Miami Today: Week of Thursday, December 31, 2015 by Miami Today

WEEK OF THURSDAY, DECEMBER 31, 2015

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County flyspecks film studio 160-acre site lease bid, pg. 14 COAST TO COAST: Either Californians think Miami would be a great new place to live or they’re checking out the competition: in October, Californians made more real estate searches on the Miami Association of Realtors’ website than persons from any other state, the association says. They’re followed, in order, by home searchers from Texas, New York, Georgia, Illinois, Tennessee, North Carolina, South Carolina, Ohio and Michigan. A year earlier the leaders in Miami home searchers were New Yorkers, followed by Californians and Texans.

Miami parking agency sued for development site, pg. 15

THE ACHIEVER

BY SUSAN DANSEYAR

WE’RE TOPS FOR SPAIN: While South Florida appears on the list of the top-five US real estate targets for 12 of the 20 nations that most searched for US realty buys in October, surprisingly Miami or Miami Beach was the top choice in hunts for only one nation: Spain. Miami was second for Brazil and Israel, and Miami Beach was second for searchers from Italy, according to the Miami Association of Realtors. ALL TOLLED, A GOOD YEAR: Miami-Dade Expressway Authority saw its debt rating raised by Fitch Ratings, raised from A- to A while the outlook remained stable, because performance was sharply ahead of expectation over the prior year with a doubling of both tolling locations and effective toll rates on its five roadways, Fitch reported in a review of US toll road operations. Fitch took only four positive rating actions on toll facilities during the year. KEY FINANCIAL ROLE: Richard Lampen, president and CEO of Miami-based Ladenburg Thalmann Financial Services, has been named vice chair of the Financial Services Institute’s board of directors for 2016, rising to chair in 2017. The institute is an advocacy organization of independent broker-dealers and financial advisors. GAS PRICES FALLING: Miami’s average gasoline prices were $2.13 cents a gallon as of Sunday, above most gas prices elsewhere but down significantly from the recent past, GasBuddy price-tracking service reported. Both GasBuddy and AAA said the national average was a flat $2 per gallon. Nearby, Sarasota averaged $1.96, Naples $2.07 and Cape Coral $1.98. “Gasoline could get even cheaper in the coming weeks, as some of the lowest prices of the year typically arrive in January,” said AAA spokesman Mark Jenkins. Miami gas prices are now 34.9 cents a gallon less than a year ago and 6.6 cents less than a month ago, GasBuddy said.

Marilyn Holifield

Photo by Marlene Quaroni

Corporate attorney advocates also for education, arts The profile is on Page 4

Revival of historic seaplane base faces city vote BY JOHN CHARLES ROBBINS

A Miami vote tied to revival of an historic seaplane base on Watson Island was put off after newly-elected Commissioner Ken Russell questioned the best use of the cityowned land. Mr. Russell was elected in November to represent District Two, which includes Watson Island. Reviving the seaplane base on Watson Island is linked to a package of proposed ordinances that would rezoning the island’s southwest corner and change its land use designation. The ordinances passed on first reading Oct. 22 and then were deferred in November, at Mr. Russell’s request, until he could be sworn in. He attended his first meeting in December and after discussion the commission backed him in deferring action again, this time to Jan. 14. Citing the island’s prime location in Biscayne Bay between Miami Beach and the City of Miami, Mr. Russell asked, “Is there a greater piece of property than Watson Island?” Commissioners and administrators ex-

AGENDA

Guest gains outpace our rooms jump

plained that previous commissioners had approved a long-term use of the site for Chalk’s Miami Seaplane Base years ago. Portions of the island were used by Chalk’s dating back to the mid-1920s, although there’s been no seaplane activity in years. “We inherited a lot,” Commissioner Francis Suarez told Mr. Russell. Contracts govern the property’s use, he said. Commissioners told Mr. Russell the proposed land use and zoning changes are part of a settlement of decades-old litigation involving the site. Also, the use predates a city charter requirement that voters approve waterfront leases, a deputy city attorney said. The lead ordinance would change the use designation of the 5.31 acres from Public Parks and Recreation to Major Institutional, Public Facilities, Transportation and Utilities. The city itself seeks the change. A staff memo says, “The evolution of Watson Island has been consistent with the current plan in place. At this time it is necessary to rebuild the heliport and seaplane facilities deemed as pre-existing services on the island, with vested rights…” Mr. Russell said he wasn’t opposed to a

seaplane operation but asked for more time to study the issue. “What is the city’s vision for Watson Island?” Mr. Russell asked, expressing concern about potential overdevelopment and perhaps “opening Pandora’s box.” The city has partnered with the Miami Sports and Exhibition Authority to develop an aviation center that would house both a heliport and seaplane base. The authority has leased the Watson Island site to Nautilus Enterprises LLC to operate the seaplane base. Activist Elvis Cruz complained to commissioners about the proposal, saying the entire island once was zoned for parks and recreation. He suggested a covenant from the operator allowing only seaplane and helicopter use. Attorney Ben Fernandez, speaking for Nautilus, said a seaplane base is a nonconforming use that the operator can’t expand. Nautilus plans a modernized, fully-functional seaplane base, he said. Mr. Russell said he was “late in the game on this one,” and while the land would be “a great park,” it appears plans to revive the seaplane base are “well in motion.”

Greater Miami ranked among national travel leaders during the first 11 months of 2015, with hotel demand outpacing new inventory. The appetite to visit Miami ranked fourth in revenue per available room in the top 25 US markets, as defined by STR, formerly Smith Travel Research. In keeping with the past few years, the report ranks the area fourth in average daily room rate and seventh in occupancy. “The numbers are very strong for Miami,” said Bobby Bowers, STR senior VP. “This has consistently been a robust market.” What is particularly impressive, Mr. Bowers said, is that from January to November, room inventory grew 3.6% and demand grew 3.9%. “Those are extremely good results,” he said, adding that a 3.6% supply growth is significant compared with 1.4% in 2014, none in 2013 and 1.5% in 2012. “Even as a lot more rooms have been added, they’ve been filled and then some, which speaks to the strength of the market.” In the 11 months, revenue per available room hit $149 compared with $140.67 in the period in 2014, up 6.5%; average daily room rate was $191.54 versus $180.26, up 6.3%; average occupancy was 78.2% versus 78%, up 0.2%; monthly room supply of 16,928,891 compared with 16,334,240, a 3.6% increase; and monthly rooms sold hit 13,238,271 versus 12,746,506, up 3.9%. A lull came in the summer, when fewer than usual Brazilian tourists visited, but over the entire year increases are impressive, said Wendy Kallergis, president and CEO of the Greater Miami and the Beaches Hotel Association. “We’ve been watching hotel development projects and expected good numbers, but this is better than anticipated,” she said. “Another positive aspect is our hotels have done well in all areas of Greater Miami, not just at the beaches.”

