I
nvestors led by billionaire Barry Sternlicht are planning to renovate and upgrade the Standard hotel in Miami Beach, which was originally developed as the Monterrey Motel and Yacht Club in 1953. The project will be designed by starchitect Bjarke Ingels of BIG and Kobi Karp Architecture & Interior Design will be the architect of record. The proposal includes redeveloping the east wing into a five-story mixed-use building with six luxury condos and 50 hotel rooms, renovating the three-story west wing, and reducing the hotel rooms in the west wing to 50 from 67. The property was acquired for $62 million in late 2021 by a company in which Sternlicht owns about 15.4 percent. He is partnering with several well-known businessmen on the project, including Antonio de la Rúa, Sebastian Sas, Peter Thiel, Jeff Aronin, Martin Franklin, Marcelo Claure, and Miguel Isla Esteve, each owning about 10 percent. The Miami Beach Design Review Board will vote on whether to grant variances for side yard setback, aggregating three lots versus two allowed by the city, and permitting a minimum height for the first floor slab. The project is estimated to cost about $61 million.