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Overtown Central

Presented By: Lancelot Miami River LLC, an Affiliate of Adler Group


Address: 3150 SW 38th Street, Suite 530, Miami, FL 33146
Phone/Email: 305-392-4194 / jraiffe@adlergroup.com
Contact Person: Jonathan Raiffe
Submission Date: October 17th, 2017
Proposal Name: Overtown Central
RFP #: 17-02
Overtown Central

Table of Contents
LETTER OF TRANSMITTAL......................................................................................................................... 1
DEVELOPMENT CONCEPT AND VISION .................................................................................................... 3
FINANCING PLAN .................................................................................................................................... 33
QUALIFICATIONS & EXPERIENCE............................................................................................................ 41
CURRENT DEVELOPMENTS & COMPARABLE ......................................................................................... 51
COMMUNITY BENEFITS .......................................................................................................................... 53
EXHIBITS & REQUIRED RESPONSE FORMS ............................................................................................ 61
EXHIBIT A - REFERENCE LETTERS ............................................................................................................ 62
EXHIBIT B – SAMPLE OF PAST DEVELOPMENTS .................................................................................... 71
Overtown Central
LETTER OF TRANSMITTAL

October 16, 2017


City of Miami
City Clerk’s Office
3500 Pan American Drive
Miami, Florida 33133

Re: ADLER GROUP’S RESPONSE TO RFP # 17-02 – “BLOCK 55”

To Whom It May Concern:

Lancelot Miami River, LLC, an affiliate of Adler Group (hereinafter jointly, “Adler”), is
pleased to submit its proposal to the Southeast Overtown/Park West Community
Redevelopment Agency (“Agency” and/or “SEOPW CRA”) for the Agency’s parcel of land located
at BLOCK 55 PLAT BOOK “B” PAGE 41 249 NW 6TH STREET, MIAMI, FLORIDA (“Property”).

Adler’s proposed project – Overtown Central – would provide a comprehensive mixed-


use development over two phases to potentially include a combination of up to 800 rental
apartment units (workforce, affordable and market rate), a new +/- 300,000 square foot office
building, and 30,000 sq. ft. of commercial/retail space (jointly hereinafter, “Overtown Central,
“the Project” and/or “the Proposal”). The Project will deliver a mixed-use setting that is
functionally and aesthetically integrated with the existing surroundings and which will provide
much needed mixed-income housing for the local community, complimentary retail and a
community center. The Project will increase activity in this area of Overtown by creating a unique
destination where the general public, employees, employers, workers, residents and visitors can
live, work, and play.

In Phase I of the Project, Adler would develop 378 residential units in a mix of incomes
(market rate, workforce, and affordable), along with 16,000 SF of commercial/retail space. In
Phase II, Adler would have the option of providing either (1.) a +/-300,000 SF office building and
25,000 SF of commercial/retail, or (2.) 378 residential units in a mix of incomes (market rate,
workforce, and affordable) and 16,000 SF of commercial/retail space.

Adler, in its development of the Project, will be guided by the six (6) goals and fourteen
(14) principles set out by Dover Kohl & Partners in their SEOPW CRA Redevelopment Plan (as
amended). And to that end, Adler will seek to, at a minimum, preserve community heritage by
seeking out and accommodating local cultural events, institutions, and businesses; expand the
tax base through the use of smart growth planning principles; create infill housing with affordable
housing units; create jobs, and therefore employment opportunities, within the community via
the commercial uses; promote and market the community; and improve the quality of life for
residents of the immediate and surrounding areas through green spaces of an urban character
and attractive buildings.

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Adler Group, led by Michael M. Adler, is a multigenerational full service real estate
company, headquartered in Miami, Florida with an impeccable reputation and a deep
understanding of the real estate industry. Adler Group is comprised of three core operating
businesses, Adler Development, Adler Realty Services and Adler Kawa. Throughout its 50-year
history, Adler Group has developed and acquired over 20 million square feet of industrial, office,
and retail real estate and over 8,000 residential units.

Adler is a credible, capable firm that has the capacity to execute and successfully
complete Overtown Central on time and on budget. Adler is committed to the Project from both
an economic and community development standpoint. As a truly local player, Adler feels a strong
connection to Miami, has a vested interest in the Project, and is passionate about contributing
to its development. Adler recognizes and appreciates the important responsibility that comes
with this opportunity and is committed to ensuring this project is a success for the SEOPW CRA,
City of Miami and local community.

Adler has experience executing successful commercial urban core developments within
the City of Miami for over 30 years. To that end, Adler shall work collaboratively with the SEOPW
CRA with the goal of developing an aesthetically pleasing, community-oriented, multi-use project
at Block 55 that will far exceed SEOPW CRA’s expectations. Adler will do so by bringing its
development expertise, utilizing its multitude of local contacts, and by soliciting proposals from
local businesses in order to end up with a robust development team comprised of local architects,
civil engineers, landscape architects, land use attorneys, retail leasing consultants, and
environmental/sustainability consultants.

Adler and its affiliates have decades and multiple generations of experience developing,
constructing, and managing commercial space in Miami and across the United States. Adler has
a proven track record in its ability to maximize value through cost-effective design and
construction to deliver the highest quality projects on time and on budget. Adler has the ability
to secure the required financing necessary to complete the project through relationships with a
prestigious list of institutional and private investors and nationally recognized financial lenders.

Adler prides itself on successful partnerships and a commitment to public private


partnership development programs and is excited for the opportunity to deliver Overtown
Central to the SEOPW CRA.

Very truly yours,

Michael M Adler

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DEVELOPMENT CONCEPT AND VISION

Adler’s goal is to transform Block 55, a vacant parcel of land, into a keystone project with enough
critical mass that will further the revitalization of southeast Overtown into a thriving mixed-use, mixed-
income neighborhood and commercial hub in the heart of downtown. While neither government nor the
private sector alone can solve all the challenges described in the CRA’s redevelopment criteria, working
together, in collaboration with community stakeholders, we can achieve our shared goals.

Successful partnerships begin with trust. Our real estate company and team members have
decades of experience working together and with the public sector, recognizing that achieving public
benefits and reasonable investment returns are not mutually exclusive. While the proposal provides a
compressive approach to all of the SEOPW CRA’s redevelopment goals, our focus is on providing mixed
income housing and creating job opportunities.

The Overtown neighborhood is one of the oldest neighborhoods in Miami, with its own unique
history and cultural significance. The area was originally settled and developed by Miami’s first African
American and Bahamian residents and became a community that was both culturally and economically
vibrant. The community residents built their homes, businesses, churches, retail stores, and
entertainment venues. The history of Overtown speaks to a rich musical and entertainment heritage along
NW 2nd Ave that serviced not only local residents, but attracted a diverse spectrum of visitors throughout
the first half of the 20th Century. Unfortunately, the second half of the 20th Century was a challenging time
for the Overtown neighborhood. The challenges were caused by a variety of factors including the
construction of the SR-836/I-395 and I-95 expressways that created significant physical and psychological
barriers that changed the character of the neighborhood.

Miami, like most other major US metropolitan areas, focused its late 20th century planning and
development around the automobile and the suburban lifestyle. During this time Overtown’s potential
was not realized and the area saw overall economic, social, and physical decline. However, recent social
and generational practices have led to a renewal of interest and investment in urban neighborhoods.
Overtown, with a rich cultural history and central location, has unmatched accessibility to multiple modes
of transportation – key ingredients for substantial and successful development.

The Property’s central location and access to public and private modes of transportation are
advantageous to successful redevelop efforts. The Property’s immediate accessibility to Miami’s most
traveled roadways: I-95, 836, 395, and US1, and pedestrian connectivity to downtown Miami and Brickell
(the heart of Miami’s urban core), provides development opportunities for today’s South Florida residents
seeking an Urban Life Style. The Metrorail, Metromover, and soon to be completed Miami All Aboard
station, together with ride sharing through Uber and Lyft, enhanced by safe biking paths, are assets that
accentuate the Property’s desirability. Adler recognizes that providing a multitude of transportation
options enhances the quality and viability of any project to attract potential residents and businesses.

The Property has the potential to further enhance and integrate into the fabric of 21st Century
Downtown Miami, while staying true to its cultural heritage. The surrounding neighborhood is
experiencing a tremendous amount of growth and investment from both the public and private sector.
The investment in the tunnel from 395 to the Port of Miami redirected cargo traffic off 6 th street, Port
Blvd, making the Property more conducive to both residential and commercial development. To the east,
All Aboard Miami is making a significant investment in transportation infrastructure as well as residential,
retail, and commercial space. Further east, the development of Miami World Center, downtown
convention center and hotel, and the Miami Innovation District are all within walking distance. To the

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north, the redevelopment and increased height of 395 and associated park will provide connectivity to
north Overtown and much needed public space in the neighborhood. To the west is the planned Major
League Soccer Stadium and to the south is the reconstruction and beautification of Flagler Street. Beyond
all of the new developments there has been a significant investment in the redevelopment of the historic
Lyric Theater, Omni Media and Entertainment District, Adrienne Arsht Center for the Performing Arts,
Perez Art Museum Miami, Frost Science Museum, Museum Park, and American Airlines Arena – all within
walking distance.

