Shvo Secures Approval for Third Miami Beach Office
By Julia Echikson December 5, 2023 12:40 pm
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Michael SHVO secured final approval for his mixed-use project in Miami Beach, designed by renowned architect Norman Foster.
The six-story development, called The Alton, will feature 170,000 square feet of rentable office space, 17,000 square feet of ground-floor retail and five luxury residences. It’s unclear whether the residential units will be condos or rentals.
The Manhattan-based developer acquired the 1.4-acre site, at the intersection of Alton Road and the Lincoln Road shopping promenade, for $39 million last year, according to property records. The lots now contain low-rise retail buildings and a surface parking lot.
The unanimous approval from the Miami Beach Design Review Board this week came three months after the city’s Planning Board also greenlighted the development. Kobi Karp will serve as the local architect for the development, which is being designed by Foster + Partners, the practice founded by Foster in 1967.
Construction is expected to begin next year. A representative for Shvo did not immediately respond to a request for comment about the project’s construction financing.
Shvo is one of the most active developers in Miami Beach, with the Alton becoming his third office project. Last year, the developer secured approval to develop a boutique office building near SoundScape Park and to redevelop a 13-story office property on Lincoln Road commonly known as the clock tower building. Foster + Partners is designing both projects.
In July, the developer also secured $190 million for the redevelopment of the historic oceanfront Raleigh hotel.
Julia Echikson can be reached at jechikson@commercialobserver.com.
