DOLPHIN TOWN
CENTER
Drew Bowman
LaVar Jamison
Mike Plakas
Jamie Straz
LOCATION
SITE ANALYSIS
Size – 55 acres
| Manmade Lake – 22 acres
| Interchange of 836 and the
Florida Turnpike
| Between Dolphin and
International Malls
| Industrial to the North
| Single Family to the South
|
SITE ANALYSIS: LAND USE
|
Current Land Use
y
|
Vacant Land
Future Land Use
Business and
Office
y
Industrial and
Office
y
|
Comprehensive Land
Use Change
y
Mixed Use
Development
SITE ANALYSIS: ZONING
Industrial Heavy IU-2
| Zoning Change
|
y
Planned Area
Development
SITE ANALYSIS: ENVIRONMENTAL
IMPACT
|
Energy Efficiency
y
y
y
y
|
Water Efficiency
y
y
y
y
|
Energy efficient lighting fixtures
Use low-e glazing which allows light in but not heat
High efficiency HVAC systems
Use meters to monitor
Efficient irrigation techniques
Use native drought resistant plants
Collection of water
Use high-efficient fixtures
Water Retention
y
Use lake to hold storm water
SITE ANALYSIS: ENVIRONMENTAL
IMPACT
|
FEMA Zone AH: Special
flood hazard areas subject to
inundation by 100-year
shallow flooding (usually
areas of ponding) where
average depths are between
one and three feet. Base
elevations derived from
detailed hydraulic analyses
are shown in this zone.
Mandatory flood insurance
purchase requirements
apply.
SITE ANALYSIS: TRANSPORTATION
|
Future
Transportation Hub
|
Bus System
|
Interchange of 836
and Florida Turnpike
SITE ANALYSIS: TRAFFIC COUNTS
|
East-West on NW 12th St. at NW107th Ave.
y
|
24,660 Cars
North-South on NW107th Ave. at NW12th St.
y
50,290 Cars
Source: Data Metrics 2004 count
MARKET ANALYSIS
MARKET ANALYSIS
SELECTED N EI G H B O RH O O D D EM O G RA P H I CS
N W 1 0 7 th A ve n u e & N W 1 2 th Str e e t
M i a m i , Fl o r i d a
Ra d i u s 1 .0
M ile
Ra d i u s 3 .0
M ile
Ra d i u s 5 .0
M i le
Po p u l a ti o n
2 0 1 3 Po p u l a ti o n
1 4 ,1 6 5
1 6 4 ,5 7 0
3 3 4 ,5 1 9
2 0 0 8 Po p u l a ti o n
1 3 ,5 6 5
1 5 6 ,2 1 4
3 1 9 ,6 8 4
2 0 0 0 Po p u l a ti o n
1 2 ,1 5 7
1 4 2 ,8 4 8
2 9 5 ,9 0 7
1 9 9 0 Po p u l a ti o n
8 ,4 9 7
1 0 7 ,8 2 8
2 4 1 ,0 5 8
A n n u a l G r o w th 2 0 0 8 - 2 0 1 3
0 .8 7 %
1 .0 5 %
0 .9 1 %
