The next frontier? Related’s Jorge Pérez plans major development in Phoenix

Developer says he’ll spend nearly $500M on three projects next year

Nov.November 28, 2018 04:30 PM

Jorge Pérez (Credit: iStock)

Miami developer Jorge Pérez plans to spend nearly half a billion dollars on new projects in the Phoenix market starting next year.

Pérez’s Related Group would build at least three new retail and residential developments in the Phoenix metropolitan area in 2019, he told an ABC affiliate in Arizona. Miami’s condo king said the properties would range from two- and three-story buildings to 10-story buildings.

The billionaire developer announced he was expanding to the Southwest with a new satellite office in Dallas nearly a year ago. Related said it planned on building apartments in Phoenix, Denver, Las Vegas and other major Texas markets.

Related has been diversifying its investments, branching out from building condominiums and affordable housing in South Florida. The company also has built projects in Argentina, Brazil, Panama, Uruguay and Mexico, and outside of Miami in Tampa.

In June, Related and Rockpoint Group launched a new division within Related to focus on acquiring value-add multifamily properties in Florida and throughout the Sun Belt.  [ABC 15 Arizona]Katherine Kallergis

Related Articles

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

(Credit: Getty Images)

All eyes on cranes during Hurricane Dorian

State report finds open gas valve fueled building explosion at Plantation shopping center