9-YEAR-OLD ARTS CENTER IN LINE FOR FIRST GARAGE ...

HIGH-PROFILE SITE DOWNTOWN MAY ADD RIVERWALK ...

COUNTY ASKS STATE TO FUND BUYING RAILWAY LINE ...

COUNTY OKS GRANT TO PUSH AIRPORT’S MASTER PLAN ...

APPEAL COURT SLAMS MIAMI OPEN’S BID TO EXPAND ...

EXPRESSWAY AUTHORITY SEEN AS TRANSIT BONANZA ...

VIEWPOINT: KEEP TALKS ALIVE TO SHARE FAIRGROUND ...

QUESTIONS FLY AS STATE GIRDS FOR I-395 BRIDGE PACT ... 23

WEEK OF THURSDAY, DECEMBER 31, 2015

TODAY’S NEWS

MIAMI TODAY

Miami Open case closed: organizers slammed in court BY SUSAN D ANSEYAR

Litigation concerning control of Key Biscayne’s Crandon Park, where the Miami Open tennis tournament has been played since 1987, is finished now that the Third District Court of Appeal upheld a lower court’s ruling in favor of the Matheson family’s effort to keep the site free from further development. Last week a three-judge panel denied an appeal by tournament organizer International Players Championship, which sought to reverse Judge Marc Schumacher’s September ruling in favor of the family’s desire that the park remain as it is. The tournament organizer has repeatedly maintained that one permanent stadium isn’t enough to keep the Miami Open going and wanted to expand that stadium as well as build three more. The tournament has drawn large crowds to Key Biscayne since it moved to the island almost three decades ago. It’s a top-tier event, one step below the Grand Slam tournaments, and showcased world-renowned talent such as Serena Williams, Carla Suarez, Novak Djokovic and Andy Murray during the March 24-April 5, 2015, tournament. Players have praised the crowds in recent years, saying they are much more emotional than at venues such as Indian Wells, where there are greater numbers. The 2016 Miami Open is scheduled for March 21-April 3. In May, tournament director Adam Barrett wrote Mayor Carlos Gimenez to report what he said is the “potential extinction of the Miami Open as we know it” and asked that county lawyers consider “the return of public control” of Crandon Park when they wrote their reply brief to the tournament organizer’s appeal. In his letter, Mr. Barrett described the tournament’s success and anticipation that final numbers would show it drew an attendance of more than 300,000 patrons, one in five a visitor from another country. With more than 15,000 room nights booked directly through the tournament in local hotels, he estimated the Miami Open’s overall economic impact at nearly $390 million just for 2015. Mr. Barrett’s office is closed until Jan. 4 so he was unable to be reached for comment on the decision by the Third District Court of Appeal. It’s been a lengthy, losing battle for International Players Championship. In April 2014, the tournament organizer filed a seven-count lawsuit against Miami-Dade County and the Matheson family – which donated the land for Crandon Park in 1940 – claiming they had committed “fraud upon the court” in a 1993 settlement that created the Crandon Park Master Plan, which protects the 32acre Crandon Tennis Center from further commercial development. Judge Schumacher derailed the tennis organization’s theory that earlier agreements were

Richard Ovelmen: appeals limited.

The Third District Court of Appeal upheld a ruling that would keep organizers from adding to tennis site.

invalid, essentially forcing International Players Championship to comply with what they had signed. The tournament organizer’s appeal brief, prepared by attorneys at Stearns, Weaver Miller Weissler Alhadeff & Sitterson PA, stated that International Players Championship should have been granted summary judgment in its favor and that the judge’s rulings were unlawful in that they effectively granted family member Bruce Matheson control of Crandon Park, preventing the tournament organizer from amending the master plan. On Dec. 9, lawyers representing both sides gave oral arguments in the Third District Court of Appeal. The Dec. 23 decision by the Third District Court of Appeal was what he expected, said attorney Richard Ovelmen of Carlton Fields Jorden Burt PA, who was a member of the team representing the Matheson family. His clients are grateful for the ruling, he told Miami Today, because it protects the park and makes firm that the settlements are binding. “The Matheson family’s mission is to protect the park for future generations from commercial degradation,” Mr. Matheson told Miami Today last week. Mr. Ovelmen said the recent decision maintains four levels of protection that the tournament organizer was attempting to invalidate: the settlement agreement of 1993, the master plan to govern the park, the restrictive covenant running with the recorded master plan, and the final binding judgment of the circuit court, which adopted all of it. What the court’s affirmation of Judge Schumacher’s ruling means, Mr. Ovelmen said, is the tennis tournament organizer faces an uphill and likely losing battle for any further appeal. International Players Championship could file a motion for a re-hearing, but Mr. Ovelmen said they’d have to show that the court overlooked something, which is difficult to do without a written opinion. The tennis tournament orga-

nizer could also ask that the three-judge panel write an opinion detailing the reasons for its decision in order to show it conflicts with other panel decisions of the same court, or point out conflicts in the law and try to appeal to the state Supreme Court. However, Mr. Ovelmen said, the attorneys must prove they have a good reason for asking that an opinion be written.

Attorneys representing International Players Championship did not respond to requests for comment on the decision or their client’s plans going forward. The Matheson family has another case pending in the Third District Court of Appeal. Mr. Matheson sued the county over a 2012 referendum to garner support for the tournament expansion based on his claim that the ballot did not tell the voters

the expansion was prohibited. Moreover, he said, the referendum did not tell the voters that the expansion would require the county to pay the International Players Championship $1.8 million a year to take over management of the public tennis court; pay $1 million a year to a capital improvement fund for 14 years; pay up to $8 million in environmental remediation; and would excuse the tournament organizer from its obligation to pay 10% of its revenues to Miami-Dade to support Crandon Park. Mr. Ovelmen said the decision in that case has been pending for 200 days, a span he finds positive because it “suggests that they’re carefully considering it.”

