Cuban-American billionaire Jorge Pérez, often dubbed Miami's "Condo King," is spearheading an unprecedented transformation of Pompano Beach, a coastal community in Florida. Traditionally known for its retiree communities and modest homes, this area is seeing a major shift as Pérez's company, Related Group, has invested over $1.8 billion in high-end projects aimed at redefining the city's image, nestled between Fort Lauderdale and West Palm Beach.
A Landmark Project: W Hotel and Residences
The centerpiece of Pompano Beach's revitalization is the W Hotel and Residences, a billion-dollar development featuring a 24-story tower with 77 condos and 296 hotel suites. The residential units start at $775,000 for suites and $3.1 million for condos, offering owners the unique option to rent them out as hotel rooms when not in use.
Expanding Horizons with New Ventures
Pérez and his team, with two of his sons leading different divisions of the company, have already completed two beachfront projects in Pompano Beach, both of which are fully sold. They are also progressing with the construction of the Waldorf Astoria Residences, a 28-story skyscraper expected to be completed in 2027.
These developments are part of a broader strategy by Related Group to expand into what they describe as Florida's "tertiary markets," such as Jacksonville, Hillsboro Beach, and Palm Coast, where access to waterfront property is more affordable and less competitive than in Miami.
Vision for Luxury and Growth
"Pompano needs a four or five-star hotel with fine dining, pools, and beach service," explained Nick Pérez, Jorge's son and head of Related Group's condo division. This strategy not only aims to elevate the quality of tourism in the area but also to attract affluent buyers, including wealthy retirees, international investors, and visitors from the northeastern United States and Canada.
The real estate boom in Pompano Beach has also drawn interest from other luxury brands such as Ritz-Carlton and Armani, which are developing their own projects in the city. Despite ongoing security issues in certain areas, Jorge Pérez's vision is successfully positioning Pompano Beach as an exclusive and highly desirable destination on Florida's coast.