Miami Beach RFP 2021-173-KB Review

Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development

Parcel Option Option 1 - P25 Option 3 - P 27 Option 3 - P 27 Option 4 - G5 Option 5 - P 25 & 26 Option 5 - P 25 & 26 Option 6 - P 27 & G5 Option 7 - P 25 & P 26 & P 27 & G5

Class A Office: 47,000 SF (73%) Class A Offices: 101,082 SF (88%) Office: 77,944 SF (50%) Office: 186,297 SF (53%) Class A Offices: 109,517 SF (82%) P-25: P-27: P-25:
Retail:17,776 SF (27%) Retail:14,216 SF (12%) Retail: 9,452 SF (6%) Retail: 54,624 SF (15%) Retail: 23,437 SF (18%) Retail: 11,189 SF Office: 77,944 SF Retail: 11,189 SF
Total SF: 64,776 SF Total SF: 115,298 SF Residential Units: 43 units- 69,604 SF Residential Units: 74 units- 112,078 SF Total SF: 132,954 SF Office: 57,811 SF Retail: 9,452 SF Office: 57,811 SF
Proposed Parking : 224 Proposed Parking: 310 Parking Spaces (44%) (32%) Proposed Parking: 427 spaces P-26: Residential Units: 43 units- 69,604 SF P-26:
Current Parking: 86 spaces (9 levels) Total SF: 157,000 SF Total SF: 352,999 SF Current Parking: 192 spaces/109,417 SF Retail: 12,017 SF Retail: 12,017 SF
Max FAR: 1.75 Current Parking: 151 spaces/131,066 SF Proposed Parking: 288 Proposed Parking: 1,798 spaces Max FAR: 1.55 Office: 41,343 SF G5: Office: 41,343 SF
Max FAR: 1.92 Current Parking: 151 spaces Current Parking: 1,460 spaces Residential Units: 53 units- 60,639 SF Office: 186,297 SF Residential Units: 53 units- 60,639 SF
Max FAR: 2.61 Max FAR: 2.78 Retail: 54,624 SF P-27:
Total Office: 99,154SF (54%) Residential Units: 74 units- 112,078 SF Retail: 9,452 SF
Total Retail: 23,306 SF (13%) Office: 77,944 SF
Residential Units: 60,639 SF (33%) Total Office: 264,241 SF (52%) Residential Units: 43 units- 69,604 SF
Total SF: 182,999 SF Total Retail: 64,076 SF (13%) G5:
Programming Proposed Parking: 353 spaces Total Residential Units: 181,682 SF Office: 186,297 SF
Current Parking:192 spaces (35%) Retail: 54,624 SF
Max FAR: 2.13 Total SF: 509,999 SF Residential Units: 74 units- 112,078 SF
Proposed Parking: 2,086 spaces
Current Parking: 1,611 spaces Total Office: 363,395 SF (52%)
Max FAR: 2.72 Total Retail: 87,256 SF (13%)
Total Residential Units: 170 units-242,321 SF
(35%)
Total SF: 692,972 SF
Proposed Parking: 2,439 spaces
Current Parking: 1,803 spaces
Max FAR: 3.70

