Recipe for Success Over the past few years, Perez has made himself the biggest fish in a big southern Florida condo pond. The market, which once was 70 percent apartments and 30 percent condos now has the exact opposite ratio, according to Greg Willet, director of research products for M/PF Research Inc., a Carrollton, Texasbased multifamily research company. Perez is successfully capitalizing on this switch.
Those around Perez cite his knowledge of the South Florida market and his attention to detail, versatility, and pursuit of perfection – in himself and other people – as the chief reasons he has been able to take his company to new heights. “Jorge is very knowledgeable about the business,” Bronson says. “He can handle changing situations, and he expects a lot from himself and his people.”
While Perez is confident that his business can withstand any challenge that the South Florida multifamily market throws at it, he admits to the fear that it could all go away. It is why he demands such high standards from himself and the people who work for him. These traits should be enough to keep The Related Group of Florida thriving, regardless of how the economy turns.
Art and Amenities When someone buys a condo from The Related Group of Florida, a multifamily condo and apartment developer based in Coral Gables, Fla., they don’t always get what they were promised, according Joyce Bronson, a senior vice president for the company. They get more than they imagined.
By adding museum quality art and high-end amenities, Jorge Perez, chairman, has built a following – not only in the Miami area, but also in Europe and South America. “Jorge is good at providing more than he promised,” says Bronson. “When people buy from him, I am sure they do not realize we are going to assimilate an art collection into the building. When you walk in and see world class art, it’s just icing on the cake.”
While Perez takes great pride in his buildings, he admits he borrowed ideas from other places. Many of these amenities are things he’s seen in his travels to hotels around the world. “I am a great imitator,” he says.
When Perez stayed at a W Hotel in New York’s Time Square, he was taken back by the design done by Yabu Pushelberg. He looked up Pushelberg, and soon the two were collaborating on One Miami, a condominium building in downtown Miami.
Perez also partnered with other famous designers such as Philippe Starck and David Rockwell. “We are branding all of our jobs,” he says. “I think high-end housing is becoming a little like Ralph Lauren or Armani suits. These are great designers that people recognize. And people relate to that brand. We are getting buyers from every part of the globe who admire Starck and know the quality that his work entails.”
Working with these designers is costly, as is the money he spends on art in each building, but Perez says he will receive his return on future projects. At One Miami, Perez, who owns an art collection with more than 300 pieces, committed an extra $1 million in lighting, art, and sculpture pieces after the project had sold out. “Is it blowing a million dollars?” he asks. “In the short term, probably yes. But the building will be great, and I will be happy with it. We are not just building the project, but we are building a reputation.”
Perez usually adds high-quality amenities – high-speed Internet access, marble, granite, European cabinetry, and touch pad systems for security and televisions – to his condos. He even provides tour guides who give potential residents information about each piece of art. “What is great to see is when condo associations talk about the art and explain them to guests,” he says. “I take great pride in this.”
The Related Group of Florida at a Glance
- Year founded: 1979
- Location: Coral Gables, Fla.
- 2003 revenue: $965 million
- Number of units built in 2003: Approximately 5,000
- Number of units in the pipeline: Approximately 6,000
- Expected growth in units within five years: 30,000 units
- Geographic coverage: South Florida
- Revenue streams: Developer of condominiums and apartments. Purchaser and manager of apartments.
- Number of employees: More than 500
