{"id":943,"date":"2025-10-24T18:38:56","date_gmt":"2025-10-24T23:38:56","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/breakdown-of-what-went-wrong-at-michael-shvos-raleigh\/"},"modified":"2026-04-13T10:49:01","modified_gmt":"2026-04-13T14:49:01","slug":"breakdown-of-what-went-wrong-at-michael-shvos-raleigh","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/breakdown-of-what-went-wrong-at-michael-shvos-raleigh\/","title":{"rendered":"Breakdown of What Went Wrong at Michael Shvo’s Raleigh"},"content":{"rendered":"<\/p>\n
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In the fall of 2023, developer Michael Shvo told a crowd of real estate professionals that buyers were paying up to $12,000 per square foot for condos at the planned ultra-luxury Raleigh project in Miami<\/a> Beach.\u00a0<\/p>\n

\u201cWe probably have the most expensive product in Miami<\/a> Beach,\u201d Shvo said at The Real Deal<\/em>\u2019s Showcase and Forum. \u201cWe are seeing high-profile buyers,\u201d including from Middle East countries like Qatar and Turkey.<\/p>\n

At the time, Shvo was leading the planned redevelopment of the Raleigh, South Seas and Richmond hotels on Collins Avenue into a 60-key hotel and 42-unit condominium. The project was closely followed by many who wanted to see the iconic Art Deco Raleigh brought back to life after years of dormancy.\u00a0<\/p>\n

It also marked Shvo\u2019s trophy asset in one of the hottest markets in the country, where his pipeline also included three planned Class A office projects in Miami Beach.\u00a0<\/p>\n

But just two years later, Shvo this month sold the Raleigh assemblage to New York-based Nahla Capital for $270 million. In September, he sold The Alton office development site via a deed-in-lieu of foreclosure to Infinity Collective for $28.3 million.\u00a0<\/p>\n

An affiliate of New York-based Shvo, the developer\u2019s company, still owns an office development site on Washington Avenue in Miami Beach. The third office project was planned for the clock tower building on Lincoln Road, but Shvo did not end up purchasing the property.\u00a0<\/p>\n

The sale of the Raleigh marks a dramatic exit for Shvo. He declined to comment for this story through a spokesperson.<\/p>\n

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