Public-Private Partners Devise Future of Queen City

Public-Private Partners Devise Future of Queen City

By: Felipe Rivas

2 min read January 2020In the last decade, Charlotte rose from the devastating effects of the Great Recession to become the 16th-most populous city in the United States. The Queen City has experienced continuous years of growth thanks to the diversification of its economy, its budding headquarters relocation culture, steady commercial and residential development, and its “cool” appeal favored by the young workforce moving to Charlotte and its surrounding region. As the city prepares for another decade of evolution, growth, and development, public and private partners have their eyes set on the year 2040. Several complementary plans are underway that will help guide the future of Center City, the city of Charlotte and Mecklenburg County for the next 20 years.

Spearheaded by nonprofit Charlotte Center City Partners, in partnership with the city and county, the “ALL IN 2040” plan aims to establish a new blueprint for the growth and development of Center City, an area that encompasses Uptown and South End. Simultaneously, the city of Charlotte is working on its 2040 Comprehensive Plan, which will guide the growth of Charlotte overall, while Mecklenburg County rewrites its Park and Recreation master plan.

Michael Smith, president and CEO of Charlotte Center City Partners, said the Queen City has a strong legacy of careful planning for long-term development. “We’ve had four decades of deliberate planning and this decade has really defined Charlotte,” Smith told Invest: Charlotte. “Charlotte has launched a new, renewed Center City vision for 2040, called the ‘ALL IN’ plan. This is a great opportunity for Charlotte to carry on its legacy of planning. This is a 50-year tradition of creating these blueprints, each time looking several decades ahead, but renewing that vision every 10 years. This provides us with an opportunity to listen to our community, and to bring subject-matter experts in to help us understand some of the best practices around the world,” he said.

 

Much of the successful growth and development in Charlotte that occurred in the past decade was a result of strong public-private partnerships, which the “ALL IN 2040” plan will continue to develop and strengthen. “The plans and projects are co-created and co-owned with the private sector. In Charlotte over the last 50 years, we’ve had the public sector making transformative, shaping, stimulating investments in infrastructure, and the private sector responding in a collaborative way,” Smith said.

 

Infrastructure will be a strong focus of the “ALL IN 2040” plan, as well as the city’s 2040 Comprehensive Plan. “With the growth we have, we know we have to invest in transportation,” Smith said. Both plans account for major transit expansions to the city’s rapid bus transit and light rail systems. “All that infrastructure development is really needed as the city is booming with construction on the residential, office and hospitality fronts. Right now, there are almost 2.2 million square feet of office space under construction. Of that, there are about 700,000 square feet in South End, and more in Uptown. This is not speculative; there is a lot of pre-leased space in South End. As a matter of fact, about 90% of what’s under construction is pre-leased. It provides us with great confidence,” he said.

 

The “ALL IN 2040” plan and similar city and county efforts are meant to complement one another. Throughout 2020, residents are encouraged to attend public engagement sessions where they can give their input regarding the future of Charlotte and Mecklenburg County. 

By the end of the process, a final draft will be created that will eventually head to the city council for approval and implementation.

 

To learn more, visit:

https://www.charlottecentercity.org 

https://www.allin2040.com/plan

Thanksgiving in the Queen City

Thanksgiving in the Queen City

By: Felipe Rivas

2 min read November 2019— Gratitude, family, fellowship, outdoor activities, turkey, gravy, and shopping are some of the characteristics closely associated with Thanksgiving Day, and the Queen City offers no shortage of any of these during the fourth Thursday of November through the long weekend. The signature North Carolina cold weather allows for some outdoor, family fun while the feast cooks slowly in the kitchen. From famous parades, Black Friday shopping preparations, and ice skating, Thanksgiving Day in Charlotte offers plenty of activities for the entire family. 

