Property Name Cube Wynwood Site
Address 222, 230 and 234 Northwest 24th Street Miami, FL 33127
United States Government Tax Agency Miami-Dade
Govt./Tax ID 01-3125-034-0440; -0450; -0460 Site/Government Regulations
Acres Square feet
Land Area Net 0.336 14,625
Land Area Gross 0.336 14,625
Site Development Status Semi-Finished
Shape Rectangular
Topography Level, At Street Grade
Utilities All to site
Maximum FAR 6.15
Min Land to Bldg Ratio 0.16:1
Maximum Density N/A
Frontage Distance/Street 150 ft NW 24th Street
General Plan N/A
Specific Plan N/A
Zoning T5-O, Urban Center & NRD-1 Entitlement Status N/A
Sale Summary
Recorded Buyer RS JZ NW 24th, LLC Marketing Time N/A
True Buyer RedSky Capital Buyer Type Developer
Recorded Seller Fortis Development Group Seller Type N/A
True Seller N/A Primary Verification Buyer
Interest Transferred Fee Simple/Freehold Type Sale
Current Use Vacant Land Date 11/17/2015
Proposed Use Retail/Office mixed-use Sale Price $5,850,000
Listing Broker N/A Financing Cash to Seller
Selling Broker N/A Cash Equivalent $5,850,000
Doc # 29862/4803 Capital Adjustment $0
Adjusted Price $5,850,000 Transaction Summary plus Five-Year CBRE View History
Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
11/2015 Sale RS JZ NW 24th, LLC Fortis Development Group $5,850,000 $17,426,273 / $400.00
Attachment: 2100 Backup Document (2100 : Resolution Authorizing the Purchase of Property Located at 1367 North Miami Avenue)
Sale Land - Mixed-Use No. 1
Units of Comparison
$400.00 / sf N/A / Unit
$17,426,273.46 / ac N/A / Allowable Bldg. Units
$65.00 / Building Area Financial
No information recorded Map & Comments
This comparable represents the acquisition of a 0.34-acre commercial site for retail/office development within the Wynwood District of Miami. The site is located at 222-234 NW 24th Street, Miami, Florida, immediately west of Panther Coffee and NW 2nd Avenue. This area is the heart of Wynwood where recent and proposed residential and mixed-use developments are present, and within the NRD-1, Neighborhood Revitalization District. The buyer, RedSky Capital, is proposing an 8-story, loft-style office building with ground floor retail, a breezeway for pedestrians and a rooftop terrace. RedSky paid $5,850,000, or $400-PSF of land and hired Arquitectonica to design the project, which is known as "Cube Wynwood". Permits were secured in late 2016, construction is slated to begin Q1 2017, and delivery in 2018.
Property Name Miami Plaza
Address 37-47 NE 15th Street
1523 & 1529 NE Miami Ct. & 1502 NE Miami Pl.
Miami, FL 33132 United States Government Tax Agency Miami-Dade
Govt./Tax ID 01-3136-008-0320, 0330, 0340 & 01-3136-0050-1010 & 0315 Site/Government Regulations
Acres Square feet
Land Area Net 0.851 37,049
Land Area Gross 0.851 37,049
Site Development Status Finished
Shape Rectangular
Topography Level, At Street Grade
Utilities All Available
Maximum FAR 7.00
Min Land to Bldg Ratio 0.14:1
Maximum Density 149.32 per ac
Frontage Distance/Street N/A NE 15th Street Frontage Distance/Street N/A NE Miami Place Frontage Distance/Street N/A NE Miami Court General Plan Mixed-use residential tower
Specific Plan TBD
Zoning T6-24 O, Urban Core Transect Zone Entitlement Status N/A
Sale Summary
Recorded Buyer Miami Plaza LLC Marketing Time N/A
True Buyer Melo Group Buyer Type Developer
Recorded Seller 4 RIL, LLC & Prince Albert, LLC Seller Type Developer
True Seller Alex Sherman & Jeff Kluger Primary Verification Alex Sherman, Broker/Owner
Interest Transferred Fee Simple/Freehold Type Sale
Current Use Obsolete warehouse Date 12/10/2015
Proposed Use Mixed-use residential/retail Sale Price $11,500,000
Listing Broker Affinity International Realty #305-376-4145 Financing Cash to Seller
Selling Broker N/A Cash Equivalent $11,500,000
Doc # 29886/2888 & 29892/2447 Capital Adjustment $1,964,918
Adjusted Price $13,464,918 Transaction Summary plus Five-Year CBRE View History
Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
12/2015 Sale Miami Plaza LLC 4 RIL, LLC & Prince
Albert, LLC
$11,500,000 $15,831,767 / $363.44
Attachment: 2100 Backup Document (2100 : Resolution Authorizing the Purchase of Property Located at 1367 North Miami Avenue)
Sale Land - Mixed-Use No. 2
Units of Comparison
$363.44 / sf N/A / Unit
$15,831,767.20 / ac $106,023 / Allowable Bldg. Units
$51.92 / Building Area Financial
No information recorded Map & Comments
This comparable land sale comprises a two part land assemblage & swap with an abutting owner/developer.
