At 66 years old, it seems Jorge Perez has a plan in place to leave his Miami condo empire.
In a recent interview with Bloomberg, Perez announced he hopes his sons will earn their place in the company and run its operations in just a few years. Jon Paul, 31, currently works for his father in the Miami office, and Nicholas, 28, works for the firm's partner, Related Cos., in New York. Perez hopes he can act as chairman of the company and move on to do the things he wants to do.
With the Miami condo market beginning to cool down, Peter Zalewski, owner of CraneSpotters.com, estimated Perez's succession plan is either good timing or well-planned.
Perez may be preparing to pass the torch while he’s on top, said Peter Zalewski, who noted that the president of builder Swire Properties, Stephen Owens, announced his retirement recently.
“It may be an indication that the old chieftains realize they don’t want to go through the cleanup process like the last time,” he said. “Or maybe it’s just coincidental.”