How Gil Dezer Reinvented Luxury Condominium Development
Luxury condominium development is far more than constructing high end buildings. It is about creating an experience that buyers cannot find anywhere else. In this episode of Lifetime Cash Flow Through Real Estate Investing, Gil Dezer explains how innovation, branding, market timing, and disciplined execution have helped him transform South Florida’s skyline with iconic branded residential towers. From Porsche and Bentley branded developments to revolutionary car elevators and private sky garages, Dezer reveals what separates world class projects from ordinary luxury real estate.
Rather than competing on price alone, Gil focuses on creating features that redefine luxury living. By continuously introducing amenities and design concepts that competitors later imitate, he has built a reputation for delivering properties that command premium attention while attracting affluent buyers from around the world.
Turning Real Estate Innovation Into Competitive Advantage
One of the biggest lessons from the conversation is that successful luxury condominium development requires constant innovation. Gil discusses how the famous Porsche Design Tower was born from a simple question: how could luxury car enthusiasts enjoy their vehicles without valet parking or traditional garages? That thinking led to patented car elevators that transport both the owner and their vehicle directly into private sky garages attached to each residence.
He also explains how every new project becomes an opportunity to improve on previous developments. Features like private plunge pools, heated bathroom floors, golf simulators, racing simulators, pet grooming stations, wellness amenities, and thoughtfully designed outdoor living spaces all contribute to creating a product that stands apart in an increasingly competitive luxury market.
Lessons Learned From Surviving the 2008 Real Estate Crash
Gil shares firsthand experiences from navigating the financial crisis while managing more than a billion dollars in projects under construction. Instead of focusing solely on market conditions, he emphasizes that buyer sentiment ultimately drives real estate values. During one of the most difficult periods in modern real estate history, his company survived by maintaining conservative land positions, negotiating with lenders, preserving liquidity, and remaining disciplined throughout the downturn.
His experience offers valuable lessons for investors and developers facing uncertain markets today. Careful capital structure, long term relationships with lenders, and maintaining flexibility can make the difference between surviving a downturn and losing everything.
Key Takeaways
- Differentiate your projects instead of competing solely on price.
- Branding can create publicity and credibility that traditional advertising cannot.
- Innovation should solve real buyer problems rather than simply add expensive features.
- Conservative financing and disciplined execution help protect projects during market downturns.
- Successful development depends on both visionary ideas and exceptional operational execution.
Building Billion Dollar Projects With Lean Leadership
One surprising insight is how small Gil’s executive leadership team remains despite overseeing billions of dollars in development. He explains that keeping decision making centralized allows projects to move efficiently while maintaining quality control across every stage of development.
From selecting land and working with architects to lender relationships, pricing strategy, permitting, construction, and sales, every major decision follows a disciplined process. Gil emphasizes that vision creates opportunities, but execution ultimately determines success.
The Power of Branding in Luxury Real Estate
Gil discusses how partnering with globally recognized brands such as Trump, Porsche, Armani, and Bentley creates instant credibility and worldwide media exposure. Strong branding attracts affluent buyers while generating publicity that would be nearly impossible to purchase through conventional marketing.
For luxury developers, branding is not simply placing a logo on a building. Every partnership must align with the lifestyle, design philosophy, and expectations of the target buyer to create an authentic premium experience.
About Gil Dezer
Gil Dezer is President of Dezer Development and one of the most recognized luxury condominium developers in South Florida. He has developed numerous internationally known branded residential towers, including Trump, Porsche, Armani, and Bentley properties. Known for introducing groundbreaking concepts such as patented automobile elevators and private sky garages, Dezer continues to push the boundaries of luxury condominium development through innovation, design, and world class execution.
If you want to hear the full conversation and detailed insights, watch the podcast video or read the complete transcript below.
What Is Luxury Condominium Development?
Luxury condominium development is the process of designing, financing, constructing, and marketing high end residential condominium communities that offer premium architecture, upscale amenities, advanced technology, and exceptional living experiences. These developments often target affluent buyers seeking convenience, exclusivity, and long term value.
Why Is Luxury Condominium Development a Strong Real Estate Investment?
Luxury condominium development can generate substantial returns through premium pricing, strong demand in desirable markets, brand recognition, and appreciation over time. Successful projects create value by offering unique features that distinguish them from competing properties.
How Do Developers Differentiate Luxury Condominium Projects?
Developers differentiate luxury condominium projects by incorporating innovative amenities, exceptional architectural design, premium finishes, branded partnerships, wellness features, smart home technology, and personalized resident services. Creating a unique buyer experience is often more valuable than competing on price alone.
What Makes a Luxury Condominium Development Successful?
A successful luxury condominium development combines an exceptional location, thoughtful design, strong market demand, financial discipline, experienced leadership, effective branding, and flawless execution throughout the development process. Every stage, from planning to construction and sales, plays a critical role in maximizing value.
How Important Is Branding in Luxury Condominium Development?
Branding is a significant factor in luxury condominium development because it builds buyer confidence, creates global recognition, and attracts media attention. Partnerships with respected luxury brands can increase visibility, enhance perceived value, and help projects command premium pricing.
What Are the Biggest Risks in Luxury Condominium Development?
The biggest risks include construction delays, rising material costs, financing challenges, changing market conditions, permitting issues, labor shortages, and shifts in buyer demand. Experienced developers reduce these risks through careful planning, conservative financing, and strong project management.
How Is Luxury Condominium Development Financed?
Luxury condominium developments are typically financed through a combination of developer equity, land ownership, construction loans, and buyer deposits collected during pre sales. Many lenders require significant pre sales before providing construction financing to reduce overall project risk.
What Amenities Are Most Popular in Luxury Condominium Developments?
Today’s luxury condominium buyers often seek resort style amenities such as private pools, wellness centers, fitness facilities, spa services, concierge programs, smart home technology, private garages, golf simulators, pet facilities, rooftop lounges, and premium security features.
Who Buys Luxury Condominiums?
Luxury condominiums are commonly purchased by high net worth individuals, business owners, entrepreneurs, executives, international investors, retirees, and second home buyers seeking premium locations, convenience, security, and low maintenance ownership.
