Miami Gardens Warehouse Northwest 27th Avenue Miami Gardens, FL 33056

Transcription

1 Miami Gardens Warehouse Extremely well constructed 25,000 sf Industrial building 3 dock height loading bays 1.1 acre selfcontained lot 7.82% proforma capitalization rate Priced to sell below recent comparable sales JOHN DEMARCO, ACP, CCIM JohnDeMarco@Remax.net RE/MAX 5 STAR REALTY 4151 Hollywood Blvd Hollywood, FL (954) Each office independently owned and operated

2 INVESTMENT DETAILS ANALYSIS Analysis Date November 2018 PROPERTY Property Property Address Miami Gardens Warehouse Northwest 27th Avenue Miami Gardens, FL Year Built 1955 PURCHASE INFORMATION Property Type Industrial Purchase Price $3,200,000 Tenants 1 Total Rentable Sq. Ft. 25,000 FINANCIAL INFORMATION All Cash LOANS Type Debt Term Amortization Rate Payment LO Costs All Cash INCOME & EXPENSES Gross Operating Income $0 Monthly GOI $0 Total Annual Expenses ($58,000) Monthly Expenses ($4,833) P. 2

3 EXECUTIVE SUMMARY Acquisition Costs Purchase Price, Points and Closing Costs $3,200,000 Investment Cash $0 Investment Information Purchase Price $3,200,000 Price per Tenant $3,200,000 Price per Sq. Ft. $ Income, Expenses & Cash Flow Gross Scheduled Income $0 Total Vacancy and Credits $0 Operating Expenses ($58,000) Net Operating Income ($58,000) Debt Service $0 Cash Flow Before Taxes ($58,000) Financial Indicators Debt Coverage Ratio N/A Capitalization Rate 1.81% Gross Income / Square Feet $0.00 Gross Expenses / Square Feet ($2.32) Operating Expense Ratio N/A P. 3

4 PROPERTY DESCRIPTION John DeMarco with Re/Max 5 Star Realty is pleased to present the sale of NW 27th Ave Miami Gardens FL This freestanding industrial building consists of 25,000 square feet of useable space well situated on a large 1.1 acre lot. The physical building was extremely well constructed as originally built as southern bell phone headquarters. This building features 16' ceilings, three dockheight loading bays, forklift ramp, large self contained lot, ample parking, 3phase updated electric and much more. Clean phase 2 on file, floorplan and survey enclosed in this offering package. This property is currently vacant. Investors can lease after closing for $10 a sf net, providing an investor with $250,000 a year in net operating income yielding a strong 7.8% proforma capitalization rate. Building works perfect for all owner users seeking large industrial or office space. Close proximity to Florida Turnpike and Miami Gardens Drive. Overall area is rapidly appreciating with new development projects and new credit tenants moving in all around subject. See enclosed Miami Gardens submarket overview which contains all recent comparable industrial sales that support asking price $3,200,000. Do not miss this opportunity to invest in one of the fastest appreciating markets in the country. Easy to show call for more information. P. 4

5 PROPERTY PHOTOS P. 5

6 MAPS AND AERIALS and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 6

7 PRO FORMA SUMMARY TENANT ANNUAL SCHEDULED INCOME Tenant Actual Market Vacant $0 $250,200 TOTALS $0 $250,200 INVESTMENT SUMMARY Price: $3,200,000 Year Built: 1955 Tenants: 1 RSF: 25,000 Price/RSF: $ Lot Size: 48,000 sf Floors: 1 APN: Cap Rate: 1.81% Market Cap Rate: 7.82% ANNUALIZED INCOME Description Actual Market Gross Potential Rent $0 $250,200 Less: Vacancy $0 $0 Effective Gross Income $0 $250,200 Less: Expenses ($58,000) $0 Net Operating Income ($58,000) $250,200 ANNUALIZED EXPENSES Description Actual Market Building Insurance $25,000 $0 Taxes Real Estate $33,000 $0 Total Expenses $58,000 $0 Expenses Per RSF $2.32 $0.00 P. 7

8 MARKET OVERVIEW Industrial Submarket Report North Miami Beach Miami Market PREPARED BY P. 8 Alena Gridasova Admin

9 MARKET OVERVIEW North Miami Beach Industrial INDUSTRIAL SUBMARKET REPORT Submarket Key Statistics 2 Leasing 3 Rent 7 Construction 9 Sales 12 Sales Past 12 Months 13 Supply & Demand Trends 15 Rent & Vacancy 17 Sale Trends 19 P. 9 Copyrighted report licensed to RE/MAX 5 Star Realty /16/2018

10 MARKET OVERVIEW Overview North Miami Beach Industrial 12 Mo Deliveries in SF 313 K 12 Mo Net Absorption in SF 36.4 K Vacancy Rate 4.1% 12 Mo Rent Growth 5.0% North Miami Beach is a major submarket for industrial buildings, with about 37 million SF of inventory. Most of the properties are clustered near the OpaLocka Executive Airport, and industrial buildings are well represented throughout the I95 corridor, as well. The product here tends to be older, in many cases dating back to the 70s and 80s, and 1 & 2 Star properties make up about 45% of the total inventory. The largest tenants in the area include Empire Seafood, DFASS and Caterpillar Logistics.The vacancy rate is currently around 4.1%, and rent growth is on par with the metro average. KEY INDICATORS Current Quarter RBA Vacancy Rate Asking Rent Availability Rate Net Absorption SF Deliveries SF Under Construction Logistics 30,457, % $ % 218, ,689,552 Specialized Industrial 5,447, % $ % 32, Flex 1,619, % $ % (14,687) 0 0 Submarket 37,524, % $ % 236, ,689,552 Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.2% 5.1% 5.2% 10.6% 2010 Q1 2.2% 2015 Q4 Net Absorption SF 36.4 K 87,740 1,080,353 1,177, Q1 (1,244,000) 2008 Q3 Deliveries SF 313 K 134,961 1,256, , Q Q1 Rent Growth 5.0% 3.3% 2.3% 7.3% 2006 Q4 5.5% 2009 Q4 Sales Volume $120 M $90.1M N/A $238.4M 2017 Q4 $19.0M 2009 Q2 P. 10 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 2

11 MARKET OVERVIEW Leasing North Miami Beach Industrial The vacancy rate in North Miami Beach remained below the metro average throughout most of this cycle, until a pair of 300,000SF buildings delivered in the first quarter of The two 300,000SF twin buildings that delivered in January 2017, known as Centergate at Gratigny Buildings 1 and 2, have not yet fully leased. Seventeen months after completion, one building was 33% leased and the other building was about 50% leased. Strong absorption in the third quarter has improved the vacancy rate, bringing it back in line with the metro average. Several large leases were signed, including 153,000 SF taken by Foreign Parts Distributors and 114,000 SF taken by Perez Trading LLC. North Miami Beach features convenient access to I95, and the majority of space is concentrated along that corridor. Most of the largest blocks of space, however, are located adjacent to the MiamiOpa Locka Executive Airport, which is another major amenity of the North Miami Beach area. NET ABSORPTION, NET DELIVERIES & VACANCY P. 11 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 3

12 MARKET OVERVIEW Leasing North Miami Beach Industrial VACANCY RATE AVAILABILITY RATE P. 12 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 4

13 MARKET OVERVIEW Leasing North Miami Beach Industrial 4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET PAST 12 MONTHS Property Name/Address Rating RBA Deals SF Vacancy (QTD) Net Absorption SF (QTD) 1400 NW 159th St Centergate at Gratigny 6301 E 10th Ave 3000 NW 125th St Centergate at Gratigny Bldg A 5801 E 10th Ave 211, ,387 0% 0 978, ,248 0% 0 181, , % 0 301, , % 0 P. 13 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 5

