Loading...
1615-36 Various Miami Beach 111 f S(�� ISfCAL 1) bS7cCT LO rt. • .,,.... f .. city • , . 0 Beach.. : • . . .• , . ; . . .t , . .. , : ..... .. ,., . : . , t• , , .. .. , .. . ... . : ...•, ., • . e • .stse. • • .•• 0,., ...,,.,. • ,.ti., • . ' .A'r .• . * ' ..,.'"- ••,,,,,,. .....ao . 00***V€— . *^°"*"..---• • *1011.r... 401. 1,. . ,, • •) . •. .. . ' ...4.- • g .,... ,04:10.4°. ....,„im..- • ex* . Axt• ,,,`''. .040/10R. ' . • /' • .• . 4$' ..... .., ,444,4 . 10.14. - .. • •• . . :;:•:,„,,,,::i:ij.i:?..i::ki*i:i*'...:. 4,40* .. ..".r:'."•".P:'...... vvo`•&,'s'i,,i,.:0::::::::::::':'. . 11111W '"''s ..x.,.441:944"'• ' . • • , •Wee.......... A. ... Pit ;.4.• — ": e % ..••.:..... yr . .: -.. :,i:::::::-::: : • . .'•:;:::*„.ks,.....\: ,•::i:E:x::::: • •,,,,::,• .....x.:::,.: .:::::,/,./.:•••z‘••:..•::.......,..:,:,......:: . Elfr ........... , ,I .* i '% • • • .. 4 ... ...±.:.. : .II . .• •... :. . .... . ,..:i:,:: ..•••••:::,:.:..,....:....:::.. •• • • . ... . * •.: .. :,.... § •i ...:.:.. . . , ..• : :.:-.. : . ,1 . ..- , .... ..., %,.. .4. . ......; .... . .... .. . i •"•:'ir'''.......'?',.. ...........,. ....<::.',.,••'.. -,;,..• •-,.:...,...."......1',.. •.g • -•`:',',..:,•:*.:'.:V.:'..;',...c.,,,,,,,nrfiri...........-......-:..:.....:::::::0.7" - :A.... ._., ..4.t....... .„........ . . .... ....... . . 7.. • :.,,.,.........,.,.... .... . . .. . ........ . .....;. r... c•:-...-•.:,:i.,.: -.._n...:.:..::,::•:•:::::::::::„.,..i.::,.....:,;:::. .....,:,.....-„...:...:.-,.....;•:•,.,.,. ..•- •••••-•-•-......• . .... •.• .: . ----T..•;:.....: *2g;,• :Agi;;;::i,;::::::::•:: ,,,,,: ''' '• f:.. . .•... Statistical Abstract IP , 2000 ,, , . CITY OF MIAMI BEACH 2000 STATISTICAL ABSTRACT CONTENTS General Characteristics 3 City Departments 4 Why Miami Beach? 5 The Miami Beach Economy—Selected Industries 6 Consumer Markets 6 Advantages of the Location 7 Education 8 Resident Demographics 9 Residential Developments 10 Employment 11 Commercial Developments 12 Tourism and Leisure 13 Visitor Profile 13 Miami Beach Convention Center 1, Hotel Developments Retail and Spending 18 Retail Gap I8 Entertainment Industry 19 Real Estate and Development 21 Urban Economic Development Organizations 22 Information Sources 23 City of Miami Beach Community/Economic Development Department 1700 Convention Center Drive Miami Beach,Florida 33139 (305)673-7193'fax(305)673-7772 kcrowder®ci miami-beach.fLus 2 MIAMI BEACH, FLORIDA It is America's Riviera; a cosmopolitan city whose residents are as diverse as its visitors. Over 7 miles of Beaches.3 Golf Courses.20 Parks.Art and Culture.Dining and Nightlife.World-Class Shopping. An island city of just 7.1 square miles that separates Biscayne Bay from the radiant blue waters of the Atlantic. Miami Beach is seen as a trend-setting arts and entertainment mecca,and a shopping and cultural wonder by visitors, world travelers, celebrities and locals alike. Miami Beach has always been a tourist-friendly vacation hot spot, but the city offers so much more now. Miami Beach is no longer just a place to lay on the beach soaking up the sun, due to an economic boom that has sprung from the refurbishment of the Art Deco Historic District.From café's,clubs and shopping along South Beach's Ocean Drive,Lincoln Road, and Washington Avenue; the international hotels and restaurants of Collins Avenue and Middle Beach; to the re-emerging neighborhood in North Beach,Miami Beach offers visitors and residents a dazzling array of amenities to enjoy. General Characteristics Incorporated March 26, 1915 Form of Government City Manager (appointed by City Commission) Zip Codes 33139,33140,33141 6 Conunissioners(4 yrs) 1 Mayor(2 yrs) Telephone Prefixes 530,531,532,534,535 538,672,673,674,861 864,865,866,868,993 Mayor Ncisen O.Kasdin Census Tracts 39.01,39.02,39.05 City Commissioners Matti Herrera Bower 39.06,40.00,41.01 Simon Cruz 41.02,42.00,43.00 David Dermer 44.00,45.00 Luis Garcia Nancy Liebman Geographic Boundaries East—Atlantic Ocean Jose Smith West—Biscayne Bay North—87`h Terrace City Manager Lawrence Levy South—Government Cut Physical Features Land Arca—7.1 sq.mi. Assistant City Managers Christina M.Cuervo Water Area— 10 sq.mi. Mayra Diaz-Buttacavoli Avg.Min.Temp.—69 Janet Gavarrete Avg.Max.Temp—82 Matthew Schwartz Avg. Surf Temp—74 Avg.Rainfall—58.8" City Attorney Murray Dubbin 3 CITY DEPARTMENTS Mayor and Commission Office 673-7030 Neisen O.Kasdin,Mayor City Manager's Office 673-7010 Lawrence Levy,City Manager City Attorney's Office 673-7470 Murray Dubbin,City Attorney Police Department 673-7900 Richard Barreto,Police Chief City Clerk 673-7411 Robert Parcher,City Clerk Finance Department 673-7466 Patricia Walker,Finance Director Code Compliance Department 673-7555 Al Childress,Code Compliance Director Fire Department 673-7120 Floyd Jordan,Fire Chief Purchasing Department 673-7490 Michael Rath,Purchasing Director Information Technology Department 673-7040 Kay Randall,IT Director Human Resources Department 673-7520 T.C.Adderly,H.R.Director Community/Economic Development 673-7193 Randolph Marks,Assistant Director Parking Department 673-7505 Jacqueline Gonzalez,Parking Director Public Works Department 673-7620 Julio Grave De Peralta,Public Works Director Property Management Department 673-7630 Brad Judd,Property Management Director Parks and Recreation Department 673-7730 Kevin Smith,Parks and Rec Director Planning and Zoning Department 673-7550 Jorge Gomez,Planning Director Building Department 673-7610 Phil Azan,Building Director Sanitation Department 673-7616 Robert Thomas,Sanitation Director Office of Children's Affairs 673-7491 Maria Ruiz,Director Office of Tourism and Conventions 673-7010 Michael Aller,Tourism&Convention Coordinator Office of Arts,Culture and Entertainment 673-7577 James Quinlan,ACE Director Cultural Arts Council 672-ARTS David Whitman,Cultural Director Convention Center 673-7311 Bass Museum 673-7530 Miami Beach Tourist Hotline 673-7400 41) CIVICALL 604-CITY 4 WHY MIAMI BEACH? Each year,Miami Beach hotels host over 35%of the ten million tourists who visit Greater Miami.Along with millions of regional visitors, the seven million tourists that visit South Beach and the Art Deco Historic District make the arca the number one attraction in South Florida, and the second most popular in the State following Disney. These visitors arc the catalyst for the economic prosperity that the City of Miami Beach has experienced in recent years, contributing over $11 billion to the area's economy each year. The hospitality industry has grown in order to accomunodate this influx. Hotels range from the new 800-room Locws Miami Beach Hotel to the sleek portals of the world-famous Alexander and Fountainbleau Hilton and the recently renovated Eden Roc to the refurbished