ESJ and Terra Propose Adding Condos on Jungle Island Theme Park

Another set of developers wants to remake Miami’s Watson Island.

ESJ Capital Partners — the owner of the 18-acre Jungle Island, a theme park on Watson Island — and Terra, a prominent Miami developer, have proposed a condo complex on 5 acres of city-owned land. The Real Deal first reported the development plan. 

If the developers are allowed to build the condo complex, the remaining 13 acres of Jungle Island would become free of charge, according to a statement from the joint venture. Both the Miami City Commission and Miami voters would need to approve the plan. 

The proposal marks a shift for ESJ Capital Partners, which in 2017 paid $60 million for the lease to the theme park at 1111 Parrot Jungle Trail. The following year, voters approved plans to add a 130-foot-tall hotel with up to 300 rooms, a zip line and water slides. But ESJ Capital Partners never moved forward with the expansion. 

Now the Aventura-based firm is partnering with Terra, led by David Martin, to develop a condo project, replacing Jungle Island’s parking. The details of the project have yet to be revealed, and exact plans remain in flux, but a boardwalk would be built to connect the north and south side of Watson Island, said a spokesperson for the joint venture.

“Since [2018], Miami’s urban core has grown significantly and is now one of the most in-demand districts in the world,” the statement from ESJ and Terra reads. “Available land is scarce.”

This is the second proposal developers have put forth to redevelop Watson Island, a city-owned enclave between Downtown Miami and South Beach. Last year, BH3 Management and Merrimac Ventures purchased the 75-year ground lease encompassing 11 acres across the MacArthur Causeway.

While they, too, have yet to reveal concrete plans for the site, it will be a mixed-use development.

Update: The story was amended to include details of the condo project.

Julia Echikson can be reached at jechikson@commercialobserver.com.