14 MARKET OVERVIEW Leasing North Miami Beach Industrial 3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET PAST 12 MONTHS Property Name/Address Rating RBA Deals SF Vacancy (QTD) Net Absorption SF (QTD) Prologis Gratigny Industrial P 3505 NW 123rd St American Fruit NW 42nd Ave Miami Outlet Plaza NW 167th St Gardens Industrial NE 4th Ct Warehouse B NE 16th Ave Building A 6043 NW 167th St Warehouse C NE 16th Ave NE 15th Ct AMB Pargo Distribution Center 3380 NW 114th St Meridian Realty Property NW 132nd St NE 5th Ave Warehouse A NE 16th Ave NW 32nd Ave Stop Hunger Inc NE 14th Ave 1605 NW 159th St NW 45th Ave W Dixie Hwy NW 24th Court Bay NW 24th Ct 470 NE 185th St Private Office Space at HiLift NE 187th St 114, ,000 0% 114, , ,000 0% 80,000 44, ,574 0% 6,079 61, , % 1,500 67, ,925 0% 0 54, ,876 0% 0 67, ,843 0% 0 24, , % 0 156, ,825 0% 0 40, ,000 0% 0 61, ,000 0% 0 67, , % 0 340, ,400 0% 0 51, ,100 0% 0 216, ,760 0% 0 75, ,204 0% 0 6, % 0 30, ,000 0% 0 35, ,000 0% 0 47, ,715 0% 0 P. 14 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 6

15 MARKET OVERVIEW Rent North Miami Beach Industrial Rent growth in North Miami Beach reached a cycle peak in 2016 and has continued to slow marginally since. Rent levels remain quite low compared to the metro average but are on par with nearby submarkets Hialeah and Miami Lakes. Two of the newer 2017 deliveries are located in the southwest corner of the submarket, near the OpaLocka airport, and are asking $7.25/SF. MARKET RENT GROWTH (YOY) P. 15 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 7

16 MARKET OVERVIEW Rent North Miami Beach Industrial MARKET RENT PER SQUARE FOOT P. 16 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 8

17 MARKET OVERVIEW Construction North Miami Beach Industrial New supply has been extremely light so far this cycle in North Miami Beach. Apart from the pair of 300,000 SF buildings developed by Gibson Development Partners, no major projects have delivered. However, about 2.2 million SF of industrial space is currently under construction in the submarket. The largest project underway is the Carrie Meek International Business Park, a joint venture between the Carrie Meek Foundation, CNL Commercial Real Estate, and Clarion Partners to develop a 1.7 million SF property with aviation and office warehouse space. The business park is located at the MiamiOpa Locka Executive Airport, covering more than 100 acres. Included in the project is a 5 Star, stateoftheart 830,000 SF Amazon fulfillment center that broke ground in July Other recent groundbreakings include buildings 1 and 2 of The Eastview Commerce Center. The two buildings will bring about a combined 250,000 SF of Class A space to the submarket. DELIVERIES & DEMOLITIONS P. 17 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 9

18 MARKET OVERVIEW Construction North Miami Beach Industrial AllTime Annual Avg. SF 46,960 Delivered SF Past 4 Qtrs 312,806 Delivered SF Next 4 Qtrs 2,689,552 Proposed SF Next 4 Qtrs 294,494 PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED PAST & FUTURE DELIVERIES IN SQUARE FEET P. 18 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 10

19 MARKET OVERVIEW Construction North Miami Beach Industrial RECENT DELIVERIES Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 1 Building NW 142nd St 281,258 1 Dec2017 Aug2018 MiamiDade County NW 15th Ave 31,548 1 Jun2017 Apr2018 Quantum Storage Systems UNDER CONSTRUCTION Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner NW 37th Ave 836,292 Jul2017 Dec2018 Foundry Commercial MiamiDade County Aviation Dep 2 Bridge Point Commerce NW 47th Ave 534,816 1 May2018 Feb2019 Bridge Development Partners Bridge Development Partners 3 Bridge Point Commerce NW 47th Ave 286,875 1 May2018 Feb2019 Bridge Development Partners Bridge Development Partners 4 Bridge Point Commerce NW 47th Ave 286,875 1 May2018 Feb2019 Bridge Development Partners Bridge Development Partners 5 Building 1 NW 215th St 200,372 1 Jul2018 Feb2019 EastGroup Properties, Inc. EastGroup Properties, Inc. 6 Building 5 NW 215th St 186,822 1 Aug2018 Feb2019 EastGroup Properties, Inc. EastGroup Properties, Inc. 7 Eastview Commerce Cen NW 119th St 157,400 1 May2018 Dec2018 Panattoni Development Company Panattoni Development Company 8 Eastview Commerce Cen NW 119th St 101,900 1 May2018 Dec2018 Panattoni Development Company Panattoni Development Company 9 Eastview Commerce Cen NW 119th St 98,200 1 May2018 Dec2018 Panattoni Development Company Panattoni Development Company PROPOSED Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner 1 Building 3 NW 215th St 132,894 1 Apr2019 Nov2019 EastGroup Properties, Inc. EastGroup Properties, Inc. 2 Building 4 BTS NW 119th St 114,100 1 Feb2019 Jul2019 Panattoni Development Company Panattoni Development Company NW 154th Ter 47,500 Mar2019 Dec2019 P. 19 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 11

20 MARKET OVERVIEW Sales North Miami Beach Industrial Sales volume in North Miami Beach totaled about $240 million in 2017, an increase over the previous year and the highest level of the cycle. One of the most significant transactions of 2017 was the sale of the Winn Dixie Logistics Building on 123rd Street. The 961,000SF building sold for $59 million to CenterPoint Properties, and the sale reportedly generated a 5.5% cap rate. Sales have thus far been moderate in 2018, with most sales recorded as of September being under $10 million. Three large warehouses A, B and C sold as part of a portfolio sale that, when combined, totaled $28.3 million. SALES VOLUME & MARKET SALE PRICE PER SF P. 20 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 12

21 MARKET OVERVIEW Sales Past 12 Months North Miami Beach Industrial Sale Comparables 69 Avg. Cap Rate 5.9% Avg. Price/SF $129 Avg. Vacancy At Sale 0.7% SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $49,019 $3,050,521 $1,100,000 $22,889,200 Price Per SF $48 $129 $116 $226 Cap Rate 4.6% 5.9% 5.6% 7.5% Time Since Sale in Months Property Attributes Low Average Median High Building SF 1,609 36,872 15, ,000 Ceiling Height 13' 20'6" 19'6" 40' Docks Vacancy Rate At Sale 0% 0.7% 0% 14.5% Year Built Star Rating 2.1 P. 21 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 13

22 MARKET OVERVIEW Sales Past 12 Months North Miami Beach Industrial RECENT SIGNIFICANT SALES Property Sale Property Name Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF NW 159th St Cap Rate ,000 0% 8/22/2018 $22,889,200 $ % NW 114th St ,000 0% 12/13/2017 $17,500,000 $ NW 176th St ,000 0% 10/25/2018 $12,000,000 $ NW 116th St ,517 0% 3/21/2018 $5,950,000 $ NE 15th Ct ,406 0% 3/14/2018 $5,525,000 $ % NW 165th St ,760 0% 5/16/2018 $5,200,000 $116 7 A & E, Inc. / Delta Knitwe NW 38th Ave ,000 0% 10/10/2018 $4,493,500 $ NW 159th Dr ,000 0% 2/13/2018 $4,295,700 $ NE 185th St ,016 0% 7/6/2018 $4,250,000 $ NW 159th Dr ,513 0% 5/30/2018 $3,775,000 $ NW 24th Court Ba NW 24th Ct ,207 0% 6/4/2018 $3,725,000 $ NW 34th Ave ,500 0% 4/4/2018 $3,700,000 $ NW 157th St ,900 0% 5/4/2018 $3,100,000 $ NE 18th Ave ,278 0% 5/9/2018 $2,825,000 $ Collision Express 1890 NE 150th St ,300 0% 1/5/2018 $2,000,000 $ NW 170th St ,912 0% 4/16/2018 $1,747,600 $ NW 29th Ct ,750 0% 12/19/2017 $1,450,000 $ NW 150th St ,927 0% 8/20/2018 $1,353,000 $ NW 149th St ,630 0% 12/4/2017 $1,150,000 $ NE 185th St ,000 0% 8/3/2018 $1,100,000 $110 P. 22 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 14

