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OVERVIEW · Current asking price is $13m · Terms are of most importance and anything exceeding 45 days today is not recommended (30 days total would be ideal) · Full DD package is in the hands of the Seller and would be available to the would-be Buyer that would greatly expedite the process ·

POF will be required and is also highly important

·

Expectations are that the doors open for business for under $20m +/- all in

https://maps.google.com/maps?q=2940+collins+ave+miami+beach+fl&hl=en& hnear=2940+Collins+Ave,+Miami+Beach,+Florida+33140&gl=us&t=m&z=16 Approved 9. File No. 3617 Royal Polo Investors, LLC 2940 Collins Avenue The applicant is requesting the following variance in order to permit the retention of the existing guest rooms: 1. A variance to waive the required minimum hotel unit size: 15% of the hotel units shall be between 300-335 s.f. and 85% of units shall be 335 s.f. of larger, in order to retain 88 hotel units at less than 300 s.f (the smallest at 202 s.f., 91.6% of units), 6 hotel units between 300 and 335 s.f. (6.3% of units) and 2 units exceeding 335 s.f. (2.1% of units).


Also included below are 5+ additional sites to where additional development / re-development will occur as well (not listed)

http://therealdeal.com/miami/blog/2013/03/06/miami-penthousesells-for-34m/

Miami penthouse sells for $34M March 06, 2013 02:00PM

A rendering of the penthouse at the Residences at The Miami Beach EDITION

A combined-unit penthouse at the Residences at the Miami Beach EDITION has closed for $34 million, making it one of Miami’s priciest penthouse sales ever, Coldwell Banker announced today. Coldwell Banker’s sales associate William Pierce closed the deal. Penthouses 1601 and 1602 in the building were combined to form a 16,271-squarefoot triplex featuring eight bedrooms and eight and three-half bathrooms. The building offers multiple pools and outdoor kitchens. “This record-breaking sale exemplifies the wonderful flexibility that Miami Beach offers,” Pierce said in a statement. “There will be a nearly 360 degree view of our beautiful city.” –Christopher Cameron Tags: Coldwell banker, residences at Miami beach edition

Related posts • Pharrell Williams lists Brickell Avenue penthouse for $16.8 million • Rental potential drives South Beach condo-hotel sales • Penthouse B sells at Setai


• Rental potential drives South Beach condo-hotel sales

restaurant, club, waterfront ·

NEW DEVELOPMENT || COLLINS AVE 23 MIAMI BEACH || 2012 - 2015

RD

1.

– 41 || ST

Unknown – Starwood

· Links http://www.starwoodhotels.com/alofthotels/index.html? PS=GWS_aa_Starwood_Aloft_Brand_Exact_Google_aloft_hotels_09170 8

224 23rd St & 2200 Liberty Ave & 340 23rd St · Former Property Name parking (separate blocks)

City of Miami Beach surface

· New Property Name structure & retail

City of Miami Beach parking

3.

2901 Collins Ave ·

Former Property Name

Seville Beach Hotel

·

New Property Name

Marriott EDITION

· Details encompass two half’s of City blocks

New structure that will

· Details restaurant, club, waterfront

New 8-story building,

· Architect renowned designed in London for Olympics

Zaha Hadid – world

· Architect Development

Ian Schrager / Lionstone

·

Links

http://www.zaha-hadid.com/ http://www.dezeen.com/2011/12/21/miami-beach-parking-garage-by-zaha-hadid/

2.

Architect

·

Planned renovation

·

Links

$250m

http://www.worldpropertychannel.com/featured-columnists/deal-of-the-weekholliday-fenoglio-fowler-seville-beach-hotel-marriott-international-manny-dezarraga-fortune-international-lionstone-group-ian-schrager-2927.php http://www.marriott.com/hotel-development/EDITION.mi http://www.editionhotels.com/en-us/ http://www.ianschragercompany.com/ http://www.lionstone.net/

2360 Collins Ave ·

Former Property Name

Banana Bungalow

·

New Property Name

a-loft (W Hotel Brand)

·

Details

New 8-story building,

4.

3201 Collins Ave · Former Property Name Cipriani)

Saxony Hotel (former to-be


·

New Property Name

Faena

· Details Residential tower (North tower of Saxony) highest cost of residential on all of Miami Beach · Architect Koolhass ·

Planned renovation

·

Links

Norman Foster & Rem

7.

$150m

http://www.faena.com http://www.faena.com/en/miami#!/ http://miami.curbed.com/tags/saxony-hotel    

5.

6.

Versailles ·

275 key hotel

·

New 10 story residential tower / 50 units

·

Approved 2 story restaurant

·

Underground parking

·

Kobi Karp – Architecture

West side Collins from 32nd – 34th ·

Rem Koolhaus (Amsterdam)

·

Retail & entertainment complex

·

Underground mechanical parking

·

Boutique hotel, shopping, residences

Other sales / development notable ·

*Days Inn SOLD $70m+ and possible new flag

·

*Soho House established

·

*Indian Creek Hotel recently sold – Italian brand forthcoming

·

*Vacant buildings on 37th / Collins just sold recently

·

*Fontainebleau


CONTINUUM DEVELOPMENT GROUP LLC ///

EXECUTIVE SUMMARY Continuum Development Group is a newly incorporated design and development group developing a hotel and performance venue here in Miami and one in the Research Triangle Park area in Durham, North Carolina. Our concept brings together experienced development executives, technology and guest experience experts, and world class architects who have designed and executed projects all over the world and developed the high-tech progressive design approach we are applying. The concept is meticulously planned to create an integrated environment of both aesthetics and lifestyle that will bring a new and highly desirable scene and lifestyle to the areas. Our architects, Jordan Trachtenberg and Michael Sims have worked with the top architects and firms in the world, SOM (World Trade Center), Frank Gehry (Guggenheim, New World Symphony, NY By Gehry at 8 Spruce), UN Studio-Amsterdam (Mercedes-Benz Museum- Germany), Zaha Hadid (1000 Museum Park - Miami).