Overtown Central sits at the cross-section of some of Miami’s most vibrant neighborhoods:
Downtown Miami, Brickell, the Arts & Entertainment District, Wynwood, and the Miami River District.
This not only positions the Project to be strategically located, but also to afford its residents and visitors
with a truly live-work-play environment. Overtown Central will serve as an energetic destination that will
attract community residents, as well as visitors and tourists. With the Metrorail, Metromover, and All
Aboard Florida station only a few blocks away, Overtown Central shall be a transit-oriented development
providing direct rail access to all of Downtown Miami, Brickell, the Arts & Entertainment District, the
Health District, Miami International Airport, Dadeland, University of Miami, Coral Gables, and South
Florida.

Adler seeks to create a comprehensive vision with a cohesive brand for all aspects of the Project,
to enhance the culturally rich Southeast Overtown/Park West Community Redevelopment Agency area,
and to functionally and aesthetically integrate all project aspects with the surrounding neighborhood. In
an effort to promote local businesses and to create a reinvigorated 24-hour environment, Adler intends
to provide a preference to having local area businesses as tenants, and to that end, will pay special
attention to finding local businesses that specialize in music and entertainment.

The Project will deliver a symbiotic relationship between and amongst residential components,
retail stores, office buildings, and public plaza/green spaces. Outdoor public plaza and green spaces are
integral to the development design, and, in the Project, will serve as the central active core from which
the other programmatic elements will radiate. Furthermore, strategic use of historically and culturally
sensitive designs and architecture styles, along with innovation in both architecture and layout design,
will define Overtown Central and set it apart from other mixed-use developments. To that end, the
Project will seek design and architectural influence from a number of iconic buildings in the area including,
the Greater Bethel African Methodist Episcopal Church and the Mt. Zion Baptist Church, both of which
epitomize the Mediterranean Revival style, the St. Agnes’ Episcopal Church, which exemplifies the fusion
of several contrasting styles including elements of the Gothic Revival and Mission, and the Lyric Theatre,
which strategically employs masonry vernacular architecture with classical detailing. Simply put, the
design and feel of each aspect of the Project, as well as the Project’s overall design, will demonstrate the
excellence, cultural and historical creativity, and innovation that the Project embodies. The dynamic but
yet culturally sensitive building designs, along with both open/green areas, mural walls, and a well-
designed public plaza (visible from I-95), will be the defining elements of Overtown Central.

The various uses and components will serve to transform Overtown Central into an exciting and
desirable destination – an urban neighborhood that enhances the quality of life for residents and visitors
by creating a truly livable community. The retail mix is specifically curated to support the lifestyle of the
residents, visitors, employees, pedestrians, and the neighboring community, creating a sense of place.
The residential units will bring much needed mixed income housing to the area and will be both
aesthetically pleasing and culturally rich in design. The Project shall enhance the area through job creation
at the residential buildings, retail stores and the office building where Adler intends to provide a
preference for local area businesses. While there will be significant temporary job creation during

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construction, the completed project shall provide a significant number of permanent jobs in the area. In
addition, Adler shall provide Jewish Community Services with 1,500 SF of community space from which to
run their Youth at Risk training program with the goal of helping local youth seek and obtain gainful
employment.

The Project will complement and harmonize with the existing community and neighboring
developments, and integrate effectively with the planned developments in the surrounding area. The
Project’s ground floor plan maximizes active uses with a significant retail presence along NW 3rd Avenue,
NW 6th Street, NW 2nd Ave, and the NW 7th Street pedestrian promenade. The Project will be at a similar
scale to the recently completed project on Block 56 and will have active retail frontage along 2nd Ave facing
the soon to be completed Publix on the ground floor of Block 56. This will allow the Project to benefit
from having a neighborhood grocer across the street and drive additional retail traffic between both Block
55 and 56.

Adler is confident that once completed Overtown Central will serve as a catalyst for further
neighborhood development by increasing urban vibrancy and pedestrian connectivity. Overtown Central
will further activate the immediate and surrounding areas by creating pedestrian friendly open-green
spaces and an active public plaza. But more to the point, Overtown Central will include multiple outdoor
green areas, plazas, and spaces for, as is stated in Dover’s Plan, a “marketplace where vendors (can)…set
up (and) feature ethnic foods, crafts, fresh produce, artwork…”. The Public Plaza area will feature a space
for outdoor music and performing arts and will include cultural art elements into the hardscape and
landscape design. Moreover, with I-95 located in the immediate vicinity, and with its unparalleled
proximity to mass transit, Overtown Central will have the visibility to become a leading destination, one
that will deliver a lively community and a historically rich environment.

Adler shall design and construct the Project in a way that promotes environmental quality,
economic vitality, and creates an environment that aspires to provide the highest possible level of
operational efficiency. This shall be accomplished through energy, water, and materials efficiency that
provide a healthy, productive, and comfortable environment with long-term benefits. Adler will work
toward incorporating, in both the design and construction, the requirements for the project to obtain a
LEED silver rating (or equivalent designation such as Florida Green Building Coalition). The design is based
on the Federal Leadership in High Performance and Sustainable Buildings Memorandum of Understanding
five Guiding Principles, which are: employing integrated design, optimizing energy performance,
protecting and conserving water, enhancing indoor environmental quality, and reducing the
environmental impact of materials.

To summarize, the Project development achieves the highest and best use of the current Block 55
site within the shortest feasible timeframe through a mixed-use mixed-income development approach.
The significant investment in the surrounding area of Overtown provides a tremendous opportunity to
provide a walkable mixed-use development as an anchor for a livable downtown neighborhood for the
middle and working class. The trends of suburban flight are reversing and there is a strong and growing
demand of the new economy for live, work, play mixed-use settings that enhance livability through
diversity of uses and people, social interactions, and accessibility to multiple modes of transportation.
Overtown Center seeks to maximize the development potential of the Property by creating an
economically viable destination that realizes the tremendous opportunity presented by the Property’s
location, its residents and local businesses, and the changing dynamics of the new economy and society,
while paying tribute to the legacy of Overtown’s history.

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PROJECT DESCRIPTION

Adler’s proposed Project effectuates the development vision by providing a comprehensive mixed-use
mixed-income development over two phases:

 Phase IA shall commence within three (3) years of executing the Development Agreement with
the SEOPW CRA. Adler will commit to develop +/- 225 residential units that will include a mix of
market rate, workforce, and affordable housing, along with approximately 8,000 SF of
commercial/retail space, of which 5,000 SF will be used for the Overtown Community Center
(“OCC”).

 Phase IB shall commence within five (5) years of executing the Development Agreement with the
SEOPW CRA. Adler will commit to develop +/- 154 residential units that will include a mix of
market rate, workforce, and affordable housing, along with approximately 8,000 SF of
commercial/retail space.

 Phase II shall commence within seven (7) years of executing the Development Agreement with
the SEOPW CRA. Adler would have the option of providing either (1.) a +/-300,000 SF Office
building and 15,000 SF of commercial/retail, or (2.) +/- 225 residential units followed by an
additional +/- 154 residential units that will include a mix of market rate, workforce, and
affordable housing and 16,000 SF of commercial/retail space.

In the event Adler fails to fulfill its development obligations as defined in the Development Agreement,
SEOPW CRA will be protected via a reversionary right.

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PROJECT TIMETABLE

It is anticipated that the design of Phase IA shall commence immediately following the execution
of the Development Agreement between Adler and the SEOPW CRA. It is estimated that permitting would
begin approximately 12-15 months thereafter, and take between 6-9 months at which time construction
would commence. Construction is estimated to be 24 months until a certificate of occupancy, followed by
a 12 month lease-up period to stabilization. It is anticipated that the Phase IB design and permitting shall
be completed during phase IA construction with construction beginning following the receipt of the
certificate of occupancy for Phase IA.

Phase II (Option 1 or 2) shall commence design work once Phase IB starts construction, however
there may be an opportunity to begin design work on Phase II earlier, particularly if there is a significant
demand.

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CONSTRUCTION AND PHASING SCHEDULES

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PROPOSAL STRUCTURE

With respect to the deal structure, Adler proposes to enter into a ninety-nine (99) year ground lease with
the SEOPW CRA (“Ground Lease”). The Ground Lease would be structured as follows:

1. Upfront payment of $500,000.

2. Five (5) annual payments of $250,000 for years one (1) through five (5) of the ground
lease – a total of $1.25 million.

3. Five (5) annual payments of $350,000 for years six (6) through ten (10) of the ground lease
– a total of $1.75 million.

4. Payment of participation rent of 3% of gross revenue generated by the development in


accordance with the terms of the resulting agreement.

5. An option to buy out the ground lease of Block 55 for the net present value, as of the
execution date of the Development Agreement, of $10,000,000 at a 4% discount rate, less
any previously made payments (“Buyout Option”).

