WEEK OF THURSDAY, JULY 23, 2015
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Brickell City Centre spurring spate of nearby towers, pg. 13 SAFE PASSAGE: County crews last week began five months of road resurfacing and bike lane-widening along Crandon Boulevard between Bear Cut Bridge and the Village of Key Biscayne. The new bike lanes, to be painted bright green, will be separated from auto traffic by a 2-foot-wide striped buffer zone bounded by vibratory pavement markings similar to those recently installed along the Bear Cut and William Powell bridge bike lanes along the Rickenbacker Causeway. The work, to take place weekdays from 8 a.m.5 p.m., is to be done in December. One vehicular and one bicycle lane will stay open at all times in either direction. Commissioner Jose “Pepe” Diaz, who sponsored legislation calling for safety measures for bicyclists on the road, said in a written release the changes are essential to keep cyclists safe after a number of hit-and-run cyclist fatalities on the roadway over the past several years.
12,000 new residential units drive growth in Doral, pg. 15
THE ACHIEVER
BY JOHN CHARLES ROBBINS
PARK AND BOAT: A plan to handle parking during one of the year’s busiest weekends is nearly done, said Art Noriega, CEO of the Miami Parking Authority, reporting to the city’s Off-Street Parking Board. The second weekend in February 2016 is expected to be busy, with visitors filling Coconut Grove for its arts festival and others heading to Virginia Key for the Miami International Boat Show. City-owned Marine Stadium Park is ground zero for the next boat show, in an agreement between the city and the National Marine Manufacturers Association. The parking authority was called in to help manage what is expected to be a flood of cars. Mr. Noriega acknowledged the challenges. In terms of logistics, it will be “a pretty heavy lift,” he said of the boat show parking plan, which includes 10,000 spaces in downtown Miami with shuttle and water taxi service directly to the show. He also expects a big learning curve as “it’s year one.” For decades the show’s main venue was Miami Beach. GAS PRICES FALLING: As the price of oil is slipping toward the $50per-barrel mark, gasoline prices are following suit, falling in Miami-Dade as of Sunday to average $2.73 a gallon. That’s down 2.7 cents per gallon in a week and below the national average of $2.76, said GasBuddy pricetracking service, which studies prices at 1,690 Miami area gas stations. AAA, meanwhile, said that while oil peaked at $61.43 for the year in June, it was down last week to $50.89. GasBuddy Senior Analyst Patrick DeHaan said that “by mid-fall, gasoline prices could be under $2 a gallon in a growing number of states.”
Felice Gorordo
Photo by Marlene Quaroni
Building a business around immigration status needs The profile is on Page 4
Eager Chinese partners await chamber trade trip BY CARLA VIANNA
Miami delegates will fly to China on Jan. 16 for the second Chinese trade mission led by the Greater Miami Chamber of Commerce. The business mission, spearheaded by the chamber’s Americas Linkage Committee, will visit Hong Kong, Shinjin, Guangzhou and Shanghai. The committee met Tuesday at the offices of accounting firm Morrison, Brown, Argiz & Farra to discuss upcoming trade missions and its ongoing efforts to strengthen ties between the Miami and Chinese business communities. Committee Chair Hernando Gomez said the Asian Financial Forum in Hong Kong, one of the world’s largest financial events, will take up the mission’s first two days. In a series of seminars in each city, delegates will showcase Miami business opportunities to Chinese businesses and investors. “We’re here to help you and facilitate business,” Mr. Gomez said about the committee. According to Cathy Wang, who addressed attendees Tuesday, Chinese businesses are just as interested in partnering with Miami business owners and investing within South
AGENDA
1,750 units get review: still a boom
Florida. Ms. Wang, a senior commercial specialist with the foreign commercial service of the US Department of Commerce, discussed business opportunities in China’s major business meccas, with a special focus on Guangzhou. Her recommendation, she said, always is don’t just think of Beijing and Shanghai. She said it’s time for manufacturers throughout China to upgrade systems, adding that they’re potential buyers and investors in American machinery via Miami. The Florida International Bankers Association recently launched its own Asian Markets Committee to focus on Chinese bank outreach. Alex Rey, chair of the chamber’s banking committee, cited three critical aims affecting his committee’s international banking efforts: Miami should have a Chinese consulate. Promote a non-stop flight between Miami and China. Solidify trade between Chinese banks and Miami banks so that when investment starts, the financial infrastructure is ready to support it. Discussions surrounding a direct flight to China have been brewing, said Olga
If you think Miami’s building boom is slowing, try telling that to the city’s Urban Development Review Board. In one afternoon last week the board reviewed about a half-dozen planned projects that would total 1,750 new residential units in the city – the bulk of them rental apartments. And the pockets of growth stretch from one side of the city to the other, from Edgewater to Coral Way, from downtown to the river. They include: Yotel, a mixed-use 45-story tower offering 180 condos, 254 hotel cabins and about 16,000 square feet of commercial at 227235 NE Second St. Chiquita North and Chiquita South, multi-family housing offering 700 rental units in several buildings, eight stories and one section at 12 stories, at 2900 and 3010 NE Second Ave. The angular site hugging the FEC rail line was once a Chiquita Banana distribution center. Edgewater Tower, a mixeduse 27-story building with 56 condos at 522-526 NE 34th St. River Central, a mixed-use project to include 633 rental units in two eight-story buildings connected by a parking garage, and two 1,500-square-foot commercial spaces, at 650 NW Eighth St. Modera Station, Phase II of Mill Creek Residential’s development on Bird Road just west of Douglas Road, with 181 rental units at 3750 Bird Road. Phase I, which is nearing completion, includes 262 apartments in an eightstory square next door. The Chiquita development stirred negative reaction from several board members mainly due to its size – the layout or massing of the low-level buildings. Board member Willy Bermello also said the drawings lacked needed detail. The bulk of the project was deferred until September. The board recommended approval for the other projects, some with conditions.
