Multi-Housing News - September 2008 - (Page 8)

executive insight Q&A High-profile developer Jorge Pérez, founder, chairman and CEO of the Related Group of Florida, earned a master’s degree in urban planning at the University of Michigan. While known for eye-catching luxury condominium towers, Pérez started his Miami real estate career working on affordable housing projects. His informative book, “Powerhouse Principles, the Billionaire Blueprint for Real Estate Success,” was published by Celebra, a division of the Penguin Group, in May and features a foreword by another famous developer, Donald Trump. The hard-working developer emphasizes the importance of having passion for what you do and shares his expertise on everything from securing financing to negotiating strategies to picking property, selling it and creating a “buzz.” Pérez is the only American developer to have received the Icon in Real Estate Award of Excellence from the international real estate expo, MIPIM. In recognition of his significant accomplishments in transforming south Florida’s real estate market, The University of Miami inaugurated the Jorge M. Perez Architecture Center in 2004. Born in Argentina in 1950 to Cuban-exile parents, Pérez has returned to his Latin American roots with expansive real estate projects on tap or planned for Mexico, with Jorge Pérez Change Is a Given Panama, Colombia, Uruguay, Argentina and the Bahamas. These projects may incorporate five-star hotels or oceanfront resorts, as well as signature residential projects. For example, at press time, The Related Group of Florida announced ambitious plans to build a luxury hotel and condominium complex in Miami with the renowned Orient-Express hotel company. This $150 million South Beach project will contain 100 hotel rooms and 28 condos priced from $2 million. It is expected to open in three years. Pérez is often quoted by the national mainstream media for his insights on the challenging real estate market. To get his views on the current state of the multifamily market, MHN Managing Editor Teresa O’Dea Hein posed the following questions. What lesson(s) can a multifamily developer take from your recently published book? The entire book offers lessons gained through my many successes and a few challenges that will be especially interesting to multifamily developers based on my experience in the sector. In the current market, multifamily developers could be best served by remembering a key principle of change— “Change is a given.” As the market ebbs and flows, you can either take a breather—because you think, “I worked really hard making all these condos while the market was going up; now, let me take a breather until the market comes back. Or, you can see the market slowing down and you can move into something new. Rather than sitting there and watching your pond dry up, you can find another ocean to swim in. If you do nothing, you die. So my lesson remains the same—pick the right location, conduct due diligence and choose the right partner. As mentioned in his endorsement of your book, what did you teach Donald Trump about real estate? All great teams succeed because different players bring different skills that complement each other. Trump and I are established players in our respective arenas but we have mutual respect for our commitment to delivering the best buildings with the finest amenities and extending our brands throughout the world. 8 September 2008 | Multi-Housing News | Producer of Multi-Housing World

Table of Contents for the Digital Edition of Multi-Housing News - September 2008

Multi-Housing News - September 2008
Contents
Calendar of Events
From the Editor
Executive Insight
Property Management: Growth Plans
Development & Design: Low-Rise Trends
Market Pulse
Special Report: Green Design Makes 'Cents'
Market Report: Boston
Top Architects List
Finance: HUD
Products: Cabinetry
Tech Report: Internet Listing Services
NMHC Notebook
Property Showcase: Fitness Center

Multi-Housing News - September 2008