Adler firmly believes in its vision for the Project and our ability to deliver the proposed
development concept. While Miami is experiencing rapid growth with over 10,000 units planned or under
construction in Greater Downtown Miami, there exists significant long term demand to justify
construction of +/- 800 mixed-income mixed-use residential units over the course of the proposed two
phases.

Given Miami’s economic growth over the last decade coupled with Block 55’s proximity to All
Aboard Florida, Miami World Center, and I-95, Adler believes that Block 55 would make an ideal location
for additional office space. Should Adler develop +/- 300,000 square feet of office space for the private
sector, the revenue share to the SEOPW CRA would far exceed that of Phase II’s additional +/- 375
residential units. As an example, the annual 3% revenue share on Phase II’s +/- 375 residential units (upon
stabilization) runs at +/- $215,000 annually. A new office building in downtown Miami, presently
commands approximately $45 per square foot per year1. Assuming (i.) a conservative2 $40 PSF rent, and
(ii.) that 85% of the total +/- 300,000 leasable square feet is occupied, then the 3% annual revenue share
to the SEOPW CRA would be +/- $306,000. Thus, having an office building on site would result in a revenue
share that would be over 40% larger when compared with that of the residential units. The office building
is also estimated to have a population density of four (4) employees per 1,000 SF or 1 employee per 250
SF. To that end, the office building would deliver a daytime population to the area of over 1,200 people
on a daily basis.

The demand for office space, in the downtown Miami, is not limited to the private sector. The
City of Miami and the Proposer, Lancelot Miami River, LLC, (“Lancelot”) are in discussions to develop, a
new administrative headquarters for the City of Miami, consisting of +/- 300,000 square feet of office
space. The City of Miami has indicated that it has interest in Block 55 for such a purpose (see enclosed
reference letter from the City of Miami date 10/16/17). Adler understands and appreciates the

1According to Jones Lang LaSalle IP, Inc.’s Q1 2017 Office Statistics, Class-A office rents in Downtown are just below $45 PSF.
2Managing Director of JLL noted that “Rates in Class A office buildings are reaching historical highs. We’re steering into
uncharted territory on pricing…”. See, http://www.miamiherald.com/news/business/real-estate-
news/article151947357.html#storylink=cpy also predict rents at between $60-$65 PSF at the Class-A Miami World Center office.

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uniqueness of having a committed long term tenant at Block 55. Should the City of Miami formally identify
Block 55 as a desired location for their new administrative headquarters, Adler would submit the
opportunity to SEOPW CRA for consideration. If the City of Miami Commission, thereafter, formally
decides to place their new administrative headquarters at Block 55, then prior to the commencement of
construction, Adler would exercise its Lease Buyout Option and pay to the SEOPW CRA a one-time lump
sum payment of the net present value of $10 million less any previously made rent payments to the
SEOPW CRA.

An office building along with the complementary retail and residential components would provide
the SEOPW CRA with a tremendous opportunity to have a 24/7 development use with a critical mass of
daytime, evening, and weekend population. The development potential of the project would be realized
in the shortest amount of time with a significant source of revenue being earned by the SEOPW CRA.

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CONCEPT PLANNING

Advantage
• Served by multiples modes of transit - rail (All Aboard – Metrorail), Bus, Car, Pedestrian
• One of the oldest communities in Miami
• Proximity to downtown, bay and river areas
• Urban character
• Best served area for public transit in region
• Supported by more dense zoning, 20 stories (better fit)
• Proximity to expressway
• Civic Presence in the city center
• Large lot size – supports parking needs easily and offers opportunity to accommodate additional
development (office or residential)

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The Proposal calls for a variety of pedestrian passageways and access lined with active retail to make
Overtown Central accessible and interesting and will create a clear and continuous network of walkability
and a sustainable interconnected livable neighborhood. One of the main goals for Overtown Central is to
create a shared public space with open green spaces and a community center. Making the public realm
an urban asset, which is a useful, interconnected, social, dynamic, and vibrant space. We know that design
affects human behavior, which is why each aspect of the Overtown Central is designed to maximize the
experience and safety of both residents and visitors.

The landscape and hardscape elements are designed to be attractive and engaging, making walking and
sitting in the green areas a pleasure. Special attention is paid to the spatial definition and the connectivity
with the street and all the spaces between the buildings. The space between the buildings are extensions
of the buildings themselves with an intention to be outdoor living rooms. The public realm, where civic
life plays out, shall seamlessly flow into the private realm of the retail shops and lobbies that hug both the
sidewalks and the base of the buildings.

The architectural details at the ground level are designed to engage people as they walk past with a variety
of unique elements. This dynamic creates an active life at Overtown Central and at the street level, which
is fully interconnected, safe, interesting, and livable. We believe that creating livable cities starts with
creating livable neighborhoods. Overtown Central will be a community asset.

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CONCEPT RENDERINGS

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LOCATION, SITE PLAN, & DESCRIPTION

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FINANCING PLAN

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Revenue Assumptions
On the residential development, starting residential rents of $2.56/sf is assumed based on an evaluation
of comparable market rates. On the retail development, starting retail rents of $30/sf is assumed. All
operating revenue assumptions assume growth rates of 3% annually.

Expense Assumptions
On the residential development, operating expenses are assumed at $8,064/unit based on current
comparable market data. On the retail development, leases are assumed to be NNN leases, with a retail
loss factor of 7%. All operating expenses are assumed to grow at 3% annually.

Total Value Accrual to the City of Miami


Over the term of the lease, total payments are estimated at $14,220,554. The value of these cash flows
at a 4% discount rate yields a present value of total payments of $10,000,000.

* Adler does not anticipate the need for public financing at this time, however depending on market
conditions at the time of development, Adler may submit for public financing in order to provide
Affordable housing units.

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Adler is extremely committed to the development project, both economically and from a
community standpoint. We envision the development of Overtown Central as a model public private
partnership. Adler is a highly successful and competent local development company with experience that
spans generations and product types. To ensure success, this development must embody a true
partnership between our private business and the public that will be served.

Adler Group and its affiliates have completed over 100 separate real estate investments. Adler
Group manages and owns an extensive portfolio of residential and commercial real estate across the
United States, with assets under management currently exceeding $1 Billion. Each investment is organized
as a separate legal structure, with its own single purpose entity. This is a requirement made of us by our
investors and lenders. Our operating businesses take full responsibility for and management of each
separate investment entity.

The Proposer, Lancelot Miami River, LLC, an affiliate of the Adler Group, is capitalized with over
$11 million in capital. Through our relationships with a variety of funding sources Adler is fully committed
to providing the necessary capital to complete each phase of the project. For evidence of financing and
financial capacity, please refer to the financial reference letters in Exhibit A.

To provide additional security, Adler shall execute and deliver to the SEOPW CRA, or cause to have
executed and delivered to the SEOPW CRA, prior to commencement of construction of each phase, a
Payment and Performance Bond in the amount of the total cost of construction, prepared on applicable
form(s) acceptable to the SEOPW CRA.

Adler Group has directed the development of millions of square feet of residential, commercial,
and retail projects throughout Florida. We are also currently working with the City of Miami and Miami-
Dade County on projects including Motion at Dadeland, Link at Douglas Station, and Nexus Riverside.

With a history that spans 50+ years, we have developed industrial, office, retail and residential
units throughout the state of Florida, and with our decades of experience we have become extremely
knowledgeable with the Florida Building Code. We are very familiar with the permit and regulatory
process, beginning with the comprehensive development master plan, zoning approval, land
subdivision/plat approval, infrastructure approval, construction permitting approval, inspections
approval, and finally obtaining the certificate of occupancy.

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QUALIFICATIONS & EXPERIENCE

Adler Group is a multigenerational full-service real estate company, headquartered in Miami, Florida, with
an impeccable reputation and a deep understanding of the real estate industry. With over 50 years of
leasing, property management, acquisitions, investment, development and construction experience, Adler
Group and its affiliates offer a seamless network of services designed to maximize the value and strength
of real estate assets.

Throughout its history, Adler Group has developed and acquired over 20 million
square feet of industrial, office, and retail real estate and over 8,000 residential
units. Today, by means of relationships with a prestigious list of institutional and
private investors and nationally and internationally recognized lenders, the
company owns and manages an extensive real estate portfolio. Its properties
include a wide range of strong performing, multi-tenant industrial, flex, office,
retail, and multifamily assets. The real estate professionals at Adler Group offer decades of experience in
every phase of property management, acquisition, development and construction. Leveraging expertise in
each of these areas, the company provides direct services to its own portfolio properties, while also
extending its capabilities to clients that seek quality, professional real estate support through Adler Realty
Services and Adler Development. Adler Group’s full service approach to success ensures the strength of its
portfolio, while providing tenants, clients and investors with a strong foundation for the future.

Today, Adler Group owns and manages over two million square feet of commercial properties located
strategically throughout the major markets of the Southeastern United States, and has approximately
2,000 multifamily units in various stages of development. For more information, please visit
www.adlergroup.com.

Adler Development provides vision, reliability, and an in-depth understanding of the


marketplace to maintain a market leading position in the region’s real estate market.
The company offers a full suite of development services, including economic and
market analysis, assistance with land acquisition, master planning, regional impact
analysis, and construction management.

