Mayor Francis Suarez joins advisory board for this Miami luxury real estate firm
Miami Mayor Francis Suarez has joined the board of advisors for South Florida luxury real estate firm ISG World, adding another responsibility to the mayor’s growing private portfolio.
Suarez, 44, is taking an unpaid position on the new board formed to lead the firm’s expansion into new markets, identify new development opportunities and provide direction on recruiting talent, according to a news release.
“I am looking forward to joining my fellow board members on the inaugural ISG World Board of Advisors,” Suarez said in a prepared statement. “With my vision for city growth, new technology and my previous experience in real estate law, I will advise ISG World on strategic real estate and development growth in new markets.”
The arrangement stems from an investment made by Coral Gables-based private equity firm DaGrosa Capital Partners, where Suarez has served as senior operating partner since May.
DaGrosa Capital Partners recently invested an undisclosed amount in ISG World, a real estate brokerage that the South Florida Business Journal described as one of the largest sellers of new condos in South Florida. ISG World has sold more than $12 billion in real estate across 150 projects since 1992, according to the firm’s website.
Suarez and his boss, chairman and founder Joseph DaGrosa Jr., both have seats on the newly formed ISG advisory board. The board also includes ISG World CEO Craig S. Studnicky, and Michael Ambrosio, president of ISG. Studnicky is the advisory board’s chairman.
Suarez easily won reelection Nov. 2 and is seen by some in the Republican Party as a potential candidate for higher office. His political fundraising has benefited from his relationship with his private equity firm. DaGrosa contributed $150,000 to one of Suarez’s political committees during his reelection campaign this year.
The mayor has a second private-sector job working of counsel at Los Angeles-based Quinn Emanuel Urquhart & Sullivan, a national litigation firm that opened a Miami office this year. The mayor joined the firm in May.
For his City Hall position, which is largely ceremonial with little legislative power, Suarez receives a salary and other cash benefits that total $130,600. Being an elected official in the city of Miami is officially considered a part-time job, though Suarez and other politicians tend to dismiss this designation and argue they dedicate many hours to the job.
This story was originally published December 6, 2021 at 11:57 AM with the headline "Mayor Francis Suarez joins advisory board for this Miami luxury real estate firm."
