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MIAMI BEACH (CBSMiami) –  With the start of Art Basel and Art Week Miami, comes a boom for local business and the economic impact is impressive.

Art Basel does not release statistics but analysts say it pumps about 500 million dollars into the local economy.

At Wynwood  Kitchen and Bar and Joey’s in Wynwood both triple their business and increase their staffs by 30 percent.

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At the gallery, Art Bastion in Wynwood, they’re capitalizing on the capitalization. Their office is being used by another artist to display art.

“I’m actually renting out the space for the artist,” said ‘Sebastiano’ of Art Bastion.

The Wynwood restaurant scene went from zero restaurants to 25 in the last six years.

In the Design District, traffic is already like a parking lot.

Brown’s Beauty business in Wynwood is up 30 percent. Their store on the beach is up by 50 percent.

Oak Tavern Restaurant’s business also goes up by 50 percent.

“There’s no other time of year when we would see an increase in sales to this extent,” said Larry Carrino of Oak Tavern Restaurant.

Valet parking in the Design District alone takes in at least eight times more than a typical week.

At the James Hotel, valet doubles and the number of drinks poured doubles to about 1600 a day.

“I mean everyone looks forward to Basel for the year,” said Nikki Mallon of Browne’s and Co.

At the Delano, lunch business doubles

Dolce Restaurant at the Gale Hotel and Meat Market are up 30 percent.The Dutch at The “W” Hotel goes up 50 percent.

Tables turn twice as much as usual.

At the Fontainebleau Hotel, Scarpetta, Michael Mina’s 74, Hakkasan and strip steak sales go up by 20 percent.

For Miami Beach, Art Basel is in the top six of revenue generating events but for the Design District, it’s the number one week in sales all year.

In Wynwood, it’s the number one week for sales all year long.

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