3. 2
Table of Contents
Executive Summary 3
History of Site 7
Concept 8
Identifying Government District 9
Identifying Medical District 10
Site Details 11
Current Use 12
Market Analysis 14
Importance of Government Centers Downtown 17
Transit Information 18
Plan Approval Process 26
Design 27
Financials 34
4. 3
Executive Summary
Project Location The subject property consists of approximately eight acres in Miami’s Downtown
Central Business District. The North boundary is NW 8th Street, the South
boundary is NW 1st Street, the East boundary is NW 1st Avenue and the West
boundary is the Metro rail line.
Problem Definition How to create value and long-term revenues from an 8 acre former train station
site, owned by Flagler for over 100 years, and currently proposed as the
terminus station of a tri-county rail transit line. Market analysis indicates demand
for transit-oriented public facilities, but no market support exists for private office,
residential or large scale development uses.
Proposal In an effort to consolidate government services, NOVA Development proposes to
relocate three undersized and out of place Miami-Dade County facilities from the
Hospital District to Flagler’s site in the Government District. At this site,
innovative buildings can meet present and future facility needs while providing
enhanced access to multimodal transit. The facilities to be relocated are: The
County & State Courts building, the State Attorney’s Office, and the Miami-Dade
County Jail. Relocation concentrates these uses in the center of State, County,
and Federal Government services to a transit-oriented development from an
isolated 20 acre site in the medical district two miles west.
Relocation creates a market for Flagler to develop new offices and services
directed towards transit use for Miami-Dade County and the State of Florida, and
relocation also provides a site and funding mechanism to Miami-Dade County for
the development of a replacement jail.
Nova’s proposal will be developed by Flagler Development in one (1) phase over
a four (4) year period. Flagler will develop a replacement County Court building,
State Attorney’s office, retail, and a parking garage on a lease/purchase basis to
the County and the State. The County will develop and construct a replacement
jail on a 10-year ground lease from Flagler, leveraging the vacated 20- acre
hospital district parcels valued at $87,120,000 to fund construction and
relocation.
Development of these facilities at this transit hub would reduce development
costs for parking, and allow for each building’s connection to the County’s central
chiller system, which would reduce facility construction and operating costs.
Development Program The site is comprised of 8.3 acres in five separate parcels, Tracts “A,” “B,” “C,”
“D,” & “E.” Tracts “D” and “E” (3.15 acres) are proposed to be sold for as a rail
terminus for the South Florida East Coast Corridor Station. These tracts will be
sold to the rail authority for $130.00 per square foot; totaling $18,000,000. The
sale proceeds are used as equity for the project. The remaining 5.15 acres are
proposed for development as follows:
5. 4
Tract “A” – The State Attorney’s Office, will total 153,200 square feet of net
leasable Class-A office space and 8,800 square feet of net leasable ground floor
transit oriented retail. The office lease rate is $32.00/SF, NNN, fixed for 10
years. There will be a purchase option at the end of year 10 at a defined price
or, a 10-year lease extension a defined rate. During the lease period, Flagler
retains ownership and leases the retail at $26.00/SF, gross with one percent
annual increases. The retail will be included in the purchase option.
Tract “B” – The parking garage will consist of 974 spaces situated on eight levels
with 19,000 square feet of ground level retail. Flagler will retain ownership,
manage, and lease the garage and retail. Eighty percent of the parking garage
will be leased to the County at $80.00/SF per space per month. Twenty percent
will be operated by Flagler as public parking for $5.00/hour. There will be a
purchase option at the end of year 10 at a defined price, or a10 year lease
extension at a defined rate. The parking garage and retail will be included in the
purchase option.
Tract “C” – The County and State Courthouse will be constructed on the
southern half of Tract “C.” It will consist of 500,000 square feet of net leasable
Class-A office space. The court building will be leased at $32.00/SF, NNN, fixed
for 10 years. There will be a purchase option at the end of year 10 at a defined
price, or a 10- year lease extension at a defined rate. The County Jail will total
610,000 square feet and will be developed, financed, and constructed by Miami-
Dade County on the 66,000 square foot site ground leased at $13.00/SF gross,
fixed for ten 10 years. There will be a purchase option at the end of year ten 10
at a defined price, or a 10-year lease extension a defined rate.
