Miami Beach Commission Gives First-Reading Approval to Nahla Capital’s Raleigh Plans
Photo courtesy to The Business Journals.
Miami Beach commissioners voted on Oct 14, 2026 to move Nahla Capital’s Raleigh amendments forward on first reading, according to The Real Deal. The commission first voted against the request, then reconsidered during the same meeting and passed it, with Commissioner David Suarez the only no vote. This is a first reading only. A second reading is scheduled for November, and the amendments are not final until then.
| Raleigh proposal facts | Detail as reported | Source |
|---|---|---|
| Address | 1751, 1757 and 1775 Collins Avenue, Miami Beach (3-acre oceanfront assemblage) | The Real Deal |
| Developer | Nahla Capital (New York-based; CEO Genghis Hadi) | The Real Deal |
| Requested change | Floor area ratio (FAR) from 2.0 to 2.5, via two comprehensive plan and code amendments | The Real Deal |
| Added square footage | More than 66,000 sf, through two additional floors on the residential tower | The Real Deal |
| Total if finally approved | Just over 332,000 sf | The Real Deal |
| Approved in 2020 | Up to 84 residential units and 86 hotel rooms | The Real Deal |
| Nahla’s plan | 52 condominiums, fewer than 80 hotel rooms and a private members’ club | The Real Deal |
| Previous owner’s plan | 44 condominiums (Michael Shvo and partners) | The Real Deal |
| Purchase | $270 million, October 2025, from developer Michael Shvo and his partners | The Real Deal |
| Vote status | Passed on first reading; second reading in November | The Real Deal |
What did the Miami Beach commission vote on?
The Real Deal reports two comprehensive plan and code amendments that would let Nahla raise the FAR at the Raleigh site from 2.0 to 2.5. That adds more than 66,000 square feet through two additional floors on the residential tower. If the amendments receive final approval, the project would total just over 332,000 square feet.
Nahla went before the Miami Beach Planning Board this summer on the proposal, per The Real Deal. The items required approval by six of the seven commissioners.
How did the commission vote, and why did it change?
According to The Real Deal, the request was first defeated, and commissioners reconsidered hours later at the same meeting and voted to advance it on first reading. Commissioners Laura Dominguez, Alex Fernandez and Joe Magazine, the item’s sponsor, voted for the proposal both times. Mayor Steven Meiner, Commissioner Suarez and Commissioner Monica Matteo-Salinas voted against it initially. After reconsideration, Suarez was the sole no vote.
Matteo-Salinas, who initially voted no, said she is “very conflicted” and that getting to a yes on second reading would be “really tough,” though “not impossible,” per The Real Deal. She added that she is willing to meet with the groups involved. The commission is divided on the item.
What does Nahla plan to build at 1751-1775 Collins Avenue?
The Real Deal reports Nahla plans 52 condominiums, fewer than 80 hotel rooms and a private members’ club. Under the 2020 approvals, the site could hold 84 residential units and 86 hotel rooms. Shvo and his partners, the previous owners, had planned 44 condominiums.
The Raleigh sits within a 3-acre oceanfront assemblage that also includes the Richmond and South Seas structures. The Real Deal says the Raleigh has been gutted alongside the Richmond and South Seas structures. The hotel has been closed since 2017, per The Real Deal, which reports Nahla is the fifth owner over the past 15 years, and TRD reports Nahla acquired the assemblage in October 2025 for $270 million, taking over from Michael Shvo and his partners.
What has the developer committed to?
The Real Deal reports the developer agreed to provide $1.2 million in infrastructure improvements and to have a temporary certificate of occupancy by the end of 2031, assuming Historic Preservation Board approval by early next year. Those are the commitments as reported for this first reading and depend on the amendments and board approval. The Real Deal also reports that Hadi has said the project will require about $1 billion of investment. That is Hadi’s statement as reported, not a figure we have verified.
What happens next?
The commission votes again on second reading in November. The Real Deal’s TCO commitment assumes Historic Preservation Board approval by early next year. A first-reading vote does not guarantee a final outcome, and the Raleigh has no condominium price sheet or sales launch that we can confirm.
For wider Miami Beach context, see our Miami Beach new developments guide, our Miami Beach market page and our South Beach page.
Who might follow this project?
Suits buyers who want oceanfront Miami Beach condominiums with a hotel component and who are comfortable tracking an approval process that is still open. The project is at the entitlement stage, so unit counts, timing and terms may change. Confirm current details before relying on any figure here.
FAQs
Did Miami Beach approve Nahla’s Raleigh plans?
Not finally. The Real Deal reports commissioners passed the amendments on first reading on Oct 14, 2026, after first voting against them. A second reading is scheduled for November.
How many commissioners voted no?
Per The Real Deal, Commissioner David Suarez was the sole no vote after reconsideration. Mayor Steven Meiner, Suarez and Commissioner Monica Matteo-Salinas had voted against the request initially.
What would the upzoning change?
The amendments would raise the FAR from 2.0 to 2.5, adding more than 66,000 square feet through two additional floors on the residential tower, according to The Real Deal.
What does Nahla plan to build?
The Real Deal reports 52 condominiums, fewer than 80 hotel rooms and a private members’ club at 1751-1775 Collins Avenue, which Nahla bought for $270 million in October 2025.
When is the second reading?
The Real Deal says the commission will vote again on second reading in November.