23 MARKET OVERVIEW Supply & Demand Trends North Miami Beach Industrial OVERALL SUPPLY & DEMAND Inventory Net Absorption Year SF SF Growth % Growth SF % of Inv Construction Ratio ,139, , % 649, % ,321, , % 795, % ,324, , % 1,281, % ,339,511 2,815, % 1,839, % ,524, , % 364, % 0.4 YTD 37,524, , % 44, % ,389, , % 10,959 0% ,861,003 (17,360) 0% (114,635) 0.3% ,878,363 (8,000) 0% 679, % ,886, % 285, % ,886,363 38, % 275, % ,847, % 376, % ,847, % 467, % ,847, , % 940, % ,741,249 11,437 0% (821,664) 2.2% ,729, , % (387,901) 1.1% ,383, , % (739,013) 2.0% ,972, , % 320, % 0.4 SPECIALIZED INDUSTRIAL SUPPLY & DEMAND Inventory Net Absorption Year SF SF Growth % Growth SF % of Inv Construction Ratio ,447, % (11,762) 0.2% ,447, % (11,771) 0.2% ,447, % (11,776) 0.2% ,447, % (8,664) 0.2% ,447,275 (31,436) 0.6% 16, % YTD 5,447,275 (31,436) 0.6% 14, % ,478, % 6, % ,478, % (57,527) 1.1% ,478, % (1,295) 0% ,478, % 65, % ,478, % 7, % ,478, % 71, % ,478, % (33,935) 0.6% ,478, % 137, % ,478, % (19,808) 0.4% ,478, % (146,305) 2.7% ,478, % (60,886) 1.1% ,478, % 75, % 0 P. 23 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 15

24 MARKET OVERVIEW Supply & Demand Trends North Miami Beach Industrial LOGISTICS SUPPLY & DEMAND Inventory Net Absorption Year SF SF Growth % Growth SF % of Inv Construction Ratio ,073, , % 655, % ,254, , % 802, % ,257, , % 1,288, % ,272,660 2,815, % 1,842, % ,457, , % 325, % 0.5 YTD 30,457, , % 10,748 0% ,291, , % 12,580 0% ,762,716 (17,360) 0.1% (85,565) 0.3% ,780, % 597, % ,780, % 154, % ,780,076 38, % 243, % ,741, % 503, % ,741, % 482, % ,741, , % 811, % ,634,962 11,437 0% (785,105) 2.6% ,623, , % (191,402) 0.6% ,277, , % (738,369) 2.5% ,866,318 76, % 209, % 0.4 FLEX SUPPLY & DEMAND Inventory Net Absorption Year SF SF Growth % Growth SF % of Inv Construction Ratio ,619, % 5, % ,619, % 5, % ,619, % 5, % ,619, % 5, % ,619, % 22, % 0 YTD 1,619, % 18, % ,619, % (8,519) 0.5% ,619, % 28, % ,619,576 (8,000) 0.5% 84, % ,627, % 65, % ,627, % 24, % ,627, % (199,110) 12.2% ,627, % 19, % ,627, % (8,180) 0.5% ,627, % (16,751) 1.0% ,627, % (50,194) 3.1% ,627, % 60, % ,627,576 66, % 35, % 1.9 P. 24 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 16

25 MARKET OVERVIEW Rent & Vacancy North Miami Beach Industrial OVERALL RENT & VACANCY Market Rent Vacancy Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2022 $ % 14.4% 2,261, % 0.3% 2021 $ % 13.3% 2,094, % 0.4% 2020 $ % 12.7% 1,894, % 0.8% 2019 $ % 10.1% 2,191, % 2.2% 2018 $ % 5.2% 1,214, % 0.6% YTD $ % 4.5% 1,534, % 0.2% 2017 $ % 0% 1,444, % 1.3% 2016 $ % 5.0% 926, % 0.3% 2015 $ % 10.8% 829, % 1.9% 2014 $ % 16.4% 1,517, % 0.8% 2013 $ % 21.1% 1,802, % 0.6% 2012 $ % 24.4% 2,039, % 1.0% 2011 $ % 27.4% 2,415, % 1.3% 2010 $ % 29.1% 2,883, % 2.3% 2009 $ % 26.9% 3,717, % 2.3% 2008 $ % 22.7% 2,884, % 1.9% 2007 $ % 23.0% 2,150, % 3.1% 2006 $ % 26.8% 1,000, % 0.5% SPECIALIZED INDUSTRIAL RENT & VACANCY Market Rent Vacancy Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2022 $ % 19.2% 94, % 0.2% 2021 $ % 17.4% 82, % 0.2% 2020 $ % 16.1% 70, % 0.2% 2019 $ % 12.8% 58, % 0.2% 2018 $ % 6.7% 50, % 0.9% YTD $ % 5.9% 51, % 0.8% 2017 $ % 0% 97, % 0.1% 2016 $ % 5.4% 104, % 1.1% 2015 $ % 12.3% 47, % 0% 2014 $ % 18.2% 45, % 1.2% 2013 $ % 23.2% 111, % 0.1% 2012 $ % 27.5% 119, % 1.3% 2011 $ % 30.1% 190, % 0.6% 2010 $ % 31.4% 156, % 2.5% 2009 $ % 29.8% 294, % 0.4% 2008 $ % 25.8% 274, % 2.7% 2007 $ % 25.7% 128, % 1.1% 2006 $ % 29.4% 67, % 1.4% P. 25 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 17

26 MARKET OVERVIEW Rent & Vacancy North Miami Beach Industrial LOGISTICS RENT & VACANCY Market Rent Vacancy Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2022 $ % 13.7% 2,085, % 0.3% 2021 $ % 12.7% 1,925, % 0.4% 2020 $ % 12.2% 1,732, % 1.1% 2019 $ % 9.8% 2,035, % 2.6% 2018 $ % 5.0% 1,062, % 0.5% YTD $ % 4.3% 1,376, % 0.5% 2017 $ % 0% 1,221, % 1.7% 2016 $ % 4.8% 705, % 0.2% 2015 $ % 10.4% 637, % 2.0% 2014 $ % 16.0% 1,234, % 0.5% 2013 $ % 20.5% 1,388, % 0.7% 2012 $ % 23.7% 1,593, % 1.7% 2011 $ % 26.8% 2,097, % 1.6% 2010 $ % 28.7% 2,580, % 2.4% 2009 $ % 26.5% 3,284, % 2.7% 2008 $ % 22.1% 2,488, % 1.7% 2007 $ % 22.4% 1,950, % 3.9% 2006 $ % 26.3% 801, % 0.5% FLEX RENT & VACANCY Market Rent Vacancy Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2022 $ % 11.7% 81, % 0.3% 2021 $ % 10.3% 86, % 0.3% 2020 $ % 9.7% 91, % 0.3% 2019 $ % 7.4% 97, % 0.3% 2018 $ % 3.3% 102, % 1.4% YTD $ % 2.8% 106, % 1.2% 2017 $ % 0% 125, % 0.5% 2016 $ % 5.9% 116, % 1.8% 2015 $ % 11.8% 144, % 5.6% 2014 $ % 18.5% 237, % 4.0% 2013 $ % 23.3% 302, % 1.5% 2012 $ % 27.2% 326, % 12.2% 2011 $ % 27.6% 127, % 1.2% 2010 $ % 28.7% 146, % 0.5% 2009 $ % 25.8% 138, % 1.0% 2008 $ % 22.8% 121, % 3.1% 2007 $ % 24.0% 71, % 3.7% 2006 $ % 27.9% 131, % 1.6% P. 26 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 18

