Jorge M. Pérez
| Jorge M. Pérez | |
|---|---|
| Born |
October 17, 1949[1] Argentina |
| Residence | Miami, Florida, U.S. |
| Nationality | American |
| Alma mater |
Long Island University C.W. Post Campus University of Michigan |
| Occupation | Co-founder of The Related Companies |
| Net worth | $3.1 billion (May 2015)[2] |
| Political party | Democratic Party |
| Spouse(s) | Darlene Pérez |
| Children | four |
Jorge M. Pérez (born October 17, 1949) is an American billionaire real estate developer and author.[3] He is a longtime friend of U.S. president Donald Trump and has built Trump-branded properties.[4]
Early life and education
Pérez was born in 1949 in Argentina (being therefore an Argentine citizen) to Cuban parents of Spanish origin, and lived in Colombia before moving to Miami in 1968. His father was the head of a pharmaceutical company that was nationalized by the Cuban government.[5] He has a bachelor's degree from Long Island University C.W. Post Campus, and a master's degree from the University of Michigan.
Career
Pérez was an economic development director with the city of Miami before he entered the real estate business and became a developer. In 1979, he founded The Related Companies with New York builder Stephen M. Ross. Pérez built his fortune by building and operating low-income multifamily apartments across Miami, then branched off into rental apartments before becoming one of the most prolific high-rise condo builders in the Southern United States. Pérez has owned 50 condo towers in various stages of completion in South Florida, Fort Myers and Las Vegas. He has been called the "Donald Trump of the Tropics".
The Related Companies had $2.1 billion in revenue in 2004, putting Pérez at the top of the Hispanic Business 500 during this period of time. He is an active Democratic fund raiser; he advised Bill Clinton on Cuba during his presidency and was an active fundraiser for the failed presidential campaign of Senator Hillary Clinton. In 2008, he also hosted and raised money for Barack Obama after he became the Democratic presidential nominee.
On November 18, 2007, The Related Companies demolished the Sheraton at Bal Harbour to make way for a new project.[6] The Sheraton at Bal Harbour, originally called the Americana, was created by architect Morris Lapidus, who also designed the Fontainebleau Miami Beach and Eden Roc hotels. These buildings inspired Miami Modern Architecture (MiMo).
However, with the financial crisis of 2007–2010, many of The Related Companies' projects were in financial strife as buyers, many of whom were speculators, refused to settle on their apartments or banks refused to grant home or property investment loans to the buyers. As a separate business, Pérez set up a hedge fund to buy distressed real estate. Before the financial crisis of 2007, Forbes pegged his wealth at $1.3 billion. As of March 2013, his wealth stands at 1.2 billion with a recent steady resurgence in Florida real estate prices.[3]
Honors
- The Jorge M. Pérez Architecture Center at the University of Miami was named after him.[7]
Selected works
- Powerhouse Principles: The Ultimate Blueprint for Real Estate Success in an Ever-Changing Market. New York: New American Library. 2008. ISBN 0-451-22705-0
References
- ↑ "The Closing: Jorge M. Perez". Therealdeal.com. 2008-02-08. Retrieved 2016-07-31.
- ↑ "Jorge Perez". Forbes.com. Retrieved 2016-07-31.
- 1 2 "Jorge Perez - Forbes". Forbes. 2012-03-13.
- ↑ "Miami Billionaire Perez Rejects His Friend Trump’s Wall Overture". Bloomberg.
- ↑ Fusion TV: "Show Me Something - Miami developer Jorge Perez says he hasn't heard from Trump after rejecting the border wall" March 31, 2017
- ↑
- ↑ Leon Krier. "Images of the Jorge M. Perez Architecture Center, University of Miami, Coral Gables, Florida". Bluffton.edu. Retrieved 2016-07-31.