Chalk up another win for Miami Beach’s Targeted Industry Incentive Program. City Manager Alina Hudak announced today that New York-based global financial services firm BTIG will open a regional office here. The company which specializes in institutional trading, investment banking, research and related brokerage services will utilize the expedited plan review and permitting incentive.
According to a notice to the Mayor and Commissioners, Hudak said the firm, which has more than 700 employees in 19 locations worldwide, intends to relocate or hire 20 employees in high-wage jobs in the coming year with plans to scale up to a total of 50 employees within four years.
BTIG, founded by CEO Scott Kovalik and Steven Starker in 2005, will take a “10-year plus lease for over 9,000 square feet of Class A office space at the nearly completed Starwood headquarters building at 2340 Collins Avenue. The Administration has been discussing incentives with the firm since late July,” according to Hudak.
BTIG joins GMF Capital and Melvin Capital, both of which announced plans last month for offices at 1674 Meridian Avenue.
“We considered expanding our office in South Florida for many years. With an increased client presence and heightened interest from our employees to relocate, the time is right for us to make a larger investment in the region,” said BTIG COO Jennifer Mermel in a release announcing the office. “Miami Beach is the epicenter of the current demand. The incentives offered by the city paired with their willingness to assist firms with the relocation process demonstrates their commitment to creating a vital business community. We are very excited about the opportunities here.”
In March, the Mayor and City Commissioners identified financial services and technology as targeted industries and directed the Administration to create a business attraction strategy that includes expedited plan review and permitting incentives as well as a Job Creation Incentive Program.
“The targeted industry incentives aim to strategically attract and expand businesses in the City of Miami Beach while increasing the number of quality high-wage jobs,” Hudak wrote in the letter. “The Economic Development Department markets and promotes the city incentive programs to Chief Executive and Chief Investment Officers, prospective and existing business owners, property owners, brokers, realtors, and business stakeholder groups.
Incentives include a ten-day expedited plan review and permitting process and up to $60,000 per year for up to four years from the Job Creation Inventive Program.
Rendering Starwood HQ courtesy Gensler
BTIG to Open Regional Office in Miami Beach:
Financial Services Firm is Third to Announce a Local Presence Here
Company says it is responding to a surge in demand
Fully renovated building is located just off Lincoln Road