Here’s what led to Michael Shvo’s exit from the Raleigh Miami Beach project

In the fall of 2023, developer Michael Shvo told a crowd of real estate professionals that buyers were paying up to $12,000 per square foot for condos at the planned ultra-luxury Raleigh project in Miami Beach.  “We probably have the most expensive product in Miami Beach,” Shvo said at The Real Deal’s Showcase and Forum. “We are seeing high-profile buyers,” including from Middle East countries like Qatar and Turkey. At the time, Shvo was leading the planned redevelopment of the Raleigh, South Seas and Richmond hotels on Collins Avenue into a 60-key hotel and 42-unit condominium. The project was closely […]This article originally appeared on The Real Deal. Click here to read the full story.