VERTEX provided pre-acquisition due diligence services for two high-rise office buildings located in downtown Miami, Florida. The site buildings were developed in 2016 and are associated with a large multi-use development which includes retail, office, hotel, and residential uses. Services provided included a Phase I Environmental Site Assessment (ESA) and a Property Condition Assessment (PCA).
As part of the Phase I ESA, VERTEX personnel performed a site visit and curbside assessment of neighboring properties, interviewed key site personnel, researched the site history, and reviewed public records available at municipal and state offices. As part of the PCA, VERTEX personnel evaluated the condition of the site grounds, pavement, structures, facade, roof, mechanical, electrical, and plumbing systems, fire and life safety systems, and general compliance with ADA. The report included a summary of recommended repairs and associated costs, including replacement reserves for site and building components over a longer projected term (10 years). VERTEX provided a “Red Flag” summary of key findings in advance of the reports. Although the historical, municipal, and state office research was extensive, the project was completed on an expedited timeframe.