{
  "id": 7079381,
  "title": "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",
  "url": "https://urgent.news/2026/09/13/miami-is-the-luxury-capital-for-the-rich-fleeing-new-york-and-la-now",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-13T07:43:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/09/13/miami-luxury-capital-for-rich-fleeing-new-york-la-100-million-office-infrared-saunas-stem-cell-clinic-vegas-style-valet/"
  },
  "original_language": "en",
  "account": "Miami, once known for its vibrant nightlife, has transformed into a luxury hotspot for the wealthy departing from New York and Los Angeles. In 2025, a property in Miami reached the $100 million mark for the first time, reflecting the city's growing appeal for affluent individuals. High-profile figures such as Jeff Bezos, Ken Griffin, Mark Zuckerberg, Larry Page, and Peter Thiel have invested heavily in Miami, with Citadel CEO Griffin establishing his \"Billionaire Bunker\" on Indian Creek Island. With no state income tax and favorable business conditions, Miami has attracted a significant number of billionaires, comprising 19 out of the 20 richest in Florida. The city's millionaire population has surged by 75% over the past decade, largely due to Californians fleeing Proposition 40's wealth tax. Recognizing the need for luxurious workspaces, developer Robert Rivani has revamped a $62.5 million building at 1691 Michigan Ave. into a $100 million \"Class X\" project, offering state-of-the-art amenities like a Monarch Athletic Club, stem cell clinic, and an omakase restaurant. Rivani's vision is to create a premium office environment that goes beyond traditional designs, catering to the needs of the elite. The building has already secured major tenants, including Playboy, Daymond John, Morgan Stanley, Wix, Raymond James, Comcast, Coldwell, and various medical practices, with 90% of the space pre-leased. Rivani aims to expand Class X nationally, leveraging the successful concept to create a nationwide network of high-end workspaces.",
  "summary": "Robert Rivani bet against a cratering office market with a $100 million Miami Beach redevelopment—and says it was 90% leased before the doors opened.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}