Publications
Publications
- September 2024
- HBS Case Collection
Faena: Magic in Mid-Miami Beach
By: Robin Greenwood, Denise Han, Dave Habeeb and Ruth Page
Abstract
The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion.
This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the United States. The son of Syrian-Jewish textile manufacturers in Argentina, Faena transformed a blighted area of Buenos Aires into a vibrant arts district in the early 2000s. He brought this same vision to Miami Beach beginning in 2011, setting his sights on Miami’s “Mid Beach” an area that had fallen into disrepair with low property values. Faena created a district anchored by hotels, residences, restaurants, an art center, gardens, and a marina. However, the Miami Beach housing market was volatile, known for its booms and busts. The case concludes in 2016, when facing a market slowdown, Faena considered whether or not to push forward with his latest development in the Faena District, a planned 63-unit luxury condominium project called Faena Mar. The case asks students to consider the opportunities and risks posed by the development.
This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the United States. The son of Syrian-Jewish textile manufacturers in Argentina, Faena transformed a blighted area of Buenos Aires into a vibrant arts district in the early 2000s. He brought this same vision to Miami Beach beginning in 2011, setting his sights on Miami’s “Mid Beach” an area that had fallen into disrepair with low property values. Faena created a district anchored by hotels, residences, restaurants, an art center, gardens, and a marina. However, the Miami Beach housing market was volatile, known for its booms and busts. The case concludes in 2016, when facing a market slowdown, Faena considered whether or not to push forward with his latest development in the Faena District, a planned 63-unit luxury condominium project called Faena Mar. The case asks students to consider the opportunities and risks posed by the development.
Keywords
Development; Real Estate; Hotels; Luxury; Urban Development; Sustainable Cities; Design; Markets; Transformation; Cost vs Benefits; Economic Growth; Private Sector; Public Sector; Economic Slowdown and Stagnation; Cultural Entrepreneurship; Financial Strategy; Investment Return; Geographic Location; Urban Scope; Corporate Accountability; Collaborative Innovation and Invention; Business and Community Relations; Business and Government Relations; Opportunities; Culture; Value Creation; Real Estate Industry; Entertainment and Recreation Industry; Florida; Miami; Argentina; Buenos Aires
Citation
Greenwood, Robin, Denise Han, Dave Habeeb, and Ruth Page. "Faena: Magic in Mid-Miami Beach." Harvard Business School Multimedia/Video Case 225-701, September 2024.