A rendering of Related's Fontainebleau Lakes in Miami
With dwindling condominium inventory — but growing rental demand — in South Florida, developers are shifting to multi-family projects. While Jorge Perez and Related Group have been part of the new wave of condo construction in the region with projects like Miami’s MyBrickell and Hallandale’s Apogee Beach, the company is also making a significant multi-family drive. [more]
Related’s Jorge Perez is expanding his company’s foothold in India, the South Florida Business Journal reported. The company, Astrum Homes, in which Perez is the biggest investor, is targeting cities including Panipat and Amritsar. “We are in the process of acquiring more land to continue our expansion there,” he said. “Plans are to aggressively grow the middle sector housing market, which has huge pent-up demand.” [SFBJ]
From left: Related Group CEO Jorge Perez, Apogee Beach and MyBrickell
The international buyers that have powered Miami’s real estate recovery are now creating “a mini-boom,” Related Group CEO Jorge Perez said in an interview with GlobeSt.com.
“The desire of international buyers to purchase in Miami … [is] increasing land values to almost the price realized during the top of the market,” he said. [more]
A rendering of MyBrickell
MyBrickell, one of the the newest development projects in Miami, will break ground this month, and has already obtained reservations for 80 percent of its units. The Jorge Perez project is featuring design by Karim Rashid, is partly targeting the Latin American buyers that Perez said “saved” the Miami market after the condo bust. The project is starting at an average of $295 per square foot. — Alexander Britell
The $275 million Frost Museum of Science will break ground in February, the South Florida Business Journal reported. The project should be finished within 27 months, according to museum COO Frank Steslow. The 600,000-square-foot project will be adjacent to the new Jorge M. Perez Museum Art Museum of Miami-Dade County. [SFBJ]
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When Related Group CEO Jorge Perez gave $20 million in much-needed financing to the Miami Art Museum, in addition to $15 million worth of art, he never expected a negative reaction. But the Miami Herald noted that the renaming of the museum, which will now be known as the Jorge M. Perez Art Museum of Miami-Dade County, has drawn much criticism.
Critics point out that it was taxpayers who voted to fund a $100 million expansion of the museum in 2005, and who will be continually called upon for support in future maintenance of the cultural institution. [more]
Related’s Apogee Beach condominium in is set to break ground tomorrow, the first new condo project to begin construction in four years. The 22-story tower was designed by Carlos Ott, with interiors by David Rockwell. Related ISG, which formed in May is selling the project for Related. Apogee’s purchasing structure is influenced by the presence of Latin American buyers, requiring a 20 percent down payment after signing a contract, with several more 20 percent payments at different periods of construction. That process is in line with the purchasing process in Latin America, a region that Related’s Jorge Perez said “saved” Miami’s market and largely paved the way for this new wave of development. — Alexander Britell [more]
Miami’s Related Group is planning to add two new towers in Miami, with an additional one at the already-launched MyBrickell and a second at the site of the Onyx 2 condominium, which was never completed, according to the South Florida Business Journal. The MyBrickell addition follows the 192-unit tower off Brickell Avenue, which has already gotten 40 percent of its units under contract. Perez told The Real Deal last month about the firm’s pricing strategy, which undercuts most condos in the area. [SFBJ]
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Jorge Perez’s new Apogee Beach condominium project in Hollywood is set to break ground in December, with more than half of the 49 units at the development already under contract, according to the Sun Sentinel. The project is using a unique financing model where buyers have to pay 20 percent when they sign a contract and another 20 percent when the project breaks ground — in this case, Dec. 8. That model has come about largely because of the influence of Latin America, something Perez said “saved” the Miami market. [Sun Sentinel] [more]
Real estate brokers assembled in Miami yesterday said they expected the market’s international sales to be even stronger in 2012, following a period of purchasing, particularly from Latin America, that Related CEO Jorge Perez said “saved” Miami’s residential sector. “You have a unique opportunity for the next few years,” said Moe Velssi, the president-elect of the National Association of Realtors at the International Real Estate Conference in Coral Gables, the Miami Herald reported. [more]
