Macy’s To Close Historic Downtown Miami Store

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Macy’s historic location in downtown Miami is among the latest of its stores to fall victim to a national cutback plan that will include the elimination of 5,000 jobs in the United States.

The company said last week that it expects to save $300 million by closing 11 stores around the country early this year, cutting payroll and streamlining some in-store functions.

“We anticipate our net headcount reduction will be approximately 5,000, including the staffing adjustments across the stores’ organization, further streamlining in some non-store functions and impact closure of 11 stores,” said spokeswoman Jacqueline King in an email.

Besides the Miami store and one at The Oaks Mall in Gainesville, the company will shut four locations in California and others in Idaho, Indiana, Michigan, Ohio and Vermont. The moves are the latest in a plan disclosed in late 2016 to close 100 stores. Thus far, the company has disclosed 81 of the 100. The latest on the hit list will start eight- to 12-week clearance sales.

Macy’s said it intends to close about 19 more stores as leases expire or real estate sales are completed. Last year, Macy’s closed its store at CityPlace in West Palm Beach. Nearly a dozen stores remain in operation in Broward and Palm Beach counties. More than a half-dozen operate in Miami-Dade County.

“Our primary focus in 2017 has been to continue the strong growth of digital and mobile, stabilize our brick-and-mortar business and set the foundation for future growth,” CEO Jeff Gennette said in a statement. “Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth.”

The Miami building is viewed as an anachronism by developers, planners and analysts as the downtown area attracts a younger population that generally avoids department stores and prefers to shop online.

“The departure is a good thing,” Mika Mattingly, a Colliers International real estate agent. “There are so many positives. There are a lot of scenarios that are inviting. First among them: educational institutions that could use the space.”

Located at 22 E. Flagler St., the downtown Miami store once anchored the Florida-based Burdines chain, which got its start in 1898. Burdines joined Federated Department Stores in 1956. Looking to leverage the Macy’s brand, Federated lumped the names together into Burdines-Macy’s in 2004, only to strip away the Burdines label a year later. At one point, the location served as corporate headquarters for Macy’s Florida.

“I think this is a huge opportunity for the current owner to really capitalize on a piece of real estate that is completely underutilized,” said Zach Winkler of JLL, a national commercial real estate brokerage firm.

A decade ago, the Downtown Development Authority feared Macy’s might leave downtown as the company wielded the possibility as a bargaining chip for a more aesthetically pleasing downtown.

“It’s been a pillar of downtown for a long time,” said Alyce M. Robertson, executive director of the DDA. “It’s sad to see a major retailer go. Had this happened 10 years ago, we would have faced a much more serious impact.”

But now, amid a post-recession construction boom that delivered high-rise hotels, retail, condos and offices, the urban center is a more vibrant place.

“The population has more than doubled,” Robertson said. “It’s a younger demographic. The property itself could use a facelift. It’s not the most welcoming place. They used to have a restaurant on the first floor on the west side. It would be nice to have some kind of street-level presence to engage the pedestrians on the new Flagler Street when it’s built out.”

Jason Shapiro, managing director of Aztec Group, a Miami real estate finance and investment firm, said the building should be divided up into smaller spaces for restaurants, smaller retail and shared work spaces.

“It’s still the core of the core from a location perspective,” Shapiro said. “I’d be surprised if you didn’t see a wholesale change for the better in the next couple of years.”

 

Source: SunSentinel

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“Climate Gentrification” Could Add Value To Elevation In Real Estate

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Homes at higher elevations in Miami are gaining value at a faster clip than those closer to sea level.

It’s an accelerating trend, and it has residents and real estate agents — in Miami and other coastal communities — asking whether “climate gentrification” has arrived. The term, which only recently entered the lexicon, describes the role of climate change in recalibrating land values, a phenomenon that ultimately could displace low-income and minority residents in a similar fashion as urban gentrification. As sea levels rise and flooding persists, the thinking goes in the case of Miami, waterfront property will lose some of its luster and higher-situated neighborhoods like Little Haiti and Little Havana will become more attractive.

