South Florida Infrastructure & Commercial market - John Dohm - updated 06-12-13


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South Florida Infrastructure & Commercial market - John Dohm - updated 06-12-13

  2. 2. Keller Williams Realty Services • 2424 N. Federal Hwy, Ste 318 • Boca Raton, FL • 33431 MARKET FOCUS • Residential Properties • Commercial Sales & Leasing • International Transactions • Luxury Properties • Investment Properties • Business sales & acquisitions BACKGROUND • Marketing Executive Networking Group • International Exececutive Resource Group • Business Development & Marketing • Falo Português / Hablo Español • MBA & University of Pennsylvania Alumnus • Luxury Marketing Council of Brasil & Florida F L O R I D A • M I A M I • N E W Y O R K EUA 561 247 5650 Brasil +55 11 3958 2264 SKYPE: jonathan_asbell ESPECIALISTA EM NEGÓCIOS IMOBILIÁRIOS JONATHAN ASBELL, MBA R e s i d e n c i a l , C o m e r c i a l & S m a l l B u s i n e s s e s Liaison para o Brasil da National Association of Realtors (N.A.R.)
  3. 3. A Aumenta do Porto e Aeroporto: O impato dos projetos de infrastrutura na Imobiliaria Comercial de South Florida Autor: John Dohm
  4. 4. Henry Morrison Flagler •1870 - Creates Standard Oil with JD Rockefeller •1885 - Builds Hotel Ponce de Leon in St Augustine •1894 - Builds Hotel Royal Poinciana in Palm Beach •1895 - Combines the Jacksonville, St. Augustine, Halifax, and Indian River Railroads to become the Florida East Coast (FEC) Railway •1896 - Palm Beach Inn (later the Breakers) is built •1896 - FEC Railway Reaches Biscayne Bay •1897 - Hotel Royal Palm opens in Miami •1905 - FEC Railway to Key West begins •1912 - Rides the first train to Key West
  5. 5. Miami was founded by Women Julia Tuttle 1949 – 1898 : The Mother of Miami (Convinced Flagler to extend the Rail Road to Miami) Mary Brickell Founder of Downtown Miami (Envisioned a boulevard of handsome homes …and provided all the funding)
  6. 6. "The only real natural port in those days was Key West. In 1900, it was Florida's largest city, a bustling port alive with the cigar industry, fishing and sponging. So the impetus for building an overseas railroad was that Henry Flagler needed a port.“ In 1898, the Spanish-American War brought Cuba under America's sphere of influence. The Panama Canal was being built, and Flagler saw trade opportunities to Cuba and the world.
  7. 7. Dubbed both: “Flagler’s Foley” and “The eighth wonder of the world.“ (referring not to the overseas highway built in 1927, but the Florida East Coast Railway.) • The overseas extension was approximately 150 miles long, with bridges up to seven miles in length. Flagler's steamship line took over once the train reached Key West, and the cars were placed on ferries to Cuba. • "Everything went on that train," said Tom Hambright (Monroe Co Public Library, Key West). "On the outbound run, from the mainland to Key West, you had manufactured goods from the Northeast, race horses went to Cuba. Coming back, you had tanks of sugar and molasses and pineapples. During Cuban pineapple season, you'd have up to 100 cars, and Flagler would have to bring in a mountain train, a heavy locomotive, to get the train moving. And of course, you had passenger traffic.“ • A little girl in the late 1920s, Winifred Fryzel, recalled the times she rode The Havana Special. "My father was a railroad man," she said. "We lived in Key West, and he would put his girls-- my sister and me--on the train to visit our grandmother in Tallahassee.“ • The locomotive ran on oil instead of coal. "I don't think Mr. Flagler was necessarily concerned with the environment," Fryzel said. "I think it was just that he owned Standard Oil. But because of that, my dress was always clean when I rode his train.“
  8. 8. Flagler Went a Step Further Though: Recognizing that Key West was not only Florida's most populated city, but also the United States' deep water port closest to the proposed Panama Canal, he decided to bring the railroad to Key West and take advantage of that proximity to the canal plus additional trade with Cuba and Latin America.
  9. 9. The official opening of the overseas extension was held in Key West in January 1912. The celebration lasted several days. The Florida East Coast Railway stretched the length of the state, 500 miles, from Jacksonville to Key West.