How Can Investors Benefit From Luxury Condominium Development?
Real estate investors can benefit from luxury condominium development through appreciation, strong resale demand, premium rental income in select markets, and opportunities to participate in high value development projects. Investors who understand market trends and developer quality are often better positioned for long term success.
00;01;00;10 – 00;01;34;04
Rod Khleif
Welcome back to lifetime cash flow through real estate investing. I’m Rod Khleif and I’m thrilled you’re here. And I’m really thrilled with this interview today. This is our first traveling roadshow interview, and I had to come out here and interview Gil Desert. I’ve been watching Gil for a long time. Gil is like the face of luxury condominium development in South Florida and done all sorts of amazing things Trump branded towers, Porsche branded towers, Armani and now Bentley.
00;01;34;04 – 00;01;56;15
Rod Khleif
And wait till you see the footage of this, this complex that they’re building here in Sunny Isles. It’s extraordinary. Welcome to show brother. Thank you. Oh, yeah. So you you have been at this a long time with your father. I know, I just saw your father walk by, like I said. And you’ve you’ve done. What is it? Six Trump branded towers.
00;01;56;18 – 00;01;59;15
Rod Khleif
Talk a little bit about your background and your words, if you don’t mind.
00;01;59;17 – 00;02;21;20
Gil Dezer
Well, the Trump building kind of started in 2001. Right. And that’s where that’s where kind of it all kicked it off. My father I graduated University of Miami in 97, and it was around 96, 97 that my father was coming down here more often and spotted sunny Isles saw it as an opportunity. And so he started buying up motels here, and I stayed.
00;02;21;20 – 00;02;37;26
Gil Dezer
I stayed here in Miami. I got a job selling real estate for other companies. And then when we were ready in 2001 is when actually joined the company. And that’s when we started building the first building. Wow. Yeah. And that was the Trumpeter National Hotel. We did Trump Palace, Trump Royale after that, then three Trump Towers we did.
00;02;37;26 – 00;02;43;26
Gil Dezer
And then we said we did a little too much Trump on the beach here. It was in that 2008 height of the crisis. You know.
00;02;43;28 – 00;02;46;06
Rod Khleif
We’ll talk about that in a minute. Yeah.
00;02;46;09 – 00;03;07;04
Gil Dezer
And so, you know, other brands were rolling around and that we heard of and and we got together with Porsche. And you know, Borea was like, what does Porsche have to do with real estate. So we had several think tank sessions to see. How do you really incorporate what’s going on? We signed a deal with them in 2007 when everything was flying high, and then when, of course, the market changed.
00;03;07;04 – 00;03;26;29
Gil Dezer
Well, that’s when we said, well, here’s here’s our opportunity to really do something different and special because we were looking at thousands and thousands of apartments of the same 1500 to 3000ft² available all over the market. Right. And with depressed prices because of the real estate prices. What was going on? So he said, if you don’t change the game, you can’t change the.
00;03;26;29 – 00;03;28;15
Rod Khleif
Price to differentiate yourself.
00;03;28;17 – 00;03;41;10
Gil Dezer
And costs at that point were also, you know, in a weird spot getting getting a little bit different and out of control. So we said, let’s look for people who oh, and there are no mortgages. Don’t forget no, no mortgage crisis.
00;03;41;10 – 00;03;43;23
Rod Khleif
I lost $50 million in that crisis.
00;03;43;25 – 00;03;44;26
Gil Dezer
Yeah. The only.
00;03;44;26 – 00;03;48;03
Rod Khleif
One you did well, no. You survived. I know you had.
00;03;48;05 – 00;04;07;11
Gil Dezer
We we lost hundreds of millions of potential profit. You know, that’s the good part. But, you know, you know, I remember talking to Donald Trump Jr one day and we were both going through it. He had his own issues there. And we said we’re working harder to lose less money. That’s what it was. You know, that’s that’s all it was less money.
00;04;07;11 – 00;04;32;13
Gil Dezer
That’s it. Wow. Yeah. So yeah. And so from from there, it was always said, well, what does Porsche have to do with the real estate? And he had the time now to kick the can around, because there was nothing going on between 2009 and 2011. Right. And so that’s where he came up with this car elevator concept. You know, we said, make the car for the car lover, make the building for the car lover, and also create, you know, an elegant, escalated lifestyle within a building that I haven’t seen before in Miami.
00;04;32;14 – 00;04;35;09
Gil Dezer
So we put swimming pools on the balconies. Yeah.
00;04;35;11 – 00;04;36;18
Rod Khleif
Well, that you’re doing that here too.
00;04;36;20 – 00;04;52;21
Gil Dezer
Yeah, yeah. And that was the first one. That was the test, if you will. And everybody loves it. And and here, you know of course this is the 2.0. Right. So here we made it better. Here we put the sunken sunken over there. They’re sitting on top of the balcony and kind of blocking a little bit of your here.
00;04;52;21 – 00;05;07;13
Gil Dezer
We pushed them to the side sunk them in. So when you walk out of your fire it’s the money shot. You see the full of the ocean behind it. Yeah. We had this is a higher level of well 2.0 you know. So whenever you do anything 2.0 it’s always a lot better.
00;05;07;14 – 00;05;19;13
Rod Khleif
Oh yeah. I mean push button and the freaking kitchen opens up and the and the. Yeah the views are incredible. The pool the you know having to walk in in your cars right there. Do you write up in your car or do you.
00;05;19;15 – 00;05;35;25
Gil Dezer
Of course. That’s where my patent lies. Oh no kidding I took what was automated parking before and I added a passenger in the car. We have passenger safety things within the elevator that allows you to sit in your car and go right into the automated. Parking was always done to save space. They put cars next to each other.
00;05;35;26 – 00;05;45;08
Gil Dezer
Right. All right. We weren’t looking to save space. We’re just looking to move guys in the car. Wow. See where to get home. No valet moves. Receipt changes your stereo or air conditioning. Right.