A n n u a l G r o w th 2 0 0 0 - 2 0 0 8
1 .3 8 %
1 .1 2 %
0 .9 7 %
A n n u a l G r o w th 1 9 9 0 - 2 0 0 0
3 .6 5 %
2 .8 5 %
2 .0 7 %
H o u se h o l d s
2 0 1 3 H o u se h o l d s
4 ,6 4 3
5 5 ,9 8 6
1 0 8 ,2 1 9
2 0 0 8 H o u se h o l d s
4 ,4 6 9
5 2 ,9 1 3
1 0 3 ,0 4 7
2 0 0 0 H o u se h o l d s
4 ,0 4 3
4 7 ,9 0 4
9 4 ,5 1 2
1 9 9 0 H o u se h o l d s
2 ,8 5 7
3 5 ,6 0 5
7 6 ,6 9 3
A n n u a l G r o w th 2 0 0 8 - 2 0 1 3
0 .7 7 %
1 .1 4 %
0 .9 8 %
A n n u a l G r o w th 2 0 0 0 - 2 0 0 8
1 .2 6 %
1 .2 5 %
1 .0 9 %
A n n u a l G r o w th 1 9 9 0 - 2 0 0 0
3 .5 3 %
3 .0 1 %
2 .1 1 %
In co m e
2 0 0 8 M e d i a n H o u se h o l d In co m e
$ 4 0 ,9 0 7
$ 4 5 ,6 4 7
$ 4 8 ,8 3 0
2 0 0 8 Esti m a te d A ve r a g e H o u se h o l d In co m e
$ 4 8 ,5 6 4
$ 6 1 ,3 5 9
$ 6 4 ,0 4 0
2 0 0 8 Esti m a te d Pe r C a p i ta In co m e
$ 1 6 ,0 2 4
$ 2 0 ,7 4 1
$ 2 0 ,8 0 5
A g e 2 5 + C o l l e g e G r a d u a te s - 2 0 0 0
1 ,5 2 9
2 2 ,9 5 1
4 3 ,4 8 6
A g e 2 5 + Pe r ce n t C o l l e g e G r a d u a te s - 2 0 0 8
1 6 .3 %
2 1 .6 %
1 9 .5 %
MARKET ANALYSIS
RETA I L EX PEN D I TU RES ($ 0 0 0 's)
SU BJECT'S SU BM A RK ET
Ra d iu s 1 .0 M ile
Pr o d u ct Sa m p le
A ll Reta il Sto res
2008
1 2 6 ,1 6 8
2013
1 5 5 ,2 1 6
Ra d iu s 3 .0 M ile
% / Yr
4 .2 %
2008
2013
1 ,6 2 2 ,6 8 6 2 ,0 2 5 ,9 7 4
Ra d iu s 5 .0 M ile
% / Yr
4 .5 %
2008
2013
3 ,2 9 0 ,3 1 6 4 ,0 9 1 ,1 0 3
% / Yr
4 .5 %
G ro cery Sto r es
3 1 ,5 4 5
3 6 ,4 9 9
3 .0 %
3 7 9 ,2 5 8
4 4 5 ,1 6 1
3 .3 %
7 6 4 ,5 6 5
8 9 1 ,7 3 2
3 .1 %
Ea tin g Pla ces
1 5 ,8 1 5
2 0 ,5 0 5
5 .3 %
2 0 4 ,8 5 4
2 7 0 ,2 4 5
5 .7 %
4 0 6 ,2 6 7
5 3 3 ,9 0 5
5 .6 %
D rin kin g Pla ces
652
785
3 .8 %
8 ,9 3 1
1 0 ,9 6 8
4 .2 %
1 7 ,9 3 7
2 1 ,9 5 3
4 .1 %
H ea lth a n d Perso n a l C a re Sto res
9 ,7 6 6
1 4 ,3 6 1
8 .0 %
1 1 8 ,1 6 9
1 7 4 ,9 5 3
8 .2 %
2 4 4 ,1 3 8
3 5 9 ,4 0 0
8 .0 %
Bu ild in g M a teria l & G a r d en Eq u ip m en t & Su p p lies
2 ,7 9 8
3 ,2 7 9
3 .2 %
3 7 ,2 9 7
4 4 ,2 5 3
3 .5 %
7 8 ,5 9 9
9 2 ,7 8 7
3 .4 %
340
415
4 .1 %
4 ,5 1 6
5 ,5 8 6
4 .3 %
9 ,3 5 7
1 1 ,5 2 6
4 .3 %
4 .1 %
H a rd w a re Sto r es
La w n & G a rd en Eq u ip m en t & Su p p lies D ea lers
410
497
3 .9 %
5 ,3 2 1
6 ,5 6 7
4 .3 %
1 1 ,0 7 7
1 3 ,5 5 2
Fu rn itu r e Sto res
2 ,4 3 1
2 ,9 4 6
3 .9 %
3 4 ,2 5 1
4 2 ,4 0 7
4 .4 %
7 0 ,2 4 9
8 6 ,7 7 9
4 .3 %
O th er H o m e Fu rn ish in g Sto res
1 ,5 7 4
1 ,8 9 1
3 .7 %
2 3 ,0 8 0
2 8 ,1 0 5
4 .0 %
4 8 ,7 7 2
5 9 ,1 8 1
3 .9 %
3 .1 %
H o u seh o ld A p p lia n ce Sto r es
664
761
2 .8 %
8 ,6 3 7
1 0 ,0 8 6
3 .2 %
1 7 ,7 7 8
2 0 ,6 7 5
1 ,3 9 1
1 ,6 1 6
3 .0 %
1 8 ,6 0 4
2 2 ,0 3 9
3 .4 %
3 7 ,4 3 0
4 4 ,2 6 0
3 .4 %
1 2 ,6 1 8
1 5 ,3 0 7
3 .9 %
1 6 5 ,8 3 3
2 0 3 ,7 1 8
4 .2 %
3 3 6 ,3 7 9
4 1 2 ,4 0 9
4 .2 %
C lo th in g a n d C lo th in g A ccesso ry Sto res
8 ,1 6 1
9 ,5 7 5
3 .2 %
1 1 1 ,2 3 7
1 3 2 ,7 9 5
3 .6 %
2 2 4 ,6 8 6
2 6 8 ,0 2 4
3 .6 %
Sh o e Sto res
1 ,1 0 7
1 ,2 6 1
2 .6 %
1 4 ,1 6 3
1 6 ,4 2 9
3 .0 %
2 8 ,2 5 2
3 2 ,7 1 0
3 .0 %
1 9 ,0 0 0
2 2 ,8 5 1
3 .8 %
2 4 6 ,0 6 2
2 9 9 ,9 5 1
4 .0 %
4 9 8 ,3 5 0
6 0 5 ,7 9 7
4 .0 %
Ra d io / TV/ O th er Electro n ics Sto res
D ep a rtm en t Sto res (Exclu d in g Lea sed )
G en era l M erch a n d ise Sto res
W a r eh o u se C lu b s a n d Su p ersto res
5 ,0 8 5
5 ,9 6 7
3 .2 %
6 3 ,1 4 7
7 5 ,2 0 1
3 .6 %
1 2 7 ,2 6 5
1 5 0 ,7 8 6
3 .4 %
Fu ll Service Resta u ra n ts
7 ,8 2 2
1 0 ,1 2 7
5 .3 %
1 0 6 ,2 4 5
1 3 9 ,8 8 3
5 .7 %
2 1 3 ,1 8 4
2 7 9 ,5 6 9
5 .6 %
Fa st Fo o d Resta u ra n ts
7 ,9 9 1
1 0 ,3 7 8
5 .4 %
9 8 ,6 0 5
1 3 0 ,3 5 9
5 .7 %
1 9 3 ,0 7 4
2 5 4 ,3 2 9
5 .7 %
Jew elry Sto r es
943
1 ,1 7 6
4 .5 %
1 5 ,4 5 2
1 9 ,3 0 4
4 .6 %
3 2 ,0 8 8
4 0 ,0 8 7
4 .6 %
Bo o k Sto res
645
780
3 .9 %
1 1 ,0 6 4
1 3 ,6 6 3
4 .3 %
2 0 ,4 3 1
2 5 ,2 7 7
4 .3 %
G ift, N o velty, a n d So u ven ir Sh o p s
596
697
3 .2 %
8 ,4 8 7
1 0 ,0 3 4
3 .4 %
1 7 ,4 1 3
2 0 ,4 6 6
3 .3 %
Flo rists
156
184
3 .4 %
2 ,0 8 3
2 ,5 0 8
3 .8 %
4 ,3 6 2
5 ,2 1 4
3 .6 %
H o b b y, To y, a n d G a m e Sh o p s
799
929
3 .1 %
1 1 ,0 5 9
1 3 ,1 0 8
3 .5 %
2 2 ,3 6 3
2 6 ,4 3 3
3 .4 %
1 ,0 3 3
1 ,2 6 5
4 .1 %
1 5 ,1 1 3
1 8 ,8 8 5
4 .6 %
3 0 ,5 7 2
3 8 ,2 4 1
4 .6 %
66
72
2 .0 %
1 ,0 1 6
1 ,1 2 2
2 .0 %
2 ,1 0 6
2 ,3 1 4
1 .9 %
Sp o r tin g G o o d s Sto res
C a m era / Ph o to g r a p h ic Su p p ly Sto res
