Cuba-U.S. policy change could benefit Miami developers, builders

South Florida economy will likely see lift in many sectors

TRD MIAMI /
Dec.December 18, 2014 11:05 AM

The South Florida economy could benefit from the normalization of the relationship between the U.S. and Cuba that President Barack Obama announced this week.

Industries that could — eventually — see an upside thanks to the newly established diplomatic relations between the countries include banking, shipping, trade, travel and real estate.

The head of Miami-based construction firm Coastal Construction Group, Tom Murphy, told the Miami Herald the new policy was “a first step,” and he’d like to see the embargo lifted next. Murphy said that could provide new business opportunities for those in Miami’s real estate industry. “I think a lot of good developers and builders would head to Cuba. The best thing we could do is go in and rebuild the place. And while we’re at it, let’s build a couple of casinos,” he told the paper.

The new relationship also means U.S. banks can open correspondent accounts in Cuba. “From an initial take this should be a lift for banks in the South Florida area, in the areas of trade finance and remittances,” David Schwartz, president and chief executive of the Florida International Bankers Association in Miami, told the Herald. [Miami Herald] Heather Grossmann

 

Related Articles

arrow_forward_ios
Donald Trump (Credit: Win McNamee/Getty Images)

Newly uncovered trademarks show Trump’s Cuba real estate aspirations

Newly uncovered trademarks show Trump’s Cuba real estate aspirations
The Nico Lopez refinery in Havana, on June 5, 2017.
The economic crisis hitting its ally Venezuela reduced the Cuban import of oil down to 40% of the quantity available until 2014, forcing Cuba's Cupet state-controlled oil company to seek new ways to increase its own meagre production. / AFP PHOTO / YAMIL LAGE        (Photo credit should read YAMIL LAGE/AFP/Getty Images)

Exxon Mobil files landmark lawsuit over properties in Cuba

Exxon Mobil files landmark lawsuit over properties in Cuba
White House allows Americans to sue for seized Cuban properties

White House allows Americans to sue for seized Cuban properties

White House allows Americans to sue for seized Cuban properties
Jorge Pérez on building golf courses in Cuba with Trump, stepping down as president and more

Jorge Pérez on building golf courses in Cuba with Trump, stepping down as president and more

Jorge Pérez on building golf courses in Cuba with Trump, stepping down as president and more
Residential real estate boom in Cuba may not last much longer

Residential real estate boom in Cuba may not last much longer

Residential real estate boom in Cuba may not last much longer
National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more

National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more

National Cheat Sheet: Kushner-founded RE start up Cadre signs with Goldman Sachs, why Newmark’s IPO fails to impress & more
National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more

National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more

National Cheat Sheet: Inside commercial real estate’s data wars, new leaders named at Elliman and Related … & more
84943186

Obama spokesman denies rumors the former president is buying a $27M estate from Caroline Kennedy

Obama spokesman denies rumors the former president is buying a $27M estate from Caroline Kennedy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...