the miami miami link lin · opportunity to acquire the miami link (33-55 ne 6th street, miami, fl...

A DEVELOPMENT OPPORTUNITYLast development site available within walking distance to

Miami Central & Virgin/Brightline Train

Miami World Center

33-55 NE 6th StreetMiami, FL 33030

OFFERING MEMORANDUM

MIAMI LINKTHE MIAMI LINK

04 SITE OVERVIEW

14 INVESTMENT HIGHLIGHTS

16 DEVELOPMENT POTENTIAL

18 LOCATION MAP

20 MARKET DRIVERS

26 COMPARABLESTABL

E O

F C

ON

TEN

TS

Contact Information

Colliers International Urban Core Division is pleased to present the

opportunity to acquire The Miami Link (33-55 NE 6th Street, Miami, FL

33030) bordering Miami World Center and a block away from Miami

Central, South Florida’s largest developments to date. The property

consists of a 5,000 square-foot building sitting on 24,000 square feet of

land. The Miami Link is designated T6-60a, one of Miami’s most favorable

and aggressive mixed-use-zoning codes, allowing for up to 396,000

square feet of development and a density of 275 units. The site is also

positioned within 1,000 feet of Miami’s largest trans portation hub, which

frees a developer from any parking requirement for residential projects.

This prime location creates new pathways of mobility so that employees

and visitors can embrace the perks of working, living, and playing in the

city. With developments on every corner, this site has become the last

opportunity to develop in the vanguard of Miami’s multi-billion-dollar

world-class destination.

THE OFFERING

themiamilink.comCECILIA ESTEVEZSenior Associate +1 786 942 [email protected]

MIKA MATTINGLY Executive Managing Director+ 1 786 486 [email protected]

BRADLEY ARENDTDirector +1 954 652 [email protected]


4 5

Miami World Center

Frost Museum/Park

American AirlinesArena

Miami-Dade CollegeWolfson Campus

Virgin/BrightlineStation

Adrienne ArshtCenter

Address:33-55 NE 6th StreetMiami, FL 33132

Lot Size SF: 24,000/0.55 Acres

Building Size: 5,130 SF

Zoning: T6-60a O

FLR Allowable: 264,000 SF

FLR Allowable w/Bonus: 396,000 SF

Building Height: 60 Stories

Building Height w/Bonus: Unlimited

Allowable Units: 275

Folio(s):01-0105-080-109001-0105-080-110001-0105-080-1110

Property Summary

SITE OVERVIEW


6 7

Miami World Center

Frost Museum/Park


Miami-Dade CollegeWolfson CampusVirgin/Brightline

Station


Address:601 N Miami Avenue,25 NE 6th StreetMiami, FL 33132

Lot Size SF: 24,000/0.55 Acres

Zoning: T6-60a O

FLR Allowable: 264,000 SF

FLR Allowable w/Bonus: 396,000 SF

Building Height: 60 Stories

Building Height w/Bonus: Unlimited

Allowable Units:275 + an additional 100 units from Special Area Plan Allocation

Folio(s):01-0105-080-109001-0105-080-110001-0105-080-1110

Property Summary - Parcel B

POSSIBLE ADDITIONALASSEMBLAGE

SITE - OVERVIEW

NE 1st Avenue

NE 6th Street

COABA / MIAMI WORLD CENTER


SITE - OVERVIEW

NE 6th Street

NE 1st A

venue

COABA / MIAMI WORLD CENTER


SITE - OVERVIEW

13

Downtown Miami ranks amongst the Top 5 places in the U.S. for walkability, and is the hub for rapid transportation.


Bayside Marketplace T he Miami Link is situated in the center of a huge

base of 175,000 employees, the main campus

of the largest college in the country, and one of the

most advanced passenger rail systems in the nation. It

is surrounded by a multitude of projects within Miami

Worldcenter. The site benefits from quick, direct access

to I-95 and I-395, and is a block away from Virgin

MiamiCentral, a high-performance-rail transportation

hub. For the first time ever, employees can consider living

as far away as downtown West Palm Beach or Fort

Lauderdale and easily commute to Downtown Miami

for work.

