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  2. Miami’s Travel Market Nearly Fully Recovered Despite Rules Banning Some International Tourists

Miami’s Travel Market Nearly Fully Recovered Despite Rules Banning Some International Tourists

Miami hotels saw revenue in March and April that was close to their pre-pandemic numbers, even though the lucrative international market is mostly closed off.

During April, hotels in Miami saw as much as 98 percent of their business recovered compared to the same period in April 2019, statistics from the Greater Miami Convention and Visitors Bureau show.

At the airport, traffic during April was in the 70% range of what it was during the same period in 2019. In early May, it is reaching over 80 percent daily.

Restaurants are doing even better than before the pandemic, according to Open Table data, which uses a sample of restaurants.

Tax revenue is also rising. According to a tweet from Miami Herald reporter Doug Hanks, Miami-Dade hotel tax revenue in March 2021 was 93% of what it was in March 2019.

Preliminary  tax numbers for April show that Dade hotel revenue in April increased over March.

Miami’s red hot recovery comes despite a ban on certain international tourists.

Normally, international visitors make up over 50 percent of passengers at MIA. They also typically account for over 50 percent of hotel revenue.

Source: The Next Miami

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  2. ARQUITECTONICA’S DESIGN ENVISIONED AN ICONIC AND SLEEK RESIDENTIAL COMPLEX

ARQUITECTONICA’S DESIGN ENVISIONED AN ICONIC AND SLEEK RESIDENTIAL COMPLEX

Baccarat Residences Miami introduces the city to one of the most prestigious luxury hotel brands in the world. The three towers feature 57, 77, and 82 stories.

The famous architecture firm Arquitectonica, designed the towers to resemble waves undulating in a sea of glass. Residences have high ceilings and impact-resistant windows that frame views of Biscayne Bay and Downtown Miami. As it is located practically in the center of downtown, the views from the top floors in the complex are some of the best in Miami.

Arquitectonica is the mastermind behind the beautiful Gulfshore Playhouse, and amazing residential buildings in Miami like Reach and Rise Brickell City Centre, 500 Bickell, and Fendi Chateau Residences.

Source: https://www.instagram.com/baccarat_miami_residences/

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  2. Total Demolition Of Building On Baccarat Residences Site Complete

Total Demolition Of Building On Baccarat Residences Site Complete

Total demolition of a four-story office building on the Baccarat Residences site in Brickell was completed today.

Developer Related Group has also released new renderings of a riverwalk planned behind the new project, including a connection under the Brickell Avenue bridge to the Miami Circle.

According to marketing material, Baccarat Residences will have three towers rising 57, 77 and 82 stories.

Prices will average $850 per square foot.

Meyer Davis is overseeing interior design, with Enzo Enea the landscape architect. Arquitectonica is the architect of the towers.

Groundbreaking will take place in 2021.

There is no demolition permit pending yet for the 444 Brickell office building which is a part of the Baccarat site.

Source: The Next Miami

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  2. Why are we seeing more traffic from California?

Why are we seeing more traffic from California?

Here are some reasons:

1- California imposes an 8.8% corporate income tax on businesses, while Florida has it at 4.458%.

2- Florida’s absence of a personal income tax. Paychecks go farther in Florida compared to California, which has the highest state income tax in the U.S. at 13.3%.

3- Florida residents do not have to pay taxes on capital gains, offering significant savings for investors.

4- The median price of a single-family home in California is about $618,000, versus $430,000 in the tri-county area.

5- The average asking rent for office space is $45.45 per sqft, compared to $64.12 per sqft in San Francisco, one of the most expensive aside from New York.

Source: SouthFlorida Business Journal

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