Miami 2018 An in-depth review of the key issues facing Miami-Dade’s economy featuring the exclusive insights of prominent industry leaders
City of Miami: The City of Miami is a global leader in terms of multicultural growth and business development. The Magic City is home to the largest concentration of international banks in the world and the thirdtallest skyline in the United States, not to mention its reputation as an international tourist destination.
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Global city: Rising from multicultural roots, the City of Miami is emerging as a true global leader in culture, connectivity and sustainability The City of Miami is the heart of South Florida. It is the principal, central and most populous city in the Miami metropolitan area and is part of the second most populous metropolis in the southeastern United States, after Washington, D.C. An emerging global city, the City of Miami was named an alpha-level world city in 2010. It is ranked 9th in the U.S. (and 30th globally) for business activity, human capital, information exchanges, cultural experience and political engagement. Not only is the City of Miami a business hub, but it is also the richest city in the U.S. and the 7th richest in the world in terms of purchasing power. It is a major tourism hub and ranks second in the nation, after New York City, for total international visitors. This multicultural powerhouse has been instrumental in South Florida’s emergence as a global leader. From Tequesta village to Magic City The land on which Miami sits today has been inhabited since as early as 500 or 600 B.C.E. The Tequesta people occupied the area for over 1,000 years before the land was claimed by Spain in 1566. The word Miami is derived from Mayaimi, the historic name for Lake Okeechobee. The land came under U.S. control in 1821, and a fort was 70 | Invest: Miami 2018 | CITY OF MIAMI
built in the area as part of an effort to clear the area of the Seminole tribes, who lived there after the Tequesta were removed by the Spanish, in order to make way for American settlers. During the Great Freeze of 1894 and 1895, Miami’s crops were the only ones to survive, and the settlement’s importance increased in the region. In the wake of the freeze, citrus grower and “Mother of Miami” Julia Tuttle, and her neighbors William and Mary Brickell, convinced railroad tycoon Henry Flagler to expand his rail system into the area. The City of Miami was officially incorporated on July 28, 1896, and is the only major city in the U.S. to have been conceived by a woman. From the beginning, the city had a diverse population. At the start of the 20th century, migrants from the Bahamas and African-Americans constituted about 40 percent of the population and played a crucial role in the development of the city, but they were subjected to racism and discrimination from white residents. In the 1960s, many wealthy Cubans immigrated to Miami in order to escape Fidel Castro’s rise to power. In its history of over 120 years, the city has grown from 1,000 residents to over 400,000; today it is the 44th largest city in the U.S. In fact, Miami experienced such ( )
CITY OF MIAMI INTERVIEW
Open door How Miami's new mayor is keeping the lines of communication open and promoting the City of Miami as a great place to live, work and play
Francis Suarez Mayor – City of Miami How are you opening up communication between your office and the community? I’ve always given out my number since I ran for office in 2009. It’s still the same number: 305-992-3342. I do have a forwarding feature, so if I’m in a meeting or unable to answer, it gets forwarded to a live person. I like text messages as well. If I’m not able to answer in the moment, I can revisit it later and still give somebody the thoughtful response they deserve. Technology allows you to communicate that way, and there are so many platforms like Facebook, Twitter and Instagram where I’m communicating with residents as well. The fact that they can communicate with their mayor is essential, and it allows me to know minute-byminute what they’re thinking and how they’re feeling, which is a big benefit for both sides. I’m a believer in accessibility, but I’m coming to appreciate delegation as well. As time passes, I am finding a better balance between being accessible and also delegating to my team, whose experience and knowledge I can utilize to address a variety of problems. How can we make the City of Miami’s tech sector stronger? Our plan is to forge a series of technological partnerships throughout the year that will weave the narrative that we are a tech-based city. We have opportunities for tech-based companies like Tesla, Lyft, Uber, Spotify and WeWork, to name a few. We want to continue to build that narrative that we are a city that attracts mega brands on the technological side, as well as on the entertainment side. The mayor is the chief marketer of the city, so I’m constantly trying to forge partnerships with these tech-based companies. We are in a new, knowledge-based technological economy. My job is to attract businesses that will supply the jobs of tomorrow for our children.
