Spotlight On: Tansy Jefferies, Principal, International Tax Services, RSM US LLP

Spotlight On: Tansy Jefferies, Principal, International Tax Services, RSM US LLP

By: Max Crampton-Thomas

2 min read November 2019 — In today’s tight labor market, companies are feeling the pressure more than ever to stand out as leaders both in their industry and in their community. This includes efforts to promote diversity and inclusion within their organizations. Tansy Jefferies, principal for international tax services at RSM US LLP, spoke with Invest: about how RSM is leading the way in shattering the gender barriers in the accounting industry with 30 percent female ownership within the company, and the firm’s efforts to empower their employees with constant investment into enhancing the employee experience. 

 

How is RSM tackling gender challenges in the accounting industry?

 

We are proud to report that RSM in South Florida is leading the charge and breaking the proverbial glass ceiling with 30 percent female ownership in an industry where the average is approximately 16 percent. RSM places a high emphasis on coaching and mentoring our high-performing women to retain and accelerate them into leadership positions. We also want to increase diversity and inclusion more broadly throughout our organization. Culture, diversity and inclusion are strategic business drivers and have shown to be great catalysts for business growth. Our mission is to be the first choice adviser to middle market companies globally and to do that, we need a workforce that is as diverse as our clientele. This is the best way to truly deliver the power of being understood. 

 

How is RSM finding the talent it needs, given the county’s low unemployment rate?

 

We have found that our focus on culture, diversity and inclusion has also differentiated us from other firms when it comes to recruiting and retaining talent. RSM places a great deal of emphasis on delivering the power of being understood, not only to our clients but to our people as well. Through the RSM talent experience, we empower each other to enhance our value and build successful careers. We build rich, enduring relationships based on a profound understanding of each other, our goals and our aspirations. Because when we feel truly understood, we are empowered to move forward with confidence, both personally and professionally. RSM is constantly enhancing the talent experience by investing in and implementing new training, tools and resources. Specifically related to recruiting, we align with the State’s top universities to bring students into our internship programs. We also drive recruitment through diverse professional organizations, such as the National Association of Black Accountants (NABA) and the Association of Latino Professionals for America (ALPFA), which aligns with our goals of building a diverse workforce for the future.

 

In what areas is RSM seeing the greatest demand for its services?

 

As a specialist in transfer pricing, I have seen an uptick in services that affect multinational, middle market organizations. From tax reform to changes across the broader global tax landscape, there has been a significant impact on international companies. We have also seen a rise in enquiries from investors on the tax programs related to Opportunity Zones. On the assurance side, there have been increased activities related to implementing the new revenue recognition and lease accounting standards for public, private and government entities. Our financial advisory services practice has also been growing, as the economic outlook makes it a favorable market for buying and selling businesses. As for RSM’s consulting services, our cybersecurity, blockchain, infrastructure, managed IT services, and risk consulting practices are all growing at a rapid pace.

 

What is enticing investors into the Broward market?

 

South Florida is an enticing climate for a multitude of reasons, including the federal tax changes and incentives that have fostered an interest from our clients determined to keep jobs and intellectual property in the United States. One of the usual challenges for inbound foreign investors is understanding the complexity of U.S. tax law, because of the different layers of taxation at the federal, state and local levels. Fortunately, for businesses seeking relocation into Broward County, those layers are not quite as complex as in other parts of the country, which makes Broward a favorable option. From an economic perspective, Broward has a high quality of life, strong economic growth, and is dedicated to investing in infrastructure and the community, all of which are great reasons for businesses to invest in our community. 

 

To learn more about our interviewee, visit: 

 

https://rsmus.com/

Face Off: Two Legal Leaders on Growth, Talent and Tech

Face Off: Two Legal Leaders on Growth, Talent and Tech

By: Max Crampton-Thomas

4 min read November 2019 — Seemingly every industry in the Tampa Bay region is firing on all cylinders as the area continues to exceed expectations in terms of economic growth. In concurrency with this growth is increased demand from businesses and individuals for legal services and counsel. Law firms in the region have taken notice and are acting swiftly to establish or reestablish themselves as prominent figures in this space. Invest: spoke with Michael Lundy, the managing and founding partner of Older, Lundy & Alvarez, and Kevin Johnson, a shareholder of Johnson Jackson, about the role of Tampa Bay in their businesses, navigating the lingering challenge of labor and the importance of technological advancements in the legal sector. 

