South Florida Infrastructure & Commercial market - John Dohm - updated 06-12-13
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Transcript of South Florida Infrastructure & Commercial market - John Dohm - updated 06-12-13
JONATHAN ASBELLR E A L E STAT E P R O F E S S I O N A L
E X P E R T N E G O T I A T I O N , S E R V I C E , E X C E L L E N C E
Keller Williams Realty Services • 2424 N. Federal Hwy, Ste 318 • Boca Raton, FL • 33431
MARKET FOCUS• Residential Properties• Commercial Sales & Leasing• International Transactions• Luxury Properties• Investment Properties• Business sales & acquisitions
BACKGROUND• Marketing Executive Networking Group• International Exececutive Resource Group• Business Development & Marketing• Falo Português / Hablo Español• MBA & University of Pennsylvania Alumnus• Luxury Marketing Council of Brasil & Florida
F L O R I D A • M I A M I • N E W Y O R K
EUA 561 247 5650Brasil +55 11 3958 [email protected]: jonathan_asbell
ESPECIALISTA EM NEGÓCIOS IMOBILIÁRIOS
JONATHAN ASBELL, MBA
R e s i d e n c i a l , C o m e r c i a l & S m a l l B u s i n e s s e sLiaison para o Brasi l da National Associat ion of Realtors (N.A.R.)
A Aumenta do Porto e Aeroporto:
O impato dos projetos de infrastrutura na Imobiliaria Comercial de South Florida
Autor: John Dohm
Henry Morrison Flagler •1870 - Creates Standard Oil with JD Rockefeller
•1885 - Builds Hotel Ponce de Leon in St Augustine
•1894 - Builds Hotel Royal Poinciana in Palm Beach
•1895 - Combines the Jacksonville, St. Augustine, Halifax, and Indian River Railroads to become the Florida East Coast (FEC) Railway
•1896 - Palm Beach Inn (later the Breakers) is built
•1896 - FEC Railway Reaches Biscayne Bay
•1897 - Hotel Royal Palm opens in Miami
•1905 - FEC Railway to Key West begins
•1912 - Rides the first train to Key West
MiaMi was founded by woMen
Julia Tuttle 1949 – 1898 : The Mother of Miami (Convinced Flagler to extend the Rail Road to Miami)
Mary Brickell Founder of Downtown Miami (Envisioned a boulevard of handsome homes …and provided all the funding)
"The only real natural port in those days was Key West. In 1900, it was Florida's largest city, a bustling port alive with the cigar industry, fishing and sponging. So the impetus for building an overseas railroad was that Henry Flagler needed a port.“
In 1898, the Spanish-American War brought Cuba under America's sphere of influence. The Panama Canal was being built, and Flagler saw trade opportunities to Cuba and the world.
Dubbed both: “Flagler’s Foley” and “The eighth wonder of the world.“ (referring not to the overseas highway built in 1927, but the Florida East Coast Railway.)
• The overseas extension was approximately 150 miles long, with bridges up to seven miles in length. Flagler's steamship line took over once the train reached Key West, and the cars were placed on ferries to Cuba.
• "Everything went on that train," said Tom Hambright (Monroe Co Public Library, Key West). "On the outbound run, from the mainland to Key West, you had manufactured goods from the Northeast, race horses went to Cuba. Coming back, you had tanks of sugar and molasses and pineapples. During Cuban pineapple season, you'd have up to 100 cars, and Flagler would have to bring in a mountain train, a heavy locomotive, to get the train moving. And of course, you had passenger traffic.“
• A little girl in the late 1920s, Winifred Fryzel, recalled the times she rode The Havana Special. "My father was a railroad man," she said. "We lived in Key West, and he would put his girls--my sister and me--on the train to visit our grandmother in Tallahassee.“
• The locomotive ran on oil instead of coal. "I don't think Mr. Flagler was necessarily concerned with the environment," Fryzel said. "I think it was just that he owned Standard Oil. But because of that, my dress was always clean when I rode his train.“
Flagler Went a Step Further Though: Recognizing that Key West was not only Florida's most populated city, but also the United States' deep water port closest to the proposed Panama Canal, he decided to bring the railroad to Key West and take advantage of that proximity to the canal plus additional trade with Cuba and Latin America.