The professor who was first to publish research using the phrase “climate gentrification” isn’t convinced that’s the main culprit in Miami. At least not yet. Jesse M. Keenan, a researcher on urban development and climate adaptation at Harvard’s Graduate School of Design, tracked the rate of price appreciation since 1971 for more than 250,000 residential properties in Miami-Dade County, and compared those figures to elevation. Keenan found that properties at high elevations have long appreciated faster in Miami, mostly because of nonclimate factors.

However, since 2000, the correlation between elevation and price appreciation has grown stronger, which Keenan, in an interview with CBS MoneyWatch, suggested may be “early signaling” of preference for properties at higher elevations and a reaction to persistent nuisance flooding in lower areas.

His prediction: Over the next 10 years, climate change will become a more significant factor in the real estate market for many cities. He expects a “slow burn” toward a tipping point — similar to the foreclosure crisis — when all of a sudden values drop precipitously for high-risk properties.

“This is real,” Keenan said. “There are actual people spending lots of money thinking about how to make money from climate change. We have to come to terms with this sooner than later.”

Keenan tracks at least three “pathways” to climate gentrification, and the variations stem in part from the “location, location, location” mantra of real estate. The three scenarios:

  • Low-risk properties surge in value, fueling a migration from high-exposure areas, causing displacement. This isn’t just a sea-level issue: California’s wildfires, for instance, are likely to lead to significant changes in how real estate is valued. “Anything related to climate change,” Keenan explained. “Low exposure is the determinate.”
  • Living in high-exposure areas gets so expensive (think taxes, insurance, etc) that only rich people can live there, pushing historically mixed-income areas (such as Miami Beach, Florida, and Hampton Roads, Virginia) to become more exclusive.
  • Government investments in resilience have the unintended consequence of boosting land and property values that wind up displacing populations. Sea-level fortifications on the Lower East Side of Manhattan could have this affect, Keenan said.

What’s at stake?

“People’s lives, their livelihoods and their culture,” said Mustafa Santiago Ali, senior vice president of climate, environmental justice and community revitalization for the Hip Hop Caucus, a nonprofit that connects the Hip Hop community to civic life.

Ali, who previously spent 24 years in various roles at the Environmental Protection Agency, said it’s fairly easy to predict who the winners will be as climate gentrification takes hold — led both by one-time events such as hurricanes and the more gradual process of sea-level rise. The answer, of course, is wealthier people.

“Who has the resources? Who has the access?” Ali asked in an interview with MoneyWatch. “Who has the education to understand what’s coming and navigate that?”

One key to ensuring a more equitable outcome is making sure communities are heard, are involved in development, including “adaptation” measures to accommodate climate change, and have avenues to take advantage of rising property values, Ali said. In fact, climate will be a focus area of a new initiative of the Hip Hop Caucus set for launch in spring that targets vulnerable communities.

In Miami, residents of some inland coastal neighborhoods that sit at comparatively high elevations, including Little Haiti, worry that rising property values fueled by sea-level increases could price them out, as PRI reported last week.

Developers have proposed three new projects in the Little Haiti neighborhood that could push immigrants and people of color out, activist Valencia Gunder told PRI.

“In Miami, historically because of racism, redlining and segregation, all of the brown and black people were forced to live in the center of the city, which also happens to be the high elevated areas,” she told PRI. “So, they pushed us here because they didn’t want us on the beach.”

For some buyers these days, the beach looks like a better place to visit than to live. And it’s not just coastal areas that could face consequences of “climate gentrification.” Coastal residents are likely to flock to inland cities in droves — with Austin, Texas; Orlando, Florida; and Atlanta likely to gain the most new residents, according to a study by Mathew Hauer published by the journal Nature in April.

The study, which considers a sea-level rise of about six feet by the year 2100, forecasts a migration of as many as 13 million people (double the total of the Great Migration), with more than 2.5 million fleeing the region that includes Miami, Fort Lauderdale and West Palm Beach. New Orleans would lose about 500,000 people, the study predicts, and the New York City area would lose 50,000 people.

That doesn’t mean coastal areas would empty out. History shows people will always want to live near the water, noted Joel Myers, founder and president of commercial weather service AccuWeather Inc.

