Miami Economic Development = Engines that drive the community

[Roark]

Not sure where this thread went, but it's important to know that business and economic developement add a great deal to the community. High paying jobs bring people that demand homes, products and services. It's great to know that companies are still moving to Miami.

[Roark]

Nokia picks Miami for Latin America regional HQ
South Florida Business Journal - 10:33 AM EDT Tuesday
Nokia said it is establishing its new headquarters for Latin America in Miami, including regionwide functions such as sales and marketing.

The headquarters were formerly in Irving, Texas. Nokia's Latin America Division handles the marketing, sales, sourcing, manufacturing and logistics for mobile devices in the Latin American and Caribbean markets.

"Latin America is one of the most important growth markets in the mobile communications industry, and Nokia's aim is to continuously expand its presence and leadership in the region's markets," said Maurizio Angelone, Nokia (NYSE: NOK) Latin America senior vice president for customer and market operations. "Miami's proximity to Latin American countries and its position as a regional transportation and communications hub make it the perfect location from which to better serve the needs of our customers in Latin America."

The new offices are to be operational in November. More...

[Citi Boi]

Originally Posted by Roark

Not sure where this thread went, but it's important to know that business and economic developement add a great deal to the community. High paying jobs bring people that demand homes, products and services. It's great to know that companies are still moving to Miami.

I totally agree about how important it is to keep Miami's economic backbone strong...way more important than silly luxury high rise condos. Industry is what keeps cities alive. I guess the industry that keeps us alive is tourism.

Anyone else would like to share more insight on Miami's (and South FL's) industries?

International banking? International-anything? Cruises?

Which companies are currently HQ'd in Miami? In Miami-Dade? In South FL?

Maybe we can list them here.

[Citi Boi]

I'll start...

From the Fortune 500 list...

97. AutoNation Inc., Fort Lauderdale, 93, $19.381

157. Office Depot Inc., Delray Beach, Fla., 166, $12.359

360. Ryder System Inc., Miami 345, $4.802


^Very sad! Miami is only on the list once, while Jacksonville shows up multiple times.

[dave8721]

Originally Posted by Citi Boi

I'll start...

From the Fortune 500 list...

97. AutoNation Inc., Fort Lauderdale, 93, $19.381

157. Office Depot Inc., Delray Beach, Fla., 166, $12.359

360. Ryder System Inc., Miami 345, $4.802


^Very sad! Miami is only on the list once, while Jacksonville shows up multiple times.

Of course BK would be on that list if it qualified but its owned by a Texas firm now so its no longer its own company. I'm surprised Lennar didn't make the list this year, it usually does.

Here are some companies with their Latin America HQ's (or at least large offices) in Miami-Dade (you may have heard of a few of them):
MTV (LA)
HBO (LA)
Disney (LA)
ABC (LA)
IBM (LA HQ)
American Airlines
Adobe (LA HQ)
Apple Computers
AIG
Charles Schwab (LA HQ)
Del Monte (global HQ)
ExxonMobil (LA HQ)
Goodyear (LA HQ)
Kraft Foods (Carribean HQ)
Lennar (Global HQ)
Time Magazine (LA HQ)
United Airlines
UPS (LA HQ)
Federal Express (LA HQ)
Hewlett Packard (LA HQ)
The Gap (LA HQ)
American Express (LA HQ)
Oracle (LA HQ)
Caterpillar (LA HQ)
USA Network (LA HQ)
Yahoo (LA HQ)
Sony (LA HQ)
Cisco Systems (LA HQ)
Chevron-Texaco (LA HQ)
Canon (LA HQ)
AT&T (LA HQ)
Johnson & Johnson (LA HQ)
Ericsson (LA HQ)**
Black & Decker (LA HQ)
Clorox (LA HQ)
Stanley (LA HQ)
Porsche (LA HQ)

Unfortunately Ericsson is the ONLY one of those companies with that HQ in Downtown Miami, the rest are all in Coral Gables, Blue Lagoon or Doral.

Also its sort of a gain one lose one with Nokia as well. United Airlines has decided to move their Latin HQ from Coral Gables to Mexico.

[Citi Boi]

Some more...

Alienware, Miami

Citrix Systems, Fort Lauderdale

DHL (HQ for Americas), Plantation

Royal Caribbean Cruises, Miami

Carnival Corp, Miami

Celebrity Cruises, Miami

Star Clippers, Miami

Orient Lines, Miami

[Citi Boi]

From a list of Florida's Top 150 public companies...


