Michael Shvo Transfers Alton Road Site in $28M Deal to Avoid Foreclosure

Key Points:

• $28.2M deed-in-lieu-of-foreclosure transfer by Michael Shvo to Infinity Collective on Miami Beach’s 1680 Alton Road site

• Shvo bought the site for $39M in 2022; planned office tower stalled amid zoning changes

• Infinity expected to pivot to residential or mixed-use, aligning with shifting local priorities

Developer Michael Shvo has relinquished control of his Miami Beach office development site at 1680 Alton Road, handing it over to Infinity Collective in a $28.2M deed-in-lieu-of-foreclosure. The project, once approved for a sleek six-story office and retail complex, stalled due to shifting zoning priorities — leaving Shvo to cut his losses.

“The Alton” Office Tower

• In 2022, Shvo's entity BH The Alton LLC acquired the 51,000-square-foot site at 1680 Alton Road for $39 million, financed by a $26.3 million loan from Maxim Capital Group.

• He secured design approval in 2023 for a 170,000-square-foot office project with 17,000 square feet of ground-floor retail, spread across five buildings.

• But the office market weakened, and zoning changes made the original plan financially unfeasible.

The Deed-In-Lieu Deal Explained

• Infinity Collective, via Alton Ventures Development LLC, took control of the property in exchange for forgoing a foreclosure lawsuit.

• Shvo’s original $28.2M mortgage was released, and Infinity received a new $25M mortgage to support their ownership.

• While not officially labeled a distressed sale, the deed-in-lieu marks a substantial capital loss from Shvo’s $39M purchase price.

What’s Next for 1680 Alton Road?

• Infinity Collective is expected to pivot the site toward residential or mixed-use development, tapping into Miami Beach’s growing demand for housing.

• The move mirrors broader trends in the market:

  • Office vacancy remains elevated, especially for non-core locations

  • Zoning and city planning in Miami Beach are increasingly favoring residential to meet supply gaps

A Fast Market Pivot

This handover of a prime site — at a $10 million-plus haircut — underscores how fast market dynamics and zoning shifts can derail even well-capitalized developments. For investors, it’s a tale about the risks of over-leveraging in volatile submarkets and the importance of adaptive reuse strategies in a post-office CRE environment.