Miami's 14 Surviving Commercial Real Estate Dynasties
We've covered the real estate dynasties of several markets (New York, Houston, Dallas, Chicago, LA and DC), and it was only a matter of time until we looked further south. Miami's history, although not as long-standing as other markets, is definitely the most interesting of the bunch. From Cuban and cocaine money in the 1980s to Chinese money today, Miami has seen its share of outside investors, controversies and radical development. While some of the city's original catalysts [like the dynasty of Henry M. Flagler (shown)] have been lost to the sands of time, these 14 families have risen to the top of the Magic City.
Founded: 1979
The Founder: After migrating from Buenos Aires in 1968, Jorge Pérez (pictured)—who will be keynoting at Bisnow's South Florida 2016 Forecast—served as Miami's economic development director. Realizing the potential of real estate development, Jorge partnered with famous New York builder Stephen Ross to found The Related Cos and quickly built a fortune by building and operating low-income multifamily apartments across Miami and high-rise condos throughout the South. Jorge owns more than 50 condos in South Florida, Fort Myers and Las Vegas—earning him the moniker "Donald Trump of the Tropics." During the financial crisis, Jorge set up a vulture fund to buy distressed real estate, saying, "If I die and am worth $50M as opposed to $3B, it is really not important." As of May 2015, Jorge is still worth $3.1B, and is an active Democratic fundraiser.
Famous Members: Jorge's son, Jon Paul, has not only seen Related's rise firsthand, but has been groomed since childhood to take over his father's place at Related and to manage its multibillion-dollar portfolio. But Jon Paul insists that he was never given any special treatment, and he even moved to New York after graduating from the University of Miami to "get out of his father's shadow." Now Related's VP, Jon Paul regularly travels across the globe to oversee the company's various projects, including middle-class housing in India. In Miami, however, Jon Paul's overseen the development of The Manor (a completed 197-unit apartment building in Plantation), a 364-unit development in the works in Pembroke Pines and a luxury high-rise in Edgewater. Overseeing every step of development, Jon Paul—and his brother, Nicholas—are proving themselves quite capable of helping Related grow after Jorge moves on.
Famous Properties: Related's got properties all over the globe, but its Miami properties are just as impressive. From the One Paraiso (a luxury high-rise designed by Bernardo Fort-Brescia that overlooks the Biscayne Bay) to the Lofts Downtown 2 (a 35-story tower with views of Biscayne Bay, the Port of Miami and the night lights of downtown, as well as a sky terrace and lap pools, a poolside bar, a lava rock sauna room, and an aromatherapy steam room) to the W South Beach Hotel and Residences (a 19-story tower with a pool, a spa, basketball and tennis courts, and beachside seating), Related's pushing the envelope and providing an all-new standard of luxury to every property it touches.
Where They Are Now: The Pérezes and Related are continuing to add to the South Florida skyline with developments like Cityplace Doral, a mixed-use district with 303 apartments in two eight-story towers above 245k SF of retail space that is less than three miles from the Miami International Airport. The district is expected to have a Fresh Market grocery, a Kings bowling alley and lounge, and a Cobb CineBistro theater and restaurant. The apartments, on the other hand, will include a state-of-the-art fitness facility, a party room with gaming tables, a bar and lounge, and a sixth-level pool, outdoor grill, dining and bar area that overlooks a fountain and stage. They're also working on a new project in Edgewater, named Paraiso Bay, as well as a JV with Dezer Development, known as Hyde's Suites & Residences Midtown Miami. Jorge will also be speaking at the South Florida 2016 Real Estate Forecast this coming January.
Founded: 1950s
The Founder: Samuel I. “Sam” Adler was the first generation of the Adler family born in the US. Growing up in New York, Sam enlisted in the Army Air Corps and had basic training in South Florida, thus sowing the seeds for the future Miami focus. After serving as a B-17 navigator in WWII, he returned to the states and developed single-family homes in Westchester County, NY. He eventually returned to South Florida because he believed that the true opportunity was in the growing Miami market, and was soon developing residential properties in North Bay and Broward County, building 6,000 apartments throughout the 1960s and '70s and eventually selling the portfolio in 1983. Sam was also famous for projects including 90 Edgewater Drive—the first waterfront project in Coral Gables—and Gables One Tower, which was the company's first office building and is still managed by Adler Realty. In the 1970s, Sam changed the company's focus to industrial and office developments.
