Miami voters will choose whether to allow an $80 million investment into the redevelopment of city-owned land on Virginia Key.
Referendum 3, on the ballot for city of Miami voters on Nov. 3, proposes leasing about 27.62 acres on Virginia Key to Virginia Key LLC, a joint venture between RCI Marine Group and Dallas-based Suntex Marinas, according to the Real Deal. The lease would last for 45 years initially, with the opportunity for two 15-year renewals, according to a sample ballot provided by the Miami-Dade County Supervisor of Elections.
The referendum says an "approximately $80,000,000 privately funded investment" will go toward redeveloping "existing Rickenbacker and Marine Stadium marinas." It also proposes a "minimum annual guaranteed rent"
of $2.2 million to the city of Miami, "with escalations," totaling about $203.98 million over the initial term.
Save our Marinas, a group in opposition to the referendum, says the language on the ballot isn't transparent enough, and that the proposal would give away more than the "existing Rickenbacker and Marine Stadium Marinas," including "restaurants" and "retail." Gramps Getaway, a business located within the 27.62 acres, is against the redevelopment, although the "Vote Yes" initiative says that the business will be allowed to stay.
Aabad Melwani, current President of Virginia Key's Rickenbacker Marina, wrote that he's against the referendum for several reasons, among them possible "damage to Biscayne Bay."
The USA TODAY Network has reached out to RCI Marine Group and Suntex Marinas, but had not heard back.
Referendum 3 on ballot for Miami voters this November
The text that will appear on the ballot reads as follows:
"Proposed Lease and Redevelopment of existing Rickenbacker and Marine Stadium Marinas on Virginia Key Shall City lease approximately 27.62 acres on Virginia Key to Virginia Key, LLC for:
- 45-year initial term with two 15-year renewals;
- Minimum annual guaranteed rent to city of $2,200,000 (with escalations) totaling approximately $203,980,000 over the initial term plus 6% of gross revenues;
- Approximately $80,000,000 privately funded investment to redevelop existing Rickenbacker and Marine Stadium marinas in an environmentally sensitive manner, including boat storage, restaurants, retail, and public parking?"
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: What is Miami Referendum 3? Virginia Key marina deal on ballot