Ramudo, president and CEO of Express Travel and a US Travel and Tourism advisory board member. Mr. Gomez also announced a date for the upcoming Brazil mission, in which participants will visit the cities of Campinas, São Paulo and Porto Alegre from Oct. 24 to 31. Registration for the Brazil trip is $600 for members, $750 for others. The China and Hong Kong mission will be Jan. 16-26, including flight days. The registration price for the China mission, which includes attendance costs for the Asian Financial Forum, is $950. The committee is working with American Airlines to cut flight deals. Participants will leave from Dallas Jan. 16 for the 17-hour flight. During last year’s mission, a Memorandum of Understanding was signed with the Hong Kong Institute of Bankers. This year, Mr. Gomez said, a similar agreement is being sought with similar organizations in Shanghai. Next year, the Americas Linkage Committee says, it will explore Canadian busi As one project is finished, owner ness opportunities, with plans for a trip up is planning another next door, pg. 7 north in the works.
HEALTH CARE COST RISE HERE FAR OUTPACES NATION ...
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LANDFILL GAS WILL SOON POWER WATER TREATMENT ...
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COUNTY’S FUND DOORS MAY OPEN FOR NEW PROJECTS ...
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CITY DREDGES UP FUNDS TO CLEAN POLLUTED WATERS ...
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VIEWPOINT: COUNTY DOESN’T HAVE TO SPEND IT ALL ...
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THE CONSTANT CHALLENGE OF FUNDING NEW TRANSIT ...
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NEW BIDDING NEEDED TO DEVELOP DOWNTOWN SIGNS ...
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SCIENTISTS PROBE EMOTIONS OF FINANCIAL DECISIONS ...
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TODAY’S NEWS
MIAMI TODAY
WEEK OF THURSDAY, JULY 23, 2015
Photos by Maxine Usdan
Water and Sewer Deputy Director Douglas Yoder in generator facility.
The landfill adjacent to the wastewater treatment plant will supply methane-rich gas to power the plant.
Landfill gas soon will power county water treatment plant BY N ICOLĂ S R IVERO
Although the county finished project to cut energy costs by plete – but won’t generate to Douglas Yoder, deputy diusing landfill gas to power a power at full capacity for an- rector of the county’s Water building a pipeline to carry methane-rich gas from the A Miami-Dade County water treatment plant is com- other month or two, according and Sewer Department. South Dade Landfill to the adjacent South District Wastewater Treatment Plant and four generators to convert that gas into energy two months ago, Mr. Yoder said the plant only runs one of those generators full-time. He said a technical issue with the switchgear that regulates when the plant uses power from Take advantage of the special promotional )LUVW%DQN )ORULGD IRFXV RQ FOLHQW QHHGV Florida Power & Light and DV LWV FRPPHUFLDO OHQGLQJ UDPSV XS package and showcase your business with when it uses power from its own generators has prevented an advertorial, which is a self-contained the plant from realizing the full article, featuring your own headline and benefit of the project. “FPL has to change that photograph. equipment because it is on their 0LDPL &KLOGUHQ¡V 0XVHXP LV PDJLF side of the circuit,â€? Mr. Yoder said in an email. “The technical Maximize your 2015 advertising budget aspect has been determined, so they will be doing that work in 6ZLUH VDYY\ UHDO HVWDWH SDUWQHU with an ad campaign, earning a healthy the next 30 to 60 days, after frequency discount and an added value which we will be able to realize the full benefit of the four units advertorial to your budget! we have in place.â€? Once Florida Power & Light fixes the switching system, Mr. Qualifying campaigns include: Yoder said, the plant will be able to cogenerate about half of its total energy demand. He said the plant already produces a quarter of the energy it uses by converting byproducts from the wastewater treatment process into fuel, but the additional energy generated using the landfill gas will save the county another $2.4 million a year on energy it will no longer Package A Package B Package C have to buy from Florida Power & Light. 1/8 page or larger 1/8 page or larger 1/8 page or larger Mr. Yoder said that because 13 weeks in a row 7 ads in 7 weeks 7 ads in 13 weeks the plant can only run one generator at a time, its energy sav40% frequency discount, 32% frequency discount, 18% frequency discount, ings from the project are curplus 1/4 complimentary plus 1/4 complimentary plus 1/4 complimentary rently capped at $600,000 per year. Advertorial Advertorial Advertorial The county is seeking bids to install a fifth generator at the plant that it will use as a backup when it services the other generators, Mr. Yoder said. He Call our advertising department at 305-358-1008, added that the extra generator will help the plant avoid another to customize your ad package. $600,000 each year on its electrical bill, bringing total savings to $3 million per year. Although the county originally planned for the fifth generator to be installed this year, Mr. Yoder said current plans don’t have it running for another 18 months.
