Is Miami the New Wallstreet? Why Investors are moving to South Florida

Wednesday, February 26, 2014

The polar vortex has heralded a veritable exodus out of the northeast and Midwest in terms of residential real estate, however one trend that is largely unpublicized is the movement of Finance from New York City to Miami. Lloyd Blankfein and Leon Black, two of the titans of finance are rumored to have purchased condominiums in Miami and the founder of hedge fund, Universa Investments has also moved his operations here. Miami is considered the 2nd most popular financial destination and it is partly due to the Miami Downtown Development Authority and its’ initiative DWNTWN.
Florida has policies and tax incentives that favor fiscal relocation and many hedge firms are relocating to the Brickell neighborhood of Downtown Miami. Currently, there are 70 hedge funds and private equity funds headquartered in Florida. The access to Latin American markets is also a major contributing factor to this move. This is coinciding with a major development boom in the city in luxury residential condominiums that number over 65 and growing in the South Florida are

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