Coral Gables The City Beautiful
2011-2012
Table of Contents Economic Overview.............................................................. 3 Corporate Capital of the Americas....................................... 3 Access to Air and Sea.......................................................... 4 Sampling of Largest Employers........................................... 4 Intellectual and Multilingual Workforce................................ 5 International Hub Sample of Multinational Companies............................. 6 Center for Foreign Consulates and Relationships................ 7 Global Connectivity.............................................................. 8 Schools................................................................................. 8 Quality of Life Community and Convenience....................................... 9 Cultural Amenities......................................................... 9 Recreational Amenities............................................... 10 Municipal Services...................................................... 10 Community Profile.............................................................. 11 Demographic Comparison: 2010 Statistics....................... 11 Residential Market.............................................................. 12 Mediterranean Design........................................................ 12 Historical Landmarks.......................................................... 12 Contact Information........................................................... 13
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Economic Overview The Coral Gables economy is comprised of local and international businesses, but unlike other parts of Florida, it is not influenced by seasonal shifts. Because of the strong municipal services, high quality of life, convenient access, responsible growth, and a diversified economy, Coral Gables continues to be a highly desirable location for domestic and international investment. Coral Gables is considered one of the premium office markets in South Florida with approximately 10 million square feet of prime office space. The submarket is desirable due to its proximity to Miami International Airport and downtown Miami, while also being convenient to executive housing, allowing officers to live and work in the City Beautiful. Access to client entertaining, with world class restaurants and first class hotels, rich cultural offerings and a broad range of retail establishments are available amenities. A vintage style trolley connects many of the commercial districts and Metrorail, the light rail regional transit system.
Corporate Capital of the Americas As early as 1925, City founder George Merrick predicted Coral Gables would serve as “a gateway to Latin America.” The City’s multinational business community includes an array of corporations with such interests as oil production, health care, biomedical research, international finance, import and export, transportation, manufacturing, travel and tourism, news information services, telecommunications, and construction/real estate. Currently, Coral Gables is regional headquarters to more than 135 multinationals. Regional offices are heavy purchasers of professional services, particularly in the areas of international law, accounting and global marketing. Although many of the multinational companies have located in Coral Gables to service South and Central America, several of the offices have expanded their reach to include other parts of the globe due to the ease of international travel, reliable telecommunications, and multilingual/multicultural professional staff. In fact, over 100 countries are served from corporate addresses in the City Beautiful.
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Sampling of Largest Employers University of Miami Bayview Financial Trading Group The Biltmore Hotel Doctors Hospital Baptist Health South Florida HQ Coral Gables Hospital Mercantil Commerce Bank, N.A. Mercedes-Benz of Coral Gables Bacardi U.S.A. Del Monte Fresh Produce Gables Engineering Yard House Restaurant Univision Radio Florida Kindred Hospital S. Fla. Coral Gables AECOM Hyatt Regency Coral Gables
Access to Air and Sea Coral Gables is only four miles from Miami International Airport, one of the busiest airports with 94 airlines serving approximately 135 destinations. In 2010, MIA handled 35.7 million passengers and 1.99 million tons of domestic and international cargo. The airport is expanding to more than 7 million square feet in 2011. Coral Gables is also only six miles from the Port of Miami, which is recognized as the “Cruise Capital of the World” and “Cargo Gateway of the Americas.” The Port serves eight passenger cruise lines and in 2010, handled over 4.15 million passengers and over 7.39 million tons of cargo.
