The Business Report A Quarterly Newsletter from the Coral Gables Economic Development Department
APRIL 2022
Explore Coral Gables Data There is a great deal of data now available on Coral Gables at www.businessexplorer.coralgables.com. The City has partnered with GIS Planning and Miami Commercial Realtors to provide you with a suite of real estate, demographic, labor force, and industry data. Whether looking to open or expand in the Gables, investors can now explore locations, consumer spending habits, workforce and a powerful online mapping analysis.
Coral Gables takes home the U.S. Grand Prix FIABCI, the International Real Estate Federation’s U.S. Chapter, recently recognized the City of Coral Gables’ Miracle Mile and Giralda Plaza Streetscape, with the 2021 Grand Prix of Real Estate Award for Excellence in the Public Infrastructure/Amenities category. The Prix d’Excellence projects are judged for architecture and design, development and construction, community benefits, environmental impact, and financial and marketing success in 13 categories. As the U.S. winner, the project now advances to the 2022 World Prix d’Excellence Awards. These awards recognize projects that best embody excellence in real estate disciplines involved in their creation. Called the “Oscars of Real Estate,” it is an affirmation of the FIABCI ideal of providing society with optimal solutions to its property needs and helping make the world a better place to live, work and enjoy.
Un ma res
Loews Hotel Brings Conference Space to the Gables New conference space will soon come online in Coral Gables. The American luxury hotel group Loews is expected to open in fall 2022 at The Plaza, 2950 Coconut Grove Dr., with 242 rooms and suites catering to business travelers and weekend vacationers. Its total seating capacity for meeting space will be nearly 1,800 with its largest room capacity reaching 1,000 – placing it among the biggest conference spaces in the City. In addition, the hotel will also offer a beautiful 15,000 SF terrace with an event space overlooking the downtown. For more information, visit www.loewshotels.com/coral-gables.
International Cultural Events Coral Gables is looking to attract international cultural events to our bustling metropolis by partnering with international government agencies. In exchange for hosting these events, the city will cover some overhead event costs, up to $20,000. For additional details contact the City of Coral Gables Economic Development Department at 305-722-8704 or visit www.coralgables.com/internationalculturalevents.
Inventory Occupancy Price
Comcast RISE Grants Available Comcast is offering businesses assistance through its RISE program for independent small businesses. Through its powerful partnerships, Comcast RISE is offering services such as advertising and marketing consultations, creative productions that includes a completed TV commercial – all free of charge. Apply by visiting www.comcastrise.com. The program closes on June 17, 2022. In November 2021, nine Coral Gables businesses were each awarded $10,000 from the Comcast RISE Investment Fund to offset the financial impact of COVID-19.
www.coralgables.com/economic
business@coralgables.com
Inventory Occupancy Price
nderstanding aintenance sponsibilities Good first impressions make a big impact. We all benefit from a well-kept, and litter-free business district… it’s inviting, increases property values and attracts prospective businesses and foot traffic. Property and business owners have a
New Pop-Up on Miracle Mile The City of Coral Gables welcomes its first pop-up tenant, Ben & Giules. The store, located at 290 Miracle Mile, offers curated artisanal, handmade, and sustainable home décor, attire, jewelry, and accessories – a merchandising category in-line with the city’s retail strategy.
responsibility to keep the public right-ofway in front and behind their business clean. The city created a maintenance guide with more information for property and business owners at www. Business owner, Elena Stele, and her sons, Ben and Giules, with Mark Trowbridge, Coral Gables Chamber of Commerce, Mayor Vince Lago and Julian Perez, Economic Development Director.
coralgables.com/businessmaintenance.
State of the City Q1 2022
Central Business District Retail
Office
1.1 Million SQ FT
4.7 Million SQ FT
93.9%
86.2%
$47.63 (SQ FT)
$44.45 (SQ FT)
Citywide
1,331 49
545
15
250
6 15
119 7,672
Retail
Office
3.4 Million SQ FT
11.4 Million SQ FT
96.9%
87.8%
$49.49 (SQ FT)
$43.36 (SQ FT)
Source: CoStar
Total Establishments by Number of Employees
Number of employees 1 to 4 100 to 249
5 to 9 250 to 499
10 to 19 500 to 999
20 to 49 1,000+
50 to 99
Source: GIS Planning/www.BusinessExplorer.CoralGables.com
www.coralgables.com/economic
business@coralgables.com
MART CITY
SMART CITY
SMART CITY
SMA
SMART CITY SMART CIT
MART CITY
Coral Gables Unveils Plan for Smart Districts With the goal of integrating smart technologies for the benefit of residents and the business community, the city has established a plan for the installation of 25 Smart Districts. These districts will be linked through miles of fiber optic cable. Once completed, IoT (Internet of things) technology such as expanded broadband capacity, vehicular and pedestrian data, heat maps, environmental sensors, reliable public Wi-Fi, among others, will be available to all companies.
Technology Hub
Smart Poles Nestled in the west median of Alhambra Circle and Ponce de Leon Boulevard is an Artificial-
Coral Gables is recognized as one of the nation’s leading
Intelligence (AI)-powered pole, the first of its
“Smart Cities” for its multi-disciplinary technological
kind to be installed in the United States. This
integration and application to government operations,
year, Coral Gables will be installing eight more
planning and economic development. Domestic and
smart poles engineered specifically for Coral
international firms benefit from this tech ecosystem.
Gables. Among its features, the poles will offer
Notable tech-enabled companies that call Coral Gables
5G-enabled communications, public Wi-Fi,
home include MasTec, ARGO, Cyxtera, Tigo Millicom,
high-resolution cameras, and traffic, safety and
IBM and Appgate. The companies employ more than
environmental sensors.
500 people and are major contributors to the local and regional economy.
PNC Bank Invests in the Gables
PNC Bank has expanded its Coral Gables footprint with a retail location on the corner of Ponce de Leon Blvd. and Sevilla Avenue. Just last year, the company opened a southeast Florida regional headquarters at The Plaza.
Welcome Terumo Latin America Headquarters Terumo, one of the world’s leading manufacturers of medical devices and supplies, recently established their Latin America headquarters in Coral Gables. They conduct research and development, manufacturing, marketing, and distribution and sales of medical equipment. Based in Tokyo, Terumo employs more than 25,000 people throughout the world and provides innovative solutions in more than 160 countries. Coral Gables is proud to welcome Terumo to 121 Alhambra Plaza. For more information, visit www.terumolatinamerica.com.
www.coralgables.com/economic
business@coralgables.com
