Jorge Perez, a Cuban-American billionaire known as the Miami Condo King, is spearheading an extraordinary redevelopment of the Florida coastal community of Pompano Beach.
Traditionally known for its retirement neighborhoods and modest homes, the city is undergoing a transformation thanks to Perez and his firm Related Group, which have committed more than $1.800 billion to luxury developments aimed at changing the perception of this small city nestled between Fort Lauderdale and West Palm Beach.
At the heart of Pompano Beach's redevelopment is the W Hotel and Residences, an ambitious $1.000 billion initiative that includes a 24-story structure housing 77 condominiums and 296 hotel rooms.
Perez, along with his team and two of his sons who manage separate departments within the company, has successfully completed two additional oceanfront developments in Pompano Beach, both of which are sold out.
The project will include Waldorf Astoria Residences, a towering 28-story building scheduled for completion in 2027.
Related Group's investments align with a comprehensive plan to move into what it calls tertiary markets within Florida. Places like Jacksonville, Hillsboro Beach and Palm Coast are chosen because of their relatively affordable and less competitive waterfront land options compared to Miami.
Pompano Beach's booming real estate scene has attracted the attention of several high-end brands, including Ritz-Carlton and Armani, which are establishing ventures within the city.
