Ofizzina beyond nine to five by plvral

BEYOND NINE TO FIVE This is no typical office, it is a place to get inspired.

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CONTENTS

CREDITS Director: Camilo A. López Editor in Chief: Blanca López Editors: Neal Persaud Oscar Musibay

Conceptual rendering. See Legal Disclaimers on page 86.

Creative Director: Felipe Verswyvel PLVRAL

FEATURE

From NY 66 to Miami Inside Ofizzina’s common spaces designed by renowned corporate interior architecture firm MKDA

6 Intro

Manifesto

8 A Successful Partnership

The development team sits for a rare Q&A

12 Miami: the World’s No. 6 Most Important City in 2015 Knight Frank Wealth Report

48 Technology

Security, internet and car charging stations

50 Why Electric Cars Will Be Here Sooner Than You think The expansion of electric cars

52 Chopard’s Revolution

Mechanical precision as an art form

14 Miami – A leading luxury capital

54 Double Espresso

18 Downtown Coral Gables' makeover

56 Ofizzina

of the world

is a game changer Global corporate hub

22 The FUTURE is business

Miami’s commercial awakening

Barista’s culinary art Building, location, view

66 From NY to Miami MKDA interview

76 The New Corner Office by Corwil Architects

36 Invest:Miami speaks to former Coral Gables Mayor Jim Cason

82 Social

38 The NEXT leaders

84 The Development Team

Made in Coral Gables by UM

44 Beyond Nine to Five

A new corporate experience

A Superstar Team collaborates on a landmark building

Art Director: Mario Chalela Photography: Juan Vasquez, WG Studios Paul Morris, Morphoto Rodolfo Benitez Photography Production Coordinator: Bob Hotz, Super Color Content: Invest: Miami Other Sources

Conceptual rendering. See Legal Disclaimers on page 86.

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Life is made up of many things and one purpose: living. We are passionate about what we do. Our time producing, creating and developing is rewarded here, this is a special way of working. In a city that keeps growing and transforming itself, an important global hub for business becomes more relevant. The corporate world evolves with technology gets inspired with NY designs a 360º unobstructed view electric vehicle charging stations the flavor of an Italian double espresso a fitness room to stay in shape a private rooftop to meet the convenience of a concierge and top tier security with the latest technology. Working is not about time, it’s about how you use it this is a new corporate experience the day starts better when you reach Ofizzina. Beyond nine to five.

Camilo A. López CEO & Managing Partner, TSG

Jose R. Boschetti CEO, BF Group

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A SUCCESSFUL PARTNERSHIP THE DEVELOPMENT TEAM SITS FOR A RARE Q&A

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How do your clients benefit from this strategy? CAMILO LÓPEZ: TSG is known for creating signature projects like Ofizzina, where every detail is considered and planned, from the elevator lobbies to the hallways to the individual corporate offices. As a result, buyers recognized the value early and reserved much of the building within weeks of TSG’s sales launch. We expect that type of response will continue as more people learn about the project. Ofizzina is so unique that it continues to gain value.

How is the strengthening dollar changing the Miami real estate market? CAMILO LÓPEZ: The dollar is extremely strong right now. When it was weaker, Miami real estate was very affordable to Brazilians, Colombians, Argentinians, Venezuelans, making it possible for them to purchase multiple properties. Now, those same groups are looking to buy one condominium, for example, instead of several. As a result, developers have expanded their focus, redoubling efforts to attract Europeans, Americans and Canadians. CAMILO A. LÓPEZ CEO & MANAGING PARTNER, TSG

JOSE R. BOSCHETTI CEO, BF GROUP

What are the drivers in the local real estate market today?

How does the “Innovative Thinking In Real Estate Investment and Development” philosophy guide you? CAMILO LÓPEZ: Innovation is a way of thinking, a way of working and the approach to every task we face. My mission is to be ahead of the market, ahead of the trends. Like with our new Ofizzina project in Coral Gables and the cassa brickell condominium in Miami before it, we were able to buy the land at a great number, which has given us the freedom to splurge on design, amenities, and functionality. With the Ofizzina office condo, we hired the elite corporate interior architecture firm MKDA out of New York to set a new luxury standard for Class A office that would shape trends for a generation, and stand the test of time due to the project’s quality and its ability to retain its exceptional value.

JOSE R. BOSCHETTI: The variables putting pressure on the market are changing all the time. Part of my job is to keep one eye on international markets, so there is a strategic response to both vulnerabilities and opportunities. So far, Miami keeps getting stronger in the eyes of investors and entrepreneurs. It was just named the No. 2 city for startups in the nation. Startup creation is an important barometer for us that signals the market will continue to grow because there is ongoing investment and job creation.

How has the public sector contributed to a positive environment for investment? JOSE R. BOSCHETTI: In terms of infrastructure, they finalized the Port Tunnel, they expanded our airports and are putting in place several pieces to take advantage of the open Panama Canal. Again, the private sector has responded by building top-of-the-line warehouses and business parks around Miami International Airport and

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Conceptual rendering. See Legal Disclaimers on page 86.

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“SO FAR, MIAMI KEEPS GETTING STRONGER IN THE EYES OF INVESTORS AND ENTREPRENEURS. IT WAS JUST NAMED THE NO 2 CITY FOR STARTUPS IN THE NATION.”

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What do you see in Miami’s future in the next few years?

construction continues on residences that respond, in part, to the growth. At least some of the companies relocating here will look to our next project, the Class A condo office Ofizzina, as their new home.

How does Ofizzina fit into the needs of your buyers?

JOSE R. BOSCHETTI: Startups and people in the financial world will continue to relocate here, partly because there are no state taxes. Miami’s strategic location, as well as its airport and seaport, both of which are considered major regional and global hubs for transportation and logistics, will continue to attract business. That translates to more people and a need to move away from cars. People will be able to have a high quality of life in a neighborhood close to work, which gives us a lot of confidence that our vision is in tune with the Miami market.

JOSE R. BOSCHETTI: It’s a way to diversify their portfolio. Some of our buyers are looking to buy an entire floor of office in Coral Gables, but it isn’t available today. We are responding to that demand in the market from European and Latin American executives and corporations looking to establish themselves in South Florida. Miami is a true financial hub for Latin America. Now not only do you have US-based businesses looking to expand to the south, but also groups from Europe, Argentina, Chile, Peru, Colombia, Brazil, Mexico, and the like, who want to reach the US market, so they are buying space here. OFIZZINA 9

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MIAMI’S CINDERELLA STORY AS THE NO.6 CITY IN THE WORLD AMONG THE ULTRA-WEALTHY LONDON, NEW YORK, HONG KONG, SINGAPORE, SHANGHAI, MIAMI, PARIS, DUBAI, BEIJING AND ZURICH. The sunny city was the No. 6 city in the world for ultrahigh-net-worth individuals in the 2015 Knight Frank’s Wealth Report.

accelerated in the last ten years as Miami has expanded its business and cultural offerings. This rise means that Miami can truly embrace the mantle of Gateway to the Americas.

This distinction is important when you put it in context with the rest of the list. Shanghai led the pack of entries from Asia, which held four of the top 10 slots on the global list. London is at the top of the mountain, for today anyway, but the battle for the No. 1 slot continues with New York, which could edge it out over the next ten years.

The chart below shows which cities were most important in recent years, and the forecasted ranking for 2024.

Having Miami counted among this very elite class, ahead of Paris and Dubai, was a coup. But what does it really mean? What gives Miami real market-credibility is that Knight Frank’s wealth report is not a beauty contest. In addition to incorporating feedback from international wealth advisors, cities were ranked based on several factors including economics, influence, life quality and power. The ultrahigh-net-worth threshold is also very high – net assets must reach at least $30 million without counting the house these ultra-high-net-worth individuals actually live in. Millionaires place their money where they live, so they can enjoy the benefits during good times and put out fires doing bad times. Miami is expected to receive a growing share of cash across a wide spectrum of categories. Investments translate into projects, business relocations and sometimes the establishment of satellite offices for executives, which translate to more jobs and money in the market. This transformation has been ongoing for decades, but has

TOP 10 GLOBAL CITIES 2013

2014

2024

1 2

London New York

New York London

3 4 5 6

Singapore Hong Kong Geneva Shanghai

Hong Kong Singapore Shanghai Beijing

7 8 9

Dubai Miami Paris

Miami Dubai Beijing

Dubai Miami Geneva

Beijing

Paris

Mumbai

The Wealth Report also revealed that the ultra wealthy have a growing bias against paper assets like equities and bonds, which makes tangible assets like real estate more attractive. In fact, property represents about a third of the investment portfolio of ultra-high-net-worth individuals. Even more telling is that more than a third of wealth advisors responding to the Knight Frank survey reported that their clients grew their property exposure as an investment vehicle in 2014 and more than a third expected that trend to continue. Residential property was of growing interest to this elite class

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Top 10 most important cities to UHNWI in 2015

“ONE OF THE KEY DIFFERENCES, HOWEVER, BETWEEN ASIA AND EUROPE AND NORTH AMERICA IS ASIA’S LACK OF A SINGLE DOMINANT CITY.”

of investors, which prefer a hands-on approach to their choices. They want to directly invest in their properties instead of using a third-party fund vehicle. Another interesting detail is that nearly half of the wealth advisors indicated their younger clients had a greater interest in property than their parents. All of this bodes well for Miami’s future because the ranks of the world’s wealthy grew by more than 5,000 individuals in 2014. Taken together, the growth means that more than 65,000 people became part of this elite class in the last ten years.

London

New York

Hong Kong

Singapore

Shanghai

Miami

Paris

Dubai

Beijing

Zurich

Miami. Companies like Swire, which has recently finalized Brickell City Centre, and Genting Group, which wants to bring gambling to downtown Miami, continue to explore opportunities in the Magic City. Other achievements are bolstering Miami’s credibility as a global hub: the highest volume of luxury space of anywhere in America is being built in Miami; Art Basel has established the city as a prominent art center; and the city is excited about the proposed soccer stadium that David Beckham’s MLS franchise will hopefully bring to Miami. Miami is a different city today, finally competing with places that are much older and have more history. This has been possible thanks to an improved quality of life and dynamism that is valued by all, which helped the city to be among the Top 10 in the world.

Asia’s population of ultra-high-net-worth individuals as a region was No. 2 in growth, which allowed it to overtake rival North America, according to Knight Frank. This is important because the globe’s biggest residential developers, including those from China, Hong Kong and Malaysia, are diversifying into new markets including OFIZZINA 13

MIAMI, A LEADING LUXURY CAPITAL OF THE WORLD By Ina Paiva Cordle for the Miami Herald Juan Pablo Verdiquio turned his Sunny Isles Beach vacation condo into a full-time home last year after selling his footwear factory in Buenos Aires. Here, he enjoys zipping around in a Porsche convertible while running a construction management firm. He loves South Florida’s safe, luxurious lifestyle — and doesn’t look back. “It’s the possibility of living on the beach,” said Verdiquio, 38, who lives at Trump Tower with his wife and two children. “I have this beautiful apartment and also a cabana where I can sip coffee and read a book on the beach. And when the kids get out of school, we go boating.” A cosmopolitan playground for the world’s wealthy, South Florida is increasingly synonymous with luxury in all its many manifestations: multimillion-dollar real estate, exotic cars, yachts, high-end watches, designer apparel. While Miami has long been a flashy, consumerist city, it is now attracting serious wealth from all over the globe — those who won’t flinch at spending millions of dollars for a condo or paying hundreds of thousands of dollars for splashy wheels.

