DAVIE MIXED USE DEVELOPMENT SITE SITE SUMMARY PACKAGE

Transcription

1 DAVIE MIXED USE DEVELOPMENT SITE SITE SUMMARY PACKAGE /- ACRE DEVELOPMENT SITE 2805 N UNIVERSITY DRIVE Davie, Broward County, Florida CONTACT: Brett Chwick Senior Director Terranova Corporation Phone: Fax: bchwick@terranovacorp.com Licensed Real Estate Broker

2 Table Of Contents Executive Summary...1 Property Location Map...2 Property Aerials Submarket Overview Property Demographics

3 ASKING PRICE: $2,500,000 Davie Mixed Use Development Site Executive Summary /- ACRE DEVELOPMENT SITE 2805 North University Drive Davie, Florida PROPERTY: /- Acres Full Parcel ID Numbers: / / / LOCATION: The Davie Mixed Use Development Site is located in Broward County, directly off University Drive just north of Sheridan Street and has 245 feet of direct frontage on University Drive. The site is positioned directly across University Drive from Monterra, a 1,600 home development, which is nearly completed. Most homes in Monterra are priced between $550,000 and $950,000. The site is ideally located to service the 1,600 new homes along with the over 48,500 cars that pass daily on University Drive. ZONING: Zoning is a mix of B-2 (Community Business District) and R-5 (Low/Medium Density Dwelling District). SITE PLAN: UTILITIES: SITE ACCESS: CURRENT SITE IMPROVEMENTS: LOCATION FEATURES: Current zoning is split with 1.52 acres B-2 Community Business District and 1.2 acres of R-5 Residential and allows for the development of commercial property in the front of the development site along N. University Drive and residential property in the rear of the property along N.W. 30 th Street. All utilities are available at the site. The site can be accessed directly from N. University Drive as well as N.W. 30 th Street. The Davie Mixed Use Development Site is currently being operated as Pop s Nursery, a very successful retail nursery, which has been voted #1 Nursery in South Florida by the Miami Herald two years in a row. The Nursery sells plants and gardening products and has a few structures that will be removed during redevelopment. The site has been filled and compacted and would only require a limited amount of preparation for development. The irregularly shaped mixed use development site is situated in a premier development location. The site boasts 245 square feet of unencumbered frontage along University Drive, a major north/south roadway that allows convenient access to all the major highways in Broward County, and is well located close to the Fort Lauderdale International Airport as well as local restaurants, retail, and entertainment. No warranty or representation express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals. I Terranova Corporation I 1

4 Davie Mixed Use Development Site Location Map Broward Country University Drive Stirling Road Sheridan Street University Drive SUBJECT Stirling Road Sheridan Street University Drive I Terranova Corporation I 2

5 Davie Mixed Use Development Site Aerial (Zoomed Out) Stirling Road University Drive Monterra 1,600 New Homes Priced Between $550K & $950K Subject Davie Road Ext Sheridan Street Traffic Count: 48,500 Cars Daily University Drive I Terranova Corporation I 3

6 Davie Mixed Use Development Site Aerial (Zoomed In) Monterra 1,600 New Homes Priced Between $550K & $950K Traffic Count: 48,500 Cars Daily I Terranova Corporation I 4

