WRE News: New York Developer Micheal Shvo is Transforming Miami Beach

Miami Beach, FL – August 18, 2023 – New York real estate broker-turned-developer, Michael Shvo, has set his sights on transforming Miami Beach into a thriving business hub alongside its resort town reputation. 

Shvo, known for his ambitious restoration projects, acquired the 80-year-old Art Deco The Raleigh Hotel in 2019 for $103 million. Now, with a $500 million plan designed by Peter Marino architect, he aims to restore the Raleigh to its former glory while expanding the beachfront property. Just steps away from the historic hotel, Shvo has obtained approvals from city design and the historic-preservation for three South Beach office developments. Two would comprise brand new construction, and the third would be a renovation of the “clock tower” building on Lincoln road.

In addition to these developments, Shvo purchased the historic South Seas Resort and Richmond hotels and obtained approval to demolish their rear sections and construct a 175-foot-tall luxury tower with 42 condos. The facades of the original hotels will be restored and integrated into new buildings. The entire 3-acre property will be managed by Rose Wood Hotels, and sales from the condos will help fund the hotels’ restorations.