This November, City of Miami residents will vote on the approval of Watson Harbour, a mixed-use development planned for the south side of Miami’s historic Watson Island. The project includes two hotels, retail spaces, offices, residences, dining options, and expansive public areas. Positioned directly on Biscayne Bay between Downtown Miami and Miami Beach, Watson Harbour aims to activate one of South Florida's most significant waterfront properties.
In 2023, BH3 Management and Merrimac Ventures acquired the 10.8-acre site at 888 Macarthur Causeway and have since developed a privately funded plan to transform the area into a destination for both residents and visitors. If approved by voters in November, the project will introduce a 2.2-acre public promenade on Biscayne Bay, additional greenspace, a maritime museum, infrastructure improvements, and waterfront shopping and dining.
The revised project will generate several million dollars annually in additional tax revenue for the City of Miami and includes a comprehensive package of community benefits. These benefits feature hiring from local underserved communities, retail space for nonprofit organizations, infrastructure and resiliency enhancements on City-owned land, and a $9 million contribution to affordable housing and public infrastructure.
Commercial space in the updated project will be reduced by more than 10 percent compared to the current approval. Sustainability features include a seawall exceeding base flood elevation standards, native flora, a new tree canopy, LED and solar lighting, and an on-site stormwater management system with rain gardens, infiltration, and safeguards to improve water quality and prevent discharge into Biscayne Bay.
“Watson Island has incredible potential to become a key destination for everyone, an economic engine for Miami, and a community gathering place,” said Greg Freedman and Daniel Lebensohn, Co-CEOs of BH3 Management. “We are excited and eager to realize this potential. Watson Harbour will be a permanent, publicly accessible part of Miami’s fabric.”
“Downtown Miami is thriving with new residents, but the area would benefit from more public space. Our plan includes a waterfront promenade totaling more than two acres as its centerpiece,” said Nitin Motwani and Dev Motwani, Co-Managing Partners at Merrimac Ventures. “Voters now have the chance to create a true community asset at Watson Harbour, offering long-term benefits and improving Miami’s resiliency.”
The team behind Watson Harbour boasts a proven track record in transformative projects. BH3 Management, led by Daniel Lebensohn and Gregory Freedman, has developed over 4 million square feet of commercial real estate and has invested over $2 billion since its inception, with a current pipeline valued at $3 billion. Merrimac Ventures, led by Nitin and Dev Motwani, is developing assets valued above $3 billion and has overseen major real estate developments, including the $4 billion Miami Worldcenter and the Four Seasons Fort Lauderdale Hotel and Residences.
The proposed ballot language for the November 5, 2024, General Election is as follows:
“Shall the City Charter be amended to revise existing leases at 888 Macarthur Causeway, sell 3.2 acres of leased property to the tenant at fair market value of not less than $25,000,000, reduce overall development, extend the term by 24 years, waive bidding, and authorize, at no cost to the City:
• $9,000,000 contribution to affordable housing and infrastructure improvements; • Conversion of timeshare units to condominiums; • Inclusion of office space in mixed-uses; • Expanded public waterfront and pedestrian promenade along Biscayne Bay?”
About BH3 Management: BH3 is a vertically-integrated real estate investment, operations, and development firm with offices in South Florida, New York City, and Denver. Founded by Gregory Freedman and Daniel Lebensohn, the firm focuses on development, commercial real estate debt investing, opportunistic equity, and growth equity for businesses in real estate, construction, and related sectors. For more information, visit www.bh-3.com.
About Merrimac Ventures: Merrimac Ventures is a Fort Lauderdale-based real estate investment and development firm specializing in prime resort and mixed-use developments. With substantial investments in multi-family residential, condominiums, retail, and office projects, Merrimac Ventures has expanded its footprint nationally. The firm’s partners are involved in over $3 billion in real estate development projects that build communities and advance cities. Learn more at https://merrimacventures.com.
