Miami’s Biggest Condo Developer, the Related Group Goes Micro
The Related Group, Miami’s biggest condo developer, is proposing to develop micro condos with a 400-foot tower with almost 350 units, according to Jon Paul Pérez, vice president of the company. The apartments would have approximately 700 square feet on average and range in price from about $250,000 to $500,000.
Related will develop the space as a joint-venture with ROVR Development, directed by Oscar Rodriguez and Ricardo Vadia; both had previously worked at Related.
The project will compromise two lots at 225 and 233 North Miami Avenue, with a total 15,000 square feet of land. They are on planning stages, said Pérez, son of Jorge Pérez, chairman and CEO of Related. The site should be getting its plan approved in the next 45 days, according to Pérez. His company has a deal with the Miami Parking Authority across the street to provide parking.
The development would offer some kind of hotel or leaseback program; Related is still working on the details. “The investor buying that [product] would like the ease of mind and make a decent return,” he added.