• Floor plates will total 9,400 SF • The architectural proposal for lot • Their vision for NOLI Crossing • Has four street facing frontages. • A 45’-high waterfall creates a cooling • Super-resilience through the • Lincoln Lane N along G5 has the • In order to fully activate the street a series
P27 creates five levels of office embraces biophilic design. This characteristic, allows for micro-climate in the square, which is implementation of green widest public space on any of the of four buildings are extruded from the
• Mixed-use project with Class-A floors, above a vibrant retail ground a a complete program wrap both calming and visually stunning, infrastructure and the application of four RFP sites. This allows for a site boundaries.
offices, ground floor retail, and floor level that includes a public • A primary goal of the project surrounding a core of parking. with an aural dimension that adds to a recent City of Miami Beach resiliency generous public space and provides
a rooftop event space. park. is to avoid any and all exposed Views and light are dedicated to full sensory street experience. codes; an opportunity to design a truly • Avoid any and all exposed parking to be
parking to be seen from the street. office and residential programs active pedestrian realm seen from the street
• Commercial spaces adorn • The existing parking to remain and Proposed development will have rather than parking. • Lot P25 creates three levels of office • The shielding of all parking from the
the proposed sleek mixed- the new parking spaces required are sundecks and green terraces, as floors, and two and a half levels of public right of way; • A primary goal of the project is to • It proposes wrapping garages with
use development: five floors accommodated in a separate, nine- well as an abundance of outdoor • The office wrap extends along the parking above a vibrant retail ground avoid any and all exposed parking to habitable uses
dedicated solely towards office level parking structure designed recreational features that promote facades directed along Lincoln floor level that includes a public bike • Diversification of programs, be seen from the street. Proposed
tenants such as financiers, to be an “urban icon” with green activity. Lane, Pennsylvania Ave, and parking facility. including new categories of retail, development will have sundecks • P26 and P27 have narrower alley
law firms and technology facades of vegetation that create a occupies half of 17th Street. office and residential space; and green terraces, as well as an conditions realtive to the other two RFP
enterprises, many of whom living screen wall. • The ground floor of P27 is • P26: creates three levels of office abundance of outdoor recreational sites. Therefore, the formal stepping
are looking to relocate from wrapped with a 50’ retail band. • Residential is continued from 17th floors, with four levels of parking • Expansion of pedestrian networks, features that promote activity. gesture inward is important to allow for
the North East and California. street through to the facade of above a vibrant retail ground floor including intensification of E-W maximum public activation along the
Euclid Ave. Effectively, the two level that includes a public park. accessibility and N-S re-linking the • Ground floor wrapped with retail ground floor
Design programs function as independent Convention Center, 17th Street and
buildings with their own lobbies • Both P25 and P26 accommodate Civic Center to South Beach through • Staging of Parking During Construction:
and VT. public parking as well as the required more continuous urban fabric; Several spaces have already been
office and retail parking in the bases of identified to receive displacement parkers
• The frontages of G5 are wrapped the new buildings. • Adaptive use of Lincoln Lane North including: 420 Lincoln Road, 1212 Lincoln
with a raised pedestrian circulation as a mews. Roughly matching Road, 1550 Collins Avenue and 1623
arcade that allows for retail the width of Espanola Way, but Lincoln Road. If selected, the Respondent
access above the prjected flood configured differently, Lincoln Lane will create a robust parking management
line. Urban, programmable steps North is conceived as a major new plan in conjunction with the immediate
mitigate the elevation change. attraction. community and local businesses to ensure
Lincoln Lane N becomes a shared minimal disruption and the seamless
street with vehicles, bikes and delivery of these transformational assets
pedestrians separated along a
common surface at grade.

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 Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development

Parcel Option Option 1 - P25 Option 3 - P 27 Option 3 - P 27 Option 4 - G5 Option 5 - P 25 & 26 Option 5 - P 25 & 26 Option 6 - P 27 & G5 Option 7 - P 25 & P 26 & P 27 & G5

