LTC 342-2021 Targeted Industry Business Attraction and Incentives Melvin Capital Management LP to Expand to Miami BeachM
AMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC #
342-2021
LETTER TO COMMISSION
TO: Honorable Mayor Dan Gelber and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: August 11, 2021 j ' ( ,'�vt>. -Po(
SUBJECT: Targeted Industry Business Attraction and Incentives:
Melvin Capital Management LP to Expand to 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 for financial services and technology firms.
The targeted industry incentive aims 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 City incentive programs
to Chief Executive Officers and Chief Investment Officers, prospective and existing
business owners, property owners, brokers, realtors, and business stakeholder groups.
Update
We are pleased to announce that Melvin Capital Management LP is opening an office
in the City of Miami Beach and will benefit from the expedited plan review and permitting
incentive. Melvin Capital is a New York -based SEC -registered investment advisory firm
founded in 2014 by Gabe Plotkin, the firm's Chief Investment Officer. As of June, the firm
was managing over $10 billion in assets. Melvin intends to hire at least eight new
employees in high -wage jobs in the coming year. The Administration has been in talks
with the firm regarding incentives since mid-June. Melvin plans to be a long-term
stakeholder in the city and joins recently announced GMF Capital with a 10 -year lease for
6,762 square feet (an entire floor) of Class A office space at 1674 Meridian Avenue near
Lincoln Road.
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, ambertarrac(a�miamibeachfl.gov.
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