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MIAMI TODAY

VIEWPOINT

WEEK OF THURSDAY, DECEMBER 31, 2015

MIAMITODAY Miami Today is an independent voice of the community, published weekly at 2000 S. Dixie Highway, Suite 100, Miami, Florida 33133. Telephone (305) 358-2663

Fair can be forced out only at high cost, so keep talks going County Commissioner Juan Zapata’s campaign to force the Miami-Dade County Fair & Exposition off county land and out of his district seems inexplicable for many reasons. As we re- Michael Lewis ported last week, Mr. Zapata wrote a snarky letter to Mayor Carlos Gimenez lambasting him for not moving faster to force the Youth Fair to move to Homestead to make way for expansion of Mr. Zapata’s alma mater, Florida International University. Good people disagree on the issue of growth of FIU and whether larger is necessarily better. Good people also disagree on whether, if our public university does expand, it should come at the expense of our not-for-profit Youth Fair. Disagreement can be healthy in resolving issues to the public’s benefit. In the case of Mr. Zapata, however, it’s hard to understand how an intelligent, informed commissioner can take careful aim and then fire at his own feet. First, if he wants Mayor Gimenez to accept his views, it’s intemperate to write for public consumption that “the fair’s delay tactics and your lack of strong leadership on this issue are no longer acceptable to me as the county

commissioner of the area.” Where is his sense of tone? And would someone seeking the mayor’s aid write that “your administration continues to support the creation of low paying jobs while squandering incredible opportunities to create numerous high paying jobs that would result from FIU’s expansion”? Such language can only add frictions, not gain allies. It sounds more like a volley in the 2016 mayoral election than an effort to solve a community conundrum. Then there’s the question of how a commissioner could write of his district landmark that “the fair is not vital to the long-term wellbeing of our community.” Mr. Zapata ought to prize assets like the fair – not to mention the 653,281 people who attended this year or its $13.6 million operating income. What other commissioner would reject the fair as a district prize? But Mr. Zapata wants to force an immediate move to Homestead. The commissioner is also far too smart to really believe as he wrote that an expansion of the university onto the 85acre fairgrounds was “dictated by the voters.” A 2014 election for which FIU used a dozen lobbyists did legalize university use of part of the fairgrounds, which the county charter then barred. But for voters to make something legal is very different than to dictate it. Some roads permit us to drive 55 miles per hour, but they don’t dictate 55. Mr. Zapata knows there’s no mandate, and he knows that

the mayor knows it too. Mr. Zapata chides Mayor Gimenez for working with the Youth Fair to find a way for both the fair and FIU to use current fairgrounds. He must know that county and fair representatives have been meeting for months to resolve space needs. So when Mr. Zapata writes urging the mayor “to strongly oppose any such idea” because Homestead should become the fair’s home, he aims to undercut an accord in favor of an ouster. Mr. Zapata surely knows that a study the county, the university and the Youth Fair funded jointly in 2013 and a new study this year both found that the fair would lose more than half its attendance, more than half its operating revenues and most major exhibitors in Homestead and plunge from $2.7 million profit to $300,000 to $800,000 annual losses. As a commissioner, Mr. Zapata must represent the financial interests of the county. He surely knows that the fair’s land lease beside FIU runs through 2040 with extensions until 2085. Under the lease, the fair must get three-year notice of a move if the county wants one, and then it must get a site equal to or better than its current one. The county is on the hook for such costs by law. Mr. Zapata says the fair has turned down proposed sites, including Homestead, “despite their absolute viability.” If viability means losing more than half its attendance and most big exhibitors and plunging from profit to a loss every year he’s right. But its lease says

it’s the fair – not the county or FIU or Mr. Zapata – that gets to decide if a site is viable. Had the fair’s board accepted a Homestead financial death knell as viable it wouldn’t have done its job. It didn’t accept. Would you? We believe the mayor is acting in the public interest in trying to accommodate both sides. We’re certain that he’s acting in the county’s interest in not forcing out the fair, because someone would have to pay for new land, buildings and the move. The current lease that county commissioners approved says the fair wouldn’t have to pay if the county forced a move. The university doesn’t want to pay to replicate what the fair has. That leaves the county to pay – except that last year’s referendum dictated that it cannot. So unless the university suddenly finds several hundred million dollars, an agreement must be brokered or the fair will stay put until 2085. If Mr. Zapata requires immediate action, he should be telling FIU to look elsewhere to add facilities or else give up on trying to grow to 68,000 students this decade. We wonder if he has tried those routes yet. If he doesn’t want to tell FIU rather than the fair to look elsewhere or shrink aspirations, his best bet is to stop roiling the waters and let the mayor’s office keep working to get everyone onboard with a site-sharing plan. And remember, a plan can only work if the fair says yes too.

Political candidates should be courting their neurotic voters There are three main voter groups: lunatics, average, and neurotics. Since the lunatic group has already picked its candidate, remaining politicians need to study the other two. Let me address the average group first. Isaac Prilleltensky People in this cluster spend quite a bit of time pondering the meaning of life. Does my existence matter? What is the purpose of life? Most Americans are really concerned about these philosophical issues. In fact, the latest research shows that the average American spends increasingly more time every year asking existential questions. The time devoted to these concerns has gone up every year since 1649. Compared to that year, in 2015 the average American spent 327% more time thinking about the meaning of life. We are now at an all-time high for pondering existential matters: 28 seconds per year. I emphasize that this is the time spent worrying by the average American. In sharp contrast, the neurotic American spends 25 hours a day fretting. Since there are now more neurotic than average voters, I recommend candidates pay attention to the former. Neurotics like me worry about different things throughout the lifespan. For example, there are a number of serious prenatal concerns that neurotic babies experience in the womb, such as lack of Wi-Fi spots. Their mothers are

