5700 Biscayne Boulevard Miami, Florida

1. UPPER EAST SIDE at 55th Street Station 5700 Biscayne Boulevard Miami, Florida Ross Abramson, Eloine del Valle, Jose Prado, Victor Santana, Graham Tedesco Fall 2009

2. LOCATION PLAN Northeast 58th Street 79th Street Belle Meade UPPER EAST SIDE Project Site at 55th Street Station Northeast 4th Court Upper East I- 95 Northeast 56th Street Morningside Biscayne Boulevard (US 1) I-195 55th Street Station Midtown Biscayne Bay Edgewater Miami Beach Omni / PAC Northeast 4th Avenue I-395 CBD Northeast 54th Street

3. 55TH STREET STATION UPPER EAST SIDE at 55th Street Station

4. LAND USE AND ZONING Miami 21: T6-8 O Urban Core, Eight Stories Maximum, Open Lot Coverage 1-8 stories, 80% Floor Lot Ratio 5 (25% Public Benefit) Open Space Requirements 10% lot area min Green Space Requirements 5% lot area min Height 2 stories min 8 stories max Setbacks Principal Front 10 feet min Secondary Front 10 feet min Side Streets 0 feet (1-8 stories) Rear 0 feet (1-8 stories) UPPER EAST SIDE at 55th Street Station

5. MARKET AREA 79th Street Belle Meade UPPER EAST SIDE at 55th Street Station Upper East Morningside I- 95 US 1 Corridor I-195 Midtown Biscayne Bay Miami Beach Edgewater Omni / PAC I-395 Downtown

6. US1 CORRIDOR Demographic Highlights 2009 Population 23,252 Average Household Size 1.90 Median Value of Owner Occupied Units $336,038 Average Household Income $ 65,389 Median Household Income $ 41,927 Baby Boomers (50-65) 21.74% Generation ‘X’ (35-45) 20.30% Echo Boomers (25-35) 14.08% Total 56.12% Median Age 42.43 College Educated 58.47% White Collar 68.97% Non-Family Households 61% 1 and 2 Person Households 78.72% UPPER EAST SIDE at 55th Street Station

7. SITE PLAN UPPER EAST SIDE at 55th Street Station

8. FLOOR PLANS UPPER EAST SIDE at 55th Street Station Ground Level Upper Levels

9. TENANT MIX Chipotle 5,327 sf Ghirardelli 2,907 sf Fat Burger 2,450 sf Books and Books 13,165 sf Mr. Chow 11,356 sf Einstein Brothers 2,427 sf Starbucks 2,473 sf Au Bon Pain 2,049 sf Office Class “B” 77,300 sf UPPER EAST SIDE at 55th Street Station

10. UPPER EAST SIDE at 55th Street Station

11. COMPETITIVE/COMPARABLE PROPERTIES • Shops at Midtown • 645,000 SF Retail GLA • Major Tenants: • Target 141,114SF • Ross 35,324SF • Marshalls 32,062SF • PetSmart 19,607SF • Loehmann’s 30,964SF • Submarket Rent: $28-$32/SF • Submarket Vacancy: 11% • Mary Brickell Village • 200,000 SF Retail GLA • Major Tenants: Publix, Balans, Rosa Mexicana, Blue Martini • Large Parking Garage • Submarket Rent: $40/SF • Submarket Rent: $35/SF • Submarket Vacancy: 13% UPPER EAST SIDE at 55th Street Station • CocoWalk • RETAIL • 196,497 SF Retail GLA • Major Tenants: Cheesecake Factory, Chili’s, • Victoria’s Secret, Gap, Crazy Pianos • Submarket Rent: $35-$40/SF • Submarket Vacancy: 10% • OFFICE • 17,414 SF Office GLA • Submarket Rent: $33/SF • Submarket Vacancy: 13% • Shoppes at Sunset Place • Urban Entertainment Center • 514,000 s.f. of Commercial Space • AMC Movie Theater, Gameworks Arcade, Splitsville Bowling Alley, Barnes & Noble

12. PROJECT COSTS

13. ASSUMPTIONS FOR PRO FORMA

14. PROJECT TIMELINE

15. FINANCING STRUCTURE Land Loan Construction Loan Mini-Perm Loan Perm Loan

16. CAPITAL STRUCTURE & COST BREAKDOWN TOTAL PROJECT COST: $31,543,448

17. FINANCIAL HIGHLIGHTS Break Even Occupancy 42% Baseline IRR16.64% Assumptions Vacancy 10% Weighted Average Rent $32.00 psf Unfavorable Market Conditions IRR 11.68% Assumptions Vacancy 20% Weighted Average Rent $30.00 psf Best Case Scenario IRR 22.53% Assumptions Vacancy 0% Weighted Average Rent $37.50 psf UPPER EAST SIDE at 55th Street Station

18. COMMUNITY BENEFITS • Creation of a “third place” • Revitalization of Upper East Side • Providing an area for the Green Market • Serving an underserved market • Complementing the existing 55th Street Station • Offering a dining destination for breakfast, lunch and dinner UPPER EAST SIDE at 55th Street Station

19. UPPER EAST SIDE at 55th Street Station