On Oct. 6, 2025, the bankrupt marine theme park Miami Seaquarium announced it would sell the lease on its public waterfront property in Virginia Key for $22.5 million to local developer David Martin and a subsidiary of his development firm, Terra.
A Miami-Dade County Commission committee voted to give final approval in early November 2025 to advance the Terra plan; the new Miami Seaquarium is set to open by 2030.
“Miami Seaquarium has meant so much for this community for so many years, and I think one of the main purposes was to inspire the community,” said Martin.
The popular tourist attraction and childhood favorite of many Miami residents, Miami Seaquarium celebrated its 70th anniversary on Sept. 23, 2025, but its next birthday will look different under Martin’s plan to turn it into “Miami Seaquarium 2.0.”
Martin and Terra’s redevelopment plan will modernize and transform the site to feature dining, retail, a large marina, a public baywalk, and an aquarium attraction focused on conservation and education, under a “Fishermen’s Village” theme.
However, Martin also intends to preserve one of Miami’s most recognizable landmarks, the gold geodesic dome, with a new cover to create an all-weather event space.
As for the animals, the new Miami Seaquarium will no longer house marine mammals. Part of Martin’s offer to pay $22.5 million for the county lease included a pledge that all animals on display be safely relocated by the park’s bankrupt operator, the Dolphin Company, before Martin and Terra took control of the property.
Although the redevelopment presentation does not include the Miami Seaquarium’s prior sales total, it suggests Martin’s plan will produce about double the money. The revenue estimates for the county indicate the new Seaquarium would generate approximately $50 million a year in sales from restaurants, shops, and the marina, encouraging the success of the new development.
“The Miami Seaquarium sits on land owned by Miami-Dade County, making it a public asset meant to serve our community,” Martin said in a statement released after the meeting of the commission’s Appropriations Committee. “The County’s goal is to ensure that this property once again delivers lasting value to the public, and I share that vision.”
M. Gloria Sanchez • Apr 24, 2026 at 1:18 pm
I am glad to hear that this beautiful landmark of Miami will be preserved in the end.