00;05;45;11 – 00;06;01;16
Rod Khleif
Right, right. Oh, yeah. Exactly. You have to worry about pilfering in your car and all that. Right. Well, back to 2008 for a minute. I told you, I got my ass handed to me, but you survived. You were, like, almost a half $1 billion, and you pulled through it. How did you pull through?
00;06;01;18 – 00;06;02;02
Gil Dezer
You know.
00;06;02;05 – 00;06;02;20
Rod Khleif
Sorry to bring.
00;06;02;20 – 00;06;21;17
Gil Dezer
Back the. It was it was. It was a tough time. You know, you woke up every morning and I had I had to touch the real estate and I said this, this is not going anywhere. Right. And I learned a lot about real estate values. Real estate values are based on buyer sentiment. The real estate is the real estate, right?
00;06;21;19 – 00;06;46;11
Gil Dezer
It’s about what the buyer feels about it. You know, and that’s why. Oh, people didn’t want to touch it. It was dying. It was going. We had we had $1.6 billion under construction at that time. Yeah. In sales we owed, we had equity and we owed and we owed half $1 billion on. Right. And we were able to at 1.6 turn into 600.
00;06;46;12 – 00;06;47;26
Gil Dezer
Right. Right. Because everything felt.
00;06;48;01 – 00;06;49;24
Rod Khleif
All the deposits flew away.
00;06;49;26 – 00;07;10;11
Gil Dezer
And then lawsuits get my deposit back. It was not it was not a fun time. But at the same time, we were our cost structure in the building because we own the land properly and didn’t charge ourselves for the land. And we usually leave the land in the deal is the equity. Yeah. So therefore the only real cost is the hard cost construction and the marketing dollars you spent.
00;07;10;11 – 00;07;12;26
Gil Dezer
And so we were able to hold on.
00;07;12;26 – 00;07;14;06
Rod Khleif
To the negotiate with the bank.
00;07;14;07 – 00;07;15;11
Gil Dezer
Yeah, we got extended.
00;07;15;11 – 00;07;17;06
Rod Khleif
Deferrals and all this other business.
00;07;17;07 – 00;07;20;28
Gil Dezer
We got an extension where we were paying only 2% interest annually.
00;07;21;00 – 00;07;21;15
Rod Khleif
Nice.
00;07;21;22 – 00;07;30;26
Gil Dezer
And if we were able to pay them back in in 24 months, they would credit us back. All that was real. Wow. So. And we did it. We paid it back in 19 months.
00;07;30;27 – 00;07;39;26
Rod Khleif
That’s that’s you know Trump talks about that as well. When he was actually upside down. It was a similar scenario prior to eight I think is when that happened to him. Let me ask you, this.
00;07;39;27 – 00;07;46;19
Gil Dezer
Was just bringing that up, you know, because we had paid off all of our loans and we were the only ones in all of land. I mean, we had guys.
00;07;46;22 – 00;07;49;08
Rod Khleif
People were converting them to rentals. There was all sorts of.
00;07;49;14 – 00;08;06;11
Gil Dezer
Problems everywhere. All you guys are literally paid off. Like good boys didn’t get the discount other than the interest, right? And so we had a big mortgage burning ceremony mortgage because that’s the truth in this book. He burned the mortgage when he paid off. And so he brought Trump down here. Oh. Did you? Oh, yeah. It’s all over the internet.
00;08;06;11 – 00;08;12;09
Gil Dezer
You can look up Trump mortgage in Trump Royal and and we had a whole thing with fire and it was a beautiful part.
00;08;12;12 – 00;08;30;09
Rod Khleif
I love it. I love it. Well, you know when when you owe the banks that much money, they’re going to work with you. Or they can if they if they trust you and you, you guys obviously have incredible integrity. Now, let me ask you this. Did you get any did you learn anything about branding and things like that working with Trump.
00;08;30;09 – 00;08;33;06
Rod Khleif
Because I mean, he’s he’s got that whole brand thing going on.
00;08;33;06 – 00;08;50;21
Gil Dezer
He was the only brand that he started. Yeah. There was no other real estate brand. I mean, he put his name on Fifth Avenue and 57th Street. That’s his spot. Right? So and that’s where he created what is. So what is the brand then? Is a is a great location a great, great specification on construction and and a Trump branded building.
00;08;50;21 – 00;09;02;11
Gil Dezer
So that’s and it got a lot of attention. He got his worldwide attention. They got us press that we couldn’t buy it right. That’s where the real branding thing comes in. If you can do it properly, you get an amount of press that you just can’t buy as far.
00;09;02;11 – 00;09;02;20
Rod Khleif
As that.
00;09;02;22 – 00;09;13;27
Gil Dezer
That’s a very good. And that’s and that’s what sells the apartments. People. People don’t trust ads anymore as much as if they’ve read an article about something or see it or see it on the podcast or something like that. Right. That becomes more trustworthy.
00;09;13;29 – 00;09;33;02
Rod Khleif
Right, right, right. So other, you know, besides the branding, are there any other secrets to selling to super high net worth, you know, luxury buyers? Can you speak to that a little bit? What are you what are the sorts of things that you try to. I mean, I saw your showroom here. It’s magnificent. You’ve got a cafe that’s better than any barista.
00;09;33;03 – 00;09;35;07
Rod Khleif
Any any Starbucks, whatever. That’s right.
00;09;35;08 – 00;09;51;24
Gil Dezer
But you basically have to think of what they want. You know, I kind of know what they want. I live in my own buildings, you know, and. And I’m a potential buyer myself. I see myself if I can’t live in there, I can’t sell it, you know? So we do things that, you know, that you feel you need.
00;09;51;27 – 00;10;09;01
Gil Dezer
In my past buildings, I only recently got a dog. So in my past buildings, we didn’t have a dog grooming station. But now this one, we are okay. Because I see the need. Instead of having that guy with a mobile truck, you have a spot. He can do it in your building. You know, the the hair salon at the Porsche Design Tower was like is the biggest hit going.
