No Comments

New Class A Office Planned For South Beach

One Soundscape Park_Photo Credit-Shvo 1170x435

An approved plan calls for the construction of a new Class A office building in South Beach by premium real estate developer Shvo.

The Miami Beach Planning Board unanimously approved the construction of One Soundscape Park on January 30, according to Michael Shvo, CEO and Chairman of the real estate development company. Located at 1665-1667 Washington Ave., this five-story Class A office building spans 62,500 square feet and is situated across from both SoundScape Park and the New World Symphony.

According to a press release, the project would be the first office structure built by Peter Marino Architect, a 160-person architecture business based in New York that Marino started in 1978. The building will have a roof terrace, on-site valet parking, and a private porte-cochere entrance with vertical gardens. It will be co-designed by Miami-based firm Kobi Karp Architects.

 

Source:  SFBJ

No Comments

Shvo Secures Approval For The Alton In Miami Beach

the alton miami beach_photo credit sfbj 1170x435

Final approval was obtained by Michael Shvo for his mixed-use project in Miami Beach, which was created by the renowned architect Norman Foster.

The Alton, a six-story building, will have five luxury apartments, 17,000 square feet of ground-floor retail space, and 170,000 square feet of rentable office space. It’s unknown if the residential buildings will be rentals or condominiums.

This Monday, the Miami Beach Design Review Board unanimously approved the construction, after the city’s Planning Board’s approval three months earlier. Foster + Partners, the company that Foster started in 1967, is designing the complex, and Kobi Karp will be the local architect for it.

Construction is expected to begin next year.

 

Source:  Commercial Observer

No Comments

Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

Shvo is betting big on Miami Beach.

Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city.

The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park.

The tower would mark Shvo’s third office project in the city.

But first Shvo’s firm has to acquire the property. An entity called EuroAmerican Group owns the building, which is split into 12 office condos, according to property records. Shvo’s filing with the city likely means a sale will soon be finalized. Shvo declined to comment and Michael Shvo could not be reached for comment.

Shvo tapped Foster + Partners and Kobi Karp as architects. Shvo will seek to completely renovate the exterior of the building and renovate the lobby, elevators and clock display, plans show. The renderings of the building look unrecognizable from the building’s current design.

Wealthy people have long flocked to Miami Beach, but mostly to live, not work. In recent years, developers have sought to capitalize on the wealth migration by building more office space for family offices and headquarters, as well as for the influx of tech and financial firms to the Miami area.

In addition to the Lincoln Road project, Shvo is building a six-story office building on Washington Avenue, and a 250,000-square-foot office building on Alton Road, both in Miami Beach. Shvo’s plans follow two major, controversial Miami Beach office proposals, one by Don Peebles, former Miami Beach mayor Philip Levine and Scott Robins, and another by Integra Investments, Barry Sternlicht’s Starwood and Michael Comras’ The Comras Company. The proposals, to be built on city-owned parking lots under 99-year leases, are heading to a referendum on Nov. 8.

An entity tied to Key International founder Jose Ardid bought the Lincoln Road office tower from the Financial Federal Savings & Loan Association in 1982, records show. In 2003, Key International sold the property to EuroAmerican Group, which lists Ivan Gonzalez Ruiz as president.

Shvo’s other major project in Miami Beach is the redevelopment of the oceanfront Raleigh and two other neighboring hotels. Shvo is planning to redevelop the historic Raleigh and build a 44-unit luxury condo tower. Rosewood Hotels & Resorts was tapped as the branding partner for the hotel.

 

Source:  The Real Deal

 

No Comments

Michael Shvo Plans Second Miami Beach Office Project

Michael Shvo is doubling down on Miami Beach’s office market.

Fresh off obtaining city approval for an office project along Alton Road, Shvo has filed plans for a six-story office building at 1665-1667 Washington Avenue, according to city records.

The Kobi Karp-designed development would have 21,000 square feet of offices on the top five floors, 58 parking spaces, a 1,000-square-foot ground-floor coffee shop and a 5,500-square-foot rooftop amenity deck. The site is just over a quarter of an acre.

The Miami Beach Planning Board is expected to vote on the proposal Sept. 20.

Shvo’s eponymous New York-based company, through an affiliate, bought the property at 1665 Washington for $4.5 million in February, property records show. It currently houses a three-story office building spanning 10,000 square feet. The vacant lot at 1667 Washington Avenue was included in Shvo’s $103 million purchase of the Raleigh Hotel in 2019.

In his other South Beach office development, Shvo wants to build a 250,000-square-foot project that will include retail on the site of a commercial strip at 1656-1680 Alton Road — including the former home of Epicure Gourmet Market & Café — as well as an adjacent parking lot at 1677 West Avenue.

In June, the Miami Beach Planning Board approved vacating an alley to allow the project to proceed. The Alton Road building still needs design approval from the city.

Shvo’s office projects come as South Beach approaches a crossroads. Developers and some city officials are calling for office construction that would help shed the area’s party image. Yet, others are pushing back over traffic concerns and questions regarding demand to lease the space.

In November, Miami Beach voters will cast ballots on plans by two development teams — one led by Don Peebles, and the other by Integra Investments and including Barry Sternlicht as a partner — to build offices on separate sites near Lincoln Road.

Shvo, who started out as a broker before becoming a developer in New York, initially set his sights on Miami Beach’s oceanfront hotel market, with plans for redevelopment. He and his partners, Turkish investor Serdar Bilgili and Deutsche Finance, bought the Raleigh, South Seas and Richmond hotels for a total of $243 million in 2019. The partnership hit rough patches, with heated lawsuits erupting between Bilgili and Shvo. The suits were settled, with Shvo and Deutsche pursuing their plans for the hotels.

They plan to restore the properties and develop a 17-story, 44-unit condo tower on part of the Raleigh site. The high-end Rosewood Hotels & Resorts will manage the Raleigh and brand the new tower.

 

Source: The Real Deal

No Comments

South Beach Retail Property Trades For $39 Million

Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Robert Shor is back to buying, scooping up a vacant retail property across the street for $10 million.

Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to Orlando Garcia of Coral Gables-based Secured Debt Investments, according to records. The 9,000-square-foot condo is on the ground floor of a two-story building immediately north of the 1111 Lincoln garage and retail building.

Irma Figueroa and Vicki Freeman of the Comras Company represented the seller. Seth Gadinsky of Gadinsky Real Estate represented Shor.

In June, Shor sold the 60,000-square-foot commercial strip across the street at 1656-1680 Alton Road, as well as an adjacent 0.2-acre parking lot at 1677 West Avenue, to Michael Shvo, who plans to redevelop the property into a 250,000-square-foot office and retail complex. The property includes the former Epicure Gourmet Market & Café building.

Shor said an Ace Hardware store on that strip, set to close next year, will reopen in April in the vacant retail space he bought this week.

Alton Road, a main north-south connector on the western end of Miami Beach, is poised for more development after city residents in August approved a zoning referendum that allows for bigger projects in the Alton gateway area.  The vote allows developers Russell Galbut and David Martin of Terra to build a taller mixed-use project at 710 Alton Road.

 

Source:  The Real Deal

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.