Miami: a destination for all seasons

Latin Trade, Feb, 2005

With new residential towers, a growing number of luxury hotels and a vibrant business climate, Miami is one of the world's top "live-work-play" destinations. Whether relaxing on the beach, boating on Biscayne Bay, dining at top restaurants--or sealing a multimillion-dollar business deal--Miami offers a warm subtropical lifestyle with a unique Latin flavor.

"Miami-Dade is made up of a diverse, multicultural population that attracts new residents from Latin America because of the comfort level they feel in the area," says Frank Nero, president and CEO of The Beacon Council, Miami-Dade County's economic development partnership.

Among the steady flow of newcomers are Fortune 500 corporate executives, sports and entertainment celebrities, successful entrepreneurs, and seasonal visitors coming to Miami-Dade for business or pleasure.

"The buzz now is that Miami is hotter than ever," says William D. Talbert III, president and CEO of the Greater Miami Convention & Visitors Bureau (GMCVB). "Miami is recognized as a fashion-forward destination, from its chic boutique and luxury hotels, to its cuisine and nightlife, to its many cultural offerings."

Construction is now under way on Miami's strikingly designed Performing Arts Center, which will add to the community's cultural offerings when it opens in 2006. Already, events like Art Basel Miami, Coconut Grove Arts Festival and the Miami International Film Festival demonstrate the area's international appeal to connoisseurs of the arts.

Visitors of all types are clearly responding to Miami-Dade's diverse appeal, as tourism has rebounded from the post-9/11 slowdown. Last year, Miami-Dade attracted more than 10.5 million visitors, including 4.8 million from Latin America, the Caribbean, Europe and Canada, according to the GMCVB.

A boom in high-end hotel construction has strengthened Miami's appeal to sophisticated travelers. The city's new luxury hotels include the J.W. Marriott, Four Seasons and Mandarin Oriental, as well as the Conrad Miami, Hilton's top-of-the-line brand, which opened last year on Brickell Avenue.

Many frequent visitors are purchasing condominium hotel units that serve as a home away from home. "We are expecting 2005 to be another strong year for our development and for Miami's marketplace in general," says William Ross, president of Estoril, the developer of Espirito Santo Plaza, a new multi-use building with 116 condo-hotel residences managed by the Conrad chain.

Throughout Miami-Dade County, new residential condominiums, loft and townhome projects, and apartment buildings being converted to condos are bringing new lifestyle choices. In downtown Miami alone, an estimated 20,000-plus new multifamily units are under construction or in the planning stages.

"With construction booming in Miami-Dade County, hundreds of thousands of dollars are coming in from domestic and foreign investors," says Nero. "Thousands of the buyers and investors are attracted to the area by metropolitan living with average prices well below those of other major metropolitan areas in the United States."

More than half the county's 2.3 million residents are foreign-born, reflecting Miami's long-standing cultural ties to Latin America and the Caribbean. Virtually every nation of the Americas--Venezuelans, Argentines, Brazilians, Colombians and a growing stream of Mexicans--is represented in Miami-Dade.

"Latin Americans comprise a large portion of foreign investors because of the proximity to Central and South America, the strong Latin influence in Miami-Dade, and the assortment of entertainment opportunities the area offers," says Nero. "With various foreign consulates, international banks, and multinational corporations calling Miami-Dade home, Latin Americans can enjoy all the amenities Miami-Dade has to offer, while conducting their lives as they would in their native countries."

Since the 1970s, one of Miami-Dade's primary appeals to international residents has been its globally oriented business community.

Multinational corporations, import-export companies, international banks and major law firms have long been attracted by the county's strategic position at the crossroads of the Americas.

After hosting the Summit of the Americas in 1994, Miami has played a leading role as the site of hemispheric and regional free trade negotiations. With its convenient airline schedules, telecommunications facilities and multicultural workforce, Miami is considered by many as the natural choice for the permanent Secretariat of the Free Trade Area of the Americas (FTAA)

As a not-for-profit, public-private organization that focuses on job creation and economic growth, The Beacon Council coordinates community-wide programs, promotes minority business and urban economic revitalization, provides assistance to local businesses in their expansion efforts, and markets Greater Miami throughout the world.

In the past year, The Beacon Council assisted 44 companies that will add 2,640 new jobs and more than $88 million in new capital investment to the local community. Newcomers include Kraft Foods International, PROEXCA Miami (the Office of Trade & Investment for the Canary Islands) and Mobis Parts America, a Korean auto parts subsidiary of Hyundai. Mobis recently established its Latin American headquarters in Miami-Dade County.