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 Business News | June 2007 
The Related Group
 Multi-Housing News
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| | Jorge M. Pérez is the founder, Chairman and CEO of The Related Group, Florida's leading builder of condominiums and one of the country's premier real estate development firms. | 
| | In August of 2005, TIME Magazine named Mr. Pérez, one of top 25 most influential Hispanics in the United States. |
Will Related replicate its signature Miami waterfront condos in other markets throughout the country — and internationally? Possibly. Florida's largest multifamily developer, Related has redefined the south Florida skyline with its signature luxury condominiums in prime waterfront locations throughout Miami and other Florida markets.
Although the condo market is flattening, Related is by no means slowing down. While Miami recovers, President and CEO Jorge Perez is expanding Related's condominium development activities to other cities in the U.S.—as well as South America. And, he has indicated an interest in developing rental apartments again.
The Related Group was formed in 1979 and since then, the company has built and/or managed more than 55,000 apartment and condominium units and says it has assets of more than $10.7 billion. This year alone, Related has about 11,000 units under development, exclusively condominiums. "We have $10 billion in the development pipeline in the United States," says Perez.
While the condo market—namely at the top end—has leveled off in the Florida cities, Related has also begun to look elsewhere. Domestically, Perez has said he is seeking to expand Related's condo development to Atlanta; Park City, Utah; Denver; Fort Myers; as well as Orlando, Fla. The company has signed an agreement for the development of condos and retail in Park City. It is working on developing a mixed-use property in downtown Denver. And, in Atlanta, it had obtained zoning for a 20-acre mixed-use project in Buckhead which was slated to contain about 3,850 condos, and possibly, apartment units.
As far as international development, Related has formed a new subsidiary Related International dedicated to urbanizing areas in which it develops property. Related International recently debuted in Mexico with ICON Vallarta in Puerto Vallarta, a five-acre, three-tower oceanfront development with interiors designed by Yoo by Phillipe Starck. Related plans to erect upscale condominiums and hotels in other tourist locations in Mexico including Acapulco, Cabo San Lucas, Playa del Carmen and Xihuatanjeo.
Related has traditionally developed primarily in Florida and Georgia. The company has been responsible for some of the most recognizable buildings in Miami, South Beach and West Palm Beach. Perez has also allied himself with Donald Trump to build several luxury high-rise projects in Sunny Isles and Hollywood Beach, Fla.
Luxury condominiums launched in the past year include Oasis on the Bay's second tower and St. Regis Resort and Residences in Bal Harbor, Fla. for which Related teamed with Starwood Hotels (NYSE:HOT) & Resorts Worldwide to offer the amenities of a five-star hotel in a condominium.
Perez is also doing his part in creating affordable condominiums for the market. Related's Affordable Housing Division has brought 1,187 residences to downtown Miami in the "Loft" series of developments. Phase I Loft Downtown was the first residential building in Miami's central business district to receive a certificate of occupancy in three years. The 196 units, priced from $99,000, sold out in three weeks. Most recently, Loft 3 sold out 495 units in only four weeks, says Perez. Prices started at $159,000, and 70 percent of units were priced under $300,000.
"We marketed directly to the workforce to ensure they were aware of both the projects and homeownership opportunities within their reach," says Perez.
Perez, who Time magazine named as one of the 25 most influential Hispanics in the U.S., attributes his company's success in part to paying "huge, huge attention to the way buildings look," including hiring the best architects and designers. |
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