A Miami-Dade County Committee has deferred a lease that would give a developer control over the property on Virginia Key that currently houses the Miami Seaquarium.
The Recreation, Tourism and Resiliency Committee considered the proposal on Nov. 10, but ultimately did not advance it, deferring a decision to the next meeting, for which there is currently no set date. The deal has a Dec. 30 deadline, according to a spokesperson for Terra Group, the developer behind the proposal. If approved, the lease would give an affiliate of Terra Group, Resilient Aquarium LLC, control over the site for a 99 year term.
The spokesperson said the Resilient Aquarium team was "disappointed" by the deferral in an statement emailed to the USA TODAY Network.
"Unfortunately,
the U.S Bankruptcy Court and creditors are beyond our control, and they have established a December 30th deadline to close on our purchase of the Miami Seaquarium lease," the statement read. "We hope the County Commission understands what is at stake and will bring our negotiated lease and land use approvals to a full Commission vote as soon as possible.”
Environmental advocates have raised concerns regarding the development, according to the Miami Herald, with some focused on the potential impacts of the marina on Biscayne Bay. Voters recently rejected a separate redevelopment proposal on the key during Nov. 3 elections, which would have affected the Rickenbacker and Marine Stadium marinas.
Terra Group issued a press release on Tuesday detailing what the land, located on Virginia Key, would be used for — plans include an "83,000-square-foot aquarium," "marine research and education facilities, a public marina" and "waterfront dining and recreation."
What are the terms of the proposed lease?
The lease proposes a "minimum" $100 million private investment to "rebuild the Seaquarium as a modern marine and waterfront destination," according to a memorandum included in the agenda of the Nov. 10 meeting, as well as a "minimum" $10 million investment "in public infrastructure and amenities."
The proposed aquarium on the site would not have any marine mammals, according to the memo, and the tenant would pay Miami-Dade County a minimum of $1.1 million in rent each year, which would escalate "annually based on the Consumer Price Index, with a floor of zero percent and a ceiling of three percent," according to the memo.
Sarah Perkel is a South Florida Connect Reporter for the USA TODAY Network's Florida Connect team. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY.
This article originally appeared on USA TODAY: Miami Seaquarium lease deferred, creating uncertainty for $100M deal
