With the tourism sector feeling economic pressure brought on by the global pandemic, the City of Miami Beach is seeking to attract national and global businesses to its shores in addition to the world-famous hotels and entertainment venues.
“We are already known around the world as a global tourist destination with more than 10 million visitors to our city each year,” Miami Beach Mayor Dan Gelber explained. “Our beautiful beaches, world-class restaurants and plentiful shopping will make Miami Beach a highly coveted work environment for the many companies relocating to Florida that want to capitalize on our low tax rate, abundant amenities, top-rated schools and talent.”
One challenge to diversifying the city’s tourist-centric economy has been a lack of Class A office space, which generally refers to the newest and highest quality office space in a given real estate market.
Miami Beach recently issued a request for letters of interest (RFLI) from commercial real estate developers to develop up to 383,439 square feet of Class A office space in a public-private partnership with the city. The intent would be to convert some of their existing open-air parking lots along the famed Lincoln Road corridor to mixed-use Class A office space with on-site parking garages.
“Businesses are talking with their feet,” Commissioner Ricky Arriola added. “It’s clear that they are moving away from high tax states and that South Florida is one of the top destinations for executives and businesses. Miami Beach has a once in a generation opportunity to capture its fair share of this market by creating sufficient Class A office space that these businesses need. Doing so will diversify and thereby strengthen our local economy.”
If approved by voters in a future election referendum, the proposed change would create a centralized business district in South Beach while retaining the pedestrian-friendly character of Lincoln Road.
Click here to view the RLFI bid information.