Business in the Sunshine When city leaders unveiled plans to renovate the aging Convention Center and build a headquarter hotel and six-acre public green space next door, the event was more than a showcase for the $615-million project. It was testament to the city s intentions to become a premier destination for business. spans seven square miles stretching from Government Cut through North seven miles to the north bordered by the Atlantic to the east and Biscayne Bay to the west. Since its founding more than a century ago, perhaps has best been known as a sun, sand and surf destination. Today, city leaders are squarely focused on the future. Their plans are buoyed by new commercial development and single-family and condominium residences that run in the tens of millions of dollars. To wit, the September 2015 all-cash sale of a penthouse at Faena House luxury condominium and hotel topped $60 million. has an estimated real estate value of $35 billion. Amid the building boom, business is thriving. Between the banking, development, technology, restaurant and hospitality and tourism sectors, entrepreneurs are finding a diverse community steeped in -Dade County s Gateway to the Americas multiculturalism. In 2014, the city was ranked No. 1 nationally by the Human Rights Campaign s Municipal Equality Index for LGBT equality. No South Florida destination is enjoying a stronger rise in business interest and investment than making it the ideal location for Business in the Sunshine. 1
Infrastructure Improvement Momentum More Than South Beyond South Whether you re into the arts and sciences, real estate, private equity, architecture or tourism, people are coming here to exchange ideas in an idyllic setting. These people are all doing business and getting sand in their shoes. Mayor Philip Levine, serial entrepreneur who s launched several multimillion-dollar publishing and entertainment companies on With streets brimming with traffic and parking at a premium during peak periods, city leaders are hoping new projects will keep people moving. We re a seven-square-mile island. There s very little ability to expand capacity on our streets, says Kathie Brooks, assistant city manager overseeing transportation, parking, tourism and economic development. We re all hoping the things we do will be transformative. Initiatives within the city s Mode Prioritization Plan adopted in mid-2015 include: Intelligent transportation and smart parking solutions. Improved timing of traffic lights will ease vehicle flow. Considering that some 30% of all city traffic is vehicles searching for parking spaces, cameras linked to message boards around parking facilities will identify available parking. A proposed light rail will ease commuter traffic along five miles of city streets. The Herzog & de Meuron-designed parking garage at 1111 Lincoln Road has been featured in international design magazines and has become a destination for galas and photo shoots. New rail service. Whether it s streetcar-like light rail trains running five miles up s transit corridors or the long-proposed $532-million Bay Link train service across the MacArthur Causeway to mainland, the introduction of light rail to complement the city s existing trolley and bus system will move people throughout key areas. PHOTO KIKOR.COM Home to one of the nation s premier historic preservation zones, South and the Art Deco District get the headlines. But areas to the north are enjoying a resurgence of their own. Beginning north of 23rd Street, Middle and North are getting attention from developers, businesses and residents keen to keep the successful and unique lifestyle flowing north. Middle 23 rd to 63 rd Streets Called by some the region s new haute spot, Mid- is considered a quieter stretch of beach away from the livelier South and Ocean Drive. It s the first area many visitors see as they cross the Julia Tuttle Causeway. Mid- is home to the fabled Fontainebleau and Eden Roc hotels, as well as neighborhoods like Bayshore, Nautilus and Oceanfront. Mid- maintains many of the same Art Deco designs of the 1940s through the 60s, as well as the moderne, Mediterranean Revival and Modern architecture of the historic Collins Waterfront Architectural District. The area is welcoming new hotels, lounges, restaurants and residential developments. Among the most notable additions, Faena House, the Thompson and The EDITION from Ian Schrager, reveal big plans for the region. North 63 rd to 87 th Streets Working with a blue-ribbon panel with sights set on a new entertainment- and dining-focused master plan, developers are revitalizing the district. Film and arts space O Cinema has arrived, and local production company The Rhythm Foundation is managing the 1960s-era Mid-Century Modern North Bandshell. Normandy Isle is a North neighborhood noted for its esplanades, fountains and Parisian street names. MIAMI BEACH BY THE NUMBERS Settled 1870 Chartered 1915 Population (2010) 91,714 Area 18.7 miles (7 sq.