Below is an article from October of last year, published in the South Florida Business Journal.
Unlocking the potential of one of Florida’s most business-friendly cities: Coral Gables
Named one of the Top 5 Most Beautiful Small Cities in America by USA Today and a Top 10 City to Live Well in America by Forbes, Coral Gables oozes atmosphere and elegance.
Famous for its classic Mediterranean revival architecture and winding streets skirted by ancient Banyan trees, the city offers a rare combination of startling natural beauty alongside plentiful business opportunities, reliable municipal services, excellent infrastructure, and cultural attractions.
Home to the University of Miami and within 15 minutes of Miami International Airport and half an hour to PortMiami, Coral Gables and the 50,000 well- heeled residents who call it home are redefining what it means to live well in a city.
Coral Gables’ business environment
With its reputation as Florida’s “Garden City” or “City Beautiful,” as established by founder George E. Merrick’s vision, no one could have predicted that this lush tropical paradise would one day become a technology-driven Smart City.
But the Coral Gables business landscape now houses major industries. That includes wealth management, health care, travel and tourism, real estate, and scientific and technical services. Offering a staggering 11.5 million square feet of prime office space, according to CoStar, Coral Gables commercial real estate is some of the most coveted in Florida, with the list of companies who call the city home reading like a who’s-who of multinationals.
From the Bank of America to Del Monte, FIFA, Diageo, Apple, and many more, a significant proportion of the multinationals ensconced in the Coral Gables business community act as headquarters for Latin America. At the same time, many foreign government offices also take advantage of the city’s largely bilingual and international workforce.
With an attractive pro-business stance that includes limited corporate taxes and no state or local personal income tax, Coral Gables enjoys the distinction as one of only three cities in Florida with three AAA bond ratings from Fitch Ratings, Standard & Poor’s, and Moody’s.
“Coral Gables is a beautiful city with the best combination of location, facilities and environment,” said Jorge Martinez, director of finance and administration, Latin America, and general manager, Central America and the Caribbean, Terumo.
Coral Gables Smart City Hub
A recipient of the 2024 Smart 21 Community Award as one of the world’s Smart21 Communities by the Intelligent Community Forum, Coral Gables' digital transformation demonstrates the city’s commitment to cultivating healthy and continuous business growth with smart city initiatives.
From its free public Wi-Fi to city benches with solar-powered charging stations, businesses in the district benefit from an interconnected network of smart infrastructure that Coral Gables has now developed.
What residents are saying about Coral Gables
The city’s Economic Development Department is an ally for all neighborhood businesses and is responsible for the economic development of Coral Gables. In 2023, it performed a community engagement survey to help understand trends in how the community views the city’s livability, safety, and economic health.
Benchmarked with other cities of the same size, 92% of residents approved of the city’s safety, 88% of its economic health, and the city as a workplace, and nine in 10 residents praised the overall quality of life.
With a focus on the vibrancy of the city’s downtown and commercial area, arts and culture scene, and the overall quality of business and service establishments (which 92% of residents rated as excellent or good), these metrics are a powerful testimony to the success of Coral Gables’ urban planning and overall vision.
Supporting local businesses
Coral Gables Smart City Hub is just one of many resources designed to assist local business owners and residents. A data platform or “ecosystem” that uses an open-source platform to collect and exchange data from sensors and other sources, this powerful tool makes Coral Gables business-friendly with a trusted data exchange.
Through the Coral Gables Smart City Hub, you can view financial and public information, such as property tax distribution, request public records, and even apply electronically for a building permit.
White-glove service for local businesses
The idea of a Coral Gables Smart City is more than connectivity and technology; it’s a vision for engaging with the Coral Gables business community and providing business owners with the support they need for long-lasting success.
The Economic Development Department meets regularly with local technology companies one-on-one to tackle issues facing their businesses. Most recently, they noticed companies were having difficulty recruiting appropriate talent.
After performing a two-question survey, staff learned that 46% rated cybersecurity as an essential skill, followed by data science, AI and machine learning, and full-stack development.
The result? Rather than encourage companies to look outside the city for talent, they decided to design an initiative to upskill professionals through training programs.
The initiative was coined the Gables TechTank and it allows the Economic Development Department to understand the tech needs of its Coral Gables business community and to address the technical skills needed of the labor force by providing them with the necessary training, certificates, and credentials needed to succeed.
When it comes to unlocking the potential of one of Florida’s most business- friendly city, Coral Gables isn’t just changing the narrative, it’s rewriting the story.
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