Famous Members: Sam's son, Michael (who will be speaking at Bisnow's event) started working in construction for his father’s company, Southern General Builders, at 16, even working as a construction superintendent while earning a business degree from the University of Miami. Shortly after graduating in 1973, Michael became a general contractor and began developing a 30k SF building that he eventually leased out to a third party. Just like his father, Michael had the vision to realize the potential of undeveloped areas, and began to diversify the company's ventures, including multi-tenant offices, retail and flex-use properties. Michael’s son, Matthew L. Adler, joined Adler Group in 2001, becoming the third generation to work in real estate, and helped expand Adler Realty Services by negotiating the acquisition and disposition of over 4M SF of office, industrial and retail space throughout the South. Matthew is now the president and CEO of Adler Kawa, a joint venture between Adler Group, Kawa Capital Partners and Ganot Capital. Michael's other son, David (pictured), is now president of Adler Development, which he runs with Jonathan Raiffe.
Famous Properties: The Adlers own millions of SF of property through South Florida, Tampa, Orlando, Atlanta, Greensboro, Charlotte and Norfolk. Some of their more impressive projects include the Skyway Center (a 210k SF facility with office and warehouse space); the foundations of the Miami International Commerce Center (MICC), which they eventually built out to 350 acres and over 4M SF and which became the area’s first and largest planned business community; the 320-acre Boca Commerce Center; the Vista Center mixed-use corporate park golf course in West Palm Beach; and 1221 Brickell Ave, a Class-A building in Miami’s financial district.
Where They Are Now: Continuing with the same vision that they had decades ago, Adler is strengthening its financial base, fundraising through the Helios Fund, seeking new JV partners and acquiring assets with high profitability potential.
Founded: 1955
The Founder: Donald Soffer was born in 1933 to a Jewish family near Pittsburgh. After graduating from Brandeis University in 1955, Donald built shopping malls throughout Pittsburgh for Don Mark Realty, including the South Hills Village, Pittsburgh's first indoor mall in 1965. In 1967, Donald found himself the primary developer of 785 acres of swampland bought for $6M. Originally named Turnberry, Donald renamed it Aventura, drained the swamp and built an upscale development that included 23,900 condos, a fire station, a library and a causeway to Sunny Isles Beach. After his father's death in 1972, Donald would go on to build Aventura Mall and the luxury Turnberry Isle Resort (where Donald chartered a fleet of yachts at the Turnberry Isle marina dock to attract tenants). After passing the reins to his son, Jeffery (right), Donald has still made news with his charitable donations. In 2008, for example, Donald donated $15M to his alma mater, the largest gift ever made to Brandeis.
Famous Members: In 1987, Jeffrey joined his father's firm, followed soon after by his sister, Jacquelyn “Jackie” Soffer. Originally, Jeffrey was put in charge of new condo developments while Jackie took control of leasing operations at Aventura Mall. In the decades since, Jeffrey's helped the company's $1B expansion as well as the renovation of the Fontainebleau, adding two new luxury all-suite towers, 12 restaurants and lounge, a 40k SF spa and a oceanfront pool. He's also led the development and management of the firm's resort and hotel destinations and Class-A office towers. Jackie has brought some of the world's most renowned retailers to Aventura Mall, adding a Louis Vuitton flagship, Cartier, Burberry, Fendi and other luxury brands. She's also overseeing a massive mall expansion that will break ground next year.
Famous Properties: The Soffers are responsible for countless South Florida residential landmarks, including Turnberry Ocean Colony; Porto Vita; Fontainebleau II and Fontainebleau III; Turnberry Village, the first high-rise condominium community overlooking The Strip in Las Vegas; The Residences at MGM Grand; the Turnberry Ocean Club in Sunny Isles Beach; and the Turnberry Isle Miami (a 300-acre luxury retreat).
Where They Are Now: The family has entered a JV with New York dynasty the LeFraks to develop SoLē Mia Miami, a 183-acre site in North Miami that includes a hotel, luxury condo, shopping, dining and other amenities.
Founded: 1951
The Founder: Howard K. Stiles moved from Ohio to South Florida after WWII on the advice of his doctor. Originally founding the company as a residential general contracting firm with two employees, Howard quickly made it a trusted name in the field.
