Voters Give Thumbs-Up To $2B Of Development On Watson Island
Two high-rise projects are set to rise on Watson Island in Biscayne Bay after Miami residents voted to greenlight the developments by a comfortable margin Tuesday.
Coconut Grove-based Terra Group and Aventura-based ESJ Capital Partners gained approval to redevelop the Jungle Island animal theme park into two condo towers, paying the city $135M for 5.4 acres on the north side of Watson Island. The developers agreed to build a park on the remaining 13 acres of the site at no cost to the city. Their proposal passed Tuesday night with 58.6% of the vote.
On the island's south side, developers Merrimac Ventures and BH3 Management will be allowed to proceed with a 10-acre mixed-use development called Watson Harbour after their ballot measure passed with 61.9% of votes.
The developers still need to gain zoning and approval from Miami for the projects, which are expected to cost more than $2B combined, the Miami Herald reported.
Jungle Island’s history dates back to 1936 when it was Parrot Jungle, originally located in South Miami. After Hurricane Andrew, the park moved to Watson Island and reopened in 2003 as Jungle Island.
ESJ Capital took over the lease in 2017 for $60M, assuming the park’s debt with the city of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development. The firm, led by CEO Arnaud Sitbon, had originally planned to build a hotel on the site after a successful ballot initiative in 2018, but the project never left the ground, the South Florida Business Journal reported.
ESJ partnered with David Martin's Terra this summer and proposed two condo buildings that would rise 20 stories each and total of approximately 600 units. A key component of the plan was ensuring public access to a massive new park on city-owned property.
“We are honored that the residents of the City of Miami trusted our proposal to transform Jungle Island into a true community treasure,” ESJ and Terra said in a joint statement. “While this is a first step in the process, we look forward to working with both City of Miami officials and the City’s residents to bring a transformative public park to our community, all while generating positive financial benefits from the plan’s residential component.”
In the other project to win voter approval, Merrimac and BH3 got the OK to acquire 3.2 acres on the south side of Watson Island for at least $25M, the Miami Herald reported. Their plans call for a 40-story tower with condos and a hotel, a 30-story hotel, a 2.2-acre public promenade, offices, waterfront shopping and dining.
The Watson Harbour project includes a sea wall that exceeds base flood elevation standards, LED and solar lighting fixtures, and an on-site stormwater management system, according to a BH3 spokesperson. Merrimac and BH3 agreed to pay $2M a year for park maintenance, the Herald reported.
“City of Miami residents have cast their votes, and we’re thrilled that the community shares our vision for creating a vibrant lifestyle destination on Watson Island,” BH3 and Merrimac Ventures said in a joint statement. “Now that voters have supported Watson Harbour, we are eager to work with the City as we bring to life a transformed waterfront along Biscayne Bay.”
