FYI Miami: September 1, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
BRIGHT IDEA: Miami’s new transportation hub, MiamiCentral, now rising downtown, will have part of a street named after it. City commissioners rescinded a 1991 labeling of part of Northwest First Avenue as “Arena Boulevard” – named for the original arena of the Miami Heat that no longer exists – and substituted “MiamiCentral Avenue.” The new name impacts Northwest First Avenue from Third to Eighth streets. The resolution says All Aboard Florida asked the city to brand part of the right-of-way adjacent to the new south terminal of its Brightline high-speed passenger rail service. The development anchors a revitalization of the area and serves as a major transit hub for visitors and commuters to and from downtown Miami, the resolution says. The south terminal is the main hub of Brightline, which is to link the metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Orlando.
RESIDENTIAL CONSTRUCTION STALLS: Almost all of South Florida’s gains in construction starts this year have been in nonresidential work, a new report from Dodge Data & Analytics shows. Total construction starts for this year are up 4%, but residential – the larger component – has gained only 1% from the first seven months of 2015, Dodge figures show, with nonresidential starts rising 9% for the seven months. The gulf became gaping in July, when the economic value of nonresidential starts rose 83% from July 2015 while the value of residential starts fell 18% Overall, July’s gain from July 2015 was 5%. Construction starts for the year for the Miami-Dade and Broward area total just above $6.55 billion.
MORE VISITORS, LOWER PRICES: Miami-Dade hotels sold 2.8% more rooms in the first seven months of this year than last, but at 3.2% less revenue per available room as the room supply grew by 4%, the Greater Miami Convention & Visitors bureau reported this week. The average daily room rate fell 2.4% to $212.07 from $217.28 in the comparable period last year, the bureau said, with average daily occupancy falling 1.1% to 79.4% from 80.3%. The supply this year averaged 53,205 rooms, up from 51,208 last year, the bureau said, based on figures from Smith Travel Research.
FOOTBALL ROLE: Guilherme Carvalho, who since 2005 had been Yahoo! Inc.’s associate general counsel, Americas and U.S. Hispanic, last week joined the Confederation of North, Central America and Caribbean Association Football as the confederation’s first chief legal and chief compliance officer. He will be based in Miami.