Famous Members: It wasn't until 1971 that Howard's son Terry (right) became CEO, taking the helm as South Florida was flooding with new and exciting residents and business. Terry realized that South Florida had huge potential, and changed the company's focus to commercial real estate, eventually building 40M SF of projects that would define the South Florida landscape and make the Stiles name a leader in the field. He expanded the company even further to include acquisitions, architecture, financing, leasing and brokerage, and property management.
Famous Properties: The Stiles' most notable development is the first master planned corporate park in Broward County, known as the Corporate Park at Cypress Creek. In 1987, Stiles developed the 650-acre Sawgrass International Corporate Park in Sunrise, FL— the largest corporate park at the time. Owning over 1M SF of award-winning office space in downtown Fort Lauderdale (and over 43M SF total), the Stiles have defined the city with landmark projects like the Bank of America Plaza at Las Olas City Centre and 350 and 450 Las Olas Center.
Where They Are Now: After leading the company for 44 years, Terry announced he'll hand over CEO duties to his son, Ken, by mid-2017. Terry will remain active as chairman.
Founded: 1970s
The Founder: Dezer Properties founder Michael Dezer was born in Tel Aviv, Israel, as the son of a bus driver. After serving in the Israeli Air Force, Dezer immigrated to the US in 1962, attending night school and working in advertising before investing in real estate and founding Dezer Properties in New York City. His company focused mainly on New York's Chelsea neighborhood, which was transitioning from a manufacturing center to an arts and cultural community. After making it big, he turned his eyes toward Miami in 1985 and bought a number of oceanfront plots in a partnership with Donald Trump. Michael was fundamental in the development of the $900M Trump Towers, the $600M Trump Grande Ocean Resort and Residences, and the $166M Trump International Tower in Fort Lauderdale. He also owns an interesting collection of cars, including the 1948 Ford from Grease, the 1959 Cadillac from Ghostbusters, the 1981 DeLorean from Back to the Future, an original Batmobile, the Land Rover from Skyfall, and a T-55 Soviet tank from GoldenEye.
Famous Members: Michael, his wife, Neomi, his son Gil (pictured with his wife, Lorena)—who will also be speaking at Bisnow's event—and his daughters Leslie and Estee all work in the family business. Gil has made a significant name for himself, owning most of the beachfront property in Sunny Isles with his father and developing the almost ludicrously luxurious $560M Porsche Design Tower, which will include a glass-enclosed "Dezervator" that will bring tenants—and their cars—to their apartments from the street.
Famous Properties: Other Miami developments by the Dezers include the Ocean towers. The 41-story Ocean Four has a three-story lobby, a 24-hour valet, concierge and security services, a beachfront restaurant, a state-of-the-art fitness center, a health spa, a club room, beachfront cabanas and a pool shaped like a crescent moon that overlooks the ocean. Ocean Two, a JV with Related, is nestled between the Intercoastal Waterway and the Atlantic Ocean and overlooks 500 feet of beachfront. The towers of Ocean Two also have a three-story lobby and a two-story lifestyle and entertainment center.
Where They Are Now: In addition to the Porsche Design Tower, the Dezers are developing the Residences by Armani Casa, a 649-foot-tall glass tower designed by internationally acclaimed architect Cesar Pelli and with interiors designed by Giorgio Armani. Yes...that Giorgio Armani.
Founded: 1977
The Founder: Arquitectonica founding principal Bernardo Fort-Brescia (left)—who'll be speaking at Bisnow's South Florida 2016 Forecast—was born and raised in Lima and Europe, learning multiple languages before studying architecture and urban planning at Princeton University. He eventually received a Master's in architecture from Harvard and even taught there. After moving to Miami in 1975, he married Laurinda Spear (right) and together they formed Arquitectonica with a group of architects. With a studio in Coconut Grove, Bernardo immediately set about expanding the firm globally and it's known today as one of the pioneers of architecture globalization.
Famous Members: Bernado's wife and Arquitectonica founding partner Laurinda Spear studied fine arts at Brown University, received her Master's in architecture from Columbia University and later a Master's in landscape architecture from Florida International University. Like her husband, Lauren has taught at Harvard, as well as the University of Miami. Laurinda has designed many of the firm's projects and won hundreds of design awards. She also helped expand the company into interior design and design product lines, both of which have received massive acclaim and global reach. The couple's children—Marisa Fort and her brother Raymond—are both Ivy League graduates with master’s degrees in architecture and are working at their parents' company. While Ray works with tenants, Marisa finalizes contracts and ensures that tenants are pleased with the properties.
