UPDATED, Oct. 21, 12:45 p.m.: Jon Paul Pérez was named president of the Related Group, taking over some leadership of the company from his father, Jorge Pérez.
Jorge, who founded the Miami-based real estate giant in 1979, will stay on as chairman and CEO when Jon Paul becomes president in November, according to a release.
Billionaire developer Jorge Pérez, known as the Miami condo king, has spoken about his succession plan in the past. Both Jon Paul and his brother Nick worked for the Related Companies in New York before joining the Related Group. Jon Paul joined in 2012, while Nicholas joined in 2018. Last year, Matt Allen, Related’s executive vice president and COO, said Jorge would hand over some control in 2020 and the firm said Jon Paul was expected to become CEO within the next year.
Jorge Pérez said in the release that Jon Paul “brings the same tireless energy that defined my early years,” as well as “a new way of thinking that will expand the business far beyond anything I could’ve imagined.”
The Related Group is South Florida’s most prolific condo builder. The company, which is moving its headquarters from downtown Miami to Coconut Grove, has also grown its mixed-use, commercial and affordable housing divisions over the years, expanding to other parts of Florida, the Southwestern U.S., and Latin America.
Jon Paul, who was most recently promoted to executive vice president, has increasingly taken the lead on developments over the past two years, including Residences by Armani/Casa, Wynwood 25, The Bradley in Wynwood (now known as Domio Wynwood), the company’s proposed Terminal Island development, and a new project proposed in downtown Miami. He will also be working with Related executives on Solemar, a luxury condo planned for Pompano Beach; the Ritz-Carlton Tampa; SLS Tulum; and affordable housing projects throughout Miami-Dade, according to the release.
In 2017, Jorge Pérez, who got his start in affordable housing, told The Real Deal he expected both sons to lead the firm when the time was right.
“I would hope that in the future they would be in the leadership of the company when they’re ready,” he said. “And [when] I’m ready.”
An earlier version of this story incorrectly stated that Jorge Pérez was handing over the title of president.