Apogee Beach

Regions Bank has given a Related Group affiliate a $7 million construction loan, the South Florida Business Journal. The funding will be used on the Apogee Beach project in Hollywood. The affiliate, PRH-Sian Holllywood, includes Miami Dolphins owner Stephen Ross as a partner, and is controlled by Related CEO Jorge Perez. Apogee is located at 3951 South Ocean Drive. Apogee was the first new project to break ground in South Florida since 2007 when it launched construction in December 2011. [more]

Carlos Rosso and a rendering of 1100 Millecento

Less than two weeks after announcing plans for another new condominium tower in Brickell and launching a sales effort in Argentina, Related Group has already obtained reservations for 60 of the 382 units in the building, GlobeSt.com reported.

As with its other projects under development, including MyBrickell, Related is requiring buyers to put down payments on units before the building is erected to help finance construction. [more]

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]

(source: Related ISG)

Fort Lauderdale bested downtown Miami and Miami Beach in the rate at which condominiums built during the boom were absorbed, according to a wide-ranging market report released today by Related ISG. Just 142 of the 5,135 new units built between 2005 and 2009 remained as of January, compared to 1,020 of the 10,001 units built during that time in the Miami beaches and 2,497 of the 17,502 units built in downtown Miami and Brickell. [more]

Related Group CEO Jorge Perez

The Related Group is planning a 31-story development in Hallandale Beach with 84 apartments and 432 hotel rooms, according to the South Florida Business Journal.

The development firm acquired the property, at the western end of the Hallandale Beach Boulevard Causeway off the Intracoastal Way, for more than $2.9 million from TD Bank last May. [more]

From left: Miami-Dade Commissioners Barbara Jordan and Bruno Barreiro

Now that the election year is in full swing, real estate developers have been lining the campaign coffers of Miami-Dade politicians as they try to ease the approval process for their projects. The Miami New Times put the focus on campaign contributions to County Commissioners Bruno Barreiro and Barbara Jordan.

Shoma Development President Masoud Shojaee, through his employees and companies, gave $3,000 to each of their campaigns. [more]

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]

Rendering of Related Group’s proposal for 4400 N. Flagler DriveHours before its 506-unit condominium project was slated to go before a city commissioner vote, the Related Group withdrew plans to develop 22- and 23-story buildings on North Flagler Drive in West Palm Beach. According to the Palm Beach Post, the developer pulled the project because community opposition would have made the development unfeasible.

While Related claimed to have many supporters, it believed it would have had to cut down the size of the project in order to appease a vocal opposition. [more]

Related Group CEO Jorge Perez and a rendering of Apogee Beach

Bullish on the real estate market, Related Group CEO Jorge Perez is pricing units in his two major forthcoming condominium projects to sell quickly, according to the South Florida Business Journal. Perhaps it’s part of an effort to move on to more developments.

While making the rounds promoting his 49-unit Apogee Beach project in Hallandale, which will start construction next month, and the launch of sales at his 192-unit My Brickell, he said he was fixated on ensuring both projects were successes by letting buyers know the units are good investments. [more]

From left: Trump Royale, Trump Towers and Icon Brickell

Miami condominiums are selling at a record pace, according to recent market reports, and the New York Post singled out some of the area’s highest profile projects to see whether they were experiencing a corresponding uptick. The answer was a resounding yes.

Even in buildings that were previously thought to be destined for failure.

Dezer Development said that it sold more than $100 million in Trump units during the summer months, for an average of about $525 per square-foot, at the 384-unit Trump Royale and the three-building, 813-unit Trump Towers. [more]