Terra and Partners Secure $507 Million Construction Loan from TYKO Capital for 1250 West Avenue in Miami Beach

Terra, one of South Florida’s most active residential and commercial real estate development firms, in partnership with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for the development of 1250 West Avenue, a new luxury waterfront condominium planned along Biscayne Bay in Miami Beach.

Terra, one of South Florida’s most active residential and commercial real estate development firms, in partnership with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for the development of 1250 West Avenue, a new luxury waterfront condominium planned along Biscayne Bay in Miami Beach. The financing is a significant milestone for the project as it prepares to move forward with construction. Sales are expected to begin in 2027.

Located at 1250 West Avenue, the 28-story development along Miami Beach’s western waterfront will feature 106 residences. The project will introduce a low-density residential experience centered on expansive residences, indoor-outdoor living and sweeping views across Biscayne Bay and the Miami skyline.

“Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” said David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm. We look forward to advancing our plans with our partners and bringing this vision to life.”

Plans for 1250 West Avenue include an extensive collection of private wellness and recreational amenities including ground-level and rooftop swimming pools, spa and a padel court. Two penthouse residences will crown the building, each featuring a private rooftop pool and dedicated amenity space. The development will also include underground parking, ground-floor retail space and lush tropical landscaping integrated throughout the property.

“Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare,” said Adi Chugh, Founder and CEO of TYKO Capital. “Terra has proven itself on prior transactions with TYKO, and the team assembled for 1250 West Avenue has the experience and local market knowledge to deliver. This is the type of project and sponsorship we look to back as we deepen our presence in South Florida.”

Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay, including enhancements to the Baywalk that would expand public access and connectivity along Miami Beach’s western waterfront.

Terra has an extensive track record of development across South Florida, including several major projects in Miami Beach. The firm recently completed Five Park, a 48-story luxury condominium tower at the gateway to South Beach and is currently developing the 800-room Grand Hyatt Miami Beach, now under construction adjacent to the Miami Beach Convention Center. Terra’s broader active luxury residential portfolio includes Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences near the Miami Design District, THE WELL Coconut Grove, and Mr. C Hotel & Residences West Palm Beach, reflecting the firm’s growing presence across South Florida’s most sought-after residential markets.

Images via Terra

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The Tony Hotel South Beach Trades for $16.5 Million in Off-Market Sale

A longstanding Art Deco hotel in the heart of South Beach is entering its next chapter. The Tony Hotel South Beach has sold for $16.5 million in an off-market transaction, with its new owners planning a major renovation and continued operation of the Collins Avenue property.

A longstanding Art Deco hotel in the heart of South Beach is entering its next chapter. The Tony Hotel South Beach has sold for $16.5 million in an off-market transaction, with its new owners planning a major renovation and continued operation of the Collins Avenue property.

Located at 801 Collins Avenue, the 52-room boutique hotel was acquired by an entity connected to French hospitality operators Philippe Le Guennec and Benjamin Debard. The acquisition expands the duo's presence in Miami Beach following their $43.5 million purchase of the Kimpton Angler’s Hotel last year. Le Guennec also previously purchased and sold, Hotel St. Augustine in Miami Beach.

The seller is an entity tied to Jessica Goldman Srebnick and Janet Goldman, bringing the Goldman family's approximately four-decade ownership of the property to a close.

Susan Gale of Gale International at ONE Sotheby’s International Realty represented both sides of the off-market transaction.

Under its new ownership, The Tony Hotel is planned for a multimillion-dollar renovation. Le Guennec and Debard intend to add the property to their hospitality portfolio while directly operating both the hotel and restaurant.

The buyers have also leased a neighboring building along Ocean Drive that backs up to the hotel. The additional space is planned to accommodate 21 more guestrooms, creating an opportunity to expand the existing 52-key hospitality operation while maintaining its location between Collins Avenue and Ocean Drive.

The hotel's restaurant component is also slated for a change, with the existing Wish Café expected to make way for a new concept that has not yet been announced.

