The secret came out in 2020 — Florida is more than just a winter retreat.
Since last year Florida has seen a boom in residents, making it one of the fastest-growing states in the nation. The tropical climate, luxurious new developments, moving economy, tax benefits, fewer Covid-19 restrictions for businesses and rich cultural diversity have drawn people to the Sunshine State, especially to metropolitan areas like Miami. There are also many signs pointing to its continued growth: Miami is a vibrant, international city with a lower cost of living than New York, San Francisco or Los Angeles. Businesses are moving as well, enticed by the opportunity to increase profits, reach an international audience and draw on a growing talent pool.
As a result, a large number of businesses have expanded or relocated to Miami in the last 18 months, including investment firms, startups, wealth management firms and more. Founders Fund, a major Silicon Valley venture capital firm, recently signed a lease in Miami’s financial district.
Patrick Lee, founder and president of Shorecrest Construction, noted that his company has seen a spike in the number of clients planning to set up shop in Miami, including a well-known French hospitality brand.
“Right now, people are coming down out of the Northeast, coming from other countries, and coming in droves,” said Lee. “They’re realizing South Florida has grown up in a lot of ways. Where it used to be just a vacation destination, it’s now becoming a major business hub.”
Relocating a business to a different state can be exciting, but also intimidating. For business owners planning a move to South Florida, there’s no better partner than Shorecrest Construction. From the historic Coral Gables to the mural-filled streets of Wynwood all the way to the white-sand shores of Miami Beach, Shorecrest knows the ins and outs of Miami’s unique market and can help business owners navigate the process from acquisition to opening day.
Shorecrest offers a variety of services, from ground-up construction and interior renovation to general contracting and historical renovations. It has a wide-ranging portfolio that includes luxury hotels like Soho Beach House Miami and the Four Seasons, as well as boutique retail and private residences.
Shorecrest’s local expertise means that it is poised to assist business owners at any stage of relocation. It can navigate permitting and planning, provide construction services and facilitate relationships with Realtors, architects and designers.
Andrea Mathieu, director of construction at Shorecrest, says many newcomers don’t realize that the area often referred to as Miami is not a single city. The region is a sprawling patchwork of municipalities that includes Miami Beach, Aventura, North Miami Beach and North Miami, just to name a few. Then there are other parts of Miami-Dade County, such as Coral Gables, Miami Springs and Bal Harbour.
This means that building in the greater Miami area isn’t always straightforward. “You’re not going to one building department,” said Mathieu. “Depending on where you are, you may have to navigate that specific municipality, and they’re all different. They all have different requirements, different submission procedures and inspection procedures.”
Jeff Jeffries of Millennium Partners agrees. For all of the natural beauty that the Miami area has to offer, “it can certainly be a complicated city to navigate when first arriving,” said Jeffries. Millennium partnered with Shorecrest on the real estate giant’s South Florida properties, which include the Four Seasons on Brickell Avenue. “As a New York developer building in Miami for the first time, it was fortunate that we worked closely with Shorecrest Construction,” he said.
Jeffries has also seen potential for local businesses in Miami’s recent growth: “The positive impact is certainly being felt throughout the service industry as well as the office market and residential market.”
As Covid vaccinations roll out, experts are predicting that life will be largely back to normal by the summer — just in time for Miami’s peak construction season to get underway for fall.
Click here to email Shorecrest directly.