Global Miami October 2023

TRENDS

TRANSACTIONS

REGIONAL HQS

TRADE LEADERS

INVESTMENTS

ENTREPRENEURS

GLOBALMIAMI OCTOBER 2023

INVESTMENT, INNOVATION & TRADE

The Saga of

Jorge Perez

and the Related Group PLUS SPANISH INVESTMENT IN MIAMI THE FRENCH CONNECTION

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The Marlins Go Global: Bringing the World Together One Game At A Time

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he Miami Marlins are having an incredible season, making a run for the playoffs for the second time in four years. We’re celebrating a season filled with monumental achievements on the field like Venezuelan All-Star Luis Arraez racking up hit after hit and off the field where attendance continues to soar for the second year in a row - including a record-setting 100,000-plus fans over a three-day weekend in August.

The tone of the 2023 season was set early with the booming success of the World Baseball Classic, which placed an international spotlight on the Marlins, loanDepot park and all of South Florida. The prestigious tournament was elec-

By Caroline O’Connor

tric and connected teams and their fans from 20 countries around the globe while creating an economic impact of more than $260 million dollars in the South Florida community.

Global companies such as ADT, Norwegian Cruise Lines, Pepsi, T-Mobile, and Bacardi, to name a

few, have noticed the impact the Marlins brand can bring to their business. Travel destinations like Curaçao and Dominican Republic see the appeal of aligning with an organization that features players from six different countries, including the ace of the pitching staff and Cy Young Award winner Sandy Al-

cantara who hails from the D.R. And speaking of the Dominican Republic, we made an important investment in Boca Chica last year with the opening of our state-ofthe-art player development academy. Complete with major league playing fields, batting cages, a strength and conditioning gymnasium and hydrotherapy room, an on-site residential building with classrooms outfitted with computers, and a full-service cafeteria, the facility is among the best MLB team facilities in the D.R. and is a prime example of the Marlins’ commitment to invest in and develop

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Bahamian Heritage Fans

Dominican Republic Fans

international talent.

Beyond baseball, loanDepot park is an incredible venue and international destination. Events like Afro Nation - the world’s biggest AfroBeats music festival - held a two-day festival at the ballpark with music stageboth inside and outside. Meanwhile, Pickleball the world’s fastest growing sport - found a great home to lay courts and hold a tournament outside the ballpark before a baseball game this summer.

We unite the culture and heritage of our team and the game of baseball with our city during special Heritage Celebrations at Saturday home games throughout the

year. From the Dominican Republic, Puerto Rico, Nicaragua, and Japanese heritage to Venezuelan, Colombian, Mexican, American Indian heritage and more, these events create an unmatched atmosphere of pride and energy. This past August also featured the Jewish Community Celebration and Faith and Family Day both with ceremonies, celebrations, and even a concert.

Beyond the game on the field, the stands erupt in an emergence of music and fun that can’t be found anywhere else in South Florida as we celebrate the unique blending of cultures that makes our community special. loanDepot park is the

place to be to fly your flag or play your favorite instrument - you don’t want to miss your opportunity to support your nationality or the star player hailing from your country at our one-of-a-kind heritage celebrations.

It all sets the stage perfectly as loanDepot park will host the 2024 Caribbean Series (Serie del Caribe), the first Major League Baseball stadium to do so. The Caribbean Series is a tournament featuring the champion from each of the four professional baseball leagues in the Caribbean Professional Baseball Confederation (Venezuela, the Dominican Republic, Puerto Rico, and Mexico), as well as one representative each from Colombia, Curaçao and Panama. We are thrilled to bring the world together once again to celebrate the game we all love along with the heritage that surrounds our fans and players. Grab your ticket to your heritage celebration today at marlins. com/heritage and gain exclusive presale access to the 2024 Caribbean Series before the general public.

We can’t wait to celebrate with you at loanDepot park!

Clinical Research Trials for Alzheimer’s Disease Treatments Participation Can Make a Difference in Your Life and the Lives of Others

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he Frank C. and Lynn Scaduto MIND Institute at Miami Jewish Health is unique in its position as a state-designated memory disorder clinic (MDC) and clinical research site. The team is led by Dr. Marc Agronin, Chief Medical Officer and board-certified adult and geriatric psychiatrist.

Dr. Agronin is a prolific researcher, with significant experience overseeing clinical research trials for Alzheimer’s disease therapeutics. “Here at MIND Institute, we’ve studied every major experimental agent that’s been developed for Alzheimer’s disease over the past 24 years,” he says. “That includes all of the new immunotherapies that have the potential to change the course of this illness.”

Alzheimer’s Disease and the Brain There are two abnormal proteins, amyloid beta and tau, that appear in the brains of Alzheimer’s patients and impact the health of and connections among brain cells or neurons.

Alzheimer’s disease impacts tens of millions of people worldwide, up to 70% of whom are over age 65. Close to 50% of people aged 85 are estimated to have Alzheimer’s disease.

Amyloid beta forms plaques on the outside of neurons, while tau creates “tangles” inside the neurons. These disruptions cause memory loss and other forms of neurocognitive impairment. Other contributing factors include inflammation, oxidative stress, decreased brain metabolism and vascular conditions like high blood pressure and atherosclerosis (hardening of the arteries).

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The Urgent Need for a Cure “Alzheimer’s disease affects every single family across the generations. Everyone ages and we will all be at risk at some point,” states Dr. Agronin. “As a clinical research site, MIND Institute is looking for a cure.”

Research at MIND Institute is particularly focused on immunotherapies that can help a person’s own immune system get rid of toxic proteins. Immunotherapies use synthetic peptides or monoclonal antibodies that target amyloid beta or tau. The antibodies signal certain immune cells to absorb and digest the proteins and remove them from the brain. Two FDA-approved immunotherapies have been shown to slow down the progression of Alzheimer’s in early stages of the disease. Other therapies under study aim to prevent the toxic proteins from clumping together, improve brain metabolism, or protect neurons from excess damage.

Alzheimer’s Disease Clinical Research Trials at MIND Institute MIND Institute is studying new pharmaceutical treatments and enabling continued learning about Alzheimer’s disease.

Several clinical research trials are underway now, with participation opportunities for people who meet study criteria.

“

“We are looking at different treatment approaches,” says Dr. Agronin. “Some aim for symptomatic improvement while others seek to actually modify the disease and slow its progression. A third approach targets Alzheimer-associated neurocognitive symptoms such as agitation or apathy.”

Joining an Alzheimer’s disease clinical research trial is an opportunity to get access to the latest treatments. Clinical research trials take place at MIND Institute and pay a small stipend. Participants work closely with researchers and receive comprehensive care throughout their clinical research trial.

To qualify, participants must have mild to moderate Alzheimer’s disease, be aged 50-90+ and have an involved caregiver.

Creating Hope Through Innovation By joining a clinical research trial, patients and their families can gain a deeper understanding of Alzheimer’s disease and its mechanisms and management. Each individual’s contribution brings us one step closer to finding a cure.

It’s important for people to understand that without these clinical research studies, we will never make any progress in Alzheimer’s disease.

”

DR. MARC AGRONIN, CHIEF MEDICAL OFFICER FRANK C. AND LYNN SCADUTO MIND INSTITUTE

Learn more about the clinical research trials and other breakthrough programs at the Frank C. and Lynn Scaduto MIND Institute at Miami Jewish Health.

See us online at MiamiJewishHealth.org/MINDInstitute or call 305.704.7894.

INSIDE THIS ISSUE

OCTOBER 2023 DEPARTMENTS 14 PUBLISHER’S NOTE Sim City Miami

16 BOOK REVIEW

“Emerging Global Cities”

30

18 TRANSACTIONS

Trade & Business News in Miami

20 TRADE STATS

High Flying Export: Aircraft Parts

22 TRADE WINDS

The French Connection gets Stronger

26 CONSULAR CORP

Trade between Miami and France

28 HOSPITALITY

Cisneros Group Expands in DR

30 MEDIA TECHNOLOGY

Mediapro Invests in LED Backdrops

34 TRANSPORTATION

Global inDrive Brings Low-Cost Fares

36 ENTREPRENEURS

Tech Leaders Gather for Awards

34

38 TRAVEL

48 Hours in Spanish Gran Canaria

70 FINE DINING

Toro Toro: Dinner and a Show

72 OUTLIER

Rishtedar: Indian Food via Chile

74 DINING GUIDE

Miami's Dining Hot Spots

76 PROPERTIES

Waterfront Properties from “Up North”

80 TALK

Miami: From Gateway to Bridge

70

10

GLOBALMIAMIMAGAZINE.COM

INSIDE THIS ISSUE

VOL 1. ISSUE 8 FEATURES

42

THE SAGA OF JORGE PÉREZ Miami’s billionaire Condo King begins the process of passing on the empire, even as it expands its global reach.

Pérez is the chairman and CEO of the Related Group, a privately-owned global real estate company he founded in 1979. Forbes’ 2023 list of the richest people in the U.S. pegged Pérez’s net worth at $1.7 billion. He has overseen the construction of more than 100,000 luxury and affordable residences – some 17 million-square-feet of real estate – selling properties worth more than $50 billion. Now, his sons are taking over.

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49

SPECIAL REPORT: SPAIN As Greater Miami has developed since the 1960s into the U.S. business hub for Latin America and the Caribbean, Spain has strengthened that special relationship. Today, Spain has more companies in Miami-Dade County than any other overseas nation – roughly 400, according to the SpainU.S. Chamber of Commerce, which calls Miami home. Those businesses run the gamut from food and wine sellers to tile makers, construction giants, banks, retail, airlines, and, recently, many tech startups.

49 12

GLOBALMIAMIMAGAZINE.COM

PUBLISHER’S NOTE

PUBLISHER

Richard Roffman EDITOR-IN-CHIEF

J.P. Faber

SENIOR VP INTERNATIONAL

Manny Mencia

DIRECTOR OF OPERATIONS

Monica Del Carpio-Raucci ASSOCIATE PUBLISHER

Gail Feldman

DIRECTOR, SALES AND PARTNERSHIPS

Sherry Adams Amy Donner Andrew Kardonski Gail Scott

Sim City Miami Anyone who has seen the film “Field of Dreams” knows the expression, “Build It and They Will Come.” Our cover story this month is about a man who manifested that aphorism, literally transforming the Brickell and Downtown skyline and attracting thousands of residents to the new urban world of modern Miami.

Jorge Pérez exemplifies global Miami in myriad ways. He is an Argentine of Cuban descent. He has marketed his buildings to residents from around the world, especially to Latin Americans. He has amassed a collection of Latin art, which is exhibited in his eponymous Miami art museum and in a new space in Allapatah. He is now building sleek condo high-rises in Brazil and Mexico, spreading the modern Miami brand. He also created the Jorge M. Pérez Architecture Center at the University of Miami.

What is unique about Mr. Pérez is his fulfillment of the American Dream. Starting his “business career” at a local pizzeria, followed by selling encyclopedias, gave him the ability to work with and to judge people. Certainly, the experience of door-to-door selling taught him how to overcome challenges – and how to create a successful dialogue in the deal-making process. In the long run, earlier life experiences produce the entrepreneur of the future. It all contributes to making a clearer vision on the road to success.

Take note of this quote from Jorge Pérez, which I think provides insight

MANAGING EDITOR

into his leadership role in building cities throughout the Americas: “While luxury condos may indeed provide higher profit margins, we invest in affordable housing projects for a number of reasons, including social responsibility, government incentives, and long-term financial stability. Everyone deserves housing they are proud to call home.” That’s commitment.

Gov. Nelson Rockefeller, while creating the State University System of New York, wanted a motto encapsulating the mission of his educational platform. He ultimately settled on, “Let Each Become All He is Capable of Being.” Great words clearly defining the very reason so many immigrants made the journey to America – and to Miami.

If Costner’s “Field of Dreams” is the image of “Build it And They Will Come,” then Neil Diamond’s anthem “America” is the soundtrack for the immigrant movement starting at the turn of the 20th century and continuing right up to today. All passionate about creating something better. In believing in oneself. In having the opportunity to either succeed – or fail – but doing it on one’s own terms. That’s what makes America – and Miami – so great. It just might be the key to Jorge’s success.

RICHARD ROFFMAN PUBLISHER GLOBAL MIAMI MAGAZINE

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Kylie Wang

ASSOCIATE EDITOR

Yousra Benkirane WRITERS

Doreen Hemlock Joe Mann Katelin Stecz ART DIRECTOR

Jon Braeley

PHOTOGRAPHERS

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PRODUCTION DIRECTOR

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BOARD OF ADVISORS

Ivan Barrios, World Trade Center Miami Ralph Cutié, Miami International Airport Gary Goldfarb, Interport Roberto Munoz, Global Financial Group Bill Johnson, Strategic Economic Forum David Schwartz, FIBA EDITORIAL BOARD

Alice Ancona, World Trade Center Miami Greg Chin, Miami International Airport Paul Griebel, World Strategic Forum Jerry Haar, Florida International University John Price, Americas Market Intelligence Tiffany Comprés, FisherBroyles TJ Villamil, Select Florida Global Miami Magazine is published monthly by Global Cities Media, LLC. 1200 Anastasia Ave., Suite 217, Coral Gables, FL 33134. Telephone: (305) 452-0501. Copyright 2023 by Global Cities Media.

All rights reserved. Reproduction in whole or part of any text, photograph, or illustration without o\prior written permission from the publisher is strictly prohibited. Send address changes to subscriptions@ globalmiamimagazine.com. General mailbox email and letters to editor@globalmiamimagazine.com GLOBALMIAMIMAGAZINE.COM

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BOOK REVIEW

Emerging Global Cities A NEW BOOK DELVES DEEP INTO MIAMI’S GLOBAL POTENTIAL

BY KYLIE WANG

DR. ALEJANDRO PORTES

DR. ARIEL ARMONY

F

rom November 12 to 19, the Miami Book Fair International will attract thousands of bibliophiles from all across the world to Downtown Miami. The 40th edition of the fair at the Wolfson Campus of Miami Dade College will feature a range of diverse programming, including lectures, panel discussions, a street fair, and author talks, with writers from around the globe. Two of those in attendance will be Dr. Ariel Armony and Dr. Alejandro Portes, the researchers and writers behind Emerging Global Cities, a long-form study that examines and compares Miami, Dubai, and Singapore, and the factors that have set them up for long-term global success.

The book also takes a hard look at “global hopefuls,” cities that were poised to attain positions of global or regional importance but have so far failed to do so. New Orleans, São Paulo, and Lagos are the three examples used, all cities with ambitions beyond their current standings on the world stage, but not yet having reached their full potential despite myriad factors in their favor. Hong Kong, which has seen its status as a global city threatened due to politics, is also given consideration. A chapter is devoted to each city in the 300-plus page book.

Of course, Miami’s section is what sparked our interest. The 34-page chapter goes deep into how the city has evolved from a winter resort for northerners to a hemispheric capital and the Gateway to the Americas. Historically, Miami was a “billion-dollar sandbox,” the book claims, “a part-year playground for the rich and powerful.” It was all about sun and fun for retirees and snowbirds from northern U.S. states. Then, the Cubans arrived.

In Emerging Global Cities, Armony, who previously led the Miami Institute for Advanced Study of the Americas at the University of Miami (UM), and Portes, a UM law professor and expert on national development, international migration, economic sociology, and Latin American and Caribbean urbanization, explore Miami’s past. All-important to this historical account is the arrival of immigrant populations from Latin America, specifically the Cuban people who not only stayed in Miami following their flight from Castro’s regime, but reinvented the city culturally, politically, and economically. The impact of Nicaraguans, Haitians, Venezuelans, and other smaller ethnic groups is also explored, though the book

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emphasizes the Cuban contribution, explaining how and why other ethnic groups failed to establish a stronghold in Miami. In this history lies the key to Miami’s early success as an emerging global city.

By the mid-1990s, Cubans had ingrained themselves in local politics, Emerging Global Cities explains, an “outcome that many native Anglos had feared, as they anticipated that the area would become a ‘Banana Republic,’ similar to failed states in the Caribbean and Central America.” But the close eye of the U.S. government on the area, dampening corruption, combined with the Cuban elite’s recognition of Miami’s advantages, led the city down a different path.

“The exiled business class quickly saw that the geographical location of Miami created unique opportunities. Rather than looking north, they looked south, repeatedly visiting the capitals of Caribbean and South American countries,” Emerging Global Cities says. “Once there, they proceeded to inform wealthy investors and bankers of the advantages of doing business in Miami rather than in distant New York. Investors in Miami received the same protections afforded by American property laws and, in addition, they could conduct business in an attractive climate and in their own language.”

With this history in mind, how does Miami compare to other emerging global cities like Dubai and Singapore? Indeed, what are “global cities?” How does Miami’s ethnic mosaic of foreign-born immigrants position it for success and how does art play a more important role than previously thought? Who were the key actors behind Miami’s emergence and what does the future of Miami look like? How will it be affected by global issues like climate change and local concerns about state and city governments? These questions and more are examined in Emerging Global Cities. l GLOBALMIAMIMAGAZINE.COM

T R A N S AC T I O N S

Recent Miami Transactions Affecting Global Trade and Investment

offices in Miami to help with the organization of the 2026 World Cup to be held in North America.

NEW SERVICE AT PORT EVERGLADES

Ocean Network Express Pte. Ltd. (ONE) has launched its new FLX service at Fort Lauderdale’s Port Everglades. The FLX service will bring refrigerated fruits, vegetables, and seafood from South America to South Florida by connecting the port to Peru and Ecuador.

MIAMI FIRM EXPANDS GLOBAL REACH

Viamericas Corporation, an international remittance company based in Miami, expanded its partnership with African-based Kori Global Services to provide money transfer services for all the African countries that Kori serves.

RELOCATION + NEW ROUTES

Low-cost carrier Norse Atlantic Airways has moved its South Florida base to Miami International Airport from Fort Lauderdale-Hollywood International Airport. The carrier provides direct flights from MIA to London and Oslo, with plans for flights to Berlin and Paris in December.

GLOBAL BANK’S SPANISH TECH

Wells Fargo announced the addition of a new Spanish digital banking program in Miami to serve its Hispanic clients. The new technology implements a virtual assistant program with Spanish-speaking capabilities. Launched in Miami, the service will be available worldwide on the Wells Fargo mobile app.

SPANISH FIRM EXPANDS HR

“HAZTE LOCAL EN MIAMI”

FIFA ADDS NEW JOBS

Ft. Lauderdale-based automotive retailer AutoNation has offered $534 million to acquire British automotive retailer Pendragon. The UK company is considering the proposal among two other offers. In its Q2 financial filing, AutoNation reported $6.9 billion in revenue.

