3624 Collins Ave Miami beach, Florida 33140

BRISA DEL MAR APARTMENTS Offer ing Memorandum

For Sale $14,000,000

Exclusively offered by Marilina Apfelbaum For Calls or TXT (786) 287 3633E-mail: marilinamiami@gmail.com

2

3624 Collins Ave Miami beach, Florida 33140

View from Collins, Main building East side Rear of the Main Building (West side)

Rear building (Parking)

Main Building North side

BRISA DEL MAR APARTMENTS

Offer ing Memorandum

Exclusively offered by Marilina Apfelabum

3

OFFERING MEMORANDUM

PROPERTY VIS ITATION

This memorandum is presented in order to give you an overview of the development opportunity this property represent. Please contact Marilina Apfelbaum to arrange a site visit. Address all communications, inquiries and requests to Beachfront Realty. Building residents should not be contacted. Tours will include access to typical units and all common areas.

PROPERTY OVERVIEW

The O f fe r i ng :

Beachfront Realty is pleased topresent Brisa Del mar, a six unit apartment community located at the junction of the famous Collins Av and 37th street, west side: 3624 Collins Av. This is the heart of the world renowned Miami Beach Florida, a prime development parcel.

The subject property is a 3 story multifamily building (in green) and a Garage building (in red) with storages on the second floor, located on 14,000 sq.ft parcel. This building is currently occupied by owners and month to month tenants.

It presents an excellent development opportunity for a condominium or Boutique Hotel.

BRISA DEL MAR APARTMENTS

4

3624 Collins Ave Miami beach, Florida 33141

BRISA DEL MAR APARTMENTS

5

OFFERING MEMORANDUM

The Pr i ce :$14,000,000

The Zon ing : RM - 2 up t o 8 f l oo r s

The approved permitted uses in the RM-2, residential multifamily, medium intensity district are single family detached dwellings; townhomes; apartments; apartment-hotels; and hotels. Conditional uses are adult congregate living facility; day care facility; nursing home; religious institutions; private and public institutions; schools; commercial or noncommercial parking lots and garages; and accessory neighborhood impact establishment.

Note: Public-private parking (Income Producing Parking)

In cases where the city commission approves after public hearing a public-private parking agreement for a neighborhood based upon an approved street improvement plan, the minimum front yard setback for parking subject to the agreement shall be zero feet. The street improvement plan must be approved by the design review board.

The maximum number of stories is 8 (75 feet).

The H igh l i gh t s : AAA Loca t ion

Rare opportunity for development in one of the most desirable Market: Miami Beach Florida.

In front of the new multimillion dollar Valerio Morabito and Ugo Colombo project: Beach house 8where, unit start at $4,000,000 up to $10,000,000

One block North from Versailles on the Ocean, 289 units, 3425 Collins sold for $100.000.000 in2013

Two blocks from Faena House where units are priced between $1,200,000 to $15,500,000. Faenapaid $100,000,000 for Miami Beach Versailles Hotel (3425 Collins) and $14.000.000 for theClaridge Hotel (50 rooms), one block south and same lot size as subject property (14.000 sqft) same west side of Collins Av. Sold December 2013.

Eight blocks from The Residences at Miami Beach Edition priced from $2,900,000 to$15,000,000…

4 minutes from one of the most significant urban developments in the country, underway in MiamiBeach: The revamping of Miami Beach's Convention center district, 52-Acres / $1 Billion project.

BRISA DEL MAR APARTMENTS

6

3624 Collins Ave Miami beach, Florida 33141

BRISA DEL MAR APARTMENTS

7

OFFERING MEMORANDUM

The H igh l i gh t s : AAA Loca t ion

This is the only available development parcel on Collins Avenue currently for sale. It represents a once-in-a-lifetime opportunity for the right investor / developer:

15 minutes from Miami International Airport,

12 minutes from Miami downtown

5 minutes from I-95, providing easy access to major thoroughfares

2 minutes from Lincoln road (walking 30 minutes by boardwalk, 10 minutes by bicycle).

8 minutes from Mount Sinai medical center and Miami Heart Institute.

2 minutes from the Famous resort Hotel the Fontainebleau

Beach Access across the street.

Exceptional location with approximately 100 feet of frontage on Collins.

Neighbor of the new 6 city blocks Faena District, including shopping mall, art center and high-endcondos that have had asking prices of up to $60 million.

The Be s t Fundamenta l s :

Luxu ry Condomin ium ' s marke t and Ho te l Boom

Over the past year, pricing for luxury condominiums has increased significantly with record breaking prices in several luxury developments, including the $34 million ($3,800 per SF) sale of side-by-side penthouses at the Miami Beach Edition luxury condominium project which is located only few blocks South of Brisa Del Mar. Faena district is a $1 Billion Hotel, Retail and condo project, one block south of the subject property. A number of foreign hotel operators are turning to South Beach as an entry point to North America. Miami beach has 2,695 hotel rooms under construction and scheduled to open within few years. That represents about 13% of the area’s existing supply, one of the most robust development pipelines in the US, according to the wall street Journal. The number of visitors to the area has never been higher. Greater Miami and its beaches saw a record 14.2 million overnight visitors in 2013. For the first time, slightly more than half those tourists came from abroad, ac-cording to the Greater Miami Convention & Visitors Bureau.