“Miami has really become the American Riviera,” said Ken Gorin, president and chief executive of The Collection in Coral Gables, which sells more Maseratis, McLarens and Porsches, combined, than any other dealership in the United States. “It’s where people want to be.” Among those now being drawn to Miami are worldwide real estate investors, global financiers, industrial magnates and royal families. “Miami has become a magnet for capital and people from all over the world,” said Richard LeFrak, the billionaire chairman of New York-based LeFrak, who owns a Miami Beach condo and has transformed the former Gansevoort in Miami Beach with partners Starwood Capital into 1 Hotel & Homes South Beach. Condos there cost up to $20 million. “Art Basel had a tremendous influence on bringing very high net-worth people to Miami Beach, people who probably remember Miami Beach as where their grandmothers went,” LeFrak said. “They realized the city had become somewhat different. And as a result, they had fun for three days, liked the beach, liked the restaurants, saw that there is

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an art scene. And it’s America — if you need a cardiologist, you can get it. The best description is it’s an exotic city in a first world country.” Along the coast in South Florida, one needs only to look upward to see the trappings of the rich: Scores of new condos are coming on line, priced at $1 million-plus — and in excess of $50 million for a pre-construction penthouse at the Faena House in mid-Miami Beach. “In every conversation about worldwide cities, Miami is in the top five cities,” said Horacio Ledon, president of Douglas Elliman Development Marketing for Florida and California, whose firm markets the Faena project. “It is really checking off all the boxes that make it a world class city — from the arts, to sports, to culture, to lifestyle.”

a lot of our potential clients and existing clients have second homes, and there are first class hotels and first class restaurants, and we want to be there,” said Emerson, who is based in New York. To add to their South Florida experience, the rich can shop at a dizzying array of designer boutiques at various luxury shopping destinations. Bal Harbour Shops has recently unveiled several newly designed or expanded stores, including those for Chloé, Bulgari, Intermix and J.W. Cooper, and added The Webster and Buccellati. In 2015, Dsquared2 and Tomas Maier are among the boutiques expected to open. Aventura Mall also has been adding to its luxury roster, with such stores as Tiffany & Co., Fendi, Emilio Pucci, Burberry and Philipp Plein.

In Miami, the world’s rich also spend their loot freely on luxury accoutrements. Beyond pricey real estate, think exotic cars, Champagne, sumptuous yachts and “IN REAL ESTATE, international designer goods. Krug, whose Champagnes begin at $180 a bottle, lists Miami as its ninth top market globally, and its second most important city in the United States, after New York.

MIAMI HAS BEEN AT THE FOREFRONT OF THE COUNTRY’S ECONOMIC RECOVERY”

Krug’s Miami area sales have grown 10 percent to 20 percent each of the past four years, with the top 30 accounts representing almost 80 percent of that growth, said Maggie Henriquez, president and chief executive of the House of Krug. Among the top accounts: Azul, Cavalli Miami, Dolce Italian, Portofino Wine Bank and Zuma, she said. “Miami is a city that is reinventing itself. It is amazing. Every time I come, I see Miami getting transformed,” said Henriquez, who lives in France. “We want to be part of this transformation. We want to be part of the people who are willing to enjoy and discover an amazing experience with a great Champagne.” Burgess Yachts is also putting its focus on growth in the United States through its operations in Miami, where it markets $10 million to $20 million yachts and sells weeklong charters to the Caribbean and Mediterranean, said Matt Emerson, Burgess’ director of the Americas. The company, which had two employees here 10 years ago, now has 16 employees with plans for continued growth in 2015, he said. “We feel that Miami is an international destination where

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And Miami’s Design District is quickly transforming into a luxury shopping destination, with such stores as Louis Vuitton, Prada, Berluti, Hermès, Lanvin, Celine and Bulgari already open. Many more boutiques will be opening in the district in 2015, including Cartier, Ermenegildo Zegna, Valentino, Versace and Givenchy.

By the end of 2016, two major shopping centers — Brickell City Centre and Miami Worldcenter — will bring more offerings. Indeed, with so much of the world’s wealthiest visitors here, many of the globe’s most luxurious brands now count Miami as one of their top cities for sales. Brian H. Lange, president of the Americas for Vilebrequin, the swimwear and resort brand founded in St. Tropez, said its Bal Harbour Shops boutique ranks No. 1 in sales among 147 stores worldwide, and is the largest in terms of square footage. “We have such an internationally diverse clientele here,” he said. “Everybody comes here.” They come from all over the world, he added, citing France, Italy, Germany, Eastern Europe, Russia, the Middle East, Mexico, Brazil, Colombia and Canada, among the home turfs. Audemars Piguet ranks its Bal Harbour Shops watch store as its second largest in the United States, after New York. And the United States is the brand’s second largest market after Hong Kong, said Xavier Nolot, chief executive of North America for Audemars Piguet.

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“Miami is the hub of Latin America, so Miami caters to our American clients and our South American clients,” Nolot said. “In the U.S. we have only New York and Bal Harbour, so that tells you how important Miami is, and it is a booming market.” Similarly Breguet, the Swiss luxury watch brand whose watches range up to $1 million, has a boutique at Bal Harbour, among only four in the United States, including New York, Beverly Hills and Las Vegas. And Ferragamo, which has a flagship store at Bal Harbour Shops, said it counts Miami among its top U.S. boutiques, along with Honolulu, New York and Beverly Hills. In real estate, Miami truly stands out, largely due to its growing popularity among international buyers. “Miami is the most international city in the United States, particularly from a real estate point of view,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. In fact, Miami ranked ninth among the top 10 international luxury markets in a 2014 Christie’s International Real Estate report: Luxury Defined: An Insight Into the Luxury Residential Property Market. The other U.S. cities included were New York, Los Angeles and San Francisco. According to the report, Cote d’Azur, London and Miami are the world’s most popular second-home markets. In Miami, second-home buyers accounted for 45 percent of luxury sales, defined as $1 million, plus in 2013; Christie’s local affiliate, EWM Realty International, sold a $1 millionplus home on average every 17 hours. Half of luxury sales in Miami were to foreign buyers, with the other half going to domestic buyers, the report showed. For high-end real estate, that translates to deep-pocketed investors from the Northeastern United States and Europe who “don’t bat an eyelash at paying $3,000 a square foot,” in Miami for a condo at the Bath Club, for example, where prices start at $9 million, said Ledon, of Douglas Elliman Development Marketing. Indeed, Miami and New York were the only North American cities to make the top 10 list in the 2014 Wealth Report, issued annually by London-based real estate consultancy Knight Frank. The March 2014 report’s Global Cities Survey ranks cities based on four factors: economic activity, quality of life, knowledge and influence and political power. It also takes into account the number of ultra-high net worth individuals who call each city home.

Miami, which ranked No. 7 on the top 10 list, outranks every other city in the Western Hemisphere with the exception of second-ranked New York. Miami outperformed Paris, Beijing and Dubai. And the Global Cities Survey predicts that Miami will remain in the top 10 for at least the next decade. Still, while South Florida’s economy and real estate market are being fueled by wealthy foreign buyers, the region remains divided by the haves and have-nots. A study released in August by the U.S. Conference of Mayors underscored South Florida’s wage gap. The 2012 figures contained in the report show the high percentages of income earners at opposite ends of the spectrum: 27.1 percent of the Miami-Fort Lauderdale-Pompano Beach population had an income of less than $25,000; 25.6 percent had an income between $25,999 and $49,999; 17 percent had $50,000 to $74,999; 10.3 percent had $75,000 to $99,999; and 19.9 percent had $100,000 or more. If the study were to add international visitors with second,

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Wealthy South Americans have long been drawn to South Florida, too. Verdiquio, the Argentine transplant, first purchased his Trump Tower condo in 2008 to spend summer vacations. Since then, he has not only moved here, but has bought two more pre-construction condos at Porsche Design Tower and Residences by Armani/Casa — all Dezer Development projects. The first thing he did here, he said, was buy a Porsche 4S convertible. For sure, driving around South Florida, luxury and exotic cars like Verdiquio’s often dominate the roadways. Many are driven by out-of-towners who want a snazzy car while they visit their vacation homes. “Miami is always going to be a trendsetter for fashion and luxury,” said Peter Grady, president and chief executive of Maserati North America, based in Englewood Cliffs, New Jersey. “We see that in South Florida more than anywhere else. Some of that is driven by the international nature of the clientele: You may have someone with a home in Rio and New York and Miami looking for a vehicle in all those cities.” MIAMI’S LUXURY RANKINGS • third or fourth homes here, the income levels would surely soar, experts say. For Sotheby’s, which focuses on the high-end real estate market, Miami ranks among its top 10 cities globally, White said. Among the reasons foreign buyers are attracted to Miami: it’s still a bargain compared to other luxury cities like London or Hong Kong, he said. Jillian Rollinger, vice president of international development and sales for Sotheby’s in Dubai, said the top 25 percent of her clients from the Gulf region are investing in South Florida. As an example, a royal family (which she would not name and would say only that they are from from the Middle East) has bought a $5 million-plus pre-construction villa at the Ritz-Carlton Residences in mid-Miami Beach.

• • • • •

Wealth Report real estate survey by Knight-Frank, No. 7 out of 10 top markets globally. Christie’s International Real Estate report: Luxury Defined - An Insight into the Luxury Residential Property Market: No. 9 out of 10 top luxury markets. Krug Champagne: Ninth top global market, second in the United States. Vilebrequin resort and swimwear: No. 1 in sales globally. Audemars Piguet watches: No. 2 in the United States. Sotheby’s real estate: among Top 10 markets globally.

From The Miami Herald, January 11th © 2015 McClatchy. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

“Miami has now become a very solid market,” Rollinger said, adding that families from Saudi Arabia, the United Arab Emirates and Qatar have been drawn to the luxury lifestyle here as well as to the educational offerings.

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DOWNTOWN CORAL GABLESâ&#x20AC;&#x2122; MAKEOVER IS A GAME CHANGER GLOBAL CORPORATE HUB

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Business Improvement District of Coral Gables (BID)

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“Downtown Coral Gables and Sape will revolutionize the ‘shop local’ scene in our region,” added Foglia. “We have seen small businesses thrive for decades here and revitalizing our shopping and dining district will prove to benefit Coral Gables as a whole.”

As construction progresses, the BID is implementing a marketing campaign designed to assist patrons throughout their visit to Downtown Coral Gables.

he $21.6 million renovation and beautification of Miracle Mile and Giralda Avenue that will transform the heart of Downtown Coral Gable officially began in April 2016. The overall Streetscape Project will implement a wide range of changes prior to the main portion of the streetscape work including the replacement of water mains. Additional work includes replacing angled parking with parallel parking, resurfaced streets, improved drainage and wider sidewalks to allow for additional pedestrian flow, as well as greater use of outdoor dining and seating. The project, spearheaded by the Business Improvement District of Coral Gables (BID), has been the organization’s priority for more than a decade. Thanks to the Coral Gables City Commission, this project is now a reality. “It has been a long journey from the project’s first-ever meeting to this momentous first step,” said Mindy McIlroy, president of the BID’s Board of Directors. “We are proud of the partnership and the vision shared by both the City of Coral Gables and the BID to see the project through and take the steps necessary to make Miracle Mile, Giralda and the Central Business District attractive and competitive far into the future.” Construction on Miracle Mile and Giralda is being done in eight phases from June 2016 to to January 2018. Work to upgrade underground utilities and roadway construction began already.

“All of our businesses will remain open throughout construction,” said McIlroy. In conjunction with the launch of the Streetscape Project, the BID has been working to promote Miracle Mile’s centralized valet parking system, which allows you to drop your vehicles and pick up the vehicle at any one of five valet stations. The cost of these services was reduced to $5.00 per day, so a trip to Coral Gables is even better these days. The Business Improvement District of Coral Gables was incorporated in July 1997 and encompasses 19 blocks of Downtown Coral Gables including Miracle Mile. As an advocate for downtown issues, property owners, and businesses, the BID empowers district members through a single-unified voice, speaking collectively to governmental and civic organizations and the general public in order to bring prosperity to the District. Its mission is to promote commercial vitality for Miracle Mile and Downtown Coral Gables through marketing and advertising, and to act as a strategic catalyst for the overall improvement of the area. Downtown Coral Gables’ Miracle Mile is a pedestrian-friendly neighborhood with over 350 merchants including restaurants. Infused with a chic European feel, treelined streets and Mediterranean architecture, the historic area boasts some of Miami’s finest boutiques, acclaimed restaurants and lively cultural venues. Downtown Coral Gables, with its Miracle Mile, is an elegant and sophisticated destination to live, shop, play and work. It is Miami’s charming gem that locals like to keep secret and visitors fall in love with when they find it.

