Related’s Perez to Trump: I’m not interested in building your wall

Ivanka and Donald Trump at a January 2007 event for the proposed Trump Tower Palm Beach condo on North Flagler Drive in West Palm Beach.

Ivanka and Donald Trump at a January 2007 event for the proposed Trump Tower Palm Beach condo on North Flagler Drive in West Palm Beach. Photo by Allen Eyestone.

President Donald Trump, seeking to find a builder for his proposed border wall between the United States and Mexico, is turning to old real estate friends for help.

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Among them: The Related Group’s Jorge Perez, who once partnered with Trump on a proposed West Palm Beach condo dubbed Trump Tower Palm Beach.

In a recent Wall Street Journal story, Perez said he received an email  from Trump with this message: “Any interest in building a 2,000 mile wall—30’ high—between U.S.A. and Mexico? Call me.”

“I told him I thought the wall was immoral and it wouldn’t achieve the goals he wanted to achieve,” Perez told the Journal. “Plus, I have lots of business in Mexico—I’d be finished here.”

During the real estate boom ten years ago, Related partnered with Trump to try to develop a 23-story, 150-unit condominium at 4308 N. Flagler Drive.

Originally called Icon Palm Beach, Perez changed the name to Trump Tower Palm Beach because the Trump name would be a lure for international buyers. “The Trump brand is so strong, it expands your universe of buyers,” Perez said.

... A model of the Trump Tower Palm Beach in the sales center. Real estate mogul Donald Trump unveiled his new condo project in partnership with the Related Group.

A model of the Trump Tower Palm Beach in the sales center. In 2007, Trump unveiled the condo project in partnership with the Related Group. Photo by Allen Eyestone.

Ten years ago, Trump Tower Palm Beach held a glitzy event to show off a model of the proposed luxury condo.

Attendees included real estate brokers, prospective buyers, city bigwigs and the media.

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As guests dined on sushi, the Trumps held court.

Present at the glamfest were Trump, his wife, Melania, and The Donald’s daughter, Ivanka.

Ivanka and Trump sat for television interviews and chatted with print reporters about the Intracoastal Waterway project.

Despite the hype (and the sushi), the project’s timing wasn’t great: The recession’s cold winds already were starting to blow as the demand for condominiums slowly sank, then cratered.

By October 2007, Trump acknowledged to this reporter that the real estate market was looking iffy.  “The market in West Palm Beach is not exactly great-looking,” Trump said. “We won’t go forward unless we see a robust market.”

When pressed for details about Trump Tower Palm Beach sales, Trump was vague: ” “We’ve done very well with pre-sales. We’ve had substantial sales,” he said. “There’s no reason to be specific.”

But a Related executive gave some hints in June 2007. At that point, less than half the project’s 150 units had sold (prices ranged from $900,000 to $2.4 million). Developers were shooting for at least 60 percent, or about 90 units, before starting construction. But that didn’t happen and the condo wasn’t built.

Now it’s a decade later and there’s a new real estate boom.

And Related Group still is building condos on Flagler Drive, but a little farther south, at the Rybovich Marina.

The company also built a number of apartments and condominiums in West Palm Beach’s downtown, including CityPlace South Tower, The Slade, The Prado and the Tower Condominium at CityPlace. The Related Group’s most recent Palm Beach County project is an apartment complex in Delray Beach.

 

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