CONTINUUM DEVELOPMENT GROUP EXECUTIVE SUMMARY AND PROJECT SUMMARY

CDG has created a concept and model which can be applied to varying lots and properties and able to be duplicated in other markets. We have identified properties to implement our unique concept upon which fills a void and need in this Miami market and others around the country. We already have land possessed for the NC project. Miami is one of the hottest real estate markets in the world and a top ten luxury market globally, and RTP is a one of fastest growing areas in the country. We believe our concept of luxury residences and an upscale boutique hotel, coupled with the city’s premiere upscale yet hip destination restaurant with an integrated live music and performance experience fits well into the current real estate and economic environments. Finding world-class live music in Miami is a tough endeavor in itself. Enjoying quality live music in a nice venue while enjoying a fine meal is unprecedented in either market currently. Our concept also includes an “Integrated Living” theme of having design and technology integrated not only into the units, but also integrating the residents and guests with the neighborhood, the areas services providers, and the cities happenings and culture. This will be a distinguishing characteristic of the property. Our concept of “Living in the State of Luxury” entails not solely luxury accommodations, nor simple access to the best of what the city has to offer. Our definition entails creating a unique destination attraction that brings the best of an area to the guests and resident’s doorstep through our well thought out program of outlets; rooftop bars, beach and social clubs, restaurants, and performance lounges. We have been in discussions with multiple Miami Heat players in regards to being involved in the projects. Having the most visible people in the city being principles in and frequenting the venues will make these the premiere venues in the city. We anticipate bringing in a high visibility music partner as well. This is the model for Miami Beach, which will be the flagship and showpiece for the brand. We are also developing a similar concept of great design, but limited services and wrapped in a limited services business model that is attractive to investors for other markets. The plan is to duplicate the model and concept for other primary markets in addition to markets where our high visibility partners are originally from or have great recognition or a following, like Chicago. Detroit, Kansas City, Virginia Beach, Cleveland, and other secondary markets. We have had extensive discussions with experienced hotel operators such Keith Menin at Menin Hotels (Mondrian, Shelbourne, Gale, Regent-Chicago and Anthony Melchiorri, host of the Travel Channel’s show, Hotel Impossible, and the managing director of RDV Hospitality, Josh Wagner (who formerly ran F&B and venues for Morgan’s Group Hotels) in regards to their potential participation in the projects in a management capacity as a contracted service provider. 1 of 4


CONTINUUM DEVELOPMENT GROUP LLC ///

02 LMNT

CONTINUUM DEVELOPMENT GROUP LLC ///

With the design district being one of the hottest neighborhoods in Miami, LMNT will be a true destination for guests to come and spend some time enjoying the lush garden patio, cocktail bar, salon lounge and main restaurant. After a fine dinner and performance, there is no better way to burn some of those calories than shaking a leg on the dance floor. LMNT has a full cabaret and 5AM liquor license, and will convert into a full nightclub venue late nights.

PROJECT DEVELOPMENT

CDG has developed a concept that is an architectural, technological, and cultural marvel. We have tried to structure the projects to be as remarkable to our partners and investors as it is for those who experience the properties and venues. We have included a mix of condos, hotel rooms, and revenue outlets that creates an attractive financial offering and provides security to our investors. The condos provide for an early revenue source or return for equity investors through pre-construction sales (Majestic Properties has signed on as a broker for pre-sales). The hotel and outlet provides cash flow and value for an exit in addition to revenue from condo sales. We are flexible in regards to deal parameters and partnership structures. We are seeking an equity partner, which can be leveraged to obtain debt financing. We also may be able to provide secured collateralization through a group, Iconic Ventures, for investors which 100% guarantees

