190 // SKY HIGH

Ocean Drive - - Contents March 2017 - BY ROBYN A. FRIED­MAN

The Re­lated Group’s Car­los Rosso looks to the Mi­ami sky­line and be­yond for the next de­vel­op­ment boom.

THE RE­LATED GROUP’S CAR­LOS ROSSO LOOKS TO THE MI­AMI SKY­LINE AND BE­YOND FOR THE NEXT DE­VEL­OP­MENT BOOM.

Since join­ing The Re­lated Group 15 years ago, Car­los Rosso has been re­spon­si­ble for a broad cross-sec­tion of the com­pany’s op­er­a­tions. As pres­i­dent of the firm’s Con­do­minium De­vel­op­ment Divi­sion, he’s de­vel­oped more than 16,000 condo units in his ca­reer and helped Re­lated grow into South Flor­ida’s mul­ti­fam­ily pow­er­house, while now lead­ing the firm’s ex­pan­sion into Mexico—and all over the globe. But in a tu­mul­tuous world econ­omy and un­sta­ble fu­ture, how do Mi­ami and its in­ter­na­tional ties con­tinue to pros­per? Rosso gives Ocean Drive the scoop:

How is the condo mar­ket in South Flor­ida right now?

The condo mar­ket is very healthy. We started clos­ings at SLS Brick­ell, and we closed more than 60 per­cent of the build­ing in less than 60 days, so that’s very pos­i­tive.

Have things picked up since the elec­tion?

Yes. Peo­ple were wait­ing to see what would hap­pen with the elec­tion, but the re­bound in the stock mar­ket is a good sign for the real es­tate mar­ket. As all the fi­nan­cial guys in New York start mak­ing se­ri­ous money, they’ll come back to Flor­ida to buy more prop­er­ties.

Are the in­ter­na­tional buy­ers back?

The in­ter­na­tional buy­ers are see­ing the strength­en­ing of the dol­lar, so they’re think­ing more and more of putting their sav­ings into dol­lar­de­nom­i­nated goods, and real es­tate in Mi­ami is one of them. New York­ers, par­tic­u­larly in the fi­nan­cial sec­tor, are mak­ing more money and are com­ing to South Flor­ida to buy con­dos. Prices are very cheap here com­pared to New York.

Are you see­ing any trends in the mar­ket?

I think it’s been con­firmed that the idea of mix­ing ho­tels and con­dos is a good one. The open­ing of SLS Brick­ell, with the res­i­dences on top, has proven that. Also, peo­ple are more in­ter­ested in ur­ban lo­ca­tions, like Brick­ell.

How do you think Pres­i­dent Trump will af­fect the lo­cal real es­tate mar­ket?

We are in a wait-and-see sit­u­a­tion. To have a de­vel­oper in the White House is good for us, but at the same time, we want to see what his poli­cies are go­ing to be.

What does Re­lated have in store for us this year?

We are go­ing to de­liver seven projects, start­ing with Hyde Re­sort. Then we have two Brick­ell Heights tow­ers, SLS Lux, Hyde Mid­town, and two tow­ers at Paraiso.

What about new launches in 2017?

We are go­ing to launch a new de­vel­op­ment in Wyn­wood, which will be 182 units. We are also do­ing more in­ter­na­tional projects—our sec­ond phase at SLS in Can­cun, and we are look­ing at some projects in Ar­gentina.

Where do you see the real es­tate mar­ket go­ing in 2017?

It’s still go­ing to go at a steady pace, maybe not as fast as 2015 or 2016, but I think that’s good. We are in a very solid mar­ket. re­lat­ed­group.com

“AS ALL THE FI­NAN­CIAL GUYS IN NEW YORK START MAK­ING SE­RI­OUS MONEY, THEY’LL COME BACK TO FLOR­IDA TO BUY MORE PROP­ER­TIES.”

—CAR­LOS ROSSO

190 Here comes the boom: The Re­lated Group’s Car­los Rosso weighs in on Mi­ami’s de­vel­op­ment fu­ture.

Car­los oosso on the roof at Brick­ell Heights. The pres­i­dent of Re­lated’s Con­do­minium 'evel­op­ment 'ivi­sion is see­ing a solid real es­tate mar­ket for 2017.

pip iux and Brick­ell eeights are among seven projects oe­lated will de­liver this year. ƛelƨư: A mas­ter suite in bdge­wa­terds dran maraiso tower.

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