Deco streamline architecture of hotels such as the Raleigh, Astor, Albion, Delano, Century, Park Central, Governor, Cavalier,and Cardozo. Although Miami Beach is a relatively small island,recreational amenities abound,including the Miami Beach Marina which offers boat slips and restaurants.Nearby,boat rental outlets provide yachts,cabin cruisers,sailboats,powerboats and catamarans. An island surrounded by the sparkling Atlantic Ocean and Biscayne Bay, Miami Beach offers a diverse array of recreational activities. One can jog and bicycle along serene bayside or oceanfront paths,play tennis at a charming area park,swim or dive in the cool waters of the Atlantic Ocean,sail or cruise along Biscayne Bay, rollerblade down Ocean Drive, or enjoy Miami Beach's lush golf courses. The City also offers a variety of cultural activities and organizations,such as the Bass Museum of Art, the Wolfsonian Museum, the Ziff Museum of Florida,the Ncw World Symphony and Miami City Ballet,Art Center South Florida,the Colony Theater,and the Jackie Gleason Theater of Performing Arts. The Miami Beach Convention Center contains over 1 million square feet of meeting space,including four 125,000 sq. ft.halls that can be combined to create up to 500,000 sq. ft. of contiguous space. The Center is now complemented by the 800-room Locws Miami Beach Hotel, located a few blocks away at 16`h Street and Collins Avenue.The hotel boasts over 90,000 sq. ft. of function '‘11111, and meeting space,including a 32,000 sq. ft.ballroom capable of accommodating 2,000 guests. Adding to the economic boom that was fueled by the Art Deco renaissance,the City of Miami Beach has attracted a new industry which has made the Beach its home. With the arrival of the entertainment industry, the City not only increased its international reputation, but also enhanced its economy.The entertainment sector of Miami Beach includes the film, fashion,print,production, post-production, cable, television, music and internet industries. As of October 1999, Miami Beach's 140 Entertainment Industry companies occupied over 500,000 square feet of office space and employed almost 1,900 people. Shopping in Miami Beach is eclectic and exciting. Ocean Drive, Collins Avenue, Lincoln Road, Espanola Way, Alton Road, Arthur Godfrey Road and Washington Avenue, as well as nwnerous side streets offer ample opportunities for browsing through fashion,design and consumer merchandise that runs the gamut from Art Deco collectibles to the latest designer fashions. Miami Beach's population is getting younger, resulting in an 82 percent rise in median household income since 1980. This rise, along with the phenomenal growth of the tourism industry,has created a dramatic surge in the demand for high-quality retail activity. Once rundown,now revived, south Collins Avenue emerges as the newest hot shopping district. As the cachet of Collins Avenue grows, it is attracting even more up-and-coming stores entering the lucrative and growing Southeast market. A true international stcwpot, retail chains on Collins Avenue include Armani A/X Exchange, Limited Express, Vertigo, Urban Outfitters, Todd Oldham,Nicole Miller,Benetton,Gap,Nine West,Banana Republic,Kenneth Cole,and many more. Lincoln Road, once known as one of the hottest shopping streets in the country,and known today as the cultural center of South Florida, is also experiencing a retail rebirth. Following on the heels of Banana Republic, Mayor's Jewelers, Gap, Williams- Sonoma,Pottery Barn and Regal Cinema's new 18-screen South Beach Cinema, Lincoln Road in 2000 will soon see the opening of a Victoria's Secret flagship store. The retail sector of North Beach is also re-emerging as the area experiences a rebirth and more businesses take advantage of incentive programs including commercial facade restoration grants and enterprise zone tax incentives. 5 THE MIAMI BEACH ECONOMY SELECTED INDUSTRIES Industry Revenues Total Economic Impact Total Earnings Generated Food Sales $301,951,612 $567,669,031 $150,975,806 Alcohol Sales $131,686,697 $247,570,990 $65,843,349 Hotel Room Sales $369,889,260 $691,692,916 $196,041,308 Entertainment Industry $306,192,052 $651,581,196 $188,326,240 Non-Profit Culture&Performing Arts $39,210,678 $95,297,460 S27,623,048 Hospitals $393,506,982 $771,273,685 $247,909,399 Construction/Development $251,085,700 $497,149,686 $118,010,279 Retail Trade $907,461,691 $1,660,654,895 $490,029,313 Direct Tourist Sales $818,306,309 $1,522,971,807 $430,629,940 (Rooms,F&R,Retail) CONSUMER MARKETS ck Residents There are approximately 95,000 residents in the City of Miami Beach, with 40,000 in South Beach. -edian a e of Miami Be. 1. • fs llen from . ..rs i t . . . . • . . a ..ay. The population has also become more affluent as young families and single professionals move into the neighborhoods. Average household income has risen from $30,000 in 1990 to approximately$38,500 today, and projections are for it to reach $44,500 by 2002. Another trend in the residential population is future growth with several luxury residential projects currently underway or planned. These projects will account for over 5,000 new condominium units by 2002. Local residents account for approximately 55%of all retail sales in Miami Beach. Downtown Workers There are 55,000 employees working daily in Miami Beach,with ove, 35,000 of them in South Beac These employees work in a variety of industries, with the tourism/service industry the largest, fo .we .y hospitals an. e entertainment industry. These employees represent a waiting, or"captive" market that is not yet adequately served by the local retail sector. Local employees report that they do most of their non-grocery shopping at the Aventura and Dadeland malls.41"Street in Middle Beach is poised for a retail resurgence,due to its location between the City's two largest employers, Mount Sinai Medical Center(2,900)and the Fontainebleau Hilton Hotel(1,800). Tourists Over 7 million to_' is visited South Beach in 1998 Of these,approximately 1 million stayed nj South Beach hotel,and a total of . nu ion stayed at a hote n •rami Beach. " Ile they contribute greatly to the room, food and beverage revenues of the city, the visitor market only accounts for approximately 24%of the retail sales in Miami Beach. The addition of visible, high-quality retailers will be a significant step toward capturing a larger share of tourist shopping dollars. Domestic visitors spend an average of $75 per day on gifts and personal shopping; International tourists spend approximately $92. These visitors list Aventura and Downtown Miami as their primary shopping locations. Regional Visitors Miami Beach is a regional playground.The combination of the beach,restaurants and nightclubs also draws significant numbers of visitors from the South Florida area. It is estimated that regional visitors make at least six million day trips to South Beach each year. This market is the least likely to do a significant amount of shopping in Miami Beach, except at specialty or destination M 0 retailers. 