New York development company Infinity Collective has revised the plans for its major mixed-use project in Miami Beach. The scheme is being developed on the historic site of the former Epicure Gourmet Market between 1656 and 1680 Alton Road, in the immediate vicinity of Lincoln Road. The company acquired the site last year from Michael Shvo in proceedings to avert foreclosure.
The current design for the 14-storey building with a gross floor area of 302,135 square feet provides for a reduction in the residential component. The number of planned rental units drops by 38 to 142 apartments. At the same time, the developer is reinforcing the commercial elements of the complex: Class A office space increases by around 8,000 square feet to 51,200 square feet, while retail space on the first two floors increases by just over 2,000 square feet to a total of 45,313 square feet.
Realignment following acquisition via deed in lieu of foreclosure
In addition to the main building, a five-storey car park with approximately 365 parking spaces is planned on the opposite side of the block at 1677 West Avenue. PBDW Architects is responsible for the architectural design. The Miami Beach Planning Board, which had already approved the original plans in April, is scheduled to consider the modified planning application on 8 December.
Land registry records indicate that Infinity Collective acquired the 1.4-acre site last year for 28.3 million dollars. The transaction was executed via a deed in lieu of foreclosure. The change of ownership coincided with a period in which Shvo was involved in legal disputes with his partner, a Bavarian pension fund, over several projects, including the redevelopment of the nearby beachfront hotel The Raleigh. However, the German pension fund held no interest in the Alton Road plot.
Background of the vacant site
Former luxury broker Michael Shvo had originally envisaged a six-storey office building at the location based on designs by renowned architect Norman Foster. While Shvo had the existing buildings, which had housed the Epicure delicatessen until its closure in 2017, completely demolished, actual construction work was never commenced. To this day, the centrally located site remains disused.
