{"id":279669,"date":"2026-05-21T16:46:15","date_gmt":"2026-05-21T16:46:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/279669\/"},"modified":"2026-05-21T16:46:15","modified_gmt":"2026-05-21T16:46:15","slug":"tampa-we-love-why-related-group-is-bullish-on-gulf-city","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/279669\/","title":{"rendered":"Tampa We Love: Why Related Group is Bullish on Gulf City"},"content":{"rendered":"

Everyone knows where Miami is, but Tampa<\/a> is a harder sell, Related Group\u2019s president and CEO said in a CNBC interview<\/a> this week.<\/p>\n

With some international investors, \u201cwe say, \u2018Oh, would you want to go to Tampa?\u2019 And they\u2019re like, \u2018Well, where\u2019s Tampa on a map?\u2019\u201d Jon Paul P\u00e9rez told Diana Olick on the Property Play podcast.<\/p>\n

Job growth is strong in the gulfside city, and \u201crents have caught up, and in some ways, surpassed where we are in Miami, in certain locations,\u201d he said.<\/p>\n

Luxury home sales and rentals are hot in Tampa, he said.\u00a0<\/p>\n

But the rest of its housing market is relatively flat. The median home price was $433,000 in March, up 2 percent from the previous year, according to Redfin. The middle of the market is shifting to favor buyers, due in part to high property taxes and insurance costs. Market-rate apartment rents are seeing modest growth.<\/p>\n

\u201cTampa we love,\u201d P\u00e9rez said. \u201cTampa is a market that some investors just won\u2019t go to; they\u2019re not comfortable going there.\u201d<\/p>\n

Related Group\u2019s investments in the Tampa Bay market are in the billions of dollars, according to published reports.<\/p>\n

\u201cWe are by far the largest development entity today in Tampa,\u201d Jorge P\u00e9rez<\/a> told the Tampa Bay Times in 2024. \u201cWe think the growth you\u2019re seeing now is nothing compared to what you\u2019re going to see in the next decade.\u201d<\/p>\n

The firm\u2019s major projects in the region include the 183-unit Ritz-Carlton Residences, Tampa, at 3101 Bayshore Boulevard. Related completed a second residential tower there in March after completing the first one two years ago.<\/p>\n

Jon Paul and Nick P\u00e9rez also touched on the South Florida market\u2019s shift toward domestic buyers, the trends of branding and wellness in condo developments, and their firm\u2019s work in West Palm Beach.<\/p>\n

Domestic shift<\/p>\n

While Miami has been known as a gateway to Latin America, it\u2019s becoming \u201ca gateway, global city,\u201d that draws many of the same buyers as New York, said Nick P\u00e9rez, president of the family company.<\/p>\n

With a proposed billionaire\u2019s tax in California, and New York City Mayor Zohran Mamdani saying \u201ctax the rich,\u201d<\/a> developers see another wave of wealthy interstate migrants seeking shelter in Florida\u2019s income-tax free shores.<\/p>\n

American mega-billionaires buying homes here just this year include Larry Page, Sergey Brin, Mark Zuckerberg and Larry Ellison \u2014 $923.1 billion is the back-of-the-napkin math on their combined net worth.<\/p>\n

\u201cIf you look at our pipelines throughout all of our portfolio, it\u2019s almost 80 percent domestic buyers, and that\u2019s mainly Northeast, Midwest and West Coast,\u201d Jon Paul P\u00e9rez said.<\/p>\n

Venezuelans and Columbians are still active buyers, snapping up anything in the $2 million range, he said.<\/p>\n

Branding and wellness<\/p>\n

Related has been selective with brand partnerships, going mostly with hospitality flags and brands that can offer the level of service that ultra-wealthy buyers expect, Jon Paul said.\u00a0\u00a0<\/p>\n

A wellness-branded condo is coming soon to Related\u2019s pipeline, he said. \u201cWe\u2019re talking to partners like The Well<\/a> that have not only full gyms but also the whole longevity program that can be offered in your building,\u201d he said.<\/p>\n

\u201cI\u2019m a huge believer in where this movement is going \u2026 we don\u2019t just do a gym, we don\u2019t just do a spa,\u201d Nick said. \u201cIt\u2019s a wellness center. You\u2019re seeing people incorporate longevity practices, biohacking, IV treatments, peptide treatments, into buildings. We\u2019re actively looking for the right partner to do some of this stuff, and there\u2019ll be some announcements later on.\u201d<\/p>\n

West Palm Beach<\/p>\n

The P\u00e9rezes have no concerns about overbuilding in a town where condo buyouts<\/a> keep setting records and billionaires like Steve Ross<\/a> and Jeff Green<\/a> are the biggest boosters.<\/p>\n

\u201cIt\u2019s our fastest selling market,\u201d Jon Paul said regarding West Palm Beach. \u201cWe broke ground on Ritz-Carlton Residences<\/a> a month ago, and we\u2019re 95 percent sold\u201d for the 130-unit project.<\/p>\n

Next up, the Related Group and Isaac and Liat Toledano\u2019s BH Group are planning the 90-unit Rosewood Residences at 2001 North Flagler Drive in West Palm Beach, The Real Deal previously reported<\/a>.<\/p>\n

The firm also self-funded a rental project at Raybovitch Marina, \u201cand we\u2019re 98 percent occupied at rents that are 30 percent higher than we thought,\u201d Jon Paul said.\u00a0<\/p>\n

\u201cSo I think there\u2019s still a lot of tailwind in West Palm.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Everyone knows where Miami is, but Tampa is a harder sell, Related Group\u2019s president and CEO said in…\n","protected":false},"author":2,"featured_media":279670,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[119345,135,137,136],"class_list":["post-279669","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tampa","tag-related-group-tampa","tag-tampa","tag-tampa-headlines","tag-tampa-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/279669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=279669"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/279669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/279670"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=279669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=279669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=279669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}