellent connections to both bus and future rail transit to/from Miami and could serve as an intercept location for traffic traveling to South Beach and the entertainment district. However, the negative impact of this area is that it borders a residential area and is immediately adjacent to 617 Agenda Item 8 q D Date 1~5-/l/ City Commission Memorandum 1100 5th Street Discussion March 5, 2014 Page2 South Pointe Elementary. The lntermodal Feasibility Study specified that the minimum space needed for an intermodal transfer station would be approximately 26,000 square feet, and an intermodal center and parking garage with ancillary retail opportunities would need approximately 81,600 square feet at a minimum on multiple levels. An intermodal facility at Alton Road and 5th Street would also address a short term need for a transit hub in the South Beach area. Currently, six (6) Miami-Dade Transit (MDT) bus routes, including the South Beach Local, traverse the intersection of Alton Road and sth Street. Two of these routes (Route S and Route 120 -Beach Max) have among the highest ridership in the MDT county bus system. However, staff would need to analyze the property to determine how to accommodate the short term need while maintaining the existing commercial uses. The Administration was recently made aware that property located at 1100 5th Street, which is owned by Gateway Development, Inc, is currently being advertised for sale by Marcus and Millichap. The property is 32,650 square feet (0. 75 acres) and currently includes two tenants, Pier 1 Imports and Burger King. The City has several lots adjacent to this property that would be added to the site and total 12,625 square feet, that if combined with the subject property is approximately 1 acre. The property is zoned Commercial General Mixed-Use (CPS-2) that allows retail, office, multi-family, etc. uses with FAR of 2.0 and height of 7 stories. Attached please find additional information regarding the listed property for your reference. CONCLUSION The Administration is seeking direction from the Mayor and City Commission regarding whether or not to enter into negotiations with Gateway Development, Inc. for the potential purchase of the property located at 1100 5th Street for the future development of an intermodal facility. JLM/Kt/MAS T:\AGENDA\2014\March\1100 5th Street lntermodal Facility Discussion Memo.dOCX 618 Property Information Map -Property Information Map Aerial Photography-2012 My Home Miami-Dade County, Florida a-129ft This map was created on 2/13/2014 12:26:19 PM for reference purposes only. Web Site© 2002 Miami-Dade County_ All rights reserved. egt Page 1 of 1 Summary Details· Folio No.: 2--4203-009-8190 Property: 1100 5 ST Mailing GATEWAY DEVELOPMENT Address: INC ~79 N HIBISCUS DR MIAMI BEACH FL 33139-5121 Property Information· Primary Zone: ~503 COMMERCIAL lr.LUC: 0011 RETAIL OUTLET Beds/Baths: p!O Floors: Living Units: ~ ~dj Sq Footage: 17,878 Lot Size: 32,650 SQ FT r-tear Built: 1996 pCEAN BEACH ADDN NO 3 PB 2-81 LOTS 3 LESS EXT AREA OF Legal jcURVE IN NWCOR FOR RfW & LOT 4 BLK Description: 103 & LOTS 5 THRU 9 pF OCEAN BEACH f.DDN NO 3 RE-SUB PB 126-62 LOT SIZE 32650 SQFT Assessment Information· [Year: 2013 Land Value: $4,785,500 Building Value: $1,000 Market Value: $4,786.500 Vlssessed Value: $4,786,500 Taxable Value Information· Year: 2013 axing Authority: Applied Exemption/ Taxable Value: Regional: $0/$4.786,500 LOUnly: $0/$4.786,500 :ity: $0/$4,786,500 School Board: $0/$4,786,500 Sale Information· Sale Date: 3/1994 Sale Amount: $1,150.000 Sale 0/R: 16289-1282 Sales Deeds which include ()ualification more than one parcel Description: View Additional Sales http:/ /gisims2.miamidade.gov /myhome/printmap.61911apurl=http://gisims2.miamidade.g... 02/13/2014 en N 0 The Gateway to Miami Beach 1100 5th Street Miami Beach, FL 33139 Offering Summary Price $26,304,775 Current Net Operating Income $802,899 Cap Rate 3.05% Gross Leasable Area (GLA) 18,136 Price/SF $1,450.42 Rent/SF $44.43 Down Payment $26,304,775 Cash on Cash Return 3.05% Year Built I Renovated 1995/2004 Lot Size 32,650 SF Annualized Operating Data Tenant Lease Type Lease Commencement Lease Expiration Lease Term Remaining Triple Net (NNN) see