  10. 10. The beginning of Miami • 1896 – Miami Was Incorporated • 1900 – Population was 1,681 people • 1910 – Population was 5,471 • 1920 – Population was 29,549 • The modern era began with the arrival of Flagler’s Railroad and we became America’s Winter Playground and the Gateway to the Americas
  11. 11. Early Miami: Downtown in 1913 (It was a new world. That year the first bridge was built across Biscayne Bay)
  12. 12. Fast forward to Miami 1950
  13. 13. PortMiami
  14. 14. Miami in 1960 “The Sun and Fun Capital of the World” (Tourism Ruled!)
  15. 15. Then came an import from Cuba that Flagler didn’t even imagine: The islands most industrious citizens! • 250,000 in the first migration in 1959 • 300,000 from 1965-1973 in the second migration • 125,000 just after 1980 in the exodus from Mariel
  16. 16. Miami has Become a Place to Live! In 1950 Miami-Dade had a population of 495,000 By 1960 it was 935,047 By 1970 it was 1,267,792 In 2013 Miami-Dade has a population of 2,560,000+ (up from 2,500,000 in 2010)
  17. 17. As a region, we are really gaining! Miami Dade County 2.6 million Broward County 1.8 million Palm Beach County 1.3 million Total Tri-County Area 5.7 million South Florida is the 5th most populous MSA (Metropolitan) Service Area) in the USA (only 400K less than Houston).
  18. 18. We are still growing!
  19. 19. Our economy is growing too! • Development slowly moves north and… • We are becoming one major Metro Market. Source: CoStar Property® South FloridaCommercial Product Miami-Dade Broward Palm Beach Industrial 228,492,520 126,812,503 59,394,130 Office 102,040,692 68,230,447 54,735,599 Retail 126,902,827 106,947,269 77,307,490
  20. 20. Industrial – South Fla There were 1,043,901 square feet of Industrial space completed during the first quarter of 2013 and another 875,406 sq ft under construction. South Florida Total  414,699,153 SF  18,236 Buildings
  21. 21. Industrial Development • Prologis, a San Francisco-based real estate investment trust, just completed construction of a new 189,000-square-foot building at the Beacon Lakes Business Park in Airport West. • • DCT Industrial Trust of Denver broke ground in April on the first of two 167,000-square-foot buildings at the Pan American West Business Park. The building for the DCT Commerce Center should be finished this fall with the second building starting construction later this year and ready in mid-2013. • • Flagler Station Business Park, in the Medley submarket, has started construction of its 175,000-square- foot warehouse scheduled to be completed by the fourth quarter. • • KTR Capital Partners, a suburban Philadelphia-based private equity firm, is constructing a 336,000- square-foot warehouse and distribution building called the Miami International Distribution Center in the Pan American West Business Park (with 36’ clear ceilings). • Industrial Income Trust, a Denver-based real estate investment trust, just began construction on a 186,000-square-foot facility in Medley’s Pan American North Business Park that is expected to be finished by the end of the year. • Liberty Property Trust, a Pennsylvania-based real estate investment trust, invested about $20 million to acquire 126 acres for the building of Miami International Tradeport. The project will include more than 1.6 million square feet of warehouse and distribution space, with the first 150,000 to be delivered next year and the entire project built out over as long as a decade. • Industrial Developments International, a privately held Atlanta real estate company, this quarter will finish a 264,000-square-foot warehouse at Miramar Centre Business Park with a lease out for signature to a single tenant. • Sunbeam Properties is building a new 87,000-square-foot building at Miramar Park of Commerce that is scheduled for completion by the end of the year
  22. 22. Industrial Sales – 2013 Q1 Largest Lease Signings – 2013 Q1 • 209,601 SF by AmeriJet International at Airport Business Center in the Miami Airport west market; • 148,750 SF by SeaFreight Agencies (USA) at International Corporate Park; and • 146,788 SF by Interport Logistics, LLC at Beacon Lakes in the Miami Airport west. Average Price: $72.10 per SF
  23. 23. Land: Moving back up in Price Add: IDI’s purchase of 42 acres at $11.30/ SF in Davie (Broward County) for 700,000 SF. KTR’s purchase of 24 acres at $9.00 in Pan Am West (Miami-Dade) for 500,000 SF. Liberty Property’s purchase of 126 acres from Tarmac in NW Dade for 1.6 million SF Miramar Town Center purchase of 23.5 acres at $12.20/ SF. Wal-Mart Purchase of 23 acres at 32nd Ave and 79th St in Miami for $12.73/ SF.
