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
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
From left: The Real Deal editor-in-chief Stuart Elliott, Miami-Dade County Mayor Daniella Levine Cava, City of West Palm Beach Mayor Keith James, City of Boca Raton Mayor Scott Singer, City of Miami Mayor Francis X. Suarez and City of Fort Lauderdale Mayor Dean Trantalis
“We’re crushing it, and we’re going to continue crushing it.” South Florida mayors talk growth at TRD Miami event
“We’re crushing it, and we’re going to continue crushing it.” South Florida mayors talk growth at TRD Miami event
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
arrow_forward_ios

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

Loading...