A Miami-Dade County committee gave David Martin’s Terra the green light to take over the troubled Miami Seaquarium in Virginia Key. Now the Coconut Grove-based firm will seek approval from the full county commission next month.
On Thursday, the Miami-Dade appropriations committee advanced Terra’s proposal to acquire Miami Seaquarium’s lease from the bankrupt company that owned the longtime attraction. A Terra affiliate is buying the lease and Miami Seaquarium for $22.5 million.
A Delaware bankruptcy court approved the deal, but it needs the county’s approval because Miami-Dade owns the property at 4400 Rickenbacker Causeway.
Martin aims to reimagine the aging Virginia Key landmark into a vibrant waterfront destination. His plan entails a new marina, baywalk, retail and restaurant row, plus an accredited aquarium that will not house any marine mammals.
“Our team is excited to advance on a plan that will see at least $100 million invested in restoring the site as a destination for locals and visitors,” Martin said in a statement. “The redeveloped seaquarium will also generate significant community benefits, including more than $750 million in revenue for the county and hundreds of jobs.”
The appropriations committee’s vote was a key step in reshaping the fate of the 38-acre property, said county commissioner Raquel Regalado, whose district includes Miami Seaquarium and who is the county’s representative in the Chapter 11 bankruptcy case by the current owner, MS Leisure Company.
“We really wanted to send a clear message to the bankruptcy court that we are moving forward,” Regalado said at the committee meeting. “We can’t move the marine mammals until we get the green light from the county commissioners.”
Terra intends to modernize the site by adding new event spaces in the iconic Buckminster Fuller dome, a fisherman’s village, wellness facilities and a conservation research center.
The county’s involvement was triggered after MS Leisure Company — a subsidiary of The Dolphin Company — filed for Chapter 11 bankruptcy in April. Miami-Dade first threatened eviction in 2023, alleging the operator violated animal welfare laws and failed to maintain Miami Seaquarium. The same year, the death of Tokitae, better known as Lolita the orca, intensified public scrutiny. Last year, county officials followed through on their threat and filed an eviction lawsuit against MS Leisure Company.