What makes Miami such a great place to live and work? Due to advancing technology, we live in a world where you can live where you want to live. If you can live wherever you want, Miami wins that competition because of our weather and our favorable tax environment. Miami is also inexpensive compared to other major cities in the U.S. We are a city that is diversifying enormously in terms of our capital and our population. We’re no longer a gateway city but a global city. We are focused on making sure that our progress benefits all citizens. We can’t just have a system that allows the rich to get richer. We have to continue to make sure that we educate all of our children and give them an opportunity to succeed in today and tomorrow’s economy. If we’re not doing that, we're doing a disservice to our city. That’s part of my emphasis as well: it’s not just prosperity for some, it’s prosperity for all. www.capitalanalyticsassociates.com
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CITY OF MIAMI OVERVIEW
Known for its many colorful murals, Wynwood is one of the City of Miami's most vibrant districts.
( ) rapid growth that snowbirds from the North who wintered here remarked that the change from year to year was like magic — hence was born the nickname “Magic City.” Seas, safety and “Silicon Beach” Miami’s economy is strengthening. Moody’s Investors Service increased the city’s primary bond rating from A1 to Aa2 in March 2018 due to its strong financial footing. Proactive measures to combat sea-level rise and provide affordable housing were mentioned as reasons for the improvement. Another factor in Moody’s increased rating was the passing of the Miami Forever Bond Program, a $400 million general obligation bond, in November 2017. The money will go towards affordable housing, flood prevention and other public projects. Officials are planning to spend almost half of the amount on pumps, seawalls and storm drains. The move did not increase taxes, but the money will come from keeping taxes at the same level after the city pays off its debt from previous bonds. This project will help Miami stay resilient in the face of increasing environmental challenges. The City of Miami officially launched its Safe City Initiative in March 2018. This program is a collaborative effort with the goal of creating green, safe and clean neighborhoods. As of early 2018, 10 unsafe and abandoned structures have been demolished or cleared, eliminating them as locations for illicit activities and 72 | Invest: Miami 2018 | CITY OF MIAMI
making way for new, fresh housing to reinvigorate neighborhoods like Little Havana. City officials are also committed to reducing gun violence. In September 2017, the commissioners included money in the city’s budget to triple the territory covered by ShotSpotter, a network of sensors that automatically reports gunfire to police. The system, installed initially in 2014, already covers areas of Little Haiti, Park West, Liberty City and Overtown. In 2018 and 2019, the area will expand to include sections of Coconut Grove, Little Havana, Model City, Downtown and Allapattah. Since installing the system in 2014, the homicide rate in the City of Miami has decreased by over 30 percent. Part of Miami’s healthy growth is due to the tech community that has found a home here. Mayor Francis Suarez is particularly passionate about encouraging tech growth and is working with Tesla to bring charging stations to public parking lots. The city is also looking to attract Spotify, the music-streaming giant, to establish its Latin American headquarters here. In March 2018, the city announced a partnership with shared-workspace company WeWork to attract and retain startups and help them scale up. On the private side, between 2013 and 2016, commercial real estate (CRE) leased by tech companies in Florida increased by over 100 percent, and Miami is becoming known as the “Silicon Beach” of the United States. In 2017, Miami became the number one city in the U.S. for tech startups, surpassing the
CITY OF MIAMI OVERVIEW
CITY OF MIAMI OVERVIEW
reigning Austin, Texas, for the honor. With ongoing support from The Beacon Council and city officials, the tech sector will continue to bring innovation, as well as capital and jobs, into the City of Miami. Continued development Miami has the third-tallest skyline in the U.S. and is still growing. One development that will have a profound effect is the Miami Worldcenter, a mixed-use project going up in Park West, just north of Downtown. The project will span about 10 blocks and contain retail, residential and hotel properties. In January 2018 the developers, Nitin Motwani and Art Falcone, closed a $43 million loan from Fifth Third Bank for the retail and parking part of the project. In late March, the Paramount Miami Worldcenter, a building that will house over 500 condos, passed the 45th floor on the 60-floor project and was already 73 percent presold. Another big project is the future home of David Beckham’s MLS team. The ownership team was planning on finding a home in Overtown, having bought property there in 2016, but recently they expanded their search. City officials suggested the city-owned Melreese golf course as an alternative location, offer-
