It’s Not About the Money…It’s About the Sun, the Fun and the Rings!!!

July 9, 2010 by Lucas Lechuga

LeBron James Dwyane Wade Chris Bosh Miami Heat

They say Rome was not built in a day.  I tell you tonight that the Three Wise Men of Miami have built Downtown Miami within a night.  The Three Wise Men offer not gold, frankincense and myrrh but instead development, commerce and beer.   The drinks will flow in Downtown Miami.  The crowds will cheer, the people will spend and those who might be fortunate enough to witness NBA’s greatest team will be merry.  This is an era of Miami basketball that will be long remembered, but never forgotten.

As I sit in Downtown Miami listening to the sounds of car horns filling the sky, I can only think of one thing.  This is the single greatest moment for the City of Miami.  Bigger than the movie Scarface, which put Miami on the map.  Bigger than Miami Vice.  Bigger than all of the rock stars, models and paparazzi who followed the celebrities in the 1980s to their paradise enclave.  That was their Miami.  Today, I present to you the new Miami.  This is the beginning of something bigger and better than any developer or city official had ever envisioned for the city.  This is Miami Bitch!  And Miami’s Three Wise Men will proliferate an era within Downtown Miami within two years that could never be achieved within two decades.

Miami was the hotbed of the recent national real estate crisis. The epicenter of investor speculation.  The Godfather of mortgage fraud.  Prices tumbled here 50-70 percent from the peak.  It was ripe for the picking.  Miami was where real estate investment dreams were made.  This was it.  This was the moment where five years from now everyone who was fortunate enough to be connected to the City of Miami could say, “Damn…I coulda, shoulda, woulda”.  Tonight was the moment where In one fell swoop, that was all washed away.  Long forgotten.

LeBron and his crew, made up of Dwyane Wade and Chris Bosh, made the statement that it’s not about the money…it’s about the sun, the fun, the glitz, the glamour, the neon lights and the championships.  The three perennial athletes proved tonight that it’s more about their legacy than it is about the benjamins.  It has been written that Benjamin Franklin once started off his day by asking the question, “What good shall I do this day?” and ending it with “What good have I done this day?”.  There’s no question that the newly crowned Kings of Miami have done very much good for the City of Miami and ohhhh so much good for Downtown Miami.  It’s not about the money.  It’s about the good of the city and, as I’ve said for weeks, LeBron James joining the Miami Heat, will do more good for the city than ten condo developers building ten glitzy high-rises could ever do for the city.

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116 Comments on "It’s Not About the Money…It’s About the Sun, the Fun and the Rings!!!"


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Anonymous
Joe
6 years 2 months ago

Best day in the history of Miami? That’s a bit of a stretch.

Anonymous

[…] It's Not About the Money…It's About the Sun, the Fun and the Rings … […]

Anonymous
6 years 2 months ago

Did everybody get employed with a raise along with the Heat announcement?

Sounds like a puff piece from the National Association of Realtors…

Anonymous
Biscayne 101
6 years 2 months ago

I thought that was the day Art Teele shot himself!

Anonymous
Chris
6 years 2 months ago

Yea I think you’re pushing it bit. Maybe had one too many cocktails while listening to the car horns. Have you been around the area near the arena? People are going to flock there and then flock right out. (And I have lived 10 blocks from the arena for over 6 years.) You sound like a real estate broker from 2004.

I also vote “The King” as the worst nick name ever.

Anonymous
Fred
6 years 2 months ago

Joe – So if that wasn’t the best day or night for Miami, what was? Marlins championships? Yawn. That didn’t do much for the city. What event in the past has changed the city dramatically? You don’t think a superstar like this will have numerous affects on the city?

Anonymous
Fred
6 years 2 months ago

So surprised how people can not see the type of impact this will have in the city. In Chicago alone, they estimated in the papers that if Lebron signed there, he would bring in 3 BILLION dollars more revenue for the entire city per year. Sooo, even if “only” brought in an extra 1.5 BILLION for Miami, that is not a good impact? No one thinks more restaurants, bars, buildings will be built and SOLD if there is a big attraction in a city like Miami?

Anonymous

[…] This post was mentioned on Twitter by Marc Kevin Hall, Lucas Lechuga. Lucas Lechuga said: Impact LeBron James will have on Miami: @KingJames #lebronjames #chrisbosh #dwyanewade #espn #MiamiHEAT #freeagency http://bit.ly/bCMTcQ […]

Anonymous
Fred
6 years 2 months ago

I have to edit my comment. It is $3 Billion over, 6 years. That is still a lot of money for a city. I can’t think of anyone else or event that can have that big of an impact.
http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=33441

Anonymous
Seanjohn
6 years 2 months ago

This is huge for Miami.