6 QADVANTAGES OF THE LOCATION Visibility Miami Beach has been featured in countless newspaper and magazine articles, on television and in movies. Some of the latest popular movies were produced in Miami Beach, such as "Something About Mary," "Out of Sight," "Holy Man," and recently released "On Any Given Sunday." Miami Beach and especially South Beach arc featured in newspapers from New York to Los Angeles to Buenos Aires to Paris. Our popularity has been such that when the New York Post began its January feature on South Beach it was 4 pages long.It had grown to 16 pages by 1999. In 1998, 7 million tourists visited South Beach, making it the most popular attraction in South Florida. South Beach is also a regional attraction,drawing millions more from the surrounding tri-county area. International/Hip Clientele Fifty percent of the visitors to South Beach are from outside the U.S. The residential population is made up of over 50 nationalities,with almost as many types of cuisine available in the city's restaurants. Good Pedestrian Traffic Flow South Beach is a pedestrian neighborhood. Ten blocks of Ocean Drive are lined with sidewalk cafes,and it was recently named a "Great American Public Place." Lincoln Road has an eight-block pedestrian mall. Between the two, Washington and Collins Avenues have become the center of nightlife and upscale fashion boutiques,along with many great fine-dining restaurants. People get from place to place by foot,rollerblade,bike and the"Electro Wave"shuttle, which runs up Washington Avenue from Lincoln Road to South Pointe. • Convenience The relatively small size of South Beach, along with the unique character of the Art Deco architecture,contributes to its unique "tropically urban"setting.Everything is located within walking distance of the commercial districts.Within a one square mile area are 40,000 residents, 9,000 hotel rooms and 35,000 local employees. Not to mention the tens of thousands of visitors who come every day to dine,shop,or just enjoy the beach. Cultural and Creative Environment Miami Beach's Lincoln Road is home to over 20 art galleries,as well as the Art Center South Florida, which provides studio space to approximately 70 local artists.Additionally,the Jackie Gleason Theater of Performing Arts,the New World Symphony, Miami City Ballet,Area Stage and Alliance Cinema/IFP South are all located in Miami Beach. Entertainment Industry Miami Beach is not only a backdrop for film,print and television production;it is home to a thriving industry that is bringing more and more jobs to the city. Some of the industry's major employers arc Sony International and Sony Discos, MTV Latin America, the Cisneros Television Group, Estcfan Enterprises, MCA Records, Peer Music, Yupi.com and USA Broadcasting. With the arrival of Yupi.com, Stanncdia Network,El Sitio,Mycity.com,and many others,Miami Beach is fast becoming known as"Silicon Beach,"the capital of the Latin American internet industry. Residential Life Miami Beach is not only a tourist and entertainment mecca,it is a vibrant residential community where people live,work and play. With studios,one and two bedroom apartments and condos in the charming Art Deco buildings of South Beach,the single family neighborhoods of North Beach,new luxury condominiums in a few oceanfront and bayfront high-rises,and the upscale homes of Middle Beach and the islands. 7 6 © EDUCATION The public school system of Miami-Dade County is the fourth largest in the U. S.,and offers a wide variety of programs to meet the needs of the diverse student body.The County's magnet schools offer instruction in many subjects,including Mathematics and Science,Visual and Performing Arts,Communications,Humanities,and many others focused on various careers and professions. Mianu Beach also offers Vocational and Adult Education,with enrollment of over 7,500 at the Feinberg/Fisher Adult Center,and over 5,000 at the program offered at Miami Beach Senior High. The Miami Beach Branch Library, located at 2100 Collins Avenue, is part of the largest public library system in Florida, with access to holdings numbering more than 3.8 million. School Enrollment 122Q 1997 122$ South Pointe - 716 700 South Beach 55 135 138 Biscayne 933 1,253 1,180 Feinberg/Fisher 1,632 929 835 North Beach 978 1,000 1,075 Treasure Island 861 1,019 985 Total Elementary 4,458 5,052 4,913 Nautilus Middle School 1,178 1,400 1,500 Miami Beach Senior High 2,300 2,550 2,600 ® Total Enrollment 7,926 9,002 9,013 In addition,there area total of eleven(11)private and parochial schools with a combined enrollment of approximately twenty-five hundred(2,500)pre-school,elementary,high school and vocational students. Puller Education There are a total of six(6)major universities and colleges located within a twenty-five mile radius of Miami Beach Miami-Dade Community College 33,284 Florida International University 30,092 University of Miami 14,000 Barry University 7,000 St.Thomas University 2,246 City of Miami Beach Office of Children's Affairs(305)673-7491 8 CII) RESIDENT DEMOGRAPHICS Currently,Miami Beach is home to over 94,000 permanent residents,but the population swells to over 200,000 during the winter months. This is a population that has developed into an international melting pot with a distinct Latin American flavor. Miami Beach is home to a multi-cultural, multi-faceted and multi-lingual community with a growing Hispanic presence; which, as of 1998,accounted for more the 57 percent of the city's population.The median age of the city's residents has dropped to 43.4 from over 65 years of age in 1980.The number of residents of Miami Beach who are 14 years of age or younger continues to increase- from 6.5 percent in 1980 to 20 percent in 1998-indicating that the number of families on the beach continues to grow as well. 1998 Population and Household Income Estimates for Census Tracts Census Tract Population Median HH Income 39.01 8,206 $ 39.02 12,172 20,9200,92 39.05 8,702 19,045 39.06 2,465 89,668 40.00 5,810 35,196 41.01 7,725 21,383 41.02 2,895 51,493 42.00 14,010 13,450 43.00 9,655 17,183 44.00 13,916 12,347 45.00 2,468 11,775 Citywide 93,336 $17,315 C Total Population Population Comparison with Selected Cltieg 1990 1999 1970 87,308 Miami Beach 92,639 94,424 1980 96,298 Miami-Dade County 1,937,194 2,043,316 1990 92,639 Miami 358,648 365,127 1998 93,336 Hialeah 188,008 206,500 1999 94,424 Coral Gables 40,091 41,205 2000 Projection 95,881 Bal Harbour 3,045 3,117 2010 Projection 