Spanish HR software firm Factorial, which opened its North American headquarters in Miami earlier this year, has acquired expense management startup Fuell. The deal makes Factorial Europe’s largest HR platform.

Soccer’s governing body will relocate more than 100 jobs to Miami, including its legal and risk departments, in an effort to decentralize the organization from its Zurich HQ. FIFA had already opened 18

AmCham Chile and Endeavor Miami have launched a new program to provide specialized training and support to over 30 Chilean startups and scale-ups ready to enter the U.S. market.

AUTONATION OFFERS MILLIONS FOR UK COMPANY

GLOBALMIAMIMAGAZINE.COM

GLOBAL LEADER AT FIU

Venezuelan opposition leader Juan Guaidó will now be teaching at Florida International University as a visiting professor. Guaidó was recognized as the legitimate president of Venezuela by the U.S. until earlier this year.

MIAMI AT NO. 24 ON GLOBAL FINANCIAL INDEX

Miami now ranks No. 24 on the Global Financial Center Index, marking the first time Miami has ever been ranked on the index.

GFCI provides evaluations of future competitiveness and rankings for 121 financial centers around the world.

Miami International Airport to Toronto Pearson International Airport beginning Dec 12. This is the airline’s first service at MIA. AWARD BOOSTS FIU BUSINESS SCHOOL

Global fintech firm PayCargo, which provides payment solutions for shippers and freight forwarders, has given FIU Business School $1.25 million to support a supply chain and logistics program. The funds will help build the program’s facility and faculty.

LAW FIRM EXPANDS

PRIME MINISTER VARADKAR (CENTER) AND CONSUL GENERAL KAVANAGH (RIGHT)

IRISH CONSULATE OPENS

Prime Minister Leo Varadkar opened the new Irish Consulate in Miami last month. The eighth consulate in Ireland’s U.S. network, the city was chosen due to Florida’s large Irish community and economic importance to Ireland. Sarah Kavanagh will serve as Consul General.

British-based Osborne Clarke opened its third U.S. office in Miami and 26th international location. The firm recruited Samaniego Law’s managing partner Javier Fernández-Samaniego to support their U.S. presence.

CANADIAN INSURTECH PARTNERS WITH NSU

Canada’s BOXX insurance company has teamed up with Nova Southeastern University and the Alan B. Levan/NSU Broward Center of Innovation to provide cyber protection education and insurance services to Levan Center clients, the community, and NSU faculty/staff.

VIRGIN VOYAGES NEW CEO NIRMAL SAVERIMUTTU

LEADERSHIP CHANGE + FUNDS RAISED

South Florida-based Virgin Voyages announced the retirement of CEO Tom McAlpin who will transition to chairman of the board of directors. President and former Chief Experience Officer Nirmal Saverimuttu will be stepping up as CEO. The cruise line also secured a $550 million investment that will push the brand’s expansion into international markets.

DIRECT FLIGHTS TO GERMANY

BRIGHTLINE EXPANDS SERVICE

Brightline launched its service between Orlando International Airport and South Florida. Privately held by the global investment firm Fortress Investments Group, the route runs along the Mexican-owned Florida East Coast Railway track.

NEW MIAMI-TORONTO ROUTE

Canadian low-cost carrier Porter Airlines will start flying daily from

Starting in Summer 2024, Miami International Airport will have a direct flight to Frankfurt International Airport with German low-cost carrier Candor Airlines, tri-weekly using the Airbus A330-900neo.

NEW CARGO CONNECTION

DHL Express has launched its first flight between Argentina and Miami. The flight operates six times per week, with a stop in Chile, using the Boeing B767-300 aircraft to provide a gross payload capacity of 52 tons per flight. l

T R A D E S TAT S

High Flying Export

THE NUMBER ONE CATEGORY OF PRODUCTS SHIPPED FROM GREATER MIAMI REMAINS AIRCRAFT PARTS

BY YOUSRA BENKIRANE

T

he aviation industry is deeply ingrained in the history of Miami.

In 1911, the Wright Brothers performed aerial stunts over the city. A year later, aviation pioneer Glenn Curtis established a flight school in Miami Beach, one of the nation’s earliest. In 1937, Amelia Earhart launched her ill-fated around-the-world flight from the Magic City, where she had visited twice before as a guest promoter for the aviation industry. The country’s first modern passenger terminal opened at Pan American Field in 1928; it was officially designated as Miami International Airport (MIA) in 1948.

For Florida, the aviation and aerospace industry has become a leading contributor to the state’s economy. Manufacturers like Boeing, General Dynamics, Northrop Grumman, Pratt & Whitney, and Sikorsky have clustered around the Kennedy Space Center east of Orlando. The result is that Florida consistently ranks among the top exporting states in the U.S. for aircraft parts, most of them passing through the Miami Customs District (MCD). In 2022, Florida exported $10.2 billion worth of aircraft parts – MCD accounted for $9.8 billion of them (MCD includes MIA, PortMiami, Ft. Lauderdale-Hollywood International Airport, Port Everglades, Port of Key West, West Palm Beach International Airport, and Port of Palm Beach).

This year’s pace is running almost as hot. In the first half of 2023, aviation parts exports from the Miami district came to nearly $5.3 billion, just a slight 2.32 percent drop compared to the same period last year. The decrease reflects the slowdown in trade volumes from 2022’s post-pandemic surge in pent-up demand.

The top export destinations for these aircraft parts, through July of this year, were Brazil ($2.5B), Chile ($333M), Argentina ($228M), Colombia ($267M), and Mexico ($172M). These top destinations reflect a new demand for aviation services in the region, as nearshoring begins to take hold and more carrying capacity is needed. As more U.S. companies turn to South and Central America for supply sources, the countries there have been developing additional aircraft maintenance and repair facilities, which in turn require more parts. In Brazil, where demand for parts is highest, you have new

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carriers such as Azul, new service providers like Synerjet, and the ongoing presence of global aircraft manufacturer Embraer.

In some cases, aircraft parts are manufactured in Miami, sent to Latin America to be assembled, and then exported back to South Florida as a finished product. This is the case for Embraer, the Brazilian multinational aerospace manufacturer that is among the world’s top exporters of aircraft. Embraer is the largest importer of aviation parts from Florida; until just a few years ago, the import of Embraer aircraft through Miami pushed that sector to fourth place for all imports coming through the district. Now, only assembled jet engines are among MCD’s top imports ($357M).

In terms of just aircraft parts imports, this category doesn’t even make the top 10. In 2022, MCD imported just $1.1 billion worth of aircraft parts, mostly coming from France ($385M) and Brazil ($314M). That may increase now that MIA is officially a Free Trade Zone (FTZ). Earlier this year, LATAM Airlines group became the first operator within MIA’s FTZ magnet site. This allows airport tenants to import materials for onsite use to repair and maintain aircraft, or to store and/or re-distribute them anywhere on MIA property, without tariffs.

At present, Miami-Dade County has some 494 aviation companies that employ 29,814 people, from technicians to mechanics.

Statewide, there are 640 aerospace establishments, three spaceport facilities, 2,000 aviation establishments, 130-plus public-use airports, and 20 commercial service airports. The growth of aviation related services and businesses in Florida, Miami, and their trade partners will continue to increase the flow of goods related to the industry and impact the local economy. Boeing estimates that just its Flight Training Center in Miami, for example, is responsible for 80,000 hotel room nights annually. l

Everything Falls Into Place When you Give Back.

At PNB, we envision a community where every individual, regardless of their circumstances, has both hope and opportunities. We are committed to being part of the nurturing ground where compassion meets action, fostering a Miami where everyone has the chance to thrive.

That dedication stems from a core belief that we are more than just an institution serving our community; we are a team that believes in building a brighter, more inclusive future. We proudly support charities dedicated to touching lives profoundly - be it providing a haven for the unhoused, offering a guiding hand to individuals with autism, or bringing a ray of light into the lives of Alzheimer’s patients and their families.

Together with organizations that share our vision, we strive to give back to the place that has given us so much, to be one link in a network of love that resonates with the vibrant spirit of Miami.

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pnb.com 1390 Brickell Avenue, Miami, FL 33131 305.539.7500

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TR ADE WINDS

I couldn’t find sites that matched my searches. That’s when the idea of creating a search platform to help people find organizations that meet their needs came to me...

DÉBORAH WANZA, A FRENCH NATIVE AT FRENCHTECH (SECOND FROM LEFT) WHO FOUNDED PHLOXE, A SEARCH ENGINE.

The French Connection THE NUMBER OF FRENCH COMPANIES IN MIAMI AND FLORIDA CONTINUES TO GROW, AS DOES TRADE

BY YOUSRA BENKIRANE

W

hen Déborah Wanza, a French native, came to the United States for her international business education at Georgetown University, she discovered a misalignment between her personal values and what she was learning in school. “I realized there was a power paradox we live in, where people will spend their money on a company that doesn’t share their same ethics,” says Wanza. Her frustration increased when she tried to shop online from small businesses, but found that search engines steered her to large chains that went against her personal ethics – like greenwashing, child labor, or any unsustainable practices. In France, however, it wasn’t difficult to find small businesses she could support. “In the United States, I searched for the equivalent of the applications I used to use in France (Yuka, BlaBlaCar, etc.). I couldn’t find sites that matched my searches. That’s when the idea of creating a search platform to help people find organizations that meet their needs came to me,” says Wanza.

So last year, after returning to France, Wanza founded Phloxe, a search engine that recommends products and brands based on their impact on the environment, society, and the economy. After learning how to code, she teamed up with others who shared her vision. These included colleague Victoria

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Aisha, who was based in Miami. Through Aisha, she was connected to organizations like FrenchTechMiami and the Miami Beacon Council.

The strong French community and local support for tech companies eventually inspired Wanza to relocate her startup to Miami, which she did earlier this year. “They gave us their networks and helped us build the search engine,” she says of FrenchTech and the Beacon. Now, Wanza is working with FrenchTechMiami to integrate AI into their search engine; the Minister for Digital Transition and Telecommunications of France is also helping Wanza develop her platform in Miami by providing resources and connections.

Miami is no stranger to the presence of French companies – especially those in technology (like cleantech and fintech), aerospace and aviation, and transportation and logistics. “France is in the top four foreign employers in Florida, with more than 400 French companies based here and 32,000 jobs created by French companies,” says the Consul General of France in Miami, Raphaël Trapp. With French companies operating in Miami for the past 35 years, ties between the city and the European nation evolved through burgeoning trade. “The origin of the presence of

the consulate in Miami was economical,” says Trapp, though tourism would follow.

In 2022, 175,000 French tourists visited Florida – a 290 percent increase from the previous year – accounting for seven percent of total European visitors to Florida.

As for trade, the numbers reflect a robust and growing relationship between France and the Miami Customs District.

Last year, total trade between Miami and France reached $3.451 billion, a 22 percent increase from the year before. While the growth in last year’s numbers does show a rebound from 2021, depressed by the pandemic, they are still eight percent higher than 2020, a record year in Miami-France trade. And figures for the first eight months of this year are strong. Through August, exports totaled $358 million while imports totaled $1.7 billion. Top imports included perfumes ($296M), gas turbines ($268M), and aircraft ($170M). Top exports included aircraft parts ($99.1M), paintings ($27.7M), and orthopedic appliances ($18.7M). The high value of imports compared to exports reflects how companies based in France are shipping parts and products to their Florida locations, especially within the aviation industry. “French companies in aeronautics and aviation are developing at a very good pace,” says the consul general.

French aviation and aerospace companies can be found throughout Florida, especially near the Space Coast. For example, French aircraft manufacturer and supplier Daher expanded its industrial presence in Stuart, Florida (40 miles north of West Palm Beach) earlier this year. The move created an additional aerostructures assembly facility, making Florida Daher’s second-largest location after France. This increased the company’s capabilities as a supplier to North American aerospace customers, including Boeing and Gulfstream (both with operations in Florida). Imports of completed French aircraft (think Airbus) to the Miami Customs District also increased, accounting GLOBALMIAMIMAGAZINE.COM

MIAMI CUSTOMS DISTRICT EXPORT VALUES TO FRANCE

MIAMI CUSTOMS DISTRICT IMPORT VALUES FROM FRANCE

Miami became a very strategic hub in demand. We partnered with a few key clients, and we [now] have a 200,000-square-foot facility...

MARC SAWAYA, CEO OF BOLLORÉ USA

for 43 percent of its total imports of these products (followed by Brazil at 36.9 percent.)

For French global conglomerate Bolloré Logistics, the aviation industry is among their largest customers. “We have been heavily centric on aviation and aerospace for the last 30-plus years,” says Marc Sawaya, CEO of Bolloré USA. “Miami became a very strategic hub in demand. We partnered with a few key clients, and we [now] have a 200,000-squarefoot facility in Miami that we’ve converted into a free trade zone, serving as the Latin American gateway [and] expansion for specific aerospace clients.”

Bolloré’s Miami branch includes about 140 employees, from freight operators to distribution, with annual global revenue of around $7.5 million. Other than the aviation and aerospace industries, the supply chain management company serves sectors in luxury and cosmetics, oil and gas, travel and retail, and government and defense. “Also, we’re investing in growing in Latin America, which coincides with what we’re trying to do in Miami,” says Sawaya. “We’re adding more

solutions for people in the Miami area to work with our counterparts in Latin America, investing in sales [as well as] having that multilingual connection between the Spanish community and the American community.”

With Bolloré’s free trade zone, clients in Miami who are serving Latin America can import, warehouse, manage, and export without taxes or middlemen, cutting time and cost. “In some cases, we’ve set up distribution for customers based out of Miami because you’re able to hit various areas of the U.S. as well. There are a lot of advantages when it comes to having everything in a single hub, especially for clients that do have a big demand in Latin America,” says Sawaya.

Another French logistics company, Clasquin, is also taking advantage of Miami’s strategic location as the gateway to the U.S. and Latin America. “In Miami, the one that’s growing the fastest is the aerospace vertical, [thanks to] a strong European excellence that allows us to really be active in aerospace,” says Emmanuel Desbats, national sales manager of Clasquin USA.

“We have parts coming from the U.S. to Europe and vice versa. But we see that more and more [aircraft] repair stations have been built in Latin America, and we are shipping down there. This is a new thing that we are taking advantage of in our Latin America networks.”

Desbats explains how the U.S. has been the fastest-growing market for his company since 2015, with its primary focus on connecting the U.S. to Europe. With 85 locations worldwide, the Miami base is looking to expand the markets Clasquin serves. “We have had an east-west configuration for most of the time in Miami, but now people are trying to trade with Latin America,” says Desbats. Because of the demand, the global freight forwarder is looking to more than double its operations in Miami within the next five years, recently adding a satellite office in Chile. “Another thing that’s a little bit unusual for Clasquin is Africa. Miami is right in front of Africa. In Miami, very few people are considering the region. We believe that Miami has a unique positioning

23

TR ADE WINDS

from their parents abroad, who might not have a social security number when they move and need banking services that are built for them,” explains Ismail. According to the CEO, there are about 2.5 million international students in the U.S., and they receive an average of $20,000 per year from EMMANUEL DESBATS, NATIONAL SALES their families abroad. “So, we’re trying to MANAGER OF CLASQUIN USA capture that market.” So far, the fintech platform has raised $3.5 million from investors, some based in Miami. for Africa because we speak French, PortuFINNT’s founders are also members guese, and English, just like everywhere in Africa,” says Desbats. “Everybody just looks of FrenchTechMiami, an initiative aimed at promoting and supporting growth in the at Miami for Latin America. But Miami is French technology and startup ecosystem much more than the Americas.” in the Miami area. It’s part of the broader Clasquin serves sectors such as technology, cosmetics, and luxury, but also art. “I “French Tech” movement, a global push for would say that’s part of the French heritage,” French technology entrepreneurs and startups.

Founded in March 2020, the Miami chapter says Desbats. “Moving art pieces from Miami to Paris or New York to Hong Kong brings together over 120 entrepreneurs, from startups to publicly traded companies. The is a very strong sector for us.” Works of art community works closely with local French are, in fact, the second-largest export from organizations like the French Consulate in Miami to France.

Miami and the French American Chamber The presence of French tech compaof Commerce to host networking events and nies is another major contributor to the facilitate expansion into U.S. markets.

French-Miami economic relationship. In The president of FrenchTechMiami, Miami alone, there are about 100 French Stan Coignard, is a French native who has startups. Take FINNT, for example, a worked in Miami for 15 years and compares banking platform that helps international the Magic City to his native Marseilles, families and immigrants send, receive, and with its location as a gateway between save money.

FINNT was founded in 2021 by French North Africa and Europe; Marseilles was natives Anji Ismail and Faouzi Yagoubi, who also recognized as one of the most innovative cities in Europe last year. The parallel, split their time between Miami and France; he says, is between trade and innovation. the company’s engineering team remains “The people of Miami really helped in the based in France while the company’s main way they put Miami on the map. They said, operations and CEO are in Miami. “For ‘Okay you want to find the proper entreright now, we’re really targeting U.S. students, but specifically students who are mov- preneurship hub for the Americas? It has to ing into the U.S. who want to receive money happen in Miami,’” says Coignard.

Everybody just looks at Miami for Latin America. But Miami is much more than the Americas.

24

They said ‘Okay you want to find the proper entrepreneurship hub for the Americas? It has to happen in Miami...

STAN COIGNARD, PRESIDENT OF FRENCHTECHMIAMI

The French community in Miami, from tourists to importers of cosmetics to exporters of aircraft parts, will continue to grow as the city further develops into an international business hub. According to the U.S. Census Bureau, as of 2021 more than 26,000 France-born residents live in Florida, with an estimated 103,000 Floridians speaking French at home thanks to the presence of expatriates from Quebec and Haiti.

“France is known for having various efficient and innovative companies that are already operating in Miami and are eager to expand their activity here. Miami’s growth regarding tech in the U.S. and for the Americas is very important for French companies because they can get to another market but also can get some money to scale up,” says Consul General Trapp. l GLOBALMIAMIMAGAZINE.COM

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Trade and Investment Between France and Miami Raphaël Trapp, the Consul General of France in Miami, began his posting here in September of last year. Prior to that, the consul general worked in Geneva, Damascus, and Vienna, and at the French

How do your previous posts compare to Miami?

At first sight, those cities are different from Miami. The climate is different, the size of the city is completely different, and the energy.

But when you think a little bit about this, you can always draw a comparison between the cities. For instance, with Geneva, what Miami shared was the wealth and the business atmosphere. With Vienna, the common point is that they are both melting pots.

