Nick Perez, senior vice president at Related Group, still remembers touring projects with his father on Saturdays growing up and finds fulfillment in continuing the family legacy. The group he is a proud member of is behind Miami's fabulous transformation.
As Senior Vice President, Perez is involved across all facets of the group, helping develop everything from luxury condominiums and rentals to mixed-income, mixed-use communities.
The group has had exponential growth in the past few years, and now it has more than 100 ongoing developments. Some projects Perez directly overseas include The St. Regis Residences, Miami, and Baccarat Residences Miami. Undoubtedly, some of Miami's most ambitious and luxurious projects, staples in the city's rapid expansion, that are transforming the Miami's skyline with beauty and glamour.
"We're excited for The St. Regis Residences, Miami to arrive in the Brickell area, especially at such a pivotal moment in the city's growth. The historical, branded residences will offer over 60,000 square feet of hand-curated amenities, including a signature St. Regis tearoom. This project will be groundbreaking, with some of the highest prices the city has ever seen, going for approximately $2,000 per square foot," said Perez.
The St. Regis Residences, Miami.
The award-winning Baccarat Residences Miami follows in the footsteps of its sister, the award-winning Baccarat Residences in New York. The 75-story skyscraper will permanently redefine luxury living in Miami, oozing comfort and refinement with services and amenities designed to exceed and even anticipate every homeowner's wish list.
Baccarat Residences, Miami.
Related places a high priority on its collaborations with well-known branded residences, which have allowed the group to provide its residents with really distinctive living experiences across the board.
Baccarat Residences, Miami Lobby.
Related Group has been at the forefront of Miami's rapid expansion and a renaissance like the city has never seen in many ways. So, where does the idea for all these fantastic developments and expansions come from? When did Related decide to take Miami to the next level?
Nick Perez: Our four-decade history in Miami plays a huge role in our growth. We've called South Florida home from day one, and that's allowed our teams to develop vast experience across every neighborhood in South Florida. This intimate knowledge allows us to be thoughtful in how we curate our projects, always with a focus on complementing a community's established feel.
We like to start by taking stock of a neighborhood's major draws and its potential future. From there, we can select the product type and respective format that suits each location best. The St. Regis Residences, Miami draws from the area's more historic feel to reimagine the brand's iconic look through a unique Miami lens. A little further north, at Baccarat Residences Miami we've taken a different approach, combining the elegance and sophistication associated with the brand with Brickell's modern and sleek environment. District 225 was just as unique, built for today's more discerning buyers, and all 343 residences come fully furnished offering a truly move-in ready experience in one of the fastest growing areas of the city.
Did Related see trends that, in a way, helped you all predict Miami's growth?
Nick Perez: More and more people are now seeing what we've known for the last 40 years: Miami, and South Florida as a whole, is an incredible place to call home.
We've always worked to help Miami reach its full potential. One way we did this is by thinking in terms of entire neighborhoods versus one-off projects – hence our focus on architecture, design and public art. If we can improve the quality of life for entire communities, that only brings value to our clients.
What do you think will happen in the coming months and years regarding the city's real estate expansion and growth? How will Related try to keep Miami's golden age alive?
Nick Perez: Miami is just getting started. The city has enormous momentum behind it, and we are entirely committed to supporting its growth.
Related is more active today than in any point in our history. We have a development portfolio worth in excess of $13B, and we are only accelerating our activity to meet the demand. The coming year is sure to bring with it more announcements of major national and international businesses relocating their offices to the city, and that's only going to keep fueling the residential market.
We've seen overwhelming success in the past 18 months, especially. Every one of our completed condo jobs is fully sold out and pre-construction projects sitting at a collective 85 percent sell-out. That brought our 2021 sales volume to more than $700 million in condo sales alone. This market is continuing an upward trend, and we don't predict it slowing down anytime soon.
What makes Miami so attractive for developers like Related to start unique projects that are beautifying the skyline?
Nick Perez: We approach development in Miami through a simple lens: are we creating a city that future generations will be proud to call home.
We do everything we can to create beautiful projects for everyone, no matter their background. That is why every one of our projects – from million-dollar condos to affordable housing – is built to exceed residents' expectations.
Developers like Miami for many reasons. To name a few, the city offers a thriving arts and cultural scene, while also serving as a hub for financial services firms and venture capital tech firms. The year-round sunshine is another major draw – really allows you to deliver on projects that feel like tropical resorts.
Will Related continue the city's expansion to other neighborhoods? Perhaps Doral, Coral Gables, regarding super towers in those areas.
Nick Perez: While the core of our projects is still located within the Brickell-Downtown Miami area, we have been expanding into other neighborhoods, including Coconut Grove with Park Grove Residences and Wynwood with the newly launched NoMad Residences Wynwood. Our market-rate rental team has also developed several luxury rental communities in Doral and nearby communities. We have even crossed over to Broward County with Casa Mar in Pompano Beach.
How is Miami competing with NYC and Chicago regarding super towers and fresh concepts? It's like a giant has been awakened.
Nick Perez: Even though it's been named New York City's sixth borough, Miami is in a league of its own and its growth doesn't really compare to any other city in the country.
This city has always had so much potential, with the weather, the beach and business-friendly climate being hugely attractive to transplants. However, the pandemic catapulted this city into the spotlight, and everyone came together to use that as an opportunity to evolve. I think we are still far from seeing Miami's full potential. We're truly excited to see how the many bold and creative developments will shape the city's future.
What would you tell potential buyers interested in Miami?
Nick Perez: There's no place like Miami. The city has been growing at an exhilarating pace and no matter what you're looking for, we have something for you.
What other new concepts is Related working on?
Nick Perez: We recently launched NoMad Residences Wynwood, the first residential concept from the global hospitality brand, NoMad. The tower will draw inspiration from the brand's inaugural property in New York City, as well as its award-winning sister hotels in London, Las Vegas and Los Angeles. It will also offer best-in-class food and beverage concepts, including a signature rooftop restaurant and mixology bar concept, The NoMad Restaurant & Bar and Casa Tua Cucina.
What do you think will be the next hot neighborhood in the city?
Nick Perez: I think that Downtown Miami is certainly having its moment in the sun. For years, that area was a ghost town by nightfall. Offices would close and a mass exodus would begin, with thousands commuting to residential areas like Coral Gables or Brickell. By 5 p.m., the streets would be totally deserted, but now it's incredible to see how it has changed.
The opening of the Brightline's MiamiCentral Station, the progress on Miami Worldcenter, and, of course, the huge influx of corporations and new residents from across the country have all become a kind of perfect storm.
Now, the area is booming with development, including our projects Casa Bella Residences by B&B Italia, District 225 Residences Miami, and The Crosby at Miami Worldcenter, trendy restaurants, and an ample selection of retail boutiques.
Although it might be hard to choose just one, which one has been your favorite development so far?
Nick Perez: This is a very tough question to answer. To be honest, it's always the one that comes next. I really enjoy the process of coming up with a concept and seeing it come to life.
If I had to pick just one, I'd say I'm most excited about The St. Regis Residences. The project is Robert Stern's first building in Miami, and the results are going to be unlike anything we've ever built.
Photography by: Courtesy Related Group