LTC 152-2004 Status of Public/Private Parking Garage Developments
CITY OF MIAMI BEACH
Office of the City Manager
Letter to Commission No. 152-2004
m
From:
Mayor David Dermer and
Members of the City Commission
Jorge M. Gonzalez ajJL~
City Manager
Date: June 16, 2004
To:
Subject: STATUS OF PUBLIC/PRIVATE PARKING GARAGE DEVELOPMENTS
The purpose of this LTC is to provide the Mayor and Commission with an update on the following
three public/private garage developments:
1. Pelican Development. LLC. d/b/a Park One Garaae at 1035 Collins Ave.
. Opened July 2002
. 344 parking spaces with ancillary retail
. Initial lease term is 40 years from 9/30/01. There is 1 automatic extension of 10 years, for a
total possible maximum of 50 years.
2. 16th Street Partners. LLC. d/b/a Lincoln Place at 1601 Washinaton Ave.
. Opened November 2002
. Developer built 532 spaces. The lease required 600 parking spaces, with at least 100 of
those spaces to remain available to the general public at all times, and tenant shall provide
not less than 10 parking spaces for monthly parking for members of the general public who
are not subtenants of the Premises. The buildable spaces were reduced by ORB and
permitting requirements.
. Initial lease term is 50 years from 9/1/02. There are 2 automatic extensions of 20 years
each, for a total possible maximum of 90 years.
3. LNR Jefferson. LLC. d/b/a The Lincoln at 1635-85 Michiaan Ave.
. Opened February 2003
. 727 spaces built. The lease required 700 spaces, with at least 100 of those spaces to
remain available to the general public at all times, and tenant shall provide not less than 50
parking spaces for monthly parking for members of the general public who are not
subtenants of the Premises.
. Initial lease term is 50 years from 5/1/03. There are 2 automatic extensions of 20 years
each, for a total possible maximum of 90 years.
The attached matrix summarizes rental provisions for the three projects as well as year-end parking
operations for 2003, as reported by the respective operators.
JMG:CMC:KOB
Attachments
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