00;10;09;07 – 00;10;25;05
Gil Dezer
So we’ve made it larger here in this building. Things like that. Things that Bentley requested that we’re doing here, weird things like for example, there’s there’s a there’s a telephone room. Telephone room. It used to be back in the 80s. There’s a telephone booth. Right? Right. Well, here’s just a national telephone booth without the telephone.
00;10;25;08 – 00;10;25;28
Rod Khleif
You just go in there.
00;10;25;28 – 00;10;45;08
Gil Dezer
With a quiet call. You know, if you’re in the middle of a lobby space. Whatever. I mean, I loved it when they said that. I’m like, that’s a great idea. That’s cool. You know? So you’re unique. It’s unique. So and then, of course, we’re doing what what we were the pioneers on as far as the amenities go. We were the first guys to put the racing simulators in there because we’re doing a Porsche building right now.
00;10;45;08 – 00;11;00;28
Gil Dezer
I see every rental building has a racing similar inside. Really? Yeah. So we get copied on these things. We have a golf simulator and all that fun stuff and and but but it’s these buildings are really built as five star hotels without trains. Yes. Yeah. So yeah.
00;11;00;29 – 00;11;06;15
Rod Khleif
So do you think it was the elevator that drove the Porsche building to the success that it did?
00;11;06;16 – 00;11;19;18
Gil Dezer
It was definitely what got us the attention, and it got us the right kind of clientele, you know, because the building there is full of all like minded buyers, you know, people who love their cars. And and then he gave us an unintentional benefit that we didn’t think about.
00;11;19;19 – 00;11;19;29
Rod Khleif
Which.
00;11;19;29 – 00;11;38;28
Gil Dezer
Is Miami has a lot of South Americans. The South Americans come here to enjoy their success, their wealth. Right. They can’t enjoy it back home. Right? These people are kind of trained and not trained, but you know, it’s grenade kind of be afraid of their own shadow. And somebody might be following me.
00;11;39;00 – 00;11;41;19
Rod Khleif
From a protective. Protective standpoint. Interesting.
00;11;41;21 – 00;11;46;12
Gil Dezer
They love this idea because of the fact that they pull in. They can have a Mercedes.
00;11;46;13 – 00;11;48;13
Rod Khleif
They can have an armored black ladies for that one.
00;11;48;16 – 00;12;05;18
Gil Dezer
But black windows, nobody knows who they are. They can pull right in. They go in the elevator. Go. There’s there’s no valet. Nobody tracking you. Yeah. So it’s a safety and security thing that we as Americans, I don’t think about. I thought about how cool is it to have your car and then the South America. Wow. So I can just come.
00;12;05;21 – 00;12;11;24
Gil Dezer
You saw light bulbs go off on their head, and so we we didn’t start marketing it that way. But we see the tremendous value.
00;12;12;01 – 00;12;14;06
Rod Khleif
Where all your buildings in Sunny Isles.
00;12;14;08 – 00;12;17;29
Gil Dezer
Well, I’ve done a few buildings downtown and down. Yeah. Okay.
00;12;18;01 – 00;12;27;13
Rod Khleif
Yeah. And I know Sunny Isles. I’ve got a Russian friend, great friend that lives here, and it was a big Russian presence here. But you bring in South Americans all from everywhere.
00;12;27;14 – 00;12;36;26
Gil Dezer
The Russians. There was a period of time when the Russians bought here, but that period happened and stopped. Oh it did. Yeah. They were good buyers. Oh, interesting. That period, I think, stopped in 2008. Okay.
00;12;36;26 – 00;12;59;16
Rod Khleif
Yeah. Oh, interesting. So, well, let me ask you this. You know, you’re seeing these big IPOs happening in California and you’re reading these articles about how they want to get the hell out of California. And a lot of them are coming here. And they got the wealth tax. They got the billionaire tax. And there’s a lot of people that with these IPOs are literally getting tens of millions of dollars in instant cash.
00;12;59;18 – 00;13;02;03
Rod Khleif
Do you see that as a real opportunity for you guys.
00;13;02;04 – 00;13;04;03
Gil Dezer
Well it’s not just the cash instant wealth.
00;13;04;04 – 00;13;06;23
Rod Khleif
Well well they have to cash out. They have to cash out.
00;13;06;26 – 00;13;26;17
Gil Dezer
But yeah. Yeah, I’m assuming that if they get smart and move over here, right? I mean, California is going to be a shit show by a million cuts when I get in there. It’s crazy. You know, they’re really cutting everybody crazy. But it’s also in the US is not that easy. You know, you can’t just pick up and leave and but yeah, we, we see the bigger companies coming down here.
00;13;26;19 – 00;13;28;08
Rod Khleif
Oh yeah. That’s happening right now too.
00;13;28;09 – 00;13;38;27
Gil Dezer
And what we did see, you know, Carl Icahn opened up his office down the street here. And since he came in we witnessed a bunch of large sales of houses. But again that’s a ready product. We’re still two years.
00;13;39;03 – 00;13;39;24
Rod Khleif
Yeah. Yeah. You’re still.
00;13;39;24 – 00;13;45;05
Gil Dezer
Yeah. Yeah. That’s. But I’m sure that they’re going to start making plans for the future when they see what’s going on. Right, right.
00;13;45;10 – 00;14;03;24
Rod Khleif
So, you know, you’re a visionary. That’s obvious. How much of development is vision versus execution? Because, I mean, just the myriad of of detail. You know, I’ve built a house. I mean, this is like, crazy to me. So talk about your execution for a minute if you would.
00;14;03;25 – 00;14;05;04
Gil Dezer
So the vision part is the fun.
00;14;05;08 – 00;14;06;00
Rod Khleif
Right, right.
00;14;06;01 – 00;14;07;11
Gil Dezer
Right, right. You sit there and wish.
00;14;07;12 – 00;14;08;16
Rod Khleif
Them the goals and the dreams.
00;14;08;17 – 00;14;26;22
Gil Dezer
Let’s put this and let’s do that. Let’s do this and let’s do that. And then we start pricing things out okay. Maybe we don’t need that you know. So one of the things I really wanted to do in this building that I just couldn’t accomplish was the balcony doors. They opened by touch. Oh, I have it on my boat.
