LINK @ DOUGLAS STATION

Miami Price: Bidding on an Iconic Transit-Oriented Development Site

by Charles F. Wu, Aaron Stolear, Vitali Bourchtein, and Sayiddah Fatima McCree

Abstract

A partnership between 13th Floor Investments and Adler Group, was compiling a response to a Miami-Dade County Request for Proposal (RFP). The RFP’s prize was the opportunity to develop a 75 +/- acre parking lot adjacent to a heavy-rail rapid transit station into a Transit-Oriented Development (TOD) in Miami. To win, the team had to submit a proposal that was the ‘highest and best use for the land, catered to the County’s demands for workforce housing, provided a market return for investors, and compensated the County for the use of the land.

Throughout its history, Miami has been subject to a number of real estate booms and busts. Intricate expertise of Miami’s demand drivers were necessary in order to succeed. Arnaud Karsenti (MBA 2006) founder and Principal at 13th Floor Investments, with over $1 Billion worth of completed transactions in the South Florida market, had this well of expertise. Furthermore, the Partnership with the Adler Group. headed by Michael M. Adler, provided additional credibility for proposal due to their 50+ years experience in Miami. At Link @ Douglas, can Karsenti and team be placemakers’ creating a true live, work and play environment deliver market returns to investors and create a winning proposal that caters to the demands of the Miami-Dade County officials?

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13th Floor Investments is a Miami-based alternative investment management firm that invests in value-add and opportunistic residential and commercial real estate transactions within the state of Florida. The firm seeks short and medium duration equity and debt investments that offer a compelling case for generating high absolute returns.

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