Financial Considerations; Determining Developer’s ROI in Downtown Palmetto Bay 223 k 185 k 189 k 280k 168 k 218k 248k 196k 197k 216k 227k 236k 255k 235k 231k 248k 220k 239k 227k Land Costs Land Market Value - $ 2,120,000 (based on values shown by Zillow) Potential Market Price Increase - $636,000 (based on 30%) Est. Land Cost - $2,756,000 Land Cost Per Unit - $13,500 Minimum No. of Units – 205 Minimum No. of Units – 205 (2,756,000/13,500) Construction Costs 2/2 Condo Builder’s Cost (875 SF) - $83,125 ($95/SF) Open/ Common Spaces Premium - $17,000 (20%) Parking garage - $35,000 (2 spaces/ $17,500 ea.) Land Cost Per Unit - $13,500 Soft Costs - $16,000 (overhead) Impact/ Permitting Fees - $4,000 Commissions - $5,600 (3%) Total Developer Cost - $174,225 Per Unit Total Developer Cost - $174,225 Per Unit Target Selling Price $210,000 Per Unit (18.5% ROI) Target Selling Price $210,000 Per Unit (18.5% ROI)

DRTF Study Area Boundaries North: SW 158 th Street East: 97 th Ave to SW 174 St 93 rd Ave to SW 168 th St 91 st Ct to SW 158 th St West US 1 southbound Ln South Eureka Drive N

PROJECT PHASES Phase 1 Phase 2 N

Other Factors of Importance Residents – Services close to home – Green areas buffering single-family homes – Urban Parks – Public Plazas – Pedestrian-friendly design – Attractive roads and public right-of-ways – Protect residential neighborhoods Businesses – Zoning regulations that allow for a viable ROI – Business Patronage – Combination of businesses & residences – Attractive Area – Attractive roads and public right-of-ways

Is it having choices for shopping close to home? What Does Quality of Life Mean to You?

Is it green areas and open spaces? What Does Quality of Life Mean to You?

Is it pedestrian-friendly neighborhoods? What Does Quality of Life Mean to You?

Is it public plazas? What Does Quality of Life Mean to You?

Is it having dining options in your own community? What Does Quality of Life Mean to You?

Is it the attention to details in the public areas? What Does Quality of Life Mean to You?

Is it the attractive streets and public right-of-ways? What Does Quality of Life Mean to You?

Let’s Talk About the “D” Word Density is typically associated with ugliness, crowding, and congestion If planned and designed properly, higher density can be attractive, bring people together, and save land, energy and dollars Most people have difficulty estimating density from visual cues. overestimate underestimate We tend to overestimate the density of poorly-planned developments and underestimate the density of well-designed, attractive projects. Same general density, but which one do you prefer?

Components of a Well-Designed Urban Project Frequency of Entries Building Articulation Setbacks & Recessed Buildings Streetscape Design frequency of entries In retail areas, a high frequency of entries supports and generates pedestrian activity. Building articulation Building articulation is the varying building design elements that create interest. Building setbacks Building setbacks are the distance that buildings must be set-back from the property line.

Which do you prefer? Downtown Palmetto Bay 2013 Mizner Park, FL

Which do you prefer? Abacoa, FL Downtown Palmetto Bay Santana Row, CA

Case Study- Mizner Park Impact on Tax-Assessed Values in Downtown Boca Raton CRA purchases the 28.7-acre Boca Raton Mall site for $58 million; issues a long-term lease for mixed-use development on 12 acres and reserves the remainder for parks, plazas and civic uses CRA purchases the 28.7-acre Boca Raton Mall site for $58 million; issues a long-term lease for mixed-use development on 12 acres and reserves the remainder for parks, plazas and civic uses. Mall lifespan was 14 years; Mizner Park has been there for 23 years and it’s still successful Mall lifespan was 14 years; Mizner Park has been there for 23 years and it’s still successful Project stimulated development for the entire downtown area; turned an area of 73 units with lower-than-market rate rent values to 689 units with the highest rental rates in all of South Florida. 14-fold increase in assessed property values in the area from 1990 to 2002 This translated into a 14-fold increase in assessed property values in the area from 1990 to 2002

Consensus for Phase 1: – Franjo Road as Main Street – Mixed-use District – Entertainment District – Office/ Residential District – Civic District – Parking Garages – Varying Heights DRTF Planning Workshop

DRTF Recommendations Main Street & Downtown Districts – Franjo Road as Main Street – Mixed-use District – Entertainment District – Office/ Residential District – Medical District – Civic District Mixed-UseMixed-Use Mixed-UseMixed-Use Residential- Multifamily Medical District Office/ Residential Civic/ Park Civic/ Park Mixed-Use EntertainmentResidential- Multifamily MUMU