Top Developers On Their Reasons For Doubling Down In South Florida Market

double down

For some Miami developers, the last few months have provided an opportunity to ā€œdouble down.ā€

ā€œOur affordable division is extremely active,ā€ Jon Paul PĆ©rez, executive vice president of Related Group, said duringĀ The Real Dealā€™sĀ latest episode ofĀ Coffee Talks.

PĆ©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, DezerĀ received the first approvalĀ for a massive project at North Miami Beachā€™s Intracoastal Mall, despiteĀ opposition. When asked about financing for the project, Dezer said that his company has been covering all costs.

ā€œWe donā€™t have financing today, but we donā€™t necessarily need it today either,ā€ Dezer noted.

For PĆ©rez and Related ā€” the largest developer in South Florida ā€” there are opportunities away from the luxury beachfront markets.

ā€œWeā€™re very bullish in Wynwood,ā€ Perez said. ā€œI think thatā€™s one of the neighborhoods that has the most growth potential.ā€

He noted that Related owns four sites there, which it will transform into 2,000 units, and is finishing a newĀ headquartersĀ 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.

ā€œIt was just in time, Dezer said. ā€œWe had our opening party, and a week later, Covid happened. Sometimes you have more luck than brains.ā€

Click here to watch the YouTube video Coffee Talk with Gil Dezer & Jon Paul PĆ©rez for more top developer takes on the Miami market.

 

Source: The Real Deal