Michael Shvo has sold his former Epicure development site in Miami Beach to Infinity Collective, according to information obtained by The Real Deal. The property, located at 1656, 1664, 1676 and 1680 Alton Road and 1677 West Avenue, was previously the site of Epicure Gourmet Market & Café. Shvo had planned a luxury office and apartment project for the location.
The sale comes as Shvo is involved in a dispute over control of the nearby Raleigh condo and hotel development on Collins Avenue with Bayerische Versorgungskammer (BVK), Germany’s largest public pension fund. BVK invested in some of Shvo’s U.S. projects but was not involved with the Alton Road site.
Newmark’s Adam Spies and Marcella Fasulo brokered the transaction. Infinity Collective, based in New York and led by Steve Kassin and David Berg, confirmed the purchase in a statement to The Real Deal.
Shvo received approval from the Miami Beach Design Review Board in 2023 for The Alton, which was planned as a six-story building with about 17,000 square feet of office space and five apartments at the northwest corner of Alton and Lincoln roads. Foster + Partners and Kobi Karp were selected as architects for the project.
In a statement provided to The Real Deal, Shvo said: “Shvo’s singular focus remains super-prime real estate, and we are pleased that Infinity Collective will move forward with much-needed housing at this location.” He also stated that office development was “no longer the highest and best use for this site.”
David Berg of Infinity said that the firm will consider “alternative mixed-use development options.” Infinity already owns several properties in Miami Beach including Esme hotel on Española Way, Variety Hotel at 1700 Alton Road, and properties on Ocean Drive.
Shvo acquired the Alton Road assemblage for $39.3 million in 2022 during a period when South Florida’s office market saw significant growth due to an influx of out-of-state companies leasing space. Office rents surpassed $100 per square foot for the first time across Miami-Dade, Broward, and Palm Beach counties (https://therealdeal.com/miami/2022/04/12/south-florida-office-rents-top-100-per-square-foot-for-first-time-ever/). City officials supported more office developments to shift South Beach’s reputation away from nightlife toward business activity (https://www.miamiherald.com/news/business/article253035978.html).
However, rising interest rates later slowed new company arrivals to South Florida and cooled enthusiasm for additional office construction (https://www.wsj.com/articles/commercial-real-estate-market-slowdown-miami-dallas-phoenix-3c0b5b08). This raised questions about whether certain planned projects—including both The Alton and One Soundscape Park—would proceed as intended.
In March this year, Shvo told The Real Deal that both projects were “full steam ahead,” with construction expected to begin by early next year. Despite these comments, sources say he began quietly marketing The Alton site during the first quarter without specifying an asking price; speculation suggested it might be listed at around its loan value.
Records show that Shvo borrowed $28.3 million from Maxim Capital Group when purchasing the property in 2022. Jason Bordenick from Maxim declined comment on details related to financing or sale negotiations.
There was also uncertainty earlier this year regarding who held authority over selling rights—either Shvo or his German partner Deutsche Finance America—which co-purchased the property with him two years ago.
Elsewhere in Miami Beach, Shvo’s main asset is an assemblage comprising three historic hotels—the Raleigh, South Seas, and Richmond—at 1775–1751 Collins Avenue. Rosewood Hotels is set to brand this luxury condo-hotel project designed by Peter Marino alongside Kobi Karp; it includes restoration work plus a new oceanfront tower. Yet sales have lagged expectations: Nahla Capital recently won a bid to take over development for $275 million while giving Shvo right of first refusal as he seeks matching funds.
