Norwegian Cruise Line_OM_C&W Miami FINAL RSF
SUBURBAN OFFICE BUILDING DEVELOPMENT PRO-FORMA (MIAMI MARKET) This Development Pro-Forma has been established as a result of validating hard and soft costs with Turner Construction and is also in alignment with pricing parameters for proposed projects in suburban Miami Dade. This is indicative pricing related to what it would cost to build a new campus aligned to NCLH’s needs and is juxtaposed to the $423/SF required to deliver the campus utilizing the existing buildings yileding a discount of neraly 50% over new construction
SUPERIOR FLEXIBILITY ON RESIDUAL VALUE
Pro-forma Development Specifications
The Landings has a mixed-use zoning designation allowing for use as office, hotel or industrial. Given the limited vacant land in South Florida and continued demand for Industrial space, should NCLH not renew, or should ownership desire to repurpose the property, Industrial is likely the highest and best reuse given adjacency to MIA airport.
NCLH is committing to a long-term lease at the project. They have been in the project for nearly 30 years and may simply renew in the future providing uninterrupted future cash flow.
Campus Size
425,000 SF
Structured Parking Garage
5/1000 (2125 Spaces)
Land Size
11.5 acres (assume fully entitled)
Construction Modality
Class A Suburban Office (glass buildings)
Development Costs
Miami is just beginning to hit its inflection point of growth which is not expected to assuage in the near-term. The buildings could revert back to multi-tenant office buildings in a top tier location with increased rates at NCLH expiration.
Given proximity to the airport and regional access, the property could be evaluated as an ancillary support facility for MIA airport either on a long-term lease to the FAA/ Airport authority or to Miami Dade County.
Hard Costs (Office Building Shell):
$300/SF
$127.5M
Hard Costs (Interior Tenant Improvements)
$175/SF
$85M
Soft Costs (Permitting, A&E Fees, Advisory Costs, Legal, etc.)
$92.41/SF
$39.3M
Structured Garage: $25,000/Space
$125/SF
$53.125M
Land Costs ($5M/Acre)
$5M/Acre
$57.5M
($828/SF)
$351.8M
Total Projects Costs
17 | Norwegian Cruise Line Holdings
Cushman & Wakefield | 18
Made with FlippingBook - Online catalogs