The Tony Hotel occupies a double corner lot just steps from Ocean Drive and the Atlantic Ocean, with an ocean-view rooftop pool and bar among its signature features. Its architecture and history stretch back more than a century to the formative years of Miami Beach.

Originally opened as the Tiffany Hotel, the property was designed by architect L. Murray Dixon, whose work helped shape the architectural character associated with Miami Beach's Art Deco era. The hotel was later renovated in 1998 while retaining its historic Art Deco identity.

The Goldman family's connection to the property dates to 1986, when Goldman Properties acquired the hotel for $550,000. The acquisition became part of the family's broader involvement in South Beach during a period when Tony Goldman was playing a significant role in the preservation and revival of the neighborhood.

That connection was permanently incorporated into the hotel's identity in 2022, when the property was renamed The Tony Hotel South Beach in honor of the late Tony Goldman, founder of Goldman Properties and a historic preservationist widely credited with helping revitalize South Beach during the 1980s and 1990s. He later would go on to spearhead the redevelopment of Wynwood and introduce Wynwood Walls which would grow into a global street art destination. The Goldman family is still active in Wynwood through development, ownership and art.

Image via Moris Moreno

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NOAH Hospitality Group Unveils UKIYO, Bringing Japan's Iconic Conveyor Belt Sushi Culture to Lincoln Road

This fall, NOAH Hospitality Group will open UKIYO at 818 Lincoln Road, featuring a custom-designed kaiten belt, Japan's tradition of circulating sushi on a rotating conveyor. UKIYO reimagines the format through exceptional Japanese craftsmanship and live culinary theatre, bringing Tokyo's tradition to Lincoln Road for the first time.

This fall, NOAH Hospitality Group will open UKIYO at 818 Lincoln Road, featuring a custom-designed kaiten belt, Japan's tradition of circulating sushi on a rotating conveyor. UKIYO reimagines the format through exceptional Japanese craftsmanship and live culinary theatre, bringing Tokyo's tradition to Lincoln Road for the first time.

Inspired by the Japanese philosophy of "ukiyo," or "the floating world," the restaurant transforms movement into the centerpiece of the guest experience. Rather than functioning simply as a method of service, the custom-designed conveyor belt becomes a stage where craftsmanship, architecture and culinary artistry continuously unfold before every guest.

At UKIYO, dining is never static. Every passing plate, every newly introduced creation and every interaction has been choreographed to create an experience that evolves throughout the evening. "For me, hospitality has never been about simply serving food. It's about creating emotion," said NOAH Hospitality Group Founder Philippe Kalifa. "We wanted to build a restaurant people would continue talking about long after they left, not only because of what they ate, but because of how the evening made them feel. Every detail was designed to transform a familiar dining tradition into something immersive, elegant and unforgettable."

That intention carries through to the kitchen. Led by Executive Chef Nono Shigetomi, UKIYO sources premium seafood directly from carefully selected fisheries across Japan. Essential pantry ingredients are imported from Japan, while seasonal South Florida produce provides regional freshness. "Freshness isn't our goal, it's our starting point," Shigetomi said. "Every ingredient is selected with intention because great sushi begins long before the fish reaches the plate."

Guests will discover handcrafted nigiri, sashimi and specialty rolls circulating on the belt, highlighted by the signature Ukiyo roll, a combination of tuna, salmon, hiramasa and Hokkaido scallop topped with soy glazed wagyu and umami crunch. Every fish is sourced from Tokyo's Toyosu and Tsukiji markets. The menu also features fire-charred robata skewers, including cumin-soy glazed wagyu with braised onion and yakitori-glazed chicken, alongside tempura, crudo and carpaccio prepared daily.