Tracts “D” & “E” – These two sites will be reserved for the anticipated
development of the South Florida East Coast Corridor Station. These sites are
approximately 3.15 acres, and 137,214 square feet will be sold at $130.00/SF to
the rail authority. Sale proceeds will be invested into the project as part of the
land equity.
Site Plan
Tract “A” Tract “B” Track “C”
6. 5
Investment Structure Flagler’s investment structure will be based on 10-year, fixed-rate leases, to both
Miami-Dade County and the State of Florida, for the offices, courts and parking
facility. The jail site will be ground leased. Total equity required is $56,450,229.
Equity is comprised of the following:
Land Value $20,322,510 36.00%
Tract D & E Sale Proceeds $18,000,000 31.89%
Cash Investment $18,127,719 32.11%
Total Equity Investment $56,450,229 100.0%
Only $18,127,719 in cash equity needs to be raised. Annual net cash flow before tax
is $9,473,979, or six (6) percent per year cash on cash. At the end of the ten (10)
year term, the County’s option to purchase the development yields before tax
proceeds from the investment of 31,997,793.
7. 6
Loan to Cost 77%
Loan to Value 80%
Interest Rate - Construction 7%
Interest Rate - Perm 7%
Construction Loan/Perm 166,494,240
Total Soft Costs & Financing 25,151,959
Total Hard Costs 177,470,000
Total Project Costs 202,621,959
Land Equity 20,322,510
Cash Equity 18,127,719
Equity - Tract D & E Sales Proceeds 18,000,000
Total Equity 56,450,229
Net Cash Flow Before Debt Service 22,766,262
Net Cash Flow After Debt Service 9,473,979
Net Cash Flow 10 Years 94,739,790
Option Value - Year 10 236,041,528
Less Cost of Sale 4,720,831
Less Mortgage Balance 142,872,675
Net Sales Proceeds 88,448,022
Equity Returned 56,450,229
Net Profit on Sale 31,997,793
Net 10 Year Profit 126,737,583
Cash on Cash Return 699%
Return on Equity 225%
Investment Structure
Construction Summary
Equity Required
Summary of Cash Flows
Sale of Properties
Conclusion As proposed, the investment monetizes on 100 years of equity in the land to leverage
$18,127,719 in development value and fund vital public infrastructure that will realize the
vision of Miami’s Government Center as South Florida’s transit hub for the next
generation. Miami-Dade County will realize its 30-year dream of consolidating its facilities
at the Government Center and constructing desperately needed new infrastructure for
courts, offices and corrections at a key transit hub that will drive and support transit.
Miami-Dade County will also have the opportunity to finance this infrastructure by
monetizing land that can be used to develop the next Scripps Institute, a bio-medical job
and research facility.
8. 7
History ____________________ ____
The subject property has always been utilized as a transit oriented development, as it formerly served as the location
of the historic Miami Railroad Station. Built in 1896, the Miami Railroad Station became one of several main hubs to
service the main hubs of Henry Flagler’s Florida East Coast Railway (FECR) system that stretched from Jacksonville
to Key West. Although Henry Flagler was the leader behind the FECR system, the construction of a station in Miami
was the result of persuasion by two prominent local landowners, Julia Tuttle and William Brickell.
An agreement between Tuttle, Brickell and Flagler was reached on September 7, 1895 and included both Tuttle and
Brickell offering Flagler half of their holdings, both north and south, of the Miami River. Seven months later, on April
15, 1896, the railway track reached completion at Biscayne.. Henry Flagler further developed the area surrounding
the Miami Railroad Station, through the dredging of a channel, the building streets, the instituting of water and power
systems and the financing of Miami’s first newspaper, the Metropolis.
The Miami Railroad Station was located near the Dade County Courthouse, and became an important fixture to
Downtown Miami. In the early 1960s, friction between the City of Miami and the FECR system arose over
disagreements on passenger train travel. After continuous insistence from the City of Miami, and the stoppage of
passenger train travel, the Miami Railroad Station was demolished on November 12, 1963.