They have different people coming from a variety of origins.

Here in Miami, people come from Latin American countries. In Vienna, people come from Eastern European regions... In Rabat, the common point is obviously the Atlantic – the proximity of the ocean – which is very important. The delight [of it] is just incredible in Morocco, as it is incredible in Miami… which is the reason why we take beautiful pictures in both cities.

Why is there such a strong economic relationship and trade between Miami and France?

I think that there is a proximity between France and Florida. The fundamentals are quite the same. There is an important part of our economies that rely on tourism. We have 90 million tourists a year in France, which is quite big. We have strong investments in aeronautics and in aerospace. We are the gateways to very big markets. Of course, the U.S. markets here in Miami, and in France, are the gateway for the European markets. And European markets represent 414 million consumers. We are very good at logistics and cargo infrastructure.

We have ambitions regarding tech. And we are attractive to people because of the quality of life. So, this is the reason why the trade between France and Florida is booming. The trade relationship is experiencing impressive growth with an increase of 53 percent over the last 10 years. And on the other side of the Atlantic, the U.S. is the first foreign investor in France and the first foreign employer. There are 1,500 American companies in France, like Disney, Amazon, and McDonald’s. So, this situation is pretty good.

26

Embassy in Rabat, Morocco as first secretary of the Political Affairs unit. We caught up with Consul General Trapp to discuss the strength of the French presence in Miami and how it has grown.

What challenges – and solutions – are there to enhancing U.S.-French trade?

Both countries are working together to provide each other with policies facilitating business exchanges, and negotiating [new] visa policies, which are really important for entrepreneurs and workers. So, we are very happy that those negotiations are about to be concluded and they will improve the capacity of entrepreneurs to come to the U.S. or to come to France. We also have tax agreements, which are also very important for workers and entrepreneurs – for them not to be taxed twice.

This is really important, especially in the U.S. where tax policies are quite complicated. What I’ve read is that it’s difficult in Florida to recruit and retain talent in various sectors – in the younger generation, specifically. This is mainly because of the cost of living here in Miami, and the level of remuneration. So, those are challenges for different companies based here. But… there are also different entities that exist here in Miami to facilitate the soft landing of foreign companies, like Venture Miami. So, we are very glad to have such entities here to help us.

How could France position itself as an investment hub for these tech companies?

In general, France is attractive to foreign investments. It’s Europe’s most attractive country for foreign investment for three years in a row. France is the sixth-best economy in the world and the growth in 2022 was 2.5 percent. The economic situation is good. It’s going well thanks to governmental policies and measures that have been taken to facilitate the creation of enterprises. France is among the easiest countries in which to start a business. There has been a reduction of the administrative burden for companies, so there is now a single point of contact that provides answers to investors regarding taxes [and] more flexibility in the labor market… and reforms have been made… to increase the competitiveness of businesses. l GLOBALMIAMIMAGAZINE.COM

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Most developers build a hotel and afterwards, they try to figure out how to be nice to the community. We did it in reverse...

ADRIANA CISNEROS OF CISNEROS GROUP, TALKING TO FORBES

ed not only across Latin America but also to the U.S. Hispanic market.

The Cisneros family has long spent time in the Dominican Republic, and, decades back, bought some 12 miles of undeveloped land near Samana that they dubbed “Tropicalia.” For the last 12 years, its nonprofit Fundacion Tropicalia has been working with the nearby community on social programs, conservation, entrepreneurship, and more to nurture sustainability before kicking off its real estate development.

One summer camp program, for example, helps girls avert pregnancy and finish high school, so they can hopefully find work with new resorts and businesses springing up in the Miches area.

“Most developers build a hotel and afterwards, they try to figure out how to be nice to the community. We did it in reverse,” Adriana Cisneros told Forbes recently. “We wanted to pay attention to education because it’s Latin America, and the more rural the area, the more difficult.”

THE LATEST HIGH-END RESORT BY THE CISNEROS GROUP AIMS TO South Florida companies play a key PRESERVE AND PROTECT WHERE IT PROFITS role in the Cisneros-Four Seasons project.

IMI Worldwide Properties, based in West

BY DOREEN HEMLOCK Palm Beach, is handling sales of the 25 he Cisneros Group, the Miami-based million this year, partly because of a jump in residences. Prices start at $4 million for a conglomerate that owns media, consumer cruise arrivals, says Tourism Minister David three-bedroom home and at $9 million for a products, and diverse businesses worldwide, Collado. The bulk of air arrivals use privatebeachfront villa, says sales executive Marika has started construction on its largest real ly-owned Punta Cana International Airport Kalogerakis. estate venture yet: a Four Seasons luxury in the country’s east, one of the likely gateFort Lauderdale-based EDSA, a veteran resort and residences in the northeast Doways for visitors to the Four Seasons venture. in Caribbean resorts, serves as master planminican Republic, estimated to cost more “This project shows how tourism in the ner and landscape architect. The project aims than $200 million.

Dominican Republic is evolving and moving for certification under the Leadership in The project is slated to open in 2026 on up in quality,” says Andres Marrazini, Environmental Energy and Design (LEED) a 60-acre site on Esmeralda Beach on the executive vice president of the Dominican program, a standard for “green” buildings that southern shores of Samana Bay, with a focus Hotel and Tourism Association, known by would be new in the Dominican Republic. on sustainability in design, materials, food, its Spanish initials Asonahores. “We now International firms are also involved. and community links. It will offer 95 deluxe have resort ventures from such top North Besides Toronto-based luxury resort spehotel units, 25 private homes, plus a spa, fit- American brands such as Four Seasons, St. cialist Four Seasons, Brazilian architect Isay ness center, restaurants, and other amenities. Regis, Hyatt, and Marriott, with some even Weinfield developed the design, drawing Samana Bay is known for humpback whales offering luxury all-inclusive resorts.” inspiration from the Dominican Republic’s and leatherback turtles that return to birth A family-led enterprise, the Cisneros native materials and its colonial-era towns. new generations.

Group started up in Venezuela nearly a France’s Bouygues Construction serves as The development comes as the Docentury ago under Diego Cisneros and is general contractor. minican Republic consolidates its lead as now run from Miami by his granddaughThe Cisneros family has a 30-year plan the top travel destination in the Caribbean. ter Adriana, who holds degrees from top to develop Tropicalia sustainably. The land The tropical nation – some three hours by U.S. universities. The group is perhaps best already hosts a farm that supplies fruits and air from Miami – last year hosted more than known for Spanish-language programming vegetables to local markets and grows certieight million visitors and expects to top 10 for TV, internet, and other media, distribut- fied-organic cacao used to make chocolate. l

Sustainability in the DR

T

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MEDIA PRODUCTION

A Backdrop of the World MEDIAPRO INVESTS IN A MULTI-MILLION-DOLLAR MIAMI STUDIO THAT CAN PUT YOU ANYWHERE

BY YOUSRA BENKIRANE

I

f you watched the original 1989 Batman movie today, you couldn’t help but notice how fake Gotham City looks. The 1989 Batman film had a distinctive, Tim Burton-esque visual style, influenced by the limitations of green screen technology at the time. By contrast, if you watch Matt Reeves’ 2022 iteration of the Batman movie, the evolution of visual effects is dramatic.

Reeves’ Batman displays a grittier, more realistic aesthetic, due to the seamless integration of LED visual screens – a visual background made up of hundreds of LED panels to create a single, cohesive, high-resolution world where the talent is completely

30

immersed in their environment. On the other hand, when you are shooting against a green screen, that is literally all you have: a blank screen set up behind the actors. “In the old Batman and Robin films, you’ll see them walking around and it looks super fake. They projected it on a screen and filmed in front of it. But there was no way to move a camera or change the parallax,” explains Kalhil Adames, a virtual production producer. “They were stuck with just one video.”

The composite LED screen that changes all this is not a new technology – IMAX was an early adoptee in theaters – but only recently has the concept been developed for

use by the film-making industry. Now, it’s the cutting-edge technology, which is why a year ago the Spanish-based multimedia conglomerate Grup Mediapro decided to provide that service to their clients.

“We did our research, and we found that there was a company in Broward [County] that was doing it. It was like a very symbiotic thing where we had the same dream,” says Irantzu Diez-Gamboa, CEO of Mediapro North America. “So, we thought ‘Why don’t we work together?’” In June, Grup Mediapro and BrandStar, one of South Florida’s largest production companies, signed a multi-year agreement to construct GLOBALMIAMIMAGAZINE.COM

It was an opportunity for BrandStar to come to Miami-Dade, where great things are happening. And it was a great opportunity for us to skip all those steps to do virtual production because they knew how to...

IRANTZU DIEZ-GAMBOA (ABOVE), CEO OF MEDIAPRO NORTH AMERICA, ON THE PARTNERSHIP WITH BRANDSTAR, A BROWARD COUNTY-BASED PRODUCTION COMPANY. ABOVE AND TOP RIGHT: A SINGLE, HIGH-RESOLUTION, COHESIVE MOVIE BACKDROP MADE FROM LED PANELS HAS REPLACED THE GREEN SCREEN OF OLD.

and offer virtual production capabilities at Grup Mediapro’s U.S. subsidiary in Miami.

The partnership – BrandStar Studios at Grup Mediapro – called for BrandStar to design, build, and install the largest LED screen in South Florida. Brandstar had already built its first LED production screen in its Deerfield Beach HQ three years earlier.

The new LED screen in Mediapro’s studios in Medley, an industrial suburb just northwest of Miami International Airport, is three times the size of the one in Deerfield. The finished screen, which cost $2 million to build, is made up of 800 LED panels that measure around 22-feet tall by 80 feet.

Brandstar also provided the necessary management and support services to fully operate the virtual production system and 2,000-square-feet of office space that houses their staff (renting the studio can cost up to $20,000 per day). “It was an opportunity for BrandStar to come to Miami-Dade,

where great things are happening. And it was a great opportunity for us to skip all those steps to do virtual production because they knew how to. They have the expertise,” explained Mediapro's Diez-Gamboa.

For its part, Grup Mediapro is a leading European media production and distribution group, based in Barcelona with operations in 31 countries and annual revenues of $1.3 billion in 2022. The group runs 53 offices with 7,113 employees ranging from technicians to scriptwriters. The multinational has had a presence in the U.S. for more than 25 years, with 200 broadcast professionals now working in studios in New York and Miami.

“After Spain and Portugal, the U.S. is the most important [market],” says Diez-Gamboa. After first setting up operations in New York, Mediapro picked Miami as their U.S. headquarters because “the market we wanted to address was here,” says Diez-Gamboa – namely the U.S. Hispanic and Latin Ameri-

can communities.

Initially, when the company expanded to Miami, it focused solely on services leveraging sports media rights. It acquired broadcasting rights from sports governing bodies and sold them to streamers like Telemundo and Prime Video. Evolving over two and a half decades, their Miami studios now offer three additional services: content production, broadcast and media services, and NEXT, their division that provides innovative technologies. The aim is to be a single-source media solution for clients.

Content production involves developing and producing an idea for a client, either as television, film, or music video – content which Mediapro then sells to major networks and new media platforms.

Broadcast and media services provide infrastructure and personnel support for clients’ visions, such as studio space and technicians, including their Mobile Production Vehicles (MPVs), which travel throughout North America capturing live sporting events.

NEXT is where they innovate, creating new content and technologies like investing in esports and the LED screen. The virtual production screen in Miami is the first of such 32

LED screens Mediapro intends to install in Barcelona, New York, and Madrid.

The conglomerate currently offers production services out of their studios in Miami for media groups like ESPN, CNN, beIN Sports, HolaTV, Hemisphere Media Group, and CONCACAF. “Mediapro’s depth and breadth have been instrumental to our success in that they are literally a onestop-shop for us. Truly curated services,” says Carlos Mesber, an Emmy-nominated Venezuelan producer for We Love Entertainment. “Whatever level of production support we need is available. We can scale up and down literally at will.”

As CEO of Mediapro’s North American market, Diez-Gamboa is not only taking the company further in the U.S. but also strengthening its footholds in Canada and Mexico. Mediapro’s expansion into Mexico is led by its active involvement in esports, the growing world of competitive video gaming. The company now owns an esports league, investing in an industry that has seen exponential growth in recent years. “Mexico is an amazing market, and booming for content production, not just for Mexico, but for the U.S. Hispanic market as well,” says

Mediapro’s depth and breadth have been instrumental to our success in that they are literally a one-stop-shop for us.

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the CEO. Mediapro now organizes tournaments, which they stream and broadcast throughout North America, profiting from brand deals and sponsorships.

Here in South Florida, economic development agencies hope that Mediapro’s presence augurs a resurgence of Miami’s somnolent film-making sector. The addition of the LED screen, plus some well-placed subsidies, could help take Miami back to a time when the city was known for blockbuster films like “The Bird Cage,” “Bad Boys I and II,” “Marley and Me,” and “Scarface.” l GLOBALMIAMIMAGAZINE.COM

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Fair Fares?

You Make the Call

EDDY VELAZQUEZ, OPERATIONS MANAGER FOR INDRIVE IN MIAMI

HOW A GLOBAL RIDESHARE APP IS BRINGING LOW-COST TRANSPORTATION TO MIAMI

BY YOUSRA BENKIRANE

W

hen faced with tough situations, people tend to get creative. Like 11 years ago, when a ride-share program was started in one of the coldest and most isolated cities in the world – Yakutsk, Russia. In the rare occurrence of even finding taxi service in Yakutsk, prices were painfully steep. Then they jumped higher, with all the taxi services in the city increasing their fares one icy day in January of 2012.

That’s when a group of local students took to social media to create an online community connecting people who needed a ride to drivers looking for extra income. It sounds like Uber or Lyft, except for one huge difference. The app launched by student (and now CEO) Arsen Tomsky allowed would-be

34

passengers to contact drivers and negotiate prices. The online community was an overnight hit, connecting 60,000 rides in just a few months. Realizing the high demand, Tomsky created The Different Company in 2013. Today, the app and the company are simply known as inDrive.

With more than 175 million downloads and operations in 48 countries, inDrive has become a global low-cost ride-share platform.

Passengers offer what they want to pay – a fair fare, so to speak – and then select drivers willing to transport them at that price.

The plan was to initially offer services in developing countries, with the idea of giving more of the fee to the driver while giving the rider a better bargain. Whereas

drivers who work with Uber or Lyft typically keep less than half the fees paid, inDrive gives their drivers around 80 percent. “inDrive really started to stop injustice,” says Eddy Velázquez, a former manager at Lyft and currently the operations manager for inDrive in Miami. “We come into a city and provide not only fair wages for drivers but a value proposition on travel, something that you could utilize every day, not just a kind of luxury.”

After launching in Russia, inDrive expanded internationally in Kazakhstan. Next came countries in Africa, followed in 2018

by Latin America. Service there was first provided in Mexico and then in Guatemala, Colombia, Peru, El Salvador, Chile, Brazil, Ecuador, and Bolivia. “We just have such a strong foundation in South America and Central America,” says Velázquez. “When you think of Panama, Colombia, and Nicaragua, we’re a top player in each one of those countries.” Also in 2018, inDrive started its operations in Pakistan and became the most downloaded ride-hailing app in the country within a year. Today, the firm has some 3,000 employees worldwide.

In 2020, inDrive relocated its headquarters from Siberia to Silicon Valley in a GLOBALMIAMIMAGAZINE.COM

move to increase the company’s momentum for global expansion. Three years later, inDrive launched its first U.S. market, Miami, where it now employs 50 people.

“Coming to South Florida was an easy decision,” says Velázquez, thanks to the large population of Latin Americans living and visiting the area. “Knowing the demographic in Miami, we knew that there was going to be recognition of our brand,” says Velázquez.

“We’d already been in LatAm for years, establishing and growing there.” Indeed, when asked how they heard about the platform, many Latin American customers already had the app installed from using it in their home countries.

While the decision to expand into the U.S. was always part of the plan, the company took its time to make sure it could follow the stricter protocols found in developed economies like the U.S. “Something that was different coming into the U.S. was that there are certain regulations that are extremely important – things like background checks, insurance policies, and how we cover for them,” says Velázquez.

When the company began serving the Miami area in July, Velázquez himself acted as a driver to work out any bugs in the system. To attract more drivers in South

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Florida, inDrive is giving 100 percent of the fee to every driver for the first six months after they have been vetted and approved by the company. For their next move, inDrive is working on an agreement with Fort Lauderdale-Hollywood International Airport to allow them to do pickups and drop-offs at a designated airport location.

As the company navigates new U.S.

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markets, it intends to slowly roll out new features like a cargo service they have available in Egypt, where drivers can be connected to freight forwarders or shippers to deliver products. “We don’t grow as quickly because we’re growing with purpose. And that just allows us to provide the product the way it’s intended – by bringing it to the communities that really need it,” says Velázquez. l

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ENTREPRENEUR

As a Miami native, I’ve been working in our innovation ecosystem for 20-plus years and I’ve seen the ups and downs of building in South Florida. I know how lonely the innovators' journey can be...

SAIF ISHOOF (LEFT), FOUNDER OF THE EVENT ORGANIZER LAB22C, WITH MELISSA MEDINA, CEO AND PRESIDENT OF EMERGE.

sity. The money will expand LaunchPad, Blackstone’s entrepreneurial skills-building program for students, at these schools.

The Velocity Award recognizes an early-stage founder who has been able to break free of the norm while building their business via demonstrable grit, tenacity, and joy. Anabel Perez, CEO and co-founder of THE ANNUAL AWARDS BY LAB22C GO TO INNOVATORS IN THE NovoPayment, won the award for her creNEW MIAMI TECH LANDSCAPE ative approach to financial technology and Banking as a Service platforms. NovoPayBY KYLIE WANG ment deploys technologies so banks can offer their services more broadly, primarily in n a rainy Thursday night in late Septem- omy. Seven awards were up for grabs.

Latin America where millions of residents ber, a group of the best and brightest in The Moonshot Award recognizes a have no bank accounts.

Miami’s burgeoning tech world crowded leader that dreams big in the world of innoThe Financial Literacy Award went to the interior of Bay 13 Brewery & Kitchen vation, driven by a bold vision that has led Jefferson Noël, an author and professor at in Miami’s haute suburb of Coral Gables. to “moonshots” within Miami’s innovation Florida Memorial University, for his work in Attendees ranged from eMerge CEO ecosystem. Olga Naumovich, head of techensuring that the Miami community has the and president Melissa Medina to CEO of nology for Miami at Millennium Managetools it needs to excel. As part of the award, NovoPayment Anabel Perez, and leaders ment, was this year’s recipient for her work Noël received a $5,000 check from Tradefrom Delta, Northeastern University, and growing technology offerings in Miami.

