Developer David Martin has set his sights on his next challenge, a redevelopment of the Miami Seaquarium property in Key Biscayne.
An affiliate of his Coconut Grove-based firm, Terra, has a $22.5 million deal in place to take over the lease for the 38-property at 4400 Rickenbacker Causeway, which is owned by Miami-Dade County. Resilient Aquarium LLC, the Terra entity, plans to renovate and modernize the Seaquarium. The marine mammals will be relocated under the proposal, according to a filing in Delaware’s bankruptcy court. The current operator, MS Leisure Company, filed for Chapter 11 bankruptcy in April.
Integra Investments was among the companies to submit a proposal.
The Seaquarium has been operational since 1954. Miami-Dade County first moved to evict the company last year, but the eviction proceedings were stayed as a result of the bankruptcy filing. Miami-Dade alleged that the operator failed to maintain Miami Seaquarium in good repair and clean condition, and that it violated the federal Marine Mammal Act and Animal Welfare Act, citing substandard animal care. In 2023, the orca Tokitae, also known as Lolita, died in her tank of renal failure, following a decades-long effort by activists to retire her to a sanctuary.
The existing lease is set to expire in November 2044.
Terra’s plans
Martin, CEO of Terra, plans to invest between $75 million and $100 million into the Seaquarium property, which will likely include adding restaurants, retail and a new marina with wet and dry boat storage for up to 350 vessels, he told Channel 10. Court filings show he plans a new accredited aquarium; marina and aquatic experiences; wellness spaces; a fisherman’s village; and an education, conservation and research center. The historic Buckminster Fuller Seaquarium dome would be preserved and repurposed for event space.
MS Leisure’s parent company, the Mexico-based Dolphin Company, is developing a plan to transfer animals to alternative locations, and hired International Animal Exchange to handle the process.
The timeline
A bankruptcy judge in Delaware has to sign off on the sale of the lease and is expected to rule on it at a 10 a.m. hearing on Oct. 17. Objections must be filed on or before Oct. 10 at 4 p.m. Miami-Dade County Commissioners also have to approve the deal at a later, unspecified date.
If the judge approves the lease transfer, the Seaquarium will close by the end of the year. The actual sale and transfer of the lease will occur 30 days after the final county approval, and no later than May 15, 2026.
Terra’s other projects
Martin has long pitched himself and his company as a sustainable developer. He’s partnering with the owner of Jungle Island to redevelop a portion of the Watson Island property in Miami into a condo tower and a public park. Parks are often part of his developments, including the aptly named Five Park in Miami Beach, which has a 3-acre park that features an interactive playground, botanical garden, dog park and event lawn.
His other projects include the planned luxury condo tower at 1250 West Avenue in Miami Beach; the redevelopment of the Deauville Beach Resort property in Miami Beach; the Miami Beach Convention Center Hotel; the redevelopment of the Silver Sands Beach Resort property with Fortune International Group in Key Biscayne; and the Well-branded condo project in Coconut Grove.
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