While New York City has the Macy’s Parade, Novant Health, one of the region’s largest employers, has wowed Charlotteans with fancy parade floats, marching bands, live music, and recognizable cartoon characters for the past 72 years. Known as the “Mile of Smiles,” The Novant Health Thanksgiving Parade is a beloved tradition drawing families from across the southeast to Uptown to kick off the start of the holiday season. The parade starts at 9 a.m. on Thanksgiving Day and draws more than 110,000 attendees. The parade begins on 9th Street heading South on Tryon Street to Stonewall Street, where different ethnic organizations display their pride and colors, while marching bands from a variety of educational institutions keep the energy upbeat as they make their way through the Mile of Smiles. The party continues at the end of the route with performances from a bevy of local talent. For those who would rather snooze a bit longer on Thanksgiving morning, the parade will be broadcast online and on local TV stations. 

 

While Thanksgiving Day is a time for reflection, it also marks the start of the holiday shopping season. Black Friday has become a national tradition, and the area’s local shopping malls are gearing up for the influx of shoppers expected to get a leg up on the holiday shopping season. In the spirit of enjoying time with the family, many recognizable stores have chosen to close on Thanksgiving Day and open early during Black Friday. According to bestblackfriday.com, a website that tracks Black Friday deals and news, stores such as Burlington Coat Factory, Costco, Lowe’s, Marshalls, Neiman Marcus, Nordstrom, Petsmart and Sam’s Club, among others, will be closed on Thursday nationwide. Locals looking for deals can head to Concord Mills, SouthPark and Northlake shopping malls early Friday morning, as they have adjusted their schedules to accommodate shoppers. 

 

Families looking to avoid a turkey stupor can also head to the NASCAR Hall of Fame to stretch their legs and ice skate under the night sky. During this time of the year, the mecca for all things NASCAR turns into a magical winter wonderland, known as Holiday on Ice and featuring one of Charlotte’s best ice skating rinks. Families can enjoy selfies with a giant polar bear, or a large Christmas tree, or a walk through the Ceremonial Garden that features thousands of holiday lights. A trip to Holiday on Ice is the perfect way to finish Thanksgiving and embrace the upcoming holiday season. 

 

For more information, visit:

https://www.nascarhall.com/plan-a-visit/holidays-at-the-hall

http://novanthealththanksgivingparade.com/

How Did Thanksgiving Become Game Day for the NFL?

How Did Thanksgiving Become Game Day for the NFL?

By: Sara Warden

2 min read NOVEMBER 2019 — On Thanksgiving, there is only one thing that comes close to turkey in importance for Atlanta sports fans, and that’s the NFL’s game schedule. This year, the Atlanta Falcons will be one of three teams hosting the Thanksgiving Day games, facing off again the New Orleans Saints. 

This will be the Falcons’ fourth Thanksgiving Day game, and having lost against the Saints last year on their home turf, this one is sure to be a must-watch. Those fans going to watch the game live could also feel a little pain in their wallets: Last year’s Saints-Falcons game was the most expensive Thanksgiving Day game for fans, with an average ticket price of $518 on the secondary market.

No doubt, Thanksgiving football is big business for the NFL. In 2018, NBC’s primetime viewing of the Falcons-Saints game brought in an 11.4/24 rating, up 18% from 2017’s Washington-New York Giants primetime game on NBC and the network’s best Thanksgiving night NFL performance since 2015. For the rights to a selection of high-profile games that includes the Thanksgiving game, Super Bowl Broadcasts and Thursday Night Football, NBC is paying $1.1 billion a year to the NFL.

That explains why the tradition stuck, but why did it start? Although it doesn’t quite go back to The Mayflower, the Thanksgiving game is a long-standing tradition spanning back as far as 1920. Political upheaval during the time meant the games were sporadic, but eventually in 1934, George A. Richards bought the Portsmouth Spartans, renamed them the Detroit Lions and gave Thanksgiving another try. 

This was largely a solution to the problem of low attendance during the year, but the Thanksgiving game became a rousing success. First, people already had the day off work and second, it became an escape for those looking to perhaps spend less quality time with family. More than 26,000 people booked tickets weeks in advance and reportedly thousands more were turned away at the gate.

In 1966, the Dallas Cowboys saw the success of the “Detroit Lions vs…” games and decided to get in on the action. Since then, both teams have played each year, with one additional game added to the roster. This year’s Falcons-Saints game will be played in the new, state-of-the-art Mercedes-Benz stadium – “the finest sports and entertainment facility in the world,” according to Dan Corso, president of the Atlanta Sports Council.

