David Martin plans 325-slip superyacht marina at Seaquarium
A marquee waterfront site, a $100M bet, and an entitlement path that runs through voters and wetlands regulators.
Terra founder David Martin has submitted plans to state regulators for a 325-slip superyacht marina at the former Miami Seaquarium on Virginia Key, moving one of Miami-Dade’s most valuable public waterfront sites toward redevelopment.
Why it matters
This is a case study in Miami’s real constraint on trophy waterfront: entitlement, not capital. Martin is proposing to build and operate the marina under a ground lease from Miami-Dade, which owns the land and evicted the Seaquarium in 2024. The economics are attractive, but the approval path is unusually steep, and that is the story for developers eyeing similar public-private waterfront plays. The site sits inside the Biscayne Bay Aquatic Preserve, which under the county charter requires two-thirds voter approval, plus rezoning and a special district. It is a reminder that in South Florida the scarce asset is a site you can actually permit.
The numbers
The plan calls for 325 slips, roughly 90 of them for yachts over 80 feet, a 500-boat dry-stack facility, a 19,000-square-foot fuel dock, and a wave break doubling as a fishing pier. Martin has signaled an investment of between $75 million and $100 million and would keep 95 percent of slip revenue under the draft lease, which is not yet finalized. Florida’s environmental agency has flagged concerns over wetlands, coral, and water quality, and the county is reviewing Manatee Protection Plan compliance.
What’s next
The lease terms, the rezoning, and any required voter referendum are the gates to watch. Martin has also floated a new aquarium, dining, and an education center for the broader site. More at the Miami market hub.