ing a much bigger property for the development to include a feature public park, soccer academy and other amenities in addition to the MLS stadium, as well as connectivity to public transportation. While the stadium’s location has yet to be finalized, the City of Miami is looking forward to welcoming its new MLS team. While many mega projects continue to climb, average apartment rent shows no sign of declining. At $1,750, the City of Miami’s median one-bedroom rent is the most expensive in Miami-Dade County. In order to address this issue, the Miami Forever Bond allocated a quarter of its funds — $100 million — to affordable housing. The Omni CRA wants to double this amount; the board voted in January 2018 to establish a goal of allocating $100 million in tax increment funds to affordable housing. By increasing the amount of affordable and attainable housing, real estate in the City of Miami will reach a balance of satisfying the needs of foreign investors while providing places to live, work and play to all of Miami’s residents and visitors. Connectivity Existing infrastructure in Miami includes PortMiami, which retains its crown as the busiest cruise port in the
CITY OF MIAMI OVERVIEW
world, serving just under 5 million cruise passengers yearly. It also provides 324,000 direct and indirect jobs and has an economic impact of over $41 billion. Two more terminals, one for Royal Caribbean and the other for Norwegian Cruise Line, will make the port even busier. Royal Caribbean’s terminal will open in the fall of 2018, and Norwegian will break ground in May 2018 with the expectation of opening in November of the following year. Upcoming infrastructure projects include the Underline, a 10-mile park that occupies the space underneath the Metrorail. The proposed park, which will begin development in Brickell in the fall of 2018, will provide a walking and biking path, as well as other proposed amenities, including an outdoor gym, a basketball court and gaming tables. The City of Miami has pledged $50 million, half of the proposed budget, for the park, which will benefit residents living both in the City of Miami and its surrounding neighborhoods. Another, similar project in the works is the Ludlam Trail, a proposed 6.2-mile trail on the former Florida East Coast Railway lines. Florida East Coast Industries is a supporter of the project and hosted a carnival in August that attracted over 500 attendees. An issue surfaced in February 2018, however, and the entire area was fenced off after testing revealed arsenic and hydrocarbons in the soil. Although the levels were not high enough to be dangerous, they did exceed government standards. A solution is adding clean soil on top of the contaminated layer, keeping users from encountering the chemicals. Although this could delay the project, it should not keep it from being completed on time. Innovating transit Miami-Dade County’s SMART plan is coming along but hit a snag when it was announced in March 2018 that necessary environmental studies would delay the project for a year, though they would not incur additional costs. While the county and state are working to make all of Miami-Dade more accessible, the City of Miami is also providing solutions for its residents. One of the SMART plan’s target corridors, Baylink, or the crossing from Miami Beach to Downtown, is getting some extra attention. Mayor Suarez hosted a meeting early in 2018 to discuss the possibility of a personal rapid transit (PRT) system for that corridor. Passengers would be able to give their cars a personalized destination, and each stop would be removed from the main track system, keeping the stops from slowing down the rest of the cars. In its favor, a PRT system would cost 1/10 the price of a rail line, but currently the only working PRT system in the U.S. is in Morgantown, West Vir-
Moishe Mana Founder & CEO Mana Group
Why does Miami have so much potential for global trade? The world is becoming more global, and nothing can stop this trend. A lot of headquarters will be coming to the western hemisphere. The question is where do they want to be? New York, Panama or Miami. From Miami, you can access many countries in Central America and much of the U.S. within two to four hours. Logistically, Miami has many of the ingredients to be a global trade hub: a great tax situation, great airports and great seaports. This city is the link between South America and the U.S. We’re starting a movement to encourage other countries to come here and do business. How will your projects in Wynwood and on Flagler change Miami? Wynwood is going to be the cultural hub of Miami. We don’t want high-rise buildings; we want to keep the feeling of Wynwood intact. We’re building the Mana Contemporary and will house fashion designers from all over the world. We’re looking to set a calmer, more cultural tone than other parts of Miami-Dade. The other part of Wynwood is the business side. We want to build a global trade hub to facilitate trade between the Far East, the U.S. and South America. This project is going to impact the whole city. People from all over the world are going to come here to trade. There are only so many coffee shops you can have; you need business to support a community. Mana Common, our project on Flagler, is slightly different. We’re building micro units and are investing in many businesses, including tech, fashion, arts and restaurants. This is the Mana Common idea: to share space and share sense. There is a movement right now of collaboration, so we are designing social communities. We’re not developers in the typical sense. We’re more interested in the content. The value of a building is in its contents, not the rent collected. What is created in that space is what matters. www.capitalanalyticsassociates.com
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CITY OF MIAMI OVERVIEW
Maximo Gomez Park, also known as "Dominos Park," is a Little Havana landmark.