-miles of land; 11.7 sq.-miles of water) Bike and pedestrian thoroughfares. The next phase of the plan will include devices to slow traffic and barriers to protect bicyclists in an effort to promote safer use of bikes in busy areas. With new designs, street crossings, sidewalks and other capital improvements, neighborhoods and commercial areas will embrace a put pedestrians first approach to encourage more foot and bike traffic. Water taxi. Stops are planned to connect with the mainland across the bay and destinations up and down the city. Resilient. The citywide initiative invested $400 million to build stormwater pump stations to curb the effects of sea-level rise. This fall, the effort helped keep seasonal high-tide flooding in check. Architect Morris Lapidus designed the Fontainebleau hotel in 1952 along with many other Modern landmarks. The Ocean Surf Hotel in North, built in 1940, epitomizes the Art Deco styling of the period. PHOTO BRUNO FRONTINO 2 3
Growing Business Sector Hospitality & Tourism Where Business Meets the Businesses in welcome thousands of cruise passengers, who spend millions of dollars annually extending their vacations here. business boosters see a new reality emerging along the coast. Newcomers are infusing a wave of businesses and opportunities across the community. At the Chamber of Commerce, more than half the members aren t even from. Much of the new business taking shape on the is being driven by executives who weren t here just a few years ago. Everybody wants to do business in, says Jerry Libbin, president and CEO of the Chamber of Commerce, which recently celebrated its 95th year. The reasons are clear: The banking, real estate development, technology, hospitality and tourism sectors are thriving from South up to North. Combined with diverse arts and cultural offerings, what s emerging is a dynamic mix of business sectors that lures corporations and executives looking to do business in the sunshine. The Chamber and other organizations are helping jumpstart business through a number of efforts. They host scores of events for area businesses each year that feature dynamic speakers from the hottest business sectors. Recently, the Chamber hosted a real estate luncheon that had 400 attendees. The Chamber is also promoting the new Apogee Card, a discount smart phone app affiliated with about 100 top restaurants and businesses across and the es. We are about driving incremental business, Libbin says. Anything that s good for the city or business in general is good for the Chamber. With s rising prominence and proximity to downtown, deals are getting done at an accelerated pace. Everything here moves really fast. Until a few years ago, the last thing people thought about when they came to was technology or business or culture, says Michael S. Goldberg, chairman of the Chamber and senior vice president of Gibraltar Private Bank & Trust in. The native, following in the footsteps of his father, who also chaired the Chamber some 30 years ago, is bringing new life to the as he leads a dynamic 75-member board. Tourism: Still the Driver for From South to North, companies are enhancing the city s business appeal. Everything here moves really fast. Until a few years ago, the last thing people thought about when they came to was technology or business or culture. Michael S. Goldberg, Senior Vice President, Gibraltar Private Bank & Trust; Chairman, Chamber of Commerce PHOTO ACT PRODUCTIONS Business development may be robust in, but tourism and hospitality remain the biggest businesses of all. The venerable Joe s Stone Crab on Washington Avenue is the nation s thirdhighest grossing independent restaurant, according to Restaurant Business magazine, with $36 million in sales in 2014. Number nine on the list was Prime 112 steakhouse located nearby on Ocean Drive. Many of the restaurants patrons are tourists and traveling executives. The visitor numbers keep adding up. Of those who visit greater and the es and spend some $23 billion annually, 49% will stay in for at least three to four days. has seen a 25% increase in tourist traffic over the last five years, with revenue per available room up 44% over the same period. The World Polo Cup brings the sport of kings to South every year. The has more hotel inventory than ever in excess of 18,000 rooms and more reasons to visit. Amid it all, the area has become a more luxury destination than in years past. Now, with $615 million in renovations under way at the Convention Center, planners expect to do fewer commuter shows and events that draw local attendees and put more heads in beds with national conventions and events. The convention center makeover is part of a pivot toward business that will make the beach more competitive in the meetings and conventions sector and general business. Nearby, investment