“Patrons will be able to envision what Miracle Mile will look like when the renovations on Giralda Plaza are completed,” said Marina S. Foglia, executive director of the BID. “The staging of all construction was developed with one focus in mind, to be sensitive to our merchants’ needs. Join us as we improve our Downtown while building a more pedestrian friendly experience for all”.

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GLOBAL CORPORATE HUB These are some of the multinational companies with offices in Coral Gables.

AMERICAN AIRLINES YAHOO

TIFFANY & CO.

ABC NEWS

CISCO

AT&T FOX

ESPN

ADOBE

WARNER BROTHERS

AECOM

WELLS FARGO

MASTEC

CARGILL

INTELSAT

CHARLES SCHWAB CH2MHILL

FIDELITY INVESTMENTS

MOVADO

STARBUCKS

HBO

CAMPBELLS

ODEBRECHT

MORGAN STANLEY

APPLE

KRAFT

LEXMARK BCP

TURBANA

BANK OF AMERICA STARCOM

JP MORGAN CHASE

METRO GOLDEN MAYER ASTRAZENECA

WALT DISNEY TV METLIFE BATANGA

DIAGEO UBS

CITRIX

DEL MONTE HYATT

CHOPARD OGILVY

BACARDI

MERRILL LYNCH

MONEYGRAM

PRUDENTIAL

The companies and businesses listed above have no affiliation with the Developer and/or the Ofizzina 1200 Condominium project. The names above are owned and controlled by the respective companies and businesses and not by the Developer or the project. Business and/or services referenced and/or identified in this publication are off-site and not controlled by the Developer. They are accurate as of the date of this publication, however there is no guarantee that they will continue to exist or that there wonâ&#x20AC;&#x2122;t be changes and/or substitutions of same.

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THE FUTURE IS BUSINESS MIAMI’S COMMERCIAL AWAKENING

By Invest: Miami Famous for year-round sunshine, beaches and glamor, Miami-Dade County offers more than surface-level appeal. Located in the most southeasterly corner of the U.S., the Florida county is bordered by the Atlantic Ocean on the east, Everglades National Park on the west, and nature reserves and suburbs to the north. Home to over 2.6 million residents, the county spans an area of over 2,000 square miles (larger than the state of Delaware) and contains 34 other municipalities, including the famed cities of Miami and Miami Beach. Since its conception by Henry Flagler, Julia Tuttle, and William and Mary Brickell in the late 19th century, Miami’s fate has inevitably and invariably been tied to transportation, connectivity and diversity. Tuttle and the Brickells convinced Flagler to extend his Florida East Coast Railway to Biscayne Bay in 1896. He complied with the intention to eventually expand to Key West to boost trade with Latin America. From that time to the early 1950s, Miami experienced boom and bust periods both economically and demographically. Old Miami’s transformation to the Miami of today coincided with the rise of Fidel Castro in Cuba and the subsequent mass migration of displaced Cubans to South Florida in both the 1960s and the 1980s. This demographic transition substantiated Miami’s close relationship with Latin America, a relationship that has played an enduring role in Miami-Dade’s economic and cultural makeup, as well as has cemented the critical role Miami would play for U.S. international affairs. Over time, immigrants from Colombia, Venezuela, Nicaragua, Haiti, Brazil, and Mexico (to name just a few) joined their Cuban counterparts and integrated into Miami’s melting pot. Both domestic and international migration continues to impact the Miami story today. Today the county is seeing an influx of U.S. Northeasterners, but unlike in the past, these are not just retirees, “snowbirds,” or vacationers, but investors and entrepreneurs seeking business opportunities. They are coming in droves attracted by the friendly weather and even

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friendlier tax breaks. Miami-Dade County’s strong foundation is rooted in constant population growth: the county is the seventhmost populous in the U.S. Increased population and wealth have spurred momentum with more spending, job growth, a gradual diversification of the economy and a growing number of skilled, educated workers. Business is dominated by small and medium enterprises (SMEs) and an entrepreneurial spirit, providing a launch pad for businesses to grow into large enterprises. The fast-growing tech hub, financial sector and high-end real estate market have allowed Miami-Dade to make a swift recovery after the Great Recession. These strong fundamentals have allowed the county to rebound more quickly than other major U.S. metropolitan areas. Its unique global identity positions it as both the gateway to Latin America, and as its commercial and cultural capital. These ties are facilitated by its strategic location, as well as its airport and seaport, both of which are considered major regional and global hubs for transportation and logistics. These factors have bolstered Miami-Dade’s evolution into a truly multinational business hub, with investors from all around the world taking advantage of its business-friendly economic climate, as well as its access to an increasing number of global markets. In 2014, the gross domestic product (GDP) of the Miami Metropolitan Statistical Area (MSA) – Miami-Fort Lauderdale-West Palm Beach – was $283.4 billion with a per capita income of $49,819.

“AS A RESULT OF ITS LATIN AMERICAN TIES, MIAMI-DADE IS DEEMED A GLOBAL GATEWAY PROVIDING ACCESS TO KEY MARKETS IN THE AMERICAS TO THE REST OF THE U.S.”

Strong international ties Miami-Dade County is considered the Gateway to Latin America and the Caribbean for three important reasons: First, the county’s geography allows for easier access due to its close proximity. Second, the county is home to an established representation of Latin American companies. Lastly, the population has a high concentration of multilingual Hispanics. As a result of its Latin American ties, Miami-Dade is deemed a global gateway that provides access to key markets in the Americas to the rest of the U.S. and the world. Countries like Canada view the Latin American and Caribbean markets as great export destinations, shipping approximately $4.4 billion worth of merchandise to the region in 2013. Miami-Dade’s already established relationships with businesses based in Brazil or Mexico, which represent approximately 70 percent of the total Latin

American and Caribbean markets, give the county a prime position as an intermediary between Canadian exporters and Latin American businesses. New potential looms as Miami-Dade lures Asian exporters seeking access to Latin American markets. With the expansion of the Panama Canal, PortMiami will be a major stop for large cargo vessels arriving from Asian countries, headed for the Americas. Already, PortMiami has a great advantage in that in is the only port south of Norfolk, VA, with a 52-foot-deep harbor and the capacity to accommodate fully-laden Post-Panamax vessels.

A global transportation hub Miami International Airport (MIA) plays an important

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role in fostering international linkages for the county. The tenth-busiest U.S. airport in terms of passengers, MIA is a hub for American Airlines and American Eagle, and cargo carriers UPS Airlines, LAN Cargo and FedEx Express. With its expanded routes to the Middle East, via the newly launched Qatar Airways and Turkish Airlines nonstop routes, MIA plays a key factor in bringing both tourists and businesses to this growing county. One of South Florida’s largest economic engines, MIA is the leading U.S. airport for international freight, and second only to New York City’s John F. Kennedy International Airport in the number of international travelers it serves. MIA dominates the market when it comes to flights to  Latin America and the Caribbean. The airport is located near  downtown Miami on 3,230 acres  of land owned by the Miami- Dade County government, and  is operated by the Miami-Dade  Aviation Department (MDAD). Founded in

1928 with just one  airline provider, MIA currently  boasts 100 passenger and cargo  air carriers, more than any other airport in the U.S. MIA, along  with its four general aviation airports, generates $33.7 billion annually in business revenues and supports close to 280,000 direct and indirect jobs in South Florida. The four general aviation airports include the Opa-Locka Executive Airport, Miami Executive Airport, Miami Homestead General Aviation Airport, and Dade-Collier Training and Transition Airport. These airports primarily handle and serve business, recreational, private flights and training, and also provide relief to MIA. MIA, which is not funded by local taxes, generates more than $1.7 billion in personal wages and contributes nearly $394 million in local and state taxes, including $731 million in aviation-specific taxes and $1.1 billion in federal taxes, according to a Martin Associates economic impact study released in early 2015.

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MIA recently saw the completion of its capital improvement program in 2014. The program, which totaled $6.51 billion, included the following developments: construction and renovation of the new 50-gate North Terminal; the 1.7-million-square-foot South Terminal expansion; and the creation of the MIA Mover – an elevated people mover that connects the airport to the Miami Intermodal Center, a multi-transit hub. MIA’s Rental Car Center, which opened in 2010, has helped boost the airport’s car rental revenue significantly. In a fiveyear span, car rental revenue increased from $330.9 million to $555.9 million – a growth of 68 percent, according to MDAD. MDAD Director Dr. Emilio T. González tells Invest: Miami that rental car operations are generating “serious concession revenues” for the airport, allowing for the loans to be paid off 22 years earlier than its bond maturity date of 2044. The rental car center has 16 car rental companies with an inventory of 6,500 rental vehicles. Close to 24,000 travelers use the rental car center daily. Another record year was set in 2016 for the airport, as it reached an all-time high in passenger traffic, expanded its route networks and added new carriers to both domestic and international destinations. MIA served a total of 44.6 million in passenger traffic for 2016, an increase of more than 200,000 passengers over 2015. The 2016 passenger traffic totals bring the airport up to seven consecutive years of record passengers. Early figures indicate that 2017 could be on pace to become yet another record-breaking year, with passenger numbers in January 2017 already up more than 1 percent over the year previous. MIA is a hub for cargo carriers UPS and FedEx, among others, helping to make it the top U.S. airport for international freight, having moved 1.9 million tons of international freight and more than 256,000.

New players, expanded routes Given the growth of the airport, more airlines are expressing an interest to expand their services to MIA. One of the mostdiscussed newcomers to MIA is Qatar Airways, a Middle Eastern carrier that started air service at MIA in June 2014 with initially four direct flights weekly from Doha, Qatar, to Miami. By year’s end, however, increased demand led the carrier to increase its service to five weekly flights and a daily service began at the end of 2015. Qatar Airways provides MIA with direct access to the Middle East, a link that had been missing since Israeli carrier El Al Israel Airlines discontinued service between Tel Aviv and Miami in 2008. Qatar Airways services more OFIZZINA 26

than 140 destinations worldwide, including routes to China, India, Africa, and Europe. This direct connection improves access to the Gulf Region, and thereby has the potential of cultivating further interest in Middle Eastern businesses, culture, and tourism for U.S. investors and travelers alike. The arrival of Qatar Airways created an additional 536 jobs at MIA and is estimated to have had an annual economic impact of $78.3 million to Miami-Dade County. “Miami holds a crucial and colorful space in the U.S. travel market and the airport itself is recognized worldwide as a crossroads for so many diverse cultures. We look at Miami, and in particular MIA, as the right type of partner to grow with,” said Akbar Al-Baker, CEO of Qatar Airways, in an interview with Invest: Miami. Several airlines at MIA added new international destinations to their offerings in 2016. German carrier Eurowings added a service to Cologne, routes to Copenhagen, Denmark and Oslo were added with the introduction of Scandinavian Airlines and U.S. carrier Silver Airways started a service to Bimini in the Bahamas. Charter flights with Dominican Wings also began in 2016 adding weekly flights to Punta Cana and Santo Domingo. The national airline of the Republic of Ireland, Aer Lingus, trans-Atlantic carrier and Mexico’s Volaris all announced that new routes would be starting in 2017. There are currently 109 airlines serving MIA, and the airport supports more than 282,000 jobs directly and indirectly. Of the 44.6 million passengers that traveled through MIA in 2016, just over half, or 23.2 million, were domestic while the rest came from international destinations, according to the airport.

Expanding trade hub Miami-Dade County is ranked as one of the world’s leading markets for trade and logistics and the Miami Customs District had a trade surplus of over $10 billion in 2015. The trade and logistics sectors employ over 25 percent of the county’s workforce, more than any other sector in the county, and they saw a boost with the completion of the Panama Canal Expansion in June 2016. Miami-Dade County accumulated $86.74 billion in total trade in 2014, a 6.9-percent decrease from 2013 ($93.14 billion). Its imports decreased 8.6 percent to $37.7 billion and its exports decreased by 5.2 percent to $49 billion. The total volume trade, in tonnage, increased 1.2 percent to 7.47 million tons of cargo from 2013 to 2014. Imports by tonnage increased 5.1 percent over the year, while exports decreased 3.5 percent over the year.

