For some Miami developers, the last few months have provided an opportunity to âdouble down.â
âOur affordable division is extremely active,â Jon Paul PĂ©rez, executive vice president of Related Group, said during The Real Dealâs latest episode of Coffee Talks.
PĂ©rez noted that Related has broken ground on three projects in the last 45 days.
Another guest on the episode, Dezer Development founder Gil Dezer, also remains bullish on building across Miami. Last week, Dezer received the first approval for a massive project at North Miami Beachâs Intracoastal Mall, despite opposition. When asked about financing for the project, Dezer said that his company has been covering all costs.
âWe donât have financing today, but we donât necessarily need it today either,â Dezer noted.
For PĂ©rez and Related â the largest developer in South Florida â there are opportunities away from the luxury beachfront markets.
âWeâre very bullish in Wynwood,â Perez said. âI think thatâs one of the neighborhoods that has the most growth potential.â
He noted that Related owns four sites there, which it will transform into 2,000 units, and is finishing a new headquarters in Coconut Grove.
The pair are competitors and collaborators: Dezer and Related teamed up on the Residences by Armani/Casa last year. Closings began in December 2019.
âIt was just in time, Dezer said. âWe had our opening party, and a week later, Covid happened. Sometimes you have more luck than brains.â
Click here to watch the YouTube video Coffee Talk with Gil Dezer & Jon Paul PĂ©rez for more top developer takes on the Miami market.
Source: The Real Deal