Issue link: http://read.dmtmag.com/i/81895
Miami – Gateway to the Americas PRESIDENT'S POST month right here in Miami. Most of you have visited Miami more than once; however, I want to give you an inside look as to why Miami is oſt en called "Th e Magic City, A to Latin America." South Florida's population of foreign born residents is the largest per capita in the world at a regional level, and Miami comes in as the highest at the city level, making it a truly international city like few places elsewhere. Downtown Miami is South Florida's central business, and Miami's easy access to Latin America has made it a top international bank- ing and investment center, with the largest concen- tration of international banks in the United States along Brickell Avenue. Th e J.W. Marriott Marquis, where our convention will be held, is just a couple of blocks north of Brickell, an area where you will fi nd numerous restaurants and bars of multiple nation- alities within walking distance from the hotel. Th ere are four pillars to Miami's economic dyna- mism: Tourism, International Trade, Finance, and Real Estate. As a result, Miami has a highly diversi- fi ed economy with over 150 multinational compa- nies headquartered in the city. Due to its proximity to Latin America and multicultural population, Miami serves as the headquarters of Latin Ameri- can operations for more than 1,000 multinational corporations. For more than two decades, the Port of Miami, known as the "Cruise Capital of the World," has been the number one cruise passenger port in the world. It accommodates some of the world's largest cruise ships and operations, and is currently the busiest in both passenger traffi c and cruise lines. In 2010, a record 4.3 million passengers traveled through the Port of Miami. Approximately one-fi ſt h of the world's cruise passengers start from Miami, and that fi gure is much higher if Port Everglades in Fort Lauderdale is taken into consideration. During the mid-2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s. During this period Miami had well over 100 approved high-rise construction projects, in which about half were actually built mostly in the Brickell and Downtown area. In 2007, however, the housing market crashed, causing lots of fore- closures on houses and condominiums. Th e rapid high-rise construction has led to a fast population growth primarily in the city's inner neighborhoods, primarily in Downtown, Brickell and Edgewater. By the end of 2006, these three areas had an inventory of new condos of approximately 40,000 units, with an absorption rate of 8,000 units per year. Between 1998 and 2007, real estate prices doubled and even tripled in value before collapsing during the fi nan- cial crisis. South Florida, and in particular Miami, was hit hard, with real estate prices in general drop- ping about 50 percent in value. Today 95 percent of the condos that were built have been sold, mostly to foreigners – in particular European and Latin American investors. Hong Kong-based Swire Properties recently broke ground on building Brickell CitiCentre, a $1.05 billion mixed-use project. In a recent inter- view with the Miami Herald, Mr. Martin Cubbon, chief executive of Swire Properties, said: "Th e best opportunity we have seen is here, strangely, not in China. Th is looked more attractive than the same analysis looked in big cities in China. But clearly there are plenty of others that don't agree with me, because they've been buying land in China, not in Miami. " s president of IDA and a resident of South Florida since 1979, I am delighted we are having our 54th annual convention next Roger Terán IDA President 2012 " "Gateway to the Americas" and "Capital 6 IDA UNIVERSAL September-October 2012