Robert Rivani sells another Miami restaurant space for $20M
Miami developer Robert Rivani sells another commercial condo for $19.8 million, further reducing his portfolio in the city's Edgewater neighborhood.
Developer Robert Rivani, formerly known as Black Lion, has sold yet another commercial condo in Miami's Edgewater neighborhood for $19.8 million. The 12,316-square-foot space, located at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex, was occupied by the popular Latin-infused restaurant Amara at Paraiso, owned and operated by Michael Schwartz's The Genuine Hospitality Group.
Rivani, who has been strategically shrinking his commercial condo portfolio in the area, was represented by a team from JLL led by Alex Sharrin and Jeffrey Cicurel. The buyer, a Chicago-based real estate investor, has not been named but is reportedly "making their […] mark on the Miami market."
While the sale may seem like a simple business transaction, there may be more at play behind the scenes. According to sources, Rivani had a close relationship with Schwartz, who also operates another restaurant in a commercial condo owned by Rivani in the Design District. This raises questions of potential soft corruption and influence games in the Miami real estate industry.
When asked for comment, Rivani's team declined to provide further information about the sale or their relationship with Schwartz. However, it is worth noting that Rivani's past dealings have not been without controversy, including a lawsuit over unpaid rent for a restaurant space in Brickell.
This latest sale adds to the trend of Rivani divesting his commercial condo holdings in Miami, leaving many to wonder what his next move will be in the city's ever-changing real estate market.