The Raleigh Miami Beach
The Raleigh Miami Beach is entering a defining new chapter: an Art Deco legend on “Billionaires’ Beach” that went from a stalled, billion‑dollar redevelopment to a headline‑making relaunch with a completely fresh sales team led by Compass, including top Miami agents Ivan Chorney and Michael Martirena. The project sits at the intersection of heritage, design, ultra‑prime real estate and reputational reset, making it one of the most closely watched developments in Miami Beach for global ultra‑high‑net‑worth buyers and family offices.
For serious buyers and advisors, one fact stands out: in a market where access and credibility are everything, the appointment of Compass Development Marketing Group, with a core team of Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena and Liz Hogan, signals a clean break from the past and a new level of institutional‑grade execution at The Raleigh.
A Failed $1B Redevelopment and a Fresh Team Steps In
The story of The Raleigh’s new era cannot be understood without the context of what the New York Post bluntly described in its headline as the “failed 1 billion dollar Raleigh Hotel redevelopment” and the relaunch of sales with a “fresh team.” The paper reports that the previous 1 billion dollar transformation plan under developer Michael Shvo and the Alexander brothers has effectively come to an end, with the project stalled amid sluggish sales, ultra‑ambitious pricing, bold design and highly publicized allegations against its former star brokers.
According to the New York Post, the initial vision, featuring a Rosewood hotel and some of the priciest residences on Miami Beach, including a proposed 13,000 square foot roof house asking around 150 million dollars, struggled to gain traction. Units were announced with prices starting around 10 million dollars and sizes ranging from just over 2,000 to nearly 8,000 square feet, all mandated to have at least 10 foot high ceilings by architect Peter Marino. Sales were slow, competition from other new towers increased and the reputational fallout tied to the Alexander brothers’ legal troubles in New York further clouded the project’s sales efforts.
As the Post notes, “The 1 billion dollar transformation of the Raleigh Hotel on Miami Beach is dead. Long live Raleigh.” With Shvo and the disgraced Alexander brothers now off the redevelopment, a new owner, a new sales strategy and a new team have taken over, reframing The Raleigh as a legacy asset ready for a more disciplined and credible relaunch.
Nahla Capital, Rosewood and the New Direction
The reset began when New York based private equity firm Nahla Capital acquired the three acre oceanfront development site, including The Raleigh and the adjacent Richmond and South Seas hotels, for 270 million dollars in October. The Real Deal confirms that Nahla is a multibillion‑dollar firm led by Genghis Hadi, who already has a successful track record with Rosewood Residences Beverly Hills.
Crucially, as the New York Post emphasizes, Rosewood remains on board to brand the residences and manage the hotel at The Raleigh, despite the ownership and design shakeups. A Rosewood spokesperson is quoted saying the company is working closely with its partners “to bring to life an exceptional experience across the hotel and residences,” underscoring the brand’s continued commitment to the Miami Beach project.
The transition from Shvo to Nahla has not been without turbulence. Starchitect Peter Marino, originally tapped to redesign the entire three acre site and the 17 story tower with 40 residences, has since withdrawn, resulting in a reported 10 million dollar lawsuit related to the use of his designs. Miami based Kobi Karp Architecture remains as architect of record and Nahla must still secure approval from Miami’s Historic Preservation Board for any new tower massing, landscaping changes or alterations to Art Deco elements at The Raleigh, the Richmond and the South Seas.
Even with these challenges, the key pillars remain: a Rosewood branded ultra‑luxury hotel, a limited number of branded residences in a new tower and a private beach club on one of the most coveted stretches of sand in Miami Beach.
A Legendary Art Deco Landmark on Billionaires’ Beach
Set at 1775 to 1751 Collins Avenue, The Raleigh is not just another oceanfront property; it is one of Miami Beach’s most storied Art Deco landmarks. Designed in 1940 by architect L. Murray Dixon, the building became instantly recognizable thanks to its classic Art Deco facade and its now iconic curvilinear pool, often described as one of the most beautiful hotel pools in the United States. Over the decades, that pool, along with spaces like the Martini Bar and the Tiger Room, has been a backdrop for films, fashion shoots and celebrity studded events, cementing The Raleigh’s place in the cultural fabric of Miami Beach.
The property sits on a coveted stretch of Collins Avenue that the market has dubbed “Billionaires’ Beach,” a rare corridor where price per square foot, international attention and architectural significance converge. Neighboring developments, including ultra prime branded projects with record setting penthouses reportedly trading above eight figures and over 11,000 dollars per square foot, illustrate the level of wealth and exclusivity concentrated along this shoreline.
For global ultra‑high‑net‑worth individuals, Billionaires’ Beach offers a powerful mix of direct oceanfront access on a globally recognized beach, protected historic architecture within Miami Beach’s Art Deco district and next generation mixed use concepts that combine luxury hotels, branded residences and private beach clubs. In that context, The Raleigh stands apart: it is not a new glass tower trying to manufacture a story; it is a piece of Miami Beach history being elevated to match today’s ultra‑luxury standards.