  24. 24. Office There were 1,194,446 square feet of office space under construction at the end of the first quarter 2013. South Florida Total:  225,014,755 SF  11,150 Buildings
  25. 25. Office Leasing The largest lease signings occurring in 2013 include: • 75,057-square feet by Northern Trust at Brickell World Plaza; • 43,911-square feet by General Dynamics Itronix at Sawgrass Pointe; and • 39,788-square feet by Aldridge Connors LLP at 1615 South Congress in Delray Beach.
  26. 26. Office Building Sales
  27. 27. Retail The Retail market in South Florida consists of 311,157,586 square feet in 21,638 buildings. That includes 48 Malls totaling 36,605,145 SF; 3,169 Shopping Centers with 130,909,408 SF; and 29 Power Centers with 10,873,614 SF. ++ There were 1,246,619 square feet of retail space under construction at the end of the first quarter 2013.
  28. 28. Sales of Retail Centers – Past Year
  29. 29. Retail is Relocating and Re-defining Itself The Fashion World gives Miami its “Stamp of Approval” • Bal Harbour Shops Still Ranked No. 1 Internationally In Sales PSF • The Bal Harbour Shops’ $2,555 per-square-foot sales rank it first internationally, the retail center said, citing a ranking in the International Council of Shopping Center’s Shopping Centers Today. • The figure is nearly seven times the ICSC-estimated $451 per-square-foot industry average, the September cover story in the publication notes. • “Our South American tourist season kicks into high gear, they are here in a big way in the summer. You might go to Worth Avenue in the summer and see a lot of closed doors, but that doesn’t happen here,” said operating partner Matthew Whitman Lazenby, who is the third- generation of the Whitman family involved in the business. “The setting, the stores, the history and the attachment that shoppers feel to the center is what makes Bal Harbour Shops the world’s premier luxury retail center,” Lazenby said in a press release. • Worldwide, Bal Harbour Shops topped sales at such renowned locations as Westfield London and Westfield Stratford in the United Kingdom; Westfield Sydney in Australia; the Mall of the Emirates in Dubai and Ala Moana Center in Honolulu. • Meanwhile, the open-air shopping center is facing increased competition from projects in Miami’s Design District. More than 30 retailers, including Hermès and Louis Vuitton, announced they were relocating there from Bal Harbour. • Bal Harbour Shops ownership appears undeterred since it is planning space for 50 new tenants. The neighboring Church by the Sea recently voted in favor of relocating the church to allow room for the expansion.
  30. 30. Multi Family – The Favorite du Jour 138 Towers with 18,528 new units are currently “in play” east of I-95, from Miami through Palm Beach. • Prior to the 2008 market decline 108,000 units were proposed. • 49,000 units that were built still remained when the market fell • 22,000 were in the Downtown Miami area • Only 2,340 now remain unsold. A new condo boom is underway to serve the demand! • 18,500 are proposed • 20 towers under construction with a 21st (Grand Bay) on July 5th Condos are Back!
  31. 31. Hotels are back And “The Donald” is here, too …
  32. 32. The Market Recovery Prizes Go To… Consultatio Bal Harbour LLC • $220-million for the 5.53 Acre • Bal Harbour Beach Club. • That’s $913.29/ SF. • Planning a 260 unit luxury condo complex. •This exceeds the $236 million paid by the Malaysia-based Genting Group for The Miami Herald. And there’s more …
  33. 33. Brickell City Center
  34. 34.  9.1 Acres  5.4 million SF  Office  Residential  Hotel  Retail and  Entertainment.  $1.05 Billion
  35. 35. MDM Group has confirmed that it has solidified plans for:  At site of former Miami Arena  500,000 SF Convention Center  1,800 Room Marriott Hotel  1,500 Seat Theater  2,300 Car Garage  Over $1-Billion “All-Aboard Florida Station across street Sky-bridges linking to mass transit …and …
  36. 36. What maintains the growth? • Our global position (location, location, location …) • Timing (An active market plus new methods and patterns of transportation) • Infrastructure Improvements (The movement of people and goods into, out of, and around South Florida)
  37. 37. Our global location Miami
  38. 38. Miami, and all of South Florida, is in a very good location You are Here
  39. 39. Surface Transportation Patterns
  40. 40. Global Map of Accessibility (Travel Time by the World Bank)
  41. 41. We’re in the middle of this hemisphere. However now it is just as much about time, convenience, price and comfort as distance
  42. 42. So … bigger and faster transportation has come to South Florida DreamLifter DreamLiner - 787 Oasis of the Seas (5 x Titanic) Emma Maersk (11,000 Loaded TEUs)
  43. 43. This brings us to “market timing” • Commercial was never overbuilt. • Commercial just stopped trading. • Even residential never went that far “down”. • It just went up too far “up”…too fast.
