Billionaire Jorge Pérez’s succession plan for Miami-based Related Group is moving ahead.
Pérez promoted his son, Nick Pérez, to president of the firm’s condo development division, according to a company news release. Nick is second in line to the throne, behind his brother, company president Jon Paul Pérez, who will eventually take over as CEO.
The condo development division’s portfolio is valued at more than $15 billion, according to Related. The firm, the most prolific condo developer in Miami, has more than half a dozen condo developments in the works in South Florida, including Six Fisher Island and Rivage in Bal Harbour.
Nick Pérez said the condo division’s pipeline, which includes some mixed-use and rental developments, has about 9,000 units under construction or set to break ground in the next two years. He said the new role is about “stepping back in the weeds of the day-to-day and the individual project management” to now “getting involved in every project in some capacity.”
Carlos Rosso previously led the condo division, until he left Related in 2020 to start his own company.
Nick joined Related in 2018 and was most recently a senior vice president. Like Jon Paul, Nick worked for New York-based Related Companies before he began working for Related Group. Related Companies, led by Steve Ross, and Related Group recently ended their partnership, The Real Deal reported in December. (Ross and Jorge Pérez had been partners since Related Group was founded in 1979, though Ross’ stake in the Miami firm had been dwindling in recent years.)