Spotlight on Excellence 2015 Put your company’s headline in Miami Today WEEK OF THURSDAY, JULY 11, 2013
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As the financial climate continues to strengthen, credit demand increases, and borrower worthiness improves, FirstBank Florida sees an opportunity to deliver community style banking service, with the financial strength of one of the best capitalized banks in the country. FirstBank Florida, which has been executing on a strategic plan to expand its lines of business, lend more, and grow its deposit base, has enjoyed an increase in market share, benefited from recruiting new talent to the bank, and advanced as a result of a capital raise and dissolution of troubled assets in its portfolio. The bank continues to see increased demand for asset-based commercial and industrial commercial real estate loans, and competes on turnaround time, service, and relationships. “Our approach is high-touch and consultative, with the advantage of knowing the market
MIAMI TODAY
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very well, and being able to offer flexibility in products, terms, and options, to our clients,� stated Senior Vice President and Commercial Group Head Ricardo Sanchez. “We are in a unique position to offer commercial lending solutions to businesses of all sizes, and in most industries,� he added. The bank, which is part of a parent institution with $13 billion in assets, has grown its assets in Florida to about $2 billion, making it a strong con-
tender for sustained growth. “We remain focused on growing our presence in South Florida, and the smartest way to achieve this is by offering relevant and competitive loan options and top notch service,� said Calixto Garcia-Velez, executive vice president and region executive for FirstBank Florida. “As the South Florida banking landscape gets more saturated, banks will need to find innovative and client friendly ways to compete.�
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“Miami Children’s Museum is a magical place where children of all ages develop a love of learning through arts based educational programming and interactive exhibits,â€? says CEO Deborah Spiegelman. “Miami Children’s Museum is much more than interactive exhibits. We offer daily educational programming, themed camps, early childhood classes for parents and children, and an Early Childhood Institute.â€? The museum, the largest in South Florida, has been recognized as one of the 10 best in the world. With 14 interactive exhibits in English and Spanish, Miami Children’s Museum promotes positive child development and social interaction through the world of arts and culture, with an eye on increasing communication skills and literacy. “The museum is a town center and educational institution firmly committed to making quality educational programming available and accessible to every child in Miami’s diverse community,â€? Ms. Spiegelman says. “In 2013, approximately 400,000 children and members of their families learned together through creative play and interactive experiences.â€? Miami Children’s Museum is home to a premiere Early Childhood Institute for children aged 18 months to 5 years, providing a formal early-childhood educational experience in a museum setting. “Children who attend benefit from a blended curriculum and an ideal combination of a classroom environment that is enhanced by its setting within an educational museum facility,â€? Ms. Spiegelman says. “Because of its unique curriculum, children attending the Institute develop a love of learning and the arts from an early age.â€? The Early Childhood Institute is now accepting registrations for next fall. “The museum offers after-school classes, parent-child classes for the earliest learners in art and music, and a cultural themed Summer Camp program which runs through August for children through fifth grade up to 10 years of age,â€? she says. “During the school year, we offer comprehensive one-day camps with a curriculum that teaches children about different countries.â€? Museum visitors and members discover daily programming that reflects monthly topics ranging from health and wellness to the arts, music and literacy. Children and their caregivers can learn about these important themes through interactive art activities, story times, theatrical performances, cooking demonstrations and hands-on activities that promote positive social interaction and development between children and caregivers. Classes for children ages 8 months to 10 years include “Mommy and Me,â€? yoga and music, art, cooking and dance. In the fall, Miami Children’s Museum will be offering .LQGHUPXVLN classes. The museum’s newest program is Sensory Saturday, a monthly session for children with special needs and their families. 0LDPL &KLOGUHQÂśV 0XVHXP LV DW 0DFDUWKXU &DXVHZD\ 'HWDLOV .,'6 RU ZZZ PLDPLFKLOGUHQV PXVHXP RUJ )RU (DUO\ &KLOGKRRG ,QVWLWXWH IDOO UHJLVWUDWLRQV FDOO 1DWKDOLH DW H[W
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2015 Advertorial Opportunities August 27 • December 10
ability to navigate the greater metropolitan area. “Our associates have the inside track on Miami’s ever-changing real estate landscape,� Ms. Aguila says. “Our expertise and local market knowledge offer our clients a cutting-edge advantage for navigating Miami’s unique mix of properties, trends and opportunities.� Swire Realty is headquartered on Brickell Key, a 44-acre island just off the coast of the bustling Brickell Financial District. Under development by the international firm Swire Properties since the 1970s, Brickell Key is home to a number of outstanding residential properties, among them Asia, Carbonell Condominiums, Two Tequesta Point, Three Tequesta Point and Court Brickell Key. The island is also home to the five-star Mandarin Oriental Hotel and the Courvoisier Centre office complex. The master-planned development offers residents a sense of community rarely found in an urban environment. Footpaths circling the island reveal fantastic views of the downtown skyline just across the water. Nannies tend children on the village green. Movie nights and other events bring residents together. “There’s activity everywhere, all the time,� Ms. Aguila says. “It’s a wonderful, familyoriented place to live.� Metropolitan vision, neighborhood values – Swire Realty is uniquely placed to offer the best of both worlds. Visit ZZZ VZLUHUHDOW\ FRP to find your niche in the sun. 6ZLUH 5HDOW\ LV DW %ULFNHOO .H\ 'ULYH 'HWDLOV RU www.swirerealty.com.
