Jungle Island’s operators will soon be requesting city permission to build a hotel on the property.
ESJ Capital Partners is proposing a 300-room hotel on what is currently the site of a parking garage. It would rise 130 feet, according to The Real Deal.
The city owns the land and leases it to ESJ. The company is offering to pay $250,000 per year in additional rent for 36 months, in exchange for the hotel rights. After 36 months, the minimum base rent will be $1.15 million, or 5% of gross revenue, whichever is greater.
Miami commissioners must approve the deal, which could come before them for approval this month. It must then be approved in a referendum by voters.
Update: The amount of rent being offered has been updated, and new renderings have been added.