GreyBrook logotype
Investor Login Contact Us

How Miami Became an Artistic Mecca

Date:
July 2, 2018
Share:

It’s 1895. A historic coastal European city is looking for new ways to redefine and rejuvenate itself.

To that end, it launches a festival to celebrate contemporary art in an unprecedented way, and it invites the world. The rest, as they say, is history.

The city? Venice. The festival? The Venice Biennale, which permanently rejuvenated the city’s identity through art. It was a bold bet and an immediate success. To this day, the Biennale remains among Venice’s most celebrated events, cultural or otherwise.

Perhaps more important than the Biennale’s local influence was its global impact: it showed the world that a so-called small town could punch above its weight class through a committed embrace of the transformative power of art and culture, hatching a new model whose influence is still felt today.

More than a century later, this model has helped to shape another coastal city: Miami, Florida. It’s a market that, over the last few decades, has enjoyed exceptional growth–much of it attributed to the city’s commitment to the arts from residents, city planners, and real estate developers alike.

Similar to Venice, one key catalyst for Miami’s renaissance was a recurrent cultural happening: Art Basel Miami, the North American edition of the famous Swiss modern and contemporary art festival.

Throughout its history, Miami has never lacked a unique charm; remarkable art deco buildings, lively Latin influence, and legendary beaches have made it a tourist magnet for decades.

Throughout the eighties and nineties, Miami would witness the birth of an impressive number of cultural facilities and institutions, including the Miami City Ballet, New World Symphony, New World School of the Arts, the Museum of Contemporary Art in North Miami, Miami Book Fair International, and Miami International Film Festival.

But if the city’s creative scene had smouldered quietly for decades, it was not until the arrival of Art Basel in 2002 that it truly caught fire, according to Books Bischof, co-founder of Primary, a Miami-based arts organization known for its bold mural projects around the city (and now across the world). Bischof was quick to note the impact Art Basel had on the Miami arts community.

“Before Art Basel,” says Bischof, “we had a pretty well-respected art scene, and people had been travelling to Miami for a while. Insert Art Basel, and now you have this world stage. People started to see Miami as this exciting new melting pot of cultures with great potential and a great community. You have to give credit to Art Basel for raising the bar and bringing 40,000 extra art lovers to the city.”

Just fifteen years later, the festival welcomes more than double that number; in 2017, the fair broke all previous records, with 82,000 in attenance, over $3 billion in artwork sold, and an estimated economic impact of over $500 million for the city.

Those are impressive figures, but in some ways, they’re just the tip of the iceberg. In the wake of Art Basel, a larger art and entertainment scene has emerged in Miami that has helped fuel the growth in property value, which has in turn unlocked an accompanying rise in world-class, high-end real estate development. Miami is now known as “the beach that went boom.” And that boom, which is ongoing, has maintained a very tight connection between arts and development. This is the true legacy of Art Basel.

Bischof says that since the early days of Art Basel, art festivals have become a year-round affair in Miami–even during the blistering Florida summer months. Design Miami, for example, runs in the middle of June and has become a world-renowned venue for collecting, exhibiting, discussing, and creating collectible design from all over the world.

Art Wynwood, which runs a month after Art Basel over the President’s Day long weekend, is another high-profile festival that brings collectors from around the world for the opportunity to view and purchase some of the most important works of the twentieth and twenty-first centuries. It’s sponsored by Christie’s International Real Estate, in large measure because the firm knows that high-profile buyers aren’t just looking for new artworks in Miami; they’re looking for spectacular new places in which to house them.

As the city’s star-studded festival scene continues to expand, all eyes may usually be on the celebrity attendees, but, in reality, many prominent art buyers are real estate investors and developers. From Dacra’s Craig Robins and Starwood Capital’s Barry Sternlicht to Miami native Jorge Pérez of Related Group, the tie between art and development in Miami is inescapable.

Pérez is well known for high-profile art purchases for both his personal collection and Related Group’s headquarters in Miami. Pérez’s name is literally synonymous with modern art. He is the titular benefactor of the Pérez Art Museum Miami (PAMM), one of the city’s most popular and influential modern art collections; he is also an ongoing supporter of the arts.

