Start-up culture in Miami- Benefits of moving of post-revenue company to Miami (South Beach: real estate)

[moritz391]

I currently live in a perfectly charming 19th-century brownstone neighborhood in Philadelphia, where I landed for grad school and ended up putting together a series of various business ventures. I had previously lived in Houston, TX and actually found it to be reasonably livable despite the lack of topography due to its liberal business culture and 24hr activity and innovative universities and institutions.

Philadelphia is a great place to putz around, but not much of a place to run a business or pay taxes. I was in the middle of a move back to Houston last year to take advantage of my connections there when the credit crunch changed my situation. Now that I have restructured, I work more independently and am rethinking where I should move.

Here's the profile:

1.) The company is a design company that works in branding, product design, and real estate consulting (no comment on condos--I'm not moving to become a developer!). Being around cultural production could be a good thing. If moving to Miami, I'd probably want an office in the design district or south beach. Is there a lot of design work actually happening in either place? Or is it just shopping?

2.) Money isn't much of an issue. Playing it conservatively, I'd probably be putting in somewhere between $1m and $2m into a personal residence. I've thought about trying to get a bargain at a building like Ten Museum Park, but I'd probably go with buying a lot or small house on Palm Island or a nice place in South Beach. Is the lifestyle there as great as it feels on a long weekend, or does it grow old?

3.) Are there any major draw-backs to having a company in Miami. Are there miami-specific taxes, etc?

4.)For any other business owners out there, how do you find the market for a qualified workforce? Are there a good number of educated, skilled workers to choose from?

Thanks!

[planetsurf]

1) Design district. There is a fair bit of "design" still happening on the Beach, but a lot of smaller places got priced out and moved to the Biscayne corridor, centered on the Design District.

2) Both. Miami is Miami -- there really is a lot to do and if you dig it, it is what it is.
BUT, Miami is one of those places you need to get out of too (ESPECIALLY in the summer, weather is FAR worse and in general it's a lot quieter). Carib/NYC/Boston/Phili are all sub $300 and sub 3 hour plane rides away thankfully.

3) No. Nothing specific.

4) There ARE a fair number of qualified design people (especially if you include how many come from LatAm and Europe to work and party). There is definately a prima donna factor, more so than in NYC or SoCal (the other places I'm familiar with in this regard). Designers especially (in my world graphic and web) are a touchy lot in the first place, but, I think they need some extra tlc in Miami. They don't necesarily want to work VERY hard and seem to always want something.
A lot of places underpay, so if your willing to provide good pay/benefits and working environment, you'll attract very talented people. Just keep at it, don't settle; you'll find VERY good people.

[tallrick]

Philadelphia is a great place to putz around, but not much of a place to run a business or pay taxes. I was in the middle of a move back to Houston last year to take advantage of my connections there when the credit crunch changed my situation. Now that I have restructured, I work more independently and am rethinking where I should move.

Here's the profile:

1.) The company is a design company that works in branding, product design, and real estate consulting (no comment on condos--I'm not moving to become a developer!). Being around cultural production could be a good thing. If moving to Miami, I'd probably want an office in the design district or south beach. Is there a lot of design work actually happening in either place? Or is it just shopping?

There's a constant stream of suckers...Er I mean investors willing to buy real estate in the Miami area. I am sure you can find plenty of business here till the funny money runs out

2.) Money isn't much of an issue. Playing it conservatively, I'd probably be putting in somewhere between $1m and $2m into a personal residence. I've thought about trying to get a bargain at a building like Ten Museum Park, but I'd probably go with buying a lot or small house on Palm Island or a nice place in South Beach. Is the lifestyle there as great as it feels on a long weekend, or does it grow old?


If you have that kind of money to spend you can find a lot to choose from here. However, if I had that kind of disposable income I would stay put. You won't find anything affordable on the islands in the near future though. I would not want to live on a pile of filling 3 feet above sea level either. As for lifestyle? The beach gets boring and once you are over 30 the whole "nightclub" scene becomes obsolete. Then again if you have enough money you can have a great time at any age.

3.) Are there any major draw-backs to having a company in Miami. Are there miami-specific taxes, etc?

High property taxes which affect your lease. High insurance if you carry inventory due to frequent thefts and natural disasters. A very corrupt Team Metro to harass any business that actually produces anything.

4.)For any other business owners out there, how do you find the market for a qualified workforce? Are there a good number of educated, skilled workers to choose from?

There are some qualified people but most are pretenders. People in Miami tend to brag too much and work to little. Then again, you can pay peanuts and get an abundance of mediocre talent. The best and brightest routinely leave the area to begin their lives.

[maiko]

Wow TallRick, excellent post.