City of Miami Agenda 2026-06-11
Miami Awards Long-Term Lease for Virginia Key Redevelopment
Trusted by teams at
Description
The City of Miami awarded a long-term lease to Virginia Key, LLC for redevelopment and operation of marina, restaurant, and retail properties on Virginia Key, subject to voter approval. The agreement includes a minimum $2.2 million annual rent, 6% gross revenues, and significant private investment.
Contract Details
Contract Amount
Minimum annual rent $2,200,000 and 6% of gross revenues; approx. $203,980,000 initial term
Vendor
VIRGINIA KEY LLC
Agency
City of Miami, FL
Contract Type
FACILITIES
Document Date
June 11, 2026
Contract Term
45-year initial term with two 15-year renewals
Renewal Date
2086-06-11
Renewal Info
Two optional 15-year renewal periods available upon City and voter approval.
More from City of Miami
Want to learn more?
Get alerts on contract renewals, new awards, and vendor activity.
Bring us your territory.
We'll show you what is forming.
See live SLED buying signals, source docs, decision-makers, contract context, and the next step into your CRM or pipeline.