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South Florida Firms Acquire Development Rights for City of Miami Land
BH3 Management and Merrimac Ventures have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will develop 10.7 acres on the island along Biscayne Bay between Downtown Miami and Miami Beach.
Initial site work will get underway following the transfer of a City of Miami lease to BH3 Management and Merrimac Ventures.
“For two decades, Miami residents have been anticipating the creation of a mixed-use development at this site, and now that vision will come together,” said Greg Freedman, Principal at BH3 Management. “Our plans for Watson Island will deliver an amenity for nearby residents, as well as a destination for visitors from across South Florida and around the world.”
Merrimac Ventures, led by brothers Nitin and Dev Motwani, is currently developing assets valued above $3 billion. The transaction was brokered by Alex Zylberglait on behalf of Marcus & Millichap.