Station to fund his work. His organization Blackstone, among others. All were there The eMerge Americas Convener Barbershop Speaks uses a novel digital for the Miami Moonshot Awards, a new Award acknowledges a leader who has outreach platform to educate and inspire event put on by consulting agency Lab22c, convened communities of diverse thoughts minority students to become more involved which helps Miami-based entrepreneurs and and ideas, fueling innovation and building in their financial future. businesses grow and scale up. relationships. Antonio Delgado, VP of The Miami Dreamer Award went to “The Moonshot Awards is linked to innovation and technology partnerships founding partner and Managing Director the origin of when we launched Lab22c last at Miami Dade College (MDC), won this Jeff Ransdell of Fuel Venture Capital for his year,” says founder and managing partner year’s award for his work creating education- relentless belief in Miami and his willingSaif Ishoof. “As a Miami native, I’ve been al opportunities and positioning MDC as a ness to share the Miami story to audiences working in our innovation ecosystem for 20- trailblazer in tech education. across the globe. Ransdell’s group has helped plus years and I’ve seen the ups and downs The Artemis Award goes to a new and fund 27 startups, many Miami-based, since of building in South Florida. I know how bold entrant to Miami whose presence has 2017, including NovoPayment. lonely the innovators’ journey can be. Hype already made a transformational impact.

The Social Impact Award recognizes a cycles might come and go, but the grind Blackstone, which opened an office in nonprofit leader who has improved the lives endures. We created the Moonshot Awards Miami in 2021, was the recipient. The asset of people in Miami through innovative pro[this year] to celebrate the unsung heroes management firm has already made big gramming and practices. Chelsea Wilkerson, making Godzilla moves.” moves in South Florida, recently committing CEO of the Girl Scouts of Tropical Florida, The event honors those companies, $5 million in charitable investments to five was the recipient, owing to her encourfunders, founders, and institutions who are colleges in Florida, including Miami Dade agement of female entrepreneurship and building the future of South Florida’s econ- College and Florida International Univercommitment to STEM education. l

From Miami to the Moon

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T R AV E L

CANARY ISLANDS AT A GLANCE POPULATION: 2.2M CANARY ISLANDS GDP: $45.2M CANARY ISLANDS GDP PER CAPITA: $22,480 VISITORS PER YEAR: 12 MILLION THE SEVEN MAIN ISLANDS ARE GRAN CANARIA, TENERIFE, FUERTEVENTURA, LANZAROTE, LA PALMA, LA GOMERA, AND EL HIERRO. DIRECT FLIGHT TIMES FROM GRAN CANARIA: TO MADRID: 2 HRS TO PARIS: 4 HRS TO LONDON: 4 HRS TO CASABLANCA: 2.5 HRS

sea. The unique aspect of the resort was its spa, with 12 differently themed rooms. There was a Himalayan salt room where the walls were made of Himalayan salt and crystals were scattered around to create a cleansing THE SPANISH ISLANDS OFF THE COAST OF NORTH AFRICA ARE breathing environment. The womb room, AN ALLURING PLACE TO SPEND TIME – AND TO INVEST meanwhile, was dimly lit and lined with waterbeds meant to imitate the eponymous

BY YOUSRA BENKIRANE environment. The resort also offers a casino, six outdoor pools, three on-site restaurants, and eight large conference rooms for hile it’s well-known that it was a mainland Spain. business meetings. In the evening, guests are Spanish expedition that “discovered” The sun hung low in the sky as our serenaded by a local band playing beside the the Americas while searching for a sea route plane touched down on the island of Gran infinity pool. to the Indies, a lesser known fact is that the Canaria, where about 40 percent of the The next morning, our first stop to Canary Islands were the last port of call for population of two million live (another 43 the Niña, Pinta, and Santa Maria. It was percent live in the other major island, Tener- explore the island was the small town of Arucas (population 37,000), just seven miles here that Columbus stopped to stock up on ife). From Miami, there are direct flights to northwest of Las Palmas. You could spend pigs, sheep, goats, and dogs from the islands Madrid, then a quick two-hour connecting the whole day in Arucas, there is so much to – some of the first domesticated animals flight to the capital city of Las Palmas. We to reach the Americas – as well as the seed had only 48 hours to explore this island gem, see – and to eat. We started with the Canarian hacienda “La ReKompensa,” a banana stock for future sugar and banana plantawith a jam-packed itinerary that promised plantation that doubles as a museum. Here, tions in the New World. Now, the islands to take us through time and taste. surrounded by row upon row of banana are positioning themselves as a business desFor accommodations, we stayed at the plants, we learned about the island’s thriving tination, adding incentives and programs to Lopesan Costa Meloneras Resort Spa & attract U.S. businesses and investment back Casino, located in the south of Gran Canar- banana industry, which has been shaping the to the islands. For that reason, we decided ia, about a 20-minute drive from the airport. landscape for generations. We discovered the intricate process of banana cultivation, to visit the volcanic Spanish archipelago, In contrast to the colonial sections of the and to understand why businesses would island, the design elements here are sleek and from planting to harvesting. Our guide (and banana connoisseur) enthusiastically took us want to locate here instead of somewhere in contemporary, with splendid views of the

48 Hours in Gran Canaria

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Distillery, where time and indulgence blend seamlessly. We learned about the island’s deep-rooted connection to sugarcane, dating back to the 15th and 16th centuries when the islands’ economy largely depended on TOP RIGHT: A BANANA PLANTATION LOCATED IN ARUCAS, NORTHWEST OF LAS PALMAS. its production. Gran Canaria had vast sugar plantations well before the first commercial BOTTOM RIGHT: THE HISTORIC ARUCAS plantations in Brazil and the Caribbean. By RUM DISTILLERY, WHICH DATES BACK TO 1884. the 18th century, sugar exports from these New World powerhouses dominated European markets and the local industry declined. through the entire cycle and how the island’s The Arehucas rum factory in Arucas unique microclimate plays a crucial role in – the oldest continually operating rum disproducing an exceptionally sweet banana tillery in Europe – has been producing rum variety. from sugarcane since 1884. The rum is proWith an annual production of around duced in copper stills and aged for 10 to 40 1.4 million tons, the Canary Islands are the years in oak barrels. Our guide explained the ninth-largest producer of bananas in the intricacies of rum production, from the disworld. While their production is dwarfed by tillation process to the art of blending, all of the world’s major banana producers (India, which you can see as you tour the grounds.

Ecuador, Brazil, and China), the sweet And, of course, we couldn’t leave without Canarian banana is popular in Europe; sampling a few of their finest products. most are exported to mainland Spain and Afterwords, we strolled (or stumbled, then distributed from there. Part of the tour after a few glasses of rum) through the old included sampling banana-based products quarter of the town to the imposing Church like banana jams dribbled on slivers of local of San Juan Bautista, with its neo-Gothcheeses. I took a few jars of banana jam ic spires rising among colorful cafes and while others opted for the banana wine. shops. For lunch, we indulged in traditional Next came the historical Arucas Rum Canarian cuisine at a local eatery, savoring ABOVE: THE FIVE STAR LOPESAN COSTA MELONERAS RESORT SPA & CASINO FEATURES THE ENORMOUS EL LAGO, A 4,000-SQUAREMETER POOL IN A TROPICAL SETTING.

papas arrugadas (wrinkled potatoes) with mojo sauce and fresh seafood. The flavors were a testament to the island’s fusion of Spanish, African, and indigenous Guanche influences.

After lunch, our tour continued with a visit to the Vegueta neighborhood of Las Palmas, a UNESCO World Heritage site preserving Gran Canaria’s colonial past. The cobbled streets led past grand mansions, museums, and the historic Casa de Colón, where Christopher Columbus stayed during his visit. We continued through picturesque plazas with intricate wooden balconies and colorful facades, an architectural reflection of the island’s ability to preserve history.

From there, we walked to the Canteras neighborhood, where the popular Las Canteras beach lies. The bustling city-center location was a complete contrast to the calm waters and golden sands stretching for miles.

At Las Canteras beach, there's warm weather all year round, while its natural offshore lava reef acts as a wavebreak and protects the sand.

For dinner, we headed to the Michelin-starred restaurant La Aquarela. The restaurant places a strong emphasis on locally sourced ingredients, with 85 percent of their products sourced from the Canary 39

T R AV E L

TOP: VEGUETA, THE OLD QUARTER AND ORIGINAL SETTLEMENT OF LAS PALMAS. MIDDLE: LOCAL WINE AND CHEESE AT FINCA ESCUDERO IN SANTA BRIGIDA. BOTTOM: THE VILLAGE OF TEJEDA ON THE EDGE OF A ONCE-ACTIVE VOLCANO.

Islands, resulting in a menu that exudes both innovation and local flavors. We indulged in a seven-course culinary journey accompanied by curated wine pairings. The dishes were imaginative and beautifully presented. One highlight was Trashumancia, a fried sheep cheese topped with mojo picon, a Canarian red pepper sauce that bursts with flavor. The wine pairings focused on local wines from the islands.

We began the next (our last) day on the island with wine as well. We visited a winery on the north side of the island on an estate called Finca Escudero, a hidden gem in Santa Brigida. The sprawling estate features 4,000 grapevines, a botanical garden with exotic plants, and an olive grove. It also offers private wine and olive oil tastings throughout the week. The century-old family home on the estate displayed a fusion of Moorish and Spanish influences.

After sampling wines, local cheeses, and olive oil, we drove toward the island’s volcanic mountains and the village of Tejeda, perched on the edge of a vast caldera, a cauldron-like hollow left by a once-active volcano. A short hike offered panoramic views of the rugged landscape, with terraced fields clinging to the steep slopes. As we reached the highest point of the hills surrounding the caldera, we were greeted by the sight of Roque Nublo, a towering volcanic monolith that has become a landmark of the island.

After lunch, we returned to the hotel to enjoy its amenities before heading home on an early morning flight to Madrid. The two days had been a whirlwind of experiences, albeit limited to Gran Canaria. The natural allure of these islands, with their stunning landscapes and temperate climate, bely their proximity to both Europe and Africa – a strategic location for companies looking to expand their reach into these markets.

Among other advantages, the government is now offering a slew of investment incentives for companies to relocate, including tax breaks, free trade zones, and subsidiaries for local hires, along with the convenience of a modern highway system, eight airports, and a robust modern port in Las Palmas. But you had us at the colonial architecture, the banana plantations, and the rum. l 40

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THE SAGA OF

Jorge Perez

I continue to act as chairman and CEO at Related, but now I have the pleasure of leading the company alongside my two sons, Jon Paul and Nick...

JORGE M. PÉREZ, CHAIRMAN AND CEO OF THE RELATED GROUP, WITH SONS JON PAUL (LEFT) AND NICK (RIGHT)

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Miami’s billionaire Condo King begins the process of passing on the empire, even as it stretches its global reach

RELATED GROUP'S COCONUT GROVE HEADQUARTERS

BY JOSEPH A. MANN JR.

B

orn in Buenos Aires to Cuban parents, Jorge M. Pérez is emblematic of the global city that Miami has become – and which he, in no small measure, helped create. Now 74, Pérez arrived in Miami when he was 19 years old. He traveled to Miami from Colombia, where his parents had relocated and ran a business, to study at Dade County Junior College, now Miami Dade College.

Today, he is a billionaire and heads one of the largest real estate development firms in the country. Pérez is the chairman and CEO of the Related Group, a privately-owned global real estate company he founded in 1979. Forbes’ 2023 list of the richest people in the world pegged Pérez’s net worth at $1.7 billion. He has overseen the construction of more than 100,000 luxury and affordable residences – some 17 million-square-feet of real estate – selling properties worth more than $50 billion.

Most of Pérez’s Miami-based Related Group’s projects have risen in South Florida, and most of those in Miami, transforming the city’s silhouette. More are on the horizon. Coming next is the stunning St. Regis Residences Miami, a 50-story tower with 154

luxury condos, and the Baccarat Residences, a 75-story glass tower with 360 high-end residences, both on Brickell Avenue. Like other branded residences, these two are designed to attract wealthy buyers from New York, Europe, and especially Latin America.

The company is also developing or planning more residential and mixed-used structures in countries like Mexico, Brazil, Panama, and Turkey, as well as in other Florida cities and five states outside of Florida. Altogether, Related is currently building more than 35,000 units worth an estimated $27 billion, including 12,000 units of affordable housing, 12,600 units of market-rate rentals, and 9,000 condos and mixed-use properties – 1,300 of them internationally.

DEVELOPING BUILDINGS AND A WORLD-CLASS ART COLLECTION

Beyond the abundant crop of condominium high-rises Pérez has built, he has also accumulated a vast collection of world-class contemporary art, especially works from Latin America. He began 43

buying art when he was attending college (thanks to his success at informal poker games) and began his collection while still a student, with an acquisition of a print by the famous surrealist Man Ray. While artworks adorn his home, Pérez donated many to the eponymous Pérez Art Museum Miami (PAMM), which he was instrumental in founding 10 years ago. Pérez also installed some of his collection at Related’s architecturally stunning headquarters in Coconut Grove, as well as placing art in company offices and in its condo and rental buildings, whether affordable or deluxe. In Coconut Grove, Related's headquarters has works that range from one

by Frank Stella (“Scramble: Descending Green Values/Descending Spectrum”), who is considered among the greatest living American artists today, and another by South African Zanele Muholi (“Faniswa, Cape Town”), a world-renowned photographer.

While Pérez remains the head of Related Group and dedicates time to his philanthropic work, the entrepreneur – dubbed “The Condo King” by Florida media – began turning over major responsibilities to two of his four children in 2012. Thirty-eight-year-old Jon Paul began working at the family-owned company in that year and was named president of Related Group in November 2022. His brother Nick, 35, started full-time work in 2017 and currently is president of the company’s huge Condominium Division.

“I continue to act as chairman and CEO at Related, but now I have the pleasure of leading the company alongside my two sons, Jon Paul and Nick,” Pérez says. “Thankfully, having JP and Nick at the helm allows me to really focus on the aspects of development that I enjoy most. Today, that includes conversations around properties’ architecture and design, community benefits, and, of course, the signature art collections that grace every single one of our projects. While I’m not involved in the day-to-day as I once was, I continue to provide 44

counsel and guidance on a wide variety of projects. That includes conducting a final walkthrough once projects are deemed complete.”

GETTING STARTED IN MIAMI – A PIZZERIA AND SELLING ENCYCLOPEDIAS

“I was 19 and came to attend Miami Dade College,” Pérez says. “I worked at a pizza restaurant in the kitchen and sold encyclopedias door to door.” Pérez worked and studied in Miami for two years, then won a full scholarship to C.W. Post College in Long Island, New York. He lived on-campus (room and board were covered by his scholarship) and graduated summa cum laude, with a perfect 4.0 average. “I was supposed to be valedictorian but left before the actual graduation ceremony,” he says.

After earning a bachelor’s degree in economics at C. W. Post and a master’s degree in urban planning at the University of Michigan, Pérez returned to Miami and worked as a City of Miami urban planner, focusing on improving low-income communities. “My time in the public sector allowed me to learn the nuances of the South Florida market and the development industry as a whole,” he says.

“After a few years, I realized I could drive further impact and enjoy greater freedom as a private sector developer. So, at age 29, I founded Related Group.” The initial focus: underserved communities, which typically did not garner the attention of major developers.

“My first projects were a couple of small, affordable housing renovations in Little Havana and Homestead. The projects were very small, but they leased quickly and showed me there was pretty much infinite demand for this type of high-quality, accessible housing.” Since then, Related has built, rehabilitated, and managed more than 25,000 affordable housing units, and is currently developing GLOBALMIAMIMAGAZINE.COM

THE RELATED GROUP FOUNDED IN MIAMI IN 1979 BY JORGE M. PÉREZ, CHAIRMAN AND CEO

ART GALLERY EL ESPACIO 23

CURRENT OPERATIONS: Over 35,000 units under active development with an estimated value of more than $27 billion. This includes condos and mixed-use developments, market-rate rental buildings, and affordable housing in the U.S., Mexico, Brazil, and Argentina.

HEADQUARTERS: Miami, plus offices in cities with ongoing projects throughout the U.S. and abroad.

We invest in affordable housing projects for a number of reasons, including social responsibility, government incentives, and long-term financial stability. Everyone deserves housing they are proud to call home.

JORGE M. PÉREZ, ON RELATED GROUP'S COMMITMENT TO AFFORDABLE HOUSING, SUCH AS THE LIBERTY SQUARE PROJECT, ABOVE.

12,000 more such units. In addition, the company builds workforce housing communities, typically located in prime urban areas, which offer the next step up in the housing chain.

“While luxury condos may indeed provide higher profit margins, we invest in affordable housing projects for a number of reasons, including social responsibility, government incentives, and long-term financial stability,” says Perez. “Everyone deserves housing they are proud to call home.”

The cost of “affordable housing” varies from place to place and depends on local, state, and federal housing assistance programs.

In general, it refers to housing that costs a certain percentage of the Area Median Income (AMI), starting at around 30 percent.

Beneficiaries may obtain housing vouchers that pay part, or all, of their rent. “Workforce housing” refers to homes for families whose income is too high to qualify for affordable housing. “Market-rate” means housing without direct subsidies.

One of Related’s affordable projects is the Gallery at West Brickell, a 29-story residential tower on SW 10th St. in Miami with

EMPLOYEES: 731 full time. Also, thousands of construction workers employed by contractors at ongoing Related projects and by contractors/suppliers who provide hundreds of millions of dollars in construction work and materials.

PARTNERSHIPS: Airbnb, Grupo Hotelero Santa Fé (Mexico), Bueno Netto (Brazil), Starwood Capital Group, The Related Companies, SH Hotels & Resorts, NoMad Hotels, Marriott’s St. Regis and Ritz-Carlton brands, among others.

PROPERTY MANAGEMENT: TRG Management, set up in 1984, a subsidiary that manages 20,000 units in several states.

PHILANTHROPY: The Related Philanthropic Foundation, the group’s charitable arm, and the Jorge M. Pérez Family Foundation, the family’s philanthropic fund. Grants and donations include: The Pérez Art Museum Miami (PAMM), formerly the Miami Art Museum, renamed in honor of Jorge Pérez after he made a $40 million gift in 2013.

Total contributions – in cash and works of art – reportedly now reach more than $60 million.

The Miami Foundation ($33 million donation) CreARTE – Provides residents access to the arts and focuses on making Miami a global hub for artistic excellence.

