Jungle Island’s new owner in talks with adventure park hotel brand

Lease extension and hotel development could head to a vote in November

Miami /
Jul.July 07, 2017 05:40 PM

Jungle Island’s new owner has more in store for the Watson Island attraction after it wraps up a multimillion-dollar renovation.

Aventura-based ESJ Capital Partners is in talks with an international adventure park hotel brand to bring a hotel to the 19.35-acre park. A spokesperson for ESJ declined to name the brand.

The firm closed on the $60 million lease transfer of Jungle Island earlier this year and is going before the Miami City Commission next week with a resolution to enter into an amended lease.

ESJ’s resolution would extend the lease from 2060 to 2099. It would also allow for the development of a hotel, providing a rent payment of 1 percent of the annual gross revenue from a new privately funded $50 million hotel, according to public documents. The firm would also invest about $700,000 in the Ichimura-Miami Japanese Gardens and about $500,000 for a green energy educational facility, ESJ said in a statement.

Four-fifths of the commission would have to approve a measure to put the item on the November ballot so that voters can approve or reject a referendum that would extend the lease and allow for a hotel.

ESJ is already working on the multi-phased renovation and redevelopment of the park, beginning with zip lines with views of downtown Miami, the park and Miami Beach. ESJ, an asset management firm with European backers, will also add children’s rides, animal exhibits, a private beach club, water slides and a multi-acre Crystal Lagoon, as well as food and beverage upgrades.

The island is also home to Island Gardens, a mixed-use development that’s now tied up in litigation.


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...