Wow a 6 year old thread, that's a new one for me. Actually no. St Augustine may be getting a new children's museum with an aquarium feature. As the article stated it isn't meant to draw ppl to Auggie, its meant to capture the tourists already in the old town.
For an aquarium of the size that would make it a tourist attraction, it actually has no reflection on the city. It requires a philanthropic bank roller and an university/educational/research component. At least that is my opinion and I love aquariums and have travelled across the country specifically to visit the nice ones. Of course, if UNF or UF wanted a marine research and found a Weaver/Khan like minded person, there is a huge beautiful 40 acre parcel on the Southbank. Enough for one plus a park and some other tourist things.