The Writer Isaac Prilleltensky is dean of the School of Education and Human Development at the University of Miami. Follow his humor blog at http://prilleltensky.blogspot.com. desperate to send ultrasound pictures to their parents, workmates, and 2 million Facebook friends as soon as the sonogram is ready. The neurotic unborn worries about that, increasing the chances of PTSMD (pre-term social media disorder). In addition, the unborn need access to email. They need to know whether they got accepted into the most exclusive and ridiculously expensive college prep nursery. Email access for the unborn is a real priority in this country. When I was an unborn, my primary concern was to beat 300 million sperms in the quest to fertilize an egg. Without a doubt, this is the most existential period of time for any sperm. Unless you reach your destination, you vanish into the black hole of fallopian tube history. Sperms can use intrauterine GPS technology to avoid traffic jams. Once they come to the world, neurotic newborns have a lot to worry about. By the time they go to college the SAT will have a music appreciation component, so they’d better master Mozart at a young age. In addition, newborns have to burp. When all is said and done, burping is the main reason for a baby’s existence. Parents, grandparents, aunts and uncles want

baby to burp. If you are an astute politician, you better come up with a fastacting burping formula. Neurotic parents will love you. When I was a newborn I had two main concerns: circumcision and feeling guilty for crying during my bris. You want the Jewish vote? How about some guilt prevention strategies? By the time they reach infancy, neurotic kids need help with college applications. Want the young parent vote? How about some free tutoring for early decision? Now, to be sure, neurotics come in different forms. When I was an infant, instead of thinking about college I worried about the size of my ears. It was at that time that I started planning my move to Miami – plastic surgery capital of the world. While the average toddler today is obsessed with Super Smash Bros and Mario Kart 8, I was obsessed with Fascism, Anti-Semitism and diverticulitis. You can call me paranoid, but you didn’t grow up in Argentina, surrounded by dictators, Nazis and red meat. If you’re a politician thinking about the long term, you need to listen to teenagers’ concerns. Since all adolescents are neurotic and you want their future vote, you need to promise the elimination of two things: zits and embarrassing erections. Now, the real population of concern is obviously adults of voting age. I warn politicians that it will be hard to get their attention because, as of last count, there

are no more average Americans of voting age. They are all neurotic and addicted to Apple products like iPhones, iPads, Watches and, their latest invention, ienemas. When they’re not obsessing about Apple products and standing in line to buy the latest gadget, they’re either having sex, texting while driving, watching football or drinking beer. Obviously, politicians have very little time to influence this group. This leaves only neurotic senior citizens, who worry about two existential threats: erections and memory. The males are desperately trying to get an erection with large quantities of Viagra, and the females are desperately trying to remember what an erection looks like.

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TODAY’S NEWS

WEEK OF THURSDAY, DECEMBER 31, 2015

MIAMI TODAY

High-profile site near river’s mouth may open to riverwalk BY JOHN CHARLES ROBBINS

A high-profile site near the mouth of the Miami River downtown may finally be opened to the public as part of an extended riverwalk. The additional riverwalk would be temporary, for perhaps one year, while the property’s new owner lines up permits and other approvals needed to build a luxury residential condo building. Once construction begins, the site would be closed off again for safety and liability reasons. The owner-developer, from Argentina, would have to include a complete and permanent riverwalk along the water’s edge as required by the city code. An application for a temporary riverwalk, and a second and final extension of time for an existing temporary sales center, were considered recently by the Urban Infill and Greenways Subcommittee of the Miami River Commission. The commission says the socalled temporary building on the east end of the property is the former sales center for EPIC Residences & Hotel, a luxury high-rise condominium development built next door on the site of the former Dupont Plaza. The city’s improved riverwalk, which extends from the shore of Biscayne Bay and Bayfront Park around the corner and westward along the north bank of the river, ends abruptly at the old sales center building. The City of Miami found the three-story nautical themed structure in violation of the city charter and zoning code waterfront development setback requirements years ago and ordered that the building be demolished, according to river commission officials. This occurred under a different owner. The parcel changed hands last summer, when Riverwalk East Developments LLC bought the 1.25-acre site for $125 million, a record for a property of that size in South Florida, according to broker CBRE. CBRE began marketing the property in April 2014, and in a press release called the parcel downtown Miami’s “last vacant waterfront site.” The sale was announced in July. Committee Chairman Ernie

Photo by John Charles Robbins

This 1.25-acre site sold for $125 million. The temporary sales center there was to be razed years ago.

Martin said the river commission had an “ambivalent relationship” with the previous property owner, who did not remove the temporary building when ordered. The continued existence of the structure “blocks the continuity” of the city’s growing and beautiful riverwalk, said Dr. Martin. In the years since the first portion of the riverwalk was built, downtown’s population has soared, he said. The river commission continues to push for extension of the riverwalk to keep public access to the river guaranteed and protected, according to Dr. Martin. The overall goal of the riverwalk is to extend a public pathway from Biscayne Bay west and northwestward to an area near Miami International Airport, on both sides of the river. “We’re about halfway there but we have significant gaps,” Dr. Martin said. One of the most notable is on this site, at 250-300 Biscayne Boulevard Way, he said. Iris Escarra, an attorney representing the new owner-developer, said Riverwalk East Developments intends to have a temporary riverwalk installed on the site until it gets the master permit to build the condo tower.

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nities and smart technology at a level that can only be found in a handful of other global cities. According to the Prime International Residential Index, which measures the performance of prime real estate in the world’s top luxury cities, in 2014 each of these cities experienced a rise in real estate values: New York increased by 18.8 percent, San Francisco by 14.3 percent, followed by Los Angeles at 10 percent and Miami at 9.8 percent. While Miami’s growth is not as aggressive as New York or San Francisco, it remains a globally competitive market. The Miami mar-

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“It’s a temporary solution,” she said. Once construction begins, the site would be closed off again to the public until the project is completed. Ms. Escarra estimated that much of 2016 would be taken up by planning, design and the process of obtaining all of the permits and permissions needed for development. Full construction

might not begin until 2017. Because owners still want to use the building as a sales center for the new project, they want to keep it until the west-to-east construction work forces its removal. She anticipated the building would be removed between June and December 2018. Horacio Stuart Aguirre, river commission chair, had suggested

a request for extending the life of the temporary structure by just one more year, conditioned on a specific date when it would be removed and that money for demolition be held in escrow. Ms. Escarra said she would discuss those items with the developer. “We need to define what temporary is,” said Dr. Martin. As for the extended riverwalk, Dr. Martin said, “We need a schedule. When will it be opened? When will it be closed? When will it be reopened? …the best guesstimate.” Dr. Martin was pleased to see movement that will eventually open the riverbank to an extended public riverwalk. “This is a welcomed, longawaited occurrence,” he said. The application for a temporary riverwalk, and a second and final extension of time for the old sales center, is to come before the full river commission in 2016. Ms. Escarra said the new owner-developer is excited about building the real riverwalk as part of the final build-out of the site. Dr. Martin noted the high price the developer was willing to pay for the property. “They are believers in the mouth of the river,” Ms. Escarra said.

