The multibillion-dollar private equity firm Nahla Capital is seeking approval of a plan to expand the Raleigh Miami Beach redevelopment.
New York-based Nahla, led by managing principal Genghis Hadi, will go before the Miami Beach Planning Board on June 2 for comprehensive plan and code amendments allowing the developer to increase the floor area ratio to 2.5 from 2.0, adding more than 66,000 square feet to the project via two additional floors of the residential tower.
Nahla paid $270 million for the 3-acre oceanfront development site in October, taking over from developer Michael Shvo and his partners. The property, at 1775, 1757 and 1751 Collins Avenue, includes the South Seas and Richmond properties.
The change would allow enclosing space within the pavilion and expanding space for programming in the South Seas and Richmond buildings. The proposed project calls for 52 luxury condos, up from the 44 that were planned under Shvo.
The Raleigh, an iconic Art Deco hotel known for its pool, was designed by L. Murray Dixon. Shvo had the original buildings gutted and secured approval for a 17-story luxury condo tower on the beachfront site. In addition to the condos, the project calls for a private members’ club and a hotel component. Shvo hired Peter Marino and Kobi Karp Architecture & Interior Design to design the development.
Nahla has kept much of the original team intact, including Greenberg Traurig land use attorney Alfredo Gonzalez and Karp. Earlier this year, Nahla hired Compass to lead sales and marketing of the condo project.
Under Shvo, One Sotheby’s International Realty handled sales, taking over from the beleaguered brokerage firm Official. Earlier this year, Nahla filed a lawsuit against the seller over a deal involving the use of Marino’s designs.The Raleigh is part of a stretch of Collins Avenue that developers’ have branded “Billionaires’ Beach.” That includes Witkoff and Monroe Capital’s Shore Club Private Collection, the 49-unit Auberge-branded condo and 75-key hotel under construction at 1901 Collins Avenue.
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Development
South Florida
Nahla Capital taps Compass to lead sales of the Raleigh Miami Beach
Development
South Florida
Shvo loses Raleigh Miami Beach in $270M sale to Nahla Capital