Odebrecht Corporation Gibraltar Bank Richemont Latin America & Caribbean Chevron Texaco Carib./Cent. America The Westin Colonnade Hotel Kraft Foods Caribbean Sales Merrill Lynch Bank & Trust Co. Esslinger-Wooten-Maxwell American Airlines HBO Latin America T.Y. Lin International Dade County Public Schools
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Intellectual and Multilingual Workforce Employers in Coral Gables have the opportunity to draw from a highly educated and talented multilingual workforce. More than 60% of Coral Gables’ residents 25 and older have a Bachelor’s Degree, and approximately 30% have a graduate or professional degree. In addition, Coral Gables is home to many excellent academic institutions. The University of Miami’s, one of the nation’s leading research universities, has its main campus located on over 225 acres in the City. UM has more than 15,500 undergraduate and graduate students from more than 110 nations. The University’s 11 schools and colleges offer 114 bachelor’s, 108 master’s, and 53 doctoral degree programs. UM is ranked 38th among the nation’s top-tier institutions in the U.S. News & World Report ratings of “America’s Best Colleges“, the highest ranked in Florida, having moved up 29 slots in the past 10 years. Led by President Donna E. Shalala, UM is accelerating its progress in all key areas, including in the biomedical and life sciences. Notably, the Hussman Institute for Human Genomics and Interdisciplinary Stem Cell Institute recently moved into a new state-of-the-art Biomedical Research Building, and plans are progressing for a new Life Science Park. A unique component of the University is the Launch Pad, a career guidance program for entrepreneurs and innovators at UM which encourages new ventures as a viable career path. Forty-five new businesses were launched in South Florida in the past three years, creating 102 new jobs and contributing to the economic and social growth of our region. With more than 13,000 full and part-time faculty and staff, UM is the largest private employer in Miami-Dade County. Also located in the City is Northwestern University’s prestigious Kellogg School of Management Executive MBA program. According to U.S. News & World Report’s ranking of “America’s Best Business Schools in 2011” Kellogg is ranked # 5.
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International Hub Sample of the Multinational Companies in Coral Gables ABC News
Cisneros
Hines Holdings
RE/MAX
ACS Infrastructure Development
Citrix Systems
Hyatt Hotels & Resorts
Richemont L.A. & Caribbean
Adobe Systems
Coldwell Banker
Iberica International Corporation
Robert Half International
AECOM
Colemont
Infante Zumpano
RTKL Associates
Alvarez & Marsal
Colliers International
Inlingua Language Center
S & K Worldwide Realty
AmericaEconomia Group
Copca
IntelSat
Sice
American Airlines
Crosswell International
InterOrient Navigation
Spencer Stuart
ANSAC
Dabrein
IOS Partners
Starbucks Latin America
Apple
Danone Foods
Jones Lang La Salle Hotels
Starcom Group
Arcor USA
Del Monte Fresh Produce
JP Morgan Chase
Steiner Management Services
Arthur Murray International
ED&F Man
Kraft Foods Latin America
Swarovski
AstraZeneca Latin America
Egon Zehnder International
La Perla
T. Y. Lin International
AT&T
EMC Corporation
Latin American Agribusiness Dev.
Telemundo Internacional
Bacardi
Enterprise Florida
Lexmark International Latin
Terra Networks
Banacol Marketing Corporation
ESPA International
America
The Princeton Review
Banco de Credito del Peru
ESPN International
Lorina
Time Warner
Banco Internacional de Costa
ExxonMobil Inter-America
LVMH Watch & Jewelry Carib.
TMP Worldwide Directional
Rica
Fabio Perini Latin America
& L.A.
Marketing
Bank of America
FAG Interamericana
Lynch Sales Company
Towers Watson
Batanga
Fidelity Investments
Maccaferri
Turbana Corporation
Becker & Poliakoff, P.A.
Fleishman Hillard
Marriott
UBS International
Berlitz Language Center
Fowler, Rodriguez, Valdes-Fauli
MasTec
Unilever
Berna Products Corporation
Fox Latin America
Merrill Lynch
Univision Radio
Bunge Latin America
Fragomen, Del Rey, Bernsen &
MetLife
US Airways
Burns & McDonnell Engineering
Loewy
Mexbrit
Venevision International
Campbell Soup Company
FTI Consulting
Mercantil Commercebank
VR Business Brokers
Cargill
Fuji Industries
MGM Networks Latin America
Wachovia
Caribbean Hotel & Tourism
Fyffes
Mitsubishi Estate Company
Walt Disney Television
Assoc.
Garcia-Colinas Trading and
MoneyGram Latin America
International
CC1 Companies
Engineering
Movado Group
Warner Brothers
Century 21
Gettys Miami
OBM International
Wells Fargo
CH2M Hill Inc.
Global Life Insurance
Odebrecht Construction
William Grant & Sons Distillers
Charles Schwab L.A. &
Grupo Kettal
Ogilvy & Mather, Latina
Wrigley Sales Company
Caribbean
Grupo Uno International
Pedelta
Yahoo!
