Miami Voters Will Decide Virginia Key Lease Referendum
On November 3, 2026, Miami voters will determine the fate of a 27.5-acre lease proposal on Virginia Key.
Updated on Sept. 22, 2026 in Commercial
Live Poll
Should the city lease public land on Virginia Key for a commercial redevelopment project?
Miami residents will head to the polls on November 3, 2026, to vote on Referendum 3, which concerns a long-term lease agreement for 27.5 acres on Virginia Key. The measure proposes a 45-year lease term with a developer to redevelop marina and retail infrastructure.
Why it matters
The referendum represents a critical decision on the future of aging local marina infrastructure and its potential for commercial redevelopment. The outcome will dictate land usage for decades while settling a dispute over the site's current occupancy.
The proposed 45-year lease includes two 15-year renewal options and a minimum annual guaranteed rent of $2.2 million. Rent escalations over the initial term are projected at $203.98 million, supported by $80 million in private redevelopment funds.
The players
Virginia Key, LLC
This entity is the designated developer seeking to lease 27.5 acres of city land for commercial and marina redevelopment.
Gersten and Rickenbacker Marina Inc.
This organization has filed a lawsuit challenging the legality of the proposed lease agreement between the city and the developer.
The details
The development plan calls for the modernization of marinas, boat storage, restaurants, retail shops, and public parking. A legal challenge brought by Gersten and Rickenbacker Marina Inc. currently questions the legality of the proposed deal.
Timeline
November 3, 2026, is when Miami voters will cast their ballots for Referendum 3.
Culture Shift
This referendum reflects a broader shift toward public-private partnerships in managing aging coastal infrastructure. It mirrors the trend of local governments seeking private capital to upgrade underutilized maritime assets while balancing community interest.
The referendum will determine the long-term accessibility of public space and marina facilities on Virginia Key for local boaters and visitors. If passed, the development will significantly reshape the local retail and parking landscape for the next 45 years.
The takeaway
Voters should review the specific terms of the proposed lease to understand how the $80 million investment will affect public access to Virginia Key. Examining the developer's plans against current local marina usage can help residents make an informed decision on the referendum.
Further reading
For more information on the city's approach to municipal land use, visit the Commercial section.
Source note: This article includes information reported by Miami New Times.
Live Poll
Should the city lease public land on Virginia Key for a commercial redevelopment project?
