Long-delayed developments on Watson Island are back on the drawing board and two new projects could go before voters on the November ballot. Miami city commissioners will consider on Thursday two new plans for the small isle on the MacArthur Causeway, which connects Miami to Miami Beach.
One of them would change the proposal for an eco-adventure hotel next to Jungle Island, which was approved by voters in 2018 and could be closed for months during the redevelopment. ESJ Capital Partners, which bought the 18-acre theme park for $60 million in 2017, has partnered with developer Terra to build a luxury condominium tower instead.
In exchange for the 5.4 acres, which they will purchase at fair market price for (according to the resolution on Thursday’s agenda), the developers promise to build a 13.3 acre waterfront park that will remain open and free to the public. That sure sweetens the pot.
Some voters told Political Cortadito they got a text poll in the last few days from ProMark Research that indicates the fair market value the developers are considering is $127 million. Another option they floated was a 99-year lease at $600,000 a year. Both options would also include a $30 million investment for affordable housing as well as the 13-acre park, according to the poll, not the resolution.
Miami commissioners will also consider an amendment to the lease and master development agreement passed in 2002 and already amended in 2020 for a 10-acre spot where the Yacht Haven Grande Miami Marina is. Developers BH3 Management and Merrimac Ventures — who purchased the lease from Flagstone Island Gardens last year –need four of five commissioners to vote yes. Then it’s up to voters.
This, too, is a change from two hotels with 500 rooms, 105 timeshare units and 221,000 square feet of ground floor retail to 105 condo units and a combination of retail and office space.
According to the South Florida Business Journal, The Urban Group said the amendments would provide the city a profit of almost $1 million because of the 24-year extension on the lease.
“Watson Island is an underutilized asset with incredible potential to become a waterfront destination for all to enjoy,” the developers said in a joint statement. “As we studied the property and the approved plans for the site, it became clear that the timeshare units originally contemplated for Watson Island are now out of step with the present-day market in Miami’s urban core.
“For this reason, we are proposing minor amendments to the lease that will would replace timeshare units with condominiums. This update will deliver additional revenue to the city in the form of property taxes, and will ensure that our vision for a thriving destination with expanded waterfront access for all becomes a reality.”
The city commission meeting begins at 9 a.m. Tuesday at City Hall, 3500 Pan American Drive. It is also streamed live on the city’s website.
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