27 MARKET OVERVIEW Sale Trends North Miami Beach Industrial OVERALL SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2022 $ % 2021 $ % 2020 $ % 2019 $ % 2018 $ % YTD 58 $96.4 M 4.8% $3,172,525 $ % $ % $238.4 M 9.4% $5,258,955 $ % $ % $89.0 M 3.1% $2,487,215 $80.43 $ % $161.0 M 6.4% $3,352,580 $ % $ % $101.1 M 4.8% $2,008,986 $ % $ % $82.9 M 4.7% $2,529,199 $ % $ % $64.6 M 3.3% $2,113,623 $ % $ % $41.4 M 2.9% $1,721,500 $49.32 $ % $38.1 M 2.3% $1,082,140 $45.22 $ % $23.6 M 1.3% $1,494,837 $69.83 $ % $36.8 M 1.8% $1,687,205 $ % $ % $139.9 M 5.9% $3,184,021 $ % $ % (1) Completed transaction data is based on actual armslength sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. SPECIALIZED INDUSTRIAL SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2022 $ % 2021 $ % 2020 $ % 2019 $ % 2018 $ % YTD 7 $23.1 M 9.0% $4,614,000 $ % $ % $33.8 M 8.3% $3,760,556 $ % $ % $20.1 M 4.3% $2,870,816 $85.52 $ % $12.1 M 5.1% $1,509,712 $ % $ % $33.5 M 6.9% $3,304,447 $ % $ % $5.2 M 2.4% $1,036,000 $40.19 $ % $5.2 M 1.2% $1,308,750 $81.67 $ % $1.3 M 0.4% $1,290,000 $66.20 $ % $6.8 M 3.1% $1,361,160 $39.84 $ % $1.0 M 0.6% $487,000 $31.42 $ % $9.3 M 4.8% $3,096,333 $35.39 $ % $31.3 M 10.9% $6,264,000 $52.61 $ % (1) Completed transaction data is based on actual armslength sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. P. 27 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 19

28 MARKET OVERVIEW Sale Trends North Miami Beach Industrial LOGISTICS SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2022 $ % 2021 $ % 2020 $ % 2019 $ % 2018 $ % YTD 49 $73.1 M 4.2% $2,884,230 $ % $ % $184.5 M 9.4% $5,727,602 $ % $ % $51.5 M 2.4% $2,117,765 $75.58 $ % $143.9 M 6.9% $3,839,155 $ % $ % $63.5 M 4.4% $1,666,156 $ % $ % $75.6 M 5.3% $3,066,723 $ % $ % $54.2 M 3.6% $2,246,508 $ % $ % $38.6 M 3.5% $1,794,875 $48.62 $ % $31.3 M 2.3% $1,030,469 $46.59 $ % $22.4 M 1.5% $1,662,810 $73.60 $ % $23.4 M 1.2% $1,390,144 $ % $ % $102.1 M 5.1% $2,824,695 $ % $ % (1) Completed transaction data is based on actual armslength sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. FLEX SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2022 $ % 2021 $ % 2020 $ % 2019 $ % 2018 $ % YTD 2 $0.3 M 0.4% $ $ % $20.1 M 14.4% $4,881,175 $ % $ % $17.4 M 11.9% $3,940,250 $91.58 $ % $5.1 M 3.0% $1,722,416 $ % $ % $4.2 M 6.4% $1,739,102 $39.75 $ % $2.2 M 1.9% $717,667 $68.99 $ % $5.1 M 5.6% $2,128,750 $55.87 $ % $1.5 M 1.6% $685,500 $57.91 $ % $0 M 0.7% $ % $0.2 M 0.1% $87.10 $ % $4.1 M 3.1% $1,950,000 $87.99 $ % $6.5 M 4.7% $1,592,600 $84.17 $ % (1) Completed transaction data is based on actual armslength sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. P. 28 and should be personally verified through personal inspection Copyrighted by and/or report with the licensed appropriate to RE/MAX professionals. 5 Star Realty /16/2018 Page 20

29 SURVEY P. 29

30 FLOOR PLAN P. 30

31 DEMOGRAPHICS Population 1 Mile 3 Mile 5 Mile Male 9,460 (46.96 %) 80,442 (47.25 %) 237,367 (47.64 %) Female 10,685 (53.04 %) 89,816 (52.75 %) 260,859 (52.36 %) Total Population 20, , ,226 Age Breakdown 1 Mile 3 Mile 5 Mile Ages 04 1,462 (7.26 %) 11,506 (6.76 %) 31,991 (6.42 %) Ages 59 1,756 (8.72 %) 13,876 (8.15 %) 39,137 (7.86 %) Ages ,616 (8.02 %) 12,799 (7.52 %) 36,187 (7.86 %) Ages ,603 (7.96 %) 12,418 (7.29 %) 34,904 (7.01 %) Ages ,623 (8.06 %) 12,638 (7.42 %) 35,366 (7.10 %) Ages ,603 (7.96 %) 12,669 (7.44 %) 35,309 (7.09 %) Ages ,484 (7.37 %) 12,057 (7.08 %) 34,384 (6.90 %) Ages ,340 (6.65 %) 11,221 (6.59 %) 33,440 (6.71 %) Ages ,202 (5.97 %) 10,746 (6.31 %) 33,500 (6.72 %) Ages ,138 (5.65 %) 10,592 (6.22 %) 33,663 (6.76 %) Ages ,090 (5.41 %) 10,203 (5.99 %) 32,219 (6.47 %) Ages ,016 (5.04 %) 9,561 (5.62 %) 29,226 (5.87 %) Ages (4.56 %) 8,402 (4.93 %) 24,784 (4.97 %) Ages (3.85 %) 6,902 (4.05 %) 19,838 (3.98 %) Ages (2.96 %) 5,332 (3.13 %) 15,107 (3.03 %) Ages (2.04 %) 3,771 (2.21 %) 10,767 (2.16 %) Ages (1.12 %) 2,212 (1.30 %) 6,950 (1.39 %) Ages (1.41 %) 3,353 (1.97 %) 11,454 (2.30 %) P. 31

32 DEMOGRAPHICS Household Income 1 Mile 3 Mile 5 Mile Median Income $45,087 $43,789 $46,511 Less than $10, ,081 13,713 $10,000 $14, ,414 9,272 $15,000 $19, ,013 9,081 $20,000 $24, ,308 10,711 $25,000 $29, ,414 10,614 $30,000 $34, ,278 10,543 $35,000 $39, ,945 9,173 $40,000 $44, ,457 8,439 $45,000 $49, ,139 9,188 $50,000 $59, ,862 15,417 $60,000 $74, ,140 17,915 $75,000 $99, ,816 18,792 $100,000 $124, ,189 8,680 $125,000 $149, ,193 4,002 $150,000 $199, ,126 Greater than $200, ,463 Housing 1 Mile 3 Mile 5 Mile Housing Units 6,497 57, ,488 Occupied Units 6,135 53, ,637 Owner Occupied Units 3,890 35, ,380 Renter Occupied Units 2,245 17,809 60,257 Vacant Units 362 3,866 14,851 Race Demographics 1 Mile 3 Mile 5 Mile Population Non Hispanic White 2,094 43, ,328 Population Black 17, , ,476 Population Am In/Ak Nat P. 32

