Related gets height increase needed for Terminal Island office project in Miami Beach
The Related Group has backed out of a partnership in the Trump Towers
condominium development in Sunny Isles Beach, another sign that the
high-end developer is retrenching. Betsy McCoy, Related’s vice
president and associate general counsel, said the company had sold its
interests in Trump II and Trump III at Sunny Isles and satisfied its
obligations to lenders. Michael Cannon, executive director of Integra
Realty Resources in Miami, said it was not uncommon for large
developers to contract in a severely weakened economy, though the
come-down is a bit humbling for the reputation of Related, which built
Murano at Portofino, Icon South Beach and Apogee in Miami Beach, plus
50 Biscayne, 900 Brickell and Loft Downtown in Miami. For Chairman
Jorge Perez, the retreat has had a personal impact. He was dropped
from the Forbes 400 list, where he once ranked at No. 197 with an
estimated personal wealth of $1.8 billion. After it declined by 50
percent, he was removed from the 2009 list. [GlobeSt]