The official opening of the overseas extension was held in Key
West in January 1912. The celebration lasted several days. The Florida East Coast Railway stretched the length of the state, 500
miles, from Jacksonville to Key West.
The beginning of MiaMi
• 1896 – Miami Was Incorporated • 1900 – Population was 1,681 people • 1910 – Population was 5,471 • 1920 – Population was 29,549
• The modern era began with the arrival of Flagler’s
Railroad and we became America’s Winter Playground and the Gateway to the Americas
Early Miami: Downtown in 1913 (It was a new world. That year the first bridge was built across Biscayne Bay)
Fast forward to Miami 1950
PortMiami
Miami in 1960
“The Sun and Fun Capital of the World” (Tourism Ruled!)
Then came an import from Cuba that Flagler didn’t even imagine: The islands most industrious citizens!
• 250,000 in the first migration in 1959 • 300,000 from 1965-1973 in the second migration • 125,000 just after 1980 in the exodus from Mariel
Miami has Become a Place to Live! In 1950 Miami-Dade had a population of 495,000
By 1960 it was 935,047
By 1970 it was 1,267,792
In 2013 Miami-Dade has a population
of 2,560,000+ (up from 2,500,000 in 2010)
As a region, we are really gaining!
Miami Dade County 2.6 million
Broward County 1.8 million
Palm Beach County 1.3 million
Total Tri-County Area 5.7 million
South Florida is the 5th most populous MSA (Metropolitan) Service Area) in the USA (only 400K less than Houston).
We are still growing!
Our economy is growing too!
• Development slowly moves north and… • We are becoming one major Metro Market.
Source: CoStar Property®
South Florida Commercial
Product Miami - Dade Broward Palm Beach Industrial 228, 492,520 126,812,503 59,394,130 Office 102,040,692 68, 230,447 54,735,599 Retail 126,902,827 106, 947,269 7 7,307,490
Industrial – South Fla
There were 1,043,901 square feet of Industrial space completed during the first quarter of 2013 and another 875,406 sq ft under construction.
South Florida Total 414,699,153 SF 18,236 Buildings
Industrial Development• Prologis, a San Francisco-based real estate investment trust, just completed construction of a new
189,000-square-foot building at the Beacon Lakes Business Park in Airport West.
• • DCT Industrial Trust of Denver broke ground in April on the first of two 167,000-square-foot buildings at the Pan American West Business Park. The building for the DCT Commerce Center should be finished this fall with the second building starting construction later this year and ready in mid-2013.
• • Flagler Station Business Park, in the Medley submarket, has started construction of its 175,000-square-foot warehouse scheduled to be completed by the fourth quarter.
• • KTR Capital Partners, a suburban Philadelphia-based private equity firm, is constructing a 336,000-square-foot warehouse and distribution building called the Miami International Distribution Center in the Pan American West Business Park (with 36’ clear ceilings).
• Industrial Income Trust, a Denver-based real estate investment trust, just began construction on a 186,000-square-foot facility in Medley’s Pan American North Business Park that is expected to be finished by the end of the year.
• Liberty Property Trust, a Pennsylvania-based real estate investment trust, invested about $20 million to acquire 126 acres for the building of Miami International Tradeport. The project will include more than 1.6 million square feet of warehouse and distribution space, with the first 150,000 to be delivered next year and the entire project built out over as long as a decade.
• Industrial Developments International, a privately held Atlanta real estate company, this quarter will finish a 264,000-square-foot warehouse at Miramar Centre Business Park with a lease out for signature to a single tenant.
• Sunbeam Properties is building a new 87,000-square-foot building at Miramar Park of Commerce that is scheduled for completion by the end of the year
Industrial Sales – 2013 Q1
Largest Lease Signings – 2013 Q1• 209,601 SF by AmeriJet International at Airport Business Center in the Miami Airport west market; • 148,750 SF by SeaFreight Agencies (USA) at International Corporate Park; and• 146,788 SF by Interport Logistics, LLC at Beacon Lakes in the Miami Airport west.
