Robert Rivani has sold a two-story restaurant space in Miami’s Edgewater neighborhood for $19.8 million. The 12,316-square-foot unit is located at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex and is leased to Amara at Paraiso, a restaurant operated by Michael Schwartz’s The Genuine Hospitality Group.
Rivani’s firm, formerly known as Black Lion and now called Rivani, completed the transaction with representation from JLL brokers Alex Sharrin and Jeffrey Cicurel. According to Sharrin, the buyer is a real estate investor from Chicago making their first investment in South Florida. Neither Rivani nor the brokers disclosed the buyer’s identity.
Rivani has been active in both buying and selling hospitality-related properties in South Florida. In August, he acquired Lincoln Theatre on Lincoln Road in Miami Beach for $37 million. This historic Art Deco building is nearly fully leased with tenants such as H&M, Swatch, and Tapelia Spanish Cuisine.
Also last month, Playboy signed a 10-year lease for a 20,000-square-foot penthouse at The Rivani—a seven-story mixed-use building at 1691 Michigan Avenue—where it plans to move its global headquarters to Miami Beach. However, this agreement could be canceled if the city of Miami Beach does not approve $800,000 in incentives for Playboy.
Rivani purchased The Rivani building along with its ground lease last year for $62.5 million; the land remains owned by the city of Miami Beach. He is investing an additional $40 million into renovations that will include new amenities such as a speakeasy lounge and sushi restaurant.
Since January, Rivani has sold three other commercial condos leased to high-end restaurants: one occupied by Catch seafood restaurant was sold for $28.2 million; two others—leased to Gekkõ steakhouse (owned by musician Bad Bunny and David Grutman) and RosaNegra Mexican restaurant—were sold together for $38.2 million.
