Developer Michael Shvo is no longer involved in the Raleigh Miami Beach project, a high-profile property he had planned to redevelop into a luxury condominium and hotel. Nahla Capital, a private equity firm based in New York with $2 billion in assets under management, acquired the three-acre site at 1775, 1757, and 1751 Collins Avenue for approximately $270 million. The Real Deal confirmed the sale through sources after Bloomberg first reported it.
Nahla Capital secured $250 million in financing from JVP Management, also based in New York, to support both the acquisition and future development of the property. The deal signals Shvo’s exit from the Miami Beach market. He and his partners—Deutsche Finance America and a group of German pension funds—originally purchased the Raleigh assemblage for $243 million in 2019. The property includes not only the Raleigh but also the Richmond and South Seas hotels.
Shvo hired Peter Marino and Kobi Karp Architecture & Interior Design to redesign the Raleigh project. The redevelopment plan called for gutting existing buildings and constructing a new 17-story luxury condo tower on the beachfront site. Plans included 44 luxury condos, a private members’ club, and a hotel component. The Raleigh itself is an Art Deco landmark designed by L. Murray Dixon.
Most presales were priced above $5,000 per square foot; according to reports from The Wall Street Journal, one unit was under contract for nearly $8,500 per square foot. However, competition was strong from nearby projects such as Witkoff and Monroe Capital’s Auberge-branded redevelopment of the Shore Club.
Last summer saw changes in sales representation after Shvo ended ties with Official—the former Side-backed brokerage co-founded by Oren and Tal Alexander—following allegations against them of rape and sexual assault. Anna Sherrill of One Sotheby’s International Realty subsequently took over sales responsibilities.
In 2023, Shvo’s partnership refinanced with a $190 million loan originated by BH3 Management; that loan has now been paid off as part of this transaction.
A spokesperson for the Raleigh stated: “The partnership has chosen to sell the property to Nahla following its repositioning of the project.”
The sale was arranged by Adam Spies and Marcella Fasulo of Newmark.
In September prior to this sale, Shvo transferred ownership of his Alton Road assemblage—intended for office and apartment development—to Infinity Collective via deed-in-lieu-of-foreclosure. He still retains partial ownership in another Miami Beach development at One Soundscape Park on Washington Avenue.
