Terra Group Nets Miami Seaquarium Lease In $22.5M Bankruptcy Deal
After seven decades and multiple operators, the Miami Seaquarium is getting a new steward: Terra Group, which struck a $22.5M deal to take over the lease from Miami-Dade County.
Terra Group, led by David Martin, has agreed to take over the Seaquarium lease from The Dolphin Co., also known as Leisure Investments Holdings LLC, which filed for Chapter 11 bankruptcy in March, according to a release.
A bankruptcy judge in Delaware will review the deal on Oct. 17.
“The Miami Seaquarium has been an iconic property for decades, and we intend to honor that legacy as we enhance the site and elevate its appeal among Miami residents and tourists,” Terra CEO David Martin said in a statement.
“The result will be a publicly accessible, family-friendly destination that brings together residents and visitors for generations to come.”
The aquarium will close temporarily in 2025, eliminating more than 120 jobs, the South Florida Business Journal reported.
The marine mammals housed at the Seaquarium will be relocated, and the new “accredited aquarium” will reopen without them, according to the release.
Terra plans to create a marine- and aquatic-focused attraction that includes a conservation and research center, a wet slip marina and a dry dock facility. The vision also calls for a waterfront wellness venue, marine-themed retail, food and beverage concepts, and a public baywalk.
The 38-acre park at 4400 Rickenbacker Causeway has been a Miami landmark since 1955, though it has weathered its share of troubles.
Mexico-based Dolphin Co., which operates 30 other parks worldwide, took over the lease in 2021 from Palace Entertainment, a subsidiary of Madrid-based Parques Reunidos, the Miami Herald reported.
Palace, which had held the lease since 2014, faced public backlash over reports of poor animal conditions — including dolphins allegedly being fed rotting fish that made them sick, according to the Herald.
When Dolphin Co. assumed control, Miami-Dade amended the lease to allow animal welfare inspections at the facility, CBS News reported.
A Dolphin Co. representative told the Herald it aimed to improve animal care at the Seaquarium, but less than five years later, the company filed for bankruptcy, listing itself and 15 affiliates in court documents.
“As we move forward with our transaction with Terra, we are working tirelessly to ensure that our employees continue to receive the pay, benefits, and support they deserve,” Steven Strom, the independent director of an unnamed company overseeing the bankruptcy case, said in a statement.
“In addition, in compliance with all federal and state regulations, we will ensure that every animal is safely and appropriately transitioned to a new home,” Strom said.
The Miami Seaquarium is one of many developments Terra is juggling.
Terra Group most recently teamed up with Michael Stern's JDS Development in a $120M luxury condo buyout deal at the beginning of September. Terra is also developing the Grand Hyatt Miami Beach, the 800-room, 17-story hotel adjacent to the Miami Beach Convention Center, set to deliver in 2027.