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TODAY’S NEWS

WEEK OF THURSDAY, DECEMBER 31, 2015

MIAMI TODAY

Brickell condos may be slower to come to market in 2016 BY MARILYN BOWDEN

Riding a five-year trend of high absorption levels, developers planned another robust year of new construction in Brickell’s hot condo market. But early signs suggest 2016 might be different. The market took delivery of well over 1,000 units in 2015, and about three times that many sit on the drawing board for the next two years, according to ISG World’s Market Report for Fall 2015, a comprehensive overview from International Sales Group, known as ISG. While seasoned realtors say they are bullish about the potential for absorption, some predict that prices will probably go through a period of adjustment as inventory rises. But some say that prices could remain flat as the flow of inventory slows in response to changes in South America’s political landscape. According to the 2015 Owner’s Guide to Brickell & Downtown Real Estate recently released by the David Siddons Group at EWM Realty International’s Brickell office, new preconstruction projects raised Brickell’s condo inventory by 36% in 2015. That resulted in a 14- to 22month increase in supply, the report states. A nine-month supply is considered a balanced market. Nevertheless, research showed property prices increased in 2015 by an average of 2% to 8%. At the same time, rental prices climbed 6%. In such an unbalanced market, EWM’s David Siddons said, continued price escalation is not in the cards. “About 80% of Brickell condos are rentals,” he said. “In an average year there might be 1,000 rentals available. If you’re going to inject three times that into the market, the population would need to triple – and that doesn’t happen. So investors will either have to drop the rent or put the unit on the market. Corrections in sales prices will come as a direct result of the rental market investing down.”

PRE-CONSTRUCTION CONDOS ON BRICKELL PROJECT

LOCATION

1010 Brickell Brickell Heights East Brickell Heights West Brickell Ten Cassa Brickell Echo Brickell Brickell Flatiron Le Parc at Brickell Brickell City Centre Reach Brickell City Centre Rise Brickell Heights SLS Lux The Bond

# UNITS

Brickell Avenue South Miami Avenue South Miami Avenue Southwest Second Avenue Southwest 17th Road Brickell Avenue South Miami Avenue Southwest First Avenue South Miami Avenue South Miami Avenue South Miami Avenue South Miami Avenue

DELIVERY DATE Q1 2016 Q3 2016 Q3 2016 Q1 2016 Q1 2016 Q4 2016 Q2 2016 Q1 2016 Q1 2016 Q1 2016 Q1 2016 Q1 2016

387 358 332 155 81 180 548 128 390 390 450 323

‘There’s a shift in South America away from socialism and toward centrism, and that may in the next six to nine months start to mitigate the effect of the strong dollar.’

Source: Davie Siddons Group, EWM Realty International

Craig Studnicky

Photo by Maxine Usdan

Brickell Heights, shown in construction in June, is scheduled to be completed in the third quarter of 2016.

Mr. Siddons estimates the market will absorb the inventory in about three years. The coming year, however, might look somewhat different from earlier projections. ISG principal Craig Studnicky said that while prices aren’t likely to rise, he doesn’t see them dropping much either. ISG World reports that of the 5,513 new units available for sale since mid-2011, 4,676 have sold. That’s an average absorption of 625 units a year over the past five years. And although more than 2,300 units in eight projects are slated for delivery in the first quarter of 2016, “don’t expect them all to come online so fast,” Mr. Studnicky said. ‘About 80% of Brickell Several multi-project develcondos are rentals. In an opers, he said, will be slower to to market “for one reason average year there might come and one reason only: the stronbe 1,000 rentals ger US dollar has slowed down available. If you’re going sales velocity from South to inject three times that America.” Miami condo developers deinto the market, the pend heavily on South Ameripopulation would need to can buyers, Mr. Studnicky said, “those sales are probably triple – and that doesn’t and 75% off of what they were a happen.’ year ago. Every single develDavid Siddons oper is watching sales, because when you are in the pre-sale

business you need to demonstrate rapid sales quickly to create a sales buzz.” Though the North American market is as strong as ever, he said that without the South American buyers that buzz isn’t happening at this moment. “So most projects announced for the first quarter of 2016 will likely be pushed back to the third or fourth quarter.” Several projects touted as planned or proposed a year ago – 1201 Brickell Bay Drive, Residences at Brickell Key, Habitat III and Brickell Flatiron II – seem to have disappeared from the dialogue, at least for now. Edge on Brickell has been cancelled, Mr. Studnicky said, though 1201 Brickell might resurface early next year. The slowdown, he said, is not a cause for alarm. In this cycle, developers have followed the conservative South American model for pre-sales, requiring a down payment of about 50% from buyers before closing. “Since that’s in US dollars,” Mr. Studnicky said, “it’s very hard to get them to pay that right now.” On the other hand, existing buyers are unlikely to walk away

from such a large investment. And with fewer projects to go around, he said, “construction costs are likely to come down by 10% to 15%. So it may

legal

actually benefit developers.” Political trends in South America may help close the gap between the dollar and other currencies, Mr. Studnicky said. Venezuela just elected a centrist legislature, and the nation’s socialist president could be stymied by them. Argentina, in its first popular ballot, just elected the country’s first non-Peronist president in many years, while Brazil’s president is under attack from opposition parties seeking her impeachment. “There’s a shift in South America away from socialism toward centrism,” Mr. Studnicky said, “and that may in the next six to nine months start to mitigate the effect of the strong dollar.” The attraction of Miami for South Americans, he said, remains as strong as ever. “Tracked against other asset classes, there is safety in real estate,” Mr. Siddons said. “Miami is a very safe place, not just financially but socially. People of many different backgrounds can feel at home here. So I feel very good about the future of the city.”