BRISA DEL MAR APARTMENTS

Hotel Development Options for this property below. For Condominium Development options, we are currently working with a prestigious architect firm and renderings/plans will be available upon request.

Item #

Submittal #

Sets Description Dated Action ½

Size Full Size

1 1 Option A – 5 story addition (no garage) 05.17.165.16 2 1 Option B - 4 story addition (no garage) 3 1 Option C – 4 story (with 3 levels of parking)

Below is a summary of my meeting with Thomas Mooney, Planning Director and Deborah Tackett, Design and Preservation Manager of the City of Miami Beach Planning and Zoning Department. The meeting occurred on May 17, 2016. Note also that we thoroughly reviewed the Miami Beach Planning and Zoning Code.

The exhibits enclosed shows two (2) development options for this property. Both options show 28,000 square feet of space. Option A shows a 5 story addition that will require no variance. Option B shows a 4 story addition that will require a variance.

Maximum square footage allowed on site is 28,000 square feet (2 FAR factor). The only way to increase this number is to apply for a Zoning Classification change, which will require a petition to the City Commission and a Public Referendum (voted on by the City Residents). This is a long and costly process.

Only one of new construction is allowed on top of the existing building. The only way to add more than one story on top of the existing building will be to apply for a Legislative Referendum.

Because the site is designated historic and the building must be preserved you are required to only provide .5 parking spaces per unit OR you can pay $40,000 per space required and eliminate those spaces from the project site.

If you provide on-site parking the square footage for that parking does NOT count towards the FAR. You can provide below grade parking also and that does NOT count towards the FAR.

05.17.165.16 05.17.165.16

Option C shows 3 levels of above ground parking and 4 levels of hotel (keeping under 75 foot height allowed by code). The parking garage is very narrow and will need to be examined extensively.

Balconies do NOT count towards the FAR.

The rear building is most probably non-conforming and can be torn down. A rear set back variance could probably be acquired, which would allow the new structure at the rear to impose on the 15’ rear set back as required by code (see enclosed illustrations).

Possible Room Counts: (assumes first floor of existing building will be used as Common Area and that on the room floors, a 15% common area factor is used). Number or rooms is approximate.

Average Room size Number of Rooms

300 square feet 68

400 square feet 51

8 BLOCK DIAGRAM

30'-41/4"

0SITE PLAN140'-o"

24'-6"

··-··_Jl

N.T.S.

CALCULATIONS EXISTING: 4,040 SF X 3 = 12,120 SF NEW: 2,984 SF X 5 = 14,920 SF PENTHOUSE: 1,030 SF ALLOWABLE (FAR): 28,070 SF

1 /32"=1 '-0"

A

8 BLOCK DIAGRAM

24'-6"

N.T.S.

CALCULATIONS EXISTING: 4,040 SF X 3 = 12,120 SF

.. - 39'� ij4,,-. ··-· -··-· -··- -··-··_J

NEW: 3,742 SF X 4 = 14,968 SF PENTHOUSE: 982 SF

0SITE PLAN140'-o" l

ALLOWABLE (FAR): 28,070 SF

1 /32"=1 '-0"

B

8 BLOCK DIAGRAM

47'-4"

0SITE PLAN140'-o"

24'-5"

_J

l "

N.T.S.

CALCULATIONS: _ 20 SF EXISTING: 4,040 SF X 3 - 12, 1

. 3742SFX4=14,968SF NEW. ' 982 SF PENTHOUSE:

ALLOWABLE (FAR): 28,070 SF

PARKING LEVELS: 3 = l l 226 SF NEW: 3,742 SF X ,

1/32" 1' 0"

C

13

OFFERING MEMORANDUM

Quick facts

Number of rooms: The FAR is 2.0 Land 14.000sq ft so 28.000 sq ft can be built, not included parking and balcony. Common area factor 15% 28.000 - 15% = 23.800 sq ft

Lobby: could be reduced to 1000 sq ft Note: The options were made with 3000 sq ft Lobby/Restaurant Total area for the rooms, with a 1000 sq ft lobby would be: 22.800 sq ft

With 335 sq ft rooms the total of rooms would be: 68 Most of the hotel in Miami beach have rooms from 175 sq ft to 350 sq ft with no terrace and no parking in the hotel, using valet parking services.

Parking: The parking could be extended to 4 levels. A rear set back variance keeping the actual set back will optimize the size of the parking, a car elevator to park the cars will save precious space to access the floors, and 4 lev-els of Hotel room could be built above, keeping the full structure under 8 story allowed by code.

The pool: The pool should be on the rooftop of the new structure to avoid extra cost if built on the existing old structure. Only one story should be built on the top of the existing structure, with large terraces for each room.

Terraces: Because balconies do not count toward the FAR, large terraces can be added to the rooms to maximize the boutique hotel concept. The two adjacent buildings are 5 story height, allowing a view to each of the terraces above the 5th floor south and west side. North side, the building across 37th street is three story height. East side, across Collins Avenue, Beach House 8, in construction will be 10 story height.

Access to the beach: The property has access to the beach through 37th street, right across Collins, right in front.

BRISA DEL MAR APARTMENTS

14