Port Canaveral Ground Lease: Aquarium Site, 14 Acres, 31 Years
The Canaveral Port Authority's September 23, 2026 board agenda carried item 2.A, consideration of revisions to the Port Canaveral ground lease with the East Coast Zoological Society of Florida for an aquarium and conservation campus. The item request in the packet sets out the lease terms. The meeting minutes were not yet published when this was written, so the vote is not reported here.
Port Canaveral Ground Lease Terms
The premises are approximately 14 acres on the Banana River, owned by the Port Authority. The initial term is 31 years with three 5-year extensions. Base rent is $20,833.33 per month, increasing 2.5 percent annually, and starts on the earlier of the fifth anniversary of the project opening or January 1, 2033. Additional rent of up to $1 per paid admission, depending on annual visitors, begins on the second anniversary of opening.
The Port Authority and the zoological society signed a development agreement for the site on October 6, 2021. The outside date for rent commencement was extended from January 2029 to January 2033, which the item request ties to previously approved extensions of the project schedule. Staff wrote that the tenant's revisions are not substantial compared with the form lease the board approved earlier.
The revised lease also reserves an easement for the Port Authority to build and maintain the George King Boulevard West Overpass Extension, with a commitment to work with the society on the overpass's effects on the project. Further revisions to the development agreement and an access easement agreement are expected before the board as early as next month.
The FY2027 five-year capital budget in the same packet, updated September 14, 2026, carries an Aquarium line of $30,000 in FY2027 and $1,500,000 in FY2028.
If you are negotiating a ground lease in Brevard County, call 321-514-0876 or use the contact page.
Sources
Canaveral Port Authority Board of Commissioners, September 23, 2026 agenda and agenda packet: item 2.A request, the ground lease draft and the FY2027 capital budget.
Frequently Asked Questions
How long is the Port Canaveral aquarium ground lease?
An initial 31-year term with three 5-year extensions, per the September 23, 2026 agenda item request.
When does rent start on the aquarium lease?
On the earlier of the fifth anniversary of the project opening or January 1, 2033.
Written by Cassandra Hartford, founder and CEO of Reach Commercial Real Estate. She has worked in Brevard County commercial real estate for 17 years, representing buyers, sellers, landlords, and tenants across Florida's Space Coast.
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