Michael Shvo’s proposed Miami Beach (Raleigh) tower gets approval

The Miami Beach Historic Preservation Board approved developer Michael Shvo’s plans to add a residential tower behind the landmark Raleigh Hotel.
Michael Shvo and a rendering of the project www.therealdeal.com

Residential tower will now be 175 feet tall, rather than 200 feet

The Miami Beach Historic Preservation Board approved developer Michael Shvo’s plans to add a residential tower behind the landmark Raleigh Hotel.

But that tower won’t be 200 feet tall, as Shvo had proposed. Instead, following community outcry and a passionate plea from board chairman Jack Finglass during a meeting on Tuesday, the board shortened the residential addition to 175 feet.

Although the tower will be 25 feet shorter than what he had sought, Shvo, chairman and CEO of New York-based SHVO, proclaimed the approval of a victory.

“This approval marks a new milestone in the partnership between SHVO, South Beach, and the surrounding community,” Shvo said in a statement. “SHVO will continue to honor Miami’s rich history and culture. We vow to play a significant role in the city’s continued growth and transformation.”

Last year, Shvo, Bilgili Holdings, and Deutsche Finance America invested a combined $219.6 million to buy the 80-year-old Raleigh Hotel at 1775 Collins Avenue and the neighboring 79-year-old South Seas and Richmond hotels.

In September, Shvo promised to invest another $500 million redeveloping the site.


Read the full story: www.therealdeal.com
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