The buyer, Miami Plaza, LLC is identified as The Melo Group who is one of the most active residential condo
& rental tower developers in the submarket. The primary acquisition included 18,516-SF fronting the northeast corner of NE 15th Street and NE Miami plus two lots, totaling 10,290-SF, of non-contiguous site area for a purchase price of $11,500,000, facilitated with a $4,642,000 loan assumption from a private lender.
The two, non-contiguous lots were subsequently swapped with the abutting owner/developer for the secondary acquisition comprising 18,533-SF along the northwest corner of NE 15th Street and NE Miami Place for a purchase price of $1,964,918. The abutting owner/developer paid The Melo Group $1,216,500 for the two, non-contiguous lots totaling 10,290-SF and subsequently taking control of 37,252-SF of contiguous site area fronting NE 16th Street, thereby splitting the entire block between the two developers.
The acquired site is zoned T6-24 O, which allows a variety of residential and commercial uses with a maximum Floor Lot Ratio of 7.0 plus 30% public benefit and 150 dwelling units per acre. The close proximity to the 50 NE 15th Street School Board Metromover Station permits parking ratio reductions of 30% based on TOD (Transit Oriented Development) and Transit Corridor. Plus, a modified residential density increase to 500 units per acre within the Omni neighborhood.
Property Name Sun Electronics
Address 511 NE 15th Street
Miami, FL 33132
Land Area Net 0.269 11,700
Land Area Gross 0.269 11,700
Site Development Status Finished
Shape Rectangular
Topography Level, At Street Grade
Utilities In-place
Maximum FAR 12.00
Min Land to Bldg Ratio 0.08:1
Maximum Density 148.92 per ac
Frontage Distance/Street N/A Biscayne Blvd.
Frontage Distance/Street N/A NE 15th Street
General Plan Mixed-use
One Miami Biscayne Bay & Arts District Hotel,
LLC Marketing Time 42 Month(s)
True Buyer Vinay Rama, Mandala Holdings Buyer Type End User
Recorded Seller Sun Electronics International Inc. Seller Type End User
True Seller John Kimball Primary Verification John Kimball, Grantor
Interest Transferred Fee Simple/Freehold Type Sale
Current Use Obsolete office Date 2/19/2016
Proposed Use Boutique hotel Sale Price $8,000,000
Listing Broker FISBO Financing All Cash
Selling Broker N/A Cash Equivalent $8,000,000
Doc # 29967/566 Capital Adjustment $0
Adjusted Price $8,000,000 Transaction Summary plus Five-Year CBRE View History
Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
02/2016 Sale One Miami Biscayne Bay
& Arts District Hotel, LLC
Sun Electronics International Inc.
$8,000,000 $29,784,066 / $683.76
Attachment: 2100 Backup Document (2100 : Resolution Authorizing the Purchase of Property Located at 1367 North Miami Avenue)
Sale Land - Mixed-Use No. 3
Units of Comparison
$683.76 / sf N/A / Unit
$29,784,065.52 / ac $200,000 / Allowable Bldg. Units
$56.98 / Building Area Financial
No information recorded Map & Comments
This comparable land sale is located at the northeast corner of Biscayne Boulevard & NE 15th Street in the Miami Arts & Entertainment District in downtown Miami, Florida. This is a strategic location with high density redevelopment potential, mass transit connectivity, setback Biscayne Bay views from future upper floors, and high scoring walkability to the Adrienne Arsht Center for the Performing Arts, Museum Park, the American Airlines Arena and Bayside Marketplace. The buyer is an owner/developer of boutique hotels in south Florida and entered into a short term sale/leaseback with the seller who previously acquired the property in March 1998 for $440,000 and operated Sun Electronics. The existing building was originally developed in 1941 and comprises 4,440-SF. The seller renovated the property including roof top solar energy panels and other energy efficient features as part of the business and advocacy for alternative energy sources. The seller listed the property for $8,998,000 as a "for sale by owner" redevelopment opportunity.
Property Name 328-342 NW 29th Street
Address 328-342 NW 29th Street
Miami, FL 33127 United States Government Tax Agency Miami-Dade
Govt./Tax ID 01-3125-024-2830, 2840 & 2850 Site/Government Regulations
Acres Square feet
Land Area Net 0.482 21,000
Land Area Gross 0.482 21,000
Site Development Status Finished
Shape Rectangular
Topography Level, At Street Grade Utilities Available to site
Maximum FAR N/A
Min Land to Bldg Ratio N/A
Maximum Density N/A
Frontage Distance/Street N/A NW 29th Street
General Plan Neighborhood Revitalization District - NRD-1
Specific Plan TBD
Zoning T6-8 O, Urban Core
Entitlement Status N/A Sale Summary
Recorded Buyer RM 1 29th Wynwood, LLC Marketing Time N/A
True Buyer Sam Strauch, Metrik Real Estate Buyer Type Private Investor
Recorded Seller Gianno Associates LLC Seller Type Private Investor
True Seller Art Cornfeld Primary Verification Buyer & Public Records
Interest Transferred Leased Fee Type Sale
Current Use Showroom/Warehouse Date 9/2/2016
Proposed Use TBD Sale Price $6,300,000
Listing Broker Off-Market Transaction Financing All Cash
Selling Broker N/A Cash Equivalent $6,300,000
Doc # 30214/2755 Capital Adjustment $0
Adjusted Price $6,300,000 Transaction Summary plus Five-Year CBRE View History
Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
09/2016 Sale RM 1 29th Wynwood, LLC Gianno Associates LLC $6,300,000 $13,067,828 / $300.00
Attachment: 2100 Backup Document (2100 : Resolution Authorizing the Purchase of Property Located at 1367 North Miami Avenue)
Sale Land - Mixed-Use No. 4
Units of Comparison
$300.00 / sf N/A / Unit
$13,067,828.25 / ac N/A / Allowable Bldg. Units
N/A / Building Area Financial
No information recorded Map & Comments
This comparable land sale comprises three (3) lots with two (2) obsolete office/warehouse buildings and a surface parking that date back to the 1950s & 1960s. The properties were tenant occupied by 328 Design Group and HES-Group. The site location is along the south side of NW 29th Street and within the NRD-1 Neighborhood Revitalization District boundary. The site is zoned T6-8 O, Urban Core Transect Zone that permits up to 150 dwelling units per acre and 2 to 8 story building height limits plus a 4-story benefit height and favorable setback & off-street parking requirements. The buyer is a local investor/speculator.
Property Name 28-30 NE 14th Street
Address 28-30 NE 14th Street
Miami, FL 33132 United States Government Tax Agency Miami-Dade
Govt./Tax ID 01-3136-009-0070, 0080 & 01-3136-009-010 Site/Government Regulations
Acres Square feet
Land Area Net 0.394 17,180
Land Area Gross 0.394 17,180
Site Development Status N/A
Shape N/A
Topography N/A
Utilities N/A
Maximum FAR N/A
Min Land to Bldg Ratio N/A
Maximum Density N/A
Frontage Distance/Street 72 ft NE 14th Street Frontage Distance/Street 200 ft NE Miami Court
General Plan N/A
Specific Plan N/A
Zoning T6-24 O, Urban Core Transect Zone Entitlement Status N/A
Sale Summary
Recorded Buyer Coral Ritz Residences LLC Marketing Time N/A
True Buyer Jorge Buitrago & Fabian Gonzalez Buyer Type Private Investor
Recorded Seller A & E District 14 Street, LLC Seller Type Private Investor
True Seller Henry Cuervo Primary Verification Thomas Sherman, P.A. & Public
Records
Interest Transferred Fee Simple/Freehold Type Sale
Current Use Obsolete retail strip & nightclub Date 11/22/2016
Proposed Use TBD Sale Price $6,098,900
Listing Broker "Off-Market" transaction Financing All Cash
Selling Broker N/A Cash Equivalent $6,098,900
Doc # 30327/2584 Capital Adjustment $0
Adjusted Price $6,098,900 Transaction Summary plus Five-Year CBRE View History
Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
11/2016 Sale Coral Ritz Residences
LLC
A & E District 14 Street, LLC
$6,098,900 $15,463,742 / $355.00
Attachment: 2100 Backup Document (2100 : Resolution Authorizing the Purchase of Property Located at 1367 North Miami Avenue)
Sale Land - Mixed-Use No. 5
Units of Comparison
$355.00 / sf N/A / Unit
$15,463,742.39 / ac N/A / Allowable Bldg. Units
N/A / Building Area Financial
No information recorded Map & Comments
This comparable sale is an obsolete retail strip building dating to 1945 that was previously owned by night club entrepreneur Carmel Ophir who operated Barfly and The Vagabond at this location. In 2014, the property traded to Russell Bruce (a.k.a. Global Adversity, LLC) for $2,700,000 with the transaction facilitated with a $2,497,500 SBA loan in favor of C1 Bank. Russell Bruce combined & renovated several of the former bar spaces to open Railroad Blues. However, the C1 Bank & the loan were acquired by Bank of Ozarks and there was pressure from the lender who forced a loan payoff and sale to A & E District 14 Street LLC. That transaction was followed by a sell-off to Coral Ritz Residences, LLC for $6,098,900. The site fronts NE 14th Street and is improved with a 5,400-SF strip retail building built-out with bar/night club interiors and fenced patio bar area.
Addendum B