103,447 North Miami 50,001 50,757 Population Breakdown by Age Population Breakdown by Race 1980 1990 1998 1980 1990 1998 00-14 6.5% 12.0% 20.6% White 74.5% 48.3% 37.5% 15-24 7.2% 9.8% 8.2% Hispanic 22.2% 46.8% 57.5% 25-44 13.7% 28.8% 21.5% African American 0.9% 3.6% 3.4% 45-64 22.0% 19.3% 23.2% Other* 2.3% 1.3% 1.6% 65-74 24.4% 11.5% 10.4% *Includes American Indian.Asian&Pacific Islander 75+ 26.2% 18.6% 16.2% Median 65.3 44.5 43.4 Total Households Married with Children 4,171 Married,no Children 10,986 Male head of household 1,710 Female head of household 4,459 Non-family Households 27,917 9 t NEW RESIDENTIAL DEVELOPMENTS 1500 Bay Road-Grand Flamingo Renovation of Morton Towers' two 14-story apartment buildings and the construction of a 34-story tower will take the Grand Flamingo's total number of units to 1,600. The project will include a concierge, fitness center, outdoor restaurant and tiki bar, ATM,a car wash,and retail stores at the ground level. The property was renamed after Carl Fisher's Flamingo Hotel, which was erected on the same spot in 1921. 1330 West Avenue-Parkshore South Beach The Parkshore will be a 36-story,418-unit apartment building upon completion. 1000 West Avenue-Forte Towers Recently purchased for$85 million,Forte Towers will undergo a complete renovation estimated at approximately$25 million. 90 Alton Road-Yacht Club Located south of the Miami Beach Marina, this 36I-unit, 33-story condominium project is scheduled to open in early summer 1999.The complex will feature townhomes at the lower levels facing the marina and the bay,and will include one-bedroom units starting around$125,000 and two-bedroom units from about$152,000. 1451 Ocean Drive-Il Villagio Bordered by the Atlantic Ocean and Ocean Drive, this 127-unit, 18-story condominium complex is the first high-rise to be built along Ocean Drive north of 5'h Street.The project will include parking,accessory retail and restaurant space.Residences will range in size from one to three bedrooms, and vary from approximately 1,150 to 3,630 square feet, with prices from$230,000 to $1.6 million. Retail tenants include Joop!, Starbucks, Macabi Cigars and Haagen-Dazs, as well as the Latin American sales office, showroom and design center for Hugo Boss. 1500 Ocean Drive Designed by Michael Graves, this condominium project is located north of Ocean Drive on 151h Street. Located on the former Jefferson/Bancroft Hotel site, the project will include a 113-unit condominium on the ocean containing one, two and three bedroom units ranging in price from$180,000 to$1.8 million. Parking will be provided in a private,three-level garage. Amenities will include a health spa with men's and women's locker rooms and saunas. 6365 Collins Avenue-White Diamond The White Diamond residences will range in size from 765 square foot one-bedroom units to 6,000 square foot three-bedroom, 3.5-bath units. The project will include two oceanside swimming pools,a children's pool, a health spa, lighted tennis courts, 35 beachfront cabanas and 24-hour security. Prices in this 48-story, 386-unit project will range from $160,000 to more than $1.5 million. 7420 Ocean Terrace-St.Tropez The St.Tropez will be the first high-rise on the Beach north of 63'd Street in over thirty years.The project will consist of a 28-story tower with 91 two bedroom,two bath units,three levels of parking,and ground floor retail space. Plans call for only four units per floor with ocean views from all residences. 10 EMPLOYMENT Employment in Miami Beach is primarily concentrated in the following industries: Hospitality(Hotels, Food, Beverage), Health Care, Retail Trade, and Construction/Development. The fastest growing industry is the Entertainment Industry (fashion, film, music,Internet,production,tv/cable). Economic Impact Direct Economic Impact Total Jobs Hotels $369,889,260 10,394 Food and Beverage 255,905,521 17,515 Hospitals 393,506,982 5,242 Development 251,085,700 5,850 Entertainment Industry 306,192,052 3,563 Retail Trade 907,461,691 20,650 City of Miami Beach Labor Force Labor Force Total Employed Total Unemployed Unemployment Rate 1993 43,517 39,600 3,917 9.0% 1994 44,262 40,150 4,112 9.3% 1995 43,513 40,070 3,443 7.9% 1996 43,818 40,108 3,710 8.5% 1997 44,273 40,604 3,669 8.3% 1998 44,061 40,744 3,317 7.5% 1999 44,696 41,427 3,218 7.2% City of Miami Beach Maior Emolovera Maior Entertainment Industry Emulovera Mount Sinai Medical Center Hospital 3,200 USA Broadcasting/WAMI 159 City of Miami Beach Government 1,650 Sony Music International 130 Fontainebleau Hilton Hotel 1,200 The Box Music Television 110 Miami Heart Institute Hospital 950 Yupi.com 100 South Shore Hospital Hospital 850 Estefan Enterprises 100 Loews Miami Beach Hotel 800 MTV Latin America 93 Eden Roc Resort and Spa Hotel 470 Cisneros Television Group 90 Island Outpost Hotels 320 Onboard Media 75 Radisson Deauville Hotel 270 Top Employment Zones 1.Mt.Sinai Medical Center Arca 8,462 Employees 2.Lincoln Road 4,352 Employees Mt.Sinai Medical Center,Miami Heart Institute 3.Collins Avenue Middle Beach 6,777 Employees 4. Hotel District(Collins Ave.) 3,118 Employees Fontainebleau Hilton,Eden Roc, Wyndham Loews Miami Beach,Delano,National 5.City Center 3,099 Employees 6.Collins Avenue North Beach 2,650 Employees Miami Beach City Hall Radisson Deauville Resort 7.South Shore(5th and Alton) 2,553 Employees 8.Fashion District(Collins Ave.) 2,251 Employees South Shore Hospital 11 --- NEW COMMERCIAL DEVELOPMENTS 1591 Washington Avenue—Anchor Shoos This is an 800-car parking garage with retail that fronts Collins Avenue, 16'h Street and Washington Avenue. The Collins Avenue side has been filled with a Xando Coffee and Bar,Paradizzo, and Absolutely Suitable. Fuddruckers will open on the Washington Avenue side of the project.This project is directly across the street from the new Loews Miami Beach Hotel(800 rooms)and the future Royal Palm Crowne Plaza(424 rooms). 1601 Washington Avenue—Lincoln Placer(i Washington Avenue This is a public/private,eight-story, 112,000 square feet office building with a 600-car parking garage.The project is scheduled to break ground before the end of 1999, and will bring a significant number of new employees to the area. The office portion of the project will target the entertainment industry. 30,000 square feet of ground floor retail space on Washington Avenue will also be part of the project. 