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LANDSCAPE DESIGN 2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD48
What steps is • Achieving LEED or NGBS Certification (or equivalent)CORAL GABLESCITY CENTER • Creating a dense, mixed use development withtaking to multiple shuttle options to MASS TRANSITensure GREENINITIATIVES & • Planning Garages with SUSTAINABLE PARKINGSUSTAINABILITY? FEATURES including: • Electric Vehicle Charging Stations • Reserved ‘Green’ Parking Spaces • Low Emission and Fuel Efficient Vehicles • Car Sharing Program • Car/Van Pool Program • High Efficient LED Lighting • Carefully monitored indoor air quality • Ample Bicycle Storage and Shower Facilities • Implementing a SHARED AND SMART PARKING PLAN which eliminates the need to over-build massive, inefficient garages with parking spaces that are rarely or never used • Creating an All-Pedestrian Lifestyle where users can Live, Work, Play, Shop and Dine 49
2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD50
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2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD52
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2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD54
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2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD56
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2. Contribute to the Vitality, Amenity, and Economic Activity of and in the CBD58
3 E nhancement of the 3 Public Parking Supply in a Cost-Effective Manner 25% Evaluation Criteria “Reserve a table, reserve a space, save a mile”. STEVE PATTERSON 59
smart • DECREASED TRAFFICdevelopment by Reducing Parking Search Times • INCREASED EFFICIENCY by Displaying all Available Parking in the CBD • DECREASED WASTE by Reducing the Amount of Unused Spaces • REDUCED CARBON EMISSIONS by Guiding Vehicles to Parking Spaces more Efficiently • REDUCED CARBON FOOTPRINT by Eliminating Unnecessary Construction • ENHANCED CUSTOMER SERVICE EXPERIENCE & SECURITY by Installing New Equipment & License Plate Recognition (LPR) Cameras 61
smart Why smart computerized parking instead of buildingdevelopment excess parking spaces? “In 2010, the first nationwide count determined that there are half a billion empty parking spaces in America at any given time...This condition of oversupply occurs most often in central cities, and is typically the result of downtowns importing zoning standards from the suburbs, where no alternative to driving (cars) exist” - Walkable City: How Downtown Can Save America, One Step at a Time Jeff Speck 3. Enhancement of the Public Parking Supply in a Cost-Effective Manner62
Parking Plan How will this work?RESERVE A TABLE RESERVE A SPACE SAVE A MILE 63
PARKING The CGCC Parking solution will position The City of Coral Gables as one of the most sophisticated and technologically advanced municipalities in the world. Welcome to the Coral Gables City Center To view video, visit www.cgcitycenter.com 3. Enhancement of the Public Parking Supply in a Cost-Effective Manner64
Projectcomparison CGCC Opposing Proposal Parking Access & Revenue 4 CBD Garages Control Systems (PARCS) 2 CBD Garages Parking Guidance System Included NOT included Public Parking Spaces 2,591 Shared 1,000 Bicycle Storage Parking Spaces NOT included 64 Electric Vehicle 32 NOT included Charging Stations 64 NOT included “Green” Parking Spaces 65
4 L ikelihood 4 of Feasibility 20% Evaluation Criteria “The Building of Coral Gables has not been a thing of the moment, but a wonderful moment that will as solidly endure as does the everlasting Coral upon which it was formed”. George Merrick 67
Thoroughness 2016 Office Market Study 12.3%& Convincing Declining Class A Vacancy Rate $38.45Nature of the City of Coral Gables Average Rents (SF) $44 - $48Market & Site Coral Gables City Center Average Rent (SF) Alhambra Towers Current Average Rent (SF) $48 Alhambra Towers Occupancy 100% 2016 Office Market Study $3,264 Residences at Merrick Park Average Rent (Unit) $3,500 Coral Gables City Center Average Rent (Unit) SITE LOCATION Walk Score 98 “Walker’s Paradise – Daily errands do not require a car” (www.walkscore.com) 69
Thoroughness & Convincing Nature of theMarket & Site: OFFICE VACANCY OVERALL15% 10.60% 10.60% 11.20% 2015 Q4 10.20%10% $36.96 2015 Q4 5% 2016 Q1 2016 Q2 OVERALL 2015 Q3 RENTAL ($/F)$39$38 $38.18 $38.23$37$36 $36.38 2015 Q3 2016 Q1 2016 Q2 4. Likelihood of Feasibility70
Thoroughness & Convincing Nature of theMarket & Site: Residential# Property Year UNITS LEVEL AREA AVG. AVG. OCC. Name $/UNIT $/SQ.FT1 AVIVA 2015 275 8 902 $2,319 $2.57 85% Gables 8 1,061 $2,402 $2.26 94%2 Grand Plaza 1998 1953 Gables 2013 248 10 981 $2,669 $2.72 95% Ponce I4 Gables 2014 119 10 987 $2,648 $2.68 96% Ponce II5 Milagro 2013 237 8 851 $2,331 $2.74 97% Coral Gables6 Residences 2005 120 7 1,232 $3,264 $2.65 98% At Merrick 71
FINANCING The Construction Schedule for Coral Gables City capability Center is even more efficient when considering the phased completion of solely the parking decks at 4. Likelihood of Feasibility both Garage 1 and 4 (Phased Temporary Certificate of Completion is allowable per the City of Coral72 Gables Building Department). With this update, the parking spaces at Garage 1 wil only be offline for 11 months. As soon as the Garage 1 Parking Deck is completed (770 spaces), Garage 4 Parking Deck construction will begin. This allows fo all parking spaces to be online in under 2 years (1,56 spaces). The schedule becomes even more efficient when the garages are constructed simultaneously – All 1,569 spaces would be available in approximately 1 year AND the city would receive a Cost Share Contributions of $5 million.
SCHEDULEe JULY 2017 NOV 2017 OCT 2018 AUG 2019 NOV 2019 DEC 2020 Development Agreement, Garage 1: Garage 1: Parking Garage Completion Garage 1: Garage 4: Garage 4: Office & Public Parking Garage Completion Residences Permitting and Groundbreaking (770 Parking Spaces) + Ground Floor SkyPark / Café (799 Parking Spaces; COMPLETED COMPLETED 1,569 Total) + Ground Floor Construction Documents Retail Retail COMPLETED COMPLETED All Active CBD Garages: COMPLETED Smart Parking Guidancell System to be implementede Garage 4: Groundbreaking4or69 ACCELERATED SCHEDULE JULY 2017 NOV 2017 OCT 2018 DEC 2018 JULY 2019 DEC 2019 Development Agreement, Garage 1: Garage 1: Garage 4: Parking Garage Garage 1: Garage 4: Permitting and Groundbreaking Parking Garage Completion Office & Public Residences Construction Documents Completion (799 Parking Spaces; SkyPark / Café COMPLETED COMPLETED All Active CBD Garages: (770 Parking 1,569 Total) + Ground COMPLETED Smart Parking Guidance Spaces) + Ground Floor Retail System to be implemented Floor Retail COMPLETED COMPLETED
DEVELOPMENT, • Over $5 Billion currently under constructionCONSTRUCTION &Operations • Proven Construction Management Expertise • Local Knowledge of Contractors & Regulatory Processes • Highly experienced Executive and Project Management Teams • Prior Development of Major, Highly Successful Projects in the City of Coral Gables (3 Class A Office and 2 Residential Properties) • Strong Leasing & Operational Property Management TeamsOPEN TO CONTINUE 73
5 F inancial Return to the City 15% Evaluation Criteria “We just don’t build buildings, we build legacies”. Jorge Perez 5 75