ginia, a city of just over 30,000 residents. More studies would have to be done to make sure the system could handle Miami’s large population. The Miami Trolley, a free, award-winning system, has doubled its traffic since 2013. In February 2018, the trolleys moved into the neighborhood of Little Haiti, which has become a tourist destination in its own right. The system has over 450,000 monthly riders and is connecting different neighborhoods within the city to the urban core. In addition to the new Little Haiti route, the trolleys currently serve 11 neighborhoods, including Allapattah, Brickell, Wyn-
wood and Overtown, and the majority of those routes operate seven days a week. Another addition is the Miami Citi Bike bike-sharing program; the bikes can be rented on an hourly, monthly or yearly basis, which provides flexibility for users. Both systems help residents and visitors explore the different areas of the City of Miami without a car. Healthy city The City of Miami’s healthcare facilities are continuing to expand their offerings and their ability to serve residents. Both Jackson Memorial Health System and
Bob Zangrillo Chairman & CEO – Dragon Global
The urban core from Downtown right up between Interstate 95 and the rail line will represent the next area of growth, especially where it has already been zoned for light industrial or industrial. That area is also becoming increasingly attractive from a transportation point of view. Without proper zoning and underlying transportation infrastructure, it is going to become increasingly difficult for an area of Miami to attract attention from corporate tenants and investors.
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CITY OF MIAMI OVERVIEW
G. Frederick Reinhardt Chairman & CEO – Brickell Bank Foreign families often send their children to Miami to be educated. In the course of that process, the next generation becomes green card holders and then U.S. citizens. Now you have a succession planning matter. You have family assets that are abroad or offshore. There are a whole bunch of issues in terms of how you transfer wealth from one generation to the next and from one jurisdiction to another and how you do it in the most tax-effective way and in a way that the succession is enduring. We get involved with lawyers and do that for our clients. That's Miami-driven because many of our Latin American clients are in that situation.
