Developer Michael Shvo has exited the Raleigh Miami Beach project following its sale to Nahla Capital for approximately $270 million. The property, located at 1775, 1757, and 1751 Collins Avenue in Miami Beach, spans three acres and was previously acquired by Shvo and his partners for $243 million in 2019. The original purchase included the Richmond and South Seas hotels.
Nahla Capital, a New York-based private equity firm managing $2 billion in assets, secured the winning bid for the property this summer. According to sources, JVP Management provided Nahla with $250 million in financing for both acquisition and development work. Bloomberg first reported news of the transaction.
Shvo had initially planned to redevelop the site into a luxury condominium and hotel complex. He hired Peter Marino along with Kobi Karp Architecture & Interior Design to design the project, which called for a 17-story tower featuring 44 high-end condos, a private members’ club, and a hotel component. The historic Raleigh Hotel is known for its Art Deco design by L. Murray Dixon.
Presale prices were mostly above $5,000 per square foot; one unit reportedly went under contract at nearly $8,500 per square foot according to The Wall Street Journal. However, the project faced competition from other nearby developments such as Witkoff and Monroe Capital’s Auberge-branded redevelopment of the Shore Club.
Last year, Shvo ended his relationship with Official—a sales firm co-founded by Oren and Tal Alexander—after allegations of rape and sexual assault surfaced against them. Anna Sherrill of One Sotheby’s International Realty subsequently took over sales efforts.
In 2023, BH3 Management originated a $190 million refinancing loan on the property; that loan was paid off as part of this sale process.
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.
Separately in September, Shvo sold another Miami Beach assemblage on Alton Road—intended for an office and apartment development—to Infinity Collective via deed-in-lieu-of-foreclosure. He retains partial ownership in his One Soundscape Park office project at 1665 and 1667 Washington Avenue in Miami Beach.