Chattem
H.J. Heinz Co.- Latin America
Perkins + Will
Cherry, Bekaert and Holland
HBO Latin America
Prudential Financial
Chevron Products Company L.A.
Heery International
Ravenscroft Ship Management
Christie’s Fine Art Auctioneers
Hill and Knowlton/SAMCOR
Raymond James & Associates
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Center for Foreign Consulates and Relationships A significant number of foreign government offices have chosen a Coral Gables address: Centro Cultural Español de Cooperacion Iberoamericana Consortium for Commercial Promotion of Catalonia Consulate General of Barbados Consulate General of Colombia
To further establish international ties, the City has forged relationships with its Sister Cities: Aix-en Provence, France
Consulate General of El Salvador
Cartagena, Colombia
Consulate General of Italy -Trade Commission
Granada, Spain
Consulate General of the Principality of Monaco
La Antigua, Guatemala Province of Pisa, Italy
Consulate General of Spain - Office of Education - Trade Commission
Quito, Ecuador
Consulate of St. Lucia Consulate General of Uruguay Guatemala Tourist Commission Honorary Consulate of Belize Honorary Consulate of Finland Honorary Consulate of Hungary Honorary Consulate of Senegal Honorary Consulate of Togo Honorary Consulate General of St. Kitts & Nevis Honorary Consulate General of Thailand Honorary Consulate of El Salvador Office of Foreign Missions Taipei Economic & Cultural Office
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Global Connectivity Coral Gables enjoys a close proximity to a Network Access Point located at the Terremark facility in Miami, which allows businesses to link to Latin America with the rest of the world. This facility is the only location in the United States where optical, ethernet, MPLS, voice and internet traffic comes together in one location, and this massive connectivity allows for faster network services. In addition, the facility offers business hosting services for equipment and technology as well as provides a secure colocation option, as this is a category 5 facility that can protect critical information and infrastructure from disasters. In addition, Coral Gables is a member of the Miami-Dade Broadband Coalition, which is dedicated to bringing next generation broadband technology to our area. These technological advances are anticipated to increase economic opportunities, reduce operating costs, and create jobs as they connect institutions and underserved communities in the County, as well as improve public safety and the delivery of education, healthcare and government. The Coalition is investing in the highest quality infrastructure available and plans to reach over 19,312 businesses, which will allow service to be more affordable to a larger percentage of Miami-Dade’s commercial broadband users.
Schools Coral Gables’ lower schools offer strong academic programs. Both Coral Gables Preparatory Academy and George Washington Carver Middle School are designated as Blue Ribbon Schools of Excellence by the US Department of Education, the highest honor accorded to an American school. G.W. Carver Middle also holds the additional distinction of being recognized by the French, German, Spanish and Italian governments. Graduates of the prestigious International Baccalaureate programs at Coral Gables Senior High and Gulliver Preparatory School receive diplomas recognized by over 2000 universities in 75 countries. Most recently, the first ever partnership of its kind in the nation brought a multinational educational flair to the already international City when the Miami-Dade County Public Schools, the City of Coral Gables, and the Spanish, Italian and French education ministries joined together to open the International Studies Preparatory Academy, a new high school focusing on international studies and foreign languages.
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Quality of Life Cultural Amenities • Live
theaters: Actors’ Playhouse at the Miracle Theater, New Theatre, GableStage and the Jerry Herman Ring Theatre on the UM campus.
• Art
Cinemas: The Cosford Cinema on the UM campus, and the Coral Gables Art Cinema on Aragon Avenue.
• Museums:
The Coral Gables Museum on Aragon Avenue, the Lowe Art Museum on the UM campus, and the Merrick House.
• Numerous
private art galleries that host a monthly gallery walk.
• Fairchild
Tropical Botanic Garden with 83 acres of rare and beautiful gardens, education programs, as well as world class art events.
• Farmers
Market in the Spring.
