SPRING VALLEY MEDICAL PLAZA
i3 and Axiom Construction are entering into a public private partnership (PPP) with the City of Homestead, Florida to develop and operate a mixed use entertainment and community center. Homestead Station will include a 65,000 SF ShowBiz Cinemas, 30,800 SF of retail space, a 7 story, approximately 1,200 space public parking garage that will serve the City of Homestead Park-N-Ride, and the world’s first Cybrary, a 49,500 SF technology-driven public library, education, and entertainment complex. Construction will commence in the 1st Quarter 2018 with a scheduled 1st Quarter 2019 completion. The City of Homestead is contributing $33MM to the $51MM development. The Shopping Center Group is representing the owner in leasing the 30,800 SF retail component. LAZ parking will operate the parking garage, and i3 PM will provide property management services.
square foot Cybrarium
space, 7 story parking garage
square feet retail
Homestead Station, completed in October of 2019, is a mixed use entertainment and community center in Homestead, Florida. The project includes a ShowBiz Cinemas, retail space, a public parking garage that serves the City of Homestead Park-N-Ride, and the world's first Cybrarium, a technology-driven public library, education, and entertainment complex.
Over the past few years, i3 has been involve in various P3 projects. One common thread is that every project is planned, designed, financially structured, negotiated between the public and private entities, and financed in a manner that is uniquely different than any other project. The obvious reason is that each City has a different set of circumstances, objectives, and financial ability to participate with the developer.
i3 worked for several months with the City of Homestead to successfully design, negotiate, finance, and commence construction on Homestead Station. i3 was invited to the transaction to not only provide expertise but more importantly to lay out a successful development plan with the City to achieve their goals as well. Our success in being selected by the City of Homestead was simply the practical starting point to begin working together with the City staff toward planning, designing, and financially structuring an agreement.
The overall capital contributions for the approximately $50 million budget came from several different sources. This included private equity from the developer, construction financing from a Miami-based bank, and from different public sources provided through the City of Homestead. This structure complied with requirements of the financing provided from funds associated with Miami-Dade County and also allows the City of Homestead to retain ownership in necessary components of the development.