Anonymous
DML
6 years 2 months ago

I agree 100% with Lucas, Fred and all the others who can see that this news is nothing but positive! For all you depressed, negative folks go ahead and find something more to complain about. Miami is now on the map. This will have awesome consequences for Miami and the real estate market. This is the best stimulus package any city could get.
DML

Anonymous
Drew
6 years 2 months ago
“This is the single greatest moment for the City of Miami. Bigger than the movie Scarface, which put Miami on the map. Bigger than Miami Vice. Bigger than all of the rock stars, models and paparazzi who followed the celebrities in the 1980s to their paradise enclave. That was their Miami. Today, I present to you the new Miami. ” Take it easy on the melodramatics, Lucas…. I must say, as a resident of Miami, I am highly embarassed if (a) LeBron, (b) Scarface, (c) Miami Vice and (d) Parties w/ Versace/Stallone/Madonna are considered Miami’s “greatest moments.” That’s just cringe-worthy.
Anonymous
Gixxer 1000
6 years 2 months ago
If you had to call out one specific instance I think this should definitely be near the top if not the top. This is not like simply winning a championship. This guarantees increased economic activity downtown for years to come. This process has clearly overshadowed the NBA finals. The Miami Heat is now the “team” of the NBA. Years from now there will be people in all cities walking around with Heat jerseys. And this from a team that didn’t even exist 22 years ago. All Heat games will pretty much be televised in all markets. This will literally change… Read more »
Anonymous
Wild Bill
6 years 2 months ago

The rise in attendance at Heat games is a huge negative for downtown. Four hours of closed streets is not a positive for any homeowner in this area. Many of the buildings featured in this site will suffer tremendously.

Anonymous
Gixxer 1000
6 years 2 months ago
WildBill “The rise in attendance at Heat games is a huge negative for downtown. Four hours of closed streets is not a positive for any homeowner in this area. Many of the buildings featured in this site will suffer tremendously.” This clearly points out that you simply want to present everything in a negative fashion. Having a successful downtown sports franchise helps out every other single downtown that has one but is will somehow HURT Miami’s downtown??? If Miami struck out and Wade went to Chicago and was stuck with just Chalmers and Beasley you would be arguing the exact… Read more »
Anonymous
BillP
6 years 2 months ago

The prospect of a championship team is great for Miami, but I fail to see how this is going to pull Miami out of its real estate slump.

Here in Boston we have pretty good basketball, baseball and football teams, and two of the teams play their games downtown. The owners of the Celtics still have an empty condominium tower downtown with over 100 unsold and vacant units, now going on two years, and the developer of the W hotel and condominiums recently filed for bankruptcy (with another 100 unsold condominiums).

Anonymous
JL
6 years 2 months ago
The problem is that the “core” of Miami is NOT a sports city. Check out downtown/SoBe during the Superbowl… it’s just another day. The suburban areas care about and support the sports teams, but the rest of Miami could care less. That’s pretty much due to the transient/international nature of downtown/SoBe. Most people are here part time or full time for only a couple years and never develop into fans. It’s different in places like Philadelphia/Boston/Chicago where you get generations of sports fans in the household. Shaq was the biggest thing in basketball coming into town with the promise of… Read more »
Anonymous
Wild Bill
6 years 2 months ago

This people on this site have selective amnesia. The old Heat/Hockey arena brought in very little real estate improvements to the area. The area around the Orange Bowl is a trash bin. A sports arena will only bring in a mass amount of traffic. The current AA arena had hundreds of parking spots removed due to these buildings that you are now pitching. This area cannot handle a packed arena. The residents of Park West better hope that attendance doesn’t reach 20,000.

Anonymous
Renter Tom
6 years 2 months ago

From CoreLogic numbers this week:

In West Palm Beach-Boca Raton-Boynton Beach, 20.3 percent of loans were 90 days or more past due in May. That’s up from 15 percent in May 2009.

In Fort Lauderdale-Pompano Beach-Deerfield Beach, 22.8 percent of loans were 90 or more days past due vs. 17.5 percent in May 2009.

In Miami-Miami Beach-Kendall, 28.2 percent were 90 or more days past due, up from 20.7 percent in May 2009.

In Orlando-Kissimmee-Sanford, 20.6 percent past due vs.16 percent the year before.

—From Sun Sentinel article.

