Miami marina redevelopment will remain on the ballot, but the legal battle isn't over
By Joshua Ceballos
August 21, 2026 at 1:36 PM EDT
The immediate fate of an $80 million redevelopment of Miami's Rickenbacker and Marine Stadium marinas will end up on the November ballot despite an ongoing legal challenge — but that doesn't mean the project is a sure thing.
This week, Miami-Dade Circuit Judge Lisa Walsh squashed an effort to block a referendum to allow developer Virginia Key LLC (VK LLC) to lease about 28 acres at the Rickenbacker and Marine Stadium marinas and redevelop the areas with restaurants, retail and boat storage.
The ballot item owes its origins to a 2017 bid on the City of Miami-owned lease by VK LLC, a subsidiary of developer RCI Group. City officials at the time shot down the bid even though it was rated highly by the city administration, and VK LLC sued. A judge ordered the city to put that 2017 bid on the ballot as-is, and the current Miami commission was required to comply, despite their reservations about residents voting on nearly decade-old terms.
The current operator of the Rickenbacker Marina sued the city of Miami and Miami-Dade Supervisor of Elections Alina Garcia in July seeking to block the referendum. The plaintiffs argued the ballot language was misleading in several regards.
"Rather than fairly inform voters of the true nature and consequences of the measure, the ballot language presents false information, omits material facts, employs promotional rhetoric, minimizes the scope and duration of the transaction, exaggerates speculative financial benefits, and presents campaign slogans as though they were contractual obligations," their complaint states.
READ MORE: Grassroots group wants more transparency on ballot question over future of Miami marinas
The ballot language is as follows:
Proposed Lease and Redevelopment of existing Rickenbacker and Marine Stadium Marinas on Virginia Key
Shall City lease approximately 27.62 acres on Virginia Key to Virginia Key, LLC for:
— 45-year initial term with two 15-year renewals;
— Minimum annual guaranteed rent to City of $2,200,000 (with escalations) totaling approximately $203,980,000 over the initial term plus 6% of gross revenues;
— Approximately $80,000,000 privately funded investment to redevelop existing Rickenbacker and Marine Stadium marinas in an environmentally sensitive manner, including boat storage, restaurants, retail, and public parking?
The plaintiffs requested an injunction to block the referendum from even getting on the ballot, but Judge Walsh said their arguments did not meet the standards for an injunction and denied their request.
"Today, the residents of Miami won," said Robert W. Christoph Jr., president of RCI Group, following Walsh's order. “For too long, the current operator has fought to preserve the status quo to its own benefit. This lawsuit was another attempt to stand in the way of change and deny Miami residents the opportunity to decide the future of property that belongs to them."
But Walsh's order does not eliminate the entirety of the suit — it merely gives voters the chance to approve or deny the agreement in November, and leaves the door open for a jury trial currently scheduled for next September.
"Plaintiffs look forward to proving in court that this 75 year lease is 30% and many millions of dollars below fair market value," said Jason S. Koslowe and Maria A. Fehretdinov, attorneys for Rickenbacker Marina Inc.
An expert appraisal report from Anthony M. Graziano, CEO of Integra Realty Resources, found that the proposed rent to be paid by VK LLC to the city is below fair market value because it has not appreciated in the almost ten years since the agreement was penned.
"The Lease contemplates a $2.2 Million base rent in 2026 despite the proposal in 2018 offering $2.15 Million in base rent. By not adjusting the 2018 base rent to 2026 through actual Consumer Price Index, the Lease is below fair market by $609,000, accounting for $7.3 million of the positive leasehold in favor of the Lessee and disfavoring the City, all other assumptions being equal," the report reads.
Christoph, the developer, previously told WLRN that city-commissioned appraisals found the proposed rent to be above market value.
"The claim that the new lease shortchanges the public could not be further from the truth. The lease includes guaranteed annual rent of $2,200,000—more than six times what the current operator pays as guaranteed rent—plus 6% of revenues, for total rent of nearly $4 million," Christoph said.
Graziano argues the city appraisals did not use the proper methodology.
This week, Miami-Dade Circuit Judge Lisa Walsh squashed an effort to block a referendum to allow developer Virginia Key LLC (VK LLC) to lease about 28 acres at the Rickenbacker and Marine Stadium marinas and redevelop the areas with restaurants, retail and boat storage.
The ballot item owes its origins to a 2017 bid on the City of Miami-owned lease by VK LLC, a subsidiary of developer RCI Group. City officials at the time shot down the bid even though it was rated highly by the city administration, and VK LLC sued. A judge ordered the city to put that 2017 bid on the ballot as-is, and the current Miami commission was required to comply, despite their reservations about residents voting on nearly decade-old terms.
The current operator of the Rickenbacker Marina sued the city of Miami and Miami-Dade Supervisor of Elections Alina Garcia in July seeking to block the referendum. The plaintiffs argued the ballot language was misleading in several regards.
"Rather than fairly inform voters of the true nature and consequences of the measure, the ballot language presents false information, omits material facts, employs promotional rhetoric, minimizes the scope and duration of the transaction, exaggerates speculative financial benefits, and presents campaign slogans as though they were contractual obligations," their complaint states.
READ MORE: Grassroots group wants more transparency on ballot question over future of Miami marinas
The ballot language is as follows:
Proposed Lease and Redevelopment of existing Rickenbacker and Marine Stadium Marinas on Virginia Key
Shall City lease approximately 27.62 acres on Virginia Key to Virginia Key, LLC for:
— 45-year initial term with two 15-year renewals;
— Minimum annual guaranteed rent to City of $2,200,000 (with escalations) totaling approximately $203,980,000 over the initial term plus 6% of gross revenues;
— Approximately $80,000,000 privately funded investment to redevelop existing Rickenbacker and Marine Stadium marinas in an environmentally sensitive manner, including boat storage, restaurants, retail, and public parking?
The plaintiffs requested an injunction to block the referendum from even getting on the ballot, but Judge Walsh said their arguments did not meet the standards for an injunction and denied their request.
"Today, the residents of Miami won," said Robert W. Christoph Jr., president of RCI Group, following Walsh's order. “For too long, the current operator has fought to preserve the status quo to its own benefit. This lawsuit was another attempt to stand in the way of change and deny Miami residents the opportunity to decide the future of property that belongs to them."
But Walsh's order does not eliminate the entirety of the suit — it merely gives voters the chance to approve or deny the agreement in November, and leaves the door open for a jury trial currently scheduled for next September.
"Plaintiffs look forward to proving in court that this 75 year lease is 30% and many millions of dollars below fair market value," said Jason S. Koslowe and Maria A. Fehretdinov, attorneys for Rickenbacker Marina Inc.
An expert appraisal report from Anthony M. Graziano, CEO of Integra Realty Resources, found that the proposed rent to be paid by VK LLC to the city is below fair market value because it has not appreciated in the almost ten years since the agreement was penned.
"The Lease contemplates a $2.2 Million base rent in 2026 despite the proposal in 2018 offering $2.15 Million in base rent. By not adjusting the 2018 base rent to 2026 through actual Consumer Price Index, the Lease is below fair market by $609,000, accounting for $7.3 million of the positive leasehold in favor of the Lessee and disfavoring the City, all other assumptions being equal," the report reads.
Christoph, the developer, previously told WLRN that city-commissioned appraisals found the proposed rent to be above market value.
"The claim that the new lease shortchanges the public could not be further from the truth. The lease includes guaranteed annual rent of $2,200,000—more than six times what the current operator pays as guaranteed rent—plus 6% of revenues, for total rent of nearly $4 million," Christoph said.
Graziano argues the city appraisals did not use the proper methodology.