A billionaire real estate mogul is setting his sights on Arizona.
Jorge Perez is known as Miami's "Condo King" for developing $17 billion worth of South Florida real estate since 1979.
Now, he's turning his attention to Arizona, with plans to invest a half billion dollars into Valley real estate development.
Perez says it will be a mix of retail and residential with three projects expected to launch next year.
It's unclear how many jobs the projects could bring with them, and the exact locations have not been disclosed yet.
Perez says he chose Arizona because of the low unemployment rate and other positive economic indicators that he believes make it a good long-term play for his company, Related Group.