Miami developer Robert Rivani has cashed out of the Wynwood Jungle retail plaza for $26 million, a tidy profit he says will help bankroll his next move across the bay in Miami Beach. The two-story property at 51 Northwest 23rd Street traded this week, capping a roughly three-year run for Rivani’s affiliate, which bought the site in 2021. The deal is the latest in a run of sales and buys as his firm shifts away from smaller retail holdings and toward larger office and beachfront projects.
As reported by The Real Deal, the roughly 39,000-square-foot Wynwood Jungle sold for $26 million, nearly double the $13 million Rivani’s affiliate paid in 2021, even though the building was about 50 percent vacant at closing. Eric Williams of Newmark represented both the seller and the buyer, according to the outlet. Rivani also kept a small slice of the site that is under contract for $1 million. Patrick Khoury, Rivani’s chief investment officer, told the publication that the rooftop is “a little over 10,000 square feet” and called it a major activation opportunity for the new owner.
Some leasing momentum is already in motion. A LoopNet posting highlighted in Machine Gun Kelly’s 27 Club Coffee deal shows the concept signed a 10-year lease for about 2,778 square feet at 51 NW 23rd Street. Brokers say filling the rooftop could be a fast win. The plaza mixes local concepts with national names, which helps explain why buyers are still willing to bet on Wynwood’s street-level retail despite pricier financing. That tenant mix gives the Dallas-based buying group an immediate path to bump foot traffic and revenue.
Legal disputes followed Rivani’s ownership
Rivani’s stint at Wynwood Jungle has not been drama-free. Two pending legal disputes trailed the property into the sale, according to The Real Deal. In one case, an affiliate of Goat Hospitality Group is accused of signing a 2024 lease for a steakhouse and then never opening, which allegedly left about $9.1 million in unpaid rent through 2035 and prompted a $10.5 million damages claim. Rivani’s side has moved for summary judgment. In a separate lawsuit filed in 2024, an entity tied to restaurateur Brian Swanson alleges it was shorted on promised square footage, a claim Rivani is fighting with a countersuit.
What’s next for the property and Wynwood
The trade slots into a broader reset under way in Wynwood, where developers and investors are rethinking pricing and strategy in real time. A report on a $14.5 million cash purchase of a Wynwood edge site in May underscored that land and smaller retail properties are still changing hands as buyers chase repositioning plays. At the same time, Bisnow has tracked other sizable bets in the neighborhood this spring. For Rivani, stepping away from Wynwood Jungle appears to align with his pivot into larger Miami Beach office projects and high-end residential flips…