The stadium was funded by a largely taxpayer-based system, in a $2.4 billion investment based on bonds and hotel taxes. And Mayor Keisha Lance Bottoms believes the stadium may allow Atlanta to host many more high-profile sporting events, including these popular Thanksgiving games. “I think it’s well worth the investment, and when you look at the long-lasting impact and our ability to showcase Atlanta, sometimes you have to spend a little money to make a little money,” she told USA Today.

To learn more, visit:

https://www.metroatlantachamber.com/councils/atlanta-sports-council

https://www.atlantaga.gov/government/mayor-s-office/meet-the-mayor

Spotlight On: Gary Gagnon, President & CEO, Gagnon Development

Spotlight On: Gary Gagnon, President & CEO, Gagnon Development

Writer: Yolanda Rivas

2 min read October 2019 — Gary Gagnon’s family has been involved in the real estate industry since the 1930s. Gagnon decided to follow in his family’s footsteps by creating Gagnon Development, LLC and  Gagnon Real Estate Investments, LLC. He also specializes in commercial income producing property in Central Florida. In an interview with Invest:, Gagnon described the benefits and strength of Orlando’s real estate sector. 

 

How would you describe the strength of Orlando’s real estate sector today?

Orlando’s real estate sector is stronger than most, since it is somewhat in a protective bubble because of being mostly tourism-driven, though we are actively trying to attract more tech-related businesses. Our unique location and economy protects us whenever there is a slowdown or recession. With low interest rates and prices increasing for commercial and residential real estate, fear is beginning to spread and people are starting to question if it is time to sell. Luckily, if the whole country takes a hit, I think Orlando is somewhat protected and should not be as harmed as much as the rest of the country would be.

 

Lenders are starting to get over their fears and they are starting to have a hunger to loan but are still being cautious and require larger down-payments or cross collateralization. Development is booming and we are seeing a high amount of capital in A-class products. However, the growth of new office space in Orlando has been historically stagnant and there is not enough large office space available. Orlando has several new office projects in the works, which should help satisfy the demand for new office space. Many of our international clients are choosing to build new office space instead of renting since it is less expensive than leasing at current rates. Orlando also provides an opportunity for investors to generate high cash flow with less investment dollars when compared to other cities such as Miami and New York. 

Which markets are seeing the most demand in Orlando?

Apartments continue to see great demand. E-commerce and big chain retailers transitioning to or expanding their online sales footprint have created an increased demand for large industrial space. We usually do build-to-suit projects specifically for a client’s needs, but we recently worked on a speculative flex space project with a client. That project consisted of smaller spaces with an office and showroom in the front and warehouse in the back. Along with the client, we were able to sell five of eight units before completing construction. A trend we are seeing in industrial is the smaller the square footage you build, the faster you lease or sell it. There is a demand for flex space and we are looking to expand in that area. Warehouses are in high demand, too. Many larger investors are looking for warehouses that have rail access. Office building is just now hitting its stride. Public storage is keeping up with supply and demand but we don’t see above average growth in that sector. Overall commercial real estate in Orlando is in very high demand and there is more demand than there is supply.

 

To learn more about our interviewee, visit:

Gagnon Development LLC: http://www.gagnondevelopment.com/ 

Top 5 Tourism Drivers for The Palm Beaches

Top 5 Tourism Drivers for The Palm Beaches

By Max Crampton-Thomas

4 min read October 2019 —  With more than 8 million visitors to Palm Beach County in 2018, it’s no secret that tourism is the driving force behind the economy in The Palm Beaches. Last year, these visitors generated $7.4 billion in economic impact and are the reason for over 70,000 tourism jobs. While the appeal of a relaxing beach vacation may seem like the obvious tourist magnet, there are so many different and unique facets of the county that drive the economic behemoth that is the tourism sector. Here is the Invest: Top 5 tourism drivers for The Palm Beaches

