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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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.