There is an excellent article by Matt Haggman today: Miami condo king Jorge Pérez battles to survive real estate slump. I never had a big problem with Jorge except with the Mercy Hospital twin tower project. It seems we might have done him a favor, opposing that one. I think it was the right time for him to get out of that deal. He said in the article:"If I die and am worth $50 million as opposed to $3 billion, it is really not important..."
I wish I could say that.
6 comments:
I thought the article was erring on the side of being sympathetic to Perez, what with comparing him to Fisher and Merrick. (And don't forget that abomination in Sunny Isles with Trump and the Dezers). But he does build statement buildings.
Fisher the anti-semetic was not someone most aspire to be like.
Hey, Genius, "anti-semetic"? What are we speakinf of here? Semen or Jews? Well, I just wanted to say that the abomination is to see the guy who used to run aroud town, in his Sears suit, saying what he's worth if he dies "poor", intead of if he dies like Donald Trump. Frankly, the miracles that Saint Manny Diaz has performed are worthy of a mention of honor at the Vatican!
Perez used to brag he was building condos for $175 per sq ft and he was selling them for $600 per sq ft. In fact, that is how he became a billioniaire. Now he is paying $200 per sq ft to build and no one is buying.
This will be Manny Diaz's legacy. Empty bankrupt buildings throughout Miami.
Pride is a dangerous thing. Nature sometimes succeeds at leveling the playing field.
Related is successful in getting government contracts to build affordable housing in South Florida. Its a sleazy business that they succeeded in.
Related, with no luxury condominium experience, jumped into the game and built more cookie cutter luxury 30 story towers in 8 years than some great developers have built in 40 years.
All Sunny Isles projects are losers with amenities like a Denny's across the street. The Brickell and Biscayne empty projects are losers with no superior architectural significance.
Related, should stick to the sleazy business of liberal Democrat social programs called "affordable housing" where the developer gets a whopping fee
upfront and the only ones who lose are the tenants who end up many years later with no equity.
Related New York on the other hand
has built real projects that have transaformed Manhattan like the Time Warner Center. While Retated Miami is a subsidiary of Related New York, Related New York knew better and only participated in the prime deals on Alton South of
5th.
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