Inside The Vision to Transform Rickenbacker and Marine Stadium Marinas On Miami's Virginia Key Into A Publicly Accessible Waterfront Destination

Nearly a decade after the City of Miami held a competitive public process to revitalize its aging marinas on Virginia Key and create more access to Biscayne Bay, Miami voters will have the opportunity to move that vision forward this November. The proposal by Virginia Key LLC — a joint venture between RCI Group and Suntex Marinas — would transform approximately 27 acres encompassing the Rickenbacker and Marine Stadium Marinas into a modern, environmentally responsible waterfront destination for all. The plan replaces aging infrastructure, improves marina operations, restores the property as a public asset, and activates the Biscayne Bay waterfront as a destination for residents and visitors.

Virginia Key LLC would fund more than $80 million in improvements through private investment – with no taxpayer dollars needed – and the Rickenbacker and Marine Stadium Marinas would remain City-owned. Public benefits include:

• Over 1,200 linear feet of landscaped waterfront promenade, giving Miami residents and visitors more access to Biscayne Bay.

• Public space to walk, run, bike, paddle, and enjoy Virginia Key – whether or not you own a boat.

• Additional waterfront dining options that will welcome families year-round.

• Improved access to water recreation, with opportunities to paddle, row, gather, and enjoy more of Virginia Key.

• More shade trees and landscaping, including an expanded tree canopy and improved pedestrian areas.

• A new, modernized marina, including 750 dry slips and 202 wet slips, upgraded boater amenities, indoor hurricane-rated dry storage and improvements to replace aging facilities.

• Environmental and resiliency improvements, including a commitment to pursue Florida Clean Marina designation and LEED-certification.

From a Marina for Some to a Waterfront for All

Virginia Key LLC’s plans to revitalize the Rickenbacker and Marine Stadium Marina property date back more than a decade through two competitive City procurement processes. In 2017, the City of Miami issued a public RFP seeking proposals to redevelop and operate the property. A City selection committee ranked Virginia Key LLC — the RCI Group and Suntex Marinas team — as the top-ranked proposer and the City Manager approved the recommendation. After years of litigation, the courts ordered the City to place Virginia Key LLC’s proposal before Miami voters. Most recently, a Miami-Dade Circuit Court judge rejected an effort by the current operator of Rickenbacker Marina and others to block the November referendum.

RCI and Suntex bring decades of experience developing, improving, and operating marinas in Florida, as well as a track record of managing publicly owned facilities. Their South Florida portfolio includes Miami Beach Marina, Bayshore Landing, Bahia Mar, and Haulover, with marinas in their portfolio meeting Florida’s Clean Marina standards — unlike the current operator, whose Rickenbacker Marina is not designated as a Florida Clean Marina. That experience gives the team the expertise and resources needed to deliver significant upgrades long envisioned for Virginia Key.

RCI Group has been family-operated for more than 50 years and is led by boating enthusiasts Robert Christoph Sr. and his son, Robert Christoph Jr. Since establishing a Miami presence in the 1980s, the company has played a hands-on role in developing and managing residential, commercial and marine properties across the U.S., including five marinas in Florida.

“My best memories growing up involve being on the water with my family. Biscayne Bay is special, but there are too few places in Miami where families can truly connect with the water. It’s time to open more access to the Virginia Key waterfront,” said Robert W. Christoph Jr., president of RCI Group. “For decades, this incredible public asset has been underutilized and difficult for many Miami families to fully enjoy. We have an opportunity to change that with more than $80 million in improvements funded entirely by private investment — not a single dollar from Miami taxpayers. Our team will create a destination where families can walk along the bay, friends can meet for lunch, and people can kayak, paddleboard, or simply enjoy the view.”

Suntex Marinas is one of the nation’s largest owners and operators of marinas, with more than 30 properties in Florida. The company specializes in the development and management of marinas, with extensive experience investing in and revitalizing publicly owned properties.

