What Miami Needs to Transform Current Moment Into Long-Term Success (Coral Gables: transplants, real estate)

[MiamiLIFE]

"With $2 trillion in assets under management having recently been infused into the Miami economy, Miami is now the No. 1 city in America for the formation of new businesses."

https://commercialobserver.com/2023/...outh%20Florida

[jr8999]

Miami has to put things in place in order for the current economic boon situation to be extended for the long term. While I'm rooting for my new home town to succeed it's going to take more than the usual hype and fake it till you make it tactics. It's going to take thoughtful strategic plans and implementing many of the actions discussed in the article.

The Commercial observer, the publication that produced this article is "the leading commercial real estate media company" as described on their website. The company was formerly run by Jared Kushner and now run by his brother-in-law Joseph Meyer according to Observer Media's Wikipedia page. This IMO is a prime example of the hype machine that is Miami. Pump up the hype machine and try to attract people/businesses to come here which they will....but will they stay for the long term? Whenever I read any sort of publication regarding the "up and coming Miami" I am compelled to see what special interest group owns the publication.

I genuinely hope my skepticism is proven wrong but I believe we will remain very much a tourism services driven economy with some newer smallish businesses sprinkled in. It's a great place to live if you can afford it and I believe that's what is attracting small-medium size businesses people. As discussed in many previous threads there are many reasons why we don't attract larger corporations to make Miami their home base.

[CXT2000]

Originally Posted by jr8999

Miami has to put things in place in order for the current economic boon situation to be extended for the long term. While I'm rooting for my new home town to succeed it's going to take more than the usual hype and fake it till you make it tactics. It's going to take thoughtful strategic plans and implementing many of the actions discussed in the article.

The Commercial observer, the publication that produced this article is "the leading commercial real estate media company" as described on their website. The company was formerly run by Jared Kushner and now run by his brother-in-law Joseph Meyer according to Observer Media's Wikipedia page. This IMO is a prime example of the hype machine that is Miami. Pump up the hype machine and try to attract people/businesses to come here which they will....but will they stay for the long term? Whenever I read any sort of publication regarding the "up and coming Miami" I am compelled to see what special interest group owns the publication.

I genuinely hope my skepticism is proven wrong but I believe we will remain very much a tourism services driven economy with some newer smallish businesses sprinkled in. It's a great place to live if you can afford it and I believe that's what is attracting small-medium size businesses people. As discussed in many previous threads there are many reasons why we don't attract larger corporations to make Miami their home base.

Agreed, the covid growth Miami endured has been insane, let's be honest about that. Seemed like every day for two years, there was an announcement of a new head office or expansion or anything really. But like you said, the Miami hype machine is very real and imo, one of the best in the country when it comes to hyping up a city and making people fall in love instantly.

However, for a major city, it lacks a lot and is still not considered a true global city. The capital is there, but a lot of it is parked there and not generated from the city (business wise that is). Yeah you got Citadel moving there, but a lot of the other companies, primarily all tech, have halted moving their HQ to Miami, quietly moved back to SoCal or NYC or did move here but at a smaller capacity. And I'm not including the companies that moved to Miami and went belly up after a year or even a month. Another issue is Miami always continues to follow short term hype trains and would rather go through extreme booms/busts than growing organically and slowly over a long period of time. You must focus on industries for a long period of time and must stop falling for short term gimmicks.

Then you have to add lack of affordable housing/affordability, high paying jobs, cultural institutions, higher education, public transit, urban design, climate change/storm mitigation. On top of a high COL, insane insurance rates, housing market out of whack, property taxes/school taxes are very high, crime rates are high, etc.. if Miami actually focused on building a proper city and stopped prioritizing foreign money only (which has been the game plan since the 90s) the city would be world class. But you have a city and admin obsessed with the elites and for them to park their money here and at the expense of locals, where 80% can't even benefit from whatever restaurants or establishments they bring here (and this ties in to tourism services). And these elites and people who do come to the city, they don't give a crap about Miami, they just want to save on money, hide it and they go contribute elsewhere. If a Miami 2.0 pops up elsewhere in the country, they'll pack their bags and move there lol.

You can see why I get frustrated with Miami, it has all the right tools but the worst priorities. And the fact that it has not changed since the 1990s mentality wise is really ****ing frustrating to me. All this hype, the intense boasters who are blind to the issues of the city but it's not a truly global city nor a truly great city. There's a reason why Miami does not have a long retention rate for most people, lots come in, but lots leave as well. If the people in charge prioritized the right things for the city and started now, the Miami of the future would easily be a powerhouse for all.

