Infinity Collective, a New York-based firm, is seeking approval to build a mixed-use project on the former Epicure Alton Road site in Miami Beach, according to a March 20 report. The proposal comes after previous plans for an office project by developer Michael Shvo did not move forward.
The new plan includes a 14-story building with 184 multifamily units, along with 85,000 square feet of retail space and 35,100 square feet of offices. The Miami Beach Planning Board is scheduled to vote on the request for changes to development regulations on April 7. Final approval will be determined by city commissioners at a later date.
The proposed development covers a 1.4-acre assemblage at addresses including 1656-1680 Alton Road and 1677 West Avenue. It may also involve adjacent commercial buildings between Alton Road and West Avenue. As part of the proposal, the developer has committed that the site will not be used for short-term rentals or as a hotel for the next 30 years.
Alton Ventures Development, which filed for the changes, is majority owned by Infinity’s Steven Kassin and Albert Kassin. Minority investors include Rock Soffer, Abigail Soffer, Estee Natkin, Nathalie Sutton, Raquel Mosseri, Jack Azout, Shlomo Khoudari and Sylvain Argy.
Infinity Collective acquired the property in September from Shvo’s firm through a deed in lieu of foreclosure valued at $28.3 million—the same amount Shvo had borrowed against it in 2022 when he purchased it for $39.3 million. In 2023, Shvo received approval for a six-story project called The Alton with about 17,000 square feet of offices and five apartments but did not proceed amid changing market conditions.
The shift in plans reflects broader challenges in South Florida’s office market due to higher interest rates and reduced demand from new firms entering the area during that period. Several planned projects were canceled as a result.
Shvo has recently sold other high-profile properties following reported disputes with his investment partner Bayerische Versorgungskammer (BVK), Germany’s largest pension fund. These include selling the Raleigh Miami Beach hotels site to Nahla Capital for $270 million and being under contract to sell San Francisco’s Transamerica Pyramid office tower for $700 million.
Elsewhere in Miami Beach, Infinity owns additional properties such as the Esme hotel on Española Way and the Variety Hotel at 1700 Alton Road.
