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Neisen kasdin, Breaking the Mold: Unlikely Partnerships that are Transforming Cities
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New World SymphonyNew World SymphonyMiiami Beach, Florida
ULI Spring Meeting: ULI Spring Meeting:
“Breaking the Mold: Unlikely “Breaking the Mold: Unlikely
Partnerships that are Partnerships that are
Transforming Cities”Transforming Cities”- Neisen Kasdin, Akerman Senterfi tt- Neisen Kasdin, Akerman Senterfi tt
Financial StructureFinancial StructureTotal Building Cost: Operating Endowment:Total Building Cost: Operating Endowment: $162 million $38 million - Private Funds
Sources of Funds:Sources of Funds: - Anonymous Gift $90 million - Sale of Lincoln Theater $21 million - City of Miami Beach Grant $15 million - County Grant ($30 million) NPV- $24.3 million - Arison Arts Foundation Grant $11.7 million
Financial StructureFinancial StructureTotal Garage and Park Cost:Total Garage and Park Cost: - Park $13,000,000 - Garage $17,000,000
Sources of Funds:Sources of Funds: - City Center RDA $30 million
TimelineTimelineProject Approved by City of Miami BeachProject Approved by City of Miami Beach 2001 2001 Ground Lease with City of Miami BeachGround Lease with City of Miami Beach 2002 2002
Development Agreement with City of Miami BeachDevelopment Agreement with City of Miami Beach 2004 2004
Commencement of Construction Commencement of Construction 2008 2008 Completion Completion January 2011 January 2011