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Related Group Reveals Future Strategy

Related Group Reveals Future Strategy

The future of Related Group, Miami’s biggest condo developer, has been revealed in an SFBJ interview with Chairman and CEO Jorge Perez and other company executives.

  • Market timing – Related group is now “very good at playing and understanding the cycle. We hit it right on the dot in this market,” Perez said. Related is now finishing the “cycle” and preparing for the next one, but “the good thing about this market is it’s not an abrupt stop,” President Carlos Rosso said.
  • 50 Percent Deposits – Perez said he was surprised that he was able to sell preconstruction condos with a 50 percent deposit requirement. The higher deposit shifts the risk-reward profile away from buyers to the developers, who in the past were asking for 10 to 20 percent deposits.
  • $1 Billion in a year – Related expects to close on $1 billion in condos this year. The four-tower Paraiso project is the company’s biggest ever.
  • Moving away from urban core – Related will move out of their Biscayne Boulevard offices. An eight-story headquarters on Tigertail Avenue in Coconut Grove is being developed.
  • 444 Brickell & 1400 Biscayne – Perez thinks the market isn’t strong enough yet to relaunch sales at 1400 Biscayne (Auberge).
  • Micro-condos – Related will launch sales for at least one micro-condo project this year. The company owns a site in Wynwood, and is looking for more land in Midtown and Downtown. Prices could start in the $200,000s for a 400-square-foot unit with a high level of amenities.

 

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Anonymous
Anonymous

Please build more 3 and 4 bedroom apartments so that families that want to stay in urban areas are able.

Anonymous
Anonymous

Try Elysee

Anonymous
Anonymous

Also, the rendering is like a who’s who of failed development lol

Anonymous
Anonymous

The amount of parking lots converted to green spaces in the rendering is incredible.

Anonymous
Anonymous

What’s at the end of a “cycle” recession?

Anonymous
Anonymous

… yes.

Miami Hurricane
Miami Hurricane

With hope, a lighter landing than the last one.

Land is ever more expensive right now. They are waiting for when land speculators are too late to exit, condos shift to a buyer’s market, and Related is holding onto a big bag of cash to scoop up plots at a relative discount.

Anonymous
Anonymous

So… Are these buildings ever gonna get built?

Anonymous
Anonymous

probably not

Anonymous
Anonymous

“The company owns a site in Wynwood, and is looking for more land in Midtown and Downtown.”

Well, there is land in both areas your company should try to get from Moishe Mana because he’s planning on doing nothing with them.

Anonymous
Anonymous

Related projects this cycle may have sold on their goodwill from previous successes. But this round of towers are a severe disappointment. Bad and unusable floor plans. High maintenance fees. Overpriced. Investors will no longer believe the hype. Good luck with 444 and Auberge.

Anonymous
Anonymous

Auberge Ft Lauredale and Armani , together with ONE Ocean and Marea plus all the projects in Coconut Grove, Edgewater, Midtown and Brickell..exactly what Miami needs in each submarket.
All sold and finished in time with incredible interiors and Public Art. Thanks for the 50% deposit !!
Class act Related!!Hats off to Jorge Perez and his Team.

he discussion. Type your comment here….

Anonymous
Anonymous

SLS LUX is great. No complaints with the finishes.Sub-Zero, Wolf, Italkraft. Private elevators, nice floorplan, excellent amenities, service, and design.

Anonymous
Anonymous

The floor plans look like they were designed by middle school students. The architect should be fired. shame on related group. Completely not functional with coloumns in the middle of the units and no cabinetry.

Anonymous
Anonymous

Man, 1400 Biscayne would have been so perfect for that area…It’s such a dead zone now

Anonymous
Anonymous

Let someone else develop it.. please1

Anonymous
Anonymous

Sell it to the Melos they will have it done in a little bit over a year, literally!

Anonymous
Anonymous

Totally agree

Anonymous
Anonymous

If it’ll look anything like Melody, I hope not TBH. More Aria, less Melody and Bay House, please.

Anonymous
Anonymous

Where is “Better architecture” and “Less parking?” Oh wait, they’re moving closer to Arquitectonica and further away from transit!

NE 54th Street
NE 54th Street

There is a 20 acre site between NE 50th Street and NE 54th Street. 2,000 units could go there? High ground too.

Anonymous
Anonymous

Which Avenue?

Anonymous
Anonymous

Itll still be crappy quality and materials.

Anonymous
Anonymous

related is building everything in this picture??? let’s do it

Miami Hurricane
Miami Hurricane

I’m guessing that this is where they are relocating to:
https://therealdeal.com/miami/2017/11/13/terra-and-related-propose-new-mixed-use-office-project-in-the-grove/

Also, it seems a bit out of scope for them, but I wonder if it’s an indication that they will have a hand in developing Grand Ave. The development of that corridor is 10+ years overdue, lots of folks still sitting on land there.