Property Advisory Board

City of Coral Gables 405 Biltmore Way Coral Gables, FL 33134 www.coralgables.com Meeting Minutes Wednesday, February 14, 2024 8:30 AM Police and Fire Headquarters, Community Meeting Room Property Advisory Board Property Advisory Board Meeting Minutes February 14, 2024 The Property Advisory Board will be holding its Regular Meeting on Wednesday February 14, 2024 commencing at 8:30 a.m. Members of the public may participate in person but are also able to participate via the Zoom platform. Members of the public may join the meeting via Zoom at https://us06web.zoom.us/j/88481493942). In addition, a dedicated phone line will be available so that any individual who does not wish (or is unable) to use Zoom may listen to and participate in the meeting by dialing: 305-461-6769 Meeting ID: 884 8149 3942. To speak on an Agenda Item, please "Raise your Hand" or send a message to one of the meeting hosts using the Zoom Platform. If you joined the meeting via telephone, you can "Raise your Hand" by pressing *9. City of Coral Gables Page 1 Property Advisory Board Meeting Minutes February 14, 2024 CALL TO ORDER ROLL CALL Chairperson Lowell, Board Members, Zoller, Maderal , Anderhub and Moreno were present. Board Member Manrara was excused due to being out of town. Board Member Nicholas was absent. APPROVAL OF THE MINUTES January minutes to be approved by the Board in March. UNSOLICITED/PROPOSALS BIDS No unsolicited proposals nor bids. ASSET MANAGEMENT REPORT Staff Liaison Sardinas corrected an item on the rent report regarding Francesco's square footage and informed the Board that they had paid their rent between the days the report was run and the meeting date. Ms. Sardinas further informed the Board that she would contact the Coral Gables Cinema and inquire about their payment. Ms. Sardinas updated the Board on the projected opening dates for Francesco's and Sra. Martinez. She stated that Francesco's is projected to open during the first week of March 2024, while Sra. Martinez is projected to open in May. She also informed the Board that Sra. Martinez's rent abatement would end in March, per the lease agreement. Ms. Sardinas updated the Board on the City's negotiations with the operator of the Country Club Cafe (Le Parc). She stated that the City had negotiated a three-month agreement with a three-month extension at the discretion of the City Manager. Furthermore, she mentioned that the operator had been very successful and had increased revenue compared to the prior operator. The reviews have been positive, and the operator plans to offer Sunday Brunch and will soon begin to sell alcohol. Ms. Sardinas explained the terms of the current operator's licensing agreement and the process after the contract expires to the Board. Ms. Sardinas provided the Board with a brief history regarding Fritz and Franz. Ms. Sardinas informed the Board that the City and the tenant have come to terms for renewal. Board Member Anderhub inquired about the lease renewal capturing the use of the outdoor space/plaza. Ms. Sardinas replied that the use of the plaza was not factored into the lease, but the tenant would need to apply for a special events permit and adhere to the terms of the permit. Board Member Anderhub further inquired about the storage of equipment in the garage, and Ms. Sardinas replied that the equipment had been removed and that she would inspect it. Ms. Sardinas explained that the tenant is addressing several issues that emerged during the lease renewal process. a. Rent Report City of Coral Gables Page 2 Property Advisory Board Meeting Minutes February 14, 2024 24-7210 Rent Report 02.14.24 Attachments: Outstanding Rent Report 02.12.24 OPEN DISCUSSION/ OTHER BUSINESS/ BOARD MEMBER ITEMS Staff Liaison Sardinas presented a report on office and retail vacancy/occupancy rates for the fourth quarter of 2023, which the Board then discussed. Based on the retail rate presented, Board Member Anderhub inquired about the rate for Patio & Things as their lease expires in August. Ms. Sardinas informed the board that Patio & Things has a yearly lease as the Miracle Theater plans to expand into the space. When the Miracle Theater is ready to proceed with the plans, the City would then exercise a 90-day clause and end Patio & Things' lease. Due to the circumstances, the City has kept the rate for their lease the same. Board Member Anderhub noted that Ben & Guiles' lease is up for renewal. Ms. Sardinas informed the Board that she had a meeting scheduled with the Interim City Manager, Parjus, to discuss renewal, but the tenant has done well in the space. Board Member Maderal inquired about the City-owned property list, to which staff informed him that the Board had voted on a resolution requesting that the City Commission direct City staff to begin a process to identify properties within the City for purchase that would enhance its portfolio and to review existing City-owned properties to determine which are surplus or should be held long-term for public benefit. 24-7203 OCCUPANCY/VACANCY RETAIL & OFFICE 2023 Q4 Attachments: City Commission Retail Office Occupancy Vacancy Rate Report 2023-Q4 ADJOURNMENT City of Coral Gables Page 3 Property Advisory Board Meeting Minutes February 14, 2024 NOTE City of Coral Gables Page 4