Robert Rivani’s $50 million plan to add more office space to his South Beach building while reducing garage parking is advancing.
Rivani leads his eponymously named firm that’s based at the six-story building, which is called The Rivani. He wants to extend his ground lease at 1691 Michigan Avenue by 40 years to 2132, and eliminate 250 parking spaces primarily on the seven-story garage’s rooftop and sixth level to make room for the additional office space, according to Rivani’s filings to the city.
Aside from adding 36,000 square feet of office space, the $50 million expansion project also would include three rooftop padel courts and a roughly 6,000-square-foot restaurant.
The Miami Beach Planning Board voted Tuesday to recommend approval of the item to city commissioners. If commissioners greenlight the proposal, city voters will get to weigh in on the lease extension in a November referendum.
Rivani, who moved his firm from Los Angeles to Miami in 2022, bought the building and a ground lease for $62.5 million in 2024.
The garage, which has 712 spaces, is underused, members of the Rivani development firm told the board.
The garage includes 100 spaces designated for the public during business days, which will be preserved. The entire garage is open to the public during non-work hours. The proposal would exceed parking requirements by 37 spaces, according to Rivani’s filings.
Under the proposal, the base monthly rent Rivani pays to the city for the site would increase to $500,000 a year after the project is completed, up from the current $390,000, and the percentage share of gross income Rivani pays Miami Beach would go up to 3 percent from the current 2.5 percent, according to the firm’s filings and presentation to the board. The base rent adjusts periodically.
Rivani also plans a $1 million public benefits contribution, including toward the Lincoln Road streetscape and 17th Street master plan.
The firm invested $50 million into the first phase, renovating the existing office building, which Rivani has described as “Class X.” Signed tenants include self-made millionaire Daymond John, a “Shark Tank” investor and co-host; Playboy, which is moving its headquarters from Los Angeles; and gym and wellness club Monarch Athletic Club. Rivani and The h.wood Group plan a speakeasy on the third-floor amenity level.
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Commercial
South Florida
Robert Rivani doubles down on Lincoln Road with $37M retail purchase