Nahla Capital's plan to remake the Raleigh on Collins Avenue survived a near miss at Miami Beach City Hall.
On Oct. 14, the City Commission initially voted down two comprehensive plan and code amendments that would raise the floor area ratio on the oceanfront site from 2.0 to 2.5. Hours later, commissioners reconsidered the item in the same meeting and moved it forward on first reading, with Commissioner David Suarez casting the only dissenting vote. The measure needed support from six of the seven commissioners.
Commissioner Joe Magazine sponsored the item, and he voted in favor both times along with Commissioners Laura Dominguez and Alex Fernandez. Mayor Steven Meiner, Suarez and Commissioner Monica Matteo-Salinas opposed it the first time around. Matteo-Salinas, who switched on reconsideration, signaled that a yes on second reading is not guaranteed and said she is open to meeting with the parties involved.
What the extra density buys
The higher FAR would add more than 66,000 square feet to the project, delivered as two additional floors on the planned residential tower. If the amendments pass final review, the redevelopment would total just over 332,000 square feet.
New York-based Nahla, led by managing principal Genghis Hadi, is planning 52 condominium residences, fewer than 80 hotel rooms and a private members' club across the 3-acre assemblage at 1751, 1757 and 1775 Collins Avenue. The site combines the Raleigh, the L. Murray Dixon-designed Art Deco landmark famous for its pool, with the neighboring Richmond and South Seas buildings, all three of which have been gutted.
The program is leaner than what the site is already entitled for. Approvals granted in 2020 allow up to 84 residential units and 86 hotel keys. The previous ownership group led by Michael Shvo had planned a 17-story tower with 44 condos.
Timeline and commitments
As part of the first-reading package, Nahla agreed to fund $1.2 million in infrastructure improvements and to reach a temporary certificate of occupancy by the end of 2031, assuming the Historic Preservation Board signs off by early next year. Hadi has pegged the total investment needed for the project at roughly $1 billion. Alfredo Gonzalez of Greenberg Traurig represented the developer at the meeting.
Kobi Karp Architecture and Interior Design remains the architect of record on the redevelopment. Nahla appeared before the Miami Beach Planning Board on the proposal over the summer.
How we got here
The Raleigh has been closed since 2017, and Nahla is its fifth owner in roughly 15 years. The firm bought the assemblage in October 2025 for $270 million from Shvo and his partners.
The handoff has not been seamless. Earlier this year Nahla filed suit against the seller over the right to use designs by architect Peter Marino, who had been tapped for the Shvo-era plan and later withdrew from the project.
What's next
The commission is scheduled to take up the amendments on second reading in November. Pricing, a sales launch date and a residential brand have not been announced, and the unit count, design and timing could still change as the project moves through historic preservation review.
