New Research Shows Miami is on the Way to Being the Next Silicon Valley
According to recent research from Moody’s Analytics, a division of New York-based Moody’s Corporation, the expansion of Miami-Dade County’s finance and technology sectors significantly boosted the region’s office market throughout the pandemic leaving the potential for Miami to replace Silicon Valley.
Miami has the potential to develop into a prosperous tech center, according to Lu Chen, a senior economist at Moody’s and co-author of “The Growing Power of Tech on Miami’s Commercial Real Estate Market.”
Fintech companies have found The Magic City to be the most alluring. According to the survey, businesses from New York are increasingly choosing to relocate to Miami due to high taxes, building/office costs, as well as housing.
For instance, the report stated that the fintech business FundKite moved its headquarters from New York to Miami “because it has become a solid hub for the financial industry and has a lot of good expertise and manpower accessible.”
This continued pattern has allowed the office landlords in Miami-Dade County to raise rent demands faster than the national average, including in San Francisco, California.
According to the survey, incomes for STEM (science, technology, engineering, and math) workers in South Florida have not increased as much as asking rents in Miami-Dade.
The average salary for STEM workers nationwide increased by 6.8% in 2021 compared to the previous year. San Francisco saw a 1.9% increase in STEM earnings. Their increase in South Florida was only 0.9%.
As of August 13, the typical STEM job nationwide paid $53,428 per year. STEM jobs in Florida typically pay $40,081 a year. In California, STEM salaries pay an average of $48,899 annually.
In contrast to the San Francisco Bay area and other well-established technology centers, South Florida has a very small proportion of the total number of tech jobs.
According to Chen, only 3% of jobs in South Florida are in the high-tech sector, compared to 23.5% in the San Francisco area.
Other challenges for Miami’s expanding technology sector, according to Moody’s, include the impact of climate change, South Florida’s transportation infrastructure, the underrepresentation of minorities in higher-level positions, and concerns about educational standards.
The San Francisco Bay area has significantly more prestigious universities that develop technology talent, according to the study on education. The report states that “Miami must attract more students interested in tech.”
However, the survey noted that there is cause for hope because there are regional initiatives like Computer Equity Miami that seek to increase accessibility to tech education for all of its citizens. Miami’s advantages also include a high concentration of banks and businesspeople.
South Florida ranks sixth in the nation for the proportion of all U.S. entrepreneurs. Moody’s attributed this ranking to the region’s 150 banks and 500,000 accredited investors, which offer a variety of choices for raising financing.
Miami is attracting a lot of interest from bitcoin businesses as a result of Miami Mayor Francis Suarez and other local leaders placing significant bets on the technology.
Suarez’s efforts to establish Miami as a crypto hub, according to David Caputo, a commercial real estate data quality analyst for Moody’s, have aided in luring crypto businesses to that city, including Blockchain.com, which has reportedly facilitated more than $1 trillion in crypto transactions since its establishment in 2011.
According to Moody’s research, the future of cryptocurrencies may very well determine Miami’s status as a global tech hub. Although the value of cryptocurrencies has fallen recently, the report’s co-author Caputo claimed there isn’t much of a negative for Miami.
Cipriani Residences Miami Reveals New Interior Renderings
With the newest condominium project in Miami, Cipriani Residences Miami is adding to its illustrious portfolio once more with its exclusive first glimpse at the exquisite interiors of the highly anticipated development.
The renowned hospitality organization chose the internationally renowned studio 1508 London to design the interiors of Cipriani Residences Miami, which is the group’s first residential skyscraper built from the ground up. 397 homes with one to four bedrooms will be available in the building, all of which have views of Coconut Grove, Brickell, and Biscayne Bay.
The Cipriani Residences Miami exudes a stylish, contemporary ambiance, similar to the burgeoning Brickell district, but with a European flair. Consider furniture covered in Italian leather, chandeliers from Venice, and rooms with beautiful walnut finishes. The enormous curved glass high-rise by Arquitectonica blends seamlessly with the city’s financial district’s skyline.
The double-height foyer, which modernizes Venetian design, is one of the building’s most alluring aspects. The elegant area is layered with Italian terrazzo floors, oak accents, and an actual Murano glass chandelier. It was designed to transition from day to night. The color scheme combines distinctive Cipriani tones with warm camel and blue tones.