Left: 1930s SE view with FECR station lower left
with County Courthouse commanding the skyline
Left: 1930s NW view from the County Courthouse
with the FECR station at the center
9. 8
Concept_________ ____________________________
Nova Development has embarked on a process to develop the five parcels adjacent to the Miami-Dade County
Government Center, currently owned by Flagler Development Company. The process of this development is as
follows:
Relocate the existing County Jail, County Court Building and State Attorney’s Office currently located in the
Miami-Dade Hospital District to the subject parcels.
The exodus of these buildings will result in approximately twenty (20) acres available for purchase, valued at
$87,120,000, to the private sector, which will assist Miami-Dade County to lease purchase these newly
constructed facilities:
o A State Attorney’s building, located on Tract “A,” which will be comprised of approximately 153,200
SF accompanied by 8,800 SF of retail space located on the ground level;
o An eight-level, 974-space parking facility, lined with 19,000 SF street front retail, located on Tract “B;”
o A court building located on Tract “C,” which will be approximately 500,000 SF.
The aforementioned buildings will be constructed by Flagler Development in one phase, approximating four (4)
years in time, utilizing the commitment of State and County agreements. Upon completion, the County will
relocate to the new facility under a ten year, NNN lease.
A County correctional facility will be constructed on the northern section of Tract “C,” through the utilization of a
ground lease, which will provide an income stream to Flagler Development from Miami – Dade County.
The two remaining parcels, Tract “D” & Tract “E,” will be reserved for the anticipated development of the South
Florida East Coast Corridor Station.
Map 2: Aerial View of Hospital and Government Districts
10. 9
Identifying the Government District_______________________
Left: By color-coding the surrounding current property
uses, it is evident there is a prevalence of government
uses. Highlighted in blue are Miami-Dade County
uses, red indicates Federal uses, purple indicates
City of Miami uses, and orange indicates State uses
Left: When all government uses are then highlighted
in red, it is apparent that the subject site, highlighted
in blue, is the proverbial “hole in the donut.”
11. 10
Identifying the Medical District_________________________
Map 3: Aerial View of Medical District
Current Uses The Miami-Dade Medical District is currently home to Jackson Memorial Hospital, Miami-
Dade Community College’s Medical Center Campus, the University of Miami’s Health
Center, and the Miami Health Center VA Care System.
In addition, the Medical District also includes the State Attorney’s Office, the Miami-Dade
County Courthouse, and the Miami-Dade County Jail.
Summary By relocating the county facilities that are currently within the medical district into the
government district, value is added to both the city and the county. In consolidating
government uses, synergy is achieved, through more efficient operations, and it also
allows for potential expansion of the medical district. By vacating the government owned
parcels in the medical district, Miami-Dade County will benefit from private enterprises that
direly need to expand. An expansion will result in additional tax and employment
opportunities for the city and county, among other benefits. Potential future uses for the
site include an expansion of the University of Miami medical center, a new biomedical
research facility or other educational research.
12. 11
Site Details_____ ___________________
Boundaries The subject property is located on the east side of the Miami-Dade County
Government Center building – the North boundary is NW 8th Street, the South
boundary is NW 1st Street, the East boundary is NW 1st Avenue and the West
boundary is the Metrorail line.
The site consists of five parcels which are herein forth referred to as the following
tracts:
Tract "A" 195 NW 2nd Street 34,641 S.F.
Tract "B" 200 NW 1st Avenue 55,686 S.F.
Tract "C" 430 NW 1st Avenue 132,052 S.F.
Tract "D" 535 NW 1st Avenue 58,636 S.F.
Tract "E" 605 NW 1st Avenue 79,500 S.F.
Site Map:
Map 4: Aerial View of Flagler Site
Tract "C"
Tract "C"
Tract "D"
Tract "E"
Tract "B"
Tract "A"
13. 12
Existing Land Use___ ________________________
Government Center Tracts Tracts “A,” “B” and “C” are currently under lease with the Miami Parking
Authority. Flagler receives annual rent payments of approximately
$800,000, net of expenses, with the exception for real estate taxes and
a storm water utility fee. This provides Flagler Development an annual
net income stream of $346,000; equating to an annual ground lease of
$1.56 / SF for tracts "A,” "B" and "C."
The two northern parcels, Tracts "D" and "E," are currently not in use.
These two tracts currently do not generate any income.