Average Price: $72.10 per SF
Land: Moving back up in Price
Add: IDI’s purchase of 42 acres at $11.30/ SF in Davie (Broward County) for 700,000 SF. KTR’s purchase of 24 acres at $9.00 in Pan Am West (Miami-Dade) for 500,000 SF. Liberty Property’s purchase of 126 acres from Tarmac in NW Dade for 1.6 million SF Miramar Town Center purchase of 23.5 acres at $12.20/ SF. Wal-Mart Purchase of 23 acres at 32nd Ave and 79th St in Miami for $12.73/ SF.
Office
There were 1,194,446 square feet of office space under construction at the end of the first quarter 2013.
South Florida Total: 225,014,755 SF 11,150 Buildings
Office Leasing
The largest lease signings occurring in 2013 include:
• 75,057-square feet by Northern Trust at Brickell World Plaza;
• 43,911-square feet by General Dynamics Itronix at Sawgrass Pointe; and
• 39,788-square feet by Aldridge Connors LLP at 1615 South Congress in Delray Beach.
Office Building Sales
Retail
The Retail market in South Florida consists of 311,157,586 square feet in 21,638 buildings. That includes 48 Malls totaling 36,605,145 SF; 3,169 Shopping Centers with 130,909,408 SF; and 29 Power Centers with 10,873,614 SF. ++
There were 1,246,619 square feet of retail space under construction at the end of the first quarter 2013.
Sales of Retail Centers – Past Year
Retail is Relocating and Re-defining Itself The Fashion World gives Miami its “Stamp of Approval”
• Bal Harbour Shops Still Ranked No. 1 Internationally In Sales PSF • The Bal Harbour Shops’ $2,555 per-square-foot sales rank it first internationally, the retail
center said, citing a ranking in the International Council of Shopping Center’s Shopping Centers Today.
• The figure is nearly seven times the ICSC-estimated $451 per-square-foot industry average, the September cover story in the publication notes.
• “Our South American tourist season kicks into high gear, they are here in a big way in the summer. You might go to Worth Avenue in the summer and see a lot of closed doors, but that doesn’t happen here,” said operating partner Matthew Whitman Lazenby, who is the third-generation of the Whitman family involved in the business. “The setting, the stores, the history and the attachment that shoppers feel to the center is what makes Bal Harbour Shops the world’s premier luxury retail center,” Lazenby said in a press release.
• Worldwide, Bal Harbour Shops topped sales at such renowned locations as Westfield London and Westfield Stratford in the United Kingdom; Westfield Sydney in Australia; the Mall of the Emirates in Dubai and Ala Moana Center in Honolulu.
• Meanwhile, the open-air shopping center is facing increased competition from projects in Miami’s Design District. More than 30 retailers, including Hermès and Louis Vuitton, announced they were relocating there from Bal Harbour.
• Bal Harbour Shops ownership appears undeterred since it is planning space for 50 new tenants. The neighboring Church by the Sea recently voted in favor of relocating the church to allow room for the expansion.
Multi Family – The Favorite du Jour
138 Towers with 18,528 new units are currently “in play” east of I-95, from Miami through Palm Beach. • Prior to the 2008 market decline 108,000 units were proposed. • 49,000 units that were built still remained when the market fell • 22,000 were in the Downtown Miami area • Only 2,340 now remain unsold. A new condo boom is underway to serve the demand! • 18,500 are proposed • 20 towers under construction with a 21st (Grand Bay) on July 5th
Condos are Back!
Hotels are back
And “The Donald” is here, too …
The Market Recovery Prizes Go To…
Consultatio Bal Harbour LLC • $220-million for the 5.53 Acre • Bal Harbour Beach Club. • That’s $913.29/ SF. • Planning a 260 unit luxury condo complex. •This exceeds the $236 million paid by the Malaysia-based Genting Group for The Miami Herald.