00;14;26;23 – 00;14;42;14
Gil Dezer
Cool. I have a yacht, 140ft. Right, right, right. You press a button, doors open. Right. All you have to. Right. You know, that’s really the only guys who put in lift and slide. Lift this slide. I don’t know if that is when you. It’s a handle that falls down. Okay. Wheels lift up. And you can actually open the door with your partner.
00;14;42;15 – 00;14;44;07
Gil Dezer
Oh. Very good. It’s very.
00;14;44;09 – 00;14;47;12
Rod Khleif
My building like, takes everything. I have to get that freaking.
00;14;47;15 – 00;15;00;10
Gil Dezer
Yeah. That’s that. I don’t like to do that. I consider that cheap construction. Right, right, right. So the lift, the slide is already a high school. But I said, why can’t it be like a boat? Right? And we tried and tried and tried and we couldn’t we couldn’t.
00;15;00;10 – 00;15;00;25
Rod Khleif
Get it done. Yeah.
00;15;00;26 – 00;15;06;02
Gil Dezer
Okay. We could get it done for $40,000 a unit. That was. That was crazy.
00;15;06;07 – 00;15;19;19
Rod Khleif
But but on the execution front, I mean, the the the architects, the engineers, the finance, the capital markets, all these things you have to pull together. What’s your team look like? Let me ask it that way.
00;15;19;21 – 00;15;25;21
Gil Dezer
Very, very short team. Very small team I have we’re four guys. Five guys. Wow. Yeah.
00;15;25;23 – 00;15;29;25
Rod Khleif
You’re building billions of dollars worth of product for guys.
00;15;29;27 – 00;15;30;19
Gil Dezer
The.
00;15;30;22 – 00;15;32;17
Rod Khleif
Well, I mean, the sea level that.
00;15;32;17 – 00;15;47;24
Gil Dezer
My main office has 42 people inside of it. Okay, but we’re four guys. Okay. Yeah. You met Sebastian. He handles sales for everything. Okay. All the projects were doing right now. Okay. And then I have, I have, I have no other titles. Everybody’s a clue. Okay, well.
00;15;47;24 – 00;15;48;25
Rod Khleif
They all have ops. Okay.
00;15;48;26 – 00;15;50;01
Gil Dezer
So they’re all.
00;15;50;03 – 00;16;08;26
Rod Khleif
Over there. So for my own edification, just because, you know, I’m a wannabe when it comes to what you’re doing here. So, you know, you find a piece of land, you throw the land into the deal. You, you you you come up with your vision for what you’re going to put there. Then what? You bring in the architect, you bring in the engineers.
00;16;08;27 – 00;16;23;29
Gil Dezer
The architect helps shape the vision. Okay. Because we start with the product type. This is this is the issues. This is what we want. We want the pool. Don’t put it above. Gotcha. How are you going to sink it if you know that? Ruining the floor below. Right. So we have fun sessions on doing all that.
00;16;24;01 – 00;16;24;10
Rod Khleif
That’s right.
00;16;24;10 – 00;16;25;16
Gil Dezer
Because you got the floor.
00;16;25;19 – 00;16;27;03
Rod Khleif
So you got to build higher. Probably,
00;16;27;05 – 00;16;44;21
Gil Dezer
Well, yeah. No, we came up with a great solution. Okay. You know, but again, we have time to think about it. So we’re kicking around ideas. This is the 16th iteration of a building. Meaning the guy drew 16 other 15 other buildings until we designed. This is what it is. And and that’s it. So when we start playing, we want this.
00;16;44;22 – 00;16;49;23
Gil Dezer
We want that. I’m putting saunas in every single bathroom. Yes, I’m heating floors. I have heated.
00;16;49;25 – 00;16;50;04
Rod Khleif
Oh yeah.
00;16;50;06 – 00;16;52;23
Gil Dezer
Heated floors. Floors in the bathroom. Very cool. Nobody does that.
00;16;52;25 – 00;16;53;18
Rod Khleif
No, that’s nice.
00;16;53;19 – 00;16;58;22
Gil Dezer
But you don’t realize it unless you live here, right? The floors are freezing cold. Oh, yeah, I have.
00;16;58;23 – 00;17;05;01
Rod Khleif
I have these little padded slippers that I’ve never worn before, but I’ve got here from my place in Miami because.
00;17;05;04 – 00;17;21;13
Gil Dezer
Yeah. So? So you need the floors in the bathroom. So we have a shower. We get out to a heated floor. What a great idea. Okay, so. And these things, when you’re building the building, the heated floor is costing you 3800 bucks a unit. Wow. It’s fine. You know, that’s not it’s not not going to break the bank, but yet it makes it for a better product.
00;17;21;15 – 00;17;26;01
Gil Dezer
So those kind of things we do. So those were, those were the the ideas that we throw out.
00;17;26;03 – 00;17;27;26
Rod Khleif
And the architect puts that together.
00;17;27;27 – 00;17;28;20
Gil Dezer
It puts it together.
00;17;28;21 – 00;17;33;15
Rod Khleif
What’s the next stage in the in the process. Well, it’s not sequential. There are probably things happening all the time.
00;17;33;15 – 00;17;48;18
Gil Dezer
But yeah. Next stage is. Yeah. Exactly. All the time. So as he’s putting together, we’re getting ready for a site plan review of the city. Gotcha. We’re getting into a general contractor to start pricing. Right. You know, we’re getting all the ducks in a row. Okay. We’re creating the business model. How much can we sell this for? Need to work.
00;17;48;19 – 00;18;11;22
Gil Dezer
Right? Usually of course does. Because. Right. And and then and then starting to discuss with lenders. You know, just just to identify who would be interested in this kind of thing. We did discuss with lenders for about a year before we actually got into the nitty gritty of signing a deal. So just to let him know, hey, we’re in the market where, you know, let them know so, so and and that’s it.
00;18;11;23 – 00;18;20;06
Gil Dezer
You know the lenders like to watch your progress. Also. They like to say, oh I spoke to him when he first started. Oh here you go. He got the 50% in this time. And that was go.
