The Real Deal Miami

Jorge Perez reflects on lessons learned

Related CEO opens up on recession's impact in lengthy profile

February 24, 2014 09:45AM

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Jorge Perez during last month's MyBrickell celebration and MyBrickell

Jorge Perez during last month’s MyBrickell celebration and MyBrickell

Jorge Perez insists that he and his Related Group have learned important lessons from the last real estate cycle and made critical changes in doing business this time around.

The Related CEO is delegating a lot more during the current cycle and emphasizing philanthropy and legacy, Perez told the Miami Herald in an in-depth profile. His $40 million donation of cash and art led to the city’s new art museum being named Perez Art Museum Miami (or PAMM).

Perez returned to the Forbes list of the 400 wealthiest Americans last year, checking in at No. 350 with an estimated net worth of $1.6 billion.

Related has restructured its company since the downtown so it is not as heavily reliant on condos. Of the company’s 29 projects under construction, only 12 are condos.

The company finished construction of the colorful MyBrickell last month. The building is the first Brickell condo project completed since the crash. [Miami Herald]Eric Kalis

  • jason

    one of the few developers I have complete respect for.

    • philflorida

      Don’t know why, He contributed to the bust what did he do different from the other developers that built on greed not economics. Even know the amount of projects he is building does not meet the demand. He is basing his building on the hype not real estate demand. Once 2nd home buyers stop buying or find a new “hip” place to buy a 2nd investment or home he is screwed AGAIN. Think of many real residents are in line waiting to buy a pre construction condo worth 700K OR more. Developers are currently building on Hype not basic real estate principals, which is why we are going to go through another bust. even with 50 percent deposits taken this time compared to last time, does not mean anything.

    • philflorida

      Don’t know why, He contributed to the bust what did he do different from the other developers that built on greed not economics. Even now the amount of projects he is building does not meet the demand. He is basing his building on the hype not real estate demand. Once 2nd home buyers stop buying or find a new “hip” place to buy a 2nd investment or home he is screwed AGAIN. Think of how many real residents are in line waiting to buy a pre construction condo worth 700K OR more, you know how many none. Developers are currently building on Hype not basic real estate principals, which is why we are going to go through another bust. even with 50 percent deposits taken this time compared to last time, does not mean anything he will not fill up the condos that is the bottom line.

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