Lu g g a g e a n d Lea th er G o o d s Sto res
Sew / N eed lew o rk/ Piece G o o d s Sto res
C o n ven ien ce Sto res
98
128
5 .5 %
1 ,5 0 4
1 ,9 7 9
5 .6 %
3 ,1 2 1
4 ,1 0 1
5 .6 %
164
181
2 .0 %
2 ,1 7 4
2 ,4 5 7
2 .5 %
4 ,4 7 4
5 ,0 2 3
2 .3 %
3 .3 %
1 ,3 6 9
1 ,5 9 7
3 .1 %
1 6 ,6 2 3
1 9 ,6 6 6
3 .4 %
3 3 ,3 2 0
3 9 ,1 2 6
H o m e C en ters
701
823
3 .3 %
9 ,4 0 3
1 1 ,1 8 5
3 .5 %
1 9 ,7 9 9
2 3 ,4 5 2
3 .4 %
N u rser y a n d G a rd en C en ter s
354
431
4 .1 %
4 ,6 1 1
5 ,7 3 5
4 .5 %
9 ,5 8 8
1 1 ,8 1 8
4 .3 %
C o m p u ter a n d So ftw a re Sto res
789
937
3 .5 %
1 1 ,1 7 2
1 3 ,4 2 1
3 .7 %
2 2 ,6 4 2
2 7 ,1 2 3
3 .7 %
C lo th in g A ccesso r y Sto res
118
141
3 .6 %
1 ,7 3 7
2 ,0 9 6
3 .8 %
3 ,5 5 4
4 ,2 9 1
3 .8 %
1 9 ,0 4 1
2 4 ,3 4 7
5 .0 %
2 5 6 ,3 9 8
3 3 3 ,9 7 2
5 .4 %
5 2 1 ,4 1 3
6 7 7 ,2 2 1
5 .4 %
A u to D ea lers
A u to m o tive Pa rt, A ccesso ries & Tire Sto res
1 ,2 3 5
1 ,3 1 4
1 .2 %
1 5 ,6 6 5
1 6 ,9 3 1
1 .6 %
3 1 ,9 2 4
3 4 ,2 7 7
1 .4 %
G a so lin e Sta tio n s w ith C o n ven ien ce Sto r es
8 ,6 2 1
1 0 ,8 9 9
4 .8 %
1 0 5 ,6 5 8
1 3 6 ,1 2 3
5 .2 %
2 1 0 ,8 6 2
2 6 9 ,6 4 6
5 .0 %
G a so lin e Sta tio n s w ith o u t C o n ven ien ce Sto res
4 ,1 2 5
5 ,4 1 8
5 .6 %
5 0 ,9 8 1
6 8 ,2 6 3
6 .0 %
1 0 1 ,7 0 0
1 3 5 ,1 9 3
5 .9 %
Electro n ic Sh o p p in g a n d M a il O rd er
3 ,7 1 0
4 ,6 7 2
4 .7 %
4 9 ,8 5 9
6 3 ,2 1 4
4 .9 %
1 0 1 ,2 0 1
1 2 8 ,0 4 7
4 .8 %
1 9 ,3 9 5
2 4 ,9 8 8
5 .2 %
2 5 6 ,4 6 6
3 3 5 ,8 4 2
5 .5 %
5 1 1 ,6 8 9
6 6 7 ,4 7 0
5 .5 %
To ta l A cco m m o d a tio n a n d Fo o d Services
MARKET ANALYSIS: RETAIL
This market continues to attract
numerous companies, due to the
robust local economy and the
fact that it is a natural choice
for European companies looking
to do business in America. And,
even though Miami-Dade
County remains under-retailed,
developers are now required to
meet stricter underwriting
standards which limits the
amount of speculative
construction. As of last year,
the total inventory of multitenant retail centers over 25,000
sf was 29,726,221 sq. ft. That
number will rise as construction
completions impact inventory.