Each house, which ranges in size from 1,213 square feet to 3,495 square feet, includes floor-to-ceiling glass windows, large terraces, and lofty 10-foot ceilings as standard features. Among the opulent features you’ll discover inside are open eat-in chef kitchens, integrated Wolf Sub-Zero appliances, and light pendants with Art Deco influences, as well as Dornbracht fixtures in the main bathroom and, of course, handcrafted Italian cabinetry designed to reflect the Cipriani aesthetic.
CEO and Founder of Mast Capital stated, “The interior design of Cipriani Residences Miami demonstrates a fundamental richness that recalls the timeless elegance of four generations of the Cipriani family. 1508 London has envisioned an offering that captures both the inherent spirit of Cipriani and the sophisticated lifestyle of Miami.”
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025 with a completion date in 2026. Reservations are expected to be converted to contracts next month which will coincide with the launch of their sales center.
If you or someone you know have an interest in purchasing at Cipriani Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
The Elser Hotel & Residences Unveiled with Exclusive Party Hosted by PMG and Greybrook
A party celebrating the unveiling of the 49-story luxury condominium tower known as The Elser Hotel & Residences was held on Wednesday, August 3rd, by PMG and Greybrook.
The venue, located in the center of Downtown Miami with unhindered views of Biscayne Bay, offered visitors infinite champagne, a live band, and interactive entertainment. The PMG Residential sales team, comprised of Alejandra Castillo, Christian Tupper, Daiana Quiceno, Aura Aragon, and Karine Carvalho, as well as PMG Managing Partner Ryan Shear, made remarks.
The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.
The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.
Facts and Features
49-story tower located in Downtown Miami
Developed by PMG and Greybrook Partners
Designed by internationally renowned architecture firm Sieger Suarez Architects
Approved for short-term rentals
On-site hospitality management
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
and Biscayne Bay
132-Foot Resort Style Pool with private lounge areas
Two-Level Modern Gym & Fitness Studio
Co-working Lab
Valet Parking
Electric Vehicle Charging Stations
Latest Smart Building Technology
Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals.
Residences start at $600,000 or the equivalent in bitcoin, according to PMG Residential, the property’s exclusive sales team.
Jeff Bezos’ Parents Buy Waterfront Mansion in Miami
Photo credit: Douglas Elliman
The parents of Jeff Bezos invested $34 million in a waterfront Coral Gables mansion with over 12,000 square feet. Records show that the estate was purchased by Jackie and Mike Bezos, the parents of Amazon’s founder, last week.
Through a Delaware-based limited liability company called Forgotten Fountain, the couple bought the property located at 9475 Journeys End Road in Coral Gables.
The sellers of the estate were the former CEO of PetMD, Raul Calvoz, and his wife Raquel Cordon. According to property records, the couple paid $8.5 million for the home in 2018.
According to the description, the house has undergone a complete renovation and now features six bedrooms and seven bathrooms with floor-to-ceiling windows and French doors throughout. The property sits on more than 2 acres and has 200 feet of water frontage.
In addition, the offering lists a chef’s kitchen with double ovens, views of the pool and ocean beyond, a quartz wet bar, a rock climbing wall, a gym, a wine cellar, and other luxury amenities. The residence also features 2 terraces over two floors.
A pool, a lounge area, an outdoor kitchen, and a dining area with a built-in grill are all located outside. The mansion is perfect for car enthusiasts with a 9-car garage as well as a backup generator.
With a net worth of around $144 billion, Jeff Bezos is currently the second-richest person in the world. The internet giant spent $165 million purchasing a Los Angeles property that was originally owned by music billionaire David Geffen, making it one of the biggest purchases of 2020.
Records also show that Bezos’ parents also purchased an adjacent property to the Coral Gables home for almost $40 million in an off-market deal.
New Renderings Revealed for Baccarat Residences Miami
The newest pre-construction tower in downtown Miami, Baccarat Residences Miami, will soon adorn the Miami skyline with its stunning glass facade, and now the developers have released some very impressive renderings that show what the Baccarat brand truly represents.
Rising 75 stories located at 444 Brickell Avenue, the collection includes 324 residences that will begin on the 15th level. The top 3 floors will feature 8 penthouses with immaculate ocean and skyline views. In addition, there will also be 28 riverfront flats and duplexes of your choosing.