INVESTMENT HIGHLIGHTSPort Miami

Miami Dade College

Caoba Residences

NE

8th

Stre

et

NE

10th

Stre

et NE 6th Street

N Miami Avenue

MetroMover

MetroMover

MetroM

over

MIAMI WORLDCENTER SITE

Virgin / BrightlineMiami Central

Station

MetrorailOvertown Station

“THE NEW GLOBAL CITY”- The Wallstreet Journal

Biscayne Blvd


14 15

Miami World Center

Frost Museum/Park


Miami-Dade CollegeWolfson CampusVirgin/Brightline

Station


INVESTMENT HIGHLIGHTS

PATH OF GROWTH

MIAMI WORLDCENTER DEVELOPMENTS

The Miami Link is in the heart of one of the fastest evolving gateway cities

in the U.S. The daytime population swells to over 250,000, due to the

high concentration of commercial office space, government and judicial

centers, retail districts, and Miami Dade College, the largest institution of

higher education in the country. The number of full-time residents has surged, as

young professionals and families move into the newly built towers. The current

condominium projects offer pricing across the spectrum, from well below

$500,000 to more than $9 million, which is the average unit pricing at One

Thousand Museum Residences. This valuation reflects a maturing downtown

that is attracting a wide range of buyer profiles. Downtown Miami remains

a bargain compared to Miami Beach, and its pricing is aligned with Coral

Gables and Aventura. Compared to 2016, rental volume increased almost 20

percent, with 325 units per month rented in 2017.

Demand for living in Downtown Miami is at an all-time high, with residential

projects such as Yotel having sold 95 percent of its units before breaking

ground, Paramount having sold 90 percent of its units before completion, and

XMiami having leased 40 percent of its units before opening.

Currently under construction in Park West is Miami Worldcenter, a 30-acre,

mixed-use commercial development that will include: 1 million square feet of

retail space; the Marriott Marquis World Convention Center Hotel featuring

1,800 rooms and 600,000 square feet of convention space; and promenade-

style streets filled with outdoor cafes, restaurants, and boutique retail shops.

Miami Worldcenter is one of the largest private master-planned projects in

the U.S. and once completed, will be a “city within a city.” Its first project,

Paramount Miami Worldcenter Residences, has become well known as the

building with the most amenities in the world.


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DENSITYThe maximum density is 500 units per acre. 0.55 x 500 = 275 units

INTENSITYIntensity is governed by Floor Lot Ratio, “FLR”, and is based on the next lot area of the property. This property has an FLR coefficient of 11.

The formula is as follows: Net Lot Area x FLR coefficient + 50% Public Benefit Bonus= Building area permitted.

PARKING Miami 21 permits shared parking for developments with mixed uses. Residential parking is not required for T6-60a sites that are within 1,000 feet of a Metromover or Metrorail station. Lodging uses require one parking space for every two lodging units and one additional visitor space for every fifteen lodging units. Office and commercial uses require three parking spaces for every 1,000 square feet of office. The commercial parking requirement is 3 spaces per 1,000 SF of office or retail. In the designated central core areas, there is no parking requirement for residential and mixed-use projects meaning these types of projects are able to provide no residential parking and can provide off site- commercial parking by leasing parking spaces within 1,000 feet of the parcel. There are additional parking waivers for the subject site as it is located within a Transit Oriented Corridor.

HEIGHTThe maximum height permitted is 60 stories with unlimited height available through public benefit bonuses.

SETBACKS The principle and secondary frontages require a 10 ft setback for the first 8 stories and a 20 ft minimum above the 8th story. The side and rear frontage require 0’ setback for the first 8 stories and a 30 ft minimum above 8 stories.

LOT COVERAGE The first 8 stories allow up to 80% lot coverage, above 8th story allows for a maximum of 18,000 SF floor plate for residential and lodging uses and 30,000 SF floor plate for office and commercial uses.

DEVELOPMENT POTENTIAL

Provided below is the calculation of what’s permitted on the property:

ZONING FLR COEFFICIENT BASE SF PUBLIC BENEFIT BONUS (50%) TOTAL SF

T6-60a O 18 264,000 132,000 396,000

Miami 21, adopted May 20, 2010, represents a significant departure from the previous zoning

regulations. Since Miami 21 incorporates form-based principles, some of the changes are directed

towards the design and form structures, rather than their uses or general intensities. Such changes include

requirements for orientation, design, fenestration, pedestrian openings, etc. The T6-60a zoning of the

Property would permit several uses as of right, including residential, hotel, office and retail.

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18 19

NORTH

EAST

SOUTH

WESTMIAMI LINKTH

E MIAMI LINK

MIAMI WORLDCENTER

HOTEL & CONVENTION CENTER

RETAIL PROJECTS

PARAMOUNT Condos - 569 units, 60 stories

7TH STREET RESIDENCES 441 units, 43 stories

LUMA Rentals - 434 units, 43 stories

CAOBA Rentals - 444 units, 43 stories

OKAN

293 Hilton hotel rooms, 236 condos/hotel residences, 153 provate condos, 64,000 SF of office space

MARRIOT MARQUIS HOTEL& MWC EXPO CENTER

1,700 Hotel Rooms, 500,000 SF of event & expo space

NATIVO50 stories, 400 Airbnb-friendly condos, 204 hotel style rooms and retail/restaurants

LUMA Rentals - 434 units, 43 stories

CITIZEN M12 story hotel with 350 hotel rooms

7TH STREET PROMENADE/WORLD SQUARE300,000 SF of high street retail/two pedestrian promenadesand main square 1 & 2 stories

MARKET DRIVERS


20 21

200 FEET FROM MAIN ENTRANCE


MARKET DRIVERS

VIRGIN/ MIAMI CENTRALOne of the most advanced passenger rail systems in the nation connecting downtown Miami,

Fort Lauderdale, West Palm Beach and Orlando. It also serves as the central hub to all forms

of transportation with direct access to the Metromover, Metrostation and Tri-Rail with 280,000

square feet office, 185,000 square feet retail, 800 apartments.

MIAMI30 MIN 60 MIN 3 HRS

FUTURE EXPANSION

FORT LAUDERDALE WEST PALM BEACH ORLANDO

22 23

1000 MUSEUM84 luxury condos designed

by celebrity architectZaha Hadid.

PARAMOUNT569 luxury condos 60 stories tall. 90% sold before opening.

DOWNTOWN 5thTwo towers of 51 stories with 1,042 apartments, 12,500 SF of retail and 1,049 parking

spaces

NATIIVO50 stories, 400 Airbnb-friendly condos, 204 hotel style rooms

and retail/restaurants

YOTELPAD231 Condos and 222 hotel rooms in 31 stories. Sold out

before breaking ground.

MARKET DRIVERS


24 25

WALDORFASTORIA

400 Biscayne BlvdMiami, FL

50,244 SF

Zoning T6-80 O

Sold 1/18/18

$55,000,000

$1,095 PSF

LAND SALES - COMPS

ADIOS LAND

90 NE 11th StreetMiami, FL

23,129 SF

Zoning T6-60a O

Sold 8/3/18

$16,536,000

$715 PSF

MELO LAND/CHURCH

500 NE 1st AvenueMiami, FL

35,945 SF

Zoning T6-80 O

Sold 7/20/18

$16,536,000

$512 PSF

CITIZEN M

158 NE 8th StreetMiami, FL

14,971 SF

Zoning T6-60a O

Sold 12/28/19

$10,750,000

$718 PSF


26 27

CITIGROUPCENTER

201 S Biscayne BlvdMiami, FL

Class A

Full Service

$43-$60 PSF

MIAMI CENTRAL

700 NW 1st AvenueMiami, FL

Class A

Modified Gross

$50 PSF

DUPONT

169 E Flagler StreetMiami, FL

Class B

Full Service

$29-$35 PSF

WELLS FARGO CENTER

333 SE 2nd AvenueMiami, FL

Class A

Full Service

$43-$60 PSF

OFFICE LEASING - COMPS


28 29

Tenant:

Suite: 19th Floor

2,405 SF

Rate: $50 PSF

Tenant:

