Related Group, the developer led by billionaire Jorge Perez, has bought the last development parcel on Miami Beach’s exclusive Fisher Island to build luxury condominiums.
Related purchased 6 Fisher Island Drive for more than $100 million with partners Israeli billionaire Teddy Sagi, BH Group and Wanxiang America RE Group, according to a statement Wednesday. The developers and investors will build roughly 50 condos on the site with plans to price the penthouses at more than $60 million and regular units around $30 million. Sales will be by invitation only and are expected to start by the end of the year.
“This is the last opportunity for someone to buy a new development, pre-construction in Fisher Island,” Jon Paul Perez, Related’s president, said in a phone interview. “To be able to develop on Fisher Island is really a once-in-a-lifetime opportunity.”