Miami Innovation District Is Attracting Interest From Tech Firms

Michael Simkins is lining up support from tech companies for the Miami Innovation District, according to the Herald.

Among those expressing interest is 500 Startups, a San Francisco-based venture fund and accelerator. They are in talks to open an accelerator for Latin startups in an existing building on the property, and would move into a new tower when complete.

The founder of Open English and Next University, two Miami-based startups, also said that he was ‘passionate’ about the project and would relocate his companies there. Open English has already taken in more than $120 million in funding.

Simkins aims to attract a large anchor tenant for the project, before moving to small to mid-sized companies and support agencies. His goal is to break ground next year, with build out of the entire district within seven years.

 

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Anonymous
5 years ago

Let’s get it done!

Jz
5 years ago

Tech firm use accumulation might catalyze Class A development in the urban core. As far as Innovation Tower, if its something like Barcelona’s Agbar, I think it would be fresh. Lastly, Regalado is better off retirado.

Anonymous
5 years ago

Very excited! I think it’s great they’re developing in north downtown! Not sure how I feel about a 1,000ft LED billboard however…

Anonymous
5 years ago

Magic Leap?

JW
5 years ago

Great opportunity for Miami to diversify into a sector with sustainable growth for years to come. Anchor clients are important, but I wouldn’t be overly concerned with rents especially if incubators and accelerators come in which provide an inexpensive and vibrant alternative for tech companies.

Anonymous
5 years ago

Local tech firms can’t afford the rent they would ask nor are they large enough to be an anchor. They need a fortune 500 sized firm.

Anonymous
5 years ago

How do you know they cant afford the rent and yes fortune 500s are nice but they need to be able to attract decent medium sized companies first before they try to get the big boys like a Google.

Chair32
5 years ago

Considering the cost of this project, rents (for office) will be near $60/sf which would be amoungst the highest in Miami. Start-ups and even mid-size firms can’t afford that so it would have to be Fortune 500 firms like the first poster mentioned.

Strategy Consultant
5 years ago

There is a reason why Miami’s Fortune 500s tend to be HQ’d in Doral:
1) Logistics: Relatively easy commute and egress to the suburbs of the tri county area, arguably Monroe as well
2) Favorable tax consumption
3) Broader corporate community

That said, getting into downtown Miami is hard for large companies from a recruiting standpoint. Headquartering might be a stretch, but F500 regional HQ’s maybe or local R&D offices that want to cater to the millennial demo looking to stay within the urban core.

I agree that local tech firms cannot afford the rent… they would have to recruit hard for relocations from LATAM, EU, and NYC and invest thoroughly in a branding effort.