South Florida Business Journal

Luxury developer receives approval to build Class A office in South Beach

Erik Bojnansky , Jan 31, 2024

A New York-based luxury real estate developer has the green light to build a new Class A office building in South Beach.

On Jan. 30, Michael Shvo, CEO and Chairman of real estate development firm Shvo, received unanimous approval from the Miami Beach Planning Board to build One Soundscape Park. The five-story, 62,500-square-foot Class A office building at 1665-1667 Washington Ave. is across the street from SoundScape Park and the New World Symphony.

The vote from the planning board was the last one the project needed and is now fully entitled, a spokesman said. More than a year ago, One Soundscape Park received the blessing of the Miami Beach Historic Preservation Board.

The building will be the first office property designed by Peter Marino Architect, a 160-person New York-based architecture firm founded by Peter Marino in 1978, Michael Shvo stated in a release. The project, which will be co-designed by Miami-based firm Kobi Karp Architects, will include a roof terrace, on-site valet parking, and a private porte-cochere entrance with vertical gardens.

“One Soundscape Park will redefine the office landscape in Miami Beach and reiterates our commitment to bringing world class design and architecture to the city,” Shvo said.

This isn’t the only office project Svho intends to build on Miami Beach. The city’s Historic Preservation Board approved plans proposed by Shvo and Deutsche Finance America to construct a mixed-use project at 1656 Alton Road, called The Alton, that will include 170,000 square feet of office space.

Office space is in strong demand on Miami Beach from executives and billionaires who reside in that city and don’t wish to commute to work in an office setting.

However, office space built after the early 2000s is extremely rare in that city. A rare example is the 144,430-square-foot Starwood Headquarters building at 2340 Collins Avenue, developed and curated by billionaire Barry Sternlicht, that was completed in December 2021. But more are on the way.

Eighteen Sunset, a five-story office building now being built at 1752 Bay Road, is slated to be finished this year. According to brokers representing the project, listed office rents are above $100 per square foot.

Besides The Alton and One Soundscape, Shvo is moving forward with their plans to add luxury condominiums on a three-property assemblage that includes the historic Raleigh, Richmond, and South Seas hotels at 1751-1775 Collins Ave. In July, Shvo and Deutsch Finance received a $190 million construction loan from Fort Lauderdale-based BH3 Management to renovate The Raleigh, which is slated to reopen as a Rosewood Hotel & Resorts managed property in 2026.