Miami is the luxury capital for the rich fleeing New York and LA—now a $100M office has infrared saunas, a stem cell clinic, and a Vegas-style valet

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.