There were also several notable
sales which took place in this
market for 2007 and 2008.
MARKET ANALYSIS: RETAIL
MARKET ANALYSIS: RETAIL
MARKET ANALYSIS: OFFICE
MARKET ANALYSIS: OFFICE
MARKET ANALYSIS: OFFICE
Despite the stabilizing of vacancy
and negative absorption this
quarter, the direct weighted
average asking rental rate
increased by $.20 to $31.30 per
sq. ft. full service gross (fsg).
The increase of only $.20 is one
of the smallest changes in the
past several years and is a sign
of asking rates beginning to
stabilize as demand for space
slows. Class A space has
increased by $4.29 in the past
year and can be attributed
availability of Class A space in
the Downtown and Brickell
submarkets where spaces are
now ranging from $32.00 to
$50.00 per sq. ft. fsg.
MARKET ANALYSIS: OFFICE
The Miami office market
continues to show overall
negative absorption for the year
after several years of positive
absorption. The negative
absorption is mainly due to
smaller spaces from
construction and residential
companies continuing to
downsize. The bulk of these
industries are affecting the
suburban markets more with
Kendall and Coral Gables
seeing the highest levels of
negative absorption. Many
companies are also giving back
small spaces to landlords while
downsizing operations.
MARKET ANALYSIS: OFFICE
MARKET ANALYSIS: RESIDENTIAL
MARKET ANALYSIS: RESIDENTIAL
MARKET ANALYSIS: RESIDENTIAL
MARKET ANALYSIS: COMPETITIVE
PROJECTS
|
Dolphin Mall
MARKET ANALYSIS: COMPETITIVE
PROJECTS
MARKET ANALYSIS: COMPETITIVE
PROJECTS
Anchors –
y
y
y
y
y
y
y
y
y
y
y
y
y
Bass Pro Shops
Burlington Coat
Marshalls
Off Saks 5th
Sports Authority
Old Navy
FYE
Neiman Marcus
Ross Dress for Less
Borders Books
DSW
Forever XX1
Courtyard by Marriot
MARKET ANALYSIS: COMPETITIVE
PROJECTS
|
International Mall
MARKET ANALYSIS: COMPETITIVE
PROJECTS
|
Anchors
y
y
y
y
y
Macys Women & Kids
Macys Men & Home
JC Penny’s
Dillard’s
Sears
MARKET ANALYSIS: COMPARABLE
PROJECTS
|
Sunset Place
3-level Specialty Center
y 515,000 SF GLA
y Major Retailers
y
|
|
|
|
|
|
|
|
AMC Theatres
LA Fitness
Barnes & Nobles
Gameworks
Panera Bread
Martini Bar
Dan Marino’s
Splitsville
MARKET ANALYSIS: COMPARABLE
PROJECTS
|
The Shops at Midtown
645,000 SF
y 26 acres
y Major Retailers
y
|
|
|
|
|
|
|
|
Target
Circuit City
Loehmanns
PetSmart
West Elm
Marshalls
Ross
Linens n Things
MARKET ANALYSIS: COMPARABLE
PROJECTS
Village of Merrick
Park
| 740,000 GLA
| Opened 2002