 

 

How is the setting of Tampa Bay conducive to your business and legal practice?

Michael Lundy: The Tampa Metro Area is growing rapidly in about every sector. I think that the local political climate is conducive to this growth. We are seeing development driven by businesses that want to operate in Tampa, as well as an influx of outside capital investment from sophisticated sources that see the area as ripe for growth. It seems as though all the pistons are firing at the same time.

My personal practice is marital and family law, but Older, Lundy & Alvarez handles real estate transactions and litigation, commercial litigation, tax work and corporate counsel. With so much local development and population growth, we have benefited greatly because there is a higher demand for the many services that we provide. It is our goal to provide legal services for every aspect of one’s life, or what we call “the ultimate representation.”

Kevin Johnson: For our business, Tampa is a great location for a multitude of reasons. One is that it is extremely easy to reach the entire state from this region. We are only a couple hours from Naples, Jacksonville and Tallahassee. We also have a terrific airport. Most significant would be the strong business climate in the region. Tampa has done a lot of things well over the last 20 years in regards to establishing a conducive environment for businesses in the region. We have been lucky because this city has had a string of progressive and insightful mayors who have gone to great lengths to really improve the business environment. 

Has your firm been challenged in navigating the tight labor pool for legal professionals in the region? 

Lundy: Recruiting talent has not been a challenge. We have been able to recruit incredible lawyers. Tampa has a large pool of amazing legal talent. Tampa is a great place to live. It is an area that has had undervalued real estate, especially in the Downtown area, and that has attracted a lot of development. There has been a steadily growing young population. It has become a city where we talk about technology all the time. Local leadership has had a great positive impact in the area as well. The county commissioners and past and present mayors have had their eyes on the future and have worked very hard to develop a true vision for Tampa. Also, we do not have an income tax in the state of Florida, which is an attractive factor on top of all the amenities Tampa has to offer.

Johnson: The labor pool for legal staff is tight, but we are happy with the people we have on our team. We have found that there are good people out there who you can hire, but there is obviously a lot of competition for them. As a smaller firm, we have to work harder to find those right people, and it really depends on finding the right recruiter to help with that process. It is also very much about the type of work environment we can offer potential candidates. Culture is truly the big driver behind this. We made a commitment to create the kind of culture where people would enjoy working for us. Not only do we offer competitive pay and good benefits, but they also have a lot of freedom in terms of being flexible with their work time to meet family obligations. We also offer legal staff the opportunities to learn and grow so that they can adapt to new skills and new positions. It is all about creating an environment where people really enjoy coming to work and where work doesn’t feel like a job.

How important is new technology to the future success of the legal sector in Florida? 

Lundy: We have embraced technology. We are completely electronic, especially in our research and court filing. We are also all mobile and can work remotely when needed. We embraced technological improvements faster than other law firms and will continue to do so. It will be interesting to see how artificial intelligence will change law practices. Historically, the manner in which legal services were delivered has been very old school, but that is changing.

Johnson: The Florida Bar has been quite progressive when it comes to technology. The Florida Bar is really taking a leadership role and we are seen as the national leader in introducing lawyers to new technology and helping them deal with the effects as technology takes over their practices. We are fortunate to have such a progressive Bar in that respect. Our Supreme Court also has done a good job of trying to figure out where our rules should be so that it is easier for us to deal with the challenges that we face as lawyers. These elements combined make Florida a pretty good environment to practice in.

To learn more about our interviewees, visit:

https://www.olalaw.com/

https://www.johnsonjackson.com/

 

Spotlight On: David Druey, South Florida Regional President, Centennial Bank

Spotlight On: David Druey, South Florida Regional President, Centennial Bank

By: Max Crampton-Thomas

2 min read October 2019 — Connectivity to the community is the key differentiator when it comes to the variety of banks in the region, David Druey, South Florida regional president for Centennial Bank, told Invest:. He also raised some significant points about determining the right talent fit for a role in his bank, and how millennials could benefit from understanding and appreciating the significant advantages that having a human relationship with their bank can bring. 