Adler Development has directed the development of millions of square feet of residential, commercial,
and retail projects spanning from South Florida to Ohio. From pre-design through post-construction, the
company achieves results with efficiency and a clear focus on cost-effective strategies that produce the
bottom line.

Adler Development’s recent projects include: Shorecrest Club, a 467-unit, luxury apartment project on
Biscayne Bay; Pearce at Pavilion, a 250-unit midrise luxury apartment community in East Tampa; Nexus
Riverside, a 462-unit luxury multifamily building located adjacent to the Miami Riverside Center in
downtown Miami; Motion at Dadeland, a 294-unit high-rise transit oriented development immediately
adjacent to the Dadeland North Metrorail Station (under construction); and Link at Douglas Station a
transit-oriented development with over 1,200 multifamily units, 250,000 SF of office, 70,000 SF of retail,
and a public plaza (in design development).

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ADLER’S HISTORICAL PERFORMANCE

Residential: Adler Development’s first projects were residential developments, starting in North Bay
Village in 1957 with East Drive Apartments and The Anchorage. Adler built approximately 8,000
apartments throughout the 1960s, 1970s, and 1980s, selling the portfolio in 1983. Adler’s visionary
development projects include 90 Edgewater Drive, the first waterfront project in Coral Gables, Camelot
Hall located on the ocean in Bal Harbour, and Il Villagio, one of South Beach’s premier oceanfront
condominiums. Adler is currently developing over 2000 units through several market rate multifamily
apartment projects including Pearce at Pavilion, Nexus Riverside, Link at Douglas Station, and Motion at
Dadeland. The recently completed Shorecrest project is a 467 unit, 2 tower, multifamily development on
79th Street and Biscayne Bay in Miami. Adler’s partners include ECI Groups, Canyon Capital Realty Advisors,
Fifteen Group, Encore Housing Opportunity Fund, Capital One, and SunTrust.

Industrial: Adler Development is one of the largest warehouse, distribution, and light industrial
developers in Florida. The company developed the highly successful FlexxSpace concept and set the new
standard in small office warehouse incubator space throughout the Southeast United States. Highlights
from Adler’s industrial/flex property portfolio have included New Town Commerce Center in Ft.
Lauderdale and Sunport Commerce Center in Orlando. In partnership with Hilco Global, Adler is
developing a 300-acre industrial park in Mansfield, OH.

Office: Adler Development has successfully developed several million square feet of office space in
Florida. Prominent developments include 1221 Brickell in the heart of Miami’s financial district, Gables
One Tower on South Dixie Highway in Coral Gables, and 1170 Kane Concourse in Bay Harbor Islands.

Retail: Adler Development works closely with national retailers throughout the Southeast United States.
The company has developed key projects including, single-tenant commercial development, small
speculative retail centers, and large anchored shopping centers. Adler Development also prides itself in
its successful development of in-fill projects such as Stirling Town Center, Kendall Market Place, and Shops
of Pinecrest.

Multi Use Business Parks: Adler has developed several large business park projects in Florida, including
Miami International Commerce Center (MICC), Vista Center (West Palm Beach), and Boca Commerce
Center. The success of these developments was due to Adler’s ability to carefully plan the parks with a
diversity of uses including industrial, retail, office, hotel, and recreational (including golf courses and
health/fitness facilities).

Project Management: Adler Development has the capability and skill set to assist clients with their own
individual plans by acting as project managers. As project manager, Adler Development offers a multitude
of services for the development of commercial, retail, residential, and hospitality projects. Acting on
behalf of the owner, an Adler project manager coordinates and manages all of the project’s players
including architects, engineers, designers, contractors, subcontractors, communication consultants, and
all other additional parties involved in the development process.

See Exhibit B – Sample of Past Developments

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Overtown Central
PUBLIC PRIVATE PARTNERSHIPS

Dadeland North Phase III


 Contract Administered by: Miami-Dade Transit Authority
 Description: Ground Lease
 Total Contract Amount: 5.75% of gross rent the first five years, 5.35% thereafter
 Term of Contract: 90 years
 County Contact person: Froilan Baez
 An Affiliate of the Proposer, Pellinore Dadeland LP
 Project Result: Project is currently in the design phase for 294 unit multifamily units with 8,346 SF of
ground floor retail

Miami International Airport Newslink


 Contract Administered by: Miami-Dade Aviation Department
 Description: Lease Concession Agreement for a Retail Concessions Program
 Total Contract Amount: Total minimum annual guarantee $6.16 million
 Term of Contract: 2008-Present
 County Contact Person: George M. Burgess
 Statement of whether Proposer was the prime contractor or subcontractor: Adler Realty Services, LLC
an affiliate of the Adler Group
 Project Result: Successfully operating retail concessions program as per lease and fulfilling all
obligations as set forth in the lease

Opa Locka Airport


 Contract Administered by: Miami-Dade County Aviation Department
 Description: Ground Lease of 181 acres of land at the Opa Locka Airport to develop and/or Operate
facilities a portion of the Airport in order to improve and serve the Airport and the aviation community
by construction new Improvements at the Airport and providing and/or facilitate the providing of
aviation services at the Airport, and to serve non-aviation proposes which further support the aviation
community.
 $162,900,000 in anticipated development and construction costs. Aviation Annual Land Rent of $0.15
for each square foot of land and $0.05 for each square foot of exiting pavement. A Fair Market Value
rental rate for non-aviation uses, as determined on a Parcel by Parcel basis.
 Term of the Contract: 55 Years
 County Contact Person: Aviation Director
 An affiliate of the Proposer, AA Acquisitions, LLC negotiated the Lease and began construction. At this
time the Proposer in no longer affiliated with the project.
 Project Result: Project is currently under development of Phase 1 with a fixed based operator, hangar
facilities, and significant site work completed.

Link at Douglas Station


 Contract Administered by: Miami-Dade Transit Department
 Description: Ground Lease of approximately 7 acres at the Douglas Metro Station with plans to
develop the station and its surroundings into a unique center where residents and visitors can live,
work, and play. Link at Douglas Station will deliver a mixed use setting that is functionally and
aesthetically integrated with the community.
 Term of the Contract: 90 Years

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Overtown Central

* Development team also includes Neil Hall of The Hall Inc. and Matthew Rieger of The Housing Trust
Group.

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Overtown Central
Michael M. Adler
Chairman and Chief Executive Officer, Adler Group, Inc.

Michael M. Adler serves as the chairman and chief executive officer of


Adler Group, Inc., one of South Florida’s largest and most successful real
estate companies. With over 40 years of real estate related experience,
Michael has played a significant role in the growth and development of
South Florida as a major center for international trade.

Adler serves as Chairman of the Board and Investment Committee member


for Adler Kawa Real Estate Advisors, a joint venture between Adler Group,
Kawa Capital Partners, and Ganot Capital. Adler Kawa manages funds that
invest and provide asset management services for multi-tenant
commercial real estate focusing on office, flex, and industrial properties in
the Southern and Eastern United States.

Adler graduated from the University of Miami with a bachelor’s degree in business administration in 1973.
He is a member of the National Association of Industrial & Office Properties (NAIOP), the Beacon Council
and Greater Miami Chamber. A devoted member of Miami’s philanthropic community, he is the Vice
Chairman of Florida International University Board of Trustees, and is a past Chair of the Florida
International University Foundation, Inc. Development Committee. Adler is the Immediate Past Chairman
of Mount Sinai Medical Center and Board Member of Mount Sinai Board of Trustees.

David S. Adler
President, Adler Development, LLC

David S. Adler is the president of Adler Development, the development and


project management division of Adler Group, Inc. In this position, he is
responsible for contributing to the development and acquisition of high-rise
multifamily, industrial, office and retail properties. Additionally, he oversees
business development of third-party development projects, project
management services and capital expenditure and facilities management
programs for properties owned and managed by Adler Group.

Since joining Adler Group in 1997, Adler, a licensed general contractor, has
been involved in all development and construction projects. Currently, he is
working on high-rise multifamily commercial and retail projects, primarily in
the South East.

Committed to community service and education initiatives, Adler is a member of the Florida International
University Foundation Board of Directors; is a dedicated member of the Young Founders Club at Mount
Sinai Medical Center; and is the Treasurer of the Jewish Museum of Florida. Additionally, he is actively
involved with the Greater Miami Jewish Federation, the Miami Beach Jewish Community Center, and the
American Jewish Committee of Greater Miami and Broward.

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Overtown Central
Jonathan Raiffe
Chief Operating Office, Adler Group, Inc.

Jonathan Raiffe is the executive vice president of Adler Development, LLC.


In this position, he is responsible for all day to day activities of the company
including acquisition, investment, predevelopment, construction, and
financial management of all development projects. Raiffe formerly served
as Adler Group’s Director of Finance, where his responsibilities included
oversight of financing activities, treasury functions, corporate reporting,
financial analysis, structuring new investments, and sourcing new
opportunities. Prior to taking the position of Director of Finance, Raiffe
served as Director of Business Opportunities for the Adler Group, where
he focused on acquisition analysis and new business development.