Signature dishes include a paitan ramen built on a chicken bone broth simmered until rich and creamy, topped with braised duck, sous vide chicken, pork chashu and pork wonton; a crispy yakisoba fried until golden and finished with a starch-thickened ankake sauce; and seafood fried rice made with takikomi gohan, a seasoned Japanese rice, in place of steamed white rice. The traditional kamameshi is cooked fresh tableside in individual kama pots with dashi, soy, sake, mirin, hijiki, carrot and mushroom, finished with grilled marinated skirt steak and a Jidori egg. A signature House Dumpling Cart will circulate throughout the dining room, featuring an evolving selection of freshly handcrafted dumplings in beef, pork, chicken, shrimp and vegetarian varieties, served pan-fried, steamed or deep-fried.

Throughout dinner service, live culinary performances bring moments of Japanese culture and entertainment into the restaurant, and as new dishes leave the sushi counter, their arrival onto the conveyor belt becomes a choreographed presentation.

That same sense of movement extends into the design of the 7,431-square-foot space. Indoors, Casa Medina Design Studio blended traditional Japanese design with contemporary luxury, pairing Rosso Lepanto stone, emerald-toned marble finished with a leathered surface, a matte, subtly textured treatment that softens the stone's natural sheen, handcrafted millwork, aged brass detailing and warm Japanese-inspired lantern lighting with a flowing water feature that reinforces the "floating world" concept. At the center of the room sits the custom conveyor belt itself, serving as the architectural heartbeat of the space. Outdoors, an immersive dining environment brings architecture, landscape and water together, with layered lighting and natural materials transforming every table into its own intimate setting.

UKIYO was envisioned as the meeting point between the timeless traditions of Japanese hospitality and the vibrant energy of Miami Beach. It respects centuries of Japanese craftsmanship while embracing the city's creativity, nightlife and international spirit, creating an experience that feels both authentically Japanese and unmistakably Miami, not simply a sushi restaurant, but a destination where craftsmanship, movement, culture and entertainment come together as one of the city's most distinctive dining experiences.

UKIYO is set to open mid-October and will serve dinner nightly except Mondays, from 6 p.m. to midnight Tuesday through Thursday and Sunday, and until 2 a.m. Friday and Saturday.

Renderings via CM Design Studio

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Waterfront Estate on Hibiscus Island Sells For $51.5 Million Setting New Record on Miami Beach's Palm and Hibiscus Island

A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot.

A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot. The home uniquely features include a full-size Ferrari Testarossa replica suspended in the main living area as a sculptural centerpiece.

Dora Puig of Luxe Living Realty represented the buyer in the transaction. Jordan Karp of Jordan Karp LLC represented the seller.

"This sale reflects where Miami Beach's luxury market is today," said Smykalov. "Buyers continue to recognize the value of exceptional design, craftsmanship and waterfront locations. Properties of this caliber rarely become available, and demand remains strong when they do."

The property, which was recently completed, is coming to market for the first time since the seller acquired it as an unfinished shell in 2021. Rather than simply complete the original plans, the residence was reimagined through a joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes, who oversaw the home's redesign and construction, and managed by Denis Smykalov of Wolsen Real Estate.

The estate combines two waterfront lots totaling approximately 21,000 square feet, with 120 feet of water frontage, and offers more than 10,000 square feet of living space. The residence includes five bedrooms, a maid's quarters, six full bathrooms, two half bathrooms, a private office and a fitness center. Additionally, it is one of the few homes in Miami Beach that features two private docks. The docks are capable of accommodating a yacht measuring up to approximately 105 feet.

One of the home's defining features is a fully soundproof private nightclub with its own private entrance, allowing it to function independently from the main residence. Designed for entertaining, the space includes professional nightclub lighting, laser effects, disco balls and a dedicated air conditioning system. An oversized pool cabana bathroom with two toilets was also designed to accommodate large gatherings.

Originally designed by a local architect, the residence was later reimagined by SAOTA, the internationally acclaimed South African architecture firm formerly known as Stefan Antoni Olmesdahl Truen Architects, with interiors by fellow South African design firm ARRCC and landscape architecture by renowned landscape architect Raymond Jungles.