“As a City of Miami resident, I know how blessed we are to have Biscayne Bay in our backyard,” said David Filler of Suntex Marinas. “Virginia Key should be a place where more people can enjoy that waterfront. The Rickenbacker and Marine Stadium Marina should be world-class and accessible, rather than off-limits, outdated, and underutilized. Our plan will create a place where families, residents and visitors can enjoy the bay, walk the waterfront, and experience Virginia Key. The marina will remain the anchor for our project, with the waterfront becoming accessible to far more people than it is today.”

1,280 New Jobs and More Than $200 Million in Revenue for the City of Miami

If voters approve the referendum, Virginia Key LLC will enter a 45-year lease with the City of Miami that will generate significantly more revenue for the City. The agreement guarantees Miami at least $2.2 million in annual base rent — more than six times the current operator’s base rent. In addition, the City will receive 6 percent of all gross revenues generated by the improved Rickenbacker and Marine Stadium Marina, bringing projected annual rent to approximately $3.8 million — more than double the current rent. Over the initial 45-year term, Miami will receive more than $200 million in revenue, while the project will create 1,280 jobs during construction and long-term operations.

The November ballot language reads as follows:

Shall City lease approximately 27.62 acres on Virginia Key to Virginia Key, LLC, for:

• 45-year initial term with two 15-year renewals;

• Minimum annual guaranteed rent to City of $2,200,000 (with escalations) totaling approximately $203,980,000 over the initial term plus 6% of gross revenues;

• Approximately $80,000,000 privately funded investment to redevelop existing Rickenbacker and Marine Stadium Marina in an environmentally sensitive manner, including boat storage, restaurants, retail, and public parking?

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Continuum Company Expands North Bay Village Assemblage With Acquisition of Waterfront Property and Marina

Continuum Company  has expanded their North Bay Village assemblage with the acquisition of Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina in North Bay Village. An acquisition and pre-construction development loan was secured for $67.5 million from  Longline Financial. The property is adjacent to the company’s latest waterfront development in North Bay Village, Continuum Club & Residences, expanding the firms North Bay Village waterfront footprint to 4.5 acres.  The on-site restaurant and hotel will continue to be open and fully operational.

"Securing Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina demonstrates Continuum's confidence in the promising future of North Bay Village,” said Alexandra Eichner, president of Continuum Florida. "This premier acquisition marks a significant milestone in bringing that vision for North Bay Village’s exciting development to life.” 

“The vision for North Bay Village is exactly the same as the Continuum on South Beach 20 years ago.  We saw a substantially undervalued oceanfront development opportunity and then transformed the neighborhood into one of the most coveted places to live” said Ian Bruce Eichner, Chairman and CEO of Continuum Company. “And this waterfront island address is surrounded by the best of Miami; the Beaches, Bal Harbor Shops, Wynwood, Design District, Culture and Dining, Schools and Country Clubs.”

North Bay Village is primed for re-development following its 2020 rezoning, which is heralding a new era of luxury and elevating the waterfront enclave to  new heights.  Continuum Companies recently launched Continuum Club & Residences, the newest luxury bayfront condominium in Miami's exclusive North Bay Village which is adjacent to the Shuckers Waterfront Bar & Grill property and will rise 32 stories offering 198 residences. Other development projects in the neigborhood include Shoma Bay and Pagani Residences Miami.

PORT 32 Marinas Acquires Lighthouse Point Marina

PORT 32 Marinas, LLC (PORT 32) has acquired Lighthouse Point Marina, which is situated on the Intracoastal Waterway just minutes from the Hillsboro Inlet. Located at 2831 Marina Circle, Lighthouse Point, FL, the marina is one of the area’s most coveted destinations in the heart of the “Yachting Capital of the World.”

PORT 32 is a leading owner, operator, developer, and acquirer of a growing collection of irreplaceable marina assets in nine premier markets across both coasts of Florida. The purchase of Lighthouse Point represents the first marina acquisition by the new PORT 32 leadership team, which joined the company in late 2022. With the addition of Lighthouse Point, PORT 32 seeks to grow its family of marinas within Florida and to expand strategically into new markets along the Atlantic Coast and Gulf of Mexico.

