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BAYAHIBE ENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH The Team We - PowerPoint PPT Presentation

Nov 05, 2023 •276 likes •588 views

BAYAHIBE ENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH The Team We are a non-profit development company focused on economic development through entrepreneurship, incubation and community revitalization Mileyka Jordanne Craig Valamere Iris

  1. BAYAHIBE ENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH

  2. The Team We are a non-profit development company focused on economic development through entrepreneurship, incubation and community revitalization Mileyka Jordanne Craig Valamere Iris Financial Advisor General Contractor Project Leader Community Government Engagement Relations Advisor Advisor

  3. DOMINICAN DISTRICT TIMELINE 1960’s 1980’s 2003 2016 2014 Dominican community Unofficial Dominican starts settling in Miami BAYAHIBE Little Santo Domingo University of Miami business district proposed area designated by community charrette created on 17th Ave City of Miami in urban design City of Miami Planning Creation of Little Dominican community 17th Avenue and Dept releases “Little Santo Santo Domingo as a growth in Allapattah Comstock Park named Domingo Design Standards destination included in Juan Pablo Duarte and Improvement Ideas” City of Miami’s 1970’s Strategic Plan 1990’s 2013 2015

  4. Development Concept To build an incubator focused on destination economic development to revitalize the Allapattah community. ● Leverage the growth of historic and new businesses ● Enhance the quality of life of residents ● Preserve the Dominican culture of the area

  5. Cultural Incubator Concept A coworking space & business incubator that will serve as a BAYAHIBE: community hub & activator for cultural tourism in Allapattah ▪ Collaborative, affordable, & professional working environment ▪ Shared “collective” workspaces COWORKING: ▪ Rentable conference spaces ▪ Private offices ▪ Engage & support members AND the broader community ▪ Develop strategic partnerships INCUBATOR: ▪ Offer technical business assistance & mentorship placement ▪ Host artistic and cultural shows and social events

  6. Incubators Work! ● Diverse support network ● Collaboration opportunities ● Low-cost office space ● Boost Productivity* ● Increase confidence* ● Knowledge-sharing

  7. Building & Interior Space Design Concept FOCAL DESIGN: ▪ Natural Light ▪ Raw wood / Bamboo ▪ Repurposed and affordable materials USE: ▪ Flexible Space ▪ Day and Night activities ▪ Encourages social interaction ▪ Honor the history of the neighborhood

  8. First Floor Commercial Xcolat Pizzarelli Kitchen La Bomba Carwash Temp Arts & Cultural Vendors Hallway Barra Payan Criollisimo Cafe Colmado Sushi Bon SDQ

  9. Shared Commercial Kitchen

  10. Second Floor: Virtual Office & Co-Sharing Space

  11. Third Floor: Rooftop Terrace

  12. Energy Conservation Strategy Goal: To reduce energy consumption, and maximize energy efficiency by utilizing renewable and alternative energy strategies like Solar Investment Tax Credit (ITC) WATER ❖ Install sub meters to MATERIALS ELECTRICITY monitor water flow ❖ ❖ Drip Irrigation for wall Solar panel roofing ❖ Renewable, recycled ❖ gardens Solar powered street material ❖ ULF- Ultra low flush lights ❖ Flooring-Industrial ❖ generator backup for toilets concept- Polished ❖ Monthly monitoring to hurricane season concrete ensure correct use ❖ Energy efficient products

  13. Operational Programming Workday 24/7 • Open collective spaces that can • 12 Private offices comfortably fit 50 members • Lockers including a quite lounge area • 2 Bathrooms • Reception area open • Kitchenette • 2 private phone booths • Outdoor garden • 2 conference Rooms Night Life • Art shows • Public presentations •Workshops • Trainings • Discounted or free to members • Open to the public for fees

  14. Site Location: Allapattah 3010 NW 17th Avenue, Miami, FL 33142 ▪ Zoning: T6 ▪ Parking: 24 spaces ▪ No Environmental Concerns

  15. Metrorai l Little Santo Domingo Site Location: Metrorai l Allapattah Walkability: 84% Transit Access: 58% Bikeability: 58% Source: www.walkscore.com Metrorai l

  16. Neighborhood & Adjacent Areas ● Wynwood ● Coconut Grove ● Little Havana ● Downtown ● Brickell ● Miami Int’l Airport

  17. Area Demographics: Dominican Population 58,000 101,943 Over Dominicans in Dominicans 160,000 Miami Dade in South Dominicans County Florida in Florida

  18. Area Demographics: Allapattah Population 38 55% Foreign Born Median Population Age years old

  19. Market Demand as a Cultural Destination 17,348 $27,230 $994M $189M $119M Spent by local Households (AMI) Area Average Average households in in zip code Median retail sales in spent in food food based 33142 Income in zip last 4 yrs based services yearly code 33142 services per year *Average Data for last 4 years in zip code 33142 Food based services refers to supermarkets, restaurants, food distribution.

  20. Land • $1,500,000 Purchase Acquisition • $3,000,000 Construction Pre- • $800,000 Development • $5,300,000 Sub-Total Developer • $424,000 Fee • $5,724,000 Total

  21. Co-Sharing • $48,000 Space Revenue Private • $72,000 Sources Office Space Commercial • $72,000 Space Shared • $24,000 Kitchen Rooftop • $96,000 Restaurant • $312,000 Total

  22. • $42,000 Salaries Various • $20,500 Maintenance Expenses • $15,000 Utilities • $0 Property Taxes • $36,000 Insurance Replacement • $12,000 Reserve • $18,000 Dividend • $143,500 Total

  23. Net Operating Income $152,900 Debt Coverage Ratio Debt Service $113,328 Before Tax Cash Flow $39,572 1.35 Debt Service Coverage Ratio

  24. Financing Strategy Lorem ipsum dolor sit amet, consectetur adipiscing Equity Shares elit, sed do eiusmod tempor incididunt New Market Tax Credits Section 108 Commercial Loan

  25. $5,724,000 Senior Debt $3,148,200 Equity New Market Tax Credits $1,717,200 Commercial Loan: $1,431,000 $1,000,000 Section 108 Loan: $1,717,200 $10,000/Share

  26. The Ask $10,000 / Share Single Share Purchase (Designed for Individual Investor) Program Related Investment (Designed for Community Banks)

  27. What’s In It For Me? Dividend A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. Dividends can be issued as cash payments, as shares of stock, or other property

  28. Growth & Appreciation $18,000 First Year Dividend $18,000 / 100 Shares =$180 $180 / $10,000= 0.018 Almost 2% Return On Investment + 3% / Year Appreciation Miami Dade County

  29. COMMITTED COMMUNITY PARTNERS ● Hispanic Business Initiative Fund ● Knight Foundation ● University of Miami ● Miami Dade County ● Miami Foundation ● FCDI ● Community Banks

  30. The Big Picture: Triple Bottom Line SOCIAL ENVIRONMENTAL ECONOMIC Energy Conservation Community Ownership Almost 2% ROI Renewable Materials Wealth & Job Creation More Businesses Green Wall Concept Cultural Pride Growth & Appreciation Enhance Tourism Gathering Spaces

  31. BAYAHIBE ENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH

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