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May 7, 2008 9:13 pm US/Eastern
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"Condo King" Banking On Downtown Miami's Future
Perez: Miami Is A City Where People Will Work, Live & Play
MIAMI (CBS4) ―
Some call Jorge Perez the "Condo King of South Florida." In the last three decades he has built more than 200 condominiums, including many that dot the Miami skyline.
Last year, Forbes magazine estimated Perez's worth at $1.8 billion. The self made condo tycoon has single handily has revitalized downtown Miami with a mix of luxury buildings.
"I think that we have produced the best buildings ever produced in the history of Miami," Perez told
CBS4 reporter David Sutta. "We did them in the places we wanted to and we created a city. Whether I go broke or richer by doing that, I believe is really secondary."
In a about a week, Perez said he will begin closings on his latest masterpiece, 500 Brickell, but the big question remains – will anyone buy?
"I wake up concerned," said Perez. "I get concerned everyday but concern doesn't solve problems. Action solves problems and planning solves problems."
While many say his buildings are works of art, they are also on bank issued 'do not lend' lists, along with the rest of downtown Miami. Perez says speculators, mortgage fraud and lack of loans have all taken their toll.
"We have some missteps financially," said Perez. "The only real person that that concerns is me and the few other developers that might be in trouble. But for Miami it's the best thing that has ever happened because if all the sudden I was to sell this condominium instead of for $500-thousand for $300-thousand. How does that affect anybody except on a positive basis?"
Perez doesn't plan to drop any prices, though. He's sitting and renting the more than 5,000 empty units.
"We are very, very bullish in the long term values of Miami. We think that holding this inventory, that what we are going to be left with in many of these buildings, as long as we get the lenders paid off, is going to be very valuable in the future," said Perez.
In the future, Perez sees downtown Miami as a 24 hour city where people work, live and play. A future, he says, not too far in the distance.
"I'm saying 2 years because that's the time period we need to finish off the cranes that you are seeing here," said Perez. "You are going to see a massive amount of people that are coming, that are living here. Miami should see this as a Godsend. Because why? We've changed the urban landscape. We've made it a 24-hour city. We've brought in restaurants and activity into downtown. We've have finally made it into a great competitive city."
Perez is also hoping people will want to read about how he did it. His new book
Powerhouse Principals documents the deals and techniques which took him from $2 to nearly $ 2 billion.
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