Infinity Collective, a New York-based firm, is seeking approval to build a multifamily mixed-use project on the former Epicure Alton Road site in Miami Beach, according to a March 20 report. The proposal comes after previous plans for an office project by developer Michael Shvo did not move forward.
The new plan includes a 14-story building with 184 residential units, along with 85,000 square feet of retail space and 35,100 square feet of offices. The Miami Beach Planning Board is scheduled to vote on the request on April 7, while city commissioners will make the final decision at a later date.
The proposed changes would affect the 1.4-acre property at 1656-1680 Alton Road and 1677 West Avenue, as well as adjacent commercial buildings between Alton Road and West Avenue. As part of the proposal, the developer has committed that the site will not be used for short-term rentals or as a hotel for at least 30 years.
Alton Ventures Development, which filed for the changes, is majority owned by Infinity’s Steven Kassin and Albert Kassin. Minority investors include Rock Soffer, Abigail Soffer, Estee Natkin, Nathalie Sutton, Raquel Mosseri, Jack Azout, Shlomo Khoudari and Sylvain Argy.
Infinity Collective acquired the property in September through a deed in lieu of foreclosure from Shvo’s firm for $28.3 million. Shvo had previously purchased it for $39.3 million in 2022 and received approval last year for a smaller six-story project with offices and apartments. The shift in plans follows broader challenges in South Florida’s office market due to higher interest rates and fewer new firms entering the area.
Shvo has recently sold several high-profile properties amid reported disputes with his investment partner Bayerische Versorgungskammer (BVK), Germany’s largest pension fund. These include selling the Raleigh Miami Beach hotels site to Nahla Capital for $270 million and being under contract to sell San Francisco’s Transamerica Pyramid office tower for $700 million.
Elsewhere in Miami Beach, Infinity owns other properties such as the Esme hotel on Española Way and the Variety Hotel at 1700 Alton Road.
