BAYAHIBEENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH

The TeamWe are a non-profit development company focused on economic development

through entrepreneurship, incubation and community revitalization

Mileyka Craig IrisValamereJordanneGeneral Contractor Community

Engagement Advisor

Financial Advisor Government Relations Advisor

Project Leader

Dominican community

starts settling in Miami

1960’s 2014

2015

2016

1970’s

DOMINICAN DISTRICT TIMELINE

1980’s

1990’s2013

2003

17th Avenue and

Comstock Park named

Juan Pablo Duarte

Unofficial Dominican

business district

created on 17th Ave

Dominican community

growth in Allapattah

Little Santo Domingo

area designated by

City of Miami

University of Miami

community charrette

in urban design

Creation of Little

Santo Domingo as a

destination included in

City of Miami’s

Strategic Plan

City of Miami Planning

Dept releases “Little Santo

Domingo Design Standards

and Improvement Ideas”

BAYAHIBE

proposed

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

Cultural Incubator Concept

▪ Engage & support members AND the broader community

▪ Develop strategic partnerships

▪ Offer technical business assistance & mentorship placement

▪ Host artistic and cultural shows and social events

BAYAHIBE:

COWORKING:

INCUBATOR:

A coworking space & business incubator that will serve as a

community hub & activator for cultural tourism in Allapattah

▪ Collaborative, affordable, & professional working environment

▪ Shared “collective” workspaces

▪ Rentable conference spaces

▪ Private offices

Incubators Work!

●Diverse support network

●Collaboration opportunities

●Low-cost office space

●Boost Productivity*

●Increase confidence*

●Knowledge-sharing

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

First

Floor

La Bomba

Carwash

Commercial

Kitchen

Criollisimo

BonCafe

SDQ

Xcolat Pizzarelli

Temp Arts & Cultural Vendors Hallway

Sushi

Barra

Payan

Colmado

Shared

Commercial

Kitchen

Second Floor: Virtual Office &

Co-Sharing Space

Third Floor: Rooftop Terrace

Energy Conservation StrategyGoal: 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

monitor water flow

❖ Drip Irrigation for wall

gardens

❖ ULF- Ultra low flush

toilets

❖ Monthly monitoring to

ensure correct use

MATERIALS

❖ Renewable, recycled

material

❖ Flooring-Industrial

concept- Polished

concrete

❖ Energy efficient

products

ELECTRICITY❖ Solar panel roofing

❖ Solar powered street

lights

❖ generator backup for

hurricane season

Workday

• Open collective spaces that can

comfortably fit 50 members

including a quite lounge area

• Reception area open

• 2 private phone booths

• 2 conference Rooms

24/7

• 12 Private offices

• Lockers

• 2 Bathrooms

• Kitchenette

• Outdoor garden

Night Life

• Art shows

• Public presentations

•Workshops

• Trainings

• Discounted or free to members

• Open to the public for fees

Operational Programming

Site Location: Allapattah

3010 NW 17th Avenue,

Miami, FL 33142

▪ Zoning: T6

▪ Parking: 24

spaces

▪ No Environmental

Concerns

Site Location:

Allapattah

Walkability: 84%

Transit Access: 58%

Bikeability: 58%

Source: www.walkscore.com

Lit

tle

Sa

nto

Do

min

go

Metrorai

l

Metrorai

l

Metrorai

l

Neighborhood &

Adjacent Areas

● Wynwood

● Coconut Grove

● Little Havana

● Downtown

● Brickell

● Miami Int’l Airport

Area Demographics: Dominican Population

Over 160,000

Dominicans in Florida

101,943Dominicans

in South Florida

58,000Dominicans in Miami Dade

County

Area Demographics: Allapattah Population

Foreign Born Population

55% 38years old

Median Age

Market Demand as a Cultural Destination

*Average Data for last 4 years in zip code 33142

Food based services refers to supermarkets, restaurants, food distribution.

17,348

Households in zip code

33142

$27,230

(AMI) Area Median

Income in zip code 33142

$994M

Average retail sales in

last 4 yrs

$189M

Average spent in food

based services per

year

$119M

Spent by local households in

food based services yearly

Acquisition

• $1,500,000Land Purchase

• $3,000,000Construction

• $800,000Pre-Development

• $5,300,000Sub-Total

• $424,000Developer Fee

• $5,724,000Total

Revenue

Sources

• $48,000Co-Sharing

Space

• $72,000Private

Office Space

• $72,000Commercial

Space

• $24,000Shared Kitchen

• $96,000Rooftop

Restaurant

• $312,000Total

Expenses

• $42,000Salaries

• $20,500Various Maintenance

• $15,000Utilities

• $0Property Taxes

• $36,000Insurance

• $12,000Replacement Reserve

• $18,000Dividend

• $143,500Total

Debt Coverage

Ratio

$152,900

$113,328

$39,572

1.35

Net Operating Income

Debt Service

Before Tax Cash Flow

Debt Service Coverage Ratio

Financing Strategy

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tempor incididuntEquity Shares

New Market

Tax Credits

Section 108 Commercial Loan

$5,724,000

$3,148,200

Commercial Loan: $1,431,000Section 108 Loan: $1,717,200

Senior Debt

New Market Tax Credits

$1,717,200

Equity

$1,000,000

$10,000/Share

The Ask

$10,000 / ShareSingle Share Purchase

(Designed for Individual Investor)

Program Related Investment

(Designed for Community Banks)

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

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

COMMITTED COMMUNITY PARTNERS

●Hispanic Business Initiative Fund

●Knight Foundation

●University of Miami

●Miami Dade County

●Miami Foundation

●FCDI

●Community Banks

ECONOMIC

Almost 2% ROI

More Businesses

Growth & Appreciation

SOCIAL

Community Ownership

Wealth & Job Creation

Cultural Pride

Enhance Tourism

Gathering Spaces

ENVIRONMENTALEnergy Conservation Renewable Materials

Green Wall Concept

The Big Picture: Triple Bottom Line

BAYAHIBEENHANCING THE DOMINICAN CULTURE IN ALLAPATTAH