El Espacio 23 – A 28,000-square-foot contemporary art space in Miami’s Allapattah neighborhood.

The Giving Pledge: Pérez joined this campaign, founded by Warren Buffet and Bill Gates, in which members pledge to give a major share of their wealth to charities when they die.

Plus: National Young Arts Foundation, Big Brothers Big Sisters of Miami, United Way of Miami-Dade, YMCA, and others.

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an estimated price tag of $190 million. A third of the 465 units are affordable or workforce housing. “It offers the high-rise lifestyle – complete with infinity pools and cutting-edge amenities – but at a much more accessible price,” says Pérez. Another major affordable project is Liberty Square, located in Miami’s low-income Liberty City. It is a 1937 public housing project that Related is partnering with Miami-Dade County to redevelop; it is expected to provide 1,455 affordable and market-rate residences.

While he became a major developer of affordable housing in Miami, Pérez says he knew from the outset that the city “had the potential to become a luxury hotspot similar to areas like New York City, Los Angeles, or London.” But it wasn’t until the late 1990s that he began to work on his first luxury condo, the Portofino Tower in South Beach, an impressive 44-story residential building with 206 condos. “That first project was incredibly successful and showed me – and the entire industry – that there was a huge amount of unmet demand for high-end waterfront residences.”

JON PAUL PÉREZ AND THE EXPANSION OF RELATED

Related began expanding outside Miami around 2010, when the company’s market-rate and affordable groups began looking at opportunities in Tampa and Orlando. “Florida as a whole is thriving,” says Jon Paul Pérez, Related Group’s president and Jorge’s eldest son. “Today we’ve got projects in pretty much every major market in the state from Ft. Myers and Naples to St. Petersburg and Jacksonville. We’re also helping establish lesser-known markets.”

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Our international division is busier than ever. As we speak, we have more than ten towers underway across Mexico and Brazil...

JON PAUL PÉREZ (TOP LEFT), ON THE COMPANY'S OVERSEAS EXPANSION NICK PEREZ (BOTTOM LEFT) IN BRAZIL FOR THE LAUNCH OF RELATED'S CONDOMINIUM DEVELOPMENTS THERE OPPOSITE: THE ST. REGIS RESIDENCES MIAMI

As for international investments, Related has been studying overseas markets for more than two decades, Jon Paul says, and new projects abroad have mushroomed in recent years. Even though current international builds represent a relatively small percentage of Related’s overall business, the company plans to grow this share, working with foreign partners. “Our international division is busier than ever,” says Jon Paul, who oversees day-to-day operations, manages a wide range of partnerships, and dedicates much of his time to expanding overseas investments.

“As we speak, we have more than ten towers underway across Mexico and Brazil. My father began to explore investment opportunities as far back as the early 2000s, but we really began to build momentum with our SLS-branded projects across the Rivera Maya.” Mexico’s Rivera Maya is located near Cancún, and Related has partnered there with the SLS luxury hotel group.

GLOBALMIAMIMAGAZINE.COM

“To date, we’ve delivered three sold-out towers in Cancún and have many others under active construction,” he says. Despite strong competition in international markets, “We see tremendous growth potential, particularly in markets like Mexico and Brazil.”

Related’s biggest condo project to date outside the U.S. is Parque Global, located in São Paulo, Brazil, the country’s largest city (12.3 million residents). When completed, Parque Global will have five, 47-story towers and 672 units located on an expansive green footprint. The complex will have luxury residences, playgrounds, sport facilities, supermarkets, an infinity pool, and other amenities.

Three of the towers are already sold out. Partners in the venture are the Related Group ( Jorge Pérez), Brazil’s Bueno Netto development group (Adalberto Bueno Netto), The Related Companies (Stephen M. Ross), and the Starwood Capital Group (Barry Sternlicht).

Nick Pérez, Jon Paul’s younger brother, is president of Related’s Condominium Development division, which manages a portfolio worth more than $15 billion and currently has 20-plus projects in development. Some of the major ones he is spearheading are the St. Regis Residences Miami, Residences at Six Fisher Island, and Residences at Rivage Bal Harbour.

The condominium division is one of the reasons that Related has, over the last 36 months, experienced its most dramatic period of growth. In the last two years alone, the condo division has logged more than $3 billion in sales, with $600 million-plus coming from international sales in the last 18 months.

Part of that growth was due to a major influx of buyers from New York City, California, and other areas where residences were

fleeing COVID restrictions and seeking a warmer and more open environment – as well as lower taxes.

“South Florida is only getting more attractive and there are people all around the world looking to make this their permanent home,” Nick says. “For years, South Florida was primarily a destination for snowbirds from Canada and the Northeast, as well as Latin American buyers from Colombia, Brazil, and Argentina. However, the region’s appeal has broadened dramatically in recent years. In fact, one of our biggest buyers lately has been Turkey. We are very bullish that our international market will continue to grow as our cultural and lifestyle offerings deepen and word-class events – like Formula 1 and FIFA – come to South Florida.”

Some of Related’s current Florida projects include a second Ritz-Carlton Residences tower in Tampa (the first 27-floor tower is sold out) and the first new condo development in Hillsboro Beach in two decades, a 92-unit “Rosewood Residencies” luxury waterfront property. Related’s largest project in the U.S. outside Miami is also in Tampa: West River, an entire neighborhood with more than 1,700 units, including mixed-income, affordable, workforce, and market-rate rentals and sales.

"AN INDELIBLE IMPRINT"

Part of Related’s success has come from Pérez’s penchant for partnerships, working with other developers in Miami rather than competing with them. Edgardo DeFortuna, another prominent developer of luxury condominiums in South Florida, has become 47

close friends with Pérez in the nearly two decades since they met.

“Not only do I admire Jorge and his team, we’ve worked together on many projects, some in marketing and sales, and sometimes in development,” says DeFortuna, another Argentine native. “We have done two projects in Argentina, and a three-tower project in Paraguay, both very successful… You would think that competitive companies would hide what [makes them] successful. But [ Jorge has] shared all the things he was doing, right down to the amenities in the projects. In that sense he is always… very open. He really wants [others] to be successful.”

DeFortuna and Pérez have become such close friends since they met that they now take family trips together, most recently to Toronto and to the Canadian wilderness. Both avid sports fans, they continued their habit of taking annual bike trips together. “We used to race, but now we are little more relaxed about it,” says DeFortuna.

Nitin Motwani, managing partner of Merrimac Ventures and the $5 billion Miami Worldcenter development, has known the Pérez family for years. “Merrimac Ventures’ partnerships with Related Group on The Crosby, our newest condominium development at Miami Worldcenter, and the Waldorf Astoria Residences in Pompano Beach, have been natural and seamless,” says Motwani. “Like the Pérez brothers, my brother [Dev] and I both followed in our parents’ real estate development footsteps. We met Nick and JP years ago and always talked about one day working together.”

Another important partnership for Pérez was with fellow billionaire developer Stephen M. Ross, owner of the Miami Dolphins.

Friends for many years, both set up companies called Related: Ross founded The Related Companies in New York City in 1972 and remains chairman; Jorge Pérez founded the Related Group in Miami in 1979. The two companies have worked together on projects for many years, and currently are partners in the huge Parque Global development in Brazil. Both of Pérez’s sons also spent years in New York working for the Related Companies. But by late 2022, real estate media reported that the two companies had separated, for reasons that neither developer wished to discuss.

Pérez has partnered with many other developers over time, including the Dezers in Miami, and, years ago, with Donald Trump in New York. “I was very close to him until he became president,” according to an article in the Miami Herald. “He offered me several posts within his administration and asked me to build the wall between the U.S. and Mexico. I said no.” Pérez was unhappy with Trump’s political trajectory and has since severed ties.

Related’s path to success was not always smooth, however. The Group entered into its first Las Vegas venture in 2005. It didn’t go well. Working with actor George Clooney and Rande Gerber, the husband of model and actress Cindy Crawford, the project envisioned building condos, a hotel, and a casino. According to The Real Deal, the project was selling well but Jorge discovered that construction costs were so high that “I’m going to lose money for every condo that I sell,” the publication quoted Pérez. “So, we had to scratch that. Thank God somebody gave us a great offer for the land, and we left Las Vegas.”

The 2008 banking and real estate financial crisis and national recession was a challenge of a much larger magnitude. It posed a serious threat to Related and other developers, who depend on bank financing and advance payments from individual condo buyers to build new properties. “The 2008 financial crisis was by far our most challenging time,” says Jorge. “In fact, prior to this period, we’d never had a year that wasn’t more successful than the last. We had such stratospheric growth up until this point that I grew to believe we were bigger than the market – a mistake I’ll never make again.”

Jorge went on to say that by negotiations with lenders, partners, and buyers, “we were able to emerge from that crisis a stronger, more 48

Not only do I admire Jorge and his team, we’ve worked together on many projects, some in marketing and sales, and sometimes in development...

EDGARDO DEFORTUNA (LEFT) ON HIS PARTNERSHIP WITH JORGE M. PÉREZ, SHOWN ABOVE ON A TRIP TO TORONTO.

resilient organization.”

That resiliency is now evident in the overseas and statewide expansion of Related Group’s projects, especially under the direction of sons JP and Nick. Indeed, with its enormous impact on Miami’s skyline, and the internationalization of the city’s population through selling homes to foreign investors, Jorge Pérez and the Related Group have garnered praise both for their far-reaching projects and for their impact on Miami business and culture.

“The Related Group has left an indelible imprint on both Miami and on Florida,” says Pamela Fuertes Berti, dean of the Miguel B. Fernandez Family School of Business, Trade and Transportation at Miami Dade College. “Mr. Pérez’s visionary approach, coupled with his roles as an urban planner, developer, and philanthropist, have profoundly influenced the skyline of our community” – and the Miami brand outside the city. l “The expansion of the Related Group internationally serves as a testament to Miami’s global business reputation and our community’s brand,” says Fuertes Berti. “The company stands as an exemplary illustration of a multinational company and successful entrepreneurship ‘Founded in Miami.’” l GLOBALMIAMIMAGAZINE.COM

SPECIAL COUNTRY REPORT

SPAIN IN MIAMI

GLOBALMIAMI Sponsored by

Avila l Colson Hicks Eidson l LATAM l MIA Select Florida l World Strategic Forum l World Trade Center Miami 49

S PA I N R E P O R T

TABLE OF CONTENTS SPECIAL REPORT: SPAIN

PUBLISHER

Richard Roffman EDITOR-IN-CHIEF

J.P. Faber

SENIOR VP INTERNATIONAL

Manny Mencia

DIRECTOR OF OPERATIONS

Monica Del Carpio-Raucci

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ASSOCIATE PUBLISHER

Gail Feldman

THE SPANISH PRESENCE As Greater Miami has developed since the 1960s into the U.S. business hub for Latin America and the Caribbean, Spain has strengthened that special relationship. Today, Spain has more companies in Miami-Dade County than any other overseas nation.

DIRECTOR, SALES AND PARTNERSHIPS

Sherry Adams Amy Donner Andrew Kardonski Gail Scott

MANAGING EDITOR

Kylie Wang

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ASSOCIATE EDITOR

Yousra Benkirane WRITERS

Doreen Hemlock Joe Mann Katelin Stecz ART DIRECTOR

Jon Braeley

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PHOTOGRAPHERS

AN OVERVIEW OF SPANISH COMPANIES IN THE U.S.

Rodolfo Benitez Tiege Dolly

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PRODUCTION DIRECTOR

Toni Kirkland

CIRCULATION & DISTRIBUTION

60 Q&A with Spain's Miami-based

CircIntel

Trade Commissioner

DORAL AMBASSADOR

Pete De La Torre

BOARD OF ADVISORS

62 Carved in Stone: Cosentino is

Ivan Barrios, World Trade Center Miami Ralph Cutié, Miami International Airport Gary Goldfarb, Interport Bill Johnson, Strategic Economic Forum David Schwartz, FIBA

now a global powerhouse

64 Adapting to U.S. Banking:

How Abanca landed in Miami

EDITORIAL BOARD

66

66 Closing the Tech Skills Gap

with Miami-based Ironhack

68 Dry Cured Gold: Jamon Iberico comes to the U.S.

68 50

Alice Ancona, World Trade Center Miami Greg Chin, Miami International Airport Paul Griebel, World Strategic Forum Jerry Haar, Florida International University John Price, Americas Market Intelligence Tiffany Comprés, FisherBroyles TJ Villamil, Select Florida Global Miami Magazine is published monthly by Global Cities Media, LLC. 1200 Anastasia Ave., Suite 217, Coral Gables, FL 33134. Telephone: (305) 452-0501. Copyright 2023 by Global Cities Media.

All rights reserved. Reproduction in whole or part of any text, photograph, or illustration without o\prior written permission from the publisher is strictly prohibited. Send address changes to subscriptions@ globalmiamimagazine.com. General mailbox email and letters to editor@globalmiamimagazine.com GLOBALMIAMIMAGAZINE.COM

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SPONSORED CONTENT

UNL CKING BUSINESS Opportunities in the United States A Legal Perspective

The U.S. legal landscape can be seem impossible to navigate for foreign business leaders looking to expand their operations into its complex market.

Rooted in historical ties, cultural affinity, and linguistic connections, Spain remains among Miami’s top foreign investors – just look at the City of Coral Gables. These deep relationships forge a reliable foundation for successful business collaboration.

The International Section of the Florida Bar and the Madrid Bar Association recently co-presented “Invirtiendo en EE.UU.: Aspectos Legales” (Investing in the U.S.: Legal Aspects.) Alcides I. Avila, a 43-year legal veteran who works closely with Spanishowned businesses in the U.S., spoke in detail about the legal requirements and nuanced processes to establish a business in the U.S. Choosing the right business structure One of the first critical steps an investor must take when entering the U.S. market is to decide which business structure best suits their company. Foreign businesses may operate through a branch or a subsidiary, which can be organized as a corporation or a limited liability company (LLC). Corporations and LLCs are similar to the Spanish “sociedades anónimas” and “sociedades limitadas,” respectively. The choice is typically tax driven.

In a branch structure, a foreign company establishes their presence without creating a separate legal entity. The most significant challenge of a branch structure is that it directly exposes the parent company to potential civil liability in the U.S., making it the least desirable for most foreign entities.

A subsidiary can take the form of a corporation or an LLC, offer more favorable tax treatment, and protect the parent company from civil liability.

Corporations are separate legal entities, subject to corporate income tax. Generally, foreign shareholders (including the parent company) will not be required to file U.S. income tax returns. Most foreign entities who establish a subsidiary in the U.S. choose the corporation structure.

A limited liability company (LLC) is also a separate legal entity and offers similar protection from exposure to civil liability. An LLC is a disregarded entity for tax purposes - meaning it is not subject to federal income tax. Instead, the profits and losses “pass through” to the members or owners, who are required to file the tax return.

The LLC may elect to be treated as a corporation to avoid having the parent company file taxes in the U.S. The most critical and significant difference between the different business structures is the level of protection they offer from civil liability.

Foreign entrepreneurs and entities entering the U.S. market must also consider liability insurance, trademark registration, compliance with a host of applicable state and federal laws, and other crucial factors. They should begin by gathering experts who understand their business goals, culture, and unique needs. Seasoned attorneys, accountants, financial advisors, and real estate brokers, among other professionals, can offer specialized advice and assist in determining the best course of action.

Why Miami Many entrepreneurs and investors see Florida as a strategic gateway to the U.S. and Latin American markets. Historically, Spain has made significant investments in the banking, finance, construction, and food and beverage sectors in Florida.

About Alcides I. Avila Mr. Avila is one of AVILA’s founding partners and has represented domestic and foreign clients in all aspects of international business transactions for over 40 years. He helps foreign banks, entities, and entrepreneurs establish business operations in the United States.

2525 Ponce de Leon Boulevard, Penthouse 12th Floor Coral Gables, FL 33134 | www.avilalaw.com

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The

Spanish Presence

STATUE OF JUAN PONCE DE LEON IN DOWNTOWN MIAMI, DONATED BY THE GOVERNMENT OF SPAIN IN 1976.

PONCE DE LEON ARRIVED IN 1513 AND, CLAIMING THE LAND FOR SPAIN, NAMED IT FLORIDA (LAND OF FLOWERS).

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No other overseas nation has more companies in Greater Miami than Spain

IBERIA AIRLINES FLIGHT ARRIVING AT MIAMI INTERNATIONAL AIRPORT

BY DOREEN HEMLOCK

Ever since Spanish explorers landed 500 years ago in the peninsula they named “Land of Flowers,” Spain has shared a special relationship with Florida. Spaniards in 1565 founded the first European settlement in what’s now the United States in north Florida’s St. Augustine. Spain ruled the land for two centuries.

As Greater Miami has developed since the 1960s into the U.S. business hub for Latin America and the Caribbean, Spain has strengthened that special relationship. Today, Spain has more companies in Miami-Dade County than any other overseas nation – roughly 400 which call Miami home, according to the Spain-U.S. Chamber of Commerce. Those businesses run the gamut from food and wine sellers to tile makers, construction giants, banks, retail, airlines and, recently, many tech startups.

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Spain at a Glance Sources: Government data, interviews

POPULATION: 48.3M, a bit more than twice Florida’s population AREA: 195,365 sq. miles, almost three-times Florida’s area ECONOMIC OUTPUT (estimate in purchasing parity): $2.3 trillion, nearly double Florida’s UNEMPLOYMENT: Roughly 12 percent, vs. three percent in Florida

CANTABRIA

ECONOMY: Joined what is now the European Union in 1986. Output is diversified, with more than 60 percent from services, including tourism, 20 percent from industry, and less than three percent from agriculture. The Madrid and Barcelona/Catalonia communities each contribute some 20 percent of national output.

BASQUE COUNTRY

ASTURIAS GALICIA

NAVARRE LA RIOJA CASTILE & LEON

ARAGON

CATALONIA

MADRID

EXTREMADURA

CASTILLA - LA MANCHA

VALENCIA

MURCIA ANDALUSIA

Overall, Florida counts the United Kingdom as its top foreign investor. But in Miami-Dade, Spain ranks No. 1 by far, thanks mainly to Miami’s sturdy links with Latin America. Many Spanish companies expand first out of Europe to South and Central America, building on their common Spanish language and cultural ties. Once those businesses set up in Latin countries, many then create a Latin American headquarters in Miami to manage the regional operations, with their top executives flying comfortably out of Miami International Airport across the Latin region.