Sea levels have been rising for thousands of years, he added, and even as that rise accelerates, the other side of the coin is there’s less waterfront land available to purchase. A simple formula of supply and demand.

Click here to view the CBS MoneyWatch video ‘Climate Gentrification Could Add Value To Elevation In Real Estate’

 

Source: CBS News

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Can ‘Miami Modern’ Do For North Beach What ‘Art Deco’ Did For South Beach?

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South Beach’s transformation from tired haunt for retirees to booming hub for tourists and fun-seekers is partly owed to the unique architecture of the area.

The city’s renaissance over the past few decades has been set against a backdrop of Art Deco hotels and apartment buildings that have become avatars for Miami Beach. They’re emblematic of the coastal city’s early history and the activists who fought to preserve these relics of the past. Now city leaders want to repeat the magic.

This 1956 building, designed in the Miami Modern style by architect Gilbert Fein, is an example of the kind of architecture that is being preserved with the creation of two new local historic districts in Miami Beach. (PHOTO CREDIT: Joey Flechas, Miami Herald)

The city is moving to protect more than 200 mid-century apartment buildings across two new local historic districts — which comes with significant protection from demolition. The swath of low-slung multi-family buildings were built after World War II, many in the “Miami Modern” or “MiMo” style that has enjoyed a resurgence through the renovation of hotels along Biscayne Boulevard in the upper east side of Miami.

On Wednesday, Miami Beach commissioners unanimously voted to give initial approval to two districts in the north part of the city — one on the east end of Normandy Isle and the other a few blocks inland from the sand along the north shore between 73rd and 87th streets. A final vote will be held Jan. 17.

The designation was heralded by elected officials and preservationists who have long sought to protect this corner of Miami Beach. The hope is that by safeguarding these buildings, encouraging owners to renovate them and coupling the historic districts with a soon-to-be-redeveloped “town center” in the middle of North Beach, the whole neighborhood will be revitalized and see new economic investment. Wednesday’s vote was applauded by residents.

“Place-making is so important when you build the character of a city, and Miami Beach is one of the most unique cities in the world,” said Tanya Bhatt, a North Beach resident and activist.

This apartment building, constructed in 1949 and designed by Gerard Pitt was the setting in the last scene of “Moonlight,” the winner of the Academy Award for best picture. It is now on track to be protected from demolition as part of a local historic district (PHOTO CREDIT: Joey Flechas, Miami Herald)

The local districts include Harding Avenue from 73rd up to the northern border of the city at 87th Street, a section from Harding to Dickens Avenue between 73rd and 75th streets, and buildings on Bay Drive, Marseilles Drive and South Shore Drive on the eastern edge of Normandy Isle. This area covers a portion of the National Register District, a federal designation that does not provide any local protections.

All told, there are 313 buildings in these districts, and 271 of them are considered architecturally significant enough to contribute to the character of the neighborhood. City planners have spent a year studying each structure to prepare designation reports that provide the historical context of each district and highlight the architects who designed the neighborhoods.

“A city that respects its history respects its future,” said Mayor Dan Gelber.

The vote marked a major victory of the city’s preservation community, including the group that fought to save Art Deco from the wrecking ball of developers, the Miami Design Preservation League. Not since 1990 have so many historic buildings been given local protection at one time.

“It’s something that the community has been working on for over 10 years, to bring local protections for these beautiful Miami Modern neighborhoods in North Beach. We’re looking forward to a great future for North Beach,” said Daniel Ciraldo, the league’s executive director.

This apartment building, built in 1955 and designed by noted architect Gilbert Fein, is an example of the typical Miami Modern architecture that can be found in North Beach. It is in one of two new local historic districts that were initially approved on Wednesday. (PHOTO CREDIT: City of Miami Beach)

More buildings are scheduled to be designated, as well. Two stretches of buildings on the Tatum Waterway are currently protected by a demolition moratorium while city planners prepare designation reports for these structures. Commissioners agreed to add these buildings to the mix after the preservation community agreed to support for a zoning increase referendum for the area surrounding North Beach’s main drag, 71st Street. That referendum passed in November’s election.