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Over half of PortMiami’s cargo business is comprised of trade with Latin America and the Caribbean, with trade to Asia Pacific at 39 percent and Europe at 9 percent. The port’s top cargo imports include beverages, apparel, fruit and nuts, ceramic products and furniture, while top cargo exports include paper, base metals, edible preparations, cotton and nuclear reactors. In 2015, 8.6 million tons of cargo moved through PortMiami. PortMiami’s largest trade region is the Caribbean and the Americas, making up 52 percent of total shipping traffic. Easter Island

In addition to handling commodities such as paper, vehicles, and base metals, PortMiami is marketing and rebranding itself as the state’s top choice for the transport of perishable items from South America. Citing its proximity to Latin America and its direct access to rail and highway connections, the port guarantees same-day delivery of perishable goods to Central Florida, and next-day service to markets in Atlanta and the U.S. Southeast. The expanded Panama Canal provides U.S. East Coast ports, and especially PortMiami, an opportunity to engage more deeply with Asian markets, which have traditionally shipped cargo to the U.S. West Coast ports. Infrastructure improvements on Miami-Dade’s roads and expressways, bridges and rail lines, and construction on harbors, docks and logistics facilities were undertaken in preparation for

Miami Airport Passenger Traffic for 2016. (44.6 Million)

52%

48% MIA - International Arrivals (21.4 Million)

48%

52% MIA - Domestic Arrivals (23.2 Million)

the canal’s scheduled opening in 2016, with projects such as the deepening of PortMiami’s channels recently completed in September 2015. Port Miami is the county’s second-largest economic driver, contributing some $27 billion in economic activity and some 210,000 jobs in southern Florida. It is the closest

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U.S. port to Latin America and the Caribbean, affording U.S. importers less time at sea, thus extending the shelf life of perishable goods. It claims to be the only U.S. Customs Center of Excellence and Expertise for Agriculture and Prepared Products. It is also the last deep-water port of call for ships entering the Panama Canal, making shipping times to and from Latin America shorter than any other U.S. port. Sea times between Chile are 17 days, a country that imports more goods from the U.S. than Russia, Spain and Italy and had $3.87 billion in bilateral trade with Florida in 2016, according to U.S. government statistics. The port is four days from Costa Rica, which had bilateral trade with Florida worth $2.06 billion in 2016. The proximity to the canal also opens up routes to the Far East and, specifically, China.

Leader in air cargo International trade is a pillar of the economy of MiamiDade, and underpinning its success is MIA, the numberone U.S. airport for international freight in 2016. The airport’s reports moving 2.1 million tons of freight that year, 87 percent came from international freight, while the remaining 13 percent, 287,953 tons, was domestic. As a gateway to South America and the Caribbean, MIA leads other U.S. airports in the transport of cargo in the Western Hemisphere. The airport processes 85 percent of all air imports and 80 percent of all exports from Latin America and the Caribbean to the U.S. MIA has 43 all-cargo carriers that execute the transport of products ranging from livestock to perishables, to machinery to apparel. U.S. airline Northern Air Cargo added a service in November 2016 with weekly flights to Port-au-Prince, San Juan, Saint Martin, and Santo Domingo. UPS Americas, a division of the United Parcel Service, is the largest single-cargo carrier based at MIA. The company employs 598 people at its Miami-based headquarters and operates 142 flights daily. In 2013, UPS Americas reported having moved close to 225,000 tons of domestic and international air cargo at MIA. The company has built a reputation for transporting a variety of goods ranging from perishable goods to machinery to artifacts and fragile items. The carrier’s main staple has been importing fresh-cut

flowers from Colombia and other South American markets. It imports at least 40,000 tons of flowers yearly, contributing to two-thirds of the fresh flowers that are brought into the U.S. through MIA. Although the fresh flower industry has been a major part of the cargo carrier’s business in the region, it has started to transport pharmaceuticals, biotech and medical devices to and from Latin American countries as well. Sydney

The Miami Customs District’s top trade partner for much of the last two decades has been Brazil. Approximately $13.5 billion of goods were exported to Brazil, while the Miami Customs District imported $3.3 billion of goods from the country. Top exports to Brazil include jet engines and parts, aircraft parts, computers and parts, cell phones and medical instruments. Top imports from the country include aircraft parts, ethyl alcohol, stone, writing paper, gasoline and coffee.

Foreign trade zones Miami-Dade is home to four Foreign Trade Zones (FTZs): PortMiami Foreign Trade Zone 281, Miami Free Zone, Homestead Foreign Trade Zone 166 and Miami (Wynwood) ZONE 180. An FTZ refers to specified geographic area where items processed within the area’s boundaries are offered duty- free treatment until it enters the U.S. market for sale. A company operating in an FTZ can defer, reduce or eliminate customs duties due to the fact that such sites are considered outside of the U.S. Customs territory. The

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purpose of FTZs is to encourage foreign commerce, with the hope of creating more jobs and investments in the U.S. FTZs benefit importers and exporters, warehouse operators, manufacturers and third-party logistics providers.

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established itself as a leading global fuel logistics company. World Fuel Services reports selling and delivering fuel and services to clients at more than 8,000 locations in more than 200 countries. In 2016, the company saw total revenue of $27 billion.

The area’s most recent foreign trade zone, FTZ 281, includes PortMiami, MIA, and other transportation infrastructure. An international finance capital It is classified as a General Purpose FTZ under the Alternative Site Framework. This designation allows FTZ 281 Hedge funds, private equity (PE) firms and other the power to process and expedite the application process institutional and alternative investment groups are making of county sites and companies looking to receive Foreign the move to Miami-Dade County – and it is not simply for Trade Zone status. Since being established two years ago by the sunshine. A lack of state income tax, new tax codes, the U.S. Department of Commerce, FTZ 281 has approved an aggressive municipal outreach campaign, proximity to 27 sites with over 3 million square foreign markets and a surge in feet of warehousing and logistics international direct investment space. These sites are located within are just a few reasons why Miami “INTERNATIONAL TRADE IS A a large swath of Miami-Dade Counhas been dubbed “Wall Street PILLAR OF THE ECONOMY OF ty, from Southwest Eighth Street South” by Business Insider. MIAMI-DADE. MIA WAS north to the Broward County line. According to a survey conducted THE NUMBER-ONE U.S. by the Newlink Group, the total AIRPORT FOR INTERNATIONAL assets managed by the private Leading logistics players FREIGHT IN 2016.” wealth industry in South Florida are estimated to be about $300 Miami-Dade is home to several billion. Miami-Dade County major global logistics corporations, alone is home to 13 investment which help to solidify the county as banks, 19 private equity firms, 60 hedge funds, 63 wealtha competitive and top-notch transit center. Ryder System, management firms and more than 200 family offices. Key Inc., a global provider of transportation and supply chain players operating in Miami-Dade include PE fund H.I.G. management products, was founded in Miami in 1933 and Capital, with $17 billion under management; hedge fund has maintained its headquarters in the county throughout ESL Investments, which relocated from Connecticut and its 82-year history. The company is regarded as a market manages more than $4 billion; and mutual and hedge fund leader in commercial transportation and provides thirdFairholme Capital Management, which relocated to Miami party logistics solutions to clients with services ranging from from New Jersey and managed $9 billion in 2014. fleet management to large-scale supply chain solutions. Ryder reported total revenue of in 2016 of $6.8 billion, an Miami-Dade County’s family offices, which manage the increase of 3 percent on the previous year. The company investments of single families with a net worth of at least $50 has operations in Canada, Mexico, Europe and Asia, and million, have also seen high capital gains. CV Advisors LLC has over 45,000 employees, serving over 50,000 customers. manages a total of $5.09 billion, while WE Family Offices, manages some $5.02 billion in assets from 70 families – 80 Hellmann Worldwide Logistics is a family-owned German percent of whom are located outside of the U.S. logistics and transport company with U.S. headquarters that have been based in Miami since 1988. The company PE and hedge funds take advantage of Miami’s financial provides air, sea and road freight services and executes climate because of the city’s nexus to foreign markets in industry-specific logistics strategies and processes for Europe, the Middle East and Latin America. The city’s its clients. The company has 24 locations throughout the business advocate, Miami Downtown Development continental U.S. and employs over 700 people at its U.S. Authority (Miami DDA), announced in June 2014 the locations, and has over 2 million square feet of warehouse arrival of the largest independent investment broker in space. Brazil, XP Securities. It opened an office on Brickell Avenue, the second-largest financial hub in the U.S. after New In the logistics industry, fuel plays an important role. World Fuel Services is a Miami-headquartered entity that has

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York City. “Financial services firms like XP Securities and Universa [formally of Santa Monica, CA] are discovering they can avoid paying high income taxes in New York without sacrificing access to technology, Class A office space and the quality of life of a large metropolitan city,” Marc Sarnoff, City of Miami commissioner and chairman of the Miami DDA said in a news release.

Driving factors One impetus behind the exodus is Section 457A of the Internal Revenue Code that requires hedge fund managers to move all deferred fees before 2009 and related earnings out of offshore accounts and into the U.S. by 2017. From this, a hedge fund manager who lives in Miami-Dade will pay significantly less in income taxes than his counterpart in New York as Florida has no personal income tax, no estate tax and no capital gains tax. New York City and Greenwich, Connecticut, on the other hand, have personal income tax rates of 8.82 percent and 6.6 percent, respectively. Another impetus for the growing influx of funds into Miami-Dade County is the Miami DDA’s Financial Sector Initiative. Launched in 2013, the initiative sought to attract hedge funds through outreach, recruitment events and

partnerships with local finance leaders. The DDA highlights the direct access to both international and domestic investors from emerging markets, as well as the fact MiamiDade’s culture, cosmopolitan lifestyle and temperate climate, offers or exceeds the quality-of-life benefits that can be found in other major U.S. financial centers without the higher tax rates. Quantifying these benefits, New York City’s cost of living is 69.6 percent higher than the national average with Greenwich topping in at 125.4 percent higher. Compared to these financial hubs, the City of Miami’s cost of living is 10.1 percent higher than the national average. In 2014 the median sale price for a new home in Miami was approximately $208,000 less than homes in New York, making it cheaper to own than to rent with substantially lower office costs. In addition to tax incentives, Miami-Dade’s proximity to Latin America offers companies an ideal opportunity to expand into a thriving investment community. Matthew Beem, president of CFA Society Miami, part of a global membership organization that awards chartered financial analyst (CFA) designation, tells Invest: Miami, “Miami is quickly becoming – and perhaps it has already become – the center for finance in Latin America. Although this was built upon real estate and private banking, Miami’s

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“PORTMIAMI IS NOW POSITIONED AS THE MOST RELIABLE, CONVENIENT AND EFFICIENT GLOBAL HUB ON THE NORTH AMERICAN EAST COAST READY TO SERVICE THE WORLD’S LEADING OCEAN CARRIERS.” - PortMiami Director and CEO Juan M. Kuryla

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influence on the region’s financial sector has diversified into other segments and it is now the go-to place for all panLatin financial needs.” Not only is Miami-Dade a major center for high-networth investors from the around the globe, but there is an influx of international investment opportunities in real estate and the SME-dominated market, as well as a wealth of inbound talent. Michael Corcelli, chief investment officer at the Miami-based global macro hedge fund Alexander Alternative Capital, tells Invest: Miami, “More and more we are seeing that Florida, and especially Miami-Dade, can provide everything that New York City and Greenwich, Connecticut, has to offer a hedge fund manager, from  prime real estate, to arts and culture, to great schools and investment management talent. It used to be that you could not find good  talent in Miami-Dade, but this situation has changed significantly  in recent times.” He ventured on  to say that while in the past talent  had to be imported from the U.S. Northeast, today the availability of quality employees found in Miami-Dade is on the rise, with more trickling in to follow opportunities in the area. Funds are investing in multiple areas throughout MiamiDade County. Key sectors attracting investor interest include technology, healthcare and real estate. Miami-based PE firm Medina Capital is a major player in technology investments. As of December 2014, the firm oversaw $182 million of committed capital focused on high-growth technology companies. Similarly, Coral Gables-based MBF Healthcare Partners is an industry-specific private equity firm dedicated to investments of $10 million to $50 million of equity for buying-out or growing healthcare companies. The two sectors also see much overlap: For example, healthcare.com, the Miami-based health insurance comparison website, reached $7.5 million in funding in November 2014, in part due to private strategic investment firms Brothers Brook, LLC, and Annox Capital. Real estate, however, remains a source of some of the most attractive opportunities for institutional investors. Karl Finegan, managing principal at the PE fund Aeterna Capital LLC, tells Invest: Miami that “real estate has been a key area of focus for PE funds in Miami over the past seven years. This growth momentum has been aided by a strong local economic rebound, proximity to key markets (namely the U.S. Northeast, Latin America and Europe), a favorable tax regime and an attractive climate.”

