The Wait Is Over

 Brightline officially begins its introductory service

 

January 2018 — After much anticipation and a few delays, Brightline finally began its introductory service this past Saturday between Fort Lauderdale and West Palm Beach.

While Saturday’s rides were described as smooth, fast and comfortable by many excited passengers, the celebrations were dimmed by an unfortunate tragedy. During preview runs the night before, a 32-year-old woman was struck and killed by a northbound train when she ducked under the already lowered gates and tried to cross the tracks. Despite this dark cloud, riders are optimistic about the new service.

As the only privately owned, operated and maintained passenger rail system in the U.S., the Brightline train offers an unparalleled travel experience in South Florida. All passengers have access to free wifi, outlets and USB jacks while onboard.

A one-way ticket between Fort Lauderdale and West Palm Beach is $10 for its select service and $15 for its smart service. Seniors, active military and veterans receive a 10-percent discount, while children under 12 get a 50-percent discount. Trains will depart from 6:00 a.m. to 11:00 p.m. every day, and the high-speed train makes the trip in about 40 minutes.

The Brightline service to Miami is expected to open in the coming months, and an opening date for the Orlando station has not yet been set.

For more information or to book a ride, visit https://gobrightline.com/.

 IC3 – The Institutional Capital & Cannabis Conference (East)

When: January 23-24, 2018

Where: Fontainebleau Miami Beach, 4441 Collins Avenue, Miami Beach, FL 33140

Website: https://www.imn.org/real-estate/conference/Institutional-Capital-Cannabis-Conference-IC3/

What: After a sold-out inaugural event in California, the most authoritative investor forum in the cannabis industry is making its East Coast debut in Miami Beach, Florida.

The first Institutional Capital & Cannabis Conference (IC3) drew investors and industry leaders to Silicon Valley where they gained critical insights into the fastest growing industry in North America. Cowen and Company projects legal marijuana sales will reach $50 billion annually by 2026, from an estimated $6 billion today. Marijuana is legal in some form in 29 states and Canada. Recreational use is legal in eight states, including the entire West Coast, and Canada is expected to legalize adult use in 2018. Public opinion in favor of legalization has reached record levels, and there is a growing movement within state legislatures and the U.S. Congress to end Prohibition.

MedMen, an industry leading cannabis management and investment firm, and IMN, a premier finance and investment conference organizer, have joined their expertise to bring a one-of-kind forum aimed at sophisticated investors seeking alternative asset classes and portfolio diversification. This event was created specifically with the needs of the institutional and accredited investor in mind.

The East Coast edition of IC3 will take place at the Fountainbleau Miami Beach. The program will provide an in-depth look into the emerging cannabis industry and show attendees how to evaluate investment returns in legal cannabis versus alternative investments.

 

The state of play

How Florida is tackling unemployment by encouraging growth and education

Rick Scott Governor – State of Florida

 

Florida has seen the second biggest drop in unemployment in the U.S. What have you and your administration done to achieve these figures?

Unemployment is at 4.9 percent, and we’ve added some 1.26 million private-sector jobs, which is double the national rate. Four years before I was elected, Florida lost 832,000 jobs. To tackle this, we cut 4,600 regulations, cut taxes 55 times and recruited 900 companies either to come to Florida or expand into the state. We’ve gone on trade missions around the world, and we’ve made sure that our universities are focused on where the greatest job needs are. We’ve asked “how can we help businesses here to be more successful than they are anywhere else?” That is our attitude, and we are better than anyone else in the country. We have to keep cutting taxes and reducing regulations. U.S. News & World Report has said Florida is first for higher education, but we have to keep getting better. We have to make education more affordable and make sure the colleges and universities are very focused on where the jobs are. We now have 25 percent of universities’ budgets tied to three things: What does it cost to get a degree? What field can you get a job in? How much money do you make? We’ve got to make sure we are focused on getting people ready for careers and dealing with the system.

 

Technology, life sciences and healthcare are all growing sectors in the State of Florida. What is being done to encourage the growth of these sectors?

We’ve got to make these sectors more successful here than in any other place in the world. We have to build relationships, which is why one of the things we do as part of Enterprise Florida is consultations with businesses to help them do better. We make sure they have the right workforce, and we do that through a variety of programs through our state colleges and universities. We’ve got to keep reducing their taxes so they can reinvest in their businesses because when they reinvest in their businesses, we get more jobs.