WEEK OF THURSDAY, JULY 23, 2015
TODAY’S NEWS
MIAMI TODAY
9
City dredges up the funds to clean polluted river tributary BY JOHN CHARLES ROBBINS
The clean-up of a contaminated tributary of the Miami River is one step closer after action by Miami city commissioners. In January, commissioners approved the Wagner Creek/ Seybold Canal Dredging Restoration. On July 9, they wrapped up paperwork to get a nearly $23 million loan from the state to make it happen. Advocates for a clean and lively river are applauding the clean-up project. Dredging of the Wagner Creek/ Seybold Canal and removal of polluted materials from the affected area has been a long time coming. A decade ago, the tributary connecting with the north bank of the Miami River near Spring Garden was labeled the most contaminated waterway in Florida, said Horacio Stuart Aguirre, chairman of the Miami River Commission. He spoke July 9 reminding commissioners of the long struggle of Spring Garden residents and river advocates to get the pollution cleaned up. Remediation is needed before the contamination migrates to other areas in the river, said Mr. Aguirre, who reminded commissioners that state environmental authorities were warning of severe fines if the city didn’t remedy the problem. “Today, you have a perfect plan before you,” said Mr. Aguirre of the state loan to fund remediation. “You need to clean this up right away.” It’s about improving the quality of life in the area, he said, and ultimately could lead to new businesses along the canal, and new jobs. Manny Prieguez Jr., a member of the river commission, said a “deeper and cleaner” canal would be a huge benefit to the river and surrounding area, and he urged approval of the cleanup plan. Several others spoke in favor of the loan and clean-up. David Park, a resident, said the pollution poses a serious health danger and residents have been working for years to get the waterway cleaned. “It will cost taxpayers more in
Photo by Maxine Usdan
Dredging the Seybold Canal, which runs into the river, would clean state’s most contaminated waterway.
the long run if we don’t address it now,” he said. Dr. Ernie Martin, a member of the river commission and a property owner in Spring Garden, said the waterway’s history dates back to the early 1900s when “open sewage” was dumped into Wagner Creek. In 1995, dioxins were discovered in the tributary along with other contaminants, he said, noting the suspected role of an old city incinerator near 20th street. “This is our Love Canal,” Mr. Martin told the city commission. Clean-up is vital, he said. “We have waited a long time – it’s over a century,” said Mr. Martin. Spencer Crowley, a Miami attorney who serves on the board of the Florida Inland Navigation District, said the organization is willing to commit to $3 million in grants toward the clean-up. That money would offset the estimated total cost of remediation of about $23 million. Commissioner Keon Hardemon said it was important to clean up the river for environmental and economic reasons. “We try to attract significant investment to the river,” he said, so that it’s a place where people can come and dine and relax. “We need to preserve this piece of our tradition.” The commission unanimously approved providing for a design and construction loan up to $22,413,800, at no interest, from the state environmental protec-
tion department’s clean water State Revolving Fund program for the Wagner Creek/Seybold Canal Project. The resolution also authorized 40 semiannual loan payments beginning Oct. 15, 2017, and a loan service fee up to $448,276 to be paid by the city on Oct. 15, 2017, for the loan. City Manager Daniel Alfonso said the loan would be repaid with the city paying about $1.1 million yearly for 20 years. Wagner Creek has been iden-
tified as having a high concentration of pollutants. The project aims to remove accumulated sediments and dioxins (a hazardous chemical bound to the sediments), and subsequently restore stormwater capacity in both Wagner Creek and Seybold Canal, benefiting the community and South Florida’s natural aquatic resources, said a project summary. Stormwater runs into Wagner Creek, which merges into Seybold Canal, from the surround-
ing area. City officials said stormwater discharge has elevated concentrations of dioxins, total polycyclic aromatic hydrocarbons and metals. Dredging is to begin where Wagner Creek flows out of a culvert at Northwest 20th Street and to continue to where the Seybold Canal empties into the Miami River 2.5 miles away. Based on an approved plan, the project will provide for “efficient and safe” excavation of contaminated, accumulated sediment in Wagner Creek and Seybold Canal, as well as transporting that sediment to a landfill, according to officials. The river commission’s Stormwater Committee, headed by Sallye Jude and assisted by Managing Director Brett Bibeau and canal resident Charlie Hand, worked hard to get the funding for the project, according to the Spring Garden Civic Association. State Revolving Fund programs save money for projects that benefit the environment, including protection of public health and conservation of watersheds. Federal and state contributions fund loans for a variety of water quality projects, including stormwater, watershed protection or restoration, and estuary management, as well as municipal wastewater treatment projects.