While Pérez is perhaps Miami’s most notable investor in both real estate and art, he’s by no means the only one; every developer, whether local or not, seems to grasp the special relationship between real estate and art in this city.

“For a developer,” says Bischof, “you quickly come to the conclusion that you can’t just build here; you need to participate in Miami by really investing in its art scene.” Bischof notes that there have been some missteps–understandable, given the sheer pace of growth–but he feels that developers are getting it right overall, and they’re doing so by paying attention not just to the immediate needs of the development but also to the larger cultural identity of the city.

Much of that identity is a deep-seated tradition for dreaming big and thinking differently, which is a huge opportunity for innovative developers. “There’s so much room to experiment down here,” he says. “I hope we can build complexes that, like art, can challenge people and have them say, ‘Wow! Did you see that? Unbelievable.’”

This sentiment could certainly be applied to Miami Beach’s monumental Faena District, a complex completed in 2016 that encompasses not just hotels, residences, shops, and restaurants but also a 43,000-square-foot cultural centre known as Faena Forum. Deliberately referencing the Roman Forum, it’s designed to accommodate Miami’s cultural events and gatherings of all sizes.

In the Faena District, culture isn’t an add-on or afterthought but an integral part of the project’s philosophy–it’s in its very DNA. Even the main parking garage at 1111 Lincoln speaks to this: designed by the award-winning Swiss firm Herzog and DeMeuron, it is in and of itself a spectacular work of public art.

Another large-scale project, touted as the city’s biggest yet, is Miami WorldCenter, a 27-acre, $2.7 billion project that will span half a dozen city blocks by the time it is completed in a few years. The complex will include a 60-storey condo tower, an office tower, and a 1,700-room hotel, which will incorporate a rooftop electric race car track.

Again, art and culture will play a key role in its success. “Miami WorldCenter is going to bring something amazing to the downtown area,” says Bischof. “The developers are really focused on bringing great art to their properties.”

In fact, they were doing so even before the project officially broke ground: in 2013, Bischof’s firm, Primary, was commissioned to curate the first instalment of Words Travel Fast (WTF), a large-scale mural project, in collaboration with Miami WorldCenter. Primary’s objectives with the piece were to explore the relationship between text, visual art, and geography, provoke thought and discussion, and beautify an area in transition as it was readied for development. “Our organization is a big believer in public arts being impermanent,” explains Bischof. “Impermanence has great value; it’s like water–always rushing, staying fresh.”

There are numerous other world-class projects planned or underway all over Miami, but according to Bischof, it’s not just in these large-scale developments that the impact of art on the city’s geography can be felt. “The paradox is that the art community helped make neighbourhoods like Wynwood and Miami Design District cool, which, of course, made them attractive to developers. But that popularity drove prices up, so the artists had to move to another district. For artists in cities everywhere, that’s kind of a typical vicious cycle.”

And yet, Bischof continues, Miami has managed to buck that global trend in a unique way. The year-round popularity of Miami–for which developers, planners, local artists, and arts festivals can take credit–has given artists the stability they need to invest in the city’s real estate scene themselves.

“Over the last four years or so,” he says, “a lot of Miami artists have, for the first time, found themselves in a position to buy their own property and become stakeholders in the community, and a lot of the gallery owners now have their own properties.”

This is particularly true of the Little River/Little Haiti area, where Primary’s offices are located. Bischof sees this breed of smaller investment as a necessary complement to the larger ones being made on projects like Miami WorldCenter; it’s something that will encourage the local community not to fear growth but to embrace it with enthusiasm.

It’s for this reason that Bischof is bullish about the city’s future, suggesting that its can-do, optimistic attitude might best be summarized by the phrase depicted in artist Kenton Parker’s mural at Miami WorldCenter: “I’ll see it when I believe it.”

Although Miami has always been known for its casual exuberance and love of spectacle, there’s a growing sense that the interconnection of culture and development is one that must be taken seriously to ensure the city retains its unique character as it continues its explosive growth.

As former mayor of Miami Manny Diaz declared at his 2014 Mayor’s Ball, “Show me a city that does not promote the arts, and I’ll show you a city without an identity. Through paintings, sculpture, books, architecture, music, dance, we show our creativity, our expression, who we are–it is how we remain alive. Art connects us to the past and is a legacy we leave for the future.”