BEACHES

Palm Beach County is bordered by 47 miles of Atlantic coastline that offer some of the state’s most attractive beaches. These include Boynton Beach Ocean Park, Coral Cove Park, Juno Beach Park and many more, with a large portion of these beaches offering resort amenities and marine activities. The Palm Beach County coastline was also nicknamed Florida’s Gold Coast after gold was recovered from Spanish galleons that sank off its shores. A fitting nickname for beaches that are like gold to the Florida economy. Invest: spoke with Jorge Pesquera, president and CEO of Discover The Palm Beaches, who touched on the importance of the beaches to the tourism industry in the county. “Leisure remains the most crucial tourism driver for The Palm Beaches, with meetings and conventions continuing to gain momentum. Within the leisure tourism market, our beaches are the biggest draw for not only those seeking to relax and rejuvenate, but also those interested in activities such as boating, fishing, scuba diving, kayaking and paddleboarding,” Pesquera told Invest:. 

You can learn more about the county’s best beaches here: https://www.thepalmbeaches.com/blogs/best-beaches-are-palm-beaches

ARTS & CULTURE

Home to cultural institutions like the Kravis Center for the Performing Arts, The Palm Beaches are an arts and culture hub that drives many cultural travelers to the area. Invest: discussed with Judith Mitchell, CEO for the Kravis Center, how this increased interest from out-of-town visitors has positively affected her business as well as those in the surrounding area. “Our strong programming and marketing teams ensure that we continue to bring the best of Broadway and other diverse performances that attract audiences from outside the state and from cities north and south of the Center. In 2018-2019, the Center saw an increase in out-of-county audience members by nearly 50%. This also has a positive economic impact on the surrounding hotels, restaurants and shops as these nonresident guests choose to dine, shop and stay overnight before or after attending a performance.” 

For more on the various arts and culture destinations in the county, visit: https://www.palmbeachculture.com/

SPORTS

For an area that doesn’t have a major professional sports franchise, the county’s tourism market has a strong driver in the sports tourism market. It helps that among Palm Beach County’s various monikers, one of the titles held most proudly is “The Golf Capital of Florida,” boasting more than 150 public and private golf courses. It also doesn’t hurt that Major League Baseball teams, namely the Houston Astros, Washington Nationals, Miami Marlins and St. Louis Cardinals, call Palm Beach County their home during spring training. For those who prefer alternative sports, The Palm Beaches are also the location of polo and equestrian events, including a variety of International Polo Club tournaments. 

Interested in learning more about sports offerings in The Palm Beaches? Visit: https://www.palmbeachsports.com/

ECO-TOURISM

When a county boasts 110 parks and recreation facilities paired with 35 natural areas that make up more than 31,000 acres of environmentally sensitive lands, it is bound to attract eco-tourists. This form of tourism may seem obscure from an outside perspective, but it not only can provide visitors with a memorable experience, it also provides health benefits as well. Invest: recently sat down with Deborah Drum, department director of Palm Beach County Environmental Resources Management, who spoke to this tourism driver and its benefits. “We have conducted economic studies of our natural areas. We have over 300,000 visitors just to the natural areas in our county. These are remote areas that offer more passive types of recreation, including hiking, fishing or bird-watching. We have done a study with the University of Florida on this passive connection and we have determined that these visitors are coming for that purpose. There have also been a number of studies about the connection between mental health and time spent in natural areas or spent outside. There is a positive relationship between the reduction in mental health issues with more time spent out in nature,” Drum explained. 

Check out more on Palm Beach County’s Natural Areas Map: http://discover.pbcgov.org/erm/Pages/Natural-Areas-Map.aspx

MEETINGS & CONVENTIONS

There is a direct correlation between the increase in business tourism to The Palm Beaches and the economic and business growth that the county is enjoying. The beneficiaries from this driver of tourism are a wide range of business types, from hotels to restaurants and even retail. Discover The Palm Beaches’ Pesquera highlighted just how significant this is to the tourism market. “On the meetings front, we’ve seen a 567-percent increase over the last several years in groups booked at the Palm Beach County Convention Center. Unlike our good friends in Miami and Fort Lauderdale — where there is a clear and established epicenter of tourism activity — The Palm Beaches are truly a collection of midsize to small cities and towns that altogether deliver an exceptional vacation or meeting experience,” Pesquera told Invest:.

