Two Miami-area developers have reached a deal to take over a portion of the former Island Gardens development at Watson Island.
BH3 Management and Merrimac Ventures said in a press release that they acquired the lease and development rights to 10.7 acres of land on the island (not including the marina area).
In a press release, the developers said that initial site work at the property, including utility and infrastructure improvements, will get underway “soon,” following the lease transfer.
According to the developers, a site plan is already approved, with plans for hotel, retail, and residential uses alongside new public space and a waterfront promenade.
In the coming months, the plan will be modernized and aligned with the current market. However, the developers intend to develop “within the same footprint and density allowances that voters previously approved.”
Merrimac Ventures is led by brothers Nitin and Dev Motwani, while BH3 is led by Gregory Freedman and Daniel Lebensohn.
“Miami is synonymous with the water, and yet there are surprisingly few places where residents and visitors can access the waterfront,” said Nitin Motwani, Principal at Merrimac Ventures. “Our plans for Watson Island will be centered around public space and the site’s bayfront setting, offering some of the best views in all of Miami.”
“Our plans for Watson Island will deliver an amenity for nearby residents, as well as a destination for visitors from across South Florida and around the world,” added Greg Freedman, Principal at BH3 Management.
The transaction was brokered by Alex Zylberglait on behalf of Marcus & Millichap.
(Pictured from left to right: Nitin Motwani, Managing Partner of Merrimac Ventures, Daniel Lebensohn, Founder & Co-CEO of BH3 Management, Dev Motwani, Managing Partner of Merrimac Ventures, Gregory Freedman, Founder & Co-CEO of BH3 Management)