7 A Gem in Southeast Florida Davie Mixed Use Development Site Market Overview Pop s Nursery is located in the Town of Davie, a suburban municipality within Broward County in Southeast Florida, between the Atlantic Ocean on the east and the Florida Everglades National Park on the west. Broward County is Florida's second largest county, with a 2012 population of 1.8 million people, and projected to increase 2% in the next five years. Broward County average household income in 2012 is $68,027, compared to $62,684 statewide. It contains a diverse population in which 28% of residents are African American and 26% are Hispanic. The Town of Davie, located in central-west Broward County, is one of the county's gems: a municipality of 95,000 residents in a community that is part and parcel of South Florida's buzzing economy, but zealous to preserve a unique rural character that attracts some of the region's most attractive demographics. Average household income in the Town of Davie is $75,741, higher than the country wide and statewide averages. Its population is 32% Hispanic and 9% African American. This suburban portion of Broward County contains what is known as the South Florida College Center, a concentration of university and college campuses located around the intersection of University Drive and SW 36th Street, within the town of Davie. Institutions in this area include: Nova Southeastern University, Florida's largest private university; the Broward campuses for Florida Atlantic University and University of Florida, both part of the Florida state university system; and the Davie campus of Broward College, recognized as one of the 10 best community colleges in the country. Nova Southeastern University hosts practices for NFL's Miami Dolphins in its Davie campus. Broward County's 1,197 square miles are home to 30 municipalities, including Fort Lauderdale, which is the county seat and a well-known tourism and business destination, containing one of the fastest-growing airports in the country. Broward County's 23 miles of sandy beaches on its east coast and year-round warm weather make it part and parcel of South Florida's tourism industry as well as a major yachting center, with 42,000 resident yachts and 100 marinas and boatyards. Broward County's 126 miles of navigable canals have earned it the nickname of the "Venice of America." The county's modern and attractive business parks and urban office high-rises total more than 26 million square feet of office space, making it a location of choice for numerous companies, including Fortune 500 companies and well-recognized multinational corporations. Broward County's lifestyle includes top-notch cultural facilities, such as the Broward Center for the Performing Arts, now undergoing a $50 million expansion. Florida's Largest Metropolitan Area Broward County is a key component of the tri-county South Florida Metropolitan Area, which includes Miami- Dade County, located south of Broward County, and Palm Beach County, located north. Broward County along with Miami-Dade and Palm Beach counties function as one region, South Florida, in which residents continuously cross city and county lines to their jobs, to visit relatives and to pursue social and entertainment activities. The tri-county region counts over 5.4 million people, ranking as the sixth largest metropolitan area in the country, behind Los Angeles, New York, Chicago, Philadelphia and Dallas-Ft. Worth, according to the U.S. Census Bureau. I Terranova Corporation I 5

8 Davie Mixed Use Development Site Market Overview A Vibrant Region South Florida is a vibrant region where economic growth and residents' passion for life are palpable. It is the home and business cradle of singer Gloria Estefan and of the Estefans' music production empire; of singer Enrique Iglesias, son of Spanish crooner Julio Iglesias; of Andre Agassi and Steffi Graf. The area's natural beauty and good year-round weather, its diversity and its 24-hour pulse have attracted other celebrities such as actor Matt Damon, Puerto Rican singer Ricky Martin, basketball superstar Shaquille O'Neal, Colombian pop singer sensation Shakira, singer and actress Jennifer Lopez, and tennis star Anna Kournikova. Other artists who spend much of their time in South Florida include actor Andy Garcia and singer Jon Secada. South Florida is home to well-recognized national sports teams that include 2012 National Basketball Association champions Miami Heat; the 2003 Major League Baseball champions Florida Marlins; the Miami Dolphins football team; and the Florida Panthers hockey team. The University of Miami Hurricanes football team is one of the preeminent programs in all of college football, having won five national championships since 1983, making it the most successful college football program of the past quarter century. The region's cultural scene includes world-renowned film festivals as well as professional dance, theater and music organizations, and such world class facilities as the $446 million Performing Arts Center in downtown Miami. The Broward Center for the Performing Arts in Fort Lauderdale currently is undergoing a $50 million expansion that will add about a new VIP area, about 40,000-square-feet of space for arts and education programs and a two-story waterfront pavilion on the north bank of the New River that will house a banquet hall, conference rooms and a restaurant. The expansion is projected for completion in January Broward County - A Residential Hub in South Florida With 1.8 million residents, Broward County is Florida's second most populous county, behind Miami-Dade County. It also carries the distinction of being a major residential hub in the tri-county area. Residential migration to Broward County from Miami-Dade began in 1992, after Hurricane Andrew destroyed much of southern Miami-Dade County's residences, whose owners sought temporary housing - then permanent - in their northern neighbor. Such migration has kept ongoing ever since, with a growing number of people working in Miami-Dade while residing in Broward County. County analysis of U.S. Census data show that nearly one of every four Broward working residents holds a job in Miami-Dade (and to a lesser extent in Palm Beach County). The reverse - i.e. percentage of Miami-Dade and Palm Beach County residents holding jobs in Broward County - is 7.1% for Miami-Dade and 9% for Palm Beach County. An estimated 115,044 Broward residents work in Miami-Dade County, and another 52,712 have jobs in Palm Beach County. This cross-county commuting pattern is an indication of Broward County's more desirable housing supply for working professionals, relative to that of Palm Beach (which in general is more luxurious but also more expensive) and Miami-Dade (which in general is more expensive but not more luxurious). Broward County's residential character includes the sixth largest public school district in the United States and the second largest in Florida after Miami-Dade County, with more than 270,000 students in over 250 schools. Broward County also is a hub of higher education, with more than 70,000 students enrolled in the county's institutions of higher learning, including Nova Southeastern University, Florida Atlantic University, Florida International University and Broward Community College. I Terranova Corporation I 6

