A bankruptcy court judge in Delaware Friday approved the $22.5 million sale of the lease of the Miami Seaquarium property to an affiliate of Terra Group, the South Florida real estate development company with a portfolio worth more than $8 billion.
Miami-Dade County, which owns the 38-acre parcel and first leased it in 1954 to a company that created the Seaquarium, still must approve the transfer of the lease to Terra before the deal can close.
The county filed an eviction lawsuit against the current owners of the Seaquarium, MS Leisure, in June 2024, alleging the current state of the facility and its impact on the marine life there violated the terms of the lease.
In March, MS Leisure, through its parent company Leisure Investments Holdings LLC, and other affiliates then voluntarily sought relief under Chapter 11 of the bankruptcy code, putting the eviction case on hold while a potential buyer of the lease was sought.
After marketing the lease, the companies’ court-appointed independent leadership chose Terra as the “highest and best offer” from among numerous written offers, lawyers for the debtors wrote to the court.
They cited how Terra’s proposal would “modernize it in a manner that respects the history of the site … Terra’s program contemplates a new accredited aquarium (with no marine mammals); immersive marine- and aquatic-based experiences; an education, conservation and research center; a wet-slip marina and dry dock facility; wellness spaces and experiences tied to the natural waterfront habitat; a marina/fisherman’s village with marine-oriented retail and food and beverage establishments; preservation of the historic Buckminster Fuller Seaquarium ‘Dome’ to be repurposed as event space for public and private gatherings; lushly landscaped green space; and a publicly accessible bay walk.”
The county commission must approve the deal, and the debtors’ lawyers said their “new independent leadership has worked closely and transparently with the County since their appointment and the filing of the Chapter 11 Cases to avoid further litigation and pursue a disposition of the Lease that maximizes value for the Debtors’ stakeholders while also ensuring the health and safety of the animals residing at the Seaquarium.”
In their motion they state the sellers will implement a “Park Transition and Animal Relocation Plan that will help ensure the health and safety of the animals presently at the Seaquarium.”
Before turning over the property, they committed to “arrange for the safe and orderly transfer of the animals from the Seaquarium habitat to alternative locations,” hiring what they called “an internationally renowned animal transfer/relocation consultant, International Animal Exchange, Inc.”
“Terra is pleased that the U.S. Bankruptcy Court has granted the leaseholder’s motion to approve our firm as the highest and best bidder for the assignment of the Miami Seaquarium lease. This ruling affirms that our team’s vision, track record, and ability to execute is the right path forward for the Seaquarium,” Terra CEO David Martin said in a statement Friday. “We would be honored to assume this lease and bring forward a new, modernized Seaquarium that opens the bayfront to the public, while respecting the history of the site and emphasizing its location on Biscayne Bay. We look forward to working with Miami-Dade County and the broader community as our plans come into focus.”
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