Jorge Perez, a billionaire renowned for his high-end condo projects in Miami, is expanding his real estate ventures along the coast of Florida.

His company, Related Group, plans to build a $1 billion tower in Pompano Beach, a city traditionally associated with affordable housing for retirees.

This new development will consist of a 24-story W Hotel and Residences and will be the fourth project by Related Group in Pompano Beach.

The project is being led by Perez"s sons, JP and Nick, indicating a shift in the company"s operations to the next generation.

This expansion reflects a larger trend of wealth accumulation and luxury development extending beyond Miami to surrounding areas.