00;18;20;08 – 00;18;23;21
Rod Khleif
You do drawers and all that business. I’m sure like like you wouldn’t a normal construction.
00;18;23;23 – 00;18;29;09
Gil Dezer
Once you get the loan. Once you close a lot. Right up until then, it’s all equity out. Yes. Okay. So the sales office.
00;18;29;10 – 00;18;33;09
Rod Khleif
So you’re doing you’re doing deposits and everything else to get that done. Yeah. Okay.
00;18;33;10 – 00;18;38;09
Gil Dezer
Yeah. We’re taking a 50% deposit on the project. 30 now and then. Ten and ten. Wow.
00;18;38;11 – 00;18;41;22
Rod Khleif
And I heard the price points in, like, 5.8 to start.
00;18;41;22 – 00;18;47;05
Gil Dezer
Or 5.8. Yeah, but the average units are six and a half for the, for the west side and for the oceanfront or eight and a half to.
00;18;47;05 – 00;18;48;13
Rod Khleif
Nine, eight and a half to nine.
00;18;48;15 – 00;19;02;14
Gil Dezer
Wow. Which is actually cheap. Is it. Yes. Because if you think about it, I bet you it’s cheaper than what you paid for your apartment right now. Because for 9.5 million on the oceanfront. Yeah. For starter for 6.5 million on the on on.
00;19;02;15 – 00;19;02;17
Rod Khleif
The.
00;19;02;17 – 00;19;06;03
Gil Dezer
Backside, on the base, you get 5500ft². Wow.
00;19;06;04 – 00;19;07;29
Rod Khleif
So they’re that big?
00;19;08;01 – 00;19;12;08
Gil Dezer
Yeah. Wow. 5500ft². The unit itself is 2500.
00;19;12;08 – 00;19;13;14
Rod Khleif
Square feet. Well, it’s a balcony.
00;19;13;21 – 00;19;21;23
Gil Dezer
And you have the balconies and you have the garage. Oh, yeah. Because you have a garage. Okay. But for 5500ft², at 6.5 million, it’s $1,200 a.
00;19;21;23 – 00;19;24;17
Rod Khleif
Square foot. That’s a good price. That’s. Yeah, that’s a good price. Okay.
00;19;24;18 – 00;19;36;21
Gil Dezer
That’s a good price. Okay. Oceanfront nine. $9 million for 6000ft². Wow. $1,500 a foot. Yeah. So people who see the value in the balcony, you see the value in the garage, they realize, wow, this is actually kind of cheap.
00;19;36;22 – 00;19;40;10
Rod Khleif
Where are your buyers coming from right now as you’re getting deposits?
00;19;40;12 – 00;19;54;06
Gil Dezer
Oh, yeah. We had we had we had four sales already this month. We had two Americans, one Colombian, one Mexican interest. And we heard we have a few other. Mexico was a big market for Mexico. Yeah. Okay. Yeah. There’s a lot of wealthy Mexican.
00;19;54;08 – 00;20;11;29
Rod Khleif
No kidding. I didn’t know that. Oh, yeah. So? So, you know, your father started this thing. What sorts of things did you pick up from him? Because he’s obviously a visionary as well. You know what? What? Let me ask you this. What have you learned about leadership? Because, you know, you’re running the show now. What? What have you learned?
00;20;12;00 – 00;20;20;10
Rod Khleif
I think I saw a quote where what was it? You hang on, hang on. I’ve got it here. Where?
00;20;20;13 – 00;20;24;25
Rod Khleif
Oh, darn it, now I can’t find it like. Like I wanted to.
00;20;24;27 – 00;20;25;29
Gil Dezer
About the navigator.
00;20;26;01 – 00;20;48;08
Rod Khleif
No, it was really more about your personal mindset around relaxing into it, I think is kind of what I’m remembering. I’ve got it here somewhere. But you know what? What what have you learned? I mean, this is a massive operation you’ve got going here, even with only four people at the top of life. But, you know, what have you learned about leadership?
00;20;48;11 – 00;21;12;07
Gil Dezer
Yeah. Keep that 4 or 5 people at the top. Yeah. Otherwise it gets loose. Okay. We we don’t I don’t do things loosey goosey. Right? Everything is buttoned up tight. Super tight. That’s that’s the main difference between me. My father. Okay. My father really is a true visionary, right? His execution style is extremely okay. So that has got you, you know, and and so but that’s that’s where we come from with each other.
00;21;12;08 – 00;21;12;16
Gil Dezer
You know.
00;21;12;17 – 00;21;19;27
Rod Khleif
So what what is your background like? Schooling and everything. So are you more analytical or are you more, you know, regimented?
00;21;20;03 – 00;21;23;04
Gil Dezer
I’d say I’m more I was a studied finance. Okay.
00;21;23;06 – 00;21;24;01
Rod Khleif
There you go.
00;21;24;03 – 00;21;36;04
Gil Dezer
Okay. I’m definitely a math guy. Okay. I can multiply numbers in my head. Okay. Yeah. So. But and, you know, so. And this is a big math game. You know, the whole development primarily in its.
00;21;36;05 – 00;21;46;10
Rod Khleif
Primarily empirical. It’s primarily in numbers. Same thing in commercial real estate. Yeah. Oh, that’s what it was. You said your management style changed from frustrated to calm. Yeah. That was a quote.
00;21;46;11 – 00;21;50;14
Gil Dezer
Yeah. Well, when I was younger, I, you know, it was the New Yorker and and, you know.
00;21;50;16 – 00;21;51;14
Rod Khleif
Oh, is that where you’re from?
00;21;51;17 – 00;22;01;01
Gil Dezer
Yeah. Yeah. You know, and everybody here was like, you know, slow and frustrating. And so you get into it and you start realizing how you can still get things done, but it just takes a little longer.
00;22;01;02 – 00;22;01;11
Rod Khleif
Right.
00;22;01;13 – 00;22;02;02
Gil Dezer
Right, right.
00;22;02;03 – 00;22;07;29
Rod Khleif
Right. You know, how do you protect the downside risk for something this massive?