the University of Miami Health System (UHealth) received good news this year. The Florida Senate, which was considering changing Florida’s Medicaid funding model, confirmed the existing system in March 2018, and Jackson Memorial found this worth celebrating. The group was faced with a possible loss of $58 million, a large number considering the total funds under consideration statewide were $318 million. Also in March, the Senate passed a bill that will restrict the creation of new trauma centers, although it specifically confirmed the status of four such centers in Miami-Dade, including Jackson Memorial’s Ryder Trauma Center. The University of Miami Health System has received several generous donations in 2018 and is expanding accordingly. The institution received a $50 million gift for its cancer center and $12 million for the Bascom
Palmer Eye Institute. Sylvester Comprehensive Cancer Center has bought more property to expand its facilities and is creating a new proton therapy center, while UHealth’s eye institute is establishing a research center for macular degeneration and retinal disease. On the leadership side, Dr. Edward Abraham was confirmed as the CEO of UHealth in December 2017. Arts and culture hub The City of Miami is home to some of Miami-Dade’s finest artistic and cultural experiences. The Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center are located Downtown, while Wynwood has become a global destination for street artists and street art enthusiasts. In January 2018, the City of Miami Commission reestablished the Art in Public Places Program, which will integrate works of art with the landscape of the city. The
artwork
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CITY OF MIAMI OVERVIEW
program was originally administered by Miami-Dade County, but the City of Miami has decided to have a more direct hand in beautifying the city. The Coconut Grove Playhouse is getting a second lease on life. The building opened in 1927 and served as a movie theater and venue for stage performances, developing a strong national reputation as a leading theater in the 1980s. The building closed in 2006, but there are plans to reopen its doors. In April 2018, it was announced that the project had secured its goal of $11 million in private donations and pledges; along with support from the City of Miami and the county, the project will move forward. The proposed renovation would preserve the many unique architectural features of the original building. Cultural events are also plentiful in the City of Miami. Ultra, the yearly electronic music festival, takes place Downtown and annually has over 160,000 attendees. The festival features the most popular electronic musicians and vocalists. In 2018, the surprise closing act was Swedish House Mafia, who had not performed together since splitting up in 2013. The Calle Ocho Festival, an annual tradition since 1978, is the largest Hispanic festival in the country and attracts over 1 million attendees yearly. The festival celebrates Hispanic art, music, food and fashion and is sponsored by the Ki-
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wanis Club of Little Havana. (Read more about Miami’s cultural developments in Arts, Culture and Tourism.) Educational advances The City of Miami is home to excellent schools, including Miami International University of Art and Design (MIU), Miami Dade College and the New World School of the Arts. MIU was founded in Downtown Miami in 1965, and since that time the Design District has grown around the campus. The school has over 2,000 full-time students enrolled in programs, including visual design, marketing, film and fashion. Students earn recognition in their fields while completing their undergraduate degrees. Examples include Alejandro Barzaga, a fashion design student whose wedding dress sketches for Duchess Meghan Markle were featured in El Nuevo Herald, and Jamalat Larach, a fine arts student whose pieces were selected as a part of the Art Espace Gallery and will be exhibited in the Louvre in Paris. Miami Dade College has over 165,000 students between its nine campuses and is the largest college in the Florida College System. The institution, which began as a community college, has a history of providing access to education. This year, it continued that legacy by waiving the out-of-state fees for displaced Puerto
CITY OF MIAMI OVERVIEW
Rican students. Many Puerto Ricans fled the extensive hurricane damage at home and moved to Miami, temporarily or permanently, disrupting many students’ educations. The college also moved to strengthen its business education. It recently partnered with VentureCity to launch a two-year degree program in business entrepreneurship. Students enrolled in this program can expect such professors as the CEO of Cisneros Group and the Florida manager for Lyft. Banking center The City of Miami is home to the largest concentration of international banks in the world, and the majority of those are located in Brickell, the “Wall Street of the South.” The neighborhood was originally platted for mansions by Mary Brickell, one of the founders of Miami, in the early 20th century. In the 1970s and 1980s, Brickell became the home of high-rise office towers and apartment buildings and grew into the financial center we see today. Often called the capital of Latin America, many international banks focused on that region have offices or headquarters in Miami. As Latin America comes out of its period of slow movement, Miami is poised to reap the benefits of the newly energetic market. Private equity deals continue to come through and have increased overall in Florida in three of the past four years. The City of Miami is continuing to grow in population and is getting a boost of high-net-worth individuals fleeing high taxes in the Northeast. That bump is a boon to wealth management providers as well as to the community. (Read more about Miami’s thriving banking industry in Banking & Finance.)
