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PB26-0829

1691 MICHIGAN AVENUE

LEASE AGREEMENT

The following summaries were generated by AI from the official documents linked below. They may contain errors. Please refer to the original documents for authoritative information.

Proposal

RIVANI is proposing Phase 2 improvements to add 36,000 SF of office space and 6,000 SF rooftop restaurant to the existing Lincoln Plaza building, requiring amendments to the ground lease including extending the term by 40 years, reducing parking requirements, and increasing rent payments to the City.

From the Letter of Intent

RK Rivani seeks Planning Board approval for proposed extension and amendments to an existing ground lease to facilitate Phase 2 improvements including approximately 36,000-40,000 square feet of additional office space and a 6,000 square foot rooftop restaurant. The proposal requires extending the ground lease term by 30 years through 2122 and reducing required parking spaces from 700 to 425.

  • Extend ground lease term by 30 years from September 30, 2052 to September 30, 2082 with existing extensions
  • Implement cap on required re-evaluation to Base Rent based on Fair Market Rent evaluation
  • Reduce total required parking spaces from 700 to 425 spaces with 100 public spaces maintained
  • Allow City Manager to approve Major Alterations that reduce parking spaces
  • Correct scrivener's error regarding maximum development height from 80 feet to 100 feet
  • Construct approximately 36,000-40,000 square feet of additional office space
  • Add approximately 6,000 square foot rooftop restaurant
Key Issues
  • 40-year lease extension to 2132
  • Reduction of required parking spaces from 700 to 425
  • Base rent increase to $500,000 per month
  • Percentage rent increase from 2.5% to 3%
  • Loss of 191 parking spaces on levels 6 and 7
  • Height limit correction to 100 feet
Property Details
Lot Size 76,500 SF
Applicant Lincoln Plaza Partners, LLC/RIVANI
Meeting

Tuesday, May 5, 2026

09:00 AM

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