The Real Deal Miami

Perez struggles for survival amid crash

March 02, 2009 11:01AM

Developer Jorge Perez, whose company the Related Group was behind the
ultra-luxurious Icon Brickell condominium development, is scrambling to
cope with $1 billion in losses and service $2 billion in debt at Related amid the
collapse of the South Florida real estate market. Perez, who co-founded Related with New Yorker Stephen Ross, has also been a fixture on the Forbes List of the 400 Richest Americans for the last three years. But, last month, he
told the magazine they’d have to look elsewhere for their profiles of
the prosperous. Perez vows he’ll rebound from the crisis.