Miami city commissioners should today (1/14) consider NAI Miami Property Management LLC’s proposal to temporarily manage the historic Olympia building.
The agreement, which the city would need from month to month and the city could terminate within 90 days, includes renting residences and retail, as well as managing and maintaining the Olympia Theater, also called Gusman. NAI would not be involved in the work of the theater.
City property of 88,180 square meters in the street 174 E Flagler St. has 79 apartments, four retail stores and a theater with 10 former apartments that served as locker rooms.
In a letter last month expressing intent to city lease manager Mark Burns, NAI CEO Jeremy Larkin outlined the company’s proposed start-up fees of $ 3,000 and 5% gross billing per month with at least $ 5,000 per month. It lists apartment rental fees at $ 500 per unit for each new lease or renovation, and for retail stores 6% of the gross rent earned during the primary lease period with at least $ 3,000 per lease.
NAI staff for the job would include a senior asset manager outside the workplace, whose salary would be included in the monthly asset management fee; a permanent on-site maintenance engineer whose salary includes all direct costs, benefits and direct costs and is provided with the apartment without rent; and an on-site administrative leasing agent who would earn up to $ 20 an hour.
Until December 31, the non-profit company Olympia Center Inc. she managed the theater, residential apartments and commercial retail. On August 20, the city and Olympia Center Inc. they agreed to terminate management agreements.
The Olympia Theater, the first air-conditioned building in the South, has long been part of the Miami art community since it opened in 1926 as a venue for silent film. Throughout its history, the theater has been used for concerts and various performing arts.
In 1975, Maurice Gusman donated the theater and the adjacent Olympia office building to the city.
Following today’s public hearing, commissioners will vote to waive the requirement for competitive sealed bidding, as the process is not considered feasible or beneficial to the city, and authorize city manager Arthur Noriega to execute an interim management contract.