“It’s much easier to be based in Miami and travel around Latin America than to be based in Latin America and try to travel around. That cannot be overstated,” says Ilona Vega-Jaramillo, who heads up international business for Miami-Dade County’s economic development group, The Beacon Council.

The depth of Spain-Miami links was clear in June when a Miami-Dade delegation attended Madrid’s South Summit tech conference. Delegates encouraged more Spanish ventures to set up in Miami, much as Madrid-based MedUX did two years ago to expand its business measuring telecom networks. “Miami has always 54

been a bridge between Spain, the U.S., and Latin America, but now it is also a regional reference for entrepreneurship and innovation technology through the #MiamiTechMovement,” CEO Luis Molina said in opening MedUX’s Miami home in 2021, building on its three Latin American offices.

Of course, every country has its idiosyncrasies, and Spanish companies must also adapt to major differences in the U.S. market compared to their Iberian homeland. For starters, the U.S. market is much larger, more competitive, and lots pricier than Spain’s. Advisors suggest newcomers start small, perhaps in a co-working space or shared warehouse, and focus first on one U.S. area. And they suggest budgeting big, noting too many entrants underestimate U.S. salaries, legal fees, and costs using Spain as their reference.

“To make it in the U.S., you need more than a solid business.

You need financial muscle and reserves to fund the new market expansion, because it may take two or three years to become profitable,” advises Juan Carlos Pereira, executive director of the SpainU.S. Chamber, who formerly worked as the country manager for a Spanish renewable energy company in the United States.

GLOBALMIAMIMAGAZINE.COM

A New Game in Town

It’s much easier to be based in Miami and travel around Latin America than to be based in Latin America and try to travel around. That cannot be overstated...

ILONA VEGA-JARAMILLO (ABOVE), MIAMI-DADE COUNTY, THE BEACON COUNCIL

Here’s a look at the trends, players, and best practices that nurture the Spain-Miami business already crucial to Miami-Dade’s global strength.

SPANISH BUSINESS ARRIVING IN WAVES: BANKS, BUILDERS, AND MORE

Spanish businesses have been crossing the Atlantic Ocean for decades, especially since Spain joined what is now the European Union in 1986. The first big wave came after many state-owned companies were privatized. Some buyers with expanded holdings felt emboldened to go overseas, especially banks such as BBVA, which was created from the privatization of state-owned Argentaria.

Next came construction companies. Many were strengthened

Spain’s business influence now extends to a sport taking off in Greater Miami: Padel. At least two dozen courts for the racket-based game have opened in recent years, including three at The Ritz-Carlton Key Biscayne resort, which offers Padel camps for couples and groups.

A mash-up of tennis and squash considered easier to learn and play than both, Padel is typically enjoyed with doubles in a wall-enclosed court. Players use a racket with no strings to hit a ball across the net, or as in squash, off the walls. Compared to tennis, the court and racquet are smaller and the ball less bouncy. Scoring is the same, but rules differ. For instance, Padel does not permit overhead serves.

Real Padel Miami was the first public center to open in South Florida nearly a decade ago, offering four courts designed in Spain.

Wynwood Padel Club debuted in 2019 and now calls itself the largest Padel club in the U.S., offering eight courts, a cafeteria, pro shop, and other facilities.

The sport traces its roots to Acapulco, Mexico in 1969. There, businessman Enrique Corcuera adapted a court in his home, adding walls and using paddles to play ball more comfortably with family and visitors. A Spanish friend liked the game so much he opened two courts at an upscale tennis club in Marbella in southern Spain in 1974.

The sport evolved until 2005, when, with hundreds of Padel clubs in Spain alone, it spurred an international championship.

Today, more than 25 million people are estimated to play Padel in 90 countries, including British tennis star Andy Murray, who’s invested in a company building courts in the United Kingdom. In Miami, fans include such top athletes as Miami Heat basketball’s Dwayne Wade and Jimmy Butler, and Inter Miami soccer’s David Beckham and Lionel Messi. Superstar Messi picked up Padel during his years in Barcelona.

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Innovating with Cuisine Spain’s best-known chef in America is taking his talents to a new spot – South Beach. The José Andrés Group, named for famed chef and founder José Andrés, is set to lead food and beverage operations at The Ritz-Carlton South Beach resort starting Oct. 20. The hotel restaurant will be re-branded Zaytinya by January, offering a Mediterranean “mezze” menu inspired by Turkish, Greek, and Lebanese cuisines. It will be the third location for Zaytinya, a play on the Turkish word for olive oil, joining locales in Washington, D.C., and New York.

Keen on cooking since childhood, José Andrés started culinary school at age 15 in Barcelona. He soon met Ferran Adria, the chef renowned for his molecular gastronomy, and worked three years with Adria’s acclaimed El Bulli restaurant before moving in 1990 to New York.

In the U.S., Andrés is credited with popularizing “tapas,” or Spain’s small plates, while leading Jaleo and other eateries in Washington, D.C. He’s also helmed cooking shows on TV, written books, and taught university classes, aiming to “change the world through the power of food.”

Globally, José Andrés is perhaps most admired for starting the nonprofit World Central Kitchen (WCK), which mobilizes chefs, volunteers, and funders to provide meals after disasters. WCK has helped after Haiti’s brutal 2010 earthquake, Puerto Rico’s hurricane Maria, and Hawaii’s recent fires in Maui, for example. Amazon founder Jeff Bezos gave José Andrés and WCK $100 million for their humanitarian work.

In Miami Beach, Andrés ran Bazaar restaurant at the upscale SLS Hotel for a decade, until early 2023. Bazaar offered such innovations as coffee rubbed-churrasco in passionfruit sauce and key lime daiquiri with toasted meringue. The busy chef has said he loves “the food, the culture, and the sexiness of the city.”

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I have meetings virtually every week with Catalan startups looking to the U.S. and exploring Miami as an option...

MARCOS GONZALEZ (ABOVE), AN INTERNATIONAL BUSINESS CONSULTANT FOR THE CATALONIA TRADE & INVESTMENT OFFICE, BASED IN CORAL GABLES

by European funding to boost infrastructure in Spain, subsequently heading into Latin America, often to work on large government projects or private-public partnerships. They were encouraged in part by Spanish banks active in the region. Those builders then suggested their suppliers set up in Mexico, Argentina, and other Latin American markets, says Francisco Javier Garzon Morales, Spain’s trade commissioner in Miami. As those suppliers succeeded in the Americas, they in turn motivated other small- and mid-sized Spanish companies to expand west out of Europe.

Today, the United States ranks as the top destination for foreign investment from Spain with Miami the main gateway, especially for smaller Spanish firms, says Garzon Morales. Tech now makes up the largest wave from Spain, with ventures in such emerging fields as cleantech and offshore wind energy.

Madrid-based engineering firm Esteyco, for instance, recently opened a Coral Gables office to pursue U.S. Department of Energy contracts to create floating platforms for giant wind turbines in GLOBALMIAMIMAGAZINE.COM

A sampling of some Spanish companies in Miami-Dade, by sector AVIATION: Iberia, Air Europa BANKING/FINANCE: Abanca, Sabadell, Santander BUILDING MATERIALS/TILES: Compac, Cosentino, Riva Spain, Roca, Porcelanosa MEDIA: EFE News, Hola TV CONSTRUCTION/INFRASTRUCTURE/ENGINEERING: ACS, Acciona, Dragados, Esteyco, FCC, Sacyr FOOD/BEVERAGE: 5 Jotas, Damm, Osborne, Pescanova HEALTHCARE/PHARMA: Grifols, Sanitas Keralty RETAIL: Areas, Inditex (Zara) SERVICES: Eulen, Prosegur.

TECH/TELECOM: Factorial, Climate Trade, Hiberus, Ironhack, MedUX, Telefonica, TheVentureCity

deep sea waters. Esteyco is designing two massive nesting rings, one floating deeper inside the other and together weighing some 7,000 tons, to keep the skyscraper-sized wind turbines steady at sea – with no pillar connecting them to the ocean floor. Plans call for testing the design off Spain’s Canary Islands in 2025. “I expect that [the offshore platform] will help us to change our world,” Esteyco’s energy director Ramon Lopez Mendizabal told Florida24TV recently, “and to the next generations, pass a better world.”

NETWORKS HELP SPANISH BUSINESSES GROW

Spain-Miami business links are so ingrained that an ample support network has emerged to encourage and foster those ties. Spain’s central government not only keeps a key trade promotion office in Miami but also a consulate that helps facilitate business. And several regions in Spain – known as autonomous communities – also have representatives in the Miami area.

Catalonia, which counts Barcelona as its capital, was the first region to open a Miami office more than 20 years ago. It mainly helps U.S. companies invest in the region but also helps Catalan firms expand in the U.S., says Marcos Gonzalez, the international business consultant who leads the Catalonia Trade & Investment office in Coral Gables. The office now also supports Catalonia’s recent push to become an innovation hub for southern Europe in tech, robotics, and more, “transferring knowledge back and forth,

because if you don’t focus on innovation now, it will be hard to be relevant in international business later,” he says.

Among innovative Barcelona-based companies now active in South Florida are Grifols, a healthcare provider that develops plasma-based medicines and had $3 billion-plus in global revenue in the first half this year, and Factorial, a tech “unicorn” valued at more than $1 billion, which makes software for human resource functions and set up its North American headquarters in Miami this year.

“I have meetings virtually every week with Catalan startups looking to the U.S. and exploring Miami as an option,” says Gonzalez. Some firms in bio-sciences opt to set up in Boston. “In Miami, many startups say they can network faster, use Spanish to make contacts, and expand into Latin America more easily.”

Florida groups also provide support. The state’s international business promotion agency (now called Select Florida) has an office in Madrid for outreach in southern Europe, while Miami-Dade’s Beacon Council connects with Spanish firms to develop their businesses within the county.

“Spain has always been a very strategic market for us, because there are more Spanish subsidiaries in Miami than in any other city throughout the U.S.,” says the Beacon Council’s Vega-Jaramillo. The Council typically sends a large delegation of business and government leaders to Spain every other year, usually to the capital or another big city, followed by a smaller city. A cadre of Council staff then travels to Spain the next year for follow-ups and to plan the

S PA I N R E P O R T

The first Miami group focused on Spanish business was the Spain-U.S. Chamber of Commerce, now the largest binational chamber in Florida, says executive director Pereira. The Chamber was formed in 1980 when a local lawyer realized that many of his clients were Spanish banks and other firms operating in the Americas, all facing similar concerns and opportunities. Cuba-born attorney Raul Valdés-Fauli stepped up as the first president of the group that now represents more than 500 companies in Florida.

BEST PRACTICES IN THE U.S., SO DIFFERENT THAN SPAIN

Still, Spanish companies face challenges in the U.S., the world’s most competitive market. Not only are costs often multiples higher than in Spain, but regulations differ too, such as labels required in ounces – not liters – and the type of electric plugs used. It can take years and big cash outlays to obtain some needed U.S. approvals, as exporters of Spain’s prized Iberico ham learned.

“The most common concerns we hear are about non-tariff barriers: labels, phytosanitary regulations, and issues with Customs,” said Angel Asensio, president of the Madrid Chamber of Commerce and Industry, during a recent visit to Miami to promote Spain’s international tourism fair FITUR. The strict and sometimes unexpected U.S. regulations contrast with the image of America as a free, open market.

The U.S. labor market often proves thorny, requiring greater focus on salaries, benefits, recruiting, and training. In Spain, jobs typically are harder to find and more coveted, employees more likely to stay near their family, and labor laws more employee-friendly.

Employee turnover is generally lower there.

“Here in the U.S., it’s ‘Show me the money.’ Employees say, ‘I’m leaving tomorrow.’ In Spain, that’s inconceivable. You have to give a month’s notice,” says Pereira. To keep top talent in the U.S., firms must typically pay employees more than in Spain, an issue that can be contentious in talks with headquarters staff in Iberia. Advisors recommend that Spanish firms entering the U.S. send a top exec with the ear of headquarters honchos back home, so they can best Here in the U.S., it’s ‘Show me the get across those U.S. needs.

Also challenging is building a U.S. client base. U.S. executives money.’ Employees say, ‘I’m leaving tooften ask Spanish newcomers about their other U.S. customers. To morrow.’ In Spain, that’s inconceivable. get started, some advisors suggest entrants build on their overseas network. If a Spanish company worked with a multinational overYou have to give a month’s notice... seas that also has a U.S. division, it can leverage that relationship for a reference or U.S. introduction. Initial U.S. jobs may require JUAN CARLOS PEREIRA, EXECUTIVE DIRECTOR competitive bidding, too.

OF THE SPAIN-U.S. CHAMBER What’s indisputable is the need for research to understand the U.S. market. “You can be a good business in Spain, but that doesn’t mean you’ll do well internationally,” says Gonzalo Arance, Select Florida’s consultant in Spain. He says too many small- and midnext big visit. Last year, a large delegation visited Madrid and then Vigo in northwest Galicia, meeting there with executives of banking sized Spanish firms skip detailed market studies and under-invest in marketing their services to stand out in the crowded U.S. market. group Abanca, among others.

Mastering the U.S. ropes requires humility too, since the The Greater Miami Convention and Visitors Bureau often process takes time. “The U.S. market is tough and sophisticated,” joins these Miami-Dade delegations, keen to woo more Spaniards to the county. In 2022, Spain became the No. 2 country of origin for says Catalonia’s Gonzalez. “Some newcomers see ‘El Dorado’ and European visitors to Miami-Dade, surpassing Germany and trailing approach it with an excess of self-esteem.”

Opportunities remain huge, however, with some 400 Spanish only after the United Kingdom, says Joe Docal, the Bureau’s director companies already working in Miami-Dade. Among the newest of travel industry sales for Europe. Some 35 flights per week now entrants: software maker and consultancy Hiberus, which set up a link Miami with Madrid and Barcelona on three airlines – Iberia, Miami hub this year to expand across the Americas. l American, and Air Europa – making travel easier.

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An Overview of Spanish Companies in the U.S.

An interview with Spain’s Miami-based Trade Commissioner

BY DOREEN HEMLOCK

For Spanish companies looking to set up in Florida, one key resource is Spain’s Trade Commission in Miami. It’s part of the Spanish government’s network of trade offices worldwide aimed at helping businesses from Spain expand overseas and promoting investment into Spain.

Francisco Javier Garzon Morales leads the Miami office that oversees Florida as well as Alabama, Arkansas, Georgia, Louisiana, Mississippi, Oklahoma, Texas, and Tennessee. He previously worked on competition policy in Spain, led the Trade and Investment Agency of Spain, and served at Spain’s trade commissions in Mexico and Brazil.

Here are excerpts from our recent interview with Garzon.

Tell us about Spain’s international trade office in Miami.

We’re part of Spain’s Ministry of Industry, Commerce, and Tourism, which has some 100 trade offices worldwide. In the U.S., we have five trade offices – in Miami; Los Angeles; Chicago; Washington, D.C.; and New York – each covering a different geographic region.

From Miami, we handle the U.S. southeast.

Our office is one of the busiest in the U.S. because there are more than 400 Spanish companies operating in Florida, with at least 350 in Miami-Dade. And we’ve seen lots of interest recently in business in Texas, especially in construction and energy projects.

Where do you see the greatest opportunities for Spanish business in Miami and across Florida?

I see a great match between the priorities of U.S. federal, state, and local governments and what Spanish companies have to offer. The U.S. Bipartisan Infrastructure and Inflation Reduction laws, for example, focus on sectors where Spanish companies have extensive knowledge and expertise.

One such area is renewable energy. Spain is a world leader in solar and wind energy, and we’re exporting lots of our technology and expertise to Latin America and other regions now. Spanish companies have invested more than $7 billion in wind energy in the U.S. since 2015.

Another area is infrastructure. Many big construction companies started coming to the U.S. decades back and are now well-positioned for growth, especially in public-private partnerships and concessions. They’re having success both with U.S. companies they’ve bought or subsidiaries they’ve opened here. I’d estimate 30 percent of bids open to foreign companies for infrastructure projects in the 60

U.S. now have some Spanish company presence. Our construction and engineering companies are very adaptable and flexible.

Miami stands out as a hub for Spain’s building materials, items like tabletops and countertops for kitchens and bathrooms, tile, and stone. They’re heavy to transport and typically are sent by ship to PortMiami, which is one of the main U.S. seaports for imported stone and tiles.

I also see opportunities involving technology, education, and innovation. Spanish tech ventures are very interested in South Florida’s ecosystem. Spanish universities are developing projects in Miami, and Spanish firms offer solutions in such cutting-edge areas as urban mobility, smart cities, and cleantech that can help tackle challenges across the U.S.

What misconceptions might people have about Spain and Spanish business?

Some people still think our culture is all about long lunches and afternoon naps, but Spaniards have become more practical and direct.

Spain has not been paella and siestas for a long time now. Today, Spain is more about innovation, technology, and a very international approach to business.

What advice do you give Spanish companies setting up in Miami?

I always insist: If you’re coming to Miami just to do business in the Spanish language with a similar culture to Spain, forget it. Come to Miami to do business with the U.S. If English is a problem, maybe you shouldn’t be coming. You need a solid U.S. market opportunity to make it. Language and culture help in Miami, but they’re not enough to succeed. l

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Carved in Stone FROM HUMBLE BEGINNINGS IN SPAIN, COSENTINO IS NOW A GLOBAL POWERHOUSE

G

randfather Eduardo Cosentino surely would be proud. The family business he started in the 1940s to sell stone products has become a global powerhouse with sales nearing $2 billion yearly – and with patents on engineered mineral surfaces used as countertops in high-end homes and hotels.

Now, the Spain-based Cosentino Group is building its first factory in the United States: a $270 million complex in Jacksonville that will bring production closer to U.S. clients and reduce the carbon emissions that come from shipping its heavy wares across the Atlantic Ocean. Grandson Eduardo Cosentino, CEO for the Americas, runs the headquarters from Greater Miami.

“No other Spanish company in our sector has manufacturing in the U.S.,” says Cosentino, who considers the U.S. a second home for the business that derives 60 percent of its sales from North America.

Cosentino entered North America in the late 1990s, setting up an office in Houston, Texas, where its initial U.S. partner was based.

By 2010, it had bought out that partner, and in 2017, it moved its regional hub to Miami-Dade County’s Coral Gables, aiming to serve the broader Latin American market, ease access to its home base in Almeria in southeastern Spain, and tap into the growing cluster of architectural and design firms in the Miami area.

Business has been booming since that move. In the Miami area, Cosentino has opened a showroom in the Design District as well as a logistics center in Fort Lauderdale. It now employs roughly 270 people in Florida, with some 200 in the Miami area. Its job count is set to top 450 when the group completes its railway-linked factory on a sprawling 330-acre site in West Jacksonville in 2028.