//////01 ROYAL POLO /////// 02 LMNT /////// 03 TRIANGLE HOUSE///////

The restaurant and event space in itself will be a new icon for the city and a good business for principles and investors, yet it is just a small piece of the value of this opportunity. The existing operating business of production services, events and the bar will produce a revenue stream to carry initial operations. The new restaurant and music concept can be implemented with minimal investment and construction to existing structure. LMNT’s existing production resources enables a robust artist-in-residency program which will keep a constant and fresh crop of artist creating and performing at the venue. This situation is an exceptional opportunity due to the ability to construct a 32 story mix-use tower on the back of the lot. We envision a 200,000 sq. ft. (150k sellable) building with approximately 100 luxury condos and 20 hotel suites with spectacular city and bay views in the property. Current market rate for the area is $350 to $500 per sq. ft. The property will have amenities such as a gym, pool, rooftop lounge, and a grocery store on ground floor. Integrated living is the theme, encompassing technology, design, and culture. We have had discussions about the possibility of bringing Jay-Z’s 40/40 club to our project, which we envision being on the rooftop of the building. Existing design inspirations would include Butter in NYC, the garden patio at the Hudson Hotel in NYC and the former Asia De Cuba in NYC. Infuse those spaces design and ambiance with the live music experience of Joe’s Pub in NYC and you have a solid understanding of our concept for this project. - Price: $12M (asking) $9M (offer) - Building Size: 7,000 SF - Property Type: T5 Zoning residential/mix use for nightclub/cabaret & residential tower - Property Use Type (operating): Gallery, Event Space, Bistro - Proposed Use: T6 mix use for residential tower, restaurant, music venue, lounge/club, event space, retail - Year Built: 2011 - Lot Size: 0.8 acre (32 story Condotel to be constructed on back ⅔ of lot) Highlights - Existing owner is reporting estimated annual income for property around $4M with net income of $2.7M. Using a conservative reverse multiple, we will use $1.5M - Projected new restaurant and venue revenues - $6M - Build cost: $200/sq. (200k) = $40M Revenue from condo sales: $400/sq. (150k) = $60M Project Costs - Acquisition of existing structure, business, land, and interior redesign - $12M - Construction costs for tower - $8M (20% of total construction costs) - Total project costs - $52M

2 of 4

3 of 4


CONTINUUM DEVELOPMENT GROUP LLC ///

TEAM

Scott Bednaz is a commercial broker and developer with 19 years experience in North and South Carolina. As President of TerraCorp Commercial properties and Tallus Development group Mr. Bednaz has negotiated the purchase, sale, or lease of 1 million square feet of commercial space, 3,500 acres of land resulting in $100 million in completed transactions. In 2005 he branched out from representation to develop his own projects including Advanced Auto, Hooters Burlington, The Estates at Barton’s Creek, and the Straw Valley Project. His projects have been recognized by multiple news and architectural outlets and received awards from the NC and Durham Preservation Societies.

Cedric H Watkins is a technologist and founder of a technology company providing solutions for the hospitality industry, Adjacent Innovations. Mr. Watkins is a seasoned business development and marketing executive who has founded marketing and technology companies and has done development projects in Raleigh and Newark, New Jersey.

Michael Sims, Jr. is an architectural design professional now living and working in Europe. He has over 10 years professional experience in the offices of Emergent (Tom Wiscombe), Coop-Himmelblau (Wolfgang Prix), Frank Gehry Associates, SOM (NY), UN Studio (Ben van Berkel), and co-taught workshops with Lebbeus Woods.

After attending UNC-Chapel Hill where he studied Management and Sociology, Mr. Watkins has lived in Manhattan and Miami for the last 12 years where he has developed a network of resources in finance, real estate, hospitality, design, technology, and entertainment. Mr. Watkins will be project coordinator, lead business development, and serve as technology and guest experience architect.

As a proponent of BIM and parametric design processes, Mr. Sims has been involved in several high profile projects including Manhattan’s tallest residential tower, Frank Gehry’s new 8 Spruce Street tower, the King of Morocco’s current theatre project, and the UN Studio in Amsterdam. He earned his Masters of Architecture from SCI-ARC, and a Bachelor of Architecture from the University of North Carolina at Charlotte. Mr. Sims has taught digital design at AIU (American Intercontinental University) in Los Angeles, and was an SOM instructor in an applied studies research collaboration with SCI-Arc, investigating concepts related to responsive kinetic façades. He is now with Zaha Hadid Architects in London.

Jordan Trachtenberg Assoc. AIA, LEED AP has practiced architecture over the last decade in five continents ranging from Asia to South America. During 20092012 in Amsterdam, NL, while practicing under Ben van Berkel at UNStudio, Mr Trachtenberg ed the design and execution as Coordinating Architect /Project Manager on several successful projects such as the Singapore University of Technology and Design to finish completion in 2014. In addition, Mr. Trachtenberg led the design on successful competitions, small built projects, interior, and industrial design solutions, such as the Library + Center for New Media in Ghent, Belgium, Zara flagship store in Rome, Italy and the 29th Annual Art Biennale’s Youturn Pavilion in Sao Paulo, Brazil. Mr. Trachtennberg received the degree Master of Architecture, with Honors in Design, from Columbia University, NY, and holds a Bachelor of Design in Architecture, with Honors, from Florida International University, Miami. www.JordanTrachtenberg.com

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Shulman + Associates

3/24/12 3:18 PM

Plaza  Hotel     418  -­‐426  Meridian  Ave  –  South  Beach   Located  SW  Corner  of  5th  st  and  Meridian  Ave  Miami  Beach,  Fl.  33141   Property  consists  of  2  adjacent  parcels  improved  with  a  rooming  house     and  2  apartment  buildings.  Properties  are  zoned  commercial  mixed  use.   The  #426  building  has  historical  classifications  and  the  facades  would   need  to  be  maintained  or  replicated.  The  property  was  approved  by  the   City  for  a  hotel  as  shown  in  the  enclosed  renderings  and  plans.    The   property  can  be  converted  to  retail,  hotel,  residential  or  office  or  any   combination    

