Miami-Dade Court Upholds Virginia Key Marina Referendum for November Vote
A Miami-Dade Circuit Court judge has dismissed a legal challenge aimed at preventing a November referendum concerning the proposed redevelopment of the Rickenbacker and Marine Stadium marinas on Virginia Key. This ruling allows City of Miami voters to decide on a proposed lease agreement for approximately 27.62 acres of city-owned waterfront property. Virginia Key, LLC, a joint venture between RCI Group and Suntex Marinas, plans to invest around $80 million in private funding for improvements. The redevelopment project includes boat storage, restaurants, retail spaces, and public parking. The proposed lease is for an initial 45-year term with two 15-year renewal options, stipulating a minimum annual guaranteed rent of $2.2 million, with escalations, totaling approximately $203.98 million over the initial term, plus six percent of gross revenues. The lawsuit, filed by Rickenbacker Marina, Inc., its affiliate Biscayne Marine Partners, LLC, and Adam Gersten, challenged the referendum's legality, including cla...