BH3 Management and Merrimac Ventures have joined forces to realize the City of Miami’s long-held vision of a vibrant destination on Watson Island. The joint venture will develop 10.7 acres along Biscayne Bay between Downtown Miami and Miami Beach.
Following the transfer of a City of Miami lease, initial site work is set to commence.
“For two decades, residents have been looking forward to this mixed-use development,” said Greg Freedman, Principal at BH3 Management. “Our plans for Watson Island will provide an amenity for local inhabitants as well as visitors from all over South Florida and beyond.”
Led by brothers Nitin and Dev Motwani, Merrimac Ventures currently has assets valued above $3 billion under development; Alex Zylberglait brokered the transaction on behalf of Marcus & Millichap Real Estate Investment Services Incorporated (M&M).
