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  • September 2017 (Revised December 2019)
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Miami Price: Bidding on an Iconic Transit-Oriented Development Site

By: Charles F. Wu, Aaron Stolear, Vitali Bourchtein and Sayiddah Fatima McCree
  • Format:Print
  • | Language:English
  • | Pages:18
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Abstract

13th Floor-Adler, a partnership of 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 7.5+/- acre parking lot, adjacent to a heavy-rail rapid transit station, into a Transit-Oriented Development (TOD) in Miami. To win, 13th Floor-Adler 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 (13th Fl), with over $1B 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 the proposal due to their 50+ years’ experience in Miami.
At "Link @ Douglas," can Karsenti and his 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?

Keywords

Land Valuation; Real Estate Development; Real Estate; Land Markets; Land Investment; Property; Design; Valuation; Real Estate Industry; Miami

Citation

Wu, Charles F., Aaron Stolear, Vitali Bourchtein, and Sayiddah Fatima McCree. "Miami Price: Bidding on an Iconic Transit-Oriented Development Site." Harvard Business School Case 218-034, September 2017. (Revised December 2019.)
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Related Work

    • May 2018
    • Faculty Research

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

    By: Charles F. Wu and Sayiddah Fatima McCree
    • September 2017 (Revised December 2019)
    • Faculty Research

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

    By: Charles F. Wu, Aaron Stolear, Vitali Bourchtein and Sayiddah Fatima McCree
Related Work
  • Miami Price: Bidding on an Iconic Transit-Oriented Development Site By: Charles F. Wu and Sayiddah Fatima McCree
  • Miami Price: Bidding on an Iconic Transit-Oriented Development Site By: Charles F. Wu, Aaron Stolear, Vitali Bourchtein and Sayiddah Fatima McCree
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