Anonymous
Gixxer 1000
6 years 2 months ago
I agree that you don’t have generations of basketball fans in Miami. But how would you considering a basketball team didn’t even exist 23 years ago. Even if all the new fans that attend the games are from the suburbs all that does is bring money from the suburbs into downtown which is clearly a benefit for downtown. Besides this is how Dynasty’s are built. If they make serious runs for the championship over the next 5 years and win it a few times you will have created a climate to bring basketball fans in and create some history for… Read more »
Anonymous
Fred
6 years 2 months ago

Wild Bill, you don’t think that stadium will be sold out every home game? If so, you are underestimating this whole thing. If you do some research you will see what the avg attendance was in Cleveland before LeBron got drafted and what it was after. You can find online how much revenue the team and city was bringing in every game when he played.

Anonymous
Skeeta
6 years 2 months ago

Sorry to burst your bubble but I’ve lived in many cities on three different continents and I have never seen a sports arena bring positive development to a neighborhood. Yankee Stadium, Wrigley Field, The Orange, they add nothing to the neighborhoods where they are located. The fans come in, park their cars and afterwards they leave. There’s very little in downtown Miami to attract city dwellers.
This is all hype! Lebron said “I’m gonna take my talents to South Beach and join the Miami Heat! Was that a Freudian slip?

Anonymous
why bother
6 years 2 months ago
I have never been a basketball fan but this news got me glued to the TV. Drew is partly right. Scarface and Miami Vice are not a measure of milestone moments of this city. But then again Miami is a young (100 year) old city with not much of a history. Gixxer in post 11 summed it up the best. This is a big deal for downtown. Wild Bill is irrelevant. He will whine and bitch about everything. These are the events that will top the Lebron news as ground shaking development for Miami. 1. Miami will host 2018 or… Read more »
Anonymous
Gixxer 1000
6 years 2 months ago
“A sports arena will only bring in a mass amount of traffic.” Then how do you account for the countless sports arenas that bring more than traffic??? I worked on the the new Washington National stadium project here in DC and I can assure that it has helped to revitalize that area. It really depends on the location of the Arena and the planning involved. You can’t drop a stadium in the middle of nowhere and expect things to happen naturally. It takes a combination of a good location, a good plan and a good team. They pretty much had… Read more »
Anonymous
Fred
6 years 2 months ago

Skeeta – Wrigley Field brings nothing to the neighborhood!?!?! Please tell me that was a sarcastic comment.

Anonymous
JL
6 years 2 months ago

Reality Check,

Last season, the Miami Heat average home attendance was about 17,770 which is 90% of seating capactiy. Assuming every game is a sellout, you are going to bring an additional 1,500 people or so to Downtown during home games.

Also, worth noting is that the arena was sold out for Shaq’s first 3 years.

Maybe Shaq single handedly started the downtown development boom? Do we all have Shaq Diesel to thank for Icon Brickell, Epic, Novecento Brickell, Mary Brickell Village?

Anonymous
Gixxer 1000
6 years 2 months ago
JL, No shit Sherlock that’s what we’ve been saying all along. Reread post #12 and #23. 19,600 – 17,730 = 1,870 more people for each home game. There are 41 home games so that’s an additional 76,670 fans each year coming into downtown. Then add in probably 8 extra playoff home games at 19,600 each game and that brings the total of additional fans each season to 233,470. In 2006 there were a lot less options for entertainment downtown. Heck, half the condos weren’t eve built by then. Downtown is clearly a happening area where people are choosing to live.… Read more »
Anonymous
TheKingHasCome
6 years 2 months ago

lol @ skeeta, it’s named Wrigleyville for pete’s sake. I was just there on Friday night, most fans take the train in, the area bars and restaurants were still crowded with people spending money 10 hours after the game.

Cocaine is the biggest thing to happen to Miami.

