Developer Robert Rivani wants to add more offices to his flagship South Beach building, at an estimated investment of $50 million.
These include a proposal to develop 47,000 square feet of Class A offices, at a maximum height of 100 feet, above the building’s existing parking garage. That would represent a roughly $50 million investment, according to the agenda item.
Other changes would raise the developer’s base and percentage rents and allow for two more 20-year lease extensions. As of now, the lease runs until Sept. 30, 2052, plus two automatic renewal options for 20 years each.
If the updated lease agreement is passed by the City Commission, it’d also need approval from Miami Beach residents in a referendum.
A representative of Rivani’s Miami Beach-based namesake firm didn’t immediately return a Business Journal request for comment.
The additional office would be constructed above the building’s existing parking garage and topped by a 6,000-square-foot rooftop restaurant. The proposed amendments to the lease agreement would reduce the number of parking spaces from around 700 to 425.
Rivani, through an affiliate, took over the existing lease for $62.5 million in 2024, followed by a $50 million revamp to reposition the property as an ultra-luxury office with retail and hospitality-style amenities. Completion of the 163,000-square-foot building, now dubbed Rivani Miami Beach, is expected this summer.
Last year, Playboy (Nasdaq: PLBY) made headlines when it announced plans to relocate its headquarters to the building’s 20,000-square-foot penthouse from its longtime base in Los Angeles.
Other tenants will include fitness operator Monarch Athletic Club, hospitality firm The h.wood Group, hedge fund Divisadero Capital, regenerative medicine practice Prime Longevity, real estate team The Jills Zeder Group, investor Daymond John of “Shark Tank” and more. The developer said in a news release last month the building was more than 80% pre-leased.
Rivani previously told the Business Journal he viewed the development as the first in a string of planned “Class X” office-hospitality spaces, offering Soho House-style memberships across locations.
A pandemic-era transplant from Los Angeles, Rivani made a name for himself in hospitality, restaurants and retail, before expanding to office.
The Michigan Avenue building offers easy access to Miami Beach’s famed Lincoln Road shopping district, which is experiencing a post-pandemic comeback.
