City of Miami voters will decide November 3 whether to authorize a lease of roughly 27.62 acres on Virginia Key for a marina redevelopment agreement that could last as long as 75 years.

The proposal combines a 45-year initial term with two optional 15-year renewals. It calls for about $80 million in private investment to redevelop the Rickenbacker and Marine Stadium marinas, according to the city’s official election notice.

The ballot includes boat storage, restaurants, retail and public parking on waterfront land reached by the Rickenbacker Causeway.

The money and the lease

The agreement would require at least $2.2 million in guaranteed annual rent, with increases over time. The city’s ballot language puts guaranteed rent over the initial term at approximately $203.98 million, plus a payment equal to 6% of gross revenues.

Only City of Miami electors vote on Miami Referendum 3.

A waterfront deal under scrutiny

WLRN’s October 8 reporting describes criticism of the deal at a June commission meeting. Commissioners Miguel Angel Gabela and Damian Pardo raised concerns, and Mayor Eileen Higgins said she wanted better terms.

Virginia Key LLC, the proposed developer, is a 50-50 partnership between RCI Group and Suntex Marinas, WLRN reported. Developer Robert Christoph Jr. has argued that the project would improve the facilities and bring public amenities. Gramps Getaway owner Adam Gersten opposes it.

The existing waterfront includes the Rusty Pelican, Gramps Getaway, Rickenbacker Marina and the city’s Marine Stadium Marina. The redevelopment debate brings together two different questions: how to improve aging marina facilities, and what Miami should receive in exchange for committing valuable public waterfront to a long lease.

The June 11 resolution, adopted with modifications, followed years of procurement disputes and litigation.

When to vote

Miami-Dade’s official early-voting schedule runs October 19 through November 1, from 7 a.m. to 7 p.m. daily.

Locations include the Stephen P. Clark Government Center at 111 NW First Street, the Historic Garage at 3250 South Miami Avenue, and the Hispanic Branch Library at 1398 SW First Street. Election Day is November 3.