Bankruptcy court approves Terra’s Miami Seaquarium takeover

A bankruptcy court approved Terra’s lease takeover of the Miami Seaquarium property in Key Biscayne. 

David Martin’s Coconut Grove-based firm has a $22.5 million lease deal in place for the 38-property at 4400 Rickenbacker Causeway, which is owned by Miami-Dade County. 

The deal, which still requires county commission approval, marks the next chapter for the Miami Seaquarium and one without marine mammals. They will be relocated under the proposal, according to a filing in Delaware’s bankruptcy court. The Seaquarium has been operational since 1954. 

Terra’s Resilient Aquarium LLC plans to pump up to $100 million into renovating, modernizing and redeveloping the Seaquarium. That plan includes adding restaurants, retail and a new marina with wet and dry boat storage for up to 350 vessels. Court filings show he plans a new accredited aquarium, aquatic experiences, wellness spaces, a fisherman’s village, and an education, conservation and research center. The historic Buckminster Fuller Seaquarium dome and the Flipper House would be preserved and repurposed for event space. 

“This ruling affirms that our team’s vision, track record, and ability to execute is the right path forward for the Seaquarium,” Martin said in a statement. 

The current operator, MS Leisure Company, filed for Chapter 11 bankruptcy in April. Miami-Dade County moved to evict the company last year, but the eviction proceedings were stayed as a result of the bankruptcy filing. 

The county, and activists, have alleged the current operator failed to maintain the property in good repair and clean condition. Miami-Dade alleged that MS Leisure 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. 

MS Leisure’s parent company, the Mexico-based Dolphin Company, is developing a plan to transfer animals to alternative locations. 

The actual sale and transfer of the lease has to occur 30 days after the final county approval, and no later than May 15, 2026. 

Martin’s other projects include the planned redevelopment of Jungle Island on Watson Island in Miami. This week, the city’s planning, zoning and appeals board approved a resolution tied to the rezoning of a portion of that property where Terra and its partner ESJ Capital Partners plans condo towers.