S. Fla. Condo Developer Taking A Chance On Hollywood Property

HOLLYWOOD (CBS4) - Jorge Perez is at again.

The Related Group developer who led the boom in Downtown Miami broke ground today in Hollywood.

"I don't think this is the start of a boom but this is just a very slow beginning to see if the market is showing positive signs," said Perez,

Perez says this is his first ground breaking in South Florida in four years.  A period where he watched his net worth drop like a rock and his legacy Icon Brickell project go back to the bank in  foreclosure.

"One of the mistakes that we made is that sometimes we thought that we could create markets and we don't," said Perez.

Today's market, Perez believes, is Apogee Beach. Forty-nine beachfront condo starting at a cool $1 million dollars.

Anyone can buy, as long as you are paying all cash.

"Because there is no bank financing for new construction of condominiums," said Carlos Roso, President of The Related Group.

The company claims 30 condos have already sold.  The million dollar units are apparently a steal; roughly a third of the price of Apogee units Related sold in South Beach years ago.

"Because there are no people employed in construction industry is giving us the best prices in 10 years and the land I bought for nothing out of foreclosure," said Perez.

Hollywood Mayor Peter Bober is welcoming the badly needed tax revenue.  He hopes Apogee Beach will be a trend setter.

"People need to see things happening," said Bober. "People need to feel more relaxed about spending money and when people start to see cranes coming out of the ground and projects happening and people going back to work it sends signals that other companies should be hiring."

Perez hopes his test goes well.  At the very least he'll have a new penthouse to call home.

The Related Group estimates about 20 months to finish Apogee Beach.