While billionaire Jorge Pérez still believes in the magic of the city of Miami, the condo king sees Tampa as a “second home” for his Related Group.
In a city that has been better known for its high concentration of strip clubs, Pérez has plans to spend upwards of $3 billion on projects in the Gulf Coast city, according to an interview with the Tampa Bay Times. Pérez expanded into Tampa more than 40 years ago, but the pandemic set the stage for a new boom era in Florida real estate, and Related Group is poised to ride the wave, he said.
“We are by far the largest development entity today in Tampa,” Pérez told the outlet. “We think that the growth that you’re seeing now is nothing compared to what you’re going to see in the next decade.”
To date, Related has completed 2,000 units across the city and has thousands more in the pipeline. Projects in the works include the planned 89-unit, 27- story Ritz-Carlton Residences Tampa, and the affordable projects Canopy at West River and Rome Yard, Related’s website shows.
Despite comparisons drawn between the growth in both Miami and Tampa, Pérez declined to tag it as a mini Magic City.
“A mini-Miami is the wrong description,” he said to the outlet. “I think the businesses and the people that are coming to Tampa are in many ways different than the ones coming to Miami… The commonality is that businesses are starting to move to these two areas in a very rapid way.”
Pérez noted that the buyers in Tampa are predominantly from the Midwest, while buyers in Miami tend to come from New York and Latin America. While it’s a different crowd moving into the two cities, they are navigating similar market dynamics and growing pains, he said. Pérez touched on the importance of supporting the development of public transportation, infrastructure, educational and cultural institutions so that Tampa can keep pace.
“I think there are some cities that are destined to grow. Growth means that there are going to be issues,” he told the outlet. “To go back to the way things were in the past, it’s something that is nostalgic, but not really in the benefit of the community. Communities grow or die. And the world is becoming very competitive.”
–– Kate Hinsche