For more on this and the tourism industry in Palm Beach County, visit: 

www.thepalmbeaches.com/

Spotlight On: John Crossman, CEO, Crossman & Company

Spotlight On: John Crossman, CEO, Crossman & Company

Writer: Yolanda Rivas

2 min read October 2019 — The retail sector has remained steady in Orlando over the last few years. Far from affecting physical stores, e-commerce has contributed to the growth of many businesses and the retail market. Crossman & Company is a commercial real estate firm focused on serving retail landlords exclusively throughout the Southeast. CEO John Crossman spoke recently with the Invest: team about the performance of the Orlando and Central Florida retail sector and its latest trends. 

 

What are some trends and advantages of Orlando’s retail sector?

 

Retail is interesting in that it follows growth from other market sectors. When you look at the real estate industry, typically jobs lead, then housing and then retail. When you look at a market, there are two specific factors to consider in terms of retail performance: the number of people moving and vacationing in the area. If those two numbers are up, then there will probably be an up retail market. In Orlando, those numbers keep going up and the retail market is doing very well. In central Florida, we have healthy demographic growth and a big tourism industry that is making the retail sector substantially bigger. Orlando has one of the highest timeshare markets in the world and the exponential factor of tourist retail is amazing. 

 

There is also what we call “the halo effect,” which happens when an online retailer opens physical stores and, most times, their online sales go up. Similarly, when an online retailer closes physical stores, their online sales go down. When customers buy something online and return it to a physical store, they typically end up spending more money in the store. In the Orlando area, we’re not seeing people radically closing stores. We are seeing a combination between their physical and online presence. 

 

What areas of Orlando are seeing the most demand in retail real estate?

 

The areas that are closest to the I-4 corridor have typically done well. As more beltways have been added over the years, that has spurred additional growth. Submarkets like Oviedo, Lake Mary, Clermont and Kissimmee have done well, too, due to their proximity to the corridor’s beltways. I don’t think you can talk about Orlando’s retail without talking about Lake Nona. There’s no doubt that that area has a major significance. Retail activity starts with jobs, then residential and retail, and there are numerous jobs and growth in Lake Nona. In the tourism area, some significant deals were closed recently, specifically on International Drive and Disney. Disney Springs and Park Avenue Winter Park are some of the best retail experiences in Orlando. 

 

What are some challenges facing the retail real estate industry in Orlando?

 

The retail industry overall is doing well. Yet, it’s very dynamic and it can become overwhelming. The industry has significantly changed so much and now is more similar to that old school, post-1950s retail, where retail surrounded a property that was growing up in a certain area. We used to talk about mixed-use developments, but now we have the mixing of uses in developments. Now, you can have a retailer, medical providers, educational institutions, religious organizations and a different mix of tenants in the same place. That makes for healthier retail, but it also can be complicated due to the many dynamics in the same place. Another challenge is technology, augmented reality, and the rapid pace of innovation. We need to get together as an industry to explore the future impact of new technologies in the retail sector.   

 

To learn more about our interviewees, visit:

Crossman & Company: https://www.crossmanco.com/

How e-commerce is feeding Orlando’s booming retail market

How e-commerce is feeding Orlando’s booming retail market

Writer: Yolanda Rivas

2 min read SEPTEMBER 2019 — At times when big retailers such as Sears, Charming Charlie’s and some malls are struggling to survive, Orlando’s retail sector continues to thrive. The city’s rapid population growth and robust economy present an ideal environment for retailers. Rather than having a negative effect on brick and mortar stores, e-commerce has had a positive impact in Orlando’s retail market, according to industry leaders who recently met with the Invest: team.

“We are seeing a blend of both online retail presence and brick and mortar, and that is a trend that we will continue to see for the next two to four years. Retail is going through an evolution, and that is not necessarily a negative thing. We will see significant changes over the next few years,” SRS Real Estate Partners Managing Partner and Market Leader for Orlando & Tampa Cindy Schooler, told Invest:.

