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5700 Biscayne BoulevardMiami, Florida
Ross Abramson, Eloine del Valle, Jose Prado, Victor Santana, Graham Tedesco
Fall 2009
UPPER EAST SIDEUPPER EAST SIDEat 55th Street Station
LOCATION PLAN
UPPER EAST SIDEat 55th Street Station
I- 9
5I-
95
I-195I-195
I-395I-395
7979thth Street Street
Biscayne BayBiscayne Bay
CBDCBD
MidtownMidtown
Omni / PACOmni / PAC
EdgewaterEdgewater
MorningsideMorningside
Upper EastUpper East
Belle MeadeBelle Meade
Miami Miami BeachBeach
Northeast 54th Northeast 54th
StreetStreet
Bis
cayn
e B
oule
vard
Bis
cayn
e B
oule
vard
(US 1
)(U
S 1
)
Nort
heast
4th
N
ort
heast
4th
C
ou
rtC
ou
rt
Northeast 56th Northeast 56th
StreetStreet
Nort
heast
4th
N
ort
heast
4th
Ave
nu
eA
ven
ue
Northeast 58th Northeast 58th
StreetStreet
Project Project SiteSite
55th
Str
eet
55th
Str
eet
Sta
tion
Sta
tion
55TH STREET STATION
UPPER EAST SIDEat 55th Street Station
UPPER EAST SIDEat 55th Street Station
LAND USE AND ZONING
Miami 21: T6-8 OMiami 21: T6-8 O
Urban Core, Eight Stories Maximum, Open
Lot Coverage 1-8 stories, 80%Floor Lot Ratio 5 (25% Public Benefit)Open Space Requirements 10% lot area min Green Space Requirements 5% lot area minHeight 2 stories min
8 stories maxSetbacksPrincipal Front 10 feet minSecondary Front 10 feet minSide Streets 0 feet (1-8 stories)Rear 0 feet (1-8 stories)
UPPER EAST SIDEat 55th Street Station
MARKET AREA
US 1 Corridor US 1 Corridor
Upper EastUpper East
MorningsideMorningside
MidtownMidtown
Omni / PACOmni / PAC
EdgewaterEdgewater
Biscayne BayBiscayne BayMiami Miami BeachBeach
I-395I-395
I-195I-195
I- 9
5I-
95
7979thth Street Street
Belle MeadeBelle Meade
DowntownDowntown
UPPER EAST SIDEat 55th Street Station
US1 CORRIDORDemographic HighlightsDemographic Highlights
20092009PopulationPopulation 23,252Average Household SizeAverage Household Size 1.90Median Value of Owner Occupied UnitsMedian Value of Owner Occupied Units$336,038Average Household IncomeAverage Household Income $ 65,389Median Household IncomeMedian Household Income $ 41,927
Baby Boomers (50-65)Baby Boomers (50-65) 21.74%Generation ‘X’ (35-45)Generation ‘X’ (35-45) 20.30%Echo Boomers (25-35)Echo Boomers (25-35) 14.08%TotalTotal 56.12%
Median AgeMedian Age 42.43College EducatedCollege Educated 58.47%White CollarWhite Collar 68.97%
Non-Family HouseholdsNon-Family Households 61%1 and 2 Person Households 78.72%
SITE PLAN
UPPER EAST SIDEat 55th Street Station
FLOOR PLANS
UPPER EAST SIDEat 55th Street Station
Ground Level Upper Levels
UPPER EAST SIDEat 55th Street Station
TENANT MIX
ChipotleChipotle5,327 sf5,327 sfGhirardelli Ghirardelli 2,907 sf2,907 sfFat BurgerFat Burger 2,450 sf2,450 sfBooks and BooksBooks and Books13,165 sf 13,165 sf Mr. ChowMr. Chow11,356 sf11,356 sfEinstein BrothersEinstein Brothers 2,427 sf2,427 sfStarbucksStarbucks 2,473 sf2,473 sfAu Bon PainAu Bon Pain 2,049 sf 2,049 sfOffice Class “B”Office Class “B” 77,300 77,300 sfsf
UPPER EAST SIDEat 55th Street Station
UPPER EAST SIDEat 55th Street Station
COMPETITIVE/COMPARABLE PROPERTIES
Mary Brickell VillageMary Brickell Village• 200,000 SF Retail GLA• Major Tenants: Publix, Balans, Rosa Mexicana, Blue Martini• Large Parking Garage• Submarket Rent: $40/SF• Submarket Rent: $35/SF• Submarket Vacancy: 13%
Shops at MidtownShops at Midtown• 645,000 SF Retail GLA• Major Tenants:
Target 141,114SF Ross 35,324SF Marshalls 32,062SF PetSmart 19,607SF Loehmann’s 30,964SF
• Submarket Rent: $28-$32/SF• Submarket Vacancy: 11%
CocoWalkCocoWalkRETAIL• 196,497 SF Retail GLA• Major Tenants: Cheesecake Factory, Chili’s, Victoria’s Secret, Gap, Crazy Pianos• Submarket Rent: $35-$40/SF• Submarket Vacancy: 10%OFFICE• 17,414 SF Office GLA• Submarket Rent: $33/SF• Submarket Vacancy: 13%
Shoppes at Sunset PlaceShoppes at Sunset Place• Urban Entertainment Center• 514,000 s.f. of Commercial Space• AMC Movie Theater, Gameworks Arcade, Splitsville Bowling Alley, Barnes & Noble
PROJECT COSTS
ASSUMPTIONS FOR PRO FORMA
PROJECT TIMELINE
Loan Amount: $2,710,776 Amortization (yrs): 0
Term (yrs): 1 Interest Rate: 7.5%
Land Land LoanLoan
Loan Amount: $18,926,069 Amortization (yrs): 0
Term (yrs): 2 Interest Rate: 6.5%
Loan Amount: $18,926,069 Amortization (yrs): 0
Term (yrs): 2 Interest Rate: 6.0%
Construction Construction LoanLoan
Mini-Perm Mini-Perm LoanLoan
Perm LoanPerm Loan
Loan Amount: $18,926,069 Amortization (yrs): 25
Term (yrs): 5 Interest Rate: 7.0%
FINANCING STRUCTURE
CAPITAL STRUCTURE & COST BREAKDOWN
TOTAL PROJECT COST: $31,543,448
UPPER EAST SIDEat 55th Street Station
FINANCIAL HIGHLIGHTS
Break Even OccupancyBreak Even Occupancy 42%
Baseline IRRBaseline IRR 16.64%AssumptionsAssumptionsVacancy 10% Weighted Average Rent $32.00 psf
Unfavorable Market Conditions Unfavorable Market Conditions IRR 11.68%AssumptionsAssumptionsVacancy 20% Weighted Average Rent $30.00 psf
Best Case ScenarioBest Case ScenarioIRR 22.53%AssumptionsAssumptionsVacancy 0% Weighted Average Rent $37.50 psf
COMMUNITY BENEFITS
UPPER EAST SIDEat 55th Street Station
• Creation of a “third place”Creation of a “third place”• Revitalization of Upper East SideRevitalization of Upper East Side• Providing an area for the Green MarketProviding an area for the Green Market• Serving an underserved market Serving an underserved market • Complementing the existing 55Complementing the existing 55thth Street Station Street Station• Offering a dining destination for breakfast, Offering a dining destination for breakfast, lunch and dinnerlunch and dinner
UPPER EAST SIDEUPPER EAST SIDEat 55th Street Station