Miami’s ‘Condo King’ plans to invest $500M in Valley multi-family projects
PHOENIX — Billionaire Jorge Pérez is known as Miami’s “Condo King,” but he’s now looking to invest half a billion dollars into projects in the Valley.
Since 1979, he has developed $17 billion worth of real estate in South Florida, according to ABC15 Arizona.
A spokeswoman for Pérez’s company Related Group told KTAR News 92.3 FM last week that the company plans to build around four to five multi-family projects in the Valley in the next 12 to 18 months.
As of now, two projects are planned for Scottsdale, while the others are planned in Phoenix, West Valley and Tempe.
The projects will include apartments and condos, with the immediate focus being on apartment development.
The spokeswoman said the company is currently hiring for associates to help with the expansion.
She said Related Group will have a headquarters in Arizona by the time the company breaks ground on its first project.
Related Group decided to invest in Arizona because of its proximity to California, favorable tax structure, growing tech sector, educational infrastructure and quality of life factors, she said.