“Lighthouse Point Marina is a special lifestyle property in an extraordinary location, tucked just inside the clear Atlantic waters of the Hillsboro Inlet. Here at PORT 32, we love cruising with friends and family, saltwater fishing, and ice-cold drinks on the waterfront, which makes Lighthouse Point a perfect fit for our growing portfolio of premier coastal marinas,” said Austin Schell, CEO of PORT 32 Marinas. “After almost 60 years of unbroken family ownership, we are thrilled the Spiekers chose PORT 32 Marinas to carry on their legacy as the first non-family owner of Lighthouse Point. To all our Lighthouse Point Marina members and the surrounding community, we look forward to introducing you to our leadership team and hope to meet you on the docks, at the Nauti Dawg restaurant, or on the saltwater sometime soon.”

CBRE’s Julie Fisher Berry and Sheila Roux represented the seller, Lighthouse Point Marina Inc., in the transaction. Led by Julie Fisher Berry, CBRE’s Marina and Shipyards brokerage team in South Florida has transacted over $1.5 billion in marina and shipyard sales.

Featuring 102 wet slips that can accommodate 25- to 80-foot vessels, the 4,410 total linear footage marina had been family owned and operated for over 50 years and had never been offered for acquisition previously. Located less than ½ nautical mile from the Hillsboro Inlet, Lighthouse Point Marina provides immediate access to the ocean, a significant feature for sportfishing enthusiasts. Amenities, such as the fuel dock, the live bait station, the popular Nauti Dawg restaurant, the ship store, and other features make this one of the most desirable marinas for boaters.

Featuring a beautiful waterfront location and stunning Intracoastal views, the 2,271-square-foot Nauti Dawg restaurant, a long-standing favorite among locals, is open six days a week (closed on Tuesdays) for breakfast, lunch, and dinner. Guests can enjoy weekly live entertainment and music and relax in a friendly and welcoming ambiance. With 90 seats in an indoor and outdoor setting, the restaurant also features six dedicated transient slips.

“Lighthouse Point Marina is one of the most coveted marinas in South Florida due to its location near the Hillsboro Inlet and the surrounding area of Lighthouse Point. The owners have built a loyal customer base by providing great service, operating an excellent restaurant, and keeping the marina in impeccable condition,” said Julie Fisher Berry, a senior vice president with CBRE in Fort Lauderdale. “CBRE is honored to have represented the owners and identified the buyer of this high-profile marina property. After a strategic offering process, PORT 32 Marinas emerged as the perfect buyer. CEO Austin Schell and his team have engaged with the owners and staff for a smooth transition that will continue the successful legacy that the Spieker family built.”

“Lighthouse Point Marina has been owned and operated by one family, the Spieker family, for over half a century. As second-generation owner-operators, it was important for us to find a buyer that will respect what we have created and retain our staff and family culture with the intention of maintaining and even improving the site with time. We believe we have found that buyer with PORT 32 Marinas. On behalf of owners, Debbie Edwards, Christian Spieker and myself, we feel the Lighthouse Point Marina and Nauti Dawg Marina Café are being left in good hands, and we look forward to watching both entities blossom under the new leadership of PORT 32 Marinas,” said Maureen Canada, former president of Lighthouse Point Marina.

Images via Smith Aerial

Suntex Marina Investors Acquires Prime Marina Miami In Coconut Grove

The Dallas-based Suntex Marina Investors LLC has acquired Prime Marina Miami in Coconut Grove. Terms of the deal were not disclosed but it does include the transfer of a 70-year lease on 111 boat slips which was recently signed by Prime Marina Group. Suntex will change the property’s name back to its original name, Bayshore Landing.

