Shvo offers another office in Miami Beach – Commercial Observer

Michael Shvo struck again in Miami Beach by offering another boutique office on the island.

The New York-based developer is looking to build a six-story building totaling 68,794 square feet, with 21,423 square feet for office space, a 58-space parking lot on the upper floors, and a 1,094-square-foot cafe on the ground floor. pavement. floor.

On September 20, the Miami Beach Planning Board will consider the Kobi Karp-designed development, located between 1665 and 1667 Washington Avenuejust north of Lincoln Road and three blocks from the beach.

Shvo’s office proposals come as other top developers race to build offices in Miami Beach to meet the demand of billionaires moving to the island and seeking bases closer to home.

Separate groups led by Starwood Real Estate Group and Peebles Corporation have office fit-out projects totaling 210,000 square feet near Lincoln Road. Miami Beach residents will vote on both developments in November.

For the Washington Avenue project, Shvo and its partner Deutsche Finance America acquired the 12,000 square foot site in two parts.

In February, companies paid $4.5 million for about half the land — a plot of 4,500 square feet which includes a three-storey building. The pair secured the remaining acreage through a $103 million deal in 2019 that also included parts of the historic Hotel Raleighwhich Shvo and the German private equity firm are restoring and expanding.

Shvo, a brash early-stage residential broker-turned-developer, has been hard at work in Miami Beach for the past few months.

Just last week, the developer obtained 147 million dollars in financing of Acore Capital for the Raleigh project.

Across Lincoln Road, along Alton Road, Shvo, still with Deutsche Finance America, is develop a 250,000 square foot office with a Pritzker Prize-winning architect Norman Foster design. This project has recently obtained approvals.

For its residential developments, Shvo has operated Louise Suna prominent real estate veteran who once worked for the former President Trumpto oversee sales and marketing efforts, as The real deal.

A representative for Shvo declined to comment.

Julia Echikson can be contacted at [email protected].

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