[Corrie22]

Miami is home to over 6 million people....squeezed in between the ocean and glades....I don't think they give one flying about your priorities...LOL

[CXT2000]

Originally Posted by Corrie22

Miami is home to over 6 million people....squeezed in between the ocean and glades....I don't think they give one flying about your priorities...LOL

Bet you a lot do, but please, continue living your ignorant life...

[elchevere]

Couple of thoughts:

Miami has never been and never will be a corporate HQ mecca. No different than Minneapolis never being a beach destination. Not sure why some insist on Miami becoming what it never will.

Miami does not have an elite university—yet I rarely hear people bringing that up as often when discussing Dallas (or other global cities including, but not limited to, Dubai, São Paulo, etc).

Miami is more dependent upon small business than most other cities for its economic well being (not surprising given its large immigrant composition) and is a finance hub. More and more finance firms have moved here since the pandemic with many prominent law firms having followed them by opening offices for the first time.

Suarez is a hype machine but I give him credit for his efforts in attracting more/some tech to the area, even if only scraps. As my first boss preached to me always shoot for the mountain, that way if you fall short you still land on a hill instead of your face.

Miami has been a top city for remote work, many of whom work for corporations. Whether that remains sustainable is anyone’s guess.

https://www.forbes.com/advisor/busin...emote-workers/

Speaking of tech (which I worked in and for the same tech giant for 33 years), there are many nerds across the wide array of CD forums who somehow think it is the only high paying field—as if law, finance, medicine and more aren’t and/or such careers somehow don’t exist in Miami. I’ve also met my share of people who went to local universities and have done well in their careers here.

I give credit to those priced out of Miami who have the common sense to move away to less expensive cities they can afford rather than staying put and possibly becoming homeless. Of course some in other cities overlook tent cities, human excrement and syringe needles in the open and on the streets of the nicest sections of their cities along with retailers and malls closing, rather than opening.

All this talk of how supposedly only 20% of the populace supports or can afford all the new retail and restaurant openings—or does one think a NY’er or European visiting tourist who is already spending quite a bit on their hotel would rather fly down, at additional expense, to Miami to buy from a retailer rather than the same retailer shop that is 15-20 minutes away from where they live back home.

Miami has had to overcome stigmas and urban myths from its past—its uninhabitable half the year, one must speak Spanish, there are multiple hurricanes ever year, and much more. Recent transplants—including myself now going on nearly 7 years—have found these to be untrue. Witness more Northeasterners and even weather wimp Californians that have moved here recently.

The only benefits I see to Miami 20-30 years ago was that it was cheaper with fewer people. At the same time it was a seasonal city with even fewer opportunities that still catered to retirees with a lot less of the urban amenities we see today. Yes, some are moving out for cost reasons and being replaced by transplants (along with other long time residents) who can afford to stay—this is not a Miami only phenomenon.

[Corrie22]

Originally Posted by elchevere

there are many nerds across the wide array of CD forums who somehow think it is the only high paying field—

friends I went to school with...

one started out working as a plumber....now lives in Coral Gables....house in the Keys with a very good boat....and farm in Jupiter

another started working as an elec....built up his company....now has a mansion in Palm Beach

another started his own moving company...merged with a nationwide company...and lives in a huge mansion on the beach

...if you ask me....getting your hands dirty is where the real money is

[elchevere]

Originally Posted by Corrie22

friends I went to school with...

one started out working as a plumber....now lives in Coral Gables....house in the Keys with a very good boat....and farm in Jupiter

another started working as an elec....built up his company....now has a mansion in Palm Beach

another started his own moving company...merged with a nationwide company...and lives in a huge mansion on the beach

...if you ask me....getting your hands dirty is where the real money is

….small business owners (not tech or corporate) who are doing well.

[Corrie22]

Originally Posted by elchevere

….small business owners (not tech or corporate) who are doing well.

none of them are small businesses any more....they are all huge

[elchevere]

One other point I forgot to include above: Miami seems to get singled out the most on CD as far as income inequality. Odd how a city like Atlanta, often cited and praised for its affordability, is barely mentioned when in fact it runs neck and neck with and/or exceeds Miami in terms of income inequality. Selective use of data I suppose.

https://www.ajc.com/news/investigati...MYICTG2BCOUPU/

https://cfgreateratlanta.org/2023/04...20Wealth%20Gap).