The document presents a proposal for a mixed-use development project at 79th & Biscayne consisting of 930 residential units, 183,995 square feet of retail space including a Trader Joe's, and 491,100 square feet of office space. It includes an analysis of the local market demographics, comparable properties, and financial assumptions for the construction loans and permanent financing. The projected internal rates of return range from 12.16% for parking to 23.09% for retail, with an overall IRR of 18.88% for the total development.

1. 79th & Biscayne
Urban Infill Team Presentation
Molly Parnes, Xuqiao Wang,
Felipe Azenha, Jacob Aaron
Francisco Rodriguez, Khaled Alawadhi
May 4, 2012

2. Site

3. Zoning
• Miami 21- T6-8 (O) Can build up to 8 stories
• The proposed project is larger than 9 acres, and
qualifies as a Special Area Plan.
• Special Area Plan: Allow parcels greater than
nine (9) Abutting acres in size to be master
planned
• Transit Oriented Zone: parking
reduction with mixed-use by 30%

4. Vision
• Create a Mixed-Use destination and not an eye sore
• Establish a central focus for the Upper East Side
Commercial corridor
• Fill the demand for a better office, retail, residential
• Host local farmers markets, food trucks and events
• Non-traditional tenant mix based on area demands
• Anchor the site with a strong office tenant such as
an IVAX

5. Development Program
Development Snapshot SF Units Total SF
Multifamily Units 910
1 Bedroom 650 500 325,000
2 Bedroom
3 Bedroom
1,100
1,300
350 385,000
60 78,000
•Residential- 930 Units
Town House Units
Leasing Office
1,500
1
20
1500
30,000
1,500 •Retail- 183,995 sqft
•Office- 491,100 sqft
Mailbox Room 3 500 1,500
Fitness Center 1 2500 2,500
Business Center 1 2500 2,500
Pool Area (rooftop) 1 5000 5,000
Lobbies 3 500 1,500
Hallways
Total Multifamily
120,375
952,875
Square Feet Distribution
Trader Joe's
Retail (Including Trader Joe's)
15,000
183,995
Multifamily 43%
Office
Parking Phase 1 Block 1, 2, 4 350
491,100
638 223,300
Retail 9%
Parking Phase 2 Block 3
Parking Phase 3 Block 6,7
350
350
430 150,500
551 192,850
Office 22%
Hardscaping (streets, sidewalks
Landscapping
115,000
59,000
Parking 26%
Community Market 100 5,000
Site Demolition 248,000 248,000
Total Development with landscaping 2,194,620
Gross SF (parking not incl) 1,642,970

6. Development Proposal
• Trader Joe’s Grocery Store
• Rental apartments and townhomes
• Large scale office tenants to anchor development
• Convenient retail for development
• Restaurants
• Marketplace setup for locals to sell produce/goods
• Outdoor recreational area by river

7. Market Analysis
DEMOGRAPHICS
• Population of the 5-minute drive radius:
• Population: 20,801
• Households: 7,403
• Average age: 39
Demographics of Historic Neighborhoods on East of Biscayne:
• Average Household Income: $76,567
• Average home value: $500,000
2010 Estimated Population by Age
• 55% rental / 45% owner occupied
3,500
3,000
2,500
2,000
1,500
1,000
500
0
0 to 4 5 to 9 10 to 15 to 18 to 21 to 25 to 35 to 45 to 55 to 65 to 75 to 85 and
14 17 20 24 34 44 54 64 74 84 over

8. Market Analysis
Residential Comparables
The Bank and Nirvana
• Current average rents for both of these developments are exactly
the same at $1.74 sq ft.

9. Market Analysis
OFFICE
• Mostly Class C with some Class B and one or two Class A
buildings.
• The rents range from $16-$25 per square foot.
• Most of the office is located to the south of the site
which is closer to Midtown, Downtown Miami and
Brickell.
• The average rental for offices is $19.10 per SF direct
gross rent and the vacancy is 25%.
• The absorption is negative at this moment.

