Nahla Capital Seeks to Expand Condo Units at Miami Beach's Raleigh
Private equity firm Nahla Capital has submitted a proposal to the Miami Beach Planning Board to modify the redevelopment of the historic Raleigh Hotel complex. The plan involves adding two floors to the residential tower, increasing its height to 17 stories and expanding the total area by 66,264 square feet. This modification would raise the number condominium units from 44 to 52. Additionally, the proposal includes constructing a two-story beach pavilion next to the iconic pool to house a 690-seat restaurant, alongside a 60-room hotel component. Nahla Capital, led by Genghis Hadi, acquired the three-property site, which includes the Raleigh, Richmond, and South Seas hotels, for $270 million from Michael Shvo and his partners last year. The previous redevelopment efforts had stalled amid legal issues involving sales brokers and shifting market conditions. The Planning Board is scheduled to review the application on June 2. This move marks a significant step forward for the long-delayed project located between 1751 and 1775 Collins Avenue, aiming to revitalize the historic Art Deco structures while preserving their facades.
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Nahla Capital Seeks to Expand Condo Units at Miami Beach's Raleigh
Private equity firm Nahla Capital has submitted a proposal to the Miami Beach Planning Board to modify the redevelopment of the historic Raleigh Hotel complex. The plan involves adding two floors to the residential tower, increasing its height to 17 stories and expanding the total area by 66,264 square feet. This modification would raise the number condominium units from 44 to 52. Additionally, the proposal includes constructing a two-story beach pavilion next to the iconic pool to house a 690-seat restaurant, alongside a 60-room hotel component. Nahla Capital, led by Genghis Hadi, acquired the three-property site, which includes the Raleigh, Richmond, and South Seas hotels, for $270 million from Michael Shvo and his partners last year. The previous redevelopment efforts had stalled amid legal issues involving sales brokers and shifting market conditions. The Planning Board is scheduled to review the application on June 2. This move marks a significant step forward for the long-delayed project located between 1751 and 1775 Collins Avenue, aiming to revitalize the historic Art Deco structures while preserving their facades.
Commercial Observer