• Their proposal follows the • Intention of qualifying it for the LEED • All structures are designed to FEMA • All structures are designed to FEMA • Raise ground floor 1’-0” above • Provide tenants with workspaces • All structures are designed to FEMA • All structures are designed to FEMA
design precepts of the Living Gold designation. base flood elevation (BFE) +1; with base flood elevation (BFE) +1; with +8’-0” NVDG for flood mitigation that are efficient, thereby reducing base flood elevation (BFE) +1; with base flood elevation (BFE) +1; with the
Building Challenge initiative. the adaptive capacity for BFE+ 5 in the adaptive capacity for BFE+ 5 in the tenants occupancy cost per the adaptive capacity for BFE+ 5 in adaptive capacity for BFE+ 5 in the
• Use of greywater the future. the future. • Apply full 5’-0” free board employee over more traditional the future. future.
• Electric vehicle charging stations allowance at Ground Level office design, while being open to
• Low flow and touchless bathroom • All ground floor, driveways, and • All ground floor, driveways, the light and air and promoting • All ground floor, driveways, and • All ground floor, driveways, and garage
• Efficient HVAC systems and light fixtures garage ramping for new construction and garage ramping for new • Access to outdoor space for healthfulness garage ramping for new construction ramping for new construction are
fixtures built to meet LEED and are designed also to be adaptable to construction are designed also building occupants are designed also to be adaptable to designed also to be adaptable to the
WELL certifications • Automated light sensors and touchless the raising of public rights-of-ways to be adaptable to the raising of • Achieve the LEED Gold designation the raising of public rights-of-ways raising of public rights-of-ways and
security, door and elevator systems. and adjacent land. public rights-of-ways and adjacent • Increased light and air to office and adjacent land. adjacent land.
• Green roof-top design land. workers • Help create a “green” and vital
• On landscaped terraces and portions • The buildings will meet or exceed the urban environment along its • Achieve the LEED Gold designation • Achieve the LEED Gold designation
• Project seeks to become a of its rooftop will also be landscaped requirements of the City of Miami • Achieve the LEED Gold designation • Extensive planting at all terraces surrounding streets, including
model of climate-conscious to provide for onsite stormwater Beach Sustainability and Resiliency and external decks - biophilic Lincoln Lane • Roof PV panels at P 25, 26 and 27; • Roof PV panels at P 25, 26 and 27; PV
urban office developments retention / Green Building for Leadership in • Planters at G 5 and p 27 will make design principles PV louvers at P 27 and louvers and louvers at P 27 and louvers and planters
Resiliency by leveraging best-in-class Energy and Environmental Design the building more energy efficient, • Address the issue of rising planters at G 5 and p 27 will make at G 5 and p 27 will make the building
carbon reduction strategies and (LEED) ordinance. reduce GHG emissions and • WELL design principles adoption sea levels by providing onsite the building more energy efficient, more energy efficient, reduce GHG
technologies reduce the operating costs of the stormwater retention reduce GHG emissions and reduce emissions and reduce the operating
• For onsite solar electricity buildings. G5 is a full green roof • Green sedum roofs for the operating costs of the buildings. costs of the buildings. G5 is a full green
production. Roof PV panels at P 25, park stormwater retention mitigation roof park and P25 is a green roof deck
26 and 27; measures • G5 is a full green roof park and 27 with planters. P26 and 27 will have
• The green roof plaza on G5 offers will have green roof components green roof components .The green roof
• Green roof components . a combination of economic, .The green roof plaza on G5 plaza on G5 offers a combination of
environmental, and societal offers a combination of economic, economic, environmental, and societal
• All ground floor, driveways, and benefits for the building itself and environmental, and societal benefits benefits for the building itself and the
garage ramping for new construction the wider urban environment. for the building itself and the wider wider urban environment.
are designed also to be adaptable to urban environment.
the raising of public rights-of-ways • Address the issue of rising • Address the issue of rising sea levels by
and adjacent land sea levels by providing onsite • Address the issue of rising sea levels providing onsite stormwater retention.
stormwater retention by providing onsite stormwater
retention.
Months for Construction Office: 13 Months for Construction: 21 months Months for Construction: 19 months Months for Construction: 25 months Months for Construction: 19 months Months for Construction: 19 months G5: Construction will take 19 months P-25: Construction will take 19 months and
months (both lots simultaneously) and a total of 30 months till stabilization. a total of 30 months till stabilization.
Months for Stabilization: 24 months Months for Stabilization: total of 30 Months for Stabilization: total of 30 P-27: Construction will take 19 months P-26: Construction will take 19 months and
Months for Construction garage 12 months months and a total of 24 months till stabilization. a total of 30 months till stabilization.
Timeline months P-27: Construction will take 19 months and
a total of 24 months till stabilization.
G5: Construction will take 19 months and a
total of 30 months till stabilization.

