Terra and ESJ Capital’s Jungle Island Plan Gets Final Greenlight from City Commission

Key Points

• City commissioners approved allocation of ~$47 M in developer contributions arising from the Jungle Island land deal.

• Terra and ESJ’s Ecoresiliency Miami will acquire 5.4 acres for an estimated $135M–$160M, with staged payments including a $10M upfront check.

• Public commitments include a $37M waterfront park, annual 99-year payments, $20M in public benefits, and $22M to retire HUD debt.

The Miami City Commission has green‑lit the financial roadmap for Terra and ESJ Capital Partners’ Jungle Island redevelopment on Watson Island—nearly a year after voter referendums paved the way.

Deal Structure & Timeline

• In November 2024, voters approved a charter amendment granting Terra and ESJ the ability to redevelop 5.4 acres of Jungle Island property (part of the 13.3‑acre site).

• The parcel is valued at $135M, though assessed value reaches $160M. Developers will pay $10M at closing, then fulfill obligations including the park, ongoing payments, public benefits, and HUD loan payoff.

• City manager Art Noriega quantified a $47M value to the city from these combined elements.

Funding Allocation Breakdown

• $35 M will be directed to affordable housing, splitting evenly across Miami’s five commission districts—$7 M per district.

• $12 M was unanimously approved for the Public Safety Capital Fund.

• City manager Noriega will revise the developer agreement and return to commissioners for final approval in a future session.

Project Scope & Public Benefits

• Terra and ESJ plan a condo tower of approximately 600 luxury units on the purchased 5.4‑acre land.

• Developers will deliver a public waterfront park valued at $37M—much of which will transform existing Jungle Island theme park land into open, publicly accessible space.

• Additional developers include Merrimac Ventures and BH3, who secured approval for nearby redevelopment of ~3 acres for at least $25M under a separate voter referendum.

Broader Context & CRE Insight

• Terra, led by developer David Martin, has recently secured major loans for significant mixed‑use projects such as Upland Park (~$1B), strengthening its presence in South Florida’s development landscape.

• The referendums waived competitive bidding, enabling streamlined negotiations directly with the city manager—echoing recent trends toward expedited public-private deals on key downtown properties.

• From an investor and landlord perspective, the affordable housing infusion and public safety funding offer tangible community infrastructure support built into the redevelopment.

Miami’s vote-backed Jungle Island redevelopment is now moving ahead—with the city locking in $47M in real value through mixed cash and public infrastructure contributions. For landlords and investors, the infusion of affordable housing funding and transformation of public space could enhance nearby property values and rental demand. With the project still needing commission sign-off on final terms, eyes are on city leadership as this high-profile deal advances.