Miami Court Rules to Allow Referendum on Redevelopment of Rickenbacker and Marine Stadium Marinas

A Miami-Dade Circuit Court judge ruled in favor of the city of Miami and against a legal challenge brought by the current operator of Rickenbacker Marina seeking to stop a November referendum to approve an $80 million marina makeover.

The judge’s decision means Miami voters will have their say on the future of one of the city’s most valuable public waterfront assets more than nine years after Virginia Key, LLC – a joint venture between RCI Group and Suntex Marinas – was selected as the top-ranked development team during a public request for proposals process.

The lawsuit was brought by Rickenbacker Marina, Inc., its affiliate Biscayne Marine Partners, LLC and Adam Gersten against the city of Miami and the Miami-Dade Supervisor of Elections. Among other relief, the plaintiffs asked the court to declare the referendum unlawful and invalid and to prevent the city from putting the issue on the ballot in November. Rickenbacker has operated on the city-owned property since 1983 under a ground lease that expired in 2016.

The November referendum asks voters to approve a new lease for approximately 27.62 acres on Virginia Key for the redevelopment of the existing Rickenbacker and Marine Stadium marinas. The ballot proposal includes minimum annual guaranteed rent of $2.2 million with escalations, plus 6% of gross revenues, and approximately $80 million in privately funded investment. All of this at no cost to Miami taxpayers.

Supporters of the proposal say a new operator will help unlock Virginia Key’s potential, increase much needed public access to Biscayne Bay, bring significant private investment to the property and create a waterfront destination that residents and families throughout Miami can enjoy.

The lawsuit challenged virtually every aspect of the city’s action, alleging that the ballot language was misleading, that the appraisals did not establish fair market value and that the proposed lease materially departed from the original procurement. The plaintiffs sought an injunction to stop the referendum from moving forward and prevent the question from being put to voters in November.

The decision of the 11th Circuit Court clears the way for the debate to go to the people of Miami.