  44. 44. Private Construction: Nonresidential SAAR, Mil.$ 10050095908580 Source: CensusBureau/HaverAnalytics 04/30/13 450000 375000 300000 225000 150000 75000 0 450000 375000 300000 225000 150000 75000 0
  45. 45. NCREIF Commercial Real Estate Transactions-Based Price Index: All Properties 100500959085 Source: National CouncofReal EstateInvestFiduciaries 04/30/13 240 200 160 120 80 40 240 200 160 120 80 40
  46. 46. FHFA House Price Index, Texas NSA, 1980 Q1=100 1005009590858075 Source: Federal HousingFinanceAgency 04/30/13 240 200 160 120 80 40 240 200 160 120 80 40
  47. 47. FHFA House Price Index, Oklahoma NSA, 1980 Q1=100 1005009590858075 Source: Federal HousingFinanceAgency 04/30/13 240 200 160 120 80 40 240 200 160 120 80 40
  48. 48. FHFA House Price Index, Florida NSA, 1980 Q1=100 1005009590858075 Source: Federal HousingFinanceAgency 04/30/13 500 400 300 200 100 0 500 400 300 200 100 0
  49. 49. Quotes of the year: “Think of 2005-2007 as a social experiment that failed miserably”. Dr. Mark Dotzour Chief Economist, Real Estate Center at Texas A&M “Yes, steady 60 mph is better than 120 mph and a crash.” Dr. Lawrence Yun Chief Economist, National Association of Realtors
  50. 50. (But did they ever really have it?)
  51. 51. What’s next for retailing?
  52. 52. What does it mean for us?
  53. 53. Getting rid of the “9-year old car”
  54. 54. Maybe we had gone too far …(?)
  55. 55. Looks like we’re geared-up and ready-to-go
  56. 56. So now, with all this in mind … Take a look at just how ready we are, right here, in beautiful South Florida!
  57. 57. The Southeast USA
  58. 58. South Florida’s Position
  59. 59. The South Florida Community
  60. 60. Our Ports of Entry Port Everglades Fort Lauderdale International Miami International PortMiami 20 Miles
  61. 61. Our Infrastructure • Miami International Airport Expansion • PortMiami Expansion • Ft Lauderdale /Hollywood International Airport Expansion • Port Everglades Expansion • Expressway and Roadway Expansions • Interchange Improvements and Expansions • Rail Lines and Service Expansions
  62. 62. Why infrastructure?
  63. 63. $6.4 Billion Capital Improvement Program is underway More than doubling the terminal and concourses from 3.5 million to 7.4 million SF (MIA is on 3,230 Acres of land )
  64. 64. Miami International Airport “Our Global Gateway” • Miami International Airport MIA (most international flights in USA) • North terminal (3 level international) • South Terminal (cruise ship & bus area) • Miami Intermodal Center • Rental Car Center • MIA Mover • Tri-Rail • MetroRail
  65. 65. 39.5
  66. 66. MIA is #27 Worldwide
  67. 67. 25th Street Access Logistics & Rail Hub Centurion Air Cargo MIA Cargo Area Terminal Expansion Grand Concourse Intermodal Center
  68. 68. Miami International Freight • # 1 in International Cargo in US (Miami, NY, LA) • #9 in International Cargo World-wide (up one notch from 10) • Centurion Air Freight (800k SF at NEC of MIA) • South Florida Logistics Center (Flagler/ FEC Hub) 144 acres of a 400 acre site (170k SF under construction) • #3 in total freight in US (behind only Memphis/FedEx & Louisville/UPS) • Three Fumigation facilities for perishables (Targeting more perishables / repeal of protective regulations prohibiting goods from entering Zone 5/South Florida directly) • Four International carriers serving MIA-Asia with direct flights and non-stop passenger service planned in less than two years.