Anonymous
Joe
6 years 2 months ago
You people are out of your freaking minds. Best day in Miami’s history? A boom for downtown? Are you guys on crack? And you, Gixxer 1000, should be ashamed of yourself. Study after study after study has shown that sports arenas are, at best, revenue neutral for cities. If sports arenas and sell-outs are so great, why did it take over 10 years of haggling to get the Marlins stadium approved and under construction? (And the Marlins play TWICE as many games per year as the Heat and have a higher seating capacity.) Beyond all that, as JL just mentioned… Read more »
Anonymous
phelps
6 years 2 months ago
Joe -Wild Bill- JL, Dont hate on miami so much. why cant you guys be happy for miami just for once? It is not important if this is going to make the downtown into another manahttan. It is just a great news that someone preferred miami over New York Or Chicago and said no to billions of possible extra dollars by being in those big cities. It is very positive for the image of miami which has been battered of late. I would not be surprised if the 3 of you hold hands to do a rain dance and pray… Read more »
Anonymous
JL
6 years 2 months ago
Gixxer, I understand you aren’t smart enough to make it in the NE. But seriously, a mediocre intellect down in FL won’t make you a genius. It will make you another NE failure that thinks they’re a genius because they moved down to FL. You get lost -EXTREMELY lost- trying to extrapolate every piece of data you can find. Yes you will get 10%/1,500 more people per home game (and home games will be sellouts like they were in the Shaq era). However, only a mental midget would extrapolate that to “the total of additional fans each season to 233,470.”… Read more »
Anonymous
Joe
6 years 2 months ago

phelps — No one is “hating on Miami.” We’re just pointing out this little thing called “reality.”

Lebron saved $6 million in taxes by signing with Miami instead of Cleveland, and $12 million in taxes by signing with Miami instead of New York. It’s not like he took a 50 percent pay cut to come to Miami.

As for downtown, I’m sure LeBron will help with attendance, and maybe some restaurants, etc., will do a little extra business. But that’s it. He’s not going to sell condos or spur development. A lot of the comments above are just looney tunes.

Anonymous
JL
6 years 2 months ago

phelps,

I’m not hating on Miami. I’m laughing at people who don’t live in Miami and try to extrapolate events using a mindset cultivated from a different city. Let me state it again. People who live in Downtown/SoBe tend to be transient and or part-time internationals. Sports are not a high priority (except in teh Burbs) and nothing will change that. Instead of getting enthused on a game night, people downtown will probably get more annoyed by the traffic. It’s just how it is down here… don’t fight it.

Anonymous
Gixxer 1000
6 years 2 months ago
Joe, The main argument against sports arenas is that they simply divert money from other leisurely activities and I don’t completely disagree. But in this case it’s pretty much irrelevant because I’m not arguing that this will do good for Miami as a whole in the short term. I’m simply saying that this will divert more money into downtown and therefore DOWNTOWN will benefit. Will most of that money come from the suburbs and other close areas like Ft. Lauderdale…yes. I just saw on ESPN that is projected that downtown will lose $48m in business each year. I guess you… Read more »
Anonymous
Gixxer 1000
6 years 2 months ago

JL,

My argument has nothing to do with buying condos. I’m talking about additional people downtown who would otherwise not be there spending money to park, eat, etc.

Again they are reporting that the decrease in business in downtown Cleveland due to Lebron leaving will result in $48m leaving their downtown. So it doesn’t seem unreasonable that the increase in business in downtown Miami would be somewhere near that amount.

Anonymous
Gixxer 1000
6 years 2 months ago

Joe,

“As for downtown, I’m sure LeBron will help with attendance, and maybe some restaurants, etc., will do a little extra business. But that’s it. He’s not going to sell condos or spur development. A lot of the comments above are just looney tunes.”

That’s my exact point. Bar, restaurants, etc. will do extra business and help the growth of new businesses making downtown an even more desirable place to live.

Anonymous
Makes Me Think
6 years 2 months ago
Lebron choosing Miami just goes to show what I and some others have been saying all along, that Miami/south Florida is a special city and the same rules that applies to most places in the country can not be blindly applied to Miami when it comes to real estate market. That being said I fail to see how having Lebron playing for the Heat will change things drastically. It will have somewhat of an incremental positive effect but i don’t see how it will magically raise the standard of living of the people of Miami, it will create more lower… Read more »
Anonymous
Drew
6 years 2 months ago

Gixxer: only tourists go to Bayside. Maybe you’ll figure that out when you move here.

Gixxer: twice above you’ve mentioned the economic benefits of people spending money to park their cars. How the hell does anyone other than the monopolized parking garage/surface lot ownership benefit from charging $25 a car. “Pumping dollars in the local economy,” right? I’ve heard that line before…
Again, if you lived here, maybe you’d know that a certain parking lot tycoon controls almost all of downtown parking and spends his profits on Ferraris and Fisher Island condos. And Manhattan co-ops.