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Wynwood fund aims 35% at affordable, workforce housing BY JOHN CHARLES ROBBINS

Of all the legislative changes made this year designed to encourage the continued evolution of the Wynwood Arts District, one item remained in limbo for months. After fine-tuning and tweaking and re-tweaking, Miami city commissioners in December finally adopted an ordinance creating a new public benefits trust fund devoted entirely to the booming neighborhood north of Northwest 20th Street. What is the most significant outcome of the delay? The final version will require annual allocation of at least 35% of the money in the trust toward affordable and workforce housing. Much of Wynwood is in District Five, represented by Commissioner Keon Hardemon, and he fought for the changes â&#x20AC;&#x201C; particularly setting aside a larger share of the new fund for affordable housing in a city that has little. In July, commissioners approved the start of a process to expand the boundaries of the Wynwood Business Improvement District, or BID, and gave preliminary approval to a handful of ordinances to provide new tools to the booming area east of I-95, including land use and zoning changes. And the commission approved on first reading the Wynwood Neighborhood Revitalization District Plan. The first of its kind in the city, the planâ&#x20AC;&#x2122;s new zoning regulations for Wynwood are designed to encourage new, mixed-use residential and office developments, create dedicated funding for neighborhood improvements, promote pedestrian-focused activated streets and preserve the areaâ&#x20AC;&#x2122;s unique artistic and industrial character. Commissioned by the Wynwood BID, the plan was developed by planning firm PlusUrbia in conjunction with the improvement district and the City of Miamiâ&#x20AC;&#x2122;s Planning Department. Supporters have referred to the plan as Wynwood 2.0. Final approvals came from commissioners in September, with a few modifications. However, the proposal to create a public benefits trust fund and a body to oversee the funds was deferred at the urging of Mr. Hardemon. City planners were directed

Photo by Maxine Usdan

A new city ordinance created a public benefits trust fund devoted solely to the Wynwood Arts District.

to rewrite the enabling legislation. At the December meeting, Mr. Hardemon said he still wasnâ&#x20AC;&#x2122;t satisfied with the wording. The item was again deferred to later in the day for final modifications. Planning Director Francisco Garcia later said that staffers sat down with stakeholders to author a â&#x20AC;&#x153;betterâ&#x20AC;? ordinance. Commission chairman Wifredo â&#x20AC;&#x153;Willyâ&#x20AC;? Gort spoke in favor of offering incentives to developers that will lead to more affordable housing. â&#x20AC;&#x153;It can be done. We need to start mixing housing,â&#x20AC;? said Mr. Gort. â&#x20AC;&#x153;As Wynwood is growing, it should have a mix,â&#x20AC;? Commissioner Francis Suarez said. Along with increasing the percentage of money earmarked for affordable housing, the final version of the ordinance built in more city commission oversight and control of the fund. Mr. Hardemon said the final version was â&#x20AC;&#x153;more palatable.â&#x20AC;? The ordinance was adopted unanimously. Steve Wernick, representing the business improvement district, told commissioners this involves a brand new revenue stream that will be spent to make public improvements. He said improvement district members have â&#x20AC;&#x153;a strong commitment to invest in the public realm.â&#x20AC;? The legislative changes in large part are designed to encourage further transformation of Wynwood from a non-descript manufacturing and warehouse area into a colorful and thriving neighborhood of galleries, shops, restaurants and pubs while nurturing a street art scene that has gained international attention. The overall redevelopment plan promotes inclusion of murals and glass on new buildings, creates financial incentives for low-rise buildings, and reduces allowable heights for most new buildings to eight stories. It also pedestrian walkâ&#x20AC;&#x2DC;It can be done. We need encourages ways and open spaces, green to start mixing housing.â&#x20AC;&#x2122; roofs, parks and increased Wifredo â&#x20AC;&#x153;Willyâ&#x20AC;? Gort shade. Instead of calling the new

plan the â&#x20AC;&#x153;Wynwood Neighborhood Revitalization District Plan,â&#x20AC;? commissioners followed Mr. Hardemonâ&#x20AC;&#x2122;s recommendation to change the name to Neighborhood Revitalization District-1 or NRD-1. The moniker is referred to in the final ordinance creating the public benefits trust fund. The legislation notes that â&#x20AC;&#x153;unique conditions exist within the boundaries of the NRD-1 including a lack of parks, open space and civic space and a lack of public land that is available to be developed or dedicated by the city for such purposes â&#x20AC;Ś and the city seeks to encourage reinvestment in infrastructure and seeks other creative solutions to create parks, open space, civic space, and civil support uses to allow for and

facilitate new residential uses within the NRD-1 boundaries.â&#x20AC;? Itâ&#x20AC;&#x2122;s intended that the public benefits trust fund be established â&#x20AC;&#x153;in order to collect the cash contributions made according to the Miami 21 Code â&#x20AC;Ś to supplement affordable/ workforce housing, public parks and open space, and green building certification shortfalls,â&#x20AC;? the legislation says. The Wynwood Business Improvement District, through a five-member committee, will allocate money in the fund within the NRD-1 boundaries. The committee will be made up of one member directly appointed by the commissioner from District Five, one member appointed by the commissioner from District Two, one member appointed by the full city

commission, and two members appointed by the improvement districtâ&#x20AC;&#x2122;s board and submitted to the city commission for confirmation. The committee must report to the commission annually, and the trust fund is to be reviewed by the commission every three years. The business improvement district formed in 2013 as a city municipal board. Its directors are drawn from the hundreds of property owners throughout the 50-block community. The improvement district works to enhance security and sanitation services, raise awareness of advancements and plan for the future of Wynwood. A planning staff report on the revitalization district says: â&#x20AC;&#x153;Wynwood is transitioning into a globally-recognized destination for art, fashion, innovation, and creative enterprise. It is vital that the Wynwood Arts District accommodate new uses and development while creating new public and private open space opportunities for its existing and future residents.â&#x20AC;? The revitalization district is to establish protective regulations to guide the transition from an industrial district into a diverse, mixed-use area to include industrial, retail and residential components, the report says. â&#x20AC;&#x153;The neighborhood revitalization district regulations will also preserve the unique street art and industrial characteristics of the current Wynwood Arts District while promoting an environment where people work, live, and play,â&#x20AC;? it says. Although many of the components of Wynwood 2.0 were approved, the boundaries ultimately did not expand.