Bosch, who has spent more than 20 years building luxury waterfront residences throughout Miami Beach, assembled a team of architects, designers and craftsmen to execute the project.

"Our goal was to create a home that would stand the test of time," said Bosch. "Every finish, every material and every design decision was carefully considered. We focused on quality at every stage of construction to create a residence that feels as exceptional today as it will decades from now."

Craftsmanship is evident throughout the residence. Walls are wrapped in custom millwork incorporating multiple exotic wood species, while the kitchen features handcrafted cabinetry by Bon Vivant Custom Woodworking, a South Florida company specializing in custom architectural millwork since 1981. The home also features Bronze Armani stone, shellstone and multiple varieties of natural marble throughout. Hand-selected travertine was sourced from Rome specifically for the project, while the infinity-edge pool is finished with Bali stone imported from Indonesia. A custom powder-coated steel and aluminum exoskeleton further distinguishes the home's engineering and construction.

The record-setting sale reflects the strong demand for newly completed waterfront residences on Hibiscus and Palm islands, where limited inventory and architecturally significant homes continue to command premium values.

Images via 1 OAK Studios

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Sean 'Diddy' Combs Sells 1 Star Island Waterfront Estate for $55 Million

Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records. The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin.

Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records.

The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin. The acquisition was financed in part with an $18.5 million loan from Axos Bank.

The sale price is approximately $20 million higher than the property's recorded 2021 purchase price. Property records also indicate Combs continues to own the neighboring estate at 2 Star Island Drive.

The property traded in an off-market transaction, a common approach for many of South Florida's highest-priced residential sales, where privacy often takes priority over traditional public marketing.

Situated on approximately 1.3 acres at the entrance to Star Island, the estate offers roughly 240 feet of Biscayne Bay frontage and panoramic views of the Miami skyline. The property includes a two-story main residence and separate guest house totaling nearly 8,000 square feet of living space.

Originally constructed in 1940 and expanded in the mid-1990s, the compound features a private dock, swimming pool and spa, outdoor entertaining areas, and recreational amenities including a basketball court.

Before acquiring the property, the estate had long been owned by Gloria and Emilio Estefan, who used it as a guest residence while maintaining their primary Star Island home nearby. The couple sold the property to Combs in 2021 for $35 million, the purchase was financed with a $20.7 million loan from Bank of America.

The sale is the latest notable transaction on Star Island, where limited inventory and high-profile ownership continue to attract ultra-high-net-worth buyers. The approximately 30-home island remains one of South Florida's most exclusive residential addresses, with record-breaking sales and continued demand reinforcing its position among the country's premier luxury waterfront communities.

Images from previous PROFILEmiami coverage via The Jills Zeder Group at Coldwell Banker

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Check Out This Newly Completed Waterfront Spec Home On Miami Beach's Venetian Islands Asking $59.9 Million

A newly completed, modern architectural masterpiece known as Forte on Miami Beach’s Venetian Islands has hit the market for $59.9 million. The lavish waterfront home sits on a 13,188 SF lot with 105 feet of deep-water dockage and direct access to Biscayne Bay.

A newly completed, modern architectural masterpiece known as Forte on Miami Beach’s Venetian Islands has hit the market for $59.9 million. The lavish waterfront home sits on a 13,188 SF lot with 105 feet of deep-water dockage and direct access to Biscayne Bay. Built and owned by Maven Construction's president, and designed in collaboration with Varabyeu Partners, Javier Robles Studio and Artefacto, the home seamlessly blends contemporary design with curated turnkey interiors, offering 10,689 SF of living space, 7 bedrooms, 7.5 bathrooms and expansive open-plan living areas with full-height glass walls.

Elevated 14 feet above sea level, Forte features a rooftop terrace with 360° views of downtown Miami and the bay, a display-quality garage fit for 8–10 vehicles, dual kitchens, a private theater and full Crestron smart-home automation. With its exceptional scale, high-quality design and unrivaled amenities, Forte stands among the most significant new-construction estates on the Venetian Islands and exemplifies Miami’s evolution as a global luxury waterfront destination.

