In November, the residents of the City of Miami will vote to approve Watson Harbour, a mixed-use development planned for the south side of historic Watson Island in Miami. It includes two hotels, retail spaces, offices, residences, dining areas, and expansive public spaces. Watson Harbour aims to activate one of the most crucial waterfront properties in South Florida, situated directly on Biscayne Bay, between Downtown Miami and Miami Beach.
In 2023, BH3 Management and Merrimac Ventures acquired and took over the leases for the 10.8-acre property at 888 Macarthur Causeway. They have joined forces to develop a privately funded initiative to turn the location into a vibrant destination for locals and tourists. The project, pending approval by voters in November, will bring about the creation of new and improved public areas, including a 2.2-acre public promenade overlooking Biscayne Bay, additional green spaces, a maritime museum, infrastructure enhancements, and resilient features, as well as waterfront retail and dining options.
“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,” says 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.”
The revised project on Watson Island is expected to create significant economic benefits, leading to several million dollars in additional tax revenue annually for the City of Miami. Additionally, the project will offer a range of community advantages, such as hiring from local underserved communities, providing retail space for nonprofit organizations, implementing infrastructure and resiliency enhancements on City-owned land and contributing $9 million towards affordable housing and public infrastructure.
Watson Harbour’s commercial space will be reduced by over 10% from the approved development plan. The modernization and sustainability efforts will encompass building a seawall that surpasses base flood elevation standards, introducing native plants and a new tree cover, implementing LED and solar lighting fixtures, and establishing an on-site stormwater management system consisting of rain gardens, on-site infiltration, and protective measures to enhance water quality and prevent 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,” says 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.”
The team behind Watson Harbour has a proven track record of bringing significant developments to fruition. BH3 Management, led by Daniel Lebensohn and Gregory Freedman, has extensive experience executing transformative projects and establishing regional landmarks. They have developed over 4 million square feet of commercial real estate, including notable projects like Privé at Island Estates in Aventura. Since its establishment, BH3 Management has deployed over $2 billion of capital and has a pipeline valued at $3 billion.
Merrimac Ventures, headed by brothers Nitin and Dev Motwani, is developing assets valued at over $3 billion. The company’s key figures have spearheaded major real estate projects in South Florida, such as 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.