Existing Land Use __ ________________________
The two northern parcels, Tracts "D" and "E," are currently not in use. These two tracts currently do not generate any
income, and form a combined total of 138,136 SF. The amenities provided on these tracts allow for significant
consideration to be the potential site for the South Florida East Coast Corridor Station.
Map 5: NW View of Tracts “D” and “E”
Map 5: Aerial View from Southernmost Tract
B
A
E
D
C
B
A
14. 13
Existing Land Use___ ________________________
Map 6: Aerial View of Freight Track, Tracts “D” and “E”
The next photo illustrates how these tracts provide an ideal site for a transit station. The tracts conveniently provide
direct connections to the Metromover and Metrorail. The frieght track could serve as a greenway to the waterfront.
Map 7: Bird’s View of Metrorail, Tracts “D” and “E”
E
D
15. 14
Market Analysis____________________________________
Office: Miami CBD 2009 Available Rental Space 9,213,875 SF
Miami CBD No. of Buildings 74
Miami CBD 2009 Average Rental Rate $38.33/SF
Miami CBD 2009 Average Vacancy Rate 16.5%
Miami CBD 4th QTR Absorption Rate (42,221) SF
Miami-Dade County Office Market Analysis Summary
Vacancy The Miami-Dade County office market ended the fourth quarter of 2009 with a
vacancy rate of 14.0%. The overall vacancy rate in Miami-Dade County’s CBD
at the end of the fourth quarter 2009 increased to 16.5%.
Net Absorption Net absorption for Miami-Dade County’s CBD was negative (42,221) square feet
in the fourth quarter 2009. The vacancy rate was down in Miami-Dade County
over the previous quarter, with net absorption totaling positive 252,291 square
feet in the fourth quarter.
Rental Rates Rental rates in the Miami-Dade County office market ended the fourth quarter at
$30.37, a decrease from $30.55, over the previous quarter. The average quoted
asking rental rate in Miami-Dade County’s CBD was $38.33 at the end of the
fourth quarter 2009.
Construction A total of three buildings were delivered to the office market in the fourth quarter
totaling 126,301 square feet with 2,769,551 square feet still under construction at
the end of the fourth quarter.
Inventory Total office inventory in the Miami-Dade County market area amounted to
100,164,211 square feet in 4,299 buildings as of the end of the fourth quarter
2009.
Sales Activity Cap rates have been lower in 2009, averaging 6.12% compared to the same
period in 2008 when they averaged 6.69%.
Conclusion The above information indicates that there is an overabundance of office space
available to the private sector in the Downtown Miami area. Therefore, the
delivery of yet another private office building in the surrounding area cannot be
justified.
17. 16
Market Analysis_____________________________________
Retail Miami CBD Available Rental Space 5,290,912 SF
Miami CBD No. of Buildings 143
Miami CBD 2009 Average Gross Rental Rate $26.54/SF
Miami CBD 2009 Average Vacancy Rate 5.06%
Miami CBD No. of New Retail Businesses 42
Recent information suggests an improvement in the Downtown Miami retail market: a 2010 Integra Realty Resources
survey of the 50-largest central business districts in the U.S. found that Downtown Miami’s retail vacancy rate of
5.06% is among the five lowest in the nation. Recent research conducted by the Miami Downtown Development
Authority found that in 2009, 42 new retail businesses opened in Downtown Miami.
Residential Population in One-Mile Radius of Flagler Site 36,346
2014 Population Projections 39,256
Population Increase 10%
Downtown Miami Unsold New Condominiums 7,010
% of Unsold New Condominiums in Miami CBD 23%
Recent studies suggest that although there has been an increase in occupancy in Downtown Miami’s condominium
inventory, only 52% of occupied condominiums are rented. Accordingly, leasing activity and residential lease rates in
Miami’s downtown area are down slightly compared to last year. A recent study by the Miami Downtown
Development Authority shows there are still 7,010 unsold units in the new downtown area condominiums, compared
with the 8,000 that existed seven months earlier. According to the Miami Downtown Development Authority, the 2009
estimated population of the downtown area is 36,346 within a one mile radius of Flagler Street and Miami Avenue.
Conclusion
This above information indicates a positive retail market. While the Miami-Dade Government District may not be large
enough to support any “big box” retail development, it is prudent that a small retail portion be incorporated into the
development in order to serve the needs of both the surrounding government workers and transit passengers.
Due to sluggish expected growth rate and the substantial level of retail inventory, it is apparent that residential
development is not the highest and best use for the subject property.
Map 8: Miami CBD
Population
Breakdown
1 mile radius
from Flagler St.
at Miami Ave.
3 mile radius
from Flagler St.
at Miami Ave.
2014 Projection 39,598 202,251
2009 Estimate 36,346 194,545
2000 Census 27,279 174,498
1990 Census 25,373 170,877
Growth 1990-2000 7.51% 2.12%
Table 1: Population Projection
18. 17
The Importance of Government Centers & Jails Downtown_
Government Facilities Downtown
The relocation of government facilities downtown sends a clear and direct message regarding the City’s long-term
commitment to revitalizing and maintaining the neighborhood commercial district. It encourages reinvestment and
signals to private investors that neighborhoods are on the upswing and their investments will be safe. Also, it
promotes greater stability by bringing employees and visitors to eat in neighborhood restaurants and shop in local
business establishments.
Government facilities generate significant economic activity. It is estimated that each government worker will spend
$2,500-3,500 annually in the downtown area. Retail developers see the presence of government facilities as an
“insurance policy,” in that, in an economic downturn, the presence of government facilities will help the retail
development to continue pulling in customers.
The consolidation of city and county, state, and federal offices are part of a “campus-like” redevelopment project. It is
important to note that government agencies should not be contributing to urban sprawl. Conserving existing urban
resources, infrastructure and services encourages the development and redevelopment of central business districts
and other mixed-use centers. Therefore, the utilization of existing architectural resources, rather than new
construction, represents good conservation practices consistent with environmental and preservation initiatives.
Location of Jail in Relation to Other Government Facilities
The close proximity of a jail in relation to courts and other government services is integral to the efficient operations
of all other parties involved. A majority of the court’s calendar concerns the appearance of jail inmates, as well as
judges, attorneys, probation agents, clerk of courts, policemen, social workers, and countless others, all who should
be located in the near vicinity of each other. The transportation of inmates can be a costly and timely effort to the
local, state, and federal governments and can be handled more efficiently by relocating all government services in
close proximity to one another. If this is not the case, then it becomes more time consuming to orchestrate meetings
and court appearances, which will result in a court backlog, ultimately resulting in increased costs to the public.
Jail Site Selection
Optimal site selection of a new correctional facility is vital because affects the long-term operations and costs of the
facility. The tasks of convincing a community that the presence of a correctional facility will not pose a risk to public
safety, a decrease in land values, and a general decline in the neighborhood can be a daunting; however, a 1987
Study evaluated the impact of correctional facilities on land values and safety, and found that the notion that
correctional facilities were a detriment to the neighborhood was able to be refuted using scientific research. This
study was conducted by the FAU-FIU Government Center of the Florida International University, and it evaluated
seven areas built in the past six years of the study, with a correctional facility in a seven-mile radius of a residential
area. The study found that only one area experienced a decline in property values. The study also found the crime
rates in the area were generally consistent, or lower, than in control areas. All seven areas had a significant, positive
impact on the local economies. The study suggested various ways to handle public opposition in the site selection
process, including frequent communication with the public, establishing community planning task groups, and
providing objective information on the impact of the facility on the public’s main concerns – safety, land values, and
the local economy. Other studies yielding similar results have been conducted by the Washington Council of Crime
and Delinquency in 1995, and Ricci, Greene, and Associates, in 1996.
19. 18
Miami-Dade Transit ____
Existing Transit
The Government District is currently served by Miami-Dade Transit’s Metrobus, Metromover, and Metrorail. The
Metrobus and Metrorail serve regional travel, whereas the Metromover provides circulation within downtown. The
Government Center Metrorail Station is the busiest station in the Metrorail system with nearly 11,000 daily boarding.
Transit is a common mode of access and travel within Downtown Miami; however, automobile travel is still the
dominant mode of transport to and from downtown. An estimated 150,000 to 200,000 vehicles enter/exit downtown
on a daily basis.
Map 9: Downtown Transit Stations
Metrorail
Average Weekday Boarding
Brickell Station – 3,588
Government Center – 11,060
Overtown/Arena – 1,258
Yearly Boarding
Brickell – 1,057,000
Government Center– 3,129,000
Overtown/Arena – 396,110
Metromover
Average Weekday Boarding
Government Center – 5,977
Monthly Boarding
Government Center – 148,889
Traffic Volume
“Approximately 30,000 people come in and out of the
Government District on a daily basis.”
- Leo Zabezhinsky, Miami
Downtown Development
Authority
20. 19
Miami-Dade Transit ____
Future Transit Development
The location and configuration of Miami-Dade County's urban growth through the year 2025 shall emphasize
concentration and intensification of development around centers of activity. Miami-Dade County shall require all new
development and redevelopment in existing and planned transit corridors and urban centers to be planned and
designed to promote transit-oriented development (TOD), and transit use, which mixes residential, retail, office, open
space and public uses in a pedestrian-friendly environment that promotes the use of rapid transit services. This set of
actions will produce short trips, minimize transfers, attract transit ridership, and promote travel patterns using the
transit line that are balanced directionally and temporally to promote transit operational and financial efficiencies.
The County will give special emphasis to providing a high level of public mass transit service to all planned urban
centers. These urban centers are intended to be moderate- to high-intensity design-unified areas. The adopted land
use plan for 2015 and 2025 shows that urban centers such as Downtown Miami will continue with a residential
density increase that goes along with the population growth forecasted for this area.
South Florida East Coast Corridor
Left: The South Florida East Coast Corridor Study
identified the need for both a City Center Station and
a Regional Park and Ride Station. Downtown Miami,
and specifically the areas of Government Center and
8th Street, provide the potential to serve existing
downtown markets.
Map 10: FEC Corridor
21. 20
Miami-Dade Transit __ __
City Center Station
In regards to the location of the future city center station, certain qualifications must be met. The site of this station
must serve the walk ability of the surrounding business district, while also providing a connection point to other transit
systems. The site should also support new commercial development, and the location and design of this station
should reflect important civic function. Equally important, the City Center Station must support future infill
development.
Prospective 8th Street City Center Station Site
These parcels, Tracts “D” and “E,” are just north of the Government Center Station. It can provide links to the
Metrorail, Metromover, and the Metrobus. In addition, it allows for a connection to the waterfront, and the potential
for future development on the northern side of the downtown area.
Map 11: Bird’s NW View of Potential City Center Site/Tracts “D” and “E”
Map 12: Aerial View of Potential City Center Site/Tracts “D” and “E”
Creates connection
of Metromover
Elevated station to allow street to remain
open & to accommodate grade retail
Direct Connections for
Metromover, Metrorail
22. 21
Miami-Dade Transit __ __
Prospective 8th Street City Center Station Site
Diagram 1: Configuration of Prospective City Center Station
Diagram 2: Street View of City Center Station
Connection to
Metromover
Taxi/ Drop-Off
30-45 ft.
Main Station
30-45 ft.
Ground retail
6-24’ Elevated
Tracks
30-45 ft.
Greenway Track to
Waterfront
30-45 ft.
Pedestrian Walkway
30-45 ft.
Streetscape
Improvements
18-20’ Clearance
over 8th Street
Miami Arena
23. 22
Miami-Dade Transit __ __
Regional Park and Ride Station
This regional park and ride is intended to serve areas beyond the end of the FEC line. It is imperative this future site
has sufficient land for a large garage and has easy access to/from highways. The South Florida East Coast Corridor
identified two potential locations, 8th Street and 11th Street, for the Regional Park and Ride. A station at either site
can help support desired infill housing and commercial development.
Regional Park and Ride Development at 8th Street
Map 13: Prospective Regional Park and Ride Sites
Above: The former Miami Arena site would be utilized for the development of a parking garage. The garage site
could support dense development. In addition, this site would allow for multiple connections to existing stations,
including the Metrorail and greenway connections. This site is most easily accessed by I-95.
24. 23
Miami-Dade Transit __ __
Prospective 8th Street Regional Park and Ride Site
M
Diagram 3: Configuration of Regional Park and Ride Station
Freight Track must remain open which could
serve as a greenway to the waterfront
Potential site for elevated City Center
Station Hub
Former Miami Arena site could
support a new suffice garage
Traffic would promote 8th
Street
residential components
Reopen greenway under
Metrorail
Streetscape improvements
on 8th
Street
18’ 8th St. clearance
Approximately 350 spaces
per level in garage
Elevated direct connection
Main Station Entrance
Street Level Retail
Metrorail Connect
25. 24
Miami-Dade Transit______________ ________
Incorporation of Transit Design
Diagram 4: Potential Transit Center Design
Allowing tracts "D" and "E" to be utilized for the location of the
South Florida East Coast Corridor Station in Miami, Flagler will
be able to realize revenue of $18 million at the end of year two.
Through the agreement, Flagler will also outline the long term
use of the Park & Ride parking facility that will be funded by the
Miami Parking Authority (MPA).
26. 25
Miami-Dade Transit______________ ________
An Iconic Grand Central Station should be considered for the site. Such a design would offer adequate retail, and
convenient uses that directly relate to the transit-oriented development.
Diagram 5: Belgium’s New Calatrava Train Station
The proposed station should create a central hub that can be accessed by all Miami-Dade County transit. This
particular structure will be the foundation for the transit system’s success, as exemplified in the illustration below.
Diagram 6: Calatrava Train Station, Santiago Calatrava
27. 26
Plan Approval Process ________
Summary The scope of the project requires a Major Special Use Permit (MSUP), as
defined in the City of Miami Zoning Ordinance as a non-residential use involving
in excess of two hundred thousand (200,000) square feet of floor area.
Plan approval for a project involving a MSUP expected to take up to eighteen
(18) months. The process for plan approval involves:
Pre-application conference Conference conferring with zoning administrator and director of the department
of planning, building, and zoning and other affected city departments.
Application, content The actual application for MSUP, along with submission of materials including
maps, plans, surveys, studies, and concept plan.
Developmental impact study Application of a study which shall demonstrate the impact of the proposed
development on the local economy, public service, environment, and housing
supply; not required if the development is a DRI.
Application, referrals The completed MSUP application is referred to the director of the department of
planning, building, and zoning. The director shall refer the application to any city
and non city agencies that he or she deems necessary for review. A large scale
development committee (LSD) may be convened to review the application.
Comments and recommendations shall be received by applicant within thirty (30)
days.
Notice of sufficiency The applicant is then notified of sufficiency or deficiencies in application and any
measures required for remedy of any deficiencies.
Recommendations Upon notice of sufficiency or remedy of deficiencies, a written report is supplied
by the director of department planning, building, and zoning granting
recommendation of the application.
Planning advisory board If there is no zoning change involved, the director of planning, building, and
zoning shall make recommendations at a regularly scheduled public hearing of
the planning advisory board. The planning advisory board may recommend
approval or denial of the application, which is then transmitted to the city
commission.
Hearing by city commission The city commission may approve or deny the application, or require
modifications or conditions of approval. The city commission considers the
impact of the development on the city, the use of public transportation facilities,
the impact on housing and employment, public safety, and environment. Once
approved, approval is binding upon applicant and any successors. Permit is
issued for two years and may be renewed in two year intervals.
Construction Permits Upon approval, construction permits may be applied for and all construction
plans must confirm with the approved application.
28. 27
Design______________ ________
Proposed Development
The vertical massing illustrates how the structures will appear from street view. The layout below shows how the
development will look from the East. From left to right the uses are: State Attorney’s Office, Parking Garage, County
Courthouse, and County Jail.
Design 1: Street View of Proposed Development
Tract “A”
Design 2: Street View of Tract “A”
Tract "A" shows the construction of an eight-story, Class-A Office building that would fulfill the needs of a State
Attorney’s Office. Retail will border along the northern edge, NW 2nd Street, servicing transit passengers that are
entering and exiting the downtown area.
29. 28
Design______________ ________
Tract “B”
Tract "B" will house an 8-level, 974-space parking facility. 19,000 SF of retail space will border the ground level will
also be constructed on both the eastern and southern edges. The street front retail will be open to NW 2nd Street and
NW 1st Avenue, which will be utilized by pedestrians.
