Committee supports returning Rivani lease amendment to commission with favorable recommendation

Representatives for the property at 1691 Michigan Avenue presented a proposal April 1 seeking an amendment to the city ground lease to extend the term (a 30‑year extension was discussed) and enable roughly $50 million in private reinvestment.

Michael Larkin and Patrick Corey (representing Robert Rivani) described completed and prospective tenant activity and a two‑phase plan that the developers said would generate additional ground‑lease revenue for the city over a 30‑year outlook. Staff (Ozzie Dominguez) said the amendment would preserve the city’s current rent structure and include public‑benefit commitments; among items discussed were a 100‑space public‑parking minimum, workforce parking passes and targeted Lincoln Road improvements.

Economic consultant Kevin Crowder presented a fiscal impact overview estimating increased employment on site and a notable net present value to the city if phase 2 proceeds. Commissioners pressed for performance guarantees, clear timelines tied to financing and specific public benefits (suggestions included a sculpture program or tangible Lincoln Road activations). The committee requested staff return a final term sheet and draft amendment to the commission; the item will proceed through planning board, two commission hearings and a potential voter referendum timeline discussed by staff.

The committee voted to return the item to the full commission with a favorable recommendation and asked staff to present different extension options and explicit public‑benefit commitments.