LTC 387-2021 Targeted Industry Business Attraction and IncentivesMIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC# 387-2021 LETTER TO COMMISSION
TO:
FROM:
DATE:
Honorable Mayor Dan Gelh«mbers of the City Commission
Alina T. Hudak, City Mana~ · •¡
September 16, 2021
SUBJECT: Targeted Industry Business Attraction and Incentives:
STIG Invests in Miami Beach
This Letter to Commission ("LTC") provides an update regarding successful business
recruitment efforts to attract financial services and technology firms to relocate to or
expand in the City of Miami Beach.
Background
On March 17, 2021, the Mayor and City Commission identified financial services and
technology as targeted industries and approved Resolution No. 2021-31619, authorizing
the Administration to develop and implement a business attraction strategy including an
expedited plan review and permitting incentive and Job Creation Incentive Program for
financial services and technology firms. The targeted industry incentives aim to
strategically attract and expand businesses in the City of Miami Beach while increasing
the number of quality high-wage jobs. The Economic Development Department markets
and promotes the city incentive programs to Chief Executive and Chief Investment
Officers, prospective and existing business owners, property owners, brokers, realtors,
and business stakeholder groups.
Update
We are pleased to announce that BTIG is opening a regional office in the City of Miami
Beach and will benefit from the expedited plan review and permitting incentive. BTIG is a
New York-based global financial services company specializing in institutional trading,
investment banking, research, and related brokerage services.
BTIG was founded in 2002 by CEO Scott Kovalik and Steven Starker. Owned by parent
company Condor Trading LP., the firm has more than 700 employees in 19 locations
worldwide. BTIG intends to relocate or hire twenty (20) employees in high-wage jobs in
the coming year with plans to scale up to a total of fifty (50) employees within four (4)
years.
BTIG joins recently announced GMF Capital and Melvin Capital in South Beach with a 10-
plus year lease for over 9,000 square feet of Class A office space at the nearly completed
Starwood headquarters building at 2340 Collins Avenue. The Administration has been
discussing incentives with the firm since late July.
Any questions about the foregoing may be directed to Rickelle Williams, Economic
Development Director, rickellewilliams@miamibeachfl.gov or Amber Tarrac, Economic
Development Assistant Director, ambertarrac@miamibeachfl.gov.
.ce:l.