Before joining the Adler Group, Raiffe worked at Ronin Capital


Management, a global macro hedge fund, where he fulfilled a variety of
functions including trade support and administration, research analyst, marketing coordinator, and trade
execution.

Raiffe earned a Bachelor of Arts, majoring in anthropology, and a Bachelor of Science in Business
Administration, with an emphasis in Marketing from Washington University (in St. Louis). He also received
a Master of Science in Finance and a Master of Science in International Real Estate from Florida
International University. Additionally, Raiffe is licensed as both a Florida Real Estate Sales Associate and
Florida Mortgage Loan Originator.

Tina Spano
Chief Financial Officer, Adler Group, Inc.

Tina Spano joined Adler Group in January 2014 as Controller with a wealth
of property management experience, including Yardi, Argus, investor
reporting, acquisitions, and cash management. Spano is responsible for
managing the accounting department for the Adler Corporate entities as
well as the Adler Realty Services commercial portfolio. As head of the
accounting operations of Adler Group, her roles include the production of
periodic financial reports, maintenance of an adequate system of
accounting records, and a comprehensive set of controls and budgets
designed to mitigate risk, enhance the accuracy of the company's reported
financial results, and ensure that reported results comply with GAAP or
international financial reporting standards.

Prior to joining Adler, Spano served as Controller for Avison Young Florida. She previously served for more
than 12 years as Controller of Flagler Real Estate Services and its predecessor, DBR & Associates., where
she was responsible for the financial reporting for 200 properties located throughout the Southeast U.S.

Spano holds a Bachelor of Science degree in Accounting and Business Administration from the University
of North Carolina-Greensboro and a Master of Science in Accounting from Stetson University in Deland,
FL. Due to her academic excellence, she became a lifetime member of the International Honor Society at
Beta Gamma Sigma. Spano is a Certified Public Accountant licensed in the State of Florida, a Charted
Global Management Accountant, and a member of AIPCA.

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Overtown Central
Adam D. Mait, Esq.
Vice President, Adler Development, LLC

Adam Mait joined Adler Development in August 2015 as a Development


Coordinator. Mait graduated cum laude from the University of Pennsylvania with a
Bachelor of Arts and cum laude with a Juris Doctor from the University of Florida -
Levin College of Law. While at the University of Florida, Mait served as the research
editor for the Entertainment Law Review, Attorney General for the Honor Court and
received Book Awards in Negotiation & Mediation, Comparative Law, Fiduciary
Administration and Law & Policy in the Americas. Mait worked as an Assistant State
Attorney at the Miami-Dade State Attorney’s Office, rising to the position of the
Assistant Chief of the Narcotics Unit. Mait also ran his own law practice, Mait Law
LLC. Mait is a member of the Florida Bar and the United States District Court for the
Southern District of Florida.

Morgan Sirlin
Senior Financial Analyst, Adler Group, Inc.

Morgan Sirlin graduated from the University of George Washington with a Bachelor
of Arts in Finance and brings with him over 8 years of finance related experience.
Sirlin joined Adler Group in June 2015 as an analyst and works with the
development and accounting departments where his responsibilities include a
variety of analysis ranging from current properties under management,
acquisitions, dispositions, financing, and ongoing development projects. Before
coming to Adler Group, Morgan worked at a boutique development group where
he was the lead acquisitions analyst and assistant project manager. He also served
as a commercial real estate mortgage broker in previous years, assisting with the
financing and refinancing of a wide variety of asset types and loan products.

Jose M. Martinez
Senior Project Manager, Adler Development, LLC

Jose Martinez has over 20 years of experience in the development, construction,


and acquisition of commercial real estate in the Eastern U.S. Martinez joined the
Adler Group in 1993 and held the a multitude of positions including President of
Adler Development LLC. Martinez supervised the construction and development of
over 4 million square feet of commercial projects and performed due diligence on
over 7 million square feet of property acquisitions. Prior to Adler Group, Martinez
worked for Gerrits Construction and Richard Plumber. His professional expertise
includes: Architecture, Engineering, Interior Design, Industrial Design, Land
Planning and Development, and Graphic Design. Martinez received his Bachelor of
Science from the University of Florida - College of Architecture.

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Overtown Central
RESIDENTIAL & OFFICE ARCHITECT

STANTEC
Stantec is a premier architecture and design firm that creates award-winning projects across the
country. We are active members of the communities we serve, that's why at Stantec, we always design
with community in mind. Stantec unites approximately 22,000 employees working in over 400 locations
across six continents. We collaborate across disciplines and industries to bring buildings, energy and
resource, environmental, and infrastructure projects to life. Our work, from initial project concept and
planning through design, construction, and commissioning—begins at the intersection of community,
creativity, and client relationships. Our unique ability to integrate branding and design services allow us
to capture our client’s story and deliver unified solutions that resonate with targeted audiences.
Our local strength, knowledge, and relationships, combined with our world-class expertise, have
allowed us to go anywhere to meet our clients' needs in more creative and personalized ways. With a
long-term commitment to the people and places we serve, Stantec has the unique ability to connect to
projects on a personal level and advance the quality of life in communities across the globe. With an
innovative spirit and deep expertise, the firm’s design teams develop a guiding vision for each project to
enhance value and enrich neighborhoods. By merging that vision with collaboration and business savvy,
we deliver high-quality projects across the globe with consistent notable results in workplace, mixed use,
hospitality, retail, branding and residential design. We create environments with an eye to the future and
lead a range of initiatives that rethink workplace real estate, develop innovative housing solutions,
transform lifestyle hospitality, and create inspiring environments to live and learn.

Jon Cardello – AIA, NCARB - Senior Principal, US Commercial Sector Lead


As Senior Principal, Jonathan combines his planning and design expertise in large-scale
healthcare, residential, mixed-use, retail and workplace projects to formulate planning
visions that create dynamic multi-faceted destinations. Powered by regional themes and
local goals, Jonathan organizes building forms, uses and sustainable design opportunities
into compelling stories that welcomes collaboration between developers, public agencies
and neighborhoods.

Andrew Burnett – AIA, LEED AP, BD+C – Associate – Senior Architect


Andrew provides design leadership and expertise for our Miami office. Honed by over 18
years’ experience, and a wide variety of complex projects, clients, and teams - he always
strives to deliver an experience which is uniquely crafted for the community which it will
ultimately serve. His passion for Architecture is always evident as he guides our firm-wide
creative vision through collaboration, rigorous attention to detail, and willingness to dream.
Firmly holding the belief that high design should be profitable, buildable, and beautiful -
Andrew enjoys creating lasting professional relationships and is always searching for ways
to add value, inspire our communities, and enjoy the satisfaction of a job well done.

Jimmy Sinis - Associate


Jimmy Sinis is a multi-faceted architectural designer, planner, and graphic artist with a wide
range of skills using the most advanced technology for architectural design, production,
and graphic representations. He performs a vital role working with design team on select
projects from the earliest phase of the project’s ideation to the final phases of design and
presentations. Jimmy’s project experience includes master planning high density lifestyle
mixed-use multi-family residential and retail developments, high luxury mid-rise urban
residential towers, and specialty design assignments both locally and regionally.

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Overtown Central
AFFORDABLE HOUSING DEVELOPER

HOUSING TRUST GROUP


A Tradition of Trust
Our mission is to provide, without compromise, the highest quality multifamily residential communities
in a professional environment and ethical manner.

Housing Trust Group is an award winning full-service developer of multifamily residential communities
with over 40 years of experience in Florida and throughout the Southeastern United States and Arizona.
We are committed to our residents and continually strive to improve and enhance our communities.

We believe in teamwork, innovation, professionalism and long-term decision-making. We recognize the


need to be flexible, entrepreneurial and aggressive, both as individuals and as a company. We encourage
creativity, flexibility and innovative approaches to our work. We always do what is fair, right and ethical.

Our objective is to preserve and enhance our reputation for quality, honesty and integrity through our
actions. We lead by example. Our actions speak louder than words.

Matthew Rieger, Esq. President and CEO of Housing Trust Group


Matthew Rieger is a principal and serves as the President and CEO for
Housing Trust Group, the parent company of various affiliated real
estate companies. HTG has developed more than 5,000 units of multi-
family housing and has completed real estate transactions which exceed
more than $2 billion in commercial, land and residential developments
across Florida, the Southeastern United States and Arizona.

Prior to joining Housing Trust Group, Matthew was with a large law firm
and during his tenure, Matthew was involved in over $1 billion worth of
transactions including acquisitions, development, re-financings, and
joint ventures in the United States and abroad.

Matthew is a native of Miami and is a third generation Floridian. He is a member of the Florida Bar
Association and American Bar Association and earned his Juris Doctorate from Nova Southeastern
University. Matthew also holds a Bachelors of Arts degree in Geography from the University of Florida.

