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Shvo scores approval for office project in Miami Beach
63k sf building will rise six stories on Washington Avenue
Michael Shvo’s vision to develop offices in Miami Beach is coming closer to reality.
On Tuesday, the city planning board greenlit his proposal for a 62,500-square-foot building at 1665 and 1667 Washington Avenue. The vote marked the second of Shvo’s proposed office projects in Miami Beach to score final approval in the past two months.
Called One Soundscape Park in a nod to its proximity to Soundscape Park, the Washington Avenue development will consist of five levels of offices, according to a Shvo news release. Renderings also show a ground-floor.
The Real Deal reported in 2022, when the proposal was first filed to the city, that the building also would have ground-floor retail, including a 1,000-square-foot coffee shop. A spokesperson for Shvo,however, said the final plan does not include retail.
One Soundscape Park was designed by architect Peter Marino and Kobi Karp. The project marks Marino’s first office project, according to the release.
Shvo, through his eponymous New York-based firm, also scored final approval in December for the six-story The Alton on the northwest corner of Alton and Lincoln Roads. Designed by Foster + Partners and Kobi Karp, The Alton would have 170,000 square feet of offices on levels four to six, five apartments on level three, and ground-floor retail and restaurant space.
The Miami Beach Design Review Board approved variances for The Alton that allow the building to rise 78 feet, or 3 feet higher than the maximum allowed, and for a 12-foot ground-floor elevation, or 2 feet less that what’s required, records show.
Shvo, who started his real estate career as a broker in New York before becoming a developer, has made a hefty wager in South Beach commercial real estate in recent years. His third office project is the planned redevelopment of the 13-story building at 407 Lincoln Road.
In 2019, Shvo, Deutsche Finance and a group of German institutional pension funds paid roughly $243 million for the Raleigh, South Seas and Richmond hotels at 1751, 1757 and 1775 Collins Avenue. Shvo is redeveloping the properties into a 60-key Rosewood-branded hotel and 42-unit condo building. In July, he scored a $190 million refinancing for the project.