418  Meridian  Ave   Built  1953   Land  Size:  50  x  140  =  7000  sf   Bldg  Size:      1  story  bldg.  –  2302  sf                                                5    -­‐  1/1  bath  units  of  400  sf  each  –  each    unit  pays  $600  /month                                                 2    story  bldg.  -­‐    2045  sf   1 1/1  bath   5        studio  apartments     426  Meridian  Ave  (completely  vacant  and  boarded)   Built  1925   Land  Size:    50  x  140  =  7000  sf   Bldg  Size:        3  story  bldg.  -­‐    16563    -­‐  approximate  215  sf  per  unit                                              76  units  –  Hotel  Rooms  with  only  a  sink  and  common  area  bathrooms  on            each  floor  his  /  hers  with  toilet  rooms  and  showers.  Property              has  3  stairwells,  front  ,  rear  and  center.                                              1st  floor  –  20  units                    2nd  floor  –  27    units                    3rd  floor  -­‐    29  units       Total  Land  Size:    14,000  sf                      100x140  –  140  feet  on  5th  st   Total  Bldg    Size:      20,910                                                                                  

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Introduction

Improved Commercial Land, 418-426 Meridian Avenue, Miami Beach, FL

Improved Commercial Land, 418-426 Meridian Avenue, Miami Beach, FL

AERIAL PHOTOGRAPHS

MIAMI-DADE COUNTY MAP

Waronker & Rosen, Inc. ❖ Real Estate Appraisers & Consultants

Introduction

Page 15

Waronker & Rosen, Inc. ❖ Real Estate Appraisers & Consultants

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Introduction

Improved Commercial Land, 418-426 Meridian Avenue, Miami Beach, FL

PLAT MAP

Waronker & Rosen, Inc. â?– Real Estate Appraisers & Consultants

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Citibank

Citibank DEMOGRAPHIC ANALYSIS

MIAMI BEACH, FL

TRAFFIC COUNTS

MIAMI BEACH, FL

DEMOGRAPHIC ANALYSIS

SUMMARY REPORT Geography: 5 Miles Population In 2011, the population in your selected geography was 186,239 . The population has changed by 147.47% since 2000. It is estimated that the population in your area will be 203,318 five years from now, which represents a change of 9.17% from the current year. The current population is 53.2% male and 46.8% female. The median age of the population in your area is 40.0 , compare this to the U.S. average which is 36.9. The population density in your area is 2,374.87 people per square mile.

Households There are currently 91,984 households in your selected geography. The number of households has changed by 213.89% since 2000. It is estimated that the number of households in your area will be 102,307 five years from now, which represents a change of 11.22% from the current year. The average household size in your area is 1.96 persons.

Income In 2011, the median household income for your selected geography is $41,289 , compare this to the U.S. average which is currently $53,620. The median household income for your area has changed by 99.89% since 2000. It is estimated that the median household income in your area will be $44,858 five years from now, which represents a change of 8.64% from the current year.

The current year per capita income in your area is $38,247 , compare this to the U.S. average, which is $28,713. The current year average household income in your area is $73,701 , compare this to the U.S. average which is $73,458. Race & Ethnicity The current year racial makeup of your selected area is as follows: 77.76% White, 12.47% African American, 0.36% Native American and 0.88% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.40% White, 12.60% African American, 0.95% Native American and 4.93% Asian/Pacific Islander.

Traffic Count data © 2010 by TrafficMetrix. All rights reserved.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 59.38% of the current year population in your selected area. Compare this to the U.S. average of 16.90%. Housing The median housing value in your area was $172,310 in 2000, compare this to the U.S. average of $110,796 for the same year. In 2000, there were 7,744 owner occupied housing units in your area and there were 21,561 renter occupied housing units in your area. The median rent at the time was $453 .

Two-way, average daily traffic volumes.

Employment In 2011, there are 185,711 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 48.5% of employees are employed in white-collar occupations in this geography, and 51.5% are employed in blue-collar occupations. In 2011, unemployment in this area is 9.08% . In 2000, the median time traveled to work was 24.4 minutes.

Demographic data © 2010 by Experian/Applied Geographic Solutions.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap T0240188

