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high-profile team led by billionaire developer Barry Sternlicht and architect Bjarke Ingels has secured approval to revamp the Standard Spa, Miami Beach. The project involves expanding and renovating the waterfront hotel at 40 Island Avenue, with partners including hospitality CEO Miguel Isla Esteve, Anthonio de la Rúa, Sebastian Sas, and others. The property will remain a Standard-branded hotel, offering memberships and amenities like the pool and spa to its 650-700 members.

    The redevelopment plan includes replacing the east wing with a five-story building featuring six luxury condos and 50 hotel rooms, renovating the three-story west wing, and reducing the room count from 67 to 50. The project also involves on-site parking and expanding the property by incorporating adjacent lots at 1 and 2 Farrey Lane. This will improve back-of-house operations and create an entrance for the residential component.

    Ingels' firm BIG is designing the project, with Kobi Karp Architecture & Interior Design serving as architect of record. Smaller minority investors include tech billionaire Peter Thiel, biotech investor Jeff Aronin, and former Softbank Group International CEO Marcelo Claure. The group, Nomade Lido LLC, partnered with Integra Investments to handle development, but has no ownership stake.

    The project's design was praised by the Miami Beach Design Review Board for its consideration of neighborhood concerns and the addition of parking, which will alleviate traffic on the Venetian Causeway. The property, originally developed in 1953 as the Monterrey Motel and Yacht Club, reopened as the Standard Spa in 2005 following a renovation led by André Balazs.