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Overtown Central
DESIGN TEAM CONSULTANT

NEIL HALL, AIA, NOMA


Biography

Neil Hall, AIA is Principle of The Hall Group and one of Miami’s most prominent
achievers. He is an architect, public servant, mentor, educator…to name a few.

Neil Hall, Jamaican born, came to the United States in 1970, attended the University
of Florida and graduated with a Bachelors and Masters in Architecture in 1977. Neil
has worked in some of Miami’s leading architectural firms as a designer and project manager. Due to his
close relationship with then Miami Vice superstar, Philip Michael Thomas, Neil opened his own design
firm on January 2, 1990 with the commission of Mr. Thomas’s Coconut Grove Retreat as his first and only
project.

Throughout his career, Neil has worked on several of Miami’s signature structures such as Bayside
Marketplace – a specialty community shopping complex in Downtown Miami and the Miami Beach
Convention Center – one of the largest convention centers in the south. Neil has also been an active in
his community as an advocate for good design in minority communities by participating in the “We Will
Rebuild” Committee formed after Hurricane Andrew to develop an area in South Dade hit be the then
worst natural disaster to hit the United States. Due to his determination, his firm has been successful in
developing a resume that runs the gamut of all project types – commercial, retail, aviation, residential,
transportation, institutional – for both public and private clientele.

A huge part of the passion that makes up Neil lies within his desire to make a difference. He has been an
advocate for, and publicly fought many legal battles for, small business development and the necessity to
have a leveled playing field. Over the past 15 years, Neil has been an adjunct professor for some period
of time for Miami-Dade Community College and the Design and Architecture Senior High School. He feels
his profession lacks minorities and has made it a priority to counsel and encourage youth to follow their
dreams.

Highly recognized as a leader in his profession and the community, both on a local and national level, Neil
Hall was elected as the first Black president for the American Institute of Architects – Miami Chapter, 2000
President for the National Organization of Minority Architects – representing over 6,000 Black architects
nationwide, appointed Board Member for the Miami-Dade Expressway Authority, and past board member
for other organizations such as the Humane Society of Greater Miami and Kristi House for Abused
Children. Most recently, this past September 2007, Neil was overwhelmingly elected to serve as Chairman
of the State of Florida Board of Architecture and Interior Design.

From his years chairman of Miami-Dade county urban infill task force in 1998 to the present Mr. Hall has
devoted his energies to assisting minority communities in developing building that respond to historic
preservation, sustainability of place and culture open spaces , underutilized community resource.
For the past 15 years Mr. Hall has been involved with helping to reactivate the Historic neighborhood of
Overtown into a thriving cultural Mecca for art, entertainment, and culture.

For the last 6 years, Neil has produced Miami’s signature African diaspora art fair in Overtown and the
result has sprouted over 14 different art events in minority communities in Miami-Dade during Art Basel.
His involvement in Overtown runs the gamut from assisting local non-profit to get their design projects
off the ground to helping youths learn the lesson of hard work and giving back to their community.

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Overtown Central
CURRENT DEVELOPMENTS & COMPARABLE

Shorecrest Club, Miami, FL


Located in an area commonly referred to as the Upper
East Side, Shorecrest Club Apartments on the Bay is a
new 467-unit, 20-story, two-tower luxury apartment
complex comprising 432,022 SF of rentable residential
and 4,200 SF of rentable retail space. The property sits
at the entrance to the 79th Street Causeway with direct
frontage on Biscayne Bay. Along with irreplaceable
views, the site offers convenient access to Miami Beach
to the east, Downtown and Midtown Miami to the
south, Bal Harbor and Aventura to the north, and all of
South Florida’s major roadways to the west. Coastal
Construction was used for the development which cost
approximately $95MM. Partners included ECI Group
and Canyon Johnson. Construction was completed with
a final certificate of occupancy in April 2015.

1221 Brickell Avenue, Miami, FL


Located on the prestigious Brickell Avenue in the heart of
Miami’s Financial District, 1221 Brickell Center is a 28 story
Class-A office building. It sits on the corner Brickell
Avenue and Southeast 12th Street, only three blocks west of
Biscayne Bay. This spectacular high profile towers enjoys
beautiful views of both the bay and city skyline. Completed
in 1986, 1221 Brickell Center is widely recognized for its
stunning architecture, designed by renown HKS Architects,
its all-glass, tiered sides, and elegant reception area. It has
been awarded LEED Silver status by the U.S. Green Building
Council, as well as the prestigious "Energy Star" label from
the U.S. Environmental Protection Agency.

Nexus Riverside, Miami, FL


Adler Development is currently working on a 1.59 acre development site at
230 SW 3rd Street, directly adjacent to the Miami River in downtown Miami.
The development will feature a 36-story, 463 unit, 433,780 rentable square
foot luxury Class “A” multifamily building with a first class amenity package
that rivals the premier multi-housing developments in the region. Nexus
Riverside will offer residents everlasting views of Biscayne Bay and
Downtown Brickell skylines, unrivaled accessibility to downtown Miami,
Brickell, and the Miami River District. The estimated building cost is
approximately $152MM.

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Overtown Central
Pearce at Pavilion Luxury Apartments, Brandon, FL
Adler recently completed Pearce at Pavilion,
featuring six, 4-story garden style residential
buildings comprising 250 multifamily units on 13.6
acres. The property is located in the east central
portion of unincorporated Hillsborough County, in
one of the largest residential communities within
the County, known as the Brandon Market Area.
First Florida Construction was used for the
development which cost approximately $38MM.
Partners include the Mattoni Group and Atlantic
American opportunities Fund.

Link at Douglas, Miami, FL


Adler, in partnership with 13th Floor
Investments, entered into a long term ground
lease for the 7-acre parcel of land located at the
Douglas Road Metrorail Station. Once
completed, this a transit-oriented development
- Link at Douglas (“Link”) - will have over 1,300
residential units, 85,000 square feet of retail, +/-
250,000 square feet of office space, and a world-
class public plaza, all of which will be
incorporated into the current Douglas Road
Metrorail Station.

Motion at Dadeland, Dadeland, FL


Adler, in partnership with 13th Floor Investments, is
currently under construction on a 0.87 acre
development site at the Dadeland North Metrorail
Station. Motion at Dadeland (“Motion”) is positioned
around the concept of being a “transit oriented
development,” providing residents direct covered
access to the Metrorail station. Once completed in
Q3 2018, Motion will feature a 25-story, 294 unit,
luxury Class “A” multifamily building with striking
views of Biscayne Bay and Downtown Miami. A joint
venture between 13th Floor Investments and Adler
Development purchased the long term ground lease
encumbering the property, which is owned by
Miami-Dade County.

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Overtown Central
COMMUNITY BENEFITS

GOALS & PRINCIPLES


In its development of Overtown Central, Adler will be guided by the six (6) goals and fourteen (14)
principles as set out by Dover Kohl & Partners in their SEOPW CRA Redevelopment Plan (as amended),
hereinafter “Dover’s Plan”. While not every one of the goals/guiding principles, are applicable to
Overtown Central (i.e., Preserving Historic Buildings - there are no existing structures currently on Block
55), Adler will seek to achieve and fulfill as many of the applicable goals/principles as feasible. The
following paragraphs seek to demonstrate, by example, how the Project will fulfill many of the Goals and
Guiding Principles.

The Six Goals of Dover’s Plan at Overtown Central

By implementing Smart Growth techniques (see generally https://smartgrowthamerica.org/our-


vision/what-is-smart-growth/), introducing a multitude of outdoor/green spaces and, designing culturally
appropriate and aesthetically pleasing buildings, Adler will provide a diverse combination of hundreds of
workforce, affordable and market rate rental apartments. Via these green/outdoor spaces, and the
accompanying amenities within the buildings (i.e., gyms, pools, business centers, etc.), Overtown Central
will enhance and improve the quality of residents’ lives. And with the addition of approximately 30,000
square feet of retail/commercial space and (potentially) hundreds of thousands of square feet of office
space, the SEOPW CRA will see the tax base of the Block 55 area increase exponentially over the course
of the next decade, giving much needed TIF revenue to the SEOPW CRA. Thus, in addition to creating
much needed infill housing in the area and improving the quality of life for the area’s residents, the Project
will also create almost a thousand temporary jobs during the construction of Phases I and II of the Project,
and potentially hundreds of permanent jobs once construction has been completed, including historically
and culturally appropriate specialty retail/commercial tenants who will help in the cultural resurgence of
the area.

During the pre-construction phase, and then again during the lease-up phase, Adler will spend
hundreds of thousands of dollars, to promote and market Overtown Central in order to revitalize the area,
and to bring investors and banks to fund the Project. This will include, amongst other endeavors,
encouraging and/or organizing culturally and historically pertinent (i.e., African-American/Caribbean)
activities and events, including arts festivals, outdoor marketplace/farmer’s market, jazz concerts, and
soul food culinary contests.

In Adler’s planning of the Project, Adler will seek influence from the fourteen (14) Guiding
Principles as detailed in Dover’s Plan. And while not all of the Guiding Principles are applicable to private
developers, Adler will nonetheless seek to instill in Overtown Central as many of the Guiding Principles as
possible.