along Lincoln Road continues to transform the pedestrian promenade into a tourism attractor. A square block of buildings here recently sold for $370 million. Whether visitors are flying into International Airport or cruising into Port-, playing beach polo or volleyball, sailing in for the International Boat Show or doing business with area companies, is an undeniably important spoke in the state s tourism wheel. Records tell you how hot the destination is, says Bill Talbert, president and CEO of the Greater Convention and Visitors Bureau. Investment in the Convention Center, nine new hotels with almost 2,000 rooms coming online in the next three years, along with new restaurants and attractions, indicate the future is bright. Tourism is everybody s business. There are more options on the than people had before, whether hotels, arts, culture, retail, dining or business. Bill Talbert, President and CEO, Greater Convention and Visitors Bureau Renovations at and around the Convention Center will create a 21st-century meetings venue and nearby community park. 4 5
Tech Sector Tech and Startups Find Room to Grow in New Faces Changing Commercial Profile Real Estate From entrepreneurship to technology, the beach and the region are earning a reputation as a hemispheric technology and business hub. Xavier Gonzales, COO and Executive Director, emerge Americas In what many call Silicon, the city is benefiting from regional technological and economic success where an ethos of entrepreneurship and innovation is capturing international attention. This activity can be seen best at the corner of 17th Street and Michigan Avenue in the offices of Rokk3r Labs. The company matches entrepreneurs with strategists, creatives and engineers to design, co-build and launch exponential organizations. We re a company builder, says German Montoya, co-founder and chief strategist and creative officer of Rokkr3 Labs, which has 40 employees in alone. Why? Being here shows the versatility of this growing tech ecosystem, Montoya says. We leverage a global perspective from the vibrancy of the world s visitors at our doorstep on the famous Lincoln Road, and we now have contributors to the ecosystem just down the street from us with the likes of the Urban Studios (housing the Makerbot 3D printer Innovation Lab), and We Work, a globally recognized co-working space. Whether banking and financial services, real estate development or high-tech and Internet companies, established businesses and startups alike are finding their way to. Access to global markets, a burgeoning entrepreneurial ecosystem and varied workforce make it a smart choice. One report shows that is home to some 4,700 businesses with 52,200 workers and 2 million square feet of office space. The city is a robust economic development partner. Its Department of Economic Development works with businesses and organizations to enhance the city s business environment and to promote the overall image of the city s commercial districts. Executives see the results, and corporations appreciate the region s entrepreneurial composition, which has grown more sophisticated. Today, accelerators, co-location spaces and other business facilitators are helping businesses flourish. From entrepreneurship to technology, the beach and region are earning a reputation as a hemispheric technology and business hub, says Xavier Gonzalez, COO and executive director with emerge Americas, an annual technology expo held in that this year attracted 10,000 attendees, 500 companies and 200 startups. Lilia Luciano founded media platform Coinspire.org in to tap the city s entrepreneurial efforts. Now, she s growing her business here and telling her audience all about the community she s helping to nurture. It s an amazing place to live, she says, amid people who are excited about the possibilities of being part of building something new. Rokk3r Labs employees represent s new wave of creative workers. The $370-million sale of a 75,000-sq.-ft. retail space on Lincoln Road to Spanish investor Amancio Ortega Gaona last summer solidified s position as an in-demand commercial hot spot. The deal secured such tenants as Apple, Bebe, Intermix, Athleta, Gap and a soon-to-be-developed 30,000-sq.