Cuban-American billionaire Jorge Pérez, known as the "King of Condominiums" in Miami, is leading an unprecedented transformation in Pompano Beach, a coastal enclave in Florida.
This town has historically been known for its communities of retirees and modest homes, but through his company Related Group, Pérez has invested more than $1.8 billion in luxury projects aimed at redefining the image of this small city located between Fort Lauderdale and West Palm Beach.
The flagship project of the revitalization in Pompano Beach is the W Hotel and Residences, a billion-dollar development that features a 24-story tower with 77 condominiums and 296 hotel-style suites.
The residential units will have an initial price of around $775,000 for the suites and $3.1 million for the condominiums. They offer owners the option to rent them out as hotel rooms when not in use.
Pérez and his team, with two of his sons leading different divisions of the company, have completed two additional oceanfront projects in Pompano Beach, which are already fully sold.
Additionally, they are making progress on the construction of the Waldorf Astoria Residences, a 28-story skyscraper that is set to be completed in 2027.
These investments are part of a broader strategy by Related Group, aimed at expanding into what they call Florida's "tertiary markets," such as Jacksonville, Hillsboro Beach, and Palm Coast, where access to waterfront land is more affordable and less competitive than in Miami.
"Pompano needs a four or five-star hotel with good restaurants, swimming pools, and beach service," explained Nick Pérez, son of the magnate and president of the condominium division of Related Group.
This approach not only aims to elevate the quality of tourism in the area but also to attract high-end buyers, such as affluent retirees, international investors, and visitors from the northeastern United States and Canada.
The surge in the real estate market in Pompano Beach has also sparked interest from other luxury brands, such as Ritz-Carlton and Armani, which are developing projects in the city.
The community still faces security issues in certain areas, but Jorge Pérez's vision is successfully positioning Pompano Beach as an exclusive and highly appealing destination on the Florida coast.
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