FYI Miami: January 23, 2025

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

INFLATION’S GRIP EASES: The pace of South Florida’s inflation has dipped below national levels for all urban consumers after several years where prices rose far faster here than in much of the nation. Figures released by the US Bureau of Labor Statistics last week showed that while prices from Miami to Palm Beach rose 2.8% over the past year, the national urban increase was a bit higher at 2.9%. The change was most notable in the last quarter of 2024, as the nation as a whole saw a 0.4% price increase in December after a 0.3% rise in November while prices in South Florida declined 0.1% during that two-month period. South Florida prices were rising twice as fast at the end of 2023, when the annual increase was 5.7% versus 2.8% annually at the end of 2024.

CITY OFFICES BREAK GROUND: Miami’s long-awaited updated city administration building has broken ground at Miami Freedom Park. The city and Adler Development celebrated the start of work following the State of the City Address by Mayor Francis Suarez. Slated for completion in 2027, the building at 1802 NW 37th Ave. will house Miami’s government offices and become part of the broader mixed-use Miami Freedom Park. The facility will span 382,592 square feet over eight stories, offering office space and an attached garage for up to 889 vehicles. Miami’s administrative headquarters at the Miami Riverside Center, 444 SW Second Ave., has long been called functionally obsolete, prompting the city to seek replacement. After a competitive process, the city selected Adler Group to develop the building on the former Melreese Golf Course site near Miami International Airport.

KEEP ’EM ROLLING: Miami-Dade commissioners are being asked to approve spending $41 million for 580 county vehicles in this year’s budget – and that’s just the remainder of the total annual vehicle spending. In November, commissioner approved more than $126 million for 610 vehicles deemed emergency, priority and time sensitive buys. These 580 vehicles are the balance of the year’s purchases. A memo from Mayor Daniella Levine Cava notes that the minimum goal is for departments to make 40% of all vehicle purchases battery electric. The sheriff’s department is the largest beneficiary of the current vehicle purchases, totaling 171 vehicles for just over $7.4 million.

GAS BUBBLES UP: Average gasoline prices in Miami rose 7.5 cents per gallon last week to $3.16, according to GasBuddy. Prices in Miami are 12.9 cents higher than a month ago and 7.6 cents higher than a year ago. 

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