 

How does your bank differentiate itself in a crowded financial market? 

Whether it is a large, regional, super-regional or community bank, the key difference is the connectivity the bank has to the community. Typically, larger banks have a tendency not to focus on small business. They look for large corporations that take out massive loans. They underserve the communities that they have branches in and use their branches for deposit gathering rather than actually servicing the customer’s needs on both the loans and deposits sides. While we are a $15 billion organization, we have allowed each branch to go with what I call their bend, which is allowing them to do the kind of work that they will succeed in. For instance, if there is a need for construction lending in their market, then they should be doing construction lending. This allows our branches to be in the markets on a much more granular level, and not a large-scale or silo level like some of the other larger banks.

How do you determine the right talent to hire from a tight labor pool? 

Talent must have the finesse to understand financial statements, business models, clients, people and be good enough to get all the details correct in order to have loan documentation approved. There is a very small group of people who can do this job extremely well, and those who do it well are in high demand. The key is to court them to come work for you, and entice them to come over based on whatever it is that they are not getting at their current institution. When identifying these people, we also look at their reputation and overall if they are a high-quality individual. 

Have you observed any significant changes in demand for your services with the influx of millennials into South Florida?

Millennials have a tendency to do everything on their phone, which is fine and we appreciate that technology, but they are missing out on the human component of a banking relationship. Having a relationship with one’s bank is vitally important to their financial well-being. When that relationship solely exists on technology, there is no connection with the financial institution. Millennials are missing out on the connectivity and relationships with banking professionals that could ultimately help them with whatever they may need. The positive trend we are observing is that as these millennials age, they are starting to realize that to start a business or buy a home they need to have some connectivity and relationship with their bank. They are migrating more toward having relationships with financial advisers and banks because they need them as a service provider.

Due to the strict regulatory banking environment, have you seen a trend of people looking at more nontraditional lenders?

In South Florida, we are always competing against two things, cash and nontraditional financing. South Florida has quite a few nontraditional financing options, but these options typically charge for the nontraditional financing through fees and a higher interest rate. This idea is comparable to the convenience store versus a chain grocery-store mentality. A convenience store may be easier to access but you will pay $6 for a gallon of milk, while a chain grocery store may be a bit more effort to access but will result in a savings of $2 for the same product. The same idea applies for lending from a traditional source like a bank versus a nontraditional lender.

 

To learn more about our interviewee, visit: 

 

https://www.my100bank.com/

Top 5 Haunted Happenings in Tampa Bay

Top 5 Haunted Happenings in Tampa Bay

Writer: Max Crampton-Thomas

4 min read October 2019 — The month of October is known for seasonal change, pumpkin-spiced everything and the nationally celebrated horror day, Halloween. While the actual day is regarded as a time for candy, treats and Halloween scares, the weeks leading up to it have been appropriately dubbed “spooky season.” This is an exciting time for thrill seekers and Halloween enthusiasts in the Tampa Bay area as there are a variety of haunted happenings and spooky activities to experience. The following are five of the best and scariest events and places to make this Halloween a memorable one. 

 

 

Tampa Theatre

Regarded as Tampa’s most historic and most haunted movie palace, the Tampa Theatre has embraced its haunted lore for this year’s spooky season. The theater is known for haunted happenings involving former employees whose spirits seem to have never left the theater, like the theater’s old projectionist Foster “Fink” Finley whose footsteps are thought to still be heard from time to time. Not only has the theater showcased 14 nights of frightening films from Oct. 18th until Oct. 31, it is also featuring ghost tours and a special Halloween-themed happy hour event called PAUSE-O-WEEN on Oct. 31. 

For more on Tampa Theatre visit: https://tampatheatre.org/

 

Howl-O-Scream

Carrying the title as Tampa Bay’s No.1 haunted attraction, Howl-O-Scream at Busch Gardens Tampa Bay has been a staple of the community for 20 years. Not only does the event offer horror-heads the opportunity to walk through terrifying “scare zones,” it also features multiple haunted houses, access to many other twisted terrors and some of Busch Gardens most iconic rides. This weekend event runs from Sept. 20 to Nov, 2, and promises to “twist daydreams into nightmares.” 

