Miami’s condo king is preparing to hand over the title of president to his son within the next year.
Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020, an executive at the company said during a Bisnow event on Thursday.
“Twenty years ago, Jorge made it very clear this is a family business and it will continue to be a family business,” said Matthew Allen, executive vice president and COO of Related Group. “That was always really key for us to make sure we guide him. He’s still learning. Really, he’s grown up tremendously. It’s amazing what he’s done.”
Jon Paul was promoted to executive vice president over the summer, a spokesperson confirmed. South Florida Business & Wealth first reported that Jon Paul will become president within a year, and CEO within two years.
The Related Group is South Florida’s largest condo developer, and has expanded into multifamily, affordable housing and hotels in recent years.
Allen spoke in a keynote conversation with Arden Karson, senior managing director of South Florida at CBRE — and a former Related executive — at the Bisnow Multifamily Annual Conference. The event was held at the W Fort Lauderdale, a Related Companies-owned development. Related Cos. owner Stephen Ross owns a minority stake in the Related Group.
Billionaire Jorge Pérez, who founded Related Group in 1979, has spoken about his succession plan in the past without a specific timeline. Both Jon Paul and his brother Nick worked for Related Companies in New York. Nick joined the Related Group in 2018 and is spearheading the development of the company’s new Coconut Grove headquarters alongside Vice President Patrick Campbell, a spokesperson said.
Jon Paul joined his father’s company in 2012, and has worked on projects such as Brickell Heights and Wynwood 25. When Jorge steps down, the senior leadership, which includes Allen, Carlos Rosso, Steve Patterson and Albert Milo Jr., will remain in place, Allen said.
“It’s a plan that’s been put into action since day one. But as I tell everybody … the day [Jorge Perez] is not at Related is the day we put him in his grave. I mean, he ain’t going anywhere. He will always have his eyes on everything,” Allen said. “Instead of putting in 80 hours at the office, he’ll only put in 40 hours a week and spend more time traveling and doing his art.”