Neisen kasdin, Breaking the Mold: Unlikely Partnerships that are Transforming Cities

1. New World Symphony
Miiami Beach, Florida
ULI Spring Meeting:
“Breaking the Mold: Unlikely
Partnerships that are
Transforming Cities”
- Neisen Kasdin, Akerman Senterfitt

5. Financial Structure
Total Building Cost: Operating Endowment:
$162 million $38 million - Private Funds
Sources of Funds:
- Anonymous Gift
$90 million
- Sale of Lincoln Theater
$21 million
- City of Miami Beach Grant
$15 million
- County Grant ($30 million)
NPV- $24.3 million
- Arison Arts Foundation Grant
$11.7 million

6. Financial Structure
Total Garage and Park Cost:
- Park
$13,000,000
- Garage
$17,000,000
Sources of Funds:
- City Center RDA
$30 million

7. Timeline
Project Approved by City of Miami Beach 2001
Ground Lease with City of Miami Beach 2002
Development Agreement with City of Miami Beach 2004
Commencement of Construction 2008
Completion January 2011