Units will range from 1,330 square feet to over 7,000 square feet, with each unit featuring integrated purified air and water filters, impact-resistant floor-to-ceiling glass doors, 8-foot deep private terraces, and 10-foot high ceilings. Kitchens will be top-of-the-line with high-end appliances, granite counters, and custom cabinetry.
Interior Designed by Meyer Davis Studio, the building design incorporated a mixture of 18th-century French and 1930s Art Deco. The developer includes the Related Group with the landscape architecture designed by Enzo Enea.
The elevated waterfront amenities deck will include an infinity pool with killer views of Miami and Biscayne Bay. Enjoy fine dining at the 10,000-square-foot restaurant that will be announced once construction continues. Additional amenities include a state-of-the-art fitness center, spa, wine cellar, and tasting room.
DEVELOPMENT OVERVIEW
Privileged Brickell waterfront position, where the Miami River meets Biscayne Bay
A dazzling contemporary 75-story glass tower
Collection of 324 tower residences, 8 penthouses, and 28 riverfront flats and duplexes
Panoramic views of Biscayne Bay, the Miami River, and the Miami city lights and skyline from every residence
Artful service and amenities impeccably curated by Baccarat Hotels & Residences and expertly managed by SH Hotels & Resorts
Lushly landscaped waterfront promenade and private marina
Lushly landscaped secluded private entrance leading to the riverfront arrival court and elegant porte-cochere entrance
Exquisitely appointed entrance lobby with grand high ceilings leading directly to three banks of double private elevators to each residence
Permanent installation of curated museum-quality art collection throughout the building’s public spaces
Elevated 12th-level amenities resort deck loaded with a dramatic zero-entry heated saline swimming pool, outdoor spa, pool-side cabanas, summer kitchen area, and beautifully landscaped sun terrace
Glamorously designed Grand Salon, set as the ideal location for both intimate gatherings and grand celebrations
Luxurious Clubroom with bar and billiards, catering kitchen, and multimedia facilities
State-of-the-art fully equipped fitness center curated by Altitude
Fitness with cardio theater, spinning room, yoga, and meditation rooms, all overlooking the pool deck resort area
Hammam spa with men’s and women’s steam and sauna facilities, luxurious treatment rooms, and a spa shop
Private screening room with cutting-edge audiovisual equipment and theater-style seating
Game room with multimedia facilities and children’s playroom
Business Center with conference facilities and private workspaces
Gourmet market
Wine Cellar and Tasting Room
State-of-the-art Chef’s Kitchen and Private Dining room
Pet-friendly community with Pet Spa, Grooming, and Walk Service
Hair Salon & Barber Station
High-speed internet access in all public areas
Electric vehicle charging stations
Air-conditioned storage rooms
Bicycle storage spaces
BACCARAT GLOBAL MEMBER PRIVILEGES
Baccarat Owners Circle Services include private shopping, discounts on Baccarat crystal, discounted engraving and gilding, and priority status for custom production
Exclusive tour package to Baccarat France, available only to owners of Baccarat Residences
Invitations to Baccarat events worldwide
Preferred service and privileges at Maison’s Baccarat (Paris and Moscow), BBar (Tokyo), and Crystal Rooms worldwide
Hotel privileges in Baccarat Hotels and SH Hotels & Resorts worldwide
Baccarat Residences has an estimated completion date of 2026. If you or someone you know have an interest in purchasing one of the units at Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.
The luxury tower located at 942 Northeast First Avenue, will rise 55 stories making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 310 residential units, 219 luxury hotel rooms, a business center, a medical office, retail space, and a rooftop atrium.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO
In December 2021, the developers for Legacy secured the construction financing marking it as the third-largest construction loan ever made in Florida at $334 million.
Construction is anticipated to be complete in 2024.
Related Group Officially Breaks Ground on District 225
The Related Group officially breaks ground on the 37-story mixed-use tower located in Downtown Miami at 225 North Miami Avenue, District 225. The building will feature interiors by the Meshberg Group and rising to a height of 394 feet, will have 343 units.
Also known as ‘The District,’ this tower will enter the market for condos that allow easy short-term rentals through websites like Airbnb, Vrbo, and Flipkey.
Studio apartments start at 446 square feet, one-bedroom apartments start at 557 square feet, and two-bedroom apartments start at 778 square feet. Prices for the apartments begin at $352,000 for studios, $385,900 for one bedroom, and $573,900 for two bedrooms. Each unit will be completely equipped and prepared for rental.
