Rivani acquired The Rivani and its associated ground lease for $62.5 million in 2024. Since the acquisition, he has previously stated that approximately $40 million has been invested in renovations to reposition the property.<\/p>\n
The proposed expansion would require removing the sixth level of the building\u2019s existing parking garage, eliminating approximately 250 parking spaces to make room for the new rooftop program. Plans call for the addition of 36,000 square feet of office space, a 6,000-square-foot restaurant, and three rooftop padel courts.<\/p>\n
In exchange for the extended lease term, Rivani has proposed increasing payments to the city. Beginning in 2033, the annual base rent would increase by at least $500,000, according to city documents. The city\u2019s share of the property\u2019s gross revenue would also increase from 2.5 percent to 3 percent. Last year, the percentage rent generated approximately $279,700 for the city.<\/p>\n
The proposed agreement also includes $1.3 million in public benefits funded by Rivani. The contribution would include $600,000 for improvements and public art along Lincoln Road, as well as $150,000 to support Miami Beach\u2019s human trafficking tip line and sister cities initiative, with the remaining funds allocated to additional city projects and programs outlined in the lease amendment.<\/p>\n
If ultimately approved, the rooftop expansion would substantially reconfigure the upper portion of The Rivani, replacing a portion of the existing parking structure with new office, dining, and recreational uses while extending the life of the ground lease into the next century.<\/p>\n
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