Principle 1: The community as a whole has to be livable. Land uses and transportation
Systems must be coordinated with each other.

Given its proximity to the Metrorail, Metromover, All Aboard Florida, and Downtown Miami,
Overtown Central will seek to create a walkable and livable community with coordinated land uses and
transportation systems. In doing so Adler will seek commercial tenants that will not only activate the
surrounding area, but also will provide key services and jobs, within walking distance, to Overtown
Central’s tenants. Such tenants would ideally include restaurants, day care facilities, pharmacies, dry

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cleaners, and entertainment/music establishments. The mix of residential, commercial, and retail will
further enhance the mixed-use components of the neighborhood.

Principle 2: The neighborhood has to retain access to affordable housing even as the
neighborhood becomes more desirable to households with greater means.

Adler is a firm believer in providing affordable and workforce housing, and will use Overtown
Central to ensure access to affordable housing for the residents of the area. In fact, Adler is currently
developing the first phase of its Link at Douglas project, located at Douglas Station in Miami, FL. The very
first building to be constructed will be a rental apartment building in which at significant number the units
will be workforce. To ensure that quality, livable, and safe housing remains within the reach for multiple
income groups in the area, Adler will designate (at Overtown Central) that at least 20% percent of the
total unit count remain as workforce or affordable. Moreover, Adler will seek out partnerships with local
employers (and job fairs) located in and surrounding the community, in an effort to place local workers
who are in need of workforce/affordable housing.

Principle 3: There must be variety in housing options.

Adler will provide a mix of unit types – market rate, workforce and affordable - and within each
product type there will be a mix of styles and types (i.e., studios, one bedrooms, two bedrooms, etc.). As
Dover’s Plan so eloquently puts it “…neighborhoods have to ensure the integration of different economic
sectors to stimulate a positive shaping of the urban space...”, and have “…to work with the diversity and
lifestyles of current and future residents of the area…to provide an attractive array of residential choices
for current and new residents.”

Principle 4: There must be variety in employment opportunities.

Simply put, if the Project is going to be successful, it is going to have to provide employment
opportunities to the existing residents of the area. Adler will therefore strive to make this a reality by
supporting job fairs on site, seeking a wide variety of retail/commercial tenants to relocate to Overtown
Central, and by working with these future employers to encourage the hiring of the area’s residents. In
addition, the development of the office building will bring significant employment opportunities to the
area.

Principle 5: Walking within the neighborhood must be accessible, safe, and pleasant.

The street serves as the front door to the project and is the key to providing a safe, accessible,
and pleasant neighborhood. The project shall incorporate wayfinding signage, hardscape and landscape
elements, along with lighting to provide a safe environment 24/7. The project design team shall work with
the SEOPW CRA and City of Miami to enhance the public right of way, sidewalks, and public plaza areas
within the Property. As Dover’s Plan puts it, “creating pedestrian friendly streets encourages the
development of street-level businesses and natural surveillance.” Adler wants Overtown Central to be a
success because we believe in the potential for Overtown to be a thriving neighborhood in Miami. While
there will be ample parking for cars at Overtown Central, given its proximity to All Aboard Florida, and to
encourage foot traffic, Overtown Central will seek to provide its residents services and facilities that will

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encourage walking/foot traffic – on-site security, on-site bike storage facilities, dog-washing stations, and
multiple green spaces and gathering/courtyard areas for relaxation.

Principle 6: Local cultural events, institutions, and businesses are to be promoted.

Overtown Central is more than just providing a place for people to live, it is about helping the
area’s residents find cultural inspiration, fiscal opportunities and desirable services. With that in mind,
before the commencement of construction, through and including after completing Phase 2, Adler will
seek to host art fairs, job fairs, music festivals, outdoor markets, and the like, in an effort to support and
enhance existing local companies, employers, cultural institutions, etc., and to attract aspiring local
entrepreneurs and employers. In addition, having a diversity of uses at Overtown Central brings a diversity
of people, business, and firms that further enhance economic opportunities.

Principle 7: The City and County must provide access to small parks and green spaces of an
urban character.

Adler commits to work with the City of Miami, Miami-Dade County and the SEOPW CRA to have
a multitude of green spaces and outdoor areas at Overtown Central. Not only does Adler believe that
such will enhance the monetary value of Overtown Central, but more importantly, it will enhance the
experience of its residents and visitors. It will also, be, per Dover’s Plan, “an important element in
developing and maintaining community aesthetics and identity, providing recreational and social
opportunities for residents and visitors, and attracting new residents and businesses.” And because Adler
believes in the importance of such outdoor spaces, the project team includes architect Neil Hall (of The
Hall Group and The Urban Collective) to work with us in designing the Project. Neil has the vision and
experience to create welcoming and functional green/outdoor spaces for Overtown Central’s residents
and visitors.

Principle 8: Older buildings that embody the area’s cultural past should be restored.

Adler shall make a concerted effort to work with the design team, Neil Hall, the Black Archives,
and Research Foundation of South Florida, Inc., to research architectural elements of demolished
buildings that speak to the heritage of Overtown and give Overtown its own identity. In addition, a study
shall be done of existing cultural buildings such as The Lyric Theater, Greater Bethel AME Church, Mt. Zion
Baptist Church, St. Agnes’ Episcopal Church, and the Dorsey House for architectural features and elements
that can be incorporated into the Project from Mediterranean Revival, Gothic Revival and Mission styles.

Principle 9: New and rehabilitated buildings must respond to our climate and reflect the
community’s cultural heritage.

As stated above, the Project shall seek to incorporate elements of the various architectural styles
and capitalize on the history and past function of the area. Historically, NW 2nd Ave was a thriving retail
and entertainment corridor, which the proposed development seeks to recreate with a particular focus
on the musical heritage of past entertainment venues. The area was also settled by Bahamian immigrants
with their own unique culture and architectural tradition. 21st Century Miami plays a predominate role in
the Global art scene. The Project shall seek to incorporate local artists and pay tribute to neighborhood
legends by recreating a Purvis Young mural and hosting a competition for local artists to capture the
emerging and historic tradition of Overtown through a second complementary mural. The Project shall

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also partner with Art Africa on exhibitions and fairs in the Public Plaza and the Project’s indoor Community
Center.

Principle 10: Streets and buildings must be attractive.

While there are no existing structures on Block 55, Adler nonetheless believes that Overtown
Central’s buildings should have designs that are both aesthetically pleasing and culturally appropriate for
the area and climate. Accordingly, the buildings at Overtown Central will help to maintain a sense of
place, be reminders of the cultural heritage of the area, and implement designs that portray the rich
history of the area, all while being functional, attractive and inspirational. This will be particularly true for
the Public Plaza and green space surrounding the project. The buildings are set back at the ground level
to provide additional shaded space in the public realm.

While Adler certainly wants to attract banks and equity groups to invest in the Project, Adler more
so wants its residents and commercial tenants to feel a sense of pride about where they live/work/play.
A sense of community pride is tantamount to a successful project, as it helps to keep tenants
living/working on-site, and to bring new ones to live/work on-site. Staring at another window/wall can
be gloomy and confining, and so at Overtown Central, Adler will strive to design buildings that have
windows and doors that open to views/the street. And finally, but no less importantly, the spaces
between the buildings – the public realms – will be carefully designed to provide those memorable,
relaxing, and comfortable green outdoor areas, in which tenants and visitors can eat, work, live and play.

Principle 11: 24-hour environments should be encouraged.

Diversity of uses and people are the primary drives of 24-hour environments. The combination of
residential, retail, and office shall seek to provide this atmosphere. Overtown Central will seek to provide
that true live-work-play environment. And to that end, Adler will work with local professionals to find and
deliver a variety of “cultural, entertainment, and recreational options that attract and engage residents
and visitors on weekends and after the workday ends...” to “encourage…social interaction and…” serve as
“a catalyst for economic vitality and attracting businesses and residents.” (See Principle #11 – Dover’s
Plan). These shall be realized with options such as movie nights, happy hours, music festivals, outdoor
markets, and art fairs. And to make sure that this 24-hour environment is a reality, at Overtown Central
there will be 24-hour onsite security, so that whether during the workday, after work ends, or on the
weekend, residents and visitors will feel safe and secure.

Principle 12: Identifiable neighborhood centers are to be established in a distributed pattern


within Overtown and Park West.

The Project shall become the new neighborhood center for the area, an anchor and catalysts for
future development in the surrounding area. This shall be achieved through the mix of uses, mix of housing
options, and a signature public plaza.

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Principle 13: Zoning and other development regulations must be revised to yield the results
envisioned in the Redevelopment Plan.

These principles, while important, do not appear applicable to this RFP, as they refer to a
government function, not one of a private developer. Nonetheless, Adler is open to working with the
SEOPW CRA (and the City of Miami/Miami Dade County) to help to fulfill these principles and to achieve
results as envisioned in the Redevelopment Plan. And should the SEOPW CRA see it fit to put a
neighborhood community center at Overtown Central, Adler would certainly be open to such.
Nevertheless, the Project meets the underlying T6-12 zoning of Miami 21 and does not require any zoning
changes beyond the typical waivers that are provided.