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“REAL ESTATE, HOWEVER, REMAINS A SOURCE OF SOME OF THE MOST ATTRACTIVE OPPORTUNITIES FOR INSTITUTIONAL INVESTORS. ”

Arguably the most significant influence on the Miami-Dade real estate market has been a reflection of changing fortunes for foreign investors that have traditionally spent heavily in the county. Estimates are that more than 66 percent of Miami-Dade’s residential real estate owners hail from overseas. Foreign investors primarily originate from Latin American countries, attracted by Miami’s stable economic

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climate and familiar cultural makeup. Yet political unrest in the region has seen currencies depreciate against the dollar, giving investors pause. Finegan goes on to say that â&#x20AC;&#x153;we expect to see a stabilization of prices across both commercial and residential sectors as we approach the final stages of a strong cycle. Longer term, we applaud the effort of our local leaders to help diversify industry concentration, to continue to attract an entrepreneurial labor force that is helping to grow the local economy and spur job growth in modern industries. All of this provides a fundamental underpinning for real estate prices in Miami.â&#x20AC;?

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TSG Group would like to thank Capital Analytics for compiling the analysis on the Miami-Dade market. For more information on Invest: Miami go to: www.capitalanalyticsassociates.com or contact@capitalaa.com

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INVEST: MIAMI SPEAKS TO FORMER CORAL GABLES MAYOR JIM CASON university with students from more than 122 countries, plenty of cultural institutions, and a thriving international business community. We also have access to domestic and global markets due to our proximity to Miami International Airport. As a former U.S. ambassador, I can attest to how attractive these types of offerings are to diplomats, as well as international businessmen and women. Moreover, Coral Gables has a number of sister cities, including Aix-en-Provence, France; Cartagena, Colombia; Granada, Spain; and La Antigua, Guatemala. We will soon be adding Quebec, Canada. How would you characterize the business community in the Gables?

Coral Gables celebrated its 90th anniversary as a city in 2015. Could you tell us how the identity of the city has evolved over nine decades? Everything that Coral Gables is today, it owes to the vision of its founder, George E. Merrick. Merrick had a vision of creating, out of what at the time was wilderness, a planned city with an international focus. At a time when the U.S. was very isolationist, Merrick wanted to create a place that was a window to the world. This city would have a vibrant downtown, but also serene residential areas. Merrick envisioned a beautiful city, with winding streets surrounded by tree canopies, and that featured unique architecture, reflecting the finest European designs. Although Coral Gables has grown over the years, its fundamental core as a beautiful, international city, offering a good quality of life, has not changed. In what ways has the international aspect of Merrick’s vision manifested itself in today’s Coral Gables? We have more than a dozen consulates and trade commissions located in this city, and just as importantly, a large concentration of consuls who reside here. The quality of life is a strong driver, but we also have several high quality schools offering international programs, a major

Our city’s population is comprised of a professional and highly educated workforce. Roughly 65 percent of our residents over the age of 25 have Bachelor’s degrees, while around 30 percent have a graduate degree. The folks that comprise the business community here are lawyers, architects, financial advisors, the planners – those who operate on the strategic side of commerce. Additionally we have a strong presence of more than 155 multinationals and roughly 8,200 businesses. We also work closely with the Coral Gables Chamber of Commerce and our Business Improvement District (BID) who provide valuable programs to support business growth. In fact, our economy has been growing rapidly. According to the Florida Department of Revenue, the city’s sum of gross sales nearly doubled over the past five years – from $3.7 billion in 2009 to $6.4 billion last year. And, while Coral Gables comprises less than 2 percent of Miami-Dade County’s population, it accounts for more than 4 percent of its gross sales. All of these factors contribute to a healthy and vibrant international business environment. Elected in 2011, Mayor Jim Cason was reelected for a third term in 2015 and chose not to run again in 2017. At his last City Commission meeting, Mayor Cason shared an impressive list of accomplishments he is most proud of in a legacy video produced by Coral Gables Television. Ofizzina invites you to watch it on YouTube on the Coral Gables Television channel.

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Coral Gables City Hall OFIZZINA 37

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THE NEXT LEADERS MADE IN CORAL GABLES BY THE UNIVERSITY OF MIAMI

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seven miles from downtown Miami. Other academic units there include the School of Architecture; College of Arts and Science; School of Communication; School of Education and Human Development; College of Engineering; School of Law; Phillip and Patricia School of Music; and the School of Nursing and Health Studies.

Business education is at a crossroads. After decades of success, business schools are now called upon to develop a new generation of ideas and leaders, to address the unprecedented issues facing global businesses and societies in the 21st century. According to Eugene W. Anderson, former University of Miami's business dean, this is an exciting time for business schools, in general, and for the University of Miami School of Business Administration, in particular. This is because globalization and technological advancement have created the most dynamic, interconnected, and complex marketplace in the history of mankind. Also stakeholder pressure for both financial performance and responsible business practices has never been stronger. These factors are now more than ever demanding leadership, innovation, and responsible citizenship from undergrad students entering the work force across all sectors, especially the business one. The University of Miami School of Business is a leading business school, offering undergraduate business, full-time MBA, Executive MBA, MS, PhD and non-degree executive education programs. The School brings together an outstanding faculty, the best and brightest students, first-class facilities, and a curriculum that integrates theory with real-world experiential learning. UM believes that our world needs men and women with the ability to understand the forces shaping global business and who work effectively in diverse teams, networks, cultures, and markets so they can foster innovation and turn ideas into action. Navigating complexity and uncertainty in today’s accelerated world is a challenge they must be ready to face at the highest levels of ethical, social, and environmental responsibility. With the university’s #1 Executive Education Program for Latin America, U.S. (América Economía, 2014) and many other awarded programs, UM plans to encourage these values throughout their student body. The Coral Gables campus, the University’s main campus, is home to the School of Business Administration and is located on a 239-acre tract in Coral Gables, approximately

The campus is one of South Florida’s prime destinations for a rich variety of arts and cultural offerings. The Lowe Art Museum is home to South Florida’s largest and most varied art collection and hosts traveling exhibitions. The Jerry Herman Ring Theatre brings vitality to the South Florida cultural community. The acoustically superb Gusman Concert Hall and Clarke Recital Hall are the sites of hundreds of concerts, including Festival Miami, spanning the musical spectrum that is presented by the Frost School of Music. The Cosford Cinema screens a wide variety of first-run, classic, rare, and art-house films. The Coral Gables campus is also home to the University’s celebrated intercollegiate athletics program.

“ UM BELIEVES THAT OUR WORLD NEEDS MEN AND WOMEN WHO HAVE THE ABILITY TO UNDERSTAND THE FORCES SHAPING GLOBAL BUSINESS ”

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Since the millennium, many major new facilities have been added to the Coral Gables campus including the BankUnited Center; Weeks Music Library and Technology Center; Flipse Building; and the Epstein and Kosar Faculty Building at the School of Business Administration. The School of Business Administration is centered in a truly global environment, a hub of international business that is home to nearly 1,200 multinational firms.

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eight UM students are from outside the U.S. In all, UM is the academic home of nearly 1,700 foreign students of all levels from more than 110 countries, including Peru, Pakistan, and Poland. “We have incredible international diversity, which is a great aspect of our school that’s attractive to students and parents,” Anderson said. He continued that those that have lived and worked all over the world want their children to learn from others, which will start them on the road to building their own worldwide network. Twenty-five percent of the School of Business administration undergraduate enrollment is made up of international students. That is an incredible figure for a U.S. school, being the only U.S. research university that comes anywhere close to that number. Drilling down into the School’s student body, Anderson said another 15 percent to 20 percent of UM’s students were born outside of the U.S. and were raised here. In terms of international marketing, he noted, the University has many recruiting efforts in Latin America, but also seeks out students in the Middle East, Europe and Asia.

Dean Anderson has always been an advocate that a worldclass city needs world-class institutions. That is one of the reasons why UM is striving to be a world-class research university in South Florida. UM promotes itself as a place that has risen rapidly in the world, and a place that combines diversity and student quality like no other institution of its kind.

The University of Miami believes that attracting a great pool of talented students, will eventually serve the hiring needs of the Miami business community, especially in industries like finance and logistics. At the same time, Dean Anderson is focused on doing everything he can to attract not only qualified students, but also their parents, “More and more of the world’s elite are coming to Miami to tour The U and many end up touring the real estate market, too!”

The University of Miami comprises a wide plurality of races, ethnicities, languages, customs, and faiths. This multicultural environment reflects its location in one of the world’s most dynamic and multicultural cities. It mirrors the increasingly diverse face of our nation and society. And it’s an integral component of life at UM, creating a vibrant mosaic of perspectives that enriches its students’ educational experience in myriad ways. Students come from varied socioeconomic backgrounds and all walks of life. Nearly half of them are Hispanic, Asian-American, or African-American, and about one in OFIZZINA 41

Architecture | Planning | Interiors | Branding New York I Miami | Stamford www.mkda.com

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BEYOND NINE TO FIVE A NEW CORPORATE EXPERIENCE

WORK IS NOT REALLY ABOUT TIME. IT’S ABOUT HOW YOU SPEND THAT TIME. Your office is not a desk with a phone and a computer. It’s a place to create, to manage and to get inspired; to move the world, to be in control and most of all, to live a better life. Where do you want to be when you’re working? Even with new technologies that allow you to be connected from anywhere, you still want a space to create, but not any space or any city. A space where technology and a concierge make daily tasks easy, where security is a top priority, where you meet for a double espresso or take a break to stay in shape. A place with a view that inspires and a neighborhood that empowers any corporation with a unique style and the unrushed spirit. You are in the right building, in the right place, 10 minutes from the airport and a golf course.

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Conceptual rendering. See Legal Disclaimers on page 86.

AMENITIES

Let’s describe what a day at Ofizzina feels like: 7:30 - Breakfast with my kids 8:25 - I park in one of the selected electric stations on the second floor 8:30 - I review the day with my assistant 9:00 - Video Call with NYC 10:00 - Espresso with my partner to review our next big hit 11:00 - Ask the concierge to send a limo to pick-up Barbara 11:15 - Video Meeting with our Sao Paulo office 12:45 - Meet Barbara at the lobby to go for lunch in the new Italian restaurant on Ponce de Leon 2:30 - Video Call with our West Coast distributor 3:30 - Review the marketing strategy for Latam 4:30 - Fitness Center workout session 6:30 - Wine on the Terrace with the team 7:30 - I leave to the marina, just 10 minuntes away, in Coconut Grove Beyond Nine to Five is a way of living and working. To explain better how this is triggered we put it into 3 categories. TECHNOLOGY Fast Connectivity throughout the building Electric Vehicle Charging Stations Security AMENITIES Italian Coffee Place Open Rooftop Gym Concierge CORNER OFFICE EXPERIENCE Unobstructed VIEW High Ceilings Interior Design by MKDA

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Conceptual rendering. See Legal Disclaimers on page 86.