What the New Raleigh Is Expected to Offer
Both the New York Post and prior project materials outline a clear vision for what the reimagined Raleigh will likely include, even as design details evolve.
Key elements include:
- Around 60 high end rooms and suites in the Rosewood branded hotel, elevating the guest experience while preserving the property’s Art Deco character.
- A separate new condo tower for Rosewood Residences, expected to feature an opulent fitness center and a private entrance to Rosewood’s Asaya Spa, including a dramatic hammam and a range of high end treatments.
- A Raleigh Beach Club with roughly 215 feet of South Beach oceanfront, combining a private members’ club and elegant beachfront dining, a concept originally approved when Tommy Hilfiger owned the hotel.
- Lavish revamps of the Martini Bar and Tiger Room, preserving and updating two of the property’s most storied social venues.
- Five private villas behind the Art Deco facade of the Richmond and a repositioning of the South Seas property, previously envisioned as a restaurant component.
The Raleigh’s world famous fleur de lis shaped pool, featured on the cover of Life magazine and in films such as “The Birdcage,” “Bad Boys” and “Up Close and Personal,” is also being restored, reinforcing the project’s commitment to honoring its cinematic and cultural heritage.
Under Shvo, the private beach club was to be operated by Italy’s famed Langosteria, but the Post reports at least one source suggesting they are no longer involved, even though the restaurant declined comment. The market expects Nahla to secure a partnership with a different world class restaurateur, aligning the food and beverage program with the project’s ultra‑luxury positioning.
Compass Steps In: A Fresh, High Credibility Sales Team
Both the New York Post and The Real Deal highlight the same critical pivot: with Shvo and the Alexander brothers out, Nahla Capital has tapped Compass to lead sales and marketing for The Raleigh Rosewood Residences and the hotel component. Compass Development Marketing Group will relaunch sales for a redesigned complex, effectively resetting the project’s commercial strategy.
The Real Deal reports that the new sales team is composed of Compass agents Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena and Liz Hogan. Morgan Ball, senior managing director of Florida for Compass Development Marketing Group, and Kastanis were key in securing the exclusive assignment for Compass after a competitive process that likely included other top brokerages.
In the New York Post piece, Nahla’s Genghis Hadi explicitly frames the decision as a function of expertise and reputation. He notes that The Raleigh is one of the most storied properties in Miami Beach and that its next chapter demands a team with the expertise and relationships to successfully sell a product of this caliber, emphasizing that the brokerage partners were selected for their proven ability to operate at the highest level with global reach, discretion and precision.
That statement is not just praise; it is a signal to the market that the new sales structure is designed to withstand scrutiny and deliver results in a project coming out of a highly visible, controversial past.
Ivan Chorney and Michael Martirena: At the Front Line of the Relaunch
Within this fresh team, Ivan Chorney and Michael Martirena stand out as key figures at the point where The Raleigh meets Miami’s ultra‑luxury buyer community. Known collectively as the Ivan and Mike Team, they have built a track record in new development and ultra prime residential sales that aligns directly with what The Raleigh now requires.
Their credibility rests on several pillars:
- Deep new development experience in Miami and Miami Beach, with well over a billion dollars in new construction and luxury transactions and hundreds of millions in recent annual sales.
- Specialization in branded and ultra prime products, focusing on waterfront trophy assets and high design towers where developer relationships and global buyer reach truly matter.
- Global reach and a concierge level advisory model, serving UHNW clients and family offices across the United States, Latin America, Europe and the Middle East.
- Reputational alignment with Nahla’s mandate for discretion, precision and institutional level execution in a project emerging from controversy.
For buyers and advisors, engaging with Ivan Chorney and Michael Martirena means accessing the core knowledge loop on how, when and under what structure The Raleigh’s relaunch will reach the market.
Why the New Raleigh Matters for Global Investors
The combination of the Post’s “failed 1 billion dollar redevelopment” framing and The Real Deal’s “Nahla taps Compass to lead sales” coverage underscores a crucial point: The Raleigh’s relaunch is not simply a marketing pivot, it is a full reputational reset backed by a new capital stack, a global hotel brand and a hand picked sales team.
From an investment perspective, The Raleigh occupies a unique position at the crossroads of historic Art Deco scarcity on a three acre oceanfront estate, a Rosewood branded hotel and residences model with strong global recognition, a Billionaires’ Beach location drawing record breaking penthouse sales and a new, institutional caliber ownership and sales structure designed to appeal to a more discerning buyer base.
For UHNW investors and family offices, that makes The Raleigh less of a speculative bet and more of a potential core holding in a South Florida portfolio, especially for those who value narrative, brand and long term scarcity as much as raw numbers.
