Developers Announce Lease Takeover On Watson Island, With Plans To Build

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)

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Anonymous
1 month ago

They could also help finance the Metromover extension to the beach with a stop on Watson Island🤔

MWC
1 month ago

Go ask them for 50 million to do it and tell us what they said…

Anonymous
1 month ago

Ask them to keep it free with same dinky 30-mph max beer can cars, too.

Anon
1 month ago

Dude get a life. Same “beer can” comment 100 times in a row.

Anonymous
1 month ago

same Metromover extension comments 100 times in a row

Anonymous
1 month ago

The 6 train NYC goes 30 mph and is one of the most well used lines in the world. You can see the speedometer if you ride the last car and look through the window on the train operator’s door.

Anon
1 month ago

Infrastructure improvements by the developers are normal mandates in plenty of cities. Miami is one of the only ones that doesn’t do so.

anon
1 month ago

Infrastructure mandates should be a requirement. Who else is going to do it?

Mad Dash
1 month ago

After 35 years and several depictions, I’ll believe it when I see it.

Anonymous
1 month ago

now….theres real movement about to happen here….and i hope this group puts together a plan that makes all of us proud….its a tremendous location….between this news and the sale of gentings site we may see some fantastic…..or should i say….”iconic” structures

Anonymous
1 month ago

Now it’s clear there’s an actual vision and expectation to execute…this is phenomenal news!

Anonymous
1 month ago

Let’s hope it’s an iconic vision.

MiamiArchi
1 month ago

Man I hope this means good things for this land finally.
This property is a shinning example of all the things Miami can do and has done wrong in the last 22 years. It’s really been such an embarrassment.
To think Swire Properties lost out on building out this property to the unknown Flagstone developers. Embarrassing. Then it sat unbuilt for 19 years before the city tried to do anything about it. Embarrassing! But city acted to late and lost its lawsuit and had to pay the developers 20 Million Dollars!!!! Embarrassing!!!
I Hope they build something spectacular so I don’t have to be pissed every time I think about this property.

Anon
1 month ago

Explain what happened between flagstone and swire?

Anonymous
1 month ago

evidently they lost the bid to them.

MiamiArchi
1 month ago

Swire and flagstone both submitted bids to build on the land back in 2001. Flagstone was chosen instead of Swire.
It was noted at the time as being surprising because Swire had/has a proven track record and funds with Brickell key and work in Singapore etc.
Flagstone had no prior work in America and very limited development in turkey and an unknown access to funds. But they were chosen, and 22 years later we still have nothing minus a yacht marina, I guess.

Anonymous
1 month ago

If it means the watered down box proposal is axed, I’m all for it.

Name*
1 month ago

Why does the skyline look bad in the back? Aston Martin tower is blotched out.

Anonymous
1 month ago

It looks like a panoramic pic taken with a phone

Name*
1 month ago

The second photo is worse

anon comepinga
1 month ago

that aston martin tower is an eyesore in miami. so out of place with the tropical modernism aesthetic. the wardolf astoria building will look even worse

Anon
1 month ago

Former developer happy to be off this lease!

MBeach
1 month ago

Make it a coconut farm

Thank you
1 month ago

Someone find out how long this lease is please

anon
1 month ago

Terrible location – completely car centric and virtually inaccessible by transit, walking or biking.

Anonymous
1 month ago

What about…wait for it…boats?

Anonymous
1 month ago

We need a free ferry like the one they have in NYC between Manhattan and Staten Island! …it could stop here and continue to South Beach

Anon
1 month ago

We need “high-speed” Vaporetto service like Venice. Smaller ferry boats that move folks fast, they basically just slam into the dock each time and are in/out in seconds.

Would actually make the entire idea of water taxis/ferries worth it if they save you enough time.

Anonymous
1 month ago

Nothing’s free. Someone’s paying for it.

Anonymous
1 month ago

Maybe they can make it more accessible with a proper bike lane and a Metromover stop…

anon
1 month ago

maybe that should come first

Anonymous
1 month ago

Right… but a bike lane and electric donkey cart on what’s basically a freeway.

mmmhmmm
1 month ago

The Bay link should have a station here!

Anonymous
1 month ago

As long it’s not buses. We need the Metromover here

Anonymous
1 month ago

Neither, MetroRAIL.

Anonymous
1 month ago

what part of water and views don’t you understand? Take Metrorail to Hialeah, have yourself a ball. Normal people will be hanging out bayside.

Anonymous
1 month ago

At least taking Metrorail, you don’t have to deal with homeless people like Metromover, which three people are foaming about being extended here.

anon comepinga
1 month ago

are ‘normal’ people to you transplants named brad and stephanie who relocated here 2 years ago and get food at starbucks and sweetgreen?

Anonymous
1 month ago

^^how about normal Miamians who enjoy Miami for its unique water proximity and beauty, not just because it has a free beer can short bus to take them to craft beer outlets.