1413 North Venetian Way, Miami Beach, FL is listed For $59,900,000 with Matt Crane of Compass.

Images via Christian Santiago

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Riviera Dining Group's MILA Miami Crowned The Highest-Grossing Independent Restaurant In America

MILA Miami – Riviera Dining Group’s (RDG) flagship destination which has come to represent the height of Miami Beach glamor — has been ranked number #1 on Restaurant Business’ Top 100 Independents 2025 as the highest-grossing independent restaurant in the United States.

MILA Miami – Riviera Dining Group’s (RDG) flagship destination which has come to represent the height of Miami Beach glamor — has been ranked number #1 on Restaurant Business’ Top 100 Independents 2025 as the highest-grossing independent restaurant in the United States.

In 2022, the restaurant ranked #5 — reflecting the prior year’s sales and marking its first full year in business — and held that position again in 2023. In the 2024 ranking, it rose to #2, generating $49,088,032 in sales. For the 2025 list, MILA has now achieved the top spot with $51,115,747 in sales, a resounding testament to the visionary entrepreneurship behind the concept’s ever-growing prestige. This distinction places MILA in the company of top-ranking establishments like Pastis in New York City, Le Diplomate in Washington D.C., and Joe’s Stone Crab in Miami.

Riviera Dining Group’s founding endeavor, MILA debuted in 2020 and has since established itself as an international benchmark for experiential hospitality; one that blends fine dining, design, art, and emotion. This refined rooftop restaurant, rooted in a “MediterrAsian” culinary philosophy, not only thrived in the face of a global pandemic. It evolved into a dynamic, multi-venue destination. In addition to the MediterrAsian restaurant, MILA houses three distinct concepts: the 10-seat MILA Omakase, one of the most luxurious sushi counters in Miami; MILA Lounge, a coveted nightlife space redefining Miami’s after-dinner culture; and MILA MM, a members-only destination that has since expanded to four total locations across RDG’s portfolio.

2024 was a milestone year for MILA, marking the elevation of its menus and the expansion of its Learning & Development Department, designed to groom current and future leaders across all levels of the organization. “Miami is an incredibly competitive market, but MILA stands out because we offer something holistic,” said Gregory Galy, Founder & CEO of Riviera Dining Group. “It’s not just about food; it’s the full sensory journey: the design, the music, the service rhythm, the brand aura. We are proof that creativity and discipline can coexist beautifully.”

The innovative combination of fine dining, exclusive nightlife, and genuine hospitality has become RDG’s signature, and propelled the company’s remarkable trajectory over the last half-decade. One of the key rising stars of the contemporary U.S. restaurant landscape, RDG will continue expanding beyond Miami, into New York, Las Vegas, and Dubai. The empire’s brands include CASA NEOS, AVA MEDITERRAEGEAN, and CLAUDIE; and the forthcoming CASA NEOS MM Lounge.

“We are deeply honored to see MILA recognized as the #1 Independent Restaurant in the United States,” said Galy. “This distinction is more than a ranking. It is truly the culmination of years of vision, discipline, and collective passion across our organization. From the kitchen to the floor, from our reservation and sales teams to our marketing department, every detail, gesture, and moment of care has contributed to this milestone.” Among those essential team members are Chef Michaël Michaelidis, a veteran of the kitchens of Alain Ducasse and Joël Robuchon, who leads MILA’s culinary program; and designers Olya Volkova and Lazaro Rosa-Violan, who drew inspiration from nature’s elegance and the Wabi-Sabi philosophy to create a multi-sensory environment where culinary artistry meets sophisticated social energy.

Reflecting on MILA’s future, Galy added, “Our ambition has always been to elevate hospitality into an art form: where cuisine, design, and emotion converge to create something truly timeless, while always putting the guest experience at the forefront; because it is a community of guests and extraordinary members that brings MILA to life. Their support touches us deeply and reinforces our mission: to craft experiences that move people, awaken the senses, and redefine the boundaries of modern dining.” “This recognition belongs as much to our team as to the vibrant community of guests who have made MILA part of their lives.”