Festivals like Art Basel have helped take an already incredible city into a new stratosphere, and both artists and developers are responding by bringing every bit of their energy, imagination, and investment to the area, year after year.

“I want builders to keep making the most monumental structures they can make,” says Bischof. “And I want Miami to continue to kill it when it comes to fresh new ideas and contemporary art.”

If the record number of festival attendees and construction cranes in the city’s skyline are any indication, Miami is well on its way to its own Biennale renaissance.

Latest Insights

The Real State of GTA Development: An Honest Conversation on Today’s Market

Insights
January 23, 2026

With development activity slowing and capital becoming increasingly selective in today’s market, it’s more important than ever to sit down, cut through the noise, and have an honest conversation about what’s really happening on the ground. Last weekend, Greybrook Securities…

Building Together: Greybrook’s 2025 and the Year Ahead

Uncategorized
December 23, 2025

At Greybrook, 2025 was a year defined by leadership, perspective, and purposeful progress. Throughout the year, we remained at the forefront of industry conversations, helping to shape dialogue across the real estate and housing development landscape while continuing to execute…

Sasha Cucuz on Toronto Under Construction: Navigating Costs, Cycles, and the Path to Real Estate Resilience

Uncategorized
December 17, 2025

Sasha Cucuz, CEO of Greybrook, joined Jake Cohen, President of Daniels Corporation, and Bob Blazevski, President and CEO of Blaze Urban, on the Toronto Under Construction podcast hosted by Ben Myers, President of Bullpen Research & Consulting Inc. The discussion…

Elser Hotel & Residences Now Fully Sold Out

Portfolio Updates
December 16, 2025

We are pleased to announce that Elser Hotel & Residences in downtown Miami is now fully sold out. With its unique hotel-condo model, prime waterfront location, and expansive amenity platform, Elser has attracted exceptional demand across local, national, and international…

Chateau 9 in Stouffville Well-Received by the Market, Released Units Over 90% Sold

Portfolio Updates
December 4, 2025

Following a well-received sales launch in October, the initial release of single-detached homes at Chateau 9 in Stouffville rapidly sold out, prompting the release of an additional wave of homes. To date, the community has achieved an impressive 91% sell-through…

Boardroom Brief: EP. 11 – From Lessons to Opportunities: Sasha Cucuz Reflects on 2025

Insights
December 2, 2025

From boardrooms to podcast studios, Greybrook Securities CEO Sasha Cucuz has been at the forefront of key discussions this past year, sharing his perspective on everything from the global economy to the local real estate market and long-term business strategy.…

Greybrook Celebrates Community Connection at Preston Memorial Auditorium Grand Reopening

Community
November 20, 2025

On Friday, November 14, the City of Cambridge officially unveiled the newly renovated Preston Memorial Auditorium, marking an exciting completion of a transformative $33 million project that modernizes the beloved community facility while honouring its 1972 heritage. The revitalized facility features a…

Boardroom Brief: EP. 10 – Unpacking Insights from Inside Track 2025

Insights
October 30, 2025

How is global uncertainty shaping confidence, supply, and the future of Canada’s housing market, and what lies ahead? What bold government actions are needed to unlock housing supply and help stabilize the market? These are just some of the key…

Greybrook Becomes First-Ever Lead Sponsor of York University Lions Men’s Hockey Team

Community
October 30, 2025

Toronto, ON — Greybrook is proud to announce its official sponsorship of the York University Lions Men’s Hockey Team at the Gold level, marking a historic milestone as the first-ever lead sponsor of the Men’s Hockey Program. This sponsorship reflects…

138 Yorkville Welcomes Internationally Acclaimed Fashion Designer Gaurav Gupta

Portfolio Updates
October 21, 2025

138 Yorkville, our ultra-luxury development in partnership with Cityzen and First Capital, recently hosted internationally acclaimed designer Gaurav Gupta for an exclusive showcase at our presentation gallery. Gaurav, celebrated for his sculptural silhouettes and red-carpet couture, presented a curated selection…

All Publications

Join our newsletter and keep up to date with our news & insights

Contact us