33 LOCATION MAP P. 33

34 ZONING ARTICLE XV. PLANNED CORRIDOR DEVELOPMENT DISTRICT (PCD) AND ENTERTAINMENT OVERLAY DISTRICT (EO) DIVISION 1. PURPOSE, INTENT AND APPLICABILITY Sec Purpose. The broad purpose of this zoning district is to unify the various zoning classifications and regulation of the city's major street corridors in order to achieve coordinated citywide development and redevelopment outcomes that improve the quality of life for all residents and have the overall effect of increasing property values throughout the city and establishing a "sense of place" unique to Miami Gardens. The PCD applies to land abutting the following corridors, each of which is a distinct subarea of the PCD district: (1) U.S. 441/S.R. 7. (2) Palmetto Expressway frontage roads. (3) N.W. 27th Avenue. (4) Golden Glades. (Ord. No , 2(1510), ) Sec Detailed intent. (a) (b) The intent of this district is to transform the city's major transportation corridors into attractive and vibrant places, consistent with the principles of transitoriented development (TOD) in order to capitalize on the high level of regional bus transit serving the corridors. Since the majority of new development and redevelopment within the city will arguably occur within the PCD, sustainable building practices should prevail. It is further intended that the intense corridor development protect and enhance the established singlefamily residential neighborhoods adjacent to the corridor that comprise the majority of the city's urban fabric. TOD offers a means of continued growth and redevelopment based upon a transitoriented mobility strategy that makes it possible to live a higher quality life without complete dependence on a car for mobility. The PCD is intended to accomplish this intent of this article through the following requirements and incentives: (1) Encouraging transitsupportive density and intensity; (2) Encouraging mixing of residential and commercial uses within buildings, parcels, or both; (3) Fostering a positive pedestrian experience thorough the provision of wide, attractive and shaded sidewalks, limiting curb cuts, encouraging buildings that abut the sidewalk and contain groundstory retail, service and entertainment uses with substantial crossvisibility between the sidewalk and the building interiors); (4) Introducing substantial thematic greenery to the major corridors; (5) Encouraging multiplestory buildings and trees along the street edge in order to clearly and consistently define the edges of the streets and introduce a sense of enclosure, which tends to slow vehicular traffic and bring a more pedestrianscale to the corridors; (6) Encourage the use of common architectural elements within the district; (7) Encourage sustainable building practices; (8) Enable quality development of substandard lots through specialized development standards; and P. 34

35 ZONING (9) Ensure that buildings and development sites transition compatibly to adjacent residential neighborhoods. (Ord. No , 2(1520), ) Sec Applicability. The regulations of this article shall apply to all development and redevelopment of land designated PCD on the zoning map, as divided into four distinct geographical areas for purposes of regulation: N.W. 27th Avenue Corridor; S.R. 7 Corridor; Palmetto Road Corridor; and Golden Glades Interchange. (Ord. No , 2(1530), ) Sec Reserved. Secs Reserved. DIVISION 2. USE REGULATIONS Sec General use regulations. (a) The list of permitted and special exception uses within the PCD district is located in article IX of this chapter. (b) Regulations governing the mixing of uses are found in section (Ord. No , 2(1550), ) Secs Reserved. DIVISION 3. INCENTIVES FOR PROVIDING DESIRED DEVELOPMENT FEATURES Sec Intent. A system of incentives is hereby established to achieve the intent of this article. Development within the Planned Corridor Development Zoning District may provide specified amenities above minimum code requirements, which may then be exchanged for specific bonuses. The specific amenities for which bonuses may be earned are listed in section (Ord. No , 2(1560), ) Sec Maximum allowable development intensity without incentives. (a) (b) (c) (d) Height of two stories, except four stories is permitted within the Golden Glades subarea. Floor area ratio of Note: FARs in excess of 0.50 is permissible only for mixeduse developments. Density of 16 du/ac, except 26 du/ac within the Golden Glades subarea. Impervious area of 70 percent. (Ord. No , 2(1570), ) P. 35

36 ZONING Sec Development features that qualify for incentives. Bonuses are awarded for developments that provide the following features, pursuant to the schedule of incentive bonuses in section (1) Constructing at the buildtoline. This feature requires that offstreet parking is located in the rear yard, interior side yard, or both, and that the building is located adjacent to the sidewalk. A specific crosssection has been established for this option. (2) Constructing mixeduse development. Mixeduse development is subject to section 34591, regardless of whether an incentive bonus is sought. It is important to note that the maximum floor area ratio that can be achieved without constructing for mixed use is limited to 0.5. (3) Providing improved urban open space. Plazas, greens and pocket parks are urban open spaces that qualify for incentive bonuses. The city shall determine, at its sole discretion, when to award an incentive bonus for urban open space, pursuant to the urban open space design standards in section (4) Complying with the architectural guidelines. The city council may adopt architectural standards by resolution, for which compliance is voluntary, and bonuses are awarded as an incentive for compliance. (5) Providing market rate dwelling units. Marketrate dwelling units are not subsidized, and are sold or rented to buyers or renters at whatever sale price or rental rate that the realestate market commands in the given location. Bonuses are awarded for developments with at least 85 percent marketrate units. In order to qualify for a bonus, the developer shall record a declaration of restrictive covenants in favor of the city that guarantees that the specified number of dwelling units will not be subsidized for renters or buyers for the duration of the covenant as provided by law. (6) Sustainable construction and building systems. Sustainable building practices refers to building and building site design, materials and construction techniques that minimize demand for nonrenewable material and energy resources, water consumption, and minimize the generation of waste products and pollution, and stormwater runoff. The city's sustainable building/development program is a voluntary program that developers may choose to participate in, for which incentive bonuses shall be awarded. Section details how to qualify for this incentive. (7) Providing a transit amenity. In order to qualify for a bonus, the developer must provide a bus shelter and transit information kiosk that meets or exceeds the requirements of county transit. The developer must also place the building at the buildtoline (which qualifies for additional bonuses). The kiosk must be located within 25 feet of a transit shelter. The incentive for providing a transit amenity is discretionary, meaning that the city may reject a transit shelter at proposed locations that the administrative official determines are not appropriate or desirable for same. (Ord. No , 2(1580), ) Sec Schedule of development incentives. P. 36

37 ZONING Development features that qualify for incentives Available incentive bonuses Buildin g on 15' buildtoline Mixeduse developmen t Compliant architectur e Urba n open space Market rate housing Transit Infrastructur e Sustainable Buildings 50% Credit Optio n 100% Credit Optio n Increase impervious area (see section ) 5% increase X X X X 10% increase X X X X 15% increase X X X X X X X X Reduce PCD arterial street LS buffer (see section 34532) 5foot reduction X X X X 10foot reduction X Reduce side setback & LS buffer (see section 34532) 5foot reduction X X Eliminate setback and buffer X P. 37

38 ZONING Reduce rear LS buffer (see section 34532) X 2.5foot reduction X Eliminate interior parking lot LS islands (see section 34532) X Increase height/density/fa R 1 story increase X X 2story increase X X X X X 3story increase X Allow flexible parking (see section 34532) X X Reduce avg. dwelling unit area (see section ) 25 s.f. reduction X 50 s.f. reduction X X Expedite permits (see section ) X X X X X P. 38

39 ZONING (Ord. No , 2(1590), ; Ord. No , 7, ; Ord. No , 2(Exh. A), ) Sec Specific incentive bonus regulations. (a) (b) Increased impervious area. (1) A development may exceed the maximum impervious area allowance of section 34562, by the percentages indicated in section 34531, for providing certain desired development characteristics as identified in section (2) Each percentage increase of allowable pervious area that is awarded is percentage of net lot area. For example, a ten percent bonus increase in allowable impervious area is an additional ten percent of the net lot area that can be covered with an impervious surface. (3) Impervious area bonuses do not waive or vary the landscape buffers required in section Reduced PCD arterial street landscape buffer incentive bonus. This bonus is offered at two levels. (1) When a building is constructed using the buildtoline option instead of the minimum setback option, the street landscape buffer is automatically reduced from 20 feet to 11 feet. Furthermore, this bonus allows up to 60 percent of the landscape buffer area to be improved for use as outdoor restaurant seating or improved public open space. This bonus is only available for utilizing the buildtoline option. (2) If the buildtoline option is not utilized, a fivefoot reduction in the required PCD arterial street buffer is attainable pursuant to section This bonus allows up to 25 percent of the PCD arterial street landscape buffer to be improved for use as qualifying public open space under section 34530(3), but it does not allow use of the buffer for any other purpose. (c) Reduced interior side yard setback and landscape buffer incentive bonus. (d) (e) (1) This incentive is offered at two levels: a. Five foot reduction of the interior side yard setback and landscape buffer required in article XI of this chapter; and b. Elimination of the interiorside yard setback required and landscape buffer. (2) Both levels of landscape buffer reduction apply only to portions of the required interior side yard that are occupied by a building or a parking facility that connects to the parking facility of the abutting lot. The full side landscape buffer is required if there is no connection to the parking lot on the adjoining lot. A parking lot shall be deemed connected to that of an adjoining vacant lot if the parking facility is designed for future connection when the adjoining lot is developed. Reduce rear yard landscape buffer. This bonus allows a 2.5 foot reduction in the width of the rear yard landscape buffer required in article XI of this chapter. Eliminate interior parking lot landscape islands. This bonus allows the elimination of all landscape islands required in article XIV of this chapter, other than terminal islands for parking lots or portions of parking lots separated from the street frontage by a building. (f) Reserved. (g) Increased height, density and FAR incentive bonus. (1) This bonus allows additional height, measured in stories, and corresponding additional residential density and nonresidential floor area ratio. The developer may utilize the additional residential density, nonresidential floor area, or both. (2) Each story of additional height increases the allowable density by 12 du/ac and increases the maximum floor area ratio by.30, up to the maximum number of permitted stories, density and P. 39