And there’s more …
Brickell City Center
9.1 Acres 5.4 million SF
Office Residential Hotel Retail and Entertainment.
$1.05 Billion
MDM Group has confirmed that it has solidified plans for: At site of former Miami Arena 500,000 SF Convention Center 1,800 Room Marriott Hotel 1,500 Seat Theater 2,300 Car Garage Over $1-Billion “All-Aboard Florida Station across street Sky-bridges linking to mass transit
…and …
What maintains the growth?
• Our global position (location, location, location …) • Timing (An active market plus new methods and patterns of
transportation) • Infrastructure Improvements (The movement of people and goods into, out of, and
around South Florida)
Our global location
Miami
Miami, and all of South Florida, is in a very good location
You are
Here
Surface Transportation Patterns
Global Map of Accessibility (Travel Time by the World Bank)
We’re in the middle of this hemisphere. However now it is just as much about time, convenience, price and comfort as distance
So … bigger and faster transportation has come to South Florida
DreamLifter
DreamLiner - 787
Oasis of the Seas (5 x Titanic) Emma Maersk (11,000 Loaded TEUs)
This brings us to “market timing”
• Commercial was never overbuilt. • Commercial just stopped trading. • Even residential never went that far “down”. • It just went up too far “up”…too fast.
Private Construction: NonresidentialSAAR, Mil.$
10050095908580Source: Census Bureau/Haver Analytics 04/30/13
450000
375000
300000
225000
150000
75000
0
450000
375000
300000
225000
150000
75000
0
NCREIF Commercial Real Estate Transactions-Based Price Index: All Properties
100500959085Source: National Counc of Real Estate Invest Fiduciaries 04/30/13
240
200
160
120
80
40
240
200
160
120
80
40
FHFA House Price Index, Texas
NSA, 1980 Q1=100
1005009590858075Source: Federal Housing Finance Agency 04/30/13
240
200
160
120
80
40
240
200
160
120
80
40
FHFA House Price Index, Oklahoma
NSA, 1980 Q1=100
1005009590858075Source: Federal Housing Finance Agency 04/30/13
240
200
160
120
80
40
240
200
160
120
80
40
FHFA House Price Index, Florida
NSA, 1980 Q1=100
1005009590858075Source: Federal Housing Finance Agency 04/30/13
500
400
300
200
100
0
500
400
300
200
100
0
Quotes of the year:
“Think of 2005-2007 as a social experiment that failed miserably”.
Dr. Mark Dotzour Chief Economist, Real Estate Center at Texas A&M
“Yes, steady 60 mph is better than 120 mph and a
crash.” Dr. Lawrence Yun Chief Economist, National Association of Realtors
(But did they ever really have it?)
What’s next for retailing?
What does it mean for us?
Getting rid of the “9-year old car”
Maybe we had gone too far …(?)
Looks like we’re geared-up and ready-to-go
So now, with all this in mind …
Take a look at just how ready we are, right here, in beautiful South Florida!
The Southeast USA
South Florida’s Position
The South Florida Community
Our Ports of Entry
Port Everglades
Fort Lauderdale International
Miami International
PortMiami
20 Miles
Our Infrastructure • Miami International Airport Expansion • PortMiami Expansion • Ft Lauderdale /Hollywood International
Airport Expansion • Port Everglades Expansion • Expressway and Roadway Expansions • Interchange Improvements and Expansions • Rail Lines and Service Expansions
Why infrastructure?
$6.4 Billion Capital Improvement Program is underway More than doubling the terminal and concourses from 3.5 million to 7.4 million SF (MIA is on 3,230 Acres of land )
Miami International Airport “Our Global Gateway”
• Miami International Airport
MIA (most international flights in USA) • North terminal (3 level international) • South Terminal (cruise ship & bus area)
• Miami Intermodal Center • Rental Car Center • MIA Mover • Tri-Rail • MetroRail
39.5
MIA is #27 Worldwide
25th Street Access
Logistics & Rail Hub
Centurion Air Cargo
MIA Cargo Area Terminal Expansion
Grand Concourse
Intermodal Center
Miami International Freight
• # 1 in International Cargo in US (Miami, NY, LA) • #9 in International Cargo World-wide (up one notch from 10) • Centurion Air Freight (800k SF at NEC of MIA) • South Florida Logistics Center (Flagler/ FEC Hub) 144 acres of a 400 acre site (170k SF under construction) • #3 in total freight in US (behind only Memphis/FedEx &
Louisville/UPS) • Three Fumigation facilities for perishables (Targeting more perishables / repeal of protective regulations
prohibiting goods from entering Zone 5/South Florida directly) • Four International carriers serving MIA-Asia with direct flights and
non-stop passenger service planned in less than two years.