23

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap T0240188

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Shulman + Associates

Citibank

3/24/12 3:22 PM

DEMOGRAPHIC ANALYSIS

MIAMI BEACH, FL

DEMOGRAPHIC REPORT 1 Mile

3 Miles

5 Miles

1990 Population 2000 Population 2010 Population 2011 Population 2016 Population

2,632 2,409 26,407 27,107 29,489

8,388 7,958 50,436 51,820 54,931

81,160 75,256 181,289 186,239 203,318

1990 Households 2000 Households 2010 Households 2011 Households 2016 Households

1,474 1,333 16,303 16,764 18,500

4,173 3,933 29,330 30,280 32,675

29,861 29,305 89,168 91,984 102,307

1.59

1.68

1.96

19,906

46,942

185,711

$297,991 $229,859

$264,905 $455,973

$101,911 $172,310

2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant

25.15% 36.56% 38.30%

43.27% 29.96% 26.77%

22.45% 62.50% 15.05%

2011 Owner Occupied Housing Units 2011 Renter Occupied Housing Units 2011 Vacant

22.22% 50.57% 27.19%

28.55% 42.69% 28.75%

26.00% 48.05% 25.94%

2016 Owner Occupied Housing Units 2016 Renter Occupied Housing Units 2016 Vacant

22.37% 50.83% 26.80%

28.47% 43.03% 28.50%

25.95% 48.04% 26.01%

21.9% 12.3% 11.1% 14.8% 13.1% 7.0% 5.3% 3.1% 4.7% 1.8% 5.0%

17.9% 11.4% 9.3% 14.4% 12.6% 9.9% 7.3% 3.9% 4.9% 2.1% 6.5%

21.7% 12.1% 10.5% 12.7% 13.0% 8.5% 7.0% 3.6% 4.4% 1.7% 4.7%

2011 Median Household Income 2011 Per Capita Income

$40,137 $46,933

$46,431 $52,965

$41,289 $38,247

2011 Average Household Income

$72,896

$86,567

$73,701

2011 Average Household Size 2011 Daytime Population 1990 Median Housing Value 2000 Median Housing Value

$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 +

Demographic data Š 2010 by Experian/Applied Geographic Solutions.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap T0240188

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Shulman + Associates

3/24/12 3:26 PM

Sinuous addition to historic building providing additional guest rooms and private rooftop terraces.

THE SEA SPRAY Miami Beach, 2010

THE LOOK INN Miami Beach, 2009

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Perforated metal balconies connecting the new building with the historic.

Reuse of historic apartment building

New courtyard creates semi-private space for hotel guests.

Transparent street-level restaurant

AIA MIAMI DESIGN AWARD 2009

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Shulman + Associates

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3/24/12 3:33 PM

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3/24/12 3:14 PM

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Shulman + Associates

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3/24/12 4:17 PM

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3/24/12 3:30 PM

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Shulman + Associates

3/24/12 3:30 PM

DOWNTOWN HOTEL SITE MIAMI, FL

MARKET POSITIONING & PRICING ANALYSIS Prepared For:

Esther Klepach Trust

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DOWNTOWN HOTEL SITE MIAMI, FL

..................................................PROPERTY DESCRIPTION SECTION THREE ...................................................RECENT SALES SECTION FOUR

PRICING & FINANCIAL ANALYSIS

SECTION TWO

TABLE OF CONTENTS

SECTION ONE ...............................................PRICING & FINANCIAL ANALYSIS

...............................DEMOGRAPHIC ANALYSIS SECTION FIVE ..................................MARKETING PLAN SECTION SIX ...THE MARCUS & MILLICHAP ADVANTAGE

DOWNTOWN HOTEL SITE MIAMI, FL

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap


DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

Property Property Address

Downtown Hotel Site 1789 Biscayne Boulevard Miami, FL 33132

Price Down Payment Lot Size (SF) Price/SF Lot Size (Acres) Price/Acre Buildable SF Price/Buildable SF Number of Units Price/Unit Number of Lots Price/Lot Lot Dimensions Type of Ownership Loan Type SITE DESCRIPTION Assessor's Parcel Number Zoning Taxes Tax Year Frontage Traffic Counts Adjacent Development

4,800,000 100% $4,800,000 13,125 $365.71 0.3013 $15,930,966 10,500 $457.14 150 $32,000

Pricing List Price

Price Down Payment

4,800,000 100%

$4,800,000

VALUE INDICATORS Price/SF Price/Acre Price/Buildable SF

$365.71 $15,930,966 $457.14

PRICING & FINANCIAL ANALYSIS

SUMMARY

PRICING & FINANCIAL ANALYSIS

Financial Overview

3 $1,600,000 105 X 125 Fee Simple All Cash 0132310030730, 720, 710 T6-24-O, C-1, SD-20 26,051 2010 105' on Biscayne Blvd 61,000 New Publix Supermarket

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE MIAMI, FL

Cost Per Key Price CAP Rate New Loan Interest Rate Net Operating Income (4) Debt Service Net Cash Flow After Debt Service Principal Reduction Total Return (3)

aLoft $170,000.00 25,500,000 7.33% $12,750,000 5.500% 1,868,200 939,554 $928,646 244,404 $1,173,050

Cost Per Key Price CAP Rate New Loan Interest Rate Net Operating Income (4) Debt Service Net Cash Flow After Debt Service Principal Reduction Total Return (3)

200,000 30,000,000 7.66% $15,000,000 5.500% 2,299,356.28 1,105,357 $1,193,999 287,534

PROPERTY DESCRIPTION

Best Western Premier

PRICING & FINANCIAL ANALYSIS

Alternative Investment Analysis

$1,481,533

DOWNTOWN HOTEL SITE MIAMI, FL

COMMENTS (1) Includes principal reduction. (2) Before taxes. (3) Depreciation not included. (4) Assumptions: 75% occ., $129.99 and $159.99 ADR respectively, 150 rooms

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

Prime Location on one of the few remaining parcels in Downtown within 3 blocks of the Genting Development Site

Optimal Zoning for small lot construction (T-6 Urban Core)

Approved uses include Hotel, Retail, and Multi-Family

Across the street from the newly constructed Publix Supermarket, Wells Fargo, and GNC building

Marcus & Millichap is pleased to offer for purchase and sale, the fee simple interest in 1789 Biscayne Boulevard, and the adjacent 2 parcels to the east ("Site"), in Downtown Miami. The site is Zoned T-6 Urban Core, which allows for up to 24 stories and 80% lot coverage. This 13,125 +/- SF development site is ideally located in the heart of Downtown Miami within walking distance of the Miami Herald Building, and adjacent to the Hilton Hotel, which were both purchased by Genting in the past twelve months. Aside from Genting's recent acquisitions, Downtown Miami is poised to become THE hot spot of Greater Miami. The American Airlines Arena is a short distance South on Biscayne Blvd, and there have been several construction and redevelopment projects adjacent to the the site including the Publix Supermarket building which opened in March of this year.

