Back to the voters: Jungle Island owner proposing condo project with Terra

Miami

14 June 2024

Image de l'article

Jungle Island

David Martin’s Terra is partnering with ESJ Capital Partners, the owner of Jungle Island, to propose a residential condo project on Miami’s Watson Island. This proposal requires voter approval and includes purchasing 5 acres of city land for the residential project while returning nearly 13 acres to the city for a public waterfront park.

Background:

  • Jungle Island, an eco-adventure park, was previously approved by voters in 2018 for a hotel and other attractions.
  • ESJ had a 2023 deadline to secure a building permit for the hotel, which would trigger increased rent payments to the city.

Current Proposal:

  • The condo project would replace the earlier hotel plan.
  • ESJ and Terra aim to convert most of Jungle Island into a public park, generating city revenue through property taxes from condo sales.
  • They argue the new plan will create less traffic than the approved hotel project.

Details:

  • ESJ bought Jungle Island for $60 million in 2017, including the lease and park debt.
  • Jungle Island was moved to Watson Island in 2003 from Pinecrest.
  • Another major project is planned on the island by Merrimac Ventures and BH3 Management, involving 11 acres for luxury hotels, retail, and public space, which also requires voter approval for any changes.

The proposal emphasizes transforming Jungle Island into a community asset while ensuring financial benefits for the city.


Vous avez aimé cet article ?
Partagez-le !


Articles similaires sur l’immobilier à Miami

MIAMI

David and Victoria Beckham expand Miami presence with $80M waterfront mansion on North Bay Road

27 September 2024

David and Victoria Beckham are strengthening their South Florida ties by acquiring a luxury waterfront mansion at 4736 North Bay Road in Miami Beach, currently listed for $80 million. The celebrity couple, known for their real estate ventures and high-profile […]

Lire la suite

MIAMI

South Florida agents navigate NAR changes

13 September 2024

South Florida Agents Navigate NAR Changes South Florida agents are adjusting to new rules from the National Association of Realtors (NAR) requiring buyers to sign broker agreements before touring properties. Some prospective buyers are reluctant to sign these agreements early […]

Lire la suite

MIAMI

New details and renderings unveiled for Ken Griffin’s $1 Billion supertall tower in Miami

30 August 2024

Billionaire hedge fund manager Ken Griffin is planning a major development in Miami’s Brickell neighborhood, following his $670 million investment in land in 2022. Detailed plans were recently submitted for a 1,032-foot, 54-story mixed-use tower at 1201 Brickell Bay Drive, […]

Lire la suite