RIVANI Cashes Out on Edgeater's Amara at Paraiso Waterfront Restaurant for Nearly $20M

Key Points

• RIVANI sells waterfront restaurant condo for $19.8 million, nearly doubling its 2021 purchase price of $12.1 million

• Prime Edgewater property spans 12,316 square feet and is leased to chef Michael Schwartz’s Amara at Paraiso

• Buyer is a Chicago-based 1031 exchange investor making its first South Florida acquisition

Miami’s Waterfront Still Commands Top Dollar

Robert Rivani’s RIVANI has exited one of its earliest hospitality plays in South Florida, selling the Amara at Paraiso restaurant condo in Edgewater for $19.8 million. The waterfront property, home to the acclaimed Latin American restaurant by James Beard Award-winning chef Michael Schwartz, attracted global interest before ultimately being acquired by a 1031 exchange investor from Chicago.

The Deal Details

• Address: 3101 NE 7th Avenue, Miami (Edgewater)

• Property Type: Two-story waterfront restaurant condominium

• Size: 12,316 square feet

• Tenant: Amara at Paraiso, operated by The Genuine Hospitality Group

• Sale Price: $19.8 million

• Last Sale: Acquired by RIVANI in 2021 for $12.1 million

• Brokers: JLL Capital Markets team led by Alex Sharrin

The buyer, a real estate investor from Chicago, used a 1031 exchange to acquire the asset, marking their first deal in the South Florida market. According to JLL, buyer interest came from regions as far as the Middle East and California, reflecting strong national and international appetite for stabilized waterfront properties.

Why It Sold for a Premium

• Direct Biscayne Bay frontage with indoor-outdoor dining and unobstructed views

• Seating for 150 inside and an additional 70 on the waterfront deck

• Located in Edgewater, one of Miami’s fastest-growing neighborhoods with strong connectivity to I-95, I-195, and Biscayne Boulevard

• Long-term lease in place with a proven operator and recognizable brand

• Limited supply of comparable waterfront restaurant assets in Miami

RIVANI’s Broader Strategy

The Amara at Paraiso sale is part of a larger repositioning strategy by RIVANI, which has shifted focus toward lifestyle and office projects after a string of high-profile restaurant asset sales. Recent moves include:

• Sale of Catch Miami Beach for $28.2 million

• Sale of restaurant condos at SLS Lux Brickell and the DUA Hotel for $38.25 million all-cash

• Acquisition of the Lincoln Theatre for $37 million

• Launch of the $100 million redevelopment of The RIVANI, a next-generation office building

• Hosting Playboy’s new global headquarters

RIVANI has now amassed over $250 million in real estate assets across South Florida, with a growing portfolio that blends hospitality, retail, and office elements.

Takeaway for Investors

This deal highlights multiple trends: increasing demand for stabilized restaurant-leased properties, a rise in out-of-state 1031 capital flowing into Florida, and continued appreciation of Miami waterfront assets. Rivani’s strategy signals a pivot away from hospitality-heavy holdings and toward mixed-use and experiential office development, a play other landlords may begin to follow as the South Florida market matures.