As wealth continues to shift from major urban centers like New York and Los Angeles toward Miami, developer Robert Rivani is launching a $100 million office redevelopment in Miami Beach named “Class X,” betting that high-net-worth tenants want luxury work environments to match their new residences, according to developer statements and published reports.
The Wealth Migration to Miami-Dade County
Miami has experienced a rapid transformation from a vacation destination into an epicenter of luxury and wealth. Data published earlier this year reveals that 19 of Florida’s 20 richest billionaires officially reside in Miami-Dade County. This migration is driven by a lack of state income tax, year-round sun, and a business-friendly climate that gained momentum during COVID-era remote work. In 2025, a local home sold for over $100 million for the first time, while tech figures and executives—including Jeff Bezos, who acquired more than $230 million in property on Indian Creek Island, and Citadel CEO Ken Griffin—have established major footprints in the area.
Mark Zuckerberg, Larry Page, and Peter Thiel have also purchased property locally. Meanwhile, Miami’s millionaire population grew 75% over a decade, aided in part by moves from California driven by proposed wealth tax policies like Proposition 40.
Did You Know? In 2025, a home in Miami sold for more than $100 million for the first time ever, marking a new milestone in the city’s real estate evolution.
Redefining the Office Market at 1691 Michigan Ave.
To capture this influx of capital, developer Robert Rivani purchased the 163,000-square-foot building formerly known as The Lincoln for $62.5 million in 2024. Rivani enlisted the Rockwell Group to gut and redesign the property at 1691 Michigan Ave., steps from Lincoln Road, transforming it into a five-star hotel-style workspace branded as Class X. Rivani told Fortune that jumping into the market when others view it as falling apart is part of his business strategy.
The development centers on an extensive amenity deck. It features the Monarch Athletic Club performance center with a cold plunge and sauna, its first location outside of California. Tenants also have access to a stem cell clinic, a longevity doctor administering peptides, a members-only speakeasy that is private for tenants by day and public after hours, an omakase restaurant, and a valet service featuring a twinkle-light ceiling and a 150-foot linear waterfall.
Tenants and National Expansion Plans
Class X has secured several prominent tenants ahead of its opening, achieving a pre-leasing rate of roughly 90% with rents approaching $175 per square foot. Playboy is relocating its global headquarters from Los Angeles to a 20,000-square-foot penthouse under a 10-year lease. Additional tenants include Shark Tank star Daymond John, Morgan Stanley, Wix, Raymond James, Comcast, Coldwell, and a roster of longevity and medical practices.
Rivani plans a second phase above the parking garage to add a restaurant, more office space, and rooftop padel courts. He also aims to take the Class X brand national with members using amenities across cities like an office version of a Soho House, targeting a fundraise in 2027 once the concept is proven, all while having bootstrapped the project himself.
Frequently Asked Questions
What is Class X?
Class X is a $100 million luxury office and amenity redevelopment located at 1691 Michigan Ave. in Miami Beach, developed by Robert Rivani.
Who are some of the notable tenants signed to the building?
Tenants include Playboy, which is moving its global headquarters there, along with Daymond John, Morgan Stanley, Wix, Raymond James, Comcast, and Coldwell.
What amenities are included in the development?
The building features a Monarch Athletic Club performance center, a stem cell clinic, a longevity doctor administering peptides, a members-only speakeasy, an omakase restaurant, and a valet with a 150-foot waterfall.
How will the expansion of luxury office spaces like Class X influence the broader commercial real estate market in major metropolitan areas?
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