To read more about Howl-O-Scream visit: https://buschgardens.com/tampa/events/howl-o-scream/

Undead in the Water

Undead in the Water is an annual haunted house with a twist. It is the only authentic nautical haunted attraction in the region and takes place on the historically famous 1945 WWII vessel the American Victory Ship. Thrill seekers will rejoice in the challenge of venturing through the multiple decks of this historic vessel as they avoid consumption by an infected zombie hoard onboard the ship. Undead in the Water is infamous for being one of the scariest annual attractions that the region has to offer. This event runs every weekend from the beginning of October until Nov. 2. 

For more on Undead in the Water visit: https://www.undeadinthewater.com/

Ybor City Ghost Tour

While it is known for being a National Historical Landmark District in Tampa Bay and one of the preeminent spots for tourists and residents to frequent, Ybor City is also known as one of the top destinations for hauntings. With a deep rooted history in the development and emergence of the Tampa Bay region, Ybor City has seen its fair share of diverse demographics settling in the region and calling it home. According to urban legend some of these souls just decided to never leave, which is why Ybor City is home to the critically acclaimed Ybor City Ghost Tour. Rated as the No. 1 haunted tour in the United States by US City Traveler and rated in USA Today’s 10 best lists, this tour promises an informative and scary walk through the ghostly history of Ybor City. 

For more information on the Ybor City Ghost Tour visit: http://www.yborghosttour.com

Cuban Club

Located in Ybor City, the historic Cuban Club has a history that spans over a century and includes shows by world-renowned entertainers, weddings, parties and the occasional haunting. The club itself is a wonderful multipurpose rental facility with amenities like a grand ballroom, theater and courtyard. With numerous reports of ghostly sightings and paranormal activity, it is not a surprise that this location was named by The Travel Channel as one of its Top 10 most haunted places. The Club leaves it up to guests to decide whether they believe it to be haunted or not as stated in the FAQ on its website: “We are reputed to be haunted, but we will let you make up your own mind on this subject…”

To see more on the Cuban Club visit: http://cubanclubybor.com/

Spotlight On: Lisa Scott-Founds, President & CEO, Winterfest Inc

Spotlight On: Lisa Scott-Founds, President & CEO, Winterfest Inc

By Max Crampton-Thomas

2 min read October 2019 — The Broward County community is spoiled for choice when it comes to events in the area, as there is seemingly something happening every week, even in winter. The seventh-largest spectator event in Florida is the Seminole Hard Rock Winterfest Boat Parade, to be held this year on Dec. 12. Invest: spoke with President and CEO of Winterfest Inc Lisa Scott-Founds about the importance of innovation to the event, how they ensure safety and the role the Boat Parade plays in the tourism economy of Broward County. 

How important is consistent innovation to the success of the event?

We always want to integrate the newest technology into our event, like the use of holograms, which we hope is a real possibility for this year. As a nonprofit organization, we are always searching for unique additions to our event that are not cost-prohibitive. We are always asking people, “What is something that you’ve never seen us do before?” We take their suggestion, develop a budget to execute the idea and bring it to our board and possible sponsors to help with underwriting the “new wow-factor idea.” It’s amazing what can happen when you bring together creative minds and supporters in the business community. The entertainment value is the most important element for our success to ensure we continue to be the “Greatest Show on H2O” and the seventh-largest spectator event in the state of Florida.

How do you ensure safety at an event like Seminole Hard Rock Winterfest Boat Parade?

We work with all our law enforcement officials — the United States Coast Guard, Broward County Sheriff’s Office, Fort Lauderdale Marine Patrol, Fort Lauderdale Police Department and the Fire Department. When putting on an event of this caliber, safety is the No. 1 priority. Those who participate in the parade are educated on all our safety procedures. We send them messages on a daily basis to always be conscious of how important it is to keep safety first when you are on the water. As a parade on water, Winterfest needs to have proper procedures in place. Unlike a land parade; you can’t just hit a brake on a boat to stop. Spectators within our Grandstand viewing area see signs directed toward their safety as well.

