Written by Genevieve Bowen on June 10, 2026
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Miami voters could get the final say this fall on an $80 million plan to revamp two aging Virginia Key marinas under a 45-year lease that would reshape the city’s waterfront after years of litigation over the future of the public site.
On June 11, the Miami City Commission is to consider placing a referendum on the Nov. 3 ballot asking voters whether to approve an agreement with Virginia Key LLC to redevelop the Rickenbacker and Marine Stadium marinas. If approved, the deal would lease 27 acres across the city-owned properties to the company in exchange for major marina upgrades, including restaurants and retail space, while generating at least $2.2 million a year in rent for the city, totaling more than $200 million over an initial term that could extend to as long as 75 years with renewal options.
The sites have been the focus of redevelopment efforts for years as the city has weighed how to modernize the marina facilities and attract a long-term private operator. In 2017, Miami requested proposals for a firm to redesign and manage the properties, launching a process that has since moved through competing bids and court challenges.
According to commission documents, voters would be asked whether the city should lease 27.62 acres on Virginia Key to Virginia Key LLC for an initial 45 years with two added 15-year renewal options. The agreement would guarantee the city at least $2.2 million a year in rent, subject to scheduled increases, totaling an estimated $203.98 million over the initial lease term, plus 6% of gross revenues generated at the property.
The ballot question also outlines an approximately $80 million privately funded redevelopment of the Rickenbacker and Marine Stadium marinas. Planned improvements include boat storage facilities, restaurants, retail uses and public parking. City documents describe the project as an environmentally sensitive redevelopment of the waterfront site.
A companion resolution on the agenda would formally award the long-stalled request for proposals to Virginia Key LLC, contingent upon voter approval in November. The company is a joint venture between Miami Beach-based RCI Marine Group and Dallas-based Suntex Marinas.
In February 2017, the city sought a private partner to redesign, construct, renovate, lease, manage and operate a mixed-use waterfront facility on the property. Three proposals were submitted, and a city selection committee ranked Virginia Key LLC first. The city manager approved that recommendation in June 2017, but the process quickly became mired in a protest filed by the second-ranked bidder.
Over the next several years, the dispute moved through administrative hearings, Miami-Dade Circuit Court and the Third District Court of Appeal. Hearing officers and courts repeatedly upheld the selection committee’s recommendation that Virginia Key LLC receive the award.
Despite those rulings, the city commission voted in 2020 to reject all proposals tied to the procurement. Virginia Key LLC subsequently sued the city, and in February 2023 a circuit court judge ruled that Miami must award the contract to the company, subject to voter approval. The Third District Court of Appeal affirmed that decision in July 2024.
If voters approve, the project would be built in phases. Plans call for a mixed-use building with 282 dry boat slips, commercial space, a relocated dockmaster’s office and new parking facilities, along with renovations to two existing commercial buildings totaling about 19,000 square feet.
Future phases would expand capacity to 750 dry storage slips and 202 wet slips, add roughly 13,000 square feet of commercial space and increase parking to about 630 spaces. Plans also include upgraded fueling facilities, two boat launches and a requirement that at least 220 parking spaces remain available for the neighboring Rusty Pelican restaurant.
If commissioners approve the language this week, the measure would move toward a citywide vote on Nov. 3. According to Miami-Dade County election deadlines, ballot questions must be submitted to the county supervisor of elections by July 24 to appear on the November ballot.