Offering see Offering see Offering Offices Nationwide 5201 Blue Lagoon Drive, Suite 100 Miami, FL 33126 • Tel: (786) 522-7000 Fax: (786) 522-7010 www.marcusmillichap.com This Information ~as been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the acwracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies_ Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Mil~c~ap Real Estate Investment Services of Florida© 2014 Marcus & Millichap (Activity ID: U0390108 Property ID: 1798619) en N ~ 1100 5th Street· Miami Beach. FL 33139 Investment Overview Marcus & Millichap has been selected to exclusively market for sale The Gateway to Miami Beach. The one of a kind site includes two buildings with two national tenants, Pier I Imports and Burger King. The Pier I building consists of 8,504 square feet on the ground level with an additional 3,432 square feet on the second floor. The adjacent Burger King building is 5,000 square feet and includes a second floor with 1200 square feet of air conditioned storage/office space. The lot totals 32,650 square feet (0.75 acres). Investment Highlights • Site Includes Two Buildings with Two National Tenants Prime Future Re-Tenant/ Redevelopment Potential Mixed-Use Commercial Zoning Designation Allows for Creative Redevelopment Options Distinct Modern Architecture Extreme High Profile South Beach Location In the Exclusive Neighborhood of "South of Fifth" (SOFI) Daily Traffic Counts of 92,000 Cars per Day Financing Lender/Servicer Loan Amount Loan Type Maturity Date Interest Rate Amortization Annual Debt Service Demographics 1 Mile 2010 Population 28,863 20 1 0 Households 17,790 Average HH Income $84,125 This 1nformation has be on secured from sources we believe tn he reliable. but ·~\'o make no representations or w~r~.?1n11es_ mq:Hc-sscd or implied. as to the ac:::urac:y of th~ inform<;;tion. Rderences to sqL~re footage or cge arc approximate. Buyer mus: verify :he mforma'.1on and bears ali nsl\ for an~ innr.c:ura:::ie~ tvlc:Hcus & "..~1lhcl"ap Real Es~ate Investment S~r-lices. is~ scrv1:e mark of Marcus & flllillrchap Real Eo late Investment Servrces of Flomla 2014 Marcus & Mrlli·:hap (Activoly 10: U0390i03 Property 10: 17~Rfi19) N/A $0 N/A N/A 0% 0 $0 3 Miles 5Miles 54,647 201,890 31,637 97,050 $100,147 $76,522 Exclusively Listed By Marcus Millichap Real Estate Investment Services PROPERTY DESCRIPTION THE GATEWAY TO MIAMI BEACH Marcus &.Millichap (SAl rS COMP #3-SEE PAGE 24) .. ..--e 'll1h ltifOrl'm.tlotl h.u ken ~ccluc~ol fmm ~mm::r~ v.;e believe lO t:.t rdiabl<:. but we make no IC!.:uc . ..cm.Hiom m w.nrand-es, exprt'j:5ed ot implied, ;H to ~hi: a.;;,urao;;:y u( the: itlfortm.(L(JIL Rtfer~nces t(l ~quuc tootag< or age:: are approximate. Burel mu.sr n:nfy lh.: mformarJ.on and ho:at~ all risk tor anr in.lccur.ll.l';;~. Any p11.1)t:<..uum, opiniom, a~'-umprio!ls ot cstitm.tcs IJ.5cd hcro;:in .J..tc for cxampl•;: }JUfl.lU~'"!-otml~· :~.nd dCI nn~ r<-prr:-,cnr rhc ..;:un-r::nt or future ~crfOrmam.c ~l1ln: uwncnv. MarLu~ & Milkh:in K("al Estate lnn:~tmcm Servi1...1;:~ 1~" S-1:1\-IC-C m;.~rJ.. (Jr:\1arcm &· \1ilhrha(l Real EHatc Investment Scrvin::s. lnc. ©to!' ~bto;,.u~ & \1i11H.:han ACT ID U0390108 I I en N ~ PROPERTY DESCRIPTION THE GATEWAY TO MIAMI BI::ACH Site Plan ==========::..0 w :::) z UJ ~ ~ z w ....J Existing Burger King Restaurant Building 1 6. ...0 f---------\;;fH Y L 0 T \)" 5TH STREET Existing Pier 1 Imports Building 2 ~ ~ 't-~ 9z () lc :::-=:-~ 5TH STREET _,---~~·-----------------~ -_U 12 [Vl'!_~S~~ Mill ichap 'Jht~ bfOtmJtion h:Hi bcch 3Coc:urccl from ~ml•'--=~ we ht:licvc m he-rtli.able, but v...c make no rcprcscmJtiOtt!. 01 w.a.nJIIllc~. cxprc~.~.cd or implij<'<L ::1s w ~llc a.c<tuacy of the intorm;l:tion. Reference~ to "S.qUJ.Ie fot,)~.l~~ 1.1r <~gl' ;:;ar~ appro-x•mat<..:. Buyer mu~t verify d1c infurrn~1iun and hear.,; all r1'k for any inaccur.~cics. Any proJ~tioru, op1niom.. ~~UllljJtmns or c::nimaH·s ust·d hetd:h ate tot c~ampk purp-ose~ only and !.io no~ r<:pT-e$Cnt lb~;: t.I,J.tlrtlt or fumrc ocrformarH.:o;. of~hc oroocm·. M.m.m & Millu har1 Rl'al F.~,.-:~r(' lmT<;(mcnt Service• L~ a ~crvicc mark ofM.ucus & M1ll~o:..h.m Rc.:-a.l Es.I<~.rl" lrwC'imr:nL Se"-'iu:-~ lth (Q 2:0J 1 M;aLU' & Millkh;~.p ACT ID U0.':\90108