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County flyspecks details of Ocean Studios’ 160-acre lease BY CATHERINE LACKNER

“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres of countyowned land at 20000 NW 47th Ave. The project was launched nearly a year ago. “As a private citizen, I’m very happy with how the county has handled its due diligence,” he added. “The county’s representatives are being very thorough, and both sides are trying to create a deal that is sound, healthy, and will hold up to any kind of scrutiny. It’s taking time, but that’s because everyone is doing his job. “We have moved beyond the conceptual stage into the language of the actual lease,” he said in August, and that’s still the case. “This is a very large piece of land, so the county, understandably, is moving cautiously. In general, things are going well,” he said then. Once the lease is signed, he said, his company will begin $30 million in infrastructure improve-

Ocean Studios plans 11 sound stages and 4 million cubic feet of water of water in 10 tanks for filming.

ments, including roads and sewers. Some reimbursement, he said, might be available from general obligation bonds for economic development. The parcel lies in an unincorporated area known as County Club of Miami, between the Palmetto Expressway and the Florida Turnpike, near the Miami-Dade/Broward county line and north of Opa-locka Executive Airport. The state transportation department has plans

to widen Northwest 47th Avenue next year, which is a key advantage of the site. Once the infrastructure is in, construction will commerce and will take roughly two years, Mr. Paiz said when the deal was announced in January 2015. The sound stages, the largest of which is 24,000 square feet, will have ceiling heights of 33 to 45 feet to accommodate lighting and electrical needs. The studios also have to be able to

withstand a category 5 hurricane, he added at that time. “If you figure the kind of structure that is that big, with no column in the middle, that’s a huge block of clear space,” he said. “All of this stuff needs to be well-engineered. Fortunately, the process of knowing how to do it is already out there.” Water features are to include a canal that is 100 feet wide and 3,000 feet long, one water tank that is 300 by 200 feet square, and

one that is 30 feet deep, he said. “One of things Miami has going for it is water, but it can be inconvenient and unsafe to shoot in open water, so we’ve designed these tanks,” Mr. Paiz has said. “This is a complete package; it will have few competitors worldwide.” Mr. Paiz, a third-generation member of a Guatemalan family that has historically specialized in retail, has said his company ran a number of scenarios before committing to the studio project. He has estimated that the project will add about 3,100 direct jobs during construction and 2,700 high-paying positions for film crews and others who work in the complex once it is open. A hotel is also planned for the property, he added, to probably be run by a concessionaire. When the project was announced, Mr. Paiz said he hopes Miami Ocean Studios will also become a business accelerator. “In a place like Miami, you always have start-ups,” he said earlier this year. “We will be looking for people who are doing cool things that are applicable to recording, and might take a portion of equity in their companies. We hope folks who are trying new things and looking for resources will find us.”

53-story waterfront tower with multiple uses goes vertical BY JOHN CHARLES ROBBINS

Aria on the Bay, a luxury condo that promises to bring new retail/office space and a restaurant to the city’s burgeoning arts and entertainment district, has gone vertical. The concrete foundation pour was Nov. 18, and two weeks ago the construction went vertical, according to Melo Group, the developer of the 53-story Arquitectonica-designed waterfront tower in Miami. Along with nearly 650 residential units, Aria on the Bay is to offer 40,000 square feet of ground floor retail and several lower floors of commercial/office space.

Groundbreaking was in May. A week before Thanksgiving, a parade of about 800 trucks completed a foundation pour of more than 8,000 cubic yards of concrete at the 1770 N Bayshore Drive site, across from Margaret Pace Park. “More than a decade after delivering our first Miami tower we’re proud to be building our firm’s most high-end and architecturally-stunning project yet,” said Martin Melo, principal of the Melo Group. “With momentum building in the Arts & Entertainment District, Aria on the Bay will provide residents a walkable, family-friendly neighborhood sur-

rounded by world-class cultural attractions,” he said. Aria on the Bay’s architecture, interior and landscape design concepts are the creation of design firm Arquitectonica. The project’s opera-inspired name serves as a nod to its location in the growing arts and entertainment district, surrounded by cultural arts venues such as the Adrienne Arsht Center for the Performing Arts, the Perez Art Museum Miami (PAMM) and the upcoming Patricia and Philip Frost Museum of Science at Museum Park. Aria’s architectural design and scalloped façade was influenced by the shapes of the wave crests in Biscayne Bay, combined with a series of curving balconies found in some opera houses. “Two blocks north of the Adrienne Arsht Center for the Performing Arts, Aria’s semicircular balconies make reference to those inside the classic opera houses,” said Bernardo Fort-Brescia, founding principal of Arquitectonica. “They playfully stagger creating a series of cylinders in performance. The arrangement could also be interpreted as a musical score, or a series of curves dancing to a tune,” he added. The tower is to be home to about 648 one- to four-bedroom residences with private elevators, 9-foot-high ceilings and terraces up to 11 feet deep. Planned amenities include a 14th floor resort deck, four swimming pools, fire pits, barbecue grills and outdoor summer kitchens. Additional features include a spa, massage

Aria on the Bay is to offer retail, offices, dining and condo residences.

treatment facilities, fitness center, yoga studio, indoor/outdoor social room, a theater-style screening room, and a hot tub overlooking Biscayne Bay. There is also a garage. Aria on the Bay’s offerings include three-story upper penthouses, with prices ranging

from the $400,000s to more than $12 million. In October, the Melo Group reported it had surpassed the 50% sold mark for Aria on the Bay, with all of its sales already under hard contract. Construction is scheduled for completion in late 2017.

