1. 5700 Biscayne Boulevard Miami, Florida Ross Abramson, Eloine del Valle, Jose Prado, Victor Santana, Graham Tedesco Fall 2009 UPPER EAST SIDE at 55 th Street Station

2. LOCATION PLAN UPPER EAST SIDE at 55 th Street Station I- 95 I-195 I-395 79 th Street Biscayne Bay CBD Midtown Omni / PAC Edgewater Morningside Upper East Belle Meade MiamiBeach Northeast 54th Street Biscayne Boulevard (US 1) Northeast 4th Court Northeast 56th Street Northeast 4th Avenue Northeast 58th Street ProjectSite 55th Street Station

3. 55 TH STREET STATION UPPER EAST SIDE at 55 th Street Station

4. UPPER EAST SIDE at 55 th Street Station LAND USE AND ZONING Miami 21: T6-8 O Urban Core, Eight Stories Maximum, Open Lot Coverage1-8 stories, 80% Floor Lot Ratio5 (25% Public Benefit) Open Space Requirements10% lot area min Green Space Requirements5% lot area min Height2 stories min 8 stories max Setbacks Principal Front10 feet min Secondary Front10 feet min Side Streets0 feet (1-8 stories) Rear0 feet (1-8 stories)

5. UPPER EAST SIDE at 55 th Street Station MARKET AREA US 1 Corridor Upper East Morningside Midtown Omni / PAC Edgewater Biscayne Bay MiamiBeach I-395 I-195 I- 95 79 th Street Belle Meade Downtown

6. UPPER EAST SIDE at 55 th Street Station US1 CORRIDOR Demographic Highlights 2009 2009 Population Population23,252 Average Household Size Average Household Size1.90 Median Value of Owner Occupied Units Median Value of Owner Occupied Units$336,038 Average Household Income Average Household Income$ 65,389 Median Household Income Median Household Income$ 41,927 Baby Boomers (50-65) Baby Boomers (50-65) 21.74% Generation ‘X’ (35-45) Generation ‘X’ (35-45) 20.30% Echo Boomers (25-35) Echo Boomers (25-35) 14.08% Total Total 56.12% Median Age Median Age42.43 College Educated College Educated58.47% White Collar White Collar 68.97% Non-Family Households Non-Family Households61% 1 and 2 Person Households78.72%

7. SITE PLAN UPPER EAST SIDE at 55 th Street Station

8. FLOOR PLANS UPPER EAST SIDE at 55 th Street Station Ground Level Upper Levels

9. UPPER EAST SIDE at 55 th Street Station TENANT MIX Chipotle5,327 sf Ghirardelli 2,907 sf Fat Burger2,450 sf Books and Books13,165 sf Mr. Chow11,356 sf Einstein Brothers 2,427 sf Starbucks 2,473 sf Au Bon Pain 2,049 sf Office Class “B”77,300 sf

10. UPPER EAST SIDE at 55 th Street Station

11. UPPER EAST SIDE at 55 th Street Station COMPETITIVE/COMPARABLE PROPERTIES Mary Brickell Village 200,000 SF Retail GLA Major Tenants: Publix, Balans, Rosa Mexicana, Blue Martini Large Parking Garage Submarket Rent: $40/SF Submarket Rent: $35/SF Submarket Vacancy: 13% Shops at Midtown 645,000 SF Retail GLA Major Tenants:  Target141,114SF  Ross35,324SF  Marshalls32,062SF  PetSmart 19,607SF  Loehmann’s30,964SF Submarket Rent: $28-$32/SF Submarket Vacancy: 11% CocoWalk RETAIL 196,497 SF Retail GLA Major Tenants: Cheesecake Factory, Chili’s, Victoria’s Secret, Gap, Crazy Pianos Submarket Rent: $35-$40/SF Submarket Vacancy: 10% OFFICE 17,414 SF Office GLA Submarket Rent: $33/SF Submarket Vacancy: 13% Shoppes at Sunset Place Urban Entertainment Center 514,000 s.f. of Commercial Space AMC Movie Theater, Gameworks Arcade, Splitsville Bowling Alley, Barnes & Noble

12. PROJECT COSTS

13. ASSUMPTIONS FOR PRO FORMA

14. 2010 Acquire Land & Permitting 2011 Construction Begins Mid 2012 Project Delivered 2014 Stabilization 2019 Exit Investment PROJECT TIMELINE

15. Loan Amount: $2,710,776Amortization (yrs): 0 Term (yrs): 1Interest Rate: 7.5% Land Loan Loan Amount: $18,926,069Amortization (yrs): 0 Term (yrs): 2Interest Rate: 6.5% Loan Amount: $18,926,069Amortization (yrs): 0 Term (yrs): 2Interest Rate: 6.0% Construction Loan Mini-Perm Loan Perm Loan Loan Amount: $18,926,069Amortization (yrs): 25 Term (yrs): 5Interest Rate: 7.0% FINANCING STRUCTURE

16. CAPITAL STRUCTURE & COST BREAKDOWN TOTAL PROJECT COST: $31,543,448

17. UPPER EAST SIDE at 55 th Street Station FINANCIAL HIGHLIGHTS Break Even Occupancy Break Even Occupancy42% Baseline IRR Baseline IRR16.64%Assumptions Vacancy10% Weighted Average Rent$32.00 psf Unfavorable Market Conditions IRR11.68%Assumptions Vacancy20% Weighted Average Rent$30.00 psf Best Case Scenario IRR22.53%Assumptions Vacancy0% Weighted Average Rent$37.50 psf

18. COMMUNITY BENEFITS UPPER EAST SIDE at 55 th Street Station Creation of a “third place” Creation of a “third place” Revitalization of Upper East Side Revitalization of Upper East Side Providing an area for the Green Market Providing an area for the Green Market Serving an underserved market Serving an underserved market Complementing the existing 55 th Street Station Complementing the existing 55 th Street Station Offering a dining destination for breakfast, lunch and dinner Offering a dining destination for breakfast, lunch and dinner

19. UPPER EAST SIDE at 55 th Street Station