Miami Voters to Approve Approximately $80 Million Marina Makeover
Miami residents scored an important victory after a Miami-Dade Circuit Court judge ruled in favor of the City of Miami and against a legal challenge brought by the current operator of Rickenbacker Marina seeking to stop the November referendum.
Judge Walsh’s decision means Miami voters will have their say on the future of one of the City’s most valuable public waterfront assets more than nine years after Virginia Key, LLC – a joint venture between RCI Group and Suntex Marinas – was selected as the top-ranked development team during a public Request for Proposals process.
The lawsuit was brought by Rickenbacker Marina, Inc., its affiliate Biscayne Marine Partners, LLC, and Adam Gersten against the City of Miami and the Miami-Dade Supervisor of Elections. Among other relief, the plaintiffs asked the court to declare the referendum unlawful and invalid and to prevent the City from putting the issue on the ballot in November. Rickenbacker has operated on the City-owned property since 1983 under a ground lease that expired in 2016. This decision means Miami voters can have their say on the future of one of the City’s most valuable public waterfront assets.
“The residents of Miami won,” said Robert W. Christoph Jr., president of RCI Group. “For too long, the current operator has fought to preserve the status quo to its own benefit. This lawsuit was another attempt to stand in the way of change and deny Miami residents the opportunity to decide the future of property that belongs to them. The court’s decision allows that choice to remain where it belongs—in the hands of Miami voters.”
Miami Marina Makeover Details
The November referendum asks voters to approve a new lease for approximately 27.62 acres on Virginia Key for the redevelopment of the existing Rickenbacker and Marine Stadium marinas. The ballot proposal includes minimum annual guaranteed rent of $2.2 million with escalations, plus 6% of gross revenues, and approximately $80 million in privately funded investment. All of this at no cost to Miami taxpayers.
Supporters of the proposal say a new operator will help unlock Virginia Key’s potential, increase much needed public access to Biscayne Bay, bring significant private investment to the property and create a waterfront destination that residents and families throughout Miami can enjoy.
“The courts have spoken again and reaffirmed that the City of Miami voters deserve to decide the future of the Rickenbacker Marina,” said David Filler with Suntex Marinas. “While nearly a decade has been spent in litigation with the City, there has been little meaningful reinvestment in the future of the marina. It’s time for the City of Miami to realize a world-class marina through private investment that will generate hundreds of new jobs, millions of dollars in new revenue for the City, and a public space open and welcoming to all the residents of Miami.”
Voting for Positive Change
The lawsuit challenged virtually every aspect of the City’s action, alleging that the ballot language was misleading, that the appraisals did not establish fair market value and that the proposed lease materially departed from the original procurement. The plaintiffs sought an injunction to stop the referendum from moving forward and prevent the question from being put to voters in November.
This decision by Judge Walsh of the 11th Circuit Court clears the way for the debate to return to where it belongs: before the people of Miami.
This November 3rd, voters will have the opportunity to choose a new vision for Virginia Key Marina: one centered on greater public access, substantial private investment and greater value from one of Miami’s most important public assets.
