LeFrak: A Bank With 5,000 Employees Considered Moving To Miami, But Was Stopped By School Situation

Miami should focus on better schools, SoleMia developer Richard LeFrak said last week.

According to LeFrak, a bank with 5,000 employees approached him about making the move to Miami.

All employees at the bank who were under 30 or over 55 wanted to make the move, he said. Those with school age kids did not want to make the move, however.

LeFrak related the story at a keynote session of the Miami fall symposium of the Urban Land Institute, according to the Miami Herald.

Despite not landing the bank, LeFrak said investors will continue flocking to Miami due to strong population growth in the region.

LeFrak closed on the purchase of a $9.7 million penthouse at the Four Seasons in Surfside earlier this year. He does not appear to have filed for a homestead exemption on the property yet.

 

 

Brickell’s Southside School, the oldest elementary school in Miami-Dade county. US National Register Historic Places:

(photo: phillip pessar)

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Anonymous
1 year ago

Miami Dade schools may not be the best but they are also not as bad as people make them out to be. The ugly truth is many employees probably didn’t feel comfortable living in a majority Hispanic area.

Anonymous
1 year ago

I agree, area is not diverse enough.

Anonymous
1 year ago

i don’t think its Hispanic enough!!

Anonymous
1 year ago

Quae ?

Anonymous
1 year ago

^Found the guy who complains about Publix and Trader Joe’s prices and wants Sedano’s on every corner.

Anonymous
1 year ago

Take your croqueta to Hialeah

Anonymous
1 year ago

Dude… in the last election, 3 of the top 5 Republican Candidates, had some hispanic background… Rubio, Cruz and Bush (all with some strong Miami connection). The schools in Brickell are really bad. Not fair with all the Property Taxes contributed by that area. It has nothing to do with ethnicity but with quality. We desperately need better schools in Brickell.

Anonymous
1 year ago

im with you on this!!!

Anonymous
1 year ago

It’s Trump fault also

Anonymous
1 year ago

then leave Miami. We do t need any more Dembecils here

Anonymous
1 year ago

But we do need more people who knows how to spell.

Anonymous
1 year ago

It’s not like they would be living in Hialeah. Downtown is extremely metropolitan, you don’t have to know spanish to survive there and you get people from all over the world

Anonymous
1 year ago

Notice how they said the young and old are willing to move to Miami. Those are the ones most wanting to live in Downtown. The ones with children would probably prefer to live in the suburbs where it can be difficult sometimes for non Hispanics.

Anonymous
1 year ago

Only Sometimes??? Have you been to Kendall lately??

Anonymous
1 year ago

Just a small area of downtown cannot justify 5K employees and their families.

Anonymous
1 year ago

Hialeah High has a very high rate of full gratitudes in Ivy League universities throughout the USA

Anonymous
1 year ago

They have a high rate of “gratitudes?”

Looking back at the countries their parents escaped from, I don’t blame them for being gracious.

Anonymous
1 year ago

The schools are crap.

Anonymous
1 year ago

He plowed over mangroves for solenia… like miami (my hometowm) needs more feaking condos, banks or people.

a few cat fives off the east…

Anonymous
1 year ago

“majority Hispanic area” Most of yall are white quit acting like hispanic is a victimhood group. The closet high school is broker T that is the real reason, yall don’t want to be around us black folks.

Anonymous
1 year ago

After living here for 20 years I fully agree with that sentiment

Anonymous
1 year ago

Many times employees use that excuse because they do not want to move. They have ties and family in their home towns, and one of the spouses do not want to move.

Anonymous
1 year ago

So, the people with kids to support, who need the jobs the most, dictated where the bank would not move? They’re less able to weather the income disruption that comes with relocation refusal.

Anonymous
1 year ago

Consider the added expense of private school.

Anonymous
1 year ago

Anyone with school-age kids knows they would never vote to MOVE anywhere.

Anonymous
1 year ago

And then there’s our failing infrastructure, too.

Anonymous
1 year ago

Infrastructure is failing all over the country – it’s worse in a lot of the northeast.

Anonymous
1 year ago

Transit infrastructure can’t fail I guess if you never build any of it.

Anonymous
1 year ago

That street in front of the school needs a road diet. Make Downtown and Brickell more walkable and less car dependent.

