Miami Beach's iconic Lincoln Road clock tower to be renovated

• With that approval, construction can move forward in the coming year.

Why it matters: The clock building, constructed in 1957, has long been a Miami Beach landmark. People would check the time on the tower before cellphones were ubiquitous, and over the years it became a part of many residents' daily routine, the Miami Herald reported.

• But the aging clock began malfunctioning in 2020, and replacement parts were hard to find, per the Herald. The building owner was inundated with calls and complaints.

Flashback: The building originally housed Miami Beach Federal Savings and Loan Association. It traded hands and was renovated in 2013.

Details: Shvo is buying the 14-story building to develop it into ultra-luxury offices.

• The facade will be redone, and the building will be upgraded to meet LEED green building standards.

What they're saying: Shvo founder and CEO Michael Shvo touted the tower as the tallest office building in Miami Beach, with views of both the bay and the ocean.

• "You couldn't build that today, because you have height restrictions," he told Axios.

Zoom out: Shvo and his firm — which specializes in high-end and architecturally significant projects — are betting on Miami Beach.

• They're restoring the famed Raleigh Hotel and adding a new residential tower and private club. They're also creating luxury offices at One Soundscape Park and planning offices and retail on Alton Road.