00;22;08;02 – 00;22;15;19
Gil Dezer
It’s part of the business plan. Yeah. You know, there’s a huge downside. The biggest downside risk is if something goes wrong in the construction. Oh.
00;22;15;26 – 00;22;17;08
Rod Khleif
Oh, interesting.
00;22;17;11 – 00;22;18;25
Gil Dezer
That’s the real risk. Okay.
00;22;18;26 – 00;22;19;25
Rod Khleif
Have you had that happen?
00;22;19;26 – 00;22;22;27
Gil Dezer
No. Fortunately. My God. What? Of course, there’s always issues.
00;22;22;29 – 00;22;28;20
Rod Khleif
Well, the little things, but what could go wrong? Like, for an example.
00;22;28;22 – 00;22;32;19
Rod Khleif
I guess that’s impossible to answer. That’s a possible to answer.
00;22;32;21 – 00;22;48;23
Gil Dezer
You got a hurricane. Middle construction. You know that that can delay you months, you know. Okay. You have a major subcontractor. Takes a shit on you halfway through the job. Yeah. You know, you your bank stops funding. We saw that in 2008. Oh, sure. Right. It was.
00;22;48;23 – 00;22;50;24
Rod Khleif
Like a light switch when you couldn’t borrow.
00;22;50;24 – 00;23;12;15
Gil Dezer
A dollar. You’re halfway under construction. The lender stop giving you money. Right. I mean, those that’s the where the risk comes in. You know, but as far as the risk of building the building, if you can actually build and execute the building and the building actually stands there, you’ve created value, right? Just financially, there’s no risk. Meaning? Meaning if you can’t pay off the lender, you still have so many units you can refinance to pay off the land.
00;23;12;16 – 00;23;15;16
Gil Dezer
Gotcha. You know. Gotcha. And you’ll take time to sell those.
00;23;15;23 – 00;23;18;01
Rod Khleif
You could separate them. Gotcha. Okay. That makes sense.
00;23;18;03 – 00;23;25;29
Gil Dezer
Okay. Yeah. I mean, buildings that are that don’t sell out. For instance, if they have 20 or 30% inventory and they still own, they still owe it to the banks.
00;23;26;00 – 00;23;26;26
Rod Khleif
Yeah. Okay.
00;23;26;28 – 00;23;36;06
Gil Dezer
They’ll take that 30%. Take a finance on it. Pay the bank off and everybody’s fine. Right. So but the key is execution. The risk is an execution, right?
00;23;36;09 – 00;23;37;03
Rod Khleif
Oh, yeah. In any.
00;23;37;03 – 00;23;38;00
Gil Dezer
Business, you gotta finish.
00;23;38;00 – 00;23;40;21
Rod Khleif
The building. Right. Right. Right. Okay. So.
00;23;40;24 – 00;23;42;15
You know, I know you’ve got a couple of kids.
00;23;42;16 – 00;23;42;29
Rod Khleif
Right.
00;23;43;01 – 00;23;43;14
Okay.
00;23;43;15 – 00;23;52;15
Rod Khleif
And you’ve said your buildings are like your babies. But you’ve said that, father. These are quotes I looked up on you that fatherhood is your greatest gift. I have to agree with you on that. How old are they?
00;23;52;16 – 00;23;54;16
Gil Dezer
They’re now 16 and 13.
00;23;54;17 – 00;24;01;00
Rod Khleif
Oh, wow. Wow, wow. Yeah. So had they changed your definition of success in any way?
00;24;01;02 – 00;24;24;28
Gil Dezer
I mean, just changed my daily responsibilities. You can tell you that. Sure, sure. You know, it’s nice though, to I instilled in them. How is important and how, you know, not being like, just a regular schmo. A daughter of a rich guy. Right. You know, and and have people look at you differently when, when, when you, when you speak properly to them and and understand.
00;24;24;29 – 00;24;43;26
Gil Dezer
And that took a wild effect on them. My, my my oldest is an honor student taking AP classes. I mean it worked on I, I hope they don’t see this. I was not the best student, you know. And I saw it, you know, those better students, they they do. It does help them, you know. But. So I wanted to at least study well and do well in school.
00;24;43;26 – 00;24;44;09
Gil Dezer
And then they’re.
00;24;44;09 – 00;24;46;10
Rod Khleif
Doing it. Do they have an interest in what you’re doing at all?
00;24;46;12 – 00;24;54;21
Gil Dezer
Probably my youngest does. Oh, yeah. Yeah. My oldest also she she likes it. She thinks it’s cool. But my youngest, she wants to. Work my work for daddy.
00;24;54;22 – 00;25;18;01
Rod Khleif
I host the I have the largest coaching program on the planet for multifamily. My students own, I think, about 350,000 units. Oh, wow. And my daughter finally bought a freaking triplex. She’s 35. Finally, finally getting into it was like, good, thank you, good lord. But, you know, are there any things your father taught you that you really couldn’t learn in school?
00;25;18;03 – 00;25;23;04
Gil Dezer
Yeah, yeah, I think I think my main mantra is if you’re going to do it, do it. 100%.
00;25;23;05 – 00;25;23;09
Rod Khleif
Yeah.
00;25;23;09 – 00;25;24;02
Gil Dezer
Because the.
00;25;24;09 – 00;25;43;15
Rod Khleif
The the the the grandiose, you know, magnitude of what you do is like it’s a little, you know, you know, we’re I think we’re locked in by what we believe we can accomplish. How did you get how did you get past any of those blockages? Like, this is so massive.
00;25;43;17 – 00;25;45;24
Gil Dezer
In the beginning, I was like, how do people build these buildings?
00;25;46;01 – 00;25;46;12
Rod Khleif
Yeah.
00;25;46;13 – 00;25;47;19
Gil Dezer
Right. And when you’re in.
00;25;47;19 – 00;25;48;18
Rod Khleif
It, that’s it.
00;25;48;19 – 00;26;06;11
Gil Dezer
You’re like, shit. We’ve been building things since the pyramids, right? Yeah. How much has changed? Okay. You know. Okay. I mean, and that’s what caused my innovation. Car elevators, swimming pools and the documents that people don’t do, right. I’m always trying to innovate because I see, like, again, those sliding doors. If I would have gotten that, we would have been the only building in Miami with a push button sliding door.