Investment Overview

As it currently stands, Downtown Miami is in need of a limited service nationally branded hotel. The current hotel market has a surplus of full service rooms with a drastic shortage of limited service. By undercutting the rates of the full service hotels, currently offering rooms above $200.00 per night, a limited service hotel will thrive. An additional benifit to a limited service hotel in this location is the new Publix Supermarket accross the street. With a Supermarket within walking distance, guests will be inclined to book this hotel for their extended stays.

PROPERTY DESCRIPTION

INVESTMENT HIGHLIGHTS

PROPERTY DESCRIPTION

Investment Overview

While the original plans for Genting's World Resort on the Miami Herald Site have been withdrawn, the scaled-back plans are scheduled to be released within the next two months. Although the Casino Bill, which would have legalized casinos and gambling for select sites including the World Resort, did not pass, many experts predict that within the next two to three years a similar bill will pass. Downtown Miami faces its highest cost of entry in years thanks to Gentings $460,000,000 real estate purchases driving the cost per square foot to over $300.00 in areas close by. While sub-prime locations are still offered at around $120.00 per square foot, the surrounding areas have not seen the same push in terms of re-development and "clean up", leaving them unsafe in terms of pedestrian traffic.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

Property Photos

Property Photos 2

Site from North East Corner facing East

New Publix, GNC, and Wells Fargo

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

Plat Map

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

Area Maps

LOCAL MAP

REGIONAL MAP This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

Aerial Photo with Labels

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

Aerial Photo

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

South Easterly View

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION

3D Aerial

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE MIAMI, FL

RECENT SALES

RECENT SALES

Recent Sales Map

DOWNTOWN HOTEL SITE MIAMI, FL

1) 2)

Downtown Hotel Site Miami Herald Property Mixed Use Development Site

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida Š 2012 Marcus & Millichap

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DOWNTOWN HOTEL SITE

DOWNTOWN HOTEL SITE

MIAMI, FL

MIAMI, FL

Avg $360.12

360.00 320.00 280.00

Recent Sales DOWNTOWN HOTEL SITE 1789 Biscayne Boulevard Miami, FL 33132 Sale Price:

4,800,000

Lot Size (SF):

13,125

Down Payment:

$4,800,000

Price/SF:

$365.71

Down Payment %:

100%

Lot Size (Acres):

0.3013

Zoning:

T6-24-O, C-

Price/Acre:

$15,930,966.00

Lot Dimensions:

105 X 125

240.00

SUBJECT PROPERTY

200.00

RECENT SALES

400.00

RECENT SALES

Price/SF & Price/Acre AVERAGE PRICE/SF

160.00 120.00 80.00 40.00

1

0.00 Subject

Miami Herald Property

Mixed Use Development Site

MIAMI HERALD PROPERTY 1 Herald Plz Miami, FL 33132 Close of Escrow:

05/26/2011

Lot Size (SF):

609,840

Sale Price:

$236,000,000

Price/SF:

$386.99

Down Payment:

Lot Size (Acres):

14.0000

Down Payment %:

Price/Acre:

$16,857,143

Zoning:

Lot Dimensions:

AVERAGE PRICE/ACRE

Avg $15,686,636

16,000,000 14,000,000 12,000,000

2

10,000,000 8,000,000

MIXED USE DEVELOPMENT SITE 1825 Northeast 4th avenue Miami, FL 33132 Close of Escrow:

02-07-2012

Lot Size (SF):

27,007

6,000,000

Sale Price:

$9,000,000

Price/SF:

$333.25

4,000,000

Down Payment:

Lot Size (Acres):

0.6200

Down Payment %:

Price/Acre:

$14,516,129

Lot Dimensions:

Irregular

2,000,000

Zoning:

SD-6,

0 Subject

Miami Herald Property

Mixed Use Development Site

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2012 Marcus & Millichap

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MIAMI, FL

MARKET POSITIONING & PRICING ANALYSIS Presented By:

Offices Nationwide www.MarcusMillichap.com

A New Way to Stay //

Ahmed Kabani Associate Miami Office Tel: (786) 522-7000 Fax: (786) 522-7010 License: FL: SL3115103 Ahmed.Kabani@marcusmillichap.com www.marcusmillichap.com/AhmedKabani

L i gh t H o u se ///

Concept Design Book

03.2013 /// TRACHTENBERG LLC

DOWNTOWN HOTEL SITE


“Old fashion service is the most pleasent luxury.” - Andre Balasz

The Lighthouse Residences are an ultra-luxury condo and hotel with a private social club, rooftop pool and bar, world-class restaurant and spa, and performance lounge space. The Lighthouse experience will become the new beacon for what luxury living and accommodations are judged, yet globally incomparable due to the unique attributes of location, quality of facilities, and the world-class environment for entertainment which draws world-class talent, residents, and guests which creates world-class experiences and memories. The Lighthouse will be a cultural, architectural, technological, and ecological beacon for Miami. Bringing together the best of the old, using a bit of the current, and bringing them together to create a true destination experience where the of the experiences of “the life of luxury” are alive, vibrant and being created every day.

