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City of Miami RFI No. Questionnaire Submit Response by Day, Monday, August 12, 2019 via E-mail to the CBRE contact: Lee Ann Korst Southeast Regional Manager CBRE, Inc. E-mail Address: Telephone No.: (850) 251-9319 Name of Respondent (firm): Authorized Signature: Print Name & Title: _Anthom Raton, FL 33486 Mailing Address of Respondent: One Town ¢ Telephone No.: 305-546-1188 Email Address: _Anthonys(@falconegroup inf All inquiries regarding this RFI should be sent to the City’s contact person indicated above. Potential Respondents may request this Questionnaire in a Word format for ease of completion, by sending their request to the above e-mail address. 1. What does Respondent consider to be the best vision for this property? We see this property as a unique opportunity to create a vibrant mixed-use development that includes various uses that are complimentary to the surrounding area including the medical campus which is a vibrant job center. We believe that a combination of multifamily residential, retail, hotel and a potential medical office would be a successful product mix for this location. We feel that the multifamily would fill a need created by the substantial job creation we have observed in the area. The retail would provide an amenity to those new employees as well as all of the new residents this project and neighboring multifamily projects would deliver. A hotel would be a great compliment to the existing medical eampus and would be a strategic addition to the plan. We would also take this opportunity to collaborate with the neighboring medical uses to see if there is an opportunity to build an ancillary use medical office building or potentially bring in a new medical use to the area. Do you fee! the entire property should be redeveloped? Half of the property? A portion of the property? Currently, we feel that the entire property should be redeveloped based on the need to maintain existing operations on the property as well as have enough remaining critical mass to create a vibrant mixed- use community. We would like to consolidate existing operations as much as possible to one side of the property and create the new development on the adjacent portion. Part of this site planning would be 3 based on how much of the existing operations would be located offsite. 2. Would Respondent be interested in making a future proposal to the City to develop all or part of the land on this property including the developer's vision and the City’s vision? Yes, we would be interested in pursuing the opportunity to respond to a proposal. 3. What considerations would discourage Respondent from participating in a future competition to develop this property? The factor that would most discourage our firm from making a proposal is the potential cost to prepare the RFI for submittal. Additionally, the potential costs associated with the environmental remediation could be a cause for concern for the overall development. Finally, we would like to ensure that we would have enough remaining acreage after existing operations are established to be able to create the critical mass necessary to make this a successful development. 4. The future solicitation may require finance, design and construction. Which of these components can Respondent bring to the project? Our track record and experience as one of the major mixed-use developers in the US gives us a definitive advantage in understanding and executing on such a proposal. As an example, our experience in developing Miami Worldcenter, as well as numerous of other projects, has required us to create in-house expertise in all facets of the development business including finance, design and construction, We have a deep bench of private equity firms, banks, design professionals and general contractors we have worked with in the past that would allow to take responsibility for all components of the redevelopment. What experience does Respondent have in developing similar projects? (Briefly describe the project(s), describe Respondents involvement in the project(s), and describe when the project(s) commenced and were completed). We have very relevant experience developing similar projects. At the forefront is our flagship Miami Worldcenter project in downtown Miami. The 27 acre project which will total over $4B in development value is the second largest mixed-use project in the US and will lead the transformation of downtown Miami. The project will include 350K+ sf of high end restaurants & retail, 2K+ multifamily rentals, 500+ condominiums, 2000+ hotel rooms plus 500K+ sf of convention center space, 600K+ sf of class A office and 2000+ public parking spaces. The project currently has $1.2Bn complete ith $1.5Bn set to start and a final phase of $1.3bn to develop. Another example of a relevant mixed-use development project is the 32 acre Plantation Walk development located on the intersection of University Drive and Broward Blvd on the site of the former Fashion Mall. The project will consist of 500+ multifamily units, 160 independent living units, 130K sf of restaurants & retail, 200K+ sf of class A office, a 130 key limited service hotel and over 3,000 parking spaces in two garages. Currently 173K sf of office are complete and the rest of phase 1 consisting of 400 multifamily units and 130K sf or retail will be complete in late 2020. We have many other examples we can point to including the Margaritaville Resort in Orlando which is a $750M development which includes a hotel, retail center, 800 vacation rental homes, 200+ apartment complex and a state of the art water park. The hotel, retail, apartments and water park are complete. Over 200 of the homes are complete with many under construction and completing in the next several years. 6. What expertise and experience should the City require from a proposer if a future solicitation is issued to develop the land of this property including the developer's vision and the City’s vision to ensure proper qualifications for such a project? Experience as a mixed-use developer is vital to the success of the project. | ‘The ability to design and develop different uses in a thoughtful, cohesive manner taking into account all the potential pitfalls that are unique to this complex strategy is something that only a group with prior experience can accomplish. Also, a firm must prove to have the financial wherewithal and 4 flexibility to be able to complete this undertaking. Finally, experience in Public-Private partnerships would also be extremely helpful. 7. What would the Respondent consider to be the desired minimum term agreement for the Respondent to be interested and ensure viability of the project to develop all or part of the land on this property including the developer’s vision and the City’s vision? Please explain. The minimum term should be 99 years. Typically, the capital markets have trouble getting comfortable with land leases. The longer the term the better the ability a developer would have to finance the capital improvements required for this development. 8. What type of financing would Respondent use and/or need to develop the land, and maintain the developer’s vision and the City’s vision of the Operation Services for this property? We believe that a combination of an equity raise as well as traditional debt & mezzanine financing would play a role in filling the capital stack of this development. Other instruments such as a CDD or TIF dollars could also play a role. 9. Should the current users remain at the property? Why or why not? We believe that some of the current users should stay on the property. Specifically, the fire station is one that should be mentioned. However, we also believe that identifying those specific users should be a collaboration with the city to determine other potential locations. We must also take into account all the factors necessary to ensure that operations are not affected during the development period. 10. If you fee! that the users should be relocated to a different site, please identify the new site. We believe that this should be decided based on a compressive process with the city. Note: Respondent may, but is not required to provide, drawings, illustrations or plans showing how the proposed development once completed would look.