1500 Ocean Drive—Ocean Steps The anchor of Ocean Steps is being developed by Billboard Music Group, who plans to open Billboard Live, a four-level entertainment complex featuring a state-of-the-art live performance venue with room for up to 1,000 people at the northern end of Ocean Drive. Billboard Live will also include recording studios,a fine dining restaurant,a café with indoor and outdoor seating,a members-only private club, dance club, lounge and a retail store with Billboard merchandise and music compilations. Billboard Live will capitalize on South Florida's growing Latin music industry, but the complex will feature some concerts each week by new artists and established performers in every genre from rock to jazz. 17'h Street(ai Michigan and Jefferson Avenues-Lincoln Plaza Another public/private office project that will target entertainment industry companies, Lincoln Plaza is a six-story, 120,000 square feet office building,with a 709-car parking garage.The project also includes 38,500 square feet of ground floor retail space. Collins Avenue Fueled by the award-winning 7'h Street Garage, the revitalized south end of Collins Avenue has emerged as Miami Beach's premier neighborhood when shopping for fashion.Located between 6'h and 9th Streets,the area includes retailers such as Benetton, Laundry Industry, MAC Makeup, Nicole Miller, Nike Shop, Vidal Sassoon, Armani Exchange, Banana Republic, ABS, Betsey Johnson,Bcttcher Gallery, Cynthia Rowley, Danskin,Deco Denim,Express,Gap,Guess,Joseph,Kenneth Cole, Magazine,Nine West,Senor Frog's,Speedo,Sunglass Hut,Todd Oldham,Urban Outfitters,Versace,Vertigo,and Wilke Rodriguez.A Polo Ralph Lauren is currently under development for opening in early 2000. Lincoln Road In the 1950's,Lincoln Road was known as the "Fifth Avenue of the South,"with many of the nation's top retailers located there. Today, in addition to it's role as the cultural heart of South Florida, Lincoln Road is returning to its former retail glory with the recent additions of Gap, Banana Republic, Pottery Barn, Williams Sonoma, and the Regal Cinema. The year 2000 will see the openings of Victoria's Secret and Mayor's Jewelers. 72"d Street Site In mid-1999, the City of Miami Beach issued a request for proposals for a 4-acre site in the City's North Beach area, located at Collins Avenue and 72"d Street. The development that ultimately wins selection will be a significant step in accelerating the revitalization of the North Beach commercial areas.Proposals will be evaluated and a selection made in early 2000. Cultural Campus The Miami Beach Cultural Campus, located at Collins Park between 21'and 22"d Streets,is undergoing dramatic changes. On the western end of the park, the Bass Museum of Art is expanding to further accommodate the museum's collection and the many exhibits that visit the museum each year. On the north side of 22"d Street, the Miami City Ballet has broken ground on their new three-story studio,office and classroom project. The current public library at 2100 Collins Avenue will be removed as part of an extensive landscaping project in the park, and a new Miami Beach Regional Library will be erected on the north side of 22nd Street,next door to the Ballet. 1920 West Avenue-Publix Supermarket Publix Supermarkets has built a state-of-the-art full-service supermarket on a 1.92 acre site acquired by the City specifically for this purpose.The 47,955 square foot facility offers a wide variety of services and amenities in addition to basic grocery store items.The$8.2 million project calls for an innovative three-level design,with parking on the second and third floors and shopping activity on the ground floor.Designed by Carlos Zapata,the supermarket opened for business in November 1998. 12 TOURISM AND LEISURE Each year,almost 10 million tourists visit Greater Miami of which Miami Beach hotels host 35%of them. Along with millions of regional visitors,the 7 million tourists that visit South Beach and the Art Deco District make the area the number one attraction in South Florida. These visitors are the catalyst for the economic prosperity that the City of Miami Beach has experienced in recent years,contributing over$11 billion to the area's economy. The hospitality industry has grown in order to accommodate this influx.Hotels range from the new 800-room Locws Miami Beach Hotel to the sleek portals of the world-famous Alexander and Fontainebleau Hilton and the recently renovated Eden Roc to the refurbished Deco streamline architecture of hotels such as the Raleigh,Astor,Albion,Delano,Century,Park Central,Cavalier,and Cardozo. Although Miami Beach is a relatively small island,recreational amenities abound,including the Miami Beach Marina which offers boat slips and restaurants. Nearby, boat rental outlets provide yachts, cabin cruisers, sailboats, powerboats and catamarans. The City of Miami Beach contains four beautiful large parks: Flamingo, South Pointe, Lunm us,and North Shore Open Space. There are three city-owned golf courses: Bayshore,Normandy and Par Three. An island surrounded by the sparkling Atlantic Ocean and Biscayne Bay, Miami Beach offers a diverse array of recreational activities. One can job and bicycle along serene bayside or oceanside paths,play tennis at a charming area park, swim or dive in the cool waters of the Atlantic Ocean,sail or cruise along Biscayne Bay,rollerblade down Ocean Drive,or enjoy Miami Beach's lush golf courses. The City of Miami Beach is rich in opportunity for cultural exploration. The Bass, Wolfsonian-FIU, and Ziff Museums have distinct collections. The Art Center South Florida, Miami City Ballet, and New World Symphony offer world-class visual art, ballet, and symphonic music respectively. The Jackie Gleason and Colony Theaters host varying shows from broadway style to new works.The City's Arts Council sponsors over 50 cultural organizations leading to film,theater,dance and music festivals,as well as many performances and exhibits. VISITOR PROFILE Definitions Visited South Beach: Those persons that visited South Beach/the Art Deco District at least once during their stay in Greater Miami. Stayed in South Beach: Those persons that stayed in a hotel in South Beach(south of Dade Boulevard). Stayed in Miami Beach: Those persons that stayed in a hotel anywhere in the City of Miami Beach(including South Beach). Visitor Totals 1996 Visited South Beach 5,266,250 1996 Stayed in Miami Beach 3,121,450 1997 Visited South Beach 6,909,997 1997 Stayed in Miami Beach 3,504,215 1997 Stayed in South Beach 911,096 1998 Visited South Beach 7,081,790 1998 Stayed in Miami Beach 3,745,740 1998 Stayed in South Beach 1,048,807 13 tamommos. 