10. Market Analysis
RETAIL
• Currently- a discount retail center, serves mostly the
locals from the Westside of Biscayne boulevard
• NO competition for our project
• People drive past the site to other retail destinations
• Trader Joes- the Retail anchor for the retail section of the
development

13. Building Programs

22. Financial Assumptions
Rental Rates Expenses Growth Rates
Residential 35% Retail 3.5%
Multifamily 4%
1 Bedroom $1,100 % of GI
Office 3%
2 Bedroom $1,500 % of GI
Tenant Improvements
3 Bedroom $1,800 % of GI Retail 15
Townhouse 3/2 $2,300 % of GI Office 30
Retail $23 6.00 Stablized Vacancy
Trader Joe's $20 6.00 Multifamily 3%
Office $24 7.00 Retail 5%
Parking/Space $230 25.00 Office 5%

23. Loan Assumptions
Construction Loan - Multifamily Construction Loan - Retail Construction Loan-Office
Development Cost $107,750,688 Development Cost $28,088,458 Development Cost $79,196,343
LTC 65% LTC 55% LTC 55%
Amount Loaned $70,037,947 Amount Loaned $15,448,652 Amount Loaned $43,557,989
Equity $37,712,741 Equity $12,639,806 Equity $35,638,354
Interest (LIBOR) 0.47% Interest (LIBOR) 0.47% Interest (LIBOR) 0.47%
Spread 3.50% Spread 3.50% Spread 3.50%
Total 3.97% Total 3.97% Total 3.97%
Construction draws $63,569,227
Construction draws $14,386,879 Construction draws $40,566,192
Total Interest $9,951,877
Total Interest $1,930,497 Total Interest $5,439,631
Permanent Loan - Multifamily
Permanent Loan - Retail Permanent Loan - Office
Loan $70,037,947.02
Loan $15,448,652.12 Loan $43,557,988.63
Equity $0
Equity $0 Equity $0
Annual debt service $4,952,820
Annual debt service $1,122,328 Annual debt service $3,335,559
PV $70,037,947
FV 0 PV $15,448,652 PV $43,557,989
N (years) 30 FV 0 FV 0
LTV 75% N (years) 30 N (years) 30
I/R (annual) 6% LTV 55% LTV 60%
PMT $4,952,820 I/R (annual) 6% I/R (annual) 6.50%
PMT $1,122,328 PMT $3,335,559

25. Investment Summary & Sensitivity Analysis
IRR Effect on IRR
Multifamily 22.11% Permanent Loan Rate Downside Current Upside
Retail 23.09% Retail 6.50% 6.00% 5.50%
Office 16.14% IRR -0.13% 23.09% +0.13%
Multifamily 6.25% 5.75% 5.25%
Parking 12.16%
IRR -0.21% 22.11% +0.21%
Total 18.88%
Office 7.00% 6.50% 6.00%
IRR -0.15% 16.14% +0.15%
Multifamily IRR
Parking 6.50% 6.00% 5.50%
Investor 21.51%
IRR -0.28% 12.16% +0.27%
Developer 33.24%
Retail IRR
Exit Cap Rate
Investor 22.34% Retail 7.50% 7.00% 6.50%
Developer 38.12% IRR -1.06% 23.09% +1.14%
Office IRR Multifamily 6.50% 6.00% 5.50%
Investor 15.10% IRR -1.39% 22.11% +1.50%
Developer 32.80% Office 9.00% 8.00% 7.00%
Retail IRR -1.99% 16.14% +2.24%
Investor 11.88% Parking 7.00% 6.50% 6.00%
Developer 16.80% IRR -1.36% 12.16% +1.41%

26. Development Costs
Total Development Costs
Total Costs $247,067,974
Total Costs w/o land $226,412,466
Hard Development Costs Construction Costs
Multifamily $73,620,000 Parking $36
Retail $17,111,535
Multifamily $90
Office $56,476,500
Parking
Townhomes $85
Multifamily $12,841,127 Retail $93
Retail $4,101,047 Hardscaping $12
Office $3,457,226 Landscaping $10
Site Demolition $744,000 Soft Costs 20%
Landscapping $590,000
Office $115
Hardscapping $1,380,000
Demolition $3
Site Purchase Price $20,655,508

27. Development Phasing
2
1
3 3

28. Development Timeline
• The entire project will take 4
years to complete from
preconstruction to the end of
the 3rd phase
• Preconstruction will take 1
year, 2 months, and 11 days
• First Phase will take 7
months
• Second Phase will take 9
months and 10 days
• Third Phase will take 9
months and 20 days with a
year lag for extra financing to
accumulate

29. Community Benefits
• A distinctive development that will create strong
sense of place that the Upper Eastside needs
• An Employment center that will be a centralized
HUB near major access points
• A marketplace for locals to sell goods
• A 55th Street Station taken to the next level

30. Summary
The sum equals the whole:
• A place to reside (LIVE)
•A place of employment (work)
•A place of Enjoyment (Play)
•A place to shop/Eat ($$$)
Equals a successful Mixed-Use
community