Manny Angelo Varas, President & CEO, MV Group

In an interview with Invest:, Manny Angelo Varas, president and CEO of MV Group, discussed the company’s growth, market trends, and future priorities in South Florida’s luxury construction sector. Reflecting on the past year, Manny highlighted the significant migration of ultra-wealthy individuals to the region and MV Group’s role in building prestigious waterfront homes. “Our projects, being the most prestigious waterfront projects in South Florida, have served as a gateway for building homes for these owners,” he said.

What are the key milestones for MV Group recently?

The key milestones in the last year have followed the trajectory of the growth of the city overall. In the last 24 months, we’ve seen a significant migration of ultra-wealthy individuals from California and New York. Our projects, being the most prestigious waterfront projects in South Florida, have served as a gateway for building homes for these owners. We’ve seen an enormous influx from New York as well as many from Chicago and California. 

Our homes have evolved from an average build cost of $5 million, with total property values typically ranging from $5 million to $10 million. Today, our luxury renovations and ground-up new construction average over $10 million, with construction costs ranging from $10 million to $20 million. Property values for these projects now range from $25 million to $50 million — and in some cases, up to $100 million.

South Florida continues to attract global business leaders relocating their companies, driving property values higher through top-tier design and construction.

What trends are you seeing in the luxury construction and design industry in South Florida?

The bar has been raised. South Florida was predominantly a gateway to Latin America, with architecture and design focused more on function over form. Now, post-COVID, with the relocations of major international and global companies, there are more end users living here who want to enjoy the weather, make South Florida their permanent residence, and prioritize design and lifestyle as prominent components. Previously, it was more of a functional place for business. The home has become an overall lifestyle, and we’ve seen dynamically elevated levels of design.

Which types of projects or properties are currently driving demand for the company? 

In the past, we were working on a lot of ultra-luxury condominiums and penthouses, and now a lot of the major projects are ultra-luxury homes in the $10 million and $20-plus million range.

Waterfront homes that are intricately designed are our focal point, so there’s no limit on what the overall design could be like.

How is MV Group leveraging innovation and sustainability in its work?

We’ve always incorporated sustainable practices in our waterfront homes, from elevating sea walls to breakaway walls or spaces on the ground level. By elevating the entire home, the space below becomes multifunctional — serving as impressive car storage for 10-20 cars or a receiving space during non-storm conditions. In case of a storm, it allows water to flow through, ensuring homes are built to sustain a 100-year storm.

For in-home technologies, we’ve integrated health-focused features, including infrared sensors in mechanical systems, as post-COVID demand has increased for air quality monitoring, moisture control, and invisible speakers for a seamless design. Each space is designed to be highly functional while maintaining a design edge.

Are there any potential changes in the regulatory space that could impact how you design projects for your clients?

Currently, the building code for hurricanes is not expected to change anytime soon. From a political standpoint, there have been no major changes. However, we’ve seen functional improvements, with building departments aiming to be more efficient. Departments like Coral Gables and Miami Beach have digitized their systems, leading the way in streamlining the bureaucratic process.

Are there any new demands or expectations in luxury home construction in South Florida right now?

We’ve seen a significant demand for multifunctional, dynamic spaces. Homeowners are prioritizing adaptable spaces—such as study areas that transform into libraries, offices, or guest suites—allowing for seamless transitions between work and leisure.

What would you say are the primary challenges facing the luxury housing market in South Florida right now?

The biggest challenges are lead times and effective pre-planning for projects. Building through COVID taught us to be more effective with pre-planning. We’ve continued this approach from a pre-construction standpoint, making pre-planning more critical than the execution phase. Effective pre-planning now assumes delays and material shortages, even though we’re not currently forecasting such issues as dramatically as we were a few years ago.

Are there any untapped areas or potential expansions you’d like to pursue?

We’re looking at expanding into the Palm Beach market due to its overall growth. We aim to be more selective with projects as we have a considerable waiting list of clients. South Florida will continue to grow dynamically, and the World Cup being here in two years will further fuel the market’s expansion. If property taxes are reduced or eliminated, it could substantially boost the market. Continuing to execute at the highest levels remains our best opportunity for growth.

Looking into the future, what will be the main priorities or goals for MV Group over the next two to three years?

At this point, we’re looking at continuing to work through a backlog of projects. Currently, it’s over $100 million. We’d like to grow that to $250 million in backlog, meaning projects that are in our pipeline and that we are planning and scheduling in order to plan them effectively. 

We’re working on a series of projects, from Star Island to Indian Creek, including one of the largest homes in Miami-Dade County — a 26,000-square-foot home on seven acres. We’re innovating across all locations and collaborating with cities to align with their zoning and building requirements, bringing them up to date. For example, we built the first flat-roof home in Coral Gables a few years ago, which helped change the code to permit such designs. We’re consistently pushing boundaries as much as possible.