00;26;06;11 – 00;26;11;21
Gil Dezer
But it was, you know, it’s cost prohibitive. You know, I was hoping maybe I could sell upgrades, but then I don’t I don’t.
00;26;11;21 – 00;26;12;00
Rod Khleif
Want to.
00;26;12;01 – 00;26;17;26
Gil Dezer
Yeah, that’s I don’t want to sell somebody a $90,000 and then go ask them for $50,000 more. Right. I don’t want to do that. So.
00;26;17;27 – 00;26;19;07
Rod Khleif
So you love this?
00;26;19;09 – 00;26;23;03
Gil Dezer
Yeah. You love this. I love the one. It’s fun. Yeah. Okay. It was not fun.
00;26;23;04 – 00;26;33;22
Rod Khleif
Well, when you love what you do, work is play, and you’re able to innovate. I think you know. But, you know, I didn’t drive my Bentley here today, and. And I’m disappointed that I didn’t actually know.
00;26;33;23 – 00;26;34;17
Gil Dezer
Now at home.
00;26;34;18 – 00;26;44;29
Rod Khleif
I know right. But but, you know, just a sidebar for a minute. And I know your father’s got an incredible collection, as do you in cars. You love cars. You do a rally as well. Right.
00;26;45;00 – 00;26;52;29
Gil Dezer
You do? Yeah. I grew up with cars. I grew up with him taking me to auctions every weekend. And he has his cars. He has a collection of 2200 cars in Orlando.
00;26;53;06 – 00;26;54;11
Rod Khleif
200 cars.
00;26;54;12 – 00;26;57;01
Gil Dezer
It’s in a 600,000 square foot museum.
00;26;57;03 – 00;26;57;20
Rod Khleif
Where is it?
00;26;57;21 – 00;26;59;28
Gil Dezer
It’s on International Drive in Orlando.
00;27;00;02 – 00;27;00;22
Rod Khleif
Oh, it’s in Orlando.
00;27;00;23 – 00;27;05;22
Gil Dezer
Yeah. It’s called desert land. Desert land? Yeah. It’s open to the public. It’s a museum. It’s amazing.
00;27;05;23 – 00;27;06;21
Rod Khleif
2200 cars.
00;27;06;22 – 00;27;23;16
Gil Dezer
Yeah. You can spend days in there. No. Yeah. You can actually spend days in there. It’s pretty amazing. And it’s also in that same building. He has a whole game room set up with, with go kart racing and. Very cool. Yeah. It’s a beautiful place. It’s. And it does very well. It’s in Orlando. It’s it’s like an alternative to going to the park.
00;27;23;18 – 00;27;24;02
Rod Khleif
Gotcha.
00;27;24;03 – 00;27;24;08
Gil Dezer
Yeah.
00;27;24;08 – 00;27;29;25
Rod Khleif
Well, I’m going to check it out. I didn’t even know it was there. Now, you were into cars too. I know you got a big. And you’ve got some really cool shit.
00;27;29;26 – 00;27;31;15
Gil Dezer
I’m into cars that I can drive every day.
00;27;31;16 – 00;27;32;18
Rod Khleif
Yeah. Oh. Are you okay?
00;27;32;18 – 00;27;40;11
Gil Dezer
Okay. In the collectible stuff. So. Okay. Yeah, I have, I have, I have. So my apartment was the inspiration for Porch Design Center.
00;27;40;12 – 00;27;40;26
Rod Khleif
Oh, really?
00;27;40;27 – 00;27;56;14
Gil Dezer
Yeah. It was. I have I built a unit at the Trump Palace, but I took the first three floors of the building, and I connected it to the main garage of the building. Okay. So. And I took a little bit of that garage. So I have a 29 car garage that I parked into, and I walk right into my apartment.
00;27;56;15 – 00;27;56;19
Rod Khleif
Oh.
00;27;56;20 – 00;28;07;10
Gil Dezer
I love it. And I don’t have to go through valet. I don’t have to go through the lobby. I don’t have to go through anything. And everybody who ever walked in and be like, this is amazing. You don’t have L.A., you don’t have a lobby. And that’s where I said, well, hey, why don’t we do that with the elevator?
00;28;07;14 – 00;28;08;16
Rod Khleif
And that’s how I got the inspiration.
00;28;08;17 – 00;28;26;19
Gil Dezer
That’s where the inspiration came from. Connecting the garage. And oh, and I have a swimming pool on my on my. I have a balcony. Wow. The swimming pool. So I said, hey, people really want these components in an apartment. Right? People are tired of having a house. Dealing with the landscape or the painter? The. You know, everybody likes the idea of turning a key and walking away, but yet having all those same components you have in the house.
00;28;26;20 – 00;28;27;09
Rod Khleif
Well.
00;28;27;11 – 00;28;27;29
Gil Dezer
That’s what it does.
00;28;28;00 – 00;28;38;05
Rod Khleif
I mean, you’ve, you’ve you’ve done it here, my friend. I want to tell you. But before I cut loose, you’ve done this. Gumball 3000 rally. Can you tell me what that is? Because I don’t even know what that is.
00;28;38;07 – 00;28;46;05
Gil Dezer
Gumball is my weekly vacation. My annual vacation. Annual vacation. Vacations. One time I shut off my phone. You can’t. You can’t get Ahold of me. Okay.
00;28;46;08 – 00;28;46;20
Rod Khleif
And what.
00;28;46;20 – 00;29;04;08
Gil Dezer
Is it? Every year they changed. The route is a bunch of guys. I bought 120 of us degenerates that we. We get into fancy sports cars and we drive recklessly all over the all over the place. No kidding. This year was was was Miami to Mexico City. Wow. And we drove from Miami. I drove a Bugatti from Miami to.
00;29;04;09 – 00;29;11;11
Gil Dezer
We stopped at my car museum in Orlando was the first stop. My father’s car museum. And and then from there, I switched cars.