  69. 69. Across the street from the Miami Association of Realtors HQ
  70. 70. Direct freight service from Asia now by: Asiana, Korean Air, Cathay Pacific and China Air.
  71. 71. Anticipated non-stop flights from Asia: 18-24 months.
  72. 72. Now take a look at what we’re doing for our people.  What’s going on around the airport  New ways to get there  … and things to do!
  73. 73. Opened
  74. 74. … but that’s just the Miami Intermodal Center part. There’s more … It will look like this! 3.4 Million Square Feet
  75. 75.  Dallas Ft. Worth  Hong Kong  Atlanta  Singapore  Frankfurt  Amsterdam  Incheon  Dubai  Memphis  Bejing  Malaysia  Athens  Singapore AirportCities
  76. 76. 1 acre; Existing MIA Hotel Parcel 1D 9 acres; SW corner of Central Blvd and Le Jeune Rd. Parcel 1B 25 acres; NW corner of Central Blvd and LeJeune Rd. Parcel 1A 4 acres; East of Dolphin and Flamingo Garages Parcel 1C On-AirportImprovements 96
  77. 77. CONVENIENCE CENTER BUSINESS PARK HOSPITALITY CENTER North Terminal South Terminal Central Boulevard MIA Mover Building Communities Around The World Investment: $12 Million Investment: $141 Million Investment: $359 Million Total Investment: $512 MM Construction: $500 MM Total Development Period: 5--9 Years
  78. 78. Building Communities Around The World 425+/- Room 4-star & Conference Center (and station) 150-300 Room Ltd-service Hotel, Retail & Restaurant
  79. 79. Location
  80. 80. Current Condition
  81. 81. Hotel and multi-family sites to be marketed late 2013 Over 1.5 million SF of mixed-use planned development  Business and Full-Service Hotels, Convention, Conference/Trade Center  Corporate Office and Higher Education Facilities  Hospital/University Affiliated Outpatient Medical Pavilion  Retailers – Apparel, Electronics, Sporting Goods, Supermarket  Television and Film Production Facilities  River Walk Shops, Restaurants, Marina, and Entertainment  Multi-Family development
  82. 82. The Vision
  83. 83. PORTMIAMI (PortMiami is 518 Acres)
  84. 84. Envisioning South Florida’s Future: Mobility – Goods and People Creating Economic Growth
  85. 85. Cruise Capital of the World PortMiami is the Leading Cruise Port in the World  Host more than four million passengers annually  Fifteen of the world’s top cruise lines homeport at PortMiami  Expansion of portfolio brand: 13 lines and 32 vessels
  86. 86. Mega Cruise Terminal Proposal • Focus on processing passengers at the least cost to the cruise lines • Cruise lines expect highly efficient and functional terminals – Aesthetically pleasing and safe – More comfort and amenities – Multi-level operations – Consolidated functions – Environmentally responsible – Lower cost of operations and maintenance – Easy parking and ground transportation services – Currently being planned/programmed Singapore Hong Kong PortMiami
  87. 87. Cargo Gateway of the Americas  Largest container cargo port in the State and eleventh in the Country  PortMiami will, at a minimum, double its cargo volume by 2035  Cargo growth is premised on that cargo moves within a nodal cost system (point-to-point at a lower cost)  Lower cost of water delivery by having a competitive advantage due to harbor deepening (larger cargo volume vessels, lower cost to ship containers/goods)  Lower cost of land delivery thru rail improvements (faster/efficient delivery options and lower cost for shipper and consumers)
  88. 88. Current Major Capital Projects  -50/-52 feet Deep Dredge Project of the Fisherman’s Channel and associated turning basins in partnership with the Army Corp of Engineers, Cost $206M, Completion date Summer of 2015 in tandem with Panama Canal Opening  PortMiami Tunnel Project in partnership with FDOT, Cost $1B ($650M construction/$450M O&M , Completion date May 2014  Rail and Intermodal Rail Facility in partnership with the Federal Government and FEC, Cost $23M, Completion date fall of 2014  Acquisition of four new Super Post-Panamax Gantry cranes, Cost $40M, Completion date August 2013  Bulkhead Improvements and Wharf Strengthening projects, Cost $57M, Completion date May 2014
  89. 89.  Deepening of the Miami Harbor to -50/-52 feet is one of the most important infrastructure projects on the drawing board for the State of Florida  Nationwide significance in supporting international trade and commerce  PortMiami is one of only three ports on the Eastern Seaboard that has received Congressional authorization for deepening its harbor to accommodate Post-Panamax cargo ships Deep Dredge Project
  90. 90. Why a “deep dredge”? But, there are actually even better reasons …
  91. 91. 34% !
