Jorge Perez: Secret to Condo Success
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MIAMI—The Related Group has six new condo projects coming out of the dirt from Miami as far north as Hollywood Beach. But that’s nothing compared to the 10 additional South Florida condo projects in the pipeline, according to CondoVultures.com.
Competition for buyers of preconstruction condo units is increasing in South Florida as more than 115 towers with nearly 16,000 units have been proposed for the Tri-County South Florida region of coastal Miami-Dade, Broward, and Palm Beach as of March 9, 2013, according to the Cranespotters.com Preconstruction Condo Projects Database compiled by the licensed Florida brokerage CVR Realty. Nevertheless, Related is confident.
“We pay more attention to detail than anybody in this business—everything from the design to zoning to art,” Jorge Perez, CEO of Related, said at the University of Miami's Impact Real Estate Conference recently. “We control every aspect from the beginning of the job to consumer satisfaction. We are freaks when it comes to great, great detail.”
When the condo market stalled six years ago, Related was not immune. But the developer is making its mark once again. Related has already delivered one condo tower. According to CondoVultures.com, the other towers include: Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences; Brickell Citicentre; BrickellHouse; Habitat II; MyBrickell; Hollywood's Apogee Beach; Key Biscayne's Oceana; Miami Beach's Faena House Saxony; Residences At Miami Beach Edition; Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Chateau Beach; Mansions At Acqualina and Regalia.
“We are working on 45 active projects in the United States,” Perez says. “People ask how we do that. I can only do that by having senior people that are partners and are totally capable of handling their responsibilities. In Florida, we split ourselves into four sections: acquisitions, affordable housing, market rate and luxury rentals, and condos. Those divisions are run by four people that I consider partners.”
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