| 110 Retail Stores
| Major Retailers
|
y
y
y
y
y
Nordstroms
Neiman Marcus
Villagio
Tiffany’s
William Sonoma
MARKET ANALYSIS: COMPARABLE
PROJECTS
Birkdale Village
| 52 Acre Mixed- Use
Developement
| Major Retailers
|
y
y
y
y
y
y
Dick’s Sporting Goods
Pier One
Barnes & Nobles
Banana Republic
Talbots
Regal Cinema
DEVELOPMENT PROGRAM
|
Anchor Retail – 175,000 SF
|
In-Line Retail – 300,000 SF
|
Office – 305,000 SF
|
Residential
y
Apartment – 1,330,000 SF
|
|
|
y
|
1 BR – 475 units @ 900 SF
2 BR – 350 units @ 1200 SF
3 BR – 150 units @ 1400 SF
Townhouse – 82 units @ 2880 SF
Hotel – Full Service
185,000 SF Total
y 37,000 SF Available for Conference Space
y 240 Rooms
y
FINANCIAL FEASABILITY:
ASSUMPTIONS
FINANCIAL FEASABILITY: NOI
FINANCIAL FEASABILITY: COSTS
FINANCIAL FEASABILITY
|
Stabilized Net Operating Income
y
|
Total Development Cost
y
|
$37,676,475
$374,505,348
Desired Target Return
y
10%
$37,676,475 / 10%
= $376,764,750
Total Value $376,764,750 > $374,505,348 Total Costs
PROJECT IS FEASIBLE!!!
FINANCIAL FEASABILITY: 10 YEAR
CASH FLOW
ROLL UP
Total Potential Gross Income
Market Vacancy
Year 1
$64,601,500
-$10,189,525
Year 2
$67,082,560
Year 3
$69,661,357
Year 4
$72,341,770
Year 5
$75,127,830
Year 6
Year 7
Year 8
Year 9
$78,023,729 $81,033,828 $84,162,657 $87,414,931
Year 10
Year 11
$90,795,549 $94,309,606
-$10,595,906 -$11,018,500 -$11,457,955 -$11,914,943 -$12,390,163 -$12,884,344 -$13,398,243 -$13,932,646 -$14,488,372 -$15,066,271
Effective Gross Income
$54,411,975
$56,486,654
$58,642,857
$60,883,815
$63,212,887
$65,633,566 $68,149,483 $70,764,414 $73,482,285
$76,307,177 $79,243,335
Total Operating Expenses
$16,735,500
$17,321,243
$17,927,486
$18,554,948
$19,204,371
$19,876,524 $20,572,203 $21,292,230 $22,037,458
$22,808,769 $23,607,076
Net Operating Income
$37,676,475
$39,165,412
$40,715,371
$42,328,867
$44,008,516
$45,757,042 $47,577,281 $49,472,185 $51,444,827
$53,498,408 $55,636,259
Annual Debt Service
$28,649,076
$28,649,076
$28,649,076
$28,649,076
$28,649,076
$28,649,076 $28,649,076 $28,649,076 $28,649,076
$28,649,076
$0
Total Leasing and Capital Costs
-$32,560,792
$108,597
$112,398
$116,332
$138,166
$143,002
$0
Cash Flow After Debt Service
-$23,533,393
$10,624,933
$12,178,694
$13,796,124
$2,225,510 $19,057,184 $20,956,603 $22,933,917
$24,992,334
$120,404 -$14,882,456
$15,479,844
$128,980
$133,494
SITE
MASTER PLAN
RENDERINGS
RENDERINGS
RENDERINGS
RENDERINGS
ALTERNATIVE PLAN