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Luxury Health and Wellness Destination Monarch Athletic Club to Launch First East Coast Location at The RIVANI Miami Beach

Monarch Athletic Club, the physician-led wellness destination redefining health and wellness, will open an 8,000-square-foot, state-of-the-art wellness facility at The RIVANI Miami Beach, real estate mogul Robert Rivani’s flagship Class X office building located at 1691 Michigan Avenue.

Monarch Athletic Club, the physician-led wellness destination redefining health and wellness, will open an 8,000-square-foot, state-of-the-art wellness facility at The RIVANI Miami Beach, real estate mogul Robert Rivani’s flagship Class X office building located at 1691 Michigan Avenue. This marks Monarch Athletic Club’s first expansion outside of Los Angeles, where the concept has cultivated a devoted following of health-conscious executives, athletes, and entrepreneurs. Monarch Athletic Club is slated to debut at The RIVANI Miami Beach in 2026.

"Expanding Monarch into Miami is a milestone that excites our entire team. Southern California has been the proving ground for our model — where people value innovation and high performance — but Miami brings a unique energy and an unmatched appetite for community, wellness, and longevity,” said Dr. Ryan Greene, DO, MS – Co-Founder & Medical Director, Monarch Athletic Club. “The culture in Miami is vibrant, global, and deeply connected to health and vitality. It’s the perfect place to expand our ecosystem and introduce more people to a model of care that keeps them well, strong, and thriving. We’re thrilled to build something special here and contribute to Miami’s growing identity as a destination for proactive health and performance."

“Monarch Athletic Club is a game changer for Miami’s wellness scene,” said Robert Rivani. “Their innovation and elite level of services represents the caliber of tenants we are curating at The RIVANI, and aligns with our vision of a workplace designed around lifestyle and wellbeing. This is the future of office, and arguably the most significant amenity of any South Florida office building.”

Monarch Athletic Club is redefining health care delivery through a fully integrated model that combines medicine, fitness, and recovery under one roof. Members receive access to a dedicated team of physicians, nurse practitioners, strength coaches, nutritionists, and physical therapists who deliver coordinated, data-driven programs focused on prevention rather than treatment. Each member completes a comprehensive in-house medical evaluation and quarterly follow-ups that include physical therapy, strength, and nutrition assessments to ensure measurable progress and long-term optimization.

Monarch provides unlimited personal training, physical therapy, IV therapy, concierge longevity medicine, hormone and peptide optimization, and advanced recovery modalities such as ice baths and infrared saunas — all curated to maximize member outcomes and extend healthspan. By uniting these disciplines in one seamless membership experience, Monarch is creating a scalable, next-generation model for proactive, preventative health.

Founded by Dr. Ryan M. Greene, DO, MS and Paul Freschi, Co-Founder & Director of Performance, Monarch Athletic Club was created to redefine modern wellness through a proactive, performance-driven approach. The brand’s mission is to empower members to take control of their long-term health while optimizing daily performance and longevity to thrive both inside and outside the gym.

The arrival of Monarch Athletic Club to Miami Beach underscores Rivani’s Class X vision, an entirely new standard of office development that integrates luxury design, cutting-edge technology, and hospitality-level services. Designed by the acclaimed Rockwell Group, The RIVANI Miami Beach embodies the energy and exclusivity of a five-star resort, establishing a new global benchmark for office space.

Images via The Rivani Miami Beach

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RIVANI Acquires Historic Lincoln Theatre Building In Miami Beach for $37 Million

Robert Rivani, commercial real estate and hospitality visionary and President of RIVANI (formerly Black Lion), has acquired the storied Lincoln Theatre building at 551 Lincoln for $37 million–a property famously anchored by H&M.

