Shaping the Future of Watson Island-Miami Voters to Decide on Watson Harbour Project
Miami residents will now be able to cast their votes on the approval of the Watson Harbour project, a new mixed-use development proposed for the south side of Watson Island. This ambitious project, set to enhance one of South Florida’s prime waterfront areas, includes plans for hotels, retail outlets, offices, residences, dining options, and expansive public spaces, all strategically located on Biscayne Bay between Downtown Miami and Miami Beach.
The developers, BH3 Management and Merrimac Ventures, acquired the 10.8-acre site at 888 Macarthur Causeway in 2023. They have developed a privately funded proposal to revitalize the area, featuring:
Two luxury hotels
Retail spaces for shopping and dining
Office buildings and residential units
A 2.2-acre public promenade along Biscayne Bay
Green spaces and a maritime museum
Infrastructure and resiliency upgrades
The project is expected to generate substantial economic benefits, including several million dollars in additional tax revenue for Miami. It also promises a wide range of community benefits, such as:
Employment opportunities for residents from underserved communities
Retail spaces allocated for nonprofit organizations
Infrastructure improvements on City-owned properties
A $9 million contribution towards affordable housing and public infrastructure
Watson Harbour will include several sustainability measures to protect and enhance the local environment, such as:
A seawall built above base flood elevation standards
Planting of native flora and expansion of the tree canopy
Energy-efficient LED and solar-powered lighting
An on-site stormwater management system designed to prevent pollution of Biscayne Bay
Greg Freedman and Daniel Lebensohn, Co-CEOs of BH3 Management, shared their excitement: “Watson Island is poised to become a vibrant destination for all, boosting Miami’s economy and offering a new gathering spot for the community. We’re honored to bring this vision to life and integrate Watson Harbour into the city’s fabric.”
Nitin Motwani and Dev Motwani, co-Managing Partners at Merrimac Ventures, emphasized the project’s focus on public spaces: “As Downtown Miami grows, the need for additional public spaces is clear. Our waterfront promenade will provide a beautiful new area for the community to enjoy. This project offers a chance to create a valuable asset for Miami, enhancing its resilience and appeal.”
The proposal will be presented to voters during the 2024 General Election on November 5, with Early Voting starting in October. The ballot question will ask voters to approve amendments to the City Charter, including the sale of 3.2 acres of leased property at fair market value, reduction of overall development, and authorization of the project with no cost to the city.
Financing Secured for The Crosby Miami Worldcenter
The vertical construction of The Crosby Miami Worldcenter, which is positioned to provide further density to the existing buildings at Miami Worldcenter, has been successfully funded with a sizeable $94.2 million by The Related Group and Merrimac Ventures. According to building permits submitted to the FAA in January, the residential tower is planned to rise 33 floors high and is anticipated to reach its peak at about 377 feet above ground, or 390 feet above sea level.
The loan was given to DT G Block LLC, a joint venture organization connected to the developers, by the Arkansas-based Bank OZK. The project’s interior design and architectural design are being handled by AVRO|KO and Cohen Freedman Encinosa & Associates.
The Crosby Miami Worldcenter, which commenced work earlier this year, is planned to have 3,370 square feet of ground-floor retail space and 450 completely furnished, ready-to-rent condos.
The Crosby’s construction should advance more quickly now that the finance is secured. It will stand out for its remarkable architectural design, which embodies contemporary luxury. The tower’s sleek design, which is accentuated by modern finishes, is made to blend perfectly with Miami’s dynamic cityscape.
The Crosby is cleverly constructed to take full advantage of its location, with the lower floors laying out a sizable retail area that is open to the public. The amenities offered by the skyscraper are designed to fit a contemporary urban lifestyle. The Crosby residences’ allowance for completely furnished units to be posted for short-term rentals on websites like Airbnb represents an important trend in the Miami condo market and is a standout feature of the development.
Beauchamp Construction serves as the general contractor and according to the current schedule, The Crosby is expected to be complete in the first quarter of 2025.
If you or someone you know have an interest in purchasing at The Crosby Miami Worldcenter, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Aria Development and Merrimac Ventures Buy Miami Worldcenter Site for $17.5 Million for Proposed Condo Building
After purchasing a redevelopment site for $17.5 million, Aria Development Group and Merrimac Ventures have proposed a new Miami Worldcenter condominium building.
According to records, the joint venture paid the labor union $11 million to take over the former Miami headquarters of the International Longshoremen’s Association at 33-55 Northwest Sixth Street. According to a press statement, Aria and Merrimac also paid $6.5 million to acquire a neighboring unoccupied 1.2-acre site from a partner of Miami Worldcenter developers Art Falcone and Nitin Motwani.
The project calls for a 32-story skyscraper with about 600 fully furnished residential units with no limitations on short-term rentals with pricing starting at $395,000.
The final construction plot that was up for grabs in the Miami Worldcenter district was purchased by Fort Lauderdale-based Merrimac, led by Nitin and Dev Motwani, and Miami-based Aria, led by principal David Arditi, according to Mattingly.
Merrimac and The Related Group partnered earlier this year to pay $12 million for another Miami Worldcenter development plot at 601 North Miami Avenue, The Crosby, a 33-story, 450-unit condo tower that will also be accommodating to short-term rentals.
Miami Worldcenter, a $4 billion master-planned mixed-use city, is luring titans of the real estate sector to make investments in the area. For a property at 697 North Miami Avenue that was previously permitted for a 40-story, 429-unit skyscraper, a business connected to WeWork co-founder Adam Neumann received $108 million in construction financing in February. Neumann also owns the Caoba apartment complex, which is a nearby residence.
A.5-acre development site on Northwest 10th Street and North Miami Avenue was purchased by San Antonio-based Lynd Living in August for $30 million. Although a 650-unit apartment building is permitted on the plot, Lynd hasn’t made its official plans public.
One acre at 1016 Northeast Second Avenue, where the New York-based developer intends to construct a two-tower residential complex, was purchased by Naftali Group for $40.5 million a month later.