0 VISITOR PROFILE Accommodations Miami Beach South Beach Total Number of Hotels 186 117 Total Number of Rooms 19,267 9,959 Occupancy and Room Rates Occupancy Average Room Rate 1985 59.4% $79.10 1990 65.8% $99.43 1995 64.3% $101.88 1999 70.5% $138.85 1998 Overnieht Visitors By Area Market Share Total Visitors Miami Beach 35.8% 3,745,740 Airport Area 20.2% 1,988,346 Downtown Miami 13.0% 1,358,375 North Dade 13.8% 1,279,629 South Dade 9.1% 895,740 Grove/Gables/Key Biscayne 8.1% 797,307 Visitors to South Beach(7.081.790 in 1998)-Where they staved Cli, Miami Beach 50.7% Downtown Miami 9.5% North Dade 13.0% Airport Area 15.2% Grove/Gables/Key Biscayne 7.8% South Dade 1.2% Primary Purpose of Visit Visited South Beach Staved in South Beach Staved in Miami Beach Vacation 66.3% 90.0% 83.3% Visit Friends 5.9% 1.2% 2.8% Cruise 9.0% 0.8% 3.6% Shopping 3.0% 0.0% 0.2% Business 17.9% 8.0% 9.8% Attractions Visited Visited South Beach Stayed in South Beach Stayed in Miami Beach South Beach 100.0% 90.8% 89.1% Bayside 61.5% 61.3% 64.0% Cocowalk 42.7% 46.6% 43.0% Seaquarium 12.8% 9.4% 14.7% Nightclubs 13.5% 26.5% 15.9% Aventura Mall 35.3% 28.8% 41.4% Bal Harbour 14.6% 14.5% 23.4% Lincoln Road 12.9% 18.8% 19.4% Downtown Miami 35.9% 28.8% 35.9% I C Calle Ocho 9.4% 12.5% 9.2% Beaches 67.9% 61.1% 70.1% 14 • VISITOR PROFILE Most Liked Featureg Visited South Beach Stayed in South Beach Stayed in Miami Beach Beaches 31.5% 23.5% 32.1% International Ambiance 9.7% 9.0% 9.7% Nightlife 27.9% 32.7% 28.4% Ocean Drive 25.0% 43.6% 28.3% Restaurants 15.8% 16.8% 15.3% Shopping 24.9% 22.9% 24.8% Weather 50.4% 46.0% 49.2% Other Destinations Visited During Trig Visited South Beach Stayed in South Beach Staved in Miami Beach Florida Keys 20.6% 45.1% 24.5% Orlando 57.9% 54.2% 65.0% Cruise 16.9% 2.0% 7.0% New York 5.6% 9.5% 7.1% Bahamas 8.8% 15.0% 9.1% Expenditureg Visited South Beach Stayed in South Beach Stayed in Miami Beach Lodging $139.93 $140.28 $145.28 Meals in Hotel $32.96 $28.10 $33.70 Meals in Restaurants $52.44 $52.66 $53.24 Non-Restaurant Food $22.51 $23.34 $22.77 Local Transportation $37.17 $36.91 $37.73 Parking/Tolls/Gasoline $9.87 $8.62 $9.55 Entertainment $82.47 $69.10 $82.12 Gifts and Personal Shopping $93.16 $86.80 $96.96 Daily Party Expenditures $470.51 $445.81 $478.36 Persons per Party 2.346 2.294 2.42 Daily Expenditures per person $200.59 $194.30 $197.99 Number of Nights Stayed 6.56 6.6 7.06 Expenditures per Person during trip $1327.10 $1,282.58 $1,396.61 Demographics Visited South Beach Stayed in South Beach Staved in Miami Beach Professional/Administration 66.1% 66.5% 63.5% Office Worker 5.6% 6.5% 5.5% Sales Person 8.5% 5.5% 8.0% Student 4.6% 11.0% 6.4% Retired 3.1% 1.4% 4.3% Housewife 6.8% 3.9% 7.1% Mean Age 42.60 37.86 41.91 Male 67.9% 57.1% 65.7% Female 32.1% 42.9% 34.3% 15 ' e VISITOR PROFILE Area of Oriuiq Visited South Beach Staved in South Beach Stayed in Miami Beach United States Resident 55.9% 41.5% 50.7% Non-USA Resident 44.1% 58.5% 49.3% United States Residents Visited South Beach Stayed in South Beach Staved in Miami Beach North Central 21.9% 18.8% 22.4% North East 41.3% 48.5% 42.3% 0 Southern 30.7% 23.8% 28.8% Western 6.1% 8.9% 6.5% i Non-USA Residents Visited South Beach Stayed in South Beach Stayed in Miami Beach Central America 5.0% 3.8% 5.0% South America 42.8% 39.9% 53.0% Europe 32.4% 46.2% 34.5% Caribbean 2.6% 0.7% 1.7% Latin America 60.4% 44.4% 59.7% Brazil 17.5% 11.9% 17.7% Germany 8.9% 15.4% 9.1% MIAMI BEACH CONVENTION CENTER The Miami Beach Convention Center contains over one million square feet of meeting space, including four 125,000 sq. ft.halls that can be combined to create up to 500,000 sq.ft of contiguous space.Located north of Lincoln Road and 17th Street and fronting both Washington Avenue and Convention Center Drive,the center is capable of handling almost any convention/meeting scenario. The Center is host to several large events each year,including: Art Miami Graphics of the Americas Panamerican Leather Fair POW WOW Miami Int'l Boat Show Design Fest Healthcare and Fitness Expo Int'l Coin Show South Florida Boat Show MIDEM Americas South Florida Auto Show La Cumbre The 800-room Loews Miami Beach Hotel, located a few blocks away at 16th Street and Collins Avenue now complements the Convention Center.The hotel boasts over 90,000 sq.ft.of function and meeting space,including a 32,000 sq.ft.ballroom capable of acconunodations 2,000 guests, an 8,575 sq. II.junior ballroom for smaller events,and a host of smaller meeting rooms ranging in size from 575 to 4,800 sq.ft.There are also numerous restored Art Deco hotels located within walking distance. Miami Beach Convention Center Oneratinz Statistics Year Attendance #of Events Sales 1992/93 974,219 57 $3,989,737 1993/94 924,174 63 $5,106,721 1994/95 943,735 66 $4,032,600 41r1995/96 708,081 72 $4,325,571 1996/97 724,876 69 $4,916,163 16 AMMO © NEW HOTEL DEVELOPMENTS 1601 Collins Avenue-Locws Miami Beach The first new convention-quality hotel built in Miami Beach in over 30 years, the Locws Miami Beach Hotel is a $175 million project that opened in December 1998.It is an 800-room luxury full-service convention hotel featuring an outstanding compliment of public facilities including meeting/function space, food and beverage outlets, hospitality suites and retail and recreational facilities.The hotel's guestroom inventory is housed in two buildings,carefully integrated to fit within the scale and character of the surrounding neighborhood.These buildings include a new 16-story tower containing 684 rooms and a fully restored St. Moritz Hotel containing 116 rooms. Average guestroom size is 400 square feet. The hotel includes 93,250 square feet of function and meeting space,including a 32,000 square foot ballroom capable of accommodating 2,000 guests. 1535 Collins Avenue—Royal Palm Crowne Plaza The Royal Palm is a 424-room hotel located between Ocean Drive and Lincoln Road, directly south of the new Loews Miami Beach.The project will add over 200 new jobs to the area. 155 Ocean Drive-Marriott The Marriott project includes renovations to the existing Century Beach Club,along with the construction of a 230-room,eleven- story hotel with common areas and parking. 6701 Collins Avenue-Radisson Deauville Over$30 million was spent on renovating the Radisson Deauville Resort, which was acquired in 1998 by the Davidson Group. The hotel, which features eclectic fifties architecture, became a Miami Beach icon in the 50's and 60's when it hosted numerous celebrities of the period.The hotel has 544 rooms and over 75,000 square feet of meeting space. 1 Lincoln Road-Ritz Carlton © The historic Di Lido Hotel will begin extensive renovations in the year 2000,and will reopen as a Ritz Carlton when complete. 4441 Collins Avenue-Fontainebleau Hilton The 1,200-room hotel that has defined Miami Beach for over 30 years will get a makeover that includes construction of a new 36- story tower with 230 two-bedroom suites that can be split off into 460 one-bedroom units. 6801 Collins Avenue--The Carillon The Carillon project will include the renovation of the existing hotel structure and the construction of a 26-story suites hotel building and a 42-story condominium tower.The final project will contain approximately 755 hotel rooms and 250 condominium units. 