Real estate owner and developer Michael Shvo has won approval from the Historic Preservation Board (HPB) of the City of Miami Beach to move forward with the three-acre master plan development of The Raleigh Hotel, together with the South Seas and the Richmond, located on Collins Avenue and 18th Street in Miami Beach.
Project costs are estimated at $750 million.
The board approved The Raleigh Master Plan to fully restore the three properties and to unify them as one site in order to operate them as a luxury hotel and condominium building, as presented by developer Michael Shvo, chairman and CEO of SHVO, and his partners. The approved plan includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas.
“The Raleigh Hotel is the crown jewel of Miami Beach,” said Shvo. “This approval marks a new milestone in the partnership between SHVO, South Beach and the surrounding community. SHVO will continue to honor Miami’s r
