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⭐️ Art Basel Impact, Great Gulf Condo & New Shopping Center
Check out how Miami's wealth, culture, industry, and real estate is booming this week!
Joe Biscaha
December 13, 2024
Happy Friday, Miami!
In this week’s update:
🏢 Live Local Act Apartments: Adell Investments plans to redevelop a Miami-Dade shopping center. The project includes 108 apartments and 46,813 square feet of commercial space. 40% of the apartments will be workforce housing.
🏙️ Great Gulf 32-Story Waterfront Condo: Great Gulf, a Toronto-based developer, has announced plans for a new 32-story luxury condo tower on the Intracoastal Waterway at 5400 N. Flagler Drive in West Palm Beach. This project follows the success of their sold-out La Clara condo, completed in 2023.
🎨 Art Basel Miami Beach: Art Basel Miami Beach generated $547 million in economic activity. The event attracted over 75,000 spectators in three days. Participating galleries reached a record high of 286.
In case you missed it
🎥 I Ranked Miami's Best & Worst Beach Neighborhoods
In this video, I ranked Miami's best and worst beach neighborhoods in 5 different tiers. From hidden gems to spots you might want to think twice about, let's dive in!
🖼️ Art Basel Miami Beach Generates Half-Billion-Dollar Economic Impact
Driving the news: Miami Beach Art Basel celebrated its 22nd edition this year, delivering an estimated $547 million in economic activity. Running from Dec. 6 to Dec. 8 at the Miami Beach Convention Center, the event attracted over 75,000 visitors, setting new records and bolstering Miami’s global reputation as an arts and cultural hub.
Details:
Economic Impact: The event marked a 9.4% increase from last year, fueled by affluent art investors, social influencers, and business leaders. Spending spanned hotels, rideshares, restaurants, shopping, and more.
New Records: Art Basel hosted 286 participating galleries—an all-time high. Notable sales included David Hammon’s Untitled (2014) for $4.75M and Christine Ay Tjoe’s Mischievous Player (2016) for $1.15M.
Cultural Tourism: Miami-Dade County’s arts sector generates $2.1 billion annually and supports over 31,500 jobs, underscoring the event’s role in bolstering the local economy and tourism.
Why it matters: Art Basel Miami Beach has evolved into more than an art fair—it's a platform for networking, deal-making, and brand launches that attracts global business leaders, real estate moguls, and influencers. Its ability to draw high-net-worth individuals highlights Miami’s growing appeal as a destination for culture and commerce.
The big picture: Miami Beach Art Basel is a key player in South Florida’s booming arts scene. With its 22-year legacy, the event continues to blend art, culture, and luxury, reinforcing the city’s position as a premier global destination.
What’s next: Under new leadership by Bridget Finn, future editions aim to diversify voices in the art world while enhancing exhibitor and visitor experiences. Expect innovative presentations, large-scale art installations, and continued economic growth for Miami Beach.
The bottom line: Art Basel Miami Beach isn’t just an art fair—it’s an economic powerhouse and cultural celebration. From headline-worthy art sales to a half-billion-dollar economic impact, the event is a cornerstone of Miami’s vibrant arts and tourism economy.
Real Estate Insights
What to do this weekend
🎤 Rolling Loud Miami (Dec 13-15) – Celebrating its 10th anniversary, this massive hip-hop festival features headliners like Future, Travis Scott, and Playboi Carti, along with other top artists such as Yeat, Metroboomin, Lil Yachty, and Rick Ross.
❄ Laser Evening at Frost Planetarium (Dec 13th) – Enjoy spectacular laser shows featuring music from Tchaikovsky's Nutcracker Fantasy, Holiday Magic, The Beatles, Queen, and more under the planetarium's 67-foot dome.
🏮 Miami Beach Festival of Lights (continues until December 22) – This holiday event features live musical performances, festive characters, snow, and projection mapping displays. Performances are scheduled at 6:00 PM, 7:30 PM, and 9:00 PM each day.
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Have a great weekend!!
-Joe