SHVO is a luxury real estate development company that bought the historic Raleigh Hotel in February 2019 and more recently acquired Richmond Hotel and South Seas Hotel. SHVO seeks to unify the lots into one master planned development that would maximize open space and view corridors than if developed independently. Michael Shvo, the Chairman and CEO of SHVO, details his vision for the site in the attached letter. He is requesting a text amendment that would permit a single 200 foot residential tower that is set back from the Richmond and South Seas properties to make the project possible.

I ask the Land Use & Development Committee and the Planning Board to discuss the adoption of the attached text amendment at their June meetings. Furthermore, I ask that the Historic Preservation Board be afforded an opportunity to receive a presentation of the development at their July meeting.