Click here to see which Miami Modern buildings are part of the upcoming Historic Districts. 

Click here to view North Beach Historic Districts on Google Maps.

 

Source: Miami Herald

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Will Chinese Condominium Buyers Keep Flooding Miami In 2018?

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What’s ahead in 2018 on the condo front? Is there a sweet spot in the market? What about Chinese buyers?

GlobeSt.com caught up with Art Falcone, co-founder and managing principal of Encore, to get his thoughts in part one of this exclusive interview series.

GlobeSt.com: You recently sold out your luxury condo project on Fort Lauderdale Beach. Do you expect sales momentum for luxury condos in South Florida to continue in 2018 or will there be a slowdown?

Falcone: We could potentially see a slowdown because of lenders, not a lack of buyers. The slowdown on luxury condos started about two years ago, and because of that, lenders have pulled back dramatically on financing new condo projects. That’s ultimately causing problems for developers and resulting in an additional slowdown.

GlobeSt.com: Is there a sweet spot in the condo market right now? 

Falcone: The sweet spot is in amenity-rich developments. That includes both the actual buildings and the surrounding communities. Our Miami Worldcenter project is in the middle of Downtown Miami where people can live, work and play.

They have the best shopping and restaurants plus museums, the performing arts center and sporting games and arenas. Everything is walkable. If you’re under $800 per square foot in a great, amenity-rich area, that’s the sweet spot.

GlobeSt.com: Chinese buyers have been active at Paramount Miami Worldcenter. Do you see an influx of Chinese buyers coming to Miami in the year ahead? 

Falcone: The reason we’ve seen so many Chinese buyers at Paramount Miami Worldcenter is because we’ve actively sought them out by going to China every month. That being said, right now both Orlando and Miami International airports are considering adding non-stop flights to China.  If that happens, there will definitely be an influx of Chinese buyers.

 

Source: GlobeSt.

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Miami Board OKs Waivers For Proposed Mixed-Use Tower In The Arts & Entertainment District

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An Aventura orthopaedic surgeon and his wife are spearheading plans to convert a prime slice of vacant land on Biscayne Boulevard and 17th Street into a 53-story mixed use tower.

Barry J. Silverman and Judy Silverman manage V Downtown Inc., a company that is proposing to build the new high-rise in Miami’s Arts & Entertainment District.

Miami’s Urban Development Review Board signed off on several waivers requested by V Downtown for the project at 1775 Biscayne Boulevard at its meeting on Wednesday.

Rendering of the proposed tower at 1775 Biscayne Blvd.

The project, designed by Kobi Karp, would have 444 residential units, 200 hotel rooms, 45,600 square feet of commercial space, 64,500 square feet of office space, and 546 parking spaces. The project would include a rooftop amenity deck for the residences and a lower amenity deck for the hotel and retail uses, which would be open to the public and provide access to views of Biscayne Boulevard and Biscayne Bay. The development is adjacent to the Omni Center and just east from Opera Tower.

The commercial spaces would be on the ground and lower levels and followed by the office space on floors two through seven. The hotel would occupy the 10th through 17th floors with the residential units taking the upper floors, according to documents filed with the city.

V Downtown sought waivers to increase the lot coverage to 88 percent instead of the 80 percent that is currently allowed; to allow a floor plate of 19,800 square feet where only 18,000 square feet is allowed for the residential side; to reduce the required parking by 30 percent because the project is located near the Omni Metromover station and bus depot; and to allow the parking structure to extend along the entire length of the proposed frontage. The garage would have an artistic or glass treatment to help conceal it, documents show.

The Silvermans are known for their philanthropic work with Jewish organizations such as the American-Israel Public Affairs Committee, the Greater Miami Jewish Federation Foundation and the Aventura Turnberry Jewish Center. Through the Barry and Judy Silverman Foundation, the couple have funded local educational and social services with a special focus on people with disabilities and special needs.

 

Source: The Real Deal

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Mixed-Use Development Project Near UM Obtains $95M To Start Construction

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NP International obtained a $95 million construction loan for its Paseo de la Riviera mixed-use project across the street from the University of Miami in Coral Gables.

