The Shoppes @ 14th Street

Ryan Pumford
Dustin Anderson
Robert Saunders
Tyler Kitson
Anthony Mancini Ilyssa Shacter

Vision:A new retail and lodging

destination

An amenity rich retail and

lodging destination with an
emphasis on walkability
and lush Florida
landscaping.

The Shoppes @
14th Street
Vision

Site Analysis

Projected $62 million

development cost.
14 month development
timeline.
Levered/Unlevered IRR:
22.57% and 11.38%
respectively.
Hotel exit cap: 9.0%
Retail exit Cap: 8.0%
Local community and visitors
benefit.

Deliver experience; win

loyalty

Development Concept Finance

View From the

Top:

The
Shoppes
@ 14th
Street

DEVELOPMENT
SITE

Annual Visitors
Dade-County: 48
Million
Dolphin Mall: 36
Million
International Mall:

Office
Submarket
Class A
Occupancy

9.5%
Vision

Class B
Occupancy

Site Analysis

Nearby Hotels
1 Mile Radius
1 existing
1 under
construction

Development Concept Finance

Major
Roadways
Turnpike (_
miles)
Dolphin (_
miles)
Airports

The Shoppes @ 14th Street

Vision

Site Analysis

Development Concept Finance

The Proposal:
Site 1: The Shoppes at 14th Street
Site Area: 0.809 acre
Retail SF: 17 Floors
Parking Spaces: 4 Floors
Green Space:
Construction Period: 24 Months
Purchase Price: $24,242,000
Total Development Cost: $109,419,0

Site 2 : Holiday Inn Express

Site Area: 0.809 acre
Total SF: 17 Floors
# of Keys:
Parking Spaces: 4 Floors
Green Space:
Construction Period: 24 Months
Purchase Price: $24,242,000
Total Development Cost: $109,419,0
Vision

Site Analysis

Development Concept Finance

Positioning Strategy:
The Shoppes @ 14th Street
Signage visibility

Building structure

Tenant Mix

Perimeter loading
docks

Roof-top parking
(local examples)

Hotel proximity

Vision

Site Analysis

Development Concept Finance

Positioning Strategy:

International
visitors
Vision

Local hotels

Site Analysis

Third highlight

Development Concept Finance

Development Budget:
The Shoppes @ 14th Street

Sources

Holiday Inn Express

Sources

Construction Loan

$82.6 Million

Construction Loan

HPT Equity

$16. 8 Million

GU Equity (FV land)

$9.2 Million

T89 Equity

$7.2 Million

T89 Equity

$4.0 Million

$106.4 Million

Uses

$51.8 Million

Uses

Site Acquisition

$22.0 Million

Site Acquisition

Hard Costs

$80.0 Million

Hard Costs

Tenant Improvement
Soft Costs

$38.6 Million

$1.3 Million
Vision

Tenant Improvements

Site Analysis
Concept Finance
$4.0 MillionDevelopment
Soft Costs

---------------------------$36.4 Million
$2.4 Million
$1.8 Million

Return Analysis:
The Shoppes @ 14th Street
Assumptions
Net SF
Vacancy
Full ServiceRate Per SF
OPEX
Leasing Commission
CPI
Year 11 BTCF

154,735
10%
$38
30%
$1.25
3%
$4,949,340

Holiday Inn Express

Assumptions
Total number of Rooms
Number of Hotel Rooms
Floors
ADR
% other income
CPI
Year 11 BTCF

Project Cash Flow

Vision

Site Analysis

Development Concept Finance

114
114
5
$130
5%
3%
2,180,022

Sensitivity & Exit

Strategy:
RETAIL SENSITIVITY ANALYSIS
Interest

Leveraged

Exit Cap

Leveraged

Leveraged

Rate

IRR

Rate

IRR

Leverage

IRR

4.50%

22.76%

7.00%

23.66%

60.00%

17.38%

4.75%

22.35%

7.50%

22.77%

65.00%

18.57%

5.00%

21.93%

Highlight
8.00%
21.93%

70.00%

20.05%

5.25%

21.51%

75.00%

21.93%

8.50%

21.14%

HOTEL SENSITIVITY ANALYSIS

9.00%

20.39%

Interest

Leveraged

Exit Cap
9.50%

Leveraged
19.67%

Leveraged

Rate

IRR

Rate

IRR

Leverage

IRR

4.50%

26.08%

7.50%

27.33%

60.00%

19.63%

4.75%

25.66%

8.00%

26.58%

65.00%

21.08%

5.00%

24.22%

8.50%

Highlight25.89%

70.00%

22.89%

5.25%

24.80%

9.00%

75.00%

24.22%

Vision

Site Analysis

24.22%

Development Concept Finance

Conclusion:
The Shoppes @ 14th Street

Holiday Inn Express

The
Shoppes
th
@
14
An amenity rich
retail andStreet
lodging
destination with
an emphasis on
walkability and
lush Florida
landscaping.

Vision

Projected $62 million development co

14 month development timeline.
Levered/Unlevered IRR: 22.57% & 11.3
Hotel exit cap: 9.0%
Retail exit Cap: 8.0%
Local community and visitors benefit.

Deliver experience; win

loyalty
Site Analysis Development Concept Finance

Contact the
Team:

Dustin Anderson
(786) 232-1808
Danderson1120@gmail.com

Tyler Kitson
(239) 919-6973
Tkitson@kitsonpartners.com

Anthony Macini
(561) 866-0490
Anthonyjeffrey.macini@
gmail.com

Ryan Pumford
(561) 635-4982
rpumford@gmail.com

Robert Saunders
(347) 957-0592
RSaunders24@gmail.com

Ilyssa Shacter
(954)895-8883
IlyssaMara@gmail.com