Investor Presentaiton
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REDEVELOPMENT: 2019 STARTS
Flamingo Point, Miami Beach, FL
• Aimco will complete, by year-end, the initial $40M phase of redevelopment which includes the creation of a 43,000 square foot
entry plaza, new retail offerings, common area upgrades, plus extensive landscaping and exterior amenities.
Aimco has begun the major renovation of the 366 apartment homes in the North Tower with initial occupancies expected in 3Q
2021. Aimco believes the construction risk associated with this $170M investment is similar to our recently completed
redevelopment of Park Towne Place and The Sterling and the lease-up risk is similar to our One Canal and Indigo
developments.
Aimco has also begun the small phase redevelopment of the Center Tower. Aimco expects to invest $70M in the renovation of
520 apartment homes, on-the-turn, at a pace dictated by the market, thereby limiting construction and lease-up risk. Aimco
believes the risks associated with this $70M investment to be similar to our Saybrook Pointe and Bay Parc redevelopments.
Upon completion of the amenities, common areas, and apartments in the North and Center towers, we will have
invested $280M, generating a FCF IRR of ~10% on the incremental investment, 400 bps greater than the expected free
cash flow from the properties being sold to fund this investment.
After redevelopment Flamingo Point will be an
exclusive waterfront neighborhood containing
distinct and differentiated communities in a
resort setting, with tropical landscape, refined
and tailored retail offerings, and luxury
amenities.
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