A long-dormant redevelopment initiative along Miami Beach’s renowned Art Deco waterfront might soon be rejuvenated—provided that its struggling developer doesn’t manage to retain control.

Nahla Capital, a real estate company based in New York, has become the front-runner in the bidding process for the Raleigh Hotel site. This site comprises a trio of iconic properties: the Raleigh, the Richmond, and the South Seas hotels, according to insiders who spoke with The Post.

The agreed purchase price for the site is roughly $275 million, as Nahla aims to acquire it from developer Michael Shvo, whose plans for the site have stalled for several years, as separate sources told Business Insider, which was first to report on this development.

Shvo, who bought the properties in 2019 for about $243 million with backing from the German pension fund Bayerische Versorgungskammer (BVK), still has a potential path to keep the deal alive. 

A clause in the partnership agreement reportedly gives Shvo the right to match incoming offers, though doing so would require a sizable infusion of fresh capital.

Shvo would likely need to buy out his partners and either refinance or restructure the project’s considerable debt.

The trio of hotels, located in the heart of Miami Beach’s Art Deco district, has sat largely untouched for years. 

Though Shvo once announced grand plans to restore the iconic Raleigh, build a luxury beach club and erect a high-end condo tower designed by architect Peter Marino, the vision never materialized. 

Aside from some initial demolition work, the site has remained a costly liability — generating millions annually in loan interest, taxes and upkeep, according to people familiar with the finances.

A significant debt burden has further complicated the project. The site carries roughly $190 million in loans, originally due to mature in mid-July. The lender, Miami-based BH3, recently granted a short extension to allow the competing parties time to finalize a deal.

With holding costs mounting and no vertical progress to show, one of the project’s financial partners quietly hired the brokerage Newmark earlier this year to seek potential buyers. Nahla’s winning bid may now offer a lifeline — or a changing of the guard.

A spokesperson for BVK declined to comment to Business Insider on the ongoing negotiations, citing a policy against responding to market speculation.

The Post has reached out for comment, as well.