Famous Properties: Arquitectonica has designed properties all over the globe, but its Miami properties include the American Airlines Arena, the Federal Courthouse, the Atlantis building on Brickell (which includes a palm tree and red spiral staircase in its center opening), the South Miami Dade Cultural Arts Center, the Engle building in Coconut Grove, and Brickell City Centre (which we've covered in the past).
Where They Are Now: In September, the government of Luxembourg announced that it chose Arquitectonica-—now one of the world's largest architecture firms—to complete a 40k SF, 27-story mixed-use project in Luxembourg City that will anchor the Kirchberg district development. Bernardo was also recently contacted to work on the Miami World Center.
Founded: 1978
The Founder: Originally working in real estate law, Jeff Berkowitz (pictured, left, with Miami rapper Pitbull, and his son and Berkowitz VP Andrew) took over a small plot of land available for ground lease and built a shopping center. He continued to develop until he formed the Berkowitz Development Group in 1985, going on to develop more shopping centers and Sports Authority stores throughout Dade County. With his past legal experiences, Jeff has the know-how to oversee every aspect of development, from leasing and management to negotiations and dispute resolution.
Famous Members: Jeff's two sons, Michael and Andrew, have joined the company, working up the chain to become co-VPs. Michael—who joined in 2002—oversees the company's various new acquisitions, leasing strategies, due diligence, marketing, feasibility analysis and construction. Andrew joined in 2008 after operating and selling a company that provided video, voice and data services and infrastructure, and oversees business development opportunities and special projects that increase shopping center revenues. He also manages marketing, advertising, construction and management operations for all the company's properties.
Famous Properties: The Berkowitz family owns and manages a variety of shopping centers throughout the state, including the 200k SF Kendallgate Shopping Center; the Kendall Village Center (a 267k SF shopping center and 159k SF office complex); the 267k SF Aventura Commons; and the three-level, 330k SF Dadeland Station retail center.
Where They Are Now: The BDG is developing Gables Station, a four-level, 330k SF vertical shopping center with a seven-level, 1,450-space parking garage.
Founded: 1954
The Founder: Harvard graduate Leonard M. Miller moved to South Florida and invested $10k of his own money to co-found Lennar. Leonard led as chairman and CEO until 1997 when his son, Stuart (pictured), took his place. Leonard was chairman of the board for the Union Bank of Florida and executive committee chairman for LNR Property, a real estate and property management company. He invested heavily in Texas developments during the housing market depression of the early 1990s. A frequent donator to education, Leonard received an honorary business doctorate from the University of Miami and established the school's Sue and Leonard Miller Center for Contemporary Judaic Studies. The school's medical building is also named after him.
Famous Members: Stuart was originally a director at Lennar in 1990, quickly making a name for himself after he successfully presided over claims resulting from Hurricane Andrew, which caused $20B in damage. In addition to serving as CEO, Stuart also was president of the company from 1997 to 2011. He helped change the company's focus into commercial properties with a $1B land purchase, firmly (and correctly) believing that the value of the property would rebound. He also made the homebuilding process cheaper and easier by standardizing advanced amenities like tile, trim and flooring and by moving away from single-family homes toward multi-unit condos in the crowded Miami market.
Famous Properties: In addition to owning a variety of housing communities, Lennar also owns several shopping plazas in various states. In Miami alone, the Lennars own the Viera Marketcenter and Avenue Viera, two 20,000-acre master planned communities in Brevard County, as well as Downtown Doral, a 120-acre shopping center with stunning architecture.
Where They Are Now: In addition to his positions at Lennar, Stuart also serves as CEO of Lennar Homes of California, Fidelity Guaranty and Acceptance Corp. He's also the director of Riley Property Holdings, Union Bank of Florida and Builder Homesite. At all of his companies, Miller builds spirit and teamwork by having his employees memorize and read aloud the Little Red Hen nursery rhyme.
Founded: 1964
The Founder: Cuban emigrant Natan Rok arrived in Miami and opened a modest retail business on Flagler Street. Wanting to make the area a hub of cultural and commercial vibrancy, Natan and his son Sergio (left)—who joined the company in 1983—created a real estate empire in the core of the city, set a trend for building modernizations that maintain a property's historical character, and pioneered the practice of subdividing commercial properties into small retail properties. Natan also purchased a controlling interest in Transatlantic Bank, spending the 1990s growing the bank's business. Sergio took Natan's place when he passed in 2004, by which time Natan was one of the largest commercial landlords in all of Downtown Miami, with over 300 tenants.