  92. 92. 100 years later
  93. 93. (Remember the 51 m from 3 slides back?)
  94. 94. Remember these 2 slides!
  95. 95. Add $800+ to truck to Miami
  96. 96. Do you see anything closer than Miami?
  97. 97. ICTF (Intermodal Container Transfer Facility) Miami-Dade, Broward and Southeast USA Linkages
  98. 98. Rail and Intermodal Rail Yard Facility
  99. 99. PortMiami Tunnel
  100. 100. “Harriet” (named by the Miami-Dade Girl Scouts) 43’ Diameter
  101. 101. Harriett Breaks Through!
  102. 102. And then … Harriett does a twirl … we wait …
  103. 103. She’s back!
  104. 104. New Development and “Integration Concepts” Last, but certainly not least …
  105. 105. City-Port Integration Concept • As an island port, Downtown Miami and the Port are working together to become a fully functioning and integrated major urban core • The Port is taking major steps by redirecting its traffic thru the new tunnel, reducing downtown Port traffic congestion by 70% • Opportunities exists to integrate the southwest side of the Port into its urban counterpart – Downtown Miami – Bayfront Park – Bayside – Miami’s waterfront Monaco – Miami Overlay
  106. 106. Multi-Modal Transportation Center (Proposed) M  New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase  Airport-Seaport linked currently under study by the Miami-Dade MPO
  107. 107. Multi-Modal Transportation Center Proposal  New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase, 15-20 year planning horizon  Airport-Seaport linked currently under study by the Miami-Dade MPO
  108. 108. Miami World Trade Center Waterside Complex Proposal  New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase  Airport-Seaport linked currently under study by the Miami-Dade MPO
  109. 109. Fort Lauderdale – Hollywood International Airport $2-Billion Capital Improvement Plan Underway (FLL is located on 1,380 Acres)
  110. 110. Capital Improvement Plan (8,000’ Long x 150’ Wide) (Concourse G) Terminal IV Rendering
  111. 111. VOR
  112. 112. Construction is completed for the VOR/DME. Testing and calibration will take several months. It is operational now (in May 2013)!
  113. 113. January 2012 – Pilings going up
  114. 114. December 2012 – Retaining Wall
  115. 115. * The new FEC Rail spur is almost one mile long along South Perimeter Road. * Two trains per day with 80 cars per train haul crushed limestone fill. 7,000,000 cubic yards of crushed limestone are needed.
  116. 116. Future Runway Path Future Turn-Around Area
  117. 117. Pile Driving Operation Going full-time.
  118. 118. Photos Yesterday (Wednesday, June 12, 2013)
  119. 119. (Midfield View)
  120. 120. How it will look:
  121. 121. View of Expanded South Runway
  122. 122. • Second busiest passenger cruise port in the world (3.6 million multi-day v. 4 million in PortMiami )
  123. 123.  Principal port and distribution facility for South Florida’s gasoline, jet fuel and petroleum products.  Florida’s top seaport of international export trade. Only one-half mile from shipping lanes (Size of Port Everglades is 1,742 acres)
  124. 124. Infrastructure Improvements Scheduled and Underway • Environmentally friendly: 8.68 acres of mangroves being replaced by 16.5 acres. • Expanding the Southport Container Yard by 41 acres. • Development of a full-scale “near dock” Intermodal Container Transfer Facility (ICTF) on 42.5 acres for container, bulk and break bulk placement onto rail. • Eller Drive Overpass and restructuring of roadways leading onto I-595. • Deepening to 50’ and widening by 2017 (ACOE study due Dec 2013) (already deepest entrance channel in Florida, cut through solid rock) • (from 1 berth to 5 berths, lengthening the notch from 900Expanding the cargo turning notch to 2,400 feet, and dredging to minus 50’ of depth) • Cruise Terminal Improvements at CT 2, 19, 21 & 26 (Terminal 18 completed)
  125. 125. McIntosh Road Improvements
  126. 126. Terminal 18 is now the largest cruise terminal in the world . The Allure and Oasis each carry 6,296 passengers.
