134-2000 LTC
.,
CITY OF MIAMI BEACH
cln HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH. FLORIDA 33139
http",\c;.miami-beach.fl.us
134-2000
L.T.C.No.
LETTER TO COMMISSION
July 20, 2000
TO:
Mayor Neisen O. Kasdin and
Members of the City Commission
Lawrence A. Levy 0 ~
CitYManv
MIAMI BEACH MARKET STUDY
FROM:
SUBJECT:
As the City's real estate market matures with new upscale, institutional investment, potential
developers and investors increasingly request specialized market information that is generally not
provided by municipal governments. Additionally, they seek in-depth market analysis that not only
provides statistics, but also provides insight into the markets and establishes trends. Attached, please
find two reports that were recently completed by the Community/Economic Development (C/ED)
Department as a response to the unprecedented level of investment interest currently occurring in
Miami Beach.
The first report, the Miami Beach Market Study, was prepared during May and June in response to
the private sector's increasing investment interest in the City. The study focuses on three main areas:
target markets (residents, tourists, and employees), retail trade, and real estate & development (hotel,
office, and residential). Additionally, beginning on page 60 is a data supplement to the study, which
is based on a report published by the Council for Urban Economic Development that identified the
types of statistical information that site selectors and investors need. This includes information such
as the approximate amount of hotel investment/development that is either in process or recently
completed, as shown on pages 83-84. The C/ED Department receives numerous inquiries from
investors that range from home-based businesses and small neighborhood retail stores to five-star
hotel developers and national retailers. All types of investors will benefit from the information that
is contained in this report.
In addition, entertainment and new media firms are continuously contacting the C/ED Department
specifically regarding the City's office market. In response to this demand, and to the phenomenal
growth that has been achieved in the City's entertainment industry over the last two years, the second
report focuses on the Miami Beach Office Market. This report will be distributed to investors who
are looking to develop office space and to companies that wish to lease office space in the City.
Staff has received feedback from many recent investors that Miami Beach is one of the only cities
that they have dealt with that is able to provide this type of information. The reports have been
prepared so that they can be updated as new or additional information becomes available, such as
a new office development or the results of the market study that is currently being conducted for
North Beach. The reports will be incorporated into the City's business development packages that
are distributed to potential investors, and distributed to the area's real estate community in order to
help them facilitate new investment. The reports will also be available bye-mail and on the City's
website.
LAL:CMC:kc
c: Christina M. Cuervo, Assistant City Manager (office market attachment only)
Mayra Diaz-Buttacavoli, Assistant City Manager
Matthew Schwartz, Assistant City Manager
Ronnie Singer, Executive Assistant to the City Manager
Mary Greenwood, Executive Assistant to the City Manager
Patricia Walker, Finance Director
Randolph Marks, Ass!. Director, CommunitylEconomic Development
Richard Barreto, Police Chief
Jorge Gomez, Planning Director (office market attachment only)
Robert Parcher, City Clerk
Jackie Gonzalez, Parking Director (office market attachment only)
Kevin Smith, Parks and Recreation Director
Michael Aller, Tourism and Convention Coordinator
David Whitman, Cultural Arts Director
James Quinlan, Arts, Culture and Entertainment Director
Al Childress, Code Compliance Director
Floyd Jordan, Fire Chief
Gus Lopez, Procurement Director
Kay Randall, Information Technology Director
T. C. Adderly, Human Resources Director
Brad Judd, Property Management Director
Robert Thomas, Sanitation Director
Attachments (2)