1020 Ocean Drive-The Clevelander Purchased in March 1999 for 16.5 million, this South Beach icon will undergo expansion and extensive renovation beginning in 2000. 1420 Ocean Drive-Hilton Grand Resorts Hilton Grand Resorts is currently renovating two three-story Art Deco hotels, the MeAlpin and the Ocean Plaza, located on the northern end of Ocean Drive. Plans include a 2,750 square foot rooftop addition on the Ocean Plaza and a 1,718 square foot addition on the McAlpin. • 17 1/4 C, RETAIL AND SPENDING Shopping in Miami Beach is eclectic and exciting. Ocean Drive, Collins Avenue, Lincoln Road, Espanola Way, Alton Road, Arthur Godfrey Road and Washington Avenue, as well as numerous side streets offer ample opportunities for browsing through fashion,design and consumer merchandise that runs the gamut from Art Deco collectibles to the latest designer fashions. Miami Beach's population is getting younger, resulting in an 82 percent rise in median household income since 1980. This rise, along with the phenomenal growth of the tourism industry,has created a dramatic surge in the demand for high-quality retail activity. Once rundown,now revived, south Collins Avenue emerges as the newest hot shopping district. As the cachet of Collins Avenue grows, it is attracting even more up-and-coming stores entering the lucrative and growing Southeast market. A true international stewpot, retail chains on Collins Avenue include Armani AIX Exchange, Limited Express, Vertigo, Urban Outfitters, Todd Oldham,Nicole Miller,Benetton,Gap,Nine West,Banana Republic,Kenneth Cole and many more. Lincoln Road, once one of the hottest shopping streets in the country, and known today as the cultural center of South Florida, is also experiencing a retail rebirth. Regal's 18-screen South Beach Cinemas opened in early summer 1999, followed by Banana Republic, Gap, Pottery Barn, Williams-Sonoma, Lincoln Futon and Furniture, Jewelry Exchange and Mayor's Jewelers. A Victoria's Secret flagship store is scheduled to open in the year 2000. The retail sector of North Beach is also re-emerging as the area experiences a rebirth and more businesses take advantage of incentive programs including commercial facade restoration grants and enterprise zone tax incentives. Even with all of this activity, Miami Beach still has a shortage of neighborhood and visitor serving retail.This is evidenced by the statistics elsewhere in this document, which demonstrate that Miami Beach is the most popular tourist destination in Miami-Dade County in all areas except shopping. While we host 40%of the County's visitors,only 11% of tourist shopping in Greater Miami occurs in Miami Beach. The majority occurs in downtown Miami and at Aventura Mall. Additionally, recent surveys of both residents and local employees(Washington Avenue,Lincoln Road,North Beach)indicate that a large majority of these consumers do most of their non-grocery shopping at Aventura and Dadeland malls.Of the four EXISTING market segments of Miami Beach, all except the regional day-trippers arc extremely under-served by Miami Beach retail. As the demographic shift of Miami Beach continues,the local customers will increasingly demand that goods and services be provided locally THE MIAMI BEACH RETAIL GAP 1998 Resident Purchasing Power $1,424,600,000 1998 Miami Beach Visitor Purchasing Power $1,158,876,646 1998 South Beach Day Trippers*Purchasing Power $576,445,176 Total Resident and Visitor Purchasing Power** $3,159,921,822 1998 Retail Sales $1,341,100,000 1998 Retail Gap $1,818,821,822 *Day Trippers that are tourists to the Greater Miami area only **Does not include purchasing power of local employees or regional visitors 18 (;) MIAMI BEACH ENTERTAINMENT INDUSTRY Adding to the economic boom that was fueled by the Art Deco renaissance,the City of Miami Beach has attracted a new industry which has made the Beach its home. With the arrival of the entertainment industry, the city not only increased its international reputation,but also enhanced its economy.The entertainment sector of Miami Beach includes the film, fashion, print,production, post-production,cable,television,music and new mcdia/internet sectors. The rebirth of the Miami Beach fashion industry can be traced back to the 1980's, when fashion photographer Bruce Weber climbed onto the roof of the Art Deco Breakwater Hotel on Ocean Drive to shoot Calvin Klein's Obsession campaign. Today, Miami Beach is home to a $45 million modeling industry, boasting the headquarters of Michelle Pommier, Irene Marie Models and New York based mega-agencies Ford and Elite.The industry takes advantage of the city's innumerable backdrops, including Ocean Drive,the Miami Beach Police Station,Lincoln Road,and of course,the beach itself. Miami Beach is also home to the television industry. MTV Latin America has its headquarters on burgeoning Lincoln Road. Others include The Box, Nickelodeon Latin America, USA Broadcasting (WAMI), Cisneros Television Group and Columbia TriStar. The area is home to music industry giants Gloria and Emilio Estefan, Chris Blackwell and Ricky Martin,as well as South Beach Studios, where artists such as Acrosmith and Enrique Iglesias lay down their tracks. Crescent Moon, EMI Latin, Estefan Enterprises, Universal Music, Paradise Records, Peer Music, Sony Discos and Warner/Chappell Music have also established a foothold here. In addition, the city is home to the Florid Office of ASCAP,the National Academy of Recording Arts and Science (NARAS)and the headquarters of the Latin Academy of Recording Arts and Science(LARAS). In closing, Miami Beach has now become home to the fast expanding Latin America New Media sector and is being called "Silicon Beach" by this industry segment. El Sitio.com, MyCity.com, StarMedia Network and Yupi.com all call Lincoln Road home. 1999 ENTERTAINMENT INDUSTRY OVERVIEW TYPE #COMPANIES $EMPLOYEES SO.FT, Fashion/Print 40 276 80,850 Film 9 167 27,180 Music 29 378 121,342 New Media 14 214 46,462 Production 22 285 124,200 TV/Cable 13 570 114,989 TOTAL 127 1,890 515,023 Industry Related Conferences and Event Billboard Music Latin America April, 1999 Expo Latina May, 1999 Film Florida May, 1999 Impact Super Summit May, 1999 Columbia Tristar June, 1999 MIDEM Americas June, 1999 Mix Power Summit September, 1999 Billboard Radio Seminar October, 1999 Promax/BDA America Latina November, 1999 144. Internet Access Latin America November, 1999 19 e Permit Activity 1999(Public Property Only) TYPE #OF PERMITS TOTAL BUDGET Calendars 6 $60,500 Album Covers 10 $104,500 Advertisements 133 $2,712,600 Catalog/Fashion 1,102 $29,941,902 Music Video 38 $1,279,000 Movies 5 $10,610,000 Editorial 285 $4,950,100 Direct Mail 18 $410,500 TV Related Projects 184 $7,886,950 