Jungle Island Redevelopment Secures $47M Public Benefits

City Approves Jungle Island Redevelopment Deal with Terra and ESJ

The Jungle Island Redevelopment is advancing after the Miami City Commission approved a development deal with Terra and ESJ Capital Partners. This follows a voter referendum from November 2024 that cleared the path for the project.

Terra and ESJ’s joint venture, Ecoresiliency Miami, will acquire 5.4 acres of the Jungle Island site for $135 million to $160 million. They will pay $10 million upfront and provide additional infrastructure and public amenities over time.

Public Benefits Secured Through Jungle Island Redevelopment

The developers committed to a $37 million waterfront park, $22 million in HUD debt payoff, and $20 million in community improvements. They will also make annual lease payments over 99 years. City Manager Art Noriega estimates these benefits at $47 million.

Affordable Housing Funding in Jungle Island Redevelopment

Miami will allocate $35 million from the deal to affordable housing, divided equally across its five commission districts. An additional $12 million will fund public safety projects. The commission unanimously approved this funding plan.

Luxury Condos and Public Park Highlight Jungle Island Redevelopment

Terra and ESJ plan to build a 600-unit luxury condominium tower adjacent to the new public waterfront park. This will transform much of the former Jungle Island theme park into publicly accessible green space.

Adjacent Developments Complement Jungle Island Redevelopment

Nearby, Merrimac Ventures and BH3 have approval to redevelop 3 acres with a $25 million investment. This separate project will enhance the ongoing transformation of Watson Island.

Miami Accelerates Growth with Public-Private Partnerships

The Jungle Island Redevelopment exemplifies Miami’s trend toward voter-approved public-private deals that streamline negotiations and speed development. Terra, led by David Martin, recently secured financing for the $1 billion Upland Park project, reinforcing its regional influence.

Impact on Real Estate and Community Growth

This redevelopment combines luxury housing with vital community investment. The affordable housing funding, new green space, and safety infrastructure should boost local property values and rental demand. Final commission approval is pending as the city moves forward.

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