40 ZONING (h) (i) (j) floor area ratio designated for the applicable PCD corridor in section 34562, provided that bonuses for height and density are doubled for lots within the Golden Glades Interchange subarea. (3) Note: the incentive for floor area ratio cannot be awarded unless the development qualifies as mixeduse under section Flexible parking bonus. This bonus allows the developer to utilize the following flexible parking provisions of section Reduced average dwelling unit floor area incentive bonus. Article XI of this chapter establishes a minimum average dwelling unit size for every multiplefamily development. This requirement may be reduced by up to 50 square feet with this incentive bonus. Expedited permits bonus. The city may offer expedited permitting for building plans review, site plan review and other reviews in attempt to expedite the development or meet time constraints of the applicant, including mixeduse developments and developments that are part of a master plan in accordance with section of this chapter. (Ord. No , 2(15100), ; Ord. No , 8, ; Ord. No , 2(Exh. A), ) Sec Rules and procedure for awarding incentive bonuses. (a) (b) (c) (d) How to read section Each development quality listed in the column headings qualifies for all of the bonuses highlighted in the column. Bonuses are cumulative. This means that all of the bonuses that are awarded in section for a particular development quality apply in addition to the bonuses earned for providing other qualifying development characteristics. However, the sum total of bonuses shall need exceed the maximum values of section For example, there are multiple ways to qualify for impervious surface area bonuses. The combined bonuses would easily exceed 100 percent impervious area. However, section limits the maximum impervious area with incentive bonuses to 95 percent of the lot area. Therefore, the combined bonuses would be capped at 95 percent. Incentive bonus award procedures. Bonuses are awarded at the time of site plan approval. The bonuses remain valid for as long as the site plan remains valid. Sustainable development incentive bonus. Special rules and procedures apply to this bonus, as detailed in section (Ord. No , 2(15110), ) Sec Rules and procedure for awarding sustainable development incentive bonus. (a) (b) (c) Intent and applicability. Sustainable building practices refers to building and building site design, materials and construction techniques that minimize demand for natural resources, and minimize the generation of waste products, pollution and stormwater runoff. The city's sustainable building program is a voluntary program that developers may choose to participate in, for which incentives bonuses shall be awarded. Credit. Credit for sustainable ("green") building practices shall be awarded based upon qualifying site design, construction and possibly, as applicable, operational practices. Green building practices are generally consistent with the techniques used to achieve LEED certification and would be LEED certifiable, but do not necessarily need to apply to have certification Certification programs. This program awards credits based on selected third party green building/ development certification programs, including but not limited to the Florida Green Building Coalition. P. 40

41 ZONING (d) (e) (f) (g) (h) Florida Green Lodging, and U.S. Green Building Council Leadership in Energy and Environmental Design (LEED). Actual certification from the third party program is not required to qualify for the green building incentive credit shall be suggested or proposed by the developer or applicant and shown on the site development plan. Preliminary meeting. Applicants seeking to participate in the voluntary green building/development program are required to schedule a preliminary development application meeting. At the preliminary development application meeting, the applicant must identify the third party green building/development standards proposed to be incorporated in the project design and implementation, and provide a copy of the standards to city staff for review. If the standards of a third party certification program other than those listed in subsection (2) of this section are proposed, the city staff will review the proposed standards and notify the applicant if the proposed standards are accepted or rejected for the voluntary green building/development program. Review process and certification options. Applicants seeking to participate in the voluntary green building/development program must choose to either: (1) Formally apply for third party certification, which includes meeting all the submittal, application and fee requirements for said third party certification, or (2) Participate in the city's costrecovery green building/development review process, which does not require the applicant to formally apply for third party certification. The applicant shall be required to document compliance with all of the thirdparty certification criteria to the city's satisfaction. Minimum submittal requirements for applying for voluntary green building and/or development program/receipt of incentives. Site development plan submittal requirements to participate in the voluntary green building/development program would be required to include the following: (1) Documentation that applicant has participated in the preliminary development application meeting and has received approval from city for the third party green building/development standards used in the site development plan submittal. (2) Written statement identifying the review option selected by the applicant (i.e., the formal third party certification or the city's costrecovery based review). (3) A completed residential green development/building checklist, with a narrative explanation of how the green building measure is being incorporated. (4) The city shall require that the proposal exceed the number of points necessary for incentive credit under this section by a margin to be established administratively for each third party certification program. The intent is to ensure certification as best possible in the event that a given green measure fails to qualify after construction is completed. (5) A notarized affidavit from the project architect demonstrating the approved green building measures have been incorporated. (6) Project plans that clearly reference the green building measure. (7) A notarized affidavit certifying that a certified/accredited or other green building expert professional deemed acceptable by the city is a part of the development team and shall remain part of the project team throughout its duration (i.e., from the design stage through final building inspection/issuance of certificate of occupancy). Incentives. (1) Developments may satisfy all of the criteria for certification under a third party program, plus the additional point margin to be established administratively by the city for maximum possible incentive credit in table x under the "100 percent credit option." Performance bond. Participants in the voluntary green building program, at the time of permit application, shall post a performance bond in a form acceptable to the city. P. 41

42 ZONING (1) The amount of the required performance bond shall be calculated as follows for projects seeking the incentive bonus for meeting third party certification requirements: a. Two percent of the total cost of construction for a development of less than 100,000 squarefoot building area. b. Three percent of the total cost of construction for a development of up to 200,000squarefoot building. c. Four percent of the total cost of construction for any building greater than 200,000 square feet. (2) The amount of the required performance bond for projects seeking an incentive bonus for earning at least onehalf of the points needed for third party certification shall be onehalf of the bond amount required in subsection (h)(1) of this section. (3) In the event the development does not achieve the third party certification or the number of points for which the incentive bonus was based, a portion of the bond shall be forfeited in an amount equal to the percentage of the required third party point total not earned. However, if the development does not qualify for at least 90 percent of the number of points required to earn the bonus, the entire bond amount shall be forfeited. (4) The city will draw down on the bond funds if: a. The third party certification is not achieved within one year of the city issuance of the certificate of occupancy for the building; or b. In the case of city verification of credits, if the city determines that the development does not qualify for the credits upon which the incentive bonus is based within one year of the city issuance of the certificate of occupancy for the building. Funds that become available to the city from the forfeiture of all or part of the performance bond shall be placed in the sustainable development fund established by the city. (Ord. No , 2(15120), ; Ord. No , 9, 10, ) Secs Reserved. DIVISION 4. DENSITY, INTENSITY AND HEIGHT Sec Maximum density, floor area ratio (FAR), height, and impervious area. (a) Density, floor area ratio (FAR) and building height maximums. PCD subareas N.W. 27th Avenue corridor SR 7 corridor Palmetto Expressway corridor Golden Glades Interchange Base PCD Intensities Max. residential density 16 du/ac 16 du/ac 16 du/ac 26 du/ac P. 42

