5 minute read
Miami On The Move
Formerly a refuge for retirees and snowbirds that flee the cold in the winter, a new group of residents are putting down roots in Miami, South Florida. A flood of new tech and startup founders, along with major financial and venture capital companies are setting up shop here, making it more than just a vacation destination for sunseekers. by Angela Caraway-Carlton
| Miami has matured into a diverse, cosmopolitan city worthy of more than just a flashy getaway.
| Miami continues to be one of the most popular migration destinations of any major U.S. metro area. With its year-round temperate weather, stunning beaches to rival those in the Caribbean, and a nightlife that never sleeps, Miami has always been the favoured playground of the international jet-setting crowd. Who wouldn’t want an extended weekend, or a long holiday spent floating in a calm sea of blue, sunbathing on yachts, and popping champagne bottles under the stars? But that question now begs another one: Who wouldn’t want to live that lifestyle?
Miami has matured into a diverse, cosmopolitan city worthy of more than just a flashy getaway, and the world is not only watching—but making big moves to be a permanent part of the action. Miami has the attention of the world. It’s evolved into a world-class city with substance, "says Mayi de la Vega, founder and CEO of ONE Sotheby's International Realty, the leading luxury brokerage on Florida’s East Coast. "Stretching its limits beyond the beaches, the city is brimming with notable art and cultural institutions, delicious culinary options, and international sporting events." According to coverage by Mansion Global, Miami continues to be one of the most popular migration destinations of any major U.S. metro area. The proof is in the numbers, with demand for real estate in South Florida reaching record highs. One Sotheby’s International Realty marked a banner year in 2021, with 121% growth from the previous year.
Formerly a refuge for retirees and snowbirds that flee the cold in the winter, a new group of residents from California and New York are putting down roots in Miami. South Florida has seen a flood of new tech and startup founders, along with major financial and venture capital companies setting up shop. With Miami Mayor Francis
Suarez positioning the city as a "crypto capital," playing host to events such as the Bitcoin 2022 conference, crypto giants like FTX and Blockchain.com have now flown the New York coop for new offices in Miami.
Apart from obvious reasons, such as the near-perfect weather and lush natural beauty, this mass movement can be attributed to factors that range from the work-fromanywhere mindset that developed during the pandemic to Florida’s lack of a state income tax and low corporate tax rates. Factor in a large international airport and close proximity to Latin America and it’s a good place to do business. "When you compare the cost of living for those who’ve lived in major cities like New York and California, Miami offers the chance to live in an incredible place with a sustainable work-life balance for much less," says Daniel de la Vega, president of ONE Sotheby's International Realty.
When you compare the cost of living for those who’ve lived in major cities like New York and California, Miami offers the chance to live in an incredible place with a sustainable work-life balance for much less
Daniel de la Vega
Alongside Mayi de la Vega, founder and CEO of ONE Sotheby's International Realty.
To match growing demand, construction hums all over the Greater Miami area, with prestigious brands building in sought-after neighborhoods. The real estate landscape is dripping with luxurious dwellings with enviable amenities and every type of view a resident could desire, from sleek skyscrapers that hover above bustling Brickell to architectural marvels overlooking the turquoise ocean or bay. Developers Related Group and Integra Investments, alongside ONE Sotheby’s International Realty, recently launched sales of The St. Regis Residences, Miami, which will hold court above sparkling Biscayne Bay in Brickell. Residents will be treated to the brand’s signature butler service and rich amenities that include a tearoom, a cutting-edge Golf VR room, a sky-level bar with sweeping water views, and a spa.
That high-end lifestyle extends to upscale shopping areas like the Miami Design District, which is lined with every luxury brand name imaginable; and the airy Bal Harbour Shops, an up-and-coming luxury shopping centre currently expanding with more space and posh shops aplenty.
Miami is now being courted by top restaurant groups
| Developers Related Group and Integra Investments, alongside ONE Sotheby’s International Realty, recently launched sales of The St. Regis Residences, Miami.
from around the globe that want to cater to the influx of savvy newcomers. New York-based Major Food Group recently opened a string of coveted restaurants, including Carbone in Miami’s tony South-of-Fifth neighborhood, where people vie for reservations to indulge in their famous rigatoni; all-day-dinner, Sadelle’s, positioned in burgeoning Coconut Grove; Dirty French Steakhouse, an over-the-top steakhouse in Brickell; and New York institution, Pastis, will soon have a home in the art-centric Wynwood neighborhood. Popular London restaurant Sexy Fish opened an outrageously designed outpost in Brickell, where business leaders celebrate deals by popping bottles of champagne on the regular.
Miami has longtime bragging rights to internationally patronised Art Basel in South Beach, which has morphed into the more expansive Miami Art Week, with satellite fairs sprinkled across the city. And while Wynwood is a well-known hub for street art and warehouses splashed with murals, art enthusiasts are also flocking to the underthe-radar Allapattah neighborhood, which has a roster of high-caliber cultural institutions like the Rubell Museum and the interactive art space, Superblue Miami.
Even sports have a higher calling outside of the already popular Miami Heat basketball team and the Miami Dolphins, both exclusive real estate partners of ONE Sotheby’s International Realty. In May 2022, the Formula 1 Miami Grand Prix made a fast and furious debut that lured in sports stars, celebrities, and an A-list crowd. Retired soccer star David Beckham has injected a love for major league soccer into Inter Miami CF, and plans are in motion for a permanent stadium that’s sure to bring more excitement and draw in fans from across the world.
Whether you’re visiting or contemplating a permanent vacation, Miami will fulfill every whim and desire, leaving a lasting impression of its incomparable magic.
