Miami hasn’t always been a destination for luxury and wealth. For a long time, it was seen as a fun place to party and vacation—an escape from the world. But as more wealth has moved from major cities like New York and Los Angeles, Miami has become an epicenter for luxury and lavishness.
In 2025, a home in the city sold for more than $100 million for the first time ever. Jeff Bezos has assembled more than $230 million in property on Indian Creek Island, the guarded enclave known as the “Billionaire Bunker,” and Citadel CEO Ken Griffin moved his company’s headquarters there. Mark Zuckerberg, Larry Page, and Peter Thiel all also bought property there.
And now, 19 of Florida’s 20 richest billionaires officially reside in Miami-Dade County, according to data published earlier this year. The pull is familiar: no state income tax, plenty of year-round sun, and a business-friendly climate that COVID-era remote work only improved. Meanwhile, Miami’s millionaire population has grown 75% in a decade, at least in part because of heat from California’s Proposition 40, a proposed one-time 5% wealth tax on billionaires that has some Californians moving coasts.
So now that the wealthy have their luxury homes in Miami, a developer is betting they need somewhere lavish to work, too.
Not your average cubicle
Betting against what many saw as a cratering office market, Robert Rivani squarely believes the office isn’t dead. He just thinks it’s boring.
“When everyone thinks it’s falling apart,” he told Fortune, “that’s when we’re jumping in.”
So his answer is a $100 million redevelopment at 1691 Michigan Ave., steps from Lincoln Road—the world-famous promenade in the heart of Miami Beach—that he’s branded as “Class X.” Rivani, a Beverly Hills-born developer who built his real estate career buying up shopping centers after the 2008 crash and later pivoted into Miami hospitality, has made a habit of moving into asset classes just as others write them off.
The 163,000-square-foot building, which was formerly called The Lincoln, was bought for $62.5 million in 2024. The Rockwell Group gutted and redesigned it into something more like a five-star hotel than a stale space for answering emails.
The amenity deck is the heart of the development, which includes a Monarch Athletic Club performance center with a cold plunge and sauna, its first location outside of California. A stem cell clinic and a longevity doctor administer peptides, and a members-only speakeasy is private for tenants by day and public after hours. The development also includes an omakase restaurant, a concierge, a hospitality director, and a valet.
“Our valet is supposed to be this shock-and-awe, Vegas-style valet,” Rivani said. “You have a twinkle-light ceiling. As soon as you hit the pavement, it follows your car all the way through in the valet with 150 feet of linear waterfall.”
Plenty of landlords have tried luring tenants back with on-site gym memberships and free snacks. But Rivani calls those gestures gimmicky—and instead has invested in having a gym, doctor, wellness suite, and happy hour all under one roof. Rivani, who said he has dealt with autoimmune issues, built the wellness focus inspired by his own needs.
“The [two things] money can’t buy are time and health,” Rivani said. “And that’s where the concept came together. I said: ‘Okay, we’re not doing office. We are defining what office should look, feel, act like.’ And that’s where the brand and the whole concept came about.”
“And I wasn’t scared because I thought it was a whole different genre,” he added.
Class X has moved well beyond concept and has landed several big-name tenants. Playboy is relocating its global headquarters from Los Angeles to a 20,000-square-foot penthouse at the building on a 10-year lease. Shark Tank star Daymond John has also signed on, as did Morgan Stanley, Wix, Raymond James, Comcast, and Coldwell, as well as a roster of longevity and medical practices.
Rivani said the building was roughly 90% pre-leased before opening, with rents approaching $175 per square foot, a figure he calls “pretty much unheard of.”
A second phase is already planned atop the parking garage, adding a restaurant, more office space, and rooftop padel courts. Beyond that, Rivani wants to take Class X national with members using amenities across cities like an office version of a Soho House. He’s targeting a fundraise in 2027, once the concept is proven.
“We’ve not raised a penny to date,” he said. “I’ve bootstrapped this entire thing myself.”