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MIAMI TODAY
TODAY’S NEWS
WEEK OF THURSDAY, JULY 23, 2015
In transit growth ‘funding is always going to be a challenge’ BY CATHERINE LACKNER
When the Fiscal Priorities Committee of Miami-Dade’s Metropolitan Planning Organization (MPO) met Monday, there was talk of diversified transit projects and, inevitably, how to pay for them. “Funding is always going to be a challenge,” said Esteban “Steve” Bovo Jr., a county commissioner who serves on the MPO board and chairs the county commission’s Transportation and Mobility Committee. Despite a long list of promises made when voters approved a halfpenny sales tax increase in 2002, “The only change we’re seeing is an increase in MDX tolls,” he said, referring to the Miami-Dade Expressway Authority’s recent installation of gantry-mounted machines to capture tolls at nearly all points along its five-expressway system. The thought of going back to voters to increase the sales tax for transit improvements “is dead on arrival, it’s a dead end at this point,” Mr. Bovo said. He put forth the idea of a bed tax on mainland hotels, similar
No sales tax help: Esteban Bovo.
to what is charged for hotel rooms on Miami Beach. “The tourists can be participants in improving the infrastructure.” Now that reserves are healthy again, Miami will establish a transportation trust fund, said MPO Vice Chairman Francis Suarez, who is a city commissioner. “We know that funds from the People’s Transportation Plan are not going to be sufficient to cover the expansion of the trolley or other expenditures going forward,” he said, referring to the program that administers proceeds from the halfpenny tax.
Miami will transfer $1.5 million from its general fund to its transportation trust fund this year, he said, and will earmark 20% of any windfall, such as the payoff from a successful lawsuit or the recent renegotiation of the lease on Bayside, to the fund. “We’re also going to support transit-oriented development,” Mr. Suarez said, which means allowing developers to shave required parking spaces if a project is within three-quarters of a mile of public transit, and adding other incentives. “We hope this will become a model for other cities,” he added. The People’s Transportation Plan has identified eight rapidtransit corridors, and is seeking funding for those that remain undone. They are the north corridor (along Northwest 27th Avenue), the east-west corridor (along State Road 836), the beach corridor (Baylink between Miami and Miami Beach), the northeast corridor (the Tri-Rail coastal link), the South Dade corridor (which extends Metrorail to Southwest 104th
Trust fund a goal: Francis Suarez.
Street and improves bus service further south), the Kendall corridor (which adds bus rapid transit from Southwest 137th Avenue east to connect with the Metrorail at US 1), and the Douglas corridor (which employs bus rapid transit and light rail along Southwest and Northwest 37th Avenue). The eighth corridor, the Airport Link that connects Miami International Airport to Metrorail, was completed in 2012. “Each corridor has different needs, and each may require different funding mechanisms,” said Paul J. Schwiep, chair of the Citizens’ Independent Trans-
portation Trust, a 15-member body that oversees the People’s Transportation Plan. “It’s not just one solution; it’s a blend of many solutions.” Tax increment districts, which have been touted as a funding device that takes advantage of rising property values when transit revitalizes an area, won’t work everywhere, said Oliver G. Gilbert III, MPO board and committee member who is mayor of Miami Gardens. “Not all areas have slum and blight,” which are conditions for many tax-increment designations. “And this is money that is taken away from county coffers.” he added, because the county doesn’t collect tax increases as the property appreciates. That money goes to the taxing district instead. “The CITT has looked at alternate funding solutions,” Mr. Schwiep said. “While everyone believes they’re an expert on our transportation problems, we have retained actual experts.” It will probably be a mix of public and private money, in addition to innovate funding schemes, he said, that gets the job done.
Public won’t approve funding until trust is restored, says Levine Cava BY CATHERINE LACKNER
With public frustration over snarled traffic growing, MiamiDade County officials are searching for ways to pay for solutions. The priority should be taking cars off roads, said Daniella Levine Cava, a county commissioner who chairs the Metropolitan Planning Organization’s committee on transportation funding. “We can’t pave our way out of congestion.” She and others have researched options, but critical to solving the issue is getting buyin from voters, she said. “The bottom line is that we do have already many different sources for transportation funding, but the public is not going to approve anything unless we first restore trust in transit.” There is a widespread view that promises made when voters in 2002 approved a halfpercent sales tax for transit haven’t been kept. In addition, last year county commissioners agreed to waive an extra payment of $5.8 million – which would have been in addition to its $167.9 million annual payment – to the People’s Transportation Plan, the agency funded by the half-penny tax, with the understanding the county would contribute more over the next five years. Some saw the move as a violation of public trust, Ms. Levine Cava said. Despite obvious need, many observers have said money for public transportation is scarce. Drew Preston, director of congressional and public affairs for the US Chamber of Commerce, told attendees at last month’s Greater Miami Chamber of Commerce goals conference that
“We can’t pave our way out of” traffic, said Daniella Levine Cava.
