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.
