Another small step in Miami Beach’s effort to incentivize financial services and tech firms to relocate or expand here: City Manager Alina Hudak said Melvin Capital Management LP will open an office with plans to hire “at least eight new employees in high-wage jobs in the coming year.” The Melvin Capital announcement follows news last week that GMF Capital will relocate its headquarters to Miami Beach. Both firms plan to set up shop in new office space at 1674 Meridian Avenue, just off Lincoln Road.

“Melvin Capital is a New York-based SEC-registered investment advisory firm founded in 2014 by Gabe Plotkin, the firm’s Chief Investment Officer. As of June, the firm was managing over $10 billion in assets,” Hudak wrote in a letter to the Mayor and City Commissioners updating them on the City’s business recruitment efforts. In March, they approved a business attraction strategy targeted at financial services and tech firms that include expedited plan review and permitting incentives with a goal of increasing the number of “quality high wage jobs.”

Regarding Melvin Capital, Hudak said, “The Administration has been in talks with the firm regarding incentives since mid-June. Melvin plans to be a long-term stakeholder in the city and joins GMF Capital with a 10-year lease for 6,762 square feet (an entire floor) of Class A office space at 1674 Meridian Avenue near Lincoln Road.” 

GMF signed a five-year lease with renewal options. In her update last week, Hudak said, “GMF intends in short order to hire over a dozen employees to work out of its new Miami Beach offices (five have been hired already).”