Plans for new South Florida condo projects count on cash from Latin America

The Related Group has partnered with Miami-based International Sales Group, and is planning to launch up to six new condo projects in the next year and will market these projects to Latin American buyers.

The partnership’s strategy is to focus on the international market, relying on cash-wielding buyers to finance much of the construction with large down payments.

Related, which had previously announced plans to build a 49-unit, 22-story condo in Hollywood called Apogee Beach and a 234-unit project in downtown Miami called My Brickell, is considering at least four additional projects and has acquired the land necessary to build them. Two condos are set to be built in the Brickell neighborhood of downtown Miami, one will be a waterfront building in North Miami and two will be waterfront buildings in the Hallandale Beach/Hollywood area.

The Business Plan contemplates that by the time construction is finished on the projects, buyers will have paid as much as 80 percent of the purchase price, paying in installments during the course of construction, Perez said. “This is a method that is unknown in the U.S.,” he said. “But that is the way things are done in Latin America.”