Temporary Jobs: Temporary Jobs: 1,060 Temporary Jobs: 750 Temporary Jobs: 1,966 Temporary Jobs: 1,496 Temporary Jobs: 1,000 Temporary Jobs: 2,716 Temporary Jobs: 3,716
Permanent Jobs: Permanent Jobs: 792 Permanent Jobs: 500 Permanent Jobs: 1,241 Permanent Jobs: 790 Permanent Jobs: 800 Permanent Jobs: 1,741 Permanent Jobs: 2,541
Recurring Tax Revenue to City: Recurring Tax Revenue to City: property Recurring Tax Revenue to City: Property Recurring Tax Revenue to City: prop Recurring Tax Revenue to City: Prop Recurring Tax Revenue to City: . Prop Recurring Tax Revenue to City: property Recurring Tax Revenue to City: property tax
property taxes yr 1: $100,000 taxes: Yr 1 $2,306,860 in ad valorem taxes, tax in stabilized yr est to be $762K tax in stabilized yr est to be $2.M to taxes yr 1: $2.545M; $26.08 million tax in stabilized yr est to be $952l/yr to tax in stabilized yr est to be $2.7M to in stabilized yr est to be $3.7M/yr to City (
Recurring Tax Revenue (General): with the City of Miami Beach collecting to City ($2.3M/yr total) . $6M- and City ($6M total). NPV tax revenue of NPV over term of lease City ( $3M/yr total) City ( $8.4 M/yr total) $11M/yr total)
F&B tax estimated to be approx $721,124 Generates nearly a quarter billion in $250M Recurring Tax Revenue (General): P25 and P26 create nearly G5 creates a large-scale economic P25 and P26 generating nearly $250MM
$60k/yr Recurring Tax Revenue (General):F&B tax economic activity driving growth and Recurring Tax Revenue (General): F&B F&B tax est to be $216k/yr. $10,000,000 in annual recurring tax revitalization, pumping $18,000,000 in economic activity. P25 and P26 create
Public space: Encourage social est to be $127k/yr . recurring tax revenue to the City, County tax in stabilized yr $734k/yr Utility taxes and franchise fees, revenue and over $110,000,000 in net in annual revenue into Miami Beach nearly $10,000,000 in annual recurring
wellness thru common spaces, Utility taxes and franchise fees, permit and State. In stabilized yr: sales tax: $2.5M/yr ; permit fees, local business taxes and present value alongside robust Ground Rent. The tax revenue and over $110,000,000 in
public spaces and events that fees, local business taxes and stormwater Resort tax $354k/yr ; stormwater fees. Recurring Tax Revenue (General): F&B present value of the tax revenue alone is net present value. These future benefits
intentionally facilitates social fees, Recurring Tax Revenue (General): F&B Public Space: G5 has the widest public MDC general fund, debt service tax in stabilized yr$354k/yr nearly$250,000,000. will serve a myriad of needs for the City of
connections between coworkers, Public space: tax in stabilized yr est to be $106k/yr space- this allows for a generous fund and library fund will collect Sales tax in stabilized yr $2.5M/yr P27 and generates nearly a quarter Miami Beach.
friends and neighbors. Inclusive *An enhanced public realm has been Sales tax in stabilized yr est to be public space and provides an approx $23.51 M on a present value ; resort tax est to be $354K/yr will billion in economic activity driving growth P27 generates nearly a quarter billion
Economic Wellness Programs- Wealth integrated into the ground floor, including $1.3M/yr; resort tax $106k/yr. opportunity to design a truly active basis while the taxes collected by generate $250MM in economic activity. and recurring tax revenue to the City, in economic activity driving growth and
Impact & of community/family activities the garage entry/exits points, drop-offs The project will result in significant new pedestrian realm. Will include a the School District for it operating Public space: Enhanced public realm County and State. recurring tax revenue to the City, County
Public Benefit including group fitness, cooking, and bike facilities that includes landscaped revenue for the City of Miami Beach, rooftop public park. fund and debt service fund will through a thoughtful garage design Recurring Tax Recenue (General): F&B and State.
music and biking classes, art and public sidewalks, plazas, and green spaces. including total one-time and ongoing approximate $30.2 M. that incorporates entry/exit points, tax in stabilized yr $840k/yr G5 has a NPV of tax revenue of $250M
music events, rooftop community • Electric car charging and fuel-efficient tax proceeds. This revenue will support Public space: drop-offs and bike facilities that sales tax in stabilized yr est to be $6 M/ Recuring Tax Revenue (General): F&B tax
gatherings, health focused services parking spaces STEAM programs for students and • An enhanced public realm has includes landscaped public sidewalks, yr; resort tax $840k/yr stabilized yr $1.195M/yr
for neighborhood residents, to Miami Beach’s ongoing resilience efforts. been integrated into the ground plazas, and green spaces. Public Space: Will include a rooftop sales tax in stabilized yr est to be $8.6M/yr
serve as a neighborhood health and Public space: floor, including the garage entry/exits public park. Enhanced public realm resort tax $1.195M/yr
wellness recharging station for the • Central lawn and sculpture garden points, drop-offs and bike facilities through a thoughtful garage design that Public Space: Enhanced public realm
building and nearby residents. Family zone that includes landscaped public incorporates entry/exit points, drop- through a thoughtful garage design that
• Flex/pop-up event plazas sidewalks, plazas, and green spaces. offs and bike facilities that includes incorporates entry/exit points, drop-offs
• Beer garden • Bike parking & Electric car charging landscaped public sidewalks, plazas, and and bike facilities that includes landscaped
• Sports zone and fuel-efficient parking spaces will green spaces. public sidewalks, plazas, and green spaces.;
• Food vendors be located throughout the garage.
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 Infinity Collective Integra Investments TPC Development TPC Development Intergra Investments TPC Development TPC Development TPC Development

