Michael Shvo has sold the former Epicure development site on Alton Road in Miami Beach to Infinity Collective. The assemblage, which includes properties at 1656, 1664, 1676 and 1680 Alton Road, as well as 1677 West Avenue—the former location of Epicure Gourmet Market & Café—was previously intended for a luxury office and apartment project.
Shvo’s sale comes while he is involved in a dispute with Bayerische Versorgungskammer (BVK), Germany’s largest public pension fund, over control of the nearby Raleigh condo and hotel development on Collins Avenue. BVK did not have an investment in the Alton Road site.
Newmark’s Adam Spies and Marcella Fasulo brokered the transaction. Infinity Collective, led by Steve Kassin and David Berg, confirmed their purchase of the property in a statement to The Real Deal.
In 2023, Shvo received approval from the Miami Beach Design Review Board for The Alton—a six-story building with approximately 17,000 square feet of office space and five apartments designed by Foster + Partners and Kobi Karp. However, plans shifted amid changing market conditions.
New York-based Shvo stated: “Office development was ‘no longer the highest and best use for this site.’” He added: “Shvo’s singular focus remains super-prime real estate, and we are pleased that Infinity Collective will move forward with much-needed housing at this location.”
David Berg said Infinity will look into “alternative mixed-use development options.”
Infinity’s Miami Beach holdings include the Esme hotel on Española Way, the Variety Hotel at 1700 Alton Road, and several Ocean Drive properties.
Shvo bought the Alton Road site for $39.3 million in 2022 during a period when South Florida’s office market saw significant growth due to an influx of out-of-state companies leasing offices. Office rents surpassed $100 per square foot for the first time in Miami-Dade County as city officials encouraged new office developments to shift away from South Beach’s party reputation. However, rising interest rates slowed new firm arrivals and dampened enthusiasm for office projects across South Florida (https://therealdeal.com/miami/2022/06/22/south-floridas-office-boom-has-barely-begun-developers-say-at-trd-event/).
Despite telling The Real Deal earlier this year that construction would begin soon on both The Alton and his One Soundscape Park project at 1665-1667 Washington Avenue—smaller-scale offices compared to those planned in Brickell—sources indicate that Shvo quietly marketed The Alton site for sale starting early this year.
Marketing materials were distributed privately among select developers under non-disclosure agreements. While no official asking price was listed, industry sources suggested it was close to the outstanding loan amount on the property. In 2022, Shvo borrowed $28.3 million from Maxim Capital Group to finance his purchase; Jason Bordenick of Maxim declined comment.
Questions also arose about whether Shvo or Deutsche Finance America—the German partner who co-purchased the property—had authority over its sale; Deutsche Finance America did not respond to requests for comment.
Meanwhile, Shvo continues efforts to retain control over his high-profile Collins Avenue project comprising historic hotels such as Raleigh, South Seas and Richmond at addresses including 1775 Collins Avenue. That venture has faced challenges with presales; Nahla Capital recently won a bid to take over development for $275 million. Sources say Shvo retains right of first refusal as he attempts to match that offer.
