OPPORTUNITY ZONE LAND FOR SALE...Alfonso Jaramillo – Fortune International Realty – 305.975.5020...

27 Edgewater__________________________________________________________________________ Miami, Florida

Alfonso Jaramillo – Fortune International Realty – 305.975.5020 - [email protected]

OPPORTUNITY ZONE LAND FOR SALE

Unique Location for a Mix Use Project in Wynwood/Midtown Corridor

OFFICE – HOTEL – RETAIL - RESIDENTIAL

Sale Price $ 11,477,000

Exclusively Listed with Alfonso Jaramillo [email protected]

305.975.5020



CONFIDENTIALITY OF THIS REPORT This is a confidential report on the subject property intended for your sole use to determine if you wish to express further interest in the subject property. The confidential report contains brief information about the property offered for sale. It is subject to changes that can appear at any time, and will replace all previously reported information. This report contains estimates, projections and information about the property, and the members, directors, executives, managers and employees related to the property or Fortune International Realty do not assume any responsibility for the information contained in this report, for the accuracy and it’s effects, to notify any changes on the information or this report, or for any decisions based on the information contained herein. All data on the property is provided for information purposes. Fortune International Realty encourages the recipients of this report to thoroughly review and independently verify to recipient own satisfaction that the data provided are substantially representative of the property and can be realized upon when considering any interest of said property. Recipient of this report acknowledges that he has been advised to seek the independent counsel of an attorney and/or an accountant to verify the information on the property and to examine any and all applicable documentation relevant to the transaction.

The information contained in this report is confidential. The recipient agrees that he will not disclose any of the contents contained in this report without prior authorization from Fortune International Realty.



TABLE OF CONTENTS

1. ABOUT THE PROPERTY

2. LOCATION

3. OPPORTUNITY ZONE

4. SUMMARY OF AREA DEVELOPMENTS



PROPERTY DETAILS

LOCATION Outstanding location on NE 2nd Avenue and 28th Street – OPPORTUNITY ZONE, 1 block from Midtown, 1 Block from AMLI residential development, 2 blocks from Biscayne Blvd, 6 blocks from Design District and 5 blocks to Wynwood.

Site has an incredible location on NE

2nd Avenue with easy access to I-95 via 36th Street and North Miami corridor via 29th Street.

Demand for Office Space, Condo

Units, and Hotel rooms in this area has significantly increased due to the significant expansion of the Design District, Edgewater, Midtown and Wynwood in the last 10 years

PROJECT – EDGEWATER 27 SEE ATTACHED DETAIL PLANS

FOR A POTENTIAL RESIDENTIAL PROJECT

Edgewater 27 has 178 Residential Units with an average size of 523 Square Foot and 7,755 SF of Ground Floor Retail space. Total rentable space is 100,877 Square Feet.



LAND INFORMATION ADDRESS 169 NE 27 Street 166 NE 28 Street 2728 NE 2nd Avenue TAX FOLIOS 01-3125-005-(0020, 0030) 01-3125-006-0030 TOTAL LAND AREA 31,550 SF ZONING T 6 - 12 O FLOOR LOT RATIO 8 GROSS DEVELOPMENT SF 252,400 SF GROSS DEV W/30% BONUS 328,120 SF POTENTIAL CONDO UNITS 108 POTENTIAL HOTEL UNITS 217 POTENTIAL PROJECT 178 units plus 7,765 SF of Retail

ASKING PRICE $ 11,477,000 PRICE / LAND SF $ 363 per SF

PRICE / GROSS SF $ 45 per SF PRICE / GROSS SF W/BONUS $ 35 per SF PRICE / CONDO UNIT $ 106,268

PRICE / HOTEL UNIT $ 53,134



The Development Opportunity is ideally located on the Midtown / Edgewater Corridor



UNIQUE HIGH TRAFFIC LOCATION IN THE MIDDLE OF THE DEVELOPMENT GROWTH OF DESIGN DISTRICT, MIDTOWN,

EDGEWATER AND WYNWOOD

Besides Wynwood 29 7 Blocks to Design District

7 Blocks to Wynwood 7 blocks to Midtown

7 blocks to I-95 Intersection 2 Blocks to Miami Avenue 2 Blocks to Biscayne Blvd



OPPORTUNITY ZONE

The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. The Opportunity Zones program is designed to incentivize patient capital investments in low-income communities nationwide. All of the underlying incentives relate to the tax treatment of capital gains, and all are tied to the longevity of an investor’s stake in a qualified Opportunity Fund, providing the most upside to those who hold their investment for 10 years or more. The 3 key components of the tax advantage of Opportunity Zones are: TEMPORARY DEFERRAL - A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026. STEP UP BASIS – A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation. PERMANENT EXCLUSION - A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund. T



MIAMI OPPORTUNITY ZONE MAP

SUBJECT PROPERTY



RELEVANT NEWS OF IMMEDIATE AREA DEVELOPMENTS

Developer Crescent Heights has asked Miami to replat land on Biscayne Boulevard in order to make way for a new development.