Famous Members: As the new head of Rok Acquisitions—a property management and real estate investment firm—Sergio says he works hard to maintain the family's impeccable reputation, never missing a loan payment or asking for reductions. But he also says the transition from father to son has been smooth, since he already has his own rapport with tenants due to meeting with them many times before. Sergio served on the board and audit, loans and special assets and compensation committtess of Transatlantic Bank from 1986 to 2006, helping the bank grow, eventually selling it to Banco Sabadell, one of the largest banks in Spain, in 2006. Sergio is a longtime investor in a variety of properties throughout South Florida, helping redevelop and reposition commercial properties throughtout the downtown Miami area with his experience in all phases of ownership and development, including acquisition, financing, planning, permitting, design, construction, lease up, property management and disposition. He's also a founding board member of the Downtown Miami Partnership and is a 19-year member of the Miami Downtown Development Authority.
Famous Properties: The family name is on The Rok Family Shul of Downtown. Located one block from the Brickell City Center, the shul was designed in coordination with Rabbi Chaim Lipskur and creates a permanent home for the Jewish community. The project was completed in 2013, with the Roks involving themselves in the deal, including the purchase of the property, the design, the construction and even the fundraising. They also worked with The Related Cos and Tate Capital to acquire the Note A position of the first mortgage secured by the OMNI Center and Hilton Downtown, a mixed-use property in Miami. Securing $75M debt compotent from an insitutional leader, the partnership acquired the 1.5M SF of office, hotel (527-room Hilton), vacant retail space, a 2,700-space garage and rights to develop 5,000 residential units.
Where Are They Now: Sergio's two nephews, brother-in-law and son Jared (right) all work for the company, which oversees a portfolio and partnerships that are a far cry from Natan's mainly retail portfolio. Sergio recently made news when he sold the distressed properties across the Southeast that he snapped up with Jimmy Tate during the recession.
Founded: 1970s
The Founder: Raanan Katz (pictured) didn't come to the US to deal real estate, but to play basketball. Raanan stepped onto American soil as one of the best players on the Israeli National Basketball team and was invited to the Boston Celtics training camp. He was actually the last one to be cut from the roster, edged out only by future Hall of Famer John Havlicek. After playing for the US All Stars—the sparring team for the Harlem Globetrotters—Raanan moved to Boston and built up a portfolio of 2,000 apartments throughout the city. Raanan changed his focus to commercial properties in 1980, and—after buying a block of stores in Miami Beach in 1984—spent the next few decades buying properties throughout the region. Raanan tries to operate with a minimal amount of debt, which allows him to be financially secure during any market declines. He's also the original partner for the Miami Heat since the 1980s and a major interest holder of the Maccabi Tel Aviv basketball team.
Famous Members: Raanan's two sons, Dan and David, work for their father's company, taking control of the New England (David) and South Florida (Dan) markets.
Famous Properties: The Katz family owns over a dozen shopping centers throughout Miami, including the 350k SF RK Diplomat Center and 211k SF RK Town Center.
Where They Are Now: The Katzes have several more shopping centers in the works, but Raanan himself has been in the news for a recent court case where he bought a photo of himself and then sued a blogger for using it, claiming copyright. Last month a federal appellate court sided with the blogger, claiming that the copyrighted work "for purposes such as criticism, comment, news reporting, teaching…scholarship or research" does not infringe the copyright.
Founded: 1973
The Founder: Igor Olenicoff (pictured) formed Olen Properties and purchased his first property—a 16-unit duplex—in 1973. In the decades since, the firm has grown to where it owns more than 7.5M SF of office space, nearly 10,000 residential units and 850 apartments in Florida, Las Vegas, Arizona and California. Igor has been a figure in many controversies, however, including a tax evasion scandal and accusations of copyright infringement for buying forged paintings and sculptures.
Famous Members: Igor's son, Andrei, was killed in a car accident in 2005, and Igor founded the Andrei Olenicoff Memorial Foundation in his memory. Natalia, on the other hand, opened a restaurant—named Andrei's Conscious Cuisine and Cocktails—in Irvine, CA, which has been slowly integrated into Olen Properties with the intention of her taking over.
Famous Properties: Mainly dealing in apartments, Olen Properties’ South Florida commercial properties include the 117k SF Quantum Town Center in Boynton Beach and the Delray Commercial Center in Delray Beach.
