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Introduction to Lambert Advisory, LLC

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Lambert Advisory, LLC

• Real estate, economic and community development advisor

• Comprehensive experience with both public and private sector

• In excess of 20 economic development initiatives within past few years

• Senior management heavily involved in all phases of engagement

• PPP Structuring expertise

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Lambert Advisory, LLC

Select Public SectorMiami Dade CountyCity of MiamiCity of DoralCity of Miami BeachCity of Fort LauderdaleCity of Hallandale BeachCity of Pompano BeachCity of PlantationJacksonville EDCCity of New OrleansUnified Port of San DiegoNew York City EDC

Select Private SectorSwire PropertiesLendLeaseSamsung CorporationCarnivalKimco RealtyUniversity of PennsylvaniaHarvard UniversityQueen Emma FoundationJPI, Inc.Simon PropertiesHuizenga Holdings

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Key Economic Indicators

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Local and Regional Economic ProfileMiami Dade County Village of Palmetto

BayTrade Area

2010 Population 2,496,435 23,410 16,9042010 Total Households 867,352 7,923 5,717

2010 Avg. HH Size 2.83 2.95 2.952008-12 ACS Median Household Income

$43,464 $107,259 $98,438

2008-12 ACS Per Capita Income

$23,304 $41,034 $39,337

2010 Owner Occupied Households %

55.8% 84.2% 82.1%

2010 Renter Occupied Households %

44.2% 15.8% 17.9%

2010 Median Age 38.2 years old 41.9 years old 41.2 years oldUnder 19 24.7% 29.2% 28.8%

20-39 28.1% 18.2% 19.3%40-64 33.0% 40.6% 40.4%65+ 14.2% 12.0% 11.5%

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Median Household Incomes by Block Group, 2008-2012 ACS (Village of Palmetto Bay and Surrounding Areas)

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Trade Area & US 1 Corridor Map

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Office Employment Trends and Projections

Financial Services Total Avg. Annual Change

Avg. Annual Growth %

1990 63,600 76,400 140,000

2000 60,800 134,400 195,200 5,520 3.4%

2010 60,400 119,200 176,600 -1,860 -1.0%

2013 67,800 125,800 193,600 5,667 3.1%

2019 72,700 144,100 216,800 3,867 1.9%

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Opportunities and Demand

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• Demand for 1,200+ multi-family housing units during next 10 years• Combination of new growth and existing

“pent up” demand

HousingDemand Profile South Miami

Dade CountyVillage of

Palmetto BayEst. Population (2013) 549, 728 24,168Est. Households (2013) 176,315 8,212% VPB of South Dade HH’s -- 4.7%% of HH Income > $50,000 50% 79%No. of Potential MF HH’s w/Income > $50,0000

88,157 6,487

% VPB of South Dade HH Income > $50,000 -- 7.5%

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Retail

• Broader Trade Area is well represented by both national and local retail (Regional Mall and Big Box)• Trade Area overall has low vacancy• However, a considerable amount of retail space

comprises older, less functional buildings• Reflected in modest rental rates

• Opportunity for retail is to serve the Village’s Downtown:• Dining, small boutique retail, grocery

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• Represents demand for new space as well as absorption of vacant/underutilized space• Office likely a supporting, longer-term use for

Downtown

OfficeLow High

Estimated County Office Job Growth (2014 to 2020)

18,000 22,000

Sq.Ft. Office Net Demand @ 230 sf per employee 4,100,000 5,100,000

% Village of Palmetto Bay Capture 3.0% 4.0%

Village of Palmetto Bay Total Potential - Office Demand (Sq.Ft.)

125,000 200,000

Headline Conclusions

Headlines

• Economic fundamentals promotes manageable and realistic opportunities• Residential and retail will drive Downtown

program during near term• Program works best in concentrated area• Mitigates infrastructure costs, but allows scale for

mixed use• Creates attractive, high profile entrance along US

1• Promotes regional presence as opposed to local

center

Headlines

• Neighborhood schools invaluable asset to Downtown• Spread of investment after initial likely to be

east• Within condensed areas of median• Further evaluate need and support for parking • Housing, retail• Estimated to generate more than $600,000+

annually in total Ad Valorem tax revenue• New development and existing property growth