Miami commissioners could breathe new life into a waterfront redevelopment plan that’s been tied up in lawsuits and political fights for nearly a decade.
The Miami City Commission will determine at its meeting on Thursday whether to have residents vote on an $80 million proposal to redevelop the Virginia Key marinas.
The proposal would allow Virginia Key LLC, a joint venture between Miami Beach-based RCI Marine Group and Dallas-based Suntex Marinas, to lease 27.6 acres across the Rickenbacker Marina and Marine Stadium Marina on Virginia Key and modernize the facilities with upgraded marina infrastructure, boat storage, restaurants, retail space and public parking.
The agenda item follows a 2024 ruling by Miami-Dade Circuit Court Judge Alan Fine, who ordered the city hold a referendum on the proposal after finding that Miami commissioners showed favoritism to competing bidder Rickenbacker Marina, the incumbent operator of the marina facilities, despite city selection committees twice ranking Virginia Key LLC’s proposal first.
The dispute dates back to 2015, when Miami issued its first request for proposals for the city-owned marina property at 3301 Rickenbacker Causeway. A city selection committee ranked RCI’s proposal ahead of Rickenbacker Marina, and when the city launched a second RFP in 2017, RCI partnered with Suntex Marinas and again emerged as the top-ranked bidder.
Despite those rankings, commissioners threw out the proposals following bid protests and advanced a competing referendum backed by Rickenbacker Marina. Voters rejected that measure in 2021.
Now, RCI and Suntex will have another shot under the proposed lease, which would pay the city a minimum of $2.2 million annually, subject to annual escalations, plus 6 percent of gross revenue generated at the property. City documents estimate the lease would bring in $204 million in rent during the initial 45-year term, excluding percentage rent.
The lease would run for 45 years and include two 15-year renewal options, potentially extending the agreement to 75 years.
“It’s been a long road and the people of Miami have been the real losers in this process,” Robert Christoff Jr., president of RCI, told The Real Deal. “They’ve [the city] lost millions of dollars that could go to the tax base and infrastructure and other things like that, so we’re looking to move forward and want to get to the people and on the referendum so that the people can make the decision.”
The redevelopment would be built in three phases, according to city records. The first phase includes construction of a mixed-use building containing 282 dry boat slips, commercial space, a relocated dockmaster’s office and new parking. The developer would also renovate two existing commercial buildings totaling 19,000 square feet that could accommodate retail or restaurant uses, upgrade fueling facilities and renovate the existing boat launch.
A second phase would add another 180 dry slips, bringing the total to 462, along with 5,000 square feet of commercial space, additional parking, a second boat launch and 40 wet slips.
The final phase would add 288 more dry slips, bringing the project’s total dry storage capacity to 750 slips, as well as 162 wet slips, 8,000 square feet of additional commercial space and enough parking to bring the site to 630 spaces.
The proposed lease also requires the developers to reserve at least 220 parking spaces for the neighboring Rusty Pelican restaurant.
Supporters of the project have long argued that the city-owned marina facilities require significant private investment and modernization. Critics have questioned whether public waterfront land should be committed to a private operator under a lease that could last 75 years.
If commissioners approve the item, Miami voters would have the final say on whether RCI and Suntex can lease and redevelop the embattled property.
A spokesperson for the city of Miami and Suntex did not immediately respond to requests for comment.
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