Bayshore Landing features 111 boat slips which can accommodate boats up to 130’ as well as 15,000 square feet of restaurant space and 30,000 square feet of retail space. Current tenants include Monty’s Raw Bar, Sushi Maki and Starbucks. The property is 100% occupied. Bayshore Landing offers pump out and fuel services, 24/7 access, security patrol, lighted parking and a valet service.

"Suntex is actively growing and seeking acquisitions that align with our core objectives to be the premier marina operator in the U.S.," said David Filler, head of Suntex Investments, Florida. "Biscayne Bay and the surrounding neighborhoods like Coconut Grove represent one of the greatest boating communities in the world; we are pleased to add this property to our portfolio."

Suntex’s portfolio includes marinas across Florida including Bahia Mar Marina in Fort Lauderdale and Miami Beach Marina. Suntex also owns marinas in California, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia.

Terra Group's Proposal To Develop Bjarke Ingels-Designed Tower At 300 Alton Road Denied By Voters

Just days after we reported on Terra Group proposed 385’ Bjarke Ingels-designed tower at 300 Alton Road in Miami Beach’s South of Fifth neighborhood, voters have denied the sale of a parcel of land and air rights necessary to develop the project. Terra Group had offered $55 million for .3 acres and the air rights at 300 Alton Road but local opposition held that the offer was too low and Miami Beach is already too dense. Despite this the Miami Beach Chamber of Commerce and Ocean Drive Improvement Association supported the proposal. The sale of the .3-acre site and air rights was voted down by a 51.1% to 48.9% margin; although voters approved the long term lease on the city owned marina and management to Suntex by a margin of 52.4% to 47.6%.

“The results of yesterday’s vote make it clear that Miami Beach voters support our vision for a revitalized Miami Beach Marina alongside a package of community benefits and resiliency improvements to develop a ‘world class’ marina. Our team will now work with the City to determine the path forward,” said David Martin, President of Terra Group.

The project, which would have been called Marina Park, would rise 30-stories and would feature 60 luxury residential units which would be sold as condos in addition to 45,000 square feet of commercial space. The project would have a total development size of 225,000 square feet and would be the first Bjarke Ingels-design in Miami Beach.

Check Out The Bjarke Ingels-Designed Tower Terra Group Has Proposed For South of Fifth

Terra Group’s proposal to develop a 385’ Bjarke Ingels-designed tower at 300 Alton Road in Miami Beach’s South of Fifth neighborhood is headed to vote. The boutique tower would rise 30-stories and would feature 60 luxury residential units which would be sold as condos in addition to 45,000 square feet of commercial space. The project would have a total development size of 225,000 square feet and would be the first Bjarke Ingels-design in Miami Beach.

The project has been a hot-button topic over the past several months and the development team has been working with the community to present a design that would preserve view corridors and increase green space accessible by the public. The new proposal Led by David Martin, Terra Group is seeking to purchase air rights to the property from the City of Miami Beach for $55 million, in addition to the developer completing $22.5 million of public improvements including a one-acre public park and upgraded baywalk and $15 million for site residency and flood mitigation. The developer will also sign a long term lease for the city-owned Miami Beach Marina which will also see $35 million of improvements over 30 years and Suntex will be appointed as the new marina operator.

Thomas D. Wood & Company Funds $42 Million For Windward Marina Group's Acquisition Of 3 Northeast Florida Marinas

Windward Marina Group has closed on the acquisition of three marinas in the Northeast Florida market with $42,000,000 in mortgage loan financings arranged by Thomas D. Wood and Company. Thomas D. Wood Jr. secured financing in the amount of $11,000,000 for the acquisition of St. Augustine Shipyard. The Shipyard is located at 117 Dockside Drive in St. Augustine, Florida with significant frontage along the San Sebastian River. It is a Category 4, dry storage barn and marina with 22 acres of developable land. The marina can accommodate up to 297 vessels and there are plans are to expand the wet slips and develop the 22 acres with single and multi-family housing units. Financing was provided by CenterState Bank. Wood also secured the refinancing for St. Augustine Marine Center in the amount of $12,000,000. St. Augustine Marine Center is a full-service marine center and boat storage yard located at 404 Riberia Street in St Augustine, Florida. The property is situated on a 28.64-acre site with 97,508 SF of office and warehouse space, with 2,200 linear feet of dockage and excess land to store boats. The financing was also provided by CenterState Bank.