 

What impact has a greater emphasis on developing education had on Florida? How will education develop in the future?

Tuition fee increases have been halted. They were increasing at 15 percent plus inflation every year when I came into office. We haven’t seen an increase in four years at our universities or state colleges. We reimburse the schools according to what’s important to students, lower tuition fees and getting a good-paying job when they finish. We have the highest graduation rates of the 10 most populous states. We’ve increased our funding for universities by almost 50 percent since I got elected. The most important thing is that every child has opportunity. It doesn’t matter where you live or how you grew up, I want every child to have the dream of this country

Immerse Your Senses with Us at Pulse: Late Night at the Movies

We would like to invite you as our guests to a very special event. Invest: Miami is partnering with Friends of New World Symphony for Pulse (the NWS fabulous lounge-meets-orchestra concept). Enjoy a cinematic spectacular featuring a dazzling musical fusion from your favorite soundtracks. Pulse: Late Night at the Movies is the last Pulse of the season, so don’t miss out!

Before the concert, join us for a special VIP cocktail with Friends of NWS in the beautiful Rooftop Garden (7:00 p.m. – 8:45 p.m.). Enjoy complimentary cocktails, light bites, great company and glorious views of Miami Beach.

 

Date: Friday, January 19, 2018

Time: 7:00 p.m. VIP Pre-Party   9:00 p.m. Pulse Concert

Location: New World Center (500 17th Street, Miami Beach)

Featuring artists: Dean Whiteside, conductor, Dude Skywalker, DJs, Sam Hyken, composer

We have a limited number of complimentary tickets, so please e-mail Christina Morales at cmorales@capitalaa.com by January 16 to reserve your tickets (two total).

 

For more information on the New World Symphony, visit their website at: http://www.nws.edu/

Fad or Future? Deciphering Cryptocurrency

January 2018 — A one-bedroom penthouse condo with bay views in Miami was listed on Redfin in early December. What makes this listing newsworthy is that the seller is only accepting Bitcoin as payment.

Most of us recognize Bitcoin as the first and most well-known cryptocurrency. Since its inception seven years ago, it has been making waves — tidal waves, some might say. Its value surged 1500 percent against the dollar in 2017 as it gained popularity among both Wall Street and real estate investors. Still, there are many skeptics who warn that Bitcoin is entirely speculative and that where there is a steep rise, there must also be a steep fall.

Whatever your feelings about this “money of the future,” 2017 was the year Bitcoin and other cryptocurrencies joined the global financial system. It looks like they’re here to stay — and no longer just as the de facto currency of cybercrime.

As Miami gears up to host the North American Bitcoin Conference, hailed as the “most important blockchain conference of the year,” on January 18-19, 2018, Invest: Miami decided to take a closer look at what this buzzworthy yet nebulous concept of cryptocurrency is exactly.

In the simplest terms, cryptocurrency is “virtual” money created from code whose economy is monitored by blockchain technology — basically, entry into a public ledger through a process called mining — rather than by a central server. Think of a database whose entries are limited, must be verified and can’t be changed unless specific conditions are met.

Money, after all, is all about verified entry into some kind of database of accounts, balances and transactions. Just look at your bank account.

With a limited and controlled supply, cryptocurrencies are not changeable by governments, banks or any other centralized institution, so they’re secure from political influence. They’re not subject to inflation; rather, their value is preserved and often even increases over time. Proponents laud cryptocurrency for its security, stability and deflationary quality even as critics denounce it for these very same things.

While it is unlikely that cryptocurrencies will replace cash anytime soon (unless you’re looking to buy that Miami penthouse, of course), Bitcoin has been steadily gaining investor approval. Today, this “digital gold” has a total value of $9 billion, but it also has a precarious relationship with volatility. Only time will tell whether there is a cryptocurrency bubble — and whether that bubble will burst.

Arts and Culture Heat Up Miami

December 2017 — A couple of things usually come to mind when thinking about Miami: beaches and nightclubs. The Magic City has always been known for attracting tourists seeking  warmth and a fun time. However, Miami has been drawing a new type of visitor over the past few years. Specifically, luxury tourism has boomed in the city due to Miami’s growing reputation as an arts and culture mecca.

