Jorge Peréz (left), Jon Paul Peréz (top right), and Nick Peréz.
Jorge Peréz, Jon Paul Peréz and Nick Peréz
Founding executive chairman; CEO; president of the condominium division at Related Group
Related Group has conquered the residential market in South Florida, one of the most important in the U.S.
The Miami-based firm, founded in 1979 by Jorge Pérez, practically reshaped Miami’s skyline, with condo projects such as Icon Brickell, Paraiso Bay and Murano at Portofino. His development attracted a new clientele to Miami — primarily the wealthy from Latin America — elevating the city to a global stage.
Today, the developer remains a power player behind some of the most coveted projects in Miami-Dade County. This past year, it has nabbed over $1.5 billion in construction financing for projects along Brickell’s waterfront, Bal Harbour’s oceanfront, and on Fisher Island, an enclave off Miami Beach that’s one of the country’s wealthiest ZIP codes.
Related’s empire expands farther than Miami, too. In Broward County, it launched the luxury condo craze along Pompano Beach’s coast. And, in Fort Lauderdale, there’s Bahia Mar, a $1.5 billion waterfront marina and condo project. There are also developments in South America.
Related, too, is more than just ultra-luxury development. Its portfolio spanning about 30,000 units includes, yes, luxury condos, but also market-rate rentals and affordable housing, which each account for 10,000 units of that portfolio.
“We learned in 2008, 2009, that you can’t put all your eggs in one basket. My father had pivoted from doing rentals to doing luxury condos when the market kind of collapsed, and we had no other sources of business other than condominiums,” said Nick Pérez, the president of Related’s condo division, as well as the son of founder Jorge and younger brother of CEO Jon Paul. “When one slows down, another one might pick up.”
In a toned-down multifamily market, the company is still landing sizable deals. In June, retailer Zara’s billionaire founder, Amancio Ortega, bought Related’s new 46-story apartment tower in Fort Lauderdale for $165 million, which stands as one of South Florida’s biggest rental sales so far this year.