Congress is not interested in funding transit. But “the federal government is not out of the picture; it’s just that they are not major funders anymore,” Ms. Levine Cava said last week. To qualify for federal dollars, governments must often provide a local match, “but it’s not out of the question,” she said. “We’re looking at a whole range of things” for funding, she said. Raising the tax on gasoline at the pump is one alternative. “Some additional gas tax could be directed to transit. This is not to say I have decided this is the right thing to do, but we’re looking at all possible sources.” A cost-benefit analysis would have to precede any increase, she added. “Personally, I would like to see more of the general fund budget going to transit,” Ms. Levine Cava said, especially now that property values have rebounded since the recession and the county has reaped a windfall. “We’ll also look at the fares for the system we have now,” she added. “We need make the system more attractive so that people will want to ride it. We want it to be a quality choice,
not a default.” The South Dade busway would function better if it were a true bus rapid transit system, operating independently of other traffic, she said. “It doesn’t run as bus rapid transit now, and the mayor has proposed signalization of the traffic lights” so that buses would always have a green light. Other improvements, including elevating the system to allow faster passenger entry and providing parking beneath platforms, are possibilities. Commissioner Esteban Bovo has suggested tax increment financing, using a special assessment district, as a funding source. “Speculating on increased future property values, you charge a higher property tax rate,” Ms. Levine Cava explained. A parking surcharge for preferred on-street spots is also being considered. “This is more market- driven,” she said. “You get the best spot and you pay more for it.” Considering that private parking garage rates are going up, consumers might prefer the premium spots, she suggested. “There may well be an appetite for naming rights,” she continued. “We would allow a business or an individual to name a station or a line.” This has worked in other cities, she added. “We’re going to put everything on the table to explore,” Ms. Levine Cava said of her committee. “Transportation is our Achilles’ heel as a community. People are feeling pain and losing valuable time. It’s interfering with our ability to work and it’s harming commerce. We’ll look for tools to help us regain time and peace of mind.”
Photo by Marlene Quaroni
Create the circulators on the municipal level, says Oliver Gilbert III.
Trip from home to transit blip on committee’s radar BY CATHERINE LACKNER
Oliver G. Gilbert III, MPO board and committee member who is mayor of Miami Gardens. “This shouldn’t just be for someone who flies in and wants to take the Metrorail,” he said, referring to the Airport Link that allows travelers to use the rail. “People want to go to City Hall. But I think this is better suited to do on the municipal level.” “In South Florida, we need to look at better coordination of the circulators,” said Daniella Levine Cava, county commissioner, MPO board member and committee chair. “The trolley works well in Coral Gables,” she added, referring to the free service that connects the Douglas Metrorail station with Ponce de Leon Boulevard as it runs through the city’s downtown. Every day, more than 5,000 commuters use the trolley, according to that city’s website. Mr. Levine Cava agreed that the committee needs to discuss last-mile issues, and added it to the agenda of the next meeting, tentatively scheduled for July 27.
While many grand plans – and ways to pay for them – were discussed at Monday’s Fiscal Priorities Committee meeting of Miami-Dade’s Metropolitan Planning Organization (MPO), one member asked the committee to think small. “Let’s look at our mistakes,” said Carlos Hernandez, an MPO board and committee member who is mayor of Hialeah. “We need little wheels.” While the Metrorail runs through his city, residents have a problem getting to stations from home and from stations to their destinations, he said. “They can’t get from the train station on East 21st Street to City Hall on East Fifth Street,” he said, particularly if they are elderly. “How are we going to make transit more accessible for them?” He was describing what’s known as the last mile – the distance between a rider’s home to rapid transit, and from rapid transit to the destination. It is perceived to be a significant challenge to ridership, observers say. Details: http:// “This affects how residents move around their city,” said miamidadempo.org.
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WEEK OF THURSDAY, JULY 23, 2015
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Neuroscientists probing the emotions of financial decisions BY CARLA VIANNA
Neuroscientists don’t necessarily know much about finance, and financial analysts aren’t necessarily experts in neuroscience. Join the two fields together, however, and you have the emerging field of neurofinance, which is the study of the neurological reactions that occur when one is making financial decisions. For example, what areas of the brain are activated when choosing between two mutual funds? Alok Kumar, financial department chair at the University of Miami School of Business, is exploring the relationship between the brain and finance at a new neurofinance lab he and colleagues have set up at the university. The lab, equipped with six computers armed with an electroencephalography (EEG) or eye-tracker machine, runs experiments on recruited
At the University of Miami, studies track the brain’s electrical activity.
finance students. “If you really think about the market, it’s a collection of people doing stuff,” Mr. Kumar said. “If you really want to understand group behavior, it makes sense to understand how they would make decisions at an individual level.” The EEG creates a picture of
the electrical activity of the brain, and the eye-tracker measures up to one-hundredth of a second what piece of information one’s eyes are focused on. Compared to a functional magnetic resonance imaging (fMRI) machine, an EEG is a lot less costly – about $60,000, compared to the $3 million it can take to set
up an fMRI. Once installed, an EEG runs experiments at a very low cost, making a lab such as this one possible. In theory, one’s emotional state shouldn’t impact one’s financial decision-making abilities, Mr. Kumar said. Finance is based on metrics. An example of an experiment that would take place within the lab would be to show finance students a video meant to alter their emotional state – such as a cheerful or fearful movie – then ask them to make a financial decision. The lab staff would then observe if different decisions are made depending on what emotional state one is in. While Mr. Kumar reigns from the financial side, Brian Arwari is the brain guy. Mr. Arwari, with the exercise physiology program at UM’s kinesiology and sport sciences department, has been conducting the first experiment in the lab.