  127. 127. Deep Dredge to -50’
  128. 128. Deepening Deepening & Widening Plan
  129. 129. Enables other improvements to proceed • Creation of the FEC rail yard and Intermodal Container Transfer Facility • Relocation of the Foreign Trade Zone (FTZ 25) • Expansion of the container storage areas Rail Yard FTZ New Location Old FTZContainer Areas
  130. 130. (additional)
  131. 131. has broken -
  132. 132. This leaves us with one problem: South Florida Traffic
  133. 133. We have a dream .., A vision … And a PLAN!
  134. 134. Expressway Improvements •Palmetto & SR 836 (Dolphin) Increased and managed lanes; add Palmetto N to SR 836 West •Gratigny Expressway (NW 119th Street) Extend east, from 32 Avenue to I-95 Elevated - 4 lanes, ltd access, walk and drive-through under •Palmetto & I-95 (confusion corner) Reconfigure Palmetto East to I-95 north (add truck stacking lanes in loop) •25th Street Viaduct •I-75 South to Turnpike Extension East & North/ managed lanes •I-395 Re-design •I-595 Rebuild and managed lanes
  135. 135. Dolphin – Palmetto Interchange SR 836 and SR 826 (Already Underway)
  136. 136. Palmetto to I-95 North
  137. 137. Managed Lanes … everywhere
  138. 138. Gratigny Expressway Extensions
  139. 139. Gratigny (SR 924) West Connectors
  140. 140. Gratigny Expressway East Connector
  141. 141. SR 836 Extension (Miami-Dade’s “Sawgrass Expressway”)
  142. 142. Bridge Options for I-395 to the beach (chose from five)
  143. 143. The New Commuter Rail(s)
  144. 144.  Announced March 2012  Miami to Orlando at 125 mph  Start date is planned for late 2015  $1-billion cost funded by FECI (Florida East Coast Industries)  16 round trips per day with stops in West Palm and Ft Lauderdale  400 passengers per train
  145. 145. Notes from SFRTA / ULI meeting April 18, 2013  Mayors and municipalities came together on April 18th to propose stations from Miami through City Place.  The South Florida market is #4 right now: behind NY, LA and Chicago.  The business community is more willing to invest when they see rail: it’s permanent.  Home values near public transportation perform better. Operation: Late 2015 – Early 2016 Remember: Development in South Florida started with the rail!
  146. 146. Bold Move by Miami “Alternative Site Framework” Expedites the process of applying for FTZ status Frontloads 90% of legwork Operates as a Public Utility
  147. 147. Everything between SW 8th Street and the County Line
  148. 148. FTZ 281 - Miami Dade
  149. 149. Parts Arrive in U.S. FTZ Admission Manufacture FTZ Removal/ Customs Entry Reduction ELECTRICAL, AC & ACCESSORIES WHEELS, BRAKES, PEDALS, LEVERS ENGINES Hypothetical Duty Rate on Parts: 5% Duty Rate on Autos: - 2.5% Duty Rate Reduction = 50% CLUTCH & TRANSMISSION FUEL & EXHAUST Duty Reduction Example
  150. 150. Inland Ports
  151. 151. The Information Superhighway!
  152. 152. Compiled by: John Dohm, SIOR, CCIM Special thanks to: Miami-Dade Board of County Commissioners The Beacon Council PortMiami Miami International Airport Borghese Investments (Pete Garcia and Trish Blasi) Odebrecht Broward County Board of County Commissioners Port Everglades Fort Lauderdale – Hollywood International Airport Miami Dade Expressway Authority Miami-Dade Metropolitan Planning Organization Broward Metropolitan Planning Organization Freight Transportation Advisory Committee Florida East Coast Railway The Panama Canal Authority AECOM CoStar Real Capital Analytics National Association of Realtors Miami Association of Realtors Compiled by: John Dohm, SIOR, CCIM (954) 557-3646