Colliers International’s 2019 Q2 Central Florida Retail Market Report showed the area has a 5.3% vacancy rate. The report points out that Orlando’s regional growth has fueled investor demand for retail product to an all-time high. Rental rates have increased to $50 per square foot in Central Florida’s top retail corridors, while Orlando’s tertiary markets have increased in tenant demand. 

“There are two specific factors to consider in terms of retail performance: the number of people moving and vacationing in the area. If those two numbers are up, then there will probably be an up retail market. In Orlando, those numbers keep going up and the retail market is doing very well. In Central Florida, we have healthy demographic growth and a big tourism industry that is making the retail sector substantially bigger,” John Crossman, CEO of Crossman & Company, told Invest: in a one-on-one interview. 

Crossman explained the impact of “the halo effect,” which happens when an online retailer opens physical stores and, most times, their online sales go up. Similarly, when an online retailer closes physical stores, their online sales go down. 

“When customers buy something online and return it to a physical store, they typically end up spending more money in the store. In the Orlando area, we’re not seeing people radically closing stores. We are seeing a combination between their physical and online presence,” he said. 

An example of the e-commerce growth in Orlando is Kroger and Ocado’s second customer fulfillment center. Earlier this year, Kroger Co. and UK-based online grocery partner Ocado Solutions confirmed the location for a 375,000-square-foot fulfillment center in Lake County. The center will supply online customers only and its expected to create 506 jobs and add $63 million in annual economic impact. 

Orlando’s tourism sector also provides a particular advantage for businesses to test new products, according to Schooler. “We are a test field in the area because of the tourist market. A lot of entrepreneurs bring concepts here and test their brands because of the diversity in the area. That allows clients to test lines that they would never be able to test in traditional retail markets,” Schooler said. 

According to Colliers 2019 Q2 retail report, approximately 980,571 square feet of construction was underway by the end of the second quarter. This is the highest amount since before the Great Recession. 

To learn more about our interviewees, visit:

SRS Real Estate Partners: https://srsre.com/ 

Crossman & Company: https://www.crossmanco.com/ 

Colliers International: https://www2.colliers.com/en 

Philly Legal: These Sectors Are on the Right Side of the Law

by Yolanda Rivas

2 min read SEPTEMBER 2019 — Over the last few years, Philadelphia’s legal sector has seen a steady flow of law firms entering the market as well as local firms expanding in and outside the region. As the market gets more concentrated, many firms are betting on key growth areas to expand their practices. 

According to Invest: interviews with leading legal voices in the Philly area, health and life sciences, technology, real estate and finance are some of the sectors keeping attorneys busy. With a diverse business ecosystem in Philadelphia, firms like Zarwin Baum DeVito Kaplan Schaer Toddy, P.C. are experiencing high demand in commercial business, especially in the areas of banking, leasing, real estate financing and real estate development.

“We also have seen growth in our employment practices area, in part due to the #MeToo movement, which is generating many more workplace claims. Commercial litigation is also a growth area for us,” Mitchell Kaplan, managing shareholder at Zarwin Baum, told Invest:. “But we are currently seeing the most growth in our data privacy and cyber-liability department. That department gets involved in the training of businesses to prevent data leaks and breaches. We provide training, prevention and breach response,” Kaplan said. 

Similarly, St. Louis-based Armstrong Teasdale LLP is growing its intellectual property presence in Philadelphia as a result of the increasing demand in technology litigation around the country. “Intellectual property services, whether it be trademark, patents or copyrights, are required by any business. We support our clients with many trademark and retail issues. For example, in the science, healthcare and pharmaceutical fields, we do a lot of patents and protection of intellectual property. There is high demand for intellectual property services in Philly,” Armstrong Teasdale’s Eastern U.S. Partner and Leader Richard Scheff said in an interview with Invest:. 

According to an article from The Legal Intelligencer, Pennsylvania-based firms saw demand growth of 2.6 percent last year, slightly above the industry average of 2.3 percent. One of the benefits of Philadelphia’s legal sector is the presence of 20 Fortune 500 companies and over 75 Fortune 1000 companies. 

