A
long-stalled redevelopment project on Miami Beach's Art Deco waterfront may be revived, but only if its developer can find a way to hold on. Nahla Capital, a New York-based real estate firm, has emerged as the leading bidder for the Raleigh Hotel site, a three-property compound that includes the historic Raleigh, Richmond, and South Seas hotels.

    Nahla's bid of approximately $275 million is a significant increase from the original purchase price of about $243 million in 2019. Developer Michael Shvo still has a chance to match the offer, but it would require a substantial influx of fresh capital to buy out his partners and refinance or restructure the project's debt.

    The trio of hotels, located in the heart of Miami Beach's Art Deco district, has sat largely untouched for years despite grand plans to restore the iconic Raleigh, build a luxury beach club, and erect a high-end condo tower. The site has generated millions annually in loan interest, taxes, and upkeep, making it a costly liability.

    With $190 million in looming debt and nearly $20 million in annual interest payments, Shvo is under mounting financial pressure. A sale could mark a dramatic turning point for one of Miami Beach's most closely watched and long-delayed redevelopments.