Former Pier Aquarium's Future Uncertain After Lease Termination

The former Pier Aquarium made a big splash earlier this year when it announced it would be opening as Secrets of the Sea Marine Exploration Center and Aquarium at John's Pass in Madeira Beach. 

However, according to a statement from the organization, it will need to look for another location. 

After investing more than $500,000 into the property, the organization was notified by AEGON USA Realty Associates that its lease for the John's Pass location was terminated, according to Secrets of the Sea. 

Secrets of the Sea was scheduled to open in November. 

The $4 million facility was suppose to house interactive exhibits, tanks and state-of-the-art technology in a two-story 13,500-square-foot building.

Several parties involved in the loan and construction process, according to Secrets of the Sea, could not resolve differences and conditions requested by participating parties.  

"While some of these conditions were resolved, others still remain that resulted in AEGON terminating its participation as guarantor in the loan process and subsequently terminating the lease," Secrets of the Sea wrote in a statement. "Efforts to negotiate a short extension of the lease to enable Secrets of the Sea to find another guarantor were unsuccessful."

It's not just the aquarium that will be left scrambling. 

The city of Madeira Beach and Pinellas County were also set to benefit economically from the aquarium's move to John's Pass. Secrets of the Sea was anticipating an economic impact of $8 million a year to the area. 

Board members of Secrets of the Sea are now evaluating what to do next. 

"The aquarium’s Board of Directors continues to evaluate options for the organization’s future, which includes searching for new locations, providing educational programs and promoting cutting-edge research and technology developed by the area’s Ocean Team of 1,500 marine scientists and researchers," a news release said.