REAL ESTATE TAXES SUMMARY TABLEAND OTHER ECONOMIC AND FISICAL IMPACTREVENUES TO THE CITYI. Ad Valorem Revenue (20 years) II. Construction Economic ImpactsCity of Coral Gables $33,071,052 Output $450,721,200Miami-Dade Public Schools $45,284,556 Earnings $135,644,400S. Florida Water Mgmt. Dist. $867,974 Employment 3,644Everglades Construction Project $301,025Okeechobee Basin $943,527 III. Annual Economic ImpactsFlorida Inland Navigation District $190,371 Output $263,007,361County Operating $27,763,859 Earnings $87,792,017County Debt Service $2,677,095 Employment 2,204Library District $1,689,545Children’s Trust $2,974,550 TOTAL $115,763,555 77
TOTAL IMPROVEMENT COST ESTIMATESALL NUMBERS IN $1,000,000’s g1 total g4 to- total $127Hard Costs $36.2 $90.7 $7.8 $9.2Professional Fees $4.5 $3.3 $7.8 $10.3Municipal Fees $4.3 $4.9 $2.6 $5.5Project Management/Supervision $2.2 $5.6 $75.4Interest & Operating Reserves $5.1 $5.2Finance & Closing Costs $1.0 $1.6Contingency $1.5 $4Allocation of City Improvement Costs $16 $59.4Total Option 1 $70.8 $174.7 $245.5Option 2 - Additional Cash Payment to City [1] $1.6 $3.4 $5 Total Option 2 $72.4 $178.1 $250.5 5. Financial Return to the City [1] Please refer to ‘$5,000,000 Cost Savings Share to City’78
REAL ESTATE Public Parking (1,002 spaces) $43.36TAXES AND OTHER Existing Garage Demo $1.97REVENUES TO THE Elevated City Park $1.87CITY City Office Space, 20,000 square feet $5.24 Paseo Acquisition Costs & Upgrades $3.88CITY IMPROVEMENTS COST Smart Park System [2] $4.60ESTIMATE BY ITEM Building Architectural Upgrade Premiums $13.61ALL NUMBERS IN $1,000,000’S Reimbursements of City Legal/RFP Costs $0.51 Project Management Costs $0.36[1] Please refer to ‘$5,000,000 Cost Savings Share to City’[2] The “Preferred Scenario” includes upgrading two Total Option 1 $75.39additional city owned garage with the Smart Parkingupgrades, not included (NIC) in the Base Scenario. The Option 2 - Additional Cash Payment to City [1] $5.00“Preferred Scenario” includes an improved technologypackage for the garages over the “Base Scenario.” Total Option 2 $80.39 79
FINANCIAL Discounted City Benefit Comparison at 5%COMPARISON Discount Rate Over 20 Years ALL NUMBERS IN $1,000,000’S CGCC- Superior City of CG Financial Self Proposal DevelopmentDebt Burden to City for public garage ZERO (-40.2) $45.4 $40.2Public garage value, at cost $29.8 ZEROUpfront Benefits to City $2.3 $17.0City Share of Parking Revenues, $19.9 $12.2Net Expenses, Before DeBt SERVICE NIC NICProperty Tax Revenues to city $10.0 $7.5Land Lease PaymentsCommercial NOI [1]Sale of Garage 4 Land + Unused Garage 1 TDr NIC $15.3 Total Financial Benefit to $107.4 $52.0 the City of coral gables Nic – not included 5. Financial Return to the City [1] Assumes that the City leases its City Office Space on the garage 1 site80
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Keycomponents • NO Variance from the City Code • NO Building Height over Code • NO Towers taller than Alhambra Towers or Biltmore Hotel • NO Density above Downtown Master Plan • NO Cost to City of Coral Gables 5. Financial Return to the City82
Keycomponents All-Star Development Team 100% Full Solution to CITY PARKING NEED 100% Full solution to CITY OFFICE NEED 100% Full Solution to ECONOMIC DEVELOPMENT 100% INSPIRING, ICONIC LANDMARKS for CBD 100% Preserves HISTORICAL INTEGRITY of City 100% Preserves 1-2 STORY HUMAN SCALE of Miracle Mile 100% This will cost the City of Coral Gables ZERO ($0) with the potential opportunity to receive a $5MM check presented at groundbreaking 100% 83
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