More private jets fly into Miami for Art Basel than for the Super Bowl, and Art Basel has a continuously greater economic impact on Miami every year. According to the Greater Miami Convention and Visitors Bureau, hotel occupancy rises by 30,000 on days when Basel is going on, which increases December occupancy rates from 75 percent to 100 percent. This has an economic impact of $13 million a year on the region.

 

The Pérez Art Museum at dusk

Art Basel is not the only event bringing in luxury travelers, though. With growing arts districts like Wynwood and the Design District and the recent completions of museums like the Pérez Art Museum and the Frost Museum of Science, Miami is on its way to becoming a true arts and culture capital.

Invest: Miami spoke with a few tourism industry leaders in Miami to get their insights. Here is what they said:

 

William Talbert III, President & CEO, Greater Miami Convention and Visitors Bureau

“Art Basel Miami Beach marked the beginning of Greater Miami as a luxury destination. The show is arguably the number one contemporary art event in the world today. The Miami Beach Convention Center houses about $4 billion of art during the event. It is an event that indicates that we are, indeed, a luxury destination. Miami is a luxury destination, ranked in the top domestic markets based on hotel inventory. In 2016, we were in the top-five tourist destinations in terms of revenue, which reflects the luxury segment. Much of this is due to the strategy of year-round tourism — with each of the four quarters of the year having about the same number of visitors. Spending increases a little during certain periods, such as during the summer months of July and August, when it is winter in the southern hemisphere.”

Franklin Sirmans, Director, Perez Art Museum Miami

“One of the most important trends has been the evolution of Miami as a year-round destination for arts and culture. There was a time when one talked about an “arts season,” but over the years an explosion in the Miami arts scene has led to Miami-Dade being a must-visit location to see important work by a variety of artists throughout the year. One example of this is PAMM’s first major exhibition focused on Jean-Michel Basquiat’s notebooks that ran from August until mid-October. The beautifully organized retrospective of this very important artist and accompanying interactive gallery was well received by visitors and journalists alike during a time that was once considered “out of season.” Miami has indeed become a global arts capital.”

Frank Steslow, President, Phillip and Patricia Frost Museum of Science

“There is a long-term vision to broaden our scope and partner with the other cultural entities in Miami to create larger, inter-organizational events. The relocation of the Frost Museum to downtown has added to what is becoming a museum campus, together with the Perez Art Museum of Miami, the Arsht Center, American Airlines Arena and even the Children’s Museum on Jungle Island. All of these institutions come together geographically and create valuable critical mass that positions us as not only a focal point of Miami but also a cultural hub within the city as well as the region.”

Howard Herring, President, New World Symphony

“New World Symphony is proud of its educational and artistic contributions to this community.  Alongside that work, it is a catalyst for an emerging philanthropic culture. Miami might be ahead of other 21st-century cities in reimagining the impact of philanthropic investment in cultural programs. Traditional philanthropy calls for generous support for the gap between earned revenue and the cost of artistic endeavors. Just now in Miami, donors are becoming investors in art forms and institutions, realizing the work of artists and institutions has direct impact on the economic sustainability and social viability of the community.”

To find out more about our interviewees above, visit their websites at:

GMCVB: http://www.miamiandbeaches.com

Perez Art Museum: http://pamm.org

Frost Museum of Science: https://www.frostscience.org

New World Symphony: https://www.nws.edu

Invest: Miami speaks with Franklin Sirmans, Director, Perez Art Museum Miami

 

When people think about Miami, often, they think about private art collections that have historically driven the arts scene. We are trying to reshape that conversation to include the importance of an institution. Our goal is to be one of Miami’s great public institutions, dedicated to international contemporary arts, reflective of our surroundings, representing the work of the Caribbean and Latin America and a place for community conversation and dialogue. Miami is rapidly evolving right now and is home to more and more arts institutions. There is a real sense of collectivity and a relationship to art and cultural institutions. But, we are also a city that is growing in every single way. Our artists are choosing to live here. We have great programs at the preschool levels up to high school like New World and DASH. Undergraduate programs at Florida International University and the University of Miami are also doing well. There is a foundation strengthening and the conversation is evolving. One of the most important trends has been the evolution of Miami as a year-round destination for arts and culture. There was a time when one talked about an “arts season” but over the years an explosion in the Miami arts scene has led to Miami- Dade being a must-visit location to see important work by a variety of artists throughout the year. One example of this is PAMM’s first major exhibition focused on Jean-Michael Basquiat’s notebooks that ran from August until mid-October. The beautifully organized retrospective of this very important artist and accompanying interactive gallery was well received by visitors and journalists alike during a time that was once considered “out of season.” Miami has indeed become a global arts capital. The biggest challenge is getting people to understand a level of civic interaction that is still part of a young, growing city with people who are coming from all over the world. The biggest challenge is getting everybody to buy in on the idea of representing who we are through our institutions, as opposed to as individuals. That is what we are working on.