Cosentino says the Miami area offers a strong, multicultural workforce that can easily serve markets across the Americas and Europe. Yet these days, “it’s hard to find talent, because there’s essentially full employment,” he says, with the official jobless rate hovering below two percent.

DOING BUSINESS IN THE U.S.

The Cosentino Group is known for its trademarked, engineered surface products. They feature Silestone, a pressed mix of minerals and resin developed in the 1990s to resist scratches and stains better than natural stone, often used for indoor countertops in kitchens and bathrooms. Dekton is a similar mix but without resin, which better withstands weather conditions and is often used outdoors for facades and flooring. The company now manufactures in six factories in Spain and one in Brazil, selling its goods in some 110 countries.

Tastes differ widely among those nations and even within countries. In the U.S., for example, the Midwest tends toward more traditional granite with darker colors and shiny finishes. New York instead likes more greys with matte finishes, while Florida likes whites that reflect the sunlight and “not much black,” Cosentino says.

“The key is to adapt to the color, design, and taste in each market.”

At its Jacksonville factory, production will rely mainly on U.S. stone and other inputs, which likely will cost more than goods in Spain, but will help provide “faster service to U.S. customers,” says Cosentino.

Grandfather Eduardo could hardly have imagined such global 62

TOP: EDUARDO COSENTINO, CEO FOR THE AMERICAS ABOVE: THE CANTORIA INDUSTRIAL PARK WITH ONE OF EUROPE'S LARGEST SOLAR PANEL INSTALLATIONS

reach. Sales topped $1.8 billion last year, with net profits exceeding $128 million and nearly 6,000 employees worldwide. When he and wife Eduarda handed over their store to their children in the 1970s, the family business had just 14 workers.

Nowadays, the company also shines as a leader in sustainability. It has already installed one of Europe’s largest solar farms for a single user, with 37,000 solar panels able to produce up to 20 megawatts of energy for its main factory complex. It’s also implementing a five-year plan to cut its carbon footprint. l GLOBALMIAMIMAGAZINE.COM

“ Colson Hicks Eidson, one of Miami’s oldest and most accomplished law firms, is considered among the top trial firms in the United States, having won hundreds of multi-million dollar verdicts and settlements for its clients.

–Chambers USA, 2022

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WHO WE HAVE HELPED

Our personal injury law firm has obtained in excess of a billion dollars in verdicts and recoveries for clients and is recognized as a leader in plaintiffs’ personal injury and wrongful death, class actions, mass torts, and other areas of litigation

Our personal injury lawyers have a long history of serving individuals, groups of individuals and businesses in a wide range of lawsuits. Our trial attorneys are highly regarded for their depth of legal experience, responsiveness to client concerns and ethical tactics, both inside and outside of the courtroom. Our law firm receives respect throughout the legal community, which recognizes Colson Hicks Eidson for its various distinguished achievements.

We are or have been actively engaged in the following and many other cases: • Takata Airbags MDL • Champlain Plaza • Allergan Biocell MDL • Monat Marketing MDL • Parkland Shootings • Elmiron Eye Injury MDL • 3M Combat Earplugs MDL • BP Deepwater Horizon Oil Spill • Ford Firestone MDL • Toyota Sudden Acceleration MDL • Zantac MDL • Camp LeJeune Contamination Claims

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S PA I N R E P O R T

I was surprised by the legal differences.

A loan contract in Spain is often two or three pages. Here, it can be 100 pages or more...

MONICA VAZQUEZ, MANAGER, ABANCA USA

Adapting to U.S. Banking

Starting up in Miami just a year before the COVID-19 pandemic hit was a “trial by fire,” for Abanca, Vazquez admits.

Thankfully, the Spanish bank group has a strong in-house tech team that could quickly adapt systems and meet clients’ needs for greater remote access. But Vazquez also took a bold decision then: to keep the Miami bank open for in-person sessions and lend for new projects, seizing the moment as what she calls “a super opportunity for growth.”

HOW ABANCA BANK SUCCESSFULLY LANDED IN MIAMI Today, Abanca USA accepts deposits from overseas clients and offers personal and corporate banking services. Its real estate lending fter the global financial crisis in 2008, the U.S. Federal Reserve ranges from single-family homes to office towers and hotels, from Bank was picky about which international banks it would allow construction to purchases. Loans typically run from $1 million to to start a branch in the U.S. to serve clients overseas. The first one it $50 million. Some clients choose the bank not only for funding U.S. licensed in 10 years was Abanca, now Spain’s seventh-largest bank real estate projects but also projects in Spain and Portugal, taking adwith some $120 billion in assets, growing fast under the helm of vantage of its online platform that allows access to the bank in Iberia.

Spanish-Venezuelan entrepreneur Juan Carlos Escotet Rodriguez.

Next up for the U.S. branch: expanding trade finance, especially Abanca USA opened in Miami’s Brickell district in 2019, for imports and exports from Latin America and Iberia. That should aiming to serve families and businesses mainly from Latin America further build a Miami clientele that now often hails from Mexico, and Europe, including many who were investing in U.S. real estate.

Spain, Chile, and Peru, says Vazquez.

Today, it has some 20 employees in Brickell, with nearly $1 billion Abanca has been accelerating growth under chairman Escotet in assets managed there.

Rodriguez, who was born in Spain, raised in Venezuela, and studied Doing business in the U.S. has proven very different than in at University of Miami. Escotet began his career with Banco Union Abanca's Spanish homeland, starting with regulation and compliin Caracas, founded Venezuela’s Banesco financial group, and grew ance. The United States is “the most regulated banking market in the that group in Panama, Puerto Rico, the Dominican Republic, Spain, world,” with about twice the level of regulation as in Europe, says and the U.S. In 2015, he bought a majority stake in Spain’s NCG Monica Vazquez, the experienced Spanish banker who leads the U.S. Banco, which was later re-named Abanca. Since then, his team has operation. And regulators have a different approach, too. In Spain, roughly doubled Abanca’s operations, with some 6,000 employees in regulation tends to come after-the-fact, more like an audit. In the 800 offices in 11 countries in Europe and the Americas. Growth has U.S., regulators play a more preventive role, working with banks from come partly through bank acquisitions. the outset to help them understand and meet the requirements.

To start up in the U.S., Abanca had considered a branch in “I was very pleased by the support from the U.S. regulators, New York City, the American financial capital. But Escotet’s team who really assisted us in developing the bank and are always availopted for Miami because of greater opportunities to attract clients able for consultations,” says Vazquez, who had 15 years’ previous from nearby Latin America, offering personalized service in Spanish experience in banking in Spain. “And I was surprised by the legal and English. From Miami, Vazquez says, plans call for financing differences. A loan contract in Spain is often two or three pages. projects across the United States as well. l Here, it can be 100 pages or more.”

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S PA I N R E P O R T

Closing the Tech Skills Gap IRONHACK’S MIAMI-BASED HQ NOW TRAINS THOUSANDS IN THE U.S.

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he idea surfaced from a mismatch. In the wake of the financial crisis in Spain, friends Gonzalo Manrique and Ariel Quiñones saw legions of youth without jobs, while tech companies couldn’t find enough software developers and qualified staff to fill thousands of vacant positions.

The two young entrepreneurs decided to help close that gap, developing education programs to train the employees that tech companies needed. Ironhack was conceived, graduating its first students in 2013.

Fast forward a decade, and the venture now counts more than 15,000 graduates, works with 600-plus partner-companies, and operates in 10 cities in Europe and the Americas. It’s raised more than $20 million from investors and employs some 190 people, including about a dozen in Miami, where it keeps its U.S. headquarters. Business is booming, partly because more students are turning to online training and more tech companies are footing the bill for education tailored to their needs, Quiñones says.

In South Florida, the venture has made a splash by teaming with eMerge Americas, the group promoting Miami as a tech hub, to create a $200,000 scholarship fund for students in courses given at the Miami Marlins baseball stadium. Scholarships cover up to $6,500 for Ironhack bootcamps that typically require 10 weeks of fulltime study in such fields as web development, UX/UI design, and data analysis. “For most of our graduates, it’s their first job in tech,” says co-CEO Quiñones.

The success is especially remarkable because the co-founders, who met while pursuing their master’s degrees in business administration at the University of Pennsylvania’s Wharton school, never worked in education before. Manrique, who hails from Madrid, trained as a civil engineer and long aimed to start his own business.

Quiñones, the son of educators from Puerto Rico, studied political science at Harvard and then worked in investment banking. The two learned by doing, with help from the tech community.

Quiñones was the one to see Miami as a strategic hub. He’d visited the city when he was young, and after a decade in the U.S. northeast, yearned for a climate and culture more like his Caribbean homeland. In 2014, he visited and began meeting Miami’s tech advocates, including Manny Medina of eMerge and Brian Breslin of Refresh, and recalls conversations about the need for talent and builders.

“I thought: 'Why not use Miami as the launchpad for the Americas?’” Quiñones says. In early 2015, he set up in the Pipeline co-working space in Brickell to start Ironhack east of the Atlantic.

Doing business in Miami has been far different than Spain, he says. In Madrid and Barcelona, the team had to spend time explaining the merits of tech training instead of more traditional education. Many people in Spain were not familiar with bootcamps.

In the U.S., where bootcamps are common, the focus instead has been on what makes Ironhack different: the curriculum, methodology, and job placement opportunities, requiring the team to develop “a very sharp value proposition,” says Quiñones. “The U.S. market is, without question, the biggest prize in terms of opportunities, but it’s

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The U.S. market is, without question, the biggest prize in terms of opportunities, but it’s also the most challenging, with the most competition...

CEO ARIEL QUIÑONES (ABOVE RIGHT), WITH GONZALO MANRIQUE (LEFT)

also the most challenging, with the most competition.”

Costs in the U.S. are also significantly higher, from salaries to rents and outlays for lawyers in a nation known for litigation. “In Spain, a lot of business is done on personal relationships and trust.

In the U.S., everything needs to be properly documented. You need excellent and specialized legal counsel” from the start, because rivals use the law in their business strategy, sometimes threatening legal action to ward off competitors, Quiñones says.

Since the COVID pandemic, operations have changed on both sides of the Atlantic to feature online classes. Now, at least half of Ironhack’s students study remotely, and Quiñones hopes that soon most tuition will come not from students but from the companies contracting Ironhack to train the staff they need. With custom education, there’s no mismatch for jobs. l GLOBALMIAMIMAGAZINE.COM

S PA I N R E P O R T

Dry-Cured Gold THE FERMIN FAMILY BRINGS SPAIN’S FAMED JAMON IBERICO TO THE U.S.

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redit Spain’s Fermin family for bringing the world’s most revered – and most expensive – ham to the United States: Jamon Iberico de Bellota de Pata Negra. The dry-cured pork is made only from 100 percent Iberian black-hooved pigs raised on acorns from oak forests on the Spain-Portugal border.

The family business founded by Fermin Martin invested a decade and millions of dollars to earn the first U.S. Department of Agriculture approval to sell the prized Spanish ham in the U.S. Now, Fermin’s grandson is starting his own chain of gourmet shops featuring the ham, with its first store in the Miami area.

What makes the Iberico de Bellota ham so special that it commands retail store prices topping $150 a pound and restaurant prices even higher (sometimes $35 for less than two ounces)? For starters, the ham takes more than six years to produce, including at least three years to cure the meat. It comes only from one breed of pig raised in only one mountain region where the animals roam the oak forests that produce the acorns they eat. That breed has an unusual ability to hold fat in its muscles, creating a wonderful marbling that helps the thinly-sliced ham melt in your mouth.

“Consider the four aces in gourmet food – truffles, caviar, foie gras, and Jamon de Bellota 100% Iberico. They’re all similar. They have animal-vegetable components. They’re hard to obtain. They’re made in specific conditions that greatly limit production. And a little taste goes a long way,” says Raul Martin, the former U.S. sales chief for Fermin who now is developing his own La Jamoteca gour-

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RAUL MARTIN IS DEVELOPING HIS OWN LA JAMOTECA GOURMET SHOPS.

met shops. “With just a small bit in your mouth, the satisfaction you feel is very elevated.”

The Bellota designation – named for the Spanish word for acorns – is so rare that just five percent of hams from Iberico pigs carry that insignia. Others come from mixed-breed pigs and eat foods other than acorns to double their size in their final months. And Bellota could become even more scarce, says Martin. Climate change is reducing rainfall in the dehesa oak forests where the pigs roam, limiting yields of the acorns that are key to their celebrated flavor.

For Fermin, developing a U.S. market for Bellota has been challenging. Martin says the decade-long process to obtain U.S. Department of Agriculture approval was “very complex” and involved “lots of trial-and-error” to standardize and document each step to export, from forest to factory and shipping. It’s also taken sustained and costly marketing to expose U.S. consumers to a new taste since 2008.

Chefs have helped raise awareness, including Spanish-American star José Andrés, whose restaurants often feature the delicacy.

José Andrés says when Fermin’s Bellota “is under your nose, you know it - aromas of acorns, wet grass, and thyme… before you even taste it. Once the fat starts melting on your tongue, you get flavors of acorns, toasted hazelnuts, wet wood, and wildflowers – and then the fifth flavor, umami, adds a profound richness to round out the entire experience.”

Martin helped build Fermin’s U.S. distribution network, working from New York City, the country’s gourmet foods and luxury goods capital. He then opted to create his own retail business, starting in South Florida in 2018 with a kiosk in Dadeland Mall.

Last year, he opened La Jamoteca gourmet shop on Miracle Mile in Coral Gables, offering what he calls “the largest display of Spanish hams in the U.S.” and other delights from Spain, including cheese, olive oil, wine and more. The shop’s small tasting menu highlights Bellota, or as Martin describes it, “the pride of Spain.” l GLOBALMIAMIMAGAZINE.COM

FI N E D I N I N G

Dinner & A Show TORO TORO IS A PAN-LATIN SHOWCASE

BY ANDREW GAYLE

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he lobby of the Intercontinental Hotel in Downtown Miami is one of the city’s great spaces, with its immense, abstract marble sculpture by British artist Henry Moore. The energy of that giant atrium spills into the adjacent Toro Toro restaurant, where it is softened by dim lighting and rows of elongated Edison-era bulbs hanging from the ceiling.

The lighting is one of several things that Toro Toro gets right.

Another is the music, something which the live DJ (off in the brightly lit lobby) will tell you is called “Organic House,” a club beat blend of African, Indian, and Cuban music. It says “contemporary global,” but does so at a decibel level that lets you talk with your dinner companions.

The modern-international, design-forward feeling of Toro Toro is the deliberate styling of chef/mogul Richard Sandoval, who has now created some 45 restaurants around the world purveying his vision of Pan-Latin cuisine. His Miami outpost is another incarnation, grounded in Peruvian ceviche and pork lomo, Argentine grilled steak and chimichurri, Mexican corns and moles (including guacamole), Colombian chicharron and empanadas, etc.

For starters, we tried the crispy prawns and the crispy pork belly. The prawns ($30) are from Sandoval’s playlist, large shrimp fried in breaded panko with a coating of melcocha, a Peruvian specialty combining lemon, cane sugar, cinnamon, cloves, and peanuts to create a dense caramel sauce. These you dip in a pool of mango puree tinted with red chili. Great crunch with a sweet, tangy flavoring. The crispy pork belly ($22), meanwhile, is the creation of executive chef Armando Febles, a Miami native with Cuban roots, who has added his own dishes to the menu. This one is exceptional, with rectangles of pork belly, each edge a cicharron of crisped fat, the meat enlivened by mojo vinaigrette with mild habanero heat.

Offset this with the plate’s pool of papaya sauce and you’ve got a Pan-Latin taste treat.

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ABOVE: CHEF ARMANDO FEBLES OVERSEES THE PAN-LATIN CUISINE AT THE UP-MARKET TORO TORO AT THE INTERCONTINENTAL HOTEL. ABOVE LEFT: THE OPEN FLAME GRILLED STEAK, COOKED ARGENTINIAN STYLE.

TORO TORO

BY CHEF RICHARD SANDOVAL INTERCONTINENTAL HOTEL 100 CHOPIN PLAZA 305.372.4710

OPPOSITE: TOP LEFT: CRISPY PRAWNS FRIED IN BREADED PANKO AND COATED IN MELCOCHA. BOTTOM LEFT: PORK BELLY IN A VINAIGRETTE WITH MILD HABANERO HEAT. TOP RIGHT: GRILLED CAULIFLOWER STEAK ON A BED OF PUREED MUSHROOMS. BOTTOM RIGHT: SLOW COOKED WAGYU BEEF CHEEKS WITH SWEET POTATO STRIPS.

GLOBALMIAMIMAGAZINE.COM

Febles is behind another original plate, the grilled cauliflower steak on a bed of pureed mushrooms ($35). “Steaks” of cauliflower are now ubiquitous in up-scale restaurants, served with steak knives.

Febles treats his cauliflower like a filet, embedded with pomegranate pearls and capped with a slathering of pesto-like poblano gremolata.

The chef is proud that this dish is entirely vegan, and it just might satisfy your appetite for beef if it were not for the real thing served at Toro Toro.

A carnivore house specialty is the Wagyu beef cheeks ($56).

The meat, akin in texture to brisket, is slow cooked for eight to 12 hours before being coated with a wine reduction so that each bite melts in the mouth, with a tad of crunch added by crispy sweet potato strips atop the dish. The cheeks, with their dark, red wine coloring and flavor, are a visual (and taste) contrast to the bed of creamy polenta the meat is served on, which balances and mitigates the richness of the cheeks.

The other meat specialty: steaks grilled on open flame, Argentinian style. For the ceremony of it, we ordered a 32-ounce porter-

house (MP $100+), which easily feeds two. This is served tableside on a cart where the waiter deftly slices it, then flame-melts a disc of bone marrow to drip over the meat. The waiters who do this wear black gloves, which gives the scene a kind of James Bond feel to it.

The meat is exquisite.

Not only did the flaming meat presentation give the meal the feeling of a show, so did an actual show which started at 8 pm (another follows at 10 pm, both on Friday "Fiesta"night). Their entry was heralded by a light-waving procession of the assembled waitstaff: two sequined entertainers performing a dancing-with-thestars routine to upbeat Latin salsas. Topping this came dessert: La Bomba ($28), a chocolate bowl with three large balls of ice cream inside. The waiter tosses this onto a skirt of plastic on the table (itself drizzled with chocolate) and it bursts open. The server then pours three sauces (berry, caramel, and vanilla) over the ice cream, and everyone at the table digs in at once, Caligula-style. Delicious.