No real estate broker or salesperson is authorized to make any representations or other statements regarding this project, and no agreements with, deposits paid to or other arrangements made with any real estate broker are or shall be binding on the Developer. All images and designs depicted herein are artistâ&#x20AC;&#x2122;s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes. Renderings depict proposed views, which are not identical from each unit. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artistâ&#x20AC;&#x2122;s conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the developer in no manner guarantees the continuing existence of any view. The photographs contained in this brochure may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyle to be achieved rather than any that may exist or that may be proposed, and are merely intended as illustration of the activities and concepts depicted therein. The sketches, renderings, graphics materials, plans, specifications, terms, conditions and statements contained in this magazine brochure regarding the Condominium are proposed only, and the Developer reserves the right to modify, revise or withdraw any or all of the same in its sole discretion and without prior notice. All improvements, designs and construction are subject to first obtaining the appropriate federal, state and local permits and approvals for same. These drawings and depictions are conceptual only and are for the convenience of reference. They should not be relied upon as representations, express or implied, of the final detail of the residences. The developer expressly reserves the right to make modifications, revisions and changes it deeded desirable in its sole and absolute discretion. This project is being developed by BLS Ponce Development, LLC, a Florida limited liability company, which was formed solely for such purpose.

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SECURITY, INTERNET, CAR CHARGING STATIONS The building will provide state-of-the-art enterprise ultra-high-speed Internet. At the core of the network, Ethernet is critical to business’ daily operations. Ofizzina Ethernet Solutions will feature: • Data transfers up to 10 Gbps • The ability to easily access your business applications • Control over bandwidth to maximize efficiency • The ability to conduct frequent data backups for fewer disruptions • Low latency and high bandwidth for quicker backup times

TECHNOLOGY According to experts, in the next decade the world will shift to electric vehicles, which will be as affordable as their gasoline counterparts. Ofizzina will be equipped with electrical charging outlets. This type of amenity is as important as having a corner office for today’s leading edge executives.

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WHY ELECTRIC CARS WILL BE HERE SOONER THAN YOU THINK ADOPTION OF ELECTRIC VEHICLES WILL NOT BE GRADUAL, BECAUSE THE FACTORS REQUIRED TO UNLOCK DEMAND FOR THEM ARE IN PLACE

By CHRISTOPHER MIMS Aug. 28, 2016 In 2015, about one in every 150 cars sold in the U.S. had a plug and a battery. But mass adoption of electric vehicles is coming, and much sooner than most people realize. In part, this is because electric cars are gadgets, and technological change in gadgets is rapid. One big leap is in batteries. A typical electric vehicle today costs $30,000 and will go about 100 miles on a charge, if that. Within a year, you’ll be able to get double that range for just a little more money.

Tesla Motors Inc. is the standard-bearer, promising a Model 3 vehicle meant to appeal to the masses at $35,000 without incentives and more than 200 miles of range. By comparison, the average new car in the U.S. today sells for about $33,000. But Tesla is hardly alone. Later this year, Chevrolet will roll out its $37,500 Bolt EV. It, too, boasts more than 200 miles of range, which appears to be the new goal for eliminating “range anxiety”—the fear that a vehicle will run out of juice—among potential electric-vehicle buyers. And that is just the start. Pasquale Romano, chief executive of ChargePoint Inc., the world’s largest maker of electriccar charging stations, says he works with, and talks to, most

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major car companies. “We have seen their internal plans to just electrify everything,” he said. In the short run, many of these cars will be plug-in hybrids, with both electric motors and gasoline engines. It makes sense to lump them with electric vehicles because most new models have enough battery power to get the average U.S. commuter to work and back without using any gasoline. Steve Majoros, a marketing director at General Motors Co.’s Chevrolet unit, says that 90% of trips and 65% of miles driven in its Volt plug-in hybrid are on electric-only mode. The Volt can go 53 miles on a charge. Every plug-in hybrid is effectively an electric car that is carrying a “range extender,” just in case. They will help electrify a large share of the miles Americans drive. They’ll also help ease consumers into electric vehicles, overcoming any remaining fear about being stranded after running out of juice. Competition among electric vehicles and plug-in hybrids will be intense, which will drive down prices. Volkswagen AG has pledged to make every model available as a plugin hybrid by 2025. BMW AG has made the same promise. Hyundai Motor Co. promises eight plug-in hybrid models by 2020, plus two all-electric vehicles. Toyota Motor Corp.’s overhaul of the plug-in Prius, boasting twice the range, arrives before the year is out. Another trend will help—the proliferation of charging stations. ChargePoint Sunday said it has 30,000 stations in its network, where it collects any fees levied by owners. By comparison, there are about 90,000 publicly accessible gas stations in America, says Mike Fox, executive director of Gasoline & Automotive Services Dealers of America.

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Placing charging stations at workplaces, where cars spend much of their time, will be uniquely powerful. When a workplace installs a charging station, employees are 20 times as likely to buy a vehicle with a plug, according to a survey from the U.S. Department of Energy. Drivers won’t switch to electric vehicles as rapidly as consumers adopted smartphones. The average American keeps a car for 11 years. For most people, though, by the time you’re ready to buy another car, there will be a range of plug-in vehicles available at prices comparable to gasoline vehicles. And that doesn’t count the projected savings in fuel, or in maintenance, since electric vehicles have many fewer moving parts. It is the nature of disruptive technological shifts that it seems like nothing is changing—until it seems as if everything is changing at once. Electric vehicles have been a long time coming, but they now represent such a clear and present threat to the gasoline engine that Mr. Fox, of the servicestation association, now recommends that members signing long-term contracts for fuel include an option to renegotiate if more than 10% of a state’s fleet goes electric. If Tesla can deliver on its current promises with the Model 3, says Mr. Fox, “gas vehicles are history—it’s horse and buggy days.” Reprinted by permission of The Wall Street Journal, Copyright © 2016 Dow Jones & Company, Inc. All Rights Reserved Worldwide. License number 4035550151195.

The number of commercial charging stations is growing quickly in part because they’re relatively cheap—costing $3,000 to $7,500 per port, depending on whether it is new construction or a retrofit. When attached to a business, they can attract customers, and encourage them to stay longer and spend more. Hy-Vee Inc., a chain of 241 grocery stores in eight Midwestern states, installs charging stations at all its new locations; it has four chargers at each of 42 stores. Charge times for electric cars vary widely, depending on the station and car make, but it typically takes 30 minutes to an hour to get a decent charge. Conveniently, that is roughly as long as it takes to have a meal, says John Brehm, director of site planning at Hy-Vee.

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CHOPARDâ&#x20AC;&#x2122;S REVOLUTION MECHANICAL PRECISION AS AN ART FORM

Passion, emotion, stringent quality criteria and extreme precision are just four of the common denominators between the world of cars and that of watches.

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evotees of fine automobiles tend to have a weakness for beautiful timepieces, and vice versa. In both cases, sporting elegance and the quest for performance play a decisive role. It was in 1988 when Swiss luxury jewellery and watch company Chopard started establishing the brand’s reputation through the world of classic racing and the Mille Miglia, “the world’s most beautiful race”, according to Enzo Ferrari. The Mille Miglia has for decades been the world’s most famous race for classic cars. This legendary race has inspired much enthusiasm, appealing to connoisseurs and gentleman. Karl and Karl-Friedrich Scheufele - Chopard’s founding family members – had a personal passion for collector cars that eventually led to participate. In 1987, the family competed with their own cars in the race and became its sponsors the following year. Since then, the ties between the two have strengthened due to a common passion for mechanical engineering and an innate sense of style. Inspired by this passion, Chopard has created a collection of luxury sports watches which has become the brands unmistakable sporting emblem. Its unique and instantly recognizable design has made this collection one of the greatest classics of contemporary watchmaking. In 1988, Chopard created the 1000 Miglia collection, which was designed to time races. It became an instant classic, becoming one of Chopard’s most sought-after collections. Each year a new limited-edition model is presented, and competitors receive one engraved with their own starting number. In 2015, Chopard revisited this grand classic by introducing the collection dubbed Mille Miglia GTS (for Grand Turismo Sport). This new collection includes a three-hand and date chronometer, a power reserve and a chronograph. The Swiss company also introduced for the first time models that were equipped with a movement from the workshops of Fleurier Ebauches. The sleek, sophisticated design of these new creations rejuvenates the Classic Racing spirit embodied by the Mille Miglia collection, while remaining true to the identity codes of the models rolled out over the past 25 years. The Mille Miglia GTS Automatic, Power Control and Chrono

models vividly illustrate this renewal. The bezel of the various models features a graduated black aluminium insert accentuating the sporting nature of the Mille Mille GTS Power Control. The dials of the watches in the Mille Miglia GTS collection are black with red and white accents, a tribute to the aesthetic of vintage car dashboards. The power-reserve indicator evokes a petrol gauge typical of the 1950s. The date aperture appears in the Mille Miglia red-arrow race logo, a nod to the numbers on the doors and bonnets of the competing cars. The lively, dynamic nature of the race as a whole is symbolised by the distinctive presence of red on the dial, particularly on the minute track and the second hand of each timepiece. This collection is available in steel with a steel bracelet or rubber strap, or in rose gold with a rubber strap. The latter also recalls the racing world and draws inspiration from the Dunlop tires of classic 1960s cars. Lifting the hood of a car provides an understanding of what is going on inside the engine, and the same goes for horological mechanisms that may be admired through a watch case-back. Today, true aficionados can be recognized by their choice of watch: a technical enthusiast will go for a complicated mechanical watch, while car-lovers will opt for a 1000 Miglia, a Jacky Ickx or a Grand Prix de Monaco Historique model. - Chopard has no affiliation with the Developer and/or the Ofizzina 1200 Condominium project. The names and logos above are owned and controlled by the respective companies and businesses and not by the Developer or the project. Business and/or services referenced and/or identified in this publication are off-site and not controlled by the Developer. They are accurate as of the date of this publication, however there is no guarantee that they will continue to exist or that there won’t be changes and/or substitutions of same.

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DOUBLE ESPRESSO BARISTA’S CULINARY ART

For Miami, coffee is as much a religion as it is a break or an energy boost. It’s a phenomenon that includes all different types of customs and opportunities to share across cultures. Miami’s multiculturalism invites diversity, with various groups including the Turkish, Cuban, Mexican, and Thai, bringing their own tastes to the mix. In Miami, different celebrations of the drink have been brewing for some time including 3:05 Cafecito, which is the trigger for all kinds of cafeteria window gatherings and a wave of social media posts. (Cafecito is what Cubans call a small draught of the caffeine-imbued elixir; 305 is a Miami area code). Orders of espresso have also come to dominate exchanges from Starbucks to Italian restaurants that pepper the city.

Espresso coffee and the passionate Barista By Peter Baskerville for Quora September 21, 2013

An Italian tradition According to traditional Italian coffee culture, perfect espresso is the result of the Four M’s formula: (1) M as in “Miscela” (Must have the right coffee bean blend), (2) M as in “Macinadosatore”(Must have the right grind and doser settings), (3) M as in “Macchina espresso”(Must have the right espresso machine and setup), (4) M as in “Mano dell’operatore”(Must have the expert hand of the operator – The Barista) A Barista is an Italian term for a “bartender” or “drink preparer” who works behind the bar of a coffee shop. Italian Baristas make a variety of custom ordered drinks that include espresso coffee and alcoholic beverages. Being a Barista is considered a respected job function in Italy where the average age is 40+ years old. Cafes and espresso bars around the world have adopted the Italian term Barista but have specifically used it to describe a skillful, experienced and professional person who is trained in the art of espresso coffee preparation.

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The Macchinesti In today’s competitive coffee drinking environment, a passionate, expert espresso coffee making culture is a must for a cafe wanting to succeed. The Baristas working in this culture are often under the tutorage of the passionate quality control technician and espresso machine specialist who the Italians call the macchinesti. For me, the most preferred option by far, is when the macchinesti (Quality Assurance Manager) is the business owner or manager who is able to inject their love for quality espresso into the operations on a daily basis. They will need to adjust and maintain the grinders/espresso machines, motivate others to maintain the 100% quality culture and correct bad habits before they find their way into the cafe’s culture. In the cafe business, there is no task more important than to maintain the reputation of the business for serving top quality espresso ... 100% of the time. Apart from maintaining the culture and the machines, the macchinesti also needs the culinary instincts to choose and handle a top espresso blend as well as hire and train the Baristas. The passionate Barista Espresso coffee, this elixir of the spirit, this energy giving nectar, this masterful blend of aromas known as “Espresso all’italiana” ... can only ever be created by passionate and skillful Baristas who know and love their craft. Being a good Barista is all about pride. The pride of knowing that you can be a world class master in the art of espresso coffee making. If you take the time to understand the complexities of this elixir and care about controlling the multiple variables that dictate the eventual outcome you can truly make the best espresso coffee in the world, regardless of where you are located. But like any champion’s achievement, it will not come easily or cheaply, but it will come when you are armed with the correct knowledge and have a total commitment to the task. A Barista is a complete professional, a skilled craftsman and a theatrical artist. The best has a respect, reverence and a love for their job that combines the best of technical excellence with great showmanship and warm customer engagement. Once the customer recognizes the Barista’s skill and comes to depend on them to make their daily life-fix, their respect turns to honor and ultimately - even worship. Baristas are artists that derive social and spiritual satisfaction from their profession. They stay with the espresso business

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because for them ... coffee making is art, and the money is good enough. The best espresso is generally the product of people who are slightly outside the mainstream. They are the aesthetes, the artists and the eccentrics who have found a welcoming refuge in the espresso coffee business where perfection and art are commercially rewarded. Your fellow Baristas may well push you toward excellence by eagerly sharing their knowledge and techniques with you to help maintain the standards and reputation of the cafe. Expect a healthy competition among other baristas who each desire the acclaim of “The Best”.