TOTAL 1,781 $57,956,052 0 National Fashion Camuaiuns Armani Donna Karan Ralph Lauren Nine West Neiman Marcus Spiegel Victoria's Secret Macy's Bloomingdale's Perry Ellis Home Depot J-Drew SAKS Scars Brookstone Sharper Image Versace Godiva 0 1998 and 1999 Productioij "Any Given Sunday" Al Pacino,Cameron Diaz "Random Hearts" Harrison Ford,Kristen Scott Thomas "Something About Mary" Cameron Diaz,Ben Stiller,Matt Dillon "Out of Sight" George Clooney,Jennifer Lopez "Holy Man" Eddie Murphy,Jeff Goldblum,Kelly Preston "Cutaways" Steven Baldwin,Antonio Sabato Jr. "The Crew" Burt Reynolds,Richard Drcyfuss Economic Impact Revenues Total Economic Impact Earnings Generated Fashion/Print $54,800,000 $122,204,000 $41,648,000 Film 30,450,000 59,073,000 15,529,500 Music 34,050,000 62,992,500 11,577,000 Ncw Media/Internet 31,550,000 67,201,500 17,352,500 Production 25,550,000 56,976,500 19,418,000 TV/Cable 59,250,000 126,202,500 32,587,500 Events/Trade Shows 12,586,000 27,689,200 6,167,140 Permit Activity 57,956,052 129,241,996 44,046,600 TOTAL $306,192,052 $651,581,196 $188,326,240 (IIP' 20 0 REAL ESTATE AND DEVELOPMENT The economic growth on Miami Beach has not been restricted to tourism and the entertainment industry. Miami Beach real estate is hot and getting hotter with plenty of new business opportunities to be had by potential investors.A key indicator of the increase in opportunities in real estate is demonstrated by analyzing property values and building activity. Construction and building activity has continued to increase throughout the city. As more homes, condominiums and apartments are renovated, property values have increased at an unprecedented pace. As of July I, 1998,the taxable property value for Miami Beach was more than $6.9 billion, more than doubling since 1983. Furthermore, the estimated value of building activity has remained steady over the last five years,between$150 and$200 million with over 3,000 permits being issued.This represents an investment of$1 billion in residential building activity in the 1990's. Major projects are also underway with large public involvement. Examples of these can be seen in the two major convention center hotel projects(Loews Miami Beach and Royal Palm Crowne Plaza)and the two parking/office projects(Lincoln Place and Lincoln Plaza). In addition to South Beach,investors arc now on the move in the city's northern region,"North Beach,"which is the primary focus of the city's latest revitalization efforts. Long overlooked, North Beach is experiencing a boom in luxury condominium development with half a dozen projects now underway,along with the recent renovation of the Radisson Deauville Resort.Quality of life improvements are ongoing,including street improvements,landscaping, upgraded lighting,infrastructure improvements,as well as economic improvements through multi-family building activity and hotel attraction. Miami Beach's stock is clearly on the rise as investors from around the world buy into this remarkable value and fashionable lifestyle.The world's financial eyes focus on Miami Beach. Commercial Building Permits Residential Buildinu Permits #of permits Value #of permits Vaiue 1990 461 $13,582,727 1990 2,039 $82,838,675 1991 649 $14,295,347 1991 1,316 $58,291,671 1992 765 $16,993,193 1992 1,972 $32,950,063 1993 888 $46,704,939 1993 3,146 $184,538,457 1994 747 $41,421,075 1994 2,596 $121,278,971 1995 681 $31,568,431 1995 2,132 $172,707,974 1996 864 $33,351,154 1996 2,364 $164,851,110 1997 1,001 $23,749,954 1997 2,372 $118,463,627 1998 748 $55,621,825 1998 2,655 $195,463,875 Property Values—City of Miami each Assessed Prouerty ,Iuations 1 1983 $3,245,385,914 1984 $3,160,045,698 1985 $3,097,123,808 1986 $3,001,176,711 v 1987 $3,009,079,061 1988 $3,105,045,655 1989 $3,269,600,000 e / 1990 $3,632,426,183 t 1991 $3,863,597,605 ,t 1992 $3,932,985,608 1993 $4,444,391,552 1994 $5,286,640,000 1995 $5,639,006,884 1996 $6,015,307,002 1997 $6,413,421,838 1998 $6,964,723,252 21 i e GUIDE TO URBAN ECONOMIC DEVELOPMENT ORGANIZATIONS City of Miami Beach Greater Miami and Miami-Dade County Community/Economic Development Greater Miami Chamber of Commerce 1700 Convention Center Drive,3`,Floor 1601 Biscayne Boulevard Miami Beach,Florida 33139 Miami,Florida 33132 (305)673-7193 (305)350-7700 Christina M.Cuervo,Assistant City Manager William Cullom,President Randolph Marks,Assistant Director Kevin Crowder,Economic Development Greater Miami Convention&Visitors Bureau Joanna Revelo,Community Development 701 Brickell Avenue,#2700 Miguell Del Campillo,Housing Miami,Florida 33131 (305)539-3000 Planning and Zoning William Talbert,President and CEO 1700 Convention Center Drive,2°"Floor William Anderson,Research Director Miami Beach,Florida 33139 (305)673-7550 Beacon Council Jorge Gomez,Planning Director One World Trade Plaza 80 SE 81h Street,#2400 Redevelopment Agency Miami,Florida 33131 1700 Convention Center Drive,31a Floor (305)579-1300 Miami Beach,Florida 33139 Frank Nero,President (305)673-7193 Kent Bonde,Redevelopment Coordinator Miami Dade Office of Business&Economic Development Alex Rolandelli,Redevelopment Coordinator 140 West Flaglcr Street,#1000 Miami,Florida 33130 Miami Beach Chamber of Commerce (305)375-3431 1920 Meridian Avenue Tony Crapp,Communication Director Miami Beach,Florida 33139 (305)672-1270 Dade County Planning Department Bruce Singer,President 111 NW I"'Street,#1220 Miami,Florida 33128 Miami Beach Community Development Corporation (305)375-2840 1205 Drexel Avenue Miami Beach,Florida 33139 Enterprise Florida (305)538-0090 5600 NW 36th Street,#601 Roberto Datorre,President Miami,Florida 33159 (305)870-5000 North Beach Development Corporation 300 71"Street Miami Beach,Florida 33141 (305)865-4147 Donald Shockey,Director Middle Beach Partnership 300 41"Street Miami Beach,Florida 33140 Lynn Bernstein,Director mow 22 mew INFORMATION SOURCES Page 9—Residential Demographics 1998 Estimates Claritas Inc. 1970,1980, 1990 Demographic Data U.S.Census Bureau 2000 and 2010 Projections City of Miami Beach,Economic Development Division Page 11—Emnlovment Labor Force Florida Dept.of Labor Employment Zones Miami-Dade Planning Department Page 13—Visitor Profile Visitor Totals Greater Miami Convention and Visitors Bureau Page 16—Miami Beach Convention Center Operating Statistics Miami Beach Convention Center Page 18—Entertainment Industry Overview Industry Profile Data City of Miami Beach Page 20—Retail Gan 41) Retail Sales U.S.HUD Resident Purchasing Power U.S.HUD,Claritas Inc. Visitor and Day Tripper Purchasing Power Greater Miami Convention and Visitors Bureau Page 21—Real Estate and Development Building Permit Information City of Miami Beach Building Department Property Values City of Miami Beach Office of Management and Budget • 23 1, - - •:- .