| | | | | | | | | TO: | Finance and Economic Resiliency Committee Members
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| FROM:
| Rickelle Williams, Interim City Manager |
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| | DATE: | May 24, 2024
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| | SUBJECT: | DISCUSS THE POSSIBLE PURCHASE OF THE PROPERTY LOCATED AT 819 5TH STREET |
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| | | | | | | | HISTORY:
| The Tap Tap Restaurant (the Restaurant) located at 819 Fifth Street, was founded in 1994 by Katherine Kean as a tribute to the richness and vibrancy of Haitian art and culture. The walls of Tap Tap, both inside and out, are adorned with murals painted by prominent Haitian artists commissioned at the time. For over two (2) decades, the Restaurant played a vital role in Miami’s Haitian community. In 2018, the Restaurant closed its doors and on February 1, 2023, it was placed on the market for sale.
At the February 21, 2024, City Commission meeting, the Mayor and City Commission approved the referral of item C4 E, sponsored by Commissioner Rosen Gonzalez, to the Finance and Economic Resiliency Committee (FERC) to discuss the possible purchase of the property located at 819 Fifth Street (the Property).
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| | | | | | | | ANALYSIS:
| The subject Property (Folio No. 02-4203-009-4980) is a free-standing commercial building totaling 7,064 square feet (SF) of net rental area located on a 0.08-acre (3,600 SF) lot site. The two-story reinforced concrete building was built in 1921 and was last renovated in the 1990’s. The Property is zoned C-PS2, commercial general mixed-used and according to the Miami-Dade County Property Appraiser’s Office, has an existing land use of transient-residential (hotel-motel).
The Administration commissioned a valuation study of the subject site, attached hereto as Exhibit A. The appraisal is set to estimate the As-Is market value of the Property. Data on the Property is collected from various sources including but not limited to, the Miami-Dade County Property Appraiser’s office, surveys, and building plans. The land size is based on surveys, public records and/or recorded plats. A search was then performed for comparable properties through various sites and sources. All information was analyzed in processing the appraisal report as support for the estimated value of the Property. The subject site has been appraised at $3.4M.
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| | | | | | | | CONCLUSION:
| Based on the foregoing, the Administration recommends the FERC consider and discuss if the possible purchase of the property located at 819 5th Street is in the City’s best interest. |
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| | | | | | | | Applicable Area
| | South Beach |
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| | | | | | | | | Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14? | | Does this item utilize G.O. Bond Funds? | | | No | | No | |
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