The Real Deal Miami

Related’s Jorge Perez makes Delray play

Developer is building a relatively small 172-unit apartment complex
September 22, 2014 01:30PM

SOFA in Delray Beach and Jorge Perez

SOFA in Delray Beach and Jorge Perez

Heavyweight developer Jorge Perez is bringing 172 apartments and two buildings to Delray Beach.

“It is very unusual,” Jim Knight, a real estate agent who brokered the deal for Perez, told the Sun-Sentinel. “He wanted to be in Delray Beach so bad, and there weren’t any other sites that were available. That’s why he pushed so hard to get these.”

Perez, head of the Related Group, paid about $7 million for the two parcels a block south of Atlantic Avenue between First and Fourth avenues. Knight told the newspaper that Perez later turned down a deal to sell the sites for more than $10 million.

Now construction on the two buildings has kicked off, with an opening planned for November 2015.

No word yet on what rents in the buildings will look like. [Sun-Sentinel]Christopher Cameron