Jorge Pérez, the co-founder, chairman and CEO of the Related Group
is planning to invest $500 million in the Phoenix market. The
billionaire investor said they're looking at 20 sites around the
metropolitan Phoenix area but already has three sites under contract in
the Valley and a fourth on its way. Their first four Valley projects
will be located in city and employment centers like downtown Phoenix,
Scottsdale, Tempe and even in the Deer Valley area. They're also hoping
to have two projects in the Valley to be under construction in 2019.
Nicknamed the “Condo King of Miami,” Perez said their research showed Phoenix as one of the top cities for their projects when looking at job growth, unemployment rate, occupancy rate as well as population movement and business movement.
Founded and based in Florida, the Related Group and its New York-based sister company Related Companies are known for developing many high-end multifamily residential projects such as the Icon Brickell, Portofino Tower and Icon South Beach in Miami. A key element to a Related project is its focus on aesthetics, from building architecture and design to landscaping, even artwork, so if you happen to see a development in the Valley in the near future with these eye-catching features, you might already be looking at one of the projects by the billionaire developer and his group.