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]
Developers are proposing the construction of three new residential projects in Miami Beach that could mean hundreds of new residential units, according to a report from brokerage and consultancy Condo Vultures. The developers include Related, Crescent Heights and Lionheart Capital, although none has obtained final approval from the government. [more]
One Park Square at Doral
Related will be developing a 48-acre site within the Park Square at Doral project in partnership with Shoma Group, the South Florida Business Journal reported. The first phase of the mixed-use project could begin construction by the end of 2012. [more]
From left: Shannon Larocque, assistant county administrator, and a sketch of the Palm Beach County convention center hotel
Now that it has settled the foreclosure lawsuit at nearby CityPlace, Related Companies will turn its attention to the long-planned Palm Beach County convention center hotel, the Palm Beach Post reported.
The county selected Related to develop a 400-room Hilton hotel in early 2010 and vowed to contribute $27 million to the $100 million project. [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
A stalled development site in Fort Lauderdale has been purchased by an affiliate of the Related Group, according to the South Florida Business Journal. The seller was Jesse Gaddis, who owns Yellow Cab taxi, and seized the site in 2010 after foreclosing on a $12.6 million mortgage to Minto Communities. Related purchased the site through RD Flagler Village for $13 million. [SFBJ]
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]
