The next frontier? Related’s Jorge Pérez plans major development in Phoenix
Developer says he’ll spend nearly $500M on three projects next year
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