2018 has been a wonderful year for the City of Coral Gables. As we enter into our new fiscal year, I'd like to highlight some of our successes of the past year.

The completion of the Streetscape on Miracle Mile and Giralda Plaza have brought about the much anticipated renaissance of Downtown Coral Gables.

While the summer months are traditionally the slow season, we saw an uptick in business thanks to the Umbrella Sky project on Giralda Plaza. More than 1.1 million people visited the colorful art installation during the two month installation. Visitors took pictures and shared them on social media but also shopped and dined in the downtown. Merchants on Giralda Plaza saw an increase in sales by 40 to 50%. Umbrella Sky demonstrated the positive economic impact that can be achieved when art has a place and role in the Downtown.

To that end, Umbrella Sky was in good company when it comes to art. The world class exhibit by Carlos Cruz-Diez brought color and life to the crosswalks in our downtown while the Venice in the Gables project allowed local artists a vehicle for public art with hand-painted story-telling posts scattered throughout the city.

Not only is Coral Gables beautiful, but it is innovative. 2018 marked the inauguration of the Mayor's Innovation Council, bringing together respected industry leaders in technology and academia. Recognized nationally as a Smart City, Coral Gables is poised to become the Innovation Capital of the Americas. 

Thanks to our strength in core city services, we are able to focus on all of these exciting initiatives. Safety, the AAA bond rating, and the installation of an Emergency Management division are additional successes that make Coral Gables the most exciting city in Miami-Dade County and the place for your business to call home. 

-Mayor Raúl Valdés-Fauli, City of Coral Gables

Current office vacancy in Coral Gables is 8.7% with asking rates at $41.03 PSF.  Offizina, located at 1200 Ponce de Leon expects to deliver 97,669 sq ft of office space at the end of Q3. The Plaza North Tower has entered into construction, with 289,998 sq ft. of office space expected to be delivered in April of 2020.   

Retail vacancy rates in Coral Gables are currently the lowest within our competitive set at 3.1% with an average asking rate of $43.04 PSF, while Coconut Grove's vacancy rate is at 7% with asking rates at $47.24 PSF and Brickell's vacancy rate is at 9.7% with an asking rate of $56.06. It's time to bring your business to Coral Gables!

This spring the City of Coral Gables was chosen to present at the National Planning Conference for the American Planning Association. A prestigious honor, the City presented "A Holistic Approach to Downtown Revitalization" to the nation's top urban planners, city officials and economic development teams on the public/private partnership which formed and supported the City's Streetscape Project. Held in New Orleans, Interim City Manager Peter Iglesias, Planning & Zoning Director Ramon Trias, Business Development Coordinator Francesca Valdes and Vice President of the Business Improvement District's Board of Directors, Barbara Tria were able to share the Streetscape process from perspectives in Engineering, Planning, Retail Development and as a Property owner.