While dinner at Toro Toro is not inexpensive, the food and service are both reliably excellent, the ambience edgy but safely so, like an intergalactic hotel ride at a theme park – a good neutral place for a first date or business encounter. l

OUTLIER

From Chile... India Comes to Miami

RISHTEDAR EXPERTFULLY BLENDS LATIN COCKTAILS WITH INDIAN CUISINE IN MIAMI’S INNOVATION DISTRICT

BY KYLIE WANG

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alking into Rishtedar from the chaos of Wynwood, Miami’s enclave for artists and entrepreneurs, is like stepping into a different world. Outside, half the neighborhood is under construction; inside is an oasis of calm. Light bulbs couched in patterned poufs hang from the ceiling. Along the left wall, a reflective purple façade is framed in golden latticework, interrupted only by arched windows that offer a glimpse of Wynwood in transition. Up the staircase, next to a luminescent gold wall decorated with shards

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of mirrored glass, intricately carved lantern lights lead to another dining room.

The cocktail menu is simple, with classics like daiquiris and margaritas. We dared to try one of each, with low expectations considering the restaurant’s dedication to Indian cuisine. After all, why would an Indian place have a good margarita? The answer to the fabulous concoctions we imbibed is, of course, Rishtedar’s inception – not in India, but in Chile. Rishtedar’s location in Miami’s Wynwood district is, it turns out,

the restaurant’s fourth – and the only one not in Latin America.

This has no bearing on the food, however, which is distinctly Indian, made by Indian chefs. We tried the murgh tikka as an appetizer, drawn to the waiter’s description of a steaming spicy chicken kabob, served tableside in a sort of metal bassinet and still smoking from its cooking time in a traditional Indian tandoor. The large urn-shaped oven is made of clay, used to bake many Indian delicacies, including the famous tandoori chicken.

We also tried the goa chilly jheenga, sauteed shrimp with onion, green peppers, and a spicy tomato sauce. It felt a little outside the Indian cookbook – one doesn’t usually think of shrimp as an Indian staple (and these were Ecuadorian shrimp as well!)

– but the chili bite was right on point, the spices deeply Indian, and the shrimp plump and succulent.

For entrees, we tried a more tradiGLOBALMIAMIMAGAZINE.COM

OPPOSITE: THE RISHTEDAR ENTRANCE AND INTERIOR OFFERS AN OASIS AWAY FROM THE NOISE AND BUSTLE OF THE WYNWOOD ART & RESTAURANT DISTRICT. TOP LEFT: MURGH TIKKA, SPICY CHICKEN COOKED IN THE TANDOOR WITH SAUCE. MIDDLE LEFT: GOA CHILLY JHEENG, SAUTEED SHRIMP WITH ONION, GREEN PEPPERS, AND SPICY TOMATO SAUCE. BOTTOM LEFT: LOBSTER MASALA WITH COCONUT FLAVORINGS, SERVED HERE WITH NAAN BREAD AND BASMATI RICE.

RISHTEDAR 232 SW 24TH ST. MIAMI 305.799.0724 RISHTEDAR.COM LUNCH / DINNER DAILY FROM 1 PM

tional dish – butter chicken – to see how it stacked up against other iterations we’ve tried. Rishtedar’s is an instant classic, juicy and well-balanced. Equal parts creamy and tangy, it’s a simple dish that has the usual Indian flavoring without the spice (though you can ask for more heat if you want).

Most interesting was the lobster masala, which features coconut and South Indian flavorings. Despite the sweetness of the coconut, it lands with a pleasantly acidic taste, pairing well with an accompanying spoonful of basmati rice. The slender-grained rice mainly grown in India and Pakistan is more aromatic than plain white rice and far less sticky. If you find your dish too hot (and Rishtedar does not skimp on the spice), basmati rice can make a huge difference between bites. The restaurant offers two options besides the regular version: nimboo baath has curry and mustard seeds, giving it a slightly sharp flavoring, while kashmiri pulao has fruits and spices for a sweeter take.

Of course, naan is also an option for a side and Rishtedar has several kinds. The bread, recently ranked the third-best type of bread in the world by international food travel guide TasteAtlas, is usually baked in a tandoor and seasoned simply. But at Rishtedar, you can have it with garlic (lasun naan), cheese, or made with sesame and coriander (till dania naan) – or, of course, traditionally, without additions.

For dessert, you could have a full platter of all Rishtedar’s offerings or go simpler with our favorite, gulab jamu: sweet milk starch balls marinated in rose water with saffron.

Delightfully authentic to India with a Latin flair on the cocktail menu, Rishtedar is about as international as it gets. Stepping inside takes you somewhere else, from a busy street in Miami to a palatial restaurant in India. l

DINING GUIDE

Fine Dining in Global Miami

and booths. Bento boxes, a raw bar, udon noodles, and Korean fried chicken populate a relatively small but inventive menu. Impressive cocktail bar.

There is no better way to appreciate the quality of a world class city than through its cuisine. Miami has a dynamic and growing culinary seen, propelled in part by its multi-cul- 871 S. Miami Ave. 786.878.4493. kaorimiami.com $$$ tural community. What follows is a selection of fine dining establishments in Downtown Miami, Brickell, Wynwood, the Design District, Coconut Grove and Coral Gables.

LA MAR

High-end Peruvian seafood restaurant with great views of the Brickell skyline from the outdoor patio. Chef Gastón Acurio won a Michelin star for his creative dishes, including ceviche with local snapper, grouper, and cod. Recommended: the conchitas a la parmesana, grilled jumbo mollusks served in a large scallop shell in a creamy parmesan base. Modern and lively without being overbearing.

500 Bickell Key Dr. (Mandarin Oriental Hotel) 305.913.8288 $$$ TRULUCK’S

DOWNTOWN BRASSERIE LAUREL

Chef/owner Michael Beltran’s hip French entry into the downtown eating scene. Exquisite modern French cuisine in a modern yet cozy setting in the midst of the new Miami WorldCenter. Lobster in a bisque served with veal sweetbreads, venison with a sauce au poivre, escargot served in puff pastry, with a signature boeuf en croûte.

698 NE First Ave. 305.330.9048 $$$$ IL GABBIANO

Northern Italian cuisine with stunning views of the Biscayne Bay, PortMiami and Brickell Key. Located at the base of Biscayne Boulevard on the Miami Riverwalk.

Impressive selection of pastas, risottos, and 12 veal dishes.

335 S. Biscayne Blvd. 305.373.0063 $$$$ KLAW

From another era in time, a restored 1920s gem of woodwork and high ceilings in the top floor of the old Miami Women’s Club, on the water behind the Omni/Hilton on Biscayne Blvd. High-quality American surf and turf in a large, upscale setting.

1737 N. Bayshore Dr. 305.239.2523 $$$$ TORO TORO

InterContinental Miami’s premiere lunch and dinner restaurant, Toro Toro (reservations recommended), is led by Chef Richard 74

One of the oldest restaurants in Miami’s Brickell financial district, with a setting as QUINTO elegant as its food and service. Specializing in seafood, Chef Odel Arencibia prepares lobster tails from South Africa, king crab Sandoval and features a pan-Latin cuisine, heavy on Peruvian with ceviches and tiradi- legs from Alaska, branzino from the Medto, although the real highlight is their steaks. iterranean, sea scallops from the New EnThe traditional Peruvian lomo saltado is the gland coast, and giant prawns from Nigeria.

777 Brickell Ave. 305.579.0035. $$$ best choice for a specialty entrée.

100 Chopin Plaza (Intercontinental Miami) QUINTO 305.577.1000 $$$ On the fifth floor of the East Hotel, with a large, lush outdoor terrace that takes you ZUMA Modern Japanese cuisine from Chef Rainer far away from one of the busiest neighborhoods in Miami. The culinary focus is South Becker, the 2010 flagship of what is now a American dishes with a Mexican veneer, in global brand. Chic and minimalist interithe best possible way – refined, inventive, or with a modernized version of Japanese izakaya – dishes meant to be shared. Nigiri, multi-layered. Chef Ivan Uria uses a wood fire to add flavor. sashimi, sushi rolls, and three different 788 Brickell Plaza (EAST Miami). omakase menus.

786.805.4646 $$$ 270 Biscayne Blvd. (Kimpton Epic Hotel) 305.577.0277 $$$$ WYNWOOD BRICKELL MARYGOLD’S BRASSERIE

NAOE

The most expensive meal in town at $280 per person before beverages are served.

High-end Japanese with 10 weekly seatings in an intimate space. Received the Forbes Travel Guide Five Star Award and AAA Five-Diamond Designation.

661 Brickell Key Dr. 305.947.6263. naoemiami.com $$$$ KAORI

Modern Asian-inspired menu of highly original, complex, ingredient-driven dishes in a clean setting of wooden tables, chairs,

Chef Brad Kilgore is the talent behind this trendy Florida-inspired showcase for modern American cuisine. Distinctive dishes like oxtail beignets and ricotta “pillows” are both toothsome and strange and further elevated by sides like delicately flavored spun potatoes.

2217 NW Miami Ct. 786.522.6601 $$$ PASTIS

Originally from New York, this criticallyacclaimed Parisian bistro serves up classic French cuisine in a stylish yet comfortable setting. A unique but limited “midday menu” (served between lunch and dinner) plays on GLOBALMIAMIMAGAZINE.COM

the more expansive lunch and dinner offerings, which range from escargot to steak au poivre to French onion soup.

380 NW 26th St. 305.686.3050 $$$ DESIGN DISTRICT COTE MIAMI

COTE’s golden-hued dining room in the midst of Miami’s Design District is expansive, lined with comfortable black leather booths and tables inset with golden Shinpo grills, the focus of COTE’s culinary experience: Korean barbecue cooked at each table.

The Butcher’s Feast is the highlight, tailored for a power lunch, and second only to the Steak Omakase Grand Tour.

3900 NE 2nd Ave. 305.434.4668 $$$

TULLIO AMAL

Mediterranean food in a an airy and lightfilled space with a focus on Lebanese cuiTABLÉ BY BACHOUR The beautiful new Design District restaurant sine. Inviting ambiance with a nod to Old from pastry impresario/restaurateur Antonio World arabesque charm, though reimagined with bright and modern tones. Mezzes, pita, Bachour opened in March 2023. The talented chef ’s most ambitious venture to date, hummus, etc., peppered with traditional Lebanese spices and coastal flavors. with a stand-alone bakery counter with togo offerings of the chef ’s Instagram-worthy 3480 Main Hwy. 786.369.0846 desserts. Tuna tartare, lamb meatballs, crispy CORAL GABLES Spanish octopus, miso-roasted salmon.

180 NE 40th St. 786.842.0551 $$$ COCONUT GROVE BELLINI

A European-style hideaway on top of the Mr. C Miami hotel, with views of Biscayne Bay and the Grove’s skyline. Italian menu inspired by the founder of Harrys’ Bar in Venice, the great-grandfather of the hotel owners. Recommended: the translucent langoustine carpaccio to start, followed by the pesce del giorno, a whole Dover sole.

2988 McFarland Rd. (Mr. C Miami) 305.800.7672

French and Spanish cooking here. But the chicken Florentine, Ravioli aragosta, ravioli zucca, golden calamari and veal ossobuco say otherwise. Well prepared dishes in a quiet setting make this Power Lunch Central in Coral Gables.

162 Alcazar Ave. (Hotel St. Michel) 786.580.3731 TUR

Mediterranean cuisine carried to new heights by Chef Christian Chirino, who MAMEY plates each dish with exquisite care. Amazing The overriding culinary proposition of Mapork loin, offered both for dinner and as a mey, with some South Asian exceptions, is smaller portion on the $39 executive lunch Caribbean cuisine infused with the spices of menu, plus delicately-flavored ice creams India. Award-winning Chef Niven Patel has and sorbets unlike any other. Flavors here a background in both, with ingenious comrange from Middle Eastern to Spanish – but binations and contrasts of tastes and textures everything is delicious. that create complex flavor profiles.

259 Giralda Ave. 786.483.8014 1350 S. Dixie Hwy (Thesis Hotel).

305.266.2639 MESA MAR

ZUCCA

They will tell you they serve “continental” fusion cuisine, and yes there is a touch of

The place in town for pescatarians, where the fish is flown or driven in from the nearby Florida Keys or the Caribbean. Chef Lilia Molina’s commitment to freshness is evident here based on the quality of the food and the fact that the restaurant receives shipments four times a week – meaning that nothing is ever more than a day old.

264 Giralda Ave. 305.640.8448 TULLIO

TRULUCK’S

The newest fine dining experience in Coral Gables. Elegantly presented Italian cuisine from northern Italy, with a focus on Venetian dishes and seafood. Cinematiclevel service with many dishes prepared table-side. Unique seafood options like fully intact prawns and pan-seared octopus with chickpea puree, plus delicious homemade gelato.

160 Andalusia Ave. 305.926.4208 l 75

PROPERTIES

Waterfront Properties from “Up North” In August, Miami real estate prices were up 7.7 percent compared to last year – but don’t despair, future South Florida homeowners! Fort Lauderdale, a mere 30 miles from Miami and an integral part of the Miami Customs District, saw prices drop by 7.4 percent during the same period.

Homes in this unofficial capital of Broward County have much of the same glamorous luxury Miami has to offer (with even more waterfront homes), if a little less of the night-time hubbub. We asked three local realtors for some of their prime waterfront listings in the area. This is what they offered.

LISTING PRICE:

$5.5M

OPEN PRIVACY 609 4th Key Dr., Fort Lauderdale 4 bed / 3.1 bath. 3,428 sq. ft.

Situated in the coveted, gated subdivision of Sunrise Key, every element of this home has been created to cultivate open concept living, with voluminous ceilings and a luminous floor plan. Multiple sliding

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doors blend indoor and outdoor living spaces with a large, covered loggia and fully equipped summer kitchen that overlooks a saltwater pool. Listing Agent: Peter Barkin (Compass Florida), 954.675.6656

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LISTING PRICE:

$13M

SLEEK SPLENDOR

1957 Harbourview Dr., Fort Lauderdale 6 bed / 8 bath. 6,500 sq. ft.

Directly on the Intracoastal and walking distance to the beach, this property – scheduled to be completed this month – boasts high-end finishes and captivating views of the ocean inlet. Fully furnished by Restoration

Hardware, the house sits on a generous 9,375-squarefoot lot with floor-to-ceiling sliding glass walls, designer kitchen, and resort-style pool and spa. Listing Agent: Lori Suarez (One Sothebys), 954.648.7336 77

PROPERTIES

LISTING PRICE:

$16M

TROPICAL PARADISE 821 Solar Isle Dr., Fort Lauderdale 6 bed / 7.2 bath. 9,080 sq. ft.

This Santa Barbara-inspired estate comes with 120 feet of protected deep water. Walled & gated with open intracoastal views, luxury amenities include an open chef ’s kitchen, breakfast area, butler’s pantry, formal dining

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room for 12, large family and formal living room with fireplace, 1,800-bottle wine cellar, club/theatre room, and a library/home office. Listing Agent: Bob Evans (Douglas Elliman Real Estate), 954.951.5100

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TA L K

Moving From Gateway to Bridge of the Americas IS IT TIME FOR CITIES TO REPLACE THE STATE AS THE ESSENTIAL CONNECTORS FOR DIPLOMACY AND SOLUTIONS TO GLOBAL CHALLENGES?

BY ADAM RATZLAFF

Adam Ratzlaff is a specialist and consultant in Inter-American Affairs as well as a PhD candidate at Florida International University.

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Miami is often referred to as the “Gateway to the Americas,” a space in which the United States and other nations can engage with Latin America and the Caribbean without actually leaving the U.S. This status was part of why the Clinton administration selected Miami as the host of the first Summit of the Americas in 1994.

However, while one often thinks of diplomacy as being the purview of national governments, other actors can play a critical role, from artists and scientists to city governments.

Given Miami’s unique history, demographics, and geography, the city is uniquely poised to serve as a leader to promote Hemispheric collaboration and innovation.

in Denver to develop channels for city diplomacy in the Western Hemisphere.

While the Cities Summit did not yield the same high-level declarations as its presidential-level counterpart, it did showcase how effective city diplomacy can be at promoting collective responses to shared dilemmas.

Miami has already begun to position itself as a hub for city diplomacy in the Americas. Florida International University started hosting the Inter-American Conference of Mayors and Local Authorities in 1996, annually bringing more than 500 mayors and city council members from Latin America and the Caribbean to Miami.

Furthermore, groups often choose Miami as their own site for major conferences on the most pressing issues facing the region.

Such is the case with Climate Week Miami, scheduled for next April and organized by CC35, a collective of representatives from the 35 capital cities of the Americas.

While these efforts have started – and mayors Daniella Levine Cava (Miami-Dade County) and Francis Suarez (City of Miami) often participate in city diplomacy and in international gatherings – more can be done to link Miami to the rest of the Americas.

Given the high levels of political and social Often, Miami is viewed as being at the polarization we are experiencing today, cutting edge of corporate diplomacy with particularly on key issues such as climate the Americas rather than as a hub for policy change, racial justice, and socio-economic innovation. But corporate and city diplomacy equality, national level diplomacy is now can and should supplement one another. more difficult than ever – highlighting the While much of the infrastructure is importance of alternatives. Cities have had already in place, Miami ought to deepen to step up to address these challenges. This is ties with the region and make the city into true for the United States as well as abroad, the hub for Hemispheric cooperation and for these issues are not ones that impact just creativity in policy, business, and peothe United States, but are endemic across ple-to-people interaction. For many municithe Americas. Cities can share their lessons palities, this has already happened, at least to and learn from one another on how best to some extent, with the historic Sister Cities tackle such difficulties. program that encouraged U.S. cities to share The U.S. government is aware of how answers to various urban problems with difficult it is to address shared challengtheir global counterparts. The challenges es through interstate diplomacy and has facing the Americas, however, are now more opened the door to facilitate city diplomacy. dire than ever. Miami is uniquely situated Earlier this year, the United States hosted to serve as a bridge for solutions across the the first Cities Summit of the Americas Western Hemisphere. l

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A true icon surrounded by 150 acres of tropical landscape. We invite you to soak in our rich history, world-class golf, European spa, decadent dining, including our internationally recognized Signature Sunday Brunch or Afternoon Tea and more.

The Biltmore, where luxury and good taste never go out of style.

THE BILTMORE HOTEL 1200 Anastasia Avenue | Coral Gables, Florida 33134 Reservations: 305-445-1926 | www.biltmorehotel.com