South Florida Real Estate Market Reshaped By Developer
As CEO of a real estate development powerhouse in the South Florida housing market, Jorge M. Perez walks the walk and talks the talk.
“An entrepreneur is a person who has a vision, a plan and the drive to execute both,” Perez said.
Established in 1979, The Related Group has redefined the South Florida landscape. The privately held firm has since built and managed more than 55,000 apartments and condominium residences.
It has also appeared twice in the No. 1 spot on the Hispanic Business 500 list, although cooling Florida mortgage loan activity and housing demand has seen it land at No. 4 this year.
Mr. Perez made his first impact in South Florida’s affordable housing market. He started out in the late 1970s, building in Miami neighborhoods such as Little Havana and Homestead.
While building affordable housing in these communities, Mr. Perez encountered a few roadblocks.
“The biggest roadblock was the NIMBY syndrome (not in my back yard),” he said.
“Leading residential neighborhoods and cities feared rental housing, particularly those that involved low-income, many times minority households. We had to fight many bloody zoning battles to get our projects developed.”
Today, The Related Group has more than 450 employees throughout South Florida.
Mr. Perez attributes his company’s rapid growth to having the best real estate developers in the country.
“Our people are responsible for our growth and I am very proud of having selected and trained the best in the industry.”
“We integrate the real estate process by combining - in-house - many of the necessary areas of expertise: development, construction, sales and marketing, finance and property management.”
In addition to its central business of real estate development, the company operates its own Florida mortgage financing, sales, and property management subsidiaries.
The Related Group has been a leader in residential development for more than 25 years, and its current development portfolio includes projects valued in excess of $10.7 billion, with reported sales of more than $3.2 billion in 2005.
The firm is using its success and applying it to other markets nationally and internationally with projects under development in Orlando, Florida; Atlanta, Georgia; and Puerto Vallarta, Mexico.
In the future, Perez expects to be developing hotel and mixed-use developments in Florida and several countries in Latin America.
Recently, the company formed a new subsidiary dedicated to urbanizing areas in which they develop. Related International plans to continue its success by erecting upscale condominiums and hotels in tourist locations in Mexico.
With business slowing in the Sunshine State despite continued low Florida mortgage rates, the company is currently researching in Costa Rica, Panama, Colombia, Argentina, and Uruguay.
“We’re excited to bring our style of development to Latin America,” Perez said. “We’ll embrace the Latin America culture and develop urban landmarks that center upon the arts, history and beauty of the area.”
SOURCE: HispanicBusiness.com
