Jorge Peréz, Jon Paul Peréz and Nick Peréz

Jorge, Nicholas, and J.P. Pérez.

Jorge Pérez, J.P. Pérez and Nick Pérez

Chairman; president; condo president at Related Group

Jorge Peréz, Jon Paul Peréz and Nick Peréz
By May 10, 2024 9:03 AM

A quick look at Related Group’s catalog makes it clear that they’re running on an “everything, everywhere, all at once” strategy, but without any of the supernatural stuff — just a lot of savvy, years of experience, and what appears to be an endless appetite for housing development. 

Related has more than 2,000 condos in its pipeline, ranging from the ultra-luxury boutique residences at Rivage Bal Harbour and Six Fisher Island, to condo towers like the St. Regis Residences downtown and the 75-story Baccarat Residences — which will be one of Miami’s tallest buildings — to the 450 furnished units at The Crosby at Miami Worldcenter, completed in 2023.

Other projects include the Casa Bella Residences (which landed a $240 million construction loan in 2023), the NoMad Wynwood, Andare Residences in Fort Lauderdale, and the Waldorf Astoria in Pompano Beach.

Who are the buyers for all these condos? It’s a relatively even split between foreign and domestic buyers, said Jon Paul and Nick Pérez, the two brothers at the helm of their father’s company. 

“It’s a little more domestic than international because you’re seeing people moving down from the Northeast and California with tremendous purchasing power, because units are still — compared to those markets — relatively attractive,” said J.P.

“We’re still seeing New York, still seeing the Midwest, all the way into the West Coast; a lot of people are relocating still,” agreed Nick. 

On the affordable front, Related Urban Development Group delivered 921 units in 2023 at a development cost of $279 million, and started another 2,040 units for $779 million — primarily in Miami, according to numbers Related supplied. All but one of the projects are public-private endeavors, the largest of which is the 465-unit Gallery at West Brickell. 

And don’t get us started on market-rate apartments, since that’s a whole other pipeline. 

The one place you won’t find Related is in office development. The firm does have some office space in Wynwood and West Palm Beach, but it’s not its focus, J.P. Pérez said. In fact, Related even sold a site on Terminal Island — once destined for office — for $77 million last year. 

“When everybody’s moving into an opportunity, maybe it’s not the best time,” said J.P.