Anonymous
Renter Tom
6 years 2 months ago
I think it is a great thing that the Heat has some more star players….Lebron definitely is the headliner. It will definitely create a continued national buzz and some marginal positive economic effect. What would make a much bigger difference is for the three stars to make coordinated service announcements encouraging education and getting a high school degree (and to go back for a GED as the case may be). Now THAT would have a real positive effect for South Florida across the board. Just think if star students got to go to a game for free and meet the… Read more »
Anonymous
mishka
6 years 2 months ago

Drew, I am a local and I go to Bayside. I find many restaurants that are value for money.

Anonymous
Swissluxury.Com
6 years 2 months ago
“Derek Fisher, at an impasse with Lakers, to take a meeting with Pat Riley in Miami” http://www.latimes.com/sports/la-sp-lakers-derek-fisher-20100710,0,4281740.story I live at MARQUIS and the traffic issue on game nights is way overstated…..locals know to just stay off Biscayne…(granted not easy to do if you live at ONE MIAMI)…. from our building or 10 MUSEUM or MARINA BLUE or 900 it’s just a right turn out of the garage and then 2 blocks to the 95 and it is easy to get anywhere….. LEBRON is obviously a HUGE positive for downtown Miami…..you can debate the exact $$$ but the national publicity alone… Read more »
Anonymous
WTF
6 years 2 months ago

Miami is a loser’s city.
R u guys really that naive to think he chose Miami cuz he loves it?
Talk about perks under the table
And by the way, did u see his announcement: “I am going to South Beach”? Lolol
U probably only worry about this if u live in Miramar or Homestead..
Sobe people couldn’t care less..

Anonymous
Wild Bill
6 years 2 months ago
You guys should check out the history of Roddy Burdine Stadium. Go visit the area. Show me what sixty years of having a stadium has done to revitalize that area. Why so little mention of Little Havana real estate investments on this site? The attendance numbers for Miami Heat and Marlins games in the last few years don’t add up. Many people have stated this. I think they count Mediterranean Fruit Flies not actual people. A.A. Arena was never built with proper parking. Parking figures were estimated by using a parking lot figures within a billion mile radius to the… Read more »
Anonymous
6 years 2 months ago
Anonymous
Renter Tom
6 years 2 months ago

Renter Tom said at Jul 10, 2010 at 12:33 am: “Miami needs more of the mystic of being like a Hollywood of the east coast. Promote what you got….tropical paradise. Burn Notice probably has a bigger positive effect than LeBron.”

USA Today article at Jul 10, 2010 at 8:30 am: “• Hollywood East. With LeBron’s entrance — and local film incentives recently put in place — Miami Dade County expects filmmakers to spend a record $125 million in the county next year, estimates Jeff Peel, the county’s film commissioner.

The hit TV shows CSI Miami and Burn Notice both are filmed there.”

Anonymous
Joe
6 years 2 months ago

Why the hell would filmmakers spend more money in Miami just because Lebron came to town? Is Lebron also a star of major motion pictures, too?

I know some of the people on this board were in fantasyland, but some of these Lebron comments have proved it once and for all.

Anonymous
why bother
6 years 2 months ago
Swiss luxury is right. The traffic issues around AAA is overblown. But the traffic at the Miami river bridge at ICON is another story. RT is right on, ….good golly, we need more models (which has really been curtailed in the last few years), rock stars, and high profile entertainers……not just (usually not the brightest) athletes (and I know quite a few pro athletes). Miami needs more of the mystic of being like a Hollywood of the east coast. Promote what you got….tropical paradise. But CSI Miami is actually shot in LA with just a few shots of Miami thrown… Read more »
Anonymous
why bother
6 years 2 months ago

Joe, these comments only show that they are forever hopeful and you are eternally depressed. You need some happy pills bro.

Anonymous
Joe
6 years 2 months ago

why bother — I’m not depressed in the least. I just don’t go through life completely ignoring reality. The idea that Lebron James is going to change the face of Miami is utterly ridiculous. What can Lebron do for Miami that Shaq couldn’t do? Shaq was way more mainstream by the time he came to Miami, from the NBA to movies to TV commercials.

Seriously, Miami, show some self-respect. It’s nice Lebron is coming to town, but that’s it.

Anonymous
why bother
6 years 2 months ago
This should put to rest all negative arguments: Especially read this in the page 2 or the original article ” The LeBron Effect showed up Friday in ways big and small — even pumping a little energy into the real-estate market. Edgardo Defortuna of Fortune International Realty said he had phone calls from fans in Brazil, Venezuela and Argentina — including one Argentinian who told him he’d buy an apartment at the Icon in downtown Miami if de Fortuna could score him Heat tickets. Agent Penni Chasens of Cervera Realty said LeBron’s move convinced a buyer to cough up an… Read more »
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