5700 Biscayne BoulevardMiami, Florida

Ross Abramson, Eloine del Valle, Jose Prado, Victor Santana, Graham Tedesco

Fall 2009

UPPER EAST SIDEUPPER EAST SIDEat 55th Street Station

LOCATION PLAN

UPPER EAST SIDEat 55th Street Station

I- 9

5I-

95

I-195I-195

I-395I-395

7979thth Street Street

Biscayne BayBiscayne Bay

CBDCBD

MidtownMidtown

Omni / PACOmni / PAC

EdgewaterEdgewater

MorningsideMorningside

Upper EastUpper East

Belle MeadeBelle Meade

Miami Miami BeachBeach

Northeast 54th Northeast 54th

StreetStreet

Bis

cayn

e B

oule

vard

Bis

cayn

e B

oule

vard

(US 1

)(U

S 1

)

Nort

heast

4th

N

ort

heast

4th

C

ou

rtC

ou

rt

Northeast 56th Northeast 56th

StreetStreet

Nort

heast

4th

N

ort

heast

4th

Ave

nu

eA

ven

ue

Northeast 58th Northeast 58th

StreetStreet

Project Project SiteSite

55th

Str

eet

55th

Str

eet

Sta

tion

Sta

tion

55TH STREET STATION

UPPER EAST SIDEat 55th Street Station

UPPER EAST SIDEat 55th Street Station

LAND USE AND ZONING

Miami 21: T6-8 OMiami 21: T6-8 O

Urban Core, Eight Stories Maximum, Open

Lot Coverage 1-8 stories, 80%Floor Lot Ratio 5 (25% Public Benefit)Open Space Requirements 10% lot area min Green Space Requirements 5% lot area minHeight 2 stories min

8 stories maxSetbacksPrincipal Front 10 feet minSecondary Front 10 feet minSide Streets 0 feet (1-8 stories)Rear 0 feet (1-8 stories)

UPPER EAST SIDEat 55th Street Station

MARKET AREA

US 1 Corridor US 1 Corridor

Upper EastUpper East

MorningsideMorningside

MidtownMidtown

Omni / PACOmni / PAC

EdgewaterEdgewater

Biscayne BayBiscayne BayMiami Miami BeachBeach

I-395I-395

I-195I-195

I- 9

5I-

95

7979thth Street Street

Belle MeadeBelle Meade

DowntownDowntown

UPPER EAST SIDEat 55th Street Station

US1 CORRIDORDemographic HighlightsDemographic Highlights

20092009PopulationPopulation 23,252Average Household SizeAverage Household Size 1.90Median Value of Owner Occupied UnitsMedian Value of Owner Occupied Units$336,038Average Household IncomeAverage Household Income $ 65,389Median Household IncomeMedian 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%TotalTotal 56.12%

Median AgeMedian Age 42.43College EducatedCollege Educated 58.47%White CollarWhite Collar 68.97%

Non-Family HouseholdsNon-Family Households 61%1 and 2 Person Households 78.72%

SITE PLAN

UPPER EAST SIDEat 55th Street Station

FLOOR PLANS

UPPER EAST SIDEat 55th Street Station

Ground Level Upper Levels

UPPER EAST SIDEat 55th Street Station

TENANT MIX

ChipotleChipotle5,327 sf5,327 sfGhirardelli Ghirardelli 2,907 sf2,907 sfFat BurgerFat Burger 2,450 sf2,450 sfBooks and BooksBooks and Books13,165 sf 13,165 sf Mr. ChowMr. Chow11,356 sf11,356 sfEinstein BrothersEinstein Brothers 2,427 sf2,427 sfStarbucksStarbucks 2,473 sf2,473 sfAu Bon PainAu Bon Pain 2,049 sf 2,049 sfOffice Class “B”Office Class “B” 77,300 77,300 sfsf

UPPER EAST SIDEat 55th Street Station

UPPER EAST SIDEat 55th Street Station

COMPETITIVE/COMPARABLE PROPERTIES

Mary Brickell VillageMary 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 MidtownShops at Midtown• 645,000 SF Retail GLA• Major Tenants:

Target 141,114SF Ross 35,324SF Marshalls 32,062SF PetSmart 19,607SF Loehmann’s 30,964SF

• Submarket Rent: $28-$32/SF• Submarket Vacancy: 11%

CocoWalkCocoWalkRETAIL• 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 PlaceShoppes at Sunset Place• Urban Entertainment Center• 514,000 s.f. of Commercial Space• AMC Movie Theater, Gameworks Arcade, Splitsville Bowling Alley, Barnes & Noble

PROJECT COSTS

ASSUMPTIONS FOR PRO FORMA

PROJECT TIMELINE

Loan Amount: $2,710,776 Amortization (yrs): 0

Term (yrs): 1 Interest Rate: 7.5%

Land Land LoanLoan

Loan Amount: $18,926,069 Amortization (yrs): 0

Term (yrs): 2 Interest Rate: 6.5%

Loan Amount: $18,926,069 Amortization (yrs): 0

Term (yrs): 2 Interest Rate: 6.0%

Construction Construction LoanLoan

Mini-Perm Mini-Perm LoanLoan

Perm LoanPerm Loan

Loan Amount: $18,926,069 Amortization (yrs): 25

Term (yrs): 5 Interest Rate: 7.0%

FINANCING STRUCTURE

CAPITAL STRUCTURE & COST BREAKDOWN

TOTAL PROJECT COST: $31,543,448

UPPER EAST SIDEat 55th Street Station

FINANCIAL HIGHLIGHTS

Break Even OccupancyBreak Even Occupancy 42%

Baseline IRRBaseline IRR 16.64%AssumptionsAssumptionsVacancy 10% Weighted Average Rent $32.00 psf

Unfavorable Market Conditions Unfavorable Market Conditions IRR 11.68%AssumptionsAssumptionsVacancy 20% Weighted Average Rent $30.00 psf

Best Case ScenarioBest Case ScenarioIRR 22.53%AssumptionsAssumptionsVacancy 0% Weighted Average Rent $37.50 psf

COMMUNITY BENEFITS

UPPER EAST SIDEat 55th Street Station

• Creation of a “third place”Creation of a “third place”• Revitalization of Upper East SideRevitalization of Upper East Side• Providing an area for the Green MarketProviding an area for the Green Market• Serving an underserved market Serving an underserved market • Complementing the existing 55Complementing the existing 55thth Street Station Street Station• Offering a dining destination for breakfast, Offering a dining destination for breakfast, lunch and dinnerlunch and dinner

UPPER EAST SIDEUPPER EAST SIDEat 55th Street Station