Shvo Moves Forward With Raleigh Hotel Redevelopment in Miami Beach With $147M Loan
By Julia Echikson September 13, 2022 4:03 pm
reprints
Michael Shvo has scored a total of $147 million now for the redevelopment of the historic Raleigh Hotel in Miami Beach, property records show.
The Manhattan-based developer plans to restore the eight-story hotel, originally constructed in 1940, and build a 17-story condo tower next door. The development, designed by Peter Marino and Kobi Karp, will boast 220 feet of ocean frontage, 60 rooms and 44 luxury condos, totaling 313,000 square feet.
Construction is already underway. Rosewood Hotel & Resorts is set to manage the property.
In 2019, Shvo, a high-profile luxury broker turned developer, along with Deutsche Finance America, paid $220 million for the Raleigh property and two buildings just south of it, located at 1751, 1757 and 1775 Collins Avenue, according to property records.
Last week, Shvo nabbed a $36.4 million loan from Acore Capital, bringing the total financing to $146.8 million since 2019, according to mortgage documents. A representative for Shvo declined to comment.
The Raleigh makeover is the latest redevelopment of historic properties along Miami Beach’s famed oceanfront strip.
Stephen Ross’ Related Companies has proposed a similar hotel and condo conversion of the Deauville Beach Resort with legendary architect Frank Gehry designing. Miami Beach residents are set to vote this November on whether to allow Ross’ development.
Last year, The Witkoff Group and Monroe Capital announced plans to revamp the Shore Club Hotel but face a $125 million lawsuit over allegations they cut out a partner, The Clark Estates.
Besides the Raleigh project in Miami Beach, Shvo is developing a 250,000-square-foot office on Alton Road with Norman Foster as architect.
Julia Echikson can be reached at jechikson@commercialobsevrer.com.
