Billionaire Jorge Pérez’s succession plan for Miami-based Related Group is moving ahead.
Pérez promoted his son, Nick Pérez, to president of the firm’s condo development division, according to a company news release. Nick is second in line to the throne, behind his brother, company president Jon Paul Pérez, who will eventually take over as CEO.
The condo development division’s portfolio is valued at more than $15 billion, according to Related. The firm, the most prolific condo developer in Miami, has more than half a dozen condo developments in the works in South Florida, including Six Fisher Island and Rivage in Bal Harbour.
Nick Pérez said the condo division’s pipeline, which includes some mixed-use and rental developments, has about 9,000 units under construction or set to break ground in the next two years. He said the new role is about “stepping back in the weeds of the day-to-day and the individual project management” to now “getting involved in every project in some capacity.”
Carlos Rosso previously led the condo division, until he left Related in 2020 to start his own company.
Nick joined Related in 2018 and was most recently a senior vice president. Like Jon Paul, Nick worked for New York-based Related Companies before he began working for Related Group. Related Companies, led by Steve Ross, and Related Group recently ended their partnership, The Real Deal reported in December. (Ross and Jorge Pérez had been partners since Related Group was founded in 1979, though Ross’ stake in the Miami firm had been dwindling in recent years.)
Nick Pérez spent five years at Related Companies, where he worked on rental and condo developments, including 15 Hudson Yards in New York and the Residences at W Fort Lauderdale, according to the release.
At Related Group, he has worked on the Solemar Residences in Pompano Beach, NoMad Residences in Wynwood, the St. Regis Residences, Miami, and a Ritz-Carlton-branded condo project in Tampa. He also led the development of Related’s new headquarters, which was completed in 2021.
Jon Paul Pérez, who joined Related in 2012, was promoted to president in 2020.
Nick Pérez said Related is still bullish on the market and has put four development sites under contract in the past couple of weeks. Three Miami projects are expected to break ground soon.
Nick, Jon Paul and their father all attended a contentious city of Miami board meeting last week in which the Miami Historic & Environmental Preservation Board withdrew its proposed historic/archeological designation of a portion of Related’s Baccarat Residences development site. Artifacts and human and animal remains dating back thousands of years have been discovered in a months-long excavation of the property.
At the same meeting, the board voted to move forward with the same designation of the adjacent property at 444 Brickell Avenue. Related will also work with city staff and other stakeholders to come up with plans to showcase the archeological findings. Jorge Pérez said the firm had already spent more than $20 million on the dig so far.
The Baccarat-branded condos, part of the portfolio Nick Pérez is now overseeing, is one of three planned towers on the Miami Riverfront property.