Where They Are Now: Igor's ongoing dispute with the UBS—which charged him with tax evasion in 2007—had an interesting development in July, when a judge dismissed UBS's claims of malicious prosecution by Igor, stating that UBS itself was too culpable to sue.
Founded: 1955
The Founder: Called a pioneer and one of Miami’s true visionaries, Tibor Hollo built the very first high-rise building on Brickell Avenue over 60 years ago. Focused on creating an urban core where people could live, work and play, Tibor has built up the Omni/Venetia area and the Brickell corridor with a variety of significant high-rise reseidential, commercial and mixed-use buildings. Tibor was also responsible for the first high-rise aparment building of the millenium in the Bay Parc Plaza, which opened in 2000 and was an immediate success, fully occupying in record time. In addition to countless commercial residential developements and management, Tibor is also an acitive citizen, getting involved with over 40 organizations and earning countless awards and accolades, including Congressional honors in 1981 and 2005 and a House of Represenatives honor in 2007. He's also the first recipient of the City of Miami Visionary Award in 1990, and was given a Lifetime Achievement Award from the Greater Miami Chamber of Commerce in 2011.
Famous Members: Executive VP Wayne Hollo (second left) has been working at Florida East Coast Realty for more than 30 years, involving himself in every aspect of the business. Starting in the construction division, Wayne's also gained experience in property management and leasing and as a liaison with the US government, which has leased hundreds of thosuands of SF from FECR. Now as EVP, Wayne is involved in all aspects of the company, including land sales and acquisitions, financing and refinancing of acquisitions and the existing portfolio, and construction financing and development of its new and upcoming projects. Executive VP Jerome Hollo (second right) joined the company in 1995, following an internship with the Chief Judge of the Southern District of Florida and a three-year stint at Rosenthal, Rosenthal and Rasco. Like Wayne, Jerome is involved in countless aspects of the company (especially with FECR's projects in the New York area), but is also directing Quantum Development Group, which develops land and builds single-family homes in Orlando. Finally, Austin Hollo (right) joined FECR in 2009, the third generation of the Hollo family at the company. As FECR's VP, Austin focuses on the development, marketing and positioning of upcoming and existing propertes as well as the coordination of management and leasing activities. He also oversees the insurance portfolio, underwriting and evaluating real estate acquisitions and investments.
Famous Properties: The Hollos have worked with countless properties, including 2020 Ponce, a Class-A office tower in Coral Gables, Bay Parc Plaza, the Venetia/Omni development (which helped develop the Omni area, now known as the Arts & Entertainment District) Venetia/The Grand, One Bayfront Plaza (which received numerous awards for concept, design, workmanship, exterior lighting and economic benefit), the Biscayne Bay Marriott Hotel and Marina, Plaza Venetia, Flamingo Plaza, Vizcaya Towers and Vizcaya North, Center House, Sans Souci Manor, Tropicana East and Tropicana West Apartments, and Twin Lakes Racquet Club, 888 Brickell Avenue, two United States Treasury buildings, the United States Justice Department building in Downtown Miami, and many more. The family also has several properties in Las Vegas and New York.
Where Are They Now: FECR is constructing the Panorama Tower, a luxury high-rise residential apartment tower, high-end office and retail space. The company's also working on 1201 Brickell Bay, an ultra-luxury condominium tower, which will have top-tier services and amenities and will be built on the only undeveloped bayfront parcel remaining in the Brickell area. The Hollos' grandest upcoming project, however, will be One Bayfront Plaza, a 3M SF mixed-use development with a contemporary modern design that will include Class-A office space, luxury residents, a luxury convention hotel, a two-city-block base, an unscale retail mall and a 2,000 space parking garage. The building will also be the city skyline's tallest and most distinguished addition, towering 80 stories above Biscayne Bay and reaching a height of 1,010 feet.
Founded: 1949
The Founder: Stanley Tate (left) began his business career building single- and multifamily residential properties. By 1950, Stanley Tate Builders was working in commercial and industrial properties and providing leasing and consulting services. By 1969, he was working in condo development and construction of shopping centers, apartments, office buildings, warehouses, restaurants and other properties. During the 1970s $17B REIT crisis, Stanley was frequently a source of information and expertise for REITs, banks and courts. He was also instrumental in the formation of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which laid the foundation for the Resolution Trust Corp. He was even named the RTC's chairman of Region 1, overseeing the 20 states on the Eastern Seaboard and helped dissolute $400B of distressed real estate assets. From 1994 to 1996, he was a member of Fannie Mae's National Housing Impact Advisory Council.
