Two 20-year lease extensions, 1691 Michigan Avenue
Miami Beach city · November 3, 2026
The question on your ballot
Should City, pursuant to Resolution 2026-34388, amend ground lease with RK Rivani LLC for property at 1691 Michigan Avenue, granting two 20-year extension options, authorizing 47,000 SF of new development above existing garage, guaranteeing $247,733,206.12 in base rent and estimated percentage rent of $184,140,862.35 during such option periods (40 years), and increasing percentage rent from 2.5% to 3% (estimated increase of $13,261,308.15 during remaining term (64 years))?
In plain language
A VoterDecoder summary of the official measure text.
The Miami Beach ground lease for 1691 Michigan Avenue with RK Rivani LLC would add two 20-year extension options. The amendment would allow 47,000 SF of new development above the existing garage. It guarantees base rent of $247,733,206.12 during the option periods, plus estimated percentage rent of $184,140,862.35. Percentage rent would rise from 2.5% to 3%, an estimated increase of $13,261,308.15 over the remaining term. A YES vote approves these lease changes, while a NO vote keeps the current lease terms.
Official ballot arguments
No official arguments were filed for or against this measure.
What supporters and opponents say — outside sources (not official ballot arguments)
Statements by campaigns, officials and news coverage, quoted with attribution and linked to the original. VoterDecoder did not write them and does not endorse either side.
Supporters say
No public statements in favor were found.
Opponents say
No public statements against were found.