Principle 14: Restore the community and unify the area.

Overtown Central seeks to bring back the character, sense of place and cultural distinctiveness
that Dover’s Plan refers to in their 2009 Redevelopment Plan. Adler is confident that once completed,
Overtown Central will not only be a gem in Miami, but more importantly, its creation will undoubtedly
improve the quality of life for current and future residents and business of the Southeast Overtown and
Park West communities.

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COMMUNITY BENEFITS IN PRACTICE

COMMUNITY CENTER & YOUTH AT RISK PROGRAM


As part of the development of Block 55, Adler would seek to create a 5,000 SF community center
where members of the local community can congregate for a wide variety of events and activities. This
space would serve all local residents for community meetings public or private, with events ranging from
educational and public information sharing to the more artistic and food related to help showcase local
artisans and entrepreneurs. Additionally, 1,500 SF of the space would be dedicated to the Jewish
Community Services (“JCS”) organization which works with the local youth, ranging from children to young
adults, in providing compassionate services and ensuring a healthy and supported transition to adulthood.
JCS has a long and successful track record of working with the Overtown Youth Center, Miami-Dade
County and many others in providing services that include mental health counseling, addiction treatment,
violence prevention and mentoring initiatives with a particular focus on the more “at risk” youth.

JCS will conduct outreach to local schools, shelters, and community sites in Overtown to help
identify those who would benefit most from the available services. The space will have a case manager
who will conduct an intake and assessment for each young adult referred for services. An individualized
plan will be designed identifying appropriate skills and development activities to enhance personal self-
sufficiency for up to 100 unduplicated participants during a 12-month period. Youth participants can
complete pre- and post-training self-assessment tests that measure changes in their knowledge, behavior,
and attitudes as a result of the training. The program’s goals is to provide participants with the skills and
confidence needed to seek employment in the new economy. Details of the program can be found in the
appendix. A program such as this could be invaluable in the effort to help foster a sense of community
and caring around the new project that demonstrates Adler’s desire to not just build within a community,
but rather to build with the community in mind every step of the way.

LOCAL ARTISTS MURAL


Local artisans will be selected to design a large wall mural
running up the length of the new array of buildings. The
design will be something not only aesthetically pleasing but
also inspiring; a work of art that ties back into the
community and fosters a sense of pride and unity. Neil Hall
of The Urban Collective, is one such artist and visionary who
has agreed to collaborate on this undertaking. A native
Miamian, Neil has been practicing and serving in the urban
community for 27 years. The Urban Collective is a social
conscious design, art and culture lifestyle brand created to
inform, inspire and engage underserved communities in the
power of the arts to transform their environment. In
addition, a second mural will be commissioned to replicate
works of the famous Overtown artist Purvis Young.

LOCAL PARTICIPATION
The Proposer is an affiliate of a locally owned and operated business with a significant amount of
employees that live in the Miami area. The development team, including both architecture firms for the
RFP, as well as all engineers, consultants, and support staff are all locally based firms. The Proposer intends
to work with the SEOPW CRA to engage a local professional service providers as well as a general
contractor who in turn shall engage local subcontractors to perform and deliver on the RFP. As stated

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previously, Adler shall engage in pre and post construction job fairs in order to help local residents secure
employment.

Estimated Ad Valorem Taxes


Once Overtown Central is fully completed and stabilized, Lancelot Miami River estimates it will have an
assessed value of $106+ million. This will generate an estimated $2,459,930 in annual ad valorem tax
revenue. Based on current trim notices the tax revenue will be divided as follows: $525,935 to Miami-
Dade County, $825,940 to Miami-Dade Public Schools, $812,289 to the City of Miami, and $295,766 to
others. The details are in the following table:

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Estimated Impact Fees
Each phase of Overtown Central shall contribute a significant amount of money through impact fees to
various City of Miami and Miami-Dade County. Using rates as of 3/4/2016 it is estimated that Overtown
Central shall pay impact fees totaling $130,109,488. This amount is allocated as follows: $3,544,126 for
Roads, $321,488 for Fire, $201,040 for Police, $1,101,600 for Schools, $7,126,200 for Parks, and $815,034
for Water & Sewer Connection. The details are in the following table:

Estimated Permit Fees


Each phase of Overtown Central shall contribute a significant amount of money through permit fees to
Miami-Dade County. Using rates as of 3/4/2016 it is estimated that Overtown Central shall pay Permit
Fees totaling $2,300,000. This amount is allocated as follows: $600,000 for Phase IA, $550,000 for Phase
IB, $600,000 for Phase IIA, and $550,000 for Phase IIB. The details are in the following table:

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EXHIBITS & REQUIRED RESPONSE FORMS

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EXHIBIT A - REFERENCE LETTERS

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JCS Page 1 of 3

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JCS Page 2 of 3

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JCS Page 3 of 3

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EXHIBIT B – SAMPLE OF PAST DEVELOPMENTS

Midtown 29
Location: Miami, FL
Square Feet: 274,000
Sold in December 2015 as a fully permitted, shovel-ready
project, Midtown 29 features a 20-story, Class-A urban living
project comprising 309 apartments and 12,000 SF of retail.

Miami International Commerce Center


Location: Miami, FL
Square Feet: 4,000,000
A 340-acre master-planned mixed-use business park with
excellent access and frontage to major highways.

Vista Center
Location: West Palm Beach, FL
Square Feet: 852,000
A 500-acre master-planned mixed-use business park with golf
course.

Adler Plaza
Location: Miami, FL
Square Feet: 39,079
A five-story, Class-A office building located just east of Dolphin
Mall and west of International Mall on NW 107th Street.

Boca Commerce Center


Location: Boca Raton, FL
Square Feet: 423,100
A 327-acre master-planned mixed-use business park.

Stirling Town Center


Location: Cooper City, FL
Square Feet: 53,871
Located at the intersection of Pine Island and Stirling Road,
Stirling Town Center is a four-building neighborhood shopping
center that was built in 2005.

IL Villagio
Location: Miami Beach, FL
Units: 80
A premier condominium project in prestigious South Beach with
a total project cost of over $36 million.

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Pavilion Crossings
Location: Brandon, FL
A shopping center with a 45,600 square foot Publix anchor,
16,300 square feet of in-line retail and 4.29 acres of outparcel
sites.

1170 Kane Concourse


Location: Bay Harbor Islands, FL
Square Feet: 38,000
Description: Five-story Class-A office building built in 2007 in
Bay Harbor Islands. Located at the corner of Kane Concourse
and West Bay Harbor Drive, within walking distance to the
Shops at Bal Harbor.

Business Center I at MICC


Location: Doral, FL
Square Feet: 62,000
Two one-story flex buildings, comprised of office, showroom
and street-level warehouse space fronting NW 82nd Avenue.

Shoppes of Pinecrest
Location: Pinecrest, FL
Square Feet: 12,271
One-story multi-tenant shopping center located in the
Southeast corner of South Dixie Highway and SW 72nd Avenue.

Business Center II at MICC


Location: Doral, FL
Square Feet: 133,435
Fronting NW 82nd Avenue, three one-story flex buildings
featuring showroom, office, and street-level warehouse space.

New Town Commerce Park


Location: Fort Lauderdale, FL
Square Feet: 152,657
A Class-A, upscale complex consisting of five buildings of office,
showroom, and street-level warehouse spaces.

Gables Waterway Tower


Location: Coral Gables, FL
Square Feet: 489,931
Description: A 13-story mid-rise building consisting of 332
residential units. Built in 1969, Gables Waterway Tower was
the first high rise waterfront project in Coral Gables.

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Gables One Tower
Location: Miami, FL
Square Feet: 238,000
A multi-story office building located along US 1 across
from the University of Miami Campus. Originally
developed by Adler, they later acquired the property in
1998 as an opportunity to reposition a quality, well-
located asset through capital improvements, proactive
management and leasing.

Howell Branch Corners


Location: Orlando, FL
Square Feet: 14,765
A retail center located on the northwest corner of
Semoran Boulevard (SR 436) and Howell Branch Road.

Sunport Commerce Center


Location: Orlando, FL
Square Feet: 160,134
A business community highly visible from Sand Lake Road
with numerous warehouse, office, and showroom spaces.

Crossroads Business Center


Location: Winter Park, FL
Square Feet: 78,000
Crossroads Business Center is a single-story, 78,000-
square-foot office park comprised of two
office/warehouse buildings.

Interstate Business Park


Location: Tampa, FL
Square Feet: 160,000
A multi-building, office/flex park consisting of two parcels;
a 7-acre site with frontage on US Hwy 301 and a 4-acre
parcel located on Oak Fair Blvd.

Kendall Marketplace
Location: Kendall, FL
Square Feet: 54,757
A shopping center with excellent frontage on North
Kendall Drive in Miami. Retail mix includes The Kendall Ale
House, Pollo Tropical, Peter of London, a bakery, beauty
salon, animal hospital, realty office, restaurants and more.

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