World Fuel Services Corp, Miami

Republic Services Inc, Fort Lauderdale

Spherion Corp, Fort Lauderdale

Watsco Inc, Miami

Claire's Stores Inc, Pembroke Pines

Jacuzzi Brands Inc, West Palm Beach

Andrx Corp, Davie

Dycom Industries Corp, Palm Beach Gardens

Elizabeth Arden Inc, Miramar

Perry Ellis International Inc, Miami

MasTec Inc, Coral Gables

BankAtlantic Bancorp Inc, For Lauderdale

Pediatrix Medical Group, Sunrise

Bluegreen Corp, Boca Raton

Bristol West Holdings Inc, Davie

Cross Country Healthcare Inc, Boca Raton

The GEO Group Inc, Boca Raton

Levitt Corp, Fort Lauderdale

Applica Inc, Miramar

Avatar Holdings, Coral Gables

National Beverage Corp, Fort Lauderdale

Vector Group, Miami

BankUnited Financial Corp, Coral Gables

All American Semiconductor Inc, Miami

Artesyn Technologies Inc, Boca Raton

Rail America Inc, Boca Raton

Ocwen Financial Corp, West Palm Beach

Medical Staffing Network Holdings inc, Boca Raton

Eclipsys Corp, Boca Raton

HEICO Corp, Hollywood

Amcomp Inc, North Palmb Beach

SBA Communications Corp, Boca Raton

Paxson Communications Corp, West Palm Beach

Equity One Inc, North Miami Beach

Innkeepers USA Trust, Palm Beach

Fidelity Bankshares Inc, West Palm Beach

E Com Ventures Inc, Sunrise

Benihana, Miami

Concord Camera Corp, Hollywood

QEP Co Inc, Boca Raton

Spanish Broadcasting System Inc, Miami

Answerthink Inc, Miami

Streicher Mobile Fueling Inc, Fort Lauderdale

Florida Public Utilities Co, West Palm Beach

Roadhouse Grill Inc, Pompano Beach

Applied Digital Solutions Inc, Delray beach

Conintucare Corp, Miami

Nabi Biopharmaceuticals, Boca Raton

Cruzan International Inc, West Palm beach

Parlux Fragrances, Fort Lauderdale

TradeStation Group Inc, Plantation

Hollywood Media Corp, Boca Raton

21st Century Holding Co, Lauderdale Lakes

The Ultimate Software Group inc, Weston

Devcon International Corp, Boca Raton

HearUSA Inc, West Palm Beach

Imperial Industries, Pompano Beach

CyberGuard Corp, Deerfield beach

Simclar Inc, Hialeah

eDiets.com Inc, Deerfield Beach

Commercial Bankshares Inc, Miami

Noven Pharmaceuticals Inc, Miami

Forward Industries Inc, Pompano Beach

Odimo Inc, Sunrise

[Roark]

Originally Posted by Citi Boi

From the Fortune 500 list...
^Very sad! Miami is only on the list once, while Jacksonville shows up multiple times.

Not really sad...
Miami has a robust and diverse economy. Most would point to tourism as the only driver, but that is very far from the truth. The number one employer in Miami Beach, for intstance, is Mt. Sinai Hospital. People come from all over the world for the Health Care in South Florida. Sure, we aren't producing cars like lovely Detroit (at least 4 Fortune 500 Companies) or producing Steel like Pittsburg, but we are doing pretty well with import/export, International Banking, Healthcare, and my favorite, Entrepenuership.

Miami ranks as #7 among the nation's top regions for entrepreneurship and innovation by the US Small Business Administration. (April 2005)

We have a lot of good sized private companies, lot's and lot's of Entrepenuers and and Dave aptly pointed out, many branch offices of large companies that seek entry or maintain presence in Central and South America and the Carribean markets.

[DShoost88]

I couldn't help but notice in Citi Boi's posting how many company headquarters are in Boca Raton... I just wanted to throw that out there.

Boca aside, however, I'm confident that with the development currently taking place in Miami, a lot of headquarters will move to the Magic City.

[FrenchyMiami]

I was wondering how developped is the Finance/banking/Broking industry in Miami? I know it to be a center for Latin america commercial banking but i expect a push in the coming years of investment banking, private banking and of course the hedge fund industry whch I am sure the boys from manhattan and connecticut won't have a problem with...They all dreamed of san francisco...but time difference and leaving too far away from home didn't do it..I strongly believe miami will do it like it did it for the real estate industry...

Services is what drives the economy in the western world and especially America and Miami will be in the center of it since that is where peole want to be.

[Rx727sfl2002]

brickell has always been the no. 2 largest banking-financing center in the usa newyork is no. 1

BRICKELL ARRIVAL: International Finance Bank, a Miami bank with a network of banks in Latin America, will open a branch at 801 Brickell with a performance by Orchestra Miami 6-9 p.m. Oct. 25. The bank's other three South Florida offices are in Coral Gables, Westchester and Weston. The Brickell branch will become headquarters here. IFB is part of Grupo Fierro, whose their financial divisions include Banco Exterior in Venezuela, Banco Interamericano de Finanzas-BIF in Peru, Banco Internacional in Ecuador and Guatemala, and the EBNA Bank in Curaçao. Details: (305) 856-9491

[Roark]

Has anyone else noticed that we just aren't seeing that silly phrase "real estate bubble" much anymore?

[Rx727sfl2002]

ITS BEEN REPLACED WITH THE TERM REALESTATE DOWNTURN

NOT SURE HOW THAT APPLIES TO A BUBBLE...ANYHOW THE MOMENTUM OF THE SECOND BUILDING WAVE IS PICKING UP I SEE THINGS GETTIG HOTTER BY MARCH AND ALOT OF PROJECTS BREAKING GROUND ONCE AGAIN...

