Shvo Proposes Another Miami Beach Office
By Julia Echikson September 14, 2022 6:34 pm
reprints
Michael Shvo has struck again in Miami Beach, proposing another boutique office on the island.
The New York-based developer is seeking to construct a six-story building totaling 68,794 square feet, with 21,423 square feet for offices, a 58-slot parking lot on the top floors, and a 1,094-square-foot coffee shop on the ground floor.
On Sept. 20, the Miami Beach Planning Board will review the Kobi Karp-designed development, located between 1665 and 1667 Washington Avenue, just north of Lincoln Road and three blocks from the beach.
Shvo’s office proposals come as other high-profile developers are rushing to build offices in Miami Beach to meet demand from billionaires relocating to the island and seeking bases near their homes.
Separate groups led by Starwood Property Group and Peebles Corporation have proposed office developments totaling 210,000 square feet near Lincoln Road. Miami Beach residents will vote on both developments in November.
For the Washington Avenue project, Shvo and partner Deutsche Finance America acquired the 12,000-square-foot site in two prongs.
In February, the firms paid $4.5 million for about half of the land — a 4,500-square-foot parcel that includes a three-story building. The pair obtained the remaining square footage through a $103 million deal in 2019 that also included parts of the historic Raleigh Hotel, which Shvo and the German private-equity firm are now restoring and expanding.
Shvo, a brash residential broker of the early aughts turned developer, has been hard at work in Miami Beach over the past few months.
Just last week, the developer secured $147 million in financing from Acore Capital for the Raleigh project.
Across Lincoln Road along Alton Road, Shvo, again with Deutsche Finance America, is developing a 250,000-square-foot office with Pritzker-winning architect Norman Foster designing. That project recently scored approvals.
For his residential developments, Shvo tapped Louise Sunshine, a prominent real estate veteran who once worked for former President Trump, to oversee sales and marketing efforts, according to The Real Deal.
A representative for Shvo declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