43 ZONING Max. floor area ratio Max. building height 2 stories 2 stories 2 stories 4 stories Max. impervious area 70 percent 70 percent 70 percent 70 percent Residential density 55 du/ac 75 du/ac 100 du/ac 150 du/ac PCD Intensities with max. bonuses Max. floor area ratio Max. building height stories 8 stories 10 stories 20 stories Max. impervious area 90% 90% 90% 90% (b) (c) (d) (e) (f) (g) (h) Density and FAR are based upon net lot area. The minimum required density for singleuse residential developments is 16 du/ac. The minimum required gross floor area of a mixeduse development that shall be devoted to residential use is 40 percent, which shall include at least four dwelling units. The minimum required gross floor area of a mixeduse development that shall be devoted to commercial use is ten percent, provided that a minimum of five percent of the ground floor shall be commercial use. The maximum permitted height of accessory buildings and structures is two stories. Corner lots fronting two PCD arterial streets shall be subject to the highest density, intensity and height permitted of the two streets. Building stepback. When a PCD lot abuts a residentially zoned lot, the maximum permitted height of any portion of a building or structure shall be equivalent to one foot in height for each 1.5 feet of distance from the residentially zoned lot, or 25 feet, whichever is greater. (see Figure 1) P. 43

44 ZONING Figure 1: Rear Building Stepback (Ord. No , 2(15130), ) Secs Reserved. DIVISION 5. SITE DEVELOPMENT REGULATIONS Sec Minimum required lot size and dimensions. (a) (b) (c) (d) Intent. The minimum standards of this section are intended to ensure that subdivision results in lots of sufficient area and dimension to accommodate substantial buildings of multiple stories that can potentially provide public and/or private amenities. Lot area : 45,000 square feet, except as provided in subsection (d) of this section. Lot width : 150 feet, except as provided in subsection (d) of this section. Exceptions. Subdivision that results in lots of smaller area or dimension than the minimums required in this table is prohibited unless the city first approves a site plan for the overall tract pursuant to section Any such site plan shall identify the proposed subdivision, and may be subject to a conditions of unity of title or require a declaration of restrictive covenants as set forth in sections and 3451 and any other provision the city deems appropriate to provide for subdivision that will result in lots of smaller area or dimension than the minimum area requirement set forth in this table. (Ord. No , 2(15140), ) Sec Building placement and landscaping. Principal and accessory buildings and structures are subject to the following requirements, illustrated in figure 2 in this section. (1) Setback and landscape buffer requirements using front buildtoline option. Landscape buffer Total setback PCD arterial (buildtoline) 11 feet 15 feet * P. 44

45 ZONING Other street minimum 10 feet 10 feet Interior side minimum 0 feet 0 feet Rear minimum 7.5 feet 7.5 feet Minimum abutting residentially zoned lot 7.5 feet 25 feet *Includes 4foot sidewalk easement supplemental to sidewalk within the rightofway (2) Setback and landscape buffer requirements using front minimum setback option. Landscape buffer Total setback PCD arterial minimum 21 feet 25 feet* Other street minimum 10 feet 10 feet Interior side minimum 10 feet 10 feet Rear minimum 10 feet 10 feet Minimum abutting residentially zoned lot 10 feet 25 feet *Includes 4foot sidewalk easement supplemental to sidewalk within the rightofway P. 45

46 ZONING Figure 2: Planned Corridor District BuildToLine Street Interface (3) Buildtoline option details. Under this option, all stories of buildings below the fourth story must be situated 15 feet from the street line for at least 50 percent of the length of the lot frontage (see figure 2 in this section), except as provided in this section. a. The building may be set back further than 15 feet if the additional setback is occupied by an approved open space that qualifies for an incentive bonus, without the need for a variance. b. Lots with less than 200 feet of depth may reduce the required buildtoline to eight feet, of which four feet are comprised of shrubs and approved ground cover, and four feet are comprised of sidewalk easement, within which the required street trees shall be placed in planting wells a minimum of four feet square, and covered with tree grates of a design approved by the city. c. Orientation. At least one principal public entrance to each principal building shall face and be located along a PCD arterial street. When the ground story is comprised of multiple businesses with frontage on the PCD arterial street corridor, each shall have a public entrance from the sidewalk. Each building entrance shall be connected to the sidewalk by a paved walkway. Buildings should have as many pedestrian connections to the street as possible. d. All stories in excess of six (i.e., seventh story and above) shall be set back 25 feet from the street line. (4) Permitted setback encroachments. a. Covered entrances such as canopies and shed roofs with columns may project forward of the buildtoline and into the streetscape planting area up to the rear edge of the sidewalk. Awnings may project over the sidewalk to within three feet of the curb, or as otherwise restricted by the Florida Department of Transportation. In rear and corner street yards, awnings may extend up to five feet into the required yard. b. Upper story balconies may project up to three feet forward of the buildtoline and rear setback line. (5) Pedestrian access to rear parking. Paseos, building separation or other pedestrian access from the public sidewalk to rear parking shall be provided at appropriate intervals for pedestrian convenience. Such access shall be designed consistent with crime prevention through environmental design principles, including adequate lighting, and observability both from the street and adjacent buildings (i.e., substantial translucent fenestration from abutting buildings should look onto the passageway). (6) Setback requirements. Accessory buildings and structures are subject to the same setback requirements as principal buildings and structures. (7) Landscape buffer requirements. a. Street buffers shall be measured from back edge of the required tenfoot sidewalk. b. The buffer shall be as prescribed in article XIV of this chapter and, except as provided in subsection (7)c of this section, shall be unpierced by impervious surfaces except for driveway openings. c. Streetscape planting areas abutting buildings constructed on the buildtoline may incorporate up to 60 percent impervious areas for the following uses: 1. Outdoor dining accessory to a restaurant. 2. Qualifying open space (section 34530). P. 46

47 ZONING 3. Covered building entrances that project forward of the building as authorized in subsection (4)a of this section. 4. Walkways to rear yard parking facilities. 5. Additional sidewalk area abutting shop front windows, provided that such windows shall extend from no higher than 2½ feet above the sidewalk to no lower than eight feet above the sidewalk, and comprise at least 70 percent of the facade abutting such expanded sidewalk area. d. Rear yard buffers shall be planted pursuant to article XIV of this chapter. Vehicle overhangs within parking stalls shall not count toward the rear landscape buffer width, but shall count toward total landscaped area. e. Side yard landscape buffers are required pursuant to article XIV of this chapter, provided that lots with less than 125 feet of frontage on a PCD arterial street may reduce the required width of interior side yard landscape buffers from ten feet to five feet. f. Interior VUA landscaping and open space landscaping are required pursuant to article XIV of this chapter, as may be reduced through incentive bonuses pursuant to this article. (Ord. No , 2(15150), ) Sec Reserved. Editor's note Sec. 2(Exh. A) of Ord. No , adopted Jan. 8, 2014, deleted which pertained to the required upgraded tenfoot wide sidewalk, and derived from Ord. No , adopted Apr. 7, Sec Mixeduse regulations. Mixing of uses is optional. Whenever a development will contain a mix of residential and commercial uses, the mixing of uses shall be subject to the provisions of this section. (1) Minimum use mix requirements. a. Residential: 40 percent of gross floor area or four dwelling units, whichever is greater. b. Commercial, office: 15 percent of gross floor area. c. Ground story retail, service, entertainment uses: Ten percent of gross floor area. (2) Upper stories must contain dwelling units, hotel rooms or offices. or both, provided that dwelling units, hotel rooms and offices shall not be located in the same story unless they are permanently physically separated and served by separate elevators and stairways, and separate ground story lobbies. (3) The ground story frontage of the building facing the PCD arterial must be designed for occupancy by "active uses." "Active uses" are any combination of permitted retail, service, food and beverage uses, or indoor entertainment uses. Section includes design standards for activeuse ground stories. (4) Retail, office, service, and food establishments may be mixed within the same building or same lot as multiplefamily residential uses subject to an approved master plan for such mixed use, provided that any use that the administrative official finds is incompatible with residential use pursuant to the following criteria shall require special exception approval. An affirmative finding for any of the following criteria shall require a special exception: a. The operation of the use involves amplified sound, use of power tools, pounding, banging, testing or running of engines, or other potentially disruptive source of noise or vibration. P. 47