Sustainable city The City of Miami is vulnerable to environmental threats, as it contains much of the central shoreline of Miami, as well as Virginia Key and Dodge Island. Flooding has become an increasingly damaging issue for the city over the last decade. The Miami Forever Bond will provide $192 million for storm drain upgrades, flood pumps and sea walls. The money will also begin a $1 billion fund for other projects to brace the City of Miami against rising seas. In order to make sure that citizens’ voices are heard when it comes to the use of the money, the city is creating a 10-year citizen oversight board to review proposed projects funded by the bond and to make recommendations to the commissioners. This community engagement will help guide the city’s investment. As part of the effort against climate change, the City of Miami Office of Sustainable Initiatives has set ( )
Erika Fleming President Miami International University of Art & Design
Why is the Miami International University of Art & Design positioned perfectly? The City of Miami and the Arts and Entertainment District is the ideal location for our university. We are at the heart of all the action anchored by the Arsht Center, Museum Park and Downtown Miami just to the south of us and Wynwood, Midtown and the Design District to the north of us — all within walking distance or only a short trolley or Metromover ride away. The city has done an impressive job of investing in the growth and development of this area. This depth and breadth in arts, design and culture has been fundamental in helping our students hone and polish their natural creativity. Miami is a multicultural window to the world. It is a young city rich in culture and diversity, providing the artistic and creative backdrop that helps our students evolve their skills and talents. That creativity and ability to think about challenges unconventionally is something that many employers look for. How are your students involved in the community? We believe it is critically important that our students understand that we all have an obligation to the community in which we live. As such, many of our collaborative projects also serve to fulfill that ideal. For example, our students created some of the videos used for the City of Miami Police Department campaign, See Something, Say Something, which encouraged citizens to notify law enforcement whenever they saw anything that was out of the ordinary. We also worked with the American Red Cross; our students produced short videos that captured the smoke detector campaign. Additionally, we were involved in the creation of the first fashion incubator in Miami in partnership with The Beacon Council and Macy’s. Our film students helped film and produce music videos for up-and-coming artists from Sony Music label. We support organizations in the arts such as YoungArts and the Arts & Business Council and student and teacher exhibits for Miami-Dade County Public Schools. We are proud to work on so many collaborative projects that not only highlight our students’ skills and creativity but also enhance our community. www.capitalanalyticsassociates.com
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Market voices: Neighborhood spotlight
Alice Robertson Executive Director Miami DDA
Development in Downtown Miami has traditionally depended on the demand for office space. As the movement of Americans away from suburban lifestyles and into the urban core plays out in Miami, there are now new opportunities for residential, retail and entertainment development. Without this migration of residents into the Downtown area, we would not have the critical mass necessary to support new developments of this kind. Downtown Miami is fast evolving as a mecca for arts and culture. During the past 10 years, the urban core has welcomed new museums, chef-driven restaurants and world-recognized annual art fairs.
Our main focuses at the moment are creating attainable housing, improving infrastructure and working toward historic preservation. Our mission is to clean up the streets, fix up the buildings and bring businesses to the area. We are also trying to build as many units of affordable housing as possible. This area is not a depressed neighborhood anymore. It has really accomplished its mission. Many people who lived here for years, myself included, can no longer afford to, so we are working to change that. Many people have a certain interpretation when they hear the term ‘affordable housing.’ Something important to clarify is that our focus is on affordable housing for mixed incomes.
Albert Garcia Vice Chair Wynwood BID
We’re finding that people coming to Wynwood are largely shedding cars and coming to us through rideshare or transit. We are keeping up by being very responsive to consumer preferences. We are using Wynwood as a laboratory to shape future policy for the rest of the city and Miami-Dade County. One thing we are currently working on is called a woonerf, which is a Dutch term for a shared street. It is a street that bicyclists, pedestrians and cars all share simultaneously; there are no defined sidewalks, parking lanes or vehicular lanes. They are landscaped as if they are parks.
The goal of the Southeast Overtown/Park West CRA is to eliminate and prevent the conditions that cause slum and blight. We employ a three-pronged approach in carrying out this mission. The first prong addresses job creation, job readiness and small business opportunities that create good-paying jobs. The second prong is the development of affordable housing. The third prong is to foster safe neighborhoods. Good-paying job opportunities, along with available affordable housing, improves the quality of life of the residents. Moreover, not only must the neighborhood be safe, but it’s also imperative that it looks safe. It’s about changing people’s perception and making them realize Overtown is a good place to be and to live. 80 | Invest: Miami 2018 | CITY OF MIAMI
Jason Walker
Executive Director Omni/Midtown CRA
Cornelius Shiver, Esq.