Click on the photo for a SFBJ rendering sideshow of the Paseo de la Riviera project

Starwood Property Mortgage, as the administrative agent for a group of lenders, assumed the $16.5 million loan originally granted last year by TotalBank and boosted it to $95 million. The borrower is 1350 S. Dixie LLC, an affiliate of NP International led by President Brent Reynolds. The general contractor is Balfour Beatty.

“Paseo de la Riviera will break ground before the end of 2017 and will take two years to complete,” Reynolds said. “Getting the construction loan is a big milestone. We’re pleased to have a great partner like Starwood.”

NP International has yet to announce a hotel brand for the project or select a leasing manager for the commercial space.

The company acquired the 2.7-acre site at 1350 S. Dixie Highway for $44 million in 2016. The 55-year-old Holiday Inn there is being demolished to make way for Paseo de la Riviera.

The project would have 240 hotel rooms, 200 apartments, 4,380 square feet of restaurants, 20,000 square feet of retail, and a parking deck.

“The hotel will have 10 stories, and the apartment building will rise six stories on top of the parking deck,” Reynolds said. “There will be separate pools for apartment residents and hotel guests. The hotel will have a conference room to serve the community, but not full banquet facilities. There really hasn’t been a new or upgraded facilities in quite some time, so to have an upgraded, modern lifestyle brand that serves not only the community and the university, but also the businesses, in the area is a win-win. There will be a paseo for pedestrians to walk between two the buildings, passing from U.S. 1 to a public park. The paseo would draw the community into the project’s open space and encourage both the apartment residents and hotel guests to go downstairs and congregate. It’s almost like an urban living room.”

 

Source: SFBJ

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Argentines Are Becoming ‘Power Players’ In Miami Real Estate

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Emilio Palomo (the past chair of the Master Brokers Forum, an elite network of the top real estate professionals in Miami, and the owner/broker of Riteway Properties III) recently went to a party for the opening of a Miami Beach hotel.

He was not familiar with this particular hotel or the people behind it, and attended on the invitation of a colleague. After a few minutes, it became clear to him that most of the guests were from Argentina (or of Argentine descent), and he was not surprised to learn that the owners are themselves native Argentines who have been — somewhat quietly — buying and upgrading Miami Beach hotels for many years.

Emilio worked with buyers and sellers from around the world over the course of his 47-plus years in Miami real estate. He feels fortunate to live in a city that draws so much global interest, with buyers coming from Europe, Asia, Latin America, Canada, and (of course) the U.S. Many find our real estate prices to still be reasonably low compared to their home nations.

Some foreign buyers come here because of political instability and lack of security in their countries, others because of our weather, beaches and everything else Miami has to offer. Whatever the reason, Miami has become one of the most desired international destinations in today’s market for a permanent or second (or third!) home.

And while buyers from Russia, Brazil, Colombia and Venezuela have drawn the biggest headlines for their respective impacts, he believes that Miami’s Argentines have not received nearly enough attention for their significant contribution to the economy and real estate market.

Some of this may be due to the nature of Argentines themselves, who in Emilio‘s opinion and experience tend to be quite modest and discreet. Thanks to referrals from friends in the banking community, over the years he has built a solid base of Argentine clients, and become friendly with many of them. (His Cuban-American family has become close with one particular group for whom he sold and managed units, and recently joined them to make some amazing wine in Mendoza, Argentina.)

But it would seem that the days of Argentines flying under Miami’s “real estate radar” are in the past. Some of the city’s most visible and exciting new projects are being created by developers with deep roots in Argentina, including:

  • Mid-Miami Beach’s acclaimed Faena District, a six-block project that features luxury hotels, bars, condominiums, a cultural center and a retail complex, from the visionary mind of Argentine developer/artist Alan Faena.
  • The Aston Martin Residences, the car maker’s first branded condominium project, which recently broke ground. The 66-story building located at the mouth of the Miami River is being developed by G&G Business Developments, a Miami-based firm owned by Argentine supermarket magnate German Coto and his mother Gloria.
  • The Oceana-branded condominiums in Key Biscayne and Bal Harbour, created by Buenos Aires native (and international art collector) Eduardo Costantini.

