SHVO TO DEVELOP "THE ALTON" - FIRST FOSTER + PARTNERS OFFICE BUILDING IN MIAMI BEACH

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Jul 05, 2022, 16:40 ET

Prime assemblage at 1656-1680 Alton Road and 1677 West Avenue slated to elevate Miami Beach commercial real estate standards to global stage

MIAMI BEACH, Fla., July 5, 2022 /PRNewswire/ -- SHVO, the luxury real estate development and investment firm, closed on an assemblage including 1656-1680 Alton Road and 1677 West Avenue at the nexus of Lincoln Road. This significant site is targeting developing 250,000 square feet with over 300 feet of prime Alton Road exposure, grand terraced outdoor rooms, and panoramic views.

Joining a significant portfolio of Miami Beach assets including the famed Raleigh Hotel, this acquisition builds upon an established SHVO commitment to Miami Beach. In partnership with Deutsche Finance America, the acquisition closed June 3rd for $39.3 million.

SHVO plans to develop unique Class A commercial space with renowned design firm Foster + Partners, recognized internationally for conceiving state-of-the-art office space. The first Foster + Partners office building in Miami Beach, this development builds upon SHVO's collaboration with Foster + Partners at Transamerica Pyramid Center in San Francisco. Kobi Karp Architects will reinforce this vision as local veteran expertise. The Alton is slated for an emphatic commitment to quality, sustainability, and a conscious initiative to elevate the standard of Miami Beach office space.

Lord Norman Foster, Founder and Executive Chairman of Foster + Partners, said "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. 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.

Outdoor space is a vital amenity and signature to the proposed setback massing. The site embraces high-design and execution potential slated to raise Miami Beach commercial space standards.

SHVO is committed to high-performance and high-design commercial properties as demonstrated by additional portfolio assets 711 Fifth Avenue and 530 Broadway in New York, and 333 South Wabash Avenue in Chicago.

About SHVO

SHVO is a real estate development and investment firm built on the vision of Chairman & CEO Michael Shvo to create culture-defining experiences in iconic properties.

Headquartered in New York City with offices in Miami, San Francisco, Los Angeles, and Chicago, SHVO owns and operates a national portfolio with more than $8 billion in assets under management and 4.5 million square feet across commercial office and retail space, hospitality, and luxury residential assets. The firm's selective portfolio of architecturally significant properties, from innovative ground up new developments to revitalized landmarks that define skylines in the world's leading cities, includes the Transamerica Pyramid in San Francisco, The Raleigh Hotel in Miami Beach, 333 South Wabash Avenue ('The Big Red') in Chicago, Mandarin Oriental Residences at 9200 Wilshire Boulevard in Beverly Hills, Mandarin Oriental Residences Fifth Avenue in New York City and the AMAN New York Hotel and Residences at the Crown building.

Renowned for its expertise, SHVO is fully integrated with highly diversified industry experience in every aspect of acquisitions, finance, development, design, sales, leasing, property management, hospitality, and sustainability.

www.shvo.com.

About Foster + Partners

Foster + Partners is a global studio for architecture, urbanism and design, rooted in sustainability, which was founded over fifty years ago in 1967 by Norman Foster with his late wife, Wendy. Since then, he and the team around him have established an international practice with a worldwide reputation for thoughtful and pioneering design, working as a single studio that is both ethnically and culturally diverse. The studio integrates the skills of architecture with engineering, both structural and environmental, urbanism, interior and industrial design, model and film making, aeronautics and many more – our collegiate working environment is similar to a compact university. These diverse skills make us capable of tackling a wide range of projects, particularly those of considerable complexity and scale. Design is at the core of everything that we do. We design buildings, spaces and cities; we listen, we question, and we innovate.

The studio has established an international reputation with buildings such as the Hearst Headquarters in New York, 30 St Mary Axe, popularly known as The Gherkin, in London, Millau Viaduct in France, the German Parliament in the Reichstag, Berlin, The Great Court for the British Museum, Headquarters for HSBC in Hong Kong and London, the ME Hotel in London, Commerzbank Headquarters in Frankfurt, the Metro Bilbao, the Carré d'Art Nîmes, the sustainable Masdar development in Abu Dhabi, and research centres for Stanford University, California. Recent work includes the Norton Museum of Art in West Palm Beach, Samson Pavilion for CWRU and Cleveland Clinic in Ohio, Duo Central Park in Sydney, Apple's headquarters in California, Bloomberg's new European headquarters in London and the Comcast Technology Center in Philadelphia. Currently, the practice is involved in projects such as the New Slussen Masterplan in Sweden, Kuwait International Airport, and 425 Park Avenue in New York.