Miami Beach has about $4 billion in development projects citywide, according to Steven Anthony, the city’s economic development director, as officials work to attract businesses beyond the city’s traditional tourism and hospitality industries. The projects include hospitality, residential, comme rcial and mixed-use development, Mr. Anthony said. He said Miami Beach is seeing strong interest from restaurants, family offices, hedge funds and venture capital firms looking to establish or expand their presence in the city. “There’s just a ton of interest in Miami Beach at this point,” Mr. Anthony said. The city is particularly focused on attracting financial services, technology, healthcare, health and wellness and creative industry businesses as part of its efforts to diversify the local economy. Mr. Anthony said Miami Beach’s limited office space makes it less suited to companies with hundreds of employees but creates opportunities to attract smaller firms and executive teams with 20 to 50 employees. “Hospitality and tourism are always going to be core to Miami Beach, without a doubt,” he said. “But the way that we’re diversifying amongst those industries is what we’re really kind of aiming for, and we’re seeing a lot more traction.” Among the city’s major developments is the 800-room Grand Hyatt Miami Beach convention center hotel, which topped off in July and remains scheduled to open in late 2027. The hotel is planned to connect directly to the Miami Beach Convention Center, which officials expect will help the city compete for more large national and international conferences. The city is also undertaking a multiphase revitalization of Lincoln Road, with improvements to pedestrian areas, lighting, seating and landscaping. In North Beach, the city is developing a five-year strategic plan to identify projects that could support continued revitalization. Mr. Anthony pointed to the redevelopment of the Byron Carlyle Theater, plans for an aquatic center, improvements along Ocean Terrace and new residential and commercial development as examples of activity in the area. To encourage business investment, Miami Beach offers a performance-based job creation incentive program that provides payments after participating companies verify that they have met employment and payroll commitments. Mr. Anthony said the city commission added $400,000 to the program for fiscal year 2026. Under the program, eligible new-to-market businesses can receive up to $200,000 annually for four years, while expanding businesses can receive up to $200,000 annually for three years. Payments are contingent on meeting employment and wage requirements. The city has also introduced expedited permitting reviews for office buildouts in targeted industries, including financial services, technology companies and corporate headquarters. Its business concierge service helps companies navigate the process of opening or expanding in Miami Beach. Through its Business-Ready Days program, business owners can meet with representatives from multiple city departments in one location to address permitting and other requirements. Other initiatives include commercial lease subsidies, North Beach property improvement grants and marketing efforts such as Miami Beach Means Business to promote local businesses. Looking ahead to 2027, Mr. Anthony said the city’s priorities include diversifying the economy, expanding workforce housing opportunities to reduce commuting and revitalizing commercial corridors such as Lincoln Road, Washington Avenue, 41st Street and 71st Street. The post Wave of financial firms moving to Miami Beach appeared first on Miami Today. ...read more read less