[Roark]

Originally Posted by Rx727sfl2002

ITS BEEN REPLACED WITH THE TERM REALESTATE DOWNTURN

Much better...you think the journalists tuned into the SSC and educated themselves about real estate cycles?
At any rate, nice to see that they have finally got it correct. My crusade to elimate that inappropriate phrase is over...

[umiami305]

Originally Posted by Rx727sfl2002

brickell has always been the no. 2 largest banking-financing center in the usa newyork is no. 1

BRICKELL ARRIVAL: International Finance Bank, a Miami bank with a network of banks in Latin America, will open a branch at 801 Brickell with a performance by Orchestra Miami 6-9 p.m. Oct. 25. The bank's other three South Florida offices are in Coral Gables, Westchester and Weston. The Brickell branch will become headquarters here. IFB is part of Grupo Fierro, whose their financial divisions include Banco Exterior in Venezuela, Banco Interamericano de Finanzas-BIF in Peru, Banco Internacional in Ecuador and Guatemala, and the EBNA Bank in Curaçao. Details: (305) 856-9491

Actually Rx, I believe Charlotte is #2 in banking-financing, Miami might be #2 as pertains to International Banking.

[Rx727sfl2002]

Florida has been the national pacesetter in the number of new business incorporations, leading the nation. Its tax system, from a business perspective, is among the most advantageous in the US. Tourism, generating more than $34 billion in taxable spending in 1996, has an important impact on its tax structure. The state has 13 foreign trade zones to meet the needs of firms involved in import/export activities.

Florida has one of the nation's most extensive banking communities, ranking fourth among states in terms of assets and is home to 99 international banks, 74 of which are state-licensed foreign banks. It's the nation's 4th largest state in terms of population with more than 14 million people (projected to grow to nearly 18 million by the year 2010). With 10 state-run universities, 156 private colleges and universities, 28 community colleges, it has the highest average education level in the Southeast US.

Taxes and Finance
Florida taxes are moderate with the structure and administration of its tax system best shown by what is not taxed:
No personal income tax
No inventory tax
No corporate franchise tax on capital stock
No state-level ad valorem taxes
No ad valorem taxes on goods-in-transit
No sales tax on food, medicine, or most services
No tax on foreign source dividends, as defined by federal law

[DGM]

The uneventful hurricane season was a boon to Miami construction I think. A lot of pessimists were counting on hurricanes to sweep through and bring about an apocalyptic... downturn of housing construction. It seems obvious now that we are starting to see the tip of the office-construction-boom iceberg that is about to hit Miami. Plans for office buildings are sprouting up in suburbs and office parks around Miami, which brings me to believe that it is only a matter of time before developers start to embrace the novelty of working downtown, steps away from all of the beautiful new buildings. After all, the whole point of the condo boom was to create a vibrant urban center where entertainment, housing and workplaces were all within walking distance. So far all of these have been realized except the creation of new workplaces.

[brickell]

Interesting that the downturn has been more severe in Broward and Palm Beach counties (at least based on median prices).

[Roark]

Originally Posted by DGM

Plans for office buildings are sprouting up in suburbs and office parks around Miami, which brings me to believe that it is only a matter of time before developers start to embrace the novelty of working downtown, steps away from all of the beautiful new buildings. After all, the whole point of the condo boom was to create a vibrant urban center where entertainment, housing and workplaces were all within walking distance. So far all of these have been realized except the creation of new workplaces.

Well, I'd agree with most of that...but believe me, it is no novelty to work and live in an urban environment (NYC).
Miami City leaders recognized this over 8 years ago. It has been embraced. People in the know saw this coming for years (they bought BotR, One Miami, Ivy, etc) 3 years ago.
Plans take a long time to play out. Making Flagler 2 way was over 5 years in the working. There have been development incentives around transportation for about a decade. Further, office developers have made the transition. Edgardo DeFortuna, for instance, moved into office development 2 years ago and continues to develop that market. Plans take time to play out.
Sometimes we get used to the speed of the Internet...but urban planning and real estate development just don't move that quickly.
South Beach's rennaisance took 10 years to get national attention. The place was derelict until things started improving in 1985. The Delano opened 10 years later in 1995 and the Loews Hotel opened around 6 years after that.
To reiterate, the pioneers have already moved in to develop more office space downtown, it will just take a while for most people to see it with their eyes.

[Roark]

Miami continues to grow up....

Posted on Sun, Nov. 05, 2006
A new player in investment bankingPhillip Frost is betting he can develop a major investment bank in South Florida -- perhaps by pushing ``blank check companies.''
BY JOHN DORSCHNER
jdorschner@MiamiHerald.com
In what may be his most ambitious and challenging move yet, veteran company builder Phillip Frost has taken an old, ailing New York financial institution, Ladenburg Thalmann, transplanted it to Miami and hopes to build it into a major investment bank.
''I'm fully convinced it's possible and we'll do it,'' says Frost. ``There are so many new businesses being formed here all the time, and businesses need additional capital, investors who need their assets managed. This in my mind is the perfect place for a serious investment bank.'' Full Story