Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project
MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million.
The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald.
No further approvals are needed and construction is expected to begin within the year.
Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal.
Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that was added to the Raleigh in 1961.
“The Raleigh Hotel is the crown jewel of Miami Beach,” says Shvo. “We will continue to honor Miami’s rich history and culture.”
The developer purchased The Raleigh Hotel from Tommy Hilfiger in February 2019 for $103 million, and the Richmond and South Seas for a combined $140 million in August 2019.
Shvo’s development, ownership and investment firm, SHVO, focuses on core, value-add and opportunistic investments.
— Kristin Hiller