Shore Power Broker
1 year ago

Yes, making car traffic worse will attract more corporate relocations.

Good thing you’re in charge of nothing.

Anonymous
1 year ago

Yes, Boston and Tokyo are devoid of businesses because it’s hard to drive in them.

Anonymous
1 year ago

Both have extensive subway systems as well.

Anonymous
1 year ago

As should Miami

Anonymous
1 year ago

Brickell is full of mass transit options.

Anonymous
1 year ago

Silicon Valley and the Research Triangle Park in NC have minimal traffic issues, and look at all the business they’ve attracted.

Anonymous
1 year ago

Those areas *created* businesses through investments in and fostering higher education.

Anonymous
1 year ago

You can do what you think to made Downtown and Brickell more walkable all you want but how are you going to make people do more walking?

Anonymous
1 year ago

When people hear “road diet” they often only think about the fact that square footage is being removed for single-occupancy vehicles, but the flip side is the added space that makes streets so much more safe and welcoming to people on foot, or people who would like to be on foot.

Anonymous
1 year ago

But who is complaining about the streets now and what’s preventing people from walking at the moment? Is there something that really prevents or keeps you from walking in these areas?

Anonymous
1 year ago

The streets could use more shade trees. The sidewalks could be wider for ADA-compliance. Larger sidewalks would also allow for more street furnishings like trash cans, benches, and lighting, which would be more inviting to pedestrians. Half of increasing pedestrian activity is having places for them to go to (retail, office, residential, etc.). If there’s nowhere to go to, there’s no reason to walk. The other half is perception/experience. If pedestrians perceive the streets to be dangerous either because cars are speeding by or not enough lighting at nighttime, they will find a way to avoid walking. Road diets help not only encourage more pedestrians, but also increase property values by way of increasing commercial activity. It’s all about activating spaces and increasing land utilization. People require less space than cars, so if you make spaces for people, you can fit a lot more people and stores and utilize your spaces better. It’s really an efficiency thing. Think about the utilization of a car dealership versus a grocery store. The land required for both functions versus the use the land gets. Obviously car dealerships that stay in business aren’t wasted space, but they will have less volume of foot traffic and sales activity than a grocery store.

Anonymous
1 year ago

A whole lot of unnecessary jargon but no answer to the questions.

Again, who is complaining (people who live downtown and Brickell) about the streets now and what’s preventing people from walking at the moment? And.. is there something that really prevents or keeps you from walking in these areas?

Anonymous
1 year ago

NOT WANTING TO DIE. hope that’s clearer now. FFS

Anonymous
1 year ago

Like the title of the movie said, there’s a “THOUSAND WAYS TO DIE!!!” So stay indoors and never come out if that is what you fear from walking in these areas.

Hope that’s clearer now.. FFS…

Anonymous
1 year ago

say it louder for the people in the back *clap clap*

Anonymous
1 year ago

It’s probably the fact that Florida is the most dangerous state in the country for pedestrians, so the current system is obviously not working.

https://www.tampabay.com/transportation/report-florida-still-the-most-dangerous-state-for-pedestrians-20190123/

Anonymous
1 year ago

Especially in 100 degree heat and humidity.

Anonymous
1 year ago

It’s never been 100 in Miami. In fact, FL is statistically the most dangerous for pedestrians BECAUSE it’s warm sunny weather promotes year-round walking.

Anonymous
1 year ago

It’s hard to walk in 90’ Weather is a problem for walking during summer I suppose. I am New Yorker just one month newcomer in Miami. The city needs desperately better metro rail system. Hispanic speaking is problem for new comers in suburbs but not in downtown and brickel.

Interested
1 year ago

Beautiful building which was recently historically restored. Very successful and popular school.

Anonymous
1 year ago

and in need of an expansion.

Anonymous
1 year ago

Waste of precious land. City should sale that land and with the funds build a world class school next to the Museums in Downtown next to the water in that land owned by the City.

Anonymous
1 year ago

It is about time our state government understands that it takes more than lower taxes to be competitive.

Michael
1 year ago

There has to be more to this. As little as six months ago, Miami-Dade was ranked as having the 8th best school district in the country. https://www.local10.com/education/miami-dade-public-schools-ranked-among-top-10-in-us

¯\_(ツ)_/¯
1 year ago

The guy is just looking for reasons to blame someone else. I’m sure there were other reasons the bank didn’t relocate.