What role does the Boat Parade play in the tourism market within Broward County?

There is nothing like the Seminole Hard Rock Winterfest Boat Parade in the entire world. The beginning of December is a little slower for tourism, as opposed to other months when tourism in South Florida sees a boom, so we feel a responsibility to bring people into the region and put heads in beds. Our success is due to collaboration with organizations like our Greater Fort Lauderdale Convention and Visitors Bureau and working with area hotels. Tourists should experience a Winterfest weekend, a show at the Broward Center for the Performing Arts, eat at our restaurants and immerse themselves in our community. There is just so much to do in Fort Lauderdale, and in Broward County for that matter.

 

To learn more about our interviewee, visit: 

 

https://winterfestparade.com/

Top 5 Family-Friendly Destinations in the Tampa Bay Region

Top 5 Family-Friendly Destinations in the Tampa Bay Region

Writer: Max Crampton-Thomas

4 min read October 2019 — With almost 1,000 people moving into Florida every day, the appeal of the state is quite apparent. From our favorable tax climate to ideal weather and everything in between, Florida is the hotspot in the southeast. The Tampa Bay region has been a beneficiary of this population boom, as represented in the more than 51,000 people that moved into the region last year. One of the major appeals for Florida, and more specifically the Tampa Bay MSA, is the welcoming, family-friendly environment that has been cultivated throughout the state. Supporting this are the multitude of family-friendly activities and destinations available throughout the region. With so much choice, Invest: thought it would be fun to narrow it down. Here are five of the best family-friendly destinations in the Tampa Bay region.

Florida State Fairgrounds

Known for their title event, the Florida State Fair, the Fairgrounds are also a destination for festivals, trade shows, conventions and outdoor shows. The 12-day Florida State Fair is the premier family-oriented event in the Tampa Bay region. The emphasis on family fun is cultivated in the Fair’s various offerings like rides, animal interactions, fair food, and activities and shows for children. Cheryl Flood, executive director for the Florida State Fair, spoke to Invest: about just how significant this family-friendly event is to the region. “We are known for our 12 days of family fun during the annual state fair festivities, when families from across the state gather to celebrate agriculture, education and community. Annually, we boast 500,000 visitors who generate over $152 million dollars in sales throughout the state of Florida. The Florida State Fair is the first state fair of the year throughout the entire country. As a result, we set the trends of what the fair industry and fairgoers can expect nationally. We think of ourselves as a catalyst for innovation within this niche industry.”

For more information on the next Florida State Fair & the Fairgrounds visit: https://www.floridastatefair.com/

Museum of Science and Industry

Tampa’s Museum of Science and Industry (MOSI) is not the typical museum destination that some may be accustomed to. Instead of taking a more traditional approach to teaching principles of STEM and STEAM, this museum prides itself on being a scientific playground that offers more than 100 different hands-on activities for parents and children alike. The museum was not always known for its innovative approach, but after a restructuring and renovation in November 2017, they have been working to change that narrative. Julian Mackenzie, president and CEO of MOSI, elaborated on this deliberate effort, “In our second year of ‘new MOSI,’ after the completion of our restructuring and renovation in November of 2017, our reputation in the community was re-established. Prior to our reopening, the venue had a reputation for outdated exhibits that in some cases just simply didn’t work as they should. Our main focus for MOSI since then has been to re-engage the community with expanded participation in popular public events. In this fashion, it put our No. 1 asset in full view, that being our staff and the passion they have for making science real for all ages and demographics. Also, it has been about the exhibit path experience. Guests can now count on a dynamic experience at MOSI with hands-on activities and exhibits that not only function as they should, they also entertain, educate and inspire.”