Invest: Miami speaks with Lisa Lutoff-Perlo, President & CEO, Celebrity Cruises

 

How have changes in the Miami tourism sector impacted the cruise market?

At Celebrity Cruises, we have seen a growth in a number of areas, including millennial travelers looking for new experiences, requests for off-the-beaten-path destinations, and longer overnights in popular cities. We have also had a surge on our signature sailings, where we take guests to in-demand destination-specific events like Mardi-Gras in New Orleans, celebrating the Pingxi Sky Lantern Festival in Taiwan, Chinese New Year in Hong Kong, Fourth of July in Boston and now we have year-round cruising to the Caribbean. So far, we have not seen a decline with the number of guests we are seeing from Latin America. Our four source markets there have seen steady interest and bookings, and we continue to have new offerings to entice them. Latin America as a destination, continues to be popular for guests. Cuba has become one of the fastest-growing cruise destinations under former President Obama’s “people to people” license encouraging cultural and humanitarian exchanges. There are still some tourism limitations, and we are hopeful that relations will stay strong opening Cuba to all who want the experiences.

What are the main expectations and opportunities with the building of the largest cruise port in the country at PortMiami?

Richard Fain, Chairman and CEO of Royal Caribbean Cruises, has long dreamed of building the PortMiami Terminal. It will have a significant economic impact on Miami-Dade area. The expectations are that the design and flow of the terminal will ease the embarkation and debarkation process for guests, making it easy to experience cruising, access transportation options and navigate their vacation experience without the stress that sometimes comes along with it. The financial implications on Miami-Dade include 4,000 jobs and an annual infusion of $500 million annually.

Record breakers

How Miami is experiencing great tourism numbers despite setbacks

William D. Talbert III. President & CEO – Greater Miami Convention & Visitors Bureau

 

What were the main achievements of Greater Miami Convention & Visitors Bureau (GMCVB) in 2016?

Tourism was up 2 percent in 2016, making it a record year. That is a significant achievement, accomplished as a result of partnerships the bureau has with government, the private sector, Visit Florida and BrandUSA. This is despite a number of serious challenges, including the Zika virus. The governor declared a statewide alert for Zika in February 2016. Miami-Dade County, and specifically the mosquito control division, along with the state health department and various cities, aggressively went after the mosquitos carrying the virus. By December, we had eradicated locally transmitted Zika. It is the first place in the world to do that. The development of a vaccine is now being fast-tracked, so we are really pleased. Hurricane Matthew hit in October 2016, closing the airport over a holiday weekend. Also, tourism from Brazil, which has been our top international market, saw a sharp drop in the first nine months of 2016. For the calendar year 2016 to have record tourism with overnight visitors up 2 percent in the face of Zika, a hurricane, fluctuation in international currency exchange rates and our largest international market down almost one-third, is impressive. Other markets, such as Colombia and Argentina were up double digits. Also of note is that the Miami Beach Convention Center, the region’s largest convention center, is undergoing renovation and expansion. This reduced the amount of business coming to Miami, yet we still had a successful year. That shows the brand is very strong.

Are you concerned about the strengthening of the U.S. dollar and the impact on visitors coming to Miami?

Even with currency issues in countries such as Brazil, visitors from our other top-10 destinations were up. Columbia and Argentina were up double digits. Germany was up a point and a half, the UK was up 5 percent, the Bahamas up 8.5 percent, Costa Rica 1 percent and France 3 percent. So we’ve had these currency issues over time, but only two out of 10 were down.

What are your expectations for the high-end tourism?

Miami is a luxury destination, ranked in the top domestic markets based on hotel inventory. In 2016, we were in the top-five tourist destinations in terms of revenue, which reflects the luxury segment. Much of this is due to the strategy of year-round tourism – with each of the four quarters of the year having about the same number of visitors. Spending increases a little during certain periods, such as during the summer months of July and August, when it is winter is the Southern Hemisphere.