48 ZONING b. The use involves the assembly of a large number of people at any one time, in such a way that there is resulting noise, traffic, or loss of privacy that may be intrusive and therefore incompatible with residential use. c. The use produces odors, fumes, smoke or vapor that is generally considered offensive or unpleasant, and which may be detectable from adjacent dwelling units. d. The use employs lighting that would generate glare or lighting levels that are excessive in an urban residential environment. e. The use involves unsightly loading areas, overhead doors, outdoor storage, parking of commercial vehicles prominent, or prominent mechanical equipment areas. f. The use involves the use or storage of hazardous materials. (Ord. No , 2(15170), ; Ord. No , 11, ) Sec Minimum dwelling area requirement. All residential dwelling units shall comply with the minimum floor area requirements of article XI of this chapter, unless qualified for incentive of reduction in dwelling unit size in accordance to Section of this chapter. (Ord. No , 2(15180), ; Ord. No , 12, ) Sec Dumpster enclosures. Dumpster enclosures shall be designed and constructed as set forth in section (Ord. No , 2(15190), ) Sec Underground utility lines. All electric distribution lines and other utility lines (i.e., telephone, cable, Internet) should be placed underground for all new development and redevelopment, subject to the approval of the utility provider. (Ord. No , 2(15200), ) Sec Offstreet parking and loading requirements. All uses established in the PCD shall comply with the offstreet parking, loading and vehicular circulation requirements as set forth in article XII of this chapter. (Ord. No , 2(15210), ) Sec Signage. All uses established in the PCD shall comply with sign regulations as set forth in article XVII of this chapter. (Ord. No , 2(15220), ) Sec Design standards. P. 48

49 ZONING All uses established in the PCD shall comply with design standards as set forth in article XIII of this chapter. (Ord. No , 2(15230), ) DIVISION 6. ENTERTAINMENT OVERLAY DISTRICT (EO) Sec District conditions. The following conditions shall apply to businesses within the entertainment overlay district: (1) Establishments selling or serving alcoholic beverages must be permitted and operating in compliance with all licensing and other regulations set forth in article V of this chapter for sale and consumption of alcoholic beverages; (2) Nightclubs, discotheques, clubs: (a) (b) Premises must have 5,000 square feet minimum gross area up to 8,000 square feet; and Nightclubs, discotheques and clubs shall be located not less than 300 feet from any residential district or use. (3) Restaurants. Standalone restaurant must have a minimum of 4,000 square feet in gross area. (4) Upon review of a certificate of use application, the administrative official may impose conditions as deemed necessary to ensure compliance with code requirements, minimize or mitigate the impacts of the use on public facilities, adjacent properties and the surrounding neighborhood, including, but not limited to, the following: (a) (b) (c) (d) (e) (f) Restriction of hours of operation; Adequate security as approved by the city manager based on type of business establishments, and maximum capacity of the facilities within the entertainment overlay district; Limitations of use to within the enclosed premises; Posting of policies as it refers to dress code and service of alcohol; Business registration with city programs; and Conditions to minimize noise and nuisance abatement. (Ord. No , 2(Exh. A), ) Sec Alcoholic beverage sales within the district. (a) (b) (c) Minimum distance requirements. There shall be no minimum distance required between any place of business within the entertainment overlay district licensed by the state to sell alcoholic beverages either for consumption on or off premises and any other place of business similarly licensed within the district. Hours of operation. The hours and days of sale and consumption of alcoholic beverages are set forth in section Hours for music and entertainment. Music, singing and other forms of entertainment whether amplified or not, shall be permitted indoors at any time during business hours of any facility or business enterprise within the district, and in addition music, singing and entertainment shall be permitted outdoors within the district, however, such outdoor music, singing and entertainment shall comply with special events and entertainment regulations as set forth in chapter II of the City of Miami Gardens Code of Ordinances. P. 49

50 ZONING (d) Outdoor sales of alcoholic beverages. Those persons or entities within the district licensed under the state beverage license laws, may sell and serve beers, wines and alcoholic beverages of any type regardless of alcohol content at any location within the district licensed for such sale and under the control of such licensee, including, but not limited to, sidewalk cafes, outdoor areas designed for food or beverage consumption or both adjacent to and operated in concert with a business operated within enclosed premises. (Ord. No , 2(Exh. A), ) Sec Upgraded tenfoot wide sidewalk required. A tenfoot sidewalk is required along all street rightsofway for developments in excess of 15 acres within the district. In order to enhance the pedestrian experience and the appearance of the city's major street corridors, the sidewalk shall be constructed of stamped and colored concrete, or other material and/or design determined by the city council for the district. In order to provide for continuity within the district, the administrative official may authorize or require payment inlieu of sidewalk construction based upon the prevailing cost per squarefoot of construction of such sidewalks according to a public works estimating publication deemed acceptable by the director of public works, as such costs may be adjusted for local material and labor cost conditions. Payment under this section shall be deposited in an account to be designated and maintained for sidewalk construction along the corridor or portion thereof for which the payment was made in lieu of construction. (Ord. No , 2(Exh. A), ) DIVISION 7. STADIUM ZONING ORDINANCE S, STADIUM DISTRICT Sec Short title. This article shall be known and may be cited as the "Stadium Zoning Ordinance." (Ord. No , 2, ) Sec Purpose, intent, and applicability. (1) This article applies to the area bounded by N.W. 203rd Street on the north, the Florida Turnpike on the east, N.W. 195th Street on the south, and N.W. 27th Avenue on the west, hereinafter referred to as the stadium district (S district). A more detailed legal description of this boundary is maintained on file with the MiamiDade County Department of Regulatory and Economic Resources or successor entity (the "county department") and with the City of Miami Gardens Planning and Zoning Department (the "city planning and zoning department"). (2) The purpose of the S district is to provide for a wide range of largescale commercial, institutional, residential, attraction and other uses, including a regional stadium facility. The regulations for the S district shall be administered primarily by the City of Miami Gardens and also MiamiDade County, as provided in the Procedures section of this article. The intent of the S district is to generally carry forward the allowable uses under the prior zoning district, with the exceptions and limitations specified herein, in a format that may be administered by the city and the county, as applicable and as provided herein. Certain crossreferences to the City of Miami Gardens Code and to the Code of MiamiDade County are included in this article to clarify the applicable procedures and provisions; all references to the "city" shall refer to the City of Miami Gardens, and all references to the "county" shall refer to MiamiDade County. Nothing herein shall create an exception to or otherwise vary any countywide regulations that otherwise exist pursuant to the Code of MiamiDade County, the Miami Dade Comprehensive Development Master Plan, or the MiamiDade County Home Rule Charter. P. 50

51 ZONING (3) Subdistricts. The S district is comprised of two subdistricts: The stadium inner subdistrict and the stadium outer subdistrict. These subdistricts control land use and intensity of development that may take place. Unless otherwise specified in this article, the regulations herein apply to both stadium subdistricts. (4) Subdistrict plan. The subdistrict plan (figure 1), shows the boundaries of the S district and the subdistricts and may be used to better interpret this article. Where there is conflict between the subdistrict plan and the text of this article, the text shall govern. Fullscale maps of the plan, and the boundaries of the subdistricts, are on file with the county department and the city planning and zoning department. Figure 1: S District, SubDistrict Plan P. 51