To see all of MOSI’s offerings visit: https://www.mosi.org/

Glazer Children’s Museum 

The Glazer Children’s Museum is a prime example of a family-friendly destination that is using innovation and inclusivity to rise above the variety of options in the region. The museum, which saw its third-busiest year on record in 2018, understands the importance of being a viable option for all different types of families and children. Sarah Cole, the president and CEO of Glazer Children’s Museum, expounded upon this to Invest:. “At the Glazer Children’s Museum, we believe that all children deserve the opportunity to play with purpose. We strive to provide accessible and inclusive programs, events, and exhibits to serve the diverse needs of our guests. For families with special needs, we offer programs like our monthly Sensory-Friendly Sunshine Sundays and Autism-Friendly Camps. When families visit the museum, they have access tools, from an experience book to plan their visit to sound-blocking headphones, sensory kits, accessibility chairs, and more. We are proud to be designated an Autism-Friendly business for eight years running through the Center for Autism and Related Disabilities and we were recently named Employer of the Year by the Mayor’s Alliance for People With Disabilities.”

For more on Glazer Children’s Museum visit: https://glazermuseum.org/

Clearwater Marine Aquarium

In the case of the Clearwater Marine Aquarium, being a family-fun destination is only part of who they are. The Aquarium, which was the backdrop for the films Dolphin Tale 1 & 2, serves as both a family-friendly destination to observe marine life in an interactive and educational manner as well as a marine research and rehabilitation sanctuary. They are currently under major construction as they work to not only improve their facilities for guests but also for their marine rescue and rehabilitation efforts. Frank Dame, executive vice president and chief operating officer for Clearwater Marine Aquarium, spoke to Invest: about what could be expected from the new facilities, “When we open the doors to our new facility, sometime next year, we are going to have almost four times the guest space we have now. We are also building five new dolphin pools. Currently, between all our facilities we have about 985,000 gallons of water, and these five new dolphin pools will add another million and a half gallons. We are really ramping up our ability to rescue more animals and provide a better living environment for our dolphins, as well as drastically improve the guest experience.”

To read more about Clearwater Marine Aquarium’s aquatic initiatives visit: https://www.seewinter.com/

Clearwater Beach

To be named the No. 1 beach in the country is no small accomplishment, so the significance of Clearwater Beach being dubbed this title two years in a row by TripAdvisor cannot be understated. From in-water activities to fun festivals to simply sunbathing on the white sands, this family-friendly destination has something for everyone to enjoy. Sights are now set on retaining this title for the foreseeable future, and Frank Dame of the Clearwater Marine Aquarium weighed in on how to best accomplish this. “We need to focus on maintaining our recognition as the No. 1 beach in the nation, and we can’t accomplish this by just promoting ourselves as No. 1. The mission now is to make us the No. 1 beach because we are ocean-friendly. We can do this by eliminating trash and doing things like stopping the use of single-use plastics,” he told Invest:. 

For more on the #1 Beach in the nation visit: https://www.visitstpeteclearwater.com/communities/clearwater-beach

A Show 60 Years in the Making

A Show 60 Years in the Making

By Max Crampton-Thomas

 2 min read October 2019 — Oct. 30 to Nov. 3 are probably the most important couple of days for the city of Fort Lauderdale and for Broward County. Over the course of these five days, the city opens its doors to over 110,000 boating enthusiasts from around the world representing over 50 countries, all here for the purpose of attending the Fort Lauderdale International Boat Show. While this event is always a highlight for the year, this year has special meaning: it’s the 60th anniversary for the Boat Show.

The success and longevity of the event comes as no surprise as Fort Lauderdale has been dubbed the “Yachting Capital of the World” with its economic roots deeply cemented in the marine industry. This event is not just a chance for visitors to see these boats up close and personal; it serves primarily as a platform for yacht brokers and various other exhibitors to showcase their marine products and services. 

The economic benefits to the region brought on by a boat transaction cannot be understated, and were highlighted by Paul Flannery, executive director for the International Yacht Brokers Association, when he spoke to Invest:. “A boat is an economic engine for the community. When a boat comes to a community, 10% of the value of that boat is injected into the local economy on a yearly basis. When there is a transaction involving a boat, an additional 13% of the value of that boat is injected into the local economy in the first year after the sale,” Flannery explained. He continued: “When a person wants to sell their boat, then we need to make sure they know that there is no better place to do business than South Florida, the yachting capital of the world. The impact of that boat sale happening in South Florida benefits the local economy through the yacht broker and marina owner, as well as all the people engaged in that transaction.”