Across the street from the Miami Association of Realtors HQ
Direct freight service from Asia now by: Asiana, Korean Air, Cathay Pacific and China Air.
Anticipated non-stop flights from Asia: 18-24 months.
Now take a look at what we’re doing
for our people.
What’s going on around the airport
New ways to get there
… and things to do!
Opened
… but that’s just the Miami Intermodal Center part. There’s more …
It will look like this! 3.4 Million Square Feet
Dallas Ft. Worth Hong Kong Atlanta Singapore Frankfurt Amsterdam Incheon Dubai Memphis Bejing Malaysia Athens Singapore
Airport Cities
1 acre; Existing MIA Hotel Parcel 1D
9 acres; SW corner of Central Blvd and Le Jeune Rd.
Parcel 1B
25 acres; NW corner of Central Blvd and LeJeune Rd.
Parcel 1A
4 acres; East of Dolphin and Flamingo Garages
Parcel 1C
On-Airport Improvements
96
CONVENIENCE CENTER
BUSINESS PARK
HOSPITALITY CENTER
North Terminal South Terminal
Central Boulevard MIA Mover
Building Communities Around The World
Investment: $12 Million
Investment: $141 Million
Investment: $359 Million Total Investment:
$512 MM Construction: $500 MM
Total Development Period: 5--9 Years
Building Communities Around The World
425+/- Room 4-star & Conference Center (and station) 150-300 Room Ltd-service Hotel, Retail & Restaurant
Location
Current Condition
Hotel and multi-family sites to be marketed late 2013
Over 1.5 million SF of mixed-use planned development Business and Full-Service Hotels, Convention,
Conference/Trade Center Corporate Office and Higher Education Facilities Hospital/University Affiliated Outpatient Medical Pavilion Retailers – Apparel, Electronics, Sporting Goods, Supermarket Television and Film Production Facilities River Walk Shops, Restaurants, Marina, and Entertainment Multi-Family development
The Vision
PORTMIAMI
(PortMiami is 518 Acres)
Envisioning South Florida’s Future: Mobility – Goods and People Creating Economic Growth
Cruise Capital of the World PortMiami is the Leading Cruise Port in the World Host more than four million passengers annually Fifteen of the world’s top cruise lines homeport at PortMiami Expansion of portfolio brand: 13 lines and 32 vessels
Mega Cruise Terminal Proposal • Focus on processing passengers at the least
cost to the cruise lines • Cruise lines expect highly efficient and
functional terminals – Aesthetically pleasing and safe – More comfort and amenities – Multi-level operations – Consolidated functions – Environmentally responsible – Lower cost of operations and
maintenance – Easy parking and ground transportation services – Currently being
planned/programmed
Singapore
Hong Kong
PortMiami
Cargo Gateway of the Americas Largest container cargo port in the State and eleventh in the Country PortMiami will, at a minimum, double its cargo volume by 2035 Cargo growth is premised on that cargo moves within a nodal cost system (point-to-point at a lower cost) Lower cost of water delivery by having a competitive advantage due to harbor deepening
(larger cargo volume vessels, lower cost to ship containers/goods) Lower cost of land delivery thru rail improvements (faster/efficient delivery options and
lower cost for shipper and consumers)
Current Major Capital Projects -50/-52 feet Deep Dredge Project of the Fisherman’s Channel and associated turning basins in
partnership with the Army Corp of Engineers, Cost $206M, Completion date Summer of 2015 in tandem with Panama Canal Opening
PortMiami Tunnel Project in partnership with FDOT, Cost $1B ($650M construction/$450M O&M , Completion date May 2014
Rail and Intermodal Rail Facility in partnership with the Federal Government and FEC, Cost $23M, Completion date fall of 2014
Acquisition of four new Super Post-Panamax Gantry cranes, Cost $40M, Completion date August 2013
Bulkhead Improvements and Wharf Strengthening projects, Cost $57M, Completion date May 2014
Deepening of the Miami Harbor to -50/-52 feet is one of the most important infrastructure projects on the drawing board for the State of Florida
Nationwide significance in supporting international trade and commerce PortMiami is one of only three ports on the Eastern Seaboard that has received
Congressional authorization for deepening its harbor to accommodate Post-Panamax cargo ships
Deep Dredge Project
Why a “deep dredge”?
