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Lincoln Road is one of my favorite parts of Miami Beach. Supposedly the pedestrian-only street attracts some 11 million visitors a year. But I have noticed that the street has lost some of its mainstays to areas such as Wynwood. This is probably why the city and local property/business owners struck a deal this past summer to makeover the street based on a design by Field Operations.
The deal works like this: The City of Miami Beach is going to pay for the entire US$67 million makeover. This money will come from city and county taxes, as well from bonds. In return, property owners in the Lincoln Road Business Improvement District (BID) have agreed to tax themselves an additional 25% in order to pay for promoting and programming the street.
Obviously everyone believes that they will come out ahead as a result of this makeover. An improved Lincoln Road means more foot traffic, more sales, and more tax revenue. There's also talk of expanding the boundaries of the BID, which would generate additional funds. Right now the district is bounded by Alton Road on the west and by Washington Avenue on the east.
For those of you who aren't familiar with Business Improvement Districts, they are essentially defined areas where additional taxes are levied in order to fund projects and improvements that help overall economic development within the district. It is a structure that is used all around the world and it is one that was actually pioneered here in Toronto.
Here we call them Business Improvement Areas, and the first ever was the Bloor West Village BIA, which was established in 1970. There are now 83 BIAs in the City of Toronto. The first BID in the United States was the Downtown Development District in New Orleans. It was established in 1974. There are now over 1,200 across the U.S.
If you'd like to learn more about the improvements planned for Lincoln Road, here's a copy of the master plan that was submitted to the City of Miami Beach's Historic Preservation Board. The link is from The Next Miami.
Rendering: Field Operations
I went to graduate school in the United States. After I graduated I was given, if I remember correctly, 90 days to leave the country. The US wasn't a good place for professionals in architecture and/or real estate at that particular time, and so I did exactly that. I left the country.
Lately, I've been having a number of informational coffee meetings here in Toronto where I have been connecting with highly intelligent and educated people who have moved to this city in search of success. They couldn't get a visa in the US and so they decided to, instead, move to the greatest city in the world.
These are people from Brazil to Bangladesh. These are people who are young (late 20's), who have multiple masters degrees, who are hungry to get ahead, and who have a strong, if not perfect, command of English (or French).
I have been finding this fascinating. As I sit and drink my coffee, I can't help but think to myself, "This is what a merit-based immigration system looks like."
Jerry Neumann's recent blog post on the "taxonomy of moats" is a great summary of the ways in which companies -- and perhaps even cities -- can protect themselves against competition.
Here's an excerpt from his introduction:
Value is created through innovation, but how much of that value accrues to the innovator depends partly on how quickly their competitors imitate the innovation. Innovators must deter competition to get some of the value they created. These ways of deterring competition are called, in various contexts, barriers to entry, sustainable competitive advantages, or, colloquially, moats. There are many different moats but they have at their root only a few different principles. This post is an attempt at categorizing the best-known moats by those principles in order to evaluate them systematically in the context of starting a company.
And here is his taxonomy of moats. He identifies four main sources:
As a sidebar, consider how this might also apply to cities.
Scale, for example, matters a great deal. We know that as cities get bigger, people tend to walk faster, have broader social connections (the relationship is super-linear), and be far more productive and innovative.
If you'd like to read Jerry's full post, click here. And if you're interested in this space, I recommend you also check out Fred Wilson's recent post on, "The Great Public Market Reckoning."
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