MIAMI — It’s the end of an era — and the beginning of a new chapter — for the Miami Seaquarium.
A developer filed papers in bankruptcy court Friday to take over the lease of the troubled marine park.
Local 10 News anchor Louis Aguirre sat down for the first exclusive interview with developer David Martin to discuss what the future holds for the Seaquarium.
“The Seaquarium is definitely going to have an aquarium and marine life ― and no marine mammals,” Martin said.
Martin, the CEO of Terra Group, based in Miami’s Coconut Grove neighborhood, described his plans for what he called “Miami Seaquarium 2.0.”
“The Seaquarium stays. This is not a new book. This is the same book,” he said. “There definitely will be an aquarium here and throughout the property where we can celebrate marine life and have immersive experiences and activations.”
Martin shared his vision Monday morning at the Seaquarium after officially filing paperwork to take over the lease. The marine park has been hemorrhaging money for years.
“We need to look at ways to hack capitalism to solve some of society’s challenges and we need to do it in a responsible way,” Martin said.
The lease is costing Martin $22.5 million. The Dolphin Company, the current operator, will use the funds to settle with creditors and resolve financial difficulties.
Martin is already working with architects to bring his vision to life.
That vision includes a brand-new Seaquarium with no marine mammals or circus-like performances, but with a strong conservation and education component.
“This should be a place that welcomes all these children to be able to learn about the ocean and learn about science and conservation — conservation 100%,” Martin said.
He said the project will involve a significant capital investment: “From $75 to over $100 million of investment at a minimum.”
Plans call for not only a modern, state-of-the-art aquarium but also a baywalk with a lush tree canopy, restaurants, retail and a new marina with floating docks and dry-stack storage for up to 350 boats.
“In 2022, the county did this study and it shows that we have over 50,000 boats that don’t have any slips,” Martin said. “So not only will we have wet slips along this publicly accessible baywalk, we’re also going to have dry-stack slips that are going to be smaller boats, more accessible boats.”
The design will also incorporate the Seaquarium’s iconic gold dome.
“How we program in and work around it is going to be an important element of the design planning that we’re going to be undergoing with the county,” Martin said.
Martin, who has served on the Biscayne Bay Task Force and Miami’s Sea Level Rise Task Force, said sustainability and green infrastructure will be essential components of the project.
“We want to see how we could create an environment and be sensitive and actually improve the bay rather than impact it in a negative way,” Martin said.
That includes incorporating mangroves, building an artificial reef and bringing oysters and sponges back to help purify the water.
“All that is part of what’s happening here,” he said.
Everything still requires approval from the bankruptcy court as well as the Miami-Dade County Commission.
If all goes according to plan, the Seaquarium will close by the end of the year.
Marine mammals currently housed at the park will be relocated, with oversight by the bankruptcy trustee and the county to ensure their welfare.
Copyright 2025 by WPLG Local10.com - All rights reserved.
