Luxury real estate developer and investor Shvo has closed on an assemblage including 1656-1680 Alton Rd. and 1677 West Aven. at the nexus of Lincoln Road in Miami Beach. Plans call for developing 250,000 square feet of Class A commercial space with over 300 feet of prime Alton Road exposure, grand terraced outdoor rooms and panoramic views. The building will be designed by Foster + Partners, the firm’s first building in Miami Beach.
Joining a significant portfolio of Miami Beach assets including the Raleigh Hotel, this acquisition builds upon an established Shvo commitment to Miami Beach. In partnership with Deutsche Finance America, the acquisition closed in June for $39.3 million.
“Our design is inspired by the climate and vegetation of Florida to create a protected courtyard and to merge the workplace with nature and the outdoors,” said Norman Foster, founder and executive chairman of Foster + Partners. Shvo also is collaborating with Foster + Partners at Transamerica Pyramid Center in San Francisco. “The Alton will be a model of healthy lifestyle and sustainability.”
“The Alton is an exceptional opportunity to elevate office space to a global audience and cultural significance — featuring an above-and-beyond sustainability commitment, tailored super prime office space and quality unparalleled in Miami Beach,” said Michael Shvo, chairman and chief executive officer.
