Miami’s condo king will hand crown to son next year

Jon Paul Pérez will become president within a year and CEO within two years

Miami /
Nov.November 15, 2019 03:30 PM
Jorge Pérez and Jon Paul Pérez (Credit: Wikipedia)

Jorge Pérez and Jon Paul Pérez (Illustration by Alexis Manrodt for The Real Deal; Related, Wikipedia Commons)

Miami’s condo king is preparing to hand over the title of president to his son within the next year.

Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020, an executive at the company said during a Bisnow event on Thursday.

“Twenty years ago, Jorge made it very clear this is a family business and it will continue to be a family business,” said Matthew Allen, executive vice president and COO of Related Group. “That was always really key for us to make sure we guide him. He’s still learning. Really, he’s grown up tremendously. It’s amazing what he’s done.”

Jon Paul was promoted to executive vice president over the summer, a spokesperson confirmed. South Florida Business & Wealth first reported that Jon Paul will become president within a year, and CEO within two years.

The Related Group is South Florida’s largest condo developer, and has expanded into multifamily, affordable housing and hotels in recent years.

Allen spoke in a keynote conversation with Arden Karson, senior managing director of South Florida at CBRE — and a former Related executive — at the Bisnow Multifamily Annual Conference. The event was held at the W Fort Lauderdale, a Related Companies-owned development. Related Cos. owner Stephen Ross owns a minority stake in the Related Group.

Billionaire Jorge Pérez, who founded Related Group in 1979, has spoken about his succession plan in the past without a specific timeline. Both Jon Paul and his brother Nick worked for Related Companies in New York. Nick joined the Related Group in 2018 and is spearheading the development of the company’s new Coconut Grove headquarters alongside Vice President Patrick Campbell, a spokesperson said.

Jon Paul joined his father’s company in 2012, and has worked on projects such as Brickell Heights and Wynwood 25. When Jorge steps down, the senior leadership, which includes Allen, Carlos Rosso, Steve Patterson and Albert Milo Jr., will remain in place, Allen said.

“It’s a plan that’s been put into action since day one. But as I tell everybody … the day [Jorge Perez] is not at Related is the day we put him in his grave. I mean, he ain’t going anywhere. He will always have his eyes on everything,” Allen said. “Instead of putting in 80 hours at the office, he’ll only put in 40 hours a week and spend more time traveling and doing his art.”


Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)

Here are the South Florida real estate players who donated to candidates in 2020

Here are the South Florida real estate players who donated to candidates in 2020
Mark M. Rubin & Howard M. Lorber

Movers & Shakers: Related taps Douglas Elliman for condo sales & more

Movers & Shakers: Related taps Douglas Elliman for condo sales & more
Jorge Perez, Mario Procida, and Lewis Swezy (Credit: Sergi Alexander/Getty Images)

Miami-Dade approves three affordable housing redevelopment projects for south Dade

Miami-Dade approves three affordable housing redevelopment projects for south Dade
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
Jorge Perez and Apogee Beach

Jorge Pérez lists Apogee Beach penthouse for $7.6M

Jorge Pérez lists Apogee Beach penthouse for $7.6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...