9 Davie Mixed Use Development Site Housing Market and Growth Broward County's Residential Construction Broward County experienced a population boom between 1990 and 2000, its population growing 29% in this decade, accompanied by a similar boom in residential construction. Residential growth continued into the next decade, but has been slowing down since 2006, due to the economic recession of (see first table below). Similarly, residential construction specifically within the town of Davie also has slowed noticeably since 2006 (see second table below). Broward County's median home value in 2012 is $162,134, compared to a statewide median of $142,060. In the Town of Davie, median home value is $172,482 Broward County Residential Construction Housing Unit Building Permits For: Broward County, Florida Total Units 8,709 6,951 6,716 3,933 2,164 1,049 1,168 2,444 Units In Single-Family Structures 4,784 3,609 3,550 1, ,446 Units In All Multi-Family Structures 3,925 3,342 3,166 2,179 1, Town Of Davie, Florida Residential Construction Housing Unit Building Permits For: Davie, Florida (Broward County) Total Units Units In Single-Family Structures Units In All Multi-Family Structures I Terranova Corporation I 7

10 The South Florida Economy Davie Mixed Use Development Site Economic Overview Like the rest of the country, South Florida was impacted by the economic recession, which was felt hardest in the region's construction industry and banking industries. But recovery from the economic recession is evident. The adjusted unemployment rate for the Miami-Fort Lauderdale metropolitan region as of July 2012 was 8.7%, compared to 10.5% a year before. In addition to a robust public sector that includes some of the country's best schools, universities, health care facilities, roads and public safety, South Florida harbors a diverse private sector that generates thousands of professional jobs across various industries, resulting in a thriving economy with an active and receptive consumer market. The region continues to grow its thriving trade and tourism industries, which have earned South Florida a distinction as U.S. capital of Latin America. Major publicly-traded corporations in South Florida include: Office Depot (Palm Beach County) FPL Group (Palm Beach County) Lennar Corp (Miami-Dade County) Ryder System (Miami-Dade County) Carnival Cruise Lines (Miami-Dade County) Royal Caribbean International (Miami-Dade County) AutoNation (Broward County) World Fuel Services (Miami-Dade County) Broward County, along with Miami-Dade, also benefits from international trade, a sector that has contributed to growing passenger and cargo traffic at the airport and seaport. Accordingly, more than 1,000 multinational corporations are established in South Florida. Major companies with Latin American headquarters in the region include: General Motors (Broward County) Hewlett-Packard Latin America (Broward County) Nokia Corp (Miami-Dade County) Caterpillar Americas Services (Miami-Dade County) American Airlines (Miami-Dade County) Novartis Pharmaceutical Corp. (Miami-Dade County) Kraft Foods (Miami-Dade County) Alcatel-Lucent (Broward County) DHL Global Forward (Broward County) I Terranova Corporation I 8