Anon
1 year ago

It doesn’t even say there are issues with the school system. it says those with school age kids didn’t want to leave. To me, it reads more like they don’t want to uproot their families and move anywhere, not specifically Miami, let alone because of poor schools.

Sgt. Sapingo
1 year ago

I don’t blame them, and it’s a damn shame. Miami is in a real rut right now.

I’d never put my kids in Miami schools, but really the only industry that pays descent is real estate and without the South American tax evaders and money launderers, it doesn’t leave many people to buy all the condos that are for sale. It’s a downward cycle for everyone except Jorge Perez.

Anonymous
1 year ago

Are you fraking kidding me?

Anonymous
1 year ago

Great opportunity to build amazing luxury schools.

Anonymous
1 year ago

Shame

Anonymous
1 year ago

Huh

Anonymous
1 year ago

JP Morgan had the same idea and killed it because of the school situation.

Anonymous
1 year ago

There are plenty of A schools in Miami Dade county

Anonymous
1 year ago

It doesn’t take a genius to figure that out.

Anonymous
1 year ago

Race is not the issue here, it’s actually about schools. Brickell has 1 elementary school that’s packed. South Brickell goes to school in Shenandoah and down by UM. Downtown goes up north. Everywhere else has waiting lists a mile long.

Anonymous
1 year ago

Why is everyone always taking out on Hiealeah? Yet you can buy a old good home there for less than 300k

Anonymous
1 year ago

You “cannot” meant to say

Anonymous
1 year ago

Frak them !!!!!

Anonymous
1 year ago

Most folks in the US don’t understand that most Hispanics in Miami are middle class and well educated.

They think of Hispanics as a race Instead of a diverse community of all colors, backgrounds an education as those found in Miami Dade county.

To most people in the upper 49 including the woke Inclusive hypocrite democrats, Hispanics are gangbangers and gardeners.

And that’s unfortunate.

Anonymous
1 year ago

That’s really true. They think of hispanics as gardeners. Miami isn’t like that at all.

Anonymous
1 year ago

…. meanwhile, Donald Trump is thinking of his wall….

Anonymous
1 year ago

Where are all the “low taxes will make Miami prosper” people now?

Anonymous
1 year ago

Enjoying today’s nice weather while not having to worry about paying local or state income taxes and absurdly high real estate taxes.

Anonymous
1 year ago

Guess they don’t have kids in school or can afford to live in Pinecrest

Anonymous
1 year ago

I know, low taxes are also killing Dallas and Houston’s prosperity. Oh wait…….

Anonymous
1 year ago

Dallas and Houston have plenty of homegrown industry. They’re not trying to lure banks from New York where people are going to demand walkable neighborhoods with excellent schools in them; they’re happy with good schools only for those who live in sprawling suburbs.

Personally I would rather live in a city that competes with New York for higher quality than that races with Dallas and Houston to the bottom for cheapness.

Anonymous
1 year ago

What’s with the walking fetish on this board??….Christ walk the beautiful beaches here if you want to go for a walk so bad, or get a treadmill.

Anonymous
1 year ago

Simply because one company declined to relocate here does not mean the end of the world. In the mean time we should continue to improve our educational cred, not only with new schools, but curriculum as well, so as to retain the business entities we do have. It takes many years of dedicated work to change perception. We’re not perceived as being an educational mecca, rather a tourist attraction, with a very transient population. Our complacent local officials appear satisfied with the status quo. Until they’re removed from office nothing will change.

Anonymous
1 year ago

Why would any loving parent want to consign their kids to public schools these days ?

Anonymous
1 year ago

What are we gaining if they relocate their 5000 employees?

Anonymous
1 year ago

Customers for local businesses, buyers for all those new condos, potential arts patrons.

Anonymous
1 year ago

So, you are saying that instead of creating new high paying jobs in our area and helping to diversify our local economy, our low taxes are set to perpetuate our local economy’s dependence on services, real state, and low wages jobs. Correct?

Anonymous
1 year ago

“Who needs real economic prosperity when we can continue to be a precarious investment vehicle for Brazilian tax evaders?”

Anonymous
1 year ago

5000 new tax paying citizens and a nice bank

Anonymous
1 year ago

What is the opposite of growth?
By your logic, 5000 employees leaving Florida is a good thing.