Amenities:
Resort-styled rooftop deck with a pool and spa
Fire pit
Bbq and kitchen areas
Views of Downtown Miami and Biscayne Bay
full-height indoor basketball court
Regulation-size racquetball court
Rock climbing wall
Co-working spaces with multiple seating options
High-speed internet connectivity
Private meeting rooms
Conference room
State-of-the-art fitness center
The Related Group along with ROVR Development and BH Group have been working tirelessly on the sales ever since the launch of the tower in 2021. Since then the development has 100% sold out.
Since the groundbreaking just happened, the developers are anticipating 2 years to fully complete the tower with a target of 2024 completion date.
Renderings Revealed for Miami’s M Tower
In Downtown Miami, at 56 SW 1st St and 65 SW 2nd St, the 57-story M Tower is moving forward after construction plans were filed and renderings released by developers. The Miami Parking Authority and Downtown 1st Street LLC are collaborating on the creation of the M-Tower.
Last week, the developer filed the plans with the Urban Development Review board and those plans included some significant changes. The newly filed plans included a height increase from 49 stories to 57 stories.
The new plans also have an increase of 675 units, up from 404 apartments. There will also be 694 parking spaces in an 8-story podium connecting to a commercial space expanding 10,531 square feet.
Drive aisle, floor plans, and a parking reduction are among the zoning concessions that the developers are asking for.
Although an unlimited is permitted on the property, the Federal Aviation Administration would still have restrictions on the height.
Nichols Brosch Wurst Wolfe & Associates is listed as the architect. The next Urban Development Review Board meeting is scheduled for July 20th. If this new design is approved, construction would begin in Winter 2022.
Spinning Pan Am Globe Installed at Miami “World”center
Since the Miami Museum of Science closed its South Miami Avenue building in 2015, the enormous 1934 Pan Am globe of the world that once welcomed guests to the museum. The massive and vibrant sphere has since undergone substantial restoration, and it has been placed in its new, permanent outdoor location at the massive Miami Worldcenter complex in the Park West neighborhood.
In South Florida, the globe is a significant historical item. The former Pan American station on Dinner Key, which is now Miami City Hall, is where the 31-foot-5-inch, 6,500-pound globe was began.
Since moving it to the Frost Museum’s new facility would have been too difficult, the Miami Worldcenter will start spending $700,000 starting in 2020 to restore and weatherproof the globe with its original “approximately 1934” era lines.
A representative of the Miami Worldcenter stated “The Pan-Am globe depicts the world at a critical point in history – prior to World War II and when Miami was first realizing its position as a gateway for tourism and transportation.”
“It was important to the museum to find a partner that would care for this historic piece and ensure that the community can continue to enjoy this local icon,” stated the President and CEO of the Frost Museum.
Once complete, the Miami Worldcenter will feature 27-acres of retail, restaurants, shopping venues, and entertainment destinations. Retail will include 300,000 square feet of space and 40+ businesses.
Some notable retailers have already signed leases for the Miami Worldcenter which include Bowlero, Lucid Motors, and Sephora. Two luxurious restaurants are also named as the new lease holders, Maple & Ash and Laurel Brasserie. Maple & Ash is a famous Chicago restaurant that has now expanded to Arizona and now Miami. Laurel Brasserie is Miami Chef’s Michael Beltrans creation, with an anticipated opening date this summer.
PMG and Partners Rebrand Society Residences as The Elser Hotel and Residences
In a bold move, PMG and their partners have recently changed the name of their new construction project Society Residences Miami to The Elser Hotel and Residences. According to their press release, “the new brand provides a more cohesive DNA and identity for both the residences and the hotel which reflects Downtown Miami’s transformative legacy.”
The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.
The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.
Facts and Features
49-story tower located in Downtown Miami
Developed by PMG and Greybrook Partners
Designed by internationally renowned architecture firm Sieger Suarez Architects
Approved for short-term rentals
On-site hospitality management
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
and Biscayne Bay
132-Foot Resort Style Pool with private lounge areas
Two-Level Modern Gym & Fitness Studio
Co-working Lab
Valet Parking
Electric Vehicle Charging Stations
Latest Smart Building Technology
Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals. Delivery is anticipated to occur in August 2022.
