“It’s very exciting because I was involved completely in the acquisition and hopefully taking it through the whole process and being able to develop it,” said Jon Paul, who earned a master’s degree in business administration at Northwestern University’s Kellogg School of Management. “It’ll be a very visible, high-profile job in Miami.”
Nicholas is an associate in Related Cos.’ New York development group, and considering an MBA. He previously worked with C-III Capital Partners, which originates and underwrites commercial mortgage-backed securities among other real estate services.
Construction Cooldown
While Related Group is confident about upcoming closings, the pace of construction will probably cool, Chief Operating Officer Matt Allen said.
“Unless you’re writing huge equity checks, I don’t think you’re going to see a lot of new launches on the condominium side, unless they’re very petite, boutique type of deals,” he said. “You’re not going to see these big towers until the South American market recovers and you start seeing that buying happen again.”
Perez may be passing the torch while he’s on top, said Peter Zalewski, owner of South Florida development tracker CraneSpotters.com, who noted that the president of builder Swire Properties, Stephen Owens, also announced his retirement recently.
“It may be an indication that the old chieftains realize they don’t want to go through the cleanup process like the last time,” he said. “Or maybe it’s just coincidental.”
Prolific Legacy
Perez’s legacy is that he’s been so prolific, responsible for about a fifth of the units built in the area in the past 13 years, according to Zalewski.
“He willed the greater downtown Miami and South Florida skyline into being with dedication, risk and great timing,” Zalewski said. “There will be a statue of Jorge Perez in greater downtown Miami, whether the city erects it or Related erects it.”