But, there are actually even better reasons …
34% !
100 years later
(Remember the 51 m from 3 slides back?)
Remember these 2 slides!
Add $800+ to truck to Miami
Do you see anything closer than Miami?
ICTF (Intermodal Container Transfer Facility) Miami-Dade, Broward and Southeast USA Linkages
Rail and Intermodal Rail Yard Facility
PortMiami Tunnel
“Harriet” (named by the Miami-Dade Girl Scouts)
43’ Diameter
Harriett Breaks Through!
And then … Harriett does a twirl … we wait …
She’s back!
New Development and “Integration Concepts”
Last, but certainly not least …
City-Port Integration Concept • As an island port, Downtown Miami
and the Port are working together to become a fully functioning and integrated major urban core
• The Port is taking major steps by redirecting its traffic thru the new tunnel, reducing downtown Port traffic congestion by 70%
• Opportunities exists to integrate the southwest side of the Port into its urban counterpart
– Downtown Miami – Bayfront Park – Bayside – Miami’s waterfront
Monaco – Miami Overlay
Multi-Modal Transportation Center (Proposed)
M
New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase
Airport-Seaport linked currently under study by the Miami-Dade MPO
Multi-Modal Transportation Center Proposal
New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase, 15-20 year planning horizon
Airport-Seaport linked currently under study by the Miami-Dade MPO
Miami World Trade Center Waterside Complex Proposal
New facilities with hotel, office, commercial, car rental, parking and transit link to Downtown Miami when market and population demand increase
Airport-Seaport linked currently under study by the Miami-Dade MPO
Fort Lauderdale – Hollywood International Airport
$2-Billion Capital Improvement Plan Underway (FLL is located on 1,380 Acres)
Capital Improvement Plan
(8,000’ Long x 150’ Wide)
(Concourse G)
Terminal IV Rendering
VOR
Construction is completed for the VOR/DME. Testing and calibration will take several months.
It is operational now (in May 2013)!
January 2012 – Pilings going up
December 2012 – Retaining Wall
* The new FEC Rail spur is almost one mile long along South Perimeter Road.
* Two trains per day with 80 cars per train haul crushed limestone fill.
7,000,000 cubic yards of crushed limestone are needed.
Future Runway Path
Future Turn-Around Area
Pile Driving Operation Going full-time.
Photos Yesterday (Wednesday, June 12, 2013)
(Midfield View)
How it will look:
View of Expanded South Runway
• Second busiest passenger cruise port in the world (3.6 million multi-day v. 4 million in PortMiami )
Principal port and distribution facility for South Florida’s gasoline, jet fuel and petroleum products. Florida’s top seaport of international export trade.
Only one-half mile from shipping lanes
(Size of Port Everglades is 1,742 acres)
Infrastructure Improvements Scheduled and Underway
• Environmentally friendly: 8.68 acres of mangroves being replaced by 16.5 acres. • Expanding the Southport Container Yard by 41 acres.
• Development of a full-scale “near dock” Intermodal Container Transfer Facility (ICTF) on 42.5 acres for container, bulk and break bulk placement onto rail. • Eller Drive Overpass and restructuring of roadways leading onto I-595.