The Concept /// Past + Present + Future

With Miami being one of the hottest travel destinations and condo markets in the world and the hotel market being one of the few markets experiencing increased tourism and higher rates for both occupancy and average daily rates, the opportunity to leverage both of these facts and capitalizing on Miami’s current lack of quality live music and entertainment makes this opportunity unique and one-of-a-kind. The Lighthouse brings together the culture of The City and appreciation for creation, music, and performance with the Miami lifestyle of luxury and celebrity, and infused with the universal spirit of the true appreciation of “the party scene”. This unique combination will make The Lighthouse a true destination experience for the few fortunate enough to experience it during their stay or for the truly fortunate who call it home.

Experiencing luxury in the manner and style in which you desire is the paramount of living the life of luxury. The manner, frequency, and consistency in which the Lighthouse lifestyle of luxury will provide this paramount experience to our guests and residents creates a lifestyle and residential environment unique and incomparable to anywhere in the world. Living in the state of luxury requires not only access, but also convenience. Having access to the best of the life of luxury is the current standard for experiencing luxury. Having those things brought to your doorstep is “living in the state of luxury”, which is life at The Lighthouse.

With its rich cultural history and well deserved reputation for some of the best weather in the world and establishing the idea of “living the life of luxury”, Miami is undoubtedly a world-class city, yet it is lacking in one area. With such a legacy, the current version of the luxury experience with thousand dollar bottles at packed clubs, celebrity dj’s, and laser light shows are not doing this legacy justice. In a city like Miami where money does not ensure access, the true definition of luxury must include access to the best of the life of luxury, which includes service, entertainment and socializing with like natured individuals.

The Concept /// Past + Present + Future

03.2013 /// TRACHTENBERG LLC

03.2013 /// TRACHTENBERG LLC


these brands. In addition he has been responsible for almost a half a billion dollars worth of revenue during his tenure working in development at Choice International. Mr. Brown will be leaving Choice durring 2013 in his full-time capacity, and is currently in the early stages of developing four other properties where he is majority principal in the project. Mr. Brown has a masters degree in architecture from Louisiana State University and a MBA from New York University. Mr. Brown is a New York City native and will lead the development team for the project.

Isaac Brown has been Director of Emerging Markets for Choice Hotels International for the past 9 years and has worked with Marriott developing over 60 properties. Prior to his current position, he was Architectural Designer, where he was responsible for prototype design for all Choice brands, and design reviews which

Team ///

Scott Bednaz is a commercial broker and developer with 19 years experience in North and South Carolina. As President of TerraCorp Commercial properties and Tallus Development group Mr. Bednaz has negotiated the purchase, sale, or lease of 1 million square feet of commercial space, 3,500 acres of land resulting in $100 million in completed transactions. In 2005 he branched out from representation to develop his own projects including Advanced Auto, Hooters Burlington, The Estates at Barton’s Creek, and the Straw Valley Project. His projects have been recognized by multiple news and architectural outlets and received awards from the NC and Durham Preservation Societies.

real estate, hospitality, design, technology, and entertainment. Mr. Watkins will be project coordinator, lead business development, and serve as technology and guest experience architect.

As a proponent of BIM and parametric design processes, Mr. Sims has After attending UNC-Chapel Hill where he studied Management and Sociology, Mr. Watkins has lived in Manhattan and Miami for the last 12 years where he has developed a

projects including Manhattan’s tallest residential tower, Frank Gehry’s new 8 Spruce Street tower, the King of Morocco’s current theatre project, and the UN Studio in Amsterdam. He earned his Masters of Architecture from SCI-ARC, and a Bachelor of Architecture from the University of North Carolina at Charlotte. Mr. Sims has taught digital design at AIU (American Intercontinental University) in Los Angeles, and was an SOM instructor in an applied studies research collaboration with SCI-Arc, investigating concepts related to responsive kinetic façades. He is now with Zaha Hadid Architects in London.

Michael Sims, Jr. is an architectural design professional now living and working in Europe. He has over 10 years professional experience in combe), Coop-Himmelblau (Wolfgang Prix), Frank Gehry Associates, SOM (NY), UN Studio (Ben van Berkel), and co-taught workshops with Lebbeus Woods. Cedric H Watkins is a technologist and founder of a technology company providing solutions for the hospitality industry, Adjacent Innovations. Mr. Watkins is a seasoned business development and marketing executive who has founded marketing and technology companies and has done development projects in Raleigh and Newark, New Jersey.

Jordan received the degree Master of Architecture, with Honors in Design, from Columbia University, NY, and holds a Bachelor of Design in Architecture, with Honors, from Florida International University, Miami.

Jordan Trachtenberg Assoc. AIA, LEED AP has practiced architecture nents ranging from Asia to South America. During 2009-2012 in Amsterdam, NL, while practicing under Ben van Berkel at UNStudio, Jordan led the design and execution as Coordinating Architect /Project Manager on several successful projects such as the Singapore University ish completion in 2014. In addition, Jordan led the design on successful competitions, small built projects, interior, and industrial design solutions, such as the Library + Center for New ship store in Rome, Italy and the 29th Annual Art Biennale’s Youturn Pavilion in Sao Paulo, Brazil.

