Investor Robert Shor just can’t keep himself away from South Beach.
Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, 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.
Read more
Commercial
South Florida
Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach
Commercial
South Florida
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Commercial
South Florida
It’s a go: Michael Shvo scores final approval for Raleigh Hotel development in Miami Beach