Miami Beach Greenlights Projects By Shvo, Witkoff and Galbut
By Julia Echikson December 14, 2022 5:28 pm
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Miami Beach officials approved three redevelopment projects of historic properties on the island by three real estate heavyweights Tuesday.
Michael Shvo will revamp a prominent office building on Lincoln Road, and Crescent Heights’ Russell Galbut and Steven Witkoff will each demolish existing structures, paving the way for new hotels and condos.
Shvo’s Newest Miami Beach Office
The Miami Beach Preservation Board unanimously approved Shvo’s plans for major updates to 407 Lincoln Road, a 13-story office building, famous for the clock atop its rooftop.
The New York-based developer, along with the architectural firm of world-renowned architect Norman Foster and local architect Kobi Karp, will turn the facade into floor-to-ceiling glass windows, add balconies and “wellness amenities,” and renovate common areas.
Shvo does not yet own the building. His eponymous firm Shvo is under contract to buy it from EuroAmerican Group. A representative for Shvo declined to comment.
The Lincoln Road project marks Shvo’s third office development in Miami Beach, which include a six-story building along Lincoln Road, also designed by Foster, and a 52,500-square-foot building along Soundscape Park, designed by Peter Marino. Shvo is also redeveloping the historic, oceanfront Raleigh hotel.
Galbut’s Boutique Hotel
Russell Galbut, the founder of the prominent Crescent Heights development firm, scored approvals by a margin of 5 to 1 to add a seven-story hotel with 75 rooms at 1030 Sixth Street, a block north of South Beach’s famed Fifth Street.
The decision permits the Miami-based developer to partially tear down the existing property, which includes three two-story buildings constructed in 1938. Galbut paid $5.7 million for the property earlier this year.
Shoring up Witkoff’s Shore Club
The Miami Beach Preservation Board unanimously granted The Witkoff Group’s wish to first demolish the non-historic portions of the property before starting the redevelopment process — shortening the construction timeline.
The New York-based developer, along with partner Monroe Capital, secured approvals in September to redevelop the Shore Club, originally built in 1949, into the Auberge, a luxury complex with 49 residences and 75 hotel rooms, while retaining parts of the original structure.
In the latest proposal, the joint venture petitioned the board to approve the demotion of a 20-story tower and a two-story cabana building, which were added to the property in 2001. The move will expedite the construction by about eight months, said a member of Miami Beach’s board.
After the demolition, Witkoff and Monroe will be required to secure permits to begin the redevelopment phase of the project, which is to include the construction of a tower designed by Robert A.M. Stern Architects.
Across the bay in Miami, Witkoff and Monroe are in the early stages of developing a major mixed-use development inside Miami Worldcenter.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The story was amended to reflect the updated number of condo units and hotel rooms of the Shore Club redevelopment project.