Executive Director Southeast Overtown / Park West CRA
CITY OF MIAMI OVERVIEW
( ) targets to reduce the city’s greenhouse gas creation. The office has planted over 6,000 trees with the goal of 30 percent tree canopy coverage; the trees decrease heating costs for buildings, beautify the city and absorb carbon dioxide. The city has also adopted a single-stream recycling program, which has increased the tonnage of annual recycling. Challenges The City of Miami is a city in the midst of growth, but this brings challenges along with the opportunities. Economic inequality in the U.S. continues to be a problem. In 2017, it was reported that the top 1 percent of U.S. citizens controlled 38.6 percent of American wealth, and the issue is worse in major cities. City of Miami officials are focusing on growing the middle class and providing attainable housing for residents at all income levels. In addition, a focus on adding jobs, especially in the rapidly growing tech field, will help create opportunity. Another challenge for the City of Miami is spreading the word about Miami’s strengths. Many in the U.S. think of Miami only as a vacation or retirement destination, which discourages new businesses from taking the city seriously. The good news is its reputation is not slowing down individuals’ interest in Miami; Miami-Dade is the sixth-fastest-growing region in the U.S. The city is working to better reflect its current status as a player in the global business community. Amazon’s interest in Miami for its second headquarters, as well as the flourishing startup community, is helping to counteract the Magic City’s stereotypical beach and party image. Looking ahead Miami will continue to evolve as a global leader. The City of Miami is today what many cities will look like in a few years in terms of diversity, environmental concerns and business growth. The city will continue to partner with businesses and entrepreneurs to encourage and grow the emerging tech economy and improve housing and transit options to ensure that it remains a welcoming place for all residents. Improving shared spaces and public safety will continue to be a focus of the government, as will making it as easy as possible for citizens and businesses to communicate and work with the city to innovate and continue Miami’s upward trajectory. Capital Analytics would like to thank the City of Miami for its contribution in compiling this chapter. To learn more, visit their website: www.miamigov.com
Community Redevelopment The City of Miami is home to two CRAs focusing on different neighborhoods. The Southeast Overtown/ Park West CRA and the Omni/Midtown CRA are dedicated to getting rid of blighted areas and creating urban renewal by bringing in new businesses, creating affordable housing and making communities safer. Under the leadership of the CRA Board of Commissioners, the new executive director, Cornelius “Neil” Shiver, of the Overtown CRA is focusing on the housing side of the equation. As of February 2018, the CRA had invested more than $148 million in over 1,000 housing units. The investment was allocated among several new developments, as well as the renovation of existing, multifamily units. A main focus for the new director is homeownership. In the spring of 2018, the CRA purchased 19 units in Town Park Plaza North. The development is one of the largest sources of homeownership in Overtown. These units will be the foundation of the Neighborhood Stabilization and Homeownership Program, which is intended to make homeownership a priority for low- and moderate-income residents of Overtown. The CRA is also focusing on bringing Overtown’s cultural history back to life with the opening of a new restaurant built by the Marcus Samuelson Development Group. The restaurant, which is owned by Samuelson, the celebrity chef who runs the popular Red Rooster in Harlem, is expected to open by the end of the year. In March 2018, the CRA Board also approved the construction of the Harlem Square Supper Club and Lounge in the burgeoning Overtown Entertainment District. The building will contain a jazz lounge, cigar bar and rooftop events space and contribute to the revitalization of the area. The Omni/Midtown CRA is continuing to work hard for its residents and stakeholders. One project that will have a big impact is the relocation and expansion of the successful Miami-Dade County Magnet School iPrep Academy. The CRA is working with the school board, the City of Miami and MiamiDade Public Housing and Community Development to expand quality school access to residents, as well as providing workforce and affordable housing opportunities, clearing blighted land and keeping the school board’s offices in the neighborhood, among other community benefits. The culture and history of the region is also a priority for the CRA. The Dade Heritage Trust honored the Omni/Midtown CRA in April 2018 for the preservation of the historic 1925 Citizens Bank building at 1367 North Miami Avenue. www.capitalanalyticsassociates.com
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