Jorge Perez, chairman behind Miami-based real estate development firm the Related Group, is ready to expand in Mexico.
“The potential in Mexico is tremendous,” the Miami condo king released in a statement on Wednesday (Dec. 7), announcing the first phase of a luxury project in Cancún. Prices for units in the first tower underway, which consists of 120 condos and 67 hotel rooms, range from $400,000 to $1 million, Forbes reports.
Back in September, Related launched the first phase of a project in Zihuatanejo on the shoreline of Guerrero, which houses 62 single family lots and a 40-room boutique hotel. Both properties are slated for completion in 2020.
According to Carlos Rosso, President of Related’s condo division, the firm is set to invest nearly $1 billion in real estate in Mexico with plans to bring upscale condominiums and hotels to Mexico City. While the election of Donald Trump has clouded the future of Mexico’s economic ties with the United States, the chairman is confident that his investment will pay off during his friend’s four years in office.
“Continued trade with its northern neighbors and record-breaking tourism has led to robust growth in the Mexican economy, which has in turn empowered the middle class and made it a more desirable destination for American buyers. Mexico is a country on the cusp of a major boom and Related will be ready when it begins,” he said.
During the early 2000s, Perez and Trump partnered on real estate projects in Cancún, Isla Mujeres and Cozumel with no success amid the 2008 financial crisis. “Unfortunately we couldn’t move forward because of the crash,” Rosso said.
Now that the President-elect is making his way into the White House, Perez has offered to assist him in dealing with Latin America. “George [Jorge in English] called Trump to congratulate him [for his electoral victory] and told him that for anything he needed in Latin America he would be available to help and give him some advice,” Rosso continued.
For now, according to the Related Group president, Trump has left the possibility to work with Perez open.
Read more at Forbes.