Nahla Capital has brought in Compass Development Marketing Group to reboot condominium sales at the redevelopment of the historic Raleigh Hotel in Miami Beach, aiming to jolt a high-profile oceanfront project back to life after more than a year in limbo at the Art Deco landmark.
In a press release via Nahla Capital, the firm said Compass will lead sales and marketing for the Rosewood-branded Raleigh Residences and has lined up a luxury-focused team that includes Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena and Liz Hogan. According to the release, Compass executives Morgan Ball and Kastanis helped secure the assignment, and Nahla plans to announce a dedicated sales director and a formal relaunch timeline at a later date. The move signals that Nahla intends to lean on a national brokerage network as it readies the property for active selling.
Nahla bought the 3-acre assemblage - parcels at 1775, 1757 and 1751 Collins Avenue - last October in a deal reported to be roughly $270 million, according to Bloomberg. The acquisition includes the historic Raleigh and neighboring parcels that carried approvals for a 17-story condo tower and a hotel component under prior plans. Commercial Observer reported that those approvals, combined with financing pressures, had left the project stalled before Nahla stepped in.
Legal spanner: design rights dispute
Nahla has also sued the seller in New York, alleging that the sale closed without proper rights to use designs by architect Peter Marino and seeking roughly $10 million held in escrow, The Real Deal reports. The suit argues that Marino’s consent was a condition of the deal and that the seller failed to deliver on that obligation. The litigation could affect design details and the timing of any sales relaunch if it drags on.
Collins Avenue competition
The Raleigh sits on a prime stretch of Collins Avenue near the Shore Club redevelopment and several other branded-residence projects, putting it directly into a dogfight for a limited pool of ultra-luxury buyers, according to Commercial Observer. Compass now has to position the Rosewood-branded homes against nearby asking prices and completed branded offerings, where scarcity and service can justify hefty premiums. Whether this reboot clicks will hinge on Nahla’s pricing strategy and how quickly the team can drum up broker interest.
What to watch
The developer has said it will name a sales director and set a timeline for relaunching sales, per The Real Deal. Industry trackers including CoStar will be watching to see whether Nahla prices for scarcity at the very top of the market or opens the offering to a broader broker audience, with the unresolved Marino dispute still looming over the timing and final design playbook.