In addition to these high-profile projects, observers may have noticed a quiet explosion of Argentine restaurants and other businesses in Miami over the past few years, reflecting the growing population of residents and visitors. From what Emilio has noticed, many of the wealthiest Argentines make their homes in Key Biscayne, but there are also many to be found in Aventura, Miami Beach, Brickell, Downtown, Midtown and Edgewater.

Unfortunately, not all news involving Argentine interest in Miami real estate have been positive.

Last month, The Miami Herald reported that former president Cristina Fernández de Kirchner was accused by the nation’s top anti-corruption official of secretly owning more than 60 Miami properties bought with “dirty money.”

While this item is concerning, Emilio believes that Argentina’s recent change in government, and the stability being demonstrated by its new reform-minded leadership, will put the country on a path toward sustained economic growth. This would obviously allow even more Argentine investment in Miami — the “clean” kind we very much prefer.

Emilio is looking forward to many more years of welcoming Argentines and others who continue to make Miami a dynamic, evolving, and truly international city.

 

Source: Miami Herald

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Bruce Berkowitz And Billionaire W.R. Berkley Buy Coconut Grove Assemblage

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A company led by billionaire William Berkley and Bruce Berkowitz of Fairholme Holdings just picked up pieces of an assemblage in west Coconut Grove.

B and B Group Properties LLC just paid $5.4 million for six lots totaling about an acre at a bankruptcy auction, according to attorneys Dan Gonzalez and Peter Russin, partners at Meland Russin and Budwick. They represented the seller, Nassau Development of Village West Corp. and Grand Abbaco Development of Village West Corp.

The court appointed Stearns Weaver attorney Drew M. Dillworth as trustee of the bankruptcy estate. Cori Lopez-Castro of Kozyak Tropin Throckmorton LLP represented the buyers.

Lopez-Castro said Berkley and Berkowitz have no immediate plans for the properties, which were part of a bigger, roughly 30-parcel assemblage in the West Grove. Berkowitz is an equity fund manager and Berkley is founder and chairman of the insurance giant W.R. Berkley Corporation.

The properties sold were: 3364, 3384, 3441 and 3461 Grand Avenue, and 3400 and 3412 Florida Avenue.

Other bidders included a partnership between David Martin’s Terra and Michael Comras, and Orlando Benitez Jr., one of the lenders who settled with the trust. BankUnited and Wilmington Trust were the lead lenders.

The trustee, Dillworth, tried to arrange a deal for the bigger assemblage before heading to auction with the six parcels, Russin said. Terra offered to pay about $35 million for the bigger assemblage last year, but pulled out due to environmental concerns.

Records show the Nassau and Abbaco LLCs are controlled by Julio Marrero, Rosa Marrero, Phillip Muskat and Benitez. A bigger sale has been held up by infighting among the partners. Benitez, who reportedly stated that he brought Terra to the deal, tried to stop that sale last year. Marrero called him a “rogue stockholder,” the Miami Herald previously reported.

 

Source: The Real Deal

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Developer Funding For Underline Could Result In Larger, Taller Projects Along Metrorail

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Developers building projects along or near the Underline could be allowed to go bigger if they contribute funds for the city of Miami’s portion of the planned 10-mile long linear park.

Under a proposal crafted by the clty’s planning and zoning department, projects within a half-mile radius of Metrorail stations could get an increase in height from eight to 12 stories, as well as a floor lot ratio bonus increase from 25 percent to 35 percent in exchange for improvements and maintenance to the Underline, which will run underneath Metrorail’s elevated tracks from the Dadeland South Station to the Brickell Station. Developers could also opt to pay contributions into a public benefits fund set up by the city.

Renderings of the Underline linear park and trail in Miami-Dade County

“The objective is to incentivize sustainable development that embraces the 10-mile Underline,” said Melissa Tapanes, an attorney representing Friends of The Underline.

