One magazine called developer David Martin the “King of Miami.”
Now, a deal in front of a bankruptcy judge might grant him another title of nobility: ‘King of the Rickenbacker”
For some Key Biscayne leaders, that’s not necessarily a bad thing — as they reacted mostly positively to news that Martin is planning a takeover of the Miami Seaquarium, the one-time home of the 1960s TV’s “Flipper” and, Lolita, the killer whale.
“He’s becoming part of our community — as an investor,” said Mayor Joe Rasco.
READ MORE: Top Miami-Dade officials hail proposed agreement for future of embattled Miami Seaquarium
Martin burst onto Key Biscayne last year with a purchase of the Silver Sands, one of the last remaining beach motels in Florida, aiming to transform it into a luxury condo.
Martin upped the ante this year by funding an ambitious plan to place a viaduct over Virginia Key called the Shoreline, lining up with island power broker Eugene Stearns and Commissioner Raquel Regalado. It was primarily on Regalado’s personal assurances — and little else — that the Village Council voted to appropriate $900,000 to study the project, even though County officials have yet to indicate any commitment.
Court papers filed Friday indicate that Martin’s Terra Group would pay $22.5 million to the County to take over the Seaquarium lease, which runs for about 20 more years. The dolphin, seal and sea lion shows would end.
In Seaquarium’s place would be a new marina — as well as a marine-themed attraction that would have a (non-mammal) aquarium and restaurants on the 38-acre property. The lease, which dates back to 1954, is on land restricted to park usage and cannot be used for residential purposes without a public vote.
The deal is subject to review by a federal bankruptcy judge in Delaware, who has previously expressed concern for the dolphins and other animals. Three dolphins have died – one at Seaquarium – while the case has been pending at Dolphin Co. parks. The matter could come up for review as soon as next month.
Martin did not return a message seeking comment.
The company operating the Seaquarium on an interim basis said it aggressively marketed the property, preparing a snazzy video and attracting 95 potential bidders. But they told the Court that Martin’s proposal stood the best chance of closing, noting the attraction is still bleeding cash every month.
Locally, two Key Biscayne mayors said Martin has earned his stripes through his personal and diligent community outreach. His company agreed to changes leading to swift approval of the Silver Sands project by the Village Council.
“The gentleman has already invested $200 million,” said Rasco, who addedMartin wouldn’t want to snarl island traffic with a Seaquarium project.
“This individual and investors have a stake in making sure that we have good traffic on and off the Key. So I’m not concerned at the moment that he would do something to make that situation worse.” Rasco told the Independent that Martin had reached out to him to inform him of the bid, but didn’t provide details.
Mike Davey, another two-term mayor, said Martin proved his thoughtfulness by diligently meeting with community groups about the Silver Sands demolition.
“That’s the sign of somebody who is trying to be mindful of the community that they’re working, and I like that.”
Still, Davey noted that a plan for a marina could face serious environmental challenges.
“How are they going to do that? I would assume that if they’re doing a marina, there’s going to be quite a bit of dredging. You’ve got heavy metals all over that bay bottom,” Davey said, noting serious water pollution issues in the Biscayne Bay..
Yet, he said both the Seaquarium and the Causeway are at a critical point and that action is needed now.
“Change is always nerve-wracking,” Davey said.
This story was originally published in the Key Biscayne Independent, a WLRN News partner.
