A confidential offering memorandum distributed to potential investors last year, shows that the developers of the South Dade Logistics and Technology District — the complex of warehouses they want to build across the Urban Development Boundary — were counting on the “relationships” they had to make it happen.
This is important because the developers had five bites at the apple before the commission finally approved an adjusted application Nov. 1 to develop 311 acres of farmland into an industrial park. While the professional staff and every state and federal agency and environmental group — even Sen. Marco Rubio — urged the commission to vote against the application, many commissioners went out of their way to defend the developers’ position and make their case for them.
Particularly, Chairman Jose “Pepe” Diaz, who has almost guided the application through.
The vote to approve it was vetoed by Miami-Dade Mayor Daniella Levine Cava. The commission could vote to override that Tuesday — or they can take a look at this document and realize that this whole real estate deal stinks.
Read related: La Alcaldesa vetoes vote to move the UDB for industrial park, says ‘no need’
The 44-page pitch deck on 98 acres of the previously 800-acre project shows they counted on that. On page 18, under the property summary it addresses the UDB issue.
“The park is currently outside of the UDB, however, the developers of Phase I & II within the park have an application into the county to expand the UDB to include the additional 786 acres,” it says. “The UDB has been expanded before for Codina’s project in Beacon Lakes and the development team is confident they have the right team and relationships necessary to obtain the county’s approval.”
The relationships necessary to obtain the county’s approval. Ladra wonders who they mean. Not!
The whole pitch deck, obtained exclusively by Political Cortadito, indicates that this is a speculative investment, as opponents and the district commissioner, Danielle Cohen Higgins, have repeatedly said. That’s why they don’t have a single tenant identified. They never will. They will be selling the property with the new development rights.
Read related: Commissioners go out of their way to defend, promote moving the UDB
A land use change from farmland to industrial, allowing for the development beyond the UDB, would increase the value of the land at least fourfold, from about $21 million to more than $85 million, Cohen Higgins said.
The pitch deck document was prepared by Butters, a development and real estate management firm, and CBRE Inc., which are new names in this deal, at a time when the project was called the South Dade Logistics Park. It was to be part of Jose Hevia‘s South Dade Logistics and Technology District. And, while there have been no site plans presented to the commission, this memorandum considered two possible industrial site plan configurations.
“Light Industrial” would spread 2 million square feet across 12 buildings with building depth ranging from 160 feet to 220 feet and “bulk industrial,” which would spread 2.13 million square feet across six buildings with depth between 160 feet and 410 feet.
There was also talk of a 150-key limited-service hotel. That’s on page 6.
What other documents, memorandums and pitches on this precious and prohibited property has the commission — and the public — not seen? Why are investors given more details?
This is yet another reason why commissioners should allow the veto to stand.
Memo: ‘Relationships’ would help pass UDB expansion vote at Miami-Dade added by Ladra on
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