Besides technology and intellectual property services, financial institutions and real estate companies are particularly robust areas for Philadelphia’s legal sector. “Blank Rome’s Real Estate and Financial Services practices are very strong, particularly in Philadelphia. Both continue to be core areas of our law firm with a strong national presence,” Alan J. Hoffman, chairman at Blank Rome LLP, told Invest:.

Finance and technology also form part of Duane Morris LLP’s Top 5 sectors in terms of revenue and areas of focus. “About 85% of our revenue is in the following industries: financial institutions, health and life sciences, technology and telecommunications, infrastructure (including construction and energy) and finally, retail and consumer products. Those areas are our focus across the firm and in Philadelphia, which is our largest office with over 200 lawyers,” Matthew Taylor, chairman & CEO at Duane Morris LLP, told Invest: 

Citi Private Bank Law Firm Group’s Q2 2019 report projects a good year in 2019 relative to earlier post-recession years, although it will be a challenge for the industry to see a repeat of 2018’s strong performance.

 

 

 

To learn more about our interviewees, visit:

Zarwin Baum DeVito Kaplan Schaer Toddy, P.C.: https://www.zarwin.com/ 

Armstrong Teasdale LLP: https://www.armstrongteasdale.com/ 

Blank Rome LLP: https://www.blankrome.com/ 

Duane Morris LLP: https://www.duanemorris.com/ 

Miami is a prime destination for new food & beverage concepts

By staff writer

June 2019

 

Miami’s food and beverage sector is known for its diversity, and 2019 is expected to buttress that reputation, with numerous high-profile restaurants set to spice up the local scene. The arrival of international eateries that are making Miami their first U.S. location is also helping to prop up the economy.

“The tremendous growth we’ve observed (in the real estate market) can be attributed in part to the fact that Miami has become much more important culturally than it ever has been. Even in terms of restaurants, this market never had the selection it now has,” Jackie Soffer, CEO and chairman of real estate development group Turnberry Associates told Invest:. “For instance, we just opened a restaurant in the Aventura Mall with Ayesha Curry and Michael Mina, both well-known, nationally acclaimed chefs, called International Smoke,” she said. 

Restaurants are a driving force not only in Miami, but in Florida’s economy. According to a report from the National Restaurant Association, restaurant and food service jobs represent 12% of employment in the state. 

One of the most anticipated openings for fall 2019 is Orilla Bar & Grill, by Argentine chef Fernando Trocca. This will be the popular Argentine restaurant’s first location in the U.S. Trocca partnered with bartender Ines De Los Santo and restaurateur Martin Pittaluga, according to an article in Eater Miami. 

Esplanade at Aventura, an open-air shopping, dining and entertainment complex under construction, recently announced five restaurants that will debut their first U.S locations there. These eateries, which are set to open in spring 2020, are: Carolo and Blanco Bistro, both from Mexico; Jarana, the newest restaurant concept from Peruvian celebrity chef Gastón Acurio; SU Japanese, based on Brazilian-based restaurant Kitchin; and Mixtura Market Hall, which is the first food hall announced for the complex. Miami’s rich dining landscape offers options for every type of flavor, from Latin American to Pan-asian, Caribbean to Middle Eastern,

“There’s high demand in the restaurant industry: The Miami Modern (MiMo) area is continually growing and the whole Biscayne Corridor is changing because of its proximity to key areas such as the beach and downtown,” Michelle Gonzalez, Broker/Owner of Floridian First Realty, told Invest:. “There are other areas such as Kendall and Homestead that have space for growing their culinary offerings and where we’ll definitely see more restaurants opening up.” 

Gonzalez added that trendy restaurant concepts, such as juice bars and cafes, new hotels and breweries, are also reshaping Downtown Miami, including its look and feel. 

For more information about our interviewees, please visit: 

Turnberry Associates: https://www.turnberry.com/

Floridian First Realty: https://www.floridianfirstrealty.com/

National Restaurant Association: https://restaurant.org/Home