Miami is preparing for a significant transformation with an ambitious project on Watson Island. This development, valued at $2 billion, aims to revitalize this artificial island, which has been virtually abandoned for over two decades.
Highlighted Projects
On the south side of Watson Island, BH3 and Merrimac Ventures have proposed Watson Harbour, a development that will include a 40-story condominium tower with 105 luxury units and a 150-room hotel. Additionally, a second lifestyle hotel, also 30 stories tall, is planned to feature over 350 rooms. According to Nitin Motwani, managing partner of Merrimac Ventures, the condominiums will be priced above one million dollars. On the north side, where Jungle Island is located, ESJ Capital Partners and Terra, under the name Ecoresiliency Miami, plan to transform the theme park into a development that combines residential towers with a public park. This project would include two 40-story buildings, with a total of approximately 500 to 600 residences.
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Benefits for the City
Developers have structured proposals that promise significant benefits for the city. Ecoresiliency will pay $135 million for 5.4 acres, while BH3 and Merrimac Ventures will offer at least $25 million for 3.2 acres. They also commit to contributing $24 million to the city and $2 million annually for park maintenance. Watson Island is shaping up to be a luxury enclave, with substantial contributions to the community. Ecoresiliency will contribute $15 million, while BH3 and Merrimac will allocate $9 million for the construction of affordable housing in other areas of Miami.
Projected Prices
Projected prices for the housing reflect the exclusivity of the location. According to real estate analyst Ana Bozovic, luxury studios could start at $520,000, while larger residences could reach up to $3.75 million.
This project aims not only to revitalize Watson Island but also to create an attractive destination that benefits the local community. With a combination of residential development and public spaces, this ambitious plan is expected to transform Miami’s urban landscape and offer new economic opportunities for its residents.
