MIAMI—Some were angry. Some were outraged. Some didn't care. LeBron James' decision not to continue playing all-star basketball for the Miami Heat drew plenty of reactions.
But what will it mean for Downtown Miami's commercial real estate market? Think about it for a minute. James put a positive spotlight on Downtown Miami in a way that no other professional sports star—or any other single individual—has in our era.
The AmericanAirlines Arena has hosted the NBA Finals for four consecutive years. A Miami Downtown Development Authority (DDA) study reveals the Heat, the arena and the urban core's economic impact on the area has totaled a whopping $1.4 billion a year.
Though his absence will surely be missed on the court, ow James' departure will ultimately impact the Heat remains to be seen. But what about Downtown Miami's renaissance? Will James decision to take his skills back to the Midwest stymie the revitalization?
At least one industry expert says “no.” Alyce Robertson, executive director of the DDA, says: “Downtown Miami's resurgence was well underway before The Big 3 arrived, gained momentum alongside four consecutive championship runs, and won't be slowing down anytime soon. LeBron's decision to take his talents to downtown Miami in 2010 was rocket fuel for our city's global brand, and we're grateful for his contributions over the past four years.”
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