Suite: 11th Floor

1,150 SF

Rate: $50 PSF

CITIGROUP CENTER

201 S Biscayne BlvdMiami, FL

Tenant: Crazy Poke

Suite: 1st Floor

1,200 SF

Rate: $80 PSF

Tenant: Bellamia

Suite: 1st Floor

1,000 SF

Rate: $85 PSF

CENTRO

151 SE 1st StreetMiami, FL

Tenant: Silverspot Cinemas

3 Floors

4,800 SF

Rate: $85 PSF

MUZE

300 SE 3rd AvenueMiami, FL

Tenant: Pucci’s Pizza

Suite: 1st Floor

600 SF

Rate: $65 PSF

MARINA BLUE


RETAIL - COMPS


30 31

APARTMENT - RENTAL COMPS

CAOBA698 NE 1st Avenue

Miami, FL50% leased in under 3 months

from opening

Studio

Avg SF: 515

Avg Rent: $1,876

Avg Rent/PSF: $3.69

1 Bedroom

Avg SF: 752

Avg Rent: $2,450

Avg Rent/PSF: $3.27

2 Bedroom

Avg SF: 1,069

Avg Rent: $3,131

Avg Rent/PSF: $2.94

3 Bedroom

Avg SF: 1,272

Avg Rent: $4,295

Avg Rent/PSF: $3.38

X MIAMI230 NE 4th Street

Miami, FL40% leased before opening

Studio

Avg SF: 512

Avg Rent: $1,845

Avg Rent/PSF: $3.60

1 Bedroom

Avg SF: 621

Avg Rent: $2,524

Avg Rent/PSF: $4.08

2 Bedroom

Avg SF: 962

Avg Rent: $2,905

Avg Rent/PSF: $3.02

MUZE AT MET

340 SE 3rd StreetMiami, FL

Studio

Avg SF: 519

Avg Rent: $1,829

Avg Rent/PSF: $3.52

1 Bedroom

Avg SF: 832

Avg Rent: $2,509

Avg Rent/PSF: $3.02

2 Bedroom

Avg SF: 1,259

Avg Rent: $3,135

Avg Rent/PSF: $2.49

3 Bedroom

Avg SF: 1,410

Avg Rent: $3,911

Avg Rent/PSF: $2.77


32 33

PARAMOUNT

900 NE 1st AvenueMiami, FL

90% sold before opening

1 Bedroom

Avg SF: 1,425

Avg Price: $819,857

Avg Price/PSF: $559

2 Bedroom

Avg SF: 1,908

Avg Price: $1,175,750

Avg Price/PSF: $611

3 Bedroom

Avg SF: 2,541

Avg Price: $1,652,717

Avg Price/PSF: $652

4 Bedroom

Avg SF: 4,414

Avg Price: $4,760,000

Avg Price/PSF: $1,078

YOTEL235 NE 2nd Street

Miami, FLSOLD OUT beforebreaking ground

Studio

Avg SF: 531

Avg Price: $356,000

Avg Price/PSF: $671

1 Bedroom

Avg SF: 618

Avg Price: $401,200

Avg Price/PSF: $673

2 Bedroom

Avg SF: 708

Avg Price: $433,000

Avg Price/PSF: $612

APARTMENT - SALES COMPS

1000 MUSEUM


4 Bedroom

Avg SF: 4,780

Avg Price: $6,530,909

Avg Price/PSF: $1,366

5 Bedroom

Avg SF: 10,361

Avg Price: $23,425,000

Avg Price/PSF: $2,262 Unit prices range from

$6M to over $25M


34 35

36 37

Since 2010 the population of Downtown Miami has increased by more than 30% and is projected to increase an additional 20% by 2021.

The majority of the population within the neighborhood are highly educated, young working professionals.

53% of the population are between 20 and 44 years old.

>> Residents spent $656.3 million on all retail in 2016.

>> Workers and visitors spent $1.7 billion in 2016.

>> Median household income for 2016: $91,989

>> Average household income for 2016: $111,305

Income in Greater Downtown Miami significally exceedsthat of the City of Miami.

“Younger Employees, which are thefastest growing segment of the U.S. workforce,

prefer urban neighborhoods and easyaccess to alternate transportation”

- The Miami Herald

Downtown Miami is growing fast, becoming younger, wealthier and more educated. In 2018, more

than 92,200 people called greater downtown Miami home, up nearly 40 percent since 2010, and

expected to exceed 109,000 by the year 2021. The median household income is also increasing, up

55 percent since 2010. A significant chunk of these residents are young professionals with disposable income.

They seek an urban core lifestyle, choosing to live downtown over the beaches or Brickell. New services and

development are pouring into downtown Miami to meet the needs of the shifting demographics.


Confidentiality & Disclaimer Statement

Intended solely for your own limited use to determine whether you wish to express any further interest in the Property.

This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property

and has been prepared by Colliers International South Florida, LLC, primarily from information supplied by the Owner.

Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to

be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither

the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes

any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential

memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned

with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the

right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any

time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the

Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of

the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential

memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this

memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers

International South Florida, LLC.

themiamilink.com


Contact Information

themiamilink.com


CECILIA ESTEVEZSenior Associate +1 786 942 [email protected]

MIKA MATTINGLY Executive Managing Director+ 1 786 486 [email protected]

BRADLEY ARENDTDirector +1 954 652 [email protected]

the miami miami link lin · opportunity to acquire the miami link (33-55 ne 6th street, miami, fl...

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