$60M Jungle Island deal to go before Miami commission

Miami /
Nov.November 15, 2016 02:15 PM

Jungle Island’s proposed redevelopment could move a step forward on Thursday.

The Miami City Commission will consider approving a lease transfer to an Aventura-based real estate firm in a deal valued at $60 million.

Jungle Island owner Bern Levine plans to sell the theme park’s lease to ESJ Capital Partners, the Miami Herald first reported. ESJ, backed by European investors, has floated ideas like adding a hotel to the 18-acre site, pending voter approval, and short-term improvements like new dining and entertainment options to attract teenagers and young adults, a zip line and water features. And a hotel wouldn’t be considered immediately, according to the Herald.

Jungle Island has been long been plagued by debt. Levine bought the park, then in Pinecrest, in 1988 and opened the Watson Island location in 2003. Levine said he spent $16 million of his own money to move and reopen the park.

The $60 million deal would involve the buyer assuming $45 million in owed payments: the park’s $30 million in principal debt and interest to the city of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development, a loan from a private lender, deferred rent and other obligations.

It would also give Levine and his partners $15 million, the newspaper reported. A third of that would be used to pay down debt, in addition to a transfer fee that would be at least $150,000.

The county and HUD would have to approve the deal. Miami Mayor Tomás Regalado and commissioner Ken Russell have supported the Jungle Island improvements. [Miami Herald] – Katherine Kallergis


Related Articles

arrow_forward_ios
Rendering of the new Jungle Island (EoA Group, iStock)
Checking into the wild: Miami commissioners approve zoning changes to allow for Jungle Island hotel
Checking into the wild: Miami commissioners approve zoning changes to allow for Jungle Island hotel
Rendering of the new Jungle Island with a 300-room hotel (EoA Group)
Jungle Island owner wins Miami board approval for hotel and attractions
Jungle Island owner wins Miami board approval for hotel and attractions
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen
Privé at Island Estates developer sues Suffolk Construction over defects
Privé at Island Estates developer sues Suffolk Construction over defects
Pierre Brondeau and Palazzo Del Sol
Pesticide exec pays $14M for Palazzo Del Sol condo
Pesticide exec pays $14M for Palazzo Del Sol condo
Howard Lorber and 1525 North View Drive
Howard Lorber buys waterfront Sunset Islands home for $12M
Howard Lorber buys waterfront Sunset Islands home for $12M
2201 Sunset Drive and David Grutman (Credit: Douglas Elliman)
Hospitality mogul David Grutman lists Sunset Islands home
Hospitality mogul David Grutman lists Sunset Islands home
Jim Cohen, Fontainebleau Development’s president of Residential, and Jeffrey Soffer, with SeaGlass Jupiter
Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
2138 Bay Avenue, Miami Beach (Credit: Google Maps)
Toronto financier pays $14M for Sunset Islands home
Toronto financier pays $14M for Sunset Islands home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...