Baristas know how to add theatre to the customer’s cafe experience. The passionate barista and commerce The Barista’s dedicated work and theatre enhances the reputation of the cafe business and ensures that the customer will return again and again.

A top espresso barista is really an artist at heart. They respect the beauty of a perfect cup in both look and taste. The culture of excellence empowers them as they slowly become the owner of the skill in the art of “ESPRESSO”.

Fine espresso coffee creates a powerful and effective ‘word of mouth’ marketing weapon. Customers just love to showoff their fine culinary judgement and bring friends to a quality café to prove that their research has discovered a special treat. Independently owned businesses can build a sustainable business, even in the face or major chains, just by continually making the finest espresso coffee. See here What’s the secret to a successful coffee shop? and How do you compete with Starbucks in the coffee industry?

The Barista and theatre Cafes predominantly sell inanimate food and drink items sold from static fridges. This can create a non-personal, unfriendly and uninteresting environment in which customers transact business – apart from the espresso coffee making.

Commercially smart Baristas work at “making the customer not just the sale”. i.e. they don’t just look at getting the sale proceeds in the quickest possible time without regard to quality, because they know that if you get the quality right, you will win a repeating and referring customer - not just the monetary sale for today.

The espresso coffee making is the human side of the cafe business, it is the primary customer contact, the customized service, the engaging attention and it is the theatre. It’s the espresso coffee making that gives the cafe its theatre, movement, sounds, smells, talk, laughter and customer attention which ensures that the efficiency of fast service does not lead to a sterile engagement devoid of emotion.

Quality with espresso is everything - not speed. (Quality and speed will come in time with training). Long term loyal customers will always create greater profits for the business than the savings to be gained from short term speed and the non-quality actions of today. The best Baristas instinctively know this.

An expert Barista is beautiful to watch, doing the dance of espresso preparation. The noise, the hits, the fluid movements, the timing, the swing, the cheeky chat, the presence, the confidence, the “in control” demeanor, the total body action, the smile – THE THEATRE. The prized

It is a rarity in business strategy, for a 100% quality approach to translate into smart commercial outcomes, but with making espresso coffee, 100% quality ... every day ... for every cup, can build a sustainable successful business. However, only passionate, skillful and obsessive Baristas can deliver it.

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97,669 SQUARE FEET 54 OFFICE SPACES 3 RETAIL/COMMERCIAL SPACES ON GROUND FLOOR 16 FLOORS ROOFTOP TERRACE 331 PARKING SPACES ELECTRIC VEHICLE CHARGING STATIONS 360º VIEW FITNESS ROOM CONCIERGE ITALIAN COFFEE LOUNGE TOP SECURITY TECHNOLOGY MKDA INTERIORS

NOTHING CONTAINED IN THIS BROCHURE IS INTENDED OR SHALL BE DEEMED TO BE AN OFFER TO SELL REAL ESTATE OR REAL ESTATE SECURITIES TO RESIDENTS OF THE STATE OF NEW YORK. IN FURTHERANCE OF THE FOREGOING, BLS PONCE DEVELOPMENT, LLC ( “SPONSOR” OR “DEVELOPER”), SPONSOR HEREBY DISCLOSES THE FOLLOWING: (A) NEITHER SPONSOR, NOR ITS PRINCIPAL(S) TAKING PART IN THE PUBLIC OFFERING OR SALE ARE INCORPORATED IN, LOCATED IN, OR RESIDENT IN THE STATE OF NEW YORK, (B) THE OFFERING IS NEITHER MADE IN THE STATE OF NEW YORK NOR MADE TO THE RESIDENTS OF THE STATE OF NEW YORK, (C) THE OFFERING IS NOT DIRECTED TO ANY PERSON OR ENTITY IN THE STATE OF NEW YORK BY, OR ON BEHALF OF, SPONSOR OR ANYONE ACTING WITH SPONSOR’S KNOWLEDGE; AND (D) NO OFFERING OR PURCHASE OR SALE OF THE SECURITY OR ANY UNIT SHALL TAKE PLACE AS A RESULT OF THIS OFFERING IN NEW YORK OR WITH A RESIDENT OF THE STATE OF NEW YORK, UNTIL ALL REGISTRATION AND FILING REQUIREMENTS UNDER THE MARTIN ACT AND THE NEW YORK ATTORNEY GENERAL’S REGULATIONS ARE COMPLIED WITH; A WRITTEN EXEMPTION IS OBTAINED PURSUANT TO AN APPLICATION IS GRANTED PURSUANT TO AND IN ACCORDANCE WITH COOPERATIVE POLICY STATEMENTS #1 OR #7; OR A “NO-ACTION” REQUEST IS GRANTED. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THE PURCHASE AND SALE CONTRACT AND THE DOCUMENTS REFERENCED THEREIN. These materials are not intended to be an offer to sell, or solicitation to buy a unit in the condominium to residents of CT, ID, NJ, NY or OR, unless registered or exemptions are available, or in any other jurisdiction where prohibited by law, and your eligibility for purchase will depending upon your state of residency . Such an offering shall only be made pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. No real estate broker or salesperson is authorized to make any representations or other statements regarding this project, and no agreements with, deposits paid to or other arrangements made with any real estate broker are or shall be binding on the Developer. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes. Renderings depict proposed views, which are not identical from each unit. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artist’s conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the developer in no manner guarantees the continuing existence of any view. The photographs contained in this brochure may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyle to be achieved rather than any that may exist or that may be proposed, and are merely intended as illustration of the activities and concepts depicted therein. The sketches, renderings, graphics materials, plans, specifications, terms, conditions and statements contained in this magazine brochure regarding the Condominium are proposed only, and the Developer reserves the right to modify, revise or withdraw any or all of the same in its sole discretion and without prior notice. All improvements, designs and construction are subject to first obtaining the appropriate federal, state and local permits and approvals for same. These drawings and depictions are conceptual only and are for the convenience of reference. They should not be relied upon as representations, express or implied, of the final detail of the residences. The developer expressly reserves the right to make modifications, revisions and changes it deeded desirable in its sole and absolute discretion. This project is being developed by BLS Ponce Development, LLC, a Florida limited liability company, which was formed solely for such purpose.

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Conceptual rendering. See Legal Disclaimers on page 86.

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LOCATION 1. Ofizzina 2. Biltmore Golf Course 3. Miami International Airport 4. Financial District 5. Vizcaya Gardens 6. American Airlines Arena 7. PAMM Perez Art Museum Miami

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EAST VIEW

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Conceptual rendering. See Legal Disclaimers on page 86.

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FROM NEW YORK TO MIAMI MKDA INTERVIEW

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Conceptual rendering. See Legal Disclaimers on page 86.

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INTERVIEW WITH THE CORPORATE INTERIOR DESIGN FIRM

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Established in 1959, MKDA is one of the nation’s most enduring family-owned space planning, interiors and branding firms. MKDA specializes in the workplace, but offers the full scope of integrated interior design services for practice areas that range far and wide. Principals Michael and Jeffrey Kleinberg lead the firm and its team of professionals, all with proven track records of successful client collaboration and expert knowledge in local markets, current trends and research. MKDA remains ranked by Interior Design magazine as a Top 100 Interior Design Giant and has been named by Interior Design magazine as a 2013 Best of the Year Honoree.

Q&A with JEFFREY AND MICHAEL KLEINBERG What is MKDA’s vision?

Jeffrey Kleinberg Partner

JEFFREY KLEINBERG: When MKDA was founded, its vision was to deliver interiors that married European sophistication with American utility, an idea that stemmed from our founder’s emigration from design-rich Vienna to pragmatic Brooklyn, NY. We continue to focus on achieving the critical balance between form and function in all of our interiors. In order to get to that point, we first need to gain a thorough understanding of our client’s brand and business goals. Once we do, we apply our experience and the latest research to achieve high-performance, visually strong environments that connect and engage with the individuals that utilize the space.

Michael Kleinberg President

“INTERIOR DESIGN PLAYS A BIG ROLE IN THE EVERYDAY LIFE. IT INTRODUCES PEOPLE TO BEAUTY, RELAXATION AND MODERNISM.”

Why did MKDA decide to open an office in Miami? JEFFREY KLEINBERG: We had been coming to Miami for years for both business and pleasure, and had been attracted to the market for its position as a leading international

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Conceptual rendering. See Legal Disclaimers on page 86.

business center. At the time of our opening, we felt there was room in the market for a firm like ours and that we could capitalize on growth in the commercial office market sector. By opening the office, we are now equipped to provide our existing New York clientele, many of which have assets in Miami, with the same level and quality of service, but at the local level through a strong team with deep regional experience. We remain positive on Miami’s outlook and look forward to continued growth.

Which elements of New York office design can be applied to the Miami market? MICHAEL KLEINBERG: Our New York and Miami clients are generally looking for the same elements of design. The workplace must first project a lively and engaging environment, which energizes individuals and fosters company culture. Open layouts with various levels of collaborative spaces that help develop ideas and move them forward are also paramount. To balance the noise and transparency of an open office plan, we must provide private space, such as phone booths or upholstered privacy pods. On the other end of the spectrum are large multipurpose rooms that can be used for town hall meetings, large lunches, training or activities that promote fun. Bringing nature indoors is also critical for most firms today.

What stood out and led you to become a part of the Ofizzina project? MICHAEL KLEINBERG: Ofizzina, which gives businesses the unique opportunity to own premium office condos with superior design and amenities in one of Miami’s most desirable neighborhoods, stood out as a terrific opportunity for two main reasons. First, it allowed MKDA to collaborate with a pioneering real estate and development firm doing groundbreaking work in South Florida. Second, it allowed MKDA to participate in one of the most innovative developments under construction in Miami, while simultaneously contributing to the growth of Miami’s international business community, a group that typically prefers office condos to traditional office leasing. We are proud to be a part of this landmark project.

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Conceptual rendering. See Legal Disclaimers on page 86.

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“THE COLLABORATION FROM MORE OPEN FLOOR PLANS FOSTERS MORE CREATIVITY.” - Michael Kleinberg, President MKDA

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THE NEW CORNER OFFICE BY CORWIL ARCHITECTS

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Working closely with the developer, architectural/ engineering team and specialty consultants, we have an excellent understanding of constructivism and cost of development and how that relates to the needs of the owner /tenant. This is commensurate with our objectives for real sustainability of the workplace. We are wholly committed to producing the most effective functional solutions within a stylish and enjoyable environment that will have the maximum useful life – providing true value to our clients.”

What is your ultimate goal when it comes to your work? “It lies in getting to the heart of what the project requires, understanding the real needs of clients, occupants and users alike, and then applying good design to deliver on those needs.

Q&A WITH ALBERTO CORDOVES, PRESIDENT

In architecture, it’s not enough to envision a building from the outside – you have to know how it will feel to stand inside. We need to hear, touch and smell, from all angles, and from all points of view. You have to know how it fits into the fabric of its surroundings, understand its role in the landscape and vice versa. Buildings and places are to be loved and appreciated by all who stand before them. If they are to draw people to and through them, to engage and galvanize, not once, but again and again, then one has to understand and answer diverse and often conflicting needs.”

