MIAMI—The Related Group. It’s a name that’s made its mark on Downtown Miami and beyond. Even though CEO Jorge Perez took a hit during the downturn, his group is up and running with so many new projects that he can officially boast about being Florida’s most active multifamily developer.
The Related Group recently closed on two new properties in Florida, Veranda II and Channelside, before announcing a development pipeline that is approaching 4,000 units. The aggressive moves are nothing new for Perez, but with multifamily remaining the hottest sector in commercial real estate his timing is once again impeccable.
Veranda II and Channelside represent the first of eight new multifamily projects Related plans for Florida. Located in Plantation, Veranda II is designed to be a six-story rental community. The 181-unit building and its 16 adjacent townhomes promise residents a park-like setting within walking distance to employment, shops, restaurants and a grocery store.
Meanwhile, Channelside apartments sits on 5.8 acres of land just east of Downtown Tampa. Channelside will offer 360 luxury apartment units, oriented around a new urban art park Related will be construct. Perez is still heavily focused on South Florida. Other projects in the pipeline include communities in suburban and urban locations in Dade, Broward and Palm Beach Counties. Many of the projects will be mixed-use developments with meaningful retail components that compliment the residential use.
Of course, Related isn’t just about rentals. The developer is armed with a land bank of 12 carefully selected sites for condominium development. With new financing techniques and a clean balance sheet, The Related Group boasts the groundbreakings of downtown’s condominium projects including MyBrickell, and at Broward’s Apogee Beach. Both properties are 100% under contract and ahead of schedule, while two other projects are in the sales phase.
When I recently spoke with Perez, I asked him if he was concerned about overbuilding. His answer: “Real estate is an imperfect market where people don’t have full knowledge of what others are doing. As a response to these perceived new demands, there could be new supply that exceeds these demands, as has happened repeatedly in the past. We are hoping that we have learned the lessons of the past and that developments are not started until real buyers, with substantial equity, have committed to the jobs.”
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