• One
Community and Convenience In 2011, Coral Gables was named as one of the six most beautiful towns in America by Rand McNally and USA Today. Coral Gables’ downtown is vibrant and active, with an abundance of boutiques and retail shops and more than 110 cafes and restaurants – all within walking distance of the downtown business district; a significant amenity for employees who utilize personal and professional services during lunch and before and after work hours. The City’s many cultural amenities are also attractive to the growing creative class.
of the few city grant programs in South Florida supporting non-profit organizations in the City.
• A
Public Art Program.
• Coral
Gables Public Library.
• Numerous
performances and festivals throughout the year including the Tropical Baroque Festival and Beaux Art Festival, which are annual events of national acclaim.
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Quality of Life continued Recreational Amenities In addition to the exciting UM Hurricanes football, basketball and other collegiate team sporting events available, the City offers 29 parks with nine active playgrounds, 42 open urban spaces, and 33 public tennis courts. There are two public and two private golf courses, including the Biltmore Golf Course, a Donald Ross, 18-hole, par 71 public course, and the Granada, the oldest operating 9-hole course in Florida. Other amenities include hiking and bike paths, Matheson Hammock Park and Marina, and the Venetian Pool, which was named by Travel + Leisure magazine as one of the top “World’s Coolest Pools”.
Municipal Services The City provides excellent municipal services. Our Police Department and Fire Department are both fully-accredited, an honor matched by very few cities in the US. Moreover, the Fire Department is one of only seven fire departments nationally to hold the distinction of a Class 1 status. In addition, Coral Gables has been named a Tree City USA for the last 26 consecutive years by the National Arbor Foundation, selected as a Playful City USA for two years in a row by KaBOOM! and was the first municipality ever to receive the National Emergency Management Award in 1993.
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Community Profile City Budget and Taxes
2010 Local Property Taxes
Total Assessed value of property in the City
2010-2011 Fiscal City Budget: $144,232,512
Municipal Millage Rate: 6.072 Total Millage Rate: 21.6360
$11.824 billion
Demographic Comparison: 2010 Statistics Coral Gables
Miami-Dade County
Population
46,780*
2,496, 438*
Households
17,946*
843,479*
Population Growth Projection (2010-2015)
2.8%
4.18%
Average Household Size
2.35*
2.83*
Per Capita Income
$53,490
$22,673
Median Household Income
$83,530
$45,129
Average Household Income
$133,255
$65,268
38.8*
38.2*
$ 0 - 14,999
7.96%
17.00%
$ 15,000 - 24,999
5.92%
11.67%
$ 25,000 - 34,999
7.36%
11.34%
$ 35,000 - 49,999
9.86%
14.79%
$ 50,000 - 74,999
15.17%
17.76%
$ 75,000 - 99,999
10.91%
10.29%
$ 100,000 - 124,999
8.70%
6.43%
$ 125,000 - 149,999
6.61%
3.34%
$ 150,000 - 199,999
7.51%
3.19%
$ 200,000 - 499,999
13.70%
3.27%
6.30%
0.92%
Median Age Total Population
% Household Income
$ 500,000 + Sources: unless noted. Claritas, Inc. June 2010 *Florida Census 2010
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Residential Market The median assessed value for a home is estimated at $631,221. Strict zoning laws, responsive municipal services, and beautiful residential areas, including a large coastal area with waterfront homes, make Coral Gables a sought after address. Population statistics for 2010 showed Coral Gables with 17,946* households (46,780* residents) and an average family household income of $133,255 compared with $65,268 County-wide.
Mediterranean Design A Mediterranean Architectural Ordinance adopted in 1986 and updated in 2005, provides incentives to developers building or renovating in the Mediterranean style to offset the higher costs of building.
Historical Landmarks The City’s Historical Resources Department administers the historic preservation program. The Biltmore Hotel is designated as a National Historic Landmark, one of only five in the County. Many properties are on the National Register of Historic Places, and over 1,000 properties are on the Coral Gables Register of Historic Places.
Sources: unless noted. Claritas, Inc. June 2010 *Florida Census 2010
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We are dedicated to positioning Coral Gables for sustainable, long-term economic vitality that enhances the quality of life of residents and strengthens the business environment. For Additional Information: Economic Sustainability Department 1 Alhambra Plaza, Suite 617 Coral Gables, FL 33134 305-460-5311 www.coralgables.com