Parcel Option Option 1 - P25 Option 3 - P 27 Option 3 - P 27 Option 4 - G5 Option 5 - P 25 & 26 Option 5 - P 25 & 26 Option 6 - P 27 & G5 Option 7 - P 25 & P 26 & P 27 & G5

Total
Development $35.6M $116.36M $117M $311.75M $147M $174M $390M $603M
Cost

Term 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years 99 Years

Rent Prior to CO- $100,000/year The minimum guaranteed rent upon Abated Rent through Constructuon Abated Rent through Construction The minimum guaranteed rent upon Abated Rent through Construction Abated Rent through Construction Abated Rent through Construction
Rent After CO- $250,000/year referendum approval is calculated as the Rent after construction: $1.750M Rent after construction: $100,000 referendum approval is calculated Rent after construction: $150,000 Rent after construction: $1.85M Rent after construction: $2M
greater of: as the greater of: (a) $500,000.00 (P25-$100,000 + P26- $50,000)
NPV @5% discount rate :$49,570,372 NOI Participation 1% escalated annually at the greater of G5: NOI Participation 1% P25: NOI Participation 1%
(a) $500,000.00 escalated annually at the NPV @5% discount rate $32,709,146 2.0 percent or CPI or (b) 5.00% of P25: NOI Participation 1% NPV @5% discount rate $32,709,146 NPV @5% discount rate $101,159,818
greater of 2.0 percent or CPI or Effective Gross Revenues throughout NPV @5% discount rate $10,159,818
the term paid annually. P27: NOI Participation 0 P26: NOI Paticipation 2%
(b) 5.00% of Effective Gross Revenues P26: NOI Participation 2% NPV @5% discount rate $49,570,372 NPV @5% discount rate $12,602,698
Base Rent
throughout the term paid annually. Over the life of the lease, payments NPV @5% discount rate $12,602,698
to the City will exceed $609.78 P27: NOI Participation 0
Over the life of the lease, payments to the million and will have a present NPV @5% discount rate $49,570,372
City will total $553,015,410 and will have a value, assuming a discount rate of
present value, assuming a discount rate of 5.0 percent, approximating $36.79
5.0 percent, of $33,725,878. million. G5: NOI Participation 1%
NPV @5% discount rate $32,709,146

