WRE News: Miami Voters Approve Major Condo Developments & Public Park for Watson Island

Miami Beach, FL – November 7, 2024 – Miami voters have given the green light to two major condo developments on Watson Island, paving the way for new luxury residences and public spaces on the city-owned island between Miami and Miami Beach.

In the larger project, nearly 59% of voters approved a $135 million sale of 5.4 acres to a joint venture led by Terra Group Miami and ESJ Capital Partners. The partnership plans to build around 600 condos on the site and will return 13 acres to the city for a waterfront park, while also contributing $15 million toward affordable housing and other public benefits.

Meanwhile, a second deal received 64% voter support for a 3.2-acre project by BH3 Management and Merrimac Ventures. Named Watson Harbour, this development will feature 105 condos, offices, two hotels, and a 2.2-acre promenade along Biscayne Bay, along with a $9 million contribution for public initiatives.

Both projects signify a transformation for Watson Island, promising upscale residences alongside enhanced public spaces that aim to benefit Miami residents both financially and recreationally.