Terranova Corporation

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Terranova Corporation
Retail Real EstatePatricia M. BlasiPresidenttbl
asi_at_terranovacorp.comMain305.695.8700 Fax
305.672.7800801 Arthur Godfrey Road, Suite
600Miami Beach, Florida 33140
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Major Projects Recently Completed, Underway or
Proposed in South Florida
I.
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Palm Beach County
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• Downtown at the Gardens
• PGA Blvd and Alt. A1A west of Gardens Mall
• 336,400 retail SF, 407 residential units
• Anchors Cobb 16 Theaters, Whole Foods Market

• Legacy Place
• 469,000 SF of retail, 384 residential units
• SE corner of PGA Blvd. and Alt. A1A
• Some stores open
• Anchors Best Buy (open), Barnes Noble(Oct.
  11), Publixs Greenwise Supermarket (next
  year)

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Palm Beach County

• Southern Palm Crossing
• 400,000 retail SF of retail
• NW corner of Southern Blvd. and Lamstein Lane
  in Royal Palm Beach
• Under Construction
• Anchors Costco, Marshalls, Home Goods,
  SteinMart

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Broward County
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Broward County

• Shops at Pembroke Gardens
• SE corner of I-75 and Pines Blvd.
• 399,000 square foot upscale lifestyle center
• Projected completion Summer 2007
• Anchors Wild Oats, Barnes Noble,
  Loehmanns, DSW

• Gateway at Sawgrass
• NW corner of I-595 and NW 136th Street in
  Sunrise
• 293,000 SF IKEA store, along with 40,000 SF of
  additional stores and restaurants
• Projected to open in 2007

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Broward County

• Davie Commons
• 2.1 million square feet Town Center with
  retail, offices and performing arts space
• NE Corner of Royal Palm Blvd. and I-75
• Projected to open Spring 2008
• No tenants announced

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Miami-Dade County
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Miami-Dade County

• Midtown Miami
• Between NE 29th and 36th streets, from 2nd
  Ave. to Miami Ave.
• 600,000 SF of retail, 900 residential units
• Anchors Target, Linens N Things, Ross
  Dress for Less, Circuit City, Petsmart
  Opening Fall 2006

• Downtown Dadeland
• 125,000 SF of retail, 416 residential units
• SE corner of Kendall Drive and Dadeland
  Boulevard, across from Dadeland Mall
• Under Construction Some stores opening Fall 2006
• Tenants West Elm, Childrens Place, Panera
  Bread, Chilis Bar Grill, Mens Wearhouse

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Miami-Dade County

• The Village at Gulfstream Park
• East side of Federal Highway, between SE
  Second Street in Hallandale and the Broward-
  Miami-Dade County line
• Phase I 400 residential units and 400,000 SF
  of retail. Total of 750,000 SF feet retail.
• Proposed / City approval pending
• No tenants announced.

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II.
Major Factors Affecting Retail Sector The Good,
the Bad and the Ugly
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The Good Demographics
Shopping Center Vacancy Rate Miami-Dade
3.81 Broward 4.41 Palm Beach 5.10
Retail Square Feet per Person Miami-Dade
111 Broward 191 Palm Beach 201
Residential Building Permits Yearly Average 2000
- 2005 Miami-Dade 17,598 (338/week) Broward
9,772 (188/week) Palm Beach 13,192
(254/week)
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The Bad Housing Cost/Construction Cost
Strained Discretionary Income
Increasing Cost of Construction (12 months
ending July 06)
Concrete 11 Pipes, wiring,
faucets and flashing 88 Wallboard and
other gypsum products 23 Steel mill
products 18 Aluminum mill shapes 15
Source Florida Association of Realtors
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The Ugly

• Operating Issues
• Cost of insurance and utilities
• Hurricanes
• Rising property taxes

• Political Climate
• Anti-growth sentiment
• Floridas hometown democracy
• Amendment 3

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III.
Investment Opportunities/ Emerging or Overlooked
Markets
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Boynton Beach Congress Ave.

• Renaissance Commons
• SE quadrant of Congress Avenue and Gateway
  Blvd.
• 180,000 SF of retail, 1,375 condos and 310
  townhouses.
• Tenants Kings Gourmet Market, Bonefish
  Grill, Chipotle Mexican Grill.

• Boynton Town Center
• NE corner of Congress Avenue and Old Boynton
  Road.
• 400,000 SF of retail, 1,120 residential units
• Anchors Super Target, Best Buy, Linens N
  Things, Shoe Carnival.

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Federal Highway Corridor Broward Palm Beach

• Pompano Citi Centre
• SW corner of U.S. 1 and Copans Road
• 972,000 SF, including 45,000 SF of office
  space
• Anchors Lowes, Macys, Sears and JC Penney

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Homestead

• Homestead Pavilion
• NW corner of Florida Turnpike and Campbell
  Drive
• 399,000 SF big box center
• Proposed tenants Target, Lowes Home
  Improvement

• Shoppes of Homestead
• East side of U.S. 1, south of Campbell Drive
• 111,500 SF center
• No tenants announced

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Homestead

• Crystal Lakes Plaza
• SE corner of Campbell Drive and SW 147th
  Avenue
• 78,870 SF
• Anchored by Navarro Discount Pharmacy

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IV.
What Makes South Florida A Unique Market?
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Economic Diversity

• Trade Tourism Activity
• Positive Miami-Dade is U.S. hub of Latin
  American business and tourism.
• Positive MIA ranks No. 1 for international
  freight among U.S. airports.
• Positive The tri-county region hosts 25 million
  visitors annually. Over 30 million passengers go
  through MIA annually, and over 22 million through
  FLL.
• Negative Hurricanes can scare away visitors.
  Rising hotel room rates can inhibit tourism
  demand.

• Strong Local Economy
• Positive Corporate and institutional
  presence and organizations
• Positive Healthy small businesses and
  entrepreneurial activity
• Negative Harder for corporations and
  institutions to competitively attract
  workers. Property insurance and health
  insurance increasing costs of doing business.
• Positive Strong employment gains
• Negative Not a lot of growth in high paying
  jobs.
• Positive 1060 net new daily population
  growth

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Terranova Corporation

• Visit us at
• www.terranovacorp.com