SoMi Industrial Portfolio OM

SOUTH MIAMI INDUSTRIAL PORTFOLIO | MARKET OVERVIEW

LOCAL DEVELOPMENTS

Urban Center District / Southland Mall Redevelopment

Southland Mall is Miami-Dade’s southernmost regional mall and enjoys an expansive and growing trade area, up 10% since 2010 in population and expected to grow another 10% by 2020. The mall falls within the Urban Center District (UCD), envisioned by the Town of Cutler Bay to be a pedestrian- friendly, mixed-use, high-density downtown. With the assistance of international architectural firm Zyscovich, redevelopment options have been prepared to take advantage of the UCD. The plans envision largely maintaining the existing mall footprint, razing the Kmart/Ross building, and adding some combination of multi-family, hotel and restaurant/retail uses. The town is supportive of such redevelopment proposals as consistent with their vision of a future downtown area. Located just south of the industrial node in which 10 of the Portfolio’s buildings are situated, the area surrounding the mall serves as a natural choice for a future downtown for the following reasons: • Transportation infrastructure to support a downtown is already developed given the ease of access via Florida’s Turnpike, South Dixie Highway and the Transitway. • Miami-Dade County is expected to extend MetroRail to Homestead, with a station in the vicinity of the Southland Mall. • The mall is surrounded by multiple local institutions, including the South Miami-Dade Cultural Arts Center, South Dade Regional Library, Miami- Dade Police Department South District Station, South Dade Government Center, US Social Security Administration and Cutler Bay Town Hall, which collectively would bring a cultural and civic identity to a downtown area as well as significant daytime employment. • Miami-Dade is considering the creation of a Cultural Arts Village on land part of the South Dade Government Center. This village is envisioned to include entertainment uses and artist lofts that would complement the adjacent Cultural Arts Center. Renderings looking down the Entertainment Plaza (left, above) and the new Main Street (left, below), as presented in Zyscovich’s redevelopment options.

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VIEW LOOKING NW DOWN THE ENTERTAINMENT PLAZA

SOUTHLAND MALL STRATEGIC REDEVELOPMENT PLAN 20505SouthDixieHighway,Miami,FL33189

09/16/2016

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VIEW LOOKING NE DOWN MAIN STREET

SOUTHLAND MALL STRATEGIC REDEVELOPMENT PLAN 20505 South Dixie Highway, Miami, FL33189

09/16/2016

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