Nick Peréz (left), Jorge Peréz (top) and Jon Paul Peréz.
Jorge Peréz, Jon Paul Peréz and Nick Peréz
CEO and chairman; president; senior vice president at Related Group
Related Group is often called the “largest condo builder in South Florida,” probably because no one else even comes close.
The firm, run by father Jorge Peréz and sons Jon Paul (JP) and Nick, has 30,000 residential units in the pipeline in South Florida, split roughly evenly between condos, market-rate rentals and affordable rentals, according to JP.
Sales are well underway at many of Related’s newer condo projects. The 75-story Baccarat in Brickell is 88 percent sold, the Casa Bella in Downtown Miami is 50 percent traded, and The St. Regis Brickell has 50 percent under reservation. Projects in Tampa and Jacksonville are 100 percent sold.
Related has also been upping the stakes, with several superlux projects with expected sellouts above $1 billion each. Last month, Related and Two Roads Development launched sales at the Rivage Bal Harbour, a 61-unit boutique condo that SOM is designing. The firm has another project on Fisher Island, with just 50 units, that’s also expected to do more than $1 billion in sales.
“Since I’ve become president, I’ve led us to do the highest-end jobs in the history of the company,” J.P. Peréz, who took the position in 2021, said. “Super boutique, insane amenities, awesome architecture — really elevating what Miami has seen. I’m very proud of that, and I hope to continue to do more of that. Those really allow your creative juices to flow.”
What’s more, Related’s lengthy track record and host of connections in the business has kept it mostly immune from the effects of the slowing lending environment. Most recently, Related closed on a $164 million construction loan for the Baccarat, broke ground on The Crosby, and got approved to redevelop a city-owned parking lot in Downtown Miami.
On the affordable end, the financing environment hasn’t slowed Related’s progress, either. “We’ve been able to get more subsidies,” J.P. Peréz said. “State, local or federal understand they need to step up in time and create new programs.”
The few hurdles this year — a failed $500 million condo termination bid, and an amicable split from Stephen Ross’ Related Companies — were overshadowed by the wins. —C.G.
