Terra Nears $22M Deal for Miami Seaquarium Ground Lease

Terra is poised to take over the ground lease of the troubled Miami Seaquarium, with plans to turn the waterfront property into a mixed-use retail development. 

The 38-acre site — which Miami-Dade County owns — sits on Virginia Key at 4400 Rickenbacker Causeway, between Key Biscayne and Brickell. The Miami-based developer will assume the ground lease from the operator of the Miami Seaquarium, The Dolphin Company, after paying $22.5 million.

The Miami Seaquarium opened in 1955, and The Dolphin Company took over the lease in 2022. Last year, Miami-Dade County initiated eviction proceedings due to allegations of poor conditions for dolphins and other animals. This year, the Cancun, Mexico-based operator filed for Chapter 11 bankruptcy. 

A hearing to approve the agreement with Terra is scheduled for Oct. 17 before the United States Bankruptcy Court for the District of Delaware. If approved, the park will close this year. The animals will be relocated to another site, though The Dolphin Company has yet to say where. 

Under Terra’s plan, the Buckminster Fuller Seaquarium dome would remain, and marine-oriented retail and food establishments, a research center, a marina, and a public baywalk would be added. Miami-Dade County voters would need to approve any plans to add housing to the parcel, since the property is part of the county’s park system.

“The Miami Seaquarium has been an iconic property for decades, and we intend to honor that legacy as we enhance the site and elevate its appeal among Miami residents and tourists,” Terra CEO David Martin said in a statement. “The result will be a publicly accessible, family-friendly destination that brings together residents and visitors for generations to come.”

The mixed-use development marks Terra’s latest major project in Miami. On nearby Key Biscayne, the firm plans to build a 13-story condo building after buying the waterfront land for $205 million this year.  

On another piece of public land that holds a park, a Terra-led joint venture is under contract to buy a portion of the Jungle Island site on Watson Island, an enclave owned by the City of Miami located between Miami and Miami Beach, where it will build luxury condos.

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