Hotel Icon Sees South Florida's Future

MIAMI—Daniel Tishman has been involved in some of the largest commercial real estate construction and redevelopment projects to unfold in the United States, including the rehabilitation of Times Square in New York City during the 1990s and City Center Las Vegas. Meanwhile, the redevelopment of the World Trade Center site now underway.

The head of Tishman Hotels & Realty is now bidding on the opportunity to redevelop the Miami Beach convention center. In part one of this exclusive interview, he told GlobeSt.com why he was interested in the project and his plans. Now, read about how he sees South Florida's hospitality market, his idea of the “new normal” and the status of the World Trade Center redevelopment.

GlobeSt.com: How does South Florida's hospitality and convention market stack up nationally—and what factors are fueling demand for an enhanced convention facility in Miami Beach?

Tishman:The Miami Beach hotel market is doing well—it attracts visitors from the U.S. but also has a huge international appeal. The weather is great year round and there are great beaches, shopping and top notch food. Nearly every major hotel operator has a presence here and those who don't are looking for an entry point. We think a world-class convention facility with its own headquarters hotel can take Miami Beach to the next level—both for visitors and residents, with the right mix of culture, retail, restaurant, entertainment, and other vibrant uses surrounding it and connecting it to the rest of the City.

GlobeSt.com: Your firm has engaged in a number of public-private partnerships and large developments are increasingly following the P3 model. Is this the 'new normal' when it comes to undertaking major infrastructure projects?

Tishman: The recession took a toll on many cities in the U.S. and around the world. Valuable infrastructure projects were shelved as the capital markets tightened and government entities at every level reduced spending. Now we are seeing the P3 model grow in prominence, though we have been doing them for years. Public-private partnerships give municipalities the opportunity to realize projects that make sense for their communities in a relatively low-risk way, and we look forward to continuing to work with the City of Miami Beach on the right structure for them for this project.

GlobeSt.com: You have been involved in the World Trade Center redevelopment. What is the status of that project and what can we expect when it is completed?

Tishman: All of the major elements of the World Trade Center project are moving ahead and nearing completion. The Memorial, “Reflecting Absence” designed by Michael Arad opened in 2011, and Tishman is delivering 1 World Trade Center, the tallest structure in North America, and 4 World Trade Center to our clients in the next year. Both have already claimed an important place in the New York skyline and are filling up with the types of commercial tenants that will make the site economically viable.

The site is very active—perhaps the most active construction site in the world—and when it is done, it will be a true center for Lower Manhattan, the way the Convention Center area can be for Miami Beach. The World Trade Center plan has survived many iterations and the whole site will be knitted with the surrounding area. The plan also restored connectivity that the original World Trade Center was lacking. The site is spectacular and I'd encourage anyone who is in New York to make their way downtown to see it. We are immensely proud to be involved in the rebuilding effort.

Click here to read part one of this interview.