LTC 328-2021 Targeted Industry Business Attraction and Incentives GMF Capital LLC Relocates Its Headquarters to Miami BeachAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC #
328-2021
LETTER TO COMMISSION
TO: Honorable Mayor Dan Gelber and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: August 5, 2021
SUBJECT: Targeted Industry Business Attraction and Incentives:
GMF Capital LLC Relocates Its Headquarters to Miami Beach
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This Letter to Commission ("LTC") provides an update regarding successful business
recruitment efforts to attract financial services and technology companies to relocate to or
expand in the City of Miami Beach.
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 business attraction inducements and
services including expedited plan review and permitting for financial services and
technology firms.
Additionally, the Mayor and City Commission approved Resolution No. 2021-31620,
creating a Job Creation Incentive Program (JCIP). The JCIP is a performance-based
financial incentive package that offers up to $60,000 per year for three or four years for
new -to -market or existing companies in the targeted industries, with the aim to
strategically attract and expand businesses in the City of Miami Beach while increasing
the number of quality, high -wage jobs in the community.
The Economic Development Department actively markets and promotes the City's
incentive programs to Chief Executive Officers and Chief Investment Officers, prospective
and existing business owners, property owners, brokers, realtors, and business
stakeholder groups.
We are pleased to announce that GMF Capital LLC has recently decided to relocate
its headquarters to the City of Miami Beach and will utilize the expedited plan review
and permitting incentive made available by the City Commission. Founded by Gary M.
Fegel and Jay Lobell in 2015, GMF Capital, an SEC -registered investment management
firm based out of New York, with offices in Baltimore and Nashville, will soon call Miami
Beach home. GMF develops and executes operating businesses and investment
strategies across diverse sectors including real estate and healthcare and has directed
over $2 billion in equity investments. The firm holds over $10 billion in real estate and
healthcare assets.
GMF is setting roots down in Miami Beach with a recently signed 5 -year lease including
renewal options at 1674 Meridian Avenue, a Class A office building represented by Integra
and the Constellation Group. In addition, Lobell and several GMF employees and family
members have purchased homes and moved to Miami Beach.
In line with the City Commission's efforts to diversify the economy and encourage
workforce opportunities, GMF intends in short order to hire over a dozen employees
to work out of its new Miami Beach offices (five have been hired already). As
such, the Administration is working with the company to determine if it qualifies
for the Job Creation Incentive Program and, if so, this would require Finance and
Economic Resiliency Committee review and recommendation, and final approval
by the City Commission.
Any questions about the foregoing may be directed to Rickelle Williams, Economic
Development Director, rickellewilliams(a miamibeachfl.gov or Amber Tarrac, Economic
Development Assistant Director, ambertarracAmiamibeachfl.gov.
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