For some Miami developers, the last few months have provided an opportunity to “double down.”
“Our affordable division is extremely active,” Jon Paul Pérez, executive vice president of Related Group, said during The Real Deal’s latest episode of Coffee Talks. Pérez noted that Related has broken ground on three projects in the last 45 days.
Another guest on the episode, Dezer Development founder Gil Dezer, also remains bullish on building across Miami.
Last week, Dezer received the first approval for a massive project at North Miami Beach’s Intracoastal Mall, despite opposition.
When asked about financing for the project, Dezer said that his company has been covering all costs. “We don’t have financing today, but we don’t necessarily need it today either,” he noted.
For Pérez and Related — the largest developer in South Florida — there are opportunities away from the luxury beachfront markets. “We’re very bullish in Wynwood,” he said. “I think that’s one of the neighborhoods that has the most growth potential.” He noted that Related owns four sites there, which it will transform into 2,000 units, and is finishing a new headquarters in Coconut Grove.
The pair are competitors and collaborators: Dezer and Related teamed up on the Residences by Armani/Casa last year. Closings began in December 2019, and Dezer said it was just in time: “We had our opening party, and a week later, Covid happened. Sometimes you have more luck than brains.”
Watch the video above for more top developer takes on the Miami market.