The show this year will not only feature the debut of the show’s largest megayacht, Madsummer, it will also include the 2nd Annual Sunset Soiree and Yacht Chef Competition, a superyacht village and a mansion yacht. Perhaps most unique about this year’s event is the FLIBS 4 Bahamas initiative that will be in support of the Bahamas relief efforts in the Abacos and Grand Bahama, two of the islands devastated by Hurricane Dorian. The proceeds from both the raffle of a Pioneer Sportfish 180 and the Yacht Chef Competition will be going directly to charities working on hurricane relief for the islands.

With more than $4 billion worth of product on display at the Boat Show, the event has not only become a staple for the South Florida community, but the global marine community as well. The event is owned by the Marine Industries Association of South Florida, whose CEO and President Phil Purcell perfectly summarized to Invest: just how important the Boat Show is to the region. “We are the refit and repair capital of the world, the yachting capital of the world. When you think of Fort Lauderdale International Boat Show’s impact on the state of Florida, it generates an $857 million economic impact, with 110,000 visitors from 52 countries around the globe. Keep in mind that $100 million a day changes hands in sales during the five days of the show. The marine industry has an economic value to Broward County of $8.9 billion.”

To learn more about our interviewees, visit:

https://www.flibs.com/en/home.html

https://www.miasf.org/

https://iyba.yachts/

Spotlight On: Asi Cymbal, President & Owner, Cymbal Developmentf

Spotlight On: Asi Cymbal, President & Owner, Cymbal Developmentf

By Max Crampton-Thomas

2 min read October 2019 — Fort Lauderdale’s real estate development market is in its prime and if there was ever a time to capitalize on that, it’s now. The successful developers are those who truly understand the market, can create an innovative product and have the foresight to protect themselves if this hot market goes cold. Asi Cymbal is the president and owner of Cymbal Development, a development and construction company that is working on a new innovative development along the water called Marina Lofts. Cymbal discusses the key differences he has identified in Broward and Miami-Dade’s real estate development markets, market trends and how vital the financing market is to how real estate development performs. 

What can be expected for your development of Marina Lofts? 

We have a significant interest in Downtown Fort Lauderdale, and we own a six-acre site along the water where we are building The Marina Lofts. We brought in Bjarke Ingels, an amazing architect, to design the project. Marina Lofts will be a multi-use project with residential, marine and retail, and a possible hotel and condo component as well. We have waited for the market to come to us, and we believe this is happening now with all the activity that is happening south of the river. It is primarily a rental market on the river and we think there is an opportunity to create something spectacular and cost-efficient along the waterfront.

How do the markets in Miami-Dade and Broward County differ? 

Miami and Broward are quite different, although they are so close in proximity. Fort Lauderdale strives to be a city that seems closer in line to the bigger cities in the Midwest, while Miami strives to be a city that is more closely aligned with Eastern cities like New York. They have slightly different demographics as well, but both are attractive cities in different ways, which I believe adds to their appeal for various types of renters or buyers. An issue we are dealing with in both places is construction costs, and we are emphasizing efficiency in design more than ever. To be successful in these markets, we need to be a lot more cost-conscious than we have been in the past.

 

Where do you see development trends gravitating as we move into 2020? 

There will continue to be strong demand for multifamily units. I believe retail will take a hit even though there are some interesting innovations happening in that space. There is an opportunity for growth in office space and there is more of an emphasis on an environmentally friendly product. Our housing tenants expect to see more of this emphasis, so we do design with an eye toward energy conservation, green efficiency and things of that sort that appeal to this demographic. Overall, we are cautiously optimistic through 2020, and our company will remain in significant expansion mode.

 

How dependent is real estate development on the financing market? 

The financing market helps check the type of real estate product and the quantity of product being developed in South Florida. Regulation is a lot more strict today than it was right before the Great Recession. Having a stronger financial backing for projects is what keeps the region from over-building and there is a lot more hesitation and thought going into what is developed in South Florida. During the Great Recession, we saw opportunities to develop, but it was difficult to find financing. By the time we were mid-cycle everyone wanted to finance, but the opportunity was diminished. Now, we are toward the end of the cycle and there is financing, but you need to create your own opportunities.

 

To learn more about our interviewee, visit: 

 

http://cymbaldevelopment.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/

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