Miami Referendum 3: Virginia Key Marina Lease Referendum
27.62 acres of public waterfront at Rickenbacker and Marine Stadium marinas — on the November 3 Miami ballot.
A public service listing. See fine print. Then vote NO on Referendum 3.
LISTING DETAILS
Miami's public waterfront land for sale-ish to out of state private equity firm.
- 💰 Price:
- $2.2 million/yr — locked to a 2017 appraisal. No market reset. Ever.
- 📅 Terms:
- 75 years — renewals belong to the buyer, not you (Lease §3.2). Next price review: ~2101.
- 🏢 Buyer:
- “Virginia Key, LLC” — RCI Marine Group + Suntex Marinas of Dallas, Texas. Suntex's chairman is simultaneously global head of real estate at Centerbridge Partners, a New York private-equity firm. (Their own press release, not ours.)
- 📈 Investor highlights:
- may be taken public and sold to stock-market shareholders without the City's consent (Lease §10.5). Customer base trending toward “more and bigger boats” (chairman, 2024).
- 🅿️ Parking:
- at buyer's sole discretion (Lease §4.2).
- 🏗️ Promised $80,000,000 build-out:
- not found anywhere in the 88-page contract.
Fine print: technically a lease — but the buyer can sell their side to Wall Street, and you can't unsell your waterfront.
PROPERTY PHOTOS (BUYER'S OWN MARKETING)
Buyer's own renderings show construction spanning the leased waterfront. Marina… or mall? You decide. (Source: savevirginiakey.com, the YES campaign's website.)
Meet the Buyer
The private-equity firm's campaign website describes "a team that's been part of Miami for decades." What it never says, anywhere on the page: the names Suntex, Dallas, or Centerbridge. The ballot names the tenant — Virginia Key, LLC. Their campaign won't.
Here's what their own press releases say: Centerbridge Partners, a New York private-equity firm, invested in Suntex in 2021, then joined a venture to acquire over $1.25 billion in marinas with a $600 million credit line led by Wells Fargo. The chairman of Suntex is simultaneously Centerbridge's global head of real estate. Same person. Both jobs.
WHAT THEY TELL VOTERS
"A marina for all."
WHAT THEY TELL INVESTORS
Customers buying "more and bigger boats" while storage "remains scarce."
One of these is the business plan.
THE FINE PRINT
§3.2 — Total term “is seventy-five (75) years.” The renewal option belongs to the tenant. The City cannot refuse.
§4.2 — The tenant may “increase, decrease, change, alter or otherwise modify” the parking “in its sole discretion.”
§10.5 — The venture may be taken public — sold to shareholders — without the City's consent.
The $80,000,000 on your ballot appears nowhere in the executed lease.
Miami already collects about $2.5 million a year from these marinas — the City's own ledger plus the developer's own court filing. The deal guarantees $2.2 million.
In 2021, Miami voters rejected a 75-year lease of this same public waterfront. This deal gives the city even less. They didn't listen.
Miami Referendum 3 FAQ
- What is the Virginia Key Referendum 3?
- Referendum 3 is the November 3, 2026 ballot measure that asks Miami voters to approve a 75-year lease of 27.62 acres of public waterfront on Virginia Key to a Dallas-based marina company. The lease covers the Rickenbacker Marina and the Marine Stadium Marina and additional public waterfront land.
- What does the Virginia Key marina lease do?
- The lease turns over the Rickenbacker and Marine Stadium marinas along with open public waterfront land to Virginia Key, LLC — RCI Marine Group and Suntex Marinas of Dallas — for 75 years. The rent is locked to a 2017 appraisal at $2.2 million per year, with no market reset. Public waterfront essentially given away at 2017 discounted prices while residents are impacted by inflation and rising costs in 2026.
- Why vote NO on Referendum 3 by punching #291?
- #291 is the NO choice on Referendum 3. The lease can be sold to Wall Street shareholders without the City's consent, parking can be changed at the tenant's sole discretion, and the promised $80 million build-out does not appear in the 88-page contract. Miami already collects about $2.5 million a year from the marinas — more than the $2.2 million guaranteed by the deal.
- When is the Virginia Key lease vote?
- Election Day is November 3, 2026. Register by October 5, request a mail ballot by October 22, and early vote October 24–31. Look for Referendum 3 — the Virginia Key marina lease — near the end of your ballot.
Not interested in selling? Neither are we.
VOTE NO ON REFERENDUM 3Register by Oct 5 · Request your mail ballot by Oct 22 · Early voting Oct 24–31 · Mail ballots must be RECEIVED by 7 p.m. Nov 3 — postmarks don't count.
Look for Referendum 3 — the Virginia Key marina lease — near the end of your ballot.
Read every source document → KeepTheBayPublic.org