• Deepening to 50’ and widening by 2017 (ACOE study due Dec 2013) (already deepest entrance channel in Florida, cut through solid rock) • (from 1 berth to 5 berths, lengthening the notch from 900Expanding the cargo turning notch to 2,400 feet, and dredging to minus 50’ of depth) • Cruise Terminal Improvements at CT 2, 19, 21 & 26 (Terminal 18 completed)
McIntosh Road Improvements
Terminal 18 is now the largest cruise terminal in the world .
The Allure and Oasis each carry 6,296 passengers.
Deep Dredge to -50’
Deepening
Deepening & Widening Plan
Enables other improvements to proceed
• Creation of the FEC rail yard and Intermodal Container Transfer Facility • Relocation of the Foreign Trade Zone (FTZ 25) • Expansion of the container storage areas
Rail Yard FTZ New Location
Old FTZ Container Areas
(additional)
has broken -
This leaves us with one problem:
South Florida Traffic
We have a dream .., A vision … And a PLAN!
Expressway Improvements
•Palmetto & SR 836 (Dolphin) Increased and managed lanes; add Palmetto N to SR 836 West •Gratigny Expressway (NW 119th Street) Extend east, from 32 Avenue to I-95 Elevated - 4 lanes, ltd access, walk and drive-through under •Palmetto & I-95 (confusion corner) Reconfigure Palmetto East to I-95 north (add truck stacking lanes in loop) •25th Street Viaduct
•I-75 South to Turnpike Extension East & North/ managed lanes
•I-395 Re-design
•I-595 Rebuild and managed lanes
Dolphin – Palmetto Interchange SR 836 and SR 826 (Already Underway)
Palmetto to I-95 North
Managed Lanes … everywhere
Gratigny Expressway Extensions
Gratigny (SR 924) West Connectors
Gratigny Expressway East Connector
SR 836 Extension (Miami-Dade’s “Sawgrass Expressway”)
Bridge Options for I-395 to the beach (chose from five)
The New Commuter Rail(s)
Announced March 2012 Miami to Orlando at 125 mph Start date is planned for late 2015 $1-billion cost funded by FECI (Florida East Coast Industries) 16 round trips per day with stops in West Palm and Ft Lauderdale 400 passengers per train
Notes from SFRTA / ULI meeting April 18, 2013
Mayors and municipalities came together on April 18th to propose stations from Miami through City Place.
The South Florida market is #4 right now: behind NY, LA and Chicago.
The business community is more willing to invest when they see rail: it’s permanent.
Home values near public transportation perform better.
Operation: Late 2015 – Early 2016
Remember: Development in South Florida started with the rail!
Bold Move by Miami
“Alternative Site Framework” Expedites the process of applying for FTZ status
Frontloads 90% of legwork
Operates as a Public Utility
Everything between SW 8th Street and the County Line
FTZ 281 - Miami Dade
Parts Arrive in U.S.
FTZ Admission Manufacture
FTZ Removal/ Customs Entry
Reduction
ELECTRICAL, AC & ACCESSORIES WHEELS, BRAKES, PEDALS, LEVERS ENGINES
Hypothetical Duty Rate on Parts: 5% Duty Rate on Autos: - 2.5% Duty Rate Reduction = 50%
CLUTCH & TRANSMISSION FUEL & EXHAUST
Duty Reduction Example
Inland Ports
The Information
Superhighway!
Compiled by: John Dohm, SIOR, CCIM
Special thanks to: Miami-Dade Board of County Commissioners The Beacon Council PortMiami Miami International Airport Borghese Investments (Pete Garcia and Trish Blasi) Odebrecht Broward County Board of County Commissioners Port Everglades Fort Lauderdale – Hollywood International Airport Miami Dade Expressway Authority Miami-Dade Metropolitan Planning Organization Broward Metropolitan Planning Organization Freight Transportation Advisory Committee Florida East Coast Railway The Panama Canal Authority AECOM CoStar Real Capital Analytics National Association of Realtors Miami Association of Realtors Compiled by: John Dohm, SIOR, CCIM (954) 557-3646 [email protected]