Design 3: Street View of Tract “B”
Tract “C”
Design 4: Street View of Tract “C”
Tract “C” allows for the construction of two facilities. The southern half of Tract “C” provides the land needed to
construct a 13-level, 500,000 SF County Courthouse. The first 8 floors will contain 40,000 SF floor plates and the
remaining floors, floors 9-13, will gross 30,000 SF.
30. 29
Design______________ ________
Tracts “A” and “B”
The site plans for Tracts “A” and “B”
illustrate how the two adjacent structures
will complement one another. The
required setbacks of 10-feet have been
met, with an additional 15-foot setback
on the principal fronts. With these
setbacks, the development achieves,
and goes above, the required 10 percent
of open space.
A large portion of Tract “A” has been left
undeveloped to accommodate a public
park. This additional green space over
that in which is required will add visual
integrity to the immediate surrounding
areas.
Design 5: Aerial View of Tracts “A” and “B”
Parking Garage
974 Spaces
(Eight Levels)
Ground Floor
Retail
19,000 SF
Ground Floor
Retail 8,800 SF
State Attorney's
Office Building
153,200 SF
"B"
"A"
31. 30
Design
Design 6: State Attorney’s Office
Design 7: Parking Facility
Located on tract “A”, The State Attorney’s
Office has been designed with a modern
design. This will be the trademark
structure.
The design of the parking garage, located
on Tract “B” will mirror the façade of the
current garage that currently services the
Federal Courthouse.
32. 31
Design______________ ________
Tract “C”
The site plan for Tract “C” has two
uses: the southern half will be
used for the construction of a new
County Courthouse and the
northern half will be used for the
new County jail.
The County Courthouse, in blue,
meets all setback requirements, and
offers additional green space that
exceeds the minimum 5 percent . A
vertical easement from the ground to
45 feet has been accounted for
between the building. This allows a
secure sky bridge bewtween the
facilities to be constructed just over
the the easement.
Design 8: Aerial View Tract “C”
Jail Building
610,000 SF
(19 Stories)
Courthouse
Building
500,000 SF
(13 Stories)
"C"
33. 32
Design______________ ________
Design 9: Aerial View Tract “C”
Design 10: Aerial View Tract “C”
The south half of Tract “C” will be
composed of a 500,000 S.F. Courthouse
that is designed to complement the
existing Federal Courthouse.
The remanding space of Tract “C”, the
north half, will be utilized through a
ground lease from the County to construct
a jail. The jail has been designed to blend
into the surrounding.
43. 42
Land Evaluation – Sales Comparison Approach__________
Price per square foot method:
The price per square footage method was used to value of the land. This method utilizes an analysis of the sales
and concludes to an adjusted value per square footage. This evaluation is based on the value of the land only.
Costar Group was used to search for land sales similar to the subject in order to estimate the value of the land. The
criteria utilized were as follow: 3 mile radius search, closed land sales, commercial zoning, and sales date from
01/01/09 to 03/01/10. As such, the following comparables were obtained:
Address
Sale
Date
Land area
[SF] Sales price Price/sf Zoning
Proposed
Use
1 150 NE 7th St 09/21/09 298,926 $39,000,000 $130.47 C-1
Hold for
development
2 200 NE 3rd St 12/29/09 25,501 $5,470,000 $191.92 CBD Office/Schools
3 1850 Bay Road 03/31/09 23,130 $6,800,000 $293.71 CD-2
Parking
Garage
Average 115,852 17,090,000 $147.52
As illustrated above, three comparables were used in order to estimate the value of the land. The sales prices
ranged from $5,470,000 to $39,000,000 with a mean of $17,090,000. The price per square footage ranged from
$130.47/sf to $293.71/sf with a mean of $147.52. Sale #1 is similar to the subject in size and proposed use.
Therefore, we have placed more weight on this comparable. It has been concluded that a value of $130/sf is
adequate for the subject property. Therefore:
360,676 SF X $130/sf = $46,887,984
Rounded $46,800,000
It has been concluded that “As Is” market value of the fee simple estate of the subject, in its condition as of the date
of this report, is:
$46,800,000
Forty Six Million Eight Hundred Thousand dollars