03.2013 /// TRACHTENBERG LLC

T e a m //

03.2013 /// TRACHTENBERG LLC


Library / Ghent, Belgium

Performing Art Center / S. Korea

Hotel / Philidelphia, PA

University / Singapore

Performing Art Center / S. Korea

University / Singapore

University / NYC, New York

Sympony Center

Residental Tower / NYC, NY

Sympony Center

Mixed Use / China

Theater / Moroco

Sample Work

03.2013 /// TRACHTENBERG LLC

Pavilion / Sao Paulo, Brazil

Office Park / South Korea

University / NYC, New York

www.jordantrachtenberg.com

Sample Work

Tower / Abu Dabi Commercial Tower / NYC, NY

Residental Tower / NYC, NY

Sympony Center / Miami, Florida

Tower / Abu Dabi

Commercial Tower / NYC, NY

Team /// Michael Sims /// Architecture Projects

Library / Ghent, Belgium

Pavilion / Sao Paulo, Brazil

Team /// Jordan Trachtenberg // Architecture Projects

03.2013 /// TRACHTENBERG LLC


public

semi-public

The shared Lounge/event spaces in turn form the internal link between the clusters of Quarters, and provide a smooth transition through the main event spaces. This seamless interweaving of function and circulation also creates various spatial experiences of open spaces, to intimate enclosed areas, and excites the visitors to discover and participate in the new way to stay.

The functional diagram shows the various user levels magnified to best visualize and represent each relationship. It fulfills the event space as a crucial link, as well as an element that binds together the different spaces of the hotel. The relationship between the Event Spaces and the surrounding clusters, creates various degrees of public / dynamic (central event space, Lounges, Restaurants) to private / introvert (quiet lounges, Quarters.)

The Event Space becomes the central not public nucleus to the program. All spaces are interwoven and interdependent .The circulation around the event spaces are a direct connection between the different clusters. The secondary route, Within each cluster, leads each visitor through the experience.

tertiary

secondary

primary

Back offices Kitchen

Logistics

Restaurant

Stage

Bed

Double Quarters

Event Space

Bath

Pool + Deck

Lounge

Bath

Organization /// Event as an Integrated Concept

Relations

Loft Quarters

Lounge

Event Space

Event Space

Lounge +Bar

Bed

Parking

Event space

Bed

tertiary

secondary

primary

Relations

Auditorium

Lounge

Bath

not public

semi-public

public

Single Quarters

03.2013 /// TRACHTENBERG LLC

D esig n M od e l / /

03.2013 /// TRACHTENBERG LLC


Current Situation | Parralel sites that are less desierable are being broken down to the bare walls and recreated into moder hotels. Our objective is to go beyond our neighbors stting a new bar for the area.

Current Situation | Preserved Historical the Plymouth hotel is a Icon of Miami Beach. With proper direction the hotel will become a desitation. Linking Miami Beach to the sub culture and event spaces it desires.

Lobby

Plymouth

Lounge

Event Space

Quarters and lounge

03.2013 /// TRACHTENBERG LLC

erties where our design ory and relationships of 1940’s Miami Beach Art Deco to most recently housing the New World Symphony student body will play an integral role in our event, marketing and branding. Preserved Historical the Plymouth hotel is an icon of Miami Beach. With proper direction the hotel will become a destination. Linking Miami Beach to the sub culture and event spaces it desires.

The Plymouth Hotel as context;

Ansonia

Pool and deck

Quarters

roof terrace

extending Event Space throughout

Plymouth example

Organization /// Example // Plymouth Hotel + Ansonia

Urban Social Landscape - Max Site Coverage

Vertical Landscape - Minimum Site Coverage - Iconic

Vertical to Lateral Our design philosophy is flexible in its concept. Depending on each site in context we adapt the design model to both vertical and horizontal typologies. This promotes a true understanding of our site, its surroundings, and how to best integrate the design model.

Design Strategies ///

03.2013 /// TRACHTENBERG LLC


150 Hotel

Event

150 Condo

Bar/Social Event

03.2013 /// TRACHTENBERG LLC

Lobby The Design philosophy applied to this site in Edgewater, centrally located between MidTown, South Beach and Downtown offers an ideal proximity to tap into the optimal demographic applying a mixed use programmatic approach ampliďŹ es the ability to tap into multiple revenue streams.

Commercial

Parking Restaurant

Organization /// Vertical Landscape // Site Context

RoofTer r ace

03.2013 /// TRACHTENBERG LLC


Referenced ///

Common Spaces//

Event Spaces //

Quarters //

Program Typologies /// Example aesthetics

03.2013 /// TRACHTENBERG LLC

03.2013 /// TRACHTENBERG LLC


Details /// Technology + Space + Functionality

Crisp and simple details will allow the design to maintain a cost effective background and elegant foreground. // Crisp, sharp, elegant, defining,

Details /// Finishes, Materials, Texture, Lighting

Each square foot is thought about in detail. How to maximize interactivity, comfort and usability

03.2013 /// TRACHTENBERG LLC

03.2013 /// TRACHTENBERG LLC


F in a n cia ls //

03.2013 /// TRACHTENBERG LLC


Continuum Development Group Miami Projects