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Questions fly as state gets set for signature bridge contract BY CATHERINE LACKNER

Design-build contracts for a long-awaited â&#x20AC;&#x153;signature bridge,â&#x20AC;? part of an upgrade of I-395 from west of I-95 to the MacArthur Causeway, will be advertised next year. But Metropolitan Planning Organization members are already discussing specific challenges, as well as whether the project should be sidetracked. The reconstuction, which aims to improve traffic flow from Miami Beach to the mainland, including PortMiami, as well as to State Road 836 and I95, was the focus of discussions Dec. 17. The signature bridge over Biscayne Boulevard has been on the wish list of downtown organizations for years to create an iconic entrance to the cityâ&#x20AC;&#x2122;s core. The Florida Department of Transportation (FDOT) has secured the estimated $600 million needed for reconstruction, which is slated to begin in January 2017 and last about five years, said Raul Quintela, transportation department project manager, in August. The project will dramatically increase both vertical and horizontal clearances to create a sense of space and light, Beth F. Steimle, P.E., project manager for TYLIN, a consultant for the state transportation agency, told the planning organization. To improve aesthetics appropriately, the agency divided the area under the bridge and roadway into three zones: Zone 1, between Northwest First through Third avenues in Overtown, is to have a more residential feel, with open, landscaped spaces. Zone 2, from the FEC railway tracks to North Miami Avenue, â&#x20AC;&#x153;will have a more industrial feeling, with parking areas,â&#x20AC;? and Zone 3, near the Adrienne Arsht Center for the Performing Arts, will â&#x20AC;&#x153;have a downtown urban downtown feel,â&#x20AC;? she said, with landscaping, open spaces with wide walkways for pedestrians and cyclists, aesthetic lighting and some parking. Also in Overtown, the transportation department will reopen Northwest Second Avenue to north-south movement, she added. The centerpiece of the signature bridge is to be a 550-foot suspended span with its apex 245 feet above ground. Because of the type of support pillars to be used, the design reduces the

A Florida Department of Transportation conceptualization of a new signature bridge for I-395 downtown.

number of columns in the area from about 800 to 80, Ms. Steimle said. â&#x20AC;&#x153;The signature bridge over Biscayne Boulevard will be impactful,â&#x20AC;? she predicted. When the current pillars are removed, â&#x20AC;&#x153;there will be a lot more light coming in. Right now, itâ&#x20AC;&#x2122;s dark.â&#x20AC;? â&#x20AC;&#x153;Zone 1 and Zone 2, great,â&#x20AC;? said Maurice Ferre, former Miami mayor and planning organization member. â&#x20AC;&#x153;But when it comes to the bay, which we all love, it becomes a wall. It does not have to be a wall. I have, for the past two years, been requesting that there be an opening so that people can go from the old Miami Herald building to the museums. Not that it be open; I know thatâ&#x20AC;&#x2122;s tremendously expensive. But I want a walkway to be built, because now, itâ&#x20AC;&#x2122;s a wall right to the water. At the right time, I want to protest that here.â&#x20AC;? â&#x20AC;&#x153;I want to join the mayor in that,â&#x20AC;? said Francis Suarez, Miami commissioner and planning organization vice chair. He had earlier suggested to the organizationâ&#x20AC;&#x2122;s Transit Solutions Committee that the project be delayed and the funds be used instead for mass transit. â&#x20AC;&#x153;I launched an idea, but I donâ&#x20AC;&#x2122;t know if itâ&#x20AC;&#x2122;s going to go anywhere,â&#x20AC;? Mr. Suarez said. â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;d still like to explore it. But I agree that if we do this, there should be connectivity between the northern and the southern portions of the baywalk. We only get one chance at these things. Itâ&#x20AC;&#x2122;s a small modification with high benefit â&#x20AC;&#x201C; a low-cost, high-reward sort of solution.â&#x20AC;? â&#x20AC;&#x153;These are things Iâ&#x20AC;&#x2122;m sure the consultants and professionals are considering,â&#x20AC;? said Jean Monestime, Miami-Dade commissioner and chair of both the planning organization and of the county commission. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re very supportive of the aesthetic, but whoâ&#x20AC;&#x2122;s going to maintain it?â&#x20AC;?asked Dennis Moss, Miami-Dade commissioner, planning organization member â&#x20AC;&#x2DC;Weâ&#x20AC;&#x2122;re very supportive and chair of its Transit SoluCommittee. of the aesthetic, but whoâ&#x20AC;&#x2122;s tions â&#x20AC;&#x153;Our plan is to maintain the going to maintain it? area, both the bridge and underDennis Moss neath it,â&#x20AC;? said Gus Pego, secretary of the transportation

departmentâ&#x20AC;&#x2122;s District 6. â&#x20AC;&#x153;The concept is one that is easier to maintain and keep at the aesthetic level we all desire in our community. We have focused so much time and attention to develop a gateway, an iconic structure.â&#x20AC;? Underneath the spans, the design features landscaping and meeting places â&#x20AC;&#x153;for pedestrians

and the people who are making downtown livable again,â&#x20AC;? Mr. Pego said. â&#x20AC;&#x153;It will be maintained to a higher level.â&#x20AC;? â&#x20AC;&#x153;Youâ&#x20AC;&#x2122;ve always been a great friend to this community, but Iâ&#x20AC;&#x2122;m asking this question because I can look at where MDX maintain its corridors and where FDOT maintains its, and thereâ&#x20AC;&#x2122;s a big difference,â&#x20AC;? Mr. Moss

said. â&#x20AC;&#x153;Part of it is that you are restrained, to some degree, in what you can put into maintenance and upkeep. So itâ&#x20AC;&#x2122;s not a lack of desire on your part. I just want to make sure these beautiful structures are built and maintained, because now the area is unacceptable. Itâ&#x20AC;&#x2122;s an embarrassment.â&#x20AC;? The blocks adjacent to the bridge are the gateway to the Adrienne Arsht Center, Museum Park and the AmericanAirlines Arena, as well as to downtown, he said. â&#x20AC;&#x153;Hopefully it will get built, Mr. vice chair,â&#x20AC;? he said to Mr. Suarez. â&#x20AC;&#x153;I want this to be a first-class, well-maintained public space. I donâ&#x20AC;&#x2122;t want to do the same old stuff we do around here.â&#x20AC;? Mr. Monestime agreed to continue the discussion at an upcoming meeting of the governing board. â&#x20AC;&#x153;The problem is, this contract is about to be let in the next couple of months,â&#x20AC;? Mr. Ferre said. But â&#x20AC;&#x153;we have not advertised this project, it is scheduled to be advertised next year,â&#x20AC;? said Ivette Ruiz-Paz, transportation department spokesperson. Generally, it then takes several months after that to award the contract.

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