Miami voters will decide this November whether to advance a long-running plan to remake the Rickenbacker and Marine Stadium marinas on Virginia Key. The proposal would preserve City ownership while adding public waterfront access, upgraded boating facilities, dining, landscaping and privately funded infrastructure improvements across roughly 27 acres.
Key takeaways
The proposal centers on turning an aging marina complex into a broader waterfront destination. Its main elements include:
- More than $80 million in private investment, with no taxpayer funding proposed.
- More than 1,200 linear feet of landscaped public promenade.
- A redesigned marina with 750 dry slips and 202 wet slips.
- New dining, recreation, shade trees and pedestrian improvements.
- A proposed 45-year lease with two 15-year renewal options.
- Projected city revenue of more than $200 million over the initial lease term.
A marina designed for broader public use
Virginia Key LLC, a joint venture between RCI Group and Suntex Marinas, says the redevelopment would expand access to Biscayne Bay beyond boat owners. Planned public spaces would support walking, running, cycling, paddling and gathering, while additional restaurants and waterfront amenities would create a year-round destination for residents and visitors.
The plan also calls for improved landscaping, a larger tree canopy and more shaded pedestrian areas. Public parking and upgraded access to water-based activities are included in the ballot language.
Modernizing aging facilities
The proposal would replace or improve existing marina infrastructure with indoor, hurricane-rated dry storage, updated boater amenities and expanded capacity. The planned mix of 750 dry slips and 202 wet slips would make the marina the anchor of the larger waterfront project.
Virginia Key LLC also says it will pursue Florida Clean Marina designation and LEED certification. Those commitments are intended to address environmental performance, resiliency and the long-term condition of the public property.
A decade-long public process reaches voters
The redevelopment effort traces back to competitive City procurement processes, including a 2017 request for proposals. A City selection committee ranked the RCI Group and Suntex team highest, and the City Manager approved that recommendation.
Litigation delayed the project for years. Courts ultimately directed the City to place the proposal before voters, and a Miami-Dade Circuit Court judge recently rejected an effort by the current Rickenbacker Marina operator and others to stop the November referendum.
Lease could increase Miami’s revenue
If approved, the project would operate under a 45-year initial lease with two 15-year renewals. The agreement would guarantee the City at least $2.2 million in annual base rent, subject to escalations, plus 6% of gross revenues.
Projected revenue is approximately $3.8 million annually, compared with the current base rent, according to the proposal. Over the initial term, the City is expected to receive about $203.98 million. The project is also projected to create 1,280 construction and long-term operating jobs.
What voters will decide
The referendum asks whether Miami should lease approximately 27.62 acres to Virginia Key LLC for the privately funded redevelopment of the Rickenbacker and Marine Stadium marinas. The decision will determine whether the long-discussed vision for a more accessible Virginia Key waterfront moves from planning and litigation into implementation.