Terra Group’s $100M Plan to Turn Miami's Seaquarium Into a Waterfront Destination

Key Points

• Terra Group, led by David Martin, acquired the 38-acre Seaquarium lease from The Dolphin Company for ~$22.5M.

• They plan to invest about $100M to redevelop the site into a marina, dining village (“Fisherman’s Village”), public baywalk, and a modern, accredited aquarium — without marine mammals.

• Major approvals are underway: a bankruptcy court has cleared the lease transfer, and a Miami-Dade committee recently advanced the project. Full County Commission approval is next.

What’s Going On

• The Seaquarium, a 70-year-old landmark on Virginia Key, will be transformed under Terra Group’s vision into a more public, accessible waterfront space.

• Key elements of the plan:

  • New marina (wet and dry docks) for boats.

  • Baywalk: Walkable shoreline access for the public.

  • Fisherman’s Village: Retail and restaurant row with bay views.

  • Accredited aquarium focused on education and conservation — no dolphins, orcas, or large marine mammals.

  • Research/conservation center and wellness spaces.

  • Preservation: Historic structures like the Buckminster Fuller dome will be reused, not demolished.

• Because the land is part of Miami-Dade’s park system, the redevelopment emphasizes public access and sustainability, rather than private residential or luxury high-rise development.

• Terra projects $750 M in revenue for the county over time and expects to create hundreds of jobs.

• If all goes well, an opening is targeted around 2030.

Why It Matters for Investors

• The deal turns a historically controversial, legacy tourist attraction into a modern, family-friendly, educational destination — likely boosting long-term value.

• The public-facing nature (restaurants, marina, open space) can drive sustainable foot traffic and recurring revenue.

• Given the scale and visibility, this could become one of Miami-Dade’s signature waterfront revitalizations — attractive for retail, F&B, and recreation investors.

• Environmental and community safeguards could lower regulatory risk: the plan is aligned with county park-use rules and environmental protections.