Donations would be based on a percentage of the market value of the per-square-foot price charged for units in projects near and along the Underline. In addition, the contributions would only apply to the five miles of the linear park that fall within city of Miami limits. Developers could also score a 20 percent parking reduction for their projects if they place bicycle racks in their development sites along the Underline.

At a recent meeting of the Miami Planning, Zoning and Appeals Board, Aaron Stolear of 13th Floor Investments said his employer strongly supports the legislation.

“We think it will enhance the Underline and make the vision happen,” Stolear said.

The board unanimously recommended approval, but the city commission will make the final decision.

Last year, 13th Floor and The Adler Group won a Miami-Dade County bid to develop Link at Douglas Station, a mixed-use development that will include 970 residences, a 150-key hotel and 70,000 square feet of retail space and a public plaza. The seven-acre project will connect to the Metrorail Douglas Road Station at 3060 Southwest 37th Court. As part of the deal, 13th Floor and Adler will make a $600,000 contribution to The Underline.

In a recent email, 13th Floor Managing Principal Arnaud Karsenti said the new legislation would not directly benefit Link at Douglas Station because the project is already receiving zoning bonuses and benefits from the county that exceed what is proposed by the city.

“However, we definitely believe that this will have a beneficial impact on all neighboring properties,” Karsenti said, “It will stimulate better urban development along the entire US-1/Metrorail corridor.”

In September of last year, Miami city commissioners approved $50 million in funding for the $120 million linear park. The money would come from development fees charged by the city. About $67 million will be raised through private donations and other public funding.

 

Source: The Real Deal

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Miami-Dade Beacon Council Announces New Jobs And New Chair At Annual Event

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More than 400 people attended a recent Miami-Dade Beacon Council‘s annual meeting at the InterContinental Miami, where business and civic leaders touted the agency’s recent wins and toasted its new chair.

For the first time, the county’s economic development group combined its annual meeting with its key ceremony, providing insights into the companies it helped expand or move to Miami-Dade.

The Beacon Council reported that 46 companies relocated or expanded in Miami-Dade County in the 2016-2017 fiscal year, bringing in more than 2,100 new jobs to the region and generating $209.7 million in new capital investment.

The event marked the first annual meeting attended by the organization’s new CEO and President Michael Finney, who previously served as the president and CEO of the Michigan Economic Development Corporation.

“I’ve been impressed with… the warm Miami welcome,” Finney said. “There is really commonality here and a desire to work with one another that’s in full display.”

One of the key accomplishments highlighted at the event was Amazon breaking ground on an 855,000-square-foot fulfillment center in Opa-Locka in June. The project is expected to open by the end of 2018, and Amazon said the warehouse will bring at least 1,000 jobs to the local economy.

While Amazon was not in attendance at the event, other companies present included online boat marketplace Boats Group, which brought in 80 new jobs to the county and a capital commitment of $1.05 million; and Dunham Bush, a Malaysian manufacturer, which added 51 new jobs and $12.5 million in capital.

The economic development agency also touted its new programs and task forces. Specifically, it mentioned its “Connect and Grow” program, which works to connect entrepreneurs and innovators and their new products and technologies to established businesses.

The Beacon Council‘s new Chair Nelson Lazo, CEO of Doctors Hospital, addressed the audience. Lazo takes over for Jaret Davis, co-managing shareholder of Greenberg Traurig’s Miami office, as the agency marks the start of its new fiscal year.

“It is time we told the new story of Miami instead of letting old narratives define who we are to the world,” said Lazo, after thanking Davis for his service.

Davis received video tributes from the economic development group and the University of Miami, which will honor him for contributions to his alma mater on Nov. 4 during its homecoming game at Hard Rock Stadium. Miami-Dade County Mayor Carlos A. Gimenez was one of many to laud Davis‘ contributions to the county’s economic landscape.

“You’re outstanding and a great treasure…. for everything you have done for this community,” said Gimenez, who then handed Davis a a plaque commemorating Thursday, Oct. 26 as Jaret Davis Day.

Since 1985, the Miami-Dade Beacon Council has assisted more than 1,000 businesses that have created nearly 70,000 direct jobs and generated more than $4.6 billion in capital investments, it said.

 

Source: SFBJ

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