Miami residents to vote on Jungle Island lease extension, redevelopment

Referendum will be placed on August ballot

Miami /
Jun.June 08, 2018 06:00 PM

Rendering of the hotel at Jungle Island

Jungle Island’s proposed lease extension and hotel development will go to city of Miami voters in August.

The Miami City Commission on Friday unanimously approved putting the referendum on the August ballot. ESJ Capital Partners is leasing the land at 1111 Parrot Jungle Trail. The hotel would be limited to 300 rooms and 130 feet tall.

The proposed lease extension protects the city from delays by giving Jungle Island four years to receive a master building permit and six years to complete construction of the hotel, according to the Miami Herald. Critics cited Flagstone Island Gardens as an example of a project that has taken too long.

In the agreement approved by commissioners on Friday, Jungle Island will set aside $100,000 for an affordable housing fund if the referendum passes in August and an additional $35,000 a year starting in 2021.

ESJ would pay $250,000 in annual rent for its first three years of operations. After that, rent would rise to $1.22 million, or 5 percent of total gross revenue.

Jungle Island closed its doors to the public after a tornado tore through the property during Hurricane Irma in September, toppling hundreds of trees and causing damage.

The first phase of redevelopment, which does not include the hotel, calls for a trampoline park, an aerial play and rope course experience, an outdoor skydiving wind tunnel, escape rooms, a beach restaurant, a zip-line experience, a Crystal Lagoon, and a lazy river.

ESJ is investing between $18 million and $22 million into the park’s upgrades between now and 2020, the developer previously said. The hotel would also be privately financed by ESJ. [Miami Herald] – Katherine Kallergis


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
“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
arrow_forward_ios

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

Loading...