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This November, City of Miami residents will vote to approve Watson Harbour, a mixed-use development planned for Miami’s historic Watson Island’s south side. Consisting of two hotels, retail, offices, residences, dining and expansive public spaces, Watson Harbour is set to activate one of the most vital waterfront properties in South Florida, located directly on Biscayne Bay, midway between Downtown Miami and Miami Beach.
BH3 Management and Merrimac Ventures acquired and assumed the leases for the 10.8-acres of land at 888 Macarthur Causeway in 2023 and have since teamed up to create a privately funded plan that will transform the site into a destination for residents and visitors alike. Once approved by voters in November, the project will deliver new and enhanced public spaces including a 2.2-acre public promenade on Biscayne Bay, new greenspace, a maritime museum, infrastructure and resiliency improvements, and waterfront shopping and dining.
The updated project will generate economic impacts resulting in several million dollars per year in additional tax revenue for the City of Miami, as well as a comprehensive package of community benefits including hiring from local underserved communities, retail space for nonprofit organizations, infrastructure and resiliency improvements on City-owned land, and a $9 million contribution to affordable housing and public infrastructure.
Watson Harbour’s commercial space will be reduced by more than 10 percent from what is currently approved for development on the property. Modernizations and sustainability features will include creation of a seawall that exceeds base flood elevation standards, the installation of native flora and a new tree canopy, LED and solar lighting fixtures, and an on-site stormwater management system comprising rain gardens, on-site infiltration, and safeguards that improve water quality by preventing discharge into Biscayne Bay.
“Watson Island has amazing potential to be a destination for everyone, an economic engine for Miami, and a gathering place for the surrounding community, but it has fallen victim to stops and starts dating back more than two decades while Miami’s urban core has otherwise thrived,” said Greg Freedman and Daniel Lebensohn, Co-CEOs of BH3 Management. “We are excited, humbled, and eager to deliver on this potential. Watson Harbour will be a permanent, publicly accessible part of Miami’s fabric going forward.”
“Downtown Miami is coming alive with new residents, but everyone agrees the area would benefit from additional public space, so we have designed a waterfront promenade totaling more than two acres which is the centerpiece of our plan,” said Nitin Motwani and Dev Motwani, co-Managing Partners at Merrimac Ventures. “Voters now have an opportunity to create a true community asset at Watson Harbour – one that introduces long-term benefits for the City of Miami while improving its resiliency for the future.”
Benefiting from a long track record of bringing signature developments to life, the team behind Watson Harbour has deep experience undertaking transformative projects and creating regional destinations. BH3 Management, led by principals Daniel Lebensohn and Gregory Freedman, has developed more than 4 million square feet of commercial real estate including Privé at Island Estates in Aventura, and has deployed more than $2 billion of capital since its inception, with a current pipeline valued at $3 billion.
Merrimac Ventures, led by brothers Nitin and Dev Motwani, is currently developing assets valued above $3 billion and its principals have led some of the largest real estate developments in South Florida, including the $4 billion, 27-acre Miami Worldcenter in Downtown Miami; the Four Seasons Fort Lauderdale Hotel and Residences; Paramount-branded condominiums in Miami and Fort Lauderdale; and the Las Olas Riverfront.
Below is the language that will appear on the 2024 General Election ballot in the City of Miami. Election day is November 5, 2024 and Early Voting begins in October.
“Shall City Charter be amended to revise existing leases at 888 Macarthur Causeway, sell 3.2 acres of leased property to tenant at fair market value of not less than $25,000,000, reduce overall development, extend term 24 years, waive bidding and authorize, at no cost to City:
- $9,000,000 contribution to affordable housing and infrastructure improvements;
- Timeshare units become condominiums;
- Mixed-uses to include office;
- Expanded public waterfront and pedestrian promenade along Biscayne Bay;”
About BH3 Management
BH3 is a vertically-integrated real estate investment, operations, and development firm led by co- founder and CEOs Gregory Freedman and Daniel Lebensohn along with 29 additional professionals between its offices in South Florida, New York City, and Denver. The company’s core focuses are: Development, CRE Debt Investing, Opportunistic CRE Equity, and Growth Equity for operating business in real estate, construction and adjacent sectors. The firm and its partners place a strong emphasis on value creation and making a positive impact on the communities where they invest. For more information, visit www.bh-3.com.
About Merrimac Ventures
Merrimac Ventures is a real estate investment and development firm located in Fort Lauderdale, Florida. Its primary focus is on prime resort and mixed-use development but also has extensive investments in multi-family residential, condominiums, retail and office. While Merrimac Ventures began its journey in South Florida, it has substantially expanded its holdings into a national footprint. Partners in Merrimac Ventures are currently involved in over $3 billion in real estate development projects, which are transformational, building communities and advancing cities. To learn more visit https://merrimacventures.com/.