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“Money doesn’t exist in nature,” Mr. Arwari said. “When a person says, ‘I’m going to save 20% of my paycheck to put into a retirement account,’ is that the same part of the brain a squirrel would use to put away nuts for the winter?” Because no financial realm exists in nature, he said, when making financial decisions individuals leverage parts of their brains meant for other purposes. “We’re trying to figure out what parts of the brain we use today to make financial decisions, what they were originally intended to do, and the consistency they have,” he added. The experiment Mr. Arwari is working on now is based on associations with race and ethnicity. If one decides to invest in a fund, the decision should be based on past performance. Given two institutions with the same metrics, the name of the person who runs it shouldn’t matter. “But guess what?” Mr. Arwari said. “It does.” In the lab, students are being asked to characterize individuals as honest, transparent, deceitful or cunning by simply looking at their names. The students are told that all the names given are of second-generation Americans whose grandparents are from another country. In the case of choosing between an American-sounding name, such as William, and a foreign sounding name, such as Mohammad, Mr. Arwari said partial results have shown the name influences the students’ decisions. For example, students would rather invest in an institution that is run by a “William.” UM hosts an annual conference in behavioral finance, the overlying umbrella under which neurofinance falls. In the past decade or so, Mr. Kumar said, neurofinance has become one of the hottest areas in finance. UM is the only local school with such a lab, but neuroscience has been garnering interest from professors throughout the county. Although no such course is offered at Florida International University, finance professor Robert Daigler has meddled with research in the field. Mr. Daigler believes neuroscience may lead to better understanding of the booms and busts of economic cycles. At Barry University, Stephen Morrell, a professor of economics and finance, is involved in research in the field as well. Mr. Morrell is currently exploring the difference between how new markets operate and the way older established ones work, or how the neuroscientific behaviors of existing markets can be applied to emerging markets. Right now, a Ph.D. course in neurofinance is offered at UM, but no undergraduate course exists. Mr. Kumar predicts that will change. Mr. Arwari agrees, saying students are expressing interest. “I think it’s going to grow tremendously,” he said.
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As average sale price on luxury cars revved up, so did sales BY CARLA VIANNA
Average sale prices rose in Miami-Dade County’s luxury car market within the past year and the sales followed suit, according to quarterly market reports by Dominion Enterprises, a Virginia-based firm that tracks auto dealership sales nationwide. Within the near-luxury category, comprised of models like the Lexus ES 350 and BMW 3 Series, sales jumped to 3,731 this past quarter compared to 2,839 during the same time period last year. The top five bestsellers, with number of cars sold ranging from 280 to 448, were the Lexus ES 350, BMW 3 Series, Audi A3, BMW 4 Series and Infiniti Q50, in that order. The number of luxury cars sold increased over the year as well, with about 1,000 more sales from April through June than in the same timeframe in 2014. The Lexus IS 250, the No. 1 luxury seller, almost doubled its sales from the previous year to 984
Downtown unit budget up 3.9% BY CATHERINE LACKNER
Directors of Miami’s Downtown Development Authority last week approved a preliminary budget of $8.99 million for fiscal 2015-16, up 3.9% from this year’s $8.66 million. The budget – along with the proposed tax rate of 4.75 mils – still must be ratified by the Miami City Commission. Urban planning, design, transportation and greening takes the lion’s share of the budget, with $2.4 million in projected expenses. Enhanced services downtown will cost another $1.6 million, and business development, research and technology will account for $1.5 million. Marketing and public relations expenses are budgeted at $1.3 million, and the authority has earmarked $1 million for strategic partnerships and sponsorships. Taxable values rose downtown, but the authority has also committed to additional projects, said Alyce Robertson, its executive director. They include $185,000 pledged this year as a contribution to bring Tri-Rail downtown, and whatever costs it incurs to maintain portable bathrooms – paid for by the city – for the homeless and others to use. The Downtown Enhancement Team, which in all likelihood will keep up the restrooms, got an $8,200 increase from this year’s budgeted $20,150, for a total next year of $28,350. Other janitorial services are expected to rise $1,500, from $8,400 to $9,900. The authority also plans to spend $250,000 more next year to support financial initiatives, including the Macy’s fashion incubator, and will increase its contribution to the Downtown Miami Charter School. The authority’s rent will also increase 5%, from $283,744 to $298,072, as part of its lease.
Local sales of the number one luxury car seller, the Lexus IS 250, almost doubled from the 2014 level.
this past quarter. Luxury car sales accounted for about 17% of Miami’s total car sales, up .7% from the year’s first quarter. “It’s trending upward,” said Steven Lewis, general manager at Brickell Luxury Motors.
“Business is up over last year. It seems to be going up on an annual basis.” The dealership at 590 SW Eighth St. focuses primarily on luxury brands up to the $200,000 to $300,000 range.
