Codina Partners Part 1 - Downtown Doral? Experience The Community Redefined By The Codinas

October 11, 2018

EisnerAmper Real Estate Services Group Ken Weissenberg discusses Downtown Doral and the rise of Codina Partners with Executive Chairman Armando Codina and CEO Ana-Marie Codina Barlick.


Transcript

Ken Weissenberg: Hi I'm Ken Weissenberg from the accounting and advisory firm EisnerAmper LLP and I'm here with Armando Codina and I'm here also with Ana-Marie Codina Barlick from Codina Partners. So I really want to ask you about Downtown Doral it is a city that you're building I'd like you to tell me a little bit about it and you know how you got involved in it.

Armando Codina: Thank you for having us again. So Downtown Doral is I think the intersection of two events, one was a national tragedy, and one is a Miami phenomenon. The national tragedy was 9/11. This was a corporate park, which was a series of 31 buildings mostly occupied by government. After9/11, government made a decision to move so they couldn't be so concentrated, that one act of terrorism could cripple.

Armando Codina:They quickly began to leave. The park went into complete disarray. Was unable to be used, a very distressed property in the middle of nowhere, and buildings that you couldn't reuse because they were really very poor quality buildings. They have asbestos, so that’s one. The other piece was in Miami. A phenomena which was incorporation. Most of Miami, many years ago, was unincorporated. It’s a very small piece. Unincorporated county was huge, it was Doral, it was Ken Doll it was where all the growth came. People were very unhappy with the quality of life of the unincorporated county because they were paying. Originally if you lived in Miami, or if you lived in Miami Beach, you paid county and city taxes. When people moved out to an unincorporated county they paid on incorporated county taxes, no city taxes, but the county because the growth needed funding. They created an unincorporated city tax so people were now paying even though they were not getting the service of the county and city. Long story short, there was a movement of incorporating. The first city to incorporate was Key Biscayne. There’ve been many others, Meadow Bay, Pine Crest. Doral incorporated in 2003. When many people looked at these parks in distress, as I sort of didn't think it much of a mission. Doral needed a downtown. If we incorporated a place like Dade County, I saw it was like my arm separating itself and saying I want to be a person, you can't be a person if you don't have heart and a soul. Doral needed a downtown, and that's what we gave it. First it was originally 120 acres to begin with, and now it is 250.

About Kenneth Weissenberg

Kenneth Weissenberg CPA, Tax Partner in Real Estate Services, is experienced in tax saving strategies and negotiating sales and acquisitions. He represents owners of some of the most well-known real estate properties in New York City.

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