Nahla Capital Seeks Approval for Expanded Raleigh Miami Beach
Key Takeaways
- •Nahla Capital paid $270 million for the 3-acre Raleigh Miami Beach site in October.
- •Proposed expansion would add 66,000 square feet through two additional residential floors.
- •Development plan increased from 44 to 52 luxury condominiums under new ownership.
New York-based private equity giant Nahla Capital is advancing plans to expand its luxury Raleigh Miami Beach redevelopment, seeking city approval for significant additions to the oceanfront project.
The firm, led by managing principal Genghis Hadi, will present its case to the Miami Beach Planning Board on June 2. Nahla is requesting amendments to increase the floor area ratio from 2.0 to 2.5, which would add more than 66,000 square feet through two additional floors on the residential tower.
Nahla acquired the 3-acre oceanfront site for $270 million in October, taking control from developer Michael Shvo and his partners. The property encompasses 1775, 1757, and 1751 Collins Avenue, including the historic South Seas and Richmond buildings.
The expanded development would accommodate 52 luxury condominiums, an increase from the 44 units originally planned under Shvo's ownership. Additional changes include enclosing space within the pavilion and expanding programming areas in the South Seas and Richmond structures.
The iconic Raleigh hotel, designed by L. Murray Dixon, represents a significant piece of Art Deco architecture known for its distinctive pool. Shvo had previously gutted the original buildings and secured approvals for a 17-story luxury condominium tower. The comprehensive project includes plans for a private members' club alongside the hotel component.
Nahla has retained key members of the original development team, including Greenberg Traurig land use attorney Alfredo Gonzalez and Kobi Karp Architecture & Interior Design. Peter Marino's design firm also remains attached to the project, maintaining continuity with the established vision.
Earlier this year, Nahla appointed Compass to handle sales and marketing for the condominium component, replacing One Sotheby's International Realty, which had taken over from brokerage firm Official under the previous ownership structure.
Legal complications have emerged, with Nahla filing a lawsuit against the seller regarding the use of Marino's architectural designs. The dispute highlights the complexities involved in major development transitions.
The Raleigh development sits within a prestigious stretch of Collins Avenue that developers have dubbed "Billionaires' Beach." This exclusive corridor includes Witkoff and Monroe Capital's Shore Club Private Collection, featuring a 49-unit Auberge-branded condominium and 75-key hotel currently under construction at 1901 Collins Avenue.
The planning board's decision will determine whether Nahla can proceed with its enhanced vision for the historic property, potentially setting the stage for one of Miami Beach's most significant luxury developments.