Famous Members: Over the last 30 years, J. Kenneth "Kenny" Tate (right) has worked for and started a number of private companies, many with his brother Jimmy. The Tate Development Corp, for example, builds and develops custom and production single-family homes and various commercial properties. Kenny—a certified general contractor for over 25 years—was appointed by the governor to serve on the State of Florida Contractors Licensing Board. During the late 1980s and early '90s, Kenny managed a number of distressed real estate workout efforts. Now, he owns and manages the Villa del Ray Golf Club, an 18-hole championship golf course in Delray Beach, as well as a number of commercial properties. Jimmy (center)—who spoke at Bisnow's South Florida State of the Market in September—has also been involved in real estate development and management, co-founding Tate Development Corp in 1986 and developing a range of asset types, including condominiums, apartments, single- and multifamily homes, industrial parks and commercial development. He's been active in the community as well, holding board positions at Mount Sinai Medical Board of Trustees, North Miami Museum of Contemporary Art Advisory Board, Lehrman Community Day School Advisory Board and Miami Country Day School Development Committee.
Famous Properties: The Tate family has developed, built and/or managed over 7,000 single- and multifamily residences and some 2M SF feet of retail and office space, hotels/casinos, golf courses, office buildings, motels and industrial parks throughout the US and the Caribbean.
Where Are They Now: Kenny's daughter has recently joined the firm and Jimmy Tate made news with Sergio Rok for his huge sale of distressed properties picked up during the recession.
Founded: 1958
The Founder: L. Allen Morris, who incorporated the Allen Morris Company in a small office in Miami's Alfred I. Dupont Building in Miami. In 1958, L. Allen drafted a development plan and brokered the sale of 300 acres on the island of Key Biscayne to the Mackle Brothers, two Miami homebuilders. In 1968, L.Allen formed a partnership with Arthur Vining Davis and planned and developed the Dadeland Mall on a plot of land near Kendall Drive, US 1 and SR826. The mall, anchored by the largest Burdines store in FL, became one of the largest grossing malls in the United States. He was also responsible for breaking ground on 1000 Brickell Avenue, the first multi-tenant office building on Brickell Avenue. Although the Avenue was considered to be in no man's land, the project attracted some of the nation's biggest businesses, including Bank of America.
Famous Members: L. Allen's son, W. Allen (center), took over his father's business as president and CEO in 1980 after working through the ranks of the company and starting off as a building manager, broker and sales manager. A graduate of both the Georgia Institute of Technology and Harvard Business School, W. Allen holds both SIOR and IREM's Certified Property Manager designation. He also holds the American Society of Real Estate Counselors'' Counselor of Real Estate (CRE) designation, is an officer and director of more than thirty-five different real estate-related companies and is president of three charitable foundations. In 1996, W. Allen and the firms were appointed to broker the $30M sale of 373-acre parcel that was eventually developed into Dolphin Mall in West Miami-Dade County.
Famous Properties: In addition to L. Allen's landmark projects, the family was also responsible for the Alhambra Towers, a 174,000 SF world-class building in the heart of Coral Gables, which serves as a tribute to City founder George Merrick, capturing Miami's rich history and Spanish and Italian influences with a Mediterranean style and stained glass windows preserved from the former site owner—the First Presbyterian Church—that accentuate the lobby. The towers are the most expensive PSF multi-tenant office building ever constructed in Miami-Dade County.
Where Are They Now: The Allen Morris Company has completed more than 79 developments throughout the Florida and Georgia markets and currently has more on the way, including the Hermitage Apartment Homes in St. Petersburg, Florida, a 340-unit apartment building that broke ground in 2014 and SLS LUX Brickell. The latter—a 1.3M SF, 58-story luxury hotel and condominium—is a joint venture with Related Group. In addition to a mixed-use, urban project in midtown Atlanta, the company also recently announced the development of Maitland City Centre, which will create a new mixed-use downtown for the City of Maitland, FL by combining the new City Hall, Central Park and Festival Street with residential apartments, live-work-office suites and a Festival Marketplace with shops and restaurants. W. Allen’s two children—Spencer (left) and Mallori (right)—have also joined the firm.