-ft. Nike store. A proposed $20-million Lincoln Road development plan will transform the promenade and side streets into public space. It will also seek to encourage arts and cultural facilities and create a gathering place. To the south, leading retail real estate owners and developers, EDENS, signed Total Wine & More, Orangetheory Fitness, Vitality Bowls, Publix and Best Buy at its Fifth & Alton Road urban retail location in South. Nearby, a development project that includes a Baptist Health South Florida outpatient center as well as 3,800 square feet of retail and restaurant space is also slated for Alton Road. It s incredible to watch become an important global city, says Steven Gombinski, president of Gombinski Realty and president of both the Lincoln Road Property Owners Association and the newly approved Lincoln Road Business Improvement District, which will help fund and steer area renovations. The development that s occurring is really allowing that to happen. With a blend of modern and Art Deco design, Fifth & Alton from developer EDENS brings almost 180,000 square feet of retail space to the Gateway to South. Residential Market Attracts Buyers Worldwide Records are made to be broken in s residential market. the same community still a record price for a single-family home sale tial market keeps growing, says Jill Eber with The Jills Coldwell Banker, a The March 2012 purchase of a in -Dade County. Both were leading broker on. $38-million home in the city s Indian bested by the $60-million purchase Creek island community, was outdone of a penthouse in the Faena House by the $47-million sale of a mansion in luxury condominium this summer. 3 Indian Creek remains the most expensive single-family home ever sold in -Dade County. Elements of the condo and single-family residential market continue to grow across various neighborhoods. Prices are up an average 9% in the second quarter 2015, and inventory has grown more than 15%, both compared to the same period in 2014, according to figures from real estate firm Douglas Elliman. Whether a single-family home or a skyrise on the beach, the residen- It s incredible to watch become an important global city. Steven Gombinski, President, Gombinski Realty The buyer profile, especially for new condominiums, reflects s existing multinational makeup. Along with U.S. buyers, a steady stream of Brazilians, Venezuelans, Mexicans, Panamanians, Russians and even Chinese buyers are investing in property. From hedge fund managers to international investors, the buyers are coming. No matter what, they still want to put their money here, Eber says. It s no surprise. With Florida s favorable tax and tropical climate, for both flight capital and sun seekers, we re a safe haven to people from all around the world. 6 7
Arts & Culture Global Arts Appeal Since debuting in 2002, Art Basel has grown to draw 1,000 global galleries and exhibitors and some 75,000 attendees. -born entertainer Armando Christian Perez, a.k.a. Pitbull, is slated to return again as host of this year s Fox s New Year s Revolution broadcast from. He s also been tapped by Florida s tourism marketing agency, Visit Florida, to promote the state. Perez s appearance is just the latest bright spotlight to shine on. Its attraction to tourists, investors and business executives has been built in no small part on the popularity of the 1920s Art Deco architecture that defines. The fabled styling is showcased during the threeday Art Deco Weekend festival each January. With the distinctive neon signage lighting up Ocean Drive on any given evening, it might be easy to overlook the city s robust arts and culture community thriving below. But is rich with cultural attractions. Frank Gehry s New World Center, the New World Symphony and SoundScape are the envy of cities worldwide. The symphony s Wallcast concerts and the weekly Sound- Scape Cinema Series presented by Citi draw guest artists and more than 50,000 people each season. The City Ballet, actually based in, is a leading modern dance company in the Ballanchine tradition and a training ground for ballet stars of the future. The New World Symphony trains young musicians for careers in classical music. The Bass Museum of Art s $7.5-million interior renovation will offer twice the programmable space when it reopens this year. Florida International University s various facilities and partnerships include The Wolfsonian, the Jewish Museum of Florida and the Urban Studios, which houses FIU s graduate school of architecture and the arts and hosts year-round concerts, plays, exhibitions and lectures. Other attractions include the Design Preservation League s tours of the Art Deco Historic District and the Art Deco Museum; the Holocaust Memorial; the Cinematheque and O Cinema art cinema houses; the Rhythm Foundation; and ArtCenter/South Florida. In what has become one of the art world s most significant events, Art Basel each December showcases work from almost 1,000 global galleries and lures collectors and enthusiasts from around the world. It s such a wonderful event. It s unfortunate that it s here for only a week each year, says Gary Farmer, cultural affairs program manager. Luckily, we have amazing, world-famous cultural institutions that offer first-class cultural experiences year round. PHOTO WORLDREDEYE.TIF Art Deco draws thousands of admirers each year and is helping grow business on the beach. is your partner for business in the sunshine. Contact Economic Development Director Jeff Oris. 305-673-7577 Joris@miamibeachfl.gov www.fl.gov 8