According to the plat submittal, the new project will include:

• 754 residential units (400 at Tract A, 354 at Tract B) • 268,654 square feet of office • 16,720 square feet of retail (split evenly between Tract A and Tract B) • 38,450 square-foot grocery store • 61,450 square feet fitness • 620,731 square feet of parking

A total of 5.266 acres of land is being replatted, including land at 3050 Biscayne Boulevard. That property has a 10-story, 90,480 square-foot office building which will remain.

The land being replatted runs from Biscayne Boulevard to NE 2nd Avenue, across the street from AMLI’s 720-unit Chiquita apartment project in Midtown Miami. Thousands of residential units are under construction or newly completed within a short distance of the land.

https://www.thenextmiami.com/crescent-heights-submits-replat-of-edgewater-land-where-new-community-is-planned/



Lennar Submits Plans To Build 189-Unit Apartment Project

By TNM Staff on September 4, 2018

America’s largest homebuilder is planning to build rental apartments in Wynwood

Lennar Multifamily Communities submitted a proposal to build an 11-story project called Wynwood Green, on 1.26 acres of land that they are in contract to purchase, according to a letter from the developer. Wynwood Yard is currently on the site.

It would be the first apartment project for Lennar Multifamily within Miami city limits. The company has apartments in 18 states, and has projects in Doral and Fort Lauderdale.

The Wynwood Green proposal includes:

• 189 apartments • 324 parking spaces • 16,768 square feet of commercial

https://www.thenextmiami.com/lennar-submits-plans-to-build-189-unit-apartment-project-in-wynwood-near-midtown/



First Glass Installed in AMLI project on NE 2nd and 29th Street

The massive residential project being built next to Midtown Miami has had its first windows installed.

AMLI Residential is building 719 apartments on 6.6. acres of land, spanning several city blocks along Northeast Second Avenue.

According to a construction permit, 511 units are being built at 3000 Northeast Second Avenue, with construction cost estimated at $114 million. The building height is listed at 14 stories, or 180 feet, with 500,000 square feet being built.

A second construction permit is active at 2900 Northeast Second Avenue. There, 208 units are being built, with construction cost estimated at $36 million. A total of 474,684 square feet will be built, with an 8-story, 100-foot building height.



Foundation Work continues at AMLI 700 Unit Residential Development in Midtown – 2900 NE 2nd Avenue August 16th, 2018

After clearing the land in May, foundation work still continues at AMLI Residential’s Midtown Miami site where they plan to bring over 700 apartment units to 6.6 acres. Currently, the South Tower, which will be 8 stories and with 215 units will be the first tower to rise.



Developer completes Edgewater assemblage for Urbanica Hotel

Urbanica spent $15.3M on the properties since October

By Katherine Kallergis | February 25, 2019 11:30AM

UPDATED, Feb. 26, 9:10 a.m.: Urbanica Management completed an assemblage in Edgewater where the company is planning to build a 220-room hotel. Urbanica Management, led by Charlie Porchetto and Diego Colmenero, paid $7.3 million for the adjacent lots at 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue, adding to the land it acquired in October at 3200 Biscayne Boulevard $7.95 million. https://therealdeal.com/miami/2019/02/25/developer-completes-edgewater-assemblage-for-urbanica-hotel/?utm_source=The+Real+Deal+E-Lerts&utm_campaign=86b61d8012-SF_WEEKEND_12_3_164_3_2016_COPY_01&utm_medium=email&utm_term=0_6e806bb87a-86b61d8012-385807509



3H Group Hotels buys dev site in Edgewater for New Hotel at 3047 Biscayne Blvd

By Amanda Rabines | August 02, 2018 01:30PM

3H Group Hotels continues to target Miami’s Edgewater neighborhood. The hotel development firm just picked up a property at 3047 Biscayne Boulevard with approved plans to build a 13-story hotel with 137 rooms. The company, led by developer Hiren Desai, is also building an AC Hotel by Marriott just a couple of blocks north with partner Aztec Group. Records show Biscayne Point Lodging LLLP paid $7 million for the 20,240-square-foot lot.



Restaurateur sells 225 Midtown building to Avra Jain for $13M Adaptive re-use project will be ready for leasing in about four months, Jain says

By Katherine Kallergis | May 19, 2017 10:30AM

Jain, Joe Del Vecchio and partners paid $13 million for the building at 3415 Northeast Second Avenue in Miami, she told The Real Deal. Ready Capital provided a $6.7 million loan for the acquisition and about $5 million for construction and development. The MiMo District/Little River developer plans to renovate the building, including its facade, and deliver it for leasing in about three to four months.

https://therealdeal.com/miami/2017/05/19/restaurateur-sells-midtown-225-building-to-avra-jain-for-13m/

OPPORTUNITY ZONE LAND FOR SALE...Alfonso Jaramillo – Fortune International Realty – 305.975.5020...

Documents

Transcript of OPPORTUNITY ZONE LAND FOR SALE...Alfonso Jaramillo – Fortune International Realty – 305.975.5020...