11 Growing Employment Sectors Davie Mixed Use Development Site Economic Overview Education and health services in South Florida have experienced over-the-year employment gains every month since April 1999, according to figures from the U.S. Bureau of Labor Statistics. In June 2012, these sectors grew 3.7% compared to a year before, adding 12,600 jobs. Nationwide, employment in these sectors grew 2.2 percent over the same 12-month period. Trade, transportation, and utilities had the second largest over-the-year increase in jobs locally in June 2012, growing by 9,200. Professional and business services (8,400) added the third most jobs in the Miami area since June 2011, growing at a 2.5-percent pace. Major Private South Florida Employers Name Employees University of Miami 13,822 Publix Supermarkets 11,000 American Airlines 9,000 Baptist Health South Florida 8,510 Winn Dixie Stores 8,000 FPL Group 7,510 American Express 4,846 Nova Southeastern University 3,967 PRC 3,000 The Answer Group 2,800 Motorola 1,700 Broward County Economy Broward County packs an economic punch that feeds South Florida and the entire state. The county is a growing urban metropolis that also includes some of the country's best leisure destinations and amenities, some of the most charming laid-back communities, but also some of the most dynamic business and urban communities. A 2011 article in Site Selection magazine, a trade publication, listed the characteristics that lead corporation to locate or re-locate their operations in Broward County: Low tax rate for businesses. Work force is highly educated, mobile and multilingual. Area's transportation and logistics network - including access to three international airports and one of the busiest cargo seaports in the U.S. - is the best in Florida. Quality of life, including access to health care, is one of the best in the country. Broward County's unemployment rate in July 2012 was 8.1%, compared to 9.7% in July Elements of the county's ongoing recovery are evident in its growing tourism and trade sectors, in its solid education and health care institutions and in its resilient retail sector. I Terranova Corporation I 9

12 Tourism and Trade in Broward County Davie Mixed Use Development Site Tourism and Trade With some of the nation's best beaches, golf, boating, gaming and shopping, tourism is one of Broward County's major industries, accounting for over 112,000 jobs and injecting over $9 billion into the local economy each year, according to the Greater Fort Lauderdale Convention & Visitors Bureau. Broward has more than 561 lodging establishments, with nearly 35,000 hotel rooms, ranging from luxurious high-rises to smaller boutique motels. Broward County hosted 11.1 million visitors in 2011, up 2.8% from 10.8 million visitors the year before. Visitors spent a total of $9.01 billion in the county, and boosted hotel occupancy to 71%, compared to 67% a year before, with an average daily room rate of $110.14, up 4% from $ the year before. Growing Airport Traffic Not surprisingly, the Hollywood-Fort Lauderdale International Airport (FLL) is one of the fastest growing airport in the United States, and is ranked as one of the world's 50 busiest airports. Hollywood-For Lauderdale International Airport processed over 23.3 million passengers in 2011, up 4.7% from The airport is the largest base for Spirit Airlines. Port Everglades - Second Busiest Cruise Hub in the World Nearly 6,000 ships dock at Broward County's Port Everglades each year, making the port the second busiest cruise hub in the world, behind Port of Miami. Port Everglades ranks 11th among U.S. containerized ports, and was ranked by the U.S. Dept. of Transportation among the Top 50 Gateways. Thirteen cruise lines offered services at the Port in FY2011 via a 55-ship cruise fleet, including Carnival Cruise Lines, Celebrity Cruises, Costa Cruise Lines, Cunard Line, Discovery Cruise Line, Holland America Line, MSC Cruises, P&O Cruises, Princess Cruises, Regent Seven Seas Cruises, Royal Caribbean International, Seabourn, and Silversea Cruises. Total number of passengers traveling through Port Everglades totaled 3.95 million in fiscal year 2011, up 7.6% from 3.67 million the year before. Cruise traffic generated a record $56.7 million in revenue, up 24.1% from fiscal year Recovering from the global economic downturn of , containerized cargo activity through Port Everglades increased 11% in fiscal year 2011 to 5.8 million tons and 880,999 TEUs (20-foot equivalent units which is the standard measuring tool for containerized cargo), up from 5.2 million tons and 793,227 TEUs the year before. Revenue from containerized cargo increased to $31.7 million, up 7.4% from $29.5 million in fiscal year I Terranova Corporation I 10