“People find us online. We have a fair amount of nationwide business,” Mr. Lewis said. Although average car sale prices rose over the year within the county, they have dropped since the first quarter. The average
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price for near luxury cars went from $38,114 during the second quarter of last year to $53,795 this year, but that represented a $8,600 drop from the first quarter. Luxury cars during the second quarter of last year sold for an average of $74,706. This past quarter, that rose to $82,317 – but it’s still $18,644 less than the first quarter of this year. Sales during the second quarter were still up from the first quarter. The loosening of bank-lending standards is helping both domestic and foreign buyers secure financing for purchases, Mr. Lewis said. The one category that has been declining in sales numbers is specialty cars, which include ultra high-end models like Rolls-Royce, Bentley and Lamborghini. The average sale price in the county for this group of cars, however, rose from $138,182 to $202,194 within the past year. Small and compact SUVs were popular buys within the truck market.
WEEK OF THURSDAY, JULY 23, 2015
TODAY’S NEWS
Downtown authority seeks $1 million from state to narrow boulevard stretch BY CATHERINE LACKNER
Miami’s Downtown Development Authority has requested $1 million from the Florida Department of Transportation to kick-start Biscayne Green, its ambitious project to narrow a stretch of Biscayne Boulevard from Northeast Eighth Street south to Biscayne Boulevard Way. Biscayne Green aims to reduce driving lanes to create a grand promenade with grass, trees, street furniture and other features to link Biscayne Bay and Bayfront Park to downtown. The authority will know in about a month if the grant has been approved, said Eric Riel Jr., leader of the authority’s planning, design and transportation team. If that effort doesn’t succeed, “We’ll look at other sources of funding; we’re making a list of them,” Mr. Riel said. They could include public-private partnerships, other funding from the state or the federal government, or contributions from private organizations that support beautification projects or those that promote pedestrian and bicyclist safety, he said. But, he added, the state’s transportation department “is
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T HE L AST W O R D 836 BUS MOVES FORWARD: County commissioners took a step toward creating an express bus system on the Dolphin Expressway (State Road 836), approving an agreement that enables a partnership between Miami-Dade, the Florida Department of Transportation and the MiamiDade Expressway Authority to create a park-and-ride facility on Northwest 12th Street just west of the Homestead Extension of Florida’s Turnpike. Under the agreement, the state will transfer 15 acres to Miami-Dade Transit to construct the Dolphin Station Park and Ride, consisting of a bus terminal with 12 bus bays and 900 parking spaces. The cost of construction will be split evenly between the state and the county. Groundbreaking is expected in spring 2016, with a projected late 2017 opening. HOMECARE NAMES NEW CEO: United HomeCare, a nonprofit that offers in-home healthcare and runs assisted living facilities in South Florida, named Carlos Martinez its new CEO on Monday. He had served as CFO and COO since joining the organization in 2008. He replaced Jose Fox, who resigned from United HomeCare in April to “pursue personal interests,” according to a statement released by senior executive Raul Mas Canosa.
Photo by Maxine Usdan
Fewer boulevard driving lanes would leave room for a promenade.
our best bet.” Projects are funded in five-year cycles, and the authority can apply again next year. Biscayne Green would incorporate some parking but shave spaces from 388 to 187, at an annual revenue loss to the Miami Parking Authority of $1.2 million. It would replace a shared bicycle lane with a dedicated one and widen sidewalks. The cost for the medians was estimated at $24 million. A City of Miami traffic study concluded traffic impact would be minimal once the lanes were closed, authority documents noted.
For the project to move forward, the authority must get the Florida Department of Transportation to agree to reduce the lanes, then work with the parking authority to trim the parking spaces and reconfigure what’s left. The plan calls for some parking to be available at offpeak times only. The authority must also enlist the help of Miami-Dade County to redesign the intersections, develop a phasing plan, then submit construction documents to all relevant agencies. It is also the authority’s task to identify and secure funding for it all.
ALL PETS SUMMIT: County Commissioner Daniella Levine Cava and Mayor Carlos Gimenez will co-host Carlos Martinez the Homes for All Pets Summit at Terminal J in PortMiami, 1015 North America Way, at 10 a.m. July 25. Animal rescue and protection groups, community leaders, concerned citizens and elected officials will discuss progress made on animal welfare, the health and safety of animals in Miami-Dade and strategies to increase public awareness on the issue. Participants will discuss topics in small group sessions throughout the day. The goal is to identify gaps in animal welfare and explore ways to close them through planning and awareness. Speakers include Mr. Gimenez, Ms. Levine Cava and Dr. Julie Levy, director of Maddie’s Shelter Medicine Program at the University of Florida. MONEY FOR MOCA: Miami-Dade County Commission approved providing $75,000 in county funding to the Museum of Contemporary Art (MOCA) in North Miami. The money, which will come from the Department of Cultural Affairs’ Targeted Initiatives grant program, will be used to support MOCA’s efforts to continue its growth. MOCA conducts a wide range of arts programs for all ages, including rotating exhibitions, afterschool arts classes, field trips, teacher-training workshops, lectures and its monthly Jazz @ MOCA concerts. Chairman Jean Monestime, who sponsored the resolution, said MOCA is one of the preeminent cultural institutions in the Jean Monestime county and the grant will allow it to continue expanding its programs.
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