Robert Rivani, commercial real estate and hospitality visionary and President of RIVANI (formerly Black Lion), has acquired the storied Lincoln Theatre building at 551 Lincoln for $37 million–a property famously anchored by H&M. Following the momentum of the announcement that Playboy will relocate their global headquarters to the penthouse at RIVANI’s flagship project at 1691 Michigan Avenue, this latest acquisition further solidifies Rivani’s footprint on Miami Beach and signals a bold new chapter for the city’s most iconic pedestrian promenade.

“This is one of the most iconic properties on Lincoln Road and has the potential to reignite the area as the cultural heartbeat of the city,” said Rivani. “Our continued investment in Miami Beach is a strategic commitment to its long-term future, and 551 Lincoln is a cornerstone of our vision to make Lincoln Road great again.”

Secured at well below market value, the historically designated 1935 Art Deco property spans 35,240-square feet and is currently 98% leased to a premier tenant roster, including H&M, Swatch, Chilli Beans, and Tapelia Spanish Cuisine. H&M occupies approximately 84% of the building, operating its flagship Miami Beach store, while Swatch recently completed a full renovation and reopened in July of this year.

The property has received nine prestigious awards across global, national, state, county, and local levels, including the highly coveted ULI Visionary Project of the Year Award. With ongoing development and anticipated zoning changes in and around Lincoln Road, demand for prime retail and hospitality locations in the area continues to rise. The sale was brokered by JLL’s Danny Finkle and Evan Larh.

Rivani has amassed over $250 million of prime South Florida assets over the past few years, with $150M invested in Miami Beach alone. His holdings include acclaimed destinations including Amara at Paraiso, the upcoming GAIA, the fully leased Wynwood Jungle, and RIVANI, a transformative ‘Class X’ office building. This year alone, he made headlines with a string of record-breaking deals, including the Playboy lease announcement, the $28.2 million sale of Catch Miami Beach—setting a Florida record for a freestanding restaurant—and a $38.25 million all-cash sale of two premier restaurant spaces within SLS Lux Brickell and Dua Miami Hotel, marking one of 2025’s most significant hospitality-driven transactions.

Images via RIVANI and Anna Osborn

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Proper Hotels Reveals $100 Million Renovation of Miami Beach Landmark 'The Shelborne by Proper' Set to Open in May

Proper Hotels has revealed a first look at their $100 million renovation of the iconic oceanfront hotel, The Shelborne, on Miami Beach’s iconic Collins Avenue. The Shelborne by Proper is set to open in May, welcoming guests once again to the historic Miami Beach landmark.

Proper Hotels has revealed a first look at their $100 million renovation of the iconic oceanfront hotel, The Shelborne, on Miami Beach’s iconic Collins Avenue. The Shelborne by Proper is set to open in May, welcoming guests once again to the historic Miami Beach landmark.

Designed by the award-winning ADC Atelier, The Shelborne by Proper seamlessly blends Miami’s rich Art Deco heritage with modern tropical influences. Located in the heart of Miami Beach on Collins Avenue, the reimagined property features 251 guest rooms, suites, and villas, each offering breathtaking ocean views and a design that merges mid-century architectural legacy with contemporary luxury.

Highlights of the new The Shelborne by Proper include Pauline, the hotel’s signature restaurant led by Michelin-starred chef Abram Bissell, offering locally inspired dishes with a refined twist; Little Torch, an intimate bar serving expertly crafted tropical cocktails; a classic Deco-era pool with private cabanas, embodying Miami Beach’s glamorous spirit; and, Proper Club membership, providing exclusive access to a private beach, wellness services, and curated cultural events.

As part of Proper Hotels, The Shelborne by Proper embraces the brand’s signature philosophy, thoughtful design, world-class hospitality, and an authentic connection to the local culture. With this transformation, the hotel offers both travelers and locals a fresh perspective on Miami Beach, blending iconic nostalgia with modern sophistication.

Images via Gaida Paoloni & The Shelborne by Proper

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