The third acquisition Wood secured financing in the amount of $19,000,000 for the acquisition of Beach Marine, located at 2315 Beach Boulevard, Jacksonville Beach, Florida. The marina is comprised of a 257-space dry storage barn, 239 wet slips, and 34,538 SF of commercial space on over 130 acres of land. The Jacksonville Marina financing was provided by a New York Investment Bank.

Aston Martin Residences Miami Adds Private Superyacht Marina Offering Dockside Arrival & Moorage

G&G Business Developments has announced the addition of a superyacht marina to the already impressive facilities available to owners and their guests at the Aston Martin Residences, Miami. With no bridges to the ocean, the full-service marina is just minutes from the open Atlantic and an easy sail from the Florida Keys, with Key Biscayne, Fisher Island, Miami Beach and Bal Harbour all nearby.

At 490 linear feet with a draft depth of 15 feet, the marina can accommodate larger yachts comfortably. Offering far more than just a berth with full security and privacy, the Aston Martin Residences butler service will take care of everything, ensuring a stress-free experience for owners, captains and their crew. The marina at the Aston Martin Residences will be available to owners when the project is delivered in 2022.

“As the development is right on the river with direct access from the sea, it made sense that owners and their guests may wish to birth their superyachts right outside their properties. With the increasing size of superyachts, we’re excited to be able to offer our residents large yacht berths for major vessels including yachts over 300 feet. We’re also focusing on our green credentials, protecting and restoring marine ecology to safeguard the wildlife and conserve the stunning location,” said German Coto, CEO of G&G Business Developments. “Every aspect of the Aston Martin Residences at 300 Biscayne Boulevard Way has been carefully considered to meet the needs of our owners, from the 42,275 square feet of sky amenities to the private butler service offering personal support and now the addition of the superyacht marina.”

The one-of-a-kind Aston Martin-branded tower will offer 391 lavish residences, with a variety of floorplans. In addition to the marina, the iconic tower is the first for Aston Martin and will feature 42,275 SF of sky amenities across four floors, including a double-level fitness centre overlooking the ocean, infinity pool, spinning studio, boxing gym, virtual golf room, art gallery, two cinemas, as well as a full-service spa, beauty salon and barber shop. The residences and penthouses, which range from 700 SF to 19,000 SF, are priced from $750,000 to $50 million.

America's Southernmost Marina Key West Harbour Sells For $39.5 Million

Key West Harbour, the southernmost marina facility in The United States located in Key West, Florida, totaling 13.1 acres, has sold for $39.5 million. Avison Young Principal George Vail represented the seller, iStar Inc. Key West Harbour is located on Stock Island, a transformative tourist enclave in Key West, emerging with luxury hotel, boating, and recreational fishing. George Vail describes the property as a rare high-quality asset that offers strong in-place cash flow and potential for rent increases and redevelopment opportunities. Key West Harbour, located at 6000 Peninsular Ave., Key West, is also Key West’s sole hurricane grade, dry rack storage facility.

“Stock Island has traditionally been known as a commercial fishing destination and is emerging as a tourist, luxury hotel, boating, and recreational fishing mecca,” said Vail. “Key West Harbour is a rare high-quality asset that offers strong in-place cash flow and potential for rent increases and redevelopment opportunities.”

Key West Harbour was completed in 2008 and features 99 wet slips, 375 indoor dry racks, 13 outdoor dry racks, and six workforce and market rental apartment units. The class A hurricane rated marina also offers several amenities including a clubhouse featuring a full-service restaurant and pool, event space for weddings, and a private beach.

“After Hurricane Irma, there was an initial pause with the influx of investments within the Keys,” added Vail. “Economic advantages and geographic anomalies remained, and activity has significantly rebounded.”