Jorge Perez learns from his mistakes

On a recent sunny afternoon, Jorge Pérez plunged a shovel into the ground and threw a ceremonial lump.

"We are changing Miami ," Perez said at the inauguration of the construction of the SLS Brickell , a project with about 450 condominium units and 133 hotel rooms. "I feel very proud that we are adding this to the skyline ."

The following week , Perez celebrated the opening of MyBrickell , a smaller building that represents the first high-rise condominium in downtown Miami since the collapse of the real estate market that almost decimated Related Group of Florida, of which he is president and chief executive .

"When you end a job and does what it is supposed to make you do , it's a wonderful feeling ," said the developer , almost jumping for joy as he went from one group to another , wearing a green suit and an orange tie that matched the cheerful decor of the building.

With over $ 1,000 million in losses behind them - and having learned costly lessons - Pérez and his company have entered a new cycle and , as usual, the "King of the condo ," 64, is not living charge.

"I do not know if I still do well, but I think I'm getting better at distributing responsibilities among others and letting them take charge , and not doing much micromanagement as he did before," he said. "Before, I made ​​all the decisions , in every detail. I went to all the projects every week. Now I depend more from others, and I want to. "

The economic crisis - a blow personally and professionally - and a major health problem with Perez and Related razed in 2009 , leading him to consider how his company worked, and their personal priorities and final legacy.

In the years that followed, the art collector donated $ 40 million in cash and artworks to the Museum of Art Miami, which now bears his name publicly pledged to donate half of his fortune to charity ; restructured its company to rely less condominium high profits but equal risks, and remained largely disconnected during a vacation that lasted a month. The tumor they had discovered on his pancreas was found to be benign , and , after recovering from the operation that caused him to extirpárselo Perez has returned to an active tennis calendar and other exercises five or six times a week (and , he admits, overeating occasionally ) .

" I think a lot more in terms of legacy , to give more, in philanthropy , in my family and my friends, spend more enjoyable time doing things other than work," said Perez, " and that has changed me ."

Still confident that their contributions to the profile of Miami have been transformative . Some observers have noted that the change was not always for the better , especially when the company attracted speculators who fueled the buying frenzy that preceded condos Miami real estate collapse in 2008.

"I think that during the last boom , Mr. Perez and the Related Group inflated market excess and were definitely partly responsible for overbuilding and the collapse in South Florida," said Jack McCabe , CEO of McCabe Research & Consulting , an independent housing analyst based in Deerfield Beach has not worked with Related . "Having said that , I would also say that Mr. Perez is a very intelligent man . I think he learned his lesson in the past decade . "

However, the impact of recent years has not been erased . Although Perez has returned to the Forbes list of the 400 richest Americans, which it took the crisis in 2013 he had the number 350 with an estimated $ 1.550 net worth millions admits that neither he nor his company are so wealthy as they once were .

"It's hard to lose the amount of money we lost and retrieve it in a couple of years," he said. " But are we well off and well on solid financial sense ? The answer is yes . "

Born in Argentina of Cuban parents , Perez said that growing up in a family of exiles showed that everything can be lost in an instant. Especially now , he said, he did not take anything for granted .

" My wife and I pinched us all day to ourselves because we are very fortunate," he said of his second marriage, to Darlene Perez. " A wonderful children and a wonderful marriage , and so lucky ... We like to give , we like good restaurants , we are just lucky ."

The decision to donate part of his personal collection of art ( as well as $ 20 million in cash ) to the institution that is now the Pérez Art Museum of Miami has given a new leak to passions that otherwise would have been devoted to business .

But , despite the dedication of his head to the museum 's top executives say Perez still sometimes receive emails from him at 4 am

Since , a lot has changed in Related, whose profits rose 50 percent in 2013 to $ 1.500 billion from the last cycle.

While the company is currently valued at $ 8.850 million , was 20 condominium projects with over 7,000 units under construction during the boom of 2004-2008 - and no rental apartment building - now the company's businesses are better distributed . Of the 29 projects under construction right now , 12 are condos , 10 are affordable housing seven are multifamily rental . That represents 3,050 condo units , 1,485 affordable housing and more than 2,250 rental units.

"I think it is key to learn from your mistakes," said Mathew Allen , executive vice president and general manager of Related Group . "The key is diversification. All are well placed if the condo market slows or stops , we still have money in the other divisions and I think that is important to the future success of Related " .

Peter Zalewski , director of real estate consultancy Condo Vultures and Bussiness Magazine columnist for The Miami Herald Monday , said the company this time seems to be " much less rigid , more mobility."

But Zalewski noted that the new massive project , One Brickell, has three towers in front of Icon Brickell . That $ 1,000 million project comes to symbolize Related problems after speculators withdrew their contracts and two of the three towers will be returned to the lenders.

"It's interesting that they have a second chance on what was probably the most successful project without more recent boom ," Zalewski said. "He's coming back and no wonder . Were all in terms of memory loss ? He could try to do the right thing at this time . "