Jorge Pérez, J.P. Pérez and Nick Pérez

Related Group launched $6 billion worth of condominium sales in 2023, with 12 condo projects currently under development in South Florida — ranging from boutique residences on exclusive islands to gleaming towers in Brickell. 

Widely known as Florida’s largest condo builder — and apartment builder — the Pérez family’s Related Group is certainly living up to its name. In addition to its condo business, led by Nick Pérez, the company has 12,600 market-
rate rental units in its pipeline, and another 12,000 affordable housing units. 

On the condo front, Related secured a $328 million construction loan in March for the crown jewel of its portfolio: the 75-story Baccarat Residences in Brickell, which is 95 percent sold. 

It was especially rewarding to get the financing done, because the project has had its challenges, according to Jon Paul (J.P.) Pérez. “It’s taken us awhile, we had issues with getting it out of the ground because of all the artifacts and stuff,” he said, referring to the ancient artifacts found on the site of the upcoming tower. 

Related’s many condo projects are continually raising the ceiling on luxury and pricing, as the pinnacle of South Florida’s luxury condo market continues to breach new heights. In April, Related broke Miami’s priciest condo record twice at Six Fisher Island, a boutique condo project on the island known as “billionaires bunker,” selling two penthouses for $150 million combined, or roughly $75 million each, according to J.P. Pérez. The previous record was set in 2015, when Ken Griffin paid $60 million for a pair of penthouses at Faena House. 

“In general, prices are catching up with New York,” said Pérez. “There’s a lot of people with a lot of money, and they want the best of the best.”

While the majority of Related’s condos are priced at $1 million or higher, the firm also has a slate of smaller condos at lower prices, mostly designed for short-term rentals. The company, too, has continued to test new markets and formats, such as co-living, with a project in Wynwood opening this spring. 

While the term “condo king” originally applied to Related founder Jorge Pérez, it appears that his heirs are earning their crowns as well.