MIAMI--(BUSINESS WIRE)--ESJ Capital Partners, a full-service asset management firm based in Aventura, Florida, today announced its latest acquisition – Jungle Island – the 18-acre landmark attraction located on Watson Island in Miami, Florida.
The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD).
ESJ will be enhancing the park through a three-part renovation and expansion, as well as opening a private beach club. The initial phase, to debut this summer, will include zip lines that will allow riders panoramic views of the Miami skyline and the park, children adventures, water slides and crystal lagoon. Enhancements to the park’s popular banquet facilities and upgrades to food and beverage will also be realized.
The phased multi-million dollar renovation, expected to take two years to complete, will focus on upgrading the park’s offerings and further re-focus Jungle Island as an eco-adventure destination.
“We are considering the development of different renewable energy facilities at the park which will enhance the guests’ active and educational experience and help us come closer to energy independence,” said Elie Mimoun, COO of ESJ Capital Partners.
Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group (IAG), the San Diego-based company currently responsible for its operations and day-to-day administrations.
Current employees of Jungle Island will become employees of IAG, and all current positions will be retained. Moreover, IAG anticipates more jobs to be created when these attractions materialize.
“We are extremely pleased to have the opportunity to invest in Jungle Island, which has been an important part of the South Florida community for 80 years,” said Arnaud Sitbon, President and Co-Founder of ESJ Capital Partners. “It has been a pleasure working with the existing ownership, specifically Bern Levine, who has done so much to ensure that visitors to our area and residents alike can enjoy this iconic attraction. As a world-class destination, we believe that Jungle Island is uniquely positioned for continued reinvention, innovation and growth, and look forward to successfully achieving these objectives.”
"We share ESJ Capital Partners’ vision for the continued evolution of Jungle Island and look forward to implementing all the different attractions,” added John Dunlap, CEO of Iconic Attractions Group and President of Jungle Island. “This acquisition is the beginning of a new chapter for the park, and will redefine Jungle Island as South Florida’s preeminent eco-adventure destination.”
Jungle Island, previously Parrot Jungle, was founded in 1936. A group led by Bern Levine purchased the facility in 1988 when it was still located in the Miami-Dade County suburb of Pinecrest. Levine moved the attraction and opened Jungle Island in 2003 on Watson Island along the MacArthur Causeway.
“This is a once-in-a-lifetime opportunity to capitalize on the heritage of Parrot Jungle, then Jungle Island, and create a truly unique experience within an urban setting,” concludes Gabriel Amiel, Chairman and co-Founder of ESJ Capital Partners.
About ESJ Capital Partners
Founded in 2008, ESJ Capital Partners (“ESJ”) an SEC regulated Investment Advisor identifies, acquires, finances and manages investments acquired by the ESJ Funds. Headquartered in Aventura, Florida. ESJ has extensive experience in real estate and private equity with investments in excess of $600 million and over three million square feet under management. ESJ is well-rooted in the Florida market with a national portfolio of apartments, medical offices, and one of the largest developers of Charter Schools in the Country, that offer a value-added asset management approach to redevelopment and repositioning of assets. For more information, please visit www.esj.us.
About Jungle Island
Jungle Island, a favorite South Florida landmark, is an intimate attraction located in the heart of Miami, between downtown and South Beach. Building upon a rich tradition that began in 1936, Jungle Island enriches the lives of park visitors through immersive experiences centered on adventure, animals, discovery and play. From behind-the-scenes VIP tours, unforgettable interactions with some of the world’s most fascinating animals, three engaging shows and wild adventure camps, Jungle Island offers guests a variety of real-life jungle experiences. With its signature Treetop Ballroom and picturesque outdoor spaces including a private beach, the 18-acre park also serves as Miami’s destination for extraordinary events. Discover Jungle Island today. Follow @JungleIsland on social media or visit www.jungleisland.com.