Upfront
None $2M once referrendum approved None None $2M once referrendum approved None None None
Payments

Year 8: Rent increase to $275,000/

1.5% 1.5% 1.5% 1.5% 1.5%
Rent Adjustments year, then increase 10% every 5 Greater of 2.0 percent or CPI Greater of 2.0 percent or CPI
Rent Resets years 49 & 70 Rent Resets years 49 & 70 Rent Resets years 49 & 70 Rent Resets years 49 & 70 Rent Resets years 49 & 70
years after

City will collect the revenue from 100.00% of the net revenues collected 100.00% of the net revenues collected The City will receive the replacement, 100.00% of the net revenues The City will receive the replacement, The City will receive the replacement, The City will receive the replacement,
Proposed Parking
86 parking spaces (consistent with from the 151 public parking spaces from the 151 public parking spaces parking revenue net of proportional collected from the 192 public parking parking revenue net of proportional parking revenue net of proportional parking revenue net of proportional
Revenue
current rates) provided back to the City. provided back to the City. expenses spaces provided back to the City. expenses expenses expenses

© 2022 Colliers International Florida, LLC. The information contained in this document has been obtained from sources believed reliable. While Colliers International Florida, LLC does not doubt its accuracy, Colliers International Florida, LLC has not verified it and makes no guarantee, warranty or representation about it. It is
your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated
by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
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Option 1: P25
Infinity Collective
 MMING
Zoning Gross
Floor Area (SF) Construction Area (SF)
Option 3: P27 * includes existing parking structure Option 3: P27
Integra TPC Development

6)
ea

The plaza of P27 extends from the immersive retail of the ground floor
of the building and is activated with tech-focused installations

40

Street View at intersection of Lincoln Lane & Meridian

RPORATING CLASS A OFFICE SPACE ON CITY-OWNED PARKING | RFP NO. 2021-173-KB

Option 4: G5
TPC Development

Approaching G5 from the west Lincoln Lane N, the shared street

can become host to festivals and fairs. The retail is approachable opens
to the street and further activates the public realm.
4
 Option 5: P25, P26 Option 5: P25, P26
Integra TPC Development

Option 5: P25

P25 & P26 | TAB 4 | DESIGN & RESILIENCY

The north facade of P25 showings the stratification of retail on the roof
and the podium. Activity flows from above and below and enlivens the street.

148

Option 5: P26

P26 Tech Building at the corner of Jefferson

Avenue and Lincoln Lane North

Aerial view of the intersection of Lincoln Lane and Lenox showing the close proximity between the two sites and how the proposed
architecture “shares a DNA” creating a “family” of buildings connected by a pedestrian-oriented streetscape

189 MIXED-USE DEVELOPMENTS INCORPORATING CLASS A OFFICE SPACE ON CITY-OWNED PARKING | RFP NO. 2021-173-KB
 Option 6: P27, G5
TPC Development

Option 6: P27 Option 6: G5

The plaza of P27 extends from the immersive retail of the ground floor Approaching G5 from the west Lincoln Lane N, the shared street
of the building and is activated with tech-focused installations can become host to festivals and fairs. The retail is approachable opens
to the street and further activates the public realm.

40 4
 Option 7: P25, P26, P27 and G5
TPC Development
Option 7: P25 Option 7: P26

P26 Tech Building at the corner of Jefferson

The north facade of P25 showings the stratification of retail on the roof
Avenue and Lincoln Lane North
and the podium. Activity flows from above and below and enlivens the street.
6
148

Option 7: P27 Option 7: G5

Approaching G5 from the west Lincoln Lane N, the shared street

The plaza of P27 extends from the immersive retail of the ground floor
can become host to festivals and fairs. The retail is approachable opens
of the building and is activated with tech-focused installations
to the street and further activates the public realm.
4
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