Miami Beach Referendum — Two 20-year Lease Extension Options for City Property at 1691 Michigan Avenue (Miami-Dade County)
Ballot measure · November 3, 2026 · Voters in the city of Miami Beach
- What it does
- 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))?
- Needed to pass
- A simple majority
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