How did Ofizzina?

What is your firm’s design philosophy? “Corwil’s philosophy has predominantly been to design from the inside out. The challenge of getting everything out of a building: maximum match with its function, a true working space plan, adaptability, efficiency and overall constructability. Our approach is to thoroughly understand these processes so that the design meets the function for an effective and efficient working environment. We want to provide buildings that functionally complement and enhance our clients’ vision.

you

approach

“We approached Ofizzina having in mind the next generation workplace, offering a design, which blurs the lines between work and private life. The office will function as an anchoring physical location away from the digital realm. Its Mediterranean architecture will contribute to a warm and classic experience. The integration of open terraces, a private gym, valet, and ground floor boutique eatery along with its exceptional urban location, will provide for face to face encounters and social interaction. The centralized core design provides greater access to daylight and natural ventilation, views, flexibility for space planning, and accessibility from onsite parking areas.

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These attributes directly result in a more content and healthy workforce, thereby contributing to increased productivity.”

“IN ARCHITECTURE, IT’S NOT ENOUGH TO ENVISION A BUILDING FROM THE OUTSIDE – YOU HAVE TO KNOW HOW IT WILL FEEL TO STAND INSIDE.”

MKDA one-suite floor test fit.

MKDA one-suite floor test fit. The interior office spaces at Ofizzina are not designed by the Developer as they are being delivered as a shell space for the owners to develop as they need. This test fit is a proposed interior layout for marketing purposes in order to show buyers and tenants the potential of the office space at the building.

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“Solving a challenging Project like Ofizzina requires talent, initiative and experience from across the spectrum. We selected a Team of Consultants with a variety of skills and personalities, which combined with teamwork, manifested a wide range of creative solutions. Since founding Corwil in 1992, the philosophy of generating deeply satisfying working relationships with both clients and consultants has immensely contributed to the collaboration and success of every project.”

According to market trends, the office of the future will be about the exchange of ideas, collaboration and transparency. How did your firm design Ofizzina to create that open experience?

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SOCIAL OFIZZINA GROUNDBREAKING CEREMONY

Ofizzina’s team gathered together with some of the most prominent personalities in Coral Gables including Commissioner Vince Lago and Building Director William Miner to celebrate the construction of the city’s new revolutionary corporate experience, Ofizzina.

1. [Left to right] Jose R Boschetti, Jr., BF Group; William Perez-Borroto, BF Group; Maurice Boschetti, BF Group; Lester Garcia, BF Group; Jorge Escobar, TSG; Coral Gables’ Commissioner Vince C. Lago; Camilo Lopez, TSG; Jose Boschetti, BF Group; Albert. M. Cordoves, Corwil Architects.

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LATIN BUILDERS ASSOCIATION LUNCHEON The Rise of Miamiâ&#x20AC;&#x2122;s Air and Seaports. LBA Board of Directors and guests gathered for its monthly luncheon and a panel discussion with Miami International Airport Director, Mr. Emilio Gonzalez, and Port of Miami Director, Mr. Juan Kuryla. The directors spoke about future projects that would address the ongoing travel and cargo expansion in Miami, and how it would impact the economy.

1. [Left to right] Nicholas E. Salguero, Project Director at TSG; Leonardo Da Silva, Partner at Alvarez, Carbonell, Feltman and Da Silva PL; Jose Zambrano, Chairman of the Zambrano Foundation; Miami-Dade School Board Member Susie Castillo; Miami-Dade Mayor Carlos Gimenez; Camilo Lopez, CEO & Managing Partner of TSG; Andre Rodriguez, President of Influence Communications; Helena Poleo, Vice President of Influence Communications; Benjamin Alvarez, Partner at Alvarez, Carbonell, Feltman and Da Silva PL; Frank Fernandez, Executive Vice President at Bank United. 2. [Left to right] Port of Miami Director Juan Kuryla; Miami Airport Director Emilio Gonzalez.

THE OFIZZINA OPEN TheGrint is a golf social app launched in May 2012 from a passion for golf and love for technology. After the successful introduction of the app, TheGrint Tour was born to satisfy the need for an amateur tour that could meet the high expectations of the South Florida golf community. On December 17th, 2015 Ofizzina sponsored a one day golf tournament for top business players closing with a year ending celebration. Hosted at The Biltmore Hotel Golf Course, 128 players participated in the tournament and more than 200 guests enjoyed the exclusive cocktail event afterwards.

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THE DEVELOPMENT TEAM BLS Ponce Development, LLC is a joint venture formed in 2014 by TSG Group and BF Group, two prominent South Florida real estate firms.

Conceptual rendering. See Legal Disclaimers on page 86.

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TSG Group is a real estate investment and development company based in Miami. The company was founded in 2008 with the vision of conceptualizing real estate opportunities through innovative strategies. TSG focuses on the residential, office and hospitality markets. TSG has drawn together some of the industry’s top professionals, including star-architect Carlos Ponce de Leon, to realize landmark projects. These projects include the cassa brickell condo project in Miami and the cuttingedge cassa at Georgetown townhome community west of downtown Fort Lauderdale. As part of its planning for the future, TSG has acquired several land parcels for upcoming developments throughout the city, including the Miami River, the Design District and south of the Health District. Led by CEO & Managing Partner Camilo A. Lopez and Managing Partner Jorge Escobar, some of the firm’s credentials include: +20 years of experience in the real estate industry +20 years of experience in the international banking industry 4,000 income producing properties acquired in South Florida +200 residential properties developed and built in South Florida

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BF Group is a developer of a wide range of successful real estate products in South Florida with experience in acquisitions, planning, construction and development. Located in Coral Gables, the firm has partnered with such reputable builders as The Alter Group (Illinois), Bristol Group (California), The Cayon Families (Florida), Prestige Development Partners (Florida), Newgard (Florida) and others, providing their unique experience, attention to quality construction, and marketing skills. BF Group is currently involved in several projects including warehouses, rental communities, new condominium towers and shopping centers, as well as in the business of buying non-performing loans-assets from banks. Led by CEO Jose Boschetti, some of the firm’s credentials include: +30 years of experience in the real estate industry +$3 billion development and acquisition portfolio +2.5 million square feet of industrial warehouses, and office, commercial/retail real estate projects +15,000 residences including residential rental, residential for sale and condo conversions developed and sold in South Florida +4,000 acres of land acquired in South Florida

+150 M&A transactions led by its team

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Legal Disclaimers ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THE PURCHASE AND SALE CONTRACT AND THE DOCUMENTS REFERENCED THEREIN. These materials are not intended to be an offer to sell, or solicitation to buy a unit in the condominium. Such an offering shall only be made pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. In no event shall any solicitation, offer or sale of a unit in the condominium be made in, or to residents of, any state or country in which such activity would be unlawful. This offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus. No real estate broker or salesperson is authorized to make any representations or other statements regarding this project, and no agreements with, deposits paid to or other arrangements made with any real estate broker are or shall be binding on the Developer. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes Renderings depict proposed views, which are not identical from each unit. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artist’s conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the developer in no manner guarantees the continuing existence of any view. The photographs contained in this brochure may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyle to be achieved rather than any that may exist or that may be proposed, and are merely intended as illustration of the activities and concepts depicted therein. Interior photos shown may depict options and upgrades and are not representative of standard features and may not be available for all model types. All fixtures, furniture and items of finish and decoration of units described herein are for display only and may not to be included with the unit, unless expressly provided in the purchase agreement. All plans, features and amenities depicted herein are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. No guarantees or representations whatsoever are made that any plans, features, amenities or facilities will be provided or, if provided, will be of the same materials, type, size, location or nature as depicted or described herein. The sketches, renderings, graphics materials, plans, specifications, terms, conditions and statements contained in this brochure are proposed only, and the Developer reserves the right to modify, revise or withdraw any or all of the same in its sole discretion and without prior notice. All improvements, designs and construction are subject to first obtaining the appropriate federal, state and local permits and approvals for same. These drawings and depictions are conceptual only and are for the convenience of reference. They should not be relied upon as representations, express or implied, of the final detail of the residences. The developer expressly reserves the right to make modifications, revisions and changes it deeded desirable in its sole and absolute discretion. Because wood is a natural product, every piece has a unique color and appearance, and every installed floor and/or wall will have its own distinctive visual character. Photographs, samples and website images can offer an impression of the product, but they may not be representative of the full range of color, knots, texture and grain variations which can exist in the product itself as installed. Wood is subject to weathering and fading and as such the coloration may vary over time. Additionally, all wood flooring and walls will acclimate to the temperature and humidity in the Unit and seasonal movement in a wood floor and/or wall is to be expected, as wood is a product of nature and will expand and contract with changes in humidity and temperature. Gaps often appear between boards during colder periods and tighten in warmer temperatures. Minimizing heat and humidity fluctuations is required to preserve the condition of the wood. Even under ideal conditions, wood is subject to warping, bowing and cupping. Ceiling heights are measured from top of slab to top of slab. As a result, actual clearance between the top of the finished floor coverings and the underside of the finished ceiling, drop ceiling or soffits will be less. All ceiling heights are approximate and subject to change. All prices, plans, specifications, features, amenities and other descriptions are preliminary and are subject to change without notice, as provided in your purchase agreement. Prices do not include optional features or premiums for upgraded units. Price changes may occur that are not yet reflected on this brochure. Buyers should check with the sales center for the most current pricing. All depictions of furniture, appliances, counters, soffits, floor coverings and other matters of detail, including, without limitation, items of finish and decoration, are conceptual only and are not necessarily included in each Unit. Furnishings are only included if and to the extent provided in your purchase agreement. Restaurants and other business establishments and/or any operators of same referenced herein are subject to change at any time, and no representations regarding restaurants, businesses and/or operators within the project may be relied upon. Restaurants, and/or other business establishments, are anticipated to be operated from the commercial components of the project which will be offered for sale to third parties. Except as may be otherwise provided in the offering materials, the use of the commercial spaces will be in discretion of the purchasers of those spaces and there is no assurance that they will be used for the purposes, and/or with the operators, named herein. Any and all reference to and/or renderings of the Business Improvement District of Coral Gables initiative, the Miracle Mile and Giralda Streetscape Improvement Projects and other proposed projects or nearby facilities depicted are proposed only, are not constructed, and are not being developed by the Developer. As such, the Developer has no control over those projects and there is no guarantee that they will be developed, or if so, when and what they will consist of. The information provided herein regarding the Business Improvement District of Coral Gables initiative, the Miracle Mile and Giralda Streetscape Improvement Projects or other proposed projects or facilities depicted was obtained from newspaper articles and other public information and Developer makes no representations as to same. Attractions, business and/or services referenced and/or identified in the Downtown Coral Gables' makeover is a game changer section of this publication are off-site and not controlled by the Developer. They are accurate as of the date of this publication, however there is no guarantee that they will continue to exist or that there won’t be changes and/or substitutions of same. This project is being developed by BLS Ponce Development, LLC, a Florida Limited Liability Company (“Developer”), which was formed solely for such purpose. TSG Group and BF Group are affiliated with this entity, but neither of them is the developer of this of this project. OFIZZINA is a trademark of The Solution Group Corp. ("TSG", "TSG Group"). All other trademarks, service marks, and trade names referenced in herein are the property of their respective owners. The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement. No real estate broker is authorized to make any representations or other statements regarding the projects, and no agreements with, deposits paid to or other arrangements made with any real estate broker are or shall be binding on the developer.

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Conceptual rendering. See Legal Disclaimers on page 86.

FROM MANHATTAN TO CORAL GABLES Interiors inspired and designed in New York by MKDA

BEYOND NINE TO five BY APPOINTMENT ONLY

INFO@OFIZZINA.COM

www.ofizzina.com THE INFORMATION PROVIDED IS SOLELY FOR INFORMATIONAL PURPOSES AND IS SUBJECT TO CHANGE WITHOUT NOTICE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All images and designs depicted herein are artistâ&#x20AC;&#x2122;s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice. All such materials are not to scale and are shown solely for 88 illustrative purposes. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE OFIZZINA REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THE OFFERING DOCUMENTS TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.