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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I agree with the above comments.
Developers have taken almost everything.
They’ve developed Bayside, the arena by the Bay, the tennis arena on key Biscayne, (which is not being used anymore, it’s public land, Fischer Island, the Miami River is now lined with condos and seawalls, which devastating to the fish population. Miami is fished out and with the walls they cannot reproduce. I’m probably missing a few more developed areas.
Now they still want the little that’s left which is Watson Island and the Miami Marine Stadium!
We have enough condos, retail stores and offices.
We do not need increased traffic trying to get to the beach!
Sleazy developers and scammers have long known it is SUPER EASY to buy the votes of corrupt elected officials AND super easy to buy enough votes to win voter referendums. Micky Arison and his Miami Heat scammers figured out how to lie to the voters to get them to agree to give him 17 acres of a public waterfront park. AND Arison got corrupt elected officials to divert taxpayer money to pay him $7 Million plus per year for the past 25 years. AND Arison figured out how to NEVER pay Real Estate Taxes on the 17 acres he stole. Scammers are doing the same con on the two sides of waterfront Watson Island. And novice Damian Pardo is the latest idiot commissioner to be treated like a dope.
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Normally this would not be an issue. The pay to play politicians put stupid stuff on the ballot and collect their fees and then voters see through it and vote it down,
But now a new twist, the city puts on “community educational workshops”, complete with free food and “educate” the old ladies on how great this referendum will be for this city.
Theft. Watson Island both the south side and the north side should be a public park. Novice commish Damian Pardo is easily conned by experienced developers. So sad for taxpayers.
The City of Miami Grift continues.
Turning more public property over to private development is bad enough. But when that private development goes from public access functions like hotels and restaurants to private access functions like condominiums AND the terms go from long term leases to outright sales that is theft of public property and dereliction of public trust.
Nothing less can be expected from the criminals at the City of Miami.