Miami DDA Offers $1.1M In Incentives To Strengthen Downtown Economy

The Miami Downtown Development Authority (Miami DDA) is looking to continue the economic prosperity Miami has seen in the past few years with $1.1 million in incentives to attract businesses seeking to move to or expand their operations in the Central Business District (CBD), the Arts & Entertainment District (A&E), or Brickell.

The updated incentive program expands previous programs and includes grant funding for ground floor retail and startups.

“Over the last several years, the Miami DDA has strived to improve Downton Miami to make it more attractive for businesses,” said Miami Commissioner Manolo Reyes, chair of the Miami DDA board of directors. “By expanding this incentive program to stimulate economic impact, the Miami DDA is creating employment opportunities to keep talent in Miami and helping to strengthen our business core.”

The incentive program includes three different categories of businesses:

Ground floor retail: With this new incentive, the Miami DDA will grant up to $50,000 per business to attract the right retail to stimulate growth and continue the live-work-play atmosphere in the Central Business District (CBD). Grants are available to businesses with annual revenue below $3 million and in operation for at least one year.

Start-up operations: Also new for this year, this program offers up to $25,000 per business for startups with incentives aimed at building innovation, economic growth and a vibrant entrepreneurial community. The program is flexible to allow startups to either operate out of a co-working space or lease their own dedicated office space.

Mid-size businesses: This program offers up to $50,000 in funding to incentivize commercial office space leases in Downtown Miami and is an expansion of the current program. The grants have been increased to offer $500 per 500 square feet of new space leased and $2,000 per new employee.

“We have seen massive growth since the pandemic and the Miami DDA is looking to the future to focus on the city’s trajectory as a global business epicenter,” said Christina Crespi, Miami DDA’s CEO and executive director. “We are seeing occupancy rates for Downtown office space increasing even as developers continue to add new supply. These incentives will build on that success.”

Incentive grants are available to businesses expanding or relocating into space within the Miami DDA district boundaries. To learn more about the incentive program and requirements, visit www.MiamiDDA.com.