Opponents of the proposal to Save Virginia Key are making serious accusations, but where's the evidence?
We checked the loudest claims against court records, official City documents, independent appraisals and public records and shared the facts and evidence below. There's no "trust me bro" here, just evidence.
The Claim
“This is a 10-year-old deal with below-market rent.”
The Fact
The City commissioned two independent appraisals in 2026. Both concluded the proposed rent is above fair market value. One found it 4.7% above independently appraised market value.
The current marina pays just $30,000/month in base rent and approximately $1.79 million annually - that's about half of the appraised market rent for the proposed marina.
The new agreement will generate approximately $3.8 million within the first year. More than double what the current operator pays.
Sources:2026 Blake Appraisal·2026 CRE Appraisal·City of Miami Rent Records·Official 2026 Ballot Language
The Claim
“This is a shady back-room deal.”
The Fact
Virginia Key LLC ranked #1 in 2015 and #1 again in 2017. The current marina's proposal finished third, then second.
Then, in 2021, the current marina operator convinced City Officials to put a referendum on the ballot that expressly asked voters to “waive competitive bidding.”
A court later found “favoritism and preference to Rickenbacker” and that the City “improperly circumvented the competitive bidding process.”
Sources:2023 Final Judgment·City Resolution R-21-0290·2021 Referendum R-21-0321
The Claim
“Miami is giving away 27 acres of public waterfront for 75 years.”
The Fact
This is a lease, not a sale. Miami keeps ownership of the property.
The agreement starts with a 45-year term and pays Miami $2.2 million in guaranteed annual rent, escalations and 6% of gross revenues.
Compare that with the current marina: just $30,000/month in base rent and approximately $1.79 million annually - roughly half the appraised market rent for the proposed marina.
Sources:Official 2026 Ballot Language·2026 CRE Appraisal·City of Miami Rent Records
The Claim
“There is no guarantee of public access.”
The Fact
Today, the marina only caters to boaters and a select few, with no public parking, almost no access to the waterfront, and very little amenities for families, locals, and the general public.
The plan adds approximately 2,600 feet of continuous landscaped baywalk, pedestrian access, public parking, access and amenities for runners, bikers, paddlers and rowers, an improved public boat ramp and much more.
From a marina for some to a waterfront for all.
Sources:Virginia Key LLC Winning RFP Response·City RFP Requirements·Official 2026 Ballot Language
The Claim
“This is a bad deal for Miami taxpayers.”
The Fact
This proposal privately pays approximately $80 million in improvements to City-owned waterfront property — and pays rent double the rent to Miami, while making offering even more public access and amenities.
Think that’s a bad deal? The current marina pays just $30,000/month in base rent and approximately $1.79 million annually, and won't need to commit a penny to improving the property. A NO vote allows the current operator to continue paying roughly half the appraised market rent for the proposed marina.
Miami gets the investment. Taxpayers don’t get the bill.
Sources:Official 2026 Ballot Language·Virginia Key LLC Winning RFP Response·City of Miami Rent Records·2026 Appraisals
The Claim
“These are the developers responsible for a massive sewage spill.”
The Fact
A sub-subcontractor struck a hidden underwater sewage pipe that City staff later confirmed with NOAA was not identified on the relevant maps or charts.
The Court described it as an “unforeseeable accident.” No government agency found Virginia Key LLC, its principals or affiliates at fault.
Sources:2023 Final Judgment
The Claim
“Gramps is being kicked out and replaced by a national chain.”
The Fact
In writing, Suntex and RCI Group told Gramps that both want the restaurant to remain and invited its owner to discuss a future lease.
This team also has a long history working alongside successful local waterfront restaurants. They've operated Monty’s in Coconut Grove for more than a decade - a relationship the Final Judgment called “mutually beneficial.” - as well as Monty's at the Miami Beach Marina, another iconic local waterfront restaurant.
Sources:August 24, 2026 Letter to Gramps·2023 Final Judgment·Virginia Key LLC RFP Response·Miami Beach Marina / Suntex
So who benefits from a NO vote?
The current operator remains on valuable City-owned waterfront on a month-to-month holdover arrangement, paying just $30,000/month in base rent and approximately $1.79 million annually.
A NO vote allows the current operator to continue paying roughly half the appraised market rent for the proposed marina.
A YES vote means more rent for Miami, $80 million in private investment and far more public access.
A NO vote preserves the current arrangement.
SO WHEN YOU HEAR “PROTECT VIRGINIA KEY,” ASK YOURSELF: PROTECT IT FOR WHOM?
Don’t be fooled by unsubstantiated pleas to “protect Virginia Key.” What they’re really asking voters to protect is a lucrative deal for one person and his friends, who make millions by under-paying city of Miami residents.
Sources:2023 Final Judgment·City of Miami Rent Records·2026 Appraisals
Read the court judgment. Read the appraisals. Read the City records. Read the ballot documents.
Claims are easy.
The record is the record.
Vote Yes November 3.
Source Documents
Shall City lease approximately 27.62 acres on Virginia Key to Virginia Key, LLC for: