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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Les H who wrote (30025)	4/23/2005 1:12:33 PM
From: Les H	Read Replies (2) of 306849

Builder's condo craze bet is unprecedented By MATTHEW HAGGMAN mhaggman@herald.com Driving down Miami's Brickell Avenue in his dark gray Mercedes-Benz S500 one recent morning, developer Jorge Perez did not like what he saw. Surveying a stark sidewalk edging bland office lobbies -- and even worse, a parking garage entrance -- Perez pronounced the avenue ''totally pedestrian unfriendly.'' Then Perez declared he will change that. The 55-year-old high-rise condominium developer, more than anyone, is in a position to do it with seven towers planned for construction along Brickell Avenue, the boulevard at the heart of the city's financial district. His plan: erect new towers with ground-floor restaurants and shops and spruce up sidewalks with shade trees and benches. The Brickell towers are just a fraction of the staggering number of Perez projects that, if all built, will put his imprint on the rapidly changing face of South Florida's cities, beachscapes and skyline. At a time when even the most aggressive builders rarely have more than two or three projects going at once, Perez -- chairman and chief executive of Miami-based The Related Group of Florida -- has more than 40 condo towers in the works across South Florida. Projects in Fort Myers and Las Vegas boost that number to nearly 50, and Perez has plans for several more condo towers that have yet to be announced. ''We are in territory we have never seen before with Jorge,'' said Ezra Katz, chairman and chief executive of Coconut Grove-based real estate investment firm Aztec Group. ''There is no precedent anywhere in the 34 years I have been in real estate. I have never seen anything of this magnitude or production.'' continued... miami.com

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