Miami Beach is undergoing an unprecedented transformation with the Billionaires’ Beach project, an upscale stretch that rivals exclusive areas like Manhattan’s 57th Street. Developers have invested over $2.5 billion to renovate iconic hotels and build residential towers for mega-millionaires. This renaissance includes elite hotel brands such as Rosewood, Auberge, and Bulgari. The project, to be completed in 2027, seeks to consolidate Miami as a global luxury destination.
Miami Beach’s history as a luxury tourist destination dates back to the 1930s, with landmark hotels such as the Raleigh, the Shore Club, and the Delano. These buildings, designed by legendary architects, have stood the test of time, but are now being renovated with multi-million dollar investments. The model of selling luxury residences alongside high-end hotels has made it possible to finance these renovations. Miami has positioned itself on par with cities like London and New York in the luxury market.
Developer Michael Shvo is leading this transformation, focusing on the stretch of Collins Avenue between 14th and 20th Streets. Hotels such as the Raleigh, the Shore Club, and the Shelborne are being upgraded, while new residential towers are being built. These investments have been driven by tax cuts in 2017 and a pandemic migration of wealthy people to Miami.
The Raleigh, renovated by Rosewood and designed by Peter Marino, will include a 17-story residential tower. Its penthouse is for sale for $150 million, while three-bedroom apartments start at $10 million.
READ MORE: St. Augustine triumphs at the 2025 Traveller Review Awards
Iconic hotels and luxury residences in Billionaires’ Beach
The Shore Club, under the Auberge brand, will feature an 18-story residential tower designed by Robert A.M. Stern. Homes are being marketed starting at $9 million. In addition, the Nautilus and the Shelborne are also being renovated with investments of $165 million and $205 million, respectively. These projects seek to combine the original Art Deco style with a modern and sophisticated design.
One of the most anticipated projects is the remodeling of the Versailles, which will reopen in 2026 as an Aman Resorts hotel. Designed by Kengo Kuma, it will include 56 rooms and a tower of 22 condominiums. Although some fear a real estate bubble, demand remains high. The Auberge penthouse, valued at $120 million, is already sold out two years before completion.
Billionaires’ Beach is transforming Miami Beach into a global luxury destination, with million-dollar investments in iconic hotels and exclusive residences. Although some fear a real estate bubble, demand continues to grow, supported by the migration of wealthy individuals and the city’s appeal. This project redefines the future of luxury in Miami, establishing it as the American Riviera.
