After a Miami-Dade Circuit Court judge rejected a legal challenge seeking to stop the November referendum, Miami residents are due to vote on whether to approve a proposed lease for the redevelopment of the Rickenbacker and Marine Stadium marinas on Virginia Key, a barrier island in Biscayne Bay, Florida.

Scheduled for 3 November 2026, the ballot lays out the proposed lease of about 27.62 acres on Virginia Key to Virginia Key, LLC, a joint venture between RCI Group and Suntex Marinas, for the redevelopment of the existing Rickenbacker and Marine Stadium marinas.

The ballot also includes at least $2.2 million USD in annual rent for the city, with increases, plus six percent of gross revenues. Over the initial lease term, this would amount to approximately $203.98 million in guaranteed rent. Voters will also consider a proposal involving roughly $80 million in privately funded investment for environmentally sensitive redevelopment of the marinas, which would feature boat storage, restaurants, retail and public parking.

Rickenbacker Marina, Inc., which operated the city-owned property from 1983 until its lease expired in 2016, challenged the referendum in court alongside its affiliate, Biscayne Marine Partners, LLC, and Adam Gersten. On 1 July 2026, they filed a lawsuit against the City of Miami and the Miami-Dade supervisor of elections, arguing that the ballot language was misleading, the appraisals did not establish fair market value and the proposed lease materially departed from the original procurement.

Six days later, on 7 July, they filed a motion seeking to block the referendum from proceeding to the November ballot. Virginia Key, LLC later sought to join the case and oppose the motion, with the court granting the request on 6 August. Judge Lisa Walsh rejected the challenge on 19 August 2026, allowing the referendum to proceed.

Robert Christoph Jr., president of RCI Group, commented: “For too long, the current operator has fought to preserve the status quo to its own benefit. This lawsuit was another attempt to stand in the way of change and deny Miami residents the opportunity to decide the future of property that belongs to them. The court’s decision allows that choice to remain where it belongs – in the hands of Miami voters.”

David Filler with Suntex Marinas, said: “The courts have spoken again and reaffirmed that the City of Miami voters deserve to decide the future of the Rickenbacker Marina. While nearly a decade has been spent in litigation with the city, there has been little meaningful reinvestment in the future of the marina. It’s time for the City of Miami to realise a world-class marina through private investment that will generate hundreds of new jobs, millions of dollars in new revenue for the city and a public space open and welcoming to all the residents of Miami.”

According to a June 2026 report by Miami Today, the project would be developed in phases. The initial phase would include a mixed-use building with more than 280 dry storage slips, commercial space, a relocated dockmaster’s office and new parking facilities. It would also involve renovations to two existing commercial buildings totalling about 19,000sqft (1,765sqm).

Later phases are expected to expand capacity to 750 dry storage slips and more than 200 wet slips, while adding approximately 13,000sqft (1,208sqm) of commercial space, increasing parking to about 630 spaces and providing upgraded fuelling facilities and two boat launches.

Images from Virginia Key LLC.