13 Davie Mixed Use Development Site Health Care Industry Health Care Industry Health care is a major employment sector and economic engine in South Florida, accounting for more than 70,000 direct jobs in the region. Some of the nation's most prestigious and established health care companies have landmark facilities in Broward County, contributing to the county's economic vitality and quality of life. Broward County has approximately 20 acute care hospitals with nearly 6,000 licensed beds and more than 3,000 affiliated physicians. Major medical centers in the county include: North Broward Hospital District / 7,500 employees: A non-profit community health, it is one of the largest in the country. It is anchored by four medical centers: Broward General Medical Center in Fort Lauderdale, North Broward Medical Center in Deerfield Beach, Imperial Point Medical Center in Fort Lauderdale, and Coral Springs Medical Center in Coral Springs. These centers are complemented by the Weston Regional HealthPark in Weston. Memorial Healthcare System / 8,000 employees: Another leading healthcare provider, Memorial serves southern Broward County with a network of five hospitals: Memorial Regional Hospital and Joe DiMaggio Children's Hospital in Hollywood, Memorial Hospital West and Memorial Hospital Pembroke in Pembroke Pines, and Memorial Hospital Miramar in Miramar. Hospital Corporation of America (HCA) / 4,000 employees: The nation's largest provider of health care services and a publicly-traded company, HCA has a South Florida network of facilities employing over 12,500 people, including 4,000 in Broward County. The network includes four Broward County hospitals and two outpatient surgery centers, employing more than 3,000 physicians: Northwest Medical Center in Margate, Plantation General Hospital and Medical Center in Plantation, University Hospital and Medical Center in Tamarac, Westside Regional Medical Center in Plantation, Outpatient Surgical Services of Plantation, and Outpatient Surgery Center of Coral Springs. Tenet South Florida / 5,000 employees: A component of Tenet Healthcare, the nation's second largest provider of healthcare services and a publicly-traded company, Tenet operates 14 acute care hospitals and one specialty hospital in South Florida, including four hospitals in Broward County: Florida Medical Center in Lauderdale Lakes, North Ridge Medical Center in Fort Lauderdale, Hollywood Medical Center in Hollywood, and Cleveland Clinic Hospital in Weston. Cleveland Clinic Florida / 1,500 employees: Established in Weston in 1988, this facility is part of the Cleveland Clinic Foundation in Ohio, a non-profit, multi-specialty referral group practice renowned world wide for providing medical excellence with an emphasis on research and education. Cleveland Clinic Florida has more than 100 physicians with expertise in approximately 35 specialties, and has been recognized as one of the nation's 100 Top Hospitals. Nova Southeastern University's Health Professions Division is a multidisciplinary academic health center with state-of-the-art facilities including the College of Osteopathic Medicine, the only such college in the southeastern United States. Located on NSU's main campus in Davie, the Health Professions Division encompasses six colleges and a variety of academic programs. NSU also operates 15 clinical centers that provide educational resources and patient care to South Florida communities. I Terranova Corporation I 11

14 Davie Mixed Use Development Site Higher Education Higher Education Broward County offers employers a well-educated labor force, many of who get their training in the county's most recognized higher-education facilities: Nova Southeastern University has its main campus on a 300-acre facility in Davie. With more than 26,000 students, it is the second largest independent institution of higher learning in Florida, the largest independent institution of higher education in the Southeast, and it is the sixth largest independent institution nationally. The university employs 2,500 full-time employees and 875 part-time faculty, and is credited with creating nearly 21,000 secondary jobs in South Florida. Nova Southeastern is estimated to have an economic impact in South Florida of $465 million. The university awards bachelor's, master's, educational specialist, doctoral, and first-professional degrees in a wide range of fields, including business, counseling, computer and information sciences, education, medicine, dentistry, various health professions, law, marine sciences, psychology, and other social sciences. Florida Atlantic University, a 25,000-student state university, serves more than 6,000 students on three Broward County campuses: Dania Beach, Davie and Fort Lauderdale. The university is estimated to have an economic impact in Broward County of $133 million, its annual payroll in Broward County estimated over $23 million. The university offers four-year and graduate degrees in business and public administration, education, humanities, science, social science and engineering. On the 38-acre Davie campus, students pursue degree programs in partnership with Broward Community College in the Colleges of Architecture, Urban and Public Affairs, Arts and Letters, Business, Education, Engineering, Nursing and Science. The Davie campus is also the University's headquarters for expanding environ mental research initiatives focused on Everglades restoration. In the next 10 years, the Davie campus will become a center for growing research partnerships as it nearly doubles in size. More than 5,000 students are currently pursuing degrees on the Davie campus; that number is expected to double in the next decade. Broward Community College serves its 20,000 students on three campuses and offers an associate in arts degree program. It also assists local industries by providing programs in computers, robotics, computer-assisted design, international business and communications. Broward Community College pays over $75 million in employee salaries. Art Institute of Fort Lauderdale, with over 3,000 students, is one of 32 art institutes nationwide, accredited by the Council of Independent Colleges and Schools. It awards bachelors degrees, associate degrees and diplomas in the creative arts, in fields that include design, media arts, fashion and culinary arts. Other universities in Broward County are American InterContinental University, Knox Theological Seminary and South Florida Bible College and Theological Seminary. I Terranova Corporation I 12

15 Broward County Retail Market Davie Mixed Use Development Site Broward County Retail Market The Broward County Retail Market has 37.2 million square feet in 271 shopping centers of 50,000 square feet or more, not including enclosed regional malls and lifestyle centers. The county's vacancy rate in 2012 is 11%, and average asking net rent is $21.39 per square foot, which reflects an increase of 3.6% from the previous year. Number of Centers Vacancy Rate Average Asking Rent Submarket (Listed by Change in Rent) % Change in Rent % 13.3% Plantation $22.53 $ % % 10.8% Lauderdale Lakes $14.80 $ % % 5.2% Hollywood / Hallandale $22.20 $ % % 7.7% Pembroke Pines / Miramar $22.50 $ % % 3.9% Dania / So. Fort Lauderdale $24.61 $ % % 17.5% Coral Springs / Margate $18.41 $ % % 8.9% David / Weston $22.83 $ % % 15.4% Tamarac / Sunrise $16.92 $ % % 9.7% % 9.5% Oakland Park / No. Fort Lauderdale Pompano Beach / Deerfield Beach $23.11 $ % $21.24 $ % % 11.2% Broward County $20.74 $ % I Terranova Corporation I 13

16 Davie Mixed Use Development Site Broward County Retail Market While the economic recession of hammered occupancy and average rents, leasing activity has been brisk over the past 24 months, as surviving retailers take advantage of new space opportunities. A cadre of new uses emerged for a total of 11 Blockbuster spaces in Broward County that became vacant after the video rental chain filed for bankruptcy: PNC Bank, Ulta Cosmetics, Baptist Health, Rainbow Shops, Alex Bicycle Shop, Bank United, Crossfit Seige, AT&T, Mattress One, Classy Girl Beauty Supply and Tools and Much More. Also seizing expansion opportunities are big-box retailers like Sports Authority and dd's Discount, each opening a couple of new stores in Broward. Walmart continues on an aggressive expansion path, opening a new store in Pembroke Pines and planning five new stores throughout the county: Davie, Deerfield Beach, North Lauderdale, Pompano Beach and Oakland Park. dd's Discount and Dick's Sporting Goods opened in Oakland Park/N. Fort Lauderdale; Marshalls opened a new store in Lauderdale Lakes; and a new Publix is under construction in Pompano Beach. Medical users Miami Children's Hospital and Baptist Hospital both opened new big-box facilities in Broward shopping centers. Also noticeable is the expansion of Golden Krust Caribbean Bakery & Grill, a franchise chain originating from Jamaica with U.S. headquarters in Bronx, NY, and which opened three new locations, in Miramar, Coconut Creek and Tamarac. Three tenants new to South Florida entered the market: Okey Dokey, a chain of small discount grocery stores owned by a Russian company; The Garlic Knot, a pizza restaurant based in Littleton, Colo. but which tries to emulate New York-style pizza and pasta; and Uddersweets, a candy and ice cream store from local restaurateur Weston Dining Group. Moderate New Retail Construction Developers are following a measured pace for new retail construction. There has been virtually no new construction of centers over 50,000 square feet over the past year, with the exception of one new center, anchored by Publix, breaking ground in Pompano Beach. Two other new projects are proposed, both in the town of Davie: Trotters Chase, a mixed-use project with 114,000 square feet and College Crossing, a 270,000 square foot power center. I Terranova Corporation I 14

17 Market Demographics Map Prepared on: Prepared For: Tues Sep 11, 2012 Page 1 of 2 Nielsen Solution Center The Nielsen Company. All rights reserved. Prepared By: I Terranova Corporation I 15

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