Jon Paul Pérez of Related buys waterfront teardown in Coral Gables

Perez, who is expected to take over his father’s role at Related, paid $8.8M for the property

Jon Paul Perez with 240 Edgewater Drive in Coral Gables (Zillow)
Jon Paul Perez with 240 Edgewater Drive in Coral Gables (Zillow)

Related Group President Jon Paul Pérez purchased a waterfront teardown in Coral Gables, near the company’s Coconut Grove headquarters.

Pérez, next in line to take over his father’s firm, paid $8.8 million for the three-bedroom, 3,298-square-foot house at 240 Edgewater Drive via a trust in his name, property records show.

A trust managed by Truist Bank and tied to Pericles Tessaromatis sold the 1.4-acre property. Pérez will likely have the home demolished and will build a new mansion. The two-story house was built in 1956.

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The property’s listing advertises it as an opportunity to create a “spectacular waterfront estate” on the Gables Waterway, with direct access to the ocean and no fixed bridges to the bay. Riley Smith of Berkshire Hathaway HomeServices EWM Realty had the listing. Dennis Carvajal of One Sotheby’s International Realty represented the buyer.

Pérez declined to comment through a spokesperson.

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The home hit the market in December for $8.1 million, and sold for $700,000 above ask, which has become increasingly common for single-family homes throughout South Florida.

Pérez’s neighbors along the waterway include developers Jeff Berkowitz and Camilo Miguel Jr., property records show. Nearby, Brian Long, the co-founder and CEO of a mobile messaging app called Attentive, and his wife, journalist Elizabeth Day, paid $19.8 million in December for a waterfront mansion on the south side of the Gables Waterway.

Pérez has been rising in the ranks at Related, South Florida’s most prolific condo developer, since he joined the firm about a decade ago. He was named president in November 2020. His younger brother, Nick, is a senior vice president at the company.

Related has been growing on a national scale, as well as throughout Florida, with projects in the Sun Belt region and on the west coast of Florida.

Last year, the company moved its headquarters into an office building Related completed in Coconut Grove, near its Park Grove development. Jorge Pérez, the billionaire founder and CEO of Related, moved into a penthouse at Park Grove and later sold his waterfront Coconut Grove home, donating the proceeds to his foundation.