Miami Beach Planning Board Advances $50 Million Office Expansion For The Rivani At 1691 Michigan Avenue

The Miami Beach Planning Board has recommended approval of Robert Rivani’s $50 million proposal to expand The Rivani, a six-story commercial office building at 1691 Michigan Avenue in South Beach. The proposal would add 36,000 square feet of office space while reducing parking within the property’s seven-story garage.

According to The Real Deal, Rivani is seeking to extend his ground lease at the city-owned site by 40 years to 2132. The proposal would eliminate 250 parking spaces, primarily from the garage’s rooftop and sixth level, to make room for the additional office space.

Credit: Rivani.

The expansion would also include three rooftop padel courts and a roughly 6,000-square-foot restaurant. The garage currently contains 712 parking spaces and includes 100 spaces designated for public use during business days, which would be preserved under the proposal. The full garage is open to the public outside of work hours. According to filings, the project would still exceed parking requirements by 37 spaces.

Credit: Rivani.

The Planning Board voted Tuesday to recommend approval of the item to city commissioners. If approved by the commission, the proposed lease extension would go before Miami Beach voters in a November referendum.

Credit: Rivani.

Rivani, who relocated his firm from Los Angeles to Miami in 2022, acquired the building and ground lease for $62.5 million in 2024. His firm is based in the building, which is branded as The Rivani.

Credit: Rivani.

Under the proposal, the base monthly rent paid to the city would increase to $500,000 a year after the project is completed, up from the current $390,000. The city’s percentage share of gross income from the property would also increase to 3 percent from the current 2.5 percent. The base rent is subject to periodic adjustments.

Credit: Rivani.

Rivani also plans a $1 million public benefits contribution, including funding toward the Lincoln Road streetscape and 17th Street master plan.

The firm previously invested $50 million into the first phase of the property, which focused on renovating the existing office building. Tenants signed at the building include Daymond John, a “Shark Tank” investor and co-host; Playboy, which is moving its headquarters from Los Angeles; and Monarch Athletic Club, a gym and wellness club. Rivani and The h.wood Group also plan a speakeasy on the third-floor amenity level.

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