The iconic Miami Seaquarium site is poised for a sweeping metamorphosis, signaling the end of its 70-year run as a marine park and the dawn of a new era focused on a marina, diverse dining, and a contemporary aquarium. Terra Group, led by prominent Miami developer David Martin, has secured a deal to take over the lease for the 38-acre Virginia Key property, with plans to transform it into a vibrant waterfront destination. This significant redevelopment, pending final approval from a bankruptcy judge and the Miami-Dade County Commission, aims to revitalize one of Miami’s most recognizable coastal locations.
The Closing of an Era and the Path Forward
The Miami Seaquarium officially ceased operations on Sunday, October 12, 2025, concluding over seven decades as a tourist attraction. Its closure follows years of controversy, including widespread criticism over animal welfare, aging infrastructure, and financial instability that led its parent company, The Dolphin Company, to file for Chapter 11 bankruptcy. Miami-Dade County had also initiated a year-long eviction process against the park’s operator due to concerns about animal welfare and lease compliance.
Terra Group has agreed to assume the Seaquarium’s lease for an estimated $22.5 million to $23 million, a deal that requires sanctioning by the U.S. Bankruptcy Court for the District of Delaware and subsequent approval from the Miami-Dade County Commission. This transition marks a pivotal moment for the site, shifting from a marine life exhibition center to a multifaceted entertainment and public access hub.
Terra Group’s Vision: A Marina, Culinary Delights, and More
David Martin and Terra Group envision a comprehensive redevelopment that prioritizes public access and economic vitality. Central to the plan is the development of a substantial marina, which is anticipated to serve as a primary revenue driver. This will include piers, floating docks, and dry-dock facilities designed to accommodate a growing demand for boating in the Miami area. The marina concept aligns with broader initiatives to enhance maritime infrastructure and public access to Biscayne Bay.
The project also heavily features a robust dining and retail component, with plans for a “Fisherman’s Village” themed area. This will encompass a variety of high-end and casual restaurants, as well as marine-oriented retail establishments, contributing to Miami’s renowned culinary landscape and adding to the city’s trending developments.
A key element of the new vision is the creation of an accredited aquarium complex, which will not house marine mammals. Instead, the focus will be on immersive aquatic experiences, education, and conservation efforts centered on Biscayne Bay’s unique environment. This approach reflects evolving attitudes toward animal welfare in entertainment venues.
Furthermore, the iconic gold geodesic dome, designed by R. Buckminster Fuller, is slated for preservation and repurposing as an all-weather event space. The redevelopment also includes plans for a public baywalk promenade, green spaces, and wellness areas, enhancing community access and enjoyment of the waterfront.
Animal Welfare and Community Transition
A critical aspect of the transition involves the responsible relocation of the marine mammals currently housed at the Seaquarium. The current operators are responsible for moving the dolphins, sea lions, and other animals to licensed and accredited sanctuaries or zoos before Terra Group assumes full control. While officials pledge to ensure the animals’ safety, concerns have been raised by animal welfare advocates regarding the relocation process. The closure also impacts over 100 employees, with commitments made to address their interests, including wages and benefits.
Background and Future Implications
The redevelopment aligns with Miami-Dade County’s broader goals for Virginia Key, emphasizing public benefit, environmental preservation, and enhanced recreational access, as outlined in the Virginia Key Master Plan. The project is expected to generate significant economic benefits through job creation in hospitality, retail, and maritime sectors, further boosting Miami’s status as a major destination.
David Martin and Terra Group bring extensive experience in developing large-scale, high-profile projects in Miami, often incorporating sustainable practices and community engagement. Their involvement signals a commitment to modernizing the site while respecting its legacy.
This news signifies a major shift for a historically significant location in Miami. As the redevelopment plan moves through its required approvals, it promises to reshape the Virginia Key waterfront into a dynamic center for leisure, dining, and marine education, reflecting current trending development patterns in the region. The integration of a significant restaurant component is particularly noteworthy in a city known for its vibrant culinary scene. The transformation of the Seaquarium site is a significant piece of Miami news, poised to become a new landmark for residents and visitors alike.
